Strategic Business Units and Investments

Universal Robina Corporation

“2021 proved to be an even more challenging year as we faced continued difficulties brought about by COVID-19, from muted consumer demand to unparalleled commodity and freight cost increases. Despite all the uncertainties, URC remained steadfast. With our purpose of delighting everyone with good food choices in mind, our brands continued to be a part of our consumers’ lives as we maintained our leading positions in key markets and categories. We strengthened our partnerships with our customers. We continued to improve distribution, ensuring that we were available in channels where our consumers are present. We remained resilient and strengthened our fundamentals. We will continue to invest in our brands, make future bets in attractive white spaces, build channel strength, and operate efficiently -- all towards future-proofing our growth and building a more sustainable future. URC remains strong today, and will be stronger tomorrow.”

2021 Developments

Our Where to Play and How to Win strategies have positioned us to accelerate growth further. We believe that strong brands are a major competitive advantage, and investment in brands pays off. Even during the downturn, URC kept spending to increase brand equity. We pivoted to where our consumers’ eyeballs were, with a doubling of investment in digital media over the past 2 years, all with the goal of increasing mental availability. Innovation also continues to drive our growth engine, and we have quickly and purposefully developed new products and concepts to address key consumer themes answering relevant needs in the new normal such as Health, Value for Money, In Home Consumption, and Affordable Indulgence.

These initiatives paid off as we were able to hold on to market share gains from 2020 and retained market leadership in key categories in the Philippines in Snacks, Candies, Chocolates and RTD Tea, and Biscuits in Thailand. We’ve also maintained our strong positions in Biscuits, Noodles and Coffee in the Philippines, Wafers in Thailand, and RTD Tea in Vietnam.

In addition to brand strength and mental availability, we addressed our fundamentals to improve physical availability, growing our universe of buying accounts, now covering over 250k doors. We have also accelerated our e-commerce entry and have seen good progress so far. The focus on customers has also paid off in the most recent Advantage survey, where end retailers score FMCG suppliers across various metrics, URC is now among the top 5 suppliers, and is the highest-ranking local manufacturer among the 30 suppliers covered.

With our Fuel for Growth Program of Php5B in potential savings over the next 5 years, we will be reinvesting it back into the business, both in brand building and in capacity building for future growth, in addition to improvements to our operating income. These savings will be coming from further optimization of our supply network, manufacturing operations, and product portfolio.

Our M&A moves over the last 18 months have also borne significant fruit, with our 2 major acquisitions performing very well so far. La Carlota and Roxol have cemented our #1 position in Sugar, and have contributed growth above expectations in this volatile environment. Our Munchy’s acquisition closed in December, and the business has started the year strong, validating our investment and with upside synergies expected to materialize. With our strong balance sheet, we will continue to look at accretive and sensible investment moves to scale and grow inorganically.

Robinsons Land Corporation

“2021 was defined by what is perhaps the single most important event in the recent history of RLC. We successfully listed RLC’s flagship real investment trust, RL Commercial REIT, Inc. (RCR), in the Philippine Stock Exchange, despite the challenges of the global pandemic. Proceeds from the landmark IPO will fuel our strong recovery and strategic expansions as the economy approaches full reopening. Along with the strength of our investments, the diversity of our portfolio and relevance of our digital programs will serve as catalysts for sustainable, broad-based growth.”

2021 Developments

Notwithstanding the volatility of economic uncertainty, RLC delivered robust financial results. For calendar year 2021, consolidated revenues increased 30% to Php36.5 billion with strong organic growth fuelled by improved customer demand across RLC’s core businesses, the sale of parcels of land within the Bridgetowne East Destination Estate, and the continued success of the Chengdu Ban Bian Jie project in China. EBITDA grew 9% to Php15.0 billion, pushing overall EBIT up by 14% to Php9.7 billion. This translated to a consolidated net income of Php8.5 billion, 62% greater versus the same period last year. Meanwhile, net income attributable to equity shareholders of the parent entity rose by 53% to Php8.1 billion.

Raising Php 23.4 Billion from RCR’s Landmark IPO

RL Commercial REIT (RCR) listed in the Philippine Stock Exchange on September 14, 2021, subsequently gaining recognition for a number of attributes:

RLC also raised Php23.4 billion in proceeds from the landmark IPO. This will be used to fund income-producing investments and a strategic land banking program that will drive long-term profitability and further enhance shareholder returns.

