Insular Life increases capital requirement ahead of IC’s deadline

    Insular Life (InLife), the first and largest Filipino and only mutual life insurance company in the country complied with the Insurance Commission’s minimum requirement for Total Member’s Equity ahead of schedule.

    The InLife Board approved to increase its Total Member’s Equity by P600 million to make a total of P1.5 billion. This will be reflected in the November 30, 2020 month end report to the Insurance Commission. The P1.5 billion is more than the P1.3 billion Minimum Available Total Members’ Equity requirement of the Insurance Commission by December 31, 2022.

    “The Board approved the increase in the Company’s Total Members Equity by P600 Million from the present P900 Million to P1.5 Billion, in full compliance with IC Circular Letter No. 2019-67 as amended, “says InLife Executive Chairman Nina D. Aguas.

    The IC Circular 2019-67 mandates all life insurance companies to have a minimum available net worth or members’ equity of P900 million by December 31, 2019, and P1.3 billion as of December 31, 2022.

    “The foregoing action signifies InLife’s commitment to support the Insurance Commission’s thrust to strengthen the insurance industry. Amidst the pandemic and as we turn 110 years of uninterrupted service this November, we want to assure our policyholders and the public that Insular Life remains to be their strong and dependable partner in planning their financial security, ” said InLife Executive Chairman Nina D. Aguas.

    New USAID Project to strengthen water security in
    Palawan, Negros Occidental, Sarangani

    The United States Agency for International Development (USAID) signed a Memorandum of Understanding (MOU) with the provinces of Palawan, Negros Occidental, and Sarangani to address water security challenges faced by communities there.

    USAID Acting Mission Director Patrick Wesner led the signing ceremony together with representatives from the Philippine government and private sector, including National Economic and Development Authority Assistant Director General Roderick Planta, Palawan Governor Jose Chaves Alvarez, Negros Occidental Governor Eugenio Jose Lacson, and Sarangani Governor Steve Chiongbian Solon.

    Palawan, Negros Occidental, and Sarangani all face recurring water shortages amid rising water demand, degraded watersheds, and inadequate access to water supply and sanitation services. Through its five-year, Php869-million Safe Water project, USAID will provide technical assistance to help communities in these provinces gain reliable access to clean water.

    USAID’s assistance will focus on increasing access to resilient water and sanitation services, improving water resource management to ensure sustainable supply, and strengthening water sector governance. USAID will also scale up successful approaches and models by utilizing best practices from policymakers and other sector players.

    The MOU signing event also highlighted Safe Water’s partnership with private sector and non-government organizations. USAID’s implementing partner for Safe Water, DAI Global LLC, will work with the Philippine Business for Social Progress,, Mahintana Foundation Inc, Conrado and Ladislawa Alcantara Foundation Inc and the Foundation for a Sustainable Society Inc to empower communities to become better environmental stewards, build local capacity to deliver clean drinking water and improved sanitation services, and strengthen stakeholder engagement toward long-term water security.

    QualiMed expands COVID facilities

    Ayala Healthcare Holdings Inc. (AC Health), in partnership with the QualiMed Health Network, recently expanded QualiMed Hospital – Sta. Rosa’s COVID-dedicated bed capacity to 75 beds, and QualiMed Hospital – San Jose Del Monte’s to 30 beds, effectively doubling the total bed capacity for COVID patients since the facilities were upgraded in March.

    QualiMed has also expanded services across AC Health to include telehealth and home services.

    In April, AC Health and QualiMed formalized their agreement to convert QualiMed Sta. Rosa into a COVID- 19 referral hospital. Through this partnership, the hospital expanded its capabilities by creating a triage holding area, operating a Biosafety Level 2 Laboratory capable of COVID-19 testing, and converting a number of inpatient beds for exclusive use of COVID-19 patients. The QualiMed hospitals in Sta. Rosa, Laguna and San Jose Del Monte, Bulacan have implemented efforts to respond to the pandemic by continuously improving and updating treatment protocols, implementing comprehensive triaging processes, and conducting risk-based RT-PCR testing to frontliners and doctors. With the expansion project, a portable dialysis unit will be established.

