San Miguel Corporation (SMC) power unit SMC Global Power Holdings Corp.’s Battery Energy Storage Systems (BESS) technologies will stabilize power supply nationwide; it also ushers the next stage for renewable power in the country
Even as power companies work to avert a looming power crisis in the Philippines, reliable power remains a challenge even for provinces that already have access to electricity. Over the decades, the imbalance in power supply has contributed to the uneven spread of investments and development between our regions. Many provinces lag behind due to unstable power supply. More importantly, many Filipinos still live without the benefit of sufficient power everyday.
Very soon, all this will change with SMC Global Power Holdings Corp.’s (SMCGP) completion by 2021 to 2022, of 31 new Battery Energy Storage System (BESS) facilities nationwide, with a total target capacity of 1,000 megawatts. This project represents the company’s most significant contribution yet to supporting a low-carbon future.
SMCGP’s BESS technology will support the country’s fragile power grid by removing excess power and injecting required power at strategic areas within the grid within milliseconds—ensuring power quality is maintained and reaches users all over the country.
This means faraway provinces and islands can have the same stable and good quality supply of power and equal opportunities for economic growth.
But equally significant is how this pioneering foray into BESS technology will pave the way for the integration of renewable power — generated from intermittent sources such as solar and wind — into the grid. With this, renewable power becomes a more viable option as a power source for the country.
In the next couple of years, SMCGP estimates the integration of up to 3000 MW of renewable power into the grid, due largely to its BESS facilities.
With its thrust now of focusing its capacity expansion on renewable sources such as solar and hydroelectric power, as well as cleaner alternatives to coal such as liquified natural gas, the next decade will see SMCGP continuing to adapt and innovate to meet the needs of our country, and the world.
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Leaders and businesses that remained on top despite the challenges brought by the coronavirus disease 2019 (COVID-19) pandemic were recognized at the 12th Asia CEO Awards, which is themed “Recover, Reset, and Reignite.”
Held annually since 2010, the Asia CEO Awards seeks to highlight leadership accomplishments that contribute to building the nation.
This year, notably, the Awards received its highest number of nominations, with 514 leaders and organizations coveting to be among the Circle of Excellence awardees and eventually become the grand winners.
Evaluating these leaders and businesses were the board of judges, comprising of Dr. Bernie Villegas, a distinguished economist, author, and professor in the Philippines; Don Felbaum, former president of America Chamber of Commerce; Oscar Sañez, CEO of Business Process Association of the Philippines; Atty. Darlene Berberabe, former CEO of Pag-IBIG Fund; Arch. Jun Palafox, Jr., principal architect of Palafox Associates; and Richard Mills, chairman of Asia CEO Awards.
DepEd Secretary Leonor Briones, recipient of the Lifetime Contributor Award for the public sector
This year, the Lifetime Contributor Award for the public sector went to the Department of Education Secretary Leonor Briones for being adamant that the development of the nation’s young people must continue.
Sec. Briones spent much of her career in the education sector. She was previously the Chair of the Board of Trustees of Siliman University and the Regent of the Universidad de Manila. Before her current post, she was the secretary of the Commission of Audit and served as the Treasurer of the Philippines. She also became the Lead Convenor of Social Watch Philippines.
“Very pleased that more and more public and private sector executive leaderships are getting together,” Ms. Briones expressed. “We used to think of each other separately because we thought we have different goals. Now, we see a confluence and convergence in meeting our common goals, especially at this time of the pandemic.”
San Miguel Corp. President & CEO Ramon Ang delivers the keynote during the ceremony.
Last year, San Miguel Corporation President and CEO Ramon S. Ang received a recognition from Asia CEO Awards as a Lifetime Contributor for the private sector. He delivered a keynote during this year’s awarding ceremony.
Exceptional leaders
The awards, held on Oct. 12, recognized numerous leaders, including young executives, women leaders, and expatriate executives.
Paolo S. Bugayong, the president and CEO of APPPPS Partners, Inc., is the grand winner of the Entrepreneur of the Year. Among the nominees for this award were Isagani G. Buenaflor, chairman of Diamond Rent a Car; Janice Arino, CEO of Service Economy Application Inc.; Josef Werker, CEO & co-founder of Humble and managing director of Penbrother; Laurice A. Chiongbian, president and CEO of Qavalo, Inc.; Jonathan So, VP and CEO of JC/Toktok; Dr. Carl E. Balita, president and CEO of Carl Balita Review Center; Felix Veroya, founder and CEO of Ask Lex PH Academy; and Jean Henri Lhuillier, president and CEO of PJ Lhuillier, Inc.
Josef Werker is the recipient of the grand award for the Young Leader of the Year. The other young leaders nominated for this award were Joshua I.L. Palisoc, COO of Ask Lex; Rodolfo Medina Jr, CEO and President of Medical Depot Young Leader; Atty. Jose Martin A. Loon, President and CEO of Cocolife; Angelo Tan Country Lead of International Finance Corp.; Dann Angelo de Guzman, founder and CEO of Cloudswyft Global; Avin C. Ong, CEO of Fredley Group; Jettson Yu, managing director of Prime Philippines; and Irymarc “Tryke” Gutierrez, CEO and co-founder of Tier One Entertainment.
