News

BIR Updates!

The BIR has issued the following for this week: Revenue Memorandum Order (RMO) No. 23-2018, dated May 21, 2018, which prescribes policies, guidelines, and procedures, in the availment of 8% Income Tax Rate option for individuals earning from self-employment and practice of profession RMO No. 22-2018, dated April 10, 2018 with released date on May 17, 2018, which revises the ...

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IKEA’s promise to PH: Low prices to draw large market

(Source: ABS-CBN News | May 24, 2018) IKEA will price its products in the Philippines “so low,” it will cater to the biggest possible market, an official of the Swedish furniture-maker said Thursday. IKEA earlier confirmed reports it would open its first ever store in the Philippines, but market development manager Georg Platzer refused to say exactly when. “We are ...

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Retailers to build consumer trust in e-commerce with improved COD gateway system

(Source: Business Mirror | May 24, 2018) E-commerce will continue to gain ground in the Philippines as Filipino online shoppers are projected to reach up to 42 million by 2025—all willing to shell out P918 billion for purchases they make on the Web, a recent study conducted by Google and Temasek showed. Such positive outlook for the industry opens more ...

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Takashimaya admits to losing money in Shanghai, Saigon

(Source: Inside Retail Asia | May 23, 2018) Just one of Japanese department store chain Takashimaya’s three overseas stores is currently trading at a profit. But the company says it believes it can make them all profitable by 2023, including a fourth store set to open in Bangkok late this year. The successful store is on Singapore’s Orchard Road, which ...

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Bicol mall chain LCC partners with PayMaya

(Source: Philstar.com | May 23, 2018) PayMaya Philippines Inc., the digital financial arm of PLDT Inc.’s Voyager Innovations Inc., has partnered with Liberty Commercial Center Inc. (LCC) which operates malls, supermarkets, and department store chains in Bicol to enable cashless payments in the region. With the partnership, Bicol residents can now buy their EMV-powered PayMaya cards and add money to ...

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The country’s largest mall chain celebrates its diamond anniversary this year

(Source: Philippine Tatler | May 22, 2018) In a night of festive celebration, SM, the Philippines’ largest retail chain, commemorated 60 years of existence with a vibrant fashion show and a striking performance. SM also announced a host of special surprises for shoppers from May to October in their malls nationwide. Last night’s party kicked off the six-month long anniversary ...

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Costs up, but golden topping for Shakey’s Pizza

(Source: Inside Retail Philippines | May 18, 2018) Pizza parlour chain Shakey’s Pizza Asia Ventures grew its first-quarter net profit by 6.4 per cent to PHP184 million (US$3.5 million), even as higher input costs tempered the impact of double-digit growth. Shakey’s grew its first-quarter systemwide sales by 10 per cent to PHP2.2 billion. This was mainly attributed to a 2 percent growth ...

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Marks & Spencer to close a further 40 stores

(Source: Inside Retail Asia | May 22, 2018) British department store retailer Marks & Spencer will close a further 40 stores in its home market as it struggles to improve its bottom line. According to reports in The Guardian newspaper, M&S will announce which of its 140-strong full-store network will close on Wednesday UK time, adding to the 20 already shuttered. ...

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Department stores lead retail in Macau

(Source: Inside Retail Asia | May 21, 2018) Department stores have led the way in retail in Macau, with 89 percent reporting better sales (up 11 points) for March. They were followed by cosmetics and sanitary articles (67 percent), down 33 points. About 15 percent of retailers saw their sales decline, up eight points from February. Retailers interviewed were cautious ...

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SM opens 70th mall

(Source: Inquirer |May 19, 2018) Property giant SM Prime Holdings has hit the 70th shopping mall milestone in its Philippine retail empire expansion, cementing its market-leading position with the opening of a new shopping hub in Pampanga. SM City Telabastagan, which opened last Friday, is the fourth SM mall in this province. The new mall adds 55,000 square meters of ...

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