3 soldiers wounded in pursuit operations vs Maute group remnants

January 24, 2019 | 8:07 pm

THREE SOLDIERS were wounded in a clash with about 24 remnants of the local terror group Maute in Barangay Sumalindao, Sultan Dumalondong, Lanao del Sur on Thursday morning. Col. Romeo S. Brawner Jr., commander of 103^rd Infantry Battalion, said in a message to reporters that only one casualty from the side of the Islamic State-allied group was so far confirmed. The military’s Western Mindanao Command (WesMinCom) described the encounter that started at 8:10 a.m. as a “fierce gun battle” as troops launched offensives to locate the camp of Maute leader Benito Owayda Marohombsar, also known as Abu Dar. The Maute group led the siege of Marawi City, located about 42 kilometers north of Datu Dumalondong, on May 23, 2017, and the gun battle with government forces lasted for five months, leaving the central part of the city in ruins. It also prompted the declaration of martial law in the entire Mindanao islands. Earlier this week, Mr. Brawner gave assurance to Marawi residents that the military maintains tight security measures within the city to prevent the Maute remnants from returning. “We are assuring the people here in Marawi City that we are doing everything to prevent the ISIS-Maute from entering the city again,” Mr. Brawner is quoted in a report posted on the government’s Bangon Marawi Website. He added that they are closely monitoring the movements of the group, which he said is down to a “few” members. — Vince Angelo C. Ferrera with a report from Tajallih S. Basman

Nation at a Glance — (01/25/19)

January 24, 2019 | 8:07 pm

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

Economy expands 6.1% in fourth quarter, 6.2% in 2018

January 24, 2019 | 2:09 pm

By Lourdes O. Pilar, Reporter
THE Philippine economy posted a 6.1% gross domestic product (GDP) growth in the fourth quarter of 2018, the Philippine Statistics Authority (PSA) reported this morning.
The October-December outcome was higher than the previous quarter’s revised 6%, but slower than the 6.5% growth recorded a year earlier.
This brings growth in 2018 to 6.2%, missing the 6.3% median estimate in a BusinessWorld poll last week. Likewise, it missed the downward-revised 6.5%-6.9% target set by the government for 2018.
On the supply side, the Industry sector grew by 6.9%, slower than the 7% recorded in the same period last year. For full-year 2018, it grew by 6.8% versus 2017’s 7.2%.
Agriculture, hunting, forestry and fishing grew 1.7% in the fourth quarter versus the fourth quarter 2017’s 2.4%. For the year, it grew 0.8% compared to 4% in 2017.
The Service sector was also grew slower by 6.3% in the fourth quarter of 2018 compared to 6.9% in the fourth quarter of 2017. This brings the sector’s full-year growth at 6.6%, decelerating from 2017’s 6.8%.
On the demand side, growth in household spending was at 5.4%, lower than 6.2% in the fourth quarter of 2017. Growth in 2018 was also slower at 5.6% versus 2017’s 5.9%.
Government spending, meanwhile, recorded a 11.9% growth in the fourth quarter albeit decelerating from 12.2% in the same period in 2017. However, its 12.8% growth in 2018 was faster than 7% in 2017.
Private investment, which is represented in the data as capital formation, slowed down during the quarter at 5.5% compared to 8.3% previously. Still, it grew by 13.9% in 2018 against the 9.4% the year prior.
Exports of goods and services rose by 13.2% in fourth quarter (2018: 11.5%), slower than 20.6% in the fourth quarter of 2017 (2017: 19.5%). Imports also slowed, growing by 11.8% in the fourth quarter (2018: 14.5%) compared to 18.1% in both the fourth quarter and full-year 2017.
Gross national income — the sum of the nation’s GDP and net income received from overseas — registered a growth of 5.2% in the last quarter of 2018 from 6.1% in 2017’s comparable three months. For 2018, it grew 5.8% against 2017’s 6.6%.

