by Penny Angeles-Tan | Jul 23, 2023 | Business
Metro Manila’s middle-class Gen Zs and Millennials have expressed growing concern over the impact of inflation during the second quarter of 2023, according to a survey conducted by the Nomura Research Institute (NRI) Singapore-Manila Branch. The survey, which was conducted from May to June, revealed that a staggering 94% of respondents felt the effects of inflation during this period.
The rising costs of essential goods and services, such as food, transportation, fuel, and utilities, have forced these young adults to make cuts in their non-essential spending, including leisure and entertainment expenses.
Among the respondents, 60% reported that the continuous price increases had the greatest impact on their food and beverage expenses, followed by transportation and fuel costs at 15%, and utilities, such as electricity, water, and internet bills, at 14%. Additionally, an overwhelming 83% of participants stated that they had reduced their spending on non-essential goods, while 79% found it necessary to cut back on leisure and entertainment expenses.
SM Megamall Fashion Hall
The survey also highlighted the financial challenges faced by this demographic. Approximately one-third of respondents (32%) reported being unable to save over the past 6 to 12 months. For those who managed to save, 44% saved a lower percentage of their income. The persistent inflationary pressures have led 38% of respondents to adjust their savings goals by either reducing the target amount or delaying their timelines. Similarly, 47% of participants had to adjust their savings plans.
To cope with the financial strain, many respondents have turned to loans. Of the surveyed individuals, 71% reported having outstanding loans. To augment their incomes, 43% of respondents resorted to taking out additional loans in the past year. Among those who already had loans, 58% had to cut back on other expenses to meet their loan obligations, while 19% were forced to delay payments.
The survey also revealed that 41% of respondents possessed credit cards. Personal loans were the most prevalent type of loan, accounting for 30% of respondents, followed by alternative installment loans and salary loans, each representing 19%, respectively.
Regarding investments, 52% of respondents had existing investment portfolios. Among these, mutual funds and stocks were the top investment products, chosen by 18% of participants each. However, due to the inflationary pressures, 12% of respondents had to partially liquidate their holdings for increased liquidity, and a minimal 1% sold off their entire investment portfolio.
Given the challenges posed by inflation, respondents have adopted diverse coping strategies. A notable 94% expressed concerns that continuous price increases would persist over the next 6 to 12 months. Consequently, 91% of participants felt the need to explore additional income streams. To adjust to the current economic situation, 86% of respondents planned to continue cutting back on expenses, while 73% intended to reduce their spending on entertainment and leisure activities.
Regarding savings, 34% of participants expressed plans to increase their savings allocations to better prepare for the future, while 33% aimed to maintain their current savings pattern. However, 16% of respondents planned to reduce their monthly savings allocation due to inflationary pressures.
The survey also shed light on borrowing habits, with 46% of respondents indicating that they were less likely to take out loans, while 28% stated they were more likely to acquire additional loans.
Regarding investments, 12% expressed a desire to explore risky investments to achieve high returns over the next 6 to 12 months. Meanwhile, 40% considered more conservative options. Notably, 30% said they would avoid investing altogether, while 18% aimed to maintain liquidity.
The online survey conducted by the NRI Singapore-Manila Branch included 295 adults from Metro Manila, consisting of 92 Gen Zs and 203 Millennials from the middle class. The participants had monthly individual income ranges of PHP 13,000 to PHP 41,000 and PHP 41,001 to PHP 163,000.
As inflation continues to impact the daily lives and financial well-being of Metro Manila’s middle-class Gen Zs and Millennials, it is clear that they are actively seeking ways to navigate these challenges and secure their financial futures.
by Penny Angeles-Tan | Jul 7, 2023 | Business
The Manila Hotel, a symbol of elegance, grandeur, and Filipino hospitality, proudly celebrates its 111th anniversary. Since its founding in 1912, the Grand Dame has been an iconic landmark reflecting the rich history and heritage of the Philippines. To commemorate this significant milestone, The Manila Hotel is delighted to present exciting offers to its valued patrons.