Strategic Expansions

As markets slowly regained normalcy, RLC delivered strategic expansion opportunities in the company’s core business segments.

Robinsons Malls steadily increased its presence in the country with the opening of Robinsons Place La Union, expansion of Robinsons Place Dumaguete and the re-opening of Robinsons Place Tacloban. Featuring surfing decors and ocean murals, Robinsons Place La Union is the biggest mall in the province with a wide variety of fashion outlets and dining establishments. The full-service mall takes pride in showcasing the best of the Ilocos Region.

Meanwhile, Robinsons Hotels and Resorts opened its maiden property under an upscale version of its own homegrown brand, Grand Summit Hotels. Conveniently located beside Robinsons Place General Santos, Grand Summit Hotel is the best choice for travelers looking for a complete, upscale hotel experience in the famed Tuna Capital of the Philippines.

Encouraged by the demonstrated resilience of the BPO industry, Robinsons Offices expanded its breadth with the completion of Bridgetowne East Campus One in the Bridgetowne Destination Estate, Cyber Omega in Ortigas CBD, and Cybergate Iloilo Tower 1 in Iloilo City.

RLC also launched three new residential projects — Forbes Estates Lipa in Batangas, SYNC Y Tower in Pasig City, and Woodsville Crest’s Oak Building in Parañaque. Meanwhile, Robinsons Logistics and Industrial Facilities (RLX) capitalized on the rising opportunities in the logistics sector and added three more industrial facilities under its belt.

The Company spent a total of Php24.8 billion in capital expenditures in 2021 for the development of malls, offices, hotels and industrial facilities, construction of residential projects, land acquisitions, and for new investments for its local operations.

Delivering Consistent Shareholder Return

As a centerpiece of its shareholder return policy, RLC paid out more than 20% of its net recurring income as cash dividends in 2021. Furthermore, it launched a Php3.0-billion share buyback program, underscoring its confidence in the Company’s growth prospects.

Evolving for the Future

Amid an ever-changing business environment, the Company is set to pursue high quality, well-designed and innovative developments to build a strong diverse portfolio of malls, offices, residential projects, hotels, industrial facilities, and Destination Estates. It will continue to expand its geographical reach and strengthen its presence in highly-urbanized communities, adjacent metro areas, and key emerging cities nationwide.

RLC will likewise focus on digitalization and sustainability as integral components of its overall business strategy. Digital technologies and ESG practices will be further integrated into the business to cultivate its ability to evolve with the market.

With a clear focus on driving long-term growth and sustainability, RLC looks forward to achieving more milestones and cementing its market leadership in the years to come.

Cebu Air, Inc.

“Cebu Air, Inc. (CEB) takes pride in saying that it is the Philippines’ leading airline. It has a solid track record to support its well-planned path to recovery. There may have been fewer planes in the sky the past two years, but our work at CEB did not slow down. In an effort to be resilient in times of crisis, we have successfully accelerated our Future Size and Shape transformation to ensure that we work towards the long-term sustainability of our airline. We remain committed to continue providing the best service to our customers, operate in an agile and cost-effective manner, build an organization that efficiently integrates digital enhancements in its core, redefine employee experience, and create shared and sustainable value to our stakeholders.”

2021 Developments

Commercial and Financial Performance

We entered 2021 with hope as government released regulations aimed to streamline travel requirements, but the surge in Covid-19 cases led to the reimplementation of strict lockdowns which tempered the regrowth of CEB’s operational and financial performance. As such, our full year metrics in 2021 still showed YoY declines given our high pre-lockdown operating levels in the first quarter of 2020, before the onset of travel lockdowns. Nonetheless, we have seen encouraging results as restrictions eased towards 4Q of 2021.
Cargo operations continued to flourish in 2021 driven by the high demand to transport essential goods, as well as e-commerce shipments.

Raising over US$ 1.6B via Key Fundraising Initiatives

CEB completed its fundraising initiatives to generate over $1.6B to provide the airline liquidity runway for 24 months and strengthen its balance sheet position.