Farm output growth misses 2018 goal

January 24, 2019 | 12:33 am

FARM OUTPUT rebounded in the fourth quarter to post a slight expansion, but was not enough to push the full-year growth to reach the government’s target, according to data the Philippine Statistics Authority (PSA) released on Wednesday.
The value of total farm production grew 1.8% in the October-December period, the PSA reported, a recovery from the 0.83% contraction logged in the third quarter but slower than the previous year’s 2.26%. This was the fastest quarterly pace of growth seen last year, surpassing the first and second quarter’s 1.47% and 0.07%, respectively.
The fourth-quarter print brought full-year farm output growth at 0.56% — well below the 2017’s 3.96% expansion and the Department of Agriculture’s (DA) 2.5% goal, as well as the targeted 2% of economic managers.
The DA attributed the year-on-year slowdown to the typhoons and tropical depressions that hit the country.
The PSA said the fourth-quarter growth was driven by increases in production across all subsectors.
The crops subsector, which accounted for 50.40% of total agricultural output, grew by 0.25% in the fourth quarter of 2018, down from 2.68% in the comparable year-ago period. This was despite a 2.2% decline in palay production to 7.156 million metric tons (MT). The slight growth was attributed to increases in production of corn (10.82% to 1.805 million MT), coconut, banana, pineapple, coffee, mango, tobacco, abaca, mongo, tomato, onion, cabbage and rubber.
On an annual basis, crop production dropped 0.98% versus 2017’s 6.69% expansion as palay output — the biggest contributor to the subsector — declined by 1.09% to 19.066 million MT from the previous year’s 19.276 million MT. Corn production likewise dropped 1.81% to 7.771 million MT in 2018 from 7.914 million MT in 2017.
Meanwhile, the livestock subsector’s output increased by 1.64% in the fourth quarter, slower than the previous year’s 1.84%. The sector contributed 17.74% to total agricultural production, as carabao, hog, and dairy saw gains. For 2018, livestock production went up by 1.89%, faster than the prior year’s 1.12%.
Poultry production also expanded by 6.99% in October-December, faster than the comparable year-ago period’s 4.73% and accounting for 16.18% of the total output. For 2018, poultry output went up by 5.75% versus the prior year’s 4.62%.
The fisheries subsector also saw its output grow by 1.93% in the fourth quarter versus the previous year’s 0.92% contraction to take a 15.68% share in total production, as all major fish species except for roundscad and yellowfin tuna recorded increases. However, it still logged a 1.13% contraction for the entire year, slightly better than 2017’s decline of 1.68%.
DA Secretary Emmanuel F. Piñol said agriculture will be in a better position this year on the back of funding that could help develop the sector.
“They are banking so much on the RCEF (Rice Competitiveness Enhancement Fund) and the release of the coco levy funds for agriculture to be able to bounce back in 2019,” Mr. Piñol told reporters on Wednesday.
“We are keeping our fingers crossed that the RCEF will be released earlier and the coco levy will be released earlier,” Mr. Piñol added.
Mr. Piñol said the RCEF should be released by the start of planting season. He added that the DA has already coordinated with the National Irrigation Administration (NIA) to change the planting cycle beginning this year to avoid weather-related agriculture damage.
NO CONTRIBUTION
The farm sector generates about a fourth of the country’s jobs but contributes just a tenth to gross domestic product (GDP). PSA is scheduled to report official fourth-quarter and 2018 GDP data today.
UnionBank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the agriculture sector had no significant contribution to the economy in 2018.
“Its contribution to growth this year is practically nil. There is a need for a more comprehensive plan to really address this problem. We have natural advantages like land, compared to Singapore, and Middle Eastern countries that import a lot of their food. It’s really a matter of doing it,” Mr. Asuncion said.
“That’s why there’s a need for microfinancing. There’s a huge need to bank the underbanked or the unbanked. You can only make your lending sophisticated if these people that’s supposed to get the money to invest in agriculture or planting get more sophisticated eventually. The only way to do that is help them upgrade,” Mr. Asuncion added, noting that poverty prevails in the agriculture sector.
Meanwhile, University of Asia and the Pacific (UA&P) Center for Food and Agribusiness Executive Director Rolando T. Dy said the government should focus on high value crops instead of rice to improve the sector’s gross output.
“The problem in our agriculture sector, they place everything on rice. The other crops — coffee, rubber, onion, coconut — these are factors neglected. It is a basket of commodities, they call it high-value. It probably comprise maybe equal or greater in contribution with rice to gross value added,” Mr. Dy said.
“In terms of poverty alleviating impact, that will have a greater impact than rice,” Mr. Dy said. — R.J.N. Ignacio

