Author: Iselle Chua

China is expects to attract more foreign investors in the country as it seeks to roll out more measures to optimise the country’s business climate, among others, according to a China Daily report. According to experts and analysts quoted in the report, China is increasingly attractive to foreign investments, despite some headwinds, due to its growing weight in the global industrial chain, the expanding domestic market, and policies facilitating foreign investment. “Some people are worried that foreign investment may flow out of China due to pressure from countries seeking to reconstruct global industrial and supply chains by excluding China, but…

Amazon is acquiring global consumer robot company iRobot in an all-cash transaction valued at approximately $1.7 billion dollars, including iRobot’s net debt. Completion of the transaction is subject to customary closing conditions, including approval by iRobot’s shareholders and regulatory approvals, the announcement said. iRobot is a consumer robot company that designs and builds robots and intelligent home innovations. It introduced the first Roomba robot vacuum in 2002. “We know that saving time matters, and chores take precious time that can be better spent doing something that customers love,” said Dave Limp, SVP of Amazon Devices. “Over many years, the iRobot…

United States Secretary of State Antony Blinken assured Philippine President Ferdinand Marcos Jr that the US remains committed to the two countries’ defense pact, which sees the US and the Philippines commit to defend one another in case of an attack. “We’re committed to the Mutual Defense Treaty (MDT). We’re committed to working with you on shared challenges, Blinken said during a meeting with the Philippine president on Saturday, August 6. During their meeting in Malacañang, the state secretary thanked Marcos for discussing important matters on US and Philippines relations with him, as well as the “quite extraordinary” ties between…

Did you know that roughly 58% of the American workforce invests in the stock market? People no longer rely solely on their jobs to make a living or save for retirement. Let’s face it: Your job can only get you so far. It’d help if you also had other earning avenues like investments. But, investing isn’t as straightforward as the many YouTube tutorials depict it to be. A single wrong move can have you struggling for years if you’re not careful. Lucky for you, we have compiled some investment tips to guide you as you start investing. Curious about what they…

AnyMind Group, a Singapore-founded, Japan-based end-to-end commerce enablement company, has announced that it has raised ¥4 billion (approximately $29.4 million) in its Series D funding round, with total funding to date approximating $91.7 million. In addition, the company has also secured ¥1 billion credit facility from Mizuho Bank for future use. AnyMind Group’s Series C stock was issued for the acquisition of cross-border marketing company ENGAWA in January 2021. The Series D funds were raised from new investors including JIC Venture Growth Investments (JIC Venture Growth Fund I Investment Limited Partnership), Japan Post Investment Corporation (Japan Post Investment I, ILP),…

Pintarnya, one-stop digital platform for blue collar workers to find employment opportunities in Indonesia, today announced it has raised $8 million from East Ventures and Vertex Ventures SEA & India (VVSEAI), bringing the total seed funding to $14.3 million, one of the largest seed funding rounds in Southeast Asia to-date. Launched in May 2022, the company was founded by three senior executives Nelly Nurmalasari, Henry Hendrawan and Ghirish Pokardas. Pintarnya helps Indonesia’s rising working class get employed, become more employable and access better financial services. Since its launch, Pintarnya has connected more than 6,000 employers with more than 100,000 job…

The Asian Development Bank (ADB) and the Government of the United Kingdom (UK) have signed a memorandum of understanding to develop a £107 million (around $134 million) trust fund to support efforts by Association of Southeast Asian Nations (ASEAN) countries to scale up green financing and shift to low-emission, climate-resilient development. The UK–ASEAN Catalytic Green Finance Facility (ACGF) Trust Fund will leverage UK and ADB funds to accelerate a pipeline of low-carbon and climate-resilient infrastructure projects and catalyze financing from public and private capital sources. The fund will be part of the ASEAN Green Recovery Platform launched at COP26. “We…

Emerging Power Inc. (EPI), the renewable energy subsidiary of natural resources development company Nickel Asia Corp. (NAC), signed an agreement with Shell Overseas Investments B.V. (Shell) to jointly develop, own, operate, and maintain onshore renewable energy projects in the Philippines. The EPI-Shell venture is targeting 1 gigawatt (GW) by 2028 with ambitions to contribute up to 3 GW into the country’s renewable capacity by initially rolling out a series of projects in Luzon and Visayas. The focus will be on utility scale solar photovoltaic (PV) while evaluating opportunities in onshore wind and energy storage systems. Based on industry data, a…

New York-listed insurer Chubb Limited announced that it has completed its acquisition of the life and non-life insurance companies that house the personal accident, supplemental health and life insurance business of Cigna in six Asia-Pacific markets. Chubb paid $5.36 billion for the operations, which include Cigna’s accident and health (A&H) and life business in Korea, Taiwan, New Zealand, Thailand, Hong Kong and Indonesia. The reduction in the final purchase price from the original announcement reflects the impacts of rising interest rates and foreign exchange rates on acquired book value and other minor adjustments. This complementary strategic acquisition advances Chubb by…

Globe is now the largest telecommunications company in the Philippines in terms of market capitalization. Globe, with trading symbol GLO at the Philippine Stock Exchange, now has a market value of over P363 billion as of end-August trade. Globe’s high market capitalization shows investors’ confidence in the company’s prospects, including its strategy to invest and diversify into adjacent sectors. Once a telco business only, the Globe Group of Companies has expanded into various digital solutions businesses, leveraging its substantial customer base, distribution capabilities, deep market knowledge, and synergies with its strategic partners. Globe has successfully transformed its telco business into…

