BIZ BUZZ: Zobel heiress’ ‘pain points’
Even an heiress can experience “pain points” when it comes to personal finances.
We’re talking about Mariana Zobel de Ayala, who briefly mentioned facing such hitches while introducing key features of the newly launched mobile app of family-led Bank of the Philippine Islands (BPI).
The daughter of Ayala Corp. chair Jaime Augusto Zobel de Ayala later put inquisitive minds at ease when she gamely explained this was related to managing daily cash flow, which is a problem the new app hopes to solve, among many others.
Zobel, a rising executive at BPI in her own right as head of consumer marketing, platforms and digital activation, displays deep knowledge of the daily problems experienced by regular bank customers.
One of the pioneering features of the new app, which will replace the existing version in the latter part of 2023, is an artificial intelligence (AI)-powered financial advisor.
As Zobel explains it, the AI program will act as a learning machine that builds on the knowledge and lessons culled from the bank’s 172-year-old history.
The AI advisor, to be rolled out next month, promises to steer users away from bad financial habits, offer advice and provide payment reminders.
The app will also allow first-time clients to open an account within the app in five minutes with one ID card. The pipeline of new features includes mobile check deposits, real-time bill payments and cash withdrawals via QR (quick response) code.
Enhanced services were needed as over 60 percent of BPI clients use the app while digital transactions account for 90 percent of the total, said Maria Cristina “Ginbee” Go, BPI head of consumer banking.
Years ago, BPI president Jose Teodoro “TG” Limcaoco pledged to harness technology and turn BPI into a leader whose services are “available to all.” This appears a step in that direction.
—Miguel R. Camus
Aussie seafood coming
The next order of business for Australia is to grow its seafood market in the Philippines, hoping to offer more of its high-quality produce to Filipino consumers.
“We are trying to grow the seafood market,” Australian Trade and Investment Commission senior trade and investment commissioner Christopher Lim told Biz Buzz.
He said the recent launch of Philippine Airlines’ nonstop flights to Perth in Western Australia, which harvests some of the world’s best rock lobsters, would pave the way for the influx of Australian seafood produce.
“Why? Because we have amazing high-quality salmon, tuna, ocean trout and rock lobster—really big ones. And the variety here in the Philippines is different because your fish is more archipelagic; ours is ocean fish. We want to supplement that as well,” he added.
Further, they look forward to exporting more products such as yogurts, butter and milk.
—Jordeene B. Lagare
Changes at Roxas Holdings
George Cheung, officer in charge/executive vice president-chief strategy officer at sugar and ethanol producer Roxas Holdings Inc. (RHI), has stepped down effective April 13.
The board appointed RHI chair, Pedro Roxas, as interim president and CEO until a qualified candidate is identified.
Cheung, who left for “personal reasons,” has more than 20 years of experience in the field of agricultural and energy commodities, specializing in sugar, fuel ethanol and thermal coal.
Before joining RHI, Cheung, an alumnus of the University of British Columbia and Duke University, served as vice president-head of trading at the Aboitiz Group’s Pilmico.
He also held leadership roles here and abroad, such as at Cargill, ED&F Man, Trafigura Investment China, Ltd. and Wilmar Sugar Pte. Ltd.
RHI is refocusing its efforts and resources on the sugar refinery operations of subsidiary Central Azucarera Don Pedro Inc. (Cadpi) in Batangas province.
Cadpi shut down its sugar mill in Nasugbu at the start of crop year 2022-2023 amid a slump in sugarcane supply and other challenges.
Discussions are underway for the mothballed facility. Cadpi’s machinery and equipment is valued at P897.3 million.
