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Paulino named ACE Enexor president as Reyes resigns

AYALA-LED ACE Enexor, Inc. has named Rolando J. Paulino, Jr. as its new director and president effective Jan. 1 after Raymundo A. Reyes, Jr. stepped down.

In a disclosure to the exchange on Thursday, Ayala group’s gas and oil exploration arm said its board of directors had accepted the resignation of Mr. Reyes on Dec. 10, 2021, and elected Mr. Paulino to the post.

Mr. Paulino is the president of the Philippine Energy Independence Council and also the president of the Petroleum Association of the Philippines. He is a fellow of the ASEAN Academy for Engineering and Technology and a part-time faculty at the University of Santo Tomas Graduate School and the De La Salle University.

ACE Enexor cited Mr. Paulino’s previous work affiliation such as serving as the vice-president for the Philippine upstream and managing director of Shell Philippines Exploration B.V.

“He has also been part of various boards including Pilipinas Shell Petroleum Corporation, Tabangao Realty, Inc., Malampaya Foundation, Inc. and Pilipinas Shell Foundation, Inc.,” the company said.

ACE Enexor also said that its new president has 27 years of leadership experience in various offices in the United Kingdom, Australia, Malaysia, and the Philippines.

“He led large production and manufacturing facilities including those that supply more than 25% of energy of a country needs with passion, integrity, and care for people,” the company added.

On Monday, the Philippine Stocks Exchange suspended the stocks trading of ACE Enexor until further disclosure on its assets-for-shares deal with Ayala energy arm AC Energy Corp. — Marielle C. Lucenio

Film year 2021

SCENE from the film Fan Girl

THE FILM year 2021 was if anything more confused than 2020. The previous year we went into lockdown; last year we emerged from lockdown only to go back partially due to Delta, emerge partially, go back partially in response to Omicron — a confused chaotic state. The best films, I think, didn’t reflect that confusion so much as expressed themselves despite, raising their collective yet distinct voices above the turmoil. Hence:

15. Revolution Knows No Gender (Joselito Altarejos, 2020, available on KTX.PH) — I admired the laser focus of Mr. Altarejos’ previous Jino to Mari, about a pair of sex workers lured then forced into performing a live show together. This film felt both more scattershot and more ambitious, the story of a gay filmmaker and his troubled relationships morphing into said filmmaker’s political awakening —  the latter half being less strident and more powerful than the former.

14. House of Gucci (Ridley Scott, 2021, showing in Philippine cinemas Jan. 19) — Scott takes a peek behind the facade of high fashion’s most prestigious brand and is rewarded with a vision of hedonistic luxury, corporate skullduggery, family backstabbing, and — yes — murder. Refreshingly unwholesome entertainment.

13. Fan Girl (Antoinette Jadaone, 2020, on Netflix) — Ms. Jadaone’s update of Lino Brocka’s classic Bona, about a fangirl obsessed with a handsome actor, raises the dramatic stakes — the small-time actor is in this film a bona fide movie star, an alpha male as unstable and toxic and corrupt as the fascist currently residing in Malacañang.

12. Evangelion 3.0 + 1.0: Thrice Upon a Time (Hideaki Anno, 2021, on Amazon) — Mr. Anno, after a TV series, a two-part expanded finale, and a three-part reboot of the series, finally reveals his ultimate design: that these revisions, expansions, remakes are really his way of resolving Shinji Ikari’s anguished father complex, allowing the awkward boy to finally grow up. Ambitious fare for what, after all is said and done, is supposed to be a mere mecha animé.

11. Zola (Janicza Bravo, 2020, US commercial run 2021, on Hulu or Amazon Prime) — Hilariously profane, perhaps the greatest film ever made from a Tweetstorm.

10. The French Dispatch, (Wes Anderson, 2021, on Apple TV or Amazon Prime) — Mr. Anderson’s valentine to The New Yorker is written, shot, and directed to look and feel like an elaborate pop-up version of the magazine.

9. Candyman (Nia DaCosta, 2021, on Amazon Prime and Vudu) — Black man with a hook for a hand preys mainly on the colonizing white upper class. Urban gentrification was never this seductively stylish. Or bloody. Or disturbingly funny.

8. West Side Story (Steven Spielberg, 2021, may stream on either HBO Max or Disney Plus) — Mr. Sondheim and Mr. Bernstein’s classic musical about racism in New York’s West Side, finally realized by a filmmaker.

7. Annette (Leos Carax, on Amazon Prime) — Again musical theater only crazier (lyrics and melodies by Sparks), about a standup comedian, a soprano, and their marionette child.

6. In the Earth (Ben Wheatley, 2021, Amazon Prime and Hulu) — A scientist and his guide looking for a lost fellow scientist encounter a crazed camper, a hallucinogenic spore-filled fog, and a sinister standing stone. Ben Wheatley being unearthly funny and terrifying.

5. Titane (Julia DuCornau, 2021, Amazon Prime and Google Play) — Serial-killer female gets pregnant by lowrider Cadillac and seeks refuge with an aging drug-addicted firefighter. Bizarre enough but even more bizarre is the delicately poignant bond that develops between man and adopted daughter.

4. Nightmare Alley (Guillermo del Toro, 2021, in theaters, soon to be streaming) — Mr. Del Toro describing not the horror of monsters or demons but the shape of a man’s life, and its eventual inevitable downward spiral.

3. The Power of the Dog (Jane Campion, 2021, on Netflix) — Ms. Campion’s maddeningly compelling slowburn story of psychological abuse and elliptical payback, set in the turn-of-the-century west.

2. The Card Counter (Paul Schrader, 2021, Amazon Prime, YouTube) — Mr. Schrader’s latest version of his God’s Lonely Man, a constant consistent character throughout his films — this time a Guantanamo soldier haunted by his memories of torturing prisoners, now living the monastic life of a professional cardplayer. An austere little gem.

1. History of Ha (Lav Diaz, 2021, further screenings to be announced) — Basically a four-hour film about a ventriloquist and his dummy. Mr. Diaz traces the Filipino’s fascination with fascists to the sudden death of President Ramon Magsaysay in 1957, and offers as a possible response to this powerful emerging myth the story of bodabil performer Hernando Alameda and his companion, Ha.

SEEN IN 2021:
8. Favorite sequel — The Matrix Resurrections. Lana Wachowski going at it solo goes back to the well one more time and (like Zuckerberg) turns the Matrix meta. This time it’s more sneakily entertaining, with the film poking fun at the entire franchise, though I miss the beautifully coherent action filmmaking the sisters developed for Cloud Atlas and Jupiter Ascending. Junky fun.

7. Favorite mainstream — Chloe Zhao’s The Eternals. Worst film she’s made so far and the best MCU movie I’ve seen to date. What more to say?

6. Public Service Announcement on Netflix — Adam McKay’s Don’t Look Up. No, it’s not Dr. Strangelove but it is perhaps the end of the world comedy we deserved: crude (to make sure the right-wing nutcases know who’s being targeted), lewd (mildly, to make the medicine go down), and not a little sentimental (to, hell I don’t know, make the whole exercise that much more challenging).

5. Also on Netflix — Isabel Sandoval’s Lingua Franca. Beautifully understated story of an undocumented trans woman’s struggle to stay alive in Trump’s America.

4. On Criterion — Mitchell Leisen films. His Midnight can touch the comic highs of Renoir, his No Man of Her Own plumbs the depths of Cornell Woolrich, his Kitty (as David Melville somewhat extravagantly puts it) can compare to Kubrick’s Barry Lyndon. May be an auteur, may be an artist.

3. ABS CBN restoration — Pio de Castro’s Soltero. An unlikely but ultimately necessary treatment on loneliness in Philippine society, with an unforgettable performance by the late Jay Ilagan.

2. On Facebook — Celso Ad Castillo’s Virgin People. A cross between The Book of Genesis and the Playboy Channel, lyrical filmmaking in the service of ambitious softcore.

1. On Mike De Leon’s Citizen Jake Vimeo site — Susana de Guzman’s Lupang Pangako (Promised Land). Incomplete but delicious: spoiled socialite (Mila del Sol), forced to marry to collect her fortune, picks a man with a heart condition (Leopoldo Salcedo); when he lingers past his expected sell-by date, he badgers her with politically radical ideas on how to spend her barely earned money.

Music’s Grammy Awards indefinitely postponed as Omicron spreads

LOS ANGELES — This year’s Grammy Awards ceremony honoring top performances in music has been postponed indefinitely because of the rapid spread of the Omicron variant of the coronavirus, organizers said on Wednesday.

The show had been scheduled to take place at an arena in downtown Los Angeles and broadcast live on the CBS network on Jan. 31.

“Given the uncertainty surrounding the Omicron variant, holding the show on Jan. 31 simply contains too many risks,” CBS and the Recording Academy said in a joint statement, adding that a new date would be announced soon. Nominations for the awards were announced in November. Pianist and bandleader Jon Batiste led a field that spanned rap to jazz music and embraced newcomers from teen pop sensation Olivia Rodrigo to veteran crooner Tony Bennett, 95, who won his first Grammy in 1963.

The 2021 Grammy awards also were postponed because of the coronavirus disease 2019 (COVID-19) pandemic. The ceremony was staged in March instead of January and included a mix of pre-recorded and live segments in front of a small, socially distanced crowd.

Organizers had hoped to return this year to something closer to the traditional celebration with a large audience inside the former Staples Center, now called Crypto.com Arena. Late-night television host Trevor Noah had been tapped to host the event.

CBS and the Recording Academy said they consulted local officials, health experts and artists before deciding to scrap the January date.

“The health and safety of those in our music community, the live audience and the hundreds of people who work tirelessly to produce our show remains our top priority,” they said.

Other entertainment industry events have been delayed or scaled back.

Organizers of this month’s Sundance Film Festival in Park City, Utah, said on Tuesday they had canceled in-person events and would move them online.

The Critics Choice Awards, which had been set for this Sunday, have been postponed with no new date scheduled. — Reuters

PMFTC pledges P10 billion in agriculture, BPO investments

PMFTC, Inc. said it would invest P10 billion into agriculture and outsourcing development in the Philippines.

“In 2022 and 2021, we have pledged to invest P10 billion into creating about 1,000 jobs in the economy, on top of what we pay in excise taxes,” PMFTC President Denis Gorkun told ABS-CBN News Channel on Thursday.

“This will go directly to supporting agriculture improvements. We invest in the BPO (business process outsourcing) sector as well as giving direct help to small and medium enterprises here in the Philippines.”

The Philippine affiliate of Philip Morris International has not yet responded to a request for details on the investments.

Excise taxes on cigarettes this year went up by P5 to P55 per pack compared to 2021.

President Rodrigo R. Duterte in 2019 signed Republic Act No. 11346, which gradually raises cigarette excise tax to P60 per pack by 2023, and then by 5% every year thereafter.

Smuggling and illegal manufacturing of cigarettes have been increasing as excise taxes rise.

Mr. Gorkun said there should be a balance between increasing the government’s revenue stream and stopping illicit cigarette trade.

“The key is, in 2024 — when this excise tax law-prescribed increases that are there come to an end — of course is to craft a new road map with gradual, well balanced tax increases that provide a predictable revenue stream yet avoid some of the bigger pitfalls of increasing smuggled goods.”

He said the pandemic-related lockdowns and job losses affected industry sales as consumers flock to cheaper products.

“The illicit sector, of course, is benefiting from that because those products don’t pay tax. That’s why they are significantly cheaper.”

The Department of Finance has said that it estimates illicit cigarettes account for up to 10% of the market, quoting industry figures.

Finance Secretary Carlos G. Dominguez III said most illicit cigarette sellers are caught by the Bureau of Customs and the Bureau of Internal Revenue, reducing the number of illicit cigarettes sold in the country.

Excise tax collections on cigarettes rose 31% to P83 billion as of July in 2021 as tax rates increase and sales figures recovered.

PMFTC contributed to half of the total, or P42.04 billion in excise tax payments in the seven-month period. — Jenina P. Ibañez

BPI starts offering of two-year fixed-rate bonds

BW FILE PHOTO
BANK of the Philippine Islands is looking to raise at least P5 billion from its offering of two-year bonds. — BW FILE PHOTO

BANK of the Philippine Islands (BPI) on Thursday started its offering of two-year bonds, with proceeds set to fund its digitalization, among other corporate needs, and to refinance its debt.

The papers being offered make up the fourth tranche of the bank’s P100-billion bond program approved in November 2019, BPI said in a statement on Thursday.

BPI is eyeing to raise P5 billion and said it is open to upsizing the issuance as well.

The peso-denominated debt papers will have a fixed rate of 2.8068% per annum, which will be paid quarterly.

The minimum investment is at P1 million, with additional increments of P100,000 thereafter.

Proceeds from the fundraising exercise will be used for the bank’s general corporate needs as well as refinancing, BPI Treasurer Dino R. Gasmen said.

“BPI will continue to invest in digital banking capabilities to better serve its customers. Digitalization will enable our branches to provide more meaningful interactions to address the increasingly complex financial needs of our clients,” Mr. Gasmen said.

The bonds will be sold from Jan. 6 to 21. They will be issued and listed on Jan. 31, although BPI and arrangers of the transaction have the option to adjust the timeline, the bank said in the statement.

BPI Capital Corp. and The Hongkong and Shanghai Banking Corp. (HSBC) are the joint lead arrangers of the offer. BPI Capital is the sole selling agent, while HSBC is a participating selling agent for the bond offering.

The Ayala-led lender in August 2020 raised P21.5 billion through its COVID Action Response bonds. The issuance’s proceeds financed credit for small businesses during the crisis.

BPI’s net income rose by 3% year on year to P5.657 billion in the third quarter of 2021, with lower credit provision offsetting the decline in interest earnings. This brought the bank’s nine-month net profit to increase by 1.8% year on year to P17.5 billion.

The bank’s shares went down by 10 centavos or 0.11% to close at P92.80 apiece on Thursday. — Luz Wendy T. Noble

HBO Max shows growth despite industry slowdown

WARNERMEDIA’S HBO Max streaming service gained subscribers through the holidays, defying the slowing pace of growth at some rival services, thanks to a programming lineup that included the revival of its popular Sex and the City series and newly released films such as The Matrix Resurrections.

HBO ended the year with 73.8 million subscribers to its streaming service and namesake cable network, up from 69.4 million in September. These gains, together with the addition of nearly 900,0000 paying monthly phone subscribers, sent shares up 3% to $26.46 in midday trading.

“I do believe the ceiling on streaming services is much higher than we’ve seen to date,” said WarnerMedia CEO Jason Kilar, in an interview. “This is going to quickly become, for storytelling companies, a three-horse race.”

HBO Max still has a long way to go to catch market-leader Netflix, Inc., with its 214 million subscribers, and Walt Disney Co.’s Disney+, with 118 million. Disney’s growth slowed down in the company’s fiscal fourth-quarter, prompting one banker to downgrade the stock. Disney+ added just 2.1 million in the October quarter.

Netflix, which had a sharp slowdown in the first half of 2021, reported a bump in sign-ups in October, adding 4.4 million in the quarter, buoyed by the global sensation Squid Game.

WarnerMedia’s HBO Max logged gains as it expanded the service’s reach from a single market, the United States, to 46 countries. Mr. Kilar said global expansion would continue this year, with the goal of eventually reaching 190 countries.

AT&T announced last May that it would spin off its WarnerMedia unit and merge it with Discovery. That deal is on track to close in the middle of this year. — Reuters

PATAFA shelves expulsion of EJ Obiena from national team

Puts off filing of estafa case, the complaint against Petrov

By Joey Villar

THE Philippine Athletics Track and Field Association (PATAFA) heeded the call of the Philippine Sports Commission (PSC) and decided to defer implementing its recommendations that included expelling Ernest John “EJ” Obiena from the national team.

“In deference to the comments made by Malacañang and due respect to the PSC and its Board of Trustees further the statement of the board, on behalf of the PATAFA board of directors, the PATAFA has agreed to defer the implementation of the recommendations made in the fact-finding report dated Dec. 29, 2021 for a period of two weeks,” said PATAFA chairman Rufus Rodriguez in a letter addressed to PSC chairman Butch Ramirez on Wednesday.

PATAFA has also postponed filing an estafa case against Mr. Obiena, and a complaint against the latter’s Ukrainian coach Vitaly Petrov before the World Athletics, termination of Mr. Petrov from the national team, and the declaration of persona non grata on Mr. Obiena’s adviser James Michael Lafferty.

PATAFA took the high road hours after the PSC demanded for all parties concerned to sit down, talk and find solutions to the impasse that had put Philippine sports in a bad light locally and internationally.

The (Malacañang) Palace had also agreed with the PSC position to end the bickering with peaceful means.

“PATAFA strongly urges all the parties to submit to PSC mediation and explain the matter of liquidation at the said forum. The decision is and has always been consistent with PATAFA’s consent and willingness to submit to the PSC’s offer for mediation as relayed in its letter dated Dec. 7, 2021,” said Mr. Rodriguez.

With PATAFA responding to the challenge, it is now up to Mr. Obiena if it will answer the call or not.

But it looked like Mr. Obiena, who refused to undergo PSC mediation when it was first proposed in November last year, will relent this time as he and Mr. Ramirez reportedly talked on Thursday.

Mr. Obiena is being asked to complete his liquidation papers by the PSC and take it from there.

“This is a simple case of liquidation. EJ (Obiena) has given his partial liquidation report and the documents are now being examined and verified. This is a good step. Do not allow anyone to use those against you by getting it done. Finalize your liquidation and then you can focus on the other concerns,” Mr. Ramirez told Mr. Obiena.

The problem started when PATAFA accused Mr. Obiena of allegedly falsifying liquidation reports concerning payments to Mr. Petrov that the World No. 6 flatly denied.

But with the prospect of Mr. Obiena finally agreeing to talk, there is light at the end of the tunnel after all.

Shakey’s partners with Darwinbox to manage human resources

SHAKEY’s Pizza Asia Ventures, Inc. announced its plan to partner with Darwinbox, a human resources management system (HRMS), to optimize human resources technology for over 1,000 employees.

“We have a lot to look forward to in the first phase of this partnership. With a one-stop-shop for feedback, advanced analytics, company-wide engagement surveys, amongst other things, Shakey’s will find it easier to run smoother HR operations to yield momentous outcomes,” Jayant Paleti, Darwinbox co-founder, said in a statement.

Darwinbox’s human capital management system will run Shakey’s human resources with technology infrastructure that can manage an entire employee lifecycle to “bring in operational efficiency and improve business productivity,” the statement read.

The system will keep record of its employees and provide quick feedback, among other features.

“By providing [Shakey’s] with a digital platform for all their HR needs, we are enabling an uninterrupted and frictionless experiences for employees across its multiple stores, and for the company, it means improved efficiency and productivity,” Mr. Paleti added.

Performance management, leave and attendance management, recruitment, analytics and reporting are some of the key areas that Shakey’s plans to adopt in the coming months.

“[Shakey’s] is ultimately a guest-centric business where people are front and center. When our people are well-cared for, it flows through to our guests. Guest-centricity begins at home, thus, investing in our people is a key pillar in delivering sustainable growth. Our partnership with Darwinbox is a validation to this commitment,” said Shakey’s President and Chief Executive Officer Vicente L. Gregorio.

In the stock exchange on Thursday, Shakey’s shares dropped 0.23 centavos or 2.26% to P9.95 each. — Luisa Maria Jacinta C. Jocson

DBP extends P700-million loan to industrial park developer

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DEVELOPMENT Bank of the Philippines lent P700 million to a developer of industrial parks. — BW FILE PHOTO

DEVELOPMENT Bank of the Philippines (DBP) has extended a P700-million loan to an industrial park developer to finance its projects as the manufacturing sector recovers.

The state-owned lender granted the seven-year syndicated term loan to Science Park of the Philippines, Inc., which has developed industrial parks in Laguna, Batangas, Bataan, and Cebu.

The developer is building two more facilities in Bataan and Batangas, which would have a road network, storm drainage systems, water distribution, wastewater treatment, power, and telecommunications.

DBP President and Chief Executive Officer Emmanuel G. Herbosa said the loan will partially finance land development, road construction, and water utilities projects.

He said Rizal Commercial Banking Corp. is a co-lender, while the Investment and Capital Corporation of the Philippines is the financial adviser and lead arranger.

“DBP recognizes this financial collaboration as a strategic and huge step in advancing the country’s infrastructure landscape which can spur further economic development,” he said.

He said the state bank expects more locators in manufacturing, logistics, electronics, packaging, and food industries entering industrial parks.

The bank’s net income in the first quarter of 2021 fell by 62% year on year to P547.83 million as its operating expenses increased.

Meanwhile, DBP granted P38.28 billion in credit for more than 100 local government units in the first half of last year.

The loan program was designed to aid them in their recovery from the effects of the pandemic, especially in the countryside.

Science Park of the Philippines, Inc. has been operating industrial parks registered with the Philippine Economic Zone Authority since its founding in 1989. Its industrial parks cover a total of 800 hectares. — Jenina P. Ibañez

A little person’s big role

WHEN a young woman from humble beginnings meets her real family, she is unexpectedly tasked to take on a huge responsibility. This is the premise behind GMA Network’s new afternoon drama Little Princess, which premieres on Jan. 10.

Directed by L.A. Madridejos and Don Michael Perez, the story follows Princess (played by Jo Berry), a woman whose simple life changes after she discovers that she has inherited a position as boss to the business of her long-lost father.

Speaking at an online press conference on Jan. 5, the lead actress Jo Berry (real name: Josephine Bibit Berry), who is a dwarf, expressed that it has always been her dream to inspire other people.

“Isa ’yun sa kino-consider ko lagi kapag may ginagawa ako na napapanood ng lahat. Because I am here not for myself, kung ’di para din sa kanila na hindi laging nabibigyan ng ganitong role yung mga katulad ko na differently abled ([To inspire] is one of the things I consider when I pursue something that everyone can watch. Because I am here not only for myself, but for the differently abled like me who are not always given roles like this one),” Ms. Berry said.

Ms. Berry’s acting debut was in an episode of Magpakailanman in 2016. She landed her first lead role in 2018 when she played Onay in the drama series Onanay, starring alongside Nora Aunor and Cherie Gil. She then starred in the drama series The Gift, in 2019.

Also in the cast of Little Princess are Angelika dela Cruz, who Princess’ mother; Jestoni Alarcon who plays Princess’ father; Geneva Cruz, Rodjun Cruz, Gabrielle Hahn, Juancho Trivino, and Therese Malvar.

Little Princess premieres on Jan. 10, 3:15 p.m., on GMA’s Afternoon Prime. — MAPS

OFW strandings expected after HK travel ban

SOME OVERSEAS Filipino workers (OFWs) are expected to be stranded in airports after Hong Kong barred inbound flights from eight countries it deems high-risk due to the coronavirus, including the Philippines, the Overseas Workers Welfare Administration (OWWA) said.

OWWA Administrator Hans Leo J. Cacdac said at an online briefing on Thursday that the agency is currently evaluating the volume of flight cancellations in order gauge the volume of aid required for OFWs unable to fly.

Hong Kong barred flights from Australia, Canada, France, India, Pakistan, the Philippines, the UK, and the US between Jan. 8 and Jan. 21, Hong Kong Chief Executive Carrie Lam said on Wednesday, as a precaution taken against re-emerging coronavirus disease 2019 (COVID-19) outbreaks.

Mr. Cacdac said that in general, recruitment agencies have been providing help to stranded OFWs, but additional assistance from the government may be needed in some cases.

“We will help them if they have nowhere to stay here in Manila, if they are from provinces or other regions, by providing them shelter, food and accommodation, and assistance for transport from the airport to where they would like to be sent,” he said in Filipino.

Mr. Cacdac also said that the Philippines’ fresh surge of COVID-19 cases will likely affect the deployment of OFWs only during high-infection periods. “If there will be an effect, it will only be temporary and will remain only at times when the surge can be felt, but this will not stay for long.”

With the global spread of the Omicron variant of COVID-19, “I think foreign host countries, governments, and foreign employers will understand when it comes to our workers,” he added. 

He said Filipino workers will always be sought after because of reliability, quality of work, and loyalty, Mr. Cacdac said. — Alyssa Nicole O. Tan

BSP forms open finance transition committee for policy formulation

THE BANGKO SENTRAL ng Pilipinas (BSP) has launched its framework for open finance until 2024 and has named industry stakeholders that will spearhead policy formulation for data sharing.

The Open Finance Oversight Committee Transition Group (OFOC TG) is expected to facilitate the initial policies and standards formulation and support pilot implementations under the open finance regulatory sandbox. They represent industries including banks, electronic money issuers-others (EMI-others), operators of payment systems (OPS), and fintech firms.

“We must fully recognize the breadth and depth of open finance as it would entail a wide-ranging scope of activities covering a broader array of financial products and involving multiple stakeholders across the financial sector,” BSP Assistant Governor Lyn I. Javier said.

Representing universal and commercial banks is Jonathan John B. Paz, vice-president and data protection and enterprise information security officer at Bank of the Philippine Islands (BPI). He will alternately be represented by Frederick M. Faustino, Business Development and Onboarding division head at BPI Digital Channels Group.

Thrift banks will be represented by Philippine Savings Bank (PSBank) Executive Vice-President and Operations Group Head Noli S. Gomez. The alternate representative is PSBank Senior Vice-President and Head of Marketing and Communications Group Emmanuel A. Tuazon.

Rural banks will be represented by Tanya P. Hotchkiss, Cantilan Bank, Inc. executive vice- president, while the alternate is Cantilan Bank President Charles Y. Hotchkiss.

Meanwhile, Tonik Digital Bank, Inc. President Maria Lourdes Jocelyn S. Pineda will be the representative of digital banks for open finance policy formulation. In case of her absence, the alternate is Victor Q. Lim, Jr., Tonik chief operating officer.

Industry feedback from EMI-others will come through OmniPay, Inc. Chief Technology Officer Wilfred G. Tan. He will alternately be represented by OmniPay Chief Operating Officer Anna Liza Eugenio-Alincastre.

Meanwhile, CIS Bayad Center, Inc. Chief Product Officer Edward Joseph Inza-Cruz will be the representative of OPS in the committee. CIS Bayad Center Chief Marketing Officer Dennis S. Gatuslao is the alternate representative. 

Finally, the fintech industry will be represented by FinTech Alliance.PH and FinTech Philippines Association. Imelda C. Tiongson, trustee and chair of technoEthics of FinTech Philippines will be the primary representative, while Mark S. Gorriceta, managing partner at Gorriceta Africa Cauton & Saavedra, will be her alternate.

Members of the transition group are expected to carry out their responsibilities for no longer than two years or until the establishment of the OFOC.

The World Bank and International Finance Corp. (IFC) were also part of the launch last month.

“Open finance aims to provide customers with greater choice and control over how they interact with financial institutions. It can lead to deeper and more dynamic markets, in which customers enjoy a better experience, more choices, and better access to a range of financial products and services,” IFC Country Manager Jean Marc Arbogast said.

Circular 1122 released by the BSP in June 2021 introduced the country’s open finance framework, which allows for customer consent-driven data sharing among institutions that follow the same data security standards.

The central bank hopes streamlining open finance will be useful in Know Your Customer and credit underwriting processes and is expected to boost financial inclusion in the country. — L.W.T. Noble

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