“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.