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SpeedyPay secures e-money issuer license from BSP

By Melissa Luz T. Lopez, Senior Reporter
SPEEDYPAY, Inc. has received a license to operate as an e-money issuer (EMI) in the Philippines.
The firm, which runs the Mango e-Wallet service, was given the accreditation in December, said BSP Deputy Director Melchor T. Plabasan.
Headquartered in Ortigas in Pasig City, SpeedyPay offers digital wallets for retail as well as merchant customers. Consumer wallets may be used for item purchases, bills payments, fund transfers, and transport costs either through online or offline transactions.
Government subsidies like cash transfers can also be coursed through the so-called Mango Cash Card, according to the firm’s website.
On the other hand, merchant wallets are made available for ambulant vendors, sari-sari stores, and tricycle and pedicab drivers, groceries and even government offices.
According to BSP rules, e-money issuers need a minimum capital of P100 million to maintain its business. An aggregate load limit of P100,000 for e-money instruments per month is also imposed for digital wallets.
Most big banks in the Philippines hold EMI licenses, although more financial technology firms are entering the space.
The BSP is eyeing to raise the share of digital payments to 20% of total transactions next year from a measly 1% share in 2013 through its National Retail Payment System initiative. Based on industry estimates, there are roughly 2.5 billion in total monthly transactions, with nearly all settled using cash.
The BSP has been embracing the use of technology to spur wider access to financial services while also bringing down transaction costs for Filipinos, in a bid to broaden financial inclusion.
The Philippines ranked fourth among 55 nations in terms of financial inclusion, according to the 2018 Global Microscope of the Economist Intelligence Unit. This puts the country the best in Asia together with India, who shared to fourth spot.
However, results of the central bank’s Financial Inclusion Survey revealed that 52.8 million Filipino adults still do not own accounts from any formal financial institution in 2017. Majority of them said they do not have enough money to open their own account, while others do not see the need to maintain one.

Far Eastern University profits jump 81% in 2nd quarter

FAR Eastern University, Inc. (FEU) reported an 81% rise in attributable net income to P462.631 million in the second quarter ending Nov. 30, due to a surge in college freshman enrolees.
In a regulatory filing on Monday, the listed university said its revenues during the September to November period grew 39% to P1.174 billion.
This brought FEU’s six-month attributable net income to P454.257 million, almost double the P227.7 million recorded during the same period in the previous year.
FEU said its year-to-date revenue rose 30% to P1.665 billion, driven by a 34% increase in educational revenues to P1.557 billion from freshmen enrolees.
“[The increase is] mainly from educational revenues due to the return of freshmen enrolees in the tertiary schools. The current Academic Year (AY) marks the first batch of Senior High School graduates moving to college level,” it said.
FEU said the new enrolees brought the FEU system’s student population to 39,892 in the first semester.
Expenses during the six-month period was up 14.5% to P1.134 billion, “due mainly to the increased student population during the current AY and the start of operations of FEU Alabang, Inc.”
The listed school operator said it is expecting to remain financially stable and meet its full-year target, “[w]ith the improvement in tertiary freshmen enrolment… completion of various facilities construction and improvements, and a continuous effort to attain operational cost efficiency….” — Denise A. Valdez

Gokongwei Innovation Center opens at DLSU

THE John Gokongwei, Jr. Innovation Center (JGIC), located within the De La Salle University (DLSU) Laguna campus, aims to become a hub for multimedia gaming and interactive entertainment in Southeast Asia. It currently houses the Philippine studio of gaming giant Ubisoft. The facility is part of the Gokongwei Brothers Foundation’s (GBF) support for DLSU. In photo are: JG Summit Holdings, Inc. Founder John Gokongwei, Jr. (left) and De La Salle University Chancellor Br. Bernard Oca FSC.

