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Tag: manila

  • United Nude Philippines debuts in Manila

    United Nude Philippines debuts in Manila

    Dutch shoe retailer United Nude Philippines has announced its first store will be at Resorts World.

    The brand was established in 2003 by architect Rem D Koolhaas and Galahad Clark. Without any fashion experience, Koolhaas applied his existing design experience to creating new, avant-garde shoes.

    According to Koolhaas, “We ended up breaking the rules of shoe design, not for the sake of breaking them, but simply by not knowing them.”

    The brand’s most successful product is the Mobius shoe, with a single contiguous strip for the sole and heel. Similar architecture-inspired design features are now the brand’s trademark style.

    “From the beginning, something that’s very important for us is that we design for a much larger group of people who have great interest for design, and not so much for trends or following trends but for people who have their own style,” says Koolhaas.

    “As designers, we do our best to (at the same time) innovate and experiment. But on the other hand just to create something that’s good enough to last for longer.”

    United Nude Philippines will open at Newport Mall, Resorts World, in Manila in September.

  • Off-White Is Opening a New Store In Manila, Phillippines

    Off-White Is Opening a New Store In Manila, Phillippines

    After the opening of designer Virgil Abloh’s store in Vancouver, Off-White has finally announced its next location will be Manila in the Philippines.

    It will be the first Off-White retail store to open in Asia for four years.

    An official announcement via Instagram shows August 1 as the date for the probable opening. The store will be in Hidalgo Drive, Makati City.

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  • Data privacy of Jollibee customers at risk

    Data privacy of Jollibee customers at risk

    The National Privacy Commission (NPC) gave popular fast-food chain Jollibee Foods Corp. (JFC) 10 days to come up with a plan to rehabilitate the vulnerabilities in its website, which, if exploited, could expose the data of millions of patrons.

    About 18 million people are at “high risk” of having their data exposed to harm, given that they are currently under Jollibee’s vulnerable online delivery database.

    In response to this, NPC ordered a handful of measures to be implemented by the company, including the suspension of JFC’s online delivery system until the site’s vulnerabilities are addressed.

    According to an NPC media advisory, the commission already sent JFC the official order on Tuesday afternoon, launching the 10-day countdown.

    NPC told the popular fast-food chain to come up with a security plan within 10 days, which would “ensure the integrity and retention of the database and its content.”

    On top of this, NPC also ordered JFC to “employ privacy by design” in reengineering JFC Group’s data infrastructure. Jollibee should also conduct a new privacy assessment, while filing a monthly progress report until the issues in the system are addressed.

    When asked what kinds of personal information were accessed, Francis Euston Acero, who leads NPC’s Complaints and Investigations Division (CID), said that the government hid which data were at risk on purpose.

    Nevertheless, he said it was the same as Wendy’s Philippines, another fast-food chain that faced similar privacy concern. The difference, however, is that Wendy’s had been breached, while JFC only has the potential to be hacked given the vulnerabilities.

    “We withheld that information deliberately because giving that information would give potential attackers avenues in,” he said in a previous phone interview with the Inquirer.

    JFC data protection officer J’Mabelard M. Gustilo first notified NPC about the risk in December last year, when then-unknown people were able to gain access to its delivery website.

    Upon investigation, NPC’s Complaints and Investigation Division (CID) found out that this was a result of a proof-of-concept initiative by a marketing public relations team “who made representations to a domestic cybersecurity firm.”

    CID later invited the cybersecurity firm, who said they noticed a “security gap” within the system.

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  • DFPC opening two stores

    DFPC opening two stores

    uty Free Philippines Corporation (DFPC) plans to open a luxury store at the SM Mall of Asia complex in Pasay City next month, plus an outlet at Ninoy Aquino International Airport in Manila.

    DFP Luxe Store at SM and Landslide Store at the airport’s Terminal 3 will be the government corporation’s largest shopping outlets.

    DFPC COO Vico Angala says the 4200sqm Luxe Store “will set a standard for the affluent market, especially in Southeast Asian countries”.

    The multilevel outlet will include boutiques and shops offering high-end imported goods and a retail mix including labels such as Bally, Coach, Ferragamo and Michael Kors.

