by Ferry Bayu | Jul 26, 2024 | Business
Millennials are still Dominating, But Gen Zs are catching up
Millennials remain the backbone of the online taxpayer demographic, contributing nearly 75% of income filings in 2024. This generation, born between 1981 and 1996, continues to be a vital force in driving economic activity and generating tax revenue in the Philippines.
However, Gen Z (born after 1996) online taxpayers are quickly increasing, with their share of income filings rising from 9% in 2023 to 12.7% in 2024. This generation’s growing economic influence is indicative of their early entry into the workforce and their preference for digital solutions in managing their financial responsibilities. Gen Z’s growing participation showcases their adaptability and innovative approach to economic engagement.
Female Millennials alone account for the highest percentage across all categories at 42.9%, followed by Female Gen Z at 10.6%. This indicates a strong presence of female representation in these younger generations within the socioeconomic spectrum.
Informal Employment Rises, as Low Income Earners Experience Downgrade in Socioeconomic Status
Despite facing economic challenges, the use of online tax payments has seen a significant rise. Tax collections through Taxumo have grown by approximately 58.45% year-on-year, reflecting a broader trend towards digitalization and ease of compliance. The Bureau of Internal Revenue (BIR) reported an 11% increase in tax collections in April, surpassing their target by Php35.114 billion.
However, informal employment remains a significant issue, with IBON Foundation estimating that 41.6% of the workforce, or 20.4 million people, are engaged in informal work. This includes domestic workers, self-employed individuals, and unpaid family workers. The prevalence of informal employment underscores the need for more robust economic policies and support systems.
The majority of Poor taxpayers who were Poor last year remained poor (65%.) 41% of individuals in the Low Income category have experienced a decline in their socioeconomic status coming from a higher earning bracket, while 40% have seen an improvement in their socioeconomic status.
None of the individuals in the Rich category have experienced a decline in their economic status, but 44% are newly Rich – finally breaking out of their High Income status from the previous year.
Service Providers are the Top Online Taxpayers
Businesses focused on services, such as events management, travel agencies, and social media agencies, lead the way in online tax filings. The IT & Tech sector also has a strong presence, highlighting a growing technology-driven economy.
For a deeper dive into the insights and recommendations of the 2024 State of Online Taxation report, visit txmo.co/SOOT2024
by Ferry Bayu | Jul 23, 2024 | Business
Simplyfi™, a pioneering force in financial management platform, is honored to welcome Mr. Shanmuga Retnam as the newest member of our advisory board. Mr. Retnam, a distinguished business leader with an illustrious career spanning both the private and public sectors across Asia, brings to Simplyfi™ a wealth of experience and an unparalleled depth of knowledge in smart city development, cross-border strategies, and economic city branding.
As the Executive Co-Chairman of the Vietnam Smart City Consortium (VSCC) and a Partner at MARA (Market Access & Regulatory Affairs) Vietnam, Shanmuga Retnam has been instrumental in promoting local economic development and facilitating trade exchanges within Vietnam and ASEAN. His previous roles include Vice President, Asia Pacific for G3 Worldwide and Chairman of the Data Driven Marketing Association of Singapore (DMAS), where his visionary leadership was recognized with a Minister’s Award by the Prime Minister’s Office (Singapore) in 2010, where he conceptualized the World Cities Summit in 2008.
Retnam’s expertise in fostering sustainable urban projects and his role as a special advisor to Fundacion Metropoli and the Good City Foundation highlight his commitment to enhancing city lives and environments through innovative strategies. His recent initiatives, such as the Vietnam Business Exchange (VBEx) series, underscore his dedication to connecting enterprises across Singapore and Vietnam, strengthening business ties and fostering economic growth.
