PSBank net income rise by 102% in Q1 2022
Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, registered a Php888 million net income for the 1st quarter of 2022, up 102% year-on-year. The surge in net income was driven by revenues from other operating income and improved asset quality.
The Bank’s net interest income reached Php2.7 billion while service fees and commissions rose by 14% as loan demand expanded when quarantine restrictions were loosened. Non-interest income also went up by 190% resulting from increased business activities. This was offset by an uptick of 6% in operating expenses due to higher volume albeit being kept in check through continuous improvements in productivity and operational efficiency.
The Bank’s asset quality further improved resulting to the reduction in credit provisioning by 68% to Php346 million from Php1.1 billion a year ago. Gross non-performing loans is back to pre-pandemic levels, posting a decline of 30% from the same period last year.
The Bank’s balance sheet became stronger. Total assets grew 16% to Php263 billion year-on-year. Total deposits jumped by 24% to Php217 billion with low-cost checking and savings deposits increasing by 9%. Capital position improved by 2% to Php35 billion as of first quarter-end 2022. Total Capital Adequacy Ratio and Common Equity Tier 1 Ratio improved to 24.5% and 23.4%, respectively. Both ratios remain above the regulatory minimum.
Despite challenges in the market primarily caused by the health crisis, PSBank has maintained its Issuer Credit Rating of PRS Aaa (corp.) with a Stable Outlook from the Philippine Rating Services Corporation (PhilRatings). Such rating reflects the company’s very strong capacity to meet financial commitments relative to other Philippine corporates; and seen to be unchanged in the next 12 months.
Aisin unveils new marketing campaign
The world’s leading manufacturer of high-quality automotive equipment parts, Aisin, has unveiled its new marketing campaign as part of its constantly growing success in the Philippines.
As it moves forward along the new normal, Aisin Philippines is also launching other plans and projects for this year. This new dynamic campaign is a great means of sharing all the exciting news to come in 2022 and beyond.
The campaign was unveiled during the launching ceremony, attended by its dealers, business partners, and loyal customers. As part of the event, Aisin Philippines also recognized and awarded their dealers and valued customers for their efforts on the fiscal year 2021.
Highlighting the theme, “The Future is Within,” Aisin continues with its successful collaboration with brilliant innovators who help the company provide state-of-the-art and sustainable mobility solutions for the market.
Aisin’s powerful team of engineers and designers also showcased the brand’s innovative solutions and its ever-growing product portfolio.
The event also highlighted Aisin’s message of bringing out the “power of the unseen,” as it continues its track record of delivering advanced automotive equipment parts that have long been part of our safe and smooth journey on the road.
GoGo Xpress to double merchants, buyers
QuadX eyes to double to 3 million and 40 million sellers and buyers, respectively, using its logistics platform GoGo Xpress as it launches more features and seller tools that would benefit merchants and customers.
“As of today, we have successfully connected almost 1.5 million casual social sellers to over 20 million buyers,” said Mia Bulatao, president and chief operating officer of GoGo Xpress, in a press conference on Wednesday.
GoBenta for one is an enhancement to GoGo Xpress’s Sell-A-Product feature, which allows sellers to create up to 100 product links that would include descriptions, stock availability, and price within the GoBenta storefront.
Sellers can link their GoBenta store to their Facebook Page’s chat with Messenger Shop or just share the link on their social media, so Online Buyers can easily visit, and check out items they wish to purchase.
Buyers can input their delivery details and have the option to choose COD without having to pay a COD service fee.
Sellers using GoGo Xpress can also create their own special discounts for the items they are promoting with the promo code generator
The Final Pitch launches Asean
Southeast Asia’s first business reality TV show designed to back and scale the region’s next unicorns, “The Final Pitch Asean (TFPA),” is searching for tycoons and business leaders to represent select Southeast Asian countries as investor-judges in the show.
After seven successful season runs in the Philippines, TFPA expands to the rest of the region and will feature high-growth startups and strategic investors from Southeast Asia.
TFPA is looking for investor-judges who can make investments in scale-up startups who want to expand to their home countries. The business show is now on the lookout for representatives from Singapore, Philippines, Malaysia, Indonesia, Thailand, and Vietnam to be the face of their country in the regionally aired show.
The show will initially be selecting investor-judge candidates from each country within the next two months through a regional roadshow.
The Asean version will follow the same format as the highly successful Philippine edition, the show’s proof of concept that has helped more than 100 startups and successfully funded millions of dollars into the Philippine startup ecosystem.
Great deals
Honda Cars Philippines Inc. (HCPI) extends its “Great Deals Under the Sun” and offers additional exciting promos this month of May.
Customers can bring home a brand-new Honda BR-V with exclusive treats and offers until May 31, 2022. Plus, HCPI has other awesome deals on select models.
Interested buyers can now own a brand-new 22YM BR-V 1.5 S CVT through these exciting deals: promo discount: P60,000; special low all-in downpayment for as low as P10,000 and; low monthly amortization for as low as P19,374
Exclusive treats include free o-Year periodic maintenance service, 30 percent off on BR-V accessories as well as discounts on parts.
LIMA Estate partners with PLDT Enterprise
LIMA Estate has tapped PLDT Enterprise to roll out fiber connectivity within its 794-hectare industrial-anchored development in Lipa-Malvar, Batangas.
LIMA Estate is a mixed-use development zone that hosts 130 locators, 167 retail stores and restaurants, a 138-room 4-star hotel, a transportation hub, and holds over 2,000 households. It also employs over 60,000 employees.
PLDT Enterprise will provide solutions and services to support the connectivity requirements in the area. These include Smart postpaid plans, mobile number portability (MNP), and ePLDT services such as enterprise resource planning (ERP), cloud, and cybersecurity services.
PLDT Enterprise will also activate a new Smart LTE Site that will be upgraded to 5G in the first quarter of 2022.
Chevron, AMCHAM donation
Caltex, marketed by Chevron Philippines Inc (CPI) in partnership with the American Chamber Foundation Philippines, Inc. (AMCHAM) recently donated 93 refreshed laptops to various scholars and beneficiaries including the Jesuit Bukidnon Mission.
The Jesuit Bukidnon Mission (JBM), which is currently supporting 100 Lumad youth scholars in Mindanao, received fifty (50) laptops through AMCHAM Foundation. JBM empowers youth scholars to become leaders by giving them quality education and holistic formation.
Of the 50 units, 40 units will be distributed for common use at JBM’s high school dormitories and one college dormitory. The remaining 10 units have been allocated to Tagbanua Ministry under the auspices of the Loyola College of Culion (LCC) in Palawan.
Maynilad offers desludging services this May
West Zone concessionaire Maynilad Water Services, Inc. (Maynilad) is offering septic tank cleaning services to its residential and semi-business customers this May in select parts of Caloocan, Las Piñas, Makati, Malabon, Manila, Muntinlupa, Navotas, Parañaque, Pasay, Quezon City, Valenzuela, and Cavite Province at no extra cost.
The company has adopted new and more stringent protocols in the conduct of desludging services to ensure the safety of its customers who will avail of the septic tank cleaning. Maynilad requires all of its desludging personnel and vacuum truck unit operators to wear personal protective equipment (PPE), practice physical distancing, and undertake extra disinfection procedures to protect against the spread of COVID-19.
“We have made our already-stringent desludging safety protocols even stricter, to assure our customers that we are taking all necessary steps to protect them from possible COVID-19 infection as we deliver our desludging services in their homes,” said Maynilad COO Randy T. Estrellado, adding that customers should avail of the service because it helps to protect community health and the environment.
Customers residing in Barangay 80, 160, 161, 163 to 166, 170, 171 and 177 in Caloocan; Brgy. Almanza Uno in Las Piñas; Brgy. Bangkal and Magallanes in Makati; Brgy. Acacia, Longos, Potrero and Tenejeros in Malabon; barangays under Sampaloc in Manila; Brgy. Bayanan in Muntinlupa; Brgy. North Bay Boulevard (North and South) in Navotas; Brgy. BF Homes and Sun Valley in Parañaque; Brgy. 183 and those under Baltao, Maricaban and Pildera 2 in Pasay City; Brgy. Baesa, Bagbag, Bahay Toro, Kaligayahan, Sangandaan and Sauyo in Quezon City; and Brgy. Gen. T. De Leon and Ugong in Valenzuela City may avail of Maynilad’s desludging service.
Some Maynilad customers in Cavite Province, particularly in Brgy. Habay I, Ligas I to III and San Nicolas I in Bacoor City; Brgy. 10-A and B, 13, 16, 18, 19, 23, 26, 28, 29 and 29-A in Cavite City; and Brgy. Bayan Luma I to IX in Imus City may avail of the company’s septic tank cleaning services at no extra cost. Septic tank cleaning service normally costs around Php 4,700 per truck.
