Biz briefs

The Old Spaghetti House

Four years after opening the only outlet of The Old Spaghetti House (TOSH) outside of Manila, Cebu franchisee TOSH Cebu, Inc. is looking at opening another outlet within three years.

The Cebuano market already enjoys different international cuisines.

“If you look around, you can see a lot of Korean restaurants, Japanese and Italian like TOSH which are visited by not only foreign nationals but also the locals. This is because of the increased purchasing power of Cebuanos,” said Espinoza.

The maturity of the domestic market as well as the increasing number of tourists in Cebu has helped the restaurant achieve e return-on-investment (ROI) ahead of target, said Espinoza.

“Our SM City Cebu outlet recently underwent renovation and is now sporting that classic sophisticated look which will entice more diners to come because people don’t only spend on food but also spend for ambiance,” said Espinoza.

Espinoza said the company believes the Cebu market will continue to grow.

This emboldens it to plan for expansion for another outlet to be set up in the SM Seaside property that will rise three years from now at the South Road Properties. /Reporter Aileen Garcia-Yap

UCPB Savings Bank expansion

United Coconut Planters Bank thrift banking arm UCPB Savings Bank, will open five new branches including one in Cebu by the fourth quarter of 2013.

The four other branches are in Batac, Ilocos Norte; Lingayen, Pangasinan; Caramoan Island; and Catbalogan, Samar.

According to Joseph C. Justiniano, president of UCPB Savings Bank, these branches are strategically located in areas where they want to expand their market. Batac and Lingayen are primarily agricultural areas, Caramoan Island is a known tourist destination while Catbalogan and Metro Cebu are commercial hubs.

The five additional branches will bring the total number UCPB Savings Bank branches to 41 nationwide.

They also rolled out seven online ATMs in areas that list agriculture as their major economic activity like Calauag, Quezon; Lucban, Quezon; Goa, Camarines Sur; Pili, Camarines Sur; Libmanan, Camarines Sur; Sta. Ignacia, Tarlac; and Lamitan, Basilan.

All seven ATMs went online early October and they target to provide all 41 UCPB Savings Bank branches with ATMs by 2013, said Justiniano. /Reporter Aileen Garcia-Yap