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Philippines posts 196 mln USD deficit in February
MANILA, March 19 (Xinhua) -- The Philippines' overall balance of payments (BOP) posted a 196-million-U.S. dollar deficit in February, significantly lower from the 895-million-dollar BOP deficit recorded a year ago, the country's central bank said on Tuesday. The Bangko Sentral ng Pilipinas (BSP) said the BOP deficit in February reflected outflows arising mainly from the national government's foreign currency deb.....»»
Russian branch of EU bank posts $172 million profit
Russian branch of EU bank posts $172 million profit.....»»
Israel-Hamas truce: Red Cross says it facilitated release of 33 Palestinian prisoners
Geneva [Switzerland], November 25 (ANI): The International Committee of the Red Cross (ICRC) has said that it facilitated the release of 33 Palestinian prisoners from an Israeli prison to the West Bank as part of the Israel-Hamas four-day truce. "We have now successfully facilitated the release of 33 Palestinian detainees from Ofer prison to Ramallah," the ICRC's Israel and Occupied Territories branch wrote on X on Friday.....»»
Israel-Hamas truce: Red Cross says it facilitated release of 33 Palestinian prisoners
Geneva [Switzerland], November 25 (ANI): The International Committee of the Red Cross (ICRC) has said that it facilitated the release of 33 Palestinian prisoners from an Israeli prison to the West Bank as part of the Israel-Hamas four-day truce. "We have now successfully facilitated the release of 33 Palestinian detainees from Ofer prison to Ramallah," the ICRC's Israel and Occupied Territories branch wrote on X on Friday.....»»
MSMEs’ digital shift needs collaboration
The global Covid-19 pandemic has profoundly impacted the micro, small and medium enterprises, or MSMEs, with the economic shocks reverberating worldwide. However, the pandemic also saw an unprecedented focus on the struggling sector. Despite being diminutive in size, MSMEs make up for the shortcoming with their sheer volume, making them a source of significant contributions to the local economy. The latest data from the Philippine Statistics Authority showed MSMEs comprised 99.52 percent of total businesses in the country, or over 998,342 Filipino enterprises delivering goods and services daily. “In the fast-paced business landscape, MSMEs are facing increased pressure to apply digital technology on their operations to remain competitive and even upscale,” Dino Velasco, the senior vice president and institutional segment marketing head at Union Bank of the Philippines, said in an interview with the Daily Tribune’s digital show Business Sense. “The Covid-19 pandemic has accelerated this trend, with businesses across the globe, regardless of size, rapidly adopting digitalization to survive and thrive in the so-called new normal,” he added. UnionBank ceded it could not take the whole task by itself. It needed to partner with stakeholders to address the enormity of the challenge. Foremost in the task is the geography of the Philippines with 7,641 islands which are broadly categorized in three main geographical divisions from north to south. Some of these islands are off-grid, which requires powering up first before they can be connected digitally and served by traditional financing facilities, like UnionBank. “We also do understand and accept the fact that we cannot do it alone. For us at UnionBank, it’s very important to work with partners and we do have partners both in the technology space and in the brick-and-mortar space that allow us to expand or reach even further. Going beyond the 80 percent of the population that are connected and reach the other 20 percent off-grid,” Velasco added. Looking at the Philippine financial landscape, the fintech space has evolved, with telcos, power providers and distributors, money business services, logistics, and others, who are present in off-grid communities as part of the whole-of-nation approach to achieving financial inclusion. Velasco went on, “We continue to partner with these vital stakeholders so that we can provide and extend our financial services to the markets in those areas.” GlobalLinker The greatest hurdles to the successful adoption of digital technology among MSME is overcoming the lack of expertise and good practices, and the associated costs. For a broader uptake of digital tools for these sectors, there needs to be more widely available standardized and even ready templates that the MSMEs can use like a plug-and-play setup. These ready templates would help avoid the appearance of costly and complicated tools and potentially enhance the opportunities for MSMEs to achieve sustainability. “That has always been the challenge for technology, not just for banking, but a lot of industries. How do we educate the more senior segment of the population,” Velasco replied when queried on how to educate MSMEs to embrace digital tools to advance sustainability. Velasco added: “What works is to educate the influencers for that more senior population of the segment. A lot of the small businesses today have in the past, involved other members of the family in running their businesses and they become part of educating those who are trying to use technology for the first time. We noticed that we can adapt that strategy by involving these family members who influence the other members, especially those who are already digitally savvy.” In addition, UnionBank has launched the Global Linker, an online platform designed for e-Commerce that allows users or MSMEs to create their website, while also offering them the opportunity to manage their inventories and link up with other merchants, suppliers, and even resellers. The UnionBank GlobalLinker is a digital SME online platform that aims to digitize SMEs in the country. To create trade fairs and online marketplaces for Filipinos all over the country, we are dedicated to the digital education