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‘Do They Know It’s Christmas’ mix to be released for hit’s 40th anniversary

AMAZON.CO.UK

LONDON — An “ultimate mix” of “Do They Know It’s Christmas” is set for release later this month to celebrate 40 years since the festive charity hit’s recording.

Rockers Bob Geldof, Midge Ure, and producer Trevor Horn said the latest version will feature vocals from Sting, Ed Sheeran, Rita Ora, and the late George Michael and Sinead O’Connor among other major music names.

The song was originally recorded by the Band Aid supergroup of music stars assembled by Mr. Geldof and Mr. Ure in 1984 to raise money to fight famine in Ethiopia. Two other versions followed for its 20th and 30th anniversaries in 2004 and 2014, featuring other groups of singers and musicians.

“Horn has taken these recordings and, through extraordinary music production techniques, blended all the voices of those separate generations into one seamless whole,” a press release announcing the song’s release said on Wednesday.

The latest “ultimate mix” version of the song will premiere on British breakfast time radio on Nov. 25, marking 40 years since the original was recorded. A video will also be released.

Listeners will hear “a young Sting sing alongside a young Ed Sheeran. A young Boy George with a young Sam Smith. A young George Michael beside a young Harry Styles” singing “against the Band Aid houseband of Paul McCartney, Sting, Phil Collins, Roger Taylor, Thom Yorke Paul Weller and Damon Albarn among others.” — Reuters

RCBC posts P1.77-billion net profit in 3rd quarter

PHILSTAR FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) saw its net profit decrease by 37.01% in the third quarter as its non-interest income was dragged down by foreign exchange losses.

RCBC’s attributable net income stood at P1.77 billion in the three months through September, down from P2.81 billion in the same period last year, its financial statement disclosed to the stock exchange on Thursday showed.

This brought its net earnings for the first nine months to P6.22 billion, 31.12% lower than P9.03 billion in the same period last year.

This translated to a return on average assets of 0.7% and a return on average equity of 5.2%, down from 1.1% and 9.5% at end-2023, respectively.

RCBC’s net interest income rose by 25.69% to P11.18 billion in the third quarter from P8.895 billion.

This came as its interest earnings went up by 17.53% to P20.33 billion from P17.298 billion mainly driven by higher interest income from loans, outpacing the 8.89% increase in interest expenses to P9.15 billion.

Net interest margin was at 3.8% at end-September, up from 3.4% at end-2023.

Meanwhile, the bank’s other operating income decreased by 56.39% year on year to P1.57 billion in the third quarter from P3.6 billion as it booked a foreign exchange loss amounting to P1.84 billion, a reversal of the P464-million gain seen in the same period last year. The absence of trust fee income this year after it spun off its trust unit into a stand-alone firm starting January 2024 also contributed to the decline.

These offset increases in its earnings from service fees and commissions and trading and securities gains.

On the other hand, RCBC’s operating expenses increased by 4.49% to P7.91 billion from P7.57 billion amid higher compensation, occupancy and miscellaneous costs.

As a result, its cost-to-income ratio stood at 61.7% at end-September, up from 59.2% at end-2023.

RCBC’s net loans expanded by 7.35% to P697.73 billion as of September from P649.93 billion at end-2023. Loans grew by 11% year on year, the bank said.

“The bank’s loan expansion was primarily driven by the consumer segment, with credit card and personal loans receivables growing by 58%. Data science and digital innovations have contributed to the growth in customer and loan volumes,” RCBC said.

“Additionally, the auto loan portfolio grew by 39% as RCBC leveraged new marketing and sales strategies to expand its market reach. While consumer loans now represent 39% of the bank’s total portfolio, the corporate and SME (small and medium enterprise) portfolios constitute the remaining 61%,” it added.

RCBC attributed the growth in its consumer loan portfolio to its ability to combine its core strengths with its innovative digital platforms.

“At RCBC, we are committed to fostering growth for Filipino consumers by leveraging digital solutions that make financial services more accessible and convenient,” RCBC President and Chief Executive Officer Eugene S. Acevedo said.

