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Wilcon Depot net income up 41% as new stores help boost sales

WILCON Depot, Inc. on Wednesday reported a 40.7% growth in net income to P851 million in the first quarter of 2022 as sales jumped, partly with the help of new stores.

“We are pleased with our strong start for the year as our customers trooped back to our stores when the Omicron variant surge receded in February,” Wilcon Depot Chief Executive Lorraine Belo-Cincochan said in a statement.

She said that comparable sales declined in January at the height of the virus’ surge, but the company managed to reverse the downward trend to end the quarter with an 8.6% growth and a 14.6% total net sales growth.

“We remain focused on our store network expansion, especially with this very encouraging first quarter results,” Ms. Belo-Cincochan added.

The depot format stores’ sales were up 15% to P7.5 billion, which accounted for 97.5% of total net sales, while its smaller format store Home Essentials’ sales declined by 1.3% to P138 million.

The home improvement company said that project sales contributed the balance of P53 million, increasing by 11.3% year on year.

Operating expenses increased by 13.8% to P1.77 billion, attributable mainly to expansion-related expenses in outsourced services, trucking, utilities, salaries, depreciation and amortization.

Including lease-related interest expense or rent expense, total operating expenses totaled P1.9 billion.

Operations-related other income grew 42.7% to P84 million due to increased collection of supplier support and delivery fees in view of the higher business volume.

Non-operating other income, comprising interest income and foreign exchange gains, dropped to P3 million from P10 million due to lower investible funds.

“We are on track to achieve our 100-strong branch network by the end of 2025 goal. We opened our 74th branch in March and we will be opening seven more this year. We are hoping that the return to our pre-pandemic growth path will continue unhampered,” Ms. Belo-Cincochan added. — Luisa Maria Jacinta C. Jocson

Nespresso cleans up after itself

Makes recycling the name of the game

COFFEE makes the world go ’round, apparently, but coffee pods litter the earth, making for an imbalanced trade-off.

On Earth Day (April 22), Nespresso presented its sustainability commitments at Robinsons Magnolia, showing off a booth that displayed artwork made from ex-Nespresso coffee pods, as well as more practical applications.

In a partnership with Nespresso, young emerging artists from For the Future PH were commissioned to create original artworks that integrate materials including aluminum and coffee grounds from used Nespresso capsules. All proceeds are in support of the organization’s ongoing reforestation efforts with the Yangil Tribe in Zambales, one of the areas affected by the eruption of Mt. Pinatubo in 1991. Another partnership was formed with the Artisans of Hope project of the Negrense Volunteers for Change Foundation (NVC) which provides livelihood to vulnerable individuals and feeds undernourished children. Volunteers train people with limited income opportunities to create art from discarded materials like eggshells, leftover tiles, and Nespresso capsules. Much of the pods’ shredded aluminum is upcycled into mosaic-style decorative art. All proceeds from the artworks sold are used to support NVC’s feeding program for children in need.

Most of these efforts may seem small in scale, but Millet Valdez, Head of Commercial and Marketing for Nespresso distributor in the Philippines, Novateur Coffee Concepts, Inc., pointed to a great big aluminum ingot, about the size of three adult arms, in the booth. This ingot was made with the aluminum pods of Nespresso capsules, smelted by the Katipunan Metal Corp., and delivered for use to become car parts and cookware, among other applications. “We deliver tons and tons,” said Ms. Valdez, and the majority of the ex-pods go to industrial applications like these.

Customers are encouraged to deliver their used coffee pods to Nespresso stores (in Rockwell, Podium, and Robinsons Magnolia). These are also collected during e-commerce transactions. Customers are given incentives to do this: for example, getting a gift after giving away three bags of used capsules. “Just to make it more exciting, and just to keep it top of mind,” said Ms. Valdez of the incentives.

The remaining grounds are then separated from the capsules and then used as organic compost. “It makes the soil quality better,” said Ms. Valdez, since coffee grounds are rich in nitrogen, potassium, and phosphorus. The grounds are sent to local organic farms like Nutriganics Farm in Cavite, Saret Organic Farmville in Bulacan, and Palaya Farm in Rizal.

Ms. Valdez pointed to items made with ex-coffee pods in industrial applications: a Victorinox Swiss Knife, and a pen from Caran d’Ache, proving Switzerland-based Nespresso makes sustainability a global effort.

According to her, in markets closer to Nespresso manufacturers, the coffee pods are remade into coffee pods anew. “We are really required to have a recycling program in place to operate. It’s really part of their DNA,” said Ms. Valdez, speaking about the Philippine operations, despite not being directly managed by Nespresso in Switzerland.

The secret is in the material: “Aluminum is completely and infinitely recyclable,” she said.

Almost all Nespresso coffee capsules are made from 80% infinitely recyclable aluminum, which requires less energy to produce than raw materials. “The reason why they use aluminum for their capsules in the first place —  apart from it being a material that protects the coffee effectively —  is the fact that it’s recyclable —  unlike plastic.” Nespresso has been using new packaging for its machines since March 2020, which makes use of 95% recycled material.

To guarantee overall proper waste management of Nespresso in the country, the company has partnered with Geocycle Philippines and Envirocycle. The former is part of the global waste management business of LafargeHolcim Group, which envisions a zero-waste future by actively developing and promoting innovative, customized, and safe environmental waste management solutions. Meanwhile, the latter is a full-service e-waste recycling company that aims to prevent the disposal of potentially polluting electronic equipment into landfills. Instead, these are to be reused or recycled through fully licensed and accredited channels. These would include corporate waste like paper and electronics.

