Filipino tycoons on Forbes' billionaires list

Villar, 15 other PH tycoons land on Forbes’ 2024 billionaires list

Story by Meg J. Adonis 

Inquirer.net

03 April 2024

MANILA, Philippines — Real estate mogul Manuel Villar, who chairs property developer Vista Land & Lifescapes, emerged as the only Filipino in Forbes Magazine’s top 200 billionaires in 2024.

He ranked 190th in this year’s list, up from 232nd in 2023, as his wealth grew 28 percent to $11 billion.

The Sy siblings in the banking, property and retail businesses of conglomerate SM Group have combined wealth of $14 billion but they were ranked individually in the list.

Hans Sy was at 1,286th with net worth of $2.6 billion; Henry Jr. and Herbert at 1,330th with $2.5 billion each; Harley at 1,380th, $2.4 billion; Teresita Sy-Coson, at 1,438th, $2.3 billion, and Elizabeth at 1,545th, $2.1 billion.

Following Villar is ports tycoon Enrique Razon Jr. who ranked 224th, with his net worth rising to $10 billion in 2024 from $7.3 billion.

Ramon Ang of food and beverage conglomerate San Miguel Corp. ranked 920th with $3.5 billion, up from $3.4 billion.

Others on the list are Lucio Tan ($2.5 billion), Andrew Tan ($2 billion), Tony Tan Caktiong ($1.4 billion), Lucio and Susan Co ($2.3 billion combined), Lance Gokongwei ($1.1 billion) and William Belo ($1 billion).

The combined wealth of the country’s richest tycoons totaled $48.2 billion as their businesses benefited from postpandemic recovery.

According to Forbes, there are now 2,781 billionaires across the globe, 141 more than last year as their fortunes swelled despite geopolitical unrest and “lingering inflation.”

Philippines export receipts breached record

PH exports of goods, services breached $100B in 2023

Story by Alden M. Monzon

Inquirer.net

02 April 2024

MANILA, Philippines — The country’s export earnings from trade of goods and services breached the $100-billion mark in 2023, reaching a record-high level as receipts grew for the third consecutive year although still short of government and industry expectations.

The Department of Trade and Industry (DTI) on Monday released preliminary data showing that exports of merchandise and services had reached $103.6 billion last year, 4.8 percent higher than the $98.83-billion receipts in 2022.

The country’s total export receipts totaled $87.97 billion in 2021, $80.03 billion in 2020, and $94.74 billion in 2019.

The growth was driven largely by the information technology and business process management (IT-BPM) and tourism sectors, according to the government agency.

The DTI also pointed out that merchandise goods faced challenges during the year, with electronics contracting by 3.4 percent or $955 million.

Other commodities that contributed to the decline in merchandise exports include coconut products, other agro-based items, other mineral products and petroleum products.

In contrast, the DTI said fruits and vegetable exports experienced an increase in demand.

BPO, tourism post robust growth

For services exports, the DTI said the country had emerged as a “powerhouse,” recording a 17.4-percent growth, which pulled up the year’s total export performance.

In particular, the DTI said travel services contributed nearly 70 percent of the incremental service export receipts in 2023, followed by other business services.

Growth was also seen in several sectors including telecommunications, computer and information services and transport services.

Despite reaching record high in 2023, export revenues were below the target set by the government and export industry groups under the updated Philippine Export Development Plan (PEDP).

Under the PEDP, the government and the private sector had set an export target of $126.8 billion for 2023, indicating that actual performance was around $23 billion short of the mark.

Looking ahead, the DTI said it is leveraging technology and digital services to enhance export capabilities, an initiative that includes the launch of a free e-curriculum for local exporters and the implementation of an origin management system to promote the use of free trade agreements.

“The path to global excellence and export growth requires shared ambition, where the government and the private sector must intensify and sustain collaborations,” Trade Secretary Alfredo Pascual said in a statement.

“We recognize the ongoing challenges in both the domestic and global trading environments and hope to address the binding constraints to Philippine export competitiveness as we continue to implement the PEDP for 2023 to 2028,” he added.

Completion of feasibility study for P1.2B Aurora ecozone bamboo farm eyed this year.

Fil-Am wins MVP award in Korea

Fil-Am Ethan Alvano is first non-Korean to win KBL MVP award

Story by John Mark Garcia
Spin.ph
02 April 2024

FILIPINO-American ace guard Ethan Alvano made history as the first Asian import and non-Korean player to win domestic MVP honors in the Korean Basketball League (KBL).

The 27-year-old California native made the most of his sophomore stint in the KBL, having played all 54 regular season games with standout averages of 15.9 points on 40.9 percent three-point shooting, 6.6 assists, 3.0 rebounds and 1.5 steals.

