Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2635

Citadines to open in Bacolod City in 2024

THE Ascott Limited is set to open premier serviced residence Citadines Bacolod City in 2024.

The Citadines Bacolod City marks The Ascott Limited’s first project in the city.

“As a property managed by The Ascott Limited, Citadines Bacolod City exemplifies our commitment to providing a seamless blend of comfort, convenience, and top-notch service. We are delighted to bring this exceptional brand to Bacolod City and offer travelers a sophisticated stay experience,” Ascott General Manager Philip Barnes said in a statement.

The property’s amenities include an infinity pool with views of Bacolod’s skyline, and a fully equipped fitness center.

The Citadines will have a lobby cafe and bakery called Viennoiserie and Italian, as well as a restaurant Negrense that showcases the unique flavors of Negros Occidental.

The property has a grand ballroom, which would make it an ideal meetings, incentives, conferences, and exhibitions destination in the region.

Disney delays Deadpool sequel, Blade and other films in post-strike shuffle

LOS ANGELES — Walt Disney delayed the release of Marvel movie Blade, a new Deadpool installment and several other films on Thursday as Hollywood studios adjusted schedules following the end of the four-month actors’ strike.

The next Deadpool, which had been scheduled to reach theaters in May, will now debut in late July, Disney said in a statement. That forced the company to move its planned July release, Captain America: Brave New World, to February 2025.

Another Marvel superhero film, Thunderbolts, was pushed to July 2025, and Blade was postponed until November 2025.

The 118-day actors strike shut down production of scripted TV shows and movies. After a tentative labor agreement was reached on Wednesday, studios and actors are working out schedules to finish uncompleted projects.

Outside of Marvel, Disney moved the debut of Mufasa: The Lion King to December 2024, five months later than originally planned. — Reuters

Jollibee Q3 income rises 13.6% to P2.43 billion

JOLLIBEE FOODS CORP. (JFC) recorded a third-quarter (Q3) attributable net income of P2.43 billion, 13.6% higher than the P2.14 billion from last year, driven by robust overall sales.

“Both our Philippine and international businesses achieved strong operating profit growth reflecting the strength and resilience of our brands in an environment that remains volatile and challenging,” Ernesto Tanmantiong, president and chief executive officer of JFC, told the stock exchange on Monday. 

For the third quarter, the company recorded total revenues of P61.71 billion, up by 8.4% from the P56.95 billion last year.

System-wide sales, which measure combined sales to consumers from both company-owned and franchised stores, climbed 11.8% for the July to September period, reaching P86.96 billion from the P77.75 billion previously.

JFC’s international business grew 5.4%, with its North American business increasing 7.5%, China at 2.6%, while its coffee and tea business recorded a 2.7% increase.

“Our strong results for the quarter demonstrated JFC’s continued financial resilience highlighted by our record-high quarterly system-wide sales and operating income,” said Richard Shin, chief financial officer of JFC. 

For the first nine months, however, the company’s attributable net income fell to P6.82 billion, 5.8% lower than the P7.24 billion, due to higher expenses for the period.

The company recorded a gross revenue of P178.36 billion for the January to September period, marking a 15.2% increase from the P154.81 billion year on year.

Its combined expenses for the period went up 16.1% to P168.67 billion from the P145.32 billion last year.

Despite posting a lower profit for the period, JFC remains optimistic about ending the year with strong performance mainly due to robust system-wide sales, Mr. Tanmantiong said.

For the nine-month period, JFC posted a 19.1% increase in system-wide sales to P251.09 billion from the P210.88 billion previously.

“While we anticipate continued positive momentum in our business performance, we are maintaining our 2023 growth guidance for revenue (+10% to +15%), same store sales (+7% to +10%), operating income (+20% to +25%) and store network (+5%) as we recognize the ongoing macroeconomic and geopolitical volatility,” he said.

