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GLOBE Fintech Innovations, Inc. (Mynt), the operator of GCash, has secured approval from the Securities and Exchange Commission (SEC) for its stock split, a development seen as a key step toward its planned initial public offering (IPO).
The SEC’s approval allows Mynt to increase its common shares to 71.66 billion, at three centavos each, while keeping its authorized capital stock at P2.15 billion, Globe said in a regulatory filing on Tuesday. A stock split increases the number of shares without changing the company’s overall capitalization, effectively making each share more affordable and improving liquidity.
“We think the stock split was done in preparation for the planned IPO of GCash. A stock split is a common practice for firms planning to list publicly,” Unicapital Securities Equity Research Analyst Peter Louise D.C. Garnace said in a Viber message to BusinessWorld.
In June, Ayala Corp. announced that Mynt’s board and shareholders had approved the stock split to raise the number of its common shares ahead of its planned IPO. Mynt is a strategic partnership among Globe, Ayala Corp., and Ant International, a Singapore-headquartered firm engaged in digital payments and financial technology.
Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said the SEC’s approval indicates that Mynt is actively preparing for its stock market debut. “A stock split like this typically precedes an IPO, aligning the company’s structure with public market norms and suggesting that regulatory and valuation groundwork is well underway,” he said.
“Such affordability is especially relevant for GCash, given its massive user base, and will allow more retail investors to participate once the company lists publicly,” he added.
He noted that Globe and Ayala appear to be timing the restructuring to position GCash for favorable market conditions, reflecting management confidence in investor demand for its shares.
“It is a strategic signal that GCash’s IPO plans are accelerating. The restructuring of its capital base shows clear intent to unlock value and increase accessibility ahead of what could become one of Southeast Asia’s most significant fintech listings,” Mr. Arce said.
According to Mr. Arce, if market conditions remain stable, an IPO in early 2026 appears increasingly probable as Globe and Ayala continue working to bring GCash to the public market.
Globe President and Chief Executive Officer Carl Raymond R. Cruz earlier told BusinessWorld’s One-on-One interview series that GCash remains focused on growth, emphasizing its efforts to expand its user base and promote financial inclusion. In April, Globe said the IPO could take place later this year or in 2026.
GCash currently has 94 million registered users across at least 16 markets, including the United States, the United Kingdom, the United Arab Emirates, Australia, Canada, Germany, Hong Kong, Italy, Japan, Saudi Arabia, Kuwait, Qatar, Singapore, South Korea, Spain, and Taiwan.
Separately on Tuesday, the Department of Information and Communications Technology’s Cybercrime Investigation and Coordinating Center (CICC) said the alleged data leak involving G-Xchange, Inc., operator of GCash, did not originate from the company’s systems.
“Further examination also shows that the datasets in question do not originate from GCash’s systems. These findings suggest that there has been no recent compromise of GCash’s infrastructure,” the CICC said, adding that GCash has expressed openness to system checks by the agency.
This followed GCash’s statement that its systems remain secure after a forensic investigation found no breach despite reports that user data were being sold on the dark web. The CICC said it continues to trace the possible individuals or groups behind the reported exposure.
“Investigative efforts are ongoing to verify the origin of the uploaded data and establish any link to previous cyber incidents,” the CICC said. “All findings will be coordinated with the appropriate authorities as part of due process and in accordance with existing cybercrime investigation protocols.”
On Monday, GCash said its initial findings showed that the alleged dataset did not match the structure used in its systems and contained entries from individuals who are not GCash users, many of which were “incomplete, inconsistent, or invalid.”
THE PLANNED initial public offering (IPO) of Maynilad Water Services, Inc. is expected to boost interest in the Philippine stock market and lift investor sentiment, according to analysts.
“I think it’s helpful because doing that at least puts a spotlight on the Philippines. The successful listing and strong demand will show investors that there are some bright spots in the Philippines,” BDO Capital and Investment Corp. President Eduardo V. Francisco said in an interview with BusinessWorld last week.
Gabriel U. Lim, head of corporate finance at BDO Capital, said the size of the offering could have a meaningful impact on market activity. “It’s probably going to be a catalyst for the stock market considering its size,” he said.
Maynilad is offering 1.66 billion common shares to the public, alongside 24.9 million primary shares allocated to First Pacific Co. Ltd. The IPO also includes an overallotment option of up to 249.05 million primary shares and an upsize option of up to 354.7 million secondary shares to be offered by Maynilad Water Holding Co., Inc. (MWHCI).
At a final offer price of P15 per share, the offering could raise as much as P34.3 billion in gross proceeds. The company said proceeds from the primary tranche will be used to fund capital expenditures and general corporate purposes. It clarified that it will not receive proceeds from the sale of MWHCI’s shares should the upsize option be exercised.
The Maynilad IPO is poised to be the largest listing in the country this year and the biggest since Monde Nissin Corp.’s P48.6-billion offering in 2021.
The offer period will run from Oct. 23 to 29, with shares expected to be listed on the Philippine Stock Exchange’s Main Board under the ticker symbol MYNLD on Nov. 7.
The listing comes at a time when the benchmark Philippine Stock Exchange index (PSEi) has been under pressure, closing at 5,933.76 on Monday — its lowest finish since April 7.
“Hopefully, the stock market will go up [with this IPO],” Mr. Francisco said.
BDO Capital is among the domestic cornerstone investors in the offering.
Maynilad is majority-owned by Metro Pacific Investments Corp., one of three Philippine subsidiaries of First Pacific Co. Ltd., along with Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds an interest in BusinessWorld through the Philippine Star Group, which it controls. — Alexandria Grace C. Magno
Ceremonial turnover of Makulay ang Buhay episodes and Knorr NutriSarap Recipe Booklets at Taguig Integrated School
In a shared mission to champion balanced lifestyles, Unilever Philippines — through its brand Knorr — has partnered with the Department of Education (DepEd) to make nutrition education more accessible to DepEd school learners and their families, nationwide. Marinelle Villanueva, Foods Marketing Head of Unilever Philippines, shares, “Education is a powerful tool. When people are empowered with the right information, even with limited resources, they can make better decisions for themselves and their families. This is the foundation of the Makulay ang Buhay program, which aims to transform the way we teach nutrition — making it engaging, accessible, and practical for children and parents across the country.”
The partnership, sealed through a Memorandum of Agreement signed in October 2024, distributes science-based learning tools — The Makulay ang Buhay EduTainment series, produced by GMA Network, and the Knorr NutriSarap Recipe Booklet, developed in collaboration with the Department of Science and Technology-Food and Nutrition Research Institute (DoST-FNRI). These tools were thoughtfully designed to ensure that the content not only features nutritious meals but are also relevant to the everyday challenges Filipino families face when it comes to balanced eating.
The launch was held in July, at Taguig Integrated School, where over 300 students, parents, and teachers came together for a day of interactive nutrition education games, a screening of the Makulay ang Buhay episodes, and a special performance from the cast of the 2000s Makulay ang Buhay series — Sab San Diego and Sharlene San Pedro. The school was selected as the pilot site for its strong nutrition advocacy and active parent engagement, making it a fitting model for the program’s mission to bring quality nutrition education to schools in the Philippines. Asec. Jocelyn DR Andaya, Assistant Secretary for Operations of the Department of Education reminds us of the program’s shared mission at the launch saying, “… We are reminded of the power of proper nutrition in shaping not only strong bodies but also brighter, better futures. Let this be our call to action: to keep building bridges, and to strengthen our shared commitment to promoting proper nutrition among learners and communities alike.”
Sharlene San Pedro and Sab San Diego, original Makulay ang Buhay cast members, perform live during the event.
At the heart of this program is the distribution of 40,000 USBs containing the Makulay ang Buhay episodes. City Mayor of Taguig, Mayor Lani Cayeto, shares, “We know that today’s kids need fresh and engaging approaches to get them interested in nutritious eating. As parents and teachers, we also have a role to play — both in the classroom and at home. You can dream of becoming the CEO of a big company, but those dreams can be cut short by the harsh realities of malnutrition and stunting. That’s why Makulay ang Buhay, a 13-episode EduTainment series produced by GMA and Unilever, is such an important step. It offers practical guidance on how to prepare meals that are nutritious, delicious, and affordable.”
More than 300 students and parents fill the Taguig Integrated School gym for a lively day of nutrition games and learning.
Supporting this series are 60,000 nutrition-focused recipe booklets containing the Knorr Nutrisarap Recipes, all being distributed to DepEd schools nationwide. To date, Knorr’s NutriSarap efforts have reached more than 12.5 million individuals. Through this partnership with DepEd, Unilever aims to reach even more Filipinos and integrate nutrition education more deeply into the Philippine school system.
Students, parents, and teachers participate in fun nutrition-themed games and activities.
The Makulay ang Buhay program underscores Unilever’s commitment to nutrition education, but also reaffirms a shared vision with DepEd: to build a healthier, more informed, and better-nourished Philippines.
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SINGAPORE — First Gen Corp. has called for stronger government support to accelerate geothermal energy development in the Philippines and maintain the country’s position among the world’s leading producers.
Jay Joel Soriano, vice-president and head of strategy and planning at First Gen, said on the sidelines of the Asia Clean Energy Summit here that geothermal has not received sufficient policy attention in recent years.
“When the government looks at geothermal, they see it as an old technology, which is why for the longest time, we haven’t been receiving any government support,” he said.
He said geothermal development has recently regained policy focus with the launch of the government’s fourth green energy auction, which offers renewable energy developers the opportunity to secure power supply contracts through competitive bidding.
The Philippines has an installed geothermal capacity of 1,952 megawatts (MW), making it the world’s third-largest producer.
“From a technology standpoint, we’re seeing that traditional geothermal still makes sense, but to expand and retain our leadership position, we need to start looking at other technologies that are still quite nascent,” Mr. Soriano said.
He noted that geothermal projects require substantial upfront investments to confirm viable resources.
“Our costs are heavily skewed up front — capital investments to build roads, to drill two or three wells even before we know there’s something we will find. These are heavy capital investments,” he said.
The government plans to launch a $250-million geothermal derisking facility by the second half of 2026 to help address exploration risks. The facility is designed to share the cost of exploration and drilling, covering up to 50% of expenses through loans convertible to grants if drilling fails.
First Gen, one of the country’s largest renewable energy developers, has around 1,300 MW of renewable capacity from geothermal, solar, and wind.
It also operates natural gas-fired power plants in Batangas with a combined capacity of 2,017 MW. — Sheldeen Joy Talavera
Gallery of Prints remains a Filipiniana treasure trove
FROM the work of cartographers who first charted the Philippines in the 16th century to World War II maps used by Japanese or American forces for wartime strategy, Gallery of Prints has remained a valuable source of antique maps and prints that give insight into Philippine history. Small wonder historian Ambeth Ocampo is a regular visitor.
Within the gallery’s vast showroom in Parañaque City lies an abundance of original historical printed material about the Philippines, starting with Magellan’s initial visit to the islands in 1521.
Although everything in their care is original, Gallery of Prints keeps their prices appropriately proportionate for local purchase said Amber Imai, gallery supervisor.
“Compared to international trading companies, because almost all our maps are focused on the Philippines, there’s this idea of repatriation, so at least what we offer is accessible for Filipinos,” she told BusinessWorld in an exclusive tour of the showroom on Oct. 24.
Maps range in price from P2,000 to P2 million, depending on their age, size, and quality. “We have old stuff from the 1500s, but because of quality, they’re priced very low, due to burnt edges, staining. In good quality, small maps from that time come up to P10,000,” she said.
One of the crown jewels of the collection is the extremely rare, hand-colored copper engraving Terza Tavola or India Orientalis map from 1563, which serves as the Philippines’ “birth certificate,” since it is the first printed Western map showing an iteration of the name “Filipina.”
There’s also the Philippinae Insulae from 1616, the second version of the oldest map showing the Philippines alone. Meanwhile, the sketch of the Manila port from the 1619 Spilberghen expedition offers a rare printed view of Manila Bay, featuring an attacking fleet and a smoking Taal Volcano.
Gallery of Prints also has for sale a reproduction of the 1734 Philippine map by Jesuit friar Pedro Murillo Velarde. It remains relevant to this day, used as proof that Scarborough Shoal and the Spratly Islands are part of the Philippines. In the map, they are labeled as Panacot shoal and Los Bajos de Paragua, respectively.
“Not a lot of people are interested in maps, but I think there’s a growing number. It’s like art collection as well, in that you can spend a lot, but the appreciation value is volatile and subjective,” Ms. Imai said. “But whereas art depends on the market and overall crowd, cartography and antique maps are very stable investments.”
“Ultimately, it’s for people who like history and adjacent hobbies. We do want younger people to start collecting maps more. It’s just that not a lot of people know about it, and they don’t realize the importance of maps in relaying information,” she added.
SINCE 1996 Major cities all over the world boast of at least one art gallery specializing in antique prints. Gallery of Prints, which opened in 1996, is the first and only one in the Philippines. Their inventory has over a thousand items, spanning five centuries.
Its owner, Rudolf J.H. Lietz, is a German who lives in the Philippines to run his raw materials and export business — which is why the showroom is located in the Lietz Industrial Complex in Parañaque.
In a vast, well-lit, airconditioned space, the large collection is divided into two, with 16th and 17th century maps on the ground floor, and 18th and 19th century maps on the second floor.
“Actually, we only transferred here in March of 2024. We previously occupied a small gallery space in the 3rd level of Glorietta, but that was only half the size of this showroom. Here, we get to showcase what we have a lot better,” said Ms. Imai.
On the second floor, a collection of interactive globes attracts the eye, but there are also lithographs of flora, fauna, and ethnographic images. One can peruse sketches of Philippine hawk eagles, cockatoos, and kingfishers, as well as jackfruits and scenes of natives pounding rice.
There are shelves of antique books and publications specializing in, but not limited to, the Philippines. Themes cover a wide range including Southeast Asian history, anthropological study, and wartime accounts.
For Ms. Imai, their collection of old magazines like the Illustrated World and Harper’s Weekly gives an insight into history, some issues mentioning Emilio Aguinaldo and the Philippine-American War. One can also spend a whole afternoon looking at materials on World War II alone.
“For example, there’s an American air force chart map made of silk, so that when you eject from an airplane and you have to navigate in waters, you have an emergency map that can get wet. I believe it’s included in escape kits on the plane,” she explained.
A COMPLETE COMPENDIUM Mr. Lietz, who founded the Philippine chapter of the International Map Collectors Society, also published a comprehensive compendium of the antique prints in the gallery’s collection.
Titled The Philippines in the 19th Century – A Collection of Prints, the book was published in 1998, along with postcards, reproductions, and other individual items intended to showcase the Philippines of the past to a broader audience.
“It’s available as a coffeetable book in many museums and bookshops. If you don’t want to invest in everything here, you can just have a copy of this book, which costs just P3,500. It covers everything we have from the 19th century,” Ms. Imai said.
She added that they are working on the second book, focusing on their 18th century prints collection, set to come out sometime next year.
The Gallery of Prints is a member of the Antiquarian Booksellers’ Association, the UK’s leading trade body for experts in rare books, manuscripts, and prints. It is also part of the International League of Antiquarian Booksellers.
Because of this, it aims to set the standard for antique maps, prints, and books collection and awareness in the Philippines, according to Ms. Imai.
“It’s not just out of sheer hubris that we collect — because there are collectors out there who want things just because they are worth a lot but store them improperly,” she said. “Here, we take a good amount of care, keeping things in a cool place and handling them so that they don’t fold or tear or deteriorate.”
In keeping with Mr. Lietz’s primary business, the gallery also offers ancillary services such as acid-free, museum-style conservation matting and framing. Rudolf Lietz, Inc. provides the gallery’s in-house picture hanging systems, which many galleries, architects, and interior decorators in the Philippines use to design or furnish their spaces.
Everyone is welcome to schedule a visit to the showroom through Gallery of Prints’ social media pages. For Ms. Imai, there’s no use gatekeeping the treasures that they have.
“It’s worth a lot in terms of knowledge. Each object here shows a unique, important perspective of Philippine history that we’ve ignored or we’re just not aware of, and we actually have access to that.” — Brontë H. Lacsamana
Board of trustees of the Institute of Corporate Directors and esteemed guests gather for a toast during the Golden Arrow Awards ceremony.
Golden Arrow Awards honor anew top companies for strong corporate governance
By Mhicole A. Moral, Special Features and Content Writer
The Institute of Corporate Directors (ICD) once again recognized the country’s leading publicly listed (PLCs) and insurance companies (ICs) at the 2025 Golden Arrow Awards held on Oct. 23 at the Grand Ballroom, Okada Manila.
The event highlighted firms that showed excellence in corporate governance, transparency, and accountability based on the 2024 ASEAN Corporate Governance Scorecard (ACGS) and the Corporate Governance Scorecard (CGS). The evaluation also included sustainability practices, board independence, and active engagement with investors and the public.
Each company went through a detailed assessment covering 193 publicly available indicators. The metrics examined areas such as board structure, audit quality, executive compensation, and sustainability reporting. The ACGS follows a 130-point grading scale, where companies must earn at least 75 points to qualify for the Golden Arrow distinction.
ICD Chairperson Atty. Benedicta Du-Baladad, FICD, leads the toast.
The recognition is divided into five levels. Companies with 75 to 84 points receive one arrow; those with 85 to 94 points receive two; 95 to 104 points earn three; 105 to 114 points get four; and those scoring between 115 and 130 points receive five arrows.
Insurance companies are evaluated separately. Their scoring begins at 80 points for one arrow and extends up to 130 points for five arrows, depending on their overall performance.
ICD President Senen L. Matoto, FICD
This year, 109 publicly listed companies and 26 insurance firms were honored for their strong governance practices and commitment to ethical business leadership.
Commitment to trust and progress
Five of the country’s leading corporations received the highest distinction at this year’s Golden Arrow Awards, recognizing their outstanding commitment to corporate governance and ethical business practices. These include Ayala Corp., Converge Information and Communications Technology Solutions, Inc., Globe Telecom, Inc., SM Investments Corp., and SM Prime Holdings, Inc.
Ayala Corp. President and Chief Executive Officer Cezar P. Consing said the recognition validated the company’s continuous effort to uphold transparency and accountability in its operations.
“At Ayala, we believe that the highest standards of corporate governance are a prerequisite for a sustainable business. It strives to create institutions that are stakeholders that always remind them,” Mr. Consing said in a video message. “Strong corporate governance is key to building and keeping this trust. Thank you for firming our efforts with this distinguished honor. We will strive to do better.”
SM Investments Corp. Chairman Amando M. Tetangco, Jr. accepted the same distinction, noting that good governance guides how the company makes decisions every day.
“For SM, good governance is not a separate factor. It is how we think, decide, and act, guided by stewardship, transparency, and a longer view of value creation across the globe. We share this honor with our board, management, and employees whose daily commitment gives life to these principles,” Mr. Tetangco said. “We thank ICD for encouraging companies like ours to keep raising the standard.”
Seventeen companies received the four-arrow recognition, a level given to organizations that consistently perform above industry standards. Among them were Aboitiz Equity Ventures, Inc., ACEN Corp., Ayala Land, Inc., Bank of the Philippine Islands, Manila Electric Co., and GT Capital Holdings, Inc.
The three-arrow award went to 26 corporations that demonstrated consistent improvement in their governance practices. The list included ABS-CBN Corp., AREIT, Inc., Atlas Consolidated Mining and Development Corp., Cebu Air, Inc., and International Container Terminal Services, Inc.
Thirty companies earned the two-arrow distinction for strengthening their governance structures and practices. These included Alliance Global Group Inc., Cebu Landmasters Inc., Century Pacific Food Inc., Citystate Savings Bank, Crown Asia Chemicals Corp., DigiPlus Interactive Corp., East West Banking Corp., and Philippine Business Bank (PBB).
PBB Vice-Chairman, President, and Chief Executive Officer Rolando R. Avante said the recognition serves as a reminder of the broader responsibility that comes with good governance.
“Awards like this puts more responsibility on us as a corporation to continue exercising good corporate governance; to be part of the government’s ongoing effort to improve the economy; and, lastly, to be a close partner of the business sector in creating more employment,” Mr. Avante told BusinessWorld.
Meanwhile, 21 corporations received the one-arrow recognition for showing steady alignment with the ICD’s standards on governance. Among those recognized were Alliance Select Foods International Inc., Altus Property Ventures Inc., Bank of Commerce, Citicore Energy REIT Corp., EEI Corp., Empire East Land Holdings Inc., as well as Solid Group, Inc.
Recognizing top insurers
The insurance sector showed consistent commitment to integrity and compliance this year through the Golden Arrow Awards, which honor companies that practice strong corporate governance.
Leading the group were The Insular Life Assurance Company, Ltd. (InLife) and Pru Life Insurance Corp. of U.K., both receiving the four-arrow distinction for their outstanding governance standards.
For InLife, this marked its sixth straight year of recognition and its fifth time earning the four-arrow award, a milestone that highlighted its sustained adherence to good corporate conduct.
Close behind were three institutions that earned three-arrow awards: BPI-AIA Life Assurance Corp., the Center for Agriculture and Rural Development Mutual Benefit Association (CARD MBA), Inc., and Kasagana-Ka Mutual Benefit Association, Inc.
CARD MBA and Kasagana-Ka MBA, known for serving low-income and underserved communities, were recognized for their dedication to good governance despite operating within inclusive finance sectors that face unique challenges.
Companies that received two-arrow distinctions represented a mix of local and international insurers known for maintaining stability and transparency. The list included AIA Philippines Life and General Insurance Company, Inc.; Allianz PNB Life Insurance, Inc.; Armed Forces & Police Mutual Benefit Association, Inc. (AFP MBAI); Etiqa Life and General Assurance Philippines, Inc.; FWD Life Insurance Corp.; Pacific Cross Insurance, Inc.; and Sun Life of Canada (Philippines), Inc.
Meanwhile, firms recognized with one-arrow awards demonstrated good standing based on the Corporate Governance Scorecard (CGS) framework. Honorees in this group included AXA Philippines Life and General Insurance Corp.; BDO Life Assurance Company, Inc.; Beneficial Life Insurance Company, Inc.; Alalay sa Kaunlaran (ASKI) Mutual Benefit Association, Inc.; Manulife Chinabank Life Assurance Corp.; and Sun Life Grepa Financial, Inc.
Why corporate governance matters
Corporate governance has moved beyond being a technical requirement for listed companies. It now stands as a benchmark for accountability, transparency, and integrity in Philippine business.
ICD Founder and Chairman Emeritus Dr. Jesus P. Estanislao, FICD
Dr. Jesus P. Estanislao, founder and chairman emeritus of the ICD, has long advocated for a governance framework that strengthens both corporations and the nation. In his recent address during the event, he emphasized that corporate governance serves as the backbone of a country’s economic and moral recovery, especially in a period marked by low public trust in institutions.
“When we started corporate governance 26 years ago, we had to prove that discipline and transparency were possible in Philippine corporations,” Dr. Estanislao said. “Today, we have proven that they are not only possible but necessary.”
The Philippines now ranks among the top three countries in Asia in corporate governance standards, alongside Singapore and Malaysia. Such achievement did not come overnight, as it began with the cooperation of regulatory agencies such as the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, and the Insurance Commission that helped define governance benchmarks in both the private and public sectors.
For Dr. Estanislao, true governance begins when companies internalize values beyond policy. He pointed to the importance of instilling civic-mindedness, responsible citizenship, and moral discipline within corporations.
“Governance is not only about reports and audits,” he said. “It is about who we are as individuals and how we influence the communities around us.”
PLCs that earned the Golden Arrow recognition, he added, must now go beyond their boardrooms. They are being called to serve as catalysts for national renewal by promoting transparency and social responsibility in their operations.
RIZAL COMMERCIAL Banking Corp. (RCBC) saw its net income surge by 32% year on year to P8.2 billion in the first nine months as its consumer lending business continued to expand.
This translated to a return on equity of 6.94% and a return on assets of 0.84%, it said in a disclosure to the stock exchange on Tuesday.
RCBC’s financial statement was unavailable as of press time.
The bank said its nine-month performance was mainly backed by the 13% growth in its gross customer loans and the 25% increase in its fee income. As a result, its gross income rose by 24% year on year.
Net interest income grew by 32% to P40.8 billion in the period, with its net interest margin improving by 86 basis points year on year to 4.68%.
“This was fueled by the expansion in higher-yielding consumer loans, which soared 33% year on year and now account for 46% of the bank’s total loan portfolio,” RCBC said.
Credit card receivables and personal loans jumped by 38%, and auto and housing loans combined rose by 29%.
“The sustained momentum in the consumer lending segment was driven by continuously leveraging data science and digital channels for selective new customer acquisition, alongside the bank’s existing customer network,” it added.
Its growing consumer business also helped drive the growth in its fee income to P7.8 billion amid gains from loan-related transactions, credit cards fees, and bancassurance activities.
“Our continued momentum in the consumer segment affirms that our deliberate approach anchored on data-driven decisions, prudent risk management, and collaboration across businesses continues to drive sustainable growth for the bank,” RCBC President and Chief Executive Officer Reginaldo Anthony B. Cariaso said.
Meanwhile, on the funding side, the bank booked deposits worth P997 billion at end-September, with 50.4% being low-cost current account, savings account deposits.
This supported RCBC’s total assets, which stood at P1.31 trillion in the period.
“This was strengthened by the P12.2-billion sustainability bond issuance in July 2025 as funding costs improved amid the easing interest rate environment,” it added.
Meanwhile, total equity reached P146.68 billion.
RCBC’s common equity Tier 1 ratio was at 13.27%, while capital adequacy ratio stood at 14.15%, both well above regulatory requirements.
Its shares declined by 45 centavos or 1.76% to close at P25.05 apiece on Tuesday. — Aaron Michael C. Sy
A TIARA adorned with pearls worn by French Empress Eugenie, which was among the items stolen by thieves during a heist at Paris’ Louvre Museum on Oct. 19, on display in this undated still frame from a video. — LOUVRE MUSEUM/HANDOUT VIA REUTERS
By Robert Cyran
NEARLY A WEEK after they stole perhaps $100 million of royal jewelry from Paris’ Louvre museum, the thieves are still at large. What’s unusual about their spectacular heist isn’t just the prestigious location, the in-broad-daylight execution, or the incredible monetary value. It’s that the perpetrators took something they could sell for a change.
After using a crane to climb through a second-floor window before cutting into displays and threatening staff, the criminals managed to escape by scooter within eight minutes. The temptation is to assume operations like this are sophisticated, in the mold of silver-screen capers like Ocean’s Twelve, The Thomas Crown Affair, or How to Steal a Million. After all, media, police, and hapless museums have an incentive to play along in order to attract public attention, deflect blame if they fail to crack the case, and earn praise if they succeed.
While thieves’ taste may be exquisite, the methods aren’t. Researchers find that most use brute force and physical intimidation of guards for access. While half used deception, including inspired examples — a Brazilian robbery during carnival and Norwegian heists during an Olympic ceremony — burglars mostly just wore balaclavas.
The choice of location isn’t unusual either. France is the most common site for museum theft in the world, with Italy second, according to Interpol and the Federal Bureau of Investigation data. These countries are ground zero for the world’s best-known art.
Oddly, jewelry isn’t a popular choice of target. Nearly six times as many paintings are nabbed as gold or gems.
This represents a colossal market failure. Well-known paintings are nearly impossible to sell. Few buyers will touch one with an obviously illegal provenance, and The Art Loss Register’s extensive database provides an easy means of checking. All this for little payoff: black-market prices are less than 10% of open-market value, according to the Federal Bureau of Investigation’s Art Theft Program.
These difficulties mean that stolen paintings often linger in limbo, before sometimes resurfacing. Two Laughing Boys with a Mug of Beer, by Dutch painter Frans Hals, has been nicked three times in four decades.
Gold and many gems, on the other hand, are easy to sell, hard to trace, and fetch good prices. Society may also be better off if museum thieves stuck to jewelry. A horrible outcome, say thieves tearing apart a necklace, leaves hope for reconstruction. A painting burned or thrown in the river is gone forever. — Reuters Breakingviews
THE Securities and Exchange Commission (SEC) said it has awarded more than P80 million in fee discounts across 40,157 transactions processed under three memorandum circulars (MCs) issued between July and October.
More than half of the total savings went to micro, small, and medium enterprises (MSMEs), the SEC said in a statement Tuesday.
The discounts stem from MC Nos. 6, 8, and 9, series of 2025, which aim to reduce the cost of corporate registration and capital market access.
The SEC said the measures are part of its broader strategy to streamline incorporation and promote MSME participation in the formal economy.
SEC Chairperson Francis Ed. Lim said the reforms reflect the commission’s commitment to “unlock the massive potential of the MSME sector in driving the Philippine economy’s growth.”
MC No. 6, which took effect July 1, granted a 50% discount on physical and authenticated copies of corporate filings, including articles of incorporation and by-laws. This resulted in P36.5 million in savings for registrants, the SEC said.
MC No. 8, released July 16, reduced filing fees for MSME registrations and capital stock increases. The SEC reported that 8,506 MSMEs benefited from P21.4 million in registration fee discounts, while more than 200 MSMEs saved P19.4 million when increasing their authorized capital stock.
MC No. 9 provided a 30% discount on registration fees for companies raising funds through the capital market, generating P3 million in savings, the SEC said.
The circular applies to all registration statement applications filed until yearend.
“The SEC will continue to assess its rules and policies to see where we can provide further assistance to our stakeholders,” Mr. Lim said.
The SEC’s latest initiatives align with broader government efforts to formalize MSMEs, which account for 99.5% of registered businesses and employ over 60% of the country’s workforce. — Alexandria Grace C. Magno
During the second half of the 20th Century, industrial policy was given a lot of prominence in the efforts of some East Asian countries to “lift themselves from the bootstraps.” Select countries in Asia took seriously the promotion of certain industries judged to be important for growth, modernization, poverty eradication, or national security by implementing a set of government strategies, laws, and programs aimed at shaping the structure of the economy. This usually included such tools like tariffs or protection for infant industries; subsidized credit or tax incentives; direct state investment in strategic sector; support for research, training, and infrastructure; and especially export-promotion measures. The essence of industrial policy is for the government to actively guide and accelerate industrialization, rather than leaving everything to the free market.
Four territories in East Asia stood out in the successful use of industrial policy: Singapore, Taiwan, Hong Kong, and South Korea — usually referred to as the Four East Asian Tigers. During the second half of the last century, they followed distinct but overlapping industrial policies. All four experienced rapid industrialization, high GDP growth, and poverty eradication. Their approaches, however, reflected different political, institutional and geographical circumstances.
They were all poorly endowed with natural resources, in contrast with their Southeast Asian neighbors like Indonesia, the Philippines, Thailand, and Malaysia. However, during the period after the Second World War all of them were enjoying a baby boom that endowed them with young and growing labor forces. For example, South Korea’s population increased from 20 million in 1950 to 32 million in 1970 while Taiwan’s grew from 7.6 million 1950 to 14.7 million in 1970. Their leaders were very conscious of the fact that their respective economies had to provide employment opportunities for their young and growing population. This explains why their respective governments wisely chose a labor-intensive, export-oriented path toward economic progress.
In the case of South Korea, after the armistice agreement in its war with North Korea, its policy makers under the authoritarian leadership of Park Chung Hee, initially protected domestic industries, focusing on light manufacturing, such as textiles, toys, food, and other consumer goods. This was the import-substitution stage of industrialization (1950s to early 1960s). Then followed the export-oriented stage (1960s to 1980s). There was a shift toward the promotion of exports through strong state intervention. The government provided subsidized credit, an undervalued currency, tax incentives, heavy infrastructure support, and protection for firms that achieved export targets. From light manufacturing, there was a deliberate push towards heavy and capital-intensive industries such as steel, shipbuilding, automobiles, and petrochemicals. Credit was especially directed to the large conglomerates called chaebols such as Hyundai, Samsung, Daewoo, Hanjin, SK Group, LG Group, and Lotte Group. The final stage involved investments in technology and R&D. Policies promoted electronics, semiconductors, and IT, aiming at global competitiveness. The result was that the economy was transformed from agrarian poverty to a leading high-tech and industrial power, now considered as a First World economy with a per capita income of more than $30,000.
Then there was Taiwan that started with a thorough-going agrarian reform program that distributed large tracts of land for small farms that were made highly productive through significant government support of infrastructure spending (especially farm to market roads and irrigation facilities), cooperatives development, agricultural extension services, and ready access to credit. As food security was given the highest priority, the initial industrialization was also based on import substitution focused on light industries. Quickly following the short period of import substitution was a shift towards export-oriented industrialization (1960s to 1970s), with the government creating export processing zones and promoting small- and medium-sized enterprises (SMEs) in labor-intensive manufacturing such as in textiles, garments, toys, plastics, furniture, etc. In the 1980s and 1990s, the focus was on electronics, semiconductors, and precision industries through state sponsored research institutes and public-private collaboration. This culminated in a proliferation of high-tech industrial parks such as the Hsinchu Science Park which nurtured enterprises like TSMC, creating the semiconductor powerhouse that Taiwan is famous for. Such an industrial policy resulted in Taiwan becoming today a flexible, SME-driven economy that became a global leader in electronics and semiconductors. It is also a leader in the production of high-value agricultural products with the use of advanced technology.
The Hong Kong model stands out as the only one among the four tigers to adopt a laissez-faire or free market industrial policy. Unlike the other tigers, Hong Kong pursued minimal intervention, following classical (Adam Smith) policies under British colonial rule. Like the other three, it started industrializing with labor-intensive manufacturing (1950s to 1970s) with industries like textiles, garments, toys, wigs, furniture, etc. using cheap migrant labor and operating in open markets. In the 1980s and 1990s, as real wages rose and manufacturing relocated to mainland China, Hong Kong transitioned into a global financial and service hub, with little direct state planning. In contrast with the other three tigers, Hong Kong showed that industrialization is possible under free-market conditions. It also demonstrated what infrastructural and institutional supports are required to become an international financial hub.
Belonging to the Southeast Asian region, Singapore showed its ASEAN neighbor how to attain First World status through a state-led, Foreign Direct Investment-driven economy. Lacking a large domestic industrial base, Singapore — under the authoritarian leadership of Lee Kuan Yew — actively courted foreign multinationals through very generous tax breaks, world-class infrastructures, good governance, and political stability. From the very start, its industrial policy was that of export-orientation, quickly integrating into global production chains, focusing on electronics, petrochemicals, and later pharmaceuticals. Its high-quality infrastructure enabled it to become a major tourism destination in Asia. Government-linked corporations (GLCs) such as Singapore Airlines and port operators ensured national control of key sectors. There was strong emphasis on high-quality basic and tertiary education as well as in skills training, leading to the growth of high-value industries.
To summarize, South Korea and Taiwan grew on the basis of strong state intervention, export-led industrialization, culminating with the introduction of high-tech industries. Singapore adopted a highly state-directed industrialization strategy heavily dependent on foreign direct investments especially in services and high-tech sectors. Hong Kong had minimal state intervention, with heavy reliance on services and finance. Also notable was the high percentage of their GDP (5-8%) that these countries spent on public infrastructure. Also, a common strategy followed by all four was to move quickly away from import substitution to export orientation, unlike the Philippines that lingered too long in import substitution which was its undoing.
(To be continued.)
Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.
DIGITAL BANK UNObank, Inc. (UNO Digital Bank) is targeting to break even by next year as it works to ramp up its loan disbursements by expanding its product base.
“Profitability is very important… We will be in our fourth year next year. So, of course our target is to hit operating breakeven within the first half, and then hit full breakeven within the year,” Manish Bhai, UNO Digital Bank president and chief executive officer, said at a media briefing on Tuesday.
“And right now, we seem to be on track to that.”
He added that digital banks normally take around seven years to turn profitable, with a few exceptions. Based on available data, only two of the six digital banks currently operating in the Philippines were profitable in 2024.
UNO Digital Bank booked a net loss of P1.04 billion in 2024, wider than the P653.5-million loss it posted in 2023, based on its annual report. This was mainly due to higher operating expenses that offset the increases seen in its net interest income and other earnings.
It was granted a digital banking license in 2021 and launched its mobile app in 2022. It began offering loans in 2023 and other products and services like insurance and bills payment in 2024.
UNO Digital Bank now has over four million users, it said on Tuesday.
Mr. Bhai said they hope to bring their loan releases to over P30 billion by end-2026.
“We have already disbursed loans of over P8 billion for a company which is not part of any conglomerate… We wish that number was double, but there are some challenges out there,” he said.
“We are trying to work and make sure that by the end of next year, that number stands at over P30 billion.”
The bank’s product offerings include its base savings account UNOready, high interest savings account UNOboost, time deposit UNOearn, cash loan UNOnow, sales finance UNOeasy and salary loan UNO@work.
Mr. Bhai said they are also planning to launch a new salary loan product before yearend, which they expect to help attract new customers.
“There’s a product which we’ll be launching in a month’s time. It is purposely kept under wraps,” he said. “It’s a salary loan product which will be a game changer… That, straightaway, will give us access to 400,000 to 500,000 new customers.”
He added that they are also looking to expand their touch points by expanding their merchant partnerships.
“So, you see, when you put all these things together, there’s a potential to increase your loan disbursements by a very big amount,” Mr. Bhai said.
Based on its latest balance sheet posted on the central bank’s website, UNO Digital Bank’sassets stood at P10.22 billion at end-June.
Its gross loan portfolio was at P3.08 billion, up from P2.69 billion a year prior, with its gross nonperforming loan ratio at 10.96%, down from 15.41%.
Meanwhile, deposits were at P7.83 billion as of June, rising from P7.55 billion previously. — K.K. Chan
Ayala Corp. President and Chief Executive Officer Cezar P. Consing said the recognition validated the company’s continuous effort to uphold transparency and accountability in its operations.
Seventeen companies received the four-arrow recognition, a level given to organizations that consistently perform above industry standards. Among them were Aboitiz Equity Ventures, Inc., ACEN Corp., Ayala Land, Inc., Bank of the Philippine Islands, Manila Electric Co., and GT Capital Holdings, Inc.
Thirty companies earned the two-arrow distinction for strengthening their governance structures and practices. These included Alliance Global Group Inc., Cebu Landmasters Inc., Century Pacific Food Inc., Citystate Savings Bank, Crown Asia Chemicals Corp., DigiPlus Interactive Corp., East West Banking Corp., and Philippine Business Bank (PBB).
“Awards like this puts more responsibility on us as a corporation to continue exercising good corporate governance; to be part of the government’s ongoing effort to improve the economy; and, lastly, to be a close partner of the business sector in creating more employment,” Mr. Avante told BusinessWorld.
Leading the group were The Insular Life Assurance Company, Ltd. (InLife) and Pru Life Insurance Corp. of U.K., both receiving the four-arrow distinction for their outstanding governance standards.
The Philippines now ranks among the top three countries in Asia in corporate governance standards, alongside Singapore and Malaysia. Such achievement did not come overnight, as it began with the cooperation of regulatory agencies such as the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, and the Insurance Commission that helped define governance benchmarks in both the private and public sectors.
PLCs that earned the Golden Arrow recognition, he added, must now go beyond their boardrooms. They are being called to serve as catalysts for national renewal by promoting transparency and social responsibility in their operations.
