Tim Ho Wan To Be Run By Jollibee, Philippines Now World’s Biggest Rice Importer, And Other Money News5 min read
Dim sum chain Tim Ho Wan to be run by Jollibee Foods corporation arm
Months after its acquisition of American specialty coffee and tea brand The Coffee Bean & Tea Leaf (CBTL), homegrown fast-food giant Jollibee Foods Corporation (JFC) took over another global restaurant brand, dim sum chain Tim Ho Wan.
In a $13M joint venture deal between Golden Plate Pte. Ltd. (JFC’s subsidiary), and Dim Sum Pte. Ltd. (Tim Ho Wan’s subsidiary), the two food conglomerates agreed on a 60-40 deal.
JFC will own 60% or $7.8M of the $13M deal, leaving the other 40% or $5.2M worth of shares to its new partner. The new alliance will be developed within the next three to five years.
Subsequent to the back-to-back acquisition of two new franchises, JFC has posted lesser profits Q3 of this year despite continuous increase in sales.
From July to September of this year, JFC booked a total of P1.87B net income down by 7.9% compared to the past year. JFC disclosed that this is because of the persistent losses from its pastry chain Red Ribbon and Smashburger in the United States.
CBTL’s purchase, which happened in September 24, 2019, also contributed a huge part to the company’s July-September bottom line.
JFC owns 4,689 stores at present: 3,238 locally and 1,451 overseas.
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With a total of 3M metric tons of rice imported, PH became the biggest rice importer of 2019
According to an international data released by the United States’ Department of Agriculture-Foreign Agricultural Services (USDA-FAS) the Philippines became the world’s biggest rice importer this year.
The report projected that the country’s rice imports has reached a record-breaking quantity of 3M metric tons (MT), the highest in the world and in the country, by the end of the year.
Such amount surpassed China’s record as the biggest importer of rice at present. With a population more than 1.4B, China is expected to import around 2.5M MT of rice this 2019.
Just last month, China and the Philippines were tied at the top position, with an estimated total of 3.1M MT of rice imports.
The USDA-FAS also estimated that an increase of around 58% will be seen this year, from the previous 1.9M MT in 2018, to 3M MT this year. That will yield a total growth of 275% comparing to the country’s 2017 import records.
Such increase is expected subsequent to the ratification of the rice tariffication law in March. This unlocked the nation’s doors to a vast number of rice imports, allowing merchants to import rice with no volume limit as long as they will be securing the required permits and settle a tariff amounting to 35%.
Although data released by the Philippine Statistics Authority (PSA) show that the Philippines is only required to import around 1.9M MT of rice to satisfy domestic demands, the volume of imported rice has yet to decelerate.
As per several economic managers, the sudden shift in the policy would drag the market price of rice downwards which has obviously happened in October, as data from the PSA show that the average sale price for well-milled and regular milled rice had therefore collapsed to P41.89 and P37.22 per kilo, respectively.
Such amount is 18.6% and 14.3% lesser from the prices from the same period in the previous year, falling short of the National Economic and Development Authority’s (NEDA) forecast that the prices of rice would be as low as P25 per kilo, which is P2 lesser than the market price of NFA rice.
Since October, the Bureau of Customs reported that around 1.9M MT of rice has already accessed the country, increasing the country’s national inventory to 2.28M MT within the month. Such values were way higher, than the 2018 record of 1.59M MT, thus yielding an increase of 43.4% from last month’s level.
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Globe customers can now have toll-free calls to Bantay Bata’s #163 Helpline
ABS-CBN Foundation Inc., in partnership with Globe, is introducing toll-free calls to Bantay Bata’s #163 hotline for both TM mobile and Globe users starting November 18, 2019.
Upon signing their memorandum of agreement, the two separate parties will now be able to reinforce the practices of Bantay Bata to protect underprivileged children through a nationwide network of social services including community outreach programs, medical and dental missions, educational scholarships, training and advocacy on child abuse and prevention, as well as rehabilitation of families in crisis.
Upon the approval of the toll-free Bantay Bata helpline, TM and Globe subscribers can enjoy easier and safer ways to report, rescue, and rehabilitate deprived children. In addition, every dial through their helpline will mean a new string of hope for disadvantaged children and their families who are in silence because of child abuse.
“The ABS-CBN Foundation Inc. is happy to connect with Globe to help in creating swifter communication for the Bantay Bata program. By making #163 toll free, it will be easier for more concerned citizens to report child abuse right away. The installation of Globe Prepaid WIFIs in all Bantay Bata regional offices will also help change the way we get updates, making it easier to coordinate in various areas and offices” said Program Director of Bantay Bata 163, Jing Castaneda Velasco.
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Dennis Uy acquires Wendy’s Philippines, expands Udenna Food Group subsidiary
Chairman and CEO of Davao-based Udenna Corporation Dennis A. Uy recently expanded his network after acquiring 51 branches of Wendy’s in the Philippines.
Eight-8-Ate Holdings, Udenna Corporation’s food subsidiary, is now the major franchisee of the Wendy’s food chain the country.
“Food is a basic need and Filipinos love to eat. We want to be in industries where there is growth and we will continue to expand our footprint in the restaurant space by offering quality, affordable dining out options,” as per Mr. Uy, Chairman and CEO of Udenna Corporation.
Following the procurement of Conti’s Bakeshop and Philippine FamilyMart, obtainment of Wendy’s restaurant is part of the corporation’s steady expansion in the food industry.
“The Philippine food service industry is growing at a phenomenal rate. The booming population, strong economic performance, rising incomes, increasing demand for convenience, and cuisine curiosity will continue to drive this growth for years to come. Eight-8-Ate wants to take a sizable bite of the opportunity,” as stated by Eight-8-Ate President and CEO, Joey Garcia.
Wendy’s, Conti’s Bakeshop, and FamilyMart are just some of the businesses under the Udenna holding company’s belt. This includes Phoenix Petroleum Philippines, Chelsea Logistics Holdings Corp., udenna Infrastructure, Udenna Development, and Enderun Colleges.