GCash starts ‘anonymizing’ names to protect customers

September 9, 2022 | 12:02 am

E-WALLET giant GCash will now cover customers’ names when sending money as part of its commitment to protect users’ information.

“In the past, the name of the person was seen as an added measure of convenience and helped verify that the recipient was correct,” GCash said in a statement.

“We need to strike a balance between customer experience and strengthening measures to keep user information safe from unscrupulous individuals. The feature that shows the full names of recipients was intended to help users verify if they are sending to the right person and avoid being scammed,” said Mark Frogoso, chief information officer of GCash.

Meanwhile, Globe Telecom, Inc. said it has partnered with the Bankers Association of the Philippines to create a framework for intelligence and data sharing, as part of its intensified efforts against cybercrime.

“Rapid detection and action against illicit activity on Globe’s network have been made possible by the ground-breaking information exchange frameworks with banks. These enhance the overall efficiency of fraud investigation and prevention,” Globe Chief Information Security Officer Anton Reynaldo M. Bonifacio said.

From January to August this year, nearly 36.7 million bank-related spam and scam attempts were blocked through collaboration and data-sharing with partner banks, Globe said.

“Aside from blocking millions of scam and spam messages, Globe has also deactivated 14,058 scam-linked mobile numbers and blacklisted 8,973 more from January to July this year,” it added. — Ashley Erika O. Jose

DBP’s net profit surges by 131% in the first semester

September 9, 2022 | 12:02 am

DEVELOPMENT Bank of the Philippines (DBP) recorded a net income of P2.76 billion in the first half, surging by 131% from the P1.19 billion it earned in the same period last year, keeping it on track to meet its profit target.

The state-owned bank attributed the rise to an increase in loan volume and interest income and lower cost of funds as it ramped up its lending activities in support of the National Government’s economic recovery program.

“DBP reaffirmed its commitment to help hasten the economic recovery of the country by intensifying its development lending activities,” DBP President and Chief Executive Officer Emmanuel G. Herbosa said in a statement on Thursday.

“Its solid financial performance in the first half of the year puts it in a prime position to bolster its support to the various priority programs of the National Government,” he added.

DBP Executive Vice-President for Operations Fe Susan Z. Prado also attributed the growth in DBP’s net profit in the first half to a 29% increase in gross margin to P3.09 billion.

This, despite being weighed down by provisions for credit losses totaling P2.8 billion. Net income before provisions stood at P6.41 billion, up by 85% year on year, the bank said.

Ms. Prado said the country’s positive outlook due to the gradual opening of the economy will benefit DBP as the lender looks to capitalize on increased business activities in the second half of the year.

“DBP’s first-half income already represents a 72% realization rate of its P3.85-billion readjusted target for the year and the bank is on track to keep its position as one of the most financially stable government financial institutions in the country,” Ms. Prado said.

The bank’s total loans grew by 13% to P494.15 billion as of June from the P436.02 billion recorded a year ago.

“[About] 55.33% or P273.43 billion were released to bankroll projects in the infrastructure and logistics sector, majority of which are located in the National Capital Region, Central Visayas, and Central Luzon,” Mr. Herbosa said.

The bank provides credit support to four strategic sectors of the economy — infrastructure and logistics; micro, small and medium enterprises (MSMEs); the environment; and social services and community development.

DBP’s outstanding loans for social infrastructure and community development projects amounted to P98.49 billion as of June.

Outstanding credit for other developmental initiatives covering finance and insurance, manufacturing, wholesale and retail trade, accommodation, and food services totaled P65.20 billion in the same period.

“The bank also provided P48.69 billion in loans for the agriculture sector in support of the government’s food sufficiency program, as well as P52 billion for environment-related projects and P31.58 billion for MSME sector,” Mr. Herbosa said.

Meanwhile, the lender’s deposits reached P731.90 billion, representing 82% of its P895-billion target for the year, with low-cost deposits rising by P9 billion.

DBP is the sixth-largest lender in the country in terms of assets with P1.06 trillion at end-March, data from the central bank showed. — KBT

How many days a Filipino needs to work to buy the latest iPhone

September 9, 2022 | 12:02 am

An average Filipino worker needs to work for 90.9 days — assuming that all the money earned is saved — to buy the latest iPhone 14 Pro, according to the latest iPhone Index by research ﬁrm Picodi.com. Out of 46 countries included in the index, the Philippines ranked second highest working days needed to afford the new iPhone after Turkey’s 146.7 days. The base model of the iPhone 14 Pro (128 GB) was priced at P70,990, while the average net wage in the country was estimated at P16,401.

