BusinessWorld Online

More Filipinos pursuing higher studies in Spain, says expert

BusinessWorld — Fri, 31 Oct 2025 09:07:33 +0000

More Filipinos are pursuing post-graduate studies in Spain, driven by the country’s wide range of visa opportunities, an expert said.

“Spain is very popular among Filipinos because we have different programs,” Spain’s Goodwill Ambassador Jessica Isabelle C. Badua told BusinessWorld in an interview on Thursday.

“Filipino students are increasing because of the number of visas available,” she added.

According to Ms. Badua, the most common master’s programs among Filipinos are engineering, law, health sciences, administration and management, and humanities. Meanwhile, most students are from the Millennial and Generation Z age brackets.

“I think Spain offers different programs in every area of study,” she said. “Students wishing to apply in Spain can find programs where the tuition is affordable, as long as it’s a public university.”

Citing data from the HTL International School, the average annual tuition for international students enrolled in master’s or doctorate programs at Spanish public universities is estimated to be within €2,000 to €5,500, while a bachelor’s degree costs €1,500 to €4,000 per year, on average.

Ms. Badua noted that the Auxiliares de Conversación, or the Language Assistant Program, is popular among students who want to work while studying.

“There are universities in partnership with the Ministry of Education in Spain,” she said. “So, what they do is they offer a master’s degree in teaching, and at the same time, they offer that Auxiliaries de Conversación Program.”

“So, meaning, students can study their master’s and also teach English to students, and then they get paid,” she added.

The Ambassador also attributed the growing enrollment rate in Spain to visa opportunities that streamline the path to citizenship.

Specifically, programs like the Golden Visa and Digital Nomad visa, alongside the Ley de Memoria Democrática, which allows descendants of Spanish nationals to claim citizenship, are among the popular visas used by Filipinos.

“With that, the families have the option to move to Spain because they have their passports. So, they moved to Spain along with their kids, and the kids also study there,” she said.

The Philippines was first discovered by Portuguese explorer Ferdinand Magellan in 1521 and was later colonized by Spain from 1565 to 1898. The centuries-long Spanish colonization has influenced the country’s religion and culture, specifically Catholicism and language.—Almira Louise S. Martinez

DOST taps smart farming to help sugarcane farmers adapt to climate change

BusinessWorld — Fri, 31 Oct 2025 08:46:34 +0000

Amid the worsening effects of climate change, particularly on the country’s agricultural sector, various smart farming technologies are being introduced to help sugarcane farmers adapt, according to the Department of Science and Technology (DOST).

Climate change has caused an estimated P463 billion in damages to the Philippines, of which about 62.7% or P290 billion was incurred by the agriculture sector due to extreme weather events such as typhoons and severe high temperatures, according to a 2021 report by the United Nations World Food Programme.

Sugarcane, one of the country’s major crops, was not spared from the effects of climate change.

Data from the Sugar Regulatory Administration showed that the country recorded its lowest milled, raw, and refined sugar output in crop year 2022 to 2023, the lowest in the last five crop years since 2018 to 2019, mainly due to the El Niño–induced dry spell.

Although El Niño is not caused by climate change, it may be affected by it in terms of frequency and intensity, according to an earlier report from the state weather bureau.

To help farmers cope with the effects of climate change, DOST Secretary Renato U. Solidum Jr. said the agency has introduced various smart farming technologies on Negros Island, where about 60% of the country’s sugar output is produced.

“We have the furrow irrigation system so that we can maximize the use of rain,” Mr. Solidum told BusinessWorld.

“And it has been proven that it can increase the production of sugarcane…around 50%.”

DOST’s Automated Furrow Irrigation System was developed to help sugarcane farmers save water and improve crop yield by ensuring that irrigation water is applied in precise amounts and at the right time. The farming solution was first introduced in 2022.

Meanwhile, Rowen R. Gelonga, regional director of DOST Region VI, said the agency seeks to introduce a smart farming solution in Negros Island that uses modern technologies such as soil moisture sensors and geographic information systems (GIS) to help farmers better adapt to changing weather conditions.

“One component of that is really to capacitate the farmers to understand climate change and weather phenomena,” Mr. Gelonga told BusinessWorld.

The project, called Project SARAI Centro, features an accessible and free online application that allows sugarcane farmers to view weather and climate outlooks, as well as receive recommendations on the best times for planting and harvesting.

It also has a mobile application called SPIDTECH that helps farmers identify, monitor, and report crop pest and disease incidences.

Mr. Gelonga said they aim to first train local government units in the region by the end of the year, who will later implement the project and empower local farmers. — Edg Adrian A. Eva

Trade gap narrows to $4.35 billion

BusinessWorld — Thu, 30 Oct 2025 16:34:00 +0000

By Isa Jane D. Acabal

THE PHILIPPINES’ trade deficit in goods narrowed in September, as exports posted double-digit growth, the Philippine Statistics Authority (PSA) reported on Thursday.

Preliminary data from the PSA showed the country’s trade-in-goods balance — the difference between exports and imports — stood at a deficit of $4.35 billion in September, 14.7% smaller than the $5.1-billion deficit a year earlier.

Month on month, the trade gap widened to a two-month high from the revised $3.99 billion in August.

The latest figure was the widest trade deficit since the $4.42-billion gap in July 2025.

In the January-to-September period, the trade deficit narrowed to $37.18 billion, down 5.7% from the $39.43-billion gap in the same period last year.

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

Total outbound sales of Philippine-made goods climbed by 15.9% year on year in September to $7.25 billion, faster than the 5.5% increase in August and a reversal from the 7.6% drop in September 2024.

It was the quickest pace for exports in two months or since the 17.6% growth in July.

Year to date, exports increased by 13.1% to $63.02 billion.

On the other hand, merchandise imports jumped by 2.1% year on year in September, a turnaround from the revised 0.3% drop in August but slower than the 10.1% expansion a year ago.

The import bill in September reached $11.6 billion — the biggest in two months since $11.77 billion in July.

In the first nine months, imports rose by 5.3% to $100.19 billion.

The Development Budget Coordination Committee projects a 2% contraction in exports and 3.5% growth in imports this year.

“The trade deficit slimmed on a yearly basis as exports growth outpaced imports growth. Exports (were) likely buoyed as foreign businesses stocked up ahead of the (fourth-quarter) holiday rush and with more certainty regarding the US tariff situation,” Marco Antonio C. Agonia, an economist from the University of Asia and the Pacific, said in an e-mail.

The US began imposing a 19% tariff on many goods from the Philippines on Aug. 7.

“The imposition of reciprocal tariffs [by the United States] may have initially slowed exports growth in August but likely allowed supply chains to adjust with some degree of certainty in September,” Mr. Agonia said.

The peso’s weakness against the US dollar in September may have also allowed Philippine exports to be more competitive in the global market, he added.

In September, the peso averaged P57.2501 against the dollar, a tad stronger than the P57.2525 average in August, according to the latest central bank data. On an annual basis, the peso depreciated by 2.06% against the US currency, worse than the 0.1% drop in August.

By major type of goods, manufactured goods made up the largest portion of total export receipts, rising by 15.9% year on year to $5.74 billion in September.

Exports of mineral products also rose by 8.9% to $703.68 million in September, while petroleum products declined by 17% to $22.05 million.

Electronic products continued to be the country’s top export commodity, climbing by 27.9% to $4.02 billion and accounting for more than half of total exports.

Semiconductors, a subset of electronic products, jumped by 32% to $3.05 billion in September. Semiconductor exports are currently exempted from the 19% US tariff.

“Philippine exports remained resilient in September, as modest growth in US-bound goods were outpaced by stronger gains in other markets,” Chinabank Research said in a research note.

The United States was the main destination of Philippine-made goods in September, accounting for 15.3% or $1.11 billion of total export sales. This was followed by Hong Kong, which accounted for a 15.1% share or $1.1 billion, China with a 13.2% share or $959.19 million, Japan with a 12.2% share or $883.33 million and the Netherlands with a 4.5% share or $325.78 million.

