2GO swings to P622-M loss on limited operations

August 13, 2020 | 12:03 am

2GO GROUP, INC. posted an attributable net loss of P621.60 million for the second quarter compared with a profit of P23.73 million in the year-earlier period, citing limited operations in various areas, especially Luzon, as a result of coronavirus quarantine restrictions.

In a regulatory filing on Wednesday, 2GO Group reported that its gross revenues for the quarter declined 30.32% to P3.93 billion from the last year’s P5.64 billion.

The group said travel revenues significantly dropped during the period due to quarantine-related travel restrictions, which started in mid-March.

“The Group experienced a slowdown in volumes particularly in April and May, when most of the Philippines was under enhanced community quarantine. The group’s revenues increased in June as the National Capital Region and certain areas transitioned to general community quarantine, though revenues are still below 2019 levels,” it added.

The listed company’s gross expenses for the quarter declined 17.33% to P4.39 billion from P5.31 billion posted in the same period last year.

To recall, the listed shipping and logistics provider posted an attributable net loss of P108.92 million for the first quarter from the previous year’s net loss of P369.03 million.

The company attributed its net loss in the three-month period to reduced travel revenues, especially during the last two weeks of March when the government placed the entire island of Luzon under an enhanced community quarantine to contain the virus.

“It is expected that trade receivables, particularly those due from small- and medium-scale enterprises, will likewise deteriorate in collectability and may necessitate provisioning for estimated losses due to non-collection as may be deemed prudent,” the listed company also said on Wednesday.

It said as of the date of its quarterly regulatory filing, the company’s management has set aside a provision of around P55 million for estimated losses due to noncollection.

“Except as disclosed in the management discussion or notes to the consolidated financial statements, there are no other known trends, events, material changes, seasonal aspects, or uncertainties that are expected to affect the Group’s continuing operations or that will trigger direct or contingent financial obligation that is material to 2GO, including any default or acceleration of an obligation,” it added.

On Wednesday, shares in the company rose 1.58% to close at P8.38 each. — Arjay L. Balinbin

Century Properties gets nod to acquire joint-venture shares

August 13, 2020 | 12:02 am

THE Philippine Competition Commission (PCC) has approved Century Properties Group, Inc.’s (CPGI) acquisition of voting shares in Century City II Development Corp. (Century Development II).

CPGI will acquire common shares representing 40% of the total outstanding capital stock in Century Development II from FMT Kalayaan, Inc.

Century Development II is a joint venture between Century City Development Corp. and FMT Kalayaan, Inc.

CPGI will acquire sole control after the termination of the joint-venture agreement, and after the sale of FMT Kalayaan to CPGI of its 511,561,143 common shares of stock in Century Development II.

The 40% of the total outstanding capital stock has a par value of P1 each. The purchase price of the sale shares is P1.9 billion.

The proposed transaction is not likely to result in competition concerns because it will not change the structure of the office leasing market, PCC said in a press release on Wednesday.

The commission said there are enough competitive constraints from others in the office leasing market in Makati City and Bonifacio Global City after the transaction.

PCC will take no further action.

CPGI is a publicly listed company in real estate development. Its parent company Century Properties, Inc. works on real estate development, selling and leasing, property management services, asset management services, marketing and promotion of service, and hospitality and leisure.

The commission, which reviews big-ticket mergers and acquisitions, received five notifications with a combined value of P49.3 billion since it restarted notifications in mid-May. — Jenina P. Ibañez

Xiaomi wants to be a manufacturing powerhouse

August 13, 2020 | 12:02 am

XIAOMI CORP. celebrated its 10^th anniversary with the launch of some new products and the promise from its chief executive officer that it’ll become “a major force in China’s manufacturing sector that no one can ignore” over its next decade.

Co-founder and CEO Lei Jun took the stage on Tuesday to recount Xiaomi’s history — born as an internet upstart that disrupted China’s retail status quo — and plot out a markedly different course for its future. “Xiaomi will systematically empower China’s manufacturing industry with internet know-how,” Mr. Lei said. “Smart manufacturing will fuel the prominent growth of Chinese brands.”

