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BSP tells banks to manage environmental, social risks

BW FILE PHOTO

THE CENTRAL BANK wants lenders to keep a close eye on environmental and social (E&S) risks in their credit exposure, in line with the Philippines’ sustainable financing goal.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno signed BSP Circular No. 1128, which directs banks to adopt procedures that will take into account E&S risks that emanate from borrowers and their portfolio. It also mandated banks to set out targets and limits to control these exposures and to assess creditworthiness of borrowers.

“Banks shall consider environmental and social risks in defining credit risk appetite. The type, quantity and severity of E&S risks shall be evaluated taking into account different factors such as the type of loan, location of the borrower, project, and or collateral, and the industry of the borrower, among others,” the circular stated.

Under the circular, banks should engage in a “constructive dialogue” with clients that may pose significant E&S risks. A bank should conduct E&S due diligence on the borrower from the start and on an ongoing basis.

The circular said banks may also require borrowers to provide additional documents such as environmental permits and third-party certifications, especially those involved in the extraction of natural resources, emission of carbon and poisonous gases or substances, and other activities that deemed harmful to the environment.

Lenders should also look into the ability, willingness, and track record of borrowers in implementing measures to reduce their E&S risks.

A bank’s board of directors should also set environmental and social objectives, which may include “progressively increasing targets on the proportion of the loan portfolio allocated for sustainable financing.”

The board should “approve the risk appetite on specific risk areas that the bank is willing and capable to manage, results of stress testing exercises, and assessment of the timing and channels through which E&S risks may materialize.”

Banks should also assess annually the impact on E&S risks on their operations. This would include assessment of a bank’s capability to withstand disruptions, resume operations and continue to provide services.

“For instance, severe weather events could adversely impact business continuity, including branch networks, offices, infrastructure, processes, and staff that could lead to financial losses,” it said.

The Bankers Association of the Philippines (BAP) pledged support for the regulatory framework. BAP Managing Director Benjamin P. Castillo noted seven local banks have already issued more than $1.15 billion of green, social, and sustainability bonds since 2017.

“Incorporating sustainability is not only just about protecting the environment, but is a key factor in the promotion of long-term social and economic growth,” Mr. Castillo said in an e-mail.

“This E&S risk management framework will further enhance bank operations and risk management tools, delivering value to shareholders and uplifting the communities we serve,” he added.

In April 2020, the BSP launched its sustainable finance framework and gave banks a three-year transition period to adopt its provisions.

The government last week launched an interagency sustainable finance framework to address the country’s policy and regulatory gaps in promoting sustainable investments. — Luz Wendy T. Noble

MPTC sees 32% increase in traffic volume next year

THE Metro Pacific Tollways Corp. (MPTC) on Thursday said it expects a 32% increase in the average daily traffic volume on its expressways in 2022.

“We expect an additional 32% of vehicles on our roads by next year,” MPTC President and Chief Executive Officer Rodrigo E. Franco said at a virtual forum on Thursday hosted by the Economic Journalists Association of the Philippines.

MPTC holds the concession rights for Cavite–Laguna Expressway (CALAX), Manila–Cavite Expressway (CAVITEX), Circumferential Road 5 (C-5) Link Expressway, North Luzon Expressway (NLEX), NLEX Connector Road, Subic-Clark-Tarlac Expressway (SCTEX), and Cebu-Cordova Link Expressway (CCLEX).

“Currently, we serve more than 700,000 vehicles per day on all our expressways,” Mr. Franco said.

The company aims to build an “urban ring road” to help manage economic losses from city traffic by providing “unimpeded” traffic flow for goods and people.

Mr. Franco also said that for 2022, the company expects to open the CCLEX project to motorists in the first quarter, complete the NLEX Connector Phase 1 in the second quarter, the CALAX Cavite Segment and the NLEX Segment 8.2 Section 1A in the third quarter, and the NLEX Connector Phase 2 and CAVITEX C5 Link projects in the last quarter.

“We hope that the bottleneck in terms of awarding projects will be addressed so we can have new projects and help in the economic recovery,” he also said, referring to the next administration.

MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

IWG says demand for flexible working spaces climbs amid pandemic

ALESIA KAZANTCEVA/UNSPLASH

INTERNATIONAL Workspace Group (IWG) said the pandemic pushed the adoption of the “future of work” early in the Philippines after it received more inquiries for flexible working spaces amid the coronavirus disease 2019 (COVID-19) pandemic.

IWG is a global operator of co-working and workspace brands with over three million members in its network across 3,500 locations in 120 countries.

On Thursday, the operator signed a memorandum of agreement that allows the establishment of two more centers in the country via a franchise deal with professional facilities management company VelcoAsia Management Corp.

“The interest in investing and [becoming] part of IWG and our network has actually been more progressive during COVID even than before COVID,” said Lars Wittig, Philippine country manager for IWG, in an online briefing.

“We all knew the trends in commercial real estate, it’s about the very rapid increase in demand for flexible workspace instead of the conventional leases,” he added.

In a report, IWG found that 81% of the companies across the world expect that hybrid work will be the new normal, while 82% have “taken advantage” of flexible working options.

“While businesses are still coping with the impact of the pandemic, we are confident that the rise of flexible workspaces will enable them to thrive in the recovering economy,” VelcoAsia Vice-President for Special Projects Mario Veloso said in an e-mailed statement on Thursday.

The two-center franchise deal with VelcoAsia includes the development of Manila Coworking Powered by IWG, which will be located in the Port Area of Manila.

“Powered by IWG” is a new concept, which would allow management companies to run businesses with the help of the global operator’s brand, marketing, and sales activities. It also allows management firms to use IWG’s global sales channel and to “drive operational and cost efficiencies.”

IWG said it is committed to expanding in the Philippines, growing from 25 to 43 locations. It currently “enables” flexible working in 11 major cities across the country, including areas in Metro Manila, Cebu, Davao, and Pampanga. — Keren Concepcion G. Valmonte

Movie houses and films opening in Nov.

DEEP cleaning between screenings is one of the safety protocols to be followed when movie houses open on Nov. 10.

AFTER having been shuttered for over a year because of the ongoing coronavirus disease 2019 (COVID-19) pandemic, selected cinemas will be opening on Nov. 10, the Cinema Exhibitors Association of the Philippines (CEAP) announced on its official Facebook page on Oct. 28.

The cinemas opening in Metro Manila are at Fishermall in Malabon; Cloverleaf, Eastwood, Fairview Terraces, Fishermall, Gateway, and Trinoma in Quezon City; Greenhills Shopping Center and Santolan Town Plaza in San Juan; Cinerama and Luck Chinatown in Manila; Circuit, Century Mall, Glorietta 4, and Power Plant Mall in Makati; Festival Mall in Muntinlupa; Bonifacio High Street, Uptown Mall, Venice Grand Canal in Taguig; Ayala Malls Manila Bay in Parañaque; and Newport Mall in Pasay.

Outside Metro Manila, the cinemas that are opening are at Alturas, Bohol Quality, and Island City in Bohol; Festive Walk in Iloilo; Fora in Tagaytay; Magic Star in Tarlac; Southwoods in Laguna; and Sta. Lucia in Rizal.

On Oct. 13, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF), placed the National Capital Region under Alert Level 3, which allows the reopening of cinemas at 30% capacity for fully vaccinated moviegoers.

The CEAP’s health and safety protocols for the reopened cinemas are:

  • Monitoring of moviegoers’ body temperature as they enter the cinema;
  • Moviegoers to present authentic vaccination card;
  • Implement regulations set by the IATF and LGUs on facial coverings;
  • No eating inside the cinema;
  • Enforce socially distanced seating;
  • Encourage contact-less transaction in ticket-purchasing;
  • Improved air ventilation;
  • Availability of hand sanitizers at the cinema entrance;
  • Mandatory hand-washing every 30 minutes for cinema employees; and
  • Deep cleaning between screenings.

The CEAP also announced that horror-science fiction film A Quiet Place Part II, directed by John Krasinski, and the film adaptation of Frank Herbert’s sci-fi classic novel Dune, directed by Denis Villeneuve, will open in cinemas on Nov. 10. Meanwhile, the latest 007 film, No Time to Die, directed by Cary Joji Fukunaga and starring Daniel Craig in his last film as James Bond, is set for release on Nov. 17. Marvel Studios’ ShangChi and The Legend of The Ten Rings will open in theaters on Nov. 24. — MAPS

Converge CEO aims to build ‘tech city’ in Pampanga

DENNIS Anthony H. Uy, chief executive officer and co-founder of listed fiber internet provider ICT Solutions, Inc., said he hopes to build a “tech city” in Pampanga in the next three to four years.

“I’m looking at building a tech city to give back to my hometown, because I’m from Pampanga,” Mr. Uy said during a fireside chat with the Nordic Chamber of Commerce of the Philippines on Wednesday.

“The Philippines has so many talented people. If you go to Silicon Valley, you will see a lot of Filipinos there. They are really good in terms of technology,” he said, noting that the Philippines still has to develop an ecosystem that will offer opportunities to digitally skilled Filipinos.

The Philippines is a “perfect” location as a digital hub serving its neighbors in Southeast Asia, he said.

“The Philippines, geographical location-wise, is in the middle of Asia, and what is happening now, if you can see the trade war between China and the US, you can see the benefit… The Philippines should be a digital hub.”

“It’s my passion to make this happen, hopefully three to four years down the road,” Mr. Uy said further.

The Philippines placed 58th out of 64 economies in IMD business school’s World Digital Competitiveness Ranking 2021, after falling to 57th place in 2020 from 55th a year earlier.

The country retained the 13th spot among the 14 Asia-Pacific economies measured.

The Philippines fell three spots to 57th in the future readiness pillar after poorer performance in adaptive attitudes, business agility, and information technology integration.

It also dropped by one place in the technology pillar after a decline in capital, and it sank by one spot in the knowledge pillar as its training and education rank fell.

Converge ICT shares closed 0.30% lower at P32.85 apiece on Thursday. — Arjay L. Balinbin

Channeling faith, seeking refuge in music

Sony Music Phil. launches Christian music label

IN THE midst of the coronavirus disease 2019 (COVID-19) pandemic, people have found solace in faith-based music. In reaction to this, Sony Music Philippines has launched Waterwalk Records, a music label focusing on Christian music.

“Waterwalk Records began with the hypothesis that consumption of Christian and inspirational music has increased over the pandemic,” Roslyn Pineda, General Manager, Sony Music Philippines, said during an online press launch on Oct. 26. So, the music company conducted a survey about inspirational and Christian music consumption to test the hypothesis.

They found that some of the biggest names with wide consumption in the International Christian music scene are under Sony Music’s Provident Label Group, such as the Christian rock band Casting Crowns and the contemporary Christian band Vertical Worship.

“My team and I have been on a mission to come up with music that refreshes, music that spreads, music that fuels your faith, and music specifically for the streaming generation of today,” Ms. Pineda said.

“The Philippines is a big key market in Asia with a [big] population of Christians in the country,” said Ariel Fung, EVP, Sony Music Southeast Asia. “We really look forward to the best of local and regional talent coming together in the next few months, and making music in different genres, giving people comfort and hope.”

“Pop music inspired by Christian melodies has arguably created some of the most interesting music in recent years. It’s a diverse genre full of talented artists who use faith as a regular way of connecting with people,” Ms. Pineda was quoted as saying in a company press release. “Waterwalk Records has huge opportunities to grow as we work with talented artists such as Morissette, Gloryfall and Hazel Faith and others to bring their music to fans all across Asia.”

As part of the label’s launch, 12 tracks by Christian artists are expected to be released before yearend.

Singer-songwriter Morissette Amon released the label’s  first single, “Waterwalk,” on Oct. 28.

“I just literally decided to walk in faith,” said Ms. Amon during the press conference. “I decided to go into songwriting [during the pandemic], as well because there were no live shows. So, I took that as an opportunity to kind of grow my artistry as well,” Ms. Amon said about recording a song under the Christian label.

Ms. Amon said that the track can be “dedicated for a loved one or [considered] a worship song.”

“I’m very excited for everyone to hear the track and for everyone to be reminded that even if going through a tough time… you can continue to walk by faith in life,” she said of the song’s message.

“It’s only been a couple of years since I’ve made the decision to really follow Jesus and one thing I can really attest to is that we just need to trust Him in everything,” Ms. Amon was quoted as saying in a company press release. “I’ve been through some very challenging times too especially during this season, but it’s His grace that saves me and keeps me going, His love that comforts and protects me, and His promise that I will always keep in my heart.”

The second single from the label, “Mapayapa,” is a collaboration between Christian worship band Gloryfall and singer/songwriter Hazel Faith. It will be released on Oct. 30.

Rapper-actor Jericho Arceo and Stell of SB19 will release a joint single under the label, while Nathan Huang from the band “of Mercury” (formerly known as Nathan & Mercury) will release his first solo song through the label and will be collaborating with Darla Baltazar. She was recently included in the “16 Artists to Watch” list of the website The Gospel Coalition.

The lineup also includes singles from worship leaders from various churches in the Philippines. Favor Church’s Janine Danielle will perform a song written and produced by Moira Dela Torre and her music producer and husband Jason Hernandez. Other participating worship leaders are  Lee Simon Brown (from Victory Worship), Cola Cabalcar, Kent Charcos, Cherise Katriel, and Sam&Steff.

A single from Taiwanese singer/songwriter and YouTuber Ariel Tsai, who is signed under Sony Music Taiwan, will also be released by Waterwalk.

“I think people are looking for hope, they’re looking for love, and for grace, and what better way for them to feel that than through music, especially for the young people,” Ms. Pineda said during the press conference.

Ms. Pineda noted that in establishing the Christian music label, they aim to produce music of various genres for the streaming generation.

“We’re working with many different artists who want to be able to express their faith through music. For some people, they have their own careers, so this is a place where they can release their Christian music,” she said.

For more information on the new tracks, artists, and upcoming events, visit Waterwalk Records on Facebook (Waterwalk Records | Facebook) and Instagram (@waterwalkrecords). — Michelle Anne P. Soliman

Transpacific Broadband inks ‘managed service’ deal with int’l satellite operator

LISTED Transpacific Broadband Group Int’l., Inc. (TBGI) announced on Thursday that it had signed a three-year managed service agreement with international satellite operator ABS Global Ltd.

Under the agreement, which is extendable for another three years, TBGI will “provide collocation facilities and first level support for the development and maintenance of Low-Earth Orbit Satellite (LEOSAT) earth station in Clark, Pampanga for Starlink Holdings N.B.V.,” the listed company said in a disclosure to the stock exchange.

Starlink is a division within SpaceX, which is an American aerospace company.

“Although the managed service agreement executed by TBGI and ABS Global are specifically for LEOSAT earth stations of Starlink, the forward-looking statements are subject to known and unknown risk and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements,” TBGI also said.

Known uncertainties include change in political climate, regulatory risk, foreign exchange risk, and project completion risk.

“We are excited in the unlimited prospects of empowering government units, businesses and millions of Filipino households with advanced satellite internet services to meet their growing requirements for fast and reliable connectivity,” TBGI said.

LEOSAT technology, the company said, offers a combination of affordability, speed, flexibility, ease-of-setup and a 27-millisecond low-latency bandwidth to deliver a “superior” online experience in the “next level” Internet of things.

The company’s first-half net income after tax leaped 466.7% to P6.8 million from P1.2 million in the same period in 2020.

Total revenues for the first half went up 50.8% to P29.1 million from P19.3 million last year.

Expenses for the period increased 25.1% to P21.9 million from P17.5 million previously. — Arjay L. Balinbin

Gun not thoroughly checked before Alec Baldwin fired fatal shot

TIMOTHY EBERLY/UNSPLASH

SANTA FE, N.M. — A .45-caliber Colt revolver used on the set of the film Rust was not thoroughly checked before being given to actor Alec Baldwin, who fired a live lead bullet in an accidental fatal shooting last week in New Mexico, according to officials and a new court filing.

New details about the incident emerged on Wednesday during a news conference by Santa Fe County Sheriff Adan Mendoza and District Attorney Mary Carmack-Altwies and in an affidavit filed by the sheriff’s department. Mendoza told reporters there was a complacent attitude toward safety on the set before last Thursday’s shooting that killed cinematographer Halyna Hutchins during a rehearsal.

Hannah Gutierrez, the crew member in charge of weapons on the set, told investigators she had checked guns there but found no “hot rounds” —  apparently meaning live ammunition — before the shooting, according to the affidavit.

Dave Halls, the film’s assistant director, told investigators he “should have checked all” the rounds in the gun before handing it to Mr. Baldwin but had not done so, according to the affidavit. Authorities said previously that Mr. Baldwin was handed what he thought was a “cold,” or safe, gun by Mr. Halls, who took it from a cart used by Ms. Gutierrez.

Mendoza and Carmack-Altwies said while no criminal charges have been filed, they are not ruling out that possibility.

“All options are on the table. … No one has been ruled out at this point,” Carmack-Altwies said of potential charges.

Ms. Gutierrez, whose job is formally called the film crew’s armorer, said ammunition was not secured on the set during a lunch break before the shooting, the affidavit showed. It quoted her as saying that firearms were secured inside a safe kept on a white truck during the break and that no live ammunition is ever kept on a movie set.

“Only a few people” had access to the safe and knew the combination to open it, Ms. Gutierrez said, according to the affidavit.

A judge approved a request by investigators to search the truck on Wednesday.

Authorities have collected 600 pieces of evidence including three firearms, 500 rounds of ammunition —  some believed to be live bullets —  and several pieces of clothing and accessories in the ongoing investigation, Mendoza said. Some evidence is being sent to an FBI crime lab for analysis, Mendoza added.

Authorities have the firearm used in the shooting and recovered the bullet from the shoulder of director Joel Souza, who was wounded but later released from the hospital, Mendoza said. It appears the same bullet struck Mr. Souza and Ms. Hutchins, Mendoza added.

Mendoza said the gun used by Mr. Baldwin was an Italian-made Pietta Long Colt revolver.

“We would consider it a live round —  a bullet, live —  because it did fire from the weapon and obviously caused the death of Ms. Hutchins and injured Mr. Souza,” Mendoza said.

Baldwin, 63, serves as a co-producer of Rust, a Western film set in 1880s Kansas. Production on the Bonanza Creek Ranch, near Santa Fe, has been halted.

Mendoza said Baldwin, Halls and Gutierrez all are cooperating with the investigation.

Asked about the use of real weapons on a movie set, the sheriff said, “I think the industry has had a record recently of being safe. I think there was some complacency on this set. And I think there are some safety issues that need to be addressed by the industry and possibly by the state of New Mexico.” The shooting has sent shockwaves through Hollywood, prompting a debate about safety protocols in film and television —  including whether certain types of guns used as props should be banned —  and working conditions on low-budget productions.

Before the incident, camera operators had walked off the set to protest working conditions.

Mr. Baldwin was drawing a revolver across his body and pointing it at a camera while rehearsing when the weapon fired, according to court documents. There is no video footage of the incident, Mendoza said. The film’s producers have hired the law firm Jenner & Block to investigate the shooting. In a letter sent to cast and crew, the film’s production team said Jenner “will have full discretion about who to interview and any conclusions they draw.” — Reuters

BSP processes more LGU loan review requests in 1st semester

BW FILE PHOTO
THE CENTRAL BANK received more loan review requests from local government units, which were mostly for infrastructure projects. — BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) assessed more loan review requests from local government units (LGU) worth P47.2 billion in the first half of 2021, with financing mostly meant for infrastructure development.

There were 198 opinion requests from the Monetary Board in the first half of the year, higher by 23.8% than the 160 borrowings that were brought for review in the second half of 2020, the BSP said in a statement.

By value, loans that needed to be reviewed in the January to June period increased by 10.3% from the P42.8 billion in the second semester last year.

The Monetary Board has issued 184 opinions on proposed LGU loans amounting to P44.8 billion. These include 157 requests for the first half of 2021 and 41 review proposals received in 2020.

The BSP said the opinions for the remaining 41 LGU requests submitted in the first semester will be processed after the concerned units complete the requirements.

The review requests came from 21 provinces (P13 billion), 18 cities (P15 billion), 157 municipalities (P19.1 billion), and two barangays (P25.5 million).

Metro Manila had the biggest amount of loans which were given opinions by the Monetary Board, as the BSP granted reviews for three LGUs with loans worth P6.183 billion.

Of these three, Mandaluyong’s P4.4-billion borrowing program was the biggest. It will finance pandemic response and infrastructure projects.

Regions that followed based on amount of loans with credit opinion from the Monetary Board were Cagayan Valley (P4.14 billion), Central Visayas (P4.062 billion), and Calabarzon (P3.49 billion).

Under Republic Act No. 11211 or the New Central Bank Act, LGUs and the National Government need to secure an opinion from the Monetary Board for their proposed borrowings, underscoring the role of the BSP as an advisor on official credit operations of the state. — L.W.T. Noble

Megaworld hotels to bank on hybrid meetings, face-to-face conferences

MEGAWORLD Corp.’s hotels and leisure arm is not expecting a rise in bookings during the upcoming national elections, but it will instead bank on bookings for hybrid meetings and in-person conferences.

“It may not be the same levels of the previous election in terms of being able to capture the business for the hotels that we have,” Megaworld Hotels and Resorts Group General Manager Cleofe C. Albiso said in a webinar on Thursday.

“During this election time and in the crisis that we are in, we are looking at being able to capture hybrid meetings like what we are doing now,” she said.

This is a stark contrast compared with previous elections when its hotels business was able to maximize bookings from candidates who were on their campaign trail. However, the segment remains optimistic.

The company said its virtual event management platform has been useful in steering business despite the pandemic.

“It’s given us a number of business, really substantial, to cover up for the business that we don’t have coming from our corporate accounts so the hybrid meetings, there will be requirements for food deliveries, there will be avenues for us to be able to capture business for face-to-face meetings as well,” Ms. Albiso said.

Megaworld’s hotels are currently divided into three, according to their purpose.

Eastwood Richmonde Hotel, Ortigas Richmonde Hotel, and Hotel Lucky Chinatown currently serve as essential stays; Twin Lakes Hotel, Belmont Hotel Boracay, Savoy Hotel Boracay, and Richmonde Hotel Iloilo as “leisure hotels”; and mixed-use hotels such as Kingsford Hotel Manila, Belmont Hotel Manila, Savoy Hotel Manila and Savoy Hotel Mactan Newtown.

Megaworld’s hotels and resorts segment is hoping that the next administration can address vaccine hesitancy to help the country achieve herd immunity, fast-track vaccinations for minors, and for calibrated transitions in easing travel restrictions in the country.

In preparation for a tourism boom once pandemic guidelines allow, Megaworld aims to complete Belmont Hotel Mactan Newtown, Grand West Hotel, Chancellor Hotel Boracay by 2023.

On Thursday, shares of Megaworld at the stock market declined by 0.32% or one centavo to close at P3.08 each. — Keren Concepcion G. Valmonte

Marvel covers artworks starring Stan Lee go up for blockchain auction

TECHBULLION.COM

TEN artworks showing Stan Lee on the covers of his comic books and signed by the late Marvel superhero creator go up for blockchain auction on Wednesday, with winning bidders getting the physical as well as digital versions of the canvases.

Pop artist Rob Prior began working with the man behind, among others, Spider-Man, Iron Man and Black Panther in 2017 on The Legacy Collection: Portraits of Stan Lee, and depicts him as his famed characters or in cameo images.

Mr. Prior, who is ambidextrous, produced 95 large canvas paintings showing Mr. Lee, who also made walk-on appearances in film adaptations of his books, on covers from Marvel and the Golden Age of comics.

The works are each signed by Mr. Lee, who died in 2018, aged 95.

“Stan’s favorite thing in the world was cameos… and what better way to put a tribute together for him than have him be the cameos in all of his favorite comic books,” Mr. Prior told Reuters.

Mogul Productions, a film and entertainment marketplace for non-fungible tokens (NFTs), is putting 10 of the works up for auction as NFTs starting 5 p.m. PT Wednesday (0000 GMT Thursday). The sale will run for 48 hours.

“You can have the NFT right in front of you, display it and all of that but to have the original and then look at where he signed it, I think is important,” Mr. Prior said.

“So, I wanted to make sure that the buyer had both.”

Mr. Prior said Mr. Lee had also signed blank canvases for future characters. — Reuters

IC issues cease-and-desist order vs insurance firm

BW FILE PHOTO

THE INSURANCE COMMISSION (IC) has issued a cease-and-desist order against Holy Angels Health Management Services for selling insurance policies without the appropriate license.

The commission had received a complaint from an individual that obtained insurance policies from the organization but did not receive benefits when the products matured.

“(The) complainant learned from the IC’s Licensing Division that Holy Angels was not licensed as an insurance company or an insurance agency,” the commission said in a press release on Thursday.

Asked to explain, Holy Angels said the company operated as an insurance agency and the claims of the complainant have been settled.

The IC said the explanation is “misplaced” and issued the firm an order to stop business activity due to the absence of a license.

The order also directed Holy Angels to refund the money it received from the complainant and her family members.

“Bearing in mind that the sale of contracts of insurance is imbued with public interest, it is within this Commission’s mandate to safeguard the rights and interest of the insuring public against the deleterious effects of unsanctioned and unsupervised activities of unregistered entities,” Insurance Commissioner Dennis B. Funa said.

“The insuring public is thus warned not to transact with these unregistered entities and encouraged to report the same to the IC.”

Should the company fail to follow the order, the commission said in an e-mail that it can ask the appropriate government agencies to investigate and file charges against the erring officers of the company.

Holy Angels Health Management Services could not be reached for a response. — Jenina P. Ibañez

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