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Amended SSS charter allows hike in monthly contributions

MEMBERS OF the Social Security System (SSS) will have to pay more for their monthly contributions after President Rodrigo R. Duterte enacted the bill amending its charter.
Executive Secretary Salvador C. Medialdea said on Friday that Mr. Duterte has signed into law the Social Security Act of 2018, which seeks to improve the fund life of the pension fund.
The new law allows the Social Security Commission — the policy-making body of the SSS — to increase the contribution rate without the approval of the President.
Under the law, the contribution rate will be increased by a percentage point every other year starting 2019 at 12%, until 15% by 2025, from the current 11%. It also gradually raises the minimum and maximum monthly salary credits (MSC) — the basis for the contribution payments — every other year starting 2019 at P2,000 and P20,000, respectively, until P5,000 and P35,000 by 2025, from P1,000 and P16,000 currently.
Starting this year, 8% of the 12% will be shouldered by the employer, and 4% by the employee, from the current 7.37%-3.63% split. By 2025, the sharing scheme will be 10% for the employer and 5% for the employee.
Moreover, the bill also introduces an Unemployment Insurance or Involuntary Separation Benefits, which will be available to SSS members not over 60 years old who are involuntarily separated from employment. These members shall be paid benefits in monthly cash payments equivalent to 50% of the monthly salary credit for two months at most.
It will also include the compulsory coverage of overseas Filipino workers with social security protection.
In a Dec. 13 interview, Mr. Dooc said the amended charter would “extend the pension fund’s life by six years” form 2032 to 2038.
“[T]o maintain the viability of the fund, corrective measures such as the increase in contribution rate as well as increasing the minimum and maximum MSCs, are necessary,” he told BusinessWorld in an e-mail.
Mr. Dooc explained that the additional monthly pension increase approved by Mr. Duterte depleted the social security fund, which is projected to last until 2032.
In an interview with DZMM yesterday, Mr. Dooc said SSS needs to prolong its fund life by an additional 26-30 years first before providing the extra P1,000 increase in monthly pension.
“Kung magbibigay po tayo ng karagdagan na P1,000…babagsak pong muli ang ating fund life. Sana maka-recover muna…mapalakas ang fund life ng SSS bago tayo magpatupad ng karagdagang benepisyo (If we are going to give the additional P1,000 in monthly pension, our fund life will once again decrease. The fund life must be strengthened again before implementing the additional benefits),” Mr. Dooc said yesterday.
Mr. Duterte approved last January 2017 the additional P2,000 monthly pension increase for SSS members, with the first half given since March 2017.
SSS did not reply to a request for further comments as of press time.
Meanwhile, a labor group said it will not object to the planned increase in SSS monthly premium to 12% as part of the new measure.
“The SSS this time has been doing fairly with its job to improve the system’s fund aside from increasing monthly premium,” Trade Union Congress of the Philippines (TUCP) President Raymond Mendoza said in an e-mail.
“We are also monitoring the SSS for its consistent efforts to go after employers who are not paying remittances to SSS and the management’s efforts to ensure SSS investments are creating dividends.”
Mr. Mendoza added that the TUCP is “looking forward” to the implementation of the new law, which would help improve the vast range of services it provides. — K.A.N. Vidal

MRSGI to develop mixed-use project in Catbalogan City

METRO RETAIL Stores Group, Inc. (MRSGI) is teaming up with the Province of Samar for the development of a mixed-use property in the province worth about P472.9 million.
In a disclosure to the stock exchange on Monday, the listed firm said it has entered into a joint venture agreement with the Province of Samar for the development of a 22,000-square meter parcel of land in Barangay 7, Poblacion, Catbalogan City owned by the latter.
Under the agreement, MRSGI will develop, construct, and operate a department store with supermarket, a convention center, government center, transport terminal, and a hotel.
The department store will also house one movie theater and leasable spaces, while the government center will allot spaces for business process outsourcing firms.
Under the deal, MRSGI will finance the entire project which is estimated to cost P472.9 million, while the Province of Samar will contribute the land.
The Gaisano-led firm said the construction period will run from six to 24 months after the property has been turned over by the local government.
Both parties have agreed to share in the monthly gross revenues and gross rent, without value-added tax, from the operation of the department store and supermarket.
MRSGI will turn over the convention center, government center, and terminal to the province upon the completion of construction. All revenues from these properties will belong to the province.
Meanwhile, MRSGI will get a 20% share from the hotel operator’s lease rental payments, with 80% going to the province.
“The joint venture will generate additional revenues to MRSGI and increase the existing GFA footprint of its stores,” the company said.
The company will then turn over the ownership of the department store and leasable spaces to the province after the 30-year period.
MRSGI’s net income attributable went down to P454.93 million in the first nine months of 2018, 17% lower than its earnings of P550.07 million in the same period a year ago. Gross revenues also slumped by seven percent to P22.97 billion.
Shares in MRSGI rose by 3% or nine centavos to close at P3.09 each at the stock exchange on Monday. — Arra B. Francia

