Citi completes sale of PHL consumer unit to UnionBank

CITIGROUP, INC. has completed the sale of its Philippine consumer banking business to UnionBank of the Philippines, Inc. (UnionBank), it said on Monday. The transaction covers Citi’s credit card, unsecured lending, deposit and investment businesses, as well as Citicorp Financial Services and Insurance Brokerage Philippines Inc., which provides insurance and investment products and services to […]

Believe Pte raises $55M in Series C funding to continue its global mission of delivering breakthrough personal care and beauty products

Singapore, Apr 21, 2022 – (ACN Newswire via – Singapore-headquartered Believe Pte Ltd, a fast-growing consumer products company serving the global Muslim audience with brands spanning skincare, fragrances, make-up and hair care has raised Series C funding of US $55M from incoming investors Venturi Partners and IIFL AMC alongside continued participation from Jungle Ventures, […]

Huawei eyeing digitalization partnerships in the Philippines

By Brontë H. Lacsamana SHENZHEN-BASED multinational company Huawei Technologies Co., Ltd. is looking to contribute to digitalization efforts in the Philippines through local partnerships. Jay Chen, vice-president of Huawei Asia Pacific, said at a round table at the Mobile World Congress (MWC) on March 1 that the Philippines is “very dynamic” in its development of […]

Consumers gloomier in Q4 — BSP

Consumers were more pessimistic this quarter amid a high jobless rate and rising prices, the Philippine central bank said on Friday.  The overall confidence index fell to -24% from -19.3% in the third quarter, the Bangko Sentral ng Pilipinas (BSP) said in a statement.  In contrast, businesses turned more optimistic as the confidence index returned to positive territory at 39.7%, its highest since the start […]

How to win Asia-Pacific consumers in the new era

Second of two parts Although consumer behaviors were already shifting before the COVID-19 pandemic impacted economies and societies, some of the changes were accelerated by the disruption. This meant consumer companies needed to understand what drives consumer lifestyles by redefining how to best serve consumers, looking at the business through a non-traditional lens and anticipating […]

Gokongwei group sees recovery in consumer demand as restrictions ease

DIVERSIFIED conglomerate JG Summit Holdings Inc. (JGS) registered revenues of P50.4 billion for the third quarter of 2021, a nine percent growth year-on-year. The firm’s core net income for the first nine months of 2021, however, declined to P948 million, albeit still in positive territory. The topline growth was mainly driven by expanded capacity and […]

Lenders drive higher consumer spending in India with easy credit

SOME OF India’s top lenders and shadow finance companies are helping fuel demand among consumers wanting to splurge on everything from clothes to two-wheelers and homes, offering hopes of a consumption-driven recovery in Asia’s third-largest economy. Businesses are expecting sales during Diwali — the Hindu festival of lights — will pick up to levels seen […]

PHL consumer spending to pick up in 2022 – Fitch Solutions

The improving employment rate and consumer sentiment in the Philippines could back a projected 5.1% household spending growth next year, Fitch Solutions Country Risk and Industry Research said.  In a report released on Friday, Fitch Solutions said consumer spending could grow by a total of P11.1 trillion in 2022, accelerating from the estimated 3.5% growth […]

MHI Thermal Systems’ Air Conditioners for the Australian Market Receive Highest Ratings Once Again

TOKYO, Sep 10, 2021 – (JCN Newswire via – For the fourth consecutive year, residential air conditioners manufactured by Mitsubishi Heavy Industries Thermal Systems, Ltd. (MHI Thermal Systems) have been cited as the “Best Brand of Air Conditioners” by Australia’s leading consumer advocacy group CHOICE, the Australian Consumers Association; and for the third straight […]

FINEX backs passage of proposed financial consumer protection law

A PROPOSED LAW to protect financial consumers has received the backing of the Financial Executives Institute of the Philippines (FINEX). FINEX said in a statement Sunday that Congress needs to pass the legislation to “strengthen the Philippine financial ecosystem for the long-term good of our country” and protect consumers as financial products and services grow […]

Trade dep’t developing online consumer complaints portal

An online consumer dispute resolution system will be rolled out soon in response to a spike in consumer complaints last year, the Trade department said. The system being developed by the Department of Trade and Industry’s (DTI) consumer protection group will be a unified consumer complaints portal linking various government departments. Consumer complaints received by […]

Citigroup considering divesting some Asia-Pacific consumer units

CITIGROUP, INC. is weighing divesting certain retail banking units in the Asia-Pacific Region, including those in South Korea, Thailand, the Philippines and Australia. — REUTERS CITIGROUP, INC. is studying options for slimming down the firm’s sprawling international consumer operations as part of incoming Chief Executive Officer Jane Fraser’s efforts to simplify the bank. The company […]