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PDIC gets P411M from asset sales

THE PHILIPPINE Deposit Insurance Corp. (PDIC) generated P411.4 million from asset sales last year as it disposed of some properties of closed banks.

This was up 24.7% from the P330 million it earned in 2023.

“The funds or proceeds from these disposal transactions of the closed bank assets are held in trust by the PDIC and are used to settle claims of closed bank creditors, including depositors with uninsured deposits. The sales proceeds of corporate assets, meanwhile, augments the Deposit Insurance Fund (DIF), the primary source for deposit insurance claim payments,” PDIC said in a statement.

The state deposit insurer’s 2024 asset sale proceeds came from the disposal of 281 properties, 210 of which were owned by closed banks and the remaining 71 being PDIC-acquired assets.

It added that while the same number of assets were sold in 2024 versus the 2023 level, the value was higher as the sale value exceeded the aggregate minimum bid price of P398.3 million.

PDIC said P194.9 million out of the total 2024 proceeds came from the sale of properties that went through public bidding for more competitive pricing.

The remaining P216.4 million was generated through negotiated sales, where it offered the assets that went unsold at the public bidding exercises.

PDIC President and Chief Executive Officer Roberto B. Tan said in March that the state deposit insurer aims to auction off 350 properties this year to generate revenues.

“The PDIC remains committed to enhancing its asset disposal programs through innovative disposal strategies to attract more buyers, process streamlining to ensure efficiency and ease of transactions; and vigorous marketing initiatives to optimize property values and maximize recoveries such as segmentation and profiling of prospective buyers, partnership with the Pag-IBIG, conduct of virtual tours to interested bidders, and enhanced property search engine on the PDIC Assets for Sale microsite in the PDIC website,” it said.

“With these measures, the corporation aims to further increase asset sales, improve financial recoveries, and support the stability of the financial system by helping ensure funds are plowed back to the economy by way of investments and/or savings.” — A.M.C. Sy

Hard sell

STOCK PHOTO | Image by Camila Quintero Franco from Unsplash

EXCEPT for masochists who accept any hardship as invigorating, pain as a brand promise is what marketers call a “hard sell.” Still, it can be done. And there are products and services that succeed with it.

Religion recommends discomfort and pain as salvific forms of mortification. Fasting, abstinence, loss of loved ones, and long pilgrimages to sacred sites are perceived as a way of purifying the soul.

But even in our material world, pain can be promoted as a desirable avenue towards a greater goal, the necessary bridge to a desired state.

Diets promote deprivation of the pleasure of eating unhealthy foods. (Please avoid sugar.) What about those punishing exercise programs like training for half-marathons? Gyms that stay open at night offer aches and discomfort as selling points, with the slogan “no pain, no gain.” Pain can be an indicator of success: the greater the agony, the higher the chances of success.

Pain then becomes the proof of effectiveness for a regimen of workouts like running on a treadmill, lifting weights, doing bending exercises, even running in hot weather. Without pain or at least some heavy panting, the effort is seen as simply not enough to move the needle.

Management consultants too sell pain. For a company to be considered healthy, a painful process of cost-cutting (lessen your benefits), headcount reduction (your head, not mine) is often prescribed. This necessary discomfort is seen as the way back to recovery and ultimate glory.

Fraternities promote an initiation process which entails pain, and now and then even hospitalization and death, as a rite of passage to join an exclusive club. The pain is seen as a way of proving one’s worthiness to be called “Brod.” Without such suffering as a barrier to entry anybody can become a member, so the more painful the rite, the more exclusive the fraternity. (Just bend over, please.)

Cosmetics and healthcare products highlight rejection as the incentive to consider the products being promoted. Ostracism and ridicule are highlighted as pain points that can be overcome. Bad breath, body odor, a pitted face, or excess body weight are social ills that need to be removed. This way of selling pain features a “before” and “after” split screen of pain and pleasure.

The father who spanks a child to give him a lesson he won’t easily forget explains his action as just as painful to him as to the child taking the beating. (This hurts me more than it hurts you.) Of course, it is difficult for a child to accept this assertion.

Pain is promoted as a necessary means to achieve a desired goal. The suffering is not a marketable product by itself. Still, one only needs to understand the penchant for tattoos. The self-inflicted pain in inscribing “skin art” does not seem to be compensated for by any benefit. Maybe tattoo artists have discovered a way to sell pain without any benefit in sight, especially when the markings are hidden by underwear.