Xiaomi said it has developed a fully automated smartphone assembly line and its investment arm has invested in about 70 semiconductor or smart-manufacturing firms. The smart factories that Xiaomi envisions would compete with manufacturing specialists like Foxconn, also known as Hon Hai Precision Industry Co., which has previously made similar efforts to smarten up its processes. For Mr. Lei, it’s an essential move to ensure Xiaomi’s prosperity, as “we can’t defend our industry position without continuing to move forward.”

For the present, Xiaomi remains focused on its consumer business, which was graced by the launch of a new flagship Android phone in the 6.7-inch Mi 10 Ultra, adding to the rapidly expanding stable of 5G smartphones. The device differentiates itself with a 120x zoom system nestled in a large multicamera array on its back along with a super-fast 120W charger in the box. It starts at 5,299 yuan ($763) and will be available from Aug. 16. Alongside it, Xiaomi also unveiled a transparent OLED TV set and a Lamborghini Edition GoKart, burnishing its credentials as a company willing to make bold design decisions.

Now the world’s fourth-largest smartphone brand, Xiaomi was founded by a team including serial entrepreneur Mr. Lei and former Google engineering director Lin Bin in Beijing in early 2010. Pioneering an internet-based sales and marketing model, Xiaomi became an instant hit in China where most mobile devices were sold by brick-and-mortar resellers and telecom carriers.

The company distinguished itself by selling phones with sleek designs — commonly accused of imitating Apple, Inc.’s iPhone too closely — the most up-to-date processors and prices that were a fraction of those from competitors like Apple, Samsung Electronics Co. and Lenovo Group Ltd.

In an effort to expand its appeal and markets beyond China, Xiaomi made a big splash in 2013 by hiring Google’s Hugo Barra, then Android vice-president, to lead its international efforts. With his help, the company undertook a campaign to shed its widespread image as an iPhone copycat and invested more in developing its own design and engineering credentials. The company expects to spend 10 billion yuan ($1.4 billion) on research and development this year, Mr. Lei said.

At the zenith of its powers, Xiaomi briefly held the no. 3 spot among global smartphone makers and was China’s leader. But around 2016, local competitors Oppo and Vivo cut into Xiaomi’s market share by adopting the opposite strategy to Mr. Lei’s online focus: enlisting tens of thousands of private electronics store owners to sell their devices in small towns and villages. The move unlocked access to rural residents eager for their first smartphone, a market with hundreds of millions of potential buyers that Xiaomi wasn’t able to reach.

After some supply chain issues around the same time, Xiaomi slumped to seventh in global smartphone shipments, according to IDC data, and Mr. Lei hired former Qualcomm, Inc. executive Wang Xiang to steer Xiaomi’s new international expansion strategies from India to Spain and the UK.

The Chinese company has been on a recent run of introducing futuristic-looking phones featuring industry firsts, such as bezel-less screens and exotic materials like ceramic bodies. Mr. Lei has also tried to lift Xiaomi beyond smartphones with an expansive array of other consumer products that can be purchased from the company’s online store, including laptops and luggage.

The Beijing-based company has invested in a large number of hardware startups to make Mi-branded appliances and electronics from rice cookers to scooters. Yet the efforts have so far failed to convince investors that Xiaomi is an internet company rather than a hardware vendor. Xiaomi’s stock has mostly traded below its initial public offering price since its debut in Hong Kong two years ago. — Bloomberg

Veega: Tastes like chicken

August 13, 2020 | 12:02 am

By Joseph L. Garcia, Reporter

WHEN confronted by an exotic meat, some people will usually say it “tastes like chicken.” A new vegetarian line by food giant San Miguel called Veega, consisting of nuggets, sausages, ground meat analogue, balls, and burger patties might make you say the same.

