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EEI sees benefits from full foreign ownership in industry

YUCHENGCO-led EEI Corp. (EEI) said the construction sector is expected to benefit from the opening of the industry to full foreign ownership.

“The structural reforms that promote foreign direct investment such as the Public Services Act (PSA) and the EO (Executive Order) to adopt the Philippine Development Plan, that the government is trying to institute, have the potential to impact growth in the manufacturing, renewable energy, and logistics sectors,” Henry D. Antonio, chief operations officer of EEI, told the stock exchange on Thursday.

Mr. Antonio will serve as the company’s chief executive officer starting next month.

The implementing rules and regulations of Republic Act No. 11659, which amends the PSA, took effect on April 4. This law allows full foreign ownership in public services such as telecommunications, airlines, expressways, and railways.

Further, President Ferdinand R. Marcos, Jr. has also signed an EO adopting the Philippine Development Plan 2023-2028, which sets the country’s roadmap for economic recovery.

EEI said these present fresh catalysts that will drive growth and opportunities for construction services for both light and heavy industries.

The construction company said that it remains confident in the company’s future, but it will approach the year “with cautious optimism amid economic uncertainties in the global and domestic front.”

“The prospects remain positive for EEI despite potential headwinds in the property sector and delays in the implementation of government infrastructure projects as its market position allows the company to keep thriving amid a short-term environment with fewer new capital projects,” EEI said.

The company added that it will continue to pursue international opportunities to maximize its steel fabrication capabilities.

It also said that Al Rushaid Construction Co. Ltd. (ARCC), EEI’s joint venture with Al Rushaid Petroleum Investment Co., will bring numerous “growth opportunities” after winning more contracts from major engineering, procurement, and construction companies.

“Both ARCC and EEI’s domestic construction operation have undertaken a reorganization to improve commercial approach, internal systems and processes as well as project delivery,” Mr. Antonio said.

EEI added that its current bids for several domestic projects will bring revenue visibility for the company over a longer term.

At the local bourse on Thursday, shares in the company declined by two centavos or 0.74% to end at P2.70 apiece. — Ashley Erika O. Jose

AGI sees 6% profit rise for 2022

TAN-LED Alliance Global Group, Inc. (AGI) on Thursday reported a 6% rise in net income to P25.2 billion for 2022, up from P23.8 billion previously, boosted by the recovery of its business segments following the country’s sustained recovery.

“However, increased inflationary pressures, higher cost of raw material, and ongoing distribution bottlenecks pushed overall costs and expenses to grow at a faster pace,” the company said in a disclosure to the stock exchange.

The company also reported a 4.7% decline in attributable net income to P16.1 billion from its prior year figure of P16.9 billion.

Alliance Global achieved a 20% growth in the previous year, with a total revenue of P183.6 billion, compared to P152.6 billion in 2021.

“The country’s sustained economic recovery helped propel the sequential top-line improvement of all our business segments last year, leading to our record performance in consolidated revenues in 2022,” Alliance Global Chief Executive Officer Kevin L. Tan said in a statement.

“It also helped that our Group’s diversified portfolio has remained agile to spot and seize opportunities in the marketplace,” Mr. Tan added.

Alliance Global is the parent company of Megaworld Corp., Travellers International Hotel Group, Inc., Emperador, Inc., Golden Arches Development Corp., and Infracorp Development Corp.

According to Mr. Tan, all the company’s businesses exhibited a sharp recovery in 2022.

Emperador booked a slightly higher net profit of P10.1 billion compared to P10 billion in the previous year, driven by higher sales in its whiskey and brandy segments. Its top line also recorded a 12.3% rise to P62.8 billion from P55.9 billion a year ago.

The group which runs McDonald’s Philippines recorded a more than double profit growth to P1.8 billion from P869 million the previous year.

Golden Arches Development achieved a record level top line of P34.4 billion, representing a 38.2% surge from the previous year’s P24.9 billion.

“Our spirits, gaming and entertainment, as well as QSR (quick service restaurants) units have registered unprecedented levels of revenue last year, driven by their respective strong brand equity and effective marketing strategies,” Mr. Tan  said.

Meanwhile, township developer Megaworld saw an attributable net income of P13.46 billion for 2022, higher by 0.2% from P13.43 billion, it said in an earlier report.

