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PSBank books P4-B net profit as of September

PHILSTAR FILE PHOTO

PHILIPPINE Savings Bank (PSBank), the thrift arm of Metropolitan Bank & Trust Co. (Metrobank), saw its net income grow by 19% year on year to P4 billion in the first nine months, it said on Monday.

“The bank’s solid financial performance was driven by higher operating income and better asset quality,” PSBank said in a disclosure to the stock exchange.

Its financial statement was unavailable as of press time.

“We remain well-positioned to serve the growing needs of our customers as we approach the final stretch of 2024. PSBank is gearing up for a more favorable interest rate environment, which is seen to further boost consumer loan demand,” PSBank President Jose Vicente L. Alde said.

The Bangko Sentral ng Pilipinas (BSP) has so far slashed benchmark interest rates by a total of 50 basis points (bps) since it kicked off its easing cycle in August, bringing its policy rate to 6%.

BSP Governor Eli M. Remolona, Jr. has signaled a possible 25-bp cut at the Monetary Board’s policy meeting on Dec. 19, which is its last review for the year.

PSBank’s core revenues, which include net interest income and service fees and commissions, went up by 4% year on year to P10.52 billion in the nine-month period.

Meanwhile, its operating expenses increased by 4% to P6.91 billion.

The bank’s gross loans expanded by 12% to P138 billion at end-September, which it attributed to growth in its auto, mortgage, and business loans.

“Asset quality improved as gross nonperforming loans ratio dropped to 2.8% from 3.4% a year ago,” it added.

On the funding side, deposits with the bank stood at P167 billion as of September.

PSBank had P219 billion in assets and P43 billion in capital funds at end-September.

Its capital adequacy ratio was at 24.2% and its common equity Tier 1 ratio stood at 23% in the period, both well above the central bank’s minimum requirements.

Its parent Metrobank’s attributable net profit stood at P12.124 billion in the three months ended September, up 11.35% from P10.888 billion in the same period last year

This brought its net income for the first nine months to a record P35.729 billion, up by 12.4% year on year from P31.786 billion.

Metrobank’s shares went down by 50 centavos or 0.66% to end at P75.50 each on Monday.

Shares in PSBank likewise declined by 50 centavos or 0.82% to close at P60.50 apiece. — BVR

Corporations told to avail SEC’s ECIP by Nov. 30

THE ECIP allows companies to clear their records at lower rates. — BW FILE PHOTO

THE SECURITIES and Exchange Commission (SEC) urged corporations to avail themselves of its enhanced compliance incentive plan (ECIP) before the Nov. 30 deadline to avoid higher penalties.

“With less than a month left before we officially close ECIP, we encourage noncompliant, suspended, and revoked corporations to complete their applications to ensure the continuous operations of their businesses,” SEC Chairperson Emilio B. Aquino said in a statement on Monday.

“We remind corporations that the submission of reportorial requirements is mandated by law, and failure to comply could result in the suspension or revocation of their corporate registration,” he added.

Provided under Memorandum Circular (MC) No. 13, the ECIP allows companies to clear their records at lower rates. The initiative was launched on Sept. 2.

“Corporations that have incurred fines and penalties for the late or non-filing of their annual financial statements (AFS) or general information sheets (GIS), as well as noncompliance with MC No. 28, Series of 2020, which requires corporations to designate official and alternative contact details, may apply for ECIP,” the SEC said.

Noncompliant and delinquent corporations only need to pay P20,000 to settle their fines and penalties for the covered violations, while suspended or revoked corporations will only have to pay 50% of their total assessed penalties, as well as a petition fee of P3,060 to lift their suspension or revocation order.

The SEC defines non-compliant corporations as those that have intermittently or consecutively failed to submit their GIS and AFS in previous years, or have not complied with MC 28.

On the other hand, delinquent corporations refer to those that have not filed their AFS or GIS three times, consecutively or intermittently, within a five-year period.

The SEC reminded that payment of the ECIP fees does not guarantee an automatic good standing for corporations since they still need to submit their latest AFS and GIS as part of their application.

