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BPOs allowed to continue WFH scheme until March

BW FILE PHOTO

Outsourcing firms operating in economic zones are allowed to implement remote work arrangements until March 2022 as the pandemic continues, the Finance department said in a statement. 

The Fiscal Incentives Review Board (FIRB) has issued Resolution No. 19-21 which allows Information Technology and Business Process Management (IT-BPM) firms in ecozones to adopt up to 90% work-from-home scheme until  

Jan. 1, 2022, after which a 75% ceiling will be in place until March 31, 2022. 

However, the FIRB said if the state of calamity will be extended after Jan. 1, the 90% ceiling will be maintained until end-March.  

The 90% WFH setup was supposed to have ended this month, as the national state of calamity was scheduled to have ended.  

President Rodrigo Duterte has extended the state of calamity in the country until September 2022. 

“The policy was set by the FIRB to address the work constraints brought about by the pandemic in accordance with the provision in the implementing rules and regulations of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which gives an investment promotion agency (IPA) the authority to implement temporary measures as long as these are approved by the FIRB to help registered business enterprises recover from a pandemic, national emergencies, or major disasters,” the Department of Finance said. 

Under the resolution, IT-BPM firms were required to submit information to their respective IPAs by Sept. 30 if they want to continue with WFH arrangements. These include the number of employees and those who are working from home, as well as equipment and assets brought out of the ecozones.  

The IT-BPM firms should also include the acquisition costs, book value, and bond amount to cover 150% of the taxes for resources that were brought outside ecozones. 

“Bonds shall be posted for all equipment (e.g. desktops and laptops) deployed by the RBE (registered business entity) to their employees’ homes, to ensure payment of taxes and duties if any such equipment is not returned to the site of the RBE after the WFH arrangement,” the memo stated. 

IT-BPM companies should also submit updated information to the IPAs within five days after the end of each month. 

Firms are given until Sept. 30 to submit to their IPAs a certification that the export requirement and the number of employees will be maintained. 

Businesses that fail to comply with the requirements may face suspension, withdrawal or removal of tax incentives.  — Luz Wendy T. Noble 

Metro Manila retail price growth slowest in five months in July

The growth in retail prices of general goods slowed in July. -- PHILIPPINE STAR/ MICHAEL VARCAS

RETAIL PRICE growth of general goods in the National Capital Region eased to its slowest pace in five months in July, the Philippine Statistics Authority (PSA) reported on Friday. 

The general retail price index (GPRI) registered a 1.8% growth in July, decelerating from the 2% rise in June but faster than the 1.5% a year ago. 

The July performance marked the slowest in five months or since the 1.6% annual growth recorded in February.  

Metro Manila’s retail price growth averaged 1.9% so far this year, faster than the 1.2% average in 2020’s comparable seven months. 

The PSA attributed the downtrend mainly to the lower year-on-year growth in the prices of beverages and tobacco at 6.9% in July versus 9% in June. 

The GRPI also posted slowdowns in the subindices of food (1.7% in July from 1.9% in June); mineral fuels, lubricants and related materials (13% from 13.6%); chemicals, including animal and vegetable oils and fats (0.8% from 0.9%); machinery and transport equipment (0.3% from 0.4%); and miscellaneous manufactured articles (0.3% from 0.4%). 

Price growth in crude materials, inedible except fuels; and manufactured goods classified chiefly by materials retained their previous month’s annual growth rates of 1.6% and 1.0%, respectively. 

“The drop in GRPI is to be expected with economic activity on the downtrend…,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail interview. 

Mr. Mapa said the deceleration of GRPI is in stark contrast with the pickup in the CPI (consumer price index) basket, which can be traced to the composition of the two baskets. 

“The most common item in both baskets are food and beverage which both comprise the lion’s share of the GRPI and CPI baskets and these items have seen a stark pickup in price pressures of late, driving overall headline print close to 5%.  Thus, we can surmise that despite the stark pickup in food inflation, the GRPI remains much slower than CPI inflation as the price of all other items (crude materials, chemicals, manufactured goods, machinery and miscellaneous articles) are all on the downtrend,” Mr. Mapa explained. 

“This decline in price pressure for these other items can be traced directly to the economic recession that the Philippines continues to endure.  With the Philippines not likely to exit from recession soon, we could see GRPI and CPI diverge for the balance of the year,” he added

WHOLESALE PRICES ALSO DOWN 

In a separate report by the PSA, the general wholesale price index (GWPI) posted a 2.2% growth in June — the slowest since the 2.1% growth rate posted in January.  

Driving the June outcome were moderating price increases in food (0.5% from 2.2% in May); beverages and tobacco (4.1% from 6.3%); crude materials, inedible except fuels (39.2% from 44.9%); mineral fuels, lubricants, and related materials (15.9% from 18.7%); chemicals including animal and vegetable oils and fat (5.7% from 5.9%); and manufactured goods classified chiefly by material (0.8% from 0.9%). 

In contrast, the subindices of machinery and transport equipment and miscellaneous manufactured articles picked up to 0.9% and 3.0%, respectively, from 0.8% and 0.7% in May.  

Of the three major island groups, only Mindanao saw a pickup in general prices as its GWPI rose by 4.8% from 4.2% the month before. 

Meanwhile, wholesale prices in Luzon and the Visayas eased by 2.1% (from 3.0%) and 0.4% (from 0.8%), respectively. — Abigail Marie P. Yraola 

Exporters call for changes to PHL shipping rules

The Philippines’ trade in merchandise goods continued to rebound in May. -- Reuters

Exporters and logistics groups are proposing longer-term changes to Philippine shipping rules to allow domestic ships to carry out international trade.  

Royal Cargo, Inc. subsidiary Iris Logistics, Inc. will soon transport containers carrying export products to the United States amid a global container shortage that has led exporters to flag logistics delays and higher freight costs. 

Local exporters have not been able to book slots on international container lines, leading them to tap domestic ships. 

Philippine Exporters Confederation, Inc. (Philexport) in a statement Friday said that the industry group has been working with the Networking Committee on Transportation and Logistics of the Export Development Council and Royal Cargo to address the capacity issues. 

“As part of the intervention, the three groups agreed to propose to government to allow domestic shipping lines to operate beyond domestic waters. Royal Cargo agreed to help by providing its ships to transport export cargoes to their ports of destination,” Philexport said. 

For the long term, the groups are supporting the passage of the Philippine Ship Registry Act, which would incentivize ship registry, to enable Philippine flag vessels to transport goods internationally. 

They are also campaigning for regulation changes, asking to remove the distinction between “coastwise license” and “international license” among Philippine flag ships and for changes to a Maritime Industry Authority circular to recognize Philippine-registered vessels doing both domestic and international trade. 

The groups also want Philippine flag ships to be able to carry government cargo imports. 

“Issues with supply chain disruptions, not just in the Philippines but around the world, have been intensifying, the result of factors such as a surge in global demand, the early resumption of manufacturing in China, port congestion, and the reduction of capacity by carriers in response to lockdowns,” Philexport said. 

Philexport in July said that 80 out of nearly a hundred member-companies that responded to a survey said they were not able to ship goods because of the shortage.  

The industry group expects shipment delays to stretch into the Christmas season. — Jenina P. Ibañez 

Pandemic disrupts PHL’s sustainable development gains: Chua

THE COUNTRY’S progress towards achieving the sustainable development goals (SDGs) laid out by the United Nations has been affected by the pandemic, Socioeconomic Planning Secretary Karl Kendrick T. Chua said. 

“We will be seeing some changes, but it doesn’t mean that they are insurmountable. We have seen some of these indicators where we have significant gains delayed for a couple of years or three years,” Mr. Chua said in an online briefing on Thursday. 

There are 17 SDGs focused on eradicating poverty, reducing inequality, and spurring economic growth sustainably. 

Mr. Chua said while the country has been adversely affected by the pandemic, it has economic and social foundations that will help it recover. 

“We still have the people, their skills, we have our infrastructure, the factories and offices. The problem is the pandemic made it impossible to have everyone work because we had to be more risk averse initially,” he said. 

Mr. Chua said he believes the economy can recover and get back on track towards attaining the SDGs on the back of ramped-up vaccination, “better risk management” and support packages through lower taxes, subsidies, as well as fiscal and monetary support. 

“I am still hopeful that after a few years of delay, we will be able to get back up because of the strong social and economic foundations, and our commitment to the SDGs,” Mr. Chua said. 

The economy recorded its worst recession since the Marcos regime in 2020 as when gross domestic product (GDP) shrank by 9.6%. 