Performance of Philippine agriculture (Q4 2018)

January 24, 2019 | 12:33 am

Gov’t keeps 7-8% growth target this year

January 24, 2019 | 12:32 am

By Melissa Luz T. Lopez
Senior Reporter
THE GOVERNMENT will hold on to its 7-8% growth target this year, according to Finance Secretary Carlos G. Dominguez III who noted the Philippines has room to stand resilient despite a slowing global economy.
This after the Philippine Statistics Authority (PSA) revised the third-quarter growth figure to 6%, a tad slower than the previously reported 6.1% due to lower growth in some sectors such as manufacturing, trade of motor vehicles, and financial intermediation.
The nine-month gross domestic product (GDP) average stands at 6.3%. The fourth quarter and full-year data is scheduled to be released today.
Mr. Dominguez said on Wednesday that the government will keep seven percent as the “fighting target” for 2019, at a time when multilateral lenders are scaling down global growth forecasts.
“Despite the headwinds presented by global factors last year, we continued to grow our economy at an impressive rate. We expect 2019 to be an even better year,” Mr. Dominguez said in a speech before the Financial Executives Institute of the Philippines at the Shangri-la at the Fort, Taguig.
Pressed further, the Cabinet official said the economic team is keeping its 7-8% growth target this year, even as latest estimates by market watchers like banks and multilateral agencies are betting on a slower pace.
The International Monetary Fund said global growth will decelerate to 3.5% this year from the 3.7% pace expected for 2018, at a time of weaker activity among advanced economies and trade tensions between the United States and China.
The United Nations also sees “increasing downside risks and vulnerabilities” for global economic activity. In its World Economic Situation and Prospects 2019, the UN expects the Philippines to log a faster climb of 6.5% this year from 6.3% in 2018.
“Fighting target — it means to say we want to meet it, we’ll fight to meet it (for 2019),” Mr. Dominguez told reporters, noting that there will be ample domestic drivers to stimulate economic activity despite paling global prospects.
“First of all, we’re not really a big international trader. Of course we are affected by the headwinds but because we have this ‘Build, Build, Build’ program, we are sort of insulated. And we have good credit, we have good tax collections, [so] we are quite insulated.”
PRICES CRUCIAL
More market analysts are bullish about economic prospects for 2019, with inflation seen to finally tame. In turn, this could stoke consumer spending.
Slower inflation is seen to persist as food supply normalizes and as world crude prices drop, Mr. Dominguez said, making it almost certain that price increases will return to the 2-4% pace this 2019.
In a separate report, bank analysts at UBS said lower inflation would be the “critical macroeconomic trend” this year, but said the economic growth will still ease to 6.1% from 6.4% in 2018 due to tighter monetary conditions and weak exports.
Some lift is also expected this year as the central bank is unlikely to raise interest rates further as prices cool, UBS said in a report published yesterday.
Inflation averaged 5.2% last year, well above the 2-4% target band.
Substantial investments in infrastructure would likewise propel growth, Mr. Dominguez added, as seen in the 50% increase in state spending from January-November last year.
“We are moving faster than expected. The old problem of absorptive capacity has been overcome,” he added.
Meanwhile, Mr. Dominguez pointed out that additional revenues drawn from the Tax Reform for Acceleration and Inclusion (TRAIN) law that took effect last year will continue supporting the more upbeat government spending, with collections reaching P41.9 billion as of end-September albeit short of the P44.3 billion target for the first nine months.
Collections from tobacco excise and documentary stamp taxes were the biggest revenue sources under TRAIN so far. Mr. Dominguez also signalled confidence that package two of the tax reform program can still be passed “within this year,” despite lukewarm reception among lawmakers and strong lobbying against the revamp of tax perks granted to new businesses.
The measure remains pending before Congress, with just a few weeks of sessions left before the midterm polls that would create a new House of Representatives and leave half the 24 Senate seats up for grabs.
Q3 GDP REVISION
Meanwhile, the statistics agency on Wednesday reported the country’s GDP — which indicates the value of final goods and services produced within a country — expanded by 6% in the third quarter of 2018, slightly lower than the previously reported 6.1%.
Four subsectors saw lower revised estimates in the third quarter, namely: manufacturing (revised to 3.3% from 4%); electricity, gas and water supply (4.7% from 5%); financial intermediation (6.9% from 7.6%); trade and repair of motor vehicles, motorcycles, personal and household goods (5.2% from 5.6%); and transport, storage and communication (5.37% from 5.41%).
At the same time, upward revisions were made for construction (18.2% from 16.1%); mining and quarrying (-0.2% from -1.1%); real estate, renting and business activities (5.5% from 5.3%); and “other services” (7.9% from 7.5%). — with Carmina Angelica V. Olano

