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AHG Lab to invest in 5 startups this year

PHILIPPINE INFORMATION AGENCY

By Beatriz Marie D. Cruz, Reporter

PHILIPPINE-BASED venture builder AHG Lab is looking to invest in four to five startups this year, citing growth opportunities in business automation and consumer products, according to its chief executive officer (CEO).

“In the last four years, we have invested in about 36 companies in the portfolio,” Rene D. Cuartero, co-founder and CEO at AHG Lab, told BusinessWorld on the sidelines of Sinigang Valley’s BUILD Startup Festival. “This year, we want to focus more on our current portfolio, and we will be investing in a maximum of five companies this year.”

“For those five companies, we’re planning to deploy around $500,000 to a million dollars,” he added.

The venture builder started investing in one company early this year, and will announce the remaining four investments this quarter.

“We’re looking at those related to what consumers are really tapping so that could be a consumer product or something that affects consumer behavior,” Mr. Cuartero said.

“The Philippines is a consumption-driven economy, and a lot of the value and cash revenue that can be generated would be taking advantage of the consumption of Filipinos.”

Private consumption, which accounts for about three-fourths of the economy, rose 4.8% in 2024, according to data from the Philippine Statistics Authority.

AHG Lab is also looking to invest in companies that automate business processes, whether through using artificial intelligence (AI) or not, Mr. Cuartero said.

“We truly believe that business processes that need to be automated is still an important space to invest in because a lot of companies, both small and large, are actually starting to look at more tech solutions,” he added.

AHG Lab is also eyeing investments in companies, organizations and even nonprofits that seek to bolster the capability of Philippine startups and founders.

To raise funds, it has partnered with Abu Dhabi-based venture capital firm Yellowfin Capital to invest in Philippine companies.

AHG Lab is also launching its VC credit fund to help tech startups and founders fund their growth capital or long-term investments.

“We see that a lot of founders, when they raise capital, the tendency is that it gets locked up into working capital and they don’t actually get to invest their capital into growth,” Mr. Cuartero said.

In 2024, the Philippine startup ecosystem raised $1.12 billion, 16% higher than a year ago, according to the latest Philippine Venture Capital report by the Boston Consulting Group venture capital fund Foxmont Capital Partners.

Japan sees little scope for grand deal on yen in talks with the United States

BW FILE PHOTO

TOKYO — When Japanese Finance Minister Katsunobu Kato meets his US counterpart Scott Bessent in Washington this week, the yen is shaping up to be a major topic of discussion, though sources say Tokyo will push back against any request to boost its currency.

While some analysts bet Washington will pressure Tokyo to help prop up the yen, Japan sees little scope for direct action such as currency intervention or an immediate interest rate hike by the central bank, according to three sources with knowledge of the negotiations.

Rather, Japanese policy makers hope to better understand what the US has in mind on exchange-rate matters, and how they fit into a package of steps the two countries will negotiate in clinching a trade deal, the sources said.

That means the meeting between Mr. Kato and Mr. Bessent, which will be the first face-to-face talks between the two, will likely underwhelm expectations of some market players for a major, coordinated arrangement to boost the yen.

“Much will be about sounding out Washington’s intentions,” one of the sources said on Japan’s strategy on the expected meeting between Mr. Kato and Mr. Bessent, which will take place on the sidelines of the spring meeting of the International Monetary Fund in Washington.

The two countries are still arranging a date for the meeting, Kato told reporters on Tuesday. Japanese policy makers say they have yet to receive any specific requests from the US on currency policy.

The last major occasion when the US pressured Japan into strengthening the yen was in 1985, when Washington led the Group of Seven countries in a coordinated depreciation of the dollar under the Plaza Accord.

LACKING FEASIBLE TOOLS
US President Donald J. Trump’s focus on addressing a huge trade deficit, and his past remarks criticizing Japan for intentionally maintaining a weak yen, have led to market expectations that Tokyo will face pressure to strengthen the yen’s value against the dollar and give US manufacturers a competitive advantage.

These expectations have fuelled the yen’s recent rise to seven-month highs against the dollar.

Bessent has also said he was looking forward to discussions with Japan on tariff, non-tariff barriers and exchange rates.

Sources have previously told Reuters the slow pace at which the Bank of Japan (BoJ) is raising borrowing costs from ultra-low levels could also come under fire in bilateral trade talks.

But there is little Japan can do to influence exchange rates in ways beneficial for both countries. Japan’s latest foray into the exchange-rate market was in 2024, when it bought yen to prop up the currency from a nearly three-decade low of 161.99 to the dollar hit in early July.

With broad-based dollar declines already having pushed up the yen to around 140, Japanese officials are wary of taking steps to further strengthen the currency for fear of narrowing exporters’ margin at a time of tariff strains.

If Japan were to conduct yen-buying intervention, it would need to sell US Treasury holdings — something Washington may not prefer given the recent US bond market rout.

The hurdle is even higher to use Japan’s monetary policy as a means to prop up the yen. The BoJ is in no mood to rush into hiking rates at a time Mr. Trump’s tariffs threaten to derail Japan’s fragile economic recovery.

Hiking rates in response to US demands would also erode the BoJ’s independence in setting monetary policy and put the central bank’s credibility on the line, analysts say.

“Even if Japan and the US were to discuss currency rates, there’s really not much the two sides can do. It doesn’t make sense to conduct currency intervention. Rate hikes are also out of the question,” said Hiroyuki Machida, director of Japan FX and commodities sales at ANZ.

In the end, the two countries may seek middle ground in the language they use in describing currency moves.

“Both the euro and the yen have risen quite a bit recently, so the US may not want the dollar to fall further,” said Katsuhiro Oshima, chief economist at Mitsubishi UFJ Morgan Stanley Securities.

“The two countries might end up just agreeing that stable exchange-rate moves are desirable, and that Japan should avoid intentionally weakening the yen,” he said. — Reuters

JPMorgan Chase expands Taguig center to support growing employee base

PHILSTAR FILE PHOTO

MULTINATIONAL financial services firm JPMorgan Chase & Co. expects to complete the setup of four additional floors in its new office building, the JPMorgan Chase Center in Taguig City, by the first quarter of 2026.

“As of today, 20 floors are production ready. We’re still fitting out the next four floors for operational use by the first quarter of 2026,” Pia Manzano, chief administrative officer at JPMorgan Chase, told reporters on Monday.

The additional four floors are expected to accommodate about 500 seats each, or 2,000 in total, according to Ms. Manzano.

“It’s largely driven by the growth of the corporate center and the roles that have been moving into Manila specifically,” she said.

Situated along Bonifacio Global City’s 11th Avenue and 36th Street in Uptown BGC, the JPMorgan Chase Center is just a block away from the JPMorgan Chase & Co. Tower.

At present, the JPMorgan Chase Center houses about 8,000 seats, with each floor spanning 43,000 square feet. It was developed by listed property developer Megaworld Corp.

The center was built to further accommodate the company’s growing employee base and is an extension of the JPMorgan Chase & Co. Tower.

“We also had acquisitions that included employees in the Philippines back in 2022 and 2023, which added extra headcount that was not in our forecasted growth. So, this building has been able to absorb those employees,” Brian D. Hood, Philippine head of human resources at JPMorgan Chase, said in a media briefing.

The two buildings were strategically located near each other to facilitate better engagement among its 16,000 Manila-based employees.

“When there’s better engagement, there’s better productivity. I think it’s all about making sure that you’re interconnected,” Ms. Manzano said.

Since launching its Global Service Center in Manila in 2005 and in Cebu in 2010, JPMorgan Chase has employed a total of 21,000 people in the Philippines.

Its corporate centers provide analytics, finance and accounting voice-based services, transaction processing, and other functions.

The firm’s key services also include consumer and community banking, commercial and investment banking, home lending, asset and wealth management, international consumer banking, and other corporate functions.

The company has 5,000 employees in Cebu, with offices located at eBloc Towers 1 and 4 and Central Bloc Tower 2. — Beatriz Marie D. Cruz

Digital campaign wars: How social media, influencers, and AI will shape the 2025 elections

FREEPIK

With the 2025 Philippine midterm elections just three weeks away, the political landscape is no longer defined solely by traditional campaign sorties, tarpaulins, motorcades, and paid airtime. While those remain part of the mix, it is now clear that digital media — particularly social platforms, influencers, and algorithm-driven content — has become the new battleground for winning votes.

More than ever, candidates must realize that digital is no longer optional; it is central to political persuasion. The phrase “all politics is local” may still hold true, but in today’s digital age, “all voters are online” is the new reality. From TikTok to YouTube shorts, Facebook groups to WhatsApp threads, digital media now reaches the hearts and minds of Filipinos more intimately — and instantly — than any campaign rally ever could.

In a country where over 85 million people are on social media and mobile-first behaviors dominate, the 2025 elections will be decided not just in barangay halls but in Facebook timelines, comment sections, Viber groups, and the For You pages of TikTok. Voters, especially younger ones, are increasingly influenced by digital word-of-mouth, parasocial relationships with influencers, and the emotional narratives pushed by algorithms that reward controversy, virality, and sensationalism.

Historically, Philippine elections have always had a transactional element. Politicians give, and voters receive — sometimes groceries, sometimes envelopes, sometimes jobs. This is a reality born of poverty and lack of opportunity. It’s often said that “the way to a man’s heart is through his stomach,” and in campaign seasons, this sentiment has been used — often cynically — as a way to secure votes. But in 2025, that’s only half the equation. The other half lies in the power of the mind. And nothing engages and influences the mind more directly today than social media.

That is why candidates who want to win must invest not only in ground operations, but also in digital community-building, data-driven content strategies, and influencer ecosystems. Campaigns are no longer waged only through posters and speeches; they are fought and won in the comment sections, the meme wars, and the influencer endorsements that subtly — or not so subtly — shape voter perceptions.

Take, for example, how community management plays a quiet but powerful role in this new campaign model. A simple post from a local influencer endorsing a candidate, when combined with a hyperactive Facebook group or TikTok challenge, can spread faster than any paid ad. Authenticity and relatability are the currency. An endorsement from a tricycle driver with 50,000 loyal followers can now rival the impact of a big-budget ad on TV. People are more likely to trust those they feel are “like them,” which is why micro and nano influencers — those with 1,000 to 10,000 followers — are proving to be more effective than celebrity endorsements in many localities.

Even more potent is the ability of digital platforms to shape narratives through targeted messaging. With AI-powered tools now easily accessible, campaigns can micro-target voters based on interests, behavior, and emotional triggers. A candidate can now deliver one message to young professionals on LinkedIn and another to housewives on Facebook — both optimized for engagement. This kind of segmentation and narrative shaping would have been unimaginable in the broadcast era.

But herein lies the double-edged sword: the very technologies that empower democratic engagement can also be weaponized.

The rise of AI-generated deepfakes is particularly alarming. We’ve already seen, in other countries, how AI can be used to fabricate convincing videos and voice recordings that spread misinformation or engage in the character assassination of opponents. In the US, AI-generated robocalls imitating political figures have confused voters. In India, synthetic videos of candidates speaking in different languages have been used to sway regional voters. In the Philippines, where the average voter may not yet be media literate enough to discern real from fake, the potential for abuse is enormous.

It’s not hard to imagine a last-minute viral video, deepfaked and distributed in the final days before the election, tilting the outcome in a hotly contested district. By the time the truth comes out, the damage is already done. The tools to create such content are not only available, but are getting cheaper and easier to use by the day.

This raises serious questions for both the Commission on Elections and the broader ecosystem of digital platforms, civil society, and the media. How do we balance the promise of digital democratization with the need for digital responsibility? Are our election watchdogs prepared to monitor and address synthetic disinformation at scale? Should we demand more from social media companies in moderating politically sensitive content? Are political parties educating their digital teams on ethical campaign practices?

At the same time, we cannot overregulate to the point that we stifle free expression. The strength of digital campaigning lies in its openness and the way it gives voice to those who previously had no platform. The challenge, then, is not to resist digital transformation, but to approach it with wisdom, safeguards, and accountability.