Evolving For The Future

CEB Future Size and Shape Update

Our Future Size and Shape transformation plan is our playbook to survive and thrive in the new normal. Our strategy is anchored on 4-key objectives:

JG Summit Olefins Corporation

“The Petrochemicals Group continues to transition in expanding the scope of its current business beyond petrochemicals in order to address the needs of its clients and the market. While the bulk chemicals and polymers units are integral components of the business, this is now complemented by fuels trading through Peak Fuel Corporation. We are also diversifying our power sourcing to involve renewable energy, particularly solar, and by shifting to cleaner fuels. We aim to develop all these revenue streams further, as we focus towards sustainable growth for the expanded business.”

2021 Developments

Commercial Operations of the Expanded Naphtha Cracker Plant

JGSOC completed its expansion of the Naphtha Cracker Plant in July 2021. Using Lummus Technology, the first and only naphtha cracker plant in the Philippines increased its capacity to produce 480 Kilo Tons per Annum (KTA) of ethylene, 240 KTA of propylene, 180 KTA of mixed C4, and 250 KTA of pyrolysis gasoline, materials that are used as feedstock for polymer production and its extraction facilities.

Commercial Operations of the Aromatics Extraction Unit

JGSOC commercially started operations of its new Aromatics Extraction Unit in July 2021, which produces benzene, toluene, mixed xylenes and mixed aromatics. It is the first Aromatics Extraction plant in the Philippines to use GT-BTX® technology licensed from Sulzer GTC.

Commercial Operations of the Expanded Polypropylene (PP) Plant

JGSOC finished the expansion of its polypropylene (PP) plant in 2021, with production capacity now at 300 KTA. Using the world-renowned UNIPOL™ gas phase technology, the company is the largest manufacturer of PP in the Philippines today, producing PP Homopolymer and PP Random Copolymer resins marketed under the EVALENE® brand.

Completion of the Butadiene Extraction Unit

JGSOC also completed the construction of the first and only Butadiene Extraction Plant in the Philippines in December 2021, with commercial operations to start in the first quarter of 2022. Using BASF Process licensed from Lummus Technology, this facility processes mixed C4 produced from the upstream naphtha cracker to extract the downstream products of butadiene (around 70 KTA) and raffinate-1 (around 110 KTA).

Commercial Trading under Peak Fuel Corporation

With the completion of JGSOC’s LPG terminal in June 2021, commercial wholesale trading of LPG under Peak Fuel Corporation, JGSOC’s fuel arm subsidiary, started with deliveries of LPG to domestic wholesale customers in August 2021.

Evolving For The Future

The Petrochemicals Group is transitioning towards expanding the scope of its business. While the petrochemicals and polymers units continue to be our core businesses, these are also being complemented by the recently launched fuels trading business under Peak Fuel Corp., and upcoming power projects under Merbau Corp. Given this, we aim to expand our portfolio further with higher-value products that allow us to access higher-margin markets. As we work towards sustaining profitable growth, integral are our continuous efforts towards operational excellence, optimization of existing assets and integrated businesses, and the pursuit of value-adding opportunities and investments. The company will deploy agile methodology in its operations starting in 2022.

Robinsons Bank Corporation

“Robinsons Bank once again demonstrated resilience and navigated the toll of the ongoing COVID-19 pandemic with sustained double-digit growth in 2021. Built upon a clear vision and solid strategic business plans, the Bank was quick to pivot and pushed the Bank to the direction that we have set. As a CEO, it is gratifying that I have a strong team who has the grit to face all the difficult situations. The game is changing. Historically, there has been massive branch banking growth, which defined the convenience provided to the customers. The higher the number of branches, the greater the span. But with the rapid digitization going on, onboarding of customers shifted to digital channels. To remain as a relevant organization, we look at this new competitive landscape with enthusiasm to meet our objective in our paths of growth. We need to make sure that Robinsons Bank will be the preferred bank in the community we serve.”

2021 Developments

In 2021, the economic shock of the COVID pandemic was mitigated by the continued key policy support implemented by the government to support recovery. The Bangko Sentral ng Pilipinas (BSP) kept its record-low policy rate at 2.0% for the whole year. Together with the country’s strong macroeconomic fundamentals, this anchored the Philippines to post a 5.6% economic growth.