of all Filipino SMEs. Velasco explained that after creating their website through GlobalLinker, the merchants are now accessible to potential clients “wherever there may be, here or outside the Philippines.” “Imagine if you are an exporter from the Philippines and you have a potential client from India. Because of GlobalLinker, you can communicate with each other and ensure that the goods and services can be ordered and delivered to your client overseas. More importantly, this e-Commerce site is equipped with the necessary tools in ways by which customers can settle or pay digitally,” he said. Velasco continued, “And if you are using our MSME Business Banking app, you can transact overseas and pay someone using Swift (code). Basically, the GlobalLinker is business networking for MSMEs and startups.” Mobile app introduced In the age of a growing demand for digital presence, Velasco said it goes unsaid that UnionBank sees the need for digital technology as a critical tool for MSMEs that want to grow or expand. “What we’re focusing on is to feature our MSME Mobile Business Banking App that we developed to answer the needs of our customers from beginning to end,” Velasco said. “Meaning end-to-end from the time a small business owner needs to apply for an account to the time when they need to manage their businesses. Using the app right solely instead of going to other channels where they need to get out of their offices and go to the branch.” The UnionBank mobile app aims to educate its users to allow the app to let “everything happen while they’re using the app or the platform.” The app also aims to create solutions for the users, like the QR code feature to allow merchants to accept payments from their customers. “It is really an end-to-end feature from account opening to transferring funds, to paying suppliers to accept payments from their customers and up to even applying for a loan facility,” Velasco added. The mobile app is something UnionBank wants to make available in the hands of its customers by simply accessing the mobile banking app for MSMEs. Necessary journey It is no longer a choice for MSMEs. Digitalization is now a necessary journey that all MSMEs must embrace to survive and succeed. Using digital technology may save significant costs for the MSMEs, while at the same time enhancing their operations, sales, marketing, and presence. A digitized MSME may also see increased productivity and efficiency, and improved customer service. But digitalization also comes with several challenges, including technological know-how, funding, and even data security. UnionBank of the Philippines is offering several platforms to solve these challenges. All you have to do is click and download their digital platform offerings. UnionBank is committed to helping MSMEs achieve their digital transformation goals, with their expertise and cost-effective solutions. The post MSMEs’ digital shift needs collaboration appeared first on Daily Tribune......»»
Cebu-based coop finds low-cost loans feasible
Cebu CFI Community Cooperative plans to upgrade its digital tools to extend affordable loans to more individuals and enterprises nationwide. Cebu CFI president and CEO Pablo Garcia said the loan portfolio of the 53-year-old cooperative expanded from P5 billion to P9 billion in 2020 through its use of modern computers and mobile apps. “In the past, computers of cooperatives were from the nineties so they didn’t have the technological capacities to deploy financial services easily. Now, people can borrow digitally,” Garcia told the Daily Tribune in its show “Business Sense with Komfie Manalo” on Monday. The cooperative offers online personal, health, salary, housing, education and business loans with interest rates of 7 percent to 9 percent per annum. In contrast, Garcia said big banks can impose up to 12 percent per month and 20 percent monthly from informal lenders called 5-6 lenders. Garcia said customers can pay their loans and other Cebu CFI products as easily as using an e-wallet. Garcia shared that the cooperative recently received P4 billion from the Land Bank of the Philippines and is discussing another financing project with the Small Business Corporation of the Department of Trade and Industry. Digitalization makes it happen Through digitalization, the cooperative can lend faster without their customers going to its main office in Capitol Compound in Cebu or its branch in Makati City. “There is no annual fee and you have access to all our digital services as well. You have access to finance easily in your pocket or on your computer,” he said. “We are a friendly financial partner hoping to provide financial stability for Filipinos at the lowest interest rate in the Philippines,” Garcia added. As a cooperative, Cebu CFI is able to further provide loans through its members’ contributions which the company pools and reinvestments in other businesses, such as real estate and food. Gains from these investments are then distributed to the members digitally. “Through the funds that you put in the cooperative or the funds that we lend to you as a cooperative, we are able to create programs that allow you to increase your incomes. We do this together,” Garcia said. “Our members and their families are able to grow through our education and business assistance and opportunities for comfortable housing. So, the effect is we help the economy not just in the long term, but even in two to five years.” For example, Cebu CFI offers members loans to put up their own Five Star Manok, a chicken franchise originated in Thailand and uses a mobile app to facilitate all business transactions. After all these digital efforts, Cebu CFI has increased its assets to P15 billion and gained trust from government lenders for additional capital to support its growing demand for personal and business loans. The post Cebu-based coop finds low-cost loans feasible appeared first on Daily Tribune......»»
