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PNB’s planned digital bank to focus on retail loans, investments

PHILIPPINE NATIONAL Bank (PNB) plans to file for a digital banking license within the year with its holding company as the corporate vehicle.

PNB said in a disclosure to the stock exchange on Monday that they will apply for a new digital banking license, in accordance with the Bangko Sentral ng Pilipinas’ (BSP) framework for the sector under BSP Circular 1105.

“We will initially build this digital bank ourselves, but we are open to doing partnerships with companies that will add value to our proposition,” PNB President and Chief Executive Officer Jose Arnulfo A. Veloso said in an e-mail to BusinessWorld.

The listed lender said its holding company Allied Integrated Holdings, Inc. will be the corporate entity for the planned digital bank. The holding firm was formerly its thrift lending unit PNB Savings Bank.

“We can strengthen PNB’s ability to take advantage of a number of opportunities as we are targeting the mass market,” Mr. Veloso said, adding there is an ecosystem they could benefit from through the other entities within the LT Group, Inc.

He said their planned digital bank will focus on providing retail lending and investment services to customers.

They are also looking to provide connectivity between overseas Filipinos and their remittance recipients back home through the digital bank, Mr. Veloso added.

BSP Circular 1105 set apart digital banks from universal, commercial, thrift, rural, cooperative and Islamic lenders. These digital banks provide financial services such as taking loans and deposits through an online platform instead of traditional lenders’ brick-and-mortar model.

Among commercial lenders, only UnionBank of the Philippines, Inc. has filed an application for a digital bank license, which is still pending with the BSP.

Meanwhile, Rizal Commercial Banking Corp. has also signified interest in applying for a digital bank license. The Yuchengco-led lender launched its Diskartech app last year, where users can create accounts, make deposits, and apply for loans.

The policy-setting Monetary Board has issued digital bank licenses to the Overseas Filipino Bank, Tonik Digital Bank, Inc. (Philippines), and UNOBANK.

The BSP earlier capped licenses to be issued under the new digital banking framework to five, but officials have said they allow more players to operate if there is strong demand.

PNB’s net profit climbed 34% to P1.791 billion in the first three months of 2021 from P1.337 billion a year earlier, as lower expenses offset the decline in its total operating income.

The Tan-led lender’s shares closed at P20.60 apiece on Monday, up by 78 centavos or 3.94% from its previous finish. — Luz Wendy T. Noble

Robinsons Malls host voter registration booths

THE COMMISSION on Elections (Comelec) will open satellite voter registration booths in Robinsons Malls around the country through August.

Robinsons Malls, through its public service program — Lingkod Pinoy Center, teamed up with the Comelec for the voter registration campaign.

“Since Robinsons Malls are strategically located in key cities across the country, processing for voter registration will now be more conveniently accessible to the public,” the company said.

The schedule for the satellite voter registration booths at Robinsons Malls can be found on the Comelec’s Facebook page.

The Comelec said application forms are available for free at the booths, although forms can be downloaded at comelec.gov.ph, or accomplished online at irehistro.comelec.gov.ph. For those who filled out the forms on the mobile app, they can present the QR code at the booth.

Space Jam: A New Legacy beats Black Widow in surprise box office victory

Space Jam: A New Legacy (2021) — IMDB.COM/

LOS ANGELES —  The Tune Squad ruled over the court and North American box office charts this weekend. In an unexpected win, Space Jam: A New Legacy, which sees LeBron James team up with the animated Looney Tunes crew, dunked on the competition with $31.6 million in ticket sales.

The Warner Bros. sequel to 1996’s Space Jam surpassed forecasts, which projected the film would bring in $20 million in its first three days of release. Critics rebuffed Space Jam: A New Legacy (it holds a bleak 31% average on Rotten Tomatoes), but audiences appeared to embrace the movie, awarding it an “A-” CinemaScore. Space Jam 2 played in 3,965 cinemas in North America, while being available on HBO Max at no extra charge to subscribers.

“The marketing on this movie really looked fun, and it helped alert audiences everywhere,” said Jeff Goldstein, Warner Bros. president of domestic distribution.

The better-than-expected start for Space Jam 2 pushed last weekend’s champion, Disney and Marvel’s Black Widow, to second place on box office charts. The superhero adventure, starring Scarlett Johansson, brought in $26.3 million in its second weekend, representing a huge 67% decline. So far, Black Widow has generated $131 million in North America and $264 million globally.

