Media OutReach
KPMG: Government reserves remain robust, advocates for expanded asset management and innovation industries to boost economic growth
Resilient response to challenges, highlighting AI and Northern Metropolis
HONG KONG SAR – Media OutReach Newswire – 28 February 2025 – KPMG welcomes the Hong Kong Government’s Budget, recognising it as a well-considered strategy that balances the needs of society with economic development goals. The Budget focuses on key areas such as Artificial Intelligence (AI), infrastructure investment, and innovative industries, creating new opportunities for high-quality economic growth in Hong Kong while further strengthening its international competitiveness.
The Hong Kong SAR Government has revised its 2024/25 Budget, projecting a consolidated deficit of HKD 87.2 billion. By the end of March 2025, Hong Kong’s fiscal reserves are expected to reach HKD 647.3 billion, closely aligning with KPMG’s estimates of HKD 89.7 billion deficit and HKD 645 billion in reserves, indicating that fiscal reserves remain relatively robust. The projected GDP growth rate for 2025/26 has been adjusted to between 2% and 3%, down from the previous year’s forecast of 3.2%. KPMG attributes this revision to ongoing geopolitical uncertainties and a slower-than-expected decline in interest rates. To address these challenges, KPMG recommends that the government allocate more resources to high-growth sectors such as asset management and innovation, aiming to stimulate economic growth in Hong Kong and deliver benefits to the general public.
John Timpany, Head of Tax in Hong Kong, KPMG China, says: “In the Budget, the HKSAR Government has clearly positioned AI as the core driver for cultivating new quality productive forces, and is promoting its development through a series of policy measures, fully demonstrating Hong Kong’s ambition as an international innovation and technology hub. We are pleased to see the Government leveraging the advantages of ‘One Country, Two Systems’ to actively establish Hong Kong as an international exchange hub for the AI industry, and strengthening the integration of scientific research and industrial applications through projects such as Cyberport’s AI Supercomputing Centre, Hong Kong Microelectronics Research and Development Institute, and the soon-to-be-established Hong Kong Artificial Intelligence Research and Development Institute. This not only creates opportunities for local technology companies but also injects new momentum into the transformation and upgrading of traditional industries, narrowing the gap with other leading jurisdictions.”
Stanley Ho, Tax Partner, KPMG China, says: “To ensure the strategic infrastructure projects stay on schedule, KPMG believes that raising capital by issuing government bonds at a moderate pace is a wise move. We support the government’s commitment to using bond proceeds exclusively for infrastructure investments, ensuring they are not directed towards recurring government expenditures. This disciplined approach, outlined in the new bond program, should keep the government debt-to-GDP ratio at a manageable level and protect Hong Kong’s credit rating. We encourage the government to proactively explore ways to make infrastructure projects more cost-effective. Embracing technological innovations and encouraging public-private partnerships are two promising avenues for expense optimisation.”
Alice Leung, Tax Partner, KPMG China, says: “We welcome the Financial Secretary’s proposal to expand the classes of investments permitted under the family office tax regime. To make Hong Kong even more attractive to family offices, it makes sense to include digital assets and art as eligible investments. These are already common asset classes for family offices, so adding them to the regime could encourage more family offices to set up in Hong Kong. This would be a win-win, creating jobs and boosting demand across a range of professional services. Additionally, it is encouraging to see the government actively pursuing tax treaties with 17 jurisdictions – this is a significant step in supporting Hong Kong taxpayers investing overseas. We also applaud the government’s initiative to attract more commodity trading activity to Hong Kong through a competitive 8.25% tax rate. These measures will inject vitality into the local market, enhance liquidity, and further solidify Hong Kong’s role as an international financial centre.”
Chi Sum Li, Head of Government & Public Sector in Hong Kong SAR, KPMG China, said: “We support the government’s prioritisation of investment in developing the Northern Metropolis. The focus on key industries such as innovation and technology, high-end professional services, modern logistics, tertiary education, cultural, sports, and tourism in the area demonstrates a commitment to a diversified development blueprint. Meanwhile, the accelerated progress of projects like Kwu Tung North / Fanling North, along with the implementation of transport infrastructure including the Northern Link and Hong Kong-Shenzhen Western Railway, will enhance connectivity in the region and lay a solid foundation for commercial and innovation technology development. We believe the development of the Northern Metropolis will inject new vitality into Hong Kong’s economy and create better living and career prospects for citizens.”
