Category: Economics

  • PH & China, An Exchange of Art and Culture

    PH & China, An Exchange of Art and Culture

    Since 2002, Bank of China Manila has been working towards boosting bilateral cooperation in the economic, financial, and trade fields between China and the Philippines. From efforts like the SME Cross-Border Trade and Investment conference, where Filipino businesses were matched with Chinese investors, to the facilitation of two panda bond issuances, the bank has been steadfast in pursuing its mission of bridging the Philippine and Chinese markets.
     
    That mission goes beyond business, as Bank of China Manila extends its efforts to bridging people. “Our two countries have been friends for a long time. We share many similarities, but we also share many differences. Through this exchange of cultures, we hope to enhance the understanding between the peoples of Philippines and China,” said Mr. Deng Jun, Country Head of Bank of China Manila.

    In partnership with the Metropolitan Museum of Manila (MET), the Chinese Culture and Art Association, and China Daily Mail, Bank of China is launching an international arts and cultural exchange program between China and the Philippines. The project brings together five Filipino artists and five Chinese artists to participate in a brief residency in historically and culturally significant locations that will juxtapose similarities and nuances of people, place, and nature. It will culminate in two group exhibitions in both countries with corresponding public programs.

    Tina Colayco, President of the Metropolitan Museum of Manila and
    Mr. Deng Jun, Country Head of Bank of China Manila

    A shared advocacy

    In its aim to bridge cultures, Bank of China is endeavoring to unpack and highlight the similarities between the Philippines and China. For both countries, rapid growth has at times led observers to disregard the negative impact of economic activity on the environment. But environmental protection has now become a common goal for both nations to preserve their vast natural resources.

    It is this kinship with the living environment that inspired the theme for the cultural exchange. Dubbed “In Harmony with Nature”, the program seeks to present the issue of climate change and mankind’s stewardship of the natural environment, from an artist’s perspective.
     
    This kind of advocacy is something Bank of China is no stranger to. “We care deeply about the environment, and that extends to our business as well. We implement a strict Green Financing policy where we only finance projects that do not damage the environment,” said Mr. Deng.

    An exchange of art and culture

    For this project, ten renowned Filipino and Chinese artists have been chosen for the caliber of their work, the strength of their practice, and potential synergy with their counterparts. They are some of the most distinguished in their respective countries, and are able to convey complex non-art concepts through their artistic lenses.
     
    First, the participants will undergo a brief residency in Palawan before returning to Manila to exhibit their work at the MET. This initial leg will be punctuated with a collaborative/interactive painting that will be held during the exhibit’s opening day. After the art exhibition in the Philippines, a counterpart art exhibition will be held in China. It will then be the Filipino artists’ turn to visit China for a similar residency and collaborative painting activity.

    Deng Jun, Country Head of Bank of China Manila (first from left), Celeste Diokno, Managing  Director of Bank of China Manila (first from right),  and Tina Colayco, President of the Metropolitan Museum of Manila (second from right), flank Filipino artists (from L-R) Rico Lascano, Phyllis Zaballero, Norberto Carating, and Manuel Baldemor. Together with Jonahmar Salvosa (not in photo), they will be participating in an upcoming culture and art exchange program that seeks to generate awareness for environmental harmony.

    The participating artists from the Philippines are Manuel Baldemor, Rico Lascano, Phyllis Zaballero, Norberto Carating, and Jonahmar Salvosa. Their Chinese counterparts are Kuku Chai Bukuk, Cai Zhixin, Ding Jie, Hao Ping, and Liu She.

    By: Cathy Llanes

  • RCBC leads the way to open banking in the country

    RCBC leads the way to open banking in the country

    Imagine being able to secure loans with some of the lowest interest rates in the banking industry. Or conveniently transferring funds from one bank account to another, or perhaps, experiencing the best possible customer banking service around.

    To get all these and other “perks”, most financial institutions would require one to become their preferred client. But in today’s digital technology and in the global banking industry, getting access to all these benefits is simply a matter of banking customers securely sharing their data with other financial institutions. This is the beauty of open banking.