The company also disclosed a rise of 17.1% in consolidated revenues to P59.5 billion from P50.8 billion in the previous year.

“Our real estate business performed mostly above its peers, particularly in terms of keeping office rentals steady, higher-than-industry occupancy rates for its offices and hotels, and robust residential pre-sales,” Mr. Tan said. — Adrian H. Halili

GSIS invests P1.46 billion in Nickel Asia

THE Government Service Insurance System (GSIS) on Thursday said it had invested P1.46 billion in listed mining company Nickel Asia Corp. (NAC).

“GSIS continues to look for ways to lengthen its fund life through viable investment opportunities such as successful vertically integrated mining ore production and processing business of NAC,” GSIS President and General Manager Jose Arnulfo “Wick” A. Veloso said in a statement.

The investment sought to increase funds for the “member’s benefit” and to back the electronic vehicle industry which is the key market of the mining sector.

The partnership was sealed through a block sale approved by the Philippine Stock Exchange (PSE) on Wednesday, involving the purchase of a total of 233,558,683 common shares.

“GSIS’s investment in NAC shows that it is possible for a company to grow responsibly,” said NAC Chief Executive Officer and President Martin Antonio G. Zamora in a statement.

“Our commitment to sustainable development is something we take seriously, and we are happy to attract like-minded entities that believe in the value of responsible mining and renewable energy,” he added.

According to the company’s financial report, it recorded a 1.5% rise in its attributable net income to reach P7.93 billion in the previous year.

Revenues climbed 2.2% to P28 billion in 2022 from P27.4 billion in the previous year.

“Maybe GSIS viewed the NIKL acquisition to be at a discount to market since it’s been traversing within a range that’s especially close to previous lows,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The vertical integration of mining ore production and processing business” seemed to be the selling point of NAC that attracted the state-run pension fund to invest, he added.

The company aims to become a premier environmental, social, and governance investment and among the top 25 companies under PSE by 2025.

On Thursday, shares of Nickel Asia rose 35 centavos or 5.38% to close at P6.86 apiece.—Sheldeen Joy Talavera

Vitarich net income grows 44% to P129M

VITARICH CORPORATION FACEBOOK PAGE

VITARICH Corp. (VITA) on Thursday reported a net income of P129 million for 2022, up 44.21% from P89 million previously, owing to the growth in food and feed revenues.

“[The year] 2022 brought many challenges to families and business particularly as inflation intensified and food prices rose by double digits,” said Vitarich President and Chief Executive Officer Ricardo Manuel “Rocco” M. Sarmiento in a statement.

“Despite this difficult environment, our team at VITA worked tirelessly and delivered solid revenue growth and improved net income,” he added.

Revenues for 2022 totaled nearly P12 billion, a 23% increase year on year from P9.72 billion a year earlier.

The company also reported that its gross profit grew by 24% to P1.1 billion, while operating profit climbed by 21% to P223.2 million.

“The impact of cost inflation was partially offset by volume growth, pricing changes, and efficiencies,” the company said.

The food segment, which accounted for 52% of the total revenue, saw a 48% increase in revenue to reach P6.2 billion.

The company attributed the growth to the higher demand from food services and restaurants, as well as its newly released value-added products.

It launched new products under Cook’s Flavor Origins, including French Roast, Mediterranean Roast, and South African Roast.

Last year, the company expanded its operations in various areas such as Isabela and Bicol Region in Luzon; Samar and Leyte in Visayas; and Zamboanga City, Bukidnon, Marawi, Sultan Kudarat, and Sarangani in Mindanao.

Likewise, revenues in the feeds segment, which accounted for 44% of the total, inched up by 11% to P5.2 billion, backed by the 18% increase in pricing and 23% increase in input costs.

“The segment made significant progress towards operational milestones by increasing the number of distributors, megadealers, and retail feed outlets across Capiz, Aklan, and Central Negros over the course of the year,” the company said.

Meanwhile, farm revenues fell by 32% to P529 million due to the shortage of day-old chicks, which accounted for 4% of the overall revenues.

A fair value adjustment on biological assets of about P12.1 million was recognized as part of revenues and P1.1 million as part of cost of goods.