Ana Patricia Non, the woman who started that Maginhawa Community Pantry, received the Young SHERO of the Year grand award. Other women leader awardees were Maureen Nova Ledesma, co-founder & CMO of Vesl Pte Ltd.; Nina Opida, co-founder & COO of Humble Sustainability; Joy Anya T. Lim, co-founder and creative director of Anthill Fabric Gallery; Malou Perez, Founder of Pawssion Project; Charlene Vee Tan, CEO of All Vision Business; Therese Clarence Fernandez-Ruiz, president and founding partner – of Rag2 Riches; Cecilia Therese Guiao, co-founder of Para Bukas; Karen Jane Salutan, CEO and founder of Pinoy Indie Films Road Show; Jenica Dizon, country director of Waves For Water Philippines; and Ray Alyannah Ysabel L. Lagasca, National Chairperson of Youth for Mental Health.
Myla Villanueva, chairman of MDI Novare Technologies, is the grand winner of the Global Filipino Executive of the Year. Among the business leaders who were included for such honor were Ronald Mascariñas, president of Bounty Agro; Lourdes Josephine Gotianun Yap, president and CEO of Filinvest Land and Filinvest Development Corporation; Gil G. Chua, group chairman and CEO of DDB Group; Valerie R. Badilla, CEO of Learn Group; Rosemarie Rafael, chairwoman and president of Airspeed Group of Companies; Antonio G. de Rosas, president and CEO of Prulife UK.
Michael McCullough, the chief executive officer of KMC Solutions, is the grand winner for the Expatriate Executive of the Year. The other nominees for this award were Raghu Krishnan, president and managing director of Johnson & Johnson Phils.; David Minol CEO of Home Credit; Jared Morrison, COO of VXI Global; Amit Jagga, SVP and Country Leader of Concentrix; John Nicholls Site Lead of Paypal; and Aseem Roy, Country Head of WIPRO.
The 12th Asia CEO Awards also recognized the extraordinary efforts of healthcare workers, particularly acknowledging the Philippine Medical Association and the Philippine Nurses Association for their “dedications and sacrifices in the battle against the COVID-19 pandemic” and being “part of Filipino heroes and heroines.”
Richard Mills, chairman of Asia CEO Awards, delivers a short message during the ceremony.
Leading companies
Organizations across industries and sectors were also recognized for their respective feats, be it in terms of corporate social responsibility, sustainability, or innovation, to name a few.
Magsaysay People Resources Corporation received the CSR Company of the Year grand distinction. Alaska Milk Corporation, Allianz PNB Life Insurance, Datamatics CMS Philippines, Home Credit, HSBC Philippines, Lexmark Research and Development Corporation, Reed Elsevier Shared Services (Philippines), Telstra International Philippines, and TELUS International Philippines were among the nominees for the CSR Company of the Year.
The Most Innovative Company of the Year went to Megawide Construction Corporation, topping Bountry Agro Ventures, CIMB Bank Philippines, Green Antz Builders, Land Bank of the Philippines, Lexmark Research and Development Corporation, and PayMaya Philippines.
Converge ICT Solutions, a major connectivity provider in the country, was awarded as the Technology Company of the Year. Cloudswyft Global Systems, DynaQuest Technology Services, FinScore, Microsoft Philippines, Multisys Technologies Corporation, PayMaya Philippines, and PCCW Solutions Philippines were also nominated for this award.
The Sustainability Company of the Year acknowledged Mondelez Philippines as its grand winner. Booth & Partners Philippines, Filinvest REIT Corporation, Land Bank of the Philippines, Mother Earth Foundation, NEO, and Philippine Securities and Exchange Commission were also among the nominees in this award.
The Wellness Company of the Year recognition went to Western Union, besting Qavalo, Inc., Sitel Philippines, PayPal Philippines, Genpact Services LLC – Philippine Branch, Johnson & Johnson Philippines/Johnson & Johnson Global Services, Quantrics Enterprises, Inc., and VXI Global Holding B.V.
The Service Excellence Company of the Year was bestowed to AC Health. The rest of the nominees were CGI Philippines, Inc., Magsaysay Shipping and Logistics, Concentrix Philippines, VXI Global Holdings B.V., HC Consumer Finance Philippines Inc. (HOME CREDIT), Wipro Philippines Inc., and Teletech.
Qavalo is honored as the SME Company of the Year. Pepper Money/PSO (Manila), MEGI Group, Victory Group of Companies, Morination Agricultural Products, Ask Lex PH Academy, and Fredley Group of Companies were also nominated for this recognition.
IBM won the Diversity Company of the Year over Metropolitan Bank, Mondelez Philippines, DMCI Holdings, Inc., Telstra International Philippines Inc., Western Union Services Philippines, Inc., and Bounty Agro Ventures, Inc.
The Top Employer of the Year is granted to San Miguel Corporation, winning over Real Estate – Fernando Zobel de Ayala, Datamatics CMS – Philippines, ING Business Shared Services B.V. Branch Office (IBSS Manila); Bountry Agro Ventures Inc., Wipro Philippines Inc., Manulife Business Processing Services, and Megaworld Corporation.
GT Capital Holdings, Inc. won the Executive Leadership Team of the Year. It has allocated P1.3 billion for various efforts to combat the COVID-19 pandemic, protect health workers and frontliners, build laboratories to process tests, and support several public hospitals and health research institutions. — Chelsey Keith P. Ignacio
The new vivo Y33s lands in stores nationwide bringing with it its massive 50MP main camera so users can take beautiful photos anytime, anywhere.
The newest entrant to the Y series allows users to flaunt their style day or night
Taking better, higher quality photos is now within reach as vivo Y33s lands in stores nationwide. Visit https://www.vivoglobal.ph/ for more details on vivo’s latest smartphone.
