BIZ BUZZ: RCBC’s triple win

They say that third time’s the charm, but in the case of Rizal Commercial Banking Corp. (RCBC), it got all three chances in one go.

The Yuchengco-led bank recently bagged three awards related to its debit card services for the rich.

RCBC’s Hexagon Club priority, the exclusive product offering for the bank’s mass affluent customers, was recognized both by Digital Banker 2023 and Retail Banker Asia Trailblazer Awards 2024 for its “exceptional services” tailored for the segment.

READ: BIZ BUZZ: SM takes ‘interest’ in RCBC 

As proof, RCBC recently launched its Hexagon Club Priority Debit Mastercard and upgraded existing customers to the affluent segment while acquiring new customers.

The project was “a result of RCBC and Mastercard’s joint effort to enhance experiences for RCBC’s valued customers,” Mastercard Philippines country manager Simon Calasanz said in a statement.

Members of the prestigious club now also have “exclusive benefits” and “premier perks” here and abroad, according to RCBC.

Apart from the two awards, the bank received the Best Debit Card Initiative of the Year award, specifically for its Wealth Platinum Debit Mastercard, from Asian Banking and Finance 2024.
Three cheers—literally—for RCBC! —Meg J. Adonis

Misplaced priority? Aboitiz gets real on RE fad

Power firms feel the heat from the pressure of investing big in renewable energy (RE)—despite the Philippines’ tiny, tiny carbon footprint.

An executive of Aboitiz Group said that the government tries hard to influence or curb the clichéd issue of climate change.

“We put the burden on ourselves to solve the world’s problem, which is climate change, even though we’re really not responsible for it,” AboitizPower chief corporate services officer Carlos Aboitiz said in a recent chat.

The Marcos administration has long stressed the need to erect more clean energy facilities, aiming to scale up the latter’s share in the power generation mix to 35 percent by 2030 from the current 22 percent.

READ: Aboitiz cites ‘uncertainties’ in building Philippines’ nuclear dream

This, even though the Philippines’ share in the global emissions from coal accounted for just 0.5 percent, way lower than economic powerhouse China with 29.2 percent, data from the Department of Energy earlier showed.

Aboitiz said instead of focusing on achieving energy security and affordability, government leaders, politicians, energy firms, and civil societies worldwide have equally applied and shouldered the load of fixing this destructive shift in weather.

The official even said investing in the power sector was hounded by “a lot of inefficiencies,” making shelling out money harder. The realized return from the investment companies pour in may take one to two decades.

In his speech at a forum in Singapore, Aboitiz also said that shifting to renewables is not necessarily cheaper.

“Often, we hear pronouncements that renewables are cheaper than their fossil fuel counterparts … Unfortunately, the math doesn’t add up,” Aboitiz said. —Lisbet K. Esmael

Startups for climate resiliency

Nonprofit DEVCON Philippines wants to build a network of 100 startups developing technological solutions to promote climate resiliency in the Philippines within the next two to three years.

The group is realizing this goal with the Department of Science and Technology and De La Salle University (DLSU). The tripartite collaboration, which will give rise to Climate Resilience Technology (CRest) network, was formalized recently.

CReST will focus on renewable energy and disaster resilience, among others.

“The climate crisis is a race against time, and technology is our fastest vehicle to win. Through CReST, we are not only protecting our communities but also establishing the Philippines as a leader in climate tech,” DEVCON founder Winston Damarillo said.

DLSU president Bernard Oca, meanwhile, said they would “provide expertise in research commercialization, venture creation and other support services to ensure that the climate solutions that we create can help prevent losses of income, time and productivity.” —Tyrone Jasper C. Piad