The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business appeared first on Daily Tribune......»»
GoTyme partners with Uncle Johns, expands footprint
Banking and shopping are now more convenient with GoTyme Bank partnering with convenience store chain Uncle John’s that expands the bank’s deposit and withdrawal footprint just as it hits the one millionth customer mark within less than a year. The bank said the partnership offers its users a leveled-up banking experience that was once limited to the top five percent of the country. GoTyme Bank account holders who require physical transactions can deposit and withdraw cash at any of Uncle John’s 340 branches nationwide. They can just check the nearest Uncle John’s branch in their GoTyme Bank app. The transactions are efficient, free, and done within two minutes. Albert Tinio, co-CEO of GoTyme Bank, said, “When we speak of preferred banking at GoTyme Bank, we envision a world where individuals, regardless of their background or socioeconomic status, can access the financial tools and premium services they need to secure their future. By providing seamless digital products and services supported by human touch, we deliver personal service with greater empathy.” “By revolutionizing the way we can bank in every corner, in every street, in every neighborhood, we bring GoTyme Bank closer and closer to you, with our human touch — just a few steps away from your doorstep.” The post GoTyme partners with Uncle Johns, expands footprint appeared first on Daily Tribune......»»
Easier, simpler, more accessible banking for all
The Bank of the Philippine Islands is strengthening its commitment to financial inclusion by boosting its digitalization efforts. The bank recently launched the “Barangay Mas Magandang Bukas” campaign to help Filipinos achieve their financial goals through affordable digital banking products and services, with particular aim on the underbanked and underserved segments of the population. The campaign is also aligned with BPI’s strategic thrust toward greater financial inclusion in support of its mission of building a better Philippines — one family, one community at a time. [caption id="attachment_179227" align="aligncenter" width="2560"] BPI consumer banking head Ginbee Go; consumer bank marketing and platforms head Mariana Zobel de Ayala; president and CEO of BPI Wealth Tere Marcial; branch stores channel head Olga Ang; South Metro Manila division head Ana Liza Sta. Ana; chief human resources officer Gina Eala; mass retail products head Jojo Ocampo; and agency banking sales and retail partnerships head Ritche Farinas. | PHOTOGRAPHS COURTESY OF BPI[/caption] “We want to provide financial solutions that will enable Filipinos to perform daily transactions such as paying bills, borrowing and sending money and saving more conveniently and effectively. We at BPI remain committed to supporting and empowering Filipino communities so they can attain financial success and realize a brighter future — a Mas magandang bukas para sa lahat,” said BPI consumer banking head Ginbee Go. BPI has introduced PeraWise bundles, which include PeraWise Savings, PeraWise Loans and PeraWise Digital Banking. With PeraWise Savings, clients can open a #SaveUp Account with Free Life Insurance of up to 100,000 coverage, plus a special package of Personal Accident Insurance at P335 and Pamilya Protect Insurance for as low as P500. With PeraWise Loans, clients can avail of affordable monthly amortizations and insurance protection through MyBahay and MyKotse Auto Loans. The post Easier, simpler, more accessible banking for all appeared first on Daily Tribune......»»
Loan process simplified for DepEd teachers
City Savings Bank, the thrift arm subsidiary of the Aboitiz-led Union Bank of the Philippines, continues to make headway with its groundbreaking Loan Ranger Mobile App, which caters to the banking needs of Department of Education teachers. The mobile app provides public school teachers a fast, convenient and secure way to check their savings and loan account balances, as well as apply for a reloan anytime, anywhere. Over 170,000 DepEd teachers and employees have enrolled in Loan Ranger Mobile. True to its tagline “Simple is Good,” CitySavings has simplified the loan process for DepEd teachers. With Loan Ranger Mobile, teacher-clients can view their account balance in real time. If they qualify for a reloan, they can simply apply using the app, without having to visit a CitySavings branch. They can also check the status update of their loan application. Angelica Loretizo of Aurora Elementary School in Quezon Province said using the app now saves her long hours of travel to and from the branch. “The CitySavings Loan Ranger Mobile is very easy to use. I no longer have to worry about spending time commuting. It’s very convenient for teachers like me with just a few clicks to make our transaction. I hope all banks will have this kind of customer service,” Loretizo said. One of the key features of Loan Ranger Mobile is its simplicity and user-friendly interface. The app is designed to ensure a seamless navigation experience, making it accessible to all DepEd teachers, regardless of their level of technological expertise. The intuitive layout and easy-to-understand instructions enable users to easily perform banking transactions, eliminating the need for time-consuming visits to bank branches. It is also easy to register with Loan Ranger Mobile, which is available to download on Google Play Store, Huawei AppGallery and Apple App Store. Teachers can sign up with their existing CitySavings account or card number and validate their registration with a one-time password. They can then add their other savings and loan accounts with CitySavings to check their balances and pay bills. Soon, they can receive and transfer funds, and earn and redeem rewards. Recognized by International Finance Awards as the Most Innovative Savings Bank in the Philippines, CitySavings is committed to delivering exceptional, technology-driven banking experiences to its customers. This innovative solution further cements CitySavings’ vision to be the leading mass market bank in the country and the bank’s contribution to the Aboitiz Group’s Great Transformation growth strategy to become the Philippines’ first techglomerate, propelled by technology and a renewed entrepreneurial mindset. The post Loan process simplified for DepEd teachers appeared first on Daily Tribune......»»
Maybank launches super bike loans for the ultimate roadtrip
At the end of a long week, filled with long meetings and long lines in traffic, there's nothing more exciting than heading out for a long ride on the open road. The wind rushing through your face, the smell of fresh air, the great scenery of nature, serenaded with a loud roar of an engine from a big bike. With flexible financing options from Maybank's Super Bike Loan, you too can break free from the everyday routine and ride off to the sunset, worry-free. One of the newest products under Maybank's Auto Loan program is the Super Bike Loan, which offers financing options for brand new two-wheelers with an engine size of 400cc and up. Knowing that opportunity waits for no one, the loans are offered on a tenor of 12, 18, 24, and 36 months, with a down payment as low as 20% and interest of only 0.78% per month for a three-year term. Now you are one step closer to owning the big bike of your dreams. This latest offering under the Maybank Auto Loans program was recently launched at a media event held at the bank's headquarters in Bonifacio Global City, Taguig. The event was graced by representatives from the different automotive and bike brand partners, members of the press, bank executives, and long-time clients. A highlight of the evening was the stunning display of some of the best-looking bikes available today. It certainly excited everyone about the possibility of owning one through a Super Bike Loan, which is currently offered to individual clients in Metro Manila and Luzon only. "At Maybank, we are dedicated to our mission of Humanising Financial Services. It is a guiding principle that drives us to go beyond the conventional. Our Auto Finance Business remains committed to serving customers with fast, easy, and convenient loans. Through this financing program, we aim to not only provide solutions but also to enable a lifestyle that is built on passion and excitement. We reaffirm our dedication to enhancing the lives of our customers," said Gail Del Rosario, Maybank's Country Director for Philippine operations and concurrent President and CEO for Maybank Philippines. Currently, the Super Bike Loan covers the following brands: BMW Ducati Harley Davidson Honda Indian Kawasaki KTM MV Agusta Royal Enfield Suzuki Triumph Yamaha Other big bike brands will be available in the coming months. Drop by any Maybank branch within Metro Manila and Luzon for loan applications or visit the official Maybank website for more details. The Super Bike of your dreams awaits you to take it out on the wide-open road. The post Maybank launches super bike loans for the ultimate roadtrip appeared first on Daily Tribune......»»