In the second quarter, GDP expanded by 11.8%, mainly due to base effects from the record 17% decline in the same period of 2020. 

The government has downgraded its growth target for this year to 4-5% from 6-7% previously, saying the fresh infection surge due to the Delta variant could hamper recovery. — LWTN 

Price growth of building materials in NCR picks up in July

THE WHOLESALE and retail price growth of construction materials in Metro Manila picked up in July as lockdowns eased, data released by the Philippine Statistics Authority (PSA) on Friday showed. 

The construction materials wholesale price index (CMWPI) in the National Capital Region (NCR) grew 2.3% year on year in July, a tad faster than the 2.2% expansion in June and 1.8% in July 2020.   

Similarly, growth in the construction materials retail price index (CMRPI) picked up to 1.4% in July from 1.2% the previous month and 1.1% last year. It was also fastest in eight months or since the 1.7% year-on-year expansion in November 2020 and matched December 2020’s 1.4%. 

Wholesale prices reflect bulk purchases by building firms participating in major projects like infrastructure works. Retail prices reflect activity in smaller segments. 

The acceleration in the CMWPI was driven by higher annual increments in the following materials: electrical works (4.1% in July from 3.9% in June); reinforcing and structural steel (3.6% from 2.1%); PVC pipes (3.5% from 1.0%); tileworks (2.8% from 2.4%); galvanized iron sheets (2.3% from 0.7%); hardware (2.2% from 2.0%); painting works (1.7% from 1.4%); plywood (1.9% from 1.2%); and doors, jambs, and steel casement (1.9% from 1.8%). 

Plumbing fixtures and accessories/waterworks continued to decline, albeit at a slower pace at -0.9% from -1.0% in the previous month.   

The annual drop in the index of plumbing fixtures and accessories/waterworks was lower in July at -0.9 percent from -1.0 percent in the previous month.   

Slower price pickups were recorded in lumber (2.0% from 2.3%) and fuels and lubricants (18% from 21.2%). 

Meanwhile, the price growth of glass and glass products was unchanged at 14.4%, while that for asphalt and machinery and equipment rental was flat. 

At the retail level, the CMRPI was driven by faster increases in the following commodity groups: tinsmithry materials (2.2% from 1.8%), miscellaneous construction materials (1.6% from 1.5%), electrical materials (1.0% from 0.8%), and plumbing materials (0.8% from 0.6%).   

On the other hand, masonry materials saw its price growth ease to 1.0% from 1.1% the month before.   

The following commodity groups saw their respective price growth steady in July: carpentry materials (1.5%) and painting materials and related compounds (1.1%).   

“The pickup in some construction activity parallels with easing lockdowns in July and may have pushed prices slightly higher, although base effects may have also contributed to the uptick even though it remains below pre-pandemic levels,” said Security Bank Corp. Chief Economist Robert Dan J. Roces in an e-mail. 

Metro Manila and the surrounding areas were placed under general community quarantine from May 15 to Aug. 5, albeit with varying restrictions. This was elevated to a stricter enhanced community quarantine (ECQ) from Aug. 6 to 20 in order to curb the spread of the more infectious Delta coronavirus disease 2019 (COVID-19) variant, and later eased to modified ECQ.   

Since Thursday, the government implemented a pilot program of localized lockdowns in Metro Manila. Under the new guidelines, lockdowns will be localized at city level depending on the case transmission rates and healthcare utilization rates. The new alert system will consist of five levels, with level 5 equivalent to ECQ.   

“August’s construction activity may have been hampered by the return to ECQ that month, although we may see only a modest pullback in construction efforts with the imposition of a granular form of lockdown by September, while base effects may still lift prices in the months ahead when more projects resume,” Mr. Roces said.   

“In addition, capital expansion via loan growth has been observed in the construction sector with January-July growth printing a decent 2.0% while employment growth for the same period was at 7%, so activity in the sector is expected to continue to contribute to upticks in the CWMPI,” he added. — Bernadette Therese M. Gadon 

Average retail prices for rice go down

PHILSTAR

THE AVERAGE retail price of regular-milled rice fell in six regional trading centers at around mid-August, according to the Philippine Statistics Authority (PSA). 

