At the same time, the FSCC flagged potential foreign exchange (FX) risks from conglomerates that are facing around P1.6-trillion debt maturing between 2027 and 2029.

In its Financial Stability Report for 2025 released on Monday, the FSCC said Philippine banks have been shielded from risks by strong capital positions, prudent regulation, sufficient loan loss provisions and an effective payment system.

The economy likewise “maintained positive growth momentum” in 2025. The country’s gross domestic product (GDP) growth slowed to 4.4% last year from 5.7% in 2024.

The FSCC report said the well-capitalized financial system helped the country weather global shocks, with its external position “broadly stable” last year due to robust remittances inflows and better current account dynamics.

However, the report flagged potential systemic threats stemming from valuation pressures, rising leverage in the nonfinancial sector, growing ties between banks and nonbanks, as well as funding and liquidity risks.

“Vulnerabilities are being monitored — particularly in property valuations, unsecured household credit, and corporate leverage — and tighter linkages across institutions mean that shocks, if they materialize, can transmit more rapidly and broadly than in the past,” the report said. “This calls for deliberate and forward-looking policy action.”

FX RISKS
Meanwhile, the FSCC noted that nonfinancial corporations’ (NFCs) leveraged exposures continued to expand, with heavier exposure seen among big companies from key sectors like real estate, power, energy and oil as well as information, communication and technology.

Leveraged exposures refer to listed NFCs’ aggregate amount of debt exhibiting heightened leverage coupled with debt-servicing or liquidity vulnerabilities.

“Large conglomerates face a sizeable wall of upcoming maturities and FX obligations. About P1.6 trillion — or 22.7% of conglomerate debt — is scheduled to mature between 2027 and 2029, alongside sizable foreign-currency exposures, with US dollar-denominated debt averaging 37.6% of conglomerate debt over the next five years,” the report said.

While corporations have so far met its financing needs, the report said that FX-related risks and refinancing “warrant close monitoring given the scale and currency composition of upcoming maturities.”

MIDDLE EAST WAR
At the same time, the FSCC noted that cyberthreats and geopolitical tensions, such as the Middle East war, could likewise imperil the sector’s stability.

“While these risks are assessed to be manageable under current conditions, they could potentially intensify if shocks materialize,” it said.

“Global developments, shifts in market sentiment, and emerging risks — such as cybersecurity threats and Middle East tensions — are expected to influence domestic conditions, underscoring the need for ongoing monitoring and coordinated oversight,” it added.

According to the report, risk-off sentiment due to uncertainties over the Middle East war could take a toll on the Philippine financial system, with risks increasing as the conflict drags on.

It noted that the country is mainly vulnerable to risks of higher crude prices driving up imported inflation and currency pressures further widening its current account deficit.

“The key uncertainty for financial stability is how macro financial pressures — compressed real incomes, tighter external balances, and heightened uncertainty — ultimately transmit to the balance sheets of banks, corporates, and households,” the FSCC said.

The report likewise noted that domestic firms in the utilities, industrials, information technology, consumer staples, and financial sectors may face operational risks if their Middle Eastern counterparts are disrupted by the regional conflict.

“If these firms experience prolonged financial stress, their loan obligations become a transmission channel to the banking system,” the report said.

Still, the FSCC said Philippine banks still have insignificant direct financial exposure to the Middle East, with the conflict posing “a material but manageable risk to Philippine financial stability.”

In a separate statement, FSCC Chair and Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. said financial regulators will further tighten their coordination to address emerging risks.

“We will sharpen our coordination by defining when to escalate issues and by clearly communicating our assessment of our respective regulated entities,” he said.

Based on the report, the interagency body is likewise implementing stricter measures to mitigate these threats and ensure economic stability. 

These include shifting to a positive neutral Countercyclical Capital Buffer, where banks must now set aside extra capital during stable periods; strengthening supervision of nonfinancial firms, particularly complex conglomerates; broadening data coverage for nonbanks; and creating a crisis management framework.

The FSCC is composed of the BSP, Department of Finance, Securities and Exchange Commission, Insurance Commission, and Philippine Deposit Insurance Corp. — Katherine K. Chan

In a commentary on Monday, Deutsche Bank Research economist Junjie Huang said a larger rate increase may be warranted as last month’s easing inflation is likely short-lived, with renewed price pressures looming from electricity, food and other basic goods. 

“Our view of BSP hiking by 50 bps in the June MB (Monetary Board) meeting is unchanged as we think the lower print may only be temporary — and it is still materially above BSP’s 2-4% target — as broad price pressures are still building up in the economy, and our outlook for global inflation dynamics is still elevated,” he said.

However, HSBC Senior ASEAN Economist Aris D. Dacanay said the BSP might not be compelled to tighten earlier than scheduled, contrary to prior expectations following the central bank chief’s off-cycle hint last month.    

“We think this outcome removes the urgency of doing an off-cycle rate hike,” he said in a separate commentary on Monday. “As of this writing, May CPI (consumer price index) has provided some relief to the peso, minimizing the need to tighten monetary policy now to mitigate the risk of FX (foreign exchange)-induced inflation.”

Still, Mr. Dacanay anticipates a 50-bp rate hike at the Monetary Board’s meeting next week, though noted that the downward surprise from May inflation has raised the odds of a 25-bp move.

BSP Governor Eli M. Remolona, Jr. said last month that they are considering an off-cycle tightening, citing risks of the central bank falling behind the curve amid broadening second-order price effects. He added, however, that they may also wait until their June 18 meeting to assess the May inflation data.

The May inflation reading bucked projections, with the headline print cooling to 6.8% from the over three-year high of 7.2% in April, undershooting the 7.9% median estimate in a BusinessWorld poll of 16 economists and the BSP’s 7.1%-7.9% forecast.

However, core inflation, which discounts volatile food and energy prices, breached the central bank’s target for the first time in two-and-a-half years. It hit 4.1% in May, the quickest core inflation since the 4.4% recorded in December 2023.

For Maybank analysts Azril Rosli and Suhaimi Ilias, this means the second-order effects of oil shocks are widening and becoming more persistent.

“While the BSP has consistently highlighted the limited effectiveness of monetary policy in addressing supply-driven shocks, the continued rise in core inflation suggests that second-round effects are gaining traction, particularly across transport, housing, utilities, and services-related sectors,” they said in a commentary dated June 5.

In April, the Monetary Board reversed its easing cycle by raising the key policy rate by 25 bps to 4.5%, as it sought to contain broadening spillover effects and anchor inflation expectations.

Prior to the MB’s April 23 meeting, Mr. Remolona also noted that they were trying to focus more on controlling the core print and inflation for the bottom 30% of income households.

Patrick M. Ella, a portfolio manager and an economist at Sun Life Investment Management and Trust Corp., said headline inflation still risks breaching the double-digit mark by July or August. 

“But the important point there is (that) the core inflation (is) still climbing,” he told Money Talks with Cathy Yang on One News on Monday. “So that tells you that the second-round effects that the BSP is looking at will definitely carry over in the succeeding months.”

Mr. Ella did not rule out a 50-bp increase at the June 18 review, but noted that a smaller 25-bp hike may be more definite.

Meanwhile, Nomura Global Markets Research now sees Philippine inflation averaging 5.5% by yearend, slower than its 6.1% earlier estimate, if Brent crude oil trades at an average $98.4 per barrel this year.

“Taking into account the lower-than-expected outturn (in May), we reduce our 2026 headline CPI forecast to 5.5% after raising it to 6.1% only last month, in part reflecting the fluctuations in global crude oil prices and the quick pass-through to domestic retail fuel prices in the absence of subsidies,” Nomura research analysts Euben Paracuelles and Nabila Amani said in a report.

However, Mr. Paracuelles and Ms. Amani said the impact of the expected El Niño season later this year risks stoking inflation, particularly food prices.

They expect the central bank to continue tightening this year before easing anew by the second half of 2027.

“We think BSP will view any further increase in core inflation as a sign of second-round effects that require vigilance,” the Nomura analysts said. “Nonetheless, we expect no off-cycle meeting by BSP and only measured 25-bp hikes in each of the next three meetings starting on June 18, consistent with peaking headline inflation.”

Last week, the BSP reaffirmed its commitment to bring inflation back to its 3% target using all necessary monetary policy measures as part of its price stability mandate.

The Monetary Board still has four regular meetings left this year, scheduled for June 18, Aug. 27, Oct. 22 and Dec. 17. — Katherine K. Chan

In a statement, the British retailer said MAP will take over M&S operations in the Philippines and relaunch the brand later this year with the opening of its first store at Glorietta.

The relaunch will feature M&S Fashion, Home & Beauty, and Food ranges.

This comes after the SSI Group Inc closed all M&S stores in the Philippines last May 2.

M&S said it has an over 26-year relationship with MAP in Indonesia and Vietnam.

M&S International Managing Director Mark Lemming said the partnership builds on MAP’s proven track record in supporting the brand’s regional growth.

“We are delighted to expand our partnership with MAP into the Philippines. Having played a pivotal role in driving our growth in Indonesia, MAP’s deep local expertise gives us confidence as we accelerate our growth plans in Southeast Asia. We know there is strong demand for the M&S brand in the Philippines, and we’re excited to reopen our stores and online channels later this year,” Mr. Lemming said in a statement.

MAP Fashion Chief Executive Officer Sameer Prasad described the Philippines as a “fast-growing market” and said the company aims to strengthen the brand’s footprint while enhancing the retail experience for Filipino customers.

“Taking over the M&S business in the Philippines marks an important milestone for MAP Fashion and reflects our commitment to growing iconic global brands across Southeast Asia,” Mr. Prasad said.

MAP operates more than 150 international brands in its portfolio, including Zara, Sephora, Foot Locker, Starbucks, Subway, and M&S.

As of March 2026, the company had more than 4,000 stores in over 80 cities across Indonesia.

M&S is a British retailer operating across food, clothing, home, and beauty categories through a network of stores, franchise partners, and e-commerce platforms in multiple markets.

The brand has been present in the Philippines since 1984. M&S operations in the Philippines were previously handled by Rustan Marketing Specialists, Inc., a subsidiary of the Tantoco-led specialty retailer SSI Group. — Alexandria Grace C. Magno

The pre-funded card launched this month has functions allowing businesses to have full control over their expenses and make digital payments to their suppliers and teams, it said in a statement on Monday.

Under the partnership, global card processing company Paymentology and Mastercard extend their license to PayMongo, providing the infrastructure to let PayMongo issue pre-funded business payment cards without holding a banking license themselves.

Merchants can onboard through PayMongo and fund their card through their PayMongo wallet. Once onboarded, a business can issue a card to use for their transactions.

“Unlike corporate credit cards, which require a bank-approved credit line and can take weeks to process, this is a pre-funded prepaid card. Businesses can load funds through their PayMongo wallet -— which takes under five minutes to set up — and spend directly from their own balance, giving them full control without taking on credit,” it said.

Business owners can set spending limits per card, track transactions in real time, and issue separate cards for different teams or purposes.

Existing PayMongo merchants do not need to switch platforms as the card is built into the same system already used to run their business.

The card runs on Paymentology’s globally licensed infrastructure, as well as Mastercard and financial technology company APATA’s guardrails, keeping fraud controls, transaction monitoring, and compliance up to enterprise standards.

PayMongo said the product aims to help Filipino SMEs in their shift towards digital commerce amid the lack of business-grade financial tools.

“We are giving Filipino entrepreneurs a real, honest shot at growing their business. We’re giving SMEs a financial tool they can control – one that enforces the discipline to spend only on what moves the business forward, and nothing else. The biggest motivation for any business owner is seeing their business actually grow. This is the tool that lets them see it, and build on it,” says PayMongo President and Chief Executive Office Elmer M. Malolos said.

“SMEs are operating in an increasingly digital economy, but access to modern payment tools has not always kept pace. Through our collaboration with PayMongo and Paymentology, Mastercard is helping expand access to secure and accessible virtual payment capabilities, enabling businesses to participate more fully in a more connected economy through the scale and reach of our global network,” Mastercard Philippines Country Manager Jason Crasto said.

“The Philippines is a market where small businesses power the majority of employment but have had almost no access to the card infrastructure that large enterprises do. Through our collaboration with PayMongo and Mastercard, we are changing that by bringing global-grade card issuance to every Philippine business, regardless of size,” Paymentology Head of Growth in APAC Minh Hua Truong said. — Aaron Michael C. Sy

Data from the Philippine Statistics Authority (PSA) showed the jobless rate stood at 4.7% in April, higher than the 4.1% in the same month last year.

PSA data showed that the jobless rate stood at 4.7% in April, higher than the 4.1% in the same month last year.

However, the unemployment rate eased from 5% in March.

The number of unemployed Filipinos was estimated at 2.41 million in April, 351,000 higher than the 2.06 million recorded a year ago.

National Statistician Claire Dennis S. Mapa noted that the year-on-year rise in unemployment was driven largely by job seekers in the 25-34 and 15-24 age groups.

“The reason for the year-on-year increase in the unemployed is that they were truly looking for work but could not find any; this accounted for about 276,000 individuals,” Mr. Mapa said told a news briefing in Filipino, adding that many were also waiting for results from job applications.

Meanwhile, rising underemployment emerged as a growing concern, with the rate climbing to 15.2% in April 2026, up from 14.6% year-on-year and higher than the 12.3% recorded in March 2026.

Mr. Mapa said the underemployment rate of 15.2% was the highest since July 2023.

The ranks of underemployed Filipinos — those who want longer work hours or an additional job – increased to 7.41 million in April, from the 7.081 million in the same month a year ago and from 6.031 million in March.

Mr. Mapa pointed to the transportation and storage sector as a major contributor to this trend, specifically among jeepney, taxi, and bus drivers.

“While in a way, the status of being employed was not necessarily affected in terms of hours and income, that was what was affected as reflected by the underemployment numbers in transportation and storage,” he said, linking the shift to higher costs such as fuel.

In a statement, Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio M. Balisacan said that the government is working to broaden market access and attract investments in emerging industries.

“The latest labor market indicators reflect both the challenges confronting the economy and the resilience of Filipino workers and businesses,” he said

“The government is strengthening partnerships with the private sector to expand apprenticeship opportunities, improve certification systems, and support worker mobility toward high-value industries such as advanced electronics, renewable energy, and digital services,” Mr. Balisacan said. – Erika Mae P. Sinaking

One of the international gaming industry’s most prestigious awards programs, the Global Gaming Awards, powered by Global Gaming Insider, recognize excellence in innovation, player experience, responsible gaming, and operational excellence across both land-based and online gaming sectors. Winners are selected by a panel of senior industry executives with extensive experience and deep knowledge of the market, with the voting process independently adjudicated by KPMG to ensure rigor and transparency.

The Digital Operator of the Year category recognizes operators that have demonstrated outstanding growth, innovation, and player engagement over the past 12 months. DigiPlus emerged victorious from a shortlist of eight nominees, besting seven other operators across APAC.

Judges highlighted DigiPlus’ strong 2025 performance, the addition of over 500 new e-games on its platforms, and the rollout of industry-first responsible gaming tools. The company also continues its momentum in 2026 through major partnerships, including recently launched collaborations with Manny Pacquiao and the National Basketball Association (NBA).

In addition to its top industry honor, DigiPlus earned further recognition for its social impact initiatives, securing the first runner-up spot in the Corporate Social Responsibility (CSR) of the Year category.

The awards body commended DigiPlus for its impressive CSR work via the DigiPlus Foundation which delivers healthcare, education, disaster relief, and social empowerment programs to over 1 million beneficiaries and counting across the Philippines.

“We are honored to once again be recognized by the Global Gaming Awards. These prestigious international industry accolades reflect DigiPlus’ unwavering pursuit of excellence and our drive to continuously innovate, deepen player engagement, and champion responsible gaming across BingoPlus, ArenaPlus, and GameZone,” said DigiPlus Chairman Eusebio H. Tanco.

“Together with the recognition for DigiPlus Foundation, this back-to-back win affirms our commitment to delivering world-class digital entertainment to Filipinos while contributing to nation-building.”

The Global Gaming Awards also hold annual editions in the Americas and EMEA regions, recognizing industry excellence across the globe.

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Modern BPOs require workstation solutions that are compact, reliable, scalable, and built for long-term business operations.

The combination of the ASUS NUC 16 Pro and ASUS VA249HG delivers a smarter and more efficient alternative to traditional desktop setups for modern BPO environments.

The ASUS NUC Advantage for BPOs

ASUS NUCs deliver enterprise-grade reliability with MIL-STD-tested durability and an RMA rate of less than 1%, helping reduce unexpected hardware failures, minimize service interruptions, and lower the operational burden on IT teams managing large workstation fleets.

Compared to traditional desktop setups, organizations can reduce electricity consumption by up to 48%. With typical power usage ranging from only 60W to 120W, ASUS NUCs are designed for energy-efficient operations, making them an ideal solution for businesses where electricity is a major operational expense — especially BPO environments running 24/7 at scale. Through lower power consumption and operational efficiency, companies can potentially save up to PHP 1.4 million in operating costs.

With its ultra-compact 4×4 form factor, ASUS NUCs help maximize workspace efficiency, allowing BPO operators to optimize office layouts and accommodate more workstations within the same floor area. Compared to traditional tower desktops, ASUS NUCs can save up to 80% more space without compromising performance. The ultra-compact ASUS NUC 16 Pro is designed to maximize every square meter of the production floor while delivering enterprise-ready performance for demanding business environments.

Paired with the ASUS VA249HG monitor, the latest ASUS NUC 16 Pro provides BPO companies with a smarter, more scalable workstation solution built for modern operations.

Built for Smarter and More Efficient Business Operations

Beyond performance and space efficiency, the ASUS NUC 16 Pro is built with business-focused features designed to support modern BPO and enterprise environments.

Equipped with dual LAN ports, it provides stable and reliable network connectivity for mission-critical operations. This allows IT teams to implement dedicated network configurations and redundancy support that can help minimize potential network interruptions in customer-facing environments.

Its compact and versatile design also simplifies large-scale deployment, enabling faster installation, easier maintenance, and more efficient workstation management across multiple office locations. For businesses expanding operations, the lightweight form factor helps reduce logistical complexity compared to traditional desktop towers.

Complementing these advantages is Power Sync support with the ASUS VA249HG monitor, enabling synchronized power control between devices to streamline workstation management while supporting more energy-efficient workplace operations.

The Smarter Workstation for Modern BPOs

As the BPO industry continues to evolve, organizations need workstation solutions that balance performance, reliability, scalability, and operational efficiency.

The combination of the ASUS NUC 16 Pro and ASUS VA249HG offers a compact yet powerful workstation setup designed for modern business demands. From space-saving advantages and simplified deployment to enterprise-ready performance and reliable connectivity, it provides businesses with a smarter alternative to traditional desktop environments.

For organizations looking to modernize workplace infrastructure while optimizing operational efficiency, ASUS NUC delivers a scalable and future-ready solution built for the evolving needs of modern BPO operations.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Factory output expanded at the fastest pace in over four years in April due to base effects, heightened refining activity, and frontloaded production amid the ongoing conflict in the Middle East, analysts said.

Preliminary results of the Philippine Statistics Authority’s Monthly Integrated Survey of Selected Industries showed manufacturing output, as measured by the volume of production index (VoPI), grew by 12% year on year in April.

This was a turnaround from the revised 2.4% decline in April 2025 and above the upwardly revised 10.2% expansion in March.

The April reading was the fastest pace in over four years or since the 346% expansion recorded in March 2022.

In the four months to April, factory output growth averaged 6.8%, versus the 0.8% drop in the same period last year.

“April’s 12% expansion in factory output was primarily driven by a combination of base effects and sector-specific strength, particularly in coke and refined petroleum products, which benefited from heightened refining activity amid elevated global oil prices and supply uncertainties linked to geopolitical tensions,” Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said in an email.

He said that inventory rebuilding and front-loaded production also supported the factory output’s growth “as firms moved to secure supply and lock in production before further input cost increases.”

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, also attributed the faster growth in April to “increased production of petroleum-related products amid higher fuel demand, and continued recovery in selected manufacturing subsectors.”

“Some firms may have also frontloaded production in response to supply chain and geopolitical uncertainties,” he added in a Viber message.

Meanwhile, Cid L. Terosa, an associate professor of economics at the University of Asia and the Pacific, said April’s factory output growth can be traced to greater demand for coke and refined petroleum products as firms fast-tracked production ahead of the opening of classes in June.

“High refining margins must have driven refineries to boost production and expand processing,” he said in an email.

On a monthly basis, April’s output declined by 0.7%, a reversal from the 8.7% growth in March. Stripping out seasonality factors, it grew 5.8%.

In comparison, the S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) contracted to 48.3 in April, from 51.3 in March.

PMI is a leading indicator for factory activity, which reflects the volume of purchased raw materials in advance of manufacturing operations weeks or months down the line. A reading above 50 signals expansion, while a reading below 50 indicates deterioration.

The PSA attributed the acceleration of factory output growth to the faster yearly increase in the production of coke and refined petroleum products to 52.7% in April from the 7.4% decline a year ago and the 3.4% drop in March.

Sergio R. Ortiz-Luis, Jr., honorary chairman and treasurer of the Philippine Chamber of Commerce and Industry, said by telephone that “because of the [Middle East] crisis, we needed to import a lot of oil, and we need to refine them.”

Of the remaining 21 divisions, 14 posted expansions, while seven industries saw declines.

According to the PSA, the top three industry divisions that contributed to the overall year-on-year growth of VoPI for manufacturing were coke and refined petroleum products, computer, electronic and optical products (14.1% in April from 18.1% in March), and food products (8.2% from 7.1%).

Analysts said the rate cut and the spike in inflation had limited effect on April’s manufacturing output due to lags in policy transmissions.

April inflation accelerated to a three-year high of 7.2%. The central bank also raised key policy rate by 25 basis points to 4.5% in April.

“Instead, elevated inflation — especially from energy costs — may have actually encouraged firms to accelerate production ahead of further cost increases. While higher oil prices raised input costs for many manufacturers, they simultaneously boosted output in petroleum-related industries, which drove the overall expansion,” Mr. Asuncion said.

Mr. Rivera said firms generally increased production costs but these may not have fully materialized during the month “as manufacturers were still responding to demand conditions and inventory requirements.”

“Impact is likely to become more evident in next months,” he added.

Capacity utilization, or the extent to which industry resources are used in producing goods, averaged 78.4% in April, higher than the revised 76.5% in the same month in 2025. However, this was lower than the revised 78.6% logged in March.

Due to the lagged effects of the rate cuts, Mr. Terosa said the manufacturing production will likely face headwinds moving forward.

Mr. Rivera expects manufacturing output growth to stay positive in the coming months.

“(Manufacturing) could moderate as elevated inflation, higher borrowing costs, and global uncertainty weigh on demand and investment. Key risks are oil prices, external demand, and supply-chain disruptions,” he said.

Meanwhile, Mr. Asuncion said the April reading does not indicate sustained acceleration despite being “encouraging.”

“The strength was concentrated in energy-linked sectors and boosted by temporary factors, including base effects and front-loaded activity. Moving forward, we expect more subdued but still positive manufacturing growth, with policy tightening and elevated inflation gradually tempering momentum,” he added.

HEADLINE inflation came in slower than expected in May as pressures from transport costs eased following several pump price rollbacks during the month, the Philippine Statistics Authority (PSA) reported.

Inflation settled at 6.8% in May, easing from 7.2% in April but quickened from the 1.3% in the same month last year, according to PSA data.

This marked the first time in half a year or since November 2025 that the headline print cooled month on month, and was the slowest pace in two months or since the 4.1% in March.

The May reading also came as a surprise as a BusinessWorld poll of 16 economists conducted last week yielded a median estimate of 7.9% for the month.

