IC issues cease-and-desist order vs insurance firm

October 29, 2021 | 12:03 am

Insurance-Commission-021219 — BW FILE PHOTO

THE INSURANCE COMMISSION (IC) has issued a cease-and-desist order against Holy Angels Health Management Services for selling insurance policies without the appropriate license.

The commission had received a complaint from an individual that obtained insurance policies from the organization but did not receive benefits when the products matured.

“(The) complainant learned from the IC’s Licensing Division that Holy Angels was not licensed as an insurance company or an insurance agency,” the commission said in a press release on Thursday.

Asked to explain, Holy Angels said the company operated as an insurance agency and the claims of the complainant have been settled.

The IC said the explanation is “misplaced” and issued the firm an order to stop business activity due to the absence of a license.

The order also directed Holy Angels to refund the money it received from the complainant and her family members.

“Bearing in mind that the sale of contracts of insurance is imbued with public interest, it is within this Commission’s mandate to safeguard the rights and interest of the insuring public against the deleterious effects of unsanctioned and unsupervised activities of unregistered entities,” Insurance Commissioner Dennis B. Funa said.

“The insuring public is thus warned not to transact with these unregistered entities and encouraged to report the same to the IC.”

Should the company fail to follow the order, the commission said in an e-mail that it can ask the appropriate government agencies to investigate and file charges against the erring officers of the company.

Holy Angels Health Management Services could not be reached for a response. — Jenina P. Ibañez

AREIT targets to be carbon neutral by yearend

October 29, 2021 | 12:03 am

AREIT, Inc., the real estate investment trust (REIT) sponsored by Ayala Land, Inc. (ALI), said it is on track to be the “first carbon-neutral” REIT in the country by yearend.

“As a sustainable REIT, we believe that moving towards net-zero carbon operational emissions is the most impactful environmental initiative we can undertake,” AREIT President and Chief Executive Officer Carol T. Mills said in an e-mailed statement on Thursday.

“By using renewable energy in our buildings, we not only achieve AREIT’s ESG (environmental, social, and governance) objectives but also enable our building locators, many of whom are top multinational corporations, to achieve their own ESG standards,” she added.

By yearend, AREIT said it is on track to neutralizing Scope 1 emissions, which are greenhouse gas emissions from the use of fuel via generators and vehicles, and Scope 2 emissions, which refer to those from electricity consumptions in common areas controlled by AREIT.

Meanwhile, the company will focus on neutralizing Scope 3 emissions, or those emissions from AREIT’s value chain, and net-zero emissions from operations of existing buildings by the end of 2022.

AREIT said its Makati-based properties, Solaris One, Ayala North Exchange, and McKinley Exchange, as well as The 30^th in Pasig have all converted from using coal to renewable energy resources.

The company aims to reduce 80% of its 10,000 tons of carbon dioxide equivalent emissions by using reusable energy. The balance of 20% will be offset through Ayala Land’s carbon forests.

“As part of its resource efficiency initiatives, the company reduced its carbon emissions continuously through significant shifts to renewable energy, and by allotting compensation for fuel consumption through ALI’s carbon forest stock,” AREIT said.

AREIT’s measured electricity intensity for buildings last year improved to 125.48 kilowatt-hours per square meter (kWh/sq.m.), said to be lower than the ASEAN benchmark of 160 kWh/sq.m.

Most of AREIT’s properties also have Leadership in Energy and Environmental Design (LEED) certifications. These also feature district cooling systems, helping decrease energy consumption by 20% to 35%.

“With good governance guiding our value creation efforts for shareholders, our entire organization continues to strive for innovation, for exploring new ways to advance sustainably, to improve environmentally, and better adapt to our ever-changing climate,” Ms. Mills said.

On Thursday, AREIT shares at the stock exchange went up by 1.67% or 70 centavos to close at P42.70 each. — Keren Concepcion G. Valmonte

BDO Leasing’s end-September net earnings down by 70%

October 29, 2021 | 12:02 am

BDO LEASING & Finance, Inc. (BLFI) posted a lower net income as of end-September despite gains from investments due to base effects following the company’s restructuring.

The leasing arm of BDO Unibank, Inc. registered a net profit of P39.8 million as of end-September, decreasing by 70% from the P134.6 million logged a year earlier, it said in a filing on Thursday.

“The first nine months of 2021 results were lower compared to P134.6 million earnings a year ago, as last year’s earnings were based on a balance sheet prior to the full implementation of the restructuring of BDO Unibank Group’s leasing business,” BLFI said.

“This entailed the sale of substantially all of BLFI’s assets to BDO, BDO Life, and BDO Finance Corp.,” it added.

BLFI ceased its operations as a leasing firm and finished the assignment and transfer of its leasing and financing business to affiliate BDO Finance on Oct. 19, 2020.

BLFI’s net income as of end-September was solely from fair value gains from its investments in unit trust investment funds (UITFs), it said.

Meanwhile, the firm’s assets as of end-September reached P6 billion, of which P5.9 billion were placed in UITFs.

BLFI’s parent BDO registered net earnings worth P11.033 billion in the third quarter, down 10.6% from P12.346 billion a year earlier due to increased expenses and lower interest rates. — L.W.T. Noble

International Labour Organization upgrades global estimate of pandemic job losses to 125M

October 29, 2021 | 12:02 am

THE International Labour Organization (ILO) said Thursday that it upgraded its global estimate of full-time job losses since the beginning of 2021 to 125 million, noting that developing countries are struggling with limited access to vaccines.

The upgraded estimate follows a June forecast of 100 million jobs.

“This represents a dramatic revision of the ILO’s June projection of 3.5% or 100 million full-time jobs,” the United Nations agency said.

The ILO said global hours worked in 2021 are expected to come in at 4.3% below pre-pandemic levels.

High-income countries posted losses of 3.6% in the third quarter, against the 5.7% for low-income countries, the ILO said.

Concrete financial and technical support can counter the “great divergence” in employment recovery trends between rich and poor countries, it said.

Vaccine inequity is partly to blame for the problematic trend, the ILO added, with poor countries holding the potential to address the gap “in just over a quarter” if given sufficient vaccine doses, it said.

The Philippines, which scored poorly in a global index that measured the recovery of more than 100 countries from the coronavirus pandemic, is struggling to vaccinate its entire adult population amid delivery delays and logistical problems.

Last month, President Rodrigo R. Duterte criticized wealthy nations for hoarding coronavirus vaccines while poor countries struggle to secure shots for their people.

More businesses around the world have been prioritizing fully vaccinated job seekers. Critics have said that making employment conditions based on vaccination status is highly discriminatory.

In the Philippines, business groups have been urging the government to allow the private sector to impose stricter requirements on unvaccinated employees and patrons, and to decline unvaccinated job applicants. Last month, Mr. Duterte said government workers who refuse to be vaccinated should resign.

In the absence of vaccines, losses in hours worked around the world “would have stood at 6.0% in the second quarter of 2021, rather than the 4.8% actually recorded,” the ILO said.

“However, the highly uneven roll-out of vaccinations means that the positive effect was largest in high-income countries, negligible in lower-middle-income countries and almost zero in low-income countries,” it said.

Meanwhile, the ILO said the dearth of stimulus packages in poor countries also widened the gap.

“Estimates show that on average, an increase in fiscal stimulus of 1% of annual GDP increased annual working hours by 0.3 percentage points relative to the last quarter of 2019,” the ILO said, noting that 86% of global stimulus measures were concentrated in high-income countries.

Earlier this year, the Philippine government was urged to back a proposed stimulus package worth P400 billion to help the economy recover from lengthy lockdowns.

Economic managers have said they can only find funding for a package of P173 billion this year. — Kyle Aristophere T. Atienza

ERC to Ceneco: Comply with rules vs ineligible contracts

October 29, 2021 | 12:02 am

THE Energy Regulatory Commission (ERC) has directed the Central Negros Electric Cooperative, Inc. (Ceneco) to comply with rules on power generation costs from ineligible contracts after it found that the electricity provider imposed rates from two expired contracts.

In a news release on Thursday quoting a letter from ERC Chairperson Agnes VST Devanadera, she called on Ceneco and other distribution utilities to “strictly abide” by the commission’s rules to avoid unauthorized collection of electricity charges and, consequently, any sanction from the agency due to the expiration of relevant contracts.

After evaluating the submissions of Ceneco for the month of July this year, the ERC found that the power utility billed customers charges emanating from two expired power supply agreement contracts for the billing period of May 26 to June 2021 onwards.