In terms of nurturing and attracting talent, KPMG welcomes the government’s proposal to enhance the “New Capital Investment Entrant Scheme”. It is encouraging to know the scheme has already received over 880 applications with an expected HKD 26 billion in investments. We suggest lowering the residential property price threshold from HKD50 million to HKD 30 million. This would open up the scheme to a broader range of talents looking to invest in Hong Kong real estate and we don’t anticipate this change having a major impact on housing affordability for the general public. Additionally, the government can consider shortening the current seven-year waiting period for permanent residency applicants, to make the scheme even more attractive.
Amid fiscal constraints, the government has taken measures to control expenditure growth. For 2026/27 and 2027/28, the Financial Secretary announced a 2% annual reduction in the civil service, with an estimated reduction of approximately 10,000 positions by April 1, 2027. Additionally, a salary freeze for all personnel across the executive, legislative, judicial branches, and district councils has been proposed for 2025/26. KPMG believes that job cuts and the salary freeze are signals to the public that the government is closely monitoring its spending, as taxpayers would expect during a period of fiscal deficits. This demonstrates the Hong Kong government’s commitment to prudent management of public finances.
In light of the fiscal deficit and the aging population, KPMG supports the government’s proposed optimisation of the “HKD 2 Public Transport Fare Concession Scheme.” The proposal maintains eligibility for individuals aged 60 and above but introduces a monthly cap of 240 trips. Additionally, for fares of HKD 10 or more, the subsidy will be adjusted to a 20% discount of the full fare. These measures aim to balance the travel needs of the elderly and the silver economy with smarter use of public funds. At the same time, this will enable the government to more accurately forecast related expenditures in the future.
Hashtag: #KPMG
The issuer is solely responsible for the content of this announcement.
About KPMG
KPMG in China has offices located in 31 cities with over 14, 000 partners and staff, in Beijing, Changchun, Changsha, Chengdu, Chongqing, Dalian, Dongguan, Foshan, Fuzhou, Guangzhou, Haikou, Hangzhou, Hefei, Jinan, Nanjing, Nantong, Ningbo, Qingdao, Shanghai, Shenyang, Shenzhen, Suzhou, Taiyuan, Tianjin, Wuhan, Wuxi, Xiamen, Xi’an, Zhengzhou, Hong Kong SAR and Macau SAR. It started operations in Hong Kong in 1945. In 1992, KPMG became the first international accounting network to be granted a joint venture licence in the Chinese Mainland. In 2012, KPMG became the first among the “Big Four” in the Chinese Mainland to convert from a joint venture to a special general partnership.
KPMG is a global organisation of independent professional services firms providing Audit, Tax and Advisory services. KPMG is the brand under which the member firms of KPMG International Limited (“KPMG International”) operate and provide professional services. “KPMG” is used to refer to individual member firms within the KPMG organization or to one or more member firms collectively.
KPMG firms operate in 142 countries and territories with more than 275, 000 partners and employees working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. Each KPMG member firm is responsible for its own obligations and liabilities.
Celebrating 80 years in Hong Kong
In 2025, KPMG marks “80 Years of Trust” in Hong Kong. Established in 1945, we were the first international accounting firm to set up operations in the city. Over the past eight decades, we’ve woven ourselves into the fabric of Hong Kong, working closely with the government, regulators, and the business community to help establish Hong Kong as one of the world’s leading business and financial centres. This close collaboration has enabled us to build lasting trust with our clients and the local community – a core value celebrated in our anniversary theme: “80 Years of Trust”.
Media OutReach
PERSOL Unveils Unified Regional Outsourcing Brand to Drive Digital Transformation and Operational Excellence in Singapore
PERSOL Outsourcing will deliver tailored end-to-end solutions for today’s evolving business landscape
SINGAPORE – Media OutReach Newswire – 31 March 2026 – PERSOL, Asia Pacific’s leading HR solutions provider, today announced the official launch of PERSOL Outsourcing. This strategic rebranding brings together the collective strengths of P-Serv and EVO, creating a unified, future-ready outsourcing brand designed to help businesses navigate an increasingly complex and tech-driven market.
