Title: Universal Records (Philippines)
Content:  Universal Music Group cannot use the Universal name in the Philippines as URPI has the rights for the said trade name. With this, UMG currently makes business in the Philippines as MCA Music, Inc., the former global trade name for UMG.
Title: UMG Philippines
Content:  UMG Philippines Inc. (previously MCA Music, Inc.) is a Philippine regional branch of the multinational Universal Music Group. The company retains the MCA name on legal purposes because of a trademark dispute with an unrelated label known as Universal Records, which preempted the rights to the word "Universal" for recorded music in the Philippines. However, the company has adopted the moniker "MCA/Universal", just like the US home video unit of Universal Pictures from 1990-1997, to simplify identification, even though no formal "Universal" branding is exercised. Despite the naming, the label is known outside the Philippines as Universal Music Philippines. MCA Music Inc. also released video karaoke VCDs versions of the label's songs in the Philippines.
Title: Universal Music Group
Content:  Universal Music Group N.V. (often abbreviated as UMG and referred to as just Universal Music) is a Dutch–American multinational music corporation. UMG's corporate headquarters are located in Hilversum, Netherlands and its operational headquarters are located in Santa Monica, California. The biggest music company in the world, it is one of the "Big Three" record labels, along with Sony Music and Warner Music Group. Tencent acquired ten percent of Universal Music Group in March 2020 for €3 billion  and acquired an additional ten percent stake in January 2021. Pershing Square Holdings later acquired ten percent of UMG prior to its IPO on the Euronext Amsterdam stock exchange. The company went public on September 21, 2021 at a valuation of €46 billion. In 2019, Fast Company named Universal Music Group the most innovative music company and listed UMG among the Top 50 most innovative companies in the world and "amid the music industry's digital transformation, Universal is redefining what a modern label should look like." UMG has signed licensing agreements with more than 400 platforms worldwide.
Title: Universal Records (Philippines)
Content:  Universal Records Philippines Inc. is a Filipino record label founded in 1977 as part of Warner Music Group. Since 1992, it is an independent label. The label is currently a member of the Philippine Association of the Record Industry. Universal Records also released video karaoke VCD versions of the label's songs in the Philippines.
Title: UMG Philippines
Content:  Seagram's and was merged into MCA Inc., and PolyGram Music Group was merged with MCA Music Entertainment to become Universal Music Group. After the merger, PolyCosmic Records was reincorporated as MCA Music Inc. (Philippines). In 2006, Ricky Ilacad was named the Managing Director and is currently the CEO. MCA Music has a partnership with Smart Communications Inc. to make music downloads available to phone users via music service Spinnr. In 2020, UMG launched Def Jam Philippines and Island Records Philippines. In 2021, UMG signed a distribution agreement with Off the Record, a local independent label owned by former MCA Music and Warner Music Philippines executive Ricky Ilacad.
Title: Universal Records (Philippines)
Content:  URPI was founded in 1977 as WEA Records Philippines Inc. The company was the licensee of WEA in the Philippines for 15 years, but the latter still decided to put its own office, the precursor of what is now Warner Music Philippines. In 1992, the company adopted a new name, Universal Records Philippines Inc., and since then it rose as one of the Philippines' best and biggest record labels. Universal Records officially distributed K-pop albums from September 2009, to be followed by some J-pop albums which was announced late May 2011. Currently, it is the leading independent recording company in the country, being home to best-selling OPM artists. In 2018, the company launched Mustard Music, a sublabel focusing on the growth of homegrown indie acts.
Title: List of Universal Music Group labels
Content: will.i.am Music Group ; Flawless Records 
Title: Universal Music New Zealand
Content:  The Dutch company Philips introduced a record division into the New Zealand market in 1951 but it wasn't until the mid to late 1960s that the Philips label began to eat into HMV's market dominance. In the 1970s, Philips Records division was renamed Phonogram Ltd. and then PolyGram Records Ltd
Title: Universal Records (Philippines)
Content:  As of 2011 :
Title: Music industry
Content: Universal Music Group — 21.1% ; Sony Music Entertainment — 17.4% ; EMI — 14.1% ; Warner Music Group — 13.4% ; BMG — 11.4% ; Independent labels combined — 22.6% Universal Music Group—25.5% ; Sony BMG Music Entertainment—21.5% ; EMI Group—13.4% ; Warner Music Group—11.3% ; Independent labels combined—28.3% Universal Music Group (USA based) — 29.85% ; Sony Music Entertainment (USA based) — 29.29% ; Warner Music Group (USA based) — 19.13% ; EMI Group — 9.62% ; — 12.11% Universal Music Group (USA based) which owns EMI Music — 32.41% + 6.78% of EMI Group ; Sony Music Entertainment (USA based) which owns publishing arm of EMI Group —  30.25% 

Question: Verify the following claims with "True" or "False": Yes. Universal Music Group owns Philips Records!
Answer: True