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SSS releases circulars on new contribution schedule

The Social Security System’s (SSS’) new contribution schedule is set to take effect on January 2021 pursuant to Republic Act No. 11199 or the Social Security Act of 2018.

Contribution Rate

Based on SSS Circulars No. 2020-033-b, 034-b, 035-b, 036, and 039 signed by SSS President and CEO Aurora C. Ignacio, the contribution rate will be 13 percent, one percent higher than the current rate.

For employed members, including OFW members in countries with Bilateral Labor Agreements (BLAs) with the Philippines, and sea-based OFW members, the additional one percent will be divided equally between them and their employers, bringing the contribution rate breakdown to 8.5 percent for their employers and 4.5 percent for them.

To cite an example, those who will be paying under the P10,000 MSC starting next year will pay a monthly contribution of P1,300, which is P100 higher than the P1,200 in 2020.

Suppose the member is employed, an OFW in a country with a BLA with the Philippines or a sea-based OFW. In that case, the P100 additional contribution will be divided as P50 from their employers for a total employer share of P850 and P50 from them for a total member share of P450.

Minimum and Maximum MSCs

Also pursuant to the Social Security Act of 2018, the minimum monthly salary credit (MSC) will be adjusted to P3,000 from P2,000, except for Kasambahayand OFW members whose minimum MSC will remain at P1,000 and P8,000, respectively, while the maximum MSC will be raised to P25,000 from P20,000.

The MSC to be considered for the computation of benefits under the regular social security program is capped at P20,000. However, contributions pertaining to the MSC in excess of P20,000 will go to the Workers’ Investment and Savings Program (WISP), a provident fund that will yield additional pension income for members contributing under it.

For example, a member will be paying under the P25,000 MSC. Based on the 13 percent contribution rate that would begin in January 2021, his/her monthly contribution will be P3,250, of which P2,600 will go to the regular social security fund, while the remaining P650 will go to the WISP.

“We understand the plight of our covered employers and members, but it is our duty to ensure the longevity of the SSS fund entrusted to us, to allow the continuous delivery of meaningful social security protection to our current and future members, as well as their beneficiaries,” Ignacio said.

The said reforms under the Social Security Act of 2018 aims to ensure the long-term viability of the SSS and provide higher benefits for SSS members and their beneficiaries.

Moreover, upon full implementation in 2025, these reforms will offset the adverse financial impact of the P1,000 pension increase granted in 2017.

“We hope that members see their contributions as their safety net and savings, which they and their beneficiaries can turn to in times of sickness, maternity, unemployment, retirement, disability, death, calamity, and other contingencies, through the benefit programs and privileges the SSS offers,” Ignacio added.

For more information, view the said SSS Circulars at https://bit.ly/3pwIJyL, https://bit.ly/33RXdRn, and https://bit.ly/3rA8Ypw, follow the SSS on Facebook at “Philippine Social Security System,” Instagram at “mysssph,” Twitter at “PHLSSS,” or join its Viber Community “MYSSSPH Updates.”

‘Hot money’ net inflows reach $227M

MORE flighty foreign funds entered the country in November, marking the second straight month of net inflows of “hot money,”  the central bank said on Monday.

Bangko Sentral ng Pilipinas (BSP) data showed foreign portfolio investments — also known as “hot money” because of the ease by which these funds enter and exit the economy — posted a net inflow of $227 million in November.

However, this is less than the $439-million net inflows logged in October, but a reversal of the $354-million net outflows recorded in November 2019.

Foreigners invested $1.6 billion in November, but this was offset by $1.3 billion in withdrawn funds.

“The $1.6 billion registered investments for November reflected a 15.7% growth compared to the $1.4 billion recorded last month (or by $213 million),” the BSP said.

Majority or 68% of the BSP-registered foreign portfolio investments went to shares of listed companies, particularly banks, property developers, holding firms, food, beverage and tobacco companies, and retailers. Nearly a third went to investments in peso government securities.

The United Kingdom, Singapore, the United States, Hong Kong and Norway were the five biggest sources of hot money in November, with a combined share of 82%.

“Outflows for the month ($1.3 billion) were higher compared to the level recorded for October ($913 million) by 46.6% (or by $425 million), with the US receiving 74.7% of total outflows,” the central bank said.

The November tally brought the 11-month total to a net outflow of $3.7 billion, more than double the $1.6-billion net outflow during the same period in 2019.

The 11-month period saw $14.3 billion in gross outflows of hot money and $10.6 billion in gross inflows.

The central bank attributed the surge in hot money outflows this year to the continued impact of the coronavirus disease 2019 (COVID-19) pandemic on the global economy and financial system.

The BSP also cited “geopolitical tensions, certain corporate governance issues and extended quarantine measures in select regions in the country.” Metro Manila and nearby provinces remain under a general community quarantine until Dec. 31, although President Rodrigo R. Duterte was expected to announce new quarantine classifications on Monday evening.

The BSP expects hot money to yield net inflows worth $2.4 billion this year and $3.5 billion by 2021, respectively.

BoP surplus narrows for 10th straight month

THE country’s balance of payments (BoP) position remained at a surplus for the 10th straight month in November, albeit narrower than the previous month due to foreign currency withdrawals by the National Government, the central bank said on Monday.

In a statement, the Bangko Sentral ng Pilipinas (BSP) said the November BoP — a measure of the country’s transactions with the rest of the world — stood at a surplus of $1.47 billion, up 171% from $541 million in November 2019.

However, this was slimmer than the $3.44-billion surplus in October, which was a 10-year high.

“The BoP surplus in November 2020 reflected inflows mainly from the BSP’s foreign exchange operations and income from its investments abroad. These inflows were partly offset, however, by the foreign currency withdrawals the National Government made to pay its foreign currency debt obligations,” the BSP said.

November brought the year-to-date BoP surplus to $11.79 billion, up by 88% from the BoP surplus of $6.27 billion a year ago, supported by higher foreign borrowings by the National Government and the lower merchandise trade deficit.

The 11-month total already exceeded the $7.843 billion BoP surplus for the full year 2019.

The central bank forecasts a BoP surplus of $8.1 billion by yearend which is equivalent to 0.6% of gross domestic product.

The BSP said the November surplus was supported by higher foreign debt obtained by the government and the continued net inflows from remittances, foreign direct investments and trade in services.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the BoP surplus to the “narrower trade deficit/net imports about $1 billion-$2 billion per month since the COVID-19 pandemic; as exports back to pre-COVID-19 levels and among record highs; while recovery in imports remained relatively slower among 2.5-year lows; thereby fundamentally leading to relatively higher BOP surplus and GIR in recent months.”

Mr. Ricafort expects the BoP position to remain in a  surplus in the coming months as the trade deficit continues to narrow as economic recovery remains sluggish, government borrows more from foreign lenders and private companies tap external markets to raise more funds.

The foreign trade deficit went down to $1.777 billion in October from $1.783 billion the month prior and $3.573 billion a year ago after exports slipped by 2.2% while imports declined for the 18th straight month by 20%.

The expected seasonal increase in remittances from overseas Filipino workers (OFWs) also contributed to the ballooning BoP surplus and will continue to do so during the holidays, Mr. Ricafort added.

Last month’s BoP position also reflects a final gross international reserves (GIR) level of $104.8 billion, up 0.68% from $103.8 billion at the end of October.

“The latest GIR level represents an adequate external liquidity buffer, which can help cushion the domestic economy against external shocks,” the central bank said.

The BSP estimated that the GIR is equivalent to 11.2 months’ worth of imports of goods and payments of services and primary income, or 9.2 times the country’s short-term foreign debt based on original maturity.

“Going forward, the sustained BoP surpluses may lead to new record high GIR well above the latest new record high of $104.5 billion in the coming months, thereby providing a greater buffer for the peso exchange rate vs. the US dollar,” Mr. Ricafort said. — Beatrice M. Laforga

Philippines poised to be 22nd biggest economy in the world by 2035 — CEBR

THE PHILIPPINES is expected to be the 22nd biggest economy in the world by 2035, according to the Centre for Economics and Business Research. — PHILIPPINE STAR/ MICHAEL VARCAS

THE Philippines is set to become the 22nd biggest economy in the world over the next 15 years despite the disruption caused by the coronavirus pandemic, a report showed.

The London-based Centre for Economics and Business Research (CEBR) in its World Economic League Table (WELT) 2021 released this month said that the Philippines will move up 10 spots on the list by 2035 from its current 32nd position this year.

“Although the pace of economic growth in past years has been impressive, it is important to note that the population has also been rising rapidly, growing at an average annual rate of 1.5% between 2015 and 2020,” the report said.

Philippines seen to be the 22<sup>nd</sup> largest economy by 2035

CEBR noted the Philippines faced economic disruptions due to the pandemic, with the economy expected to contract by 8.3% this year.

The country’s economic managers see gross domestic product (GDP) shrinking by 8.5-9.5% by end-2020, before growing by 6.5-7.5% in 2021.

The country plunged into its first recession in nearly 30 years in the second quarter, as economic activity was hampered by strict quarantine restrictions.

“Over the next five years, the annual rate of GDP growth is set to rise to an average of 6.7%. However, between 2026 and 2035, CEBR forecasts that the average rate of GDP growth will dip slightly to 6.5% per year,” the CEBR said.

Based on the CEBR report, the Philippines is the 32nd biggest economy in the world this year, but expected to slip to 33rd in 2021. The country is poised to become the 28th largest economy in 2025, before rising to 25th in 2030 and 22nd in 2035.

The WELT report this year made some adjustments, as the study released by the center last year had said that the Philippines would reach the 22nd spot by 2034. The report said then that the country would be one of the most rapidly growing of the larger economies measured in the study, which looked at 193 countries.

The CEBR estimated the pandemic’s impact on global GDP is $6 trillion.

“We believe the longer-term hit will be smaller — falling to about $1 trillion by 2034,” it said.

Although CEBR is optimistic the availability of COVID-19 vaccines will further loosen economic constraints, it also acknowledges some long-term negative effects in many countries.

“We believe that the scarring to the world economy will affect the trade-off between growth and inflation and so predict an economic cycle in the early to mid-2020s as inflation caused by the hit to the supply side from COVID-19 works its way through,” the center said.

CEBR expects China to overtake the United States as the world’s largest economy by 2028, five years earlier than projected previously. CEBR attributed this to China’s management of the virus and the hit to long-term growth among Western economies. — Jenina P. Ibañez

Philippines seen to be the 22nd largest economy by 2035

THE Philippines is set to become the 22nd biggest economy in the world over the next 15 years despite the disruption caused by the coronavirus pandemic, a report showed. Read the full story.

Philippines seen to be the 22<sup>nd</sup> largest economy by 2035

Duterte signs 2021 national budget

PRESIDENT Rodrigo R. Duterte on Monday signed into law the P4.5-trillion national budget, which will focus on supporting the economy’s recovery from the coronavirus disease 2019 (COVID-19) pandemic.

At the signing ceremony in Malacañang on Monday, Mr. Duterte assured “every centavo of this budget will be spent to ensure the nation’s recovery, resilience and sustainability.”

“This coming year we will recover as one nation,” he added.

The P4.506-trillion spending plan is the largest to date and was ratified by Congress on Dec. 9. It is 10% higher than this year’s P4.1-trillion national budget.

In his speech, Mr. Duterte highlighted the P72.5 billion set aside for the purchase, storage, transport, and distribution of COVID-19 vaccines.

He also emphasized the need to continue the aggressive infrastructure program, which the government hopes will drive economic recovery in 2021.

Palace Spokesperson Harry L. Roque on Sunday said Mr. Duterte vetoed portions of the national budget but there was no mention during the signing ceremony.

Meanwhile, the House of Representatives will continue to be on the lookout to ensure that there are no unfinished programs or unused funds under the 2021 spending plan, a key legislator said on Monday.

House Ways and Means Chair Jose Maria Clemente S. Salceda made the statement a few hours before President Rodrigo R. Duterte signed into law the proposed P4.5-trillion national budget for next year.

“The key to economic recovery in 2021 will be quick and effective government spending to support economic activity. The items appropriated in the budget will have to be completed as fast as possible,” Mr. Salceda told BusinessWorld in a Viber message.

Mr. Salceda assured that the lower chamber will perform its role in providing budgetary oversight to ensure that the National Government’s budget utilization rate will be improved by next year to cushion the impact of the coronavirus pandemic on the country’s economy.

Senator Panfilo M. Lacson recently questioned the increase in the proposed budget of the Department of Public Works and Highways (DPWH) for 2021 due to its alleged low utilization rate and rehashed local infrastructure projects.

From the original proposal of P666.5 billion, the bicameral version allotted P694.8 billion to the DPWH.

House legislators earlier raised concerns about the Department of Health’s (DoH) poor implementation of programs under Republic Act No. 11223 or the Universal Health Care (UHC) Act. The DoH earmarked P38.9 billion for the program’s implementation in 2021.

State auditors in 2019 flagged that the agency was only able to spend 61% of its budget in 2018 and wasted some P367 million worth of medicines which were found to be near expiry. — Gillian M. Cortez and Kyle Aristophere T. Atienza

Tighter delisting rules ‘beneficial’ to stakeholders

By Revin Mikhael D. Ochave, Reporter

THE DECISION of the Philippine Stock Exchange (PSE) to tighten its rules on voluntary delisting has also given additional control to minority stakeholders, analysts said.

“The PSE’s additional rules (on voluntary delisting) are enough and give extra protection to minority shareholders,” said AAA Southeast Equities, Inc. Research Head Christopher John Mangun in an e-mail interview.

On Dec. 21, the PSE released a memorandum confirming that the Securities and Exchange Commission (SEC) had approved changes to voluntary delisting rules.

“The delisting must be approved by: a. At least two-thirds of the entire membership of the board, including the majority, but not less than two, of all of its independent directors; and b. Stockholders owning at least two-thirds of the total outstanding and listed shares of the listed company,” the PSE said in the memorandum.

Mr. Mangun said the additional requirements on voluntary delisting had given more control over company proceedings.

Also included under the said amendment, the company must also make sure that votes against the delisting plan do not exceed 10% of a company’s total outstanding and listed shares.

Previously, a company could delist as long as it had secured the approval of its board.

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a mobile phone message that the amended voluntary delisting rules is better than the old provisions, and has a better effect overall to the company.

Furthermore, Mr. Pangan said the new rules would give a bit of protection for a company’s minority stakeholders.

“Generally, it will somehow protect the minority shareholders as it tightens the delisting rules,” he said.

In addition, PSE said in its memorandum that the minimum tender offer price “shall be the higher of” the highest valuation based on a fairness opinion or valuation report given by an independent valuation provider. It should also be higher than the volume weighted average price of the listed security for one year immediately before the date of the company’s disclosure of the board approval of its delisting plan.

The new rules are a change from the practice of basing the tender offer price only on fairness opinion.

Mr. Mangun said the new rule on tender offer price gives minor shareholders the chance to buy more shares in the market, which would raise its price, if they want a higher tender offer.

“Before, the tender offer is decided by a third party that the company hires. So, minority shareholders have no say,” Mr. Mangun said.

Meanwhile, China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said the new rules would give companies additional reasons to think twice before delisting.

“The amendments set a higher bar for companies when it comes to pursuing voluntary delisting, which they now have to weigh in their decision-making,” Mr. Mercado said in an e-mail.

One recent company to receive approval from the PSE to delist its shares from the market was Pepsi-Cola Products Philippines, Inc.

On Dec. 18, Pepsi announced that its petition for voluntary delisting was approved and the delisting of its shares from the PSE’s official registry had already been ordered.

The company decided to voluntarily delist from the bourse after its public ownership fell to 2.1%, lower than the 10% minimum requirement of the PSE.

The PSE created the new delisting rules in accordance with the complaints on the delisting of Melco Resorts and Entertainment (Philippines) Corp. and Travellers International Hotel Group, Inc.

“PSE revisited the voluntary delisting rules following the receipt of complaints from the market that minority stockholders are essentially forced to accept a company’s decision to delist and the tender offer price offered by the listed company or delisting proponent, under the threat of being left with shares that have no secondary market,” the bourse operator said when the draft rules were released in December 2019.

Fruitas opens 30th community store, hits yearend target

FOOD AND BEVERAGE kiosks operator Fruitas Holdings, Inc. has opened its 30th community store under the Babot’s Farm and Soy & Bean brands at Suki Market in Mayon Street, Quezon City.

In a stock exchange disclosure on Monday, the company said it reached its yearend target for community stores with the recent store opening on Dec. 27. It added that another Soy & Bean store was opened in BF Homes, Parañaque in Dec. 23.

The community stores sell the same products from Fruitas such as fresh fruit juices, soy-based products, Fruitas and Soy & Bean ice cream, frozen Jamaican Patties and Shou Chinese delicacies.

Fruitas President and Chief Executive Officer Lester C. Yu said the company achieved its target within four months despite the implementation of quarantine measures across the country.

“We were also able to quickly adapt and widen our product range for such format. We believe that we are in stronger footing now with our community stores and delivery service, which is accessible through phone, dedicated website, and social media,” Mr. Yu said.

The company plans to expand its community store network to 100 by 2021.

Furthermore, Mr. Yu said Fruitas is still seeking ways to add new revenue and profit streams.

“The foodservice and retail sectors are evolving quickly and we need to also adapt our acquisition criteria. However, we continue to focus on our customers and seek ways to further facilitate customers’ access to Fruitas and deepen our relationship with them,” Mr. Yu said.

Meanwhile, Fruitas also announced that its board of directors approved the removal of restrictions in the use of proceeds from its initial public offering (IPO) allocated to acquisitions solely on food service targets.

The company said the board also authorized Fruitas’ management to evaluate fundraising options such as notes, bonds, and preferred shares, that can be used for longer-term growth capital.

“The completion of the IPO late last year introduced us to public investors and the additional equity capital also provided us additional debt capacity,” Fruitas Chief Financial Adviser Calvin F. Chua said.

“Having the ability to tap the capital markets is important at this time while interest rates remain low and there are a lot of opportunities to generate returns for our shareholders,” he added.

The company booked P820 million from its IPO in 2019. It recently bought a 909.5-square meter lot worth P140 million in Sta. Mesa, Manila as its new headquarters.

Fruitas trimmed its net loss to P19 million in the third quarter of the year due to better consolidated revenues and lower operating expenses.

Compared with the previous quarter, the company said its consolidated revenues rose 90% to P167 million, while its operating expenses excluding depreciation and amortization fell 56% to P102 million.

On Monday, shares in Fruitas at the stock exchange rose 0.58% or one centavo to close at P1.73 apiece. — Revin Mikhael D. Ochave

SEC cancels license of Super Cash

THE Securities and Exchange Commission (SEC) has revoked the certificate of authority of Super Cash Lending Corp. due to its unfair debt collection methods.

In a statement on Monday, the commission said that according to a Nov. 11 order, its corporate governance and finance department (CGFD) determined that Super Cash had incurred nine violations under SEC Memorandum Circular No. 18 dated 2019, which mandates for the prohibition on unfair debt collection practices.

CGFD said the company had threatened borrowers with the publication of their loan and personal details, including estafa and theft charges, on social media.

Super Cash has online lending platforms such as Super Cash, Cash Porter, and Loan Bee.

According to CGFD, Super Cash threatened that borrowers would be blacklisted at the National Bureau of Investigation (NBI), and used profane and abusive language when collecting debts.

“In one of the screen captures submitted by one of the complainants, messages showing threats of inflicting grave physical harm upon the person of the complainant could be seen,” CGFD said.

CGFD said a third violation under the SEC’s circular is the charge of a monetary fine, suspension, or revocation of the company’s certificate of authority depending on the gravity and facts of the case.

“[T]he revocation of respondent’s certificate of authority is not merely appropriate, but rather necessitated by the gravity and number of its offenses,” CGFD said.

SEC Commissioner Kelvin Lester K. Lee said the agency will never tolerate the harassment and other abusive practices of lending and financing companies.

“As we pursue erring lending and financing companies, we also advise the public to be cautious and mindful of their transactions with entities representing themselves as such,” Mr. Lee said.

SEC also revoked the certificate of authority of FCash Global Lending, Inc. for its unfair debt collection practices. The company had one of the highest number of complaints for collection harassment starting 2017.

Meanwhile, SEC also ordered for the closure of four online lending applications, namely: CashAB, CashOcean, KwikPeso, and Little Cash due to the lack of authority to operate as a lending or financing company.

The SEC’s memorandum circular 18 took effect on Sept. 18, 2019 in response to the complaints of unreasonable, abusive, and unfair practices that are done by lending and financing companies used in order to collect debt.

BusinessWorld sought the comment of Super Cash, but has not received a reply as of deadline time. — Revin Mikhael D. Ochave

Fangirl the big winner at MMFF Awards

ANTOINETTE Jadaone’s film about not meeting one’s heroes swept this year’s Metro Manila Film Festival’s (MMFF) awarding ceremonies, going home with nine awards including all of the night’s biggest ones: Best Picture, Best Director, Best Actress for 24-year-old Charlie Dizon and Best Actor for Paulo Avelino.

The film has been a frontrunner since it was announced as an entry to the festival in November due to the praise it got when it premiered at the 2020 Tokyo International Film Festival.

What was more impressive was that Ms. Dizon won the Best Actress Award over seasoned veterans including the Superstar herself, Nora Aunor.

“I don’t know if I’ll be a part of a great film like this again, so I’m very thankful for this opportunity,” Ms. Dizon said during the awards ceremony held on Dec. 27 via Facebook Live.

Aside from the major awards, Fan Girl also went home with several technical awards including Best Screenplay, Best Editing, Best Sound, and Best Cinematography.

The Boy Foretold by the Stars won Second Best Picture at the MMFF. The win was described by its writer/director Dolly Dulu as “a big step towards representation of LGBTQ — that we have stories to tell and that people want to hear our stories.”

Meanwhile, the fantasy Magikland, which used extensive CGI effects, bagged many of the technical awards: Best Musical Score, Best Production Design, Best Visual Effects. It also took home the award for the Best Virtual Float — as the traditional MMFF float parade could not be held because of the ongoing coronavirus disease 2019 (COVID-19) pandemic, a virtual parade was held instead.

The pandemic also led to the film festival being held online, with the entries screening online via Upstream.ph. The festival is ongoing until Jan. 7.

The full list of the winners follows:

Best Picture: Fan Girl

Second Best Picture: The Boy Foretold by the Stars

Third Best Picture: Tagpuan

Best Director: Antoinette Jadaone (Fan Girl)

Best Actress in a Leading Role: Charlie Dizon (Fan Girl)

Best Actor in a Leading Role: Paulo Avelino (Fan Girl)

Best Actor in a Supporting Role: Michael de Mesa (Isa Pang Bahaghari)

Best Actress in a Supporting Role: Shaina Magdayao (Tagpuan)

Best Child Performer: Seiyo Masunaga (The Missing)

Best Screenplay: Fan Girl, Antoinette Jadaone

Best Cinematography: Fan Girl, Neil Daza

Best Sound: Fan Girl, Vincent Villa

Best Original Theme Song: “Ulan” by Jhay Cura/ Pau Protacio (The Boy Foretold by the Stars)

Best Editing: Fan Girl, Benjamin Tolentino

Best Musical Score: Magikland, Emerzon Texon

Best Production Design: Magikland, Ericson Navarro

Best Visual Effects: Magikland, Richard Francia, Ryan Grimarez (Central Digital Lab)

Best Student Short Film: Paano Maging Babae, De La Salle College of Saint Benilde

Best Virtual Float: Magikland

Gender SensitivityAward: The Boy Foretold by the Stars

Gatpuno Antonio J. Villegas Cultural Award: Suarez: The Healing Priest

FPJ Memorial Award: Magikland

Marichu Vera Perez-Maceda Memorial Award: Gloria Romero

Special Jury Prize: Peque Gallaga

— Zsarlene B. Chua

SMC partially opens Skyway 3 to motorists

SAN MIGUEL CORP. (SMC) announced on Monday that the Skyway Stage 3 will be partially open for motorists free of charge for a month starting on Dec. 29.

Motorists may use up to four lanes of the 18-kilometer elevated road connecting Buendia, Makati City to the North Luzon Expressway in Balintawak, Quezon City, said SMC President and Chief Operating Officer Ramon S. Ang in a press release.

All seven lanes will be opened on Jan. 14.

Mr. Ang said that the soft opening of the expressway was delayed by typhoon-related disruptions.

“We cannot rush the curing of concrete and preparation for asphalt, because these have to be given enough time and have to be done according to the highest specifications to ensure quality and safety,” he said.

Skyway 3 extends the Skyway system to 38 kilometers from 20 kilometers.

Similarly, the Subic Freeport Expressway (SFEX) will be opened temporarily for motorists travelling during the holidays.

NLEX Corp. said in a separate press release that the new 8.2-kilometer road will be open from Dec. 28, 2020 to Jan. 15, 2021, from 6:00 a.m. to 6:00 p.m. The road will be closed in the evenings for continued construction works.

“The project is 92 percent complete. While there are still works to be done in some areas, we are temporarily opening the new road to ease the travel of our motorists this holiday season, especially the truckers and merchants who are delivering essential goods,” said Mark A. Villar, secretary of the Department of Public Works and Highways.

The SFEX expansion increases road capacity to two lanes in each direction from one in each direction. — Jenina P. Ibañez

PayMaya says users reach 28 million in 2020 across platforms

DIGITAL PAYMENT company PayMaya Philippines, Inc. has reached 28 million users across its platforms this year.

The company in a press release on Monday said that more Filipinos have been using the e-wallet platform for contactless transactions during the pandemic.

“Cashless transactions made by Filipinos through the PayMaya app, in fact, have consistently registered triple-digit growth rates throughout 2020,” PayMaya said.

Transactions in the app peaked in May, PayMaya added, noting over 1,000% year-on-year growth compared with the same month last year.

PayMaya in December last year said that it was nearing the 20 million user base mark.

Businesses joining PayMaya for digital payments increased by over 1,500% year on year in November. Businesses such as Megaworld, McDonald’s Philippines, and Jollibee Foods Corp. use PayMaya platforms.

The company also has a “Smart Padala” network of 33,000 touchpoints where customers can send or receive money and pay bills.

PayMaya is a subsidiary of Voyager Innovations, Inc., the digital arm of PLDT, Inc. PLDT Chairman, President and Chief Executive Officer Manuel V. Pangilinan last year said that he expects PayMaya to turn a profit by 2024.

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. — Jenina P. Ibañez

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