Coins.ph, the Philippines’ largest digital asset platform, has achieved key milestones in its global expansion, including launching early access for Australian users and an upcoming launch in Brazil.

This comes on the back of record numbers and strong performance for Coins.ph this year. Not only has trading volume on the exchange grown 10 times, the company is projecting to close the year out with revenue being 4 times that of the prior year.

Coins.ph is not stopping there. Under the leadership of CEO Wei Zhou, Coins.ph has grown from a homegrown pioneer to a global player with its international platform Coins.xyz, and aims to set the standard for regulated cryptocurrency services globally.

Launches in Australia and Brazil

In Australia, Coins is partnered with Monochrome, which launched Australia’s first direct spot Bitcoin and Ethereum ETFs. Together, the two are delivering trusted and compliant services to meet the needs of Australian crypto users. In line with this, Coins.xyz Australia is connected to the country’s banking rails so users can seamlessly cash in and withdraw Australian Dollars (AUD). It also boasts AUD trading pairs for those that want to trade crypto with AUD directly.

In Brazil, one of the world’s largest and fastest-growing crypto markets, Coins.xyz will be opening its doors to users soon and launching its fiat on and offramps next month.

“We promised global expansion, and now it’s happening,” said Wei Zhou, CEO of Coins.ph and Coins.xyz. “Australia and Brazil are key markets for our vision of connecting the world through regulated and accessible digital asset services. It’s our mission that Coins.ph, through Coins.xyz, distinguishes itself as a standard-bearer for trust, compliance, and security in the global crypto space.”

A Rare Filipino Success Story on the Global Stage

Coins.ph is rewriting the narrative for Philippine tech startups. Very few have managed to establish a significant global presence, and Coins.ph has taken tangible steps towards this.

“Our investments in technology and product over the past two years have catapulted our capabilities and paved the way for Coins.ph to become truly global,” Zhou said.

Coins.ph’s expansion through Coins.xyz is a testament to the caliber of Filipino talent as it conquers new markets. Not only is the company looking to set the benchmark for regulated crypto services worldwide, it is also proving to builders across the country that a Philippine-born platform can aspire to become a contender worldwide.

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Innovative POS technology SoundPay free with GCash for Business EasyBiz Bundles to boost MSME growth

Shoppers and sellers at the Noel Bazaar at the World Trade Center experienced a new level of convenience with SoundPay devices, the latest addition to the innovative financial solutions of EasyBiz Bundles under GCash for Business. Consistent with its mission to create cost-effective products that are affordable and accessible to all, GCash is offering SoundPay devices for free with EasyBiz bundles, and merchants are assured of quick onboarding — free of complex documentation to ensure a seamless experience, especially for small businesses.

Designed to streamline cashless payments, SoundPay is an accessible tool for businesses of all sizes. In addition, the EasyBiz Bundles provide faster onboarding and an easier experience for the merchant, making them more visible to their customers. With these innovations, GCash is strengthening its drive toward financial inclusion, empowering Filipinos from all walks of life with the tools they need to succeed in business.

With SoundPay, sellers receive an immediate and audible alert upon successful payment — this allows them to verify transactions in real time without disrupting the service flow compared to the old manual method of going through steps to check if payment has been received.

“This level of automation and simplicity not only elevates the customer experience but also allows business owners to focus on growth rather than struggling with hundreds of daily manual verification of payment. In addition, these devices are portable, making them ideal for small retailers who offer delivery services,” said Ren-Ren Reyes, president and CEO of G-Xchange, Inc. “Our goal with Scan-to-Pay and SoundPay is to redefine MSME payment solutions, making them accessible, adaptable, and directly suited to small business needs.”

The country’s largest cashless ecosystem presently has 6 million users who utilize the leading finance app for business. In only three months since the launch of SoundPay and the EasyBiz Bundles in August, GCash for Business has onboarded 385 doors across 429 devices for DT-SME and Enterprise with 60 doors across 102 devices.

“The success of Scan-to-Pay since August has revolutionized the way small businesses transact with customers, giving them the same benefits of point-of-sales or POS technology used by big retail corporations. With SoundPay, every Scan-to-Pay transaction can easily be confirmed by the seller through its very audible sound notification, providing them the confidence to transact more seamlessly,” added Reyes.

Micro, small, and medium enterprises (MSMEs) had traditionally been underserved or unserved with financial services and business solutions due to complex documentation and capital expenditures that only large corporations could afford or provide. To address this gap, GCash created the EasyBiz Bundles, offering a complete set of business solutions for MSMEs and recently, an affordable alternative that provides comparable functionality to traditional POS systems used by big names in the retail industry. With already 445 merchants onboarded with SoundPay, GCash for Business is expected to boost the growth of MSMEs and the Philippine economy.

For more information, visit https://www.gcash.com.

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Grab Philippines, in partnership with the New NAIA Infra Corp. (NNIC) and OneAyala, is providing free shuttle rides for Filipinos arriving at Terminals 2 and 3 of the Ninoy Aquino International Airport — the busiest terminals this holiday season.

