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No team is perfect

If there’s anything the Hawks’ victory yesterday showed, it’s that any team can win against any other in the National Basketball Association at any given time. The Cavaliers were heavily favored heading into the set-to, and not just because it was going to be held at the Rockets Mortgage FieldHouse. Given that the latter had hitherto been playing winning hoops to the tune of a league-leading 17-1 slate, hosting visitors with a three-game losing streak seemed to be a cakewalk. Instead, the unexpected occurred, providing all and sundry with a fitting reality check.

Not that the Hawks are better off for good with the victory. To be sure, they needed the confidence boost; if for nothing else, it underscored their capacity to stand toe to toe with the best of the best in the NBA. That said, consistency figures to stay elusive for them. For all their desire to compete, they remain hobbled by an uneven roster that features significant handicaps. No team is perfect, but theirs is less than most; even their supposed strengths feature glaring downsides.

Take, for instance, Trae Young, their acknowledged leader and current league pacesetter in assists. Yesterday, he dished out 22 dimes and came up with timely baskets in the clutch to keep the Cavaliers at bay. As transcendent as he was against the Cavaliers, however, there can be no downplaying his diminishing output. His advanced metrics and all his other counting stats are down, further highlighting his negatives. His talents notwithstanding, he will invariably be a liability on defense at 6’1” and 165 pounds.

To be sure, the Hawks have doubled down on their belief that Young is a bona fide foundational piece. Apart from their decision to move erstwhile starter Dejounte Murray, they have consciously surrounded him with pieces seen to complement his table-setting skills. Meanwhile, he is in the midst of a five-year deal that pays him $43.03 million this season, and the depressed market may well compel him to exercise the player option on his contract in 2026. Which is to say they also have no choice but to lean on him for the foreseeable future.

How far will the Hawks go in their 2024-25 campaign? The best-case scenario has them repeating their deep playoff run in 2021. Unfortunately, it has looked more like a pipe dream in recent memory. The good news is that Young possesses the motivation to do extremely well; he has changed agents and ditched adidas for Nike, and is out to prove he deserves to be counted among the league elite. And individual numbers aside, the only way he can win over critics is to steer the red and yellow to success. Whether he will ultimately do so, though, is anybody’s guess.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

Mexico warns Trump tariffs would kill 400,000 US jobs, threatens retaliation

STOCK PHOTO

MEXICO CITY — Mexican President Claudia Sheinbaum said on Wednesday Mexico would retaliate if US President-elect Donald Trump followed through with his proposed 25% across-the-board tariff, a move her government warned could kill 400,000 US jobs and drive up prices for US consumers.

“If there are US tariffs, Mexico would also raise tariffs,” Ms. Sheinbaum said during a press conference, in her clearest statement yet that the country was preparing possible retaliatory trade measures against its top trade partner.

Mexican Economy Minister Marcelo Ebrard, speaking alongside Sheinbaum, called for more regional cooperation and integration instead of a war of retaliatory import taxes.

“It’s a shot in the foot,” Mr. Ebrard said of Mr. Trump’s proposed tariffs, which appear to violate the United States-Mexico-Canada Agreement (USMCA) trade deal between Mexico, Canada and the US.

Mr. Ebrard warned the tariffs would lead to massive US job losses, lower growth and hit US companies producing in Mexico by effectively doubling the taxes they paid. “The impact on companies is huge,” he said.

The proposed tariffs would hit the automotive sector’s top cross-border exporters especially hard, Mr. Ebrard added, namely Ford, General Motors and Stellantis.

Mr. Ebrard noted that 88% of pickup trucks sold in the US are made in Mexico and would see a price increase. These vehicles are popular in rural areas that overwhelmingly voted for Mr. Trump.

“Our estimate is that the average price of these vehicles will increase by $3,000,” Mr. Ebrard said.

Ms. Sheinbaum and Mr. Trump spoke by phone later on Wednesday, with the two discussing topics at the top of Mr. Trump’s agenda.