“Exports remain supported by electronics shipments, possibly to areas outside the USA. So far it seems as though Philippines has been able to find alternative export destinations so far,” Nicholas Antonio T. Mapa, chief economist at the Metropolitan Bank & Trust Co., said.

REBOUND IN IMPORTS
+Meanwhile, the slow imports growth in September reflects the impact of the peso depreciation.

“Importers may have downsized purchases as the price of imported goods mounted with the peso weakness,” Mr. Agonia said, adding that bad weather may have also contributed to the lackluster growth in imports.

Raw materials and intermediate goods, which made up the bulk of the country’s total imports in September, fell by 4.9% to $4.13 billion.

Imports of capital goods rose by 23.8% to $3.77 billion in September, while consumer goods fell by 7.1% to $2.38 billion.

On the other hand, imports of mineral fuels, lubricants and related materials declined by 6.2% to $1.28 billion.

“Imports on the other hand saw lower inbound shipments save for capital goods which was a welcome development to help boost productivity in the medium term. Recent rate cuts by the (Bangko Sentral ng Pilipinas) may finally be starting to help support capital spending of corporates,” Mr. Mapa said.

China remained the top source of imports, accounting for 28.4% or $3.29 billion of the total import bill in September.

It was followed by South Korea with a 9.1% share or $1.06 billion, Japan with 8.1% or $935.07 million, Indonesia with 7.1% or $821.42 million and the US with 6.3% or $728.88 million.

UNCERTAIN OUTLOOK
+George T. Barcelon, chairman of the Philippine Chamber of Commerce and Industry, said in a Viber message that more imports are now coming in as companies get ready for the holiday season.

Mr. Mapa said the outlook for trade is still uncertain, “given ever changing tariff schedules, but capital formation recovery should continue.”

For Mr. Agonia, exports growth may remain healthy in the last quarter of the year, as the peso depreciation boosts the competitiveness of exports.

“However, imports will likely jump as the holiday season commences, and the National Government catches up on its spending plans. We could encounter larger trade deficits as a result,” he said.

Chinabank Research expects the narrower trade deficit in September to have a positive impact on overall gross domestic product (GDP) growth in the third quarter.

The PSA will release the third-quarter GDP on Nov. 7.

BSP sees inflation at 1.4-2.2% in October

BusinessWorld — Thu, 30 Oct 2025 16:33:38 +0000

By Katherine K. Chan

HEADLINE INFLATION may have eased year on year in October despite elevated prices of selected commodities and the peso’s recent weak performance, the Bangko Sentral ng Pilipinas (BSP) said.

Based on the central bank’s month-ahead forecast, inflation likely settled between 1.4% and 2.2% in October, slower than the 2.3% print in the same month a year ago.

At the upper end of the forecast, inflation likely accelerated from 1.7% in September and would be the fastest clip in nine months or since the 2.9% clip in January.

At the bottom end of the forecast, inflation could have hit a three-month low or since 0.9% in July.

“Upward price pressures for the month may stem from higher prices of rice, fish, vegetables, and electricity, as well as the depreciation of the peso,” the BSP said in a statement on Thursday.

The peso breached the P59 level on Tuesday, slipping by 23 centavos to P59.13 per US dollar from its P58.90 finish on Monday. This was a new all-time low for the peso, exceeding the previous record of P59 on Dec. 19, 2024.

Data from the Department of Agriculture (DA) showed the average price of local regular milled rice slipped by 1.3% to P37.30 per kilo in the Oct. 20-25 period from P37.79 per kilo a month ago. Well-milled rice also declined by 0.9% month on month to P42.72 per kilo from P43.10, while special rice fell by 0.3% to P56.92 per kilo from P57.10.

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said the BSP’s forecast is based on the historical trend of rice prices, which reflected elevated wholesale prices during the first half.

“While DA and PSA (Philippine Statistics Authority) data show rice prices declined slightly in late October, BSP likely referred to the overall price elevation that persisted for most of the month, especially (in the first half), when retail and wholesale rice prices were still high due to tight domestic supply, import delays, and higher logistics costs,” he said in a Viber message.

“Thus, rice remained an upward pressure on inflation relative to its historical trend, even if it softened toward month end,” he added.

Electricity rates also jumped during the month as the Manila Electric Co. hiked the overall rate by P0.2331 per kilowatt-hour (kWh) to P13.3182 per kWh in October.

The BSP said lower prices of oil, meat and fruits could partially temper inflationary pressures during the month.

In October, pump price adjustments stood at a net increase of P1.80 a liter for gasoline, P2.10 per liter for diesel and P1.10 per liter for kerosene.

“As for fuels, the BSP may have noted lower pump prices toward the end of October, which began to offset earlier price hikes in the month,” Mr. Rivera said.

Mr. Rivera noted that pump prices rose in mid-October but later dropped amid weaker demand expectations and stable output from the Organization of the Petroleum Exporting Countries.

“Hence, while fuel prices increased on a monthly net basis, the downward correction late in the month helped temper inflation momentum going into November,” Mr. Rivera added.

Earlier this month, the central bank said its inflation expectations remain “well-anchored.”

In the nine months to September, headline inflation averaged 1.7%, matching the BSP’s target for the year.

For 2026, the central bank sees inflation accelerating to 3.1%, before slowing to 2.8% in 2027.

The PSA is set to release the October inflation data on Nov. 5.

“Going forward, the BSP will continue to monitor evolving domestic and international developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation,” the central bank said.

On Oct. 9, the Monetary Board continued its easing cycle, cutting its policy rate by 25 basis points (bps) to a three-year low of 4.75%.

It has so far reduced borrowing costs by 175 bps since it began its easing cycle in August 2024.

BSP Governor Eli M. Remolona, Jr. has left the door open for further easing until next year as they seek to support the economy as corruption scandals clouded the growth outlook.

BSP Monetary Board member Benjamin E. Diokno likewise said on Monday that he expects another 25-bp cut to the policy rate before yearend and potentially more in 2026.

The Monetary Board will hold its last policy-setting meeting this year on Dec. 11.

Philippine government’s outstanding debt slips to P17.46 trillion

BusinessWorld — Thu, 30 Oct 2025 16:32:29 +0000

THE NATIONAL GOVERNMENT’S (NG) outstanding debt slid to P17.46 trillion at the end of September, but remained above the full-year projection, data from the Bureau of the Treasury (BTr) showed.

BTr data showed the outstanding debt dipped by 0.07% or P13.09 billion in September from P17.47 trillion at end-August.

September marked the second straight month of decline in outstanding debt.

However, this was still 0.6% above the projected year-end debt level of P17.36 trillion.

“The continued decrease reflects the government’s sound fiscal discipline, strategic borrowing strategy, and proactive liability management, supported by steady market conditions and robust domestic investor confidence,” the Treasury said.

Year on year, NG debt rose by 9.83% from P15.89 trillion at the end of September 2024, the BTr said.

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 September figures affirm the Marcos, Jr. administration’s strong fiscal discipline and proactive debt management, ensuring that government financing remains sustainable, strategic, and supportive of the country’s growth priorities,” BTr said.

In September, the bulk or 68.6% of the total debt stock came from domestic sources, while the rest came from external sources. The BTr said this was “consistent with the government’s policy of reducing foreign exchange risk while deepening domestic capital market development.”

Domestic borrowings fell by 0.9% to P11.97 trillion at end-September from P12.09 trillion at end-August. This was lower than the P12.04-trillion year-end domestic debt projection.

“(The) government paid off more borrowings than it issued new ones… Total repayments exceeded new issuances by P117.29 billion, more than offsetting the P3.16-billion upward revaluation from the peso depreciation against the retail dollar bonds,” the Treasury said.

Year on year, domestic debt jumped by 9.48% from P10.94 trillion.

On the other hand, external debt rose by 1.9% to P5.48 trillion as of end-September from P5.38 trillion at end-August, mainly due to the weaker peso.

“This movement more than offset the P1.3-billion in net loan repayments and P2.1 billion in third-currency fluctuations,” the BTr said.

BTr data used a foreign exchange rate of P58.149 per dollar at end-September, weakening from P57.042 per dollar at end-August and P56.017 at end-September 2024.

Year on year, external debt increased by 10.6% from P4.96 trillion.

The latest external debt tally also exceeded the P5.31-trillion year-end projection by 3.16%.

Foreign debt was composed mainly of P2.79 trillion in global bonds and P2.69 trillion in loans.

External debt securities were made up of P2.36 trillion in US dollar bonds, P259.37 billion in euro bonds, P59.59 billion in Japanese yen bonds, P58.15 billion in Islamic certificates and P54.77 billion in peso global bonds.

As of September, the NG-guaranteed obligations inched up by 0.05% to P346.63 billion from P346.46 billion in August.

“This was attributed to a P1.75-billion upward revaluation of guarantees due to peso depreciation, partially offset by a P1.33 billion in combined net repayments, and downward adjustment from third-currency movements amounting to P0.25 billion,” BTr said.

Year on year, obligations fell by 7%.

“The decline in debt is primarily driven by a significant decline in government spending amid the corruption scandal. This caused government expenses to go down and some halted while scrutiny and checking are being done,” Reinielle Matt M. Erece, an economist at Oikonomia Advisory and Research, Inc., said in a Viber message.

Mr. Erece said the consistent repayment of existing debt also brought debt levels lower.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the lower debt level in September was also due to a large volume of maturities in government securities during the month.

Mr. Ricafort said the weaker peso during the month “effectively increased the peso equivalent of the outstanding National Government foreign debts when converted to pesos.”

The peso weakened by 1.87% or P1.066 to close at P58.196 on Sept. 30 from P57.13 on Aug. 29.

Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said outstanding debt is expected to increase by yearend.

“With continued infrastructure spending, external repayments, and elevated interest costs, the National Government debt is likely to rise moderately toward yearend, staying around 60-61% of GDP (manageable but still requiring vigilance to maintain fiscal sustainability),” Mr. Rivera said in a Viber message.

“This might reverse if exchange rate breaches P60 per dollar requiring more debt management,” he added.

At the end of the second quarter, NG debt as a share of gross domestic product stood at 63.1%, the highest since 2005.

The Department of Finance expects the NG debt-to-GDP ratio to ease to 61.3% by end-2025 and eventually fall to 58% by 2030. — Aaron Michael C. Sy

PEZA expects 14 additional ecozone proclamations before end-2025

BusinessWorld — Thu, 30 Oct 2025 16:31:00 +0000

By Beatriz Marie D. Cruz, Reporter

THE PHILIPPINE Economic Zone Authority (PEZA) is expecting 14 additional economic zones (ecozone) to be approved within the year.

“We’re awaiting 14 more proclamations happening hopefully within the year,” PEZA Director-General Tereso O. Panga told reporters on the sidelines of an event on Tuesday.

“We’re still on track with the ambitious target of having 30 proclamations within the year,” he added.

The Office of the President issues the proclamation which officially designates specific parcels of land as special economic zones, upon the recommendation of PEZA.

Mr. Panga also noted that the Palawan Mega Ecozone is likely scheduled for ecozone proclamation “maybe by next year.”

“There’s an official turnover already by the Bureau of Corrections (BuCor) of an initial 4,000 hectares (ha) out of 28,000 ha. So, we will be doing the groundbreaking, and also the visit to Palawan, maybe by next month,” he said.

The Palawan Mega Ecozone will be established within the 28,000-ha Iwahig Prison and Penal Farm in Puerto Princesa City, Palawan. It is scheduled to be operational by 2028.

According to PEZA, the ecozone is expected to attract emerging and high-value industries like electric vehicle production, advanced manufacturing, green ores processing and nano tech. It also seeks to attract knowledge-based and artificial intelligence-driven industries as well as those related to the medical field.

The initial 4,000 hectares turned over by the BuCor will cover the first phase of the development, PEZA said.

BuCor Director-General Gregorio Pio P. Catapang, Jr. also recently announced plans to develop a BuCor property in Sablayan, Mindoro Occidental into a township ecozone.

The Philippine government is banking on ecozones to attract more investments and generate jobs for the country.

In the first half of the year, President Ferdinand R. Marcos, Jr. approved four ecozones — the expansion of the Aboitiz-led Lima Technology Center in Lipa and Malvar, Batangas, as well as the IT parks in Bacolod City under Megaworld Corp., and the Tagbilaran Uptown IT Hub 2 in Bohol.

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said more ecozone approvals give investors predictability and confidence to invest in the country.

“Through fiscal incentives, infrastructure support, and streamlined regulation, ecozones create clusters that stimulate local supply chains and enhance productivity spillovers in surrounding communities,” he said in a Viber message.

Mr. Rivera added that stronger collaboration among PEZA, local government units, and infrastructure agencies can help expand ecozone development beyond traditional manufacturing to digital, green, and innovation-driven zones.

George N. Manzano, an economist from the University of Asia and the Pacific, said investors can rely on reliable power, roads, logistics, tax incentives and simpler rules in economic zones.

“In many developing countries like the Philippines, we often struggle with poor infrastructure, slow government processes, and even corruption. Ecozones were created partly to deal with these problems,” he said in a Viber message.

Mr. Manzano noted that having more ecozones could help boost regional development.

“They create jobs outside Metro Manila and bring in new technologies and business practices that local workers can learn from. In that sense, ecozones can be engines of both regional and national growth,” he said.

“Of course, there’s a risk too. If ecozones don’t connect with local suppliers or nearby industries, they can become isolated enclaves — productive, yes, but with limited benefits for the surrounding community. The challenge is to make sure the growth they generate actually spills over to the local economy,” Mr. Manzano added.

About 34 ecozones have been proclaimed since the beginning of the Marcos administration, accounting for P14.7 billion in capital investment, PEZA said.

AboitizPower to acquire 25% stake in Vietnam coal plant for P12.9B

BusinessWorld — Thu, 30 Oct 2025 16:11:27 +0000

ABOITIZ Power Corp. (AboitizPower) is set to acquire a 25% stake in Van Phong Power Company Limited (VPCL), operator of a 1,320-megawatt (MW) coal-fired power plant in Vietnam, from Japan’s Sumitomo Corp. for $220 million (around P12.9 billion).

In a regulatory filing on Thursday, AboitizPower said this marks its first significant investment outside the Philippines.

The Van Phong plant, located in Khánh Hòa Province, began commercial operations in January 2024 and delivers roughly 8.5 billion kilowatt-hours of electricity annually to Vietnam’s national grid.

It operates under a 25-year power purchase agreement with state-owned utility Vietnam Electricity and is the largest foreign-invested power plant in the Van Phong Special Economic Zone.

AboitizPower said the investment aligns with its strategy to maintain a “well-balanced portfolio of energy technologies” while pursuing renewable energy initiatives.

“This investment is in parallel with our renewable investment program and is aligned with our aspiration to ensure a balanced long-term energy transition, contributing to reliable and affordable energy systems,” the company said.

The completion of the transaction remains subject to regulatory approvals.

Sumitomo, a diversified Japanese conglomerate, is engaged in sectors including metals, automotive, infrastructure, real estate, digital media, chemicals, and energy transformation.

AboitizPower serves as the Aboitiz group’s arm for power generation, distribution, and retail electricity, as well as related energy solutions.

The company aims to expand its total attributable net sellable capacity to 9.2 gigawatts by 2030, maintaining a balance between renewable and thermal energy.

For the nine months ending September, AboitizPower reported a 15% decline in core net income, reflecting full-year depreciation and interest expenses for its 1,336-MW GNPower Dinginin Ltd. Co. coal plant in Bataan.

As of the first half of 2025, AboitizPower is the country’s leading power generator, holding a 23.86% share of the national grid, according to the Energy Regulatory Commission.

On Thursday, shares in the company fell 0.24% or 10 centavos, closing at P40.90 apiece. — Sheldeen Joy Talavera

PXP Energy eyes investments in producing oil fields as Galoc contract nears expiry

BusinessWorld — Thu, 30 Oct 2025 16:10:24 +0000

PANGILINAN-LED PXP Energy Corp. said it is exploring investments in new or near-ready producing oil fields that can generate earlier cash flow, as the term of the service contract (SC) governing its only producing oil field approaches expiration.

“With Galoc production approaching the end of field life, the company is also exploring opportunities to reinvest in producing or near-term development fields that could generate earlier cash flow, all while maintaining a clear focus on its upstream business,” PXP said in a regulatory filing on Thursday.

The SC covering the Galoc Oil Field in northwest Palawan, which has produced about 25 million barrels of oil since 2008, is set to expire on Dec. 17.

PXP noted that the field remains commercially viable despite natural production decline and can continue operations beyond the contract’s term.

The company said it is also ensuring sufficient financial flexibility as it advances early-stage petroleum exploration in the southwestern Sulu Sea.

PXP remains focused on “preserving liquidity and maintaining readiness while progressing early-phase technical assessments” under its recently awarded petroleum SCs, the company said.

Earlier this month, PXP and its joint venture partners secured three contracts, covering two Sulu Sea blocks — SC 80 and 81 — and SC 86, covering the Octon Block in northwest Palawan.

The Sulu Sea blocks are jointly administered by the Department of Energy and the Bangsamoro Autonomous Region in Muslim Mindanao through its Ministry of Environment, Natural Resources, and Energy.

“The Company continues to maintain prudent operations across its portfolio and is preparing to participate in technical work programs committed to the government under these newly awarded blocks,” PXP said.

The company also remains committed, together with Forum Energy Limited, to unlocking the long-term potential of assets in the West Philippine Sea amid ongoing maritime dispute suspensions, it said.

PXP awaits the final government review for two additional service contracts in the northwest Palawan basin, expected within the next few months.

For the nine months ending September, the company posted a wider attributable net loss of P39.8 million, up from P14.8 million a year ago.

Core net loss reached P32.8 million from P17.8 million, due to softer crude prices, lower Galoc production volumes, and higher interest charges.

Consolidated revenues fell 22.4% to P50.3 million, reflecting a 13.5% decline in sales volume to 414,124 barrels and a 13.8% drop in average realized crude price to $70 per barrel.

Costs and expenses rose 7.7% to P84.2 million, largely due to a one-off overhead increase from a foreign subsidiary.

On Thursday, PXP shares closed at P2.36, down six centavos or 2.48%. — Sheldeen Joy Talavera

SM Prime gets SEC approval to offer P17-B retail bonds

BusinessWorld — Thu, 30 Oct 2025 16:09:24 +0000

SM PRIME HOLDINGS, INC. (SMPH) has secured approval from the Securities and Exchange Commission (SEC) to offer up to P17 billion in fixed-rate retail bonds, the third tranche of its P100-billion debt securities program.

In a regulatory filing on Thursday, the listed property developer said the SEC permit, dated Oct. 30, allows it to issue P12 billion in fixed-rate bonds, with an oversubscription option of up to P5 billion, under Series AB, AC, and AD.

The bonds will carry interest rates of 5.9096% for Series AB maturing in 2030, 6.0858% for Series AC due 2032, and 6.2855% for Series AD due 2035.

Proceeds from the issuance will fund 16 major redevelopment projects and 12 new lifestyle malls planned through 2030, as well as support the launch of new malls in Xiamen and Fujian, China.

Philippine Rating Services Corp. (PhilRatings) assigned the bonds its top rating of PRS Aaa with a “stable” outlook, indicating an “extremely strong” ability to meet financial commitments.

In September, SM Prime raised $350 million from its first dollar bond issuance and postponed a planned $1-billion real estate investment trust listing until after 2026 due to challenging market conditions.

On Thursday, SM Prime shares fell 1.32% or 30 centavos, closing at P22.40 apiece. — Alexandria Grace C. Magno

Hauntings, violence, and true crime: Series to binge on over Halloween

BusinessWorld — Thu, 30 Oct 2025 16:08:25 +0000

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IN TIME for the culmination of spooky season, horror and crime drama series are filling online streaming platforms. Here is a quick rundown of what you can catch this Halloween if getting shivers down your spine is your thing.

NETFLIX
+From suspense-filled thrillers to natural and supernatural horror, there’s a lot to choose from on Netflix. There is True Haunting, an American docufiction series that looks into hauntings using immersive reenactments and interviews. With James Wan as one of its executive producers, the five episodes look into two tales of mysterious hauntings.

Meanwhile, the Italian true crime limited series The Monster of Florence delves into the case of a serial killer in 1960s Italy who targeted couples parked in lovers’ lanes. Based on a notorious true story, the four-episode limited series was directed by Stefano Sollima.

Other interesting titles are Nightmares of Nature, an animal documentary series that centers on the horrific beauty of nature from the perspective of prey; and Monster: The Ed Gein Story, the third in Ryan Murphy and Ian Brennan’s anthology of American serial killers, this time following the 1950s murderer Ed Gein.

HBO MAX
+Another series about a real-life serial killer, this time on HBO Max, is Devil in Disguise: John Wayne Gacy. The miniseries first premiered on Peacock and dramatizes the life of Gacy who murdered young men and boys in the 1970s.

Then there’s the HBO original crime drama Task, created by Brad Ingelsby, which stars Mark Ruffalo as an FBI agent investigating violent robberies in stash houses. The seven-episode miniseries is a bleak and horrific look at the reality of crime.

For a more fun yet appropriately themed watch, check out the 11^th season of Halloween Baking Championship, an entertaining battle between some of America’s top bakers who are seeking to create the spookiest treats and desserts.

DISNEY+
+Disney+ has a lineup of horror and crime series fresh from Hulu. Murdaugh: Death in the Family is a five-episode miniseries that investigates a man accused of the murders of his wife and son. The platform also has the biographical miniseries The Twisted Tale of Amanda Knox, a true story that centers on an American college student studying in Italy who is wrongfully convicted of murder.

Riffing off the popularity of true crime these days, Hulu is also showing the fifth and latest season of the fictional comedy-drama Only Murders in the Building. The show is a must-watch, about a trio of neighbors (played by Steve Martin, Martin Short, and Selena Gomez) who have a shared interest in true crime podcasts and become friends while investigating a series of murders in their apartment building.

PRIME VIDEO
+Over on Prime Video, the UK-set horror-thriller series Lazarus, created by Harlan Coben and Danny Brocklehurst, follows a forensic psychiatrist who looks into cold case murders after coming home for the death of his father. Meanwhile, the platform’s satirical superhero series Gen V, a spinoff of the famed and equally violent hit The Boys, has a new season.

Another fun watch is the brand-new second season of Hazbin Hotel, an adult animated musical series about Charlie Morningstar, the crown princess of Hell.

LIONSGATE PLAY
+For older titles that aren’t necessarily spooky, but still horrific in their own, realistic way, Lionsgate Play has some gems worth revisiting. The 2018 UK drama miniseries A Very English Scandal has Hugh Grant play a charming and charismatic politician hiding a dangerously cruel interior.

Finally, there’s Mr. Robot, a show that ran from 2015 to 2019, starring Rami Malek as a cybersecurity engineer and vigilante hacker who exposes the scary global chaos of a world that is reliant on the internet. — Brontë H. Lacsamana

PHirst to spend P8.39B to build 13,150 more homes by yearend

BusinessWorld — Thu, 30 Oct 2025 16:08:03 +0000

PHIRST Park Homes, Inc. (PPHI), the first-home brand of Century Properties Group, Inc. (CPG), said it has earmarked P8.39 billion to deliver 13,150 additional housing units nationwide by end-2025.

In a disclosure to the stock exchange on Thursday, the company said it has tapped its in-house construction arm, PHirst Build, and Saavedra-led Megawide Construction Corp. for the projects.

PHirst Build will construct 6,326 units across Luzon projects, including PHirst Park Homes Sto. Tomas and PHirst Park Homes Magalang East.

Megawide, for its part, will build 5,824 precast units in Cavite, Laguna, and Batangas.

About 1,000 more houses are under the contract awarding stage and scheduled for construction this year, the company said.

PPHI said it awarded 29,306 housing units to contractors in 2024 alone, bringing its total housing portfolio to 42,456 units since its establishment in 2017.