Net Group’s buildings powered by Cleanergy

ABOITIZ Power Corp. has renewed its partnership with The Net Group (TNG), supplying the latter’s buildings with clean and renewable energy under its Cleanergy brand.
“We are honored to have been chosen anew by one of the country’s most sustainable organizations, TNG. This inspires us even more to continue growing our balanced mix of renewable and thermal assets. Of our 50 power plants, 32 make up our Cleanergy portfolio of hydro, geothermal, and solar facilities,” Sandro A. Aboitiz, first vice president of Energy Trading and Sales of AboitizPower said in a statement.
Cleanergy has been powering seven TNG buildings since 2013, namely Net Park, Net Lima, Net Plaza, Net Quad, Net Cube, Net Square, and Net One Center.
“We want to give our customers an overall “green” experience — from the design and architecture of our buildings, up to the power supply that we use. We don’t just rent out office spaces, we provide a sustainable work experience that is good not only for our tenants but also for our environment,” Raymond Rufino, co-president of TNG, was quoted as saying.
TNG is known as the country’s largest green office building developer and operator with an estimated gross leasable area of 3 million square feet (sq.ft.). — Vincent Mariel P. Galang

An acquired taste


SYBERIA 3’s release on the Nintendo Switch caps a long journey that began long before the turn of the decade. Development on the last title in the graphic adventure trilogy coincided with issues beyond the control of Microids designers Benoît Sokal and Lucas Lagravette; from the arrival of new management to contractual negotiations to financial concerns, it found its progress stunted for years. And even after support for its production became official, it saw its expected launch date moved time and again, ostensibly to “bring even more depth to Kate Walker’s new adventure,” Elliot Graciano, the French software brand’s founder and vice-president, noted in late 2016.
For all the patience Microids exhibited, however, mixed reviews met Syberia 3 when it was finally released in April 2017 on Windows, OS X, PlayStation 4, and XBox One. That said, plans to bring it to the Nintendo Switch, which had then just made a rousing debut, were afoot. The decision to port it was based on the apt assessment that its point-and-click mechanics fit gamers on the go. And so the trilogy made its way to the hybrid console, the first two iterations in November and the third last month, in the process introducing it to a new gaming base that effectively extended its shelf life.
For Nintendo diehards, the good news is that the Switch version of Syberia 3 sticks to its roots. It has faithfully kept the look and feel of the game, whether played on the big screen or undocked. The trials and tribulations of Walker — a lawyer hitherto in Syberia but subsequently on a cause to assist the nomadic Youkoi as they migrate with snow ostriches — are presented exactly as fans of the series recall. Featuring a simple interface that enables players to get the main character to interact with her environment, it encourages exploration and strategizing and involves no small measure of puzzle solving to move the story forward. In this regard, the immersive soundtrack by Inon Zur of Dragon Age and Fallout 4 fame helps set the tone for particular circumstances.
Parenthetically, Syberia 3 boasts of an outstanding art design. Environments are striking and diverse, lending an authentic air to the proceedings. Walker and other non-playable characters are likewise rendered with care and thoroughness; they blend seamlessly with their surroundings. On the minus side, the voice acting represents a downgrade from those found in its older siblings; the dialogue can occasionally come off as artificial and border on the stilted. And for gamers who prefer to enjoy it with subtitles, the distinct differences between the written and spoken words can be jarring.
Because Syberia 3 employs a narrative that banks on linear progression, situations aren’t enveloped in haste; going through puzzles and trigger events winds up being a leisurely endeavor instead of a time-pressing one. It’s neither good nor bad in the grand scheme of things, although the absence of any touch-screen functionality — a missed opportunity for Microids to make its Switch version stand out — tilts it to the tedious side. In any case, there is no shortage of fun to be had; the tasks at hand are challenging but fair, and problems always have solutions that do not require a ridiculous amount of backtracking. And given the propensity of programming clues, frustration will rarely set in.
Taken in the context of Syberia 3’s presentation, the plot is appropriately devoid of grand designs. In fact, it simply involves the principal protagonist joining in on an annual pilgrimage and helping along the way. Nothing spectacular, and no end-of-the-world machinations to thwart, no do-or-die settings to deal with from the get-go. And for good measure, it includes “An Automaton With A Plan,” previously released downloadable content on a separate story for Oscar, Walker’s mechanical companion.
