Philippine Digest: RedDoorz enters market; Govt plans $1bn Samurai bond

Visual from RedDoorz's social media page.

Online budget hotel booking chain RedDoorz is investing more than $5 million in the Philippines, its third market in Southeast Asia, while the Philippines government is planning to issue Samurai bonds later this year.

Singapore’s RedDoorz enters Philippine market with $5m investment

Singapore-headquartered online budget hotel booking chain RedDoorz has expanded into the Philippines, its third market in the Southeast Asia region, with an investment of more than $5 million over the next 12 months.

In a statement, RedDoorz said, it expects to grow its footprint to 100 properties across the Philippines, a market that the company describes as having a strong demand for hotel rooms not only for tourists but also for business travelers.

“We felt that it was timely for us to make the conclusive move to start expanding here – especially seeing how boisterous the budget hospitality sector has been in recent years,” Amit Saberwal, Founder and CEO, RedDoorz, said.

Launched in 2015, RedDoorz has expanded rapidly garnering over 500 properties and servicing over 700,000 stayed room nights thus far in the region. It is present in over 16 cities in Indonesia alone with over 3,000 hotel rooms on its platform and has a team strength of close to 180 people.

Last March, it announced raising $11 million in its pre-series B funding round backed by existing investors, including the International Finance Corporation.

Philippines eyes $1bn Samurai bonds issuance this year

The Department of Finance (DOF) has confirmed that the government is considering the issuance of about $1 billion yen-denominated debt, or Samurai bonds, in the second half of this year, state-run Philippine News Agency has reported.

Finance Secretary Carlos Dominguez announced the development, saying the plan is in line with the government’s efforts to diversify its bond portfolio. In the first quarter of 2018, the Philippine government successfully floated dollar- and renminbi-denominated securities in the offshore markets.

The Philippines last sold Samurai bonds in 2010 worth $2.5 billion, which allowed the government to complete its commercial funding exercise that year.

The DOF earlier instructed the Bureau of the Treasury (BTr) to study the economics of selling Samurai bonds to allow the government to access Japanese capital. Samurai bonds provide the issuer access to Japanese capital, which can be used for domestic investments or for financing operations outside Japan.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.