Private aviation firm Yugo pursuing growth in PHL

June 25, 2021 | 12:06 am

Gulfstream-G200-Yugo — Gulfstream G200 Yugo

PRIVATE aviation company Yugo announced on Wednesday the expansion of its destinations in the Philippines, saying it increased its customers in the country in less than a year.

“Currently, Yugo has been expanding in the Philippines and has been growing its local Filipino customers in less than a year amid the ongoing health crisis,” the company said in an e-mailed statement.

Yugo Private Aviation provides private flights by helicopters and business jets through its air mobility platform.

The company said Yugo is the first air mobility platform that connects Southeast Asia to the whole of Asia-Pacific.

“With only a few clicks and based on their preferences, users are able to request or search flight of private jets and helicopters from a curated inventory of available flights and routes,” it noted.

It currently serves 150 destinations in Asia with over 50 aircraft from Gulfstream, Bombardier, Cessna Textron Aviation, and Dassault Aviation, among others.

“The jets and helicopters are selected for the comfort and privacy of Filipino and Asian passengers from Dubai to Boracay, Cebu to Bali, Davao to Shanghai, El Nido to Johor Bahru, and Tuguegarao to Subic who are traveling for business or leisure,” Yugo said.

Yugo Chief Executive Officer Jim Baldy said the global health crisis has “greatly tested” the resilience of the company.

“We have adjusted our value proposition as well as our hospitality and butler services to best serve our customers in the most flexible, safe and secured way possible. And with all the obstacles and difficulties we faced due to the pandemic, we had to find ways to innovate and move forward through 2020 and 2021,” Mr. Baldy explained.

According to the company, some of the most popular services among its Filipino customers are on-demand helicopter flights, helicopter tours, airport transfers, transfers to private islands, cross-border medical flights, in-country emergency evacuations, and cross-border business jets flights.

“Our mission is to provide the possibility for our customers to fly private anywhere, anytime, by helicopters or private jets,” Yugo Commercial Operations Manager Camille Ngo said. “We are evolving together with the industry towards a more sustainable approach to improve aviation as a whole, taking into account environmental aspects and societal responsibility.” — Arjay L. Balinbin

Diverse Filipino stories told at Italian film fest

June 25, 2021 | 12:06 am

1 of 3

STORIES about a fan meeting her idol, a young man turning to prostitution to make ends meet, and a tribesman who starts school at 40 will be told in Italy’s Far East Film Festival (FEFF) in Udine from June 24 to July 2. The hybrid festival, which will have both in-person and online showings, will also show a selection of Eddie Garcia films.

The FEFF is the largest festival in Europe specializing in Asian Cinema and is a contributor to the commercial distribution of Asian films across European and Italian markets.

For its 23^rd edition this year, the Competition section features the award-winning film Fan Girl directed by Antoinette Jadaone, which will have its international festival and online worldwide premiere, while multi-awarded director Joel Lamangan’s Anak Ng Macho Dancer will have its Italian and online worldwide premiere.

Fan Girl follows an obsessed teenage fan of actor Paulo Avelino who unexpectedly gets to spend the night with him.

Anak ng Macho Dancer revolves around Inno who resorts to prostitution during the pandemic and tries to get away from the cruelty of his drug addicted father.

Meanwhile, Grace Simbulan’s documentary, A is for Agustin, will be part of the Out of Competition section and will have its European and online worldwide premiere. The documentary tells the story of 40-year-old tribesman Agustin who never had the opportunity to learn to read or write. Upon learning that his boss has been cheating him out of his wages, Agustin returns to the province and begins his education in Grade 1.

With the inclusion of the documentary in the film festival, Ms. Simbulan hopes that it creates more conversations around the topic of access to education.

“I hope that it lands on our policy-makers… I hope that it could push more policies for better education specially for the indigenous people,” Ms. Simbulan said during an online press conference on June 21 via Zoom.

In honor of the late television and film actor Eddie Garcia, the special tribute “Eddie Garcia: Life as a Film Epic” under the Retrospective section presents four feature films and one short film.

The restored version of Ishmael Bernal’s debut film Pagdating sa Dulo and Jun Robles Lana’s Bwakaw will both have their Italian premieres, online worldwide, and offline screenings. Joel Lamangan’s Rainbow’s Sunset, Raymond Red’s Cannes Palme d’Or for Short Film recipient Anino, and Sinasamba Kita by Eddie Garcia will have their Italian and online only worldwide premiere.

