BIZ BUZZ: From out of the blue, Bolt coming to the Philippines

MANILA, Philippines – Competition in the country’s ride hailing sector is about to get even tougher with the imminent entry of Estonia-based Bolt.

Out to rival established players such as Grab and InDrive, Bolt has been expanding in Southeast Asia and has started the process of securing a license to operate from the Land Transportation Franchising and Regulatory Board.

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Not only does Bolt plan to operate here, it is also looking at putting up a call center that will contribute to job creation and economic growth.

Bolt’s entry should be a welcome development for commuters and drivers as it will provide more choices for them and help keep ride hailing prices affordable.

With any luck, Bolt should be giving local rivals a run for their money within the year. — Tina Arceo-Dumlao

Nestle wants you to #ChooseGood

Nestle Philippines marked Earth Day this year in a special way, by launching its #ChooseGood campaign.

Chair and CEO Kais Marzouki described it as the company’s way of “demonstrating how our people, products and programs are driving positive change.”

It is the latest demonstration of what Marzouki described as the Nestle Philippines’ “passion to make a real difference – for Filipinos and our planet.”

“Leading our ESG (environmental, social and governance) efforts isn’t just a job; what started out as a corporate responsibility has become a personal mission that gives my work so much meaning,” Marzouki shared.

Nestle Philippines demonstrates this promise through, among others, manufacturing products using renewable electricity, reducing use of virgin plastic, and collecting the equivalent amount of plastic waste that is put out in the market.

Nestle has also fully transitioned to 100-percent renewable electricity in manufacturing. The journey now is to transition distribution centers and supply chain transport to renewable energy – a critical move toward achieving Net Zero by 2050.

It is encouraging its customers to also ChooseGood by adapting a more sustainable lifestyle to lighten their carbon footprint.

“On a personal note, I #ChooseGood because it’s not just good for business—it’s the right thing to do. And when we all do our part, we build a happier, healthier Philippines,” Marzouki said. — Tina Arceo-Dumlao

Cemex rebrands to Concreat

Don’t be surprised if you suddenly can’t find Cemex Holdings Philippines Inc. when you check the stock market.

The country’s fourth largest cement manufacturer has officially rebranded to Concreat Holdings Philippines Inc. as part of the Consunji family’s takeover, marking the beginning of a new era despite challenging conditions.

A play on the words “concrete” and “create,” the new name reflects “a renewed focus on integrity, reliability, resilience and nation-building,” the company said on Monday.

“This rebranding represents a bold new direction under DMCI management, guided by an all-Filipino team deeply rooted in local insight and long-term stewardship,” Concreat president and CEO Herbert Consunji said in their disclosure.

Although the change in name is significant, Concreat said it would continue to operate its Solid Cement plant in Antipolo City and Apo Cement plant in Cebu province.

Of course, the company is not without its challenges. Last year, Concreat saw its net loss balloon by 4,141 percent to P19.51 billion due to a goodwill revaluation of P19.6 billion.

Consunji himself has admitted that under new management, Concreat is expected to return to profitability after around three years.

“While challenges remain, DMCI has a strong track record of navigating industry cycles with discipline and determination,” said Consunji, who also serves as DMCI Holdings Inc.’s chief financial officer.

Let’s hope that Concreat’s bottomline will shed the parentheses sooner! —Meg J. Adonis