Full Malasimbo music, arts festival lineup released

BROOKLYN based keyboardist and beatboxer Taylor McFerrin joins Robert Glasper, Anomalie, Laneous, Ruby Ibarra, IV of Spades, and many more in performing at the 9th Malasimbo Music & Arts Festival on March 1 and 2 in a new venue at Puerto Galera’s White Beach.
Joining headliner Robert Glasper on the first day of the festival is Taylor McFerrin, whose debut album Early Riser in 2014, features guest appearances of several Malasimbo artists including Nai Palm of Haitus Kaiyote, and Glasper.
Filipina lyrical rapper Ruby Ibarra, who wowed the Malasimbo crowd in 2018 as a solo MC, will also be back, this time with a full band.
Local indie rock/funk band IV of Spades will be performing on the second day of Malasimbo. CoffeeBreak Island, one of the better known bands in the Manila ska, reggae, soul, punk, and rock & roll scene, will also be making its Malasimbo debut.
Also part of the festival lineup are Anomalie, Ian Lofamia band, Extrapolation, I Belong To The Zoo, Carousel Casualties, Extrapolation, Dayaw, Manolet Dario, and many more.
Aside from the music acts, Malasimbo 2019 will also feature works by visual artists Leeroy New, Olivia d’Aboville, Agnes Arellano, Hohana, and Denis Lagdameo.
As a family friendly festival, the organizers have also lined up day activities that can be enjoyed by visitors of all ages.
This year, Malasimbo has partnered with AirTrav which can tailor packages for festival goers.
The 9th edition of Malasimbo will be moving from the Malasimbo Amphitheater to White Beach, Puerto Galera.
The festival will feature bigger and more stages this year. The traditional Main Stage will be in a natural amphitheater again, nestled in the midst of trees. The main stage will feature jazz, soul, world music, and OPM.
The DJ Stage is the newest Malasimbo stage dedicated to Dance Music. It will host a wide array of local and international DJs including New York DJ Danny Krivit, Kristian Hernandez, Manolet Dario, Emel Rowe, Badkiss, Nomoclasiq, and more. There will also be a Silent Disco stage, which will feature three DJs providing different music choices.
For details visit www.malasimbo.com. For tickets go to www.buytickets.at/vuetix. Discounts are available for students and Puerto Galera residents. Children ages six and below can enter for free; tickets are 50% off for children ages 7-12.

Filinvest Mimosa+ gains ground

THE development of Filinvest Mimosa+ Leisure City helping boost Clark’s efforts to become a major economic hub.
Filinvest Mimosa+, the property giant’s first township in Central Luzon, saw the opening of Workplus, an office campus equipped with fiber optic facilities, and the upgrade of Quest Plus Conference Center Clark, last year.
There are plans to develop an international casino and hotel, as well as a lifestyle mall.
“Operating soon at Filinvest Mimosa+ is the Lodgeplus, a residential facility that will complement the Workplus office campus, as Filinvest Mimosa+ continues to promote a healthy work-life balance,” the company said.
The Clark Mimosa Strip, Filinvest’s first commercial project venture in the Central Luzon region, will feature concept stores, restaurants, and wellness services.

