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Klook raises $100 million in funding led by Vitruvian Partners

SINGAPORE — Travel booking service company Klook said on Wednesday it had raised $100 million in funding led by European investment firm Vitruvian Partners.

Klook said in a statement that the newly secured capital will drive its next phase of growth and innovation, but it did not disclose its valuation after the fund raise.

It said it plans to enhance customer experience, merchant operations and internal productivity via its expanded artificial intelligence partnership with Google Cloud.

Klook, which was founded in 2014, provides various booking services to travelers across a range of locations globally and competes with other booking services providers such as TripAdvisor and Airbnb.

“We believe Vitruvian’s investment and its deep thematic expertise in the global travel experience market will help further drive Klook’s growth by strengthening its operational capabilities and expanding its reach,” said Sophie Bower-Straziota, partner at Vitruvian.

Founded in 2006, Vitruvian manages €20 billion ($20.72 billion) in assets globally and invests between €40 million to more than €600 million plus in companies typically valued between €75 million to more than €4 billion, according to its website. — Reuters

Sun Life Philippines partners with Fullerton Health

SUN LIFE of Canada (Philippines), Inc. (Sun Life Philippines) has partnered with integrated healthcare platform Fullerton Health Philippines to offer healthcare solutions to Filipinos.

Under the companies’ strategic tie-up, they will offer new health and wellness solutions, including enhanced advisor and client offerings that combine financial planning and holistic wellness, as well as promote disease awareness and prevention, Sun Life Philippines said in a statement.

“By collaborating with Fullerton Health Philippines, we are taking a significant step towards our commitment to helping Filipinos achieve lifetime financial security and live healthier lives. With our expertise in financial planning and Fullerton Health Philippines’ top-notch healthcare services, we aim to empower individuals to not only secure their financial future, but also to prioritize their overall health and well-being,” Sun Life Philippines Chief Distribution Officer Alfonso D. Quitangon said.

“Our partnership is a realization of our vision, reinforcing our strategy to provide accessible and affordable care for all. As we jointly promote preventive health and wellbeing through wellness education, we build healthier communities,” Fullerton Health Philippines – RadLink Philippines Country General Manager Carmelita De Leon said.

Sun Life Philippines booked a premium income of P55.78 billion and a net income of P8.8 billion in 2023, based on data from the Insurance Commission. — A.M.C. Sy

Actor-comedian Russell Brand sued in UK over alleged sexual abuse

Russell Brand in a scene from the late-night comedy series Brand X with Russell Brand.

LONDON — British actor-comedian Russell Brand is being sued over sexual abuse allegations in the first known lawsuit brought against him in Britain, after several women accused him of sexual assaults and inappropriate behavior.

Mr. Brand, 49, was sued at London’s High Court on Feb. 6, according to court records. No further details of the lawsuit are available.

The claimant’s lawyers declined to comment. Representatives for Mr. Brand did not immediately respond to a request for comment. Mr. Brand, who has separately been sued in the United States, has previously stated that he had never had non-consensual sex.

The London litigation comes after the Sunday Times newspaper and Channel 4 TV’s documentary show Dispatches reported in 2023 that four women had accused Mr. Brand of sexual assaults, including rape, between 2006 and 2013.

Police later said that, since those allegations were published and broadcast, they had received a report of an assault alleged to have taken place in London in 2003.

Mr. Brand, the former husband of US pop singer Katy Perry and once one of Britain’s most high-profile comedians and broadcasters, had repositioned himself in recent years as an internet social commentator. — Reuters

Big Mac Index: How undervalued the Philippine peso is compared with other currencies

The Philippine peso is still undervalued by 50% against the dollar, according to the latest update of the Big Mac Index released by The Economist. As of January 2025, a Big Mac costs $5.79 in the United States compared with P169 in the Philippines. This implies an exchange rate of P29.19 versus the greenback and contrasts with the actual exchange rate of P58.44. The index is based on the theory of purchasing power parity, suggesting that in the long run, exchange rates should adjust to equal the price of a basket of goods and services in different economies. This approach is used to help estimate how much one currency is under- or overvalued relative to another.

Big Mac Index: How undervalued the Philippine peso is compared with other currencies

How PSEi member stocks performed — February 12, 2025

Here’s a quick glance at how PSEi stocks fared on Wednesday, February 12, 2025.

Green energy auction attracts bids for 7,500 MW in RE capacity

US DOE PHOTO

THE third green energy auction (GEA-3) attracted 7,500 megawatts (MW) worth of bids to construct renewable energy (RE) plants, exceeding the auction goal of 4,650 MW, the Department of Energy (DoE) said on Wednesday.

“The aggregate capacity of accepted bids underscores the growing confidence of investors and developers in the Philippine RE sector,” the DoE said in a statement on Wednesday.

At the auction on Feb. 11, the DoE received offers totaling 6,700 MW for pumped-storage hydropower projects in Luzon, against the target of 4,000 MW. The auction also hits 250-MW target for pumped-storage hydro in the Visayas.

Pumped storage hydropower can perform as an energy storage facility that can complement generation from variable renewable energy sources such as solar and wind, but can also inject power into the grid.

At present, the only pumped storage hydro facility in the country is the government-owned Kalayaan 1 and 2 plants in Laguna with capacity of over 300 MW.

Impounding hydro projects attracted 550 MW worth of bids, against the target of 300 MW. This technology is a type of hydroelectric power plant that uses a dam to store water in a reservoir.

Meanwhile, geothermal attracted bids for 30.887 MW, well below the 100 MW target.

Overall, the auction round received offers for 14 projects, with delivery periods of between 2025 and 2035.

In an advisory last month, the department identified 12 qualified bidders, including the units of Lopez-led First Gen Corp. and San Miguel Corp., for the 21 power projects on offer.

The DoE said that three qualified bidders withdrew prior to the auction, one did not submit a bid, and three were disqualified due to failure to submit the required documents.

The GEA program promotes renewable energy as a primary source of energy, with bidders undergoing competitive selection. The government is hoping to increase the share of renewable energy in the power mix to 35% by 2030 and to 50% by 2040.

The DoE is hoping to award contracts to the winning bidders starting June 6.

“The GEA underscores the Department’s commitment to creating a fair and competitive environment for RE development, ensuring transparency, innovation, and deployment of cost-effective RE technologies across the country,” the DoE said.

This year, the government is set to conduct two more auctions focusing on integrated renewable energy and energy storage systems and offshore wind power. — Sheldeen Joy Talavera

Procurement Service, SEC to sign agreement on data-sharing next month

BW FILE PHOTO

THE Department of Budget and Management (DBM) and the Securities and Exchange Commission (SEC) are expected to sign an agreement to share data on companies that participate in government procurement.

Budget Undersecretary Goddes Hope O. Libiran said the Data Sharing Agreement will be signed on March 14.

The SEC and the DBM’s Procurement Service will “share relevant information about corporations and other registered/licensed entities that participate in government procurement,” PS Executive Director Genmaries S. Entredicho-Caong, the executive director of PS-DBM told BusinessWorld via Viber.

The data that will be shared with the PS will include beneficial ownership information.

“These data may contain personal information and sensitive personal information such as but not limited to the complete name, specific residential address, date of birth, nationality, tax identification number,” she said.

Also covered by the deal are information on stakes held by incorporators, stockholders, directors, trustees, members, officers, and beneficial owners of registered corporations, or stakes held by partners in the case of partnerships.

The PhilGEPS is administered and managed by PS-DBM.

Ms. Caong said users of the Philippine Government Electronic Procurement System (PhilGEPS), which are procuring entities, suppliers, auditors, and civil society organizations, can access information about bidders and contract awardees, including their beneficial owners.

“We will sign an agreement together with the SEC to share their documents and information,” Budget Secretary Amenah F. Pangandaman said in a television appearance on Money Talks with Cathy Yang. — Aubrey Rose A. Inosante

MAP calls for tax hike freeze, efficient spending

THE Management Association of the Philippines (MAP) urged Congress and President Ferdinand R. Marcos, Jr. to halt tax increases meant to sustaining government expenditure, citing the need to fix what it described as wasteful spending.