“We decided to go for the movies that could underline [Eddie Garcia]’s big talent,” FEFF festival director Sabrina Baracetti said. “In this way, we wanted to give a clear idea of what he did in his career.”

Ms. Baracetti had met the late actor at a Manila film festival.

The festival has been a platform for more Filipino filmmakers to be exposed on a global platform.

“We have a mission to try to promote as much as we could, a lot of movie history in many different countries in Asia,” Ms. Baracetti said.

The 23^rd FEFF, organized by Centro Espressioni Cinematografiche, will screen 63 films from South Korea, China, Hong Kong, Japan, Malaysia, Taiwan, Thailand, Indonesia, Macau, Myanmar, and the Philippines.

For more information on the participating films in the FEFF, visit https://www.mymovies.it/ondemand/23feff/. — Michelle Anne P. Soliman

Chowking to offer Taiwan’s Milkshop bubble tea

June 25, 2021 | 12:05 am

JOLLIBEE Foods Corp. (JFC) and its subsidiaries have entered into a licensing deal with Milkshop International Co., Ltd. to sell in local stores popular Taiwanese bubble tea brand Milkshop or Milksha.

“We are thrilled to bring Milksha to Filipino consumers through the stores of our brands in the Philippines,” Tony Tan Caktiong, founder and chairman of JFC, said in a statement on Thursday.

The license agreement will give exclusive rights to JFC, Fresh N’ Famous Foods, Inc., and Mang Inasal Philippines, Inc. to sell and market Milkshop products. However, the brand will be offered first in Chowking stores.

Milksha, also known as Milkshop in Taiwan, first set up shop in Tainan in 2004. It now has over 260 outlets, 235 of which are in Taiwan while 34 others are in Singapore, Australia, China, Canada, and Japan.

The Suntec City Singapore flagship is the brand’s first outlet in Southeast Asia, which opened in 2019.

Milkshop Founder and Chairman Kevin Lin said his team is “proud” to be working with JFC to bring the milktea brand to the Philippines.

“We admire JFC’s passionate commitment to delivering great tasting food at great value for money,” Mr. Lin said.

JFC as of the end of May is operating 3,209 restaurant outlets in the country, under the following brands: Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Burger King, PHO24, Panda Express.

Overseas, it operates 2,606 stores, which include Yonghe King, Hong Zhuang Yuan, Dunkin’ Donuts, Tim Ho Wan, Jollibee, Red Ribbon, Chowking, Highlands Coffee, PHO24, Hard Rock Cafe, Smashburger, and the Coffee Bean and Tea Leaf.

The company’s global store network stands at 5,815 stores.

On Thursday, shares of Jollibee at the local bourse went up by 0.19% or 40 centavos to close at P210.80 each. — Keren Concepcion G. Valmonte

BIR lists transactions qualified for tax perks under FIST Act

June 25, 2021 | 12:05 am

BIR-taxpayers-041619 — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE BUREAU of Internal Revenue (BIR) has identified the kinds of transactions that will be eligible for tax perks under the Financial Institutions Strategic Transfer (FIST) Act.

The BIR issued Revenue Regulations No. 11-2021 on Thursday to implement the tax exemption and incentive provisions under Republic Act No. 11523 or the FIST Act. The law allows banks to offload their bad loans, which have climbed due to the coronavirus pandemic’s impact on the economy.

The law, which was signed on Feb. 16, exempts certain transactions from documentary stamp tax (DST), capital gains tax, value-added tax (VAT), and creditable withholding income taxes, whichever is applicable.

The BIR issuance said transactions entitled to tax perks are: the transfer of nonperforming loan (NPL) and real and other properties acquired (ROPA) by the bank to a FIST corporation (FISTC), and selling these acquired assets by FISTC to an individual or a third party.

Dation in payment of an NPL to either a bank a FISTC, where the borrower or a third-party offers another mode of payment to settle the loan, is also exempted from taxes. The individual transferring the NPL or ROPA to a third-party likewise does not have to pay taxes.

Meanwhile, FISTCs that will acquire the soured assets transferred by banks and other financial institutions are also entitled to additional tax exemptions.

FISTCs do not have to pay DST as well as income tax on net interest income they earn from the new loans they acquired as authorized by the law from Feb. 18, 2021 to Feb. 18, 2023.

Documents used to prove a FISTC’s capital infusion to the business of the borrower whose bad loans it acquired will also be exempt from DST.

