NEWS
SCG prioritizes efficiency, sustainable growth in Q3, 9M/2024 report
1:41 p.m. December 11, 2024
SCG (Siam Cement Group) reported a slight revenue increase to 609.9 billion PHP in the first nine months of 2024.
However, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization, including dividends received from associates) amounted to 38,768 MB, a 10% decrease from the same period last year.
The company projects a three percent revenue increase for 2024 despite global economic turbulence, petrochemical downturn, geopolitical tensions, heightened domestic competition, and currency fluctuations.
To navigate these challenges, SCG is implementing cost-cutting measures, including a $144 million reduction by 2025 and a $287 million working capital decrease by Q1/2025.
The company is also streamlining operations, discontinuing unprofitable ventures like SCG Express and OITOLABS India, and exploring potential asset divestments.
To enhance efficiency, SCG is increasing alternative fuel usage in Thai cement plants and automating tile production.
While facing headwinds, SCG remains committed to its ASEAN expansion, with Vietnam and Indonesia driving 10% sales growth in the past nine months.
In the long term, green initiatives and Inclusive Green Growth approach present business opportunities and advantages.
Therefore, SCG is accelerating its investment in the Long Son Petrochemicals ethane project, allocating $700 million to reduce costs and boost global competitiveness. This move aligns with the company’s long-term commitment to green initiatives and Inclusive Green Growth, contributing to lower carbon dioxide emissions.
Additionally, SCG is driving innovation with its Generation 2 Low Carbon Cement, which has seen an 86% replacement rate, and expanding its SCGC GREEN POLYMER™ brand.
Meanwhile, SCG Chemicals faces ongoing challenges from global economic conditions and industry headwinds.
The company is investing $700 million to upgrade its LSP plant to utilize cost-effective U.S. ethane and mitigate possible challenges. The LSP plant has temporarily halted operations due to market conditions.
“For businesses, adapting to climate-related regulations is essential. Beyond our collaboration with the Federation of Thai Industries on the Go Together project to enhance SMEs’ capabilities through eco-friendly innovation and technology, SCG has launched the NET ZERO Accelerator Program (NZAP) for small and medium enterprises, as well as young government executives. This program aims to equip participants with knowledge of public policies, trade mechanisms, and access to low-carbon business financing with the goal of reducing costs, increasing profitability, and fostering a green industry alongside a transition to a low-carbon society,” said Thammasak Sethaudom, President and CEO of SCG.
SCG Green Polymer™ continues to gain traction, with recent partnerships yielding eco-friendly packaging solutions.
The company is also advancing 3D printing technology in construction, collaborating with Samsung E&A to develop innovative solutions for the global market.
SCG’s cement and construction businesses are experiencing mixed results. While government infrastructure projects drive growth, the domestic market remains sluggish. The company focuses on sustainable solutions, such as low-carbon concrete and eco-friendly housing products.
For Distribution and Retail, the company aims to expand its retail footprint in Indonesia, mainly through Mitra10 stores. It also invests in digital platforms like Q-Chang to enhance home services.
SCG Smart Living is innovating in landscape decoration and promoting prefabricated solutions for efficient construction. SCG Decor is reducing costs and expanding its market in Vietnam, while SCG Cleanergy focuses on clean energy solutions and innovative grid technologies.
SCG is actively growing its consumer packaging and medical supplies businesses. The company also prioritizes cost management, operational efficiency, and sustainable practices. SCG’s ASEAN operations, particularly in Vietnam and Indonesia, drive significant growth. The company remains committed to social responsibility, supporting communities through scholarships and disaster relief initiatives.
NEWS
Cebuana Lhuillier ventures into future of payments at Plan B Forum in Lugano, Switzerland
10:40 p.m. December 30, 2024
Cebuana Lhuillier, the Philippines’ leading microfinance institution, is stepping into the future of payments by exploring innovative blockchain solutions.
This initiative underscores the company’s commitment to financial inclusion and its strategic move towards adopting digital technologies. Senior Executive Vice President Philippe Andre Lhuillier attended the prestigious Plan B Forum in Lugano, Switzerland, where financial leaders and innovators gathered to discuss the next evolution in payments, blockchain, and digital finance.
A Global Stage for Financial Innovation
The Plan B Forum serves as a vital platform for thought leaders to explore the future of blockchain and digital currencies in the global economy. With a focus on the growing impact of decentralized finance (DeFi), stablecoins, and digital currencies, the forum highlights how emerging technologies are reshaping the landscape of financial services. Cebuana Lhuillier’s participation signifies its drive to stay ahead of technological advancements that can reshape and bridge TradFi and DeFi in the Philippines.
The event was attended by some of the prominent names in the digital currency space, demonstrating Cebuana’s commitment to industry and reinforcing its role in shaping the crypto landscape.
Cebuana Lhuillier: Championing Financial Inclusion in the Digital Space
Jean Henri Lhuillier, President and CEO of Cebuana Lhuillier, highlights the company’s growing focus on digital transformation. “As Cebuana Lhuillier continues to expand in the digital space, it aims to enhance payment services by adopting stablecoins and partnering with innovative digital solutions companies. These technologies promise faster, more affordable, and secure transactions for Filipinos, offering a modern way to manage payments with greater transparency and ease.”
Following this, Cebuana Lhuillier Senior Executive Vice President Philippe Andre Lhuillier added, “Blockchain technology and digital currencies are not just tools for innovation; they are vehicles for empowerment. By leveraging these technologies, we can democratize access to financial services, enabling Filipinos from all walks of life to participate in a global digital economy.”
This move reflects Cebuana Lhuillier’s commitment to providing reliable financial services that cater to the evolving needs of its customers across the country.
In representing Cebuana Lhuillier at the forum, Philippe Andre Lhuillier emphasized the importance of financial inclusion in the digital age. In an era where internet access and digital infrastructure are rapidly expanding, especially with advancements in web3 technologies, it set the stage that highlighted the importance of emerging payments in the web3 space and the role of Cebuana Lhuillier in bridging this technology with traditional finance.
Cebuana Lhuillier’s participation at the forum reinforces its commitment to financial inclusion. By incorporating digital wallets, blockchain technology, and digital currencies, the company aims to expand access to financial services, beyond traditional finance.
President and CEO Jean Henri Lhuillier remarked “With the evolution of financial landscapes, Cebuana Lhuillier is positioning itself at the forefront of digital transformation in the Philippines. By attending the Plan B Forum, the company is not only seeking to learn from global leaders but is also reaffirming its role as a key player in the future of payments and financial inclusion. Philippe Andre Lhuillier’s participation marks a critical step towards realizing Cebuana Lhuillier’s vision of becoming a fully integrated financial service provider that leverages cutting-edge technology.”
As blockchain and digital cryptocurrency technologies continue to grow, Cebuana Lhuillier is well-positioned to lead the way in providing innovative financial services.
NEWS
InLife wins Best in Future of Intelligence Award at IDC Future Enterprise Awards 2024
3:30 p.m. December 25, 2024
Insular Life (InLife) received the Best in Future of Intelligence Award – Philippines during the IDC (International Data Corporation) Future Enterprise Awards 2024 held at the Sands Expo and Convention Centre in Singapore on November 18, 2024.
The award recognizes InLife’s Agile Academy, a transformative initiative aimed at fostering an Agile mindset among InLife employees, or InLifers.
Through bootcamps, masterclasses, workshops, and curated resources, the Agile Academy empowers InLifers to tackle organizational challenges with innovative solutions, contributing to the company’s business and digital transformation journey.
At the heart of the Agile Academy are the Mission-Based Teams (MBTs)—cross-functional, user-centric, and self-organizing groups that leverage the Agile framework to address critical customer and enterprise issues.
To date, the Agile Academy has activated 21 MBTs, resulting in innovations like the InLife App, a mobile and web application for managing life insurance policies; and the InLife Compass Super App, designed to boost the productivity of InLife financial advisors. MBTs have also developed solutions addressing pain points of Gen Zs, Group account holders, and the silver generation, demonstrating InLife’s customer-centric and inclusive approach.
“InLife’s recognition at the IDC Future Enterprise Awards reaffirms our commitment to continuous innovation and transformation in service of our customers,” said InLife Chief Transformation Officer Efren C. Caringal, Jr. “At 114 years, InLife remains true to its pioneering spirit, leveraging initiatives like the Agile Academy to deliver meaningful solutions that benefit our policyholders and other stakeholders.”
The IDC Future Enterprise Awards recognize organizations that lead the way in digital transformation, demonstrating resilience, and a commitment to enhanced customer experiences.
NEWS
Converge engages Unang Yakap beneficiaries in gift-giving activities
8:30 p.m. December 24, 2024
Leading fiber broadband and technology provider Converge ICT Solutions Inc. shared the joy of Christmas to the mothers and volunteers of its Unang Yakap Community in Baseco, Tondo.
With the help of the mentors and mentees from its women mentorship program Grace Under Pressure: MentorSHE, the company celebrated with the beneficiaries and community volunteers through games, raffle, and gift-giving activities.
In partnership with Caritas Manila, Converge has been supporting the Unang Yakap Program that aims to provide healthcare and nutritional assistance to underprivileged pregnant and lactating mothers, and their infants, during their first 1,000 days.
Sylvia Sanchez-Atayde grateful for MMFF’s recognition of Topakk
Cebuana Lhuillier ventures into future of payments at Plan B Forum in Lugano, Switzerland
Topakk bags MMFF’s Jury Prize Award, 2 other citations