MAP rejected the need to raise estate, donor’s, and capital gains taxes on the transfer of property classified as capital assets, which it said is being contemplated by the Department of Finance (DoF).

“Instead of implementing much-needed reforms to cut wasteful expenditures, reduce bureaucratic inefficiencies, and curb corruption, the administration continues to burden law-abiding citizens with higher taxes,” it said in a letter addressed to Mr. Marcos dated Feb. 7.

Finance Secretary Ralph G. Recto in December 2024 pushed for a tweaked fourth package of the Comprehensive Tax Reform Program, which was initiated in 2018.

Mr. Recto also urged legislators to consider the tweaks instead of the now-approved Capital Markets Efficiency Promotions Act (CMEPA), which was ratified by the House of Representatives and Senate last week. The proposal seeks to cut stock transaction tax to 0.1% from 0.6% to boost Philippine capital markets.

The DoF’s Government Revenues Optimization through Wealth Tax Harmonization (GROWTH) proposal could yield about P300 billion by 2030, the DoF said in a letter to the Senate last year.

“The proposed increase in estate and donor’s taxes, as well as the proposed increase in capital gains tax on transfers of real properties classified as capital assets, from 6% to 10%… is not only unjust but also detrimental to economic growth, wealth transfer and the financial well-being of Filipino families,” MAP said in its letter.

“There was a proposal to this effect during the bicameral panel of CMEPA that would have increased estate and donor’s taxes. We jointly decided to set it aside for now,” Albay Rep. Jose Maria Clemente S. Salceda, who heads the House tax panel and is a member of the bicameral conference committee that harmonized the capital markets reform bill, told BusinessWorld via Viber.

The government should instead look at fully implementing the Real Property Valuation and Assessment Reform Act and adjust car users’ tax rates before touching transfer tax rates, he added.

“I will study the GROWTH proposal when it’s forwarded to the House. But right now, there is no constituency for higher transfer taxes,” Mr. Salceda said.

MAP also pushed the government to rein in what it sees as “excessive government spending” before raising taxes.

“Instead of taxing inheritance further, the government should focus on streamlining tax collection, eliminating unnecessary projects, and prioritizing essential services that truly benefit the people,” it said, urging the government to practice “responsible” fiscal management. — Kenneth Christiane L. Basilio

Trade department budgets P800 million for shared-service facilities

PROPAKPHILIPPINES.COM

THE Department of Trade and Industry (DTI) said that up to P800 million has been budgeted for shared service facilities (SSF) projects this year.

Trade Secretary Ma. Cristina A. Roque made the remarks on the sidelines of the opening ceremony of Propak Philippines 2025, adding: “Some of the funds have already been used to buy machinery. So now, there is P600 million worth of machinery that needs to be purchased,” she added. 

The SSF program is the DTI’s flagship project to improve the productivity of micro, small and medium enterprises (MSMEs) by giving them access to mechanization and related technology.

“Usually these include packaging, printing, bottling, and so many other machinery,” she added.

Ms. Roque said that Propak Philippines exhibits packaging equipment that its organizers hope will advance industrialization.

She cited concerns about after-sales services and training that need to accompany machinery new to the market.

“For us to be able to buy machinery for shared service facilities, they must have repair and after-sales services.”

“We also need to constantly train the people that will use these machines,” she added.

Asian Packaging Federation President Joseph Ross A. Jocson said: “Sustainability is no longer a trend in packaging; it is a necessity. Consumers are increasingly demanding eco-friendly choices, and businesses are (under) growing pressure to reduce their environmental footprint.”

“This means embracing sustainable packaging solutions that minimize waste, use recycled materials, and are designed for circularity,” he added.

According to Ms. Roque, the Philippine packaging industry is lagging its ASEAN peers.

“If you put (Philippine products and their products) side by side, their packaging is better, but ours taste better,” she said. 

“But since the packaging of our counterparts is nicer, their products are the ones being bought,” she added.

This year’s Propak event is called “Investing in the Future of Sustainable Packaging and Processing through Technology, Innovation, and Thought Leadership.”