UnionBank taps tools for quick loans
Union Bank of the Philippines, or UnionBank, expects revenues to surge by 132 percent this year as it further streamlines digital and in-branch processes through communication solutions from global provider Infobip. Marc Angeles, UnionBank’s head for low-code development and automation, on Wednesday said the bank has been able to increase messages to clients from 20,000 per hour to 100,000 per hour using Infobip’s technology, leading to more applications for quick loans and a 12-percent growth in income. Infobip’s service called Moments helps the bank engage clients using artificial intelligence or AI to collect data from customers about the types of messaging tools they use often and the specific times in a day they open these communication tools. Different channels accessed “Before we were just sending via texts or SMS. With Infobip, we can deliver messages via different channels like Viber and email,” Angeles said. He said UnionBank started using Infobip’s Moments three or four months ago. With the automation features of Moments, UnionBank can talk to clients for updates on quick loan applications and marketing campaigns more effectively Quick loans provide clients cash for small and medium purchases of certain products and services, such as gadgets, home appliances and travel. “We know if they are booking the loan and engaging with us. Moment is an automated platform. If the clients are not active on SMS, communication automatically switches to Viber or email,” Angeles said. In this way, Infobip said UnionBank can maximize internet-based messaging apps amid the intermittent or low-signal connection in some areas, especially in the provinces. “We have time optimization which analyzes when the users access their messages and the time when they have the internet if they are using Whatsapp or Viber,” Andrew Egan, Infobip’s vice president of sales, said. To add new clients and introduce its digital services, UnionBank said it will continue to deploy physical tools and activities. “We have transformed physical branches into being more personal than simply transactional. We rolled out bank on wheels, for example, to reach clients including those in business process outsourcing during their payday, as well as visit remittance centers, especially in the provinces,” Angeles said. Infobip, on its part, stressed it will continue to tap messaging tools that appeal most to the consumers as UnionBank aims to provide financial services to all Filipinos. “The goal will always dictate the channel of choice. Infobip provides business opportunities not to use proprietary tools invented by Infobip. We don’t want to dictate another communication channel. This is ease of access,” Cecile Tizon, Infobip’s sales director for Asia Pacific, said. The post UnionBank taps tools for quick loans appeared first on Daily Tribune......»»
Oriental family feud
Oriental Tin Can and Metal Sheet Mfg. (also known as Chua Tee and Tin Company), the country’s biggest tin can player, has been saddled with infighting among members of the family which owns the company. Court suits were filed over the encashment of four checks totaling P156 million from the company coffers with questions raised on the way the checks were issued. Company director Betty Ong had brought suits against the top officials of the company for the release of the amount of P156 million which was drawn against the company’s bank deposits in BDO Unibank General Luis branch and Metropolitan Bank Grace Park branch. The checks amounted to P75 million, P24 million, and two checks for P30 million each. Aside from the cases involving the preparation of checks, one suit involves the falsification of public documents. Docketed as XV-03-INV-23A-0039 at the Regional Trial Court, National Capital Judicial Region Branch 76, two officials of the company were accused of the crime of falsification of public documents. City Prosecutor Vimar Barcellano approved the filing of the cases for falsification of public documents for “conniving and confederating together and mutually helping with each other to the falsification of documents whereby the young daughter of the accused was made to appear already of legal age although she was actually a minor when a document that assigned her one share of stock of Oriental Tin was made by her mother. It was made to appear that she is already of legal age and has the capacity to execute and deliver the deed of assignment that will transfer, convey and sell one capital stock of Chua Tee and Company Inc. doing business under the name of Oriental Tin Can and Metal Sheet Manufacturing, thereby making untruthful statements in a narration of facts when in truth and in fact, both accused very well knew that the daughter is still a minor having been born on 1 April 2003, and has no capacity to execute and deliver the said Deed of Assignment, Barcellano said in approving the filing of the case. Profit perk Asian food giant Jollibee Foods Corp., or JFC, is venturing into the lucrative café business. JFC and Food Collective Pte. Ltd. announced the establishment of a joint venture company that will own and operate Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. FCPL is a majority-owned subsidiary of Titan Lifestyle Holdings Pte. Ltd., a wholly-owned unit of Titan Dining LP in which JFC has a 90 percent participating interest. The company is incorporated in Singapore and its primary activity is owning and operating lifestyle brands, including Tiong Bahru Bakery and Common Man Coffee Roasters. The joint venture company will be the franchisee for Tiong Bahru Bakery and Common Man Coffee Roasters in the Philippines. JFC said the new business line will position the company for further growth in the highly-competitive Philippine market. The post Oriental family feud appeared first on Daily Tribune......»»
3 alleged QC thieves captured
Three alleged thieves were nabbed over the weekend by operatives of the Quezon City Police District. In the first incident, Erwin Albaniel Dizon, 30, was arrested by QCPD Masambong Police Station after his boss and accounting staff complained that he gambled the P45,000 he withdrew from a bank. Dizon was the liaison officer of the company and was tasked to withdraw the company money at the BDO West Avenue Branch. However, instead of depositing the money, Dizon purportedly used it for online gambling. The victim and the accounting staff filed a complaint with the police, which led to Dizon’s arrest. He was found in possession of five bet list receipts from a 7-11 convenience store, with a total amount of P45,000. In the second incident, the QCPD Kamuning Police Station arrested Rommel dela Peña, 23, and Casper Reyeg, 26, for alleged cable theft and resisting arrest. The suspects were reportedly caught cutting cable wires from an iron pole in Barangay Pinyahan. When the police approached them, the suspects fled. The police gave chase and eventually arrested them. Reyeg tried to resist arrest, but the police were able to subdue him. The suspects were found in possession of a metal steel hacksaw, a 7-inch knife, a black backpack, and five meters of cable wire. They will all be charged in court. The post 3 alleged QC thieves captured appeared first on Daily Tribune......»»
Security Bank pays it forward
Education serves as a lasting legacy for many. Living proof is the story of Rhona Alma Bello, a customer advisor from Security Bank’s Santiago Branch, who witnessed Security Bank Foundation Inc.’s turnover of a school building to her and her daughter’s alma mater, Santiago South Central School. “Having our bank’s foundation donate classrooms to the public school where I graduated made me even prouder. It is an honor to be part of an institution that invests in the construction of much-needed classrooms for our public schools,” Bello said. With over 37 years of dedicated service to the bank, Santiago branch business manager Agnes Alcid looks at the 12 classrooms donated to Santiago as one of her most memorable legacies upon retirement. “I hope the community will always remember the bank and its endeavors for improving the quality of education,” Alcid said. Security Bank’s branch business managers coordinate with community stakeholders to help SBFI implement its classroom construction projects. Recently, SBFI turned over 12 classrooms to Santiago City, Isabela consisting of a two-story, four-classroom building for Santiago North Central School SPED Center and a two-story, eight-classroom building for Santiago South Central School, among the most populated public schools in the city. After turning over 675 classrooms and benefiting 120 schools across 69 cities and municipalities in the country, SBFI Chairman Rafael F. Simpao Jr. said he hopes “the legacy that Security Bank shall leave behind, through our Classrooms Project, is that we have been instrumental in the improvement of the learning conditions in the country’s public schools and in the academic performance of students nationwide.” Santiago City Mayor Atty. Alyssa Sheena Tan also believes that education is an important legacy to leave for the people of her city. “It is imperative to invest in our people, especially the youth, for their education so they can succeed in the 21st-century economy,” Mayor Tan said. “Security Bank Foundation has bestowed to the Department of Education an invaluable asset that will help shape the lives of generations to come,” added Dr. Flordeliza Gecobe, Department of Education Division of Santiago City Schools Division Superintendent. The post Security Bank pays it forward appeared first on Daily Tribune......»»
UnionBank wins big at Asian Banking & Finance Awards 2023
Union Bank of the Philippines emerged as a big winner at the prestigious Asian Banking and Finance Awards 2023 Awards Night held last 25 July at the Marina Bay Sands Expo and Convention Center. The accolades bestowed upon UnionBank include: • Domestic Retail Bank of the Year • Branch Innovation of the Year (Bronze) for The Portal’s Branch Visit • Digital Transformation of the Year (Philippines) for ePaycard Digital Account Opening • Digital Business Banking Initiative of the Year (Philippines) for MSME Banking • Mobile Banking & Payment Initiative of the Year (Philippines) for UPAY for MSMEs “At UnionBank, we proudly banner our own digital transformation journey on our road to becoming a Great Retail Bank. We share it with our clients and the Filipino people just as we share these recognitions/awards with the hard-working UnionBankers behind them.” said retail banking center head Joyce Gonzalez upon accepting the awards. Also on hand to receive the awards for UnionBank were SME and micropreneurs segment marketing head Jose Paulo Soliman, VP senior product manager Abby Jayne Go and corporate media reputation management group head James Ileto. “Our journey of embracing technological innovations has always been in the quest to better the lives of our clients and countrymen,” said Gonzalez. The Asian Banking and Finance Awards is an esteemed annual event that recognizes exceptional achievements in the Asia Pacific region's retail banking and financial industry. It honors industry leaders who have introduced cutting-edge products, services, and solutions that positively impact customers. UnionBank's exceptional accomplishments were commended, solidifying its position as a top-notch institution in the industry. The evaluation process was conducted by a distinguished panel of industry experts, including leaders from Ernst & Young, Deloitte, PwC, KPMG Singapore and Bain & Co. UnionBank's impressive performance at the Asian Banking and Finance Awards 2023 exemplifies its unwavering commitment to innovation and excellence in providing world-class banking solutions to its valued customers. The post UnionBank wins big at Asian Banking & Finance Awards 2023 appeared first on Daily Tribune......»»
Cash-out
Cashless transactions are now prevalent with the use of e-wallets on mobile phones and smart cards. But this proved to be challenging for an ANZ bank depositor in Brisbane, Australia when she needed money to renovate her house. Taryn Compton recently went to a local branch of the bank to withdraw A$3,500 but she forgot to bring her automated teller machine card. Compton decided to withdraw the amount from her account over the counter. Still, it was not possible. The teller told Compton that the bank was a cashless branch and the only way depositors could withdraw their money was through the ATM, 9 Now reported. The teller helped Compton download and install an app on her phone so she could transfer money from her bank account to her e-wallet without the need for an ATM card. This also didn’t work, however, leaving her with one last option. “The teller told me that if I wanted to get my cash out if I needed it that day, to transfer it to another bank and try somewhere else so that’s what I did,” she said, according to 9 Now. “If you can’t get your own money from a branch, what’s the point of a bank?” she exasperatedly asked. Meanwhile, a Filipino money collector was faced with a somewhat similar dilemma when he also could not get his cash. The collector was on a motorcycle on the Cebu South Coastal Road in Cebu City last 4 July heading to Mandaue City to remit the cash payments he had collected from kiosks at the South Road Properties when a motorist signaled to him that he had dropped something, the TV news show 24 Oras reported. On turning around, he was shocked to see money flying all over the road and people scrambling to pick up all that cash. He looked at his money bag and quickly realized that the money had flown out of it after the zipper broke. He then called the police for help in recovering the money. While he got back P2,083,000 on the spot, this was far less than the total he had collected that day which was about P4 million. The collector faced the prospect of having to replace the lost money himself. He then aired an appeal to the people who had snatched up some of the money he had dropped to return it. The post Cash-out appeared first on Daily Tribune......»»
US Fed fines Deutsche Bank $186 mn over ‘unsafe’ practices
The US Federal Reserve has fined German lender Deutsche Bank $186 million for sanctions violations and what it called "unsafe and unsound" banking practices at its US subsidiaries. The fines announced by the Fed on Wednesday are the latest in a string of financial penalties levied against the German bank on both sides of the Atlantic for violating anti-money laundering laws over the last few years. The Fed said on Wednesday that it had fined the bank's New York branch after concluding the bank had "made insufficient remedial progress under the 2015 and 2017 consent orders," relating to money laundering and sanctions violations. The bank was also fined for what the Fed called "unsafe and unsound" practices in its relationship with the Estonian branch of the Denmark-based Danske Bank. Deutsche Bank had "deficient anti-money laundering internal controls and governance processes," in its relationship with Danske Bank, for which it processed more than $267 billion in transactions between 2007 and 2015, according to the Fed. The fine unveiled on Wednesday comes after the German lender shelled out almost $630 million in 2017 to end probes by the United States and the UK over Russian equity trades. It was fined a further $41 million by the Fed in the same year for failing to comply with anti-money laundering practices. Deutsche Bank has also been penalized for a host of other failures over the past few years. Last year, it agreed to pay the US Securities and Exchange Commission $200 million over electronic record-keeping failures. In July 2020, the bank agreed to pay $150 million to settle allegations brought by the New York Department of Financial Services for compliance failures connected to its work for the disgraced financier Jeffrey Epstein. And in 2017, the bank was fined $7.2 billion in the United States to settle lawsuits over its role in the "subprime" mortgage crisis, which contributed to the global financial crisis. The post US Fed fines Deutsche Bank $186 mn over ‘unsafe’ practices appeared first on Daily Tribune......»»
Teching up mompreneurs through digitized transactions
Making good on its commitment to empowering Filipino micro, small, and medium enterprises through technology and promoting cashless payments, Union Bank of the Philippines once again supported the Momzilla Fair as a digital payment provider that allowed shoppers to pay for their purchases securely and conveniently via QRPh. The Momzilla Fair is an event that aims to provide moms with an avenue to discover businesses and brands catering to parents. The annual event attracts more than 200 MSMEs offering baby care products, most of which are mompreneurs, with thousands of visitors per exhibit. The event held last 1 and 2 July at The Fifth at Rockwell in Makati City is the third of five planned for this year. “Momzilla is an event for moms, and we know how busy moms can be. By providing them with a more convenient cashless option to pay for their purchases, they won’t need to take time out of their busy schedules to withdraw from an ATM or visit a bank branch,” said Kato Lim, Momzilla founder. “But more than making life easier for the shopping moms, the partnership is also about empowering Filipino MSMEs through UnionBank’s superior digital banking capabilities, allowing them to digitize their business and maximize growth in today’s digital economy,” Jaypee Soliman, UnionBank’s Business Banking head, added. With the help of UnionBank, Momzilla merchants could collect payments from shoppers easily via QRPh. This also eliminated the need to give the exact change and ensured that every transaction was secure and accounted for. Shoppers, in return, could pay quickly with the banking app or e-wallet of their choice, as QRPh accepts payments from a wide range of options. UnionBank also had a booth during the event where customers could learn more about the bank’s products and services and even digitally open their bank account on the spot. Aside from helping MSMEs thrive in the digital economy, UnionBank’s partnership with Momzilla is also part of its efforts to help promote the broader adoption of digital payments in the country in line with the Digital Payments Transformation Roadmap of the Bangko Sentral ng Pilipinas. This, in turn, is part of the Bank’s “Tech-Up Pilipinas” advocacy, which includes providing digital solutions to MSMEs and players in the retail segment. For those who missed the last Momzilla Fair, another exhibit will be on 2 and 3 September at The Fifth at Rockwell in Makati City. The final leg for the year will be held on 18 and 19 November at the SMX Aura in Bonifacio Global City in Taguig City. The post Teching up mompreneurs through digitized transactions appeared first on Daily Tribune......»»
New door opens
The Maharlika Investment Fund bill after months of deliberation is as good as signed. The next step would be the crafting of the implementing rules and regulations or IRR where the nitty-gritty of the law will be addressed. The IRR will be prepared by economic managers. President Ferdinand “Bongbong” Marcos Jr. will then pick the people who will comprise the Maharlika Investment Corp. or MIC that the law mandates will manage the fund. The MIC will manage the sovereign wealth fund that will invest in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure, based on the provisions of the law. The battleground for the MIF thus returns to the Executive branch as detractors now have the economic managers in their crosshairs as the IRR is being drafted. One of the prime movers of the MIF, Albay Rep. Joey Salceda, said the IRR will flesh out the specifics of the crucial fund build-up and the forming of the MIC, such as the company’s regulation by the Civil Service Commission, the listing of the MIF in the stock market, and allowing multilateral financing institutions like the World Bank and Asian Development Bank to be strategic partners of the MIF. “I congratulate House Speaker Ferdinand Martin Romualdez, Chairman Irwin Tieng, and our Senate counterparts. I will continue to offer what I can by way of prior experience and subject matter expertise in the drafting of the IRR,” Salceda said. Congress ratified the bill before adjourning its session last 31 May but the final copy had to be refined following intrigues hurled by unrelenting critics who deemed it unconstitutional primarily due to the differing prescriptive periods for filing charges related to irregularities. The discrepancies proved to be clerical errors and not a reason to veto the bill as the inconsolable minority had demanded. The MIF comes at a propitious period after the economy grew by 7.6 percent and 7.2 percent in the third and fourth quarters, respectively, and 6.4 percent in the first quarter of this year — numbers that show the country has among the fastest development clips in the world. Finance Secretary Benjamin Diokno expects the MIF to be in full operation before the end of the year. The P125-billion seed fund will be drawn from the Land Bank of the Philippines, the Development Bank of the Philippines, and the national government. The national government’s contribution will come from Bangko Sentral ng Pilipinas dividends, its share in the income of the Philippine Amusement and Gaming Corp., privatization proceeds, and royalties and special assessments. Being looked into is channeling Malampaya natural gas earnings to bolster the fund. The MIF will initially have at its disposal P75 billion by the end of the year, which will come from Landbank and DBP and may forthwith be invested in several ventures or the capital markets. Fund managers estimate a return of over 10 percent just for the initial P75-billion investment. Economic managers envision the MIF as creating a new source of financing for the government which now mainly relies on tax revenues and borrowings to plug the fiscal gap. The MIF will free up the government’s fiscal space as the burden of borrowing is reduced with the sovereign wealth fund augmenting the government’s resources. Another MIF function will be to accelerate investments in development projects such as infrastructure through tie-ups with capitalists and other sovereign funds. The perennial budget deficits, which are the culprit in the debt pile-up, may soon be a thing of the past when the MIF goes full throttle. The post New door opens appeared first on Daily Tribune......»»