SEC flags anew YDYS Trading operating under new name

June 17, 2022 | 12:04 am

THE Securities and Exchange Commission (SEC) has flagged YDYS Trading OPC, which has been continuing its solicitation activities under a new name, Omnimeta Global Solutions.

In April, the SEC issued an advisory against YDYS Trading for soliciting investments from the public without a license. The firm was registered as a one-person corporation, but it did not have the authorization to solicit investments from the public.

According to the commission’s investigation, YDYS Trading and Omnimeta Global Solutions are operated by the same owner, Mar Albert Hidalgo.

Omnimeta Global Solutions was found to be allegedly offering investment schemes to the public through a Facebook group for a minimum amount of P5,000, and promising passive earnings of at least 20% per month.

The SEC said that the mentioned schemes involve the sale of securities to the public, which must be duly registered with the commission. The concerned corporation and its agents must also have the appropriate registration or license.

According to the SEC advisory, records from the commission show that Omnimeta Global Solutions is not registered either as a corporation or as a partnership. It is also not authorized to solicit investments from the public since it has not secured prior registration or license from the commission.

“The public is advised not to invest or stop investing in any investment scheme being offered by any individual or group of persons allegedly acting for or on behalf of Omnimeta Global Solutions and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it,” the regulator said.

The SEC said that any salesmen, brokers, dealers or agents for Omnimeta Global Solutions in selling or convincing people to invest in the investment scheme being offered by the said entity, including solicitations and recruitment through the internet, may be prosecuted and held criminally liable.

Individuals engaged as such with the firm may be penalized with a maximum fine of P5 million or up to 21 years of imprisonment.

“Also, those who invite or recruit others to join or invest in such ventures or offer investment contracts or securities to the public may incur criminal liability, or otherwise be sanctioned or penalized accordingly,” the SEC added. — Luisa Maria Jacinta C. Jocson

Stuff to do (06/17/22)

June 17, 2022 | 12:03 am

1 of 10

Bonifacio High Street celebrates with whiskey

FATHER’S DAY is fast approaching and it’s high time to shower your rock and ally from day one with all the love they can get. In partnership with Bosch and Chivas Regal Extra, awesome gift boxes await you and your dads at BHS as you avail of their Father’s Day promo. From June 6 to June 19, 2022, you can avail of these specially-curated Dad’s Day gift boxes which include a liquor flask, a 700mL bottle of Chivas Regal blended scotch whisky, and a set of power tools from Bosch by presenting a single or accumulated receipts worth P10,000 from Bonifacio High Street establishments! A treat for dad is a treat for you too as you enjoy your purchases at BHS. Click this link to see the full promo mechanics: https://tinyurl.com/mr9avtdk.

Father’s Day, National Dog Day at Century City Mall

CENTURY City Mall has events and activities lined up to celebrate Father’s Day and National Dog Day this month. In honor of Father’s Day, Anytime Fitness will be holding an obstacle course challenge at the Al Fresco area of Level 4, to test dad’s strength on June 17-19. Select Century City Mall merchants will also be selling some dapper dad essentials that weekend. With June 21 being National Dog Party Day, Century City Mall invites the public to bring their pooches to the Skyloft for a furry party. For more information and updates on Century City Mall activities, follow them on Facebook and Instagram. Century City Mall is located at Century City, Kalayaan Ave. corner Salamanca St., Makati City.

Father’s Day celebration at Alabang Town Center

THIS June, Alabang Town Center has a lineup of activities for fathers and father-figures. Biker’s Bite will be open at Town Plaza from June 13 to 23, where the biker dad can grab a cup of coffee and check out that bike brands that will be on display for purchase. Workshops on bike maintenance and troubleshooting will also take place. On June 24, join the South Biker’s Community as they celebrate their anniversary at Bike Night with live music and exhibitions at the Corte de las Palmas. From June 17 to 23, the RC Track Competition and FreePlay will be at the Activity Center. There will be indoor radio-controlled car racing for Drift, Rally, and Offroad rides. There will be multiple competitions available: June 18 for the Rally, June 19 for Drift, and June 17 and 20 to 23 for FreePlay. A single purchase receipt worth P500 entitles one to a slot in the race. From June 24 to 26, racing enthusiasts who want to take their skills to the next level can join the Tuason Racing e-Sports School to learn more about racing etiquette. If the kids take their dad to watch Lightyear on June 18 and 19, they will receive a free Snack Box, including rock chocolates, chocolate-covered pretzels, jelly sticks, jelly vitamins, doughnuts from Krispy Kreme, and a special mug for Dad. The Movie Bundle will be available for P500. This includes one movie ticket, a hotdog, a tub of popcorn, a bottle of water, a Bench Fix discount, and a free game of hoops at Timezone.

Alliance Française presents Fête de la Musique

THE ALLIANCE Française de Manille (AFM) presents Fête de la Musique, also known in English as World Music Day, an annual music celebration, starting on June 21. The Philippines celebration of Fête de la Musique is presented by AFM, in partnership with the Embassy of France, and B Side Productions, and co-organized by the Department of Tourism. For more information on the programs, performers, and stages, visit https://www.alliance.ph/event-infos/?eventId=5291#/.

Benilde celebrates Pride Month

DE La Salle-College of Saint Benilde (DLS-CSB) celebrates Pride Month with a number of activities. An upcoming online event entitled “Gay Writes: A Pride Week Special” features different digital artworks, comics, queer media spotlights, and informational discussions all by young student artists. The event also serves as a campaign for LGBTQIA+ discussions and representation, highlighting diverse gender identities and expressions. The event is organized by Media Max, the professional student organization of the Multimedia Arts Program of the DLS-CSB. Some points of interest include a Pride History 101 crash course, a Pride Online Freedom Wall for self-expression, and the release of a Boys Love (BL) comic called Sing Your Heart Out!, launched by DrawInk, the official comic book illustration and enthusiast organization of Benilde. There is also a digital Pride Art Gallery, consisting of original artworks of, for, and by the school’s LGBTQIA+ community. The School of Design and Arts-School Student Government also published a preview of some of the most renowned queer media worldwide. The series opens with Heaven’s Official Blessing (2020), a BL donghua (Chinese animation) based on a novel of the same name by Mo Xiang Tong Xiu. Also included in the line-up are Billie & Emma (2018), a Filipino sapphic film by Samantha Lee, and Pose (2018 to 2021), a 1980s dance musical by Ryan Murphy, Brad Falchuk, and Steven Canals, among others. The crash course, artworks, comics, and freedom wall are all available on view on the official Facebook pages of the host organizations: Media Max Benilde, SDA-SSG, and DrawInk.

French films to be screened in June

LE CINÉ Club at The Alliance Française de Manille (AFM) will be screening films on-site every Wednesday this month. Catch Cléo de 5 a 7 on June 22, and Ghost Song on June 29. Online, IFcinéma à la carte returns this month with a broad selection of films. On offer are seven fiction, two animation, and two documentary films, all available until June 30. Watch them for free at https://www.alliance.ph/if-cinema-2/#/. The French cultural center is located at 209 Nicanor Garcia St. (formerly Reposo), Bel-Air II, Makati.

Power Mac Center marks Father’s Day

THE POWER Mac Center’s “Don’t Skip Dad’s Day” campaign offers deals specially made for fathers. The special discounted offers are: up to P12,000 off on iPhone 13 and up to P8,490 off on iPad Pro M1, up to P3,000 off on AirPods Pro and up to P1,500 discount on select Apple Watch series; discounts of up to 95% on accessories like cases, charging cables, connectors, storage, audio, and car accessories. Customers get free shipping when they purchase a minimum of P2,500 worth of accessories on Power Mac Center online stores from June 15 to June 19. Anyone who purchases a minimum of P30,000 worth of items at Power Mac Center and The Loop stores has a chance to be one of five winners of a P10,000 gift certificate from Saddle Row, a boutique fitness concept creating tailor-fit indoor workouts for cycling and rowing. The discounts are now being offered until June 19 at all Power Mac Center and The Loop stores nationwide, web store, Viber store, and Power Mac Center official Lazada and Shopee stores.

ILO finds only 6% of domestic workers enjoy social protections

June 17, 2022 | 12:03 am

hiring-domestic-worker — PHILSTAR FILE PHOTO

THE International Labour Organization (ILO) said on Thursday that only about 6% of domestic workers worldwide have access to comprehensive social protections.

The remainder lack “access to the full range of protections, covering medical care, sickness, unemployment, old age, employment injury, family, maternity, invalidity, and survivors’ benefits,” the ILO said in a statement, citing a study it conducted this year.

“Even where they are legally covered, only one in five domestic workers are actually covered in practice because the vast majority are employed informally.”

The labor organization said that 76.2% of domestic workers are women, and the lack of social protection would leave them vulnerable.

The ILO noted the Philippines is the only country in Asia and the Pacific that ratified the Domestic Workers’ Convention in 2011. A year later, the country passed the Kasambahay Law that set a minimum wage, benefits, and improved terms of employment for domestic workers.

“The coronavirus disease 2019 (COVID-19) pandemic has made ‘glaringly apparent’ the social protection coverage gaps experienced by domestic workers,” the ILO said. “They were among the worst-hit during the pandemic, with many losing their jobs and livelihoods.”

The ILO recommended raising awareness among domestic workers and employers about their basic rights and obligations, ensuring adequate work conditions, and promoting a participatory and integrated policy-making process.

The report cited the Philippine Overseas Workers Welfare Administration (OWWA), which covered the repatriation costs for overseas Filipino workers (OFWs) during the global pandemic.

OWWA provided P10,000 cash aid to returning OFWs from the agency’s trust fund.

“The Philippines is a major migrant worker-sending country, home to some of the most important labor migration corridors from the Philippines to Malaysia and Hong Kong (China), as well as to Qatar, Lebanon, and other countries in the Middle East and North Africa region,” the ILO said.

The Philippine Statistics Authority (PSA) estimated that the number of OFWs dropped by 18.6% to 1.77 million in 2020 from 2.18 million in 2019.

In a survey conducted in 2019, the Department of Labor and Employment (DoLE) and the PSA said that 83% of the 1.4 million domestic workers in the Philippines are not covered by social security benefits.

DoLE earlier said that domestic workers in 13 regions will have higher monthly pay this month, with wage increases between P500 and P1,500 in some regions. — John Victor D. Ordoñez

VNL: Poland upsets Asian powerhouse Thailand in five sets

June 17, 2022 | 12:03 am

POLAND pounced on a series of unfortunate events suffered by Asian powerhouse Thailand and eked out a come-from-behind 22-25, 27-29, 25-16, 25-16, 15-13 victory on Thursday to enhance their bid in the Volleyball Nations League (VNL) Week 2 at the Smart Araneta Coliseum.

Already saddled by the absence of key players due to coronavirus disease 2019 (COVID-19), the Thais also lost opposite hitter Pimpichaya Kokram to injury in the middle of the third set that made their situation even worse.

And like a predator to a helpless prey, the World No. 10 Polish was quick to swoop down on the 15-time Southeast Asian Games champion as the former took the last three sets to complete the dramatic comeback.

Poland not only clawed out of the grave, but also leapt to No. 6 overall with 10 points on four wins in five outings.

It was a heartbreaking defeat for Thailand, who slipped to fifth with 12 points on a 4-2 record but could have climbed up the ladder even more had it won this one.

Japan leads the way with 14 point followed by China with 13.

World No. 1 and many-time VNL titlist United States was at No. 3 with 12 ahead of No. 4 Brazil also with 12.

Before Ms. Kokram went down, the Thais have already replaced Sasipaporn Janthawisut, Natthanicha Jaisaen, Hattaya Bamrungsuk, and Tichakorn Boonler with Wipawee Srithrong, Jarasaporn Bundasak, Kannika Thipachot, Tichaya Boonlert, and Khatthalee Pinsuwan.

But Thailand remained unflappable in spite of it calmly and emphatically taking the first two sets and appeared headed to cruising to another victory that would have bolstered their title chances.

Ms. Kokram’s injury didn’t help their cause as Poland came roaring back by seizing the third and fourth sets and fended up Thailand in the decider when the former broke out from a 13-all deadlock with a service ace by Zuzanna Górecka and a block from Klaudia Alagierska to snatch the match.

Olivia Różański paced the Polish with 20 points and Martyna Czyrniańska and Weronika Szlagowska scattered 18 hits apiece.

“It feels great that we won, we know that they’re a really good team,” said Ms. Rozanski. “We changed something in our mentality. We started to believe in ourselves and know we can do great things, that’s the idea.”

PLDT is a presenting partner while The STAR, Quezon City headed by Mayor Joy Belmonte, Maynilad, Philippine Sports Commission and the Philippine Olympic Committee are among those backing this ultra-competitive 16-country event. — Joey Villar

QR Ph transactions grow as more banks, businesses adopt standard

June 17, 2022 | 12:03 am

THE NATIONAL Quick Response (QR) Code Standard or QR Ph has helped businesses grow and contributed towards the central bank’s financial inclusion goals, but improvements can still be made to encourage more small firms to use the facility.

“The use of QR Ph payments has been gaining traction as an alternative to traditional debit and credit card payments given the ease, convenience, and security of merely scanning the QR code compared to having to bring a card,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Mamerto E. Tangonan said in a virtual BusinessWorld Insights session.

“This trend is expected to continue given that merchant payments comprise over 70% of the total monthly retail payments in the country, of which only 23% is digital. Thus, digitalizing merchant payments is one of our top priorities in order to maximize its huge potential to further advance digital payments adoption in the country,” Mr. Tangonan said.

He said the BSP will continue to collaborate with the payments industry to increase adoption of the standard.

The BSP and the Philippine Payments Management, Inc. (PPMI) launched the QR Ph in 2019. The facility is used for digital person-to-person (P2P) transfers and person-to-merchant (P2M) payments through the InstaPay rail.

Under the BSP Circular No. 1055, the central bank required all participating payment service providers to adopt QR Ph for interoperability.

P2P transactions via QR Ph stood at 527,800 worth P5.4 billion at end-April, growing by 171.7% in volume and 252.5% in value year on year.

Meanwhile, the P2M facility is now available in over 473,000 merchant outlets nationwide, Mr. Tangonan said.

As of April, there were 28 and 17 financial institutions participating in the P2P and P2M facilities, respectively.

Stakeholders said the QR Ph standard improved the convenience of using QR codes for payments.

“The QR Ph introduces a standard that would allow us to eliminate the need to display numerous QR codes in our establishments and to purchase expensive electronic data capture system. This will help us simplify our operations further,” SM Mart, Inc. Executive Vice-President Dhinno Francis S. Tiu said.

Because of the facility’s interoperability, consumers only need to have one QR code and businesses can use a single system to scan and process payments.

“Prior to this, whenever a customer had to pay using their digital wallet, we had to manage different systems, we needed to have different sets of hardware to be able to complete the transaction. The QR code allowed us to simplify all of that,” Mr. Tiu said.

He added that the facility is highly secure as consumers receive real-time updates and direct confirmation upon payment.

The new use cases for QR Ph also encouraged more micro, small, and medium enterprises (MSMEs) to adopt the standard, said Go Negosyo Senior Adviser Josephine Romero.

“There was a lot of uncertainty at the onset of the lockdowns in March 2020. There needed to be a way to get out and still reach our market and still move our goods,” she said, noting that most small businesses were scared to use digital tools at the start of the pandemic, based on Go Negosyo’s own survey of MSMEs.

“Now, as early as the first quarter of 2022, once we got the surveys, probably 80 to 90% of the people there were saying that they actually had enterprise accounts for their digital payment needs,” Ms. Romero said.

“QR codes were not only used for payments (and) for contact tracing, but for many other uses, like marketing, like logistics and other operational needs of the company of the order of the enterprises,” she added.

MSMEs also found it easier to do their transactions via a single facility for better monitoring, Ms. Romero said.

“Their payments to suppliers are done through there. Their sales are also recorded there. And then this makes it actually easier for them to know how much obligations they have at the end of the month,” she said.

However, some MSMEs can’t afford the cost of adopting QR payments, Ms. Romero noted.

“The cost of POS (point of sale) terminals is also another concern that our small enterprises mentioned. And the fact that many of them, before they even got into an e-wallet, did not have banks,” Ms. Romero said.

MSMEs also face connectivity challenges, Maya Co-founder and Board Director Shailesh Baidwan said.

“We also recognize that for a lot of the MSMEs, they don’t necessarily have great data connectivity, and also need a little bit more handholding to set themselves up. We’ve actually created an ongoing sales force that goes across the length and breadth of the country, which helps some of these MSMEs,” Mr. Baidwan said. — K.B. Ta-asan

Aboitiz Construction finishes 69-kV transmission line project in Batangas

June 17, 2022 | 12:03 am

ABOITIZ Construction, Inc. said on Thursday that it recently completed the construction of another 69-kilovolt (kV) overhead transmission line project for Lima EnerZone (LEZ) in Lipa City, Batangas.

The project, which consists of 37 electric poles, is “part of a bigger move to enhance power delivery” in LIMA Estate through a partnership between Aboitiz Construction and Lima EnerZone, the company said in a statement.

Lima EnerZone, an electric distribution utility under Aboitiz Power Corp., operates the power distribution systems of LIMA Estate, a 794-hectare industrial-anchored area in Lipa-Malvar, Batangas.

“The transmission lines traverse from LEZ’s first substation to the newly constructed substation of the said power distribution company,” the company said.

“Last February, Aboitiz Construction completed the design and construction of the first 69kV overhead transmission line project which aimed to improve power reliability in the area,” it added.

Aboitiz Construction’s Vice-President for Construction Operations Alex P. Garciano said the project aligns with the company’s commitment to helping businesses succeed.

“The completion of new electric facilities will help in the development and expansion of the estate as it attracts more business locators in the area which will soon translate into provision of more jobs and economic growth,” he added.

Aboitiz Construction, the construction arm of the Aboitiz group of companies, is the main contractor for the land development of the second phase of the industrial expansion of LIMA Estate.

“Once completed, the expansion project will accommodate new businesses in the area and can generate 22,000 job opportunities,” the company said.

Aboitiz Construction recently said that it expects the completion of various projects this year, including the construction of a 6,000-square-meter warehouse in Iloilo City and a water infrastructure in Batangas.

The company started implementing its “Big Shift Strategy” in 2021, which targets the improvement of its financial performance, processes, and people development. — Arjay L. Balinbin

Cosby accuser seeks damages, his side says ‘game over’ in final arguments

June 17, 2022 | 12:02 am

Bill Cosby in a publicity shot for The Cosby Show.

SANTA MONICA, Calif. — Legal arguments in a civil case against Bill Cosby came to a close on Wednesday with his attorney telling jurors they should not believe his accuser’s claim that the comedian sexually assaulted her at the Playboy Mansion in 1975.

Cosby lawyer Jennifer Bonjean said plaintiff Judy Huth “did not tell the truth about a number of important things” in her testimony that Mr. Cosby forced her to perform a sex act when she was 16 and he was 37. The actor and comedian denies the allegation.

A main issue raised by Ms. Bonjean is that Ms. Huth has changed the date she said the alleged incident occurred.

When Ms. Huth filed the lawsuit in December 2014, she said Mr. Cosby took her hand and masturbated himself with it in a bedroom at the mansion in 1974. Weeks before the trial, she said she had been mistaken about the date and now believes it happened in 1975.

“I don’t think you can believe anything Ms. Huth says frankly,” Ms. Bonjean said to the jury.

Ms. Bonjean argued that Ms. Huth and a friend who accompanied her to the mansion had come up with a story together to get money from Mr. Cosby. The friend also had initially said the date was 1974.

In addition, the pair both said they remembered playing the arcade game Donkey Kong at the mansion that night, but that game did not exist until 1981. The fact came up repeatedly in the trial. Ms. Huth said she used Donkey Kong just as an example of the type of game she remembered playing.

Ms. Bonjean ended her closing remarks by showing a “Game Over” message common in arcade games on a screen in the courtroom.

That prompted a strong retort from Ms. Huth attorney Nathan Goldberg.

“It’s not about a game,” he shouted at Ms. Bonjean during his final remarks to the jury. “Have some respect for somebody who was sexually assaulted.”

Mr. Goldberg asked jurors to hold Mr. Cosby “fully accountable.” Ms. Huth is seeking damages for emotional distress she said she suffered from 2014, when allegations against Mr. Cosby were prevalent in the news, and 2018 when he was sentenced to prison for sexual assault in Pennsylvania.

“Four years of misery. What is that worth to someone? $1 million a year? $2 million a year?” Mr. Goldberg asked.

Jurors in the case, which is being tried in California Superior Court, are expected to start deliberations on Thursday after the judge provides jury instructions.

Mr. Cosby did not appear in person at the trial, but jurors were shown a roughly 10-minute video of Mr. Cosby answering questions from one of Ms. Huth’s attorneys during a deposition in 2015.

While Mr. Cosby said he did not remember Ms. Huth, he said the incident could not have happened because he would not have pursued sexual contact at that time with someone who was 15.

The civil trial in California is taking place 11 months after Mr. Cosby was freed from prison when Pennsylvania’s highest court threw out his sexual assault conviction in a different case.

Mr. Cosby, 84, is best known for his role as the lovable husband and father in the 1980s television comedy series The Cosby Show, earning him the nickname “America’s Dad.”

But his family-friendly reputation was shattered after more than 50 women accused him of sexual assaults over nearly five decades. — Reuters

Kai Sotto has pre-draft workout with Kings

June 17, 2022 | 12:02 am

WITH the presence of compatriot Jimmy Alapag, Kai Sotto showcased his wares for the Sacramento Kings in a pre-draft workout ahead of the highly-anticipated National Basketball Association (NBA) Rookie Draft next week.

Coming off an injury setback last week, Mr. Sotto had a solid stint along with other prospects in a bid to boost his draft stock before the rookie rites on June 23 in Brooklyn, New York.

Sacramento holds the fourth, 37^th and 49^th overall pick in the draft proceedings while Mr. Sotto, incidentally, landed at No. 49 of the mock draft by Sports Illustrated two weeks ago.

The 7-foot-3 Filipino wunderkind was reported to have already worked out with the Orlando Magic, Atlanta Hawks, New York Knicks, Chicago Bulls and the Cleveland Cavaliers in a dream to become the first Filipino homegrown player in the NBA.

And whether it would be with the Kings or other teams, Mr. Sotto can count on the all-out support of Mr. Alapag, who is currently an assistant coach for the Stockton Kings as Sacramento’s G League affiliate squad.

“It’s great to see Kai (Sotto) here in Sacramento. Best of luck on your journey to the NBA. The entire country and I are rooting for you. Keep working,” said Mr. Alapag, who is also out to make it to the NBA coaching industry soon.

Should the cards fall in its rightful places, Mr. Sotto would join Utah Jazz’s Jordan Clarkson and Houston Rockets’ Jalen Green as representatives of the Philippines in the world’s premier basketball league.

Mr. Sotto, 20, had stints in the Australia NBL and NBA G League on top of his FIBA tournaments with Gilas Pilipinas before trying his luck in the NBA. — John Bryan Ulanday

BPO company iQor to expand Iloilo workforce by 100

June 17, 2022 | 12:02 am

BUSINESS process outsourcing (BPO) firm iQor is looking to expand its Iloilo workforce by 100 to specialize in servicing its Canadian telecommunications clients.

In a statement on Thursday, iQor said it is promising successful applicants a one-time bonus of P60,000.

The company called the compensation package competitive, with healthcare coverage beginning on Day 1 for the candidate and three dependents.

It said employees are eligible to earn monthly performance incentives and are subject to quarterly appraisals. Paid leave is up to 30 days, with up to 21 unused days convertible to cash.

“We offer above-industry-rate salaries, bonuses, benefits, and growth opportunities,” iQor Senior Vice-President of Global Recruitment and Human Resources in the Philippines Fleurette Navarro said.

iQor Senior Director of Operations Tony Rizkallah said the company considers Iloilo a strategic location.

“Our Ilonggo workforce delivers outstanding service and results to our clients. We are confident that our telco business will continue to grow, which will translate to even more job opportunities, not only in Iloilo but in other iQor locations as well,” Mr. Rizkallah said.

iQor employs 35,000 people in 10 countries. — Revin Mikhael D. Ochave

InLife launches new model to improve its products’ personalization

June 17, 2022 | 12:02 am

INSULAR LIFE Assurance Co., Ltd. (InLife) has launched a new insurance model in response to changing consumer needs to make more personalized products.

“We recognize that due to the [coronavirus disease 2019] (COVID-19) pandemic, more Filipinos have become aware of the importance of financial planning and life insurance,” InLife President and Chief Executive Officer Raoul Antonio E. Littaua said at a media briefing on Thursday.

The new insurance model, the InLife Agency Model (I AM), features Wealth Assure Plus, a customizable life insurance product with an investment component to provide a higher protection benefit equivalent to a minimum of 10 times the annual regular premium or the policy’s fund value.

This product may be customized based on the customer’s needs, such as attachment of other benefits, the preferred mode of payment, payout options, and access to fund selections, to suit customer needs.

“If your need is this, you want business protection, you want investments, you want education, you want healthcare, you are able to configure it so that, the end result is a product that is customized for you,” Mr. Littaua said on the sidelines of the event.

“So, we have to reconfigure the whole platform, and with that, a change in the model of the agency so that we are able to also be more effective in reaching our customers. That includes everything: the support that they have, the technology that they have, the compensation that they get.”

InLife said the model also aims help encourage young Filipinos to pursue a career in financial advising by offering attractive commissions and a flexible agency structure to help financial advisors advance their careers.

“Because one model, okay, you recruit agents, you make them do product pushing, In this case, no. [This will attract] more the younger generation, so we’re talking about financial advice, financial planning, as a long-term career, and not a raket (sideline) only,” Mr. Littaua added.

Mr. Littaua said InLife is eyeing to increase its ranks of financial advisors to 8,000 this year from 4,000.

Meanwhile, InLife also reported that individual claims in the first quarter hit P682 million, mostly on the back of maturity benefits and anticipated endowments.

Of this amount, individual death claims made up P206.5 million of 543 policy claims, with 261 of these COVID-19-related and 229 being death-related claims worth P94.4 million.

“Even as COVID-19 peaked in January due to infections brought about by the Omicron strain, InLife recorded fewer COVID-related death claims,” Mr. Littaua said. “However, we remain vigilant and observe all safety protocols but at the same time, we remain hopeful that things will get better.

Based on 2020 and 2021 data, InLife paid out about 9% of the entire insurance industry’s COVID-19-related claims. — Tobias Jared Tomas

Alliance Select reports net loss

June 17, 2022 | 12:02 am

ALLIANCE Select Foods International, Inc. on Thursday reported a net loss of $394,000 in the first quarter.

“Amidst the challenging environment, the company will continue to implement new strategies to improve growth. Likewise, the capital investments made for automation and equipment upgrade should translate to more productivity and efficiency gains in the medium term,” Alliance Select Treasurer Ma. Carolyn C. Angeles said.

Meanwhile, revenues for the first quarter were at $6.4 million.

In 2021, the firm sold its 80% stake in Akaroa, a company incorporated and domiciled in New Zealand. Proceeds from the sale were used to pay down debts.

“The sale is consistent with the company’s long-term objective to focus on its Philippine operations,” it added.

The company said that its export demand has been primarily weak due to the continued rise in freight costs amid the lack of shipping containers and the temporary closure of ports.

“To partially cushion the impact, Alliance Select implemented cost-reduction measures to lower cost of goods sold and general administrative expenses,” it added.

In a separate disclosure, Alliance Select announced the appointment of Jeoffrey P. Yulo as its president and chief executive officer, and Lorenzo S. Lichauco as chairman of the board of directors.

On Thursday, company shares were down 1.67% or one centavo to close at P0.59 apiece. — Luisa Maria Jacinta C. Jocson

Philippines jumps 4 notches to 125^th in 2022 Global Peace Index

June 17, 2022 | 12:02 am

The Philippines’ rank improved four places to 125th out of 163 countries in the 2022 edition of the Global Peace Index (GPI) by think tank Institute for Economics & Peace. The annual index assessed countries based on their level of peacefulness using three domains: ongoing conﬂict,safety and security, and militarization. The Philippines was among the ﬁve countries with the biggest improvements this year alongside Libya (up ﬁve places to 151st), Egypt (up 5 to 126th), Saudi Arabia (up 8 to 119th), and Algeria (up 10 to 109th). With an overall GPI score range of 1 to 5 (where 1 is the most peaceful), the Philippines scored 2.339, below the Asia-Paciﬁc average of 1.860. It was also the third-lowest in the region, only ahead of Myanmar (139th) and North Korea (152nd).