Vitarich said the cost of goods grew by 23% to P10.9 billion on higher sales volume and input costs.

The average cost of raw materials, such as wheat, soybean, and corn, surged by 25%, accounting for 70% of the total feed expenses.

The company also cited the pressure on handling and operating costs driven by the price increases in fuel, energy, and labor.

“Looking ahead, the company expects another year of strong revenue growth as well as better margins in 2023, encouraged by an expansion in its sales channels and the positive reception of the recently launched value-added products,” said Vitarich.

Vitarich is a poultry integrator and manufacturer of food products and animal feeds in the Philippines.

On the stock market on Thursday, Vitarich retained its shares at 63 centavos apiece. — Sheldeen Joy Talavera

Encantada: Women, worship, and the wild

A STILL from the play Encantada —PHOTO BY DARRELL SICAM

Dance
Encantada by Agnes D. Locsin
Alice Reyes Dance Philippines
Samsung Performing Arts Theater: April 14 and 15, 7:30 p.m.; April 15, 2 p.m.
Manila Metropolitan Theater: April 21 and 22, 7:30 p.m.; April 22, 2 p.m.

WIDESPREAD acclaim and the newly bestowed mantle of National Artist for Dance have done nothing to ease pre-opening night jitters for Agnes D. Locsin, who is restaging her magnum opus — a full-length piece titled Encantada that tackles the rapacious appetite of man, the destruction of the environment, and the violation of the sacred feminine — to open the season of Alice Reyes Dance Philippines (ARDP).

“It’s bloody,” she said in a video call with BusinessWorld. “For me, the pressure is the work, the beauty of the work. … My standards have gotten higher.”

‘LOCSIN, WE HAVE A CLASSIC’
First staged in February 1992, Encantada is a landmark piece that introduced audiences to Ms. Locsin’s neo-ethnic choreography — a fusion of ethnic dance, modern dance, and classical ballet — and later helped cement her legacy as a terpsichorean pioneer.

Featuring music by Joey Ayala and a libretto by Al Santos, Encantada and the nascent sketches leading up to it are detailed over two chapters in Ms. Locsin’s book Philippine Neo-Ethnic Choreography: A Creative Process (2012).

“Let me as early as now clarify that a lot of unpleasant things occur in any creative endeavor,” Ms. Locsin wrote of the year-long process of making Encantada with Messrs. Ayala and Santos. “Ours was what I call a necessary occurrence. We were a perfect creative team but highly volatile. Three strong personalities, each one capable of taking the directorial seat.”

In the end, Ms. Locsin had the final say.

The multimillion production is a generous display of the breadth and depth of her research-based choreography. Listed in her book are references to Catholic gestures of genuflection and flagellation, Marinduque’s Moriones festival, Manobo healing rituals, Cebu’s Sinulog festival, Baguio’s Grand Cañao Festival, Balinese trance dancing, and Kalibo’s Ati-Atihan festival.

The climactic “Digmaan” section, which takes place in the middle of the Encantada’s second act, was a challenge to choreograph since the members of the triumvirate each had their own idea of what it had to be and what it had to accomplish.

In her book, she writes that packed in that “10-minute visualization of a battle in epic proportions” are “ritual fighting, deforestation, rape of nature, and kaingin.

“I dug into it,” she said in the video call of the war scene, which was inspired by Mindanao’s Moro-Moro and Luzon’s Commedia dell’Arte. “I think I succeeded. … It was — and will probably always be — my favorite.”

Despite the standing ovations Encantada received during its premiere, almost 20 years had to pass before its creators realized the abiding cultural impact of the piece and their place in the pantheon of Philippine dance.

Ms. Locsin remembers that after catching a show at the Cultural Center of the Philippines (CCP) in 2011 — the last time Encantada was restaged — Mr. Ayala turned to her and said: “Locsin, we have a classic.” And gave her a high five.

(Long-time collaborators, Ms. Locsin and Mr. Ayala met as students at Ateneo de Davao University; they call each other by their last names as schoolmates are wont to do.)

This year’s restaging, overseen by Ms. Locsin, 65, stays as faithful to the original as possible. The iconic Encantada mountain by National Artist for Theater and Design Salvador “Badong” F. Bernal will rise in the Samsung Performing Arts Theater, which approximates the Main Theater of the Cultural Center of the Philippines (CCP) in size; and Manila Metropolitan Theater, which has a smaller footprint.