In sum, Syberia 3 is an acquired taste, and, at its best, an uneven romp that likewise suffers from long load times and frame drops. For longtime followers of the series, veterans of point-and-click sagas, and casual gamers out to pass the time without pressure, however, it’s well worth the 30-odd hours needed to compete the material it offers. Not bad for $40, and remarkable in light of the arduous road it took to reach the Switch.
THE GOOD:
• Picks up from where Syberia 2 left off
• Easy controls
• Challenging but fair puzzles
• Vibrant look and immersive soundtrack
THE BAD:
• Long load times
• Occasional frame drops
• Voice acting adequate at best
• Subtitles don’t match the dialogue, which can be stilted
RATING: 7/10
POSTSCRIPT: Soulcalibur VI (PlayStation 4) — As the latest release in the immensely popular series, Bandai Namco’s Soulcalibur VI marks its debut in current-generation consoles — to significant buzz, and with reason. It does so in grand fashion; even as contemporary gamers may see it heading off the beaten path, longtime fans will find it just as appealing as its predecessors. It has implemented changes to its core design, but stays true to its roots. It proudly presents its heritage with the same rousing soundtrack, the usual excited voiceovers, and the easy-to-dig-into weapon-based combat while using the Unreal engine for the first time. Six years may have passed since its predecessor littered store shelves, but under Project Soul’s steady stewardship, it reintroduces its name with confidence.
In line with previous titles in the franchise, Soulcalibur VI follows the story of the dreaded Soul Edge, a blade whose lust for blood is satisfied in the hands of a warrior aptly named Nightmare. With the narrative woven through various timelines, players are able to appreciate their quest for the weapon from different perspectives by taking on the causes of available characters. Parenthetically, 20 are on the roster from the outset, a privilege longtime followers will appreciate. And of the number, three are new to the series, among them Geralt of Rivia from The Witcher franchise.
Soulcalibur VI takes a novel approach, but does it well in the context of its Soul Chronicle story mode. The main plot can easily be followed by going through key events, but there are various side stories to negotiate as well. Meanwhile, Libra of Souls, the second story mode, allows tailor-made characters to craft their very own experiences within the context of the lore; it’s remarkably in-depth, its compelling nature stunted only by the extent of creativity displayed during customization. Every aspect of the characters — from their base fighting styles to their accessories to their appearances — can be fabricated as deemed fit.
Certainly, there’s a significant amount of content to sift through. The plot is typical Soulcalibur, melodramatic and often over the top but no less engrossing, thanks in no small measure to the mechanics that it incorporates. As with any other three-dimensional fighting title, players are free to select a character from a diverse batch; each has his or her own strengths, weaknesses, weapons, and movesets. While these seem standard fare at first glance, Soucalibur VI exhibits a peerless fluidity of combat. The usual array of vertical and horizontal actions blend with kicks, throws, and guards, albeit with distinctive twists. The incorporation of Reversal Edge, a defensive option over parrying that employs a rock-paper-scissors design in determining outcomes, significantly alters fundamentals.
The addition of the Soul Gauge likewise modifies dynamics in Soulcalibur VI, allowing for a healthy degree of back and forth. While dealing and taking damage, characters fill up a meter through which they can perform either a Soul Charge (to buff up future attacks) or a Critical Edge, an extremely fast and flashy finishing move that can otherwise deal a heavy amount of damage. It may seem complicated, but practice does make perfect, ultimately enabling players to strike the right balance between skill and patience.
Technically, Soulcalibur VI is a marvel, offering precise movement and controls and pushing the action with nary any lags. Characters look and sound good; visual and audio cues are in sync with the gameplay, and it combines excellent voice acting (whether in English or Japanese) with top notch music designed to keep players immersed on developments within the game. If there’s any minus, it’s in the occasionally uninspired backgrounds. And perhaps due to all the programming demands it makes, load times, even on the PlayStation 4 Pro, can take a while.
In any case, Soulcalibur VI delivers on its promise, providing hours upon hours of fun via Soul Chronicle and Libra of Souls. And while it also boasts of Arcade and Training Modes, it best generates replay value through its multiplayer component. In this light, the base game gets players to learn character combos and master their styles for online play. Creditably, matchmaking is efficient with stable connections, presenting little to no lags during remote battles. Which makes it a definite recommend as the best in the series by far. (9/10)

RCBC creates green finance framework

RIZAL Commercial Banking Corp. set up a green finance framework for future fund-raising activities. — BW FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) has established a green finance framework to serve as a basis for future fund-raising activities to support domestic environmental and climate projects.
In a disclosure to the local bourse on Monday, the Yuchengco-led lender said it established its green finance framework, which will be the basis for any issuance of green bonds or loans denominated in Philippine peso or any other currency.
RCBC’s green funding framework is the first in the Philippines to be aligned with the Association of Southeast Asian Nations (ASEAN) Green Bond Standards 2018 by the ASEAN Capital Markets Forum, the bank said.
The framework was also aligned with the Green Bond Framework 2018 of the International Capital Market Association, as well as the Green Loan Principles 2018 of the Loan Market Association and Asia Pacific Loan Market Association.
“Proceeds from any green financing under the framework will be used to finance or refinance a portfolio of green eligible projects relating to renewable energy, green buildings, clean transportation, energy efficiency and pollution prevention and control that contributes to the reduction of the environmental footprint in the Philippines,” RCBC told the local stock exchange.
RCBC Chief Executive Officer Gil A. Buenaventura said the bank sees the value of developing greater environmental awareness and social responsibility through its operations and businesses it serves.
“The bank believes that balancing non-financial factors such as environmental and social issues with financial priorities is essential to good corporate citizenship and is fundamental to risk management and the protection of its investors and shareholders.”
Local lenders have been slowly venturing into the green financing market.
In the previous years, Sy-led lenders BDO Unibank, Inc. and China Banking Corp. raised $150 million each worth of green bonds to sole investor International Finance Corp.
Bank of the Philippine Islands, on the other hand, has said it is looking at returning to the offshore bond market this year, as it is “contemplating” on issuing green bonds.
RCBC has mandated ING Bank N.V. as the sole green structuring adviser for its green finance framework. ING Bank Country Manager Hans B. Sicat said the Dutch financial giant is honored to support the Yuchengco-led bank in pursuing its sustainability goals.
“By having a green finance framework, RCBC is now able to integrate its sustainability ambitions into its business activities and access green financing,” Mr. Sicat said.
Sustainalytics, a global provider of environmental, social and governance research and ratings, said the bank’s green funding framework is “credible, robust and transparent,” and that it supports three of the United Nations’ Sustainable Development Goals.
RCBC posted a P3.2-billion net profit in the first nine months of 2018, down 5.9% from a year earlier. The country’s 10th biggest bank runs 509 branches and 1,593 automated teller machines nationwide as of end-September.
Shares in RCBC stood at P27.15 apiece on Monday, up 75 centavos or 2.84% from the previous session. — Karl Angelo N. Vidal

How PSEi member stocks performed — January 14, 2019

Here’s a quick glance at how PSEi stocks fared on Monday, January 14, 2019.

 
Philippine Stock Exchange’s most active stocks by value turnover — January 14, 2019.

SC asked to compel release of gov’t salary hike

HOUSE Majority Leader Rolando G. Andaya, Jr. asked the Supreme Court to compel Budget Secretary Benjamin E. Diokno to release the fourth round of government salary increases even ahead of the approval of the 2019 Budget.
Mr. Andaya, of the first district of Camarines Sur, filed a petition for a writ of mandamus before the Supreme Court along with 50 other signatories from various government agencies.
The 2019 Budget, which remains unapproved with the re-enacted 2018 budget currently in force, was to have authorized the fourth round of salary increases for civil servants, though Mr. Andaya and his co-petitioners claim that the appropriate mechanism for releasing the salary increase is to fund it for the time being using the P99-billion miscellaneous personnel benefits fund (MPBF) of the re-enacted 2018 General Appropriations Act (GAA).
“The use of the MPBF is not merely a novel or theoretical idea crafted by herein petitioners. In fact, Section 46 of the 2018 GAA allows the use of MPBF since the law instructs the executive department that it may use funds appropriated for Personnel Services for the payment of appropriate benefits,” they said in the petition.
The petitioners also argued that funds in the re-enacted budget originally appropriated to projects that were completed in 2018 may be augmented as “there is a high probability for funds or savings that will not be utilized and will simply be sitting dormant.”
“It boggles the mind as to the (Budget) Secretary’s staunch opposition to pursue other alternative solutions when these solutions are not even novel and have been pursued by past administrations,” they said, adding that the 2018 GAA provides that savings be first used as payment of personal compensation and benefits.
The fourth salary increase, which should have taken effect on Jan. 1, is the final tranche of the salary standardization law which started in 2016 through Executive Order No. 201.
However, Mr. Diokno has said that the salary hike will not be implemented unless the General Appropriation Bill for 2019, still pending at the Senate, is approved. He added that government employees can expect to receive their salary increases in February when the 2019 national budget is expected to be signed into law.
For his part, Mr. Andaya said it is Mr. Diokno’s “legal duty” to release the salary increase of the government workers.
“It is his duty to release it by Jan. 15. He cannot hold it hostage to force approval of the 2019 budget,” he told reporters.
“We call on the magistrates to, if possible, set this immediately for oral arguments and decide on it because by Jan. 15, government employees should receive their increase,” he added.
Presidential Spokesperson Salvador S. Panelo, in a briefing, said the national budget needs to be enacted for the release of the fourth salary hike.’
“Where will you get the money for the fourth (tranche). But as soon as the budget is enacted, that’s precisely why we were urging graciously the House of Representatives to finish as well as the Senate to approve the budget,” he said. — Vann Marlo M. Villegas

