BIZ BUZZ: Security Bank VIP clients get royal treatment

For many of those who have more than enough money in their bank accounts, accumulating more wealth is no longer as rewarding as the pursuit of unique experiences.

Award-winning Security Bank knows this well, thus it goes out of its way to offer those very important clients who are looking to collect memories and widen their horizon access to exclusive events.

Among these is the Security Bank Polo Cup, which will be held at the ultra-exclusive Manila Polo Club this weekend.

Over many decades, the posh Manila Polo Club has been home to enthusiasts of this high-society team sport, where players of competing teams hail from the crème de la crème of Philippine society.

As this is the case, prominent figures from local business and politics are again expected to troop to the Manila Polo Club to enjoy the so-called Sport of Kings and the party that follows.

How’s that for fun Sunday afternoon? —Tina Arceo-Dumlao

READ: Security Bank net income surges to P11.2B in 2024

PH gamers brace for new digital tax

Filipino gamers will soon feel a painful pinch as popular video game platform Steam will begin collecting a new 12-percent sales tax this June.

This move, part of the government’s push to tax digital services, is expected to drive up the cost of purchasable and downloadable games from Steam, making gaming a pricier hobby for many.

In its taxes FAQ section, Steam lists the Philippines as a country where taxes will be collected soon, specifying June as the implementation timeline.

But in October last year, the local distributor of Nintendo video games told Biz Buzz that the government’s move to impose a 12-percent value-added tax (VAT) on digital services and products offered by foreign firms should not apply to games sold through their online electronic shop.

Victoria Palomar, digital marketing executive at VST ECS Phils., Inc., said that the structure of the Nintendo eShop, where Nintendo Switch and Android games are sold, could exempt them from the new tax.

Currently, the Nintendo eShop does not list the Philippines as an option when creating an account—an essential step for purchasing games.

The same setup applies to Sony’s PlayStation Store, forcing Filipino gamers to register under other countries.

This raises questions on how the government plans to enforce digital taxation on platforms that technically don’t recognize the Philippine market in their system. —Alden M. Monzon

Bye, politics; hello, DA

Arnold Atienza, son of former Manila Mayor Jose “Lito” Atienza Jr. and brother of television personality Kuya Kim or Alejandro Atienza,

initially intended to return to politics, but the universe—or rather, the Marcos administration—had other plans for him.

In an interview with Biz Buzz, Atienza revealed that he was supposed to be the running mate of former Manila mayor Francisco “Isko Moreno” Domagoso in this year’s midterm elections.

However, Domagoso, who wants to take back his old seat at City Hall, ended up with Arnold’s sister, Angela Lei “Chi” Atienza.

When asked why he accepted the call to lead the Philippine Fiber Industry Development Authority, an attached agency of the Department of Agriculture, he said, “Binigay sa akin ‘to, dito na ako. (This was given to me, I’ll stay here). Less headache.”

“I need to campaign [to win in the elections]. At least [in the executive branch], I’m assured that I have a job. Even when you’re running, you’re practically applying for a job … I prefer serving in the executive branch,” he added.

Atienza recalled his discussion with his friend, Agriculture Secretary Francisco Tiu Laurel Jr., who offered him this position a few months ago.

He said Tiu Laurel had given him a free hand to implement projects and programs aimed at advancing the Philippine fiber industry’s growth.

“And then his last words were ‘good luck’ … He really said ‘good luck,’” he said.

When he asked Tiu Laurel why he said that, Atienza narrated, “Ang dami ng umupo diyan, either umaayaw o tinatanggal ko (Many have held that position before, either they resigned or I removed them).”

This isn’t Atienza’s first time in public service, and he wants to make a difference in the fiber sector.

So it’s goodbye to politics for Atienza, at least for now. —Jordeene B. Lagare

Converge right on track

Every day, it seems as though nearly everyone we know is already on the internet. After all, this is where everyone gets their news—and other content, for that matter—these days.

But as Converge ICT Solutions Inc. puts it, not everyone is here just yet.

For the fiber internet service provider led by tycoon Dennis Anthony Uy, there is still room to grow its subscriber count, which was already at 2.5 million as of end-December.

Converge chief strategy officer Benjamin Azada says they’re on track to have 4 million subscribers by 2027, entailing a net increase of 500,000 from 2025 until then.

Last year, Converge grew its subscriber count by 435,406 customers.

“There is still a very huge and untapped market … that’s why we launched our Surf2Sawa prepaid brand for the lower income classes and also BIDA [Fiber] for the lower middle class,” Azada said during a press briefing on Thursday.

READ: Converge 2024 net income reaches P10.8B

“Both brands are now available nationwide but not yet in every single municipality and province; we still have to work hard,” he added. “As the Philippine economy grows and we have a growing middle class, we’re very confident that we’ll be able to reach 4 million subscribers by 2027.”

With two fiber cable systems on the way (Uy says they’ll be ready by the fourth quarter), maybe Converge’s dream will indeed become a reality. Abangan! —Meg J. Adonis