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Ninja Van Philippines opens processing hub in Novaliches  

LOGISTICS firm Ninja Van Philippines has launched a new hub in Novaliches, Quezon City to improve its delivery capabilities in the northern part of Metro Manila and in Central and North Luzon.

In a statement on Wednesday, the company said its 5,045-square meter Novaliches hub can process more than 50,000 parcels daily and features two newly constructed warehouses.

The new hub had its soft opening on Sept. 12.

“The growth of e-commerce in recent years, accelerated by the pandemic, now requires third-party logistics providers to stay ahead of shippers and shoppers’ changing demands,” Ninja Van Philippines Chief Operating Officer Vin Perez said.

“The launch of our new Novaliches hub is a testament to Ninja Van’s ethos of ‘todo hustle, no hassle’ amid the changing e-commerce landscape in the Philippines. As we begin to mark our sixth year in the Philippines, Ninja Van continues to strive for operational excellence by strengthening the core delivery business, improving delivery speed, and developing more value-added services,” he added.

According to Ninja Van, the hub is expected to create 190 jobs to address its operational requirements and is equipped with a conveyor belt that can automatically measure parcel dimensions.

“The entire compound also features a fire protection system, an improved lighting system, a security center, and insulated roofs for the safety of both employees and parcels that will be housed in the facility,” it said. — Revin Mikhael D. Ochave

A taste of Italy, American-style

INSTAGRAM.COM/OLIVEGARDENPHILIPPINES

ABOUT 10 years ago, Grand Forks, North Dakota food columnist Marilyn Hagerty (née Hansen) stepped into an Olive Garden restaurant for the first time. She was then well in her 80s, and left a positive review: “The chicken Alfredo ($10.95) was warm and comforting on a cold day. The portion was generous,” she said in her review for their local paper, the Grand Forks Herald. During the Olive Garden’s preview at the SM Mall of Asia late last week, we let out our inner Ms. Hagerty and tried to enjoy a chain restaurant as if it were our first time, as well as we can.

“We love first-time guests,” said Greg Dalogh, Director for International, Darden – International in an interview with BusinessWorld. Darden Restaurants, Inc. is the American parent company of Olive Garden, as well as of Longhorn Steakhouse, Cheddar’s Scratch Kitchen, and The Capital Grille, among others.

The restaurant chain opened its first branch in 1982 in Florida.

“Even though our brand is 40 years old, there are still guests that — even in the United States, where we have many markets that have an Olive Garden —  there are folks that have not tried it out,” Mr. Dalogh said about Ms. Hagerty’s review. “We certainly want them to come in and try our food, and experience the Italian warmth and generosity that we provide.”

Except Olive Garden isn’t authentically Italian — it’s American-Italian, formed by the senses of the Italian immigrant experience. Italian migrants, leaving the farmlands of (usually) the southern Italian regions of Naples and Sicily, found a land of abundance in America, and indulged themselves with meats and fat as they weren’t able to do back in the homeland.

“When you look at Italian-American food, really, it’s about rich, abundant flavors and value. When you look at American-Italian food versus true authentic Italian, it’s bigger, bolder flavors, larger portion sizes, [that] really deliver value to our guests,” said Abe Acosta, Director for Culinary, Darden – International. 

Bolder, bigger, and larger was right: like in the US, they serve their salad, soup, and breadsticks on an all-you-can-eat basis. We tried the Minestrone (an Italian vegetable soup), and a colleague had remarked that it was salty; but it was otherwise fine for me, if a bit too acidic because of the tomatoes. “First is value, but the second is sharing, which is very strong in Filipino culture. It brings together more of the home-like family environment, where you can share a meal together,” said Mr. Dalogh about the unlimited first course offerings.

Ms. Hagerty’s favorite, the Chicken Parmigiana (a breaded chicken cutlet), had an aggressive and forward flavor; which can be said for the rest of the dishes, including the lasagna and the Fettucine Alfredo.

According to Mr. Acosta, everything is made in-house, and the lasagna filling was made from scratch. A welcome respite was the Shrimp Scampi, with a light, invigorating sauce, and plump shrimp and chopped asparagus. That was our clean and clear winner for that day.

Mr. Acosta said that they did not alter the menu in its entry to the Philippine market, their first in this country; and in Asia. “We did not. We adjusted some flavors, some salinity, some sweetness, but for the most part, this is as close we could bring the Olive Garden to the Philippines,” he said. “The decision was made to be as close to the United States as possible, and then listen to the guests to understand any adaptations we may or may not need in the future.”

On opening in the Philippines, Mr. Dalogh said, “It’s just the growth here in the Philippines, and finding the Bistro Group which has been a fantastic partner, with many well-known American brands.” In the Philippines, the Bistro Group operates Denny’s, Buffalo Wild Wings, Texas Roadhouse, and Hard Rock Cafe, among others. “They’re just a great complement to our business.” Asked if they plan to open other Darden Restaurants Inc. concepts in the Philippines in the future, Mr. Dalogh said, “We don’t have anything signed, but we’re always looking.”

Several years ago, Olive Garden’s slogan had been “When you’re here, you’re family.” While the slogans have changed over the years, the sense of family is still strong. “I want them to feel like family,” said Mr. Acosta about how he wants people to feel when they enter an Olive Garden. “I want them to feel welcome, special, appreciated. I want family moments to be shared here.”

The Olive Garden is located at the SM Mall of Asia in Pasay City. It is open daily from 11 a.m. to 10 p.m. — Joseph L. Garcia

MRC Allied plans to acquire solutions provider 5G Security

MRC ALLIED INC. FACEBOOK PAGE

MRC Allied, Inc. plans to acquire security solutions provider 5G Security, Inc., the holding firm said in a disclosure to the Philippine Stock Exchange on Wednesday.

The company said that its board of directors approved the designation of Augusto M. Cosio, Jr., its president and chief executive officer, “to be the authorized representative in relation with the coordination, talk, transact and negotiate for the possible acquisition of 5G Security, Inc., subject with the due diligence of the company.”

Mr. Cosio will also be authorized to sign, obtain, execute, deliver, file, and process the documentary requirements of the transaction.

5G Security offers manned security, system, cyber and risk management for its clients.

MRC Allied said that the total asset of 5G Security to date is P248.85 million.

“The acquisition will depend on the result of the due diligence that shall be conducted whether to push through or not,” it said. “The disclosure is being made to give the public the opportunity to understand the company’s position in respect of the future.”

In November 2020, MRC Allied signed a deal with 5G Security to acquire 75% of Kerberus Corp. when it entered the holding industry.

Under the agreement, 5G Security increased the authorized capital stock of Kerberus to P300 million.

In the second quarter, MRC Allied’s net loss narrowed to P3.87 million, lower by 45% than last year’s P7.04 million.

The company’s topline climbed to P1.24 million in the second quarter, almost twice the previous year’s P652,500.

On the stock market on Wednesday, shares in MRC Allied closed 2.21% higher to P0.185 apiece. — Justine Irish D. Tabile

PHL digital quality of life worsens

THE Philippines’ ranking in index measuring digital wellbeing went down seven places amid lower scores in Internet connection affordability, quality, and stability, as well as cybersecurity.

The country ranked 55th out of 117 countries in the Digital Quality of Life Index 2022 by virtual private network service provider Surfshark from 48th last year. This year’s study includes seven countries more than the 2021 edition.

In Asia, the Philippines placed 14th out of 34 countries.

Philippines falls in ‘digital quality of life’ indexSurfshark said in a statement on Wednesday that the study covers 92% of the global population or 7.2 billion people and measures the digital quality of life based on Internet affordability and quality, e-infrastructure, e-security, and e-government.

It is based on the United Nations open-source information and data from the World Bank, Freedom House, and the International Communications Union, among others.

