Salmon completes a significantly oversubscribed $30-million Series A-2 financing round, secures funding from existing investors

November 28, 2024 | 1:57 pm

Salmon, a leading provider of financial services and consumer lending products in Southeast Asia, operating a licensed bank in the Philippines, today announces the successful completion of its $30-million Series A-2 equity financing round. The planned round saw strong participation from key institutional investors of the Company, including the International Finance Corp. (IFC) and Lunate of Abu Dhabi, with both committing amounts substantially in excess of their pro-rata allocation rights.

The funds will be directed toward continued scaling of Salmon’s profitable lending business and launching new products designed to meet the evolving needs of more than 50 million Filipino consumers underserved by the legacy banks. A portion of the proceeds will also bolster the company’s marketing activities at thousands of retail locations across the Philippines, as well as expand its online offering.

In addition, subject to receiving regulatory approvals from the Bangko Sentral ng Pilipinas (BSP), Salmon intends to allocate a portion of the proceeds to strengthen the capital base of the Rural Bank of Sta. Rosa (Laguna), with plans to increase the bank’s total capital to P1.2 billion by the end of 2025. This capital infusion will support the bank’s continued growth. Over the past six months, the Rural Bank of Sta. Rosa (Laguna) has emerged as the fastest-growing bank in the country, achieving one of the highest returns on equity (ROE) among regulated financial institutions in the Philippines.

Pavel Fedorov, Co-Founder of Salmon, commented: “Salmon’s mission has always been to drive financial inclusion, and the Philippines is one of the most exciting markets globally for unlocking access to credit. With this latest investment round, we are positioned to scale our operations even further, bring new products to market, and deepen our partnerships across the financial ecosystem. The recent success of the Rural Bank of Sta Rosa (Laguna), with its exceptional growth and market-leading ROE, is a testament to the potential of combining innovation with a strong commitment to local communities.”

This new investment round underscores the confidence that global institutional investors have in Salmon’s ability to continue delivering transformative financial solutions in the Philippines and beyond.

About Salmon:
Salmon is a pioneering fintech company focused on delivering innovative lending solutions to underserved consumers in Southeast Asia. By combining cutting-edge AI technology with deep market insights, Salmon empowers individuals to access credit, fostering financial inclusion and driving economic growth in the region.

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Top-performing MOVE IT riders celebrated at MOVE IT Day 2024

November 28, 2024 | 1:30 pm

MOVE-IT_Papugay-Awardees-OL (1) — Papugay Awardees Merlani Lacson, Cyrus Panopio, Merry Ann Paz, and Benjie Boladas Bechayda share how their earnings as moto-taxi service providers empower them to achieve their aspirations in life.

Thousands of rider-partners and their families joined the yearend celebration, with MOVE IT Papugay Awardees as highlight

MOVE IT honored the exceptional contributions of its 16 top-performing rider-partners at the recent MOVE IT Day 2024 event, held at the PhilSports Arena in Pasig City. These riders were named this year’s Papugay Awardees — recognized for their unwavering dedication and resilience.

The Papugay Awards ceremony was a highlight of MOVE IT’s annual yearend celebration, which gathered thousands of rider-partners and their families for a day filled with activities and entertainment. The event featured photo booths, games, raffles, comedy shows, a talent competition, a rock concert, and even motorcycle maintenance services.

While MOVE IT Day is the company’s annual yearend event to show its appreciation to the thousands of rider-partners, the Papugay Awards is the company’s way of recognizing rider-partners that exemplifies MOVE IT’s values of integrity, respect and commitment to safety and quality service. To qualify for the Papugay Awards, rider-partners must demonstrate exceptional booking completion rates, maintain high star ratings, ensure safe driving practices, and receive exemplary feedback from passengers.

During the event, four “Papugay” awardees shared their inspiring stories, encouraging fellow riders to strive for success.

One of them was Cyrus Panopio, 38, who has been tagged as an “Alamat” — the highest tier for MOVE IT riders.

As an Alamat, Panopio enjoys a robust array of incentives, including P2,000 worth of groceries, gas money, medicine, and GrabFood vouchers each month. While Panopio also runs a small business that supports his family, including his mother who suffered a stroke, his MOVE IT earnings have provided extra financial stability. He hopes to use this additional income to fund his three sons’ education until they earn their degrees.

“Bumabiyahe kasi ako ng 5 to 10 a.m., tapos umuuwi ako para ihatid ang mga anak ko sa school, mamalengke at magluto. Pagkatapos ng kaunting pahinga, balik-biyahe ako ng 4 to 10 p.m.,” Panopio discloses. Panopio shares that the flexibility offered by the platform allows him to balance his time between his livelihood, his business, and family much more easily.

Fulfilling full-time livelihood

Another one of the Papugay awardees, Benjie Boladas Bechayda, 33, quit his old regular job as a security guard for a popular shopping mall chain to instead go full-time with MOVE IT.

Bechayda started as a part-timer for MOVE IT only last March, before realizing that he could earn twice more than his previous work by going full steam ahead as a moto taxi rider.

In the past, he rendered 12-hour duty in his security guard job, then spent late nights until early morning with his MOVE IT gig. But since July, Bechayda has made MOVE IT his main bread and butter.

“Sa dati kong trabaho, nagsasangla pa ako ng ATM card, at wala rin masyadong oras para sa pamilya,” Bechayda recalls. “Ngayon, malaki ang pasok ng grasya — guminhawa ang buhay ng pamilya ko.”

With more time to spend with his wife and children, including their six-month-old baby, and earning a higher income, Bechayda is now focused on building or buying a house for their growing family.

MOVE IT General Manager Wayne Jacinto (2nd row, 3rd from left) leads the MOVE IT Day 2024 Celebration, together with thousands of MOVE IT rider-partners.