    Meanwhile, in the airport’s arrival lobby, the Landslide Store will offer chocolates, perfumes, liquor, tobacco and grocery items.

  • Fast Food Giant Jollibee To Acquire Tim Ho Wan Franchises In APAC

    Fast Food Giant Jollibee To Acquire Tim Ho Wan Franchises In APAC

    Jollibee Foods (JFC) announced yesterday that it would invest US$33.4 million (S$45 million or Php 1.74 billion) in a private equity fund that is set to acquire the master franchise of Tim Ho Wan in the Asia Pacific.

    In a disclosure to the Philippine Stock Exchange, Jollibee said that it would account for 45 per cent of the total committed investments in Titan Dining LP, which is worth S$100 million.

    According to Jollibee, Titan has a binding agreement to acquire 100 per cent of the Asia Pacific master franchise holder of the Tim Ho Wan brand, Tim Ho Wan Pte Ltd (THWPL) and its affiliate Dim Sum Pte Ltd, which owns and operates Tim Ho Wan stores in Singapore.

    “Titan may eventually add other brands in the food service sector to its portfolio, with the objective to grow strong Asia-Pacific food service brands across multiple geographies and markets, and to bring strong global food service brands to Asia Pacific,” according to JFC.

    JFC chairman Tony Tan Caktiong trusts that this investment will bring “very healthy financial returns” to Jollibee.

    “Our long-term investment in Tim Ho Wan is in line with JFC’s mission to serve great-tasting food and spread the joy of eating to everyone,” he said.

    The deal will combine Tim Ho Wan’s Michellin-starred barbecue pork buns with Jollibee’s stable of Chinese restaurants: Chowking in the Philippines, and Yonghe King and Hong Zhuang Yuan in China.

    The trio of Chinese restaurants accounted for 23 percent of system-wide sales last year, said Jollibee.

    Jollibee, the largest fast food company in the Philippines, has been on an acquisition and expansion spree overseas.

    It recently secured US government’s approval for its acquisition of more shares in Colorado-based burger joint Smashburger.

    It also opened its first European store in March, and a third outlet in Canada in April.

    Due to aggressive store openings, Jollibee said that its net income rose 17.3% to 1.8 billion pesos (US$3.47 million) in the first quarter from a year ago as total sales rose 19.3% to 46 billion pesos.

    Now, Jollibee has the option to acquire “substantial ownership” of the Tim Ho Wan master franchise in the Asia Pacific after the term of Titan Dining ends in 7 years.

    It also said that it would operate as a Tim Ho Wan franchisee in Shanghai to prepare for that possibility.

    Tim Ho Wan currently has franchisee in Cambodia, Indonesia, Japan, Macau, Taiwan, Thailand, Vietnam, Australia, and the Philippines; with an expansion development in the works in the Asia Pacific region.

    Together, Tim Ho Wan and Dim Sum operate 40 restaurants in total, both company-owned and franchised stores.

  • Shopee Philippines assigns a new brand ambassador

    Shopee Philippines assigns a new brand ambassador

    E-commerce platform Shopee Philippines has appointed Filipina-Australian superstar Anne Curtis as its first brand ambassador, timed to coincide with its 5.5 Shopee Super Sale.

    Running until May 5, the sale offers discounts of up to 90 per cent on thousands of products, as well as daily flash sales.

    Shopee COO Terence Pang says Curtis will star in the platform’s first-ever television commercial.

    The 5.5 Shopee Super Sale is the lead-up to the mega 24-hour shopping fiesta on May 5, which will have special deals, daily in-app vouchers and surprises, as well as discounts of up to 90 per cent. There will also be giveaways of Shopee merchandise autographed by Anne Curtis.

    Exclusive deals will be offered from new Shopee Mall brands including Aveeno, Coca-Cola, Coleman, Colgate-Palmolive, Equal, Faber-Castell, Nescafe, Samsung and Unilever.

    Curtis has also launched her own cosmetics line on Shopee via BLK Cosmetics, and has been giving away limited-edition autographed mirrors to qualifying customers.

