Security Bank’s cash management deal with MUFG ‘credit positive’

April 20, 2021 | 12:03 am

THE CASH management tie-up between Security Bank Corp. and Mitsubishi UFJ Financial Group, Inc. (MUFG) will be “credit positive” for the local lender as it could boost business flows while credit demand remains subdued amid the pandemic, Moody’s Investors Service said.

“Security Bank’s expanded partnership with MUFG [is] credit positive because it will encourage increased business flow and help Security Bank expand its corporate client base to MUFG customers while credit demand in Philippines is subdued in the uncertain domestic business climate,” the debt watcher said in a note on Friday.

The bank currently holds a Baa2 rating with a stable outlook from Moody’s.

Last month, the lenders expanded their partnership to allow MUFG clients access to Security Bank’s cash management system called DigiBanker. This will allow the Japanese lender’s clients to tap Security Bank’s system for disbursement requirements and to expand their collection network in the Philippines.

Moody’s said the deal will benefit Security Bank as it will provide opportunities for the lender to expand its client base for cross-selling to MUFG’s corporate clients.

“This will support Security Bank’s recent strategy of selected growth in the corporate loan book after a significant deterioration last year in its retail loan portfolio’s credit quality because of coronavirus pandemic-related disruptions,” Moody’s said.

Last year, bad loans in Security Bank’s portfolio increased to 3.9% of the total from 1.2% at end-2019, mainly due to its retail loan segment.

The debt watcher said the cash management tie-up will also boost Security Bank’s low-cost corporate deposits, trimming funding costs.

“Security Bank could also benefit from fee income through ancillary services such as overseas transfers and settlements,” Moody’s said.

MUFG’s partnership with Security Bank dates back to 2016 when the Japanese bank bought a 20% stake in the local lender.

Security Bank’s net earnings dropped 26.7% to P7.4 billion last year from P10.1 billion in 2019 due to higher credit loss provisions amid the crisis.

Its shares closed at P115 apiece on Monday, down by P3.80 or 3.2% from its previous finish. — Luz Wendy T. Noble

FDCP opens new funding cycle for PHL film projects

April 20, 2021 | 12:03 am

THE Film Development Council of the Philippines (FDCP)’s CreatePHFilms film funding program returns this year, aiming to provide opportunities and production of more Filipino projects.

Launched in September 2020, CreatePHFilms seeks to increase economic opportunities for local workers and service providers.

The call for applications began on April 6 and runs until May 31, with six funding programs for mid-length or feature-length fiction, documentary, or animation films available.

It is open to grantees for the following: Scriptwriting, with a selective nonrefundable fund of P100,000 for Filipino filmmakers or scriptwriters; Project Development, with selective nonrefundable fund of P200,000 for Filipino production companies; Small Budget Production, with selective refundable fund of P1 million for Filipino production companies; Large Budget Production, with a selective equity investment fund of up to P5 million for Filipino production companies; Post-Production, with a selective fund of P300,000 to be applied for by the Filipino production company; and Film Distribution, with a selective fund of P300,000 for the local and international distribution of Filipino projects.

Applicants must be Filipino filmmakers and companies accredited by the FDCP’s National Registry, and eligible projects must be directed by a Filipino, and 100% of the fund must be spent in the Philippines for qualified production expenses.

“The resumption of CreatePHFilms in 2021 shows the government’s continued support to the film industry by carrying on with the provision of public funding for film development,” FDCP Chairperson and CEO Mary Liza Bautista Diño Seguerra said in a statement. “Through CreatePHFilms, we aim to fuel the passion, resilience, and determination of Filipino filmmakers especially amid these trying times.”

Last year, P12.1 million was awarded to support 22 grantees of the CreatePHFilms 2020 Cycle 1: eight for Scriptwriting, four for Project Development, three for Small Budget Production, two for Large Budget Production, and five for Post-Production.

For more information, contact createphfilms@fdcp.ph or visit www.fdcp.ph/CreatePHFilms. — Michelle Anne P. Soliman

Robinsons Malls offers accessible COVID-19 vaccination sites

April 20, 2021 | 12:02 am

ROBINSONS MALLS said some of its branches now serve as coronavirus disease 2019 (COVID-19) vaccination sites, in support of local government units’ efforts to curb the spike in infections.

“More Robinsons Malls branches will open up as vaccination sites as it remains dedicated to its commitment to fight the battle against COVID-19. Due to its strategic location in key cities, large and clean spaces, and accessibility, Robinsons Malls has become the preferred sites to launch each city’s vaccination drive,” the company said in a statement.

Thousands of frontliners, medical health workers, barangay health workers, barangay health emergency response teams, barangay nutrition scholars, and senior citizens have already been inoculated in Robinsons Place Antipolo and Robinsons Place Tuguegarao.

Robinsons Malls said its branches in Cebu and General Santos City have also hosted vaccination activities.

Deutsche Bank builds emerging market currency trading engine in Singapore

April 20, 2021 | 12:02 am

DEUTSCHE BANK AG is replacing its global pricing engine for emerging-market currencies in London with one in Singapore, drawn by surging trading in Asia and the increasing importance of the Chinese yuan.

Locating new and more powerful computer hardware in the city-state will help the bank shave vital fractions of seconds from the time it takes to execute orders in the region, according to Singapore-based David Lynne, the chief of fixed income and currency operations in Asia region.

The shift underscores the need to locate servers closer to customers amid the boom in high-frequency trading and the rise of the yuan, which accounts for about 4% of global currency volumes. It is also a win for Singapore, Asia’s biggest currency-trading hub, which is fighting to maintain its lead over chief rival Hong Kong and grab a bigger share of trading in the Chinese currency.

“Singapore is growing as a major regional liquidity center, and we along with some of our competitors are building capacity here to boost the speed of transmission into more Asian countries,” Mr. Lynne, who is also the regional head of corporate banking, said in an interview last week. “The upgrades we are making in new hardware in Singapore substantially increase our technical capability.”

The city-state also has a speed advantage, Mr. Lynne said. “It is faster than Tokyo in transmitting FX pricing into local Asia FX markets.”

Singapore is ranked third globally behind the UK and US in the $6.6-trillion-a-day foreign-exchange market, the latest triennial report from the Bank for International Settlements show in 2019. In the past few years, the Monetary Authority of Singapore (MAS) has been encouraging banks to build systems that would remove a lag caused by routing trades through London or Tokyo, while touting access to the wealthy in the region.

To add to daily trading volumes of $640 billion — up 24% from 2016 — the MAS has also been promoting its offshore status for Chinese yuan trading.

All the major forex hubs are competing for a bigger share of yuan trading, which had reached a daily average of $284 billion, turning the yuan into the most-traded emerging-market currency, according to BIS data. And there’s still more room to grow, given that the yuan’s share of global payments and central bank reserves is still only about 2%.

Capital inflows into China are picking up pace as global investors seek higher returns. Authorities are currently considering easing restrictions on citizens investing in securities outside the mainland, a move that would facilitate two-way capital flows.

Deutsche Bank is also boosting its algorithm-based capacity for onshore yuan trading in China, said Mr. Lynne, who moved to Singapore with Deutsche Bank in 1998.

“We’re increasing our algo capability for China, which requires access to CFETS data,” he said, referring to the China Foreign Exchange Trade System.“We already see a majority of our products trading purely on algo. We expect to see more of that activity pricing on algo in the future.”

Deutsche Bank is seeing an increase in demand from clients, particularly those in China, to change the invoice currency for transactions to renminbi. “That will continue to increase,” Mr. Lynne said.

Emerging-markets team staff will continue to be spread across London, New York, Hong Kong and Singapore, with no impact on headcount from the location of hardware, he said.

JPMorgan Chase & Co. and UBS Group AG, the world’s biggest forex trading banks by volumes as per the 2020 Euromoney survey, have already have set up FX pricing and trading engines in the island nation. Deutsche Bank and Citigroup, Inc., ranked fourth and fifth respectively, also count Singapore among their global trading centers.

Deustche Bank’s other three global FX hubs are London, New York and Tokyo. — Bloomberg

Premium Leisure income falls 77% as pandemic hits gaming operations

April 20, 2021 | 12:02 am

PREMIUM Leisure Corp.’s (PLC) annual net attributable income declined by 77% to P517.57 million from P2.26 billion after gaming and lottery operations were hit by the coronavirus disease 2019 (COVID-19) restrictions.

“The effects of COVID-19 pandemic impacted gaming operations of City of Dreams Manila and the national lottery operations of PCSO (Philippine Charity Sweepstakes Office),” the company said in a regulatory filing on Monday.

PLC has a full stake in Premium Leisure and Amusement, Inc., a co-licensee of the CIty of Dreams Manila. The company also has 50.1% ownership in Pacific Online Systems Corp. shares, which has PCSO as its main customer.

The company recorded annual revenues of P963.66 million, 76% lower than the P3.97 billion generated in the previous fiscal year.

Gaming revenue share declined by 79% to P635.22 million from P2.98 billion, while equipment rental went down by 57% to P293.10 million from P681.48 million.

Meanwhile, commission and distribution income amounted to P35.33 million, falling by 89% from P308.38 million.

PLC said it would continue to maintain “prudent financial management” to sustain its financial position.

“The company is focused on streamlining operations to curtail costs and looking for ways to improve profitability and cost efficiency,” it said.

PLC will also look for other growth opportunities via profitable investments.

On Monday, shares of PLC at the stock exchange went up by 1.11% to close at P0.455 apiece from P0.450. — Keren Concepcion G. Valmonte

PeopleAsia’s awards go online

April 20, 2021 | 12:02 am

people's-asia — YOUTUBE.COM/PEOPLEASIAMAGAZINE

A USUALLY grand event, PeopleAsia’s People of the Year awards for 2021 had to be held remotely because of the pandemic. The normally flashy affair organized by the magazine used to come complete with fashion and flair and all that jazz. This year’s award show was held via Zoom and streamed on Facebook Live on the evening of April 12. Still, the show was splashy enough with performances by Jasmine Fitzgerald and Jon Joven, and a special surprise performance by Gary Valenciano.

This year’s awardees include a doctor (neurosurgeon Dr. Gerardo Legaspi, director of the University of the Philippines-Philippine General Hospital), a vitamin magnate (I-FERN’s president and CEO Tommanny Tan), an editor (The Philippine Star editor-in-chief Ana Marie Pamintuan), executives (Pilipinas Shell president Cesar Romero, AC Energy president and CEO Eric Francia, Metro Pacific Investments Corp. chief finance officer and chief sustainability officer Chaye Cabal-Revilla), and politicians (Cavite Governor Jonvic Remulla and Deputy House Speaker Rep. Mikee Romero). Special awards were given to HSBC as Bank of the Year, while Builder of the Year went to Alice Eduardo, president and CEO of Sta. Elena Construction Corp.

There were two trophies awarded for the Special Award for Public Service: one went to Department of Trade and Industry Secretary Ramon Lopez, and the other went to Vice-President Leni Robredo.

In her speech, Ms. Robredo said, “The only way that the Filipino can rise through any crisis is together.” Expressing solidarity, she said, “Hindi talaga ito para sa akin, kundi para sa lahat ng tao na nagtiwala at patuloy na nagtitiwala sa trabahong ginagawa at mga adbokasiya na isinusulong namin sa Office of the Vice President. (This really isn’t for me, but for everyone who trusted and continues to trust the work we do and the advocacies we promote at the Office of the Vice President).” The Vice-President — whose office has been working hard on everything from arranging transportation and dorms for frontline workers to collecting personal protective equipment of health care workers during the beginning of the pandemic, to today organizing traveling swab test busses for suffering communities, giving COVID care kits to patients quarantining at home, and arranging a teleconferencing site that brings together patients and volunteer doctors — went on to thank donors, volunteers and staff for giving service “above and beyond.” “Walang naglalakbay o nagtatagumpay na nag-iisa (no one travels or succeeds alone),” she said. “Malaki ang hamon ng panahon natin ngayon, pero mas malaki ang pagkakataon ng bawat isa na makatulong (The challenges at this time are great, but the opportunity for everyone to help is greater).”

The final trophy, the People’s Choice Award, went to Pasig Mayor Vico Sotto for his response to the pandemic.

He accepted the award, saying, “Mas marami pa siguro ang mga indibidwal; mga Pilipino, na maaaring mas deserving o mas mahusay po sa akin. Pero, gayunpaman, umaasa po ako na ang award na ito ay magsilbi hindi lang para ma-recognize ako, kundi ay magsilbing inspirasyon sa marami pang lider, lalo na sa mga kabataang lider ng ating bansa, para magsilbi ng matapat at mahusay (There might be more individuals, more Filipinos, who may be more deserving or excellent. However, I hope that this award would serve not only to give recognition to me, but to inspire more leaders, especially youth leaders, to serve with honesty and excellence).”

PeopleAsia editor-in-chief Joanne Rae Ramirez said, “We at PeopleAsia believe that we aim not just to spread hope, but to spark it.”

The awards show can be seen here (4) People of The Year 2021 Awards Night-YouTube. — J.L. Garcia

Lamudi Philippines to increase its manpower

April 20, 2021 | 12:01 am

REAL ESTATE platform Lamudi is planning to double its team in the Philippines, as it is confident of recovery in the market this year.

Kenneth Stern, Lamudi Philippines’ chief executive officer, said there are fresh new opportunities for achieving unprecedented growth amid the crisis this year. He joined the group in the middle of the pandemic in September 2020.

“We set new aggressive targets that will continue to raise the bar for what is possible,” he said in a statement.

Lamudi Philippines will focus on the “right people, right leaders, and the right culture” as the company moves to double its broker sales teams within the first half. It is planning to continue adding more people in the second half of 2021.

Citi’s retail banking services to operate as usual in the meantime

April 20, 2021 | 12:01 am

CITI PHILIPPINES will continue to provide retail banking services in the meantime while the details of its parent Citigroup, Inc.’s decision to exit the business in the country are still being ironed out.

“We would like to convey to all credit card, bank account holders and our customers in investments and loans that all our existing products and services will continue normally and there will be no change in our high level of service,” Citi Philippines Consumer Business Head Manoj Varma said in a statement on Monday.

“All branches, ATMs, call centers and offices, will continue to operate as they do today,” he added.

Mr. Varma said clients can continue to make transactions and inquire about services through the bank’s online platforms.

“This will remain the case until we notify customers of any changes,” he assured.

Citi Philippines was the country’s 12th largest lender in terms of assets in 2020 with P331.32 billion, based on data from the Bangko Sentral ng Pilipinas. It was ranked 18th based on its capital with P14.74 billion.

Citi’s presence in the Philippines dates back to 1902. It has over 8,000 employees in its corporate and retail banking units and service centers in the country.

The New York-based banking giant last week said it will exit its consumer banking business in 13 Asia-Pacific markets, including the Philippines, and will only retain its retail banking franchises in Singapore, Hong Kong, the United Arab Emirates, and London.

It is also set to leave consumer banking in other markets such as Australia, Bahrain, China, India, Indonesia, South Korea, Malaysia, Poland, Russia, Taiwan, Thailand and Vietnam. It will however keep its institutional clients group in the affected countries.

“There is no immediate change to our operations, and no immediate impact to our colleagues as a result of this announcement. We will continue to serve our clients with the same dedication and focus on service excellence as we do today,” Citi Philippines Chief Executive Officer Aftab Ahmed said in a statement. — LWTN

Entertainment News (04/20/21)

April 20, 2021 | 12:01 am

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Wonder Woman 1984 premieres on HBO GO

FILIPINOS may now catch Wonder Woman 1984 which premieres on HBO GO on April 21. Based on the DC Comics character and the ninth installment in the DC Extended Universe (DCEU) films, this sequel to Wonder Woman (2017) again focuses on Diana Price (played by Gal Gadot) who is living among mortals as a museum curator. Donning her golden armor, she also returns as Amazonian warrior Wonder Woman, who has to save mankind from the greedy ambitions of Maxwell Lord (Pedro Pascal) and The Cheetah (Kristen Wiig). Reprising their roles from the original film are Chris Pine as Steve Trevor, Robin Wright as Antiope, and Connie Nielsen as Hippolyta. The film premiered internationally in Dec. 2020 with limited theatrical screenings and through streaming via HBO Max in the United States. Since its global release, Wonder Woman 1984 has earned $166 million in the worldwide box office compared to its production budget of $200 million.

iQiyi International named exclusive streamer of Miss Universe in PHL

IQIYI INTERNATIONAL will be the exclusive video streaming platform in the Philippines for the 69^th Miss Universe Pageant, the company announced. The pageant airs live on May 17, 8 a.m., Philippine time. Filipinos can stream the pageant live for free on May 17 exclusively on the iQiyi International app and iQ.com. Curated pageant highlights, backstage, and offstage scenes, and glam cams will be accessible through a dedicated page on the iQiyi platform (web and app) for viewers to enjoy. The announcement comes off the back of the recent unveiling of a partnership with GHY Culture and Media to form Uni-Icon, a regional agency set up to discover Southeast Asian talents in the Philippines, Indonesia, Malaysia, Singapore, Thailand and Vietnam, and give them the platform to access international viewership. Viewers can easily access iQiyi International via iQ.com or download the app for free from the Apple Store or Google Play Store.

TikTok’s new collaboration features an #AttackOnTitan Challenge

SHORT-FORM video platform, TikTok, has just launched its latest collaboration with TV animation Attack on Titan The Final Season. Kicking off the collaboration on the platform is the #AttackOnTitan Challenge, which began on April 16, commemorating the completion of the original Attack on Titan manga. Three different TikTok effects based on popular characters and scenes from the anime are now available for users to play around with as part of the challenge. To join, users must follow the official Attack on Titan TikTok account, and post a video using the original effects, with the hashtag #AttackOnTitan. The challenge period runs until May 31. Five #AttackOnTitan Challenge winners will be selected to win special gifts, including: one winner of GARRACK with Attack on Titan Collab Watch, one winner of Attack on Titan Survey Corps cloak, and three winners of Attack on Titan official tote bags. TV animation Attack on Titan The Final Season episode 76 “Judgement” will premiere on NHK General this winter.

Online fundraiser for artists affected by the pandemic

KADA Uno’s COVID-19 Project enters its second phase through “BARKada-Uno: Benildean Artists Rising #BangonArtista,” an awareness and fundraising campaign on April 30 which aims to help artists and cultural workers immensely affected by the coronavirus pandemic. The event will go live on April 30, from 3 to 9 p.m. on the official Facebook page of De La Salle Philippines (https://www.facebook.com/delasalle.ph/). Proceeds will benefit the non-profit organizations Movie Workers Welfare Foundation, Inc. (MOWELFUND) and the Artists Welfare Project, Inc. (AWPI). The six-hour event will feature live and pre-recorded shows and discussions. A series of short films, musical and theater performances, and workshops-seminars from the Benilde School of Design and Arts will likewise be featured at the event, to include a special screening of Frere: Life of St. La Salle, an animated film that narrates the journey of Saint John Baptist De La Salle. Lasallian East Asia District Brother Visitor and BARKada-Uno Project Head Br. Armin Luistro, FSC and Benilde Manila and La Salle Green Hills President Br. Edmundo Fernandez will discuss the impact of the previous Kada Uno efforts at 3 p.m. In “Redefining the Filipino Artisans and Creative Industries in the New Normal,” designer Kenneth Cobonpue, together with Beatriz Accessories Creative Director Carissa Evangelista and AWPI Executive Director Jenny Lee Bonto will tackle how the pandemic shaped their advocacies, at 5 p.m. In “Media and the Performing Arts: Is there a New Normal?,” veteran actress Boots Anson-Roa of MOWELFUND, Cultural Center of the Philippines Vice-President and Artistic Director Chris Millado, directors Paolo Villaluna and Toff De Venecia will speak on the ripple effect of the ABS-CBN shutdown both on commercial and new media, the rise of streaming platforms and alternative entertainment, the realignment of popular culture benchmarks, and the business and social impact of the pandemic in the media. They will be joined by award-winning writer-director Jose Javier “Joey” Reyes and Unitel CEO Madonna Tarrayo. The exchange will begin at 7 p.m.

US firm Hewlett Packard Enterprise, Globe ink deal on tech solution

April 20, 2021 | 12:01 am

HEWLETT Packard Enterprise, a technology company headquartered in the United States, announced on Monday that it had signed a partnership deal with Globe Telecom, Inc. for a solution that enables “faster data processing and analysis.”

Under the memorandum of understanding it signed with Globe, Hewlett Packard Enterprise will “offer low latency cloud services at the edge” of Globe’s network using the technology firm’s “multi-access edge compute (MEC) solution.”

“Delivered to select users via a newly built Edge Incubation Lab, Globe is moving data-intensive workloads such as artificial intelligence (AI) and machine learning closer to customers for faster data processing and analysis,” the company said in an e-mailed statement.

The MEC solution, the company noted, is capable of integrated management, service operation, and traffic control.

With the offering, Globe will be able “to start small and have the flexibility to scale out to meet future requirements,” Hewlett Packard Enterprise said.

“Data and networks have become key pillars for businesses to compete in the digital economy. With the introduction of MEC technology, enterprises are seeking to move business-critical applications to the edge for latency, cost, and security reasons,” it added.

According to the company, the solution will be available on a pay-as-you-go or subscription basis, “helping telcos to roll out 5G edge services without upfront capital outlays and to help manage the uncertainty of timing and sizing their 5G deployments.”

Hewlett Packard Enterprise also said it is currently in discussions with other telcos in the Asia-Pacific region for a possible collaboration.

Globe announced separately on Monday that it is now interconnected with DITO Telecommunity Corp.’s mobile services.

“Globe customers can now make domestic mobile calls and send SMS to DITO Telecommunity subscribers and vice versa following the successful interconnection of services of the two telcos,” the telco said in a statement.

The Ayala-led telco added that the interconnection of its fixed-line service with DITO is still being finalized. — Arjay L. Balinbin