Enhancing livelihood adaptability

Meanwhile, 29-year-old Merry Ann Paz, a single mother, juggles the responsibility of raising and providing for her two children.

Aside from sending her kids to school, Paz is also responsible for paying the monthly bills — relying primarily on her earnings from MOVE IT to successfully fulfill the role. However, as a female moto-taxi rider, Paz initially had qualms about becoming a full-time rider-partner due to concerns about her safety.

“Noong una, kinakabahan ako na mag-moto taxi dahil na rin sa mga safety issues na pwedeng kaharapin sa daan,” Paz says. The solo parent breadwinner emphasized that MOVE IT provides training on road safety to help them navigate busy thoroughfares safely. Additionally, the platform touts a suite of security and reporting features that enhance their safety. She also shared that she picked up a lot from online courses via the MOVE IT Academy learning platform, focused on defensive driving, safe spaces, and passenger handling.

New livelihood path for a better future

Now, what is a former ambulance driver — and a strong and independent woman at that — like Merlani Lacson, 45, doing as a MOVE IT rider?

Lacson’s old job rushing sick people to hospital for a decade, including during the COVID-19 pandemic, had made her a fighter.

After driving ambulances for a local government in Metro Manila, Lacson was also a family driver for six months, until she realized that riding motorcycles is the better livelihood option.

“Matagal ko nang gustong mag-motor dahil mas madaling magmaniobra sa daan,” Lacson beams. So for Lacson, becoming a MOVE IT rider now is a dream come true.

And it’s MOVE IT that’s likewise giving her the flexibility — since she serves commuters from 5 a.m. to 4 p.m., Lacson reserves her nights to be with her teenage children. Now a widow, Lacson is looking forward to the day when one of her sons can finish the IT course they’re also dreaming of.

This positive relationship between MOVE IT and its riders is driving the company, and the moto taxi industry, to new heights.

MOVE IT General Manager Wayne Jacinto shares, “Sa bawat MOVE IT rider-partner, taus-pusong pasasalamat sa inyong katapatan at kasipagan bilang maaasahang tagapaghatid ng mga pasaherong Pilipino. Ang inyong dedikasyon at pagsisikap ang dahilan kung bakit libo-libong mananakay sa araw-araw ang nakakapasok sa opisina at nakakauwi sa kanilang mga pamilya nang mas madali at mas ligtas. Kami ay nagagalak na maging bahagi ng bawat byahe ninyo sa pag-abot ng inyong mga pangarap, habang sama-sama nating tinutugunan ang pangangailan ng mga komyuter para sa serbisyong ligtas, tapat at maasahan. Muli, salamat po sa inyong lahat.”

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Joy~Nostalg welcomes the holidays with a meaningful Christmas Tree in ‘Woven Wonders’

November 28, 2024 | 1:00 pm

The five-star serviced residences rings in the holiday season with special Christmas Tree made with fabric trimmings from top fashion designers

Five-star serviced residences Joy~Nostalg Hotel & Suites Managed by Accor once again kicks off the holiday season like no other by turning its annual Christmas Tree lighting event into a platform that promotes the spirit of the holidays, as well as the value of sustainability.

Titled “Woven Wonders,” the Nov. 20 event showcased Joy~Nostalg’s unique Christmas Tree that drew cheers and amusement from the crowd of media members and special guests. This year’s installation features vibrant and sustainable decorations of fabric trimmings, or retaso, from the country’s premier fashion designers. The star-studded list includes Puey Quiñones, Wilson Limon of NIñOFRANCO, Gabby Garcia of TAGPI, and Adrienne Charuel of Maison Métisse.

“Our Christmas Tree Lighting Event this year, titled ’Woven Wonders,’ is a lovely reminder that each of us is a unique thread, woven together to create something truly meaningful,” says Odette Huang, General Manager of Joy~Nostalg Hotel & Suites Managed by Accor. “To make our tapestry of community come together, we have decorated our Christmas Tree with fabrics from the country’s top designers. While these retasos are usually discarded and forgotten, this season, they have been upcycled and repurposed to become gorgeous festive embellishments.”

According to Wilson Limon of NIñOFRANCO, supporting Joy~Nostalg’s meaningful Christmas tree event is an opportunity for fashion designers to promote the country’s rich local culture and world-class artisanal craftsmanship.

“We value the spirit of sustainability, and this platform to showcase the works of our artisans is a wonderful way to celebrate Filipino craftsmanship during this Yuletide season,” Limon said.

Garcia added that Joy~Nostalg’s meaningful Christmas Tree “represents a commitment to both environmental sustainability and the festive spirit. It’s a way to celebrate the holidays while promoting eco-friendly practices, encouraging people to enjoy the season responsibly by reducing waste and supporting a sustainable future.”

For Charuel, Joy~Nostalg Christmas Tree aligns with the core values and advocacy of Maison Métisse. “By contributing to this meaningful project,” she said, “Maison Métisse reinforces our belief in creating with intention and inspiring thoughtful giving. Together, we hope to foster a season of conscious joy — one that honors the interconnectedness of heritage, community, and the promise of a sustainable future.”

Giving the retasos second life as holiday décor also reduces textile wastes that “overburden our landfills,” Huang added. Another layer of sustainability in Joy~Nostalg’s Christmas Tree lighting event is its continuing collaboration with the Negrense Volunteers for Change Foundation. For the second straight year, Joy~Nostalg has partnered with the Bacolod-based nonprofit organization in its mission to “link dreams to donors, and donors to dreams.”

The organization created new Christmas Tree trimmings for Joy~Nostalg from used Nespresso capsules. The hotel also reused decors that the organization produced last year, while adding new ones meticulously crafted and transformed into colorful parol decors, uniquely designed for Joy~Nostalg’s beautiful Christmas tree.