Mr. Trump had said the tariffs would remain in effect until the flow of drugs — particularly fentanyl — and migrants into the US was controlled.

In a post on his Truth Social platform, Mr. Trump said Ms. Sheinbaum “agreed to stop migration through Mexico, and into the United States, effectively closing our Southern Border.” He described the conversation as “very productive.”

Ms. Sheinbaum later responded on X that she had laid out Mexico’s migration strategy, which “attended to” migrants before they arrived at the US-Mexico border, in her call with Mr. Trump.

“Mexico’s stance is not to close borders, but to build bridges between governments and their peoples,” she added.

In after-hours trading on Wednesday, Mexico’s peso strengthened by as much as nearly 1% against the dollar, reversing losses logged in previous days.

Many analysts regard Mr. Trump’s tariff threats as more of a negotiating tactic than trade policy.

“The lack of a clear link between this threat and questions related to trade suggests the new president plans to use tariffs as a negotiating strategy to achieve goals largely unrelated to trade,” said David Kohl, chief economist at Julius Baer.

PROFIT WIPED OUT
Mexico’s automotive industry is the country’s most important manufacturing sector, exporting predominantly to the United States. It represents nearly 25% of all North American vehicle production.

Analysts at Barclays said they estimate the proposed tariffs “could wipe out effectively all profits” from the Detroit Three automakers.

“While it’s generally understood that a blanket 25% tariff on any vehicles or content from Mexico or Canada could be disruptive, investors under-appreciate how disruptive this could be,” they wrote in a note on Tuesday.

Brian Hughes, a spokesperson for Mr. Trump’s transition team, said the tariffs would protect US manufacturers and workers from “unfair practices of foreign companies and foreign markets.”

Mr. Hughes said Mr. Trump would implement policies to make life affordable and more prosperous for his country.

GM and Stellantis declined to comment. Ford did not comment on how the threatened tariffs would affect its business but said it manufactures more vehicles in the United States than most major automakers.

Mexico’s automotive industry group AMIA said it would prepare for any possibility and wait to see what formal actions are taken.

The Institute of International Finance, a trade group for the global financial services industry, warned Mexico-US relations would be challenging going forward.

“The imposition of tariffs, eventually leading to increased protectionism, and other policies affecting exchange rates and commodity prices could have significant implications for the region,” it said in a note.

The USMCA is up for review in 2026.

Katia Goya, director of international economics at Grupo Financiero Banorte, said it was likely the three USMCA countries would seek wholesale renegotiation of the pact rather than just rubber-stamp it to continue in its current form.

“The effect of a trade-conflict situation is that it will mean lower economic growth in the United States, higher unemployment and higher inflation,” Ms. Goya said.

Mr. Ebrard said USMCA trade amounted to $1.78 trillion in the first nine months of this year.

“We can fragment and divide with tariffs,” Mr. Ebrard said. “Mexico does not want conflicts and divisions, but to build a stronger region.” — Reuters

Britain imposes tougher sanctions on employers exploiting foreign workers

REUTERS

LONDON — Britain on Thursday set out stronger sanctions against employers who exploit foreign workers, following research showing abuses particularly in the social care sector.

Businesses that repeatedly flout visa rules or commit serious employment breaches, such as not paying the minimum wage, will be barred from recruiting foreign workers for two years, up from the current 12 months, the government said.

Seema Malhotra, the minister for migration and citizenship, said worker exploitation was unacceptable.

“Shamefully, these practices have been seen particularly in our care sector, where workers coming to the UK to support our health and social care service have all too often found themselves plunged into unjustifiable insecurity and debt. This can, and must, end.”

Britain opened up a new visa route for social care jobs in 2021 to fill thousands of vacancies, but a range of factors including low pay and poor working conditions have made migrant workers in the sector more vulnerable to exploitative treatment.

Nearly a third of all care workers in England are migrants, having arrived from countries such as India, Nigeria, Zimbabwe and the Philippines.

New research this month showed that nearly 200 British social care providers allowed to employ foreign workers were found to have a record of labor violations.

