RCBC debunks Deguito
Rizal Commercial Banking Corp. on Thursday debunked the claim of dismissed branch manager Maia Deguito that the transactions on the $81-million laundered money had approval of the bank’s head office.
“This is false,” RCBC executive vice president Macel Fernandez-Estavillo said. Deguito herself admitted that the accounts were credited automatically without need of any approval.
Bank records showed that at the end of day of Feb. 5, a hold was initiated by the bank’s operations group but was lifted when Deguito explained that the clients were long-standing clients of hers and that the amounts were expected, and that KYC (know your client) documents were in order.
Hence, the lift of the hold was approved based on Deguito’s representations that these were long standing clients and that the funds were expected.
Meanwhile, RCBC treasurer and executive vice president Raul Tan resigned from his post on Wednesday. “Out of decency and honor, and despite his lack of involvement in the same, he tendered his resignation because of command responsibility, as [Maia] Deguito—whose culpability has been clearly and convincingly established—was under him,” Estavillo said.
Tambunting online
Tambunting Pawnshop., one of the largest and oldest gadget and jewelry pawnshops in the Philippines, teamed up with MFT Group of Companies and GrabExpress to launch Tambunting Online.
Tambunting Pawnshop president Ramon Tambunting said during the launching Tambunting Online was sdesigned to provide customers with quick, convenient and secure ways to get much-needed funds. It also takes away the hassle and the privacy and security issues that traditionally accompany the practice of pawning one’s valuables, he said.
“As Tambunting marks its 110th anniversary, we are pleased to offer something that we know our market wants and needs. Throughout the years, we have developed a good ear for what our market wants, and Tambunting Online answers the need for faster, more convenient, yet safe transactions. We are pleased to be working with like-minded partners who share our goals in making this groundbreaking service available to the Filipino public,” said Tambunting. Jenniffer B. Austria
ICTSI sees bleak outlook
Port operator International Container Terminal Services Inc. said Thursday it expects a bleak outlook until 2017 because of weak global trade.
“The outlook is nothing to be excited about. The problem with the world now is the demand. The global economy has no growth in trade. You see, some areas are growing some areas not, but when you average it out, there’s a little growth,” ICTSI chairman and president Enirque Razontold reporters at the sidelines of the stockholders’ meeting iof the company.
“So, I expect it to continue until next year. It will probably get worse before get its better,” he said.
The country’s biggest port operator reported a net profit of $58.5 million in 2015, down by 68 percent from $182 million in 2014. Gross revenues from port operations dropped 1 percent to $1.05 billion last year from $1.06 billion in 2014.
Darwin G. Amojelar
Seaoil earns P1b
Independent oil player Seaoil Philippines Inc. said Thursday net income hit a record P1.05 billion in 2015, a five-fold increase from P200 million in 2014, amid increased sales volume despite weaker world oil prices.
Seaoil president for retail business and chief finance officer Mark Yu said revenues climbed to P31.5 billion in 2015 from P28 billion in 2014 as the company achieved 59 percent of volume growth by capitalizing on areas where it had logistical advantage, streamlining business processes andapplying results-oriented programs.
Industry-led factors such as low fuel prices and increasing vehicle sales also contributed to Seaoil’s stellar performance as these encouraged end-users to consume more fuel, he said.
“In this industry, what you have to look at is not quite revenue but volume because oil prices move. For us, our volume grew by 59 percent. The oil market grew by 2 billion liters and we captured 25 percent of that. That’s 500 million roughly. That contributed from roughly 760 million liters to over 1.2 billion liters,” Yu said. Alena Mae S. Flores
Mitsubishi’s sales rise 24%
Mitsubishi Motors Philippines Corp. said company sales in the first quarter grew faster than the entire Philippine automotive industry.
MMPC said it sold 14,688 vehicles in January-March period, up 23.8 percent from 11,849 units delivered during the same period in 2015.
The industry grew 21.6 percent in the first quarter, based on the combined reports of the Chamber of Automotive Manufacturers of the Philippines Inc. and Trucks Manufacturers Association.
Mitsubishi captured a 19.2-percent market share, keeping its spot as the second bestselling automotive brand in the country.
Mitsubishi Montero Sport remained the bestselling mid-size SUV in the first quarter, accounting for 42.3 percent of the light commercial vehicle sales. Othel V. Campos