Occasionally, the government may embark on an austerity program to cut down on the budget deficit. The hardships and deprivations of the present are linked to a better fiscal status in the future — eat the tariffs.

Government programs rely on the PR value of any message they want to communicate. A belt-tightening effort relies more on perception than the actual impact of any cost reduction. This can entail less trips abroad (certainly not attending concerts), more modest cars for public officials, and dispensing with motorcycle escorts and their noisy warnings.

A message of pain and suffering is garbled by taking along family members and volunteer lawyers on a trip to the Hague. The travel expense is explained away as a small cost borne by the family and not charged to the government. Unwittingly this message of “no cost from the public purse” seems to admit that someone else is picking up the tabs. Maybe, the cost is somehow defrayed by payments to fictitious people with unusual names.

The challenge with selling pain is that it doesn’t have too many buyers, especially when those selling it don’t seem to use the product they are endorsing. Also, the expected benefit always comes with a non-refundable cost… including failure to receive the brand promise.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

SEC launches digital assistant to answer regulatory queries

SCREEN GRAB FROM FACEBOOK.COM/PHILIPPINESEC

THE Securities and Exchange Commission (SEC) has launched a chatbot to assist the public with queries on its rules, regulations, and procedures.

In a statement on Wednesday, the corporate regulator said the platform — called SEC AInnovation — was launched on June 2 as part of efforts to improve access to legal and regulatory information.

SEC AInnovation synthesizes content from legal sources such as Republic Act No. 11232 or the Revised Corporation Code, Republic Act No. 8799 or the Securities Regulation Code, and related implementing rules and regulations, memorandum circulars, advisories, and SEC online services.

In addition to its chatbot interface, the platform supports multi-modal interaction through voice-capture features and clickable topic links.

The chatbot is built on a natural language processing engine that allows users to communicate in English, Filipino, Bisaya, and other local languages.

The SEC said the new platform aims to reduce the need for manual research and in-person visits for concerns related to transactions with the agency.

“This initiative is all about breaking barriers and making our services faster, smarter and more accessible to everyone, not just in the Philippines but all over the world. This system is built to communicate the way you do, breaking language barriers and making sure that everyone feels heard and understood,” outgoing SEC Chairperson Emilio B. Aquino said during the launch.

“It’s a fusion of AI (artificial intelligence) and innovation, reflecting the commission’s strong commitment to leveraging advanced technology to better serve the public. This platform represents the commission’s bold step into the future,” he added. — Revin Mikhael D. Ochave

Fujifilm’s instax mini 41 now available in PHL

FUJIFILM PHILIPPINES, INC.

FUJIFILM’S latest instant camera model, the instax mini 41, is now available in the Philippines.

The instax mini 41 is priced at P6,599 and can be purchased at Fujifilm’s authorized dealers nationwide, Fujifilm Philippines, Inc. said in a statement.

The new instant camera is an updated version of its predecessor, the instax mini 40.

“Retaining the classic, vintage-inspired aesthetic that made the mini 40 a favorite among users of all ages, the mini 41 introduces a refreshed, modern look. Its sleek black body, complemented by dark-toned silver and a pop of orange, adds a bold, fashionable edge, making it not just a camera, but a statement accessory,” the brand said.

The camera has a classic analog design that features upgrades for a better shooting experience.

One feature is Close-up mode, which has a built-in parallax adjustment to help minimize the difference between what users see via the camera’s viewfinder and the final print when taking close-up shots.

It also has an enhanced Automatic Light Adjustment feature that selects the exposure according to the shots being taken.

“Rotating the lens one step activates the Close-up mode, perfect for close-up shots and selfies. The mode adjusts the viewfinder field of view to match the actual printout area in close-up shots through parallax adjustment. Users can now easily enjoy close-up shots without having to shift the center point seen through the viewfinder,” Fujifilm Philippines said.

“The Automatic Light Adjustment feature intelligently detects ambient light the moment the shutter button is pressed, automatically optimizing both the shutter speed and flash output based on the scene. Whether you are shooting in bright outdoor settings, dimly lit indoor spaces, or capturing close-ups and selfies, the mini 41 ensures each photo is well-exposed, bringing out the best in both your subject and the background,” it added.

The mini 41 is powered by two AA-size alkaline batteries and uses instax mini instant film packs. Its body weighs 345 grams without batteries and film loaded. — BVR

Sean ‘Diddy’ Combs paid hotel security officer to hand over video, jury hears

Sean “Diddy” Combs on the talk show Late Night with Seth Myers. — IMDB

NEW YORK — Sean “Diddy” Combs paid a hotel security officer to hand over surveillance footage that showed the hip-hop mogul violently attacking his then-girlfriend Casandra Ventura in a hallway, the officer testified on Tuesday at Mr. Combs’ sex trafficking trial.

Eddy Garcia, who had worked at an Intercontinental hotel, told jurors that Mr. Combs contacted him shortly after the incident and asked for the footage. Mr. Combs said he would “take care” of Mr. Garcia if he gave him the video, Mr. Garcia said.

“He was concerned that this video would get out and that it would ruin his career,” said Mr. Garcia, who was granted immunity from prosecution to testify.

Mr. Combs, 55, has pleaded not guilty to five counts including racketeering conspiracy and sex trafficking.

Federal prosecutors in Manhattan say Mr. Combs over two decades coerced women, including Ms. Ventura, to take part in drug-fueled sexual performances with male sex workers known as “Freak Offs.”

The trial is in its fourth week.

Jurors had previously been shown a March 2016 surveillance video from the hallway of the Intercontinental hotel in Los Angeles where Mr. Combs, wearing only a towel, threw Ms. Ventura to the ground, kicked her, and dragged her away.

Ms. Ventura said the incident occurred after Mr. Combs had given her a black eye during a “Freak Off.”

Mr. Garcia said he relayed Mr. Combs’ message about the video to his boss, who told him he would give Mr. Combs the video in exchange for $50,000.

The next day, Mr. Garcia testified he saw his boss enter the room that hosted servers for the surveillance cameras.

He said the boss gave him a USB drive, which he gave to Mr. Combs, who later returned with a brown bag and a money counter.

Mr. Garcia said Mr. Combs ran cash from the bag through the counter, which displayed $100,000, returned the money to the bag, and handed the bag to him.

Mr. Combs’ lawyers have acknowledged he was at times abusive in domestic relationships, but argue that women who took part in “Freak Offs” did so consensually.

Prosecutors say bribery is among the racketeering acts that Mr. Combs or his employees undertook in order to facilitate “Freak Offs” and prevent word of his abuse from getting out.

Mr. Combs could face life in prison if convicted on all counts. Prosecutors have said they may finish presenting their case next week, allowing the defense to put on its case. — Reuters

Singlife Philippines launches product to help cover funeral, end-of-life expenses

SINGLIFE PHILIPPINES, Inc. has launched a whole life insurance product to help cover funeral arrangements or other end-of-life expenses.

The Protect from Funeral Costs product is now available on the insurer’s all-digital mobile platform, the Singlife Plan & Protect app.

“Losing someone you love is already one of life’s most difficult moments, and having to rely on abuloy or having to pass the hat just to pay for funeral costs makes it even harder. Protect from Funeral Costs allows you to prepare in advance and leave behind a final act of love, one that ensures your family can grieve without financial worry. It’s part of our mission at Singlife: to empower every Filipino toward financial independence — in life, and beyond it,” Singlife Philippines Chief Executive Officer Lester Cruz said in a statement on Wednesday.

The product offers a lump sum cash benefit of up to P500,000. Customers can avail of coverage ranging from P100,000 to P500,000, with premiums starting at P447 per month and with payment terms of five or 10 years.

“With funeral expenses in the Philippines typically exceeding P200,000, Singlife’s latest product provides straightforward, flexible coverage in the face of a very real financial risk,” it said.

“Whether it’s for a modest ceremony or a more elaborate farewell, your loved ones can decide how to use the money without being locked into a fixed package from a funeral service provider. The product was designed with key features to give customers a convenient and easy way to plan for their funeral expenses.”

The policy also features a built-in financial needs analysis that will help clients estimate the coverage needed based on their preferences. It will also build cash value over time, which can be borrowed by the fourth year.

Policyholders also have the option to extend their plan to their spouse, life partner, or child.

Beneficiaries will receive 10% of the cash benefit in advance upon submission of the policyholder’s death certificate and identity verification.

“This helps cover urgent funeral expenses while the remaining amount is released upon claim approval.”

Singlife Philippines’s premium income stood at P491.79 million as of end-2024, data from the Insurance Commission showed. It posted a net loss of P399.94 million last year. — Aaron Michael C. Sy

Philippines 54th most vulnerable globally in Catastrophic Risk Index

The Philippines improved* 10 places to 54th out of 163 countries in the latest edition of the Global Catastrophic Risk Index by the Global Governance Forum. Despite this, the country’s catastrophic index score worsened to 42.2 from 36.6 in the previous edition. It was also worse than the Asia & Pacific score of 37.9. This placed the country as the fourth-most vulnerable among its peers in the region.

Philippines 54<sup>th</sup> most vulnerable globally in Catastrophic Risk Index

How PSEi member stocks performed — June 4, 2025

Here’s a quick glance at how PSEi stocks fared on Wednesday, June 4, 2025.

Lockheed Martin facility to service PAF aircraft

MIAA.GOV.PH/PHILSTAR FILE PHOTO

LOCKHEED Martin Corp. said that it will establish a repair and maintenance facility in the Philippines to service the F-16 fighter jet and the C-130 cargo plane.

“One of the flagship programs from a direct military perspective in supporting our forces is this repair capability… (serving) existing platforms like the C-130 and the F-16,” said Aimee P. Burnett, Lockheed Martin’s vice-president for Integrated Fighter Group Business Development.

The Philippine Air Force (PAF) operates the C-130 Hercules, a turboprop transport aircraft, and is set to receive 20 F-16 Vipers.

The US State Department recently cleared the sale to the Philippines of the F-16s in a package worth $5.58 billion, including spares, munitions, avionics, and technical support services.

Lockheed Martin plans to “work with and through local partners. We connect into and help develop and expand the aerospace and defense ecosystem, that’s in training and capability,” according to William L. Blair, Lockheed Martin Global, Inc. regional chief executive for Asia.

He noted the critical role played by maintenance, repair and overhaul in supporting the US bilateral engagement with the Philippines.

The Philippines has sought to bolster its ability to defend its territory in the face of Chinese encroachments in the South China Sea. Its defense spending plans include a P35-billion military modernization program over the next decade. — Adrian H. Halili

Cosmetics industry poised to maintain 10% growth this year

PHILSTAR FILE PHOTO

THE beauty and personal care industry is expected to sustain 10% growth this year, driven by product innovation and improved regulation.

“There are a lot of innovative products. And the regulations are also improving,” according to Christine Michelle P. Reyes, president of the Chamber of Cosmetics Industry of the Philippines, Inc.

Speaking on the sidelines of the Cosmobeauté Philippines 2025, she said beauty and personal care products continue to register “healthy” growth at retail level by volume and value. Last year, the value of beauty and personal care products grew at retail by 10.1%.

“The consumption pick-up in the previous year was due to lifestyle changes and easing of inflationary pressures,” she said.

“Middle-income groups are also growing in the Philippines alongside urbanization, with provincial areas attracting new consumers through the development of modern grocery retailers,” she added.

She said growth can also be attributed to improved consumer purchasing power due to easier access to credit.

She noted growing demand for sun care and sustainable products.

“The best-selling products are products that integrate SPF protection, and also climate and environmental issues are increasingly top of mind for players in beauty and personal care,” she added.

Trade Secretary Ma. Cristina A. Roque said Philippine beauty and personal care companies are ready to go global.

“This is our first time joining an international trade show such as this… I feel we really have companies that are ready to go global, especially those with products that are coconut-based and healthy,” she said.

“That will be the direction of Philippine products. We also have to be strategic in our approach when we sell our products because there are so many products from all over the world, and what can be our edge? Definitely the coconut-based products,” she added.

She said that most Philippine products are plant-based and organic, which could present a favorable contrast to products in the market that  are heavy on chemicals.

However, she said domestic companies are being challenged by the growth of e-commerce.

“We have a lot of products now from Korea, China, and Japan, some of which are really low-priced,” she said.

“But we are very competitive also because the cost of production in the Philippines is not that high,” she added.

She said that prospective countries for beauty and personal care exports include Thailand and Hong Kong, as well as the rest of ASEAN.

Scheduled to run from June 4 to 6, Cosmobeauté Philippines will be showcasing 250 brands and companies and business-to-business events.

“The journey towards Cosmobeauté Philippines 2025 is an interesting and empowering one,” said Rungphech Chitanuwat, country general manager of Informa Markets Philippines, the organizer of the event.

“This edition holds importance as it sets the latest trend and standard in events focused on skincare and cosmetics in the country,” she added.