Out of the five categories, the Philippines performed the worst in internet affordability, ranking 98th globally, down 26 places from 72nd a year prior.

“Internet in the Philippines is not affordable compared to global standards,”  Surfshark said.

It said a 1 gigabyte (GB) mobile internet package costs 4 minutes and 51 seconds of work per month in the Philippines, 59 times more than the 5 seconds of work needed to buy a 1 GB package in Israel, which has the most affordable mobile Internet in the world, based on the index.

Still, mobile internet affordability in the Philippines improved from the previous year, with the work needed to afford the service dropping by 27 minutes and 3 seconds. The country placed 60th in terms of time to work to afford the cheapest mobile internet, up 44 places from 104th the prior year.

As for fixed broadband, Filipinos need to work around 11 hours and 5 minutes per month to afford the cheapest package available.

“To afford it, Filipinos have to work 34 times more than Israeli citizens, for whom the most affordable package costs only 19 minutes of work monthly,” Surfshark said.

Broadband internet also became less affordable in the Philippines since the previous year, it said, as people now have to work 6 hours 4 minutes more per month to afford the same service, ranking 103rd in the world, down 31 places from 72nd last year.

Surfshark said the global digital divide is growing bigger as internet connections have become less affordable.

“With the current inflation, the pressure on low-income households that need the internet has become even heavier,” it said. “Surfshark’s study also found that countries with the poorest internet connection have to work for it the longest.”

Meanwhile, the Philippines dropped 25 places to rank 45th for internet quality this year. While the average mobile Internet speed and stability improved, speed growth worsened from last year. As for broadband, average internet speed improved but stability and speed growth were worse.

“Regarding internet speed alone, Philippines’s fixed broadband internet ranks higher than mobile in the global ranking, operating at 75.1 Megabits per second or Mbps (55th globally). Meanwhile, the mobile internet comes 61st (38.7 Mbps),” Surfshark said.

“Since last year, mobile internet speed in the Philippines has improved by 33% (9.6 Mbps), and fixed broadband speed has grown by 52.2% (25.8 Mbps),” it added.

The company said internet quality in the Philippines is “comparatively mediocre”, with fixed broadband connections better than mobile globally.

In comparison, Singapore, which has the fastest internet in the world this year, has mobile speeds of up to 104 Mbps and fixed broadband speed of at most 261 Mbps.

Meanwhile, for electronic security, which measures readiness to counter cybercrimes and its commitment to protecting online privacy, the Philippines ranked 44th, down from 30th last year.

The country also dropped two places to rank 65th globally for electronic infrastructure, which measures the number of individuals using the internet and network readiness.

Lastly, for electronic government, which determines how advanced and digitized a country’s government services are, it rose five ranks to 62nd place.

“While countries with a strong digital quality of life tend to be those of advanced economies, our global study found that money doesn’t always buy digital happiness,” Gabriele Racaityte-Krasauske, head of PR at Surfshark, was quoted as saying.

“That is why, for the fourth year in a row, we continue analyzing the Digital Quality of Life to see how different nations keep up with providing the basic digital necessities for their citizens. Most importantly, our research seeks to show the full picture of the global digital divide that millions of people are suffering from,” she said. — A.N.O. Tan

Leading New Wave film director Jean-Luc Godard, 91

FRENCH-Swiss film director Jean-Luc Godard attends the 2010 Swiss Federal ‘Grand Prix Design’ award ceremony in Zurich, November 30, 2010. — REUTERS FILE PHOTO

PARIS —  Film director Jean-Luc Godard, the godfather of France’s New Wave cinema who pushed cinematic boundaries and inspired iconoclastic directors decades after his 1960s heyday, died on Tuesday aged 91, his family and producers said.

Mr. Godard was among the world’s most acclaimed directors, known for such classics as Breathless and Contempt, which broke with convention and helped kickstart a new way of filmmaking, with handheld camera work, jump cuts and existential dialogue.

