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For saké’s sake

SAKÉ is one of the most important drinks of Japan, as it should be, coming from one of their most important food staples, rice (now that’s Japanese efficiency: two products from one crop). While poems, books, and songs have been written about saké in its homeland, it hasn’t quite reached the same level of hype here — but then, we could be wrong.

This year’s Saké Manila, a partnership between Okada Manila and Philippine Wine Merchants (PWM), will be held at Okada’s Grand Ballroom on May 23, beginning at 5 p.m. Tickets are available at https://sakemanila.ph/ for P6,000 each. That brings the guest access to tastings and talks, with 200 premium labels of saké, shochu, whisky, gin, beer, and wine from over 40 distillers and breweries. There’s going to be a cultural showcase with Japanese Taiko drummers and koto players, and a tuna parade and tuna carving.

Last year’s saké spectacle brought in about 100 labels (as opposed to this year’s 200), and more than 1,200 people: “We had to turn down people,” recalled Robi Joseph, director for Philippine Wine Merchants.

The road to 1,200 visitors for the Joseph family (one of the best-known in the Philippines when it comes to importing beverages) started out with Saké Sessions they used to offer at restaurants, pocket sessions designed to educate interested customers about saké. Speaking about this town’s hottest (or chilled; that’s a joke about saké serving temperatures) new drink, he said in an interview a month ago at Okada, “Part of it is the approachability of saké. A lot of people really want to learn more about it; a lot of people who are interested in the culture of Japan.”

“It’s grown; every year,” he said about their growing sales of saké. He recalled a time that they were bringing over two or four container vans filled with just one particular label from Dassai, a saké maker. “It would always get wiped out… they’re just crazy about it.”

Mr. Joseph discussed his own preferences for saké: “It doesn’t trigger my hyperacidity, unlike other wines. I find it easier to drink.

“The buzz is really nice. It’s a different kind of buzz. Like any alcohol, it brings down your walls. But there’s something about saké that just makes you want to talk more,” he said. “Stories, conversations: they’re richer. But that’s just anecdotal.”

He made us taste a Junmai Daiginjo from Tatenokawa — one of the higher grades of saké. The grades are determined by how much the rice has been polished. “The closer you are to that core, the more pure the saké is,” he said, while mentioning that this particular variety had been made with rice polished at 1%, shrinking the grains and making them even more precious. It tasted like plums — despite being made of just rice.

While cheaper saké brands at Japanese restaurants could be had at P300, prices may go up to between P3,000 to P20,000 (the full price range from entry level to premium can be found at Saké Manila).

“It’s really a very special beverage. Just like wine, just like any other alcoholic beverage, it’s steeped in culture and history. Every glass tells a story. There’s so much artistry that goes behind the creation of saké,” he said.

For more information, visit https://sakemanila.ph/. Joseph L. Garcia

Bloomberry Q1 profit up 26% to P3.3 billion

BLOOMBERRY.PH

RAZON-LED listed integrated resort developer Bloomberry Resorts Corp. reported a 26% increase in its first-quarter (Q1) net income to P3.3 billion from P2.6 billion a year earlier, driven by higher gaming revenue.

Adjusting for the P2.9-billion one-time, non-cash gain from refinancing its P40-billion syndicated loan facility in February, Bloomberry said its first-quarter net income would have dropped by 83% to P445.8 million.

Gross gaming revenue (GGR) rose by 14% to P16.8 billion from P14.8 billion last year, led by contributions from Solaire Resort North in Quezon City.

“GGR generated by the mass tables and electronic gaming machines (EGM) segments across both our Metro Manila properties grew by 29%, powered by a resilient domestic mass market player base,” Bloomberry Chairman and Chief Executive Officer Enrique K. Razon, Jr. said.

“Solaire North continued to gain ground as GGR across the board increased by 29% sequentially, resulting in a P1.1-billion contribution to consolidated earnings before interest, taxes, depreciation, and amortization. However, Solaire Entertainment City’s year-over-year results were impacted by softness in gaming volumes arising from slow VIP play and the Philippine offshore gaming operators ban,” he added.