The developer has completed 15,000 housing units in the first half, of which 10,000 have been turned over to buyers. The number of units turned over is expected to reach 14,000 by yearend.

“Our initiatives, through innovative construction methods and strategic partnerships with contractors and suppliers, represent a strong continuation of our mission to provide affordable housing solutions,” PHirst Vice-President for Technical Operations Division Roy C. Lachica said.

“These also help us to continue our expansion into more locations nationwide as the company responds to the country’s growing demand for housing,” he added.

PHirst currently has 31 active projects located in Cavite, Laguna, Batangas, Quezon Province, Bulacan, Pampanga, Bataan, Nueva Ecija, and Bacolod City.

“Through innovative construction methods and strong partnerships, PHirst strives to make homeownership accessible for all Filipinos while actively contributing to community development,” the company said.

CPG reported a 14% growth in first-half net income to P1.22 billion, supported by its affordable housing segment.

At the local bourse on Thursday, CPG shares closed flat at 65 centavos apiece. — Beatriz Marie D. Cruz

DITO tops download speeds; Smart, Globe lead in coverage — Opensignal

BusinessWorld — Thu, 30 Oct 2025 16:07:32 +0000

DITO Telecommunity Corp. has kept its lead in download speed performance, while Smart Telecommunications, Inc. and Globe Telecom, Inc. continued to dominate in coverage and upload speed, according to the latest report by independent analytics firm Opensignal.

In its October Mobile Network Experience Report, Opensignal said DITO remained ahead in overall download speed with an average of 39.8 megabits per second (Mbps), followed by Smart with 36.2 Mbps and Globe with 25 Mbps.

Smart, however, led in overall upload speed experience at 6.2 Mbps, trailed by DITO with 6.1 Mbps and Globe with 5.1 Mbps.

For 5G download speed experience, DITO also ranked first with an average of 253.9 Mbps, while Smart and Globe registered 144.6 Mbps and 93.6 Mbps, respectively.

Opensignal said that 5G download speed experience measures the average download speed experienced by users across an operator’s 5G network.

Meanwhile, Globe posted the highest coverage experience score at 7.4 points on a 10-point scale, ahead of Smart with 7.2 points and DITO with 3.8 points.

Opensignal said the metric reflects users’ experience as they move through areas where they would reasonably expect to have network coverage.

For 5G coverage experience, Smart led with 1.7 points, followed by Globe with 0.9 points and DITO with 0.4 points.

“This recognition highlights DITO’s rapid growth and reinforces its position as a top performer in the Philippine market,” Opensignal said. — Ashley Erika O. Jose

BPI upgrading fraud systems to comply with anti-scam law

BusinessWorld — Thu, 30 Oct 2025 16:06:58 +0000

BANK of the Philippine Islands (BPI) is working to comply with the enhanced fraud and risk management systems required under the Anti-Financial Account Scamming Act (AFASA), keeping it on track to meet the mid-2026 deadline.

“There are a lot of points that we need to [address] but by and large, we are already compliant. But… we need to make sure that we are compliant come day one of the implementation next year. That’s something the rest of the industry are all working towards,” BPI Enterprise Information Security Officer and Data Protection Officer Jonathan John Paz told reporters at an event last week.

“We are not totally compliant yet, but we are confident that we will be compliant.”

The Bangko Sentral ng Pilipinas (BSP) has given banks until June 25, 2026 to adopt new fraud management systems and upgraded security and authentication measures for consumers as part of the AFASA’s implementing rules. Lenders were also given six months to update their risk management frameworks.

Mr. Paz said as part of AFASA’s implementation, the banking industry as a whole also has to come up with common standards and rules, like terms and conditions for account openings, which are still being drafted.

“The thing is, the AFASA can only work when everyone is ready. Everyone has to be on the same page for AFASA to work. So, it’s not a matter of where is BPI in terms of compliance. The more important question is, is the whole industry ready for AFASA? Because we might be ready, but we can’t do anything if the other counterparties are not,” he said.

“The only thing left is really how the other banks will also respond. So, there are processes that can only be finalized once there’s an agreement among everyone… because we can’t word it in one way, and the other banks will word it differently. There will be gaps between banks.”

Fighting financial fraud requires collective effort, Mr. Paz said.

“Because if there is a weak link in the system, then that gets to be exploited. And then, fraud cannot be totally eliminated.

For example, if there’s a bank that is not able to properly screen their accounts… that exposes everyone to fraud risk. So, I understand where the BSP comes from. And definitely, we support these kinds of activities because fraud undermines the legitimacy of online commerce, of e-commerce. Online commerce, e-commerce, brought us along the path of inclusivity, financial products, innovation… It has done wonders for everyone in the Philippines,” he said.

“Fraud undermines the concept of online payments. And we can’t go back to where we were before… So, definitely, if you want this good thing to continue, we need to fight against what’s undermining it, which is fraud.” — AMCS

Cebu Pacific leases 2 aircraft from Bulgaria Air for peak travel season

BusinessWorld — Thu, 30 Oct 2025 16:06:31 +0000

BUDGET CARRIER Cebu Pacific has entered into a damp lease agreement with Bulgaria Air to augment its fleet ahead of the expected surge in passenger traffic during the peak travel season.

“We are continuously exploring ways to expand our fleet and ensure operational resilience,” Cebu Pacific President and Chief Commercial Officer Alexander G. Lao said in a statement on Thursday.

Under the agreement, two Airbus 320 CEO aircraft from Bulgaria Air will service domestic routes between Manila and Cebu, Davao, Iloilo, and Cagayan de Oro from December 2025 to January 2026.

A damp lease allows the lessor to provide aircraft, crew, maintenance, and insurance to the lessee.

“This collaboration is yet another testament to the high level of trust and professionalism that our team delivers in the implementation of international leasing projects,” Hristo Todorov, chairman of the management board of Bulgarian Airways Group, said.

Each aircraft will have a 180-seat capacity. Bulgaria Air is the national carrier of the Republic of Bulgaria.

Cebu Pacific previously signed a similar agreement with Bulgaria Air in 2023 to service domestic routes such as Cebu and Davao from January to May 2024.

Cebu Pacific currently operates 37 domestic and 26 international destinations across Asia, Australia, and the Middle East.

For the third quarter, its listed operator Cebu Air, Inc. said passenger volume rose by 2.6% to 1.83 million, supported by strong domestic travel demand.

At the stock exchange on Thursday, shares in Cebu Air fell by 90 centavos, or 2.98%, to close at P29.30 each. — Ashley Erika O. Jose

Of monsters born from systemic cruelty

BusinessWorld — Thu, 30 Oct 2025 16:06:24 +0000

By Brontë H. Lacsamana, Reporter

Movie Review
+No Other Choice
+Directed by Park Chan-wook
+MTRCB Rating: R-13

GREED and self-preservation can devolve into carnage, be it in a metaphorical sense as men chase the necessity of capital, or in a literal sense as they seek to actually kill.

This movie takes us through that endless rat race.

No Other Choice follows veteran paper mill manager Yoo Man-soo (played by Squid Game antagonist Lee Byung-hun), who is laid off and humiliated by a ruthless job market. As he gets more and more desperate to reclaim his dignity and continue providing a comfortable lifestyle for his family, he gradually resorts to shocking acts of violence.

At the heart of this thriller is Lee’s riveting performance as a man who is fully subsumed by the endless climb to a stable career. Director Park Chan-wook, known for his creative and sometimes even playfully manic visual style, depicts this character’s wins bleakly as if they were losses. This film is the type where you wouldn’t know whether to laugh, feel sad, or gape at the screen in anguish or horror. Lee is perfectly cast, able to nail this precarious balance between humor and cruelty.

Ultimately, Park’s latest film does have echoes of the devilish heartbreak in Decision to Leave, the elaborate blossoming in The Handmaiden, and the brutal horseplay in Oldboy, but it stands on a unique platform of its own, as a singularly cutthroat capitalist tragedy. No Other Choice lives and breathes the exasperation of a man who refuses all other choices presented to him to keep climbing the ladder he is on, even as the journey disfigures him into something unrecognizable.

