BIZ BUZZ: Trouble at the PSC

Officials of the Philippine Sports Commission (PSC) presented a united front when they defended their 2025 budget before the House of Representatives.

But the facade has long dropped, no thanks to troubling internal strife that is being closely watched by the private sector, who has long been relied on to pitch in to support the sports development programs championed by the PSC.

READ: BIZ BUZZ: Changing of the guard at sports commission

The growing tension within the PSC walls was made apparent by the Nov 6, 2024 letter that former Philippine Basketball Association player and PSC Commissioner Matthew “Fritz” Gaston sent to President Ferdinand Marcos Jr., informing him of what he claims to be “questionable situations/decisions” made by PSC chair Richard Bachmann.

Bachmann quickly and categorically denied “any claims of misconduct or impropriety”, adding that “allegations made against me, particularly those concerning financial decisions and requests for reimbursements, are misleading and lack substantial evidence.”

According to Biz Buzz sources from the corporate world, these wranglings are but a symptom of what they claim to be the mountain of problems plaguing the PSC, which is supposed to be the “prime catalyst and advocate for the propagation and development of Philippine sports.”

No wonder then that there are growing cries for new blood to be injected into the PSC, perhaps the kind that runs through those with a proven background in actual management, not politics. —Tina Arceo-Dumlao

Maya sets sights on 100k

Maya Group President and Maya Bank Co-Founder Shailesh Baidwan said they are hoping to cross the 100,000 mark in terms of users of their newly-launched credit card with retail chain Landers Superstore, optimistic that more users would be drawn in during the remaining months of the year leading to the Yuletide season

“(A) credit card is the single most searched financial service product over here. So obviously there’s a lot of demand and there’s a lot of customer desire to get a credit card,” Baidawn told Biz Buzz on the sidelines of the launch of the Landers Cashback Everywhere Credit Card at the Landers Superstore in Arca South, Taguig.

Baidwan also mentioned that there are only an estimated 12 million credit card users in the Philippines, which has a population of around 116 million, indicating that there is a lot of room for growth.

The Maya group and Landers Superstore had a soft launch in August and has garnered 50,000 users as of October.

The two firms have touted that it has some of the most rewarding cashback rates in the market, which is at 5 percent at Landers, 2 percent on dining, and 1 percent on other purchases.

Baidwan said that they will be implementing more exciting features, including more flexible installments, by the early next year. —Alden M. Monzon