It was also below the Bangko Sentral ng Pilipinas’ (BSP) forecast of 7.1-7.9%.

Still, May marks the third month in a row that the headline inflation has topped the central bank’s 2%-4% target, bringing the year-to-date average inflation past the goal at 4.5%.

The slower inflation rate last month came as the country saw slower price increases in fuel, food, and energy-related utilities, National Statistician Claire Dennis S. Mapa said.

“First is transport. We all know the pump prices change every week and our volatility is fairly high. But the overall average for May is lower than April,” he told a news briefing in mixed English and Filipino on Friday.

Transport inflation, which accounted for 70.3% of the slower overall inflation in May, eased to 16.2% during the month from 21.4% in April as diesel and gas prices increased at a slower pace.

Inflation for diesel eased sharply to 58.5% from 122.7% a month prior, while gasoline inflation slightly cooled to 51.6% from 59.6% in April.

In May, local fuel retailers cut the costs of diesel and kerosene, bringing total pump price adjustments to a net decrease of P2.13 per liter for diesel and P17.59 per liter for kerosene.

However, pump price adjustments for gasoline still stood at a net increase of P5.49 per liter.

“The drop in transport prices, of course, was really affected by external factors,” Mr. Mapa said. “It’s good that even while the inflation rate is still high, for example, diesel in April was at 122.7%, but it fell in May to 58.5%. So, together with gasoline, it contributed to a reduction in the inflation rate for transport.”

FOOD, UTILITY COSTS
Meanwhile, inflation for the heavily weighted food and nonalcoholic beverages index stood at 5.7% in May, slower than the 6% seen in April.

However, rice prices continued to jump last month, bringing its inflation to 15.6% or the fastest since the 20.9% in July 2024
Based on PSA data, the price of local regular milled rice rose by 17.52% to P50.91 per kilo in the second half of May from P43.32 a year ago. The price well-milled rice climbed by 15.55% year on year to P57.88 from P50.09 a year ago, while special rice was up 10.51% annually to P65.69 a kilo from P59.44.

On the other hand, inflation for housing, water, electricity, gas and other fuels slowed to 7.8% in May, from 8.2% in April.

This was driven by the weaker uptick in the cost of liquefied petroleum gas (LPG), which had an inflation of 41% last month from 45.8% in April.

In May, domestic oil firms raised the price of LPG by 1.22 per kilogram (kg), bringing the estimated cost of an 11-kg cylinder between P1,070.42 and P1,701.77 in May. This, however, was softer than the P17-P36.63 per kg increase imposed in April.

The National Government in April implemented a three-month temporary freeze on the excise tax on kerosene and LPG.

“Lower global oil prices should help temper LPG and liquid fuel costs, but tight supply amid the continued closure of the Strait of Hormuz may keep overall price levels relatively elevated,” Chinabank Research said in an e-mailed note on Friday.

Meanwhile, core inflation, which excludes volatile food and energy prices, bucked the headline print’s trajectory as it quickened to 4.1% in May from 3.9% a month ago and 2.2% in May 2025.

This was the fastest pace seen since the 4.4% recorded in December 2023.

Despite the marginal uptick in core inflation, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said this points to stabilizing underlying pressures.

“That’s the more important signal. It means we should be concerned, but not alarmed,” he said in a Viber message.

The PSA also reported that inflation in the National Capital Region (NCR) slowed to 5% in May from 5.5% in April and 1.7% a year earlier.

Outside NCR, it eased to 7.1% from 7.7% the previous month and 1.2% last year.

Meanwhile, inflation for the bottom 30% of income households cooled to 8.4% from 8.5% in April and the 0% clip last year.

This brought the average clip for the bottom 30% to 5% in the five-month period.

However, PSA’s Mr. Mapa noted that inflationary pressures continue amid the global energy crisis caused by the Middle East war since it began in late February.

“So, the risk moving forward would really be the impact of external factors on fuel and energy commodities and on the prices of our food,” he said.

NO URGENCY FOR HIKES
The case for a more aggressive monetary policy tightening has become less urgent as May likely marked the start of inflation losing its momentum, Mr. Ravelas said.

“For policy, this keeps the BSP cautious — no urgency to tighten aggressively, but no quick pivot to easing either,” he said.

Still, Mr. Ravelas expects the central bank to raise the key policy rate for a second straight time by 25 basis points (bps) at its meeting this month.

If realized, the benchmark borrowing cost will climb to 4.75%.

“The practical takeaway is stay disciplined: investors should remain selective, businesses should prepare for lingering but easing cost pressures, and policymakers should avoid overreacting to short-term spikes,” he added.

For Chinabank Research, inflation in the months ahead will now likely stay below 7% to average 5.7% for the entire year.

“Nonetheless, the lower-than-expected outturn supports our view that off-cycle rate hikes are unnecessary, allowing the BSP to proceed with a gradual and shallow tightening path,” it added. “We continue to expect two additional 25-bp rate hikes in June and August.”

The central bank began its new tightening cycle in April, delivering its first 25-bp hike in over two years which brought the key interest rate to 4.5%.

It has since signaled that it is open to maximizing its monetary policy tools to steer inflation back to its 3% target and ensure that inflation expectations remain anchored.

BSP Governor Eli M. Remolona, Jr. likewise said last month that the Monetary Board is considering an off-cycle move, but noted that they may also wait until their regular meeting on June 18 to assess the latest inflation report.

For 2026, the BSP projects inflation to end at 6.3%, before easing to 4.3% in 2027.

Under the agreement signed today at Bonifacio Global City in Taguig City, NutriAsia will distribute and represent CJ Foods’ flagship brand, bibigo, across NutriAsia’s e-commerce shops in major marketplaces such as Lazada, Shopee, and TikTok Shop.

“When it comes to e-commerce, our group manages Shopee, Lazada, Tiktok… [The partnership] is special because usually the allowances of NutriAsia for e-commerce is only for our own brands,” NutriAsia Digital Business Development Head Christian G. Domingo told the media in mixed English and Filipino.

Mr. Domingo noted that CJ Foods’ limited online presence is a gap that the partnership is addressing.

The collaboration combines Filipino and South Korean culinary traditions while elevating the online grocery experience. Filipino shoppers can now access online a curated selection of authentic bibigo products, including dumplings, frozen food, seaweed snacks, and traditional Korean sauces.

“Since we’re also exploring Korean stuff, like the food you are eating, why not invite somebody who is not a competitor, who’s really Korean, who is also looking for a way to get into the e-commerce market,” Mr. Domingo said.

By leveraging NutriAsia’s strong e-commerce presence, CJ Foods aims to accelerate the growth and accessibility of its products in the Philippine market.

The partnership has already delivered strong results, generating more than 1 million pesos in sales during its first month of pilot operations, reflecting growing local demand for premium Korean cuisine.

Mr. Domingo clarified with the media that CJ Foods products are available in other physical outlets such as convenience and grocery stores. However, the e-commerce market is exclusive to NutriAsia’s platforms.

He also said that cross-border expansion to Korea will depend on what CJ Foods will allow.

“Mostly, for now, it’s the Philippine market,” Mr. Domingo said.

NutriAsia General Manager Ampy C. Rio described the partnership as the start of a long-term collaboration that will strengthen the digital grocery ecosystem and celebrate the shared love of Filipino and Korean food.

“The partnership we celebrate today is a sign of greater things to come. This is just the beginning of a fruitful collaboration onwards and upwards for NutriAsia and CJ Foods,” Ms. Rio said. — Kaizzer Angela Marie V. Manuba

“If the data and our assessment of evolving risks point to higher inflation expectations becoming entrenched, then we may consider a stronger response,” the Bangko Sentral ng Pilipinas (BSP) said in an e-mailed response to a Reuters query.

The BSP raised its key policy rate by 25 basis points to 4.50% in April.

Here are more details and context of the central bank’s responses:

The BSP said it does not target a specific exchange rate level and intervenes only when excessive volatility poses a serious risk to inflation expectations. The peso has risen 6.1% vs. the dollar in the last three months, according to LSEG data.

The Philippines is sensitive to oil price shocks due to its high dependence on oil imports and current account deficits, but a weaker peso cushions the impact by supporting exports, remittances and revenues from business process outsourcing, the BSP said.

BSP Governor Eli M. Remolona, Jr. said in May the central bank was considering an off-cycle rate hike ahead of a scheduled meeting on June 18.

‘SLOWFLATION’
Meanwhile, the Philippines is experiencing “slowflation,” with slowing growth and accelerating inflation amid oil shocks from the Middle East war, putting the central bank in a difficult policy setting, Metropolitan and Bank Trust Co. (Metrobank) said.

In a commentary on Friday, Metrobank research officer Marian Monette Florendo Obias noted that the economy has not reached stagflation as domestic growth is only weak but not stagnant, while the unemployment rate is seen holding steady.

“The domestic economy remains fragile and highly sensitive to geopolitical developments, with ongoing local political squabbles weighing on overall sentiment,” she said. “For now, while stagflation risks are rising, the Philippines remains in the early phase of ‘slowflation.’”

According to Ms. Obias, ‘slowflation’ refers to an economic condition with fast inflation, weak but still positive growth, and still stable employment.

Economic growth has been sluggish since the second half of 2025, easing to a new post-pandemic low of 2.8% in the first three months of the year.

The country’s latest jobless rate softened to 5% in March from 5.1% in February but worsened from 3.9% a year earlier.

Inflation, on the other hand, has settled above the BSP’s target as it quickened to 7.2% in April from 4.1% in March.

In a separate Viber message on Monday, Metrobank Chief Economist Nicholas Antonio T. Mapa said they expect headline inflation to slightly quicken to 7.3% in May. 

Analysts at Nomura Global Markets Research also project the May print to settle at 7.3%, as slightly lower fuel prices offset still high rice prices and electricity rates. 

Meanwhile, Deutsche Bank Research sees last month’s inflation coming in at 8.1%.

However, Metrobank’s Ms. Obias noted that even the ongoing suspension of excise taxes on kerosene and liquefied petroleum gas (LPG), which was imposed in April, may not be enough to temper energy inflation.

“The suspension of excise taxes on kerosene and LPG may alleviate the impact, but these fuels represent only a small share of overall consumption,” she said. “Diesel and gasoline, which are more widely used, are still subject to excise taxes and continue to lead to second-round effects, limiting the overall effect on inflation.”

A BusinessWorld poll of 16 economists conducted last week yielded a median estimate of 7.9% for headline inflation in May, which is faster than the 7.2% clip in April and 1.3% last year.

It likewise sits right at the upper bound of the central bank’s 7.1%-7.9% forecast for the month, but well above its 2%-4% tolerance range.

The BSP expects inflation to stay above 5% for most of the year to bring the full-year print to 6.3% before cooling to 4.3% in 2027.

HAWKISH BSP
Although the continued acceleration of consumer prices remains largely driven by supply shocks, the central bank is still expected to remain hawkish, Metrobank’s Mr. Mapa noted.   

“Despite the sharp uptick in inflation due mainly to supply side shocks, BSP will still likely resort to tightening of policy,” he said. “We caution against aggressive tightening however given the moderating growth outlook.”

However, Ms. Obias said the “slowflation” scenario is challenging local monetary and fiscal authorities, with the central bank seen to eventually return to easing as high borrowing costs risk hurting the economy further.

“This “slowflation” has made the policy environment for both monetary and fiscal authorities increasingly complex,” she said. “Although the BSP is expected to tighten monetary policy this year, it may eventually reverse course, as a prolonged high-interest-rate environment could further dampen already weak economic growth.”

The Philippine Statistics Authority will release the May inflation data on Friday, June 5, around two weeks before the Monetary Board’s third policy meeting this year on June 18. — Reuters with Katherine K. Chan

PHILIPPINE FACTORY activity bounced back in May as stronger domestic demand boosted output and new orders, although supply chain disruptions and rising costs linked to the Middle East conflict continued to weigh on manufacturers, S&P Global said on Monday.

S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) improved to 50.8 in May from 48.3 in April. However, S&P Global said the latest uptick “was only modest and historically subdued.”

A PMI reading above 50 denotes better operating conditions than in the preceding month, while a reading below 50 shows deterioration.

“The latest PMI data for the Filipino manufacturing sector presented a mixed picture,” Maryam Baluch, economist at S&P Global Market Intelligence, said in the report.

“While manufacturers registered renewed growth in output and new orders, supply-chain disruption and cost pressures worsened as the Middle East conflict entered its third month,” she added.

Among Association of Southeast Asian Nations economies with available May PMI data on Monday, the Philippines’ reading trailed Vietnam (52.8) but ahead of Myanmar (49.3).

S&P Global attributed the overall expansion in the Philippines’ manufacturing activity to the rise in new orders in May, after a sharp drop in April.

“Improved client demand and new customer wins were said to have driven growth,” it said. “Underlying data hinted that the upturn stemmed from improved domestic demand.”

However, S&P Global said that exports remained bleak, after overseas sales dropped at the sharpest pace since July 2020.

“Nonetheless, the uptick in overall new business encouraged firms to raise their production levels at a solid pace in May, after growth had stalled in the survey month prior,” it added.

However, supply chain disruption worsened in May. S&P Global said that lead times for inputs lengthened to its greatest extent in nearly a year-and-a-half, as companies consolidated orders to limit costs.

It said the Mideast conflict also pushed up fuel and raw material costs, causing input-price inflation to accelerate to its fastest pace since August 2022.

With the higher fuel and raw material costs, manufacturers raised selling prices at the second-fastest pace in more than three years, exceeded only by April’s increase.

Despite the increase in new orders, purchasing activity declined as firms relied on existing inventories to meet production requirements.

S&P Global said firms drew down inventories instead of increasing purchases, with stocks of inputs declining at the fastest pace in six years.

It also noted that May saw the sharpest decline in manufacturing employment in two years, mainly due to resignations and layoffs.

S&P Global noted the manufacturers’ level of positive sentiment was the highest in 18 months.

“Firms remained increasingly optimistic about the future, hoping improved demand will support output growth,” Ms. Baluch said. “Indeed, sustaining this growth will depend on how certain customers feel in the economic and geopolitical outlook.”

NOT A RECOVERY?
Leonardo A. Lanzona, Jr., an economics professor at the Ateneo De Manila said the S&P Global data “makes clear that supply chain pressures are still actively biting.”

“To call May a recovery, we’d need to see new orders expanding convincingly, not just output edging higher. We’d need hiring to resume and input cost pressures to ease. None of that is confirmed,” he said in an e-mail.

“What we have is a sector that scraped back above the neutral line while still navigating one of the most disruptive supply chain environments since 2022. That’s resilience at the margin — not recovery.”

Meanwhile, Marco Antonio C. Agonia, an economist at the University of Asia and the Pacific, said the rebound in manufacturing activity “could be the start of a mild recovery, but risks to the downside, especially on the production front, remain elevated.”

“In the immediate term, the reopening of the school calendar may provide a decent lift in the next few months, but significant upside may be capped by production cost bottlenecks,” Mr. Agonia said.

“The outlook may be more sanguine over the medium term, with the expected return of government spending by the second half of this year stimulating aggregate demand and Middle East peace bets becoming more material,” he added.

By integrating world-class technology, DigiPlus ensures that every aspect of the user journey — from seamless gameplay to rigorous account security — remains paramount. Recognizing that a premium customer experience demands a high-performance platform, DigiPlus announced last May 21, 2026, that it has tapped Altenar, a leading global turnkey sportsbook provider to power ArenaPlus. By transitioning its operations to Altenar’s advanced, fully-managed solution, ArenaPlus now delivers faster odds updates, custom localized betting options, and comprehensive player props. This technical integration effectively elevates local sports entertainment to global benchmarks, ensuring Filipino users enjoy a seamless, highly-engaging gameplay experience that is world-class and at par with international sportsbook standards.

True customer care requires a demonstrably safe environment, which is why ArenaPlus officially also joined the Sportradar Integrity Exchange (SIE) back in March 2026. This global intelligence-sharing network combats match-fixing by reporting suspicious betting activity in real-time. By tapping into Sportradar’s AI-powered fraud detection, ArenaPlus adds robust layers of protection, building a secure ecosystem where players can engage with complete confidence.

“We are committed to continuously improving our platform to bring the best possible sportsbook experience to Filipinos, and securing top-shelf, world-class partnerships is central to that,” said ArenaPlus Head Erick Su. “Altenar provides the kind of technical strength and reliability that we need to elevate the ArenaPlus experience, while our collaboration with Sportradar ensures a safer space for our users. By combining top-tier digital entertainment with operational integrity, we are actively protecting the sports we support while also making sure our platform is sustainable.”

Echoing this unwavering commitment to the end-user, Sportradar Executive Vice-President of Integrity Services Andreas Krannich said the collaboration aims to “foster a safer and more secure environment for sport and its stakeholders.”

Altenar COO Dinos Stranomitis added that their localized sportsbook solutions “deliver the performance, stability, and compliance required” for the highly engaged Philippine market.

Ultimately, these infrastructure upgrades translate DigiPlus’ commitment to responsible gaming into practical platform safeguards. Through embedding risk controls and real-time fraud detection directly into its backend, ArenaPlus ensures a transparent environment where player protection is built straight into its platform.

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Rainfall ranging from 50 to 100 millimeters is expected over Zambales, Bataan, Cavite, Batangas, and Occidental Mindoro, PAGASA said in its 5am weather advisory.

At this rate, “flooding is possible in urbanized and low-lying areas, as well as areas near rivers,” PAGASA weather specialist Veronica C. Torres said during a 5am press briefing in Filipino.

She added that heavy rains may also trigger landslides in vulnerable areas.

The same rainfall intensity and hazards are expected in more areas on Wednesday, including Metro Manila, Zambales, Bataan, Bulacan, Pangasinan, Tarlac, and Pampanga.

Similar conditions are also expected in Cavite, Batangas, and Occidental Mindoro.

On Thursday, the affected areas are expected to include La Union, Pangasinan, Benguet, Zambales, Bataan, Tarlac, and Pampanga.

PAGASA said rainfall could be higher in mountainous and elevated areas.

As for the latest updates on Typhoon Jangmi, formerly known locally as Domeng, which caused flooding incidents in parts of Mindanao, it already exited the Philippine Area of Responsibility (PAR) on Monday noon.

The typhoon no longer has any direct effect on the country and is no longer being monitored by PAGASA, according to its latest advisory.— Edg Adrian A. Eva

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“We grew last year. We’re aiming for the same growth this year. We’re looking at maybe 8% to 12%,” Redin Aliling, commercial lead for professional business at Signify Philippines, said during a media roundtable lunch on Thursday.

The company has various ongoing lighting projects with the government, including partnerships with the local governments of Baguio, Ormoc, and Manila, as well as an ongoing railway project. These mainly cover solar lighting, street lighting, office lighting, and façade beautification, Mr. Aliling said.

He added that Signify has more P2P projects in the pipeline and is actively expanding partnerships with more local government units (LGUs) with strong financial capacity, as part of efforts to increase the government’s share in its total project portfolio from around 10% to up to 15%.

“We’re still low. That’s the area where we want to go. We can grow to around 15% yearly. Then I think we will call it an accomplishment,” Mr. Aliling said.

The manufacturing sector is also seen as a key growth driver for the company this year, citing its continued expansion.

“There’s a boom in manufacturing recently,” Mr. Aliling said. “Now, if manufacturing is growing, all industries associated with it will also have strong potential, such as warehousing and transportation. All related sectors will benefit from that.”

Signify Philippines’ growth is also expected to be supported by new technologies and products currently in development.

On a national scale, the Philippines’ LED (light-emitting diode) lighting market was valued at US$692.95 million in 2025 and is projected to reach US$2.415 billion by 2035, with a compound annual growth rate (CAGR) of around 13.3%, according to global market research firm Claight.

It noted that the country’s growth will be driven by increased government infrastructure spending, declining LED hardware costs, rising commercial and residential retrofits, and the expansion of smart lighting deployments.

Despite an optimistic growth outlook, Mr. Aliling said that a lack of awareness regarding regulations and upfront costs for adopting more advanced lighting technologies remains a likely bottleneck to the company’s growth.

Signify Philippines is addressing this by continuing its education initiatives and engaging both public and private sector stakeholders on the importance of investing in more advanced and sustainable lighting technologies, he said. — Edg Adrian A. Eva

“We are thankful to President Marcos and the Department of Budget and Management (DBM) because this is a big help in easing the administrative works of our teachers,” Education Secretary Juan Edgardo “Sonny” M. Angara said in Filipino in a news release.

“With these new positions, our teachers can better focus on teaching and improving the education quality of our country,” he added.

The Alliance of Concerned Teachers (ACT) Philippines earlier warned that teachers may be affected by the additional workload that comes with the implementation of the three-term calendar.

“This is not just about changing the calendar, we have seen a lot changes,” ACT Chairperson Ruby Bernardo said in Filipino during a House committee hearing.

She noted that the academic shift entails changes to the Budget of Work, the grading system, and school forms. “I know there are birth pains in all changes, but our teachers have always carried the burden of these changes. We need support from you, DepEd.”

The 22,268 new non-teaching posts approved by DBM will be distributed across various regions, allocating 6,000 School Principal I, 11,268 Administrative Officer II, and 5,000 Project Development Officer I positions at the elementary and secondary levels.

Regional offices will directly issue the corresponding Notice of Organization, Staffing, and Compensation Actions to expedite deployment.

“With this manpower boost, DepEd reinforces its commitment to fostering a more efficient and supportive environment for Filipino educators and learners alike,” the agency said in a news release.

The DBM also previously approved 32,916 new teaching positions for Kindergarten, Elementary, Junior High School (JHS), Senior High School (SHS), and the Alternative Learning System (ALS).

Teacher I positions will receive an allocation of 32,047; 369 to Teacher III positions as Special Science Teacher I; and 500 to Teacher IV positions for Special Needs Education (SNED).

Zamboanga Peninsula will receive the highest deployment allocation, with 3,361 posts, including 1,467 Teacher I positions for the Division of Sulu to bridge critical instructional gaps.

Central Luzon will also receive 2,722 items, followed by CALABARZON with 2,644, Central Visayas with 2,586, and Northern Mindanao with 2,541.

DepEd said the funding for these newly filled positions will be charged against the agency’s built-in appropriations under the FY 2026 General Appropriations Act.— Almira Louise S. Martinez

Preliminary data from the Philippine Statistics Authority (PSA) showed the country’s trade-in-goods deficit reached $5.97 billion in April, widening by almost half from the $3.98-billion gap in April last year. The gap also rose from the $5.03-billion deficit in March.

It was the largest trade deficit in almost four years or since the revised $5.99-billion gap in August 2022.

The country’s trade balance has been in deficit for more than a decade or since the $64.95-million surplus recorded in May 2015.

In a research note, Chinabank Research (Chinabank) said that the country’s trade performance “continued to reflect spillovers from the Middle East conflict, with elevated oil prices inflating the import bill, disrupting supply chains, and weighing on consumer sentiment.”

However, Chinabank noted that a potential easing in US–Iran tensions, which could likely to lower oil prices, along with weak domestic demand curbing imports, could narrow the trade gap later this year.

In April, US President Donald J. Trump began the month saying that his military forces will leave Iran “pretty quickly,” as he discussed the timeline for the conflict’s end, Reuters reported.

Two weeks into April, Iran ramped up control over the Strait of Hormuz — reverting its position to reopen the trade-concentrated waterway just a day earlier — citing the US blockade of imports as a violation of the ceasefire.

Mr. Trump closed the month “unhappy” with the latest negotiation development that month, as the Tehran-sent proposal did not delve into its nuclear program, the US president’s primary point of concern.

Cid L. Terosa, senior economist at the University of Asia and the Pacific, said that the import surge reflects a weaker peso which raised import costs.

