MANILA - Talent manager Arnold Vegafria is the new franchise owner of Miss World Philippines.

Vegafria made the announcement Sunday night through a post on Instagram.

A photo posted by Arnold Vegafria (@arnold_vegafria) on Jan 15, 2017 at 7:21am PST

"I am very happy to have been awarded the exclusive license for the Miss World and Mr. World pageants in the Philippines," he wrote in his caption.

He also thanked the Miss World Organization for the trust.

"Thank you Julia Morley and Steve Douglas for your trust and confidence! With your support and guidance, I can assure you that we will continue to live up to the prestige and honor that Miss World Organization deserves--not just in the Philippines but across the world."

Vegafria took over the franchise after TV host Cory Quirino let go of it.

Quirino's CQ Global Quest Inc. held the Philippine franchise of the prestigious beauty pageant since 2011.

The country's candidate for Miss World was chosen by Binibining Pilipinas Charities Inc. from 1992 to 2010.