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After cruising for 10 years, the Draybers get their 1st major concert

CELEBRATING 10 years in show business, Mitoy Yonting and the Draybers, led by front man Michael “Mitoy” Yonting of the Voice of the Philippines fame, will be holding their 10th anniversary concert on Oct. 30 at the Newport Performing Arts Theater, Resorts World Manila (RWM) in Pasay City.
The Draybers — whose members include Mylo Yonting (rhythm guitar and vocals), Edwin Garcia (keyboard), Jerome “Lucky” Reformany (bass), Jude Santos (drums) and Cesar Uy Salazar (lead guitar) — found their start as avid participants in various local “battle of the bands” contests in 2008.
Their music, which includes renditions and covers of Air Supply, Queen, Survivor, Journey and Bon Jovi songs, gained them enough fame that they toured internationally (including on cruise ships). In 2011, the band was offered a long-term contract with Resort World Manila’s Bar 360 where they gained a loyal following.
“I was really excited to work with this group. It’s no secret that when you pass by 360 and you hear them playing, you’ll notice that they really have a strong following and everyone that doesn’t know them, once they pass by the bar, they end up stopping. I believe the group has such global appeal in terms of the tightness of the music and talent,” said Paolo Valenciano, the concert’s director, during a press conference on Oct. 10 at El Calle Bar in RWM.
Since this is the band’s first major concert — it is titled Biyaheng Diyes — Mr. Valenciano said that he wants to do something different to show why The Draybers are “the ultimate rockstars.”
“When you put them in a casino or bar or any place that has gaming involved, there’s always a lot of guidelines and rules. I think for this concert, what I really wanted to do was unleash the band. I believe they are the ultimate rockstars and they should be treated that way [in terms] of production,” he said.
The Draybers front man, Mitoy Yonting, became famous in 2013 when he won the first season ABS-CBN’s Voice of the Philippines competition TV show, a part of the The Voice singing contest franchise.
His newfound fame landed him a role in ABS-CBN sitcom Home Sweetie Home which started airing in 2014, and as singer/actress Lea Salonga’s supporting act in her 2013 concert series, Playlist.
He now serves as one of the judges in Tawag ng Tanghalan, a singing contest segment in ABS-CBN’s Showtime variety show.
Now, with the band celebrating its decade-long journey, Mr. Yonting said he was nervous because this is their first ticketed event.
“I don’t know what we’re doing right but along the way, as we were performing, the audience are always surprised, I don’t even know what we’re doing right,” Mr. Yonting said in vernacular while discussing the band’s longevity.
The concert will also include performances from singers like Dulce (real name: Maria Teresa Magdalena Abellare Llamedo Cruzata) and Nino del Mar “Nyoy” Volante, comedian Randy Santiago, theater star Tanya Manalang, and Tawag ng Tanghalan contestants Ato Arman and Noven Belleza.
Biyaheng Diyes, Mitoy Yonting and the Draybers’ 10th anniversary concert will be on Oct. 30, 8 p.m., at the Newport Performing Arts Center, Resorts World Manila in Pasay City. Tickets — which range in price from P800 to P5,000 — are available at the RWM Box Office and via TicketWorld (www.ticketworld.com.ph). — Zsarlene B. Chua