The Philippine Banking System (PBS) showed signs of strength as it withstood the pandemic for two years. Total PBS assets accelerated and breached the Php20 trillion level. Lending activities returned to growth. However, the loan quality remained weaker than pre-pandemic levels. The net income rose, while provisions began to wind down. The liquidity and capital buffers remained intact.

Against this backdrop, Robinsons Bank maintained financial stability and delivered favorable performance in 2021.


Total Assets

19.1% growth VS SPLY at Php 148.7B, 2.7x faster than the industry's growth of 70%


Non-performing (NPL) Ratio

Outperforming the industry's 3.99% in terms of asset quality, with NPL coverage ratio at 83.8%


Gross Loans

14.1% growth VS SPLY, outperforming the industry's 4.2% growth


Growth in Commercial Loans


Growth in Consumer Loans


Consumer Loan Bookings

Record high 41% growth VS SPLY


Total Capital

With capital adequacy ratio at 14.4% and  common equity tier 1 ratio at 13.7%, both well above the BSP's regulatory requirements


Total Assets

64% growth from take-ff, better than the industry's 8.8% growth


Growth in Peso CASA Level

Outperforming the industry growth rate of 17.5%


Total Assets

104% growth, 2x higher VS SPLY

Robinsons Bank accelerated implementation of digitization initiatives to strengthen our relationship with our customers and provide the right products and services. Proactive, in 2020, the Bank was the first to launch an online account opening application at the onset of the pandemic and there has been continuous roll out of digital initiatives since then. We shifted to cashless payments, agency banking, card less ATM product, digital loan product, and supply chain financing among others. Testament to the success of these initiatives are the various commendations we received including Most Innovative Digital Banking Services - Philippines 2021 by The Global Economics Awards.

With the significant developments happening in the Bank, we are confident that the Bank will achieve sustainable growth in the future. Guided by the Bank’s new five-year initiative, Roadmap 2026, it will be easy to navigate the roads ahead.

Luzon International Premiere Airport Development Corporation

“We know that Clark International Airport is a major growth driver for Central and North Luzon. Thus, getting the new terminal ready is critical to our country’s economic recovery. Fueled by this inspiration, we pushed the boundaries of what is possible amidst a global pandemic. Our teams came together and forged ahead with their fiery commitment to this vision – of creating an Airport that will make Filipinos stand proud.”

2021 Developments

Presidential Inspection of the Newly Completed Passenger Terminal Building

President Rodrigo Roa Duterte led the inspection of the newly completed 110,000m2 Clark International Airport New Passenger Terminal Building in July. The inspection included testing of check-in kiosks, bag drops, and other contactless features of the new terminal building. The President was joined by over 200 government officials, and private sector partners.

Successful Performance on CRK’s Operations Readiness for Airport Transfer

LIPAD successfully completed Clark International Airport’s first domestic “proof of concept” trial flights in December, highlighting the New Clark Terminal 2. The trial flights were part of the airport’s ORAT which is a comprehensive and extensive set of measures to ensure that all processes run smoothly and all personnel are trained with the newest technologies in place.

Amid the restrictions and challenges brought about by the global pandemic, CRK is being completed. The trials were conducted after several online workshops and the on-ground exercises. These measures further aided stakeholders in addressing concerns and allowed airlines and ground handlers to familiarize themselves with the new check-in facilities and processes.

Providing Unique and Extensive Commercial Experiences for Travelers Amid Challenges

In the midst of this pandemic and low passenger traffic, LIPAD remains focused on improving the commercial offerings available at the airport for travelers and visitors. LIPAD successfully signed up a variety of in-terminal concessions in 2021, making CRK the first Philippine airport to offer on-trend food & beverage options such as Barcino, Tom & Toms, Peri-Peri, Route 98 Bar & Café, Meat Depot, Mr. Kimbob, and CRK Quick Bytes. In addition, the passengers can enjoy home grown concepts such as Mary Grace, among others. This validates the positive outlook our partners have in the potential of CRK.

Setting Up a Vaccination Hub at Clark International Airport Terminal 1

Similar to our support in bringing home our countrymen, LIPAD is committed to supporting the government’s vaccination efforts. In 2021, it set up a portion of its existing terminal to be used as a mass vaccination facility and provided a seamless experience for Filipinos waiting to be vaccinated. The big and open spaces in the old terminal were suitable for a thriving vaccination site. LIPAD’s participation is among its contributions to curb the pandemic and help fast track the revival of the economy and the travel industry.

