BIZ BUZZ: Cable TV industry killer

You’d think that a billionaire who had his humble beginnings selling cable television services to his fellow Kapampangans would have a soft spot for what is increasingly looking like a sunset industry, but Dennis Anthony Uy has no such reservations.

The billionaire businessman—who founded Converge ICT with his wife Grace—will soon offer a new over-the-top (OTT) media service which, if it turns out to be successful, may spell the end for cable TV providers in the country.

OTT, of course, refers to media services that are offered directly to viewers via the internet instead of more traditional transmission means like cable or the airwaves.

Biz Buzz learned that Uy is now in the final stages of designing a new service offering that will bundle most, if not all, of the channels currently available on cable TV with the internet service of every single Converge subscriber.

More importantly, the service will come at no additional fee for the subscriber as the cost of carrying all those channels will be tucked into the existing subscription fee.

Uy recently made waves by giving subscribers free speed upgrades, with some seeing their internet speeds rise by a factor of ten for the same price. The addition of OTT services that allow one to watch their favorite channels for free— instead of subscribing to cable TV services, whether wired or delivered via satellite dish— will make Converge an even more compelling service.

But more importantly, this new service will probably spell the end of the traditional cable TV industry as we know it. And didn’t Cignal just buy Sky Cable for P6.8 billion in the hopes of increasing its footprint and subscriber base? Whoopsie.

— Daxim L. Lucas

Metrobank making waves

Private banking is a lucrative, though often unseen, business that larger financial institutions compete fiercely in, hoping to net all those billionaires and their idle billions.

And below the radar since 2016, Metropolitan Bank & Trust Co. has apparently been beefing up its private wealth business, bagging two accolades at the 2023 Asiamoney Private Bank Awards, and further strengthening its position in the ultra-high net worth segment.

Metrobank garnered the Best Domestic Private Bank in the Philippines award for the second straight year. It was also named the Best Bank for the Ultra-High Net Worth clients.

Metrobank’s performance versus competitors, successes in achieving market share, and ability to cope with difficult or changing market conditions, were among the reasons why Asiamoney named Metrobank as the winner for both categories.

Metrobank’s Private Wealth Division has managed to deliver exceptional results in 2022 amid challenging market conditions.

—Daxim L. Lucas

Sunlife keeps top rank

Sun Life of Canada (Philippines) is proving to be an all-weather, all-cycle business after dominating the issuance industry for 12 years in a row.

The 128-year-old company was again ranked No. 1 after ending the previous year with total premium earnings of P52.6 billion.

It was also recognized for generating new business, with revenues in the category reading P9.7 billion in 2022.

Sun Life country head Benedict Sison dedicated the win to their advisors and employees.

“This accomplishment is the result of everyone’s concerted efforts, as we strive to bring our clients a delightful experience throughout their financial journey,” he said in a statement.

“This affirms that anchoring ourselves on our clients and our purpose to help them achieve lifetime financial security and live healthier lives will always lead us to great results, and we are inspired to do more,” he added.

—Miguel R. Camus INQ

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