Latest news with #Pinto
Yahoo
3 days ago
- Business
- Yahoo
Filipino SMEs lag regional counterparts in digital adoption
A new survey has revealed that Filipino small businesses (SMEs) continue to lag their regional counterparts in digital adoption regardless of the promising outlook and employment trends. CPA Australia has released its 16th annual Asia-Pacific Small Business Survey, which presents an analysis of SME issues and sentiment across the region with a focus on Philippines. The latest survey, which included responses from 4,236 SMEs in 11 Asia-Pacific markets, has revealed that 62% of respondents reported earning more than 10% of their revenue from online sales, below the surveyed average of 67%. Though 74% received more than one-tenth of their revenue from digital payment technologies like Dragonpay and GCash, close to the regional average (75%), just 13% sought advice from IT consultants last year, well below the Asia-Pacific average of 28%. The survey also highlighted that those SMEs that invested in technology in 2024 experienced benefits, with 69% reporting improved profitability, surpassing the regional average of 56%. On the positive note, the survey revealed that Filipino SMEs continue to show strong growth dynamics, with 77% reporting growth in 2024 and 89% expecting to expand in 2025. The survey results indicate that the growth is driven by a focus on customer needs with 46% citing customer loyalty and 37% pointing to improved customer satisfaction as their top contributors to growth. In 2024, the number of growing businesses in the Philippines reached its highest point since 2019, and 41% of SMEs increased their workforce last year with 57% plans to expand employee base in 2025. CPA Australia Philippine finance industry qualified accountant Rufus Pinto said: 'Small businesses in the Philippines are thriving due to their exceptional customer-centric approach, which helps them to retain loyal clients and attract new ones. 'Our young population is a key driver of the dynamic economy. The Philippines has one of the youngest small business owner profiles in the region and their strong entrepreneurialism is driving growth in the sector.' Financial access remains a pressing issue, as 65% of them sought external finance in 2024, but only 22% found it easy to secure funding with 40% of them responded that rising costs as a major barrier to growth. Pinto added: 'Filipino small businesses should set ambitious long-term goals and craft well-prepared business plans towards achieving them. These are persuasive and solid documents for securing bank loans.' Looking ahead, 28% Filipino SMEs are expecting strong growth from overseas markets in 2025, the highest expectation in three years and above many of their regional counterparts. "Filipino SMEs lag regional counterparts in digital adoption " was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
CPA Australia survey: Young entrepreneurs help drive robust growth in Filipino small business sector
MANILA, Philippines, May 28, 2025 /PRNewswire/ -- Filipino small businesses continue to stand out as among the most dynamic in the Asia Pacific region, with 77 per cent reporting growth in 2024 and 89 per cent expecting to expand this year. These key findings, from the latest Asia-Pacific Small Business Survey conducted by one of the world's largest professional accounting bodies, CPA Australia. This bullish performance is largely attributed to a customer-focused mindset. However, challenges such as constrained access to finance and slower technology adoption compared with other markets in the region are holding some businesses back. Last year saw the highest number of growing Filipino small businesses since 2019. Reflecting this improved sentiment, 41 per cent of respondents increased their workforce in 2024, and 57 per cent plan to hire more employees in 2025. Customer loyalty and satisfaction remain key drivers of small business success in the Philippines. Nearly half (46 per cent) of Filipino respondents cited customer loyalty as their top growth factor, while 37 per cent selected improved customer satisfaction. Mr Rufus Pinto, a CPA Australia-qualified accountant who works in the Philippine finance industry, said: "Small businesses in the Philippines are thriving due to their exceptional customer-centric approach, which helps them to retain loyal clients and attract new ones. "Overall, the economy maintained steady growth last year, driven by strong domestic consumption, which created many opportunities for small businesses." Mr Pinto said the youthful profile of Filipino small business owners was a key advantage. "Our young population is a key driver of the dynamic economy," he said. "The Philippines has one of the youngest small business owner profiles in the region and their strong entrepreneurialism is driving growth in the sector." Reflecting confidence in the business outlook, 28 per cent of Filipino respondents expect strong revenue growth from overseas markets in 2025, a three-year high that surpasses many regional counterparts. "With a young, English-speaking workforce and a strong work ethic, the Philippines remains a top destination for outsourced services from international companies, especially for voice-based services and customer support roles. Small businesses should continue to leverage these strengths to attract more overseas clients," he said. Despite the promising outlook and employment trends, Filipino small businesses continue to lag their regional counterparts in digital adoption. In 2024, 62 per cent of respondents reported earning more than 10 per cent of their revenue from online sales, below the surveyed average of 67 per cent. Though 74 per cent received more than one-tenth of their revenue from digital payment technologies such as Dragonpay and GCash, close to the regional average (75 per cent), only 13 per cent sought advice from IT consultants last year, well below the Asia-Pacific average of 28 per cent. "With a large talent pool and a focus on people-to-people connection, Filipino small businesses tend to prioritise personal connections over digitalisation and automation," said Mr Pinto. "Challenges such as limited internet access in rural areas, a large unbanked population and reliance on cash and remittances also hinder digitalisation." However, the benefits of tech investment are clear. Among Filipino small businesses who invested in technology in 2024, 69 per cent reported improved profitability, well above the Asia-Pacific average of 56 per cent. This placed the Philippines second among all surveyed markets. Rising costs remain the top challenge, with 40 per cent of respondents citing it as a key barrier. Access to finance is also a hurdle. While 65 per cent sought external finance in 2024, only 22 per cent found it easy to obtain, the lowest result in the region. This trend is expected to persist. "Banks remain the primary source of funding, however only 22 per cent of respondents named them as their main lender," Mr Pinto said. "When applying for bank finance, it usually requires documents to demonstrate how the funds will be used and the credibility of the borrowers. Filipino small businesses should set ambitious long-term goals and craft well-prepared business plans towards achieving them. These are persuasive and solid documents for securing bank loans. "Consulting professionals, including accountants who hold the internationally recognised CPA designation, can help improve financial records and address technical issues such as taxation." CPA Australia's Asia-Pacific Small Business Survey collected views from 4,236 small businesses in 11 Asia-Pacific markets in November and December 2024, including 310 from the Philippines. This is CPA Australia's 16th annual survey of small business issues and sentiment since 2009. About CPA Australia Founded in 1886, CPA Australia is one of the world's largest professional accounting bodies representing more than 175,000 members working in over 100 countries and regions around the world including more than 20,000 members in Southeast Asia. CPA Australia advances its members' interests through education and knowledge exchange, the development of professional networks, thought leadership and the promotion of value of CPA Australia members to employers, government, regulators and the public. The CPA Australia designation denotes strategic business leadership and is recognised and valued throughout the world. 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Business Mayor
6 days ago
- Business
- Business Mayor
At Trump's $148 million meme coin dinner, 'the food sucked' and security was lax, attendee says
Crypto investor Nicholas Pinto attends President Donald Trump's gala dinner for people who spent the most money on Trump's meme coin, $TRUMP, in a contest, at Trump National Golf Club in Potomac Falls, Virginia, May 22, 2025. Nicholas Pinto The price of President Donald Trump's meme coin plunged 16% as of Friday morning, just hours after he hosted a black-tie gala at his Virginia golf club for its biggest buyers — an elite crowd that spent a combined $148 million on the token for the chance to be there. It was billed as 'the most exclusive invitation in the world.' Among the 220 attendees were crypto influencers, industry executives such as Sandy Carter of Unstoppable Domains, and former NBA star Lamar Odom, who used the occasion to praise Trump as 'the greatest president' and promote his own token, $ODOM. The top 25 wallets were promised a private reception and guided tour. Others, such as 25-year-old Nicholas Pinto — whose dad drove him to the event in his Lamborghini — left underwhelmed and still hungry. 'The food sucked,' Pinto said. 'Wasn't given any drinks other than water or Trump's wine. I don't drink, so I had water. My glass was only filled once.' Trump made only a brief appearance, Pinto said. 'He didn't talk to any of the 220 guests — maybe the top 25,' he said. All in, the president was there for 23 minutes, Pinto said. Trump delivered a brief address rehashing old crypto talking points then left on a helicopter before taking any questions or pictures with his meme coin contest winners, he said. Phones weren't locked in RFID pouches, and security was lax, according to Pinto. 'Once Trump left, they didn't really worry about anything else,' Pinto added. The crowd's opulence was on full display. 'Richard Mille watches weren't even rare,' Pinto said. 'I saw at least 16 people wearing them. I never see that unless I'm at a high-end restaurant in Miami or Dubai.' But the vibe was more muted than expected, he said: 'Lots of people didn't even hold the coin anymore. They were checking their phones during dinner to see if the price moved.' CNBC has reached out to Trump representatives for comment on the dinner and attendees. Protests For lawmakers and regulators, the dinner set off alarm bells. The #1 token holder was Chinese-born crypto mogul Justin Sun, who is currently facing Securities and Exchange Commission fraud charges that were recently paused, with the agency citing 'the public interest.' Sun holds over $22 million in the $TRUMP token and another $75 million in World Liberty Financial's native token. 'As the top holder of $TRUMP and proud supporter of President Trump, it was an honor to attend the Trump Gala Dinner,' Sun posted on Friday. 'Thank you @POTUS for your unwavering support of our industry!' Outside the gates of Trump National Golf Club in Potomac Falls, Virginia, about a hundred protesters gathered, according to NBC News. Sen. Jeff Merkley, D-Ore., joined them, backing a new End Crypto Corruption Act with Senate Minority Leader Chuck Schumer, D-N.Y. Signs read 'Crypto Corruption' and 'Trump is a traitor.' Crypto on Capitol Hill 'The Trump family activity in the memecoin space makes my work in Congress more complicated,' Rep. French Hill, R-Ark., told CNBC on Friday. Hill, who's leading negotiations on a bipartisan stablecoin regulation bill known as the GENIUS Act, called the gala 'a distraction from the good work we need to do.' Now, the GENIUS Act is at risk. Sen. Josh Hawley, R-Mo., recently added a controversial rider to the bill that would cap credit card late fees — what's seen as a poison pill that could alienate banking allies and stall final approval. President Donald Trump speaks at a dinner for meme coin contest winners at Trump National Golf Club in Potomac Falls, Virginia, May 22, 2025. Nicholas Pinto On Thursday night as the meme coin contest dinner was underway, a bloc of Senate Democrats announced they'd be pushing for a new provision that would ban presidents and senior officials from profiting off crypto ventures while in office — a direct challenge to the Trump-linked stablecoin USD1 that launched in the spring. In Washington, there's growing concern that political infighting over Trump's crypto ventures could derail the stablecoin bill altogether. That poses an even bigger risk. According to The Wall Street Journal, major banks including JPMorgan , Bank of America and Citi are in early talks to issue a unified digital dollar to compete with Tether, the foreign-controlled stablecoin that now commands over 60% of global market share. Those plans hinge on legal clarity. If the GENIUS Act stalls, the U.S. could lose its window to regain ground in the global race for digital payments. The White House has tried to draw a line between Trump the president and Trump the private businessman. 'The president is attending it in his personal time. It is not a White House dinner,' press secretary Karoline Leavitt told reporters when pressed on attendee transparency. The administration declined to release a guest list. But blockchain data — and a patchwork of guest photos — tell part of the story. A Bloomberg News analysis found that all but six of the top 25 wallets used foreign exchanges, ostensibly off-limits to U.S. users. More than half of the top 220 wallets were linked to similar offshore platforms. One Nasdaq-listed penny stock, Freight Technologies , disclosed in an SEC filing that it spent $2 million on Trump's token to push U.S.-Mexico trade policy. It didn't make the cut for the dinner — finishing 250th. Since its January debut, the $TRUMP coin has generated more than $324 million in trading fees. Roughly 80% of the $TRUMP token supply is controlled by the Trump Organization and affiliates, according to the project's website. WLFI, the Trump's parallel token, has sold $550 million in two token sales. Still, White House AI and crypto czar David Sacks remained bullish on 'significant bipartisan support' for stablecoin legislation. 'We already have over $200 billion in stablecoins — it's just unregulated,' Sacks told CNBC's 'Closing Bell Overtime' on Wednesday. 'If we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our Treasurys practically overnight, very quickly.' 'We have every expectation now that it's going to pass,' added Sacks, though he didn't answer a question about concerns from Democrats that there aren't sufficient safeguards in place to keep the president and his family from profiting from legislation. While Sacks sold $200 million in crypto-related holdings before taking his White House job, according to a disclosure filing, Trump and his family have been leaning into building a crypto empire. The Trumps are financial backers of World Liberty Financial, which is behind the USD1 stablecoin that is backed by Treasurys and dollar deposits. Abu Dhabi's MGX investment fund recently pledged $2 billion in USD1 to Binance, the world's largest digital assets exchange. It's the company's largest-ever investment made in crypto.
Time of India
6 days ago
- General
- Time of India
Udupi diocese hands over house to family
Udupi: The Udupi Diocese inaugurated a comprehensive initiative aimed at providing housing for underprivileged families lacking their own homes. This ambitious project is a key component of the diocese's preparations for the upcoming General Jubilee Year 2025, a significant milestone for the Catholic Church. The first tangible outcome of this initiative was witnessed on Sunday with the formal handover of a newly constructed house, christened 'Ark of Hope', to the family of Vinod and Angeline Pinto, within the jurisdiction of the Thottam St Anne's Church. The Pinto family, burdened by persistent financial constraints, was residing in rented accommodation. Their plight resonated deeply within the parish community, prompting a concerted effort involving the parish council, generous donors, and the Michael D'Souza Charity Trust to realise their dream. Through this collaborative endeavour, a fully furnished house, estimated at Rs 13 lakh, was constructed. The realisation of this project was further facilitated by the donation of five cents of land by Thomas and Valeriana Noronha. The construction process was expedited, and the house was completed in a five-month timeframe. Rev Denis D'Sa, parish priest of Thottam Church, presided over the handover ceremony, blessing the new home and formally entrusting it to the Pinto family. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Buy Brass Idols - Handmade Brass Statues for Home & Gifting Luxeartisanship Buy Now Undo "A home is more than just bricks and mortar; it is a foundation for stability, security, and a sense of belonging," Rev D'Sa said. Looking ahead, the Udupi Diocese has ambitious plans to replicate the success of the 'Ark of Hope' project across its 52 churches, aiming to construct a house for one homeless family in each parish as part of the Jubilee Year 2025 celebrations. The diocese hopes that this initiative will inspire other organisations and individuals to join hands in building a more equitable and compassionate society for all.
Time of India
6 days ago
- Business
- Time of India
An 'Orgy of Corruption' and 'Walmart Steak': Inside Donald Trump's disastrous crypto dinner party
Donald Trump 's exclusive dinner party for investors in his $TRUMP meme coin turned into a spectacle of disappointment, with critics slamming it as an 'orgy of corruption' and guests complaining about the food and lack of access to the US president. Held Thursday evening at Trump National Golf Club in Virginia, the high-profile event gathered 220 crypto investors who collectively poured in $148 million for a chance to meet Trump and dine in style. Instead, many left underwhelmed—by both the meal and the man. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like ansoim - Manufacturing Today OMEA Award ansoim Learn More Undo Social media personality and prankster Nicholas Pinto , who says he invested $360,000 in the memecoin, attended the event and told WIRED and Fortune that it was 'the worst food' he's ever had at a Trump property. 'The only good thing was the bread and butter,' Pinto added, calling the steak 'trash' and likening it to something bought at Walmart. Attendees were promised filet mignon with demi-glace and pan-seared halibut with citrus reduction—but what was served allegedly failed to meet expectations. Despite being promoted as a high-end dinner and networking opportunity for independent traders and crypto executives, most guests had little to no interaction with Trump, who delivered a short 20-minute speech and exited promptly afterward. Live Events 'The speech was pretty much bullshit,' Pinto said. 'Trump could have at least given the top people their watches himself,' he added cryptically, without elaborating on what watches were involved. Only the top 25 investors were reportedly invited to a private VIP reception with Trump. Even Caitlin Sinclair, anchor at One America News Network (OANN) and the event's host, was unable to get a photo with him. Christoph Heuermann, a German entrepreneur in attendance, posted on Instagram that Trump 'enjoyed being celebrated' but didn't engage with the crowd. Senator Elizabeth Warren condemned the event, calling it 'an orgy of corruption' and a stark example of pay-for-access politics. 'This is corruption in its ugliest form,' she declared, raising concerns about ethical violations given Trump's unofficial appearance and the enormous sums guests had to spend for entry. Adding to the intrigue were a handful of notable guests, including Chinese crypto billionaire Justin Sun and former NBA star Lamar Odom. However, the full list of attendees remains confidential. Press Secretary Karoline Leavitt stated that the event was unofficial and therefore not subject to public disclosure. With an average investment of $1.8 million per guest, many in the crypto world are now questioning whether the evening was a groundbreaking networking opportunity—or just another overhyped, underdelivered Trump affair.