In a report on Friday, the PSA said the average retail price of regular-milled rice decreased by P4.56 to P34.44 per kilogram (/kg) in Iloilo City, P3.72 to P32.44/kg in Calapan City, P1.21 to P35.48/kg in Kidapawan City, 75 centavos to P34.25/kg in Cabanatuan City, 40 centavos to P36.50/kg in Butuan City, and 12 centavos to P35.69/kg in Legazpi City. 

The price sampling period was from Aug. 15 to 17. Prices were compared to those recorded from Aug. 1 to 5. 

The average retail price of regular-milled rice climbed P1.05 to P35.65/kg in Baguio City, P1.01 to P42.55/kg in Digos City, 47 centavos to P32.47/kg in Pagadian City, 12 centavos to P40.27/kg in Tacloban City, ten centavos to P43.24/kg in Cebu City, and three centavos to P38.18/kg in the National Capital Region (NCR). 

The PSA said the average retail price for a kilo of pork in bones dropped by P5.42 to P35.31 in four regional centers. 

Tacloban City registered the steepest drop at P35.31 to P247.19/kg, followed by Baguio City with P8.48 to P280/kg, Pagadian City at P7.84 to P212.16/kg and Cebu City at P5.42 to P184.17/kg. 

On the other hand, San Fernando City recorded the largest increase at P25 to P310/kg. Cabanatuan and Legazpi cities also saw a rise in average retail prices for pork with bones at P10 to P345/kg and at P5.64 to P340.36/kg, respectively. 

Meanwhile, average retail prices for galunggong (round scad) declined in six regional centers. Legazpi City recorded the largest decline at P38.67 to P154.67/kg, followed by Pagadian City at P35 to P105/kg, P6.23 to P162.08/kg in Iloilo City, P3.11 to P226.44/kg in NCR, and P2.43 to P167.57/kg in Baguio City. 

Butuan City, on the other hand, saw an increase of P43.37 to P239.68/kg of galunggong. Cabanatuan City posted an increase of P40 to P220/kg, Cagayan de Oro City at P10 to P190/kg, and Kidapawan City at P3.72 to P156.28/kg. 

The PSA also reported that the average retail price of red onion increased in five centers. Butuan City posted the largest increase at P18.50 to P138.50/kg, followed by Legazpi City with P11.16 to P136.74/kg, Kidapawan City at P7.02 to P107.02/kg, Tacloban City at P4.07 to P120/kg and NCR at P0.44 to P110.44/kg. 

Meanwhile, its average price fell by P15.74 to P104.26 in Pagadian City, P10 to P90/kg in Cabanatuan City, P5 to P132.50/kg in Cagayan de Oro City, and P1.96 to P105.88/kg in Baguio City. — Angelica Y. Yang 

DA announces temporary ban on cattle meat from Brazil

THE Department of Agriculture (DA) has announced a temporary halt on the issuance of permits for the importation of live cattle and its meat products from Brazil amid reports of a mad cow disease outbreak in the country earlier this month, according to a memorandum order. 

In the memo posted on the department’s website on Thursday, DA Secretary William D. Dar ordered a “temporary suspension of the processing, evaluation of application, and issuance of sanitary and phytosanitary (SPS) import clearances for meat and by-products from cattle, including live cattle imports” from Brazil. 

The order took effect on Sept. 16. 

An SPS import clearance ensures that the product meets health standards and guarantees it is safe for consumption and is free of pests and disease. 

According to the order, cattle shipments will still be accepted as long as the slaughter and production happened on or before Aug. 31. 

“[But] all [products with] previously approved SPS import clearance which were not yet in transit, loaded, or accepted unto port after official communication of this order to Brazilian authorities are hereby revoked,” Mr. Dar said. 

The DA also said it will conduct more rigorous inspections of all Brazilian cattle meat arrivals in ports of entry. 

In a separate statement on Friday, the Philippine Association of Meat Processors, Inc. (PAMPI) said the ban will force meat processors to use higher-priced beef sourced from suppliers in Australia, Ireland and the United States. 

“The increased cost of beef raw material for processed meats will be passed on to consumers in terms of higher prices while the ban on Brazilian beef is in effect,” it said. 

PAMPI said the Philippines is the only country that has imposed a ban on Brazilian meat imports. Brazil supplies 40% of the Philippines’ requirements, with local meat processors getting as much as 70% of their needs from the country, according to PAMPI. 

It added that Brazilian beef is cheaply priced compared to similar products from other countries. 

“As the only Southeast Asian country banning Brazil beef, we expose ourselves to trade retaliation which will make our food production situation more difficult as it already is under the pandemic,” it said. — A.Y. Yang 

DTI flags digital gap among businesses

A TRADE department official has flagged a potentially worsening digital gap among enterprises in the Philippines, pointing to the need for policies that address the divide. 

Philippine firms that have adopted high-level technologies in their operations are usually large enterprises, exporters, and firms with foreign direct investment, Trade Undersecretary Rafaelita M. Aldaba said at a virtual event on Friday. 

Most of these firms are also concentrated in Metro Manila, Central Luzon and CALABARZON (Cavite-Laguna-Batangas-Rizal-Quezon).  

“I am highlighting this because this is something I think that we really should pay attention to, because if our policies won’t take these things into account — the adoption of these new technologies — (it) could lead to the worsening of the digital divide,” she said. 

“It’s really important that policies and programs are conscious of all these current operating systems, current situation and conditions that our companies are faced with.” 

She added that most companies that were able to adopt high-level technologies before the pandemic booked profits or minimized losses during the health crisis because of their existing digital systems. 

Limited access to digital resources set back smaller exporters despite government policies that allowed the sector to continue operations throughout the pandemic, Philexport said in June. 

Trade Secretary Ramon M. Lopez said at the same event that technologies most likely to be adopted by 2025 include cloud computing, big data analytics, Internet of Things (IoT), encryption and cyber-security, and artificial intelligence. 

The Philippines fell to 18th in the list of top 50 digital nations from the Tholons Global Innovation Index in 2021 from fifth place in 2020 after a score slump in the indicator on talent pool available for re-skilling to serve cross industries in services, along with changes to the index parameters. — Jenina P. Ibañez 

Imported car sales slide amid tighter lockdown

PHILIPPINE STAR/ MICHAEL VARCAS

Imported car sales declined 18% year-on-year in August as passenger car sales plummeted amid renewed lockdown restrictions in Metro Manila. 

In a report on Friday, the Association of Vehicle Importers and Distributors, Inc. (AVID) said that vehicle sales of its 21 members carrying 26 global brands in August fell to 3,919 units from 4,753 in the same month last year.  

August sales also fell 19% month on month from the 4,862 units sold in July.  

“The entire industry hit a pot hole in August due to the necessary health restrictions. Despite this, we at AVID choose to be optimistic as we approach the final stretch of the year,” AVID President Ma. Fe Perez-Agudo said.  

Metro Manila was again placed under the strictest form of lockdown for two weeks in August amid a surge in coronavirus disease 2019 (COVID-19) cases. 

Despite the slump, sales in the first eight months increased 33% to 39,011 units compared to 29,363 in the same period a year earlier. 

Among vehicle categories, passenger car sales in August slumped 44% to 1,052 units, with Suzuki Philippines, Inc. leading sales. The category’s sales in the first eight months inched up 4% to 10,164. 

Light commercial vehicle sales slipped 1% to 2,829 units, with a bulk of sales going to Ford Group Philippines, Inc. Year to date sales jumped 44% to 27,956.   

Commercial vehicle sales dropped 3% as Hyundai Asia Resources, Inc. sold 36 in August. Year to date sales surged 362% to 39,011.  

The Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) in August sold 15,847 units, or 11.5% lower than from 17,906 units sold the same month a year ago. — Jenina P. Ibañez 

Ayala returns to global bond market

Ayala Corp. (AC) returned to the international bond market on Friday with the issuance of $400 million worth of senior fixed-for-life perpetual notes. 

In a statement, AC said the notes, which are issued by subsidiary AYC Finance Ltd., carried a fixed annual coupon of 3.9% — “the lowest yielding unrated perpetual fixed-for-life notes ever and the third lowest perpetual fixed-for-life notes in Asia.” 

“The notes were priced at par with a re-offer yield of 3.90%, which represents a 40-basis points compression from the initial price guidance of 4.30% and demonstrates the strong investor confidence in the Ayala name,” the conglomerate said, adding the notes are “unconditionally” guaranteed by AC.  

The final order book was over $1.75 billion or 4.4 times oversubscribed, “supported by a wide range of high-quality investors.” 

“As we reposition our portfolio to adapt to the rapidly changing environment, the success of this issuance strengthens further our financial position that enables us to scale investments in critical sectors and do our part in helping reinvigorate the Philippine economy”, said Ayala President and Chief Executive Officer Fernando Zobel de Ayala. 

The issuance of the US dollar-denominated notes marked AC’s return to the global bond market after its second perpetual fixed-for-life issue in 2019. 

Net proceeds from the securities will go to refinancing AYC Finance’s dollar-denominated outstanding notes, and other obligations. 

“This capital markets issuance and liability management exercise will further strengthen our balance sheet and provide additional flexibility as we reposition ourselves for a post-pandemic economic recovery,” AC Chief Finance Officer Alberto M. de Larrazabal. 

BPI Capital Corp., Citigroup Global Markets Singapore Pte. Ltd., Credit Suisse (Singapore) Limited, J.P. Morgan (S.E.A.) Limited, Mizuho Securities (Singapore) Pte. Ltd. and UBS AG Singapore Branch served as the joint lead managers and joint bookrunners of the transaction. 

Shares of Ayala Corp. in the local bourse inched up by 0.31% or P2.5 to P811.50 apiece on Friday. — A.Y.Yang  

 

Construction tycoon Wenceslao dies at 77

Delfin J. Wenceslao, Jr. -- DMWAI website

Construction tycoon Delfin J. Wenceslao, Jr. has passed away, D.M. Wenceslao & Associates, Inc. (DMWAI) announced on Friday. He was 77. 

Mr. Wenceslao was president and chairman of the listed property development and construction firm at the time of his death. 

“It is with great sadness that the board of directors and management of [the company] announce that today, it was informed of the death of its President and Chairman of the Board, Mr. Delfin J. Wenceslao, Jr.,” DMWAI said in a disclosure to the exchange.   

No other details were given.  

Forbes listed Mr. Wenceslao as the 37th richest man in the Philippines with a net worth of $385 million. 

A licensed real estate broker, Mr. Wenceslao co-founded the listed property company and has held his posts since April 1965.   

He holds a bachelor’s degree in economics from Ateneo de Manila University. He pursued graduate studies at the Pamantasan ng Lungsod ng Maynila, graduating with a Master of Business Administration degree and later on earning a Doctorate in Business Administration.  

Mr. Wenceslao was formerly the president of the Philippine Constructors Association, a board member at the International Federation of Asian and Western Pacific Contractors’ Associations, and a Chamber of Real Estate & Builders’ Associations, Inc. member.  — Keren Concepcion G. Valmonte  

SEC approves shelf registration of Jollibee’s P20-B preferred shares

Jollibee Foods Corp. has ramped up its global expansion, opening stores in the United Kingdom. -- Company handout

The Securities and Exchange Commission (SEC) approved Jollibee Foods Corp.’s shelf registration of P20-billion perpetual preferred shares subject to remaining requirements, the regulator said in a statement on Friday.  

Jollibee earlier said that the issuance of the shares forms part of its plans to “strengthen” its balance sheet.    

The approved shares comprise 20 million cumulative, non-voting, non-participating, non-convertible and redeemable perpetual preferred shares priced at P1,000 each, which may be issued in tranches within three years.   

The shares will be listed and traded on the main board of the Philippine Stock Exchange.  

For its initial issuance, Jollibee will offer P8 billion worth of preferred shares with an overallotment option of up to P4 billion. Its public offering is slated for Sept. 28 to Oct. 4.  

The company may net up to P11.9 billion in proceeds from the first tranche, which will be used to partially finance the redemption of its senior perpetual securities and to fund its commissary and store expansion. 

Jollibee is planning to open new stores in the country, majority of which will be in Luzon, while its wholly owned unit Zenith Foods Corp. eyes building a new commissary in Cebu that would cater to its needs in the Visayas and Mindanao region.   

BPI Capital Corp. was assigned to be the transaction’s issue manager. It will be joined by BDO Capital & Investment Corp., China Bank Capital Corp., and SB Capital Investment Corp. as joint lead underwriters and bookrunners.   

As of end-May, the Jollibee Group has 3,209 stores in the Philippines. Globally, it has 5,815 branches under 17 brands in 33 countries.  

The company aims to open 450 stores this year, the majority of which will be abroad, and at least 500 new stores yearly in the following years.   

On Friday, JFC shares at the stock exchange closed lower by 3.43% to end at P197 each. — Keren Concepcion G. Valmonte   

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