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IFC provides $8.3M to telco tower firm’s PHL entry

BW FILE PHOTO

INTERNATIONAL Finance Corp. (IFC) is providing $8.3 million to EdgePoint Infrastructure Sdn Bhd as indirect equity investment in the telecommunications tower platform’s entry into the Philippine market.

In a press release on Thursday, the global financial institution said the investment — equivalent to around P440 million — would improve the country’s mobile network capacity and create a competitive market.

IFC, a World Bank member with focus on the private sector in developing countries, said the amount is part of a larger investment in digital infrastructure assets across emerging markets managed by affiliates of US-listed DigitalBridge Group, Inc., including EdgePoint.

“This equity investment in EdgePoint marks a significant milestone in digital development in the Philippines, paving the way for more people and businesses to have access to mobile services,” said Isabel Chatterton, IFC regional industry director for infrastructure Asia and the Pacific.

“With the Philippines poised to grow, strong consumer demand and a vibrant labor market will undoubtedly lead to even greater calls on telecom services,” she said. “This investment will help meet future needs, which is vital as digital connectivity is so fundamental to helping ensure people and businesses can flourish.”

The investment involves the acquisition of more than 2,900 towers from the PLDT, Inc., through a sale and leaseback agreement, in addition to the construction of additional build-to-suit towers, the IFC said.

Last week, PLDT closed its first tower deal involving 3,013 telecom towers, or more than half of what is due to be sold, and received about P39.2 billion from the sale.

IFC said mobile connectivity in the Philippines is inadequate largely due to network congestion.

“The country ranks 95th out of 142 countries for mobile internet download speed,” it said.

The country’s network congestion, or the number of mobile subscribers per tower, is also comparable to that of other low-income countries, and is more than three times higher than the average in the East Asia and Pacific region, it added.

Reliable electricity for towers is also a problem, as IFC estimates that just 5% of towers in the Philippines are expected to be located in off-grid areas.

EdgePoint Chief Executive Officer and Founder Suresh Sidhu said the expansion in connectivity would create new job opportunities for the sector.

“The Philippines telecoms sector has tremendous potential, and we look forward to being part of its future,” he added.

IFC said its support and investment “will continue to increase competition within the telecom sector, which will lead to better service quality and more affordable rates.” — Tobias Jared Tomas

Laughter and longevity: Life Lessons with Bob Newhart

MODERN audiences are familiar with Bob Newhart’s work in the TV show The Big Bang Theory where he played Professor Proton. —

NEW YORK — Hard as it is to believe, this year is the 50th anniversary of the debut of The Bob Newhart Show, the beloved 1970s sitcom about a psychologist trying to lead a sane and fulfilling life.

Now 92, and married to wife Ginny for almost 60 years, Newhart is still making people laugh in his unique understated style.

For Reuters’ “Life Lessons” series, the comedy legend sat down to chat about his remarkable run in show business.

Q: What was your first job as a kid?

A: I grew up in Chicago, and I was a delivery boy for a meat market. I think I got something like $7 a week for delivering meat. But somehow I got screwed up in my accounts, and ended up owing my employer $7. So the whole week was for nothing. That was my introduction to the world of business.

Q: Were the early days of breaking into comedy pretty rough?

A: First I went to Loyola University in Chicago, and got a degree in accounting. All my buddies were getting engaged and married and having kids. Meanwhile, I was working behind the counter at the unemployment office.

I figured I would try to bust into comedy, and thought if it didn’t come through, I could just go back to accounting.

Q: What was that one big break for you?

A: In everybody’s life, you have to have someone who believes in you and tells you to stay at it. I had a friend in Chicago, Dan Sorkin, and he was that guy for me. He was a popular DJ, and he told the people at Warner Bros. Records, “I have a friend, and I think he’s funny.”