111 Memories at The Manila Hotel
The Manila Hotel invites guests and patrons to share their cherished memories at the hotel over the years, whether it’s a captivating photograph of their celebration or a memorable keepsake with a heartwarming story. Participants can submit their entries on the hotel’s official website from July 4 to 18. The first 111 entries will each receive a regular Prestige card, while the Top 11 entries, selected by a set of judges, will each receive a staycation voucher and an exclusive The Manila Hotel coffee table book.
Experience Luxury at the Presidential Suite
As part of its anniversary celebration, The Manila Hotel is offering a luxurious stay in its Presidential Suite. From the spacious living area to the elegantly designed rooms and breathtaking views of Manila Bay and Intramuros, every corner of the Presidential Suite exudes elegance and comfort. For a special rate of PHP 111,000+++ per night, guests can enjoy an overnight stay, a buffet breakfast in Café Ilang-Ilang for six (6) persons, a complimentary mini-bar, and a 24-hour butler service.
The booking period is from July 4 to 31, while the stay period is from July 5 to December 30. For bookings and inquiries, guests can call 632 8527 0011 local 1174-1179 or email re***@************el.com. Terms and conditions apply.
The Manila Hotel: True Heart of the Philippines
Discover the captivating story of The Manila Hotel through its exquisite coffee table book. This visual journey showcases nostalgic photographs, architectural splendor, fascinating anecdotes, and remarkable stories that celebrate the Grand Dame’s 111 years of history and heritage. Available for purchase at The Manila Hotel’s gift shop, the coffee table book serves as a treasured keepsake for guests, history enthusiasts, and admirers of the hotel’s enduring charm.
“As we celebrate our 111th anniversary, we look back on our storied past with pride and gratitude. The Manila Hotel has been an integral part of Philippine history, and it is an honor to continue our tradition of providing exceptional experiences to our valued guests. We are thrilled to share this momentous occasion with our patrons and invite them to join us in celebrating our cherished memories and timeless heritage,” Marvin Kim Tan, The Manila Hotel’s Director of Sales & Marketing, expresses his gratitude to guests for their unwavering support throughout the years.
For more information about The Manila Hotel’s 111th-anniversary offers, please call 632 527 0011, email in**@************el.com, or visit www.manila-hotel.com.ph/.
About The Manila Hotel
The Manila Hotel is situated in the heart of the City of Manila. Defined by its history, elegance, and world-class service, The Manila Hotel maintains to be the choice hotel of the most distinguished clientele. Over the years, The Manila Hotel continuously provides the best services and amenities for a truly memorable experience. It has more than 500 well-appointed rooms and 22 function rooms including three (3) ballrooms.
Apart from these, the hotel offers five-star relaxation and wellness experiences with the Manila Hotel Spa, adult and children’s pools, and Manila Hotel Health Club. The hotel is home to the Heritage Museum, a treasure trove of priceless memories that narrate its illustrious past. It also has an Art Gallery which offers a window into a contemporary world, captured through the objective point of view of different artists.
It has six (6) dining outlets, each offering a unique culinary adventure: Café Ilang-Ilang which is a favorite spot for its extensive selection of International buffet delights; Champagne Room with its Old European style fine dining and also hailed as the most romantic room in Manila—it features European cuisine in a posh, fine-dining setting; Tap Room, an Old English pub-inspired outlet where one can enjoy an evening of live music; Lobby Lounge which is ideal for casual dining, aperitif, post-dinner nightcaps, or leisure meetings; Red Jade, a fine dining restaurant that serves authentic Chinese cuisine; and Delicatessens that offers the hotel’s signature pastries, breads, chocolates, and pralines.
by Penny Angeles-Tan | Jul 5, 2023 | Business
Record-Breaking Store Openings. The Jollibee Group opened 23 stores of Burger King in 2022, the highest number of store openings in a single year for Burger King in the Philippines.
The Jollibee Group is focused on strengthening the performance of its foreign franchised brands in the Philippines as part of its growth plans.
“We aim to become the leading market developer of foreign restaurant brands in the country. By leveraging our brand portfolio to provide diverse offerings for various market segments at different price points, and strategically expanding our store network, Burger King, Yoshinoya, and Panda Express are expected to continuously contribute to the sustainable growth of our domestic business,” said Joseph Tanbuntiong, Jollibee Group Country Head for Philippine Business.
Store Openings
As part of the company’s expansion efforts in 2022, Burger King opened 23 stores, which is the highest number of store openings in a year. It also opened its 125th milestone store in 2022 and five Bike ‘n Dine stores located in Shaw Wack-Wack San Juan; Visayas Ave. Quezon City; Vermosa in Imus, Cavite; Alabang-West in Muntinlupa; and Carmona Cavite.
In 2022, the Jollibee Group also relaunched Japan’s world-famous Beef Bowl Chain, Yoshinoya. This is its first-ever Japanese food chain, making it a strong addition to the foreign franchised brands currently operated by the company. Yoshinoya serves a beefed-up menu in a newly redesigned contemporary and casual Japanese space headlined by their world-famous gyudon or beef bowl.
Successful Relaunch. The Jollibee Group successfully relaunched Yoshinoya in the Philippines with a refreshed store design and menu offering.
Last year, Yoshinoya opened four stores and renovated three existing stores. The Jollibee Group formed a 50-50 joint venture with YIPI—the Philippine subsidiary of Asia Yoshinoya International Sdn. Bhd. and Yoshinoya Holdings Co. Ltd. in June 2021. The said partnership established Yoshinoya Jollibee Foods, Inc., which operates the Yoshinoya stores in the country and plans to expand Yoshinoya’s store network to 50 stores in the long term.
Meanwhile, Panda Express opened ten stores last year, five of which were the first in its host cities—Robinsons Place Ermita in Manila, SM Southmall in Las Piñas, Betterliving in Parañaque, Shell SLT in Muntinlupa, and Greenhills in San Juan. In February 2023, Panda Express opened its first drive-thru restaurant in Asia with the launch of its Sumulong Highway branch. This new location in Marikina City also marks Panda Restaurant Group’s 100th international restaurant. Panda Restaurant Group, Inc. (PRG) and the Jollibee Group formed JBPX Foods, Inc., a joint venture in 2019 to bring the world’s largest American Chinese dining concept to the Philippines.
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Milestone Opening. The first drive-thru store of Panda Express in Asia was opened by the Jollibee Group in Marikina City. This also marks the brand’s 100th international branch.
Exciting Product Offerings
The Jollibee Group’s thrust with its foreign franchised brands is to bring an authentic experience to Filipinos. Apart from this, the Jollibee Group also provides menu offerings that are either unique to the Philippine market or among the best performing for these franchised brands in the region and the world.
On top of its iconic entree, the Original Orange Chicken®, Panda Express introduced Kung Pao Fish last year for the season of Lent. Its Beef Broccoli and Honey Walnut Shrimp are also among the best-selling dishes in the region. Meanwhile, Yoshinoya—with its signature beef bowl—also offered dishes that Filipino foodies can enjoy such as Tempura, Karaage, and desserts like Mochi Matcha Ice Cream and Coffee Jelly.
Burger King Philippines was also acknowledged as having one of the best-in-class launches in Asia for its new product Chicken King. Other exciting new products that guests enjoyed for a limited time last year were Cheese Bites, Plant-Based X-tra Long Chicken, Spicy Chicken King, Spicy Chicken Nuggets, and Truffle Whopper.
For this year, the Jollibee Group is set to open more stores for Burger King, Yoshinoya, and Panda Express. These new store openings form part of the company’s goal to become one of the top five restaurant companies in the world.
“Our thrust is to bring the original experience of these popular brands to the Filipino people. I am confident that with the success of our foreign franchised brands, and with the continued support of their fans, Jollibee Group will succeed in achieving its long-term growth plans,” Tanbuntiong added.
by Penny Angeles-Tan | Jun 28, 2023 | Business
The Jollibee Group’s Global General Counsel & Ethics Head and Compliance Officer Atty. Valerie Feria Amante was named the In-House Lawyer of the Year by the 19th Annual Asian Legal Business (ALB) Southeast (SE) Asia Law Awards 2023. Amante is the only Filipino individual awardee this year.
