Emerging trend of Job Title Inflation in the Philippines sees limited success in Attracting and Retaining Talent

Emerging trend of Job Title Inflation in the Philippines sees limited success in Attracting and Retaining Talent

….. there has been a noticeable rise in job title inflation among employers in the Philippines.

Philippines, 5 April 2024 –Over the past year, there has been a noticeable rise in job title inflation among employers in the Philippines. Positions with titles such as ‘Directors’ have seen a significant 34%^[1]  increase and a 22% increase in titles like ‘Presidents’ for jobs intended for professionals with only two years of experience. While using inflated titles may be seen as a strategy to attract and retain talent, it is crucial to carefully consider the implications when making hiring decisions, as this can potentially lead to challenges for both employers and employees alike. These are among the observations and insights from Robert Walters Philippines about this trend.

Job title inflation refers to a practice by companies to offer inflated or exaggerated job titles that may not accurately reflect the responsibilities, seniority, or even salary of the position.

Using inflated job titles to attract and retain talent

Job titles and promotions are valued by professionals. Based on LinkedIn polls conducted by Robert Walters Philippines in January, 92% of professionals agree that the job title is important or very important when applying for a role. Among young professionals, 23% also expect to be promoted within 12 months of working in a company.

While some companies have tried inflating job titles, the success rate varied. Among companies, 38% of hiring managers surveyed shared that they have or are considering inflating a job title to attract or retain professionals to a role within their organisations. However, only 3% shared that this move has worked to its desired effect while a significant 59% have not adopted this strategy at all.

Inflating job titles can present challenges, as professionals may not view them as a meaningful indicator of seniority. According to our recent findings, factors such as managing a team (44%) and the perceived importance of the role (41%) hold greater weight in determining seniority. Surprisingly, only a small percentage (15%) consider a C-Suite or Head-of title as a true sign of seniority. This underscores the notion that while an inflated job title may seem appealing, factors such as team leadership and the perceived significance of the role are more influential in establishing seniority than the title itself.

“While job title inflation may offer certain advantages, it also carries the risk of causing confusion regarding the actual roles and responsibilities associated with these positions. Additionally, using overly inflated titles may lead to disillusionment among employees if their job titles do not accurately reflect their duties or level of seniority. It is worth noting that this trend is not applicable to all industries, but is commonly seen in technology, startups, digital media, marketing, advertising, and professional services sectors due to the intense competition for talent and strong reliance on innovation and creativity,” shares Jayson Mendoza, Manager of Human Resources and Industrial at Robert Walters Philippines.

Robert Walters Philippines strongly advises hiring managers to exercise caution and thoroughly evaluate the situation before considering the option to inflate a job title. While there may be valid reasons to consider this approach, it is crucial to weigh the pros and cons and fully understand the potential long-term implications for the organisation.

“Elevated job titles can often create a mismatch between the skills and qualifications of employees and the actual requirements of the job. When hiring individuals solely based on their desire for a grandiose title rather than their suitability for the position, organisations run the risk of experiencing poor performance, increased turnover, and wasted resources. Therefore, it is crucial to maintain accurate and meaningful job titles to ensure clarity, fairness, and trust within the workplace,” concludes Mendoza.

For more information on Robert Walters in the Philippines, please visit www.robertwalters.com.ph. (PR)

^[1] Based on LinkedIn Talent Insights

Charge up your EV while recharging your energy at SM Supermalls!

EVCS @ SM malls nationwide

Charge up your EV while recharging your energy at SM Supermalls!

Read on for some tips to maximize your time at SM while waiting for your EVs to charge

The in-mall charging stations support e-Vehicle brands such as Audi, BMW, Fiat, Ford, GMC, Mercedes-Benz, Porsche, Volkswagen, and Hyundai, among others.

Good news for eco-friendly EV owners! You can find free EV Charging Stations (EVCS) at 49 SM malls nationwide. As the largest network of EVCS, SM Supermalls makes powering up your E-Vehicle quick, convenient, and gives you access to countless activities and entertainment.

Here are just a few of the activities you can enjoy while powering up your EVs at SM Supermalls.

1. Have a hearty meal at your favorite restaurant – or try something new!

SM Supermalls have numerous food options you can grab a bite from while waiting for your EV to charge. Dine in at your favorite restaurant, or be adventurous and try something new. Either way, you’re in for a treat, and maybe you’ll find yourself driving back to eat there again next time!

2. Get your steps in by walking around the mall, and taking the perfect selfie!

SM Aura Premier and SM Megamall are well-known for their vast collection of destination shops, while SM City North EDSA boasts of its Sky Garden and Cyberzone, which has all the latest gadgets and gizmos. If you happen to be at SM Mall of Asia, you can enjoy the picturesque sunset at SM by the Bay while having a cup of coffee or any early dinner. There are a lot of places to discover at SM Supermalls, but if you just want to relax, you can get a massage, a facial, or maybe get your hair and nails done while you wait.

3. Catch up on the latest movie offerings!

Everyone knows watching a movie is the ultimate pastime, so why don’t you catch one while your EV is charging up? SM Cinemas have some of the latest blockbuster hits that you can choose from, with great snacks available at the Snack Bar. If you’re going to wait for your charging EV, spend it by keeping yourself entertained!

4. Shop, shop, shop!

Drop by The SM Store for good finds and great deals; whether it be fashion, lifestyle, or beauty!

Time flies by when you’re having fun, and what’s more fun than going shopping around The SM Store? Browse each floor for everything and anything you’re interested in. Want a new pair of shoes? How about a brand new outfit for the next time you go out with family or friends? Or maybe you’re looking for items to spruce up your home – whatever it is, everything’s at SM!

SM Supermalls has a variety of options to choose from to make waiting more productive and fruitful. Next time you find that you need to charge your EV, head on to your nearest SM mall for an aweSM experience, without wasting a single minute of your time.

SM Supermalls’ EV Charging Stations support The SM Green Movement towards a greener planet. For more information on SM Supermalls’ sustainability efforts and a list of EV Charging Stations, visit www.smsupermalls.com and follow @smsupermalls on all social media accounts.

DOST Seeks Legislative Support of Mindanao for 5 Priority Scientific Bills

Need institute to lead in-depth studies on viruses and their potential disease-causing agents among people, plants, and animals.

DOST Seeks Legislative Support of Mindanao for 5 Priority Scientific Bills 

The Department of Science and Technology Davao (DOST Davao) joined forces with the DOST Department of Legislative Liaison Office (DLLO) to organize a hybrid consultative forum that is geared towards advancing the nation’s scientific landscape. The event aimed to inform and update stakeholders on the priority bills of the DOST while seeking crucial support for the enactment of proposed science legislation.

The consultative forum, a collaborative effort between regional and legislative branches, gathered key figures in the scientific and legislative communities. 

The priority bills discussed during the forum included the Philippine Institute of Volcanology and Seismology (PHIVOLCS) Modernization Act, the Philippine National Nuclear Safety Act (PhilATOM), the Virology and Vaccine Institute of the Philippines (VIP) Act, the National Measurement Infrastructure System (NMIS) Act, the DOST Regional Office Act, and Science for Change Program Act.

The PHIVOLCS Modernization Act seeks to strengthen the capacity and capability of PHIVOLCS to provide better services critical to reducing disaster risk and losses and ensuring a safer, sustainable future.

The PhilATOM aims to create an independent regulatory body to synchronize all regulatory activities on ionizing radiation under one organization, conforming to international standards set by the International Atomic Energy Agency (IAEA).

The VIP Act aims to establish an institute to lead in-depth studies on viruses and their potential disease-causing agents among people, plants, and animals.

The NMIS Act will strengthen NMIS and attain harmonization of metrology standards, resulting in globally competitive and quality products and services, consistent with ASEAN and other recognized international standards.

Lastly, the Science for Change Act (S4CP) aims to significantly increase investment in Research and Development (R&D), and accelerate it to improve industrial competitiveness and capacity building among universities and industries, fueling innovation and socioeconomic growth in the country.

Dr. Anthony C. Sales, DOST XI Regional Director, emphasized the importance of the activity, stating, “This is a pivotal moment as we gather to inform and update our esteemed stakeholders on the priority bills of the DOST and, more importantly, to seek your valuable support for the enactment of proposed science legislations.”

The Science, Technology, and Innovation (STI) Priority Legislative Agenda was at the forefront of discussions during the forum, reflecting the relentless commitment to fostering innovation, scientific advancement, and technological breakthroughs.

DOST Secretary Renato Solidum Jr. expressed his call for collective effort, saying, “Let us help our country move forward through milestone STI legislations.” 

The sentiment was echoed by DLLO Director Lita Suerte Felipe who highlighted the opportunity at hand, stating that regional consultation is an opportunity they value because it helps improve the bill.

Dr. Teodoro Gatchalian, DOST Undersecretary for Special Concerns, underscored the Department’s dedication to enhancing services and efficiency, emphasizing the need for the passage of the proposed Acts. 

“The DOST is not resting in its desire to make its services more responsive, relevant, efficient, and effective. Our operations are always governed by directions, policies, guidelines, and laws that will make our services legitimate. We need the passage of these Acts,” remarked Dr. Gatchalian.

Davao Light honors 18 service partners on Contractors’ Appreciation Night

Ensuring the distribution of reliable electricity to every business and home.

Davao Light honors 18 service partners on Contractors’ Appreciation Night

An evening of camaraderie, fun, and recognition brought together Davao Light and Power Co., Inc. (Davao Light) and over 470 personnel from its 18 contracted service partners in the 8th Contractors’ Appreciation Night held last February 16, 2024, at the Grand Men Seng Hotel, Davao City.

2024 Contractors’ Appreciation Night. Davao Light recognized and commended its service partners for their invaluable contributions to the power distribution utility through its 8th Contractors’ Appreciation Night. In the photo is Davao Light Admin Head Reynold Felix (third from left) who presented a Plaque of Appreciation to one of the company’s 18 contractors, Menchavez Engineering Services which provides important services namely: fleet maintenance, safety audit and line hazard survey, SCADA and telecommunication maintenance, and trouble call dispatching.

Davao Light contractors are valuable partners in managing and delivering various business processes, and in ensuring the distribution of reliable electricity to every business and home. Among the services that the contractors provide are Supervisory Control And Data Acquisition (SCADA) and telecommunication maintenance, substation maintenance, janitorial and messengerial services, bill delivery, contact center, meter reading, security, line construction, dispatching and attending to trouble calls, customer services, line clearing, safety audit and line hazard survey.

In his message during the event, Contracted Services Management Department (CSMD) Head Joseph Macuto, whose department organized the event, acknowledged the crucial role of the contractors in the success of Davao Light. Through the Contractors’ Appreciation Night, Davao Light recognized and commended its service partners for their invaluable contributions to the power distribution utility, especially in providing quality service to its customers.

A Night of Awards. The Davao Light Contractors’ Appreciation Night presented service rewards to the companies that demonstrated excellence in their 2023 performance. It is also a showcase of skills and talents through the movie spoof and celebrity look-alike contests where (in photo) Carmel Lights Manpower and Allied Services (CLMAS)’ Four Sisters And A Wedding, and Next BPO Solutions Inc.’s Mary Rose Delator who portrayed Sarah Geronimo, bested the other participants in the said contests, respectively.

The event was made more special with the showcase of the contractors’ skills and talents in the movie spoof and celebrity look-alike contests. Service rewards were also presented to the companies that demonstrated excellence in their 2023 performance which was evaluated according to work execution, behavioral and safety performance, as well as on financial and statutory requirements.

On behalf of one of Davao Light’s contracted service partners, ARKCONS A.P.O. Philippines Corp., Human Resources Head Jonas Lamberte expressed gratitude for the partnership. “Your dedication to providing quality service and your commitment to sustainability align seamlessly with our values, making this partnership not just professionally rewarding but personally fulfilling as well. We look forward to many more years of shared successes and milestones,” Lamberte said. ARKCONS provides Davao Light with vital services such as fiber optic cable, meter and streetlight maintenance, attending to trouble calls, and line enhancement.

Davao Light President and COO Rodger Velasco said, “As much as we empower and put value in our team members and our communities, we also uphold our contractors who deliver various services to our more than 480,000 customers. They clear our lines from any hazards that may cause unscheduled power interruptions, they maintain vital assets such as substations and streetlights, and they engage with our customers through various channels for any queries and concerns — all these and more for a safe, efficient, continuous and reliable flow of electricity.” Velasco added, “Our contractors are instrumental in making Davao Light a competitive distribution utility in the country.”

Davao Light, an AboitizPower subsidiary, aims to empower and add value to the communities it serves by providing tools and services that will bring about development in its franchise area covering the cities of Davao, Panabo, and the municipalities of Carmen, Dujali, and Sto. Tomas.

Overseas Filipino Professionals See Surge in Demand Amidst Salary Increment Trends

Among others, survey says 91 percent of those interviewed, employees prioritise work-life balance and workplace flexibility.

Overseas Filipino Professionals See Surge in Demand Amidst Salary Increment Trends

Filipino professionals with overseas experience are witnessing a remarkable surge in demand as the Philippine job market gears up for significant salary increments and enticing bonuses in 2024, according to insights from the Robert Walters Global Salary Survey 2024.

Robert Walters Salary Survey report, a comprehensive analysis of salary trends and recruitment patterns, highlights the growing emphasis on compensatory benefits and the allure of overseas experience among employers seeking key leadership roles.

In response to sustained demand, organisations are poised to offer substantial salary increases, potentially up to 30 percent for job movers, especially in sectors like technology and finance, where skilled professionals are in high demand.

Despite the optimistic job market outlook, there remains a notable discord between employers and employees regarding compensation, benefits, and work-life balance preferences.

Exploring employment opportunities and preferences

The survey indicates that 2 in 4 employees actively seeking new job opportunities within the next year, driven primarily by prospects for career advancement. However, their decision-making is significantly influenced by an attractive bonus scheme (86 percent), access to private healthcare insurance (82 percent), and flexible or remote work arrangements (57 percent).

Moreover, amidst the job search, over half of employees (52 percent) remain open to counter-offers, particularly enticed by salary increments, promotions, and retention bonuses.

As companies grapple with a shortage of qualified candidates, they are striving to meet evolving employee expectations, particularly in terms of work-life balance and workplace flexibility. Employees prioritise work-life balance (91 percent), favoring options like a four-day work week, well-being services (36 percent) such as access to counselors, and diversity and inclusion initiatives (35 percent), signaling a paradigm shift in traditional work structures. The survey reveals a gap in expectations regarding work location. 72 percent of job seekers are willing to spend two to three days in the office, whereas 70 percent of employers expect staff presence for at least three to five days per week.

“Having a stellar candidate experience is now vital as the hiring market becomes more competitive, with more players vying over the best talent. Companies who can lay out a compelling story about the role they are hiring for and how it plays out in the company’s vision will have a better shot at winning the candidates they are after,” Robert Walters Philippines Director Alejandro Perez-Higuero said.

Emerging hiring trends and challenges

In light of emerging trends, the demand for skilled professionals in AI, technology, sustainability, and commercial leadership is expected to soar in 2024. Companies are increasingly relying on automation and digitalisation, driving the need for professionals with international exposure and diverse skill sets.

Currently, 25 percent of employers use AI models to automate routine tasks, with an additional 35 percent planning to do so within a year. Interestingly, some employees (43 percent) express little concern over AI impacts despite its role in enhancing their efficiency.

According to 58% of our respondents said that the primary challenges in talent acquisition across various industries are high salary and benefit expectations, shortage of highly specialised candidates, and a notable concern about the lack of technical skills particularly within the Technology sector.

To retain employees, companies have implemented strategies like enhanced learning and development opportunities (72 percent), hybrid work policies (60 percent), and increased wellbeing initiatives (55 percent).

The most sought-after skill sets include automation, digitalisation, technology, and digital competencies, along with commercial leadership and profit & loss management. Professionals with international exposure are particularly valued, given their broader market and stakeholder understanding.

Industry predictions

The job market in the Philippines is undergoing a transformative phase in 2024, marked by the growth of shared service centers and a substantial shift towards digitalisation and commercial excellence.

As international organisations increasingly establish their shared service hubs in key cities like Manila and Cebu, the country’s labor market is reshaping to meet new demands. With more shared services centers sprouting up in the country, Robert Walters Philippines expects that this will drive higher demand for business heads to lead the hub.

This trend will also lead to the increasing demand for Filipino professionals with overseas experience in leadership roles. Organisations across the Philippines are increasingly focusing on hiring Filipino professionals with overseas experience for key leadership roles. This trend, aligning with the nation’s growth aspirations, is creating a dynamic shift in the local job market.

Companies are keen on leveraging these international experiences to drive innovation and competitive advantage in an increasingly globalised business environment.

“Another growing trend we’ve seen is companies sourcing for talent to fill leadership roles through our Balik Bayan Campaign, which connects companies with skilled Filipino professionals based abroad with valuable, overseas work experience,” Higuero said.

Despite economic fluctuations, salaries are projected to remain stable in 2024, with job movers poised to reap significant rewards amidst evolving market dynamics.

For more insights on the Robert Walters Philippines Salary Survey 2024, visit: https://www.robertwalters.com.ph/our-services/salary-survey.html (PR)

Davao Light upgrades vital substation to meet growing energy demand

Meet growing energy demand

Davao Light upgrades vital substation to meet growing energy demand

Stepping up reliability. E.R.Aboitiz Substation is a vital structure of Davao Light and Power Co., Inc. along J.P. Laurel Avenue which powers parts of Davao City’s residential, commercial, and industrial areas spanning downtown, northern and southern areas. With its upgraded capacity of 300 megavolt-amperes (MVA), it ensures power reliability and secures enough load to cater to the city’s ever-growing population.

In the major business district area of Davao City, stands a large steel structure humming almost inaudibly beside the noisy and busy J.P. Laurel Avenue. Known as ERA Substation, this vital structure of Davao Light and Power Co., Inc. (Davao Light) powers parts of the city’s residential, commercial, and industrial areas. Today, it has an upgraded capacity of 300 megavolt-amperes (MVA) ensuring power reliability and securing enough load to cater to the city’s ever-growing population.

Considered the backbone of the power distribution network, substations and lines are vital facilities that ensure the delivery of power to every home, business, and industry. In particular, ERA Substation transforms electricity from 138 kV/69 kV or sub-transmission level voltage to supply the 69 kV/13.8 kV substations. These substations then further step down the voltage for distribution transformers energizing end-users such as homes and businesses.

Named after Ernesto R. Aboitiz who led Davao Light beginning in the 1950s, the ERA Substation is the first of two 138 kV/69 kV sub-transmission substations of Davao Light. It started operating in the early 90s with a lone 150 MVA transformer. With the growth and development of Davao City, the substation reached full capacity prompting the necessary upgrade it achieved recently.

Davao Light began the upgrading project in 2019 and installed the second 150 MVA transformer in 2022. It was energized last December 2023 and was completely loaded on January 7, 2024 — a fitting start to the year for the distribution utility. This strategic addition bolstered the overall capacity of the substation which carries the load spanning across downtown to northern and southern parts of Davao City, and positions it to accommodate an anticipated increase in future power demand.

In addition, when there are scheduled or emergency outages, ERA Substation can help carry electrical loads from other substations to prevent long power interruptions. Furthermore, since it is a full digital substation — the fourth in the company’s roster — it has real-time control and protection thereby improving the service availability and reliability in the areas it serves.

“With this recent upgrade to our ERA sub-transmission substation, Davao Light stays committed to the development and improvement of its network and processes,” Davao Light President and COO Rodger Velasco said. “Digitalization of our substations plays a key role in modernizing our systems and helps us maintain a competitive edge.”

Through the advancement of its processes and technologies, Davao Light, an AboitizPower subsidiary, gives rise to solutions that pave the way for the development of the communities in its franchise area covering the cities of Davao, Panabo, and the municipalities of Carmen, Dujali, and Sto. Tomas. (PR)

‘Saliklakbay’ Mobile App makes easy access to grassroots innovations

Mobile app for easy access to GI

‘Saliklakbay’ Mobile App makes easy access to grassroots innovations

The Department of Science and Technology XI’s (DOST XI) Grassroots Innovation for Inclusive Development (GRIND) program officially launched the ‘Saliklakbay’ App, a mobile application designed to ease access to Grassroots Innovations (GI) and solutions that are mapped through SalikLakbay activity.

Saliklakbay is derived from the Filipino words “Salik” which means research and “Lakbay” meaning journey or exploration to identify GIs and assess the needs and possible S&T interventions to improve the innovation. 

The application will allow users to document science and technology innovations, including innovations in a circular economy. 

Innovators can upload their submissions onto the DOST database for mapping and surveying community-based S&T innovations. These groundbreaking ideas undergo rigorous screening and validation by DOST, potentially qualifying for support in patent application processing. The successful innovations securing patents and primed for commercialization are showcased on www.saliklakbay.ph.

Engr. Howell Ong,  GRIND Section Head said that the development of the application is one of the objectives of the project, “Accelerating the National Determined Contributions through Circular Economy in Cities” which targets to support informal innovators and entrepreneurs to scale up their innovations and business while also promoting GIs as a strategy to foster the circular economy. 

“Our journey is not just in envisioning innovation, but in enabling access and empowering innovators. The ‘Saliklakbay’ App epitomizes our commitment to democratize science and technology, fostering a platform where groundbreaking ideas flourish and find their path towards meaningful impact and commercial success,” Engr. Ong said.

The project is a collaborative project between DOST, the United Nations Development Programme, the Department of Environment and Natural Resources, and the Government of Japan, and developed by Advanced Infinit Technology Solutions.

The SalikLakbay mobile app is now available for download on Android.

NGCP Statement

No transmission disturbance – NGCP

NGCP Statement 

NGCP file photo

05 January 2024 — NGCP’s mandate is confined to transmission of power from producers to grid-connected areas of the country. 

As the transmission service provider, NGCP can only give an overview of the current supply and demand situation and endeavor to dispatch any and all available power. It cannot intervene on matters concerning power generation. 

We reiterate our earlier pronouncements that there was no transmission disturbance before the tripping of the PEDC Unit 1 (83MW) at 12:06PM. After this event, NGCP was able to recover the transmission system and normalize voltage. This normal voltage situation persisted until several power plants inexplicably tripped at 2:19PM. Data from our system shows no abnormality in voltage and system stability.  

Despite this, critics persist on blaming NGCP for what are clearly problems arising from the unplanned shutdowns of power generators.  

It is alarming to hear policymakers immediately make conclusions based on assumptions contrary to fact. We are firm in our position that the system prior to the 2:19PM multiple tripping was normal, and our actions were undertaken within protocols. Any contrary statement is speculative.  

We firmly refute allegations suggesting that NGCP failed in its obligation to stabilize the transmission system. We also take exception to the allegations that we were less than transparent in providing information to the public. We provide regular updates to all stakeholders, including the media and government units (LGUs), through print, radio, broadcast, social media, and text blasts.  

Rather than using NGCP as a scapegoat, we urge policymakers to be objective in their search for facts and not coddle certain sectors. This is not a time to push personal or political agendas, but a time for honest-to-goodness solution finding. We again reiterate our push for a comprehensive industry-wide approach to resolve the persistent power supply issues on Panay Island and elsewhere in the country. 

With this, NGCP assures our stakeholders that we will continue to work closely with concerned government agencies and LGUs to expedite the resolution of this issue. (Press Statement – NGCP)

Chinabank’s 9-month net income reaches P16.2B

“Chinabank’s sustained growth reflects the successful execution of our business strategies,” Pres. CEO Romeo D. Uyan, Jr.

Chinabank’s 9-month net income reaches P16.2B  

• 15.6% ROE and 1.6% ROA, still among the highest in the industry

• Sustained core business strength and stable asset quality: 2.2% NPL ratio and 126% NPL cover, both better than the industry average.  

• Healthy cost-to-income ratio despite higher investments in technology and manpower development. 

• Book value per share (BVS) grew 7% to P52.50. 

China Banking Corporation (Chinabank, PSE stock symbol: CHIB) recorded P16.2 billion in net income from January to September 2023, 10% higher compared to the same period last year.  This translated to a return on equity of 15.6% and a return on assets of 1.6%.  

Chinabank’s bottom line in the last nine months improved on the back of robust growth from core businesses and lower loan loss provisions.  For the third quarter alone, the bank netted P5.4 billion in profits, up 16% from the same period last year. 

“Chinabank’s sustained growth reflects the successful execution of our business strategies.  Despite the current high interest rate environment, we continue to grow our bottom line by preserving our margins, managing our overall costs effectively, and bringing greater efficiencies to our operations with technology,” Chinabank President & CEO Romeo D. Uyan, Jr. said.

Net interest income grew by 16% to P39.2 billion as the 44% surge in top line revenues cushioned the nearly triple increase in interest expense. Net interest margin was maintained at 4.2%.  

The bank reduced its total credit provisions to P1.3 billion given its stable portfolio quality. Despite this, non-performing loans (NPL) cover remained better-than-industry at 126%.     

Operating expenses increased by 14% to P20.5 billion, driven by higher manpower and inflation-related expenses and bigger volume and revenue-related taxes.  Cost-to-income ratio remained healthy at 50%.   

Chinabank remains as the 4^th largest private domestic bank with total assets of P1.4 trillion, up 11% year-on-year.    

Gross loans grew by 10% year-on-year to P765 billion, driven by the 19% expansion in consumer loans, particularly teachers’ loans and credit cards. The bank’s level of bad loans continued to be manageable, posting a better-than-industry average NPL ratio of 2.2%.  

Total deposits increased by 14% to P1.1 trillion resulting to a 49% CASA ratio as term deposits grew year-on-year.

“Our balance sheet remains strong.  A quality loan book has helped us during a period of rising interest rates.  We also continued to optimize our capital structure, maintaining strong capital generation and asset quality,” Chinabank CFO Patrick D. Cheng said.   

Total capital grew by 7% to P141 billion, with Common Equity Tier 1 Ratio at 14.9% and Total Capital Adequacy Ratio at 15.8%, well above the minimum regulatory requirement. Book value per share was at P52.50, up 7%. 

Chinabank was recently named by the People Management Association of the Philippines as the 2023 Employer of the Year, the only bank to win the prestigious award in 30 years. This recognition for the bank’s outstanding human resources practices comes in the heels of its latest accolades: Outstanding Wealth Management Service for the Affluent Award from the Private Banker International and Five-Golden Arrow Award from the Institute of Corporate Directors, the second time Chinabank has won this distinction for its excellence in corporate governance.

 ___________________________________________________________________________________

About Chinabank: Chinabank opened for business on August 16, 1920 in Binondo, Manila, and is now one of the largest private universal banks in the Philippines. It provides a full range of banking products and services to corporate, commercial, and retail customers through 644 branches and 1,068 ATMs to date, including the 165 branches and 201 ATMs of its savings bank arm CBS. Chinabank also offers a wide range of allied financial services through its subsidiaries Chinabank Capital, Chinabank Securities, Chinabank Insurance Brokers, and affiliate Manulife China Bank Life. Visit www.chinabank.ph

Contact: Investor & Corporate Relations Group – 8885-5601; Investor-relations@chinabank.ph; Gerald O. Florentino,FVP & Head – goflorentino@chinabank.ph

DOST Davao leads Regional Science, Technology, and Innovation Week

Slate celebration on regional science, technology and innovation

DOST Davao leads Regional Science, Technology, and Innoation Week

To celebrate the invaluable contributions of Science and Technology (S&T) to society, The Department of Science and Technology Region XI (DOST XI) will host the Regional Science, Technology, and Innovation Week (RSTW) in Tagum City Hall Atrium, Davao del Norte this coming November 9-10, 2023 focusing on the invaluable contributions of Science and Technology (S&T) to society..

With the theme, “Siyensiya, Teknolohiya, at Inobasyon: Kabalikat sa Matatag, Maginhawa, at Panatag na Kinabukasan”, the RSTW will stage various S&T programs, projects, and initiatives of DOST through a series of exhibits, scientific fora, and lectures to different audiences.

The RSTW is held outside Davao City for the first time since 1996 to further highlight the significant contributions of S&T in the provinces this time in Davao del Norte and to also showcase Tagum City as a progressive and supportive community to such initiatives.

The two-day activity will also feature various seminars on technologies for farmers, silk textile innovation, plant propagation, disaster management, and science education. It will also exhibit DOST programs and projects including products of DOST-assisted Micro, Small, and Medium Enterprises, DOST-PAGASA mobile planetarium, and technology innovations to name a few.

DOST XI Regional Director Dr. Anthony Sales said that the event is a celebration of Science being a bedrock of innovation and progress and he is hopeful that this will further heighten interest in Science among students, farmers, businessmen, public servants, and the general public in Davao del Norte and the rest of Davao Region.

“This event promises to be a testament to the power of Science, Technology, and Innovation fostering a brighter future for our communities, and the world at large. DOST is encouraging everyone to join and celebrate Science with us,” he added.

The RSTW is the localized celebration of National Science and Technology Week which serves as an avenue to highlight the critical importance of Science, Technology, and Innovation in society through a series of activities with participants from various sectors.

In 2022, the City Government of Davao commended the DOST XI for the annual conduct of the RSTW Celebration and advancing S&T in the Davao Region through a Resolution filed and voted for by the Davao City 20th Council.