Veega is made of mushroom, wheat and soy (in the form of vegetable protein). Soy and mushroom provide the meat-like texture, said a San Miguel representative in an e-mail to BusinessWorld, while the mushroom and spices “provide the meaty taste.”

We’ll be the judge of that.

San Miguel sent over a pack of some of the products, including the sausages and nuggets, as well as a shepherd’s pie prepared by the San Miguel Culinary Center.

The nuggets were fried for about two to three minutes, and came out, well, looking like nuggets. Oddly enough, it has a texture firmer and more solid than actual chicken nuggets, closer to the fancy chicken cutlets found in nice restaurants. It’s not quite chicken, because there’s a nutty aftertaste to it that we don’t think appears quite often in a real chicken. It’s also a bit more dry, because chicken nuggets can be a lot juicier. Still, because it looks like it, kind of feels like it, and kind of tastes like it, if I didn’t tell you, you’d never know it wasn’t chicken.

As for the sausages, they approach the taste of a very light chicken frankfurter. It has a smoky-sweet aftertaste that may not be present in real meat, but the blank canvas of vegetable protein may have left more room to explore. It’s also a bit more dry and dense than a regular sausage.

As for the shepherd’s pie, the protein component had a softer, more yielding chew, and the sauce was sweetish, spicy, and satisfying.

For all of these products: if no one told you, you wouldn’t have known it wasn’t meat. The minor differences between the products and real meat (such as the lightness in flavor) don’t feel like real deterrents (some people would even prefer them, I would suppose), and are a small price to pay for allowing an animal to walk freely — for at least one more day.

San Miguel says that the protein content of Veega products is comparable to meat. It is also high in fiber and has no added preservatives, said the San Miguel representative. A press release points out that a 100 gm serving of the nuggets provides protein equivalent to a cup of milk or two eggs, while a serving of the sausages provides protein equivalent to a 170 gm tub of yogurt or 30 gm of nuts. Fair warning though: it’s meat-free and vegetarian, but it is not vegan. In order to get the taste and texture of Veega as close as possible to the “real thing,” the company uses egg whites.

San Miguel still stands as one of the biggest companies dealing in meat, from its fresh meats through Magnolia and Monterey, to the canned corned beef, sausages, and luncheon meats in Purefoods. Asked why a conglomerate as big as that would join the meat-free game, San Miguel noted that people today are looking for healthier and more sustainable choices of food, particularly for protein options. It noted that in the past, the available products on the market were not easily accessible, were too expensive, or were not suited for the Pinoy taste.

Veega, the company claims, answers the consumers’ need for a plant-based protein alternative that is developed specifically for the Filipino taste. Veega comes in ball, minced, nugget, patty, and sausage form. The choice of coming up with the sausage, nuggets, and burger patties was due to the fact that these are some of the most popular quick meals for Filipinos, said the company. The giniling (ground meat) and balls forms, meanwhile, are products that can easily be used in many different recipes.

Plant-based diets have usually been limited to a small number of people who reject meat for various reasons: either due to their health or their ethics. Many more might like to try a life with less meat, but matters of convenience and availability might affect their choices. The entry of a conglomerate might help in mainstreaming the culture, particularly for those who don’t have the time to source and cook meat-free food.

Convenience is addressed by the fact that Veega is fully cooked already and can be further cooked straight from the freezer with no need to thaw out the products. In addition to that, Veega is now available at all leading supermarkets, in the frozen food section, with prices ranging from P99 to P120 for a two serving pack. It will soon be available at the San Miguel online store, The Mall.

It should also be noted that the products have a long shelf-life: a press release says they can stay in the freezer for up to eight months.

For a smaller company also dealing with meat that isn’t meat, check out BusinessWorld’s story: www.bworldonline.com/avoiding-meat-during-the-pandemic/.

RCBC posts P800-M net income in 2nd quarter

August 13, 2020 | 12:02 am

RIZAL COMMERCIAL Banking Corp. (RCBC) posted a net income of P800 million in the second quarter on the back of strong trading gains, offset by higher loan loss provisioning.

