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European Commission removes PHL from ‘high-risk’ money laundering list

REUTERS

THE PHILIPPINES has been removed from the European Commission’s (EC) list of “high-risk” countries for anti‑money laundering and countering the financing of terrorism (AML/CFT) following its exit from global watchdog Financial Action Task Force’s (FATF) “gray list.”

The commission said in a statement on Tuesday that it has updated its list of high‑risk jurisdictions that showed “strategic deficiencies” in their AML/CFT regimes to remove the Philippines.

“The updated list takes into account the work of the Financial Action Task Force and in particular its list of “Jurisdictions under Increased Monitoring”. As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FATF. Alignment with FATF is important for upholding the EU’s (European Union) commitment to promoting and implementing global standards,” it said.

Other jurisdictions that were delisted by the commission were Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda, and the United Arab Emirates.

“That’s certainly good news,” Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. said in a text message to reporters on Wednesday when sought for comment. “But the EU parliament will still need to confirm the EC decision.”

“After we got off the FATF gray list, we also got off the UK’s (United Kingdom) list, which is a separate one. To stay out of those dirty money lists, we’re now trying to identify emerging risks.”

In February, the FATF removed the Philippines from its list of jurisdictions under increased monitoring for “dirty money” risks following a successful on-site visit and completion of the recommended action plan. The country was on the FATF’s gray list for over three years or since June 2021. The FATF’s move also resulted in the Philippines’ inclusion in the EU’s list of high-risk jurisdictions for AML/CTF and the UK’s advisory list, which means being subjected to stricter customer due diligence measures by member states for business relationships or transactions, the Anti-Money Laundering Council has said.

The dirty money watchdog noted the Philippines’ progress in addressing the strategic anti-money laundering and countering the financing of terrorism and proliferation financing deficiencies.

The BSP has said that it is working to ensure that the country will stay out of the FATF’s gray list.

The Anti-Money Laundering Council is also pushing amendments to the Anti-Money Laundering Act as part of its next steps to ensure the country will not return to the list.

These changes aim to align the law with international standards, such as the enhanced monitoring of virtual asset service providers and other emerging threats.

The FATF’s next assessment of the country is slated for 2027, where it will verify that the measures are sustained and still in place.

Meanwhile, the European Commission added Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela to its list of high-risk jurisdictions.

“European Union entities covered by the AML framework are required to apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system,” it said. — BVR

Filipinos in Dubai celebrate Independence Day with GCash

Launch of GSave in UAE helps overseas Filipino workers achieve their retirement goals back home

GCash, the leading finance super app and largest cashless ecosystem in the Philippines, is reaffirming its support for the Filipino communities abroad by expanding its digital financial solutions with the launch of the GSave feature in the UAE. Through GSave, UAE-based Filipinos can now open a digital savings account in just 10 minutes with competitive interest rates, and with zero maintaining balance and no initial deposit. This feature makes saving for retirement more achievable and more accessible from abroad.

GCash announced the launch of GSave for Filipinos in the UAE as it joins the 127th Philippine Independence Day celebrations in Dubai and the upcoming Filipino Social Club’s Philippine Independence Day Celebration (FILSOC PIDC 2025) at the Dubai World Trade Centre on June 14. The presence of GCash in these community gatherings seeks to foster genuine connections and deliver for its users tangible benefits. This is part of GCash’s broader commitment to leveraging meaningful innovation to achieve Finance For All.

“Our presence at events like Kalayaan 2025 and FILSOC PIDC 2025 is a testament to our unwavering commitment to the Filipino diaspora,” said Paul Albano, General Manager of GCash International. “We understand the unique challenges and aspirations of OFWs, and we are dedicated to providing them with the tools to achieve financial security and prepare for a comfortable retirement.”

With the support of local grassroots organizations like FilSoc and Infinite Communities, GCash is deepening its connection to the Middle East’s Filipino community.

Helping OFWs save for their homecoming and retirement

OFWs looking to start building their finances toward their dream retirement will have access to the GCash booth at the Philippine Independence Day celebrations in Dubai on June 14. They can avail of on-the-spot verification, onboarding to GSave, and guided walk-throughs on how the app’s product portfolio can help them manage their finances efficiently and effectively. This is the second installment of Independence Day Celebrations as GCash did a previous run last June 1 in Dubai as well.

