After months of searching, it looks like the Bangko Sentral ng Pilipinas (BSP) may have found its new general counsel in Roberto Figueroa.
Figueroa, who was the general counsel of HSBC, has already been receiving congratulatory messages from fellow lawyers, although the BSP has yet to make any appointment official.
In case he does land the plum job then the BSP will be the better for it as he comes with decades of experience in the financial sector.
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FEATURED STORIES BUSINESS BIZ BUZZ: New general counsel at BSP? BUSINESS Trump signs order ending work from home for federal employees BUSINESS Philippine real estate outlook remains promising, resilientFigueroa, who graduated from the University of the Philippines with degrees in Political Science (valedictorian and magna cum laude) and Law, was a Capital Markets Associate in Cadwalader Wickersham and Taft LLP and vice president of the General Counsel’s Office for Citigroup Global Markets Inc. in New York.
He has a Master of Laws from the Harvard Law School and a Certificate in Public International Law from the Hague Academy of International Law. He also taught at the UP College of Law.
Article continues after this advertisementIf the early congratulations are warranted, then Figueroa will replace longtime central bank lawyer Elmore Capule, who was promoted to deputy governor for the corporate services sector of the BSP in October last year.
Article continues after this advertisementThe general counsel position has been vacant since then, with the duties temporarily taken care of by an officer in charge.
Article continues after this advertisementBased on the BSP’s job posting, the general counsel is in charge mainly of high-level technical/legal advisory to the governor, monetary board members, deputy governors, and other BSP officials on policies, functions, regulations, and laws affecting the mandates and operations of the BSP.
A difficult and crucial job, for sure, but based on his impressive resume alone, Figueroa should prove more than capable of handling it. —Tina Arceo-Dumlao
Article continues after this advertisement Citi bullish on PHIn the era of rising protectionism, which can threaten the growth of the global economy, American banking giant Citi is still bullish on the Philippines.
And that optimism stems from the country’s vibrant business process outsourcing (BPO) sector which, according to many observers, is relatively insulated from tariff threats that can easily hurt merchandise exports.
A strong banking sector is another source of confidence in the Philippines amid the external headwinds.
“We think the Philippines is primed for great growth. The Philippines grew close to 6 percent in 2024. We expect the growth in 2025 to stay in the 6 [percent] handle,” Amol Gupte, Asia South head at Citi, said in a recent press conference.
But despite such a rosy outlook, Gupte said that there are things that must be done to safeguard the economy’s resilience.
For one, the Citi official said the local BPO sector must move up the value chain and expand beyond “voice jobs” to counter the displacement effects of artificial intelligence.
He also brought attention to the impact of a slower rate-cutting cycle on the profitability of Philippine banks.
“Watch that space,” Gupte said. —Ian Nicolas P. Cigaral
GCash gets more recognitionPopular e-wallet brand GCash has been doing its part to extend financial access to all Filipinos here and abroad—a great undertaking that international institutions have taken note of.
In the past year, the app that allows users to send money, pay bills and other transactions, borrow money, and even trade stocks, among others, was included in the inaugural Fintech Innovators Asia 2024.
Martha Sazon, the CEO who has been instrumental in making GCash an everyday language in the country, was also cited as one of Fortune’s 100 Most Powerful Women Asia 2024.
READ: GCash expands footprint in Japan
“It feels great that the efforts of the employees of GCash and the innovation that we’ve done toward our vision of ‘Finance for All Filipinos’ are being recognized,” Sazon said.
“These milestones would not have been possible without our partners and the Philippine government’s support in our shared mission toward financial inclusion,” she added.
Over 90 million users have tried using GCash as of the latest report. Last year, it reached a valuation of $5 billion—a feat done for the first time by a Philippine unicorn. —Tyrone Jasper C. Piad
URC to deliver goods ‘ninja’ styleThe maker of beloved Filipino snacks Chippy and Piattos is tapping the services of Ninja Van Philippines to deliver its products to retailers of their products.
Universal Robina Corp. (URC) is working with the logistics company to aid the merchants selling their items in restocking and distribution in South Luzon.
“In URC we believe in the power of technology to improve the way we do things, and we are constantly seeking ways to deliver value in all stages of our operations, from supply chain and production to distribution and retail,” URC president and CEO Irwin Lee said.
Using Ninja Restock, merchants can quickly restock their inventories—even at smaller loads—because it ships multiple and separate customer orders within the same route at a time.
Bullion hit an all-time high of $2,704.89 in early Asian trade, up from its previous record of $2,688.83 touched on Thursday.
Ajay Banga spoke to Agence France-Presse at the development lender’s headquarters in Washington ahead of the Annual Meetings of the International Monetary Fund and the World Bank Group, which begin on Monday, October 21.
The pay-per-space delivery service seeks to provide flexibility for the merchants’ inventory management.
“Even if it’s just one case or one pallet you need to send out, you can co-load with other products, pay only for the space you need, and we can get to your desired destination more speedily,” Ninja Van Philippines country head Vin Perez said. —Tyrone Jasper C. Piad
DA taps more expertsThe Department of Agriculture (DA) has tapped more experts to oversee critical programs of the agency to help boost the essential farm sector.
The DA designated senior agriculturist Ralph Alan Ceniza and National Meat Inspection Service (NMIS) Planning Officer Jonathan Sabiniano as program directors of the National Rice Program and the National Livestock Program, two of its banner programs.
Joining Sabiniano is Alvin Paul Dirain, a project development officer of the DA who was appointed deputy program director of the livestock program.
Other appointees include Emerson Yago as the director-designate for Rice Clustering and Consolidation under the Masagana Rice Industry Development, Ronnie Ernst Duque as an officer in charge (OIC) of the Deputy Executive Director’s office at the NMIS, and Glenn Estrada as OIC of the Fertilizer and Pesticide Authority.
“These designations underscore DA’s commitment to strengthen key agricultural sectors to support farmers, enhance food security, and drive economic growth,” Agriculture Secretary Francisco Tiu Laurel Jr. said.
Although pleased with the DA’s overall performance, Tiu Laurel said earlier the entire DA personnel had “no excuse” not to do better this year, noting the additional powers given to the agency to advance the sector’s development.
With the agency focusing on lowering rice prices and fighting animal diseases, can it succeed in turning things around this year after a perfect storm of challenges in 2024? —Jordeene B. Lagare
Clark airport ready to accept turbopropsNoel Manankil, president and CEO of Clark airport operator LIPAD Corp., told Biz Buzz they were ready to provide slots for the turboprops coming from the Ninoy Aquino International Airport (Naia)—a move seen to decongest the country’s primary gateway.
“Clark International Airport patiently waits for and will graciously welcome these flights as they will allow us to serve more passengers,” Manankil said.
The Pampanga gateway seems to be the perfect place for the transfer given that it has yet to fully maximize its 8-million annual passenger capacity.
Last year, Clark airport’s passenger volume grew by 20 percent to 2.4 million, most of which were accounted for by international travelers.
omm slotThe San Miguel-led NNIC has a big task of decongesting the country’s primary gateway while expanding its passenger capacity in response to the projected growth in travel in the coming years.
And one way of doing that is by transferring turboprops to Clark International Airport so their slots can be allotted to bigger jets, which can accommodate more passengers and fly farther destinations instead. A turboprop, on the other hand, usually only flies from island to island.
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Biz Buzz earlier reported that the transfer would start by March this year. —Tyrone Jasper C. Piad INQwinph
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