Top Philippine Bank CEO Says ‘Expect The Worst' Amid Tariff War
The Philippines' top lender has boosted provisions for bad loans as it warned fellow lenders to 'expect the worst' amid the uncertainty posed by US tariffs, according to its chief executive.
BDO Unibank Inc. President and Chief Executive Officer Nestor Tan said Black Swan events — or unexpected situations usually with extreme consequences — are 'becoming more frequent,' citing the Asian financial crisis in late 1990s, the 2008 global financial crisis and the pandemic in 2020.
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When you browse through the aisles of Sephora, you'll find popular, innovative, and beloved beauty brands. Brands like Rare Beauty, Fenty Beauty, and Rhode Beauty, to name a few, but there's one brand that's changing the game in the industry, through rich culture and inclusivity at the forefront: Kulfi Beauty. Kulfi Beauty is the very first South-Asian owned beauty brand to be carried by Sephora, and that's only one of their very impressive feats. Known for their brightly colored packaging, inclusive marketing campaigns, and popular products, Kulfi Beauty's mission is to provide cosmetics that nurture self-expression and joy. In honor of AAPI Heritage Month in May, we sat down with Kulfi Beauty's founder Priyanka Ganjoo to chat through South Asian representation in beauty, building a global beauty brand, and more. Where did your love of makeup come from? What does representation in beauty mean for you? Within the beauty industry, there are definitely improvements to be made regarding inclusion and diversity, which is why Kulfi Beauty is such an important brand in the space. And so, how do you think the industry has improved on inclusion and diversity, and what would you love to see brands do more of? Priyanka: One of the biggest things that has changed is that consumers know that they deserve better now. Growing up, we didn't have the language to say, 'We need better undertones of lipsticks.' Instead, we just said, 'Oh, I guess pale lipstick doesn't look good on me.' Now, I think consumers are more educated, and they can tell if the brand has kept diverse skin tones in mind, or have they just completely dropped the ball? I do think that's really important, because once the consumer is talking about it, companies start thinking, 'Okay, maybe we should start paying attention to this too,' and that's really promising. I remember during my corporate experiences being like, 'We need to have more diversity,' and it took a brand like Fenty Beauty for people to suddenly pay attention to the fact that we needed that. When Fenty Beauty happened, the pace to include more diversity was slow, because inherently in the corporate world, if things are going well, there's no incentive to change things. It's very hard to make that change from within, and that's part of the reason I wanted to start my own company — because making that change within companies is really hard when it has to come from the top down, right? It has to come from this goal of wanting to be better, which is why I think what Sephora is doing is really interesting, too. Obviously, we are an exclusive partner with Sephora, but they started working with us before we had even launched because they took the 15% pledge to have at least 15% of their shelf space be for brands with founders of color, and it kind of came from the top to be like, 'We really care about this.' I do think that more companies need to do that, and I do think that ultimately the consumer is going to decide. I'm really optimistic that if people keep asking, the change will happen. BuzzFeed: I definitely think there has been a shift, and people are much more vocal about calling out brands — like when a brand's shade range is not inclusive at all or really only targeted towards a very small Exactly. Like, the problem is not you, it's the brand not providing the offering. Because I think growing up, we felt like we were the problem, like it didn't look good on us, versus no, actually the brand has not designed something that's complementing you. And that's just so liberating, to be like, 'There's nothing wrong with me.' You mentioned Sephora, and of course, we have to talk about it! Kulfi Beauty disrupted the beauty industry, and you made history as the first South Asian owned beauty brand to be carried within the store. I want to congratulate you on that, and I would love to know: How does it feel to achieve such a milestone? Priyanka: It's very heartwarming to be able to walk into a Sephora and see the word "kulfi," and see a brand that's loud and proud about being South Asian in makeup. Specifically, it's also just a brand that's really talking about joy. Honestly, every time I walk in the store, I'm always pinching myself and saying, "This is amazing." But I think what's more important is our community feeling that joy and happiness. I remember receiving DMs from Indian-American customers saying how they walked into Sephora with their parents and were staring at the display for a long time in shock that there was a space in the store where they felt seen. That's why it's so important, right? It's so important to have that shelf space because we are part of the cultural narrative globally, and having that space is really special. To have it in a retailer like Sephora, which is best in class, is amazing. Do you have advice to share on building community and the importance of it? Your brand is about celebrating South Asian beauty. What does that look like? Priyanka: I think of it as both product innovation and storytelling. On the product innovation side, let's take mascara for example. Our Badi Lash Mascara is a tubing mascara, which we focused on volumizing and lifting because one of the things we found, especially with Asian lashes, is that they're generally straight. We found that the issues our community was facing with their lashes had not really been addressed with tubing mascaras in particular. And so, the product innovation was like, 'How do we service that in a formula that gives you length and gives you pigment, but it's also volumizing and lifting, but doesn't smudge through the day?' So that's where I would say we're always thinking about the product innovation based on the needs of the community. As another example, the reason our concealer has become a fan favorite when there are so many concealers out there is because we really nailed the undertones. A lot of people write to us to say things like "I have never found a shade match as good as the Kulfi concealer because I feel like you guys designed it for me." And to that, I say yes, we did design it for you because we really worked on those undertones. So, there's that product gap of how do we create products that serve the community in a way that they have not been served before?But then there's also the storytelling, which we always try to infuse our culture in. I have to give a nod to our first campaign launch, which was for the Kajal eyeliner. The campaign was called Nazar No More. Nazar is evil eye, and it's something that many of us grew up with — this concept of wearing kajal or dotting your forehead with kajal to ward off evil eye. And then, we talked about the patriarchy, and us pushing back against that by wearing colorful eyeliners. In the end, it made a really engaging story that we found relatable, and really introduces people to parts of our life that they might not have known about. That's really how I think about including and being inspired by South Asian people and our heritage. What would you tell your younger self, knowing that you've created a brand where inclusion and culture are of the utmost importance? What advice would you give to individuals who are currently struggling with loving themselves and feeling confident? Last month was AAPI Heritage Month! How do you feel we can better uplift the voices of our community and spread love and appreciation for other cultures? What made you decide to take the leap and start your own business? Priyanka: A lot of note: Priyanka said this so quickly that everyone in the call started I think it was my experience finding that joy in makeup on my own terms, and asking myself, 'Why doesn't this exist?' There are definitely other people like me who might want something like this, and just have to take that leap. I never saw myself as a founder, and when I challenged that, and thought, 'Why? Why can't I do this?" I guess you could say it was manifestation, but part of it is also questioning yourself and your limiting beliefs. I feel like questioning why I can't do things has brought me to the place where I can be like, 'Yeah, I'm gonna quit my job and launch a company. Maybe I can do it. Why do I think I wouldn't be able to make a change?" It's something that even now, I'm like, 'Oh, wow, we've come so far.' I never imagined we'd even come as far as we have, but we're just starting out, and I envision us being a global brand and bringing that South Asian storytelling globally. It hasn't been done before, but why can't we be the first? What was your family's response when you decided to start your own business? Priyanka: Overall, they were supportive. I was a little bit older too — I was 30 when I wanted to start my own company, so they had a little bit more trust in me. But my mom definitely wanted to know details, like if I had a cofounder, and if this was a crazy idea. So, my parents were definitely worried, but now they're big champions of what I do. And they're always talking about Kulfi, and my mom loves all the Kulfi products I sent her. BuzzFeed: I can just imagine your mom wearing all your products and saying, 'This is my daughter's brand,' and being the biggest marketer for Definitely! She has a lot of product pipeline suggestions, too. She's pointing out specific things that haven't been done, or a hole in the market. She has a high standard, as Asian moms do! Why 'kulfi'? What is your favorite product from Kulfi? Priyanka: I am most partial to our eyeshadows, because I used to be scared of eyeshadow. I didn't think I could wear eyeshadow, and that's why we intentionally made the eyeshadow a beautiful cream-to-powder formula that's super easy to use. You can get a dual chrome look with some of our shades with just one swipe, with just your fingers, with less than a couple of minutes. I really love how it demystifies eyeshadow, and how easy and approachable it is to have a beautiful, almost editorial look without having to spend tons of time or have skills. Not everyone's a makeup artist, and we want to make products really approachable to play with. So, the eyeshadow is definitely one of my then last year, we launched this new shade, which was Sona Sona, a gold shimmer topper. Honestly, I could bathe in that stuff because it's so pretty — sona sona actually means gold in Hindi. Again, being able to showcase this color that's so gold it goes so well with so many of our undertones, and having that color was just so Lassi Lips has been going super viral — right now, we're having trouble keeping it in stock. So that's also been really great, because the formula is really unique in the way that it is hydrating like an oil but stains. What we've been able to do is create these beautiful, wearable colors that include neutrals and pops of color. I think these unique color stories, along with the unique formula, is why that product has been so popular. What beauty trend do you think will be the next big thing? Share a message with your supporters and customers! What is a South Asian dish that you think is S-tier? Priyanka: That's really hard. I'm Kashmiri, and we have a specific meat dish called rogan josh that we make for celebration, and my mom's rogan josh is literally the best. It's my favorite thing. Editor's note: Rogan josh is a curried meat dish originating from Kashmir, a region in northern I love that, and also that it's your mom's cooking, which is always the best, right?Priyanka: It is. And especially as you grow up and you move out — you don't get access to it that often, and it becomes even more special. What is next for Kulfi Beauty? What's next for Priyanka? Check out Kulfi Beauty and be sure to follow the brand and Priyanka on Instagram and TikTok!