Total GGR at Solaire Resort Entertainment City fell by 18% to P12.1 billion due to lower volumes and hold rates in the VIP and EGM segments.

Solaire Resort North generated P4.6 billion in GGR as it continued to ramp up its VIP, mass tables, and EGM segments, supported by domestic demand.

Jeju Sun Resort & Casino in South Korea recorded P3.7 million in GGR, down from P15.6 million last year.

Bloomberry’s consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) declined by 11% to P4.4 billion. Excluding the P279.5-million pre-operating expenses of Solaire Resort North recorded in the first quarter of 2023, consolidated EBITDA would have dropped by 15%.

Non-gaming revenue increased by 35% to P3 billion from P2.2 billion a year ago.

Meanwhile, Mr. Razon said Bloomberry expects a boost from its upcoming online product under the Solaire brand.

“We are fully committed to pushing the performance of both of our resort businesses and Solaire Online even as we are focused on ramping our new online product which will be launching in the coming weeks,” Mr. Razon said.

Bloomberry shares declined by 2.91% or 12 centavos to close at P4 apiece on Wednesday. — Revin Mikhael D. Ochave

Stanley Tucci says hosting tougher than acting as he launches culinary travel series

LONDON — Stanley Tucci is no stranger to hosting a television series, but when asked how it compares to acting, the Oscar nominee is clear: “Hosting is harder because you have to be yourself.

“And the reason actors become actors is they probably don’t want to be themselves all the time,” he said, laughing.

Known for films like Conclave, Julie & Julia, The Devil Wears Prada, and The Hunger Games, Mr. Tucci embarks on a culinary journey across Italy in his new show, Tucci in Italy.

From sampling traditional knödel in Trentino Alto-Adige to tucking into succulent porchetta in Lazio, the five-episode series sees him talking to chefs, farmers, shopkeepers, and everyday Italians about their food and traditions.

He describes it as “an exploration of what makes up Italy through the prism of food.”

“(Italians) live to eat and everybody else eats to live… You can talk to a cab driver and you can talk to someone of the aristocracy… and they’ll talk about food in the same way,” Mr. Tucci said in an interview with Reuters.

“And were they to meet, they would talk about food in the same way and they would talk in-depth about it. I don’t know another culture that would do that, where it just breaks down all boundaries.”

In the show, Mr. Tucci travels to five regions — Tuscany, Lombardy, Trentino-Alto Adige, Lazio, and Abruzzo.

While not a fan of spice, Mr. Tucci said he was willing to try anything: “I sort of did, I think, on this trip. There was lots of offal, which I love.”

“When I was watching the episodes again, I was like, there really is a lot of offal in these episodes… but that’s just a part of what Italy is and that’s what they eat.”

Mr. Tucci, the author of several cookbooks, has Italian origins and has lived as well as visited the country before — including for his previous travel and food show, Stanley Tucci: Searching for Italy.

“The more I travel through Italy, the more I see… reminders of people in my childhood,” he said.

“You might see somebody who looks like your aunt or your great aunt or your grandfather… and it makes you feel connected to the people that you’ve lost.”

Tucci in Italy streams on Disney+ from May 19 and premieres on National Geographic on May 21. — Reuters

Treasury fully awards dual-tenor bond offering

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THE GOVERNMENT made a full award of the dual-tranche Treasury bonds (T-bonds) it offered on Wednesday, with investors swamping the shorter tenor amid dovish signals from the Bangko Sentral ng Pilipinas (BSP).

The Bureau of the Treasury (BTr) raised P35 billion as planned via its dual-tenor T-bond offer as total bids reached P91.812 billion, or more than double the amount placed on the auction block.

Broken down, the Treasury borrowed the programmed P15 billion via the reissued seven-year bonds, with total bids reaching P63.922 billion or more than four times the amount on offer.

“The auction was met with heavy demand… With its decision, the Committee raised the full program of P15 billion, bringing the outstanding volume for the series to P301.4 billion,” the Treasury said in a statement, adding that the bond fetched an average rate that was lower than what was quoted for the previous reissuance and the comparable secondary market benchmark yield.