“The weakening of the peso made imports expensive, undermining any increase in exports due to cheaper prices,” he said in an e-mail.

In April, the peso logged its worst finish that month at P61.567 against the dollar on April 29. The following day it touched the record weakest intraday low of P61.75. To date, the local currency’s record weakest close was at P61.75 per dollar on May 19.

Merchandise imports climbed by 22.4% year on year in April to $13.17 billion, a turnaround from the 2.4% drop in the same month last year. It was also faster than the 17% expansion in March.

April marked its third straight month of growth. It was the largest imports expansion in nearly four years or since the 26.4% surge recorded in August 2022.

On the other hand, total outbound sales of Philippine-made goods grew by 6.3% year on year in April to $7.21 billion, slower than the 7.6% increase in April 2025 and the 20.8% expansion a month earlier.

The value of export sales in April was the lowest in three months or since the $7.14 billion in January.

April saw the weakest export growth in eight months or since the 5.5% gain in August 2025.

In the January to April period, the trade-in-goods deficit widened to $19.28 billion from the $16.44-billion gap in the same period last year.

Exports expanded by 11.2% to $29.93 billion in the first four months of 2026, while imports jumped by 13.5% to $49.22 billion.

That month, the country surpassed the 2% growth targets for both imports and exports set by the Development Budget Coordination Committee (DBCC) this year.

For Miguel Chanco, chief emerging Asia economist at Pantheon Macroeconomics, the outperformance of import growth over exports has been driven by higher commodity prices, particularly imports of commodities, minerals and fuels, as well as raw materials and intermediate goods.

“The concerning thing is that this is masking quite a big deterioration in ‘real’ import demand, with capital and consumer goods import growth weakening further last month,” he said in an e-mail.

PSA data showed that imports of raw materials and intermediate goods for that month jumped by 31.1% to $5.03 billion. These accounted for 38.2% of the country’s total imports in April.

Capital goods grew by 8.2% to $3.68 billion and accounted for 27.9% of the country’s total import bill.

Imports of mineral fuels, lubricants and related materials jumped by 105.6% year on year to $2.55 billion.

Mr. Terosa said that mineral fuel import significantly contributed to the import bill that month as “the Middle East crisis raised their prices as demand for them surged amidst limited supply.”

Meanwhile, the imports of consumer goods declined by 16.7% to $1.88 billion in April, in which Chinabank said elevated fuel costs tightened household spending, especially for non-essentials.

“With consumption — the main engine of economic growth — still weak, we could continue to see soft GDP (gross domestic product) print for this quarter,” Chinabank said.

In April, China was the top source of imported goods with a 29.7% share worth $3.92 billion. It was followed by South Korea with $1.55 billion (11.8% share) and Japan with $4.03 billion (7.3% share).

Electronic products, which cornered 47.7% of the total exports, grew by 1.2% year on year to $3.44 billion in April.

Semiconductors, which accounted for the bulk of electronic products and 33.8% of the total exports, declined by 4.7% year on year to $2.43 billion.

“Semiconductor exports, the country’s largest segment, contracted after 11 months of strong growth, likely manifesting the impact of previous reports of order cancelations due to air cargo disruptions caused by elevated jet fuel prices,” Chinabank said.

It added that decline likely reflected supply chain disruptions for specialty gases and petrochemical inputs, which have slowed production.

The United States was the main destination of locally made goods in April as exports to the country amounted to $1.30 billion, accounting for 18% share of the total outbound goods.

It was followed by China with $926.66 million (12.9% share), Japan with $914.64 million (12.7% share), Hong Kong with $914.59 million (12.7% share) and Singapore with $332.75 million (4.6% share).

For Mr. Chanco, ease in export growth may be attributed to the unwinding favorable base effects as exports have been losing momentum caused mainly by demand from Hong Kong weakening quite substantially albeit from what was a relatively strong start to the year.

OUTLOOK
Sergio Ortiz-Luis, Jr., president of Philippine Exporters Confederation, Inc., said that the country’s trade performance may remain within manageable levels barring any shocks and sudden disruptions in the Middle East conflict.

For Mr. Terosa, the remaining months of the second quarter will be the most challenging for the country’s trade performance as high oil prices, inflating food imports, and rate hikes loom.

He added that for the second half of the year, the country’s trade performance will depend on the developments surrounding the Middle East crisis.

“If the crisis ends or is tamed, the second semester could be a pivot point. If the crisis continues, the second semester will witness a more urgent defensive posture for trade,” Mr. Terosa said.

He cautioned that meeting the DBCC’s 2% growth targets for imports and exports in 2026 may be difficult if the conflict rages on.

“The government can de-risk imports by diversifying sources of oil and petroleum products and set up import financing or foreign exchange risk programs for major exports and imports,” he said.

He also noted that the country may take advantage of global product trends in electronic vehicles and batteries by empowering mineral exports.

For Mr. Chanco, import growth will likely continue running faster than exports due to the lift from commodity prices, which may exert more downward pressure on the peso.

He said that exports, on the other hand, have lost some momentum lately and leading indicators are deteriorating.

“This suggests to us that this quarter and next, at the very least, will be very challenging, given the indirect impact of the war on global trade,” he added. — Matthew Miguel L. Castillo

The phones were unveiled globally on May 28. For the first time in the T Series, which is the brand’s accessible flagship lineup, the Xiaomi 17T Series phones come in dual sizes meant to cater to different consumer preferences.

Those who want a more compact device can go for the base model Xiaomi 17T, which has a 6.59-inch AMOLED display with up to 120Hz refresh rate. Meanwhile, the Xiaomi 17T Pro has a bigger 6.83-inch screen size with up to 144Hz refresh rate.

The new smartphones are marketed as imaging flagship devices for modern users as they combine Leica’s optics with Xiaomi’s imaging technology. Both have a triple rear camera system tuned by Leica with a 50-megapixel (MP) main lens, a 12MP ultra-wide camera, and a 50MP 5x telephoto lens.

“Inside lies an ultra-large 1/1.31-inch sensor in Xiaomi 17T Pro and a 1/1.55-inch sensor in Xiaomi 17T. Both combine Leica UltraPure optical design with a 1G + 6P hybrid Leica Summilux lens structure, renowned for rendering fine detail with exceptional clarity. The large aperture across the series delivers superior dynamic range and beautifully rendered depth of field,” the brand said.

“For the first time, Xiaomi 17T Series brings the Leica 5x telephoto camera to both models in the T series, redefining versatility across the lineup. It delivers 50MP images with OIS (optical image stabilization) and exceptional range, from intricate details captured via 30cm macro photography to 10x optical-grade zoom and up to 120x AI Ultra Zoom.”

The Xiaomi 17T Pro also has 4K 60fps (frames per second) cinematic video recording.

Both phones feature specialized shooting modes for both photo and video.

The Xiaomi 17T Series also introduces Leica Live Moment, which brings motion to still photos. The feature is supported across all rear camera focal lengths, as well as in Portrait mode via Leica Live Portrait.

POWER AND PERFORMANCE
Both models in the lineup also feature next-generation silicon-carbon battery technology.

Xiaomi 17T Pro’s 7,000mAh battery is the largest on a Xiaomi Series smartphone in the international markets, the brand said. it supports 100-watt (W) wired HyperCharge and 50W wireless HyperCharge.

For its part, the Xiaomi 17T is equipped with a 6,500mAh battery paired with 67W HyperCharge.

The Pro model is powered by the MediaTek Dimensity 9500 chipset built on a 3nm process, while Xiaomi 17T comes with the MediaTek Dimensity 8500-Ultra on a 4nm architecture. They run on Xiaomi HyperOS.

“Both deliver major upgrades in CPU, GPU, and AI performance, enabling smooth responsiveness across demanding multitasking and next-generation gaming. To maintain this peak output, the Xiaomi 3D IceLoop System provides advanced thermal management through efficient vapor–liquid separation.”

The phones have an IP68 water and dust resistance rating.

The Xiaomi 17T Series’ displays, protected by Corning Gorilla Glass 7i, also integrate eye-care technology via Xiaomi Vision Care.

“Guided by medical research with precise engineering, this display automatically adapts to ambient light conditions, and effectively manages blue light, flicker, and motion blur to ensure all-day comfort,” Xiaomi said.

“Thanks to these innovations, Xiaomi 17T Series is the first to receive the TÜV Rheinland quadruple eye-care certification, and has earned Xiaomi’s first TÜV Rheinland Intelligent Eye Care certification.”

More features shared by the two models are the 1.5K AMOLED display with 3,500-nit peak brightness, a 32MP front camera, and dual stereo speakers with Dolby Atmos Hi-Res and Hi-Res Wireless certification, among others.

PRICING
The Xiaomi 17T Pro is available in three colors: Deep Blue, Deep Violet, and Black. The suggested retail price for the 12GB memory + 512GB storage model is P47,999, while the 12GB+256GB model is a Shopee exclusive and has an SRP of P45,999.

For its part, the Xiaomi 17T comes in Violet, Opal White, Blue, and Black. The 12GB+512GB model has an SRP of P37,999, while the 12GB+256GB variant is priced at P33,999.

The brand is offering various pre-order (May 29 to June 18) deals, freebies, and promotions online and offline, as well as platform rebates. — Bettina V. Roc

GLOBAL TECH BRAND Xiaomi just unveiled its Xiaomi 17T Series phones, the 17T and 17T Pro, updating its T Series line after less than a year. The series sits in that middle ground between midrange and high-end flagships, promising strong performance at a relatively accessible price point.

And the base model Xiaomi 17T, which we’ve been testing for a few weeks now, encapsulates that philosophy perfectly. Call it what you will: premium midrange, almost flagship, flagship killer. With the global memory chip crunch already driving up device prices (and expected to continue doing so within the next year or so), the Xiaomi 17T hits that sweet spot between price and performance.

CAMERA SYSTEM

First is the Xiaomi 17T Series’ key selling point: the triple camera system co-engineered with Leica Camera AG. The two brands’ long-running imaging partnership has entered its fifth year, and for this T Series refresh, they brought Leica’s 5x telephoto camera to all models in the lineup.

Aside from the 50-megapixel Leica 5x periscope telephoto lens with telemacro capabilities, rounding out the triple rear camera array are the 50MP main lens and a 12MP ultra-wide camera.

Even as someone who loves cameras, I prefer testing smartphones using basic shooting modes as this lets me assess ease of use. Smartphones positioned as imaging-first devices should not need extensive tinkering with settings to show what they’re made of.

The Xiaomi 17T does just that and more. The main camera is a 50MP lens with a Light Fusion 800 image sensor, and is great for all-around, point-and-shoot photography. It captures great and crisp detail, especially during daytime and in good lighting, and the phone renders colors well — just enough contrast for that pop without feeling artificial. The built-in Leica color modes, Leica Vibrant and Leica Authentic, also bring that distinct aesthetic to shots.

Leica Live Moment, a feature introduced in this series, is a great addition, bringing stills to motion without sacrificing image quality.

Where this phone really shines is the 50MP Leica 5x telephoto camera. Few phones at this price range offer 5x optical zoom, and with the rapid development of smartphone imaging technology, I personally feel that the ability to zoom in without having to sacrifice quality becoming more of a must-have and less of a nice-to-have.

Using the 5x periscope telephoto, the Xiaomi 17T shoots photos with stellar clarity and minimal vignetting. The telemacro lens delivers excellent subject-background separation for those who want that bokeh but can also capably handle deeper depth of field. Optical image stabilization also helps with the usual shake when shooting telephoto. These are true even up to 10x digital zoom, but beyond that, details understandably soften.

For all three rear lenses, there is a bit of drop-off when shooting in low light or less ideal conditions, especially when snapping moving subjects. The phone’s imaging technology compensates for these by smoothing out textures, but I saw noticed chromatic aberration at times when I channeled my inner pixel peeper (which one really shouldn’t do with phones, but I digress).

Those who want to maximize these Leica cameras can also shoot with Pro Mode, which offers extensive setting controls. The Camera app also has various Scene shooting modes like Stage and Silhouette with tuned settings.

BATTERY AND PERFORMANCE

The Xiaomi 17T sports 6,500mAh silicon-carbon battery that supports 67-watt HyperCharge wired charging. The adapter is included in-box and can get the phone to a full charge in less than an hour.

Battery life is excellent on this phone. Even while trying out the camera and using mobile data to watch videos, doomscroll, and for some light gaming, it has enough juice for a day and more. With usual use, I suspect that you’d be able to squeeze out more than 24 hours’ worth of power if you aren’t really trying to get these batteries to run out like I was during testing.

The phone’s MediaTek Dimensity 8500-Ultra chip coupled with the 12GB RAM make for a very smooth and speedy performance. It’s able to handle multitasking well, including light gaming. It also doesn’t heat up that much (yes, even in this weather).

It runs on HyperOS 3 based on Android 16 with Google Gemini and their Circle to Search feature, and also comes with other AI features.

Bloatware is also minimal — and that’s always a plus in my book.

DISPLAY AND BUILD

For the first time in the T Series, Xiaomi is offering two phone sizes. The base model Xiaomi 17T is the compact version and comes with a 6.59-inch AMOLED display with a refresh rate of up to 120Hz.

With 3,500 nits peak brightness, HDR10+ Dolby Vision, and DCI-P3 color gamut, the screen offers vibrant and sharp details with accurate color rendition, even under bright daylight. Navigating between apps and through menus is smooth and snappy, even if not all apps support 120Hz.

The Xiaomi 17T also features eye-care technology via the Xiaomi Eye Care Shield with various TÜV Rheinland certifications, making the user experience (literally) easy on the eyes.

The phone itself is very easy on the eyes. The test unit came in the Violet colorway, which to me leans more toward lilac. It features a smooth, matte finish and thin bezels.

It also weighs just 200 grams and is 8.17-millimeter thin without a case, making it easy to hold with just one hand, and slip into pockets or most reasonable bag sizes. The in-hand feel is great — just enough weight for stability, but light enough to minimize strain. With the smooth frame, it can get a bit slippery, but the slightly rounded edges help with the grip.

The Xiaomi 17T still comes with the square camera island in the top-left corner, which protrudes a little when used without a case.

The stereo speakers’ placement helps with the audio quality on this phone. It delivers punchy and clear sound, even with the volume turned up.

So, should you buy the Xiaomi 17T? Priced at P33,999 for the 12GB+256GB variant and at P37,999 for the 12GB+512GB model, this is a smartphone worth looking into if you’re looking for a device with stellar cameras, strong performance, and large battery life. It can hold its own even against higher-end, more expensive flagships, delivering great value for money.

The Xiaomi 17T is now available in the Philippines, with the brand offering various promos and deals.

The newly logged cases translate to a ninefold increase from January to March compared with the same period last year, the DoH said in its latest surveillance report.

This means that about 51 new cases were diagnosed per day during the first quarter, which the report noted an 11% decline compare to the previous quarter.

The country’s total HIV cases stands at 168,079, from the first reported case in January 1984 to March 2026.

Of the total new cases, 4,381 were reported among males, comprising 95% of the cases, while 252 new cases were logged among females, accounting for 5%.

As for age demographics, nearly half of the new cases, or 2,118 (46%), were reported among individuals aged 25 to 34 years old.

This was followed by individuals aged 15 to 24 years old, with 1,443 new cases or 31% of the total.

Other age groups also recorded new cases: 845 (18%) among individuals aged 35 to 49 years old, 116 (3%) among those aged 50 years and older, and 23 (<1%) among individuals younger than 15 years old.

The DoH said this brought the country’s median age of new HIV cases to 28 years old.

Of the total recorded new cases, 24% or 1,104 were diagnosed with advanced HIV disease at the time of diagnosis.

In terms of geographic distribution, the National Capital Region logged the highest number of cases at 989 (21%), followed by Region IV-A with 808 (17%), and Region III with 551 (12%).

New cases were also reported in Region XII (277), Region XI (263), Region VII (228), Region VI (216), Region I (191), Region X (183), Region V (158), Region IX (137), the Negros Island Region (133), and Region II (108), as well as in Region IV-B and VIII (101), CARAGA (84), BARMM (42), and CAR (37).

The DoH said the mode of transmission for new HIV cases remains primarily through sexual contact, accounting for 4,214 cases (91%), including 3,095 among males who have sex with males and 567 among individuals who engaged in both male-to-male and male-to-female sexual contact.

While no definitive cure is currently available, the DoH earlier said that people living with HIV undergo antiretroviral therapy (ART), which “slows down and virtually halts the progression” of the disease. People living with HIV on ART may still live long and healthy lives.

For prevention, the DoH urged the public to practice safe sex and to use pre-exposure prophylaxis (PrEP) for individuals at high risk of infection.— Edg Adrian A. Eva

The LPA being monitored within the Philippine Area of Responsibility was located 875 kilometers east of southern Mindanao, PAGASA said in a tropical cyclone formation outlook released at 10am.

“It has a low chance of developing into a tropical cyclone,” PAGASA weather specialist Loriedin De La Cruz-Galicia said in a 5am media briefing in Filipino, attributing this to the LPA’s weak circulation.

“However, its trough or extension is expected to bring rains over large parts of the country today and in the succeeding days.”

She added that the LPA may persist within at least the next 48 hours.

PAGASA cautioned against possible flash floods or landslides due to moderate to occasional heavy rains, attributed to the LPA.

Meanwhile, the easterlies are also expected to prevail over large parts of Luzon and Visayas, bringing hot and humid weather conditions within the next 24 hours.

Dangerous-level heat index is expected in 56 out of the 78 monitoring stations of PAGASA on Friday, based on the agency’s heat index monitoring.

The highest “feels-like” temperature expected is 45 degrees Celsius, which may be experienced in seven areas.

PAGASA still reminded the public to avoid going outdoors and to use sun protection to prevent heat-related illnesses.— Edg Adrian A. Eva

“The United States is really a leader in both quality and innovative education, and the doors are very much open for Filipino students,” Jessica Simon, counselor for public affairs of the US Embassy in the Philippines, told reporters on Friday at the sidelines of an event.

According to the Open Doors 2024 Report on International Educational Exchange, the number of Filipino students enrolled in US universities and colleges increased from 3,000 to 4,500 over the past decade.

Science, technology, education, and mathematics are among the popular programs pursued by Filipinos, driven by the global rise in demand for artificial intelligence (AI).

“We’re hoping the number just goes one direction, and that’s up,” Ms. Simon said.

“With the increasing awareness of the importance of artificial intelligence, and the jobs that are going to be created in artificial intelligence fields, that’s definitely an interest,” she added.

The US Embassy official also noted that global economic uncertainties and challenges do not directly affect learners’ interest in studying abroad.

“I don’t know that we’ve seen a direct effect on the demand for student visas,” she said. “I think any kind of uncertainty, economic uncertainty, global uncertainty, causes just general uncertainty.”

She also assured that there would be no tighter regulations on student visa applications for the Philippines, following the US government’s expansion of its travel ban to 39 countries in January. “There are no restrictions; we have student visa appointments open.”

“We very much welcome Filipino and international students in the United States, and that’s why we’re holding the EducationUSA Fair today,” she added.

The EducationUSA University Fair Spring 2026, happening in Quezon City and Davao City, connects Filipino students with 17 higher education institutions overseas.

“I think this is the 1st step in pursuing an education exchange experience,” Ms. Simon said. “Even if it’s not to depart next month, next year on an exchange, the students here today can really benefit from taking this 1st step and getting this initial information.”

Arizona State University, College of Central Florida, Lewis University, Manhattan University, Middle Tennessee State University, and the University of San Francisco are among the universities at the fair.

EducationUSA is the official source of information on US tertiary education. It offers free advising services to interested applicants through its offices at the US Embassy and Fulbright Philippines.— Almira Louise S. Martinez

The hotel recently introduced the Presidential Villa, a 630.2-square-meter private retreat overlooking Taal Lake.

The villa features a grand foyer and living area, formal dining room, expansive Master Suite with veranda views of Taal Lake, and complementary King and Twin bedrooms.

The villa also includes premium bath amenities, personalized butler service, expansive balcony and deck spaces, and exclusive access features.

The development strengthens the property’s position as a lifestyle and wellness destination, offering guests a short escape from the city with direct views of Taal Lake and Volcano.

“The Presidential Villa really encapsulates who we are as a property—spacious, private, and fully oriented toward those uninterrupted views of Taal Lake and Volcano.” Taal Vista Hotel General Manager Ramon Makilan said in a written interview.

“At Taal Vista Hotel, our distinction really comes from heritage and location. There’s an authenticity to the experience that you can’t replicate. The Presidential Villa builds on that by offering a heightened level of privacy, space, and personalized service—all set against the iconic Taal Lake and Volcano backdrop,” he said.

Mr. Makilan said the hotel incorporated locally sourced materials and handcrafted elements throughout the villa’s interiors to highlight local craftsmanship and create a more authentic guest experience.

According to Mr. Makilan, while Taal Vista Hotel’s positioning is premium, its broader impact especially economically—remains inclusive and far-reaching.

“A large portion of both our team and supplier base is locally sourced, which is something we consciously prioritize,” Mr. Makilan said.

“A significant part of Taal Vista Hotel’s role is supporting the local economy—through employment, partnerships, and contributing to tourism activity in the area,” he said.— Kaizzer Angela Marie V. Manuba

To help users navigate concerns such as unauthorized transactions, account takeovers, scams, and “wrong send” errors, GCash provides clear and accessible reporting tools designed to enable faster resolution. By knowing exactly where to seek help, users can better protect their accounts and minimize financial risks in an increasingly cashless ecosystem.

Built-in support channels and security safeguards

GCash provides a range of official help channels designed to address different types of concerns. Inside the app, users can access in-app guides that offer step-by-step instructions for common issues. The GCash Help Center also serves as a central hub where users can find articles, submit requests, and report concerns.

For transaction-related concerns, the transaction history feature allows users to review details and identify discrepancies. Error notifications within the app also help flag failed or suspicious activities, prompting users to take action when needed.

Users seeking direct support can connect with Gigi, the chat agent in the Help Center which serves as the primary channel for account-related concerns. Through Gigi, users can report lost SIM cards or phones, request transfer of funds, and apply for wallet limit upgrades, with guided steps to help resolve these cases quickly.

For more complex concerns, live agent support is available to handle cases that require deeper investigation, such as unauthorized transactions or account takeovers. Users can get in touch with these agents by calling the official GCash Help Center hotline at 2882.

These support channels are structured based on the level of concern. Simple issues can often be resolved through guides and self-service tools, while more sensitive cases are escalated to trained support agents. This approach helps ensure that users receive the right level of assistance without unnecessary delays.

Alongside this support ecosystem are security features built into the GCash app that give users an added layer of protection. Account Secure limits account access to one device at a time. DoubleSafe adds an extra verification step that requires selfie scans to confirm the user’s identity, especially for high-risk activities such as logging in to a new device and high-value transactions. Biometrics Login and MPIN Protection confirm that only the account owner can authorize transactions, while One-Time Passwords (OTP) provide an additional check for sensitive actions.

A shared effort to keep digital financing safe

Beyond its in-app security features and help channels, GCash also works closely with regulators and law enforcement agencies such as the Cybercrime Investigation and Coordinating Center (CICC) and PH Payments Management Inc. (PPMI) to detect and act on fraud. GCash has blocked more than 4,900 fraudulent merchants linked to quishing or QR phishing schemes, reflecting the scale of its enforcement efforts.

The company continues to strengthen its customer experience by refining support tools and reducing response times. Enhancements are regularly introduced to make it easier for users to report concerns and track the status of their requests.

“Resolving a concern quickly starts with going to the right channel. We have built our support system so that users can find the help they need, whether it is a simple guide in the app or a conversation with a live agent,” said Paul Velasquez, GCash AVP and Head of Customer Service Operations.