“The goal is to really be 100% sustainable,” said Ms. Valdez. “It should span not just our products, but also our internal processes as an organization.” — J.L. Garcia

Puregold earns P8B on higher margins, cost control

PUREGOLD Price Club, Inc. reported that its consolidated net income increased by 1.4% to P8.18 billion last year, driven by improvements in gross margins and sustained expense management.

The company said in a disclosure on Wednesday that the growth was also due to the reduction in corporate income tax with the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act.

In its unaudited financial statement, consolidated net sales decreased by 2.7% to P164.1 billion in 2021 from P168.6 billion previously.

“The decrease in net sales was primarily driven by a decline in customer’s visits particularly for the Puregold stores, with the government implementing health protocols in 2021 and people cautious of contracting the virus,” the company said.

Meanwhile, consolidated gross profit increased by 3.2% to P30.1 billion in 2021 from P29.2 billion, driven by “strong and continuing suppliers’ support through trade discounts in the form of rebates and conditional discounts granted during the year.”

In 2021, operating income narrowly increased by 1.7% to P3.21 billion from P3.15 billion in 2020.

“With the lockdown restrictions starting to loosen up, some tenants resumed operations which resulted in an increase in rent income,” Puregold said.

Operating expenses went up by 7.4% to P20.4 billion from P18.9 billion due to the increase in operating costs from newly opened stores and old stores.

Puregold added that operating expenses in the prior period were partly lower because of the strict lockdown implemented in the first half of 2020.

The company is primarily involved in the business of trading goods such as consumer products on a wholesale and retail basis.

It also owns Entenso Equities, Inc., which is the holding company for two companies, namely: Ayagold Retailers, Inc. and San Roque Supermarkets.

By the end of 2020, its store network covered 244 hypermarkets, 100 supermarkets, 31 minimarts, 20 warehouse clubs, 46 Quick Service Restaurants, two Merkado branches, and 30 San Roque supermarkets, for a total of 501 stores all over the country.

At the stock exchange, Puregold shares dropped by 45 centavos or 1.29% to close at P34.40. — Luisa Maria Jacinta C. Jocson

Dining In/Out (04/28/22)

Shangri-La Mactan Cebu

Shangri-La Mactan celebrates mothers in May

SHANGRI-LA Mactan celebrates mothers in May with #bestMOMentsinShangriLaMactan. For Mother’s Day, plan a special tropical escape for mom and spoil her with everything from a cozy staycation to a fun, food spree. The Mother’s Day package rates start at P9,000++ for an overnight stay for two adults and two children, inclusive of breakfast and dining credits worth P1,500. All mothers get a special amenity and Mother’s Day gift. CHI, The Spa offers a 30-minute Intensified Body Sea Scrub and a 45-minute Back, Neck and Shoulder Massage for P3,200 net/person. Opt for a culinary date with Mom at any of the resort’s restaurants. Keep mom looking and feeling youthful with Tea of Spring’s Collagen-focused dishes, available from April 29 to May 15, from Pork Trotters to Double-boiled Soup, Braised Dishes and more. On May 6 to 8, the Lobby Lounge has a light and intimate High Tea (P888 net per set). Enjoy an appetizing array of international specials on May 6 and 7 at Tides at its festive Mother’s Day Dinner Buffet. Indulge in local selections at their lunch buffet, available on May 7. Lounge poolside with the whole family with Buko Bar’s Feliz Dia de Mama buffet. Enjoy a festive Spanish-themed buffet featuring traditional and contemporary Spanish dishes with live grilling and carving stations, available on May 6 and 7. To cap off a fun night, bond over Sangria and Spanish beer. If an intimate Mother’s Day celebration at home is preferred, pre-order takeaway creations from the online Shangri-La Shop like Butter Blossom Cupcakes and Themed Croiffles. Visit the official Shangri-La Shop at https://mac.shangrilaphshop.com/. To book a getaway, visit bit.ly/ShangriLaSummer. For reservations and further inquiries, call (63 32) 231-0288.

New World Makati’s weekend buffet

ALL-you-can-eat aficionados can look forward to weekends at New World Makati Hotel’s Café 1228 restaurant, where the buffet stations highlight the venue’s best-selling dishes from off-the-grill meats and seafood, Asian and local selections, handmade pasta and pizza, decadent desserts, as well as breads, charcuterie, and cheeses. The carving station features prime rib or ribeye with sides of either mashed potato or pumpkin, and roast vegetables. Other options include porchetta or roasted turkey, beef striploin in herb oil, soy calamansi marinated pork spare ribs, lamb brochette, tanigue, and Hungarian sausage. Fresh seafood includes prawns, mussels, and crabs with the options to grill or steam and top with various sauces. These can likewise be enjoyed as a soup dish and with noodles. On special occasions, lobsters and oysters are also available. The buffet also has a Japanese section, a Western kitchen, an Asian station, and a slew of desserts. Café 1228 offers a Book and Buy promo with a limited-time rate of P1,488 nett per person extended until May. Prepayment is required to confirm the reservation. To reserve, guests can fill out the online form: https://bit.ly/NWCafe1228BookandBuy. For inquiries and reservations, guests can call 8811-6888 or e-mail reservations.manila@newworldhotels.com. They can also send a mobile message on Viber or Whatsapp via 0917-888-4194.

Pinoy breakfast with Nutella

NUTELLA and Wildflour Café + Bakery have launched a special limited-edition collaboration box. From April to May, the popular hazelnut cocoa spread, Nutella is offering a series of new “Good Morning” label jars in which the regular label is replaced with positive messages: “Tara, Breakfast!”, “Good Morning!”, “Musta?”, and “Gandang Umaga!” In connection with this, Nutella has launched a limited edition bread box in collaboration with Wildflour Café + Bakery. The box is designed in the shape of a Nutella jar, and contains Nutella copetta packs, a Nutella bread spreader, and a number of popular Wildflour Café + Bakery baked goods including cannelle, croissant, cookies, pan de baton, and pandesalitos. The Nutella and Wildflour Café + Bakery box will be available for a period of five weeks starting April 23 at Wildflour Café + Bakery outlets, or online via www.wildflourtogo.com for P999. Nutella’s special ‘Good Morning’ jars are available in most grocery chain stores nationwide.

Starbucks X Line Friends collection marks Earth Month

STARBUCKS and Line Friends, a global character brand, are joining together once again for a limited-edition merchandise collection to commemorate Earth Month across the Asia Pacific region. The Brown collection includes an assortment of lifestyle accessories and reusable drinkware. The drinkware is made in partnership with MiiR, a company dedicated to driving sustainable change. There are four social media challenges for a chance to win Starbucks Rewards Stars. The limited-edition merchandise collaboration is now available at select Starbucks stores across the Asia Pacific region, including Australia, Cambodia, Vietnam, Hong Kong, Indonesia, South Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Taiwan while supplies last.

Seattle’s Best now has Spam, bacon paninis

SEATTLE’S Best Coffee’s signature paninis now have two new flavors: the Spam Luncheon Meat & Egg and Bacon & Cheese with Aioli. The Spam version features scrambled egg and creamy cheese while the pan-fried bacon panini is topped with fresh mozzarella and cheddar cheese with aioli spread. Seattle’s Best Coffee’s panini favorites are still available: the Ham & Cheese Panini, Pesto Tomato & Mozzarella Panini, Quattro Formaggi Panini, and Smoked Salmon and Cream Cheese Panini. Now available in all Seattle’s Best Coffee branches nationwide, each panini order is served with potato chips. It can be ordered for dine-in, take out, pick-up and delivery through FB messenger, Grabfood, Food Panda, and Pickaroo.

Mother’s Day Special from Honeybon

With Mother’s Day just around the corner, Honeybon Cakes is launching a new cake for customers’ moms and mother-figures: Pistachio Nougat Cake. It has multiple layers of subtly sweet and crispy-on-the-outside-and-chewy-inside meringue with nougat and crushed pistachios in between two layers of classic vanilla chiffon cake. The cake is then covered with vanilla whipped cream, dotted with crushed pistachios. The entire cake is then crowned with even more crushed pistachios. The new Pistachio Nougat Cake will be available in time to celebrate Mother’s Day. Pre-order the cake at www.honeybon.ph. It will be available for ₱1,250 at Honeybon stores at SM Megamall and Festival Mall Alabang starting May 1.

Sante and Meraki restaurants open at SM MOA

PROVING that good food and healthy eats are not mutually exclusive, Sante and Meraki are two of the newest restaurant concepts under the Visum Ventures Group. Located in one space at SM MOA that shares an open kitchen, customers can order from either one or both. Sante means health in French, and the word is often used as a toast to wellness. With a cozy space, tasteful interiors, and refreshingly healthy food, the menu can easily take guests from brunch to cocktails. The healthy breakfast options include the Signature Mini Croissant Cereal that has homemade mini croissants, fresh strawberries, and edible flowers, served with T2 Tea-infused Very Berry milk. It also has Mushroom & Truffle Sourdough, made with fresh mushroom, drizzled with truffle oil and topped with fresh parsley on toasted sourdough. There is a tapas selection which includes Tuna and Avocado Tartare with fresh tuna and avocado drizzled with sesame oil, topped with micro greens, and Squash Blossoms with goat cheese, served on a bed of Napoletana sauce and topped with micro greens. Signature dishes include Pumpkin Risotto, topped with goat cheese and balsamic glaze; Chicken Marsala, chicken breast with cream and Marsala wine, topped with fresh mushrooms; Beef Pot Pie, a dish made more savory through a well-balanced combination of beef, potatoes, carrots, and red wine in a puff pastry. The choice of desserts: Mike’s Mess, made with fresh cream, strawberries, and passion fruit in a crunchy merengue; and Mango Crème Brulee Cheesecake. Meanwhile, Meraki serves elevated Greek cuisine. Among its dishes are Smashed Avocado with halloumi cheese, poached eggs, and toasted sourdough; Beef Moussaka, hearty and flavorful with layers of beef, eggplant and potato and topped with a decadent sauce; Salmon Tzatziki, fresh salmon lightly pan seared, served with asparagus and fresh thyme; Lemon Chicken is pan seared chicken on a bed of potatoes, oregano, lemon, and fresh thyme; and Filet Mignon is served with herb butter, olive tapenade, grated cured egg yolk, and peppercorn sauce. For dessert, there is Chocolate Lava Cake served with almond dacquoise, vanilla bean ice cream and dehydrated strawberry. And for those looking for healthy drinks, their freshly squeezed juices have variants ranging from orange juice, to the special Immune Booster that has green apple, cucumber, celery, kale, lemon, and ginger, and Tropical Sunrise with watermelon, pineapple, passionfruit, and orange. Visum Ventures brought in the drinking yogurt Koomi, premium casual restaurant Zig, and Oh My Greek! Sante and Meraki are located at MOA Square, Seashell Lane, Mall of Asia Complex.

