MANILA, Philippines — The Yuchengco Group of Companies, the conglomerate founded by the late tycoon Alfonso Yuchengco and which is now headed by his daughter Helen Dee, is embracing the new normal with a wide array of measures to enable the group to be future-ready.
At present, YGC’s business spans a wide array of industries, ranging from banking to international business partnerships, from financial services to construction, and from education to information technology. It is composed of listed bank Rizal Commercial Banking Corp. (RCBC), listed construction firm EEI Corp., Mapua University, Malayan Insurance, Sun Life Grepa Financial and power giant PetroEnergy Resources Corp., among others.
In a virtual press conference last week, heads of YGC companies laid down plans to help navigate the conglomerate through the COVID-19 pandemic and the emerging environment after.
Lorenzo Tan, president and CEO of YGC’s House of Investments, said the group is reengineering its traditional products, paving the way for more online offerings as part of its strategies.
The same is true for RCBC, said Eugene Acevedo, its president and CEO.
Acevedo said as businesses intensify their shifts to digital transformation, in response to the changing behavior of customers, so is the response of RCBC.
EEI Corp. president and CEO Roberto Castillo said 2020 has indeed been a strange black swan for most businesses including construction.
Castillo, however, said EEI is used to hard work and in different conditions.
Milagros Reyes, president of PetroEnergy, said the company is paving the way for a shift to renewable energy as people demand a cleaner world post COVID-19.
“The pandemic has underscored a more serious and aggressive push for RE, but we do not expect immediate change,” Reyes said.
Richard Lim, president of Sunlife Grepa Financial, said the company saw increased awareness and appreciation for life insurance.
Thus, the company introduced new insurance products for individuals, including health insurance plans for Filipinos.
Mapua University president and CEO Reynaldo Vea said the educational institution has responded to the new normal of online schooling without sacrificing its existing strengths as a premier engineering and technological university.
It expects future graduates who are very well versed with data and technology.
In all, Tan said the YGC Group, which has remained very profitable despite COVID-19, will continue to invest in strengthening its digital infrastructure as part of efforts to ensure the group’s readiness to face the future.