San Miguel food unit prices shares at low end of range

SAN MIGUEL FOOD and Beverage, Inc. (SMFB) has priced its follow-on offering (FOO) at P85 per share, the low end of its indicative price range of P85-P95, which would allow it to raise as much as P39.19 billion in fresh capital before the year ends.
In a disclosure to the stock exchange on Thursday, SMFB said the secondary share sale will consist of 400.94 million common shares held by parent San Miguel Corp., plus an over-allotment option of up to 60.14 million shares.
The final price is also way below the maximum price of P140 per share SMFB stated when it first announced the FOO.
Amid the stock market’s continued weakness, the listed firm last week announced it had reduced the size of its offering. It earlier planned to sell up to 1.02 billion shares consisting of 887 million shares, with an over-allotment option of up to 133.05 million.
The payment and delivery of the offer shares is scheduled for Nov. 12.
All proceeds of the share sale will be used for SMC’s investments, although the company has yet to provide further details. SMC’s has core interests in infrastructure, petroleum, power generation, mining, and the food and beverage sectors.
SMFB is conducting the FOO to comply with the minimum public ownership rule of at least 10%. The company’s public float fell to 4.12% after the consolidation of the San Miguel group’s traditional businesses earlier this year.
After the merger, SMFB now has Ginebra San Miguel, Inc., San Miguel Brewery, Inc., and the former San Miguel Pure Foods Company, Inc. under its portfolio.
The FOO comes amid market volatility, which has prompted Del Monte Philippines, Inc. and Cal-Comp Technology (Philippines), Inc. to postpone plans to conduct an initial public offering.
SMFB named Standard Chartered Bank as the company’s financial adviser for the issuance.
It has also tapped J.P. Morgan Securities Plc, Morgan Stanley Asia (Singapore) Pte., and UBS AG Singapore Branch as the offer’s joint global coordinators. Deutsche Bank AG, Hong Kong branch and Goldman Sachs (Singapore) Pte., will act as joint book runners, while BDO Capital & Investment Corp. and BPI Capital Corp. will act as local lead underwriters.
SMFB’s net income went up by 20% to P15.4 billion in the first six months of 2018, following a 15% increase in consolidated revenues to P137.4 billion. The consolidated food and beverage company expects to generate P33 billion in earnings this year.
Shares in SMFB dropped 0.95% or 80 centavos to close at P83 each on Thursday. — Arra B. Francia

Analyst who triggered K-Pop stock plunge apologizes

A DAY after analyst Kihoon Lee setoff a plunge in the shares of K-pop talent agencies, he wrote another note apologizing for triggering short-selling among foreign investors.
Titling his new report “There’s no change in the industry’s growth or my own conviction,” Lee — who works at Hana Financial Investment Co. in Seoul — said he still expects JYP Entertainment Corp., the talent agency behind girl group Twice, to top market estimates in the fourth quarter, even though he lowered third-quarter earnings by 20%.
“The reason why I lowered estimates a day earlier was I tried to maintain a conservative view,” Lee wrote. “Entertainment agencies will be hard to predict in the next two years but I’m pretty sure the actual earnings will be higher than expected.”
Lee sees fourth-quarter operating profit at JYP Entertainment surging 500% to a record 22.2 billion won ($20 million) from a year earlier, boosted by overseas sales of CDs and concert tickets. Lee didn’t provide those estimates in his initial report.
JYP Entertainment rose as much as 3.7% on Thursday after Wednesday’s record 20% slide that spurred declines in other agencies. YG Entertainment Inc., manager of girl group BlackPink, gained 2.4% after a 13% plunge Wednesday. SM Entertainment Co. was little changed after its 15% drop. Short selling volume for JYP was at a record high on Wednesday, according to Bloomberg data.
Lee’s bearish note came as a surprise to market participants in Seoul. According to the Financial Supervisory Service, about 88% of domestic stock ratings by Korean analysts were a “buy” or equivalent in 2016, while only 0.17% were sells or equivalent.
Lee said over the phone on Thursday that he remains overweight on the industry and maintains his buy on JYP Entertainment. He also backtracked from a comment the previous day when he said new K-pop bands may not be as successful as recent groups.
“I’ve always maintained a conservative assumption that all new groups may fail because the industry is so difficult to predict,” Lee said. “It’s so hard to forecast the popularity of new groups. If I knew my report could trigger such a massive sell-off, I would not have written it.” — Bloomberg

Agrinurture acquires Australian firm

AGRINURTURE, INC. is planning to expand into Australia, starting with the acquisition of an agribusiness company.
In a disclosure to the stock exchange on Thursday, the listed agribusiness firm said its board of directors gave the go signal for its acquisition of Australian firm Plentex Limited.
Plentex owns a subsidiary in the Philippines with interests in agricultural development. Plentex Philippines, Inc. is currently working on an integrated manufacturing plant for local crops and for the production of feedstock for a proposed aquafeed plant.
Meanwhile, Plentex’s Australian operations involves a large scale feed manufacturing plant in Victoria for the supply of premium aquatic and pet foods for both local and international demand.
Agrinurture said the company will expand its business operations in Australia through acquisition of existing companies.
At the same time, Agrinurture’s board of directors has approved the application for listing in foreign exchanges, as well as the creation of global depository receipts (GDR).
“The company intends to be listed in foreign exchange/s, and to create Global Depository Receipts, that are intended to raise additional working capital,” the company said.
GDRs are depository receipts issued in more than one country for shares in a foreign company.
Agrinurture is currently led by businessman Antonio L. Tiu.
Shares in Agrinurture gained 0.67% or 12 centavos to close at P18.10 at the stock exchange on Thursday. — A.B.Francia

