Overseas business boosts ACEN profit rise to P13B

March 10, 2023 | 12:07 am

AYALA-led ACEN Corp. saw its net profit climb to P13.06 billion in 2022, more than double the P5.25 billion a year ago, with its international operations offsetting the decline in the company’s local operations.

“In 2022, the Philippine power sector weathered significant challenges caused by our country’s continued dependence on high-priced coal and unserved power demand, and as a result, we felt the impact of the high cost of power,” Eric T. Francia, president and chief executive officer of ACEN, said in a regulatory filing on Thursday.

The listed energy company said its attributable net income for the year included the P8.6-billion net impact of revaluation gains after it acquired ACEN Australia.

In 2022, ACEN reported a 35.2% increase in its revenue to P35 billion from P25.88 billion a year ago, mainly due to the contributions from its new merchant plants in the Philippines.

Cost and expenses surged to P34.19 billion, 59.2% higher than the P21.47 billion in 2021.

Last year, attributable earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped to P14.3 billion or 5% lower than a year earlier.

“This was due to challenges in Philippine operations, whose contribution to attributable EBITDA dropped 29% year on year to P5.2 billion in 2022,” the company said.

ACEN attributed the decline to the high cost of power amid “net merchant buying” at elevated prices at the Wholesale Electricity Spot Market. It added that typhoon-related curtailment also caused the decline.

It also cited a Supreme Court decision in 2013 voiding the Philippine Electricity Market Corp.’s administered regulated pricing in 2013.

However, ACEN said its international operations managed to offset the decline in local earnings, as EBITDA from its businesses abroad went up by 20% to P9.5 billion, driven by its operations in Vietnam and India.

ACEN’s total attributable output increased by 7% to 5,000 gigawatt-hours (GWh), thanks to its new international assets that had more than a 2,500-GWh share, 30% higher than a year ago.

“Full-year contributions from newly operational Vietnam wind farms and India solar farms drove the growth in [power] generation,” ACEN said in its filing.

Despite the decline in the company’s local operations, ACEN remained optimistic as it expects additional capacity to come online in 2023.

“With 700 MW (megawatts) in new capacity expected to come online in the Philippines by the end of the year, and another 521 MW of new capacity commencing operations in Australia, we expect to move into a net selling merchant position and be on a stronger footing in 2023,” Mr. Francia said.

In 2022, ACEN completed divesting its stake in the 246-MW coal-fired power plant under South Luzon Thermal Energy Corp. through an energy transition mechanism, raising P7.2 billion from the move. Proceeds from the divestment will fund the company’s renewable energy expansion.

To date, ACEN has around 4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia.

ACEN has been ramping up the expansion of its renewable energy portfolio. In 2022 alone, it used P50.6 billion as capital expenditure for the construction of 1,300 MW in new solar and wind farms in the Philippines, Australia, and India.

ACEN said that it has over 2,400 MW projects under construction and it is expecting around P50 billion to P70 billion in capital spending in 2023 to expand its renewable energy portfolio.

The company is aiming to reach an RE capacity of 20 gigawatts by 2030.

At the local bourse on Thursday, shares in the company declined by 22 centavos or 3.37% to end at P6.30 apiece. — Ashley Erika O. Jose

Stuff to Do (03/10/23)

March 10, 2023 | 12:07 am

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Leonor Will Never Die at Cinematheque Centers

MARTIKA Ramirez Escobar’s film Leonor Will Never Die (Ang Pagbabalik ng Kwago) returns to the big screen at Cinematheque Centers nationwide. The 2022 Sundance Film Festival winner of the World Cinema Dramatic Special Jury Award: Innovative Spirit will be screening on March 11, 1 p.m., and March 16, 6:30 p.m. Admission is P150. For tickets, visit https://bit.ly/ReserveASeatCCM. For the full screening schedule, visit https://bit.ly/CinemathequeCentreManila. Those who prefer to watch their films at home can catch Leonor Will Never Die on Netflix starting on March 17. The film revolves around a retired action film writer and director, Leonor Reyes, who enters the world of her unfinished screenplay after an accident where a TV lands on her head. The film stars Sheila Francisco as Leonor.

