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Big Ass Fans’ Haiku offers stylish, energy-efficient solution to cooling homes

PHILIPPINE GeoGreen, Inc. is hoping to encourage more Filipinos to adopt a sustainable lifestyle by introducing energy-saving and green products to the market.

“(The company) is determined to help more Filipinos embrace a sustainable lifestyle, whether in their own homes or in their businesses. This is why we have brought in many innovative solutions to the country. Over the past ten years, we have helped thousands of Filipinos discover sustainable and cutting edge solutions, and we would like to make this widely available to all. Our goal is to get everyone to cut back their carbon footprint,” architect and Philippine GeoGreen CEO Liza Crespo was quoted as saying in a statement.

Since 2009, the company has been the leading distributor green building products such as Big Ass Fans in the country.

Big Ass Fans, a Kentucky-based company, manufactures ceiling fans, lights and controls for industrial, commercial and residential.

One of its products is the Haiku, a small ceiling fan which generates a cooling effect that is 80% more efficient than conventional ceiling fan motors. It has voice control and smart thermostat integration for indoors, as well as remote and mobile app controls. The Haiku also exceeds Energy Star-registered requirements for ceiling fans from 2012 to 2018.

“I never had fans for this house before the Haiku came out,” Ms. Crespo said during a press event at her condominium in Pasig City. She said the Haiku complemented the minimalist aesthetic of her condominium, which is why she had several Haiku ceiling fans installed.

Tony Yeong, managing director of Big Ass Fans, explained the Haiku’s function and benefits.

“[You have to] understand the product more and how it actually fits into your lifestyle and embark on the journey of getting the first one, and then you eventually see the benefits with some device like a fan that provides ventilation and displacement, you can do a lot for the environment and also for your lifestyle,” Mr. Yeong told BusinessWorld.

Mr. Yeong explained that a Haiku for homes is smaller and faster, compared to industrial and commercial fans.

“It is not displacing air in terms of the wingspan. It needs to be faster because it’s smaller. As the fans is bigger, it goes slower because it displaces air with the wingspan itself,” he said.

Big Ass Fans is now focusing on promoting the smart home platform, which is activated through the Google Home app.

Mr. Yeong said Southeast Asia as a growing market for the US-based company.

“You can see more and more people buying new homes and bringing in new technologies. So, we believe that Big Ass Fans has a potential to grow,” he said.

Ms. Crespo said in the Philippines, most of their customers are those who are renovating their homes.

“Fifty percent of [who we sell to] are renovations. We had to take out their old fans and install the Haiku,” Ms. Crespo said. “A lot of the clients that we have worked with for the past 10 years are repeat clients. So [I guess] that’s a testament to the service that we provide. We try to build relationships rather than just pushing products.” — Michelle Anne P. Soliman

In Imelda Marcos’ world, wealth takes a backseat to power

By James Tarmy, Bloomberg

Movie Review
The Kingmaker
Directed by Lauren Greenfield

TO AN international audience with a long memory, Imelda Marcos, former first lady of the Philippines from 1965 to 1986, is famous for the thousands of shoes that were seized when her husband Ferdinand was ousted from power. In global pop culture, her name became synonymous with excess and greed.

To people in the Philippines however, she’s the omnipresent matriarch of a family that began to try to claw back political power almost as soon as they lost it.

Marcos plays a starring role in those machinations in a new documentary, The Kingmaker, by Lauren Greenfield, which loosely follows Marcos and her son, former senator Ferdinand “Bongbong” Marcos, as he campaigns to become vice-president of the Philippines in 2016. (Bloomberg LP, the parent of Bloomberg News, provided financial support for the film.)

The documentary is something of a bait and switch — it starts out as a sort of “lives of the rich and famous”-style drama and slowly becomes a tutorial in what Greenfield strongly suggests is a multi decade campaign of unseemly and allegedly illegal activity carried out by the Marcos clan in an effort to regain political sovereignty.

From one angle, this is new ground for Greenfield, who’s devoted her career to chronicling Western excess. She’s documented rich Los Angeles teens and aging French aristocrats, and produced a mountain of books, exhibitions, and documentaries about various members of the upper class.

Greenfield is certainly not in awe of money — most of her work is heavily slanted toward the evils of consumer culture — but cold hard cash has always been at the root of her work.

The Marcos family, in contrast, is certainly preoccupied with money, but primarily — at least in Kingmaker — as a means of perpetuating its own influence and power. Greenfield might follow Marcos around her Manila apartment as she points out her Picassos, Fragonards, and, almost unbelievably, a Michelangelo, and the camera is happy to linger on Marcos’s jewels and dresses. But when money is actually spent on camera, it’s on activity likely to gain votes.

The Marcos family is deeply embedded in the country’s political firmament. Marcos’s daughter is a senator, and her grandson is a governor. Marcos herself is a four-term congresswoman. And so we watch Marcos driving through slums with stacks of crisp bills, handing them out wherever she goes. At stoplights, she’ll hand out bills; at church, she’ll slip cash to the priest; even in a cancer ward, her default is to push money into the hands of a bedridden child. But even though that money is a tool, it’s also, Kingmaker argues, at the core of the Marcos family’s political enterprise.

The Marcos family’s hidden wealth, of which about $4 billion has been recovered by successive Philippine governments, isn’t exactly a fringe concern. After a CNN debate between Bongbong and Robredo, someone at a press conference press asks Marcos, point blank, about his “hidden wealth — do you have it?”

For someone who’s presumably had a lifetime to figure out a compelling answer, Bongbong doesn’t do a great job at giving an explanation. “No, no. I don’t have it,” he says. “Everything of mine is very clear and uh…” trailing off until he’s asked another question.

His mother is a much better politician. She’s better at working a crowd, better at arguing for her children’s political relevance, and infinitely better at justifying her own excesses.

“When I became first lady, it became more demanding for me,” she explains. “If I’m going to the slum areas, I have to dress up and make myself more beautiful. Because the poor always look for a star in the dark of the night.”

Perhaps unconsciously, Marcos is echoing another clotheshorse, the late New York socialite and philanthropist Brooke Astor. In her 2007 obituary, Astor is quoted as saying: “If I go up to Harlem or down to Sixth Street, and I’m not dressed up or I’m not wearing my jewelry, then the people feel I’m talking down to them. People expect to see Mrs. Astor, not some dowdy old lady, and I don’t intend to disappoint them.”

Greenfield does her best to differentiate Marcos from the world’s benign, tiara-decked nonagenarians, though. Kingmaker foregrounds women who were allegedly detained and sexually assaulted after protesting the Marcos regime’s martial law, along with a series of Philippine citizens who allege that the Marcos government committed abuse and murder.

Marcos herself does most of Greenfield’s heavy lifting. She might have the money of a socialite, but she’s got the work ethic of a scrappy woman on the make. We see her, tireless, trudging through adoring crowds pressing the flesh, kissing babies, conferring with allies, and even singing at campaign rallies.

In fact, by the end of the film, having seen a parade of jewels, mansions, and art, one begins to wonder why that isn’t enough for the woman so notorious for avarice. During filming in 2016, she was already 87.

But what Greenfield shows throughout the film, as Marcos continues to hustle and claw at power as she approaches 90, is that the matriarch is not like the documentarian’s other subjects. Money may well be at the heart of her political aspirations — but it’s pure power that consumes her, body and soul. — Bloomberg

DoubleDragon seeks LEED Gold certification for Boracay hotel

DOUBLEDRAGON Properties Corp. is determined to secure a green certification for its hotel development in Boracay, as it tapped a sustainability consultant for its application for the Leadership in Energy and Environmental Design (LEED) Gold certification.

In a statement Monday, the listed property developer said its hotel arm Hotel of Asia, Inc. (HOA) has engaged Barone International to be a consultant for its LEED Gold certification application for Hotel 101 Resort Boracay.

“In this day and age when most modern buildings are built to have customary green features, DoubleDragon looks to go a step further… With its 1,001 hotel rooms it is poised to become the largest truly green hotel in the Philippines.” DoubleDragon Chairman Edgar “Injap” J. Sia II said in the statement.

The eco-friendly resort sits on a beachfront cove in Boracay Newcoast, which also incorporated green initiatives such as “the use of electric jeepneys, solar-powered streetlamps, flood-free drainage systems, implementation of its own waste segregation program and having its own Material Recovery Facility (MRF) for waste recycling, and having its own Sewage Treatment Plant (STP) that converts used water for irrigation and fire reserve.”

An LEED certification measures a building’s sustainability based on several categories such as water efficiency, energy & atmosphere, materials & resources, indoor environmental quality and innovation.