Phoenix creates Singapore subsidiary

PHOENIX PETROLEUM Philippines, Inc. said on Thursday that its board of directors had approved the creation of a wholly owned subsidiary in Singapore to manage the company’s overseas investments.
The new unit, to be named PNX Energy International Holdings Pte Ltd. “for purposes of managing international investments including expansion of related business activities and operations in the Asia Pacific region.”
PNX Energy International followed the formation by Phoenix Petroleum in September last year of PNX Petroleum Singapore Pte Ltd., which it described as the group’s trading and supply office.
The previous Singapore office serves as springboard for regional expansion of the group, Phoenix Petroleum had said.
Phoenix Petroleum is engaged in the trading of refined petroleum products on wholesale and retail basis and operating of gas stations, oil depots, storage facilities and allied services. Its operation is divided between trading, and terminalling and hauling services.
On Thursday, a holding company led by Dennis A. Uy, Phoenix Petroleum president and chief executive officer, subscribed to 340 million common shares of PXP Energy Corp. at a price of P11.85 per share.
In June, Phoenix Petroleum disclosed that it had signed a memorandum of understanding with a unit of China National Offshore Oil Corp. to develop a receiving terminal for imported liquefied natural gas in the country.
On Thursday, shares in Phoenix Petroleum were down 0.56% at P10.72 each. — Victor V. Saulon

Actor Geoffrey Rush tells court he was ‘numb’ after misconduct allegation published

SYDNEY — Australian actor Geoffrey Rush said on Monday he was distraught when he read newspaper articles accusing him of inappropriate conduct, as a court began a hearing into his lawsuit against the publisher.
In the first such case in Australia of the #MeToo era, Rush is suing News’s Corp.’s Australian arm over a series of articles saying he was the subject of a complaint to the Sydney Theatre Company in relation to its 2015 production of King Lear.
Under the headline “KING LEER,” and in later articles, Sydney’s Daily Telegraph newspaper said the Oscar-winning actor, who played the starring role in the production, had been accused by a co-star of unspecified inappropriate conduct.
“It was devastating,” Rush, dressed in a navy suit, told the Federal Court in Sydney, where the hearing began after several months of pre-trial arguments.
“I felt as though someone had poured lead into my head, I went into a kind of — this can’t be happening — I was numb,” he said, adding he felt the stories implied he was a “major pervert” or guilty of major depravity.
“It just didn’t relate to the experience that I’d had doing the production of Lear,” he said.
News Corp. is defending itself in the case, standing by the stories.
The company’s lawyers have yet to make their arguments in court.
Filed defense documents set out allegations Rush touched his co-star on the lower back while waiting in the wings and made groping gestures above her breasts during rehearsals.
None of that detail was published in the vague, original news reports and Rush did not address it in his testimony, which continues. His lawyer had earlier said he denied all such behavior.
A spokeswoman for News Corp. in Australia declined to comment.
Rush’s lawyer, Bruce McClintock, said the newspaper articles were written by a journalist desperate to find an Australian angle on the accusations leveled at US film producer Harvey Weinstein, which gave rise to the #MeToo movement.
Hundreds of women have since accused powerful men of sexual harassment and abuse.
Rush won the Best Actor Oscar in 1997 for Shine and has since appeared in the Pirates of the Caribbean movies.
Since the publication of the articles, he has seen his annual income tumble from millions of dollars to thousands, McClintock said.
“This newspaper… destroyed my client’s reputation,” McClintock said. “We are talking a very substantial claim for loss of income.”
Australian courts have previously imposed relatively modest caps on defamation payouts, however Rush is seeking “special damages,” a type of payout that is not capped.
It is not clear how large a sum he could claim if he wins the case.
Actor Rebel Wilson was able to secure a record payment of A$4.56 million ($3.25 million) in an unrelated defamation lawsuit in February, though that was overturned in June.
Rush has voluntarily stepped down as president of the Australian Academy of Cinema and Television until the matter is resolved, while Australian show business figures have come to his defense, including fellow Australian actor Rachel Griffiths. — Reuters

