Home Blog Page 1056

Banking system’s total assets jump by 11% to P26 trillion

By Luisa Maria Jacinta C. Jocson, Reporter

THE PHILIPPINE banking industry’s total assets jumped by 10.8% as of end-August, Bangko Sentral ng Pilipinas (BSP) data showed.

Preliminary data from the BSP showed banks’ combined assets rose to P25.99 trillion as of end-August from P23.46 trillion in the same period a year ago.

Month on month, total assets inched up by 0.2% from P25.93 trillion as of end-July.

Banks’ assets are mainly supported by deposits, loans, and investments. These include cash and due from banks as well as interbank loans receivable (IBL) and reverse repurchase (RRP), net of allowances for credit losses.

The banking sector’s total loan portfolio inclusive of IBL and RRP climbed by 10.5% to P13.82 trillion as of end-August from P12.51 trillion in the same period a year ago.

Net investments, or financial assets and equity investments in subsidiaries, increased by 6.6% to P7.41 trillion as of end-August from P6.95 trillion a year prior.

Cash and due from banks stood at P2.65 trillion as of end-August, up by 3.9% from P2.55 trillion a year earlier.

Net real and other properties acquired went up by 3.9% to P111 billion from P106.8 billion a year ago.

Banks’ other assets surged by 48.1% to P2 trillion at end-August from P1.35 trillion a year earlier.

Meanwhile, the total liabilities of the banking system rose by 10.8% to P22.73 trillion from P20.52 trillion in the year-ago period.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the higher asset level as of end-August was due to continued growth in bank lending.

The latest data from the BSP showed outstanding loans of universal and commercial banks rose by 10.7% year on year to P12.25 trillion in August. This was its fastest growth rate in 20 months or since the 13.7% logged in December 2022.

Mr. Ricafort noted that banks’ asset growth is nearly twice the country’s latest gross domestic product (GDP) growth.

The Philippine economy grew by 6.3% in the second quarter, faster than the 5.8% growth in the first quarter and 4.3% a year ago.

“The continued growth in banks’ earnings that also added to banks’ capitalization may have also supported the latest growth in banks’ total assets,” he added.

The Philippine banking system’s combined net income rose by 4.1% year on year to P190.26 billion in the first half.

Mr. Ricafort said that further policy rate cuts by the BSP and US Federal Reserve will also support loan activity.

The central bank could deliver 25-basis-point (bp) rate cuts at each of its two remaining meetings this year, BSP Governor Eli M. Remolona, Jr. earlier said.

The Monetary Board’s next policy review is on Oct. 16.

“The latest cut in banks’ reserve requirement ratio (RRR) and possible further reduction in RRR for the coming years would be another source of growth for banks’ loans, earnings, and total assets,” Mr. Ricafort added.

The BSP has announced its plans to cut big banks’ RRR to 7% from 9.5%, effective later this month.

Mr. Remolona has said that they are looking to reduce the RRR to zero within his term, which ends in 2029.

MPTC’s Singson named as MAP Management Person of the Year

ROGELIO L. SINGSON

ROGELIO L. SINGSON, president and chief executive officer (CEO) of the Metro Pacific Tollways Corp. (MPTC) has been named “Management Person of the Year 2024” by the Management Association of the Philippines (MAP).

“For me, this award is just a recognition that it makes sense to do your job well. I have always been doing work that is beyond standard. I always accept challenges,” Mr. Singson told reporters on the sidelines of MAP’s general membership meeting on Wednesday

The Management Person of the Year award is given to individuals in the business or government sector, member or nonmember of MAP, who have made significant contributions to the country’s progress and helped reshape national values.

The conferment of the award will be on Nov. 25.

According to MAP, Mr. Singson was chosen as this year’s MAP Person of the Year for implementing a good governance and anti-corruption program during his time as the secretary of the Department of Public Works and Highways (DPWH) from 2010 to 2016.

