PRM 2nd Annual General Meeting: Continuing the Rhythm in Orchestrating a Harmonious Tomorrow

MANILA, PHILIPPINES -- On Aug 22, 2024, Philippines Recorded Music Rights Inc. (PRM) held their second Annual General Meeting at The B Hotel, Timog Avenue. The aim of these annual general assemblies is to present to its stakeholders, the year-on-year growth of PRM as a collective management organization (CMO); from what worked and what didn’t from the previous year, where PRM currently stands, and how PRM forecasts the succeeding years.

The meeting was presided over by PRM Chairman, Atty. Ricardo Blancaflor alongside PRM’s Corporate Secretary, Atty. Joanne Ranada. The meeting was attended by trade partners from International Federation of Phonographic Industry (IFPI) namely, Simon Seow, Regional Director of SEA, Dhanesh Jagwani, Head of Licensing, and Johnson Arul, Reginal Market Analyst; together with the Intellectual Property Office of the Philippines (IPOPHL). The event was also attended by internal stakeholders of PRM; being the record labels which were represented by Sarah Ismail (Warner), Ramon Chuaying (Universal Records), Roslyn Pineda (Sony), Atty. Marivic Benedicto (Star Music), William Lim (Galaxy Records), Jesmon Chua (PolyEast Records), Tiny Corpuz (UMG), and Bernie Refuerzo (SoundsRight), alongside performer members namely Nyoy Volante, Gino Cruz, and Joshua Buizon of Over October.  Once quorum was reached, Chairman Blancaflor set the agenda and opens the program proper with a few remarks. He talked about music as the industry where we work and how it brings people together. He put this best into perspective when he talked about how music was vital in part to how we coped and survived seclusions during the lockdown. His words affirmed the attendees who were deeply rooted in music and Atty. Ric’s opening remarks set the tone for a productive set of discussions that followed. The Financial statements were presented by Dhanesh Jagwani (IFPI) to make sure that we are financially on-track and capable of achieving this year’s targeted goal.  To give a deeper look into PRM’s licensing and supplementary activities since the last AGM, Francis Buen, PRM’s Head of Licensing, spearheaded the presentation of the Business Recap, licensing updates, and Marketing updates. Francis recapped the licensing activities done to grow the company over the past year and presented a significant increase in revenue collection from licensing activities from the previous calendar year. These activities were supplemented with Marketing efforts to help gain traction and credibility from a digital footprint standpoint. Lastly, Francis ended his segment by sharing the upcoming activities that members can participate in and expect in the coming months. To cap things off, Johnson Arul (IFPI) presented the current landscape of the music industry with the IFPI Charts. Once all presentations were done, Atty. Ricardo Blancaflor recapped the afternoon’s meeting and adjourned shortly after.

The 2nd Annual General Meeting for PRM signifies its continuous growth as a CMO in the Philippines. The year-by-year growth that the company can present is a good indication that alongside the help of their stakeholders and partners, PRM can and will successfully give credit to where it is due for many years to come.

For more questions and concerns, reach out to info@prm.com.ph