Taking mobile photography to the next level
Boasting a massive 50MP main camera that features the latest EIS technology that allows for more stable images and videos coupled with a 16MP front camera, users can easily focus on the moment and capture the moments that matter most.
The main camera’s JN1SQ03 image sensor boasts 50 million physical pixel points and outputs that redefines high-definition photography and lets you capture life’s best moments effortlessly by getting pristine clarity when you zoom in or crop.
No matter whether its high noon or in the middle of the night, the newest entrant to the beloved Y series can take sensational portraits no matter the setting with its Super Night Selfie technology that provides noise reduction and Smart Screen Flash to light up your face against a background that’s rich in detail for clear and natural results.
Together with its multi-style portrait technology, the front camera offers a selection of styles to suit every mood or outfit, while Face Beauty and bokeh helps users achieve a glamorous yet natural look.
Save precious memories in video format with the EIS Ultra Stable Video feature that stabilizes videos even those taken during high-octane activities and level up your editing skills with Face Beauty for Videos that turn raw footage into beautiful reels that clearly capture the highlights of your life.
Work smarter, play harder
Whatever your passion, vivo Y33s is the perfect partner with its 128GB ROM and 8GB+4GB Extended RAM that allows you to comfortably multitask–at work, at home, and even at play.
With its Helio G80 processor, gamers can unleash their full potential and win every moment. Meanwhile, vivo’s Multi-Turbo 5.0 enhances data connection, system processor speed, and power-saving performance to a whole new level.
Never worry about overheating even during intense gaming sessions with a liquid cooling solution across five components. Its huge 5000mAh battery and 18W Flash Charge ensures that users have enough juice for whatever and wherever their day takes them.
Combining all these specs and features together brings a super value-for-money device perfect for any kind of lifestyle.
Get the new vivo Y33s and focus on the moment in vivo stores and kiosks nationwide and via the vivo Official Stores in Lazada or Shopee for P12,999. For more information about vivo’s products and services, visit www.vivoglobal.ph and follow vivo Philippines on Facebook, Twitter, and Instagram.
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THE HOUSE of Representatives has realigned P65.5 billion of the proposed 2022 national budget to fund the procurement of coronavirus disease 2019 (COVID-19) vaccine booster shots, assistance for displaced workers and the downpayment for C-130 aircraft for the military.
Eric G. Yap, chairman of the House Committee on Appropriations, on Thursday said the amendments to House Bill (HB) No. 10153 or the General Appropriations Act of 2022 have been approved by the small committee composed of majority and minority leaders.
The committee was tasked to consolidate the proposed changes to HB 10153, after it was approved by the House on third and final reading on Sept. 30.
Mr. Yap in a statement said the House expects to transmit the final copy of the proposed P5.024-trillion spending plan to the Senate by Oct. 27. Congress resumes session on Nov. 8.
“We have appropriated additional budget to (concerned) agencies to further enable them to swiftly, efficiently, and effectively address the needs of the Filipino people,” Mr. Yap said in a statement, which did not say where the fund realignments were sourced.
According to Mr. Yap, the Health department will receive an additional P29.5 billion, including P20 billion for the procurement of COVID-19 vaccines and booster shots, P5 billion for medical assistance to indigent patients, and P4.5 billion for special risk allowance for private and public health workers.
Under the 2022 National Expenditure Program (NEP) submitted by the Budget department, the P45.4 billion for booster shots was placed under the unprogrammed fund.
Health Secretary Francisco T. Duque III last month said the department proposed P50.4 billion for the allowances of health workers, but this was slashed by the Executive department.
The House also realigned P10 billion for the Labor department’s Tulong Panghanapbuhay sa Ating Disadvantaged or Displaced Workers program which seeks to provide emergency employment for up to 30 days. The program was originally given only P21.04 billion under 2022 NEP.
The Department of Social Welfare and Development will also get P11 billion in additional funds for its crisis assistance and livelihood programs.
The Department of Transportation (DoTr) will also receive an additional P6 billion for the service contracting program for displaced public utility vehicle (PUV) drivers.
DoTr Undersecretary Giovanni Z. Lopez had previously said that P10 billion originally proposed for the program was not included in the NEP.
Four state universities in the Bangsamoro Autonomous Region in Muslim Mindanao, which were earlier unfunded, has been given P504 million for their operations.
The House also realigned P3 billion for the Department of Information and Communications Technology’s National Broadband Program.
Lawmakers also approved the allocation of P5.5 billion for the Defense department, which will be used as downpayment for fiveC-130 J planes.
“Our commitment remains the same: to provide the enabling mechanisms for a responsive and dynamic governance and to strengthen the capabilities of the government in addressing the effects of the pandemic,” Mr. Yap said. — Russell Louis C. Ku
THE GOVERNMENT is open to raising more funds through global bonds as it evaluates coupon rates and exchange rate risks, the Finance chief said on Thursday.
“We are looking at a possible issuance of bonds,” Finance Secretary Carlos G. Dominguez III said in an interview with Bloomberg Television on Thursday.
He said the government would assess coupon rates, tenors, and exchange rate risks before making a decision.
“That is the most important thing now — we want to stretch our tenors further. And of course, what is the exchange rate risk?” Mr. Dominguez said.
“So far, in our case, we have a total of almost a $108 billion in reserves against our total debt of around $100 billion. So, we’re very comfortable that our foreign exchange reserves will see us through any possible challenge on the peso.”
In a Viber message to reporters, Mr. Dominguez said that “all options are open as we evaluate the alternatives against longer tenors, lower cost and less exchange rate risk.”