  • Security Bank focuses on digitalization

    Security Bank focuses on digitalization

    During the annual stockholders’ meeting of Security Bank Corporation (PSE: SECB) on Tuesday, 24 April 2018, the following were elected to the Security Bank Board: incumbent directors Diana P. Aguilar, Philip T. Ang (independent), Anastasia Y. Dy, Frederick Y. Dy, Takayoshi Futae, Joseph R. Higdon (independent), James JK Hung (independent), Ramon R. Jimenez, Jr. (independent), Jikyeong Kang (independent), Napoleon L. Nazareno (independent), Takahiro Onishi, Alfonso L. Salcedo, Jr., Rafael F. Simpao, Jr. and Alberto S. Villarosa, and new director Cirilo P. Noel. During the organizational Board meeting, key appointments were for Frederick Y. Dy as Chairman Emeritus, Alberto S. Villarosa as Chairman, Anastasia Y. Dy as Vice Chairman, and Alfonso L. Salcedo, Jr. as President and Chief Executive Officer.

    In his report on 2017 operations, President and CEO Mr. Alfonso L. Salcedo, Jr. highlighted Security Bank’s 20% earnings growth that resulted in a record-high net income of Php 10.26 billion, versus industry’s 7% earnings growth. In the last five years, Security Bank’s net income grew by a compounded annual growth rate of 20% versus industry’s 3%. The Bank’s revenue growth in 2017 was 20% versus industry’s 11%. Net interest income growth was 22% versus industry’s 17%, while non-interest income growth was 15% versus industry’s 5% decrease. The Bank’s return on shareholders’ equity was 10.2% versus industry’s 9.96%. The Bank’s Core Equity Tier 1 and Total Capital Adequacy ratios of 15.5% and 17.7%, respectively, are among the highest in the industry and well above the minimum regulatory requirements. Total assets grew 9% to Php 757 billion. In the past five years, Security Bank’s total assets grew by a compounded annual growth rate of 21%, versus industry’s 11%.

    Also highlighted was Security Bank’s healthy loan portfolio growth of 28% versus industry’s 19%. The Bank’s loan growth was driven by corporate loans which increased 25%, middle market loans which grew 24%, and consumer loans which expanded 49%. In the past five years, Security Bank’s loan portfolio grew by a compounded annual growth rate of 22% versus industry’s 18%. The Bank’s three customer segments grew by compounded annual growth rates of 18% for corporate loans, 20% for middle market loans, and 63% for retail loans. Retail loans as a percent of total loans increased to 16% at year-end 2017 from 13% in 2016. Security Bank now has a full slate of consumer loan products consisting of home, auto, credit card, personal and small business loans. Asset quality remained healthy with net non-performing loan ratio at 0.02%, a decrease from 0.17% in 2016, and lower than industry’s 0.47%. NPL cover increased to 239%, versus industry’s 150%. Deposit growth was 19%, faster than industry’s 12%. In the last five years, Security Bank’s deposits grew by a compounded annual growth rate of 19% versus industry’s 12%. The Bank added 12 new branches in 2017, bringing its network to 302 branches. Its ATM network has grown from 622 to 713.

    Security Bank maintained its cost-to-income ratio at an efficient 49.8% compared to industry’s 63.3%, even as the Bank continued to invest heavily in information technology, digitalization, people and branches. Mr. Salcedo stated that these investments are designed to transform the Bank’s infrastructure and way of doing business, and ensure that the Bank stays relevant to shifting customer needs in a fast-changing banking and technology landscape. Security Bank continues to be focused on its medium-term strategic goals which are to regain industry-leading ROE, continue growth momentum to build its retail banking business as the third business pillar, and transform the Bank’s infrastructure to support its growth aspirations and deliver its BetterBanking promise. Key to this transformation is the digitalization of its customer acquisition and servicing channels and operational processes. In 2017, Security Bank increased cash dividends to Php 3.00 per share from Php 2.00 in prior years.