Mr. Singson was also recognized for his humility, ethical conduct and spiritual uprightness, as well as “for setting an example for Filipino managers through an unblemished track record of integrity, managerial competence and professional leadership.”

“This (award) is unexpected. We were just doing our job, although publicly I apologize to the companies and entities that were hurt by decisions I made in the past. I was just doing my job,” Mr. Singson said.

The MAP said the award is given to “exceptional persons who have posted a record of achievement and distinction as leaders and managers of organizations, and who are exemplary models.”

Meanwhile, Mr. Singson confirmed that he is stepping down as the president and CEO of MPTC within this month.

“I am not going to rest, but you know ever since I am in public service… MPTC is public service operating under a private entity,” he said.

Mr. Singson said Arrey A. Perez, who recently resigned as the president of Clark International Airport Corp. (CIAC), will take over his positions at MPTC.

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

SLMC Bonifacio Global City MAB Corp. to hold Annual Stockholders’ Meeting on Nov. 8 through teleconference

 

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

MPTC-SMC tollway merger seen to finalize this month

CAVITEX.PH

By Ashley Erika O. Jose, Reporter

THE MERGER between Metro Pacific Tollways Corp. (MPTC) and San Miguel Corp. (SMC) is expected to be finalized this month, according to MPTC President Rogelio L. Singson.

“The merger is actually going to happen sooner rather than later… Expect some announcement soon, within October,” Mr. Singson told reporters on the sidelines of the Management Association of the Philippines general membership meeting on Wednesday.

MPTC initially expected to finalize the planned merger by the first quarter of 2025. However, after the tollways arm of the Pangilinan group finalized its investment deal to acquire a 35% stake in the Trans-Java toll road network in Indonesia, the merger is now likely to happen sooner than expected, Mr. Singson noted.

Earlier this month, MPTC’s subsidiaries and Singapore’s GIC Pte. Ltd. finalized their investment cooperation to acquire a 35% stake in PT Jasamarga Transjawa Tol (JTT), a major toll road operator in Indonesia.

“Indonesia [assets] have to be part of it, and now that the transaction has been completed, the [size] of the merger would be 50:50,” Mr. Singson said.

MPTC has said that while SMC’s toll road assets are larger, MPTC’s Indonesian assets will balance the difference.

The merged company is still being planned to be listed on the Philippine Stock Exchange, Mr. Singson said, adding that MPTC’s initial public offering (IPO) plans would still have to wait.

Mr. Singson said that the merged entity will be listed on the Philippine Stock Exchange, and MPTC’s IPO plans will still have to wait.

“Well, that will have to wait whether we will list separately, or we will wait for a merger and be listed together,” he said.

For Chinabank Capital Corp. Managing Director Juan Paolo E. Colet, market participants are expected to “welcome” the merger as it could translate to significant operational efficiencies and improved financial performance for both entities.

“The scale and dominant position of the unified tollways company would make its IPO attractive to foreign and domestic investors,” Mr. Colet said in a Viber message.

Mr. Colet noted that despite the expected announcement this month, regulatory approvals may cause delays.

“There’s been some uncertainty as to the exact timing of the merger. Even if they announce a deal this year, it will have to go through regulatory approvals, so completing the transaction might take more time, perhaps until early next year,” he said.

Mr. Singson, who will be stepping down as president and CEO of MPTC this month, said the merger will need approval from the Philippine Competition Commission (PCC).

Mr. Singson will be succeeded by Arrey A. Perez, who recently resigned as president of Clark International Airport Corp.

MPTC is the tollway arm of Metro Pacific Investments Corp., which is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

DoubleDragon prepares P30-billion bond issuance

BW FILE PHOTO

LISTED property developer DoubleDragon Corp. (DD) will establish a P30-billion multi-year shelf registration retail bond issuance to boost its financial position.

DD’s board approved the offer on Oct. 8, intending to issue it in three or more tranches in 2024, 2025, and 2026 with a tenor of five to seven years, the company told the stock exchange on Wednesday.

