Banker-cum-gardener
As my readers may have observed, I’ve been writing about persons of great interest, my contact with them – on account of the coronavirus pandemic done online, by email and chats on Viber – thanks to the wonders of 21st century technology......»»
Metrobank gets back-to-back Bank of the Year Award from The Banker
Metrobank gets back-to-back Bank of the Year Award from The Banker.....»»
Metrobank gets global recognitions for exceptional performance
Built on trust, Metropolitan Bank & Trust Co. has been recognized as the Strongest Bank in the Philippines by The Asian Banker for the third straight year and the Best Domestic Bank in the country by Asiamoney. This attests to the Bank’s strength and reliability in putting its clients in good hands. The Bank gained these prestigious international recognitions from The Asian Banker and Asiamoney for its consistent strong financial performance across the board. In the first half of 2023, Metrobank maintained a strong 34 percent growth in net income of P20.9 billion, fueled by the Bank’s expanding assets, enhanced margins, and robust fee income growth while sustaining a stable asset quality. One of the World’s Best Companies On top of these awards, the Bank was also listed by TIME Magazine and Statista as one of the World’s Best Companies. The “World’s Best Companies” is a comprehensive list that ranks top performing companies across the globe based on employee satisfaction, revenue growth, and sustainability. “We’re honored to receive these back-to-back recognitions, especially as we celebrate the Bank’s 61st anniversary. At Metrobank, we always strive for excellence — whether it be in addressing our clients’ needs, achieving exceptional financial performance across our business, or contributing to nation-building. These awards are testaments to the steadfast commitment and relentless drive of each Metrobanker to keep Filipinos in good hands,” said Metrobank president Fabian Dee. Reliable partner through Filipinos’ financial journey For decades, Metrobank served as a reliable partner for Filipinos throughout their life journey — providing them financial services and guidance that are tailor-fit to their needs, even as they now navigate a modern and digital world. But before offering them a product or a service, every Metrobanker ensures that their clients fully and clearly understand the financial products and services they will avail of. The Bank’s mission to enable Filipinos throughout their financial journey goes beyond simply offering relevant solutions. Despite its financial success, the Bank’s priority and advocacy is to educate Filipinos first as they step into their financial journey. This is to make sure that every client makes a fully-informed financial decision and know how to protect themselves against fraud. This is made evident through Metrobank’s sustained financial education efforts — designed to equip Filipinos with reliable financial advice, fit for every life stage. In 2022, Metrobank introduced a comprehensive personal finance e-book developed to help Filipinos to become financially resilient. Meanwhile, the Bank’s Earnest app aims to simplify investing, through bite-sized lesson cards and easy-to-understand articles that cover basic investing concepts. For more advanced investors, there is Wealth Insights, an online portal that contains publicly accessible market-moving news and insights, as well as exclusive premium content that includes bespoke articles which dive deep into timely and actionable investment ideas. Meanwhile, Metrobank provides its clients with regular reminders and guidance to protect themselves against fraudulent transactions via SMS, emails, and social media posts. Today, Filipinos can easily start their financial journey by going to Metrobank’s hundreds of branches nationwide or digitally via the Earnest app. Those aiming to further grow their funds through investments can do so with Metrobank’s Online Time Deposit, which offers an interest rate of up to 4.5 percent, or through Metrobank’s wide-range of unit investment trust funds (UITF). With its commitment to give customers a safe, simple and secure experience on the NEW Metrobank app, the Bank recently introduced its interoperable QR feature, which allows on-the- go clients to enjoy more convenient fund transfers to and from other banks and e-wallets. Meanwhile, clients who are ready for a life upgrade - be it a new car or their dream home, can avail of Metrobank’s home and car loan offers with affordable rates and flexible payment terms. Growth partner for businesses Metrobank’s services transcends from customers to enterprises. When Metrobank was founded in 1962, it was primarily built to be a bank for businesses. Over six decades later, the Bank continues to stay true to its roots by offering a full suite of best-in-class financial solutions designed to serve enterprises of all sizes — from SMEs to large corporations based here and abroad. The post Metrobank gets global recognitions for exceptional performance appeared first on Daily Tribune......»»
EastWest bags accolade; JCB Credit Card is Asian Banker’s Best Credit Card for 2023
EastWest and JCB International together launched JCB Credit Card, Japan’s only international payment brand last November 2022......»»
Metrobank gets 3-peat Strongest Bank title
Metropolitan Bank & Trust Co. becomes the first-ever Philippine financial institution to claim the Strongest Bank title from The Asian Banker for three straight years......»»
GSIS’ game plan
Seasoned banker Jose Arnulfo “Wick” Veloso surprised the stock market grapevine last week after state-owned Government Service Insurance System, which he heads, said it would stay as a shareholder of soon-to-be delisted Metro Pacific Investments Corp., giving the high-profile delisting a dose of drama......»»
GSIS buys up 12% MPIC stake
State pension fund Government Service Insurance System, or GSIS, has accumulated shares in diversified Metro Pacific Investments Corp,, or MPIC, the flagship company of tycoon Manny V. Pangilinan which is up for bourse delisting. The state financial institution led by veteran investment banker Wick Veloso has amassed the MPI shares the past two weeks, buying a total of 2.5 billion shares from 23 August to 4 September. In a report to the stock market, MPIC said it received a letter from GSIS dated 4 September informing the company that from 23 August to 4 September, GSIS purchased 2,490,509,574 common shares of MPIC. GSIS also mentioned that as a result of these purchases, GSIS now owns 3,438,549,038 common shares which represents approximately 11.98 percent of the total outstanding common shares of MPIC. Strong challenge Analysts said the GSIS move poses a challenge to the MPIC proposal to leave the stock exchange. COL Financial research head April Lynn Tan said that with the purchases, MPIC share owners may not attain its target to acquire 95 percent of the company which is pivotal to the delisting plan. MPIC chairman and chief executive Manuel Pangilinan on Monday expressed hope the consortium would secure enough shares to push through with the plan. “The tender period will expire on 7 September, so let’s wait. We are hopeful that the amount of shares will translate to qualification for delisting,” Pangilinan said. In a social media post, Tan said the delisting option can still pull thorugh. “According to industry peers, there is still a chance that the delisting will push through. Since GSIS now owns 12 percent (more or less) it might not be counted in the public float based on PSE proposed amendments. This means that the tender offer might proceed if over 14.58 percent of share owners tender their shares,” she added. The post GSIS buys up 12% MPIC stake appeared first on Daily Tribune......»»
Menchu Katigbak: The splendid life of a society swan
Hers is a story anyone would love to tell and retell, or hear and hear again. Chances are, as in the book of Menchu, so many things are left unsaid because if these were all said, a single book would not be enough. Carmencita “Menchu” Katigbak’s story is one of love, passion, hurts and disappointments, social triumphs and power in its subtle workings, but mostly the good life and the people who live it and make it happen. She is a woman of the world in the sense of one who has lived in, explored and enjoyed New York, Bangkok, Lausanne, Paris and, her current love, Singapore. Of course, her turf is in Manila with a Capital S and Capital P (as in Power), and Lipa the hometown of her roots. [caption id="attachment_180060" align="aligncenter" width="958"] MENCHU with best friend Susie and her daughter Marivic.[/caption] At a time when the term “socialite” can come cheap, trite or even undeserved, Menchu gives the appellation dignity, respect and the awe it once inspired. Her social credentials are, of course, impeccable. For starters, she attended the Chateau Mont-Choisi, a Swiss finishing school for debutantes and pre-debs belonging to royalty and the world’s upper crust. A socialite today, in loose modern parlance, is perceived as being frivolous, one who attends parties because these men and women are party animals, or party people, as one columnist has named her weekly jottings about the social events of the day. The enjoyment of life is what defines this breed and set, and yet, while Menchu, too, knows how to enjoy, and enjoy life with gusto, there is more to her and that differentiates her from the herd. No, she does not top her charmed life with an icing of well-publicized good deeds and philanthropic beneficence, even if she actually shares her bounty with those in need. Menchu is of a different mold. She is a society swan in the manner of Truman Capote’s chums — Babe Paley, Gloria Guinness, Lee Radziwill. In our part of the world, think Chona, think Minnie, think Chito. She may well be cast in the same crème de la creme mold, glamorous denizens of the inner circles of society, at the same time, ladies who have transcended the vagaries of time. Just recently, Menchu was referred to by a diplomat friend as a global influencer, a 21st-century appellation that only a few are accorded. This one is applied to one who was once a señorita, colegiala and, yes, society girl, again in the tradition of Chona, Baby, Nelly, Chito and Ising. ‘The Katigbaks talk only to the Kalaws’ They don’t need family names, each as important as the other and of the same significance in society. Still, it’s one thing to say that she is Baby Fores, and another if she is Baby Arenas. There were two Vickys, one of national import and memory being the lovely teenager who stood as her father’s First Lady in the early 1950s, and there was the Madrigal matron, Vicky nee Abad Santos, who was low-key and the daughter of the World War II patriot, Jose Abad Santos, who refused to pledge allegiance to the flag of the enemies. Menchu shares first name distinction with Menchu delas Alas Concepcion, also of Batangueña parentage, being the daughter of banker and finance guy and public servant Don Antonio de las Alas. Both aristocrats from Batangas, the two Menchus share many distinctions beauty for one, pedigree, for the other—but that’s as far as I would say, the aforementioned traits being obvious. But to drive his point, Joe Guevarra, the humorous and well-placed columnist known for his tongue-in-cheek pronouncements, once said of the olden times, when the genealogical boundaries were well-defined, “In Lipa, the Katigbaks talk only to the Kalaws, and the Kalaws talk only to the Katigbaks.” [caption id="attachment_180057" align="aligncenter" width="998"] DINNER in Pili with Fernando and Zobel, Tessie Sy-Coson, Guilly Luchangco, Federico ‘Piki’ Lopez | photograph courtesy of MENCHU KATIGBAK[/caption] This self-confessed social climber, as his 8-to-5-and-beyond job would require him to be, admits to not having met (okay, having been introduced to…) the ebullient society hostess, traveler, culinary maven and