Philippines Industrial Sector Stocks

Manila Electric Company (MER) is a private distribution utility organized on May 7, 1919 which holds a congressional franchise under Republic Act (RA) No. 9209 effective June 28, 2003. RA 9209 granted MER a 25-year franchise valid through June 28, 2028 to construct, operate, and maintain the electric distribution system in the cities and municipalities of Bulacan, Cavite, Metro Manila, and Rizal and certain cities, municipalities, and barangays in the provinces of Batangas, Laguna, Pampanga, and Quezon.The principal business of MER is the distribution and sale of electric energy through its distribution network facilities in its franchise area. The Company's market is categorized into four classes namely, residential, commercial, industrial, and streetlights. MER sources the electricity it distributes from at least 10 different power suppliers including the Independent Electricity Market Operator of the Philippines. MER has a unit for its participation in retail electricity supply (RES) with a trade name, "MPower". The Energy Regulatory Commission granted the following companies distinct RES licenses to operate as affiliate retail electricity suppliers in Luzon and Visayas, namely, Vantage Energy Solutions and Management, Inc., a wholly-owned subsidiary of MER; Solvre, Inc., a wholly-owned subsidiary of MERALCO PowerGen Corporation; and MeridianX Inc., a wholly-owned subsidiary of Comstech Integration Alliance, Inc.Source: SEC Form 17-A (2019)

Aboitiz Power Corporation (AP) was incorporated on February 13, 1998 as a holding company for the Aboitiz Group's investments in power generation and distribution as well as retail electricity and other related services. Ownership in the Company was opened to the public through an initial public offering of its common shares in July 2007.Since its incorporation, AP accumulated interests in both renewable and non-renewable generation plants. The Company holds all its investments in renewable energy through Aboitiz Renewables, Inc. (ARI) and non-renewable energy through Therma Power, Inc. (TPI). Both ARI and TPI are wholly-owned subsidiaries of AP. The Company has ownership interests in nine distribution utilities, which collectively supply electricity to franchise areas covering a total of 18 cities and municipalities in Luzon, Visayas and Mindanao.Source: SEC Form 17-A (2019)

San Miguel Food and Beverage, Inc. (FB), formerly San Miguel Pure Foods Company, Inc., was incorporated on October 31, 1956 to primarily engage in the business of manufacturing and marketing of processed meat products. FB, through its subsidiaries, later on diversified into poultry and livestock operations, feeds and flour milling, dairy and coffee operations, franchising and young animal ration manufacturing and distribution. FB offers food products and services to household, institutional and food service customers in the Philippines. Among the brands in its portfolio include "Magnolia" for chicken, ice cream and dairy products; "Monterey" for fresh and marinated meats; "Purefoods" for refrigerated processed meats and canned meats; "Star" and "Dari Crème" for margarine; "San Mig Coffee" for coffee; "La Pacita" for biscuit and flour-based snacks; and "B-Meg" for animal feeds. In 2018, FB amended its primary purpose and changed its corporate name to the present one to reflect its expansion into the alcoholic and non-alcoholic beverage business. In the same year, the Securities and Exchange Commission approved the increase in authorized capital stock of FB, by virtue of which FB issued new common shares to its intermediate parent San Miguel Corporation (SMC) in exchange for SMC's common shares in San Miguel Brewery Inc. (SMB) and Ginebra San Miguel Inc. (GSMI), completing the consolidation of the food and beverage businesses of SMC under FB.As a result, FB is now operating in three business segments: beer and non-alcoholic beverages, spirits and food. FB's major operating subsidiaries include San Miguel Foods, Inc., San Miguel Mills, Inc., The Purefoods-Hormel Company, Inc., Magnolia, Inc., San Miguel Super Coffeemix Co., Inc., SMB and GSMI.SMB and GSMI are primarily engaged in the manufacture and sale of beer and liquor products, respectively, which they market under several brands, including their respective flagship brands "San Miguel Pale Pilsen" and "Ginebra San Miguel".Source: SEC Form 17-A (2019)

Jollibee Foods Corporation (JFC) was incorporated on January 11, 1978. The Company's principal business is the development, operation and franchising of quick service restaurants (QSR) under the trade names "Jollibee", "Chowking", "Greenwich", "Red Ribbon", "Yong He King", "Hong Zhuang Yuan", "Mang Inasal", "Burger King", "Highlands Coffee", "PHO24", "Hard Rock Café", "Dunkin' Donuts", "Smashburger", "Tim Ho Wan", "Tortas Frontera", "The Coffee Bean & Tea Leaf" and "Panda Express". The other activities of JFC include manufacturing and property leasing in support of the QSR systems and other business activities. Aside from the subsidiaries that develop and operate the Company's QSR trade names, JFC wholly owns Freemont Foods Corporation, which owns and operates Jollibee stores in Visayas and Mindanao, and Grandworth Resources Corporation, a real estate company which owns or leases some of the properties used as store sites.By the end of 2019, there were 1,195 Jollibee stores nationwide, of which 680 were franchised and 515 were Company-owned. On international operations, Jollibee had 266 stores with 39 stores in the US, nine in Canada, one in Guam, one in Italy, one in United Kingdom, 130 in Vietnam, 18 in Brunei, 10 in Hong Kong, nine in Singapore, one in Macau, one in Malaysia and 46 in the Middle East. Source: SEC Form 17-A (2019)