In addition, the CRK Community including its stakeholders (concessionaires, locators, government agencies, airlines, ground handling, and LIPAD workforce) achieved 90-95% full vaccination in 2021. This was attained through effective vaccination drives and collaboration with Clark Development Corporation and Filvax for the inoculation of all airport employees.

JG Digital Equity Ventures

“Despite the challenging operating environment in 2021, it was an eventful year for JG Digital Equity Ventures, which saw the company accelerating its investments in both existing and new strategic ventures that will help drive the group’s digital transformation journey going forward. Given our strong portfolio of start-ups and growing team, JGDEV is looking forward to an even better 2022, with the goal of becoming one of the largest corporate venture capital companies in the region.”

2021 Developments

2021 was a strong year for JGDEV. Deal flow and assessments doubled versus the previous year, with the fund investing in 7 new portfolio companies and 2 new fund investments, while participating in multiple follow-on rounds. The JGDEV portfolio now includes strategic investments such as Tyme, Darwinbox, and Growsari, and the company has benefitted from the emergence of early portfolio winners, helping increase the potential value of the fund.

Evolving For The Future

JGDEV will launch a second DEV fund within 2022 in order to sustain the momentum from DEV Fund I. The second fund will continue to invest primarily in key focus sectors with strategic relevance to the group while also allocating a portion of the fund for opportunistic investments.

In order to help JGDEV achieve its 2022 objectives, the company plans to continue to build its existing team, further develop sector expertise, and maximize its network of VC funds and portfolio companies, all while closely collaborating with both start-ups and the wider Group in order to unlock ecosystem synergies.

Data Analytics Ventures, Inc.

“Much effort and energy has gone into building a good foundation for a data analytics and loyalty program business culminating in an integrated rewards platform for the Gokongwei Group in 2021, Go Rewards. The year has also produced the best-in-class Nexus 360, DAVI’s Customer Data Platform (CDP), offering a single view of the customer, and real-time delivery of impactful messaging to the right customer at the right stage of their journey. We are proud of what we have accomplished and are excited about 2022 – the year when ‘the rubber hits the road’.”

2021 Developments

Launching Go Rewards, an Integrated Rewards Program

DAVI, as an enablement pillar of the Data Strategy of the Gokongwei Group has completed the integration of the loyalty programs of the conglomerate into one. Go Rewards now stands as one of the top-ranking loyalty programs in the country offering personalized marketing capabilities & seamless member experience.

Driving Omnichannel Ecosystem Experiences Through Data Analytics

In collaboration with The Marketplace, PROJECT GROUND ZERO was set up to drive revenue growth through an omnichannel play using insights from Go Rewards customers. These richer insights from DAVI were instrumental in the effective implementation of member acquisition, retention and win-back campaigns that will be carried onto 2022.

Establishing a Unified Customer Data Platform (CDP)

DAVI’s CDP provides omnichannel experience for Go Rewards members and activates the real-time trigger marketing and personalization of campaigns. For the Gokongwei Group, this means access to unified analysis identifying new opportunities to improve processes, campaigns, and other business decisions. DAVI’s CDP offers user-friendly segmentation & report automation and has significantly improved operational efficiency by reducing GTM to Campaign Launch from 15 days to 30 minutes.

Integrating Rose Pharmacy in Go Rewards

DAVI expanded its member engagement with the integration of Rose Pharmacy in its loyalty program, providing more channels for engagement for our members, especially in the south.

Evolving for the Future

DAVI is committed to grow the Go Rewards member base further into 2022 - with additional formats in retail, airline, and other ecosystem merchants. Efforts to establish best-in-class data infrastructure with best practice data processes and management continue as DAVI aims for the highest data maturity level. The year 2022 will see a robust data hub, capabilities and tools for AI and ML functionalities, and best experiences in Go Rewards.

Ecosystem-Driven Product and Service Innovations

DAVI shifted to a PAY FORWARD approach to value creation and growth hacking with great focus on the Gokongwei Group. Advanced analytics will be heavily utilized to drive sales and members’ growth. DAVI will also deploy agile methodology for the rest of its operations in 2022, agile collaboration being a key success factor in value creation, digital transformation, and innovation.