friend-to-the-powerful Menchu Katigbak. Everything that I am writing here, I learned from the lady’s biography, Menchu, authored by lifestyle journalism icon Thelma Sioson San Juan, the two being decades-old friends. Menchu, one finds out toward the end of the book, is the inspiration for her granddaughter Isabelle’s first tome, Abu, the Sad Princess. I look back on the pages I have read, the memories of Menchu’s lifetime so far, in all its seven glorious and electrifying decades, and I dare say, the description is most apt and is true as well in real life as Menchu today is “living happily ever after” having come to terms with the many issues that confronted her at various times, but more importantly, she is today a fulfilled mother and grandmother and a believer in Jesus Christ. But that is getting ahead of the story. ‘White Matter’ by Lao Lianben Jaime Ponce de Leon, dear Jaime, the man of the hour of Philippine arts for as long as Juan Luna’s missing masterpiece, remains ensconced at the Ayala Museum – gaining for the discoverer more than a foothold in our cultural history – asked me if I was interested in writing about the socially formidable Menchu Katigbak, and I readily said yes, having seen her photographs in the select and more discriminating society pages and columns. I thought to myself it would be an opportunity to meet the lady face to face and add her to my glossary of so-called newfound friends, but that was not meant to be. I was, oh, I was treated to the next best thing – a copy of Menchu which, to someone who aspires to be a bibliophile, is all that matters in the world, except that I am first a social climber. And since I have not been allowed an audience, I take solace in the book and, as my honeyed revenge, will tell you what I feel about the lady who, I understand, could be frank and outspoken. Abrasive is too strong a word, and unfair for I am not sure if I will ever meet her in my lifetime, but I am told the lady will never mince words, that’s probably why she has legions of true friends who probably can give as much as take, or so I am imagining. [caption id="attachment_180055" align="aligncenter" width="1475"] Lunch in the kitchen in Pili with Patty Araneta (left) and Monet Recio-Schem.[/caption] A painting that Menchu has kept all these years, “White Matter” by Lao Lianben, signed and dated 1997, has been featured as one of the rare pieces to be auctioned in Leon Gallery’s forthcoming magnificent September auction, with the starting bid of P2,600,000. So, there, if you’re wondering what Jaime, who moves around the best circles, has got to do with this enigmatic swan. ‘We are not rich’ But let’s stick to what the book says. While she intersperses in her narrative personal encounters with her subject, TSJ, for the most part, devotes the pages of this book to Menchu alone, and with our cosmopolitan lady, the many friends in the upper echelons whose lives she has touched and who have touched hers in turn. Menchu, once she was ready to be told, heard it straight from her mother, “Tandaan mo, baka akala mo mayaman tayo. Hindi tayo mayaman. Kung napadala ka namin sa Switzerland at si Tita at si Tony napadala naming sa America, kasi nagpawis ako ng dugo (Remember, you may think we are rich, we are not rich. If we sent you to Switzerland and Tita and Tony to America, it was because I sweated blood). If you think you’re going to inherit something from us, banish the thought. So if you don’t study well, bahala ka sa sarili mo (you’re on your own).” The perfect words for the Asuncionista (Assumptionista) who much preferred to bake food for the gods, brownies and upside-down cakes and do naughty things like hiding the bell used to signal the start and end of class periods. Her mother, the former Charing Roxas Dimayuga, who attended Assumption Convent, dealt in buying, developing and selling homes in the gated Makati villages. She also developed horizontal and vertical commercial spaces as well as imported retazos from abroad. [caption id="attachment_180056" align="aligncenter" width="696"] Wearing the Van Cleef earrings purchased before their public launch.[/caption] Her father, Enrique Luz Katigbak, on the other hand, was a top certified public accountant, an alumnus of the Northwestern University and a director on the boards of Monte de Piedad and Philtrust banks. Of his connections, none is more eminent than his friendship with His Eminence, Rufino Cardinal Santos, archbishop of Manila and the first Filipino Cardinal of the Catholic Church. It was not a happenstance that Menchu received the sacrament of confirmation from the Cardinal himself right in the Katigbak home, the first ever that was held in a private home if any other followed at all. Like most children, Menchu recalls in the book how she detested being “slapped” by the pious prelate. If she was any pleased about her family’s closeness to the holy man, it was that the Assumption sisters did not expel her for her not-too-infrequent infractions because they went to her father if they needed something from the Cardinal. Dona Aurora Recto for a ‘guardian’ Hers was a lonely childhood since her older siblings were away. They were the triple seven, which alluded to their being born seven years apart, with Menchu as the youngest. On certain days, her parents, both busy, would deposit her in the home of the statesman Claro M. Recto where she would play with his favorite granddaughter, Techie, who had all these toys, Menchu could not help realizing her parents did not buy her a toy. She played with her jackstones while Techie had a closetful of toys, including a toy “cash register.” Techie was so generous she was giving this fancy plaything to her, but Menchu refused knowing her mother would not approve. What she remembers best of that time was the sight of Dona Aurora, the first beautiful woman she beheld in her young mind and eyes, and from her, she learned her first lessons in etiquette, because the family ate with a full complement of silverware and flatware. (To be continued) The post Menchu Katigbak: The splendid life of a society swan appeared first on Daily Tribune......»»
Aboitiz Group furthers ‘Great Transformation’ into 2023
The Aboitiz Group has seen exceptional performance in the first half of 2023, showcasing its "Great Transformation" into the Philippines’ first techglomerate. Leveraging innovation as well as synergies across its diverse business portfolio, the group has solidified its position as a trailblazer of industry. With a strong foundation in place, the Aboitiz Group eagerly sets its sights on forthcoming projects that promise further success and innovation. AboitizPower. The Aboitiz Group’s holdings in power generation and distribution, AboitizPower, continues to support the country’s energy transition and socioeconomic development with its diverse portfolio of thermal and renewable energy power plants, as well as internationally certified asset management capabilities from its distribution utilities. With close to 1,000 megawatts (MW) of ongoing and disclosed energy projects, it is en route to accomplishing its 10-year growth strategy of having at least 9,200 MW in its generation portfolio equally split between RE and thermal sources of energy by the next decade. This journey includes the development of the 17 MW Tiwi Binary Geothermal Power Plant, the 94 MW Cayanga-Bugallon solar facility, and the 167 MW Laoag solar facility. AboitizPower is also looking to begin the construction of its Calatrava Solar project and Olongapo Solar project within the year. These RE investments are complemented by other developments in Battery Energy Storage Systems, like the SN Aboitiz Power 24 MW Magat Battery in Isabela, which — much like the commercially operational 49 MW Maco Battery in Davao de Oro — will help provide regulating and contingency reserve power to the country’s grids. Subsidiaries. Meanwhile, subsidiaries Davao Light and Power Company, Visayan Electric Company, Cotabato Light and Power Company and Subic EnerZone Corporation were the first power DUs in the Philippines to be certified with an ISO 55001:2014 certification for Asset Management, an international standard that attests to the efficiency of how they manage the lifecycle of their assets, i.e., power lines, transformers and substations. This validates the reliability of their services and strengthens the uninterrupted provision of electricity in their respective service areas. Efficient asset management is essential for DUs to successfully manage their infrastructure and optimize maintenance and costs, thereby ensuring regulatory compliance and a reliable bridge between transmission lines and businesses, communities and homes. UnionBank. Union Bank of the Philippines continues on its trajectory of becoming a Great Retail Bank as it has consistently been recognized as one of Asia’s leading companies. Among the many recognitions for the 1st half of 2023 that UnionBank has reaped are: Best Retail Bank in Southeast Asia (Cfi.co), 4-time Best Retail Bank in the PH (The Asian Banker) and 6-time Digital Bank of the Year PH (The Asset). In line with its nation-building “Tech-UP Pilipinas” advocacy, UnionBank’s strategic partnerships have been focused on digitization as an essential element for client success. UnionBank’s determination to be an enabler of the Philippines’ bid to be a G20 country by 2050 is apparent as it continues to nurture and grow its diverse client portfolio that includes corporate, MSME, high net worth as well as local and national government entities. As a recognized trailblazer that embraces technological innovations that empower its customers, UnionBank together with its digital banking arm UnionDigital Bank (UnionDigital), fintech arm UBX and thrift arm City Savings Bank (CitySavings) showcased its expertise in artificial intelligence at the first AI Summit PH 2023 last May. The first half of the year also saw UnionBank’s commitment to offering clients amazing and exclusive experiences through partnerships with Live Nation (for world-tour concerts) and GMG productions (for the Hamilton musical). “The investments we made last year have exceeded our expectations. UnionDigital is already profitable after less than a year in operation. There is strong momentum in the acquired credit cards business from Citi. New-to-bank card customers are at a record level. We are geared up to grow our retail banking business. Our infrastructure is ready for scale. We have sufficient capital coming from the recent stock rights offering to further grow our earning asset capital base,” said UnionBank president and CEO Edwin R. Bautista. Aboitiz InfraCapital. Aboitiz InfraCapital remains on track with its purpose of enabling businesses and uplifting communities. AIC Economic Estates maintains its position as the leader in industrial-anchored mixed-use development nationwide, with the largest footprint of developed industrial estates as well as the single largest privately owned industrial estate in Lipa-Malvar, Batangas– LIMA Estate. 2023 marked LIMA Estate’s 25th anniversary, as well as the 30th year of West Cebu Estate in Cebu. These estates are undergoing industrial and commercial expansion to accommodate more locators and create approximately 90,000 employment opportunities. Water business. For AIC’s water business units, Apo Agua can now produce safe and reliable water for the Davao City Water District’s water reservoirs. Apo Agua’s laboratory has also obtained accreditation for drinking water analysis from the Department of Health. AIC's LIMA Water, on the other hand, continues to operationally benefit from its SMART Water Network, leading to reduced fuel consumption and high facility uptime. Digital infrastructure. In the digital infrastructure landscape, Unity Digital Infrastructure completed the first closing of a total of 250 sites from its acquisition of over 1,000 telecom towers from Smart-PLDT and Globe Telecom. Additionally, Unity marked a major milestone by successfully co-locating three Mobile Network Operator tenants (Globe, Smart and DITO) in one of its towers in Cebu. The three-tenant tower is the first in the Philippines and showcases the effectiveness of the shared tower model in support of the government's drive to improve digital connectivity through the common tower initiative. Mactan-Cebu International Airport. Mactan-Cebu International Airport surpassed expectations with significant growth in passenger traffic, peaking at around 5 million passengers in the first half of this year, more than double the previous year. The resumption of major international routes, such as Shanghai and Taipei, and improved aircraft availability are expected to further boost traffic in the second half of the year. MCIA's excellence in promoting the airport and in ensuring customer experience was also recognized, as it received the Routes Asia 2023 Marketing Award in the 5 million category and became the first airport in the Philippines to be accredited by the Airports Council International for its Airport Customer Experience. The post Aboitiz Group furthers ‘Great Transformation’ into 2023 appeared first on Daily Tribune......»»
US firms to dip fingers into MIF
An in-depth study by the Asian Central Journal or ACJ dated 20 July 2023 reveals that the Department of Finance forged a $1-million contract with a US PR firm, Weber Shandwick Philippines or WSP, that was signed in early January 2023, according to WSP sources. The ACJ study asks why the Maharlika Investment Fund or MIF bill was signed at the precise time Senate President Juan Miguel Zubiri was in the US. “On 21 June, Senate President Zubiri reportedly signed an ‘enrolled’ copy of the MIF. Jose Manuel Romualdez, the Philippine ambassador to the US, was present for the signing. Ambassador Romualdez has long held the positions of chairman and CEO at WSP.” The ACJ study reports that, “The US was designated as the top campaign market in the PR strategy to draw US investment” and that “the MIF might be used by the US as a means of financial pressure on the (Philippines).” In other words, US funds for the MIF may be used as bait for the US to get major MIF projects in the future. The study says the WSP PR strategy aims (1) “to decrease misconceptions about the MIF, particularly those pertaining to abuse and corruption” (downplaying corruption helps fuel it); (2) “to raise awareness of it as an instrument for economic development” (sanctifying corruption as ‘economic development’); and (3) “MIF management and investment may be subject to US intervention. DBM Secretary Amenah F. Pangandaman stated on 19 April that several US corporate organizations and investors are eager to assist us in structuring the MIF.” This dangerous move towards achieving US corporate funds for the MIF will easily increase corruption tenfold, with the participation of US corporations. This was the strategy of US oil firms in Nigeria in partnership with a corrupt government to siphon the oil for the West. The US corporations turned a blind eye to the corruption. The strategy triggered the growth of terrorists in the Muslim-dominated deep north which did benefit from the “development” received by the Christian-dominated south. The ACJ report, citing the MIF, warns, “There looms a grave concern: the specter of corruption.” It cites two cases. “Norway’s sovereign wealth fund lost $174 billion (about P8.7 trillion) in the first half of 2022, while (the Singapore-based) Temasek Holdings, which is primarily regarded as a sovereign wealth fund, has seen a net loss of S$7.3 billion throughout the nearly 50 years since its founding.” If less corrupt-prone affluent nations like Norway and Singapore are unable to contain corruption in sovereign wealth funds, what more a Third World nation like the Philippines, which is noted for rampant unstoppable corruption? In its 2020-2022 survey, the Philippines ranked no. 116 out of 180 nations (the higher the ranking, the more corrupt) in the Corruption Perceptions Index published by Transparency International. Norway ranked No. 4 and Singapore No. 5 as least corrupt. (Source: Wikipedia). The MIF Act provides that a Maharlika Investment Corporation or MIC will be established to manage the MIF fund. The ACJ study is concerned that the MIC board of directors will consist of presidential appointees “based on favor rather than talent… in a nation where nepotism is rife.” (Ambassador Romualdez is the second cousin of Marcos Jr. It’s all in the family.) This will induce a “lack of transparency in regulation and a high risk of financial embezzlement.” The ACJ study argues that “the MIF could be a weapon for politicians to steal from the public coffers,” citing the case of Angola. In 2018, Jose Filomeno dos Santos, ex-sovereign fund chairman and son of ex-President Jose Eduardo dos Santos, was charged with the theft of $1.5 billion. In 2015, the Wall Street Journal reported that Malaysia’s Prime Minister Najib Razak transferred about $700 million from the 1Malaysia Development Berhad fund to his personal account. The ACJ study reports that Goldman Sachs Group Inc. raised $6.5 billion in five years. In an investigation after the 1MDB scandal broke out, Goldman Sachs admitted stealing $1 billion from 1MDB “to bribe officials in Malaysia and other nations, including (payments) for the extravagant lifestyles of Malaysian officials and purchasing luxury yachts and hotels for them.” Goldman Sachs pocketed $4.6 billion in bribes and kickbacks. Ex-Goldman Sachs banker Roger Ng was sentenced to 10 years in prison for his role in the massive 1MDB heist. It will be easy for creative Filipino politicians to improve on this type of ‘Financial Terrorism’ with the help of equally corrupt Western corporations. They must be drooling in excitement. This evil partnership of government and multinationals is the biggest hindrance to the true development of Third World countries. Even as the MIF heist is yet to happen, the solons are cooking up a more sinister storm, the Overseas Filipino Workers Sovereign Wealth Fund, tapping the biggest dollar earner of the country. This is “stealing” the hard-earned money of our workers. The OFWs may rise in protest. *** eastwindreplyctr@gmail.com The post US firms to dip fingers into MIF appeared first on Daily Tribune......»»
Filinvest Group names new top-level executives
Tycoon Josephine Gotianun-Yap, president and CEO of Filinvest Development Corp., the holding company of the Gotianun family’s business empire. is passing on the torch to investment banker Rhoda “Chiqui” Huang......»»
Lindsay Lohan gives birth to baby boy
American singer-actress Lindsay Lohan gave birth to a baby boy, according to her representative who confirmed the news to the media on Monday. Lohan and her banker husband, Bader Shammas, named their first child "Luai", meaning "shield" or "protector" in Arabic. "The family is over the moon in love,” the representative said. The post Lindsay Lohan gives birth to baby boy appeared first on Daily Tribune......»»
Bamboo economics
The following is an article sent to me by Isidro “Butch” Alcantara, a former bank president and a veteran banker. He talks about bamboo economics......»»
Economic managers welcome Remolona’s appointment at BSP
The economic team of the Marcos administration led by Finance Secretary Benjamin Diokno expects continuity at the Bangko Sentral ng Pilipinas with a banker of international stature at its helm......»»
Camille Pascual, of British Empire’s Most Excellent Order
My good friend, prominent banker Federico “Ding” Pascual, shared with me news about his daughter, Camille, who has just been bestowed by His Majesty The King with the honorific title of “Member of the Most Excellent Order of the British Empire.” On the occasion of His Majesty’s birthday, selected individuals are recognized twice a year for their services to the United Kingdom. Camille, who is the Marketing and Communications Head of the British Embassy in Dubai, United Arab Emirates, was officially honored on 23 May as an MBE for her services in promoting British Trade and Investment in the Middle East by Princess Anne at Windsor Castle. Below is an abridged version of Camille’s first-hand account of her investiture as an MBE. “I looked at my mobile one Saturday evening last year and saw that I had missed four calls from HM Trade Commissioner for the Middle East, Simon Penney. I immediately called him back as I was concerned that I would have to handle an urgent work request. He asked if I was sitting down. I wasn’t, so he told me to sit down and then proceeded to congratulate me, saying I had been awarded an MBE in HM The Queen’s Birthday Honors. The Honors List would be published in The Gazette — the UK’s official public record — on the 1st of June. I burst into tears. “Will you accept?” asked Simon. “Of course!” I replied. He swore me to secrecy, but that I could tell my husband and no one else until the Birthday Honors List was published. I have worked for the British Embassy in Dubai for 13 years, promoting the UK in the Middle East and Africa as a place to trade with, invest in, and do business with. Over the years I have supported hundreds of British companies, championing UK capability across all sectors from Infrastructure and Energy to Healthcare and Education. Outside the trade and investment sphere at the British Embassy, I was media lead working in Crisis Communications, including during the Covid lockdown to support stranded British nationals, and during the Afghanistan evacuation of 15,000 people to the UK through the UAE. When I told my parents on the morning of the day it was being announced, they could not have been prouder. We moved to the UK in 1982 when my father was posted there to head the Philippine National Bank’s European Headquarters. During our years in the UK, we traveled up and down the country and regularly visited many of the Royal Palaces: Buckingham Palace, Windsor Castle, Hampton Court Palace, among others. We would stand with the crowds during the Trooping of the Color on HM The Queen’s official birthday in June. Suffice it to say that my parents have always been Anglophiles, with a deep love of the UK, so my MBE means as much to them as it does to me. Indeed, I would not have received this Honor had it not been for them. The investiture itself only lasted a few moments, but the memory will last forever. On the day of the Investiture, the weather was glorious, and Windsor Castle could not have been more beautiful in the spring sunshine. We were ushered up a grand staircase, past a string quartet, and into the Queen’s Drawing Room to await our turn under the portraits of Henry VIII and Charles II. We were given a program which told us that it would be HRH The Princess Royal — Princess Anne — who would be formally investing me into the Order. I was one of nearly sixty people being invested that day — a mix of civilians, military and civil servants. At the top of the list of recipients was Sir Salman Rushdie, who was invested as a Companion of Honor. When it was my turn, my family and I entered the castle’s Grand Reception Room, a stunning, ornate, gilded room decorated with magnificent chandeliers. They stood to the side of the dais where The Princess Royal stood. I felt nervous as I approached the dais, curtseyed, and walked towards her, but she was smiling and kind as she congratulated me and hung my medal on the small loop that had been clipped to my dress. She asked me what had brought me to Dubai and we chatted briefly about my time at the Embassy and she commented that our relationship with the UAE was very important. I thanked her for her support of charities active in the Philippines, and for her visits there, mentioning that my family and I had moved to the UK when I was eight. She thanked me again, shook my hand, and I retreated a few steps, curtseyed again, and joined my family. The investiture itself only lasted a few moments, but the memory will last forever. We moved to St. George’s Hall for official photos, and then outside and into the sunshine to take our own photos in the courtyard. As we walked through the grounds to leave the castle, a group of four Coldstream Guards in their red jackets and bearskin hats marched past. A perfect sendoff to mark the end of a truly magical experience.” Until next week… OBF! For comments, email bing_matoto@yahoo.com. The post Camille Pascual, of British Empire’s Most Excellent Order appeared first on Daily Tribune......»»
Hong Kong launches retail-friendly rules for crypto exchanges
Hong Kong opened its arms to the virtual asset world on Thursday, launching new retail-friendly rules for the city's crypto exchanges. The Chinese finance hub is pivoting to embrace crypto despite high-profile failures in recent months, including the meltdown of trading platform FTX, which wiped out more than $1.5 trillion in the market. China has had a strict crypto ban since 2021, but in Hong Kong -- which operates on a separate legal framework -- trading has been allowed through unregulated, meaning individual investors use unlicensed platforms. The regulatory regime launched Thursday means that after a one-year transition period, all crypto exchanges in Hong Kong must be licensed, and will be able to take on retail clients. "(The sector) fundamentally is going to stay despite all the risks... These activities have to be allowed in a regulated way," the city's financial services and treasury chief Christopher Hui told AFP. The new rules have an emphasis on investor protection measures, like requiring exchanges to vet their clients and limit their risk exposure, as well as restricting trade to "large-cap" tokens such as bitcoin. Crypto exchange OKX -- founded in China but now based in Seychelles -- told AFP it was "committed to the Hong Kong market" and will apply for a license. "Hong Kong is making concrete strides and is building confidence among industry players," said Lennix Lai, OKX's global chief commercial officer. Regulators said they hope to move quickly to issue the first licenses. But a prominent activist investor in Hong Kong said Thursday the new policy lends credibility to a risky sector and endorses speculation. "Hong Kong has a history of jumping onto financial bandwagons just as the wheels are falling off," David Webb, a former investment banker, told AFP. The government may say the new crypto regime is similar to that of traditional finance, but Webb said the "analogy breaks down" as most crypto -- unlike stocks or futures on companies and commodities -- have no intrinsic value. "There's no reason why (the government) should encourage people to bet on someone else paying more for something that has no fundamental value," Webb said. Last year, the city said HK$1.7 billion ($217 million) was lost to crypto-related scams, which police attributed to criminals taking advantage of the public's lack of sector knowledge. The new rules ask exchanges to conduct a "holistic assessment" of a client's understanding of digital currencies before taking them on, but give no specifics. One company licensed under Hong Kong's previous regime tells its prospective clients to take a screenshot showing they have finished watching 13 instructional videos in a free online course. But they "DO NOT need to complete any programme assignments or take any tests", it wrote on its website. The post Hong Kong launches retail-friendly rules for crypto exchanges appeared first on Daily Tribune......»»
New Landbank chief vows greater focus to agriculture needs
Seasoned banker Lynette Ortiz formally assumed the top post in state-run Land Bank of the Philippines, committing to sustain gains and be more responsive to the needs of stakeholders, especially the agriculture sector......»»
Global banker leads state financial firm
Lynette V. Ortiz, a United Nations leadership awardee and first Filipino chief executive officer of London-based Standard Chartered Bank, was sworn in Wednesday as the new president and chief executive officer of the Land Bank of the Philippines or LandBank. The event was conducted by Finance Secretary and LandBank chairperson Benjamin Diokno, officially confirming Ortiz as the eleventh president of LandBank. She succeeded Cecilia Borromeo who served the bank for four years. “I recognize the highly important role of LandBank in nation-building, and I am keen to contribute and infuse ideas and innovations that will further fortify the bank in fulfilling its social mandate. I hope to bring in a fresh perspective drawn from my experience working in global organizations,” Ortiz said. Inclusion advanced She vowed to advance financial inclusion and key agricultural sectors in the country. “With the support of the entire LandBank team, we will work to make our operations more dynamic and responsive to address the changing needs of our highly diverse customers and stakeholders, while remaining viable and competitive,” Ortiz said. In her over 30-year career in finance, Ortiz earned the opportunity to lead the Standard Chartered Bank or SCB Philippines as chief executive officer starting 2016. She increased local franchises for various client segments and ensured sustainable financial performance. She also became an awardee for United Nations Philippine Women’s Empowerment Principles Awards Champion for Leadership Commitment in 2021. Currently, she is the First Vice President in the Board of the Bankers Association of the Philippines and a member of its Executive Committee. Ortiz will meet the rest of the LandBank team next week to detail her plans for the agricultural bank. The post Global banker leads state financial firm appeared first on Daily Tribune......»»
Security Bank recognized as Diversity Champion, Talent Insights Pioneer
Security Bank Corporation won the “Diversity Champion” and “Talent Insights Pioneer” awards at the recently concluded 2022 LinkedIn Talent Awards. These recognitions were given to successful organizations who have made a significant impact using LinkedIn Talent Solutions. “The 2022 LinkedIn Talent Awards recognize the companies leading the future of work by demonstrating remarkable adaptability, innovation and creativity throughout one of the most challenging years for talent,” said LinkedIn. The “Diversity Champion” Award is given to companies who initiated and inspired meaningful conversations around Diversity, Inclusion, Belonging and Equity, while the “Talent Insights Pioneer” is given to companies who utilize LinkedIn to make informed talent decisions with real-time insights. Aside from the two wins, the Bank was also named a finalist for the Learning Champion category, in companies with 5,000 to 10,000 employees, an award that the Bank won in 2021. Security Bank is the first local bank to have an existing partnership with LinkedIn Learning. On top of its comprehensive internal learning initiatives, Security Bank employees enjoy unlimited, on-demand access to thousands of LinkedIn Learning courses. They can choose from a wide range of topics to help them upskill and learn new things for their personal and professional development. “At the center of this recognition are our employees for their hard work and commitment to fulfill our mission of becoming the most customer-centric bank in the country. Despite the challenges faced by the banking industry with high inflation and other external factors, we will continue to move forward to become an employer of choice in Philippine Banking,” said Security Bank senior vice president and head of Human Capital Management Nerissa Berba. Recently, Security Bank was feted by UK-based financial magazine Retail Banker International for “Excellence in Employee Engagement.” The post Security Bank recognized as Diversity Champion, Talent Insights Pioneer appeared first on Daily Tribune......»»
SecurityBank workplace lauded
Security Bank Corp was hailed “Diversity Champion” and “Talent Insights Pioneer” at the recent LinkedIn Talent Awards. These recognitions were given to successful organizations who have made a significant impact using LinkedIn Talent Solutions. “The 2022 LinkedIn Talent Awards recognize the companies leading the future of work by demonstrating remarkable adaptability, innovation and creativity throughout one of the most challenging years for talent,” said LinkedIn. The “Diversity Champion” Award is given to companies who initiated and inspired meaningful conversations around diversity, inclusion, belonging and equity, while the “Talent Insights Pioneer” Award is given to companies that utilize LinkedIn to make informed talent decisions with real-time insights. Aside from the two wins, the bank was also named a finalist for the Learning Champion category, in companies with 5,000 to 10,000 employees, an award that the bank won in 2021. Security Bank is the first local bank to have an existing partnership with LinkedIn Learning. On top of its comprehensive internal learning initiatives, Security Bank employees enjoy unlimited, on-demand access to thousands of LinkedIn learning courses. They can choose from a wide range of topics to help them upskill and learn new things for their personal and professional development. “At the center of this recognition are our employees, who are recognized for their hard work and commitment to fulfill our mission of becoming the most customer-centric bank in the country. Despite the challenges faced by the banking industry with high inflation and other external factors, we will continue to move forward to become an employer of choice in Philippine Banking”, says Security Bank Senior Vice President and Head of Human Capital Management Nerissa Berba. Recently, Security Bank was feted by UK-based financial magazine, Retail Banker International for excellence in employee engagement. The post SecurityBank workplace lauded appeared first on Daily Tribune......»»
Bad banker (6)
A number of senators and even media have joined the growing chorus of objectors to the impending merger of the Land Bank of the Philippines and the Development Bank of the Philippines, the two biggest banks of the government......»»