Through his commanding exploits on offense, DB Promy clinched the top seed entering the postseason with a 41-13 (win-loss) card alongside his American cohort and newly-minted KBL foreign MVP Dedric Lawson.

Apart from his top-flight stints with German club Eisbaren Bremerhaven and Thai club Hi-Tech Bangkok City, Alvano suited up for Alab Pilipinas in the ASEAN Basketball League (ABL) and picked up valuable minutes as a starter in the 2018-19 campaign under then-head coach Jimmy Alapag.

His Alab stint saw him drop 7.3 points, 6.1 assists and 4.2 rebounds before taking his talents to the KBL in 2022 — the fourth Filipino player to do so.

Alvano joins another top-caliber guard in RJ Abarrientos in the KBL's circle of award-wininng Filipino stars after the now-Japan-based playmaker won Rookie of the Year honors in his one-and-done Korea stint last season.

World Bank forecast Philippines growth

 World Bank bullish on PH growth

Story by Ian P. Cigaral

Inquirer.net

02 April 2024

Manila, Philippines  — A “healthy” labor market and domestic demand should help the Philippines sustain an average growth of 5.9 percent from this year until 2026, the World Bank said in a new forecast that also sees a “gradual” decline in poverty in the country.

In its latest “East Asia and the Pacific Economic Update” report released Monday, the Washington-based lender kept its economic growth forecast for the Philippines for this year at 5.8 percent. It also said growth should inch up to 5.9 percent in 2025 and 2026.

While the World Bank said its outlook on the Philippines “remains positive,” the latest forecasts were lower than the targets of the Marcos administration, which projected growth at between 6.5 and 7.5 percent this year, and 6.5 to 8 percent from 2025 until 2028.

In 2023, the government failed to hit its growth target of 6 to 7 percent after the economy expanded at a slower pace of 5.6 percent due to painfully high inflation and expensive borrowing costs that sapped consumption, a traditional growth driver.

But things have been better now, Aaditya Mattoo, chief economist for East Asia and the Pacific at World Bank, said as he took note of the resiliency that domestic demand and the services sector had shown in the face of inflation, which finally eased to within the 2 to 4 percent target range of the Bangko Sentral ng Pilipinas.

Consumption, recovery in services

“What has sustained growth in the Philippines like much of the region has been consumption and the recovery in services,” Mattoo told a press conference.

Moving forward, Mattoo said the biggest risk to the Philippines’ growth story is the threat of climate change. This risk, he explained, can be mitigated by investments in infrastructure and agriculture.

The World Bank economist also flagged geopolitical risks that can cause supply chain disruptions and stoke inflation, as well as “macro policy shocks” like rate hikes that may derail recovery.

Poverty reduction

What fueled local demand despite the inflation onslaught last year was a robust jobs market and “firming investment activity” that kept many Filipinos employed amid hard times, World Bank explained in a separate report called “Macro Poverty Outlook” also released Monday.

That strength, the bank said, is expected to pluck out more Filipinos from poverty. The World Bank said poverty incidence—using its $3.65 per day threshold for lower-middle income countries—is projected to fall to 12.2 percent in 2024, from 17.8 percent in 2021.

In 2026, the lender sees the Philippines’ poverty rate further falling to 9.3 percent.

“Risks to the outlook remain tilted to the downside,” World Bank said. “On the domestic front, persistently high inflation would dampen economic activity by keeping the policy rate higher for longer, erode purchasing power, and threaten to deepen poverty,” it added.

President Marcos has set an ambitious goal of bringing down poverty to 9 percent before the end of his six-year term in 2028. INQ

Filipino Fashion Week in New York

 ‘FilipiNxt’: Manila takes Manhattan

Miss Charlize

Business Mirror

April 1, 2024

Filipino, Filipina, Filipinx. Next. Nxt. FilipiNxt.

Picture this: a world where Filipino creativity is not only recognized but celebrated on a global scale—as part of New York Fashion Week—organized by Filipinos for Filipinos.

This vision is coming to fruition with FilipiNxt: The New Era of Philippine Fashion, a fusion of heritage and innovation, on May 5, 2024 at 4W43 in New York City. The revolutionary event will feature the collections of Bessie Besana, Michale Leyva, Wilson Limon and Veejay Floresca.

The ambitious fashion odyssey had a special preview on March 12 at Marriott Hotel Manila with FilipiNxt cofounder Rob Mallari-D’Auria, Marriott Manila’s cluster director of sales and marketing Lala Quilantang, fashion designer and FilipiNxt founder Bessie Besana, and host Janeena Chan welcoming guests with a toast of gratitude.