For political candidates, the lesson is clear: digital is not merely an extension of your campaign; it is the campaign. Every piece of content you post, every influencer you partner with, every community you engage, can either build momentum or backfire. It’s a delicate dance between strategy and sincerity, between automation and authenticity.

For voters, especially the young, the challenge is discernment. Be critical of what you consume. Question what you share. Verify what you see. Just because a video looks real doesn’t mean it is. Just because a message feels right doesn’t mean it’s true.

The digital age has made us all participants in the election, not just as voters, but as amplifiers, storytellers, and sometimes, unwitting agents of disinformation. With great power comes great responsibility.

In the end, the 2025 elections will test more than just political popularity. They will test our nation’s digital maturity. Will we use technology to empower the electorate, or to manipulate them? Will digital media serve as a force for truth or a tool for deception?

What is certain is this: the battle for the Filipino vote is no longer being fought in the streets alone. It is being waged in timelines and threads, in captions and comments, in videos and voiceovers — many of which may not even be real.

This election season, candidates must feed the people’s stomachs, yes — but more importantly, they must win their minds. In the age of AI and algorithm-driven influence, the heart follows where the mind is led.

And in a digital Philippines, the voting minds are now online.

 

Dr. Donald Lim is the founding president of the Global AI Council Philippines and the Blockchain Council of the Philippines, and the founding chair of the Cybersecurity Council, whose mission is to advocate the right use of emerging technologies to propel business organizations forward. He is currently the president and COO of DITO CME Holdings Corp.

Cartier jewelry worn by royalty and celebrities to go on display in London

PANTHÈRE CLIP BROOCH, Cartier Paris, 1949. Sold to the Duke of Windsor, Cartier Collection. — VAM.AC.UK

LONDON — An exhibition celebrating jewelry made by the prestigious French luxury goods company Cartier since the start of the 20th century, including watches and tiaras, is now on view at London’s V&A Museum.

Established by Louis-François Cartier in Paris in 1847, the family-run business went on to become a household name popular with royalty and Hollywood stars alike.

“It never goes out of fashion… we see it being worn by English aristocracy 100 years ago and Hollywood royalty practically today,” Helen Molesworth, a senior jewelry curator at the V&A and exhibition curator, said at a private launch of Cartier.

She said the connection between Cartier and the British royal family dates back to 1902, when King Edward VII issued his first royal warrant, a certificate for providing goods and services to the royal family.

Making up some of the 350 jewels and objects on display is a flower brooch with a rare pink Williamson diamond that the late Queen Elizabeth II commissioned in 1953 and later wore at King Charles’ wedding to Diana. A rose clip brooch made in 1938 and worn by Princess Margaret at her sister’s coronation is also on display.

Meanwhile, items connected to celebrities include actress Grace Kelly’s diamond engagement ring seen in the 1956 film High Society and a ruby necklace given to Elizabeth Taylor by her third husband, Mike Todd.

There is also a sapphire, yellow and rose gold wristwatch from 1962 owned by former US first lady Jackie Kennedy and later owned by reality star and businesswoman Kim Kardashian, as well as a tiara from 1902 that was made for the Countess of Wessex and later worn in 2016 by singer Rihanna.

“As a jewelry historian, I see how they’ve used lots of wonderful elements to come up with brilliant new ideas,” Ms. Molesworth said. “They’ve always pushed boundaries and at every new point in history they have a nod to their heritage today, yet they have come up with new jewels that really speak to the modern woman.”

Around the turn of the 20th century, it was Cartier’s grandsons who pushed the global prominence of the brand, opening branches outside France in cities such as New York and St. Petersburg.

Cartier, which remained under family control until 1964, is currently owned by Swiss holding company Richemont. — Reuters

FAST Logistics to support Bicol startups

FREEPIK

FAST Logistics Group has partnered with the Department of Trade Industry (DTI), Camarines Sur and Bicol Entrepreneurs Alliance to boost support for micro, small and medium enterprises (MSMEs) in the region.

“Bicol is a vital part of our growing network, and we recognize the region’s strong entrepreneurial spirit,” FAST Chief Executive Officer for Logistics Manuel L. Onrejas, Jr. said in a statement on Tuesday.