    Highlighted in the President’s report were the major awards that Security Bank received, most recently as The Best Retail Bank in the Philippines for 2018 by The Asian Banker and Best Bank in the Philippines by Global Finance. Mr. Salcedo stated that the execution and results of Security Bank’s retail banking strategy led to the major breakthrough award as The Best Retail Bank in the Philippines for 2018. In 2017, Security Bank was named Best Bank in the Philippines by Alpha Southeast Asia; Best Bank for SMEs in the Philippines by Asiamoney; and Best Digital Bank in the Philippines by Capital Finance International of London. The Bank also received awards for management excellence, industrial peace and harmony, corporate banking and treasury, brand marketing, product innovation, investor relations, and corporate social responsibility.

  • Philippines franchise business matching event planned next month

    Philippines franchise business matching event planned next month

    The latest Philippines franchise business matching event is scheduled for Manila in May.

    Organised by VF Franchise Consulting on May 14 at the Philippines Chamber of Commerce and Industry, the event will showcase leading international franchise brands from the US, Hong Kong, Singapore, Taiwan and Japan.

    Executives from Little Caesars, Presotea, First Code Academy, The Edge Learning Centre Sureclean, Mennya Kokoro, and Pronto, will attend to meet with potential franchisees and investors.

    “These franchise brands represent a broad spectrum of segments, including food and beverage, education, and services,” said VF Franchise Consulting CEO Sean T Ngo.

    “The Philippines has nearly 95 million people and one of the fastest growing GDP per capita in Asia. US News recently ranked the Philippines as the number one country for investment based on a survey of more than 6000 business decision makers. The franchising sector in Philippines is also the largest in ASEAN, with more than 2000 franchise systems, and is expected to grow by 10-15 per cent each year for the next five years,” said Ngo.

    Franchise sales in the Philippines contribute about 25 per cent of all retail sales and added more than 1.5 million jobs to the Philippines economy.

    “We have had fantastic meetings last year in Manila, and look forward to even better meetings this year given the broader spectrum of franchises in food and beverage, education and services.”

    F&B franchises

    Bill Schreiber, VP of international development with Little Caesars says pizza is widely accepted in the Philippines.

    “When you look at the number of restaurants that exist in the market, it shows how much the people of the Philippines love pizza. After doing research on the market, Little Caesar’s strongly believes that our pizza has a place in the market and we know from other countries that we do business in, that our hot and ready product offers all of our customers great convenience, quality and value.

    “When customers realise that they can get a high quality pizza in their hands in one minute or less, they realise how convenient that is. We are proud to be able to bring our great tasting pizza to the Philippines.”

    According to Jackson Kah, Presotea’s international franchise manager, Filipinos have the same sweet-tooth habits like other Asian country and bubble milk tea is definitely a preference.

    “With Presotea entering the Filipino market, we will be able to fulfill the craving for bubble milk tea with healthier, brew-to-order, teas for the more sophisticated tea drinkers.”

    This year’s business matching will also include franchises from Japan: Mennya Kokoro and Pronto. Mennya Kokoro is known for its no-soup, dry-ramen noodle dishes that are hugely popular in Japan and has recently been franchised in Indonesia and Thailand. Pronto, also hailing from Japan, is an Italian-themed cafe and bar concept with a diverse menu of fusion Italian and Japanese dishes. There are currently more than 300 Pronto units in Japan and it has recently been franchised to Shanghai, China.

    Education opportunities

    The Philippine franchise business matching event will also include brands outside food.  Asian consumers are continuing to invest in education for children between the ages of four and 18.

    Michelle Sun, CEO and founder of First Code Academy, says that since her company launched in 2013, it has grown to be the leading K-12 coding education brand in Asia with a presence in six different cities in the region.

    “We continue to see great potential for coding education regionally. The Philippines has a rapidly growing technology sector, driven by government initiatives, and has one of the highest penetration rates of social media regionally. There is a lot of opportunity to fill the gap in Stem education for its future generation.”

    Duc Luu, CEO of The Edge, adds: “The Edge sees the rising trend in education industry in the Philippines, especially in the market of test preparation. Over the last 10 years, we have proven to students and parents that we provide the best experience in Asia to help students enroll in the best universities in the US and the UK.”

    Another company to participate is Sureclean. Its CEO and founder Alvin Tan says the World Bank projects the Philippines to remain the fastest-growing economy in Asean – which means the need for good quality hygiene in various premises such as schools, hospitals, offices and residences will also grow.