Lufthansa, pilots reach wage deal, strike called off

September 9, 2022 | 12:02 am

FRANKFURT — German airline Lufthansa and pilots’ union VC said they had reached a deal in a wage dispute, averting a second strike that had been planned for this week.

The agreement comes after a strike at Lufthansa last week forced the cancellation of hundreds of flights, further plaguing a summer of travel chaos.

The Vereinigung Cockpit (VC) pilots’ union said it had agreed the basis of a comprehensive package of monetary and structural issues which would be fleshed out in the next few days.

It gave no further details but said it was sufficient for a strike due to begin on Wednesday to be called off. “We are pleased that a result was reached at the negotiating table and that further disruption for customers, employees and companies could be avoided,” said Marcel Groels, responsible for the union’s collective bargaining policy.

“Today important first steps have been taken towards long-term cooperation,” he said.

Passenger plane pilots had been due to strike on Wednesday and Thursday this week, and cargo pilots from Wednesday through Friday, according to the union, whose membership is over 5,000.

Lufthansa, which has said it would make an improved offer, said the agreement meant flights could take place as planned in the next few days.

“We are pleased we were able to reach a solution in constructive talks with the Vereinigung Cockpit pilots’ union,” the national carrier said in a statement, giving no details of the deal.

VC had demanded a retroactive pay rise of 5.5% from July 1 as well as a pay increase of 8.2% in 2023 in response to inflation. — Reuters

George Clooney, Julia Roberts reunite for their first rom-com together

September 9, 2022 | 12:01 am

LONDON — Oscar winners George Clooney and Julia Roberts reunite on the big screen in Ticket to Paradise, their first romantic comedy together, portraying a bickering divorced couple.

The duo play David and Georgia, who put their differences aside and join forces to stop their daughter Lily from marrying someone she has recently met on a graduation trip to Bali.

Not wanting her to make the same mistake they believe they made 25 years earlier, they travel to the island to disrupt the nuptials.

Directed by Ol Parker, the film is the fifth Ms. Roberts and Mr. Clooney have starred in together.

“It was fun… We enjoyed it because we got to be snarky with each other. We thought that was funny,” Mr. Clooney told reporters at the movie’s world premiere in London on Wednesday.

“We also thought it was kind of a nice time to do something light, (we’ve) kind of all been through it a little bit, all of us together as a human race, and so we thought it’d be fun.”

Ms. Roberts is known for a string of romantic comedies in 1980s and 1990s, from Pretty Woman to Notting Hill, while Clooney’s last romantic comedy was One Fine Day in 1996.

“It’s nerve wracking at first when you hear their names,” Kaitlyn Dever, who plays Lily, said on having the two Hollywood stars play her parents.

“And then when you meet them, all of that kind of nervousness goes away and then you’re able to see them just as people.”

Set among lush scenery, there are plenty of scenes in which David and Georgia exchange snide comments before slowly starting to tolerate each other again. One scene shows the two drunkenly dancing in a club much to the embarrassment of their daughter.

“Ol was just like, do what you want, don’t hurt each other and stay in the room,” Ms. Roberts said. “No one can get hurt,” added Mr. Clooney. “Just your eyes.”

Ticket to Paradise, which also stars Billie Lourd, Maxime Bouttier, and Lucas Bravo, begins its global cinema roll-out on Sept. 12. — Reuters

Omico, Sta. Lucia Realty revoke deal on property development

September 9, 2022 | 12:01 am

OMICO Corp. has rescinded its memorandum of agreement (MoA) with Sta. Lucia Realty and Development, Inc. (SLRDI) on a planned property development.

Both companies want to focus on other real estate projects, Omico said in a disclosure on Thursday.

“Upon mutual agreement, Omico and SLRDI decided to rescind the originally executed MoA,” it said.

“The rescission of the MoA shall take effect and to be enforced when duly executed. The decision made by both parties is to focus on their skills and resources on their respective real estate projects,” it added.

In 2005, they signed an agreement for the development of Omico’s properties into a residential or commercial subdivision.