Despite concerns over the Delta variant and its hybrid release on HBO Max, Space Jam: A New Legacy landed the largest debut for a family film during COVID. Earlier in the pandemic, movies geared toward younger audiences —  such as The Croods: A New Age and Tom and Jerry —  had been the biggest moneymakers. But summer offerings like The Boss Baby: Family Business, Peter Rabbit 2: The Runaway, and Spirit Untamed had each fallen flat with family crowds. Space Jam 2, which arrived 26 years after the original, is the first film in some time to bring moviegoers with kids back to theaters. Males accounted for 53% of sales, while 52% of ticket buyers were under the age of 25.

“This weekend is a positive indication that the family audience is alive, well and, according to Space Jam 2’s enthusiastic audience scores, still thrilled by the big screen,” says David A. Gross, who runs the movie consulting firm Franchise Entertainment Research.

Sony’s Escape Room: Tournament of Champions opened in third place with $8.4 million from 2,815 locations. Though on par with industry expectations, its three-day debut marks a steep decline from its predecessor, 2019’s Escape Room, which debuted to $18 million and ended its box office run with $57 million. The sequel cost $15 million to produce, an increase from the first film’s $9 million price tag.

At No. 4, Universal’s Fast and Furious sequel F9 pulled in $7.6 million in its fourth weekend of release, bringing its overall domestic tally to $154 million. Another Universal title, The Boss Baby: Family Business, rounded out the top five, generating $4.7 million over the weekend. In total, the animated sequel to 2017/s Boss Baby has made $44 million in theaters while playing simultaneously on the nascent streaming service Peacock. — Reuters

BSP reminds banks to ensure their services are inclusive of PWDs

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) reminded its supervised financial institutions to ensure their services are inclusive of persons with disabilities (PWDs) and to avoid discriminating against them.

Memorandum No. M-2021-040 signed by BSP Deputy Governor Chuchi G. Fonacier on July 16 said BSP-supervised financial institutions should consider the needs of PWDs, including those with learning difficulties, people who are deaf or have hearing difficulties, and the visually impaired, among others.

“This is to ensure that their rights as PWDs to participate fully in the social life and enjoyment of opportunities available to other citizens are upheld at all times,” the memo said.

The BSP flagged discriminatory practices such as the rejection of government-issued PWD identification cards as a Know-Your-Customer document for opening accounts and other financial transactions.

It also cited the practice of turning away visually impaired people from the process of opening an account and limiting them to joint accounts.

Financial institutions should ensure they are equipped with instruments and mechanisms that will be inclusive of the needs of PWDs, the memo said.

“Apart from mobility ramps and Braille system in bank premises and automated teller machines (ATMs), all BSP-supervised financial institutions are also reminded to provide express lanes for PWDs similar to those express lanes reserved for senior citizens and pregnant women within their premises,” the central bank said.

The BSP memorandum is in line with measures meant to promote fair treatment for PWDS including the Republic Act (RA) 7277 or the Magna Carta for Disabled Persons as amended by RA 10754, Batas Pambansa 344, as well as BSP’s own regulations.

Based on data from the Philippine Statistics Authority’s 2010 Census of Population and Housing, 1.44 million or 1.57% of household population are PWDs.

More than two-thirds or 51.2 million of the adult population remained unbanked as of 2019, based on central bank data. The BSP wants to bring the country’s banked population to 70% of Filipino adults by 2023 from 29% in 2019. — L.W.T. Noble

AboitizPower cited for fourth time in ESG index

ABOITIZ Power Corp. has been recognized for the fourth straight year by a global index that measures company performance in showing “strong” environmental, social, and governance (ESG) practices, the firm said on Monday.

The company’s score in this year’s FTSE4Good Index Series climbed by 24% to 3.1 from 2.5 due to improvements in its health and safety initiatives, and its campaigns on diversity, equity, and inclusion, among others.

“Having been recognized as a FTSE4Good constituent for four years in a row is an affirmation of what we are doing. Sustainability has always been at the core of our operations and with this development, we are even more encouraged to strengthen our ESG standards and practices,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said in an e-mailed statement.

He added: “While we are proud of what we have achieved so far, we know that we still have a long way to go in terms of sustainability. We will strive to learn and improve where we can so we can continue creating positive change for our communities and stakeholders.”

Developed by global benchmark provider FTSE Russel, the FTSE4Good Index Series consists of benchmarks and tradable indices which ESG investors can use in making decisions.

AboitizPower said its support for environmental conservation is in line with the firm’s commitment to supply reliable, affordable, and sustainable energy through a balanced portfolio mix of compliant renewable and thermal power plants.

AboitizPower is the holdings firm of the Aboitiz group’s investments in power generation, distribution, and retail electricity services.

The publicly listed company produces Cleanergy, its brand for clean and renewable power. In the next 10 years, the company aims to reach a 50-50 portfolio mix of Cleanergy and thermal capacity.

AboitizPower previously reported that its first-quarter attributable net income nearly tripled to P6.18 billion from P2.06 billion in the same period last year, as economic activity slowly picked up.

Shares in AboitizPower were unchanged at P24 apiece on Monday. — Angelica Y. Yang

Entertainment News (07/20/21)

GMA launches advice podcast

FROM the same team that produced The Howie Severino Podcast, comes another original podcast that is set to dish out tips and advice on love, life, and career: Share Ko Lang hosted by Dr. Anna Cristina Tuazon. Available weekly beginning July 21, Share ko Lang is an offshoot of the digital series with the same title previously aired on GMA News’ Facebook page and YouTube channel. The podcast features stories from various personalities everyone can relate to, and in the process allows listeners to get to know themselves better. A clinical psychologist, Dr. Tuazon has been a familiar face on air and online. She is often tapped as a resource person in discussing issues like mental health and relationships. GMA News and Public Affairs launched its first original podcast, The Howie Severino Podcast, hosted by GMA News veteran broadcast journalist Howie Severino, earlier this year. It is now is among the top 30 podcasts in Spotify Philippines. With fresh episodes uploaded every Thursday, the podcast features Mr. Severino having insightful conversations with personalities from various fields and industries including journalists Jessica Soho and Atom Araullo, comic artist Manix Abrera, and historian Ambeth Ocampo. Share ko Lang is the second original podcast produced by GMA News and Public Affairs. It will be available for free on Spotify, Apple Podcasts, and other streaming platforms beginning July 21 with new episodes streaming weekly.

Fern. releases new single

FILIPINO singer-songwriter and producer Fern. dropped his new single, “Kagandahan,” a pop tune that tackles the overwhelming feeling of being surrounded by beauty and how people are afraid of it going away. Released under Island Records Philippines, Fern.’s latest jam is essentially stripped-down with its message offering a quiet, meditative space. Fern.’s “Kagandahan” is out now on all streaming platforms worldwide via Island Records Philippines. 

John Mayer releases eighth album

GRAMMY Award-winning artist, guitarist, and producer John Mayer has released his eighth studio album, Sob Rock, via Columbia Records and Sony Music. Produced by Mr. Mayer and Don Was, and recorded at Henson Studios in Los Angeles, the album marks Mr. Mayer’s first solo offering since 2017’s The Search for Everything.  In a recent Instagram post from the artist, Mr. Mayer dubbed Sob Rock as “the only record I’ve made that I listen to recreationally.” The recording star’s latest record also features collaborations with artists such as country pop singer Maren Morris on lead single “Last Train Home” and hip-hop/R&B producer No I.D. on “New Light.” To promote Sob Rock in the country, Sony Music Philippines is mounting a John Mayer Sob Rock Projection at Arco De Emperador in Arcovia in Pasig City until July 24. Some of the album highlights will be projected on the 19-meter-tall monument designed by Spanish sculptor Gines Serran Pagan. Sob Rock is out now on all digital music platforms worldwide via Columbia Records/Sony Music. 

More dramas on iQiyi and iQ.com

FOLLOWING GMA Network’s major deal with international streaming platform iQiyi, more GMA dramas are set to become available for iQiyi’s subscribers in the Philippines. Following the acquisition of initially announced shows First Yaya, Legal Wives, Nagbabagang Luha, and Love You Stranger, iQiyi is set to stream six more GMA shows: Agimat ng Agila, recently launched dramas Ang Dalawang Ikaw and The World Between Us, as well as upcoming programs I Left My Heart in Sorsogon, Artikulo 247, and Love. Die. Repeat. GMA provides viewers more options to catch up with their favorite GMA shows within 24 hours from TV airing via the iQiyi mobile app or iQ.com.   

Season 2 for kids literary show

SEASON 2 of Pinoy A+: Filipino Stories for Kids premiered on July 18 via GTV and abroad on GMA Pinoy TV and airs every Sunday. The featured storytellers for this season are Dingdong Dantes, Carla Abellana, Susan Enriquez, Ken Chan, Aicelle Santos, Mariz Umali, Sandra Aguinaldo, Christian Bautista, Mike Tan, and Rocco Nacino reading stories such as “Si Rizal at ang Gamu-gamo,” “Ang Alamat ni Mariang Makiling,” “Ang Alamat ng Pinya,” “Si Malakas at si Maganda,” “Bi-ag ni Lam-ang,” and “Ang Alamat ng Tsokolateng Burol (Chocolate Hills).” GMA Pinoy TV also offers a limited-edition Pinoy A+ merchandise like Twinning Face Masks and children’s shirts featuring designs based on Filipino folklore. Viewers in the Philippines can order online via the GMA Store or send a message on the GMA Store Facebook page or e-mail gmastore@gmanetwork.com. Pinoy A+: Filipino Stories for Kids Season 2 airs every Sunday at 10 a.m. in the Philippines on GTV. Overseas via GMA Pinoy TV, it airs in the following time slots: 2 p.m. (Hong Kong and Singapore); 10:50 a.m. (UAE); 7:50 a.m. (UK); 11:20 a.m. (Pacific Time); and 6:45 p.m. (Eastern Time).  For the program grid, visit www.gmapinoytv.com.

ASEAN Music Showcase Festival 2021 adds 2 countries

THE ASEAN Music Showcase Festival (AMS) is slated to return on its second edition with an initiative to help regional artists stay connected with their fanbase and introduce themselves to new audiences despite setbacks caused by the coronavirus disease 2019 (COVID-19) pandemic. Southeast Asia’s first collaborative intraregional music showcase festival will have its online premiere on Sept. 11-12 via YouTube. Virtual speed meetings aimed to provide one-on-one networking opportunities between emerging regional musicians and global music industry professionals will be held as a private event on the following day, Sept. 13. Indonesia, Malaysia, the Philippines, Singapore, and Thailand are joined in this edition by Cambodia and Vietnam. Instead of waiting for the pandemic to end, the participating organizers of each country aim to help regional artists be proactive and put their music in front of potential talent buyers from all over the world. AMS is co-organized by Fungjai, NYLON Thailand, and Bangkok Music City from Thailand; The Rest Is Noise PH from the Philippines; Steady State Records from Singapore; SRM from Indonesia; City Roars Festival from Malaysia; Baramey Production from Cambodia; and Monsoon Music Festival and Swan Zoo from Vietnam. For more information about the second edition of ASEAN Music Showcase Festival, visit the official website.

Viu Philippines launches new K-Dramas

VIU PHILIPPINES, a pan-regional over-the-top (OTT) video streaming service focusing on the best of online Asian entertainment, has launched 10 new Tagalog-dubbed Korean drama shows. Filipinos have been watching Tagalog-dubbed content on primetime TV for years and lately, the entertainment industry has seen an increasing demand for K-dramas. So, Viu offers customers its extensive online library of the latest premium Asian dramas and variety shows including Tagalog-dubbed K-dramas with its quality revoicing. The new Tagalog-dubbed K-drama now available on Viu are: romcom Emergency Couple, The Beauty Inside (an adaptation of the popular movie of the same title), Another Ms. Oh, love story When the Weather is Fine, melodrama Moon Lovers: Scarlet Heart Ryeo (based on the Chinese novel Bu Bu Jing Xin), drama Lie After Lie, comedy Welcome to Waikiki, Hotel De Luna, Tale of The Nine Tailed, and suspense melodrama series Flower of Evil. To stay updated on the latest news and releases, visit the official Viu Philippines website (www.viu.com).

The Steve McQueen’s release new single

“MILA ASCENDING” is The Steve McQueen’s first single release from their much awaited fifth studio album The Observer. The mercurial band went directly from touring Japan and the Asian Festival circuit into the studio to record this collection of new music which simultaneously invokes alternative R&B, chill-pop, 1960s Motown and nu-soul. The McQueens celebrate their 8th year on the road with this release, and early listeners say its their best yet, balancing unique forms, ear-catching sounds and clever storytelling with an accessible pop sensibility. The new album, The Observer will drop on Sept. 16 in conjunction with an album launch concert at The Esplanade Concert Hall in Singapore. The Observer is the band’s fifth studio release, and will feature eight new tracks.

Lego introduces new Lego Disney Mickey and Friends range

THE LEGO Group reveals a new Mickey and Friends range with Disney, introducing five sets meant for young children aged four and over. Each set comes with instructions for children who are just learning to read and Starter Brick elements such as a big car or plane chassis to kickstart the building process. The instructions also feature short build-and-play loops to develop confidence and ensure a great building experience that will boost their problem-solving, role-play and concentration skills, and encourage resilience while they play. The sets are: Mickey and Friends Mickey Mouse’s Propeller Plane, a 59-piece set; Mickey and Friends Minnie Mouse’s Ice Cream Shop, a 100-piece set; Mickey and Friends Mickey Mouse & Minnie Mouse’s Space Rocket, an 88-piece set; Mickey and Friends Mickey Mouse & Donald Duck’s Farm, a 118-piece set; and the Mickey & Friends Fire Truck & Station, a 144-piece set. The new Mickey and Friends sets are available at bankeebricks.ph, all Lego Certified Stores, and through retailer partners such as Lazada, Shopee, Dotcom, and Zalora. Local SRP starts at P599.

Barbie Almalbis releases 4th studio album

FILIPINO artist Barbie Almalbis celebrates her 25th year in the music business with the release of her fourth studio album, Scenes From Inside, now out on all digital music platforms via 12 Stone Records and distributed by Sony Music Philippines. Derived from her experiences as a musician, a mother, a friend, a wife, and a pet lover during the time of quarantine, the nine-track concept album marks a new chapter in Ms. Almalbis’ challenging but colorful adult life. According to the award-winning multi-instrumentalist and singer-songwriter, the process of making an album can be tedious at times, but for Scenes From Inside, she had a chance to record the album at a more relaxed pace, in her most convenient time. The new record’s carefully constructed compositions evoke everything that we love from the 1990s, from The Sundays to The Cardigans, while inhabiting a more expansive musical canvas to toy around with: jangly indie pop, electronic music, post-rock, alternative pop, Christian music, folk rock, and a whole lot more. While this is easily her most sonically adventurous record to date yet, Scenes From Inside also takes pride in its arsenal of collaborators, especially on the songwriting department. Her husband, Martin Honasan, co-wrote four songs in the album, with Lee Simon Brown helping the duo to finish the material. Ms. Almalbis’ “Tita” Alya Honasan also wrote the lyrics for “An Aspin’s Song” as a tribute to her late grand-aunt, Nita Lichauco. Additionally, her friend Michelle Rivera also co-wrote the track “Cover,” which initially appeared on her EP, Tigre. Other collaborators in the album include her bandmates, Karel Honasan on bass, Jonard Bolor on drums, and Nikko Rivera on keys. Sessionist and musician Rommel De La Cruz also played bass on “Iyong-Iyo” and “Comment,” while Michael Alba did drum parts on a new track called “Kumpas.”

Condo residents participate in recycling campaign

RESIDENTS of 21 DMCI Homes condominiums in Metro Manila collected 2,961 kilograms (kg) of used beverage cartons (UBC) since November 2020, as part of a recycling campaign by Tetra Pak Philippines.

Project ReBins is an initiative of Tetra Pak Philippines in partnership with Nestlé Philippines and DMCI Homes Property Management Corporation aimed at encouraging recycling of used beverage cartons.

The collected cartons are repurposed into everyday products like study tables and chairs.

The DMCI Homes communities which emerged as the top three volume performers as of May 2021 are Zinnia Towers in Quezon City with 524.1 kg; Royal Palm Residences in Taguig City with 242.1 kg; and Arista Place in Parañaque City with 233.1 kg.

“The campaign has so far helped repurpose a total of 100,000 packs or 1 ton of UBCs collected from the participating DMCI Homes condominium communities,” the company said.

EastWest Bank gets second-highest grade from PhilRatings

EAST WEST Banking Corp. (EastWest Bank) received the second-highest grade from local debt watcher Philippine Rating Services Corp. (PhilRatings) on the back of its positive near-term growth prospects.

PhilRatings said in a statement dated July 13 that it granted EastWest Bank a “PRS Aa plus” (corp.) issuer rating, a notch below the highest grade possible, after the bank posted positive operating results last year despite the impact of the coronavirus pandemic and stringent lockdowns on the economy.

The rating reflects the Gotianun-led lender’s “strong” capacity to meet its financial obligations relative to other local companies, while the “plus” further affirms the assigned rating, PhilRatings said.

“A ‘stable outlook,’ on the other hand, indicates that the rating is likely to be maintained or to remain unchanged in the next 12 months,” it added.

EastWest Bank posted net earnings of P6.5 billion last year, higher by 4.8% versus its P6.2-billion profit in 2019 amid strong interest earnings and trading gains.

Its net interest income jumped by 23.5% to P26.5 billion in 2020 despite lower loans booked during the period. Its net interest margin grew to 8.1% amid lower rates and reduced funding costs, while securities trading gains jumped by 432% to P5.1 billion.

PhilRatings said EastWest Bank, which focuses on consumer lending, is capable of competing within its chosen market and has strong management to support its operations.

The credit rater said they also expect EastWest Bank to post “satisfactory” financial results over short term and maintain a manageable asset quality despite the challenges ahead.

The bank’s nonperforming loans (NPLs) rose by 68% year on year to P20.8 billion last year, which accounted for 8.7% of its total gross loan portfolio.

“EastWest Bank expects that diminution of asset quality will continue in 2021. NPL ratio is seen to improve in 2022, following the recovery of the domestic economy due to the availability of vaccines and the return to normalcy as the population adjusts to the ‘new normal,’” PhilRatings said.

“PhilRatings shall continuously monitor developments relating to EastWest Bank and may change the ratings at any time, should circumstances warrant a change,” it added.

EastWest Bank shares went down by three centavos or 0.31% to close at P9.75 each on Monday. — B.M. Laforga

Century Properties sets free staff vaccination

LISTED property developer Century Properties Group, Inc. (CPG) will be vaccinating its employees against the coronavirus disease 2019 (COVID-19) for free beginning this month.

“The CPG VacciNATION program affirms our company’s commitment to protect our people from COVID-19 and do our share towards achieving herd immunity for the country,” CPG President and Chief Executive Officer Marco R. Antonio said in a statement on Monday.

Mr. Antonio will lead the program along with CPG Human Resources Group Head Ritchelle T. Cordero, Vice-Chairman John Victor R. Antonio, and Managing Director Carlo R. Antonio.

Included in its vaccination program are company employees, “inorganic employees,” accredited sales agents, construction workers, and accredited third-party service personnel.

CPG said it procured 26,000 doses of vaccines developed by Moderna, Inc., Bharat Biotech International Ltd.’s Covaxin, AstraZeneca Plc, and Novavax, Inc.

The first 10,000 doses of the company’s vaccine orders are expected to arrive this month and in August.

Majority of the vaccines it procured will be administered in its private outpatient medical facility, Centuria Medical in Poblacion, Makati. The company said it is a vaccination center registered with the Health department and the city government of Makati City earlier this month.

“The CPG VacciNATION program is meant to give not just the CPG work force but also their families’ immediate protection from COVID-19, and to take their doses conveniently within the safe confines of Centuria Medical Makati,” CPG Vice-Chairman Mr. Antonio said.

It will allocate 10,000 jabs for its personnel, while the remaining doses will be for employee dependents and will form part of its donation to the national government.

The company started its vaccination program in April through an educational campaign with the participation of Centuria doctors, Maxicare Philippines, and internal resource speakers to address vaccine hesitancy.

While waiting for company-procured vaccine doses, CPG also encouraged its employees to register with their local government units to get vaccinated ahead if they are qualified under the government’s list of priority sectors.

CPG said its efforts to protect and secure the health of its employees, service personnel, and customers amid the pandemic include investing in personal protective equipment and advanced disinfection equipment, and COVID-19 testing for employees every two weeks.

It also provided living quarters for its construction workers and frontliners during the height of the lockdowns. — Keren Concepcion G. Valmonte

Filipino consumers less optimistic in Q2 2021

Filipino consumers less optimistic in Q2 2021

How PSEi member stocks performed — July 19, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, July 19, 2021.

Enabling flexibility and adaptability for companies and professionals

KMC opens in Podium West Tower

The concept of the ideal workplace has changed dramatically in the past few years. The tradition of working in tight-knit office spaces and having streamlined work hours are losing relevance among professionals today, especially in the wake of the COVID-19 pandemic.

In the NCR, vacancy rates have been recorded at 12-15% for commercial real estate, suggesting that people are moving away from traditional workspaces in favor of the alternatives.

Flexible working spaces, for instance, allows companies to more easily meet and collaborate with others in the same space, making it the ideal choice for freelancers or entrepreneurs who depend and thrive on building a network. Additionally, flexible lease terms and a scalable workspace that can grow or shrink to fit any need makes flexible office spaces very attractive for companies looking to ‘rightsize’.

In the Philippines, co-working spaces have been growing in popularity for a few years. The latest of which is the launch of KMC’s coworking space and private offices for rent at the Podium West Tower in Ortigas, Mandaluyong.

Flexible workspace solutions firm KMC Solutions has teamed up with Singapore-based and internationally renowned design agency Contrast Design to bring a different class of workspace to life in the new Podium West Tower located in the heart of the Ortigas CBD in Mandaluyong city.

Spanning the 26th and 27th floors of Podium West Tower, KMC’s new flexible workspace aims to provide the ease of walking into a fully furnished instant office, complete with all the office essentials one may need including scalable seating options suited to different sizes of business.

The new spaces are designed with adaptability in mind, seeking to provide the ideal working environment for companies of all types, for businesses who want shorter-term leases as well as those who may want to transition to larger or smaller teams in the future. The vast coworking space with flexible monthly terms, productive environment and the opportunity to be surrounded by like-minded individuals make it perfect for freelancers and entrepreneurs, while the flexible shorter terms leases are attractive for companies that don’t want to be locked into a lease long term.

“With businesses most likely transitioning to a hybrid work setup, flexible workspaces could easily fill this gap in providing the appropriate venues and environments for work — as well as making these ideal office environments easily accessible and convenient to get to,” Michael McCullough, CEO of KMC, said.

Michael McCullough, CEO of KMC Solutions

“Businesses will still want a space to come back to post-pandemic but will have to ‘rightsize’ or re-evaluate how much space they will actually need/can utilize. Flexible workspaces provide as the perfect solution for this, enabling businesses to flexibly scale up or down. Businesses then only end up paying for the space they need, making it more cost-effective,” Gian Reyes, KMC Vice President for Marketing, added.

Its strategic location within the Ortigas Business Hub also makes it attractive for companies who wish for an accessible office location. Lifestyle amenities such as parks, hotels, schools, and hospitals are well within reach.

Meanwhile, KMC Podium West Tower itself aims to provide a scenic and unique office space with the use of several green and natural elements like natural light in its design. The staff is comprised of highly trained admin and IT support onsite, ensuring KMC’s Never-Go-Down Network is available for all tenants at all times.

The building is pre-certified with the LEED Gold Mark by the US Green Building Council and awarded the provisional Green Mark Gold award by the Building and Construction Authority of Singapore, proving that it is an eco-friendly, energy-efficient, and sustainable development, which also currently sits atop a 5-storey luxury mall.

Michael McCullough, CEO of KMC Solutions, said, “With sustainability becoming a rising priority in building design and construction, KMC wanted to base its flexible workspaces at locations operating at a globally recognized standard. The KMC Podium West Tower successfully takes on the challenge towards innovative sustainability, having been pre-certified with the LEED Gold Mark by the US Green Building Council and awarded the Provisional Green Mark Gold by the Building and Construction Authority of Singapore. This makes our Podium office space sustainably-designed, eco-friendly, and energy-efficient, becoming the new gold standard for built environments.”

Most importantly, the KMC team has worked with private contractors, certified in ensuring cleanliness and sanitation at medical-grade standards, to ensure the health and safety of its tenants. State of the art sanitary and cleaning equipment is used on disinfecting the rooms and spaces, with procedures such as UV-Light treatment and decontamination misting in place to create an office environment where tenants can get their work done with peace of mind.

KMC Solutions is an ISO-Certified provider of flexible workspace solutions and staff leasing services in the Philippines. The company boasts of the country’s largest network of serviced offices and coworking space, with facilities across Metro Manila, Cebu, Clark, and Iloilo. Headquartered in Bonifacio Global City (BGC).

 

 

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