“The pipeline capital-raising issuances at this stage of DD’s growth are intended to further boost its financial position by increasing its cash position,” the property developer said.

DD will offer an initial P5-billion retail bond issuance in the fourth quarter at a price of 8% per annum (p.a.).

The planned bond issuances for 2025 and 2026 will be priced at around 7% p.a. and 6% p.a., respectively.

DD said the initial P5-billion retail bond offering for the fourth quarter “could become one of the last, if not the last and only, long-term retail bond offerings available in the Philippines for this year at an expected attractive rate of 8% p.a.”

“For the past ten years since DD listed on the Philippine Stock Exchange in April 2014, the majority of the series of capital-raising issuances were deployed in building up its hard asset recurring revenue portfolio from zero to now 1.3 million square meters of completed gross floor area,” DD said.

“From 2025 onwards, these portfolios built in the past ten years will already be fully completed and built up and are expected to start generating optimal revenues year on year, while requirements for further substantial capital expenditure will no longer be needed in the near term – all in line with DD’s goal to become a Tier-1 mature company by next year,” it added.

In July, DD concluded a P10-billion retail bond offering that achieved full subscription five days ahead of schedule. It was the initial segment of DD’s shelf-registered debt securities program.

For the first half, DD grew its attributable net income by 24% to P1 billion from P805.52 million in 2023.

Revenues also rose by 11.7% to P4.4 billion as rental revenue increased by 1% to P1.97 billion due to a combination of rental escalation and new tenants.

On Wednesday, DD shares dropped 3.07% or 32 centavos to PHP 10.12 per share. — Revin Mikhael Ochave

SEC clears P2.87-B Topline IPO; Nov. 22 listing eyed

BW FILE PHOTO

THE SECURITIES and Exchange Commission (SEC) has approved the planned P2.87-billion initial public offering (IPO) of Cebu-based fuel retailer Top Line Business Development Corp. (Topline).

The IPO will consist of up to 3.68 billion primary common shares at a maximum price of 78 centavos per share, and an overallotment option of 368.31 million secondary common shares, the corporate regulator said in an e-mailed statement on Wednesday.

The offer period will be from Nov. 6 to 12, with listing on the main board of the Philippine Stock Exchange by Nov. 22, according to the company’s latest timeline sent to the SEC.

The commission en banc approved Topline’s registration statement during a meeting on Oct. 8.

Topline aims to generate up to P2.75 billion in net proceeds from the sale of primary offer shares, which will fund the construction of fuel depots and service stations, acquisition of fuel tankers and tank trucks, working capital, as well as for general corporate purposes.

The company will not receive proceeds from the exercise of the overallotment option.

Investment & Capital Corp. of the Philippines and PNB Capital and Investment Corp. were appointed as the joint lead underwriters and joint bookrunners for the offer.

Topline started commercial fuel trading operations in 2017, mainly in Central Visayas. The company operates a retail distribution network via fuel station chain Light Fuels.

The company aims to have ten operating service stations this year. Its commercial fuel trading operations cater to customers with requirements of at least 4,000 liters per order in transportation, construction, shipping, and mining, among others.

For the first half, the fuel retailer’s net income jumped to P60.6 million from P20.8 million a year ago. Gross revenues increased 15% to P1.56 billion. — Revin Mikhael D. Ochave

PAL to recover P6.89M in excise taxes, CTA rules

PHILIPPINE STAR/EDD GUMBAN

THE COURT of Tax Appeals (CTA) has partially granted Philippine Airlines, Inc.’s (PAL) petition for a tax refund, ruling that the airline is entitled to recover P6.89 million in excise taxes erroneously paid on the importation of liquors and wines intended for international flight consumption.

The tax court’s second division affirmed the airline’s exemption for most of the imported liquors and wines. Still, the court noted that it failed to prove that certain cigarette imports and some alcoholic products were not locally available at a reasonable price.

