Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 10335

SM-Federal Land’s ultra-luxury project sees strong sales

PROPERTY firms SM Development Corp. (SMDC) and Federal Land, Inc. have already sold about 40% of The Estate, an ultra-luxury residential project which offers units valued at around P600,000 per square meter (sq.m.).

ST 6747 Resources Corp. (STRC) — the joint venture firm established for the project — is developing The Estate, located within the upscale Apartment Ridge area along Ayala Avenue and described as one of the last pieces of prime real estate in Makati.

“There’s a lot of interest within domestic market, you have certainly people and individuals who’ve made that choice, and then of course we have our investors and expats and we see that coming in through the pipeline in September, especially when we launch,” STRC Chief Operating Officer Bernie C. Basilan said during a media roundtable in Makati yesterday.

The 54-storey building will house 188 residential units with two to four bedrooms each. A two-bedroom unit covering 151 sq.m is priced at about P90-95.5 million, while a three-bedroom unit sized from 178-224 sq.m will cost anywhere from P112-153 million.

Mr. Basilan said they started selling the project at around P500,000 per sq.m., which has since increased to north of P600,000.

The Estate will offer eight penthouse suites with three bedrooms each, spanning from 407-497 sq.m. Four penthouse suites will have four bedrooms each, with sizes ranging from 617-764 sq.m.

Federal Land President Pascual M. Garcia III noted that they have already sold out all penthouse units, one of which was sold for around P400 million. He added that one buyer alone purchased an entire floor for the lower level units.

“It’s targeted to be the future home of not just the captains of industry, but perhaps even new investors into the country,” Mr. Garcia said in the same briefing.

STRC has engaged British architectural firm Foster + Partners led by world-renowned architect Norman Robert Foster to design the project. Mr. Garcia said this is seen to attract buyers from Asia as well.

“There are very prominent people in Asia who always want the opportunity to be part of a Norman Foster project so we do hope this is going to be achieved. Right now domestically, it’s much better success than we had even anticipated so we are very encouraged by this initial reception,” Mr. Garcia said.

At a height of 276.8 meters, Mr. Basilan said The Estate will become the tallest building in the country. It will also have 618 parking slots, with allocations of two to eight slots per unit.

The Estate will be the second joint venture project between the Sy and Ty families. They first joined forces for Ritz Towers also along Ayala Avenue.

“With the history that we’ve had between both families, this concept would be a good opportunity for now the second generation led by the chairman of SMDC, Mr. Henry Sy, Jr., and our chairman Mr. Alfred Ty to collaborate in this particular effort,” Mr. Garcia said.

Units are expected to be turned over by 2023. — Arra B. Francia

Films to open Fridays, get guaranteed 7-day run

AFTER months of consultations with industry stakeholders and the general public, the Film Development Council of the Philippines (FDCP) has released a memorandum circular which will move the opening days for local and foreign films from Wednesday to Friday and ensures a minimum seven-day run for every film booked in theaters starting July.

“This [Memorandum Circular] is the culmination of FDCP’s efforts to strengthen our industry practices and level the playing field for all our stakeholders — from film producers, to distributors, to our exhibitors, and even the audience — through a transparent and fair set of guidelines that addresses the gaps that have long plagued our industry when it comes to screening films in commercial theaters,” said FDCP Chairperson and CEO Mary Liza B. Dino, in a statement dated June 25.

The first meetings with industry stakeholders were held in March while public consultations were held in April.

The circular’s policies and guidelines are set to take effect 15 days after June 25.

The Memorandum Circular No. 2019-01 which outlines Policies and Guidelines on the Theatrical Release of Films in Philippine Cinemas was said to have been crafted with the support of the Department of the Interior and Local Government, the Movie and Television Review and Classification Board, the Department of Trade and Industry-Export Management Bureau, and the Office of the Presidential Legal Counsel and Spokesperson.

The memorandum, aside from moving film openings to Fridays and ensuring a minimum seven-day run, also said that “theater assignments will be guaranteed for the first three days to avoid movies from getting pulled out of cinemas,” and that during the first three days (Friday to Sunday), “full screens” must be assigned to the booked film which disallows “screen-splitting” or booking and exhibiting two films for a single theater screen.

The memorandum is meant to remove the “first-day, last-day” effect where films that don’t do well on the first day are immediately pulled out of theaters. By having movies open on Fridays instead of Wednesdays this will give smaller films a chance to find their audiences faster since more people watch movies on weekends than on weekdays.

The policy will apply with the exception of “extreme cases” such as when there are “zero to less than the expected turnout of the audience during the screening,” said the memorandum.

The memorandum also stated that an “equitable ratio between Filipino films and foreign films should also be observed in regular playdates to give local films a higher chance of being seen by the audience, except in cases where a national film festival, such as Pista ng Pelikulang Pilipino (PPP) and Metro Manila Film Festival (MMFF).”

In an interview in March, Ms. Dino told BusinessWorld that the current ratio is 70% foreign films to 30% local films.

The memorandum also states that films released in theaters may not be shown on other screening platforms for 150 days (a “holdback period”) in order to “maximize the movies’ revenue opportunity in local cinemas.”

The FDCP also recommended that the national average movie ticket prices be at P200 for students aged 18 years and below in Metro Manila and a maximum of P150 in provinces every Wednesday “to encourage watching local films at the cinemas among the youth.”

“We have but one Philippine film industry. Let’s all give our share to ensure that the next hundred years of Philippine cinema will be meaningful and relevant, and one that truly empowers all sectors for growth and sustainability,” Ms. Dino said in a Facebook post on June 25. — Z.B. Chua

Philex says Silangan feasibility study to be released in July

PHILEX Mining Corp. said it would require around $1.1 billion in capital expenditures to start operations of Silangan mine by 2022.

“Before we have already invested something like P17 billion (around $330 million) plus, so… P17 billion plus around $740 million, preliminary estimate ’yan [that is preliminary estimate] … Roughly it’s around $1.1 billion — the total cost to operate the mine assuming the definitive feasibility study confirms this,” Manuel V. Pangilinan, chairman of Philex Mining, told reporters after the company’s annual stockholders’ meeting in Ortigas on Wednesday.

The definitive feasibility study on the Silangan mine in Surigao del Norte is set to be released next month.

“We have already appointed a banker to raise the equity with us and another bank to raise the project financing, so I think it’s looking good. Quite positive with it, but of course just wait until July,” Mr. Pangilinan said.

The company is focusing on the development of the Silangan mine, which has three deposit areas, namely Boyongan, Bayugo, and Kalayaan, with the latter a joint venture with Manila Mining Corp.

Silangan is expected to replace the 61-year-old Padcal mine in Tuba, Benguet, which is already nearing the end of its mine life.

“We’re nearing 2020. Basta working assumption naming matatapos ’yan, papalitan ng Silangan [Our working assumption is that it will be finished, and will be replaced by Silangan]… so as Padcal goes down, Silangan naman nagra-ramp ang [will ramp] production. That’s the plan for now,” Mr. Pangilinan said.

Philex Mining is one of the three local units of Hong Kong-based First Pacific Co. Ltd., the two other being PLDT, Inc. and Metro Pacific Investments Corp. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which is controls. — Vincent Mariel P. Galang

‘Korean Wave’ celebrity couple to split, fans mourn

SEOUL — South Korean actors Song Hye-kyo and Song Joong-ki are splitting up less than two years after their fairytale marriage, the couple said on Thursday, shocking fans across Asia.

The co-stars of the 2016 hit television melodrama Descendants of the Sun — who played a soldier and doctor who fall in love — planned to seek a divorce due to personality differences.

“I have begun the arbitration process for divorce from Song Hye-kyo,” Song Joong-ki, 33, said in a statement issued by his lawyer.

“Both of us hope to settle the divorce process in a smooth manner, rather than debating wrongdoing and blaming each other,” he added.

Song Hye-kyo, 37, cited “differences in personality” as the reason for their divorce, her talent agency said in a statement.

The SongSong couple, as they were dubbed by the media, are part of the “Korean Wave” of drama and popular music that has swept through the rest of Asia.

Song Hye-kyo, who first gained fame with a role in the 2000 TV series Autumn in My Heart, was among the guests at a state dinner in Beijing when South Korean President Moon Jae-in visited China in 2017.

Fans rushed to social media to mourn the breakup of what some called the “perfect couple.”

“It’s the end of ‘once’ a beautiful love story,” @BbHourBlythe said on Twitter. “I will remain a fan!” — Reuters

CHP still hopes to hike capital stock

CEMEX Holdings Philippines, Inc. (CHP) is still optimistic it can raise its authorized capital stock to P18.31 billion within the year, even as it failed to secure the approval of majority of its shareholders in its last meeting.

The listed cement manufacturer said in a statement Thursday that it continues to pursue activities that will help it achieve the capital increase.

