Author: Business News Asia

In response to the call of the national government to engage in an earthquake drill, SM City Cebu, SM Seaside City Cebu, and SM City Consolacion together with the Bureau of Fire Protection, Philippine National Police, and the local government unit’s disaster risk reduction council, gathered their employees, tenants, affiliates, & agency personnel for the conduct of the simultaneous earthquake drill on November 9. At exactly 9AM, rumbling sound was played in the PA system signaling the start of the drill. All employees and tenants/affiliates performed “drop, cover and hold” position under payment counters, sturdy tables/seats, and the like. Marshals…

SUBIC BAY FREEPORT – In line with the mandate of President Ferdinand Marcos Jr. to run after agricultural smugglers, the Subic Bay Metropolitan Authority (SBMA) and the Bureau of Customs (BOC) Port of Subic apprehended nine 40-foot container trucks at the Port of Subic on Wednesday. SBMA Chairman and Administrator Jonathan D. Tan, who personally went to the Freeport’s container terminal for the inspection, said the nine containers were all declared as frozen lobster balls, which were consigned to Rianne Food Products. The SBMA Chief added that the seized cargo arrived on November 3 from China with a declaration that…

The Globe Group has reported a landmark achievement for the first nine months of 2023, with consolidated service revenues reaching an all-time high of ₱121.1 billion. This robust 3% increase from the previous year comes despite persistent economic headwinds buffeting the industry. Fueling this exceptional growth, the group’s mobile, corporate data, and non-telecom services have shone brightly, fully compensating for a predicted dip in home broadband revenues. Notably, the non-telecom segment has soared by 44% year-over-year, now comprising 3.4% of total service revenues, up from 2.4% last year. Data revenues continue to be a stronghold for the company, contributing 82%…

In the wake of its 95th year, Cebu Country Club is embarking on a visionary journey towards its centennial celebration. The premier golf establishment has announced an extensive modernization project aimed at redefining luxury and exclusivity in its offerings. This “new course” set by the club is a nod to its commitment to providing a world-class country club experience, complete with upgraded amenities that resonate with contemporary elegance and functionality. The ambitious redevelopment plan includes the construction of a new two-story clubhouse, meticulously designed by the renowned architect Royal Pineda. The new edifice will replace the existing bungalow-type structure, introducing…

Philippine Business Bank (PSE: PBB) showcases a solid financial uptick, with net interest income up 18% to ₱4,743.3 million, propelled by an increased net interest margin of 4.79%, PhilippinesToday reported. The bank’s core income rose to ₱2,205.7 million in the first three quarters of 2023, with pre-tax pre-provision profit growing by 13.3% to ₱2,122.8 million. A noteworthy 23.6% boost in net income to ₱1,145.6 million reflects PBB’s strategic growth and efficiency, as the cost-to-income ratio improved to 41.8%. Revenues climbed 40%, with operational expenses up only 13.3%, underlining a focus on cost effectiveness. Targeting the Small and Medium Enterprise (SME)…

Shinhan EZ General Insurance has entered the Indonesian market through a strategic partnership with Tap Insure, a part of the PasarPolis insurtech ecosystem, to innovate in the local insurance landscape. With a strong background in microinsurance from South Korea, Shinhan EZ aligns with Tap Insure’s digital prowess to tap into Indonesia’s growing digital insurance sector, starting with auto insurance. ByoungKwan Kang, CEO of Shinhan EZ, is committed to leveraging this collaboration to introduce advanced insurance solutions and to contribute to market growth. The venture is especially timely given Indonesia’s low insurance penetration and significant growth potential. The alliance is set…

In celebration of its 65th founding anniversary, SM Store, in partnership with its loyal customers, is donating 16,600 pairs of shoes to underprivileged students nationwide. Customers who made a minimum purchase of P3,000 in a single receipt at any SM Store had the opportunity to donate a pair of shoes originally priced at P299 for just P65. The goal is to support Filipino youth in pursuing their educational dreams by providing essential resources. Mr. Dhinno S. Tiu, SM Store’s Executive Vice President, stated, “Share Shoes is a testament to our commitment to making a meaningful difference in the community. As…

In the rapidly evolving world of e-commerce, presenting products engagingly and appealingly is a pivotal component of success. As online shoppers increasingly rely on product videos to make informed decisions, e-commerce businesses are turning to video editing tools like CapCut’s creative suite to enhance their product listings. This article explores the significance of e-commerce product videos, and the role of video editing, and offers valuable tips using CapCut’s creative suite. Additionally, we will touch upon the video compressor tool, which plays a vital role in optimizing ecommerce product videos for the online marketplace. Overview of CapCut Creative Suite CapCut Creative…

Fiber broadband and technology provider Converge ICT Solutions Inc. (PSE: CNVRG) has earned an upgraded Environmental, Social, and Governance (ESG) risk rating, and is now classified as ‘low risk,’ based on the recent assessment by ESG and corporate governance analytics firm Sustainalytics. The company improved its overall ESG risk score to 19.6 or ‘low risk,’ which reflects the reduced level of unmanaged risks it has, from its ‘medium-risk’ rating of 23.4 last year and ‘high-risk’ rating of 30.7 in 2021. The lower score also indicates a lower likelihood of ESG issues adversely affecting the company’s economic value. “Over the past…

SUBIC BAY FREEPORT – Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Jonathan D. Tan warned port users here engaged in truck trading to follow protocol or get banned from doing business inside the Freeport. Chairman Tan in a meeting with 100 stakeholders on Thursday said that the agency is clamping down on illegal activities that are proliferating in the Freeport. One of the most common is underdeclaration of the weight of shipped trucks to reduce the payment of their duties and taxes. Also common is the fraudulent upgrading of the trucks’ year model through bribery, aside from the irregular…

SM Prime Holdings, Inc., a premier integrated property developer in Southeast Asia, is opening of SM City Sto. Tomas in Batangas on October 27, Friday. This new establishment marks the fourth SM Supermall in the Province of Batangas and the 85th in the Philippines, boasting a sprawling 110,000 square meters of gross floor area. SM Prime President Jeffrey C. Lim expressed enthusiasm about the launch, highlighting the mall’s role in adding vibrancy and excitement to the flourishing City of Sto. Tomas. “We are delighted to open SM City Sto. Tomas this Friday, providing the people of Batangas with a hub…

Step into a world of music, diverse attractions, and endless excitement at the V1BE Booze and Arts Festival, set to take place at the SM Seaside City Concert Grounds on October 27, 2023. This event is primed to create unforgettable memories, perfectly aligned with the spirit of Oktoberfest. LOVE LOCAL V1BE is far from your ordinary music festival; it’s a unique, once-in-a-lifetime adventure that transcends musical preferences, ensuring everyone has an incredible time. Prepare to be captivated by a talented lineup of both local and national artists, treating you to a day filled with hit songs, with artists delivering 30…

SM City Cebu has set the festive mood with the illumination of its splendid 30-foot Christmas tree on October 21, marking the beginning of the holiday season in the Queen City of the South. With the theme “Wish Upon A Star,” the captivating centerpiece at the North Wing Atrium boasts 3D LED fountain lights, giant stars, dichroic lights, and an interactive LED floor. Further elevating the festive ambiance, the monumental tree is decked out with shimmering gold and silver running lights and is flanked by smaller trees adorned with stars and Christmas balls. Complementing the tree’s mesmerizing display, the mall…

CEBU CITY – As the Christmas spirit begins to envelop the city, SM Seaside City Cebu brings an otherworldly twist to the festive season with their dazzling Lunar Christmas Dreamland. On October 20th, a majestic 50-foot Christmas tree was illuminated at the Mountain Wing Atrium, marking the commencement of the holiday celebrations. In this year’s festive extravaganza, SM Seaside City promises more than just merriment. As the mall transforms into a magical wonderland, a sparkling Christmas centerpiece grabs the spotlight, all set to captivate shoppers and provide perfect backdrops for those Instagram-worthy holiday shots. One of the key highlights includes…