As of end September, JFC’s store network increased by 5.8%, the company said, adding that it opened 429 stores — comprising 325 international stores. Overall JFC operates 6,720 stores globally. 

At the stock exchange on Monday, shares in the company shed P2.40 or 1.11% to end at P214 apiece. — Ashley Erika O. Jose

Film crews became ‘collateral damage’ of Hollywood strikes

THOMAS WOLFE/EN.WIKIPEDIA.ORG/

ALBUQUERQUE, New Mexico — A Toronto production assistant whose income dried up because of Hollywood strikes lost his housing and ended up living in his car. A New York set dresser slipped out of sobriety amid the stress. A New Mexico assistant director fell into deep depression and took his life.

They were among the hundreds of thousands of US and Canadian film and television crew workers who were unemployed for up to 10 months because of strikes called by actors and writers, leaving a trail of evictions and family disintegration.

Crew members rallied to help one another and charities pitched in during the writers strike that began May 2 and ended in late September, and the actors strike that started in July. The actors reached a tentative agreement on Wednesday. “The actors and writers are getting a lot of publicity but the crews are the collateral damage of the strikes,” said Lori Rubinstein, executive director of mental health charity Behind the Scenes.

Crew members lost health insurance and broke into retirement funds. They saw relationships collapse and became isolated and depressed as, month after month, they went without pay and lost the rush of 70-hour work weeks creating shows that cost hundreds of millions of dollars, according to union leaders, counselors, and over a dozen crew members Reuters interviewed. 

In the last 18 months Rubinstein has put around 1,000 industry members through a mental health first aid training course to prevent suicides in a sector that struggles with substance abuse, workaholism, and bullying, according to crew members Reuters spoke to.

“He really truly needed to work,” said Pam Rosen, the mother of Joe Bufalino, 32, New Mexico’s youngest ever first assistant director, known for films like Silk Road and Thai Cave Rescue, who took his life on Aug. 17.

“At the point that he died he saw no future,” Ms. Rosen said.

PSYCHOLOGICAL DISTRESS
In California, Jennifer Jorge, head of social services with the Motion Picture Television Fund (MPTF) and her team handled hundreds of calls each week, some from film crew members who talked of suicide.

“When someone is struggling to make a monthly payment, when their car gets repossessed, when they’re facing being evicted, when they don’t have food for themselves or their children, it causes a great deal of psychological distress,” Ms. Jorge said.

MPTF has provided around $3.75 million in assistance to workers. Canada’s AFC charity suspended new aid applications after it was swamped with requests. The Entertainment Community Fund has distributed over $11.2 million in grants, mostly to workers in California, New York, and Atlanta.

In the Toronto area, a fellow crew member took in the production assistant who was sleeping in his vehicle.

“If not for the good grace of friends, I’d be dead,” said Sean, the production assistant, who asked that his full name not be used.

The crew member, a location manager, had his van re-possessed. His wife, also a film worker, turned to childcare to pay the bills.

“We usually have a safety net and because of everything we’ve personally gone through this year the safety net has gone,” said Chris, the location manager, who asked that his full name not be used.

New York set dresser and props person Norvin Van Dunk has long dealt with depression and anxiety. He had been sober for around a year before the first strike hit.

Even with support from his wife, who was still working, and crew member friends he briefly slipped back into drinking to cope with the stress of not working. He has since regained sobriety, going to the gym, playing music, and caring for his young children.

New York props master Gwen Roach and her husband used up their life savings and abandoned hopes of owning a home. Her unemployment pay ran out, and her husband’s was about to.

“Never in my life did I think I would have to look into going onto welfare or food assistance,” said Ms. Roach, who has worked at a restaurant and florist shop to get by.

In Albuquerque, assistant director Anthony Pelot, 37, who worked on sets with Joe Bufalino for 14 years, grieved the loss of his best friend.

“There’s no doubt in my mind that if these strikes hadn’t happened, Joe would be alive today,” said Mr. Pelot, sitting next to Ms. Rosen in a cafe near where the two friends lived around the corner from one another. — Reuters

If the Senate leak was erroneous or just chismis, is it still a leak?

