Author: Business News Asia

BusinessNewsAsia.com's Editorial team is composed of experienced professional journalist and financial professionals who have an average of 10 years of experience in financial and breaking news reportage.

Magna CMGN Solutions Inc., a key player in the Philippine interior construction materials market, showcased its innovative products and services at PhilConstruct Visayas. The event, held at the Waterfront Cebu City Hotel and Casino, highlighted the company’s evolution from a trading entity to a full-fledged manufacturing and design firm. “Innovation is important. You have to embrace change,” Magna President Marylou Ngo-Ang said in an interview on the event’s opening day. Established in 2003, Magna initially focused on importing raw materials and components. Today, it offers comprehensive fit-out services and manufactures high-quality pre-finished products for building interiors, including ceilings, floor finishes,…

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Domestic and international transfer times at the Mactan-Cebu International Airport (MCIA), the country’s second busiest airport, are expected to reduce significantly with the introduction of a transfer system service dubbed Cebu Connect. “This initiative will reduce transfer times significantly – from 90 minutes to 60 minutes for international connections and from 60 minutes to 35 minutes for domestic ones – making travel more seamless and enjoyable for our fellow Filipinos and tourists,” said Cosette V. Canilao, Aboitiz InfraCapital President & CEO. Cebu Connect was launched in collaboration with the Bureau of Immigration, Department of Transportation, Department of Tourism, and the…

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A group composed of mostly Philippine-based investors and former consumer brand executives recently acquired 2XU from L Capital Ironman Pte Ltd. 2XU (Pronounced “Two Times You”) is a global leader in high-performance sports compression athleticwear. The transaction officially closed on April 2, 2024, and the terms of the transaction were not disclosed. Founded in Australia in 2005, 2XU is a market leader in premium performance-focused activewear with a specialized emphasis on compression garments. 2XU has its roots in endurance sports, and the product range extends across the full life cycle of athletic performance, focusing on solutions for preparation, performance, and…

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Aboitiz Power Corporation is optimistic that its additional 150-megawatt coal-fired power plant in Toledo City will help address the foreseen supply gap in Cebu in 2028. Cebu’s demand for power is expected to outpace the available supply by 2028 and addressing these power supply challenges is crucial in ensuring the province and the region can achieve its economic growth potential, said Ronaldo Ramos, chief operating officer of the AboitizPower Thermal Business Group. The Department of Energy earlier projected that energy demand for Cebu Province will reach around 1,400 MW by 2026 and will outpace supply by 2027 if no new…

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The IMAX Theatre at SM City Cebu continues to redefine the movie-watching experience for Cebuanos. Known for its state-of-the-art technology and immersive viewing experience, the IMAX Theatre is the go-to destination for film enthusiasts who seek unparalleled visual and audio quality. This month, moviegoers have the perfect opportunity to witness the magic of “Inside Out 2” in IMAX. The critically acclaimed Pixar film, which takes audiences on an emotional journey through the mind of an 11-year-old girl, is best experienced on the IMAX screen. The theatre’s advanced projection system delivers crystal-clear images with vibrant colors, making the film’s stunning animation…

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The Cebu Professional Pickleball Association together with SM Seaside City Cebu announces the opening of Cebu’s first outdoor free-play pickleball court. Located at the upper ground level, Tower Garden, Cube Wing, this new facility is set to become a hub for both seasoned players and newcomers to the sport. Pickleball is a fast-growing sport that combines elements of tennis, badminton, and table tennis. Played on a smaller court with a lower net, it uses paddles and a plastic ball with holes. It’s easy to learn, making it accessible to players of all ages and skill levels. The game begins with…

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Food industry executive Felix O. Tiukinhoy Jr. shared insightful business ideas with an enthusiastic crowd of professionals, entrepreneurs and aspiring leaders at the Asian Institute of Management (AIM) Davao Roadshow. The event was held at the TED Library of the Philippine Women’s College of Davao on May 17, 2024. Tiukinhoy, MBM ’76, chairman of the Alumni Association of AIM Inc., is among the accomplished alumni of the prestigious business school who graced the LEAD, INSPIRE, TRANSFORM roadshow. The event sparked a passion for leadership and innovation. Tiukinhoy is the chairman and president of Virginia Foods Inc. and president of the…

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Philippine Airlines (PAL) has become the first Asian airline to implement SkyBreathe® OnBoard, a cutting-edge digital solution aimed at increasing fuel savings directly from the flight deck. This initiative is part of a new partnership with OpenAirlines, a leader in fuel management solutions for the aviation industry. The integration of SkyBreathe® OnBoard signifies a major advancement in PAL’s commitment to environmental responsibility and operational efficiency. This user-friendly technology employs advanced algorithms and real-time data to assist pilots with fuel-saving measures during flights. SkyBreathe® OnBoard is a component of the SkyBreathe® eco-flying platform, which is currently utilized by 66 airlines worldwide…

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CEBU CITY, Philippines — Cebu Landmasters, Inc. (CLI), a premier developer in Visayas and Mindanao, officially opened the first building of The Pad Co-Living development on May 8, offering a mix of residential options for both short and long-term stays. Situated in the bustling Banilad area, The Pad Co-Living is tailored to accommodate working professionals, students, and travelers seeking an affordable and strategically located residence. Building A, the first of two buildings in the development, features 156 rooms with configurations ranging from solo to family occupancy. Each room includes private toilet facilities, with family rooms additionally offering a dining and…

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CEBU, Philippines — This June, the Cebu Business Month (CBM) 2024 celebrates its 28th anniversary with a strong focus on inspiring entrepreneurs, fostering collaboration, and catalyzing growth. Under the theme “Padayon Cebu,” the event organized by the Cebu Chamber of Commerce and Industry (CCCI) is dedicated to empowering micro, small, and medium-sized enterprises (MSMEs) in the region. The Cebu Business Month has evolved significantly since its inception as “Cebu Business Day” in 1991. It gained national recognition in 1996 when then-President Fidel V. Ramos declared June as “Cebu Business Month” through Presidential Proclamation No. 748. This year’s CBM aims to…

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Filipino Homes, one of the leading real estate solutions providers in the Philippines based in Cebu, announced the expansion of its Global Partners initiative to seven new countries following a successful launch in Dubai. The move aims to assist Overseas Filipino Workers (OFWs) with property investments and avoid potential scams. Anthony Gerard O. Leuterio, founder and CEO of Filipino Homes, detailed the expansion plans. “We are aggressively opening in Bangkok, United Arab Emirates, Japan, Singapore, Malaysia, the United States, and Europe,” Leuterio said. The initiative is designed to provide OFWs access to accurate information about property investments in the Philippines.…

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Vértere Global Solutions, Inc., an all-Filipino IT workforce solutions provider, along with its direct placement arm A7 Recruitment Corporation (ARC), recently launched their specialized staffing services in Cebu City with a roadshow event titled “Revitalize Your Approach to Talent Management” held at the Seda Central Bloc on April 17, 2024. The event gathered over 70 participants from various industries, including IT, telecommunications, financial outsourcing, and more, showcasing Vértere and ARC’s expertise in hiring, training, and deploying staff. These companies offered a dynamic discussion on overcoming the talent shortage and adapting to the candidate-driven market conditions prevalent in today’s IT industry.…

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CEBU CITY, Philippines — The world’s largest book sale, Big Bad Wolf, returns to Cebu City today, April 26, 2024, promising an extensive selection of books and unique promotional deals that are set to delight bibliophiles across Cebu and nearby provinces. Running from April 26 to May 5 at SM Seaside City Cebu, the event transforms the venue into a vibrant hub for readers of all ages. This year’s book sale features a Buy-5-Get-1 promo and a chance to win up to P10,000 in vouchers, enhancing the shopping experience for attendees. Additionally, the sale includes inflatable play areas for children,…