New dining experience at Tagaytay

GO to Tagaytay and try out a new weekend hotspot al fresco at Fora Mall Tagaytay. Local Tagaytay businesses such as Ready Coffee, Bubble Waffle, Unique K-Food, Better Blend, Manang Joy, Pinoy Street Foods, Steak Garage, and Bogo Burger Food Truck have set up a food bazaar at the Fora Piazza. A short walk away is The Forest Landing, an instagrammable garden ampitheater. At night, visitors get serenaded by Tagaytay’s local acts. There is also a display of one-of-a-kind motorbikes at the Fora Piazza, from cute Vespa scooters, classic VHM motor bikes, to impressive BMW big bikes. The event, aptly called MotoEats, is at Fora Mall Tagaytay, located right along the iconic Tagaytay Rotunda and runs all weekends until May 29. It’s open from 10 a.m. to 8 p.m. Those who plan to stay overnight in Tagaytay can also give Quest Hotel Tagaytay, located right beside Fora Mall, a try. To know more, check out Fora Mall’s official Facebook page at www.facebook.com/FilinvestLifemallsFora.

Kenny Rogers’ dishes get the salted egg treatment

KENNY Rogers Roasters is offering something different from its classic roast chicken: Salted Egg Roast, Unfried Fried Chicken, and Unfried Fried Chicken Bun. These are all familiar Kenny’s dishes which are elevated with special salted egg flavors. Available at all Kenny Rogers Roasters stores nationwide starting April 25, customers can enjoy the rich taste of Salted Egg Roast, which is marinated in special herbs and spices, and garnished with salted egg powder and salted egg sauce. A healthier option would be the Salted Egg Unfried Fried Chicken, cooked through an oven with circulating hot air and is not deep fried. The result: crispy skin, juicier meat and no excess oil used in the cooking process as it used the chicken’s natural oil. Making it taste even better is the generous coating of salted egg powder served with salted egg sauce. For a filling snack there is the Salted Egg Unfried Fried Chicken Bun: chicken fillet tossed with salted egg powder and salted egg sauce, with tomato, lettuce, and onion, then sandwiched in a wheat bun. These latest offerings can be enjoyed with other Kenny Rogers Roasters classic combos: Salted Egg quarter roast or two-piece Salted Egg Unfried Fried Chicken for P290 each. It comes with salted egg sauce, two side dishes, rice, and muffin. For P270, customers can have a full combo with the Salted Egg Unfried Fried Chicken Bun with potato chips and a 12 oz drink. The Salted Egg Roasted Chicken group meal comes with Salted Egg whole roast, while the Salted Egg Unfried Fried Chicken comes with one bucket (eight pieces) for P1,025. The set includes salted egg sauce, four cups of rice, a choice of four side dishes, muffins and 1.5 L Coke. All these are available for dine-in, takeout, or delivery through www.kennyrogersdelivery.com.ph, hotline: 8-555-9000, or via Grab Food and Food Panda.

Shake Shack brings ShackMeister Burger to PHL

SHAKE Shack’s popular ShackMeister Burger has made its way to the Philippines for a limited run in all Metro Manila Shacks. Originally created in 2014 for a burger competition in the US, the idea was to bring the iconic pairing of burger and beer to life. Topping the classic ShackBurger, a 100% all-natural beef cheeseburger, with crispy beer-marinated shallots and ShackSauce on a potato bun, the ShackMeister Burger (P325) was born and ultimately bagged the Judge’s Choice for Best Burger at that time. It had a limited time offering in 2015, and was brought back in 2020. Also coming this summer is the ShackMeister Dog (P295), made with 100% all-natural beef hot dog, beer-marinated crispy shallots and cheese sauce smeared on a potato bun; and the ShackMeister Fries (P215) with beer-marinated crispy shallots and cheese sauce over a generous serving of crinkle cut fries. The ShackMeister Ale (P180 for 16oz; P260 for 24oz) was exclusively brewed for Shake Shack. Shake Shack is partnering with local destinations Masungi Georeserve and Huni Sicogon in a bid to help promote sustainable and responsible tourism. Running until May 25, every dine-in, takeaway, or delivery purchase of any of the ShackMeister sets entitles customers to a raffle ticket where they get a chance to win Shack gift cards plus off the beaten experiences from Discovery Trail packages at the Masungi Georeserve or a three day/two night stay for two in Huni Sicogon in Iloilo. Visit shakeshack.ph for more details.

Jollibee keeps cool with new coffee and choco floats

JOLLIBEE launched new Creamy Floats for summer. The Choco Float is a smooth chocolate drink topped with creamy vanilla soft-serve, while the newest Coffee Float is coffee topped with vanilla soft-serve. They are available at Jollibee stores for P49 (solo) or as an upgrade to a value meal drink for P35. Jollibee also offers Coke Float and Royal Float for P40. They can also be delivered via the Jollibee Delivery App, JollibeeDelivery.com, #87000, GrabFood, and foodpanda, and are available for drive-through and take out.

New must-try: Coolblog dessert beverage

COOLBLOG, a rising star in Asia’s dessert-beverage and ice blended drinks is now in the Philippines. It serves coffee, tea, and chocolate, to a wide range of fruity iced-blended drinks and desserts. For unique summer thirst-quenchers, there is the signature Unicool smoothie series which features layers of strawberry, ube (purple yam) or bubblegum smoothie topped with raibow jelly and boba pearls. Coolblog’s signature smoothies come in three flavors namely Unicool Magic, Unicool Dazzle and Unicool Twinkle, with pearl and rainbow jelly toppings. There are a variety of toppings to choose from: black pearl, oreo, chocolate chip, chocolate syrup, strawberry syrup, mango jelly, lychee jelly, rainbow jelly, brown sugar syrup, and cheese mousse. Customers can create their own blend and mix different flavors: bubble gum, green apple, honeydew, lychee, mango, passion fruit, rose, strawberry, vanilla, and classic ube and lemon. Coolblog’s menu also includes milk teas and ice blended coffee and chocolate beverages. With roots from Malaysia where it already has more than 300 outlets, Coolblog continues to expand its footprint across Asia. The Three Bears Group Holding Corp. (TBG) is the company behind Coolblog. Established in March 2020, TBG continues to grow its portfolio of brands in the Philippines, which includes Dominos Pizza and Coolblog. Coolblog has kiosks at the Montalban Town Center – Rodriguez Rizal, Sola Grande Center – Molino Bacoor Cavite, Sampol Sapangpalay, San Jose Del Monte Bulacan, and Tutuban Center in Manila, with more branches to open soon.

