Cashless, hassle-free way to pay electricity bills

Bills payment

Cashless, hassle-free way to pay electricity bills

The pandemic encouraged contactless ways for people to attend to their obligations, so utility companies like Davao Light and Power Co. Inc., an AboitizPower subsidiary, amplified their online payment services by partnering with banks and e-wallets.

Customers can pay their bills in the comfort of their homes using their phones, tablets, or computers. Aside from saving up on the transportation cost from physically going to the payment centers, they can also save the time spent from queuing in line to pay their monthly bills.

Customers can now pay their bills online, in the comfort of their homes, through third-party agent partners of Davao Light.

Customers can pay their electricity bills through GCash, Paymaya, Unionbank, Security Bank, BDO, Lazada, Shoppee, Coins.ph, and Bayad PH. To pay online, they can log in to the mobile application or website of the third-party agent they prefer and choose ‘Bills Payment’. After entering Davao Light as the biller, they can enter their Account ID, Account Name, and the correct amount stated in their bill. After checking that all the details are correct, they can immediately send their payment to Davao Light by pressing the confirmation button.

Afterwards, customers can check if their payment is posted by downloading MobileAP, a mobile application developed by the utility company where they can also view their electricity bill online and monitor their electricity usage.

Davao Light is committed to deliver at the most reasonable cost, safe and reliable electric service to the people and businesses in their franchise areas in Davao City, Panabo City, and the municipalities of Carmen, Dujali, and Santo Tomas in Davao del Norte.

PhilGuarantee MSME loan guarantees grow to P2.1-B as of mid-2021

PhilGuarantee MSME loan guarantees grow to P2.1-B as of mid-2021

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 continued support to MSMEs as shown by the increasing trend. While guarantees reached P1 billion in approvals, it is worthwhile to note that the outstanding balance of P897 million reflected as of June 30 is net of loans guaranteed, but already paid,”  he  said in his report to Finance Secretary and PhilGuarantee chairman Carlos Dominguez III. 

Under the MGCP, PhilGuarantee also extends guarantees of up to 80 percent of the amount for term loans of up to seven years for capital expenditures.

The guaranteed loans of P2.01 billion represent an 866-percent increase from the P207 million pilot guarantee portfolio achieved at the launching of the MCGP in December 2020. 

Pascual said that from only three banks participating in the MCGP at its launching, this number has since grown to 19 lending partners, which include 2 universal banks, 6 thrift banks and 11 rural banks. 

“The participating banks have sustained their lending activities. A total of 9,180 SMEs (small and medium enterprises) in the essential wholesale and retail trade sector (i.e. agricultural products distribution, medical support and medicine distribution) were granted additional working capital for their businesses,” Pascual said. 

He added that the “the manufacturing sector covering 1,332 SMEs, which is a critical industry to immediately generate jobs, were the second biggest sector supported by the guarantees.” 

From the start of the MGCP’s implementation last year, the PhilGuarantee Governing Board chaired by Dominguez thus far approved a total of P37.7 billion in credit guarantee facilities to 34 banks. 

The average loan size under the MGCP is less than P1 million, with the minimum loan amount set at P100,000, which can be availed mostly by micro businesses borrowing from thrift banks and rural banks.

PDIC hikes deposit insurance fund to P216.85-B by 2020 Q4

The Department of Finance (DOF) announced recently the hike of deposit insurance fund of the Philippine Deposit Insurance Corporation (PDIC) to P216.85-B by 2020 Q4 from its 2019 level of P196.52 billion.

PDIC hikes deposit insurance fund to P216.85-B by 2020 Q4

State deposit insurer Philippine Deposit Insurance Corporation (PDIC) has built up its Deposit Insurance Fund (DIF) to P216.85 billion as of the fourth quarter of 2020, and settled 100 percent of the 7,072 valid deposit insurance claims within its target turnaround time (TAT) for banks ordered closed in 2020. 

The DIF represents PDIC’s overall capacity to respond to insurance calls due to bank failures. The prompt settlement of deposit insurance claims, on the other hand, provides affected depositors the needed relief. 

In a report to Finance Secretary Carlos Dominguez III, PDIC President Roberto Tan said its DIF posted a double-digit growth of 10.3 percent or P20.33 billion from its 2019 level of P196.52 billion. The increase resulted in an adequacy level of 6.91 percent in terms of ratio of the DIF to the banking system’s estimated total insured deposits. The ratio was above the minimum target of 5.5 percent for 2020. President Tan said that PDIC will endeavor to maintain adequate DIF cover at prudential level.

Secretary Dominguez said that PDIC’s record of performance has been marked by the prudential management of the deposit insurance fund and the prompt settlement of deposit insurance claims.

The DIF consists of reserves for insurance losses of P193.64 billion, retained earnings of P20.21 billion, and Permanent Insurance Fund of P3.0 billion.

In a report, the World Bank said that in order to reimburse depositors after bank failures, contribute to the stability of a financial system and build public confidence in a deposit insurance system, deposit insurers must have operational readiness to be able to act quickly after a bank failure and sound funding arrangements are essential aspects of this readiness. Further, it said that “depositor confidence depends, in part, on knowing that adequate funds for deposit insurance would always be available to ensure the prompt reimbursement of their claims.” 

The PDIC also reported that of the total deposit insurance claims involving 7,072 deposit accounts in five banks closed in 2020, 6,733 accounts involved deposits of P100,000 and below, were settled within target turn-around-time to eligible depositors, while 339 were for deposits with balances of more than P100,000.

President Tan said that the PDIC aims to continue the prompt settlement of deposit insurance claims by expanding to digital payment platforms this year, including Instapay and the Multi-Channel Disbursement Facility of a government bank.  The Corporation will also strive to maintain or improve on the 90 percent satisfaction rating it received from clients and other stakeholders in 2020, he added.

As liquidator of closed banks, the PDIC was also able to cut its non-cash portfolio by reducing its closed bank loans by 12,502 accounts last year, exceeding its target of 12,121 accounts for 2020.  The PDIC disposed of 709 real property assets in 2020, an accomplishment rate of 129 percent over its goal of 549 for that year. The PDIC also successfully maintained in 2020 its ISO 9001:2015 certification for claims settlement operations, assessment of member banks, real property disposal, loans management and examination of banks, including support processes.

President Tan added that PDIC is also targeting in 2021 the reduction of loan accounts by 17,825 and real property assets by 807 from the baseline set in 2019.  

To support the government’s COVID-19 response efforts and comply with the provisions of the Bayanihan 1 and 2 laws (RA Nos. 11469 and 11494), the PDIC extended the  statutory deadlines for filing of deposit insurance and  creditors’ claims; granted relief measures to lessees, borrowers and property buyers; and swiftly addressed the settlement of special claims.

The PDIC reiterated its commitment to deliver value-added services to its clients and stakeholders and to fulfill its core mandates as deposit insurer and statutory receiver of closed banks with operational excellence, in order to protect the depositing public and promote financial stability.

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PhilGuarantee hikes MSME guarantee portfolio by 360 percent to P952-M as of February 2021

…. the number of MSME beneficiaries grew by a remarkable 200 percent from the total of 2,948 enterprises that were reported to have availed of its guarantee program as of December 2020, to 8,839 in February 2021.

In terms of distribution by industry, the bulk of the guaranteed loans for MSMEs as of February 2021 went to enterprises engaged in wholesale and retail (P723 million); followed by manufacturing (P83.6 million); and transport, storage and communication (P65 million).

For 2021, PhilGuarantee is targeting to grow the portfolio of guaranteed  MSME loans to P4 billion, and increase the number of beneficiaries by another 8,000 enterprises.

PhilGuarantee hikes MSME guarantee portfolio by 360 percent to P952-M as of February 2021

The Philippine Guarantee Corp. (PhilGuarantee) has increased the amount of loans it guaranteed for micro, small and medium enterprises (MSMEs) as of end-February this year by 360 percent to P952.5 million, from just P207 million as of December 2020. 

In a report to Finance Secretary Carlos Dominguez III, PhilGuarantee also said the number of MSME beneficiaries grew by a remarkable 200 percent from the total of 2,948 enterprises that were reported to have availed of its guarantee program as of December 2020, to 8,839 in February 2021.  

“The implementation of improved processing and evaluation parameters starting this year led to this remarkable increase in the number of beneficiaries under the MSME Credit Guarantee Program (MCGP),” PhilGuarantee president-CEO Alberto Pascual said in his report. 

He said that this year, the number of MSME beneficiaries rose from 4,649 in January to 8,839 in February, or a 90-percent increase in just a month’s time. 

The total of P952.5 million in MSME loans guaranteed as of February 28, 2021 were from 10 accredited banks and financial institutions. 

From the start of the MGCP’s implementation  last year, the PhilGuarantee Governing Board chaired by  Dominguez thus far approved a total of P37.7 billion in credit guarantee facilities to 34 banks.  At least 22 banks are now actively submitting MSME loan applications for credit guarantee. 

“The approval of the credit guarantee facilities enabled the availability and accessibility of credit from banks that would have otherwise been reluctant to lend to MSMEs  owing to the uncertainties that  prevailed with the onset of the COVID-19 pandemic,” Pascual said. 

Under Republic Act (RA) No. 11494 or the Bayanihan to Recover as One Act (Bayanihan 2),  MSMEs account for P2 billion of the P5 billion appropriated for PhilGuarantee to aid pandemic-hit enterprises. 

The Bayanihan 2 allocation allowed PhilGuarantee to further widen its guarantee headroom of economic activities and extend more assistance to viable but severely affected MSMEs, Pascual said. 

In terms of distribution by industry, the bulk of the guaranteed loans for MSMEs as of February 2021 went to enterprises engaged in wholesale and retail (P723 million); followed by manufacturing (P83.6 million); and transport, storage and communication (P65 million).

For 2021, Pascual said PhilGuarantee is targeting to grow the portfolio of guaranteed  MSME loans to P4 billion, and increase the number of beneficiaries by another 8,000 enterprises. 

According to Pascual, the average loan size under the MGCP is less than P1 million, with the minimum loan amount set at P100,000, which can  be availed mostly by micro businesses borrowing from thrift banks and rural banks.

The MGCP grants a 50-percent guarantee for working capital loans and a guarantee of up to 80 percent of the amount for term loans of up to seven years for capital expenditures.

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Legacy Leisure Residences introduces new payment scheme

Here’s an easy terms offer for home buyers. How about the 15%-80% payment scheme ? Check it here to find out the details with this PR.

Legacy Leisure Residences introduces new payment scheme

The pandemic may have paused the economy, but there’s no stopping anyone grabbing a good investment opportunity when presented. This month, Legacy Leisure Residences will be offering its new 15%-85% payment scheme.

“Investing in real estate is always a good idea. The Covid-19 pandemic got a lot of investors into the wait-and-see attitude, but now is a good time to invest with property developers offering investment schemes that won’t break the bank,” said Wesley Bangayan, Vice President of Legacy Leisure Residences.

With Legacy Leisure Residences, the condominium development along Ma-a Road that was launched in January this year, the introductory price was offered with an easy payment plan. The deposit of Php 8,000 per month is payable in 48 months and the balance can be financed by a partner bank or Pag-Ibig Fund, or by availing of the in-house loan.

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Resort themed Legacy Leisure Residences condominium rising along Ma-a Road.

“The lockdown was implemented right after we launched,” said Bangayan, “Thus construction and sales was put to a pause. When the restriction was eased, we went back to the field right away. Whatever delay there was, it was minor. Construction is back on schedule.”

Bangayan said they did the same with their sales and marketing. “We had to get creative during this period pf pandemic. First and foremost, we boosted the team’s morale with the help of a motivational speaker. Then we strengthened product knowledge with everyone including our partners, and invited a creative, tech-savvy expert to join the team.”

In place of marketing activities like mall exhibits and sales caravans, Bangayan said they went all out via the digital format—virtual tour of the showroom, sales meetings, etc. Adding to the company-initiated high visibility plan in both print and social media, one of the thrusts of the Legacy Leisure is to get the partners involved in the advertising and promotions via social media.

Now reaching a wider audience is why investing in Legacy Leisure Residences is wise: construction stayed on schedule even during the pandemic; the project is world-class with its resort living concept and impressive amenities; excellent residential location with easy access to key locations; and most importantly, owning the widest condominium space in the market today is most affordable at this project.

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One bedroom model unit.

The plan produced positive results. May Reyes, Legacy Leisure Residences’ marketing manager said, “There was a very substantial increase in our sales. From 5% of the units sold in Tower 2 the previous months, it picked up and sky-rocketed to 60% of the units sold by September to November.”

“We are now reaching more people via different media channels. Many saw the advantages of investing in Legacy Leisure Residences and a lot of them are now homeowners. They grabbed the chance to own before a price increase and while there are still available units for Tower 2. But our inventory is selling out fast. If you’re considering living in a vertical village, now is a good time to invest as well,” said Bangayan.

Bangayan is also confident that Legacy Leisure’s new 15%-80% payment scheme will further boost the sales of the condominium project. Reyes stressed that the advantage of this new payment scheme is a higher probability for banks to approve the amortization.

The new scheme offers no reservations fee and the is not restricted to the computed monthly price. The client can pay a higher monthly payment which will adjust and lessen the 85% balance. Hence, a higher probability for approved loan.

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