by admin | Mar 28, 2025 | business, government, government regulations, laws and regulations, smuggling
MANILA, Philippines – The Bureau of Customs (BOC) seized an estimated P30 million worth of allegedly contraband sugar at the Port of Subic, as reported by the Sugar Regulatory Administration (SRA).
Pablo Luis Azcona, the SRA administrator, stated that the Bureau of Customs (BOC) detained the release of 10,000 sacks holding 500 metric tons of incorrectly declared sugar imports from Vietnam.
The SRA refrained from revealing the consignee, stating that it was still unaware of the importer’s identity.
During a press briefing on Tuesday night, Azcona stated that the substance seized roughly three weeks prior consisted of 88% sucrose and 12% dextrose but was falsely identified as simply white sweetener.
‘Not sugar’
“It is officially classified as something other than sugar. Nevertheless, they are undergoing tests to assess their sugar content,” he explained, noting that the SRA sent out staff members to collect samples for chemical examination.
“I get this impression from the packaging and overall look of it; it appears to be meant for reselling. However, that’s just my personal view,” he stated to the press.
Azcona stated that the tests will determine whether the substance is actually sugar. Should this be verified, the BOC will either seize it or auction it off through the Kadiwa store.
Up for auction
“Typically, seized sugar is either sold or put up for auction. Nevertheless, our proposal suggests that prior to being auctioned off, the Sugar Regulatory Administration (SRA) ought to categorize it for use within households. This reclassification would allow us to keep track of the quantities involved,” he explained further.
Azcona highlighted that an increase in these products might destabilize the whole sugarcane sector.
“If items are slipping through undetected this way—since our strategies rely on our output and the sugar we lawfully bring in—it could spoil our plans,” he further stated.
According to the Anti-Agricultural Economic Sabotage Law, acts such as smuggling, stockpiling, and engaging in cartels related to farm produce are classified as economic sabotage.
The illegal transport and stockpiling of farm produce can be classified as economic sabotage if the worth of the items goes beyond P10 million.
by admin | Mar 28, 2025 | business, economics, finance news, laws and regulations, securities
MANILA, Philippines – The Securities and Exchange Commission (SEC) remains steadfast in enforcing the 20 percent minimum public float rule for firms aiming to list on the domestic stock exchange, though some exceptions can be made.
On Thursday, the regulatory body issued a statement asserting that the current rule “significantly enhances price determination and minimizes chances for price manipulation.”
“The SEC continues to uphold the 20 percent minimum public float requirement for firms seeking an initial public offering (IPO). This stance is particularly strong considering the benefits of increased public ownership towards enhancing market depth and efficiency,” stated the SEC.
READ:
PSE approves 15% share float for companies making their debut
“The float requirement aims to decrease ownership concentration and promote sound corporate governance, thereby bolstering the Filipino capital market,” it further stated.
Following confirmation from Philippine Stock Exchange (PSE) President and CEO Ramon Monzon to reporters, it was revealed that the Securities and Exchange Commission (SEC) has endorsed their plan to lower the required minimum public ownership threshold to 15 percent for firms aiming to secure at least PHP 5 billion through an initial public offering (IPO).
When relaxing the regulations, Monzon stated that businesses should be encouraged to go public, particularly considering the present unstable market circumstances.
Although the CEO stated that the SEC provided general authorization, the commission later specified that this was permissible only when firms requested exemptive relief.
Up until now, the SEC hasn’t received any such applications from companies planning to go public, like the well-known digital wallet service GCash.
According to the SEC regulations, businesses availing of the reduced public float requirement must achieve at least a 20% threshold within two years after listing on the stock exchange. This target can be reached through additional share offerings.
The SEC is dedicated to sustaining an open, fair, and effective capital market,” stated the SEC. “Although the commission encourages new listings, it maintains strict regulatory criteria designed to protect the integrity and long-term stability of both the Philippine capital market and the overall economy.
Previously, analysts cautioned that decreasing the minimum threshold for public shareholding might deter individuals from investing in the Philippine stock market.
by admin | Mar 28, 2025 | business, economics, investing, investing business news, money
MANILA, Philippines – The net income of JG Summit Holdings Inc., led by the Gokongwei family, climbed by 10% to reach PHP 22 billion in 2024 due to profits from selling their bank subsidiary, compensating for challenges faced by its aviation division.
Core net income, encompassing one-time profits, jumped by 29 percent to reach P24.9 billion.
On Thursday, in an official paperwork submission, the large corporation reported that their earnings concluded at PHP 379.7 billion, marking an increase of 11%.
