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 therefore premium-priced—products.
READ: PH rum brand gains momentum in China, posts 60.5% overseas sales growth
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. —Meg J. Adonis
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.
READ: BIZ BUZZ: Chinabank is ‘Focused on You’
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. The bank said 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.
ABF recognizes banks and financial institutions in Asia for their outstanding performance, innovation and excellence in retail and investment banking.
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 Corp. 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 Debt Deal of the Year.
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 that 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. —Tina Arceo-Dumlao INQ