“We hold sustainability very close to our hearts and strive to do our share in looking after what we do for our planet, our community, people we interact with, our staff, our guests and our partners,” Huang said. “Every little bit of effort helps us thrive and move away from the disposable mindset. We embrace practices that have a profound and enduring impact on our lives and on the future.”

Another sustainability effort of Joy~Nostalg involves a partnership with RETASTRO, a local brand dedicated to the practice of “upcycling.” The collaboration covers RETASTRO’s “Simoy ng Disyembre Candles” project, wherein used coffee grounds from Joy~Nostalg will be used to create candles. Each one will serve as a tribute to the environment, the Filipino culture, and the love for the rich aroma of freshly brewed coffee. The candles will also feature a design that pays homage to the Nito weave decorative jars, an indigenous arts and crafts product of the Iraya-Mangyan tribe from Puerto Galera in Oriental Mindoro.

The meaningful Christmas Tree lighting event of Joy~Nostalg on Nov. 20 happens to fall on the annual, global celebration of World Children’s Day. As such, Joy~Nostalg has chosen to help the Philippine General Hospital (PGH) Chaplaincy in its mission to assist young cancer patients by gifting them with teddy bears. The hotel offers two teddy bears for P500 and accepts teddy bear donations that guests can place at a drop box in the lobby. The teddy bears will be handed to the PGH Chaplaincy beneficiaries in December.

“Woven Wonders” ties in with the 15^th-anniversary celebrations of Joy~Nostalg, located at the heart of the Ortigas CBD. Huang describes the hotel’s journey as one of growth, marked by continuous improvement and resilience.

“Looking ahead, the next fifteen years promise to be even more inspiring as we pursue a commitment to excellence and be aligned with Accor’s thrust for responsible hospitality,” Huang said. “We will focus on meaningful advocacies that drive sustainable practices, contributing positively to our environment, community and most especially the growth of our people in the organization. Together, we will build a legacy to create a future where our actions not only elevate our services but also support a more sustainable and kinder world.”

Learn more about Joy~Nostalg Hotel & Suites Managed by Accor by visiting https://www.joynostalgmanila.com/. Follow the premier lifestyle destination on Facebook, Instagram, and Twitter. For more details, contact +63 2-5318-7888 and HB2D6-RE1@accor.com.

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Trump’s proposed tariffs on Canada would drive up pump prices, analysts warn

November 28, 2024 | 10:31 am

oil-gas-pump — PHILIPPINE STAR/KRIZ JOHN ROSALES

NEW YORK – U.S. President-elect Donald Trump’s pledge to impose tariffs on Canada would drive up fuel prices for Americans as it would upend decades-old oil trade from its top crude supplier, analysts said on Wednesday.

Trump, who takes office on Jan. 20, said this week he would impose a 25% tariff on all imports from Canada and Mexico until they clamp down on drugs and migrants crossing the border. Canadian oil imports would not be exempt under a free-trade deal from the levies, Reuters reported.

Even as surging oil output to record highs has made the U.S. the world’s largest producer in recent years, more than a fifth of the oil processed by U.S. refiners is imported from Canada.

In the landlocked U.S. Midwest, where refineries process 70% of the more than 4 million barrels per day (bpd) of Canadian crude imports, consumers could see pump prices jump by 30 cents per gallon or more, or about 10%, based on current prices, GasBuddy analyst Patrick De Haan said.

If implemented, the tariffs would force those refiners, including Marathon Petroleum, BP, and Phillips 66, to either pay a higher price to import oil from these countries or to find alternative suppliers that would be further away and thus also more expensive.

In either scenario, a portion of the added costs is likely to be passed on to U.S. consumers in the form of higher prices for gasoline at retail pumps, Commodity Context analyst Rory Johnston said.

“Any tariffs on Canadian oil are going to increase pump prices given the dependence of much of the U.S. refining industry on Canadian crude,” Johnston said. The cost of crude feedstock is the biggest component of retail gasoline prices.

BP, Marathon, and Phillips 66 did not immediately respond to requests for comment.

America’s top oil trade groups, the American Fuel and Petrochemical Manufacturers group and the American Petroleum Institute, meanwhile, said imposing the tariffs would be a mistake – exposing a rare moment of discord between the industry and Trump.

“Across-the-board trade policies that could inflate the cost of imports, reduce accessible supplies of oil feedstocks and products, or provoke retaliatory tariffs have potential to impact consumers and undercut our advantage as the world’s leading maker of liquid fuels,” AFPM said on Tuesday.

Cheaper gasoline was among Trump’s top priorities during his re-election campaign as he sought to connect with consumers frustrated by sky-high fuel prices in the aftermath of the coronavirus pandemic, Russia’s invasion of Ukraine, the war in Gaza and other supply disruptions.

Gasoline prices jumped to over $5 per gallon in 2022, but have fallen sharply since, hitting $3.04 as of Monday, the lowest since 2020, the U.S. Energy Information Administration said.

MIDWEST TO BE HIT HARDEST
Many of the country’s refineries are configured to process heavy Canadian crude grades, and not the light grade pumped in the booming U.S. shale oilfields.

U.S. Midwest refineries, in particular, are geared to run the heavier crude shipped across the border by pipeline or rail.

BP’s Whiting refinery in Indiana, the largest fuel supplier in the Midwest, imported more than 250,000 bpd of Canadian heavy oil in 2023, or about 57% of its 440,000 bpd refining capacity, according to RBN Energy.

Other U.S. states will also feel the pinch, albeit to a smaller extent, GasBuddy’s De Haan said.

Major consumer markets on the U.S. East Coast can tap seaborne cargoes from Europe or Africa if tariffs threaten their purchases of gasoline from the Irving Oil refinery in Saint John, New Brunswick, he said.

Irving Oil did not immediately respond to a request for comment.

West Coast refiners are better geared to process U.S. crude, he added.