Based on information from JG Summit, their earnings were boosted by a P7.9 billion profit resulting from the merger between Robinsons Bank and Ayala Corporation-controlled Bank of the Philippine Islands (BPI), which became the surviving entity post-merger. Shareholders of Robinsons Bank still maintain a 6% ownership interest in BPI.
READ:
Philippine competition authority approves BPI-Robinsons Bank merger
“Despite having varied outcomes from our various divisions and ventures, we managed to steer through 2024 successfully,” stated Lance Gokongwei, President and CEO of JG Summit, in an official statement.
Despite an increase in passenger numbers, Cebu Pacific concluded 2024 with a 32 percent decrease in net income due to expenses associated with expanding their aircraft fleet.
As stated separately, the airline disclosed that its net profit dropped to P5.4 billion in the previous year from P7.9 billion recorded in 2023.
The top line increased by 16 percent to reach ₱104.9 billion, with passenger revenue alone rising by 14 percent to hit ₱71.3 billion.
Additional businesses contributed P28 billion, an increase of 16 percent. In contrast, cargo revenues jumped 39 percent to reach P5.6 billion.
Regarding passenger traffic, the volume increased by 18 percent to reach 24.5 million.
The low-cost carrier dominated most of the domestic network with a 54.1 percent share. In terms of the international market, it claimed a 20.6 percent stake.
However, with the launch of new routes, Cebu Pacific was compelled to acquire extra airplanes and backup engines, which put pressure on their profits. The company currently operates 98 aircraft following the addition of 17 planes in the previous year.
The leasing of aircraft and engines totaled P900 million. Charges related to airports, including landing and takeoff fees, along with ground handling costs, added up to P11.37 billion.
Gokongwei was hoping that 2025 would tell a different tale.
“As we enter 2025, our main focus will be to boost the total revenue growth across all our business units due to the anticipated upturn in consumer confidence with the decline in inflation,” he noted.
At snack manufacturer Universal Robina Corp., earnings climbed to P161.9 billion, marking a 3% increase thanks to improvements in their overseas operations.
The real estate sector of Robinsons Land Corporation showed a 3% growth in revenue, reaching ₱40.1 billion. Meanwhile, JG Summit Olefins Corp., which operates in the petrochemical industry, experienced a significant surge of 33%, with revenues climbing to ₱50.4 billion.
by admin | Mar 28, 2025 | alternative energy, business, energy sector, news, wind energy
MANILA, Philippines – Listed company Alternergy Holdings Corp. has been awarded a contract for the development of a 150-megawatt (MW) onshore wind project in Albay province.
The Department of Energy (DOE) granted the contract via Alternergy’s wind sub-holding entity, Alternergy Wind Holdings Corp. (AWHC). The mentioned power corporation disclosed this information on Thursday.
The AWHC also received a Certificate of Authority (COA) permitting them to conduct exploration and evaluation of wind resources for the Albay Wind Power Project.
READ:
Alternergy seeks funding for its 500-MW target
AWHC President Knud Hedeager stated, ‘We at Alternergy are delighted to have received the DOE’s approval for developing an additional wind project in Luzon.’
“It (the COA issuance) aids developers right from the beginning, thus assisting in reducing project risks and improving the overall feasibility of projects,” he further stated.
The certification enables developers to obtain necessary permissions and clearances from governmental bodies and municipal authorities, allowing them to start working on their planned projects.
Alternergy mentioned that they have a three-year window to finish the pre-feasibility studies along with the permitting processes. The COA will transform into a 25-year wind energy services agreement once evidence shows that the project location holds commercial viability.
The proposed wind plant would encompass multiple municipalities in Albay over an area of 6,318 hectares. After taking part in the Albay Renewable Energy and Investment Summit held last September, AlternEnergy stated they came up with this wind initiative, capable of supporting a minimum of 150 MW of power output.
“This is a thrilling period for us because we are poised to finish building our Tanay and Alabat Wind Power Projects this year. Following these developments, Alternergy will proceed with initiating new wind project ventures,” stated Hedeager.
The Albay wind initiative represents the most recent venture for Alternergy, with plans to advance up to an additional 500 MW of wind, solar, and run-of-river hydro developments within the coming two years.
Alternergy manages a collection of project firms involved in various renewable energy initiatives, specifically including wind power, run-of-river hydroelectricity, solar farms, commercial rooftops, battery storage systems, and offshore wind ventures.
