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Endeavor Philippines celebrates decade of entrepreneurial impact

L-R: Bela Gupta D’Souza, founder and CEO of edamama; Judge Calimbahin, head of Entrepreneur Experience at Endeavor Philippines; Anthony Huang, president of SSI Group; Manny Ayala, co-founder and managing director of Endeavor Philippines; and Kimberly Yao, co-founder and group CEO of CloudEats

By Mhicole A. Moral, Special Features and Content Writer

Endeavor Philippines commemorates 10 years of driving high-impact entrepreneurship in the country with the release of its 2024 Impact Report, themed “10 Years of Multiplier Effect,” which focuses on creating an entrepreneurial ecosystem that empowers visionary founders, and builds a culture of innovation and collaboration.

According to the report, the Multiplier Effect is a principle that demonstrates how the growth of one entrepreneur can catalyze innovation and opportunity for others. Through mentorship, investment, and inspiration, high-impact entrepreneurs not only scale their ventures but also empower emerging founders to follow suit.

Endeavor’s “pay-it-forward” culture also amplifies individual success and drives collective progress that will further create a compounding impact across the Philippine economy.

Since its establishment in 2015, Endeavor Philippines has supported 46 entrepreneurs across 33 companies in key industries such as fintech, e-commerce, and logistics. This ecosystem has generated over $900 million in revenue, more than 66,000 jobs created, and $1 billion in capital raised in 2023 alone.

“At Endeavor, we’re not just supporting individual entrepreneurs; we’re building a chain reaction that reshapes industries and empowers entire communities. Each founder we back is a catalyst for innovation and opportunity, multiplying their success by mentoring, investing, and paving the way for others,” said Endeavor Philippines Managing Director Manny Ayala.

“Our goal isn’t just growth — it’s enduring transformation, driven by entrepreneurs who will continue to elevate the Philippine economy long after Endeavor’s work with them is done,” he added.

Empowering impactful leaders and companies

Endeavor’s 2024 Impact Report spotlights the success of entrepreneurs from innovative companies like Angkas, BillEase, CloudEats, Coins.ph, edamama, Kalibrr, and Kumu. Such stories from these entrepreneurs reflect Endeavor’s Multiplier Effect to guide the next wave of Filipino entrepreneurs.

One inspiring example is Steve Sy, co-founder of Great Deals, who credits Endeavor for helping him scale his company into the Philippines’ leading e-distributor. Today, Mr. Sy mentors over 60 founders, sharing his knowledge through faith-based programs that bridge tech and non-tech industries.

“Endeavor has been instrumental in my journey — providing the mentorship, network, and resources that helped me scale Great Deals into the top e-distributor in the Philippines. Supporting others as they navigate their own paths to success is incredibly fulfilling, and it feels meaningful to carry forward the support that Endeavor extended to me,” Mr. Sy explained.

Similarly, edamama founder and CEO Bela Gupta D’Souza noted the importance of Endeavor’s “pay-it-forward” culture to inspire a new wave of nation-builders: “What Endeavour brings to the table is that they’re really coming at this from the perspective of trying to make you the best version of an entrepreneur. There are some amazing companies that support startups today; and so, that will really inspire the next generation of entrepreneurs that the country could really benefit from.”

From impact to legacy
Endeavor’s success can also be credited to its Endeavor Catalyst fund, a rules-based co-investment vehicle that invests in Endeavor Entrepreneurs’ companies.

With over $500 million in assets under management (AUM) and investments in 57 unicorns across 35 markets, Catalyst provides financial backing to scale high-growth startups. It also sustains Endeavor’s operations, ensuring the organization continues to thrive globally and locally.

Endeavor Philippines plans to scale its impact even further by focusing on global leadership that positions Filipino entrepreneurs at the forefront of addressing global challenges; an inclusive ecosystem that ensures accessible opportunities, mentorship, and capital for all entrepreneurs; and instilling a cycle of growth where every success story inspires the next generation.

“The next chapter of our journey is where we will take the bold leaps necessary to catalyze the Philippine ecosystem for generations to come,” said Anthony “Anton” Huang, president of SSI Group and board member of Endeavor Philippines. “If Endeavor 1.0 was about scaling up high-impact entrepreneurs, Endeavor 2.0 would be about going beyond individual growth and fully transforming our ecosystem. Our vision for the next decade is ambitious but achievable ,and focuses on creating a true multiplier effect where success doesn’t just add up, it multiplies.”

Secrets to content creation unveiled in YGG Play Summit 2024

From left: YGG CEO Gabby Dizon with Base and Coinbase Wallet Head Jesse Pollak during one of the sessions at the YGG Play Summit

Week-long event showcases Web3 gaming tournaments, innovations

By Jomarc Angelo M. Corpuz, Special Features and Content Writer

Some of the biggest names in the Web3 gaming community shared their secrets to becoming recognizable content creators at the Yield Guild Games (YGG) Play Summit’s “Industry Day” on Nov. 20 at the SM Aura, Taguig City.

In a forum themed “Harnessing the Superpower of Audience,” Forbes Web3 Gaming Creator of the Year “Yellow Panther” suggested that consistency and persistence are essential in building a strong presence online.

“You may have to post over 100 times before seeing any results, but you have to keep posting. Keep improving video by video slowly, and that’s how you’ll be able to improve over time. You have to just keep showing up daily,” he said.

Meanwhile, Wolves DAO Marketing Director Sam Steffanina, who has generated more than five billion views across social media, noted that understanding your audience’s desires and tailoring content to meet those needs is key to content creation.

“Look at what’s working but also ask yourself, ‘What do I wish I could find whenever I’m scrolling and going through social media?’, and then try your best to create it. It’s hard, but if you just keep the mindset for a year or two, you’ll eventually figure it out,” Mr. Steffanina emphasized.

Parallel TCG Ambassador and content creator Alexandra “Alliestraza” Macpherson highlighted the importance of genuine enthusiasm which resonates with the gaming community.

“People are willing to give support if you are passionate about the game and you’re excited. It starts small until one time you post something and it gets hundreds of thousands of views,” Ms. Macpherson said.

‘Future of Work’ and onchain guilds

YGG CEO Gabby Dizon also discussed how technologies could change the future of work and highlighted one of the guild’s newest features “Future of Work (FoW),” a new program to provide its community with decentralized earning opportunities across the broader Web3 ecosystem.

“Earlier this year, we started a division in YGG called ‘Future of Work.’ It’s practically doing different tasks that could earn you crypto as a group that is outside of gaming. Things like data labeling, DePIN (decentralized physical infrastructure networks), and many more,” Mr. Dizon said.

Additionally, in a fireside chat with Emfarsis Director Leah Callon-Butler, during the YGG Play Summit Industry Day, Mr. Dizon revealed that YGG’s new Onchain Guilds feature will be built on top of the Base network.

Onchain Guilds enable guilds to establish and maintain their reputation through verifiable blockchain records of their work and accomplishments with added security from Ethereum and advantages in the Base platform.

These guilds operate within a blockchain, a decentralized network commonly associated with cryptocurrencies, and allow individuals to collaborate digitally based on their professions or business interests.

“I see guilds very much as the small to medium enterprises (SME) of the Internet, not just of Web3,” Mr. Dizon said. “These are people who are gathered together, and what makes Web3 special is the ability to own assets as a group.”

Tournament winners

Several Web3 game tournaments were also played during the summit with winners of each competition taking home cash prizes.

Kadiliman Esports triumphed over Sylphy Academy during the finals of the summit’s Indus tournament securing the grand prize of $2,500. Indus is a mobile battle royale game developed by SuperGaming on iOS and Android.

Arena of Faith, a multiplayer online battle arena (MOBA) game from Super Esports and Vortex Labs, also held a tournament during the summit with SylphyT1 of Sylphy Academy emerging victorious and winning $4,000.

In addition, the Anichess tournament at the summit wrapped up with player “johnfdong” emerging as champion and taking home $3,000 in prize money. Anichess, launched by Animoca Brands, integrates elements of magic into the classic game of chess.

Colombian YGG Esports player Zeliaser walked away with $20,000 after winning the Parallel TCG tournament at the summit. Parallel is a trading card game developed by Parallel Studios utilizing play-and-earn features.

CREATE MORE roadshow to pitch investors next year

JCOMP-FREEPIK

SECRETARY Frederick D. Go, the special assistant to the President for investment, said a roadshow is being planned next year for the US, Japan, South Korea, and the European Union upon completion of the implementing rules and regulations (IRR) of the amended Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. Mr. Go said in a statement over the weekend that the roadshow aims to highlight the advantages of the CREATE to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

“The Board of Investments, together with the investment promotion agencies, is organizing a roadshow to all the countries that have great interest in investing in the Philippines,” according to Mr. Go, who heads the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).