European bank eyeing foray into local market

By Melissa Luz T. Lopez, Senior Reporter
A EUROPEAN BANK has expressed interest to venture into the Philippines, a senior central bank official said, amid growing interest among foreign lenders to set up shop here.
Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier said a Europe-based bank expressed intent to foray into the local scene last January.
“During the Bankers’ Night, an official approached me to say they are interested in applying for a license,” Ms. Fonacier told reporters on the sidelines of a financial education program yesterday.
“They did not say if it’s a branch or subsidiary, but they said their interest to apply.”
Ms. Fonacier did not disclose further details about the foreign bank pending the filing of actual applications with the regulator.
Republic Act 10641 signed by then-President Benigno S.C. Aquino III lifted the limit that allowed only 10 foreign-owned banks to operate in the Philippines at any given time. Since its passage in 2014, 12 foreign lenders have secured the central bank’s approval to set up their branches here.
If ever, this European lender will be the first non-Asian bank to enter the Philippines in recent years, as all the new entrants came from neighboring countries in the region.
Five Taiwanese banks have opened branches in the Philippines over the last three years: Cathay United Bank, Yuanta Commercial Bank Co. Ltd., First Commercial Bank, Hua Nan Commercial Bank Ltd., and the Chang Hwa Commercial Bank, Ltd.
South Korean lenders Industrial Bank of Korea, Shinhan Bank, and Woori Bank also started their businesses here, as well as the Japan-based Sumitomo Mitsui Banking Corp. and the Singapore-based United Overseas Bank Ltd.
The newer players are the Industrial and Commercial Bank of China Ltd. and Malaysia’s CIMB Bank.
Other European banks with branches or offices in Manila are Deutsche Bank AG, ING Bank N.V., Standard Chartered Bank, the Hong Kong & Shanghai Banking Corp., BNP Paribas, Credit Suisse AG, and UBS AG.
INCLUSION
Also yesterday, the BSP unveiled a new financial literacy program targeting overseas Filipino workers (OFWs) to encourage them to save regularly and invest in legitimate products.
The central bank inked an agreement with the Overseas Workers Welfare Administration and BDO Foundation for the Pinansyal na Talino at Kaalaman (PiTaKa) campaign, which entails the production and display of informative videos and materials on how to better manage remittances, get out of debt, and set aside savings.
The PiTaKa drive will involve the screening of videos during the pre-departure and post-arrival seminars required for OFWs, alongside a separate training guide for their families.
There are over 10 million OFWs, but only some 35.5% set aside a portion of remittances as savings. An even smaller share at 5.1% said they invest the money sent home by their relatives working abroad.
Cash remittances reached a new all-time high of $28.943 billion in 2018, 3.1% higher than a year ago. This supported domestic household spending and accounted for a tenth of gross domestic product.
Ms. Fonacier said that increased OFW savings and investments would “help the economy,” as it would mean that their hard-earned money will support other causes apart from the purchase of food and consumer goods.

Alliance Select shutters sales office in Thailand

ALLIANCE Select Foods International, Inc. (ASFII) on Monday said it is consolidating its sales and marketing operations in the Philippines, after shutting its office in Bangkok, Thailand.
“The consolidation does not mean that we will no longer be present in Thailand. We will simply expand our marketing capabilities here in our Philippine headquarters from where we can continue fulfilling the functions of the office in Bangkok,” ASFII President Raymond See was quoted as saying in a statement.
Alliance Select Foods International (Thailand) Co., Ltd. (ASFIT) was formed in May 2004.
However, the parent company no longer sees the need to maintain a physical office in Thailand.
“Our office in Thailand was instrumental to the development of our market and has served its purpose well. We now have a solid network that can be handled through our headquarters here in the Philippines, and the closure is simply part of our plan to innovate and integrate our sales offices,” Mr. See said, noting the move will cut unnecessary expenses.
ASFII is a homegrown firm involved in tuna processing, canning, and the export of canned tuna products to international markets such as Europe, North America, Asia, Africa, South America, and the Middle East.
The listed company reported a net income attributable to the parent of $3.23 million in the first nine months of 2018, 680% higher than the $414,327 it posted in the same period a year ago. This followed a 39% increase in gross revenues to $74.15 million.

