The Bases Conversion and Development Authority (BCDA) has authorized its subsidiary, Poro Point Management Corp., (PPMC) to manage the interim operations of the San Fernando Seaport in La Union following the lease contract expiration of the seaport’s previous operator. BCDA President and CEO Joshua M. Bingcang and PPMC President and CEO Felix S. Racadio signed a memorandum of agreement (MOA) granting PPMC interim operational control over the seaport, and ensuring the continuity of operations and provision of services in the seaport area. This came after the lease contract of the previous operator, Poro Point Industrial Corp., (PPIC) expired on October 31, 2024, and the company signified its intent to cease operations. “The BCDA recognizes the vital role played by the San Fernando Seaport in facilitating international trade, boosting supply chains, and supporting various industries in La Union and Northern Luzon. The seaport has been a key driver of growth, generating jobs and livelihood for the community,” PCEO Bingcang said. “That is why there is a need to ensure that services in the seaport are uninterrupted. We thank the PPMC for taking on this task on an interim basis.” PPIC was formed by the BCDA, PPMC, and Bulk Handlers Inc. (BHI) in 1999 to manage the San Fernando Seaport. Prior to the expiration of PPIC’s lease, BCDA offered the company a three-month holdover authority to ensure uninterrupted operations of the seaport while it is preparing for a competitive bidding for a new operator. However, PPIC declined the offer and confirmed its intent to cease operations. To ensure continuity, the BCDA Board of Directors authorized PPMC to take over interim seaport operations effective November 6, 2024. This MOA formalizes this interim arrangement until a new operator is selected. “With the trust that the BCDA has given us, PPMC assures that it will perform our task of managing the seaport well,” PCEO Racadio said. Under the MOA, PPMC shall ensure the continued provision of key services, including cargo handling, customs brokerage, warehousing, and equipment rentals. It is also tasked to oversee the safety and security, environmental protection, trade facilitation, and labor regulations in the seaport. It shall maintain and repair all the structures in the area. Formerly known as the US Wallace Air Station, the 236.5-hectare Poro Point Special Economic and Freeport Zone is being positioned as a vibrant tourism and investment destination to drive growth in La Union and Northern Luzon. It has also contributed to La Union’s transport and logistics sector through its own airport and international seaport.          

  Baguio City is experiencing a transformative shift in its work culture with the introduction of Regus at Abanao Square, marking the company’s 32nd location in the Philippines. This development signifies a new way of working that emphasizes flexibility and adaptability, catering to various business needs. Regus offers a range of services including private offices, co-working spaces, meeting rooms, virtual offices, and membership plans tailored for entrepreneurs and corporations alike. Such offerings are particularly beneficial in a city known for its unique blend of tourism and commerce. The flexible workspace solutions provided by Regus allow businesses to customize their work environments based on individual requirements. For instance, options such as hot desking enable companies to adapt to fluctuating demands without committing to long-term leases. Moreover, the strategic location near public transport enhances accessibility for both employees and clients. This innovative approach not only supports local enterprises but also attracts remote workers seeking modern amenities in Baguio City.      

Sun Life Investment Management and Trust Corporation (Sun Life Investment Management) celebrates its outstanding performance at the Asset Benchmark Research Awards, solidifying its position as a leading force in the investment industry. The prestigious recognition program, hosted by The Asset, a leading financial information provider, honored Sun Life Investment Management as among the Top Investment House under the Local Currency Bond. Meanwhile, its Fixed Income Portfolio Manager, Chelsea Vanessa Lim, was awarded the top two spot as the Most Astute Investor for Local Currency Bonds and the number one for G3 Bonds. The awarding ceremony was held on November 7, 2024 at The Four Seasons Singapore. “We are grateful to accept these prestigious recognitions that show our strong entry into the industry,” says Michael Enriquez, President of Sun Life Investment Management and Trust Corporation. “With the dedication and commitment of our people, we are confident that we will grow exponentially, serve even more Clients, and contribute to the dynamic Philippine investment landscape.”  

SM Prime Holdings (SM Prime) President Jeffrey C. Lim was named the sole recipient of the Eminent Leader in Asia Award at the 2024 ACES Awards in Bangkok, Thailand. The prestigious award recognizes distinguished leaders who have achieved remarkable success for over a decade, consistently demonstrating resilience, visionary insight and the unwavering commitment to growth. “This recognition belongs to the entire SM Prime team,” Lim said. “Their dedication and hard work have built the company into the success story it is today.” Lim has been instrumental in SM Prime’s transformation from a Philippine mall operator to one of Southeast Asia’s leading integrated property developers. His focus on sustainable development has enabled the company to create thriving spaces that contribute to the economic and social well-being of communities across the Philippines. About SM Prime Holdings, Inc. SM Prime, the real estate arm of SM Investments, has a diverse portfolio spanning shopping malls, residences, offices, hotels and convention centers. In 2017, it became the first Philippine-listed company to exceed a market capitalization of P1 trillion. About the Asia Corporate Excellence & Sustainability Awards (ACES) Awards Organized by the MORS Group, a leading research-based consulting and training organization specializing in sustainability and corporate excellence, the annual ACES Awards  recognize outstanding Asian corporations and individuals for their contributions to leadership, sustainability and corporate social responsibility.              

WARNING has been raised by San Miguel Corporation (SMC) against unscrupulous individuals presenting themselves as “accredited” suppliers with “valid” contracts — only to solicit money and defraud interested suppliers. The company said it has received reports that in recent months, certain individuals posing as middlemen or representatives of the company have been peddling spurious supply deals supposedly for San Miguel projects in Central and Northern Luzon. These scams have been monitored in Bulacan, Tarlac, and Pangasinan, among other provinces. The fraudsters reportedly solicit money from businesses interested in supplying materials to SMC projects, in exchange for securing supply contracts for various projects. In a statement, SMC advised the public that the company and its subsidiaries conduct business exclusively with suppliers accredited by its Corporate Procurement Group. It also stressed that as a matter of policy, suppliers and bidders–including prospective ones seeking accreditation–are never required to make any payment in order to be accredited or participate in any bidding by the San Miguel Group. The company advises prospective suppliers to avoid unauthorized dealings and potential fraud by directing all questions to its official email, smc_cpgsupport@sanmiguel.com.ph. For added security, this email address will only receive messages or inquiries. The company stressed it will not respond to questions via this or any other email address, or through social media or text messaging. Potential suppliers are advised to include their phone contact information.

SM Prime Holdings, Inc. (SM Prime) Executive Committee Chairman Hans Sy has been conferred the prestigious title of Honorary Fellow by the Institute of Corporate Directors (ICD) Philippines. The recognition highlights his significant contributions to corporate governance, sustainability, disaster resilience and education, alongside his efforts to advance best practices within the private sector. The Honorary Fellow title, the highest distinction granted by the ICD, is awarded after a rigorous selection process to individuals who have made exceptional contributions to promoting good corporate governance. In his acceptance speech, Sy underscored his commitment to ethical leadership and responsible growth. “As public companies, our responsibilities extend beyond profit. We owe it to our stakeholders to uphold the highest standards of transparency, accountability and ethical leadership,” he said. He also emphasized the Sy family’s philosophy of “no choice,” which drives its adherence to values not just as obligations but as guiding principles. “This ensures we lead with purpose, grow responsibly and create a positive social impact,” Sy added. The ICD recognition reinforces Sy’s legacy as a champion of sustainable business practices and corporate social responsibility in the Philippines. “Mr. Sy’s journey is a testament to the impact that visionary leadership and unwavering commitment can have on industries and communities alike,” said ICD Trustee Tomasa “Tammy” Lipana. “His work inspires not only success but also defines purpose—reminding us that true leadership is about leaving a meaningful legacy to the country and to the world,” Lipana added.                

Cebu Air Inc. (PSE: CEB) reported total revenue of P74.5 billion for the nine months ending September 2024, an 11% increase compared to the same period last year. This growth was driven by 17.5 million passengers flown, a 13% increase year on year, generating an average seat load factor of 84.9%. CEB’s operating income for the period was P5.7 billion, 8% lower than last year, and its net income was P3.4 billion, 33% lower than last year. The margin pressure was driven by increased expenses in relation to the airline’s investment in additional aircraft and engines. CEB ended September with a fleet of 91 aircraft, 10 aircraft more than the same period last year. It also invested in 10 additional spare engines to sustain its growth and improve operational reliability. For the third quarter of 2024, CEB revenues posted P23.1 billion, 1% lower year on year, due to seasonality shift driven by the earlier start of the K-12 academic year. The airline flew over six million passengers for the quarter, a 14% increase year on year, but with stimulation efforts through lower average fares.   Passenger fares averaged P2,577 per passenger, 15% lower year on year. Coupled with margin pressure from additional fleet and financing expenses, CEB’s operating income for the quarter declined to P202 million from P2.4 billion, and it incurred a net loss of P173 million compared to P1.3B net income in the same period last year. CEB deployed its new aircraft deliveries to expand its regional hubs in Cebu, Clark, Davao and Iloilo, and to upgauge to bigger aircraft in Manila. It also recently acquired AirSWIFT, growing its turboprop fleet, and bringing El Nido, one of the Philippines most popular leisure destinations, into its network. “CEB has a unique opportunity to grow when others cannot. So, despite the short-term impact to margin development, we will be growing rapidly, creating a robust network across the Philippines to expand and strengthen our market presence. We expect to reach a domestic market share of nearly 60% in the fourth quarter from 52% before the pandemic. Airport and aircraft investments open a significant market potential for CEB, and these initiatives allow us to take advantage, as well as contribute to the overall Philippine growth story,” said Cebu Pacific Chief Finance Officer Mark Cezar.

Globe has successfully upgraded 450 cities and towns across the Philippines to fiber-optic technology, strengthening its commitment to providing top-tier connectivity to its wireline customers while promoting sustainability through energy-efficient, future-ready solutions. The migration, which entails replacing copper cables with fiber, covers towns and cities in at least 60 provinces across the country. Globe is close to completing its shift from outdated copper cables to modern fiber optics, designed to meet the growing demand for reliable broadband connectivity across all sectors. This upgrade ensures customers enjoy uninterrupted, high-speed internet, ideal for remote work, online learning, entertainment, and a range of digital activities. Moreover, Globe’s shift to fiber is a vital part of its commitment to sustainability. Fiber-optic technology has a lower carbon footprint compared to traditional copper-based systems due to its reduced energy consumption. By implementing this more efficient technology, Globe can transmit data faster over longer distances while consuming less energy, ultimately contributing to the company’s overall goal of reducing greenhouse gas emissions. “This transformation enables us to better serve the growing digital needs of our customers while reducing energy consumption and environmental impact. As we continue to enhance connectivity across the country, Globe remains committed to delivering innovative solutions that drive both progress and sustainability,” said  Abigail Cardino, Globe VP for Broadband Business. Preventing Cable Theft Globe’s modernization from copper to fiber cable is expected to greatly reduce the risk of wire-cutting incidents plaguing copper-based networks. Copper theft has caused widespread service interruptions and expensive repairs. With fiber, Globe hopes to address the problem while delivering faster, more stable internet to homes and businesses. Unlike copper, fiber cable — made of glass or plastic — holds no scrap value and cannot be sold to junkshops. Those caught stealing internet cable lines, whether copper or fiber, face imprisonment of up to 5 years and fines of up to Php 100,000 Under Republic Act 10515 or the Anti-Cable Television and Cable Internet Tapping Act of 2013. “Shifting to fiber enhances connectivity for our customers and protects our infrastructure from copper theft. Fiber’s lack of resale value discourages wire cutting and improves service reliability across these cities,” said Cardino. Globe is calling on the public to be vigilant and support its campaign against cable theft. Incidents may be reported to the nearest barangay or police station. Globe continues to lead the way in modernizing the Philippines’ digital infrastructure. With this completed migration, the company is well-positioned to support the country’s digital needs and future growth.          

Globe renews its call for the public to exercise vigilance against SMS spoofing, a sophisticated scam tactic that has seen a resurgence in recent months, with fraudsters using names of reputable organizations to take advantage of customers’ trust. Spoofing involves fraudsters impersonating legitimate SMS sender IDs, including Globe and other organizations, to trick recipients into believing that the messages are authentic. This technique has become increasingly prevalent, particularly in Metro Manila, despite the implementation of SIM registration last year aimed at curbing SMS fraud. Customers have reported receiving spoofed messages that mimic Globe’s sender ID, enticing them with fraudulent links or else hooking them with claims of account problems. These deceptive messages aim to steal personal and sensitive information, which can grant scammers access to online accounts such as social media profiles, e-wallets, and bank accounts. Globe is taking proactive steps to combat spoofing, including issuing public warnings, collaborating with industry partners and law enforcement agencies to apprehend scammers, and investing in advanced security measures to detect and block spoofed messages. “Spoofing is a form of cybercrime that is becoming increasingly difficult to detect. We urge everyone to be extra cautious with any SMS that asks for personal information or prompts to click on a link. Globe will never send a clickable link in its official customer advisories,” said Anton Bonifacio, Globe’s Chief Information Security Officer. Spoofing is a global concern, facilitated by the use of illegal devices known as International Mobile Subscriber Identity (IMSI) catchers or fake cell towers. These devices can intercept mobile communications within a certain radius, allowing fraudsters to send messages with spoofed sender IDs that bypass network spam filters. Globe urges the public to report any suspicious messages to its customer service channels and to follow these digital security best practices: Never click on links from unknown sources. Never share personal information via SMS. Regularly update your knowledge on the latest scam tactics. Be wary of unsolicited messages that offer deals that seem too good to be true. Turn on spam filters on your phone, if feature is available. By raising awareness and promoting collective vigilance, Globe aims to protect its customers and the public from these harmful practices.