FREEPIK

The Senate plenary session on Tuesday last week was perturbed when Senator Jinggoy Estrada expressed dismay at the revelation of what transpired in their executive session the day before. He told the Senate:

“Just before we entered, much to my dismay, there was a news report that identified eight or nine senators who wanted to restore the confidential and intel fund of the VP and DepEd (Vice-President and Department of Education). I wish to tell the people of the Philippines that there was no votation that happened with regard to the intel fund of the VP and DepEd.

“In fact, we had an executive session. I do not know who leaked our conversation to this media outlet. This is the first time that I encountered a leakage. I do not want to name names, this is a violation of our rules. We never voted with regard to all the intelligence and confidential funds. In fact, we agreed unanimously to remove all the confidential and intelligence funds not only that of the Vice-President but all civilian agencies that have confi and intel funds.

“I will just read, first on the list, Padilla, Go, Revilla, Dela Rosa, Estrada, Lapid, Tolentino and Villar. They are putting us in a bad light. I condemned this, I take offense of this. I really felt insulted. I stand before you, I want to make this recommendation to summon this media outlet and ask them who among us violated our rules. Who among us leaked what transpired in our executive session yesterday.”

Senate President Migz Zubiri said he too was very disappointed over the leak. “I too am very disappointed. When we say executive session, we are bound by rules of both House of Representatives and rules of the Senate.”

Senate Majority Floor Leader Senator Joel Villanueva also expressed concern over the alleged leak. Said he, “It’s not just the leak or chismis (gossip). It’s more of the sanctity of the executive session. How will the people trust us if our executive sessions turn into something like this?”

He cited Rule XLVII, Section 126 of the Rules of the Senate which states that “The executive session of the Senate shall be held always in closed doors. In such sessions only the Secretary, the Sergeant-at-Arms, and/or such other persons as may be authorized by the Senate to the session hall.”

The rule further stated that “The President as well as the Senators and the officials and employees of the Senate shall absolutely refrain from divulging any of the confidential matter taken up by the Senate, and all proceedings which might have taken place….. Any senator who violates the provisions contained in the preceding section may, by a two-thirds vote of all the senators, be expelled from the Senate. And if the violator is an official or employee of the Senate, he shall be dismissed.”

Senator Ronald dela Rosa agreed, saying in a mixture of English and Pilipino: “This is not a laughing matter, this is serious. Filipino people are watching us right now, they will say so that is what the Senate is now, it cannot be trusted, what they discuss among themselves, they leak to media. It is very dangerous.”

Upon his motion, Senate President Zubiri ordered the Senate Committee on Ethics and Privileges to investigate the alleged leak of information.

But to Senator Chiz Escudero, there was no leak of what really transpired in the executive session as what was written by the said media outlet was not accurate. “That is just chismis,” said the senator.

That the Senate was disconcerted by Senator Estrada’s expression of dismay raised several questions:

1. Why was the deliberation on an item in the proposed 2024 budget conducted in an executive session?

2. Why are some senators disturbed by the revelation of their stand on the confidential fund in the proposed budget?

3. Why are they bent on finding out who leaked non-confidential information?

According to the Rules of the Senate, the Senate or any of its Committees may conduct formal inquiries or investigations in aid of legislation. Such inquiries may refer to the implementation or re-examination of any law or appropriation. If the Committee believes that the interrogation of a witness in a public hearing might endanger national security, it may conduct its inquiry in an executive session.

As the deliberations on the confidential funds did not include the interrogation of a witness whose testimony might endanger national security, the deliberations should not have been conducted in an executive session. The House of Representatives conducted an inquiry into that same item in the proposed 2024 budget during its plenary session. Vice-President and concurrent Secretary of Education Sara Duterte, proponent of the confidential and intelligence funds, attended that plenary session to answer questions posed by members of the chamber.

