Reaching your financial goals fuss-free is now possible with Singlife’s new and innovative products

May 2, 2023 | 12:02 am

Investment with insurance coverage is now within reach for every Juan and Maria in just a few taps in GCash

Singlife Philippines launched two more innovative products on GCash: Cash for Goals and Ready, Set, Grow. Both products are designed to make investing as simple, convenient, and flexible as possible—so anyone can start using it to achieve their financial goals. And because Singlife is digital only, therefore giving the customer direct control, all of the money is invested ensuring maximizing the return on investment.

Start small and go as big as you can!

You can start with as little as PHP 750 per month on Ready, Set, Grow, and PHP 1,000 per month on Cash for Goals – ideal plans to start the discipline of setting aside money for later. And when you’re ready, you can increase your monthly investments or decide to save for a longer period. It’s up to you.

Fees are minimized to grow your money faster

Singlife does not charge entry fees. The company believes that this money can be better used to grow your money faster. 100% of your money is invested. Others can charge 20%-30% of your premiums to pay for coffee meetings, leatherette policy folders, and incentives for salespeople.

Best fund managers in the country

Your investments are managed by some of the most awarded investment managers in the country – Metrobank Trust Group and Atram. These institutions have a long history in the market and are experts in finding the best deals and in ensuring that the risks and returns of the funds are managed according to expectations.

Freedom and flexibility

You can change your monthly investment amount anytime, pause it for a couple of months, withdraw from your investments either fully or partially, or add money whenever you like. You can do all of this through your GCash app—no need for lengthy forms and painful calls or meetings with an agent.

“Singlife provides customers with a better way to save, plan, and protect their financial future,” said Rien Hermans, CEO, Singlife Philippines. “We developed Cash for Goals and Ready, Set, Grow to help customers achieve their financial goals easier, faster, and to make this a good experience. With these products more people will be able to save a substantial amount that brings their dreams within reach.”

With Singlife Philippines’ new investment-linked insurance products on GCash, achieving financial goals has never been easier. Click on the links provided to learn more about Cash for Goals and Ready, Set, Grow, or go to GCash, GInsure, then go to Goals.

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KMC to open 2 new sites this month

May 2, 2023 | 12:02 am

KMC SOLUTIONS is planning to open two new flexible office developments this month, after inaugurating its latest site in SM North EDSA Tower 1, Quezon City last week.

In a statement, KMC said its flexible office facility will open at Jollibee Tower along Emerald Avenue, Pasig City on May 18. It will have 741 seats over 1,869 square meters (sq.m.) of floor space.

The new KMC facility located in Lexmark, Cebu Business Park will open on May 25. It will have 1,215 seats over 5,590 sq.m. of floor space.

KMC’s new site in SM North EDSA Tower 1 has 553 seats across 2,449 sq.m. of floor space. It offers hot desks with retractable outlets, a pantry, mind and body training room, shower facilities, and an ice cream machine.

“Our new office layouts are sensitive to the changing nature of work, with flexible solutions that allow for truly collaborative, meaningful professional engagement. We cater to individuals that need space to express themselves, employees who work best from the sofa, or people that need the structured surroundings of a more traditional office,” Gian Reyes, vice-president of marketing at KMC Solutions, said in a statement.

PSE aims to provide platform for listed companies

May 2, 2023 | 12:02 am

PHILIPPINE Stock Exchange, Inc. (PSE) is hosting another “investor day” program as it aims to provide a platform to discuss the first-quarter earnings and projects of publicly listed companies or PLCs, it said on Monday.

“PSE STAR (Strengthening Access and Reach) had two runs last year and both were well-received. We are continuing this activity to provide more PLCs an avenue to share their earnings performance and growth prospects to a bigger audience,” Ramon S. Monzon, PSE president and chief executive officer said.

“We also want to give investors and analysts access to the top executives and investor relations teams of the featured PLCs through this activity,” Mr. Monzon added.

The companies that will discuss their earnings, projects, and growth strategies are Aboitiz Power Corp., Alliance Global Group, Inc., Cebu Landmasters, Inc., Filinvest REIT Corp., JG Summit Holdings, Inc., MacroAsia Corp., Manila Electric Co., Raslag Corp., and Wilcon Depot, Inc.