GCash also encourages users to remain vigilant and report suspicious activity immediately through official support channels. The company advises transacting only through official GCash channels and verifying website URLs before completing any payment. No one from GCash will ever ask for an OTP, MPIN, or password.

Suspicious activity can be reported through the GCash Help Center in the app or by going to help.gcash.com and submitting a ticket. Users can also call the official hotline at 2882 to speak to a live agent.

For more information on account safety and available support, visit www.gcash.com.

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AT LEAST 74 local and foreign firms have expressed interest in the planned Metro Rail Transit Line 3 (MRT-3) public-private partnership (PPP), the Department of Transportation (DoTr) said, as the government seeks private sector support for a rail system that analysts say requires substantial upgrades and clearer commercial terms to attract serious long-term operators.

“The MRT-3 PPP is a very viable and promising project. This is an existing line, and we know that, historically, MRT-3 ridership can reach up to 620,000 to 630,000 a day,” Transportation Undersecretary for Railways Timothy John R. Batan said in a statement on Tuesday.

Data from the DoTr showed that MRT-3 passenger traffic increased in 2025 to 141.63 million, up 4.22% from 135.89 million in 2024.

The companies participated in market consultations held on May 14-15 and May 18 for the MRT-3 operations and maintenance (O&M) PPP project, according to the DoTr. The participating firms were from 14 countries, although the department did not identify them.

Mr. Batan said the strong turnout during the market sounding reflected growing private sector confidence in Philippine infrastructure projects.

The Transportation department is targeting approval of the project by the Economy and Development Council by August or September, Acting Transportation Secretary Giovanni Z. Lopez told BusinessWorld.

Based on the agency’s timeline, solicited bidding for the project may begin by October, with bid submissions expected by March 2027.

The contract is targeted for award between June and July 2027, while the winning bidder is expected to take over MRT-3 operations by October next year.

According to information posted on the PPP Center website, the contractor for the capacity expansion, operations, and maintenance contract will take over the management of the existing MRT-3 line, including operations and maintenance, fare collection, and commercial rights within station areas subject to revenue-sharing arrangements with the government.

The project also includes the introduction of Dalian trains into commercial service, additional rolling stock, and upgrades to the signaling, depot, power, and communication systems.

The Asian Development Bank (ADB), which serves as the project’s transaction adviser, supports the initiative.

“With this MRT-3 PPP Project, we’re proud and quite privileged to be a partner of the government of the Philippines in this endeavor to improve the overall connectivity for the Filipino people,” ADB Country Director for the Philippines Andrew Jeffries said during the market sounding conference.

Still, transport analysts cautioned that the project’s commercial attractiveness will depend heavily on how clearly the government defines the scope of work and long-term financial structure.

“The MRT-3 project is not very attractive. That is why it requires a very clear definition,” Rene S. Santiago, an international consultant on transport development and former president of the Transportation Science Society of the Philippines, said on the sidelines of the ADB Transport Forum on Tuesday.

He said the project consultant should clearly specify the upgrades needed for MRT-3, including increased line capacity and redesigned stations to improve accessibility.

Nigel Paul C. Villarete, senior adviser on PPPs at Libra Konsult, Inc., said the DoTr is moving in the “right direction” by pursuing a solicited bidding process instead of entertaining unsolicited proposals.

“They offer an open opportunity to all, and will attract a host of interested parties compared to the unsolicited mode, which gives a huge advantage to the original proponent being able to match any bid that may be submitted,” he said in a Viber message.

He added that transport projects with predictable ridership such as MRT-3 are generally more attractive under a competitive solicited bidding framework.

The DoTr previously rejected unsolicited proposals for the MRT-3 O&M project submitted by Metro Pacific Investments Corp. and San Miguel Corp.

Last year, Metro Pacific Chairman Manuel V. Pangilinan said the company was unlikely to resubmit its proposal without approved fare increases and amid the high cost of rail operations.

The government had initially targeted launching the MRT-3 bidding process before the expiration of its build-lease-transfer agreement with Metro Rail Transit Corp. in July 2025. Following the contract’s expiration, ownership and operations of MRT-3 reverted fully to the government.

THE IMPEACHMENT proceedings against Vice-President Sara Duterte-Carpio have raised the possibility of further instability and political violence in the country, according to an assessment by a unit of Fitch Solutions.

“Public impeachment hearings against VP Sara Duterte have sharply increased Social Polarization and Government Risks by intensifying the Marcos-Duterte power struggle, with the potential for further instability and political violence if she is removed from contention for the 2028 presidency,” GeoQuant said in a report released on Tuesday.

The Senate on Monday convened as an impeachment court for the trial of Ms. Duterte who faces charges of corruption, misuse of public funds, betrayal of public trust, and an alleged plot to assassinate President Ferdinand R. Marcos, Jr.

Ms. Duterte’s trial is expected to start by the first week of June.

GeoQuant noted that social polarization risk and government risk began to increase when the House Committee on Justice began hearings on the impeachment complaint against Ms. Duterte on March 25.

“The case pits two of the country’s most powerful political families against one another, Marcos and Duterte, who ran as a team in the 2022 general elections but have fallen out over differing constituency and policy agendas,” it said.

“With Marcos’ tenure up in May 2028, Duterte is his likely successor, but impeachment would prohibit her from running. Marcos claims not to be behind the investigation, but his allies control the House of Representatives and her removal from the field of potential candidates would allow Marcos to find an ally as successor.”

If convicted, Ms. Duterte would be barred from running for public office.

“Expect both Government and Social Polarization Risks to continue to rise as long as the process continues, with the potential for political violence rising [if] Duterte is sidelined,” GeoQuant said.

Hansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said political polarization ratings typically rise when rival political camps become sharply divided, and businesses begin seeing risks to operational continuity.

“It’s bad for business because usually, shifts in regimes or non-peaceful transitions mean business continuity is compromised or insurances/preparations kick in, which impact operational costs,” he said via Facebook Messenger, adding that firms often face higher insurance and contingency costs during periods of instability.

Mr. Juliano noted the recent turmoil in the Senate likely contributed to concerns flagged by GeoQuant, pointing to leadership upheavals and controversy surrounding efforts to shield Senator Ronald “Bato” M. dela Rosa from accountability.

Mr. Juliano said the unfolding events bear similarities to the political tensions that preceded the impeachment trial of former President Joseph Ejercito Estrada and the subsequent EDSA Dos and Tres (EDSA II and III) protests.

“Whether it ends the same, we have yet to see,” he said. “But it looks unstable nonetheless.”

POLITICAL CIRCUS
Meanwhile, businesses are hoping for an end to the political turmoil hounding the Senate, saying stability is needed to help firms thrive and support faster economic growth, according to Association of Southeast Asian Nations (ASEAN) Business Advisory Council Chairman Jose Ma. “Joey” A. Concepcion III.

“The Philippines has to continue to get its GDP (gross domestic product) going higher,” he told BusinessWorld on the sidelines of the BusinessWorld Economic Forum on Monday.

“For that to happen, the business sector must be doing well. Hopefully our legislators will support this and that the circus happening there will end,” he added.

Mr. Concepcion said that as the Philippines is the chair of the ASEAN this year, there is a responsibility to present the country favorably to foreign investors.

“We have to be able to present a more pleasant picture to our foreign investors. It is very important because Philippines hosting the ASEAN only happens once every 10 to 12 years,” he said.

“So, we are putting every effort, especially from the private sector, to ensure that many investors, business owners from all over the world, will come to the Philippines,” he added.

Mr. Concepcion said the goal is to show that the Philippines is open for business.

“We need Congress and our legislators to bring things back to normal from their point,” he said. “We hope they will be able to really help create an open economy.”

“If you look at very successful countries in ASEAN, they are very focused and they are always straight to the point,” he added.

Aside from political uncertainty, Mr. Concepcion said businesses are also dealing with the impact of the Middle East conflict.

“But let us remain optimistic. One good sign is that it comes when we are the host of ASEAN and when all the leaders come here, the rest of the world will see what the Philippines is all about,” he added.

“We were able to keep food prices stable, but supplies are feeling the pinch,” Mr. Marcos said during a roundtable discussion with Japanese media in Malacañang on Monday. A video and transcript were provided to Palace reporters.

Mr. Marcos said some producers and suppliers had sought government permission to increase the prices of “non-critical” food products.

The Philippines, which relies heavily on imported fuel, has been hit hard by the ongoing Iran conflict. This has prompted the government to declare a year-long energy emergency amid threats to oil supply and rising inflation.

“To the economy, the concern that we have is the concern about stagflation… so this is what we have been trying to control,” Mr. Marcos said.

Stagflation refers to a period of weak economic growth combined with persistently high inflation.

Some analysts have earlier flagged stagflation risks after inflation quickened to a near three-year high of 7.2% in April from 4.1% in March due to soaring gas prices. This was the fastest headline print since the 7.6% seen in March 2023, and also well-above the central bank’s 5.6%-6.4% estimate for the month.   

In the first quarter, gross domestic product (GDP) grew by 2.8%, slowing from the 5.4% expansion in the same quarter last year and the revised 3% GDP growth in the fourth quarter of 2025.

The President said the government will make efforts to slow down rising food costs. Last week, he imposed a P50 price cap on rice.

Mr. Marcos added that public spending has been accelerated to support growth, following earlier delays in budget execution this year.

“Public spending has been accelerated so that the GDP (gross domestic product) growth is still being assisted. We had a delay in public spending in the beginning of this year, basically in the first quarter,” he added, according to a separate statement from his office.

Mr. Marcos remains optimistic that public spending will fuel economic growth within the next quarter and next year.

“Luckily, I suppose, or at least we are still continuing to see marked interest in investment in the Philippines,” he said.

“Perhaps this is because of the policies that we adopted, the incentives that we have put out for investors. So, slowly, we can see the way through this, where we will recover through this.”

Mr. Marcos said spending is increasingly being directed toward “direct spending” to ensure that assistance is felt more immediately by households, including subsidies and transport-related fuel discounts.

He also said the government is seeking ways to encourage investment and support for micro, small and medium enterprises.

“Let us keep the economic machine running… Let us continue to invest,” he said. “We have a total economic mandate that, as much as possible, let us find that money wherever and in other places, such as in the government’s operating expenses.”

Meanwhile, the Philippines is already in a “stagflationary episode,” according to Leonardo A. Lanzona, Jr., an economics professor at the Ateneo de Manila University.

“For a high-growth economy like the Philippines, sub-4% GDP expansion already constitutes stagflationary conditions — the Philippines is experiencing a combination of slowing, very weak/stagnant GDP growth and high and rising inflation, placing the Bangko Sentral ng Pilipinas (BSP) in an unenviable position,” he said via Facebook Messenger.

Whether this stagflationary episode is sustained would depend on “whether the oil shock proves durable (high probability) and whether fiscal catch-up (in infrastructure) materializes (uncertain, given the Department of Public Works and Highways’ track record),” Mr. Lanzona said.

He noted that downgraded growth forecasts by several firms could put Philippine economic growth on track for its weakest performance in 18 years outside of the pandemic period.

“The Marcos signal on food price relief for nonessential items is almost certainly a political pressure valve, not a structural fix — and risks entrenching expectations that the government will accommodate rather than absorb the shock,” he said. — C.M.A. Hufana

THE PHILIPPINE PESO will likely remain the weakest Asian currency despite further monetary policy tightening by the central bank as the economy remains vulnerable to volatile global oil prices amid the ongoing Middle East war, analysts said.

This as the peso on Tuesday closed at the record-low level of P61.75 versus the greenback, the same finish logged on Monday, Bankers Association of the Philippines data showed.

In a report published late on Monday, ING Think economists noted that the impact of oil price swings on the local unit could offset the expected support of additional policy rate hikes by the Bangko Sentral ng Pilipinas (BSP). (See related story)

“We continue to expect a frontloaded but measured tightening cycle, worth 75 bps (basis points) in 2026,” said ING Regional Head of Research for Asia Pacific Deepali Bhargava, Senior Economist for South Korea and Japan Min Joo Kang, and Chief Economist for Greater China Lynn Song.

“While this could provide some near-term support to the PHP (Philippine peso), the currency’s trajectory will remain closely tied to oil price dynamics,” they added.

A separate report from MUFG Bank, Ltd. on Tuesday showed that the peso suffered the sharpest depreciation among currencies in emerging markets in Asia since the Middle East war erupted on Feb. 28.

Based on the report penned by MUFG Senior Currency Analyst Michael Wan, the local unit declined by 6.6% against the dollar from Feb. 28 to May 18.

This was followed by the Indian rupee, which went down by 5.6%, Indonesian rupiah (5%), Thai baht (4.8%), South Korean won (4%), Malaysian ringgit (2.1%), Japanese yen (1.8%), Singapore dollar (1.1%), Vietnamese dong (1.1%), and Taiwan dollar (1%).

The peso has traded around the P60- to P61-a-dollar handle for about a month or since late April, even plunging to back-to-back historic lows versus the greenback.

This came even after markets anticipated some relief for the peso following the BSP’s move to lift the benchmark borrowing cost during its April 23 meeting.

The key interest rate now stands at 4.5% after the Monetary Board delivered its first 25-bp hike last month as it sought to temper second-round price effects and keep inflation expectations anchored amid rising risks from the energy crisis.

ING analysts said the BSP may deliver its second-straight hike at its June 18 review as inflation risks prove more urgent than growth concerns.

“The latest data points suggest inflation risks are now outweighing growth concerns,” they said. “In this context, we do not see the weak GDP (gross domestic product) print deterring Bangko Sentral ng Pilipinas from hiking in June.”

Inflation breached the central bank’s 2%-4% target and market projections for the second month in a row as soaring oil prices spilled over to other key commodities.

In April, high food and utility prices amid still elevated energy costs led the headline print to accelerate to an over three-year high of 7.2%.

On the other hand, the economy faltered in the first quarter, with growth easing to 2.8% from 3% in the previous quarter and 5.4% a year ago as oil shocks added to the lingering effects of last year’s flood control mess.

For ING analysts, however, the economy could remain under pressure amid growing political uncertainty surrounding Vice-President Sara Duterte-Carpio’s impeachment.

“Higher political uncertainty with the impeachment of the vice-president can further push out reforms and growth recovery,” Ms. Bhargava, Ms. Kang, and Mr. Song said.

Meanwhile, Metropolitan Bank and Trust Co. (Metrobank) also sees further BSP tightening as still elevated oil prices and uncertainties over Iran and the US’ peace talks are expected to stoke inflation in the coming months.

“Metrobank still sees elevated risk and volatility in the near term while a peace deal has not been struck,” it said in a note on Monday. “Oil prices are poised to stay high, as global supply remains constricted due to the war’s impact on Middle East oil facilities. Consequently, domestic inflation is expected to quicken in the coming months.”

However, it noted that increased demand for the US dollar will continue to drag the peso, with global dollar flows, not domestic factors, likely driving foreign exchange movements.

Still, the peso’s depreciation may be capped at P62 against the dollar, according to the bank.

“USD/PHP strategy remains range-bound with a slight USD-positive bias, as strong dollar fundamentals and steady corporate demand continue to support the pair, particularly on dips,” Metrobank said.

“However, the upside remains capped near the P61.75-P62.00 resistance zone due to strong supply and positioning. The pair is likely to remain driven by external USD flows rather than domestic catalysts, reinforcing a tactical trading approach,” it added.

On the other hand, ING said global oil prices potentially averaging around $100 per barrel in the quarter will continue to weigh on the country’s current account deficit.

The BSP earlier said the Philippines may see a wider current account gap of $20.3 billion or -4% of GDP this year as the Middle East war could strain the country’s external position.

In 2025, the country had a current account deficit of $16.291 billion or -3.3% of GDP.

STEADY INFLOWS from remittances and the services sector despite emerging external pressures helped narrow the Philippines’ balance of payments (BoP) gap to a three-month low in April, Bangko Sentral ng Pilipinas (BSP) data showed.

Based on central bank data released on Tuesday, the country’s BoP gap narrowed to $2.124 billion last month from the $2.637-billion deficit in March and $2.558-billion shortfall in April last year.

This was the narrowest deficit recorded since the $373 million seen in January. It also marked the sixth consecutive month that the country’s BoP position settled at a shortfall.

In the four months to April, the Philippines’ BoP deficit widened to $7.411 billion from $5.516 billion in the same period a year ago.

BoP refers to the country’s economic transactions with other nations. A deficit shows that the country spent more than it received, while a surplus indicates more funds entered the country.

Stable dollar inflows from remittances and business process outsourcing, slightly better capital flows and softer import bill may have helped narrow the country’s BoP deficit in April, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said via Viber.

However, Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the wider four-month deficit was likely due to lingering external pressures considering the country’s large trade gap.

“The narrower BoP deficit in April reflects some normalization after earlier outflows, but the wider year-to-date gap highlights persistent external pressures, particularly from the country’s large trade deficit amid strong import demand and softer exports,” he said in a Viber message.

“While remittances and services continue to provide support, these have not been enough to offset the current account shortfall, with capital flows remaining sensitive to global conditions,” Mr. Asuncion added.

Separate BSP data showed remittances from Filipinos abroad rose by 2.3% year on year to $2.874 billion in March, the highest in two months.

Latest available data showed the country’s trade-in-goods deficit widened to a six-month high of $4.512 billion in March from $4.015 billion in February and $4.509 billion a year ago.

DOLLAR RESERVES
Meanwhile, revised BSP data showed the Philippines’ dollar reserves fell to its lowest level in over a year, which analysts said was likely due to the central bank’s recent intervention in the foreign exchange market.

As of end-April, the country had $104.328 billion in gross international reserves (GIR), slightly higher than the $104.128 billion earlier reported.

However, it was still a 2.16% decline from the $106.636-billion foreign reserves in March and a 0.93% dip from the $105.308 billion in April 2025.

The end-April tally was the lowest GIR level in 15 months or since the $103.271 billion logged in January last year.

“The decline in GIR indicates that the BSP may have used part of its reserves to smooth peso volatility and meet external obligations,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said in a Viber message.

The central bank earlier said it remains present in the foreign exchange market to prevent sharp swings that could stoke inflation as the Middle East war continues to weigh on the currency.

On Tuesday, the peso closed at P61.75 against the dollar, unchanged from its record-low finish on Monday, Bankers Association of the Philippines data showed.

Still, according to the BSP, the country’s latest GIR level “provides a robust external liquidity buffer.”

The end-April reserves translated to 6.9 months’ worth of imports of goods and payments of services and primary income, exceeding the three-month standard.

It can also cover about 3.8 times the country’s short-term external debt based on residual maturity.

GIR comprises foreign-denominated securities, foreign exchange, and other assets such as gold. It enables a country to finance imports and foreign debts, maintain the stability of its currency, and safeguard itself against global economic disruptions.

For Mr. Ravelas, the country’s BoP position will likely remain in a deficit in the coming months considering the economy’s heavy reliance on imports.

“The key message here is not elimination, but manageability — our external position remains ‘deficit but resilient,’ supported by strong fundamentals like remittances, services exports, and adequate reserves,” he added. “So, going forward, it’s about watching global conditions and capital flows closely, while ensuring we sustain these stable sources of FX (foreign exchange).”

SM Investments Corp. Group Economist Robert Dan J. Roces likewise projects a continued deficit in the near term as “high oil prices, elevated global uncertainty, and a still-strong dollar continue to pressure the trade balance and keep demand for dollars firm.”

However, the deficit may be “smaller and more manageable” as the country continues to hold ample GIR and due to steady flows from remittances and services exports, he added.

“The BoP may stay in deficit in the near term, though a smaller and more manageable one,” Mr. Roces said. “The good news is that the country still has ample buffers through GIR, steady remittances, and recurring inflows from services exports, which help prevent external pressures from becoming destabilizing.”

The central bank expects the country’s BoP position to end at a $7.8-billion deficit or -1.5% of its gross domestic product (GDP) this year, wider than the $5.661-billion gap or -1.2% of GDP in 2025.

It also projects the GIR level to reach $111 billion by yearend, higher than the $110.8 billion recorded last year.

“We humbly urge the concerned agencies to facilitate the prompt processing and release of the pending subsidies and voucher program assistance,” the Catholic Educational Association of the Philippines (CEAP) and the CBCP-Episcopal Commission on Catholic Education (ECCE) said in a joint statement on Friday.

The groups noted that among the schools affected are “small and financially vulnerable institutions”, which consider the government subsidies and voucher program assistance essential in sustaining their operations amid rising electricity prices.

“Many of these schools serve low-income communities and continue to rely heavily on government assistance programs in order to keep education accessible, maintain personnel, and meet operational obligations,” the groups said in a statement on Friday.

“The continued delay has placed serious strain on school finances at a time when institutions are already preparing for the next academic year,” they added.

The pending subsidies also impact the timely payment of salaries to teaching and non-teaching staff, the settlement of utilities and contractual obligations, and the procurement of instructional materials.

“The financial assistance of the government is a strong lifeline that enables them to continue participating in the shared national responsibility of delivering education,” the groups said.

Data from the Private Education Assistance Committee (PEAC) showed that over 3,600 institutions nationwide are ESC-participating schools.

Meanwhile, over 4,500 schools are included in the SHS-VP Alphalist.

The Department of Education (DepEd) earlier this month announced the expansion of private school subsidies under the Expanded Government Assistance to Students and Teachers in Private Education (E-GASTPE) program.

The expansion is set to benefit over 2.4 million financially challenged learners enrolled in private schools. Of which, around 990,000 junior high school students will be covered under the ESC program, while 1.47 million SHS students will benefit from the SHS-VP.— Almira Louise S. Martinez

Mallgoers and fans alike can immerse themselves in a series of interactive and visually stunning installations inspired by beloved Star Wars characters and stories. Guests can step into the story through special photo spots, including dynamic, character-inspired backdrops designed for unforgettable snapshots.

Adding to the excitement, fans can live out their own galactic adventures with themed photo opportunities, such as imagining themselves riding a speeder bike or standing alongside a towering AT-ST. These setups offer a special way to experience the thrill of Star Wars up close.

Collectors and enthusiasts can also shop limited-edition merchandise and fan-favorite items at participating retailers, including Disney Store by SM, Filbars, Geek PH, Miniso, The SM Store, and Toy Kingdom making it the perfect opportunity to bring home Star Wars-themed collectibles.

Star Wars fan cosplayers will also grace the attraction on May 16-17 and May 23-24 for fan gatherings and a lightsaber choreography tutorial to make weekends more special.

Meanwhile, the event builds anticipation for the upcoming theatrical release of Star Wars: The Mandalorian and Grogu, opening exclusively in cinemas on May 20, 2026. The film follows legendary Mandalorian bounty hunter Din Djarin and his young apprentice Grogu as they embark on their most thrilling mission yet. Set in a galaxy where the evil Empire has fallen, and Imperial warlords remain scattered, the story unfolds as the New Republic works to protect everything the Rebellion fought for.

Directed by Jon Favreau and starring Pedro Pascal and Sigourney Weaver, the film is produced by industry veterans Jon Favreau, Kathleen Kennedy, Dave Filoni, and Ian Bryce, with a score by Ludwig Göransson.

Don’t miss Star Wars Most Wanted at your most loved mall, SM North EDSA, part of SM Fandom’s exciting lineup of activities this year. Be part of an epic celebration where every shared moment lets you Gala To The Max with a maxed-out experience at SM Supermalls.

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In a statement released Friday, Google said that amid the rapid advancement of AI, the company is continuously upgrading its generative AI Search features, such as AI Mode and AI Overviews, to help users connect more easily with authentic voices and explore useful information across the web.

“Google is continuing to improve how it shows links in its AI Search features and developing new ways to help users find the sources, brands, and websites they value,” the company said.