Suspended and revoked firms also need to submit their petition to lift the suspension or revocation order along with other supporting documents.

Corporations that fail to avail themselves of the ECIP will be subjected to the updated scale of fines and penalties implemented by the SEC in April under MC No. 6.

The new rates are around 900% to 1,900% higher compared to the previous rates that had been in place for over two decades.

All SEC-registered corporations are mandated to submit their AFS and GIS as provided by Republic Act No. 11232 or the Revised Corporation Code of the Philippines. — Revin Mikhael D. Ochave

Found footage horror tests its limits

By Brontë H. Lacsamana, Reporter

Movie Review
V/H/S Beyond
SM’s Sine Sindak

FOR teenagers and young adults, Sine Sindak was the ideal Halloween treat. Too old to partake in Trick or Treat and too young to organize family visits to the cemetery, this segment of the youth was more than happy to check out an affordable horror film festival brought to malls nationwide by SM Cinemas.

With tickets priced at P150 per film, and P300 for an all-day pass, barkadas were able to scare each other effectively in a dark, comfortable, and immersive movie theater. BusinessWorld joined in the fun on Nov. 4, the day before the festival closed.

V/H/S, an American horror anthology composed of short found footage films (a genre of horror where the camera is supposedly held by a character, often leading to shaky camera movement), released its 7th installment this October.

Titled V/H/S Beyond, it was one of the many offerings at Sine Sindak that horror fanatics and eager barkadas flocked to see. Unlike other installments in the franchise, it had a central theme — science fiction and dangerous life forms — promising a bloody experience in the theater.

As with any anthology, the films presented were a mixed bag.

Stork, helmed by Jordan Downey and Kevin Stewart, was a strong start and definitely benefited from its heavy use of the video game visual style. Filmed from the point of view of body cams on a crew of cops, it follows their mission into an old house filled with what seem to be zombies. It genuinely feels like watching a video game unfold, as the characters shoot and stab their way through the horde and up to the attic where they uncover the mystery behind the alien-zombie cult colony.

A group of high school kids who were hanging out at the cinemas the whole day for Sine Sindak (probably using the watch-all-you-can day pass) came in just for this segment. They had an uproarious time reacting to it and scaring each other, then left immediately after — showing just how much fun it is for that particular demographic.

Dream Girl had potential to show us something more than a freaky monster finally running loose, but never dug in to any level of depth. It was made by Virat Pal and Evan Dickson. In it, two tabloid news cameramen gain access to the busy set of Bollywood star Tara’s latest movie, hoping to catch footage of her. While they most certainly do, it comes at a cost as they find out what kind of goddess she actually is.

While the film touched very lightly on the brutality of making it big in the film industry and the exploitation that takes its toll on aspiring stars, none of it ever really amounted to something in the plot. The climax was “beautiful star turns into a monster and goes on a killing spree while a catchy Bollywood tune plays,” which was awesome to behold, but not as satisfying as expected.

Live and Let Dive was one of the weaker films. Made by Justin Martinez and Ben Turner, it follows a group of friends going skydiving to celebrate the birthday of one of them. Before they can do so, they spot an unidentified flying object (UFO) which crashes their plane and feasts on them. While it has an interesting concept, the execution is obnoxious and all over the place.

Fur Babies, another weak link, got understandably strong reactions from the audience since it centered on a pet daycare run by a deranged lady abusing dogs. Christian and Justin Long nailed the necessary beats to get people engaged, with animal rights activists trying to infiltrate the daycare. But it was tonally out of place in an anthology of insane alien stories.

The wraparound section by Jay Cheel, named Abduction/Adduction, was a YouTube-style mockumentary attempting to thread all the films together. Though passable, it didn’t offer much enjoyment, especially the lackluster ending that didn’t leave an impact.

Stowaway should have been the strong note to end on. It was this writer’s absolute favorite, the only segment that compelled audiences to genuinely care for the lead character. Helmed by horror filmmaking couple Kate Siegel and Mike Flanagan, it followed a UFO documentarist who goes out to the Mojave Desert to document a recent influx of sightings by locals.