More Avenues for Earning Loyalty Points

DAVI will leverage on the uniqueness of its integrated rewards platform and re-introduce a special flight component for its loyalty program, Go Rewards, in 2022. Members will be provided with more and better ways to engage with Cebu Pacific by providing a “SimpliFlying” experience. Engagement with the Robinsons Retail Group will continue to expand with strategies to grow the pharmacy and convenience store formats. Go Rewards will also support more financial products with key partners that will let our members have more options in handling their payment needs and for earning loyalty points.

DHL Summit Solutions, Inc.

“In the last year, the DHL Summit Solutions, Inc. (DSSI) team has delivered exceptional results while managing changing circumstances and challenges brought about by the pandemic. Looking at our strong operational performance with key customers such as Universal Robina Corporation and Robinsons Supermarket, we are well positioned to strengthen transport operations for other businesses within the JG Summit Group, Robinsons Retail Holdings and beyond in 2022. Our industry-leading technologies and commitment to digitalization will continue to offer our customers unrivaled end-to-end visibility and control over their supply chain.”

2021 Developments

Expanded Partnerships to Support the Transport Needs of URC

Despite Covid-19 challenges, DSSI has successfully onboarded the control tower operations for Universal Robina Corporation (URC). By the end Q1 2021, DSSI has been delivering finished goods to URC plants and their customers throughout Luzon.

Since then, DSSI has continued to stabilize the business and introduce continuous improvements by leveraging its Connected Control Tower technology to improve URC’s service level in 2021.

URC expanded this positive partnership by awarding DSSI with the trucking requirements for several other plants last August, namely the planning and deployment for raw and packaging materials, as well as bagged flour.

Satisfying Robinsons Supermarket Sites’ Transportation Requirements

The Robinsons Supermarket Sucat and Pampanga Distribution Centers’ transport operations have been successfully transitioned to DSSI in May and October 2021 respectively. The Robinsons Supermarket team now enjoys consistent and outstanding transport service performance, and has access to leading technology from the DSSI Connected Control Tower, such as improved visibility with milestone notification and ETA forecast.

This end-to-end visibility provides all our customers with accurate information on their delivery status, enabling them to make better informed decisions on their supply chain to maximize their customer service levels.

Evolving for the Future

DSSI is poised to onboard other customers within the JG Summit Group and Robinsons Retail Holdings in 2022, with Ministop operations set for Q2 and South Star Drug in the second half of the year.

In the next five years, DSSI will continue to increase its presence and credibility in the Philippine transportation landscape. Leveraging its Connected Control Tower capabilities, DSSI will increase its service offerings from Luzon transportation to include inter-island containerized movement, partnering with major shipping lines.

The DSSI organization will also expand with a team focused on business development and solution design. The expanded internal capabilities will enable DSSI to take on additional external customers from the consumer, retail, life science, and chemical sectors.

Core Investments

Manila Electric Company


Equity Stake

Php 6.7B

JGS' share in net income

46% growth vs. last year

Php 4.3B

Dividends paid to JGS

Manila Electric Company (Meralco) is the largest private sector electric distribution utility company in the Philippines, serving 7 million customers in 36 cities and 75 municipalities. The company has a franchise area of over 9,685km2, equivalent to 3% of the total land area of the Philippines, yet it accounts for 55% of the country's electricity output. Meralco celebrated 118 years of service in 2021.

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Singapore Land Group Limited


Equity Stake

Php 2.7B

JGS' share in net income

8% growth vs. last year

Php 0.7B

Dividends paid to JGS

Singapore Land Group Limited (SingLand) is a premier Singapore-based real estate company listed since 1971. The company boasts a diverse portfolio of real estate including commercial, office, residential and retail properties, and hotels. The company has a large footprint in Singapore and key overseas markets, with its prime commercial assets in Singapore spanning 2.5 million square feet of office space and 1 million square feet of retail space.

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PLDT, Inc.


Equity Stake

Php 2.0B

JGS' share in net income

6% growth vs. last year


JGS' share in net income

PLDT, Inc. (PLDT) is the Philippines’ largest fully integrated telecommunications company, offering a wide range of telecommunications and digital services across the Philippines’ most extensive fiber optic backbone, as well as fixed line as cellular networks. PLDT currently has one of the largest market capitalizations among Philippine listed companies.

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