Due to run between Feb. 12 and 14, the event is expected to attract 12,000 trade buyers. — Justine Irish D. Tabile

PHL services rules ‘restrictive’; transport deemed a bright spot

PHILSTAR FILE PHOTO

THE PHILIPPINES had some of the most restrictive regulations for trade in services in 2024, particularly in terms of barriers to foreign investment, the Organisation for Economic Cooperation and Development (OECD) said.

The Philippines’ performance in the 2024 OECD Services Trade Restrictiveness Index (STRI), which grades conditions for the services trade across 51 countries and 22 industries, was “above the OECD average and relatively high compared to all countries in the STRI sample.”

In the report, the Philippine score was 0.45 with one being the most restrictive. It was deemed more restrictive than Russia (0.38), Indonesia (0.37), Iceland (0.35), Vietnam (0.34) and Kazakhstan (0.31). The OECD average is 0.19.

“The relatively high average score is explained by the presence of barriers to foreign investment across a number of sectors, including professional services, construction services and distribution services. In addition, economy-wide barriers that affect all services sectors are predominant,” it said.

The OECD study also cited restrictions on foreigners acquiring and using real estate, localization requirements for foreign services, and the application of labor market tests to certain categories of services suppliers.

However, it noted a “progressive effort towards creating a supportive regulatory environment for services trade.”

“Compared to regional partners, the Philippines has a relatively open market for trade in some key transport and logistics services, as well as financial services and some services that underpin the digital economy,” it said.

It added that the barriers in professional services remain above the regional average and could be potential areas for reform.

The report concluded that air transport was least restrictive industry in the Philippines relative to the region.

“Conversely, engineering services, rail freight transport, architecture services and logistics customs brokerage are the sectors with the highest relative score,” it said.

It noted that the Philippines has carried out crucial reforms opening up the air transport, telecommunications, and financial services industries.

Among the reforms is the Public Service Act, which eliminated foreign equity limitations on key public services, including airports, railways, and telecommunications services. — Aubrey Rose A. Inosante

Pork MSRP could be imposed in March

PHILIPPINE STAR/ RYAN BALDEMOR

THE Department of Agriculture (DA) said on Wednesday that it may set a maximum suggested retail price (MSRP) for pork in March, pending results of a market study.

Secretary Francisco Tiu Laurel, Jr. said the DA was due to evaluate the initial findings of an ongoing study of pork prices within the day.

“The earliest (date to impose a price cap) will be in March,” Mr. Laurel said on the sidelines of price monitoring inspection at Commonwealth Market in Quezon City.

He said the DA wants to set a price that is “fair” for all members of the hog industry.

Fresh liempo (pork belly) currently sells for between P380 and P480 per kilo while kasim (shoulder) averages P350 to P420, according to DA price monitors.

Frozen kasim fetches an average of P253.56 per kilo, with frozen liempo at P311.33.

Mr. Laurel have been blaming middlemen for high prices, as well as high gasoline prices, slaughterhouse fees, and the cost to acquire hogs from farms. 

“We will study the entire value chain to analyze it well,” he said.

Mr. Laurel said that the full MSRP study expected to be completed by the end of the month. — Kyle Aristophere T. Atienza

P632-M Tagbilaran port expansion deal awarded

PPA PHOTO

A MANDAUE CITY construction company won the P632.29-million contract to expand the Port of Tagbilaran in Bohol, the Philippine Ports Authority (PPA) said.

In a notice of award dated Feb. 10, PPA said the contract for the expansion project was awarded to BNR Construction and Development Corp., which emerged as the low bidder.

BNR has 720 days to expand and upgrade the port, the PPA said.

According to the PPA bids and awards committee, the other bidders for the project were Bemkar Construction and Supply; Goldridge Construction and Development Corp.; WTG Construction and Development Corp.; Luzviminda Engineering; Sunwest, Inc.; UKC Builders, Inc.; and MRBII Construction Corp.

The PPA has a budget of about P16 billion until 2028 for infrastructure projects, including 14 flagship projects due to be completed before the current government steps down.

This year, the PPA said it expects sustained growth in cargo and passenger volumes due to strong demand. The goal for cargo throughput is 301.47 million metric tons. — Ashley Erika O. Jose

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