Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 874

Snap Fitness PHL relaunches, welcomes fitness enthusiasts and aspiring franchisees

WHEN the new year begins, many Filipinos set health and fitness goals, but hitting the gym can feel intimidating. Snap Fitness Philippines aims to change that with the reopening of its Cubao Spark Place branch on Wednesday, providing a welcoming space for fitness enthusiasts and offering franchising opportunities.

Vanessa Orendain, Chief Executive Officer of Snap Fitness, told BusinessWorld that the newly reopened branch operates 24/7, ensuring accessibility for all and a pressure-free workout environment.

“Schedule and availability don’t matter — just find the time and get moving. You don’t need a full 30-minute workout; even 15 minutes makes a difference,” Ms. Orendain said.

Just like Snap Fitness’ tagline, it is important to work out “for the feeling,” rather than just for aesthetic results, she added.

The relaunched Snap Fitness in Cubao features state-of-the-art gym equipment from Matrix Fitness and a partnership with a payment gateway provider, offering members more convenient payment options.

Ms. Orendain also told BusinessWorld that Snap Fitness has staff and trainers, some of whom hold degrees in sports science.

Snap Fitness Philippines is also opening franchising opportunities for aspiring business owners and investors as the country’s fitness industry continues to grow.

According to data from Statista, the gym and training market in the Philippines is projected to grow at a compound annual growth rate of 1.7% from 2025 to 2029, with revenue expected to reach $19.2 million in 2025.

By investing in Snap Fitness, business owners can reduce the challenges of entering the industry, as essential systems — such as equipment from its partners, financing solutions, real estate assistance, and operational support — are already in place, Ms. Orendain said.

“So, taking all of these together… I think we have the winning formula to succeed here,” Ms. Orendain said, highlighting the brand’s proven success with over 1,000 clubs in more than 20 countries.

Apart from its relaunching in Cubao, Ms. Orendain said that the construction of a branch in the Makai Central District has already started, with further plans to expand In Luzon, Visayas, and Mindanao.

For membership rates and franchising details, visit their social media pages. — Edg Adrian Eva

IC lifts stop order against HMO

BW FILE PHOTO

THE INSURANCE COMMISSION (IC) has lifted the cease-and-desist order it issued against Forticare Health Systems International, Inc. (FHSII), allowing the firm to exit conservatorship after nearly six months.

The cease-and-desist order was lifted effective Jan. 17, releasing the company from conservatorship, the IC said in a notice dated Jan. 20.

“The issued order of this Commission is without prejudice to other findings/actions it may take upon the completion of the Company’s 2024 Audited Financial Statement verification/examination,” it added.

The IC issued the stop order versus the health maintenance organization (HMO) and placed it under conservatorship on July 31, 2024, due to its inability to comply with the regulator’s minimum capitalization and financial capacity requirements, prohibiting it from conducting business.

Latest available IC data showed that FHSII booked a net income of P4.81 million and had assets worth P134.79 million at end-September 2024.

Its liabilities stood at P11.80 million in the period, while it recorded revenues worth P47.499 million and expenses worth P42.69 million.

Meanwhile, the HMO industry posted a combined net income of P800.86 million at end-September 2024, improving from the P2.15-billion net loss booked in the same period a year prior. — A.M.C. Sy

How PSEi member stocks performed — January 27, 2025

Here’s a quick glance at how PSEi stocks fared on Monday, January 27, 2025.

ILO: Philippines’ jobless rate expected to be lower by 2026

The country’s unemployment rate — or the proportion of the jobless to the labor force — is expected to drop by 2026, based on latest projections from the International Labour Organization’s (ILO) World Employment and Social Outlook: Trends 2025 report. The Philippines will be the sixth lowest in terms of unemployment rate among its peers in the region compared with the projected jobless rate for Southeast Asia of 2.5% and 4.9% globally by 2026. Meanwhile, the country’s employment rate is expected to dip to 59.1% by 2026, lower than Southeast Asia’s 64.2% but higher than the world’s projected share of 57.7%. Its labor force participation rate is seen to grow to 60.3% (vs. Southeast Asia’s 65.8% and the world’s 60.6%).

ILO: Philippines’ jobless rate expected to be lower by 2026

Tobacco leaf production rises 7.45% in 2024

PHILSTAR FILE PHOTO

TOBACCO leaf production increased 7.45% to 45.4 million kilograms in 2024, with more farmers encouraged to plant by export opportunities and local government prodding, according to the National Tobacco Administration (NTA).