“CHP’s board of directors is expected to disclose certain details of the transaction during the third quarter of 2019,” the company said.

To recall, shareholders representing only 64.69% of the company’s total outstanding capital stock approved the firm’s plan to increase its authorized capital stock from the current P5.195 billion during its annual shareholders’ meeting on June 6. This is lower than the required affirmative vote of two-thirds of the firm’s outsanding capital stock under the Revised Corporation Code.

The company said its Investor Relations team has been contacted by a number of shareholders who expressed support for the capital increase but were not able to attend the meeting.

“CHP would also highlight that any potential equity capital raise would be fair, transparent and equitable to all its shareholders. All relevant approvals will be sought and appropriate disclosures would be made to the Securities and Exchange Commission, Philippine Stock Exchange and the public in accordance with regulatory requirements,” the company said. —Arra B. Francia

The company’s board approved the capital increase back in April, to support its plan to raise up to $250 million through a potential stock rights offering. Proceeds were supposed to finance CHP’s expansion of its Solid Cement plant in Antipolo, Rizal worth $235 million.

The new cement line is expected to start operations by the fourth quarter of 2020. It will serve the cement requirements of the National Capital Region and Southern Luzon.

CHP, however, said it is still on track to complete the cement line by next year even without the stock rights offering.

The company grew its attributable profit by 144% to P168.65 million in the first quarter of 2019, after gross revenues also improved by six percent to P6.24 billion.

Shares in CHP slid 2.29% or seven centavos to close at P2.99 each at the stock exchange on Thursday. — Arra B. Francia

Park Bo Gum’s feel good fan meet

By Cecille Santillan Visto

Fan Meeting Review
Park Bo Gum: May Your Everyday
Be A Good Day
June 22, SM MOA Arena

PARK BO GUM’s May Your Everyday Be A Good Day in Manila fan meet over the weekend had all the right ingredients, making it the best fan meeting of any Korean celebrity held locally over the past seven years.

It was a showcase of all the things that the 26-year-old actor can do. He sang, rapped, danced, played an instrument, engaged select fans in a role-playing segment, and even made a personalized gift for a lucky audience member from scratch. In various fora discussing Saturday’s show, some fans jokingly commented that had the Encounter star dished out some magic tricks, it would have been a complete and perfect performance.

But what made the event truly special was the Reply 1988 actor’s genuine demonstration of his appreciation for his Filipino followers, primarily in making the extra effort in speaking almost entirely in English during the fan gathering. Prior to Mr. Park, all K-actors who came to the Philippines needed interpreters to get their messages across.

“It’s showtime!” he quipped during the opening, referencing the noontime TV program of actress and self-confessed fan, Anne Curtis, who hosted the event.

Jointly staged by ABS-CBN and Ovation Productions, the Good Day fan meeting was originally set for April 27 but was postponed after an earthquake struck Manila days before. For the fans, the wait for the former Music Bank host was well worth it.

He sang more than a dozen songs, opening with “I Like You,” by DAY6, and even managing to throw in a few verses of Daniel Padilla’s “Nasa Iyo Na Ang Lahat.” After dancing to BTS’ “Boy With Luv” for the first time during his Asia tour, he bashfully told the MOA Arena that his friend, V, from the phenomenal K-pop group, taught him the moves. He obviously came prepared to please and the fans were very happy.

Although the show followed a script, Mr. Park accommodated impromptu requests, including a sample of his famous “Boombastic” dance, which became popular when he was promoting his smash K-drama hit, Love in the Moonlight, in 2016.

The two-and-a-half-hour show was divided into two parts. The first comprised of the interview portion, where the model-host answered some questions from fans. He shared that there are three main items on his “before age 40” bucket list, namely, to get married and have children, study abroad, and star in a foreign film. He said it was his third time to visit the Philippines, first being when he filmed Wonderful Mama six years ago, followed by a Cebu vacation with the Moonlight stars and crew.

He also shared some behind-the-scene clips of his activities and reenacted three scenes from Encounter, a drama he starred in opposite Song Hye Kyo, with some fans.

Mr. Park likewise told Ms. Curtis that he is shooting a futuristic film with Gong Yoo of Train the Busan fame. He plays a human clone in the movie, which started filming last month and which expected to be shown within the year or early 2020. On a lighter note, when asked what habits he wants to change, he said he opts to keep this “a secret.”

