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China Bank net income rises in Q1

CHINA Banking Corp. booked a higher net profit in the first three months of 2022 as interest earnings improved and loan loss provisioning declined.

The lender’s net income was at P4.9 billion in the first quarter, rising 37% from the P3.6 billion in the same period of 2020, it said in a statement on Thursday.

This translated to a return on equity of 16%, while return on assets stood at 1.7%.

China Bank’s net interest income rose 15% to P10.8 billion from P9.3 billion in the same period of 2021. This was driven by the 11% growth in interest income to P12.6 billion and the 8% decline in interest expense to P1.9 billion.

Net interest margin improved to 4.3%.

Meanwhile, fee-based income fell 50% to P1.7 billion in the first quarter from P3.4 billion a year prior. This was dragged by lower trading gains which offset the improvement in service charges, fees, commissions, and trust fees.

The lender’s revenues decreased 2% to P12.5 billion from P12.7 billion.

For the first quarter, China Bank’s operating expenses dropped 8% to P5.7 billion from P6.2 billion a year earlier. This improved the lender’s cost efficiency ratio to 46%.

Meanwhile, gross loans jumped 10% to P632 billion as of end-March, driven by higher demand from both corporate and consumer borrowers.

China Bank’s non-performing loan (NPL) ratio was steady at 2.5% as of end-March, which it noted is lower than industry average. NPL coverage increased to 119%.

Amid an improved economic outlook, the bank cut its loan loss reserves by 65% to P780 million.

The bank’s assets increased 12% to P1.1 trillion as of end-March.

Meanwhile, deposits rose 8% to P879 billion, with its checking and savings account ratio at 64%.

“Our effective asset-liability management and solid capital structure have allowed clients to access our balance sheet and enabled us to achieve better-than-industry growths in assets, loans, and equity,” China Bank Chief Finance Officer Patrick D. Cheng said.

“Moreover, the growth of CASA deposits continued to improve our funding cost.”

The bank’s total equity rose 15% to P125 billion as of end-March. With this, its common equity Tier 1 ratio and capital adequacy ratio stood at 15.5% and 16.3%, respectively, both above minimum regulatory requirements.

“We are determined to expand our business to CASA and launch growth and to future-proof our growth by focusing on asset quality, digital banking, transformation, and ESG implementation,” China Bank President William C. Whang said at the bank’s virtual annual stockholders’ meeting on Thursday.

He said the bank will also continue their digitization efforts to allow new customers to open an account online.

China Bank’s shares closed at P27.50 apiece on Thursday, up 80 centavos or 3% from its previous finish. — Luz Wendy T. Noble

Globe income jumps to nearly P14B, invests P21B in capex projects

GLOBE Telecom, Inc. saw its net income for the first quarter increase by 86% to P13.7 billion year on year, mainly due to an improved topline and the partial sale of its data center business.

“The sustained revenue momentum was powered by the gains from data-related products and services as internet use remained an essential service for learning, e-commerce, telecommuting and entertainment,” it said in a statement on Thursday.

Globe’s first-quarter financial report showed its service revenue grew by 4% to P39.2 billion.

The company noted that its overall data revenues across mobile, broadband and corporate data accounted for 81% of total service revenues, up from 79% previously.

Its mobile business revenues in the first quarter grew by 2% from P26.3 billion the previous year, primarily because of the prepaid brands.

The company’s mobile subscriber base grew by 10% from the previous year to 87.4 million.

Meanwhile, revenue of its home broadband business fell by 4% to P70 billion, but it is “still better than pre-pandemic levels,” Globe noted.

At the same time, the company announced that it invested P21 billion in capital expenditure (capex) projects in the first quarter of the year, 10% more than the level in the same period last year.

It said about 82% of the capex went to data-related requirements to handle the surge in demand for digital services.

“We are pleased with our performance in the first quarter, as the top-line growth momentum was sustained. We saw encouraging results particularly in the mobile business as the government continuously eased pandemic restrictions and the economy opened up,” Globe Telecom President and Chief Executive Officer Ernest L. Cu said.

“We are likewise optimistic about the growth prospects for the new ventures in Globe’s expanding portfolio. We believe that our ceaseless innovation through various digital platforms, backed by the growing investment in our data network will strengthen our leadership in the digital space,” he added.

Globe Telecom shares closed 7.47% higher at P2,388 apiece on Thursday. — Arjay L. Balinbin

Football, beach handball teams, kickboxers start PHL bid today

PHILIPPINE Azkals — PHILIPPINE FOOTBALL FEDERATION

In Hanoi SEA Games, three athletes COVID-19 positive

By Joey Villar

AND so it begins.

The football and beach handball teams and kickboxers will be the first Filipinos to get their feet wet as they plunge into action on Friday at different venues, signaling the start of the Philippines’ ambitious bid of retaining the overall title or finishing in the top three in the Hanoi Southeast Asian (SEA) Games.

But even before action unfolds, the Filipinos will still have to contend against the coronavirus disease 2019 (COVID-19) threat as three athletes tested positive on Thursday, according to Philippine Olympic Committee President Abraham Tolentino.

“Godspeed and we’re hoping all could play,” the congressman from Tagaytay told The STAR, who did not identify the athletes involved.

“I’m asking those who are still here to stay safe because we have three who turned up positive but the two was already cleared. We’re just waiting for one more.”

Skippered by Stephan Schrock, the Azkals are hoping to come through with a historic performance as they tackle Timor-Leste at the Viet Tri Stadium, located in the Northwest Region of Vietnam.

In beach handball, the Filipinos set in motion in their medal campaign as they square off with the Thais at 5 p.m. (Philippine time) on Friday, the Vietnamese at 6 p.m. tomorrow and Singaporeans at 5 p.m. on Sunday at the Bac Ninh Sports University Gym, which lies east from the capital.

They will play another round from Monday to Wednesday to determine the medal winners.

The squad is composed of Daryoush Zandi, Dhane Miguelle Varela, Josef Maximillan Valdez, Rey Joshua Tabuzo, John Michael Pasco, Jamael Pangandaman, Manuel Lasangue, Jr., Andrew Michael Harris, Mark Vincent Dubouzet, and Van Jacob Baccay.

The team is out to surpass, if not match, its bronze medal finish in the 2019 edition the biennial games in Subic.

The Azkals, for their part, is aiming to improve on their performance in 2019 when they came one step short of barging into the semis following a 1-1 draw with the Cambodians as the two wound up tied with seven points apiece on two wins, a draw and a loss.

But Cambodia edged the Philippines via goal difference, 6-5, to claim the semis berth.

“The team is well prepared,” said Mr. Schrock.

The kickboxers, for their part, are out to eclipse their three-gold, two-silver and one-bronze haul in Pasay as they will be spearheaded by former mixed martial arts champion Honorio Banario and SEA Games gold medalists Jean Claude Saclag and Gina Iniong Ara, who left for Hanoi on Monday.

Jomar Balangui, Renalyn Dacquiel, Carlos Alvarez, Kurt Lubrica, Daryl Chulipaz, Emmanuel Cantores, Claudine Veloso, Gretel de Paz and Zephania Ngaya are the other members of the team who are now in Bac Ninh just like the beach handball group.

Friday’s draw is still being drawn at press time.

Next to see action are Ariana Drake, the country’s lone entry in diving, in the women’s 1-meter springboard at the My Dinh Aquatics Center in Hanoi on Sunday; the rowers the next day at the Thuy Nguyen Boat Racing Center; and the pencak silat and kurash squads on Tuesday at the Bac Tu Liem Sporting Hall and Hoai Duc District Sporting Hall, respectively.

The rest will get to see action on May 13, or a day after the inaugurals.

AUB books higher net profit in 1st quarter

ASIA UNITED Bank Corp.’s (AUB) net profit increased in the first quarter of 2022, backed mainly by the decline in loan loss provisions and improving operating income.

The bank’s net profit climbed by 78.8% to P1.3 billion in the January to March period from P736 million a year earlier, it said in a filing with the local bourse on Thursday.

This translated to a return on assets of 1.7%, while return on equity stood at 14.3%.

“Our financial performance was aided by the gradual easing of lockdown restrictions, the continuous rollout of vaccines and booster shots by the government, and the overall improvement in the business climate,” AUB President Manuel A. Gomez said in a statement.

AUB booked a net profit amounting to P4.1 billion in 2021, beyond its P4-billion target for the year and 34% higher than the P3 billion it posted in 2020. However, this was still below the P4.4 billion it earned in 2019 before the pandemic.

Its end-2021 net income reflects a return on assets of 1.3% from 1.04% in 2020, while return on equity improved to 11.1% from 8.9%.

For the first quarter of 2022, the total operating income of AUB and its three subsidiaries rose by 15.7% to P3.3 billion from P2.9 billion a year ago.

Meanwhile, total operating expenses dropped by 12.2% to P1.7 billion.

“This also reflected lower loan loss provision after setting aside a significant buffer in 2020 to cover the credit risk brought about by the pandemic,” AUB said.

The bank’s assets were flat at P313.9 billion as of end-March. Loans and receivables inched up by 2.6% to P167.4 billion from a year earlier.

On the other hand, total deposits with the bank slipped by 0.8% to P258.9 billion in the first quarter from P261 billion a year prior as consumers remained cautious and shifted to higher-yielding investments.

Mr. Gomez said they are optimistic that the bank’s asset quality will improve as the economy starts to recover. This will also boost deposits and their lending business, he added.

“However, we continue to be watchful of developments such as the geopolitical tension in Europe, the rising inflation in the US, as well as the outcome of our national elections, which could affect the overall outlook on the Philippines,” Mr. Gomez said.

AUB’s shares closed at P44.10 apiece on Thursday, gaining 30 centavos or 0.68% from the previous day’s finish. — Luz Wendy T. Noble

ICTSI net income surges 58% to over $142M

LISTED port operator International Container Terminal Services, Inc. (ICTSI) on Thursday reported a 58% growth in first-quarter attributable net income to $142.3 million from $90.1 million in the same period a year earlier.

The increase was “primarily due to higher operating income; increase in equity share in net profit of joint ventures; and strong contribution of new terminals; partially tapered by increase in depreciation and amortization, and interest on loans, concession rights payables and lease liabilities,” the company said in a statement.

Its revenue rose by 21% to $528.3 million, while its EBITDA — or earnings before interest, taxes, depreciation, and amortization — increased by 28% to $337.9 million.

The company said it saw “strong performances” from its new terminals and joint ventures.

“These results demonstrate the strength of our business and its ability to deliver growth through our diversified portfolio and longstanding, positive relationships with local communities all over the world,” ICTSI Chairman and President Enrique K. Razon, Jr. said.

“We continue to see improvement in trade activities, and coupled with new contracts with shipping lines at certain terminals, we saw a 5% increase in throughput,” he also said.

The company handled consolidated volume of 2.8 million twenty-foot equivalent units (TEUs) in the first quarter, up 5% from 2.7 million TEUs in the same period a year earlier.

The increase was “primarily due to general improvement in trade activities as economies continue to recover from the impact of the pandemic; new contracts with shipping lines and services at certain terminals; and the contribution of new terminal International Container Terminal Services Nigeria Ltd. in Port of Onne, Rivers State, Nigeria,” the company said.

“Excluding the contribution of the company’s new terminal in Nigeria, consolidated volume would have increased by 4%,” it added.

ICTSI shares closed 1.86% lower at P211 apiece on Thursday. — Arjay L. Balinbin

UP, DLSU dispute last final spot

UNIVERSITY of the Philippines (UP) and De La Salle University (DLSU) collide one more time, locking horns in a win-or-go-home semifinal duel to dispute the last finals ticket and the right to challenge reigning champion Ateneo in the University Athletic Association of the Philippines (UAAP) Season 84 at the Mall of Asia Arena.

With only a one-day break since their first salvo, the Fighting Maroons and the Green Archers marched into the pit anew at 6 p.m. with the survivor advancing to the best-of-three championship against the Blue Eagles starting on Sunday.

The three-time defending titlist Ateneo, despite failing to complete a 14-0 sweep and clinch an outright finals berth, still became the first team into the finale after dispatching No. 4 Far Eastern University (FEU) with an 85-72 win on Wednesday.

And whether it’s No. 2 UP or No. 3 La Salle earning a shot at the UAAP king remains uncertain with both teams posing equal chances in the do-or-die mano-a-mano.

Momentum is on the third-seeded La Salle’s side after forcing a rubber match with a close 83-80 win in Game 1, but UP is keen on getting the job done with only one strike thanks to its twice-to-beat edge as the No. 2 team in the elimination round.

“There’s still one more game. It’s not over till it’s over so we have to be ready for UP’s comeback,” said mentor Derrick Pumaren as La Salle banked on a big lead before fending off UP’s late game storm to stay in finals contention.

“We just have to make use of that advantage and momentum. We expect UP to come back and play a lot better, but it’s our job to be able to counter that,” he added.

La Salle bowed to UP twice in the elims, 61-59 and 72-69, but came out an entirely different squad in the Final Four by erecting a 22-point lead that proved to be the deciding point in the big win.

The Fighting Maroons actually managed to rise from that huge hole in the waning seconds before running out of time much to the confidence of coach Goldwin Monteverde to carry it over and take care of business this time around. — John Bryan Ulanday

Stuff to do (05/06/22)

Helicopter Flower Drop at ATC

Celebrating Mother’s Day at Alabang Town Center

ALABANG Town Center will hold a number of activities on May 7 and 8 to celebrate Mother’s Day. Elizabeth Ghal and Dance Theater Manille will hold a dance benefit concert on May 7 at the Activity Center. On May 8, there will be a helicopter flower shower at 4 p.m. at the Town Plaza, while families can stamp mom-and-child handprints on the community wall at the Madrigal Bridgeway. Meanwhile, “Afternoons with AunTEA” where mothers can enjoy a cup of tea and unwind while the kids are at play, will be held from May 8 to 15 at the Activity Center.

Mother’s Day shows, more at Araneta City

ON MOTHER’S DAY, May 8, at the Gateway Mall activity area at 3 p.m., a mall show called All for You Mom will be held, featuring The Addlib dancers and Xian Lim. There will also be a special sandwich-making segment with comedienne Tuesday Vargas. Lucky audience members will receive appliances courtesy of appliance brand Tough Mama. Meanwhile, at Farmers Plaza, there will be a musical show at the activity area from 4-6 p.m. Ali Mall is holding a Mommy Bazaar until May 14, with 10 booths of women’s apparel, accessories, and beauty products. Join the Cool Summer Gulp promo by exchanging P250 worth of single or accumulated receipts for a Coca-Cola tumbler or a can of Coke. Mother’s Day anticipated Mass will be held on May 7, 4 p.m., at the Ali Mall Chapel. There is a Pic with Mom promo on Araneta City’s Facebook page with prizes at stake. Post entries from May 2 to 8 for a chance to win. On Instagram, visitors can join the Share it for Mom promo by sharing Araneta City’s Mother’s Day post on their Instagram Story from May 4 to 6 for a chance to win a sweet treat delivered to your address for free. On Tiktok, one may win an all-expense paid dinner at the Videoke Room at Dampa in Farmers Market through the Tiktok with Mom promo which runs from May 2 to 8.

Pampering mothers at Estancia Mall

THINGS ARE back to normal after two years and now visitors can try new experiences at Estancia in Capitol Commons, Pasig. Open from 11 a.m. to 9 p.m. daily, Estancia offers many options for a full day of retail therapy and relaxation. Enjoy a Mother’s Day pampering session on May 8 at the Pampering Moms Passion Hub activity, exclusive to Ortigas Community Card members. To register for the Ortigas Malls Community membership, download the official app of Ortigas Malls, sign up for an official account, and use the app for exclusive promos and vouchers.

Sweet deals at Greenbelt

In time for Mother’s Day, select SSI brands at Greenbelt —  Kurt Geiger, Anne Klein, Kate Spade New York, Superga, and Dune London —  are offering limited-time discounts from 5% to 20% off on select items until May 8.

Upskilling program targets first batch of 1,000

THE Philippine Business for Education (PBEd) and Citi Foundation said they have entered into a partnership that will admit 1,000 young people to an 18-month upskilling program.

The JobsNext program seeks to enhance employability by offering training in artificial intelligence, engineering, cloud computing, and content production. The target is to train 1,000 youth in two local governments.

“We invested in this important initiative because, like PBEd, we strongly believe in the need to help young people pursue careers and become financially independent,” Citi Philippines Chief Executive Officer Aftab Ahmed said in a statement on Thursday. “The youth, particularly those in the services sector and those holding informal jobs, were among the hardest hit by the pandemic.”

“The JobsNext program is an opportunity for all of us in the private sector to come together to not only provide immediate help to unemployed Filipino youth, but more importantly, to collectively shape a more resilient and future-proof workforce,” he added.

According to a study issued by the International Labour Organization in 2016, the jobs of about half the workforce will be under threat from automation by 2025.

However, based on estimates made by the World Economic Forum, though many occupations will become obsolete, more jobs will emerge in their place.

“We are very proud of what the First Future project achieved in a span of six months despite the current challenges in remote learning we are facing during this COVID-19 pandemic,” PBEd Director for Workforce Development Justine Raagas said in the same statement.

“This is just a small portion of what the First Future project can achieve, but with the help of our partner institutions, we can look forward to more companies adopting a competency-based hiring policy and we can look forward to more upskilled Filipino youth in the near future,” she added.

Last year, PBEd completed First Future 2.0, which supported more than 1,000 youth without college degrees in being admitted into the contact center industry. The program is part of Citi and the Citi Foundation’s expanded global Pathways to Progress initiative.

Citi Asia Pacific and the Citi Foundation in September 2020 pledged $35 million for philanthropic investment to advance employment and entrepreneurship opportunities among young people from low-income and underserved communities by 2023. — Alyssa Nicole O. Tan

VistaREIT, Raslag secure SEC nod on initial public offering

THE Securities and Exchange Commission (SEC) announced on Thursday that it approved the initial public offering (IPO) of VistaREIT, Inc. of up to P9.178 billion and Raslag Corp. worth up to P700 million.

In its meeting on May 5, the commission en banc resolved to render effective the registration statements of VistaREIT and Raslag covering 7.5 billion common shares and 1.5 million common shares, respectively, subject to the companies’ compliance with certain remaining requirements.

VistaREIT, the real estate investment trust (REIT) of Villar-led Vista Land & Lifescapes, Inc., will offer up to 3,337,500,000 common shares at a price of up to P2.50 per share, with an overallotment option of up to 333,750,000 common shares.

Assuming the overallotment option is fully exercised, VistaREIT will net P8.79 billion from the offer.

The shares will be listed and traded on the main board of the Philippine Stock Exchange (PSE) and the sponsors will receive the entire proceeds of the offer, which should be reinvested in the Philippines.

As mandated by law, VistaREIT should distribute to shareholders at least 90% of its annual distributable income as dividends.

In its latest timetable submitted to the commission, VistaREIT expects to conduct the IPO from May 10 to 16 and debut on the PSE on May 26.

The company tapped BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as joint lead underwriters, with Abacus Capital and Investment Corp. as participating underwriter.

VistaREIT’s portfolio includes 10 community malls and two office buildings with a gross leasable area of 256,403.95 square meters. The malls are located in Metro Manila, Cavite, Rizal, Bulacan, Pampanga, and Cebu, while the office buildings are in Taguig and Bacoor, Cavite.

Meanwhile, energy company Raslag Corp. will offer to the public up to 350 million common shares priced at up to P2 per share, with an overallotment option of up to 52.5 million common shares to be offered by selling shareholder J Ten Equities, Inc. The shares will also be listed and traded on the main board of the PSE.

The company expects to net P648.08 million from the offer, while the selling shareholder will receive the proceeds from the exercise of the overallotment option, which could reach up to P105 million.

Proceeds from the offer will be used to finance the company’s solar projects, namely: RASLAG-4, a 35.1-megawatt (MW) solar photovoltaic plant in Magalang, Pampanga; and RASLAG-5, with an approximate capacity of 60 MW.

The offer period for Raslag’s shares is set to run from May 24 to 30, in time for their listing on June 6, based on the latest timeline submitted to the SEC.

The company tapped China Bank Capital Corp. as sole issue manager, underwriter, and bookrunner for the offer.

Raslag is a domestic renewable energy developer founded by Peter G. Nepomuceno in Angeles City, Pampanga, and Conrado D. Pecjo, the business development manager of Angeles Power, Inc. It currently focuses on the development of solar power projects. — Luisa Maria Jacinta C. Jocson

U-23 Azkals gun for 3 points against team of Timor-Leste

FIFA Women’s World Cup-bound Filipinas — PHILIPPINE FOOTBALL FEDERATION

THE Philippine Under-23 (U-23) squad sets out to give the Filipino contingent in the 31st Southeast Asian Games (SEAG) in Vietnam a strong start as it plunges into early action against Timor-Leste on Friday in the men’s football kickoff.

The U-23 Azkals gun for the full three points versus the Timorese in the 4 p.m. Group A matchup at the Viet Tri Stadium in Phu Tho Province (5 p.m. in Manila).

“We’ll go for the win,” said Philippine coach Norman Fegidero, who has tapped Azkals skipper Stephan Schrock as one of the “overaged” reinforcements of his squad.

The Pinoy booters are determined to reach the semifinals for the first time since Mr. Fegidero’s time as a player during the 1991 SEA Games in Manila.

But the current batch faces an uphill battle in what’s largely considered a “Group of Death.”

Aside from Timor, a semifinalist in the 2022 AFF U-23 Championship held last February in Cambodia, the Filipinos also have to deal with defending champion Vietnam (May 8), 2019 bronze medalist Myanmar (May 10), and Manila edition runner-up Indonesia (May 13).

The objective is to finish in the Top 2 of this bracket to qualify for the Final Four.

“We’re taking it one game at a time,” said Mr. Fegidero, remembered as the hero of the Philippines’ famous 1-0 upset of Malaysia in 1991.

“I believe in my players. They have the ability to upset the strong teams in our group,” he added.

The U-23 Azkals’ core competed in the Philippines Football League and held a training camp in Malaysia to prepare for the SEAG.

“This is my second time in the SEA Games (after 2019) and I can say this team is more prepared than the last time. I’m very confident in the ability of the players and I’m looking forward to making history with the U-23,” said Mr. Schrock.

The Philippines has yet to win a gold in football and failed to get past the group stage in 2019 on home ground.

The International Federation of Association Football (FIFA) Women’s World Cup-bound Filipinas, meanwhile, hit the field on May 9 yet in the Group A opener of the distaff side over at the Cam Pha Stadium. The Filipinas are looking to ride the momentum of their historic semifinal entry in the AFC Women’s Asian Cup last January as they target the breakthrough mint after placing fourth at home. — Olmin Leyba

What To See This Week (05/06/22)

Doctor Strange in The Multiverse of Madness

THE LATEST film in the Marvel Cinematic Universe, Doctor Strange in The Multiverse of Madness is set after the events of Spider-Man: No Way Home. Doctor Strange, with the help of mystical allies both old and new (including Wanda Maximoff, a.k.a. the Scarlet Witch), traverses the mind-bending and dangerous alternate realities of the Multiverse to confront a mysterious new adversary. Directed by Sam Raimi, the film stars Benedict Cumberbatch, Elizabeth Olsen, Benedict Wong, Rachel McAdams, Chiwetel Ejiofor, and Xochitl Gómez. The Wrap’s Drew Taylor wrote on Twitter: “Doctor Strange is totally madcap and insane. It’s 100% a Sam Raimi movie (which is very much appreciated), easily the scariest MCU entry thus far. Go in knowing as little as possible. Your journey to the multiverse will be much more enjoyable.” Review aggregate site Rotten Tomatoes gives the film a score of 78%.

MTRCB Rating: PG

BSP to review relief measures for thrift banks as economy recovers

THE CENTRAL BANK will assess if there is still a need to extend the pandemic-driven regulatory relief measures it granted to thrift lenders as the economy recovers.

“A review will be undertaken as necessary taking into consideration the liquidity requirements and the economic condition of the country,” BSP Governor Benjamin E. Diokno said in a virtual briefing on Thursday.

The minimum liquidity ratio (MLR) for stand-alone thrift lenders was reduced to 16% from 20% in 2020 as part of relief measures for the industry at the height of the pandemic.

The BSP chief said liquidity ratios of thrift banks have remained well above the minimum requirement, noting the industry-wide MLR was at 37.3% as of end-January 2022.

Thrift banks also remained well-capitalized despite the crisis. The industry-wide capital adequacy ratio stood at 19.3% as of end-September 2021, above the 10% minimum requirement as well as the 17.5% seen a year earlier.

Mr. Diokno said thrift banks have been instrumental in extending credit to retail borrowers as well as small businesses.

“Data show that households remain the primary market of thrift banks. This segment held the largest share of the industry’s loans at 60.4% share and deposits at 58.7% share,” he said.

Thrift lenders also disbursed loans worth P61.3 billion and P22 billion to micro-, small, and medium-sized enterprises (MSMEs) and the agriculture sector, respectively.

At end-March, thrift lenders had 45 bank offices and 2,519 branches and branch lite units across the country.

The industry’s net profit climbed 30% to P12.8 billion in 2021 from a year earlier. — L.W.T. Noble

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