Biz Buzz: Millennials want it strong; Raslag properties up for sale
The back pain is finally catching up on older millennials.
According to Tanduay Distillers Inc., millennials have changed their drinking habits and now prefer strong, hard liquor for relaxed drinking sessions over the cocktail mixes favored by Gen Zs at the bars.
This is precisely why the taipan Lucio Tan-led company will bring to the local market two export-exclusive—and definitely expensive—products.
Tanduay brand manager Edzel Ty told reporters on Tuesday they planned to bring their high-end Asian Rum and Double Rum bottles to the domestic market by this year.
“The millennials are getting old, so they now want hard drinks, they want more relaxed drinking,” Ty said on the sidelines of the Tanduay Bacolod Rum Festival launch.
He added that these brands were previously only available for export to the United States mainly because the market there could afford the bottles.
“It’s high-end for us, but other countries can afford them. They’re looking for quality rum. In the Philippines we want cheap but good rum,” Ty said.
Asian Rum and Double Rum are indeed high-end: according to Ty, 750-milliliter bottles cost P3,000 a pop.
This is 15 times more expensive than Tanduay’s more budget-friendly options, like Tanduay White, which retails for less than P200 for a P750-ml bottle.
As for the Gen Zs, Ty said they were still “expanding and figuring out the new market,” as a new line of cocktail products and other flavored drinks will only be launched next year.
With the price tag of the two high-end brands, it looks like we will indeed be needing a drink or two—but maybe just the Tanduay Whites. —MEG J. ADONIS
Raslag properties up for sale
Property developers wanting to expand in the north can score new lands beside a well-developed and exclusive community in Mexico, Pampanga, and near a North Luzon Expressway exit.
This, as the abandoned 20 lots intended for a solar power project of listed Raslag Corp. are now up for bidding, with the firm seeking to get at least P1.06 billion.
Potential bidders can grab more or less 425,100 square meters (sqm) of land area at a base price of P2,500 per sqm, Raslag said. It added that the property sits 8.4 kilometers northwest from Mexico town proper, and is accessible from San Fernando City.
A pre-bidding conference has been set for August 8, while the submission of bids will run until Aug. 29.
“Congestion constraints” with the local grid operator’s substation in Mexico had prompted the firm to dispose the property and find a new location for its Raslag-5 solar power project.
Amid the issue, Raslag found a new home for its 45-megawatt peak solar power project in Hermosa, Bataan.
The renewable energy firm earlier sought to raise a P1.45-billion loan to finance its two solar power projects in Pampanga and Tarlac provinces. — Lisbet Esmael
Chinabank named Domestic Retail Bank of the Year
The accolades keep coming for China Banking Corp., which was named Domestic Retail Bank of the Year – Philippines at the recent Asian Banking and Finance (ABF) Retail Banking Awards 2024.
Also, the bank and Chinabank Capital won the Debt Deal of the Year – Philippines and IPO (initial public offering) Deal of the Year – Philippines at ABF’s Corporate & Investment Banking Awards 2024 held earlier this month.
The Domestic Retail Bank of the Year award recognizes Chinabank’s strong performance in the past year, achieving record-high earnings and improved shareholder returns.
The country’s fourth largest private universal bank, Chinabank recorded 15-percent higher net income in 2023 to P22 billion on the back of strong core business growth. Its key profitability metrics have consistently remained among the highest in the industry, with a return on equity exceeding 15 percent for the past two years.
Apart from its enviable financial performance, Chinabank embarked on a digital transformation, adopting a customer-centric, technology-enabled retail strategy to offer seamless customer experiences and convenience in-branch and online.
“Throughout its transformation, China Banking Corporation has never lost sight of delivering its commitment to its stakeholders,” ABF noted in its citation.
ABF also recognized Chinabank and Chinabank Capital for successfully handling significant deals that had a positive impact on clients’ businesses and the industry.
Chinabank’s P25-billion project finance facility with Suntrust Resort Holdings, Inc. for the development of a modern integrated resort and casino complex in Entertainment City was named as Debt Deal of the Year.
This was the largest term loan facility in the Philippines for an integrated tourism project in 2023, and the largest project finance deal to date to be solely led by Chinabank Capital.
Chinabank Capital also won IPO Deal of the Year for Repower Energy Development Corp.’s (REDC) IPO.
Chinabank Capital was the sole issue manager, lead underwriter, and sole bookrunner for the offering which enabled REDC to raise P1.15 billion in 2023 amid a tepid market that prompted bigger companies to defer their IPO plans.
Proceeds of the IPO were used to partially fund the equity of REDC’s 15-MW Pulangi micro-hydroelectric power plant in Bukidnon and 4.5-MW Piapi hydropower plant in Quezon, for the development and acquisition of renewable energy projects, and for operating and working capital requirements.
ABF recognizes banks and financial institutions in Asia for their outstanding performance, innovation and excellence in retail and investment banking. –– Tina Arceo-Dumlao
