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Trump tells Fox News he has group of wealthy people to buy TikTok

STOCK PHOTO | Image by antonbe from Pixabay

WASHINGTON – U.S. President Donald Trump said in a Fox News interview broadcast on Sunday that he had found a buyer for the TikTok short-video app, which he described as a group of “very wealthy people” whose identities he will reveal in about two weeks.

Mr. Trump made the remarks in an interview on Fox News’ “Sunday Morning Futures with Maria Bartiromo” program. He said the deal he is developing would probably need China’s approval to move forward and he predicted Chinese President Xi Jinping would likely approve it.

The U.S. president earlier this month had extended to September 17 a deadline for China-based ByteDance to divest the U.S. assets of TikTok despite a law that mandated a sale or shutdown without significant progress.

A deal had been in the works this spring that would have spun off TikTok’s U.S. operations into a new U.S.-based firm, majority-owned and operated by U.S. investors, but it was put on hold after China indicated it would not approve it following Trump’s announcements of steep tariffs on Chinese goods.

“We have a buyer for TikTok, by the way,” Mr. Trump said. “I think I’ll need probably China’s approval. I think President Xi will probably do it.”

A 2024 U.S. law required TikTok to stop operating by January 19 unless ByteDance had completed divesting the app’s U.S. assets or demonstrated significant progress toward a sale.

Mr. Trump, who credits the app with boosting his support among young voters in last November’s presidential election, has extended the deadline three times. – Reuters

Inflation likely picked up in June — poll

A vendor tends to a customer at a public market in Quezon City, Metro Manila, Philippines, Oct. 4, 2024. — REUTERS/ELOISA LOPEZ

HEADLINE INFLATION may have slightly picked up in June as stable food prices helped offset the spike in fuel prices, analysts said.

A BusinessWorld poll of 17 analysts yielded a median estimate of 1.5% for June inflation, accelerating from the 1.3% in May but still below the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target range.

If realized, this would be the fastest clip in three months or since the 1.8% in March. However, it would be slower than the 3.7% print in June 2024.

Analysts’ June inflation rate estimates

The Bangko Sentral ng Pilipinas (BSP) will release its month-ahead inflation forecast for June on Monday, June 30.

The June inflation data will be released by the Philippine Statistics Authority (PSA) on July 4.

Maybank Investment Banking Group Economics Research gave a June inflation forecast of 1.5%, citing a slower rise in food and power costs.

“Factors include sustained low inflation in key groups such as food and electricity which may offset some upside pressures from the increase in fuel cost in the last two weeks of the month due to rise in global fuel prices given the escalation in the Middle East conflict,” Maybank said.

Moody’s Analytics economist Sarah Tan, who expects inflation to have settled at 1.4% in June, said inflation in the food basket likely remained stable, “supported by a modest decline in rice prices.”

The PSA reported that rice prices declined further in June with regular milled rice averaging P42.77 per kilo from the P43.32 per kilo in mid-May.

“Our food-price tracker suggests that food inflation fell further — close to zero — but this should be offset fully by a temporary rebound in housing and utilities inflation to over 3%,” Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco said.

Aris D. Dacanay, an economist for ASEAN at HSBC Global Research, noted that electricity rates in Metro Manila declined by 0.9% month on month in June due to lower generation charges.

Manila Electric Co. (Meralco) cut the overall rate by P0.1076 per kilowatt-hour (kWh) to P12.1552 per kWh in June from P12.2628 per kWh in the previous month. Generation charges fell by 0.9% to P7.3552 per kilowatt-hour (kWh) from May.

“We expect June inflation to settle at 1.6% yoy (year on year), up roughly 0.2% from the previous month. Electricity prices as well as cost of select non-rice food items delivered upside pressure to inflation,” Nicholas Antonio T. Mapa, chief economist at Metropolitan Bank & Trust Co., said.

Chinabank Research said inflation likely quickened due to higher pump prices, as well as rising costs of meat, vegetables, and education-related expenses at the start of the new school year.

FUEL PRICE SPIKE
Ms. Tan said the spike in fuel prices triggered by the conflict in the Middle East may have put upward pressure on the utilities basket.

In June, pump price adjustments stood at a net increase of P6.3 a liter for gasoline, P8.25 a liter for diesel and P6.5 a liter for kerosene.

“Retail gas prices surged 3% day-to-day on June 17 as a reaction to rising tensions between Iran and Israel, only to have slightly moderated in the tail-end of the month when tensions de-escalated,” Mr. Dacanay said.

Reuters on Friday reported that oil prices were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.

“While global oil prices have eased following the ceasefire between Israel and Iran, the risk of renewed conflict remains and could drive prices higher again. Still, inflationary pressures may be tempered by declining rice prices,” Chinabank Research said.

ING Philippines said the increase in domestic pump prices “should be temporary” with prices expected to decline in July.

RATE CUT OUTLOOK
Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said inflation may start accelerating by September as “favorable base from rice will fade by then.”

“Headline prints will likely remain within BSP target which could allow them to cut once more before the end of 2025,” Mr. Neri said.

The Monetary Board delivered a second straight 25-basis-point (bp) cut at its June 19 meeting, bringing its policy rate to 5.25% amid a benign inflation outlook and slowing economic growth.

BSP Governor Eli M. Remolona, Jr. also signaled they could deliver one more 25-bp cut this year.

The BSP slashed its inflation forecast to 1.6% for this year from 2.4%. It also expects inflation to settle at 3.4% for 2026 and 3.3% for 2027.

Security Bank Corp. Vice-President and Research Division Head Angelo B. Taningco said he expects inflation to be contained for the rest of the year, with his full-year forecast at 1.9%.

“Upside risks to our inflation outlook include global oil price shock triggered by resurgence of Israel-Iran conflict. We still expect a manageable inflation environment and another quarter-point policy rate cut by the BSP before the year ends,” Mr. Taningco said.

Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines (UnionBank), said he expects inflation to gradually rise to 2% by September and to end the year at 2.5%.

“We anticipate the BSP will continue its policy easing cycle, likely delivering a final 25-bp rate cut in October. This move would allow the central bank to assess the cumulative impact of its earlier rate adjustments while maintaining a supportive stance for growth,” Mr. Asuncion said.

Ms. Tan said the conflict in the Middle East could lead to sustained elevated global oil prices, which may mean higher domestic fuel and utility costs.

The Philippines, a net oil importer, is particularly vulnerable to global oil prices.

“Should these risks materialize, they could constrain the BSP’s scope for further policy easing, particularly if second-round effects begin to build. That said, in the absence of persistent supply shocks, inflation should stay within target,” Ms. Tan said.

For the full year, Moody’s inflation forecast stood at 2.2%.

For his part, Mr. Chanco said he sees ample room and an “urgent need” for two additional 25-bp rate cuts.

The Monetary Board’s remaining policy meetings this year are scheduled for Aug. 28, Oct. 9, and Dec. 11. — Aubrey Rose A. Inosante

Trade uncertainty dampens PHL business sentiment

A woman crosses the street in Bonifacio Global City, Taguig City. — REUTERS

BUSINESS SENTIMENT in the Philippines turned less upbeat in the second quarter amid concerns over the impact of the Trump administration’s tariff policy on the economy, a survey by the Bangko Sentral ng Pilipinas (BSP) showed.

The latest BSP Business Expectations Survey showed the overall confidence index (CI) for businesses declined to 28.8% in the second quarter from 31.2% in the first quarter, and from 32.1% a year ago. 

This was the lowest recorded CI since the 23.9% logged in the fourth quarter of 2022. It also marked the second quarter in a row that the index declined since the 44.5% CI in the fourth quarter of 2024.

BSP Survey: Businesses cautiously optimistic in Q2

The survey was conducted from April 4 to May 19, covering 1,527 firms nationwide.

A positive CI indicates that more respondents are optimistic than pessimistic.

“Philippine businesses were cautiously optimistic about the economy in the second quarter of the year. They were primarily concerned about the potential impact of reciprocal tariffs on Philippine exports to the United States and uncertainty over their implementation,” the BSP said in a report.

In April, US President Donald J. Trump announced a baseline 10% tariff on all its trading partners, as well as higher reciprocal tariffs on some countries. The Philippines was slapped with a 17% tariff, the second lowest among Southeast Asian countries.

While the reciprocal tariffs have been paused for 90 days until July 9, the baseline 10% tariff remains in place.

“The expected slowdown in business activity after the May midterm elections and the sugar off-milling season also weighed on business confidence,” the BSP said.

Businesses turned less optimistic for the third quarter, with the CI falling to 39.3% from 45.4% in the previous survey. This was the lowest since 38.2% in the fourth quarter of 2023.

For the next 12 months, firms were less upbeat, with the CI dropping to 51% from 56.4% in the previous quarter.

The BSP said businesses cited “expectations of fewer clients and orders due to expiring contracts and softer market conditions as a reason for their more cautious year-ahead economic outlook.”

Survey respondents expect the peso to appreciate against the dollar over the next 12 months but see an uptick in inflation.

Firms expect the peso to average P57.09 per dollar in the second quarter, P57.12 in the next quarter, and P57.14 for the next 12 months.

Firms also see inflation averaging 2.8% in the second quarter, 2.9% next quarter, and 3% for the next 12 months.

CONSUMER OUTLOOK
Meanwhile, Filipino consumers were more pessimistic in the second quarter but turned positive in their outlook for the third quarter, according to the BSP’s latest Consumer Expectations Survey (CES).

The survey showed the CI in the second quarter fell to -14% from -13% in the previous quarter, as consumers cited “higher inflation, lower family income, and fewer job opportunities” as the reasons for the downbeat sentiment. 

A negative CI means more respondents are pessimistic than optimistic.

For the third quarter, the CI turned positive at 0.6% from -0.5% in the previous survey.

Consumer sentiment for the next 12 months dipped to 11.8% from the 12.4% in the previous survey.

Filipino consumers attributed the positive outlook to higher household income, more jobs and moderating inflation.

“Households expect that the inflation rate may increase in mid-2025 and over the next 12 months. However, inflation expectations are expected to ease during this period as the corresponding inflation rate diffusion indices declined from their Q1 2025 levels,” the BSP said.

Consumers expect inflation to average 3.7% in the next 12 months, a tad lower than the 3.8% in the previous survey.

For the second quarter CES, the BSP surveyed 5,444 households from April 2 to 15. — A.M.C.Sy

DTI eyes launch of Tatak Pinoy Strategy before SONA

VARIOUS food products are on display at a trade fair in Pasay City. — PHILIPPINE STAR/RYAN BALDEMOR

THE DEPARTMENT of Trade and Industry (DTI) is aiming to launch the multi-year Tatak Pinoy Strategy before President Ferdinand R. Marcos, Jr.’s State of the Nation Address (SONA) in late July.

“It is almost done; we are just fixing a few things, and then we are going to launch that. Actually, I have already tapped a big ad agency for that,” Trade Secretary Ma. Cristina A. Roque told reporters on the sidelines of the Wedding Fair on Friday.

“There are just a few tweaks needed… We hope for it to be launched before the SONA,” she added.

According to the Trade chief, the goal is for the Tatak Pinoy Strategy to help drive growth for local industries. She suggested that there be separate categories for small, medium, and large enterprises.

Ms. Roque said the strategy will be implemented in phases to allow adjustments.

“This will be mostly for industries first. And what I made them do is to divide it into phases so that it is not too complicated. So, we can tweak and adjust as we go along,” she said. “But we really need to launch this before the SONA.”

In a Facebook post last week, DTI said that the Tatak Pinoy Council had approved the draft Tatak Pinoy Strategy during its meeting on June 24.

The multi-year strategy is anchored on five pillars, which are human resources, infrastructure, innovation and technology, investments, and sound financial management.

“This milestone affirms our shared commitment to a whole-of-nation effort that will empower domestic enterprises, spur innovation, and reinforce our national identity in the global arena,” said DTI Chief of Staff and Assistant Secretary Englebert Josef G. Chua.

Meanwhile, Department of Science and Technology (DoST) Secretary Renato U. Solidum, Jr. said that the strategy will “ensure that the efforts we are doing in this administration will really make an impact on our micro, small, and medium enterprises (MSMEs) and industries.”

The Tatak Pinoy Council is targeting to endorse the strategy to Malacañang for Mr. Marcos’ final approval.

“Once adopted, it will serve as the national framework to align government programs and investments with the goals of a resilient, inclusive, and globally competitive Bagong Pilipinas,” the DTI said.

The Tatak Pinoy Strategy is a product of the Proudly Filipino Act which was signed into law on Feb. 26, 2024.

Under the law, the strategy is expected to outline the plan “to incrementally and systematically expand and diversify the productive capabilities of domestic enterprises and empower them to produce and offer increasingly diverse and sophisticated products and services.”

The law also created the Tatak Pinoy Council, which is chaired by the DTI secretary and vice-chaired by the Department of Economy, Planning, and Development and Department of Finance secretaries.

Meanwhile, Ms. Roque said that its partnership with the Development Bank of the Philippines (DBP) that will help finance small business owners could be launched in July.

“It is almost done. They told me July is the target for the launch,” she said.

The partnership between the DTI and DBP will help provide financing options to sari-sari stores and market vendors through digital platforms.

In an interview early this year, she said the financing will have an initial funding of P500 million and will be piloted in Cebu.

The DTI also launched P1-billion funding for women-owned and -led MSMEs through Small Business Corp. (SBCorp) on Friday.

