The Gokongweis’ swanky Nustar casino resort in Cebu may have already had its soft launch last May but, to enjoy one of its biggest attractions, patrons will have to wait a few weeks more.
We’re talking about the famed Mott 32 restaurant—originally from Hong Kong—which will open soon to cater to diners wanting to savor its famous Peking duck, among others.
Biz Buzz heard that Mott 32’s Cebu branch will likely open its doors either late August or early September.
They could do it sooner, but the owners first want the Chinese “ghost month” to pass as this period has traditionally been an inauspicious time to begin new ventures, especially in business.
That’s still good news for Mott 32 fans who are no longer keen on flying to the former British colony to enjoy the restaurant’s offerings, given recent political developments there.
But will Cebu’s version be as good as the original? There’s really only one way to find out.
— Daxim L. Lucas
Digital banking newbie
More digital banks want to enter the arena and ride on the country’s favorable demographics, but the Bangko Sentral ng Pilipinas only has six digital banking licenses to give, all of which have already been farmed out.
So for aspiring players, the next best solution is to buy an existing bank, even if it’s a small rural bank and use this as the launchpad. It’s just like backdoor listing on the stock market.
This was exactly how consumer internet company Sea Ltd.—the group that owns e-commerce platform Shopee, digital entertainment firm Garena and digital finance arm SeaMoney—found its place in the local banking sphere.
Through SeaMoney, the group quietly bought 57-year-old Banco Laguna Inc., which has been rebranded into Seabank Philippines Inc. and turned this into its digital banking arm.
As expected, Seabank PH is offering a hefty deposit rate of 6 percent a year without any deposit cap on interest rate. Being the new kid on the block, it can’t gain market share by just matching what some other digital licensees already offer.
As such, banking experts are surprised to find out that apart from the lack of deposit cap, this banking newbie is probably the first in local retail banking to offer a daily—yes, you read it right —payout of interest earnings. So there’s no minimum holding period.
Seabank hasn’t done a big launch yet, but its generous introductory offering has been in effect since June 2022.
Thus, even with just several digital licensees out there, the digital banking competition is further heating up.
—Doris Dumlao-Abadilla
Showtime for VW
Volkswagen Philippines just opened its showroom at the recently inaugurated AC Motors Centrale in Bonifacio Global City in Taguig.
The German brand features several models, including Lavida, Lamando, Santana and Santana GTS and T-Cross subcompact sports utility vehicles.
“Our showroom in AC Motors Centrale at the heart of Bonifacio Global City moves motoring lifestyles up several notches by making every customer’s ownership journey a one-of-a-kind Volkswagen experience,” said Felipe Estrella, its president.
“A visit to our showroom guarantees satisfaction, while our roster of German-designed and engineered vehicles, is ready to open up numerous possibilities for our customers,” he added.
Volkswagen also has showrooms in Pampanga, Cebu, Iloilo, Bacolod, Cagayan de Oro and Davao.
The Ayala group recently launched its one-stop shop in BGC showcasing several brands such as Honda, Isuzu, Kia, KTM, Husqvarna and Volkswagen.
—Tyrone Jasper C. Paid
Booming ‘edtech’
Edukasyon.ph, the largest edtech (education technology) startup in the Philippines, piloted last May a new online service: K12 tutoring in English and Math for students aged four to 16. Since then, it has booked a thousand of these classes.
Recently, the startup founded by Henry Motte-Muñoz closed a new round of funding from a number of investors, including follow-on investors KSR Ventures and Lorinet Foundation, as well as new investor Bisk Ventures. The new money will fund EDGE Tutor, its tutoring service.
Today, the Philippines is estimated to be a $20-billion education market ready for disruption. The new product is seen to cater to the rising demand for quality, affordable academic support for the country’s 27 million learners navigating the K12 curriculum. This is being developed as the third vertical operation for Edukasyon, in addition to Finder and Advance.
Since 2020, Edukasyon has tripled revenues and achieved profitability for its business-to-business division. It is close to reaching its first million registered users and has built a community of 8 million students.