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ACE Enexor steps up Palawan exploration

THE Department of Energy (DoE) approved the entry of the Palawan petroleum exploration project of an Ayala-led unit into a new phase as the agency moved to classify it as a non-associated gas discovery.

In a stock exchange disclosure, ACE Enexor, Inc. said its deep-water block project led by its subsidiary Palawan55 Exploration & Production Corp. under the DoE’s Service Contract (SC) 55 is set to enter an appraisal period starting April 26.

This came upon the government’s review and evaluation of the company’s discovery report on the Hawkeye-1 deep-water well within the service contract area.

“[W]e hereby confirm that the Hawkeye-1 well did encounter a significant volume of movable natural gas and is deemed to be a Non-Associated Gas Discovery under Section 13.02 of SC 55,” the company said, citing the DoE.

The DoE defines non-associated gas as “all gaseous hydrocarbons produced from gas reservoirs, including wet gas, dry gas, and residue gas remaining after the extraction of liquid hydrocarbons from wet gas.”

Palawan 55, the project’s operator, said it would submit for approval a new work program and budget for this phase, including a commitment to drill at least one well within the first two years of the appraisal period.

The ACE Enexor unit recently raised its stake in SC 55 to 75% after a co-contractor, Singapore bourse-listed Century Red Pte. Ltd., transferred its 37.5% interest share to the company as it pulled out from the project. Pryce Gases, Inc. owns the remaining quarter of interest.

The SC 55 Consortium drilled the $23.5-million 9,580-feet Hawkeye-1 well in 2015 when it was operated by Otto Energy, Ltd., an Australia-based oil and gas exploration firm. It revealed natural gas at the crest of the target structure but it was then deemed non-commercial on a stand-alone basis.

Currently, Palawan 55 is undertaking a quantitative interpretation of over 1,000 square-kilometer of recently reprocessed 3D seismic data over the greater Hawkeye area and a large carbonate reef prospect.

On Wednesday, shares in ACE Enexor, Inc. rose by 9.59% to close at P5.94 apiece. — Adam J. Ang

JG Summit posts 63% profit surge to P31 billion

EARNINGS of JG Summit Holdings, Inc. surged 63% to P31.3 billion in 2019, driven by the growth of its airline and banking units and gains from its stake in a Singapore-listed company.

In a statement on Wednesday, the Gokongwei-led holding firm said its 2019 topline was lifted by higher passenger volumes and bigger ancillary revenues of Cebu Air, Inc.; wider net interest margins and trading gains of Robinsons Bank Corp.; and a P3-billion gain from its share in Singapore-based firm United Industrial Corp.

JG Summit’s consolidated revenues climbed 3% to P301.8 billion, while its core net income rose 13% to P25.3 billion.

By business segment, food unit Universal Robina Corp. (URC) added P134.2 billion in revenues to grow 5% from a year ago. This was driven by the expanded distribution coverage of its branded consumer foods division and the improved sales of animal feeds and pet food from its agro-industrial and commodities division. URC’s bottomline rose 6% to P9.8 billion last year.

Airline unit Cebu Air, which operates budget carrier Cebu Pacific, posted a revenue improvement of 14% to P84.8 billion. The growth was traced to a double-digit rise in passenger volume, increase in average fares and bigger ancillary revenue per passenger. Cebu Air’s net income soared 133% to P9.1 billion.

Real estate arm Robinsons Land Corp. contributed revenues of P30.2 billion last year, higher by 3% from a year ago. The growth of cinema ticket sales in existing malls, higher rent renewal in offices, increased occupancy in hotels and additional revenue streams from newly opened projects lifted the company to a single-digit topline growth. Net income increased 6% to P8.7 billion.

Its petrochemicals group, however, was an outlier in the pack of stellar performing businesses. JG Summit Petrochemicals Corp. recorded a revenue decline of 31% to P29.1 billion, dragged by the weakening global market as affected by the Sino-US trade war. Its net income stood at P960.6 million last year.

Banking unit Robinsons Bank accounted for P8.1 billion of revenues to increase 32% from a year ago. The improved performance was attributed to a 17% expansion of its gross loan portfolio and trading gains from treasury business activities. Net income of Robinsons Bank jumped 126% to P719.4 million due to wider net interest margins.

“Coming from a very challenging 2018, we saw a strong recovery as [JG Summit] posted a significant earnings expansion in 2019 driven by our core businesses in food, air transport and banking,” JG Summit President and Chief Executive Officer Lance Y. Gokongwei said in the statement.

“Our plan is to sustain this growth in the coming years as we have clearly laid out our strategic priorities… — accelerating digital transformation, embedding a customer-centric culture and adopting global best practices in enterprise sustainability,” he added.

As the whole world grapples with the effects of the coronavirus disease 2019 (COVID-19) pandemic, Mr. Gokongwei said JG Summit is banking on its diversified portfolio and strong balance sheet to carry it through the crisis.

Shares in JG Summit at the stock exchange gained P2 or 3.64% to P57 each on Wednesday. — Denise A. Valdez

Cebu Landmasters income up 21%

LISTED Cebu Landmasters, Inc. (CLI) posted a net income growth of 21% in 2019, driven by higher reservation sales and the expansion of its leasing and hotel portfolio.

In a statement on Wednesday, the listed Cebu-based property developer said its net income last year stood at P2.01 billion, surpassing its target of reaching P2 billion.

Consolidated revenues jumped 26% to P8.5 billion, largely coming from the opening of its hotel Citadines Cebu City in the third quarter.

Real estate sales made up P8.39 billion of the revenues, growing 25% from a year ago. Rental income increased 10% to P63.2 million and management fees jumped 185% to P36.8 million. The new revenue stream from hotels added P8.5 million.

Cost of sales rose 37% to P4.3 billion, operating expenses jumped 28% to P1.15 billion and interest expenses dropped 66% to P44.9 million.

“We are proud to report our record-setting year in 2019. Our momentum is building up very well, as evidenced not only by our strong financial results, market leadership and diversification, but also by our healthy balance sheet with our asset base more than tripling from P11.5 billion in 2017 to P38.2 billion in 2019,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said in the statement.

The company continues to plan new projects this year to be built in Iloilo, Bohol, Ormoc and Palawan. CLI’s landbank currently stands at 1,245,485 square meters. It has 28 projects in the pipeline worth P30 billion of launches.

“We are positioned strongly in Vismin, and the growing need for residential end-user and investment options is still there. While the entire market navigates through unforeseen headwinds in Q2 2020, CLI is committed to sustain its momentum and more importantly be part of the private-sector efforts to support our frontliners, LGUs, and affected stakeholders at this time,” Mr. Soberano said.

Shares in CLI at the stock exchange climbed 16 centavos or 4.22% to P3.95 each on Wednesday. — Denise A. Valdez

Regional flights down 93% in early April

FLIGHTS operated by airlines in Asia-Pacific countries, including the Philippines, declined by 93% in the first week of April due to lockdowns and border closures, the Association of Asia Pacific Airlines (AAPA) said.

“The number of flights operated by Asia-Pacific airlines in the first week of April declined by 93% compared to normal levels of traffic established at the beginning of the year,” the AAPA said in a recent statement.

AAPA is a trade association of airlines based in the Asia-Pacific region. Its member airlines include the Philippine Airlines (PAL).

Flag carrier PAL, operated by PAL Holdings, Inc., has recently announced that it will not operate any international routes for the remainder of April 2020, but will continue to consider operating ad hoc special flights to evacuate stranded passengers as well as cargo flights to keep vital supply chains intact across the Philippines and the Asia-Pacific region.

AAPA noted that global demand for air cargo decreased by 19% in March compared with the same month last year, but is “holding up relatively well” despite economic uncertainty in many countries as a result of actions taken to curb the spread of the coronavirus disease 2019 (COVID-19).

In February, airlines in the region reported a 3% year-on-year fall in international air cargo demand in freight ton kilometers (FTK) terms.

AAPA Director-General Subhas Menon noted some 50 million individuals who work in travel and tourism within the region have also been affected.

“We recognise and applaud the efforts being made by many governments to offer financial assistance and support to the aviation industry as well as the wider travel and tourism sector,” he added.

Local airlines have appealed for government help, as the impact of the COVID-19 pandemic threatens their survival.

PAL, Cebu Air, Inc. (Cebu Pacific), Philippines AirAsia, Inc., Air Philippines Corp. (PAL Express), and Cebgo, Inc. have temporarily shut down their passenger operations.

Over 30,000 flights were canceled, affecting nearly five million passengers, the Air Carriers Association of the Philippines (ACAP) said.

ACAP noted that airlines are now unable to generate revenues in the next few weeks or even months, while banks have tightened credit lines.

The International Air Transport Association (IATA) has said that without government support, up to 50% of global airlines face possible bankruptcy in the coming weeks.

IATA previously estimated revenue losses from the COVID-19 crisis to reach over $250 billion this year. — Arjay L. Balinbin

Indonesia leans on healthtech start-ups to cope with surge in coronavirus cases

JAKARTA — As coronavirus cases surge in Indonesia, doctors are working double-time treating patients both at hospitals and online through healthtech start-ups — an approach that is quickly becoming part of the national health care system.

Doctor Mohammad Risandi Priatama, 26, has treated 10 people with COVID-19 symptoms over the past month at a busy West Java hospital in a designated virus “red zone” — and provided consultation for scores more through the app Alodokter.