Mang Inasal offers summer promos   

AFTER two years of limited movement, people are finally meeting up with friends and family physically. To level up the fun, Mang Inasal treats its customers with a summer “phygital experience” wherein they can enjoy not only physically eating in-store but also have fun online with exclusive promos and sharing their family and squad moments on digital. The #SummerSarapAtMangInasal Groufie Challenge is now open for photo entries until May 31. Just dine-in, take a groufie, and share it in the official promo post on Mang Inasal’s Facebook page for a chance to win Mang Inasal gift certificates.

Atlas Mining net income surges

ATLAS Consolidated Mining and Development Corp. posted a 191% year-on-year increase in its net income for the first quarter to P1.22 billion on the back of higher production and strong metal prices.

In a stock exchange disclosure, Atlas Mining said that gross revenues for the quarter improved 54% year on year to P5.49 billion due to higher production and higher metal prices.

The listed mining firm said its copper metal production for the period rose 26% year on year to 20.01 million pounds as a result of higher milling tonnage and increased copper grades, while gold production also climbed 13% year on year to 6,015 ounces.

Atlas Mining said its wholly owned subsidiary, Carmen Copper Corp., reported higher copper production and shipments during the quarter due to higher tons of ore milled and higher realized grades.

“Shipments were higher by 27% from 17.02 million pounds of copper metal in 2021 to 21.69 million pounds in 2022,” it said in the disclosure.

“The increase in metal prices continued in the first quarter this year where copper price increased by 16% from $3.93 per pound (/lb) to $4.56/lb and gold price from $1,797 per ounce (/ounce) to $1,885/ounce compared to the same period last year,” the mining firm added.

Meanwhile, Atlas Mining said its cash costs in the first quarter went up 50% to P2.94 billion due to higher shipments and production while earnings before interest, tax, depreciation, and amortization (EBITDA) increased 55% to P2.60 billion.

“With sustained production, Atlas Mining continues to benefit from a strong metals market. We remain focused on keeping our operations resilient and efficient to ensure sustained and optimized earnings even under emerging challenging situations,” Atlas Mining President Adrian Paulino S. Ramos said.

On Wednesday, shares in Atlas Mining at the local bourse dropped 3.99% to end at P6.25 apiece. — Revin Mikhael D. Ochave

Alliance Global doubles earnings to nearly P24B

ALLIANCE Global Group, Inc. (AGI) on Wednesday reported that its net income more than doubled to P23.8 billion in 2021, driven by a resurgence in all its business segments due to the eased mobility restrictions and the reopening of the economy.

“Despite the overall challenging business environment, AGI has delivered a sterling performance in 2021. Thanks to our diversified portfolio and our agility to transform whatever adversities we faced into opportunities, and our continuous drive for operating efficiencies,” AGI Chief Executive Kevin L. Tan said in a statement.

Meanwhile, net income to owners was up 92% year on year to P16.9 billion while consolidated revenues increased by 18% to P152.6 billion.

AGI has varied businesses, including real estate development through Megaworld Corp.; spirits manufacturing through Emperador, Inc.; leisure, entertainment and hospitality through Travellers International Hotel Group, Inc.; quick service restaurants through Golden Arches Development Corp.(GADC), and infrastructure development through Infracorp Development, Inc.

“Our overall margins improved given the hefty growth in the topline, coupled with our cost efficiency measures which have remained in place. During the year, the group also achieved many milestones,” Mr. Tan said.

In October, Megaworld launched its real estate investment trust company MREIT, Inc. with a P15.3-billion initial public offering.

In 2021, Megaworld registered a 36% year-on-year increase in attributable net income to P13.4 billion as consolidated revenues also rose by 17% to P50.8 billion. —

“Its topline benefited from a sharp 25% recovery in real estate sales as quarantine restrictions eased, allowing for higher project completion,” AGI said.

Meanwhile, Emperador reported that its normalized net profit grew 35% to P10.8 billion from P8 billion the year before. Consolidated revenues went up by 6% to P55.9 billion, driven by sales in North America, Europe and Asia.

The alcohol manufacturer also announced plans for a dual listing with the Singapore Stock Exchange.

On the other hand, GADC recorded a 26% growth in sales revenues to P24.9 billion last year, driven by pent-up customer sales and traffic.

The company also recorded an 80% rise in gross profit to P5.4 billion on improved operating efficiencies.

GADC, is a strategic partnership between AGI and the George Yang group that holds the exclusive franchise to operate restaurants in the Philippines under the McDonald’s brand, which closed the year with 671 stores throughout the country.

“Even as we face a number of hurdles in the global and domestic macro environment, our group remains optimistic on our prospects ahead as we anchor our growth on our strong brand equity, firm market positioning, focused strategies and overall financial strength. We aspire to continue to resume our pre-pandemic growth trajectory as we move forward,” Mr. Tan said.

At the stock exchange on Wednesday, AGI shares were up by 0.66% or eight centavos to P12.20 apiece. — Luisa Maria Jacinta C. Jocson

OPPO A96 set for Philippine launch on May 4

OPPO on Tuesday announced it is launching the A96 in the Philippines, the latest addition to its A-Series smartphone line.

The smart device brand said in a statement that the OPPO A96 will be launched in the country on May 4.

“Time and time again, the A-Series has been the go-to smartphone of mobile gamers, which is why OPPO levels up this line to continue providing everyone with a device they deserve. For years, we have been committed to delivering true value-for-money smartphones with uncompromised and superior performance for gaming and even productivity of Filipinos,” Chiqui Tapawan, head of marketing communications of OPPO Philippines, was quoted as saying in the statement.

“As it is designed to be powerful, we hope the OPPO A96 would be a testament to our commitment,” Ms. Tapawan said.

OPPO said the A96 features a “long-lasting battery, powerful hardware, and software for superior performance” and is geared towards mobile gamers.

The phone is powered by Qualcomm Snapdragon 680 4G Mobile Platform and will come with 8GB memory and 256GB storage for smooth gameplay.

It features a battery capacity of 5000mAh and supports 33W SUPERVOOCTM flash charging.

The OPPO A96 has a 6.59-inch Color-Rich Punch-Hole Display with a 90Hz refresh rate and 1080×2412 FHD resolution.

As for its cameras, the smartphone is equipped with a 16-megapixel (MP) front camera and rear dual camera setup featuring a 50MP main camera and 2MP bokeh or macro lens.

The A95 will come in the OPPO Glow Design and is scratch and fingerprint-resistant. It is available in two colors: Starry Black and Pearl Pink. — BVR

Mapua remains in contention of twice-to-beat advantage

MAPUA needed a big second half push to turn back Lyceum of the Philippines University. — NCAA/SYNERGY/GMA NETWORK, INC.

By Joey Villar

MAPUA needed a big second half push to turn back Lyceum of the Philippines University (LPU), 75-65, on Wednesday and stayed in contention for a twice-to-beat edge in the Final Four of the 97th National Collegiate Athletics Association (NCAA) basketball tournament at the La Salle Greenhills Gym.

Paolo Hernandez and Toby Agustin each fired 13 points while Brian Lacap chipped in 12 as the Cardinals improved to 7-2 while keeping their chances of claiming the other Final Four incentive.

But Mapua would need the help of Letran, which already booked the first semis advantage, as a San Beda loss to the Knights in their duel on Friday at the Filoil Flying V Arena in San Juan would forge a tie at second.

If this happens, the Cardinals would clinch the No. 2 seed and the Final Four bonus since they beat the Lions, 68-54, last week.

“Our coach (Randy Alcantara) emphasized the importance of this game, that is why we played with a sense of urgency,” said Arvin Gamboa, who came off the bench to contribute nine points for Mapua.

The Pirates, who were already out of it, put up some fight early and led 17-15 in the opening quarter and, 34-32, in the second half.

And then Messrs. Hernandez and Gamboa helped spark a big second half uprising that saw the Cardinals putting the Pirates away.

LPU ended their campaign with a 2-7 mark.

The Scores:

Mapua 75 — Hernandez 13, Agustin 13, Lacap 12, Gamboa 10, Garcia 9, Nocum 6, Bonifacio 5, Asuncion 3, Pido 2, Mercado 2, Salenga 0.

LPU 65 — Barba 16, Larupay 15, Remulla 8, Cunanan 7, Navarro 6, Bravo 5, Guadana 4, Garro 3, Abadeza 1, Jabel 0, Valdez 0, Guinto 0.

Quarterscores: 15-17; 32-34; 53-47; 75-65.

French actor Vincent Lindon to head jury of next Cannes Film Festival

PARIS — French actor Vincent Lindon will preside over the Cannes Film Festival’s 75th anniversary edition, with a lineup that includes Tom Cruise’s Top Gun sequel and an Elvis biopic by Baz Luhrmann featuring Tom Hanks, the Festival said on its website.

Mr. Lindon will follow US director Spike Lee, who headed the jury last year.

The festival will run from May 17-28.

Mr. Lindon co-starred in Titane, a body horror movie which explores themes of grief and love, that won the Palme d’Or for best film in 2021.

For his role in The Measure of a Man, Mr. Lindon won Best Actor at the 2015 Cannes Film Festival.

Isabelle Huppert was the last French movie star to be jury president, in 2009.

In the history of the Festival, French celebrities have often held this role in an anniversary year, such as Yves Montand in 1987 for the 40th Festival, Gerard Depardieu in 1993 for the 45th, and Isabelle Adjani in 1997 for the 50th. — Reuters

Ayala energy firms share wish list for next government

THE next political leadership will face a tightness in power supply in the next three to five years, officials of Ayala-led energy companies said, as they enumerated their wishes such as clarity in policy and enforcing “actionable” near-term solutions.

“The next leadership will be faced with a challenging situation given the ongoing energy crisis globally and given the impact of COVID on the post-COVID world,” Eric T. Francia, president and chief executive officer of AC Energy Corp. (ACEN), told reporters when asked to share his wish list for the next administration.

He said the pandemic had caused delays in the energy projects, including the competitive bidding for power supply, resulting in uncertainty.

“My concern always back then was it’s the typical whipsaw effect na (in which) there’s a big event, significant event that makes people step back and slow down the buildup,” Mr. Francia said in a briefing on Tuesday.

He said ACEN was one of few companies that continued building or investing in energy projects at the height of the pandemic in the Philippines and around the region.

“But that is not the norm. That is more of an exception. And because of that, I think we could face really a tightness in supply in the next three to five years,” Mr. Francia said.

He also cited the “trajectory” of the Malampaya natural gas, which is said to be nearing depletion, and “how that decline curve would look like. So that’s also a risk.”

Apart from these challenges, he said the next government leaders would be faced with elevated coal, gas and oil prices globally, and the ensuing uncertainty that these would evolve into over time.

“I think the next leadership will have its hands full in terms of this challenging energy situation,” Mr. Francia said.

However, he cited potential short to medium-term solutions, which he described as “low-hanging or addressable.”

Mr. Francia said Laguna de Bay could offer a partial solution, which is both actionable and of significant scale. The government has recently offered the lake as a possible site for a floating solar farm.

“The lake could add capacity in the next three to four years and that’s relatively quick. So, imagine that would be additional capacity by 2025, which people are concerned about what’s gonna happen 2024, 2025, maybe even 2026. So, we need actionable projects ideally on the clean energy or renewable energy side,” he said.

Mr. Francia cited another solution — clarity on policy regulation. He said the government could look into tapping transmission lines that were built for redundancy, and allowing power plants to temporarily connect, thus encouraging the development of new energy capacity.

He said the government should also look into incomplete initiatives such as the reserve market and the renewable energy market.

“I think that will encourage a lot of investments both in renewable energy and battery storage that can be done in a relatively rapid time line, rapid period,” he said.

He said the company is prepared to invest in more battery storage facilities to alleviate potential power supply shortages, but the economics would not work if it would end up selling its output to the energy market as opposed to selling it to the reserve market.

“If there is a renewable energy market, we will be even more aggressive in terms of building more renewable energy plants. But where are those two markets we’ve been talking about [in] the past five, 10 years,” he said.

For ACE Enexor, Inc. President Rolando J. Paulino, Jr., the development of the West Philippine Sea is on top of his wish list.

“It’s the clarity on the government policy vis-à-vis the geopolitical issue that we have with our big neighbor and also the encouragement that they want to have or they want to give to foreign investors on exploring that area,” he said.

He said it is important to develop the country’s offshore resources. The Philippines relies solely on the Malampaya production field, which is said to supply up to 40% of Luzon’s electricity needs.

“I think we need to now start using the Malampaya fund to something really productive in terms of the exploration,” he said, referring to the government’s share of the revenues from the offshore gas-to-power project.

Part of the fund was used to bring down the cost of electricity.

“It’s about time now that the government looks into… whatever is remaining of that fund to start really helping some of our local explorers to actually get some funding coming from Malampaya to develop the West Philippine Sea,” Mr. Paulino said.

He cited the need for petroleum exploration given global energy security issues.

ACE Enexor is the oil and gas exploration unit of ACEN. It holds a 75% interest in Palawan55 Exploration & Production Corp., an upstream oil and gas company that holds a participating interest in Service Contract 55. Palawan55 is in the planning stage for the drilling of an obligatory well.

ACEN aspires to become the largest listed renewable energy platform in Southeast Asia. — VVS

TDF yields go up on hawkish BSP, election jitters

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits inched higher as the offer was undersubscribed after the central bank said it could hike rates earlier than planned and amid risk-off sentiment ahead of the national elections.

Demand for the term deposit facility (TDF) of the central bank amounted to P276.324 billion, below the P320-billion offer and the P336.743 billion in tenders recorded last week.

Broken down, bids for the seven-day term deposits amounted to P102.146 billion, lower than the P140 billion auctioned off by the BSP. It also failed to beat the P152.652 billion in tenders a week earlier.   

Accepted rates ranged from 1.85% to 2.18%, slightly narrower than the 1.85% to 2.19% margin in the prior auction. With this, the average rate of the one-week papers rose by 1.57 basis points (bps) to 1.9595% from 1.9438% previously.

Meanwhile, the 14-day papers attracted just P174.178 billion in bids against the P180-billion offering. Demand was also down from the P184.091 billion in tenders seen on April 20.

Banks asked for yields from 1.84% to 2.39%, inching up from the 1.5% to 2.19% band a week earlier. This caused the average rate of the two-week term deposit to increase by 4.35 bps to 1.968% from 1.9245%.

The BSP has not auctioned 28-day term deposits for more than a year to give way to its weekly offering of securities with the same tenor.

The TDF and the 28-day bills are used by the BSP to gather excess liquidity in the financial system and to better guide market rates.

The BSP’s hawkish shift caused yields to inch up, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

BSP Governor Benjamin E. Diokno said in an interview with Bloomberg Television that the central bank may consider raising benchmark interest rates at its June 23 meeting.

Policy makers may wait for another cycle after the May 19 meeting if the economy grew around 6%-7% in the first quarter, he said.

The BSP chief previously said the central bank may begin rate hikes in the second half of this year, and that an increase to 2.5%-2.75% as part of a normalization process is “reasonable.”

“We can afford to wait as to what will be the move of the Fed in the next two meetings,” Mr. Diokno said during Monday’s interview. “Right now, there is no evidence of second-round effects on the demand side.”

Mr. Ricafort added that investors are pricing in uncertainties due to the upcoming polls. The national elections will be held on Monday, May 9.

Former Senator Ferdinand R. Marcos, Jr., who faces tax evasion allegations, remains the frontrunner based on surveys. Meanwhile, a Bloomberg poll of analysts showed analysts and investors preferred Vice-President Maria Leonor G. Robredo, the second leading candidate, as the country’s next chief executive. — Luz Wendy T. Noble

Tech giants duped into giving up clients’ personal data

MAJOR technology companies have been duped into providing sensitive personal information about their customers in response to fraudulent legal requests, and the data have been used to harass and even sexually extort minors, according to four federal law enforcement officials and two industry investigators.

The companies that have complied with the bogus requests include Meta Platforms, Inc., Apple, Inc., Alphabet, Inc.’s Google, Snap, Inc., Twitter, Inc. and Discord, Inc., according to three of the people. All of the people requested anonymity to speak frankly about the devious new brand of online crime that involves underage victims.