The ALB SE Asia Law Awards 2023, judged by an independent panel of senior and expert legal industry leaders from various sectors across the region, recognizes the exceptional performance of private practitioners and in-house counsel in SE Asia.
“I am honored to have been recognized as In-House Lawyer of the Year for Southeast Asia. I have always believed that Filipinos can stand proud alongside the best in the world, and I am happy to be one of many examples showing this to be true,” said Amante.
As the Global General Counsel & Ethics Head and Compliance Officer of the Jollibee Group, Amante leads a team of 19 lawyers and 10 paralegals spanning six countries: the Philippines, China, Vietnam, the USA, Singapore, and Ireland.
“This award represents the work of the great team of lawyers and paralegals across our offices in six countries that comprise the Legal organization in the Jollibee Group, as well as the collaboration of colleagues from different functions and businesses,” she expounded.
Rewarding in-house legal career
Amante has been with the Jollibee Group for over 16 years and has led the development of the legal, ethics, and compliance functions as integral components in Jollibee Group’s growth and expansion.
“Building an effective multinational legal organization to ensure our businesses everywhere have access to quality support; setting standards, policies, and processes to facilitate legal consistency and alignment globally, balanced with agility and flexibility locally; creating and disseminating tools to empower people and manage legal risks at scale; and providing our team’s perspective in conversations at all levels to enable legally-informed business decisions — all contribute to making legal, ethics and compliance integral to the Jollibee Group’s way of doing business,” Amante added.
Amante graduated as a Salutatorian of the University of the Philippines College of Law in 2000 and placed 7th in the Philippine Bar Examinations of the same year. After starting her career in a large law firm and another publicly listed company, she joined JFC in 2007. 2016 she was awarded the ALB Philippine In-House Lawyer of the Year. This time, she won the In-House Lawyer of the Year award for SE Asia.
“My inclusion is a direct result of the meaningful, high-impact, and interesting work that I have had the opportunity to do in the Jollibee Group, and the support that JFC has given me to continuously grow and elevate the function,” Amante said.
Inclusive legal organization
“We are committed to equal opportunities and hiring based on merit. Over 70% of the legal organization in the Jollibee Group are women, and two lawyers, including myself, are Persons with Disability (PWD),” Amante said.
Asked for her piece of advice to young lawyers, Amante said: “Anchor yourself on integrity and excellence. Know your values and priorities, and act accordingly. Treat everyone – including yourself – with respect. Also, having a sense of humor helps!”
by Penny Angeles-Tan | Jun 9, 2023 | Business
HP recently launched the HP GCash ‘back-to-school’ promo, an annual tradition eagerly anticipated by parents and students alike as the new school year looms. Small wonder since shoppers get an incredible opportunity to earn up to P6,000 in GCash cashback when they purchase selected HP Laptop PCs, including the powerful and cutting-edge Victus 15 laptop.
Through the years, HP has recognized the importance of providing top-quality devices to students as they gear up for a new school year. This exclusive promotion allows families to reinvest their substantial cashback rewards into other essential back-to-school items, such as textbooks, stationery, and school uniforms.
State-of-the-art Victus 15 laptop
At the heart of the promotion lies the state-of-the-art Victus 15 by HP laptop—a sleek and powerful device designed to tackle heavy academic workloads while delivering an exceptional gaming experience. Equipped with an AMD Ryzen™ processor and NVIDIA graphics, the Victus 15 by HP can effortlessly handle even the most demanding applications and games. Meanwhile, its large, high-quality display makes it perfect for educational videos, school projects, and occasional online classes.
The Victus 15 by HP laptop offers more than just impressive hardware. It boasts a long-lasting battery, ensuring students can rely on it throughout the day. Its comfortable keyboard and trackpad are ideal for composing assignments and working on research papers. Additionally, the Victus 15 by HP provides a range of ports and connections, enabling seamless integration with other devices such as printers, external storage, and extra monitors.
Other HP laptop PCs on tap
While the Victus 15 by HP takes center stage, the HP GCash Back-to-School Promo extends to a wide selection of other HP laptop PCs. Whether students require lightweight models for their on-the-go lifestyle or high-performance machines for graphics-intensive projects, HP has them covered. Some of the best-selling models of the HP Smart Tank printer are likewise included in the promotion, ensuring students can achieve seamless integration and maximize productivity throughout the new school year.
To participate in the HP GCash Back-to-School Promo, interested individuals can check out the official HP website or visit authorized HP retailers in nearby malls. Detailed information about participating products, the redemption process, and the terms and conditions can be found on the dedicated promo page.
To learn more about this promo, please visit the HP Philippines Facebook page for details.
Promo is from May 25 until July 31, 2023. Per DTI Fair Trade Permit No. FTEB-167737 Series of 2023.
by Penny Angeles-Tan | May 13, 2023 | Business
SunAsia Energy Inc. and Blueleaf Energy have secured contracts from the Philippine government to build and operate the world’s largest floating solar project in the Philippines, which has a cumulative capacity of over 610.5 megawatts (MW).
The move is viewed as a milestone in the country’s energy sector, with the Department of Energy (DoE) issuing the first set of Solar Energy Operating Contracts (SEOCs) for a total of 1.3 gigawatts (GW) in floating solar projects.
In September 2022, Blueleaf Energy, a stand-alone portfolio company of Macquarie, signed a Letter of Intent (LOI) during President Ferdinand Marcos Jr.’s state visit to Singapore. The company made a commitment to significantly increase its sustainable infrastructure investments in the Philippines.
In partnership with SunAsia Energy, Blueleaf Energy is jointly developing the large-scale floating solar facility on Laguna Lake, spanning the growing cities of Calamba, Sta. Rosa and Cabuyao, and the towns of Bay and Victoria.
During the contract turnover ceremonies, Energy Secretary Raphael Lotilla reiterated his promise to strengthen the renewable energy sector and declared the DoE’s strong support for the commercialization of floating solar facilities as an emerging technology.
Australian Ambassador HK Yu PSM and Singaporean Ambassador Gerard Ho Wei Hong were among those who attended the event at the DoE office in Makati City. The program echoed the need to accelerate the realization of the country’s decarbonization targets by 2040.
Raghuram Natarajan, CEO of Blueleaf Energy, said that “as an active investor in sustainable infrastructure in the Asia Pacific region, we believe the Philippines holds great potential to add significant renewable energy capacity to its energy mix and at the same time delivering green energy at an affordable cost compared to fossil fuels.”
The recent announcement of the removal of foreign ownership restrictions, Mr. Natarajan said, “is an important step in attracting the much-needed foreign direct investments in Philippine Renewable Energy (RE) sector to accelerate the energy transition for meeting the country’s decarbonization and net zero targets.”
After the signing of the SEOCs, Blueleaf Energy’s top executive said his company would push for cooperation among public and private stakeholders to ensure the successful development of the project.
This will “not only contribute to the country’s RE goals but also spark green job growth locally during construction and the long-term operations of these floating solar projects, enable local supply chains through the manufacturing of critical components, and bring about notable benefits to the local community,” Mr. Natarajan said.
The SEOC is a testament to the viability of this emerging technology. Tetchi Capellan, president and CEO of SunAsia Energy, noted that “land use is becoming a big issue for renewables.”
“People are worrying about competing uses of land, and in some markets, you might struggle to find land,” Capellan said. “There is a strong incentive to build on water as the Philippines gears up for an ambitious 46 GW solar energy installations in 2040 and at the same time, increase power supply in the country.”
She said that this first 610MW floating solar project “is our collective legacy, our immeasurable contribution to the body of knowledge in the renewable energy space and to the growing solar energy installations worldwide.”
“Once built, we are certain that it will stand as one of the engineering wonders of the world. It will capture the imagination of developers, it will be published in multiple journals, shared in social media, visited by hundreds of practitioners, and studied by academics,” Capellan added.
Since 2019, SunAsia Energy has been operating a testbed on Laguna Lake to study the behavior of waves, the movement of wind, the intensity of the sun, as well as the variability of the temperature in the locality. The wealth of experience has contributed to the growing knowledge of floating solar panels on the lake.