“On behalf of our multi-property vice president for the Philippines of Marriott International Bruce Winton, it is my distinct pleasure to extend a warm welcome to each of you on this momentous occasion,” Quilantang said.

“Today, we stand at the crossroads of history, celebrating not just one, not just two but three remarkable milestones—the wonderful 15th anniversary of Marriott Manila, the 10th edition of Marry Me at Marriott, and the launch of this groundbreaking collaboration with Manila to Manhattan through FilipiNxt,” added Quilantang.

In May, Marry Me at Marriott will be featured in the New York staging of FilipiNxt. In July will be the 10th edition of Marry Me at Marriott at the Marriott Grand Ballroom, and the third season of Marriott Moments A-Fair: Dream Weddings and Events Expo at the MGBX, Marriott’s MICE (meetings, incentives, conferences, and exhibitions) venue.

“This one-of-a-kind partnership promises to redefine hospitality and fashion globally and locally, or should I say GLOCALLY. Today we will witness the dawn of a new era in Philippine fashion alongside the iconic Marry Me at Marriott. Together, these two innovative platforms shall embrace the rich Filipino artistry while conquering the global stage,” concluded Quilantang.  Meanwhile, Mallari-DAuria, the FilipiNxt cofounder, talked about the state of Philippine representation in the US fashion scene.

“We’ve got some incredible talent, no doubt about it. But you know what? We’ve never had a dedicated Filipino American Fashion Week in New York. Yes, we’ve had some designers showcasing in these events, but they mostly blend into other non-Filipino productions,” lamented Mallari-DAuria.

So, what’s the plan? Mallari-DAuria and designer Besana are making some bold moves.

“Because this generation of Filipino talent is creating designs that will grab the attention of the global audience, if given the right platform. And, that’s FilipiNxt,” said Mallari-DAuria. “This is a project that will tap young, talented and gritty Filipino designers to showcase their work for people to see and purchase. With resources, mentorship and killer platforms, FilipiNxt provides a showcase of their work.”

Besana, who is based in New York, will open the maiden FilipiNxt show with a collection he calls “Whispers of the Cosmos.”

Known recently as the creator of Miss Universe 2015 Pia Wurtzbach’s wedding dress, Besana’s design philosophy “revolves around the intersection of contemporary style and the inherent beauty of the human form. With an unwavering commitment to flattering silhouettes, his creations embody a perfect symbiosis of modern trends and classic sophistication.”

A day after the special press preview, Besana noted: “A lot has happened in the last 48 hours—from the idea of creating a show, to finding every single person to fit the roles and to working with all the creatives that believed in the vision that we have, it has been a whirlwind of an experience. I am proud to have produced FilipiNxt with Rob and this is just the beginning of everything. But what I do not forget is the core of who I am today. I am a designer and I will continue to hone my skills and my craft to show the world what a true Filipino talent is.”

After shows in Manila and Paris, Michael Leyva is set to conquer New York next with his newest collection, Heaven of Angels, a tribute to his late brother Brian who’s now his guardian angel. With his use of luxurious fabrics, intricate embellishments, and silhouettes that exude opulence, his creations are “often a harmonious marriage of classic elegance and modern sophistication, creating a visual spectacle that leaves an indelible impression.”

Wilson Limon and his brand NiñoFranco, will showcase Davao creativity with his upcoming collection inspired by the vibrant heritage and traditions of the indigenous T’boli ethno-linguistic group. As a hardworking member of the board of trustees of the Mindanao Trade Expo Foundation, he has hands-on experience in fashion, product design and branding innovation.

Representing the creative community of Los Angeles, beauty queen and designer Veejay Floresca will present her collection of timeless elegance and eco-conscious clothing. She is adept at combining “minimalism with contemporary trends that reflect the changing world of fashion.”

“This fashion collection draws inspiration from classic menswear tailoring, reimagining it through the lens of sustainability and upcycling. Each piece in the collection incorporates elements of traditional menswear, such as sharp lines, structured silhouettes and fine craftsmanship, but with a modern twist,” Floresca explained.

“I always believe in Filipino creativity especially when it comes to fashion. To be part of the FilipiNxt maiden show is an honor!”

Pinoy Boxer Regains Minimumweight Crown in Japan

Melvin Jerusalem stuns Yudai Shigeoka in Japan for WBC minimumweight crown

BY REYNALD I. MAGALLON

Manila Bulletin

Mar 31, 2024 

After a series of misfortunes, Philippine boxing has finally risen and Melvin Jerusalem was the anointed one on Easter Sunday, March 31.

The pride of Bukidnon defeated Japanese defending champion Yudai Shigeoka via split decision to wrest the WBC minimumweight crown before a hostile crowd inside the International Conference Hall in Nagoya, Japan.

Jerusalem knocked down Shigeoka twice, first with a booming right in the third round and another in the sixth round to get the nods of the two judges at the end of the 12-round bout.

The 28-year-old Filipino fighter had judges Jae Bong Kim and Barry Lindenman scoring the fight in his favor with a similar 114-112 scorecard while judge Malcolm Bulner had Shigeoka winning with a 114-113 count.

Jerusalem improved his record to 22-3 with 12 KOs while Shigeoka absorbed his first taste of defeat after nine bouts.

The Filipino fighter was the aggressor in the early goings of the fight, dictating the tempo with timely body shots that obviously hurt and slowed down the Japanese champion. The booming right then staggered Shigeoka who fell to the canvas but immediately got back up in the third round.

Needing to recover from the early knockdown, Shigeoka pressed the fight and also landed heavy hits to the head of Jerusalem including a big left in the fourth round. The Japanese kept coming in the ensuing frames before the Filipino caught him with a right counter straight that sent him down to the canvas for the second time.

The stunning win not only allowed Jerusalem to return to the top of the minimumweight division but he has also given the country its first and lone world champion after several notable compatriots fell prey to the thriving Japanese boxing in the past few months.

He ended that curse that seemingly haunted Filipino fighters in the Land of the Rising Sun after Marlon Tapales and Jerwin Ancajas both lost their respective title fights against the champion brothers Naoya and Takuma Inoue in Japan.

Even compatriot Jake Amparo fell victim to the curse hours earlier after losing via second round knockout in the co-main event against Yudai's brother and IBF minimumweight champion Ginjiro Shigeoka.

For Jerusalem, it was a repeat of history after he also won his first world title in Japan after he defeated another Japanese champion in Masataka Taniguchi last year in Osaka to wrest his previous WB minimumweight belt.

Philippines has the Best Islands in Asia-Pacific

Boracay, Palawan named among ‘Best Islands in Asia-Pacific’

Story by Ghio Ong

28 March 2024

MANILA, Philippines — Two island destinations in the Philippines were included in the 10 “Best Islands in Asia-Pacific” by a foreign travel magazine.

DestinAsian based in Singapore listed Boracay and Palawan as among the “Best Islands” in its 17th Annual Readers’ Choice Awards this year.

Boracay ranked fifth while Palawan was ninth.

A photo of paraw boats sailing amid the sunset in Boracay was featured.

Palawan was highlighted with a photo of limestone cliffs surrounded by clear blue and green waters.

In a Facebook post, the municipal tourism office of Malay town in Aklan attributed the recognition to the “collaborative efforts “ of the local government of Malay, the tourism office, stakeholders and local volunteers who make Boracay Island “better than ever. “

As of March 26, at least 499,120 tourists, 137,800 of them foreigners and 7,131 overseas Filipinos have visited Boracay this year, according to the tourism office.

Bali in Indonesia topped DestinAsian’s 10 “Best Islands” list, followed by Maldives, Phuket and Koh Samui in Thailand, Boracay, Phu Quoc in Vietnam, Langkawi and Penang in Malaysia, Palawan, and Lombok in Indonesia.

The result of this year’s DestinAsian Readers’ Choice Award was “a roll call of 230 properties that the voters deemed to be the top places to stay in the region, compiled alongside favorite cities, islands, cruise lines, airlines and more,” the magazine said.

Toyo Eatery in Makati among Asia's best Restaurant

Toyo Eatery in Makati among Asia's 50 Best Restaurants for 2024

Story by NICK GARCIA

28 Mar 2024

Filipino restaurant Toyo Eatery in Makati made it to Asia’s 50 Best Restaurants anew, landing 24th on this year's list.

The 50 Best websites noted in the citation that it prioritizes Filipino people and produce, fostering long-term relationships with local farmers and artisans.

It presents local ingredients in modern ways, playing with fermentation and preservation techniques to create a bold palate of flavors, it added.

Toyo Eatery, whose name is based on the Filipino word for soy sauce, placed 42nd in the Asia’s 50 Best List 2023.

It was also named the Philippines’ best restaurant in 2019, 2021, and 2023.

Japan’s Sézanne topped this year’s list.

Toyo opened in 2016 along Chino Roces Avenue. It's being run by Jordy and May Navarra.

The 50 Best website said its menus are scattered with references to popular culture and elevated by clever plays on flavor and texture. 

Its signature dishes include gourmet pork barbecue skewers made with three cuts of meat and finished in bone broth, as well as a salad referencing Bahay Kubo.