Under the funding, women-owned businesses can avail of P30,000 up to P20 million loans at a 1% monthly interest rate based on diminishing balance.

It has repayment terms of up to five years, and collateral will only be required for loans exceeding P5 million.

“Women are a vital driving force in our economy. In fact, more than half of newly registered businesses are owned or led by women,” said Ms. Roque.

“By providing accessible loans, we are empowering them further to grow their enterprises and create lasting opportunities for their families and communities,” she added.

According to SBCorp., the agency has already disbursed more than P8 billion in loans to women-led enterprises. — Justine Irish D. Tabile

DoF slashes this year’s privatization goal to P5B

BW FILE PHOTO

THE DEPARTMENT of Finance (DoF) slashed its privatization goal this year to just P5 billion, amid “slight delays” in selling government properties.

Finance Assistant Secretary Karlo Fermin S. Adriano said the DoF has reduced its privatization goal by 95% to P5 billion, from the previous goal of P101 billion.

It was aligned to changes to the medium fiscal term fiscal framework (MTFF) approved by the Development Budget Coordination Committee (DBCC) on June 26.

“However, even though there’s a reduction in the private target this year, we expect that that will be filled out by other nontax revenues such as higher collection from GOCC (government-owned and -controlled corporations) dividends,” Mr. Adriano said. 

Data from the Bureau of the Treasury showed nontax revenues slumped by 24.75% to P200.9 billion in the January-to-May period as the year-ago tally included several one-off remittances.

In May, the BTr collected P76.21 billion from dividend remittances of state-run firms, bringing the five-month collection to P77.69 billion.

For 2026, the DoF raised its privatization goal to around P100 billion from P1 billion previously.

“There were some delays. So, we will be putting [more than P100-billion] target for next year because it’s not that easy to sell government properties. There are legal issues  with other properties as well,” he said.

The DBCC earlier tweaked fiscal consolidation program to account global uncertainties such the escalation of the Middle East conflict, US tariff policy, and the Ukraine-Russia war.

It cut this year’s revenue target to P4.52 trillion from P4.64 trillion, with lower collection targets for the Bureau of Customs and the Bureau of Internal Revenue.

Amid slower fiscal consolidation, Mr. Adriano said the DoF will not “necessarily” follow the “no new taxes” plan.

He said the DoF will push for new legislation in Congress such as the proposed amendments to the charter of Land Bank of the Philippines and the Development Bank of the Philippines. — Aubrey Rose A. Inosante

Malaysia launches full-scale Startup ASEAN Platform to drive regional growth

From left: Dr. Zurina Moktar, head of science, Technology Division, ASEAN Secretariat; Datuk Ts. Dr. Mohd Nor Azman Bin Hassan, deputy secretary-general (Technology Development), MOSTI; YB Tuan Chang Lih Kang, minister, MOSTI; Tuan Fabian Bigar, secretary-general of the Ministry of Digital; and Norman Matthieu Vanhaecke, group CEO of Cradle

Malaysia launched the Startup ASEAN platform, marking the full-scale rollout of a bold, unified digital gateway to connect and empower startups across ASEAN. Spearheaded by the Ministry of Science, Technology and Innovation (MOSTI) and executed by Cradle Fund Sdn Bhd (Cradle), the platform’s regional launch underscores Malaysia’s commitment under its 2025 ASEAN Chairmanship to fostering inclusive innovation and economic dynamism across the region.

Unlike the earlier pre-launch phase, this official launch represents a fully operational rollout, equipped with critical capabilities to serve the ASEAN innovation ecosystem. The Startup ASEAN platform is designed as a comprehensive one-stop hub, offering startups direct access to regional market opportunities, funding, investor networks, talent development and ecosystem insights.

YB Tuan Chang Lih Kang, minister of MOSTI, said “Malaysia is honored to chair ASEAN in 2025 and take the lead in building a truly integrated and empowered regional startup ecosystem. The Startup ASEAN platform is more than a digital gateway, it is a strategic enabler designed through collaboration with all ASEAN Member States to address fragmented access to market, funding, talent and data.

“This launch marks the first major deliverable under the ASEAN Technology Startup Ignite 2025, and I would like to commend Cradle for its focal role in driving this initiative with all other ASEAN Member States. Through this platform, we are not only unlocking new opportunities for collaboration across region but also creating greater access for Malaysian startups to expand, scale and thrive in ASEAN and beyond,” Minister Chang added.

“Today we witness the official launch of Startup ASEAN — a transformative initiative designed to serve as the centralized hub for all startups across our region. By seamlessly connecting entrepreneurs, investors, government institutions, and ecosystem builders across our Member States, this platform embodies ASEAN’s unwavering commitment to deepening regional integration while unlocking unprecedented opportunities through technology and innovation,” H.E. Dr. Kao Kim Hourn, secretary-general of ASEAN, said.

Norman Matthieu Vanhaecke, group chief executive officer of Cradle, emphasized, “Cradle is proud to lead this effort and contribute to ASEAN’s growth through innovation. The platform is beyond technology itself. It is about creating opportunities within the startup ecosystem, strengthening partnerships and unlocking the potential of our ASEAN startups.”

“In addition to the regional database, the platform will host regional programs aimed at strengthening cross-border collaboration among all ASEAN Member States and dialogue partners such as South Korea and China,” Mr. Vanhaecke added.

The ASEAN Startup Initiative, approved in 2023, appointed Cradle under MOSTI’s mandate to lead its implementation. The initiative focuses on developing startup friendly policies, enhancing ecosystem readiness, and driving impactful regional programs and partnerships.

As ASEAN Chair in 2025, Malaysia’s leadership under the ASEAN Technology Startup Ignite program signals a strategic move to position the country as a regional innovation hub. In addition to the Startup ASEAN platform, the ongoing multi-phased implementation includes ASEAN startup programs, capacity-building efforts and Startup ASEAN Summit, as well as the establishment of the ASEAN Centre of Excellence for early-stage startups next year.

The hybrid launch event featured an immersive Startup ASEAN video tour, highlighting unique startup success stories and cultural diversity from all member states. Coinciding with the launch, Cradle hosted the regional market access session, ASEAN CrossConnect, matching 10 successful global mentors from ASEAN countries with startups from all over the region.

Cradle will continue working closely with all ASEAN Member States to enhance the platform’s value, ensuring it delivers meaningful impact through improved access to markets, investment opportunities and knowledge exchange.

 

SparkUp is BusinessWorld’s multimedia brand created to inform, inspire, and empower the Philippine startups; micro, small and medium enterprises (MSMEs); and future business leaders. This section will be published every other Monday. For pitches and releases about startups, e-mail to bmbeltran@bworldonline.com (cc: abconoza@bworldonline.com). Materials sent become BW property.

AWS opens applications for 2025 generative AI startup accelerator

Jon Jones, VP and Global Head of Startups at AWS

Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, opened applications for the third cohort of the AWS Generative AI Accelerator (GAIA), an eight-week global program designed to scale early-stage startups building foundational generative AI technologies.

Forty promising startups from around the world will be selected for this year’s program, which kicks off on Oct. 13, 2025, at Amazon HQ1 in Seattle. Applications are open from June 10 through July 10, and the selected cohort will be announced Sept. 24, 2025.

With generative AI tools now widely available, AWS is focusing efforts in 2025 to support those startups who are developing generative AI technologies, including building models, infrastructure, fine-tuning tools, and agentic workflows that will drive the next wave of innovation. The program aims to accelerate these teams with up to $1 million in AWS credits, technical guidance and mentorship, go-to-market support, and access to AWS’ generative AI tech stack.

“We are now at a stage where virtually all startups will be applying generative AI to their business in one shape or form. That’s why for this year’s accelerator, we are honing our focus to support those startups developing the foundational technologies that will define what’s possible with AI,” said Jon Jones, VP and global head of startups at AWS.

“This year’s program is part of our continued commitment to accelerate generative AI innovation around the world by providing ground-breaking startups with the credits, mentorship, and visibility they need to scale with confidence.”

The AWS Generative AI Accelerator is an eight-week hybrid program, offering virtual sessions between the in-person launch at the Amazon HQ in Seattle and conclusion of the program at AWS re:Invent 2025. Startups building large language models, infrastructure tooling, fine-tuning platforms, or foundational agents are especially encouraged to apply.

Interested companies should prepare a functioning Minimum Viable Product (MVP), have significant customer traction, and a strong technical team. Prior AWS experience is not required, but those already building on AWS will benefit most from hands-on architecture guidance and marketplace enablement.

The 2025 cohort will reflect AWS’ commitment to global inclusion, with selected companies drawn from North America, Asia-Pacific and Japan, Europe, Middle East, and Africa, and Latin America. The program will include industry-specific mentoring and support for foundational model companies, infrastructure providers, and application-layer innovators.

For more information on AWS Startups, visit www.startups.aws.

 

SparkUp is BusinessWorld’s multimedia brand created to inform, inspire, and empower the Philippine startups; micro, small and medium enterprises (MSMEs); and future business leaders. This section will be published every other Monday. For pitches and releases about startups, e-mail to bmbeltran@bworldonline.com (cc: abconoza@bworldonline.com). Materials sent become BW property.