The local bourse operator will also discuss economic prospects and sector outlook, which will be given by Bloomberg analysts.

The virtual program is co-hosted by Bloomberg L.P., with the Fund Managers Association of the Philippines and Trust Officers Association of the Philippines as event partners.

The event is set to return on May 9 to 10. PSE STAR is free of charge and is open to equity analysts, fund managers, and institutional and retail investors. — Adrian H. Halili

BSP allows banks to set up eight new branches

May 2, 2023 | 12:02 am

THE BANGKO SENTRAL ng Pilipinas (BSP) approved eight new bank branches in the fourth quarter of 2022, higher than the same period a year prior, amid an increased number of applications for physical offices.

The BSP green-lit eight new regular branches in the period, higher compared with just one regular branch approved in the fourth quarter of 2021, based on a circular letter posted on the central bank’s website signed by Assistant Governor Arifa A. Ala.

It also approved 11 new branch-lite units (BLUs) of universal and commercial banks, thrift banks, and rural and cooperative banks.

Two of the newly approved regular branches belonged to China Banking Corp. (China Bank), and one regular branch was for Robinsons Bank Corp.

The BSP allowed three thrift banks to open regular branches and branch-lite units. Two regular branches were for the First Consolidated Bank, Inc., while Dumaguete City Development Bank, Inc. and Wealth Development Bank Corp. each had one BLU approved.

Meanwhile, Rural Bank of Apalit, Inc. was allowed to open three regular branches in Rizal and Bulacan. BINHI Rural Bank, Inc., LifeBank – A Rural Bank and Rural Bank of Bambang Inc. can open a total of seven new BLUs.

During the last three months of 2022, 18 banks opened regular branches, BLUs, and microfinance units in the country. This was higher compared with only 13 banks during the same period in 2021.

The central bank said there were 15 regular branches that were opened in different locations around the country in the fourth quarter of last year.

Four of the newly opened regular branches were owned by BDO Unibank Inc., and one by China Bank in Tanza, Cavite. Land Bank of the Philippines also opened a regular branch in Tayabas City and seven BLUs across the country.

Five rural bank regular branches were opened in different areas and 40 rural bank BLUs. Meanwhile, four regular branches and 15 BLUs were set up by thrift banks.

Branch-lite units have limited banking activities compared with regular branches, but it could still provide a wide range of products and services suited for the needs of the market except for clients with aggressive risk tolerance.

Regular offices are traditional brick and mortar branches operating within a building and offer full banking services. — K.B. Ta-asan

Netflix boosts Asian leads, lags in Latino roles — report

May 2, 2023 | 12:02 am

NETFLIX, Inc. NFLX.O has increased the number of Asian and women in lead roles, but still lags in representing Latinos, the disabled, and women of color, a study by the streaming platform and the University of Southern California (USC) found. While Hollywood has made strides in diversity in recent years, some communities criticize the lack of progress, both on and off screen.

To understand the lack of representation in the industry, Netflix partnered with USC and founder of the Annenberg Inclusion Initiative, Dr. Stacy L. Smith, to analyze the inclusion metrics of the streaming service from 2018 to 2021 based on gender, race/ethnicity, LGBTQ+, and disability.

The study released on Thursday showed increased opportunities for women in lead roles, directing, and key creative jobs.

However, Netflix still lacks significant representation of characters with disabilities, gender-balanced storytelling in series, roles for girls and women of color, and opportunities for women writers.
Despite 27% of the US population identifying as disabled, only 1.1% of all characters in Netflix films and series have a disability, the study found.

Latinos, who make up 12% of the US population, acted in 4.5% of main cast roles on Netflix in 2021, up from 2.6% in 2018. That compares with 17.1% for Black actors and 9.4% for Asian actors.
Only 1.9% of writers for Netflix films have been Latino, the study said.

Asian casting has improved markedly, with 41.5% of Netflix series having an Asian lead or co-lead in 2021, after making up only 4% of leads and co-leads in both films and series in 2018.

Shows featuring girls and women have increased significantly, from 46.4% in films and 50.6% in series in 2018 to 55% for both in 2021. — Reuters

Tokyo Gas to build zero-carbon town near city’s new fish market

May 2, 2023 | 12:01 am

TOKYO Gas Co. will embark on a large-scale redevelopment of land it owns near the city’s new fish market, in a bid to create a town with virtually zero carbon dioxide emissions.

The company will spend tens of billions of yen to make Shin-Toyosu a “circular future city” that captures and reuses carbon emitted from electricity and heat supply, said Takashi Anamizu, president of the utility’s real estate unit. It will formulate a plan in the current fiscal year.

The area — encompassing about 200,000 square meters (2.2 million square feet) adjacent to Toyosu Market — will be developed in phases, with offices, commercial facilities and residences. The first stage is expected to be completed around 2030.

Environmental considerations are becoming more important in real estate development. There is a growing trend to decarbonize the power supply of buildings by installing features including solar panels, energy-saving equipment and storage batteries. According to Tokyo Gas, this will be the first time in Japan that entire buildings, including the heat supply, will be decarbonized.

Anamizu aims to expand the Shin-Toyosu initiative to other areas. “We would like to take this one step further than a demonstration project and one step closer to practical application,” he said.

Shin-Toyosu used to house a plant of Tokyo Gas, which produced gas from coal, as well as a thermal power plant. With the relocation of the Tsukiji fish market, the company sold part of the former site and exchanged it for adjacent land owned by the Tokyo Metropolitan Government, leading to its current ownership of the development area. — Bloomberg

Toyota recalls certain GR Supra, 86 models

May 2, 2023 | 12:01 am

TOYOTA Motor Philippines Corp. (TMP) has issued a recall on selected units of its two sports car models, GR Supra and 86, due to the lack of emission control labeling.

The car manufacturer said in an advisory dated March 14 posted on the Department of Trade and Industry (DTI) website that the customer satisfaction campaign covers 1,836 officially sold vehicles in the Philippines.

Broken down, the recall campaign consists of 170 units of the GR Supra with a production period of March 29, 2019 to June 5, 2020 and 1,666 units of the 86 with a production period of April 12, 2012 to April 9, 2021.

“Toyota GR Supra and 86 vehicles were not equipped with the emission control label for the Philippines region,” TMP said in the advisory.

“In line with its corporate commitment to product safety and quality, Toyota has initiated a customer satisfaction campaign for emission control label on certain Supra and 86,” it added.

Under the campaign, TMP’s dealers will apply the emission label on the affected vehicles at no charge to the vehicle owners.

The application of the emission control label on vehicles is mandated under the implementing rules and regulations (IRR) of Republic Act No. 8749 or the Philippine Clean Air Act.

Some of the information needed in the emission control label include the full corporate name and trademark, engine type displacement in metric units, and the engine tune-up specification and adjustment as recommended by the manufacturer.

“The label, of durable material, shall be affixed by the manufacturer, assembler or importer in such a manner that it cannot be removed without defacing such label. It shall be affixed in a readily visible position in the engine compartment or any conspicuous area under the hood, or under the seat in case of a motorcycle,” the IRR said. — Revin Mikhael D. Ochave

Insurers must tap technology amid increased digitalization

May 2, 2023 | 12:01 am

THE INSURANCE SECTOR must catch up with the banking industry in terms of digitization to boost its operations and ensure continued growth, industry officials said.

“You see the banks, they’re way ahead of the insurance industry. We’re both considered financial institutions, but we’re playing catch up to the banking industry,” Philippine Insurers and Reinsurers Association, Inc. Executive Director Michael F. Rellosa told BusinessWorld in an interview last month.

Mr. Rellosa said technology that aims to aid insurance agents is currently being developed with the help of both foreign and local technology companies.

“We realize the importance of agents and we don’t want to disenfranchise them. So, we’re equipping them to be able to better service our clients or our common client via technology,” he said.

“As we harness the power of insurtech, we feel that it can only make our Advisors’ performance and productivity stronger. It doesn’t necessarily mean cutting or stopping recruitment — if at all, it’s just going to make our Advisors better at what they do,” Sun Life Philippines Chief Operations and Digital Enterprise Officer Gaurav Mishra said separately.

Mr. Rellosa said the industry relied on the legacy systems before the coronavirus pandemic, but the lockdown required them to use technology to reach out to clients.

“If there’s anything positive that came out of the pandemic, it’s the realization of the industry that we really have to tech up,” he said.

He added that the implementation of International Financial Reporting Standard (IFRS 17) in 2025 will require insurers to adapt.

“It’s going to necessitate a huge change in the way we currently do things in our offices. So, even the legacy systems that I was talking about may have to be updated or changed altogether to be compliant with IFRS 17 requirements,” he said.

Mr. Mishra said IFRS 17 will “allow greater comparability and increase transparency.”

“Legacy systems are often the cause of insurers not being agile and nimble enough to allow instantaneous and high-volume digital transactions. Larger scale modernization projects are often needed to make these capabilities possible,” he said.

“Legacy mindset also largely contributes to the difficulty, as it stunts and limits creativity in implementing new insurtech-infused processes, business models, products, and ways of working,” Mr. Mishra added.

While banks and insurance companies could be on similar ground in terms of digitization, banks are more aggressive in implementing new technologies, he said.

“As clients transact more frequently with banks, digital transformation is more accelerated since clients have high expectations on digital services, and banks compete for attention,” Mr. Mishra said.

“This is not to say that the insurance industry is more relaxed — ultimately, we also compete for clients’ attention, and more and more — digital capabilities are becoming one of the top reasons why clients choose an insurer,” he added. — A.M.C. Sy

Actress Eva Green wins London court case over fee for failed film

May 2, 2023 | 12:01 am

HOLLYWOOD actress Eva Green on Friday won a legal fight with producers and financiers whom she sued in London’s High Court for her fee for a failed film in which she was to star.

The French actress, whose film credits include the James Bond movie Casino Royale, sued White Lantern Films and SMC Specialty Finance for the $1 million fee she said she was owed for the planned independent movie A Patriot, in which she was to play the lead role as a soldier.

Judge Michael Green said in a written ruling that Eva Green was entitled to payment of the $1-million fee.

The production company had launched a counter claim against Ms. Green for breach of contract, blaming her for the science fiction film’s failure before it went into production in late 2019, saying she had never intended it to go ahead. Ms. Green, 42, appeared in court in January to say she had become concerned the film’s production team had been cutting corners, citing how her stunt training had been reduced from four weeks to five days.

White Lantern’s lawyers said Ms. Green, also an executive producer on the project, had made unreasonable demands about crew, locations, and equipment.

They cited WhatsApp messages from Ms. Green in which she described a producer as a “f**king moron” who should be fired and another as “evil”. She described funders of the movie as “a**eholes” and some proposed crew members as “s**tty peasants”.

But the judge said that, while Ms. Green “may have said some extremely unpleasant things” about the film’s producer and crew, “this was born from a genuine feeling of concern that any film…would be of very low quality”.

“I fought tooth and nail to defend the beautiful film that I loved and had signed on for,” Ms. Green said in a statement. “A film that spoke of a cause I hold dear — climate change — and warned of the resource wars and mass migration that would occur if we don’t address the problem.

“I stood my ground and, this time, justice prevailed.”
White Lantern Films and SMC Specialty Finance said in a statement: “We are naturally disappointed by today’s judgment and the court’s findings. We are carefully considering our options as to potential next steps, including appeal.” — Reuters

Analysts’ April inflation rate estimates

May 2, 2023 | 12:00 am

INFLATION likely further eased in April amid lower food prices, electricity rate cuts, and favorable base effects, analysts said. Read the full story.

Shares to move sideways before Fed, CPI report

May 1, 2023 | 9:00 pm

PSE Trading Floor 090920 5 — BW FILE PHOTO

STOCKS may move sideways ahead of the policy meeting of the US Federal Reserve and the release of Philippine consumer price index (CPI) data for April.

The bellwether Philippine Stock Exchange index (PSEi) jumped by 0.62% or 41.40 points to close at 6,625.08 on Friday, while the broader all-share index gained 0.67% or 23.67 points to 3,532.53.

Week on week, the PSEi increased by 104.64 points or 1.6% from its close of 6,625.08 on Friday.