A cast of about 35 dancers, composed of ARDP members who are experiencing Ms. Locsin’s muscular yet precise choreography for the first time and several veterans whose bodies were forged by it, are tasked with preserving the integrity of her vision.

“They’re the future,” she said of this intergenerational mix. “As much as possible, we impart to the dancers how it should and must be done to the best of their ability.”

‘PREPARAR KA’
Georgette Sanchez-Vargas, 48, was standing in the middle of a hardware store when she received a message from Ms. Locsin: “Preparar ka.” (Ilonggo for “Be prepared.”)

It was a foregone conclusion that Ms. Sanchez-Vargas, who was 16 when she started working with Ms. Locsin, would reprise Encantada’s gut-wrenching title role (for which she won a Gawad Buhay Award in 2011).

She feels that she is now better prepared for the task, having more life experience to draw on. “So many things have happened in the past few years,” she said in the vernacular.

Her connection to the piece is deep and familial: she has danced in every iteration of Encantada and she is related to its choreographer (Ms. Locsin is the cousin of Ms. Sanchez-Vargas’ mother).

“I appreciate the images created by Agnes more. … The way she taught us how to control our bodies is amazing,” she said. “With Agnes, everything is particular — even your fingers and the way you stand. It’s very intense.”

Returning to the stage with Ms. Sanchez-Vargas are Kris-Belle Paclibar-Mamangun, a former member of Cirque du Soleil, who will alternate in the role of Babaylan with Carissa Adea (who won a Gawad Buhay Award for her performance in 2011).

Compared to these three, ARDP’s Monica A. Gana is a neophyte when it comes to the neo-ethnic style. She recently got a taste of it when she performed in Ms. Locsin Igorot, as part of a show that paid tribute to Ms. Locsin and ARDP founder Alice G. Reyes.

“It was quite mind boggling to be able to understand how one could feel the ground on shoes that were originally created to make dancers look like they’re floating onstage. But that’s where the attention to detail came in,” Ms. Gana said in an e-mail. “It was how you would tap or stomp your shoe on the floor. The lengthening of the entire body while still being connected to the ground as we bourree on pointe. Even in doing the traveling combination of steps, instead of thinking of hitting positions like the arabesque or the grand jete, it was more of how I will transfer my ‘center.’”

When she watched a recording of the 2011 performance, Ms. Gana was struck by the athleticism and stamina Encantada required of the ensemble.

“In most ballets, there are big group dance sections but most of the physically demanding steps are done by the leads. But in Encantada, it’s everyone,” she said. “A number of my colleagues have performed Encantada and they all affirmed how demanding it was not only physically but emotionally. But, when they shared their stories, it seemed like it was one of their best career experiences. … We have to work together to breathe and dance as one. No one should be left behind. We each have a responsibility to support and bring each other up.”

EVERGREEN MESSAGE
The message of Encantada is as enduring as Ms. Locsin’s neo-ethnic choreography. The piece, which opened in the wake of a flash flood that devastated Ormoc City in November 1991 and claimed thousands of lives, comes down hard on humanity’s disregard for the environment.

“We do a lot of things to destroy nature. It will come back to us,” said Ms. Sanchez-Vargas. “Karma is a bitch. You’ll see it in the ballet.”

Aside from Encantada, Ms. Locsin has choreographed Alay sa Puno, a suite of dances meditating on the movement of trees: Ugat, Dahon, Puno, Sanga, Bulak, and Bunga.

In her downtime, she tends to her mini forest, which she calls her Santuario ng Puno, composed of hardwood and ornamental trees. “They grow so slowly,” she said with a laugh of the acacia, narra, and molave she has planted. “Mamamatay na lang ako, wala pa itong mga puno ko.”

While her saplings need more time to spread their roots and stretch skyward, Ms. Locsin’s neo-ethnic choreography has already reached its zenith with Encantada.

Prior to joining a contemporary art museum and a small independent press as a publishing consultant, Sam L. Marcelo was a reporter and editor at BusinessWorld.