The bonds, which have a remaining life of two years and 11 months, were awarded at an average rate of 5.703%. Accepted yields ranged from 5.65% to 5.75%.

The average rate of the reissued papers went down by 7.6 basis points (bps) from the 5.779% fetched for the series’ last award on March 25, but was 207.8 bps above the 3.625% coupon for the issue.

This was also 6 bps below the 5.763% fetched for the same bond series and 8.7 bps lower than the 5.79% quoted for the three-year bond — the benchmark tenor closest to the remaining life of the issue — at the secondary market before Wednesday’s auction, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the BTr.

Meanwhile, the government also raised P25 billion as planned from the reissued 20-year T-bonds it auctioned off on Wednesday, with total bids for the tenor reaching P27.89 billion.

This brought the total outstanding volume for the bond series to P192.7 billion.

The notes, which have a remaining life of 19 years and 13 days, were awarded at an average rate of 6.486%. Accepted yields ranged from 6.375% to 6.618%.

The average rate rose by 11 bps from the 6.376% fetched for the series’ last award on Feb. 25 but was 38.9 bps lower than the 6.875% coupon for the issue.

This was also 8.8 bps above the 6.398% seen for the same bond series and 23.6 bps higher than the 6.25% quoted for the 20-year bond at the secondary market before Wednesday’s auction, PHP BVAL Reference Rates data showed.

The Treasury fully awarded the reissued seven-year bonds as the offer was met with strong demand, a trader said in a text message.

“The 20-year reissue, on the other hand, was awarded at the higher end of the expected range,” the trader added.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the reissued seven-year papers fetched lower yields following dovish signals from the BSP chief. 

BSP Governor Eli M. Remolona, Jr. earlier said the Monetary Board was open to cutting rates by a further 75 bps this year amid easing inflation.

The Monetary Board last month resumed its easing cycle after an unexpected pause in February, cutting benchmark rates by 25 bps to bring the policy rate to 5.5%. Its next meeting is on June 19.

April inflation slowed to an over five-year low of 1.4% from 1.8% in March and 3.8% a year earlier. For the first four months, it averaged 2%, at the low end of the BSP’s 2-4% annual target.

Meanwhile, the 20-year bond’s average yield rose was higher than what was quoted for the previous reissue and prevailing BVAL rates after the BTr’s recent jumbo issuance of 10-year benchmark fixed rate Treasury notes siphoned off some liquidity from the market.

The BTr is looking to raise P260 billion from the domestic market this month, or P100 billion via Treasury bills and P160 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — Aaron Michael C. Sy

San Miguel Corp. announces Regular Meeting of Stockholders on June 10 via remote communication

NOTICE OF REGULAR MEETING OF THE STOCKHOLDERS
June 10, 2025

The Regular Meeting of the Stockholders of San Miguel Corporation will be held on Tuesday, June 10, 2025 at 2:00 P.M.

The Stockholders’ Meeting will be conducted via remote communication and livestreamed at the Company’s website. Stockholders can attend the meeting by remote communication.

The Agenda of the Meeting is as follows.

  1. Certification of Notice and Quorum
  2. Approval of the Minutes of the Regular Stockholders’ Meeting held on June 11, 2024 and the Special Stockholders Meetings held on August 8, 2024 and March 27, 2025
  3. Presentation of the Annual Report
  4. Ratification of Acts and Proceedings of the Board of Directors and Corporate Officers
  5. Approval of Directors’ Fees for 2024
  6. Appointment of External Auditors
  7. Election of the Board of Directors
  8. Other Matters
  9. Adjournment

Stockholders who would like to attend the online meeting should access the 2025 SMC AGSM Website at www.sanmiguel.com.ph/AGSM2025 to obtain the following, namely:

(a) the minutes of the 2024 Regular Stockholders’ Meeting,
(b) the minutes of the Special Stockholders Meetings held on August 8, 2024 and March 27, 2025,
(c) the resolutions of the Board of Directors beginning January 1, 2024 which will be available online beginning May 16, 2025,
(d) the ballots and proxies to attend the meeting, and
(e) the link to view the livestream of the meeting which will be available on the day of the meeting.

During the meeting, the Company shall entertain questions and comments from the stockholders after the presentation of the Annual Report. Questions and comments must be submitted either in advance or during the meeting by email to stockholders@sanmiguel.com.ph. Questions which were not answered during the meeting shall be forwarded to the Office of the Corporate Secretary for the appropriate response.

Ballots and proxies can be submitted via email at stockholders@sanmiguel.com.ph which submission shall be duly acknowledged and validated by the SMC Stock Transfer Service Corporation. For individual stockholders, the submissions must be accompanied by a copy of a government issued ID as proof of identification. For corporations, the submission must be accompanied by a certification from its Corporate Secretary stating the corporate officer’s authority to represent and sign on behalf of the corporation.  Kindly submit to the SMC Stock Transfer Service Corporation the original signed and notarized documents within a reasonable time after the resumption of regular business operations.

The deadline for submission of ballots and proxies is on May 27, 2025.  Validation of ballots and proxies will be on June 3, 2025, at 10:00 a.m. at the SMC Stock Transfer Service Corporation Office, 2nd Floor, SMC Head Office Complex, No. 40 San Miguel Ave., Mandaluyong City, Philippines.

 

                                                                        (Original Signed)
Virgilio S. Jacinto
                                                                          Corporate Secretary

 


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Emperador expands farmland and distilleries, sees increased Q1 profits

EMPERADOR BRANDY FB PAGE

TAN-LED Emperador, Inc. is expanding its vineyard portfolio in Spain and distilleries in Scotland to boost its global presence over the next five years.

“Our ongoing expansions in the United Kingdom, Spain, and Mexico are testaments to our unwavering resolve to pursue our global aspirations,” Emperador President and Chief Executive Officer Winston Co said in a media release on Wednesday.

The company said expanding its farmland by an additional 470 hectares is expected to boost its farming capacity, currently at about 17 million kilos per year.

Emperador’s expansion of The Dalmore distillery in Alness, Scotland, is expected to double the brand’s production capacity while also providing a new visitor experience.

The company is also expanding its whisky maturation complex at its Invergordon distillery, doubling its footprint to 92 hectares from 45.4 hectares. This extension will enable the grain distillery to add 1.5 million additional casks of maturing whisky.

Moreover, Emperador said the expansion of its wholly owned subsidiary, Whyte & Mackay, in the United Kingdom “continues to contribute significantly to the company’s goal of meeting greater global demand for single malt whiskies.”

In February, the company’s subsidiary Casa Pedro Domecq acquired 60% of Destileria Los Danzantes S.A. de C.V. for P80 million.

Emperador said it expects the newly acquired mezcal brands Los Danzantes and Alipus to be available this year in the Philippines.

For the first quarter, Emperador saw its attributable net income increase by 6.5% to P1.85 billion from P1.74 billion in the previous year.

Revenues and other income slightly increased by 0.6% to P13.21 billion from P13.12 billion a year ago.

For the first three months, Emperador said it recorded a 7% increase in volume and a 10.8% increase in value, based on consumer consumption data.

“These numbers are especially encouraging considering the current status of the spirits market in Spain, which declined by about 6.3%,” the company said.

At the local bourse on Wednesday, shares in the company closed unchanged at P16.50 per share. — Sheldeen Joy Talavera

BPI recognized at PR Awards for purpose-driven communications

(L-R): BPI’s Jean Salvador, Internal Communications Head and Joey Silvestre, External Communications and Media Relations Head.

The Bank of the Philippine Islands (BPI) has once again reinforced its standing as a communications leader in the region, earning honors at the prestigious PR Awards 2025. These recognitions reflect the bank’s commitment to using purpose-driven communications as a strategic force for social impact, sustainability, and community engagement.

The PR Awards, organized by Marketing-Interactive, honor the best public relations and communications work from Southeast Asia, South Asia, and Oceania. Judged by a panel of independent industry leaders, the awards celebrate campaigns that push boundaries and drive meaningful results.

BPI took home a Silver award for Best PR Campaign: Banking / Financial Services for its Sustainability Awareness Month 2024 Media Briefing, which was also named a finalist in the Best Event-Led PR Campaign category. In addition, the bank earned a Bronze award for Best PR Campaign for a Specific Audience for its #ProudtoBePartofIt campaign, and was recognized as a finalist in the Best Engagement for a Targeted Community category for its #BestLifeRun — Corporate Race.

(L-R): Punitha Aranha, Former Communications & Engagement Director, Novartis; and Joey Silvestre, External Communications and Media Relations Head, BPI.

“These recognitions affirm our commitment to using communications to create meaningful connections with the people and communities we serve,” said Elena Torrijos, BPI Public Affairs and Communications Head.

These distinctions underscore BPI’s ability to craft authentic stories and initiatives that inspire action, strengthen relationships, and create lasting impact for clients, partners, and the wider community.

(L-R): Glenn Lim; Director of Communications and Customer Experience, Tower Transit Singapore; and Jean Salvador, Internal Communications Head, BPI.

“Our campaigns are designed to reflect what matters to our stakeholders — from financial wellness and inclusion to environmental stewardship and employee engagement. At BPI, we believe communications is a strategic tool that connects ideas, communities, and action,” Torrijos added.

BPI’s award-winning projects reflect its broader purpose to help build a better Philippines — one family, one community at a time. Whether fostering conversations on financial inclusion, advancing climate resilience, or celebrating the strength of its own people, BPI’s communications approach is rooted in genuine connections and measurable impact.

 


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Yields on term deposits fall on BSP easing bets

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TERM DEPOSIT YIELDS went down on Wednesday as markets anticipate further policy easing from the Bangko Sentral ng Pilipinas (BSP) amid the improving inflation outlook.

The BSP’s term deposit facility (TDF) attracted bids amounting to P106.524 billion on Wednesday, above the P90 billion on the auction block but lower than the P137.272 billion in tenders seen a week ago for the same volume offer.

Still, the central bank awarded only P84.154 billion in deposits as the one-week tenor was undersubscribed.

Broken down, tenders for the seven-day papers reached just P46.254 billion, below the P50 billion auctioned off by the central bank and the P75.514 billion in bids for the same volume offered the previous week. The BSP awarded only P44.154 billion in one-week deposits.

Accepted rates ranged from 5.5% to 5.56%, a tad higher than the 5.49% to 5.5575% band seen a week ago. With this, the average rate of the one-week deposits slipped by 0.69 basis point (bp) to 5.5366% from 5.5435% previously.

Meanwhile, bids for the 14-day term deposits amounted to P60.27 billion, well above the P40-billion offering but lower than the P61.758 billion in tenders for the same volume auctioned off a week ago. The central bank made a full P40-billion award of the two-week tenor.

Banks asked for yields ranging from 5.5% to 5.585%, narrowing from the 5.5% to 5.625% margin recorded a week ago. This caused the average rate for the two-week deposits to fall by 3.16 bps to 5.5568% from the 5.5884% logged in the prior auction.

The central bank has not auctioned off 28-day term deposits for more than four years to give way to its weekly offerings of securities with the same tenor.

The term deposits and the BSP bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

Term deposit yields were lower after dovish signals from the central bank following the sharply slower April inflation print, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Headline inflation eased to 1.4% in April from 1.8% in March and 3.8% a year ago. This was the lowest print in over five years.

For the first four months of 2025, inflation averaged 2%.

The central bank said this manageable inflation outlook will “allow for a shift toward a more accommodative monetary policy stance.”

BSP Governor Eli M. Remolona, Jr. told Bloomberg they are open to cutting rates by an additional 75 bps this year amid cooling inflation.

Last month, the Monetary Board resumed its easing cycle with a 25-bp cut, bringing the policy rate to 5.5%. It has now reduced borrowing costs by a cumulative 100 bps since August last year.

“BSP TDF average auction yields slightly eased after generally peaceful election results,” Mr. Ricafort added.

Lower political risk leads to lower risk premium and lower Treasury bill yields, he said. “All point to lower borrowing costs for the government.”

The midterm elections were held on Monday where the seats for 12 senators, more than 300 congressmen and nearly 18,000 local officials were up for grabs. — Luisa Maria Jacinta C. Jocson

More than just beauty products: Watsons is pushing its pharmacy products with health fairs

WATSONS’ Great Health Fest happening at SM Mall of Asia from May 12–17.

WATSONS is known primarily as a stop for beauty products, but many forget that it started out in Hong Kong as a pharmacy back in the 1800s.

The wellness chain (which has over 1,000 stores in the Philippines) is holding The Great Health Fest 2025 from May 12 to 17 at the SM Mall of Asia Music Hall. Over 40 health and beauty brands (mostly offering supplements and the like) are there now, including home brand Watsons Generics, Unilab, RiteMed, Habit, NutriXpert, Galderma, Hisamitsu, and Omron. Some of these brands are offering their items at 80% off, while Watsons itself has a medical consultation and vaccination booth. This is the brand’s second health fest, moving it from last year’s venue of SM Megamall due to renovations in certain areas of that mall.

“I think one of the misconceptions is that we’re largely a beauty store,” said Sharon Decapia, senior assistant vice-president for marketing, public relations, and sustainability for Watsons Philippines, in a group interview in a restaurant beside the health fest on May 13. “We’re also building our health offerings: from prescription to over-the-counter vitamins; even mobility aids. It’s a full range of health products.”

Watsons, as mentioned, has over 1,100 stores spread across the nation, and the 8,000th Watsons store in Asia was opened here. The company is increasing its reach in the Philippines not only through space with more stores outside malls, but also through time, with the addition of more 24/7 stores; or at least stores with extended hours up to midnight. Ms. Decapia counts that there should be more than 10 of these in the metro, with more stores in the provinces forthcoming.

“’Pag gamot, wala kang pinipiling oras (when you need medicine, you don’t get to choose a time for it),” she said.

More than that, more of their stores are now offering medical consultations and vaccinations, with 200 stores now participating in their vaccination program. Different branches have different vaccines: the SM Mall of Asia branch on the ground floor, for example, has the 2025 Flu, Pneumonia 13, Pneumonia 23, HPV 4, HPV 9, and Hepatitis B vaccines.

Even if they are expanding hours and branch numbers, it can’t be helped that their competitors in the pharmacy game have an edge based on heritage and a reputation for a complete menu of medications. Joweeh Liao, health business unit, finance, property, and store development director for Watsons Philippines, said, “Our top imperative, especially for our dispensary products or the RX (prescription) products, is really to expand our range. We do benchmark and study what are the drugs or the medications that will make a pharmacy complete. We are investing to make our range complete.”

Being part of an international network helps as well (Hong Kong-based Watsons is here through a joint venture with the SM Group): “We keep our eyes open,” said Ms. Liao. “In terms of supplements, that’s the trendy side of things. We have our eyes [open with] the help of our international partners.”

After the Mall of Asia health fest ends on May 17, the health fest will travel to SM Fairview (May 21-27), SM Pampanga (May 29 to June 4), and SM Seaside Cebu (June 30 to July 6). — Joseph L. Garcia

Monde Nissin Q1 earnings decline 21.55% to P2.73B

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MONDE NISSIN Corp. reported a 21.55% decline in its first-quarter (Q1) attributable net income to P2.73 billion, as higher expenses offset revenue growth.

Consolidated revenues inched up by 2.81% to P20.88 billion from P20.31 billion a year ago, driven by gains in its Asia-Pacific branded food and beverage (APAC BFB) segment.

Revenues from APAC BFB rose by 4.15% to P17.58 billion from P16.88 billion, lifted by volume growth in biscuits, culinary products, and packaged cakes.

Meanwhile, the meat alternative business posted a 3.79% decline in revenues to P3.3 billion from P3.43 billion, reflecting weaker sales.

Gross expenses increased by 3.68% to P17.17 billion from P16.56 billion, offsetting the company’s revenue gains.

Monde Nissin said its APAC BFB business supported overall top-line growth, while its meat alternative segment focused on cost reductions and efficiency improvements to achieve positive earnings before interest, taxes, depreciation, and amortization (EBITDA).

At the Philippine Stock Exchange, Monde Nissin shares fell by 77 centavos or 9.75% to close at P7.13 each on Wednesday. — Ashley Erika O. Jose

Allianz PNB Life targets P135B in AUMs this year

ALLIANZ PNB Life Insurance, Inc. is aiming to grow its assets under management (AUM) to P135 billion this year as it plans to make its investment funds available across all channels.

“We’re at P120 billion. We may reach around P135 billion this year,” Allianz PNB Life Head of Investments Henry B. Yang said at a media briefing on Wednesday.

“We already have funds that are existing in one channel but we will make it available to other channels. So, that will be at least four existing funds in one channel that we will be releasing to other channels. And then, we have one other fund that we are looking to launch. Of course, this will take time because of the approvals — the internal approvals as well as regulatory approvals,” he added.

Mr. Yang said Allianz PNB Life’s AUMs will likely grow by 12.5% this year, slower than its average 20% annual growth due to a larger base.

“When you’re bigger, it takes a lot more to grow at the same percentage,” he said.

Mr. Yang said Allianz PNB Life plans to launch global investment funds as it wants to encourage Filipinos to diversify their exposures.

“We advocate more towards diversification… For the typical Filipino who already works here, our actual exposure to the Philippine economy is already high. We don’t want to overburden that exposure by having your savings and investments also in the local market because you’re overexposed to what happens to the Philippine economy,” he said.

One fund the company is launching will be assisted by artificial intelligence (AI) and will be made available across three channels: Allianz PNB Life, its agency channel, and its regional partnership with The Hongkong and Shanghai Banking Corp. Ltd.

“We are looking at launching one Allianz Global Investor Fund that is focused on captivating and creating opportunities around the world. This one will be something that is with the use of AI. The fund managers are guided by AI in terms of their decision making,” Mr. Yang said.

“Our target is to offer funds that are in the top four, if not number one, but in the top 25% in terms of longer-term performance compared to our unique funds,” Allianz Head of Singapore and Global Allianz Business Development Jason Fong added.

Allianz PNB Life booked a premium income of P32.13 billion last year, the fourth highest in the industry, data from the Insurance Commission showed. Its net income was at P981.58 million. — Aaron Michael C. Sy

Data security concerns grow amid rise in AI-driven software

By Beatriz Marie D. Cruz, Reporter

PHILIPPINE ORGANIZATIONS that heavily use software-as-a-service (SaaS) applications must adopt policies to protect their data as artificial intelligence (AI)-driven platforms gain traction, according to American cybersecurity company Netskope.

“There’s a lot of digital transformation going on, a lot of processes that are moving away from traditional paper-based approaches to a digital approach. With that comes a concern about the security of data,” Krishna Narayanaswamy, chief technology officer at Netskope, told BusinessWorld in an interview.

SaaS providers continue to enhance their platforms by integrating AI features, and more organizations are adopting a digital-first strategy, injecting their data into SaaS platforms to help improve operational efficiency.

However, Mr. Narayanaswamy noted that many Philippine firms are worried about the security of their data.

“There’s definitely a big appetite to use AI to enhance the services [companies] offer, but at the same time, they’re also concerned about the security of their data,” he said. “We have seen a lot of cases where inadvertently, data that is being sent to these AI applications are exposed, and we see more and more threat actors also starting to attack them.”

Cloud apps are the top phishing target in Asia, with 5.5 out of every 1,000 individuals clicking on phishing links monthly, Netskope said in its 2024 Threat Labs Report.

Two SaaS apps, Microsoft 365 and DocuSign, account for a combined 64% of all cloud phishing links clicked in Asia, according to the report.

Mr. Narayanaswamy said organizations must form governance committees that regulate the proper and ethical use of AI-driven SaaS applications.

“There is a lot of promise with AI and technologies, but at the same time, they need to make sure that they adhere to some of these best practices for enforcing security,” he added.

Netskope’s Cloud Conference Index provides a risk rating system to guide companies using SaaS applications. It is a database of cloud apps evaluated by Netskope based on criteria adapted from the Cloud Security Alliance Guidance, where an app is assessed on its enterprise-readiness based on security, auditability, and business continuity.