PopChill, a luxury fashion marketplace based in Taiwan, has successfully raised an investment of US$1.9 million. Leading investors for this round include ITIC, AVA Angels Fund, 500 Global, Acorn Pacific Ventures, and Darwin Venture, pushing PopChill’s total funding to US$5.2 million. Operating uniquely from typical e-commerce platforms, PopChill uses an authentication model where sold items are authenticated and inspected for quality before reaching buyers. This system, particularly useful for second-hand luxury goods, has addressed major concerns related to online transactions. Collaborating with AI firm Entrupy, PopChill boasts a 99.1% accuracy rate in its product authentication using machine learning. In just…

In a bid to support micro, small, and medium-sized enterprises (MSMEs) nationwide, Globe Business recently launched the Retail Revolution in Davao City, emphasizing the importance of connected retail for businesses. The regional roadshow, featuring industry leaders as speakers, showcased Globe Business solutions designed for Retail MSMEs, aiming to integrate both physical and digital shopping experiences. KD Dizon, Head of Globe Business, affirmed their commitment to the evolving retail sector, emphasizing their readiness to assist businesses in their digitalization journey. The Davao event highlighted a keynote from industry expert, Jayson Lo, who emphasized resilience and innovation as key success components. Attendees…

East Ventures, a prominent venture capital firm in Indonesia and Southeast Asia, has unveiled a new $30 million “East Ventures Healthcare Fund” dedicated to advancing healthcare solutions in Indonesia. This fund is aimed at nurturing innovative startups that address the specific challenges and prospects of the Indonesian healthcare sector. Willson Cuaca, Co-Founder and Managing Partner at East Ventures, remarked on Indonesia’s vast potential as a dynamic healthcare hub in Southeast Asia. Cuaca emphasized the fund’s intent to bolster healthcare innovation in the region and underscored East Ventures’ unwavering dedication to this cause. Previously, the firm actively invested in regional healthcare…

Philippine President Ferdinand Marcos Jr. unexpectedly halted the rollout of the nation’s inaugural sovereign wealth fund on Wednesday, mere months after endorsing the project to international investors. The suspension is intended to reassess the implementing rules and regulations, ensuring the fund’s primary goals align with national development and that adequate measures are in place for transparency and accountability, as indicated by the Office of the Executive Secretary. Previously, Marcos Jr. had actively promoted the Maharlika Investment Fund overseas. The official launch date, however, remained undisclosed. Some experts raised questions about the fund’s financial backing, transparency, and administrative framework. The initial…

Australian-based Digital Classifieds Group (DCG) has cemented its place as Asia’s second-largest property portal operator by acquiring Lamudi’s online property platforms in Indonesia and the Philippines from the dubizzle Group. This acquisition trails DCG’s earlier takeover of Bproperty, Bangladesh’s top portal, in January 2023. DCG now oversees premier real estate websites in five booming Asian markets, bolstering its global staff to over 900. Founded in 2013, Lamudi transitioned from advertising to transaction-based models, propelling its growth. Kian Moini, Lamudi’s CEO, expressed enthusiasm about the merge, praising both firms’ shared vision. DCG CEO, Mathew Care, voiced his excitement, highlighting DCG’s strategic…

PetPal, a portfolio company of Globe’s 917Ventures, is transforming the landscape of veterinary practice in the Philippines. With its innovative solutions, PetPal has successfully onboarded over 1,000 licensed and accredited veterinarians and partnered with more than 300 trusted vet clinics across the country. PetPal’s commitment to excellence is evident in its user-friendly platform, which is trusted by millions of pet owners nationwide. It does not only offer a seamless experience for pet owners but also provides veterinarians with an opportunity to expand their clientele and increase their revenue. Dr. Paulo Mercado, DVM, shared how PetPal helped him grow his clientele.…