Our own luxury brand

ARTISAN Clarkson in Cream

FINO LEATHERWARE was ahead of the game of Filipino cool when it started back in 1992 — that’s a total of 33 years in the industry, manufacturing bags and leather goods that, frankly, can hold their own next to the chicest bags Europe can offer.

The brand is distilling more years of cool to come with an anniversary offering of its 10-year-old Artisan collection, which then and now featured crumpled leather bags, now in new shapes and colors. Up until June 30, the store will feature the works of local hatmakers from Lucban (for sale), as well as the works of model-turned-photographer-turned-designer Jo Ann Bitagcol (for display only) in an exhibit called Hats Off.

In an interview on June 20 at their Rockwell store, Rose Ann Bautista, vice-president for marketing and retail operations for Fino, which she co-founded with then-boyfriend and now husband Rommel, commented about the hats, made with materials that come from Bicol and Bohol; among others. “The industry is having a problem,” she said, agreeing that no one wears hats anymore, an odd situation “When in fact, we’re in a tropical country” where hat wearing makes sense.

Of the collaboration with Ms. Bitagcol, she said, “Jo Ann’s connection to us was because she was our model 10 years ago. We saw her craft grow as well, from being a model, to being a photographer — she was also our photographer for some collections — and now, a full-blown designer.

“It’s more of celebrating all these skills and artistry, that really, we need to be proud of,” said Ms. Bautista.

She pointed at their bags, for example: “When they do the leather, they literally crumple it, and try to dye it that way.” The leather is from Italy, but made by their artisans in a factory, then in Malabon, now in Caloocan, due to their family’s roots in both places. “We made sure that we were trying to get people from our hometown,” she said. The oldest employee on their roster has been there since they were founded: “Craft is not easy. Investing in people with passion, with the same interests, with wanting to do what we want to achieve, which is the fineness of creating a piece: that takes time as well.”

Despite being almost all local, she explained why they use foreign leather instead of local options: “The type of leather that we’re trying to look for, is I guess, a certain type that’s not available locally. Sometimes, what you find here can be very tough, very thick, and the finishings are limited.

“Definitely, we try to use local leather. But there are specializations. Italian leather will have a certain Italian finish; a French calf, which is what we have as well, has a certain fineness,” she said. Asked what can be done for the local leather to achieve the finesse they look for, she said, “A lot of collaboration from the industries.”

When Fino began in the 1990s, Filipinos were ga-ga for the foreign. What was available in the local market were simply copies of the works of designers abroad. Now, the Filipino aesthetic has reached unprecedented levels of cool and there is a certain pride in telling everyone that what they use was made locally.

“It took 20 years before that happened,” said Ms. Bautista, and now, they’re riding on a wave that they helped start. She recalls why they started: “It was just a hobby — to want something that we can’t get.”

“We couldn’t get anything here!,” she remembers, but then, “Why do we have to go abroad?”

“That was the main reason,” she added. “Ten years after our start, we already wanted to push buying Filipino: to be proud of what you have; what we can do, as Filipinos.”

Speaking about their staying power as a relatively small but expensive brand in that environment, she said with some laughter, “With a lot of luck.”

“A lot of hard work in terms of trying to keep focused on what we want to do,” she said. “It takes time. I feel that if you have a passion for something, just stick to it. If you believe in it, just maybe try to improve every time. That’s what we’re trying to do.

“We’re not a luxury brand abroad. But we are our own luxury.”

The Hats Off display and Artisan Collection are open to the public at Fino, 2nd floor, Power Plant Mall, Rockwell, Makati City, until June 30.

Follow @finoleatherware.official on Facebook and Instagram for updates. — Joseph L. Garcia

SMGP unit plans 400-MW hydro project in Pangasinan

STOCK PHOTO | Image by American Public Power Association from Unsplash

SAN ROQUE Hydropower, Inc. (SRHI), a unit of San Miguel Global Power, Inc. (SMGP), is expanding its renewable energy portfolio with a planned 400-megawatt (MW) pumped-storage hydropower project in Pangasinan.

In a filing with the Department of Environment and Natural Resources, SRHI said it plans to pursue the San Roque Optimization pumped-storage hydropower project, which will span four towns across the province.

The project will involve key components, including a lower dam and storage pond, pumphouse, waterways, access roads, and a transmission line.

“The project features of the 400-MW facility highlight its potential for substantial energy production and integration into the existing grid,” the company said.

A pumped-storage hydropower facility generates electricity by releasing water from an upper reservoir to a lower one through a turbine during discharge.