The rebranding of P-Serv and EVO as PERSOL Outsourcing marks a significant milestone in PERSOL APAC’s regional growth strategy. By combining three decades of operational stability with digital capabilities, PERSOL Outsourcing is positioned to deliver tailored end-to-end solutions that integrate People, Process, and Technology.
“The launch of PERSOL Outsourcing reflects our commitment to scaling smarter and innovating faster for our clients,” said Foo See Yang, Managing Director and Strategic Business Group Head, PERSOL APAC. “By unifying our business process design and technical expertise under one brand, we can deliver more comprehensive, scalable, and future-ready solutions to our clients in the region. The rebranding allows PERSOL APAC to better support clients’ evolving needs in areas such as digital transformation, workforce optimisation, and operational resilience.”
Tailored Solutions for an Increasingly Complex Landscape
PERSOL Outsourcing addresses the rising demand for agile delivery models in a regional Business Process Outsourcing (BPO) market that is expected to reach US$147.06 billion by 2032. As regional enterprises increasingly seek partners who can navigate this rapid growth through specialised domain expertise, PERSOL Outsourcing will focus on delivering solutions across three core pillars:
- Customer Experience: Supporting service delivery across all touchpoints, from customer service management to omnichannel contact centre operations and front-of-house operations.
- Corporate Services: Streamline complex shared service operations through a comprehensive suite of solutions including Human Resource Advisory, Finance, Marketing, and Compliance. Services include the management of intricate administrative, facility, and regulatory requirements based on organisational needs and growth trajectories.
- Technical: Driving digital transformation through engineering and IT infrastructure management. Capabilities span cloud operations, digital support, and platform management, leveraging AI implementation and automation to innovate and improve core business processes.
Effective immediately, P-Serv and EVO will operate under the PERSOL Outsourcing brand. The integration will allow clients to tap into an expanded suite of regional resources and digital innovations designed to drive greater operational efficiency.
For more information, please visit https://www.persoloutsourcing.com/.
Hashtag: #PERSOLOutsourcing
The issuer is solely responsible for the content of this announcement.
About PERSOL Outsourcing
PERSOL Outsourcing is a regional strategic partner delivering comprehensive outsourcing solutions that seamlessly integrates people, process, and technology. As a newly integrated brand following the rebranding of P-Serv and EVO, PERSOL Outsourcing unites three decades of operational excellence with deep domain expertise to drive agility and resilience for enterprises across Asia-Pacific.
About PERSOL APAC
PERSOL is Asia-Pacific’s leading Staffing and HR solutions partner, operating across 13 markets with deep local insight and regional scale. With more than 140 offices and decades of experience, we deliver integrated workforce solutions that are tailored, tech-enabled, and designed for the dynamic world of work.
We combine human expertise with smart technology to help organisations solve workforce challenges, unlock potential, and stay ahead of change. From recruitment and talent management to workforce strategy and advisory, our collaborative approach puts your goals at the centre.
In 2025, we came together under the PERSOL name – reflecting our bold vision for the future of work and our Group’s Vision: ‘Work and Smile’. Whether you’re building teams, growing careers, or transforming how work gets done, we’re here.
Media OutReach
PERSOL Introduces Unified Regional Outsourcing Brand to Boost Digital Transformation and Operational Excellence in Malaysia
PERSOL Outsourcing will deliver tailored end-to-end solutions for today’s evolving business landscape
KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 31 March 2026 – PERSOL, Asia Pacific’s leading HR solutions provider, today announced the official launch of PERSOL Outsourcing. This strategic rebranding brings together the collective strengths of P-Serv and EVO, creating a unified, future-ready outsourcing brand designed to help Malaysia businesses navigate an increasingly complex and tech-driven market.
The rebranding of P-Serv and EVO as PERSOL Outsourcing marks a significant milestone in PERSOL APAC’s regional growth strategy. By combining three decades of operational stability with digital capabilities, PERSOL Outsourcing is positioned to deliver tailored end-to-end solutions that integrate People, Process, and Technology.
“The transition to PERSOL Outsourcing is a natural evolution of our deep-rooted presence in Malaysia and the wider region,” said Brian Sim, Managing Director and Country Head of PERSOL Malaysia. “By unifying the specialised domain expertise of P-Serv and EVO, we are better positioned to help our clients navigate the evolving business and workforce landscape. Our clients will continue to work with the same expert teams they trust, but with the added benefit of unified regional scale and enhanced digital capabilities that drive long-term resilience and efficiency.”