The U.S. Green Building Council, which developed LEED, said in its website such certification could result to instant recognition for a building, faster lease up rates, higher resale value and brand enhancement, among others.

Hotel 101 is DoubleDragon’s hotel brand which currently has branches in Pasay City, Taguig City and Davao City. Mr. Sia said the company is envisioning Hotel 101 to contribute significantly to the company’s recurring income.

Shares in DoubleDragon fell 0.05 point or 0.25% to P20 each on Monday. — Denise A. Valdez

BoJ debated whether to boost stimulus

BANK OF JAPAN policy makers discussed the possibility of additional easing measures. — REUTERS

TOKYO — Bank of Japan (BoJ) policy makers debated whether extra easing measures were needed to hit the central bank’s inflation target at its last policy meeting, a summary of opinions showed on Monday, as heightened risks threatened a fragile economic recovery.

Some in the BoJ’s nine-member board insisted on the need to communicate to markets the central bank would maintain loose monetary policy given the time need to accelerate inflation to its 2% price goal, the summary of the Oct. 30-31 meeting showed.

One of the members said additional easing measures would be needed “without hesitation” if momentum toward achieving the inflation target falters.

“In the current situation where risks are skewed to the downside, the Bank should continue to examine whether additional monetary easing will be necessary,” another board member was quoted as saying in the summary.

At the October meeting, the BoJ kept monetary policy steady but introduced new forward guidance to indicate more clearly its readiness to cut rates if needed, underscoring its concern over simmering overseas risks.

In its policy statement last month, the BoJ said it expected short- and long-term interest rates to stay at their present or lower levels given the possibility efforts toward achieving the elusive price target stall.

Board member Goushi Kataoka dissented on the decision to change forward guidance, saying such momentum had already been lost.

In the October meeting summary, some board members warned that long-term uncertainties remained high even as short-term risks temporarily eased on progress in US-China trade negotiations.

One board member said the BoJ needed to signal that its policy stance was now further tilted toward monetary accommodation and a “downward bias in the policy rates.”

However, another member said there had been no increase in risks that the inflation target would be not be met. The board members are not named in the summary.

Under its yield curve control policy, the BoJ pledges to guide short-term rates at -0.1% and the 10-year government bond yield around 0%. It also buys government bonds and risky assets to accelerate inflation to its price goal.

Japanese policy makers have been under pressure to offset the impact on the domestic economy from an overseas slowdown with a diminishing tool-kit, as soft global demand hurts the export-reliant economy.

Given heightened risks to the outlook, Prime Minister Shinzo Abe on Friday asked his cabinet to compile a package of stimulus measures to support the economy and build infrastructure to cope with natural disasters. — Reuters

DBP raises P18.125 billion from sustainability bonds

STATE-OWNED Development Bank of the Philippines (DBP) successfully raised P18.125 billion via sustainability bonds to finance eligible projects.

During the listing ceremony in Makati City on Monday, DBP President and CEO Emmanuel G. Herbosa said they raised P18.125 billion in the two-year Series A ASEAN sustainability bonds, which was three times more than the initial P5 billion target.

“This will further enable us to support and spearhead projects in line with the sustainability development goals and allow us to reach a wider network of stakeholders especially in the countryside,” Mr. Herbosa said in his speech.

The debt papers, which are due on 2021, carry a coupon of 4.25% to be paid quarterly, Jose Gabino de Leon Dimayuga, DBP executive vice president, said in a phone message yesterday.

The issuance was the first tranche of the bank’s three-year P50-billion bond program under its Sustainability Finance Framework.

Mr. Herbosa said the proceeds of the fund-raising activity will finance roads, bridges, airports, equipment for public and private hospitals, renewable energy for power plants, schools and provide more working capital for local businesses.

He added that this issue is the first listing of the bank in the Philippine Dealing and Exchange Corp., which will take them “one step closer” to its target of becoming a P1-trillion bank.

“We want to impart the value of nation-building to our investors, and hopefully through this transaction, inspire them to make even greater steps with us, paving the way for sustainable future in generations of Filipinos to come,” he added.

The transaction’s structuring advisor and issuer manager was the Standard Chartered Bank, which also worked with China Bank Capital Corp. as joint lead arrangers.

DBP’s net earnings went up by 12.3% year-on-year in the first six months of the year to P3.1 billion, boosted by lending growth.

The gross loan portfolio of the country’s eighth largest bank in terms of assets rose by a fifth to P368.33 billion in the first half. — Beatrice M. Laforga

Hungarian film fest sets sights outside Metro Manila

NOW IN its third year, the Hungarian Film Festival (HUFF) is expanding its reach to cities outside Metro Manila as it tries to “present the essence of Hungarian cinema to more and more Filipinos in Cebu and Davao,” according to a press release.

The festival, which opens on Nov. 13 at the Red Carpet Cinemas at Shangri-La Plaza Mall in Mandaluyong, presents five films.

The festival runs for a week in Metro Manila while viewers in Cebu and Davao will have monthly screenings of the festival films until December.

It is presented by the Hungarian Embassy to the Philippines and the Film Development Council of the Philippines.

Opening this year’s HUFF is Kincsem — Bet on Revenge (2017) by Gábor Herendi. The film is a historical adventure loosely based on the exploits of Kincsem, a world-famous racing horse of unparalleled speed. Set against the backdrop of 19th-century political turmoil in Hungary, the film is a tale of love, revenge, and sportsmanship.

The other films on view for the week are: Brazilok or Brazilians (2017) by Csaba M. Kiss and Gábor Rohonyi, a tale told with humor and tears about a gypsy football team; Genezis or Genesis (2018) by Árpád Bogdán, about boy who lives with his grandparents after an attack on his Roma village kills his mother.

“[The film is] a dramatic depiction of sin, catharsis, and rebirth with strong biblical roots, the story is told via the journeys of very different individuals from completely separate sections of society whose paths never cross but whose fates become intricately entwined as they twist through the shadow cast by a horrendous crime,” the release said of the film.

Moszkva tér or Moscow Square (2001) by Ferenc Török is a period piece set in April 1989 during the collapse of Communist regimes in Europe. Four friends spend their evenings hanging around the clock tower in Moscow Square, while all around them the old regime is teetering on the brink — everyone feels that something is about to happen. The question is whether they make it happen or just wait for whatever’s coming.

For younger audiences, the festival presents Tales from the Lakeside (2017) by Zsolt Pálfi. The animated feature film — dubbed in English — tells the story of a tiny hero who tries to save the lake he lives in.

Lakeside introduces a wonderful microcosm around a small lake, where inspiring creatures defend their quiet corner of the world,” the release said.

All films are screened for free and will have English subtitles except Lakeside which is dubbed in English. For more information and for the screening schedule, visit the Embassy of Hungary’s Facebook page. — ZBC

Global-Estate Resorts profit slips in 3rd quarter

EARNINGS of Global-Estate Resorts, Inc. (GERI) dipped 2% in the third quarter as its real estate sales slowed during the period.

In a regulatory filing yesterday, the listed subsidiary of Megaworld Corp. said its attributable net income stood at P490.14 million in the July to September period, down from P502.49 million a year ago.

Total revenues during the three months increased 5% to P1.82 billion versus last year. The biggest bulk came from real estate sales, which ended at P1.32 billion or lower by 6%.

However, the 65% surge in rental income to P193.53 million, the exponential growth of hotel operations income to P181.35 million from P102,000, and 33% rise in service income to P44.83 million helped offset the decline in revenues.

Total expenses during the quarter increased 3% to P1.25 billion.

For the nine months to September, GERI’s attributable net income was 9% higher at P1.36 billion, as revenues during the period climbed 19% to P5.92 billion.

Net profit in the three-quarter period jumped 24% to P1.6 billion. Excluding non-recurring gains which amounted to P189 million, the company said in a statement its net income would still be 10% higher at P1.4 billion.

By business group, the real estate segment of GERI, which is its main source of revenues accounting for more than 70%, slipped 1% to P4.16 billion during the nine-month period. The rental segment generated the next biggest contribution at P570.71 million, soaring 94% from last year.

The hotel segment added P655.29 million or a 422% escalation from last year, which came mostly from the opening of new hotels in Twin Lakes and Boracay Newcoast.

The company said moving forward, it expects to continue seeing growth across its revenue streams with the incoming sales from newly finished projects and added contributions of more projects in the pipeline.

GERI currently has eight integrated tourism development projects on its plate, which will total more than 3,000 hectares of land across the country.

“Our continuing thrust to help boost tourism in the country is even gaining more momentum as we open more hotels across our tourism townships,” GERI President Monica T. Salomon said in a statement.

“The growth in our real estate revenues will be underpinned by project launches from our new and existing townships and integrated lifestyle communities. Moving forward, this should be sustainable as the company has a huge land bank for both vertical and horizontal developments,” she added.

Shares in GERI went up 0.03 points or 2.42% to close at P1.27 apiece on Monday. — Denise A. Valdez

Christmas lights brighten Ayala Avenue

CHRISTMAS comes early in the Makati central business district, as colorful Christmas trees, angel wings and twinkling lights decorate the stretch of Ayala Avenue.

This year’s theme, designed by event stylist and interior designer Zenas Pineda, features bronze-colored, cone-shaped Christmas trees.

“The trees have always been a symbol of life and light, and we wanted to use these elements to impart a message of hope and strength to everyone. It’s always a joy to be able to share a meaningful Christmas with every Filipino family through our installations,” Catherine R. Bengzon, Ayala Land, Inc. corporate brand marketing head, said in a statement.

The display also showcases distinctly Filipino elements such as abanico-shaped installations, Capiz chandeliers, solihiya and adarna feather patterns.

The Ayala Avenue Street Lighting is part of the Gallery of Lights, which includes the annual Festival of Lights, giant lanterns, and 3D video mapping which will be launched on Nov. 12 at Ayala Triangle Gardens.

Rediscount loans rise in October

LOANS TAKEN OUT by banks from the central bank’s rediscount window rose in October from the previous month, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Peso rediscount loans totalled P3.493 billion last month, higher than the P2.1 billion recorded in September, the central bank reported on Monday.

Total availments from January to October hit P122.167 billion, ballooning from the P47.176 billion borrowed in the same period of 2018.

The BSP allows banks to hold on to additional money supply by posting their collectibles from clients as collateral through the rediscount window.

For their part, lenders can opt to use fresh cash — whether in peso, dollar, or yen — to disburse more loans for corporate or retail clients and service unexpected withdrawals.

The central bank said in a statement Monday the bulk of the loans during the first ten months of the year were used to fund other credits, amounting to 65.13% of the total. This was comprised of credit for capital asset expenditures (38.75%), loans to other services (19.62%), permanent working capital (6.72%) and housing loans (0.04%).

On the other hand, commercial credits made up 34.86% of the total borrowings which lenders used to disburse loans related to importation (24.93%), trading (9.92%), and export (0.01%) of goods or products.

Meanwhile, production credits cornered 0.01% of the total loans were geared towards agricultural production.

RATES
For the month of November, rediscount rates are at 4.5625% for peso loans maturing in 90 days or less, while those with a 91- to 180-day term are priced at 4.625%.

These are based on the latest available BSP overnight lending rate plus a premium.

On the other hand, dollar credit lines have lower rates at 3.90225% for one- to 90-day loans; 3.96475% for those maturing within a 91- to 180-day time frame; and 4.02725% for 181- to 360-day loans. Rates for yen loans are at 1.885% for one to 90-day loans; 1.9475% for 91- to 180-day loans; and 2.01% for loans maturing within a 181- to 360-day period.

These are based on the 90-day London Inter-Bank Offered Rate as of end-October plus 200 basis points, plus term premia. — Luz Wendy T. Noble

Instagram covers celebrity video costs — if they avoid politics

INSTAGRAM IS willing to pick up the tab for some celebrities’ video production costs. As long as they don’t film anything about politics or elections.

Anyone who gets Instagram money to produce content for IGTV, the app’s hub for longer videos, “must not include content about social issues, elections or politics,” according to a contract distributed by the company to creators and agents. Bloomberg News obtained a copy of the document.

The clause has alarmed some of the influencers and creators who have been approached about posting clips on IGTV, according to a person familiar with the situation. They asked not to be identified discussing private negotiations.

That’s a stark contrast to its parent company Facebook Inc., which has vigorously defended political speech online. Facebook has been under intense criticism for letting politicians lie in advertisements on the social network. Chief Executive Officer Mark Zuckerberg argued that free speech and political debate are too important to fact check political ads. Instagram’s IGTV contract conflicts with this ethos by restricting political speech along with payment.

“In the last few years we’ve offset small production costs for video creators on our platforms and have put certain guidelines in place,” a Facebook spokesperson said. “We believe there’s a fundamental difference between allowing political and issue-based content on our platform and funding it ourselves.”

The policy is unique to Instagram. On Facebook Watch, the company has deals with content creators too, but partners include news organizations that must talk about politics.

Facebook has been under fire for disseminating misinformation and struggling to combat election manipulation on its platforms ever since foreign parties used the company’s social network to meddle in the 2016 US presidential election. Governments around the world have pressed Facebook to better police political news and ads, while civil rights activists have said Zuckerberg should intervene to stop voter-suppression campaigns on the company’s services.

Instagram has received far less scrutiny, but the company’s leadership is still concerned about how the app will be used ahead of the 2020 election. “We are just as big a target as Facebook, if not a larger target,” Adam Mosseri, the head of Instagram, said in October.

IGTV offers a mix sports, entertainment, politics and music. Popular posts on Friday included a deleted scene from the The Office, anime clips and videos from the website Barstool Sports. There was also a clip from the TV show The View posted by an account named “trump_making_us_great” titled “Hilary is the problem why our Country is divided.” Another video was posted by Eduardo Bolsonaro, son of Brazilian President Jair Bolsonaro.

In these new IGTV deals, Instagram offers thousands of dollars to cover production costs for creators, in exchange for a certain number of posts. It’s made dozens of deals, and plans to make more, according to the person familiar with the situation. The biggest deals have eclipsed $250,000 for more than 20 posts. There are other restrictions, too, according to the contract language. The videos can’t be sponsored by a third party, can’t promote content on another platform like YouTube, and can’t involve a sweepstakes or product giveaway.

Instagram’s incentives are small compared with programs from other video services such as Facebook Watch and YouTube. Instagram has a policy of not paying celebrities for their work beyond production costs.

IGTV debuted in June 2018 as the app’s answer to YouTube, the most popular video site in the world. While the company figured it could funnel many of Instagram’s 1 billion users into this new hub, the initiative has struggled. Few users watch IGTV, and months after its debut, many of Instagram’s most popular accounts have never posted on the video service. — Bloomberg

Robinsons Land tops off GRC tower in Cebu

ROBINSONS Land Corp. (RLC) recently topped off the first tower of the Galleria Residences Cebu, located along Osmeña Avenue in Cebu City.

At the same time, RLC also broke ground on the third tower of the modern resort-inspired high-rise development.

“Galleria Residences Cebu completes the mixed-use complex that is composed of a nine-storey office building, a hotel, and a full-service mall that has become a key destination in Cebu City,” the company said.

New franchise stores lift MGI’s bottom line

By Denise A. Valdez, Reporter

MAX’S Group, Inc. (MGI) on Monday grew its profit by 8.3% in the third quarter, as it opened more franchise stores during the period.

In a statement, the listed casual dining company reported a net income of P128.32 million in the July to September period, up from the P118.54 million in the same period last year.

Systemwide sales, a measure of all sales to consumers, jumped 7.7% to P4.82 billion in the third quarter, while revenues increased 5.3% to P3.39 billion.

Year to date, MGI’s net income stood at P494.77 million, 9.8% higher from the same period last year. Systemwide sales went up 5.7% to P14.55 billion, while revenues climbed 4.8% to P10.43 billion.

“Our positive results are attributed to the success of our current company-wide strategies, namely: growing our franchise business, investing in supply chain modernization, and strengthening brand relevance. As industry conditions improve, we are resolute in our commitment to maintain market leadership and increase shareholder value,” MGI President and Chief Executive Officer Robert F. Trota said in the statement.

Company-owned restaurants generated P8.53 billion in sales during the nine-month period, an increase of 3% from last year. Commissary sales grew 13.5% to P1.29 billion as franchising income rose 13.6% to P608.23 billion.

Sales from deliveries also improved during the period, ending at P1.32 billion or 15.8% higher from last year. This was due to the company’s efforts to partner with food aggregators that supplemented its in-house delivery operations.

MGI Chief Operating Officer Ariel P. Fermin said the company expects a boost in performance heading into the holiday season.

“We have augmented the capacity of our commissary operations and continue to future-proof our business for sustained efficiency and long-term profitability,” he was quoted in the statement as saying.

MGI launched a total of 50 new stores during the nine months to September, of which 16 are located overseas. It now has 730 branches across its restaurant brands, of which 64 are in North America, the Middle East and Asia.

MGI is the listed operator of Max’s Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Sizzlin’ Steak, Maple and Kabisera.

Shares in MGI at the stock exchange slipped 0.04 point or 0.30% to P13.26 apiece on Monday.