Chicago police seek follow-up interview with Empire actor

CHICAGO — Chicago police have shifted the direction of their investigation into actor Jussie Smollett’s report of a hate-crime assault and are seeking to interview him again, after releasing two men detained for questioning in the probe, a police spokesman said on Saturday.
Mr. Smollett, 36, an openly gay African-American performer who plays a gay character on the musical hip-hop TV drama Empire, ignited a furor on social media last month when he reported he had been attacked on the street by two men yelling racial and homophobic slurs.
According to Mr. Smollett’s account, his assailants struck him in the face, draped a rope around his neck and doused him with an “unknown chemical substance” before fleeing. Police said the actor took himself to a hospital but was not seriously hurt.
On Wednesday evening this week, police said they arrested two Nigerian brothers described as “persons of interest” who were recognized from surveillance camera footage taken in the area of the alleged Jan. 29 assault.
The pair were freed two days later without charge, police told Reuters on Friday, in light of “new evidence” from their interrogation.
Police spokesman Anthony Guglielmi denied a media report on Thursday that detectives were looking into whether Smollett had staged the attack, saying then that there was “no evidence to say this is a hoax.”
On Saturday, Guglielmi issued a brief statement saying that “information received from the individuals questioned by police earlier in the ‘Empire’ case has in fact shifted the trajectory of the investigation.” He added, “We’ve reached out to the Empire cast member’s attorney to request a follow-up interview.”
Attorneys for Mr. Smollett said in a statement late on Saturday that he was “angered and devastated” by recent reports that the alleged attackers were people he is familiar with, including a personal trainer he hired to prepare him for a music video.
“He has now been further victimized by claims attributed to these alleged perpetrators that Jussie played a role in his own attack. Nothing is further from the truth and anyone claiming otherwise is lying,” said the lawyers, Todd Pugh and Jonathan Brayman. — Reuters

PhilRatings gives top grade to China Bank

CHINA BANKING Corp. (China Bank) bagged the highest credit score from Philippine Rating Services Corp. (PhilRatings), with the lender seen keeping its solid footing amid expansion plans.
In a statement, PhilRatings said the Sy-owned universal bank secured the “PRS Aaa (corp.)” rating, which is the top tier in the local debt watcher’s scale.
“The rating takes into account China Bank’s growth strategy, which supports expansion in scale, market reach, and product base, while keeping its solid franchise on its core market; synergies with its strong shareholder and experienced management; sound asset quality; improvement in funding profile; and the favorable outlook of the domestic banking industry,” PhilRatings said on Monday.
A firm with an “Aaa” rating is said to have a “very strong” capacity to meet its financial commitments when compared to other Philippine corporates.
China Bank is the seventh-biggest bank in the country as of September 2018, according to central bank data. Bank assets reached P727.706 billion, while total loans amounted to P417.581 billion during the period.
“China Bank’s brand franchise continues to expand, supported by its acquisitions in recent years that reflect its goal to grow further in scale, market reach, and product base,” the credit rater added, noting that the bank’s foothold on the Filipino-Chinese commercial segment has helped propel the bank over the past 98 years.
In particular, PhilRatings said the lender’s acquisition of its thrift unit China Bank Savings, Inc., as well as its investment banking arm China Bank Capital Corp., has helped broaden its services to cover big-ticket financing for corporate clients.
Asset quality also remains “sound,” with China Bank holding on to a low share of bad debts at just 1.4% as of end-2017.
“Ample risk mitigation measures vis-a-vis credit expansion will keep asset quality stable,” PhilRatings noted, while pointing out that bank loans remain supported by customer deposits.
Current and savings accounts also account for more than half of the bank’s deposit base, which is deemed “credit positive” as these are a more stable funding source.
The Makati-based debt watcher also pointed out that being part of the SM Group conglomerate allows China Bank to have special access to certain markets.
Shares in China Bank closed at P27.75 each on Monday, down 20 centavos or 0.72% from the previous day’s finish. — Melissa Luz T. Lopez

Tarlac-2 takes delivery of over 60,000 Trina solar panels

TRINA Solar Energy Development Pte. Ltd. has completed the delivery of more than 60,000 solar panels for PetroSolar Corp.’s Tarlac-2 solar farm.
In a statement on Monday, the company said 61,200 pieces of Trina Solar Tallmax TSM PD14 A model panels were delivered to the solar farm in Central Technopark, Tarlac City.
The panels, which were manufactured in Changzhou, China, have special reflecting film technology, which allows more light to be reflected back into the solar cell. This means the panels can absorb more energy and produce more electricity.
“The Philippine solar industry has tremendous room for development. We will continue to further expand our commitment to support renewable energy in the Philippines,” Trina Solar Philippines Country Manager Junrhey Castro said.
The Tarlac-2 project is a 20.4-megawatt (MW) solar power facility which is expected to be completed within the second quarter. It is located next to the Tarlac-1 Solar Plant.
PetroSolar is a joint venture of PetroGreen Energy Corp. (PGEC) and EEI Power Corp. PetroGreen is the renewable energy arm of publicly listed PetroEnergy Resources Corp.
Trina Solar, founded in 1997, is a leading provider of integrated solar energy solutions. — V.M.P.Galang

