On the sunrise TMT

Stock market spectators and speculators alike are beaming with excitement over recent goings-on at publicly listed Information Capital Technology Ventures or ICTV.

During the special stockholders meet held a few days ago, ICTV shareholders gave their thumbs up to the amendment of the company’s primary purpose.

ICTV’s new primary purpose now covers the business of providing telecommunications, media, and information technology products and services. These would include telecommunications value-added service (VAS) through companies duly licensed to engage in wired and wireless, fixed and mobile communications; software and hardware technology, business process outsourcing, call center and other information technology applications; digital media and other media except mass media; as well as activities directly or indirectly connected to these.

Among the programs that ICTV management may undertaken once the amended primary purpose becomes effective are: providing telecommunications VAS through iDEN, CDMA, GSM and broadband networks worldwide; and, entering the software development services industry by expanding the markets being served by proprietary enterprise solutions developed by an affiliate (imxtelematics) for inter-network deployment nationwide and worldwide, primarily the US, China, and India.

Also included in the plans are the upgrading of affiliate MyWorld’s e-commerce portal and the establishment of a web portal with enhanced interactivity and electronic payment gateway for overseas Filipinos and their relatives in the Philippines, and providing them, through the portal, services of other licensed companies, such as unlimited calling to the Philippines at fixed monthly rate, electronic dollar remittance, micro-financing, selling of real estate and stock market shares, and other goods and services which would be promoted online thru the use of interactive and video rich digital media.

Likewise being planned is the launch of a social networking portal similar to facebook, myspace and friendster but with added and heavy emphasis on business use.

But the more ambitious plan is for ICTV to acquire companies in the TMT (telecommunications, media and technology) space, here and abroad, that have competitive business strategies, technology and market leadership but with high-value potential for short and long-term growth.

Companies in the TMT space, including ICTV, are doing extremely well at the local bourses. Let’s hope that this trend continues. After all, these are the companies that are hiring our new graduates. If not for the sunrise TMT sector, imagine how our unemployment picture would look like.

Reader’s corner

This corner’s item about First Country Bank’s office in Pasig City generated quite a reaction.

One came from one of the owners of FCB, a person known in the banking industry in the ‘70s and ’80s as a “bank saver,” having rehabilitated several banks during those decades.

He explains that the Bangko Sentral ng Pilipinas (BSP) never penalized FCB’s Pasig branch for accepting deposits, after BSP realized that as a general practice, savings are accepted from all microfinance borrowers from that areas. Such savings, he emphasized, are an integral part of microfinancing, similar to to the Bank of Bangladesh scheme.

The microfinance center, he pointed out, also accepts loan applications from teachers, OFWs, and seamen. These loans are dubbed as Bagong Bayani loans.

He also explains that contrary to reports, FCB is not a family affair but is in fact run by highly professional managers. While his son is the head of First Country Plans, he is not an officer of the bank nor is he regularly or directly involved, he says.

He says that a disgruntled business partner is behind the black ops against FCB.

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