National Bookstore mounts major book sale

GET 10 books for P100 at National Bookstore’s big sale at its outlet store branch in Cubao, Quezon City from March 10 to 15. According to the sale mechanics, the promo has three categories: If the total price of the 10 books is above P100, the customer will only be charged P100 at the counter. However, if the total price is P100 and below, then the actual retail price for each book will be charged. There is no limit on the number of books customers can buy. But if the customer wants to add more titles to their set of 10, they will be charged the actual retail price of each excess book. On sale will be children’s books, fiction and non-fiction work, local titles, and Wattpad books. Boxed sets are not included in the promo. The promo applies only to the outlet store in Cubao.

Musiko at Newport World Resorts

THE ROCKER tandem of Mayonnaise and 6cyclemind headline the fourth back-to-back show of the Musiko concert series slated for March 10, 8 p.m., at the Newport Performing Arts Theater (NPAT) at Pasay City’s Newport World Resorts. Mayonnaise is behind smash hits such as “Jopay,” “Bakit Part 2,” and “Tayo Na Lang Dalawa.” Meanwhile, 6cyclemind came up the scene with “Sige,” “Biglaan,” “Sandalan,” and “Magsasaya” which remains a staple OPM jams. From OPM legends, the music turns to reggae when one of the genre’s most celebrated artists, Quino from Big Mountain band, alongside the Selah Dub Warriors, returns to the NPAT stage on March 17. The vocalist and songwriter is the distinct voice behind the hit song “Baby, I Love Your Way.” om the country’s spectacular acts and international music stars at Newport World Resorts. Tickets are available at all TicketWorld and SM Tickets outlets.

FEU Theater Guild presents 10 short plays

THE FEU Theater Guild (FTG) celebrates its 89^th founding anniversary after a two-year hiatus due to the pandemic through its major production, Halu Halo. Directed by PETA’s Dudz Teraña, Halu Halo contains 10 short plays that are divided into two sets and shown every Friday and Saturday. Set A, presented every Friday, is comprised of Arte Ka, adapted from the writing of R. Orloff and discusses the elements of writing in the entertainment industry; Recess, written by Teraña, about familial issues; Walong Letra, adapted from J. Johnston’s play explores the relationship of a couple with a dent in their union; Nang Mag-Suicide ang Langgam by Teraña, plays around with the social issues behind working in fast food retail; and, 6.5 – 7, derived from C. Reeve, about a badly-timed elevator malfunction and a frantic woman’s contriving of her unfortunate situation. Set B, presented every Saturday, is composed of: Bakit Laging Buntis ang Cashier ng Mercury?, an adaptation of A. Weiss’ work, it delves into the mental state of an individual and their pursuit of sanity; Sabay Tayong Mag-Grab, inspired by C. Pospisil, attempts to portray the trials of Filipinos in the field of mental health; Thank You Ha, talks about relationships; Comfort Room, adapted from A. Woo, revolves around a man on his different dates; Dating Apps, adapted from T.S. Wilson’s play, tackles the range of possibilities in meeting people through different dating apps. The Set A playdates are March 10, 17, 24, 31, April 14, 21, and 28, and the Set B shows are on March 11, 18, 25, April 1, 22, and 29, at 6 p.m., at the FEU Center for the Arts Studio, Engineering Bldg., FEU Manila, Nicanor Reyes St., Sampaloc, Manila. Tickets are P200 for the FEU community including alumni, and P300 for non-FEU community.

DICT considers extended SIM registration deadline

March 10, 2023 | 12:06 am

THE Department of Information and Communications Technology (DICT) is looking at extending the deadline for registering SIM (subscriber identity module) cards as the latest tally has reached only about a quarter of the total subscribers nationwide.

In its latest count, the agency said the total registered subscribers reached 41.47 million, which is only 24.54% of the country’s 168.98 million subscribers.

“DICT is looking at the possibility of an extension,” DICT Undersecretary for Public Affairs and Foreign Relations Anna Mae Y. Lamentillo said in a Viber message.

When asked how long the department is planning to extend the deadline, Ms. Lamentillo said that it is still under deliberation.

“The DICT has the prerogative to extend the SIM Registration process for another 120 days. We are still deliberating on the matter. Now we’re focused on increasing the number of registrants before the April 26 deadline,” she added.

The total number is consolidated from the data reported by local public telecommunication entities or PTEs: Smart Communications, Inc., Globe Telecom, Inc., and DITO Telecommunity Corp.

The breakdown provided by the DICT showed that Smart registered a total of 21.12 million SIM cards which is 31.05% of its around 68 million subscribers; Globe recorded 17.21 million or 19.58% of its 87,873,936 subscribers; and DITO reported 3.15 million or 24.02% of its 13.11 million subscribers.

Globe said that it will be setting up SIM card registration booths across 54 locations nationwide from March 7 to 10.

“[This is] in support of the seventh round of the SIM registration assistance initiative of the National Telecommunications Commission,” the company said.

For this week, Globe will be setting up booths in 11 provinces in Luzon, four provinces in the Visayas, and nine provinces in Mindanao.

“With our SIM registration booths deployed across the country, we hope to make the registration process as easy and convenient as possible for everyone. We encourage our customers to visit these locations and comply with the government mandate before the deadline,” said Globe Channel Management Group Head Cleo Celeste Santos.

Meanwhile, the DICT is advising the public to register their SIM cards with their respective PTEs and be vigilant as they complete the registration process.

It added that the public must only register through the official links of PTEs, which are smart.com.ph/simreg or simreg.smart.com.ph for Smart users; new.globe.com.ph/simreg for Globe users; and digital.dito.ph/pto/download/app for DITO users. — Justine Irish D. Tabile

Matahio Energy acquires Galoc field operator NPG

March 10, 2023 | 12:05 am

MATAHIO Energy Pty. Ltd., announced on Thursday that it has fully acquired NPG Pty. Ltd., the operator of Service Contract (SC) 14C-1 off Palawan’s coast.

“The Matahio team has always found the Philippines to be a collaborative and supportive environment,” Wai-Lid Wong, president and chief executive officer of Matahio Energy, said in a media release.

“We are confident we can work together to advance the energy industry in the Philippines,” Mr. Wong said, adding that he was excited to build a relationship with Galoc’s Filipino joint venture partners and the Department of Energy.

According to its website, Matahio Energy is a company with operations across Southeast Asia.

The SC 14C-1 block is located offshore northwest of the Palawan basin. The consortium is composed of The Philodrill Corp., NPG, and Forum Energy Philippines Corp.

The Galoc oil field is considered the Philippines’ largest oil-producing field in offshore northwest Palawan. NPG holds 78.8% participating interest in SC 14C-1.

“The Galoc field is an important part of Matahio’s growing portfolio. The field’s lifting costs are remarkably low for a late-life offshore field and can provide stable cash flow for many years to come, with the abandonment liability significantly mitigated by an existing abandonment fund,” Mr. Wong said.

Matahio Energy also said that it had acquired the floating production storage and offloading (FPSO) unit Intrepid Balanghai, which is stationed at the Galoc field.

The company said sale and purchase agreements for both transactions were signed in March last year.

“Ownership of the FPSO Intrepid Balanghai adds further scope to manage Galoc’s late-life costs and in the future unlock currently stranded fields,” Mr. Wong said.

Matahio Energy said that it plans to add about 1.8 million barrels of probable reserves and net production of about 1,200 barrels of oil per day.

The company said redeployment of the FPSO Intrepid Balanghai will unlock stranded assets not only in the Philippines but also in other regions of Southeast Asia.

“Matahio and NPG’s management and technical teams are very familiar with the FPSO Intrepid Balanghai and the Galoc reservoir, demonstrating a strong track record in production and cost optimisation; we expect this to continue under formal Matahio ownership,” Mr. Wong said. — Ashley Erika O. Jose

Entertainment News (03/10/23)

March 10, 2023 | 12:05 am

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The Corrs return to the Philippines

IRISH folk band The Corrs will be returning to the Philippines for a two-night concert at Quezon City’s Smart Araneta Coliseum on Oct. 21 and 22. The four-piece group composed of siblings Andrea, Jim, Sharon, and Caroline Corr, have produced hits such as “Breathless,” “Runaway,” “All the Love in the World,” and “Summer Sunshine.” Tickets will go on sale on March 19 at https://www.thecorrsofficial.com/. For more updates, visit https://www.facebook.com/thecorrsofficial. The band last performed in the country in September 2001 for their In Blue Tour.

David Foster and Friends at The Theatre at Solaire

SOLAIRE Resort Entertainment City celebrates its 10^th anniversary with the very first eight-show-residency of Canadian musician, composer, arranger, record producer and music executive David Foster. The concert series, David Foster and Friends, Live at The Theatre at Solaire, will run from March 21 to 26. The shows will include performances by Katharine McPhee, Daniel Emmet, Pia Toscano, Martin Nievera, and Morissette. For tickets, visit https://www.solaireresort.com/article/david-foster-and-friends. For more updates on Solaire Resort Entertainment City’s 10^thAnniversary celebrations, follow Solaire’s social media channels on Facebook, Instagram, and Twitter at @solairesort.

Award-winning Benilde films to be shown at FDCP

FOURTEEN student filmmakers from De La Salle-College of Saint Benilde will screen their works before the official launch of two initiatives from the Film Development Council of the Philippines that are designed to foster a new generation of filmmakers. The unveiling of the FDCP’s Academic Film Society and Student Film Assistance Program is scheduled on March 18, 1 p.m., at the Cinematheque Centre Manila, in between screenings of a set of short films each from DLS-CSB and the Western Visayas State University. In line with these two programs, the FDCP is also developing a platform to provide support and make resources more accessible in the academic setting. The DLS-CSB films are Sina Alexa, Xander at ang Universe by Vahn Pascual, Tanaw by Kaila Ysavl Bergonio, IhisaBote by Caitlin Macaraig, Gayuma by Trixie Vertera, Modern Stray by Rayshelle Lozada, CITSALP by Jean Evangelista, and Signal Notice by Aki Red.

The Knobs releases new single

THE KNOBS recently released their new pop-rock track “Tunay Na Pag-ibig.” With the song the five-piece band paints imagery of falling head over heels in love. “Tunay na Pag-ibig” is available on all music streaming platforms.

For King + Country releases track with Jordin Sparks

GRAMMY award-winning duo For King + Country has released “Love Me Like I Am,” their current single featuring American R&B singer Jordin Sparks. Aside from topping Billboard’s Christian Airplay charts (as of Feb. 25), the multi-format song recently entered Billboard’s Adult Top 40 charts at No. 31 and Billboard’s Adult Contemporary charts at No. 17, becoming one of the biggest hits in the US by an Australian act this year. To date, the soulful ballad has amassed more than 30 million streams on Spotify alone. “Love Me Like I Am” highlights the importance of seeking and practicing forgiveness. The song is available on all music streaming platforms.

What to See This Week (03/10/23)

March 10, 2023 | 12:04 am

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Scream VI

FOLLOWING the latest Ghostface killings, the four survivors leave Woodsboro behind and start a fresh chapter in New York City. Directed by Matt Bettinelli-Olpin, and Tyler Gillett, the latest movie in the slasher film franchise stars Melissa Barrera, Jenna Ortega, Jasmin Savoy Brown, Courteney Cox, and Dermot Mulroney. According to the Critics Consensus of film review aggregate site Rotten Tomatoes, “Certain aspects of horror’s most murderously meta franchise may be going stale, but a change of setting and some inventive set pieces help keep Scream VI reasonably sharp.” Rotten Tomatoes’ Tomatometer gives the film a “fresh” 80% score. Collider’s Steven Weintraub wrote on Twitter: “[Scream VI] is very very good. It’s everything you want in a Scream movie and then some. Moving the story to NYC was a great decision. Going to make a ton of $.”
MTRCB Rating: R-18

65

AFTER a catastrophic crash on an unknown planet, the pilot of a passenger spaceship quickly discovers he is stranded on Earth in a period from 65 million years ago. With only one chance at a rescue, the pilot and the only other survivor, a child, must make their way across an unknown terrain inhabited by dinosaurs. Directed by Bryan Woods, the film stars Adam Driver, Ariana Greenblatt, and Chloe Coleman. Casey Chong of Fiction Horizon writes: “Adam Driver’s committed performance isn’t enough to overcome the movie’s lackluster execution.”
MTRCB Rating: PG

Remember

A RETIRED soldier in his 80s who has dementia, Pil-ju sets off in search of the people he believes are responsible for the death of his family. Using five names tattooed on his fingers and pieces of collapsing memories, Pil-ju tracks down his targets and kills them one by one. In-gyu, an innocent young man, becomes the prime suspect for the murders Pil-ju has committed and tries to prove his innocence, and hopefully stop the old man’s revenge journey. Directed by Lee Il-hyung, the Korean film stars Lee Sung-min, Nam Joo-hyuk, and Park Geun-hyung. “Some aspects of the action flick Remember are entirely predictable,” writes Carla Hay of Culture Mix, “but it’s still a suspenseful thrill ride with better-than-average acting. This story about revenge and terminal illness brings some freshness to its familiar ideas.”
MTRCB Rating: R-13

Suzume

SEVENTEEN-year-old Suzume meets a mysterious young man while on her way to school one day. Her curiosity unleashes a calamity that endangers the entire population of Japan, and so Suzume embarks on a journey to set things right. Directed by Makoto Shinkai, the animated film features the voices of Nanoka Hara, Hokuto Matsumura, and Eri Fukatsu. Review aggregate site Rotten Tomatoes gives the film a “fresh” score of 92%. Steph Green of IndieWire writes: “To be lost in the painterly visuals, to traverse through the sheer scale of Shinkai’s real and imagined worlds, is an experience deserving of the biggest screen you can find.”
MTRCB Rating: PG

Godless: The Eastfield Exorcism

CONVINCED by her husband to seek treatment from a congregation of zealots, the tormented Lara goes through a ruthless exorcist who will try to save her soul by putting her through hell. Directed by Nick Kozakis, the Australian horror film stars Dan Ewing, Tim Pocock, and John Wood.
MTRCB Rating: R-16

Ayala Corp. board clears up to P25-B issuance of preferred shares

March 10, 2023 | 12:04 am

peso-coins-currency — ANGIE REYES-PEXELS

AYALA CORP.’s board of directors approved the issuance of preferred nonvoting shares up to P15 billion with an oversubscription option of P10 billion more, it announced on Thursday.

In a regulatory filing, the listed diversified conglomerate said the issuance’s base amount is between P10 billion and P15 billion, which could bring up to P25 billion including the oversubscription.

The matter would be subject to regulatory requirements and will be presented to its stockholders for approval at their annual stockholders’ meeting, which is set on April 28.

“Appropriate disclosures shall be made once the terms have been finalized,” the company said.

Meanwhile, the company’s board also amended its audit committee charter to align with the requirements of the ASEAN Corporate Governance Scorecard and Integrated Corporate Governance Report to reflect existing practices.

Its sustainability committee charter will also be amended to update the sustainability panel’s roles and responsibilities.

Shares in Ayala Corp. fell by 1.64% to P10.50 to close at P630.50 apiece. — Adrian H. Halili

Venice Biennale to honor British musician Brian Eno

March 10, 2023 | 12:03 am

ROME — Brian Eno, the renowned British musician and visual artist who has worked with Talking Heads, U2, and David Bowie, will receive the Golden Lion for lifetime achievement from the Venice Biennale 2023, the organizer said on Wednesday.

Mr. Eno, 74, who describes himself as a “non-musician,” came to prominence in the early 1970s as a founding member of the band Roxy Music. He is best known for his contributions to ambient music and work in rock, pop, and electronica.

The music department of the Venice Biennale decided to honor Mr. Eno “for his research into the quality, beauty and diffusion of digital sound and for his conception of the acoustic space as a compositional instrument,” the statement said.

Eno will be given the award at a ceremony on Oct. 22 as part of Biennale Musica 2023 in Venice. — Reuters

SC strikes down PAL policy of retiring female cabin crew at 55

March 10, 2023 | 12:03 am

PAL cabin crew — PHILIPPINE AIRLINES FACEBOOK PAGE

THE Supreme Court (SC) has voided a 2005 agreement between Philippine Airlines, Inc. (PAL) and its cabin crew which set the retirement age of female flight attendants at 55 and males at 60, on the grounds that it discriminated against women.

The retirement ages had been agreed by PAL and the Flight Attendants and Stewards Association of the Philippines.

In a statement on Thursday, the court said it granted the appeal of female flight attendants to void the agreement because it denied them employment by reason of age.

PAL failed to prove that female flight attendants aged 55 to 59 were unable to perform critical duties, such as opening emergency doors and attending to passengers in cramped working conditions.

“This deprived them of benefits attached to employment, such as income and medical benefits, five years earlier than their male counterparts, without any factual basis,” the High Court said.

The court has yet to upload the ruling on its website.

Senior Associate Justice Marvic Mario Victor F. Leonen said the policy failed to uphold the equality of men and women provided for under the Constitution, Labor Code, and conventions on eliminating forms of discrimination against women.

He said the agreement also violated the female flight attendants’ right to security of tenure and the accompanying employment benefits.

“Aside from being repugnant to the Constitution, laws, and international convention, the Court found that the compulsory retirement provision in Section 144(A) of the Agreement was not voluntarily agreed upon by petitioners,” the tribunal said. — John Victor D. Ordoñez

Anscor net income up by 12% to P2.8 billion

March 10, 2023 | 12:03 am

A. SORIANO Corp. (Anscor) increased its attributable net income by 12% in 2022 to P2.8 billion compared to P2.5 billion in the previous year due to an increase in sales.

In a disclosure to the stock market on Thursday, the listed holding firm reported a 21.1% growth in consolidated revenues to P12.38 billion from P10.22 billion in the previous year.

Its net revenues from sales of goods amounted to P10.73 billion, 22.6% higher than the P8.75 billion recorded in the previous year.

This was primarily due to the sale of AGP International Holdings Pte. Ltd. “for a consideration of $38.5 million, resulting in a one-time gain of P2.2 billion.”

Revenues from services went up by 27.7% to P1.29 billion from P1.01 billion.

The company’s dividend income fell by 26% to P295 million from P399 million in the previous year, while its interest income grew by 26.4% to P67.5 million from P53.5 million.

Its subsidiary Phelps Dodge International Philippines, Inc. (PDP) reported total revenues of P10.7 billion, which grew by 23% from the previous year. Its net profit also rose by 5% to P956.5 billion from P909.9 billion.

“Copper prices were volatile with an upward trend throughout the year. PDP’s policy of maintaining stable selling prices was rewarded with a flow of steady orders from its distributors,” the company said in its disclosure.

Amanpulo Resort in Pamalican Island, under Seven Seas Resorts and Leisure, Inc., reported higher revenues at P1.09 billion and a net income of P143.5 million.

“Through strategic sales and marketing activities and new products and offerings, Amanpulo bounced back strongly,” it said.

On Thursday, Anscor shares at the exchange went up by 1.85% or 20 centavos to close at P11 apiece. — Adrian H. Halili

Philippine labor force situation

March 10, 2023 | 12:02 am

THE UNEMPLOYMENT RATE rose to a four-month high of 4.8% in January amid the loss of temporary holiday jobs, the Philippine Statistics Authority (PSA) said on Thursday. Read full story.

Inflation, cybersecurity key concerns for Philippine microfinance industry

March 10, 2023 | 12:02 am

ELEVATED INFLATION will be a key risk for the microfinance industry and its customers this year as customers will find it more difficult to pay their loans, officials of a financial technology firm said.

“We’re sort of seeing that this year, but we already saw a ton of it last year when inflation was continuing to increase. The December and January period had really high inflation. We’re hoping that dissipates towards the second quarter,” Tala Philippines General Manager Donald C. Evangelista said in an online media roundtable on Thursday.

“Inflation always poses a double challenge because a customers’ money goes less far. They wish they could get more loans but also, they have less money because of the costs going up everywhere. They have less to repay,” Tala Chief Risk and Strategy Officer Kunal Om Kaul said.

Mr. Kaul added that understanding customers’ situation is key as companies should find a way to be flexible, as much as possible.

“There are more unplanned expenses because of inflation. That is another challenge that the microfinance industry faces because you want to help the customer, but you also worry about their ability to repay,” he said.

Cybersecurity is also a key issue as Filipinos are hesitant to transact or use their data online.

“Admittedly, one of the challenges faced by the Tala loan app in the Philippines is the people’s perception of cybersecurity. which is pretty weak at the moment. Many Filipinos will not even try an online lending platform because they are concerned that their data can get compromised or stolen,” Tala Customer Experience and Collections Senior Director Iona Iñigo-Mayo said.

“There’s already a sizeable level of concern over the security of one’s financial information and high rates,” Mr. Evangelista likewise said.

He added that Tala Philippines has been working with regulatory bodies in the country, such as the Bangko Sentral g Pilipinas (BSP), Securities Exchange Commission (SEC), and the National Privacy Commission, to help improve data privacy.

Predatory lenders taking advantage of customers is also a key concern for the industry, Mr. Evangelista said.

“In the Philippines, predatory lending remains a huge problem for the industry. Government regulators have been addressing this in various ways and the BSP imposed an interest rate ceiling and fees on small value loans. The SEC, on their end, were increasing the requirements for digital lending app registrations,” he said. — A.M.C. Sy