Semirara Mining and Power Corporation (SCC) was incorporated on February 26, 1980 to explore, develop, and mine the coal resources in Semirara Island, Caluya, Antique through a coal operating contract with the Department of Energy in 1977 (amended 1981). On August 18, 2014, the Securities and Exchange Commission approved the change in SCC's corporate name to include the word "power" in line with the forward integration of the Company's business as a coal supplier or producer to power generation through its wholly-owned subsidiaries.The Company generates its revenues through the production and sale of sub-bituminous coal. Currently, SCC has existing coal supply contracts with its own power subsidiaries as well as other power plants and cement manufacturers.As of December 31, 2019, SCC has six wholly-owned subsidiaries, namely, SEM-Calaca Power Corporation; SEM-Cal Industrial Park Developers Inc.; Southwest Luzon Power Generation Corporation; Semirara Claystone Inc.; Semirara Energy Utilities Inc.; and Southeast Luzon Power Generation Corporation.Source: SEC Form 17-A (2019)

Universal Robina Corporation (URC) was founded in 1954 when Mr. John Gokongwei, Jr. established Universal Corn Products, Inc., a cornstarch manufacturing plant in Pasig. The Company is involved in a range of food-related businesses, including the manufacture and distribution of branded consumer foods; production of hogs and poultry; manufacture of animal feeds and veterinary products; flour milling; and sugar milling and refining. URC also ventured in the renewables business for sustainability through distillery and cogeneration divisions.URC operates its food business through operating divisions and wholly-owned or majority-owned subsidiaries that are organized into three core business segments, namely, branded consumer foods, agro-industrial products and commodity food products. Majority of URC's branded consumer foods business is conducted in the Philippines, but the Company has expanded into other Asian markets through its subsidiaries in Cayman Islands, British Virgin Islands, China, Hong Kong, Indonesia, Malaysia, Singapore, Thailand, Myanmar, Vietnam, New Zealand, and Australia.Source: SEC Form 17-A (2019)

Century Pacific Food, Inc. (CNPF) was incorporated on October 25, 2013. The Company is primarily engaged in the business of buying and selling, processing, canning, packaging, and manufacturing all kinds of food and food products. CNPF is a wholly-owned subsidiary of Century Pacific Group, Inc. (formerly Century Canning Corporation).The Company's current main business segments are the canned and processed fish segment which produces tuna, sardines, and other fish and seafood-based products; the canned meat segment which produces corned beef, meat loaf, luncheon meat, and other meat-based products; the dairy and mixes segment which comprises of canned milk, powdered milk, and other dairy products as well as coffee mixes and flavor mixes; the tuna export segment which produces private label canned, pouched, and frozen tuna products for export; and the coconut segment which produces retail-packaged coconut water, organic virgin coconut oil, desiccated coconuts, coconut flour, and coconut milk. Recognizable brands under these segments include "Century Tuna", "555", "Blue Bay", "Fresca", "Lucky Seven", "Argentina", "Swift", "Shanghai", "Wow", "Angel", "Birch Tree", "Kaffe de Oro", and "Home Pride".In recent years, the Company acquired the license to the Kamayan trademark in North America and the Middle East, as well as the Philippine license for Hunt's.CNPF's businesses were previously operated by different companies, namely Century Pacific Group, Inc. (CPG), Columbus Seafood Corporation (CSC), General Tuna Corporation (GTC), Pacific Meat Company, Inc. (PMCI), and Snow Mountain Dairy Corporation (SMDC). After the corporate restructuring in 2013, the operations of CPG and CSC were folded into CNPF under the canned and processed fish segment, while PMCI's operations were folded into CNPF under the canned meat segment. Only GTC and SMDC were retained as separate corporate entities and wholly-owned subsidiaries of CNPF. CNPF's wholly-owned subsidiaries are GTC; SMDC; Allforward Warehousing, Inc.; Century Pacific Agricultural Ventures, Inc.; Century Pacific Seacrest, Inc.; Century Pacific Food Packaging Ventures, Inc.; Centennial Global Corporation; Cindena Resources Limited; Century (Shanghai) Trading Company Limited; Century International (China) Company Limited; and Century Pacific North America Enterprise, Inc.Source: SEC Form 17-A (2019)

AC Energy Corporation (ACEN), formerly AC Energy Philippines, Inc., was originally established and incorporated as Trans-Asia Oil and Mineral Development Corporation on September 8, 1969. The Company is engaged in power generation and trading, oil and mineral exploration, development and production. ACEN was registered as a wholesale aggregator and is a licensed retail electricity supplier, thereby allowing the Company to supply electricity to the contestable market. In 2019, ACEN was formally transferred from the PHINMA Group to the Ayala Group after the latter acquired controlling interest. The Company subsequently changed to its present name, which the Securities and Exchange Commission approved on January 5, 2021.ACEN has approximately 1,000MW of attributable capacity in the Philippines. This is expected to increase with the planned infusion of AC Energy International, which has about 1,400 MW of attributable capacity. ACEN's aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5GW of renewables capacity by 2025.As of December 2019, the Company's wholly-owned subsidiaries are Phinma Renewable Energy Corporation; CIP II Power Corporation; One Subic Oil Distribution Corp.; One Subic Power Generation Corporation; Phinma Power Generation Corporation; and Phinma Solar Energy Corporation. The Company also has stakes in Phinma Petroleum and Geothermal, Inc.; Palawan55 Exploration & Production Corporation; South Luzon Thermal Energy Corporation; ACTA Power Corporation; and Maibarara Geothermal, Inc. Source: SEC Form 17-A (2019)/Disc. No. 0124-2021