Since July 2022, about 450 licenses allowing employers to recruit foreign workers have been revoked in the care sector.

Also included in the measures, action plans that bind companies committing minor visa breaches to specific corrective actions will be applied for 12 months, up from three.

The changes will be part of the new Labor government’s Employment Rights Bill. — Reuters

China-Cambodia effort nets 240 Chinese suspects in anti-fraud, gambling campaign

STOCK PHOTO | Image by rawpixel.com from Freepik

BEIJING  — China repatriated 240 arrested Chinese gambling and fraud suspects from Cambodia on Thursday, with over 500 more expected to be escorted back, Chinese state media said, as Beijing stepped up a years-long effort to combat Chinese organized crime in Southeast Asia.

The arrested group constituted the second batch China has chartered planes to repatriate from Cambodia after a first round in April when more than 680 were escorted back, China’s national television broadcaster CCTV reported.

As part of efforts to stem cross-border online gambling and fraud carried out through telecom networks, China has partnered with neighbors such as Cambodia, Myanmar and the Philippines to nab Chinese suspects and have them brought back to China.

The latest deportation follows a week after China and Myanmar dismantled large telecom fraud centers in northern Myanmar, with over 53,000 Chinese nationals arrested since a campaign to combat such fraud began last year.

In September, China and Cambodia strengthened their cooperation against gambling and fraud, signing agreements to enhance law enforcement collaboration and fight Chinese organized crime in the Southeast Asian country.

In 2019, Cambodia banned online gambling, targeting particularly Chinese-run operations that had sprung up in the southern coastal city of Sihanoukville.

“The public security authorities will continue to deepen law enforcement cooperation with relevant countries and regions, carry out focused crackdowns, resolutely dismantle gambling and fraud dens involving Chinese nationals, and firmly curb the high incidence of such crimes,” CCTV said.

China has also repatriated thousands of suspects under its covert global “Operation Fox Hunt” operation launched a decade ago to fight corruption and economic crimes and has since recovered billions of dollars in assets. — Reuters

South Korea battles second day of heavy snow

A MAN takes a photograph of a snow-covered neighborhood as he cleans up the rooftop of a building after a heavy snowfall in Seoul, South Korea, Nov. 28, 2024. — REUTERS

SEOUL — South Korea grappled with heavy snowfall for a second day on Thursday, with dozens of flights canceled, ferry operations suspended and at least four people reported dead in a bitter winter, though conditions showed signs of easing.

The winter snowfall was the third-heaviest in Seoul, the capital, since records began in 1907, the Yonhap news agency said, citing data from the city.

More than 40 cm (16 inches) of snow piled up in parts of Seoul by 8 a.m., forcing the cancellation of more than 140 flights, although weather officials lifted heavy snow warnings in the capital’s metropolitan area by 10 a.m. on Thursday.

One person died and two were injured at a golf range after a net overladen with snow collapsed late on Wednesday, while another was killed in the similar collapse of a protective tent at a car park, media said.

Traffic accidents on highways east of the capital killed at least two more, reports showed. Police said 11 people were injured on Wednesday evening in a 53-vehicle pileup on a highway in the central city of Wonju in Gangwon province.

Seoul’s main airport, Incheon, was the worst affected, with passengers facing delays of two hours on average, while 14% of flights were delayed and 15% canceled on Thursday, plane tracking website Flightradar24 showed.

Authorities said about 142 flights were cancelled, and operations of 99 ferries suspended on 76 routes by Thursday, authorities said, while media reported trains were also delayed.

Schools in the province of Gyeonggi adjoining Seoul received permission to close on Thursday if needed, provincial authorities said.

The unusually heavy November snow has been attributed to the warmer-than-usual temperatures of seawaters west of the Korean peninsula encountering currents of cold air.