RCBC’s nonperforming loan ratio was at 2% as of September, up from 1.6% at end-2023.

On the funding side, deposits increased by 3.53% to P990.44 billion at end-September from P956.71 billion at end-2023.

This resulted in a loan-to-deposit ratio of 68.4%, up from 65.1%.

RCBC’s total resources stood at P1.28 trillion at end-September, 3.23% higher than P1.24 trillion at end-2023.

Total equity was at P158.099 billion.

Its common equity Tier 1 ratio was at 13.75% as of September, slightly lower than 14.7% at end-2023, while capital adequacy ratio was at 16.31%, also down from 17.4%.

The bank had 463 branches, 1,482 automated teller machines (ATM), and 7,013 ATMGo terminals nationwide as of Sept. 30.

RCBC’s shares dropped by P1.25 or 4.75% to close at P25.05 apiece on Thursday. — A.M.C. Sy

Higher sales boost Century Properties’ Q3 net income by 12%

CENTURY-PROPERTIES.COM

REAL ESTATE developer Century Properties Group, Inc. (CPG) recorded a 12% increase in its third-quarter (Q3) net income to P727.5 million from P647.81 million last year on higher real estate sales.

July-to-September revenue rose by 23.2% to P3.63 billion from P2.95 billion a year ago, CPG said in a stock exchange disclosure on Thursday.

Real estate sales climbed by 29.8% to P3.11 billion from P2.39 billion in 2023.

For the first nine months, CPG grew its attributable net income by 38% to P1.8 billion from P1.3 billion a year ago.

“We attribute CPG’s strong performance in the first nine months of the year to our expanded geographic and product footprint, which has allowed us to effectively capture the growing demand for quality, affordable homes, as well as the evolving needs of the premium residential market,” CPG Chief Financial Officer Ponciano S. Carreon, Jr. said.

Revenue rose by 11% to P10.8 billion driven by sales in the company’s First-Home Residential Development (PHirst) segment, which accounted for 64% or P6.9 billion of total revenues.

The premium residential developments segment accounted for 24% or P2.6 billion, while the commercial leasing and property management segments took up the remaining 13% or P1.4 billion.

Earnings before interest, taxes, depreciation, and amortization increased by 31% to P3.4 billion.

“With a strong nine months performance and expanded range of project pipeline to maintain the growth trajectory, CPG is very confident that it will deliver the same level of value it has started to distribute to its shareholders,” CPG President and Chief Executive Officer Jose Marco R. Antonio said.

On Thursday, CPG stocks dropped by P0.035 or 9.33% to 34 centavos per share. — Revin Mikhael D. Ochave

Taiwan’s commitment to climate action

JOHNSON HUNG-UNSPLASH

CLIMATE CHANGE has greatly affected countries around the world. As a member of the international community, Taiwan also faces serious challenges in this area. In recent years, we have witnessed the most severe drought in a century, intense rainfall, and devastating typhoons.

President Lai Ching-te is promoting five key strategies for a net-zero transition. This involves initiating a second energy transition; accelerating development of renewable energy sources such as geothermal, hydrogen, biomass, and ocean energy; advancing a twin digital and green transformation of our industries, and shaping net-zero lifestyles. We are thus pressing toward a fair transition that leaves no one behind.

In June, Taiwan established the National Climate Change Committee under the Office of the President to address climate governance and international cooperation from the perspective of national development. The committee is focused on seven areas: pathways to net-zero, diverse green energy and carbon reduction technologies, the twin green and digital transformation, sustainable green lifestyles, a fair transition, green sustainable finance, and a sustainable homeland and adaptive resilience. The committee allows for better communication of the government’s climate change response, accelerates policy implementation, and enhances public participation.

