Aboitiz executives trade roles in UBP and AEV
As the Aboitiz Group swiftly adapts to change, as part of its Great Transformation into becoming the Philippines’ first techglomerate, seamless and synergetic adjustments in the organization are being made.
Senior Vice President and Chief Financial Officer (CFO) Manuel R. Lozano of Aboitiz Equity Ventures, Inc. (AEV) and Senior Executive Vice President, Treasurer and Head of Global Markets Jose Emmanuel U. Hilado of Union Bank of the Philippines (UBP) will be trading roles effective January 1, 2023. Mr. Lozano will be the Executive Vice President CFO of UBP while Mr. Hilado will be the Senior Vice President, CFO and Corporate Information Officer in AEV.
UnionBank recently hired a new treasurer and Global Markets Head to replace incumbent Mr. Hilado beginning October 1, 2022. Mr. Hilado will then assume the role of UBP’s CFO until December 31, 2022, after which he will transfer to AEV.
Mr. Hilado will be overseeing AEV’s Treasury; Tax Advisory and Compliance Services; Finance, Accounting and Business Support; Investor Relations; Legal and Compliance. There may be some more adjustments at the appropriate time.
Meanwhile, Mr. Lozano as UBP CFO will supervise the bank’s finance unit and would serve as the chief financial spokesperson for the organization. He will be a key player in crafting and implementing the bank’s business strategies as well as working hand in hand with the business units to ensure consistent and superior operating performance.
He will oversee several units including Controllership; Corporate Accounting; Tax and Insurance; MIS; Finance; Corporate Planning and Investor Relations; Remedial Management and Asset Recovery; Business Services (Facilities, Procurement and other services); and Wholesale Credit Review.
Mr. Lozano will directly report to UBP President and Chief Executive Officer Edwin Bautista with regard to all strategic and tactical matters as they relate to corporate portfolio strategy and capital allocation, budget management, balance sheet management, and tax optimization. (PR)
BDO Partners with other Asian banks on transition finance guidelines for the region
BDO Unibank joins leading Asian banks in advancing energy transition finance with the publication of the Asia Transition Finance Guidelines and the Asia Transition Finance Activity Report, aimed at helping Asian economies achieve a “just and orderly transition” toward a more sustainable future.
BDO is a member of the Asian Transition Finance Study Group (ATF Study Group) that drafted the guidelines in pursuit of an Asian version of transition finance that is more realistic and achievable for Asian nations. The reports, the Asia Transition Finance Guidelines, and the Asia Transition Finance Activity Report, were created after months of discussion among the core bankers, joined by development banks, export credit agencies, public agencies and finance associations.
Led by MUFG Bank of Japan, the ATF Study Group was set up in recognition of the important role that transition finance will play in helping Asian economies move toward net-zero emissions and the challenges they will face. Its goal is to create practical recommendations to supplement existing frameworks, including global standards and taxonomies, when financial institutions consider and assess transition finance cases.
The two reports are aimed at distinct audiences. The ATF Guidelines, which are primarily for financial institutions, include technical guidance and transition support for transition finance assessment. The ATF Activity Report, which is for broader stakeholders, is made up of a list of support items the Study Group believes is needed to encourage greater stakeholder engagement.
BDO Unibank believes that its sustainability journey, along with other Asian financial institutions, will be more gradual in pace compared to counterpart banks in Europe and the United States. But in collaborating with others, BDO Unibank welcomes the opportunity to bring everyone towards the same direction and better manage the energy transition for Asian nations.
BDO Unibank will continue to expand its Sustainable Finance initiatives, in place since 2010, towards funding new and existing renewable energy projects to increase their capacity, and support the country’s avoidance of greenhouse gas (GHG) emissions.
The ATF Study Group’s activities are in alignment with the "Asian version of transition finance,” one of the key pillars of the Asia Energy Transition Initiative (AETI), introduced by the government of Japan to bolster energy transition in Asia. Ministers of Asian countries endorsed the ATF Study Group’s activities at the first meeting of the Asian Green Growth Partnership Ministerial Meeting in April. The ATF Study Group’s new reports were released today at the second ministerial meeting, with hopes they will encourage further understanding of transition finance across Asia.
The ATF Study Group will continue to collaborate with broader stakeholders and meet regularly, working to update and enhance the ATF Guidelines, collaborate further with stakeholders, and encourage implementation of transition finance. (PR)
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Online stock trading made easy with BDO Securities
Investors who want to benefit from investment opportunities look for ease and convenience when choosing an online trading platform, and that is exactly what BDO Securities brings to the table.
BDO Securities’ most distinctive competitive advantage lies in the company’s ability to provide fast, easy, and accessible investment solutions to its valued clients.
Quick: On top of the speedy 5-minute onboarding process, investors can also perform real-time funding and withdrawals.
Easy: Customers can easily access the local stock market by utilizing BDO Securities’ online platform.
Accessible: BDO Securities provides investors with relevant content and market expertise including commentaries to enable them to make the right trading decisions.
In addition to the in-depth reports given to customers as guide in their trading journey, BDO Securities offers clients access to local equities which can be easily accessed online. From beginners to investment-savvy customers, many investors have turned to BDO Securities due to the ease and convenience of real-time funding that a BDO online account offers.
“At BDO Securities, we offer real-time convenience of doing transactions wherever they are so as not to miss any opportunity. We keep them informed by providing them with solid and relevant insightful research and market updates to ensure that they are equipped to find the right trades,” said Bernhard Aloysius G. Tsai, COO of BDO Securities.
BDO Securities was recently named as the Best Retail Broker in the Philippines in the Annual Alpha Southeast Asia Best Financial Institution Awards.
Start your stock trading journey now. Visit the BDO Securities website and sign up for an account within 5 minutes. (PR)
BDO Securities provides access to research reports with relevant market updates, insights and commentaries that help investors make informed investment decisions. Supplied Photo
Aboitiz Construction named Top 2 business taxpayer in Claver, Surigao del Norte
On September 3, Aboitiz Construction (ACI) was recognized by the municipal government of Claver, Surigao del Norte as the second-highest business taxpayer of 2021 under the Contractors and Other Independent Contractor category.
Mayor Georgia D. Gokiangkee led the awarding ceremony which was held as part of the Panaghiusa Festival, organized by the Department of Social Welfare and Development (DSWD). The word “panaghiusa” means “solidarity” in Cebuano, with the festival highlighting the positive impact on the livelihood of DSWD beneficiaries.
“This great recognition speaks about our responsibility to ensure our compliance with the government and to amplify our purpose of building a better future,” said ACI Assistant Vice President for Finance Charisse Nierra-De Villa.
Since 2012, ACI has been involved in the maintenance works for a mining plant in Claver. Over the past decade, they have provided jobs to nearly 800 workers from the local community. Their scope of work includes preventive maintenance, conditional monitoring, and electrical and instrumentation works to ensure efficient operations of the plant.
Beyond building and growing businesses, the Aboitiz Group has always been committed to advancing the communities that have opened up to them. Working with and for the people of Claver, a bond of solidarity, or “panaghiusa”, has developed between them. This municipal government recognition validates the values that underpin the work ACI has been doing within the community.
As part of the Aboitiz Group’s Great Transformation, with a renewed entrepreneurial mindset fueling its growth, ACI has been focusing on projects in the industrial, infrastructure, and maintenance sectors. True to its commitment to advance businesses and communities, these projects provide job opportunities for Filipinos nationwide. (PR)
PANAGHIUSA. Mayor Georgia D. Gokiangkee hands over the award to Aboitiz Construction Inc. (ACI) team members, recognizing the firm as the second-highest business tax contributor in Claver, Surigao del Norte under the Contractors and Other Independent Contractor Category.
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STOCK PICKING IN TIMES OF HIGH INFLATION
Inflation concerns persist but stock market investors are advised not to be disheartened by this scenario.
Inflation slowed to 6.3% in August (from 6.4% in July) due to easing oil prices and slower increases in food prices. Inflation now averaged 4.9% year-to-date and BDO Securities expects it to settle at 5.3% for this fiscal year assuming inflation will peak this quarter.
However, the Philippines remains vulnerable to inflation risks given its status as a food and energy importer.
“Philippine inflation basket is more sensitive to food and energy commodities (oil, coal, rice). While commodity price trends have softened as of late (due to slowing global growth concerns), we think domestic factors (i.e. tight food supply) are set to become the primary drivers of inflation going forward,” said Abigail Chiw, BDO Securities Head of Research.
BDO Securities said that while elevated inflation remains the key risk for equities and earnings growth -- as it erodes consumers’ disposable incomes, investor risk appetite, and overall business sentiment – investors can look at stocks with strong balance sheets and resilient business models.
“Investors can explore stocks that offer products and services with enduring demand and cost pass-through structure as these are better positioned to manage inflation headwinds,” added Chiw.
Cost pass-through describes what happens when a business changes the price of the products or services it sells as a result of change in the cost of producing them.
“Given the uncertain macroeconomic backdrop, we suggest investors to consider quality names in consumer, banks, property, and conglomerates, or sectors which we expect to still benefit from positive reopening dynamics and offer healthy earnings growth at reasonable valuations. Several of these names are also trading at deep discounts (i.e. below book value) and are good value recovery plays, in our view,” she explained.
For the consumer sector, Chiw said investors can look at Puregold, Robinsons Retail and D&L Industries; while BPI, Metrobank and Security Bank are decent picks for the financial sector.
Ayala Land, Megaworld and Robinsons Land are the stock picks for the property sector, while Alliance Global, SM Investments and GT Capital are strong bets among the conglomerates.
BDO Securities is a full-service, multi-product securities distribution house, and a wholly-owned subsidiary of BDO Unibank’s investment banking arm BDO Capital & Investment Corporation. It covers a number of domestic equity funds that actively trade the stock market and has a solid equity research offering, with its analysts regularly making insightful “buy” and “sell” calls.
The company was declared the Best Retail Broker in the Philippines at the recently held 15th Annual Alpha Southeast Asia Best Financial Institution Awards 2021. (PR)
SEC-CDOEO WARNS PUBLIC AGAINST WELLCONS, CEASE AND DESIST ORDER NOW PERMANENT
The Securities and Exchange Commission (SEC) has made permanent its order for Wellcons Unlimited Systems, Inc. to stop offering investment packages to the public without the necessary license from the Commission.
In a resolution dated August 11, the Commission En Banc denied the motion of Wellcons to lift the June 23 cease and desist order (CDO) issued against the company for soliciting investments from the public in the guise of health products.
In Northern Mindanao, the prevalence of Wellcons outlets is noticeable. Hence, SEC Cagayan de Oro Extension Office continuously reminds all of its investors to stop investing and those who were invited to be cautious in dealing with their investments.
Wellcons offered investment packages worth P2,500 to P13,890 under a so-called binary system, with guaranteed returns of P9,000 to P32,000 per day.
Investors could further earn from Wellcon’s Pangkabuhayan Program, where they could supposedly double their money within six months by availing of investment packages worth P1,500 to P5,000. In addition, Wellcons promised leadership bonuses and referral fees, among others.
Wellcons’ investment scheme involved securities, particularly an investment contract, whereby a person invests his money in a common enterprise and is led to expect profits primarily from the efforts of others, according to the SEC Enforcement and Investor Protection Department (EIPD).
Section 8 of Republic Act No. 8799, or the Securities Regulation Code, provides that securities shall not be sold or offered for sale or distribution within the Philippines, without a registration statement duly filed with and approved by the SEC.
While Wellcons was a duly registered corporation with the SEC, it had never secured a secondary license from the Commission to operate as a broker/dealer of securities, nor is it a registered issuer of any securities.
In its motion to lift the CDO, Wellcons argued, among others, that its business consisted mainly in the sale of health products, which were distributed to the consuming public through the various packages, with different subscription amounts.
“The complaints which the EIPD submitted in evidence show that member-investors actually purchased investment packages with the guaranteed returns, rewards, and monthly earnings as their main consideration for parting with their hard-earned money,” the Commission En Banc said.
The Commission En Banc cited the sales invoice that Wellcons itself submitted in evidence. It observed that there was nothing in the sales invoice that will show that the payor purchased Wellcons products, and that the sales invoice rather confirmed the sale or offer of investment packages by Wellcons, as stated in the foregoing marketing/advertising material which is published/posted online.
“More importantly, the foregoing shows that the allegations and evidence presented by WELLCONS are replete with admissions that the packages that were offered and sold to the public were investment contracts because its investors actually bought the same primarily because of the returns/earnings that were promised, and not because of the products,” the Commission En Banc said.
“Under this scheme, member-investors of WELLCONS clearly had a stake in the operations of the company in the sense that they profited and/or stood to profit in the continued sale of the investment packages,” it added.
The SEC issued an advisory against Wellcons as early as February 2, in order to warn the public against investing in the group and similar entities.
The SEC Enforcement and Investor Protection Department (EIPD) would proceed with the revocation of the certificate of incorporation of Wellcons through an order dated July 5, for illegally soliciting investments from the public through a “double-your-money” scheme.
“Since the issuance of the SEC advisory against Wellcons, we have attended to several radio and television interviews to help in information dissemination for the investing public. We have maximized as well our efforts on print circulation relative to the updates on Wellcons. With this, we continuously remind the public to stop investing or be cautious on the invites offered by any Wellcons’ representatives as the CDO against them is already permanent” Lawyer Frederick A. Enopia, Director for SEC-CDOEO in his statement.
In soliciting investments from the public without the necessary license from the SEC, Wellcons committed an ultra vires act under Section 44 of Republic Act No. 11232, or the Revised Corporation Code of the Philippines, according to the EIPD.
The company’s activities also constituted serious misrepresentation as to what it can do, to the great prejudice of or damage to the general public, a ground for the revocation of a corporation’s certificate of registration under Presidential Decree No. 902-A, the EIPD added. (PR)
Stronghold Insurance inaugurates 9-storey building in Cagayan de Oro
THE inauguration of the 9-storey building of Stronghold Insurance Company Inc. (SICI) is a 'payback time' for the support of its clients and the public over the years, its executives said Wednesday, July 27.
SICI Executives: From left
SICI Vice President Pilarcita Pearson;
SICI President and General Manager
Romulo Delos Reyes Jr.; and
SICI Chairman Atty. Emmanuel Dooc
PLDT calls for vigilance against illegal cable cutting operations
BDO integrates benefits of digital to branch banking via self-service technology
Local businesses are turning to self-service technologies to provide safer and more efficient ways for customers to accomplish their daily transactions.
Aside from local enterprises such as laundromats, convenience stores, and restaurants, big establishments such as banks are also adopting self-service technologies to cater to the evolving needs of their customers.
BDO Unibank is combining digital self-service solutions with person-to-person customer service to enhance the in-branch banking experience of its clients. But most importantly, these solutions are deployed so clients can do their transactions faster.
In-branch innovations
BDO branches now offer paperless transactions processing where clients can input their transactions in a kiosk inside the branch instead of filling up forms manually. For a more seamless and safer customer experience, clients also have the option to book an appointment online for their branch visits, receive a QR code to be scanned on the QMS (queue management system) scanner once they reach the branch, and immediately fall in queue.
BDO clients who have already experienced said upgrades acknowledged convenience in the usage—giving them a level of comfort and ease, and quicker processing.
Additional self-service innovations will be rolled out in the branches such as the BDO Universal Machine that allows clients to deposit checks easily, even without the assistance of a branch personnel.
The introduction of self-service technologies in its branches is part of BDO’s digital transformation efforts to make its service delivery more efficient and to promote customer satisfaction across all its channels. Go to www.bdo.com.ph/book-your-visit for more details on branch visit online booking.
How to book your branch visit
1. Use any of your devices to visit www.bdo.com.ph/book-your-visit
2. Select all the transactions you need.
3. Choose your preferred branch, date, and time and save the QR Code.
4. Visit your preferred branch on your scheduled appointment and proceed to Service Assist machine to scan your QR Code.
5. Get your queue number ticket and relax as you wait for your turn.
Sustainalytics updates Sustainable Finance Framework accreditation
BDO Unibank, Inc. (BDO) has recently received an updated accreditation on its Sustainable Finance Framework (SFF) from Sustainalytics relative to the expansion of SFF eligible categories to include blue projects aligned with current market standards. This follows the Bank’s issuance of its maiden USD100 million Blue Bond earlier this month through an investment from the International Finance Corporation (IFC).
Sustainalytics, a leading independent Environmental, Social and Governance (ESG) research and ratings provider based in New York, expressed that in their opinion “BDO is adequately positioned to issue sustainability bonds and that the Framework is robust, transparent and in alignment with the four core components of the Green Bond Principles (2021), Social Bond Principles (2021), Green Loan Principles (2021) and the ASEAN Sustainability Bond Standards (2018).”
The expanded SFF includes eligible blue categories such as sustainable water and waste water management, and offshore renewable energy. These are in addition to green categories that include among others, renewable energy, green buildings, clean transportation, as well as social categories that include employment generation and food security.
The expanded SFF strengthens the Bank’s support for targeted and responsible projects seen to facilitate the country’s transition to a low-carbon economy while advancing socio-economic development in the Philippines. (PR)
THE NORTHWING: THE NEW FACE OF SM CITY CDO UPTOWN
SM City CDO Uptown has become bigger, better, and more exciting with the opening of The Northwing, a four-level building that will connect to the main mall. It brings additional leasable spaces of 63 units, spread across 8,000 square meters of food and retail space.
With this, kagay-anons are in for more great shopping, leisure, and entertainment, as this new venture is set to jump-start the mall's development project, infusing fresh energy into the uptown community and raising the level of malling comfort and convenience.
The Northwing brings in bold new flavors, new passions, and attractions. It will house a mix of new food and beverage concepts, specialty, wellness, and services. On the ground floor, you will find shops such as The Coffee Lab, Tiger Sugar, Magsugba Ta, Fat Chef, Pawssentials, and Batinga Animal Clinic.
On the second floor, shoppers and mall goers will enjoy the products and services of St. June Optical, Enchante, Salon de Rose, Move Dance Studio, MCM Salon, 80 degrees, Skin Rev, Mich & Myl, David's, Twinhead, Smile Designs, and LLanillo Optical.
With The Northwing's design, SM fulfills the need for safe and breathable spaces as it incorporates open-air dining areas and pockets of lush greenery. It also elevates the sense of well-being by providing a refreshing leisurely experience to meet the changing lifestyle of today's customers.
For customer convenience, the building has over 300 parking slots located on its third and fourth floors.
SM City CDO Uptown first opened in 2002, the first SM supermall in Northern Mindanao. Like a city that keeps on growing, it has reinvented itself to meet the changing needs of the community over the years. In 2022, SM continues to redefine the malling experience in Northern Mindanao by opening a great door of opportunities as it evolves into an exciting lifestyle destination.
Get ready as we unfold a new look and a new name, and provide the opportunity to expand your business, helping to grow your brand in this exciting redevelopment in bustling uptown Cagayan de Oro.
Discover new shopping thrills, delightful tastes, and fun malling experiences in this new and vibrant SM City CDO Uptown. (PR)
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San Miguel Beer Launches New Hard Seltzer Brand
Filinvest adopts a PH Eagle
Filipina students from Mindanao established a Crypto Start up Successfully
As the two young ladies saw more opportunities in the space, they decided to start a crypto media (facebook page: https://www.facebook.com/ctrilz), with a beta launch on June 20th, more with a goal of increasing people's understanding of blockchain and cryptocurrency in the country, hence, increasing adoption. 
Annie Encabao
Franchezka Zapanta
Power Mac Center expands in Zamboanga with SM City Mindpro branch
Premier Apple partner Power Mac Center (PMC) is capping off the second quarter of the year on a high note as it opens its second branch in Zamboanga City in SM City Mindpro, the first SM Supermall in the Zamboanga Peninsula, on June 15, 2022.
Strategically located at one of the busiest thoroughfares in the city, Power Mac Center Mindpro is a welcome addition to the area’s bustling economy, with the goal of serving further the Apple needs of Zamboangueños and residents of nearby provinces.
“Zamboanga City is home to an international port of entry and serves as the cultural, economic, and educational center in the Zamboanga Peninsula. Expanding reach in this area has been a priority for Power Mac Center as we continue to support the technology needs of Filipinos under the new normal. We aim to provide the best of Apple technology geared towards creativity and improving productivity in everyday life, whether it’s for home, school, and business,” said Joey Alvarez, PMC Director of Product Management and Marketing.
In celebration of its opening, Power Mac Center Mindpro is holding a special five-day promo. From June 15 to June 19, 2022, customers can enjoy up to 5% off when purchasing Apple devices and up to 20% off on select accessories. Partner premium brands participating in the promo include ADAM Elements, Before Anything Else, Just Mobile, PanzerGlass, SwitchEasy, and Whoosh!.
Customers can avail the discounts at the store via non-installment payments such as cash, straight credit, debit, bank transfer, check, HomeCredit, GCash, GrabPay, WeChat, AliPay, PayMaya, Hello Money, Unionpay, BDO Pay, and Wirecard.
SM City Mindpro is located at La Purisima St. Brgy. Zone III Poblacion, Zamboanga City. Power Mac Center Mindpro is at the Cyberzone on the fourth floor and is open daily from 10 AM to 8 PM. For inquiries, contact (062) 697 1502 or +639171153425. (PR)
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Support local chocolates and cacao in the Cacao Mindanao Chocolate Fair
Make your weekend sweeter with locally produced cacao and chocolates from Northern Mindanao at the Cacao Mindanao Chocolate Fair in SM City Cagayan de Oro and SM CDO Downtown Premier on May 27-29, 2022.
The 3-day event will promote the local cacao processors in Mindanao and showcase all local cacao and chocolate products.
Bukidnon and Misamis Oriental chocolate brands that will participate in the chocolate fair and are being assisted by the Department of Trade and Industry (DTI)-10 are Tsoko Co. of AM Noble Nature’s Blessing, Casa Amante of Waterfall Agricultural Products Training, Cacao de Oro of Cacao de Oro Processed Food Manufacturing, Papa Jun’s Tablea de Cacao of Papa Jun’s Food Products, Tablea de Monica and KZP Dark Chocolate of Nanay Vince Food Products, Farmer’s Pride: Tablea de Bukidnon of Balaoro Farmer’s Association Inc. (BAFA), and Bencals of Bencals Food Products.
Cacao Mindanao Chocolate Fair is organized in partnership with Cacao Industry Development Association of Mindanao Inc. (CIDAMI), SM Supermalls, DTI, and Department of Agriculture (DA). (PR)
BDO Capital’s president is Alpha Southeast Asia’s 1st Filipino Achievement Awardee
The BDO leader holds a MBA from the Wharton School of the University of Pennsylvania and Bachelor’s degree in Business Administration from the University of the Philippines. Outside of BDO, he helps the PSE, the Bankers Association of the Philippines (BAP), and the Philippine Dealing & Exchange (PDEX) with their product launches and rule changes from time to time.
Francisco is a recipient of the Financial Management Excellence from the University of the Philippines and the Distinguished Alumnus Award from the U.P. College of Business Administration. He was honored by BizNewsAsia as one of the Nation Builders and was an Asia Leaders Awards’ Mentor of the Year finalist. (PR)
First Filipino recipient. Eduardo Francisco, President of BDO Capital & Investment Corporation, was awarded by financial publication Alpha Southeast Asia with the prestigious Achievement Award for Contribution to Local Capital Market during its 15th Annual Best Deal & Solution Awards 2021. He is the first Filipino recipient and only the third awardee in 15 years.
LEADING MOTOR COMPANY ARRIVES IN CAGAYAN DE ORO
TVS motor company with its trade ally and partner Rhean Motor Center Inc. (RMCI) opens its newest flagship lifestyle store located in Bulua High Way Cagayan de Oro City.
The store has officially opened its doors to the public on May 5, 2022 to cater the growing demand of TVS three-wheeler, the TVS King Euro (tricab) as it dominates the Mindanao Market.
(photo by steph berganio)
The company also expedites the promotion of lifestyle products such as Ntorq and RR 310 which offer affordable option for personal transportation in two-wheeled delivery sector.
Aside from its strategic location, it offers a more accessible space for clients, features a bigger and better office space, showroom and servicing facilities.
The grand opening was graced by Mr. J J Thangarahan, the President Director of PT TVS Motor Company together with Rhean Motor President Engr. Edgar Lao; Operation Manager Mr. Wilmer Bilbao and Mr. Vaibhav Srivastava, TVs Regional Busines Head.
General Manager Engr. Edgar Lao said that they are planning to open more branches in Northern Mindanao and soon they will open its branch at El Salvador City, Misamis Oriental were the three wheeled vehicles are allowed by LGUs to travel.
“With the on-going implementation of Government rules and regulations, it is our edge among other players that TVs King meets Euro 4 Emission Standard for Sustainability and environment-friendly requirements,” he said, assuring that their products are only of good quality compare to other brands. “Hindi ka magsasayang ng pera, nakikita niyo ang quality….it can travel on terrains.” He added.
The TVS brand conjures market leadership in the country and provides total costumer satisfaction.
BDO warns against scammers offering help in opening online banking account
As online scammers remain on the prowl for potential victims, BDO Unibank advises its clients and the banking public in general to follow this simple caution: if you didn't join any contest, you didn't win anything. Don't fall for offers that are too good to be true because they most probably are not true.
Scammers are calling account holders informing them about a prize they allegedly won and encouraging them to open an Online Banking account to redeem it. These scammers will be offering their help and asking the victim to activate it using a code they will be providing.
However, the Bank bared that this supposed offer to "help" or "assist" account holders in opening an online banking account is just a modus by scammers to get direct access to their would-be victims' bank account.
BDO warns clients that if they have an online banking account, scammers may try to take over their account through email or phone scam by offering higher daily transfer limit, stronger account security, or other enticements.
"They will trick you into allowing a third-party account to be enrolled to your Online Banking account through ATM activation," the Bank said.
Once this is done, BDO explained that scammers will be able to fully take over the victims' account and steal their money.
"Don't instantly fall for promising rewards or other enticements that will lead you to share your account details to others," the Bank stressed. "BDO will never ask you to activate your Online Banking account via ATM to claim rewards or upgrade your account/ATM. Also, do not let others assist you in opening an online banking account or activate it via ATM.”
“ATM activation is required only when account holders initiate the Online Banking or third-party account enrollment themselves,” the Bank added.
BDO encourages clients to report suspicious incidents to [email protected] or get in touch with its representatives by logging in Messenger and looking for BDO Customer Care with the blue verified checkmark from Facebook. Clients may also call its hotline at 8631-8000 or email at BDO at [email protected]. (PR)
BDO 1Q income up 13% to ₱11.7 billion
BDO Unibank, Inc. (BDO) posted a 13% year-on-year (YoY) increase in net income to P11.7 billion for the 1Q 2022, driven by the Bank’s core businesses.
Loan portfolio rose by 7% to P2.4 trillion on strong demand from corporate borrowers, the recovery in the middle market, and the resilience of the consumer segment. Deposits went up to P2.8 trillion driven by the 11% YoY increase in Current Account/Savings Account (CASA) deposits, now comprising ~86% of total deposits. This resulted in net interest income of P33.9 billion, 6% higher than a year-ago.
Non-interest income increased by 9% to P16.7 billion, driven by fees and insurance premiums. Trading and forex gains were in line with normalized business levels.
Operating expense (OPEX) growth was manageable at 3% YoY to P31.8 billion.
Asset quality continued to improve with NPL ratio down to 2.72% from 2.81% last year. The Bank maintained its conservative credit and provisioning policy with provisions at P3.7 billion compared to P2.9 billion a year-ago, resulting in higher NPL coverage at 120.8%
Total capital base strengthened to ₱429.9 billion, with the Capital Adequacy Ratio (CAR) and Common Equity Tier 1 (CET1) Ratio both increasing to 14.6% and 13.5%, respectively, comfortably above regulatory minimum.
BDO’s Return on Common Equity (ROCE) for the 1Q 2022 increased to 11.09% from 10.56% in the same period last year. The Bank’s Book Value per common share rose to P96.47 as of end-March 2022 for a 7% year-on-year growth.
BDO’s sustained earnings performance, robust business franchise, and solid capital base place the Bank in a good position for long-term sustainable growth. (PR)
Key highlights are: Core businesses maintain their growth momentum, and Asset quality improves with economic reopening and increased mobility.