Neighboring North Korea has also received more than 10 cm (4 inches) of snow in some areas between Tuesday and Wednesday, state broadcaster Korean Central Television said. — Reuters

Over 50% of French people want government to fall, survey finds

A GENERAL VIEW of Paris and the River Seine, Aug. 1, 2024. — MAJA HITIJ/POOL VIA REUTERS

PARIS  — Some 53% of French people want Prime Minister Michel Barnier’s government to fall due to anger over his proposed budget, according to an Ifop-Fiducial poll for Sud Radio published on Thursday.

The poll indicated that 67% opposed Barnier’s budget, which aims to cut France’s spiraling public deficit through 60 billion euros ($63 billion) in tax hikes and spending cuts, while 33% backed it.

Mr. Barnier’s government could fall before Christmas, and perhaps even by next week, if far-right and leftist foes force a no-confidence motion that he is likely to lose, according to a dozen sources from across the political spectrum.

The findings in the Ifop-Fiducial poll were based on a survey of 1,006 people carried out on Nov. 26 and Nov. 27.

In an Elabe poll for BFM TV on Wednesday, 63% of those surveyed said President Emmanuel Macron should resign if Mr. Barnier’s government fell. — Reuters

Nuclear attack unlikely despite Putin’s warnings, US intelligence says

Russian President Vladimir Putin — KREMLIN.RU

NEW YORK/WASHINGTON — The US decision to allow Ukraine to fire American weapons deeper into Russia has not increased the risk of a nuclear attack, which is unlikely, despite Russian President Vladimir Putin’s increasingly bellicose statements, five sources familiar with US intelligence told Reuters.

But Russia is likely to expand a campaign of sabotage against European targets to increase pressure on the West over its support for Kyiv, said two senior officials, a lawmaker and two congressional aides briefed on the matter.

A series of intelligence assessments over the past seven months have concluded nuclear escalation was unlikely to result from a decision to loosen restrictions on Ukraine’s use of US weapons. That view has not changed following President Joseph R. Biden’s changed US stance this month on weapons, said the sources, who were granted anonymity to speak freely about sensitive intelligence.

“The assessments were consistent: The ATACMs (Army Tactical Missile System) weren’t going to change Russia’s nuclear calculus,” said one congressional aide briefed on the intelligence, referring to American missiles with a range of up to 190 miles (306 km).

Russia’s launch of a new ballistic missile last week, which analysts say was meant as a warning to Washington and its European allies, has not changed that conclusion.

One of the five US officials said while Washington assessed that Russia would not seek to escalate with its nuclear forces, it would try to match what it views as US escalation. The official said fielding the new missile was part of that effort.

US officials said the intelligence has helped guide an often divisive debate over recent months inside Biden’s administration about whether Washington loosening restrictions on Ukraine’s use of American weapons was worth the risk of angering Putin.

Officials initially resisted such a move, citing escalation concerns and uncertainty over how Putin would respond. Some of those officials, including in the White House, the Pentagon and the State department, feared lethal retaliation on US military and diplomatic personnel and attacks on North Atlantic Treaty Organization allies.

Others were specifically worried about nuclear escalation. Biden changed his mind because of North Korea’s entry into the war before the U.S. presidential election, US officials have said.

Some officials now believe the escalation concerns, including the nuclear fears, were overblown but stress that the overall situation in Ukraine remains dangerous and that nuclear escalation is not out of the question. Russia’s ability to find other covert ways of retaliating against the West remains a worry.

“Russia’s hybrid response is a concern,” said Angela Stent, director of Eurasian, Russian and East European studies at Georgetown University, referring to Russia’s sabotage in Europe.

“The chance of escalation was never not there. The concern now is greater.”

The White House and the Office of the Director of National Intelligence declined to comment.

The Kremlin did not immediately respond to a request for comment about the intelligence assessments.

REACTION AND COUNTER-REACTION
Since August, when Ukraine launched a surprise incursion into Russia’s Kursk region, Moscow and Kyiv have been locked in a cycle of escalating moves and counter-moves.

Russia has enlisted help from North Korea, which sent between 11,000 and 12,000 soldiers to help its war effort, according to the US.

