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JFC completes deal to gain control of Smashburger

JOLLIBEE Foods Corp. (JFC) has completed its acquisition of an additional stake in American burger chain Smashburger, effectively expanding the homegrown fastfood giant’s global footprint.
In a disclosure to the stock exchange on Tuesday, the listed company said it has completed all closing conditions and regulatory approvals for the acquisition of an additional 45% stake in SJBF LLC, the parent firm of the entities related to the Smashburger business.
The transaction was made through a purchase agreement between JFC’s wholly owned unit, Bee Good! Inc. (BGI) and Smashburger Master LLC. This brings JFC’s total stake in Smashburger to 85%, as it has previously acquired a 40% share in the latter in 2015.
“With the completion of the acquisition, JFC shall include Smashburger in its financial consolidation starting April 17, 2018,” the company said.
The acquisition is valued at $100 million, to be paid in cash at the close of the deal.
The Denver-based burger chain currently operates through 365 restaurants worldwide, and is present in 39 states in the United States and in 10 foreign markets. This brings JFC’s global store network to 4,162, as well as expand its presence to 21 countries, adding Costa Rica, Egypt, El Salvador, the United Kingdom, and Panama.
With the acquisition, JFC said Smashburger will increase the sales contribution of the United States to worldwide systemwide sales to 15% from the present 5%. The acquired firm will also raise the contribution of foreign businesses to worldwide systemwide sales to 30% from 20% currently.
In the Philippines, JFC had a total of 2,884 outlets as of the end of February, maintaining its position as the largest food service network in the country. Of these stores, 1,071 carry the Jollibee brand; 529 are Chowking; 495 are Mang Inasal; 425 are Red Ribbon; 271 are Greenwich; and 93 are Burger King.
JFC has more brands operating in China, Hong Kong, Singapore, and the Middle East, among others.
The Tony Tan Caktiong-led firm booked a 15% growth in its net income attributable to the parent in 2017 to P7.089 billion. Revenues meanwhile also gained 15.6% to P131.57 billion, boosted by the double-digit increase in system wide retail sales for during the year.
JFC is accelerating its spending this year, allotting P12 billion for capital expenditures to fast track its global expansion. The company earlier said that it looks to see equal contribution from local and international sales by 2022.
Shares in JFC lost 1.03% or P3 to settle at P288.60 by closing bell at the Philippine Stock Exchange on Tuesday. — Arra B. Francia

Nickel Asia says value of nickel ore shipments drops in Q1

LISTED Nickel Asia Corp. on Tuesday said the value of nickel ore shipments fell in the first quarter as prices weakened after Indonesia relaxed its export ban in January.
In a disclosure to the Philippine Stock Exchange, the country’s biggest nickel producer said it shipped 3.09 million wet metric tons (WMT) of nickel ore during the January to March period, virtually the same level as the 3.06 million WMT shipped a year ago.
“However, weaker ore export prices due to the effect of increasing ore exports from Indonesia coupled with shipments of more lower-grade ore, resulted to a drop in the Company’s estimated value of shipments to P1.85 billion this year from P2.21 billion in 2017,” Nickel Asia said.
Indonesia relaxed its ore export ban in January, leading to a drop in prices.
In the first three months of 2018, the estimated realized nickel price, which is historically priced on a negotiated dollar per WMT basis, averaged $17.07 per WMT — lower by almost half compared to the $31.67 per WMT on 1.06 million WMT sold during the same period last year.
Lower ore-grade was also a factor in the drop in the average realized price of the ore shipments during the period, Nickel Asia said, noting the company’s decision to change the mix of its ore grade this year.
Last year, the company was focused on higher-grade shipments to take advantage of elevated prices during the period.
Nickel Asia said it was able to offset the impact of lower-priced shipments with higher value from its limonite ore deliveries to Taganito and Coral Bay processing plants.
The operations in both plants, which are linked to London Metal Exchange prices, have done better with an average realized price of $6.02 per pound of payable nickel on 2 million WMT sold in January to March. Last year, the average price was at $4.66 per pound of payable nickel on roughly the same shipment volume.
Gerard H. Brimo, president and CEO of Nickel Asia, said the price improvement reflects among others, the growth in batteries for the electric vehicles (EV).
“We are fortunate that this component of our business, as well as the two processing plants where we are invested in, are benefiting from rising LME nickel prices driven by the bullish outlook on nickel used for the EV market,” he added. — Janina C. Lim