Philex Mining’s 9-month earnings fall

PHILEX MINING Corporation reported its income plunged in the first nine months of the year, on higher excise taxes and continued foreign exchange volatility.
In a statement, Philex Mining said its net income fell 49% to P570 million during the January to September period, from P1.132 billion a year ago.
Core net income dropped 41% to P687 million during the nine-month period, from P1.158 million during the same period in 2017.
The company attributed its financial performance to the “the significant negative impact of the doubling of the excise tax rate on mining under TRAIN Package I, together with higher depreciation, depletion and amortization; and a forex loss of P167 million due to a weak currency.”
With the implementation of the Tax Reform Acceleration and Inclusion (TRAIN) law this year, mining excise tax was raised to 4% from 2%.
Consolidated revenues as of end-September fell 8% to P6.59 billion from P7.18 billion a year ago “due to reduced metal output, partially offset by improved metal prices, and favorable foreign exchange rates.”
Philex Mining reported Padcal mine milled 6.529 million tons from January to September, up 4% from the 6.259 million tons milled last year, despite the suspension of production when typhoon Ompong hit the area in September. However, the company said the lower ore grades resulted in lower metal output.
“We are cognizant that our existing ore body is challenged to deliver the desired grades due to its mature state. To improve ore grades, a new mining level is being commissioned using sublevel caving method,” Philex Mining president and chief executive officer Eulalio B. Austin Jr. said in a statement.
Philex Mining is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being PLDT, Inc. and Metro Pacific Investments Corp. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which it controls. — RJCI

Freddie Mercury’s spontaneity challenged Bohemian Rhapsody star Rami Malek

LONDON — When television actor Rami Malek took on the role of colorful rock star Freddie Mercury in the film Bohemian Rhapsody, he found the biggest challenge was capturing the Queen lead singer’s commanding presence on stage.
Malek, the Emmy-winning star of TV drama Mr. Robot, portrays Mercury from his early days with Queen in the 1970s, through its rise to worldwide fame with anthems such as “We Will Rock You,” to a rousing performance at the Live Aid benefit concert in July 1985 at London’s Wembley Stadium.
Mercury was known for an electric stage persona that connected with audiences.
“Every time Freddie was on stage, and in his normal civilian life, he just did everything spontaneously,” Malek said on Tuesday at the film’s world premiere in London. “Trying to capture spontaneity is quite an arduous task.”
Malek worked with a movement coach to convey Mercury’s strutting stage presence and also contributed to the soundtrack.
Filmmakers used a combination of Mercury’s real voice, Malek’s voice, and another singer against the band’s original recordings to showcase the band’s vast catalog of hits.
The film also documents Mercury’s personal battles, including his struggle with his sexuality and drug and alcohol use. Mercury in 1991 was one of the first British celebrities to die from AIDS, at age 45.
Surviving Queen members Brian May and Roger Taylor endorsed the film. Both praised Malek’s performance as well as the actors who played them on screen and who showcased how the band collaborated on its groundbreaking sound.
“We found a perfect Freddie with Rami Malek. He’s sensational,” Taylor told reporters. “We are very happy. We think it’s a good film. I hope it brings joy to a lot of people.”
Malek’s performance has made him a top contender in Hollywood’s annual awards season, which culminates with the Oscars on Feb. 24.
Variety said the 37 year-old Egyptian-born American actor “takes on the role of Freddie Mercury as if born to it,” while The Hollywood Reporter said that “taking on a daunting task, he more than delivers.”
Bohemian Rhapsody began it global roll out on Wednesday. — Reuters