NTA Deputy Administrator Nestor C. Casela said on Monday that the output boost was accompanied by a weakening of buying prices for leaf tobacco to P129.04 per kilogram in 2024 from the P137.32 per kilo average reported for 2023.

“Our tobacco became competitive in international markets. Aside from that, local government units’ share (of tobacco taxes) is higher; that’s why they are so motivated to encourage their farmers to plant more,” Mr. Casela told reporters on the sidelines of the International Tobacco Summit.

He added that China, the top producer of tobacco, reduced its production, opening the door for more Philippine tobacco to enter the global market.

Virginia tobacco output rose to 16.79 million kilos from 14.77 million, Native tobacco output increased to 20.98 million kilos from 20.59 million, while Burley tobacco output rose to 7.63 million kilos from 6.89 million.

Philippine Tobacco Growers Association President Saturnino Distor also attributed the increase in production to corn farmers switching to tobacco.

“Corn farmers are having problems with the fall army worms,” Mr. Distor said on the sidelines of the summit.

Fall army worms feed on more than 80 crop species including corn, rice, sorghum, and vegetables.

The NTA also reported that the number of tobacco farmers in 2024 grew to 43,098 from 40,786 tallied the prior year.

Land area planted to tobacco rose to 25,926 hectares from 25,309 hectares a year earlier.

For 2025, the NTA is targeting output of 45.58 million kilos, which if realized would be a 0.4% increase from 2024.

Mr. Distor said the production goal for the year will likely be met due to better climate conditions compared to 2024, when the country faced the impact of El Niño and La Niña. — Adrian H. Halili

PPA allocates P2.11B for Camarines Norte port upgrade

STOCK PHOTO | Image by Nicholas Doherty from Unsplash

THE Philippine Ports Authority (PPA) is allocating P2.11 billion to improve Jose Panganiban port in Camarines Norte to make it suitable for servicing the offshore wind industry.

The port regulator is inviting interested parties to submit bids for the port improvement project on or before Feb. 4, it said in a bid notice.

According to the PPA, the winning bidder for the project will have 840 calendar days or approximately two years and three months to complete the upgrade of the port.

The Energy department has identified Jose Panganiban port as one of three lined up for repurposing to service the offshore wind industry.

Situated close to 14 offshore wind energy service contracts (OWESCs), the Port of Jose Panganiban is expected to service wind farms with an estimated capacity of 8,150 megawatts (MW). Two projects in the area are in the advanced pre-development phase.

The port of Jose Panganiban is among PPA’s 14 big-ticket flagship projects valued at a total P16 billion, scheduled for completion by 2028.

The Department of Energy has awarded 92 offshore wind energy service contracts to 38 renewable energy developers with combined potential capacity of 66.10 gigawatts (GW).

According to the Philippine Offshore Wind Roadmap, the Philippines has a potential capacity of about 63 GW if it taps offshore wind resources.

Also identified as priorities for redevelopment as offshore wind service bases are Currimao, Ilocos Norte and Sta. Clara, Batangas City.

Last year, the PPA awarded the P839.18-million Currimao Port expansion project to a Davao-based construction company Khan Kon Chi Construction and Development Corp. — Ashley Erika O. Jose

PHL urged to unlock potential of $788.4-million solar export market

A man inspects solar panels in this file photo. — PHILIPPINE STAR/EDD GUMBAN

By Justine Irish D. Tabile, Reporter

THE Philippines can access a potential export market of $788.4 million for its solar photovoltaic (PV) modules if it properly addresses the non-tariff barriers hindering the trade, the Philippine Exporters Confederation, Inc. said.

“For specialized solar components, the solar PV modules, the Philippines has room to expand its exports to the US ($189.4 million), China ($171.6 million), the Netherlands ($64.7 million), Vietnam ($46.4 million), and Germany ($43 million),” the export group said.

According to the International Trade Centre (ITC), the Philippines needs to fill data and information gaps, engage with manufacturers and traders of solar components, and focus export promotion efforts and export strategies on high-potential RE components to tap the potential of solar PV exports.

To address information gaps, the ITC proposed the development of market intelligence tools to “enable businesses to identify export opportunities and to enhance transparency around requirements in foreign markets.”

Meanwhile, it said that engaging with manufacturers and traders will help in understanding the nature of support and capacity businesses need comply with the requirements in export markets.

ITC said that exporters’ ability to comply with the non-tariff requirements in the potential markets is what will determine their market access, as access to major markets is duty-free.

“To tap into this potential and boost market share, they need to invest in building a strong capacity to comply with both technical and non-technical regulations,” it added.

ITC also proposed the development of regulation and standards for RE goods, investment in regional value chains for RE goods and services and in quality infrastructure and skills development, and promotion of foreign investment in RE value chains.

“Helping countries establish national regulatory standards on these goods through the adoption of international standards can improve the level of quality and safety of RE products and technologies, facilitating local deployment as well as exports,” it added.

ITC also noted that countries should leverage trade agreements to attract foreign investment in renewable energy and ease the entry of professionals and exports.

“When used effectively, tariff and non-tariff trade tools can encourage easy access to RE goods (imports) as well as access to promising markets (exports). To the extent possible, developing countries should try to negotiate these requirements effectively under various trade agreements,” it added.

Angat cold inspection center could start operations by H1

PHILIPPINE STAR/EDD GUMBAN

THE Department of Agriculture said it is pushing to launch the cold examination facilities in agriculture (CEFA) in Angat, Bulacan before the end of the first half.

“We will try to finish everything by first half,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. told reporters.

According to Mr. Laurel, delays in operating the facility were caused by a failed bid in December.

“There was one for an x-ray, laboratory, for other construction. So part of the funds were reverted (to the Treasury). There is a delay because we had to re-bid,” he added.

CEFAs verify whether imported produce is disease-free, amid risks posed by smuggled farm goods that do not undergo inspection.

Imported agri-fishery products typically undergo examination by food regulators overseeing the animal, plant, meat, and fisheries industries.

Mr. Laurel has said that the Angat facility was originally due to be fully operational by February.

The DA signed a memorandum of agreement with Pacific Roadlink Logistics, Inc. to construct the facility in Bulacan.

The Angat facility was intended to be used as a laboratory, and for rendering and waste disposal.

The DA had been allocated P2.3 billion in 2023 for the construction of CEFA facilities. The funding was reduced to P1.2 billion in 2024 after International Container Terminal Services, Inc. offered to host most of the facilities in ports that it operates.

Mr. Laurel had said that the additional CEFAs in Manila, Subic in Zambales, Davao, and General Santos are due to be operational by September. — Adrian H. Halili

South Korean consortium to pursue PHL urban dev’t projects

FACEBOOK.COM/SEJONGCITYINFO

A CONSORTIUM consisting of 23 South Korean public institutions and private companies has been formed to support members pursuing urban development projects in the Philippines.

In a statement on Monday, South Korea’s National Agency for Administrative City Construction (NAACC) announced the formation of “Team Korea to the Philippines.”

NAACC said that the consortium will promote the use of advanced urban development expertise and technology.

“By sharing the successful experience and technology accumulated through the construction of Korea’s Administrative City Sejong, we aim to actively support Korean companies in their global ventures, particularly in the rapidly developing Philippine market,” NAACC Administrator Hyeong Ryeol Kim said.

The formation of the consortium follows the memorandum of understanding (MoU) the NAACC signed with the Bases Conversion and Development Authority (BCDA) last year.

Signed in September, the MoU covers knowledge sharing and collaboration in urban planning, smart cities development, green energy, and smart administrative systems for New Clark City.

“The BCDA oversees major urban development projects, including New Clark City and has expressed strong interest in attracting Korean companies to participate in building urban infrastructure and developing smart cities,” NAACC said.

“In response, the NAACC launched ‘Team Korea to the Philippines’ to connect BCDA with Korean firms interested in entering the Philippine market, providing opportunities for project bids and collaborative ventures,” it added.

Following the launch, the NAACC plans to hold regular meetings with BCDA and participating companies to “explore detailed collaborative projects and secure tangible outcomes, including contract awards and joint urban development initiatives.”

“Through these efforts, the NAACC aims to enhance Korea’s presence in the global urban development arena while fostering mutually beneficial relationships with international partners like the BCDA,” NAACC said.

BCDA President and Chief Executive Officer Joshua M. Bingcang said that the consortium will help make business interactions between South Korea and the Philippines more seamless.

“We are confident that with Team Korea, we will be able to strengthen our alliance with partners who can help us transform the whole of Clark into Asia’s next investment and tourism destination,” Mr. Bingcang said.

Aside from NAACC, BCDA has also partnered with Korea Overseas Infrastructure and Urban Development Corp., Korean Water Resources Corp., RMS Platform, and Fine TME. — Justine Irish D. Tabile

PUM tapped to develop coco fiber products

THE Department of Trade and Industry (DTI) has partnered with Dutch organization PUM Netherlands to develop high-value products from coconut husk in Davao.