These additional tax perks will be valid for five years upon the acquisition of the NPLs.

“A FISTC claiming any of the tax exemptions and privileges under the act on other transactions shall upon request provide the appropriate COE (certificate of eligibility) to the Commissioner of the BIR or his duly authorized representative for purposes of examining any taxpayer and the assessment of the correct amount of tax. This is in addition to such other documentary requirements,” the bureau said.

The BIR warned that taxpayers that availed of the tax perks when they are not eligible will have to pay back the government twice as much as the amount of their tax savings plus a 12% interest rate annually until the amount is fully settled. — B.M. Laforga

ERC to PEMC: halt collection of net settlement surplus

June 25, 2021 | 12:04 am

THE Energy Regulatory Commission (ERC) has ordered the Philippine Electricity Market Corp. (PEMC) to hold off on the collection of the net settlement surplus (NSS) adjustment from electric distribution utilities in the May billing.

In its statement on Thursday, the energy regulator said its order to the electricity market operator is meant to temper power rates in Metro Manila next month.

The ERC said it issued the directive after PEMC confirmed that there was a “huge discrepancy” between the Wholesale Electricity Spot Market’s preliminary statement and the final statement for May 2021.

An NSS adjustment takes place when there is a surplus or deficit after all market transactions are accounted for. The adjustment reflects price differences between generators and customer locations arising from losses and congestion in the market’s locational marginal pricing scheme.

The ERC said the NSS adjustment would have resulted in an additional charge of around 20 centavos per kilowatt-hour to customers of Manila Electric Co. (Meralco) by July 2021.

“We have ordered PEMC to defer the collection of the NSS adjustment until the investigation on the said incident has been completed. If PEMC’s collection is not suspended… (there) will be an additional charge of around P0.20 per kWh to Meralco customers,” ERC Chairperson and Chief Executive Officer Agnes VST Devanadera said.

She said that the deferment of NSS adjustment collection will prevent and shield power consumers from experiencing a bill shock next month.

“Some of these consumers were also affected by the rotational brownouts which happened in May 2021, so it is quite unfair for them to be charged with an additional collection due to the NSS adjustment. We will get to the bottom of this and make sure that any erring market participant will get penalized as soon as it is established,” Ms. Devanadera said.

The NSS is distributed to market trading participants who are eligible to receive a portion of the surplus or deficit in line with the ERC-approved pricing mechanism. — Angelica Y. Yang

LANDBANK expands credit facility for businesses

June 25, 2021 | 12:04 am

LAND BANK of the Philippines (LANDBANK) increased its credit line for pandemic-hit businesses to P50 billion from P20 billion previously due to strong demand.

LANDBANK said so far, it has approved P20.95 billion in loans for 460 borrowers under its Interim Rehabilitation Support to Cushion Unfavorably affected Enterprises by COVID-19 or I-RESCUE program. It has released P19.52 billion or 93% of the total approved loans, the state-run bank said in a statement on Thursday.

Majority of the beneficiaries or 310 were micro-, small- and medium-sized enterprises (MSMEs), while 83 were cooperatives, 62 were large companies, and five were microfinance institutions.

Entities affected by the pandemic can tap the LANDBANK facility for funding and also restructure their loans for more flexible terms.

Loans under the facility can cover up to 85% of their working capital needs and will carry a 5% annual interest rate, which is fixed for three years before it is subjected to repricing. These loans will mature in 10 years, inclusive of two years grace period on the principal.

The program also offers a separate credit facility for MSMEs, cooperatives and self-employed individuals, where they can borrow at least P100,000 and up to P3 million, or the amount equivalent to 85% of the capital they need.

These loans bear a fixed interest rate of 3% per annum payable for three years and does not require hard collateral.

“Since its launch at the height of the pandemic last year, the I-RESCUE Lending Program has gained wide acceptance from borrowers striving to keep their businesses afloat amid the ongoing crisis. Rest assured that LANDBANK will continue to provide responsive credit assistance to support key sectors and contribute to accelerate the country’s ongoing economic recovery,” said LANDBANK President and CEO Cecilia C. Borromeo.

The program is available until the end of 2022. — BML

Angry and traumatized, Britney Spears calls conservatorship abusive

June 25, 2021 | 12:04 am

BRITNEY-SPEARS-2 — Britney Spears — FACEBOOK.COM/BRITNEYSPEARS

LOS ANGELES — An emotional Britney Spears on Wednesday called the 13-year-long conservatorship that has controlled her life stupid and abusive, saying she felt traumatized and angry and wanted her life back.