The bank saw a boost in trading gains last quarter, but this was partly offset by higher provisions that reached P3.6 billion, RCBC Corporate Information Officer Ma. Christina P. Alvarez said in an online press briefing on Wednesday. Comparative data was not available as of writing.

In the first half, RCBC’s net income jumped 17% from a year ago to P3.11 billion, buoyed by double-digit growth in revenues and loans.

The lender’s net interest income jumped 20% year on year to P12.794 billion in the first half, while the bank’s other income also increased by 32% to P8.063 billion. Its gains from trading and foreign exchange activities grew 81% to P5.904 billion.

The central bank’s move to lower interest rates helped the bank bring down its funding costs, Ms. Alvarez said, giving its net interest income a boost during the period and allowing its Treasury department to “maximize the value of the investment portfolio.”

“The quarantine limited and reduced the volume of transactions in the branches and as a result, other income components showed a decline versus last year,” she said.

The lender’s loan portfolio expanded by 18% to P480.282 billion in the semester after posting double-digit increases in all three segments. Its net interest margin rose to 4.3% from 3.8% in the same period last year.

Broken down, RCBC’s corporate loan book, which made up 53% of the total, grew 11% year on year, while consumer loans which cornered a 30% share jumped 13%. Meanwhile, credit taken out by small and medium enterprises (SME), which accounted for 17% of the total, surged 23%.

The lender’s nonperforming loan (NPL) ratio inched up to 2.2% from 2.1% a year ago while its bad loan cover ratio also rose to 95.4% from 78.6%.

The increase in its NPL ratio was largely due to the strong growth in consumer and SME loans, Ms. Alvarez said, adding they do not expect the level to change “significantly” amid the pandemic.

She said the bank has been reaching out to the customers to check on their status and offer payment options to help them keep their accounts active.

“Without any interventions, maybe NPL levels could double, but we’re not going to let that happen because we are working with the customers very closely to fix their cash flow and ensure the healthy condition of their loans,” Ms. Alvarez said.

The bank set aside P5.2 billion as provisions for potential losses in the first half, up 94% from a year ago, amid the ongoing coronavirus pandemic.

“We’ve actually accelerated the provisioning estimate already in the first half so this is already going to be the bulk of it — probably 70% already of what we plan to provide,” she said.

The bank’s operating expenses also inched up 4.8% to P11.01 billion.

Meanwhile, deposits grew 19.3% to P499.42 billion, with a 53% current account, savings account ratio.

“It has been a difficult first half of the year, and we remain mindful of the challenges ahead. Hence, we’ve taken prudent steps to cushion the impact of this pandemic and at the same time, to continue serving our fellow Filipinos better by strengthening our digital capabilities, customer relief programs, and partnership with the government and other financial institutions,” RCBC President and CEO Eugene S. Acevedo said in a statement.

“We entered this pandemic period with a strong balance sheet. We posted positive growth in all fronts while maintaining a healthy financial statement, with a strong capital base and allowing us to expand our balance sheet doing more business in the coming periods,” said Horacio R. Cebrero, the treasurer and head of RCBC’s Treasury Group.

The bank’s cost-to-income ratio improved to 52.8% as of June from the 62.7% posted the year prior.

Its annualized return on equity and return on assets stood at 7.4% and 0.9%, respectively.

RCBC’s assets grew 7% to P719 billion as of June.

The bank also recorded increased digital transactions, with digital banking enrolments up by 187% and “send cash” transactions rising by 569%.

RCBC had 509 branches and 1,514 automated teller machines as of June.

The bank’s shares rose 2.12% or by 34 centavos to P16.34 apiece on Wednesday from the Tuesday’s finish of P16 each. — Beatrice M. Laforga

Roxas Holdings losses reach P340M

August 13, 2020 | 12:01 am

Roxas Holdings Inc. (RHI) posted P340.38 million in attributable net loss during the third quarter of its fiscal year, bigger by 18.4% from a year ago, after a substantial drop in its revenues during the period ending in June.

Revenues during the period fell by 61.9% to P696.12 million, the listed sugar and bioethanol producer’s financial disclosure to the stock exchange show.

For the three quarters ending in June, RHI was able to cut its losses attributable to equity holders of the parent company by 34.2% to P427.77 million, it said on Wednesday.

Revenues during the period, which started October 2019 up to June 2020, fell 23.8% to P4.52 billion compared with P5.93 billion a year earlier.

RHI Chairman Pedro E. Roxas said the company’s nine-month period was hampered by “unexpected consequences of unforeseen events.”

He added that despite the company’s gains from better raw sugar sales in its Central Azucarera de la Carlota, Inc., it was significantly hit by losses from its ethanol units.

“RHI experienced the twin impacts of the eruption of Taal Volcano in Batangas and the global pandemic resulting from the coronavirus disease 2019 (COVID19) but the group showed its resilience in facing these headwinds,” Mr. Roxas said.

Meanwhile, RHI President and Chief Executive Officer Hubert D. Tubio said that overall, the alcohol segment reeled from high feedstock cost, which resulted in a decline in gross profit, coupled by lower production as an effect of lower ethanol demand due to quarantine measures.

However, he said RHI and its subsidiaries cut their operating expenses by 6.5% to P532.63 million for the nine-month period, despite challenges from the COVID-19 pandemic.

RHI Executive Vice President and Chief Finance Officer Celso T. Dimarucut said the company’s efforts to reduce its debts were gaining ground.

“RHI earlier announced that Universal Robina Corp. is interested to acquire our assets in La Carlota City, Negros Occidental. We hope that this transaction for our sugar mill Central Azucarera de la Carlota, Inc. and ethanol facility Roxol Bioenergy Corp. will be completed at the soonest time,” he said.

Proceeds from the asset sale will be used to cut RHI’s debt levels, according to Mr. Dimarucut.

On Wednesday, RHI shares were unchanged at P1.59 each. — Revin Mikhael D. Ochave

PHL firms’ data protection still lacking

August 13, 2020 | 12:01 am

By Jenina P. Ibañez, Reporter

COMPANY data protection measures in the Philippines are falling short while risks increase during the pandemic, a business consultancy firm said.

Most Philippine companies comply with data protection laws by appointing officers in charge of data and awareness about these measures have increased in recent years. But data protection remains low among organizations’ priorities, Straits Interactive Pte. Ltd. Country Manager Edwin A. Concepcion said in an online interview on Thursday.

The Singapore-based firm said Philippine data protection measures are improving compared to its Southeast Asian counterparts, but there is “still a lot to be done.”

“(Organizations) are very aware that yes there is a law that they need to comply with, but in terms of priorities it’s not on the list, especially now with our situation in the pandemic.”

The pandemic has heightened the risks on the targeting of individuals and organizations through social media, phishing, whaling, and other forms of social engineering, Mr. Concepcion said.

A whaling attack is the infiltration of an organization by someone pretending to be a senior member, while phishing attackers gain sensitive information by masquerading as a trusted organization.

“What we have seen in the pandemic, we were all forced overnight to go digital and work from home. So a lot of organizations were not actually prepared to respond to these kinds of incidents,” Mr. Concepcion said.

He said the entire organization should be accountable for ensuring data protection, not just the officer in charge. Data protection officers are not always given the appropriate training and funding to protect data, he said.

“We’ve seen a lot of problems because of that…. The company should take it from the point of view of risk management. Of course organizations are pursuing business or pursuing risks or rewards…so it’s very critical that the compliance efforts should, the tone should always come from the top.”

Data protection compliance, he said, must include risk assessments and must be adapted to the business processes of the specific company.

The National Privacy Commission in May released guidelines for data security for work-from-home operations, encouraging institutions to use only authorized software and organization-issued devices.

When using home-based Wi-Fi, the commission said to ensure reliable internet connection and to avoid visiting malicious web pages.

While there has been a spike in interest in learning about data protection during the pandemic, Mr. Concepcion said that this has not yet translated to engagement in data protection services.

“In so far as management priority, that’s a totally different matter. Probably during the pandemic times, that’s quite understandable but again the priority is still not there. We don’t see the top management getting involved in the data protection of their companies,” he said.

“They have very high interest, high awareness, but spurring them into action is a low priority.”

Dining In/Out (08/13/20)

August 13, 2020 | 12:01 am

Tefal Cookware sale

SCORE DISCOUNTS from Tefal Cookware during the Lazada Happy Home Sale happening from Aug. 12-14. Get an exclusive 35% off on any of the Clipso Pressure Cookers for limited time slots only on Aug. 12 from midnight to 2 a.m., on Aug. 13 from noon to 2 p.m., and on Aug. 14 from 6 to 8 p.m. And for one day only, on Aug. 14, get a special 50% off on one’s total purchase when one buys two Tefal Day By Day Wokpan 32cm. The Tefal Day By Day Wokpan 32cm is made with an exclusive titanium non-stick coating for extra durability and also features the new Thermo-signal technology that indicates the ideal temperature to start cooking. The Tefal Clipso Pressure Cookers include the Clipso Minut Duo 5L which features a two-cooking selector so the user can choose either to steam soup and vegetables or stew meats and sauces. For larger meals, the Clipso Minut Perfect 7.5L features a cook-control system with a self-activating timer that automatically begins at the ideal temperature for cooking and alerts the user when the meal is ready. Tefal Cookware is also available at Rustans.com, Shopee and leading department stores nationwide.

Crowne Plaza mooncakes available for pre-order

TO CELEBRATE the Mid-Autumn Festival, one may pre-order traditional mooncakes at Crowne Plaza Manila Galleria. The mooncake’s round shape is said to symbolize fondness and togetherness between family members. Order a box of traditional mooncakes featuring flavors that include lotus cream and red bean, consisting of four large or six mini varieties starting at P1,488. A box of four large mooncakes with two egg yolks is also available, priced at P1,688. Individual orders start at P280 per piece while mini versions start at P175 per piece. Place orders in advance until Aug. 31 and get a discount of up to 25%. Redemption of the mooncakes is from Sept. 27 to Oct. 15.

Mang Inasal favorites now come in Family Size

TO ADDRESS the growing demand for group meals for stay-at-home customers, Mang Inasal meals now come in Family Size and are available only via takeout or delivery. Mang Inasal has added to its menu five new offerings: four pieces of Chicken Inasal Paa Large, in either original or spicy variant; three pieces of Chicken Inasal Pecho Large; 10 sticks of Pork BBQ; and Palabok good for four to five servings. Prices start at P199. The Mang Inasal Family Size meals are available for delivery through GrabFood, FoodPanda, and LalaFood. Customers may also call the specific Mang Inasal store for delivery or place their orders online through Mang Inasal Facebook Messenger Chatbot, Jose. Mang Inasal follows strict “no-touch” delivery protocols for the safety of its employees and consumers. For a complete listing of stores that offer takeout and delivery services, visit https://stores.jfc.com.ph/manginasal.html. In a related development, Mang Inasal has also launched its Everyday Sarap Savers — a line of value-for-money meals. It consists of the regular Chicken Inasal, one-stick Pork BBQ and Pork Sisig — all served with one cup of rice — and Palabok. Mang Inasal has also added a third variant to its line of Halo-Halo for merienda. The Mang Inasal Buko Pandan Halo-Halo, which is on a limited run, was introduced in July.