Taiwan is taking many steps to address climate change. In a demonstration of commitment to emissions reduction, it has incorporated the 2050 net-zero emissions target into the Climate Change Response Act. Meanwhile, legislation has been completed to establish a carbon fee system, similar to a global carbon tax, that will take effect in 2025. Companies will begin trial reporting in the middle of 2025 at an initial standard rate of approximately $10 per ton of carbon dioxide equivalent (tCO2e).

The rate will be subjected to phased increases based on recommendations from the Carbon Fee Rate Review Committee and, by 2030, reach a level that mirrors international standards of between $40 and $60 per tCO2e. Taiwan has also pledged to launch an emissions trading system in the next four years that will further integrate it with global markets. These policies align with Article 6 of the Paris Agreement, which encourages international collaboration on climate action through market mechanisms such as carbon pricing to reach more ambitious climate goals.

The carbon fee is just the first step in Taiwan’s carbon pricing system. Following on this, Taiwan will launch three major funds to stimulate development of green industries. The Green Growth Fund of NT$10 billion will be established to encourage the growth of emerging domestic net-zero industries. Funding from the insurance and financial sectors will support the Green Finance Innovation Fund for long-term investments in energy-saving, net-zero, and resource-circular industries. Finally, the Taiwan Net-Zero Fund will work to meet domestic and international carbon reduction goals by partnering with domestic emissions-intensive industries, venture capital firms, and financial institutions to assess and invest in various carbon reduction technologies. This fund will also bring Taiwan’s leading companies into global carbon reduction strategies, accelerate net-zero initiatives, and attract greater green investment. Such moves will enhance Taiwan’s international competitiveness and are in line with Article 9 of the Paris Agreement, which calls for developed countries to mobilize climate finance from diverse sources, and will lay a solid foundation for Taiwan’s sustainable development.

In terms of adaptation, Taiwan released its latest “National Climate Change Science Report” in May. This report provides foundational scientific data for local governments and ministries for use in short- and medium-term adaptation planning.

It addresses the development of early-warning mechanisms and system monitoring to improve urban environmental resilience. A multilevel disaster prevention system will be established that incorporates disaster prediction, response, and recovery measures to enhance disaster response capabilities and build a nation that is resilient thanks to integrated disaster prevention, adaptation, and net-zero goals. This aligns with Article 7 of the Paris Agreement, which calls on all parties to promote and implement adaptation policies. Taiwan will continue to use early-warning systems and monitoring measures to refine national adaptation policies.

As a major economy and a hub for technological innovation, Taiwan’s capabilities in renewable energy, climate adaptation, and low-carbon technological innovation can be of great help to global climate governance. Innovation and implementation will be critical drivers of climate action. With the advent of carbon pricing and the promotion of related innovative technologies, Taiwan will participate in global climate action through enhanced domestic policies and systems. We hope the international community will recognize that Taiwan is willing and able to contribute to global climate change efforts.

 

Peng Chi-ming is the minister of Environment, Republic of China (Taiwan).

Billy Bob Thornton figured out oil industry for Landman show

Billy Bob Thornton in a scene from Landman. — IMDB

LOS ANGELES — Billy Bob Thornton enjoyed learning more about the oil industry for his role in the television series Landman as Tommy Norris, a crisis executive for an oil company in West Texas.

“I had no idea how many things we use are made from oil,” he said.

“The thing about this is, it’s (the show’s) not pro-oil or anti-oil. It just presents sort of the facts,” he added.

Landman, distributed by Paramount+ and premiering on Sunday, explores the inner workings of the petroleum industry through Norris’ eyes.

The Fargo actor’s character handles issues that arise within oil production, including staffing, engineering logistics, and legal cases.

However, after a number of unfortunate incidents, including a stolen plane being used for drug trafficking and a faulty pump exploding, Tommy finds himself dealing with problems from all sides, including being investigated by his own company.

His woes are amplified by the arrival of his estranged daughter Ainsley Norris, played by Michelle Randolph, and explosive ex-wife Angela, played by Ali Larter, as well as his son Cooper Norris, played by Jacob Lofland, who insists on joining the family business.