The Grab Be Present Bus provides convenient point-to-point transportation for Overseas Filipino Workers and other domestic travelers, connecting NAIA Terminals 2 and 3 directly to the OneAyala Transport Hub.

Ride-hailing platforms in the Philippines are facing increased pressure this holiday season as surging demand collides with persistent challenges such as traffic congestion and supply-demand imbalance. Grab Philippines’ historical data shows that the number of ride bookings grows to as much as 45% in the second and third weeks of December, directly impacting the reliability of the existing fleet of Transport Network Vehicle Services (TNVS) drivers to render their services.

With the Grab Be Present Bus connecting passengers from the airport to a hub that houses other mass transit options, these concerns are effectively mitigated — ensuring more Filipinos can reach their destinations this season.

The Grab Be Present Bus free shuttle services will be available from Dec. 12 to 14 and Dec. 19 to 21, 2024, operating daily from 1:00 p.m. to 11:00 p.m. Passengers who wish to avail of the service can find Grab marshalls stationed at the arrival halls who will be ushering them to the pick-up point. They can also directly proceed to the pick-up points located at the Terminal 3 (Bay 4) and Terminal 2 (Bay 5). To board the bus, passengers simply need to register and present their Grab app to the marshalls.

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By Mon Abrea

CREATE MORE is the latest in a long line of reform initiatives that seek to overhaul the Tax Code to make it more taxpayer-friendly and to make the Philippines more attractive for investors. Designed to supplement the CREATE Act passed in 2021, CREATE MORE primarily seeks to introduce improvements to the granting of tax incentives and the handling of Registered Business Enterprises (RBEs).

Among the salient features of CREATE MORE is the introduction of a 20% corporate income tax rate for RBEs availing the Enhanced Deductions incentive and a 2% RBE Local Tax in lieu of all local taxes. It also introduced some changes to the treatment of certain incentives. Unfortunately, CREATE MORE may have been a missed opportunity to implement key reforms that would make the Philippines more competitive and on par with its neighboring countries.

During the 2024 International Tax and Investment Roadshow organized by the Asian Consulting Group (ACG) in partnership with Philippine Embassy, Consulate General Offices and Philippine Trade and Investment Centers abroad, various foreign chambers and other business organizations and government agencies especially the Philippine Economic Zone Authority (PEZA), one of the more recurring concerns raised by officers and executives from foreign and multinational corporations were the undue delays in the processing of VAT refunds. Because of this, we have consistently advocated the establishment of a separate VAT Refund Center whose only task would be focused on dealing with VAT refund claims. This would have expedited processing these claims, and would remove unnecessary burdens on the Bureau of Internal Revenue (BIR) and the Bureau of Customs (BOC) owing to the fact that the revenue regulation issued by BIR on Ease of Paying Taxes exposes claimants to more audit despite the risk-based approach on processing VAT refunds.

Nevertheless, our proposal to make VAT refunds processing “electronic” was explicitly included under CREATE MORE. The electronic processing of VAT refunds would undoubtedly improve the refund process by making it easier not only for the agency processing the claim but also for the taxpayers or claimants.

Another critical tax reform that CREATE MORE did not include is the adoption of Global Minimum Tax rules.

The Global Minimum Tax is a key concept in the Two-Pillar Solution proposed by the Organization for Economic Co-operation and Development (OECD). The Two-Pillar Solution itself aims to address the excessive tax avoidance and profit shifting being employed by multinational corporations. Specifically, OECD proposes the imposition of a 15% Global Minimum Tax and, should any country impose a rate less than that, other countries will be allowed to impose a top-up tax to raise their tax liabilities up to the Global Minimum Tax rate.

In November 2023, the Philippines signed the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS). As part of this agreement, the Philippines has committed to addressing tax avoidance and improving international tax rules. CREATE MORE would have been a great opportunity for the Philippines to showcase some of this commitment by implementing the Global Anti-Base Erosion Model Rules (GloBE Rules) particularly the adoption and implementation of 15% Global Minimum Tax.

The rise of digital transactions and globalization has made it easier for corporations to shift their income to tax-free jurisdictions. In some cases, this has led to multinational corporations (MNCs) earning billions in profits but only paying minimal amounts of taxes disproportionately impacting developing countries like the Philippines where they generate revenue but pay zero tax due to profit shifting. Contrary to fears, the Global Minimum Tax would also apply only to a certain threshold of taxpayers, specifically MNCs whose annual global sales is €750 million and above. The adoption of Global Minimum Tax rules would serve as a guarantee against these corporations.

The non-inclusion of Global Minimum Tax rules is unfortunate, but it should be looked at as an urgent issue. The passage of Global Minimum Tax rules is important not only to uphold the Philippines’ international commitments, but also so that the country will be able to collect the right taxes from large MNCs and tech giants that shift their profits to tax havens or low tax jurisdictions. As noted by John Peterson, OECD’s Head of Cross Border and International Taxation, the Global Minimum Tax gives developing countries like the Philippines an opportunity to redesign their incentives so as not to rely on offering lower tax rates as incentives because these may not be producing the amount of investment outcomes these countries originally expect.