As a result, over P859,000 in excise tax refunds were disallowed, leaving the airline entitled to a refund of P6.89 million, Associate Justice Maria Rowena Modesto-San Pedro wrote in a 15-page ruling promulgated last Oct. 3.

The flag-carrier airline initially sought a refund of P7.76 million in excise taxes it paid under protest in December 2008, asserting its exemption under Presidential Decree No. 1590.

The decree gives PAL tax exemptions on specific imports for its international flights.

“As to the imported liquors, the Court En Banc explicitly stated that the evidence presented by [the] petitioner is sufficient to evaluate that the costs of importing liquors are lower than purchasing them locally,” it said, ordering the Bureau of Internal Revenue (BIR) and Bureau of Customs (BoC) to refund the amount.

The tribunal also confirmed that, based on evidence presented by PAL, the importation costs of the liquor and wine products were lower than the prices for equivalent products available in the local market.

The recent ruling stemmed from a CTA division decision on June 2, 2015, which denied PAL’s petition.

PAL assailed the 2015 decision by filing a petition for review before the CTA En Banc but also lost on April 5, 2017.

The airline company appealed before the tax court En Banc again by filing a motion for reconsideration on May 11, 2017. Its petition was eventually partially granted, remanding the case to the tax court’s division.

The respondents, BIR and BoC, appealed the decision before the Supreme Court through a petition for review on certiorari.

On March 27, 2019, the top court rendered a resolution, junking the petition the respondents filed “for failure of the [BIR and BoC] to sufficiently show that the CTA En Banc committed any reversible error in the assailed decision and resolution as to warrant the exercise of this court’s discretionary appellate jurisdiction.”

The top court’s second division issued the entry of judgment certifying the case had become final and executory on June 3, 2019, and had been recorded in the Book of Entries of Judgment.

In response, PAL filed a motion for execution of judgment on June 6, 2023, praying for the CTA to implement and execute the CTA en banc decision and to provide computation for the partial granting of PAL’s claim for a refund. — Chloe Mari A. Hufana

K-Fever hits Conrad

GANJANG SAWOOJANG: soy sauce-marinated raw prawn

THE Korean Wave is reaching new heights, thanks to various K-pop acts and all other aspects of Korean culture arriving on our shores. Conrad Manila is jumping on to the wave with the final part of their Legendary Chefs Series promotion, this time a showcase of Korean cuisine.

A previous version of the series brought in a Thai chef from Conrad Manila’s sister property, the Waldorf Astoria in Bangkok. This quarter, they’re bringing in Younghun Hwang and Junmok Lee from Conrad Seoul.

The Korean guest chefs will present some of their must-try recipes such as yukhoe (Korean beef tartare), sundubujjigae (soft tofu in spicy stew), bibimbap (steamed rice bowl with vegetables), and dakbokkumtang (braised spicy chicken stew), among others. The promo includes a roster of Korean street food, including tteokbokki (rice cake, fish cake with red chili sauce), eomuk (fish cake with soup), dakgangjeong (fried chicken with sweet chili sauce), and gimbap (rice rolled with various vegetables). All of these will be shown off at Conrad Manila’s buffet at Brasserie on 3, from Oct. 5 to 13.

TRYING IT OUT
During a tasting on Oct. 4, BusinessWorld sat down to starters of Gujeolpan (“platter of nine delicacies” — a name more fanciful than it is, as it was a mixture of meats, vegetables, and mushrooms wrapped in a pancake) and Saengseonjjim (steamed fish with vegetables). The fish was very flavorful, contrasting with the mild soup, with just a hint of heat from chili.

We rose to the buffet, where the rest of the treats were: a beef stew and a chicken porridge were comparatively mild; while a Korean fried chicken dish was perfectly crispy. Of all these, however, the clear standout was the ganjang sawoojang (soy sauce-marinated raw prawn). We’d never had anything like this before, though seatmates at the table remarked that it was related to our nilasing na hipon (“drunken shrimps” or shrimp marinated in alcohol). It is not much to look at, all bluish-gray and looking like it came out from an alien movie. But it is surprisingly good despite its odd appearance — it’s slippery, sweet, and spicy, with a delectably firm flesh.