Tablea the focus in Maximum Foodie

FOR MANY Filipinos, the best form of chocolate is tsokolate, a thick, velvety, piping hot beverage that’s been a staple in traditional Filipino breakfasts and a hallmark of many Filipinos’ childhood. The main ingredient of tsokolate is tablea, made of 100% fermented pure cacao that is roasted and ground before being molded into balls or tablets. Asian Food Network host Sashi De learned more about tablea during his trip to the country on Maximum Foodie, which premieres on Aug. 15, 10 p.m. Learn about the “never-before-told” tale of cacao in the Philippines and recipes that can be made with it on Maximum Foodie which airs on the Asian Food Network, available on Sky Cable CH 248, Cignal TV CH 62, and Destiny Cable CH 22.

Gov’t to guarantee P10 billion in MSME loans of six banks

August 13, 2020 | 12:01 am

STATE-RUN Philippine Guarantee Corp. (Philguarantee) has agreed to back loans of six banks worth P10.2 billion for micro, small and medium-sized enterprises (MSMEs).

Philguarantee said in a statement on Tuesday that it signed separate agreements with six banks to provide partial guarantee cover for MSME loans in case these are not paid back.

The banks are Bank of the Philippine Islands; UnionBank of the Philippines, Inc.; Malayan Bank Savings and Mortgage Bank, Inc.; BPI Direct BanKo, Inc.; New Rural Bank of San Leonardo, Inc.; and Bangko Kabayan, Inc.

The signing ceremony was held on Aug. 5 via a video conference, led by key officials from the banks, Philguarantee President and CEO Alberto E. Pascual and National Treasurer Rosalia V. De Leon, who also serves as the agency’s board alternate chairperson.

The agency approved P37.5 billion in credit guarantees in the first half for 22 accredited banks as part of the government’s program to help MSMEs have more access to credit amid the ongoing coronavirus pandemic.

“Philguarantee is processing accreditation of more banks to have broader channels of credit support to MSMEs, which would ensure a nationwide reach,” it said.

Philguarantee extended P5.5 billion in credit guarantees in the first quarter to 35 lending institutions in the agriculture sector, which could benefit more than 31,000 workers in the sector.

The corporation has so far approved a total of P159 billion in guarantee lines for 77 banks to support the housing sector, with more than 109,000 borrowers benefitting from the facility.

The government has set aside P120 billion for the credit guarantee program that will help small businesses gain access to loans for working capital.

The agency targets to provide 50% guarantee cover to at least 12,000 MSMEs affected by the ongoing coronavirus pandemic.

Eligible lenders include universal, commercial, thrift and rural banks as well as other financial institutions supervised by the central bank. — BML

TECNO Mobile’s SPARK 5 Pro available in the Philippines starting Aug. 15

August 13, 2020 | 12:00 am

CHINESE mobile phone manufacturer TRANSSION Holdings announced Wednesday that its latest product, the SPARK 5 Pro smartphone, will be available in the Philippines starting Saturday.

The company’s premium smartphone brand TECNO Mobile said the device will be available at the TECNO Mobile Shopee Store at P5,999 starting Aug. 15.

“You can enjoy a Shopee Flash Sale discount of P1,000 with voucher code GADGETZONE8 and get the SPARK 5 Pro on Aug. 15, for only P4,999,” TECNO Mobile said in a statement.

The new Chinese smartphone is equipped with a 13-megapixel (MP) real AI artificial intelligence quad camera and an 8-MP front camera.

“The cameras at the back consist of a primary camera, a camera that captures depth of field, AI lens for edge detection in portraits, face recognition, and color profile enhancements as well as a macro lens for photographing small subjects at very close distances,” the company said.

The smartphone offers a wide range of user customization as it operates on HiOS, which also comes with applications that allow users to free up memory, freeze applications, and limit data accessibility to applications, among others.

The cheap smartphone comes with a 5000mAh battery. The company described the device’s 6.6-inch dot-in display screen as “massive” and “very elegant.”

“With an industry leading 90.2% perfect screen ratio and a screen resolution of 720*1600 HD, users will have an immersive display that will transform their experience,” it said.

The device comes in two color options: Ice Jadeite and Seabed Blue. Its backing is made of glassy polycarbonate material. — ALB