Metro Retail Stores Group turns profitable

METRO Retail Stores Group, Inc. (MRSGI) recorded a net income of P917.3 million for 2022, a turnaround from its net loss of P318.1 million in the prior year, the company said on Thursday.

“[The company] was able to display its resilience registering consistent encouraging performance across all quarters and ultimately closing the year with positive results,” Metro Retail President and Chief Operating Officer Manuel C. Alberto said in a statement.

“MRSGI marked this year as its leap from the net loss incurred during the pandemic to delivering a buoyant financial outcome. And we look forward to sustaining this growth in the coming years,” Mr. Alberto added.

Metro Retail’s revenues went up 22.2% to P38.35 billion from P31.38 billion recorded last year, mainly driven by an increase in net sales for the year.

The company’s sales for the year grew 22.1% to P38.1 billion from the P31.2 billion, driven by consumer spending during the holiday season in the fourth quarter. Rentals also increased 41.3% to P243.66 million from P172.47 million the previous year.

Same-store sales growth went up 19.2% due to continued store traffic.

Metro Retail’s general merchandise business rose 54.3%, while food retail also grew 13.1%.

“Amid the price pressures and supply chain challenges, the full reopening of businesses and improvement in labor market conditions primarily drove the growth in consumer confidence since the pandemic,” the company said.

The company’s expenses rose by 18%, reaching P36.94 billion from the previous report of P31.3 billion.

During the year, the company added two new supermarkets to its portfolio, bringing the total number of its stores across the country to 62.

It has also commenced the development of a new distribution center in Santa Rosa, Laguna, with the intention of facilitating its current and upcoming network.

“The company also launched several new projects in its store expansion pipeline in strategic areas across Luzon and Visayas,” it said.

Shares in Metro Retail Stores closed 0.71% higher at P1.41 apiece on Thursday. — Adrian H. Halili

About Us but Not About Us top winner at first summer MMFF

ABOUT Us but Not About Us was the big winner at the awards night of the first summer edition of the Metro Manila Film Festival, held on April 10 at the New Frontier Theater.

The summer MMFF kicked off on April 8 and is ongoing until April 18.

The film, basically a conversation between a gay literature professor, played by Romnick Sarmenta, and his student, played by Elijah Canlas, took home the most awards of the night: including Best Picture, Best Director, Best Lead Actor, Best Screenplay, Best Cinematography, Best Editing, Best Production Design, Best Musical Score, and Best Sound awards.

The next big winner was Here Comes the Groom, which took home: Third Best Picture, Best Supporting Actor, Best Supporting Actress. Special Jury Prize.

The Best Supporting Actress nod was made special by the fact that the winner was Kaladkaren, a transgender woman. The production of Here Comes the Groom and About Us but Not About Us actor Elijah Canlas also received Special Jury Prizes.

 

THE WINNERS AT THE 2023 SUMMER MMFF WERE:

Best Picture: About Us but Not About Us

Second Best Picture: Love You Long Time

Third Best Picture: Here Comes the Groom

Best Director: Jun Robles Lana, About Us but Not About Us

Best Actor in a Leading Role: Romnick Sarmenta, About Us but Not About Us

Best Actress in a Leading Role: Gladys Reyes, Apag

Best Actor in a Supporting Role: Keempee de Leon, Here Comes the Groom

Best Actress in a Supporting Role: Kaladkaren, Here Comes the Groom

Best Screenplay: Jun Robles Lana, About Us but Not About Us

Best Cinematography: Neil Daza, About Us but Not About Us

Best Editing: Lawrence Ang, About Us but Not About Us

Best Sound: Armand de Guzman, About Us but Not About Us

Best Musical Score: Teresa Barrozo, About Us but Not About Us

Best Original Theme Song: “Paralaya” by Andy Alviz, Apag

Best Production Design: Marxie Maolen Fadul, About Us but Not About Us

Special Jury Prize: Here Comes the Groom and Elijah Canlas

European shipping nations welcome EC ruling on PHL seafarers

EN.WIKIPEDIA.ORG

BUSINESS CHAMBERS representing European countries with major shipping industries said they welcomed a European Commission (EC) decision to continue recognizing the qualifications of Filipino seafarers. 

