RCBC Trust’s AUMs hit P161 billion

Date Published: April 26, 2024

Source: https://www.bworldonline.com/banking-finance/2024/03/27/584539/rcbc-trusts-aums-hit-p161-billion/

This was an increase from the P147.49 billion recorded as of March 2023, RCBC Trust Corp. said in a statement.

THE TRUST arm of Rizal Commercial Banking Corp. (RCBC) recorded P161 billion in assets under management (AUMs) as of February amid strong client growth, it said on Tuesday.

The company’s market share among electronic money issuers also grew, with investments increasing to P1 billion from P200 million in the same period.

“Additional services such as investment advisory and estate planning are now ...

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Malayan Insurance partners with Dutch insurer Atradius

Date Published: April 2, 2024

Source: https://businessmirror.com.ph/

NON-life insurance firm Malayan Insurance Co. Inc. has partnered with Dutch firm Atradius Credito y Caucion S.A. de Seguros y Reaseguros, a trade credit insurer, which the company said will significantly benefit thousands of local and international commercial businesses.

Malayan Insurance and Atradius hope to increase trade credit insurance utilization by leveraging and maximizing both insurance firms expertise in identifying, managing and alleviating risks, the companies said.

Trade credit insurance, also known as accounts receivable insurance or debtor insurance, is an insurance solution that safeguards ...

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Malayan and Atradius Join Forces to Offer Innovative Trade Credit Insurance Products

Date Published: April 2, 2024

Source: https://www.megabites.com.ph/

The country’s leading non-life insurance company, Malayan Insurance Co, Inc. (Malayan Insurance), partnered with Atradius, one of the largest, reputable international firms in trade credit insurance to help thousands of local and international commercial businesses.

The collaboration was announced by Paolo Y. Abaya, President and CEO of Malayan Insurance during a media briefing at the Hexagon Lounge of RCBC Plaza in Makati.

At the same time, representatives of Atradius, Eric den Boogert, managing director of Atradius in Asia; Michael Frigo, director ...

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Alfonso Yuchengco’s legacy

Date Published: January 14, 2024

Source: https://qa.philstar.com/

Complacency, an old adage goes, is one of life’s biggest tragedies. As American rights leader Benjamin Mays said, success breeds complacency and complacency breeds failure.

We’ve seen this happen in both politics and business, but especially in business.

The Kodak story, for instance, is one such cautionary tale. Some 11 years ago today, Kodak filed for bankruptcy, no thanks to its inability to ride on the dizzying digital camera wave. One of America’s greatest success stories came to an end.

In the ...

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Yuchengo-led House of Investments sets new focus

Date Published: January 13, 2024

Source: https://business.inquirer.net/

MANILA, Philippines  —The Yuchengco Group’s House of Investments (HI) saw its shares rally over 8 percent on Monday after announcing a pivot to financial services, fueling market speculation it could also consolidate other family assets into the publicly-listed holding company.

The company, which sold majority of its shares in construction giant EEI Corp. to outside investors, including the family of House speaker Martin Romualdez, is aiming to become an “extensive conglomerate” after announcing a groupwide reorganization.

HI shares jumped 8.07 percent ...

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Yuchengco buys Tarlac property to prepare for expansion

Date Published: January 6, 2024

Source: https://business.inquirer.net/

MANILA —A unit of Yuchengco-led House of Investments (HI) bought from Rizal Commercial Banking Corp. a P2.7-billion property in Tarlac, which it intends to develop in the future.

The listed holding firm said its subsidiary, real estate developer Tarlac Terra Ventures Inc., purchased a 184-hectare (ha) property at Central Techno Park in Luisita Industrial Park.

“HI will grow its property portfolio with the purchase of the property by its wholly owned subsidiary. Moreover, the property is located in a prime area ...

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PetroGreen all-set for Pangasinan solar dev’t

Date Published: December 13, 2023

Source: https://tribune.net.ph

The Bugallon Solar Power Project is expected to supply clean and renewable power in the area by the last quarter of 2024. Once operational, the facility is expected to generate 41,000 MWh of power annually and reduce carbon emissions by 29,056 metric tons

By Maria Bernadette Romero

December 1, 2023

The Yuchengco group’s PetroGreen Energy Corp., or PGEC, is moving to formally start the construction of its 25-megawatt or MW Bugallon Solar Power Project early next year.

The company announced on Thursday that ...

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First Irish Embassy in PH opens in RCBC Plaza

Date Published: October 17, 2023

Source: https://mb.com.ph/

RCBC Plaza has recently included the Embassy of Ireland among its roster of clients, making it the eighth diplomatic mission housed in the iconic business complex. This is the first permanent chancery that Ireland has established in the Philippines and is expected to be instrumental in strengthening the nation’s political and economic ties.

The opening of the chancery is in conjunction with the Global Ireland initiative to expand its international presence which identified the Philippines as a strategic location given ...

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Yuchengco firm to supply Shell Energy’s power needs

Date Published: October 12, 2023

Source: https://business.inquirer.net/

MANILA -A unit of Yuchengco-led PetroGreen Energy Corp. will supply Shell Energy Philippines Inc. (SEPH) with renewable energy coming from its solar power plant in Tarlac City.

Under the power supply agreement signed last Sept. 20, PetroSolar Corp., a subsidiary of PetroGreen, will source clean energy from its 20-megawatt (MW) Tarlac-2 solar plant located in Central Technopark for SEPH’s power needs.

“We are pleased with this agreement with Shell Energy, which builds upon mutual commitment to clean energy from an earlier ...

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Mapúa University aims to double enrollment

Date Published: August 1, 2023


MAPÚA University targets to double its enrollment count in the coming years in line with the 10-year development plan of Ayala-Yuchengco-led iPeople, Inc., its top official said on Thursday.

“Our target is to continually increase [the number of enrollments],” Mapúa President and Chief Executive Officer Dodjie S. Maestrecampo said in a media briefing. “I think we will have to double or triple the current size of our system.”

Mr. Maestrecampo said growth in student numbers would be mainly achieved through the expansion ...

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Mapúa University names new president

Date Published: August 1, 2023

Source: https://www.philstar.com/

MANILA, Philippines — Mapúa University has announced the appointment of longtime administrator and chemical engineer Dodjie Maestrecampo as its new president and chief executive officer.

Maestrecampo succeeded Reynaldo Vea, who capped his 23-year tenure as head of the university last June.

Prior to his new appointment, Maestrecampo was president of Mapúa Malayan Colleges in Laguna and Mindanao, which he will continue to hold in concurrent capacity.

He served in various capacities, including as executive vice president for academic affairs and dean of ...

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House of Investments sells more shares in EEI

Date Published: May 25, 2023

Source: https://www.bworldonline.com/

THE BOARD of directors of Yuchengco-led House of Investments, Inc. has approved the sale of 14.346% of EEI Corp.’s common shares to Industry Holdings and Development Corp. (IHDC).

“IHDC’s entry as a strategic partner is deemed beneficial to EEI’s growth plans and restructuring efforts,” the listed holding firm said in a regulatory filing on Monday.

“Aside from having a partner that will improve the performance of EEI, the proceeds will be used to increase the capitalization of a subsidiary by subscribing ...

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EEI appoints new chairman after previous owner sells down stake

Date Published: May 25, 2023

Source: https://www.bworldonline.com/

EEI Corp. has appointed Lorenzo V. Tan chairman of the listed construction and engineering services company, replacing Helen Y. Dee who stepped down for personal reasons.

In a stock market filing, the company said it had voted to appoint Mr. Tan, who is also president and chief executive officer of House of Investments, Inc., on May 2 after the resignation of Ms. Dee. He was the former president and chief executive of the Yuchengcos’ Rizal Commercial Banking Corp.

The appointment comes ...

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Yuchengco Group to put insurance, property business under House of Investments

Date Published: April 26, 2023

Source: https://www.philstar.com/

MANILA, Philippines (As released) — The Yuchengco Group will put its insurance and property business under House of Investments Inc. (HI), to add to its current construction, education and renewable energy businesses.

It will also sell some shares from its construction business (EEI) to a strategic partner. The funds will be used to reduce its debt, strengthen its balance sheet and make it a stronger player.

Overall, the restructuring will make HI a more diversified conglomerate with the resources to take advantage of opportunities ...

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Yuchengco Group selling 20% stake in EEI to Martin Romualdez’s firm

Date Published: April 26, 2023

Source: https://business.inquirer.net/

MANILA -The family of House Speaker Martin Romualdez is buying a 20-percent stake in the Yuchengco Group’s EEI Corp., one of the country’s biggest construction companies.

House of Investments, chaired by businesswoman and heiress Helen Y. Dee, said in a stock exchange filing on Wednesday it would sell the shares to Romualdez’s private holding company, RYM Business Management Corp., for P1.25 billion.

This values EEI at a 24 percent premium over its closing price the previous day.

Even before the deal was ...

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