Benchmarking the financial services sector

THE Philippine Stock Exchange Inc. (PSE) has unveiled the updated composition of four sectoral indices after conducting a comprehensive review covering the trading period from July 2022 to June 2023. These indices are for the services, mining and oil, industrial, and property sectors.

the evolving financial needs of its valued customers.

With its 26-year journey marked by growth, innovation, and customer-centricity, CSB remains dedicated to upholding its mission of empowering communities through exceptional banking experiences.

As Araneta added, “Brighter days are ahead. It’s a good time to grow!” of finding it and making it settle its liabilities.”

PSE president and CEO Ramon S. Monzon said the “regular screening of these barometers ensures that only the most eligible companies comprise these indices since they are used as benchmarks to gauge the market’s performance.” Monzon announced that the constituents of the main composite index called the PSEi would remain unchanged.

The PSEi consists of the 30 most liquid and well-capitalized companies that are listed on the local bourse. To qualify for inclusion in the indices, publicly-listed firms must meet specific financial criteria set by the PSE, including the maintenance of free-float levels not lower than 20 percent, as well as being among the top companies in terms of liquidity and market capitalization.

The lawmaker recalled in a statement that “every year, we rack our brains to make the limited budget cover the vast needs of all departments.

“There are those who argued on the financial benefits of keeping POGOs in the country and yet we have a staggering 2.2 billion in unpaid taxes,” Poe added.

The senator shared the hope the Marcos administration will also “finally put its foot down on the existence of POGOs in the country.”

According to the Department of Finance, the national government raised P8.88-billion worth of tax payments from the existing Pogos in the country in 2022.

Pagcor said the number of registered POGOs has decreased to 32 as of July 18 from its pre-pandemic peak of 281 in 2019.

“The gross gaming revenue generated from P O GO s is expected to reach P24 billion by the end of 2023, more than doubling the P11 billion achieved in the previous year,” DOF said in a statement.

(See https://businessmirror.com. ph/2023/07/24/ng-tax-take-frompogo-up127-to-p8-88b-pagcor/ )

The review of the index composition was based on PSE’s policy on index management; its implementation taking effect on August 7, 2023.

DFNN Inc. is now included in the services sector index of PSE. The listed fintech and IT-solutions provider earned its place among the index components in recognition of the significant growth and efficiencies that the company has diligently pursued over the past few years. Being acknowledged as a benchmark in a fiercely competitive sector serves as a strong motivation to strive for greater achievements.

Last Monday, DFNN signed an agreement with the Philippine Space Agency (PhilSA) to provide a learning management system and scholarships for PhilSA employees. The donation was made possible through the auspices of DFNN Executive Chairman Ramon C. Garcia Jr. Accepting the grant on behalf of the central government agency that addresses all national issues and activities related to space science and technology was PhilSA Director General Dr. Joel Joseph S. Marciano Jr.

Meanwhile, Manila will host the “Asian Banking and Finance Forum 2023” on October 3, bringing together leaders and experts in the country to discuss current trends and developments in the industry. The event offers a platform for the sharing of insights and best practices as well as the promotion of innovative and collaborative efforts across the sector. This is the fourth installment of the event series following similar forums in Bangkok, Jakarta, and Kuala Lumpur earlier this year. Attendees will take part in panel discussions and network with fellow industry professionals. They can participate in interactive sessions with notable speakers, including Boston Consulting Group’s Managing Director Sumit Kumar, Bain & Co. Partner Patricia Nichol, EY-SGV & Co. Asia Pacific FSO Risk Management Leader Vicky Lee-Salas, Security Bank Corp. Senior Vice President Rahul S. Rasal, and GoTyme Bank Corp. Co-CEO Albert Tinio. Happening also on October 3 will be the “Insurance Asia Forum 2023” that aims to address the evolving challenges and opportunities in Asia’s insurance industry. Participants may engage in thought-provoking discourse through keynote presentations of confirmed speakers such as ZA Tech Country Manager Tyler Thuy Long, EY-SGV & Co. Consulting Partner Charisse Rossielin Y. Cruz, Manufacturers Life Insurance Co. CEO Raul Hora and Head of Strategy Prahlad Agarwal. (E-mail businessconference@ charltonmediamail.com for details on these twin conferences.)

Asia’s financial services sector has indeed become a powerhouse, captivating the world with its robust economies and forward-thinking strategies. The resilience, resourcefulness and appetite for progress of the region have propelled it to the forefront of the global financial revolution.

Joseph Gamboa is the vice-chairman of the Ethics Committee of the Financial Executives Institute of the Philippines and director of Noble Asia Industrial Corp. The views expressed herein do not necessarily reflect the opinion of these institutions and the BusinessMirror . Visit www.finex.org.ph for more information.