The show is written and directed by Yellowstone creator Taylor Sheridan and is based on the Boomtown podcast by Christian Wallace, who helped Mr. Sheridan make the show.

“It’s the ups and downs, ins and outs, the good, the bad, the ugly of the oil business,” Mr. Thornton said.

However, he emphasized that at its core the show is mainly about the relationships of its characters and how they’re affected by the oil industry.

“The thing about the Tommy Norris character is that I just played him like me if I were in the oil business, you know, which I kind of do in everything I do,” Mr. Thornton said.

“It’s like you have to put most of yourself into it. But the great news is, there was a natural chemistry with the people already,” he added.

Mr. Wallace said at the Tuesday premiere at Paramount Studios that he hopes viewers gain insight into an industry on which the world relies.

“I hope that this is kind of a glimpse into the lives of the men and the women out in West Texas who kind of literally risk their life and limb to power the world and so, yeah, you know, I hope it starts some conversations,” Mr. Wallace said. — Reuters

Security Bank’s Q3 net earnings rise

BW FILE PHOTO

SECURITY BANK Corp. (Security Bank) saw its net income increase by 13.58% in the third quarter amid higher revenues.

The bank’s net earnings stood at P3.01 billion last quarter, rising from P2.65 billion in the same period last year, its financial statement disclosed to the stock exchange on Thursday showed.

This brought its nine-month net profit to P8.45 billion, up by 11.62% from P7.57 billion a year ago.

Security Bank’s nine-month income translated to a return on average assets of 1.19%, down from 2.22% at end-2023, while return on average equity went up to 8.07% from 7.81%.

“We are pleased with our third quarter results. The combination of our client engagement, significant investments in our team and our technology has accelerated the bank’s growth,” Security Bank President and Chief Executive Officer Sanjiv Vohra said.

The bank’s net interest income rose by 19.38% to P10.72 billion in the third quarter from P8.98 billion in the same period last year.

Interest income grew by 27.8% to P16.14 billion driven by higher interest earnings from loans, while interest expense climbed by 48.53% to P3.65 billion.

This resulted in a net interest margin (NIM) of 4.9%.

“Total non-interest income in the third quarter was P3.6 billion, up 129% year on year… Third-quarter non-interest income was driven by securities trading gains of P889 million, and service charges, fees and commissions of P1.8 billion, which grew 20% year on year,” the lender said.

Security Bank’s total operating income climbed by 35.84% to P14.36 billion in the third quarter.

Meanwhile, its operating expenses increased by 36.41% to P10.33 billion from P7.52 billion.

The bank’s cost-to-income ratio was at 58.81%, improving from 60.7% a year prior.

Security Bank’s total loans expanded by 15.68% to P622.75 billion at end-September from P538.33 billion at end-2023.

“Retail and MSME (micro, small, and medium enterprises) loans sustained their growth, up 38% year on year,” the bank said. “The growth in retail and MSME loans was driven by home loans which grew 21%, credit cards which rose 70%, auto loans which grew 51%, and MSME loans which increased 58%.”

Retail and MSME loans made up 32% of the bank’s total loan book.

Meanwhile, wholesale loans went up by 19%.

The bank’s net nonperforming loan (NPL) ratio was at 1.4% as of September, while NPL cover was at 79.49%.

On the funding side, total deposits rose by 18.69% to P719.91 billion at end-September from P606.53 billion at end-2023. Current account, savings account (CASA) deposits went up by 11% year on year, making up 53% of the total.

Its net loan-to-deposit ratio was at 86.5%.

Security Bank’s total assets stood at P1.03 trillion at end-September, up by 17.93% from P871.51 billion at end-2023. Total equity was at P143.27 billion.

Security Bank’s common equity Tier 1 ratio was at 13.3%, while total capital adequacy ratio was at 14.2%.

Its liquidity coverage ratio was 186%, while its net stable funding ratio was 135%.

Security Bank shares went up by 90 centavos or 1.14% to close at P80 apiece on Thursday.