“Because there are limited health care facilities especially in my district, our people need more information that is easy to use without the need to go to the hospital,” he told Reuters.

With a lack of medical staff and protective gear, and under 4,000 hospital beds for seriously ill COVID-19 patients in an archipelago of 270 million people, authorities have little capacity to manage what some experts believe is an epidemic that has been hidden so far by limited testing.

To lessen the strain, the government is directing the public to so-called telehealth firms through which they can access verified medical guidance, get free doctor consultations via video, telephone or text, and even have medication prescribed and delivered.

Indonesia’s largest telehealth firms, including Alodokter, Halodoc and GrabHealth — a joint venture between Singapore ride-hailer Grab and Ping An Good Doctor from China’s Ping An Healthcare and Technology Co. Ltd. — have seen usage skyrocket over the past month.

“As hospitals are already packed, the government wants to ensure only priority patients are going to emergency rooms and that patients who don’t urgently need hospitalization can be helped online,” said Alodokter Chief Executive Nathanael Faibis.

Alodokter clocked 32 million website visitors in March and over 500,000 free coronavirus consultations since Indonesia’s first confirmed case on March 2, Faibis said. Grabhealth said daily consultations had nearly doubled to 10,000.

Indonesia has recorded 3,293 cases of COVID-19, the illness caused by the novel coronavirus. Its death toll of 280 is Asia’s highest outside China, where the virus was first reported at the end of last year.

GOVERNMENT DEMANDThe outbreak has prompted a surge in demand for telehealth worldwide. In China, millions flocked to platforms such as those offered by Ping An Good Doctor and Alibaba Health Information Technology Ltd.

US and European firms have reported similar spikes, with US leader Teladoc Health, Inc. seeing twice the usual demand, with as many as 100,000 remote consultations weekly.

But Indonesia stands out with the degree to which the government itself is leaning on healthtech firms. Its virus task force on March 27 said it would add links on its website to 20 telehealth services and create a “digital call centre” to direct traffic.

Officials said they want COVID-19 patients with only mild symptoms to be treated through telehealth, with doctors referring those whose condition worsens to hospitals.

“This is really good for patients who are self-isolating, in that they can continue communication and receive direction through these start-ups,” Minister of Health Terawan Agus Putranto told parliament last week.

The task force, healthtech firms and doctors have agreed to share aggregate patient data to aid efforts aimed at slowing the spread of the virus, and are discussing what other information can be shared.

In the province of West Java, where infections have reached 365 with 35 deaths, the local authority has set up its own telehealth service for its 49 million residents through which people can book COVID-19 tests.

“The app asks comprehensive questions to make sure people don’t go to hospitals for the smallest symptoms,” West Java Governor Ridwan Kamil said. Some people are even afraid to visit hospitals believing they are teeming with the virus, he added.

Overall, health experts said telehealth is a partial solution to cope with the surge in patients though the quality of online consultation and security of medical data must be considered.

“Telehealth provides a place for people to ask questions,” said Jakarta-based hospital doctor Shela Putri Sundawa. “But meeting patients directly is very different than talking to them on the phone. How far can a doctor’s responsibility go?”

VIRTUAL TREATMENT
One Jakarta coronavirus patient told Reuters she had turned to Halodoc having found it difficult to get care after a CT scan revealed white patches in her lungs.

“I went home because the hospital was overloaded with people,” said the woman, who declined to be identified due to stigma surrounding coronavirus patients. “I got an appointment with a doctor on Halodoc and received the prescribed medicine” — the antibiotic azithromycin and malaria drug hyloquin.

Halodoc, which before the outbreak said it had 12 million monthly users, offers medicine delivery through partnerships with pharmacies, laboratories and ride-hailer Gojek. With Gojek, it is also offering free drive-through rapid COVID-19 testing to Jakarta residents, as based on referrals from teleconsultations.

Chief Executive Jonathan Sudharta told Reuters he knew of six COVID-19 patients with mild symptoms who were undergoing their entire coronavirus treatment through Halodoc.

Interest in the service from neighboring Philippines led Halodoc to launch a localized coronavirus information website for the country, Sudharta said. Alodokter’s Faibis said his firm had received requests to offer consultations in Thailand.

“Perhaps telehealth can be a solution in regions lacking doctors,” said Doctor Sundawa. “But don’t exclude those in areas lacking the internet.” — Reuters

Staged readings go online

C.A.S.T., a theater group that specialized in staged readings, will present a livestream reading of an abridged version of William Shakespeare’s Twelfth Night on April 18, 4 p.m.