Tailored Solutions for an Increasingly Complex Landscape
PERSOL Outsourcing addresses the rising demand for agile delivery models in a regional Business Process Outsourcing (BPO) market that is expected to reach US$147.06 billion by 2032. In Malaysia, Customer Experience BPO market generated US$1.43 billion in 2024 and is projected to grow at a CAGR of 12.5% by 2030. As local and regional enterprises increasingly seek partners who can navigate this rapid growth through specialised domain expertise, PERSOL Outsourcing will focus on delivering solutions across three core pillars:
- Customer Experience: Supporting service delivery across all touchpoints, from customer service management to omnichannel contact centre operations and front-of-house operations.
- Corporate Services: Streamline complex shared service operations through a comprehensive suite of solutions including Human Resource Advisory, Finance, Marketing, and Compliance. Services include the management of intricate administrative, facility, and regulatory requirements based on organisational needs and growth trajectories.
- Technical: Driving digital transformation through engineering and IT infrastructure management. Capabilities span cloud operations, digital support, and platform management, leveraging AI implementation and automation to innovate and improve core business processes.
Effective immediately, P-Serv and EVO will operate under the PERSOL Outsourcing brand. The integration will allow clients to tap into an expanded suite of regional resources and digital innovations designed to drive greater operational efficiency.
For more information, please visit https://www.persoloutsourcing.com/.
Hashtag: #PERSOLOutsourcing
The issuer is solely responsible for the content of this announcement.
About PERSOL Outsourcing
PERSOL Outsourcing is a regional strategic partner delivering comprehensive outsourcing solutions that seamlessly integrates people, process, and technology. As a newly integrated brand following the rebranding of P-Serv and EVO, PERSOL Outsourcing unites three decades of operational excellence with deep domain expertise to drive agility and resilience for enterprises across Asia-Pacific.
About PERSOL APAC
PERSOL is Asia-Pacific’s leading Staffing and HR solutions partner, operating across 13 markets with deep local insight and regional scale. With more than 140 offices and decades of experience, we deliver integrated workforce solutions that are tailored, tech-enabled, and designed for the dynamic world of work.
We combine human expertise with smart technology to help organisations solve workforce challenges, unlock potential, and stay ahead of change. From recruitment and talent management to workforce strategy and advisory, our collaborative approach puts your goals at the centre.
In 2025, we came together under the PERSOL name – reflecting our bold vision for the future of work and our Group’s Vision: ‘Work and Smile’. Whether you’re building teams, growing careers, or transforming how work gets done, we’re here.
Media OutReach
Maharlika Consortium Breaks Ground for PHP 2 Billlion Microgrid Investment Powering 12,000 Philippine Homes
Right Image:
Maharlika Consortium is a recognized leader in microgrid innovation, deploying best-in-class technology that includes advanced solar PV power, high-performance battery storage systems (BESS), intelligent hybrid generation, smart meters, and sophisticated distribution grids to deliver 24/7 clean, affordable, and reliable electricity to residential and commercial consumers.
Awarded following a competitive selection process by the Philippine government under the Qualified Third Party Programme (QTP) and the new Microgrid Service Provider (MGSP) Act, the approved microgrids will deploy a smart, clean, and modern utility-grade power infrastructure. The portfolio will initially deploy 7 MWp Solar PV, BESS totaling 8.0 MWh, efficient diesel capacity of 3.5 MW and a smart power distribution network of 225 km across the three provinces. This ambitious undertaking is expected to generate approximately 300 full-time jobs during the 10-12 month construction period, with 30 permanent positions for operations and maintenance (O&M) and additional part-time sub-contractors for ongoing maintenance works.
This significant milestone underscores the Philippine government’s intensified efforts to fast-track rural electrification projects. These initiatives are propelled through pathways such as the Certified Energy Project of National Significance (CEPNS) designation and inter-agency streamlining, consistent with the respective mandates and authorities of the concerned government agencies, a push acknowledged by President Ferdinand R. Marcos Jr., Energy Secretary Sharon S. Garin and ERC Chairperson Atty. Francis Saturnino C. Juan. Now facing a global oil crisis, more than ever, decentralized and hybrid power infrastructure is the country’s best strategy to increase its energy security. Such hybrid powered microgrids will reduce the burden on fuel subsidies by the government while ensuring business continuity in entire communities, because over 50-60 percent of the power is generated from locally available sunlight.