Ms. Devanadera explained that the ERC’s policy is for generation costs from expired contracts to be pegged at whichever has a lower rate — the National Power Corp.’s time-of-use rates or the actual rate billed by the generation company.

Ceneco’s failure to follow the policy is a violation of ERC’s calculation of adjusted retail rates under ERC Resolution 16, Series of 2009 entitled, “A Resolution Adopting the Rules Governing the Automatic Cost Adjustment and True-Up Mechanisms and Corresponding Confirmation Process for Distribution Utilities.”

It also violates Article VI of the Guidelines for the Recovery of Cost for the Generation Component of the Distribution Utilities’ Rates which states that the ERC must first approve power supply contract costs before it is included in retail rates.

The ERC added that although generation companies intend to extend the term of their contracts with Ceneco, the request was still unapproved upon the date of billing as the companies need to comply with the competitive selection process required by the Department of Energy (DoE) once the contracts expire.

Under the DoE’s Circular 2018-02-0003, generation companies whose contracts have expired must apply for a new power supply agreement and comply with the department’s guidelines for competitive selection processes.

“The term or duration of power supply contracts may not be renewed or extended by mere agreement between the Seller and the Buyer,” the ERC said.

“The ERC will always adhere to its mandate of protecting and promoting consumers’ interests by continuously monitoring the propriety of charges billed by the Distribution Utilities,” Ms. Devanadera added in the letter to Ceneco.

Ceneco has not responded to a request for comment on the matter as of deadline time. — Bianca Angelica D. Añago

Stuff to do (10/29/21)

October 29, 2021 | 12:02 am

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ING x Krispy Kreme Birthday Blowout Promo

ING Philippines turned 31 this October and is partnering with Krispy Kreme on a limited-edition ING orange doughnut and the Birthday Blowout Promo. The ING x Krispy Kreme Birthday Blowout Promo is the bank’s way to extend the celebration to its customers. ING customers are eligible for two free Original Glazed doughnuts for a minimum P200 single-receipt purchase with their ING Pay Visa physical debit card at Krispy Kreme. Customers can get the promo from any of the 93 participating Krispy Kreme branches nationwide until Oct. 31. The ING x Krispy Kreme Birthday Blowout Promo is available for take-out and dine-in transactions only. Redemption must be done during the same visit as the purchase and splitting a single transaction into multiple ones in the same visit will not be allowed. Delivery services such as the Krispy Kreme website and food delivery platforms are not covered by this promo.

Araneta City celebrates Halloween

ARANETA City celebrates Halloween 2021 with the theme, “Horror in Color.” There will be a Drive-thru Trick or Treat until Oct. 30 at the Gateway Mall Drive & Go pickup station where visitors get a free goodie bag for every single receipt purchase worth P1,000 at any establishment; a Community Fair which is ongoing until Oct. 30 at the 2F, New Frontier Theater Arcade; mall Goodie Bag giveaways at Gateway Mall, Ali Mall, and Farmers Plaza on Oct. 29 and 30; and the Horror in Color virtual Halloween show on Oct. 30, 3 p.m. via Facebook Live on the Araneta City official page.

Robinsons Place Antipolo Pet Park

ROBINSONS Malls Happy Pets Club, in partnership with TopBreed, will officially launch its Pet Park on Oct. 30. This new amenity is located at the Upper Ground Al Fresco Area, which is accessible to the mall’s open parking area and Picnic Grounds. This pet playground is easy to spot with its vibrant fences and archway entry. The pet park is equipped with agility units such as miniature stairs, weave cones, ball pit, dog walk platform, an A-frame, and a resting platform. Over at the Picnic Grounds is a Community Pawntry where pet owners to get dog food, shampoo, and vitamins. Also at the picnic grounds, artists Pete Velasquez, Rico Aunzo, and Brando Limon Bati will be on hand to sketch and paint pets. To celebrate the opening of Robinsons Place Antipolo’s Pet Park, a series of activities will be held on Oct. 30 starting at 10 a.m., including a pet blessing, games, and a pet talk and meet and greet session with Topbreed ambassador and wildlife veterinarian Dr. Nielson Donato. There will also be a sampling area and selling booth where pet owners can stock up on pet essentials. For every purchase of one liter of shield+alcohol and five kilos of adult dogfood or two kilos puppy dogfood, pet owners are entitled to either free pet deworming or a free anti-rabies vaccination. Fill out the application form available at the Happy Pets Club booth near the Pet Park and submit two 1×1 ID photos of your pet and updated vaccination record.

Spook Street at BGC

CELEBRATE another Halloween at the Spook Street: A Drive-by Halloween Experience on Oct. 30 and 31 at 9^th Avenue in Bonifacio Global City (BGC), Taguig. For a minimum purchase of P1,500 from any Bonifacio High Street merchant from Oct. 23 to Oct. 31, visitors can avail of loot bags with options for small children and tweens to choose from. After claiming the loot bags, visitors can enter a mystery tunnel with spine-chilling surprises and characters inside. For more information about BGC Spook Street, visit Bonifacio High Street on Facebook and Instagram.

Marks and Spencer’s Halloween treats

HOST a spooktacular evening for Halloween with the help of Marks and Spencer (M&S). From eerie Zombie Eyeballs to Creepy Chocolate Lollipops, the British retailer has launched its Spooktacular Halloween lines. Customers will find a range of creepy chocolates and sweets, from spooky flavored gummies and jellies like the Sour Spiders, Milk Ghosts and Graveyard Festival to Spooky Ombles Choco Pops, Dragon Eggs, Bubbly Boo, Net of Ghoulish Gang and the ultimate Halloween party food: freshly extracted and extra cheesy Vampire Fangs. Marks and Spencer Halloween lines are only available in selected M&S stores. Follow Marks and Spencer at facebook.com/MarksandSpencerPH and Instagram @marksandspencerph to get the latest updates.

Pasig River Heritage Tour on Oct. 31

MANILA Girls and Renacimiento Manila will hold a Pasig River Heritage Tour on Oct. 31. This barter tour (the tour is free) will start at Plaza Lawton at 9:30 a.m. The route will pass Plaza Lawton, Jones Bridge, Plaza Moraga, Escolta, Santa Cruz (Bridge and Plaza Lacson/Goiti), ending at The Heritage Collective in Hub: Make Lab, Escolta where tour goers can participate in the Freedom Wall and buy some merch. To join the tour, go to Renacimiento Manila’s Facebook page and send a message.

Virtual tour of haunted Manila

AFTER the success of last year’s “One Night in Intramuros” online Halloween tour, the tour and experiential company WanderManila steps out of the walled city to uncover the darker history of Manila’s iconic areas. The tour, “One Night in Manila: an online Halloween tour” will be livestreamed for free on Oct. 30, 9 p.m., on the WanderManila Facebook page. Conducted by WanderManila’ head tour guide Benjamin Canapi, the one-hour tour will feature a mix of history and horror. Among the locations to be visited virtually are Escolta, Paco Park, Arroceros, the University of Santo Tomas, and Manila City Hall.

PPO holds Tricks and Musical Treats concert

THE CULTURAL Center of the Philippines (CCP) will hold a family-friendly virtual Halloween concert titled Tricks and Musical Treats: A PPO Family Concert on Oct. 31, 4 p.m. via Zoom. With the theme “A Musical Voyage to Outer Space,” the Philippine Philharmonic Orchestra (PPO) and guest performers from the UST (University of Santo Tomas) Symphony Orchestra will introduce children to the basic concepts of music and present orchestral music in a fun memorable adventure package. Hosted by award-winning actress Liesl Batucan, families will also learn about the benefits of music in brain development, especially in language and reading skills, mathematical learning through playing of musical instruments, memory skills, and mind-and-body coordination. As a fun activity, kids will be taught how to “conduct” the orchestra. To make the event even more engaging, participants are encouraged to be in space-themed costumes made using their creativity, resourcefulness, and improvisational skills. Best in Costume Winners will receive recognition and prizes. Register at https://neon.ly/MusicalTreats2021_register.

Spotify’s Halloween is back from the dead

SPOTIFY is bringing back its Halloween extravaganza, a web of curated content to get listeners into the spirit of all things spooky. From music playlists like Headbanger Halloween, Trick or Treat and Fright Fest to local podcasts, Stories After Dark, Creepsilog and Wag Kang Liligon, it’s meant to set listeners’ spines tingling. Stories After Dark is a narrative podcast on Philippine true-crime stories with each episode covering some of the country’s most jaw dropping mystery stories; Creepsilog tackles a range of chilling topics including paranormal events, strange phenomena, and true crime, delivered with light and twisted Pinoy humor; Wag Kang Liligon hosts Grace Marcellana and Mimai Cabugnason have an enduring fascination for the weird and strange, and tackle hair-raising and insomnia-inducing tales of horror, mystery, true crime, and suspense. Spotify noted that there was a nearly 100% jump in Halloween-themed streaming on the first day of the spookiest month, compared to the day before. There is also over 2.9 million user-generated Halloween playlists to choose from. All-time Halloween classics are back in action, with streams significantly spiking as compared to the previous month, like “Monster Mash” is up by 350% and “This is Halloween” up by 280%. Spotify has also seen some newcomers enter the Halloween scene. More popular songs added to Halloween playlists include: “Stranger Things” by Kyle Dixon and Michael Stein, “bad guy” by Billie Eilish, “Black Magic” by Little Mix, “Season of the Witch” by Lana Del Rey, “Sweet but Psycho” by Ava Max, and “Get Ghost” by A$AP Ferg, Mark Ronson, and Passion Pit.

Online memorial festival

FOREST Lake, the largest memorial care brand in the Philippines, is holding an online memorial festival titled Music and Memories: A Celebration of Life Through Music on Nov. 1 to give its lot owners the opportunity to honor the lives of their late loved ones from home. The program will start at 2 p.m. with a Mass, followed by a memorial concert hosted by actress Giselle Sanchez, with performances from Cooky Chua, Bugoy Drilon, Ice Seguerra, Kuh Ledesma, and Wency Cornejo. Forest Lake lot owners will be eligible to participate in a raffle for a chance to win a Forest Lake Memorial Park Lot, while regular event attendees may win cash prizes. The deadline for entries is on Oct. 30. To register, visit https://lynxshort.com/concert. They can also submit their prayer requests for their late loved ones to Forest Lake’s Facebook page. Event registration and submission of prayer requests can be done until Nov. 1. Forest Lake is the Philippines’ largest memorial care brand with more than 30 parks nationwide.

Christmas shopping at Estancia

START your Christmas shopping at Estancia’s 4-Day Fab Sale from Oct. 29 and Nov. 1. Enjoy up to 70% off and score Buy 1 Get 1 deals from The SM Store, Unimart, and other food and retail tenants. One can also shop from multiple stores through a personal shopper with Estancia My Home Dashers. Call 0917-851-9262 to order. The mall is open from 10 a.m. to 9 p.m. Estancia has been given a Safety Seal by the Pasig LGU which is a declaration that it has complied with the city’s precautionary measures to help prevent the spread of the COVID-19.

Early Christmas with Araneta City’s Parolan 2021

ARANETA City’s Parolan is an annual destination for the budget-conscious holiday decorator. Visit Araneta City’s Parolan 2021 at the Farmers Garden Parking (along General MacArthur Ave.) daily from 4 a.m. to 9 p.m. On sale are capiz shell parol, Christmas lights that dance to carols, Christmas tree toppers, lights, garlands, ribbons, and other holiday ornaments. Parolan comes complete with food choices including traditional Filipino Christmas treats like puto bumbong and bibingka to street food like grilled meat and innards. To assure shoppers, health protocols are in place at Parolan. Face masks and face shields are strictly required, and temperature checks are done upon entry. Staff also make sure that high contact points are disinfected regularly.

Entertainment News (10/29/21)

October 29, 2021 | 12:01 am

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Tier One Entertainment launches group, expands in Japan

WITH its plans to discover local talents to sign and develop, Southeast Asia gaming and esports entertainment pioneer from Tier One Entertainment debuts its first “idol” group in Japan. The company announced that model and cosplayer Harry “harfie” Field is a member of Project 4, the unofficial name of the group. The rest of the members will be announced in a series of promotions over the next couple of months. The company also announced its first foray outside the region by expanding its footprint to Japan as part of its strategic move when it signed an investment deal with its investors, KAYAC, a Japan-based internet firm, and Warner Music Group, a global media company that has a strong market presence in Japan. “Japan is a country with a long history both in gaming and innovation in multimedia. With over 57% of its population being gamers, there’s a big opportunity for us to grow our brand,” said Tryke Gutierrez, CEO & co-founder of Tier One Entertainment, in a statement. Tier One Entertainment was founded in 2017 by Gutierrez, cosplay and gaming star Alodia Gosiengfiao, and entrepreneur Brian Lim.

ABS-CBN News launches Halalan 2022 podcast

ABS-CBN News and Current Affairs launches its very first election podcast, POV:XYZ. Hosted by Tony Velasquez and Danny Buenafe, the podcast offers a space for Filipino youth to express their views and exchange stories about politics with two veteran journalists who have covered multiple elections and administrations in their decades-long careers. The pilot episode, uploaded on Oct 28, titled “The Power of the Youth Vote,” features Robi Domingo, YouTuber and influencer Janina Vela, and ASEAN Youth Advocates Network founder Mirus Ponon. All three have been very active in using their platforms to encourage their fellow youths to register to vote and to educate themselves on issues surrounding the elections. POV:XYZ is available on Spotify, ABS-CBN News App, and ABS-CBN Radio Service App and will drop new episodes every other week.

Kemrie releases new single

OPM artist and TikTok star Kemrie has released her latest single, “Cruel House.” This song follows the release of “Impressions,” which came out last year. Lyrically, “Cruel House” is deep and emotional. Musically, it’s a very pop song that builds from easy-listening verses into a last song syndrome-inducing chorus. “Cruel House” is available on Spotify, Apple Music, YouTube Music, Amazon Music, and Deezer.

Syd Hartha’s latest song will be part of her upcoming EP

FILIPINO singer-songwriter Syd Hartha returns to her roots on the stripped-down single “kung nag-aatubili.” The folk-pop tune will be part of her upcoming five-track EP to be released in the first quarter of 2022, and serves as her first original material for 2021 after contributing vocals for Tokimeki Records’ city pop-inspired “Carnival” and participating in Coke Studio Season 4. According to the 19-year-old artist, “kung nag-aatubili” reflects her complicated attitude towards romantic relationships and intimacy, which stemmed from traumatic experiences in younger years. The song will be accompanied by a music video slated to be released in the coming weeks. The song is out now on all digital music platforms worldwide via Sony Music Philippines.

The Steve McQueens releases 5^th recording project

The Observer is The Steve McQueens’ 5^th studio outing, and shows a mature unit performing at the peak of their eight-year journey together. The characteristic playful inventiveness, musical twists and surprises are all here. Released through Singapore-based indie label Umami Records, the band’s latest album features music performed from their 2020 Nerd Lounge tour of Singapore, Japan, and Indonesia. With the pandemic putting the brakes on to their live performance plans, the quartet went into the studio to record this collection of new music which simultaneously evokes alternative R&B, chill-pop, 60’s Motown and nu-soul. Having released three of the singles in the record — “Mila Ascending,” “Eye,” and “Beginning” — since July, the band is ready to drop the full album.

New drops, perks from Pokemon

THE POKÉMON Company recently announced the latest news about Pokémon Brilliant Diamond and Pokémon Shining Pearl and released its latest promotional video (https://youtu.be/Jk3YTHWRqsM). For the early purchase of Pokémon Brilliant Diamond or Pokémon Shining Pearl, the “Platinum Style” in-game outfit will be given as a perk. Fans can receive this gift by choosing Get via Internet from the Mystery Gifts function in the game on Feb. 21, 2022. Fans can also change their outfit at Metronome Style Shop in Veilstone City. By wearing the Platinum Style, fans can continue their adventure dressed like the protagonist of Pokémon Platinum. The Pokémon Company recently unveiled the Hisuian forms of Zorua and Zoroark in the Nintendo Switch software, Pokémon Legends: Arceus. Fans can check out the latest trailer on this link: https://youtu.be/juuIljtu8vY. In addition to the early-purchase bonuses already announced, the Baneful Fox Mask will be gifted to early purchasers of Pokémon Legends: Arceus. They can receive this gift by choosing Get via Internet from the Mystery Gifts function in the game. And it’s available up until May 9, 2022. For more details about the early-purchase bonuses, visit https://pokemon-cojp.ent.box.com/file/877346817232.

Enacting consumer protection laws

October 29, 2021 | 12:01 am

THE proposed Financial Consumer Protection (FCP) Act has been pending in the House of Representatives for almost two years. Known as House Bill (HB) No. 6143, it was filed in February 2020 by Quirino Rep. Junie Cua, chairman of the House Committee on Banks and Financial Intermediaries. The bill seeks to provide government financial regulators with additional powers to protect the interest of consumers amid the growing complexity of financial products and services.

Throwing its support behind the FCP bill’s passage is the Financial Executives Institute of the Philippines (FINEX), which has called for the immediate enactment of HB 6143 to strengthen the country’s financial ecosystem. FINEX President Francis Lim said: “Reality has shown how financial products, including services accessed through digital channels, are susceptible to fraud or used for fraudulent purposes.”

Hopefully the FCP Act won’t suffer the fate of numerous bills seeking the regulation of the domestic liquefied petroleum gas (LPG) industry. Republic Act (RA) No. 11592 or the LPG Industry Regulation Act was finally enacted this month under the 18^th Congress – 18 years after it was first proposed in 2003 during the 12^th Congress.

RA 11592 mandates the Department of Energy (DoE) to enforce the new law and prepare the LPG Industry Development Plan in consultation with private and public stakeholders. This long-term plan is aimed at ensuring that LPG supply levels will meet demand and it shall then be integrated into the Philippine Energy Plan.

One of RA 11592’s pertinent provisions is the establishment of the LPG cylinder exchange and swapping program to ensure the quality of all cylinders in circulation with the goal of protecting the end-consumers. Another provision is the exclusive authority granted to the DoE in issuing licenses to operate for every activity to be engaged in by LPG industry players.

Now that this growing sub-sector of the economy’s downstream petroleum sector will be properly regulated, the welfare of consumers against business malpractices shall be bolstered and their safety ensured in the wake of recent LPG-related accidents.

INPLAY MAKES WAVES
In 2020, the Philippines became the only jurisdiction in Asia to allow online gaming for locals via the so-called PIGO or Philipine Inland Gaming Operator license. The government’s change of heart was attributed to the double whammy brought about by rampant illegal gambling and the COVID-19 crisis. Last year, gross gaming revenue (GGR) of the country’s casino industry plunged 90% to $25.8 million from the 2019 GGR level of $250.8 million.

Through its InPlay.ph unit, Philippine Stock Exchange (PSE)-listed DFNN, Inc. was awarded the first PIGO license by the Philippine Amusement and Gaming Corp. (PAGCOR). DFNN recently disclosed that revenue from Inplay has been on an upward trajectory since its launch in November.

This developed after the government sought ways to recoup lost revenues from the shutdown of the casino industry and the exit of Philippine Offshore Gaming Operators or POGOs that mostly catered to the mainland Chinese market.

Starting last June, PAGCOR has allowed the mass market to register and play online. This marked a major step forward in the development of the industry as it opened up to a wider player base.

DFNN President and CEO Calvin Lim revealed in a recent media interview: “The whole mass market that we’re supposed to target are not your VIP players, so the regulator was very fast in recognizing that.”

As a result, gross bets on the company’s InPlay platform jumped 64.6% to P1.4 billion in the third quarter of 2021 while consolidated GGR for the first three quarters amounted to P269.3 million, fueled by pandemic lockdowns in the Philippines.

However, as lockdown measures ease and more brick-and-mortar gaming outlets reopen, DFNN anticipates that its revenue from these land-based outlets will start to improve. Thus, its consolidated GGR at end-2021 is seen to be positive for the first time since March 2020.

J. Albert Gamboa is the chief finance officer of Asian Center for Legal Excellence and co-chairman of the FINEX Week Committee. The opinion expressed herein does not necessarily reflect the views of these institutions and BusinessWorld.

Petron Corp. completes redemption of P13-B bonds

October 29, 2021 | 12:01 am

PETRON Corp. said it had completed on Wednesday the redemption of its fixed rate bonds amounting to P13.31 billion issued in 2016.

“Petron Corp. completed today the redemption of all its Series A fixed rate bonds with an aggregate principal amount of P13 billion,” Petron Vice-President Joel Angelo C. Cruz said in a letter to the Philippine Stock Exchange (PSE) on Wednesday and posted on the PSE website on Thursday.

The oil company’s redemption of its Series A bonds was sourced from the proceeds of the sale of its Series E and Series F bonds amounting to P18 billion on Oct. 5.

Sales of its Series E bonds reached P9 billion — P8.76 billion from retail investors and P241 million from institutional investors.

Meanwhile, those of its Series F bonds hit P9 million, with P8.44-billion worth bought by retail investors and P560.6 million by institutional investors.

Expenses related to the offering amounted to P216.79 million, leaving net proceeds at P17.78 billion. These included taxes, legal fees, filing fees, listing fees, and other professional fees and miscellaneous expenses, Mr. Cruz said in the company’s filing.

Another P312.5 million of the proceeds were used for payment of Petron’s existing debt. The balance of the proceeds stood at P3.67 billion.

On Thursday, shares of Petron at the stock market went down by 2.03% or eight centavos to close at P3.87 each. — Bianca Angelica D. Añago

Writing rejection letters to job applicants

October 29, 2021 | 12:01 am

We’ve been receiving an average of 75 job applications a day. How do we ensure that we maintain our professionalism without creating resentment among applicants who could be our customers? — Careful Charlie.

It’s human nature not to want to be rejected, no matter how hard you strive to write a courteous rejection letter. Regardless of your good intentions, you must put a stop to sending rejection letters, as they could send the wrong signal to applicants, especially when you cite reasons for their rejection.

Many decades back, I applied for a senior executive position at a major pharmaceutical company. I was rejected. The Chief Executive Officer (CEO) sent me a letter telling me that I don’t have manufacturing experience. Which was true. I’ve had 20 years of experience in the service industry. The trouble was that the job ad was silent about such a requirement.

If the job ad was clear about that requirement, I would not have applied. I have, however, seen many dynamic CEOs who want to get out of the traditional box. They want outsiders who could serve as a fresh set of eyes for their current situation, even if it means trashing industry best practices and standards.

That’s why even today, I’ve seen CEOs in a service industry pirating people from the manufacturing sector, and vice versa.

Going back to my case, the worst possible thing happened: the CEO confided to my boss about my application. It turned out they were classmates in college and my boss told me about it. It was a double whammy that resulted in my falling out with management.

EXCEPTIONS
Of course, in some cases, you have to send rejection letters to those who took the time, exerted effort, and spent a bit of gas money to answer a job ad. Many of them could have spent their sick leave or emergency leave to go to an interview. But that is more the exception rather than the rule, and the decision to send a letter must take into consideration the following:

One, respect the applicant’s personal circumstances. This includes people with extensive work experience, are highly educated, and who are currently employed. You should also consider any great lengths an applicant had to go to meet you in person for a face-to-face interview.

Two, consider the nature of the job being offered. If the job ad is for a senior management position, it’s always a good idea to send polite rejection letters. However, ensure that you don’t overdo the courtesy, which risks sounding insincere.

Three, limit the rejection letters to those on the shortlist. A good rule of thumb is to rank the top three candidates. If your number one choice has accepted the job offer, it’s advisable to write a rejection letter to the other two candidates.

Last, provide a generic reason for the rejection. Don’t go into specifics, as in the pharmaceutical job I was rejected for. Instead, show appreciation for the time the applicant took to meet with you. Open the door for other opportunities, or else help the applicant understand their weaknesses, if they are interested in going down that route.

DISCLAIMER
The best approach is to be truthful. Managing an average of 75 applications a day is too much for the human resource department. Even if you use templates, chances are, you’ll make a mistake one way or the other. To avoid this, you must include a disclaimer in the job ad along these lines:

“Due to the numerous applications we receive every day, we are unable to respond to each and every application, either through e-mail, snail mail, social media, or telephone. Rest assured, however that we are treating each and every application with much objectivity for our mutual advantage.”

A job vacancy announcement and how you write a rejection letter reflects much your company’s brand and image. Naturally, you want job applicants to remain your company’s loyal customers as well. Unfortunately, some organizations ignore the basic courtesies. Don’t ignore courtesy, no matter how much you think you’re in control of the job market.

Have a chat with Rey Elbo via Facebook, LinkedIn or Twitter or send your workplace questions to elbonomics@gmail.com or via https://reyelbo.consulting