DBM insists salary increase of gov’t workers should await 2019 budget

THE DEPARTMENT of Budget and Management (DBM) said it is not authorized to release the fourth round of government salary increases under a re-enacted budget amid pressure from legislators.
In a news conference on Monday, Budget Secretary Benjamin E. Diokno maintained the DBM’s position that the 2019 budget will trigger the release of salary increases under the Salary Standardization Law.
House Majority Leader Rolando G. Andaya, Jr. has asked the Supreme Court to issue a writ of mandamus to compel the Budget department to release the funds.
“We welcome it so that the issue will be solved once and for all. There’s a difference in his interpretation… to them it’s a mandamus case,” Mr. Diokno said.
“We have to wait for the passage of the 2019 General Appropriations Act. (GAA) Otherwise, we do not have legal basis for the implementation of the fourth tranche,” he added.
Executive Order No. 201, which provides for the compensation schedule of civilian personnel, applies “subject to appropriations by Congress.”
Both chambers failed to ratify the 2019 budget before the end of 2018, which automatically reenacts the 2018 budget — meaning no new projects or programs can be funded.
The budget was delayed over criticism of the shift to a cash-based appropriations scheme, as well as alleged illegal “insertions” that favored certain districts and families.
Mr. Andaya led the attack against the cash-based budget system and the supposed budget insertions.
Asked what Mr. Diokno thinks of the House leader’s recent moves, he replied that he prefers not to speculate, but added that the current predicament could have been avoided if the legislative branch had acted upon the budget promptly.
“Many of this had not happened if Congress just approved the GAA. Approve the budget — that’s their priority. We should really avoid this reenacted budget,” he said.
The DBM also disputed claims by Mr. Andaya that the government can tap the miscellaneous personnel benefits fund (MPBF) in the 2018 budget to fund the salary hike.
“The amounts in the MPBF are for the 2018 or third tranche. And included in the MPBF is the pay increase for military and unformed personnel so that appropriation is specific for the third tranche and the first implementation of the base pay increase of military and uniformed personnel. It really can’t cover the fourth tranche,” DBM Assistant Secretary Myrna S. Chua said in the same briefing.
According to the DBM, about 1.7 million government workers are affected of the pause in the implementation of the fourth round of the salary increase.
But once the 2019 budget is signed into law, the DBM will implement it retroactively, paying the salary differential.
Mr. Diokno said that he still expects the 2019 budget to be ratified by Congress before the end of the month and enacted by February — before the high court even orders a ruling.
“As far as I can remember, they just ran out of time. There are some agencies that have not discussed budgets on the floor. There are six agencies remaining, and I don’t see any big problems along the way. It’s just a matter of time,” Mr. Diokno said. — Elijah Joseph C. Tubayan