Currently, the corporation boasts 11 operational assets totaling an impressive 86 MW. They anticipate adding another 225 MW from four projects scheduled to be completed this year.
by admin | Mar 28, 2025 | asia, business, commerce, technology, telecommunications
MANILA, Philippines – Globe Telecom Inc. has entered into an agreement worth PHP 1.87 billion to establish a joint venture (JV) with a subsidiary of the Singtel Group aimed at enhancing cloud, data, and artificial intelligence services across the Asia-Pacific area.
On Thursday, the Ayala Corporation announced that NCSI Holdings Pte. Ltd., based in Singapore, will acquire a 51% ownership stake in Globe’s IT subsidiary, Yondu, while retaining a 49% share.
READ:
Globe observes indications of recovery and invests in broadband operations.
Yondu will also gain complete control over NCSI’s domestic affiliate—NCSI Philippines, whose primary services encompass digital applications, infrastructure, engineering, and cybersecurity.
Yondu is an IT solutions company providing services such as custom software development, managed security, e-commerce solutions, and cloud services.
Globe stands to gain from the technological expertise and product range provided by the consolidated assets of the joint venture.
Globe is a collaboration between Ayala Corporation and SingTel, with Asiacom Philippines Inc., their joint venture, holding 52.3 percent of the company.
In addition, Ayala holds a 14.5% share in Globe, whereas Singtel owns 22.2%.
“Our aim for Yondu is to become a positive influence via efficient IT solutions and offerings,” stated Ernest Cu, who serves as the president and CEO of Globe.
Going global
Cu mentioned that joining forces with NCSI will open up new international prospects, allowing Yondu to broaden its scope and provide more effective IT solutions across the globe.
“This partnership represents a crucial step in our expansion within the Asia-Pacific region as we remain committed to investing in order to address the increasing demand for technological services, specifically AI-driven solutions,” said NCSI CEO Ng Kuo Pin.
The transaction is awaiting regulatory approval.
Globe and NCSI are teaming up as the need for digital solutions tailored to businesses increases.
A study conducted by International Data Corp. forecasts that the IT services market across the Asia-Pacific region is expected to grow at an annual compound rate of 6.2% between 2024 and 2028. In this timeframe, the market in the Philippines is anticipated to expand with an impressive 8.7% yearly increase.
In order to enhance its IT services, Globe has also been bolstering its infrastructure to accommodate the rise in data traffic.
Last year, the corporation affiliated with Ayala built 1,212 new cell sites, improved 4,613 current mobile locations, and installed 67,456 home fiber connections. Additionally, they set up 587 new 5G stations nationwide.
by admin | Mar 28, 2025 | business, entertainment, news, sustainability, technology
MANILA, Philippines – As the senior vice president at Newport World Resorts (NWR) in the Philippines—the country’s premier integrated gaming resort—Kathy Mercado brings significant expertise from her background in hospitality and business operations. Her contributions have been pivotal for renowned global hotels, where she introduced innovative ideas and led successful promotional strategies. During an exclusive conversation, she delves into market analysis, cutting-edge marketing approaches, environmental initiatives, and upcoming trends shaping the industry.
How does the Travellers Group categorize the clientele for its different hotel brands?
The answer is that Newport World Resort accommodates five global hotel brands, each targeting a specific customer group.
• Hotel Okura Manila: This upscale establishment combines the refined aesthetics of Japan with warm Filipino guest services. It has earned a place in the Michelin Guide Hotel Selection 2024, a significant international accolade.
• Marriott Manila: Boasts the biggest pillar-free ballroom in Manila, making it an ideal location for hosting various MICE events like business meetings, incentive programs, large-scale conferences, and live shows. It attracts prominent corporations and well-known guests.
• Sheraton Manila: Famous for Collab, a contemporary workspace with an industrial theme tailored for business travelers and sophisticated professionals seeking trendy places to network and host events.
• Hilton Manila: An accommodating hotel for pets offering luxurious and family-oriented accommodations, attractive to vacationers who prioritize ease and individualized care.
• Holiday Inn Express Manila: Boasting as the biggest Holiday Inn Express globally, featuring more than 700 rooms, offering cost-effective lodging options suitable for business visitors, extended stay patrons, and flight crew members.
Q: What steps do you take to distinguish and customize your marketing approaches for every segment?
At Newport World Resorts, we shape our approach using six main principles:
• Lodging Options: Presenting top-tier global hotel chains designed for business guests, tourists seeking leisure activities, and those looking for luxurious stays.
• Dining: Enhancing food experiences through partnerships with internationally-acclaimed names such as Gordon Ramsay Bar & Grill, which marks its debut in the nation, drawing notable guests and gastronomy lovers alike.