8 groups eye potential oil exploration areas

January 24, 2019 | 12:31 am

THE Department of Energy (DoE) has received proposals from eight entities that are planning to explore areas within the Philippines for their possible petroleum reserves under the country’s new conventional energy contracting round, an official of the agency said.
“Eight have signified their intention or have sent their letter of intent to nominate some potential areas in the 16 sedimentary basins of the Philippines,” DoE Undersecretary Donato D. Marcos said on Wednesday.
He was referring to the “nomination by publication” option under the Philippine Conventional Energy Contracting Program (PCECP), the DoE’s initiative to spur exploration by offering areas in the country’s with potential oil and gas reserves.
Under the PCECP, potential investors have two modes of application to pursue the 14 pre-determined areas identified by the DoE, namely one in Cagayan, three in east Palawan, three in Sulu Sea, two in Agusan-Davao, one in Cotabato, and four in west Luzon. The areas are not within the seas being contested by China and the Philippines. The application period is 180 days.
Potential applicants may also nominate and publish other areas of interest at any time of the year. Their application will be subjected to a 60-day challenge period.
The DoE launched the latest contracting round in November last year.
“Sa 14, mga tatlo pa lang (Of the 14 pre-determined areas, only about three [have attracted interest]),” Mr. Marcos said, adding that interest is stronger outside the areas pre-determined by the DoE.
He declined to disclose the identities of the companies that signified to participate in the energy contracting round. He said the 60-day challenge period would start once the interested contractor publishes the nominated area.
Mr. Marcos said the eight were still completing the required clearance, including a DoE approval that their identified areas do not overlap with existing contracts or that they are free from any exploration ban imposed by local government units.
But Mr. Marcos said he was looking forward to interest from foreign entities, as the DoE scheduled six international road shows to drum up interest in PCECP. The road shows will be held in London, Houston and Singapore, among others. — Victor V. Saulon