“States that border Illinois are the areas that would be most impacted because they have the fewest alternatives,” De Haan said.

Gulf Coast refiners have some capacity to import more oil from members of the Organization of the Petroleum Exporting Countries such as Iraq, Saudi Arabia, Kuwait and Venezuela, Commodity Context’s Johnston said.

Across the board, many refiners are already facing significantly lower margins for producing fuel, hitting their profits in recent quarters.

“These potential tariffs are a kick in the teeth for refineries,” De Haan warned. — Reuters

US economy holds firm in early Q4; inflation stuck above Fed’s target

November 28, 2024 | 9:32 am

WASHINGTON – U.S. consumer spending increased slightly more than expected in October, suggesting the economy retained much of its solid growth momentum early in the fourth quarter, but progress on lowering inflation appears to have stalled in recent months.

The lack of success in bringing inflation back to the Federal Reserve’s 2% target, together with the prospect of higher tariffs on imported goods from the incoming Trump administration, could narrow the scope for interest rate cuts from the U.S. central bank next year.

The Fed is still widely expected to deliver a third rate cut in December, with other data on Wednesday showing more unemployed people were experiencing long bouts of joblessness in mid-November. Minutes of the Fed’s Nov. 6-7 policy meeting published on Tuesday showed officials appeared divided over how much farther they may need to cut rates.

“It is a closer call than it was at the prior two policy meetings since core services inflation remains sticky and could lead some Fed officials to argue for a pause in the rate cutting cycle next month,” said Kathy Bostjancic, chief economist at Nationwide. “We instead look for the Fed to pause the rate cuts in early 2025 to assess prospective policy changes under the second Trump administration.”

Consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.4% last month after an upwardly revised 0.6% advance in September, the Commerce Department’s Bureau of Economic Analysis said. Economists polled by Reuters had forecast consumer spending would gain 0.3% after a previously reported 0.5% increase in September.

Adjusted for inflation, consumer spending edged up 0.1%, consistent with a roughly 2.5% annualized growth rate this quarter. Spending rose at a 3.5% rate in the July-September quarter, accounting for the economy’s 2.8% growth pace.

The Atlanta Fed is forecasting gross domestic product increasing at a 2.7% rate in the fourth quarter.

Spending was largely driven by strong demand for services, including healthcare, housing and utilities, financial services and insurance, dining out and hotel stays as well as transportation and recreation. Services spending rose 0.5%.

Goods outlays were unchanged as an increase in purchases of motor vehicles and parts was offset by lower receipts at service stations because of cheaper gasoline. There were also price-related declines in outlays of apparel, furniture and other long-lasting manufactured household equipment.

Low layoffs, strong household balance sheets thanks to a stock market rally and high home prices after underpinning spending. Household savings also remain lofty. The saving rate increased to 4.4% from 4.1% in September.

Income rose 0.6%, boosted by a 0.5% gain in wages. After accounting for inflation and taxes, income at the disposal of households rose 0.4% after edging up 0.1% in September.

Economists anticipate a fairly busy holiday shopping season, though high prices are squeezing budgets. Data from Adobe Analytics showed consumers have in the first 24 days of November spent  $77.4 billion  online,  up 9.6% on  a year-over-year basis. The Mastercard Economics Institute described this holiday shopping season as being characterized by “the value-conscious consumer who feels stretched by economic pressures,” and “a confident consumer who feels more free to spend.”

Stocks on Wall Street traded lower. The dollar slipped against a basket of currencies. U.S. Treasury yields fell.

LOW LAYOFFS
Though inflation is cooling, the trend has slowed. The personal consumption expenditures price index climbed 0.2% in October, matching September’s unrevised gain. In the 12 months through October, the PCE price index increased 2.3% after advancing 2.1% in September.

Excluding the volatile food and energy components, the PCE price index rose 0.3%, matching the increase in September. The so-called core inflation was lifted by services, mainly housing and utilities, transportation, as well as financial services and insurance. Goods prices fell. Core inflation increased 2.8% year-on-year in October after climbing 2.7% in September. The central bank tracks the PCE price measures for monetary policy.

President-elect Donald Trump said on Monday he would impose a 25% tariff on all products from Mexico and Canada, and an additional 10% tariff on goods from China, on his first day in office. Economists at Goldman Sachs estimated the tariffs, if implemented, would increase core PCE inflation by 0.9%.

“Disinflation through the import channel on goods has driven down inflation over the past two years,” said Joe Brusuelas, chief economist at RSM. “But higher goods costs are most likely on the way, and that increase will also result in higher service-sector costs.”

In the near-term, however, labor market slack could outweigh concerns about higher inflation readings.

A separate report from the Labor Department showed initial claims for state unemployment benefits fell 2,000 to a seasonally adjusted 213,000 for the week ended Nov. 23, the lowest level since April.

Claims have reversed the surge in early October, which was the result of hurricanes and strikes at Boeing and another aerospace company. Despite expectations for a rebound in nonfarm payrolls, the unemployment rate is likely to be unchanged or even rise this month.

The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 9,000 to a seasonally adjusted 1.907 million during the week ending Nov. 16, the highest level since November 2021, the claims report showed.

The so-called continuing claims data covered the period during which the government surveyed households for November’s unemployment rate. They increased between the October and November survey periods, indicating that many laid-off workers are finding it difficult to land new jobs.

The jobless rate has held steady at 4.1% for two straight months. The employment report for November would be crucial for the Fed’s rate decision next month. Financial markets expect a 25-basis-point rate cut at the Fed’s Dec. 17-18 policy meeting.

The central bank reduced rates by 25 basis points earlier this month, lowering its benchmark overnight interest rate to the 4.50%-4.75% range. It initiated its policy easing cycle in September, which marked its first reduction in borrowing costs since 2020, after hiking rates by 525 basis points in 2022 and 2023 to quell inflation.

While consumers continued to steer the economy, business spending on equipment appeared to soften.

A third report from the Commerce Department’s Census Bureau showed non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dropped 0.2% in October after a 0.3% gain in September.

“We see little growth in investment this quarter, with the possibility that spending could decline outright,” said Abiel Reinhart, an economist at J.P. Morgan. — Reuters

Russia says it will respond if US places missiles in Japan

November 28, 2024 | 9:03 am

flag of russia — STOCK PHOTO | Image by IGORN from Pixabay

MOSCOW – Russia said on Wednesday that if the United States stationed missiles in Japan, this would threaten Russian security and prompt Moscow to retaliate.

Japan’s Kyodo news agency reported on Sunday that Japan and the U.S. aim to compile a joint military plan for a possible Taiwan emergency that includes deploying missiles.

It cited unnamed U.S. and Japanese sources as saying that under the plan, the U.S. would deploy missile units to the Nansei Islands of Japan’s southwestern Kagoshima and Okinawa prefectures, and to the Philippines.

Russian Foreign Ministry spokeswoman Maria Zakharova accused Japan of escalating the situation around Taiwan to justify the expansion of military ties with Washington.

“We have repeatedly warned the Japanese side that if, as a result of such cooperation, American medium-range missiles appear on its territory, this will pose a real threat to the security of our country and we will be forced to take the necessary, adequate steps to strengthen our own defense capability,” she said.

Zakharova said Tokyo could get an idea of what such steps would entail by reading Russia’s updated nuclear doctrine, published last week, which expanded the list of scenarios under which it would consider using nuclear weapons.

On Monday, Deputy Foreign Minister Sergei Ryabkov said Russia would consider deploying short- and intermediate-range missiles in Asia if the United States deployed such missiles to the continent.

Asked about that statement, Zakharova declined to discuss where Russia might site such weapons, but noted that half its territory is in Asia so any Russian missiles potentially deployed east of the Urals would be in that region.

She said Moscow had sent a clear signal to the United States and its “satellites” that Russia would respond decisively and in symmetrical fashion to the placing of land-based medium and shorter-range missiles in various parts of the world.

She said the West should have no doubts about Russia’s potential after it launched a new hypersonic intermediate-range missile, the Oreshnik, at a target in Ukraine last week. — Reuters

Discover endless excitement with Tongits on Gamezone

November 28, 2024 | 8:55 am

In the ever-evolving world of online gaming, one platform stands out for card game enthusiasts: Gamezone’s Tongits. The digital version of the popular Filipino card game, Tongits, has captivated the gaming community with its immersive and dynamic gameplay, compelling players to return for more. Whether you’re a seasoned Tongits veteran or a curious newcomer, Gamezone provides the perfect playground to indulge in this captivating game.

Reinventing a Classic for the Digital Age

Tongits, a game deeply rooted in Filipino culture, has found new life on Gamezone. This innovative platform has successfully preserved the essence of the traditional game while adding modern twists that enhance the overall experience. The result is a seamless blend of nostalgia and innovation that appeals to players across generations.

User-Friendly Interface

One of Gamezone’s standout features is its intuitive interface. Designed with both novices and experts in mind, the platform offers a clean, easy-to-navigate layout that allows players to jump right into the action. The crisp graphics and smooth animations create an engaging visual experience that brings the game to life on your screen.

Diverse Game Modes

Variety is the spice of life, and Gamezone’s Tongits go delivers in spades. The platform offers multiple game modes to suit different playstyles and preferences:

Tongits Plus: This mode stays true to the original rules, with subtle enhancements that elevate the gameplay experience.
Tongits Quick: Perfect for players on the go, this fast-paced variant delivers all the excitement of Tongits in a condensed format.
Tongits Joker: For those seeking an extra challenge, this mode introduces wild cards that add an unpredictable element to each match.

Why Gamezone’s Tongits Keeps You Hooked

Daily Rewards and Challenges

Gamezone keeps the excitement alive with a robust system of daily rewards and challenges. Players are incentivized to log in regularly, with bonuses awarded for consistent play and task completion. This gamification element adds an extra layer of engagement, turning each session into a rewarding experience.

Competitive Edge

For those with a competitive streak, Gamezone hosts regular tournaments and events. These competitions allow players to test their skills against others, vying for exciting prizes and bragging rights. The thrill of tournament play adds a new dimension to the game, pushing players to refine their strategies and climb the ranks.

Play anytime, anywhere

In today’s fast-paced world, flexibility is key. Gamezone’s Tongits go Online is designed for seamless play across devices, allowing you to enjoy a quick game whether you’re relaxing at home or on your daily commute. The ability to play Tongits go on-the-go means the fun never has to stop.

What Sets Gamezone Apart

Commitment to Fair Play

Gamezone takes the integrity of its platform seriously. Robust security measures are in place to prevent cheating and ensure a level-playing field for all players. A dedicated team monitors gameplay, swiftly addressing any reports of unfair play. This commitment to fairness creates a trustworthy environment where players can focus on enjoying the game.

PAGCOR-Licensed Platform

As a PAGCOR-licensed platform, Gamezone adheres to strict legal standards. This official certification provides players with peace of mind, knowing that they’re engaging with a legitimate and regulated gaming environment. The platform’s commitment to compliance underscores its dedication to providing a safe and secure space for online gaming.

Community-Focused Approach

Gamezone isn’t just a platform; it’s a thriving community of Tongits go enthusiasts. The social features integrated into the game allow players to connect, chat, and share experiences. Regular community events and forums foster a sense of belonging, turning Gamezone into more than just a gaming site —it’s a digital hangout for card game lovers.

