A chat with Dennis Uy

I drove all the way to Clark, Pampanga last week just to catch up with Davao-based businessman Dennis Uy. 

I woke up even before the roosters did because it was a long drive from my place in Quezon City,  especially with the rush hour and the snail paced traffic brought about by the massive MRT construction near our area. 

This time, I promised myself I wouldn’t be late. 

A month ago in an event, I missed Dennis Uy  by about 10 seconds, or so I was told. By the time I got out of my car, he had just disappeared in a waiting vehicle. 

In January, I drove through the dreaded McKinley traffic to make it on time to one of his companies’ annual shareholders meeting. I flashed my best smile to the guards of Manila Golf just so I could get a slot right away in the already crowded parking lot. I did get a slot, thanks to the compassionate gatekeepers of the posh club. I hurriedly walked up in my red heels, but it was all for naught. Dennis, to my surprise, was not even there. 

It seemed like I’ve been on a cat and mouse chase with Dennis or DAU – as he is known in the business community – over the past three months.

But as a journalist covering conglomerates that make this country go round and the tycoons that head them, I couldn’t afford to just stop. I needed to make sure I was constantly updated with the latest ongoings on DAU’s different businesses. 

DAU after all is the man to watch. He is the head of the Udenna Group, one of the country’s fastest growing companies.

Thankfully, my luck changed last week when I finally caught up with him at the annual shareholders meeting of his tourism and casino company, PH Resorts Group, in Clark, Pampanga. 

Casinos

The shareholders meeting was brief and straight to the point. PH Resorts president Raymundo Martin Escalona briefed the crowd on the latest developments on DAU’s casino ventures. 

There will be two casino projects, one in Mactan, Cebu and another in Clark.

Martin, in a chat before the meeting, gamely shared with journalists the latest developments on the Cebu project.

He was beaming with excitement. Prospects in the area are high, he said, especially with a seven-year exclusivity they were able to obtain from the local government. 

This means, they would have no competitor for at least seven years. 

“In Mactan, we’re exclusive for seven years,” Martin said.

DAU’s lucky streak just keeps on going indeed. Any casino operator knows that competition can spell the difference between failure and success. Thus, being able to operate for at least seven years with no other casino in the area definitely bodes well for PH Resorts. 

DAU on Udenna’s debt: Hello?!

After the meeting, DAU stayed for an ambush interview with journalists. At last, there was no cat-and-mouse chase this time.

Not surprisingly, he was tightlipped when asked what Udenna’s next acquisition would be. 

He simply said that Udenna is just like other Philippine companies -- it is growing and it is aggressive.

“There are other groups that are aggressive. It’s not only us,” DAU says.

Nevertheless, he gamely answered the question on Udenna’s high debt level, shrugging off whatever concerns the market may have on his companies’ debt which stood at P85.8 billion as of end-2017.

“We grow by acquisition, so we have debt and we have equity. To address our debt, we pay by raising equity or through internally generated funds,” he says.

“You should be worried if we have no debts...Who does not have debt? Hello?!” he adds in jest.

Newsbarbers back in Maginhawa

Speaking of businesses, I was sad to learn that my favorite vegetarian restaurant near Maginhawa, Teachers Village in Quezon City had closed shop.

The other night, I couldn’t find a nice place to eat in the area. I used to live right in the heart of Maginhawa more than 10 years ago. The old borrowed apartment is still there, but many familiar establishments are gone.

But I was glad to know that Newsbarbers, a barbershop run by media practitioners, is making a comeback after taking a break a few years ago due to the notorious parking and security situation in the area.

Now cashing in on the reinvigorated neighborhood, Newsbarbers recently opened its newest branch along Maginhawa under its barbershop-salon brand - Bellasbarbers. This means all genders will be able to enjoy the “bigger, better, and bolder” services of Bellasbarbers by Newsbarbers.

Props to the newsmen behind Newsbarbers for braving Maginhawa again. Like news, the need for haircuts will never die.

But for small businesses like the ones in Maginhawa, it’s always a roller-coaster ride. Let’s support them because they struggle to grow on their own. Being in a mall could bring in more foot traffic, but the leasing rates of some giant mall landlords can sometimes bleed them dry.

In the meantime, my search for another vegetarian place in the area continues. I hope I find another one again soon. 

Iris Gonzales’ email address is [email protected]. Follow her on Twitter @eyesgonzales.