The properties have a total area of more or less 23.25 hectares in Pinmaludpod, Pangasinan.

“With regards to Omico, it will be an opportune time to enhance Omico’s capability to develop its real properties on its own, increase its revenues and maximize investor return,” the company added.

The company said that it will instead source funds from its cash reserves and internally generated funds from the sale of housing units in Sta. Rosa, Nueva Ecija, for the planned property development.

Omico shares ended higher by 3.03% or P0.01 to close at P0.34 at the stock market on Thursday. — Luisa Maria Jacinta C. Jocson

How HR is driving digital transformation in banking

September 9, 2022 | 12:01 am

THE adoption of digital banking transactions among Filipinos continues to accelerate even when face-to-face dealings are already back. According to 2021 Financial Inclusion Survey (FIS) of the Bangko Sentral ng Pilipinas (BSP), 60% of those with mobile phones and internet access in 2021 performed financial transactions online, such as fund transfers and payments, jumping from 17% in 2019. The survey also showed that the number of Filipino adults with financial accounts increased from 20.9 million in 2019 to 42.9 million in 2021, growing by more than double. The convenience of transacting online truly shifted the financial behavior during the pandemic, with more Filipinos saving and using online banking and digital payments.

The consumer today is truly digital! But is the banking industry keeping up with the Filipinos digital transactions appetite?

In my conversations with bank executives, the biggest challenge of the industry is how to augment and retool its workforce as fast as how Filipinos are consuming digital banking services. The skills of bank employees need to stay abreast with digital technologies and tools, digital sales and marketing, and new ways of delivering services. Banks now need capabilities in cybersecurity, digital product design, user experience, and data science, which are not easy to acquire or develop.

To satisfy the digital demands of customers and compete with fintech companies to remain relevant, banks need to rethink talent and transform, and do so quickly. It’s not an easy road ahead. But not an impossible one either.

According to a global study by Boston Consulting Group, a typical bank today employs up to 90% of its workforce to run day-to-day operations, with only 10% dedicated to change and innovation. This talent and skills crunch will be further aggravated by the entry of six digital banks, where three of them — Overseas Filipino Bank, Inc., Tonik Digital Bank, Inc., and Maya Bank, Inc. — are now fully operational, while the rest — UNObank, Inc., UnionDigital Bank, Inc., and GoTyme Bank — are operating under limited capacity prior to fully launching their services to the public.

Therefore, human resources technology (HR tech) is becoming an important part of the incumbent banks’ digital transformation agenda. One such HR tech platform is a human capital management (HCM) software. This allows HR departments to automate key tasks, providing seamless access to data and information, and facilitating the creation of analytics-based insights. In short, HCM technology can enhance a bank HR team’s effort to attract, engage and nurture their most critical resource — talent.

With the analytics-based insights from an HCM platform, HR teams can handle many of the functions and processes needed to develop the capabilities needed to meet the demands of digital customers. This is going to be the next wave of digital transformation across the banking industry.

To unpack what HCM excellence means today and how HR leaders can extract the best out of HR tech platforms, Darwinbox — the number 1 rated HCM on Gartner and trusted by JG Summit, Shakey’s Pizza, Robinson’s Bank and other leading enterprises and conglomerates in the region — is organizing a roundtable for Chief Human Resources Officers from the Banking industry. The by-invitation-only roundtable with Nic Lim and the Darwinbox leadership team will be conducted on Sept. 14 at The Gallery by Chef Chelle in Bonifacio Global City.

Reynaldo C. Lugtu, Jr. is the Founder & CEO of Hungry Workhorse Consulting, a digital and culture transformation consulting firm. He is the Chairman of the ICT Committee of the Financial Executives Institute of the Philippines (FINEX). He is Fellow at the US-based Institute for Digital Transformation. He teaches strategic management in the MBA Program of De La Salle University. The author may be emailed at rey.lugtu@hungryworkhorse.com

Factory output growth eases annually in July

September 9, 2022 | 12:01 am

MANUFACTURING SLOWED in July after coming from a high base a year ago, the Philippine Statistics Authority (PSA) reported on Thursday. Read the full story.