Little tidbits of her personaltiy, like her attachment to a keychain from childhood, and her undying curiosity being both a strength and a weakness, endeared her to audience members. Once she encounters an alien spaceship in the desert and makes the poor decision to enter the mysterious craft, the brutal transformation that awaits her builds up to a horrific end. By the end, the pure terror of her fate stays with you, providing not just visual and narrative dread, but also existential dread. Definitely one of the best in the V/H/S franchise.

Today, Nov. 5, is the last day of Sine Sindak at SM Cinemas nationwide.

On the PEB in London, the PhilHealth funds, and the US elections

Last week, from Oct. 29 to 30, the government economic team went to London for a series of investment roadshows and meetings, then another Philippine Economic Briefing (PEB) on Oct. 31. This was after they had been in Washington DC for a series of meetings with the multilaterals, credit agencies, and some big commercial banks there.

From the photos and press releases, the economic team members who were in London were Department of Finance (DoF) Secretary Ralph G. Recto, Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) Secretary Frederick Go, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, Department of Energy (DoE) Secretary Raphael P.M. Lotilla, and Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco Dakila, Jr.

Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman, a member of the economic team was not with the group. I checked the DBM Facebook page — she had been at the Philippine International Convention Center where she a speaker at the International Conference on Women, Peace and Security (WPS) on the third and last day, Oct. 30.

The Philippines Open Government Partnership (PH-OGP), chaired by Ms. Pangandaman, convened many notable women leaders from the Philippines and abroad for a discussion on the theme, “Empowered Women, Lasting Peace: Advancing the Women, Peace, and Security Agenda Through Open Governance.”

Meanwhile, at the PEB, Mr. Recto highlighted that “British investors brought 585.74 million British pounds of investments to the Philippines as of the end of July…. 97 British companies currently operate in our economic zones…. The Philippines is booming and has all the makings of a tiger economy…. we are among the best performing economies in ASEAN, with GDP growth averaging 6.1% since President Ferdinand R. Marcos, Jr. took office.”

Going back to Europe, London in particular, is a good move by the economic team mainly because Europe is limping economically now, so many companies there are looking for other countries as good investment alternatives. Asia in general, and Philippines in particular, should be a good destination for them.

Consider the economic performance of several European and Asian economies over first to third quarter (Q1-Q3) this year compared to last year (see Table 1).

Also at the PEB, NEDA Secretary Balisacan discussed many big infrastructure projects under the Public-Private Partnership (PPP): 214 projects which are under implementation (15 are Infra Flagship Projects or IFPs) with total estimated project cost of P3.575 trillion. And 173 projects are in the pipeline (29 are IFPs) with a total estimated project cost of P3.174 trillion. So, a total of P6.749 trillion — that is huge.

Aside from the PPPs, there are also many foreign assisted projects (FAP), or foreign aid from the multilaterals and bilateral organizations, for infrastructure. Local counterpart funding is needed for these FAPs to be disbursed.

ON PHILHEALTH AGAIN
We need more money for these FAP counterpart funds and for other social service spending in the unappropriated expenditures. The Philippine Health Insurance Corp. (PhilHealth) has the money from excess remittances by the National Government (NG) to PhilHealth to subsidize millions of non-contributing indigents, senior citizens, other government-sponsored individuals and households.

I looked through some PhilHealth finance reports where I saw that the P89.9 billion in excess funds came from three years of accumulated remittances by the NG (see Table 2).

That item “NG premium for indirect contributors” would be better called “NG collections from gamblers and bettors, drinkers, smokers and vapers.” That money comes from remittances by the Philippine Amusement and Gaming Corp. (better known as PAGCOR), the Philippine Charity Sweepstakes Office or PCSO, and excise taxes on alcohol and tobacco products. That money does not come from those employed in the formal sector, nor from indigents, not from senior citizens (who are non-contributing), and not from other sponsored individuals.

There are fears that PhilHealth’s equity is turning negative. This is because of the P1 trillion+ provision for Insurance Contract Liabilities (ICLs). ICL is Present Value of Future Outflows (benefit payments plus administrative expenses) minus Present Value of Future Inflows (Premium collections plus interest earnings).

So ICLs are just estimates, not backed up by actual claims or contracts with hospitals and health professionals. It should not be considered as a big parameter or factor in the reallocation of excess funds for current actual needs.

The government, through the DoF, has the legal right, has the moral ascendancy, to take back those excess funds to fund additional big infrastructure and additional social services that will create more jobs and reduce the number of jobless, and reduce the number of indigents.

Healthcare is first and foremost a personal and parental responsibility, secondarily a government responsibility. People should pay for their own healthcare, even at a minimal amount, and not everything should depend on the government.

THE US ELECTIONS
Meanwhile, the US Presidential and Congressional elections are being held tomorrow (Nov. 5 in the US, which is Nov. 6 in the Philippines). The US economy, the millions of new illegal immigrants, the ongoing US military involvement in many wars abroad (Ukraine, Israel, Syria, etc.) are among the key issues for the voters.

I checked the US’ total outstanding public debt and it is huge: As of Oct. 31, 2024, it comes up to $35.952 trillion. In comparison, on Oct. 31, 2023, it was $33.700 trillion; Oct. 31, 2022, $31.238 trillion; Oct. 29, 2021, $28.909 trillion; and Oct. 30, 2020, $27.135 trillion.

On Sept. 30 this year, it was $35.465 trillion; on Aug. 30, it was $35.256 trillion; and on July 31, $35.105 trillion. So, from October 2023 to October 2024, there was an increase in US public debt of $2.252 trillion or $6.17 billion/day. From September to October this year, there was an increase of $487 billion or $15.71 billion/day. From August to September, $209 billion or $6.97 billion/day. And from July to August, $151 billion or $5.03 billion/day.

So, last month, the last month before the US elections, the Biden-Harris administration was over-borrowing by $15.7 billion per day. Horrible fiscal irresponsibility.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

PBB’s income surges to P768 million in 3rd quarter

PHILIPPINE Business Bank (PBB) saw its net income jump by 177.73% in the third quarter, driven mainly by trading gains.

The bank’s net earnings grew to P767.64 million in the third quarter from P276.4 million in the same period last year, its quarterly report disclosed to the stock exchange on Monday showed.

This brought its nine-month net profit to P1.8 billion, up by 57.09% from P1.146 billion in the same period last year.

This translated to an annualized return on equity of 12.7% and a return on assets of 1.5%.

“The bank’s financials showed remarkable performance and growth in the first nine months of 2024 earning P1.8-billion net income, an accomplishment that took PBB the full year to reach in 2023. This growth was driven by the ability to capitalize on the high-interest rate environment, effective cost management, and a 50% growth of fee-based income,” PBB Vice Chairman, President and Chief Executive Officer Rolando R. Avante said.

“As PBB moves into the fourth quarter of 2024, it will remain well-positioned for sustained growth and profitability. It remains steadfast in its commitment to its clients by offering products that cater to their needs. These will ensure that the bank is ready to face future challenges while continuing to deliver value to its stakeholders,” Mr. Avante said.

The bank’s net interest income inched up to P1.59 billion in the third quarter from P1.58 billion in the same period last year.

This came as its interest income went up by 14.09% to P2.65 billion, while interest expenses surged by 43.37% to P1.06 billion from P737.26 million.

Net interest margin was at 4.34% at end-September, down from 4.63% at end-2023.

PBB’s other income stood at P720.75 million in the third quarter, a turnaround from the P35.45-million loss seen in the same period last year, driven by trading gains.

Other expenses stood rose by 16.49% to P1.09 billion as it set aside more loan loss provisions and amid increased spending on compensation and taxes, among others.

This resulted in a cost-to-income ratio of 53.14% at end-September.

PBB’s total loans and receivables went up by 13.1% year on year to P120.6 billion as of September.

Its nonperforming loan ratio was at 5.87% at end-September, up from 5.7% last year.

On the funding side, deposits stood at P131.9 billion.