The memorandum of partnership agreement took effect on April 10 and will be operational until April 10, 2027, unless extended. This is expected to help MSMEs in the region upscale and access broader markets, according to the logistics firm.

Under the deal, FAST Logistics is expected to deliver secure, timely and cost-effective logistic services for MSMEs in the province.

Its logistic operations must also be aligned with local business owners’ delivery schedules and specific requirements while ensuring value-added support.

The company must also help Bicol and Camarines Sur-based MSMEs when bringing their goods to trade fairs in Manila.

During the deal signing this month, Mr. Onrejas introduced the company’s newest logistics solution — the Fixed Delivery Schedule (FDS).

Through FDS, FAST Logistics will consolidate MSME shipments using 10-wheeler trucks from Cebu to Manila twice a week. The trucks pass through FAST hubs and full-service outlets in Ormoc, Tacloban, Sorsogon, Legazpi and Naga, where the goods will be picked up and consolidated.

FAST Logistics will also offer pick-up services from nearby towns and cities, with the packages consolidated at designated full-service outlets.

The company is also looking to expand its FDS to more locations to let MSMEs access more than 200 outlets nationwide.

For its part, DTI Camarines Sur must endorse to FAST Logistics qualified MSMEs in need of logistics assistance for trade fairs.

The Bicol Entrepreneurs Alliance will encourage smaller firms to participate in business events, trade fairs and other logistics support initiatives.

Having a reliable logistics provider is one of the key challenges of MSMEs, which make up about 99% of all businesses in the Philippines.

“By bridging the gap between production and market access through reliable and cost-effective logistics, we are empowering local entrepreneurs to scale up, compete more confidently and reach customers far beyond our region,” Jay Percival S. Ablan, provincial director at DTI Camarines Sur, said during the signing ceremonies. — Beatriz Marie D. Cruz

GCash partners with Mastercard for contactless payments via app

BW FILE PHOTO

ELECTRONIC WALLET GCash has partnered with Mastercard to launch an in-app contactless payment solution.

Tap n’ Pay allows GCash app users to make contactless payments at any merchants that accept Mastercard nationwide, GCash said in a statement on Tuesday.

“Mastercard is thrilled to collaborate with GCash, powering Tap n’ Pay with NFC (Near Field Communication) technology to introduce a new avenue for contactless digital payments in the Philippines. The collaboration advances Mastercard’s commitment to providing greater choice for cardholders and enabling a more frictionless payment experience. Now, all GCash Wallet app users can simply activate Tap n’ Pay in their GCash app and pay by just tapping their phones wherever Mastercard is accepted — making transactions faster, easier, and secure,” Mastercard Philippines Country Manager Simon Javier A. Calasanz said in a statement on Tuesday.

“This collaboration further solidifies our commitment to offering Filipinos convenient and secure cashless payment solutions, making everyday transactions easier and more seamless,” G-Xchange, Inc. President and Chief Executive Officer Oscar Enrico A. Reyes, Jr. said.

G-Xchange, Inc., which operates GCash, is a wholly owned subsidiary of Globe Fintech Innovations, Inc. or Mynt.

GCash users can tap their NFC-enabled Android phones on point-of-sale (POS) terminals that accept contactless card payments. Users must have an active Internet or cellular data connection to make transactions..

Tap n’ Pay can only be used for local transactions for now, but GCash plans to make the feature available internationally soon.

The solution is backed by the GCash’s digital payment partner OpenFabric, which enables the provisioning of Mastercard’s tokens and manages the transaction gateway between GCash and Mastercard merchants. — A.M.C. Sy

Singapore startup GetPaid seeks more partnerships in PHL

PHILSTAR FILE PHOTO

GETPAID, a Singapore-based financial well-being startup, said it is hoping to partner with more local manpower agencies and business process outsourcing (BPO) firms.

“Manpower and BPOs are among the core industries that we want to serve, but they’re not the only ones,” GetPaid Co-founder and Chief Executive Officer Mitchell Goh told BusinessWorld on the sidelines of an event on Tuesday.