The Bangko Sentral ng Pilipinas (BSP) urges financial technology firms (fintechs) to seize opportunities presented by the rise in digital transactions and issuance of supportive e-payment policies in developing innovative solutions. “Strike while the iron is hot. Tap into your innovation DNA to create worthwhile solutions. The conditions are ripe and the time to act is now,” said BSP Governor Benjamin E. Diokno during the recent Fintech Alliance Philippines’ 2nd General Membership Meeting. The BSP noted a significant spike in digital transactions amid the pandemic. As of end-July 2021, InstaPay transaction volume and value rose respectively by 64% and 103%…

Integrated energy company Semirara Mining and Power Corp. (SMPC) has turned over close to P1.7 billion in royalty payment to the Department of Energy for the second quarter, the highest ever in its history. SMPC was able to generate the record-setting quarterly payment after recognizing P14.8 billion in revenues on the back of all-time high coal sales and higher average selling prices. “The pandemic has taken a significant toll on our country. We hope that our contribution can help boost our government’s response against COVID-19,” said SMPC president and COO Maria Cristina C. Gotianun. Of the P1.7 billion, more than…

The Department of Transportation, together with the Philippine Ports Authority (PPA) and the Civil Aviation Authority of the Philippines (CAAP), is set to inaugurate the expanded Siquijor port and airport facilities on Thursday, effectively ending the decade-long concern against congestion. The Port of Siquijor is the main door of the mystical island province to and from Luzon, the rest of the Visayas and Mindanao. Coinciding with the inauguration of the port is the launching of the rehabilitated Siquijor Airport, which now boast of a spanking Passenger Terminal Building, bigger parking area and a powerhouse to supply the energy requirement of…

Sta Lucia Land Inc.’s (SLI) net income increased by 90% during the 1st half of 2021 at PHP 1.438 billion compared to PHP 757 million for the 1st half of 2020. The increase was due to the 63% increase in revenues from PHP 2.4 billion to PHP 3.9 billion while the decrease in income tax expense due to the CREATE law partially offset the increase in cost and operating expenses. Gross rental income from the mall increased by 21%from PHP 225 million to PHP 273 million as quarantine conditions partially eased up in the 1st half of 2021. Total assets…

Century Pacific Food, Inc. (PSE:CNPF), one of the Philippines’ leading branded food companies, has kickstarted the global roll out of its new plant-based meat alternatives brand, ‘unMEAT’, landing in the United Arab Emirates in June 2021. ‘unMEAT’ is CNPF’s foray into the fast-growing plant-based food category, in response to the rising consumer demand for healthier, better-for-you, and better-for-the-planet products. The brand was first launched through a partnership with Shakey’s Pizza in 2020. Since then, it has expanded its institutional footprint and entered retail. ‘unMEAT’ is currently available in the biggest supermarket chains in the Philippines. Gregory Banzon, CNPF’s Executive Vice…

Megawide Construction Corporation (Megawide) signed another contract with PHirst Park Homes for the latter’s Magalang, Pampanga project, following the recently awarded Batulao, Batangas site. The new contract covers the supply and build agreement for 1,079 housing units using precast materials, marking the two companies’ seventh venture together. For Megawide, this brings the total housing units, including the initial and additional orders, to 12,437 under contract with PHirst Park Homes. “Our seventh partnership with PHirst Park Homes reflects the mutually-beneficial business relationship we continue to harness. PHirst Park Homes is one of the fastest growing affordable housing unit developers in the…

The Bureau of Immigration (BI) said foreigners who are holders of immigrant or permanent resident visas but whose alien certificate of registration identity cards (ACR ICard) have expired can still travel to the Philippines so long as they have valid reentry permits (RPs). In a memorandum to all terminal heads of the different international airports, Atty. Carlos Capulong, BI acting port operations chief, reiterated an earlier directive of BI Commissioner Jaime Morente to allow the entry of alien immigrants with expired ACR ICards. “We are still being besieged with queries as to whether these aliens who are permanent residents and…

Lazada Philippines and the Department of Trade and Industry (DTI) strengthen their partnership to fuel the resilience and growth of micro, small, and medium enterprises (MSMEs) across the regions by showcasing even more brands and products during Lazada’s 8.8 Love Local Sale happening from 8-12 August 2021. Lazada’s 8.8 Love Local Sale will feature a celebration of Philippine cuisine at the Online National Food Fair, showcase Filipino craftsmanship through the official launch of the Lazada Go Lokal! Concept Store, and offer consumers up to 88% off on selected products, additional 10% off on local brands, and free shipping vouchers with…

The Intellectual Property Office of the Philippines’ (IPOPHL) online trademark filing tool is now using the European Union’s (EU) harmonized database of goods and services (HDB), currently the largest multilingual trademark classification database in the world. The HDB contains over 78,000 terms which users can choose from when indicating the nature of the goods and services for which the mark is sought. All terms in the HDB are automatically accepted by IPOPHL and all trademark offices in the EU. Specifying or describing the goods and services associated with a trademark is a critical step in application. This will set the…

President Rodrigo Roa Duterte said the Philippines will remain a responsible member of the international community and will partner with other nations to attain common objectives. In his last State of the Nation Address (SONA) on Monday, President Duterte said his government has vigorously pursued an independent foreign policy centered on the promotion and protection of the nation’s core national interests. “Yet we continue to work with all nations and seek partnerships that work. Because despite differences, it still is an interdependent world where interests and objectives intersect,” he said. And to the Philippines’s friends in the ASEAN and around…