Fabio Berto, general manager of Conrad Manila, told BusinessWorld, “We’re actually quite blessed, being part of a global company. What we do is, as we provide experiences, we have the opportunity to bring people from our sister properties. In this case, it’s Seoul.

“We bring experiences to Conrad Manila, so that for people who might not be able to travel overseas, they will still be able to find great experiences locally,” he said.

It’s also a great opportunity for the local culinary team to expand their horizons: “When the chefs come over, our culinary team here is there to sort of foster their cooking skills, learning different types of food, so we can master those skills and bringing them into being innovative.”

CONRAD BAGS AWARD
In other news for the hotel, the Conrad Manila bagged the award for Best Business Hotel – Philippines at the 33rd Annual TTG Travel Awards 2024, held in Bangkok, Thailand. Mr. Berto accepted the award at the event on Sept. 26. He told us, “It’s a great recognition for the work that we do as a team here at Conrad Manila, in the sense of providing exceptional experiences to our guests. I think to be recognized for that is a great feeling for the entire team.

“We are very lucky to be operating in a very great environment,” he said.

In a statement, Conrad Manila lines up their advantages: “its array of modern meeting spaces, equipped with advanced audiovisual technology, high-speed internet, and flexible layouts, tailored for conferences, board meetings, and corporate events of all sizes. Complemented by personalized business concierge services, the hotel ensures seamless event execution, from strategic planning to customized catering and luxurious guest accommodations.”

“The service is really eventually what makes the impact (for) our guests and to the experiences. We’ve been really focusing on that,” said Mr. Berto.

The Korean-themed buffet spread at Brasserie on 3 is available for lunch (noon to 2:30 p.m.) and dinner (6 to 10 p.m.), available daily. The lunch buffet from Monday to Saturday is priced at P2,900 net per person and P3,400 net per person on Sunday. Meanwhile, dinner buffet rates are P3,200 net from Monday to Thursday and P3,600 net from Friday to Sunday.

For more information and table reservations, call 8833-9999, e-mail conradmanila@conradhotels.com or visit https://eatdrinkhilton.com/brasserie-on-3-conrad-manila/. — Joseph L. Garcia

Congressman seeks franchise for Elon Musk’s Starlink

PHILIPPINE STAR/WALTER BOLLOZOS

By Kenneth Christiane L. Basilio, Reporter

A BILL seeking to grant a franchise to Elon Musk’s Starlink Internet Services Philippines, Inc. has been filed at the House of Representatives, the first step towards allowing the satellite internet service provider to construct domestic ground stations to improve the country’s internet connectivity.

Providing the franchise to construct ground radio stations to Starlink would “improve its services to the public,” Party-list Rep. Ron P. Salo said in House Bill (HB) No. 10954, which he filed on Sept. 23.

Ground radio stations are large dish space stations used to send and receive TV and internet signals.

Senator Mary Grace Natividad S. Poe-Llamanzares filed a counterpart Senate bill on Oct. 1.

Similar to Senate Bill No. 2844, the House version aims to grant Starlink the authority to build and operate radio transmission and reception stations, which could provide Filipinos living in remote areas with stable internet access.

Both versions require Starlink to improve internet access to areas with scant connections, while also hiring residents near where a satellite station would be constructed.

Mr. Salo’s proposal, however, inserted the phrases “to the extent reasonable and feasible” and “exert best efforts,” underlining Starlink’s responsibility to provide employment opportunities and improve internet services in remote parts of the country.

Mr. Salo’s bill also allows Starlink to excavate in public places, such as highways, streets, bridges, among other thoroughfares, for the erection of poles and other wiring structures to and from its ground satellite stations, granted it informs the Public Works department before construction.

