Home Blog Page 6712

Nestlé PHL makes new commitments to achieve net zero emissions

NESTLÉ PHILIPPINES, Inc. on Friday made new commitments to achieve net zero emissions not later than 2050, including reducing virgin plastics consumption by a third and cutting 30% of greenhouse gas (GHG) emissions in local operations by 2025.

“We will cut down virgin plastics consumption by one-third by 2025,” Nestlé Chairman and Chief Executive Officer Kais Marzouki said during the firm’s virtual 2021 Net Zero Fair on Friday. Virgin plastics are resins that are created without any recycled materials.

“We will collect and divert an annual average of 26,000 metric tons of plastic waste away from landfills and oceans…and reduce GHG emissions in our (factory, administrative office and logistics) operations by 30% by 2025,” he added.

These are some of the global food and beverage manufacturer’s new commitments in achieving its net zero emissions goal, as it tackles climate change.

“These commitments aim to support the Philippines’ Nationally Determined Contribution under the Paris Agreement to reduce and avoid carbon emissions by 75% as of 2030,” Nestlé Philippines said in a statement.

Mr. Marzouki said the company has already switched to clean energy, with its Luzon factories and Makati office now fully powered by renewable energy.

Nestlé Head of Corporate Affairs and Communications Arlene Tan-Bantoto said the company is seeking to promote responsible coffee production among its farmers and communities.

“Through the Nescafe Plan, we work hand in hand with farmer groups to empower them and build sustainable communities. We teach them responsible coffee production. We promote regenerative agriculture including reforestation,” she said during the virtual event.

Nestlé Philippines is also tackling the plastic waste crisis by developing technology to make its packaging recyclable or reusable by 2025.

In August 2020, the company became the first multinational fast-moving consumer goods company to attain plastic neutrality in the Philippines.

“This means Nestlé Philippines is collecting and co-processing, and therefore diverting from nature, the equivalent amount of plastic that it generates in its packaging. Since then, it has collected 18,000 metric tons of plastic waste in the last seven months,” it said.

Ms. Bantoto noted Nestlé is working closely with local and foreign suppliers in sourcing raw and packaging materials “with the lowest levels of GHG emissions.”

Department of Environment and Natural Resources Secretary Roy A. Cimatu, who attended the event, said that Nestlé will help the country “attain its goals of building climate change mitigation, adaptation and resilience by accelerating its actions to tackle climate change.”

“We accordingly assure Nestlé of our support as it continues to pioneer science-based environmental initiatives one after another,” he said.

During the Net Zero Fair, Nestlé employees and their families pledged their commitments in a “contract with the planet” in creating a net zero environment by planting trees, properly managing their waste, and making sustainable choices.

“Nestlé Philippines will take a leading role in working towards net zero GHG emissions by integrating sustainable practices in our operations. We will continue to seek out partnerships and collaborate with consumers, the government, industry, NGOs and other stakeholders, as we journey to a net-zero future,” Mr. Marzouki said.

“Tackling climate change cannot wait, and neither can we. And so let us all move forward for the sake of our children and future generations, rising to the challenges that lie ahead, together and united.” — Angelica Y. Yang

Supreme Court denies Muntinlupa tax claim on Meralco franchise

BW FILE PHOTO
THE Muntinlupa LGU had no power to enact a franchise tax ordinance as “an ordinance which is incompatible with any existing law,” the High Court said. — BW FILE PHOTO

THE Supreme Court (SC) reversed the 2011 decision of the Court of Appeals (CA) that voided the 2003 decision of the Pasig Regional Trial Court ordering Manila Electric Co. (Meralco) to pay franchise tax to the Muntinlupa local government from 1992 to 1999.

In the High Court’s decision on Feb. 9 and published on March 3, it said the Muntinlupa local government init (LGU) had no power or authority to enact its franchise tax ordinance as “an ordinance which is incompatible with any existing law or statute is ultra vires.”

“[A]n ultra vires ordinance is null and void and produces no legal effect from its inception,” it added.

The Muntinlupa LGU earlier demanded Meralco to pay franchise tax for operating as a public utility from 1992 to 1999, pursuant to Section 25 of Municipal Ordinance 93-35 or the Revenue Code of then-Municipality of Muntinlupa.

The LGU also asked Meralco to submit its certified statement of gross sales or receipts from 1992 to 1999 for the computation of the franchise tax due.

As such, Meralco appealed to the regional trial court (RTC) of Pasig City, where its head office is located, in 2003 to review the said demand, to which the court decided that the electricity provider is not liable for franchise tax to Muntinlupa as it was still a municipality in 1992, and became a city only in 1995.

The Muntinlupa RTC then appealed to the CA in 2011, to which the court held that Meralco must pay the franchise tax from the date when Muntinlupa became a city in March 1995, as Section 56 of Republic Act 7926, which converted Muntinlupa into a city, adopted all existing municipal ordinances of the Muntinlupa municipality, which includes its collection of franchise tax.

Meralco again appealed to the SC, which affirmed the 2003 decision of the Pasig City RTC.

The High Court said pursuant to Section 142 of the Local Government Code of 1991 or Republic Act No. 7160, “the power and authority to impose and collect a franchise tax lies only with provinces and cities,” and Muntinlupa was still a municipality in 1992.

As for tax in the years when Muntinlupa was already a city, the SC ruled that the request of the Muntinlupa LGU was void from the beginning as its basis from municipality ordinances is illegal.

“A void ordinance cannot legally exist; it cannot have binding force and effect,” it added.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Bianca Angelica D. Añago

Fab 40-somethings

PHOTO FROM BMW MOTORRAD PHILIPPINES

BMW rolls out anniversary models of the Motorrad GS

BMW PHILIPPINES, through SMC Asia Car Distributors Corp. — the country’s exclusive importer and distributor of BMW automobiles and motorcycles — held a special event on its Facebook page (BMW Motorrad Philippines) recently.

BMW Motorrad Philippines announced that it is launching a very special variant that celebrates 40 years of the BMW GS. This special variant will be offered across six motorcycle models available within the Philippine lineup; and will be for sale only this year, in limited quantities.

The six motorcycle models that will have the limited-edition variant are: the BMW G 310 GS, F 750 GS, F 850 GS, R nineT Urban GS, R 1250 GS, and the R 1250 GS Adventure.

Through the years, BMW Motorrad has delivered over 1.2 million BMW GS-model motorcycles to happy customers, worldwide. The story of the globally successful GS series started back in 1980, when the original R 80 G/S was launched. It was created as a versatile dual-sport bike; and has since been hailed as the world’s first “adventure bike” that could perform equally well both on and off-road. And if you’re wondering why it was labeled “G/S” — it’s because those letters stand for the German words “gelande” and “straße,” which mean off-road and onroad, respectively. That showcases its dual-sport capabilities (pretty upfront, isn’t it?).

Another world-famous GS is the BMW R 100 GS — often referred to as the pioneer of the “enduro” motorcycle segment. The R 100 GS was launched back in 1987 and was quickly named the world’s largest travel enduro. Travel enduros combine the high-torque engines and comfort equipment of tourers with the chassis geometry of enduros — making them completely street-legal motorcycles that handle both off-road terrain and long asphalt roads, rather nicely.

Also worth noting is that the R designation indicated in these models refers to the construction principle of the motorcycle’s engine — which, in this case, uses a boxer engine.

BMW has since continued to refine and improve its BMW GS models — now reflected in its current product offerings. And of course, its limited-edition 40 Years of GS motorcycles flaunt some delightfully unique aesthetics combined with a wider range of standard equipment. This expanded equipment is meant to further improve rider safety features and of course, deliver greater riding pleasure.

The BMW G 310 GS starts at P320,000, while the highest-displacement BMW R 1250 GS Adventure goes for P1.795 million. The prices of the models in the middle also dance in between. Rest assured all said motorcycles come with a five-year/500,000-kilometer (whichever comes first) BMW warranty.

BMW Motorrad dealerships are at: Libis, Quezon City; San Fernando, Pampanga; Daang Hari, Cavite City; Mandaue City, Cebu; and Davao City in Mindanao.

TransCo, Bicol firm to build subsea power transmission

STATE-LED National Transmission Corp. (TransCo) has signed a deal with an electric cooperative in the Bicol region to install 69-kiloVolt (kV) sub-transmission submarine electric cable lines linking Camarines Sur to Catanduanes island.

In a press release on Sunday, TransCo said that the project with First Catanduanes Electric Cooperatives, Inc. (Ficelco) “will pave the way for the island’s interconnection to the Luzon grid.”

The interconnection is seen to benefit power consumers nationwide because Ficelco will no longer be collecting subsidies such as the universal charges for missionary electrification, which appear on end-users’ electric bills, TransCo said.

TransCo signed the memorandum of agreement (MoA) with Ficelco on Friday.

Under the agreement, TransCo will be in charge of conducting a feasibility study — including a hydrographic analysis — on the island interconnection’s design; developing the system through engineering, procurement and construction; and establishing an island control center, among other responsibilities.

“TransCo will likewise initially operate and maintain the 69-kV sub-transmission interconnection and turn over these duties to Ficelco upon development of its technical capabilities,” it said.

During the MoA signing, Department of Energy (DoE) Secretary Alfonso G. Cusi said that the project was crucial in providing a stand-alone system for off-grid areas.

TransCo President and Chief Executive Officer Melvin A. Matibag said that the partnership with Ficelco marked the beginning of TransCo’s plan to connect small island grids to the Luzon grid.

Catanduanes Lone District Representative Hector S. Sanchez, who authored a 2019 House bill seeking to build submarine electric cable lines connecting Camarines Sur and Catanduanes, said that the project would result in savings of up to P20 billion.

“The project would save the national government and Catandunganon around P6 [billion] to P20 billion in savings and assure citizens of zero brownouts and a cheaper cost of electricity in the long run,” the media release quoted Mr. Sanchez, who attended the Friday ceremony, as saying.

TransCo is required to be the system operator for small grids or off-grid power systems with more than one supplier, according to a DoE order dated Feb. 4. The state-run corporation, which operates under the DoE, owns the country’s power transmission assets. — Angelica Y. Yang

Isuzu PHL opens 46th dealership

The ceremonial ribbon-cutting is headed by Image Motors Davao Del Norte President Walter Alvarez and Managing Director Edward Bangayan. Also shown are Davao Del Norte Governor Edwin Jubahib, Davao City Vice-Mayor Sebastian ‘Baste’ Duterte, Samal Mayor Al David Uy, and Tagum City Councilor Alderson Rellon. — PHOTO FROM ISUZU PHILIPPINES CORPORATION

By Aries B. Espinosa

ISUZU PHILIPPINES Corp. (IPC) marked another milestone in its drive for network expansion, as it celebrated on March 18 the opening of the Isuzu Tagum showroom — its 46th dealership overall.

In normal circumstances, members of the motoring and business media would have flown all the way to Davao del Norte to witness firsthand the dealership opening (and perhaps even get treated to the region’s delicacies such as durian, pomelo, and Malagos chocolates). Nevertheless, with the occasion set online, IPC executives’ pride and enthusiasm still showed. And rightly so, as IPC president Hajime Koso lauded the perseverance of dealer principal Walter Alvarez and his team at Image Motors Davao del Norte, Inc. to push for the establishment of Isuzu Tagum despite the obstacles presented by the ongoing pandemic.

“To Image Motors’ board, please accept our sincerest gratitude as we know this has not been an easy decision to open a dealership at this very challenging situation, but you kept to our schedule amid the delay due to the different community quarantines,” Mr. Koso explained.

For his part, Mr. Alvarez expressed gratitude for IPC’s support. “Despite the pandemic, IPC has always been extending their helping hand in making this grand opening possible,” he said.

Motivating the Alvarez team into establishing the Tagum dealership is the vast potential for the Isuzu brand to grow much more in the region. “We are confident that with Isuzu’s reputation of durability, fuel efficiency, and overall reliability, we will be able to capture a bigger market share in this area. We are reaching for more than the targets given to us by IPC. We would like to achieve a double-digit figure (in percentage share of the market) right away in our first year of operations,” Mr. Alvarez boldly projected.

The projections aren’t without basis. Isuzu Tagum is strategically located at Barangay Canocotan, along the road that connects to the three major road network systems — the Philippine-Japan Friendship Highway, the Davao-Mati-Agusan Road, and the Davao-Bukidnon Road — that links the city to other major destinations in the region and to the rest of Mindanao.

“Tagum has emerged into a booming city with a strong economic development brought by different businesses citywide. Isuzu Tagum can cater to more customers in the region,” Mr. Koso assessed.

The dealership’s dimensions reflect the anticipated volume of business. Isuzu Tagum sits on an expansive 11,000-sq.m. lot where the latest Isuzu Outlet Standard (IOS) showroom stands. The dealership boasts of a large service bay capacity that would be able to accommodate up to eight light commercial vehicles and two trucks at a time. During the online press conference, Mr. Alvarez disclosed that Isuzu Tagum could service a “minimum 20 vehicles a day.”

Asked if IPC will be able to realize a network of 50 dealerships within the year, Division Head for Sales Joseph Bautista replied that the dealer expansion program was “on track amid some delay due to the ongoing pandemic.”

He added, “Soon, we will be opening La Union, then Subic and Roxas City before the end of the year.”

SEC flags JPCompany Online Shop for unregistered investment solicitations

THE Securities and Exchange Commission (SEC) has issued an advisory against JPCompany Online Shop for collecting investments from the public without registering with the regulator and without securing the proper license.

JPCompany Online Shop or JP Company is said to be headed by a certain John Paul Acuzar Chan.

The SEC noted that the entity has acquired a certificate of business name registration in January from the Department of Trade and Industry (DTI) under business name number 2515205.

Its DTI registration is under the name of Mr. Chan with a limited scope within Brgy. Bangkal in Makati City.

“Nonetheless, JPCompany Online Shop or JP Company is not authorized to solicit investments from the public as it did not secure prior registration and/or license to solicit investments from the commission as prescribed under Section 8 and 28 of the SRC (Securities Regulation Code),” the corporate watchdog said.

The entity is offering the public an “IWE (invest, wait, and earn)” program, which promises returns worth 180% of initial investment within 15 to 20 days.

Recruiters of JPCompany are also guaranteed a five-percent direct-referral bonus from the initial investment of their recruits.

Brokers, dealers, or those who act for the unregistered entity may be prosecuted or held liable under the securities code and may be fined for P5 million at most, face 21 years behind bars, or both.

In April, the SEC issued a total of 11 advisories against multiple entities for offering unauthorized investment schemes.

WONKACASH or WONKA CASH App Financial Consultancy Services, IX Trade, Learn and Earn Online, 247 Cryptotrading FX, 247 Cryptotrade Online, ExchangeStock, Binary Options Trading, and Wolves Options have been flagged by the commission.

It also warned the investing public against Investrade Marketing or Investrade Digital Marketing Services, iWATCH Corp., Beyond Generations Digital Marketing Services, Big Dreams International and BDI Product Trading OPC, CASH FX Group, Doors Opportunity Online or Door Opportunity Digital Marketing Services, and Infinity PAYB or PAYB BILLS Payment and Remittance Center. — Keren Concepcion G. Valmonte

Hyundai launches 3S facility in Silang, Cavite

Hyundai Silang staff pose in front of the dealership’s spacious showroom. — PHOTO FROM HYUNDAI ASIA RESOURCES

By Kap Maceda Aguila

HYUNDAI ASIA Resources, Inc. (HARI), the official distributor of vehicles of the South Korean auto brand, last Friday opened its 41st dealership in the country. Hyundai Silang is a 3S (sales, service, and spare parts) facility located along Aguinaldo Highway, in Barangay Lalaan 1, Silang, Cavite. This happened as HARI nears its 20th anniversary in August.

Silang is dubbed a gateway to the favorite tourist destination that is Tagaytay City. In a release, HARI added that, “Cavite is one of the Philippines’ most populated, industrialized, and fast-growing provinces. Thanks to its reliable road network, the province makes for a popular weekend getaway from the congestion and heat of the Metro. While Silang, which is a thriving agricultural hub and a real estate and eco-tourism destination place on the rise is integral to development efforts south of NCR.”

Hyundai Silang is under the aegis of Hyundai Alabang, Inc., led by its dealer principal William Chiongbian II. The company of almost two decades, also operates Hyundai Alabang, Hyundai Las Piñas, Hyundai San Pablo, Hyundai Naga City, and Hyundai Southern Mindanao.

During the launch, held digitally, HARI President and CEO Ma. Fe Perez-Agudo said that visitors of Hyundai Silang can expect to be welcomed into a “safe environment” implemented to assure the well-being of customers and employees alike. Addressing Hyundai Silang staff, Ms. Perez-Agudo said, “We entrust into your expert hands the mobility needs (of the community there).”

The showroom can accommodate up to six vehicles, while the sprawling 2,400-sq.m. service area features three quick-service bays and an additional eight bays.

Mr. Chiongbian vowed to provide Silangeños Hyundai’s signature “#BetterJourneys” in sales, after-sales, and parts. “We are here to help move people and businesses and, ultimately, contribute to driving the much-needed economic recovery at the municipal, provincial and regional levels. We put our extensive portfolio of safe and reliable vehicles and the skills, hard work, and dedication of our employees to the service of the Silangeños in the new normal.”

Hyundai Silang is compliant with Hyundai’s universal Guidelines for Protection and Safety (GPS), which has now been implemented for a year in a bid to “COVID-proof” Hyundai operations by “establishing globally and locally prescribed safety protocols to safeguard the well-being of customers and employees alike.”

Additionally, Hyundai Silang is also pre-certified GREEEN (Geared for Resiliency and Energy Efficiency for the Environment) by the Philippine Green Building Initiative (PGBI), having received the “Molave” rating, or 75% compliant with PGBI’s GREEEN standards.

As with other Hyundai dealerships, Hyundai Silang will offer safe, contactless transactions through increased digitalization with Hyundai Online Market Experience (HOME), “a web-based platform that integrates the car-buying experience, and the six-step Active Response, Management, Operations, and Resumption (ARMOR)” service process, which reworks HARI’s “Right Here, Right Care” after-sales promise.

For more information, visit www.hyundai.ph, the Hyundai Philippines Facebook page, and the Hyundai Cares (HCARES) contact center through e-mail wecare@hyundai-asia.com.

Russia’s PIK maps Philippine expansion

BW FILE PHOTO
PIK Group is looking at land banking in Quezon City, Mandaluyong City, and the City of Manila. — BW FILE PHOTO

RUSSIAN home builder PIK Group is planning to acquire land in Metro Manila after it announced the launch of its first real estate project in the Philippines.

“One of our goals is to increase our landbank in key cities in Manila so we may continue to meet the needs of Filipino homebuyers,” PIK Head Project Manager for International Development Gasan Guseynov said at a press briefing last week.

He said that the company is looking at land banking in Quezon City, Mandaluyong City, and the City of Manila.

“In terms of commitment, we are very serious and we are looking for new sites,” Mr. Guseynov said.

PIK’s first Philippine project is a residential high-rise development One Sierra in Mandaluyong City. The building will have 10 units for each floor, for a total of 250 units.

Units at the 30-storey tower range from 32 to 84 square meters, which are being sold at between P7 million to just over P16 million.

Working with its local subsidiary HDRP Group Corp., the Russian company plans to complete the project by 2024 for a September turnover.

The company remains optimistic about the Philippine real estate market amid the pandemic.

“The demand for quality homes is rising, in Manila, in [the] Philippines. We think that it is going to continue to grow and we want to be there to provide supply for this demand,” Mr. Guseynov said. — Jenina P. Ibañez

Genuine Modulo accessories now available for Honda City Hatchback

PHOTOS FROM HONDA CARS PHILIPPINES
PHOTOS FROM HONDA CARS PHILIPPINES

HONDA CARS Philippines, Inc. (HCPI) lost no time as it presented genuine Modulo accessories shortly after the formal launch of the all-new Honda City Hatchback last week.

“With the all-new City Hatchback embodying an overall sporty and versatile package, Honda aims to further enhance the ownership experience of its customers by introducing the model’s Modulo accessory lineup. These accessories would allow customers to personalize and enhance their vehicles to complement their diverse needs based on their active lifestyles,” the company said in a release.

Accessories such as front, side and rear under spoilers, and door visors are available to further enhance the all-new City Hatchback’s exterior for a sportier appearance. For added practicality, a rear cargo tray has been made available. It also helps to protect the cargo hold.

Modulo accessories for the all-New City Hatchback are now available at all 38 Honda Cars dealerships with the following suggested retail prices:

Modulo front under spoiler: P7,900

Modulo rear under spoiler: P10,600

Modulo side under spoiler: P13,000

Door visor: P3,900

Cargo tray: P2,600

Customers may also purchase select Modulo accessories through Honda’s LazMall Flagship Store at www.lazada.com.ph/honda-cars-philippines-inc. For more information, visit a Honda Cars dealership, or access HCPI’s virtual showroom through www.hondaphil.com.

A case for everyday jewelry

LOVI POE wears designs from the Imono Jewelry SS2021 Collection.
LOVI POE wears designs from the Imono Jewelry SS2021 Collection.

JUST because you’re stuck at home doesn’t mean you can’t be pretty. Actress Lovi Poe makes a case for wearing jewelry at home with her partnership with jewelry brand Imono.

Ms. Poe, speaking at an online press conference on April 29 during which the brand presented its Spring/Summer 2021 collection, told guests why she wears jewelry at home. “It’s just nice to have a signature piece, even if you’re just wearing it at home. It actually boosts your confidence; it gives you that extra elegant vibe even at home.

“Why not?”

The collection consists of chains, bangles, earrings, and layered necklaces made of 316L stainless steel, and dotted with cubic zirconia.

Imono’s General Manager Goldy Hing explained the difference between 316L stainless steel and normal stainless steel. “316L is pure stainless steel, meaning it’s what we use for surgical [applications]. It has to be 316L, so it won’t [cause] allergic reactions… the quality is not the same.” Imono jewelry, taking its name from a Japanese word meaning “durable,” is thus hypoallergenic and tarnish-resistant. The pieces can be sprayed with a conservative amount of disinfectant without having to worry about fading colors or deterioration, and, said Ms. Hing, worn in the shower safely.

The brand was founded about five years ago, and Ms. Poe has been their ambassador for quite some time now. “She inspires, and she empowers. This is what we aspire Imono to be with our customers,” said Ms. Hing.

For her part, Ms. Poe likes Imono for quite surprising uses. “It goes with different occasions. Even when I’m wearing jeans, or even when I’m working out.

“Goldy mentioned a while ago that you don’t have to take off your jewelry when you take a shower. That’s important. I don’t have to take it off or feel bothered about it even when I’m sweating, working out,” she said during the press conference.

In a press release, Ms. Poe was quoted as saying, “I chose the designs in this collection based on what I look for in everyday jewelry. It has to be versatile so it can look good in any outfit for any occasion. It has to be elegant with refined details so it highlights the beauty of the person wearing it. It should also help bring out the best qualities in a person — it’s an extension of what’s within. Jewelry is very personal.”

Check out the complete collection on www.imonojewelryph.com or follow @imonojewelry on Instagram and Facebook. — J.L. Garcia

Aboitiz data unit says long-term plan includes offering services to public

SEAN LIM /UNSPLASH

THE newly launched unit of the Aboitiz group specializing in data science and artificial intelligence (DSAI) might make its services available for other companies in the future.

“The longer-term objective is to provide the developed products and services to other companies outside the group,” said Dr. David R. Hardoon, managing director of Aboitiz Data Innovation (ADI), in an e-mail.

ADI’s product offerings may include the following: alternative AI scoring for finance, predictive asset maintenance, AI solutions for supply chain management, and manufacturing.

“We plan to collaborate with industry players to identify these areas and solutions of priority and relevance,” Dr. Hardoon said.

ADI is the Aboitiz group’s new segment, which was created in an effort to streamline the group’s DSAI operating system. The company said it is a “crucial step” in preparing the team for the “future of work.”

The unit works as a “hub-and-spoke” model wherein ADI is the main driver of the system — coordinating, managing resources, and putting together solutions using DSAI.

“The team across the group works as one to understand the business needs, rapidly develop prototypes and pilot these within the business context,” Dr. Hardoon said.

ADI is currently based in Singapore to be able to access the infrastructure and environment needed to develop its programs. — Keren Concepcion G. Valmonte

Interagency body seeks to boost supervision over financial sector

PHILIPPINE STAR/ GEREMY PINTOLO

THE FINANCIAL Sector Forum (FSF), a body chaired by the central bank chief, is looking to boost financial supervision in light of assessed gaps in the Bank Secrecy Law and the oversight of conglomerates and financial technology.

Benjamin E. Diokno, governor of the Bangko Sentral ng Pilipinas (BSP) and chairperson of the FSF, said the panel’s member agencies “are committed to implement financial sector reforms to promote effective and seamless supervision across the financial sector.”

Aside from the BSP, the inter-agency body includes the Securities and Exchange Commission, the Insurance Commission and the Philippine Deposit Insurance Corp. Their meeting was held on April 27.

“We will leverage on our cooperative arrangement to align standards and expectations and ensure that we continue to espouse an enabling environment towards an inclusive recovery and economic growth,” Mr. Diokno said.

The FSF members took into consideration the findings of the Financial Sector Assessment Program of the International Monetary Fund (IMF) and the World Bank that pointed to gaps in the country’s Bank Secrecy Law and conglomerate supervision. The findings were published last month.

The same gaps were also cited by the multilateral lenders on the BSP’s Observance of the Basel Core Principles for Effective Banking Supervision in November last year.

Mr. Diokno earlier said that he would request President Rodrigo R. Duterte to certify as urgent a bill seeking to ease the Bank Secrecy Law, noting the Philippines is the only country in the world left with such tight restriction on bank deposit information.

House Bill 8991 seeks to expand the central bank’s supervisory powers to look into deposit accounts of bank officials in cases where there is “reasonable ground for fraud, serious irregularity, or unlawful activity.” It was approved at the chamber’s committee level.

Senate Bill 1802, a counterpart measure of the House bill, was filed last year and is pending at the committee level.

“The results of the Financial Sector Assessment Program assessments will feed into the development of a strategic roadmap for the financial sector,” the central bank said.

The FSF also plans concrete activities that its members aim to push through as part of the establishment of a cooperative oversight framework on fintech innovation.

“In particular, existing regulations will be reviewed to harmonize baseline components and controls in the areas of customer onboarding and consumer protection across the financial sector,” the BSP said.

The memorandum of agreement between regulators was signed in February and was meant to boost the fintech industry’s compliance to measures on cybersecurity, anti-money laundering, counter-terrorism financing, and consumer protection.

“Existing initiatives of the FSF to strengthen information exchange across agencies were also discussed cognizant that this is critical in strengthening risk surveillance activities in the financial sector,” it said.

The multi-agency body is also working with the Commission on Higher Education, the National Economic and Development Authority, and Philam Foundation to craft a general elective course module on financial management, banking, insurance, securities and digital finance to arm students with practical skills in making prudent financial decisions. — Luz Wendy T. Noble