“The Joint Maritime Committee of the Dutch-, German-, Nordic- and Norwegian Chambers of Commerce welcomes the decision of the European Commission to continue the recognition of Filipino seafarers’ certificates, which will ensure stability of employment for Filipino seafarers,” the committee said in a statement on Thursday.  

Tore Henriksen, Joint Maritime Committee chairman, said the decision is a “very positive development” for the Philippine maritime industry.  

“It is commendable that the Philippine authorities have taken necessary steps towards complying with the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW), and have demonstrated their commitment to ensuring the safety and well-being of Filipino seafarers who contribute significantly to the global shipping industry,” Mr. Henriksen said.

On March 31, the European Commission said it would continue to recognize the certificates of Filipino seafarers, after having warned the Philippines that recognition would be withdrawn if certain standards remained unmet.

 The Joint Maritime Committee consists of the Dutch, German, and Nordic Chambers of Commerce in the Philippines as well as the Philippines-Norway Business Council. — Revin Mikhael D. Ochave

EntertainmentNews (04/14/23)

ALANIS MORISSETTE

BGC’s Pet Huddle postponed

THE 4TH Pet Huddle, which was originally scheduled for April 15 and 16 at Fifth Avenue at Bonifacio High Street, has been postponed to April 22-23 due to the expected effects of Tropical Depression “Amang” in the country. The event, which started in 2021, is held in partnership with pet apparel line Hey Pacey. Fifty merchants are participating this year,and among the activities for pets are a Pet Parade, a Pet Blessing, and a Pawject Runway. For more information follow BGC’s Facebook facebook.com/bonifacioglobalcityph/ and Instagram @bonifacioglobalcity.


Alanis Morissette concert sold out, new date added

Ovation Productions has announced a second show for the Manila leg of Alanis Morissette’s 2023 world tour. The Additional concert will be on Aug. 2 after the original date, Aug 1, was sold out. Both shows will be held at the Mall of Asia Arena.


Lewis Capaldito performs in Quezon City in July

Scottish singer-songwriter Lewis Capaldi is coming to Manila for his Broken By Desire To Be Heavenly Sent Asia 2023 Tour on July 27 at the New Frontier Theater in Cubao, Quezon City Tickets will go on-sale on April 15, 10 a.m. via TicketNet.com.ph and TicketNet outlets nationwide. The concert is presented by Wilbros Live.


‘Bb. Pilipinas Glam Shot Photo Exhibit’ on view

The “Binibining Pilipinas Glam Shot Photo Exhibit,” featuring the candidates for the 2023 pageant, is on view at the Gateway Mall Activity Area in Araneta City. The traditional Binibini photo exhibit showcases the 2023 batch in seven-foot portraits shot by official lensmen Raymond Saldaña and Owen Reyes. Each glam look was styled by Patrick Henry Mergano and Macky Combe, and paired with the ingenious designs by Odelon Simpao and Allan Laserna. The exhibit is open for public viewing at the Gateway Mall Activity Area until April 14, at the Gateway Cineplex Lobby from April 15 to 19, then at other Araneta City malls until the Grand Coronation Night.


Waitlist for Hamilton opening

The Hamilton Waitlist Pre-Sale for the Manila season is opening soon. The UnionBank exclusive booking period for cardholders will commence on April 17, 10 a.m. and conclude at 11:59 p.m. on April 19 with an extended booking period along with the Hamilton Waitlist Pre-Sale until 11:59 p.m. on April 21. The Hamilton Waitlist Pre-Sale will commence on April 20, 10 a.m. and conclude on April 23, 11:59 p.m.

Cambridge enterprise group, AIM  partner for business program

THE Asian Institute of Management campus in Makati City. — JUN ACULLADOR/FLICKR/CC BY-ND 2.0

THE Cambridge Family Enterprise Group has partnered with the Asian Institute of Management (AIM) to introduce the former’s  “multi-generational business” program in the Philippines.

“There are many challenges to surviving as a family-owned business in today’s environment, especially as families find themselves at the inflection point of transitioning from one generation to the next,” the AIM said in a statement on Wednesday.

The program aims to provide business families in the Philippines with an opportunity to learn strategies for sustaining competitive business while maintaining a “united family” and structure for the next generation, the AIM said.

The program also offers private consultations with faculty members who are also advising business families around the globe.

The Cambridge Family Enterprise Group was founded by John A. Davis, who also serves as its chairman.

With the introduction of his management program in the country, Mr. Davis will advise multi-generation family in identifying the strategies, challenges, and benefits of building a sustainable family business.

“The faculty team will combine international best practices from global experts with local practices from regional country experts,” the AIM said.

The Cambridge Institute for Family Enterprise is set to hold its business program in Makati City on May 15 and 16. — Ashley Erika O. Jose

AsiaLink partners with UBX to digitize lending process

UNSPLASH

ASIALINK Finance Corp. has partnered with Union Bank of the Philippines, Inc.’s (UnionBank) financial technology unit to digitize its lending processes through UBX SeekCap.

The partnership aims to simplify the processing of loans for micro, small, and medium enterprises (MSMEs) through a digital platform, reducing costs and approval time for loans, UBX said in a statement on Thursday.

It said the partnership aims to empower MSMEs by providing access to financing as small businesses usually have a difficult time securing funding from banks due to strict regulations.

“At present, most banks provide a minimum approval time of 30 days, with high interest rates and burdensome requirements, which are designed to discourage lenders from availing loans,” UBX said.

“By providing accessible, fast, and convenient loans, which will be powered with UBX’s technologies, we are several steps closer towards achieving our goals as strong government partners for economic growth, while making a positive impact on the lives of Filipinos both in the country and abroad,” Asialink President and Chief Executive Officer (CEO) Eillen B. Mangubat said.

“Our strategy is to join hands with like-minded organizations to advance our goal of inclusive finance. As the country’s leading open finance platform, we are always on the lookout to partner with companies — and recently, even government institutions — which aim to shape the future of finance and sustainability,” UBX President and CEO John Januszczak said.

UBX business lead for Lending Mario Jordan “Magellan” Fetalino III said both companies aim to help drive financial inclusion among growing businesses.

“Through this partnership, we will co-create various digital financial solutions that are sustainable and inclusive, promoting economic growth and recovery in the long run,” Mr. Fetalino said.

UBX’s listed parent UnionBank booked a net profit of P12.673 billion in 2022 amid improved net revenues and net interest income.

Its shares went down by 25 centavos or 0.29% to close at P84.65 apiece. — A.M.C. Sy

Labor sector wants seafarers to be prepared for post-retirement shore-based work

STOCK PHOTO | Image by iliastefanidis30 from Pixabay

By John Victor D. Ordoñez, Reporter

THE GOVERNMENT must consider input from trade unions to improve the employability of seafarers, including a proposal to prepare them for shore-based work once their contracts end, a labor federation said.

“They should develop programs that will help seafarers transition into shore-based jobs and other alternative employment opportunities when they retire or can no longer work at sea,” Jose G. Matula, president of the Federation of Free Workers, said in a Viber message.

“Our seafarers are among the best in the world, and they deserve the best support and protection from the government and other stakeholders.”

The European Commission (EC) decided to continue recognizing certificates issued by the Philippines to its seafarers. The EC cited the country’s efforts to improve the system for training and certifying seafarers, while noting areas for improvement in the training system.

Mr. Matula said government agencies must work together to upgrade maritime education and training.

Last week, Migrant Workers Secretary Maria Susan V. Ople said the Department of Migrant Workers will work with the Commission on Higher Education and Maritime Industry Authority to address maritime training deficiencies.

The EC said last year that nearly 50,000 Filipino seafarers working on European vessels could lose their jobs if the Philippines does not act to address the deficiencies.

The European Maritime Safety Agency raised issues about the Philippines’ compliance with European Union standards after an inspection in March 2020.

A year later, the EC warned the Philippines it would withdraw recognition of Filipino seafarers’ certificates if it did not address deficiencies in training seafarers.

Francesco Gargiulo, chief executive officer of the International Maritime Employers Council has said it is crucial for the Philippines to help more seafaring graduates get jobs in the maritime industry.

Citing government data, he said only 3,000 out of 30,000 seafaring graduates yearly get jobs in the industry.

“The Federation of Free Workers is committed to advocating for the rights and welfare of Filipino seafarers and ensuring that they receive fair treatment, job security, and opportunities for career growth and development,” Mr. Matula said.