In a statement of more than 20 minutes, pop star Ms. Spears, 39, told the Los Angeles judge overseeing the arrangement that she wanted it to end.

“I just want my life back,” she said. “I’m not here to be anyone’s slave.

“I’m traumatized … I’m not happy, I can’t sleep,” she said. Ms. Spears said her frequent upbeat postings on her Instagram account were lies. “I’m so angry. And I’m depressed. I cry every day,” she added. Ms. Spears delivered her remarks by phone, her first public statements about the court-approved arrangement that was first put in place in 2008 when she suffered a mental health breakdown.

“I truly believe this conservatorship is abusive,” Ms. Spears said, her words tumbling out so fast the judge asked her to slow down. “My dad and anyone involved in this conservatorship and my management who played a key role in punishing — ma’am, they should be in jail.”

She said she was forced into a mental health facility that cost her $60,000 a month after canceling her planned Las Vegas shows in early 2019. She has not performed since late 2018.

Los Angeles Superior Court Judge Brenda Penny said she would need a petition submitted to the court asking for the conservatorship to be terminated before she could take any action.

Ms. Spears has never formally petitioned to have the arrangement terminated. Under terms of the conservatorship, she would have to demonstrate that she can take responsibility for her personal and financial affairs.

Ms. Penny praised Ms. Spears for speaking out. “I know it took a lot of courage,” Ms. Penny said. “I just want to commend you again for really stepping forward and stepping out to have your thoughts heard, not only by myself but by everybody who has been involved in this case.” The last time Ms. Spears spoke directly to the judge was in May 2019 but the court was closed to the public and her testimony was sealed. On Wednesday the singer stated that she wanted people to hear what she had to say.

The former teen phenomenon said she wanted to get married again and have a baby. But she said she has a contraceptive device that she wants removed, but is not allowed to go to the doctor “because they don’t want me to have any more children.”

Ms. Spears, who has been dating boyfriend Sam Asghari for five years, has 30% custody of her two children with her former husband Kevin Federline. Outside the courthouse, several dozen fans, many of them dressed in pink and holding “Free Britney” placards, rallied in support of the “Stronger” singer.

Last year, Ms. Spears began the legal process to remove her father, Jamie Spears, from handling personal affairs ranging from her medical care to who visits her secluded villa outside Los Angeles. Jamie Spears also is a joint conservator of the singer’s finances.

Jamie Spears said in a statement read out by his attorney on Wednesday that he was “sorry to see his daughter suffer and in so much pain. Mr. Spears loves his daughter and misses her very much.”

The singer however, called her father “ignorant” and controlling. “He loved every minute of it, the control he had. He loved it,” she said.

Ms. Spears complained that she had not been allowed to have her nails or hair done, or had a massage or acupuncture in a year. “It’s embarrassing and demoralizing what I’ve been through,” she said. “I feel bullied. I feel left out and alone.”

During the conservatorship, the singer made a comeback in late 2009 and performed, released albums and went on world tours solidly until late 2018.

Details of her mental health issues have never been disclosed but Ms. Spears said on Wednesday that doctors had put her on the drug Lithium and that she “felt drunk.”

The unusually long conservatorship has come under increasing scrutiny in recent years thanks to the fan-based #FreeBritney movement, a 2021 documentary, and a series of leaked court documents. — Reuters

Globe signs P12-B loan deals for capex

June 25, 2021 | 12:03 am

GLOBE Telecom, Inc. announced on Thursday that it signed term loan facilities with China Banking Corp. and Philippine National Bank for P5 billion and P7 billion, respectively.

The company will use the loans to finance its capital expenditures (capex), Globe said in a disclosure to the stock exchange.

The Ayala-led telco targets to spend P70 billion for capex this year.

“The record-breaking capital expenditure supports Globe’s continuous modernization of its network to make 5G as well as fiber technology available to more customers nationwide,” it said.

The company has said it already spent more than P19 billion in the first three months of the year.

“Around 91% of the investment went to data-related requirements to support the fast-growing data usage and provide superior data customer experience,” Globe said in a statement in May.

Globe’s attributable net income reached P7.31 billion in the first three months of the year, up 11% from P6.58 billion in the same period in 2020.

Its total revenues for the first quarter rose 4% to P42.85 billion from P41.19 billion in the same period last year.

Service revenues — which include mobile, home broadband, corporate data, and fixed line voice — increased 2.5% to P37.81 billion from P36.88 billion previously.