Peso-renminbi spot mart to boost trade, business

By Karl Angelo N. Vidal, Reporter
THE PHILIPPINES is set to have a peso-renminbi (RMB) spot market, which is seen to help boost trade and business relations between the Philippines and China.
According to a statement, the Bangko Sentral ng Pilipinas (BSP) is set to sign a memorandum of understanding (MoU) with the Bank of China Manila, as well as its local banking partners, on Tuesday to ratify the formalization of the Philippine RMB Trading Community.
The Bank of China’s partners include Asia United Bank Corp., Bank of Commerce, BDO Unibank, Inc., Bank of the Philippine Islands, China Banking Corp., East West Banking Corp., Metropolitan Bank & Trust Co., Philippine Bank of Communications, Philippine National Bank, Philippine Business Bank, Rizal Commercial Banking Corp. (RCBC), Sterling Bank of Asia, Security Bank Corp. and UnionBank of the Philippines.
“The MoU signing between the BSP and Bank of China Manila, along with its local banking partners, will ratify the formalization of the Philippine RMB Trading Community that aims to promote a fair, transparent, and resilient domestic renminbi market,” the statement read.
Economists said the establishment of the peso-yuan exchange facility will benefit trade and tourism between China and the Philippines.
“Access will now improve because it will encourage more financial institutions to deal with the Chinese currency,” Ruben Carlo O. Asuncion, UnionBank chief economist told BusinessWorld in a text message.
Meanwhile, RCBC economist Michael L. Ricafort said the exchange facility would encourage more importers and exporters in the Philippines as well as Chinese tourists to switch their currency into peso at better exchange rates.
According to the Philippine Statistics Authority, China was the country’s top trading partner in August, with total trade amounting to $2.864 billion.
China was also the country’s second-largest tourism market with a total of 764,094 tourist arrivals in the January-July period, data from the Department of Trade and Industry showed.
The yuan-peso spot market will also reduce spreads or foreign exchange costs as businesses can now directly swap their peso into renminbi rather than passing through the US dollar.
“CNY/PHP spot market could also help any pressure or demand in the USD/PHP spot market as well,” Mr. Ricafort noted, adding that the new spot market “has already been long overdue.”
For years, local banks have been clamoring for the establishment of the peso-yuan exchange facility. In December 2015, former BSP Governor Amando M. Tetangco, Jr. said there were proposals to come up with a facility for a direct peso-yuan exchange, similar to the current peso-dollar spot market.
Increased use of the Chinese currency is expected after the International Monetary Fund (IMF) included the unit in its special drawing rights (SDR) or currency basket in 2015.
The SDR stands as the global measure for a country’s potential claim to the “freely usable” currencies held by the IMF as a multilateral lender. Aside from Chinese yuan, currencies part of SDR include the euro, US dollar, Japanese yen and British pound.

Next big thing on reality TV: popping pimples

IN 2014, dermatologist Sandra Lee, MD (also known as Dr. Pimple Popper) uploaded a short video on Instagram of a patient being treated for a pimple. Dr. Lee was surprised that it got over a thousand “Likes.” That was just the start. At present, Dr. Pimple Popper has 2.9 million followers on Instagram and over 4 million subscribers on YouTube.
Four years after that first video, she now has a reality show.
Dr. Lee has been a practicing dermatologist in Los Angeles for 15 years, specializing in removing lumps and cysts from various parts of her patients’ skin.
Dr. Pimple Popper, a reality show where Dr. Lee examines and treats patients’ skin conditions, premieres on TLC on Nov. 5 in the Philippines.
“It’s a [much] more rich experience compared to my social media because you really get to see the people beforehand and what they’ve been living with,” Dr. Lee told members of the Southeast Asian press in a phone interview.
The show features patients who will get treatment for cysts and lumps that have affected their lifestyle and self-confidence.
“They (patients) really go through a selection process with the casting and the production company. I take a look at the patients to select and see whether it is really something that is treatable,” Dr. Lee said.
According to Dr. Lee, she has received patients from around the world since becoming popular on social media and the reality show. “It’s just so interesting, the power social media. You can show how you interact with others and what you do, and people trust you and are willing to travel,” she said.
“I think that part of the success of what I do on social media and the success of the show is the fact that people recognize that I don’t treat somebody differently because of how they appear, and that’s really important for me. For somebody to see a doctor, you’re in a very vulnerable position. You’re showing things that you have not shown anyone else and you don’t want to feel judged or embarrassed,” she added.
For Dr. Lee, Dr. Pimple Popper turns something that may be disturbing into something positive.
“I’m just doing my job and I’m doing what I like to do. I feel [really] lucky to play such a big part in people’s lives… I might not remember them as much as they will remember me and that’s really special,” she said.
Dr. Pimple Popper premieres on Nov. 5 on TLC through Cignal TV and Sky Direct at 8:05 p.m. — Michelle Anne P. Soliman

