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RCBC eyes integrated platform to simplify SME loan processing

RIZAL COMMERCIAL Banking Corp. (RCBC) is looking to create an end-to-end platform that will simplify loan processing for small- and medium-sized enterprises (SMEs).

This platform will include features such as online application, loans processing, and account management, where clients can pay loans and avail of products and solutions from the bank, it said in a statement on Monday.

In 2019, RCBC tapped data analytics and cloud-based technology to simplify its loan processing. These initiatives have enabled the bank to offer customized solutions and faster credit disbursement for their business clients.

“One of the biggest challenges for SMEs is access to financing. Being able to lessen the turnaround time will help them significantly,” RCBC First Senior Vice-President and SME Group Head Ma. Angela V. Tinio said.

RCBC said their manual end-to-end process has so far been simplified by 50%. Meanwhile, its auto-credit investigation turnaround time was shortened to four hours due to the integrated system between the bank’s sales cloud and third-party bureaus. With the credit checking process streamlined, turnaround time has been reduced to eight days.

Aside from boosting technology, Ms. Tinio said they have also provided training to their relationship managers to better attend to their duties to their clients remotely.

RCBC President and Chief Executive Officer Eugene S. Acevedo has said the bank is looking to expand its digital presence and veer away from traditional bank transactions as more clients are increasingly preferring doing these online.

The Yuchengco-led bank’s net income declined by 31.55% to P1.58 billion in the first quarter from P2.308 billion a year earlier due to trading losses and lower foreign exchange gains.

RCBC’s shares closed at P21 apiece on Monday, down by P1.20 or 5.41% from its Friday finish. — LWTN

DMCI Homes eyes Davao expansion

DMCI Homes Davao Office

DMCI HOMES is looking to expand its footprint in the Davao region.

DMCI Homes Vice-President for Project Development Dennis Yap in a statement said the company is “currently looking into other locations in the region to expand the company’s footprint in the King City of the South.”

DMCI Homes currently has one project in the region — a residential project Verdon Parc development along Ecoland Drive.

The company is showing its commitment to the Davao region by opening a new office. It moved to a new building located in Barangay Maa, Talomo District, Davao City. Its previous office was located at Lot 5A, Sandawa Plaza, Quimpo Blvd., Ecoland.

“With our new office, we look forward to serving Davaoeños better in the coming years and contribute to Davao City’s continuing evolution as a premier living destination through DMCI Homes’ brand of high quality and best value homes,” Mr. Yap said.

AC Energy unit’s diesel plant allowed to connect to grid

THE energy regulator has given the green light for a unit of Ayala-led AC Energy Corp. to connect its 300-megawatt (MW) modular diesel power plant in Rizal province to the Luzon grid.

In a decision posted on its website, the Energy Regulatory Commission (ERC) said that it had approved the application of Ingrid Power Holdings, Inc. to develop and own a dedicated transmission facility.

The transmission project will link the diesel plant to the grid by connecting to the 230-kiloVolt (kV) Malaya substation operated by National Grid Corp. of the Philippines.

However, the commission said that the grid operator will be in charge of operating and maintaining the facility to keep the reliability of the power grid.

In its ruling, the ERC said that Ingrid Power had spent P902.25 million for the transmission project, which covered Phase 1 of the Ingrid substation, Phase 1 of the Malaya substation, project management costs, and import fees, based on figures taken in November 2020.

Energy generated from Ingrid Power’s 300-MW plant is intended to serve as a source of reserves for the Luzon grid, according to the ERC. Project development for the plant is scheduled in two phases, with installations of 150 MW each.

The regulator also required the firm to pay permit fees of P6.77 million in line with the Commonwealth Act No. 146, and the commission’s revised fees and charges.

The commission’s decision, which was posted on its website on June 21, was signed by Chairperson and Chief Executive Officer Agnes VST Devanadera and four other commissioners.

Shares of Ingrid Power’s parent firm AC Energy inched up by 0.24% or two centavos to close at P8.47 apiece on Monday. — Angelica Y. Yang

Entertainment News (07/06/21)

iQiyi releases new Asian shows in July

IQIYI International presents new titles from China, Japan, and Korea this July. New crime and thriller films include Voice of Silence (starring Yoo Ah-in and Yoo Jae-myung), Recalled (starring Seo Yea-ji), and Pipeline (starring Seo In-guk). Romance options include My Love (starring Greg Hsu and Zhang Ruo-nan), Passage of My Youth (starring Zhang Zi-feng and Song Wei-long), and Why Women Cheat (starring Deng Kai and Yao Xiao-xiao). Also in the pipeline is the movie holding the highest box-office record in Japanese film history, Demon Slayer: Kimetsu no Yaiba the Movie: Mugen Train, which earned over $474.6 million worldwide, it was the best-selling film in 2020. The story continues where the TV series Demon Slayer: Kimetsu no Yaiba left off. Meanwhile, the animation series Natsume Yujin-cho has been adapted into a feature film, Ephemeral Bond, which will also be shown this month. Other films on iQiyi International’s slate include The Rescue (starring Eddie Peng), A Writer’s Odyssey (Lei Jiayin and Yang Mi), Detective Chinatown Vol. 2 (Wang Baoqiang and Liu Haoran), as well as several Wuxia classics remakes (The Legend of the Condor Heroes: The Dragon Tamer and King of The New Beggars.) To watch, download the iQiyi app or log in to www.iQ.com.

Leah Halili releases debut single

THE RANSOM Collective’s Leah Halili has taken her sound to warmer, more intimate places with the release of her debut single “Fourth of July” — which is now out on all digital music platforms worldwide. The indie-folk tune tackles a romantic journey between two people who met and found an instant connection. The song was written by Ms. Halili herself, and produced by singer-songwriter Carlos Castaño. The result is a spare, but intricate piece. Ms. Halili — the bassist and vocalist of six-piece band, The Ransom Collective — makes confessional folk-pop songs that memorialize small, intimate details and resonant experiences with a stripped-down direction. The 27-year-old singer-songwriter is now working on an upcoming EP to be independently released soon, with “Fourth of July” as its first single.

Bb Pilipinas opens voting app

WITH just a week before the grand coronation night, Binibining Pilipinas has launched a new mobile app where netizens can vote for their favorite candidates. The candidate with the highest number of votes will automatically secure a wildcard spot in the semifinals on July 11. A registered app user can cast one vote per day only. Voting will run until midnight of July 10. The mobile app will also provide users with information about each candidate, as well as pageant news and updates. It will also link to the online merchandise store. The Binibining Pilipinas mobile app is available for both Android and IOS users via Google Playstore or App Store, or this link: https://qrco.de/bcCykH. Registration and voting on the app are for free. The grand coronation night of Binibining Pilipinas 2021 is on July 11, 9:30 p.m., at the Smart Araneta Coliseum. It will be aired on A2Z, the Kapamilya Channel, and Metro Channel, and will be livestreamed on iWantTFC and the official Binibining Pilipinas YouTube Channel.

brb. releases performance video

INTERNATIONALLY acclaimed R&B trio, brb., released the performance video of its latest single, “saint,” on July 2. This marks the first time that brb. is putting out a live performance showcase for one of their new releases. The song is the lead track of their sophomore EP, fleur, which chronicles a change in direction for the R&B’s group in terms of sound and vibe. Fans can expect more experimentation and collaborations as the group has lined up artists from all over Asia for the coming months.

Wish Ko Lang! marks 19th anniversary 

AWARD-winning public service program and drama anthology Wish Ko Lang! is celebrating its 19th anniversary this month with five special episodes airing every Saturday beginning July 3. The show features inspiring stories that spark hope and remind viewers that dreams can come true amidst adversities. It is hosted by GM News’ Vicky Morales. Set to be part of the month-long anniversary line-up of Wish Ko Lang! are Christopher de Leon, Albert Martinez, Rhian Ramos, and Sanya Lopez. Wish Ko Lang! airs Saturday at 4 p.m. on GMA Network. Viewers abroad can also watch it on GMA Pinoy TV.

Pru Life UK partners with HMOs on group insurance

PRULIFEUK.COM.PH

PRU LIFE UK has launched a group insurance package for employees of businesses that have tapped Intellicare and Avega as their health maintenance organizations (HMO).

“We saw here was an opportunity for us to link up with an HMO to provide health insurance as well as adequate life insurance coverage for employees working in the Philippines,” Pru Life UK President and CEO Antonio G. De Rosas said in an online briefing on Monday.

Existing and new business clients of Intellicare and Avega can avail of the Pru Life UK group insurance package starting this month. and the contract is renewable yearly, PruLife UK vice-president for enterprise business Marinette S. Jaranilla said in an online briefing.

Employees who will be part of the group insurance package will be eligible to life benefits, burial benefits, terminal illness benefits, accidental death and disablement benefits, and critical illness benefits, said Maria Divina H. Furagganan, Pru Life UK Executive Vice-President and Chief Distribution Officer.

The partnership will also include AstraZeneca Plc, which will provide disease awareness for group insurance package beneficiaries through Pru Life UK’s Pulse app. AstraZeneca will focus on campaigns on lung cancer prevention and management.

Ms. Furagganan said employees covered by the group insurance may check their policies and file their claims through the Pulse app. Through the package, employees will have access to paid subscription to the platform, which includes functions like meal planner, access to health and wealth communities, and an exercise buddy, among others.

Pru Life UK booked the second highest net premiums worth P30.98 billion in the life insurance sector in 2020, based on data from the Insurance Commission.

Its net income of P3.27 billion stood as the fourth biggest in the industry last year, while it ranked fifth in terms of its assets which amounted to P117 billion. — Luz Wendy T. Noble

Philippines remains in list of top 10 worst countries for workers for fifth year in a row

Philippines remains in list of top 10 worst countries for workers for fifth year in a row

Household spending outlook less upbeat for the third quarter this year

Household spending outlook less upbeat for the third quarter this year

How PSEi member stocks performed — July 5, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, July 5, 2021.


Stocks climb despite lower volume ahead of data

PHILIPPINE shares climbed on Monday even as trading volume declined as most investors were waiting for the release of the country’s June inflation data.

The Philippine Stock Exchange index (PSEi) went up by 34.12 points or 0.48% to close at 7,036.38 on Monday, while the all shares index rose by 20.64 points or 0.48% to finish at 4,315.61.

“The local market rallied for the third straight day on lackluster volume as investors await the inflation data which will be released [on Tuesday],” AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a Viber message.

“The PSEi inched higher on lower trading volumes, led by gains in property and holding firms. Monday has always been a slow trading day as most markets abroad are still closed for the weekend,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

“There is a lot of optimism among investors as most are willing to hold and even add to current positions as the economy recovers. However, everyone will be watching the inflation figures that will be out later this week, and any unwelcome surprises may cause a sell-off,” Mr. Mangun added.

Value turnover decreased to P4.31 billion with 1.79 billion shares switching hands on Monday, from the P5.85 billion with 2.77 billion shares traded on Friday.

The Philippine Statistics Authority is scheduled to release June inflation data on Tuesday, July 6.

Inflation in June likely breached the central bank’s target for the sixth straight month, though slower due to improving food supply and falling transport prices, analysts said.

A BusinessWorld poll of 14 analysts held last week yielded a median estimate of 4.3% for June headline inflation, matching the midpoint of the 3.9% to 4.7% estimate of the Bangko Sentral ng Pilipinas for the month. That is faster than the 2.5% print in June 2020 and the central bank’s 2-4% target for the year, but slower than the 4.5% in May.

Majority of sectoral indices closed in the green on Monday except for financials, which inched down by 2.56 points or 0.16% to 1,515.93.

Industrials climbed by 85.15 points or 0.87% to 9,786.63; property went up by 28.26 points or 0.83% to 3,403.40; holding firms gained 35.73 points or 0.5% to 7,062.31; mining and oil improved by 38.76 points or 0.39% to end at 9,877.32; and services rose by 5.23 points or 0.32% to 1,620.04.

Advancers outperformed decliners, 110 versus 98, while 51 names closed unchanged. Foreigners turned sellers anew, logging P82.10 million in net outflows on Monday versus the P754.03 million in net purchases seen on Friday.

“We expect the market to move sideways for now as the sustained trading above the 7,000 level is not yet supported by heavy volume,” AB Capital Securities’ Mr. Soledad said. — Keren Concepcion G. Valmonte

Peso drops vs dollar as oil prices climb after OPEC+ fails to reach deal

BW FILE PHOTO

THE PESO depreciated versus the greenback for the third straight day on Monday as global oil prices inched higher and due to increased demand for the dollar as the economy gradually reopens.

The local unit closed at P49.24 per dollar on Monday, shedding four centavos from its P49.20 finish on Friday, based on data from the Bankers Association of the Philippines.

Monday’s close was the peso’s weakest since the P49.25-per-dollar finish seen on July 27, 2020.

The peso opened Monday’s session at P49.10, which was also its intraday best. Meanwhile, its weakest showing was at P49.325 versus the greenback.

Dollars traded increased to $1.073 billion on Tuesday from $956 million on Friday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the peso’s weakness to demand for the dollar as oil prices continued to rise. He noted that higher oil prices could also increase the country’s import bill and affect the currency.

Reuters reported that Brent crude rose by 15 cents or 0.2% to $76.32 by 0558 GMT on Monday. This came after uncertainties regarding major oil exporter countries’ production increase in the months ahead.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Friday supported a proposal to increase production by about 2 million barrels per day (bpd) from August to December and to extend the remaining output cuts to the end of 2022. However, the group was unable to reach a final agreement due to objections from the United Arab Emirates (UAE).

Decisions in OPEC+ must be unanimous. OPEC+ ministers were set to resume talks on Monday.

The spat erupted at a sensitive time for the oil market and could delay plans to pump more oil through to the end of the year to cool global oil prices that have soared to 2-1/2-year highs.

Consuming nations want more crude to prevent high prices derailing a global recovery from the COVID-19 pandemic.

Prince Abdulaziz bin Salman, energy minister of Saudi Arabia, the biggest oil exporter in OPEC, called on Sunday for “compromise and rationality” to secure a deal.

The UAE said it supported releasing more oil but not extending remaining cuts beyond April 2022 without an agreement to revise its own output baseline —the level from which production cuts are calculated.

The UAE, which has invested billions of dollars to lift capacity, says its baseline was set too low when OPEC+ originally forged their pact to limit supplies.

Responding to oil COVID demand destruction, OPEC+ agreed last year to cut output by almost 10 million bpd from May 2020, with plans to phase out the curbs by the end of April 2022. Cuts now stand at about 5.8 million bpd.

Meanwhile, a trader said the peso depreciated due to demand for the dollar as the coronavirus situation in the country improves, which could result in more imports as businesses reopen or expand their operating capacity.

Infections rose by 5,392 on Monday, bringing the country’s tally to 1.441 million, based on data from the Department of Health.

For Tuesday, Mr. Ricafort gave a forecast range of P49.10 to P49.30, while the trader expects the local unit to move within the P49.15 to P49.25 band against the dollar. — L.W.T. Noble with Reuters

One million vaccine doses from Japan arriving

PHILIPPINE STAR/ MICHAEL VARCAS

By Kyle Aristophere T. Atienza, Reporter

THE GOVERNMENT will take delivery of a million more doses of coronavirus vaccines this week care of Japan, according to the presidential palace, in a boost to its vaccination drive.

About a million AstraZeneca doses donated by the Japanese government and 170,000 Sputnik V vaccines ordered from Russia would arrive this week, presidential spokesman Herminio L. Roque, Jr. told a televised news briefing on Monday.

He said 11.7 million doses of coronavirus vaccines had been given out as of July 2, 8.8 million of which were first doses.

About 1.1 million health workers, 897,719 seniors and 788,630 seriously ill people have received their second doses. Mr. Roque said 26,109 essential workers and 227 indigent Filipinos have also been fully vaccinated.

About 57% of intensive care unit beds (ICU) in the country had been used as of July 4, while 46% of isolation beds and 44% of wards were occupied, he added

In the capital region, 46% of ICU beds were occupied, while 38% of isolation beds and 33% of ward beds were used.

The Department of Health (DoH) reported 5,392 coronavirus infections on Monday, bringing the total to 1,441,746.

The death toll rose to 25,192 after 43 more patients died, while recoveries increased by 6,477 to 1,364,960, it said in a bulletin.

There were 51,594 active cases, 91.1% of which were mild, 3.8% did not show symptoms, 1.5% were critical, 2.1% were severe and 1.57% were moderate.

The agency said 15 duplicates had been removed from the tally, nine of which were tagged as recoveries. Twenty recoveries were reclassified as deaths. Ten laboratories failed to submit data.

The government expects the Metro Manila to attain so-called population protection by November, Health Undersecretary Maria Rosario Vergeire told a separate news briefing.

“Aside from having this certain percentage of vaccinated individuals, we need to ensure that enough seniors and people with comorbidities are vaccinated,” she said in mixed English and Filipino.

Health authorities last week said the Philippines was at low risk from the coronavirus after declining infections in the past two weeks.

Infection rates fell by 9% in the two weeks that ended on June 26, Health Director Alethea de Guzman said.

The average national daily attack rate — new cases divided by the population — stood at 5.42, within the moderate risk classification. An average of more than seven is considered high risk.

The daily infection tally increased slightly to 5,772 from June 24 to 30, from 5,638 from June 17 and 23, she said.

DoH flagged the Davao region, Western Visayas, Soccsksargen and Eastern Visayas for rising coronavirus infections.

The infection rate in the Davao region had more than doubled in the past two weeks, while the rate in Western Visayas was 63%, 67% in Soccsksargen and 118% in Eastern Visayas.

The daily attack rate in the Davao region was 9.14, 8.12 in Western Visayas, 7.1 in Soccsksargen and 7.05 in Eastern Visayas, she said.

Coronavirus cases in Metro Manila fell by 26% from June 13 to 26, while its average daily attack rate was at 5.01, which is considered low risk.

Infections in the capital region have plateaued after a slow decline in the past weeks. The average daily tally in the seven days ended June 30 stood at 694, from 686 a week earlier.

Coronavirus infections in Luzon have fallen except for the Cordillera Administrative Region, Ilocos and Mimaropa, the Health department said.

Cases in Eastern and Western Visayas were rising, while Central Visayas had experienced a plateau after a sharp decline. Infections in Mindanao have been falling except for the Davao region, where the trend is inconsistent.

The Philippines aims to inoculate at least 500,000 people daily in Metro Manila, Rizal, Bulacan, Cavite, Laguna, Metro Cebu and Metro Davao to achieve herd immunity by Nov. 27.

Anti-graft tribunal clears senator in pork barrel scam

PHILSTAR FIEL PHOTO

THE COUNTRY’S anti-graft court has dismissed corruption charges against a senator whom the late President Benigno S.C. Aquino III had managed to send to prison for allegedly pocketing hundreds of millions of pesos in pork barrel funds.

In a 196-page decision, the Sandiganbayan Special First Division junked 16 counts of graft against Senator Ramon “Bong” Revilla, Jr. for insufficiency of evidence. The court granted his plea to dismiss the cases without the defense having to present evidence.

Associate Justice Geraldine Faith Econg wrote the decision, with two justices concurring and two dissenting.

Prosecutors in 2014 indicted the actor-turned-politician of getting P224 million in kickbacks after funneling part of his discretionary funds as a senator to bogus nongovernment groups.

The court also junked the remaining cases against Mr. Revilla’s former chief of staff Richard Cambe, who died from stroke while jailed at the national penitentiary in April.

The same court cleared Mr. Revilla in 2018 of plunder over the same charges that led to his freedom. He also staged a political comeback and is now a senator again.

The lawmaker earlier argued the allegations in his plunder case were the same as in his graft cases, adding that he should not have been separately charged for corruption.

He also said prosecutors had failed to prove that he had endorsed the nongovernment groups and received kickbacks.

During trial, prosecutors presented 11 endorsement letters signed by Mr. Revilla or his aide. But the Sandiganbayan said the senator’s signatures were just recommendations and did not compel implementing agencies to award the projects to fake nongovernment groups. 

And since neither Mr. Revilla nor Mr. Cambe had the power to award the projects, they were not in a position to give “unwarranted benefits” under the country’s anti-graft law, the court said.

“The bonds posted by accused Revilla re hereby ordered released, subject to the usual accounting and auditing procedures,” according to the decision. “The hold departure orders issued against them are also set aside.”

But the court denied pork barrel scam mastermind Janet Napoles’s plea to dismiss her cases, meaning her trial will proceed. — Norman P. Aquino and Bianca Angelica D. Añago