The caveat is Starlink must repair any damage made to public infrastructure within 10 days or risk being doubly charged for the restoration to be done by the Department of Public Works and Highways.

HB No. 10954 also mandates Starlink to consult with local communities and ensure environmental compliance before the construction of ground radio stations.

The government also has the power to revoke Starlink’s franchise if it fails to continuously operate for two years. It would also be subject to a fine of P1 million per day if it fails to submit an annual operations report to Congress.

Starlink’s domestic internet service operations started in Feb. 2023 and are currently operating under accreditations provided by the Department of Information and Communications Technology and the National Telecommunications Commission.

Last year, Data Lake, Inc., co-owned by tycoon Henry T. Sy, Jr., inked a deal with Starlink to distribute its satellite kits and to carry out data services and solutions nationwide.

Under the deal, Starlink satellite kits are priced at P29,000, inclusive of a dish, modem, power supply, and mounting tripod at SM Malls.

Starlink is a satellite internet service of Space Exploration Technologies Corp. (SpaceX). According to its website, SpaceX continues to launch satellites into orbit to bring high-speed broadband to rural and remote areas. Starlink deployed about 200 units across the country earlier this year.

Kiwami changes name, adds new member

TUNA EDAMAME wrap, with a crispy nori

KIWAMI in BGC is dropping its “food hall” branding and adopting the new name Kiwami: Japanese Master Kitchens. In addition to the rebrand and a renovation, they’re also adding in a new member to The Standard Hospitality Group (which brings in Japanese specialties to the Philippines), Koyo.

“We didn’t like calling ourselves a ‘food hall’ anymore, so we dropped that… nothing against the concept, it just didn’t properly explain what we do,” said Michael Concepcion, head of Business Development and Creative Director for the group.

Koyo, a sushi handroll concept, comes from New York-based chef Mark Manaloto. It’s rice and sushi in a handheld roll, with the nori seaweed wrap wrapped again in plastic to ensure crispness and firmness. During a tasting on Oct. 1, prior to the Oct. 7 media preview, we were shown how to eat it. One pulls a corner of the plastic wrapping to release it, slowly pulling the other corners apart afterwards. If one sees the filling slipping out, one pushes it back in while still pulling at the nori. While apologizing for the potential mess, we conclude that it’s part of the experience.

We can say that confidently with their Tuna Edamame wrap, with a crispy nori (that needs not be unwrapped), which tastes perfect eaten by the beach. A California Crunch with kani and mango, is refreshing and crisp, while a salmon aburi wrap has spinach and a mayonnaise sauce and was quite tasty.

Other guests took seconds of the Ebi Furai wrap, and for good reason: aside from the shrimp, it had creamy crab on top and a cured egg yolk. Another favorite was the Mackerel Binchotan, a tangy wrap topped with grilled mackerel.

The Oct. 7 preview also saw a launch of their Hibachi sharing plates, a partnership of Standard Group with Sydney-based chefs Max Smith and Douglas Barker. These included Kampachi (longfin yellowtail) collar, blue marlin, porkchop, and chicken, grilled to perfection with Japanese charcoal and drizzled with their homemade sauces.

The concept of Kiwami, then and now, is to bring Japanese restaurants, experts at a singular family of dishes, under a single roof. There’s The Standard Group’s initial offerings, Yabu: House of Katsu, and Ippudo, serving ramen. Other concepts that have since been included are Hachibei, grilling meats since 1983, and Hannosuke, which has been serving tempura since the 1950s.

Asked about the family’s attachment to Japanese brands, he said, “We happened to travel to Japan 10 years ago, and fell in love with the way of life. The discipline, the way we saw restaurants were operated — that was very new to us.

“We fell in love with how the Japanese do one thing, and they like to be the best at it. It’s a single-dish concept. It’s the idea of mastery, specialization; the idea that you spend your life doing that one thing, and you become the best at it,” said Mr. Concepcion.

Mr. Concepcion’s father, John, was the ice cream man for decades, as managing director and CEO of the Selecta ice cream brand (they’re also members of the Concepcion cooling family), and now CEO of the Standard Hospitality Group.

