China Bank profit up 29% in Q3

November 5, 2021 | 12:05 am

CHINA BANKING Corp. saw its net income rise 29% in the third quarter on lower expenses.

CHINA BANKING Corp. posted a 29% jump in its net earnings in the third quarter as it managed costs and as its core business continued to grow.

The bank’s net income went up to P3.9 billion from P3 billion in the same period a year earlier, it said in an e-mail on Thursday.

For the first nine months, its net income went up 35% to P11.2 billion, which translated to a return on equity of 13.6%, up from 11.1% last year, and a return on assets of 1.5%, also higher than 2020’s 1.1%.

“These results exceeded our expectations,” China Bank President William C. Whang said in a disclosure to the local bourse.

“We will continue to support our customers, especially those who are still struggling amid the global pandemic, as we push for greater efficiencies and sustainable growth through digitalization and optimization of our branch and ATM networks.”

In the third quarter, the bank’s net interest income went up 12% to P9.7 billion from P8.7 billion a year earlier.

Meanwhile, its income from fees declined 7% to P2.1 billion from P2.3 billion a year ago.

China Bank’s net revenues in the third quarter grew by 8% to P11.8 billion from P10.9 billion.

On the other hand, operating expenses declined by 7% to P5.5 billion from P5.9 billion last year.

The bank set aside P1.1 billion in provisions for impairment losses in the third quarter, down 27% from P1.6 billion.

China Bank in its disclosure said gross loans expanded by 3% to P612 billion in the nine months to September as business activities gradually returned.

Its gross nonperforming loan ratio as of end September was 3.4%, lower than the 3.5% in June and the industry average for the period.

On the funding side, total deposits with the bank rose 3% to P849 billion as of September after a 23% increase in current account, savings account (CASA) deposits to P529 billion.

Time deposits declined by 19% to P321 billion.

“China Bank’s sustainable funding sources and strong capital continue to be key strengths. About 62% of the bank’s P849-billion total deposits were accounted for by CASA, up from 52% last year, and this helped bring down our overall funding cost. Our healthy capital ratios also reflect the bank’s financial soundness,” China Bank Chief Finance Officer Patrick. D. Cheng said in the statement.

China Bank’s assets inched up 4% to P1.05 trillion at end-September from P1.01 trillion a year earlier.

Total capital funds grew by 13% to P114 billion. Its common equity Tier 1 ratio of 14.4% at end-September was higher than the 13.1% last year, while the total capital adequacy ratio of 15.3% also increased from 14%.

Shares in China Bank went up 1.24% or 30 centavos to close at P24.45 each on Thursday. — Jenina P. Ibañez

Robinsons Retail posts 39% earnings growth as sales improve

November 5, 2021 | 12:05 am

ROBINSONS RETAIL Holdings, Inc. (RRHI) “sustained its momentum” in the quarter ending September as it recorded a 38.7% increase in its net income attributable to P1.04 billion from P750 million last year, it said in a disclosure to the stock exchange on Thursday.

The company’s net sales amounted to P37.47 billion, up by 8.3% from P34.61 billion a year ago despite the reimposition of enhanced community quarantine in the capital in August.

“This was predominantly driven by the double-digit Same Store Sales Growth (SSSG) of the drugstore segment and positive SSSG of the department store, convenience store and the appliance business,” RRHI said.

E-commerce sales made up for 4.8% of the total in the third quarter, improving by 3.5 times year on year to P1.8 billion.

Gross profit increased by 7.8% to P8.6 billion in the third quarter, while operating income grew 2.2% to P1.5 billion and its earnings before interest, taxes, depreciation and amortization increased 2.6% to P3.2 billion.

“The continued improvement in our third-quarter performance is indicative of the pivot as the Philippine economy recovers,” RRHI President and Chief Executive Officer Robina Y. Gokongwei-Pe said in a statement on Thursday.

“With more people getting vaccinated, resulting in a drop in COVID-19 (coronavirus disease 2019) cases, quarantine or mobility restrictions are now relaxed. This further supports our view that we can sustain the momentum of the business into the succeeding quarters,” she added.

For the first nine months, RRHI’s net income attributable grew by 13.3% to P2.71 billion from P2.39 billion from the same period last year.

However, it said the pandemic continued to affect its net sales for the period, which inched down by 0.6% to P108.93 billion from last year’s P109.58 billion.

RRHI’s operating income in the first nine months also dropped by 10.4% to P3.82 billion from P4.27 billion.

“While there are still challenges in the overall macro, Robinsons Retail will continue to focus on financial prudence while at the same time, drive agility in bringing forward customer-centered innovation in all of our formats and channels,” Ms. Gokongwei-Pe said.

“We continue to build on our digital strategy and further enhance our online capabilities to serve and fulfill the needs of our customers in the best possible way,” she said.

RRHI shares declined by 1.1% or 70 centavos to finish at P63 apiece on Thursday. — Keren Concepcion G. Valmonte

South African author Damon Galgut wins Booker Prize

November 5, 2021 | 12:04 am

LONDON — South African author and playwright Damon Galgut won the Booker Prize on Wednesday for his novel The Promise, about a white family’s failed commitment to give their Black maid her own home. It was Galgut’s third nomination for the 50,000 pounds ($68,175) English language literary award. “It’s taken a long while to get here and now that I have, I kind of feel that I shouldn’t be here,” he said in his acceptance speech. “This has been a great year for African writing and I would like to accept this on behalf of all the stories told and untold, the writers heard and unheard from the remarkable continent that I’m part of. Please keep listening to us, there’s a lot more to come.” Starting in the mid-1980s and set just outside Pretoria, The Promise transitions through several decades and South African presidents. Told through four family funerals, it begins with a young girl hearing her father promise her dying mother their maid will get the deeds to the annex where she lives — something he later reneges on. “The Promise astonished us from the outset as a penetrating and incredibly well-constructed account of a white South African family navigating the end of apartheid and its aftermath. On each reading we felt that the book grew,” historian Maya Jasanoff, chair of the judges, said in a statement. — Reuters

AC Energy profit rises 68% in Q3

November 5, 2021 | 12:04 am

AYALA-LED AC Energy Corp. (ACEN) recorded a 68% increase in its attributable net income in the third quarter, mainly driven by higher revenues from the sale of electricity and growth in its operating capacity.

In a regulatory filing with the Philippine Stock Exchange website on Thursday, AC Energy said its net income attributable to equity holders of its parent company rose to P1.58 billion in July to September from just P938.56 million in the same period last year.

Its consolidated net income in the period went up 67% to P2.26 billion from P1.35 billion a year ago.

For the first nine months, AC Energy recorded an attributable net income of P4.27 billion, up 22% from P3.51 million last year.

“The continued recovery of electricity demand in Luzon, as well as the growth in new operating capacity from recent acquisitions and greenfield projects contributed to ACEN’s noteworthy performance,” it said in a statement.

Attributable output grew 17% to 3,378.1 Gigawatt hours (GWh) in the first nine months of the year, up from 2,897.3 GWh in the same period last year.

“Challenges in the availability of thermal assets, coupled with high WESM (Wholesale Electricity Spot Market) prices, led to an increase in the cost of purchased power during the period, but this was partially offset by improved wind regime,” the company said.

In the third quarter, the company’s revenues increased by 3.48% to P5.47 billion from P5.28 billion.

Revenues from the sale of electricity went up 3% to P5.42 billion due to higher demand for electricity following the lockdown, “increased retail contracts, and growth in operating capacity.”

AC Energy acquired additional stakes in the 48-megawatt (MW) ISLASOL and SACASOL solar farms in Negros Occidental last year.

The company’s 60-MW Gigasol3 and 120-MW SolarAce1 solar power plants have also started commercial operations in April and June 2021 “which also contributed to the increase.”

Meanwhile, rental income rose 75% to P15.1 million. Other revenue, which consists of management fees earned by the company from its joint ventures as well as bulk water sales, climbed 134% to P31.8 million.

“ACEN continues to be a direct beneficiary of the steady resurgence in consumer confidence in both the Philippines and the Asia-Pacific. The company continues to aggressively roll out renewable energy investments in the Philippines and across the region, and is well-positioned to address the tightening supply-demand dynamics, as electricity demand continues to recover and fossil fuels become more expensive,” AC Energy President and CEO Eric T. Francia said.

AC Energy has 2,875 MW of attributable capacity in the Philippines and across the region, of which 1,908 MW are already operating.

Shares of AC Energy rose 0.49% or six centavos to finish at P12.26 apiece on Thursday. — BADA

RCBC expects card business to recover this year

November 5, 2021 | 12:04 am

RIZAL COMMERCIAL Banking Corp. (RCBC) expects a rebound in the credit card industry this year as the economy gradually recovers.

RCBC President and Chief Executive Officer (CEO) Eugene S. Acevedo said the industry’s credit card business experienced a slump in 2020 as the pandemic altered consumers’ lifestyle.

“But steadily, RCBC and the rest of the country’s banking industry are changing the pace this year. We are now seeing a quick recovery of the market in 2021,” Mr. Acevedo said at the launch of the RCBC Bankard’s new partnership with MasterCard, Inc. and Zalora Philippines.

“The continued revival of economic conditions, along with the ongoing vaccine distribution, can only positively impact the Philippines’ credit card market,” he added.

The three firms partnered to launch the Zalora Credit Card, which is particularly targeted for online shoppers interested in fashion and lifestyle benefits and freebies.

Mastercard Philippines Country Manager Simon Calasanz said the credit card is equipped with security features, including secure codes and authenticators, to help protect consumers in their online transactions.

“The new Zalora co-brand card gives users a physical first experience, meaning a virtual card is issued as soon as your application is approved. So you can start using it while waiting for your physical card in the mail,” Mr. Calasanz said.

The credit card is also a move towards sustainability as it is made using eco-friendly materials, RCBC Bankard Services Corp. President and CEO Arniel Vincent B. Ong said.

“It’s not made out of recycled material but it’s non-edible corn, which makes it a sustainable plastic substitute,” Mr. Ong said.

The maximum spending limit for their credit cards is “normally capped at P5 million”, although this could be adjusted higher depending on a customer’s capacity, he said.

“You can imagine how a lot of the affluent customers actually use up a lot of these high limits. There are really customers with very, very high usage,” he added.

Mr. Ong said consumer confidence has improved as the economy gradually reopens, as seen in the rise in credit card transactions.

“When we take a look at transaction volumes, they’re now up by about 15% for the industry. What’s probably more relevant is for RCBC, it’s up by about 25% year on year in the first nine months,” Mr. Ong said.

He also noted that their delinquency rate has generally improved as financial institutions have made arrangements with their customers on the management of their debts.

“So it will be a single-digit delinquency rate, which is similar to what RCBC is experiencing. In our case, delinquency has already peaked and we are now getting near to pre-pandemic levels,” he said.

Meanwhile, Zalora Philippines Co-founder and CEO Paulo L. Campos III said they expect “revenge shopping,” or making up for the time lost to the pandemic by spending, to fuel the rise in credit card payments.

“E-commerce in the Philippines is still going strong, and poised to grow to $15 billion in 2025, coming from $3 billion in 2019 and $4 billion in 2020,” Mr. Campos said.

RCBC Bankard and Zalora are waiving the card’s annual fee for the first year of use.

RCBC shares ended trading at P19.80 apiece on Thursday, up by 20 centavos or by 1.02%. — Luz Wendy T. Noble

Actress Kristen Stewart engaged to partner Dylan Meyer

November 5, 2021 | 12:03 am

LOS ANGELES — American actress Kristen Stewart said on Tuesday she was engaged to her partner of two years, actress and writer Dylan Meyer. Stewart, who in 2017 said she was bisexual, said Meyer had proposed to her. “We’re marrying, we’re totally gonna do it. … I wanted to be proposed to, so I think I very distinctly carved out what I wanted and she nailed it,” Stewart told SiriusXM’s The Howard Stern Show. “It was very cute. … We’re marrying, it’s happening.” Stewart, 31, plays Britain’s Princess Diana in the film Spencer, which arrives in movie theaters this week. She rose to global fame in the Twilight movies and dated her co-star, Robert Pattinson. Meyer, a writer and actress, is known for her work on the Netflix movie Moxie, and Miss 2059. — Reuters

SEC clears ACR’s P600-M commercial papers

November 5, 2021 | 12:03 am

THE Securities and Exchange Commission (SEC) has approved Alcantara-led Alsons Consolidated Resources, Inc.’s (ACR) plan to offer P600 million in commercial papers.

In a regulatory filing on Thursday, ACR said it received from the corporate regulator the certificate of permit to offer securities for sale.

The issuance forms part of the second tranche of the company’s P3-billion commercial paper program.

The P600-million debt papers will be composed of 364-day “Series Q” securities with a discount rate of 3.75% per year.

“These securities may now be offered for sale or sold to the public,” the SEC said in its certificate of permit dated Nov. 2.

It added that the issuance of the second tranche must comply with the Securities Regulation Code and the Revised Code of Corporate Governance, among others.

The SEC earlier this year cleared ACR’s P3-billion commercial paper program, which the firm said it plans to issue in one or more tranches within three years.

The first tranche, which has a base principal amount of P2 billion, was composed of 182-day “Series O” securities with a discount of 3.25% per annum.

ACR is under the Alsons Power umbrella brand.

Shares of ACR improved by 0.87% or one centavo to close at P1.16 apiece on Thursday. — Angelica Y. Yang

BSP’s green investments may reach $1B by 2023

November 5, 2021 | 12:03 am

THE BANGKO SENTRAL ng Pilipinas’ (BSP) investment in green bonds could reach $1 billion in the next two years as it continues to move towards sustainability, BSP Governor Benjamin E. Diokno said.

“[It’s] possible [to reach it] before the end of my term in 2023,” Mr. Diokno said at an online briefing on Thursday.

“Consistent with the timeline in 2023, the BSP will be further issuing sustainability-related guidelines that will cover the areas of investment activities about climate stress-testing and prudential reporting,” he added.

The BSP has so far invested $550 million in the green bond fund of the Bank for International Settlements, of which $200 million was placed earlier this year.

Rhodora M. Brazil-De Vera, deputy director of the Supervisory Policy and Research Department at the BSP, said more investments could be funneled into the green fund given the central bank’s commitment to sustainable financing.

“There may be a chance to increase it further because the BSP adopted its strategic allocation to green bonds that is subject to the approval of the Monetary Board. So the BSP will continue to look for opportunities on how it can increase its green bond holdings as part of its championing the sustainability agenda in the financial system,” Ms. Brazil-De Vera said.

Mr. Diokno earlier said they have no specific target for the BSP’s exposure to green investments.

The BSP is a part of the green force, an interagency technical working group for sustainable finance composed of 18 government agencies that it co-chairs with the Department of Finance.

Other members of the group are the Securities and Exchange Commission, Insurance Commission, Climate Change Commission, Department of Energy, Department of Environment and Natural Resources, National Economic and Development Authority, Bases Conversion and Development Authority, Department of Agriculture, Department of Budget and Management, Department of Interior and Local Government, Department of Public Works and Highways, Department of Science and Technology, Department of Transportation, Department of Trade and Industry, Mindanao Development Authority, and the Public-Private Partnership Center.

In October, the government unveiled its Sustainable Finance Roadmap that seeks to address gaps in policies and regulations in terms of promoting sustainable investments.

Meanwhile, the BSP last year released its own sustainable finance framework, which directed banks to adopt sustainability principles through environmental and social risk management systems. Banks were given three years to adopt the principles.

Last week, the BSP released the second phase of the framework through Circular 1128, which directs banks to monitor their environmental and social risks in their credit exposures and business operations. — L.W.T. Noble

DoLE to iron out Saudi OFW back pay details

November 5, 2021 | 12:03 am

OFW-NAIA — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE LABOR department said Thursday that it will form a special task force to expedite the release of back pay and end-of-contract benefits owed to overseas Filipino workers (OFWs) forced to return home from Saudi Arabia in 2016.

In a statement, the Department of Labor and Employment (DoLE) said it will create a technical working group whose members will include the Riyadh-based labor officer, the Overseas Workers Welfare Administration (OWWA), and the Philippine Overseas Employment Administration (POEA), as well as representatives from a Saudi Arabia OFW group “to determine all details relevant to the release of the full settlement.”

Labor Secretary Silvestre H. Bello III also “ordered the inclusion of OFW representatives in the group that will meet with its counterpart from KSA (the Kingdom of Saudi Arabia) in order to hasten the processing of claims by some 9,000 OFWs,” DoLE added.

The Philippine and Saudi Arabian governments led by Mr. Bello and Saudi Labor Minister Ahmed al-Rajhi held talks in Dubai last week, DoLE said.

Citing OWWA Administrator Hans Leo Cacdac, DoLE said all specifics, such as eligibility, distribution, and documentary requirements will be finalized through the technical working group and should be ready before the scheduled visit of the Saudi Arabian labor minister in December.

The Saudi Arabia government is expected to pay P4.6 billion in unpaid salaries to 9,000 OFWs, Mr. Bello has said. — Kyle Aristophere T. Atienza

Deere union workers reject labor agreement offer

November 5, 2021 | 12:02 am

MEMBERS of the United Auto Workers (UAW) union rejected a deal with Deere & Co., extending a nearly three-week-long strike and illustrating the growing willingness of US workers to hold out for better terms.

The second rejected deal offered substantial improvements over one that workers turned down before going on strike, and included larger wage increases, no new tiers to retirement benefits and a signing bonus of $8,500.

The wage increase offered at 14 Deere facilities was larger than nearly a dozen other collective bargaining agreements the UAW has negotiated since 2018, according to Bloomberg Law’s database of labor contracts.

“Thirty five years ago, workers at Deere lost a lockout and took a deal that froze and reduced wages,” said University of Chicago historian Gabriel Winant. “Today they rejected an offer that starts with a 10% raise. It’s the biggest downward shift in the economic balance of power in my lifetime.”

Some 10,000 Deere employees — about 14% of its global workforce — went on strike on Oct. 14 for the first time since 1986, having rejected a prior deal that called for a 5% to 6% wage increase for the first year. The world’s biggest farm equipment maker has kept its factories running, using salaried employees. The company said the focus has been operating parts depots and its parts distribution center to ensure farmers can complete their harvest season.

The strike comes as supply chain snags for semiconductors and other parts are already causing turmoil at a time of peak demand for tractors during the US harvest. The consensus of analysts’ estimates compiled by Bloomberg shows the company will report $10.6 billion in net sales from equipment operations when it reports fiscal fourth-quarter earnings Nov. 24.

“By a vote of 45% yes to 55% no, UAW John Deere members voted down the agreement this evening,” the union said in a statement late Tuesday. “The strike against John Deere and Co. will continue as we discuss next steps with the company.”

Production and maintenance employees at 12 plants rejected the agreement, while workers at parts facilities in Denver and Atlanta approved a separate agreement with identical economic terms, the company said in a statement.

“Through the agreements reached with the UAW, John Deere would have invested an additional $3.5 billion in our employees,” Deere said. “With the rejection of the agreement covering our Midwest facilities, we will execute the next phase of our Customer Service Continuation Plan.”

The six-year contract that was rejected also included wage hikes of 5% in the third and fifth years, as well as lump-sum bonuses amounting to 3% of worker pay for the other three of the six-year contract. It also offered a $35,000 retirement bonus for workers with 10 to 24 years on the job and a $50,000 bonus for workers with at least 25 years.

The company’s existing “two-tier” compensation system, in which workers hired since 1997 receive less generous benefits than those who started working there earlier, has been a sticking point for many employees, and would not have been abolished by the tentative agreement.

Deere’s much-improved contract offer, and its employees’ choice to reject it, reflect workers’ increased leverage and heightened expectations at a moment of tight labor markets and heightened political focus on “essential workers.”

“The Deere strikers and others may be gaining a new awareness of their leverage in the current labor market, and that the time to act is now,” said Chris Rhomberg, a sociology professor at Fordham University. “The stakes are high, but a victory for the union in this strike can help re-shape the terms of the post-pandemic economy.”

The number of US workers on strike could grow substantially in the coming weeks if some of the tens of thousands of Kaiser Permanente healthcare workers who have authorized work stoppages walk off the job, or if film and TV workers follow their Deere counterparts’ lead in rejecting tentative deals negotiated by union leaders.

MORE LEVERAGE
While the current labor market has strengthened workers’ hand and weakened the threat of permanently replacing striking workers across the board, employees have particular leverage in those sectors where strikes can seriously disrupt or halt production.

That includes the International Alliance of Theatrical Stage Employees (IATSE) members slated to vote in the coming weeks on tentative deals reached with film and TV producers days before a planned strike, and the West Coast International Longshore and Warehouse Union members whose contracts expire next summer, as well as the Deere workers.

The Deere strikers’ leverage rests “on the times, but also on their ability to shut down production,” former Communications Workers of America President Larry Cohen, who now chairs the advocacy group Our Revolution, said Sunday. “You can’t do that everywhere — it’s harder at a Kellogg’s where they are importing stuff.” — Bloomberg

Stuff to do (11/05/21)

November 5, 2021 | 12:02 am

THE NEW Ortigas Foundation Library has reopened at the second floor of the McKinley building (above Unimart) in Greenhills Shopping Center, San Juan City. It is now open for library services. Research and topics can be browsed at http://ortigasfoundationlibrary.com.ph/. Reservations to visit must be made ahead of time through e-mail at ortigasfoundation@ortigas.com.ph. A time limit for research may apply depending on the number of visitors. Upon arriving, visitors must provide an ID, proof of vaccination, and fill up a standard health declaration form. They must wear a mask at all times inside the library premises. The library is open from 9 a.m. to 3 p.m. Parking spaces are available. The gift shop is also now open as well as the Conservation Lab to provide restoration services. For more details, visit https://www.facebook.com/Ortigas.Foundation/.

CCP re-opens with limited film screenings

TWENTY months after it closed down its theaters and other venues, the Cultural Center of the Philippines (CCP) will hold special premiere screenings of select feature and documentary films celebrating Filipino excellence. Collectively known as WAGI: A Celebration of Filipino World-Class Excellence, all the special screenings are scheduled at 7 p.m., at Main Theater. On Nov. 5, the CCP opens its doors with the screening of A Thousand Cuts, a social documentary by filmmaker Ramona Diaz, to celebrate the first Nobel laureate from the Philippines and Rappler CEO Maria Ressa. A Q&A session with the film director follows. Filipino pride and excellence in sports takes the spotlight in the special screening of the GMA 7 documentary Team Pilipinas on Nov. 26. Produced by journalist Atom Araullo, the film honors the athletes who represented the Philippines and bagged medals at the 2020 Tokyo Olympics — gold medalist Hidilyn Diaz, silver medalist Nesthy Petecio, silver medalist Carlo Paalam, and bronze medalist Eumir Marcial. The Philippine premiere of On the Job: The Missing 8 will be held on Dec. 9. Directed by Erik Matti, this film saw actor John Arcilla winning the Coppa Volpi for Best Actor to actor John Arcilla at the Venice Film Festival. The special screening is co-presented with the Embassy of Italy in Manila. There will be a Q&A session after the screening. Following the new rulings on the government-imposed lockdowns, the CCP will open with 30% audience capacity. Only audience members who are fully vaccinated will be allowed inside the theaters. They need to present their vaccination card/ID at the entrance, fill up a health declaration form or the Stay Safe app, and present their tickets/scannable QR Codes on mobile. Guards will do routine temperature checks before entering. For more information, visit the CCP website, www.culturalcenter.gov.ph, or follow the official CCP social media accounts on Facebook, Twitter and Instagram for updates.

Pru Life UK launches new global fund

November 5, 2021 | 12:02 am

PRU LIFE UK will be offering a new equity fund that gives investors access to global markets without needing to convert their peso holdings into foreign currency.

Called the PruLink Global Equity Navigator Fund, the product has allocations for equity markets in at least 10 major economies including the US, Japan, South Korea, United Kingdom, Canada, Brazil, France, Switzerland, Germany, and Australia, among others, Pru Life UK Vice-President for Investment Marketing Mark Anthony A. Valino said in an online briefing.

The fund will be available in the country starting Nov. 8. It is managed by Singapore-headquartered Eastspring Investments.

Existing and new Pru Life UK policyholders may avail of the product. It can be attached to their investment-linked life insurance policies.

The fund is suitable for young starters positioning for long-term investments, high-income earners looking to diversify their portfolio, as well as investors already familiar with the international financial markets, Mr. Valino said.

As it is a dollar-denominated feeder fund, investors should be aware of the risk that comes with currency volatility, he added.

“Make sure that you are able to accept and appreciate all of these risks that come also with the growth opportunities,” Mr. Valino said.

This month, the insurer welcomed Eng Teng Wong as its new president and chief executive officer, succeeding Antonio G. De Rosas following the latter’s retirement. Mr. Wong was previously the chief revenue officer and chief officer for ecosystem implementation at Prudential Services Asia.

Mr. Wong said he is optimistic about the untapped opportunity in the Philippines given its 111-million population, saying this is much bigger compared to the 32-33 million in Malaysia where he came from.

“We [in the Philippines] have one of the largest agent force in the country, not just the largest but also youngest and also growing fast,” he said.

He added that he hopes to address the challenge of financial literacy in the country.

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

The insurer’s net income of P3.27 billion was the fourth biggest in the industry in 2020, while it ranked fifth in terms of its assets with P117 billion. — L.W.T. Noble