The two-day deliberations on that item in the proposed budget were televised. National security was not compromised nor was it ever in danger during that plenary session. The senators conducting the deliberations on the same item among themselves behind closed doors makes one wonder.

Also a matter of perplexity is the indignation of some senators over the disclosure of their stand on Vice-President Duterte’s proposal to allocate confidential funds for the Office of the Vice-President and for the Department of Education. The open and televised deliberations in the House of Representatives brought grave threats upon a member and a pejorative label upon the entire House. Is that why some senators resented the report on how they stood on the issue at hand?

Senator Estrada made it clear on the Senate floor, obviously for the benefit of the press, that the senators were unanimous in removing from the budget all the confidential and intelligence funds, not only those of the Vice-President but of all civilian agencies. He sounded like he was saying: “Don’t single out any one of us. We were one on the removal of confi and intel funds for all civilian agencies from the budget.”

But the news report identified Senator Estrada as one of eight senators who wanted to restore the confidential and intelligence funds of the Vice-President and the Department of Education. That should shield him from any threat of harm or negative tag. Yet, he said the report put him in a bad light. I wonder if he was thinking of an episode in the history of the Senate involving his father, at the time the president of the Philippines.

During his impeachment trial, the senators, acting as judges, were made to vote on whether to open an envelope or not. The contents of the envelope were believed to be incriminating to President Estrada. Eleven senators voted against opening the envelope, in effect dismissing potentially damaging evidence against the President. That vote led to EDSA II and eventually to the ouster of President Estrada. The 11 senators have gone down in history as the Craven Eleven. Maybe Senator Jinggoy Estrada would not want to go down in history as one of the Butterflyweight Eight or the Lackey Eight or some other derogatory label.

It should be noted that among the senators back then, only Senator Loren Legarda is a member of the current Senate. She voted to open the envelope.

Senators Zubiri, Villanueva, and Dela Rosa are so agitated about the supposed leak that they called for an investigation to determine who provided the information to the media outlet so that he or she could be ousted from the Senate. But Senator Estrada himself said the report is erroneous. Just the same, he read aloud Politiko’s report during the Senate plenary session last Tuesday. So, he himself made known to the people of the Philippines what was supposed to be a confidential matter!

If the Politico report is erroneous, or, as Senator Escudero said, it is just chismis, then nothing about the deliberations in the executive session was divulged. Still, Senator Estrada wants an investigation of a supposed leak. Does he know that someone really violated the rule on confidentiality of executive session proceedings, and he is out to get him or her yanked out of the Senate?

The Senate is usually referred to as the “august” body. With the accent on the second syllable, “august” means majestic, dignified, imposing. I used to spend summer breaks during my college years, circa the late 1950s, in the halls of Congress to listen to the profound, eloquent, and impassioned debates. That was when the Senate was composed of men like Claro M. Recto, Jose P. Laurel, Lorenzo Tañada, Camilo Osias, Mariano Cuenco, Quintin Paredes, Lorenzo Sumulong, Soc Rodrigo, Ambrosio Padilla, Emmanuel Pelaez, Roseller Lim, et al. All highly educated, orators, and statesmen. The word “august” was most appropriate. Not anymore.

 

Oscar P. Lagman, Jr. has been a keen observer of Philippine politics since the late 1950s.

Crown Regency Grand Paradise to rise in Panglao

ARTIST’S RENDITION of Crown Regency Grand Paradise Resort Bohol. — COMPANY HANDOUT

A FIVE-STAR RESORT will soon be developed in Panglao, Bohol, and is targeted to open in 2025.

Radisson Hotel Group and Crown Regency Hotels & Resorts said they signed a deal for the Crown Regency Grand Paradise Resort Bohol.

The resort will be a member of the Radisson Individuals, a brand that allows hotel properties to maintain and promote their unique characteristics while adhering to the high standards of quality and service that the Radisson Hotel Group is known for.