MARGINS TO IMPROVE
Meanwhile, the bank expects improved interest margins next year as rates come down.

“As our loan book expands, interest income will expand. From a margin standpoint, it depends. Interest rates have been dropping [and are] expected to drop next year. My loan margins will improve if I don’t drop the same way as the cost. But my deposit margins will also be impacted because as interest rates go down, your deposit income will also correspondingly reduce. My loan NIMs will improve as interest rates drop,” Security Bank Senior Vice-President and Micro and Medium Head John David G. Yap told reporters on Thursday.

Loans under the bank’s business banking segment made up less than 3% of the bank’s total portfolio as of September, he said, even as MSME loans grew by 58% year on year.

Security Bank expects robust demand for MSME loans from MSMEs next year as the lender plans to introduce new products and digital innovations for the sector.

“From a market standpoint, GDP (gross domestic product) forecast next year from our economists was around 6%, so we believe as the economy continues to expand, there will be a need for financing,” Mr. Yap said.

“Given that we are still relatively small in the market, there’s an opportunity to grow. I believe by combining this value proposition, we’ll be able to grow our existing base as well as get other customers into Security Bank because of the new features that will attract them,” he added.

Security Bank will launch a mobile app for its Business Banking Segment next year, Mr. Yap said.

“The goal of the SME Business app is to make the SME’s life much simpler. It could be little things, like simplifying service requests, or giving them the right information, or just getting an app that’s secure and reliable, but that’s how we want to start off. The structure of that app allows us to innovate and add new features very quickly,” he added.

Security Bank has also launched Business Elite, a privilege program for MSMEs with exclusive offers, waived fees, preferential rates, dedicated virtual relationship managers and additional support. — Aaron Michael C. Sy

APEX Mining’s Q3 profits rise to P1.31 billion amid improved sales

APEXMINES.COM

APEX Mining Co., Inc. reported an attributable net income of P1.31 billion for the third quarter (Q3), a 27.2% increase from P1.03 billion last year, driven by improved ore sales.

In a disclosure, the company’s revenues rose 28.3% to P3.9 billion from P3.04 billion in the same period a year ago, amid an increase in gold and silver sales.

Gold revenues rose 28.8% to P3.76 billion from P2.92 billion, with total volumes reaching 25,112 ounces.

Sales from silver were at P136.69 million, a 17.1% jump from P116.71 million a year ago. Total silver volumes were 80,331 ounces for the July to September period.

The price of gold for the three-month period rose 33% to an average of $2,545 per ounce from $1,913 per ounce a year ago, while the average price of silver went up 28% to $29.50 per ounce from $23.07 per ounce.

“Higher tons milled and the surge in gold prices are the main drivers of this period’s good performance,” Apex Mining President and Chief Executive Officer Luis R. Sarmiento said.

Apex Mining operates the gold and silver mines in Maco, Davao de Oro and in Itogon, Benguet through its subsidiary Itogon-Suyoc Resources, Inc.

Meanwhile, the company reported a 32.9% increase in net income to P3.07 billion for the nine months ending September from P2.31 billion in 2023.

Revenues went up 24.2% to P10.84 billion for the January-to-September period from P8.73 billion the same period last year.

Apex Mining shares went down by 3.05% or 11 centavos to close at P3.5 apiece on Thursday. — Adrian H. Halili

Does buying bring contentment or happiness?

FREESTOCKS-UNSPLASH

Satisfaction is abstract. Buying something new only produces a fleeting “high.” The sensation, everything has a price tag. People are conditioned from childhood to want things and to buy them. Children are often brainwashed by TV and social media. Peer pressure. The subliminal message is that contentment is available — for a price. Buy the affluent lifestyle. A new car, condo, club share, fashion, jewelry, a yacht or helicopter, gadgets, property. The novelty wears off quickly. The individual will crave something new — repeatedly.

In a consumer society, keeping up is a never-ending quest. The invitations to the elite events come with hefty and calibrated donations.

