Author: Business News Asia

SINGAPORE – Audra Pakalnyte and Joel Neoh, former executives of Fave, have launched an early-stage fund, First Move, dedicated to empowering consumer-focused startups across Southeast Asia. Offering pre-seed funding of up to US$100,000, the fund is aimed at accelerating the success of consumer ventures and fueling innovation in the region. “Southeast Asia is a vibrant epicenter for consumer technology innovation. At First Move, we are committed to being companions on the journey of emerging entrepreneurs and setting them up for long-term success,” said Pakalnyte, Partner at First Move. First Move seeks to provide more than just capital to startups. The…

CEBU CITY – The Chocolate Chamber (TCC), a homegrown shop-cum-cafe owned by the country’s Chocolate Queen Raquel Toquero-Choa, is expanding globally, with plans to enter Singapore early next year. The Singapore expansion, set for Q1 2024, will be the first for TCC outside of the Philippines. TCC already has branches in Cebu, Bohol, and soon, Metro Manila, Choa told BusinessNewsAsia. The original plan was to bring the TCC brand along with the Chocolate Chamber Cafe and the Chocolate Chamber Academy to the US but Choa instead decided to try the Singapore market first. “We want to familiarise the global market…

The Philippines’ premier freeport signified its readiness for electric vehicle tourism after the installation of two Electric Vehicle Charging Station (EVCS) here. Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Jonathan D. Tan graced the official launching of the EVCS at the Uni-Oil Subic gasoline station after a product presentation. “We are gearing up to attract more tourists while maintaining an environmentally healthy environment as part of my administration’s thrusts. Not only that we are now expecting tourists thru the conventional fuel-powered vehicles, we are now ready for tourists on electric vehicles and e-cars,” Tan said. Tan added that another…

Foreign and local tourists can now look forward to the rise of the first-ever 5 star hotel in Panglao, the JW MARRIOTT PANGLAO ISLAND RESORT & SPA, following the signing of a memorandum between Cebu-based premier development company AppleOne Group Inc. and JW Marriott on June 17 in Singapore. Following the success and multiple recognitions gained by The Sheraton Cebu Mactan Resort and Mahi Center in Cebu, AppleOne is thrilled to bring their expertise in hotel and property development to one of the country’s prime tourist destinations that is Bohol. AppleOne president and chief executive officer Ray Manigsaca together with…

In support of the Ayala Group’s #BrigadangAyala efforts, Globe has mobilized its resources to provide critical support to communities affected by the continuing unrest of Mount Mayon. The company is working with their partners on-ground to provide necessary relief, communications support, and monetary aid to those affected. Globe’s employees volunteered on-ground to help in the distribution of relief packs to affected families in Tabaco and Daraga, Albay. Globe is also setting up three Libreng Tawag, Libreng Charging, and Libreng WiFi sites in Daraga, Guinobatan, and Malilipot, expected to be fully operational starting June 16, Friday. These efforts are part of…

As June rolls around, the vibrant city of Cebu is preparing to embrace the spirit of love, acceptance, and equality as it hosts a series of exciting events to celebrate Pride Month. Quest Hotel and Conference Center Cebu proudly announces a lineup of activities promoting diversity and empowerment for the LGBTQ+ community, thereby contributing to a more inclusive society. Art lovers and enthusiasts had the opportunity to immerse themselves in a captivating exhibition at the hotel lobby last June 2. The Art Exhibit, specifically curated for Pride Month, is entitled “Humanizing SOGIE.” It showcased an array of thought-provoking artworks that…

Gilbert Bulan, an eleventh grader from Ilagan, Isabela, used to go to school without a proper meal, at times eating only patis or fish sauce with rice for breakfast. On some days, there was nothing to eat at all. The youngest of three siblings, Bulan, an 11th grader from the San Antonio National Agro-Industrial and Vocational High School (SANAIVHS) in Ilagan, Isabela, comes from a family who’s unfortunately had limited opportunities in life. His mother, widowed 10 years ago, works as a farm laborer to provide for the family’s needs. Given their financial situation, Gilbert works part-time as a sound…

In a milestone event aimed at boosting the country’s internet connectivity, Globe joined forces with the Anti-Red Tape Authority (ARTA) to host the first-ever Tower Energization Process Workshop. This collaboration cultivates a cooperative environment that encourages industry-wide advancement. The workshop was a response to the pressing need for efficient tower energization, which becomes even more crucial with the deployment of power-intensive 5G sites and active antenna units. It represents the first of a planned series dedicated to stimulating progress within the telecom sector through collective action, in line with national legislation such as the Ease of Doing Business Act of…

Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Jonathan D. Tan bared his 10-point priority development plan before the officers and members of the Subic Bay Freeport Chamber of Commerce (SBFCC) early this week. Tan was guest of honor at the SBFCC Membership Meeting and CEO’s/President’s Forum held at the LeCharmé Suites-Subic where he gave an update about the developments and plans for his term. Looking back at the past four weeks he spent as SBMA Chairman and Administrator, he said that he already learned an important lesson. “Pressure and challenges are opportunities for us to step-up and rise. While…

The Globe Group, known for its dedication to the United Nations Sustainable Development Goals (SDGs), has taken part in the UN’s Vision 2045 campaign, which showcases documentaries about the collective action of global businesses for a sustainable future. The company’s documentary spotlights its purpose-led transformation towards offering innovative, essential services to Filipinos. Globe Group CEO, Ernest Cu, shared the company’s journey from a telecommunications company to a technology-focused enterprise. He emphasized the company’s mission to serve, which led to a shift from being a second-tier player to an industry leader. Globe introduced smartphones to Filipinos, ushering in a new age…

