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Maya Bank records P39-billion deposits, P68-billion loan disbursements in 2024

MAYA BANK disbursed P68 billion in loans and recorded P39 billion in deposits in 2024, it said on Wednesday.

Loan disbursements since 2022 have reached P92 billion at end-2024, the online bank said in a statement, while its total customer base stood at 5.4 million.

Maya Bank disbursed P21.5 billion in loans in 2023, up from P3.14 billion in 2022, its annual report for that year showed. Its deposits totaled P24.81 billion at end-2023 with a depositor base of 2.99 million.

“Banking should be simple and empowering,” Maya Group President and Maya Bank Co-Founder Shailesh Baidwan said. “By merging payments and banking on one delightful digital experience, we’re enabling more Filipinos to save, borrow, and grow their money with ease.”

“Our goal is to create a financial system that works for every Filipino. Whether saving for the future or expanding a business, Maya empowers users to take control of their finances,” Maya Bank President Angelo S. Madrid said.

The online bank attributed its growth to its strategy of “leveraging an extensive payments network, customer-first product design, and advanced technology to deliver financial inclusion at scale — all while improving operational efficiency and profit margins.”

“Maya’s growth comes from seamlessly integrating payments and banking into one ecosystem. The bank uses its payments network to expand its banking services while its banking products boost the growth of its payments business,” it said.

Maya Bank also offers products tailored for its customer base made up primarily of young Filipinos and small business owners, it added, with account opening and loan approvals available via its app.

The digital bank’s investments in technology and innovation have also fueled customer and lending growth, it added.

Maya Bank posted a net loss of P826.83 million in 2023, widening from the P729.77-million loss in 2022, its annual report showed.

Maya Bank is one of the six licensed digital banks in the country. It is owned by Voyager Innovations, Inc., whose main shareholder is 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. — AMCS

LRTA projects P1.38-B rail revenue for 2025

FACEBOOK/LIGHT RAIL MANILA CORPORATION

THE LIGHT Rail Transit Authority (LRTA), which operates Light Rail Transit Line 2 (LRT-2), is projecting its rail revenues to reach P1.38 billion this year after hitting last year’s target.

For 2025, LRTA expects its total passenger volume to reach 57.15 million, Hernando T. Cabrera, LRTA administrator, told BusinessWorld.

If realized, this will surpass its pre-pandemic passenger count of 56.98 million in 2019.

Data from LRTA showed that for 2025, LRT-2 is projected to see an average daily ridership of 158,321.

Mr. Cabrera said that LRTA is also expecting its non-rail revenue, which is income generated from rentals, leasing, and advertising spaces, to climb by 4.5% to P138.05 million in 2025, from last year’s target of P132.09 million.

Last year, LRTA’s gross revenue from rail operations stood at P1.27 billion, up by 15.5% from P1.10 billion in 2023. This is well within LRTA’s target of P1.2 billion for rail revenues in 2024.

Broken down, LRTA recorded a gross revenue of P339.27 million for the fourth quarter of 2024, higher by 4.03% from P326.12 million in the same period in 2023.

Further, LRTA recorded a total passenger count of 53.3 million in 2024, marking a 7.8% increase from the 49.43 million in 2023, but still lower than the 56.98 million passenger tally in 2019. — Ashley Erika O. Jose

LA’s Getty Center’s art safeguarded as Palisades fire rages

THE GETTY CENTER — GETTY.EDU

LOS ANGELES — The J. Paul Getty Museum’s priceless collection of artwork, which includes paintings by Van Gogh, Rembrandt, Monet, and Degas, once again found itself in the path of destruction as the Palisades fire spread.

As fire officials issued evacuation orders for the Brentwood neighborhood on Friday night, the museum’s collection remained safely inside the Getty Center’s fortress of travertine stone, fire-protected steel, and reinforced concrete.

“It would be extremely foolish to try and remove artwork,” said Katherine E. Fleming, president and chief executive of the J. Paul Getty Trust, noting how quickly fires spread, with little notice.

“It’s complicated enough moving really, really valuable artworks around under the best of circumstances. The last thing we would try to do is move them out en masse, on the eve of an event of this sort.”

The Palisades fire has burned over 23,000 acres (93 square km) from the sea to the mountains, damaged or destroyed some 5,000 structures since it began a week ago and was just 17% contained as of Tuesday morning.

The center, which opened in 1997, was designed to withstand wildfires. Everything from the construction materials to the landscaping was built with fire safety in mind.

It safely withstood one test, in October 2019, when a brush fire started along Interstate 405 near the Getty Center’s access road, and burned 745 acres (three square kilometers), earning the name the Getty Fire.

The 12-building Getty Center complex sits high above the access road, at a safe distance from the Santa Monica Mountains’ flammable chaparral. The art galleries are located about 200 meters away from the arrival plaza, with its expansive barrier of travertine marble imported from Italy.

“This was chosen for the construction of the site, not simply because it’s beautiful and Italian, but also because it is highly fire-resistant as a construction material,” said Ms. Fleming.

As soon as fire officials issue a “red flag” warning, signaling conditions of low humidity and high winds that are ripe for a dangerous conflagration, Ms. Fleming said the Getty Center grounds crew begins irrigating its grounds, so the soil is wet and provides a buffer against a fire.

A million-gallon (3.8-million liter) water storage tank on the site supplies the sprinkler system and provides a resource for emergency fire suppression.

The Getty’s “minimalist” landscape design, with sparse vegetation, reflects concern about wildfires.

“A lot of the plants that we have in immediate proximity to the buildings are either things that will burn out super swiftly,” said Ms. Fleming, “Or are plants that retain a lot of water themselves, like Acacias, which hold water and actually can help you fight the fire if you have them close to your buildings.”

STEEL, STONE, AND TAPE
The walls are built of reinforced concrete or fire-protected steel, and the buildings are designed with automatic fire doors designed to seal off an area and prevent a fire from spreading, according to an article published after the Getty Fire in 2019.

Roofs are covered with stone aggregate, which is fire-resistant.

“We have taken such care to make sure that the galleries themselves are actually pretty much the safest place for a work of art to be in the middle of a fire,” said Ms. Fleming.

The museum’s collection includes more than 400 European paintings produced before 1900, and reflects Getty’s affinity for Italian Renaissance and 17th-century Dutch and Flemish paintings, according to its website.

The collection was expanded, after J. Paul Getty’s death in 1976, to include examples of early Italian and Dutch works, French impressionists, and the examples of the Spanish and German schools. It also has one of the largest photo collections in the world.

Among its best-known works are Vincent van Gogh’s Irises, Rembrandt’s An Old Man in Military Costume, and Claude Monet’s Wheatstacks, Snow Effect, Morning.

On a tour of the Getty Center grounds, Ms. Fleming pointed to the orange tape sealing all of the doors — to prevent even the tiniest ember from entering the museum.

The center’s carbon-filtered air conditioning system is designed to increase pressure inside the building, to keep out smoke and ash. Dampers, or tiny valves on the air conditioning system, are closed to recirculate air and keep out outside particles, Ms. Fleming said.

Fire extinguishers stand ready inside the museum’s entrance hall, to be used to quickly snuff out a fire detected on the grounds.

The Getty is so safety-obsessed, Ms. Fleming said that the staff knew exactly how to respond as the Pacific Palisades fire threatened the Getty Villa, a re-creation of a Roman villa on the Malibu coast. The sister museum was not damaged in the blaze.

“Within fewer than 10 minutes of the fire breaking out, we had changed the air handling system so that no smoke would get into the galleries,” said Ms. Fleming.

“We had shut off the dampers. We started sealing off the galleries over there, and very rapidly determined what the core group of staff was that was going to remain on site overnight.” — Reuters

Google-backed Pixxel successfully launches India’s first private satellite constellation

REUTERS

BENGALURU — India’s space tech startup Pixxel launched three of its six hyperspectral imaging satellites aboard a SpaceX rocket from California on Tuesday.

The satellites were launched at 1915 GMT, just after midnight in India, from the Vandenberg Space Force Base, a live telecast from SpaceX showed. The launch marks a milestone for the country’s growing private space sector and for Google-backed Pixxel, a five-year-old startup.

The satellites aim to use hyperspectral imaging, a technology that captures highly detailed data across hundreds of light bands to serve industries such as agriculture, mining, environmental monitoring and defense.

Such technology can help deliver insights into improving crop yields in India’s agrarian economy, track resources, monitor oil spills and geographic boundaries in much better details than current technology allows.

The remaining three satellites are expected to be deployed in the second quarter of the year.

The SpaceX rocket is also carrying a satellite from another Indian space company, Diganatara.

“By 2029, the (satellite imagery) market is projected to reach $19 billion. Hyperspectral imaging, which is new, could realistically capture $500 million to $1 billion of this,” Pixxel’s founder and chief executive Awais Ahmed told Reuters earlier on Monday.

The startup plans to add 18 more spacecraft to the six it has already developed, Mr.Ahmed said, adding that Pixxel has signed up around 65 clients, including Rio Tinto, British Petroleum, and India’s Ministry of Agriculture, with some already paying for data from its demo satellites.

The US is a major leader in satellite launches, due to private companies such as SpaceX and government contracts, while India, despite its established spacefaring capabilities, holds only a 2% share of the global commercial space market. Reuters

Manila slips in Global City Index

Manila fell a notch to 76th out of 100 cities in the 2024 Global City Index by the brand valuation consultancy Brand Finance. The report ranks 100 cities based on their brand’s reputation and consideration across seven dimensions: live, study, retire, visit, invest, work locally, and work remotely. The index claims that a strong city brand attracts investors and economic opportunities which increases global competitiveness.

Manila slips in Global City Index

The dynamics that polarize us on social media are about to get worse

FREEPIK

Meta founder and CEO Mark Zuckerberg has announced big changes in how the company addresses misinformation across Facebook, Instagram, and Threads. Instead of relying on independent third-party factcheckers, Meta will now emulate Elon Musk’s X (formerly Twitter) in using “community notes.” These crowdsourced contributions allow users to flag content they believe is questionable.

Zuckerberg claimed these changes promote “free expression.” But some experts worry he’s bowing to right-wing political pressure, and will effectively allow a deluge of hate speech and lies to spread on Meta platforms.

Research on the group dynamics of social media suggests those experts have a point.

At first glance, community notes might seem democratic, reflecting values of free speech and collective decisions. Crowdsourced systems such as Wikipedia, Metaculus, and PredictIt, though imperfect, often succeed at harnessing the wisdom of crowds — where the collective judgement of many can sometimes outperform even experts.

Research shows that diverse groups that pool independent judgements and estimates can be surprisingly effective at discerning the truth. However, wise crowds seldom have to contend with social media algorithms.

Many people rely on platforms such as Facebook for their news, risking exposure to misinformation and biased sources. Relying on social media users to police information accuracy could further polarize platforms and amplify extreme voices.

Two group-based tendencies — our psychological need to sort ourselves and others into groups — are of particular concern: in-group/out-group bias and acrophily (love of extremes).

INGROUP/OUTGROUP BIAS
Humans are biased in how they evaluate information. People are more likely to trust and remember information from their in-group — those who share their identities — while distrusting information from perceived out-groups. This bias leads to echo chambers, where like-minded people reinforce shared beliefs, regardless of accuracy.

It may feel rational to trust family, friends, or colleagues over strangers. But in-group sources often hold similar perspectives and experiences, offering little new information. Out-group members, on the other hand, are more likely to provide diverse viewpoints. This diversity is critical to the wisdom of crowds.

But too much disagreement between groups can prevent community fact-checking from even occurring. Many community notes on X (formerly Twitter), such as those related to COVID vaccines, were likely never shown publicly because users disagreed with one another. The benefit of third-party factchecking was to provide an objective outside source, rather than needing widespread agreement from users across a network.

Worse, such systems are vulnerable to manipulation by well organized groups with political agendas. For instance, Chinese nationalists reportedly mounted a campaign to edit Wikipedia entries related to China-Taiwan relations to be more favorable to China.

POLITICAL POLARIZATION AND ACROPHILY
Indeed, politics intensifies these dynamics. In the US, political identity increasingly dominates how people define their social groups.

Political groups are motivated to define “the truth” in ways that advantage them and disadvantage their political opponents. It’s easy to see how organized efforts to spread politically motivated lies and discredit inconvenient truths could corrupt the wisdom of crowds in Meta’s community notes.

Social media accelerates this problem through a phenomenon called acrophily, or a preference for the extreme. Research shows that people tend to engage with posts slightly more extreme than their own views.

These increasingly extreme posts are more likely to be negative than positive. Psychologists have known for decades that bad is more engaging than good. We are hardwired to pay more attention to negative experiences and information than positive ones.

On social media, this means negative posts — about violence, disasters, and crises – get more attention, often at the expense of more neutral or positive content.

Those who express these extreme, negative views gain status within their groups, attracting more followers and amplifying their influence. Over time, people come to think of these slightly more extreme negative views as normal, slowly moving their own views toward the poles.

A recent study of 2.7 million posts on Facebook and Twitter found that messages containing words such as “hate,” “attack,” and “destroy” were shared and liked at higher rates than almost any other content. This suggests that social media isn’t just amplifying extreme views — it’s fostering a culture of out-group hate that undermines the collaboration and trust needed for a system like community notes to work.

THE PATH FORWARD
The combination of negativity bias, in-group/out-group bias and acrophily supercharges one of the greatest challenges of our time: polarization. Through polarization, extreme views become normalized, eroding the potential for shared understanding across group divides.

The best solutions, which I examine in my forthcoming book, The Collective Edge, start with diversifying our information sources. First, people need to engage with — and collaborate across — different groups to break down barriers of mistrust. Second, they must seek information from multiple, reliable news and information outlets, not just social media.

However, social media algorithms often work against these solutions, creating echo chambers and trapping people’s attention. For community notes to work, these algorithms would need to prioritize diverse, reliable sources of information.

While community notes could theoretically harness the wisdom of crowds, their success depends on overcoming these psychological vulnerabilities. Perhaps increased awareness of these biases can help us design better systems — or empower users to use community notes to promote dialogue across divides. Only then can platforms move closer to solving the misinformation problem.

THE CONVERSATION VIA REUTERS CONNECT

 

Colin M. Fisher is an associate professor of Organizations and Innovation at UCL, and is the author of The Collective Edge: Unlocking the Secret Power of Groups.

Overseas Filipinos’ Cash Remittances

MONEY SENT HOME by overseas Filipino workers (OFW) rose by an annual 3.3% in November amid the peso depreciation against the US dollar, the Bangko Sentral ng Pilipinas (BSP) said. Read the full story.

Overseas Filipinos’ Cash Remittances

The perils of celebrity endorsements

FREEPIK

THERE have lately been financial scandals involving celebrities who did not just promote products and services. They indirectly invited customers too to invest in the companies they endorsed with offers of high returns on their money. The celebrities ended up with lawsuits against them for promoting scams resulting in financial losses for the gullible investors.

The defense of the celebrities involved is outright denial of any legal responsibility — I was just a celebrity endorser. (What do I know about your investment losses?) Is a product endorsement an implicit validation of the trustworthiness of the company itself? When more than a product is involved and investment opportunities are pushed, is there a need for a disclaimer? (I have nothing to do with the company’s credit rating.)

That the investment being endorsed turns out to be a Ponzi scheme of paying old investors with new investors’ funds only comes up when the checks start bouncing like trampoline jumpers. Can legal suits against the endorsers be far behind?

Endorsing celebrities have a higher social profile than the owners and operators of the business. What is the role of a celebrity endorser? How much due diligence is required of a celebrity before deciding to be a brand ambassador? Does she even use the product?

The logic for using celebrities for marketing is simple. Famous persons have a fan base that considers them as role models. Fans want to be like their idols and are drawn to perhaps buy products being promoted by their idols.

Celebrities need not have any special expertise on the product or service they endorse. The only attribute a celebrity offers to the consumer is the fact of her being well known in other fields like sports, entertainment, or even politics.

The celebrity is very different from an expert. An investment adviser in private banking for high-net-worth individuals offers an informed opinion to the customer. He first asks the client what level of risk she is willing to take. The “risk appetite” determines the offerings available to the investor.

The expert relies on know-how and research before giving advice. Another example is a medical practitioner who diagnoses the patient’s condition before providing a particular remedy. This may entail a series of tests. A second opinion can be sought too when the patient is uncomfortable with the proposed procedure.

The popularity of celebrity endorsements for products is evident in how they dominate billboards in our major thoroughfares. The celebrity does not even pretend to be familiar with the product being endorsed, whether it is a skin whitener or online betting.

Endorsements have already invaded social media. The endorsers in this case are called “influencers,” offering all sorts of opinions, often for a fee. So, products and brands have begun using them as well based on their base of “followers.”

Celebrity endorsements raise the awareness level of products, especially those that are new in the market. They define the appeal the product wishes to be associated with, whether it’s with the young and cool celebrity or the motherly type of a former actress.

Brand affinity is a phrase used for celebrity endorsers. The unknown product acquires some legitimacy from being associated with a popular personality known for her own brand attributes.

Can the reverse be true? Can a product mired in scandal as a scam also affect its endorser? Other products that a sullied endorser is associated with tend to break away from the now radioactive personality. It’s even in the contract for an endorser that any scandal is an automatic deal breaker that affects future fees and benefits provided by the product engagement.

The argument of the celebrity that she is “just an endorser” does not quite answer certain questions. Did she understand or even evaluate the product being endorsed? Was she incentivized by the proponents with commissions on business brought in by her? Has she perhaps been made a participant in the scheme and not just a hired talent?

It’s alright to follow celebrity endorsements of laundry detergents, casual clothing, and fast food. For more costly items like cars and investment opportunities, it’s best to disregard celebrity appeal altogether… and rely on research and expert advice.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Skyro gets P200-million credit facility from PBCom

FINANCIAL TECHNOLOGY (fintech) company Skyro has received a P200-million credit facility from the Philippine Bank of Communications (PBCom).

Skyro will use the funding as additional working capital for its operations in the Philippines, it said in a statement on Wednesday.

“Our partnership with PBCom signifies their trust in our bullish and forward-looking business model. We’re grateful for their trust and we look forward to a very fruitful and enduring partnership with PBCom for many years to come,” Skyro President Anthony Co was quoted as saying.

“Skyro has swiftly earned its reputation as a fast-growing fintech company in the country, offering the friendliest financial lending services. Our credit facility approval for Skyro indicates our trust in the company and our support for their continuous growth so that they can provide flexible payment options suitable for every Filipino,” PBCom President Patricia May T. Siy said.

Skyro was launched in August 2022 and mainly offers product loans.

Its local operations are conducted through Advanced Finance Solutions, Inc. and Skyro Lending, Inc., and it is backed by Singapore-based fintech company Breeze Ventures.

Skyro has disbursed P7 billion in loans as of December 2024, it said.

The fintech firm is present in over 4,500 partner merchant stores nationwide and has more than 320,000 active product loan customers.

Meanwhile, PBCom saw its net income jump by 128.96% year on year to P821.2 million in the third quarter of 2024 on the back of higher revenues, bringing its nine-month profit to P1.85 billion, up by 36.02% from P1.36 billion a year ago. — AMCS

DITO CME sees higher contributions from enterprise segment

BW FILE PHOTO

DITO CME Holdings Corp. expects bigger revenue contributions from its enterprise business this year, a company official said.

On the sidelines of the Management Association of the Philippines Inaugural Meeting, DITO CME Chief Financial Officer Leo D. Venezuela said that, although forecasts are still being finalized, the company is looking at positive growth this year.

“[This is] driven by improvements in the mobile business, a higher number of subscribers, as well as higher average revenue per user, and then… more revenue contributions from the enterprise group,” he told reporters on Wednesday.

“I think they (the enterprise group) are very much primed; they scoped who they have to scope, and I think there will be a lot of positive traction for the group going into 2025, and we believe that it (the enterprise business) can be a very strong separate revenue driver for the company,” he added.

DITO CME’s enterprise group deals with selling products and solutions to companies, which are mostly targeted at small and medium enterprises.

However, he said that the company expects it will not break even this year.

“In 2024 and 2025, we are not yet going to see us turning into profitability; however, what you can see in the 2024 and 2025 performance is that the trajectory is there — that is continued improvement and decreasing net losses,” he added.

CAPEX
For this year, Mr. Venezuela said that the company’s capital expenditure (capex) will no longer focus on network buildup but on improving the quality of services.

“We are done with our five-year commitments. In fact, during the last one, the commitment was only 84% population coverage; we were able to beat that by 2 percentage points, we did 86%,” he said.

“Now, where are we going to spend the capex on? Of course, population coverage will still go up as we will still be adding towers. However, the focus now is quality, as we can now be more targeted in our approach,” he added.

In particular, he said that the company plans to address remaining dead spots and in-building coverage this year.

“In DITO, you have a stronger connection when you are outside, but when you go inside a building or you go to the basement, there’s no connection yet,” he said.

“So, the focus is on in-building solutions. We are now talking to individual building owners, whether office, residential, or shopping malls, so that the same kind of quality that the subscribers have when they’re outside, they will also be able to enjoy when they are inside these buildings,” he added.

Asked about fundraising activities, he said that the company’s capex will be mostly coming from operating cash flows.

“But again, that does not prevent us from exploring fundraising activities,” he said.

“For this year, let’s just say that it’s in the normal course of business to look at several fundraising proposals. Remember, like what we have always been telling people, telcos are very capital intensive. So, there may be, but I don’t want to second guess,” he added.

DITO CME is the operator of Dito Telecommunity Corp.

Earlier this year, DITO Telecommunity said that it is setting aside up to P20 billion for its capex budget this year, lower than the P25 billion to P30 billion capex allotted in 2024.

On Wednesday, DITO CME shares closed 7% or 14 centavos lower at P1.86 apiece. — Justine Irish D. Tabile

Coffee lovers find grounds for complaint at Australian Open

FREEPIK

MELBOURNE — Melbourne prides itself on serving up the world’s best coffee, but finding a hot brew at the Australian Open has proved a challenge for some of the tens of thousands of fans attending this year’s Grand Slam tennis tournament.

Organizers have worked hard over the last decade to improve options for refreshment and an array of outlets at the Melbourne Park precinct now offers everything from gourmet food to cocktails.

Yet long queues face fans looking to indulge their passion for the city’s favorite beverage at the 15 coffee stores Tennis Australia says dot the 40-hectare (99-acre) site.

“We need more coffee places open,” said Katherine Wright, who has been coming to the tournament for the five years as she lined up for a hot drink near the Rod Laver Arena on Wednesday.

“We are big coffee drinkers, especially Melburnians.”

The Australian Open attracts more than 90,000 fans a day early on in the tournament, when ground passes are relatively cheap, offering the chance to watch main draw action on the outer courts.

Liz, another Melburnian, said she stood in line for half an hour for a cup of coffee on Sunday, when rain halted play for six hours on the outer courts.

“This is a well-established global event,” she added. “You actually need to be providing better service to the consumer.”

Melbourne imports about 30 tons of coffee beans a day, the Australian Science Education Research Association says, representing a surge of nearly eightfold over the past decade that is sufficient to brew three million cups of coffee.

For Malgorzata Halaba, a fan who came from Poland on Sunday for her second Australian Open, finding one of those three million cups was a must.

“It seems it took me a day and a half, and several kilometers of walking around the grounds, to find coffee,” she said. “And jet-lagged as I am, coffee is a lifesaver.” — Reuters

Meta to lay off 5% of ‘lowest performers,’ plans to hire for impacted roles

META Platforms will trim about 5% of its “lowest performers” and plans to hire for the impacted roles this year, a company spokesperson said on Tuesday.

Chief executive officer Mark Zuckerberg has also warned employees about more such job cuts this year to “raise the bar” on performance management, the spokesperson said.

The Facebook parent had a total workforce of more than 72,000 as of Sept. 30.

Many tech companies, including Cisco and IBM, have been looking to redirect investments into artificial intelligence (AI) technology. Meta has also poured billions into AI-related infrastructure, with its expenses expected to grow this year.

The social media company initiated several restructuring changes in 2022, resulting in around 11,000 job cuts.

Mr. Zuckerberg had also called 2023 the “Year of Efficiency” as Meta announced its decision to eliminate around 10,000 roles.

Last week, the company scrapped its US fact-checking program and reduced curbs on discussions around contentious topics such as immigration and gender identity, bowing to conservative pushback ahead of Republican Donald Trump’s return to the US presidency.

Meta’s layoffs were first reported by Bloomberg News earlier on Tuesday.Reuters