Buying the affluent lifestyle = Happiness. Being included in the group, being part of the brat pack.

Psychological research data gathered from 13 countries (including the USA, Germany, Russia, and India) revealed:

1. People who think that affluence is a priority tend to experience anxiety, depression, and a low level of well-being.

2. The fear of losing material possessions aggravates anxiety.

3. People who crave fame and beauty do not fare well psychologically.

4. Self-aware individuals who try to develop close and meaningful relationships and who serve the community are better adjusted and happier.

A comprehensive survey conducted by professors in Rochester and Illinois on the subject has been published in journals. They paint a bleak portrait of people who value extrinsic goals such as wealth, fame, and beauty. Such people feel more depressed than others. They have a pattern of behavioral problems and physical discomfort, low levels of vitality and self-actualization.

The research data also covered the dark side of “the American Dream.” People who are encouraged to “strike it rich” see satisfaction in material goods. Ironically, the search for wealth is disappointing because satisfaction is short-lived.

“A preoccupation with money bodes ill regardless of how much money one has,” Dr. Richard Ryan of University of Rochester clarified.

Living a life wherein affluence is the focus results in psychological problems.

In a big country such the United States, a survey was done among 300 young adults. The results showed lower levels of mental health, self-esteem, and well-being occurred among the following:

1. People who wanted to make a lot of money.

2. People who thought that they were likely to success at it.

3. People who attained the appearance of financial success and popularity.

4. The college students who aspired for affluence had more transient relationships, watched more television and used social media. They were more likely to smoke, drink, and use drugs.

The results raise some questions about “a culture that thrives on material gain… It challenges homespun advice to follow one’s dream, whatever it may be. The data suggest strongly that not all goals or dreams are created equal.”

What is psychologically beneficial to an individual is “the pursuit of goals that reflect genuine human needs.”

Among these is the desire to feel connected to others and to help others.

“Spending one’s life trying to impress others or to accumulate trendy clothes, fancy gizmos and the money to keep buying them” is not beneficial to the individual.

Material things are considered a form of compensation for something more meaningful.

The researchers revealed that young adults who considered financial success very important were “disproportionately likely to have mothers who were not nurturing.” Or it may be the culture of the country.

Cold and controlling parents produced children who were insecure. These individuals focus on attaining security and a sense of worth from external sources.

The findings coincide with anecdotes of very wealthy men who grew up in troubled homes. The interpretation is that these successful men did not evolve well psychologically. They just became rich.

Unhappy people tend to seek extrinsic goals such as fame and money.

Dr. Tim Kassler speculated that the act of chasing these goals reduces one’s sense of self-worth.

“It makes you ignore the goals that could lead you to have more satisfying experiences.”

Whenever you feel low, despite affluence and materials things, pause for reflection. Weigh your goals and priorities. The blue mood could be symptomatic of an essential element that is missing in your life.

Happiness is not a commodity that can be purchased. It is a spiritual state of being. The quality of contentment is achievable when one learns to avoid comparisons and become thankful and appreciative.

 

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

Yellowstone cast continues to tease surprises leading up to season finale

Cole Hauser in a scene from Yellowstone. — IMDB

ACTOR Cole Hauser has listened to a number of fan theories about the final episodes of the American neo-Western TV series Yellowstone — and is not afraid to tell them they’re wrong.

“This show and what they think this season is going to be — everybody has their opinion of it,” said Mr. Hauser, who plays a ranch foreman named Rip Wheeler.

“And to be quite honest, none of them are right,” he added.

Even some cast members were in the dark about the ending, as the team behind the show redated scripts to preserve it.

Season five was split into two parts. The final six episodes that will wrap up the show began airing on the Paramount Network on Sunday for US fans, and premiered in Britain on Monday.

After its debut in 2018, Yellowstone became the top-rated scripted show in the United States and spawned two spinoff series.

The show follows the Dutton family, owners of the largest ranch in Montana, the Yellowstone Dutton Ranch, often dubbed “the Yellowstone.” Stars include Kevin Costner, Luke Grimes, and Kelly Reilly.

The story centers around family drama at the ranch, the bordering Broken Rock Indian Reservation, and Yellowstone National Park.

In Yellowstone season five, part 2, the power struggles for expansion continue.

The final episodes will be without the show’s main star, Kevin Costner, who played patriarch John Dutton, and announced his exit from the show in May 2023. The cast called his departure both energizing and disheartening.

Ms. Reilly, who plays Beth Dutton, found that the media’s spin on Mr. Costner’s exit was full of “untruths.”

“The way that Taylor (Sheridan) has ended this season is the way he always intended it to. …So, there was a small pivot that it had to happen sooner, but it then energized us creatively,” she said. — Reuters

Gig work: Long hours, less than minimum wage

PHILIPPINE STAR/EDD GUMBAN

RIDE-HAILING and delivery gig workers need to spend extended hours on the road and even then, struggle to net the equivalent of minimum wage, according to Fairwork Philippines, an advocacy for platform workers.

Cheryll Ruth R. Soriano, a professor at De La Salle University and principal investigator at Fairwork, said gig workers also take on the burden of investing in their vehicles, exposing them to debt and running costs.

“During low season, when they are not able to get sustainable gigs, they have to work long hours to recoup that,” she said.

In a policy brief, Fairwork Philippines said: “Despite working for extremely long hours, workers fail to earn a take-home pay that meets minimum wage levels, which highlights the financial insecurity experienced by platform workers.”

It pushed for a law to require platforms to ensure bookings sufficient to earn workers the equivalent of minimum wage, as well as safety nets for work-related deaths, accidents, injuries or illnesses. 

“They are unable to meaningfully access and rely on government-mandated social welfare benefits if ever the need arises. As to the insurance policies extended by the platforms themselves, workers cannot effectively file for and claim insurance proceeds due to the precarity of platform work,” it noted.

It urged the Social Security Commission to make platform workers compulsorily covered by the Social Security System (SSS) and to adjust safety nets to account for their unique work circumstances.

The study also called on Congress to pass legislation that would allow platform workers, who are mandatorily covered by the SSS, to access unemployment insurance benefits.

It urged legislation that requires companies that hire gig workers to mandate that workers register in government-mandated social services such as SSS, Philippine Health Insurance Corp., and Home Development Mutual Fund, among others, as an initial qualification for engagement.

Gig workers are classified as third-party service providers, which can be interpreted by employers to mean that such workers are independent contractors, pointing to the need for amendments to the Labor Code that would recognize such terms of engagement as akin to an employer-employee relationship.

Fairwork is an action-research project coordinated by the Oxford Internet Institute and the WZB Berlin Social Science Center. It evaluates the working conditions on digital platforms and issues ratings.

According to the 2022 edition of the Fairwork Philippines study, there are around 500,000 gig workers in the ride-hailing and delivery segments. — Chloe Mari A. Hufana

BankCom sees Q3 net income rising by 87%

BANKCOM.COM.PH

SAN MIGUEL Corp.-led Bank of Commerce’s (BankCom) net income rose by 87% year on year to P793.38 million in the third quarter amid higher revenues.

This brought its net profit for the first nine months to P2.21 billion, up 10% from P2.01 billion in the same period a year ago on the back of growth in its core businesses, BankCom said in a disclosure to the stock exchange on Thursday.

This translated to a return on average assets of 1.26% and a return on average equity of 9.27%.

“The increase was driven by growth in its core business, mainly net interest income, alongside increase in fee income. Core business growth mainly came from expansion in corporate loans and program lending primarily to SMC ecosystem clients,” it said in a disclosure to the stock exchange on Thursday.

The bank’s financial statement was unavailable as of press time.

BankCom’s net interest income grew by 5% year on year to P2.23 billion in the third quarter. In the first nine months, net interest income increased by 11% to P6.76 billion amid the “expansion in earning assets, primarily from corporate and consumer loans as well as financial assets at fair value,” it said.