The musical theater major also made a diffuser from scratch, which, along with some personal memorabilia he used in recent dramas and commercials, he gave away to fans.

The second half of the show was a mini-concert where he performed some carefully selected ballads and upbeat numbers.

He rounded the MOA Arena in “Let’s Go See the Stars” and serenaded the fans with “Through The Night,” a well-loved piece first performed by Korean singer-actress IU.

Mr. Park played the piano while singing Steven Curtis Chapman’s “I Will Be Here”(which also has a Gary Valenciano version), and danced to “Bounce” and “Honey” with gusto. His K-pop medley, which included Twice’s “What is Love?”

Seventeen’s “Pretty U,” was a crowd favorite. He also managed to include meaningful songs such as “Yes, We Are Together” and g.o.d’s “One Candle,” in his repertoire to keep up with the “Good Day” theme. He closed with “Blessing,” sincerely expressing gratitude to those who “took time to spend time” with him.

In return, the fans sang “Happy Birthday,” as it was the week of his birthday.

After the show closed, all the attendees were led to backstage of the Arena for a high-touch session. The Hallyu star graciously greeted thousands of fans with a wide smile, not showing any signs of exhaustion after his performance.

Park Bo Gum is one of Korea’s global stars who has successfully maintained a squeaky-clean reputation image amidst the scandals of some of his contemporaries. With his hard work, dedication, versatility, and humility, he has rightfully earned his placed in the Korean entertainment industry.

His Manila fan meeting was, more than very entertaining, a feel-good event. He set the bar very high for similar future K-pop acts. It was truly one for the books.

Employers sound alarm on automation for skills upgrading

EMPLOYERS said it is an urgent matter for companies to invest in upskilling employees, noting that low-skill and medium-skill professions are at risk from automation.

In an interview with BusinessWorld, Employers Confederation of the Philippines (ECoP) Director General Jose Roland A. Moya said establishments should take the initiative to reskill and upskill their workers, which are helpful to the workers as they keep afloat amid digitization risks in the work force. A work force trained for the future will also be key in meeting company objectives.

“There is a need for employers to invest in life-long learning… and enterprise-based training… It is a good investment because skills development is the core of any development efforts of the company,” he said.

He added that skills need to be enhanced since new jobs have emerged in response to the growing transformation to artificial intelligence, while more have yet to be created.

“Lalo na ngayon may mga bagong trabaho na nag–e-evolve, kailangan ng reskilling, upskilling. At ang nangangailangan ng bagong i-hire na workers ang panibagong skills (Now that there are new jobs that are evolving, we need to do reskilling and upskilling and even newly hired workers need new skills),” Mr. Moya said.

According to the International Labor Organization (ILO) report “Work for A Brighter Future” by its Global Commission on the Future of Work launched earlier this year, technological advancements may create new jobs but will also lead to job losses as industries transition to full digitization.

The report also noted that stakeholders must adapt a “human-centered agenda for the future of work,” which involves enhancing workers’ capabilities and knowledge in order to cope with the rapid changes brought upon by technological advancement.

As the workplace evolves to a more digitized environment brought about by the Fourth Industrial Revolution, routine jobs or low-skilled occupations will not only be threatened by automation, but also jobs requiring some skills.

“The sector that will be affected by the future of work will be jobs that are routine in nature so mostly low-skilled. Even the medium-skilled, if they do not do upskilling, will also be affected,” Mr. Moya said.

Mr. Moya added that employers are currently in talks with the government to come up with solutions to the potential disruption caused by automation.

During his speech at the ILO convention earlier this month, Labor Secretary Silvestre H. Bello III said that the Department of Labor and Employment is studying the effects of automation on the work force and is pledging to come up with upskilling initiatives. — Gillian M. Cortez

PROSB absorbs seven rural banks

A THRIFT BANK has absorbed seven rural lenders, in line with a push by the Bangko Sentral ng Pilipinas (BSP) for bank mergers.

In a circular issued last week, the BSP said Producers Savings Bank Corp. (PROSB) has merged with seven rural banks based in different parts of the country.

BSP Deputy Governor Chuchi G. Fonacier issued Circular Letter 2019-044 on July 21 to announce that PROSB has been named as the surviving corporation following a merger plan executed by the banks in January.

The Securities and Exchange Commission approved on the plan and articles of merger last May 31.