Senate to delete DPWH’s P75 billion

THE SENATE will move to delete the P75 billion added to the budget of the Department of Public Works and Highways (DPWH) without its prior knowledge when the chamber reaches the period of amendments in its deliberations on the 2019 national budget.
Senator Panfilo M. Lacson on Monday questioned the move of the Department of Budget and Management (DBM) to provide a P555 billion budget to DPWH in the National Expenditure Program (NEP), which was later retained in the general appropriations bill (GAB), when it earlier provided a budget ceiling of only P480 billion to the department.
The issue was first raised in the House of Representatives in December. At the Senate, the chamber deliberated on the proposed P555.3 billion budget of the DPWH on Monday.
“There was an agreement between this representation and the distinguished sponsor and we need the comment of agency, the DPWH, that the P75 billion that they have admitted not knowing until it was included in the NEP be deleted at the proper time during the period of amendments. The DPWH family is amenable to such move?” Mr. Lacson asked.
Finance committee chair Senator Loren B. Legarda, speaking for DPWH Secretary Mark A. Villar, replied, “Yes. (Mr. Villar) already mentioned it to me.”
During the DPWH budget deliberations, Ms. Legarda said Mr. Villar was only made aware of the budget increase when the NEP was submitted to Congress. The DPWH then consulted with the DBM for details on the additional P75 billion allocation following the NEP submission, she added.
“How would they implement the P75 billion worth of projects if they did not know?” Mr. Lacson said.
Senate Minority Leader Franklin M. Drilon called the move an abuse of the executive branch’s discretion or prerogative to decide on its proposed national budget before its submission to Congress.
“The question being asked is how did this P75 billion come about when precisely the DPWH is in the dark as to how this came about? They have no idea what these projects are,” he said.
“In other words, there is an indication of abuse of that discretion because while indeed it’s the President’s budget, it is their prerogative but their prerogative cannot be exercised to the point of being arbitrary and that is what we see today,” he added.
In response, Ms. Legarda said the P75 billion added to the DPWH budget was part of the budgetary process.
“This is part of the budgetary process… if there’s fiscal space, it is the prerogative of DBM to increase the budget of an agency or to decrease it as it so desires,” she said.
The proposed 2019 national budget is currently in the period of interpellations in the Senate. Aside from the DPWH, the Senate still has to scrutinize the budget of nine government agencies before going to the period of amendments. — Camille A. Aguinaldo

House passes amendments opening up professions to foreigners

THE House of Representatives on Monday approved on third reading a bill that amends a 1991 law regulating foreign investment to remove professions from the official list of areas of the economy barred to foreigners.
With 201 affirmative votes and seven negatives, the chamber approved House Bill No. 8764, which seeks to amend Republic Act No. 7042, or the Foreign Investments Act of 1991.
The bill proposed to amend section 4 of the FIA by deleting the “practice of professions” from the items listed under the Foreign Investment Negative List (FINL).
The Committee Report said the amendment intends to bring in more “foreign direct investment and facilitate transfer of technology, and share expertise.”
It also lowers the hiring threshold to 15 from 50 employees for small and medium-sized enterprises established by foreign investors with minimum paid-up capital of $100,000. — Charmaine A. Tadalan

DA to launch farmer database by March

THE Department of Agriculture (DA) is set to launch a database of farmers and fishermen containing information on assistance provided to them, within the current quarter.
The project, which will be called National Farmers and Fishermen’s Database (NFFD), will geo-tag the locations of their farms and houses, and will seek to monitor improvements in their livelihood two years after the assistance was provided.
“This program is expected to effectively assist the Department of Agriculture (DA) in targeting the real beneficiaries of its programs, especially the Easy Access Credit Program under the Agricultural Credit Policy Council (ACPC),” Agriculture Secretary Emmanuel F. Piñol said in a Facebook post on Monday.
“It will also weed out ‘fake farmers’ who usually take advantage of government’s assistance to farmers by presenting themselves as beneficiaries,” he added.
Mr. Piñol said that incentives to be given by the National Food Authority (NFA) to farmers, for selling their rice to the government, will also be reflected in the NDDF.
“With this program, the NFA will be able to determine whether the palay delivered to its buying stations really came from the farmer or was just consolidated by traders who would like to take advantage of the higher government support price,” Mr. Piñol added.
“The program will accurately record all transactions made by the farmer with the NFA and what incentives he will receive, including the recording of his loans under the ‘Cash Advance’ Credit Program and the payments he has made,” Mr. Piñol added.
The cash advance program will be made available to farmers soon, to help reduce their dependence on usurers, Mr. Piñol said. The cash advance will only be made available to rice farmers, including tenants of landowners who will sell their produce to the NFA.
The cash advance will require no collateral but will come with a service fee of 3% payable after every harvest or in six months. — Reicelene Joy N. Ignacio