According to OSAPIEA, the US delegation at the third Luzon Economic Corridor (LEC) Steering Committee held last month proposed the roadshow showcasing CREATE MORE.

“The IRR is expected to be completed by February. We’re waiting for the IRR before we do that roadshow,” Mr. Go said.

On Nov. 11, President Ferdinand R. Marcos, Jr. signed into law the CREATE MORE Act, which further reduces the corporate income tax to 20% from 25% for registered business enterprises.

The signing of the law boosted the LEC initiative, which attracted attention from the country’s trilateral partners: the US and Japan, OSAPIEA said.

“During the 3rd LEC Steering Committee meeting, representatives from both countries expressed their interest in the potential of this new investment-inducing law to attract greater participation and investments from like-minded nations and the private sector,” OSAPIEA said.

“The US delegation highlighted the CREATE MORE Act as a pivotal tool for enhancing investment opportunities within the LEC framework,” it added. — Justine Irish D. Tabile

PHL-UAE energy deal taking effect in January

CASEY HORNER-UNSPLASH

THE Department of Energy (DoE) said it and a United Arab Emirates (UAE) state-owned firm are set to operationalize their energy collaboration agreement in January.

In a statement on Sunday, Energy Secretary Raphael P.M. Lotilla said the memorandum of understanding (MoU) on energy transition cooperation was among the deals signed during the working visit of President Ferdinand R. Marcos, Jr. to the UAE last month.

“To operationalize this MoU, an implementation agreement with a UAE state-owned company is expected by January,” Mr. Lotilla said.

The DoE did not disclose additional information on the company and the potential investments involved.

Mr. Lotilla said that the DoE discussed the terms of the agreement with UAE Minister of Energy and Infrastructure Suhail Mohamed Faraj Al Mazrouei during a meeting in Abu Dhabi last month.

“Our dialogue emphasized fostering meaningful business collaboration and positioning the Philippines as a prime destination for Emirati investment in critical energy sectors, including developing robust energy infrastructure and advancing renewable energy projects,” he said.

The MoU identifies areas of collaboration such as renewable energy, liquefied natural gas, power generation, transmission and distribution, nuclear energy, energy efficiency and conservation, and alternative fuels and emerging technologies.

“By combining the UAE’s leadership in innovative energy solutions with the Philippines’ ambitious drive for energy security and sustainability, this initiative has the potential to transform not only industries but also the lives of millions of Filipinos,” Mr. Lotilla said. — Sheldeen Joy Talavera

Sugar planters warn profiteers could be behind decline in millgate prices

PHILSTAR FILE PHOTO

SUGAR producers said millgate prices for their cane have declined since the start of the milling season, with the United Sugar Producers Federation (UNIFED) warning of possible profiteering by traders.

“We fear that this continued downtrend will have a severe impact on our small farmers which comprise more than 80% of the industry producers who are looking forward to a better holiday season especially with the increase in production inputs due to the long drought,” UNIFED President Manuel R. Lamata said in a statement.

UNIFED said prices averaged P2,500 per bag of sugar last week, compared to the 2,800 per bag farmers had been hoping for.

“Since the start of the milling season, prices have been erratically (fluctuating) contrary to the supply and demand figures, which raised suspicions that somebody is profiting from recent events,” Mr. Lamata added.

He said that despite the drop in millgate prices, the retail price for sugar remained stable.

He added that farmers should hold on to their sugar until prices stabilize.

“We may all need to tighten our belts so we will not be abused by these traders,” Mr. Lamata said.

The group also called on the Department of Agriculture and the Sugar Regulatory Administration to investigate the drop in millgate prices.

“We need the DA and SRA’s intervention to prop-up sugar prices at a comfortable level to prevent further losses especially now when there is also the issue of sugar purity, which has fallen due to the long drought,” he added.

The SRA has estimated that sugar production this crop year will drop 7.2% to 1.78 million metric tons.

He said the government could also move to buy sugar to stabilize prices.

“We will only sell directly to the government and they can sell directly to the people, eliminating these traders until prices stabilize,” Mr. Lamata said.

Low millgate prices were also reported during the previous crop year, prompting the government to allocate about P5 billion for the purchase of sugar directly from farmers. — Adrian H. Halili

Landowners along Subic-Clark rail line get TCTs

JOHANNES PLENIO-UNSPLASH

THE Bases Conversion and Development Authority (BCDA) has distributed transfer certificates of title (TCTs) to the landowners affected by the implementation of the Subic-Clark-Manila-Batangas (SCMB) railway project.

In a statement issued over the weekend, BCDA said that it has distributed a total of 68 TCTs to at least 43 landowners in Pampanga.

“One of the biggest challenges of the government is securing right-of-way; that is why it is really a big help that the (landowners) are willing to cooperate for the quick realization of this project,” BCDA Senior Vice-President Richard Brian M. Cepe said.

According to Mr. Cepe, the SCMB railway project will connect the port in Subic to the airport in Clark and to the ports in Manila and Batangas.

“This will be a big help to speed up commerce and the flow of products and services. In this way, we will attract more investors into the country,” he added.

Pampanga Vice Governor Lilia G. Pineda said that with the turnover of the certificates, “we recognize the challenges that our lot owners have faced, and we acknowledge the patience and resilience they have shown.”

“We also recognize the importance of this project in driving economic growth and development in our province,” she added.

According to the BCDA, the landowners who received the TCTs have been paid based on the land assessment and valuation of the Bureau of Internal Revenue or fair market value by independent real property valuers.

It said landowners were given “just compensation” as provided for by the Right of Way Act.

The distribution of the TCTs signifies that the property is now ready for the project. — Justine Irish D. Tabile

SEC extends deadline for lower fines to Dec. 31

Companies that fail to submit the complete requirements by Dec. 31 would be subject to the updated scale of fines and penalties implemented in April through Memorandum Circular No. 6. — BW FILE PHOTO

THE Securities and Exchange Commission (SEC) has extended the deadline to Dec. 31 for companies to apply for its incentive program, which reduces fines and penalties for late or non-filing of reportorial requirements.

Memorandum Circular (MC) No. 17, signed on Nov. 28, extended the application deadline for the Enhanced Compliance Incentive Plan (ECIP) to Dec. 31, the SEC said in an e-mailed statement over the weekend. The ECIP’s original deadline was Nov. 30.

The SEC said that over 3,200 corporations had applied and paid the ECIP fees as of Nov. 28.

ECIP allows noncompliant, delinquent, suspended, or revoked corporations to pay fines and penalties for failure to submit their annual financial statements (AFS), general information sheet (GIS), and official contact details at lower rates.

Applicant corporations must submit their latest AFS and GIS by Dec. 31.

Under the ECIP, noncompliant and delinquent corporations can settle their fines and penalties for P20,000.

Suspended and revoked registrations only need to pay 50% of their assessed fines and penalties, plus P3,060 to process their petition to lift the suspension or revocation order.

Companies that fail to submit the complete requirements by Dec. 31 would be subject to the updated scale of fines and penalties implemented in April through MC No. 6.

The new rates are around 900% to 1,900% higher compared to the previous rates.

Under the MC, a corporation with retained earnings up to P100,000 that files its AFS and GIS five months late must pay a base rate of P5,000 per report, up from P500.

A corporation with retained earnings up to P100,000 that fails to file its AFS and GIS for the year must pay a base rate of P10,000 per report, up from P1,000.

Under Republic Act No. 11232, or the Revised Corporation Code, a corporation is deemed delinquent if it fails to submit reportorial requirements three times, consecutively or intermittently, within a period of five years.

Delinquent corporations have two years to resume operations or risk having their registration revoked. — Revin Mikhael D. Ochave

How PHINMA Education aims to boost school access

CHRISTOPHER “HAPPY” A. TAN, PHINMA Education Holdings country chief for the Philippines

By Revin Mikhael D. Ochave Reporter

PHINMA Education Holdings, Inc. hopes to help increase access to education for Filipinos by expanding its network of affordable schools, a company executive said.

“Our aspiration is that every Filipino be given a chance to pursue their education and make their lives better,” Christopher “Happy” A. Tan, PHINMA Education country chief for the Philippines, said in an interview with BusinessWorld.