VisMin developer Cebu Landmasters, Inc. (CLI) through CLI-Lite Panglao, Inc., the company’s joint venture with Lite Properties Corporation, announced the opening of the third tower of Costa Mira Beachtown Panglao. Lite Properties Corporation is an affiliate company of Lite Shipping Corporation of the Lim family of Bohol that operates a fleet of roro ferries in Luzon, Visayas and Mindanao. The first two towers of Cebu Landmasters’ beachtown residences in Panglao island in Bohol, are now 80% sold since market introduction a few months ago. Costa Mira Beachtown Panglao is a P5.3-billion tropical beach community located on a 4.05-hectare lot at…

On a sweltering Friday afternoon, cranes periodically maneuvered over a massive construction site in northwest Beijing’s Haidian district. Inside the walled-up site, trucks and machines roared, though with very limited noise. At the first glance, this was just a typical scene of major construction sites ubiquitous in many places across China amid the rapid recovery of economic activities following the country’s decisive victory against the COVID-19 epidemic. Yet, another busy scene just several meters across the street from the construction site put into context the unique nature of the project. Outside the Zhongguancun (ZGC) Exhibition Center, police officers were busy…

Hainan Airlines and Shenzhen Airport Group held a launch ceremony at Shenzhen Bao’an International Airport on May 26 to announce the recommencement of flights from Shenzhen to Rome, Auckland, and Brussels. The first Shenzhen-Rome direct flight, HU437, is scheduled to depart from Shenzhen Bao’an International Airport on May 28, marking the resumption of Hainan Airlines’ fourth international route from Shenzhen. Flights to Auckland and Brussels will also restart in June, bringing the total number of international routes departing from Shenzhen to six. The Shenzhen-Rome route will operate twice a week on Thursdays and Sundays, with a Boeing 787 wide-body aircraft…

Digital asset operator Gulf Binance Co., Ltd., a joint venture between Binance and Gulf Innova Co., Ltd., has secured operator licenses from the Thailand Ministry of Finance through the Securities and Exchange Commission (SEC). This major regulatory approval allows Gulf Binance to operate as a digital asset exchange and broker, aiming to launch its services in Thailand in the fourth quarter of 2023. The licenses were obtained following a 2022 agreement between Binance, a leading global cryptocurrency exchange, and Gulf, a prominent Thai entity with deep industry knowledge. Since striking the agreement, the partners have diligently worked alongside regulators to…

Super Typhoon Betty (international name: Mawar) has slightly weakened as it moves westward north of the Philippines, according to the local weather agency in its 5PM May 27, 2023 bulletin. Super Typhoon Betty is forecast to track westward in the next 12 hours before turning west northwestward. On Monday, the tropical cyclone will turn northwestward and decelerate as it moves over the waters east of Extreme Northern Luzon. Betty may eventually become almost stationary between late Tuesday and early Wednesday when it will be closest to Batanes (i.e., within 250-300 km). Betty is forecast to remain as a super typhoon…

In line with the National Government’s fiscal initiative given to new investors, SBMA Chairman and Administrator Jonathan D. Tan caused the unanimous approval of the Fiscal Incentives Review Board (FIRB) on Nidec’s Php 4.2B new project at Subic Bay Freeport. In a meeting with FIRB and member-agencies on Friday, Nidec was granted the approval under CREATE incentives, which include tax holiday, special corporate income tax, duty exemption, VAT exemption on importation, and VAT zero rate on local purchase. Nidec Subic Philippines is involved in the development, manufacturing, and sales of small precision motors, automotive motors, home appliance motors, commercial and…

A Joint Venture Agreement between Filinvest Land Inc and KMC was executed to establish and operate a business for the development, management, operation, and maintenance of flexible workspace facilities offering private serviced office seats and co-working seats in commercial buildings. Prior to execution of the JVA, FLI already caused the incorporation of the new company, which shall be the entity that will be utilized by the Parties in implementing the JVA. Except for registration with the Bureau of Internal Revenue and in the local government where it will operate, there are no other known regulatory requirements for the joint venture.…

SBMA Chairman and Administrator Jonathan D. Tan signs a Memorandum of Agreement (MOA) and the Deed of Dacion En Pago with Philippine Guarantee Corporation (PhilGuarantee) President and CEO Alberto E. Pascual at the Board Room of the Administration Building on Thursday. The MOA and Deed of Dacion En Pago states that PhilGuarantee will turn over the leasehold rights over the El Kabayo Stables, Times Square Complex, and Triboa Bay Lots to the SBMA as partial consideration or settlement of the former’s outstanding obligations to the latter.

Globe recently partnered with the local government of Malay, Aklan in its move to encourage sustainable tourism, through the highly-anticipated return of Love Boracay (formerly known as LaBoracay) held on April 28 to May 1, 2023. Globe has been supportive of Boracay’s environmental conservation efforts through conducting offshore clean-up drives, coral reef rehabilitation, community support for prevention of untreated effluents from entering the sea, and raising awareness among the youth and the community on how they can contribute to environmental conservation. “Globe fully supports the local government of Malay, Aklan in its efforts to advance responsible tourism in Boracay. At…

Metro Retail Stores Group, Inc. (MRSGI) reported a net income of PhP60.0 million for the first three months of 2023, an 80.2% increase from PhP33.3 million in the same period in 2022. The improvement came from robust operating margins and solid revenues. Total first-quarter sales was flattish, posting a slight decline of 2.4% in net sales to PhP8.3 billion from PhP8.5 billion for the first quarter of 2022, with comparable store sales also lower by 4.6% versus last year. The decrease was due to bulk wholesale transactions in 2022 that had beefed up first-quarter sales last year. Excluding these bulk…