    “With a tried-and-proven business system with evergreen demand, training and marketing support, Sureclean’s franchise program is an ideal opportunity to tap into this fast growing economy.”

  • Jollibee offers the best summer fun for kids

    Jollibee offers the best summer fun for kids

    Kids are in for one of the best fun and learning experiences this summer as Jollibee welcomes them to the best summer activity – the Jollibee Kids Club Mini Managers Camp, happening until May 31, 2018.

    Through the six-day camp, kids aged 4-12 years old can learn the important values and key roles of a Jollibee Manager such as hard work, leadership, and responsibility through various fun and engaging learning activities.

    Wearing their Jollibee Mini Managers uniform, complete with nameplates, the kid managers will greet customers as they enter the store, work behind the counter to take orders, and hand out take-out bags via the Drive-Thru window to discover and experience first-hand Jollibee’s values, the Alagang Jollibee service heritage, and learn the store’s best practices. They will also engage in arts and crafts, Yumburger making, ice-cream making, fun games, and dancing, all while interacting with other kids and meeting new friends.

    “We at Jollibee believe that even at a young age, kids need to develop a sense of discipline, hard work, and responsibility in a fun learning environment, to become future leaders and managers. These are the values and lessons we want our Mini Managers to learn and experience as these will be pivotal in their growth, said Charisse Sumulong, Jollibee senior brand manager and head for Channels and Kids Marketing, “That is why the Jollibee Kids Club Mini Managers Camp is the best summer activity for Jolly Kids as it provides a fun and engaging atmosphere for kids to enjoy their vacation.”

    For only P650, parents and guardians can enroll the kids to the Mini Managers Camp at any participating Jollibee store nationwide. Non-JKC members are also welcome to enroll. Participants will get a Mini Managers Camp workshop kit that includes a set of Mini Managers uniform and name plate, activity materials and a camp bag, snacks for the six days of the program.

    The Jollibee Kids Club Mini Managers Camp is already accepting participants to the best summer workshop so, hurry, and sign up your aspiring Mini Managers today! Visit your nearest Jollibee store or follow /Jollibee Philippines on Facebook for more details.

  • Longchamp expands with fourth store in the Philippines

    Longchamp expands with fourth store in the Philippines

    French handbag brand Longchamp Philippines has opened its fourth boutique, in Rustan’s Makati.

    Inspired by the brand’s Paris flagship along rue Saint-Honore, the new 65sqm store is  decorated with modern interiors – lots of wood, leather and fabric, and rich textures in order  to highlight the collections.

    “We are honored to welcome Longchamp into a bigger and better space at Rustan’s Makati. As a brand beloved not only by the Filipino shoppers but by the entire global community, Longchamp further brings prestige and is truly a great part of the Rustan’s portfolio of distinguished retail partners,” said Rustan’s president Donnie Tantoco.

    The store is highlighted by Longchamp’s Spring/Summer collection featuring African-inspired patterns, prints and colors, as well as the signature Mademoiselle handbag, the classic Le Pliage tote, and other leather goods.

  • Strong Filipino population draws fast food chain Jollibee to expand its reach in Canada

    Strong Filipino population draws fast food chain Jollibee to expand its reach in Canada

    The growing Filipino population in Canada has been catalyst for the biggest fast food chain in Asia to expand its market into Canada.

    Jollibee, a Filipino fried chicken restaurant with more than 1,000 locations in the Philippines, is opening its third Canadian location this weekend in Toronto.

    “People are very excited for the Easter Sunday opening,” Maribeth dela Cruz, vice president and general manager of Jollibee North America, told in a phone interview.

    “There’s going to be really long lines.”

    Jollibee has developed a bit of a following for its famous fried chicken, pineapple-topped burgers, peach-mango pie and spaghetti.

    Dela Cruz says the decision to expand into the Toronto market made sense because of the sheer volume of Filipinos in the region. She estimates there are about 300,000 Filipinos living in Ontario with roughly 30,000 of them living within a five-mile radius of their new Scarborough location.

    The 2016 Census indicates there are 837,130 Filipinos living in Canada, making it the third largest Asian Canadian group. The population grew by 26 per cent from 2011 to 2016.