In July, the Philippine Statistics Authority said the country’s poverty rate shrank to 15.5% in 2023, equivalent to 17.54 million Filipinos living in poverty, compared with the 18.1% estimate in 2021.

“Our dream is to be a school network that produces thousands of board passers every year. This means we’re producing thousands of professionals every year because that’s how we will make an impact on poverty,” Mr. Tan said.

“By producing professionals, that will mean that you’ll have more families that will have cash flow to move out of poverty,” he added.

Mr. Tan has been with PHINMA Education for seven years. Prior to this, he was a human rights lawyer and was also involved in microfinance and development work.

PHINMA Education is the education unit of the Del Rosario-led conglomerate PHINMA Corp. It began operating in the education services sector in 2004 after the acquisition of PHINMA Araullo University in Nueva Ecija.

Other PHINMA Education schools include PHINMA Cagayan de Oro College, PHINMA University of Pangasinan, PHINMA University of Iloilo, and Southwestern University PHINMA in Cebu City. The company also operates Horizon Karawang in West Java, Indonesia.

PHINMA Chairman and Chief Executive Officer Ramon R. del Rosario, Jr. previously said that PHINMA Education now has 167,000 students following the recent acquisition of a school in Cavite that has 3,000 students.

Mr. Tan said PHINMA Education wants more schools to serve low-income students as it could help widen education access in the country.

“We would like to create a paradigm shift in the way schools operate. Right now, they don’t want to serve low-income students for multiple reasons, but part of which is they don’t necessarily think that it makes economic sense,” he said.

“What we would like to do is to convince a lot more schools that this isn’t us being nice. This is double bottom line. This is a public good, but it also makes financial sense. When we do that, then we shift the industry. The goal is not to dominate the industry, but to reduce poverty,” he added.

To improve the country’s quality of education, Mr. Tan said efforts should begin during the early years of the student’s journey.

“What do we need to do with grade school? We need to make sure that teacher education and teacher training is solid. You remove policies that make it hard for teachers to focus on their core work. Many teachers spend a lot of their hours on administrative issues. We should make sure that they have good teacher training,” he said.

“We also need to make sure that we have good assessment systems, not just grades because that can be rigged. You need to have standardized systems. We also should make sure to deal with issues of malnutrition,” he added.

In addition to this, Mr. Tan said the country needs an educational system that is more responsive to the needs of local employers.

“We should be able to understand the needs of local employers,” he said.

“However, we cannot control Filipinos if they want to find jobs outside the country. But I’m hoping that we, as a country, will give Filipinos the opportunity to choose,” he added.

Mr. Tan said PHINMA Education is also implementing active learning across its schools, as it helps improve the skills of both teachers and students.

“If you do active learning, you shift your role from being a lecturer to a facilitator of learning. This means that you have to pay attention to how individual students struggle with the content,” he said.

“We all learn best when we grapple with a problem rather than when we are passively listening to a lecture. It’s about deliberate practice. You actually do it,” he added.

In October, Phoenix Investments II Pte. Ltd. completed its P2.52-billion initial investment in PHINMA Education. The amount represented 70.22% of KKR’s total investment worth P3.59 billion. Phoenix Investments is an investment vehicle of funds managed by global investment firm KKR. The funds will be used to finance PHINMA Education’s growth plans.

PHINMA Education saw an 84% overall board passing rate, with 31 board exam topnotchers in various fields, for the school year 2023-2024.

Globe pursuing aggressive AI investment

REUTERS

GLOBE Telecom, Inc. is ramping up investments in artificial intelligence (AI) to enhance operational efficiency, a company official said.

“We are lining up investments for AI. The value we gain is in increasing customer engagement and improving our day-to-day operations,” said Jennifer Echevarria, Globe vice-president for enterprise data and strategic services, in an interview with BusinessWorld last week.

Ms. Echevarria did not specify the total AI investments but noted that the company expects to increase them.

She said that Globe is utilizing AI to enhance cybersecurity measures and improve internal operations.

“A lot of current initiatives focus on improving operational efficiency and strengthening brand propositions,” she said, adding that AI can also boost sustainability by improving energy efficiency.

For 2024, Globe has set a $1-billion capital expenditure target and aims to reduce it further next year.

Separately, Globe is set to establish its first-ever off-grid solar-powered cell site on Taganak Island in Turtle Islands to bring connectivity to remote areas, the company said in a statement on Sunday.