“My dad’s business philosophy, having built Selecta, was always that. His business mantra, he likes to just focus. Everything’s about focus,” said the younger Mr. Concepcion.

According to him, they have a few new concepts still under wraps, but we’ll hear about them surely in six to eight months.

The Alabang branch of Kiwami is also getting a touch-up and an expansion, having gained the space of the store next door, as well as a new brand specializing in rice bowls and baos (buns).

“We’re opening in Mall of Asia. Really beautiful space as well,” he added.

Kiwami is located in Bonifacio High Street Central in BGC, Taguig, and in the Alabang Town Center. — Joseph L. Garcia

Synology bets on PHL businesses’ shift to secure data management

By Aubrey Rose A. Inosante, Reporter

TAIWAN-BASED technology firm Synology, Inc. is optimistic about expanding its presence in the Philippines as more local businesses prioritize secure and efficient data management.

“When it comes to product adoption, data protection and file storage remain key drivers, as more businesses prioritize secure and efficient data management,” Joanne Weng, Director of International Business at Synology, said in e-mail interview with BusinessWorld on Oct. 3.

The Philippines has seen increased ransomware attacks and phishing campaigns that target businesses of all size, which is a growing concern as digital transformation continues to accelerate across industries, she said.

“Additionally, we see great potential in the surveillance sector, an emerging market for us. As more organizations discover the benefits of our integrated surveillance solutions, we anticipate significant growth in this area,” Ms. Weng said.

Synology has been in the Philippines for more than 15 years and works with industries such as manufacturing, public sectors, and consumer or retail.

The company offers data management and backup solutions and helps in facilitating digital transformation for businesses.

Ms. Weng said the company is optimistic about its continued growth and expansion in the country.

“Over the past five years, our revenue has more than doubled, making the Philippines one of our three fastest-growing regions, alongside the Asia-Pacific region where we’ve seen over 150% growth,” she said.

After the coronavirus pandemic, the company witnessed significant growth in the Philippines, particularly in terms of business expansion and increased data requirements, the official said.

Synology will soon launch its artificial intelligence (AI)-powered Admin Console, enabling centralized management of Synology AI features, along with other collaboration and team productivity tools.

It will facilitate AI access permissions management and address privacy concerns by implementing a de-identification feature within Synology network-attached storage appliances, ensuring compliance with data privacy regulations.

Synology also recently integrated AI into its entire after-sales support process, improving efficiency and quality, Ms. Weng said.

“Our AI utilizes a Retrieval-Augmented Generation architecture, drawing from anonymized technical materials and insights gained from serving millions of customers worldwide,” she said, adding this integration enhances support response times by up to 20 times.

Citicore taps P1.22B from IPO for solar projects

CREIT.COM.PH

CITICORE Renewable Energy Corp. (CREC) is advancing its five-gigawatt (GW) renewable energy portfolio with P1.22 billion from its initial public offering (IPO) proceeds, as approved by its board of directors, the company announced on Wednesday.

“The rationale for the early release of IPO proceeds is for CREC to ramp up its pipeline development for solar energy plants,” the company told the stock exchange.

The target release is subject to necessary approvals and documentation requirements, it said.

In June, CREC listed on the Philippine Stock Exchange, raising P5.3 billion, which included a $12.5-million investment from the UK government’s MOBILIST program.

“The full impact of the power generation revenues will be felt next year since projects currently under construction will start to be energized by then. We will focus on adding solar capacity and looking at other opportunities that take us close to our five-GW-in-five-years goal,” CREC President and Chief Executive Officer Oliver Y. Tan previously said.

The company is constructing eight power projects worth approximately one GW, underway to achieve its goal of five gigawatts of capacity by 2028.

CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.

Currently, it has a combined gross installed capacity of 285 megawatts from its 10 solar power facilities in the Philippines. — Sheldeen Joy Talavera