    “The Filipino population in Canada continually grows and we’re very optimistic it will be a good market for us,” she said.

    Jollibee began expansion into North America in 1998, with the Toronto location being the 40th franchise to open in the continent. The two other Canadian locations are in Winnipeg.

    “North American expansion has been very encouraging, especially in locations where there are a lot of Filipinos,” said dela Cruz.

    When the first Canadian location opened in Winnipeg back in December 2016, dela Cruz says customers lined up in -30 C weather to get a taste of their fare.

    Jollibee provided the dedicated fans who camped overnight with heated trailers.

    “Winnipeg actually has a large Filipino population as well,” said dela Cruz. “We expect it’s going to be even bigger here in Toronto.”

    Jollibee has plans to continue expanding in North America and Canada, with locations in New York City, Las Vegas and somewhere in California all expected shortly.

    The Manila-based company is expected to open an Edmonton restaurant in a couple years with additional plans for locations in Mississauga and downtown Toronto.

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  • New Deal Means a New Majority Owner for Smashburger

    New Deal Means a New Majority Owner for Smashburger

    In $100 million deal, Jollibee Foods Corp. will acquire an additional 45 percent of Smashburger, the Denver-based burger franchise that has more than 360 restaurants. The companies announced the deal Tuesday and it’s one that increases Jollibee’s ownership stake in the chain to 85 percent. The Philippines-based restaurant company first bought a 40 percent stake in Smashburger in October 2015 for $100 million, a deal which then valued the chain at $335 million.

    Tom Ryan, co-founder and CEO of Smashburger, called Jollibee an “invaluable strategic partner.”

    “Our momentum in 2017 around improved guest experience, iconic and record-setting product launches, and innovative marketing provide JFC a tremendously strong brand to enter the North American market,” said Ryan in a statement. “Our entire team couldn’t be more excited to grow the Smashburger brand and share the great tastes of Smashburger with the world.”

    Ryan took over as CEO in December 2016 following the exit of Mike Nolan after just nine months. Nolan had replaced Scott Crane, who stepped down in April 2016.

    Since Ryan’s move to chief executive, Smashburger has focused on developing new menu items, such as its Triple Double Burger, and expanded its marketing efforts. The company in 2017 also launched Smash Pass, a subscription-model consumer frequency program.

    With the expanded Jollibee partnership, Smashburger CFO Bradford Reynolds said growth in Southeast Asia is a focus.

    “This reinforced strategic partnership with JFC will allow Smashburger to continue to focus on growth in both existing and new markets including the opportunity to bring our great tasting burgers, fries and hand-spun shakes to Southeast Asia,” said Reynolds. “We look forward to building upon our successful relationship to further bolster the brand as an international leader in the better burger segment.”

    Smashburger’s footprint extends to 38 states and nine countries. Jollibee Foods operates the largest foodservice network in the Philippines, with 2,875 restaurants in the country as of December 31, 2017. In addition to its 1,062 units of the Jollibee brand, it has Chowking, Greenwich, Red Ribbon, Mang Inasal and is a Burger King franchisee with 93 units. It also operates restaurants in Australia, Bahrain, Brunei, Canada, China, Hong Kong, Indonesia, Korea, Kuwait, Macau, Oman, Qatar, Saudi Arabia, Singapore, the United States and Vietnam.

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  • Nara Thai Brings Classic Thai Dishes To Manila

    Nara Thai Brings Classic Thai Dishes To Manila

    Bangkok’s Nara Thai restaurant has opened a branch in the Philippines.

    It has been brought in by the Roku restaurant group following Roku Sushi and Ramen, which opened in Katipunan six years ago, and Sushi Nori, which specialises in sushi and maki, and already has five branches around Metro Manila.

    Founded in 2003 by a group of female entrepreneurs, Nara Thai is named for one of its founders, Narawadee Srikarnchana. Apart from Thailand, it has branches in Hong Kong, Myanmar, Taipei and Mumbai.

    “Nara is a celebration of families,” says Roku Group CEO Sheila Romero, who runs the restaurant with her daughter Milka. “Sharing memories is my thrust in business.”

    Celebrities and representatives from Nara Thai Cuisine in Bangkok attended the restaurant’s official launch, with the ribbon being cut by the Thai ambassador to the Philippines Thanatip Upatising.

    On the restaurant row of SM Megamall’s Mega Fashion Hall, Nara Thai has interiors bathed in silver and purple.

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  • IKEA to open stores in Philippines, looking for designer

    IKEA to open stores in Philippines, looking for designer

    Swedish furniture-maker IKEA will open stores in the Philippines after it found a local partner, a spokesman for its worldwide franchisor said.

    Inter IKEA Systems B.V. has awarded the franchise right in the Philippines to a company called Ikano, according to its spokesperson, Josefin Thorell.

    Singapore-based IKEA Southeast Asia also posted a job opening on recruitment website LinkedIn for a Manila-based design manager in late January.

    IKEA’s simple but sturdy designs and self-assembly products are now familiar in homes around the globe and the retailer is aiming to generate 50 billion euros ($62 billion) in annual revenues by 2020.

    Reports of its impending arrival has in recent years stirred excitement on social media.

    “We are very happy to confirm that Inter IKEA Systems has taken the decision to open IKEA stores in the Philippines and that the franchise right for the Philippine market has been allocated to Ikano,” Thorell said in an email to ABS CBN News.

    The Manila designer will “work close together with the design team and play a decisive role in planning, executing and planning our first IKEA store in the Philippines,” according to the LinkedIn post, which expires on Feb. 28.

    Ikano Group is engaged in finance, real estate and retail. It’s marketing manager, Jasmin Cruz, said the company had been registered with the Board of Investments for 2 years.

    Ikano Pte Ltd, the Southeast Asian franchisor of IKEA, pre-qualified as a foreign retailer in the Philippines in December 2016, according to a list from the BOI.

  • BSP to launch digital payments clearing house in January

    BSP to launch digital payments clearing house in January

    The Bangko Sentral ng Pilipinas (BSP) said individual consumers would be covered by the batch electronic fund transfer (EFT) credit automated clearing house (ACH) starting next month as it pursues greater use of electronic payments by shifting to cash-lite society from cash-heavy society.

    BSP deputy director Raymond Estioko said banks and the clearing house operator are now developing their respective web and mobile applications for the Philippine EFT System and Operations Network (PESONet) as part of the National Retail Payment System (NRPS).

    “Hopefully by January individuals for the common people would be able to experience and see PESONet being offered first by the banks,” he said.

    Estioko, who is also the project head of the BSP’s NRPS, said several banks are now ready to offer the service to individual customers

    “There are several banks which are now ready to offer the service to the public,” he added.

    BSP Governor Nestor Espenilla Jr. led the launch of the PESONet in November to facilitate fund transfer from one account to one or several accounts maintained in different financial institutions.

    PESONet is one of the ACHs prioritized for implementation given its potential to be an efficient channel for government and private business collections and disbursement. PESONet provides an electronic alternative to the still widely used paper-based check system.

    Estioko explained the initial launch of the PESONet only covers corporate transactions.

    Through PESONet, businesses, the government, and individuals will be able to conveniently initiate electronic fund transfers and recurring payments from the sender’s accounts maintained in BSP supervised financial institution (BSFIs), such as banks and other non-bank electronic money issuers, to corresponding recipient accounts in other BSFIs.

    With the ACH, funds could be made available to the recipient accounts within the same banking day or immediately upon clearing.

    Payees receive the funds transferred in full free of charge resulting in greater transparency and to help clients determine which EFT products offer the best value for their money.

    Estioko said a second ACH called InstaPay would be launched toward the end of the first quarter of 2018 to enable 24/7 low value electronic fund transfers.

    The BSP launched the NRPS in December 2015 to provide a safe, efficient, and reliable digital or electronic payment system in the country.

    Digitizing retail payments is critical in the Philippines considering that 99 percent of payment transactions per month are done in cash, with businesses and individuals making only one percent and 0.3 percent electronic payments, respectively, according to a study conducted by the Better Than Cash Alliance.

    The NRSP aims to increase electronic retail payment transactions to 20 percent by 2020 from the current one percent.

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