“Jean-Luc Godard died peacefully at his home surrounded by loved ones,” his wife Anne-Marie Mieville and producers said in a statement published by several French media. Mr. Godard will be cremated and there will be no official ceremony, they said.

French daily Liberation, which first reported the news, said Mr. Godard chose to end his life through assisted suicide, a practice allowed under Swiss law, citing a person close to the family as saying that “it was his decision and it was important to him that people know about it.”

When contacted by Reuters, the family said they would make no further comment on the matter.

For many movie buffs, no praise is high enough: Mr. Godard, with his tousled black hair and heavy-rimmed glasses, was a veritable revolutionary who made artists of movie-makers, putting them on a par with master painters and icons of literature.

“A movie should have a beginning, a middle, and an end, but not necessarily in that order,” he once said.

Mr. Godard was not alone in creating France’s New Wave (Nouvelle Vague), a credit he shares with at least a dozen peers including Francois Truffaut and Eric Rohmer, most of them pals from the trendy, bohemian Left Bank of Paris in the late 1950s.

However, he became the poster child of the movement, which spawned offshoots in Japan, Hollywood and, more improbably, in what was then Communist-ruled Czechoslovakia as well as in Brazil.

“Jean-Luc Godard, the most iconoclastic filmmaker of the New Wave, had invented a resolutely modern, intensely free art. We are losing a national treasure, a look of genius,” President Emmanuel Macron tweeted.

Brigitte Bardot, who appeared in several of Godard’s films, also paid tribute on Twitter.

“Godard created Contempt and then, breathless, he has joined the firmament of the last great star-makers,” Ms. Bardot wrote, in a play on the titles of two of the filmmaker’s 1960s classics Contempt, which she starred in, and Breathless.

Quentin Tarantino, director of 1990s cult films Pulp Fiction and Reservoir Dogs, is among a more recent generation of filmmakers who took up the mantle of the boundary-bending tradition initiated by Mr. Godard and his Paris Left Bank cohorts.

Earlier came Martin Scorsese in 1976 with Taxi Driver, the disturbing neon-lit psychological thriller of a Vietnam veteran turned cabbie who steers through the streets all night with a growing obsession for the need to clean up seedy New York City.

“RIP Jean-Luc Godard, one of the most influential, iconoclastic filmmakers of them all,” said film director Edgar Wright. “It was ironic that he himself revered the Hollywood studio filmmaking system, as perhaps no other director inspired as many people to just pick up a camera and start shooting…”

Mr. Godard was not universally revered however; some of his sharpest critics included the late Swedish director Ingmar Bergman, himself a trailblazer in European cinema who is perhaps best known for his 1957 films The Seventh Seal and Wild Strawberries.

“I’ve never gotten anything out of (Godard’s) movies. They have felt constructed, faux intellectual and completely dead. Cinematographically uninteresting and infinitely boring,” Mr. Bergman once said in an interview, according to his foundation’s website.

NEW WAVE, NEW WAYS
Mr. Godard was born into a wealthy Franco-Swiss family on Dec. 3, 1930 in Paris’s plush Seventh Arrondissement. His father was a doctor, his mother the daughter of a Swiss man who founded Banque Paribas, then an illustrious investment bank.

This upbringing contrasted with his later pioneering ways. Mr. Godard fell in with like-minded folk whose dissatisfaction with humdrum movies that never strayed from convention sowed the seeds of a breakaway movement which came to be called the Nouvelle Vague.

With its more forthright, offbeat approach to sex, violence, and its explorations of the counter-culture, anti-war politics and other changing mores, the New Wave was about innovation in the making of movies.

Mr. Godard was one of the most prolific of his peers, producing dozens of short- and full-length films over more than half a century from the late 1950s.

“Sometimes reality is too complex. Stories give it form,” Mr. Godard said.

CIGARS AND COFFEE
Mr. Godard spent the final years of his life in Rolle, a Swiss village on the banks of Lake Geneva — a region favored by celebrities keen to avoid the spotlight.

“We would come across him here, he had a very unique silhouette, he was always smoking his iconic cigar and he used to drink his coffee in a restaurant on the main street,” said Rolle Mayor Monique Pugnale.

“We used to see him almost every week, he came to buy a cookie,” said Nadine von Wattenwyl, who runs a grocery store. “We knew already what he wanted, so we were ready.”

Most of Mr. Godard’s most influential and commercially successful films came in the 1960s, including Vivre Sa Vie (My Life to Live), Pierrot le Fou, Two or Three Things I Know About Her, and Weekend.

He switched to directing films steeped in leftist, anti-war politics through the 1970s before returning to a more commercial mainstream. Recent works, however —  among them Goodbye to Language in 2014 and The Image Book in 2018 — were more experimental and slimmed the audience largely to Godard geeks. — Reuters

NLEX Corp. partners with youth welfare council for road safety

NLEX Corp. announced on Wednesday its partnership with Juvenile Justice and Welfare Council (JJWC) to address road incidences involving minors, as part of its road safety initiatives.

“Over the years, we have been coordinating with government agencies as part of our efforts to prevent stoning incidents and other prohibited acts along the NLEX-SCTEX (North Luzon Expressway-Subic-Clark-Tarlac Expressway) for the safety of the motorists traveling our expressways,” said NLEX Corp. President J. Luigi L. Bautista in a press release.

NLEX Corp. said its partnership with JJWC will involve discussion of various policies and processes to protect the welfare of children at risk and children in conflict with the law. They also gathered local officials from NLEX-SCTEX host communities in Metro Manila for an integrated care management protocol.

“This initiative by [NLEX Corp. and JJWC] will help balance safety in our city while advocating for the welfare of our children at risk and children in conflict with the law,” Quezon City Mayor Maria Josefina “Joy” G. Belmonte.

The partnership also encouraged local government units to issue legislation involving minors.

Information from the NLEX website showed that in 2021, Municipal Ordinance No. 120 or the “Floridablanca Anti-Stoning Ordinance” was issued. This intends to penalize stoning and other prohibited acts which is said to be committed by minors in SCTEX.

NLEX Corp. is part of Metro Pacific Tollways Corp., the tollway unit of Metro Pacific Investments Corp. (MPIC).

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Yields on BSP’s term deposits rise on rate hike expectations

BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits climbed further on Wednesday, with the 14-day papers slightly undersubscribed, amid expectations of another policy rate hike next week.

Demand for the central bank’s term deposit facility (TDF) totaled P306.971 billion on Wednesday, above the P240-billion offering as well as the P242.146 billion in tenders for a P200-billion offer recorded last week.

Broken down, bids for the seven-day term deposits amounted to P207.377 billion, well above the P140 billion auctioned off by the BSP. It also surpassed the P129.957 billion in tenders for a P120-billion offer seen a week earlier.

Accepted rates ranged from 3.75% to 3.8995%, slightly narrower than the 3.7345% to 3.9999% margin seen in the prior auction. With this, the average rate of the one-week paper rose by 1.86 basis points (bps) to 3.8543% from 3.8357% previously.

Meanwhile, the 14-day papers attracted just P99.594 billion in bids versus the P100 billion on offer, also below the P115.189 billion in tenders for the P80-billion offering on Sept. 7.

Banks asked for yields from 3.8% to 4.25%, a wider and higher range compared with the 3.75% to 3.8699% band recorded a week earlier. This caused the average rate of the two-week term deposit to increase by 11.12 bps to 3.9577% from 3.8465%.

The BSP has not auctioned off 28-day term deposits for more than a year to give way to its weekly offerings of securities with the same tenor.

The TDF and the 28-day bills are used by the BSP to gather excess liquidity in the financial system and to better guide market rates.

“The results of the TDF auction show market participants’ preference for the shorter tenor ahead of the BSP’s policy meeting on 22 September and expectations of a further interest rate hike,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

“Nonetheless, liquidity in the financial system remains ample as indicated by the total tenders received during the auction,” Mr. Dakila said. “Moving ahead, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments.”

Yields on the BSP’s term deposits were higher as the weaker peso could lead to higher import prices and add to inflation pressures, which would prompt the central bank to hike borrowing costs further, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The BSP Monetary Board on Aug. 18 raised benchmark interest rates by 50 bps and signaled it has room for more hikes as it battles high inflation. This brought cumulative increases so far to 175 bps since May.

Headline inflation eased to 6.3% in August from a near four-year high of 6.4% in July. This brought the eight-month average to 4.9%, higher than the central bank’s 2-4% target but still below its 5.4% forecast for the year.

BSP Governor Felipe M. Medalla earlier said the central bank may need to respond if the US Federal Reserve remains hawkish, as its spillover effects on the market, especially the peso, could affect inflation.

The peso on Sept. 8 logged a new all-time low of P57.18 against the dollar following six straight sessions of decline.

On Wednesday, it closed at P57.11 per dollar, down 34 centavos from the previous day, Bankers Association of the Philippines data showed.

Year to date, the peso has weakened by 11.98% or P6.11 from its P51-per-dollar close on Dec. 31, 2021.

Fed Chair Jerome H. Powell last week said the US central bank is “strongly committed” to fighting inflation and needs to continue acting strongly to bring prices down.

The Fed will meet to review policy on Sept. 20-21, where markets expect another aggressive hike. It has raised rates by 225 bps so far since March, including back-to-back 75-bp hikes in June and July. — Keisha B. Ta-asan

Leading local merchants get boost during Shopee’s 9.9 sale event

E-COMMERCE platform Shopee on Tuesday said its top local merchants in the Philippines sold six times more items during its September sale period.

“Boosted by increased shopper traffic and support from Shopee’s platform tools, top local sellers sold 6 times more items on 9 September than on an average day,” Shopee said in a statement.

“Shoppers were treated to plentiful days of fun from Aug. 26, leading up to a star-studded TV special on Sept. 9,” Shopee said.

As part of its preparations for 9.9 Super Shopping Day, Shopee worked with sellers to curate a wide assortment of P1 and P49 deals.

“Filipinos were keen to maximize the available deals in acquiring their daily necessities, with one shopper saving as much as P200,000 for essential back-to-school items like a new laptop, laptop accessories, and desk accessories,” Shopee said.

It added that local sellers took advantage of 9.9 promo to grow their businesses.

“We are committed to benefit online shoppers, by bringing them more joy, value, and excitement every 9.9,” Shopee Philippines Director Martin Yu said in a statement.

“This drives us to use our platform to deliver the best value for money with our ‘Mas Mura sa Shopee’ offers, and to explore other equally fulfilling possibilities that serve the evolving needs of customers and businesses alike, especially as we gear towards another meaningful year-end shopping season,” Mr. Yu. added.

One top local merchant from Valenzuela City sold over 400,000 packs of face masks on Sept. 9 alone, while a fashion accessories seller was able gain 80,000 views for its livestream.

Brands like Uni-Care, Unilever Beauty, and Maybelline also saw a boost in orders as customers used Shopee for their go-to branded essentials.

Shopee said seller offerings in the period created more value for customers as they snapped up the best promotions and cheaper prices of products ranging from daily essentials to gadgets.

Throughout the period, Shopee users tuned in 87 million times to livestreams and the platform recorded 16 million total plays in its in-app games.

Shopee also reported that purchases of ShopeePay’s P1 mobile load and data promos tripled within the period.

“Local shoppers also used ShopeePay to pay off their wish list items on mobile phone accessories, skincare products, and kitchenware sets while payment transactions with various billers doubled during the super shopping day,” it added. — Justine Irish D. Tabile

Thai hotel sets Guinness world record with largest Negroni cocktail

FACEBOOK/KIMPTON MAA-LAI BANGKOK

BANGKOK — A hotel in the Thai capital set a Guinness World Record on Monday by stirring up the world’s largest Negroni cocktail, with more than 630 liters of the bitter Italian drink.

Mixologists at the Kimpton Maa-Lai Bangkok Hotel poured dozens of bottles of the key ingredients — gin, vermouth, and Campari — into an iced acrylic container 1.7 meter (5.6 ft) tall and weighing about 400 kg (882 lb).

The previous record was 504 liters, said Guinness adjudicator Kazuyoshi Kirimura, who added that the hotel was required to bottle and distribute the entire concoction within the next couple of months. — Reuters

Pru Life bullish on growth despite risks

PRU LIFE UK remains optimistic about its growth prospects this year despite high inflation and rising interest rates.

“We’re confident that in the medium to long term, because of people’s awareness of the need for health protection, the insurance industry is going to grow,” Prudential Health Officer Andrew Wong told reporters on the sidelines of a Pru Life UK briefing.

Prudential plc is Pru Life UK’s regional head office.

Mr. Wong said inflation rates in the Southeast Asian markets they operate in, including the Philippines, are not as severe as those seen in Europe amid the Russia-Ukraine war and rising commodity prices.

“So certainly, we hope this is going to be like a temporary issue. Whatever goes up will come down again. And I think a lot of the central banks nowadays also tried to raise the interest rate in order to curb the level of inflation we have in the region… I’m confident that this issue will probably go away gradually… So, the impact of inflation on whoever should be a temporary phenomenon,” he said.

“We shall be in the position to develop more attractive products in terms of higher returns because of the increase in interest rates… We are in a better position to come up with some sort of higher guarantee return products as a result,” Mr. Wong added.

Philippine headline inflation eased to 6.3% in August from a near four-year high of 6.4% in July. This brought the eight-month average to 4.9%, higher than the central bank’s 2-4% target but still below its 5.4% forecast for the year.

The Bangko Sentral ng Pilipinas has raised benchmark rates by 175 bps so far since May as it seeks to rein in rising prices. Its next policy meeting is on Sept. 22. 

CLIMATE RISKS
Pru Life at Wednesday’s briefing emphasized the need to increase awareness about the importance of protection against climate change risks.

“Our goal as the leading life insurance company is to raise awareness on the importance of insurance protection against climate health risks so more Filipinos are educated on the effects of climate change on their health and finances,” Pru Life President and Chief Executive Officer Eng Teng Wong said.

“We are also working together with different sectors to mitigate climate health risks by creating budget-friendly, climate-smart insurance products accessible to the unserved and underserved communities,” he added.

The life insurer noted that Filipinos are vulnerable to harsher weather conditions that can lead to the spread of climate-sensitive diseases such as heat-related illnesses, vector-borne diseases, and infectious diseases.

To encourage Filipinos to protect themselves against climate change, Pru Life offers products such as PRUMedCare Select Infectious Disease and two options of PRUDEngue MedCare, with the common goal of providing protection against dengue, typhoid, measles and malaria.

“Climate change is real and it will be one of the biggest challenges of our lives. Pru Life UK will continue to listen and lead the industry on climate health risks discussions to bring the issue of climate change to the forefront,” Pru Life’s Mr. Wong said. “Together, we will do a better job in putting Filipinos’ welfare as our top priority.”

The insurer is also working to make its products more accessible. Pru Life in July announced its partnership with e-commerce platform Shopee as it aims to offer affordable products to more Filipinos.

Prudential’s Mr. Wong added that Pru Life’s health app is helping the insurer reach underserved Filipinos in rural areas. The app has features such as symptom checker, health assessment, telemedicine consultations, digital nutrition, as well as mental wellness.

“As long as you have access to a smartphone, and also WiFi, you can download the app. You don’t need to be our customer and then you can have access to all these services and features 24/7,” he said.

“By doing that, we hope to serve the underserved people, or, in countries like the Philippines, where some of the people that live quite far away from the urban areas, they can have access to quality healthcare.” — K.B. Ta-asan

PAL rebrands some seats to ‘comfort class’

PHILIPPINE STAR/EDD GUMBAN

FLAG carrier Philippine Airlines, Inc. (PAL) has rebranded its domestic premium economy service to comfort class effective Sept. 15.

“We will continue to look for ways to enhance the overall travel experience of our passengers, on the ground and in the air, as the Philippines’ full-service network airline,” said PAL Vice-President for Marketing Ria Carrion-Domingo in a media release.

PAL said that the renamed comfort class will retain all privileges and amenities that were previously offered under the former premium economy domestic product. These include premium inflight services and amenities, and an exclusive set of privileges, according to PAL’s website.

“The renamed Comfort Class will now be offered on all domestic flights operated by the airline’s Airbus A330 Bi-class, Airbus A321ceo, Airbus A320 and De Havilland DHC-8-400 Next Generation aircraft,” PAL said.

“We are glad to offer customers a choice of cabin service options,” Ms. Carrion-Domingo added.

Meanwhile, the airline said that it will continue to offer a full premium economy service for its international flights. — Ashley Erika O. Jose

Maya Bank hits P5B in deposits, over 650,000 customers in three months

DIGITAL LENDER Maya Bank, Inc. recorded over 650,000 customers and P5 billion in deposit balances as of end-July, just three months after its launch.

“Our strong growth validates the market preference for an all-in-one money experience. Through disruptive offerings, bold marketing, and our extensive ecosystem, we are bringing progressive financial services closer to consumers, enterprises, and communities,” PayMaya Group CEO and Founder and Maya Bank Co-Founder Orlando B. Vea said in a statement on Wednesday.

“We are executing and growing at the speed of digital, and we are grateful for the overwhelmingly positive response from the market. This feat reflects our strong commitment towards our country’s financial inclusion goals,” Maya Bank President Angelo Madrid said.

Maya Bank was launched on April 29, about six months after it was granted a digital banking license by the Bangko Sentral ng Pilipinas (BSP). The PayMaya Philippines platform was rebranded to Maya to include online banking services alongside e-wallet, cryptocurrency trading and micro-investments.

Mr. Madrid had said at the launch that they hope one million of PayMaya’s more than 47 million users as of March would become Maya Bank clients.

Maya Bank said it has attracted young consumers to open deposit accounts via its app as it offers high interest rates. By registering a Maya wallet account and providing a valid government ID, clients can save money without maintaining a minimum balance.

Its app also features a variety of services to allow users to manage their transactions and funds more seamlessly.

Through the Maya money app, Maya Bank also offers instant credit of up to P15,000 for eligible customers and working capital loans for micro, small, and medium enterprises (MSMEs), starting with Maya Center agents.

“This makes Maya the only digital bank to offer credit to both consumers and MSMEs within the quarter of its public launch,” the lender said.

“Filipinos deserve reliable and seamless digital banking experiences, and we are delivering this with urgency and speed with Maya. We are very excited to introduce more game-changing digital banking innovations through our all-in-one money platform,” PayMaya Group President and Maya Bank Co-Founder Shailesh Baidwan said.

Maya Bank is one of the six entities that were granted digital banking licenses by the BSP. The central bank has imposed a moratorium on the grant of online banking permits as it wants to ensure healthy competition among the new players and monitor their development.

Digital banks, which offer their services via online platforms and are not required to set up physical branches, are expected to help the BSP achieve its twin goals to have 50% of retail payments done digitally and 70% of adult Filipinos become part of the formal financial system by 2023.

PayMaya and Maya Bank are owned by Voyager Innovations, Inc. PLDT, Inc. is Voyager’s main shareholder. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — KBT