MerryMart opens largest standalone store

The MerryMart Group of tycoon Edgar “Injap” Sia II  has opened in Tarlac its largest standalone grocery, marking the 135th branch of its supermarket, with expansion in eight more on the line.

In a disclosure to the Philippine Stock Exchange, MerryMart said it opened a supermarket in Ayala Cresendo Estate in Tarlac, sprawled on 4,032 square meters of land to make it the biggest of its kind.

The newest branch also provides the group with its 135th outlet, as it aims to grow its grocery network in the provinces.

MerryMart plans to open supermarkets in Antique; Palo, Leyte; San Carlos City, Negros Occidental; and Bay, Laguna. Further, it aims its reach to cover Koronadal City, General Trias, Cavite; Ormoc City; and Ozamiz City.

Among its current network, MerryMart enjoys the largest market share in Capiz. On top of this, it is gaining consumer traction in nearby areas, positioning it to compete with leading players.

Aside from widening its footprint, MerryMart said it is always on the hunt for companies to buy for as long as they support its future growth.

“MerryMart continues its organic expansion and continues to be on the lookout for opportunities in acquiring companies in the consumer space that have strategic fit to its long-term growth,” the company said.

The newest MerryMart branch, initially slated to be opened in July, is equipped with sustainable equipment like roof solar panels, LED lighting fixtures, bicycle slots and charging provisions for electric vehicles.

MerryMart is undertaking a group-wide expansion to achieve its target of raising P150 billion in revenue in 2030. Originally, the goal was placed at just P120 billion, but the company adjusted it earlier this year.

As of 2023, MerryMart operates 126 stores nationwide. Its portfolio is composed of MerryMart Grocery, MerryMart Express and MerryMart Wholesale, together with other ventures, including Injap Supermart, M Supplies and Carlos SuperDrug.

The company may be reliant on its brick-and-mortar format, but it is also penetrating the digital space through an app launched by MerryMart Wholesale.

For 2024, MerryMart expects its e-commerce channel to grow to 500,000 users and carry 15,000 products for businesses and households.

Source: Philstar

Women’s Economic Empowerment is key for inclusive development in the Asia region

As world leaders gather for the United Nations Summit of the Future, a new UN Women report for Asia and the Pacific challenges conventional economic thinking, urging societies to look beyond gross domestic product (GDP) as the dominant measure of progress.

With the generous support of the Australian Department of Foreign Affairs and Trade, the report, “Caring Societies, Inclusive and Green Economies in Asia and the Pacific. Unveiling Data to Advance Women’s Economic Empowerment Beyond GDP” reveals that economic growth has not translated into economic empowerment for all women in the region, calling for a new paradigm that recognizes the contributions of all forms of care work to a functioning economy and prioritizes inclusion and environmental sustainability.

Care work is disproportionately performed by women. This includes both paid roles, such as nursing or domestic workers, and unpaid roles, such as caring for family members.

The analysis clearly indicates an urgent need to address gender inequality to foster inclusive development. This involves empowering women with greater decision-making power, enhancing their access to productive resources, and reforming gender-blind norms and systems.

To achieve the Sustainable Development Goals, we must actively support women’s economic empowerment. This entails tackling the root causes of gender inequality by transforming care systems, creating decent job opportunities, and fostering gender-responsive climate action in both business and society.

The report urges a paradigm shift beyond GDP and a growth-centric approach, advocating instead for measures that prioritize the well-being of people and health of the planet. The Asia and the Pacific region can experience inclusive growth and create a more prosperous future for all by recognizing, reducing, and redistributing care work, investing in quality care services, promoting decent work and financial inclusion, and supporting women's economic and political participation, including in climate-action.

“This report challenges all of our perceptions around the importance of care,” says Christine Arab, Regional Director of UN Women Asia and the Pacific. "It’s time to recognize that a truly thriving economy is one that values care, prioritizes the well-being of its people, and safeguards our planet for generations to come."

To catalyze progress towards a more equitable future, the report calls on policymakers to address the limitations of GDP and more fully capture all economic activities, human welfare, and sustainability. To do so, the report calls for increased investments in quality, reliable and timely gender data. This data is vital to enable governments, the private sector and other stakeholders to take actions to lift the barriers to women's economic empowerment and accelerate progress towards a more prosperous and equitable future for all.

caring-societies_2024.pdf

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Source: UN Women

Government urged to develop areas outside flood-prone Metro Manila

The Government should boost development in key areas outside Metro Manila in the face of increasing extreme weather events, economists said, as the capital region that accounts for over 30% of the country’s economic output struggles with flooding issues.

The condition of Metro Manila, which contributes 36% to the country’s gross domestic product (GDP), is worsening amid climate change-enhanced typhoons, said Cid L. Terosa, former dean at the University of Asia and the Pacific (U&AP).

“On the economic side, the country should, in the short and medium term, continue to firmly establish growth dynamos outside of the National Capital Region (NCR),” he said in an e-mail, noting that areas that have shown disaster-resilience should be prioritized.

Mr. Terosa said the government should secure funding and investments for climate change programs and create viable livelihood and employment opportunities for disaster-stricken local economies.

“The country can make significant leaps in its macroeconomic targets if it diffuses economic activity towards regions that have shown greater resiliency to various forms of crisis,” he added.

In the latest World Risk Index, the Philippines, which faces an average of 20 typhoons, remained the most disaster-prone country for a 16th straight year.

In July, heavy rains caused by Super Typhoon Gaemi, which was enhanced by a southwest monsoon, triggered massive flooding in Metro Manila. The Department of Environment and Natural Resources (DENR) said rapid urbanization in the nation’s major economic hub was the main culprit.

A World Weather Attribution study released last month noted that the Philippines and two other countries affected by Super Typhoon Gaemi have weak urban plans and flood infrastructure, which cannot withstand climate change-driven floods.

“Unplanned urban development, including in Metro Manila where the population has rapidly increased, is increasing the number of people at risk, especially in lower lying informal areas,” the report said.

The study said Super Typhoon Gaemi’s wind speeds were about 14 kilometers per hour or 7% more intense due to climate change, which increased the rainfall by up to 14%.

Just as Super Typhoon Gaemi left, the country was battered by Tropical Storm Nagi, which affected over half a million Filipinos and left P2.26 billion and P700 million, respectively, in agricultural and infrastructure damage.

President Ferdinand R. Marcos, Jr. last week said climate change’s damage to the national economy could reach up to 7.6% of the GDP by 2030.

Mr. Terosa said some regions in the Visayas and Mindanao were able to perform better than Metro Manila last year “despite inflation and high interest environment.”

“What was tagged as a national economic problem was, in fact, an NCR economic problem.”

The Philippine economy grew by 5.5% in 2023, slowing from the 7.6% expansion in 2022.

By region, Central Visayas posted the fastest GDP growth last year at 7.3%, followed by Western Visayas at 7.2%, and Ilocos Region at 7.1%.

Other regions that also posted growth faster than the NCR were Cordillera Administrative Region at 6.9%, Davao Region at 6.7%, Eastern Visayas at 6.4%, Cagayan Valley at 6.2%, and Central Luzon at 6.1%.

On the other hand, Metro Manila’s economy expanded by 4.9% last year, the slowest in two years.

“If all resources are concentrated in NCR, then typhoons and natural disasters in the capital region would make the Philippines vulnerable,” George N. Manzano, a trade expert at UA&P, said.

“Hence there is a need to diversify the development, making investments in the regions.”

Mr. Manzano cited typhoons’ impacts on commercial and residential infrastructure, which have been concentrated in Metro Manila, and their implications for consumer spending, which contributes around three-fourths to GDP.

Mr. Terosa said recent typhoons have stalled production and income generation, possibly pulling down the country’s growth potential by 0.2 percentage point.

“On the production side, recent typhoons damaged production potential of the agricultural sector and delayed actual production in the manufacturing sector,” he said.

“All these, employment, and most importantly, productivity,” he added.

The Marcos administration has been promoting the New Clark City in Central Luzon as an alternative to Metro Manila, dubbing it as the Philippines’ first “smart, green, and resilient urban center.”

A Philippine Chamber of Commerce and Industry (PCCI) official earlier this month said despite efforts to promote growth outside Metro Manila, the capital region will remain the biggest engine of Philippine growth in the next 10 years.

Infrastructure projects outside the capital region will take time, “especially with the rising cost of materials and manpower,” PCCI-NCR vice-president and 2024 Metro Manila Business Conference Chairman Hernando Delis said at a forum. “Depopulating Metro Manila is not easy.”

“The government and the private sector have taken substantial steps to climate-proof the economy, but the pace of those efforts has not kept pace with the increasingly dire consequences of climate change,” Mr. Terosa said.

“It appears that climate change and its negative effects have unraveled faster than expected.”

Source: Business World