BIZ BUZZ: Meralco’s next nuke talk stop: S. Korea
MANILA, Philippines – Manila Electric Co. of tycoon Manuel V. Pangilinan is heading to South Korea in July to deepen ties for its nuke dreams and pump up its distribution biz game.
Ronnie Aperocho, executive vice president and chief operating officer of Meralco, said a “top-level delegation,” including Meralco PowerGen Corp. (MGen) president and chief executive officer Manny Rubio, would fly to South Korea.
“We will talk to the Korean players, not only on the distribution side of the business, but even in generation, including nuclear,” he told reporters in a chat.
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Asked for more details, Aperocho said in a message that the trip will include a nuclear study tour, and distribution modernization talks with Korea Electric Power Corp. (Kepco) based on the agreement signed with Meralco chair Pangilinan.
The official said Meralco will also sign memorandum of understanding with Kepco International Nuclear Graduate School, as it plans to send more Filipino nuke scholars to gain knowledge on the best practices in the field.
Rubio also noted that the trip would pave the way for “further discussion on collaboration for how to really move forward with nuclear.”
However, he said that any discussions on nuclear would be futile without government policies.
But Aperocho was hopeful that with Undersecretary Sharon Garin temporarily leading the Department of Energy (DOE), the realization of nuclear energy in the local market would gain speed.
The DOE official, who has been overseeing the country’s Nuclear Energy Program, was named as officer in charge of the agency. Energy Secretary Raphael Lotilla would be reassigned to the Department of Environment and Natural Resources, replacing environmental chief Maria Antonia Yulo-Loyzaga. —Lisbet K. Esmael
Buzz: No IPO for Highlands . . . yet
The coffee and tea space may be the next big thing for Jollibee Foods Corp. (JFC).
But a stock market debut may not be the secret recipe for all-out success—at least, not yet.
Such is the case for coffee chain Highlands Coffee, which has been energized enough to escape a recent slump triggered by macroeconomic challenges in neighboring Vietnam, its home turf.
JFC chief financial officer Richard Shin told reporters on Friday that Highlands, the homegrown fast-food giant’s first specialty coffee brand, had just begun recovering.
“Highlands Coffee doing an IPO (initial public offering) in Vietnam as a standalone company is not something that we believe is the best way to take this forward,” Shin said during a media briefing, adding that they would focus on the brand’s continued recovery.
“We’re very satisfied with the strategy we took to not pull back due to fear, but to really understand that it was just cyclical and temporary, and we kept on pushing forward,” he added. —MEG J. ADONIS INQ
