Business

The 1000-Piso polymer banknote of the Bangko Sentral ng Pilipinas (BSP) won the International Banknote Society’s (IBNS) “Banknote of the Year Award” for 2022. The 1000-Piso polymer is the first Philippine banknote to win the award. It won over banknote finalists from Algeria, Barbados, Egypt, Northern Ireland, and Scotland. In announcing the award, the IBNS said: “The Philippines’ successful design …

After a year-long leadership transition period, Lucio Tan III has officially taken over as president of the Lucio Tan Group (LTG). During the transition, he shared decision making responsibilities for business and operational matters with his uncle, Michael Tan, who had been president of LTG since 2010. The group ended 2022 with a PhP25.1 billion attributable net income, which is …

Contecon Guayaquil (CGSA), International Container Terminal Services, Inc.’s (ICTSI) Ecuadorian business unit operating at the Port of Guayaquil, achieved a milestone in April by handling the largest vessel to call the terminal. On 4 April, CGSA received the maiden call of the Maersk Camden – a Liberian-flagged vessel with a capacity of 15,413 TEUs. The 365.9-meter-long ship operates Maersk’s AC2 …

I am deeply honored to accept the appointment as President and Chief Operating Officer. I thank the board of directors for entrusting me with this responsibility, and I am grateful to all of you for your support. In exercising the functions of my new role, rest assured that I will be guided by the values of integrity, diligence, excellence, and …

Leading insurtech advocate Etiqa Philippines has recently launched an always-on virtual assistant for its new and existing customers.  Etiqa’s latest venture into insurtech is named Eriqa, a chatbot which acts as a virtual assistant to help respond to questions and a multitude of requests including processing a Letter of Guarantee (LOG) for outpatient availments.     “The success of an insurance company …

The Land Bank of the Philippines (LANDBANK) recorded a net income of P10.8 billion in the first three months of 2023, buoyed by higher interest income and lower operating costs.  The three-month figure is P2 billion higher than its target for the first quarter and represents 30.8% of the Bank’s P35 billion income target by year-end.  The net income recorded …

Transactions on foreign investments registered with the BSP, through AABs, in March 2023 recorded net outflows of US$70 million, resulting from gross outflows of US$1.33 billion and gross inflows of US$1.26 billion. This is smaller compared to the net outflows recorded in February 2023 (US$531 million) and in March 2022 (US$305 million).  The US$1.26 billion registered investments for the month …

For many, farming is a way of life. They gain a profound sense of purpose when they cultivate the land, plant seeds, and harvest fruits and vegetables that will nourish not just their families but an entire community.  It has also since emerged as a viable social enterprise. Through trainings, farmers have learned business principles and saw livelihood and entrepreneurial …

The reintegration of the 1,200-megawatt (MW) Ilijan natural gas plant to the national grid – targeted by May 26 – is expected to help stabilize the country’s power supply amid the projected high demand in the summer months and the coming years.  San Miguel Corp., through its power arm SMC Global Power Holdings Corp. (SMGP), recently took delivery of the …

“For 126 years, this institution has stood as the firm foundation of the Philippine economy through the performance of its core mandates – revenue generation, resource mobilization, and fiscal management,” Finance Secretary Benjamin Diokno said in his message during the 126th Anniversary Opening Ceremony at the DOF Office in Manila.  Founded in 1897 by the Revolutionary Government in the Spanish …