I had three routines — Abe Lincoln, Driving Instructor, and Sub Commander — and I put them on tape. They liked it, gave me a recording contract, and persuaded a nightclub in Houston to let me go onstage. That was recorded in 1960, and went on to become Album of the Year (The Button-Down Mind of Bob Newhart).

Q: How did you find your unique voice onstage?

A: If you are in the stand-up world, there is no book to learn from. Every opportunity you have, you have to do it in front of an audience. Of course, it used to be safe to be a stand-up comedian. Now, with what happened to Dave Chappelle and Chris Rock, I’m going to get a helmet, just to be on the safe side.

Q: What life lessons have you taken away from the comedy world?

A: One of the interesting things about comedy is that comedians often have very long marriages. Ginny and I next year will have been married 60 years. There is something about laughter and the longevity of marriage. It helps you get past the rough spots. That’s what comedians do — is get people through difficult times.

Q: You have a number of kids and grandkids, so what life advice do you give them?

A: It all comes down to family and friends. That’s what the whole thing is all about. God knows I’ve had great friends and great kids, and I just tell them, treasure your friendships and family. All the other stuff doesn’t mean all that much.

Q: What has the pandemic been like for you?

A: It’s been weird, because for a long time nobody was doing any shows. People didn’t want to be in closed environments, with people they didn’t know sitting right next to them. So for two years, I didn’t really do any stand-up, and I missed it. That was my first love, it really was. I had a lot of success in television, but I missed going onstage and getting that immediate reaction.

Q: What will you remember most about your career?

A: When you are on television, you really become a part of people’s lives. That doesn’t happen in movies — only in TV. People say that you are like a part of their family, which is important and a great feeling.

The most rewarding of all is when someone writes and says that they were going through a difficult time and were contemplating ending the whole thing — but they watched your show, and it helped them through that period.

That’s what laughter is; it helps us to deal with the bad times. At moments like that, you go, “Boy, I’m glad I do this.” — Reuters

Growsari maps expansion, eyes 300,000 partner stores by 2023  

By Revin Mikhael D. Ochave, Reporter

E-COMMERCE startup Growsari is eyeing to have 300,000 partner stores by 2023 as part of efforts to boost its presence and transform small physical retail stores such as sari-sari stores across the country into comprehensive service hubs of their communities.

Maimai Madrid-Punzalan, Growsari chief marketing officer, said in a round table discussion on Thursday that the startup is aiming to reach the underserved areas outside metropolitan areas.

“We hope to reach 300,000 stores by early next year. We’ve shown we can go beyond the Tier 1 and now getting into the Tier 2 and Tier 3 cities, really reaching even the further underserved outside of the metro,” Ms. Punzalan said.

“We’re trying to stretch beyond the outskirts. Growth will remain continuous,” she added.

Growsari Co-Founder Reymund Rollan said that the startup has expanded into cities across Visayas and Mindanao such as Iloilo, Bacolod, Cebu, Davao, and General Santos. With this, the startup’s presence is now in 20 key cities and 400 municipalities across the Philippines.

He added that the expansion to Visayas and Mindanao aids in helping the digital transformation of the small stores served by the startup.

“As we get farther out into the provinces, a lot of sari-sari store owners are underserved given the challenges of fast-moving consumer goods (FMCG) distributors to physically reach them. Digital inclusion in these areas has also been lower. So, we see this as a huge opportunity where Growsari can come in to make a difference in the lives of small physical retail store owners,” Mr. Rollan said.

“This 2022 is quite significant for us because this is our first time [that] we venture out of Luzon. We felt that it was time to also build presence in other provinces outside Luzon. We want to be able to solve the inter-island logistics challenge. We felt that it was also the time for us to build that muscle and the playbook is strong enough so that some of the risks are properly studied before we expand,” he added.

Mr. Rollan said that the startup’s store partners will also be able to offer services beyond the selling of FMCGs with the use of Growsari’s application. The added services include telco credits, money remittance, bills payment, e-commerce, WiFi, and other electronic services.

“Through our platform, store owners have access to new revenue streams, which allow them to maximize their capital. In addition, we are doubling down on our capabilities to improve the overall customer experience and look to expand our ability to provide access to credit and basic financial services, which is a key pain point for micro, small, and medium enterprises (MSMEs) who have limited access,” Mr. Rollan said.

“We’ve raised $110 million over four rounds of funding. We’re able to get support from local conglomerates. We are happy that there is validation even at a global investment scale that sari-sari stores have a role to play and that’s why they are investing in this business,” he added.

Growsari started in 2016 as an ordering platform that serviced around 1,000 sari-sari stores. By end-2021, it reached over 100,000 sari-sari stores across Luzon.

Stuff to do (06/10/22)

National Bonsai and Suiseki Exhibit and Competition

ROBINSONS Galleria South in San Pedro, Laguna will be home to more than 200 bonsai plants and suiseki stones as it hosts the 2022 BSAPI (Bonsai and Suiseki Alliance of the Philippines, Inc.) National Bonsai and Suiseki Exhibit and Competition. Bonsai, the art of cultivating miniature plants, and Suiseki, the art of stone appreciation, have been gaining interest nationwide with their unique take on beauty, grace, and power to evoke the greatness of nature. The specimens, sourced from various provinces in the country, will be displayed from June 10 to 16. Six industry experts will determine the best entries and will be awarding the winners on June 11, 10:30 a.m., while horticulturists and enthusiasts can take part in a series of workshops, lectures and demos to be conducted on June 11 to 15, 1 to 4 p.m.

Philippine Craft Beer Festival

ENJOY A WEEKEND of beer, music, and food at the Philippine Craft Beer Festival on June 10 to 12 (4 p.m. to midnight) at the Mayflower Parking at the Greenfield District, Mandaluyong City. More than 20 local breweries will serve food and drinks. For more information, visit https://www.facebook.com/events/338174381745548/?active_tab=discussion.

RWM holds Independence Day celebration

INTEGRATED resort Resorts World Manila (RWM) marks the 124th anniversary of the proclamation of Philippine Independence on June 12 with the Galing Pinas! Fair, highlighting all things Filipino for the whole month of June at the Newport Mall at the Newport Garden Wing. The Plaza at Newport Mall has set-up shop for the Likha: Pinas Muna Tayo Fair to celebrate world-class Filipino craftsmanship. The fair features Filipino-made products from accessories, religious artifacts, leather crafts, local delicacies, and more from June 6-12. The Obra: Newport Mall-seum exhibit features two ground-breaking local artists, sculptor John Paul Duray whose works will be seen at the Newport Garden Wing Main Entrance, and the works of Otep Bañez which will be seen by the Garden Wing Cafe from June 12-30 at the Newport Garden Wing. Many restaurants will also be marking the occasion. Feast of uniquely Filipino dishes at Casa Buenas, which will have a special set menu highlighted by a Cebu Lechon-style roasted suckling pig. Guests can order the item ala-carte for P9,500 or as a set for P10,000 that includes Paella Mixtas, Sticky rice suman with sweet chorizo, Mixed vegetables with adlai and flavored soy sauce. For reservations, contact 0917-878-8321 or 7908-8988, or e-mail casa.buenas@rwmanila.com.

Araneta City’s Independence Day celebration

TO HELP visitors better appreciate the beauty of Philippine culture, Araneta City is marking this year’s Independence Day with offers and events under the theme Kasarinlan; Likha at Talento. Among the things visitors can do there on Independence Day is strike a pose in front of the giant #ProudPinoy installation in Gateway Mall and show their selfies or groufies on social media. A Freedom Wall is also found at the Ali Mall MacArthur Lobby Entrance from June 11 to 17. Araneta City will hold the Tela Pilipinas Exhibit from June 12 to 17 at the Gateway Mall Activity Area. The event is organized by the Philippine Textile Research Institute and the Department of Science and Technology and will showcase Philippine tropical fabrics and other textile products of the country. On June 11, Filipino music will fill the Ali Mall Activity Area which will host the Kasarinlan Mall Concert, featuring OPM band Nobita and the Banda Kawayan Pilipinas. On June 12, enjoy the Sayaw Pinoy performances by the Quezon City Performing Arts Development Foundation, Inc. at the Gateway Mall Activity Area (as part of the Tela Pilipinas Exhibit Ribbon Cutting ceremony), and the Musikang Pinoy performances by the Banda Kawayan Pilipinas at the Farmers Plaza Activity Area. Live mural painting will take place at Ali Mall on June 9, with the theme Kamalayan sa Kalayaan. A time-lapse video will be produced out of the mural painting workshop. Pinoy products will be on sale at the Sinag Art Fair at the Ali Mall MacArthur lobby entrance from June 11 to 17. The Gateway Gallery is set to open The Maps to Freedom exhibit from June 12 to July 12. When dining at Food Express, Food Plaza, Food Gallery, and Dampa from June 12 to June 19, visitors can try the new Lemon-Dou drink for free! Get a free can of Lemon-Dou (Signature Lemon, Honey Lemon or Devil Lemon) for every ₱260 single or accumulated receipt.  

ImaheNacion at Art Lounge Manila in Alabang

FOR FRANCIS Nacion’s 13th solo exhibition, the artist presents ImaheNACION, a glimpse of the artist’s memories with his mother. Taking inspiration from Paul Klee, a German artist who is known for his quilts of color and simple stick figures, Nacion has come up with an artistic style that is all his own. The exhibition will run until June 12 at Art Lounge Manila – Molito Lifestyle Center, Ayala Alabang. For more information, visit the Art Lounge Manila website www.artloungemanila.com.

Araneta City opens outdoor fun park

ARANETA City in Quezon City has opened the Araneta Fiesta Park just beside the Araneta City Bus Station (along Times Square Avenue). It features rides and attractions that each member of the family will love. For the young there are kiddie F1 Cars, dinosaurs at the Jurassic Adventures, and the Boat Pool ride. There are also the Mini Trampoline, Soft Playground, and Happy Inflatables. Kids and adult companions ride the Express Train and Happy Car. There are also carnival game booths with prizes to be won, and food stalls. All rides and attractions were shipped from Taiwan, and are operating for the first time in the Philippines via Araneta Fiesta Park. Araneta Fiesta Park is open daily from 4 to 10 p.m. Tickets for each ride start at ₱50, or ride them all for ₱500.

Grab launches in-house mapping, location service

GRAB.COM

SUPER app Grab has launched on Wednesday its in-house mapping and location-based service called GrabMaps, which is intended to fully power the Singapore-based company by the third quarter of 2022.

Categorized under the company’s enterprise and new initiatives business, GrabMaps will also be offered to enterprises as a business-to-business (B2B) offering, allowing Grab to tap into the $1-billion market opportunity in Southeast Asia (SEA).

Grab co-founder Tan Hooi Ling pointed out that SEA cities have back alleys and side streets that don’t show in conventional maps, but are navigated by its drivers and delivery partners daily.

“We’ve invested to turn this intelligence into a competitive advantage, allowing us to serve our users and partners with great experience, at the same time driving efficiency and cost-savings for the business,” she said in a press release about the hyperlocal solution.

GrabMaps is built on the principles of community-based mapping and draws data from orders and rides served daily, with real-time feedback from drivers and delivery partners on changes like road closures and business addresses.

By contributing data like street imagery and traffic signs to the maps, drivers and delivery partners also earn additional income.

The technology is also a way to improve the experience of micro-entrepreneurs in the platform, according to Grab Philippines.

“By helping delivery-partners locate merchants faster, they can deliver food that is hotter and fresher to customers,” the company said in an e-mail.

“Grab has always sought to build innovative tech that addresses Southeast Asia’s hyperlocal needs and GrabMaps is a great example of that,” added Ms. Tan.

GRABMAPS FOR ENTERPRISE
As a B2B solution, GrabMaps offers enterprises the following:

• Base map data: the choice to license data on places, roads, and high-resolution, street-level imagery. Grab expects to grow to 37 million its over 33 million points of interest at present.

• Map-making tools and software-as-a-service: an end-to-end stack that customers can leverage to build their own maps. Grab is working on a next-gen camera that incorporates 360-degree imaging capabilities.

Its current map-making camera, Kartacam, is being piloted by partner companies in Paris, Johannesburg, Dubai, and Seattle.

• Application programming interface (APIs) and mobile software development kits (SDKs): to be launched later in 2022 and in 2023, respectively, these will allow teams to leverage GrabMaps’ technology to improve or build their own applications and geolocation capabilities.

Per a benchmark study of GrabMaps versus a third-party mapping provider, the former’s error rate was four times lower, and its latency (or how fast the system serves a response) 10 times lower. Company data also show that — for countries that have moved fully to GrabMaps — the ease of finding the right point of interest for transport bookings improved three percentage points. Further, the accuracy of estimated travel time improved between one to 7.8 percentage points.

GrabMaps powers more than 800 billion APIs calls per month. — Patricia B. Mirasol

What to See This Week (06/10/22)

Chris Pratt in a scene from the film Jurassic World Dominion

Jurassic World Dominion

THE SIXTH and final installment to the Jurassic Park film series unites two generations of protagonists. The new adventure takes place four years after Isla Nublar was destroyed and the dinosaurs now live and hunt alongside humans. Directed by Colin Trevorrow, the film stars Chris Pratt, Bryce Dallas Howard, Laura Dern, Sam Niell, Jeff Goldblum, Daniella Pineda, and Campbell Scott. Variety’s Clayton Davis wrote on Twitter, “…it doesn’t matter what I say about #JurassicWorldDominion — it’s going to make so much money. It defies logic. It’s a movie where things just happen and people know things ‘because’ — smoke a joint, go drunk and have the time of your life. Nostalgia on overdrive.” Review aggregate site Rotten Tomatoes gives it a score of 70%.

MTRCB Rating: PG

SEC approves Filinvest Land’s P11.9-billion bond offering

FILINVEST Land, Inc. announced on Thursday that the Securities and Exchange Commission (SEC) approved its plan to offer up to P11.9-billion fixed-rate bonds.

The real estate developer is set to offer P8-billion worth of peso-denominated fixed-rate bonds with an oversubscription option of up to P3.9 billion for a maximum aggregate amount of P11.9 billion.

The offering consists of three-year bonds due 2025 with an interest rate of 5.3455% and five-year bonds due 2027 with an interest rate of 6.4146% per annum.

The latest bond issuance will also be the third and last tranche out of its P30-billion bonds registered in 2020 under the shelf-registered program of the SEC.

The first tranche was issued on Nov. 18, 2020 in the amount of P8.1 billion and the second tranche on Dec. 21, 2021 worth P10 billion.

The firm tapped BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. as the joint lead underwriters and bookrunners to manage the public offer and issuance. China Bank Trust and Management Group will serve as the trustee.

Filinvest Land has residential developments across 55 cities and towns in 22 provinces in the Philippines. Its business segments are divided between real estate and leasing.

Its wholly owned subsidiaries include Filinvest AII Philippines, Inc.; Homepro Realty Marketing, Inc.; FCGC Corp.; Gintong Parisukat Realty and Development, Inc.; Cyberzone Properties, Inc.; Filinvest Cyberparks, Inc.; Filinvest Cyberzone Mimosa, Inc.; Filinvest Lifemalls Corp.; Festival Supermall, Inc.; Property Specialist Resources, Inc.; ProOffice Works Services, Inc.; and Property Leaders International Ltd.

In the first quarter, Filinvest Land reported that its net income attributable to equity holders dipped by 8% to P677.77 million. Gross revenues likewise went down by 0.5% to P4.14 billion.

At the stock exchange on Thursday, Filinvest Land shares went up by 1.08% or one centavo to close at P0.94 each. — Luisa Maria Jacinta C. Jocson

Entertainment News (06/10/22)

Calum Scott performing in Manila

ENGLISH SINGER-SONGWRITER Calum Scott has announced that his Asia tour, the BRIDGES Asia Tour, will make a stop in Manila, along with Tokyo, Bangkok and Kuala Lumpur. The Manila show will be on Oct. 20 at the New Frontier Theatre in Cubao, Quezon City. Promoted by AEG Presents Asia and Ovation Productions, tickets to the concert will go on sale on June 15 at 10 a.m. via ticketnet.com.ph.

Pride Month marked on discovery+

IN HONOR of the legacy, triumphs, and challenges of the LGBTQIA+ community, discovery+ has announced the addition of the “Always Proud” content hub to the streaming service. The year-round, regularly updated hub celebrates what it means to be part of the LGBTQIA+ community, offering meaningful stories that showcase the joy and creativity of self-expression. Titles featured in the collection include: Generation Drag (already available), which follows five teen and tween drag performers from across the USA as they prepare for a first-of-its-kind drag ball event for teens and tweens; Book of Queer (already available), a five-episode docu-series (narrated by Margaret Cho, Dominique Jackson, Leslie Jordan, Ross Matthews, and Alex Newell) highlighting some of history’s most fabulous “queeroes” whose stories and contributions have been erased, marginalized, or straightwashed throughout the years; Trixie Motel (already available) a series featuring drag queen superstar Trixie Mattel. Also launched in June is An Audience with Adele, with Adele at the London Palladium. The seven-day free trial for new discovery+ subscribers is extended until June 30.

Netflix confirms 2nd season of All of Us Are Dead

NETFLIX has confirmed that the hit zombie horror series, All of Us Are Dead, is coming back to life for a second season. The first season, which follows a group of students fighting for their lives after a zombie outbreak in their high school, topped Netflix charts around the world, and remains one of two Korean shows — after Squid Game — in Netflix’s Top 10 most popular non-English TV shows. After its premiere, All of Us Are Dead shot straight into the top 10 most watched non-English TV series in 91 countries, and stayed there for two consecutive weeks. It also drew 361.02 million viewing hours in its first 10 days, with viewers kept on the edge of their seats rooting for the Hyosan High juniors over the 12 episodes.

Louis Tomlinson’s PH tour moves to the Big Dome 

The venue for the concert of Ex-One Direction member Louis Tomlinson has been moved from the New Frontier Theater to the Smart Araneta Coliseum, also at Araneta City in Quezon City. The Louis Tomlinson World Tour will be on July 16. The New Frontier Theater tickets have to be exchanged for new tickets from June 10 to 12. Ticketholders will be assigned to the equivalent seats at the Smart Araneta Coliseum. New Frontier Theater tickets which were purchased online will be voided and a new electronic ticket for the Smart Araneta Coliseum show will be e-mailed to the buyers. New Frontier Theater tickets that were bought through the Box Office and Outlet/s must be surrendered at the Ticketnet Box Office and exchanged with a new Smart Araneta Coliseum ticket. Due to public demand, additional tickets will go on sale starting Monday, June 13, 10 a.m. via TicketNet and its outlets. The Ticketnet Box Office is open daily from 10 a.m. to 8 p.m., including weekends. For more ticket info and inquiries, visit www.ticketnet.com.ph

Court upholds payout to illegally dismissed worker under PSALM

PHOTO BY MIKE GONZALEZ

THE Supreme Court has ruled against the Power Sector Assets and Liabilities Management Corp. (PSALM), which had been seeking to avoid making a P750,750 payout to a dismissed employee.

The ruling rejected a PSALM petition to overturn a finding by the Commission on Audit (CoA) that Alfonzo Fianza, a former employee of the Binga Hydroelectric Power Plant, was entitled to the payout due to illegal dismissal.

In an 8-page resolution dated Nov. 9 and made public on June 8, the court, sitting en banc, found that the CoA did not abuse its discretion in granting the award to Mr. Fianza, whose company was under PSALM management.

The court also found that PSALM did not file its administrative claim within the 30-day period allowed.

“Worse, PSALM did not offer any explanation, or justification for the belated filing of the petition and simply ignored the rules, Thus, the petition was filed out of time and must be dismissed,” the court said.

PSALM rejects responsibility for Mr. Fianza’s claim, saying that it did not arise from loans, issuances of bonds, and other instruments of indebtedness. 

It added that it was not a party to the proceedings between the employee and the labor arbiter, which should not make it liable to pay Mr. Fianza’s claim.

“Even if PSALM was not a party to the labor proceedings in which the money claim was awarded, the law requires PSALM to settle the judgement award,” the court ruled.

“As the CoA aptly ruled, Mr. Fianza’s claim should be considered a standing obligation of National Power Corp. (NPC) upon the transfer of its assets and liabilities to PSALM, which is only reasonable, considering that NPC’s corporate funds are now within PSALM’s control.”

The CoA had ruled PSALM to be responsible for settling outstanding liabilities of the hydroelectric plant, which included Mr. Fianza’s claim.

In 1998, the Binga Hydroelectric Power Plant dismissed Mr. Fianza after its contract with the NPC was terminated.

The plant was placed under corporate rehabilitation by the Securities and Exchange Commission the following year.

He then filed an illegal dismissal complaint before the labor arbiter, whose award was affirmed by the CoA.

PSALM was created to manage the orderly sale and privatization of the government’s power generation assets. — John Victor D. Ordoñez

Pawnbroking industry expands on diversification, digitalization

BW FILE PHOTO

THE PHILIPPINE pawnbroking industry continued to grow in terms of assets, network and capitalization as they expanded their products and services, the Bangko Sentral ng Pilipinas (BSP) said on Thursday.

“The pawnshop industry has evolved through time amid continuous diversification, innovation and digitalization,” BSP Governor Benjamin E. Diokno said at a briefing on Thursday.

“Pawnshops, particularly the major players, are now multi-product or multi-service institutions with group structures and multiple financial service access touchpoints,” Mr. Diokno said.

The BSP said aside from extending loans on pledged assets, pawnshops have diversified their offerings to include remittances, money changing, bills payment and cash agency, among others.

The industry’s assets stood at P96.9 billion at end-2021, up by 4.7% from the previous year’s P92.5 billion, the BSP said.

Pawnshops’ capitalization also grew by 2.6% year on year to P42.2 billion at end-2021.

The central bank said this was primarily driven by capital accumulation from their profitable operations as the industry’s income reached P3.9 billion in 2021. 

“The pawnshop industry’s capital position also remains adequate to support risk-taking activities,” Mr. Diokno said.

“In 2021, pawnshops posted P3.9 billion in earnings, mainly from pawning operations. Income from corollary business activities, particularly remittance operations, also supplemented earnings,” he added.

The pawnbroking industry’s liquidity also remains adequate as their liquid assets account for 22.9% of the total, Mr. Diokno said.

Pledged loans or sangla increased by 2.7% year on year to reach P54.5 billion as of end-2021.

Items being pawned have also evolved, Mr. Diokno said. Aside from jewelry, pawnshops now accept gadgets, watches, musical instruments and luxury items such as designer bags and accessories.

Meanwhile, the industry’s reach expanded to 1,156 head offices and 14,350 branches nationwide at end-March from 1,152 head offices and 14,236 branches at end-2021.

The central bank said pawnshops are now present in 1,361 of 1,634 cities and municipalities or 83.3% of all local government units.

“The industry’s multiple financial access points, wide geographical reach, and role of providing accessible loans to households and small entrepreneurs, including the unbanked, all underscore the crucial role of pawnshops in promoting financial inclusion,” Mr. Diokno said.

The interoperability of branches has also improved amid the industry’s digitalization, he noted.

“For instance, customers may now pawn-renew-redeem from any branch at the customers’ convenience. Online pawning transactions are also gaining traction especially at the height of the pandemic, which limited customers’ mobility,” the BSP chief added.

The central bank said it continues to pursue “responsive and holistic policy initiatives and supervisory approaches” to ensure the industry’s and the financial system’s safety and soundness. — K.B. Ta-asan

Lim and Lastimosa added to San Beda short list of coaches

Jojo Lastimosa — PHILIPPINE STAR FILE PHOTO

THE search for San Beda’s basketball head coach is taking a bit of time.

This after former Lions coach Frankie Lim and NLEX assistant Jojo Lastimosa were added into the short list of candidates that included Aldin Ayo and neophyte Yuri Escueta.

“Frankie (Lim) and Jolas (Lastimosa) have been added into the mix and are being considered,” an insider told The STAR on Thursday.

Mr. Lim had steered the proud Benedictine school to four NCAA crowns and could whip the Lions back into championship form with his return while Mr. Lastimosa is a multi-titled former PBA star, whose playing experience could help motivate the team that failed to make the finals for the first time in last 15 seasons.

Mr. Ayo, meanwhile, has won championships as mentor of the Letran Knights and the La Salle Archers in the UAAP while coaching the Santo Tomas Tigers to the finals before losing to the powerhouse Ateneo Eagles years ago.

As for Mr. Escueta, he’s a former Ateneo stalwart who is itching to get his opportunity as a newbie bench tactician.

Whoever gets chosen to succeed Boyet Fernandez, he will have his hands full in regaining San Beda the old glory it once enjoyed when it made the finals 14 straight times starting in 2006 and snaring 11 championships during that impressive span. — Joey Villar

ERC clears Razon electricity seller’s rate for Iloilo City

THE Energy Regulatory Commission (ERC) has granted provisional approval to the application of More Electric and Power Corp. to adjust electricity rates in Iloilo City but at an amount lower than what the Razon-led company applied for.

In an order promulgated on June 8, 2022, the regulator approved a rate of P0.4725 per kilowatt-hour (kWh), or lower by P0.0773 than the P0.5498 per kWh sought by the distribution utility.

“After due deliberation and thorough evaluation of the documents submitted and the information gathered by the Commission pursuant to its regulatory powers, the Commission resolves to GRANT the Applicants’ prayer for provisional authority,” the ERC said.

More’s application stemmed from its emergency capital expenditure (capex) budget for projects that turned out to be even higher than what the city’s previous power provider secured.

In its application, More said that its approved emergency capex projects for 2020 amounted to about P1.33 billion, or higher than the P1.18-billion average regulatory asset base of Panay Electric Co. (Peco), which used to serve Iloilo City. More took over on Feb. 29, 2020.

In its application, More said that if it “would not be allowed to immediately recover such a significant amount, it would severely impair its cash flow.”

Further, it said that without the rate adjustment, More’s finances “would be adversely affected and this may adversely affect its ability to provide adequate and reliable power distribution services to its customers.”

More said Peco’s last approved rate could not cover the significant costs already incurred by the company in implementing the approved emergency capex projects for 2020. The emergency capex was sought to immediately rehabilitate, modernize and improve the distribution system in Iloilo City.

More said its prevailing effective rate is insufficient to allow the “full recovery of prudent and reasonable economic costs incurred” by it for the capex projects that had been approved by the commission.

“Hence, the need to adjust the rates to account for said reasonable costs,” it said. — VVS

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