This year, the government raised $3 billion (P146 billion) from the sale of US dollar-denominated global bonds in a dual-tranche offering.
It also raised €2.1 billion (P122.4 billion) from a triple-tranche offering of euro-denominated bonds and ¥55 billion (P24.2 billion) from a three-year, Japanese yen-denominated Samurai bond offering.
The government last month also raised an initial $866.2 million (P43.81 billion) from its maiden offering of retail dollar bonds targeted at individual investors after a series of promotional events aimed at Filipinos working overseas.
“We were quite surprised that the uptake was actually four times more than we expected,” Mr. Dominguez said.
He said that a 60% debt-to-GDP ratio is still achievable for the country, noting that the economy could be “very robust as soon as the restrictions on mobility are lifted.”
As Metro Manila transitions to less restrictive coronavirus lockdown restrictions that would allow more business activity, Mr. Dominguez said that the government expects to meet the 4-5% gross domestic product (GDP) target.
“We still quarantine areas depending on the number of (coronavirus) cases they have so it’s very, very targeted and we expect our economy to really start opening up this quarter,” he said.
Second-quarter GDP grew by 11.8% year on year, bringing average growth to 3.7% in the first half. The Philippine economy contracted by a record 9.6% in 2020 due to long and stringent lockdowns in the capital.
The capital region will be placed under Alert Level 3 from Oct. 16 until the end of the month. — Jenina P. Ibañez
BANGKO SENTRAL NG PILIPINAS GOVERNOR BENJAMIN E. DIOKNO — PHILIPPINE STAR/ GEREMY PINTOLO
THERE MAY BE no need for the central bank to provide additional bridge financing for the National Government (NG) amid the further reopening of the economy, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said on Thursday.
“The way I see it, now that we have turned a corner — I’m positive about this, the number of cases has been cut, we’re now reopening the economy — maybe there’s no more need for the P540-billion bridge financing for the Department of Finance (DoF),” he said at an online briefing.
The direct advances so far availed by the National Government are in line with the Republic Act 7653 or the New Central Bank Act, which allows the BSP to lend 20% of its average revenue to the government. This is equivalent to P540 billion.
Mr. Diokno said the 30% increase that allows the National Government to access up to P850 billion in direct advances authorized by the Congress through Republic Act 11494 or the Bayanihan to Recover as One Act has not been tapped by the DoF so far.
“So I don’t see any need for additional bridge financing other than the P540 billion which is currently being made available to the DoF,” he said.
The BSP in July granted a P540-billion short-term, no-interest loan to the National Government payable within three months. This is the fourth time it provided direct advances to the National Government since the pandemic started.
National Treasurer Rosalia V. de Leon said in a Viber message that the payment for the loan has been “extended for another three months,” similar to the previous agreements.
Asked whether the National Government has been over-relying on the central bank, Mr. Diokno said: “The short answer is no. The unprecedented nature of the shock caused by the coronavirus disease 2019 pandemic required a whole of government approach to address the crisis.”
“The BSP and the National Government’s policy actions are part of the coordinated and complimentary policy responses for both monetary and fiscal authorities to restore market confidence, mitigate the impact of debt crisis, facilitate economic recovery, and minimize the long-term scarring effects on the economy,” he added.
Mr. Diokno also noted that “heavy lifting came from fiscal authorities as policy interventions such as pro-poor spending programs, public health measures and social protection schemes are more targeted and directed.”
Legislators have been pushing for a third stimulus package worth up to P400 billion. While Bayanihan III has been approved by the House of Representatives, it is still pending at the Senate. — Luz Wendy T. Noble
RULE OF LAW in the Philippines remains one of the weakest in East Asia and the Pacific, according to the World Justice Project Rule of Law Index 2021. — PHILIPPINE STAR/ MICHAEL VARCAS
By Bianca Angelica D. Añago, Reporter
RULE OF LAW in the Philippines remains one of the weakest in East Asia and the Pacific, as the country’s ranking slipped three spots in the World Justice Project (WJP) Rule of Law Index 2021.
The WJP Rule of Law Index, which is based on surveys of more than 138,000 household and 4,200 experts in 139 countries, showed the Philippines fell to the 102nd spot this year.
The Philippines’ score also dropped by 2.9% in this year’s index to 0.46 on a zero to one scale. A score of one indicates the strongest adherence to the rule of law.
The score placed the Philippines at 13th out of 15 countries in the East Asia and the Pacific region, unchanged from the previous index and ahead only of Myanmar and Cambodia.
The country slumped to 18th out of the 35 lower-middle income countries, from 13th last year.
“Significant trends for the Philippines included a deterioration in the factor measuring order and security,” the WJP said.
For order and security, the Philippines ranked 110th with a score of 0.63 from 0.65, previously. The Philippines placed 120th in the factors measuring criminal justice with a 0.31 score, and 123rd for fundamental rights with a score of 0.39.
On the other hand, the country stood at 71st place with a 0.50 score in the factor measuring open government, and 77th spot with a 0.44 score for “absence of corruption.”
Topping the WJP Rule of Law Index are Denmark, Norway, and Finland, the same as last year.
On the other hand, the Congo Democratic Republic, Cambodia, and Venezuela, remained in the bottom three.
For the East Asia and the Pacific region, the top three countries in the index are New Zealand, Australia, and Japan. Japan replaced Singapore as one of the region’s top three countries last year. Singapore slid to fourth place this year.
The WJP said this year’s index showed more countries declined in overall rule of law performance for the fourth straight year.