The facility is expected to provide reliable mobile and data connectivity to around 10,000 residents, Globe said.

“This project is a testament to Globe’s commitment to sustainable connectivity, made possible by a strong partnership with the government and local leaders to empower even our most remote communities,” said Gerhard Tan, Globe director and head of network strategy and technology enablement. — Ashley Erika O. Jose

New JAC City

PHOTO BY HAZEL NICOLE CARREON

Brand flexes electrified lineup at Auto Guangzhou 2024

By Hazel Nicole Carreon

ANHUI JIANGHUAI Automobile Group Co., Ltd. — or, more simply, JAC Motors — made a big splash at the recent Auto Guangzhou 2024 as it showcased vehicles enshrining its commitment to sustainable mobility and technological innovation. The company exhibited its latest electric vehicles (EV) and plug-in hybrid electric vehicles (PHEV), demonstrating its rapid progress and gains in the electrified era of mobility.

A standout at the motor show was the stylish and spacious RF8 PHEV MPV (multipurpose vehicle) that combines fuel efficiency and electric driving range. It is powered by either a 1.5-liter or 2.0-liter hybrid engine, depending on the variant. The MPV has an all-electric range of up to 250km, and offers plenty of space — with second-row captain seats, to boot. JAC hopes that the RF8 PHEV’s values, which also include superior performance and a luxurious interior, will make it a reliable choice people mover for families and businesses alike. According to JAC Philippines Brand Head Tonette Lee, the RF8 PHEV is expected to arrive here by next year.

In addition to the RF8 PHEV, JAC also displayed all-electric models such as the T9 pickup and Ytterby.

The T9 is powered by a dual-motor system that generates a total output of 220kW and maximum torque of 516Nm. The pickup can accelerate from a standstill to 100kph in eight seconds, onto a top speed of 140kph. Inside, the T9 offers generous space on both rows and is equipped with a 10.4-inch touch screen upon which its infotainment system is predicated.

The pickup will also be released in the Philippines next year. “We will have two versions. One is an internal combustion engine (ICE) version. What we’ll be introducing in the first or second quarter of 2025 is the ICE version,” Ms. Lee told “Velocity.”

On the other hand, the Ytterby, launched in the Philippines earlier this year, was displayed in a modified version that gave the electric hatchback a more masculine look. Here in the country, the Ytterby is available in two variants, priced from P1.195 million.

In China, JAC also showed off the PHEV versions of the JS6 and JS8 Pro crossovers. Currently, only the ICE-powered variants of the two vehicles are available in the Philippines.

The JS8 Pro has been one of the brand’s best-sellers in the Philippines. Priced at P1.35 million, the crossover offers a spacious seven-seater interior with versatile seating, an assertive exterior, and a wide range of safety features and technologies. It is powered by a 1.5-liter GDI engine mated to a seven-speed dual-clutch transmission.

“It is really suitable for the large and extended Filipino family, and is at the same price point as a lot of five-seaters in the market today. That alone presents a lot of value,” the executive added. “It is one thing to put a seven-seater in, but it is quite another to be able to put a well-priced seven-seater that does not compromise on power.”

JAC also displayed the Define concept car at this year’s Auto Guangzhou, showcasing its vision for future EVs. The Define won the Design Concept Award at the Red Dot Design 2024, thanks to its sleek aesthetics and advanced battery technology for extended range and fast charging.

Metro Retail eyes 12 new stores next year

METRORETAIL.COM.PH

METRO Retail Stores Group, Inc. plans to open 12 new stores next year to expand its nationwide presence.

“I think next year we will open about another dozen stores. However, we are not building as fast anymore because we are watching how things are evolving. We want to be able to identify certain target markets,” Metro Retail Chairperson Sherisa P. Nuesa told reporters on the sidelines of a forum in Taguig City last week.

“These will be in the Visayas because the growth of the area is faster than in other regions. There’s also the familiarity of the people with the Metro brand,” she added.

Metro Retail currently has 70 stores across its network. It operates store formats such as Metro Supermarket, Metro Department Store, Super Metro Hypermarket, and Metro Value Mart.

Ms. Nuesa said some of the targeted areas for expansion include Negros, Cebu, and Leyte.

“These are more neighborhood stores, about 800 to 1,000 square meters, a little bit bigger than convenience stores because we want to offer more,” she said.

Arnold M. Leoncio, Metro Retail vice-president for business development and investor relations, said in a Viber message that the company has earmarked about P5 billion as its capital expenditure budget for next year.

A major portion of the P5 billion will be used for Metro Retail’s network expansion, he said.

Meanwhile, Ms. Nuesa said that a large branch typically requires a P500-million investment.

“The lifestyle of the Filipino consumer has evolved, so we cannot use the same tactics. We revisit our expansion plans, looking at smaller formats. Then, we try to match the merchandising assortment accordingly,” she said.

For the first nine months, Metro Retail posted a 19.6% decline in its net income to P204.7 million from P254.57 million last year due to higher noncash charges with the company’s store expansion program.

Nine-month net sales rose by 3.9% to P27.56 billion, led by its food retail business. — Revin Mikhael D. Ochave

Fixing time

A WATCH is more than jewelry: with its inner workings, it keeps track of one of the secrets of the universe: time itself — and it sits intimately on your wrist.

Mig Reyes, who earned a degree in Horology at Birmingham City University (and graduating with first-class honors), is now back in the Philippines after a stint in the UK, and has built a watch service center up to Swiss standards. It took a year for him to put it up, importing all the equipment by himself, and it opened in October this year.

During a tour of the San Juan studio during the official opening on Nov. 23, Mr. Reyes showed BusinessWorld his customized table (with an added shelf, padded for his elbows’ comfort), a drawer full of watch parts, a timing machine, a Greiner cleaning machine, an automated pressure tester, and a fireproof vault insured for up to P500 million, among others. All of his equipment was imported from Switzerland and Germany: “It’s something that you cannot get off the shelf,” he said.

His studio also comes with a big glass window: arguably one of the most important parts of his studio, because his work is predicated on trust.

“What they (the clients) needed was transparency, good security, and they needed to talk to a watchmaker,” he said. “We show proof to the customers why it needs to be serviced.”

A collector since the age of 13 (his first watch was a Seiko), he got to observe gaps in the country’s watchmaking industry. For example, service centers would take the watch to the back, and the clients wouldn’t see what repairs are being done to the watch, or if they’re really being cared for.

Second, good watchmakers work on a referral basis, and learned their craft through apprenticeship (instead of formal training). “I didn’t see good-enough watchmakers in this country,” he said. “What I’ve learned is something I teach,” he added, noting that the other watchmakers under his watch (pun intended) are people he has trusted since his collecting and buying-and-selling days; and who receive training from him. “One of my goals is to make sure that the skills of watchmakers here will improve.”

But what did he learn from Birmingham that he couldn’t get anywhere else? “Only the real watchmakers have the real experience of what it takes to be a very disciplined person,” he said. He recalls waking up early in the morning: drinking alcohol the night before is discouraged, and so is coffee, the better to prevent shaking while working with delicate instruments. To this day, he starts the day with hand exercises. “It’s a discipline instilled within you, over a matter of time,” he said.

He took what was then a hobby, studied it deeply, and now defines it his path. “Mechanical watches — there’s always craft in it… and it’s something that you pass on to the next generation.

“It’s a symbol of who was wearing the watch… it’s the personal journey you have with the watch. It doesn’t matter how expensive your watch is. It is always your journey with the watch.”

His services can cost from P500 for a battery replacement to P20,000 for full service. That includes diagnosing the watch’s problem, a water pressure test, then stripping it for a visual check, along with polishing. The service center also offers restoration and authentication services. Services can take from four to five hours to three to four days, and the service’s length and its price will depend on the complications and parts needed (all original).

Personally, his most expensive watch is a Patek Philippe 5712. We wanted to ask what the most expensive watch was he had worked on, but we settled on sentimentality. He once worked on a 1959 Rolex Datejust passed down from father to son, he said. The watch had not moved in 30 years, because the owner couldn’t trust anybody else to do it. After passing through Mr. Reyes’ hands, the watch started working again. “But now, it runs perfectly, and he wears it,” he said of the owner.

“It gives me that sense of completion, after fixing a watch,” he said. “I’ve done something right.”

Set an appointment with Watch Solutions at 0917-831-6820 or through Mig@watchsolutionsph.com. Watch Solutions is located at Unit 809, BTTC Center, San Juan City. — Joseph L. Garcia

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