Tagaytay Highlands celebrates 25 years

TAGAYTAY Highlands, a luxury mountain resort complex developed by the SM Group, is celebrating 25 years this year.
Starting as an exclusive golf club in the 1990s, Tagaytay Highlands is home to the 18-hole Highlands Golf Course and the championship 27-hole Midlands Golf Course, which offers views of Taal Lake and Volcano.
Tagaytay Highlands is also known for its country club, as well as the cable car and Swiss funicular transport systems.
“Tagaytay Highlands continues to widen its already extensive portfolio of themed residences with development firsts,” the company said.
Residential developments include the North American log cabin communities, Woodlands & Woodlands Point; Horizon Terraces with Asian-contemporary garden villas and suites; Greenlands; and Midlands’ themed communities such as Katsura, Yume, Sycamore, and Vireya.
“A home to be passed down to generations, a secure investment, a much-needed weekend getaway. Above all these things, Tagaytay Highlands still has so much more to offer as it evolves and embraces progress and modern trends while keeping the promise of exclusivity and luxury,” the company said.

Wistful game


The Liar Princess and the Blind Prince
Playstation 4/Nintendo Switch
FROM THE outset, The Liar Princess and the Blind Prince has moved to tread off the beaten path. In a live broadcast early last year announcing, among others, its development, Nippon Ichi Software made sure to highlight its unique plot: It tells the story of a wolf needing to take on human form and pretend to be a princess in order to help a prince it accidentally blinded regain his sight. And, as subsequent public updates have likewise shown, it does so by employing a singularly flat aesthetic; it relies on a hand-drawn art style that emphasizes its Grimm Brothers-storybook tone.
That The Liar Princess and the Blind Prince was the winning pitch of an in-house competition held annually (and, NIS just had to point out, by a female web designer) served only to punctuate its distinctiveness. As with previous contest winners Yomawari: Night Alone and htoL#NiQ: The Firefly Diary, it figured to push the envelope in its treatment of the subject matter. And, with uncommon flair, it succeeds. It isn’t merely a puzzle platformer cum action adventure; it takes pains to accentuate its themes of love and companionship by having the lead characters take center stage together.
In The Liar Princess and the Blind Prince, gamers control one or the other depending on the situation, with the princess literally holding the hand of the prince and guiding him through challenging terrains and, whenever necessary, turning into her original wolf form to take care of hurdles or do battle with the forest’s threatening inhabitants. Meanwhile, the prince can aid in the journey by appropriately using — or placing, with directional cues — objects only he can hold. The mechanics result in an experience that summons the need for both quick reflexes and analytical thinking. Even as jumps require perfect timing, puzzles oblige solutions that can border on the complex.
To be sure, the gameplay of The Liar Princess and the Blind Prince takes a little getting used to and, admittedly, can lead to frustration. Even those long familiar with side scrollers that test hand-eye coordination will find it exacting; its unforgiving nature makes the task of navigating two characters at the same time through rough patches difficult at best. On the flipside, it never fails to immerse, and the manner in which it does begets further engagement. Death is unavoidable, but leads to improvement; brain teasers stump, but never to the point of being unfair.
The Liar Princess and the Blind Prince benefits from complementary visual and sound designs that enhance the moods it wants to convey at any given moment. The visceral feedback cannot be denied, and is a decided boon for a chronicle that constantly pulls at heartstrings. And, indeed, the art and music are favorable to both the narrative and the action; they enable gamers to better capture the nuances of the characters in the context of the tale as well as the trek. The journey to the witch who stands as the prince’s salvation and the wolf’s redemption is made more compelling.
Expectedly, The Liar Princess and the Blind Prince runs best on the PlayStation 4 Pro. That said, the Nintendo Switch also manages to acquit itself well, even undocked. Load times are fast on both platforms, with controller feedback exhibiting no lags and the muted colors and traditional look and feel of the title coming through as envisioned. Moreover, the deliberate pace, uncomplicated interface, and frequency of checkpoints make for technically stress-free gaming at home or on the go. Notably absent are the frame drops that plagued the previous release on the PS Vita.
In any case, the relatively short length of The Liar Princess and the Blind Prince comes off as both bad and good. Gamers are allowed to take their time en route to their destination, with optional collectibles (flowers and leaves) and objectives (concept art and background information) available for completionists to pursue. Nonetheless, it can be finished in less than 10 hours — and well under given the elective of a single button press to move on to the next stage. In the final analysis, it’s probably just as well; it neither feels rushed nor overstays its welcome. And, ultimately, it manages to do just what it wants: connect with and compel those who partake of it to invest emotions in characters and thereafter regard them with wistful longing.
THE GOOD:
• Outstanding story featuring layered characters
• Complementary art and sound designs
• Challenging puzzles, but not to the point of being unfair
• Leisurely pace; gamers never feel rushed
• Original Japanese voiceover is retained, augmented by English text
THE BAD:
• Short and can be finished in well under 10 hours, even by completionists
• Occasional gameplay glitches
• Iffy replay value
RATING: 8/10
POSTSCRIPT:
YIIK: A Post-Modern RPG — Ackk Studios’ labor of love is exactly what its title suggests: a role-playing game set near the turn of the millennium. It’s also decidedly unique: It gladly gives in to Oriental influences in look, sound, and thematic presentation, but employs the setting of a small Western town in thrusting characters at the forefront of a narrative rich in the mysterious and the supernatural. Alex, newly graduated from college and unsure of his direction in life, serves as the ideal principal protagonist, eager to spout theoretical concepts while dealing with practical realities.
YIIK: A Post-Modern RPG is by no means perfect. It makes no pretenses about its Earthbound roots, and because it draws inspiration from the Super Nintendo Entertainment System cult classic, it manages to be a winsome look at a not-too-long-ago era spiced up by alternate realities. Unfortunately, it also sets itself up for misplaced comparisons. As an aside, the turn-based combat mechanics, affecting in their use of otherwise-nondescript items as weapons, suffer from uneven pace and balance. On the whole, though, it delivers on its promise of 20-odd hours of immersive gameplay. (8/10)
Holy Potatoes! A Weapon Shop?! — Humor abounds in the title developed by Daylight Studios as part of its Holy Potatoes! series of management sims. You get to run a shop that forges all manner of weapons for characters that go by familiar-sounding monikers in an effort to protect the legacy of your famous grandfather. You’re free to adopt whatever leadership style — or lack thereof — you prefer, hopefully enabling the potato smiths under your tutelage to help grow your business. Be good at what you do, and heroes will spread the word and endorse your work.
The ultimate objective looks and sounds simple, but the journey winds up to be a blast because Holy Potatoes! A Weapon Shop!? offers you challenges without taking itself too seriously. You craft weapons, try to find buyers for them, make unique ones, and forage for the required supplies, the seeming tedium broken up by unexpected developments compelling you to take action, not to mention by the constant reminders that, hey, you’re a potato head dealing with other potato heads sporting names of venerable figures. When you interact with such notables as Claude (with — what else? — the Busted Sword), Luke Spudwalker, Wolverinnie, Nyandalf the Grey, and Hairy Pota(to), levity is assured. (8/10)