In a statement on Monday, DTI said that PUM Netherlands has helped 25 coconut-based enterprises and coconut farmers in the region.

“Composed of volunteer senior business advisors, PUM Netherlands has been facilitating several capacity-building and product development initiatives,” the DTI said.

“Their expertise has already benefited around 25 DTI Coconut Farmers Industry Development Plan (CFIDP)-assisted coconut-based enterprises and coconut farmers in the Davao Region,” it added.

According to DTI Regional Director Romeo L. Castañaga, the partnership with the Dutch organization has led to the development of new products such as substrate and growing media out of coconut husk.

These new products, said Mr. Castañaga, are in significant demand in Europe.

The Davao Region is among the top producers of coconut, ranking fourth in terms of areas planted to coconut. It accounts for 13% of national output.

The DTI said that the coconut industry still faces challenges, including low income, low productivity, inadequate technology, low utilization of coconuts and by-products, and lack of new and high-value products.

“We have noted several challenges when venturing into producing and promoting coconut products for horticultural purposes. These range from market access and expansion to technology and innovation and laboratory facilities,” Mr. Castañaga said.

DTI Region 11 has assisted 800 coconut farmers through the CFIDP.

“DTI will focus its support on services related to research, marketing, and market promotion,” it said.

“For this new year, DTI Davao will conduct coconut husk mapping in the region to assess supply. This effort will also include an industry study to identify potential markets for these husk-derived products,” it added. — Justine Irish D. Tabile

Budget consultations start with Cabinet Secretaries 

The iconic façade of the Philippine International Convention Center.

THE Department of Budget and Management (DBM) has started consulting with heads of government agencies in conducting the budget call forum for 2026.

The forum, held at the Philippine International Convention Center in Pasay City, kicks off the preparatory stage for drafting the National Expenditure Program, the DBM said in a statement on Monday.

“The budget call and preparation stage is now officially open. So I hope, you will, in your own departments and agencies, find time to sit down with your technical staff and make sure that once you propose (your budgets)… to have the corresponding submissions and requirements,” Budget Secretary Amenah F. Pangandaman said.

The budget call contains the parameters and procedures that guide agencies in preparing their proposed budgets, the DBM said.

The DBM will also implement the Program Convergence Budgeting (PCB) approach in the preparation of the proposed national budget for 2026.

PCB aims to focus government resources on key programs and projects coordinated across departments.

“It’s quite an addition because it will also be part of our budget process. Dati po, hindi ‘yan inuupuan, nagsa-submit lang and then inililista — para lang po s’yang wishlist (It never used to be discussed, just submitted like a wishlist). But now, it will be part of the budget process,” she said.

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said this approach will promote the effective allocation of fiscal resources.

He said about 5,000 programs, activities, projects (PAPs) are registered each year in the NEDA Public Investment Program (PIP) system.

“Given the sheer number of PAPs that are prepared by various agencies, as well as coordination and information constraints that all agencies confront, it is inevitable that there will be overlaps, duplication, or gaps, even as each agency aligns their proposals with the PDP (Philippine Development Plan) objectives. The PCB approach seeks to mitigate this.” — Aubrey Rose A. Inosante

Vape taxes hit P1.35 billion in first 11 months 

PHILIPPINE STAR/MIGUEL DE GUZMAN

TAX COLLECTIONS from vapor products totaled P1.35 billion in the 11 months to November, according to the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).

OSAPIEA Undersecretary Jose Edwiniel C. Guilas speaking on behalf of Secretary Frederick D. Go, said tax collections from vapes surged last year.

“(That is) more than triple the total collections of P361.6 million for the entire year of 2023,” Mr. Guilas said.

“Similarly, heated tobacco products (HTPs) have generated P590.1 million for the same period, also exceeding the collections of P459 million for 2023,” he added.

He noted the shift towards HTPs and vapes over the years has not been accompanied by appropriate regulation and tax measures.

“The government is taking various steps to address these concerns. This matter has been brought to the Cabinet’s attention to ensure prompt and responsive action,” he said.

“Efforts are focused on properly registering industry players, prioritizing compliance with health standards, and ensuring accurate tax payments in accordance with laws and regulations, ultimately boosting collection,” he added. — Justine Irish D. Tabile

1...873874875...13,033Page 874 of 13,033
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube