Business News
Home Credit Philippines expects iPhone sales to reach PHP10B by year-end, up 66% from 2023, driven by rising popularity. Since starting iPhone financing in 2013, sales have surged, particularly the iPhone 11. The company offers flexible 0% interest payment plans, simplifying access for Filipinos seeking quality smartphones to meet daily needs.
Maya and Landers Superstore have launched a tech-forward credit card, offering up to 5% cashback at Landers, 2% on dining, and 1% on other purchases. Cardholders can track rewards via the Maya app and redeem up to P200,000 cashback annually. Application is paperless for Landers members with a Maya account.
Public sector foreign borrowings in the Philippines increased by 36% in Q3, reaching $3.81 billion. This includes a $2.50 billion bond issuance and project loans totaling $1.31 billion. The funds will support various initiatives, including maritime safety, agrarian reform, and climate resilience, under BSP regulations ensuring manageable external debt levels.
Oil companies will lower petroleum prices starting October 22 after three weeks of increases. Caltex, Seaoil, Unioil, and Shell will reduce gasoline by 50 centavos, diesel by 70 centavos, and kerosene by 85 centavos. The Department of Energy cites decreased conflict in the Middle East as a factor in these cuts.
The Bureau of Customs, in collaboration with the World Customs Organization and PricewaterhouseCoopers, conducted the 2nd Customs Integrity Perception Survey to evaluate integrity perceptions among stakeholders. With 1598 employees and 780 private sector participants, insights gathered aim to enhance transparency and integrity in the agency’s operations and programs.
The World Intellectual Property Organization (WIPO) has selected the Philippines as the pilot country for a tool measuring the contribution of creative industries to GDP. This initiative, developed in partnership with the Intellectual Property Office of the Philippines and the Department of Trade and Industry, aims to yield results by year-end. Additionally, IPOPHL plans to release guidance on AI copyright issues.
The Government Service Insurance System (GSIS) plans to construct ‘Project Hub’, a vast transport center in Quezon City, aimed at improving access to major transport lines, including the future MRT-7 station. By 2027, the hub is envisioned as a world-class facility enhancing connectivity and passenger comfort. Key stakeholders are collaborating on the initiative.
EastWest Bank’s Visa Platinum Credit Card received The Asian Banker’s Best Cashback Credit Card award, showcasing its innovative rewards designed for modern Filipino consumers. Enhancements increased cashback rates to 8.88% in select categories. Since its relaunch, card bookings surged by 216%, highlighting the bank’s dedication to customer-centric services and financial solutions.
Visa has partnered with Good Transport Solutions Inc. and GHL to enable Visa card payments on jeepneys in Bacolod City, marking its second transit project in the Philippines. This initiative aims to enhance travel experiences with cashless transactions, promoting financial inclusion and boosting tourism, while emphasizing contactless payment options in public transit.
The Boomerang Awards 2024, organized by the DMAP, highlighted excellence in digital marketing with Maya as Advertiser of the Year and Dentsu as Agency of the Year. MullenLowe’s “Right to Care” campaign won Best of Show. The event featured 393 entries and aimed to inspire innovation through its theme “Be Greater.”