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Tag: Philippines

  • BDO firms up tie-up with Japanese banks

    BDO firms up tie-up with Japanese banks

    BDO Unibank, Inc. (BDO) and FIDEA Holdings Co., Ltd. (FIDEA Group) further strengthened their business relationship through a memorandum of understanding (MoU) that will allow BDO to provide support to FIDEA’s clients who plan to invest in the Philippines.

    FIDEA is a joint holding company between major Japanese regional banks The Shonai Bank, Ltd. (Yamagata prefecture) and The Hokuto Bank, Ltd. (Akita prefecture).

    Both banks have partnered with BDO Unibank under the Japan Bank for International Cooperation (JBIC) framework in 2013. Said framework was developed to support the banking needs of Japanese enterprises eyeing the country as a business destination.

    The partnership with the FIDEA Group will provide BDO Unibank adequate coverage in Japan’s northern region (Tohoku), specifically in Akita, Yamagata, and Miyagi prefectures where majority of the primary industries (agriculture, fishing, forestry, mining) are located.

    As a leading player in the local banking sector, BDO Unibank can provide the Japanese clients financial and non-financial advisory services, and other products and services that would be helpful to them should they decide to set up shop in the Philippines.

    Since 2007, BDO has established a fully staffed Japan Desk, with Japanese-speaking personnel, dedicated to market and service Japanese companies operating in the Philippines, and service the retail needs of Japanese customers.

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  • Air Asia Philippines Launched Red Hot P0.01 Flight Promo Sales

    Air Asia Philippines Launched Red Hot P0.01 Flight Promo Sales

    This Christmas, Santa Clause won’t be the only one painting the skies red. AirAsia Philippines will also be coming to town with a Red Hot P0.01 Flight Promo Sale beginning on November 23.

    air asia peso promo sale

    The one-centavo seat sale includes promo fares to all domestic destinations from Manila including Tacloban, Cebu, Davao, Tagbilaran, Palawan, and Kalibo. International destinations are also included in the sale with popular cities such as Kuala Lumpur, Kota Kinabalu, Busan, Macau, and Hong Kong.

    AirAsia Group is also offering great promotional fares to more than 100 destinations across 20 countries including Australia. Passengers travelling from the Philippines can seamlessly connect in Kuala Lumpur to one of AirAsia Group’s many great destinations.

    AirAsia Promo Fares can be booked on the AirAsia website from today until November 29, 2015. Promotional fares are valid for travel from May 1, 2016 to February 5, 2017. As Philippines AirAsia’s Commercial Head, Gerard Peñaflor explains, the one-centavo sale comes at the perfect time for giving the gift of travel this Christmas.

    “Travelling with your friends and family to Palawan, Boracay, Bohol, Davao, or to Hong Kong, Korea, and other AirAsia destinations make an ideal holiday gift and our one-centavo seat sale makes the deal even sweeter,” said Peñaflor. “From as low as P201.00 all-in fare, travellers will get to discover new places here in the Philippines and across AirAsia’s massive network in the whole of ASEAN region and extending as far as China, India, Japan, and Korea.”

    air asia promo fares

    Peñaflor added that AirAsia will also be unveiling the latest in-flight menu to enhance the on-board experience before the busy Christmas season. “To enhance our guests’ flying experience, we are set to launch before Christmas, Philippines AirAsia’s latest in-flight menu which now includes new hot meals featuring Filipino favorites such as Bangus sisig, chicken curry including ASEAN-inspired dishes,” added Peñaflor. “Now, everyone can enjoy great value services on top of the promo seats that we are offering.”

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  • Vista Land takes control of Starmalls

    Vista Land takes control of Starmalls

    Philippine company Vista Land & Lifescapes has paid US$691 million for a controlling 88 per cent stake in property developer Starmalls.

    While both companies are essentially controlled by the family of former Philippine senator Manuel Villar, Vista believes the acquisition will transform it into a fully integrated property developer with continued leadership in horizontal residential projects combined with a sizeable and growing mass market retail mall and BPO platform and the ability to replicate the integrated ‘Communicity’ model across the Philippines.

    “In addition, the company believes that the enhanced scale and stability provided by the acquisition and extensive synergies between the two businesses will strongly benefit the company and its shareholders going forward,” Vista said in a statement.

    Starmalls is a developer, owner and operator of retail malls targeting mass market retail consumers in the Philippines. It focuses on densely populated areas underserved by similar retail malls and within close proximity to transport hubs and key infrastructure.

    It owns and operates 10 retail malls in key cities and municipalities in the Philippines and two BPO commercial centers in Metro Manila, with a combined gross floor area (GFA) of 509,385 sqm. It has another four retail malls and one BPO commercial centre under construction, and plans to grow to over 1 million sqm in GFA via enhancements to existing assets and to over 1.3 million sqm in total GFA including new developments by the end of 2018.

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  • Fashion chain M)phosis shutters stores

    Fashion chain M)phosis shutters stores

    Singapore-founded fashion retailer M)phosis is reportedly closing all its Southeast Asian stores due to financial challenges.

    The Straits Times has reported the chain is in the process of closing remaining stores in Vietnam, Malaysia, the Philippines and Indonesia – more than 10 in all. Its last Singapore store, in VivoCity, ceased trading at the end of August. Only its China stores will continue to operate.

    The company has not updated its Facebook page since August, but some disappointed fans of the brand have posted messages on the page, ranging from sadness at the retailer’s apparent demise to anger over being left with vouchers which can no longer be redeemed or cashed in.

    Director Hensley Teh confirmed to the Straits Times the brand remains in the China marketplace.

    “We were having a severe cash flow situation. We were not able to continue, despite wanting to. We did everything we could. We thank our customers, who have supported us all these years.”

    M)phosis made its debut in 1994, targeting women aged 18 to 35. At one stage it operated in Australia, Hong Kong, Dubai and Japan and had a network of 30 stores, but it has since retrenched from those markets.

  • Wenceslao to test investor appetite in Philippines

    Wenceslao to test investor appetite in Philippines

    DM Wenceslao and Associates, a construction and real estate company, has launched pre-marketing for a $150 million to $200 million initial public offering that could turn out to be the Philippines largest flotation of the year.

    The deal is coming at a time when the Philippines Stock Exchange PSEi Index appears to have resumed its losing streak. The market initially turned downwards in April after hitting a year-to-date peak of 8,127.48 and enjoyed only a very brief respite in October when all global equity markets picked up again.

    On Monday, it fell 1.8% to close at 6,772.92.

    Year-to-date it is down 6.33%, with foreign investors net sellers every month since April.

    DM Wenceslao will test their appetite to return to the market since it hopes to place 70% of its IPO with international accounts, according to its registration statement.

    The company is hoping its high growth profile will also persuade them to accept a premium valuation compared to both the exchange’s average 16 times forecast 2016 p/e ratio and the property sector’s 18 times average.

    Valuation

    According to its most recent filing, the company plans to sell up to 429 million shares at a maximum price of Ps44 per share, potentially generating total proceeds of as much as Ps17.47 billion ($370 million).

    However, sources close to the deal said the pre-marketed range equates to a market capitalisation of about $1 billion. This is towards the bottom end of a Ps45 billion to Ps62 billion ($950 million to $1.31 billion) fair value range assigned by Citic CLSA, one of the IPO’s joint bookrunners.

    This range represents a 30% to 50% discount to net asset value and equates to a p/e ratio of 32 to 43 times forecast 2016 earnings of Ps1.438 billion.

    In 2014, the company reported earnings of Ps339 million. In 2015, they are forecast to triple to Ps1.14 billion.

    Gaming proxy

    DM Wenceslao is said to be pushing forwards with the deal despite the weak market conditions because it needs to raise fresh capital to fund the development of four of its 10 construction projects.

    Capital expenditure is expected to grow 187% to Ps2.4 billion in 2016 from Ps842 million this year, and by a further 180% to Ps6.8 billion in 2017, Citic CLSA estimates.

    In addition, the company’s net cash position deteriorated by 44% on a year-on-year basis to Ps1.2 billion in 2014.

    The company was founded 50 years ago as a pure construction company. However, it has recently been transformed into a real estate leasing company after the Philippines Reclamation Authority transferred 829,000 square metres of land as part of the Manila Bay area reclamation project.

    As a result of the land transfer, DM Wenceslao currently owns roughly 80% of Aseana City, a mixed-use development area partially overlapping Entertainment City, the Philippine’s fast expanding gaming hub.

    Over the next five years the company plans to lease 5,000 square kilometres of land per annum.

    In 2012, DM Wenceslao generated 71% of its revenues from construction projects and 28% via rental income. This has now turned on its head with property leasing accounting for 75% and construction 19%, a far more stable revenue mix that may appeal to investors.

    The company is expecting to generate higher growth than other Philippines property developers because of its proximity to Entertainment City, which is being developed as Asia’s Las Vegas-like gaming and entertainment complex.

    Currently, two casinos under Bloomberg Resorts and Belle Corp have started operations while Traveller International Hotel Group and Tiger Resorts’ casinos are set to open in 2017 and 2018 respectively.

    On the flip side, it will suffer from any downturn in the country’s gaming business, which is currently the key attraction for tourists to visit the area.

    DM Wenceslao is expected to commence the retail offering for its IPO on December 4 and list on December 17, according to the company’s filings to the Philippines stock exchange.

    So far this year, the largest IPO has been the Ps3.621 billion offering for Metro Retail Stores completed earlier this month, one cent below its marketed range of Ps4 to Ps4.80.

    BPI Capital, Citic CLSA, Deutsche Bank and Maybank are joint global coordinators and bookrunners for the new deal.

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  • Groupon woes continue

    Groupon woes continue

    Groupon – which has exited three Asian markets this year – continues to struggle globally with ts flawed discounting model.

    Operating on wafer thin margins in the first place, the company has taken a severe hit from currency exchange fluctuations in the third quarter.

    Globally, gross billings grew by six per cent when the exchange rate impact is excluded; similarly, global revenue increased by a more positive seven per cent on a constant currency basis.

    But after taking into effect the strengthened value of the US dollar against foreign currencies this year, Groupon saw its net losses grow by some $6.4 million to $27.6 million.

    As reported by Inside Retail Asia in September, the listed US eCommerce business has closed its doors in Thailand, the Philippines and Taiwan. Outside Asia it has already exited Greece and Turkey and will now close operations in Panama, Morocco, Puerto Rico and Uruguay.

    Neil Saunders, CEO of Conlumino, says the impact of currency fluctuations is worsened by the fact that the company operates off relatively low margins, especially outside of its North American heartland, and as such does not have much of a buffer against their deleterious effect.

    “The margin position is partly down to the multiple systems that Groupon operates across the globe which increase complexity and do not allow for economies of scale. While this is something the company has been remedying by moving to a common platform, we believe that the benefits have, so far, been fairly modest.”

    Saunders says margins are also held back by a further issue, arising from Groupon’s revenue mix.

    “At present, the company divides itself into three main segments: Local, Goods, and Travel. Local is concerned with deals from service providers like restaurants, events and activities. Goods is focused on consumer products like jewellery, electronics and apparel. And Travel is about holiday, flight and accommodation deals.

    “Recent growth in the more mature Local part of Groupon’s business has slowed considerably. Indeed, in Q3 growth was just under eight per cent. Comparatively, Travel and Goods have both seen strong growth, up 20 per cent and 18 per cent, respectively. This rebalancing of the revenue mix has diluted margins, mainly because Goods are far less profitable for the firm.”

    Saunders says gross profit as a percentage of gross billings for Goods is 13 per cent compared to 30 per cent in Local and 18 per cent in Travel.

    “To be fair, the margin performance of Goods has improved over the past year – but not by much. Over future quarters, we see the prospects for margin gains to be slight given that Groupon has to work harder on Goods deals in a market that remains very promotional.”

    Saunders believes there is little comfort ahead for Groupon in the fourth quarter.

    “Groupon is forecasting that revenues will come in at $865 million, at best. This is quite some way below the $883 million generated last year.

    “In our view, such anemic numbers do not paint a rosy picture for future profits. They also bode badly for the start of the new fiscal year – an issue the new CEO, Rich Williams, who is replacing Eric Lefkofsky who’s stepping into the role of chairman, will have to deal with,” Saunders concluded.

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  • Filipinos Purchased Over 120,000 Items from Lazada on November 11

    Filipinos Purchased Over 120,000 Items from Lazada on November 11

    November 11 has become the largest online shopping day in the world. For Lazada Philippines (www.lazada.com.ph), the country’s leading one-stop shopping and selling destination, 11/11 marked the start of its highly anticipated Online Revolution Sale and the beginning of the Christmas shopping season.

    Lazada sent online shoppers into a frenzy starting midnight of November 11 with customers purchasing 120,000 items across different product categories. Over 5,000 units of smartphones were sold on that day alone. Discounted and exclusive cellphone models from top brands such as Alcatel, Lenovo, ASUS and Cherry Mobile were the day’s bestsellers. Lazada also sold over 4,500 packs of disposable diapers, a clear indication that Filipino parents are embracing the convenience of online shopping. Hundreds of early Christmas shoppers were able to snap up this season’s hottest toy, the hoverboard or 2-wheeled scooter for as low as P7,999.

    As projected, Lazada exceeded its online sales records with a 6x increase in sales over its October average – the best uptake among all the countries in Southeast Asia where Lazada operates. The site registered 2.4 million visits and orders came from all over the country. 70% of total orders came from areas outside of the National Capital Region.  

    This year’s Online Revolution Sale broke new ground for Lazada as 60% of its orders came from shoppers using mobile devices. The Lazada mobile app was downloaded over 3x more on November 11 compared its average downloads during October. The app was ranked as the overall #1 app on the Apple App Store, ahead of Facebook, Instagram and YouTube.  It continues to be the number one shopping app on both App Store and Google Play Store.

    The big sale on Lazada continues and will culminate in a Grand Christmas Sale on Dec. 10 – 12. On top of deals and discounts, Lazada is also raffling off Cebu Pacific airline tickets to international destinations weekly and a brand new Hyundai Eon in the grand draw. 

     

  • SM Retail posts solid sales growth

    SM Retail posts solid sales growth

    SM Retail of the Philippines has reported a 6.5 per cent increase in sales over the first nine months of the year to PHP145.3 billion (US$3.1 billion).

    Profit rose 21 per cent to PHP4.6 billion (US$98.2 million).

    Reviewing its operating divisions over the period, the company said its SM Food Retail Group (SM Markets) continued to expand in both urban and rural communities in various parts of Luzon, Visayas and Mindanao, adding 20 new stores, most of which are standalone Savemore stores.

    From historically operating anchor stores based in malls, SM Markets now follows a multi-format growth strategy to address the lack of organised retail in many parts of the country.

    SM Markets also recently invested in the minimart business with Alfamart, a successful minimart operator in Indonesia, and forged partnerships with WalterMart and Citymalls to further facilitate its provincial growth. Acquisition of existing chains of stores is another part of its growth strategy, the latest of which was the three stores of Cherry Foodarama.

    The SM Store will maintain its strategy of growing as an anchor store in SM Malls which are targeting expansion in the provincial areas. The SM Store continues to be the leading player in the country’s department store business, enjoying a wide-reaching and loyal customer base. It competes by providing the widest assortment of products and services, complemented by well-designed stores.

    As at the end of September, SM Retail had 294 stores, comprising 51 The SM Stores, 41 SM Supermarkets, 43 SM Hypermarkets, 130 Savemore stores and 29 WalterMart stores

  • Calypso Technology Partners With China Bank in the Philippines

    Calypso Technology Partners With China Bank in the Philippines

    Calypso Technology, Inc., the standard for treasury and capital markets software, has signed its first client agreement in the Philippines, furthering its rapid 2015 expansion in Asia Pacific. The onboarding of China Banking Corporation (China Bank), one of the top banks in the country, follows similar successes in China, Hong Kong, and Korea during the last several months.

    By upgrading its treasury system with the Calypso front-to-back trade processing solution, China Bank has reduced its dependence on custom development and the operational risks associated with manual operations.

    “At the core of our decision was Calypso’s dedication to understanding our unique business needs,” said Antonio Espedido Jr., Executive Vice President & Head of the Financial Capital Markets & Investment Segment at China Bank. “Calypso’s modern technology is highly scalable and will support our business direction and allow us to achieve our aggressive growth targets in the future. Together with its local partner Kris FinSoftware, I am confident that Calypso can bring industry best practices to China Bank while retaining our local feel and expertise.”

    “Collaborating with one of the leading banks in the Philippines in addressing their current issues is such an honor. We look forward to partnering with more banks locally as Calypso and Kris FinSoft continue the efforts to help banks’ treasury businesses,” said Sherrizah Lubigan, Business Development Manager at Kris FinSoftware, Inc.

    “It’s always exciting for us to solve the local challenges of banks in a new country, and the core of this project is a software solution that can help the entire region,” said Mark Bell, Regional Manager at Calypso. “We are excited about more banks in the Philippines joining us, and bolstering our commitment to expand our services for the region.”

    Calypso Technology continues to make significant investments in the Calypso software product with over 50% of its staff dedicated to research and development. Calypso is a Leader in the Gartner Magic Quadrant for Trading Platforms, and the #1 selling Treasury and Capital Markets Solution for the sixth year running in the 2015 IBS Sales League Table.

    About Calypso Technology, Inc.Calypso Technology provides award-winning, enterprise-wide software solutions that empower capital markets, investment management and treasury professionals around the world. We have been setting the global standards for innovative, cost-effective financial markets software solutions since 1997. Now trusted by more than 34,000 financial market professionals in 60 countries, our integrated trading, risk and investment management solutions are leading the industry towards full systems consolidation.

    We address rapidly evolving capital and regulatory challenges with robust, nimble and scalable technology. It’s part of our commitment to facilitate operational and financial excellence throughout the workflow. From front to back office, our solutions are global, universal and future-proofed, and are relied on by more than 200 financial institutions, including over half of the top 25 banking institutions.

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  • Jollibee eyes seven new nations

    Jollibee eyes seven new nations

    Jollibee, Asia’s largest fast food restaurant operator, is planning to enter seven new markets over the next two years.

    According to a report in The Standard, Dennis Flores, VP for international operations of Jollibee, has revealed the company plans to take its mainstay Jollibee burger restaurant brand Jollibee into the UK, Italy, Canada, Malaysia and Oman in 2016. Forays into Australia and Japan will follow in 2017.

    The news follows last month’s investment of US$100 million for a 40 per cent stake in a fast-rising American burger chain, Smashburger.

    Jollibee, publicly listed in the Philippines, had been actively seeking an investment in a leading US growth brand to gain a foothold in the US, as p[art of its broader plan to become an international restaurant operator. It currently operates and franchises a network of more than 3000 restaurants worldwide under the trade names Jollibee, Chowking, Greenwich, Red Ribbon, Yonghe King, Hong Zhuang Yuan, Mang Inasal, Burger King Philippines, San Pin Wang, and Jinja Bar. Jollibee also has a 50 per cent interest in the Super Foods Group, which operates and franchises restaurants under the Pho 24 and Highlands Coffee brands throughout Vietnam.

    According to Flores, Jollibee’s first two stores in Europe will be located in London and Milan and its first Canadian store will open in Toronto.

    Jollibee’s network outlets have reached 3,023 worldwide, with 2,393 of them in the Philippines, and 630 outlets abroad.

    As well as expanding into new markets, Jollibee plans to open 20 additional outlets in Vietnam, and another 12 in Brunei in coming months.

  • Mobikon partners with BPI for Philippines foray

    Mobikon partners with BPI for Philippines foray

    Singapore-based Mobikon has tied up with Bank of the Philippines Islands (BPI) in Manila to offer its customer engagement platform to restaurants.

    The tie up will add a repertoire of over 300 restaurants in Mobikon’s network and strengthen its presence in South East Asia. Currently, the company has 1500 restaurants across India, Singapore, Malaysia, Macau, Philippines, and Dubai.

    “Apart from organic growth for the company, one of the key pivot in our strategy is where we target larger brand as a reference point for other brands to follow. The rewards program given out by banks is commoditised. We saw an opportunity for a win-win tripartite partnership with BPI,” said Anuj Jain, vice-president, Asia-Pacific, Mobikon. BPI confirmed the tie up but declined to discuss further details in response to an email query from ET.

    Through this contract-based partnership, BPI will provide Mobikon’s customer relationship management platform to restaurants on a tablet as a ready-to-use value-added solution. In turn, BPI will advertise its offering on Mobikon’s platform to restaurant brands as self-promotion and to strengthen relationships.

    Currently, Mobikon works with 100 restaurants in Manila. Mobikon is also in talks with other leading banks in India and other markets and also exploring strategic partnerships with mPOS & cloud POS companies.

    Within this year, Mobikon has raised close to $4 million from Jungle Ventures, Life-.Sreda and Qualgro. It strengthened its market reach in Singapore this August acquiring ‘Triibe’, a customer feedback platform in South East Asian markets.

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  • BPI books P13.8-b net profit

    BPI books P13.8-b net profit

    Bank of the Philippine Islands, the third-largest bank in the country, posted an 8-percent increase in net income in the first nine months to P13.84 billion from P12.8 billion year-on-year on the strength of its core businesses.

    Total revenues increased 9 percent or P3.67 billion to P44.1 billion year-on-year as both net interest income and non-interest income grew P2.98 billion and P0.68 billion, respectively.

    Operating expenses rose 6.7 percent to P22.89 billion on year, a slower rate than revenue growth. As a result, the bank’s cost-to-income ratio improved to 51.9 percent from 53.1 percent a year ago. Return on equity decreased to 12.6 percent, from last year’s 13.3 percent.

    Both total loans and total deposits rose in double digits year-on-year. Total loans stood at P780.07 billion, an increase of 11.2 percent on year. Corporate loans accounted for 76.6 percent while retail loans stood at 23.4 percent.

    “Gross 90-day non-performing loans rose slightly to 1.9 percent from 1.8 percent of total loans, while loan loss cover remained 107 percent. Total deposits stood at P1.18 trillion, up 13.3 percent higher year-on-year. CASA ratio ended the quarter at 72.5 percent,” the bank said.

    Total assets during the period stood at P1.41 trillion, 8.8 percent or P113.78 billion higher than that of the same period last year.

    Investment securities closed at P303.28 billion, a 15.2 percent hike year-on-year. The bank’s investment securities remained mostly held-to-maturity, at P240.87 billion.

    Capital, net of cash dividends of P3.54 billion paid to shareholders on Sept. 2, 2015, ended at P150.44 billion. This represents a 9.3-percent growth in total capital versus September last year.

    Capital adequacy ratio was at 14.9 percent from 15.7 percent a year ago. CET1 stood at 14.0 percent.

    Earlier in the year, the Asian Banker named BPI as the Best Retail Bank in the Philippines for 2015. BPI also received the Best Electronic Delivery Channel award during the inaugural Bank Marketing Awards night, organized by the Bank Marketing Association of the Philippines.

    The award recognizes the bank that successfully implemented the most innovative electronic delivery systems and achieved the desired results in terms of usage and acceptance.

    BPI, the first bank in the Philippines and in Southeast Asia, is a commercial bank with an expanded banking license. BPI’s services include consumer banking and lending, asset management, insurance, securities brokerage and distribution, foreign exchange, leasing, and corporate and investment banking.

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  • Philippines’ Metro Retail IPO priced below guidance

    Philippines’ Metro Retail IPO priced below guidance

    Philippine supermarket and department store chain Metro Retail Stores Group Inc said its initial public offering (IPO) was priced at a steep discount of 35 percent due to market volatility, cutting the expected proceeds from its listing to $86 million.

    The offer price was set at 3.99 pesos each, down by a third from the guidance of 6.10 pesos, said Reginaldo Cariaso, chief operating officer of underwriter BPI Capital Corp.

    Metro Retail is now expected to raise 4 billion pesos ($85.58 million) through the sale of 1 billion shares, including the over-allotment option of up to 92 million shares, to fund its store expansion programme. The company would have raised 6.17 billion pesos as per earlier guidance.

    Only two firms have debuted on the Philippine Stock Exchange this year, raising a total of 1.77 billion pesos ($37.87 million) as markets reel from volatility and investors seek clarity on the next move by the U.S. Federal Reserve.

    “We had strong interest from domestic and international investors but given that markets are very volatile, there was price sensitivity,” Cariaso said.

    Metro Retail’s price-to-earnings (PE) ratio of 15 times was more attractive than its peers, Cariaso said.

    Retail chains Puregold Price Club Inc and Robinsons Retail Holdings Inc traded at more than 20 times PE multiples on Wednesday.

    Listing is scheduled for Nov. 24. BPI Capital and Deutsche Bank are the joint global coordinators and lead underwriters of the IPO. ($1 = 46.7400 Philippine pesos)

     

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  • BDO Unibank Nomura partnership presents new opportunities

    BDO Unibank Nomura partnership presents new opportunities

    BDO Unibank, already the Philippines’ largest lender, with total assets of 1.86 trillion pesos ($39.3 billion), has big plans — some of which include a new Japanese partner.

    The bank is part of the SM Group, which mainly operates a range of retail businesses and has piggybacked the Philippines’ economic growth to steady revenue gains. The lender is now aiming to explore new business areas at home and abroad through a joint venture with leading Japanese brokerage Nomura Holdings as well as partnerships with Japanese regional lenders.

    BDO Unibank Chairwoman Teresita Sy-Cosop

    BDO Unibank has been expanding its business scale through a series of acquisitions since 1976. As a result, it now has more than 900 branches throughout the Philippines. Moreover, the lender in recent years has taken various measures to improve the quality of its services; it has extended its opening time by two hours, to 5 p.m., and has used blue as the base color at all its branches in an attempt to create a clean, fresh image.

    The efforts have been led by BDO Unibank Chairwoman Teresita Sy-Coson, the eldest daughter of SM Group founder Henry Sy. Sy-Coson’s business acumen has won the admiration of Tadashi Yanai, chairman and president of Fast Retailing, the Japanese holding company that operates the Uniqlo chain of casual clothing stores. Yanai praised her in one of his books, and Fast Retailing has formed a joint venture with SM Retail, an SM Group company.

    Sy-Coson is eyeing more Japan-Philippine business transactions. BDO Unibank has forged partnerships with a number of Japanese regional lenders, including Joyo Bank, based in Mito, Ibaraki Prefecture. In addition, the Philippine bank is set to open a money remittance center in Tokyo in December.

    As the Philippine economy has been growing, more Filipinos have begun to open securities trading accounts. The trend has Sy-Coson anticipating a future in which more pesos in circulation further boost the country’s economic growth.

    In June, BDO Unibank and Nomura agreed to set up a joint stock-trading venture in which the Philippine lender has a 51% stake and the Japanese securities house holds the remaining 49%.

    BDO Unibank says it manages around 7 million bank accounts. What’s more, the SM Group operates large shopping malls across the country that can attract tens of thousands of visitors a day. As such, the bank is well-positioned to raise the new brokerage’s profile through ads and other platforms.

    Sy-Coson expects synergies from BDO Unibank’s countrywide network and Nomura’s investment banking expertise. “In the future, we hope to offer our clients more services, to include cross-border investments,” she said. “This will provide a wider choice of opportunities to investors, particularly in the context of Asean integration.”

  • Johnny Rockets Philippines expands

    Johnny Rockets Philippines expands

    Johnny Rockets Philippines has opened a new restaurant in the Ayala Fairview Terraces Mall, Quezon City.

    “With its all-American fare and friendly service, Johnny Rockets is unlike any other restaurant concept in the area,” said Dr Amable Aguiluz IX, franchise owner of the Quezon City Johnny Rockets.

    “We have seen great success with our current Johnny Rockets locations in Quezon City, which has provided us the opportunity to expand our presence further in the area.”

    Aguiluz now operates five Johnny Rockets in the Philippines, halfway to his goal of opening 10 of the franchises during 15 years. The Ayala Fairview Terraces Mall restaurant marks Dr. Aguiluz’s third Johnny Rockets in Quezon City, which is the Philippines’ most populated city. His others are in Mandaluyong, in the upscale lifestyle and shopping destination Shangri-La Plaza, and in Malay, on the popular resort island Boracay.

    The Ayala Fairview Terraces Mall Johnny Rockets is about 113 sqm and can seat 36 guests.

    Johnny Rockets Brought to the Philippines by Dr. Amable Aguiluz IX, Johnny Rockets Philippines is happily serving its customers at five different locations in Quezon City, Malay Aklan and Mandaluyong City.

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