Business IT

In an order issued March 22, the SEC directed PesoKwento, Pondo Cash, TBAG, Cash Sky, Loan Cash, and East Cash to immediately cease and desist from engaging in any lending activity until they have incorporated and secured the requisite authorization from the agency.

The Securities and Exchange Commission (SEC) said it has revoked the license of Cashtrees Lending Corporation for launching and operating unregistered online lending platforms (OLPs) amid a moratorium imposed by the commission.

Pres. Rodrigo Duterte signed into law on Monday, March 21, Republic Act 11659 or the amendments to the Public Service Act (PSA), which allows full foreign ownership in key sectors including telecommunications, railways, airports, and shipping.

BPO companies have earlier asked the government to allow them to continue operating their WHF setup without losing their tax incentives.

The National Economic and Development Authority (NEDA) said it will launch on April 21 the National Innovation Agenda and the AmBisyon e-Village, an online innovation platform.

At the groundbreaking of its 11th and largest hyperscale data center in Sta. Rosa, Laguna on Friday, March 18, PLDT president and CEO Al Panlilio said the soon-to-be-built facility will be the biggest in the country with no peers in its class.

PLDT’s total fixed broadband customers are now nearly three million, a record high for the group.

Converge ICT said it more than doubled its net income to P7.2 billion in 2021 from P3.4 billion the previous year, growing by 111% on the back of record number of port rollouts, continued strong expansion of its residential subscriber base, and recovery of the enterprise business.

Also, 16 culprits, including third-party contractors of other networks and Globe field technicians, have been convicted for theft and sent to prison.

More than half (56%) of Filipino MSMEs had to rely on friends and family for loans, and 45% used personal funds to launch their business.