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SM Prime Holdings, Inc. (SMPH), the leading integrated property developer in the Philippines, marks its 30th anniversary as a publicly listed company with the announcement of its highest-ever recorded income and a ₱100 billion investment for its partners, stakeholders, and communities they operate in. With eyes set on the future, SM Prime reaffirms its position as a catalyst for economic development and community advancement. During the Annual Stockholders Meeting held on April 23, 2024, SM Prime announced its highest-ever recorded income, reaching PHP40 billion in consolidated net income, marking a 33% increase from 2022. Additionally, the company’s revenues surged by…

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CEBU CITY, Philippines — The Big Bad Wolf Book Sale, acclaimed as the world’s largest book sale, is set to dazzle Cebu City once again from April 26 to May 5, 2024, at SM Seaside City Cebu. The event will offer an extensive range of books spanning multiple genres, aimed at drawing a large crowd of literature enthusiasts from the Visayas region. This year’s Big Bad Wolf event introduces enticing promotions such as the “Buy 5, Get 1 Free” deal, alongside a chance to win vouchers up to P10,000, enhancing the shopping experience for attendees. As part of the festivities,…

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In a strategic effort to enhance educational and career opportunities, SM Supermalls has partnered with AMA Computer Learning Center, formalizing their collaboration on April 16 to develop internship programs and potential job placements for students. This new partnership will facilitate comprehensive internship programs tailored by experts, aiming to prepare students with essential skills and industry-relevant experience, primarily within the Philippines’ largest retail conglomerate. As part of the agreement, AMA Computer Learning Center will promote SM’s job openings to its students and alumni, supporting a smoother transition into the workforce. This initiative, spearheaded by SM’s Human Resource Department, illustrates the company’s…

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Panglao, Bohol Mayor Boy Arcay has ordered the closure of one of the popular resorts on his island, Villa Tomasa Q (formerly Alona Kew White Beach Resort), due to an alleged lack of business permit. The closure came more than 10 days after the Business Permit Licensing Office of Panglao sent a notice to the new management of Villa Tomasa to renew their business permit for 2024. The new management has reportedly failed to comply. “Based on the foregoing factual setting, you cannot anymore blame us for not giving you the right to due process, if the LGU Panglao through…

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CEBU CITY, Philippines — Vértere Global Solutions, Inc. and its recruitment arm, A7 Recruitment Corporation (ARC), are expanding to Cebu to tap into the growing market and skilled workforce of the region. The Filipino IT workforce solutions provider is seizing the opportunity to address the increasing demand for skilled professionals in an area renowned for its thriving multinational and outsourcing industries. Vértere and ARC provide a broad spectrum of staffing services, including IT staff augmentation, consulting, managed services, and direct placement. Their services extend to recruitment process outsourcing and recruitment as a service (RAAS), aimed at enhancing the capabilities of…

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CEBU, Philippines — Quest Hotel & Conference Center Cebu celebrated the onset of the summer season with a vibrant poolside party, marking the launch of its Hello Summer and Today & Beyond campaigns. The latter initiative represents a forward-thinking approach to hospitality, underpinned by three core pillars: Human Capital, Sustainability, and Our Guests, signaling a shift towards more responsible and community-focused operations. The centerpiece of this campaign, the Today & Beyond – Go Local package, showcases Quest Hotel Cebu’s commitment to supporting local farmers and artisans. This initiative aims to foster a sustainable future for coming generations by integrating local…

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In the Philippines, gambling is a popular recreation that provides both amusement and the opportunity to profit. Nonetheless, it is imperative to adopt a conscientious and mindful mindset when engaging in wagering activities. Engaging in responsible wagering entails comprehending the probabilities, establishing personal boundaries, and exercising self-control when the enjoyment wanes. Particularly crucial is a comprehension of these principles in the Philippines, where wagering is an institutionalized culture. We will then discuss practical advice for engaging in responsible wagering. 1. The Gambling Environment in the Philippines In the Philippines, gambling is not merely a pastime. It is a dynamic component…

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