Philippine stock woes mount as 2018 losses pass $20-billion mark

PHILIPPINE stocks, already the world’s worst performers this year, fell to the lowest in almost a year Tuesday, bringing to more than $20 billion the loss in market value for the country’s benchmark index since the start of 2018.
The Philippine Stock Exchange Index dropped as much as 2.3% in Manila trading, on track for its lowest close since May 2017, with five stocks falling for each that gained. The gauge has lost almost 10% since the end of 2017 as rising inflation, Asia’s worst performing currency and a brewing US-China trade war have increased investor caution toward one of the region’s most expensive markets.
Puregold Price Club, Inc., one of the nation’s largest grocery store operators, tumbled more than 11%, its sharpest loss since August 2015 after 2017 earnings missed estimates and analysts warned about headwinds. BDO Unibank, Inc., the nation’s biggest bank, fell as much as 4%, the biggest drag on the index.
“We could still see more sell-off as there are concerns in the market that consumer spending is getting hurt from the weaker peso and higher inflation,” said Jonathan Ravelas, chief market strategist at BDO Unibank. “The optimism that consumer spending will pick up from the tax reform has been replaced by questions such as how much earnings will be hit by the weaker peso and higher oil prices.”
This year’s slump caught Philippine bulls off guard, many of whom entered 2018 with a positive outlook following the implementation of a tax reform program that cut personal income taxes while raising levies on other items to fund President Rodrigo R. Duterte’s infrastructure program. However, global oil prices have risen 26% in the past year, raising the fuel bill for the crude-importing country.
In addition, the peso has weakened about 4% since the end of last year and is the worst performing Asian currency against the dollar. Borrowing costs have also been rising with the yield of the Philippine peso 10-year treasury bond reaching just under 7.2%, the highest since March 2011, on expectations the central bank will raise interest rates to cool inflation. — Bloomberg

Engineering experiences


FOOD IN a theater is always forbidden, but food and theater can go together in TAXI (theater, applied, experiential, immersive) Theater, a performance art company whose goal is to engage all the audiences’ senses into the entire narrative.
Started in 2016, TAXI was founded by Eric Villanueva dela Cruz, who is a faculty member of De La Salle-College of Saint Benilde (DLS-CSB) Theater Arts Program and a senior artist-teacher from Philippine Educational Theater Association (PETA). Mr. Dela Cruz said TAXI is a small group of creatives from PETA who all have a background in storytelling and teaching.
“It is a risk for me, this whole multi-sensorial experience, but also a dream. It’s not the first time that people venture into this, but to completely integrate all of the senses in order to tell a story is something. I do not know if it is the first time, but definitely, I’ve never heard of something integrating food into the story. Whether or not it is the first time, I have this opportunity to explore it,” said Mr. Dela Cruz.
On April 11 to 14, TAXI presented a limited-run of ‘Musta?, its second show after Mulagat, a horror play in 2016. ‘Musta? engages and highlights the audience’s taste buds while Mulagat is all about smell.
“Theater already has a big impact, but I want to add something to the discussion so my interest slowly led me into engineering experiences. Nothing is original now in terms of story telling, so I said to myself maybe this is the way to do it,” said Mr. Dela Cruz.
Presented together with the Arts Management Program under the School of Design and Arts (SDA) in DLS-CSB and TAXI Theater, ’Musta? is about a girl’s journey to depression, her acknowledgement of it, and, later, her better outlook on life.
“My mom died last year, and I couldn’t think of anything but this. In my dramaturgy class, I thought this is the way to go. When I presented it to my class, they all wanted to do it because everyone, after all, has moments of light and darkness. We spent a huge amount of time gathering stories, doing the experience, and consulting counselling organizations,” said Mr. Dela Cruz.
MULTISENSORY EXPERIENCE
Before the two-hour experiential show started, the audience was briefed that there were two breathing stations inside the SDA theater just in case any audience member could not take the show.
There were also signs and instructions on the wall saying things like “Breath” and “Take your time.” After the briefing, the audience members were given am (rice water) in a glass test tube before entering the dark alley that lead to the theater. Asked of the significance of the rice water in the narrative, Mr. Dela Cruz told BusinessWorld that people with depression experience a loss of appetite, hence the bland liquid.
The inside of the theater was pitch black, which amplified the excitement as well as the terror of what the show could offer. The audience was introduced to a girl in pyjamas whose name was not mentioned. Or maybe it was — this writer’s attention was wandering around the small chamber arranged as the girl’s bedroom. On the walls were written “emo” (emotional) messages about her anxieties and angst over school and life. The audience could walk around the small room and inspect her things, while her voiceover was played in the background. She then walked into the next hall, where the theater seats were, to look around the art installations. The audience could also roam around the stage to look at the art installations — a black plastic trash bin turned into a hollow hanging black cloud installation that anyone could enter. The installation represented the black thoughts of anyone with anxiety or depression.
The audience had to follow the protagonist inside the chambers of the theater, which symbolized her journey to mental wellness. At some point, there was a chamber where the audience could touch and play with scented clays and bubble wrap — which was a therapeutic experience — before being led to a television that showed stories of real people battling depression.
The entire narrative ended up in a simulated Zen garden where two calming narrators instructed the audience on what to do, which required them to participate in the entire story. The audience members were given chocolate (a happy food!) and wintermelon tea (a sweet treat) which were part of the multi-sensorial narration. This last part required the audiences’ will power to stay awake and follow the story despite the very relaxing, very serene ambiance of greens, the sweets, and tables with pillows.
ENGINEERING EXPERIENCES
“TAXI Theater is engineering experiences, extending audience engagement, and nurturing imagination,” said Mr. Dela Cruz.
“The first half was about the manifestations of depression, towards the end was about her recovery. I wanted to do something about nature [to end the experience], because it is in looking for something beautiful in the ordinary that we find peace and meaning,” said Mr. Dela Cruz.
While there were voice overs that pushed the narrative forward and told the audience what to do next, he said, “It is difficult to say that the audience is being directed [toward a reaction] because every audience is unique, you’ll get different stories. It is subjective. My main premise now is how you experience things. And in terms on extending the audience participation, it is about their contribution to the whole narrative,” he said. — Nickky Faustine P. De Guzman