C.A.S.T. (Company of Actors in Streamlined Theatre) has presented staged readings — a form of theater done without sets of full costumes, with actors reading from scripts and done with minimal stage movements — annually at the Pineapple Lab in Makati City, since they launched in May 2018. The group presents four plays, one play a week, for four consecutive weeks. The group is composed of actors Nelsito Gomez, Reb Atadero, Jill Peña, Mako Alonso, Maronne Cruz, Sarah Facuri, and writer Wanggo Gallaga.

The members’ experience with staged readings inspired them to focus on presenting their own shows in the format. The Cultural Center of the Philippines’ annual Virgin Labfest — a theater festival for new one-act plays — regularly presents a series of staged readings alongside the fully staged material. The Christian theater company Trumpets also has its 4faith series of staged readings.

“We were greatly inspired by the aforementioned groups, as well as our desire to share pieces that speak to us as a collective, and to present them in a way that is accessible not only monetarily but also imaginatively,” actor, director, and co-founder of C.A.S.T. Nelsito Gomez told BusinessWorld in an e-mail.

“The staged reading format is a wonderful shared exercise for the actor and audience. It’s quite engaging when props, set, and lights are stripped away, and what you get is a streamlined experience of the play. Whatever we leave blank, the audience fills out in their mind’s eye,” he added.

OPEN HOUSE STREAMED READING
Last week, the Open House fundraising campaign, which aims to raise funds for workers in the performing arts who have been displaced by the ongoing enhanced community quarantine, auctioned off one male and one female role for the Shakespeare play livestream reading this weekend.

“This project really belongs to a dear friend, [actor and director] Jenny Jamora. She is one the people handling the fundraising events for Open House. She came up with the auction idea, which I instantly supported,” Mr. Gomez wrote.

The two highest bidders were selected to take part in the performance. The guest female will be playing the lead role of Viola, while the guest male will be playing Viola’s brother, Sebastian.

The rest of the participating cast members are Cathy Azanza-Dy, Mako Alonso, Maronne Cruz, Brian Sy, Nelsito Gomez, Jill Peña, Tarek El Tayech, Dean Daniel Rosen, Reb Atadero, and Wanggo Gallaga.

“The actors we invited are our ‘ever reliables,’ or as we fondly call them, ‘CAST-mates.’ We’ve worked with them in our past seasons, and [they] are more than capable of handling Shakespeare,” Mr. Gomez wrote.

As of April 12, the Open House fundraising campaign has distributed P238,000 to support 119 displaced workers in the performing arts industry.

As theatrical performances have adapted to the pandemic by streaming shows online, Mr. Gomez noted that the live experience is the theater’s end goal.

“I believe it (a virtual setup) is a solution for the current situation we’re all in now. But it’s not the end goal. The end goal should always be encouraging people to experience theater with other people, live,” Mr. Gomez wrote.

“The whole reason for theater is the live exchange between actor and audience. No kind of technology can ever replace the human empathy one feels at a theater. Not only the empathy you get from the story, but the empathy you give towards the people you’re experiencing the story with,” he added.

Aside from the livestream reading, C.A.S.T. is currently working on recording plays to be released soon on Spotify.

Meanwhile, C.A.S.T.’s staged reading of Lauren Gunderson’s The Revolutionists, about four women’s lives during the French Revolution’s Reign of Terror, an off-season performance which was to have been presented in March at the Power Mac Center Spotlight in Circuit Makati, has been postponed. The group had earlier presented the play in January 2019 at the Pineapple Lab.

To stream Twelfth Night, visit http://theaterfansmanila.com/ or https://www.facebook.com/OpenHouseFundraiser/. — Michelle Anne P. Soliman

Companies increasing budget for cybersecurity

INTERNET SECURITY firm Kaspersky said companies in Southeast Asian countries, including the Philippines, are starting to prioritize investing in their cybersecurity capabilities, with many planning to raise their IT security budgets over the next three years.

“It is encouraging to see that local companies are starting to prioritize IT security. In fact, our research showed that, on average, businesses in the region are currently spending $14.4M (P720 million) to build their cybersecurity capabilities,” Kaspersky General Manager for Southeast Asia Yeo Siang Tiong said in a statement e-mailed to reporters on Monday.

He added that 84% of the professionals that Kaspersky surveyed last year “confirmed plans to increase the budget for this area in the next three years.”

He said the planned budget increase for IT security is important at this time when networks are becoming more advanced and complex.

“Thanks to breakthrough technologies like Internet of Things, 5G, and the rapid adoption of Industry 4.0,” he also said.

Kaspersky’s 2019 survey with nearly 300 IT business leaders in the region also showed that 34% of the companies are worried about “data loss and being exposed to a targeted attack.

The IT security firm also said 31% of them were concerned about electronic leakage of data from internal systems.

“Another 22% of the survey respondents admitted their distress towards the possibility of surveillance or espionage by competitors,” it said.

Kaspersky said two in 10 companies in the region admitted that they are also concerned about identifying and remedying vulnerabilities in IT systems they utilize.

It said improper use of IT resources by employees and incidents affecting IT infrastructure hosted by third parties are of critical concern to some 18% of companies in the region.

“The past few years have shown and proved the ugly and costly aftermaths of a successful cyberattack. From the $81M (P4.050 billion) heist against a central bank to a data breach leaking names of HIV cases, our past offers timeless lessons on cybersecurity which organizations and businesses in all shapes and sizes should definitely learn from,” Mr. Yeo noted. — Arjay L. Balinbin

PLDT, Smart offer easier payment scheme

PLDT, Inc. and its wireless unit Smart Communications, Inc. said they will implement beginning May 1 a six-month installment payment scheme for the outstanding monthly bills of their postpaid customers.

PLDT and Smart said the objective of the six-month installment program is to ease the financial burden of their customers affected by the coronavirus disease 2019 (COVID-19) crisis.

“Under this payment program, PLDT Home customers and Smart and Sun consumer postpaid subscribers can settle their unpaid balances as of April 30 in six equal monthly payments with 0% interest and no penalties,” they said in an advisory issued on Wednesday.

PLDT Chairman and Chief Executive Officer Manuel V. Pangilinan said: “We hope that through this payment program, we will help keep you connected whether you are at home, the office or elsewhere after the enhanced community quarantine period. As one community, we will get through these challenging times together.”

PLDT and Smart said all postpaid accounts will be automatically enrolled for the six-month installment scheme. Customers can also pay more than the amount due for the month if they want to complete their payment earlier. Those who do not want to avail of the deferred payment scheme can pay their bills in full.

“You may pay your outstanding balance in full. You may pay in any of our online payment channels at home,” Smart and PLDT said. — Arjay L. Balinbin

When you are tired of home cooking

UNLESS you have the good fortune of living with an incredible cook, canned goods and your own set of recipes can get old and quickly while we’re all under quarantine. Here’s a list of some of your favorite restaurants offering its menu for takeout and delivery (including fast food favorites selling ready-to-cook frozen items!) so you can get a taste of what life was before, and hope for the best for the future (but also keep you satisfied).

Nabe Japanese Izakaya and Hot Pot — You can still assemble a Japanese hot pot at home, thanks to Nabe. Place orders through their Facebook page, facebook.com/nabeizakayahotpot, and pick them up at Nabe -— Fisher Parkway. One can pay via Bank Transfer (BDO and Metrobank), or GCash. Items include fish balls, tofu, bean curd, fries, beef, pork, chicken, and seafood.

Mary Grace — Titas unite, for the ensaymadas are available again. Orders are made fresh by batch, with the first batch dropping on Saturday, April 18 (payments are expected to be fully paid by April 16, noon). One can order via their website, marygracecafe.com/marygracecafe.com/. All orders are available only for pickup, and one can make arrangements for pickup with Grab Delivery or Lalamove at their Parañaque facility. Available items include ensaymadas, cheesecake, chocolate mousse, and chocolate cake.

Nic’s — Take your pick from a menu with Steak Frites, Salmon, or Angus Beef salpicao, or baby back ribs, or view the full menu at facebook.com/nicsph/. They’re available for delivery via GrabFood (servicing the Makati area), or through Landers. One may also call 0999-993-3231 or (02) 7744-6427.

Mama Lou’s Italian Kitchen — You can order foil-packed favorites such as meatballs, beef stew, soups, pasta, and even sauce through facebook.com/mamalous/. They have free delivery for areas up to 4km from the servicing branch, but one can also have the items picked up via Grab, Angaks, or Lalamove. Servicing branches include Las Piñas, Ayala Malls the 30th, UP Town Center, Ayala Malls Solenad, and Evia Lifestyle Center.

Golden Baboy Unlimited Korean Samgyupsal — Just in case you’re craving for some Korean-style grilled pork, Golden Baboy now delivers through GrabFood and Lalamove. The complete menu is available through their Facebook page, facebook.com/goldenbaboyph/, but one can also pick up orders at the Maginhawa branch, with the phone number (02) 8294-7743.

Little India — Vegetarians rejoice! Little India’s Teachers Village branch now offers delivery and takeout for their vegan and vegetarian favorites. The full menu is available at facebook.com/LittleIndiaPH/. To order, call (02) 7238-3243, or 0932-407-3659. For deliveries, one may use the Grab delivery app or through Lalamove purchase.

Pepito’s Oven — We loved their sausages and pulled pork, and the Cubao X favorite is now offering those for delivery (hint: get the frozen pulled pork, and the beef and herb sausages). A complete menu can be found on facebook.com/pepitosoven/, and one can call 0917-846-2566 or 0925-301-1386 for inquiries and orders.

Food-To-Go by Albergus — Wedding caterers Albergus is offering up its menu for pickups. To check the menu, go to their Facebook page, facebook.com/ftgbyalbergus/. You can then order via their website, ftgbyalbergus.com, and one pays via PayMongo or bank transfer. You can pick up your orders at their Capitol Hills branch, but Albergus also works with a delivery driver who can deliver within Quezon City and Pasig.

Golden Empire Chinese Cuisine — The Banawe Chinese restaurant is offering up dimsum, appetizers, congee, soups, noodles, and even more luxurious items such as Peking Duck and live crabs for delivery. To view the full menu, check their Facebook page at facebook.com/GoldenEmpireChineseCuisineBanaweQC. For orders and inquiries, call (02) 8241-2405, or (02) 7901-2163.

Max’s — Well, everybody else’s fried chicken is always better than your own, unless you’re a really good cook. Filipino favorite Max’s is open for deliveries, but you’ll have to check through maxsgroupdelivers.com/openstores for stores open near you. One can order through GrabFood, Food Panda, or call the store directly. You can also visit the website delivery.maxschicken.com.

The Moment Group — The restaurant group behind beloved brands such as Manam, Ooma, and Mecha Uma is also offering some of their bestselling menu items, either ready-to-heat or ready-to-cook. These include Crispy House Sisig, Sugar-glazed Corned Beef, and Watermelon Sinigang. Check the menu on their Facebook page (facebook.com/TheMomentGroup/) and call 0945-146-4184 or 0919-084-5719, and set up pick-up via either Grab Express or Lalamove, or, if the option is available, one may personally pick up their order. Payments may be made via bank transfer or GCash.

McDonald’s — McDonald’s is offering its marinated chicken packs (spicy option available) and chicken nuggets until supplies last. These are available through their takeout and drive-thru facilities. You can check participating and open branches at mcdonalds.com.ph/press-center/mcdonalds-restaurant-update (restaurants open for delivery are available on this list too).

Jollibee — If you’re missing some Filipino fast food goodness, Jollibee is offering ready-to-cook versions of its treats for pickup. These include fries, spicy marinated chicken, beef tapa, and a cult favorite, the Tuna Pie. To check where you can pick these up, visit the store directory at stores.jfc.com.ph/jollibee.html. Furthermore, Chickenjoy packs are also available at some supermarkets — they come marinated, but not breaded, so you’ll need a powder mix or some flour and an egg to get the crispy goodness you miss.

Chowking — Chowking, under the Jollibee Foods Corp. (JFC) umbrella, is also offering ready-to-cook options, including dimsum and meat products. To check where you can pick these up, visit the store directory at stores.jfc.com.ph/chowking.html.

Mang Inasal — Another member of the JFC group, the chicken restaurant is offering ready-to-cook menu items. To check where you can pick these up, visit the store directory at stores.jfc.com.ph/manginasal.html. — Joseph L. Garcia

Yields on seven-day deposits drop as BSP reopens facility

YIELDS on the central bank’s term deposit facility (TDF) dropped as the auction resumed after a month, amid signals of another rate cut and liquidity boost through a reduction in banks’ reserve requirement ratio (RRR) to cushion the economy from the pandemic’s impact.

Bids for the seven-day term papers auctioned off by the Bangko Sentral ng Pilipinas (BSP) totaled P78.496 billion, more than twice the P30 billion on offer as well as the P66.733 billion in tenders seen during the March 11 auction where the BSP offered P50 billion in instruments.

Lenders sought yields ranging from 2.775% to 3%, a wider range compared to the 3.7 to 3.8% band logged during the auction last month. This caused the average rate for the one-week papers to settle at 2.9578%, dropping by 81.79 basis points (bps) from the 3.7757% logged on March 11.

The BSP has yet to resume offering term deposits with 14- and 28-day tenors.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort noted that the average yield for the seven-day papers is notably lower than the 3.25% key borrowing rate.

“[This is] a positive sign as the markets may have been anticipating already a possible local policy rate cut anytime soon as well as another cut on banks’ RRR, as signaled by BSP Governor [Benjamin E.] Diokno,” Mr. Ricafort said in an e-mailed response.

Mr. Ricafort added that the resumption of a seven-day TDF auction could be a sign there is already excess liquidity in the market following the 200-bp cut in the RRR of big banks which took effect April 3.

Mr. Diokno said that they are “number-crunching” assessments from multilateral bodies such as the International Monetary Fund, the World Bank, and the Asian Development Bank to gauge when a “deeper cut” could be made. He said earlier this week the BSP could bring down the overnight reverse repurchase rate to below the 2018 level of 3% as the coronavirus disease 2019 (COVID-19) crisis worsens.

Currently, the overnight reverse repurchase is at 3.25% while the overnight deposit and lending rates are at 2.75% and 3.75%, respectively, following the 50-bp cut fired off by the Monetary Board (MB) last month to support the economy against the economic fallout caused by the virus.

The BSP has cut rates by 150 bps since 2019, almost completely unwinding the 175 bps in hikes done in 2018.

The MB will meet to discuss policy on May 21.

Meanwhile, the 200-bp cut in universal and commercial banks’ RRR brought it down to 12%. The MB authorized Mr. Diokno to cut RRR by a total of 400 bps for the whole year and will also evaluate bringing down the reserve ratios of other financial institutions, including those for thrift and rural lenders which are at four percent and three percent, respectively.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the resumption of auctions for the shortest TDF tenor is expected in this crisis.

“Normally during crisis situations, shorter tenored ones are preferred. Getting a better return in a short period of time is considered safe and relevant,” Mr. Asuncion said in an e-mail.

The TDF is the central bank’s primary tool to shore up excess liquidity in the financial system and to better guide market interest rates.

To support the banking system and financial stability, the central bank suspended the TDF auctions at the onset of the enhanced community quarantine in Luzon. — Luz Wendy T. Noble

Apple launches site to show how lockdowns affect movement

APPLE, INC. said on Tuesday it would release data that could help inform public health authorities on whether people are driving less during lockdown orders to slow the spread of the new coronavirus.

The data is gathered by counting the number of routing requests from Apple Maps, which is installed on all iPhones, and comparing it with past usage to detect changes in the volume of people driving, walking or taking public transit around the world, Apple said.

The information is being updated daily and compared with a date in mid-January, before most US lockdown measures were in place, Apple said. More than 90% of Americans are under stay-at-home orders and various lockdowns are underway in other countries around the globe.

The data would be aggregated so that requests from individual users would not be shown, and it does not track individual users or their locations, the company said.

The information, available on a public website www.apple.com/covid19/mobility, will show changes for major cities and 63 countries or regions, Apple said.

Apple does not provide the absolute number of requests or a specific number of people moving, instead expressing the data as a percentage of requests compared with its mid-January baseline. — Reuters

Chateau Pichon Baron: Your insurance wine

LAST February, I probably had my last social dinner (as we knew it before the pandemic) at the Wine Story in Uptown BGC. Little did I, along with some 30 other attendees, including the winery representative from the French chateau, realize that this may have been our last wine dinner of this kind for the foreseeable future, as COVID-19 has since swept away normalcy from the city, the country and the entire world. But even with the present narrative, this wine dinner featuring second growth royalty Chateau Pichon Baron, also known as Chateau Pichon Longueville Baron, could easily be one for the ages. Kudos once more to Romy Sia, the head honcho of Wine Story for pulling this one off.

TALE OF TWO CHATEAU PICHONS

There are three Chateau Leovilles in St.-Julien: Leoville Las Cases, Leoville-Poyferre and Leoville Barton — spinoffs from the larger Leoville prime parcel, same is the case with the two Pichons in Pauillac. And all these Leoville and Pichon wines are classified in the original 1855 Official Bordeaux Classification as Deuxièmes Crus (Second Growths). Even though the vineyard parcel known then as Pichon-Longueville started in mid 1600s, it was only by 1850 that the split of the two Pichons happened. Generational heir Baron Joseph Pichon-Longueville at his very old dying age decided to divide his large estate among his five children: his two sons and three daughters.

The sons would be teamed up, and would also inherit the chateau and the winery, the same one that still exists as Chateau Pichon Baron. One of the daughters, Virginie, married Charles Henri, the Comte (or Count) of Lalande in 1818, and therefore together with her two other female siblings, would form the other side of the Pichon-Longueville property, known as Pichon Comtesse de Lalande or Pichon Lalande.

These two prestigious chateaux are now owned by different entities. Chateau Pichon Lalande is now under the same ownership as luxury champagne house Louis Roederer, while Pichon Baron has been owned by the humongous French multinational insurance company, AXA since 1987. AXA also owns Château Suduiraut in Sauternes (a classified premier grand cru from the white Bordeaux counterpart of the same 1855 Classification), Quinta do Noval in Portugal, Disznoko winery in Tokaj, Hungary, Domaine de l’Arlot in Nuits-Saint-Georges in Burgundy and Outpost Winery in Napa Valley, California. Just this March, AXA sold one of its wineries, Chateau Petit-Village from Pomerol Bordeaux, to a fellow Pomerol estate, Château Beauregard.

THE MASCULINE PICHON

When the division on the Pichon property took place, dichotomizing the sons from the daughters, it somehow also reflected a style difference that would embody each respective chateau. The Pichon Baron wines would show a brusque masculine angle, captivated by lots of fruit intensity, rustic tannins, bolder flavors and heavy body, while the Pichon Lalande wines would seem more feminine, more perfumed, with a silkier texture, and also easier to approach when young. Yet these two properties are literally facing each other along the D2 road in Medoc, but very distinguishable when it comes to the liquid inside their respective bottles.

The main reason may be that Pichon Baron uses more Cabernet Sauvignon in its blend (70% on average), while Pichon Lalande uses less Cabernet Sauvignon (though it is still the dominant varietal), and has more significant percentage of Merlot, Cabernet Franc and Petit Verdot.

SPECIAL ONE-OF-A-KIND NIGHT

Xavier Sanchez, the commercial and marketing director of the AXA wine group, came all the way from Bordeaux just to grace this one Baron Pichon wine dinner at Wine Story Uptown BGC — this despite the already scary buzz on the coronavirus in early February. What made this wine dinner even much more special was that four of the Chateau Pichon Baron wines being tasted came from rare double magnum (three-liter) bottles: namely the 2014, 2009, 2002, and 1988.

Also, we got a rare opportunity to taste a very finite 63-year-old vintage, the Chateau Pichon Baron 1957. And then, there was more.

I was lucky to be seated at the same table as Romy Sia and Xavier Sanchez, as well as a very generous Wine Story patron named Edison. Edison happened to be born in 1957, the same year as the vintage of the old Pichon Baron in the tasting flight. As a nice gesture in front of Xavier, Edison decided to buy on the spot a Pichon Baron 1989 to share with all of us in the same table. Not to be outdone, Romy Sia also took out a Pichon Baron 1990 to pour at our table. Total, I had seven different Pichon Barons, including the stunning and arguably best three consecutive vintages of Bordeaux: 1988, 1989, and 1990. And all from a super second-growth chateau! So, how could this be not the best wine vertical tasting of my life?!

CUSTOMARY TASTING NOTES

These Chateau Pichon Baron vintages below were tasted in this order:

Chateau Pichon Baron 2014: “noticeable young acids, violets, black cherries, silky, still young and rustic, dark fruits, long, good viscosity”; this wine was the first of several vintages, and it set the right tone for the rest of the Pichon Baron vintages;

Chateau Pichon Baron 2009: “bold flavors, violets, cinnamon bark, fowl-nose, crusty, earthy, supple, round, lingering raisins, dry flinty finish”; my second favorite wine from this vertical range, and I love it for its depth, complexity and huge durability potential — easily one to be enjoyed for decades to come;

Chateau Pichon Baron 2002: “peppercorn, cinnamon, violets, firm texture, long, round, toasty, coffee-tart finish”; not as much richness as I come to expect from a Pauillac, but given that it was not from a touted vintage, the signature Pichon Baron quality still offered a great tipple;

Chateau Pichon Baron 1988: “long, lengthy nose, still vivacious, vibrant, anise, black currant, supple body, burned/charcoaled, creamy and soft finish”; a wine that taste much younger than its age, easily one of my favorites from this lot’

Chateau Pichon Baron 1957: “cigar box, color still good, but acid is fading, passed its prime but still very drinkable, stewed tomatoes, subtle berry flavors, and easy quaffable finish”;

Chateau Pichon Baron 1989: “vanilla, herbal, black pepper, overripe berries, unctuous, dry and long on the palate, minerally finish”; my favorite wine from the batch, and probably because at this stage of drinking, at 31 years old, the wine was already open, exuding such delectable flavors and with enough complex elements; divine from first quaff onwards; and,

Chateau Pichon Baron 1990: “forest nose, racy, lively, still fresh, raisins, herbaceous, black truffles, peppercorn, plummy, caramel, and luscious at the end”; another one of my favorites — again my palate got so spoiled this evening, and at any other tasting, this could have easily been my best wine of the night.

As evidenced by its time-tested reputation, and this surreal multiple vintage tasting I was part of, Chateau Pichon Baron wines are almost risk-free with guaranteed high quality, a so called “insurance” wine that its owner, AXA only knows too well of.

How can we top this wine dinner?… maybe we cannot, or perhaps only a Romy Sia and his Wine Story can do an encore. For now, let us all once again pray and hope that this COVID-19 menace will be over soon. The little pleasures we have, like enjoying fine wines, may take a newer meaning now. Let us all be grateful and thankful. Belated Happy Easter to all.

For more information on Wine Story, please visit their website at www.winestory.com.ph.

The author is a member of the UK-based Circle of Wine Writers (CWW). For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail the author at protegeinc@yahoo.com.

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