Among the five new updates to its AI Search is a feature that suggests related articles and in-depth analyses at the end of AI-generated responses to help users further explore a topic.

Google also introduced a feature that highlights links from users’ news subscriptions in AI Mode and AI Overviews, allowing easier access to trusted and subscribed sources.

Another update includes previews of discussions from social media platforms, public forums, and other firsthand sources to help users access practical advice and experiences shared by other people. Google said these previews may also include additional context such as a creator’s name, handle, or online community to help users decide which discussions they want to explore further.

The company also said that a new update allows users to see more links directly within AI-generated responses, making it easier to immediately access relevant websites while reading Search summaries.

Google likewise introduced a website preview feature on desktop that shows information such as a webpage title or website name when users hover over inline links before clicking them.

The feature aims to help users better understand where a link leads and make them more confident in visiting helpful websites.

The tech giant said that by improving the visibility and helpfulness of links and showcasing original voices, its AI in Search helps users discover the web and connect directly to relevant sources and creators.

“Google is committed to continuing to test, learn, and improve these features based on what works best for users,” it said.— Edg Adrian A. Eva

“Employers are actually expecting that people come in ready to work, and micro-credentials help with that,” Coursera Global Head of Enterprise Anthony Salcito told reporters during a panel interview on Friday.

“A micro-credential signals that employees not only demonstrate the skill, but they’re learning throughout their life to align with the culture of work that they’re bringing in,” he added.

The demand for graduates equipped with industry-aligned micro-credentials can be seen in the platform’s Micro-Credentials Impact Report 2026.

Data from the report showed that 96% of Filipino employers hired candidates with more than three micro-credentials last year, and 89% are willing to offer higher starting salaries to micro-credentialed graduates.

Employers added that candidates with micro-credentials were also able to progress faster in hiring pipelines (77%), and performed better during their first year of employment (90%), compared to those who didn’t have them.

On the learners’ side, 85% of Filipino graduates were able to secure a role aligned to their field within 12 months of acquiring a micro-credential. While 83% said that it has helped improve their interview performance.

“Our data shows in the impact report on micro-credentials that we’re sharing is that employers are willing to pay and recognize the value of the differentiation,” Mr. Salcito said.

“Certainly this is a huge ticket for a candidate looking for jobs, not only to get a better-paying job, but obviously to differentiate themselves from other candidates,” he added.

The Philippines has the highest number of registered learners on Coursera at 3.3 million, with 20% year-over-year (YoY) growth.

Among the popular course topics among Filipinos are data, project management, cybersecurity, digital marketing, and sustainable development goals.

GenAI courses also revealed a significant demand, with 2.3 million enrollments, up from 75,000 last year. The platform noted that one enrollment happens every five minutes in GenAI courses, which is faster than one enrollment every nine minutes, a year earlier.

As of March 2026, course enrollments in the country were the highest within the region, at 6.8 million. It currently has partnerships with 15 educational institutions nationwide, including iPeople Inc., University of the Philippines, and University of Santo Tomas.— Almira Louise S. Martinez

DBP President and CEO Michael O. de Jesus said the Bank was hailed as the top performing government-owned and -controlled corporation (GOCC) during the recent Governance Commission for GOCCs (GCG) Awards and the “Top Community-Centric Company” during the Asia Corporate Excellence and Sustainability (ACES) Awards.

“It is truly humbling for DBP to be recognized for its corporate governance practices and sustainability efforts anchored with the ideals of the Marcos Administration and geared towards advancing the welfare of the Filipino people,” de Jesus said.

DBP is the ninth largest bank in the country with total assets of P1.041 trillion, primarily providing funding assistance to projects in four economic sectors — infrastructure and logistics; micro, small and medium enterprises; social services and community services; and the environment.

GCG AWARD

De Jesus said DBP was the top ranked GOCC in the GCG 2024 Corporate Governance Scorecard (CGS) which evaluates GOCCs based on international governance standards, obtaining a final CGS score of 104.17%, a sharp rise from the 102.67% it garnered from the previous CGS.

GCG is the primary central policy-making and regulatory body of GOCCs that evaluates corporate governance standards and practices. Its CGS serves as an instrument to assess the corporate governance initiatives and practices of GOCCs using a methodology benchmarked against the Corporate Governance principles of the Organization for Economic Cooperation and Development and the ASEAN Corporate Governance Scorecard.

ACES AWARD

Organized by Malaysian-based MORS Group, the ACES Awards recognized industry leaders in Asia that have successfully integrated Environmental, Social, and Governance (ESG) principles into their operations.

De Jesus noted that this is the third consecutive win of DBP in the ACES awards, this time under the Corporate Sustainability category for its reforestation program with the Mindanao State University-Buug campus and its participation in the Department of Agriculture’s Agri-Puhunan at Pantawid Program.

“These accolades are a testament to DBP’s tireless pursuit of exemplary public service, ably fulfilling its developmental mandate and supporting the National Government’s thrust of promoting progress today and in the years ahead,” de Jesus said.

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In a regulatory filing released Tuesday, the Ayala-led energy company said attributable net income rose to P2.92 billion in the January-to-March period from P1.95 billion a year earlier.

Revenue from sale of electricity climbed 42.2% to P10.74 billion from P7.55 billion previously, driven by higher revenues from power supply contracts and power generation and trading activities.

Total attributable renewable energy output rose 32% year on year to 2,230 gigawatt-hours (GWh), while Philippine renewable energy generation increased 29% to 636 GWh due mainly to the recovery of operations in Ilocos Norte as the Pagudpud and Capa wind farms returned to near-full operations.

ACEN said year-on-year results were “significantly influenced by several material, largely non-cash, one-off items.”

Among the key contributors to earnings was the Energy Regulatory Commission’s approval of price adjustments for ACEN’s baseload and mid-merit power supply agreements with Manila Electric Co. (Meralco), allowing the recovery of incremental fuel costs linked to the 2022-2023 coal price surge.

“The approval resulted in a significant positive pre-tax impact on earnings in the period, partially reversing prior margin pressure from elevated fuel costs,” the company said.

The company also benefited from the acquisition of the remaining 50% stake in Unlimited Renewables Holdings B.V. (URH), which resulted in ACEN gaining full ownership of its India platform.

“The transaction generated a gain from remeasurement of the previously held interest and recognition of goodwill, partly offset by the write-off of uncollected guarantee fees from prior years,” ACEN said.

However, ACEN also booked a provision related to developments in Vietnam after state-owned utility Vietnam Electricity (EVN) applied revised payment practices for certain renewable energy projects.

The company said the provision “reflects management’s best estimate of the adverse financial impact based on available information as of the reporting date, and may increase or decrease depending on the final outcome of discussions with EVN.”

ACEN said it had recognized a provision of P1.19 billion to reflect the potential downside impact from reduced future cash flows arising from developments in Vietnam.

The company likewise said goodwill arising from the consolidation of Vietnam Wind Energy Limited Group “was fully impaired in the same period due to prevailing economic and regulatory conditions in Vietnam, resulting in a net negative earnings impact.”

“This volatility creates both urgency and opportunity. Our capital program remains intact, our pipeline continues to advance and our focus on execution will help ensure delivery of long-term, sustainable returns for our shareholders,” ACEN President and Chief Executive Officer Eric T. Francia said.

As of March 31, ACEN had 7,083 megawatts (MW) of attributable renewable energy capacity in operation and under construction. Of the total, 4,293 MW were operational while 2,790 MW were under construction.

The company said its India platform now includes a fully owned 1,059-megawatt direct current diversified portfolio and “a pipeline of nearly 7 GW of renewable energy projects across India,” reinforcing its long-term expansion plans in the market.

“Looking ahead, our priorities remain clear — maximizing output from operating assets, maintaining momentum across our construction pipeline, and managing costs with discipline,” ACEN Group Chief Finance Officer and Chief Strategy Officer Jonathan Back said.

In March, ACEN’s Bijapur Wind project in Karnataka, India secured a 7.517-billion Indian rupee green term loan from Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp. to partially fund the construction of the project’s 100-MW Phase 1.

The company also disclosed plans to support the development of a 35-MW battery energy storage system project in Zambales through up to P850 million in short-term financing for subsidiary Palauig Solar 1, Inc.

ACEN earlier confirmed a BusinessWorld report stating that its 2026 capital expenditures (capex) could exceed P80 billion, although the quarterly filing did not disclose a final capex target for the year.

On Tuesday, shares in ACEN fell 1.47% or five centavos to close at P3.34 apiece. — Sheldeen Joy Talavera

“We are definitely bidding it out this year… We will likely bid it out in the third quarter and award it in the fourth quarter,” Transportation Undersecretary Timothy John R. Batan said on the sidelines of the Luzon Economic Corridor Reception on Monday.

Mr. Batan said the preliminary cost of the contract is P9.5 billion but added that this is still pending approval from the Investment Coordination Committee (ICC).

“Until it is approved by the ICC, we do not have the final project cost yet, but it’s around that much,” he added.

AF Payments, Inc., the consortium behind the Beep card system, is the current concessionaire for the automated fare collection system. Its contract will expire in December 2027.

Last week, the department held a market-sounding activity for the PAFCS concession under the public-private partnership program, drawing participation from over 50 major local and international firms.

“We are seeing huge interest. GCash was there, Maya was there. The big names, both local and international,” Mr. Batan said.

Aside from Philippine firms, companies from Japan, China, Singapore, South Korea, India, Indonesia, Turkey, Pakistan, the US, Germany, France, the United Kingdom, the Netherlands, Spain, Austria, Switzerland, Sweden and Finland also joined the activity.

The PAFCS project aims to establish an interoperable and secure fare collection system covering rail, bus, and future transport modes in the country.

The project includes the development, operation and maintenance of the Central Transit Acquirer System and Central Clearing House, covering existing and future rail lines as well as road-based transport systems.

Designed to support multiple fare media types, the system is also expected to encourage more financial institutions to enter the transit payments space.

“The key difference is the current concessionaire that we are bidding out is what we call an open system, so any card issuer, for example, can participate, as opposed to right now where we can only use a Beep card in the rail lines,” Mr. Batan said.

“In this new concession, it will be open standard whether you’re using Beep, Mastercard, Visa, QR code, or smart devices. All of these form factors, all of different issuers, can now work in the fare collection system,” he added.

Nigel Paul C. Villarete, a senior adviser on public-private partnerships at Libra Konsult, Inc., said it is high time for the Philippines to adopt more advanced automated payment systems that deduct the correct fare based on where commuters board and disembark, and are also interoperable.

“For years, I have been hoping we will have those systems used in Japan, Hong Kong and Singapore where a single card pay for everything including transportation,” he said in a Viber message. 

“Ultimately, we can do this for almost everything. In fact, many of us already use our credit and debit cards for many things. It is just a matter of time before we fuse all these into a single payment system for all,” he said. “I hope they will reach a stage where we can integrate this with our cellular phone network. That may be the next step, where you do not even need a card. You simply tap your phone regardless of what transaction you are doing.” — Justine Irish D. Tabile

THE LUZON Economic Corridor (LEC) will help make the Philippines more resilient to external shocks by generating more jobs and attracting greater foreign investment interest, the Finance department said.

“The LEC is about doing all the work to provide those jobs. We build the infrastructure, the private sector comes in, invests in business, gives jobs to Filipinos,” Finance Secretary Frederick D. Go said on the sidelines of the LEC Reception on Monday.

Mr. Go said creating “meaningful” jobs is key to building a sustainable and shock-resistant economy, as steady incomes would allow households to continue spending despite external headwinds.

“We need everybody to have meaningful jobs. That is how you really build a sustainable economy,” he said. “Because when everybody has meaningful jobs, it does not matter what the shocks are. Life can go on because people have a good source of income.”

The Philippine economy grew by a weaker-than-expected 2.8% in the first quarter amid lingering effects of last year’s corruption scandal and soaring fuel prices due to the Middle East conflict.

The weaker growth came as household final consumption expenditure — a key driver of the economy — slowed to 3% from 5.28% a year earlier and 3.8% in the previous quarter.

Asian Development Bank (ADB) Country Director for the Philippines Andrew Jeffries said the corridor accounts for a large share of the country’s gross domestic product (GDP).

“In general, 60% of the whole country’s GDP is more or less within this corridor… So, I guess the infrastructure needs are very large. And so, some of our ongoing projects are supporting all of that,” he told reporters.

“Of course, because it’s such a large part of the whole Philippine GDP, it’s a very important corridor to keep developing. And… there are some transportation and other bottlenecks that need to be addressed.”

The ADB is supporting several infrastructure projects in the region, including the North-South Commuter Railway and Bataan-Cavite Interlink Bridge. It also has a loan facility funding detailed engineering designs for future rail projects.

The LEC reception was held ahead of the steering committee meeting and the official launch of the LEC Partners Initiative.

Asked for his expectations, Mr. Go said the steering committee meeting will serve as an avenue to push LEC projects forward.

“The top projects will always be the infrastructure. So, it is always going to be the ports, and the railway that connects the ports, and then the airport — how the airports interconnect with those railways to create better logistics within the corridor,” he said.

Other infrastructure projects under the LEC initiative are the Subic-Clark-Manila-Batangas Railway and the modernization of ports and airports within the corridor.

“The interest in our country has never been better. So many companies are so interested in the Philippines. The LEC is one of the catalysts to our development,” Mr. Go said.

On Monday, he said the LEC partnership has been expanded to include Australia, Denmark, France, Italy, South Korea, Sweden, and the United Kingdom.

“Before we kept talking about the LEC, there were only three of us. Now, there are 10. So, interest in the country is at its peak.”

The LEC is a trilateral agreement aimed at improving connectivity across Luzon’s key economic areas, particularly Subic Bay, Clark, Metro Manila, and Batangas. Under the initiative, partner countries provide technical assistance, financing, and facilitate private sector investment.

However, US Ambassador and Department of State’s Bureau of Economic, Energy and Business Affairs Senior Advisor Heather Variava said building infrastructure within the corridor alone is not enough.

“We must streamline complex regulatory structures to make it easier for businesses both in the Philippines and internationally to invest in the Philippines with confidence,” she said.

“This initiative does not only create prosperity here in the Philippines; it opens up opportunities for American and like-minded businesses as well.”

She said the government should also continue engaging the private sector and encourage businesses to participate in the LEC initiative.

“The success of the LEC depends on partnerships like the ones we are building today, and together we can create lasting prosperity, strengthen our economic ties, and demonstrate the power of like-minded nations working towards a common goal.”

In a report published on Monday, Oxford Economics slashed its Philippine gross domestic product (GDP) growth forecast to 3.5% from its already downgraded 4.6% estimate. Before the war, it expected the economy to expand by 5.5%.

If realized, this would mark the economy’s worst performance since 2020, when it contracted by 9.5%. Counting out the pandemic, it would be the slowest growth in 17 years or since 1.4% in 2009.

This would also mean that the government will miss its GDP growth target for a fourth straight year, as it sees the economy expanding between 5% and 6% in 2026. The Philippine economy grew by 4.4% in 2025 — a post-pandemic low as a graft scandal involving government infrastructure projects dragged public spending.

“The largest downgrade since the start of the war has so far been the Philippines after the recent Q1 GDP release, which was poorer than expected,” Oxford Economics Lead Economist Maya Senussi said.

GDP growth was at 2.8% in the first quarter, slowing further from 3% in the fourth quarter and 5.4% in the same period last year. This was likewise slower than the 3.4% median estimate in a BusinessWorld poll of 21 economists.

Ms. Senussi said the weak growth was due to already subdued consumer spending and the weak investment climate in the country prior to the Middle East war.

“We expect this softness to continue, as we believe poor consumer sentiment and materially higher prices will weigh on private spending,” she added. “Limited fiscal space constraints the extent of budgetary support.”

For his part, BDO Capital and Investment Corp. President Eduardo V. Francisco said on Money Talks with Cathy Yang on One News on Tuesday that Philippine GDP growth could slow to 2.2% this year due to rising price pressures and investment woes.

“We’re seeing consumption spending go down, even for the very important day-to-day goods, with rice and corn prices I think going up 10-20%. That is bad, and we hope it won’t get worse, because that could mean that the large corporates will realign again further and push back their investments,” he said.

Compared to past crises, the economy is on fragile footing as traditional growth drivers have weakened, Metropolitan Bank & Trust Co. (Metrobank) Chief Economist Nicholas Antonio T. Mapa said via Viber.

“Vaunted household spending is sputtering, holding true to our description of a ‘tired consumer.’ After years of an unprecedented debt build, consumers grapple with debt management against a backdrop of rising prices. Government spending, a pillar of the economy that was shaken by a corruption scandal, is also absent as authorities attempt to clean up their ranks. Lastly, capital formation now suffers from years of underinvestment…,” Mr. Mapa said.

Oxford Economics raised its inflation forecast for the Philippines to 6.5% for this year from 2.5% prior to the energy crisis.

“Compared to the prewar baseline at the end of February, we’re expecting inflation to be substantially higher in the Philippines, Thailand, and Vietnam,” Ms. Senussi said.

“Unlike other emerging markets, the Philippines has no fuel subsidy in place and is hence the most exposed within the region to fuel price shocks given its high import intensity.”

Philippine headline inflation accelerated to an over three-year high of 7.2% in April from 4.1% in March and 1.4% in the same month last year.

This exceeded the Bangko Sentral ng Pilipinas’ (BSP) 5.6%-6.4% estimate for the month and the 5.5% median estimate in a BusinessWorld poll of 17 analysts.

The BSP sees inflation averaging 6.3% this year, well above its 2%-4% tolerance band, as the conflict continues to push up domestic fuel, transport, and food prices.

Ms. Senussi said the Philippines’ heavy reliance on oil imports makes more exposed to energy shocks. The country sources over 90% of its oil from the Middle East.

Moody’s Ratings also said in a May 11 report that the low energy stock of Asia-Pacific countries including the Philippines amplifies the region’s high vulnerability to the crisis.

According to the Department of Energy, the country has about 50.70 days’ worth of fuel stockpile as of May 8. This was slightly lower than the 54 days reported as of April 24.

SHALLOW TIGHTENING
But even as inflation risks grow, Metrobank’s Mr. Mapa expects the BSP’s tightening stance to remain “shallow” as it strikes a balance between controlling soaring prices and helping the economy recover.

“With the inflation path heading higher, we’ve seen renewed calls to push rates to non-normal levels to catch up supposedly with the curve,” he said. “BSP we feel, however, will look to balance signaling it is still an inflation-targeting monetary authority while also ensuring it doesn’t end up throwing out the economic baby with the bath water.”

“The central bank’s primary mandate is for price stability. Some will focus solely on this mantra without realizing that the full mandate highlights that the overarching goal of low and stable prices is chased in order to help achieve sustainable growth,” he added. “Thus, we believe BSP’s tightening cycle will come swift but remain shallow as it signals its intent to manage expectations while also ensuring it doesn’t snuff out whatever is left of fast-fading growth momentum.”

The BSP last month delivered its first hike since October 2023, lifting the policy rate by 25 basis points to 4.5% as a preemptive move to keep inflation expectations anchored and prevent broader second-order effects.

BSP Governor Eli M. Remolona, Jr. has also left the door open to tightening further through “a succession of modest rate hikes” to bring inflation back to their 2%-4% tolerance band.

BDO Capital’s Mr. Francisco added that despite faster inflation and weak growth, he does not expect a stagflation scenario as public and private spending are likely to remain resilient, supported by corporates and small businesses.

Lending growth and asset quality have also stayed robust, he added.

He said it’s mostly “business as usual” for corporates despite domestic and external uncertainties.

“What gives me confidence is the fact that we’re very resilient — at least I get my pulse from talking to the corporates. A lot of them are still optimistic. Yes, there are these headwinds, a lot of headwinds. Before it was just the Strait of Hormuz, but now we have this internal political strike. But we know how to survive,” Mr. Francisco said.

“I guess the key there is that regardless of administration, we succeeded. We know how to trudge along and get things done. So, whatever happens in politics is fine. But at least as far as day-to-day lives of the Filipino, we’re strong and I think we’ll get over that. And I’m seeing that when talking to the clients.” — Katherine K. Chan with a report from A.M.C. Sy

PHILIPPINE BANKS’ lending to businesses and consumers marked its fastest expansion in seven months in March, supported by robust liquidity in the financial system despite the Middle East conflict, preliminary Bangko Sentral ng Pilipinas (BSP) data showed.

Outstanding loans of universal and commercial banks, net of reverse repurchase agreements, grew by 10.7% to P14.603 trillion as of March from P13.192 trillion in the same month last year.

This was faster than the revised 9.6% climb in February and was the quickest growth in loans since the 11.2% in August last year.

On a seasonally adjusted basis, big banks’ lending activities rose by 1.7% month on month.

“Loans from universal and commercial banks grew at a faster pace in March 2026, providing even stronger support for production activities of businesses and consumption of households,” the central bank said in a statement late on Monday.

Outstanding loans to residents went up by 11.1% year on year to P14.299 trillion as of March from P12.869 trillion. This was an improvement from the revised 10.2% increase in February.

Most of the loans were those meant for production activities, which climbed by 9.7% to P12.322 trillion from P11.228 trillion.

This expansion in production loans was driven by the 26.7% increase in lending to the electricity, gas, steam, and air-conditioning supply industry. Other segments that showed growth were transportation and storage (19.4%); wholesale and retail trade, repair of motor vehicles and motorcycles (9.3%); and real estate activities (8.8%).

Meanwhile, outstanding consumer loans to residents rose by 20.5% to P1.977 trillion as of March from P1.641 trillion a year ago, slightly easing from the 20.8% expansion in February. These include credit cards, motor vehicles, and general-purpose salary loans but exclude residential real estate loans.

BSP data showed that credit card loans jumped 27.9% to P1.229 trillion from P960.55 billion in the prior year, while loans for motor vehicles grew by 12.5% to P538.286 billion from P478.67 billion.

Outstanding salary loans were at P166.934 billion as of March, up 4.2% from P160.273 billion a year prior.

On the other hand, outstanding loans to nonresidents, including those disbursed by big banks’ foreign currency deposit units, declined by 5.9% to P303.993 billion in March from P323.028 billion a year earlier. This was smaller than the 13.9% drop logged in the same month in 2025.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., attributed the faster lending growth in March to demand for financing from businesses as they wanted to make their payments ahead of time in anticipation that prices and interest rates would go up further amid the Middle East conflict.

“The continued double-digit growth in bank loans… was partly due to some hedging, stockpiling, and investment activities that need to be financed before interest rates and prices go up further due to the war in the Middle East,” he said in an e-mail.

The Monetary Board last month hiked benchmark rates for the first time in over two years to rein in surging inflation due to the global oil price shock brought by the war between the United States and Iran, bringing the policy rate to 4.5%.

BSP Governor Eli M. Remolona, Jr. has also signaled more modest increases ahead as the conflict drives up price expectations. The central bank now sees headline inflation averaging 6.3% this year, well above its 2%-4% tolerance band, as the oil crisis stokes domestic costs.

Meanwhile, the pickup in both bank lending and liquidity in March reflects robust domestic demand and ample money supply despite the conflict, Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said.

“Bank lending growth accelerated to 10.7%, driven largely by business borrowing in key sectors such as energy, transport, trade, and real estate — pointing to ongoing capacity expansion, working capital buildup, and project implementation,” he said via Viber. “Meanwhile, consumer lending remained strong, with growth still above 20%, indicating that household spending continues to be supported by steady income conditions and easing inflation.”

“Importantly, the data suggest that credit and liquidity conditions remain largely domestically driven, with the Middle East conflict having limited and indirect impact on local financial intermediation so far.”