GBP unveils Institute for Energy in Iloilo

By Victor V. Saulon, Sub-Editor
ILOILO CITY — Global Business Power Corp. (GBP) on Tuesday launched a learning institute in Iloilo City where its employees can enhance their skills in responding to power plant operational and maintenance contingencies as the company prepares for expansion.
“It took us two years to build this,” said GBP President Jaime T. Azurin in a press conference on the sidelines of the GBP Institute for Energy (GIE) launch in Brgy. Ingore, La Paz District, Iloilo City.
He placed the investment in the institute at “close to P300 million,” with existing employees initially as the institute’s students. GIE places the company in a good position in the face of its plan to build up its renewable energy (RE) portfolio to produce 300 megawatts (MW).
“We just finished our new five-year vision, and it will talk about sustainable energy solutions,” Mr. Azurin said, adding the strategy starts in 2019 and ends in 2023.
The capacity of GBP by end-2023 would be at least 1,500 MW, of which 30% are targeted to come from renewables. The expansion is expected to cost around P4 billion to P5 billion.
“Sustainable energy solutions, the way we define it, is basically mixing renewable sources with fossil-based fuel,” Mr. Azurin said.
GBP has an existing capacity of 854 MW of mostly coal-fired power plants. It is one of the leading independent power producers in the Visayas, with facilities in Cebu, Iloilo, Aklan and Mindoro.
“Let’s face reality. Renewables will not be able to address all the power requirements of a growing economy. But our strategy is to minimize fossil-based fuel. So as we do renewable projects [what becomes their] back up are fossil-based fuel [plants],” he said.
Mr. Azurin said the company has about 5 hectares to develop solar farms, starting with “maybe 20, 30, 40 [MW]” as it increases “the renewable part of the delivery of power.”
“Of course, there are projects to be developed,” he said, adding the company is open to acquiring existing solar power projects, especially “stranded” ones or those that were built at a huge investment but failed to secure a guaranteed rate for the power they produce.
The GBP official said that to be able to jumpstart GBP’s foray into renewable energy, it would need acquisitions as part of its “cycle of development” that requires projects with existing operations, which the company plans to buy, as well plants under construction or in the pre-development phase.
Mr. Azurin said the company could not wait for two years to construct a power plant, thus the need for acquisitions to quickly achieve the five-year target capacity.
“So dapat meron kaming mabili (So we have to buy something),” he said.
GBP’s gross capacity of 854 MW in the Visayas is through subsidiaries Panay Energy Development Corp. with 314 MW, Toledo Power Co. with 182 MW, Cebu Energy Development Corp. with 246 MW, Panay Power Corp. with 104.5 MW, and GBH Power Resources, Inc. with 7.5 MW.
The total is a significant increase from its 185.5 MW in 2003 when it was starting out as Mirant Global Corp.
In Luzon, GBP is putting up two identical units of 335-MW coal-fired power in Luna, La Union.
In June 2017, Alsons Consolidated Resources, Inc. announced GBP’s acquisition of a 50% stake in Alsons Thermal Energy Corp., which holds the Alcantara’s baseload coal-fired power plant assets. The acquired company owns 75% of the 210-MW Sarangani Energy Corp. coal-fired power plant in Maasim, Sarangani province.
“There may be opportunities, which we are looking at like Bicol… We’ve been scouting the Philippines,” he said, adding that the lookout is for “critical areas” where power plants can be built. “Bicol is one.”
Mr. Azurin said the company is “almost the end of our development stage of using pump storage for ancillary” services.
“It’s a specially designed plant,” he said.

Spamalot inspires you to always look on the bright side of life

By Michelle Anne P. Soliman
Theater Review
Monty Python’s Spamalot
Presented by Upstart Productions
Ongoing until April 22
Globe Auditorium, Maybank
Performing Arts Theater,
BGC Arts Center, Taguig City.
KING ARTHUR, the knights, and the Lady of the Lake have returned to entertain Filipino audiences thanks to a limited rerun of Monty Python’s Spamalot at the Maybank Performing Arts Theater in BGC, Taguig.
Having failed to see the musical last year during its first staging in Manila is not a problem as co-director Joel Trinidad told BusinessWorld at the media preview that it is “essentially the same show.”
Based on the 1975 film Monty Python and the Holy Grail, the Tony/Grammy/Drama Desk award-winning musical parody is set in medieval England and follows Arthur, who was given the title of “King” by the Lady of the Lake. He continues to travel distances (with his companion Patsy tapping on coconut shells to mimic the sound of horse hooves) in search of noble men who would be interested to become members of the Knights of the Round Table and join him in Camelot.
When instructed by God to search for the Holy Grail, King Arthur and his knights travel around the world and suffer defeat by lewd French soldiers. They wander around “a dark and very expensive forest” where the Knights who say “Ni” demand that they bring them shrubbery, only to change their minds and challenge King Arthur and company to stage a musical.
Just as in the original absurd movie, the theater actors indeed present every absurdity and silliness naturally as if it were right (and it was). Lorenz Martinez and Carla Guevara-Laforteza keep it graceful and natural with “The Song that Goes Like This” as the song poked fun at the inevitable heartwarming ballads sung in musicals. One of the knights told the audience outright that the show that evening is a preview. The cast members even took a selfie with an audience member.
The improvised songs filled with pop culture-referencing to Justin Bieber’s lyrics, twerking like Miley Cyrus, and the Lady of the Lake’s performance spoofs of the likes of Celine Dion, Diana Ross, and Cher drew laughter and cheers from the audience.
The two-hour laugh-out-loud musical parody had this writer leave the theater humming to “Always Look on the Bright Side of Life” and not worried about what was up the next day.
Co-directed by Joel Trinidad and Nicky Triviño, Monty Python’s Spamalot runs until April 22 at the Globe Auditorium, Maybank Performing Arts Theater, BGC Arts Center, Taguig City. Shows are on Fridays (9 p.m.), Saturdays (3 and 8 p.m.), Sundays (3 and 8 p.m.). Tickets are available at TicketWorld (891-9999, www.ticketworld.com.ph) and Upstart (0917-811-6156).

Consortium proposes bus terminal in Bulacan

PRIVATE consortium North Luzon Express Terminals Inc (NLET) has proposed to build a P5-billion integrated bus terminal in Bocaue, Bulacan to service provincial bus riders in the areas north of Metro Manila.
NLET has proposed to build an 11.5-hectare terminal to be located beside the Philippine Arena in Ciudad de Victoria, a property in Bulacan owned by religious group Iglesia Ni Cristo.
The consortium and the Department of Transportation signed a memorandum of understanding for the project yesterday, April 17.
NLET said the terminal will be accessible to those going to and from Subic, Clark, Tarlac, and other towns in Bulacan province.
“(The terminal) is easily accessible to bus operators and passengers making it the most ideal location for an integrated bus terminal system having an area of 11.5 hectares that can surely accommodate all north bus operators and their buses,” NLET said in a statement.
NLET noted there are approximately 3,705 northern provincial buses that enter Mega Manila. The project is expected to ease congestion, reduce travel time for commuters, and lower operational costs for bus companies.
Bus operators will also be able to lower operating costs due to shortened routes and lower maintenance costs from operating in their individual terminals inside Mega Manila. — Patrizia Paola C. Marcelo

Smart prepaid subscribers to get 1-hour free YouTube access

SMART Communications, Inc. is giving its prepaid subscribers free access to YouTube for one hour daily until July 15.

In a statement, PLDT, Inc.’s wireless unit said Smart, TNT, and Sun Cellular subscribers can watch YouTube for free for an hour every day by registering to load packages like GigaSurf99, AllOutSurf99, GigaSurf 50, AllOutSurf 30, Panalo Data 30, Panalo Combo 30, Super Combo 20, and Big Time Data 70“Through this path-breaking partnership, many more Filipinos can pursue their passions like music and entertainment, and learn a wide range of skills, hobbies, educational material, news and information through the massive library of video material of YouTube. This service is something every Filipino should have access to,” Oscar A. Reyes, Jr., senior vice-president of consumer business market development for PLDT and Smart, said in a statement.

Aside from YouTube, Smart will also offer another video service to the bundle, Access to Smart360. Access to Smart360 (http://360.smart.com.ph) is a web portal where Smart, TNT and Sun subscribers can access digital content like television series and movies. The service will also be offered free for one hour daily with registration to the load packages. Other video content providers will also be included, depending on mutually agreed terms with Smart.

Smart aims to double the number of long-term evolution (LTE) base stations to about 17,700 and increase the number of LTE-equipped cell sites to over 6,800.

It also targets to more than double the number of In-building solution (IBS) installations to over 200 new structures, to enable the deployment of LTE-advanced (LTE-A) with carrier aggregation in more areas of the country.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — P.P.C. Marcelo

Gov’t raises P10B from 10-year T-bonds

THE GOVERNMENT raised P10 billion worth of reissued 10-year Treasury bonds (T-bonds) Tuesday, Apr. 17 as demand for the long-dated tenor recovered amid persistent concerns over inflation.
The Bureau of the Treasury made a full award of the 10-year securities it placed on the auction block Tuesday, Apr. 17, which have a remaining life of nine years and 11 months.
Bids by banks reached P17.278 billion, above the P10 billion the government planned to raise.
The papers fetched an average yield of 6.213%, higher than the 6.184% average yield fetched during the previous auction, but lower than the 7.1714% rate at the secondary market prior to the fund-raising exercise.
As trading closed at the secondary market, the 10-year Treasury bond rallied to fetch a lower yield of 6.2225%.
After the auction, National Treasurer Rosalia V. De Leon told reporters that the Treasury saw strong participation from dealers.
“There [were also] demand coming from the institutional investors on the long end of the curve, so that’s why we see that there’s a good participation for this auction,” Ms. De Leon said on Tuesday.
“Institutional investors would also need to fill their requirements for the yield pickup and also for the longer maturity so [there is] that demand on the long-end of the curve.”
Ms. De Leon added that investors factored in concerns over the geopolitical tensions in Syria, as well as possible new appointments in the US Federal Reserve.
Last week, the White House announced that American, British and French military forces launched more than 100 missiles to strike what is believed to be chemical weapons facility following the suspected poison gas attack.
In response, Russia vowed to respond to any attack on its ally, adding that the Syrian military had intercepted 71 of the missiles fired.
“We’ve had a lot of other concerns like what happened in Syria, and then of course… we also see the new appointments in the Fed so [investors] would have to be watchful in terms of what would be the pronouncements coming out of these new members,” Ms. De Leon added.
President Donald. J. Trump nominated Columbia University economics professor Richard Clarida to be the vice-chairman of the Fed. Mr. Trump also nominated Michelle Bowman, a Kansas banking official, to be a Fed board member.
The national treasurer added that the “steepening bias will continue given that inflation concerns is a persistent issue for the investors,” particularly as the Monetary Board meeting of the Bangko Sentral ng Pilipinas (BSP) draws near.
Inflation has been on a steady ascent for four months, hitting a three-year peak of 4.3% in March under the 2012 base year amid rising fuel prices and higher commodity costs due to the tax reform law.
The continuous acceleration of inflation reinforced market expectations of a rate hike from the BSP within the year.
The BSP’s Monetary Board will meet for the third time this year on May 10.
“The trend for interest rates continues to be higher and concerns remain the same. Expectations on the inflation will remain elevated and that the government will continue to need funding for its socioeconomic programs,” a bond trader said in a phone interview.
The trader added that demand seen at Tuesday, Apr. 17 auction was “mostly end-user related.”
The government is set to raise P325 billion via the domestic market this quarter through auctions of securities.
It plans to borrow P888.23 billion from local and foreign sources this year to fund its budget deficit, which is capped at 3% of the country’s gross domestic product.
Meanwhile, Ms. De Leon clarified that a bond swap or a fresh issuance “is not urgent” since the Treasury has enough funds to meet its maturities worth P130.5 billion due on May 23.
“It’s not urgent that we do it by May [because] we already have the resources to meet our maturities come May 23 and even for the other forthcoming maturities,” she said, adding that the bond redemption “was already taken care of.”
“That P130 billion has been already in our horizon… even before so we have to make sure that we contribute to the [bond sinking funds] to handle the maturity.” — Karl Angelo N. Vidal

Painting of a jeepney driver’s love for family tops Yellow Pages art tilt


AMIDST talk of jeepney strikes, a young Filipino artist captured and immortalized the popular mass transport on canvas. But Paul Taladtad, 24, did not only paint the typical body of a sturdy jeepney — an ode to a stalwart of mass transport that is in the middle of controversial discussions over its impending doom — he humanized it. He painted a jeepney driver’s left hand, adorned with P20 bills between his fingers, while his right hand touches the wooden box where the coins are, which also contains three pictures of children in their graduation togas. Mr. Taladtad called his painting Jeeploma.
“I was in a passenger’s seat in a UP Ikot jeepney when I saw it. I was touched and it became my inspiration for my painting,” said Mr. Taladtad, who bagged first prize at the 32nd Visual Arts Competition (VAC) of the Directories Philippines Corp. (DPC) and the Philippine Long Distance Telephone Co. (PLDT). The awarding ceremonies were held at the Cultural Center of the Philippines.
“Naalala ko, mayroon din pong nag-post online, siguro five years ago, ng picture na kuha din sa jeep na ’yon. Nag-comment ako noon: ‘Ang gandang gawing tula o painting,’” “Mr. Taladtad said. (I remember someone also posted the same picture online about five years ago. I commented on the picture: “It is a good subject for poetry or painting.”)
The photograph he was referring to was posted by a certain Justin Linatoc in November 2012, which the young artist acknowledges as one of his sources of inspiration.
VAC, now on its 32nd year, holds an annual art competition for Fine Arts students from schools all over the country. For this year, the theme of the competition, which was held in March, was “Pinoy Pride.”
“You cannot see jeepneys anywhere but only in the Philippines,” added Mr. Taladtad of his work.
The young artist, who studies at the Adventist School in Silang, Cavite, brought home P100,000 for himself and P40,000 for his school.
The second prize winner comes from Bulacan State University. Jayvee Valencia painted Ngiti, a picture of a boy with a wide smile. He won P75,000 for himself while his school got P30,000.
Bagging third prize was Kenneth Leo V. Pamlas who called his artwork Bayanihan sa Bayan ni Juan — a painting of men carrying a nipa hut. The student took home P60,000 while his school, Tarlac State University, received P20,000.
The three winning works will be on the covers of PLDT’s Yellow and White Pages Metro Manila editions for 2018-2019.
The People’s Choice Award, the winner of which will not be used on the Yellow and White Pages covers, went to Louis Espinosa’s Kulturang Dalisay, a painting of Filipino icons.
YELLOW PAGES
Before the Internet and even before the directories stored in our cellular phones, there was the thick and reliable Yellow Pages which were used to search for phone numbers. So how relevant are the Yellow Pages today?
“Yellow Pages is not only in print, but it is electronic,” Ruben V. Tangco, 32nd VAC project director, pointed out in an interview with BusinessWorld. “The print Yellow Pages are still very much in use in business to business [searches]. It’s still the go-to reference for purchasing departments for example. But for people like you, ginu-Google na lang (you just Google). But if you look online, say for a local product, it will still direct you to the Yellow Pages. That’s the function of Yellow Pages, it will never cease to be relevant, whether online or in print,”
Throughout the decades, the quality of the entries has vastly improved said Federico Amat, VAC coordinator from 1986 to 2005. “It’s immensely improved over the years. The entries are… clean. Pinag-isipan talaga (They are well thought out). Anyone could have been the winner.”
The competition used to be dominated by Metro Manila schools, with Far Eastern University bagging the first prize for nine consecutive years. But lately, provincial schools have been making their mark, too, said Mr. Amat.
“Fine Arts is becoming popular nationwide,” he noted.
The panel of judges for the competition include Cultural Center of the Philippines (CCP) artistic director and vice-president Chris Millado; 2009 CCP 13 Artist Awardee Don Djerassi Dalmacio; children’s book illustrator Ruben Fortunato de Jesus; 1995 DPC-PLDT VAC grand prize winner Wesley Valenzuela; and advertising and publishing expert Marabini S. Williamson. — Nickky Faustine P. de Guzman

TV5 ad revenues to get boost from ESPN

TV5 Network, Inc. expects its digital content partnership with ESPN, Inc. to boost advertising revenues in the second half.
TV5 President Vincent “Chot” P. Reyes said that since the launch of ESPN5.com in January, advertising revenues have been coming in.
“ESPN5.com we launched this in January, it’s barely two months or three months, [but] advertising revenue is coming in. I’d be very honest it’s not as big as we want it to be but we’re barely two months in existence so that will take time to even grow some more. But we really like the prospect,” Mr. Reyes told reporters on the sidelines of a TV5 event on Tuesday.
Mr. Reyes is confident the website will attract more advertisers.
“Hopefully in the second half. Ganun naman sa digital world, when you get a certain level of views and engagement and following, then the revenues are going to come so we have to build it up first. But we don’t expect it to take too long. I think starting the second half, we will get some scale in our digital revenues,” he said.
Aside from the Philippine Basketball Association and International Basketball Federation live streams, Mr. Reyes said ESPN’s editorial pieces and features helped make it the number one sports website in the country.
“When you talk about the partnership between TV5 and ESPN, you have to talk about the digital piece not only TV. It’s a whole ecosystem. They’re helping us with these live events, television, online. That was really the plan, the evolution of TV5 that we’re able to become a big player in the digital space,” he said.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Patrizia Paola C. Marcelo

PetroEnergy earnings jump to $3.79 million

PETROENERGY Resources Corp. (PERC) reported its net income attributable to equity holders more than doubled to $3.79 million in 2017, from $1.77 million previously, as a result of higher electricity sales.
“Our 2017 financial performance shows PERC’s growth-driven direction, credited mainly to the efficiency and reliability of our RE (renewable energy) power plant operations. And to be recognized recently by the Financial Times as one of the fastest-growing companies in the Asia-Pacific region is truly and encouraging achievement for PetroEnergy,” said PERC President Milagros V. Reyes in a statement.
PERC said the increase in net income was largely because of higher revenues from the sale of electricity from its renewable energy investments.
Revenues from its petroleum operations in 2017 also increased by 22% as a result of slightly higher crude oil prices.
“We are optimistic that with our planned expansion in our Tarlac and Nabas projects, and the profitable operations of our existing power facilities, PERC will continue to grow both in terms of revenue and in the benefits we give to our various stakeholders. Our sustained growth is an affirmation of the value we put into our partnerships with public and private entities,” said PERC Vice-President Francisco G. Delfin, Jr.
PERC diversified into renewable energy development and operation in 2009. — Victor V. Saulon

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