Net interest margin stood at 4.48% at end-September from the 4.28% at end-December 2023. The improvement came amid faster growth in revenues from earning assets compared to  its interest-bearing liabilities, it said.

Meanwhile, BankCom’s non-interest income surged by 83% to P581.13 million in the third quarter. In the nine months ended September, other operating income went up by 5% year on year to P1.28 billion amid a 12% increase in service charges, fees and commissions.

“The increase is attributable to a 59% surge in underwriting fees amounting to P143.27 million, representing 11% of total other income. The bank also saw increases in trust, credit card, and trade finance fees. Moreover, trading gains posted a recovery totaling P134.75 million from last year’s loss amounting to P0.47 million,” BankCom said.

Operating expenses excluding provisions went up by 7% to P1.7 billion in the third quarter and by 15% to P4.96 billion in the January-September period.

“The expansion in operating expenses was driven mainly by the bank’s continued investment in human capital and technology as well as a higher volume of transactions,” it said.

“The bank’s strategy of improving its revenue streams and prudent spending resulted in a cost-to-income ratio of 62%,” it added.

BankCom’s total loans and receivables climbed by 15% to P125.95 billion, driven by growth in all its lending segments.

Its gross nonperforming loan (NPL) ratio stood at 1.67% at end-September from 1.54% at end-2023, while its net NPL ratio was at 0.48% from 0.44% in the same period.

On the funding side, total deposits inched up by 1% year on year to P188.56 billion. This consisted of primarily current account savings accounts (P164.39 billion), followed by time deposits (P19.14 billion) and long-term negotiable certificates of deposit (P5.03 billion).

This resulted in a loan-to-deposit ratio of 70%.

BankCom’s assets stood at P235.05 billion at end-September, while its capital funds stood at P32.76 billion.

Its capital adequacy ratio was at 18.3%, still above the 10% regulatory minimum.

The bank had a network of 140 branches and 267 automated teller machines as of Sept. 30.

BankCom’s shares closed unchanged at P7.89 apiece on Thursday. — L.M.J.C. Jocson

Anscor to acquire minority stake in resto operator The Bistro Group for P1.61B

BISTRO.COM.PH

LISTED holding company A. Soriano Corp. (Anscor) is expanding its investment portfolio after acquiring a minority stake in premium casual restaurant operator The Bistro Group for P1.61 billion.

Anscor signed a deed of sale with private equity company Navegar I (Singapore) Pte. Ltd. on Nov. 13 to acquire a minority stake in TBG Food Holdings, Inc., which operates The Bistro Group.

“This will expand Anscor’s investment portfolio in one of the most attractive and resilient market segments in the Philippines, the consumer sector,” Anscor said in a stock exchange disclosure on Thursday.

The Bistro Group is a premium casual restaurant operator in the Philippines, owning and operating over 200 full-service restaurants across 23 brands, including Italianni’s, TGI Friday’s, and Texas Roadhouse.

Last week, The Bistro Group said the operations of TGI Friday’s in the Philippines are not impacted by the recent bankruptcy filing of TGI Fridays, Inc. in the United States.

TGI Fridays, Inc. recently filed for Chapter 11 bankruptcy protection after the company suffered financial challenges due to the coronavirus pandemic as well as its capital structure.

The filing covers 39 restaurants in the US and does not include TGI Fridays Franchisor, LLC, which owns the brand and intellectual property.

Under the US Bankruptcy Code, a Chapter 11 bankruptcy allows a company to restructure its finances and operations.

Anscor’s major investments are in wire and cable producer Phelps Dodge Philippines Energy Products Corp. and Amanpulo Resort operator and owner Seven Seas Resorts & Leisure, Inc.

It has other investments in companies engaged in a range of activities including aviation, business process outsourcing, and real estate.

On Thursday, Anscor stocks rose by 2.14% or 30 centavos to P14.30 per share. — Revin Mikhael D. Ochave

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