Conflict with an ex-friend who is now the boss

September 9, 2022 | 12:01 am

I’ve been working as a supervisor for a medium-sized corporation for the past 10 years. My co-worker and friend Chris (not his real name) was promoted to manager and became my boss. Since then, our easygoing relationship has changed. He has rejected much of my work, even those submissions whose issues are only superficial. I also heard from other workers that Chris is badmouthing me. Why can’t Chris tell me what he wants? — Lonely Boy.

When a smooth work relationship becomes difficult, you need to understand many things. Generally, Chris may want to establish boundaries in your relationship in order not to compromise his position with top management. But why can’t Chris explain the situation?

Maybe he has known you for some time and he expects you to fully understand where he’s coming from. It could be that he has high expectations of you. The trouble is that we’re all guessing here. The only thing I can tell you is to find out and understand his job expectations.

You need to sit down one afternoon to discuss with Chris what has changed and what his work standards, methods, and targets are. There’s nothing wrong with initiating a serious talk with Chris.

Tell him about your confusion and ask to reset the relationship. But first, take a close look in the mirror. Find out what’s wrong with you and your work performance. Do this objectively.

POSITIVE RELATIONSHIP
When the balance of power shifts to the side of Chris by virtue of his promotion, you must fully understand his new mandate. Of course, it’s not right for him to talk negatively about you in front of other people. That’s unprofessional. But what if you’re being accused of something by other people out to destroy your relationship?

Again, we don’t know the answer to that. What we know is that both you and Chris had a positive work relationship before he got promoted. All you need to do is to relive fond memories to soften your new image of Chris. Approach the situation with renewed hope.

You don’t have to stop being friends, but both of you must understand that times have changed and that it’s imperative for both of you to draw a line between your friendship and your professional relationship.

You must understand that Chris doesn’t want to be seen as playing favorites with you, or even suggest that favoritism is affecting his judgment, even if untrue. You should be aware of this possibility.

NEW RULES
Understand that you no longer enjoy the luxury of an excellent work relationship with Chris, who may not have the appetite to initiate a conversation with you. Or maybe he’s so busy managing various operational issues that he can’t find the time to talk to you. Whatever the case, you need to initiate the discussion with the following in mind:

One, understand the change as a work-in-progress. No matter how life has changed, treat it as temporary. Hope for the best. Be realistic of what you’ve invested in that company for the past 10 years. Think twice before handing in a resignation or request a transfer to another department, if that’s what you’re thinking. This could reflect negatively on Chris.

Two, reset the relationship by exceeding expectations. That means completing your work on time. Likewise, you must ensure the highest possible quality in your routine work and special projects. This is the best way to support Chris in his new job.

Three, pay specific attention to instructions issued by Chris. If they are verbal, confirm them by sending an e-mail detailing how you understood them. Use that same opportunity to raise objections or concerns that may have escaped his attention. Whatever you do, you must protect yourself to minimize the risk of being blamed later on.

Last, perform damage control by ignoring the grapevine. It’s difficult to accept bad news from other people who may have agendas. While you can’t fully control what others may have told you, avoid responding emotionally. Whatever happens, don’t speak negatively about Chris.

Chat your workplace questions with Rey Elbo on Facebook, LinkedIn or Twitter or e-mail them to elbonomics@gmail.com or via https://reyelbo.com

How PSEi member stocks performed — September 8, 2022

September 9, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Thursday, September 8, 2022.

Peso logs new all-time low vs dollar on hawkish signals from Fed officials

September 8, 2022 | 9:00 pm

THE PESO weakened to a new record low versus the dollar for the fifth straight day following hawkish signals from the US Federaal Reserve.

The local unit closed at P57.18 a dollar on Thursday, inching down by 4.5 centavos from its P57.135 finish on Wednesday, according to Bankers Association of the Philippines data.

Year to date, the peso has weakened by 12.11% or P6.18 from its P51-per-dollar close on Dec. 31, 2021.

The local unit opened Thursday’s session at P57.07 against the dollar. The peso’s weakest showing was at P57.22, while the intraday best was at P57.06 against the greenback.

Dollars exchanged inched down to $1.15 billion on Thursday from $1.23 billion on Monday.

The peso declined following hawkish signals from officials of the US Federal Reserve, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Cleveland Fed President Loretta J. Mester on Wednesday said she isn’t convinced that US inflation has peaked.

“(Services inflation) tends to be much more persistent and rents are still very elevated…It takes a while for rents to show up in underlying inflation. There’s still more that’s going to show up,” Ms. Mester said in a webcast.

Federal Reserve Bank of Boston Susan M. Collins said “we’ve not yet seen significant declines in prices, and that’s what we’re going to be looking for.”

“We need to do more,” Ms. Collins said in a podcast interview of the regional bank.

“We are in this for as long as it takes to get inflation down,” Fed Vice Chair Lael Brainard said in an annual conference of The Clearing House and Bank Policy Institute. “It will be necessary to see several months of low monthly inflation readings to be confident that inflation is moving back down.”

The Fed has raised benchmark rates by 225 basis points (bps) since March, including back-to-back 75-bp hikes in June and July.

It is expected to fire off another aggressive increase at its Sept. 20-21 meeting as Fed Chair Jerome Powell last month said they need to keep rates higher for longer to bring prices back to their target level.

Mr. Ricafort also attributed the peso’s decline to the continued drop in the country’s gross international reserves to their lowest since August 2020.

Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s dollar reserves stood at $98.98 billion as of August, 0.85% lower from $99.83 billion as of July and down 8.3% from the $107.96 billion level seen a year prior.

The BSP said the decline was due to the lower valuation of its gold reserves and higher government withdrawals to repay debt.

For Friday, Mr. Ricafort expects the peso to move from P57.05 to P57.25 per dollar. — K.B. Ta-asan

Shares up on bargain hunting, Wall Street’s rise

September 8, 2022 | 9:00 pm

PSE-720p-2 — PHILIPPINE STAR/KRIZ JOHN ROSALES

PHILIPPINE STOCKS closed higher on Thursday on bargain hunting as well as improved labor data, also tracking Wall Street’s rise overnight.

The benchmark Philippine Stock Exchange index (PSEi) rose by 39.66 points or 0.6% to close at 6,593.74 on Thursday, while the broader all shares index went up by 15.13 points or 0.43% to 3,505.20.

“The local market climbed this Thursday by 39.66 points or 0.61% to 6,593.74. This came on the back of bargain hunting fueled by the positive spillovers from Wall Street and the further improvements in our labor market figures,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message.

“However, ongoing headwinds, which include the peso’s depreciation and recession risks offshore, kept many investors on the sidelines, which resulted in weak trading for the day,” Mr. Plopenio said.

US stock indexes climbed on Wednesday as bond yields eased. The Dow Jones Industrial Average rose by 435.98 points or 1.4% to 31,581.28; the S&P 500 gained 71.68 points or 1.83% to 3,979.87; and the Nasdaq Composite added 246.99 points or 2.14% to end at 11,791.90.

Meanwhile, the country’s unemployment rate dropped to 5.2% in July, its lowest level in more than two years, the Philippine Statistics Authority reported on Thursday. The jobless rate eased from 6% in June and 7.2% in July last year.

On the other hand, the peso logged a new record low for the fifth session in a row, closing at P57.18 a dollar from P57.135 a day prior. This is also the local unit’s sixth straight day of losses.

“Investors are still on the sidelines as they await the FOMC (Federal Open Market Committee) meeting,” Mercantile Securities Corp. Head Trader Jeff Radley C. See said in a Viber message. The FOMC is scheduled to meet on Sept. 20-21.

“Consumer stocks are still the main theme in the short term as they are the ones who are moving the index,” Mr. See added.

The majority of sectoral indices ended higher on Thursday except for mining and oil, which went down by 60.45 points or 0.52% to 11,516.61, and services, which decreased by 5.94 points or 0.35% to 1,671.51.

Meanwhile, property climbed by 30.54 points or 1.03% to 2,977.97; industrials went up by 97.56 points or 0.99% to close at 9,859.94; holding firms increased by 28.19 points or 0.44% to 6,301.62; and financials added 5.76 points or 0.36% to close at 1,594.23.

Value turnover went up to P5.25 billion on Thursday with 674.59 million shares changing hands from the P4.85 billion with 916.47 million issues seen the previous day.

Decliners outnumbered advancers, 99 against 88, while 48 names closed unchanged.

Net foreign selling was at P48.68 million on Thursday, a turnaround from the P42.72 million in net purchases seen on Wednesday.

Mercantile Securities’ Mr. See placed the PSEi’s support at 6,472 and resistance at the 6,700 and 6,900 levels. — J.I.D. Tabile