The fraudulently obtained data have been used to target specific women and minors, and in some cases to pressure them into creating and sharing sexually explicit material and to retaliate against them if they refuse, according to the six people.

The tactic is considered by law enforcement and other investigators to be the newest criminal tool to obtain personally identifiable information that can be used not only for financial gain, but to extort and harass innocent victims.

It is particularly unsettling since the attackers are successfully impersonating law enforcement officers. The tactic is impossible for victims to protect against, as the best way to avoid it would be to not have an account on the targeted service, according to the people.

It’s not clear how often the fraudulent data requests have been used to sexually extort minors. Law enforcement and the technology companies are still trying to assess the scope of the problem. Since the requests appear to come from legitimate police agencies, it’s difficult for companies to know when they have been tricked into giving out user data, the people said.

Nonetheless, the law enforcement officials and investigators said it appears the method has become more prevalent in recent months.

“I know that emergency data requests get used for in real life-threatening emergencies every day, and it is tragic that this mechanism is being abused to sexually exploit children,” said Alex Stamos, a former chief security officer at Facebook who now works as a consultant.

“Police departments are going to have to focus on preventing account compromises with multifactor authentication and better analysis of user behavior, and tech companies should implement a confirmation callback policy as well as push law enforcement to use their dedicated portals where they can better detect account takeovers,” Mr. Stamos said.

A Google spokesperson said, “In 2021, we uncovered a fraudulent data request coming from malicious actors posing as legitimate government officials. We quickly identified an individual who appeared to be responsible and notified law enforcement. We are actively working with law enforcement and others in the industry to detect and prevent illegitimate data requests.”

Facebook workers review every data request for “legal sufficiency and use advanced systems and processes to validate law enforcement requests and detect abuse,” a spokesperson said. Similarly, Rachel Racusen, a Snap spokesperson, said the company carefully reviews each request it gets from law enforcement “to ensure its validity and have multiple safeguards in place to detect fraudulent requests.”

A Discord spokesperson said they validate all emergency requests. Twitter and Apple declined to comment.

Emergency requests typically don’t include a court order signed by a judge, so companies are usually under no legal obligation to provide data. But it is a generally accepted practice that companies will turn over limited data in response to “good faith” requests by law enforcement involving imminent danger.

Last month, Bloomberg News reported that Apple and Meta, the parent company of Facebook, provided customer data to hackers who masqueraded as law enforcement officials. At that time, three people familiar with the matter said the fake requests appeared to be primarily used for financial fraud schemes.

The exact method of the attacks varies, but they tend to follow a general pattern, according to the law enforcement officers. It starts with the perpetrator compromising the e-mail system of a foreign law enforcement agency.

Then, the attacker will forge an “emergency data request” to a technology company, seeking information about a user’s account, the officers said. Such requests are used by law enforcement to obtain information amount online accounts in cases involving imminent danger such as suicide, murder or abductions.

In return, the companies provide the attacker with basic subscriber information — the same data provided to law enforcement in response to a court-ordered subpoena, said law enforcement officials and people familiar with the legal processes.

The data provided vary by companies, but generally includes the name, IP address, e-mail address and physical address. Some companies provide more data.

Though seemingly innocuous, such personal data in the wrong hands can be weaponized. The attackers have used the information to hack into victim’s online accounts or to befriend the women and minors before encouraging them to provide sexually explicit photos, according to the people. Many of the perpetrators are believed to be teenagers themselves based in the US and abroad, according to four of the people.

If the victims don’t comply with the demands, the attackers have used several harassment techniques to retaliate, according to the people.

One technique that has been deployed is called “swatting,” where perpetrators call in a fake threat to a local 911 dispatcher in order to generate a law enforcement response to the address of their target. In multiple instances, underage women have been swatted at their homes and schools, the federal law enforcement officials said.

Another approach, called doxxing, involves publishing the detailed personal information, including phone numbers and physical addresses of victims and their family members, online. The information, which is sometimes obtained in part by fraudulent legal requests, is usually posted on sites dedicated to doxxing, which essentially serve as an open invite for other people on the site to harass the victim.

In addition, perpetrators have threatened to send sexually explicit material provided by the victim to their friends, family members and school administrators if they don’t comply with the demands, according to the people. In a few instances, the victims have been pressured to carve the perpetrator’s name into their skin and share photographs of it, according to the law enforcement officials and online chat transcripts reviewed by Bloomberg.

The problem of forged legal requests is prompting companies to think of new ways to verify legitimate legal requests, according to a dozen people who are familiar with the matter.

“Fraudulent emergency data requests abuse the ‘good faith’ basis of imminent harm, but fraudsters have also been known to spoof legitimate legal process such as subpoenas and search warrants by counterfeiting a judge’s signature,” said Matt Donahue, founder of Kodex, which creates software for companies to manage legal requests.

In a statement last month, US Senator Ron Wyden, a Democrat from Oregon, said he was requesting information from technology companies about the practice of forged legal requests. “I’m particularly troubled by the prospect that forged emergency orders may be coming from compromised foreign law enforcement agencies, and then used to target vulnerable individuals,” Mr. Wyden said. “No one wants tech companies to refuse legitimate emergency requests when someone’s safety is at stake, but the current system has clear weaknesses that need to be addressed.”

Allison Nixon, chief research officer at the cybersecurity firm Unit 221b, said the threat from underage perpetrators should be prioritized by the computer security industry and law enforcement.

“We are now witnessing their transition to organized crime, and all the real-world violence and sexual abuse that comes with it,” Ms. Nixon said, adding that juvenile hackers are causing serious harm, so “we need to start treating them like adults.” — Bloomberg

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