In the coming months, banks will likely maintain their lending activities, but growth may slow slightly due to base effects, global uncertainties and high borrowing costs, Mr. Asuncion said.

“The main drivers will continue to be corporate borrowing tied to infrastructure and trade activity, resilient household credit demand, and public sector financing, all of which should keep liquidity conditions adequate and sustain near-term economic momentum.”

Several banks have signaled that they could tighten their lending standards and become more prudent when granting credit due to the high level of uncertainty surrounding the Middle East conflict. Lenders have also ramped up their provisioning to protect themselves from possible asset quality risks.

The central bank monitors banks’ lending activities to track the transmission of monetary policy.

“Looking ahead, the BSP will ensure that domestic liquidity and bank lending conditions remain aligned with its price and financial stability objectives,” the BSP said.

FASTER MONEY SUPPLY GROWTH
Liquidity growth also picked up in March to 12% from 10.3% in February, according to separate central bank data.

This was the fastest expansion in five-and-a-half years or since September 2020, when it rose by 12.2%.

Domestic liquidity or M3 — a measure of the amount of money in the economy that includes currencies in circulation, bank deposits, and other financial assets easily convertible to cash — rose to P20.365 trillion as of March from P18.181 trillion in the previous year.

Month on month, M3 inched up by 1.7% on a seasonally adjusted basis.

“Domestic liquidity growth was driven primarily by the continued expansion in borrowings by nonfinancial private corporations and households,” the BSP said.

Mr. Asuncion said credit growth in the private sector, stable net foreign asset (NFA) positions, and increased government borrowings supported the growth in domestic liquidity.

Domestic claims, which include those from private and government sectors, came in higher by 11.5% to P23.068 trillion in March from P20.685 trillion in the previous year.

This as claims on the private sector stood at P14.804 trillion during the month, with growth quickening to 11.8% from 10.6% in February.

Meanwhile, the central government’s increased issuances of government securities boosted its net claims to P6.258 trillion, up 12.1% year on year from P5.581 trillion.

Claims on a sector refer to that sector’s liabilities to depository corporations such as banks and the central bank.

Preliminary BSP data also showed that NFAs in peso terms grew by 8.6% to P7.391 trillion from P6.808 trillion a year prior.

The central bank’s NFAs edged up by 4.9% to P6.445 trillion, while banks’ NFA position climbed by 4.2% to P946.141 billion amid lower foreign currency-denominated bills.

NFAs reflect the difference between depository corporations’ claims and liabilities to nonresidents.

Meanwhile, the narrower measure of money supply or M1, which is made up of currency in circulation and current account deposit liabilities, rose by 9.4% year on year in March, picking up from the 8.5% increase in February.

Claire Huang, Synology Philippines country manager, said that amid the country’s advancing digital initiatives, resilience can no longer be treated as a secondary consideration.

“Government systems must be designed to handle disruptions, protect sensitive data, and keep essential services available at all times,” Ms. Huang said in a statement, noting that this is crucial to ensuring public trust as more services go online.

The Philippines is among the countries most affected by cyberattacks globally, including attacks such as ransomware, phishing, and identity theft, Synology said, citing the Microsoft Digital Defense Report 2025.

During the GOVX.0 Conference 2026 held a few days ago, Synology shared how government agencies can strengthen their systems’ resilience through reliable backup, faster data recovery, and the ability to maintain operations during unexpected events.

The tech company also offers solutions such as Synology ActiveProtect, a specialized, high-performance data protection solution.

It said that the solution helps organizations standardize recovery processes, reduce manual workloads, and respond quickly to disruptions that halt access to essential services.

Synology reiterated that data resilience will remain crucial in ensuring reliable and secure access for citizens amid the expansion of digital government services. — Edg Adrian A. Eva

“We recognize the vital roles of our schools in shaping our citizens,” CEAP Advocacy and Public Engagement Office Ina Claustro said during a press conference.

“It’s difficult to teach democracy when power continues to revolve only among few families,” she added in Filipino.

Ms. Claustro noted that schools bear the responsibility of teaching the youth that public offices are not inherited and should be used for the greater good.

“Education must produce citizens who are critical and engaged,” she said. “To our youth, do not lose hope, do not accept that this is how politics work.”

“Democracy only works when new voices are given space to lead. Leadership should be earned through competence, integrity, and service – not inherited by some people,” she added.

The D1L movement proposes a law that prohibits political families from holding more than one position each in national and local offices. The proposal includes family members up to the fourth degree of consanguinity and affinity.

The succession, replacement, or switching of position among political families is also not allowed under the proposed law, and families that had members in political positions must maintain a “one term cooling period” after reaching their term limits.

“This law will change the composition and quality of members of the Congress and the leaders in the LGUs (local government units),” the groups said in a statement.

“A genuine anti-dynasty law is critical to our rejection of the politics of patronage, ayuda, pork barrel… political education, electoral reform, budget reform, and training and formation of our public servant leaders,” it added.

Under Article VI, Section 32 of the 1987 Constitution, the public can propose a law through a people’s initiative if the petition is signed by at least 10% of the total number of registered voters nationwide, and every legislative district has at least 3% signatures from registered voters.

“We are currently mobilizing our member schools across 17 regions to support this people’s initiative guided by hope, justice, mercy, and unity,” Ms. Claustro said in mixed English and Filipino. — Almira Louise S. Martinez

“Education is the most reliable ladder out of poverty. When a disaster strikes, that ladder shouldn’t break,” Education Secretary Juan Edgardo “Sonny” M. Angara said in a news release.

“We are fulfilling President Bongbong Marcos’ mandate to use innovation not just for safety, but for stability,” he added.

The agency said Project LIGTAS+, which stands for Learning Institution Geohazard Tracking and Assessment for Safety, aims to protect students from class disruptions caused by natural disasters.

“We are moving away from guesswork and toward a future where data ensures that no child’s education is washed away by a storm,” Mr. Angara said.

Data from the Second Congressional Commission on Education (EDCOM 2) showed that the country lost 53 school days in 2023 to 2024. The majority of which were lost due to high heat indices during April/May and typhoons.

Through the platform, schools would be able to receive school-specific risk profiles in real time by utilizing geospatial analytics, satellite imagery, and historical hazard data.

Other features of the platform include an interactive multi-hazard map, flood intelligence powered by satellite SAR data, earthquake impact assessments, volcanic activity monitoring, and AI-powered weather forecasts up to 10 days in advance.

DepEd noted that the platform would also help identify which specific schools within a locality are at risk and which can safely remain open during calamities. Meanwhile, teachers and school personnel can have early warnings for extreme heat and landslides.

“Project LIGTAS+ is designed to generate granular hazard views, enabling decision-makers to move beyond broad assumptions and toward more context-specific action,” the agency said in a news release.

“Project LIGTAS+ aims to give every parent peace of mind, knowing their children are protected by a system that is always one step ahead of the next disaster, ensuring that the path out of poverty remains open even in the face of nature’s uncertainty,” it added.

Project LIGTAS+ is currently in its pilot implementation phase and is designed to support DepEd’s long-term planning around school infrastructure and resource prioritization. — Almira Louise S. Martinez

The MakatiMed Wellness Hub is located on the 7th Floor of Ayala North Exchange Tower 1, just a short walk from its main hospital complex, providing a more relaxed ambience while maintaining easy access to the center’s consultants.

The facility has a total floor area of 1,157 square meters.

“This is a program of MMC that provides holistic and compassionate care, with a strong emphasis on comfort and convenience,” Saturnino P. Javier, medical director and interim co-president and chief executive officer (CEO) of MMC, said during the hub’s exclusive media briefing on Thursday.

“But ultimately, it is guided by the quality and safety standards for which MMC is known,” he added, noting the hub’s key differentiation from its counterparts.

The MakatiMed Wellness Hub also consolidates the center’s preventive care services, which were previously more difficult for patients to navigate within the hospital, Arlyn L. Songco, senior vice president and division head of creative, communications, and sales services at MMC, said.

“It’s now outside the hospital in a very nice, relaxing environment,” she said.

The hub offers services such as executive health checkups, cardiac screening, diagnostic imaging and laboratory services, primary care vaccinations, dermatologic and laser procedures, and mental wellness services.

Ms. Songco said that the wide range of services can be availed of by patients of all ages.

BusinessWorld had the opportunity to tour the Wellness Hub. Among its highlights is the dermatology and laser area, which features a state-of-the-art machine that maps moles across the body to help in the early detection of possible skin cancer.

Eunice B. Mocas, department manager of the MakatiMed Wellness Hub, said that the price for executive health checkups starts at P20,000, which already includes the “Basic 5” laboratory tests and assessment: physical examination, complete blood count, urinalysis, stool examination, chest X-ray, and chemistry panel.

She also said that packages will be offered and tailored to the needs and demographics of patients.

Since its inception, the MakatiMed Wellness Hub outpatient facility has been serving around 100 patients a day during lean months, Ms. Songco said. — Edg Adrian A. Eva

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“The initial plan was to list very, very soon. But due to the issues we see in the market, we may potentially have to push it back,” LT Group President and Chief Operating Officer Lucio C. Tan III said during a media briefing on Wednesday.

The conglomerate also said it is reassessing plans to increase capital expenditures this year as uncertainty linked to rising oil prices and global tensions weighs on the business environment.

“Going forward, we were probably expecting a bit more, but in light of everything that’s happening, it’s currently being reviewed, so we may go back to our historical numbers,” LT Group Chief Financial Officer Jose Gabriel D. Olives said.

He said annual capital expenditures have ranged between P6 billion and P8 billion over the past five years.

Mr. Tan said LT Group remains optimistic about its long-term growth prospects despite macroeconomic risks.

“We’re still excited about the growth for LTG as a whole. We are mindful of a lot of the challenges that we have, but we’re confident that we can address all of those,” he said.

The conglomerate reported an attributable net income of P30.98 billion for 2025, up 7% and marking its fourth consecutive year of record earnings. Revenues reached P132.78 billion.

Philippine National Bank (PNB) contributed P14.26 billion, or 46% of total attributable income. The bank’s net income rose 20% to P25.34 billion.

Fortune Tobacco Corp. and PMFTC contributed a combined P11.24 billion, accounting for 36% of group income.

Tanduay Distillers posted a 45% increase in net income to P3.12 billion, while Asia Brewery reported P877 million in net income.

Eton Properties Philippines, Inc. posted P765 million in net income after real estate sales rose 46% to P731 million.

LT Group shares rose 0.53% to close at P15.20 apiece on Wednesday. — Alexandria Grace C. Magno

In a statement on Wednesday, the company said the mall has a gross floor area of 100,000 square meters (sq.m.) and a gross leasable area of 61,000 sq.m.

The development is located within Arca South, one of Ayala Land’s growth estates in Taguig, and is expected to serve residents, office workers, and transit users in the area.

Ayala Land said the project forms part of its broader push to increase the share of stable and predictable revenues in its portfolio amid a more measured property sales environment.

“At Ayala Malls, we design for frequency and habit,” Ayala Malls Chief Operating Officer Paul Birkett said.

“The more a space becomes part of everyday life, the more it supports consistent customer flow and stronger merchant performance over time,” he added.

The company said the mall is intended to support long-term commercial activity within the estate while reinforcing surrounding residential and office developments.

Ayala Land said integrating retail developments early into the estate’s development cycle is intended to accelerate business activity and establish long-term consumption patterns that could support stable rental yields.

The mall features an open and mixed-format retail layout, diverging from the traditional enclosed mall format.

Ayala Land also said the project may serve as a prototype for future retail developments as the company shifts toward more flexible and community-integrated retail formats focused on long-term income generation.

Shares in Ayala Land rose by 0.13% or 2 centavos to close at P15.32 on Wednesday. — Juliana Chloe A. Gonzales

THE Philippine unemployment rate in March rose to 5%, as the number of jobless Filipinos jumped to 2.58 million amid the oil crisis, the Philippine Statistics Authority (PSA) said.

Preliminary results from the March 2026 Labor Force Survey released on Wednesday showed the jobless rate stood at 5% in March, much higher than the 3.9% in the same month a year ago but slightly better than the 5.1% in February.

“The unemployment rate stood at 5% which means 50 out of 1,000 individuals in the labor force did not have jobs or any business in March 2026,” National Statistician Claire Dennis S. Mapa said in a briefing.

PSA data showed the number of unemployed Filipinos stood at 2.58 million in March, up by 645,000 from 1.93 million a year earlier, but fell by 84,000 from the 2.66 million recorded in February.

Mr. Mapa said the oil crisis has put pressure on the labor market, particularly in some sectors such as fishing and aquaculture. He said they are closely monitoring whether the oil price shocks will spill over to other sectors.

“We want to check whether the external shock on fuel and energy will spread to the other sub-sectors… It is not yet conclusive if the effects will spread. We have to wait for the April round to see if it will spread,” he said.

For the first three months, the unemployment rate averaged 5.3%, higher than the 4% average a year ago.

“Compared to its Asian peers, the Philippines’ unemployment rate is lower than that of China (5.4%) and India (5.1%), but higher than Malaysia’s (2.9%) and Vietnam’s (2.2%),” the Department of Economy, Planning, and Development  said in a statement.

JOB QUALITY
Meanwhile, job quality improved as the underemployment rate fell to 12.3% in March, from 13.4% in the same month last year. However, it was higher than the 11.8% in February.

The ranks of underemployed Filipinos — those who want longer work hours or an additional job — rose by 192,000 year on year to 6.03 million in March.

Year to date, the average underemployment stood at 12.4%.

The country’s employment rate stood at 95%, lower than the 96.1% in March 2025, but slightly higher than the 94.9% posted in February.

This translated to 49.07 million employed persons in March, up by 1.05 million from the 48.02 million a year ago.

Month on month, the number of employed individuals fell by 357,000 from the 49.43 million in February.

“In March, there was a spike in fuel prices, so the number of employed fell month on month to 357,000… The decline came from fishing and aquaculture which were affected by high diesel costs,” Mr. Mapa said.

The employment rate averaged 94.7% in the January to March period.

Data from the PSA showed the labor force participation rate (LFPR) — the proportion of the working-age population (15 years old and over) that is part of the total labor force — inched up to 63.3% in March. This translated to a labor force of 51.65 million Filipinos during the month.

This was higher than the LFPR of 62.9%, equivalent to a labor force of 49.95 million a year ago. However, this was lower than the LFPR of 63.8%, equivalent to 52.09 million, in February.

Year to date, the LFPR averaged 63.1%.

Mr. Mapa said the month-on-month decline in the participation rate was primarily due to some individuals choosing to focus on schooling (394,000) and household family duties (142,000) rather than seeking work. He said others also felt there is no work available (34,000).

Data showed fishing and aquaculture had the biggest year-on-year decline in jobs in March, as it shed 189,000 jobs.

Mr. Mapa said manufacturing jobs fell by 149,000, mainly in the semiconductor and electronics industry, and fruits and vegetable processing.

Arts, entertainment and recreation jobs declined by 147,000, reflecting job losses in gambling and betting activities, amusement parks and other sports activities.

Month on month, industries that saw the biggest drop in employment include fishing and aquaculture (-420,000); other office activities (-299,000); manufacturing (-217,000); human health and social work activities (-154,000); and financial and insurance activities (-116,000).

On the other hand, the biggest year-on-year increase in jobs was in transportation and storage, which added 507,000 jobs.

“Administrative and support service activities also added 458,000 jobs to 3.02 million. The number of employed increased in call center activities, voice, back office operation activities, non voice and temporary employment agency activities,” Mr. Mapa said.

Month on month, jobs in agriculture and fisheries increased by 486,000 to 8.38 million, followed by construction (184,000) and education (142,000).

In March, the services sector continued to hold the largest share of employment at 63% followed by agriculture at 19.1% and industry at 17.9%.

OUTLOOK
In a statement, Economy Secretary Arsenio M. Balisacan said that the government is moving to fast-track support for the labor market to counter the negative effects of global shocks on the cost of essential goods.

“We commit to tightening the delivery of targeted assistance, such as fuel subsidies and service contracting for transport workers, farmers, and fisherfolk to improve alignment and expedite implementation,” Mr. Balisacan said.

In a note, Chinabank Research said employment data indicates that the labor market generally remained “stable” in March despite the Middle East conflict and “heightened domestic fragilities.”

“This provides some optimism that the conflict has not led to a substantial deterioration of economic activity. However, weakening business sentiment — as reflected in the BSP’s latest survey — and the decisions of some firms to temper expansion plans remain risks, potentially leading to a slowdown in hiring and eventually job losses,” Chinabank said.

Chinabank said it expects more job losses in the manufacturing sector in April as “higher input costs led manufacturing firms to scale back their staffing levels.”

University of the Philippines Diliman School of Labor and Industrial Relations Assistant Professor Benjamin B. Velasco said workers are dealing with high inflation and a shortage in quality jobs.

“Fishing and manufacturing are shedding jobs whether month on month or year on year. With El Niño on the horizon and the global economy stagnant, the climate- and supply chain-dependent sectors are very vulnerable,” he told BusinessWorld.

“The ongoing US-Israel war on Iran continues to disrupt the labor market with land-based OFWs being repatriated and Filipino seafarers caught in the crossfire. Moreover, double-digit underemployment accompanies higher unemployment, signaling the dearth of quality employment opportunities,” Mr. Velasco added.

Federation of Free Workers President Jose Sonny G. Matula said in a Viber message that the government should consider a “New Deal”-style approach, expanding public works, housing, and infrastructure programs to create jobs during periods of weak private-sector demand.

Mr. Matula said wage increases and large-scale infrastructure projects not only provide employment but also boost household spending, helping stimulate broader economic activity and strengthen the domestic economy.

THE Philippines’ agricultural production shrank by 0.3% in the first quarter of the year, due to a decline in crop and fisheries output, the Philippine Statistics Authority (PSA) said.

Data from the PSA showed the value of production in agriculture and fisheries at constant 2018 prices declined to P437.52 billion in the January to March period, from P438.65 billion in the same period last year.

This was a reversal of the 2.1% growth in farm output in the first quarter of 2025, and the 0.8% expansion in the fourth quarter.

This was also the first drop in output since the 1.9% contraction in the fourth quarter of 2024.

Declines in crops (-2.4%) and fisheries (-6.1%) outweighed gains in poultry (7.1%) and livestock (5.1%), dragging down the farm sector’s overall performance during the first quarter.

“The decline was driven by weaker crop and fisheries output, underscoring the sector’s vulnerability to weather disruptions and price volatility,” the Department of Agriculture (DA) said in a statement on Wednesday.

The agency attributed the weak performance to the drop in rice production, lingering impact of typhoon disruptions late last year, and softer farmgate prices, which discouraged farmers from expanding production.

At current prices, the value of production in agriculture and fisheries also fell by 2.4% year on year to P607.22 billion in the first quarter from P622.06 billion previously.

CROPS, FISHERIES
Crop output, which accounted for 55.7% of the total value of agricultural production, shrank by 2.4% year on year to P243.62 billion in the first quarter. This was a reversal from the 1% growth in the same period in 2025, but slightly better than the 2.6% contraction in the fourth quarter.

Palay (unmilled rice) production, which accounted for almost 20% of total farm output, contracted by 6.3%, a reversal from the 0.3% growth in the same quarter last year.

The PSA earlier reported that first-quarter palay production dropped by 6.26% to a six-year low of 4.4 million metric tons.

Corn production also went down by 5.5% in the first quarter, slightly worse than the 5.1% drop a year ago.

Declines in output were also recorded in banana (-2.7%) and sugarcane (-8%).

Meanwhile, coconut registered a 1.4% year-on-year increase in the first quarter, an improvement from a 0.3% contraction in 2025.

Double-digit production growth was seen in tobacco (41.6%), monggo (mung bean, 37.9%), ampalaya (bitter gourd, 19.1%), potato (12.4%), and cacao (11.7%).

Output growth was also recorded in onion (6.6%), rubber (5.9%), and tomato (5.5%).

Raul Q. Montemayor, national manager of the Federation of Free Farmers, told BusinessWorld that the decline in agricultural output can be attributed to lower rice output.

“The palay harvested in the first quarter of 2026 was planted in the last quarter of 2025, during which time palay prices were severely depressed. This discouraged many farmers from maintaining or expanding their production,” he said via Viber.

Mr. Montemayor said the production decline in major cash crops, such as corn, banana, and sugarcane, further dragged overall crop output.

Former Agriculture Secretary William D. Dar also told BusinessWorld via Viber that irrigation disruption late last year in major producing areas in Central Luzon also affected farm productivity.

Analysts earlier estimated that damage to a section of the Upper Pampanga River Integrated Irrigation Systems in Nueva Ecija affected about 30,000 to 40,000 hectares of farmland.

Meanwhile, fisheries output, which accounted for 12% of overall production, also contracted by 6.1% year on year to P52.34 billion in the first quarter. This was the biggest annual decline since the 6.7% contraction in the fourth quarter of 2022.

A drop in output was seen in major fishery commodities such as milkfish (-4.9%), tilapia (-2.4%), skipjack (gulyasan, -8.7%), and tiger prawn (sugpo, -2.8%).

Double-digit declines were also recorded in seaweed (-34%), mudcrab (alimango, -31.7%), big-eyed scad (matangbaka, -24.9%), blue crab (alimasag, -23.6%), yellowfin tuna (tambakol, 13.6%), and indian mackerel (alumahan, -12.9%).

Meanwhile, market staple galunggong (roundscad) increased by 48.6%. Output growth was also recorded in fimbriated sardines (tunsoy, 44.7%), bigeye tuna (tambakol, 16.7%), threadfin brim (bisugo, 12%), and grouper (lapulapu, 8.2%).

Mr. Dar said the decline in fisheries could be attributed to reduced catch due to overfishing.

Jayson H. Cainglet, executive director of the Samahang Industriya ng Agrikultura, said smallcale fishers, who make up the majority of the sector, are also facing increasing competition from commercial fishers.

“The fisheries sector continues to weaken following policy changes that allowed commercial vessels into the 15-kilometer municipal waters, undermining small fishers and accelerating resource pressure,” he told BusinessWorld via Viber.

In 2024, the Supreme Court upheld a 2023 Malabon Court ruling, which struck down key provisions of the Fisheries Code, including municipal fishers’ preferential access to the 15-kilometer municipal waters.

POULTRY, LIVESTOCK GAINS
Meanwhile, the poultry sector, which accounted for 18.5% of total farm output, jumped by an annual 7.1% in the first quarter to P80.83 billion. The sector’s output growth slowed from the 9.8% rise in the first quarter of 2025.

Chicken production, which accounts for 12.7% of total farm output, recorded an annual gain of 5.8% by value.

Output growth was also seen in chicken eggs (10.6%), duck eggs(3.5%), and duck (2.9%).

Agriculture Assistant Secretary for Swine and Poultry Michael J. Garcia said the growth in poultry is likely driven by new entrants in the market.

“There are a lot of investors in the poultry sector. There is still unserved demand for poultry, and including chicken egg, it remains the cheapest protein available,” he told reporters at a briefing on Wednesday.

Mr. Dar said the increase in output could also be attributed to a shorter production cycle, which makes it attractive for investors to expand their operations.

“There are now bigger companies involved in poultry, including those of small to medium farmers. With the shorter production cycle, the raisers are able to adapt and, if need be, increase their enterprises,” he said.

At the same time, livestock production grew by an annual 5.1% to P60.74 billion. The sector accounted for 13.9% of the total output.

Hog production, which accounted for 11.4% of the total farm output, rose by 6.4%, the sector’s fastest growth in almost 10 years.

Cattle and dairy production also inched up by 1.7% and 6.5%, respectively.

Meanwhile, carabao production slipped by 3.3%, while goat dropped by 5.8%.

Mr. Garcia said the surge in hog production was mainly due to base effects.