The availability of GSave’s full portfolio also addresses a critical pain point for many OFWs in the Middle East: the desire to have greater control over how their remittances are spent and to easily save for retirement.

With the use of their local +971 numbers, Filipinos in the UAE can now:

  • Save from the UAE with GSave: Open a digital savings account in just 10 mins with a competitive 2.6% p.a. interest rate, with zero maintaining balance and initial deposit. This groundbreaking feature makes saving for retirement more achievable and more accessible from abroad;
  • Pay directly to over 2,000+ billers: Take charge of essential household expenses by directly paying bills in the Philippines, affording them convenience and peace of mind, and ensuring funds are used as intended;
  • Continue savings in the Philippines with instant bank transfers: Seamlessly transfer funds to Philippine bank accounts, ensuring continuity in financial planning; and
  • Enjoy everyday free padala to GCash users: Continue to send money to GCash users in the Philippines with no fees, sending support back home quickly and efficiently, and enabling regular disbursement of allowances and emergency funds without hefty fees.

GCash aims to provide every Filipino, no matter where they may be in the world, a comprehensive suite of responsive digital financial services that allow them to thrive every day, save up for the rainy days, and invest in that one day where they can enjoy the fruits of their labor. For overseas Filipino workers, in particular, GCash is helping them balance meeting their financial goals with maintaining their connection with their families, all from one app.

Albano adds, “Our services aim to empower our OFWs to thrive now, despite the challenges of being away from home, and we are as committed to helping them reach that one day we all look forward to, where comfortable retirement goals are met and they get to enjoy the result of all their hard work.”

GCash GSave feature is also now available in 13 countries and territories where Filipinos can download and sign up for the GCash app with their local SIMs, namely the UAE, Australia, Canada, Germany, Hongkong, Italy, Japan, Qatar, South Korea, Spain, Taiwan, United Kingdom, and the United States.

 

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The US and China are talking again. Don’t call it a reset

STOCK PHOTO | Image by kjpargeter from Freepik

By Karishma Vaswani

TRADE NEGOTIATIONS between the US and China in London mark a cautious step toward easing tensions, but not a new beginning. It’s a short-term strategy to avoid further deterioration — a fragile truce that could be reversed at any moment.

At the core is a deeper issue: National security. Both sides now view trade through that lens, and handshakes won’t fix it. Washington must recognize that Beijing seeks respect and won’t accept a one-sided, long-term deal. China, for its part, needs to understand that it won’t be business as usual — and that the US will expect more concessions and market access to the world’s second-largest economy. The alternative is continued hostility, which will make for a more chaotic global trade environment, and a more dangerous world.

The London climbdown is positive, but precarious. Rapprochement has turned into recrimination before. After the initial euphoria of a trade-war ceasefire agreed in Geneva in May, both sides accused the other of reneging on a deal to temporarily lower tariffs that had climbed well above 100%.

Now negotiators say they’ve reached an agreement in principle on a framework to deescalate trade tensions, based on the consensus forged in Geneva. Delegations from both sides will take the proposal back to their respective leaders, following nearly 20 hours of talks over two days. “Once the presidents approve it, we will then seek to implement it,” US Commerce Secretary Howard Lutnick said. The full details of the accord weren’t immediately available, but US officials said they “absolutely expect” that issues around shipments of rare earth minerals and magnets will be resolved.

There are no winners or losers coming out of this, notes Steve Okun, founder and chief executive officer of APAC Advisors. The fundamental questions are much larger than any round of talks. “The Trump administration needs to decide whether it views Beijing as a strategic competitor, or an existential threat,” he told me. “Washington can take the economic hit from a trade war, but politically, Xi Jinping can suffer the hit for longer than Trump can. So one side has economic leverage, and the other political leverage — that’s a standstill, for now.”

The Chinese president is biding his time, despite a sluggish economy. In the most recent sign of how the trade war is hurting, exports rose less than expected last month. The worst drop in US-bound shipments since February 2020 — the outbreak of the pandemic — counteracted strong demand from elsewhere. Still, sales to other markets are providing much-needed support for an economy stuck in deflation and struggling with weak domestic demand.

Beijing is sticking to its narrative that this trade war is Washington’s problem, and that China is being unfairly targeted. A recent Xinhua commentary warned that America’s security-focused view of economic issues risks undermining global cooperation.

There is a pathway to peaceful coexistence, but compromises are required, notes Ryan Hass of the Brookings Institution. To break through with Xi, Trump will need to acknowledge that both countries are major powers. Neither can dictate terms to the other. Both would be hurt by high tariffs on each other’s goods — but on their own, they’re not enough to force capitulation.

The US public has no appetite for a broader conflict with Beijing. Disapproval of China’s behavior may be high, but the top priority is still to avoid war. Americans are clear in their desire to manage competition without that escalating into open conflict.

For that to happen, Washington must recognize that Beijing craves respect. The US would be wise to pay heed to the Chinese concept of mianzi or “face” — Xi will only agree to a long-term deal that he can pitch at home and abroad as a win. Beijing has taken lessons from Trump’s first trade war, and judged that agreement to be one-sided in favor of Washington. It won’t make that mistake again.

China doesn’t always like reciprocating face, but officials would be wise to give some to Trump, too. His tariffs have been outlandish, but his supporters also demand that he show strength, not concession. Beijing should be able to understand what happens when politicians need to cater to public pressure.

Neither side has the upper hand to make the other come away an obvious loser. At the most, the London talks might have achieved just enough to help shape the future on a less-hostile basis. That in itself is progress — but it would be a mistake to call this moment a reset.

BLOOMBERG OPINION

MPTC shelves plan to sell 20% stake

PHILIPPINE STAR/ MICHAEL VARCAS

METRO PACIFIC Tollways Corp. (MPTC), the tollway unit of Metro Pacific Investments Corp. (MPIC), has deferred its plan to divest up to a 20% equity stake, according to its chairman.

“There was talk about [selling up to a 20% stake] but it has not happened yet. Maybe [we] will not push through with it,” MPTC Chairman Manuel V. Pangilinan told reporters on the sidelines of PLDT Inc.’s annual stockholders’ meeting.

Mr. Pangilinan declined to disclose the reason for pausing the divestment plan.

In April, Mr. Pangilinan confirmed that Mitsui & Co. Ltd. had expressed interest in acquiring up to a 20% stake in MPIC’s entire shareholding in MPTC.

The potential sale was part of MPIC’s strategy to raise P30 billion to P50 billion via private placement, intended to reduce MPTC’s outstanding debt.

MPIC had previously said that it was seeking to strengthen MPTC’s balance sheet in preparation for the possible revival of merger discussions with San Miguel Corp.

As for the capital-raising initiative, Mr. Pangilinan said discussions with potential investors are ongoing.

MPIC is one of three key Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

BTS members Jimin and Jungkook discharged from South Korean military

YEONCHEON, South Korea — K-pop group BTS’ members Jimin and Jungkook were discharged from the South Korean military on Wednesday, the fifth and sixth to complete the country’s mandatory service amid expectations of the band’s comeback from a hiatus.

The seven-member group put their global music career on hold in 2022 to begin their service starting with Jin in December that year, each serving duties of varying lengths as long as 18 months.

Members RM and V were discharged on Tuesday and the last to wrap up his service will be Suga on June 21.

Fans from around the world have flown to South Korea to welcome the return of the stars this week. — Reuters

Anker releases soundcore Liberty 5 wireless earbuds in PHL

ANKER INNOVATIONS

ANKER INNOVATIONS’ premium audio brand soundcore last week launched in the Philippines its latest wireless earbuds, the Liberty 5.

The soundcore Liberty 5 is priced at P5,995 and comes in five colors, namely Black, White, Blue, Apricot, Champagne Gold. It has Adaptive ANC (active noise cancellation) 3.0 and Dolby Audio integration for better noise cancelling.

“The Liberty 5’s Adaptive ANC 3.0 algorithm combines a unique acoustic chamber design and advanced processing to deliver twice the voice suppression power of previous models. By targeting the 300Hz–3kHz vocal frequency range, where speech energy is most concentrated, the system selectively reduces voice frequencies while scanning the environment 180 times per minute for real-time adjustments,” Anker said.

