BSP hosts 3rd Systemic Risk Dialog in Cebu

LAPULAPU CITY – Bangko Sentral ng Pilipinas (BSP) hosts the 2024 BSP-IMF Systemic Risk Dialogue in Cebu at Crimson Resort and Spa Mactan, November 19-20 with the theme, “Building Financial System Resilience Through Market Development and Innovation.”

In a press chat with BSP Assistant Governor, Dr. Johnny Noe Ravalo, he outlines the flow of the dialog from day 1 to day 2 with an introduction on why there is a need for such dialog.  The discussion centered on the evolution of macro prudential policy post-2007, emphasizing the need for systemic risk management, as he highlighted the Great Moderation (1981-2003) and the 2007 Global Financial Crisis (GFC) as pivotal moments.

“The GFC revealed that individual bank safety does not guarantee systemic stability,” Ravalo used traffic and human health analogies to explain systemic risks. The conversation also covered the creation of macro prudential departments in central banks and the concept of contagion risk, exemplified by COVID-19.

The importance of anticipating systemic risks and the role of technology in financial markets were also discussed, with a focus on the need for collective regional action to address common issues.

He said that the dialog will discuss the structural issues and the impact of technology as an enabler; explore the regulation and coordination between the banking and non-banking sectors and identify the common issues in the region and explore the possibility of a collective approach.

The purpose of the joint conference with IMF, noting it is the third such event, with previous ones in 2019 and 2021 is to reflect on the lessons learned from the global financial crisis (GFC) and the need to re-evaluate macro prudential policy, Ravalo said.

The concept of the Great Moderation from 1981 to 2003 was introduced, highlighting a period of low inflation and strong growth that led to complacency.  The GFC revealed that the safety of individual banks does not guarantee the safety of the entire financial system, emphasizing the need for systemic risk management, he added.

Central Banks and Systemic Risk Management

The creation of the Office of Systemic Risk Management at the BSP and the realization that systemic risk cannot be addressed by the safety of individual institutions, Ravalo used the analogy of traffic to explain systemic risk, noting that even well-maintained cars can lead to traffic congestion due to collective behavior.

He said that the importance of anticipating and managing systemic risks is emphasized, with examples such as the pandemic and the human body's health variability. He references Aristotle's principle that the whole is more than the sum of its parts to illustrate the complexity of systemic risk.

Ravalo also emphasizes the need for awareness and understanding of contagion risks, noting that many aspects of systemic risk are still not fully understood.  The role of communication in managing systemic risk is discussed, with a focus on the challenges of identifying and addressing risks before they become critical.

According to Ravalo, Central banks worldwide have established macro prudential departments to manage systemic risk, with varying approaches across regions.   He cited the concept of contagion risk with COVID-19 as an example, highlighting the spread of risks and the importance of early detection and management.

The Impact of Technology on Financial Markets

Ravalo said that the rapid advancement of technology and its impact on financial markets, including the shift from physical to digital currency and the implications of digital currency for regulators and the need to adapt to new forms of money.

There are challenges of monitoring and regulating the non-bank financial sector, which includes brokers, dealers, and fintechs and the importance of understanding the global perspective on financial markets and the need for coordination between banking and non-bank regulators is crucial, Ravalo noted.

He stresses the need for public awareness and understanding of systemic risk to make informed financial decisions and the role of the public in preparing for future financial challenges and making informed choices about savings and investments.

“This conference aims to raise awareness and identify key issues for collective action and preparedness; the importance of involving the public in discussions about financial markets and systemic risk, with a focus on transparency and communication,” Ravalo said. (Photos: MBCNewman)

 

 

 

 

 

 

 

 

 

#LightTheWorld Giving Machines raise over $32M worldwide since 2017

CEBU CITY – #LightTheWorld Giving Machines raised over $32 million worldwide across 61 locations since the #LightTheWorld initiative began in 2017, and while the Giving Machines were first introduced in the Philippines in 2018 and have since expanded to Davao, Cebu, and Manila, some PHP 700,000 was collected from more than 4,500 donors at machines installed in TriNoma, Ayala Center Cebu, and near the Manila Philippines Administration Office of The Church of Jesus Christ in Quezon City in 2023 alone.

Haide Fajardo, Area Communication and Publishing Director, The Church of Jesus Christ of Latter-day Saints bared that The Church also donated PHP 500,000 to each of the six charitable organizations, totaling PHP 3.7 million in nationwide donations.

Fajardo noted that the Giving Machines provide a unique experience, functioning as vending machines with a twist: each purchase is a donation to a local charity partner and the machines allow people to offer immediate acts of service, with 100 percent of each donation supporting the items purchased or similar essential needs.

Cebu joins Davao, Manila in hosting #LightTheWorld Giving Machines

Nearly 100 guests, media, content creators, officials and program partners of The Church of Jesus Christ of Latter-day Saints in the Philippines launched and unveiled on November 16 the 3^rd location to host the #LightTheWorld Giving Machines in Cebu City at the Atrium, Robinsons Galleria, to join the global Christmas initiative following Manila and Davao City hosting.

“Each Christmas season, The Church of Jesus Christ of Latter-day Saints celebrates the birth and life of Jesus Christ through the #LightTheWorld initiative, inviting people throughout the world to follow Jesus Christ’s example by caring for others, one by one, throughout the Christmas season,” Elder Michael Strong, Second Counselor, Philippines Area Presidency, The Church of Jesus of Latter-day Saints told media is press briefing after the unveiling event.

Elder Strong said that unveiling of the #LightTheWorld Giving Machines here in Cebu City marks the beginning of the season of giving for thousands of Filipinos in need nationwide because 100 percent of the proceeds of the Giving Machines in all locations are shared to partner organizations for their respective charitable programs for children, for the needy, for the elderly, and more.

All administrative costs for the initiative are covered by The Church of Jesus Christ of Latter-day Saints. Giving Machines are found in over 100 locations worldwide including multiple states in the U.S. as well as in Australia, Mexico, Guatemala and three locations in the Philippines.

Giving Machines beneficiaries

Elder Strong bared that for Manila, the beneficiaries include Caritas Manila, HERO Foundation and Alagang Kapatid Foundation.  For Cebu, they are the Cebu Caritas, Feed The Children, and UNICEF Philippines, while in Davao City, the beneficiaries are Mabuhay Foundation, UNICEF Philippines and Ateneo de Davao University.

On top of these organizations and institutions, The Church of Jesus Christ of Latter-day Saints have also funded several selected Humanitarian Projects in 2023 including emergency and disaster response to fire, flooding typhoon, earthquake and oil spill. 

Elder Strong said that The Church provided aid worth nearly one million dollars, assisted over 292,000 people with food, water, hygiene, shelter and essential items. The Church donated over 22,000 relief kits benefitting more than 3M people in regions 1, II and III during typhoon Egay and Falcon Emergency Response.

“We have also provided water, sanitation and hygiene in remote communities; healthcare systems in jails, hospitals and other facilities; Vision care through screening and eye surgeries, wheelchair distribution and training in 10 partnered hospitals and agencies nationwide,” the Elder added.

Education support, implemented in 10 division level and five district level projects of the DepEd alongside 42 individual school projects are also included in the Church’s beneficiaries, with literacy programs in seven school divisions; supplied technology, robotics, science equipment to multiple schools and installed solar electricity in “last mile” schools, Elder Strong shared.

“What makes these vending machines unique is that they provide an opportunity for instant acts of service.  Unlike regular vending machines where patrons purchases items for themselves, these Giving Machines allow individuals to donate directly to benefit others in need,” Elder Strong concluded. (Photos: MBCNewman)

 

 

 

 

 

 

 

 

 

Converge nets P8.2B income for Q3, consolidated revenues at P29.9B in 2024

CEBU CITY – Converge ICT Solutions Inc. reported a net income of P8.2B for the 3^rd quarter of the year with consolidated revenues going up to P29.9B for the first nine months of 2024 driven by the consistently strong performance of its residential, enterprise, and wholesale businesses.

“This sustained upward growth trend is reflective of our effort to make internet access more affordable and inclusive for a broader segment of the market. We are encouraged that our initiatives continue to bear fruit, with our partnerships with tech companies empowering us to strengthen our capabilities and our projects with the government contributing to bridge the digital divide,” Converge CEO and Co-Founder Dennis Anthony Uy said, in a nationwide virtual media briefing on November 13.

Uy said that Company’s net additional residential subscribers hit more than 330,000 in the first nine months of the year, with more than 108,000 from the third quarter.

FiberX gross adds during the third quarter was the highest of the last 10 quarters with churn rate maintained at around 2%. Surf2Sawa recorded its highest quarterly gross and net adds, showing the continuous demand from the broader underserved market.

Converge wrapped up the period with a total of 2.46 million subscribers, logging 13.2% growth in residential revenues to Php 25.4 billion. 

“This is a result of our customer-centric approach, which emphasizes meeting the needs of our subscribers. For the remainder of the year, our focus is to continue exploring innovative ways to enhance satisfaction across our diverse customer base,” Converge Chief Operations Officer Jesus Romero said.

For its enterprise business, meanwhile, revenues improved by 19% to P4.5 billion, as all segments registered double-digit growth during the period, including the wholesale segment which remained strong with 16.6% growth year-on-year. 

Converge Chief Commercial Officer Benjamin Azada mentioned that with the Company’s innovative mindset, Converge intends to support growth by fully leveraging its extensive network to roll out cloud-based technologies and value-added services.

“What sets us apart is, we align ourselves with the future requirements of our customers. Looking ahead, part of our strategy is to complement our core products with more seamless integrations and value-added services so we can retain our customers and potentially tap into new market segments,” Azada said.

Recently, Converge unveiled its collaboration with streaming giant Netflix to offer its newest residential subscription plan, Converge Netflix Bundles.  With the entry-level plan starting from P1,798 monthly, the solution extends customers a holistic entertainment experience, featuring a boosted FiberX plan with specific Netflix subscription tiers.

For hotel and lodging firms, the company also introduced Converge Sky+++, an innovative smart TV solution that includes an in-room entertainment and information hub as well as a high-definition internet protocol television (IPTV). 

Converge also made permanent its minimum 100 Mbps speed boost to all its FiberX subscribers, which was initially launched in February this year in celebration of its back-to-back wins at the Ookla® Speedtest Awards. Its basic FiberX 1500 plan now has up to 300 Mbps speeds while FiberX Plan 3500 subscribers now experience speeds of up to 1 Gbps.

“We’re encouraged by the steady rally of the Company. With this, all signs point to us hitting the 12-14% revenue guidance for 2024,” Converge President and Co-Founder Grace Uy noted. (Photos: Converge FB/Google Images)

 

 

Mayor Garcia pledges to ease burdens of some 2,000 delivery riders in Cebu City

CEBU CITY – Cebu City Mayor Raymond Garcia pledged to ease burdens of some 2,000 motorcycle delivery riders by covering their accident insurance, waive their business permit fee for 2025 and grant an amnesty on unpaid penalties required to obtain a transportation license to operate in the city.

“I’m happy to provide an immediate relief for the delivery riders while their legal victory is on appeal.  These are hardworking individuals trying to make an honest living on their motorcycles, most of whom are the sole breadwinners in their families. These are small tokens of appreciation,” Garcia announced in a dialogue with over 250 motorcycle riders of food delivery app Grab and Food Panda, who had reached out to his office on November 13 to intervene on their working conditions.

The accident insurance and the business permits waiver were among the requests of delivery riders who have recently won a PHP7.4-million suit before the National Labor Relations Commission (NLRC) against the food delivery app Food Panda. The compensation, however, is now on hold after the delivery company filed an appeal with a higher court.

Garcia also let go the payment of any outstanding penalties needed to obtain an ID from Cebu City Transportation Office (CCTO), which is a requirement for all motorcycle-based business in the city but deemed by riders as an additional financial burden.

Garcia bared that he and Council member Jun Alcover, who was at the dialogue organized by Aksyon Na Ta grassroots organization, have been negotiating with a local insurance underwriter to provide accident insurance for the thousands of habal-habal drivers in the city.

Hearing directly from the delivery riders prompted Garcia to include them in the accident insurance coverage, which he plans to pay with his own personal funds.  “I am not going to ask for the city to pay for this. I will pay for it from my own pocket,” Garcia said.

He confidently told delivery riders that those three things are done and that the request for the city government’s intervention will be officially heard in an executive session of the Sangguniang Panglusod on November 20.

He also pledged to convene as early as next week a council for motorcycle riders, which include habal-habal riders and now also the delivery riders, to look into issues that affect their operations in the city. He appointed delivery riders Abraham Lanurias, president of Food Panda Riders Union, and Grab counterpart Noahde Vayson to represent the delivery riders on the council.

Garcia said the agenda of the first meeting of the motorcycle riders will include requiring delivery platform companies to obtain a business permit and to have a physical office in Cebu City. It will also tackle “shadow banning” or placing restrictions on delivery bookings which negatively impact the income of delivery riders.

“I agree 100 percent on the issues you brought up today. I will also invite and initiate a dialog with delivery platform companies and talk about these other issues and hopefully find a solution that’s beneficial to all of you,” Garcia stated. 

 

Silliman, 1st private institution in NIR to receive Fab Lab grant from DTI

DUMAGUETE CITY – Silliman University (SU) and the Department of Trade and Industry (DTI)-NegOr signed a memorandum of agreement (MOA) for the turnover and unveiling of the SINERGY Fabrication Laboratory (Fab Lab), a shared service facility under the DTI program, on November 6 at the Dr. Mariano and Lina Lao Activity Center.

According to Dr. Mae Brigitt Bernadel Villordon, SU interim assistant vice president for Academic Affairs and concurrent dean of the College of Arts and Sciences that Silliman University is the first private institution in Negros Island Region (NIR) to receive a Fab Lab grant from DTI.

“Together with DTI, we foster an enabling environment for private sector development, strengthening the institutional capacity of our local government units to support entrepreneurship, and that the partnership between DTI and Silliman University reflects a shared commitment,” Villordon said in her welcome address.

Villordon noted the potential contribution of the facility.  She said that through the SINERGY Lab, she hopes that there are new ideas to emerge, collaborative ventures to take form, and transformative projects that serve as a catalyst for sustainable economic development both in the school setting and in the communities.

“By integrating the Fab Lab into the university’s curriculum and community outreach programs, it serves as a hub for creative problem-solving and entrepreneurial growth in the region,” SINERGY TBI and Fab Lab manager, Asst; Prof. Janice Antoniette Forster said at the dedication service and blessing ceremony event.

Foster bared that the SINERGY Fab Lab is equipped with up-to-date equipment including 3D printers, laser printer and engraver, printed circuit board (PCB) maker, vacuum forming machine, 3D desktop scanner, embroidery machine, and print and cut machine.

The new facility is envisioned to be a dynamic innovation hub where creativity, collaboration, and entrepreneurship unite to transform ideas into impactful realities thereby creating opportunities that uplift lives and drive societal advancement,” she added.

The SINERGY Fab Lab at Silliman University

Nimfa Virtucio, DTI-NegOr Provincial Director
said, the SSF-Fab Lab is designed to support micro, small, and medium enterprises (MSMEs) in developing prototypes while fostering innovation among students and local entrepreneurs.

“It is a game-changing space for innovation in Dumaguete—the Sinergy FabLab at Silliman University because it is equipped with advanced 3D printing, embroidery, PCB prototyping, vinyl printing, and vacuum forming machines.  This state-of-the-art facility empowers makers, students, MSMEs, and designers to transform ideas into reality, whether it’s creating new product prototypes, experimenting with unique packaging, or honing design skills, the FabLab has it all,” Virtucio bared.

This Php3.2M project supported by the DTI Shared Service Facility (SSF) Program, highlights DTI’s commitment to enhancing productivity, competitiveness, and market access for MSMEs.  

According to Virtucio, among the core values of the SSF-Fab Lab are innovation by supporting cutting-edge research and the development of transformative solutions; creativity by offering space and resources for individuals to explore and realize their creative potential and collaboration by promoting partnerships across disciplines and sectors to enhance learning and accelerate innovation.

She added that it also included entrepreneurship by fostering an entrepreneurial spirit that drives economic progress and personal growth; empowerment by equipping the community with the foundational skills and tools needed to realize their full potential; and accessibility by making the facilities and programs available to all.

"Through DTI's Shared Service Facility Program, we are not only providing access to advanced tools but also fostering an environment where ideas can be turned into tangible, market-ready products.  We are excited to see how this facility will help our MSMEs thrive and our community continue to push the boundaries of what's possible." Virtucio stated.

Dr. Robert Guino-o II, interim executive director for Research, Innovation, and Publication, cited the transformative potential of Fab Labs to offer access to the environment, skills, materials, and advanced technology needed to create virtually anything.  However, he urged that the new facility must align its goals with the pressing challenges of the 21st century.      

“Our goals should be rooted in addressing the critical environmental threats of the 21st century, including global warming and its related crises, plastic pollution and microplastics, and both surface and groundwater pollution,” Guino-o said in his closing remarks.

This shared commitment should be guided by the 17 Sustainable Development Goals and Silliman University’s timeless vision: ‘Via, Veritas, Vita – The Way, The Truth, and The Life,’” Guino-o concluded. (Photos:SU Camera Club & DTI-NegOr)

 

 

SM City Cebu opens Xmas season with Santa’s Enchanted Fables

CEBU CITY – SM City Cebu opened the Christmas Season at the mall with an ensemble of Santa’s Enchanted Fables and lighting the 30 ft. Christmas tree, filling the air with Christmas magic for everyone especially the children as various magical characters out of a fairy tale pranced around the newly renovated North Wing Atrium.

Discover and embrace the Christmas holiday spirit at SM City Cebu beginning November 10 as shoppers step inside into a blue whimsical forest filled with wonder and festive charm that makes one feel like stepping into a magical dream with a larger-than-life Santa, crystal-like animal figures, glowing mystical plants, and dynamic holographic butterflies surrounding the Christmas tree, evoking scenes from Santa's mythical tales.

 

As one immerses in a magical world with enchanting stories and experiences the wonder of Christmas at SM City Cebu starting November 10, the holiday season is further brought to life with weekend activities such as the Santa Squad Spectacle, happening every weekend at 4 PM until December 27.

Don’t also miss out on other exciting festivities, including Postcards to Christmas from December 12-24 from 1 PM to 6 PM; the Grand Christmas Parade around the mall on December 14 at 4 PM; and a Holiday Symphony featuring the USC Choristers on December 15 at 5 PM.

The bear-y much awaited SM Cares Bears of Joy 2024 is here! Say hello to Mikah, Bree, Ash, and Ronnie, SM's adorable new squishy squad!

For just ₱280, Buy One and Donate One with #SMBearsOfJoy2024. Hug a bear, share the joy, and give a child a gift filled with love! Visit the booth located at the Lower Ground Level, Main Mall near Jonie's.

Gather loved ones and celebrate the joy of the season with unforgettable Christmas celebrations at SM City Cebu.  For more updates & inquiries, check out SM City Cebu (Official) on Facebook and on Instagram. (Photos: MBCNewman)