Global economy slowing but no recession seen

January 24, 2019 | 12:30 am

THE GLOBAL ECONOMY is stumbling but not falling over.
That’s the analysis of investors, bankers and former policy makers attending the World Economic Forum in Davos, Switzerland, as they argue the expansion is weakening but not by enough to generate a recession.
“We’re slowing, but we’re still growing,” said Philipp Hildebrand, vice chairman of BlackRock Inc. and a former Swiss central banker. “The chances of a recession short of a major mistake or accident this year are limited.”
Financial markets have wobbled in recent months, with the S&P 500 Index dropping 1.4% on Tuesday — on concern economic weakness in the US and China could barrel out of policy makers’ control and fears a trade truce may not hold. Other political flash points such as Brexit and the US government shutdown have added to investors’ concerns.
The half-glass full attitude was on display in the International Monetary Fund’s updated outlook released on Monday. While it forecast this year would witness the softest global growth since 2016 of 3.5%, it left its estimates for the US and China in 2018 unchanged and predicted a slight pickup worldwide next year.
“The bottom line is that after two years of strong expansion, the world economy is growing more slowly than expected and risks are rising,” IMF Managing Director Christine Lagarde said. “Does that mean that a global recession is around the corner? The answer is ‘no.’”
Davos delegates echoed that view about a decade after visitors to the Swiss alpine retreat failed to predict the 2009 recession — the deepest since the Great Depression.
“I would not even call it a slowdown,” said Jacob Frenkel, vice chairman of JPMorgan Chase International. “There is already the ingredients of ‘gee, we’re about to enter another recession.’ That’s not the case.”
CHINA CONCERNS
The chief concern is that Chinese officials prove unable to cushion their economy, the second biggest and responsible for about a third of global growth. Data released Monday showed 2018 was the slowest expansion since 1990 as the government tries to rely less on investment and debt while insulating demand threatened by the trade war.
“The biggest story in the global economy at the moment is the Chinese slowdown,” said Adair Turner, a former Bank of England policy maker and now chairman of the Institute for New Economic Thinking. “Right in the middle of that very difficult transition, which I think they were managing quite well, they were hit by the tariffs, hit by the trade war.”
Fang Xinghai, vice chairman of China’s Securities Regulatory Commission, said the trade tensions with the US haven’t changed the long-term direction of the nation’s economy and that the slowing is “not going to be a disaster.”
Chinese policies are “very responsive and data dependent,” said Fang.
Another risk cited in Davos is that central banks tighten monetary policy too aggressively. That’s becoming less of a threat given Federal Reserve Chairman Jerome Powell has indicated a willingness to be more patient after raising interest rates four times last year.
In the major economies there’s a “reasonable chance” that the reaction to fading growth will once again be looser monetary policy and fiscal policy than “what is now discounted in markets,” said Ray Dalio, the billionaire founder of hedge fund Bridgewater Associates LLC.
Still, there is concern in Davos that when the next recession hits, central banks won’t have the scope to react given rates will likely be lower relative to the eve of prior slumps.
“What scares me the most longer term is that we have limitations to monetary policy, which is our most valuable tool, at the same time as we have greater political and social antagonism,” said Dalio. “So the next downturn in the economy worries me the most.”
UBS Group AG President Axel Weber said the European Central Bank had already missed the chance to tighten monetary policy.
As for the U.S., even with its government partially shut down, Blackstone Chief Executive Officer Stephen Schwarzman said it will still grow at least 2.5 percent this year, avoiding recession.
Unemployment near the lowest in 50 years is a key positive as it fans faster wage growth.
“I’m not seeing an economic slowdown,” said David Abney, CEO of United Parcel Service Inc. “There is still a healthy increase in consumer spending.” — Bloomberg