Southeast Asia’s Grab inks deal with Mastercard for issuance of prepaid cards

SINGAPORE — Singapore-based Grab has partnered payments processor Mastercard Inc. to issue prepaid cards tailored to Southeast Asian consumers, extending the use of Grab’s digital wallet and helping its unbanked users transact online.
The companies hope to leverage Grab’s 110 million users based on download numbers, and Mastercard’s network of 3 million merchant outlets.
“This partnership with Grab significantly advances our reach in Southeast Asia and aligns with our goal of expanding digital payments across all consumers and merchants,” Mastercard said in the companies’ joint statement on Thursday.
Grab will issue virtual and physical prepaid cards through its app. Customers can top up their cards using cash through agents, drivers and merchants on the GrabPay platform, and will be able to use them at online and offline merchants that accept Mastercard.
Six-year-old Grab, which made its start as a taxi-booking app, is transforming itself into a consumer technology group, offering services such as food and parcel deliveries, micro-loans and mobile payments in one of the world’s fastest-growing internet markets — home to some 640 million people.
The region with its large unbanked population has emerged has a financial services battleground for local companies such as Grab, Sea Ltd. and Indonesia’s Go-Jek, as well as foreign firms including Alibaba Group Holding Ltd. and Tencent Holdings Ltd.
Cash remains the most common payment method in Southeast Asia, making the region challenging for e-commerce firms.
“For the first time, these unbanked and under-banked users will be able to use virtual and physical cards to buy things online,” Reuben Lai, senior managing director, Grab Financial, told Reuters.
Grab and Mastercard said they hope to offer their card in the first half of 2019, starting in Singapore and the Philippines. — Reuters

Goodyear aims to further grow NCR market share

GOODYEAR PHILIPPINES, Inc. is targeting to further increase its market share in the National Capital Region (NCR), which it already dominates.
“Hopefully we increase it… Say, 1% every year,” Goodyear Philippines Market Director Kenneth D. L. R. Sambajon said in a media roundtable in Taguig City on Thursday.
Citing figures from a Gfk Global report, Mr. Sambajon said Goodyear Philippines already accounts for 41% of the 19.2 million tires of the 2.4 million passenger segment vehicles registered with the Land Transportation Franchising and Regulatory Board in the NCR.
For the past four years, the company has been expanding its market share by 1% annually.
Saul Aurelius Isidore C. Babas, marketing head at The Goodyear Tire & Rubber Co., said NCR is a priority market since it is where the company generates the most sales.
Goodyear Philippines, Inc. is a subsidiary of The Goodyear Tire & Rubber.
Mr. Babas expects the company to continue growing in “double-digits” at par with the overall industry’s 12% average annual growth rate for the past five years.
Goodyear Philippines’ outlook is bolstered by the growth registered in the sport utility vehicle (SUVs) segment.
“For the past how many year, we have seen tremendous growth in the SUVs. Because of this tremendous growth in the automotive industry, it replicates on the tire replacement industry,” Mr. Babas said.
However, the company expects an impact from the slump in auto sales this year. In the first nine months of the year, vehicle sales dropped 13.8% to 261,057 units, weighed down by higher excise taxes, soaring inflation and rising fuel prices.
Mr. Sambajon said its effect on the tire replacement market is expected to be felt after three years, the minimum turnover period for higher-end tires.
“In terms of that impact, bababa ang replacement rate after three years. But also the positive thing is more and more people will keep their SUVs for a longer period of time,” the Goodyear Philippines marketing chief said. “The impact will be different in that you will now think twice about buying a cheaper tire.”
Next year, Goodyear Philippines will be celebrating 100 years of operations in the country, while its Ohio-based parent will mark its 120th year. — Janina C. Lim

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