A BROWN Co., Inc. said its second-quarter attributable net income to equity holders slid by 42% to P53.89 million on a year-on-year basis after registering lower property sales.
In its quarterly report filed with the local bourse on Thursday, the listed real estate firm said its total revenues from April to June inched down 1% to P83.64 million versus P84.85 million in the same period last year.
Property sales made up majority or around 77% of the firm’s total revenues. A Brown said that real estate revenues reached P64.32 million in the second quarter, lower by around 6% compared with P68.22 million previously.
Meanwhile, A Brown also that its noted general, administrative and selling expenses rose by 66% to P66.67 million in three months ending June.
In a separate press release, the company reported a net income of P225.9 million in the first half, up by 5.7% year on year, amid higher equity contributions from its utilities segment.
It added that its investments in the utility sector, or its equity in net earnings of associates, contributed P167.8 million to its bottom line in the six months ending June, up by 16% from P145.4 million in the same period last year.
A Brown also has interests in power generation and palm product manufacturing through its subsidiaries.
“Operating associates Palm Concepcion Power Corp. and Peakpower Energy, Inc. delivered better results for the first half of the year compared to the same period last year,” the company said.
In April, A Brown’s wholly owned unit Vires Energy Corp. received from the Energy department a notice to proceed for its proposed natural gas-fired power plant, and liquefied natural gas storage and regasification project in Batangas.
The company said that a consortium, which it identified as Seanergy Singapore and London Marine Consultants, had started the pre-front end engineering design of the project’s floating power plant component.
Meanwhile, another A Brown subsidiary Irradiation Solutions, Inc. is in the process of developing what it called the country’s first commercial electron beam facility in Tanay, Rizal.
“Permitting and detailed engineering design for the Tanay facility is expected to be completed by December 2021. Construction is targeted to commence by 2022 and commercial operations to start by the second half of 2023,” it said.
On Thursday, A Brown shares inched down by 1.15% or one centavo to finish at 86 centavos apiece in the local bourse. — Angelica Y. Yang
THE DEPARTMENT of Agriculture (DA) said the audit findings on its 2020 accounts, which turned up P9.8 billion in unspent funds that have since been returned to the Treasury, did not involve corruption.
“We assure our clientele — farmers, fishers, livestock raisers, and agri-fishery industry stakeholders — and partners from the private sector, local government units, and international funding institutions, and the general public that we… do not and will not tolerate corruption,” Agriculture Secretary William D. Dar said in a statement Thursday.
“We try to comply with all government accounting and auditing procedures and requirements,” he added.
The Commission on Audit (CoA), in its 2020 report, said the DA’s unspent budget was due to failed bids, incomplete procurement documentation, and problems in advancing projects during the coronavirus disease 2019 (COVID-19) pandemic.
The DA has 60 days from receipt of the report to respond to the audit findings.
“As per Agriculture Undersecretary for Administration and Finance Roldan G. Gorgonio, we received the CoA report on July 2, 2021. Therefore, we still have until Sept. 2, 2021, to satisfy the CoA’s observations through our categorical replies,” Mr. Dar said.
“Since July, we have been consolidating the respective reports from our concerned DA offices and operating units, and we will submit them promptly to CoA, on or before Sept. 2,” he added. — Revin Mikhael D. Ochave
CAPED crusaders Batman and Robin have been busy fighting crime together for years, but now the focus of the story has shifted to Robin’s private life as he explores his sexuality.
In the latest edition of DC comics’ series Batman: Urban Legends, character Tim Drake, who is the third version of Robin, is seen accepting an offer of a date from a male friend.
“There’s been a bunch of conversations about whether or not he’s been queer coded throughout time, and this just felt like the piece that was missing in order to understand Tim Drake’s story better,” writer Meghan Fitzmartin says.
Known as the Boy Wonder, Robin first appeared as Batman’s sidekick in 1940, and since then he has been featured in many comics depicting the DC Universe.
Ms. Fitzmartin says she is delighted DC was happy to expand his personal story and that there is no label on his sexuality.
“I think that for Tim, he’s still figuring it out … like, ‘Oh, this is something that I didn’t expect and would like to investigate more’ because that’s who he is as a person.”
Ms. Fitzmartin says she didn’t realize what an impact this story line would have and hopes it raises awareness that “people exist who are questioning and queer and in various states of understanding their own sexuality.”
“I want people who maybe don’t have access to this type of content to feel seen and feel heard. And I also want those who maybe have never … knowingly met a queer person before to … see that Tim Drake exists,” she says. — Reuters
The Bangko Sentral ng Pilipinas (BSP) will likely cap digital bank licenses at seven for the next three years as it wants to monitor these new lenders and allow them to offer competitive products and services, BSP Governor Benjamin E. Diokno said on Thursday.
Mr. Diokno said the Monetary Board on Aug. 12 decided to extend its cap to seven digital bank licenses from five previously and will close the window for applications, including for those seeking to convert their existing licenses, on Aug. 31.
“The judgment of the Monetary Board is that we will keep it closed [at seven digital banks] for three years so that we can closely monitor and so we can gain experience on digital banking,” he said.
“So if there is a need for lifting the limit, we will do so. But if under our judgment, seven is enough, then there will be no additional digital banks in the future,” Mr. Diokno added, noting that other countries have also limited the number of digital banks allowed to operate.
“We need to ensure that there is healthy competition among banks, enabling them to offer innovative and competitive financial products and services,” he said. “As these tech-savvy, customer-centric players introduce innovations in the banking sector, we are confident that the BSP is on track to achieving its digitalization and financial inclusion goals.”
The central bank chief said applicants must submit their complete documents on or before Aug. 31. Applications that will be received on or before Aug. 31 that will have documentary deficiencies or those that do not meet pre-qualification criteria set by the BSP will be returned, Mr. Diokno added.
The BSP is currently processing two license applications, he said.
“We have made it clear, it’s on a first come, first served basis. Your chances of getting in are very slim because that assumes that the two pending applications that are being processed will be disqualified, or that they will not be able to comply with all requirements,” Mr. Diokno noted.
The Monetary Board in November approved the digital banking framework, which set these lenders apart from commercial, thrift, rural, and Islamic banks.
Digital banks mainly offer their products and services through an online platform, in contrast to traditional lenders’ brick-and-mortar model. These all-online banks are expected to help the BSP reach its goal to bring 70% of Filipino adults into the banked population and 50% of payments done online by 2023.
The framework initially capped new licenses at five, and the BSP granted the country’s fifth digital banking license to a partnership between the Gokongwei Group and Singapore-headquartered Tyme called GOTyme, the firms said earlier this week.
The four other licenses were given to state-owned Overseas Filipino Bank, Tonik Digital Bank Inc. (Philippines), UNOBank, and UnionBank of the Philippines, Inc.’s Union Digital Bank.
The Monetary Board approval corresponds to the first of the three-stage licensing process. — L.W.T. Noble
THE DEPARTMENT of Energy (DoE) said it plans to issue the rules governing demand-side bidding on the power spot market by next year.
“The rules on demand-side bidding for the wholesale electricity spot market (WESM) (are) undergoing development. Target issuance is by next year,” Director of the Energy Utilization Management Bureau Patrick T. Aquino said at a webinar hosted by the European Chamber of Commerce of the Philippines Wednesday.
“A concept note has been floated as early as March this year. It is undergoing review by the technical committees of the WESM (wholesale electricity spot market). It is also within the purview of what the electric power industry management bureau is also reviewing,” he added.
Demand-side bidding, according to the Philippine Electricity Market Corp. (PEMC), allows consumers to actively participate in electricity trading by bidding or pricing their energy demand block to match the offers of generators.
“The integration of customer’s bid price to the market optimization model will promote higher levels of competition and provide more accurate price signals. Currently, the WESM rules allow customers with dispatchable loads to submit a standing demand bid on a voluntary basis,” PEMC said in a technical report in June.
The Independent Electricity Market Operator of the Philippines (IEMOP) has said that no customer has submitted any demand bid on the WESM as of June, according to the PEMC.
“Non-participation in demand-side bidding may be attributed to the participants’ lack of knowledge on this market feature. Also, there are no policies and procedures in place at the moment which provide further details to promote participation in demand-side bidding,” the PEMC said, citing results from a consultation it conducted among WESM members in March.
IEMOP has said that demand-side bidding is a planned enhancement due for incorporation in the WESM in 2024. — Angelica Y. Yang
MEDIA company World of Wonder announced this week that the next international iteration of the Emmy-winning franchise, Drag Race is coming to the Philippines. The series will premiere exclusively on WOW Presents Plus globally. The Filipino version of the worldwide franchise joins existing formats across Thailand, Chile, Canada, Holland, the UK, Spain, Australia and New Zealand, and Italy. “The Drag Race franchise has shined a spotlight on so many incredible queens from around the world and we are so excited to introduce audiences to the dazzling queens of the Philippines,” said World of Wonder (WOW) co-founders Randy Barbato and Fenton Bailey. “WOW Presents Plus was created to serve as a springboard for underrepresented voices, so we are thrilled to exclusively premiere Drag Race Philippines on the platform for our global viewers.” The host, judges, cast, and premiere date of Drag Race Philippines will be revealed at a later date. Drag Race Philippines is produced in the Philippines by Fullhouse Asia Production Studios, Inc.
Spotify launches Music + Talk in PHL
SPOTIFY is launching Music + Talk in the Philippines, a new type of audio experience that brings together music tracks and spoken word commentary, wrapped up into one harmonious listening experience. From a song’s origin story, to a discussion on trends and charts, the new format enables listeners to go deeper into the music via conversations and commentary from leading creators and musicians. According to Spotify’s Culture Next Report, 51% of Filipino millennials and 52% of Filipino Gen Zs believe listening to music without the background knowledge of the culture it came from is a concern. Music + Talk provides a discovery opportunity, allowing listeners to explore and interact with music tracks within an episode, and the ability to like, save, and see more information about a track without having to leave the episode page or search for it manually. The Music + Talk shows include Soundtrip with Jugs & Teddy, hosted by “It’s Showtime” duo and musicians, Jugs Jugueta and Teddy Corpuz; Makinig Ka Muna with Jim & Saab in which musicians and couple Jim and Saab read out letters from young Filipinos, spotlighting songs that ease the soul; and Worms Upon A Time: An Itchyworms Podcast, a deep dive of some of OPM legends Itchyworm’s favorite tracks in the last 25 years. Music + Talk is available to both Premium and Free listeners.
REV+ on ANC goes beyond cars
AWARD-winning ABS-CBN News Channel (ANC) anchor Migs Bustos returns to the driver’s seat to usher in a new era of the car show REV on ANC. The program, now stylized as REV+, goes beyond the motoring world to deliver a wider array of lifestyle features. “Cars are not only the toys we’re interested in. From the showroom and beyond your next road trip destination, we’re going beyond cars and deep into car culture, tech, collectibles, and everything in between,” Mr. Bustos said in a statement. Still, “Viewers can still expect top of the line reviews and those artistic shots and angles of the cars that REV is known for.” REV+ with Migs Bustos and Nikki de Guzman airs every Thursday, 9:30 p.m. on ANC with replays on Fridays (8 p.m.), Saturdays (1:30 p.m.), Sundays, (5 p.m.), Mondays (1:30 p.m.), Tuesdays (3:3 a.m.), and Wednesdays (2:30 p.m.). Episodes can be seen online via iWantTFC and the ABS-CBN News YouTube Channel.
Happy Hallyu Day 5 goes virtual
HAPPY Hallyu Day, a celebration of all things Korean, turns five with a virtual festival on Aug. 28 and 29, on the Philippine Kpop Convention, Inc. (PKCI) Facebook page (https://www.facebook.com/philkpopcomm/). There will be K-entertainment talks, K-pop performances, contests, games, and more as presented by the PKCI and the Korean Cultural Center in the Philippines. As part of the celebration, K-drama enthusiast Kristel Fulgar shares her passion for producing/directing her web drama Love from Home; K-pop dancer Dasuri Choi shares her stories and tips as a performer; survival show Under Nineteen participant C13 brings viewers on a journey as a Korean trainee and performs his debut single, “Stay”; and the biggest K-pop concert producer, Happee Sy, and the Philippine’s Korean entertainment emcee Kring Kim, join forces as they reminisce and spill the goods about K-pop concerts. There will be performances on the digital stage by HHD5, Press Hit Play, WIN! BINI, and BGYO. A five-day “Countdown Special” will happen from Aug. 23 to 27, where participants can expect entertaining segments, Twitter parties, and prizes every day from Happy Hallyu Day partners, affiliated K-pop fan clubs, and guests. Register for free at fanlife.phand use the 10% promo code, HAPPYHALLYU, between Aug. 24 and Sept 4 for discounts. Happy Hallyu Day 5: A Virtual Fest is hosted by Philippine-based Korean host KyungMin Kim, with opening performances by a multilingual soul-pop singer Venisse Siy, and performer-producer J.O.
Marie Kondo sparks joy on Netflix
Marie Kondo
GLOBAL organization icon and best-selling author Marie Kondo takes her signature approach to tidying up a step further in her new Netflix series, Sparking Joy. Ms. Kondo shows how the fundamentals of her method can affect businesses, relationships and communities. The impacts of tidying are surprising, emotional and transformative in the lives of the people Ms. Kondo meets. Viewers will also step into Ms. Kondo’s own home, meet her family, and get a glimpse into how she sparks joy in her daily life. Sparking Joy premieres on Aug. 31 on Netflix.
The Manila Girls Virtual Tour of Manila
THE HERITAGE Collective and WanderManila present “The Manila Girls Virtual Tour with Goodies” on Aug. 30, 4 p.m. This heritage and food tour will explore the environs of Tondo, Malate, España (Sampaloc), and Makati. All four of these places have rich, complex histories that date back to the Spanish Era (in Tondo’s case, precolonial even) which will be explored in this virtual session. To make this experience even more memorable, the tour comes bundled with the latest batch of Manila Girls Goodies. Tour rates are at P999, inclusive of the Manila Girls Goodies Bundle. Registration closes on Aug. 25. Slots are limited. For more information and to reserve a slot, send a message at www.facebook.com/WanderManila/posts/1730761430446906.
Mavy, Cassy Legaspi renew contracts with GMA
ACTORS Mavy and Cassy Legaspi — the twin children of actors Carmina Villaroel and Zoren Legaspi — have renewed their contracts with the GMA Artist Center. Starting out playing twins on TV as children, when they grew older, they went on to work separately on projects. Mavy Legaspi just finished taping the romantic drama series, I Left My Heart in Sorsogon, while Cassy Legaspi just finished her work on the rom-com series First Yaya. Annette Gozon-Valdes, GMA Films, Inc. President and Programming Consultant to the Chairman and CEO, said during the virtual contract signing that she looks forward to the twin’s growth in the industry, “Congratulations on your renewal. Thank you very much for trusting us. I’m so excited to see how much more you will grow not just as artists but also as fine human beings. So, congratulations, and looking forward to your exciting new projects.”
Ada Twist Scientist on Netflix
ADA Twist, Scientist follows the cartoon adventures of eight-year-old Ada Twist, a pint-sized scientist with giant-sized curiosity, who aspires to discover the truth about absolutely everything with the help of her two best friends. But solving the mystery is only the beginning, because science isn’t just about learning the facts, it’s about putting that knowledge into action to make the world a better place. The show is about helping people through scientific discovery, collaboration, and friendship. Ada Twist, Scientist premieres on Sept. 28 on Netflix.
Wizkid taps Justin Bieber for remix
NIGERIAN pop superstar Wizkid is taking the global music charts by storm with the success of his new single “Essence” — now bolstered even further with a remix version featuring multi-platinum artist Justin Bieber and fellow Afro-pop singer Tems. Currently making waves in the Billboard Hot 100 and Billboard Global 200, “Essence” has received glowing reviews from various music publications worldwide, with NME praising its Afro-Latin production and Afrobeats percussion for evoking “a sense of homecoming.” Prior to the collaboration with Justin Bieber, Wizkid’s “Essence” has already been No. 1 on the US World Digital Song Sales chart and UK Afrobeats chart. The song has made it on Spotify’s Song of the Summer playlist in June 2021, and in Barack Obama’s favorite songs of 2020 playlist. Wizkid and Justin Bieber’s “Essence” is out now on all digital music platforms worldwide via RCA and Sony Music.
Edu-tainment program returns on air
ACTRESS Camille Prats is again joined by puppets Benjie and his best friend dog Penpen as the educational program Makulay ang Buhay returns on air every Saturday at 9:45 a.m. and Tuesday at 8 a.m., beginning Aug. 21 on GMA. Makulay ang Buhay was launched last year. In each episode, both human and puppet hosts share music videos, stories, as well as games that can be enjoyed by everyone. It also revisits discussions on the effects of gadgets, as well as food safety and the risk of foodborne diseases, giving parents easy to follow tips on how to encourage their children to eat healthy and well.
Official Pokemon account is now on Tiktok
THE POKÉMON Company opened an official Pokémon account on the short video platform Tiktok this month. Currently short videos such as Pikachu and friends dancing to music are available. More Pokémon will be making an appearance as unique TikTok videos are uploaded and new updates on Pokémon are released on the platform.
Dominic Chin releases Mando-pop single
DOMINIC Chin puts a refreshing spin on the Mando-pop of yesteryears with his new single “My Love,” featuring Jerry Galeries. Released on Aug. 13 via Umami Records, the song was inspired by Chin’s fascination with the music of his childhood, while listening to the likes of A-mei, JJ Lin, and Stefanie Sun in the backseat of his family’s car. Prior to its official release, “My Love” had appeared at the end credits of the Bernadus Andrien Chandra’s short film, Seow On 7. Listen to “My Love via Umami Records: https://www.umamirecords.sg/my-love/.
LBC Express Holdings, Inc. posted a second-quarter attributable net income of P170.8 million, reversing a P679-million loss in the same period a year ago.
The net income for the quarter is “mainly driven by higher volume for 2021,” the company said in a disclosure to the stock exchange.
Service revenues for the quarter soared 120% to P4.1 billion. The company attributed the increase to “improvement in sales of existing branches and additional revenue from new Philippine branches.”
Cost of services increased 53% to P3.1 billion, as cost of delivery and remittance and materials and supplies was higher relative to increase in volume.
“Domestic warehouses added in mid-2020 contributed to additional manpower cost, utilities and depreciation and amortization for fixed and right-of-use assets,” the company said.
Second-quarter operating expenses increased 3% to P643.3 billion “mainly due to COVID-19 (coronavirus disease 2019)-related expenses such as but not limited to medical and sanitation supplies, test kits and shuttle bus rentals incurred during the quarter.”
For the first half, the company posted a P310.6-million attributable net income, reversing a P501.7-million loss in the same period in 2020.
First-half service revenues grew 49% to P8.4 billion. The company attributed the increase to its logistics segment “with overall growth of 52%.
Cost of services for the first six months increased 32% to P6.3 billion.
“Cost of delivery and remittance is higher relative to increase in volume. This also resulted [in] increase in materials and supplies,” the company said.
LBC Express Holdings said it is continuously monitoring the financial impact to the company of the coronavirus crisis.
The company “maintains its commitment to the continuous provision of services to its customers while ensuring the safety and welfare of its employees,” it added.
LBC Express Holdings shares closed 0.49% lower at P16.22 apiece on Thursday. — Arjay L. Balinbin
PRESIDENT RODRIGO R. Duterte has approved the designation of Energy Undersecretary Donato D. Marcos as Officer-in-Charge (OIC) of the National Power Corp. (Napocor), the latter said late Wednesday.
Mr. Marcos will be concurrently serving in his role at the Department of Energy.
In a statement, Napocor said it welcomed Mr. Marcos as its OIC Wednesday afternoon.
The appointment took the form of a letter from Executive Secretary Salvador C. Medialdea detailing the designation of Mr. Marcos as OIC.
Mr. Marcos will be replacing Melchor P. Ridulme, Napocor’s vice-president for Legal Affairs, as OIC.
Mr. Marcos said his priorities are “ensuring smooth operations and prudence in the use of resources… (and) impactful projects that will benefit stakeholders especially the poor and some of the minority groups that Napocor affects.
Mr. Marcos has been Energy undersecretary for seven years, and has handled a portfolio of projects covering energy efficiency and conservation, alternative fuels, energy resource development, downstream oil industry management and the nuclear energy program.
Mr. Ridulme was named interim OIC two months ago following the death of the company’s former head Pio J. Benavidez.
Napocor provides power to far-flung, and off-grid areas and islands via the Small Power Utilities Group.
The company also manages the government’s remaining assets including the 981-megawatt Agus and Pulangi hydro plants in Mindanao, and various watersheds and dams. — Angelica Y. Yang
SINGER R. Kelly attends Brooklyn’s Federal District Court during the start of his trial in New York, US, Aug. 18, 2021 in a courtroom sketch.
NEW YORK — R. Kelly is a “predator” who demanded absolute fealty from the many women and underage girls he dominated in a two-decade racketeering scheme, a federal prosecutor said on Wednesday as the R&B star’s sex abuse trial began.
Mr. Kelly’s defense team countered that the government’s case had “gaps,” and that the 54-year-old singer’s accusers were unhappy former fans who wanted to get back at him because their relationships didn’t work out.
In her opening statement, Assistant US Attorney Maria Cruz Melendez told the Brooklyn jury of seven men and five women that Mr. Kelly used “lies, manipulation, threats and physical abuse” to control his victims, and often filmed their sexual encounters.
The indictment describes Mr. Kelly’s alleged dealings with six women and girls, four underage at the time. They include the late singer Aaliyah, who was 15 when she married Kelly.
“This case is about a predator,” Ms. Melendez said. “This case is not about a celebrity who likes to party a lot.”
Mr. Kelly’s lawyer Nicole Blank Becker rejected prosecutors’ claims, saying the accusers’ relationships with Mr. Kelly, whose full name is Robert Sylvester Kelly, were consensual. “They knew exactly what they were getting into,” Ms. Becker said.
Mr. Kelly, a three-time Grammy winner whose songs include “I Believe I Can Fly” and “Bump N’ Grind,” has pleaded not guilty to a nine-count indictment that includes accusations of bribery and extortion. He has strongly denied wrongdoing.
Prosecutors say Mr. Kelly used an entourage of managers, bodyguards and others to recruit victims, and threatened to blackmail them if they fled.
The first prosecution witness, Jerhonda Pace, 28, testified she had once been a fan of Kelly. She also said she had his name tattooed on her left breast, at his suggestion. But Ms. Pace said their relationship became difficult, with Kelly demanding she call him “Daddy” and get his permission to go to the bathroom, and ended after he choked her until she passed out.
Known as Jane Doe No. 4 in the indictment, Ms. Pace said Mr. Kelly knew she was 16 when they had intercourse because she had shown him identification, but told her to pretend she was 19. “He told me he was going to train me to please him sexually,” Ms. Pace, now married and soon expecting her fifth child, testified.
Ms. Pace also testified that Kelly gave her herpes, while prosecutors said DNA evidence from a shirt she wore matched his.
Ms. Pace’s testimony will continue on Thursday. Other female accusers and at least one male accuser are expected to testify for the government also, some using only their first names. — Reuters
VULCAN Industrial & Mining Corp. announced that its board of directors approved certain amendments to the company’s articles of incorporation.
Vulcan said in a regulatory filing on Thursday that its board, during a special meeting on Aug. 18, approved proposed amendments to the company’s first, third, sixth, and seventh articles of incorporation.
“[The] said amendments are consistent with the proposed transactions with the HGP Group,” Vulcan said in the regulatory filing.
According to its previous disclosures, the HGP Group is represented by Hilario G. Pagauitan and Sofia G. Pagauitan.
Under the board’s approved amendment to the first article, the company’s name will be changed to East Coast Vulcan Corp.
Another amendment is in the third article, which will change the company’s principal office address.
Further, Vulcan’s board approved the amendment of the seventh article, which increased its capital stock to P12 billion to be divided into 12 billion common shares at P1 each.
Previously, the company’s capital stock was at P4 billion divided into four billion common shares at P1 per share.
Vulcan also disclosed that its sixth article was changed to increase the number of directors to 13 from 11 previously.
Vulcan earlier disclosed that it had reconsidered its decision to exit the mining industry as a result of changes in the mining climate.
It also announced the subscription by the HGP Group of up to 5.18 billion shares out of Vulcan’s unsubscribed capital, inclusive of its mineral production sharing agreements (MPSAs), assets and operations.
“On a global scale, metal commodity prices have surged, and its outlook continues to be positive. Locally, the moratorium on mining/mineral agreements has been lifted, opening the possibility for new mining projects,” the company said.
On Thursday, shares of Vulcan at the stock exchange closed flat at P1.41 apiece. — Revin Mikhael D. Ochave
Making the measure to ease the Bank Secrecy Law a priority for the remainder of President Rodrigo R. Duterte’s term is a welcome development given the “already very limited window for legislation,” its proponent said.
“I think that (inclusion in legislative priorities) will facilitate [its legislation]. If the President will certify it as urgent, they (lawmakers) will know that economic managers need this bill for the sake of the public especially the depositors,” Quirino Representative and House Committee on Banks and Financial Intermediaries Junie E. Cua said in a phone call.
House Bill 8991 filed by Mr. Cua will give the Bangko Sentral ng Pilipinas (BSP) the power to scrutinize accounts of bank officials and employees when there are sufficient grounds for fraud. These findings will not be disclosed and will be for the exclusive use of the central bank. However, it may be shared with courts and other regulators “if necessary to prevent or prosecute an offense or crime.”
The measure has been approved at the committee level.
BSP Governor Benjamin E. Diokno said they submitted in July to the Office of the President (OP) a memorandum requesting Mr. Duterte to certify the Bank Deposits Secrecy Bill as urgent.
“In response, the Office of the President in its letter, dated Aug. 1, informed BSP that in light of the significance and urgency of the enactment measure, it has referred the bill to the Legislative-Executive Development Advisory Council for prioritization and inclusion in the Common Legislative Agenda for the Executive and Legislative,” Mr. Diokno said at an online briefing on Thursday.
Mr. Cua said they are waiting for the bill to be scheduled for discussion at the plenary.
“I don’t see any more issues with the bill because we have already fine-tuned the language. It will really be limited to fraud, irregularity, and unlawful activities of bank officials,” he said.
“I hope it will be certified [as urgent] soon because there is already a very limited window for legislation,” Mr. Cua added.
Mr. Diokno said they have touched base with various offices of senators for possible sponsorship of a bill that will adopt the version of House Bill 8991, which was backed by the BSP.
Senator Grace S. Poe-Llamanzares, who chairs the Committee on Banks and Financial Intermediaries, said on Wednesday they will consider the transmittal of the House version together with the five other versions of the measure at the Senate. She said they will tackle the measure “as soon as the Committee calendar permits.”
The Bankers Association of the Philippines (BAP) welcomed the inclusion of the measure in the legislative priorities of the administration.
“We are open to working with Congress on other necessary amendments that can be made in our bank secrecy laws in support of the lifting of the Philippines in the FATF (Financial Action Task Force) gray list,” the BAP said in a text message.
The country was placed under increased monitoring by the FATF in June and now needs to prove its effective implementation of anti-money laundering and counter-terrorism financing (AML/CTF) laws. Mr. Diokno said they expect the Philippines to be removed from the FATF’s “gray list” on or before January 2023.
Republic Act 11521, which further strengthened the Anti-Money Laundering Act, was signed only days ahead of the Feb. 1 deadline set by the FATF for the Philippines to show its effective implementation of more stringent AML/CTF measures. Meanwhile, Republic Act 11479 or the controversial Anti-Terror Act of 2020 signed in July 2020 laid out tougher measures against terrorism financing.
The International Monetary Fund has said that relaxing the Bank Secrecy Law will help boost the country’s regulations against “dirty money” and terrorism funding. — L.W.T. Noble
SM Investments Corp. (SMIC) said in a virtual forum on Wednesday that it would sign up to support the Task Force on Climate-related Financial Disclosures (TCFD), ensuring its businesses will do their part in meeting global sustainability targets.
“We recognize the material role we play in the Philippines. We understand our responsibilities and we commit to using the TCFD recommendations to be part of the solution to climate change,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said in a forum organized by the Climate Change Commission.
SMIC joins 2,300 more supporters in committing to providing climate disclosures.
The TCFD is a globally recognized set of recommendations of the Financial Stability Board. It is also some of the ESG (environmental, social, and corporate governance) reporting frameworks recommended by the country’s Securities and Exchange Commission.
Climate risk disclosures can help investors make more informed decisions. Through these, stakeholders can also understand the financial system’s climate-related risk exposure.
The company is also a member of the global 50 Sustainability & Climate Leaders project.
SMIC has “tens of thousands” of micro, small, and medium enterprises, which are said to be among the “most vulnerable to the effects of climate change.”
The company’s banking unit, BDO Unibank, Inc., started a risk-based Sustainable Energy Finance Program with the World Bank’s International Finance Corp. The program focuses on renewable energy and energy efficiency project financing.
Meanwhile, for its malls and lifestyle developments, SMIC allocates 10% of capital expenditures to ensure a project’s disaster resiliency and sustainability.
“For a business to be able to continue to grow and last for many years, it’s very important that it supports the community in a sustainable way. In the end, it’s the community and the environment that sustains the high growth of our businesses,” said Mr. DyBuncio.
On Thursday, shares of SMIC at the stock exchange declined by 0.10% or one peso to close at P999 apiece. — Keren Concepcion G. Valmonte