“The local market performed positively on Friday, leading to a close above the 6,600 resistance level. Trading was active with net value turnover registering P6.6 billion, higher than the year-to-date average of P5.72 billion,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

For this week, anticipation for positive first-quarter corporate results may continue to dictate market sentiment, Mr. Tantiangco said.

“How the market will close the week, however, may depend on our April inflation figures. An inflation reading slower than March’s 7.6%, especially one near or at the lower end of the Bangko Sentral ng Pilipinas’ (BSP) 6.3%-7.1%, forecast may give the local market a boost,” he added.

“Lower inflation figures could also potentially signal that the central bank may hold off on further monetary policy tightening measures,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message.

The lower end of the BSP’s CPI estimate for April would match the 6.3% print in August 2022.

It would also be the slowest rate in 10 months or since June last year, when it stood at 6.1%.

Still, this would surpass the central bank’s 2-4% target for the 13^th consecutive month.

The Philippine Statistics Authority will release April inflation data on Friday.

BSP Governor Felipe M. Medalla last month said if inflation eased further in April, the Monetary Board will likely consider pausing its tightening cycle at their May 18 review.

The Philippine central bank has increased borrowing costs by 425 basis points (bps) since May 2022 to tame inflation, bringing its policy rate to 6.25% — the highest in nearly 16 years.

The US Federal Reserve’s policy decision this week will also affect the market, China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“There’s a chance the BSP might signal its view on the path of domestic policy rates soon after the Fed’s policy announcement,” Mr. Colet added.

The Fed is expected to hike rates by another 25 bps at its May 2-3 meeting.

The US central bank has raised the fed funds rate by 475 bps since March 2022 to a range between 4.75% and 5%.

Philstocks Financial’s Mr. Tantianco placed the PSEi’s support at 6,600 and resistance at 6,800. — AHH

Amended VAT zero-rating rules to boost exporters’ local purchases

May 1, 2023 | 7:14 pm

LIMA central business district — LIMA Estate’s 30-hectare commercial area in Batangas. — BW FILE PHOTO

THE amended guidelines for value-added tax (VAT) zero-rating by economic zone locators could boost purchasing by exporters from local suppliers, the Philippine Economic Zone Authority (PEZA) said.

“With the revised guidelines, this will encourage the locators to localize their sourcing of goods and services. This will increase value adding in the country and facilitate the integration of local suppliers of goods and services into the economic zone (ecozone) value chain,” PEZA Director General Tereso O. Panga told reporters via Viber on Monday.

Mr. Panga added that the amended guidelines show that the government is “serious” in implementing the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and attracting foreign direct investment.

“Overall, this will be a big boost to the investment promotion agencies’ (IPAs) mandate and for the country as a competitive investment destination in the region,” Mr. Panga said.

The Bureau of Internal Revenue (BIR) issued Revenue Regulations No. 3-2023, which amended the VAT zero-rating guidelines.

RR No. 3-2023, allows local suppliers of goods and services to registered export enterprises to forego BIR approval for VAT zero-rating of items they provide to locators. Instead, their VAT zero-rating may be claimed on the strength of certifications to be issued by IPAs such as PEZA.

The CREATE Act previously required business enterprises to prove that the local purchases of goods and services are directly and exclusively used in their registered activities in order to enjoy the VAT zero-rating. Otherwise, these would be subject to 12% VAT.

Mr. Panga said that locators faced higher costs prior to the BIR issuance due to the limited goods and services covered under the VAT zero-rating incentive.

“This prompted some locators to outsource their service requirements abroad to avoid exposure to VAT. Some locators have resorted to importing their materials as it is easier to avail of tax- and duty-free incentive than sourcing them from the local market given the grey area in BIR’s definitions for direct and exclusive use in a registered activity,” Mr. Panga said.

The BIR regulation also specified six items that cannot be deemed directly or exclusively used in the registered project or the registered export enterprise, to encourage more sourcing from domestic suppliers.

These are janitorial services, security services, financial services, consultancy services, marketing promotion, and services rendered for administrative operations such as human resources, legal, and accounting. — Revin Mikhael D. Ochave