In Palawan, a province celebrated for its environmental efforts and home to the world-class pioneering Sabang microgrid, the news was warmly received by local leadership. “This program is about creating opportunities, improving lives, and building a brighter future for every San Vicentenian. As we lay the foundation today, we are not only building infrastructure—we are building hope.” said San Vicente Mayor Ramir R. Pablico.
Community leaders and indigenous representatives also expressed strong support for the project, highlighting its long-awaited impact on education, livelihoods, and cultural continuity. “We have been waiting a long time for this project because our community truly wants access to electricity. While I know some of our residents may face challenges in getting connected due to financial constraints, I am confident they will find ways, because they want their children to study well. Reliable lighting will help ensure better education for our community,” said Barangay Captain Alvin J. Marsi of Taburi. “We are grateful to our elders and the Indigenous Political Structure for their support through the entire approval process. Their consent reflects a shared aspiration to advance and develop their community,” said Dina C. Pascual, Municipal Indigenous Peoples Mandatory Representative (IPMR). “This project is very meaningful for us. I believe this is not only for our generation, but especially for the children. We hope that access to electricity will encourage our youth to stay, so they can continue to protect and uphold the rights of our indigenous community,” shared Ebredy Orok, an Indigenous community elder, who affirmed that the project has been granted a Free Prior Informed Consent (FPIC) through the National Commission on Indigenos Peoples (NCIP).
Her Excellency Ambassador Constance See of Singapore, who led key dignitaries during the ceremony, underscored the broader significance of the project, highlighting both its development impact and the strength of bilateral cooperation. “This is not just an energy project—it is a development project. Projects like this microgrid strengthen livelihoods, improve access to essential services, and demonstrate how Singapore and the Philippines can work together to deliver practical, lasting benefits for communities.”
Atem S. Ramsundersingh, CEO of WEnergy Global, the pioneering company in hybrid power systems and offgrid microgrids over past 14 years, highlighted the significant opportunity for financiers. “We invite financing institutions to join this movement as lenders, claim real, measurable SDG impact, and gain early access to an approximately US$7 billion off-grid infrastructure market in the Philippines. Our 24-site portfolio is diversified, de-risked, and shovel-ready, now also open for financing of 8 additional sites. We expect to apply for more offgrid microgrid sites in 2026 and beyond and invite national and international investors to join this mission.”
“These approvals and the subsequent groundbreaking validate our approach: building bankable, scaleable microgrids to empower the over 2 million Filipino households that remain unenergized,” added Quintin V. Pastrana, President of Maharlika Clean Power Holdings. “We are grateful to our partners who have sustained their patience and determination to secure the necessary approvals under this new regulatory framework and believe with this experience and more streamlined processes, we can bring in more private sector investment to support the government reach its 100% household energization target within the decade.”
With the groundbreaking successfully completed, construction is now officially underway. While development will proceed in phases, ensuring all DENR clearances, final local government unit permits, and compliance with remaining ERC requirements are meticulously secured, the Maharlika Consortium remains steadfast in its aim to have every community energized by Christmas 2026, bringing 24/7 power to households, schools, barangay health stations, and micro, small, and medium enterprises. These decentralized power infrastructure systems are also opening up opportunities for owners and operators of micro and containerized data centers to co-locate with this decentralized set up and the use of clean energy sources.
Backed by the ERC, DOE and DENR, and with vital support from governors, mayors and barangays clearing rights-of-way and permits, this program marks a decisive shift in how rural electrification gets done in the Philippines: faster, accountable and designed for impact. The Maharlika Consortium is matching that public resolve with WEnergy Global driving disciplined execution, engineering with suppliers and local contractors to deliver fit-for-island components and climate-resilient power networks that withstand typhoons, floods and earthquakes. The objective is specific and measurable: close the energy-poverty gap in our host communities, unlock local jobs and services, and deliver lifetime reliability and value for money.
Hashtag: #MaharlikaConsortium #WEnergy
The issuer is solely responsible for the content of this announcement.
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