The implementation of Global Minimum Tax rules, at its core, aims to address the issue of corruption. Corruption can be committed not only by public officers but also by private individuals and corporations, specifically MNCs. Tax evasion, for instance, is one of the manifestations of corruption. Of course, it does not take an accountant to know that tax avoidance is different from tax evasion, but when tax avoidance is done excessively — to the point where companies that profit billions pay little to no taxes — it should certainly be viewed in the same light.

On this topic of corruption, CREATE MORE could have also been an opportunity to implement a Risk-Based Audit system in the Philippines.

The BIR Audit has gained a notorious reputation among entrepreneurs, and it remains a key concern for foreign investors. The current way of conducting a “random” audit leaves revenue officers a certain leeway for the same businesses to be audited over and over again. This is not only a waste of government resources, but also an inefficient way of conducting audit especially for the RBEs and locators enjoying tax incentives. This is why the creation of an RBE Taxpayer Service under CREATE MORE is also a welcome development so those enjoying tax incentives will no longer be subject to random audit, which foreign investors criticize as being costly and time consuming.

The purpose of BIR Audit should be to broaden the tax base, increase voluntary compliance by correcting a taxpayer’s mistakes and, if done correctly, there should be no need to repeat the audit on that same taxpayer.

The implementation of a Risk-Based Audit would not be an entirely novel concept. The Ease of Paying Taxes Act has already introduced the concept of risk-based processing of VAT refund claims. A Risk-Based Audit is similar in that it subjects taxpayers of different risk levels to different degrees of audit. Under a Risk-Based Audit, the higher a taxpayer’s risk level in terms of noncompliance, the stricter the audit. On the other hand, a taxpayer that has a long history of compliance and is paying the expected amount of taxes based on data gathered by the BIR should no longer be subjected to audit. By imposing different degrees of audit depending on risk, the BIR will be able to focus on auditing taxpayers that are truly non-compliant.

Both the adoption of a Risk-Based Audit and the implementation of GloBE rules are ways to address corruption, but corruption is such a pervasive issue. It not only affects businesses, but also affects the day-to-day lives of ordinary citizens. In “Reimagining the World Without Corruption” (2023), which was launched in Harvard Kennedy School and, recently, the University of Sydney, there is an extensive discussion on the origins, causes, and costs of corruption.

Corruption is a major concern for investors, and could potentially hold back investors from doing business in the Philippines. At the International Tax and Investment Roadshow, foreign investors, as well as officers and executives of foreign corporations, attend to learn more about investing and doing business in the Philippines. These attendees often have the opportunity to air their concerns, and these concerns deserve to be addressed by talking about them. For 2025, the International Tax and Investment Roadshow will be continuing throughout Asia, Middle East, North America, Europe, and Australia.

While the changes it brings are certainly encouraging, CREATE MORE may have been a missed opportunity for the Philippines to catch up to its neighbors in relation to the Global Minimum Tax rules. Other ASEAN countries have already adopted and implemented these rules effective January 2024. However, there is still plenty of opportunity to do so. Congress should still prioritize enacting a separate legislation this year as it would only be beneficial for the country.

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All the way from Down Under and the United States, Allbirds is now available in the Philippines!

As Time Magazine’s “World’s Most Comfortable Shoes,” the renowned American sustainable footwear has reached the Philippines and has now made its home in the metro’s most notable malls.

Best known for their sturdy yet lightweight pairs, Allbirds consistently sets the standard in footwear by championing sustainability with their B Corp-certified products — a distinction awarded to brands with high standards for social impact, environmental performance, accountability, and transparency.

A pair that looks good on you — and the environment, is certainly the Allbirds trademark. If you’re looking to own a pair of Allbirds yourself, you can spot and shop them at these locations:

Allbirds Mall of Asia, Level 2 North Entertainment Mall  

Allbirds SM Megamall, Level 3 Mega Fashion Hall  

Allbirds Shangri-La Plaza Mall, Level 2 Main Wing

If you can’t drop by our stores, you can also shop Allbirds online and in the comfort of your own home at our official website, allbirds.com.ph! You can also find them in select ResIToeIRun, Bratpack, R.O.X., and The Travel Club+ stores nationwide.

Now that Allbirds have settled into their newfound store homes in the Philippines, the Filipino flock isn’t one to miss out on giving Allbirds the signature warm welcome we’re known for, and that’s just what the flock did last Nov. 8 at the Allbirds SM Mall of Asia store launch event!

The flock spent a fun afternoon over drinks and snacks, learning more about the sustainable pairs. In addition, Ruth Sanchez, Brand Manager for Allbirds PH, formally introduced Allbirds to our flock, with TV personalities like Enzo Pineda and Erika Kristensen also sharing their good reviews of the ultra-comfy footwear. It was truly a commemorative event that was made even more special by our own Allbirds flock!

This is your sign to drop by your nearest Allbirds store and shop your own ultra-comfy and sustainable pairs today! Don’t forget to stay updated on all things Allbirds and follow @allbirds_ph on Instagram and TikTok, Allbirds Philippines on Facebook, and visit the official website, allbirds.com.ph for the latest scoop on the flock!

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