Author: Chris Lam

Masbate City has been designated as an additional testing center for the September 2022 Licensure Examination for Professional Teachers (LEPT), the Professional Regulation Commission (PRC) has announced. The PRC said the move enables examinees to take the September 2022 LEPT without unnecessary distant travel and additional expenses. Additionally, PRC also designated Bangkok, Thailand as an additional testing center for the September 2022 LEPT. Relative to this, the deadline for filing of application for September 2022 LEPT in Bangkok shall be until August 10, 2022 and the documents for application shall be sent to sple@prc.gov.ph for processing and evaluation o the…

SM Investments Corporation (SMIC) received approval from the Securities and Exchange Commission to acquire the 81% stake of related parties in Allfirst Equity Holdings Inc (Allfirst) in exchange for shares in SMIC. Allfirst is the holding company for Philippine Geothermal Production Company, Inc (PGPC). The transaction will bring SMIC’s ownership in PGPC to 100%. The total consideration paid for 81% of Allfirst is P15.76 billion. The transaction will involve the issuance of 17.44 million new shares to the sellers, equivalent to 1.4% of shares outstanding in SMIC. In 2021 PGPC delivered $99.4 million in revenues and $48.8 million in net…

KryptoGO, a Taiwan-based regulatory technology and developer and non-custodian wallet provider, has announced raising a total of $3 million in its recently concluded seed funding round. According the announcement, the round was participated by global venture capital firm Hive Ventures, alongside other VCs, including Taiwan’s National Development Council, Red Building Capital, AVA Angels, New Economy Ventures, Hao Fong Investment and Pegatron Venture Capital. The company said it will use the funds to expand its market presence in the United States, in addition to growing its team and launching new product features later in the year.  Founded in 2019, KryptoGO aims…

Real estate private equity firm Gaw Capital Partners today announced the appointment of Mr. Nitin Gupta as Managing Director and Head of India at Gaw Capital Partners. Mr. Gupta will be based in Mumbai, India. Nitin will spearhead Gaw Capital Partners’ foray into India market, building a professional team on the ground to capture attractive investment opportunities across real estate spectrum. His exceptional leadership, market relationships and transaction structuring experience for over nearly three decades in India will be invaluable for building a scalable and successful business in India for Gaw Capital Partners. Prior to joining Gaw Capital Partners, Nitin…

Digiassets Exchange (Singapore) Pte Ltd (“SDAX”) announced that it has obtained its Recognised Market Operator (“RMO”) licence from the Monetary Authority of Singapore to operate a digital asset exchange. SDAX, founded and headquartered in Singapore, is an institutional grade digital asset exchange that leverages blockchain technology to enable asset owners to unlock the value of their assets through tokenising and listing of asset-based digital securities, providing alternative fundraising and exit options. As a secondary market trading platform, SDAX enhances efficiency, creates liquidity and offers greater access to previously out-of-reach alternative investment products for accredited and institutional investors. Mr Khoo Boon…

The Department of Information and Communications Technology (DICT) is set to launch the sixth (6th) Philippine Startup Challenge 2021 (PSC 2021) this September. The event is an annual startup competition started in 2016 which aims to encourage and support Filipinos to create innovative and relevant ICT products and services that may develop into viable business ventures and potentially solve social problems. “Through this initiative, we hope to promote the entrepreneurial spirit among Filipinos that will surely help our country advance in the global digital economy,” DICT Secretary Gregorio “Gringo” B. Honasan II said. As part of the Republic Act No.…

The ASEAN Member States are working to address their needs and gaps in funding biodiversity conservation activities in protected areas. Several sustainable mechanisms, such as carbon financing and payment for ecosystem services have been identified to bridge these gaps. ASEAN Centre for Biodiversity (ACB) Executive Director Theresa Mundita Lim said that although funding remains a challenge, sustainable finance mechanisms to address protected area needs are within the reach of the ASEAN region. “While much progress has been achieved in addressing the challenges in funding protected areas in the ASEAN, the work ahead may require us to establish means to incorporate…

The Department of Finance (DOF) is set to launch an online tool that aims to streamline the reporting of data pertaining to the debts and other liabilities of government-owned and -controlled corporations (GOCCs). In a report to Finance Secretary Carlos Dominguez III, the DOF’s Corporate Affairs Group (CAG) said the use of the GOCCs’ Liabilities Reporting and Processing Tool (GLRPT) will assist the Department in its analysis of the debts of state-run firms, and enable it to better manage and formulate strategies on the financial exposure of the government in relation to their liabilities. Dominguez instructed the CAG in a…

The Brunei government has requested for exemption from the Philippines’ current deployment cap on healthcare workers, according to the labor department. In a virtual briefing on Friday, Labor Attache Melissa Mendizabal of the Philippine Overseas Labor Office (POLO) in Brunei Darussalam said there is demand for around 200 nurses and 30 medical doctors in the country. However, due to the deployment cap on healthcare workers, she said the Brunei government has requested for exemption initially in 2020 but did not materialize. Then another request was sent around July this year. “There are two hospitals here, one government hospital and one…

The U.S. government, through the U.S. Agency for International Development (USAID), turned over RT-PCR extraction kits equivalent to 3,000 tests to the Philippine Genome Center. These RT-PCR extraction kits will help strengthen COVID-19 testing and genomic surveillance in the Philippines. USAID Philippines Office of Health Director Michelle Lang-Alli handed over the extraction kits at a virtual event with Department of Health Undersecretaries Maria Rosario Vergeire and Myrna Cabotaje, Philippine Genome Center Executive Director Dr. Cynthia Saloma, and other representatives from the government and private sector. “We hope that these kits will continue to strengthen testing and genomic surveillance capability of…

The Securities and Exchange Commission (SEC) has ordered Royal O’ Consultancy Services OPC, Royal O’ International Import and Export OPC, and their affiliate companies to stop soliciting investments from the public under a scheme disguised as an investment platform for alleged gambling, medical supplies, and export firms. In an order issued August 12, the Commission directed the one person corporations (OPCs) to immediately cease and desist from selling and/or offering securities in the form of investment contracts until they have filed and secured the necessary license. The SEC further enjoined Royal O’ from transacting business involving funds in its depository…

The Bangko Sentral ng Pilipinas (BSP) continues to strengthen engagement with varied stakeholders in the domestic and international fronts to intensify its campaign for the adoption of sustainable finance principles. During the recent general membership meeting of the Bankers Institute of the Philippines, BSP Governor Benjamin E. Diokno said the central bank, in partnership with the World Wildlife Fund Philippines, the World Bank, and industry associations, will conduct vulnerability assessments and stress testing exercises with volunteer banks. “These exercises will enable the BSP to gather more data and information for financial surveillance analysis and policy development on sustainable finance,” said…

The coronavirus disease (COVID-19) pandemic is threatening Asia and the Pacific’s progress toward critical targets under the Sustainable Development Goals (SDGs), according to a new report by the Asian Development Bank (ADB). The pandemic pushed an estimated 75 million to 80 million more people in developing Asia1 into extreme poverty as of last year, compared with what would have happened without COVID-19, according to Key Indicators for Asia and the Pacific 2021, released today. Assuming that the pandemic has increased inequality, the relative rise in extreme poverty—defined as living on less than $1.90 a day—may be even greater. Progress has…

The Department of Budget and Management has submitted the Duterte administration’s last full-year budget on August 23, 2021 to Congress for scrutiny and approval. With the theme, “Sustaining the Legacy of Real Change for Future Generations”, the FY 2022 National Expenditure Program (NEP) amounts to P5.024 trillion, which is equivalent to 22.8 percent of GDP and is higher by 11.5 percent than this year’s national budget. By Expense Class Bulk of the budget, in the amount of P1.456 trillion or 29.0 percent of the FY 2022 NEP, will go to Personnel Services expenditures to cover the hiring of healthcare workers…

The amount of bank loans of micro, small and medium enterprises (MSMEs) guaranteed by the Philippine Guarantee Corp. (PhilGuarantee) reached P2.1 billion as of June this year, allowing almost 10,000 COVID 19 pandemic-hit enterprises to continue their operations and retain jobs. PhilGuarantee president-CEO Alberto Pascual said that with the state corporation’s MSME Credit Guarantee Program (MCGP) granting a 50-percent guarantee for working capital loans, the cumulative loan approvals of P2.01 billion over the January-to-June 2021 period mean that PhilGuarantee will guarantee or cover about P1 billion of this amount in the event that borrowers default. “The private banks have shown…

On August 17, 2021, the Board of Directors of Emperador Inc. (“Emperador” or “the Company”) approved the Company’s pursuit of a Secondary Listing by Way of Introduction (“Secondary Listing”) on the Main Board of the Singapore Exchange (“SGX”). The Company’s Board of Directors has granted authority to the Company’s Management to deliver all the necessary requirements for a Secondary Listing on the SGX as soon as practicable. The Company will continue to maintain its Primary Listing in the Philippine Stock Exchange (“PSE”) and the stock is anticipated to trade in both exchanges concurrently, subject to obtaining the necessary regulatory approvals.…

Jollibee Foods Corporation (JFC), one of Asia’s largest Asian food service companies disclosed today that it will buy the shares of the remaining partners in the fund that owns the Tim Ho Wan brand. Its wholly-owned subsidiary Jollibee Worldwide Pte. Ltd. (JWPL), which already owns an 85% participating interest in the fund shall pay SGD71.56 million to purchase the remaining 15% interests of other investors in Titan Dining LP (“Titan”), the private equity fund which ultimately owns the Tim Ho Wan brand and company-owned THW stores. JFC invested SGD45 million in Titan in May 2018 to own a 45% participating…

Labor Secretary Silvestre Bello III has exempted a global manufacturing firm from the regular labor inspection after it secured a safety seal from the labor department on Tuesday. Unilever Philippines, Inc. joined a host of other big companies to be exempt from labor inspection following compliance with strict health and safety protocols in their workplaces. Also given the same privilege were CDO Foodsphere Inc., United Laboratories, and eight firms under the San Miguel Corporation group. Bello said the exemption is a result of Unilever obtaining their Safety Seal Certification for complying with the health protocols and safety standards implemented by…

Petron Corporation sustained its positive performance as it ended the first half of 2021 with a consolidated net income of P3.87 billion, a remarkable rebound from the P14.24 billion net loss it suffered in the same period last year due to the pandemic. Oil prices steadily rose in the first semester this year with Dubai crude averaging US$72/bbl in June, up 44% from its December 2020 level. The bullish market was driven by the conservative stance of major oil producers in supply management, boosted by optimistic market sentiments with the global vaccination rollouts and gradual reopening of economies. With the…

The Bureau of Customs – NAIA (BOC-NAIA) intercepted a parcel containing fourteen (14) pieces of Live Beetles and Larva concealed in plastic tubes hidden in the packages of snacks, biscuits, noodles and chocolates on July 29, 2021 in Central Mail Exchange Center (CMEC). Beetles are plant-eating insects, commonly known as garden pests that damages crops, creating numerous small, round holes unto plants. Its larvae consumes plant roots, causing wilting, yellowing and stunted growth of host plants. The parcel arrived on July 24, 2021, at Cargo Mail Exchange Center (CMEC) and was subjected to physical examination, which resulted in the discovery…