The seven rural banks absorbed by PROSB effective June 1 are: Rural Bank of Pamplona, Inc., Bangko Rural ng Pasacao, Inc., Bangko Rural ng Magarao, Inc., and Rural Bank of San Fernando, Inc. in Camarines Sur; Rural Bank of Barotac Nuevo, Inc. in Iloilo; Rural Bank of Sibalom, Inc. in Antique; and Rural Bank of President Quirino, Inc. in Sultan Kudarat.

The assets and liabilities of the seven rural lenders were transferred to and absorbed by PROSB.

PROSB is a thrift lender headquartered in Pasig City led by Andres M. Cornejo as president and chief executive officer.

The bank has 175 branches.

In February, PROSB acquired the Rural Bank of San Quintin in Pangasinan.

In July last year, the PROSB also absorbed Rural Bank of Bustos, Inc. in Bulacan and Rural Bank of Sto. Domingo, Inc. in Nueva Ecija.

PROSB was the 11th largest bank in terms of assets as of end-2018 with P18.39 billion, according to latest available central bank data.

The BSP has been encouraging mergers among small banks in order to fortify their financial footing by dangling a host of incentives for those who pursue such plans.

State agencies have also extended the Consolidation Program for Rural Banks until October to prod lenders located in one province or region to come together and form a new financial entity.

These mergers are seen to bolster the capital and asset base of these lenders, making them more liquid and resilient versus defaults. — RJNI

SNAP invests P24 million for floating solar power project in Isabela

RENEWABLE energy company SN Aboitiz Power-Magat (SNAP-Magat) has invested around P24 million for the 200-kilowatt pilot floating solar project in Ramon, Isabela.

In a statement, SNAP-Magat said the circular installation consists of 720 solar panels that are kept in place by four mooring systems. The facility covers a 2,500-square meter area over the Magat reservoir.

“This pilot holds the potential for significantly greater things in the future. We picked now to turn it on because we are heading into the wet season. As we go into the wet season, we will get to test out how well it will withstand the rain and the wind speed,” SNAP President and CEO Joseph S. Yu was quoted as saying.

This is SNAP’s first non-hydro renewable energy (RE) project. It will provide power to SNAP’s facilities in the area.

The company will conduct a 10-month stress test on the facility to ensure it can withstand typhoons and strong inflows.

SNAP said it will consider scaling up the project if proven to be successful.

The company partnered with Ocean Sun, a Norwegian floating solar technology provider, for the project.

SNAP-Magat is a joint venture between SN Power of Norway and AboitizPower.

General Electric machinists oppose tentative labor deal

NEW YORK — The machinists union said on Wednesday it opposes a tentative labor contract reached this week with General Electric Co, potentially impeding the Boston-based conglomerate’s efforts to avoid labor unrest during a difficult period.

“Our recommendation is to reject,” Brian Bryant, general vice president of the International Association of Machinists and Aerospace Workers (IAM) told Reuters. “It’s what we consider a concessionary contract.”

The IAM, one of 11 unions representing 6,600 workers that would be covered by the deal, has workers in GE’s profitable aviation and health care businesses, not the power unit that has dragged down GE’s profits in recent years.

GE and leaders representing the unions reached the tentative four-year agreement on Monday, following 21 days of talks. The lead and largest union at GE, known as the IUE-CWA, can pass the agreement if 50 percent plus one member vote to approve it.

“We hope that the IUE will also vote it down and lead to more negotiations,” Bryant said.

GE said balloting is expected to take place by July 11. The contract provides $1.80 in wage increases over four years, no medical premiums increases in 2020 and $4,500 in cash payments.

Bryant said workers would lose some overtime they now receive when starting shifts early or staying late at jet engine factories.

Paul Lalli, head of labor negotiations at GE, said in a statement on Wednesday that the company had “achieved our goal of creating a fair deal that provides good wages and meaningful benefits for our employees while addressing the unique challenge we face today to return GE to a position of strength.”

The company was not immediately available to comment on the IAM decision.

IUE-CWA leaders said earlier this week that they endorse the contract and will recommend it to their members. IUE-CWA leaders did not respond to requests for comment on Wednesday.

GE has been laying off thousands of workers worldwide as it restructures in the wake of a $22.8 billion loss last year, caused largely by a write down in the power unit.

Among the unions covered by the agreement the IUE-CWA is the largest and the IAM is the second-largest. The agreement covers workers at facilities Massachusetts, Ohio, Kentucky, Kansas, New York and Wisconsin, GE said. — Reuters

The feeling is mutual: Korean actor loves fans as much as they love him

SOUTH KOREAN actor Park Bo Gum concluded his multi-country fan meet tour which started in Seoul and ended in Manila on June 22 at the Mall of Asia Arena (MOA) in Pasay City.

His fan meet, titled May Your Every Day Be a Good Day, started at the South Korean capital in January with stops in Japan, Thailand, Singapore, Hong Kong, Indonesia, Taiwan, and the Philippines.

“I really appreciate the fans [because] regardless of what language they speak and where they live, they are… sparing their really precious time for me,” Mr. Park said during a press conference on June 21 at the Sofitel Philippine Plaza Hotel in Pasay City.

The Philippine leg was originally supposed to be held on April 27 but earthquakes which rocked Luzon and Visayas a few days before the scheduled event resulted in his management, Blossom Entertainment, postponing the fan meet until June.

Mr. Park came into the limelight in 2011 as a supporting character in the thriller Blind. In 2014, he gained his first acting nominations for his work in Wonderful Days and Naeil’s Cantabile, an adaptation of the Japanese manga, Nodame Cantabile.

He also starred as a psychopathic killer in Hello, Monster in 2015, a departure from his usual boy-next-door roles. The role earned him rave reviews. The same year, he played as a prodigy Go player in Reply 1988. The show was one of the highest rated cable television dramas in Korean TV history.

But, it wasn’t until 2016 that he solidified his image as a leading man after playing the lead in Love in the Moonlight. His work in the role earned him a Best Actor nomination and a Popularity award at the 53rd Baeksang Arts Awards. He also won the Top Excellence Award at the 30th KBS Drama Awards.

In 2018, he starred alongside Song Hye Kyo in Encounter where he played a free-spirited young man who falls in love with an older woman.

“All of those characters live in my memory because all of those characters in [those] dramas [are] so, so precious to me,” he said before adding that every character he has played “has something in common with me.” — Z.B. Chua

Collaboration between insurers, fintechs eyed

MANUFACTURERS Life Insurance Co. (Phils.), Inc. (Manulife Philippines) eyes to boost collaboration between insurance firms and financial technology (fintech) companies to improve customer experience and increase awareness in insurance.

In an event on Wednesday, Manulife Philippines Senior Vice-President and Chief Marketing Officer Melissa Henson said the life insurer is now the chair of the newly formed “insurtech” committee of Fintech Philippines Association (Fintech PH).

“It’s very important for us to learn new and emerging technologies, and gain access to new solutions that we could potentially use to make our customer experience better and easier,” Ms. Henson told reporters on the sidelines of the event.

She added that one of the committee’s objectives is to promote collaboration among industry players as well as with regulators to explore non-traditional platforms, processes and products for the customers.

“The way we see insurtech is it enables us to deliver the best service for our customers. That’s not always to come in a form of a new product. In some instances, it comes in the form of enhancing the way we deliver our services.”

Eventually, she added the partnerships fostered may eventually translate to improve insurance penetration in the country.

“What we hope to do as chair of the insurance committee is to foster collaboration across the industry so we can increase insurance penetration and adoption and accessibility of insurance in the market.”

The Insurance Commission said insurance penetration in the country — defined as the ratio of premiums compared to the gross domestic product — was at 1.76% as of end-September, up 0.12 percentage point year-on-year.

Meanwhile, Lloyd’s said in a report published last year that the Philippines is one of the countries with the largest insurance gap valued at $4.9 billion.

Within the year, Ms. Henson said the newly-formed committee plans to capture the five biggest life insurance firms in the country before the yearend, and eventually branch out to other insurance sectors.

“The first thing to do is increase our membership among the ranks of our peers in the industry. We have to come together in the spirit of collaboration and come up with that goal together,” she said.

Based on Fintech PH’s website, it currently has four members from the insurance industry, namely Manulife, Sun Life of Canada (Philippines), Inc., Philippine AXA Life Insurance Corp. and FWD Life Insurance Corp.

Manulife said it has been a member of Fintech PH since 2018. Through its membership, it was able to tap fintechs to provide business solutions.

“We’ve actually run tests with one — this one has to do with after-sales service. The experiments were successful, so we’re hopeful this is something we can roll out,” the insurance executive said.

Ms. Henson added it also partnered with another fintech firm to work on another segment of its value chain.

“We get to meet the talent that is out there. We gain access to the new technology and ideas that is really driving a lot of change across many industries,” she noted. — Karl Angelo N. Vidal

1...10,33410,33510,336...13,761Page 10,335 of 13,761
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube