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BSP prescribes reporting standards for payments system operators

The Bangko Sentral ng Pilipinas (BSP) has issued standardized reporting requirements for operators of payment systems (OPS) and also required periodic independent reviews of such reports. 

Approved on March 1, Circular 1138 is authorized by the National Payment Systems Act, which allows the BSP to oversee and ensure the efficiency, safety, and reliability of the payments system, the central bank said. It also laid down penalties and sanctions for violations of the reporting standards. 

“This recent policy issuance is critical to the BSP’s determination of appropriate oversight interventions, formulation of responsive policies and regulations, as well as continuous development of the national payments system,” BSP Governor Benjamin E. Diokno said in a statement Friday. 

The mandatory reports relate to operations, including information needed by regulators for statistical, policy development, and supervisory purposes. 

OPS companies are also required to have a reporting system in place in times of emergency or weather disruptions that could affect the processing of transactions. 

The periodic independent review clause seeks to ensure reliability and effectiveness of the reporting, condicuted via either an internal auditor or an external party with expertise in information technology, data management, and regulatory compliance. 

“The appropriate frequency of such review shall mainly depend on the systemic importance, risk profile and business complexity of the OPS as well as the extent of recurrence of control weaknesses that cause reporting exception,” the BSP said.  

The BSP said OPS companies should retain their data and reports for at least five years. In cases where a financial institution becomes subject to investigation by the BSP for possible criminal, administrative or civil cases, relevant information will have to be preserved beyond five years until a final verdict has been reached. 

Penalties for erroneous, delayed, and unsubmitted primary reports can range from P300 to P3,000 depending on the type of financial institution. Meanwhile, violations committed in connection with secondary reports will draw fines of P60 to P600. 

“The penalties will accumulate until such time that the report has been determined compliant with the prescribed reporting standards,” the BSP said. 

Possible non-monetary sanctions including a first offense warning to top officials of the OPS company and a reprimand for the Chief Executive Officer (CEO) and the board for a second offense.  

For a third offense, the CEO may be issued a suspension order of between a month and a year depending on the gravity of the violation. The top official and members of the board may also be disqualified from the industry for further offenses and the Monetary Board will have the power to designate a manager to take over the operations.  

According to the BSP, 198 companies have obtained an OPS certificate of registration. – Luz Wendy T. Noble 

UCPB rating withdrawn by Moody’s after LANDBANK merger

Moody’s Investors Service said it is withdrawing the long-term deposit rating of United Coconut Planters’ Bank (UCPB) due to its merger with Land Bank of the Philippines (LANDBANK). 

UCPB exits Moody’s coverage with a rating upgrade to Baa2 to bring it in line with its acquirer, which is a much larger state-owned bank. The stable outlook was also maintained, Moody’s said in a statement Friday. 

“Subsequently, Moody’s will withdraw the baseline credit assessment and the deposit ratings assigned to UCPB,” Moody’s said, with LANDBANK emerging as the surviving entity.  

UCPB had total assets of P347.4 billion at the end of 2020, while LANDBANK’s assets were P2.4 trillion.  

“Moody’s estimates the combined entity will be the second-largest bank in the Philippines, with a market share in assets of approximately 15% as of the end of 2020,” it said. – Luz Wendy T. Noble 

Peso lower after PHL debt hits record levels, fire at Ukraine nuclear plant

The peso weakened against the dollar after the government reported record levels of debt, and as a nuclear plant in Ukraine caught fire while under attack from Russian forces.   

The peso closed at P51.74 to the dollar Friday, against a P51.50 close Thursday, the Bankers Association of the Philippines said. 

It also retreated from its P51.34 close on Thursday last week. Financial markets were closed for a holiday on Friday, Feb. 25. 

The peso opened Friday at P51.65. The low was P51.75, while the high was P51.60. 

Dollar volume rose to $793.22 million Friday from $789.38 million the day before. 

Currency traders responded negatively to the fire in the Ukrainian power plant, which came under attack from Russian forces, a trader said in an email. 

The Zaporizhzhia power plant is Europe’s largest nuclear facility.  

Earlier in the invasion, Russia captured the site of the defunct Chernobyl power plant north of Kiev, which is currently an exclusion zone due to unsafe levels of radiation.  

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the market also absorbed news that the Philippines’ outstanding debt topped P12 trillion at the end of January. 

Preliminary data released by the Bureau of the Treasury indicated that outstanding debt hit P12.03 trillion, up 16.5% from a year earlier and up 2.6% month-on-month. 

The Treasury said the debt stock rose after another zero-interest loan from the central bank and an increase in borrowing from domestic creditors. 

As of end-2021, the debt to gross domestic product (GDP) ratio hit 60.5%, the highest since 2005. This also surpassed the 60% threshold considered as manageable by multilateral lenders for developing economies. – Luz Wendy T. Noble 

Comelec asked to decide on Marcos

PHILSTAR FILE PHOTO

Martial law victims have asked the Commission on Elections (Comelec) to resolve a a lawsuit that seeks to bar the son and namesake of the late dictator Ferdinand E. Marcos from running for president this year. 

Delaying the case could lead to complications, especially with the May 9 elections nearing, they said in a six-page motion. 

“The failure to resolve the instant petition would cause complications in that the votes cast for the respondent may be included in the counting and in the canvassing,” they said through lawyer Christian S. Monsod, a former Comelec chief and a constitutional framer. 

“Further, if the evidence of guilt is strong, as in this case, his proclamation shall be suspended notwithstanding the fact that he received the winning number of votes in such election,” they added. 

The plaintiffs also cited a Comelec order issued on Feb. 23, which says that upon the retirement of a commissioner, other members of the body must resolve pending cases within 45 days. 

The election body has reorganized its divisions after its former chairman and two commissioners retired last month. 

The plaintiffs earlier asked Comelec to bar ex-Senator Ferdiand “Bongbong” R. Marcos from the presidential race after he was convicted for tax evasion in the 1990s. 

The election body’s Second Division rejected a similar petition in January, as it ruled Mr. Marcos did not mislead the public when he said in his certificate of candidacy that he was eligible to run for president. The case is on appeal with the Comelec en banc. 

The First Division last month rejected three consolidated lawsuits seeking to disqualify Mr. Marcos from the presidential race, as it ruled that his failure to file his tax returns in the 1980s did not involve wicked, deviant behavior. The case is also on appeal with the en banc. 

The cases against Mr. Marcos that are on appeal before the en banc had been raffled off to a writer and would resolved before May 9, acting Comelec chief Socorro B. Inting said earlier. 

Meanwhile, Comelec has partnered with a nonpartisan group to educate the  Filipino youth and first-time voters before the May 9 elections. 

It signed a deal with Democracy Watch Philippines, which will offer virtual seminars and lectures to inform these voters on elections issues, according to a video of the event streamed live on Facebook. 

Different universities and non-government groups will participate in providing these lectures.— John Victor D. Ordoñez 

COVID cases fewer than 1,000 for 3rd day

The Philippines posted 853 infections on Friday — the third straight day the tally fell below 1,000 — bringing the total to 3.67 million.  

The death toll hit 56,770 after 232 more patients died, while recoveries rose by 1,062 to 3.56 million, it said in a bulletin. 

It said 4.3% of 25,496 samples from March 2 tested positive for COVID-19, which is within the World Health Organization’s threshold. 

Coronavirus tests in February were lower than in January, when the heavily mutated Omicron variant spurred a spike in infections. 

Of 50,8230 active cases, 450 did not show symptoms, 45,300 were mild, 2,773 were moderate, 1,411 were severe and 296 were critical. 

DoH said 92% of new cases occurred on Feb. 19 to March 4. The top regions with cases in the past two weeks were Metro Manila with 170, Calabarzon with 128 and Central Visayas with 94 infections. It added that 2% of new deaths occurred in March and 7% in February. 

Eleven duplicates were removed from the tally, five of which were reclassified as recoveries, while 219 recoveries were relisted as deaths. Two laboratories failed to submit data on March 2. — Kyle Aristophere T. Atienza 

Pacquiao promises free housing

MANNY PACQUIAO OFFICIAL FACEBOOK PAGE

Senator and boxing champion Emmanuel “Manny” D. Pacquiao on Friday said he would give the poor free housing if he becomes president. 

“I want each Filipino to have their own house,” he said in a statement in Filipino. “That’s why I asked for your signatures, so you could be given a free house.” 

Meanwhile, Willie T. Ong, the running mate of presidential bet Francisco “Isko” M. Domagoso, said candidates participating in debates should undergo a lie detector test..

“Any question from A-Z is fine. If you know it, answer it. If you don’t, say you’ll look into it. No one is perfect,” he said in a statement in Filipino. “What’s important is that a candidate isn’t lying. Are they corrupt? If you want, we can use a lie detector.” — Jaspearl Emerald G. Tan

Three cops in drug war face murder charges

PHILIPPINE STAR FILE PHOTO

Government prosecutors have endorsed the indictment of three policemen for the killing of a Spanish national in a buy-bust operation. 

In a statement on Friday, the Office of the Prosecutor General said the cops would be charged with murder and planting evidence at a Surigao del Sur trial court. 

The cops claimed the  Spaniard drew a gun and shot them, which caused the three to fire back and kill him during a buy-bust operation on Jan. 8, 2020. 

Forensic data provided by the National Bureau of Investigation disproved the claim of a shootout during the incident, the Office of the Prosecutor General said in the statement.  

The incident is one of the 52 cases in which suspected drug pushers died in President Rodrigo R. Duterte’s war on drugs.  

Philippine prosecutors have filed charges in court against law enforcers in four of the cases and plan to investigate 250 more of what could have been wrongful deaths in the government’s anti-illegal drug campaign, Justice Secretary Menardo I. Guevarra told the United Nations Human Rights Council this week. 

“The Philippines will remain positively engaged with the international community and all human rights mechanisms on all issues concerning rule of law and institutions in the country,” he said. “But we will draw the line between parties that engage in good faith, and those that abuse and exploit these mechanisms to make demands of accountability with little or no factual basis.” — John Victor D. Ordoñez

D&L’s new plant moves start of operations to 2023

Food ingredients maker D&L Industries, Inc. is pushing back the start of commercial operations of a plant in Batangas to January 2023, citing recent events that caused disruptions.

The plant, under the company’s unit Natura Aeropack Corp. (NAC), was expected to begin commercial operations in May 2022, but was granted an extension by the board of the Philippine Economic Zone Authority (PEZA).

In a stock exchange disclosure on Friday, D&L said, “in consideration of the recent turn of events such as the Omicron-related surge in COVID-19 cases early this year, global port congestion and supply chain disruptions, as well as longer-than-expected processing of registration and licenses, PEZA has granted [an] extension to January 2023.”

NAC is one of the subsidiaries of D&L undertaking the expansion in Batangas, specifically for the manufacture of coconut oil fractions and coconut base surfactants, and downstream consumer products.

“While the pandemic has posed challenges to the completion of our Batangas plant, this expansion is coming at an opportune time given the strong demand for high value coconut-based products in the export market,” D&L President Alvin D. Lao said in a press release.

“This is evidenced by the resilient and robust growth in our export sales which grew 55% year-on-year in the first nine months of 2021. As the world moves beyond this pandemic, this plant will help us cater to emerging, relevant industries where we see opportunities for new growth. Our existing capacity is still sufficient to serve requirements in the near term, as such the extension in the SCO should have no material impact on current operations,” he added.

NAC and D&L Premium Foods Corp. (DLPF), another wholly owned subsidiary of D&L Industries in Batangas, will start commercial operations concurrently. DLPF will manufacture food ingredients to cater to a growing export business.

D&L’s expansion is on a 26-hectare property in First Industrial Township Special Economic Zone in Batangas.

The ongoing expansion, referred to as Phase 1, will occupy roughly half of the property and costs P6.2 billion, with remaining capital expenditures at P1.8 billion for the year.
In September, D&L executed its maiden bond offering, raising P5 billion to help fund the remaining capex for the expansion.

The new plant will develop high value-added coconut-based products and add the capability to manufacture downstream packaging.

“With near-term catalysts such as the continued economic reopening and the boost from election spending, the company sees room for further earnings growth,” the company said.

In the third quarter of 2021, D&L’s attributable net income rose 34% to P768 million from P572.6 million in 2020.

From January to September last year, attributable net income grew 57.4% to P2.16 billion from P1.37 billion in 2020.

At the stock exchange Friday, D&L shares closed unchanged at P8 each. — Luisa Maria Jacinta C. Jocson

PLDT’s Pangilinan: January profit picture better than last year despite Odette

MANUEL “MANNY” V. PANGILINAN

PLDT Inc. Chairman Manuel V. Pangilinan said the company saw “encouraging” numbers at the start of 2022 despite typhoon Odette’s impact on its operations in the Visayas and Northern Mindanao.

The company said that additional costs incurred as a result of the typhoon are expected to be booked in the first quarter of 2022, including repair or restoration costs incurred following the last quarter of 2021.

“But the overall profit picture is better than last year, so there is continuing growth,” Mr. Pangilinan said during a briefing on Thursday, referring to the month of January.

“Part of the reason is that growth in our opex (operating expenses) is typically slow in the initial months of the year; but overall, the  January results are quite encouraging,” he added.

PLDT Chief Finance Officer Anabelle L. Chua said: “Certain areas in the Visayas were quite badly hit and that included poles toppled down and electricity not quite being restored, so we kind of felt the aftermath of that.”

“There is a bit of impact on our ability to really ramp up to the level we want because of these unforeseen events, but that is something that we are managing,” she added.

The company saw its fourth quarter revenues decrease slightly quarter on quarter by 1% to P12.5 billion, dampened by rebates of around P400 mbillion given to its Home customers due to the impact of the typhoon.

PLDT’s net income for 2021, which includes exceptional costs, grew by P2.1 billion or 9% to P26.4 billion

The company’s total service revenues for 2021 went up 6% to P182.1 billion from P171.5 billion in 2020.

Revenues from the company’s consumer and enterprise segments increased 7% to P176.1 billion from P165.3 billion.

Its telco core income, which excludes the impact of asset sales and Voyager Innovations, Inc., rose 8% to P30.2 billion last year from P28.1 billion in 2020.

EBITDA, or earnings before interest, taxes, depreciation, and amortization, reached P96.2 billion in 2021, up 8% from P88.8 billion previously.

PLDT has set its capital expenditure (capex) guidance for 2022 at P76 billion to P80 billion, lower than the P89 billion capex last year.

“We are determined to strengthen our financial standing as we focus on generating positive free cashflow,” Mr. Pangilinan said.

PLDT shares closed 1.09% higher at P1,850 apiece on Friday.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Atlas Mining income surges on better output, metal prices

Atlas Consolidated Mining and Development Corp. on Friday reported P3.86 billion in net income last year, or more than 32 times higher than P118 million a year earlier, due to stable production and higher metal prices.

“The turnaround of Atlas Mining is credited to a resilient and stable operation that was sustained over the years with a disciplined focus on safety and efficiency,” Atlas Mining President Adrian S. Ramos said in a statement, adding that these factors enabled the company “to survive the market downturn and to optimize earnings in a resurgent commodities market.”

The company said metal prices stayed high last year, with the average price of copper rising by 52.7% to $4.26 per pound, while gold rose 1.4% to $1,802 per ounce.

Atlas Mining’s wholly owned subsidiary, Carmen Copper Corp., reported higher copper production and shipments in the second half of 2021 due to “improvements in copper head grades and recovery.”

Copper metal production in the second half of the year increased 13% to 43.68 million pounds from 38.73 million pounds. Gold increased 25% to 13,997 ounces from 11,716 ounces.

However, copper production decreased year on year to 82 million pounds from 107.09 million pounds in 2020. Gold also declined to 25,173 ounces from 47,857 ounces.

Earnings before interest, tax, depreciation, and amortization was P9.77 billion for the year, 10% higher than P8.92 billion in 2020. Core income in 2021 rose to P3.28 billion, up 26.6% from P2.59 billion in the previous year.

“Atlas Mining continues to strengthen its overall financial position supported by its improving earnings, efficient operations and robust metal market,” the company said.

At the stock exchange, Atlas Mining shares increased by 37 centavos or 5.01% to finish at P7.75 on Friday. — Luisa Maria Jacinta C. Jocson

SKY Fiber eyes growth in user base via budget-friendly offerings

source: www.mysky.com.ph

SKY Fiber, the broadband internet service brand of ABS-CBN Corp.’s subsidiary Sky Cable Corp., is hoping to expand its user base through broadband options intended for budget-conscious consumers.

“While the proliferation of broadband options is beneficial for consumers, choosing the right plan for their daily needs is proving to be a challenge. And, more often than not, there would be a trade-off in terms of price, speed, reliability, or overall service,” James A. Dumlao, SKY’s head of consumer product, programming, and airtime group, said during a virtual media briefing on Friday.

Alan C. Supnet, head for consumer broadband products at SKY, said that budget-conscious consumers “tend to settle for low-cost plans with an unreliable connection, while those concerned about a poor internet connection go for mega high-speed plans but end up paying exorbitant fees.”

SKY Fiber said this issue could be addressed through fast speed options bundled with a WiFi Mesh device, which is used to improve internet signal distribution throughout the home.

“For P1,699 per month, subscribers can… get the Plan 50Mbps (megabits per second), which has boosted speeds of up to 75Mbps until the end of April and two free WiFi Mesh devices,” it noted.

SKY Fiber is currently available in Metro Manila, Bulacan, Rizal, Cavite, Laguna, Batangas, Baguio, Cebu, Dumaguete, Bacolod, Iloilo, Davao, General Santos, and Zamboanga.

Unlimited broadband plans with higher speeds include Plan 100Mbps (P2,299/month), Plan 150Mbps (P2,799/month), and Plan 200Mbps (P3,499/month).

The company also has basic plans of up to 20Mbps (P999/month) and 30 Mbps (P1,299/month).

At the same time, it offers cable TV bundled plans with speeds of up to 40Mbps (P1,699/month), 80Mbps (P2,499/month), and 150Mbps (P2,999/month), which come with a WiFi Mesh device. — Arjay L. Balinbin

Axelum says its carbon footprint down by 20%

Coconut products exporter Axelum Resources Corp. said it had reduced its direct greenhouse gas emissions by up to 20% in 2021 as part of its effort to enhance the company’s climate change resiliency.

“Our climate action response forms a major part of our inclusive sustainability agenda. Aligned with the goals of the Paris Agreement, we enacted a proactive approach to contribute to mitigating the effects of global warming. For Axelum, this is just the beginning of a long-term commitment to advancing sustainable development for the benefit of the next generation,” Axelum Chairman Romeo I. Chan said in a statement on Friday.

In 2020, Axelum implemented methodologies and standards set by the Department of Environment and Natural Resources to measure its greenhouse gas output.
The company installed equipment to regulate electricity voltage supply and limit dependence on diesel-powered generators.

For 2022, Axelum plans to invest in a solar energy facility for its Medina plant in Misamis Oriental.

“This is reflective of a progressive mindset to deeply integrate the value of sustainability in the context of our business,” Mr. Chan said.

Axelum produces, manufactures, and exports coconut products including coconut water, desiccated coconuts, coconut milk powder, coconut milk and cream, reduced fat coconut, sweetened coconut, and coconut oil.

In the third quarter of 2021, its attributable net income increased 44.5% to P260.3 million from P180.2 million the year before.

From the January to September period, attributable net income rose 51% to P578.7 million from P383.1 million in 2020.

At the stock exchange Friday, Axelum shares increased P0.09 or 3.45% to finish at P2.70 apiece. — Luisa Maria Jacinta C. Jocson

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