ING rolls out all-digital platform

ING BANK N.V.-Manila has ventured into the retail segment in the country by launching an all-digital banking service.
In a statement sent to reporters on Monday, the bank said it has rolled out its all-digital savings bank in the Philippines via mobile phone application.
ING’s digital platform allows customers to open a savings account through their mobile phones. The savings account does not require any minimum amount and maintaining balance.
Clients can also put money into the bank account through mobile check deposit and transfer money for free through PESONet, an automated clearing house initiated by the central bank.
“Globally, ING is known for pioneering ‘branchless banking’ since 1997 and is positioned as a leading digital bank in Europe and Australia. We are very excited that our expertise in digital banking is now also available to Filipino consumers,” said Hans B. Sicat, ING Bank country manager for the Philippines.
He added that the Philippines is the “most digital-savvy country in Southeast Asia” and that more Filipinos are looking for convenient ways to bank, based on the bank’s market research.
“We believe that Filipinos’ receptiveness to digital banking will continue to grow and the roll-out of initiatives under the National Retail Payment System would fuel this growth.”
“As the first all-digital bank in the Philippines, ING is in a sweet spot to champion digitalization in the banking sector and offer customers the most convenient way to bank,” Mr. Sicat added.
Late last month, Malaysian financial giant CIMB Bank formally launched its banking operations in the country through an all-digital and mobile-first retail bank.
ING Bank is a global financial firm offering retail and wholesale banking services in over 40 countries. It has been operating in the Philippines as an wholesale lender since 1990. — KANV

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