With new capacity coming online from solar and wind projects, SRHI said the integration of pumped-storage hydropower would serve as a “grid-balancing solution” due to its ability to store large volumes of energy and respond quickly to fluctuations.

“Looking ahead, technological advancements and the combination of PSH (pumped-storage hydropower) with other energy storage solutions will strengthen the grid, facilitating a transition toward a more sustainable energy future,” the company said.

The proposed project is scheduled for public scoping on July 11. The activity marks an early stage in the environmental impact assessment process, during which the proponent will present an overview of the proposed development and gather public inputs and concerns.

SMGP, the power arm of conglomerate San Miguel Corp. (SMC), maintains a diversified energy portfolio across conventional and renewable sources.

The conglomerate led the country’s power generation sector in 2024, accounting for 22.44% of the national grid. — Sheldeen Joy Talavera

Sandal scandal: Prada credits new design’s Indian legacy amid furor

A KOLHAPURI sandal replica at a store in New Delhi, India. — REUTERS/ADNAN ABIDI

NEW DELHI/MILAN — Luxury fashion powerhouse Prada has acknowledged the ancient Indian roots of its new sandal design after the debut of the open-toe footwear sparked a furor among Indian artisans and politicians thousands of miles from the catwalk in Italy.

Images from Prada’s fashion show in Milan last weekend showed models wearing leather sandals with a braided design that resembled handmade Kolhapuri slippers with designs dating back to the 12th century.

A wave of criticism in the media and from lawmakers followed over the Italian brand’s lack of public acknowledgment of the Indian sandal design, which is named after a city in the western state of Maharashtra.

Lorenzo Bertelli, son of Prada’s owners, responded to the sandal scandal in a letter to a trade group on Friday recognizing their Indian heritage.

“We acknowledge that the sandals… are inspired by traditional Indian handcrafted footwear, with a centuries-old heritage,” Mr. Bertelli, Prada’s head of corporate social responsibility, wrote in the letter to the Maharashtra Chamber of Commerce, seen by Reuters.

The sandals are at an early stage of design and it is not certain they will be commercialized, but Prada is open to a “dialogue for meaningful exchange with local Indian artisans” and will arrange follow-up meetings, he wrote.

A Prada spokesperson issued a statement acknowledging the sandal’s inspiration from India, adding the company has “always celebrated craftsmanship, heritage and design traditions.”

Prada products are beyond the reach of most Indians. Its men’s leather sandals retail for $844 and up, while the Kolhapuri slippers, sold in Indian shops and street markets, start at about $12.

India’s luxury market is small but growing fast, with rising numbers of rich people buying Louis Vuitton bags, Lamborghini cars, luxury homes and watches.

Conversely, Indian culture and crafts are increasingly finding their way into global brand designs. High-end jeweler Bulgari offers a $16,000 Mangalsutra necklace inspired by a chain traditionally worn by married women.

Mr. Bertelli’s homage to Indian design was sent in response to a complaint from the head of the trade group that represents 3,000 Kolhapuri sandal artisans, as the online uproar gathered momentum.

“From the dusty lanes of Kolhapur to the glitzy runways of Milan… will the world finally give credit where it’s due?” India’s DNA News posted on X.

Sambhaji Chhatrapati from the Kolhapur Royal family told Reuters by phone he was upset that craftsmen had not been acknowledged for the “history and heritage of 150 years.”

Kolhapur-based businessman Dileep More, however, said images of the Prada sandal were bringing cheer to some artisans as they show their traditional product going global.

“They are happy that someone is recognizing their work,” he said. — Reuters

Century Properties to launch 10 PHirst projects in two years

PHIRSTPARKHOMES.COM

LISTED Century Properties Group, Inc. (CPG) plans to launch 10 projects under its first-home residential development segment, PHirst, over the next two years as it expands its nationwide footprint.

CPG President and Chief Executive Officer Jose Marco R. Antonio said during the company’s annual stockholders’ meeting last week that the upcoming launches include the company’s first development in Mindanao, which is scheduled for the third quarter.

“The next five years will see continued growth and sustained launches from PHirst, highlighting our vision of becoming a leading enabler of first-time home buyers in the country,” he said.

PHirst President Ricky M. Celis said the segment is on track to open six to eight new projects across different brands in 2025, covering about 100 hectares.

The upcoming developments will consist of more than 10,000 units with a projected sales value of P25 billion.

“This will include our maiden entry into Mindanao, which is another concrete step to our envisioned nationwide presence,” Mr. Celis said.

Mr. Celis also said PHirst is aiming to expand its footprint in regional centers across the country.

“The plan is to continue to launch in targeted growth centers and emerging economic hubs, where demand size, market affordability, and infrastructure development [are] the main features,” he said.

“Seven out of the 17 administrative regions in the Philippines will be the main focus of our socialized, economic, affordable, and mid-income residential housing developments,” he added.

CPG has allocated P12 billion in capital expenditures this year, of which P10 billion is earmarked for PHirst Park Homes, Inc. and P2 billion for the company’s premium line.

In the first quarter, CPG’s net income rose by 16% to P473 million, while consolidated revenue increased by 4% to P3.72 billion. PHirst accounted for 60%, or P2.24 billion, of total revenue.

CPG shares were last traded on June 27, rising by 1.52% or one centavo to 67 centavos apiece. — Revin Mikhael D. Ochave

Philippine GameDev Expo returns to support local creatives

GDAP plans to highlight the Philippines as an IP generator through educational sessions that will address gamedev industry gaps in the country. Image courtesy of GDAP

The Philippine GameDev Expo (PGDX), the country’s largest trade event dedicated to the game development industry, is set to return for its third edition from July 25 to 27 at the SMX Convention Center in Pasay City.

Organized by the Game Developers Association of the Philippines (GDAP) and CBZN Perspective, the event aims to spotlight Filipino talent, promote original game content, and strengthen industry linkages both locally and internationally.

The expo comes at a time of sustained growth for the sector. According to data from Statista, the Philippines’ video game market has grown for nine consecutive years and is projected to reach $2.6 billion in revenue by 2027. The local industry encompasses a broad range of players, including indie developers, outsourcing studios, and tech partners, contributing to a broader ecosystem for intellectual property creation and digital exports.

New to this year’s event is the participation of CREATEPhilippines, the content and community platform of the Center for International Trade Expositions and Missions (CITEM). As the official government event partner, CREATEPhilippines will support PGDX through trade promotion, buyer servicing, and campaign initiatives aimed at elevating the visibility of Filipino creatives in the global gaming landscape.

CREATEPhilippines is a promotional program for the creative industry by the CITEM, the export promotion arm of the Philippine Department of Trade and Industry (DTI).

Last year’s edition welcomed more than 50 exhibitors and over 25,000 attendees, and it facilitated numerous B2B meetings. PGDX 2024 also played host to industry visitors and participants from countries such as Japan, Singapore, South Korea, and the US.

For its 2025 edition, the expo will focus on addressing the gaps in the industry in terms of education, training, and awareness by offering workshops, mentorship sessions, and learning forums. This is part of GDAP’s mission to shift the narrative from Filipino game development talent as mere outsourced service providers to creators of original IPs and indie games. By staging multiple event components, including indie games exhibitions, career talks, e-sports segments, and demo days, PGDX 2025 aims to offer visitors a glimpse into the bright and dynamic future of Philippine gaming.

As the official event partner of the trade show, CREATEPhilippines will co-lead with GDAP the facilitation of B2B meetings through a dedicated Meeting Area at the expo where game developers can connect with potential partners. Guests can also visit the CREATEPhilippines booth and win exciting giveaways.

To further encourage trade and investment opportunities, GDAP and CBZN have also created a Biz Matching Platform where visitors can browse through the list of PGDX exhibitors, exchange contact details with them, and book meetings in advance. Both organizations envision the platform as a means to empower local developers to scale their work, reach new markets, and transform their creative passion into a sustainable enterprise.

PGDX is also open to gamers of all levels with its roster of indie video games and IPs to explore. This includes the horror hit Water Delivery, Craggenrock, Oh, Crops!, Icarus, Stranded on a Raft, and more. Aside from trying them out, visitors can also get to chat with their creators and learn more about their gamedev process.

GDAP President James Lo, the partnership with CREATEPhilippines is a timely development. “The intervention of Philippine government agencies is key to opening doors of opportunities for game developers in the country.”

CITEM Executive Director Leah Pulido-Ocampo agrees, stating, “Boosting the upward momentum of the local gaming scene is a monumental stride for CITEM and CREATEPhilippines in our efforts to support the collective Philippine creative industry.”

Visit https://www.pgdx.ph/ and https://createphilippines.com/events/pgdx-2025 for more information.

 

SparkUp is BusinessWorld’s multimedia brand created to inform, inspire, and empower the Philippine startups; micro, small and medium enterprises (MSMEs); and future business leaders. This section will be published every other Monday. For pitches and releases about startups, e-mail to bmbeltran@bworldonline.com (cc: abconoza@bworldonline.com). Materials sent become BW property.

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