Globe Telecom shares closed 0.54% lower at P1,830 apiece on Thursday. — Arjay L. Balinbin

Maybank teams up with Bayad to boost bill payment facility

June 25, 2021 | 12:03 am

MAYBANK Philippines, Inc. (Maybank) has teamed up with CIS Bayad Center, Inc. (Bayad) to expand its bills payment services for its clients.

Through the partnership, users of Maybank2U PH will be able to settle payments to over 300 billers that are part of Bayad’s network.

“The integration of our platforms allows us to combine strengths, multiply opportunities, and expand a shared user base. We will continue to co-create innovative services for our customers in view of their evolving needs in this time of pandemic,” Abigail Tina M. del Rosario, Community Financial Services Head at Maybank Philippines, said in a statement.

Average daily payments for bills from Manila Electric Co. surged by more than 300% since the partnership was launched, Maybank said.

Aside from electricity bills, the partnership also allows Maybank clients to pay for their water, telecommunications and credit card bills as well as for loans, government fees and contributions.

“With the heightened role of the digital economy in the new normal, we are aggressively expanding our digital footprint and at the same time powering the bills payment features of other banks and fintech players,” Bayad President and Chief Executive Officer Lawrence Y. Ferrer said.

Bayad has over 50,000 touchpoints across the country. Users can also tap its services through its website and app.

Businesses have moved to facilitate digital transactions including bills payments due to restriction measures amid the coronavirus pandemic.

Earlier this year, Bayad Marketing Head Wendell P. Labre said they saw a decrease in overall transactions primarily due to their heavier presence in brick-and-mortar channels. He, however, said digital payments increased to make up 30% of total transactions through Bayad from just 10% prior to the pandemic.

The Bangko Sentral ng Pilipinas aims to make the country a cash-lite economy by 2023 where online payments are expected to make up 50% of total transactions, both in terms of value and volume. — LWTN

Julie Anne San Jose explores upbeat music

June 25, 2021 | 12:03 am

A NEW upbeat and danceable song was the works for singer Julie Anne San Jose when the world unexpectedly stopped last year. Because of the ongoing coronavirus disease 2019 (COVID-19) pandemic, the song underwent various revisions and took a while to produce.

“We wrote the song pre-pandemic, and then inabutan kami ng pandemic (and then we got caught by the pandemic). So, it took a while to finish the song,” Ms. San Jose said in an interview with BusinessWorld via Zoom on June 21.

“We just wanted to write a song [that is] something new, fun, and with a festive vibe,” she added, noting that the techno pop dance track also explores the use of ethnic sounds.

When the singer dropped her new single, “Free,” it landed the No. 2 spot on iTunes Philippines Chart just a few hours after its official release last week. The 27-year-old singer first appeared on television as a finalist on noontime show Eat Bulaga’s “Little Miss Philippines” tilt at the age of three. In 2005, she entered the singing competition Popstar Kids, then she joined the child singing pop group Sugarpop. After ending her contract with GMA Records, she signed with Universal Records in 2017.

Aside from music, Ms. San Jose also landed roles television and film such as Just One Summer (2012) and Heartful Café (2021). She is also one of the hosts of the reality singing competition The Clash.

She cites the phrase “Clear your mind and set it free” as the most striking lyric of her song “Free.”

“This song may make you feel inspired with life again. It reminds us na kailangan nating huminga (It reminds us that we need to breathe),” Ms. San Jose said. “It’s also nice to listen to something that makes you loosen up and distract yourself from the world.”

Behind the song is a team of producers from the US and the Philippines — Herdy Casseus, Andrew Gonzales, Carlisle Tabanera, and Ito Rapadas. Ms. San Jose co-wrote the song with Eduardo Gonzalez and Denise Pimping.

“I realized as an artist that you should have vision to create excellence… Ang sarap ng feeling to share kung ano ang meron ka sa iba (It feels good to share what you have with others). Ang music, isa ‘yang refuge. Kung walang music or arts, ang dull talaga ng buhay (Music is a refuge. Without music or arts, life would be so dull),” she said. “I think I really found my purpose to inspire people through my music.”

This year, Ms. San Jose is working on a new album, an international online series, and will return as a host in season four of the The Clash which is currently holding online auditions.

As for her follow up single to “Free,” she said that it will be an inspirational song done in collaboration with an artist she has been good friends with.

“Free” is available to stream on Spotify, Apple Music, YouTube Music, Amazon Music, Deezer, and all digital stores worldwide. Watch the official music video at https://www.youtube.com/watch?v=dzA8dTwgV5c. — Michelle Anne P. Soliman

Entertainment News (06/25/21)

June 25, 2021 | 12:02 am

1 of 3

ZBB and Barangay LS top audience share

SUPER Radyo DZBB and Barangay LS 97.1 remain the number one AM and FM radio stations in Metro Manila. Nielsen’s Radio Audience Measurement data for May shows that GMA Network’s flagship AM station Super Radyo DZBB 594 recorded an average total day audience share of 33.3 % with a total reach of 1.93 million listeners in the period. Mornings remained to be the station’s highest rating block, with the highest rating segment recorded during the 6 to 8 a.m. timeslots. DZBB’s top-rating programs for the month were morning programs Super Balita sa Umaga Nationwide on weekdays, Super Balita Sa Umaga/Isyu Atbp. on Saturdays, and Super Balita Sa Umaga on Sundays. These shows, along with select DZBB programs are simulcast daily on GTV via Dobol B TV. Online, listeners can also catch these stations via live audio stream on www.gmanetwork.com/radio.

iQiyi Original K-drama Jirisan wraps filming

THE ACTION-ADVENTURE mystery thriller Jirisan, an iQiyi original K-drama series directed by Lee Eung-bok and written by Kim Eun-hee, has completed filming after 10 months. In the series, Ju Ji-hoon and Jun Ji-hyun play national park rangers protecting the people around Mt. Jirisan while they also unveil mysteries and unknown secrets surrounding the park. The cast also includes Sung Dong-il and Oh Jung-se. For more updates, visit iQIYI Philippines on Facebook.

Netflix’s Hometown Cha-Cha-Cha to premiere soon

NETFLIX has announced that Hometown Cha-Cha-Cha, a rom-com telling the story of a pragmatic dentist and an unemployed man, will premiere sometime soon. Shin Min-a stars as Yoon Hye-jin who opens up a dental clinic in a seaside village. Kim Seon-ho stars as Hong Du-sik who is technically unemployed but takes on odd jobs and helps everyone in the village. The pair meet in the beautiful seaside village and they feel attracted to each other despite being complete opposites. Hometown Cha-Cha-Cha will premiere only on Netflix.

Del Monte Pacific swings to profitability, earns $63M

June 25, 2021 | 12:02 am

Listed Del Monte Pacific Ltd. (DMPL) reversed its $81.4-million loss last year as the company improved its sales mix and margins from lower sales of low-margin segments, lower trade promotions, and expenses.

The company achieved a “very commendable performance” with $63.3 million in profits for the year ended April 2021, Del Monte Pacific disclosed to the exchange on Thursday.

“Our team has worked exceptionally hard to bring the company to this strengthened base with lighter assets and a more competitive cost structure, while meeting consumers’ needs for high-quality nutritious products especially during this pandemic,” DMPL Managing Director and Chief Executive Officer Joselito D. Campos, Jr. said.

It also recorded a $14.5 million profit in the fourth quarter, a reversal of the $12.4-million loss it incurred in the same period last year. Profit-growth was achieved for the three-month period despite sales declining 22% to $497.8 million year on year from $638.4 million.

The “asset-light” strategy and other cost saving measures of Del Monte Foods, Inc. (DMFI) resulted in $40 million in savings. The company said it is on track in offsetting one-off expenses it incurred in plant closures the year before.

Meanwhile, sales went up by two percent to $2.2 billion due to improved sales in the Philippines and international markets. DMFI accounted for 70% of group sales, which amounted to $1.5 billion.

The company’s second-largest business unit, Del Monte Philippines, Inc. (DMPI), recorded its “best ever sales” at $705.8 million and a record profit of $94.5 million.

Nearly two-thirds of DMPI’s sales were made in the Philippines, which rose by 16% to $392.9 million. Retail sales offset the decline in food service sales.

DMPI has submitted a registration statement to the Philippine Securities and Exchange Commission for the initial public offering of its common shares.

“DMPL is well-positioned to build on the momentum achieved in fiscal year 2021 and expects to offset the impact of commodity and transportation headwinds,” the company said, adding that it expects to generate a higher net profit in 2022.

On Thursday, shares of Del Monte Pacific at the stock exchange went down by 4.59% or 74 centavos to close at P15.38 each. — Keren Concepcion G. Valmonte