SunAsia Energy further explained that like land-based systems, floating solar panels generate electricity from the sun’s rays. But the bodies of water that these farms rest on also help to cool the panels, allowing them to be more efficient than terrestrial solar, according to the Environmental and Energy Study Institute.
Solar-on-water will definitely boost clean power as the world races to cut carbon emissions. Massive solar farms can now be found atop bodies of water in South Korea, Japan, China, Thailand, Singapore, and Portugal.
Developing solar-on-water projects, in the country’s largest lake, will help achieve not only the government’s ambitious decarbonization target but also much-needed power to run industries, light homes, and energize cities.
More importantly, it will be a legacy of the Philippines to the global renewable energy space, SunAsia Energy said.
In the last two decades, Blueleaf Energy has developed and built almost 2 GW of solar capacity across the globe, including 250 MW in the Philippines. It currently has over 7 GW of solar, wind, and storage projects project pipelines across the Asia Pacific region.
SunAsia Energy, a developer of sustainable solar energy in the country, has since its inception in 2013 partnered with various entities to develop solar projects including the 60 MWp Toledo solar project in Cebu and the 20 MWp Dagupan solar project in Pangasinan.
About Blueleaf Energy
Blueleaf Energy is a leading Pan Asian Renewable energy platform that develops, finances, owns, and operates renewables and storage assets to accelerate the energy transition towards net zero and beyond.
Committed to upholding the highest environmental, social, governance, and safety standards, Blueleaf Energy serves both corporate and industrial consumers and large utilities, providing our customers access to competitive and green energy mixes and solutions to achieve their sustainability targets.
Blueleaf Energy has a development pipeline of solar, wind, and storage projects in excess of 7 GW and a historical track record of developing and building 2 GW of capacity globally which includes over 500 MW in the Asia Pacific. Blueleaf Energy is a portfolio company of Macquarie’s Green Investment Group (GIG), operating on a standalone basis. In the Philippines, Blueleaf Energy is managed by the Macquarie Capital operating group of the Macquarie Group.
SunAsia Energy
SunAsia Energy Inc. is a pioneer renewable energy developer in the Philippines harnessing the power of the sun to provide environmental and business solutions. Founded in 2013 by innovative entrepreneurs from real estate and agriculture, SunAsia Energy continues to deliver megawatts of clean electricity in support of the energy security goals of the country and contribute to global efforts to transition toward a net-zero carbon emission future.
To cope with the financial strain, many respondents have turned to loans. Of the surveyed individuals, 71% reported having outstanding loans. To augment their incomes, 43% of respondents resorted to taking out additional loans in the past year. Among those who already had loans, 58% had to cut back on other expenses to meet their loan obligations, while 19% were forced to delay payments.
Regarding savings, 34% of participants expressed plans to increase their savings allocations to better prepare for the future, while 33% aimed to maintain their current savings pattern. However, 16% of respondents planned to reduce their monthly savings allocation due to inflationary pressures.
The Manila Hotel invites guests and patrons to share their cherished memories at the hotel over the years, whether it’s a captivating photograph of their celebration or a memorable keepsake with a heartwarming story. Participants can submit their entries on the hotel’s official website from July 4 to 18. The first 111 entries will each receive a regular Prestige card, while the Top 11 entries, selected by a set of judges, will each receive a staycation voucher and an exclusive The Manila Hotel coffee table book.
As part of its anniversary celebration, The Manila Hotel is offering a luxurious stay in its Presidential Suite. From the spacious living area to the elegantly designed rooms and breathtaking views of Manila Bay and Intramuros, every corner of the Presidential Suite exudes elegance and comfort. For a special rate of PHP 111,000+++ per night, guests can enjoy an overnight stay, a buffet breakfast in Café Ilang-Ilang for six (6) persons, a complimentary mini-bar, and a 24-hour butler service.
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While the Victus 15 by HP takes center stage, the HP GCash Back-to-School Promo extends to a wide selection of other HP laptop PCs. Whether students require lightweight models for their on-the-go lifestyle or high-performance machines for graphics-intensive projects, HP has them covered. Some of the best-selling models of the HP Smart Tank printer are likewise included in the promotion, ensuring students can achieve seamless integration and maximize productivity throughout the new school year.
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