“Panglao is a market with rich potential and holds an abundance of beach island destinations. Partnering with a renowned local developer like Crown Regency Hotels & Resorts is certainly a strong vote of confidence in our brands and this landmark project will contribute to the development of the island’s tourism sector as we continue to introduce market-relevant brands to support owners and developers,” Ramzy Fenianos, Radisson Hotel Group Asia Pacific chief development officer, said in a statement.

Designed by Palafox and Associates, the resort is inspired by “pahinungod,” a Visayan term which “represents dedication and offering, and pays homage to the revered festival in Bohol of the same name.”

“Radisson Hotel Group’s white-label opportunity allows us to retain the resort’s distinct local personality while also tapping into its strong global network and distribution to elevate our international presence. The new Crown Regency Grand Paradise Resort Bohol, a member of Radisson Individuals will soon become a landmark property for the Philippines and we look forward to a successful relationship with Radisson Hotel Group,” Susan Bernardo, chief operating officer at Crown Regency Hotels & Resorts, said.

The resort, which spans across 2.9 hectares, will feature 558 locally inspired rooms and suites with lake or forest views.

Each of the ground floor rooms will feature direct access to the pools.

Facilities include outdoor pools, a spa, a fitness center and diverse restaurants.

The resort will also have a state-of-the-art, 900-square meter convention center. This venue will be complemented by a 400-square meter ballroom and three smaller meeting spaces.

Bond issuances expected to reach P400B in 2024

BW FILE PHOTO

THE PHILIPPINE Dealing and Exchange Corp. (PDEx) is expecting bond issuances to reach P400 billion next year amid a large amount of maturities that will need to be refinanced.

“[For] 2024, we were budgeting a little higher. We think we might go to another P400 [billion]. Estimating based on if everybody refinances based on what’s maturing, that’s a possibility,” PDEx President and Chief Executive Officer Antonio A. Nakpil said to reporters on Monday.

He added that more corporations will begin issuing more next year as they will have been used to the level of interest rates.

“We expect more people to come back because by that time people will be more used to where the level of interest rates are. It’s not like this is always gonna be the case; and even if it is the case, we’re talking single digits,” he said.

While big firms will continue to lead the debt market next year, PDEx will try to empower smaller issuers to increase the number of bonds being traded, Mr. Nakpil said.

“For us as an infrastructure in a developing market, we should extend the reach of access to the capital markets. So we have an MSME program, but you can’t do that by just the platform, it’s the underwriters that bring in the issuers,” he said.

The banking and property sectors will continue to lead the market next year as bonds have proven to be a reliable source of funding, especially for banks, he added.

“Their reserve requirements favor bond issuances over traditional deposits. Bonds also give the banks the opportunity. They are very strategic in what their investors are looking for but that doesn’t prevent them from going for five- or 10-year funding, which is what most banks do when they go into fixed-income instruments,” he said.

For this year, Mr. Nakpil lowered the target amount to a range of P190 billion to P200 billion from P500 billion previously as the market became volatile for longer than expected.

“We’re not gonna hit P500 billion. Given the situation, people thought that the market’s volatility would only last for a short time but the fog has lifted. We’ll be lucky to reach P200 billion. We’ll probably reach around P190 billion,” he said.

Mr. Nakpil added that only a few corporations expected to schedule an issuance before the year ends, such as Union Bank of the Philippines, Inc. and Vista Land & Lifescapes, Inc. — Aaron Michael C. Sy

Phinma says nine-month core net income hits P1.22 billion

PHINMA CORP. announced on Monday a core net income of P1.22 billion for the nine-month period, significantly higher than the previous year’s P871.48 million, mainly due to increased contributions from subsidiaries.

In a media release on Monday, the company said it recorded a gross revenue of P15.46 billion, a 15.1% increase from P13.43 billion in the corresponding period last year.

The listed company has yet to release its financial statement for the period, but it previously reported an attributable net loss of P18.61 million for the second quarter, down from the P114.78 million net income in the same period last year.

It previously reported a gross revenue of P4.10 billion for the same period, lower by 1% from the P4.14 billion in the prior year.

Phinma credited the growth in its overall performance from January to September to the positive contributions resulting from its higher ownership stake in subsidiaries.

To recall, the company had acquired an 8% additional stake in Phinma Education Holdings, Inc. for P1.06 billion, increasing its stake to 75.2%. It said that Phinma Education’s revenues climbed to P3.96 billion for the nine-month period. 

Its construction materials business, composed of Union Galvasteel Corp., Philcement Corp., and Phinma Solar Corp., generated a total net income of P361.05 million, mainly driven by the recovery of construction activities, the company said. — Ashley Erika O. Jose

Stabilizing growth of the fastest growing major economy in the world

(Part 2 of a series)

Last week the Philippine Statistics Authority (PSA) released the country’s GDP performance in the third quarter (Q3) of 2023. It was high at 5.9%, and, when compared with most large economies in the world, it was outstanding and excellent.*

GROWTH OF TOP 40 LARGEST ECONOMIES
In Table 1, I summarized the GDP growth in the first three quarters (Q1-Q3) of each year (2020 to 2023) of the Top 40 largest economies in the world by GDP size in 2022 at purchasing power parity (PPP) values. Four countries were not included — Pakistan and Bangladesh (no quarterly data), the United Arab Emirates (no data for 2023 yet), and Egypt (only Q1 data is available). So, 36 economies are included in the table.

The Philippines, with 5.6% growth in Q1-Q3, is now the fastest growing in the top 40 largest economies in the world. The economies that are contracting are those of Germany, Sweden, and Ireland. India and Iran may possibly overtake the Philippines if they retain their fast growth in Q1-Q2, but we will have to wait for their Q3 data to be released (see Table 1).

Budget Secretary Amenah F. Pangandaman correctly observed that in Q3 with “improved budget utilization… Government Final Consumption Expenditure (GFCE) grew at 6.7%… public infrastructure spending also made significant contributions to overall construction of 12.4%, and public construction grew by an impressive 26.9% as the Build, Better, More program accelerated its performance in the third quarter.”

The efforts of the Philippines economic team, plus the infrastructure team, are bearing fruit. In fact, we should not be satisfied with 6% growth — we should aim for 7%-8% growth, sustained for many years. Many companies in Europe and in the rich Asian countries are slowly moving out; the Philippines as a major investment destination will be on their radar soon.

HIGH HOUSEHOLD SPENDING AND CONTRIBUTION OF FIBA HOSTING
We now check the origin of this growth.

GDP is measured in two ways, from the demand or expenditure side, and from the supply or industrial origin side. And GDP by demand is equal to GDP by supply.

In GDP by demand, household consumption constitutes about 73% of GDP and it grew 5.7% in Q1-Q3. It pulled up overall GDP when other sectors like investment were not doing well.

In GDP by supply, services constitute about 63% of GDP and the fastest growing sub-sectors were accommodation and food service, and transportation and storage. The industry sector constitutes about 29% of GDP and the construction sub-sector was the fastest growing, at 14%, in Q3 this year — fast growth on a high base and high growth in Q3 of last year (see Table 2).

Two months ago, in this column, I discussed the potential economic contribution of the Philippines hosting of the Fédération Internationale de Basketball (FIBA) World Cup last September (“Global Philippines: The successful FIBA hosting in Manila and the OGP Summit,” Sept. 12). Dozens of foreign teams from around the world, thousands of FIBA and team officials, players, supporters and media swooped into the Philippines for two weeks. I estimated that hosting would make a 0.1% contribution to the Q3 GDP, that is, about P5.08 billion in additional value to our GDP in Q3.

From the above numbers, one could say that the accommodation/hotels and food services/restaurants subsectors increased from P77 billion in Q3 2022 to P93 billion in Q3 2023. Then, with the increase in the transportation (including higher prices of domestic and international flights) and storage subsectors, from P170 billion in Q3 2022 to P190 billion in Q3 2023, my earlier estimate of a 0.1% contribution — or P5 billion — to the GDP in by hosting FIBA in Q3 looks realistic.

So again, thanks to the Samahang Basketbol ng Pilipinas (SBP) and government sports agencies for successfully hosting the FIBA World Cup. In particular, we thank SBP Chairman Emeritus and member of FIBA Central Board, Manuel V. Pangilinan or Mr. MVP, and SBP President Al Panlilio. Good job, Sirs.

PERU HONORARY CONSULATE IN THE PHILIPPINES
Last Thursday, I was invited by the Peru Honorary Consulate in the Philippines to a reception on the beginning of duties as Ambassador of Peru to the Philippines, with residence in Thailand, of Her Excellency Ambassador Cecilia Zunilda Galarreta Bazán. It was held at Shangri-La The Fort, BGC in Taguig City. Among the people I met there were former Finance Secretary Titoy Pardo, International Chamber of Commerce (ICC) Director General Jess Varela, and Peru Consul General Francis Chua.

Ambassador Bazan’s diplomatic work will cover the Philippines, Myanmar, and Thailand — a big challenge because these three countries have big populations. Estimates for 2023 are: the Philippines 112.9 million, Thailand 70.2 million, and Myanmar 54.2 million. Peru has a population of 34.5 million.

In terms of GDP size at PPP values in 2022, the Philippines had a GDP of $1.17 trillion, Thailand $1.48 trillion, and Myanmar $261 billion. Peru had a GDP of $523 billion.

Welcome to the Philippines and the ASEAN, Ma’am. We focus on trade, investment, tourism, and job creation, and not siding with superpowers and war making abroad.

* See also these reports in BusinessWorld: “PHL economy up by 5.9% in Q3” (Nov. 10), “Sept. manufacturing output grows by 9.1%” (Nov. 10), “Fitch affirms PHL rating at ‘BBB’” (Nov. 13).

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers.

minimalgovernment@gmail.com

Baker J Café taps F(DEV) for eProcurement solution

BAKER J and its management company, Chroma Hospitality, Inc. have teamed up with F(DEV), the Filinvest Group’s innovation arm, to design and craft a food & beverage (F&B) operating platform.

Baker J Café recently opened its first standalone branch in Bonifacio Global City, which showcases a modern e-procurement and supply chain tech solution.

“We are elated with this partnership between Chroma Hospitality and F(DEV). This pilot eProcurement solution makes it easier for us to scale up our F&B business. Now, Baker J can focus on delivering the finest culinary creations to customers at full potential,” said Francis Gotianun, first senior vice-president of Filinvest Hospitality, in a statement.

With the new platform, Chroma’s purchasing team can now manage all procurement and supply chain-related activities in one dashboard, as well as efficiently track supply quality and supplier performance, even with a diverse base of suppliers.

“We’ve given Chroma and Baker J new superpowers by working with them closely to develop an entirely new operating experience and ensuring that multiple diverse systems operate as one, to bring the best possible experience to their end customers. But this is just the start. Our goal is to bring this type of innovation-led experience to the rest of the conglomerate and beyond to ensure that the companies lead in an accelerated digital future,” Xavier Marzan, chief executive officer of F(DEV), said.

Former Canadian fashion mogul Peter Nygard guilty of four counts of sexual assault

PETER NYGÅRD —WIKIPEDIA

FORMER CANADIAN fashion mogul Peter Nygard was found guilty of four counts of sexual assault by a Toronto jury on Sunday, according to CBC News.

Mr. Nygard, 82, was on trial in the Ontario Superior Court for five counts of sexual assault and one count of forcible confinement charges linked to incidents between the 1980s and mid-2000s.