“With negative trends in so many countries, this year’s WJP Rule of Law Index should be a wakeup call for us all. Rule of law is the very foundation of communities of justice, opportunity and peace. Reinforcing that foundation should be a top priority for the coming period of recovery from the pandemic,” WJP Co-Founder and CEO Bill Neukom was quoted as saying in the statement.
The Philippine’s overall position in the WSJ Rule of Law index has steadily declined since 2015 when it ranked 51st, dropping to 70th in 2016. It ranked 88th in 2017 and 2018, and 89th in 2019.
Asked to comment on the country’s drop in ranking, Justice Secretary Menardo I. Guevarra said in a mobile message that the general crime rate “has been on a downtrend, and that our law enforcement, prosecutorial, and judicial institutions, while not perfect like all other human institutions, are nevertheless functioning as they should.”
In a mobile message, University of Santo Tomas Political Science Professor Marlon M. Villarin said the decline in the Rule of Law Index is likely to continue “until the government would be able to resolve…all issues pertaining to abuses committed by government agents on the implementation of (President Rodrigo R.) Duterte’s war on drugs.”
A 2020 report by the United Nations Office of the High Commissioner for Human Rights estimated that there have been more than 8,000 deaths related to the drug war since it started in July 2016.
Last month, the International Criminal Court announced that it will open a full investigation into the Philippines’ war on drugs and the alleged Davao Death Squad.
University of the Philippines Political Science Professor Maria Ela L. Atienza added that illegal drugs remain a problem in the country, hence there is a “continuing dominance of (Mr. Duterte) and the Executive branch vis-a-vis the legislature and the judiciary instead of the checks and balances principle being observed, continuing cases of graft and corruption, and threats to freedom of speech, assembly and the press.”
National Union of Peoples Lawyers President Edre U. Olalia in a phone interview said this result is “both a wakeup call and a sad commentary on the state of rule of law in our country.”
“The fact that the Philippines, in the index, failed in fundamental rights and criminal justice system means that there is something terribly wrong, (and) this does not give any comfort in the public’s confidence in the justice system,” he added.
SWEDISH furniture maker IKEA’s franchisee in Southeast Asia and in Mexico reported a 3.3% turnover growth in its financial year ending August 2021 to generate P42.1 billion, driven by the new stores in Singapore and Mexico.
Ikano Retail is one of the 12 IKEA franchisees, which operates in Malaysia, Singapore, Thailand, and Mexico through 11 IKEA stores and five IKEA-anchored shopping centers.
It is also the firm behind the world’s largest IKEA store, IKEA Pasay City, which will launch soon in the Philippines.
“We lost 17% of our trading days, faced the worst supply challenges in our history and contended with limits on food operations and further restrictions,” Ikano Retail Chief Executive Officer Christian Rojkjaer said in a statement on Thursday.
However, Mr. Rojkjaer said e-commerce sales in Ikano’s markets grew by 57% to P7.7 billion.
For its financial year covering September 2020 to end-August 2021, visits to the IKEA websites by those within Ikano’s markets totaled 113 million. Of which, about a million are traced back to the Philippines.
Some 864,000 online orders were placed in Ikano’s current four markets, which is 64% higher year on year.
In Southeast Asia, Ikano said it also relaunched IKEA for Business and new IKEA Planning Studios were opened in Thailand and Singapore.
Ikano Centres, which are said to be meeting places, in Malaysia and Thailand also secured a healthy lease rate of 92%.
“We made sure that our centers continue to be meeting places for the many, offering a safe and fun day out as our economies open up and learn to live with COVID-19 (coronavirus disease 2019),” said Mr. Rojkjaer.
Ikano’s turnover in Malaysia declined by 13.9% year on year to P14.8 billion. Malaysia is home to four IKEA stores, IKEA Damansara, IKEA Cheras, IKEA Tebrau, and IKEA Batu Kawan.
Meanwhile, Singapore saw a 21% growth in revenues to P13.4 billion. It has three IKEA branches, including the newly opened small-format IKEA Jurong, IKEA Tampines, and IKEA Alexandra.
Thailand is home to three IKEA stores, namely: IKEA Bangna, IKEA Bang Yai, and IKEA Phuket. Turnover in the country for the fiscal year inched down by 3.3% to P12.1 billion.
Ikano opened its first store in Mexico City, IKEA Oceania, which accounted for P1.8 billion. It is the first in Latin America and recorded 15 million visits both in IKEA Oceania store and its website.
Ikano reported that 2.9 million are members of the IKEA Family loyalty club, of which 206,000 are from the Philippines. — Keren Concepcion G. Valmonte
FOLLOWING in the footsteps of Disney+ which consolidated its numerous brands and channels into one streaming service, here comes discovery+, a subscription streaming service from Discovery, Inc. which is now live and available, giving customers access to 20,000 episodes from Discovery’s iconic brands, the BBC, the History Channel, TLC, Asian Food Network, HGTV, Food Network, Investigation Discovery, Discovery Channel, Animal Planet, and more, along with exclusive originals.
Thanks to a partnership between discovery+ and Globe Telecom, Inc., Globe subscribers now have access to the service on very favorable terms.
Aside from familiar shows from channels like TLC and the History Channel, discovery+ also has original content that is exclusive to the streaming service. JB Perrette, CEO of Discovery International, said during a press conference this week that original content will premiere on the service every week.