As a result, the bank’s loan-to-deposit ratio stood at 91.43%.

PBB’s total resources went up by 15.1% year on year to P161.32 billion as of September.

Equity stood at P19.71 billion. Its capital adequacy ratio was at 12.92%, while its minimum liquidity ratio stood at 24.55%.

PBB’s shares closed at P9.07 apiece on Monday, down by 13 centavos or 1.41% from Friday’s finish. — A.M.C. Sy

E-commerce seen altering tenancy mix in PHL malls

AYALA CENTER CEBU — AYALAMALLS.COM

THE RISE of e-commerce platforms is continuously transforming the retail landscape in the Philippines, altering the tenancy mix in malls, a real estate agency said.

“The online shopping movement has caused ripples in the retail market as brick-and-mortar stores adjust to smaller leasable areas,” Lean D. Cacatian, manager for consultancy at KMC Savills, said in an e-mailed reply to questions on Oct. 10.

Mr. Cacatian said this has been more apparent in apparel stores since more people are shifting toward buying their clothes and accessories online.

KMC said retail developments are using strategies like double-digit monthly sales (e.g., 1.1, 2.2, 3.3) and bank partnerships for discounts to boost foot traffic. It also noted transit-oriented developments to enhance community involvement and mall access.

Christopher A. Argamino, assistant manager for consultancy at KMC Savills, said the retail landscape has greatly improved since the pandemic.

He said key players are capitalizing on the growth opportunity by expanding their presence across all areas around the country.

“Leading mall developers (i.e., Ayala Malls and SM Retail) are maximizing their potential returns as they continue to renovate existing malls to accommodate prospective tenants,” he said.

Mall operator Ayala Malls has allocated P13 billion for the redevelopment of four of its malls: Glorietta, Greenbelt 2, TriNoma, and Ayala Center Cebu.

Expected changes include exterior and interior design improvements, lush greeneries and open space, as well as enhanced areas for convergence and retail spaces.

“In the past several years, much has changed for all of us — both during and before the pandemic. We’ve seen habits changes, preferences evolve, and priorities reset. With this, we feel it is an opportunity to usher in a new era for Ayala Malls — and a new experience for our customers,” Ayala Malls President Mariana Beatriz Zobel de Ayala said in a briefing in February.

Mr. Argamino said international brands that were not previously in the retail landscape — such as Love Bonito and Nitori — are leading tenant movements in local malls and expect the trend to continue.

This trend is due to the rising income levels of the population, making it profitable for more upscale brands to enter the country.

The average annual income of Filipino families increased by 15% to P353,230 in 2023 from P307,190 in 2021, as wages and quality of jobs improved, the Philippine Statistics Authority’s recent family income and expenditure survey data showed.

Overall, the retail scene may see more upscale brands entering as the country’s purchasing power improves, KMC Savills said.

Mr. Argamino also noted that tenants that encourage visitors to spend more time in malls have also seen an increase in popularity, particularly sports simulator rooms, children’s activity centers, and dance studios, aside from the typical cinemas and arcades.

He also noted that government satellite offices and various churches are occupying mall spaces. — Aubrey Rose A. Inosante

Maynilad expanding sewerage network in Parañaque

MAYNILAD Water Services, Inc. has invested P695 million to expand its sewerage network in Parañaque City, the company said on Monday.

The project involves the laying of sewer lines along portions of NIA Avenue, Radial Road, and Sucat Avenue, which will collect wastewater from over 35,000 residents of Barangays La Huerta and Santos Dionisio, the water concessionaire said in a statement.

Maynilad said the wastewater will be conveyed to its Parañaque Water Reclamation Facility for proper treatment before being safely discharged into the Kayboboy River, in compliance with environmental standards.

The project, which started in 2021, is slated for completion by the third quarter of 2025, according to Zmel Grabillo, Maynilad’s wastewater management head.

“Sewerage projects are highly complex and take time, as new sewer lines must be laid deeper than water pipelines — sometimes as deep as 14 meters below ground. This requires precise engineering and careful excavation,” Mr. Grabillo said.