Game-Changing Tips for Success

Whether you’re new to Tongits go or looking to up your game, these strategies can help improve your performance on Gamezone:

Participate in Events

Regular Tournaments: Join these competitions to test your skills against other players and potentially win exclusive prizes.
Seasonal Events: Look out for limited-time events with unique themes and special rewards.
Skill Improvement: Use tournaments as opportunities to learn from more experienced players and refine your tactics.

Strategize Smartly

Observe Your Opponents: Pay close attention to the cards your opponents pick up or discard. This information can give you valuable insights into their hand and strategy.
Focus on Melds: Prioritize forming sets and sequences early in the game. This approach can give you a significant advantage and increase your chances of winning.
Timing is Everything: Know when to fold to minimize losses or knock to secure a win. Developing this instinct comes with practice and observation.

The Future of Tongits on Gamezone

As Gamezone continues to evolve, players can look forward to even more exciting developments in the world of online Tongits. The platform has hinted at upcoming features such as:

AI Opponents: This advanced artificial intelligence adapts to your playstyle, providing a challenging solo play experience.
Cross-Platform Play: Expanded compatibility across different devices and operating systems, allowing for an even more connected gaming community.

Join the Tongits Revolution Today!

Gamezone’s Tongits go online is more than just a digital version of a classic card game — it’s a revolution in online gaming. By combining traditional gameplay with modern technology and community-focused features, Gamezone has created an unparalleled gaming experience that continues to captivate players around the world.

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Premium Leisure Corp. to hold Special Stockholders’ Meeting on Dec. 20 via Zoom

November 28, 2024 | 8:55 am

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NG swings to budget surplus in Oct.

November 28, 2024 | 12:34 am

Railway construction-workers — Construction of a depot for the North-South Commuter Railway Extension Project is underway at the Clark FreePort Zone in Mabalacat, Pampanga, Aug. 12, 2024. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Aubrey Rose A. Inosante, Reporter

THE NATIONAL Government’s (NG) fiscal position swung to a surplus in October, driven by a 23% jump in revenues, the Bureau of the Treasury (BTr) said on Wednesday.

The NG posted a P6.3-billion budget surplus in October, a turnaround from the P34.4-billion deficit in the same month a year ago.

This was the first budget surplus since the P42.7-billion surplus posted in April.

Month on month, the budget balance swung to a surplus from the P273.3 billion deficit in September.

Data from the BTr showed government revenues increased by 22.63% to P473.1 billion in October from P385.8 billion a year ago, as tax revenues jumped by 16.94% to P414.9 billion.

The bulk of tax revenues came from the Bureau of Internal Revenue (BIR), which collected P325.5 billion in October, up 18.62% year on year.

“The double-digit growth in October can be attributed to higher collections on value-added tax (VAT), personal income tax (PIT), documentary stamp tax (DST), corporate income tax (CIT), excise tax on tobacco products, and percentage taxes,” BTr said.

Collections by the Bureau of Customs jumped by an annual 11.5% to P86.9 billion in October, while collections by other offices were flat at P2.4 billion.

On the other hand, nontax revenues also went up by 87.65% year on year to P58.3 billion in October. Treasury revenues declined by 13.5% to P14.5 billion, due to “the base effect of early remittances of dividends from government-owned and -controlled corporations last year.”

Collections by other offices surged by 206.72% to P43.7 billion.

Meanwhile, expenditures rose by 11.08% to P466.8 billion in October from P420.2 billion a year ago.

“This was mainly attributed to higher personnel services expenses due to the first tranche of the salary adjustments of qualified civilian government employees and the release of FY 2022 Performance-Based Bonus of the Department of Education,” it said.

Spending also got a boost from the implementation of infrastructure projects of the Department of Public Works and Highways and foreign-assisted rail projects of the Department of Transportation, as well as social protection and health programs.

Interest payments slipped by 6% to P55.4 billion, while other expenditures jumped by 13.89% to P411.4 billion.

“Budget surplus (in October) may stem from low budget utilization rate of several agencies due to various factors such as procurement and disbursement issue,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said in a Viber message.

10-MONTH DEFICIT
In the first 10 months, the budget deficit narrowed to P963.9 billion from P1.02 trillion in 2023.

As of end-October, the shortfall represents only 64.94% of the P1.48-trillion deficit ceiling for the year.

Revenue collections jumped by 16.83% to P3.77 trillion in the January-to-October period. This accounted for 88.2% of the revised P4.27-trillion revenue program for this year.

Taxes, which made up 86% of the total revenues, increased by 11.4% to P3.23 trillion.

Revenues generated by the BIR rose by 13.49% to P2.42 trillion as of end-October, making up 84.95% of the P2.85-trillion revised full-year program.

“The 10-month year-on-year growth is due to higher VAT, a total of 12 months’ worth of VAT was already collected with the change of filing schedule from monthly to quarterly. The other sources of higher BIR collection are PIT, CIT, combined taxes on bank deposits and government securities, DST, and percentage taxes,” the Treasury said.

Customs collections went up by 5.32% to P777.6 billion, representing 82.75% of the revised P939.7-billion program.

Nontax revenues, which accounted for 14.32% of the total revenues, jumped by 64.93% to P539.4 billion.

On the other hand, expenditures increased by 11.52% to P4.73 trillion in the first 10 months from P4.24 trillion in the comparable period last year.

Interest payments rose by 23.03% to P638.7 billion from P519.1 billion a year ago.

“The better budget balance data for the month of October 2024 and for the first 10 months of the year may be attributed to faster growth in recurring tax revenues especially from the BIR as the economy reopened further,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

He said many businesses reported improved sales, which resulted in higher tax revenue collections.

“Going forward, the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy) would lead to some foregone tax revenue collections,” he said.

But this could be offset “by increased foreign direct investments, more jobs, and increased business/economic activities in the country that would result in more recurring tax revenue collections,” Mr. Ricafort said.

The Treasury said revenue effort for the first three quarters improved to 17.5% of gross domestic product (GDP), slightly higher than 16.4% a year ago and exceeded the 16.1% target for 2024.

Tax effort also went up to 14.91% in the first three quarters versus 14.72% in 2023, and above the 14.42% full-year target.

Expenditure effort rose to 22.6%, up from 22.13% a year ago and surpassed the full-year target of 21.72%.

“The fiscal deficit-to-GDP ratio stands at a manageable 5.14% of GDP for the first three quarters of 2024. This is lower than the 5.7% level during the same period last year and well below the 5.6% target for 2024,” the Treasury said.

Trump policies may hurt BPOs in Philippines

November 28, 2024 | 12:33 am

US PRESIDENT-ELECT Donald J. Trump’s protectionist policies could spell trouble for the Philippines’ business process outsourcing (BPO) sector, economists warned.

GlobalSource Country Analysts Diwa C. Guinigundo and Wilhelmina C. Mañalac said Mr. Trump has repeatedly claimed Americans have lost jobs to other countries and vowed to “punish” American firms that manufacture outside of the United States.

“This policy stance could negatively impact the Philippines’ business process outsourcing (BPO) industry, especially since it has been reported that around 70% of its earnings come from the US,” they said in a commentary.

Mr. Guinigundo and Ms. Mañalac said the BPO industry has been one of the Philippine economy’s fastest-growing sectors, generating much-needed foreign exchange revenues and jobs.

“The BPO industry has in fact been comparable to foreign exchange revenues sourced from overseas Filipino workers’ remittances. Thus, executing these (protectionist) policies may have a stifling effect on the growth of the BPO industry,” they said.

The information technology and business process management (IT-BPM) industry is expected to book between $38 billion and $40 billion in revenue this year. It also aimed to increase staffing to between 1.82 million and 1.84 million by yearend.

The industry caters to the banking, financial services and insurance, healthcare, retail and IT sectors.

“Given the size of business in the BPO sector and the high attrition rate in the industry at 40% due to limited career progression, low pay and an unhealthy work-life balance, the uncertainty of the Trump policy on the business contracting industry could therefore have non-trivial effects on the Philippines’ output growth and employment,” the GlobalSource analysts said.

The Philippines is one of the top destinations for US firms seeking to outsource services.

An earlier report by the Center for Strategic and International Studies showed 395 US firms have invested $22.4 billion in the Philippines between 2003 and 2021, of which $7.8 billion or 35% went to IT-BPM.

Mr. Trump, who had pushed for an “America First” policy during his first term, is expected to continue his protectionist stance when he assumes office in January.

“On the basis of Trump’s ‘America First’ policy under his mantra ‘Make America Great Again,’ a reduction in foreign assistance extended by the US globally, including the Philippines, may also be expected,” the GlobalSource analysts said.

During his election campaign, Mr. Trump has also vowed to deport millions of immigrants living in the United States illegally.

“Stricter immigration policies may make it more difficult for overseas Filipino workers to find job opportunities in the US, even the highly skilled ones,” Mr. Guinigundo and Ms. Mañalac said.

“Considering that an average of 40.9% of total cash remittances from 2021 to 2023 came from the US, the implementation of more stringent immigration policies may result in lower remittances, without consideration of other foreign job markets.”

Cash remittances increased 3% to $28.07 billion in the January-to-September period from $27.24 billion a year ago.

The US accounted for the biggest share (41.3%) of cash remittances in the first nine months.

Mr. Guinigundo and Ms. Mañalac also flagged the possible negative impact of Mr. Trump’s trade policy.

Mr. Trump on Monday said he will slap a 25% tariff on all products from Mexico and Canada, and will charge goods from China an additional 10% tariff on his first day in office. He had earlier threatened to impose tariffs of up to 20% on imports from other countries.

“The US is a major destination for Philippine exports, making up an average of about 16% of total export trade for the last five years. While the share-to-total has slightly declined due to the trade diversification policy of the Philippine government in recent years, a further drop in exports to the US definitely does not bode well for the country,” the GlobalSource analysts said. — ARAI

PHL retailers urged to adapt to consumer preferences, AI

November 28, 2024 | 12:32 am

Shopping mall-shoppers — People walk around a mall in Quezon City, Nov. 21, 2024. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Revin Mikhael D. Ochave, Reporter

LOCAL RETAILERS should adapt to rapid digitalization, the growing use of artificial intelligence (AI), and changing consumer preferences to ensure sustained growth, industry players said.

“Digitalization is here to stay. The use of artificial intelligence is really picking up. It really says a lot about how digitally fluent the Filipinos are,” Metro Retail Stores Group, Inc. Chairperson Sherisa P. Nuesa said during a panel discussion at the BusinessWorld Forecast 2025 forum on Tuesday.

The e-commerce sector saw significant growth in the country during the pandemic as consumers turned to online shopping. This prompted many businesses to continue expanding in the e-commerce space.

Ms. Nuesa said Filipino consumers have become smarter when it comes to spending.

“They choose and are ready to switch to cheaper alternatives. What has happened is that digitalization has empowered customers with many choices,” she added.

Household consumption accounts for over 70% of the Philippine economy.

“Consumption has always been a strong component of the Philippine economy. We have a young population and they still need a lot of consumer goods,” Ms. Nuesa said.

Vicky V. Abad, country manager for global research company Ipsos in the Philippines, said that AI is poised to transform the retail industry.

“AI is going to change the way retailers will adapt to how consumers are utilizing this technology. There’s a lot that retailers can learn about the consumers like offering these things that they’re going to look for,” she said.

“We’ve already seen examples in omnichannel strategies wherein technology has been used to create a seamless process for consumers to navigate from identifying a need they’re looking, to their journey and search, and to the actual fulfillment of their needs and wants in the retail store,” she added.

Ms. Abad said local retailers should focus on retaining the trust of consumers amid rapid digitalization.

“In the age of digitalization, we need to be able to trust companies we work with that they will protect our data, that they will protect our money. The importance of trust as a currency amongst brands and consumers will be paramount,” she said.

“Retailers should remain authentic to who they are, what they stand for, and what they believe in. They must not lose those as they adapt to the different kinds of consumers,” she added.

Jennifer Jane G. Echevarria, Globe Telecom, Inc. Vice-president for enterprise data and strategic services, said retailers should cultivate customer trust.

“Offering the lowest price will not guarantee any retailer success because at the end of the day, trust has become the new currency for Filipinos,” she said.

“What we can bank on as companies and brands is knowing that there will always be a budget for our customers. If we are able to make them feel that it is worth spending and trusting their money with us, we just need to be able to deliver,” she added.

Ms. Echevarria said retailers should give customers an array of options, instead of only focusing on setting the lowest price.

“Since most Filipinos have irregular sources of income, what’s important for retail today is to make sure there’s always flexibility by offering flexible deals and customizable options,” she said.

“It is up to us (retailers) to understand our customer base and make sure that we’re not leaving money on the table and that we offer what is best for them. If the customer is at the center of everything that you do, you could never go wrong,” she added.

Meanwhile, Ms. Nuesa said that retailers should recalibrate their strategies in order to keep up with changing consumer preferences.

“We in business should also be daring enough to experiment, respond, and adapt our strategies to changing behavior and environment. There’s no such thing as brand loyalty because the younger generation try new things,” she said.

“Consumers today really focus a lot on their individuality. There is a lot more promise in helping them express themselves,” she added.

Celebrate Clean Air Month: Time to breath clean and easy

November 28, 2024 | 12:30 am

As we celebrate National Clean Air Month, it’s a timely reminder to think about the air we breathe indoors. In the Philippines, the Clean Air Act was declared to educate the public and create awareness about air pollution, the impact and importance of clean air, the relationship between air quality and respiratory health and how to improve air quality. While much attention is given to outdoor pollution, our indoor environments also need attention. Our homes can accumulate pollutants that affect our well-being. The good news? With the right tools and practices, we can make a significant difference in the air quality inside our homes.

1. Use Efficient Appliances for Cleaner Air

Your kitchen is a magnet for indoor pollutants. Cooking releases smoke, grease, and gasses that can linger in your home, especially if ventilation is poor. Amidst these concerns, there’s a glimmer of hope in the form of innovative solutions such as range hoods. These devices capture and remove pollutants, making the air in your home much cleaner. The range hood above your stove guarantees that cooking doesn’t leave an invisible cloud of contaminants behind.

For added comfort, the air-conditioner is another great choice. Investing in a high-quality air-conditioner is a smart step. It not only cools the air but also acts as a filter agent. It captures dust, allergens, and even bacteria. Take your chance with Kaze.

This air-conditioner offers a range of advanced features designed for convenience and productivity. It includes an LED display and a user-friendly control panel with multiple functions, making it easy to adjust settings. The unit boasts 3D airflow, allowing for both vertical and horizontal adjustments. It is easy-to-remove, washable filter simplifies cleaning, while the high-quality inner-grooved copper pipe and titanium fin evaporator and condenser ensure long-lasting performance. And it is equipped with a globally renowned compressor brand and electronic control with a remote.

It’s also important to know that it’s best to keep the filters of airconditioning units clean to maximize efficiency and keep your air as fresh as possible. Regular maintenance can go a long way in improving both performance and indoor air quality.

2. Maintain Your Appliances for Optimal Airflow

Proper care and maintenance of appliances can make a big difference in indoor air quality. Clogged dryer vents or poorly sealed refrigerators can release pollutants into your home. Scheduling regular cleanings with environmentally safe products ensures that your appliances are not only functioning well but also reducing their negative impact on your air. Take your dryer, for instance. When its vents are clogged, it struggles to function efficiently, releasing more particles into the air. Simple fixes like cleaning and sealing can prevent unnecessary emissions.

3. Ventilate to Let Fresh Air In

A good ventilation system is one of the most effective ways to improve air quality. Wilcon’s exhaust fans provide an excellent solution for spaces where air circulation is limited, such as bathrooms and kitchens. They work adeptly to remove stale air and introduce fresh air, reducing the concentration of indoor pollutants. Additionally, make it a habit to open windows when using appliances like dishwashers or dryers to allow proper ventilation and keep your air fresh.

4. Balance Indoor and Outdoor Air Exchange

Another effective method for reducing indoor pollutants is increasing outdoor air circulation. Whether through your windows or with mechanical systems like central air solutions, bringing fresh air indoors helps dilute harmful particles. Central air systems filter and circulate air throughout your home. It offers consistent airflow and improves overall air quality.

What can we do as our contribution to the Philippine Clean Air Act of 1999?

The Philippine Clean Air Act of 1999 is a reminder that we all have a role in protecting the air we breathe. Small yet impactful changes in our daily routines contribute to this collective effort. Shifting to public transportation or carpooling reduces emissions. Using energy-efficient appliances cuts household pollution, while simple habits like proper waste disposal prevent harmful chemicals from reaching the atmosphere. Opting for renewable energy sources like solar panels or supporting eco-friendly brands adds momentum to cleaner air initiatives. As individuals, these steps are part of the broader push for a healthier environment, directly affecting our quality of life.

This is a perfect opportunity to advocate for healthier, cleaner air — indoors and out. Celebrate the National Clean Air Month with Wilcon!

For more information about Wilcon, visit www.wilcon.com.ph or follow their social media accounts on Facebook, Instagram, and TikTok, or subscribe and connect with them on Viber Community, LinkedIn, and YouTube. Or you may contact Wilcon Depot Hotline at 88-WILCON (88-945266) for inquiries.

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