“Simplyfi™ is privileged to have Shanmuga Retnam join our advisory board,” said Wayne, CEO/Co-Founder of Simplyfi™. “His extensive network, strategic insights, and proven track record in transforming cities and businesses make him an invaluable asset to our team. With Retnam’s guidance, we are poised to navigate the complexities of the ASEAN market more effectively and to drive our mission of delivering innovative financial solutions that empower businesses and individuals across the region”
Retnam’s appointment is a testament to Simplyfi™’s commitment to excellence and our vision for a connected, sustainable future. We look forward to his contributions and are excited about the possibilities his involvement brings to our strategic direction and growth.
by Ferry Bayu | Jul 23, 2024 | Business
Who: The Mindfulness Academy, an initiative by the Centre for Mindfulness (Singapore)
Where: Singapore, with a global reach.
When: Launch announced on July 19, 2024.
What: Offering internationally accredited mindfulness training programs, including:
- MTT – Mindfulness Teacher Training
- MOCP – Mindfulness-Oriented Counselling & Psychotherapy Training
- OMF – Organisational Mindfulness Facilitator Training
- SMF – Schools Mindfulness Teacher Training
How: Provide flexible learning paths and interactive live classes accredited by the International Mindfulness Teachers Association (IMTA), integrate Eastern and Western practices, and focus on social intelligence through mindfulness.
Additional Information:
- The flagship MTT program has trained many mindfulness teachers in the past nine years, benefiting various community sectors.
- Courses are evidence-based and designed by experts with extensive experience in psychology, counseling, mindfulness, and Eastern philosophies.
- Faculty members have over five years of mindfulness expertise and diverse specialized knowledge.
- The Centre for Mindfulness is renowned in Singapore and Asia for its impactful mindfulness programs and research.
Singapore, July 19, 2024 – The Mindfulness Academy, an initiative by the Centre for Mindfulness (Singapore), proudly announces its launch, offering internationally accredited mindfulness training programs. Accredited by the International Mindfulness Teachers Association (IMTA), the Academy provides comprehensive certification and professional development courses, such as:
MTT – Mindfulness Teacher TrainingMOCP – Mindfulness-Oriented Counselling & Psychotherapy TrainingOMF – Organisational Mindfulness Facilitator TrainingSMF – Schools Mindfulness Teacher Training
The Academy offers flexible learning paths and interactive live classes to equip professionals to teach mindfulness to diverse populations, catering to the growing and varied demand for quality in the field of Mindfulness Teaching. The unique approach of the Academy seamlessly integrates Eastern and Western practices and focuses on creating social intelligence using mindfulness.
The flagship MTT program, which has been offered for nine years, has successfully trained over 50 compassionate and skilled mindfulness teachers in the East and West. These teachers have significantly enhanced community well-being through programs for schools, special needs students, employees, managers, leaders, seniors, and people with medical needs.
The Academy courses are evidence-based, reflecting the latest research, and designed by experts with 15-20 years of experience in psychology, counseling, mindfulness, Eastern philosophies, and other well-being disciplines. The faculty members, each with over five years of mindfulness expertise, bring diverse backgrounds and specialized knowledge.
The Centre for Mindfulness is renowned in Singapore and Southeast Asia for its impactful mindfulness programs and research. The visionary founder, Dr. Kathirasan K, says, ‘With the launch of the Academy, we are expanding our reach globally, committed to cultivating embodied, socially driven and skilled mindfulness teachers.’
by Ferry Bayu | Jul 20, 2024 | Business
Media and information literacy (MIL) has become a crucial ability for people of all ages in today’s fast-paced digital world. Imagine yourself standing at the shore of a vast ocean. News stories, social media posts, videos, and even chats with friends are all carried in waves that crash all around you. It may be both thrilling and overwhelming to wade through this ocean of knowledge. How do you decide which waves to surf and which ones to avoid?
This is where media and information literacy come in. It’s like a lifeguard, teaching you the skills you need to navigate the information ocean. A MIL gives you the skills necessary to be an informed producer and consumer in the modern digital world, as learning to swim keeps you safe in the sea.
So, what exactly is MIL? It’s a combination of knowledge, skills, and attitudes that help you:
Access: To do your due diligence about the sources of your information.
Analyze: Think about the information you encounter. Is it accurate? Biased? Does it make sense considering other sources?
Check: Decide how trustworthy the information is and how you can use it.
Create: Learn how to use diverse media types, such as presentations or posters to share your ideas.
Engage: Recognize the possible hazards and obligations associated with using technology and information.
Why is MIL so important?
We are exposed to information in today’s environment. Some of it is false, ineffective, or even dangerous. MIL gives you the tools to: sort through the clutter and locate the information that matters.
Make informed decisions: Whether it’s choosing a movie to watch, researching a school project, or forming an opinion on a current event, It helps you make wiser choices based on reliable information.
Become a responsible citizen: In a healthy democracy, citizens need to be able to think and engage in constructive dialogue. MIL facilitates communication, understanding of various viewpoints, and participation in both online and offline communities.
Learning MIL is a continuous journey, like learning to swim. As you explore the information ocean, you’ll encounter new challenges and opportunities. You can develop into an informed and capable information age navigator by using your MIL talents and maintaining your curiosity.
Remember, everyone can learn and enjoy MIL. Ask credible people about resources that can support the growth of your media and information literacy. By working together, we can create a world where everyone has the tools they need to thrive in the ever-changing ocean of information.
Coach Boost Gio
by Ferry Bayu | Jul 19, 2024 | Business
Lipstick sales surged in early 2024, driven by e-commerce growth and a preference for long-lasting products like Maybelline’s “Superstay Matte Ink.” Shopee dominated with a 77.3% market share, while local brands like Wardah also saw significant gains in Indonesia’s beauty market. Magpie E-commerce Intelligence provides insights for businesses to capitalize on these trends.
Jakarta, 19 July 2024 – The beauty category in e-commerce continues to show incredible growth. According to research by Magpie E-commerce Intelligence, there has been an 8% sales surge compared to the same period in 2023.
In 2024, the beauty industry is on the rise again. In the lip market alone, it is projected to reach USD 22.17 billion globally and USD 359.3 million in Indonesia. “This makes it a very attractive market for brands to keep improving their products to meet the demands of beauty enthusiasts,” said Wilhendra Akmam, CEO of Magpie.
In fact, e-commerce has become one of the most preferred platforms to purchase lip products. In Indonesia, 82% of beauty enthusiasts prefer e-commerce to buy their favorite products.
Lip Market Performance Overview
GMV growth of Lip Category
The Gross Merchandise Value (GMV) of the lip market reached IDR 516.6 billion. With 16.7 million products sold on Shopee and Tokopedia, this surge explains why the lip market has been on fire lately. “However, there has been a 14.7% decrease compared to Q3 2023, which reached IDR 605.8 billion,” stated Wilhendra.
Market Share by E-commerce
E-commerce market share of the Lip category
The overall share shows that Shopee dominated the market from January to March 2024 with a 77.3% share, leaving Tokopedia with only 22.7%. Despite Shopee’s dominance as the preferred marketplace, Tokopedia showed more growth compared to Q4 2023. Tokopedia saw a 2.5% increase in GMV, while Shopee experienced an 18.7% decrease.
Market Share by Brand
Brand market share by e-commerce
Maybelline became the winner of this market, leading on both Shopee and Tokopedia in Q1 2024. Although Maybelline holds a larger market share on Tokopedia, they generated twice as much GMV on Shopee compared to Tokopedia.
Local brands like Wardah and Hanasui also showed incredible growth during this period, securing spots in the Top 5 on both marketplaces, showing that different segments on each platform could influence market preferences.
Top-Selling Lip Category and Products
Brand market share by category
The lipstick category dominated the lip products market on both e-commerce platforms, reaching a 91.5% share. Meanwhile, the shares of lip balm and lip treatment products were higher on Shopee than on Tokopedia, showing that more people preferred Shopee as their favorite.
The lip cream category became the favorite in Q1 2024. The top three products in this category were claimed to be “long-lasting” lip cream products. In fact, Maybelline’s long-lasting products, such as “Superstay Matte Ink” and “Superstay Vinyl Ink,” topped the list.
The top three products in the lip balm and lip care category were priced below IDR 100k, with the most affordable products coming from The Originote. “Interestingly, these affordable products contributed more to the market due to their popularity in bulk purchases,” added Wilhendra.
Thumbnail Picture by: phkorotkova on Canva
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