The company serves Manila, except portions of San Andres and Sta. Ana. It also operates in Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon.

It also supplies the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario, all in Cavite province.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three 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 an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Squid Game 2 to be ‘more intriguing,’ the show’s creator promises

A scene from season two of Squid Game. — IMDB

LUCCA, Italy — Revenge will be in the air in the hotly anticipated second season of Squid Game, the TV show’s creator Hwang Dong-hyuk says, promising a bigger cast of characters and more absorbing challenges than the original.

Attending the first global promotional event for the new season in the Tuscan city of Lucca, Hwang told Reuters a third edition of the Korean drama was already in post-production, and hinted an English-language version may be in the offing too.

The first season of Squid Game became Netflix’s most watched series of all time when it was released in 2021.

Hwang went on to win an Emmy for outstanding directing for a drama series, while Lee Jung-jae scored a best actor in a drama Emmy Award. Both were the first Asians to take home those titles and the first for a non-English language series.

Given the huge viewing figures, the dystopian show was inevitably renewed and is due to hit the streaming service on Dec. 26, with the third and final installment set for rollout in 2025.

“In Season 2, Gi-hun (played by Lee), who survived Season 1, returns to the games, not to win this time around, but to put an end to these games,” said Hwang, the show’s writer, director, and producer.

“There is going to be a larger number of characters this time and more intriguing games that are all worthy of a lot of the viewers’ love and support,” he said.

The thriller series follows cash-strapped contestants who take part in deadly survival challenges featuring childhood games for a chance to win a fortune. The new season takes place three years after the events of the first and sees Lee’s character Seong Gi-hun returning to the life-or-death game with new participants.

Also attending the Lucca Comics & Games event, Lee told Reuters there was pressure to improve on the original, adding that his character, a former gambling addict, is a changed man.

“Gi-hun is a very different person in Season 2. This time around he wants revenge. He wants to catch the people behind the games and he wants to bring them to justice,” he said.

The Hollywood news site Deadline, reported this week that US director David Fincher, who made the 1999 hit Fight Club, was working on an English-language version of Squid Game for Netflix.

“I don’t think it’s official yet, so I cannot tell much about it. But, you know, I respect him as a filmmaker and creator,” Hwang said when asked about the report.

“So if he does it, you know, I’m looking forward to seeing it, watching it.” — Reuters

Restoring Filipino seafarers’ competitiveness for a sustainable maritime sector

EN.WIKIPEDIA.ORG

The shipping industry is one of the most diverse and globalized sectors in the world due to its involvement in the international transportation of goods and products. Marine transportation is the most cost-efficient and sustainable way of moving large quantities of goods around the world. Our nation regularly supplies seafarers to meet the labor demands of merchant fleets worldwide.

According to the Department of Labor and Employment, the Philippines has long provided nearly one-third of the global maritime workforce. Filipino seafarers have been the top choice of foreign principals due to their well-established reputation and global recognition, which stem from their unique combination of diligence, adaptability, dependability, and fluency in the English language. Considering their hard work, dedication, and financial contribution, these Filipino sailors are among our nation’s greatest assets.

However, a combination of local and global events has resulted in a decreased demand for the services of Filipino seafarers. As a result, their competitive advantage is gradually diminishing. This situation seriously threatens the sustainability of Philippine manning agencies, the growth of our economy, and the well-being of the families who rely on our seafarers’ remittances.

How can we address the declining global labor market competitiveness of Filipino seafarers in the face of intense competition from other countries, an economic downturn, legal and political requirements, technological advancements driven by Industrial Revolution 4.0, and the aftermath of the COVID-19 pandemic?

One of the main obstacles contributing to their declining competitive advantage is their difficulty in keeping up with technological advancements. The maritime transport sector is adapting to the development of smart ship technology as the world moves toward higher levels of autonomy. “Autonomous technology for ships” refers to a software’s increased independence in making critical decisions within a maritime vessel, representing a significant technical advancement. For example, the Internet of Things (IoT) allows seafarers to remotely control their machines and equipment. Such technological advancements may lead to further job losses for seafarers.