The same day as Ukraine’s first strike under the relaxed U.S. policy, Russia changed its nuclear doctrine, lowering the threshold for a nuclear strike.

Fear of nuclear escalation has been a factor in U.S. officials’ thinking since Russia invaded Ukraine in early 2022. Central Intelligence Agency Director William Burns has said there was a real risk in late 2022 that Russia could use nuclear weapons against Ukraine.

Even so, the White House moved forward with Ukraine aid, sending billions of dollars’ worth of military assistance.

The concerns faded for some officials as Putin did not act on his threats but remained central to how many in the administration weighed decisions on how the US should support Kyiv.

In May, the White House allowed Ukraine to use American missiles in limited circumstances to strike across the border but not deep inside Russia, citing risk of escalation by Moscow, marginal tactical benefit and a limited supply of ATACMs.

One of the intelligence assessments from early summer, drawn up at the White House’s request, explained that strikes across the border from the Ukrainian city Kharkiv would have limited impact because 90% of Russian aircraft had been moved back from the border — out of distance of the short-range missiles.

But the assessments also noted while Mr. Putin often threatens to use nuclear weapons, Moscow is unlikely to take such a step in part because they do not provide a clear military benefit. Intelligence officials described the nuclear option as a last resort for Russia and that Mr. Putin would resort to other means of reprisal first, noting Russia was already engaged in sabotage and cyberattacks.

Still, some officials inside the White House and Pentagon argued that allowing Kyiv to use the missiles to strike inside Russia would put Kyiv, the US and American allies in unprecedented danger, provoking Mr. Putin to retaliate either through nuclear force or other deadly tactics outside the war zone.

Pentagon officials worried about attacks on US military bases.

THE NORTH KOREA FACTOR
The introduction of North Korean troops convinced the administration, particularly a group of officials at the White House and the Pentagon concerned about escalation, to allow the long-range strikes, said a senior US official.

Russia was making battlefield gains and the North Korean troops were viewed internally as escalation by Moscow necessitating a response from Washington, the official said.

Given the early intelligence assessments downplaying the risk of nuclear escalation, the nuclear fears were overstated and the decision to allow wider use of ATACMs came too late, said a senior US official and a lawmaker, citing Russia’s recent advances.

Intelligence sources say Moscow’s most robust and successful reprisal operations are likely to come through sabotage. Russian intelligence services have launched a massive international effort in Europe to intimidate countries who support Ukraine, one European diplomat said.

A US official added Moscow was actively looking to advance its “gray-zone” warfare against the West and that Russia has an extensive network of agents and it exploring options for using them. — Reuters

Under tariff threat, US vegetable wholesaler warns: ‘People will pay’

SHARON PITTAWAY-UNSPLASH

LOS ANGELES — While most of Los Angeles sleeps, 58-year-old Melquiades Flores starts his day at 1 a.m., supervising the unloading of produce at M&M Tomatoes and Chile Company, the wholesaler he started in 2019.

But the business that Mr. Flores hopes to pass to his children one day is bracing for a disruption.

US President-elect Donald J. Trump has pledged to impose a 25% tariff on all imports from Mexico and Canada when he takes office on Jan. 20, plus an additional 10% tariff on Chinese goods.

“Produce of Mexico” is stamped on almost all the boxes of tomatoes and chilies that arrive at Flores’ downtown warehouse, destined for homes, hotels and restaurant kitchens across the city.

“People will have to pay a higher price. Whatever they charge us, we will pass on to the consumer,” Mr. Flores said from his section of the larger complex, the Los Angeles Wholesale Produce Market.

No matter what happens in January, Mr. Flores says he has no option but to keep importing produce from Mexico, especially in the winter. The chili-growing season in California lasts four months, from August to November, he says. The rest of the year, he gets the produce from the Mexican states of Sinaloa, Baja California and Sonora.

His team stacks boxes upon boxes of tomatoes in every size and shade of red, plus some shiny green ones for making zesty tomatillo sauce.

“Any tariff is an added tax that impacts all of us, including those who buy a pound, two pounds, or a thousand or 10,000 pounds,” said Mr. Flores, who has lived in Los Angeles for 40 years and is originally from the Mexican state of Morelos.

Mr. Trump has pronounced his love of tariffs, presumably for raising revenue and protecting US industries against imports, but he avoids speaking about the inflationary effect or the impact of potential retaliation from the United States’ top three trading partners.

Officials from Mexico, Canada and China and major industry groups have warned that the tariffs Trump proposes would harm the economies of all involved, cause inflation to spike and damage job markets.

“The president should have first seen how much this will impact everyone before speaking,” Flores said. — Reuters

Globe elected to prestigious GSMA Board

Ernest Cu, Globe President and CEO

Ernest Cu represents PH on global mobile telecom organization

Marking an important milestone for Philippine representation on the global stage, Globe has been elected to the prestigious board of the GSMA, a global organization of mobile network operators.

Globe will be represented by Ernest Cu as Globe President and CEO. The Board will serve from January 2025 to December 2026.

The GSMA Board, composed of 26 senior leaders from top telecom companies as well as smaller independent operators from around the world, champions technological progress, interoperability, and international standards across the mobile industry. Together, the members work to unlock the full potential of connectivity, enhancing business environments and driving positive societal change.

In its new role, Globe will have a prominent voice in shaping the future of mobile technology, particularly in advancing digital inclusion and access in developing markets.

During his tenure, Cu will help guide GSMA’s strategic direction, offering insights alongside global leaders to encourage progress in policy, technology, and connectivity within the mobile industry.

“Building a collaborative environment that supports mobile technology and sustainability is essential for creating long-term, positive impact. By promoting digital adoption, we aim to improve lives and stimulate economic growth, particularly in areas lacking connectivity, where access to digital tools can pave the way for new opportunities and empower communities,” Cu said.

Globe’s ongoing mission is to bridge the digital divide and foster inclusive growth in the Philippines, making sure that no Filipino is left behind in the digitalization journey.

To learn more about Globe, visit https://www.globe.com.ph/.

 

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Primeworld Land breaks ground on new residential development in Nueva Vizcaya

Every hardworking Filipino deserves a place to call home — one where they can relax, dine, and work at much comfort and ease. Continuing its commitment to creating communities that inspire and elevate lives, Primeworld Land seeks to provide such homes to the North Luzon market.

With this, Primeworld Land celebrated the groundbreaking and official launch of Primeworld Greenlands last Nov. 23, marking a new chapter for homeownership in Bambang, Nueva Vizcaya. In attendance at the event were Primeworld CEO Sherwin Uy, Business Development Lead Celine Co, and a dynamic team of North Luzon representatives and sales leaders, who came together to welcome this exciting new project.

Located in Barangay San Antonio, Primeworld Greenlands is a 3.6-hectare gated subdivision that brings modern living to Nueva Vizcaya’s scenic countryside. Designed to fulfill the diverse needs of Filipino families, the development offers 351 house-and-lot units across five distinct home models, each crafted to provide comfort, style, and growth potential within the lush environment of the nation’s citrus capital. Moreover, the new residential development includes five 2-storey townhouses, ensuring quality housing for Filipinos.

Among these townhouses includes Greenland’s crown jewel Nebraska, a 2-storey single-detached home with 83.7 square meters (sq.m.) of living space on a 104-sq.m. lot. It features four bedrooms, three baths, and a carport. Nebraska is built for larger families or those seeking a premier home experience.

Georgia, meanwhile, is a welcoming 2-storey townhouse with 41 sq.m. of floor space on a 42-sq.m. lot. This starter home has an open-space layout, perfect for young families or individuals beginning their journey toward homeownership.

Arizona is a slightly larger 2-storey townhouse offering 49 sq.m. of space on a 52-sq.m. lot. Known as the “most popular unit,” Arizona is ideal for families and individuals who want more room to grow.

For those looking for more space, more comfort, and more flexibility, the well-appointed 2-storey townhouse Alaska spans 61 sq.m. on a 65-sq.m. lot, featuring two toilets and baths, and a carport.

 

Lastly, the 2-storey duplex Dakota has 73.5 sq.m. of space on a 45-sq.m. lot, and features two bedrooms and two baths. Dakota is an ideal townhouse for families who value privacy and space in a modern layout.

Each unit includes a dedicated laundry/service area, offering practicality for everyday living. These are coupled with shared amenities, such as a scenic park, a playground, and a basketball court with a stage designed for community events and gatherings. These amenities seek to foster a strong sense of community within Primeworld Greenlands.

With this new development, Primeworld Land is committed to meeting the growing demand for quality housing in Northern Luzon, where agriculture and community life thrive. More than just a residential area, Primeworld Greenlands is a place where families can build their dreams, strengthen their bonds, and thrive together.

As sales will begin soon, we invite those who seek a beautiful and meaningful place to call home. To learn more about Primeworld Land, and our new residential development in Nueva Vizcaya, as well as other developments in Luzon, visit www.primeworldland.com.

 

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12,000 entrepreneurs gathered for 15th PHILSME Business Expo at SMX Manila

The 15th Philippine SME Business Expo (PHILSME) was held last Nov. 22-23, 2024, at the SMX Convention Center Manila in Pasay City, to celebrate and empower Filipino small and medium enterprises (SMEs).

With the theme “Unlock Upliftment: Taking on Innovation, Coalition, and Excellent Client Relations for an Empowered Nation,” PHILSME presented a dynamic lineup of business solutions, inspirational talks, and opportunities for meaningful networking.

Empowering Filipino Businesses

The country’s largest business-to-business trade show for SMEs and entrepreneurs featured:

  • 180 business solutions from 120 exhibitors and sponsors, including industry leaders like GCash for Business, QNE Software Philippines, Odoo, Bossjob and Security Bank, to name a few.
  • A powerhouse roster of 30 keynote speakers and panelists which included:
    • Josiah Go, Chairman & Chief Innovation Strategist of Mansmith & Fielders, for “The 4 Gates of Entrepreneurship”
    • RJ Ledesma, Co-Founder of Mercato Centrale, talked about “The Secrets of Successful Entrepreneurs: The Entrepreneurial Mindset”.
    • Amor Maclang, Convenor of Digital Pilipinas, with Philippine Trade Training Center’s Deputy Executive Director Dimnatang Radia and Asia Center for Small Business Founder, Arlene Martinez for the panel on SME: At the Frontline of Building a Digital Pilipinas
    • Trixie Esguerra-Abrenilla, PHILSME CEO and Managing Director shared about “The Vision Beyond Business Solutions”
    • Panels on government services, innovation and customer service led by CEOs and Founders.

Exciting Highlights

The event included:

  • Re:Brand Initiative in partnership with Design For Tomorrow, offers one lucky MSME a full luxury branding service to elevate their business.
  • Networking Night, an exclusive gathering for the PHILSME Network members, exhibitors, and sponsors on Day 1.
  • Exclusive Perks by various brands that visitors can only avail during the two-day event which included cash prizes, mentorship program and huge sign-up discounts.

Esguerra-Abrenilla also shared:

“While PHILSME primarily provides a platform for business solutions, we are going beyond that — we also care about one’s overall upliftment. We are also very grateful to have many repeat sponsors whose confidence, trust and commitment we value. Next year, as we gear up for the 16th PHILSME Business Expo in May 2025, we are also bringing back the 12th Baby, Kids and Family expo in May and the 7th Entrepreneur and Franchise Expo in November 2025.”

Join the Movement

Don’t miss the chance to be part of the Philippine SME revolution! Gain insights, connect with industry leaders, and discover innovative tools to boost your business on its next edition!

For exhibition and sponsorship inquiries, contact Sunshine Sy at sunshine@philsme.com or 0968-569-8358, or visit philsme.com.

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

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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