GetPaid provides earned wage access (EWA), enabling employees to access their wages before the traditional payday. This helps alleviate the financial strain of petsa de peligro for workers.

Also on Tuesday, GetPaid announced its partnership with D’Vinci Manpower Services Corp. to help its minimum-wage earners access their accumulated daily wages.

D’Vinci Manpower Services has a nationwide presence, covering mainly two- and three-wheeled riders and warehouse personnel.

Kristina Marie San Mateo, head of business development at GetPaid, said not all employers can accommodate cash advance requests as these are “admin-intensive.”

“I think GetPaid will be able to meet the needs of their employees, such as in cases of emergency, or when they need fast cash, or they’re facing stopgap situations or petsa de peligro, allowing them to access their hard-earned money through the app.”

It is also more convenient than availing of a loan, which comes with an interest rate and would require more documentation, she added.

Through the GetPaid app, employees can withdraw up to 50% of their salary with no minimum amount and zero interest rates. With a P49 fee per transaction, a worker can receive their salary within 12 hours.

The partnership is expected to boost workers’ morale and improve employee retention, D’Vinci Manpower Services President Miriam P. Gonzaga said. — Beatriz Marie D. Cruz

LGUs’ share in foreign investments

KAMANGA AGRO-INDUSTRIAL ECOZONE (KAIEZ) — FACEBOOK.COM-PEZAPH

The Constitution requires Government to promote the preferential use and adopt measures to enhance the competitiveness of Filipino labor, domestic materials, and locally produced goods. In pursuit of this policy, special economic zones in suitable and strategic locations have been created and spread across the Philippines to attract legitimate and productive foreign investments.

Philippine history shows that the very first economic zone was the Bataan Export Processing Zone, which was created in 1972 through Presidential Decree No. 66. Since then, ecozones have been created across various local government units (LGUs), initially starting in Clark and Subic Bay, covering different sectors of business. Economic zones were later created in Camp John Hay, Poro Point, Cagayan, Zamboanga, Aurora, and within major cities such as Makati, Taguig, and Cebu. The Special Economic Zone Act (RA 7916), provides that economic zones are meant to be developed into self-reliant and self-sustaining centers, and shall generate employment opportunities for their own inhabitants and those of nearby towns and cities.

Under the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE, an economic zone is defined as a selected area which is to be operated and managed as a separate customs territory that is highly developed or has the potential to be developed into an agro-industrial, industrial, information technology, or tourist/recreational area, whose metes and bounds are fixed or delimited by presidential proclamations and is within a specific geographical area which includes industrial estates, export processing zones, ICT parks and centers, and free trade zones. CREATE likewise recognizes vertical economic zones, such as, but not limited to, buildings, selected floors within buildings, and selected areas on a floor. As of this time, there are more than 400 economic zones operating in the Philippines.

With the successful proliferation and growth of economic zones, questions have been raised seeking clarification on the revenue allocated for LGUs where these ecozones operate. Under Article X of the 1987 Constitution, LGUs have the power to create their own revenue sources, levy taxes, and share in national tax collections, subject to limitations set by Congress. This highlighted the need to balance the concept of “separate customs territory” and consider the revenue-raising powers of LGUs.

For instance, Section 24 of RA 7916 states that in lieu of all national and local taxes, registered business enterprises (RBEs) enjoying the 5% special corporate income tax (SCIT) with the Philippine Economic Zone Authority (PEZA) are only required to remit a portion of their gross income — 2% — directly to the local government. Another example is Section 12 of the Subic Special Economic Zone where Section 12 of RA 7227 provides that of the 5% SCIT, 2% goes to the Subic Bay Metropolitan Authority for distribution to the LGUs affected by the declaration of and contiguous to the zone, such as the City of Olongapo and the municipalities of Subic, San Antonio, San Marcelino, and Castillejos of the Province of Zambales; and the municipalities of Morong, Hermosa, and Dinalupihan of the Province of Bataan, on the basis of population (50%), land area (25%), and equal sharing (25%).

However, it is said that CREATE Act did not clarify whether RBEs enjoying an Income Tax Holiday (ITH) or those that transitioned to the Enhanced Deduction Regime (EDR) are subject to local taxes. In response to this issue, the Secretary of Finance issued Department Order No. 33-2023, creating guidelines that RBEs that previously enjoyed local tax exemptions would continue to benefit from these under the CREATE Act. However, it left open whether new RBEs registered under CREATE also enjoyed the same exemption.

CREATE MORE (the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act) introduced updates, addressing ambiguities in the local taxation of RBEs, and aligning the concept of economic zones with local autonomy. One of the key provisions introduced is the concept of Registered Business Enterprise Local Tax (RBELT), which grants LGUs to impose local taxes to RBEs enjoying ITH or EDR within ecozones. RBELT may be imposed by LGUs by way of an ordinance at a rate not exceeding 2% of the gross income of registered projects or activities.

CREATE MORE is set to create a framework on the revenue-share of LGUs from foreign investments. In cases where an RBEs’ activities span multiple jurisdictions, 50% of the revenue will be divided equally among the involved LGUs, while the remaining 50% will be shared based on their population. Moreover, cities retain their whole share while municipalities remit 50% of their share to the province where they belong.

CREATE MORE also updates provisions on One-Stop Action Centers. To recall, in BCDA v. Baguio, the Court held that IPAs (investment promotion agencies) could not impose business permit fees through One-Stop Action Centers as this power pertains to the LGU. CREATE MORE now provides that LGUs may delegate the functions of processing and granting business permits to IPAs.

Lastly, Section 29 of CREATE MORE clarifies that businesses that avail of the 5% tax on gross income prior to the CREATE Act will retain their exemptions from local taxes, fees, and charges until Dec. 31, 2034. This provision provides stability and certainty for investors who are still in the process of completing their investments.

With CREATE MORE, the power of LGUs to impose taxes and fees on RBEs has been clarified. By establishing the RBELT, the law promotes better coordination between IPAs, LGUs, and RBEs — paving the road to encourage more foreign investment, and clearly delineates the revenue share of local government units.

The views and opinions expressed in this article are those of the author. This article is for general information and educational purposes, and is not offered as, and does not constitute, legal advice or legal opinion.

 

Aaron Arwin C. Cheng is an associate of the Tax department of the Angara Abello Concepcion Regala Cruz Law Offices.

(02) 8830-8000

accheng@accralaw.com

David Hockney retrospective fills Paris Fondation Louis Vuitton

One of the paintings on view in the exhibit David Hockney 25 at the Fondation Louis Vuitton museum. — FONDATIONLOUISVUITTON.FR

PARIS — The largest exhibition yet of works by British artist David Hockney has opened in Paris, filling the entire multi-storey Fondation Louis Vuitton museum with more than 400 works spanning seven decades.

Drawn from museums and private collections worldwide, the David Hockney 25 exhibition focuses on the last quarter century of Mr. Hockney’s work, including many of the digital paintings on iPad he has pioneered.

Co-curated by Mr. Hockney’s friend Norman Rosenthal, it also features some of Mr. Hockney’s best-known works, including the 1972 Portrait of an Artist (Pool with Two Figures), which in 2018 sold for $90 million, at the time the highest price for a work by a living artist.

“I’ve learned to compare David Hockney with Picasso. Not because he’s the same, but because of the scale of his work, and the imagination, and the total achievement is not dissimilar,” Rosenthal said.

Many of the works are set in London and in Yorkshire and Normandy, respectively northern England and northern France, where the artist has spent most of his time this century.

“The show means an enormous amount to me because it is the largest I ever had… in the Fondation Louis Vuitton’s great Parisian building, designed by my LA friend Frank Gehry,” said Mr. Hockney in the exhibition brochure, referring to the winged building in Paris’ Bois de Boulogne park.

The exhibition includes the monumental 12 meter-wide Bigger Trees Near Warter, painted in 2007, paintings from his California period in the 1970s, as well as dozens of still lifes, landscapes, portraits, and self-portraits.

One of the most influential artists of the 20th and 21st centuries, Mr. Hockney, 87, was a major figure of the Pop Art movement of the 1960s and has remained at the forefront of modern art, reinventing his familiar themes in new media and technologies, the exhibition’s brochure said.