Discovery+ is available across multiple platforms, including connected TVs, web, mobile, and tablets. Platforms at launch include iPhone, iPad, iPod touch and Google devices and platforms, including Android phones and tablets, Google TV and other Android TV OS devices, and Google Chromecast and Chromecast built-in devices. Each subscription includes up to five user profiles and four concurrent streams.
Globe Telecom, Discovery, Inc.’s partner for entering the country, is offering multiple deals to its subscribers. Globe’s customers on select plans can access exclusive, limited time, discovery+ offers. Globe At Home customers who purchase a Globe Streamwatch 2-in-1 Entertainment Box are eligible for a year of access to discovery+ at no additional cost. Globe at Home Prepaid WiFi customers who load HomeSURF999 or HomeSURF1499 via the Globe At Home app are also eligible for this one-year of access, which can be claimed once per user. Globe, TM, and Globe at Home customers are also eligible to purchase one year’s access for P129 instead of the standard price of P999.
“We have cemented our leadership in lifestyle and factual content in the Philippines since we launched here more than 25 years ago,” said Tony Qiu, General Manager for East and Southeast Asia of Discovery, Inc.
“The launch of discovery+ in the Philippines represents another step forward in the platform’s global expansion and further strengthens our direct-to-consumer proposition across Asia Pacific,” said Simon Robinson, President, Asia Pacific, Discovery, Inc., in a statement last month.
Some of the shows appearing on the streaming platform include 90 Day Fiancé, Naked and Afraid, and Ghost Adventures. The service will also bring to the Philippines the hit series Drag Race, featuring international adaptations of the franchise, as well as the highly anticipated Drag Race Philippines in 2022.
The extensive library of top true crime content from Investigation Discovery will be available in the Philippines on discovery+, including launch titles Unseamly: The Investigation of Peter Nygård, Signs of a Psychopath, Evil Lives Here, and If I Can’t Have You: The Jodi Arias Story.
The service also features exclusive content from OWN, the joint venture with Oprah Winfrey, as well as premium shows from Magnolia Network, the multiplatform joint venture with Chip and Joanna Gaines, including Fixer Upper: Welcome Home and Magnolia Table with Joanna Gaines.
Additionally, discovery+ offers a definitive collection of nature and environmental programming, headlined by access to the BBC’s largest natural history offering, including Planet Earth and Blue Planet, as well as top non-fiction library content from History Channel, including Pawn Stars, Storage Wars, and The UnXplained, and VICE, such as Most Expensivest with 2Chainz and Point Blank.
Additional hit international content includes I Can See Your Voice US, MasterChef, and The Boulet Brothers’ Dragula, as well as all 12 seasons of Anthony Bourdain: Parts Unknown.
“We know how passionate Filipinos are about Discovery’s iconic shows and personalities,” said Mr. Qiu. “The launch of discovery+ represents the next step in our journey here.” — JL Garcia
JOLLIBEE Foods Corp. (JFC) listed its P12-billion follow-on offering of preferred shares, attracting retail investors as the base offer is said to be more than three times oversubscribed.
“It humbles us to see that our offering of eight million preferred shares has been oversubscribed by 3.11 times,” Ernesto Tanmantiong, president and chief executive officer of JFC, said during the listing ceremony on Thursday.
“Thank you especially to the retail investors who accounted for the vast majority of the investment in our preferred shares,” he added.
JFC offered in total 12 million Series A preferred shares with a 3.2821% per annum (p.a.) rate and Series B shares with a rate of 4.2405% p.a. for P1,000 each. The company allocated an overallotment option of four million shares.
The P12-billion preferred shares offering is said to be the company’s second capital raising activity at the Philippine Stock Exchange (PSE) since its market debut in 1993.
The offered shares form part of the first tranche of JFC’s shelf-listed P20-billion preferred shares, the remaining will be offered within three years.
Majority of the proceeds from the offering will be used to partially buy back JFC’s senior perpetual securities and for general purposes, such as the company’s commissary and plans for store expansion.
Its wholly owned unit Jollibee Worldwide Pte. Ltd. (JWPL) is buying backup to $250-million guaranteed senior perpetual securities as JFC continues its plans to have a stronger balance sheet through “fewer debt obligations, more distributed financial maturities over the next few years,” among others.
PSE Chairman Jose T. Pardo said the results of JFC’s follow-on offering “reflects the confidence that investors have in the company’s leadership and management, the brands in its portfolio, and its strategic initiatives moving forward.”
JFC is now operating 17 brands in 34 countries with over 5,800 stores across the globe. The company attributes its success to its listing at the PSE, which “gave a significant contribution” to its growth.
“[Going public] enabled us to broaden our capital, invest in more restaurant outlets and factories, and acquire local and foreign brands,” said Mr. Tanmantiong.
“We list our first-ever preferred shares on the [PSE] with the conviction that the future of the Jollibee group of companies is even brighter,” he added.
JFC is planning to further expand its stores in North America and in Europe as well as become “a major player” in the Middle East, Asia, and Australia. It aims to be “one of the top five restaurant companies in the world.”
On Thursday, JFC shares at the stock exchange gained 6.39% or P13.80, closing at P229.80 apiece. — Keren Concepcion G. Valmonte
ASIDE from existing content, Discovery, Inc.’s new streaming service discovery+ will also have shows that are original and exclusive only to the platform, many of which are companion shows or expansions to existing franchises. Here’s a teaser of those shows available upon downloading the app.
90 Day Bares All: Hosted by Shaun Robinson, this companion series to 90 Day Fiancé bares the lies, the secrets, and everything they couldn’t show on TV. The show puts cast members in the hot seat where they reveal pivotal new information and speak completely uncensored.
90 Day Diaries: Another companion series to 90 Day Fiancé, the show gives an intimate look into the lives of 90 Day Fiance couples, told from their perspective. Without producers or crew, the cast members film themselves in their day-to-day lives, as they navigate the COVID-19 pandemic and all of the new challenges it brings to their relationships.
90 Day: The Single Life: Yet another companion series to 90 Day Fiancé, the show follows six single cast members from previous seasons of 90 Day Fiancé who are looking to find love again, while attempting to let go of baggage from their past.
Prisoner of Love: This series follows prison matchmaker Chelsea Holmes as she helps her clients find love with compatible inmates.
Say Yes to the Dress: In Sickness and In Health: During the coronavirus disease 2019 (COVID-19) pandemic, brides have had their wedding dreams crushed, but Say Yes to the Dress star Randy Fenoli and designer Hayley Paige will stop at nothing to help these women have their special day.
My Feet Are Killing Me: Footnotes: The foot doctors of My Feet Are Killing Me present never-before-seen cases, as well as follow-ups with memorable patients.
Long Island Medium: In light of COVID-19 restrictions, medium Theresa Caputo delivers messages and readings without always leaving her home. This season features those who couldn’t say goodbye to loved ones, and celebrities receiving virtual readings.
Guy! Hawaiian Style: TV chef Guy Fieri takes his family on a 20-day adventure to Hawaii, exploring it by land, sea and air. In addition to deep-sea fishing and catching waves, they dive into some of Hawaii’s best eats.
Cocktails & Tall Tails with Ina Garten and Melissa McCarthy: Daytime Emmy Award-winning host Ina Garten and Primetime Emmy Award-winning actress, writer, and producer Melissa McCarthy have long been fans of one another from afar. Now the two get to meet — virtually that is — as they explore new cocktail concoctions.
Bobby and Giada in Italy: Longtime friends and celebrity chefs Bobby Flay and Giada De Laurentiis take viewers on a culinary tour of Italy.
Duff’s Happy Fun Bake Time: Baker Duff Goldman, along with a cast of puppets from The Jim Henson Company, teaches the basics of cooking and how ingredients work together.
Amy Schumer Learns to Cook: Uncensored: An updated and uncensored look at the Emmy-nominated series featuring the comedian, Amy Schumer.
Luda Can’t Cook: Ludacris is both a legendary rapper and successful restaurateur, but his skills in the kitchen don’t match his talent in the studio — and this show proves it.
Mary McCartney Serves it Up: Mary McCartney (a photographer and a daughter of that Beatle) invites viewers into her London kitchen to serve up family favorites and vegetarian food her friends adore. In each episode, she’ll be joined by a famous friend, including Cameron Diaz and Nicole Richie, Dave Grohl, Kate Hudson, Gayle King, Mark Ronson and Liv Tyler.
Cakealikes: A comedic cake off competition challenges experts to create life-size cakes that are the spitting image of famed celebrities. It is hosted by Tregaye Fraser and judged by hyper realistic cake artist Natalie Sideserf, with food commentator Kalen Allen, and a rotating guest judge.
Christina: Stronger by Design: Christina Anstead, star designer and home renovation expert, starts a fresh chapter in her life and reflects on what inspires her as she rethinks her own home’s design. She also shares her personal wellness journey, her routine for self-care and a few of her favorite go-to beauty regimens with her makeup artist and best friend Shannon.
Design Star: Next Gen: Eight designer/renovators are brought to the Design Hub, a custom village where they face a gauntlet of challenges. Celebrity guests join Allison Holker Boss and judges Jonathan Adler and Lauren Makk as designers compete for $50,000 and their own show.
One Week to Sell: Interior designer and home stager Taylor Spellman transforms unsold homes into hot properties. Aided by Kate Dickens, Spellman creates personalized design plans for lagging listings, making them market-ready with high-end style on a small budget.
Clipped: Hosted by actor Michael Urie, with judges Martha Stewart, lifestyle/landscape expert Chris Lambton, and landscape designer Fernando Wong, this is the first-ever competition series set in the world of topiary. Each week a topiarist is eliminated until one triumphs as “Clipped Champion” and wins $50,000.
Frozen in Time: Maureen McCormick and designer Dan Vickery overhaul homes that are stuck in a design time warp.
Home Town: Ben’s Workshop: Master woodworker Ben Napier will share his expertise in craftsmanship and carpentry with celebrity guests including astronaut Scott Kelly, tennis legend Martina Navratilova, comedian Loni Love, and country singer Chris Lane in this four-episode series.
Unseamly: The Investigation of Peter Nygård: Canadian King of Polyester Peter Nygård built an international fashion empire and led an extravagant lifestyle constantly surrounded by beautiful, young women. But hiding beneath the outlandish public persona, scores of women say, was a dangerous sexual predator. Their accusations led to an investigation by the FBI and Mr. Nygård’s December arrest in Canada for extradition to the United States. Now, Mr. Nygård and his alleged crimes are exposed in a documentary nearly two years in the making.
If I Can’t Have You: The Jodi Arias Story: One of the most heavily covered murder cases of all time, Jodi Arias was put on trial for the murder of Travis Alexander. This special grants viewers access to Arias’ personal diaries, unseen police interviews and exclusive testimony, and interviews with the defense, prosecution, and friends and family of those connected to the case.
Children of the Cult: It started as a Christian community in the 1960s, but the Children of God soon became a notorious cult, rife with corruption, trafficking, and abuse. Three British women born into the cult tell the story of how they escaped and helped bring it to justice.
JonBenet Ramsey: What Really Happened: This feature-length documentary exploring the JonBenet Ramsey case, one of America’s most notorious unsolved murder mysteries, showcases the exclusive and previously unheard audio diaries of detective Lou Smit, who worked on 200 murder cases and was brought out of retirement in Denver to work on this homicide.
Queen of Meth: Meth didn’t start at our border, it started with Lori Arnold, sister of star Tom Arnold, in a cabin in Iowa back in 1984. By 1986 she was at the center of the country’s meth boom – the Queen Pin of a multimillion-dollar enterprise, manufacturing and distributing the drug throughout the Midwest. Now, for the first time, she tells her whole story.
American Detective with Joe Kenda: Homicide detective Lt. Joe Kenda is back exclusively on discovery+ with an all-new series.
Onision: In Real Life: Greg Jackson, aka “Onision,” discovered YouTube when the platform was still new in the digital world. And as the power of YouTube grew, the character “Onision” grew with it, luring in viewers with his off-kilter, opinionated and dark humor. But while his channels were twisted, his real life might be more sinister. This investigative series explores the mystery, controversy and alleged criminality surrounding Greg Jackson.
Gold Rush: Freddy Dodge’s Mine Rescue: Gold recovery expert Freddy Dodge helps struggling mine owners in this six-part series.
Beyond Borders: On Aug. 13, pilot Juan-Peter Schulze and travel vlogger Louis Cole set off to circumnavigate the world in a single-engine, 1974 Cessna T210L airplane. The duo had 81 days to complete the journey.
First To The Top Of The World: It starts out like a bad joke — an insurance salesman and a doctor walk into a bar — but this epic, true story ends with the most unlikely team of explorers re-writing the history books by becoming the first people to actually reach the North Pole.
Expedition Deep Ocean: Multibillionaire and adventurer Victor Vescuvo sets off to build and navigate a vessel that can safely take him to never explored ocean floors around the world.
Attack of the Murder Hornets: In this program, horror movie producer Michael Paul Stephenson crafts the definitive documentary, equal parts horror and camp, following the wacky and motley cast of characters at the Department of Agriculture whose urgent mission is to find, trap and destroy these giant hornets before the slaughter season begins.
Meet the Meerkats: This is the story of very special meerkat families. Rescued from the illegal wildlife trade, they’re being returned to their rightful home, the Kalahari.
Homemade Astronauts: Meet the leaders of a new movement — the DIY (do-it-yourself) space race.
Francesco: From Oscar-nominated director and producer, Evgeny Afineevksy, Francesco features unprecedented access to Pope Francis.
Valley of the Kings: The Lost Tomb: The Eastern Valley of Egypt’s The Valley of the Kings has more than 60 tombs but just over a ridge is the unexplored Western Valley. Archaeologists led by Zahi Hawass is going into the Western Valley of the Kings to hunt for evidence of a new tomb.
Lily Topples the World: This coming-of-age story of artistry, passion and unlikely triumph follows 20-year-old Lily Hevesh, the world’s greatest domino toppler and the only woman in her field.
Ghost Adventures: Cecil Hotel: The Ghost Adventures team investigates an LA hotel with a long history of unnatural deaths and dark forces.
Fright Club: A frighteningly friendly competition to freak each other out with the creepiest, craziest paranormal evidence ever caught on camera featuring Jack Osbourne and the Ghost Brothers – Dalen Spratt, Marcus Harvey and Juwan Mass.
The Haunted Museum: The creepy collection of haunted artifacts housed inside Zak Bagans’ Haunted Museum are getting the spotlight in this new horror anthology series produced in collaboration with filmmaker Eli Roth.
The Exorcism of Roland Doe: A secret diary reveals shocking new details of the real exorcism case that inspired the iconic horror film The Excorcist.
Sing Again: Former K-pop singers take to the stage for another chance to sing again in this new competition show.
It Takes A Village: Tasked with building an eco-friendly house from scratch, the Korean celebrity participants must also grow seasonal crops or find food in nature as they attempt to survive country life.
INVESTORS in SPC Power Corp. have given the green light for the company to embark on the exploration and development of renewable energy (RE) resources.
In a regulatory filing on Thursday, SPC Power said that majority of its shareholders allowed the firm to revise its articles of incorporation, reflecting its planned foray in the RE business.
Stockholders representing more than two-thirds of the outstanding capital stock voted to include in the firm’s primary purpose, “to carry on the general business of exploration, development and utilization and/or lease of natural resources, such as… solar, wind, biomass, hydro, geothermal, ocean, wave and other RE sources of power or hybrid systems, for the production of electricity.”
They also allowed the company to own, lease and develop real or personal properties, including land; and invest in the management of domestic corporations, partnerships and entities to attain its primary purpose.
The development comes two months after the listed electricity retailer’s board cleared its amended articles of incorporation.
Earlier in May, SPC Power said it is keeping RE projects “on its radar,” after sharing its plans to build one solar project and two battery energy storage facilities.
The firm added it is also looking at partnering up with a hydro power generation firm, but provided no further details.
According to its annual report, SPC Power holds a 40% share in KEPCO SPC Power Corp., which maintains a 200-megawatt circulation fluidized combustion coal-fired power plant in Naga, Cebu.
Shares in SPC Power at the local bourse improved by 2.99% or 40 centavos to finish at P13.80 apiece on Thursday. — Angelica Y. Yang