Our seafarers must enhance their technological skills and knowledge to keep up with the rapidly evolving technological landscape in the maritime industry. Over the past few decades, there have been significant advancements in technology, particularly in the way seafarers are trained by various maritime institutions. For instance, several manning agencies have already invested in their maritime training facilities and hubs. Some training centers have even acquired their own shipping vessels to provide their cadets with more hands-on experience and firsthand exposure to working on a shipping vessel.

Despite innovations in shipbuilding and training methods, seafarers remain crucial as they are primarily responsible for operating and navigating these vessels. Finding the most effective way to educate and train seafarers is an ongoing responsibility that all major stakeholders must undertake to adapt to these changing times.

One of my recommendations to enhance the global competitiveness of Filipino seafarers is to establish a maritime training facility tailored to their needs. Manning agencies, trade unions, and other stakeholders in the maritime sector must form partnerships and collaborations. Manning agencies, most of which lack the resources needed to establish their own training facilities, could collaborate with each other or with other stakeholders and pool their resources to establish shared maritime training facilities, which would benefit all seafarers associated with these organizations.

Our seafarers’ maritime training is a long-term process that needs careful planning to align with global trends. This process requires significant effort and the harmonization of national legislation with international conventions. The government, manning agencies, maritime schools, training centers, and maritime trade unions should work together to ensure that Filipino seafarers understand the value of additional education and training in advancing their careers and remaining competitive in the international market. Each party has a responsibility to contribute to rekindling the global competitiveness of Filipino seafarers.

 

Dr. Rayan Dui is a full-time faculty member and chair of the Department of Marketing and Advertising at the Ramon V. Del Rosario College of Business, De La Salle University. With over 15 years of experience as a senior marketing consultant for a maritime training center, he has a keen interest in research related to the maritime sector. Through his research he aims to implement changes that will benefit the maritime training industry and ultimately, Filipino seafarers.

rayan.dui@dlsu.edu.ph

Wise gets access to InstaPay, boosting real-time transfers

REUTERS

GLOBAL cross-border payments platform Wise now has access to real-time electronic fund transfer service InstaPay and can now settle directly with the Bangko Sentral ng Pilipinas’ (BSP) gross payment system PhilPaSS Plus, it said on Monday, allowing for faster transactions.

With this, Wise now has six direct connections to domestic payments systems globally, it said in a statement.

“We realized, and especially for Wise as a global company, two of the main pillars that we would want to push in the Philippines would be — which are solved by InstaPay — speed and cost,” Wise Philippines Country Manager Areson I. Cuevas told BusinessWorld.

“In less than 20 seconds, the recipient in the Philippines should be able to get the payment. Before InstaPay, it wasn’t instant. But right now, especially if the transaction is covered by the InstaPay limit of P50,000, that’s going to be instant,” Mr. Cuevas said.

The direct connection to InstaPay will also help reduce their costs, he added.

“InstaPay has a low-cost model, but we still have to pay them, which means we can route payments to the Philippines at a much lower cost structure,” he said.

Partnering with InstaPay no longer requires Wise to partner with banks and will also let their customers send funds to other participants of the automated clearing house, he added.

“Right now that we are already sending payments by InstaPay, we no longer have to rely on a sponsor bank to sponsor our payments. We are doing it directly by PhilPaSS … which helps reduce the cost and make transactions faster,” Mr. Cuevas said.

“If you’re an InstaPay participant, it supports the BSP’s call to avoid bilateral agreements with banks to make repayments. So, it levels the playing field. So, it makes us level with other banks,” he said.

In May, Wise entered the Philippine market with the launch of its products Wise Account and Wise Prepaid Card.

Wise Philippines was able to settle its first InstaPay transaction in August via PhilPaSS Plus, Mr. Cuevas said.

They expect the direct InstaPay integration to boost demand for real-time transfers, he added.

Wise has an average transaction fee of 0.62%.

With transactions completed in less than a minute, Wise customers can withdraw or move their funds fast, the company said.

