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Global recorded music biz grew nearly 10% in 2018

LONDON — The global recorded music market grew 9.7% last year, with streaming now accounting for almost half of total revenue, according to industry trade body the International Federation of the Phonographic Industry (IFPI) on Tuesday.

It was the fourth consecutive year of growth, IFPI added in its annual Global Music Report 2019.

Streaming revenue grew 34% and accounted for 47% of global revenue, driven by a 32.9% increase in paid subscription streaming.

There were 255 million users of paid streaming services at the end of 2018, with paid streaming accounting for 37% of total recorded music revenue, the report said.

Growth in streaming more than offset a 10.1% decline in physical revenue and a 21.2% fall in download revenue.

Artists such as Drake, BTS, and Ed Sheeran were among those who have conquered the global market, contributing to the $19.1 billion of total revenues for 2018.

“Music has truly become global — in ways never before imagined,” said IFPI Chief Executive Frances Moore in a statement.

For the fourth consecutive year, Latin America was the fastest-growing region with Brazil and Mexico showing strongly.

The Asia and Australasia region was the second-largest region for combined physical and digital revenue said the IFPI report, with especially strong growth in South Korea. — Reuters

Villar’s VLL plans to launch P60B worth of projects

By Arra B. Francia, Reporter

VISTA LAND & Lifescapes, Inc. (VLL) will be launching at least P60 billion worth of projects this year, as it continues to see strong demand from both its residential and commercial projects.

“We’ll definitely be increasing our project launches this year…we’ll probably launch at least P60 billion worth of projects,” VLL President and Chief Executive Officer Manuel Paolo A. Villar told reporters in a press briefing in Makati on Thursday.

This is 16% higher than the P51.7 billion worth of projects the company unveiled in 2018, composed of 45 residential developments, 11 condominiums, and one residential project for the upper middle class segment.

In a regulatory filing, the Villar-led property developer said it will be spending P40 billion in capital expenditures (capex) to support its expansion plan. Of this, about P25.73 billion will be spent for construction; P7.39 billion will go to land acquisitions or advances to joint venture partners, and P6.88 billion will go to land development.

Mr. Villar noted that this year’s capex is less than the P45.05 billion spent in 2018, as the company has already exceeded its target to have 1.3 million square meters (sq.m.) in gross floor area (GFA) for its commercial space business.

VLL ended 2018 with 1.40 million sq.m. in GFA under its portfolio, after malls and retail stores spanning 344,267 sq.m. The company now has 31 malls, 52 commercial centers, and seven office buildings. The company continues to pursue expansion plans after net income attributable to the parent rose by 16% to P10.24 billion in 2018. Consolidated revenues also went up by 15% to P41.5 billion.

Real estate revenues grew by 15% to P31.9 billion, while leasing income climbed 15% to P6.9 billion.

“We had quite a good year last year, we’re hoping to continue the trend this year. We’re looking at double-digit growth this year,” Mr. Villar said.

VLL also said reservation sales surged 16% to P75 billion, showing the strong demand for residential projects. Its affordable housing segment under the Camella brand accounted for 79% of real estate sales for the period.

“We remain optimistic for the industry given the robust demand in our residential business as well as the continued growth of our leasing propelled by the steady growth in Filipinos’ disposable income, overseas Filipino remittances, and the infrastructure development around the country,” VLL Chairman Manuel B. Villar, Jr said in a statement.

By end-2018, the company had a land bank of 2,801 hectares, 59% of which are in Metro Manila and the neighboring provinces of Cavite, Laguna, Rizal, Batangas, and Bulacan. VLL is currently present in 146 cities and municipalities nationwide.

Shares in VLL slipped 0.69% or five centavos to close at P7.18 each at the stock exchange on Thursday.

True Faith co-founder Ferdie Marquez dies

FERDIE MARQUEZ, one of the founding members of Original Pilipino Music (OPM) band True Faith, passed away on Sunday due to a heart attack.

His passing was confirmed by the band’s lead vocalist, Medwin Marfil, in a post on True Faith’s Facebook page the same day.

“It is with a heavy heart that we share the sad news of (True Faith original member) Ferdie Marquez’s passing,” Mr. Marfil wrote in the post.

He described Mr. Marquez as a “talented, gifted musician and a caring friend,” and extended his condolences to his family.

“Thank you for sharing your great talent and music with everyone,” he said.

Mr. Marquez, alongside Mr. Marfil and Kiko Guevarra worked for Fullerton Studios in 1991 and jammed in their spare time which led to the creation of their demo song, “Perfect,” a ballad with “jangling guitars and longing vocals a la the Railway Children and the Lotus Eaters.”

Mr. Marquez played the drums for the band.

The song became a hit on radio and the band released their debut album, Perfect, a year later after having signed with record label Octo Arts.

The band, initially known for its New Wave leanings (the band name was taken from New Order’s 1987 hit, “True Faith”) got its biggest break in 1995 with the release of Build under EMI Records. The album featured songs such as “Kun’di Rin Lang Ikaw” and “Alaala.”

The 1994 hit, “Huwag na Lang Kaya,” from the album Beyond Doubt, won the Awit Award for Best Pop Recording and for Best Engineered Recording.

In 2006 the group sang the theme song for ABS-CBN’s drama series Sa Piling Mo, which starred Judy Ann Santos and Piolo Pascual. The song, “Dahil Ikaw,” won the Favorite Media Soundtrack in the 2007 MYX Music Awards. The song was also part of their 11th album, Stray to be Found, released in 2006.

The band has released 14 albums to date, with the latest, Sentimental, released in 2018.

After the announcement, singer/songwriter Moy Ortiz of The CompanY commented on the post with “My deepest condolences to you, to the band and the families.”

Singer/songwriter Ogie Alcasid also extended his condolences in a comment.

“Ferdie Marquez, one of True Faith’s founders, passed away today. My heart is heavy. Salamat Ferdie for always being a good friend to me,” Ebe Dancel wrote on Twitter. — ZBC

Nestlé opens new P2.8-B factory in Batangas

By Denise A. Valdez, Reporter

NESTLÉ Philippines, Inc. inaugurated on Thursday a P2.8-billion “ready-to-drink” factory in Tanauan, Batangas — its fifth facility in the Philippines.

The factory — which currently produces chocolate drink brand Chuckie — is part of Nestlé’s P13.7-billion investment in the Philippines from 2014-2018. By midyear, the factory will also produce all-purpose cream.

“Our investments demonstrate our faith in the Philippines over the long term and express our commitment to participate in economic growth and nation-building as we have done for more than a hundred years,” Nestlé Philippines Chairman and Chief Executive Officer Kais Marzouki said.

The Nestlé Philippines chief noted the 14,688-square meter plant is the “single biggest investment that Nestlé has done in 2018” across Asia and Africa. Some 2,000 people were hired during construction, and 80 are currently employed at the factory. The company said its average P2.7-billion capital expenditure annually over the past five years was spent on the upgrade of its existing factories in Cabuyao, Cagayan de Oro, Lipa and Tanauan, and the improvement of its distribution capabilities.

Mr. Marzouki noted they are looking to invest at a similar rate in the coming years to sustain their double-digit growth in the RTD business every year.

“RTD is something very important for us and a big growth driver for the future. We expect to continue to grow double digits in RTD, even in 2019,” he said.

Trade Secretary Ramon M. Lopez, who was present during the plant’s inauguration, welcomed expanded presence of Nestlé in the Philippines.

“I’m pleased to know and I’m happy to hear that (Nestlé is) producing 94% of what you sell in the country…. The DTI is really focusing… on local production and manufacturing. It is really that kind of activity that creates jobs,” he said.

Nestle Philippines Technical Director Adnan Pawanteh also said: “We are very bullish (on the Philippines). The fact that we doubled the capacity, and we got double-digit growth, we’re very bullish on the market.”

Mick Jagger to undergo heart surgery

LONDON — Rolling Stones frontman Mick Jagger will undergo heart surgery this week following the postponement of the band’s North American tour for medical reasons, according to a published report.

The US website Drudge Report, citing unidentified sources, said Mr. Jagger, 75, would undergo surgery this week in New York to replace a heart valve. New York Post’s Page Six website, citing unidentified sources, said the surgery would involve placing a stent in the singer’s heart.

Representatives for Mr. Jagger in the US did not return requests for comment. A spokesman for the British band in London declined to comment on the Drudge Report article.

The band on Saturday announced it was postponing all dates on its tour of the US and Canada to give Mr. Jagger time to receive medical treatment. It did not specify what treatment Jagger needed but said he is expected to make a full recovery.

The North American tour had been scheduled to run from April 20 until June 29.

Mr. Jagger was photographed on Sunday in Miami Beach, Florida on the beach with his current girlfriend, ballet dancer Melanie Hamrick, their young son, and daughter Georgia May, one of his seven adult children.

The British singer has not explained his medical issue but told fans in a tweet on Saturday that he would be “working very hard to be back on stage as soon as I can.”

After a storied sex, drugs and rock ‘n’ roll lifestyle in his earlier days, Mr. Jagger now follows a healthy diet, runs, and works out frequently.

Stents are typically used to prop open arteries that have been cleared of a blockage. — Reuters

Metro Retail earnings slip

METRO RETAIL Stores Group, Inc. (MRSGI) saw its earnings dip by 1.2% in 2018, weighed down by a fire that razed one of its department stores and supermarkets early last year.

The Gaisano-led firm said in a regulatory filing that net income went down to P965.4 million, after revenues dropped 5.75% to P33.28 billion during the period.

Net sales declined by 5.6% to P33.05 billion, while rental income plunged 22% to P233.8 million.

MRSGI attributed the slowdown to the damage brought about by the fire that lasted for two days in Ayala Center Cebu last January 2018, dampening the positive performance of other stores. Despite the closure, the company managed to open a temporary supermarket covering 900 square meters in the same area three months after the incident.

Same-store sales growth, meanwhile, stood at 5.1%, translating to a 110-basis-point improvement in same-store gross profit margins versus the 2017 figure.

The listed firm also noted that gross profit margins registered a 60-basis-point increase due to different initiatives such as improvements in inventory and margin productivity, price competitiveness, and merchandise assortment.

“Despite the adversities we faced, our results reflect our ongoing success in delivering broad and compelling assortment of goods and merchandise to today’s value-driven shoppers,” MRSGI Chairman and Chief Executive Officer Frank S. Gaisano said in a statement.

“Our healthy bottom line figures demonstrate the efficacy of our business strategies that have aided us in being resilient over internal and external tremors,” he added.

MRSGI said it will complete the reconstruction of its store in Metro Ayala Cebu by the second half of the year. It has also recently opened Metro Department Store and Supermarket at Ayala Malls Feliz in Pasig City and at Ayala Capitol in Bacolod City.

The company currently operates 54 stores in Metro Manila, Central Luzon, South Luzon, as well as Central, Western, and Eastern Visayas in department store, supermarket, and hypermarket formats.

By 2020, the company looks to have a gross floor area (GFA) of 800,000 sq.m., about double its GFA back in 2015. MRSGI earlier said it committed to spend P10 billion to reach this target.

Shares in MRSGI plunged 4% or 13 centavos to close at P3.12 apiece at the stock exchange on Thursday. — Arra B. Francia

Have fun like an Avenger in new exhibit

AN INTERACTIVE exhibit comes to SM malls as Marvel fans await the conclusion to a series of Avengers films.

Directed by Anthony and Joe Russo, Avengers: Endgame is the latest of the 22 Marvel Studios films which make up the Marvel Cinematic Universe. At the conclusion of Avengers: Infinity War, Titan warlord Thanos wiped out half of the living beings in the universe upon acquiring all the Infinity Stones. In Endgame, the remaining Avengers are compelled to take a stand and reverse the damage.

To complement the upcoming film, SM Cinema and the Walt Disney Co. Philippines launched the Avengers: Endgame interactive exhibit at the SM Mall of Asia Main Atrium which will be on display until April 14.

The exhibit consists of four activity areas: the Hawkeye and Black Widow Bullseye station where visitors can shoot at a target using a toy gun or bow and arrow; the Hulk and Thor Power Up station where Thor’s hammer Mjolnir is used to hit the ground to reach the target; the Train Like Cap station where frisbees designed like Captain America’s shield are tossed at tin cans; and the Armory Station where visots must move a loop from start to finish without hitting a wire.

Aside from the activities, action figures of the Avengers characters are on display and Marvel merchandise by the SM Department store are also on sale.

After its run at SM Mall of Asia, the Avengers Endgame interactive exhibit will go on display at SM Megamall from April 16 to 28, and at SM City Clark from April 13 to 19.

Avengers: Endgame opens in cinemas on April 24. — Michelle Anne P. Soliman

HARI targets to sell up to 45,000 units this year

By Janina C. Lim, Reporter

HYUNDAI ASIA Resources, Inc. (HARI) expects sales of Hyundai vehicles in the country to grow by as much as 27% this year, due to easing inflation rate, increased government spending, and a pickup in consumer spending.

HARI President Ma. Fe Perez-Agudo told reporters on Thursday at the opening of the Manila International Auto Show 2019 that the company will “try to achieve” its sales target of 40,000 to 45,000 units, up by 13% to 27% from the 35,401 units sold in 2018. Last year’s sales were 6% lower than the 37,678 units sold in 2017.

In the first two months of the year, the official distributor of Hyundai vehicles in the Philippines sold 6,537 units, up 16.2% from the 5,624 sold during the same period in 2018.

HARI is optimistic of a recovery in auto sales this year, as it sees a slowing inflation rate and rising consumer spending due to the elections. The government’s massive infrastructure program “Build, Build, Build” is also seen as having a positive impact on the auto industry.

“The resulting increase in construction activity will significantly have an impact on the sale of commercial vehicles. This favorable environment bodes another positive year for Hyundai,” Hyundai said in a Thursday statement.

At the Manila International Auto Show 2019, HARI unveiled Hyundai’s newest offerings — Palisade and Kona Electric.

The Palisade, said to be Hyundai’s “biggest and boldest” sport utility vehicle (SUV) to date, is priced P3.2 million. It has a head-up display that projects GPS onto the windshield; a 10.25-inch audio display with radio data system; six USB ports including 1 multimedia USB terminal; wireless charging system that allows drivers to recharge compatible smartphones without wires; a multi-terrain control feature; and advanced safety systems.

Meanwhile, the Kona Electric is the first electric SUV available in the country. It is also the “most affordable” electronic vehicle (EV) available in the local market, according to Ms. Perez-Agudo, noting the price for a unit starts at P2.3 million.

The Kona Electric is powered by a lithium-ion polymer battery pack which has a five-year, 160,000 kilometer warranty. The model has a range of 415 kilometers which it can consume before needing recharge.

Its features include an electronic stability control which automatically assists drivers in maintaining control during extreme steering maneuvers; hill start assist control which prevents cars from accidentally rolling backward whenever the brake pedal is released on a hill; a pressure monitoring system which helps prevent accidents due to under or over inflated tires; six airbags; and a seven-inch color LCD.

Asked how the Kona Electric will affect 2019 sales, Ms. Perez-Agudo said: “This is just a launch so we’re looking forward to keep the public aware of the benefits of the electric vehicle.”

DoLE asks for 5,000 inspectors to monitor foreign workers

THE Department of Labor and Employment (DoLE) said it will need 5,000 labor inspectors to monitor foreign workers, and estimated the funding requirement at P2.5 billion.

DoLE said in a statement on Thursday that Labor Secretary Silvestre H. Bello III told Finance Secretary Carlos G. Dominguez III that he will need 5,000 more labor law compliance officers (LLCOs) to monitor foreign workers as well as carry out inspections in establishments with no foreign workers.

“Considering the numbers involved, we need additional LLCO’s and he (Mr. Dominguez) said, how many do you need? I said, ideally we need 5,000, then they computed and said it will cost about P2.5 billion but it will also result in tax collection of about P22 to P40 billion pesos, so he said go,” Mr. Bello said.

Mr. Bello said discussions are still ongoing between Depatyment of Finance (DoF) and the Department of Budget and Management (DBM).

“As soon as we receive the (funding), we will deploy them immediately. Talks are ongoing,” he said.

DoLE currently has over 800 labor inspectors for monitoring labor law compliance in some 900,000 private establishments nationwide.

Last week, DoLE met meeting with the DoF, Department of Trade and Industry (DTI), Department of Justice (DoJ), Bureau of Immigration (BI), and the Philippine Amusement and Gaming Corp. (PAGCOR) on the issuance of work permits for foreign workers. The participants were provided a list of foreign workers employed by by Philippine Offshore Gaming Operators (POGOs).

The agencies are expected to come out with a joint memorandum order soon on the issuance and guidelines regarding alien employment permits (AEP) and other special working permits for foreign workers. — Gillian M. Cortez

Actor Derek Ramsay joins GMA

MODEL/ACTOR Derek Ramsay has signed an exclusive contract with GMA Network, ending his seven-month hiatus from show business.

“I was honest with them that I haven’t been working for the past six to seven months because I was chasing my dream to become a professional golfer,” Mr. Ramsay told the media during a press conference on April 3 at the GMA offices in Quezon City.

In 2017, Mr. Ramsay and actor John Estrada won the Jack Nicklaus International Invitational held in Dublin, Ohio.

“During those initial talks, [the network] was patient enough to give me time to prepare mentally because it’s not easy to come back to this kind of work where you have to give 100%… I wanted to be fully prepared when I entered GMA,” Mr. Ramsay said of his absence in front of the camera.

He said he began talking with the network for several months ago.

Mr. Ramsay was under contract with TV5 from 2012 to 2017.

He said he feels good to be back.

“I’m back, this is where I started, this is where I gained the confidence to become who I am today,” he said, noting that he got his start in the variety show Eat! Bulaga in 2001 where he hosted a segment until 2004. The almost 40-year-old show is currently a block timer in GMA.

Mr. Ramsay became a talent under ABS-CBN’s Star Magic from 2005 to 2010.

During his almost two-decades in show biz, he has starred in numerous TV series and films including Dan Villegas’ entry to the 2014 Metro Manila Film Festival (MMFF), English Only, Please, a role for which he won a Best Actor trophy. In 2017, he once again won Best Actor for another Mr. Villegas film, All of You, a 2017 entry to the MMFF. In both films, he starred with actress Jennylyn Mercado who is also a GMA Network star.

Among his other films are No Other Woman (2011) and Trophy Wife (2014).

During his stint in TV5, he hosted The Amazing Race Philippines in 2012 and 2014 and was the lead actor in 2013 series, Undercover.

Now that he is with GMA, he announced that he will be starring alongside Andrea Torres in the upcoming primetime series, The Better Woman.

The show, which will start taping in mid-April, is about a woman with two identities.

Angel Javier-Cruz, GMA’s VP for corporate communications, on the sidelines of the event said the show is a “bit like Rhodora X but different.”

Rhodora X was a 2014 psychological thriller starring Ms. Mercado in the title role about a woman with multiple personalities.

“This project, I really like — it’s very risky, very different and that’s how I like things… I like to take bigger risks,” Mr. Ramsay said of his role.

Though he kept mum on the details of the show, he said his character is one who is embroiled in a “really messed up situation” and that he can’t wait to shoot the scenes where the other characters find out what his character has done.

Ms. Javier-Cruz said there’s no set airing date for the show as they are yet to start shooting. — Zsarlene B. Chua

Meralco-led consortium inks deal with BCDA for New Clark City

MANILA Electric Co. (Meralco), the country’s largest power utility, and its consortium partners have signed a joint venture agreement with the Bases Conversion and Development Authority (BCDA) to manage the distribution of electricity in New Clark City.

Under the agreement, the consortium will put up a special purpose company that will have equity stake equivalent to 90% in the joint venture company (JVC)to be formed with the BCDA.

“The JVC shall then pursue and undertake the financing, design and engineering, establishment, construction, development, and operation and maintenance of the electric power distribution system in New Clark City,” Meralco told the stock exchange on Thursday.

Aside from Meralco, the consortium is comprised of Marubeni Corp., The Kansai Electric Power Co., Inc., and Chubu Electric Power Co., Inc.

Meralco, which has a customer count of around 6.5 million, owns a 60% equity stake in the consortium.

Lawrence S. Fernandez, Meralco vice-president and head of utility economics, said in a chance interview that the consortium partners had set certain “milestones” in order to meet the requirements of the Southeast Asian Games (SEA) in November.

“October is the date when we really have to be ready for preparations for Southeast Asian Games. We will have a substation plus distribution system,” he said.

“When they released the bid rules they said that the estimated capital expenditure for the DU (distribution utility) is around P6.3 billion for the 25 years of the utility,” Mr. Fernandez said. “Siyempre (Of course), it will come as the load comes.”

In December last year, BCDA said the Meralco-led consortium offered the lowest power distribution rate for New Clark City. The consortium submitted a tariff bid of P0.6188 per kilowatt-hour (kWh).

The rate is lower than the P0.9888/kWh proposal put forward by the Aboitiz-KEPCO consortium of Olongapo Energy Corp. Both bids were below the P1.25/kWh tariff limit set by BCDA.

The first phase of the New Clark City development covers the construction of the so-called National Government Administrative Center and sports facilities, which will host the SEA Games this year.

Mr. Fernandez previously said the award was given on Jan. 18, 2019. BCDA aims to transform New Clark City into the country’s first smart and green metropolis. — Victor V. Saulon

Airbus CEO’s exit package excessive: French minister

PARIS — A retirement pot of almost 40 million euros ($44.78 million) for outgoing Airbus Chief Executive Officer Tom Enders is excessive and may harm the company’s image, France’s finance minister said in remarks published on Tuesday.

His overall retirement package and future potential share earnings are worth 36.8 million euros, according to company filings and corporate governance firm Proxinvest.

“The figure announced regarding Tom Enders is obviously excessive and could harm the reputation of Airbus,” Finance Minister Bruno le Maire told Les Echos newspaper. “I call on the directors of Airbus to draw the (necessary) conclusions.”

France and Germany own 11 percent each of Europe’s largest aerospace group. The French government faces weekly protests about declining living standards, and pay is a sensitive topic.

An Airbus spokesman referred to published financial data.

According to the company’s 2018 financial notes, Enders is entitled to a pension valued as of Dec. 31, 2018, at 26.3 million euros spread over 20 years.

He will also benefit from a non-compete clause worth 3.2 million euros, which is valid for at least a year.

According to Proxinvest, Enders will also be entitled to progressive stock and performance bonuses currently valued at 7.3 million euros.

Enders renounced a further one-off departure bonus, a person close to the company said.

Enders, 60, has overseen sharp rises in the Airbus share price since becoming CEO in 2012. But he has faced criticism in French media and inside parts of the aerospace group for overseeing sweeping compliance probes that led to dozens of senior departures without specific allegations.

Airbus also faces outside investigations led by France and Britain over the use of middlemen.

Enders is under investigation over a fighter deal in Austria and denies any wrongdoing. He initially sought to serve a third term from 2019, then agreed to step down as the board sought fresh faces at the top to ease potential settlement talks with French and UK prosecutors, people familiar with the matter said.

A British judge has ruled that companies that show a new face have a better chance of winning prosecuting agreements.

German-born Enders is however credited with unifying a company once bitterly divided along national lines, as well as simplifying its governance to weed out political influence and making the once state-influenced firm friendlier to investors.

He steps down on April 10 following the annual shareholder meeting, where Frenchman Guillaume Faury will become CEO. — Reuters

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