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March 01, 2024

ADB, gov’t tie up for upskilling program

The Asian Development Bank (ADB) along with government agencies awarded grants to 5 enterprise networks for employee upskilling on Thursday, Feb.2.

As part of the new “SkillsUpNet Philippines”, the initiative would offer corporations $20,000 to $80,000 to train their employees.

The training programs would help improve the skills of employees, which would benefit the organization as a whole, officials said.

“Employers have to play an important role in identifying skills gaps, in creating the training curriculum, and in helping to identify and develop the training providers themselves,” ADB Vice President Ahmed Saeed said.

Trade Undersecretary Rafaelita Aldaba, who also joined the event, said that investing in human capital development is crucial for accelerating economic recovery as well as for attaining the goal of inclusive and sustainable industrial development.

Meanwhile, Labor Undersecretary Carmela Torres stated that upskilling is crucial due to changing technologies and work schemes. Torres adds that a good workforce contributes to a better economy.

The program will also help address unemployment and underemployment in the country due to the COVID-19 pandemic, Torres said.

The initial batch of awardees includes Dagos Tabi Albay Micro and Small Accommodation Enterprises Network, Cebu Constructors’ Network, Cebuanimation Network, Kapehan sa Davao, and Sulong Davao Business Owned by Women.

ADB will keep a close eye on the recipients over the next months to assess the training programs implemented as well as the impacts on their respective workforces.


Security Bank posts net income of PHP9.1 billion in 2023

Security Bank Corporation (PSE: SECB) posted net income of PHP9.1 billion in 2023. Total revenues grew 8% year-on-year to PHP43.0 billion. Net interest income increased 19% to PHP34.7 billion. Net interest margin for the full year was 4.49%, higher compared to 4.23% in 2022. Total non-interest income was at PHP8.2 billion. Service charges, fees and commissions grew 15% to PHP6.1 billion, led by increase in fees from credit cards, remittances (which include Instapay fees) and bancassurance.

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