BIZ BUZZ: Eyes on the prize

This government official has set his eyes on the prize—to be named the next Department of Energy (DOE) chief under the new government—and isn’t shy about it.

Energy Undersecretary Benito Ranque revealed that he had signified his interest in becoming the next Energy Secretary in the incoming administration of President-elect Ferdinand Marcos Jr.Over lunch, reporters asked why Ranque is eyeing the highest post at the DOE, and he said: “That is love of country.”

Just like an ordinary Filipino applying for a job, Ranque received the usual response that the screening committee of Marcos Jr. is reviewing his application, which he submitted right after the 2022 national elections.

Ranque, however, said that he is yet to hear a word from Presidential Management Staff chief Ma. Zenaida Angping.

Of course, incoming Presidential Communications Operations Office Secretary Rose Beatrix “Trixie” Cruz-Angeles said earlier that Marcos Jr. was considering House Deputy Speaker Rodante Marcoleta to succeed Alfonso Cusi.

Also, rumor has it that House energy committee chair and Pampanga 2nd district representative Juan Miguel “Mikey” Arroyo and outgoing Energy Regulatory Commission chair Agnes Devanadera are also being considered for the post.

If he becomes Energy Secretary, Ranque vowed to realize Marcos Jr.’s campaign promise of making electricity affordable for all.

Ranque also believes Mr. Marcos and Vice President-elect Sara Duterte-Carpio will entrust him with a critical post in the government should somebody else be named as the DOE secretary.

“I believe that BBM and Inday Sara will give me a job because I contributed to the victory of the candidate. I’m just not sure where I will be appointed. I really believe that they will offer me a job in the government,” Ranque said.

“We know the old saying of to ‘the victor belong the spoils.’ That’s the reality,” he said. “But I’m really interested in heading the DOE because I want to accomplish something that will benefit our country.”

Among the programs proposed by Ranque are the development of small nuclear reactors and power generating plants owned and operated by electric cooperatives to meet the country’s increasing power demand and reduce the electricity cost by around P2 a kilowatt-hour.

—Jordeene B. Lagare

Beefing up Yoshinoya

Yoshinoya, one of the most recognized Japanese restaurant brands globally, will be relaunched in the Philippines soon. And no less than the brand’s Asia CEO and president of Yoshinoya International will come to town this month as part of the grand relaunch.

Yoshinoya’s business in the Philippines is now part of Jollibee Foods Corp. as the fastfood giant finalized its partnership with the brand earlier this year. This also marked the local group’s first foray into Japanese food.

The relaunch will also involve beefing up Yoshinoya’s menu in the Philippines, bannered by the brand’s bestseller, gyudon or beef bowl.

Apart from local brands, the Jollibee Group also runs the Burger King, PHO24 and Panda Express businesses in the country. Apart from homegrown brands, it aims to be the leading market developer of foreign restaurant brands in the country. Each brand is targeted to be a market leader in its segment.

Over the long term, the Jollibee Group plans to have close to 400 stores for its foreign franchised brands in the Philippines. These foreign franchised brands are seen to unlock economies of scale and synergies in organization and supply chain, allowing them to be profitable in a short period of time.

—Doris Dumlao-Abadilla

‘Embrace crypto regulations’

Cryptocurrency is popular for being decentralized and unregulated, but Binance CEO and founder Changpeng “CZ” Zhao said this should no longer be the case to allow greater adoption of this alternative form of investment.

“I believe that regulations help adoption, and not the other way around. Not everybody in crypto agrees with me on that,” he said in a recent press briefing.

“There are many crypto OGs that [are] diehard decentralized fans, they hate any type of rule, any type of regulation. I don’t believe that,” he added. OG is shorthand for “original gangster” which is slang for being an originator “old school” player.

For one, CZ argued that many traders now prefer to transact via platforms that have secured a license to operate and are under regulations.

Meanwhile, CZ expressed Binance’s interest in applying for licenses to operate as a virtual asset services provider or electronic money issuer in the Philippines, which he described as a crucial market in Southeast Asia.

He said that the Philippine market was “super important” for Binance. For one, he said the country was “more advanced in terms of payment services, mobile penetration, smartphone adoption, tech talents and understanding of crypto” compared to some of its neighbors in Asia. In addition, CZ noted they also have a “fair number of active users’’ in the country.

—Tyrone Jasper C. Piad INQ

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