“It is good that there is growth in the sector, but it’s coming from a low base because we lost 5 million pigs due to the African Swine Fever (ASF),” he said.

He added that the sector’s recovery also reflects its increasing resilience to ASF.

“The big farms are now learning how to operate with ASF, even with limited vaccine availability. Smallholders, which account for 80% of the sector, are also starting to adapt,” Mr. Garcia said.

DECLINING INCOMES
Despite improvements in some subsectors, industry groups said the headline production figures mask worsening conditions at the farm level.

Mr. Cainglet said profitability continues to deteriorate amid rising input costs and sustained import volumes.

“Unprecedented import volumes and rising production costs are pushing Philippine agriculture toward contraction. As a result, many farmers are now considering skipping the next cropping cycle, threatening supply in the coming quarters,” he said.

Alfred Ng, vice chairman of the National Federation of Hog Raisers, said that despite the growth in the livestock sector, particularly in swine, producers still struggle with low farmgate prices.

“With the current price of P190 to P200 per kilo, farmers are at the breakeven point, if not earning a little,” he told BusinessWorld via Viber.

Mr. Ng also warned that any reductions in pork import tariffs could further dampen incentives for local producers to expand.

“We just hope that the current negotiations and lobbying by both local pork importers and European Union exporters for the lowering of pork import tariffs will not materialize,” he said.

He added that the DA should limit and control the volume of pork imports to further encourage local farmers to expand.

REBOUND SEEN IN Q2
Meanwhile, the DA said it expects farm output to recover in the second quarter, as rice production is expected to improve.

“We are seeing encouraging signs on the ground, with rice production likely recovering in the second quarter as planting conditions normalize, palay prices improve, and government interventions take effect,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. said in the statement.

He added that the growth in the livestock and poultry sectors should help stabilize overall output and support the domestic food supply.

However, the DA said that rising production costs and weather risks could weigh on farm output in the second half of the year.

“While we expect a stronger second quarter, the impact of higher oil prices on transport and inputs, particularly fertilizer, as well as the potential effects of an El Niño-induced drought, could weigh on production in the second half,” Mr. Laurel said.

Mr. Laurel said the department is intensifying efforts to help the sector recover and manage emerging headwinds.

THE National Government’s (NG) outstanding debt rose to a fresh record high of P18.49 trillion as of end-March, driven partly by the peso’s depreciation, the Bureau of the Treasury said.

Latest data from the Treasury showed that the debt went up by 1.81% from P18.16 trillion at the end of February.

Year on year, outstanding debt went up by 10.81% from P16.68 trillion at end-March 2025.

NG debt is the total amount owed by the Philippine government to creditors such as international financial institutions, development partner-countries, banks, global bondholders and other investors.

“The expansion was primarily driven by the revaluation impact of peso depreciation against the US dollar, alongside net issuance of domestic securities,” the Treasury said in a statement late Wednesday.

The bulk or 67.8% of the total debt stock came from domestic sources, while the rest were external borrowings.

Domestic debt, which was composed of government securities, inched up by 0.44% to P12.53 trillion at end-March from P12.48 trillion at end-February.

Year on year, it jumped by 10.15% from P11.38 trillion.

According to the BTr, the increase in domestic debt was “mainly due to net issuance of government securities amounting to P46.72 billion.”

“In addition, peso depreciation contributed P8.68 billion to the peso value of foreign-currency-denominated domestic securities,” it added.

The peso closed P60.748 against the dollar on March 31, weakening by P3.083 from its P57.665 close on February 27.

Meanwhile, external debt jumped by 4.81% to P5.95 trillion as of end-March from P5.68 trillion at end-February.

Year on year, it surged by 12.24% from P5.3 trillion in the same period.

The Treasury said the increase was “largely attributed to the depreciation of the peso,” which raised the peso value of foreign currency-denominated obligations by P299.50 billion.

This was partly offset by “net repayments of P2.55 billion and downward revaluation of third-currency debt by P23.92 billion,” it added.

External debt was composed of P3 trillion in global bonds and P2.94 trillion in loans.

The NG’s guaranteed obligations inched up by 0.37% to P381.41 billion as of end-March from P379.98 billion in the previous month.

“The movement was influenced by the impact of peso depreciation on the valuation of external guarantees, which added P4.53 billion,” the BTr said.

The increase was, however, partly offset by net repayments on domestic and external guarantees, which reduced the debt level by P760 million and P1.50 billion, respectively.

“In addition, favorable third currency fluctuations provided an additional P840 million offset,” it said.

Year on year, guaranteed obligations increased by 12.23% from P339.86 billion.

The NG’s outstanding debt is projected to reach P19.06 trillion by end-2026 under the Budget of Expenditures and Sources of Financing 2026.

Under the Medium-Term Fiscal Framework 2022-2030, updated in October 2025, the government seeks to bring the debt-to-gross domestic product (GDP) ratio down to 58% by 2030.

Last year, the debt-to-GDP ratio climbed to 63.2%, the highest annual level in two decades or since the 65.7% recorded in 2005.

First-quarter GDP and debt-to-GDP ratio data will be released on Thursday (May 7).

In a decision dated April 30, the regulator authorized the implementation of the proposed capex program, which covers 100 projects under regulatory year 2018 aimed at addressing customer demand, resolving operational deficiencies, and ensuring compliance with service performance standards.

“After a thorough evaluation of all the evidence submitted, and appreciation of all the information gathered, the Commission finds that the implementation of the subject capex projects… will benefit its consumers, in accordance with its obligation to provide continuous, safe, reliable, secure, and efficient service for its consumers,” the regulator said.

The ERC said the approved projects will be subject to review and adjustment based on actual usage and verified costs.

Meralco withdrew its highest-cost project, a P2.43-billion advanced metering infrastructure expansion, in 2022.

The power distributor was also directed to pay the ERC a permit fee of P122.78 million.

Meralco is the country’s largest private electric distribution utility, serving more than 8.2 million customers in Metro Manila and nearby provinces, including Bulacan, Cavite, Rizal, and parts of Laguna, Batangas, Pampanga, and Quezon.

Amid higher power costs linked to global oil price pressures, the ERC earlier directed Meralco to accelerate the P19.96-billion refund to its customers.

The accelerated refund will be implemented over 12 months instead of the original 36-month schedule, resulting in an average refund rate of P0.2511 per kilowatt-hour.

Meralco is also awaiting the decision of the ERC on its proposed refund of over P9 billion following a true-up calculation for the lapsed period in 2025.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

THE UPTREND in food inflation is expected to persist through 2027 amid mounting cost pressures, weather disruptions, and external risks due to the ongoing Middle East war, analysts said.

“We are seeing this to continue until next year or when the Middle East crisis has been resolved,” Danilo V. Fausto, president of the Philippine Chamber of Agriculture and Food, Inc., told BusinessWorld in a Viber message.

The Philippine Statistics Authority (PSA) reported on Tuesday that headline inflation accelerated to 7.2% in April from 4.1% in March, driven largely by faster increases in food prices.

Food inflation quickened to 6.1% in April from 2.7% a month earlier and 0.7% a year ago.

The PSA said the higher food inflation was driven by a faster annual increase in rice prices, which surged to 13.7% in April from 3.5% in March.

Other food groups that posted higher inflation included corn (21% in April from 12.3% in March); fish and other seafoods (9.4% from 6.6%); fruits and nuts (6% from 4.7%); and vegetables, tubers, plantains, cooking bananas, and pulses (10.4% from 7%).

Analysts attributed the continued rise in food prices to higher fuel and fertilizer costs, as well as supply-side pressures.

Mr. Fausto said rising fuel prices have raised logistics costs across the food supply chain.

“The increase in fuel prices resulted in an increase in the cost of deliveries. As for food processors, logistics expenses together with availability and an increase in prices of raw materials contribute to the rise in inflation,” he said.

Former Agriculture Secretary William D. Dar told BusinessWorld that thin rice buffer stocks and weaker farm output also worsened food inflation.

“The buffer stock in rice is so thin, which is now impacting the market. There was also lower production during the first quarter of 2026 compared to the same period last year,” he said via Viber.

Former Agriculture Undersecretary Fermin D. Adriano said the latest inflation print was expected as cost pressures continue to build.

“The results are expected, particularly on food inflation due to rising fertilizer and fuel costs, which are actually at their initial stage,” he told BusinessWorld via Viber.

Mr. Adriano said inflationary pressures could intensify in the coming months, compounded by weather-related risks.

“We expect the full brunt of the adverse impacts of the Middle East war and the incoming El Niño in the second half of this year,” he said.

Mr. Dar said that continued fighting in the Middle East could further raise food inflation by 2.5 percentage points in the second quarter.

“If the war continues, then you can expect the food inflation to rise further by about 2.5 percentage points… by the end of the second quarter or even earlier,” he said.

Meanwhile, the Department of Agriculture said it is rolling out measures to ease supply bottlenecks and curb rising food prices.

In a statement on Tuesday, the agency said measures include the reestablishment of dedicated food lanes, the removal of toll fees for trucks transporting agricultural goods, and the reduction of port charges to accelerate deliveries and lower logistics costs.

“We have moved to provide financial aid to agri-truckers to help keep food prices affordable, and mobilized other offices to bring food from production hubs to markets,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. said in the statement.

The department said it is also accelerating the rollout of its subsidized rice program, which offers rice at P20 per kilo to vulnerable sectors.

Mr. Laurel added that the government is prepared to impose a P50-per-kilo price cap on imported rice should price pressures persist.

STAGFLATION is now evident in the Philippines, an analyst said, as inflation accelerated to 7.2% in April while economic growth is expected to come in below 4% in the first quarter.

Patrick M. Ella, portfolio manager and economist at Sun Life Investment Management and Trust Corp., said the over three-year-high inflation print coupled with expected sub-4% first quarter growth already points to stagflationary conditions.

“Stagflation is classically defined as negative economic growth and high inflation. But for Philippine standards, sub-4% is already, I think, stagflationary conditions for a high-growth economy like us,” he told Money Talks with Cathy Yang on One News on Tuesday.

The Philippine Statistics Authority on Tuesday reported that inflation rose to 7.2% from a year earlier, much faster than the 4.1% in March and 1.4% in the same month last year.

This was the fastest headline print since the 7.6% seen in March 2023, and also well-above the central bank’s 5.6%-6.4% estimate for the month.

“This is the highest (inflation) in three years, and I, in fact, looked at the monthly gain, and it is over 2.7%, which is quite high. So yes, stagflationary conditions are already evident,” Mr. Ella added.

He said economists have very low expectations for gross domestic product (GDP) growth in the first quarter, with his own estimate at 2.5%.

A BusinessWorld poll of 21 economists and analysts last week yielded a median estimate of 3.4% for the Philippine GDP growth in the first quarter.

If realized, GDP growth will be slower than the revised 5.4% expansion in the same period a year ago and fall short of the government’s 5-6% target this year.

First-quarter GDP data will be released on Thursday (May 7).

Mr. Ella said the factory activity will likely remain weak after the S&P Global Philippines Manufacturing Purchasing Managers’ Index fell to 48.3 in April, its first contraction in five months.

“I think that is expected to continue because of the huge input costs we saw in the last two months,” he said.

Other economists, however, cautioned against labeling the current environment as stagflation. Marco Antonio C. Agonia, an economist at the University of Asia and the Pacific, said the term is “too strong” to describe the situation.

“We use ‘stagflation’ in describing double-digit inflation, unemployment and negative GDP growth figures. What we’re seeing now is a combination of the lingering impacts of the flood control scandal and a global oil shock,” he said.

He said the definite stagflation scenario depicts a prolonged string of negative or near-zero GDP growth along with double-digit inflation and unemployment.

“The last time the Philippines fit that profile was during the political and economic turmoil of the 1980s. For now, the economy is downbeat but somewhat stable and with robust jobs performance,” Mr. Agonia said.

“Besides, we may see faster growth in the second half of this year when government infrastructure spending returns,” he added.

The unemployment rate fell to a two-month low of 5.1% in February, down from 5.8% posted in January but higher than the 3.8% reading in the same month last year.

March jobless data will be out on May 6.

Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said the April inflation print is “a yellow flag, not a red card.”

“This isn’t stagflation yet… inflation remains sticky — mainly due to food and utilities — but economic growth has not stalled and employment is still holding up,” he said.

“What we’re seeing is inflation fatigue, not stagnation. The key now is targeted supply-side fixes, especially on food, rather than overly aggressive tightening. The risk is real, but it’s still manageable,” he added.

On the other hand, Ser Percival K. Peña-Reyes, senior research fellow at the Ateneo Center for Economic Research and Development, said the country is showing early warning signs of stagflation.

“If high inflation persists, and growth weakens further, then it could tip into genuine stagflation,” he said. “Nevertheless, right now, it is more accurate to say that the Philippines is experiencing a shock-driven inflation surge with softening (not stalled) growth and rising (but not yet realized) stagflation risk.”

He said a true stagflation scenario would mean at least two consecutive quarters of inflation above 5-6%, GDP growth below 2%, rising unemployment, falling real wages, and stagnant investment — all happening simultaneously.

Meanwhile, Asian Development Bank Chief Economist Albert Park said the Philippines’ prospects should not be discounted too quickly, noting the country and other economies in the region have been the “most resilient and dynamic part of the global economy.”

“I think they may need some help getting through this period of adjustment, but the fundamentals still, I think, are in the right direction,” he said in an CNBC interview on Tuesday, citing the Philippines’ big investments in infrastructure and renewable energy.

THE Bangko Sentral ng Pilipinas (BSP) said it will implement necessary measures to keep prices stable “within a reasonable time” after headline inflation accelerated past expectations in April.

“The BSP is committed to fulfilling its primary mandate of slow inflation and will take necessary actions to ensure inflation returns to its 3% target within a reasonable time,” the central bank said in a statement on Tuesday.

“It will remain vigilant for spillover effects, data-driven, and ready to act as needed,” it added.

This comes after the Philippine Statistics Authority reported that inflation sizzled in April to a three-year high of 7.2%, faster than the 4.1% in March and 1.4% in the same month last year. 

The BSP had expected inflation to settle between 5.6% and 6.4%, while 17 analysts polled by BusinessWorld had a median forecast of 5.5%.

At its April 23 meeting, the BSP ended its nearly two-year easing cycle with a 25-basis point (bp) rate hike, bringing the key policy rate to 4.25%.

BSP Governor Eli M. Remolona, Jr. at that time said that they are ready to raise interest rates as much as needed to tame inflation despite its expected impact on domestic growth.

Asian Development Bank Chief Economist Albert Park said the BSP should exercise caution in tightening policy, as the current crisis is largely supply-driven. However, the BSP may need to uphold its price stability mandate if elevated energy costs start spilling over into the prices of other goods and services.

“(O)nce we see the high energy prices, and also the high price of other inputs like fertilizer, or like inputs into the petrochemical industry, into semiconductors, helium, sulfur, we will start to see those higher costs work their way through into higher prices finally,” Mr. Park told CNBC on Tuesday.

“And if that starts to happen and price expectations start to change across the different goods and services that are being produced, then the government may want to — the central banks — may want to start then to consider trying to reduce those inflationary expectations which is really their role,” he added.

OFF-CYCLE MOVE?
Analysts said the central bank may deliver larger rate hikes or raise rates in an off-cycle move amid rising inflation risks after the upside surprise.

ING Regional Head of Research for Asia-Pacific Deepali Bhargava said another 25-bps rate increase is now a “done deal,” with the odds for a 50-bp hike and an off-cycle move rising.   

“Inflation pressures have become increasingly broad based, with food and fuel shocks feeding into core inflation and services, raising the risk of more persistent second round effects,” she said in a commentary on Tuesday. “In this context, a 25-bp rate hike in June looks assured, with risks clearly tilted toward a 50-bp move.”    

ING’s base case now forecasts a total of 75 bps in rate hikes, with a more aggressive stance likely to follow should the Middle East war last longer.

Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said inflation could quicken to a double-digit pace later this year, which could call for a more aggressive central bank.     

“The BSP may deliver rate hikes larger than the typical 25 bps, either in a regular or off-cycle meeting, with a more forceful move potentially required to rein in inflation expectations,” he said in a separate note.

“While tighter monetary policy could weigh on growth by raising the cost of financing capital expenditures, the economic damage from persistently elevated inflation may be more severe, justifying a more aggressive policy response,” Mr. Neri added.

Meanwhile, Nomura Global Markets Research analysts Euben Paracuelles and Nabila Amani expect the central bank to lift borrowing costs by 25 bps in each of its meetings in June, August and October to bring the benchmark rate to 5.25%.   

Nomura raised its 2026 estimate for headline inflation to 6.1% from 4.9% and for core inflation to 4.6% from 3.8% previously.   

“(The April) inflation outturn has likely increased BSP’s concerns over inflation expectations and second-round effects, which are likely to be assessed by BSP as becoming more evident from the further pickup in core inflation, in our view,” Mr. Paracuelles and Ms. Amani said.    

However, they see the BSP reversing its hikes to deliver 75 bps in cuts in the second half of 2027 as they expect inflation to stabilize. 

The BSP projects the headline print to stay above 5% for most of the year. It had also upwardly revised its full-year forecast to 6.3% from 5.1% previously.

The Monetary Board will hold its next policy meeting on June 18.

ELEVATED oil prices continued to feed into food and utility costs, pushing annual inflation to a three-year high of 7.2% in April, the Philippine Statistics Authority (PSA) said on Tuesday.

Faster-than-expected inflation now puts more pressure on the Bangko Sentral ng Pilipinas (BSP) which earlier signaled that it could keep hiking interest rates as needed to temper inflation amid the oil crisis.

 PSA data showed that the consumer price index (CPI) accelerated to 7.2% in April, from 4.1% in March and 1.4% a year ago.   

This was the fastest headline print since the 7.6% seen in March 2023, and also well-above the central bank’s 5.6%-6.4% estimate for the month. 

It also blew past the estimates of 17 analysts in a BusinessWorld poll, where the median forecast was at 5.5%.

Month on month, inflation sped up to 2.6%, the fastest since the 3.4% recorded in January 2000. 

National Statistician Claire Dennis S. Mapa noted that faster price increases in food and nonalcoholic beverages, transport, and utilities drove the CPI higher last month.

April marked the second consecutive month that the headline print accelerated past the BSP’s 2%-4% target.   

As of April, inflation averaged 3.9%, a tad below the upper end of the BSP’s full-year goal.   

Despite fuel price rollbacks, transport inflation was faster at 21.4% in April from 9.9% in March.   

This as gasoline inflation quickened to 59.6% in April from 27.3% in the prior month and diesel to 122.7% from the revised 59.6% in March. This was the highest reading for both petroleum products since the CPI rebasing in 2018.

Last month, fuel retailers implemented price cuts after back-to-back hikes since the Middle East war erupted in late February.   

Month on month, pump price adjustments stood at a net decrease of P0.58 per liter for gasoline, P28.18 per liter for diesel and P17.71 per liter for kerosene.

As of end-April, the cost of gasoline ranged between P72.53 and P104.93 a liter, diesel from P75.93 to P101.96 a liter and kerosene from P125.39 to P147.98 a liter. These prices were still significantly higher than a year ago.

Inflation for liquefied petroleum gas (LPG) surged to 45.8% in April from the revised 3.7% in March, even as the government suspended the excise tax on LPG and kerosene.

Inflation for housing, water, electricity, gas and other fuels also picked up to 8.2% in April from the revised 4.7% the previous month.   

In April, Manila Electric Co. raised electricity rates by 53.35 centavos per kilowatt-hour (kWh), bringing the overall rate for the month to P14.3496 per kWh. 

High fuel costs spilled over into food prices in April, bringing inflation for the heavily weighted food and nonalcoholic beverage index to 6% from the revised 2.9% in March.   

This was attributed to the 11.1% inflation in cereals and cereal products (from 3.6% in March); 9.4% in fish and other seafood (from 6.6%); and 10.4% in vegetables, tubers, and the like (from 7%).

Meanwhile, rice inflation remained in positive territory for a second month in a row, accelerating to 13.7% from 3.6% a month ago.   

Based on PSA data, the average per-kilogram (kg) cost of local regular milled rice climbed by 15.95% to P51.53 in the second half of April from P44.44 a year earlier. The price of well-milled rice also grew by 15.32% year on year to P58.88 from P51.06 per kg, while the price of special rice went up by 9.8% to P66.23 per kg from P60.32 per kg.

PESO DEPRECIATION
PSA’s Mr. Mapa noted that the peso depreciation also drove up inflation and weakened the peso’s purchasing power.

Last month, the local unit touched the P61-a-dollar level for the first time, plunging to a new all-time low close of P61.567 against the greenback on April 29.

“Our diesel and gasoline are priced in US dollars, of course, that’s why it had an impact on the price, which in turn had a direct impact on our inflation rate and, of course, on the purchasing power of the peso,” Mr. Mapa said.

“So, the impact of the peso’s weakening contributed to the rise in the price of inputs, particularly the ones we import, and it has impacted the inflation rate, among others,” he added.

According to the PSA, the purchasing power of peso, or the value of each P1, continued to drop to a new record-low of 73 centavos in April. This brings the value of P100 in 2018 to just P73 now.

The PSA also reported that core inflation, which strips out volatile food and fuel prices, picked up to 3.9% in April from 3.2% in March and 2.2% a year earlier. This was the highest core print since the 4.4% logged in December 2023.   

In the National Capital Region (NCR), inflation quickened to 5.5% in April from the revised 3.5% in March and 2.4% in the prior year.

Inflation in areas outside NCR was also faster at 7.7% in April, from 4.2% a month earlier and 1.2% last year.

Meanwhile, inflation for the bottom 30% of income households accelerated to its fastest pace in over three years at 8.5% in April, from 4.2% in March and 0.1% in the same month last year.

In a statement, the Department of Economy, Planning, and Development said the administration is “intensifying targeted interventions,” after inflation sizzled last month.

“Amid the Middle East conflict disrupting fuel supply chains, the government is intensifying targeted interventions, particularly to temper upward price pressures on food, energy, and transport, while ensuring the continued stability of domestic supply,” Economy Secretary Arsenio M. Balisacan said. 

MORE RATE HIKES?
Meanwhile, Chinabank Research said the BSP will likely hike rates anew but has limited room for aggressive tightening as rising inflation will soon drag economic growth.

It now projects the headline print to hold above 7% in the coming months, with the full-year clip likely to end at around 6%.

“We expect the BSP to raise rates further. However, elevated inflation will continue to weigh on consumption and growth, constraining the BSP’s ability to hike rates aggressively and placing greater responsibility on the government to curb additional inflationary pressures,” Chinabank Research said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the BSP could extend its rate-hike cycle, much like during the 2022 oil crisis triggered by Russia’s invasion of Ukraine.

“There is a possibility of BSP rate hike/s, similar to the previous cycle four years ago, in an effort nip inflationary pressures at the bud and better manage inflation and prevent it from spiraling further… even if the unintended consequences include slowing down the economy,” he said in a Viber message. 

At its April 23 meeting, the central bank ended its nearly two-year easing cycle with a 25-basis-point rate hike, which brought the key policy rate to 4.25%. This marked its first tightening move since October 2023.

BSP Governor Eli M. Remolona, Jr. at that time said that they could hike rates as much as needed to keep prices stable despite its expected impact on domestic growth.

The BSP sees inflation hovering above 5% for most of the year to average 6.3% by end-2026. This was higher than its earlier forecast of 5.1%.

Meanwhile, Jose Enrique “Sonny” A. Africa, executive director of the think tank IBON Foundation, said the faster April inflation clip reflects lapses in the government’s response to the over two-month long energy crisis. 

“The Marcos Jr. (administration) didn’t create the oil shock, but its refusal to cut oil taxes and control oil firm overpricing is making sure that tens of millions of poor, low-income and middle-class Filipinos fully absorb it,” he said in a Facebook post on Tuesday.

“The latest inflation figures clearly underscore how the (government’s) response is too slow, reaches too few, and gives too little,” he added.

January 9, 2026 — Taytay, Rizal 

Taytay is turning the spotlight on clean energy! In a groundbreaking move toward sustainable development, Amsteel Structures Inc. and Dantru Development Corp. teamed up with the Local Economic Development and Investment Promotion Office (LEDIPO) to explore a potential solar energy project that could light up the future of the municipality.

The high-level discussions were led by Sir Aaron Kaw, EVP of Amsteel Structures, and Mary Ann Dizon, highlighting the company’s engineering expertise for renewable energy innovation. Facilitating the collaboration was LEDIPO, under the guidance of Mayor Allan De Leon, with Atty. Dustin Regalado, Cristina F. Gonzales, and the LEDIPO team Meme Borja, Ac Santos and Warren Sedan ensuring seamless coordination.

Joining the talks were Dantru Development Corp. leaders—President Floriendelyn Sibonga, COO Arsenio Robledo Jr., and CFO Rita Sibonga—alongside RPConnect CEO Noubikko Ulanday, exploring how the project can align with Taytay’s vision for green energy, local jobs, and sustainable investment.

The excitement didn’t stop in the conference room. A site visit and ocular inspection followed, led by Ms. Sibonga, the project architect, and Engr. Jojo, assessing the land, technical requirements, and solar installation potential. Drawing on Amsteel’s structural expertise, the team left no stone unturned.

While still in the planning stage, this initiative sends a clear message: Taytay is ready to embrace innovation, green solutions, and opportunities that empower its people. “This is not just about projects—it’s about building a brighter, cleaner, and more sustainable future for Taytayeños,” said Mayor Allan De Leon.

#SmileTayTay
#NegosyongMayNgiti
#SolarEnergyForTaytay
#MayorAllanDeLeon
#LEDIPO
#AmsteelStructuresInc
#DantruDevelopmentCorp
#RPConnectCorp

By: Meme Borja

October 3, 2025 - Prague, Czech Republic

It is truly a proud moment to witness the creations of Taytay, Rizal making their mark across various industries—especially on the international stage! These remarkable achievements of our fellow Taytayeños reflect not only their talent, creativity, and skill, but also their determination to excel wherever they go.

Special thanks to Mayor Allan De Leon and the Local Economic Development and Investment Promotion Office (LEDIPO) – Taytay, Rizal for being instrumental in building strong international connections and opening doors to wider markets for Taytay’s homegrown talents and industries.

Heartfelt gratitude as well to Noubikko P. Ulanday for making this event possible and for his continuous efforts in promoting Gawang Taytay on the global stage. Through their leadership and vision, Taytay continues to empower local artisans, entrepreneurs, and creatives—showcasing the exceptional quality of products made with passion, craftsmanship, and excellence.

It is both heartwarming and inspiring to see Taytay’s pride being recognized and admired across the world—whether in entertainment, business, fashion, politics, or trade. These milestones remind us that with dedication and unity, local craftsmanship can reach international success.

The recognition our people receive abroad continues to motivate and inspire more Filipinos to dream big, work hard, and believe that success truly begins at home.

GAWANG TAYTAY, GAWANG MAY HUSAY!

#FashionIndustry
#GarmentManufacturing
#GarmentCapitalOfThePhilippines
#SmileTaytay
#PhilippinesMeetsCzechRepublic

By: Meme Borja

October 3, 2025 – Prague, Czech Republic

The Municipality of Taytay, Rizal proudly marks a significant milestone on the international stage as it participates in the prestigious Czech-Philippine Business Forum and the 9th European Regional Assembly of the Knights of Rizal, both held in Prague, Czech Republic.

Held at Hotel Duo in Prague, these landmark events brought together government officials, business leaders, diplomats, and members of the Filipino-European community to foster stronger bilateral relations, cultural exchange, and economic cooperation between the Philippines and the Czech Republic.

Taytay’s participation showcases the municipality’s growing commitment to international engagement, positioning itself as a key player in global discussions on trade, tourism, arts, and local industry development. As the Garment and Woodworks Capital of the Philippines, Taytay highlighted its renowned craftsmanship, entrepreneurial spirit, and rich cultural heritage to an international audience.

“This is a proud moment not just for Taytay, but for the entire country,” said Mayor Allan De Leon. “We are determined to open doors for our local entrepreneurs, artisans, and innovators by forging meaningful partnerships that extend far beyond our borders.”

The international delegation from Taytay was made possible through the dedicated efforts of the Local Economic Development and Investment Promotions Office, Taytay, through Cristina "Chin" Gonzales, together with Kagawad Tess Arriola, . Their presence at these events aims to:

• Promote Taytay’s local industries to European investors and stakeholders

• Explore new markets and trade opportunities

• Learn best practices in governance, economic strategy, and cultural diplomacy

Special recognition is extended to Mr. Stepan Klokocka, Organizer of the Business Forum, for his gracious invitation and for facilitating Taytay’s participation in both the Business Forum and the Knights of Rizal Assembly. His advocacy for bridging international communities has significantly contributed to strengthening ties between the Philippines and the global community.

The 9th European Regional Assembly of the Knights of Rizal also served as a cultural highlight, celebrating the legacy of Dr. Jose Rizal and uniting leaders and members from across Europe in a shared mission of patriotism, honor, and civic engagement.

As Taytay continues to build its global network, this endeavor marks only the beginning of its long-term vision to uplift its people, empower local businesses, and bring the municipality’s pride and excellence to the world.

SMILE, TAYTAY! 
The Garment and Woodworks Capital of the Philippines 

#TaytayGoesGlobal
#SmileTaytay
#MayorAllanDeLeon
#KnightsOfRizal
#CzechPhilippineBusinessForum
#ProudlyTaytayeno
#PhilippinesMeetsCzechRepublic
#LEDIPO
#NoubikkoPUlanday

By: Meme Borja

The two companies that signed the agreement are EUNDAN (www.eundan.com), a leading health product company in Korea with over 80 years of history, based on outstanding technology since its foundation in 1946.  And RPConnect (www.rpconnect.com) , B2B / investments / “Solutions, strategy, and Technology services with over 29 years of experience.

The agreement marks a significant step in strengthening bilateral business relations between South Korea and the Philippines, particularly in the areas of product

distribution, marketing, and long-term strategic cooperation.

Jung Hwan Soon signing the contract with RPConnect




Lee Meunkyu signing the contract with RPConnect

Lee Meunkyu, Enola Gay Sotelo Bareng watching Susan Oca signing the contract with RPConnect

Under the terms of the deal, EUNDAN partners will collaborate with RPConnect Partners in distributors and wholesalers to introduce and expand products in the Philippine market. The agreement outlines sales targets and shared responsibilities for advertising, promotions, logistics, and nationwide distribution.

Industry experts describe the deal as “a milestone for Korea–Philippines trade,” emphasizing that it demonstrates confidence in the Philippine consumer market and its rapid growth potential.

“This $12 million partnership showcases the power of international cooperation,” Noubikko said, CEO of RPConnect and spokesperson for the joint venture. “By combining EUNDAN innovation with Philippine market expertise, we are building a long-term bridge for trade, investment, and shared growth.”

According to the joint venture is expected to generate significant employment opportunities in both countries, strengthen supply chain integration, and pave the way for future regional expansions into ASEAN markets.

As the Philippines continues to position itself as a rising hub for trade and investment in Southeast Asia, this agreement stands as a clear signal of deepening economic ties between the two nations.

By Tomas Kauer

September 19, 2025 - Taytay, Rizal

Reynold Centillo Tenerife, more fondly known in the fashion industry as “Nhoy”, is a true embodiment of creativity, perseverance, and Filipino excellence. As the owner and founder of Nhoy Tenerife Couture, he has carved his name as an international Filipino fashion designer and entrepreneur, celebrated for his detailed, elegant, and timeless masterpieces.

Nhoy is more than just a designer—he is an artist who sketches, designs, cuts, and sews every piece with passion. From dazzling gowns to stylish menswear, his creations have graced fashion shows, pageants, and special occasions both in the Philippines and abroad.

Humble Beginnings, Bold Dreams

Nhoy’s journey began in 2005, working as a dressmaker and pattern maker, crafting jackets and cargo pants sold in Taytay’s famed Tiangge. By 2017, his artistic spirit led him to experiment with gown-making. What started as simple designs eventually transformed into classy, intricate, and elegant gowns that captured the attention of clients and pageant organizers.

Nhoy is also recognized as one of the best designers in Binibining Taytay, where he was discovered by Noubikko Ulanday, a milestone that opened doors for him in the world of fashion and pageantry.

He firmly believes that fashion is his calling, as every path he takes always leads him back to design. Today, he stands as one of the most sought-after suppliers of gowns in Rizal, across local provinces, and in international stages.

Awards and Distinctions

Nhoy’s artistry has been recognized by prestigious institutions and organizations throughout the years. Among his notable accolades are:

• Best Fashion Designer, Gawad Pilipino – Prestigious Seal Award (2018)

• Best Gown Designer, Search for Mister and Miss Rizal (2019)

• International Filipino Fashion Designer, IGSMEA (2023)

• Star Achiever Wedding Designer of the Year, Asia’s Triumphant Award (2023)

• Most Trusted Filipino Fashion Designer of the Year, Asia’s World Class Filipino Award (2023)

He has also been invited to design, mentor, and judge in national and international competitions, including Miss Earth Saver Philippines, Mister Glam International, and cultural pageants across the Philippines.

Fashion Exposures and Global Reach

Nhoy’s works have been showcased in some of the country’s most prestigious fashion and cultural events. He has served as official designer for competitions such as:

• Mr. & Ms. Hamaka (Swimwear & Formal Wear)

• Binibining Taytay (Swimsuit, Casual, Evening Gown)

• Ms. Intercontinental International – Egypt (Official Swimsuit Designer)

• Super Model Worldwide Philippines (2023–2024)

• Mr. International 2025 (Official Barong Designer)

His designs have been featured internationally, including collaborations with M Entertainment Media Group Korea, and have taken the spotlight in major fashion showcases such as MODA DE Manila at Okada Manila (2022) and the Philippine Designers Gala.

The Designer’s Legacy

From humble beginnings in Taytay to the grand runways of international fashion, Reynold “Nhoy” Tenerife is a living testament that passion, determination, and artistry can turn dreams into reality.

With every stitch and silhouette, he continues to uplift Filipino talent and prove that Philippine fashion can stand proudly on the global stage.

By: Meme Borja

August 25, 2025 — Taytay, Rizal, Philippines

In a cultural moment oversaturated with fast trends and loud branding, Borja & Co. arrives with a different energy: quiet, deliberate, and unmistakably modern.

Founded by a publicist with deep roots in international media and cultural strategy, Borja & Co. is more than a clothing label — it’s a new standard of refined luxury built on storytelling, intelligence, and craftsmanship.

A Label That Whispers Louder Than Noise

Every piece from Borja & Co. is designed with restraint, yet intended to shift the room. Rooted in the philosophy of “quiet excellence,” the brand merges precision tailoring, hand-selected fabrics, and a global sensibility drawn from years of navigating the cultural intersections of fashion, media, and design.

“Luxury today is not about excess — it’s about presence,” the founder notes. “We’re building a wardrobe for people who don’t need to announce themselves, but are always noticed.”

Global DNA, Local Craft

Though international in vision, the brand carries a sharp cultural awareness, bridging influences from the ateliers of Europe, the creative streets of Asia, and the editorial energy of New York and London. Pieces are built for longevity, designed to be styled effortlessly across borders and contexts.

The debut collection introduces Borja & Co.’s signature aesthetic: understated silhouettes, quiet textures, and subtle tailoring — a modern uniform for the globally fluent.

Positioned for Culture, Not Noise

Borja & Co. is being introduced intentionally, first among stylists, editors, and early adopters — those who shape culture rather than follow it. Already positioned as a “subtle flex” in industry circles, the label’s presence is quietly spreading across fashion insiders, creatives, and tastemakers.

Taglines leading the campaign include:

• “Crafted to shift the room—softly.”

• “Not louder. Clearer.”

• “Modern luxury, whispered.”

About Borja & Co.

Born from the worlds of fashion, culture, and global media, Borja & Co. is an international lifestyle label defined by quiet excellence and modern luxury. Built with intentional design, global influence, and a refined aesthetic, the brand offers a wardrobe for individuals who move differently — without noise, but with undeniable presence.


By: Meme Borja

T

JOY, and the logo that will dominate the streets in the near future.

The Drivers Association is thrilled to partner which is committed to providing sustainable transportation, I believe that this is a testament to the equitable future of the country, he added.


Wardwizard Innovations & Mobility Limited is a publicly listed electric vehicle (EV) manufacturing company based in Vadodara, Gujarat. Founded in 2016 by Yatin Gupte,  holds the distinction of being India's first EV manufacturer listed on the Bombay Stock Exchange (BSE).


WarWizard’s Vadodara plant has a production capacity of 9,000 vehicles per month, with plans to expand to 200,000 units annually. International Ventures has already been announced for a joint venture in Saudi Arabia to establish an assembly plant and an EV cell manufacturing facility.  And now, major distribution to the Philippines.


RPConnect USA is a business-to-business (B2B) project marketing and investment integration firm founded in the United States in 1995. The company specializes in sustainable growth strategies, offering solutions that combine strategic planning, technology, and financial backing to create investment-grade marketing programs aimed at achieving strong internal rates of return (IRR).


The Joint Venture of WardWizard-RPConnect is in the formation of WardWizard Innovations and Mobility Limited, and the combination of government incentives, volatile diesel fuel costs, and corporate commitments to climate actions will accelerate the growth of electric machinery in the off-road market. All these incentives are core programs that enabled these transactions to take place, Noubikko said, CEO of RPConnect.

By Tomas Kauer

Puerto Princessa, Palawan - March 5, 2025,  -  AI WORLD is now in a comeback mode!  The Resort is now gathering a rooster of team for this multi-million rehabilitation as it braces to usher the restoration of the acclaimed lifestsyle resort. 

Palawan is a hailed city for its unique history,  and coastal landscape like El Nido, Coron  and countless century trees including that of the famous century tree found at Ponce Garden Resort which is a must  "to see"  in Palawan. 

"Men in vogue from the city's circle will rage for restoration of AI WORLD". Every so often we experience something special, one of them is AI World, Puerto Princessas beaming Japanese-inspired resort built complete with 3 big charcoal-bed swimming pools. Many remember AI WORLD with its beautiful landscape on a hilltop overlooking Honda Bay, Puerto Princessas treasured tourist destination.    

Several entrepreneurs are now back on their drawing table tirelessly conceptualizing the future. They are reminiscencing the real estate glory paused by Pandemic, and keeping alive "the strong sense of history in Puerto Princessa"  which inspired the people of Palawan. 

What was once a landmark is now on "ER",  according to Noubikko.  Fortunately, AI WORLD has been nurtured by nature during those years and the landscape evolved magically with flowering shrubs of rare varieties of birds of paradise.  Today, they are like a repertoire of colors, and a unique landscape with a style that belongs only to AI WORLD.    

AI is a Japanese word for “LOVE”.  It sounds HAI which also means  “YES”.   Today internet era it means Artificial intelligence.  Everyone may name AI WORLD in a way that pleases them. All these words means only one thing, "beautiful".

AI World will be rehabilitated to dazzle once more. And its surely, worth all the excitement and wait, Regine Laguyo of VTLaguyo Construction said.

Experience life and rewrite your bucket list.  Include AI WORLD!

Its worth the wait... Experience AI World

August 24, 2023 -  Manila, Philippines -  Not Jasmine Tea. Not Milk, but Café Latte- colored beach sand, Noubikko said, CEO of RPConnect.

Palawan Island is one lucky place to have a Cafe Latte color of the sand because  it is youthful and energetic.  It's coffee without caffeine!  Its provides emotional strength, optimistic, uplifting , mnd most of all, it fun!

This golden bright blush is a result of crushed coral mixing with the shells. Travelers often come just to watch how this café latte sand reflects the sun which is constantly flocking the natural sparkles of their colorful underwater show. Carlos de Castro, said.  Carlos is the interior architect of several of the iconic landmarks in the Philippines, like Okada, Solaire, and Raffles Hotel.
 

Palawan Beaches are so indulging that an all-day excursion poses like an unnecessary option. Surround that with the gentle murmur of waves and the occasional laughter of fellow beach-goers is a day well-spent that can confuse the mind if there is any available comparison.

While in Palawan you are guaranteed to be mesmerized by the warm crystal-clear waters that gently lap the shore and an underwater spectacle.  If you are a nature lover, this pristine café latte sand is just magic!  

So go ahead, lay out your towel, and let the waves’ rhythm set the pace. Get your sunglasses ready, and see the fish darting around your toes like a lounging session also ready to relax with your feet…  The rest…  leave your imagination and explore the underwater rainbow which no word fits better.

This slice of paradise boasts a stunning perfect soaking of the sun and splashing pure bliss.  It's a sunbather’s dream in crystal-clear waves gently kiss the shore, Jun Polistico, the legendary King of the Philippine Ballad said.

Visiting Japanese Investors in the Philippines and Beulah Team (standing from right) Takashi Sakakibara, GMJB, Haru Yamashita, Noubikko, Sonte Kaishuu, Mark Alfie, Shuichi Masamoto, Nelia Aguilar, Archi. Carlos De Castro, Raner Sulit

 In Palawan there’s no need to rush; the sun generously bathes the beaches all year round, Nadia Arroyo, President of Beulah International Development

The Village of Tumarbong, located in Palawan is a dream where the sun paints the sky, reflecting a spectrum of blues.  With the café latte-colored sand, the sunset will make aurora borealis jealous with plenty of colorful contrast to compare. In the picture, overlooking the most expensive Banwa Resort.  It is the chosen place of Carlos de Castro's luxury residential masterpiece, named after his granddaughter, CATALINA

A visit isn’t complete without snorkeling and gazing at colorful fish that hug your imagination. It’s no wonder visitors leave with dazzling stories and come back for more.  One visit encourages social communication and creativity! 

During the meeting, The Drivers Cooperatives expressed the urgency to Wardwizard Innovations to undertake critical deliverables. Wardwizard will send samples of D+8 and D+10 commercial vehicles for the Department of Transport (DOT) within 45 days. Discussions were held regarding the requirement for 6, 9, and 12-meter electric buses, with Wardwizard showing significant interest. The expected volume for these buses is set at 5,000 units over the next three years.

Wardwizard also invited Scientists and designers to come to the Philippines to plan to convert existing buses that are 10 years or older into electric, aligning with the modernization goals. 
To support this transformation, Wardwizard will develop comprehensive charging infrastructure across the Philippines over the next three years and offer an initial credit line of 5 million dollars. Furthermore, a dedicated electrification fleet to and from the airport will be established by Beulah and Wardwizard. 

The meeting was attended by Jun Bioco; Jun Polistico, ; Mr. Noubikko P. Ulanday, CEO of RPConnect; Mr. Yatin Gupte, Chairman and MD of Wardwizard Innovations; Mr. Shreyas, Head of Production and Business Development (Exports) at Wardwizard Innovations; Mr. Mohan, Technical Associate at Wardwizard Innovations; and Mr. Rahul Awadh, Technical Associate at Wardwizard Innovations.

Noubikko, CEO of RPConnect, remarked, “The ongoing developments with extensive discussions with Wardwizard highlight the commitment to revolutionizing public transport in the Philippines. He said the Directors are confident that this initiative will bring substantial economic benefits and create new job opportunities.”

Mr. Yatin Gupte, Chairman & Managing Director of Wardwizard Innovations & Mobility Ltd., expressed delight over the progress. He said “We are thrilled to advance our collaboration. The discussions in the Philippines mark a significant step towards transforming their public transport system with our innovative electric vehicle solutions. By integrating our cutting-edge electric vehicles with Beulah’s strategic execution capabilities, we are poised to make a profound impact on the transportation infrastructure in the Philippines. 

The initiative of the meeting showcased Wardwizard technological prowess but also emphasized the importance of international cooperation in addressing global environmental challenges. We look forward to working closely with  the Department of Transport in the Philippines to bring about a new era of eco-friendly transportation”

This partnership aligns with the Philippine Government’s Public Utility Vehicle Modernization Program (PUVMP), promoting a safer, more efficient, and environmentally friendly transportation system.

About Wardwizard Innovations & Mobility Limited 

Wardwizard Innovations & Mobility Ltd. is one of India’s leading auto manufacturing companies in the Electric Vehicle (EV) segment under the brand name Joy e-bike. Being the first listed entity on BSE in Electric Vehicle manufacturing, it is mainly focused on the growth potential in the Indian EV segment to have a positive impact in the future. Given the current state of the environment, where fuel-powered vehicles account for the vast bulk of carbon emissions, the company is promoting improvement by offering cleaner, greener options that produce no emissions. With more than 10 models in its portfolio in both high and low-speed categories, the Company has established a strong presence in more than 400+ major cities across India and aspires to boost this number throughout the country.

We sipped the coffee black with a splash of cream and evaluated them for flavor, acidity, and richness. We researched the companies’ sourcing and gave points to Fair Trade, organic, and other practices that are environmentally conscious and favorable to the farmers. We also factored in prices and the range of offerings. Then, the magic was maid which is blending with cream, with a little bit of that and a little bit of this (secret formula, of course).  Voila!  Cofficery was born.

Paranaque is one lucky suburb to have tested several brands in multiple must-try, must-see, tried that and tried this, which all ended with one choice:  Cofficery, a Coffee shop + restaurant + office all rolled into one perfect concept, said Jun Polistico, King of the Philippine Ballad.

Sometimes a dark roast is too dark, or a light roast too light, but we have solved that issue, Martha, said.  Along with dark, medium, and light, we offer dark-medium and medium-light options, so there’s truly a taste for every palate. Attention to detail extends from careful sourcing, through philanthropy designed to boost conditions in growing regions — even their packaging, so you can feel good pay cup after cup.

Cofficery is not just a coffee shop, it's a full-service restaurant with an aura of an office + coffeeshop.  And, if you need coffee to do your job well, just think about COFFICERY –that’s the inspiration behind this coffee. Founded to live up to its “bold” name, Coffee + Office.  It's a sip of inspiration-infused coffee and food to jolt you and inspire your boss for your next performance review.  Take it from a Lawyer who drinks several cups of coffee and needs access to an office in a limited time.

Cofficery offers an array of chosen must-try and get ready to be addicted menus. 

Cofficery is not just a coffee shop, it’s a full gourmet restaurant.  From the more traditional (Vanilla Bean Blossom, Pumpkin Spice) to the super-creative (Caramel Apple, Maple Pecan, Coconut Creme, Peach Nectar). The cofficery uses, real spices, so you get a hit of natural sweetness in the coffee and with no fake taste.  


Cofficery is a game changer, they say.  Starbucks and CoffeeBean are popular hype, but, if you want your cup in an office restaurant with the most satisfying brew, give the trophy to Cofficery.  It’s what Carlos de Castro, interior designer of Okada and Solaire Casino Resorts, said.  The aroma, the flavor, and even the ritual can spark investment interest, said Nadia Arroyo, President of Beulah Development.

Joshua Nungay (standing) during a business meeting at Cofficery while Atty Martha and team were listening

If you happen to be in Moonwalk, Paranaque, get your WAZE of Google Maps.   Don’t miss Cofficery which is located in Daang Batang and E-Rodriguez Ave Moonwalk.  Order an espresso or the double latte to discover for yourself the luscious coffee which stands to milk in lattes and cappuccino and get ready for a great shot.