SM to open 4 new malls

January 24, 2019 | 12:09 am

By Arra B. Francia, Reporter
SM Prime Holdings, Inc. plans to open four malls in the provinces this year, while ramping up its land banking efforts for the development of more lifestyle cities in the future.
In a presentation posted on its website Wednesday, SM Prime said it will open SM Center Dagupan, SM City Olongapo Central, SM City Butuan, and SM Mindpro Citimall in Zamboanga City in 2019.
The new malls will have a combined gross floor area (GFA) of 179,000 square meters (sq.m.), bringing SM Prime’s shopping mall count to 76 in the Philippines and seven in China.
The Sy-led firm will also be expanding SM City Baguio and SM City Fairview, adding about 46,000 sq.m. and 32,000 sq.m. in GFA, respectively.
The company noted that its new malls will be located in the provinces moving forward, as part of its strategy to take advantage of the economic growth in the regions.
“SM Prime’s mall expansion is geared toward the provinces. The focus is to cover most of Northern Luzon, Visayas, and the progressive cities in Mindanao,” the company said.
The company’s malls in Metro Manila currently account for 42% of its GFA, 37% comes from Luzon, while 13% and 8% are in Visayas and Mindanao, respectively.
Meanwhile, the firm does not have any new malls lined up in China this year, where it operates seven malls covering a GFA of 1.3 million sq.m. It noted, however, that future expansion plans will focus in Fujian province.
Combined with its malls in China, SM Prime aims to end the year with 10.5 million sq.m. in GFA, nine percent higher year-on-year.
Meanwhile, SM Development Corp. (SMDC) looks to end the year with 72 projects, which will increase its sales by 10% to 21,145 units year-on-year.
Majority of SMDC’s land bank is in the provinces, at 432 hectares, compared to only 82 hectares in Metro Manila.
SM Prime’s leisure homes unit meanwhile has six projects in the pipeline this year, bringing its total number of units to 351, 32% higher year-on-year. Its land bank covers 542 hectares in the provinces.
“(We will) increase acquisition of large-scale strategic land bank to develop more lifestyle cities,” the company listed as one of its key strategies for the year, adding that leisure projects are for medium-term development.
For its commercial segment, SM Prime looks to end the year with 681,000 sq.m. across nine towers.
The hotel business will also be launching two new projects for the year, bringing its room count to 2,049.
“Our expansion program should allow us to sustain double-digit income growth over the next three years. The growth will be driven by malls and residential operations complemented by our other businesses,” the company said.
SM Prime booked a net income attributable to the parent of P23.44 billion in the first nine months of 2018, 17% higher year-on-year. Gross revenues meanwhile jumped by 15% to P74.56 billion.
Shares in SM Prime gained 0.63% or 25 centavos to close at P39.70 each at the stock exchange on Wednesday.

SEC says rules on virtual currency exchanges, ICOs out within 1st half

January 24, 2019 | 12:08 am

THE Securities and Exchange Commission (SEC) is confident it can come out with rules on virtual currency exchanges (VCE) and initial coin offerings (ICO) within the first half of the year, as it looks to regulate the new ways of raising funds.
SEC Commissioner Ephyro Luis B. Amatong answered in the affirmative when asked if they can deliver the guidelines before June, noting that they are in various stages of public consultation for the new rules.
“My commitment to the chairperson is even earlier. We really just weren’t able to focus on it before Christmas,” Mr. Amatong told reporters in Filipino at the SEC’s headquarters in Pasay City earlier this month.
The country’s corporate regulator had recently completed its second round of public consultations for the draft rules on ICOs, which defined them as “distributed ledger technology fund-raising operations involving the issuance of tokens in return for cash, other cryptocurrencies or other assets.”
The proposed rules aim to govern the conduct of ICOs by start-ups or registered corporations in the country, as well as by those based abroad that target Filipinos through online platforms.
Through these guidelines, the commission will determine whether the tokens offered in an ICO are considered as securities. If they are, the tokens will have to be registered with the SEC, thereby giving investors additional protection.
Requirements for companies conducting ICOs include a prospectus containing the corporate background of the issuer, its financial statements, the use of the funds to be generated from the ICO, as well as the risks in participating in the offering, among others.
The SEC started drafting rules for ICOs last year following the increase of local companies conducting such offerings to raise funds from the public.
Meanwhile, Mr. Amatong said they will be releasing the proposed rules for VCEs for public consultation soon. The commission has taken note of existing VCE regulations in other countries such as the United States, Australia, and Switzerland.
Virtual currencies are defined by the Bangko Sentral ng Pilipinas (BSP) as a “type of digital currency created by a community of online users, stored in electronic wallets, and generally transacted online.”
Meanwhile, VCEs are companies or businesses that exchange virtual currency into fiat currency, and vice versa.
The SEC earlier said that they are talking with the BSP for joint cooperative oversight over these type of exchanges.
Together, the rules for VCEs and ICOs are seen to benefit small and medium enterprises in raising funds, as they do not have to go through listing procedures at the Philippine Stock Exchange or the Philippine Dealing and Exchange Corp. — Arra B. Francia

NLEX aims to complete 4 projects this year

January 24, 2019 | 12:07 am

NLEX Corp. is hoping to complete four projects this year after the opening of North Luzon Expressway (NLEx) Harbor Link Segment 10 was delayed.
In a statement late Tuesday, the operator of NLEx and Subic Clark Tarlac Expressway (SCTEx) said it expects at least four projects to be finished by 2019: additional SCTEx toll lanes in San Fernando, Mexico, and Angeles; expanded connecting ramps of NLEx-SCTEx; a new NLEX Drive & Dine service facility; and the NLEx Harbor Link Segment 10.
“Continuous improvement, whether in infrastructure or service, has been and will always be our focus. 2019 will be even better for everyone as big-ticket projects are set for completion this year,” Metro Pacific Tollways Corporation (MPTC) President and Chief Executive Officer Rodrigo E. Franco said in the statement.
MPTC is the holding company of NLEX Corp., and the tollways unit of Metro Pacific Investments Corp. (MPIC).
Last week, the Department of Public Works and Highways (DPWH) said the main line of the NLEx Harbor Link Segment 10 is seen to launch this month, which will connect Karuhatan in Valenzuela City to C3 road in Caloocan City. It is designed to also have a spur road from C3 to Radial Road 10 (R-10) in Navotas City.
NLEX Corp. reported it was able to finish more than 20 projects in 2018, most notable are the new Mabiga Interchange in SCTEx, Sta. Ines-Magalang Exit in NLEx, and the additional lane in San Fernando Interchange Northbound Exit in Pampanga.
“2018 was a productive year for us as we were able to build more roads that helped us provide travel convenience and establish stronger relationships with our stakeholders,” Mr. Franco was quoted as saying.
MPIC 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. — Denise A. Valdez

PHL firm taps Finda for biometric authentication

January 24, 2019 | 12:06 am

E-GOVERNMENT solutions provider MyEG Philippines, Inc. is tapping Hong Kong’s Finda International Consultancy and Management to provide a system for real-time cross-border authentication services in the country.
The digital solutions platform said in a statement on Wednesday it signed a memorandum of understanding (MoU) with Finda to provide biometric authentication services.
“We are excited to bring this one-of-a-kind technology solutions in the country. This is a remarkable step in ensuring the digital security of the Filipinos. You can expect MyEG to continue its commitment to provide seamless e-solutions for the efficiency of government agencies,” MyEG Philippines President Ron Aquino said in the statement.
The company said the partnership will help it in “(providing) an efficient and economical border access and control, and (broadening) applications to cross border financial transactions.”
MyEG Philippines said Finda is known for its live-facial-recognition system that helps in real-ID authentication commonly used for transactions with the government, financial institutions and health insurance firms.
“Philippines is a strategic market for our company because we see the increasing need and demand for e-solutions amidst discussions on digital security in the country,” Finda Director Chen Yingjie was quoted as saying in the statement.
In its website, MyEG Philippines said it currently provides the link to the National Bureau of Investigation’s Online Clearance and Payment System, through the services of I-Pay Commerce Ventures, Inc. — Denise A. Valdez

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