BIZ BUZZ: Enderun at Manila Golf
With just seven months to go in the Duterte presidency, businessman Dennis Uy’s luck seems to be holding up pretty well, despite the several close shaves he’s had with financial trouble over the last couple of years.
In fact, even the Manila elite—which initially looked askance at his aggressive acquisitions—now seem to have welcomed him closer to “home.”
We’re talking about Restaurant 101 of Uy-owned Enderun Colleges which recently bagged a deal to become the official food and beverage (F&B) operator of the most exclusive golf club in the country, Manila Golf & Country Club (MGCC).
The other day, Enderun released a statement saying its restaurant unit specializing in European cuisine, known as “Restaurant 101,” took over the F&B operations of Manila Golf last month.
Biz Buzz learned that Enderun is taking over the F&B operations of the favorite hangout of the country’s top uber elite from Via Mare, though no reason was immediately apparent for the change.
One Manila Golf regular opined that the F&B operations at the club might have become unprofitable due to lower revenues and increased costs associated with pandemic. But when did conventional business issues ever bother Uy?
Managed by “homegrown graduates” of Enderun, the company said Restaurant 101 “commits to offer quality F&B services for the concessionaires of the Verandah restaurant, the Sand Trap Bar, and banqueting as well as outside catering, all golf teahouses and kiosks.”
The majority of the Manila Golf’s staff has indeed been retained, and while the menu will remain mostly unchanged, Restaurant 101 will introduce additional seasonal menus and special events to the club’s members.
“We were looking for an opportunity to bring 101 to a different market and feel that we have found the right place by taking this opportunity at Manila Golf & Country Club,” 101 managing director and chef Thomas Wenger said. “We hope that with the recovery into full operations within the foreseeable time, the MGCC operations will open up banquet and catering opportunities for 101.”
Enderun said 101 “recognizes the importance of frequently updating menus.”
“At a club where members usually visit to enjoy the facilities and order home delivery, 101 ensures that there is always something exciting and unique for members to look forward to,” it said.
Well, these new offerings had better be good because nothing spells trouble like when changes put tradition-bound Manila Golf members off kilter. Will it be thumbs up or thumbs down? Abangan!
—Daxim L. Lucas
No to rate war
Tech-savvy Union Bank of the Philippines is set to launch its digital banking platform called Union Digital Bank in 2022. But it’s not keen on joining the high-deposit-rate bandwagon that the existing digital players have done to acquire new customers.
“In our case, our strategy will really be based on our value proposition and the customer experience,” said Jose Emmanuel Hilado, senior executive vice president and chief financial officer at UnionBank.
“We don’t believe that it is simply because of high rates that the client will deal with you. And besides, we as a bank, we’ll be giving support to our digital bank in terms of client base. We don’t have to purchase or buy clients to deal with us.”
The existing debit card business under EON will not necessarily be folded into Union Digital, as what was earlier suggested. EON can remain with the parent bank, he said.
Hilado reported a strong traction in Union Bank’s digital initiatives, with monthly sign-ups reaching record highs in the third quarter. The bank’s digital customer base now counts 3.6 million customers, 1.1 million of whom opened accounts without setting foot in the branch.
Union Bank grew its net profit in the first nine months by 26 percent year-on-year to P10.7 billion, driven by higher interest earnings and trading gains alongside lower loan loss provisions. This was so near the P10.88-billion bottom line expected by market consensus for the full year.
With the economy opening up, Hilado said the bank was optimistic with recovery prospects for 2022.
“More importantly, we are entering this period with a solid base for the resumption of our prepandemic growth,” he added.
