The “worrisome” digital divide across Asia and the Pacific in terms of fixed broadband subscription is growing, with broadband capabilities and access being highly concentrated in East and North-East Asia, while the rest of the region lags far behind, a new study by the United Nations’ Economic and Social Commission for Asia and the Pacific (ESCAP) said on Friday.
Ayala Land Inc. is preparing to issue another round of its pioneering Homestarter Bonds worth P3 billion and a third tranche of its fixed rate bond series worth P7 billion. STAR/File photo MANILA, Philippines – Ayala Land Inc. is preparing to issue another round of its pioneering Homestarter Bonds worth P3 billion and a third tranche of its fixed rate bond series worth P7 billion. In a disclosure to the Philippine Stock Exchange (PSE) yesterday, ALI said its board of directors approved the terms and conditions for the combined P10 billion new issuances yesterday. Both issuances would be under the company’s P50 billion debt securities program as approved by the SEC in March. The Homestarter Bonds, a concept pioneered by ALI, enables bondholders to build up full or partial downpayment to buy a residential unit in the future. The coupon rate may be 3.5 percent to four percent, same as in previous rounds of Homestarter Bonds, officials earlier said. ALI first launched the innovative instrument in 2006, making it the first property company to issue such types of bonds. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 It has been issuing the bonds regularly, saying that it has been an effective savings instrument for many bondholders. In the past, eligible investors including the targeted retail investors could buy a minimum of P50,000 worth of the bonds and in multiples of P5,000 or P10,000 thereafter. ALI has an approved shelf registration for up to P50 billion. A shelf registration is Read More …
PLDT Innolab previews the future of telecommunications in the Philippines. MANILA, Philippines – The country’s leading telecoms and digital services provider PLDT recently opened its newest Innovation Laboratory (Innolab) at the Makati CBD which takes to a higher level its pioneering commitment to define the future of telecommunications in the Philippines. PLDT Innolab is a world-class facility where innovative products and business solutions are tested and developed, and where PLDT’s field experts provide training, ICT services and other technical assistance to the digital clientele. “The newest lair of digital smarts is the PLDT Innolab,” Joey Limjap, PLDT vice president for ICT Research and Development, said, citing that Innolab set the standards in building a world-class ICT research and development center for new generation technology and applications. The opening of this cutting-edge facility marks PLDT’s seventh Innolab nationwide after Manila, Clark, Subic, Cebu, Davao and Baguio. “In these times of mind-boggling advances in technology, Innolab is the perfect avenue to identify trends and business models, and facilitate mutually beneficial exchanges within the dynamic digital community,” Limjap said. PLDT Innolab is a host to a mixture of techies in the digital community in a cross-section of demographics – from the telecom industry, academe, software and gaming industry, and service providers in government – all engaged on new technologies and solutions as stakeholders of the digital economy. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Since 2003, Innolab has had a positive and lasting impact in providing innovation in ICT services and Read More …
MANILA, Philippines – Airline companies have signaled willingness to integrate airport terminal fees into the cost of their plane tickets, the Department of Tourism (DOT) said. Tourism Secretary Wanda Teo said that major airlines have already agreed in principle to include in their ticket charges the domestic passenger service charge (DPSC), more commonly known as the terminal fee. She said this consensus was revealed during a consultation meeting with officials of the Civil Aviation Authority of the Philippines (CAAP) and executives of airline companies. According to the DOT, the plan will shorten queues inside airport terminals and make traveling easier for Filipinos. “This one is pursuant to the 10-point agenda of President Rodrigo Duterte. He has mentioned, time and again, the importance of facilitating processes and systems in government,” Tourism Undersecretary for Development Planning Benito Bengzon Jr. said. “In this case, we are working together with the different airlines and our partner government agencies in making it easier for the traveling public. And we do that by integrating the various fees that are collected,” he added. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Bengzon, who chaired the exploratory talks between the DOT, CAAP and the airlines, said there is first a need to finalize the memorandum of agreement (MOA) between the stakeholders to ensure effective implementation. CAAP spokesperson Eric Apolonio agreed, saying, “It works well with NAIA (Ninoy Aquino International Airport). So it’s like replicating that in other airports. However, each airport is unique so we should flesh Read More …
MANILA, Philippines – As banks are the most vulnerable to cyber attacks, imposing standards to beef up security as well as promoting greater cooperation among financial institutions would be needed to allow them to better address threats, Tokyo-based information technology (IT) security solutions provider Trend Micro said. Raimund Genes, Trend Micro’s global chief technology officer, said in a briefing for CLOUDSEC, an event intended to raise the awareness of enterprises on cybersecurity, putting in place standards to be followed to strengthen safeguards, would help financial institutions better respond to cyber threats. “The banking systems are not standardized enough around Southeast Asia. It could be better and definitely something could be done,” he said. He said stronger cooperation among banks by sharing of information would also allow them to be more prepared for such risks. Given higher online threats against Philippine bank clients, Trend Micro recommends that multiple layers of protection are made available internally. Vulnerabilities must also be addressed immediately. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 As prevention can save the bank or any organization from the stress in dealing with a cyber attack, Trend Micro also recommends the launch of security awareness campaigns in the workplace to ensure employees and clients are prepared. Genes noted that for every five minutes, 1,800 new cyber threats are being generated. Within the same period, about 6,730 customer records are also being breached. “Managing and empowering employees with a security-savvy mindset has to be urgently brought to the top of Read More …
MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) announced the further easing of foreign exchange rules, this time covering non-banks with quasi-banking functions (NBQBs). BSP Governor Amando Tetangco Jr. said in a statement the Monetary Board has approved the lifting of prior BSP approval and registration requirements for loans to be obtained by (NBQBs) from offshore sources, offshore banking units and foreign currency deposit units (FCDUs) of banks. The BSP said the lifting of the approval and registration requirements for borrowings of NBQBs would take effect on Sept. 15 together with the other liberalization measures approved by the regulator last week. BSP Deputy Governor Diwa Guinigundo told reporters the new policy would facilitate borrowing transactions of NBQBs to fund their operations and projects and better contribute to economic growth. Guinigundo explained the transactions would still be covered by the reportorial requirements under the Manual of Regulations on Foreign Exchange Transactions. NBQBs are financial institutions that do not have full banking license but they facilitate bank-related financial services such as investment, risk pooling, contractual savings and market brokering. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 These financial institutions are authorized by BSP to borrow funds from 20 or more lenders for their own account through issuances, endorsement or assignment with recourse or acceptance of deposit substitutes for purposes of re-lending or purchasing receivables and other obligations. Tetangco said the BSP would continue to study and adopt policy reforms given prevailing conditions as well as projected trends and developments Read More …
THE president of the European Chamber of Commerce of the Philippines (ECCP) said there is a sense of “hesitation” among European businesses considering investing in the country, amid the spate of extrajudicial killings in the course of the Duterte administration’s campaign against illegal drugs and criminality.
THE Department of Justice and Bureau of Corrections Project have rescheduled the bid submission for a planned state-of-the-art prison in Fort Magsaysay, Nueva Ecija from Aug. 25 to Nov. 24 at 1:00 p.m., the Public-Private Partnership Center of the Philippines said in a statement on Thursday.
TOE the line. That’s the call from the mining association in the world’s biggest nickel ore supplier where members are facing a crackdown led by Philippine President Rodrigo R. Duterte, who’s said the Southeast Asian nation can live without the industry’s contribution entirely if need be.
BSP Governor Amando Tetangco Jr. said the introduction of personal management trust (PMT) is among the series of trust reforms being pursued by the central bank. STAR/File photo MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) has diversified the line up of trust products offered in the market as part of efforts to promote a more responsive climate in the financial service industry. BSP Governor Amando Tetangco Jr. said the introduction of personal management trust (PMT) is among the series of trust reforms being pursued by the central bank. “The PMT is a welcome addition to the wide array of trust products offered in the market, and is deemed very timely considering that there is a rising prevalence of one-person household in Asia, including the Philippines,” he said. The PMT is a living trust arrangement that seeks to meet the estate planning and asset management needs of individuals. For a minimum amount of P100,000, an individual could open a PMT for the management and preservation of his funds or properties to answer for the current or future needs of the designated beneficiaries, including but not limited to education, retirement, and/or wealth accumulation. The designated beneficiaries could be the trustor himself, his spouse, children or other third party beneficiaries. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 An individual is required to state his purpose for opening a PMT, as well as the distribution of his funds or assets to ensure that the PMT is consistent with the intent Read More …