BIZ BUZZ: Ernest Cu toasts to GCash success

GCash, which recently celebrated its 20th anniversary, showcased its journey at the annual Singapore Fintech Festival (SFF) last week at the Singapore Expo.

Its key officials, including parent company Mynt top honcho Martha Sazon, were busy manning their booth, visited by many individuals intrigued by the e-wallet’s success in the Philippines.

The finance super app also held a party on top of Supertree Observatory at Gardens By The Bay. Award-winning Singaporean chocolatier and chef Janice Wong served the guests with her signature desserts and tender umami-filled beef sliders, among others.

Prominent figures were in attendance, including GCash’s latest partner: Japan’s largest bank.

Globe Telecom president and CEO Ernest Cu was very excited to introduce Nobuya Kawasaki, executive officer and managing director at MUFG Bank Ltd.

“It was Nobu who led the deal, alongside Martha, myself, and our CFO Tek Olano. It took us about a year to close this deal but it is a fantastic deal,” Cu said.

The Japanese bank recently injected capital into GCash, allowing the latter to achieve a $5-billion valuation.

“For a company at our stage … I think we’ve got very good strategic partners,” he said.

The Globe chief, who will retire next year, also thanked the GCash team for bringing the e-wallet brand to greater heights.

“The progress the GCash has made, we owe it to the management team led by Martha and her team,” Cu said.

“GCash is now a verb in the Philippines and we hope to continue it that way,” he added. —Tyrone Jasper C. Piad

New LRT-1 ‘driver’

Enrico Benipayo has taken the driver’s seat at Light Rail Manila Corp. (LRMC)—the private operator of Light Rail Transit Line 1 (LRT 1)—after being appointed president and CEO.

He replaces Jose Ma. Lim, who now serves as chair of the company’s executive committee.

Before his promotion, Benipayo was the general manager of LRMC, monitoring the daily operations of the railway. He was also the company’s chief operating officer before this.

“A seasoned rail industry veteran with over 35 years of experience in engineering, procurement, construction, maintenance, and O&M (operations and maintenance) consultancy, he brings a wealth of knowledge and expertise to his new role,” LRMC said.

As the new top honcho, Benipayo’s first major task is to start the operations of LRT-1 Cavite Extension Phase 1, which is set to welcome passengers this fourth quarter.

LRMC already integrated the existing system of LRT-1 with the Cavite extension line in August. It also conducted system operation demonstration tests and continues to evaluate the safety and reliability of the railway extension.

This segment includes five stations: Redemptorist, MIA, Asia World, Ninoy Aquino, and Dr. Santos.

In its entirety, the 11.8-kilometer extension project—which covers major cities such as Quezon City, Caloocan, Manila, Pasay, and Parañaque—starts at the Baclaran station of LRT 1. It is designed to cater to up to 800,000 passengers daily. —Tyrone Jasper C. Piad

It’s a prank! Gov’t’s 8888 hotline plagued by pranksters

Despite today’s advancements in communication technology, it seems like the government is struggling with pranksters making reports using the national hotline.

Department of Information and Communications Technology undersecretary David L. Almirol told Biz Buzz last week that the country’s police force complained to him that about 30 percent of the report coursed through Citizens’ Complaint Hotline are hoaxes.

“This is what the (Philippine National Police) told me. So, they want a system where the ones doing the reporting are identified,” Almirol said in a chance interview.

“The hotline has no identity verification system. So, anyone can actually make a report,” he added.

8888, officially known as the Citizens’ Complaint Hotline and the President’s Hotline is the Philippines’24/7 national public service hotline launched in 2016 during the term of former president Rodrigo Duterte.

In response to this problem, Almirol said that the new reporting system launched last week under the government’s super app, eGovPH, will remedy the problem. —Alden M. Monzon