• Entertainment: Showcasing top-tier performances akin to those seen on Broadway at the Newport Performing Arts Theater (NPAT). This venue has emerged as a focal point for Filipino artistic expression, hosting global shows along with homegrown Filipino musicals like “Ang Huling El Bimbo” and our most recent offering, “Delia D.”
• MICE: Establishing NWR as a top-tier MICE location featuring exceptional facilities such as the Marriott Grand Ballroom and Sheraton Manila’s Collab, designed for contemporary business tourists.
• Shopping: Providing an exclusive shopping encounter featuring high-end global labels alongside niche boutiques designed for both tourists and local patrons.
Every section is promoted via customized online promotions, collaborative alliances, reward initiatives, and individualized customer interactions to guarantee involvement and lasting brand loyalty.
Q: In what ways are cutting-edge technologies such as artificial intelligence or AI, data analytics, and personalization shaping your marketing strategy?
A: At the core of our approach to engaging guests lies technology. We utilize AI-driven personalization, data analysis, and automated processes to improve the customer experience.
• Artificial Intelligence and Data Analytics: We employ predictive analysis to forecast guest preferences and provide tailored offers and promotions.
• Customization: With our customer relationship management systems, we can develop tailored travel and entertainment experiences for guests, informed by their actions and past interactions.
• Effortlessly smooth reservations and digital synchronization: Our sites and mobile apps provide seamless bookings, combined hotel stays with entertainment options, along with immediate customer assistance through AI-powered chatbots.
Through adopting these advancements, we guarantee staying at the forefront and providing outstanding experiences everywhere they interact.
A: What strategies can be used to ensure a uniform customer experience when managing several locations?
A: Maintaining consistency is crucial in the hospitality sector, which we accomplish via:
• Brand guidelines and education: We ensure our staff receives ongoing instruction to meet the specific service criteria of every hotel brand.
• Cross-promotion and combined loyalty initiatives: Customers can reap rewards at all venues via our consolidated NWR Rewards Program, guaranteeing a smooth encounter.
• Gathering guest input and ensuring quality: We proactively gather guest feedback through instant polls, active participation on social platforms, and one-on-one conversations with guests, enabling ongoing enhancements to our services.
Q: Could you discuss some creative or notably effective marketing campaigns that you’re especially proud of and explain what makes them stand out?
A: Our most significant project is the Epic Pass, a membership scheme providing continuous access throughout the year to top-notch shows akin to those seen on Broadway at NPAT. Since implementing this initiative, we’ve observed heightened viewer involvement, strengthened customer allegiance, and raised international recognition for Philippine theater arts.
Moreover, our I Love Earth Campaign—a recipient of the distinguished Agora Award for Sustainability—demonstrates our dedication to promoting sustainable tourism and supports the 17 goals set forth by the United Nations for sustainability.
Our efforts include:
• Environmentally friendly hotel practices: Designs for energy efficiency, initiatives for reducing waste, and procurement of sustainable resources
• Eco-friendly gatherings and occasions: Motivating business customers to embrace carbon-neutral event procedures at our locations
• Community involvement: Collaborating with nearby groups to advocate for environmental preservation and sustainable travel
These initiatives underscore our dedication to innovation, sustainability, and uplifting Filipino skills.
Q: Is there considerable and increasing interest in sustainable travel experiences? What particular inquiries do travelers in this category pose, and how does this influence your marketing approach?
A: Definitely. Modern tourists are increasingly aware of their ecological footprint and look for eco-friendly accommodation choices.
Visitors frequently inquire about: environmental certifications and their carbon impact; sustainable eating choices and locally grown produce; as well as the hotel’s green practices and efforts toward reducing waste.
As a result, we make sure that sustainability is ingrained in our brand’s core identity.
Q: In your view, how might consumers’ expectations change over the coming three to five years? Which trends are you getting ready for in the days ahead?
A: The direction of the hospitality industry’s future will be determined by:
• Mass personalization: Travelers will anticipate highly customized experiences fueled by artificial intelligence and data analytics.
• Wellbeing and comprehensive trips: Visitors will focus on consciousness, health initiatives, and seamless travel encounters aimed at reducing stress.
• Sustainable and moral travel: Mindful tourism will boost the preference for environmentally friendly accommodations and conscientious hospitality procedures.
• Hybrid gatherings and digital incorporation: The MICE sector will progress with “phygital” (combining physical and digital elements) event structures, boosting connectivity and audience scope.
At NWR, we’re proactively gearing up for these developments by pouring resources into advanced hospitality tech, elevating customer interactions, and spearheading eco-friendly practices within Philippine tourism.
—CONTRIBUTED
Josiah Go serves as the chairman and chief innovation strategist at Mansmith and Fielders Inc.
