Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 7231

Million users seen to switch network providers

Telco industry set for initial stage of mobile number portability

By Arjay L. Balinbin, Senior Reporter

TELECOMMUNICATIONS Connectivity, Inc. (TCI), the company put up by the country’s dominant mobile network operators to facilitate mobile number portability, expects “a million” subscribers to switch network providers during the initial phase of the implementation.

“Initially, we are projecting a million. But in other countries, 30% of the subscribers are porting out, so we will prepare for it. But initially, we’re setting it at about a million at the initial stage,” TCI General Manager Melanie A. Manuel said at an online briefing.

She said the mobile number portability is “something that will encourage the competitors to expand their network, improve customer experience, and improve their products and services.”

“Of course, you don’t want people to port out, right? So, it is a challenge for all of them,” Ms. Manuel noted.

The commercial launch of the mobile number portability is on Sept. 30. Ms. Manuel said the process is free of charge.

To port within networks, customers should be able to meet the following requirements: an active SIM and the requestor is the assignee of the mobile number to be ported, no remaining balance from previous bill (for postpaid), no existing court prohibitions, and no pending transfer of ownership.

Ms. Manuel said Smart Communications, Inc., Globe Telecom, Inc., and DITO Telecommunity Corp. had invested P120 million in the project. They chose Florida-based Syniverse to be the mobile number portability service provider.

“The entire telco industry and the Philippine government are pushing forward with the same goal of providing Filipinos with better telco services. Aside from encouraging healthier competition amongst the players, MNP (mobile number portability) also grants Filipinos the freedom to switch to their preferred mobile service provider seamlessly and conveniently,” DITO Chief Administrative Officer and TCI Treasurer Adel A. Tamano said at the briefing.

For his part, Vicente Froilan M. Castelo, Globe general counsel and TCI chairman, said: “Mobile Number Portability is a complex process not only do we need to adopt it into our system, but we need to integrate it with the networks of our competitors. MNP involves close coordination with the other telcos to build the system and how the system will react to provide that good customer service. It took us 22 months to build MNP, upgrade the system, integrate with the MNP service provider, and do testing with the other telcos.”

Mario G. Tamayo, TCI president and senior vice-president and head of technology at PLDT and Smart, said: “We want to make sure that we can give the best solutions and services to the Filipino people. Gusto natin pagaanin ang buhay at pasimplehan ang proseso para sa bawat (We want to ease the burden and simplify the process of each) telco subscriber by giving them the power of choice. Through mobile number portability, we are empowering our customers to pursue their passions and purpose.”

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.

Weinstein pleads not guilty ahead of rape trial

REUTERS

LOS ANGELES —  Former Hollywood producer Harvey Weinstein pleaded not guilty on Wednesday to charges of rape and sexual assault involving five women in Los Angeles ahead of a second trial. Mr. Weinstein, 69, arrived at Los Angeles Superior Court for his first appearance there in a wheelchair, wearing a brown jail uniform, after being extradited from New York on Tuesday where he was serving 23 years in prison for rape and other sexual offenses. Mr. Weinstein has denied having nonconsensual sex with anyone and is appealing his 2020 New York conviction and sentence. In Los Angeles, he faces 11 charges of attacking five women between 2004 to 2013. They include forcible rape, forcible oral copulation, sexual battery by restraint, and sexual penetration by use of force. If convicted, Mr. Weinstein could spend the rest of his life in prison. Mr. Weinstein’s lawyer Mark Werksman said he was seeking dismissal of three charges relating to 2004 and 2005 on the grounds that the 10-year statute of limitations in California has expired. Mr. Weinstein, once one of the most powerful men in Hollywood, is accused of raping two women at hotels in Beverly Hills on separate occasions, and with sexually assaulting three other women in the Beverly Hills or Los Angeles areas, according to the charges. — Reuters

PLDT, Cavite partner for ‘Smart City’

PLDT, Inc. said Thursday that it partnered with the Cavite local government through its business arm PLDT Enterprise and wireless unit Smart Communications, Inc. for the rollout of a fiber network for the province’s digital roadmap towards becoming a “Smart City.”

“The PLDT Group is extending its support in laying the groundwork for Cavite’s vision of becoming a Smart City. We are delighted to commence this advancement which is a massive move for the development of Cavite,” PLDT Chairman Manuel V. Pangilinan said in a statement.

The provincial government of Cavite and the PLDT group will activate the Cavite Managed Broadband Network Service, an end-to-end solution that will enable internet to the province’s 23 cities and municipalities, PLDT said.

“The project will connect over 2,504 locations and 4,894 installed access points, through the PLDT’s fiber network supported by ePLDT’s VITRO Data Center which are strategically provisioned all over Cavite using the Smart WiFi platform,” it added.

Cavite Governor Juanito Victor “Jonvic” C. Remulla, Jr. said he is confident that through the PLDT group, the province will be able to achieve its goal of becoming a Smart City.

The project includes the provision of a fully underground fiber optic cable backbone. It will provide free internet access to more than 23 cities and municipalities, 129 public elementary and secondary schools, and 42 public places.

The Department of Information and Communications Technology (DICT) announced recently that eight cities and one town in different parts of the country had launched their five-year digital city roadmaps.

These are the cities of Balanga, Batangas, General Santos, Iligan, Legazpi, Puerto Princesa, Tuguegarao, and Zamboanga; and the first-class municipality of Taytay in Rizal.

The digital city roadmaps aim to bridge the progress gap in the countryside.

The DICT, Information Technology and Business Process Association of the Philippines, and Leechiu Property Consultants, Inc. launched the “Digital Cities 2025” program last year, covering 25 locations and 31 cities.

These areas are expected to attract an estimated P70 billion in investments from business process outsourcing companies in the next few years.

Within the five-year program, the identified cities will be prioritized for internet connectivity and digital education for the talent pool.

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

Kanye West teases new music ahead of album release

RENAN FACCIOLO/ EN.WIKIPEDIA.ORG/

KANYE West will release his 10th solo studio album Donda on Friday, teasing his new music in an advert during the NBA Finals featuring US sprinter Sha’Carri Richardson, who missed out on the Olympics after being suspended for a positive cannabis test. The 44-year-old rapper will premiere the record on Thursday at a listening event in Atlanta, which will be streamed live. West previewed new song “No Child Left Behind” in an ad airing during Game Six of the NBA Finals. The commercial, scored and edited by West, shows Ms. Richardson, who had been expected to be one of the biggest draws at Tokyo 2020, at a track at night. The 21-year-old has said she used the cannabis to deal with the death of her mother. Mr. West shared a clip of the ad on his Instagram page. The album, named after Mr. West’s late mother Donda West, follows 2019’s Grammy Award winning Jesus is King. — Reuters

Lopez firm builds three microgrids in Camarines Sur

FIRST Philippine Holdings Corp. is preparing microgrids for underserved communities, its chief executive said on Thursday, as he disclosed Camarines Sur to be the location of the first batch.

“We just built three of them in CamSur and hope to commission them by next month, but they’re already up there and we want to run them very soon,” FPH Chief Executive Officer Federico R. Lopez said during a forum hosted by the Makati Business Club.

“We’re setting up microgrids around the country in areas that are, what you call edge of grid, where the cooperatives that are serving them can barely serve these communities anymore,” he said.

These communities are said to only receive power for eight to 10 hours a day. FPH hopes that these microgrids will allow them to have access to electricity for 24 hours to help with their comfort and their livelihoods.

Right now, half the kilowatt-hours of the said communities are powered by renewables, while the other half is sourced from diesel.

“But over time, what we want to do is increase the amount of kilowatt-hours that is being served by renewables and eventually phase out that diesel when it’s cheap enough,” Mr. Lopez said.

However, the company said this will not be part of its CSR (corporate social responsibility) initiatives. The project is being tested for its feasibility.

“We’re looking at the ability to do things like these that enable again communities that need to be brought up that curve and… to enable prosperity also,” Mr. Lopez said. “We’re looking at ways to do that profitably because if we can’t do it profitably, you can’t scale it and you can’t continue doing it.”

On Thursday, shares of FPH at the stock market rose by 0.68% or 50 centavos to close at P74.50 each. — Keren Concepcion G. Valmonte

BPI books higher income in Q2

BW FILE PHOTO
BANK of the Philippine Islands booked a higher net income in the second quarter as it set aside less loan loss provisions. — BW FILE PHOTO

BANK OF THE Philippine Islands (BPI) recorded a higher net profit in the second quarter as it set aside less provisions for bad loans, which helped offset the decline in its income from its core businesses.

The bank’s net income stood at P6.8 billion in the quarter ending June, 28.8% higher than the P5.375 billion posted in the same period last year, it said in a disclosure to the stock exchange on Thursday.

This brought its net earnings for the first half to P11.8 billion, up by 1.2% from the P11.756 billion seen a year ago.

Its end-June performance translated to a return on equity of 8.4%, while return on assets was at 1.1%.

BPI’s revenues in the first semester went down by 6.7% to P48.1 billion.

Net interest income dropped by 6.6% to P33.9 billion as its net interest margin contracted by 24 basis points to 3.32% from 3.56% amid a decrease in earning asset yields.

Meanwhile, the lender’s non-interest earnings fell by 7.1% to P14.3 billion, mainly due to lower trading income. On the other hand, fees and commissions climbed by 37.2% across its fee-based businesses.

BPI’s total operating expenses from January to June went up by 3% to P24.1 billion from a year earlier. Its cost-to-income ratio increased to 50.1% from 45.3%.

The bank’s provisions for credit losses declined by 55.7% to P6.5 billion at end-June from P14.7 billion last year as it set aside more reserves in 2020 at the start of the coronavirus pandemic.

BPI’s loan portfolio slipped by 4.5% to P1.4 trillion as of June due to softer demand for corporate, small and medium enterprises, and auto credit.

Its nonperforming loan (NPL) ratio stood at 2.94% at end-June, higher than the 1.83% seen a year earlier. NPL coverage ratio was at 120.3%.

Meanwhile, deposits with the bank dropped by 4.5% year on year to P1.7 trillion. Current account, savings account (CASA) deposits increased by 10.7%, partly offsetting the 43.1% decrease in time deposits. BPI’s CASA ratio stood at 83.2%.

The bank’s loan-to-deposit ratio was at 80.8%.

BPI’s assets went down by 3% to P2.2 trillion as of June, while total equity was at P285.8 billion. Its common equity Tier 1 ratio stood at 16.95% while its capital adequacy ratio was at 17.82%, both beyond the minimum requirement of the central bank.

The Ayala-led bank’s shares closed at P87.50 apiece on Thursday, up by P3.20 or by 3.8% from its previous finish. — L.W.T. Noble

UNESCO strips Liverpool of its world heritage status

FACEBOOK.COM/THE-ENGLISH-CITY-OF-LIVERPOOL

LONDON —  The English city of Liverpool was removed from UNESCO’s list of world heritage sites on Wednesday because new buildings undermined the attractiveness of its Victorian docks, making it only the third site to be removed from the prestigious list. Liverpool was named a World Heritage Site by the United Nation’s cultural organization in 2004, joining landmarks such as the Great Wall of China, the Taj Mahal, and the Leaning Tower of Pisa. After a vote in China by members of its World Heritage Committee, UNESCO said the new buildings in Liverpool were undermining the city’s “authenticity and integrity.” Liverpool — hometown of the Beatles — was put on the heritage list in recognition of its role as one of the world’s most important ports during the 18th and 19th centuries and for its architectural beauty. Joanne Anderson, Liverpool’s mayor, said the decision to remove the city from the list was “incomprehensible” coming a decade after UNESCO officials last visited. Ms. Anderson said she hopes to appeal the decision. The only other sites stripped previously of the title are a wildlife sanctuary in Oman in 2007 after poaching and habitat loss and the Dresden Elbe valley in Germany in 2009 when a four-lane bridge was built over the river. —  Reuters

Manila Mining board approves capital increase to P4.6B

MANILA Mining Corp. announced that its board of directors has permitted the increase of its authorized capital stock to P4.6 billion as part of efforts to settle liabilities.

In a stock exchange disclosure on Thursday, the company said the board approved on July 21 the capital increase from P2.6 billion.

The capital hike will be recommended to stockholders for approval during Manila Mining’s annual meeting to be held on Aug. 17.

According to Manila Mining, the decision supersedes the previous approval made by its the board on March 9 to increase the company’s authorized capital stock to P3.4 billion.

“The present authorized capital stock of the company is almost fully subscribed. The increase in capital will enable the company to resume exploration drilling and settle liabilities,” Manila Mining said in the disclosure.

Under the revised decision, Manila Mining’s capital stock will be divided into 276 billion shares of common class “A” stock at a par value of one centavo per share, and 184 billion shares of common class “B” stock at also one centavo apiece.

“All shares of stock of the corporation of whatever class shall enjoy the same rights and privileges except only as herein otherwise provided,” Manila Mining said.

The adjusted figures are higher than the company’s current authorized capital stock at P2.6 billion, divided into P156 billion shares of common class “A” stock at one centavo apiece, and P104 billion shares of common class “B” stock also at one centavo per share.

Based on its website, Manila Mining stopped its operations in 2001 after the company’s permit to operate its tailings dam was not renewed by the Department of Environment and Natural Resources.

Manila Mining’s “A” and “B” shares were both flat on Thursday to close at P0.010 and P0.012, respectively. — Revin Mikhael D. Ochave

Banks maintain strict lending standards in Q2

BW FILE PHOTO

BANKS continued to impose tighter credit standards in the second quarter and could keep these for businesses while ease those for consumers in the coming months, a Bangko Sentral ng Pilipinas (BSP) survey showed.

The BSP’s latest Senior Bank Loan Officers’ Survey published on Thursday showed most respondent banks maintained their lending standards for both enterprises and households in the April to June period, based on the modal approach.

Based on the diffusion index (DI) approach of the study, however, there was net tightening of credit standards for both enterprises and consumers.

A total of 53 banks responded to the survey out of the 64 lenders tapped to participate, representing a response rate of 82.8%. Inputs were gathered from June 2 to July 8.

“The net tightening of overall credit standards was evident in terms of reduced credit line sizes; stricter collateral requirements and loan covenants; and increased use of interest rate floors,” the central bank said.

Meanwhile, there were some indications of easing in terms of narrower loan margins and longer loan maturities.

Since the onset of the pandemic, the quarterly survey reflected banks’ aversion to granting credit.

Bank lending declined for the sixth straight month in June by 4.5%, although easing from the 5% contraction seen in May.

Based on the modal approach, loan demand from both businesses and consumers remained unchanged in the second quarter. However, the DI approach showed overall demand for business loans recorded a net increase, while retail loans registered a net decline.

The slight uptick in loan demand from businesses was attributed by respondent banks to an improvement in customers’ economic outlook and clients’ increased accounts receivable and inventory financing needs.

On the other hand, the net decrease in credit demand from households was attributed to reduced appetite to spend for big ticket items during the crisis and banks’ less attractive financing terms.

OUTLOOK
For this quarter, majority of the respondent banks expect to retain their overall credit standards for both enterprises and households, based on the modal approach.

However, the DI approach showed lenders expect to maintain their tight standards for firms while easing those for households.

“Diffusion index-based results [for businesses] indicated expectations of net tighter standards amid a deterioration of borrowers’ profiles and in the profitability of banks’ portfolio, less favorable economic outlook, and banks’ decreased tolerance for risk,” the BSP said.

Lenders appear to be more bullish on households as they expect a net easing in underwriting standards for loans to the sector, citing an anticipated improvement in borrowers’ profiles and positive economic prospects.

Business and consumer loan demand are expected to increase in the July to September period, based on the DI approach.

Respondent banks expect to see increased demand for credit from businesses due to higher inventory financing requirements along with their improved economic outlook. Higher demand from consumers is also anticipated amid an expected increase in consumption and need for financing due to lower income prospects. — L.W.T. Noble

Amy Winehouse remembered in new film

Amy Winehouse at the Eurockéennes of 2007 — EN.WIKIPEDIA.ORG/

LONDON — Amy Winehouse’s family and friends look back on her life in a new documentary marking 10 years since the singer’s death, with harrowing accounts of her rise to global fame and struggles with addiction. Narrated by her mother Janis Winehouse-Collins, Reclaiming Amy features home footage, family pictures and interviews with close friends who recall the six-time Grammy Award winner’s happier as well as darker times. Ms. Winehouse-Collins, who has multiple sclerosis (MS), has rarely spoken about her daughter publicly but shares her version of events in the documentary, which was commissioned by Britain’s BBC Two and BBC Music and will air on Friday. Ms. Winehouse, who struggled with drink and drug problems through much of her career, died from alcohol poisoning at her north London home on July 23, 2011. She was 27. Considered one of the most talented singers of her generation with hits including “Rehab” and “Back to Black,” her untimely death shook the music world. — Reuters

AllHome launches 55th store in Batangas

ALLHOME Corp. recently opened its 55th store located along Maharlika Highway in Sto. Tomas, Batangas, along with other Villar-led brands AllDay Supermarket, Coffee Project, Bake My Day, and AllDay RX.

“We are proud to continue our push to bring the AllHome brand to more Filipinos across the country,” AllHome Vice-Chairman Camille A. Villar said in a statement on Thursday.

AllHome offers seven product categories, which are: hardware, construction, tiles and sanitary wares, furniture, appliances, linens, and homewares.

It also has in-house brands under “AllHome Exclusives,” which are imported products said to be priced reasonably.

AllHome currently has 41 stores in “mega” Manila, along with seven in Luzon, three in Visayas, and four in Mindanao.

“As the economy continues to open up, we fully intend to further grow our presence beyond Metro Manila,” AllHome Chairman Manuel B. Villar, Jr. said.

Shares of AllHome went up by 0.65% or five centavos on Thursday, closing at P7.69 apiece. — Keren Concepcion G. Valmonte

Employers urged to address young hires’ climate change concerns

REUTERS

JOB APPLICANTS are increasingly querying their prospective employers about the company’s climate-change policies, First Philippine Holdings Corp. said.

“The ability to hire the best also depends on them taking a stance that’s for the betterment of the world,” the group’s Chief Executive Officer Federico R. Lopez said during a virtual conference hosted by the Makati Business Club Thursday.

He said younger applicants now prefer firms that have specific positions on mitigating climate change or those with ongoing efforts to do so.

Citing evidence gathered from his industry counterparts, Mr. Lopez said companies have interviewed promising candidates asking about the company’s position on issues like coal mining.

These candidates tend to seek other jobs if the interviewer fails to provide a suitable answer, he said.

As such workers rise up the ranks, their advocacies are expected to come to the fore.

“Imagine that kind of purchasing power putting its bulk behind the issue of climate change? That can change many, many things,” Mr. Lopez said.

The country should prepare for this new wave of employees and consumers, he added.

“If as a country we are not ready for that, we will not be part of the global supply chain as it moves forward. We will be left out and not only that, we will be left with stranded assets,” Mr. Lopez said. — K.C.G. Valmonte

1...7,2307,2317,232...13,713Page 7,231 of 13,713
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube