Home Blog Page 2010

Aboitiz InfraCapital to add mall, terminal, park in West Cebu Estate

ABOITIZ InfraCapital, Inc. plans to break ground next year on a new commercial complex within its 540-hectare mixed-use development West Cebu Estate (WCE) in Balamban, Cebu, the company said on Monday.

“In 2025, WCE will break ground on a new commercial complex featuring a neighborhood mall, transport terminal, communal park, and commercial lots,” Aboitiz InfraCapital said in an e-mailed statement.

“These amenities are designed to enhance the quality of life for the estate’s workforce and residents, fostering a supportive, well-rounded environment that will make WCE an even more attractive destination for businesses and employees alike,” it added.

West Cebu Estate is a Philippine Economic Zone Authority (PEZA)-registered economic estate hosting 14 locators and 14,000 employees.

WCE has embarked on a 39-hectare expansion, supported by an initial investment of P1.4 billion, according to the company. The expansion will accommodate light to medium manufacturing industries, including automotive, semiconductor, and electronics, further diversifying WCE’s locator base and generating an additional 14,000 jobs, it added.

WCE is also known as the shipbuilding capital of the Philippines, according to the company.

Established in 1992, the estate now hosts 12 key locators from medium to heavy industries, including globally recognized shipbuilders such as Tsuneishi Heavy Industries of Japan, Advanced Catamaran Composites of the United States, and Cebu Marine Industry, Inc. of Taiwan.

Aboitiz InfraCapital also said that WCE has directly generated over 14,000 jobs and attracted more than P32 billion in investments. In 2023 alone, the estate’s locators exported goods valued at over $545 million, the company noted.

It said that Austal Philippines, a global shipbuilder that has been operating in West Cebu Estate for 12 years, has secured a contract to construct a 32-meter catamaran for Rottnest Fast Ferries, which operates ferry services to Rottnest Island, a popular tourist destination off the coast of Western Australia.

“Austal Philippines’ growth within WCE highlights the estate’s robust industrial ecosystem, which provides a comprehensive suite of infrastructure,” Aboitiz InfraCapital said.

“WCE is home to a skilled local workforce. The estate’s dedicated seaport optimizes logistics, enabling efficient goods movement, while regulatory services — including a one-stop shop for PEZA and Bureau of Customs support — streamline processes for all locators,” the company added. — Beatriz Marie D. Cruz

BSP to investigate GCash glitch

INSTAGRAM.COM/GCASHOFFICIAL

THE BANGKO SENTRAL ng Pilipinas (BSP) has ordered electronic wallet (e-wallet) GCash to expedite the resolution of its system issues following user complaints about unauthorized transactions, adding that it will investigate the incident further.

The central bank has “instructed G-Xchange, Inc. (GXI), the operator of GCash e-wallet, to immediately resolve the reported unauthorized deductions on account balances of affected GCash users and swiftly complete the process of refunds that GXI has initiated,” it said in a statement on Monday.

“BSP will investigate the incident further to identify possible vulnerabilities and review compliance with regulations and policies.”

On Saturday, several GCash users reported that funds were deducted from their accounts without their knowledge.

GCash on Sunday said it “completed the necessary wallet adjustments to its affected users,” attributing the incident to their system reconciliation process.

“Based on the initial report of GXI to the BSP, the incident was attributed to a system error. GXI assured that all accounts of GCash users remain secure and that they are now in the process of refunding the deductions,” the regulator said.

“BSP has likewise required GXI to submit regular updates on its actions on the matter. BSP is closely coordinating with GXI to ensure a prompt resolution of this issue,” the central bank added.

The public may also escalate their concerns to the BSP if they are not satisfied with GXI’s handling of their complaints, it said. — Luisa Maria Jacinta C. Jocson

Manila falls in Global Green Finance Index

Manila fell 12 spots to 81st out of 97 financial centers in the 14th edition of The Global Green Finance Index (GGFI) by Z/Yen Group and Long Finance. The Philippine capital was one of the laggards in the region with an overall rating of 549. The index measures the quality and depth of green financial products of financial centers and monitors their progress toward a sustainable financial system.

Manila falls in Global Green Finance Index

The Cure returns to top of UK charts after 32 years

AMAZON.COM

LONDON — The Cure returned to the top of the UK charts after 32 years on Friday as their long-awaited album Songs of a Lost World went to number one.

The British band released the record, their first studio album in 16 years, on Nov. 1. It went on to outsell the rest of the top five in the UK albums chart combined, the Official Charts Company said.

“It is enormously uplifting, genuinely heartwarming to experience such a wonderful reaction to the release of the new Cure album,” lead singer Robert Smith said.

He went on to thank “everyone who has bought it, listened to it, loved it, believed in us over the years.”

The Cure last topped the UK album charts in 1992 with Wish. Their last studio album was 4:13 Dream, released in 2008.

The group, who made their debut in the late 1970s and are known for their post-punk as well as darker melancholic tracks, had long teased a new album, with Mr. Smith revealing the Songs of a Lost World record title in 2022. — Reuters

Long shadows between DC and Manila

RAWPIXEL.COM

This column comes out almost a week after the 2024 United States Elections on Nov. 5. The world seems to have settled to the globally upsetting news of the return of Donald J. Trump and the Republican Party to the White House and Capitol Hill. Both have been elected with unquestionable majorities (at least compared to the previous 2016 and 2020 cycles). A Republican victory, bolstered by the mainstreaming of far-right, white supremacist, and fascist efforts, is an ominous portent for the world.

For those whose politics and values spring from global and liberal norms, there is much to grieve and grit our teeth for. For many like me who have been led by these values to global solidarity, political activism, and development work, it is another indictment of the weakness, if not strategic poverty, of our position. The concurrent rise of countries whose hostility to universal human rights (of which China and Russia are only the largest) continue to belie prospects towards global peace, addressing global climate change, and ending inequality across nations.

It is not my intent to cast a further pall of gloom on a disappointing week. However, steeling ourselves for the next four years (nay, the next decade) requires us to answer hard questions not only on the impact of America’s politics on the world. What genuine questions must the Philippines contend with moving forward? For now, I offer three.

First: Why was Trump’s return even possible? What might it mean for other democratic countries like us?

The possible answers are as myriad, overlapping, and impossible to reconcile as there are opinion-makers. Some will chalk it up to the unabated outpouring of money from billionaire lobbyists, campaign finance laws be damned. Some would blame the haphazard, latecomer and inward-looking campaign run by Kamala Harris and Tim Walz, despite its forward-looking ethos. Others see it an indictment not of Harris’ character, but of the Democratic Party’s failure under outgoing President Joe Biden to address the lingering causes of post-COVID socio-economic insecurity. Let’s not even get to the “culture wars” that entrenched Americans’ intransigence against each other.

These invite relevant, and lamentable, comparison to the tragedies of former Vice-President Leni Robredo’s campaign against current President Ferdinand “Bongbong” Marcos, Jr. back in 2022. Even now, liberal institutions, policies, and political leaders continue to prove themselves lacking strategic innovation and in denial about the destruction of the EDSA Revolution’s symbolic capital. With these unaddressed, all the genuine enthusiasm, innovations, and heroic efforts of grassroots movements and mobilized citizens to bolster and prop up institutional liberal projects are doomed to disappointment, if not disillusion.

Second: Is a second Trump presidency heralding the irreversible decline of America’s role in global affairs?

This is usually asked despairingly, with an uncritical acceptance of American hegemony in global governance. Since the end of the Cold War in 1989, the aftermath of the War on Terror, and the 2008 financial crisis, America’s role in global affairs is much contested. Critiques come across the spectrum, from competing powers like Russia and China who actively undermine global institutions, to global solidarity movements whose advocacies have been much injured by America’s adventurist, techno-muscular, and unabashedly neoliberal foreign policy. America’s countenancing of war crimes and atrocities from preferred governments, plus its abating of corporate excess even at the expense of climate regulation, invite rightful opprobrium.

For both, American decline is perhaps long in coming. But it is only to the global solidarity movements that we should listen in good faith. The loss of credible American participation in multilateral affairs presages the weakening of international institutions dependent on American-led blocs’ funding. This also leads to the loss of global norms which served as the foundation of universal human rights, development policy and investment, as well as the expansion of global civil society space.

Crucially, contraction of American intervention may mean the evaporation of development and military aid to those long reliant on it. This ranges from the unconscionable (like Israel’s genocide in Gaza) to those also at the forefront of battling Russian and Chinese aggression (such as Ukraine, Taiwan, and our fight in the West Philippine Sea).

The Philippine security sector’s optimism that America will not retreat from us, even with the Republican Party’s hostility to internationalism, is perhaps informed by previous experience. Yet it is at this very moment that the old certainties are weakest and being upended. Prudence requires us to look to ourselves, to newer allies, and to friends closer to home.

Third: What should Filipino democratic advocates take away from the US election?

The continuing degeneration of American politics need not despair us more than it already has. As Philippine politics continues to be under the grip of unabated clientelism, vulnerabilities to disinformation (thanks in part to American social media conglomerates), and the continuing isolation of our civil society under changing demographics, we must now confront the elephants in our own living rooms. America has no monopoly on a “perfect democratic model.” Democratic potential starts in acknowledging our people have been much abused, denied their opportunities, and made overdependent on the munificence of the elites holding them economic hostage. The challenge of “saving democracy” must start by asking: Have our people taken ownership of the democratic society we supposedly live under? To what extent are the people we “fight for” already developing skewed values, drifting away from democratic norms? To what extent, then, must we first talk and listen to the people instead of mounting our kneejerk actions, reactions, and mobilizations? This last point, ironically, is where we keep falling short.

Our own clock is ticking. The 2025 midterm elections do not offer much optimism. These will pile up greater hurdles for the 2028 succession. We can no longer say with a straight face that we were not warned.

“The death of the contemporary forms of social order ought to gladden rather than trouble the soul. But what is frightening is that the departing world leaves behind it not an heir, but a pregnant widow.” — Alexander Herzen, 1849

 

Hansley A. Juliano serves as instructor with the Department of Political Science, School of Social Sciences, Ateneo de Manila University. He is finishing his doctoral research at the Graduate School of International Development, Nagoya University. He also serves as a radio show producer for Radyo Katipunan 87.9, Jesuit Communications Foundation.

DFNN, PCSO partner for expanded tech services

PHILSTAR FILE PHOTO

LISTED DFNN, Inc. has signed an agreement to provide expanded technology services to the Philippine Charity Sweepstakes Office (PCSO) in a bid to boost the latter’s lotto operations.

On Nov. 8, the company signed an agreement with PCSO as a corporate business level two agent, DFNN said in a regulatory filing on Monday.

The agreement is aimed at “increasing sales and thus enhancing the charitable contributions of (PCSO’s) lotto operations,” the company said.

“The services have soft launched over the weekend and are now live,” it added.

DFNN is an information technology provider and systems integrator.

The company has competencies in high volume and secure financial transactions, software or middleware development, IT support services, secure platform development, and turnkey implementations.

It also holds licenses for electronic gaming machines, a sports betting exchange, and digital and pari-mutuel games.

On Monday, DFNN shares dropped by 9.09% or 30 centavos to P3 per share. — Revin Mikhael D. Ochave

Maya revolutionizes banking with high engagement strategy, driving deposit and lending growth

Maya, the No. 1 Digital Bank in the Philippines, is revolutionizing banking with high engagement banking (HEB) strategy, leading to a 52% year-on-year growth in deposit balances to P36 billion as of September 2024.

With 52% of Filipinos still keeping savings at home according to the 2021 survey by the Bangko Sentral ng Pilipinas, Maya offers an attractive alternative via HEB by providing up to 15% per annum interest—far higher than the 0.0625% to 1% typical of traditional banks. The interest rate increases the more customers use Maya for everyday transactions like paying bills or purchases through QR or card – making it even more exciting for customers to save and transact with Maya.

Additionally, customers earn interest daily, which makes the benefits of saving more tangible compared to the traditional monthly accrual. This experience is further enhanced by an intuitive interest-earning tracker, which empowers customers to actively manage and visualize their growing savings in real-time.

“We’re redefining how Filipinos master and grow their money,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder. “We’re not only helping people save but also giving them tools to grow their financial health and access opportunities previously out of reach.”

A New Era for Financial Inclusion

Maya’s strategy goes beyond deposits. It leverages transaction data from the program to enhance credit access through its AI-powered scoring system.

By analyzing customer transaction data, Maya has disbursed P67 billion in cumulative loans to over 1.4 million borrowers as of September 2024. About 50% of these borrowers are receiving their first formal bank loan through the platform.

High-engagement users—those making regular transactions and earning higher interest—make up 72% of Maya’s lending customers. They have better borrowing profiles, ensuring more sustainable and profitable lending.

Changing Consumer Behavior and Financial Habits

Users are increasingly seeing the value of Maya’s all-in-one banking app for saving, spending, borrowing, and investing, leading them to deposit more over time. On average, balances double within 12 months and triple by the 23rd month, reflecting strong financial discipline and deeper engagement.

“At Maya, we’re creating a financial ecosystem where savings, credit, and investments all grow together for our users,” said Angelo Madrid, Maya Bank President. “We’re revolutionizing how Filipinos bank by combining convenience, innovation, and value all in one experience.”

Maya’s HEB strategy is leading the transformation of banking in the Philippines, promoting smart financial habits and addressing gaps in financial inclusion.

Maya is the #1 Fintech Ecosystem in the Philippines, integrating Maya, the #1 Digital Bank, and Maya Business, the leading Omni-Channel Payment Processor. Maya Bank is regulated by the Bangko Sentral ng Pilipinas (BSP), and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC) for up to P500,000 per depositor. For more information, visit maya.ph and mayabank.ph. Follow Maya on social media at @mayaiseverything on Facebook, Instagram, YouTube, TikTok, and @mayaofficialph on Twitter.

 


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

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

Reytech targets to finish Landers in Vermosa estate before yearend

LANDERS VERMOSA comes months after Reytech turned over Landers Naga, the first in the Bicol region, which opened in July 2024.

REYTECH CONSTRUCTION & Development Corp. (Reytech) targets to turn over the new Landers branch in Vermosa estate in Cavite before the end of the year, the retail builder said on Monday.

“Reytech is scheduled to finish construction and turn over the site in Q4 (fourth quarter) of 2024, marking Landers Vermosa as the first branch of the fastest-growing exclusive membership shopping store in the province of Cavite,” the company said in an e-mailed statement.

The Vermosa estate branch is set to be the largest Landers branch in the country, with a store footprint of 1.3 hectares, it added.

Vermosa estate, developed by Ayala Land, Inc., is a 700-hectare growth center in Cavite.

This is also the retail builder’s second branch constructed for the exclusive membership shopping store within an Ayala Land township, the first being Landers Nuvali in August 2023. It is the fourth branch completed by Reytech as a general contractor.

In July, Reytech handed over Landers Naga, the first branch in the Bicol region.

“The construction of both developments supports the retail chain’s drive to bolster its presence across the country and serve more Filipino consumers with Landers’ global product offerings and best-in-class membership shopping experience,” it said.

For Landers Vermosa, Reytech employed off-site fabrication of both structural and architectural requirements to support faster implementation and reduced cost, the company said.

“For future Landers projects, we plan to use more streamlined and higher end wall paneling systems and introduce the use of pre-engineered building (PEB) materials for the structural requirements of the project coming from Reytech’s partnership with Kirby Systems, a leading global PEB system provider,” said Jay Pantangco, commercial director at Reytech.

“Both will enable us to decrease the duration of the project by more than 75 days and reduce the cost of structural scope of the project by at least 10%,” he added. — Beatriz Marie D. Cruz

Manulife, MCBL launch new insurance product with yearly payouts

THE MANUFACTURERS Life Insurance Co. (Phils.), Inc. (Manulife Philippines) and Manulife China Bank Life Assurance Corp. (MCBL) have launched a single-payment insurance product with a seven-year wealth growth savings plan.

“Through Wealth Guarantee, we are giving Filipinos an investment plan option that offers competitive guaranteed returns and valuable life insurance protection, enabling them to diversify their portfolio and gain financial security,” Manulife Philippines President and Chief Executive Officer Rahul Hora said in a statement on Monday.

Wealth Guarantee policyholders will get yearly payouts of up to 4.5% over six years with 100% capital return.

The medium-term wealth management product also provides 125% life protection coverage throughout the plan’s term.

“Wealth Guarantee is suited for investors interested in a medium-term savings plan, and for those looking to build their legacies for future generations,” Manulife Philippines said.

The plan will be available for a limited time through Manulife’s financial advisors or its financial sales associates based in China Banking Corp. branches nationwide.

“At Manulife, we are dedicated to continuously providing our customers with products and services that fit their unique financial needs and goals. We recognize the hard work that Filipinos put in to secure their envisioned future, and we aim to be their trusted partner in achieving financial freedom. Our latest offering — Wealth Guarantee — is designed to bring customers one step closer to that dream,” Mr. Hora said.

Manulife Philippines’ premium income stood at P15.54 billion in 2023, based on latest Insurance Commission data. Its net income was at P1.899 billion last year.

Meanwhile, MCBL’s premium income was at P8.33 billion and its net profit stood at P943.2 million in 2023. — A.M.C. Sy

Net Foreign Direct Investment

NET INFLOWS of foreign direct investment (FDI) into the Philippines slid in August mainly due to a sharp decline in investments in debt instruments, data from the central bank showed. Read the full story.

Net Foreign Direct Investment

Entertainment News (11/12/24)


Ely Buendia drops sophomore album

OPM icon Ely Buendia has marked another chapter in his solo career with the release of his sophomore album Method Adaptor, via Offshore Music and Sony Music Entertainment. The collection of 10 new tracks examines memories, experiences, and social issues through both cultural and personal narratives. “I think all the songs have something to do with rebelling — be it from the disappointments and hardships of life or from the control that people want to have on your mind,” Mr. Buendia said in a statement. The album is produced by Jerome Velasco, Audry Dionisio, and Erwin Romulo. Method Adaptor is out now on all digital music streaming platforms.


Denise Julia releases new EP

AN up-and-coming female voice in Filipino R&B, Denise Julia aims to build on her traction with the new EP, Sweet Nothings (Chapter 2), distributed by Sony Music Entertainment. The nine-track release is done in her confessional R&B/soul style. Sweet Nothings (Chapter 2) is out now on all digital music streaming platforms.


Philippine Dance Cup celebrates Filipino talents

THE Philippine Dance Cup, the only national ensemble and solo dance championship in the country, has once again tapped the De La Salle-College of Saint Benilde (DLS-CSB) to provide a platform for outstanding Filipino contemporary and classical dancers. For the 2024 iteration, scholarships to professional schools in Manila, Melbourne, and London are at stake. All participants, from the junior and senior solos to the ensembles, will engage in a highly professional program to display their skills in contemporary dance and ballet. The competition will run from Nov. 13 to 15 at the 5th floor theater of the Design + Arts Campus. Tickets are priced at P300 and may be secured through forms.gle/8n6QtEMJTTd7HsiL7.


TikTok Shop, SM Supermalls spotlight female CEOs

TIKTOK Shop and SM Supermalls have launched “She Leads: Fun Beyond Shopping,” a mall pop-up in the Philippines running from Nov. 15 to 17 at the SM Mall of Asia Main Atrium. The pop-up aims to recognize and empower female-owned and -led businesses in the Philippines, particularly those that have found success both offline and on TikTok Shop. The featured creator-CEOs are Rosenda Casaje of Gorgeous Glow Philippines, Rei Germar of Tapies, and Ashley Yap of Sip2Glow. They will have a talk in the She Leads segment of the mall pop-up (schedule to be announced), where they will share their success stories and have a special meet and greet.


Kapuso Mo, Jessica Soho turns 20 years old

FOR the GMA Network Public Affairs show, Kapuso Mo, Jessica Soho, hitting 20 years of bringing real stories to the screen is an achievement. In line with the milestone, it recently announced that it is the most followed Filipino show on Facebook, with 30 million followers and 1.4 billion views. Its has 1.2 billion views on TikTok, and over 1 billion on YouTube.

How PSEi member stocks performed — November 11, 2024

Here’s a quick glance at how PSEi stocks fared on Monday, November 11, 2024.