This was revealed by Alberto Hermoso, Jr., SQL* Wizard managing director, during the firm’s first annual stockholders’ meeting held since the company went public.
"For the time being P50 million capitalization is enough to ensure adequate funding for the projects currently in the pipeline," Hermoso said. "At present, the company’s authorized capital stock of P20 million is fully subscribed and paid-up" Hermoso added.
For the first semester of 2002, the company posted a 29.3 perccent increase in revenues compared to the same period last year with significant increases of 51 percent in license sales and 30 percent in consulting.
SQL*Wizard is the leading business solutions partner of Oracle in the Philippines. Aside from having the most number of Oracle certified professionals, the company owns the distinction of being the only accredited-Oracle training facility outside of Oracle Philippines.
Among its products are the Phoenix General Insurance Systems for non-life insurance companies, E*Wizard enrollment and school management systems for colleges and universities and Financial Wizard, an accounting applications systems catering to small and medium enterprises. All systems are Oracle-based applications.
"Leading non-life insurance companies are already using the Phoenix system," Dina Salonga, marketing director, revealed. "Among them are Equitable Insurance Corp., Prudential Guarantee Assurance, Inc., and PNB General Insurers Co., Inc. In partnership with Unisys, we are also servicing the non-life insurance transactions of the Government Service Insurance System or GSIS," Salonga said.
SQL*Wizard was also tapped by the Insurance and Surety Association of the Philippines or ISAP to handle the insurance verification of all comprehensive third party liability insurance policies (CTPL) issued by insurance companies.
CTPL is prerequisite issued prior to every vehicle registration. This new process implemented by ISAP in collaboration with the LTO and the Insurance Commission has been proven effective in weeding out rogue operators that sell fake insurance policies resulting in revenue loss of almost P2 billion and costing the government about P600 million in taxes.