He was acquitted of a fifth count of sexual assault and one count of forcible confinement.

Mr. Nygard’s lawyer did not immediately respond to requests for comment.

During the six-week trial, the court heard testimony from five complainants who said during a period between the late 1980s to around 2005 Mr. Nygard had attacked them in the private bedroom suite of his Toronto downtown office building, CBC News reported.

Canadian police arrested Mr. Nygard in late 2020 at the request of the United States, where he was accused of using his businesses to lure women and girls to sexually gratify himself and his associates.

Toronto police laid their own charges against him about a year later.

Mr. Nygard also faces charges of sexual assault and forcible confinement in Manitoba and Quebec. He is fighting extradition to the US where he faces charges in New York for nine offences including conspiracy to commit racketeering, transportation of a minor for purpose of prostitution, and sex trafficking by force, fraud or coercion, CBC News said.

Born in Finland, Mr. Nygard grew up in Manitoba, eventually running his namesake clothing companies and becoming one of Canada’s wealthiest people. — Reuters

AUB posts 15% increase in net income

BW FILE PHOTO

ASIA UNITED Bank Corp. (AUB) saw its consolidated net income rise by 15% in the third quarter to P2 billion as net interest income and non-interest income rose, it said in a statement on Monday.

Year to date, the lender’s net income grew by 32% to P6.1 billion due to continued business volume and margin growth, as well as higher non-interest income.

Its financial statement was unavailable as of press time.

“With our stronger performance in the first three quarters, we expect to maintain our lead among the country’s top 10 listed universal banks in terms of compounded annual growth rate (CAGR) on key indicators since AUB was listed on the bourse in 2013,” AUB President Manuel A. Gomez said.

AUB also noted its performance in the nine months through September was a record high.

This translated to a return on equity of 19.4%, up from 16.4%, while return on assets grew to 2.5% from 1.9%.

Net interest income grew by 20% to P11.2 billion at end-September due to business volume growth and increased yields, while non-interest income rose by 27% to P2.1 billion.

“Strong contributions to its non-interest income mainly came from AUB’s operating activities such as trading businesses, credit cards, AUB PayMate, and remittance,” AUB said.

This brought total operating income to P13.3 billion, up by 21% year on year.

Meanwhile, operating expenses rose by 12% to P4.8 billion, driven mainly by compensation increases and transaction volume-related expenses.

As a result, the bank’s cost-to-income ratio stood at 35.8%, down from 38.6% last year.

AUB’s gross loans went up by 7% to P188.2 billion due to more “robust” corporate and consumer borrowings.

“This resulted in a wider net interest margin of 4.9% from the previous year’s 4.1%,” AUB said.

The bank’s net nonperforming loans (NPL) ratio stood at 0.67%, while gross NPL ratio was at 2.14%.

NPL coverage ratio stood at 107%, up from 89.1% last year.

The bank set aside provisions amounting to P1.1 billion as of September, 12% higher than the P1 billion in the same period last year.

On the funding side, total deposits climbed by 8% to P284.5 billion from P262.3 billion.

“Low-cost CASA (current account/savings account) deposits comprised 70.6% of the bank’s total deposit base while its loan-to-deposit ratio stood at a healthy 66.2%,” AUB said.

The bank’s total assets rose by 8% to P344 billion at end-September.

Total equity also went up by 20% to P45.5 billion.

AUB’s common equity tier 1 ratio stood at 16.12%, while its capital adequacy ratio was at 16.77%.

“While we are seeing that the domestic economy has emerged strongly from the pandemic and many sectors are now on the path to recovery, we remain cautious of the confluence of global shocks that are unraveling,” Mr. Gomez said.

We expect monetary policy to remain hawkish, with inflation still not kept at bay. On the other hand, we see plenty of room for growth and collaboration, particularly in digital transformation,” he added. — Aaron Michael C. Sy

1...2,6342,6352,636...12,827Page 2,635 of 12,827
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube