US CDC lifts COVID ‘Do Not Travel’ recommendations on about 90 countries

April 19, 2022 | 12:54 pm

emanuel-alexandru-AKYjr-kmYtQ-unsplash — UNSPLASH

The US Centers for Disease Control and Prevention (CDC) said on Monday it had dropped its “Do Not Travel” coronavirus disease 2019 (COVID-19) recommendations for about 90 international destinations.

Last week, the CDC said it was revising its travel recommendations and said it would its reserve Level 4 travel health notices “for special circumstances, such as rapidly escalating case trajectory or extremely high case counts.”

The countries and other regions dropped to “Level 3: High,” which still discourages travel by unvaccinated Americans, include the United Kingdom, France, Israel, Turkey, Australia, Greece, Hong Kong, Italy, Japan, South Korea, Spain and Russia.

Also being lowered are Switzerland, Austria, Belgium, Bulgaria, Central African Republic, Chile, Czech Republic, Jordan, Lebanon, New Zealand, Norway, Portugal, Poland, Somalia, Uruguay and Vietnam.

The CDC currently lists no countries at “Level 4” that it has renamed “Special Circumstances/Do Not Travel.”

The US State Department said last week it was also sharply cutting back on “Do Not Travel” advisories for international destinations.

Out of about 215 countries and territories that it rates, the department currently lists nearly 120 at “Level Four: Do Not Travel,” including much of Europe, Japan, Israel, and Russia.

The department last week said its update due later on Monday “will leave approximately 10% of all travel advisories at Level 4” including all risk factors, not just COVID.

“We believe the updated framework will help US citizens make better informed decisions about the safety of international travel,” it said in a statement.

Airlines and other travel groups have been pressing the Biden administration to lift the pre-departure COVID negative test requirements for international travelers, as many other countries have done. They also argued the Do Not Travel advisories were unnecessary and discouraged travel.

Administration officials say the issue has been under review but health officials have announced no changes. — Reuters

Join conversations with IKEA, Nas Academy, Lalamove and more at Ground Zero, a career growth conference

April 19, 2022 | 11:00 am

Workbean, an award-winning HR tech startup in employer branding and recruitment marketing, is excited to announce the launch of Ground Zero, a career growth conference happening online on April 29, 2022.

At the core of what Workbean does is helping professionals find meaningful careers in companies with cultures they resonate with. Why? Because for Workbean, the philosophy is simple: “If one-third of your life will be spent at work, wouldn’t you want to spend it with a company that you love?”

To champion today’s best companies and put the spotlight on great company cultures, Workbean has put together Ground Zero, a career growth conference. At Ground Zero, which will take place virtually on April 29, 2022, companies can showcase their unique company cultures, while professionals get to join conversations with leaders from different emerging industries. Companies participating in Ground Zero’s expert stages include IKEA, Nas Academy, KMC Solutions, Lalamove, and more.

For professionals who want to work where they belong and belong where they work, Ground Zero presents a chance for them to take a peek into the company cultures of Workbean’s partner brands and take their careers to the next level. Guided sessions allow professionals to discover their Worksona (work personality) and branding, while fireside chats with companies could provide valuable industry insight. At the end of the event, an exclusive metaverse after-party will be held for partner companies and select audiences.

Kass Monzon, co-founder and CEO of Workbean, shared, “Employer branding used to be a ‘nice to have’ ingredient in attracting the right talent for companies, but as we enter recovery post-pandemic, we have seen a dramatic shift in our conversations with companies: everyone has to reevaluate their values, their culture and people strategies if they want to stay relevant.”

Workbean’s mission has always been about helping professionals work where they belong by cultivating relationships and championing great company culture, among others. With the Great Resignation happening around the globe, it’s the purpose of Ground Zero to help professionals and companies tread this new — and ever-changing — work landscape.

Registration for Ground Zero is ongoing. Sign up to secure your slot now at https://workbean.typeform.com/ground-zero-22.

Ground Zero is made possible with the support of its media partners, WhenInManila.com and SparkUp.

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UP Junior Finance Association presents Philippine Financial Summit 2022

April 19, 2022 | 10:00 am

UP Junior Finance Association, with its vision of educating and empowering the youth through progressive financial literacy, proudly presents the Philippine Financial Summit 2022: Advance with Finance.

In its second digital installment, PFS will continue to go beyond the boundaries of regions and islands to bring financial literacy at the palm of your hands. This April, PFS will help you break through barriers as we traverse the world of finance — both for beginners and advanced!

With 800 participants from all over the country, we are stepping on to the next level with a two-week virtual convention from April 23 to May 7 for everything finance with plenary talks, panel discussions, mentorship sessions, optional case problems, and online courses from esteemed finance experts in the Philippines. By attending the summit, you may engage with the top industry professionals and company leaders in the field of finance.

So, we are calling all young individuals out there. Are you ready to roll the die? Join us and take your financial journey across the board!

Register now FOR FREE at https://tinyurl.com/PFS2022Registration until April 21, 2022 to take part in this prestigious event! Own your journey with the free finance courses and resource materials available for you to access on our website, https://www.upjfa.com/.

For more details and inquiries, you may visit our Facebook page, https://www.facebook.com/UPJFAPFS.

This event is proudly presented by CFA Society Philippines, Macquarie Group, Lifebuoy, Schneider Electric, Home Credit, Digital Pilipinas, and Fintech Philippines.

Also, this is co-presented by Accenture, COL Financial Group, Inc., GCash, and PDAX. In partnership with D&L Industries, Inc., IESE Business School, BDO Capital & Investment Corporation, BDO Securities Corporation, Mondelēz International, Novellino, and IQ-EQ.

Finally, this event is made possible by Payreto. Also special shoutout to our Media Partners BLOG-PH, SparkUp and When In Manila.

#PFS2022

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Robinsons Retail Holdings, Inc. to hold annual meeting of stockholders on May 13

April 19, 2022 | 9:00 am

NOTICE OF THE ANNUAL MEETING OF SHAREHOLDERS

MAY 13, 2022

Notice is hereby given that the Annual Meeting of the Shareholders of ROBINSONS RETAIL HOLDINGS, INC. (Annual Meeting) shall be held via remote communication at https://bit.ly/RRHI2022ASM on May 13, 2022 at 9:30 A.M.

The Agenda for the Annual Meeting is as follows:

Call to Order and Certification of Notice and Quorum
Approval of the Minutes of the Annual Meeting of the Shareholders held on May 14, 2021
Presentation of the Annual Report and Approval of the Audited Financial Statements for the year ended December 31, 2021
Election of the Board of Directors
Appointment of the External Auditor
Ratification of the acts of the Board of Directors and its committees, officers and management
Other Matters
Adjournment

Record Date Only shareholders of record as of April 5, 2022 are entitled to notice of, and to vote at, the Annual Meeting.

Attendance and Registration Shareholders may only attend the meeting via remote communication. Shareholders who intend to participate in the Annual Meeting should register by sending an email at corpsec@robinsonsretail.com.ph no later than May 5, 2022 in order to be considered as present.

Quorum For purposes of quorum, the following shareholders shall be deemed present: (1) shareholders who register by May 5, 2022; (2) shareholders who register and vote in absentia by May 5, 2022; and (3) shareholders who submit duly accomplished proxy forms.

Voting Shareholders may vote through the following: (1) by digital ballot, (2) by voting in absentia or (3) by appointing the Chairman of the Annual Meeting as their proxy. To vote by digital ballot and vote in absentia, please register by sending an email and submitting the required documents at corpsec@robinsonsretail.com.ph no later than May 5, 2022. Once the registration is validated, a digital ballot shall be generated for the shareholder who may then proceed to fill out the ballot. To vote by proxy, please submit a duly accomplished proxy form on or before May 5, 2022 either by email to corpsec@robinsonsretail.com.ph or a hard copy to the Office of the Corporate Secretary, 4^th Floor, Building A, Robinsons Retail Head Office, 110 E. Rodriguez Jr., Avenue, Libis, Quezon City. We are not soliciting proxies.

The procedure for attending the meeting via remote communication, registration, voting by digital ballot, voting in absentia and voting by proxy are explained in the Information Statement.

Visual and Audio Recording In accordance with SEC guidelines, please be informed that there will be a visual and audio recording of the Annual Meeting.

Electronic Copies An electronic copy of the Information Statement, Management Report, SEC Form 17-A and other related documents are available at https://www.robinsonsretailholdings.com.ph/investor-relations/2022 under the Annual Reports>Annual Report Documents>2022 tab and at PSE Edge.

(signed)
Atty. Rosalinda F. Rivera
Corporate Secretary

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Altus Property Ventures, Inc., Robinsons Land Corp. and RL Commercial REIT, Inc. issue notice of annual stockholders’ meeting on May 12

April 19, 2022 | 9:00 am

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
MAY 12, 2022

Notice is hereby given that the Annual Meeting of the Stockholders of the following companies (the “Companies”) will be held on May 12, 2022 at the time and place as stated below. In light of current conditions and in support of the efforts to contain the outbreak of COVID-19, stockholders may only attend the meetings via remote communication at the livestream links specified below:

www.altuspropertyventures.com.ph/DIS2022

The Agenda for the meeting of Robinsons Land Corporation is as follows:

1. Proof of notice of the meeting and existence of a quorum
2. Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 13, 2021
3. Presentation of annual report and approval of the financial statements for the preceding year
4. Amendment of Article II of the Articles of Incorporation
5. Election of Board of Directors
6. Appointment of External Auditor
7. Ratification of the acts of the Board of Directors and its committees, officers and management
8. Consideration of such other matters as may properly come during the meeting
9. Adjournment

The Agenda for the meeting of RL Commercial REIT, Inc. is, as follows:

1. Proof of notice of the meeting and existence of a quorum
2. Presentation of annual report and approval of the financial statements for the preceding year
3. Election of Board of Directors
4. Appointment of External Auditor
5. Ratification of the acts of the Board of Directors and its committees, officers and management
6. Consideration of such other matters as may properly come during the meeting
7. Adjournment

The Agenda for the meeting of Altus Property Ventures, Inc. is, as follows:

1. Proof of notice of the meeting and existence of a quorum
2. Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 13,
2021
3. Presentation of annual report and approval of the financial statements for the preceding year
4. Election of Board of Directors
5. Appointment of External Auditor
6. Ratification of the acts of the Board of Directors and its committees, officers and management
7. Consideration of such other matters as may properly come during the meeting
8. Adjournment

The Information Statements of the Companies which contain more details regarding the rationale and explanation for each of such agenda items may be viewed or downloaded at the web addresses indicated above. Stockholders intending to participate via remote communication must notify the Companies by email on or before May 4, 2022 at the corresponding email addresses indicated in the Information Statements of each Company.

Stockholders who wish to cast their votes may do so via the method provided for voting in absentia, or by accomplishing the proxy form. The procedures for attending the meeting via remote communication and for casting votes in absentia are explained further in the Information Statements.

Shareholders who wish to vote by proxy shall send the proxies via email to the corresponding email addresses indicated in the Information Statement of each Company or hard copies to the Office of the Corporate Secretary, 12/F Robinsons Cyberscape Alpha, Sapphire and Garnet Roads, Ortigas Center, Pasig City, not later than May 4, 2022. Validation of proxies shall be held on May 6, 2022. We are not soliciting proxies.

Only stockholders of record of the Companies as of April 4, 2022 shall be entitled to vote at the respective meetings.

By Authority of the Chairman

(sgd.)

JUAN ANTONIO M. EVANGELISTA
Corporate Secretary

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JG Summit Holdings, Inc.’s annual stockholders’ meeting to be held on May 13

April 19, 2022 | 9:00 am

JG SUMMIT HOLDINGS, INC.

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

MAY 13, 2022 • 11:00 a.m.

Notice is hereby given that the Annual Meeting of the Stockholders of JG SUMMIT HOLDINGS, INC. (the “Corporation”) will be held on May 13, 2022 at 11:00 a.m. in accordance with the relevant provisions of the By-Laws of the Corporation which allows meetings of the stockholders to be conducted by remote communication, subject to such guidelines as may be promulgated by the Securities and Exchange Commission.

Stockholders may view the livestream of the Meeting and download the Information Statement at the following web addresses:

The Agenda for the meeting is as follows:

Proof of notice of the meeting and existence of a quorum.
Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 14, 2021.
Approval to amend Article Sixth of the Amended Articles of Incorporation of the Corporation in order to reduce the number of seats in the Board of Directors from eleven (11) to nine (9).
Presentation of annual report and approval of the financial statements for the preceding year.
Election of Board of Directors.
Appointment of External Auditor.
Ratification of the acts of the Board of Directors and its committees, officers and management.
Consideration of such other matters as may properly come during the meeting.
Adjournment.

Stockholders may cast their votes on or before May 5, 2022 on all matters requiring approval by: (a) accomplishing and submitting the proxy form; or (b) voting in absentia.

Proxies shall be sent via email to corporate.secretary@jgsummit.ph or hard copies to the Office of the Corporate Secretary, 40F Robinsons Equitable Tower, ADB Avenue cor. Poveda Road, Ortigas Center, Pasig City. Validation of proxies shall be held on May 10, 2022. The procedures for attending the meeting via remote communication, submission of proxies, and for voting in absentia are explained in the Information Statement.

Only stockholders of record of the Company as of April 4, 2022 shall be entitled to vote. We are not soliciting proxies.

By Authority of the Chairman

(signed)

MARIA CELIA H. FERNANDEZ-ESTAVILLO
Corporate Secretary

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URC discloses annual meeting of stockholders on May 11

April 19, 2022 | 9:00 am

UNIVERSAL ROBINA CORPORATION

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

MAY 11, 2022

1:00 P.M.

Notice is hereby given that the Annual Meeting of the Stockholders of UNIVERSAL ROBINA CORPORATION (the “Corporation”) will be held on Wednesday, May 11, 2022 at 1:00 P.M. in accordance with the relevant provisions of the By-Laws of the Corporation which allows meetings of the stockholders to be conducted by remote communication, subject to such guidelines as may be promulgated by the Securities and Exchange Commission.

Stockholders may view the livestream of the Meeting and download the Information Statement at the following web addresses:

The Agenda for the Meeting is as follows:

Proof of notice of the meeting and existence of a quorum.
Reading and approval of the Minutes of the Annual Meeting of the Stockholders held on May 13, 2021.
Presentation of annual report and approval of the financial statements for the preceding year.
Election of Board of Directors.
Appointment of External Auditor.
Ratification of the acts of the Board of Directors and its committees, officers, and management.
Consideration of such other matters as may properly come during the meeting.
Adjournment.

Only stockholders of record of the Corporation as of April 4, 2022 shall be entitled to vote.

Stockholders may cast their votes on or before May 4, 2022 on all matters requiring approval by: (a) accomplishing and submitting the proxy form; or (b) voting in absentia.

The procedures for attending the meeting via remote communication, submission of proxies, and for voting in absentia are explained in the Information Statement.

Proxies shall be sent via email to corporate.secretary@urc.com.ph or hard copies to the Office of the Corporate Secretary, 40F Robinsons Equitable Tower, ADB Avenue cor. Poveda Road, Ortigas Center, Pasig City. Validation of proxies shall be held on May 6, 2022. We are not soliciting proxies.

By Authority of the Chairman

(signed)

MARIA CELIA H. FERNANDEZ-ESTAVILLO
Corporate Secretary

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Filipino Fund, Inc. announces schedule of stockholders’ meeting

April 19, 2022 | 9:00 am

GT Capital Holdings, Inc. to conduct annual stockholders’ meeting virtually on May 11

April 19, 2022 | 8:01 am

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Remittance growth slows in February

April 19, 2022 | 12:34 am

A collection of US dollar bills with Euro banknotes are seen displayed in this photo illustration. — DINENDRA HARIA / SOPA IMAGES/SIPA USA VIA REUTERS

CASH REMITTANCES from overseas Filipino workers (OFWs) increased in February, although at its slowest pace in 13 months, reflecting the impact of the resurgence of coronavirus disease 2019 (COVID-19) infections in many countries.

Data from the Bangko Sentral ng Pilipinas (BSP) released on Monday showed cash remittances rose 1.3% to $2.509 billion in February from $2.476 billion a year earlier.

This is the smallest monthly inflow in three months or since the $2.502 billion haul in November.

February remittance growth was the slowest since the 1.7% fall seen in January 2021.

“The growth in personal remittances in February 2022 was slower, however, compared to that in January at 2.5% due in part to the reimposition of restrictions in OF (overseas Filipino) host countries and the Philippines amid a resurgence in COVID cases across the globe,” the BSP said.

In February, remittances sent by land-based workers went up 1.2% to $2.007 billion, while those sent by sea-based workers rose 1.6% to $501 million.

“(February remittance data) has yet to capture any impact from the Ukraine invasion which may impact remittances from Europe and those host countries near Ukraine and Russia,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.

Russia began its invasion of Ukraine on Feb. 24.

However, Mr. Asuncion said the protracted Russia-Ukraine war may be a drag on remittance growth, especially for OFWs in some European countries.

The central bank has said that both Russia and Ukraine have minimal contribution to total remittance inflows. However, it warned that a war that would involve Europe and Western countries like the United States, that are major remittance sources, could mean a bigger impact for inflows.

ING Bank-NV Manila Senior Economist Nicholas Antonio T. Mapa said the slower remittance growth in February was also likely due to the depreciation of the peso versus the greenback.

“A weaker peso allows OFWs to send home a smaller amount of dollars to cover peso expenses. In an environment of a weakening local currency and (largely) fixed peso expenditures, there will be less pressure on OFWs to send home more remittances in dollar terms,” Mr. Mapa said.

“For example, now that peso is at P52 per dollar, if an OFW has to send home enough dollars to pay for a P50,000-tuition, he needs to send less in dollar terms to pay the tuition ($961). Unlike last year, when peso was at P48, the OFW has to send $1,042,” he added.

With the peso’s continued depreciation against the US dollar, Mr. Mapa said it is unlikely that remittance inflows will offset the widening trade gap.

Money sent home by Filipino migrants in the first two months of 2022 amounted to $5.177 billion, up 1.9% from the $5.078 billion in the same period of 2021.

The expansion in cash remittances during the January to February period was driven mainly by inflows from the United States, Japan, and Singapore.

For the January to February period, the US, Singapore, Saudi Arabia, Japan, the UK, the United Arab Emirates, Canada, Taiwan, Qatar, and Malaysia were the 10 biggest sources of remittances. These countries accounted for 79.6% of the inflows.

Meanwhile, personal remittances, which include inflows in kind, inched up 1.2% to $2.793 billion in February. This brought personal remittances 1.9% higher to $5.759 billion in the first two months of 2022.

UnionBank’s Mr. Asuncion said OFWs will likely price in higher household spending in the next few months, as the economy continues to reopen.

“It is possible that OFWs are already thinking of the return-to-school costs even as early as now, especially that face-to-face schooling may be restored soon,” Mr. Asuncion said.

The BSP expects remittances to grow by 4% this year. — L.W.T.Noble

Agri trade deficit widens in 2021

April 19, 2022 | 12:33 am

Vegetable-vendor-public market — A VENDOR arranges vegetables at a public market in Manila. — PHILIPPINE STAR/ RUSSELL PALMA

By Luisa Maria Jacinta C. Jocson

THE agricultural trade deficit widened 40% year on year to $8.92 billion in 2021, as the country imported more agricultural products to address increased consumer demand after the economy reopened.

Data from the Philippine Statistics Authority released on Monday showed that total agricultural imports jumped by an annual 25% to $15.71 billion.

Exports also increased by 9.4% to $6.79 billion in 2021.

Total trade in agricultural goods — or the sum of exports and imports — went up by 19.8% to $22.491 billion. In 2020, total trade in agricultural goods contracted by 7.1%.

Agricultural imports accounted for 13.3% of the country’s total imports in 2021.

Among the commodity groups, cereals accounted for the largest share or 20% of agricultural imports by value at $3.15 billion in 2021. This was followed by imports of residues and waste from food industries and prepared animal fodder with a value of $1.86 billion and miscellaneous edible preparations worth $1.76 billion.

Imports from the Association of Southeast Asian Nations (ASEAN) member-countries stood at $5.44 billion or 16.8% of the total.

Indonesia was the top source of agricultural products from ASEAN with $1.65 billion or 30.3% of the total, followed by Vietnam ($1.4 billion) and Malaysia ($973.7 million).

Animal or vegetable fat and oils and other related products were the top agricultural imports from ASEAN.

The Philippines imported $1.62 billion worth of agricultural products from the European Union (EU), with imports from Spain reaching $333.49 million.

Meanwhile, agricultural exports accounted for 9.1% of the country’s total exports in 2021.

By commodity group, the value of exports of edible fruit and nuts and the peel of citrus fruits and melons was at $1.93 billion, accounting for 28.5% of the total.

The Philippines’ agricultural exports to ASEAN stood at $767.01 million, with Malaysia as the top destination of farm goods at $247.95 million.

Tobacco and manufactured tobacco substitutes were the top agricultural exports to ASEAN countries, with the total value at $253.85 million.

The Philippines’ agricultural exports to EU countries reached $1.39 billion in 2021, with the Netherlands accounting for half or $698.11 million.

ECONOMIC REOPENING
Analysts attributed the higher imports of agricultural products to the gradual reopening of the economy in the last quarter as pandemic restrictions eased.

“The wider agricultural external trade deficit of the country in 2021 may be largely attributed to the further reopening of the economy that fundamentally increased agricultural imports, as well as the higher prices of global agricultural commodities amid improved economic recovery prospects vis-a-vis some disruptions in the global supply chains due to the pandemic from 2020 to 2021 that reduced production activities while demand picked up,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

Pampanga State Agricultural University Professor Roy S. Kempis said a string of typhoons disrupted domestic agricultural output, particularly exports of fruits.

“The reason for this poor performance in the biggest segment of our agricultural exports could be attributed to losses in the production of fruits brought about by weather disturbances in 2021… Fruits are affected from flowering up to fruiting, and many of these follow a duration of six to nine months. Therefore, weather disturbances can strike, from flowering to fruiting. This was punctuated by Typhoon Odette (international name: Rai),” Mr. Kempis said in a Viber message.

Mr. Ricafort said that the trade deficit could further widen this year due to the Russia-Ukraine crisis, which has destabilized the prices of global commodities.

“Furthermore, non-monetary measures in terms of the increase in the imports of pork or meat, fish, and other food products at lower tariffs in an effort to increase local food supply and help mitigate inflationary pressures especially on food prices that account for the biggest share of the (consumer price index) basket have also partly widened the country’s agricultural trade deficit in recent months and could still be widened by these non-monetary measures in the coming months as higher global commodity prices could still bloat the country’s agricultural imports,” Mr. Ricafort added.

RBAP says raising capital requirements to hurt small lenders

April 19, 2022 | 12:32 am

REGULATORY REFORMS that will require bigger capital for rural banks which would encourage mergers may be detrimental to small lenders that have been affected by the pandemic, according to the Rural Bankers Association of the Philippines (RBAP).

“We agree that mergers and consolidations lead to stronger banks and a healthy rural banking industry. Though its intended goals are laudable, the timeline for implementation should be carefully reviewed as rural banks are still recovering from operational losses during the pandemic,” RBAP President Albert T. Concha, Jr. said in a Viber message.

Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno in March said they are in the final stages of reviewing the minimum capital requirements for rural banks, taking into account that a strong capital base will be crucial to address challenges faced by the industry.

The minimum required capital for rural banks starts at P10 million up to P200 million, depending on the location and the number of branches that will be set up by lenders.

Mr. Concha urged regulators to consider that smaller banks are in need of “extraordinary support” from the government amid the pandemic.

“Some rural banks may be unduly classified as undercapitalized due to loan loss provisioning brought about by temporary delays in collection from borrowers whose businesses have been affected by the pandemic,” he said.

“These setbacks may be temporary and does not necessarily mean that the rural bank is unstable.”

Based on central bank data, the gross nonperforming loan (NPL) ratio of the rural and cooperative banking sector stood at 12.84% as of end-2021. This was lower than the 14.67% NPL ratio a year earlier.

However, it was still much higher than the sector’s 10.48% NPL ratio seen at end-2019.

Meanwhile, Mr. Concha said that a survey among rural banks that have merged or consolidated showed that such transactions are very costly and time-consuming for small lenders.

“Some mergers actually fell apart while trying to consolidate due to the costs and pain points involved,” Mr. Concha said.

“Tax incentives and tax breaks coupled with an easier inter-agency government approval process will definitely encourage more rural banks to merge and consolidate,” he added.

The central bank said that they have closed the operations of 21 rural banks since the pandemic started in March 2020. It also processed nine rural bank transactions for mergers, consolidations and acquisitions in the same period. — Luz Wendy T. Noble