BIZ BUZZ: In love with Labubu

The relationship between the Philippines and China has turned decidedly frosty under the Marcos administration, which has been consistently calling out the giant nation for its repeated incursions into Philippine territory.

But any tensions in the political sphere are certainly not felt in the country’s retail scene if the patronage—bordering on obsession—for the bevy of collectibles sold by Beijing-based Pop Mart is any indication.

READ: Consumers cautioned: Buy only legit ‘Labubu’

Pop Mart, a rising force in the global retail and entertainment industry, was introduced to the Philippines through the first pop-up store at SM Mall of Asia, with the second iteration to open today at SM Makati, just in time for Valentine’s Day and the celebration of the love month.

The reception to the collectible toy company, with its characters such as Labubu, Crybaby, Hirono, Molly, Skullpanda, and Dimoo that appeal to the so-called “kidults,” or adults in touch with their inner child, has indeed been so warm that it has prompted the company to decide to open up permanent stores sometime this year, with the first to open most likely at SM Megamall.

But while plans for the standalone store are being finalized, expect teaser Pop Mart outlets to start popping up in an SM mall near you. —Tina Arceo-Dumlao

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Singapore Airlines’ gift to flyers

The flag carrier of Singapore has launched a promotion with EastWest Bank to encourage more Filipinos to travel.

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Until March 5, EastWest credit card holders can avail themselves of discounts on plane tickets using promo code GETAWAY25 when they book their flights via the website or the mobile app.

The discount applies to selected destinations in Asia, Africa, Australia, Europe, and the United States.

EastWest Singapore Airlines KrisFlyer Platinum and World Mastercard or EastWest Platinum

Mastercard cardholders can be entitled to cash rebates of up to P5,000 when buying their tickets.

Using promo code SIASALE, customers can also enjoy a 10-percent discount on Crimson Hotels & Resorts room and holiday packages available at Crimson Hotel, Filinvest City, Crimson Resort & Spa Boracay, and Crimson Resort & Spa Mactan.

“The launch is part of a series of upcoming offerings that will synergize great deals and bonus perks from EastWest with Singapore Airlines’ world-class service and network connectivity to encourage our customers to embark on more rewarding travel experiences in 2025,” Singapore Airlines’ general manager for the Philippines Liwei Tai said.

So, are you ready to plan your next trip? —Tyrone Jasper C. Piad

NGCP post-Maharlika entry

The National Grid Corporation of the Philippines (NGCP) is not yet ready to reveal who will be ditched with the looming entry of two representatives from Maharlika Investment Corp. (MIC).

NGCP spokesperson Cynthia Alabanza refused to disclose more details on the recent deal involving the sovereign fund’s purchase of a 20-percent stake in the country’s electricity superhighway.

It was in late January when the government unveiled the agreement between MIC, the manager of the country’s first sovereign wealth fund, and Synergy Grid and Development Philippines Inc., which has a 40-percent interest in NGCP.

“Meron pa silang proseso. Meron pang pag-usap na nangyayari,” Alabanza told reporters.

(There is still a process. There is still an ongoing discussion.)

NGCP has been in the hot seat over recurring questions on ownership, as four Chinese nationals hold seats on its board, thus giving rise to concerns over potential security threats.

Does this mean that, given the entry of MIC, the NGCP can expect “less” scrutiny from the government?

Alabanza downplayed the so-called “government harassment,” adding that the deal should not be linked to the probes on NGCP.

But she said the government did not need a share in the NGCP to ensure the smooth operation of the transmission system. —Lisbet K. Esmael