7-Eleven PH bullish on VisMin for expansion
According to PSC president and chief executive officer Jose Victor Paterno, the Visayas and Mindanao regions continue to outperform, which he said was a post-pandemic phenomenon.
'I think last year, almost half the new stores were in VisMin. More than half this year will be in VisMin because it's growing, because they are the most profitable stores, where there's the most consumer demand,' he said in Makati City.
The company earlier said it plans to open 500 new stores in 2025 and hit 5,000 stores in 2026. It ended 2024 with 4,130 stores—1,974 of which were franchise stores, and the remaining 2,156 company-owned.
'We continue to monitor. Of course we look for trends and say, the new stores we're opening in the different regions are still doing well — yes, then we continue, and when we see signs of a slowdown or something like, okay, we're oversaturating this region, or this region is slowing down for whatever reason,' Paterno said.
'What I can tell you is that it's pretty strong, and thankfully VisMin continues to outperform,' he added.
Asked for his outlook, Paterno said the company is optimistic that it will outperform the second half of 2024. Its third-quarter net income climbed 13.1% to P813.9 million and rose by 1.4% to P1.233 billion in the fourth quarter.
'I think if current economic conditions persist, mathematically we will surpass the second half because the second half was so weak because of maybe the POGOs (Philippine Offshore Gaming Operators), but again, we don't know what's going to happen in the second half, what's going to happen with tariffs,' he said.
President Ferdinand 'Bongbong' Marcos Jr., in his State of the Nation Address in July 2024, ordered the ban on all POGOs by the end of 2024, citing the sector's 'grave abuse' and 'disrespect' to the country's system and laws.
Meanwhile, US President Donald Trump, in what he termed the 'Liberation Day' policy, planned to slap a 17% reciprocal tariff on Philippine goods, which compares with the 34% rate that Manila charges against American goods.
This was set to take effect on April 9, but Trump has since announced a 90-day pause on most countries except China, while countries such as the Philippines could still face a baseline 10% tariff.
Shares in PSC were last traded at P46.00 apiece, up by P0.50 or 1.10% from Wednesday's finish of P45.50 per share. — VBL, GMA Integrated News
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3 days ago
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GMA Network
3 days ago
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From POGOs to PIGOS: Is the government breeding the same evil?
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Of this, P201.83 billion is from land-based casinos, P154.51 billion is from e-games and e-bingo, and P15.97 billion is from PAGCOR-operated casinos. "We partly attribute the strong performance of the local gaming industry to the strategic policy adjustments that we have implemented, such as the gradual reduction of fee rates for E-Games since 2023," PAGCOR chairman and chief executive officer Alejandro Tengco said. "At the time, PAGCOR was collecting between 50% to 55% license fees, thus deterring expansion, but effective January 1, 2025, our fee rates for E-Games stand at only 30% of GGR," he added. Review Some government officials, however, are concerned about the possible effects of PIGOs, including Escudero, who has called for a review of their operations. In March, Escudero warned that POGOs may have simply rebranded as PIGOs to continue their operations. 'Kung ipinagbawal nga natin ang POGO kaugnay ng pagsusugal ng dayuhan, hindi ba dapat lalo 'yung pagsusugal na Pilipino mismo? Definitely, it cannot go on this way,' Escudero had said. (If we banned POGO that is connected with foreign gambling, shouldn't we prohibit gambling among Filipinos themselves all the more? Definitely, it cannot go on this way.) 'Three bills or four bills have been filed to either ban or regulate Philippine inland gaming. We will pursue those bills and make sure that they lead to a floor debate and plenary vote on the matter,' he added. Senator JV Ejercito, meanwhile, urged the Bangko Sentral ng Pilipinas, e-wallet companies and other financial service providers to immediately cut off access to online gambling platforms and plug loopholes being exploited by operators. Ejercito said the BSP can issue a circular imposing stricter regulations on these platforms to prevent minors from accessing online gambling. Presidential Anti-Organized Crime Commission (PAOCC) executive director Gilbert Cruz, however, said there are currently no reports of POGOs that have rebranded as PIGOs. 'Hindi naman. Magkaiba naman 'yun. 'Yung isa offshore, 'yung isa domestic,' he told GMA News Online. (Not really. Those are different things. One is offshore and one is domestic.) He said authorities are still looking into whether PIGOs will also be completely banned or only regulated. For its part, Palace Press Officer Undersecretary Atty. Claire Castro said that the government is continuously studying PIGO operations. "Pinagkumpara po ngayon kung ano iyong nangyari sa POGO at saka sa PIGO. Sa POGO, kaya po siya na-ban/total ban, dahil marami pong nangyayaring krimen because of the POGO. Pero as of now, lumalabas po sa pag-aaral ay hindi po ito nakakagawa ng krimen—hindi siya nagiging cause or hindi siya iyong nagiging dahilan, iyong PIGO, para makagawa ng krimen," she said. (What happened to POGO is being compared with PIGO. POGO was totally banned because of the crimes related to it. But as now, it was revealed in a study that PIGO is not related to crimes, it is not the cause or does not lead to the commission of any crime.) Meanwhile, the Catholic Bishops' Conference of the Philippines (CBCP) described online gambling as a serious moral issue disguised as entertainment and technology. 'Sa pagsusugal ang konsensiya ay unti-unting nagiging manhid. Tinuturuan tayong isipin na ito ay normal, pampasaya, o wala namang masama,' CBCP said. (With gambling, the conscience gradually becomes numb. We are taught to think that it is normal, fun, or that there is nothing wrong with it.) Calling it 'bagong salot' or new plague, the Filipino bishops noted that online gambling has become a public health crisis that not only destroys a person but also a family's relationship. 'Hindi natin matiis na manahimik sapagkat ang pagkasugapa at ang pagiging talamak ng sugal ay salot, isang virus na sumisira at pumapatay sa mga indibidwal, pamilya at lipunan,' CBCP said. (We cannot afford to remain silent because addiction and the prevalence of gambling are a plague, a virus that destroys and kills individuals, families and societies.) The prelates also urged the government to impose appropriate regulations on online payment systems to restrict the public, especially the youth, from using them for online gambling. 'Nais naming magpa-alala na tayo'y makakaalpas sa pagkaalipin sa pamamagitan ng marangal na trabaho, at sa patuloy na pagtahak ng landas ng katotohanan, kabutihan, katarungan, at higit sa lahat sa biyaya ng Diyos,' CBCP said. (We remind everyone that we can break free from addiction through honest work, by continuing to walk the path of truth, goodness, and justice — and above all, the grace of God.) —LDF/RSJ, GMA Integrated News