    Open banking enables financial services customers such as companies, entrepreneurs and ordinary depositors and borrowers, to have access to various products and services from competing banks and other financial institutions by allowing the latter to digitally and securely access their financial information. Customers can compare product offerings and avail of the best ones that suit their needs and fit their capabilities, thereby helping them earn more from bigger savings interest rates, avail of loans more easily, and pay more conveniently, towards managing and improving their finances.

    With the concept of open banking, financial institutions such as banks—big and small—fintech companies, and other players, can share their respective clients’ data through the use of application programming interfaces (APIs). These APIs enable customers or the data subjects to share only data pertinent to the product or service they are looking to avail and not the account credentials.

    The European Union (EU) initiated PSD2 (Revised Payment Service Directive) as an emerging Open Banking standard. This is a game-changer in the industry as banks’ monopoly on their customer account details will soon disappear. This required European banks to provide Open APIs which does not need additional customized developments. It reduces barriers to innovation and limits the big banks’ “walled gardens.” In fact, even the Philippines’ data privacy law was influenced by EU’s stringent data protection regulation, including the adoption of the General Data Protection Regulation (GDPR).

    Open banking can enable banks and other financial institutions to have access to data that will enable them to process loan applications quicker or better advise their clients on their finances. This encourages banks to be more competitive, leading to more affordable products, faster services, better customer relations, and investing in digital technologies, to the benefit of customers.

    This is what Rizal Commercial Banking Corporation (RCBC) hopes to spearhead in the industry as it recently became the first local bank to advocate and implement open banking, affirming its position as a digital trailblazer in the financial industry.

    But more than encouraging competition among banks, RCBC aims to lead the way to open banking in the country to become the Filipinos’ prime financial inclusion partner.

    “With open banking, we can power the transactions of rural banks, cooperatives, micro-financial institutions and other small players, giving their customers access to a wide array of financial services using RCBC Open APIs,” said Lito Villanueva, RCBC Chief Innovation and Inclusion Officer.

    Already, RCBC has beefed up its open banking capabilities by establishing API partnerships with leading fintech companies; local payment networks PESONet and Instapay; and IBM Blockchain World Wire remittance.

    Through open banking, RCBC aims to serve the global financial services needs of more than 30 million customers of fintechs, rural banks, cooperatives, and micro-financial institutions all over the country.

    John Paulo Ondra Caparros

    Public Relations Department

    Strategic works, Inc.

    +63.893.7472 | +639. 17.158.7918

    john.caparros@stratworks.ph

    2nd Floor Zaragoza Building, 102 Gamboa Street, Legaspi Village, Makati City PH

  • ‘Conscientious Consumerism’ Trend to Bring New Life to PH Coco Industry

    ‘Conscientious Consumerism’ Trend to Bring New Life to PH Coco Industry

    Pertinent issues facing the coconut industry, such as best farming practices, supply and value chain, takes centerstage in the World Coconut Congress organized by the United Coconut Association of the Philippines.

    At the second World Coconut Congress, industry players here and abroad come together to tackle issues that are shaping the landscape — one of which is best practices in coconut farming and product development that local players, like ProSource International Inc. (ProSource), are focusing on.

    Organized by the United Coconut Association of the Philippines (UCAP), the conference centralizes on coconut supply and value chain. Covering wide-ranging topics — from coconut solutions for health and environment, coconut biodiesel, to the latest on coconut oil health research — the said event seeks to promote Philippine coconut products globally.

    At present, there is an observed paradigm shift in worldwide market behavior on choosing healthier and sustainable alternatives known as ‘Conscientious Consumerism’, as defined by the Network of Business Sustainability. With this, more and more consumers are seen to be promoting local industries, patronizing cruelty-free cosmetics, reducing plastic use, and generally, turning to healthier and more ethical diets.

    To the key players in the Philippine coco industry, the eminence of the coconut trade stems from the significant shift in consumer values towards healthful living. For them, it is but an exciting opportunity to strike on now that the concept of “going green”, or lessening our environmental impact by way of creating more informed choices, is deliberately finding its way into Filipino sensibilities.

    “The concept of ethical consumerism is already established in people’s behavior, and as practitioners in this field, we see strong opportunities in penetrating this market,” said ProSource’s CEO Ricky E. Santos, who, as a key producer from the coconut industry, believes that businesses like them should also start adapting to the conscientious commerce trend.

    “There has been an increase in veganism over the past decade even in meat-heavy countries like the Philippines. Through this thriving lifestyle, we believe that coconut production is one huge market that we all should keep an eye on,” he added.

    ProSource, for one, started innovating with the Coconut. They have introduced to the market the likes of coconut calming oil, organic coconut wraps, coconut crunch, and its classic hero product, the Virgin Coconut Oil, among others. This is foreseen to be a springboard for other players to also start getting creative with the fruit with its promise of a warm reception from the market.

    “We are one of those who put our strong faith in the ‘tree of life’. It is indeed that, as the fruit can be broken down into a wide range of by-products — from food, medicines, supplements, beauty products, and even personal care commodities,” said Santos.

    Worldwide values of coconut products have developed steadily since 2014, and in 2017, with the Philippines reportedly exporting coconut oil at over $1.46 billion in total returns, putting the country amongst the world’s top coconut producers.

    With the significant shift in consumer values towards healthful living, and the local industry players’ ingenuity to toil on this worldwide demand, the Philippines is once again set to be in the forefront of the global stage — with its competitive edge of the mastery of the miracle fruit.

    To know more about how ProSource can enable you in achieving a conscientious lifestyle, visit ProSource’s website at   and ‘like’ their official Facebook page at www.facebook.com/ProSourceVCO/

    John Paulo Ondra Caparros

    Public Relations Department

    Strategic works, Inc.

    +63.893.7472 | +639. 17.158.7918

    john.caparros@stratworks.ph

    2nd Floor Zaragoza Building, 102 Gamboa Street, Legaspi Village, Makati City PH

  • BDO bags 4 awards at the 9th Asian Excellence Awards

    BDO bags 4 awards at the 9th Asian Excellence Awards

    BDO Unibank, Inc. was again honored at the recently held Asian Excellence Awards, bagging highly-coveted titles such as Asia’s Best CEO, Best Investor Relations Company, and Best Corporate Communications.

    BDO’s chairperson Teresita Sy-Coson and president and CEO Nestor V. Tan were chosen as Asia’s Best CEOs (Investor Relations) for their superior leadership and excellence in driving the overall management and growth of the Bank.

    Meanwhile, BDO executive vice president and head of Investor Relations & Corporate Planning Luis S. Reyes Jr. was awarded Best Investor Relations Professional (Philippines). The Best Investor Relations Professional is given to those who excelled in keeping investors well-informed about the developments in their company. Investor relations is critical to generating shareholder value for investors.

    Spearheaded by Corporate Governance Asia, the 9th Asian Excellence Awards is a highly-coveted recognition for corporates that have adopted the highest standards of ESG (Environmental, Social, and Governance) in the way they operate and grow their businesses.

    Winners for this year were picked from several countries across the region, including China, Hong Kong, India, Japan, Korea, Indonesia, Malaysia, Singapore, Taiwan, Thailand, Vietnam, and the Philippines.

    Strategically linked to its corporate vision and core values, corporate governance is an integral part of the bank’s operations.  From mere compliance, the bank has successfully put in place a framework, policies, committees, and initiatives that not only strengthened its financial position but also enhanced its reputation among its shareholders and foreign investors.

    The bank’s corporate governance philosophy–empowerment with accountability–”gives its leaders the freedom to move the business forward without undue restraint but are expected to act with due care, responsibility, and accountability,” the bank told to Corporate Governance Asia. As such, BDO is able to deliver its commitment to its shareholders: sustainable corporate growth and long-term value creation.

    “When we set out on our mission to honor Asia’s finest executives and corporates, we embark on a journey to enhance their standards of corporate governance, and through this advocacy to institutionalize the best practices across the region, we recognize that they key to long-term sustainability and success of companies us having a solid reputation in the market and exemplary business models, and how they are applied and conducted in accordance with the highest principles of corporate governance,” Mr. Aldrin Monsod, founder, managing director and publisher of Corporate Governance Asia said in honoring this year’s winners.

    About BDO Unibank, Inc.

    BDO is a full-service universal bank which provides a wide range of corporate and retail banking services. These services include traditional loan and deposit products, as well as treasury, trust banking, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards, credit card services, and stock brokerage services.

    BDO has one of the largest distribution networks, with more than 1,300 operating branches and over 4,000 ATMs nationwide. It also has a full-service branches in Hong Kong and Singapore as well as 23 overseas remittance and representative offices in Asia, Europe, North America, and the Middle East.

    BDO ranked as the largest bank in terms of total assets, loans, deposits, and trust funds under management based on published statements of condition as of March 31, 2019. For more information, please visit www.bdo.com.ph.

    BDO Unibank, Inc.
    BDO Corporate Center
    7899 Makati Avenue
    Makati City 0726, Philippines
    Tel +63(2) 840-7000
    www.bdo.com.ph

    Chesca Ortega
    PR and Events Specialist
    Roar Agile Communicators Corp
    roar.ph chesca.roar@gmail.com

  • BDO earns P20.2 Bn in 1H 2019

    BDO earns P20.2 Bn in 1H 2019

    BDO Unibank, Inc. (BDO) sustained its momentum as it delivered P20.2 billion in earnings for the first six months of the year on strong recurring earnings from its core businesses, solid growth in fee income and normalization of trading & forex gains.

    Net interest income increased by 24% to P56.9 billion as net interest margins (NIMs) improved to 3.99 per cent from 3.50 per cent last year. Gross customer loans grew by seven (7) per cent to P2.0 trillion, as the Bank continued to generate double-digit growth in the consumer and middle market segments. Meanwhile, total deposits went up by three (3) per cent to P2.4 trillion, reflective of customers’ shift to higher-yielding fixed income investments, primarily bank-issued bonds. The Bank’s CASA ratio, however, was maintained at 70 per cent.

    Non-interest income was up 29 per cent to P29.5 billion as fee-based income and insurance premiums posted double-digit growth. Further, trading and forex gains normalized to P3.6 billion on favorable capital market conditions.

    Operating expenses grew by 21 per cent in line with the Bank’s continuing expansion, with 53 domestic branches and offices opened in the 1H 2019, as well as higher volume-related expenses. Taxes and licenses and policy reserves at BDO Life increased by 51 per cent. Excluding volume-related expenses, opex growth would have risen by 14 per cent in line with the Bank’s investment in branches and business development offices nationwide.

    Provisions amounted to P3.0 billion as the Bank maintained its conservative credit and provisioning policies. Gross non-performing loan (NPL) ratio was steady at 1.2 per cent while NPL cover remained high at 163.2 per cent.

    Total capital grew to P350.8 billion, with Capital Adequacy Ratio (CAR) and Common Equity Tier 1 Ratio at 14.2 per cent and 12.6 per cent, respectively, higher quarter-on-quarter and remaining comfortably above regulatory requirements.

    With expectations of better economic prospects going forward, BDO will continue to build on its business franchise and extensive distribution network to tap new growth areas and underserved markets.

    About BDO

    BDO is a full-service universal bank which provides a wide range of corporate and retail banking services.  These services include traditional loan and deposit products, as well as treasury, trust banking, investment banking, private banking, rural banking, cash management, leasing and finance, remittance, insurance, retail cash cards, credit card services, and stock brokerage services. 

    BDO has one of the largest distribution networks, with more than 1,300 operating branches and over 4,000 ATMs nationwide.  It also has a full-service branches in Hong Kong and Singapore as well as 23 overseas remittance and representative offices in Asia, Europe, North America and the Middle East. BDO ranked as the largest bank in terms of total assets, loans, deposits and trust funds under management based on published statements of condition as of March 31, 2019. For more information, please visit www.bdo.com.ph.

    Nancy May Francisco-Lugatiman

    PR Manager ROAR Agile Communicators Corporationm: +639177920519w: roar.ph  e: nancy@roar.ph

  • BDO Foundation PH teaches financial education to kids  through storytelling

    BDO Foundation PH teaches financial education to kids through storytelling

    A boy who succeeds in getting his dream toy, an enterprising high school student who uses her creativity to earn income, and a modified version of a well-loved folk song—these are just some of the content used to teach youngsters the value of saving money and preparing for the future.

    The materials, which come in the form of videos, are part of the training tools developed by BDO Foundation, the Department of Education (DepEd) and Bangko Sentral ng Pilipinas (BSP) to promote financial education among public school students from kindergarten all the way to senior high school.

    Gandang Girlie Video –  “Ganda ni Girlie,” describes how a high school student’s resourcefulness and creativity help her earn income even in her youth. 

    “Young people are into watching videos. We thought it would be best to come up with financial literacy videos that would not just entice, but more importantly, educate them,” said BDO Foundation president Mario Deriquito.

    He also said the strategy to leverage storytelling and music was meant to provide entertainment while educating children on the very important subject of personal finance.

    Savings from her earnings
    Savings from her earnings

    “The beauty of stories and songs is that they are easy to remember. Kids appreciate the materials better because they can easily imagine being the characters in the stories. This makes the materials so powerful in teaching and inspiring,” Deriquito continued.

    Five financial education videos for students have been released to date. These aim to catch students’ attention and enable them to learn about the value of money at the same time.

    The said tools, developed by BDO Foundation in partnership with DepEd and BSP, were deployed to public schools nationwide by virtue of DepEd Memo No. 32, series of 2019, signed by DepEd Secretary Leonor Briones.

    Finishing touches for her springless notebook business

    The videos include “Walk Hard for the Money,” which tells of an elementary school boy who chooses to walk to school instead of commuting despite being given allowance. Along with other money-making efforts, these eventually pay off, allowing him to buy an electric scooter, which he later rides to school.

    Another video, “Bente Bente,” conveys the same message to young school children to the tune of “Tong Tong Pakitong-kitong.”

    Inspired by the Filipino folk song Magtanim ay Di Biro, “Umutang ay Di Biro” also uses music to tell older students to save their allowance, limit spending and pay debts on time.

    Newspaper fund drive from her neighbors & sells it to nearby junkshops

    Ganda ni Girlie,” meanwhile, describes how a high school student’s resourcefulness and creativity help her earn income even in her youth.

    “Save to Have a Million: Junior Edition” discusses the right attitudes in handling money through a game show.

    Other than the videos for the students, the financial literacy learning tools also include lesson plans, discussion guides, and financial education videos for teachers and non-teaching personnel.

    Ice Candy business during weekends

    “It is very important that the students start the habit of saving while they’re young,” Deriquito emphasized. “This is our strategy for greater financial inclusion among Filipinos in the long run.”

    A survey conducted by global financial services firm Standard & Poor’s revealed that only 25% of Filipino adults are financially literate. This is lower than the global average of 33%.

    “We hope that the videos encourage the students not just to live for the moment, but prepare for their future by saving and spending wisely now,” Deriquito added.

    Barbecue Outside her village area with the help of her relatives taking turns in grilling then selling it.

    BDO Foundation will be developing more financial education materials together with DepEd and BSP in the future.

    The foundation also has financial education programs for overseas Filipino workers and their families, army personnel and their families, and small farmers. Its programs will further be discussed in a web series on YouTube.

    BDO Foundation is the corporate social responsibility arm of BDO Unibank.

  • BAVI Bags Top Accreditation for People Management Practices

    BAVI Bags Top Accreditation for People Management Practices

    Bounty Agro Ventures, Inc. (BAVI) has been awarded with an Investors in People (IIP) Gold accreditation by the IIP, a London-based global organization committed to developing people management practices worldwide.

    “On behalf of the Investors in People Philippines, we would like to convey our congratulations to Bounty Agro Ventures, Inc. on achieving Investors in People Gold accreditation,” said IIP president and CEO Gerry Plana and IIP chairperson Janet Webster, in a letter sent to BAVI president and general manager Ronald Mascariñas.

    “We hope you will continue to be a role model in the Investors in People community in the Philippines and internationally. We would also like to take this opportunity to thank you for [BAVI’s] contribution to raising the standards of leadership and management in our community and inspiring others through your good practices.”

    In assessing the accreditation, IIP uses its Generation 6 Standards of Leading and Inspiring People, Recognizing and Rewarding Performance, and Delivering Continuous Improvement.

    “We have always believed that for us to be ahead in our industry, we must take care and rigorously develop our people who take care of our business,” said Mascariñas. “This IIP Gold accreditation is truly encouraging as this is another confirmation that our people management practices are at par with the world’s best.”

    Bounty Agri Ventures Inc., operators of Chooks-to-Go, is set to receive an Investors in People Gold accreditation award for its global standard people management practices. Photo shows the Silver accreditation award it received in 2017.

    BAVI joined the IIP in 2014 and has since risen up its accreditation ranks. In 2015, BAVI achieved its Bronze accreditation and progressed to Silver in 2017.

    John Paulo Ondra Caparros

    Public Relations Department

    Strategic works, Inc.

    +63.893.7472 | +639. 17.158.7918

    john.caparros@stratworks.ph

    2nd Floor Zaragoza Building, 102 Gamboa Street, Legaspi Village, Makati City PH

  • EasyDebit: One of the Philippines’ leading fintech solutions celebrates significant growth with transaction volumes of over 1billion pesos processed since its launch in 2017

    • Growth of 466% in transaction value 2018 v 2017
    • Growth of 375%  in transaction volume 2018 v 2017
    • Over 100% growth in network locations across the Philippines 2018 v 2017

    Fexco EasyDebit, one of the Philippines most innovative fintech solutions is today marking a significant period of growth having processed over 1billion pesos in transactions since its launch in 2017. The growth is further reflected in increases of cash withdrawal amounts (up 466% in 2018 v 2017) and transaction volume (up 375% in 2018 v 2017).

    EasyDebit is a unique service that uses a mobile Point of Sale (or mPOS Pin Entry Device) and a mobile phone allowing customers in the Philippines to withdraw cash using their ATM card at any number of local accredited merchants including; payment and remittance centres, retailers, rural banks and cooperatives instead of having to travel to an ATM.

    EasyDebit is a ‘plug and play’ solution requiring minimal installation for merchants who simply download the EasyDebit Mobile App. The solution has the capacity to reach over 100million people, many of whom are disconnected from the limited ATM infrastructure in the Philippines. Through merchant uptake and participation EasyDebit promotes financial inclusion by providing more secure access to cash withdrawal for the millions of unbanked Filipinos. Uptake of EasyDebit increased by 100% in 2018 (v2017) and the solution is now live with over 700 merchants across the country.

    Speaking about the growth seen by EasyDebit this year, Ann Chan Foley, CEO at Fexco Philippines, Inc. commented, “2018 represents a significant year for the business. We have seen hugely positive growth trends across the county in terms of transaction volume, value and merchant growth demonstrating the robustness of the solution. We are excited to continue this growth in 2019 as we further expand the EasyDebit network helping to reach more unbanked and underserved Filipinos.”

    For more information, contact:

    Fexco Philippines Inc.

    Jojo Robles, +639176517135, Jojo.Robles@fexcoasia.com

    About Fexco

    Recognised as one of the world’s original and most established fintech organisations, Fexco employs over 2,300 people across its suite of companies headquartered in Killorglin, Co. Kerry located in the South West of Ireland.  Founded in 1981, Fexco now has operations in 29 countries across Europe, the Middle East, Asia-Pacific, North America and Latin America.

    Fexco serves some of the world’s biggest brands across multiple industries, predominantly in the payments and FX sectors, through a wide range of innovative products and services including; Dynamic Currency Conversion (DCC), Multi Currency Pricing (MCP), Tax Free Shopping and Retail FX. Fexco also offers bespoke Managed Business Solutions and Outsourcing services as well as a full suite of payment management solutions through its Corporate Payments business.

    Since inception, Fexco has been driven by an entrepreneurial and innovative spirit. This ethos has brought the company to new regions and industries of growth, connecting customers with exciting new opportunities. Through its commitment to partnership and innovation, the company has built an international network of customers. To find out more visit www.fexco.com 

    About EasyDebit

    FEXCO has developed a microATM card solution for merchants which allows merchants to offer cardholders cash out and balance inquiries. The EasyDebit solution acts as an additional revenue stream for merchants who earn a fee from each transaction. The solution is safe and secure, accredited to the highest security standards – PCI DSS and EMV Level 1 & 2 compliant. To find out more visit www.easydebitasia.comR

    Catherine Llanes

    Media Relations Manager

    M2_EmailSig2

    T. +63 2-332-10-31 loc. 103

    M. +63 917 582 0573M