BIZ BUZZ: Landbank-DBP uncoupling
Now that Benjamin Diokno has ceded the finance portfolio to Ralph Recto, the next trillion-peso question is: what will happen to the proposed merger of state-owned lenders Land Bank of the Philippines and Development Bank of the Philippines (DBP)?
With the staunch merger advocate now out of the picture, DBP may be able to get out of what is deemed a “shotgun” wedding after all.
Recto, who has assumed the role of Landbank chair concurrent to his finance secretary post, hasn’t stated his position on the issue yet. But from what we hear, DBP has found three other very powerful allies in its bid to survive.
The big 3 are investment/economic affairs czar Frederick Go, Speaker Martin Romualdez and most importantly, President Marcos himself.
We hear that the DBP is poised to uncork the champagne now that risks of obliteration have dissipated as Mr. Marcos himself had signified to DBP leadership that he’s in favor of keeping DBP and Landbank as distinct entities.
In this case, the “spirit of healthy competition” trumped the “bigger is better” narrative.
We hear that an official announcement may be made soon, thereby removing all the existential overhang, especially among DBP employees.
Now both banks can resume regular programming and move on. —Doris Dumlao-Abadilla
Sky Cable set to sign off
It looks like the P6.75-billion sale of Lopez-led Sky Cable Corp.’s broadband business and other related assets to Pangilinan-led PLDT Inc. has already been sealed.
In an advisory, Sky Cable announced that after more than three decades of being “the Filipino family’s window to the world,” it will have its final broadcast and signoff would be on Feb. 26 at 11:59 p.m.
“We would like to inform you that in an anticipation of and pursuant to the closing conditions of the PLDT-Sky acquisition deal, Sky will now begin its transition into a dedicated internet service provider (ISP),” it explained.
Following the transaction, Sky will terminate or cease its pay television and cable businesses.
For Sky fiber subscribers, the ISP said there would be “no changes” in their subscriptions. They will still enjoy the same deal.
As for cable users, Sky said they can explore other options for pay TV services such as Cignal TV, GSAT, Cablelink and Planet Cable Inc. A complete list of suggested providers, categorized based on location, can be accessed here: www.mysky.com.ph/paytvproviders.
Meanwhile, the bundled internet and cable subscriptions would be converted into standalone Sky fiber plans. —Tyrone Jasper C. Piad
Toyota tax payments hit P60B
The local automotive industry shook off what’s left of the adverse effects of the unprecedented COVID-19 pandemic last year, when total vehicle sales blew past the target for the year of 423,000 units to end 2023 at 429,807.
Of those units, almost half or 46.5 percent bear the Toyota group brand, giving Toyota Motor Philippines Corp. chair Alfred Ty a good reason to celebrate 2023 and toast to an even better 2024, when consumer spending should recover as inflation continues to slow down.
But more than the formidable market share, Ty derives fulfillment from knowing that the robust unit sales translate to revenues for the government, too.
Ty proudly shared during a media get-together last week that Toyota paid some P60 billion in taxes in 2023, a significant 33-percent increase from the P45 billion paid in 2022.
With ambitious plans in place to improve on the already impressive 2023 numbers, it will not be a stretch to expect that the Toyota group will again conclude the year as one of the country’s largest corporate taxpayers. –– Tina Arceo-Dumlao
