To ensure that Filipinos are able to cope with mental and physical health concerns brought about by the pandemic, Globe encourages the public to access its “lifelines” such as Hopeline to receive free 24/7 mental health support, HealthNow to access health services, and Bantay Bata #163 to report domestic and child abuse.
Hopeline is a round-the-clock suicide prevention and crisis support desk of Natasha Goulbourn Foundation (NGF) created in 2012 with Globe providing the necessary technology for its operations. Since then, the hotline has received over 43,000 calls mostly related to depression, suicidal thoughts, and relationship problems in the last 2 years
Those who are in emotional crisis and in need of immediate assistance, may contact the hotline through 2919 (toll-free for all Globe and TM subscribers), (02) 804-HOPE (4673) or 0917-558-HOPE (4673).
“The uncertainties that surround us are a cause for anxiety and concern for many which could take its toll on our mental well-being. We intend for Hopeline to serve as a lifeline to those in need of support, and eventually help ease their burden,” said Yoly Crisanto, Globe chief sustainability officer and SVP for Corporate Communications.
The Department of Health (DoH) reported almost 600 suicide-related calls during the months of January and February 2021 alone. The National Center For Mental Health (NCMH) hotline also receives an average of 1,002 monthly calls, with suicide calls accounting for 289 each month.
These staggering figures have given rise to the importance of mental health support platforms that people can easily access. Thus, NGF also partnered with telehealth service integrator HealthNow to give the public more ways to reach the hotline. With the partnership, Hopeline can now be accessed in the HealthNow app’s Urgent Help button which can be found on the app’s welcome page.
“Hopeline Philippines is here to help those with depression and those going through emotional crises especially now during these trying times. It just takes one call to save a life to suicide. One line, one call, one life. Be one with us,” said Jean Goulbourn, president and founder of Natasha Goulbourn Foundation.
HealthNow is a joint undertaking of 917Ventures and AC Health. It is a mobile app that helps patients conveniently consult with a doctor, buy medicine for delivery, and schedule clinic appointments without leaving their homes. The app may be downloaded from Play Store for Android and App Store for iOS.
Globe likewise continues to support the ABS-CBN Foundation, Inc.’s Bantay Bata #163 Helpline, which is free for all Globe and TM mobile phone users. It allows anyone to report child abuse especially during this period when children are at home most of the time. To call, simply dial #163.
Globe strongly supports the United Nations Sustainable Development Goals (UN SDG), particularly UN SDG No. 9 which highlights the roles of infrastructure and innovation as crucial drivers of economic growth and development. Globe is committed to upholding the 10 United Nations Global Compact principles and 10 UN SDGs.
WASHINGTON — A top European Union official said Sunday that Americans who have been vaccinated against coronavirus disease 2019 (COVID-19) should be able to travel to Europe by summer, easing existing travel restrictions.
European Commission President Ursula von der Leyen told The New York Times that the union’s 27 members would accept, unconditionally, all those who are vaccinated with vaccines that are approved” by the European Medicines Agency. The agency has approved the three vaccines used in the United States (Pfizer-BioNTech, Moderna, and Johnson & Johnson).
“The Americans, as far as I can see, use European Medicines Agency-approved vaccines,” Ms. von der Leyen said. “This will enable free movement and travel to the European Union.”
She did not say when travel could resume. The EU largely shut down nonessential travel more than a year ago.
European Union countries agreed this month to launch COVID-19 travel passes that would permit people who have been vaccinated against the disease, recovered from an infection or have tested negative to travel more easily. — Reuters
LONDON — British lawmakers on Monday called on the government to publish all communications with pharmaceutical companies to understand if private lobbying influenced its opposition to a waiver of intellectual property rules for coronavirus disease 2019 (COVID-19) vaccines.
The United States and a handful of other big countries, including the United Kingdom, have blocked negotiations at the World Trade Organization (WTO) involving a proposal spearheaded by India and South Africa that now has the support of 100 WTO members.
The proposal would temporarily waive the intellectual property (IP) rights of pharmaceutical companies to allow developing countries to produce vaccines.
The waiver is opposed by the US Chamber of Commerce and big pharmaceutical companies such as Pfizer, BioNTech, Moderna, and Johnson & Johnson.
A cross-party group of UK lawmakers has signed a statement calling for Prime Minister Boris Johnson, ministers, and senior civil servants to publish all email, text, and WhatsApp messages exchanged with pharmaceutical companies and their lobbyists.
Patient advocacy and vaccine equity organizations have also signed the statement, including Global Justice Now, Just Treatment, StopAIDS, Frontline AIDS, Universities Allied for Essential Medicines UK, Students for Global Health, and Nurses United UK.
“The UK’s opposition to an intellectual property waiver on COVID-19 vaccines is utterly indefensible,” said Heidi Chow, senior policy and campaigns manager at Global Justice Now, which organized the joint statement.
A spokesperson for the UK government said it prioritized transparency but stakeholders had a right to expect a reasonable degree of confidentiality in their communications.
The UK was one of the biggest donors to Covax to ensure global access to vaccines and continued to encourage manufacturers to provide their vaccines on a not-for-profit, transparent basis.
“We are committed to exploring ways in which we can improve equitable access further and believe this should be done through the existing Intellectual Property framework,” added the spokesperson.
Last week US lawmakers and nonprofit groups heaped pressure on the Biden administration to back the patent waiver ahead of the next formal WTO meeting on the issue on May 5. — Reuters
HONG KONG — Chinese property developers have turned their sights to Hong Kong’s border districts as mainlanders from neighboring boomtown Shenzhen consider parts of the former British colony as a more affordable long-term housing prospect.
The development plans are seen by some as a turning point, with buyers from what was once considered Hong Kong’s cheaper industrial hinterland increasingly viewing of the global finance hub as Shenzhen’s “backyard.”
While Hong Kong’s property market remains red-hot, the city’s international economic prestige has come under pressure after prolonged pro-democracy protests in 2019 and sweeping new national security laws last year.
Shenzhen’s stature, in contrast, keeps growing. During a visit last October, President Xi Jinping touted it as “a model city,” flagging plans to increase foreign investment.
In just a few decades, the sleepy backwater on China’s southern border has morphed into a tech hub of about 13 million, people towering over the fishponds and farmland in Hong Kong’s less-developed north. Hundreds of thousands move there every year.
In Shenzhen’s prime districts, such as Nanshan where tech giant Tencent is based, some house prices have already surpassed those in northern Hong Kong, which is one hour or more away from the expensive central business district.
“Our long-term view is Shenzhen will be the center and Hong Kong the periphery,” said an executive at a Chinese developer which bought land in the once less-appealing north, asking not to be named because he was not authorized to speak to media.
“People who work in Shenzhen may choose to commute from Hong Kong where home prices will be cheaper.”
Hong Kong Land Department records show that of the six northern residential plots auctioned off since 2019, three were bought by Chinese developers.
In a separate private deal last year, China Evergrande Group bought 250,000 square feet in the border town of Yuen Long, from Hong Kong’s Henderson Land for $600 million.
Property agents told Reuters the major Chinese developer plans around 200 units in the area and expects most buyers to be mainlanders. It bought at HK$10,000 per square foot and is looking to sell at HK$20,000, which it hopes will attract mainlanders from Shenzhen, an agent in contact with Evergrande said.
In the part of Shenzhen immediately across the border, prices are closer to HK$30,000 per square foot.
Evergrande is also selling 2,000 flats in the Tuen Mun neighbourhood — a 15-minute drive from Nanshan and close to a beach — after finishing a project on a plot bought from Henderson Land for $833 million in 2018.
Shenzhen-based Kaisa Group won a parcel there for $451 million last year, while major developer China Vanke has already built over 1,100 units.
Kaisa said the location, close to the Hong Kong-Zhuhai-Macau bridge, could benefit from closer integration between cities in the Greater Bay Area. Vanke’s Hong Kong unit said it was convenient for travel to Shenzhen and Macau, but added northern Hong Kong is not its sole focus.
Evergrande declined to comment.
‘ABNORMAL’ PRICES According to realtor Midland, mainland Chinese bought 40% more residential properties in Hong Kong in the first two months of 2021 than a year ago, boosted by optimism that the border will reopen as the coronavirus disease 2019 (COVID-19) crisis eases.
The percentage of mainland buyers of new Hong Kong homes bottomed in the second quarter last year at 8.7% of transaction volumes, and rose to 11% in the first quarter this year.
More than 80% of their 2021 purchases were valued above HK$50 million ($6.4 million), Midland said.
“Chinese developers are upbeat about the Hong Kong property market,” said Midland HK residential CEO Sammy Po. “Northern districts are one of the areas Chinese investors are buying in.”
Tuen Mun and Yuen Long saw many anti-government and anti-China demonstrations in 2019. The protests are unlikely to resume, but tensions remain as some long-time residents feel the wealthy newcomers are disrupting their lifestyle.
“Tuen Mun has higher consumer goods prices than the city centre, that’s abnormal,” said 50-year-old Ms. Wong, who only gave her last name due to the sensitivity. — Clare Jim/Reuters
Leading life insurer Pru Life UK is the new number one among life insurers in the Philippines in terms of New Business Annual Premium Equivalent (NBAPE) for the year 2020.
In a disclosure by the Insurance Commission (IC) today, Pru Life UK recorded a total NBAPE of P7.95 billion last year, which represents a 3.7% increase from the company’s NBAPE in 2019.
Pru Life UK President and CEO Antonio “Jumbing” De Rosas
“We are thrilled to finally announce that we are the new industry leader. I extend my congratulations to our PRULifers — agency leaders, agents, distribution partners, and employees — for their relentless commitment to our We DO promise of delivering our products and services with excellence. More importantly, I express our utmost gratitude to all our policyholders for their continued trust in the company,” said Pru Life UK President and CEO Antonio “Jumbing” De Rosas.
According to a media statement by the IC, the country’s life insurance industry as a whole recorded a 5.9% growth in premium income to P247.7 billion in 2020 from P233.9 billion in 2019.
The IC has adopted NBAPE, a global standard, to measure the Philippines’ life insurance industry’s sales performance more accurately. This yardstick helps the government body compare companies’ new sales by considering the two payment methods used in the industry — regular premium and single premium (also known as single-pay or one-time pay). A life insurer’s NBAPE is calculated by adding the value of regular premiums from products sold in a given year (or the initial annualized premiums) and 10% of single premiums written in the same period.
Since establishing operations in 1996, Pru Life UK has repeatedly pioneered new and innovative products for Filipinos. Its achievements include being one of the first companies allowed by the IC to issue dollar-denominated policies and the first to offer unit-linked or investment-linked life insurance products in the Philippines.
Pru Life UK embraced digital solutions and channels early on to propel its business further and expand its customer touchpoints. In 2019, it introduced Pulse, an all-in-one health and wellness solutions app. As a wellness ecosystem, the app educates and encourages users to lead a healthy lifestyle, enables them to interact with each other and offers rewards for completing health-related challenges. At the height of the pandemic last year, the company offered a free Personal Accident insurance and COVID-19 protection through Pulse as an additional measure to safeguard users against the virus. As of today, the app has been downloaded over three million times.
In 2020, Pru Life UK was also the first insurer to operate digitally, with nearly 100% work-from-home capability. It also further promoted Pulse, on which digital life protection solutions and payments were made available to promote customer convenience and safety. Meanwhile, the company’s agency force grew to over 44,000 agents last year, a 21% increase from 2019.
Pru Life UK first entered the top 10 list of life insurance companies in terms of First-Year Premiums in 1998. In 2007, it hit the P1-billion mark in terms of Annualized Premium Equivalent, a 130% growth from the previous year. Thirteen years later, it is now on top of the leaderboard, with a total net premium income of P30.9 billion, a 14% increase from P26.9 billion in 2019.
Twenty-five years of success
This significant achievement coincides with Pru Life UK’s 25th anniversary this year. To celebrate its success, Pru Life UK currently holds the We DO Health & Wealth: 25th Anniversary Celebration, featuring a 25-week free raffle bonanza.
“Last year was especially challenging because of the pandemic, but thanks to the remarkable resilience and strength of our people, coupled with the continued loyalty of our new and existing customers, we thrived. This celebration is our simple way of thanking our customers for letting us be their trusted life insurance partner for two and a half decades. In the years to come, we will continue to uphold our promise to be a company that listens and responds to the financial needs of our fellow Filipinos on their journey to achieve their health and wealth goals, and helps them get the most out of life,” added Mr. De Rosas.
Participants simply need to download Pulse and use its features to earn raffle entries. Users can increase their chances of winning by being more active on the app.
The 25-week raffle draw will award over P6 million worth of prizes to more than 600 winners, including a grand prize winner of P2.5 million cash, 25 winners of an iPhone 12 mini and 24 winners of an e-gift certificate worth P2,500. Official announcements can be found on Pru Life UK’s website and official Facebook page one day after the draw.
Meanwhile, Pru Life UK continues to provide its customers protection against COVID-19 with its latest free PRUPersonal Accident with COVID-19 and vaccine protection cover for adverse reactions valid for one year, issued on a complimentary basis to the first 250,000 registering via Pulse before May 31. This free insurance, a first-of-its-kind that offers the most comprehensive coverage in the industry, builds on the company’s free Personal Accident and COVID-19 protection launched in April last year and was extended to offer pos-COVID-19 vaccination coverage.
Pru Life UK’s unaudited Quarterly Reports on Selected Financial Statistics (QRSFS) for NBAPE in 2020 have been submitted and will be made available on the IC website https://www.insurance.gov.ph. For more information about Pru Life UK’s offerings and the raffle bonanza, visit www.prulifeuk.com.ph.
[1] In terms of New Business Annual Premium Equivalent (NBAPE) for 2020
WILMINGTON — The United States will immediately send raw materials for coronavirus disease 2019 (COVID-19) vaccines, medical equipment, and protective gear to help India respond to a massive surge in coronavirus infections, US President Joseph R. Biden, Jr., said on Sunday.
“Just as India sent assistance to the United States as our hospitals were strained early in the pandemic, we are determined to help India in its time of need,” Mr. Biden said on Twitter after the White House announced a list of measures.
National Security Council spokeswoman Emily Horne said US officials were “working around the clock” to deploy available resources and supplies to help India manufacture the Covishield vaccine and tend to the millions of Indians who are sick and dying. The United States will also send therapeutics, rapid diagnostic test kits and ventilators.
Washington was under mounting pressure to help India, the world’s largest democracy, after Britain, France, and Germany pledged aid over the weekend.
Indian Prime Minister Narendra Modi urged all citizens to be vaccinated and exercise caution, as the country set a global record for new COVID-19 infections in a single day.
The United States was also pursuing options to provide India with oxygen generation and related supplies, Ms. Horne said.
US Representative Ro Khanna, Democratic vice-chair of the Congressional India Caucus, welcomed the announcement but urged Biden to go further and give India the United States’ unused COVID-19 vaccines doses from AstraZeneca Plc.
“Let’s use the US military and get as much oxygen and AstraZeneca doses to India as fast as we can,” he said.
The top US infectious disease official, Dr. Anthony Fauci, told ABC News on Sunday such a move was “something that certainly is going to be actively considered.”
AstraZeneca’s vaccine is not yet approved in the United States, which has stockpiled millions of doses, and top U.S. health officials have said they have enough doses of approved versions by three other drugmakers to inoculate all Americans in coming weeks. The nation’s top business lobbying group has also pushed the administration to send AstraZeneca’s vials to countries grappling with rising cases.
The White House had no comment on the possibility of providing AstraZeneca doses to India.
Ashish Jha, dean of the Brown University School of Public Health, said the engagement of top Biden administration officials reflected a welcome “seriousness of purpose” in addressing the crisis in India, but details were lacking.
He said the messaging around any loan of AstraZeneca doses should be carefully prepared to avoid the impression that Washington would be offloading “something that it doesn’t want.”
Senior US officials have expressed concern that new variants of the virus emerging in India could undermine progress made in the United States in fighting the pandemic.
The new wave of infections also threatens the economic recovery of India, the sixth-largest economy in the world.
Ms. Horne said the United States would send a team of experts to work with India from the Centers for Disease Control and Prevention and US Agency for International Development.
In addition to the immediate aid, the US Development Finance Corporation will fund a substantial expansion of manufacturing capability for Indian vaccine maker Biological E Ltd, or BioE, enabling the company to produce at least 1 billion doses of COVID-19 vaccines by the end of 2022. — Andrea Shalal/Reuters
Alorica, a provider of customer management outsourcing solutions, has a young workforce: 30% are from Gen Z, and around 61% are millennials. “Freedom of thought is very important for them,” said Irene L. Tan, vice-president for learning and development at Alorica Philippines, Inc., who added that the company has benefited from the “brilliant ideas” originating from these generational cohorts. In this episode of B-Side, she tells BusinessWorld reporter Patricia B. Mirasol how intentional communication and creating a culture of care are key to retaining young talent when most of them are working from home because of the pandemic.
TAKEAWAYS
To keep young employees engaged, have a clear message. Embrace social.
Intentional communication — clear and purposeful messaging that accounts for the feelings of the receiver — is vital since 60% of Alorica’s Philippine workforce have been working from home since the pandemic struck.
“We repackaged our whole training program so it fits the virtual setting. We focused on how [frontline leaders] coach or problem solve virtually.”
Alorica produces videos, infographics, and micro-learning content to keep its young employees engaged. Its learning academy offers courses that support career pathing, leadership development, and life skills. Among these are “Til Debt Do Us Part” (a personal finance course) and “Before You Click Send” (a digital communications course). Self-paced materials have proven popular in the academy because of the greater control it allows.
“It’s very important for our young workforce to make sure we have the social media aspect with features they enjoy that we can bring in a controlled environment,” she said, adding that both Gen Zs and millennials have a learning orientation that is very digital and process information in bite-sized pieces.
Personal attitude dictates the pace of career growth…
Self-motivation and the willingness to learn will allow employees to advance. “The opportunities are there,” she said. “It’s up to you how you will grab and learn from every opportunity. It all begins with how you challenge yourself.”
Added Ms. Tan: “We promote 80–90% of folks from within so we need to have a very strong bench training for leaders.”
…and so does adaptability.
One’s degree should not limit one’s career path, as the skills and knowledge learned can be adapted to other fields and functions. “You can grow laterally in an organization,” said Ms. Tan. “Adaptability is one of the special traits we look for.”
Honda Cars Philippines, Inc. (HCPI) Honda’s automobile business unit in the Philippines announces its “Summer Holiday Service Offers” promo, which features different discounts and deals offered until May 31, 2021, at select Honda Cars dealerships and service centers nationwide.
Customers may enjoy a 20% discount on select genuine parts, lubricants, fluids, and accessories such as PM 2.5 cabin filter, regular cabin filter, spark plug, battery, brake pad, brake shoe, mineral oil (10W30), super long life coolant, automatic transmission fluid, manual transmission fluid, power steering fluid, HCF-2 CVTF fluid, brake fluid, and our existing additives such as engine cleaner and engine oil treatment.
Moreover, in order to provide clean air within the cabin ensuring a safe drive during the new normal, a 20% discount is given on the Honda-approved air purifier.
Additionally, customers may enjoy buy one (1) take one (1) promo in select original equipped (OE) City (2013-2020) and BR-V (2017-2021) tires. A 50% off discount is available on every purchase of two (2) City and BR-V tires, inclusive of seven (7) year manufacturer warranty from date of production.
On top of all these offers, different Honda services such as the Free 30-Point Check-up, BLITZ 1-Hour Preventive Maintenance Service, and Mineral Oil (10W30)-Based Change Oil Package with a discounted price of PHP 1,700 from the original suggested retail price of PHP 1,915 (for out-of-warranty vehicles only).
To know more about the Summer Holiday Service Offers, and the latest HCPI news and promos, visit the nearest participating Honda Cars dealership, or access Honda Cars Philippines, Inc.’s VIRTUAL SHOWROOM through HCPI’s official website at www.hondaphil.com.
For details, visit or call any of our select participating dealers today!
With strict quarantine protocols and transport restrictions reinstated in high-risk parts of the country, the logistics industry continues to play a vital role in sustaining both the economy and consumers. To help support the growing and evolving demands of the industry, Hino Motors Philippines (HMP), the exclusive distributor of Hino trucks and buses in the Philippines, introduces the newest addition to its growing roster of light-duty trucks—the all-new Hino 300 Series.
Built for durability and usability, the all-new Hino 300 Series is designed to support business owners looking to invest in light-duty trucks that can handle heavy-duty operations. The introduction of the new units comes at an opportune time with the e-commerce industry thriving and suppliers and retailers requiring reliable trucks to transport essential goods.
All-new Hino 300 Series: The reliable on-road transport partner
The all-new Hino 300 Series light-duty trucks come with a Euro 4-compliant, fuel-efficient engine that can help businesses save costs, especially for long drives. The 4-cylinder diesel engine runs on an electric control common rail fuel injection system designed to deliver high-power and high-efficiency performance. One variant also includes a 6-speed Automatic Transmission, where the electronic control ensures shifts, including overdrives, in any road conditions, are carried out with ease. The new transmission likewise allows optimized engine braking, an expanded lock-up range, lower fuel consumption on idle, and an overall quieter ride.
To ensure driver convenience, the cab interior has been upgraded with a bigger meter display for easier reading, improved power doors and windows, and ergonomically designed seats for more room and comfort. SRS Airbags and Anti-lock Brake System (ABS) have also been installed in some Hino 300 Series variants for increased driver and passenger safety.
“We recognize the importance of the local transport and logistics industry given the challenges the country is currently facing. As the country works toward economic recovery, HMP will continue providing Total Support to its customers and lifetime value to Filipinos and the country. With the introduction of our all-new Hino 300 Series, we hope to not only support local suppliers and retailers in responding to the current demands of the market but also to help them in expanding to other businesses and finding new opportunities,” HMP President, Mitsuharu Tabata shares.
Availability
The all-new Hino 300 Series, which comes in the narrow and wide cab variants, is now available in all Hino 3S dealerships nationwide. To request a quotation and to get more information about the all-new Hino 300 Series and other Hino products, visit Hino’s website or official Facebook page.
GCash enables TODA drivers to accept GCash QR payments from riders
The Philippine economy is beginning to be digitally transformed as the pandemic has further driven the shift of workplaces to remote modes, the preference for online stores among consumers, and the increased use of electronic wallets.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno, in a recent webinar, described his vision for the country becoming a digital-heavy, cash-light society to help achieve inclusive growth.
“50% or half of all transactions should be digital by 2023, and 70% of Filipino adults should have formal bank accounts by 2023,” Mr. Diokno said.
Much remains to be done to further prepare Filipinos and businesses for a digital economy to be realized. Nevertheless, several sectors are actively playing significant roles in making the economy more adaptable to a pandemic-shaped future.
Among these players, GCash (Mynt) is actively doing its share in building up the country’s digital economy not only by simply offering consumers a convenient choice for their purchases but also by empowering the public sector through meaningful partnerships.
Taking the lead in enabling these partnerships, Cathlyn Pavia, assistant vice-president and head for partnerships and public sector at GCash, shared in an interview that the company’s fintech service is grounded on its goal of enabling a digital ecosystem to help every Filipino.
Lhen Pavia, GCash’s champion for public partnerships
“Our role is really to become a platform to make financial services available with the government, businesses, and consumers in general,” Ms. Pavia said. “While we make our own services available, more importantly, we partner with other financial services to complete that.”
More than funding electronic wallets to enable payments to partner businesses, organizations, and banks, Ms. Pavia continued, GCash is enabling various financial services within the app such as keeping and accessing savings as well as availing microinsurance.
The platform’s relevance, especially in the past few months, has been evident with an estimated 38 million registered users, which comprises a third of the Philippine population.
“GCash has been consistently the number one finance app,” Ms. Pavia added. “If you check your Google Store, you’ll see that GCash is the number one free app, above Instagram and even TikTok. That says a lot.”
Opportunities to unlock
Ms. Pavia sees, however, that in further realizing a digital economy in the country, there is still much room to promote digital payments in regional and provincial. Moreover, there are several opportunities to maximize, namely enabling a robust national identification system, which is currently in progress; increasing awareness of digital payments among consumers and businesses; and ensuring adequate infrastructure for better connectivity.
“For the public sector, there’s still an opportunity to educate them on what would be the steps to adopt digital solutions and how they can incorporate that with their programs,” Ms. Pavia explained. “For the private sector, it’s how they can utilize digital systems for the disbursement of salary of their employees. And for consumers, it’s letting them know that fintech solutions can help them [avail] financial services.”
Partnerships with government
Collaboration between private and public sectors serves as a key enabler in dealing with these challenges, Ms. Pavia stressed.
“There would really be a need for increased collaboration in addressing these concerns, and for the financial institutions’ side, that would mean co-creating programs with government institutions to educate both businesses and the public,” the Mynt official said, adding that IT and telco providers can collaborate in terms of expertise in digitalizing processes and gearing up systems for digital payment facilitation.
For GCash, collaboration plays a vital role in building the digital ecosystem. As it saw many opportunities to serve Filipinos last year, GCash has been partnering with government agencies, local government units (LGUs), and communities.
At the national level, GCash served as a partner of the Department of Social Welfare and Development in distributing funds under the Social Amelioration Program.
As many as 250,000 beneficiaries were facilitated in less than three days, Ms. Pavia shared. As a result, these beneficiaries were able to receive the funds without lining up in government offices, and they got to utilize the funds digitally, be it for groceries, utility bills, or mobile load. GCash is also helping DSWD in its Assistance for Individuals Under Crisis Situation program on a monthly basis.
At the Bureau of Internal Revenue, GCash enables contactless tax filing and payment, especially on the individual level; while at the Social Security System and the Pag-IBIG Fund, individuals can still pay their contributions conveniently amid the pandemic. Last February, SSS has enabled GCash as an option for receiving benefits.
Empowering communities
Among LGUs, the City of Makati is a key partner of GCash, and the benefits of empowering constituents through digital payments have been evident in the area. Through the LGU’s Makatizen Program, for instance, a GCash account was created for each adult constituent. More recently, the MAKA-Tulong program utilized GCash for disbursing additional financial assistance to citizens, and this was done in a matter of days instead of weeks. Also, through GCash’s PoweyPay+ platform, the LGU can disburse salaries for employees as well as regular allowances for senior citizens.
GCash empowers Makati jollijeeps to facilitate digital payments transactions
Ms. Pavia also shared that GCash will begin assisting the City of Muntinlupa in distributing allowance to scholars this year.
“The coordinators with the [city’s] schools support the idea of going digital because this can promote financial literacy among students. They get to properly monitor their expenses, and they get to explore different financial services, starting with savings and exploring investment,” she shared.
To completely build a digital ecosystem, GCash finds it important to bring services to other sectors within communities.
“When we engage in the public sector, we don’t only stop with the government itself. Now, we’re also expanding digital adoption even within communities,” Ms. Pavia pointed out.
A notable example of this is in Antipolo City, Rizal, where GCash engaged with tricycle operators and drivers associations (TODA) to enable cashless and coinless payment of fares.
“The LGU mandated that public transportation should enable digital payments as an option,” Ms. Pavia shared. “With that direction, we were already able to onboard more than 500 TODA drivers to accept QR payment, and it’s still ongoing. The target is to have up to 12,000 drivers enabled with GCash payment acceptance,” Ms. Pavia said.
All these initiatives serve as a start for GCash to help enable a digital economy in the country, and so it looks forward to further enhancing its solutions and bringing these closer to more Filipino consumers and sectors.
For individual consumers, it has just released its personal QR code functionality to make the transfer of funds more convenient between sellers and buyers. For merchants, the recently launched GLife allows merchants to access a bigger market and offer their services through a microsite within the GCash app.
And for the public sector, GCash will continue working not just directly with government entities but also through partners in enabling alternative means to disburse and collect payments.
“We really look forward to collaborating more and launch new partnerships and even greater synergies with existing stakeholders in the government,” she said.
GCash will participate in the BusinessWorld Virtual Economic Forum special edition with the theme “The Digital Economy PH: Towards a Faster Economic Recovery” on May 26 to 27, which will gather key leaders from BSP, the International Monetary Fund, and other senior business sector leaders to discuss digital technology as an enabler of economic development.
A woman visits a semiconductor device display at the Appliance and Electronics World Expo (AWE) in Shanghai, China, March 23. — REUTERS
A woman visits a semiconductor device display at the Appliance and Electronics World Expo (AWE) in Shanghai, China, March 23. — REUTERS/ALY SONG
By Jenina P. Ibañez, Reporter
THE GLOBAL SHORTAGE of semiconductor chips has caused supply chain constraints among local electronics manufacturers, forcing them to take on higher costs to fulfill client orders.
“(The shortage is) good for export business but we are capacity constrained due to long lead times of manufacturing equipment deliveries,” Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) PresidentDanilo C. Lachica said in a mobile message.
Local companies have been maximizing their production output amid lockdown restrictions, he said, “albeit at higher costs of operations.”
The coronavirus pandemic has fueled demand for semiconductor chips, which are used in electronic devices and vehicles. Lockdowns meant to curb the rise in coronavirus disease 2019 (COVID-19) cases have led to factory shutdowns and supply chain disruptions.
Chipmakers are racing to meet the surge in demand for consumer electronics during the pandemic, along with an unexpected rebound in demand from carmakers that cut semiconductor orders after vehicle sales fell last year. Taiwan Semiconductor Manufacturing Co., the biggest company in Taiwan, earlier this month warned that the global semiconductor shortage may continue until 2022.
Restrictions on Chinese access to American technology amid tensions between the two economies had also prompted China to stockpile semiconductor chips.
Integrated Micro-Electronics, Inc. (IMI), an electronics manufacturing services and power semiconductor assembly firm, has been identifying alternative component suppliers after noting the threat of a shortage in mid-2020.
IMI Head of Investor Relations Brian Jalijali said the Ayala-led company has been working with suppliers and customers to forecast and manage procurement.
“That said, it’s difficult to completely eliminate all effects of the current global shortage. Additional orders from customers that were not forecasted early enough have had to be pushed back and delayed as we deal with increased raw material order lead times,” he said in an e-mail.
“These extended lead times have also squeezed the manufacturing timeline from the IMI perspective, forcing us to deploy workers on overtime, and in some cases, use more expensive expedited shipping to meet customer requirements.”
Additional costs incurred by the company would likely be passed on to customers.
“When it comes to increased material prices from customer identified suppliers, those costs are more straightforward to pass on to customers. However, increased labor expenses from overtime and shipping expenses are discussed on a case-to-case basis to determine how we share these costs with our clients,” IMI’s Mr. Jalijali said.
Meanwhile, Mr. Lachica said SEIPI member companies have not raised prices.
SEIPI set a 7% industry growth forecast for 2021. Electronics exports fell 8.8% to $39.67 billion in 2020, versus the pre-pandemic forecast of 5% growth.
The industry’s operations suffered from disruptions during the stricter lockdown last year, but has since expected more demand from the industrial, mobility, consumer, and medical electronics sectors as the global economy begins to recover.
IMI works on automotive and industrial technologies manufacturing in the Philippines, China, Bulgaria, the Czech Republic, Germany, Japan, Mexico, Serbia, the UK and the US.
THE BANKING INDUSTRY’S nonperforming loan (NPL) ratio may go beyond 5% by the end of this year, a Bangko Sentral ng Pilipinas (BSP) official said.
“We’re expecting the year-end 2021 NPL ratio to be a little above 5%,” BSP Deputy Governor Chuchi G. Fonacier told BusinessWorld via Viber message.
Ms. Fonacier said the Financial Institutions Strategic Transfer (FIST) Law, signed in February, will help banks offload bad assets which will bring down the NPL ratio.
“With the enactment of the FIST Law, it is estimated that NPL ratio of banks will decline by 0.63 to 0.71 percentage points,” she said.
The industry-wide NPL ratio reached 4.08% in February, the highest in more than 11 years or since 4.09% in October 2009, data from the BSP showed.
Gross bad loans surged 80% to P431.266 billion in February, from P239.902 billion a year earlier.
Ms. Fonacier said it is difficult to assess the impact of the two-week enhanced community quarantine (ECQ) in Metro Manila and adjacent provinces on banks’ bad loans. No mandatory loan moratorium was implemented during the ECQ from March 29 to April 11.
“We will have to observe first how the FIST Law will impact on the NPAs (nonperforming assets) of the banking industry,” she said.
BSP Governor Benjamin E. Diokno has said they expect banks to sell at least P152 billion of their nonperforming assets to FIST Corporations to help them clean their balance sheets.
Meanwhile, Michael Langham, senior Asia country risk analyst at Fitch Solutions, said the impact of the lockdown will hurt banks’ consumer lending portfolio, which account for 9.3% of their outstanding loans and has proven to be “more susceptible to souring during the pandemic.”
Consumers will feel the “income squeeze,” as inflation continues to rise, he said.
“This [lockdown] will in particular hit low-income households and informal workers, with the unemployment rate already elevated at 8.7% in the first quarter of 2021,” he said in an e-mail.
Mr. Langham said the economic situation of borrowers will also impact the housing sector and mortgage payments, with residential home loans accounting 19.1% of banks’ portfolio.
“This could result in properties falling into negative equity, particularly if bought in late 2019 or early 2020, and raise the risks of repayment for such mortgages,” he said. Negative equity happens when the current value of a property is already lower than the outstanding balance remaining on a borrower’s mortgage.
Central bank data showed home prices outside Metro Manila rose 5.9% in the fourth quarter of 2020, slower than the 6.4% in the third quarter and the 8.3% growth a year earlier.
Meanwhile, prices of residential properties in Metro Manila dropped 4.8% in the last three months of 2020, a reversal from the 15.1% increase a year earlier but a less steep decline from the -12.2% in the previous quarter.
Despite a likely pickup in bad loans, Mr. Langham said the banking industry remains well-buffered for losses and is likely to benefit from the FIST Law, although the process could be “slow.”
“Banks may be reluctant to divest NPLs while the economy is still struggling with the pandemic and asset prices remain depressed. As such, this may be a slow process that helps bank balance sheets over the medium term, keeping the NPLs ratios elevated,” he said.
These staggering figures have given rise to the importance of mental health support platforms that people can easily access. Thus, NGF also partnered with telehealth service integrator HealthNow to give the public more ways to reach the hotline. With the partnership, Hopeline can now be accessed in the HealthNow app’s Urgent Help button which can be found on the app’s welcome page.
Globe likewise continues to support the ABS-CBN Foundation, Inc.’s Bantay Bata #163 Helpline, which is free for all Globe and TM mobile phone users. It allows anyone to report child abuse especially during this period when children are at home most of the time. To call, simply dial #163.