Cosmobeauté Philippines serves as the kick-off event for the Cosmobeauté trade shows in Southeast Asia, such as Vietnam, Malaysia, and Indonesia. — Justine Irish D. Tabile

Semiconductor industry council to look into ease of doing business, talent dev’t issues

REUTERS

THE Semiconductor and Electronics Industry Advisory Council (SEIAC) said that it will focus on improving the ease of doing business and developing a talent pool.

“The SEIAC aims to address the problems, issues, and concerns of industry players and find solutions for these,” according to Secretary Frederick D. Go, the special assistant to the President for investment and economic affairs, who also chairs the council.

In a statement on Wednesday, Mr. Go said: “The council will focus on the ease of doing business for those in the assembly, test, and packaging (ATP) industry and develop a talent pool for the integrated circuit (IC) design industry.”

SEIAC said the Technical Education and Skills Development Authority (TESDA) and the Commission on Higher Education will play a role in ensuring that training, reskilling and upskilling programs are effective.

“(This) will grow the integrated circuit design sector and strengthen the assembly, test, and packaging as well as the electronics manufacturing services (EMS) segments,” it said.

“This likewise realizes the vision of making the Philippines a consistent and reliable global partner packaging $70 billion of semiconductors, assembling $40 billion of electronics, and providing globally recognized IC design services by 2030,” it added.

Created through Administrative Order No. 31, the SEIAC is tasked with supporting the development, promotion, and competitiveness of the semiconductor and electronics industry.

At its June 2 meeting, the council approved the establishment of three technical working groups focused on investment and business environment, talent development and education, and infrastructure and cluster development.

“These groups will be led by government agencies such as the Department of Trade and Industry (DTI), TESDA, and Bases Conversion and Development Authority, along with industry and academic representatives,” SEIAC said.

“Additionally, the council endorsed a private sector representative nominee, pending presidential appointment, to ensure active private sector involvement,” it added.

Apart from the creation of the council, the administrative order also directed the DTI to develop the Philippine Semiconductor and Electronics Industry Roadmap to serve as the framework in accelerating the growth of the country’s semiconductor and electronics industry.

According to the DTI, the 2030 Philippine Semiconductor and Electronics Industry Roadmap is still being finalized. — Justine Irish D. Tabile

Human element remains ‘most relevant’ even as organizations transition to greater AI use

REUTERS

By Beatriz Marie D. Cruz, Reporter

MADRID — While artificial intelligence (AI) has been replacing traditionally human tasks, human input remains the most important skill for entrepreneurs in an AI-driven era, an academic said.

“You’d never try to multiply numbers in your head, because you know the calculator will win, but all the things you do before and after (the automated task) are what the humans do,” Ikhlaq Sidhu, dean of IE School of Science and Technology, told journalists here on Tuesday.

“It still takes an input and an output, and there’s what you do with the output. So, the human parts are the ones that are the most relevant.”

When asked about what skill should future entrepreneurs possess as AI rapidly transforms businesses, Mr. Sidhu said: “being human… that is the number one skill.”

About 35% of Philippine leaders are considering workforce reductions to harness the productivity gains offered by AI, according to Microsoft’s 2025 Work Trends Index report.

According to Mr. Sidhu, the real danger is when “human outsource their minds to AI.”

“If you just say, ‘I don’t want to think anymore, for every question, I’ll just ask AI,’ and you turn off your critical thinking, curiosity, and the things that really drive a person, then it’s bad news for you.”

A 2025 study by Michael Gerlich, who heads the Center for Strategic Corporate Foresight and Sustainability at SBS Swiss Business School, found a negative correlation with AI tool reliance and critical thinking abilities. This emphasizes the need for “educational strategies that promote critical engagement with AI technologies,” it concluded.

Mr. Sidhu also cited the importance of integrating technical practices and industry insights when teaching science and highly technical courses.

In many universities, students’ understanding of science and technology-based programs tend to focus on teaching the fundamentals but with little practical application. This results in “narrow” learning experience disconnected from the needs of industries or ventures, Mr. Sidhu said.

“There’s some very abstract topics that people learn in technical fields, and when you spend all your time learning these abstract things, you don’t always know how to connect it to the things that are happening everyday or in the workplace,” he said.

Citing his experience as the founding director of the University of California at Berkeley’s Sutardja Center for Entrepreneurship & Technology, Mr. Sidhu noted that collaborations between students and industry yields superior results and better execution.

“You are able to take the learning and the results farther than you could than when there was only one type of student,” he said.

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