This will also allow them to quickly top up their Wise Account and Wise Card transactions via bank transfers or electronic wallets.

The total value of transactions done through InstaPay jumped by 44.8% to P5.14 trillion as of September from P3.55 trillion a year prior.

In terms of volume, InstaPay transactions stood at 974.4 million in the first nine months, soaring by 70.6% from 571.1 million the previous year.

PESONet and InstaPay are automated clearing houses launched in December 2015 under the BSP’s National Retail Payment System framework.

InstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce. — A.M.C. Sy

Dusit Thani Mactan eyes Japanese tourist surge

100-METER infinity swimming pool at Dusit Thani Mactan Cebu Resort — DUSIT.COM

CEBU CITY — Dusit Thani Mactan Cebu Hotel, a luxury resort owned by Robinsons Hotels and Resorts, is optimistic about the resurgence of the Japanese market as a top source of tourists.

“We always know that Korea is our top market here in Cebu because it has the most number of direct flights coming from different parts of Korea. But as for Japan, before it used to be the second top market, pre-pandemic time,” Flordelis Ymbong, director of sales — leisure at Dusit Thani Mactan Cebu, told BusinessWorld on Oct. 26.

The Japanese market is now replaced with foreign visitors from Taiwan and Singapore.

Starting Oct. 28, a new flight from Japan will begin, with additional flights in December for the peak season, she said.

Philippine Airlines is set to launch its Cebu-Osaka flights on Dec. 22 with direct flights from Mactan to the Kansai region that will ramp up the tourism industry and local business in Cebu and the Visayas region.

“We had the Department of Tourism (DoT), Tourism Promotions Board B2B mega fam tour from Japan agents last Oct. 25. We had a B2B networking at NUSTAR,” Ms. Ymbong said. The networking event was attended by 76 travel agents from Japan, as well as the DoT in the Philippines and in Japan, particularly in Osaka.

Ms. Ymbong said the occupancy rate for the Dusit Mactan is slowly picking up but still not the same as the pre-pandemic time.

She said the luxury resort, located in the first five-star beachfront resort, is currently at a 75% occupancy rate while aiming to reach 80% in January next year.

“We want to diversify our market because it happened already during the pandemic. We are only relying on one particular market which is the Korean,” Ms. Ymbong said.

Dusit Thani is now looking to tap its existing Europe, India, Dubai, and Canada markets.

The hotel has 271 guest rooms and suites and a facility for meetings, incentives, conferences, and exhibitions that can take a maximum of up to 900 guests.

Dining options include Thai restaurant Benjarong, Tradewinds Café, The View lobby lounge, Sunset Bar — a sports bar, and The Deli.

Situated on the Punta Engaño Peninsula, the Dusit Thani Mactan Cebu is accessible from Mactan-Cebu International Airport, 11 kilometers by land and sea transport. — Aubrey Rose A. Inosante

8990 Holdings appoints Landers’ Gwen Lim as independent director

8990HOLDINGS.COM

LISTED 8990 Holdings, Inc. said its board has appointed Gwen Lourdes G. Lim as an independent director effective Monday.

Ms. Lim fills the vacancy caused by the resignation of Vittorio P. Lim, 8990 Holdings said in a stock exchange disclosure.

On Oct. 29, Mr. Lim officially vacated the role due to government requirements on the qualifications of independent directors.

Ms. Lim is currently the vice chairman of Southeastasia Retail, Inc. (SEARI), a role she has served since September 2022.

SEARI operates the membership retailer chain Landers Superstore.

She was previously the president of SEARI from February 2015 to August 2022.

8990 Holdings said Ms. Lim has more than 34 years of experience in the local retail industry, with previous positions in SM, Pricesmart Philippines, and S&R Membership Shopping.

For the first nine months, 8990 Holdings saw a 24% decline in its attributable net income to P4.71 billion from P6.2 billion in 2023.

The company’s revenue dropped by 8.4% to P15.68 billion from P17.12 billion last year.

On Monday, 8990 Holdings shares rose by 1.05% or nine centavos to P8.69 per share. — Revin Mikhael D. Ochave

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