Finance

Imported devices could get more expensive thanks to customs duty hike

iPhones to get even costlier!

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The Indian government has decided to hike customs duty on imported mobile phones from 15 to 20 percent in a move designed to protect local manufacturing. The higher tariffs take effect from April 1.

The move, which will make imported devices more expensive, follows less than two months after the country raised the import duty from 10 percent to 15 percent. The new hike comes amid the nations annual Budget Session when the coming year’s finances are declared. This move will affect Apple’s iPhone and Google’s Pixel lineups the most. Luckily, we shouldn’t be seeing any price hike on the iPhone SE because it is assembled in India.

Apple has been trying to assemble its devices in India but has always found itself in some bureaucratic hurdle. Apple has been negotiating with the Indian government for lower tariffs on certain components, but the increased duties are still not in its favor.

The increase on import duties is designed to promote local manufacturing. The moves taken by the government to ensure local sourcing have started paying off though; multiple companies like Samsung, Xiaomi, Vivo, OPPO, and BlackBerry have started making and assembling phones in India to avoid the high import duty and also further gain the benefits the government has to offer under the “Make in India” scheme. The fact that the phones are sourced in India is often a point of emphasis for these companies and another marketing point to the consumer.

A senior industry executive told the Economic Times that smartphone makers may decide to absorb a part of the duty increase because Apple had increased iPhone prices by an average 3.5 percent in December after the government had raised import duties by five percent.

Last year, Apple supplier Wistron started producing iPhone SE models in India.

Around 75 percent of all cellphones sold in India were assembled in the country in 2017, said Tarun Pathak, an analyst at Counterpoint Research to CNN.

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Finance

UnionDigital Bank, Chubb partner for accessible insurance protection

Chubb insurance products now integrated into UD app

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June 17, 2026

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UnionDigital Bank and Chubb Philippines have partnered to bring accessible insurance protection to Filipinos.

The strategic partnership integrates Chubb’s insurance solutions directly on the UD app. These comprehensive solutions will be seen among UD’s suite of financial products. That way, insurance protection becomes more accessible for consumers.

The two key insurance products in the initial rollout are Loan Protect Insurance and Kaya Protect Insurance.

The first product is automatically included for eligible UD loan borrowers at no additional cost for the first three months once the loan is approved.

In the event of accidental death, permanent disability, temporary disability, or death due to illness, Loan Protect Insurance pays up to the original loan amount to cover 100% of the customer’s outstanding loan balance.

Any remaining balance is released to beneficiaries. Loan Protect Insurance is currently available for loans up to PhP 30,000 with short-term repayment periods.

Meanwhile, Kaya Protect Insurance will be available soon. This provides personal accident and accidental death coverage up to PhP 150,000 and is activated automatically by maintaining a low minimum balance of PhP 100 in the insured’s savings account.

The partnership between UnionDigital Bank and Chubb aims to address the protection gap, as according to a Bangko Sentral ng Pilipinas (BSP) survey, 48% of adult Filipinos are currently uninsured.

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Finance

New luvit card offers flexible Buy Now, Pay Later installments

Simple application process, borrow up to PhP 200,000

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May 13, 2026

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FinVolution Group has unveiled the luvit card, making everyday payments accessible and flexible for users through a Buy Now, Pay Later approach.

The rollout marks the company’s move into card-based solutions, bringing installment-enabled transactions into a format that works both online and in physical stores — whether locally or abroad.

To get started, simply download luvit via the App Store or Google Play. Signing up on the app only needs minimal requirements and fast approval.

Once approved, users can start using the Mastercard-powered physical luvit card for a range of expenses. This includes daily purchases, bills, travel bookings, and other lifestyle spendings.

Users can borrow from PhP 2,000 to PhP 200,000 (~US$ 32.56 to ~US$ 3,255.80).

The Buy Now, Pay Later card is designed to accommodate various financial needs. Users can repay in installment options that work for them. In addition, a 0% interest installment is available for the first 40 days.

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Finance

Atome now allows in-app bill payments with Bayad partnership

Pay for utilities, internet, government contributions directly within the app

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April 22, 2026

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Atome Philippines has partnered with Bayad to allow users to pay for utilities, internet, and government contributions directly within the Atome app.

The integration with the country’s largest bill payment aggregator is designed to help Filipinos manage household budgets more easily without the need for extra steps.

Atome users no longer need to switch from one app to another, nor visit websites to handle monthly bills. Bayad’s extensive network of billers and service providers can be accessed through the platform.

As such, electricity and water bills, as well as government fees, can be paid for directly via the app.

Beyond convenience, users will likewise earn Atome rewards points on every utility bill payment they make.

The partnership between Atome and Bayad is an important step in financial inclusion in the Philippines.

It gives unbanked and underbanked individuals a simpler and more rewarding way to manage essential household expenses.

Atome is known popularly for its Buy Now, Pay Later (BNPL) offering. It has tie-ups with retailers like fashion, beauty, travel, and more.

The digital financial service platform also offers a Mastercard-powered BNPL card, as well as petty cash loans.

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