PH improving credit standing

PHL readies road map for an ‘A’ credit rating

Bernadette D. Nicolas
Business Mirror
09 May 2019

THE Bangko Sentral ng Pilipinas (BSP) is looking to finalize—along with the Department of Finance (DOF) a road map next week to ensure a calibrated approach to the Philippines’s “active pursuit of an A level rating.”

The Philippines last week received its highest credit rating from a major ratings agency to date, as S&P Global Ratings announced that it is assigning a “BBB+” rating on the Philippines’s long-term sovereign credit rating.

With just a notch away from the “A” level rating, BSP Deputy Governor Diwa C. Guinigundo said they are now embarking on an agenda called the “Road to A.”

Guinigundo said the BSP and the DOF are eyeing to organize an interagency committee that would formalize this road map.

“Such road map will evidence the buy-in and commitment of key economic and infrastructure officials to get our efforts properly credited to A before 2022 to help further bring about more benefits to the economy and to our people,” he said in a Palace briefing.

Moving forward, Guinigundo said their goal is to sustain policy and structural reforms, which he said is one of the nonnegotiable keys to an upgrade aside from continuous engagement with the credit-rating agencies. “We have a long way to go, many more miles to travel. We don’t need a crisis or an international financial institution to tell us what to do. We shall be doing things for the sake of our people. If these efforts start bearing fruits that are good to eat, then the upgrade will just logically be a consequence,” he said.

Guinigundo pointed out that efforts must also be directed at addressing these issues: further increasing the country’s per-capita income, enhancing the country’s potential input, strengthening the external payments buffers, keeping prices stable, fortifying public finance and elevating governance standards.

“So all of these, I think, are priorities of the national government in addressing these particular issues—not because we wanted another A or another upgrade, but because pursuing these very important reforms on various fronts will be useful to us, because we want to sustain our economic growth; we want to make sure that employment opportunities are available and to make a dent in terms of our efforts to reduce poverty in the Philippines,” he added. 

Meanwhile, Finance Secretary Carlos G. Dominguez III stressed that the credit-rating upgrade is a direct result of President Duterte “choosing to invest his political capital wisely in difficult but game-changing reforms” such as the Tax Reform for Acceleration and Inclusion (TRAIN) law and the Rice Tariffication Act. 

Dominguez, however, immediately pointed out that they did not pursue these reforms to get a better credit rating. 

“This upgrade is the effect of pursuing ‘game-changing reforms’ that would lead to a flourishing economy and a more comfortable life for law-abiding Filipinos,” he said. 

“The effect of a BBB+ rating may not be immediate, but it is very clear, it is a stepping stone to our goal of achieving and sustaining upper middle-income country status in the near future,” he added. 

P3-B savings

NATIONAL Treasurer Rosalia V. de Leon also cited the potential benefits of the country getting this credit-rating upgrade, including generating savings of at least P3 billion for commercial bond issuances and attracting more foreign direct investments that would lead to more jobs.

Since foreign investors have stringent guidelines before investing, de Leon explained that they will not go to an economy with a credit rating lower than BBB. 

“So with the BBB+, we’re able to throw the net far and wide, catch more fish into our pond of borrowing,” she said.

Even the private sector will also reap the benefit of lower cost of borrowing from the credit-rating upgrade, noting that the national government is considered as the benchmark for borrowing rates. 

“So if we borrow at this level, even the private sector would also be reducing their own borrowing cost. So, what does it mean? Then they will be able to have more capital expenditures, produce more jobs,” she said.

“This is more inspiring for us because all the fruits of our labor are now producing results. And we are more challenged but, at the same time, more inspired to deliver more reforms, and at the same time, really make it up to the coveted A rating that we are all also aspiring for,” she added. 

Best Asian Bars in PH

Three bars from the Philippines were just declared among the 50 best bars in Asia

Asia’s 50 Best Bars 2019 has just been announced: a Hong Kong bar tops the list while the Philippines has its best showing yet. 

Cyrene dela Rosa
10 May 2019

It was a super proud moment for me tonight at the Capitol Theatre in Singapore when the 2019 list of Asia’s 50 Best Bars was announced. The new entries included two bars from the Philippines, for a total of three Philippine bars making it on the list this year—the Philippines’ best performance so far, topping the two bars (The Curator Coffee & Cocktails and ABV) listed on the Asia’s 50 Best Bars inaugural year in 2016.

From left: Jericson Co and David Ong receive the Best Bar in the Philippines award for The Curator; House Blended Amaro, Bulleit Bourbon. Photograph from @thecurator_ on Instagram

Four-time list veteran The Curator Coffee & Cocktails, located in Legazpi Village in Makati, ranked No. 37 this year (down from No. 25 in 2018), retaining its title of Best Bar in the Philippines for the third consecutive year. OTO, a two-year-old bar located in the hip and bustling Poblacion district of Makati came in at No. 47.

Shangri-La at the Fort’s speakeasy The Back Room debuted at No. 50, an impressive feat for a bar that is less than a year old, having opened only last September 2018. Head bartender Aldrin Ivan “Poch” Ancheta was at the awards and shared his thoughts: “Overwhelming honestly. I still couldn’t believe it personally. We really weren’t expecting it immediately. It’s one of our goals but not within less than a year of opening,” He adds, “I have a very young team. Being included in the list now means we really have to work harder moving forward.”

This new kid on the block just opened last year but is already showing its potential for greatness, thanks to its curated list of well-made, signature cocktails executed by a very competent bar team led by Shangri-La The Fort’s Head Barkeeper Ulysse Jouanneaud and bartender Poch Ancheta.​ Photograph courtesy of The Backroom

Also present at the awards, The Curator co-owner Jericson Co had this to say about having two other bars join The Curator this time around: “So proud! They both have connections to The Curator with David (Ong), of course, being a part-owner of both OTO and The Curator, and with Poch of The Back Room originally working at The Curator. So of course, (we have) a pseudo grandfather role and I’m super happy about that. It makes life easier if there’s a colocation among us and that everyone has their voice being showcased. So we hope this continues.”

The No. 1 spot went to The Old Man in Hong Kong (No. 5 last year). Conceptualized by Agung Prabowo, James Tamang, and Roman Ghale, this elegant bar is an homage to Ernest Hemingway’s Pulitzer Prize-winning 1952 novel of the same name. They have created cocktails inspired by Hemingway’s favorite concoctions, including a butter-fat-washed gin and a beeswax-infused bourbon.

Last year’s No. 1 bar, Manhattan in Singapore came in at No. 2, and was bestowed the Legend of the List Award, sponsored by Michter’s, honoring this landmark bar that has most consistently proven its excellence over the history of the list.

Manhattan’s Filipino assistant manager, Gab Carlos. Photograph from @manhattan_sg on Instagram

Bar Trigona in Kuala Lumpur, Malaysia is this year’s winner of the Ketel One Sustainable Bar Award which spotlights the bar on the list with the highest sustainability rating, as determined by audit partner The Sustainable Restaurant Association. Pussyfoot Saloon in Seoul, Korea is the recipient of the Campari One To Watch award which recognizes a bar that is not on the list, but considered a rising star in the region.

The Asia’s 50 Best Bars list was introduced in 2016 as an extension of The World’s 50 Best Bars which was launched in 2009. The annual list is created from the votes of more than 200 industry experts across Asia. Now on its fourth year, this year’s edition kicks off a new three-year partnership between William Reed Business Media, which organizes the 50 Best awards, and the Singapore Tourism Board. This partnership will also see The World’s 50 Best Restaurants awards making its Asian debut in Singapore later this year, to be followed by The World’s 50 Best Bars awards in 2021. This makes Singapore the first city, apart from its original home of London, to be confirmed as host of both World’s 50 Best awards.

After tonight’s awarding, the Asia’s 50 Best Bars festivities continue with #50BestTalks, a thought-leadership and discussion platform that brings together leading industry talent, bar owners, and media to encourage positive change in the drinks sector. The talk will feature an all-female line-up of panelists that will tackle key topics, trends, cocktails, and bar culture under the title “Female Spirit.”

Last but not least, the Singapore Cocktail Festival (SGCF) is happening from 10 to 18 May to showcase the region’s vibrant cocktail culture. Asia’s 50 Best Bars is working with SGCF to bring its celebration of the best bars and bartenders across the continent to the Festival Village on Empress Lawn from 10 to 12 May, including guest bartender shifts featuring some of our top Filipino bartenders. You can visit www.singaporecocktailfestival.com for the complete schedule of cocktail experiences.

Pinoy wins US engineering design contest

18-year-old Filipino student wins engineering design competition in US

GMA News

May 9, 2019

An 18-year old Filipino student led his team in bagging the grand prize in an engineering design competition in the United States with his air quality sensor, called Re-LAQS (Respiratory Local Air Quality Sensor).

Representing the Oxnard High School (OHS)-University of California Sta. Barbara, Carl Vincent Camilon Cuyos was hailed as over-all winner in the 2019 State Championship in Mathematics, Engineering and Science Achievement National Engineering Design Challenge (MESA-NEDC).

The competition was held at the University of California, Los Angeles (UCLA) on Sunday.

Other nine competitors were students from UCLA, San Jose State University, California State East Bay, California State University Fresno, UC Irvine, UC Riverside, UC Davis, San Diego State University, and Imperial Valley College.

Cuyos was behind the design of the winning entry of his team, while teammates Sara Centeno was on research,  Jenna Huynh on business, David Pulido worked as programmer and teacher Nicholas Peterson as their adviser.

Re-LAQS is sensor built to bring information and awareness to the public, who are vulnerable to air quality changes, such as potential harmful gases, in times of crisis such as in wildfires.

During the blaze of California wildfire in 2018, citizens received conflicting and inaccurate data which aggravated their condition, especially those with upper respiratory tract infection like asthma.

“Hence, the Re-LAQs innovation, aimed to protect 91 percent of the globe’s population, who live in polluted areas identified by the World Health Organization. To reduce air pollution threat and health cost, people can use RE-LAQs, to measure air quality and take appropriate action,” said Cuyos whose grandparents originated from Mauban and Perez, Quezon.

Cuyos said the gas sensor is run by a nine voltage rechargeable battery, flashing LED alert and app compatible with Bluetooth, so it can be used both indoor and outdoor.

Due to this win, their team is set to participate in the National Championship at the University of Arizona in June 19 to 21. —Joviland Rita/LDF, GMA News

Asia's best scientists

Filipino scientists named as among Asia’s best 

Jan Milo Severo

Philippine Star

08 May 2019

MANILA, Philippines — Eight Filipino scientists have made it in this year’s Asian Scientist Magazine’s “Asia Scientist 100,” which aims to raise the profiles of outstanding scientists from the region. 

“Asia Scientist 100” is an annual listing of the Asia-Pacific region’s award-winning researchers, academicians, innovators and business leaders. 

Filipino scientists in Asian’s Scientist Magazine’s “Asia Scientist 100” 2019 list 

The eight Filipino scientists included in the list are Technology Development Institute’s Dr. Rosalinda C. Torres (Chemistry), Technology Development Institute’ Dr. Marissa A. Paglicawan (Material Science), University of the Philippines (UP) Los Baños’ Artemio Salazar (Agriculture), UP Manila’s Rody Sy (Biomedical Science), UP Diliman’s Gay Jane Perez (Environmental Sciences and Geology), UP Diliman’s Charissa Marcaida Ferrera (Life Sciences), De La Salle University’s Elmer Dadios (Engineering) and University of Santo Tomas’ Ricardo Balog (Engineering).

According to Asian Scientist Magazine, the AS100 list highlights research excellence and seeks to raise the profile of early career and veteran scientists in Asia who have made significant impact on their respective scientific disciplines.

From material scientists to molecular biologists and particle physicists, the AS100 (2019 edition) aims to celebrate the achievements and diversity of the research scene in the region, the magazine explained.

“We hope that with our yearly publication of the ‘Asian Scientist 100,’ outstanding researchers from Asia will be recognized for their fervent passion to further scientific knowledge and impact people’s lives,” said Dr. Juliana Chan, the magazine’s editor-in-chief.

  

World's most expensive resort

Luxurious private island resort opens -- and a night's stay costs $100,000

Rob Picheta, CNN • 
6th May 2019

(CNN) — You can now book your stay in paradise -- but it won't come cheap.

A luxurious private resort stretching across an island in the western Philippines has opened for business.

It offers white sand beaches, plush villas and plenty of amenities. But with a price tag of $100,000 a night, Banwa Private Island is among the most expensive getaways anywhere in the world.

The resort, in the works for years, and benefits from year-round sunshine thanks to its location close to the equator. It features six villas and additional suites, meaning 48 people can stay at any one time. So if you have plenty of friends, it might be worth splitting the bill.

The resort's surrounding Puerco Island, sits serenely off the coast of Palawan, an island province. 

Guests heading for Banwa will need to hop on a helicopter or seaplane for the final leg.

Once there, guests will be able to explore the entirety of the archipelago, relax in a hammock or sip cocktails at a bar.

Each villa has its own infinity pool and hot tub and a team of chefs will supply food and drink.

Freshly caught fish and newly picked vegetables feature heavily on the menu.

Guests can also meet some of the island's fauna, including sea turtles and tabon birds. There's even an on-site wildlife expert.

Other amenities include a tennis court and a short golf course, plus access to a variety of boats. 

Jet skiing, scuba diving, sailing and kayaking are available. Of course, the gorgeous beach that stretches around the island is also a draw.

If all that sounds too strenuous, there's also an on-site spa.

Philippines is Mr. Gay World 2019

Filipino crowned Mr. Gay World 2019

ABS-CBN News

May 05 2019 

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MANILA - John Jeffrey "Janjep" Carlos became the second Filipino and Asian to win the Mr. Gay World crown after winning this year's pageant in South Africa. 

Carlos, who hails from Cavite, bested 21 other candidates in the final round of the pageant in Cape Town, South Africa on May 4 (May 5 in Manila). 

He joins fellow Filipino John Fernandez Raspado took the crown in 2017. 

Carlos succeeded Mr. Gay World 2018 Jordan Bruno, an Australian national, for the crown.

Spain's Francisco Alvarado was crowned 1st runner up, followed by Hungary's Oliver Pusztan (2nd runner up), Thailand's Cjayudhom Samibat (3rd runner up) and Belgium's Nick Van Vooren (4th runner up) 

In his introduction video posted on the Mr Gay World 2019 Youtube channel, Carlos said mental health awareness was one of his main advocacies, particularly the fight against depression. 

"Depression is real, and it has caused the tragic loss of lives. Depression is a real illness that can be treated if properly diagnosed," he said.

"With love and understanding of people undergoing depression, this illness can be transformed into wellness."