    To date, the two hospitals have admitted over 400 confirmed cases, triaged more than 21,000 suspect cases, and conducted nearly 41,000 COVID-19 RT-PCR tests.

    ING Pay launched

    ING Philippines has launched ING Pay, designed to make everyday payments more convenient and secure.

    ING Pay follows ING Save Account launched in 2018 and tracks the bank’s global brand tagline ‘do your thing’, which encourages people to do more of the things they love by minimizing the friction and maximizing the simplicity of banking.

    ING Pay will now work hand-in-hand with its award-winning savings account, which offers the highest interest rate in the market. ING customers can continue to enjoy a fully mobile account opening experience with just one government-issued ID and having multiple digital ways to fund the ING Pay and ING Save accounts using PESONet, InstaPay or mobile check deposit via the ING app.

    ING Pay features more than 70 pre-enrolled billers and merchants, including major utilities, credit cards, insurance and telecommunication companies.

    ING Pay physical debit card will also be available soon. Customers will be able to withdraw cash at any local BancNet ATMs. Both the virtual and physical cards can be used for purchases and transactions at online or physical stores.

    COVID response

    Global Business Power Corp. (GBP) remitted a total of P23.3 million to Toledo City in Cebu to further support and boost the city’s COVID-19 pandemic response. The amount represents the Energy Regulations 1-94 (ER 1-94) fund share of Toledo City from the electricity sales of GBP’s subsidiaries, Cebu Energy Development Corporation (CEDC) and Toledo Power Co. (TPC). CEDC and TPC, with a combined generation capacity of 428 MW, facilitated the release of the fund share in order to assist the city in mitigating the effects and consequences of COVID-19. The Department of Energy issued Department Circular (DC) No. 2020-04-00080 to allow the utilization of ER1-94 funds for COVID-19 response to help local government units in their fight against the pandemic, in accordance with the Bayanihan to Heal as One Act. The funds provide LGUs more access to protective personal equipment (PPEs) for frontliners, essentials, and an improved capacity for mass testing. (In photo from left) GBP Cebu site head Leah Diaz, Toledo City Mayor Marjorie Perales, Toledo City treasurer representative Galilee Mutia, and Toledo City Mayor executive assistant Faida Christine Tacandong.

    SKY introduces backup internet plan

    SKY Fiber recently introduced the AlterNet plan, the country’s first postpaid backup home internet product.

    By subscribing to SKY Fiber AlterNet, work-from-home professionals, and online business operators won’t have to miss virtual meetings, product orders, inquiries, and other digital transactions even if their primary service provider experiences technical issues or signal fluctuations due to extreme weather conditions.

    Subscribers will feel at ease as they access unlimited internet connection worth only P199 and with a base speed of up to 1.5Mbps, which is enough for basic online activities such as sending light emails, replying to a chat message and browsing through the web or social media sites.

    The plan also offers top-up speed options for more demanding work tasks. Subscribers can opt for speeds of up to 25Mbps, 50Mbps, or 100Mbps with a 5 to 15-day duration for a minimal cost.

    The features and benefits of the SKY Fiber AlterNet plan ensures continuous productivity no matter what happens.

    Qatar Airways unveils first bespoke

    Qatar Airways, official partner and the official airline of FIFA, has recently unveiled a specially-branded Boeing 777 aircraft painted in FIFA World Cup Qatar 2022TM livery, to mark two years to go until the tournament kicks off on 21 November 2022.

    The bespoke aircraft, which features distinctive FIFA World Cup Qatar 2022TM branding was hand-painted to commemorate the airline’s partnership with FIFA.

    More aircraft in the Qatar Airways fleet will feature the FIFA World Cup Qatar 2022TM livery and will visit several destinations in the network.

    The Boeing 777-300ER was scheduled to enter service on 21 November operating flights QR095 and QR096 between Doha and Zurich. The inaugural route of the bespoke aircraft further reiterates the airline’s commitment to the FIFA partnership by flying to the home of FIFA in Switzerland on this significant date.


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