“This ensures a quiet journey on trains and subways. During phone calls, all six microphones are activated to capture clear voice input while filtering out background noise.”

Dolby Audio technology also boosts users’ listening experience, it added. Users can select listening profiles via the soundcore app, such as the pre-tuned Music, Movie, and Podcast modes.

The earbuds have a new 9.2mm wool-paper composite driver to help minimize distortion and improve audio clarity.

“Supported by LDAC high-resolution audio (with triple the bitrate of standard codecs) and Hi-Res Wireless Certification, it preserves studio-quality details across all music genres,” the company said.

“Dual bass tube technology enhances low-end resonance by optimizing airflow, producing richer and more natural bass that seamlessly blends with the soundstage,” it added.

The Liberty 5 has an IP55-rated body and promises up to five hours of playtime from just a 10-minute charge via its case. Its SnapCharge case also supports wireless charging.

When the case and earbuds are fully charged, its battery life can deliver a total of 48 hours of listening time with ANC off and 32 hours with ANC on, Anker added.

The Liberty 5 supports Bluetooth 5.4 and Google Fast Pair for instant device pairing.

Anker said the release of its latest earbuds will help boost its position among the top three wireless headphone brands globally in terms of units sold.

“soundcore’s top 3 global position is a testament to Anker Innovations’ mission: ignite possibilities through ultimate innovation,” said Leon Wu, general manager of Southeast Asia at Anker Innovations. “True leadership means putting users first. Through strategic collaboration across our ecosystem — from Anker Innovations’ charging breakthroughs to eufy’s smart home intelligence — we create technology solutions that adapt to life, not the other way around.” — BVR

Central bank reports 62% increase in consumer complaints in 2024

THE BANGKO SENTRAL ng Pilipinas (BSP) processed 62.4% more financial consumer complaints in 2024 compared to the previous year.

“Our office receives different kinds of consumer complaints and as of 2024, that’s our latest available data, we received around 70,000 complaints. But out of those 70,000 complaints, we only have around 30% which are on unauthorized transactions,” BSP Consumer Complaints Resolution Office Director Janice G. Ayson-Zales said.

This is higher than the 43,115 complaints recorded in 2023.

Less than half or 41% of the cases brought to the BSP in 2024 were resolved in favor of the complaints, the official said.

Ms. Ayson-Zales noted that financial institutions are usually the first level of recourse for consumer complaints, which means some concerns do not reach the central bank.

“For mediation cases, in 2023, we had 322 cases with a 69% success rate. For 2024, we had 703 at an 83% success rate. As of May 2025, we already have 400 mediation cases in our office, so as you will see, complaints being filed with the BSP are really rising,” BSP Financial Inclusion and Consumer Empowerment Sub-Sector Managing Director Charina B. De Vera-Yap said.

BSP Deputy Governor Elmore O. Capule added that these were resolved in favor of consumers.

“Because under the Financial Consumer Protection Act, if it escalates into adjudication, then the financial institutions lose. There is no remedy of appeal. It’s final and they’re only remedy is to go to the Court of Appeals… They can only escalate to the courts if there is great abuse of discretion or lack of jurisdiction,” he said.

The BSP said the number of consumer complaints could decrease this year with the implementation of the Anti-Financial Account Scamming Act (AFASA) as banks will be more proactive in catching anomalous transactions.

“With the passage of the AFASA, we are anticipating that complaints will go down because, for example, if the banks are able to implement the FMS (fraud management system), in case there are behavioral anomalies, the bank will stop the transaction… So, there will be no more complaints that will be elevated to the BSP because the bank itself will stop the transaction,” Ms. Ayson-Zales said.

Banks with at least P75 million in their monthly network value of transactions for the last six months will be required to adopt FMS under the rules.

Still, Ms. De Vera-Yap said that historically, customer complaints rise whenever there are pro-consumer regulations.

“That’s because more people are becoming aware of their rights and they know that they have this redress mechanism in the BSP, or even in their financial institutions. We don’t want the complaints to increase, but I guess that’s one of the consequences of having this new law, which is really pro-consumer,” she said.

“When they hear that there’s this law which can protect them, we are assuming that more people will also be using or will be complaining and using the redress mechanisms in place in the BSP as well as in the law enforcement agencies.”

The central bank this month released three circulars that contain the implementing rules of the AFASA, which was signed in July 2024 and aims to help prevent and penalize financial cybercrime.

The rules allow the regulator to probe financial accounts suspected to be involved in prohibited acts identified under the law. BSP-supervised institutions can also freeze disputed funds related to these incidents.

Prohibited acts or offenses under the AFASA include money mule activities and social engineering schemes, which could be considered economic sabotage if it involves three or more people as perpetrators or victims, mass mailers, or human trafficking, as well as opening a financial account under a fictitious name or using the identity or identification documents of another person.

Financial institutions are also required to adopt stricter information technology risk management measures to protect their customers from fraudulent schemes done online. These include adopting fraud management systems, as well as safeguards like the limitation on the use of interceptable authentication mechanisms like one-time passwords (OTPs).

Banks have been given six months to update their own frameworks to take the AFASA’s implementing rules into account and one year to adopt FMS and new security measures for consumers as alternatives or to supplement OTPs. — A.M.C. Sy

On trade expansion and fiscal consolidation

The US tariff escalation policy generated heavy public discussions and fears last April, but these have simmered down recently. There are winners and losers in the non-disruption in trade, and there are also winners and losers in trade disruption. In conventional economic trade theory, there is “net gain” (gainers and winners outnumber losers) in free trade which at the optimum implies zero tariffs and very few non-tariff barriers.

Last Tuesday, June 10, I attended a forum called “The US-China Tariff Trade War: Implications for the Philippines” at the AIM Conference Center in Makati, organized by Leverage International (Consultants), Inc. Among the panelists were Mike Toledo, Chair of the Chamber of Mines of the Philippines; Dr. Jess Arranza, Chair of the Federation of Philippine Industries; and Ruth Yu Owen, Chair of the Energy Committee of the Management Association of the Philippines. Jose Luis Yulo was the forum chairman and moderator.

I liked Mr. Toledo’s discussions on the mining export ban and the need for mining processing after a 10 year transition and preparation period, Metro Pacific Investments Corp.’s corporate farming, and Terra Solar projects; Mr. Arranza’s talk about the economic damage caused by smuggling and illicit trade on Philippines industries; and Ms. Owen’s talk on solar energy where she also recognized the need for coal and gas plants for baseload power generation.

Later in the afternoon, my former boss (and former Congressman, and former Finance Secretary) Gary Teves talked about macroeconomics and trade and he emphasized that we should focus on measures where we have control, like our own economic and trade policies, and not on events and policies abroad over which we have little control. I support that.

Then Congressman Joey Salceda talked about “Ruthless Ricardianism,” referring to David Ricardo’s theory of comparative advantage, but now in the context of the “ruthlessness” of a trade and tariff war. As usual he produced a lot of numbers and finance-related policy measures.

During the open forum, I briefly commented that when I checked the monthly trade data from the World Trade Organization (WTO), China, which is supposed to suffer a decline in exports actually experienced an expansion in exports.

Looking at the comparative January to April period, China’s exports increased from $1.084 trillion in 2023 to $1.10 trillion in 2024, and $1.169 trillion in 2025. In particular, their exports increased from $288.1 billion in April 2023, to $291.9 billion in April 2024, and $315.7 billion in April 2025.

In the accompanying table are the total exports for the first quarter of this year (many countries have not reported their April 2025 data yet). Like China, Hong Kong, Taiwan, Thailand, Vietnam, and Singapore also experienced a sustained increase in exports, as did the Philippines but with a very small margin increase. The US, UK, and Mexico also showed marginal increases.

In contrast, many countries experienced a decline in exports, or remained steady, neither increasing or declining: Japan, South Korea, India, Malaysia, Germany, the Netherlands, France, Spain, Poland, Brazil, Canada, and Australia (see the table).

PHILIPPINES’ FISCAL CONSOLIDATION
Last Monday, June 9, the economic team held a big Investment Coordination Committee-Cabinet Committee (ICC-CC) meeting at the Department of Finance (DoF). Finance Secretary Ralph G. Recto, as ICC-CC Chairperson, led the deliberations on the proposed and modified Official Development Assistance (ODA) and Public-Private Partnership (PPP) projects submitted for the committee’s approval.

Also present were Economics Secretary and ICC-CC Co-Chairperson Arsenio M. Balisacan, Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman and Undersecretary Joselito R. Basilio, Trade Secretary Ma. Cristina A. Roque, Agriculture Secretary Francisco P. Tiu Laurel, Jr., Public Works Secretary Manuel M. Bonoan, Monetary Board member Romeo L. Bernardo, and PPP Executive Director Ma. Cynthia C. Hernandez, among other government officials.

For me, fiscal consolidation implies a reduction in certain spending and an expansion in revenues, tax and non-tax revenues so that the annual budget deficit and public borrowings can be controlled. Having more PPP infrastructure projects and less ODA is a good way to attain fiscal discipline and consolidation.

Last week, on June 4, the Government Optimization Bill, formerly called National Government Rightsizing Program was passed and ratified by the Bicameral Committee and now awaits the President’s signature. DBM Secretary Pangandaman was understandably happy with this development as the soon-to-be law will create a more efficient and responsive government.

Three weeks ago, on May 21, I was one of several NGO leaders invited by the DBM for the “Macroeconomic Insights for National Action: An Economic Dialogue with Civil Society” held at Luxent Hotel in Quezon City. While one transport NGO leader proposed another oil tax to discourage car usage and to shift more people to using bicycles and the mass transport system, I spoke to disagree because of the inflationary impact of any energy tax hike.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

Vistamalls Q1 net income falls 15% on lower rental revenue

VISTAMALLS.COM.PH

VILLAR-LED Vistamalls, Inc. reported a 15% decline in its first-quarter net income to P1.91 billion from P2.25 billion a year earlier, weighed down by lower rental revenue.

In a regulatory filing, the company said its total revenue fell by 12.1% to P3.25 billion from P3.69 billion in the same period last year.

Rental income dropped by 7% to P3.16 billion from P3.4 billion, primarily due to lower rental payments from tenants.

Other operating income declined by 71% to P85 million, attributed to lower administrative fees and mall maintenance and advertising charges to tenants.

Total costs and expenses rose by 7% to P740 million, driven by higher depreciation and operating expenses.

Vistamalls is a holding firm engaged in the leasing of retail malls and business process outsourcing commercial centers.

Shares of Vistamalls dropped by 1.65% or three centavos to P1.79 apiece on Wednesday. — Revin Mikhael D. Ochave

Labubu human-sized figure sells for over $150,000 at Beijing auction

STOCK PHOTO | Image by David Kristianto from Unsplash

BEIJING/SHANGHAI — A Beijing auction house sold a human-sized Labubu figure for 1.08 million yuan ($150,275.51) on Tuesday, setting a new record for the “blind box” toy as it moves from craze to collectible.

The event held by Yongle International Auction, which traditionally specializes in modern art as well as jewelry, marked the first ever auction dedicated to Labubu, toothy monster figurines that are mainly sold by China’s toy company Pop Mart and have been at the center of a global frenzy for the past year.

The auction offered 48 lots for sale and was attended in person by roughly 200 people, while over a thousand bidders put down offers via Yongle’s mobile app, the auction house said. The starting price for all the items was zero and it eventually raised a total of 3.73 million yuan.

The highest grossing item, a mint green, 131 cm (4.3 feet) tall Labubu figure, received several bids to sell for 1.08 million yuan. The auctioneer said it was the only one available in the world.

A set of three Labubu sculptures, about 40 cm tall and made of PVC material, sold for 510,000 yuan. The set, from a series called “Three Wise Labubu,” was limited to a run of 120 sets in 2017 and another one sold for HK$203,200 ($25,889.64) at Sotheby’s most recent auction in Hong Kong.

Labubu was created a decade ago by Hong Kong artist and illustrator Kasing Lung. In 2019, Lung agreed to let them be sold by Pop Mart, a Chinese toy company that markets collectible figurines often sold in “blind boxes.”

A buyer of a blind box toy does not know exactly what design they will receive until they open the packaging. The starting price for Labubu blind box toys sold in Pop Mart’s stores is around 50 yuan.

The character’s popularity skyrocketed after Lisa of the Korean pop music group Blackpink was spotted with a Labubu and praised the doll in interviews and online posts. Many celebrities followed. In May, British football star David Beckham shared a photo on Instagram of his Labubu attached to a bag.

One Yongle auction bidder, a restaurant owner who only gave her surname as Du, said she had planned to spend a maximum of 20,000 yuan but walked away empty handed as the final prices were too high.

“My child likes it so every time when Labubu released new products we will buy one or two items. It is hard to explain its popularity but it must have moved this generation,” she said. — Reuters

IBM aims for quantum computer in 2029, lays out road map for larger systems

IBM FACEBOOK PAGE

SAN FRANCISCO — International Business Machines (IBM) on Tuesday said it plans to have a practical quantum computer by 2029, and it laid out the detailed steps the company will take to get there.

Quantum computers tap into quantum mechanics to solve problems that would take classical computers thousands of years or more. But existing quantum computers must dedicate so much of their computing power to fixing errors that they are not, on net, faster than classical computers.

IBM, which also said it aims to have a much larger system by 2033, plans to build the “Starling” quantum computer at a data center under construction in Poughkeepsie, New York, and said it will have about 200 logical qubits. Qubits are the fundamental unit of quantum computing, and 200 qubits would be enough to start showing advantages over classical computers.

IBM is chasing quantum computing alongside other tech giants such as Microsoft, Alphabet’s Google and Amazon.com, as well as a range of startups that have raised hundreds of millions of dollars in capital.

All of them are tackling the same basic problem: Qubits are fast but produce a lot of errors. Scientists can use some of a machine’s qubits to correct those errors, but need to have enough left over for doing useful work.

IBM changed its approach to that problem in 2019 and says it believes it has landed on a new algorithm that will drastically reduce the number of qubits needed in error correction.

In an interview, Jay Gambetta, the vice president in charge of IBM’s quantum initiative, said the company’s researchers took a different tack than they had historically, when they would work out the scientific theory of an error-correction method and then try to build a chip to match that theory.

Instead, IBM’s quantum team looked at which chips were practical to build and then came up with an error-correction approach based on those chips. That has given IBM confidence to build a series of systems in between this year and 2027 that will eventually result in larger systems.

“We’ve answered those science questions. You don’t need a miracle now,” Mr. Gambetta said. “Now you need a grand challenge in engineering. There’s no reinvention of tools or anything like that.” — Reuters

PSBank offers personal loan

PHILSTAR FILE PHOTO

PHILIPPINE Savings Bank (PSBank) is offering a personal loan product with flexible payment options.

PSBank’s Flexi Personal Loan allows customers to borrow up to P250,000 through two options, namely a revolving credit line or a fixed-term loan.

“Whether it’s surprise home repairs, tuition fees, or emergency medical bills, unexpected expenses don’t have to hold you back. With PSBank’s Flexi Personal Loan, you’ve got a financial backup that’s ready to use when you need it,” the thrift banking arm of Metropolitan Bank & Trust Co. said in a statement.

“With a revolving credit line, you can borrow, repay, and borrow again — no need to reapply. If you prefer steady monthly payments, a fixed term or deferred loan gives you repayment options of 24 or 36 months with fixed monthly installments,” it said.

Borrowed funds can be accessed via a free automated teller machine (ATM) card through any Mastercard-affiliated ATM worldwide. 

Payments can be made through PSBank Mobile, PSBank Online, or over the counter at PSBank branches. Clients can also pay at 7-Eleven Stores, BancNet ATMs, through InstaPay and via online bills payment services.

Borrowers can track and manage their loan through the bank’s mobile application.

PSBank also presented a Prime Rebate program as an add-on for the Flexi Personal Loan to help borrowers save on interest charges when they make payments. “Rebates are computed daily and automatically applied to qualified term loans — rewarding you for paying early or more than the minimum due.”

Borrowers can use the bank’s Loan Calculator and pre-qualification checklist to see how much they can borrow. Interested borrowers can apply via PSBank Online or at its branches.

PSBank booked a net income of P1.21 billion in the first quarter, inching up from P1.204 billion a year prior.

Its shares went down by 45 centavos or 0.77% to close at P58.10 apiece on Wednesday. — A.M.C. Sy

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