“(Hockney) shows us the way, while recognizing that the path that he himself has followed is continually evolving,” Fondation Louis Vuitton President Bernard Arnault wrote in an introduction to the exhibition.

It runs until Aug. 31. — Reuters

ASEAN Foundation, TikTok Shop launch digital training for MSMEs

People buy food items at a market in Quezon City, Nov. 22, 2024. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE ASEAN Foundation, in partnership with TikTok Shop, has launched a regional program to empower Southeast Asia’s micro, small and medium enterprises (MSMEs) in digital commerce.

In a statement, TikTok Director of Southeast Asia Public Policy Chanida Klyphun said the ASEAN SOAR (Support Our Artisans and Retailers) Together program would train 50 MSMEs across Association of Southeast Asian Nations (ASEAN) member-countries, with special consideration for women, youth and minority-led businesses.

“The program will equip MSMEs with the necessary skills to succeed on TikTok Shop, including in live selling, shop management and promotional strategies,” she said.

MSMEs will also be equipped with entrepreneurial and digital literacy skills, paving the way for new opportunities for economic advancement in the region, she added.

In a separate statement, the ASEAN Foundation said the program seeks to address key challenges faced by MSMEs, which make up more than 99% of businesses in the region.

These challenges include limited access to digital tools, low market visibility and the absence of structured business strategies.

“By combining hands-on training and networking opportunities, the program equips ASEAN MSMEs with the tools necessary to thrive in an increasingly digital world and helping them strengthen their market positioning to achieve sustainable growth,” it said.

Businesses registered and operating in any ASEAN member-country can register for the ASEAN SOAR Together program until April 30 through https://tinyurl.com/mt77f4vw.

“Philippine MSMEs are encouraged to apply to benefit from the tailored support in digital business that will enable them to thrive and stand out in the global economy,” Ms. Klyphun said.

Eighty MSMEs will be shortlisted for further evaluation, from which the final 50 will be selected to participate in the program.

Selected MSMEs will undergo an intensive virtual training program conducted entirely in English, featuring sessions led by TikTok Shop experts and external specialists on tailored business skills.

Around October or November, top-performing MSMEs may showcase their businesses at the ASEAN Business and Investment Summit or other regional platforms, providing them with further exposure. — Edg Adrian A. Eva

CIBI inks data-sharing agreement with SEC

CIBI Information, Inc. has signed a memorandum of agreement (MoA) with the Securities and Exchange Commission (SEC) to give the credit bureau’s clients access to regulatory data.

Under the data-sharing partnership, CIBI will get access to the SEC’s eSEARCH platform to let the credit bureau integrate regulatory data into its services.

“This collaboration between the SEC and CIBI is a powerful step toward bridging the information gap and strengthening the financial ecosystem in our country. With this partnership, we are opening new doors to opportunities for businesses, particularly small and medium enterprises (SMEs), helping them evaluate partners, assess risks, and build trust in their transactions,” CIBI President and Chief Executive Officer Pia L. Arellano said in a statement on Tuesday.

“It has been one of our foremost goals to keep the agency abreast with evolving technology to make sure that our stakeholders get the services they need in the best way possible… We hope that this MoA will help both the SEC and CIBI in accelerating our shared commitment to improving the business environment in our country,” SEC Chairperson Emilio B. Aquino said.

CIBI said the partnership aims to address the gap in regulatory data needed for due diligence, the verification of company legitimacy, and risk assessment.

“For CIBI’s clients, direct access to SEC-verified data enhances the quality, accuracy, and reliability of their existing data systems. With a more comprehensive and credible information base, businesses can make faster, better-informed decisions. Individual clients also benefit from increased trust, knowing they are relying on verified, credible data,” it said.

“The partnership benefits more than just CIBI and its clients — it also supports the regulatory framework by promoting transparency, data integrity, and efficient information sharing. Improved access to accurate data enables financial institutions to extend credit with greater confidence, helping drive financial inclusion and nationwide economic resilience,” the credit bureau added. — Aaron Michael C. Sy

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