Son Ye-jin as his beautiful and lively yet dutifully loyal wife, Lee Mi-ri, also stuns. She conveys the full spectrum of emotion of a woman who will stand firm with the man she has married, even as he crosses the point of no return. In the hands of Park, both her and Lee’s acting talents shine.

Park Chan-wook doesn’t disappoint, though his usual formal playfulness is reeled in, even somewhat streamlined here to serve the story — like a match-cut transition from a family hug to water rushing down a drain, a cross-dissolve imposition of a man plotting over a bonfire and his wife searching for clues to his strange behavior — not as flashy as stuff from his previous work, but effective all the same.

The details are impeccable, reflected by the physical and mental tough love that goes into the characters’ care for plants, and the kinds of forests that are built on the extremes of this brutal nature. It’s no wonder this is South Korea’s official entry to the 98^th Academy Awards.

Fans of director Park’s work will be impressed by how No Other Choice juxtaposes regular family struggles with the amoral actions that individuals have to make to prosper in a world of corporate greed. Perhaps the most striking thing about this film is how bleak and empty the successful moments feel, despite the main character’s visible triumph after each step of his elaborate scheme.

In the beginning, Min-soo talks a big game about justice and togetherness and the necessity of manual labor in their line of work. The ending, without spoiling, puts him in the largest and emptiest of spaces, thanks to the advancements of AI that have broken down the very principles he used to espouse.

This is about a man losing his soul, bit by bit, as he learns to adapt to the systemic cruelty that seeks to snuff him out, until he eventually regurgitates the same phrase that the higher-ups down to the middlemen have said to him time and again: that he simply has no other choice.

No Other Choice is now showing in Philippine cinemas nationwide.

Asia United Bank’s nine-month net earnings up 9%

BusinessWorld — Thu, 30 Oct 2025 16:05:57 +0000

ASIA UNITED BANK Corp.’s (AUB) net profit rose by 9% year on year in the first nine months, backed by higher revenues.

AUB booked a net income of P9.4 billion in the nine months ended September, climbing from P8.6 billion in the same period a year ago, it said in a disclosure to the stock exchange on Thursday. This translated to a return on assets of 3.2% and a return on equity of 20.4%.

Its financial statement was unavailable as of press time.

“Sustaining our profitability is no mean feat, considering the heightened risks in our operating environment, both domestically and globally. But we managed to post double-digit growth rates in our core businesses,” AUB President Manuel A. Gomez said.

“We remain on the lookout for growth opportunities on the horizon, particularly in digital partnerships. It is through this that we can offer digital payment solutions such as our all-in-one digital payment acceptance product AUB PayMate, as well as revolutionize cross-border digital payments through our HelloMoney e-wallet, among others.”

The bank’s operating income rose by 10% to P17.2 billion in the period from P15.6 billion the previous year.

“Earning assets [grew] 22% to P390.6 billion from P319.2 billion, resulting in an 8% increase in net interest margin to P13.5 billion and a net interest margin ratio of 5% during the period,” it said.

AUB’s non-interest income jumped by 18% year on year to P3.7 billion, supported by trading and foreign exchange gains and higher fee-based revenues from credit cards,

AUB PayMate, HelloMoney and remittance transactions, trust operations, and other branch-related services.

Meanwhile, its operating expenses grew by 10% to P5.5 billion due to higher compensation, capital expenditures, and growth-related costs.

This resulted in a cost-to-income ratio of 32.2%, AUB said.

The bank’s loan book expanded by 29% year on year to P256.9 billion at end-September from P198.9 billion.

Despite this growth, its nonperforming loan (NPL) ratio improved to 0.36% at end-September from 0.53% a year ago.

“AUB set aside loan loss provisions 141% higher than the previous year to support its expanding loan portfolio… It also remains sufficiently covered, with an NPL coverage ratio at 117.14%.”

On the funding side, total deposits went up by 19% to P336.2 billion, 78% of which were low-cost current account, savings account deposits, up from the 76% ratio seen a year ago.

AUB’s total assets stood at P417.1 billion as of September, growing by 19% from the year-ago level.

Total equity was at P65.7 billion, up 16% from P56.6 billion in the same period last year, backed by its retained earnings.

“The bank is adequately capitalized with capital ratios well above regulatory requirements. It has an indicative common equity Tier 1 ratio of 18.75% and a capital adequacy ratio of 19.5%,” it said..

AUB shares dropped by 75 centavos or 1.98% to close at P37.10 apiece on Thursday. — A.M.C. Sy

SEC sanctions Surity Cash for violating lending circular on debt collection

BusinessWorld — Thu, 30 Oct 2025 16:05:31 +0000

THE Securities and Exchange Commission (SEC) has imposed a P1-million fine on Surity Cash Lending Investors Corp. for what it said were violations of its rules on debt collection practices.

In a statement on Wednesday, the SEC said its en banc panel found Surity Cash in violation of three provisions under SEC Memorandum Circular (MC) No. 18, Series of 2019, which sets the guidelines against unfair debt collection practices for lending and financing companies.

“While this commission is not imposing the penalty of suspension or the supreme penalty of revocation at this time, unfair or abusive debt collection and recovery practices have no place in the lending/financing industry. These practices will never be considered reasonable and legally permissible means to collect a loan,” the SEC order dated Sept. 16 said.

The SEC said the decision should be considered by the company as “a stern and final warning” that any further or repeated violations of MC No. 18 and other applicable laws, rules, and regulations would be dealt with more severely.

According to the SEC, Surity Cash was found to have violated Section 1 of MC No. 18, which prohibits the use of threats, obscene or insulting language, and the disclosure of borrowers’ personal information in connection with debt collection.

The SEC also cited a violation of Section 4 of the circular for the delayed submission of the company’s sworn certification confirming compliance with the requirement to establish a customer service department or designate personnel to handle borrower concerns.

The SEC said it allowed Surity Cash to maintain its corporate registration but reminded the company to strictly observe regulatory requirements.

Surity Cash Lending Investors Corp. has yet to respond to BusinessWorld’s request for comment sent via e-mail. — Alexandria Grace C. Magno

Golden Haven Pet Crematorium showcases compassionate pet memorial services at World Pet Expo 2025

BusinessWorld — Thu, 30 Oct 2025 16:05:25 +0000

Golden Haven Pet Crematorium took part in the World Pet Expo 2025, held from Sept. 25 to 28 at the World Trade Center, Manila, offering furparents an intimate look into how beloved pets are memorialized with dignity and care.

At the exhibit, Golden Haven shared its heartfelt and detailed memorial process — from a gentle bath and grooming before pet viewing, to allowing furparents one final, peaceful moment with their companions before cremation. Visitors also saw the meaningful keepsakes each family receives after the process: a fur sample, tooth sample, pawprint, certificate of cremation, and an urn box complete with a picture frame.

The booth also presented options for personalized memorial upgrades such as pendants, metal urns, ceramic urns, and other custom memorabilia, allowing furparents to choose tributes that reflect their pet’s unique personality and place in the family.

Now in its second year of operation, Golden Haven Pet Crematorium has helped countless families find comfort and closure in saying goodbye to their pets with compassion and respect.

“Our work goes beyond service. It’s about honoring unconditional love,” said Analyn Anero, Golden Haven Pet Crematorium Operations Head. “Every day, we witness how deeply furparents love their pets, and it’s a privilege to provide a space and process that brings peace and remembrance. Over time, we’ve built not just a service, but a community rooted in empathy.”

Through its participation in the World Pet Expo, Golden Haven reaffirmed its mission to redefine pet memorial care in the Philippines — blending professionalism, compassion, and respect in every step of the journey from love to legacy.

Explore the products and services that Golden Haven Pet Crematorium offers today. Call or message 0999-886-4176 / 0920-967-5069 or visit their website at www.goldenhaven.com.ph.

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Stuff to Do (10/31/25)

BusinessWorld — Thu, 30 Oct 2025 16:05:23 +0000

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Spend Halloween night at Greenbelt

AYALA MALLS is holding “After Dark: Step Into the Unknown,” a night of music, mystery, and revelry on Oct. 31 at Greenbelt 3 Park, 6 p.m. onwards. Those who want to participate must present a receipt from any Greenbelt store dated Oct. 24 to 31 at the registration table. No minimum spend is needed. Upon entrance, partygoers can access games, craft drinks, live music, and a special surprise dance performance.

Go to a Halloween rave at Okada Manila

TOUTED as Manila’s biggest Halloween rave of the year, &FRIENDS HALLOWEEN, hosted by &Friends Fest, is inviting party people to come to the dance floor of The Cove at Okada, Manila, on Oct. 31. It will have three different stages, featuring mainstream DJs and club artists at the indoor area and open-air beat-makers at the garden area. Names include Rock2, Dabin, BEAUZ, SABAI, and Y3llo. Doors open at noon for the outdoor partygoers and 2 p.m. for the interior of The Cove. Tickets, with General Admission priced at P3,750 and VIP at P6,500, are available via TicketMelon.

Try out a Halloween maze at Solaire

SOLAIRE RESORT Entertainment City’s Grand Ballroom transforms into a maze perfect for kids and adults. On Oct. 31 at 2 p.m., families and children can wander through Solaire Street inside the Grand Ballroom for trick-or-treat, carnival games, arts and crafts, and meet enchanting characters from their favorite shows. Starting 9 p.m., the ballroom turns wicked where adults can enjoy cocktail lounges, themed bar experiences, and DJ performances by Mars Miranda, Patrick Oliver, Jimmy Nocon, and more. Families can complete all activities, get their passports stamped, and win special prizes at eight vignettes. These include the Velvet Manor, Wand & Whimsy, Castle Dracula, Blood Moob Den, Tomb of the Curse, the Abandoned Lab, House of Gwi-Ma, and the Wicked Hollow. Some of the attractions double as spooky grown-up places at night (including the Macabre Lounge Bar, Blood Bar, Crimson Bar, and Light Stick Bar). Secure tickets at https://sec.solaireresort.com/offers/entertainment/halloween-at-solaire-street#night.

Celebrate Halloween like a grown-up at Solaire Resort North

SOLAIRE RESORT North will host the Black Swan Halloween Soirée on Oct. 31 as the Skybar partners with Bacardí Philippines to create exclusive new cocktails for Halloween. For P1,000++ per person, guests get unlimited servings of the cocktails and luxury bottle packages made for the night. DJ Eva Smalls will provide the music. Slip into your best Black Swan-inspired outfit for the night and indulge in the dark. For more of a thriller, visit Quezon Club in your best costume, where the evening lines up a set of acts to spice up Friday festivities. Performers include French-Vietnamese harpist and singer Heloise La Harpe, an energetic dance routine by Quezon Club’s own in-house performers the Quezon Collective, high-octane beats by DJ Brenda Muñoz and DJ Earl Austin, and a special performance by impersonator Daryl “MJ” Jackson. For reservations and inquiries, visit sn.solaireresort.com/offers/dining/skybar-spirits-unleashed, call 8888-8888 or e-mail snrestaurantevents@solaireresort.com to book a table.

Celebrate Halloween party at City of Dreams

CITY OF DREAMS Manila has spooky surprises and dining and entertainment offerings at its entertainment center, DreamPlay. It is hosting “Troll or Treat” on Nov. 1, which has the standard trick-or-treating at stores in the complex, and a Best in Costume contest, where the winner is awarded an overnight stay at Hyatt Regency Manila with breakfast for two. DreamPlay’s regular participant and non-participant tickets are offered for P1,500 and P350, respectively.

The coming AI bubble

BusinessWorld — Thu, 30 Oct 2025 16:04:57 +0000

I keep hearing people say that the rise of artificial intelligence (AI) will change everything. And I agree. But I also think something else is happening in plain sight, something a lot of people don’t want to admit. We are building up to another bubble. An AI bubble. The kind that looks powerful and unstoppable at first, but sooner or later, winds up bursting.

We have seen this play before. I remember how people talked in the late 1990s. The internet was new, exciting, and full of promise. Every pitch sounded like the next big thing. Investors poured money into any startup that had “.com” in its name even if the business barely existed. Some founders didn’t even have a clear plan to earn money. They only needed a story that felt futuristic. It worked for a while, until reality stepped in. When the dotcom bubble collapsed, it wiped out companies and investments almost overnight. But the internet itself did not die. It continued growing and later became even more important. What failed was not the technology. It was the hype that pushed it too far and too fast.

Today, the same pattern is unfolding with AI. There’s so much excitement around tools that can write, talk, code, analyze, and even create art. Many people assume AI will solve every problem you can throw at it. Money is flooding in. Predictions of trillion-dollar gains appear in the news every day. New companies show up like mushrooms after rain. Some of them have solid products. Others hope that investors won’t notice their lack of real demand, as long as they use the right buzzwords.

The normal rules of business still apply, though. At some point, AI companies must show proof that people are willing to pay for their products and not just try them once out of curiosity. Some AI services are already losing money at a shocking rate because running large models consumes huge computing power. When revenue fails to catch up, the investors who were once cheering loudly start asking difficult questions. That’s when the air leaks out.

For businesses, the danger lies in getting carried away. Companies chase AI for the sake of saying they use AI. They buy systems they don’t need. They replace workflows even when the old ones remain more reliable. Others bet their entire strategy on something that no one has tested in real-world conditions. In the dotcom era, firms poured millions into fancy websites that delivered no results. They wanted to look modern. Today’s version is signing up for expensive AI tools and hoping they magically improve productivity without real planning.

Still, businesses that stay grounded can win big. In the long run, AI will be like the internet: not a trend, but a utility. The firms that build strong data foundations, focus on customer needs, and train their people to use AI properly will come out stronger once the hype settles. Those who buy into every promise may end up cleaning up the mess later.

Consumers face a different kind of risk. AI offers convenience like never before. It writes documents, gives advice, helps students study, and even suggests what to buy. But the more we depend on it, the more we accept answers without questioning how they were made. AI can make mistakes. It can invent facts. It can reflect biases hidden in its training data. If people forget to think for themselves, we may lose more than we gain. And once the bubble pops, users could be stuck with tools that no longer operate as promised or that suddenly cost much more than before.

This also affects jobs. Some fear mass layoffs. Others expect new jobs to appear. Reality will fall somewhere in between. When the dotcom bubble burst, workers in unstable companies suffered. But later, digital jobs flourished. With AI, jobs will shift rather than simply disappear. People who learn how to work with AI will find chances to grow. Those who ignore the changes may feel left behind.

Now, consider the Philippines. Many Filipino workers depend on the business process outsourcing industry. Customer service, transcription, and basic back-office tasks are now being automated. Some leaders claim AI will replace entire outsourcing operations. But that’s the bubble talking. Companies still value the Filipino ability to communicate clearly and understand customer emotions. What will change is the type of work outsourced here. Higher-value services, analytics, quality control, and roles that require judgment are more protected. We need to upgrade skills fast or risk losing ground. Government and business must invest in digital education, because once the AI bubble bursts, the world will move on to more mature uses of the technology. The Philippines should be ready for that shift rather than watch from the sidelines.

There’s also a growing number of local AI startups. Many of them hold real promise. Some new tech firms in the country seem to chase the same excitement we once saw in Silicon Valley. Big claims, big valuations, but not always a working business underneath. If they fall apart when the hype fades, the damage won’t just hit founders. It could scare off people who might fund real breakthroughs later, right when Philippine innovation is starting to take shape. We need investors who ask tough questions and insist on results, not just a flashy pitch deck.

We shouldn’t be scared of AI. In fact, I’m excited by what it can do. But I’ve learned not to trust hype. A bubble forming around a powerful idea doesn’t make the idea wrong. It only means people are expecting too much, too quickly. When the dotcom bubble burst, it cleaned out the noise and forced tech companies to grow up. I think AI will go through the same cycle. The real innovation will come after the excitement cools down. We can move forward with clear eyes. Think before we spend. Train people for the new jobs coming. And remember that once the excitement settles, the tools we’re amazed by now will simply be part of normal life. The bubble will pop, but what remains after could truly change how we live and work.

The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

Reynaldo C. Lugtu, Jr. is the founder and CEO of Hungry Workhorse, a digital, culture, and customer experience transformation consulting firm. He is a fellow at the US-based Institute for Digital Transformation. He teaches strategic management and digital transformation in the MBA Program of De La Salle University. The author may be e-mailed at rey.lugtu@hungryworkhorse.com

SMDC to roll out four Nature housing projects in 2026

BusinessWorld — Thu, 30 Oct 2025 16:04:30 +0000

SM DEVELOPMENT CORP. (SMDC), the residential arm of SM Prime Holdings, Inc., said it plans to launch four new projects next year under its newly introduced Nature segment, which will integrate wellness and sustainability features into affordable housing developments outside Metro Manila.

“We have four projects lined up — in Davao, Angeles (Pampanga), and Bacolod,” SMDC Vice-President and Head of Nature Segment Susan G. Nicdao told reporters after the launch of the Nature brand on Thursday.

Ms. Nicdao said the company will develop mid-rise condominium projects in Davao and Pampanga, while the Bacolod project will feature horizontal housing.

Under the Nature segment, SMDC aims to offer sustainability-driven residential communities targeted at the affordable market.

“That has been the direction for the past three years — to expand outside of Metro Manila,” Ms. Nicdao said.

Jessica Bianca T. Sy, vice-president and head of design, innovation, and strategy at SM Prime and SMDC, said the shift toward sustainable residential projects will not result in higher prices.

“We are trying our best and working with different partners and different groups to keep costs down, so that we can make sure that the sustainable efforts that we put in are acceptable and can be adapted,” she said.

“From the person who wants to buy in our premium lines, all the way down to our economic and social housing, we want to make sure that they have access to affordable, sustainable measures,” Ms. Sy added.

During the launch, SMDC signed a partnership with Buskowitz Energy, Inc. to supply solar energy to its Nature-branded developments.

Earlier this year, SMDC introduced its Heights segment, which focuses on high-rise residential projects in key urban centers such as Quezon City, Makati, the Bay Area, and along EDSA-C5.

SM Prime reported a 10% increase in second-quarter net income to P12.8 billion, bringing its first-half earnings to P24.5 billion. Income from residential projects rose by 2% to P5.1 billion, contributing 21% to total earnings.

At the local bourse on Thursday, shares in SM Prime fell by 1.32% or 30 centavos to close at P22.40 each. — Beatriz Marie D. Cruz

The mouth speaks, the peso sinks

BusinessWorld — Thu, 30 Oct 2025 16:04:04 +0000

It seems the peso is no longer sinking merely because of market forces but also because of what some public policy and officials say. Indeed, it is no less than the open-mouth operations of many in government that continue to drive the peso down.

The other day, every major broadsheet bannered the Philippine currency’s latest fall: “slump” (BusinessWorld), “record low” (Philippine Star, Inquirer, Manila Times), “historic low” (Manila Bulletin), and “breaches P59” (Malaya Business Insight, Business Mirror).

We doubt the peso has reached bottom. The torrent of careless commentary on the nation’s prospects reflects the deeper malaise of governance: weak leadership, muddled policy, and the erosion of public trust. Poor leadership begets poor policy; bad policy leads to weak execution and stagnant innovation throughout the bureaucracy. The repeated plunder of public funds signals a steady decline in both public spending and productive investment. And the neglect of health and education reveals a poverty not merely of resources but of foresight — a failure to prepare the next generation for political and economic leadership.

For a potential investor conducting due diligence, such signals are disheartening. Why would anyone choose to place or keep money in a country that continually undermines its own credibility?

THE BSP’S MEASURED EXPLANATION
+To its credit, the Bangko Sentral ng Pilipinas (BSP) has offered a calm and reasonable explanation for the peso’s weakness. It traced the slump to market concerns over weak economic prospects — aggravated by irregularities in flood control projects — and to expectations of sustained monetary easing.

The BSP also emphasized that it maintains ample foreign exchange (FX) reserves and allows the peso to seek its market level, intervening only to temper excessive volatility that could stoke inflationary pressures. It remains confident that “resilient OFW remittances, relatively fast economic growth, low inflation, and ongoing structural reforms” will support the peso. FX inflows from business process outsourcing (BPO), tourism, and overseas employment are cited as further buffers against external shocks.

These statements are fair. Yet they also gloss over a fundamental reality: the trade deficit remains enormous. Even when combined, BPO receipts, remittances, and tourism revenues cannot offset the shortfall. The current account deficit — a measure of our reliance on foreign savings — reached $18.3 billion last year, with another $9.2 billion shortfall in the first half of this year.

While the balance of payments (BoP) showed small surpluses in 2023 and 2024, due to substantial foreign borrowings, the first nine months of 2025 have already posted a $5.3-billion deficit. This structural gap in our external accounts lies at the core of the peso’s weakness — though not the only factor behind it.

WHEN FUNDAMENTALS FALTER
+Even during years of modest BoP surpluses, the peso slid steadily — averaging P55.63 in 2023 and P57.29 in 2024. Economic growth flattened around 5.5%, inflation eased to 3.2% in 2024 after hitting 6% in 2023, and fiscal deficits remained stubbornly high at P1.5 trillion in both years. Consequently, National Government debt ballooned from P14.6 trillion in 2023 to P16.1 trillion in 2024.

With a larger share of the budget devoted to debt servicing, fewer resources remain for inclusive and sustainable growth. A weak fiscal position should have compelled our leaders to act responsibly, with integrity and prudence. Instead, we have witnessed the opposite: congressional insertions, budgetary diversions, and the alleged theft of 30-40% of infrastructure funds.

Perhaps it is worth recalling that many decades ago, Filipino children studied “Good Manners and Right Conduct.” The subject’s quiet disappearance from our classrooms may have left us vulnerable to the twin culture of greed and impunity now evident in public life. Or perhaps we failed to adhere to the Scripture which was more than clear in Proverbs 22:6 that we should train a child in the way he should go; and when he is old, he will not depart from it?

THE PESO AS A MIRROR
+What, then, should we expect of the peso?

In a recent dialogue, eminent economists Maurice Obstfeld and Paul Krugman reaffirmed that exchange rates behave like asset prices — reflecting not just fundamentals but also confidence, risk, and credibility. When markets lose faith in a government’s ability to sustain growth, control inflation, and manage its finances, the currency has only one direction to go: down. Capital flight and investment hesitation follow swiftly.

The peso, in this light, is not merely a unit of exchange but a mirror of our national condition. It measures not only our trade position or fiscal balance but also our political will and institutional coherence.

GLOBAL HEADWINDS
+External pressures add to the strain. The full effects of recent US tariff hikes have yet to be felt, while new trade tensions and protectionist moves cloud the global outlook. The International Monetary Fund itself warns that such developments could dampen investment and sentiment more than expected, tightening financial conditions worldwide and amplifying existing vulnerabilities.

For the Philippines, this means both monetary and fiscal policy must tread carefully. We cannot respond to slower growth with unrestrained easing; we must conserve credibility for when genuine shocks strike.

THE US FACTOR
+Former US Treasury Secretary Larry Summers warned earlier this year that the US dollar faces risks such as volatile policy shifts under Trump, the politicization of the Federal Reserve, and potential erosion of global confidence. Yet even he concedes that the dollar’s dominance remains intact, given doubts over the Chinese renminbi’s viability and America’s enduring strategic influence.

This implies continued strength of the US economy and currency which, in turn, pressures the peso. Should the BSP persist with an easing bias, or even hint at it, market unease may deepen. The peso’s breach of P59 could be only the first hurdle in a longer slide.

To arrest further decline, should the BSP need to send a decisive signal? One as strong as Mario Draghi’s now-legendary 2012 declaration: “Within our mandate, the European Central Bank is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.” Or simply allow market forces to collect tuition fees from those who take inappropriate positions in the foreign exchange market?

DEFENDING CONFIDENCE
+Summers has also noted that inflation risks in the US remain real, and that Federal Reserve Chair Jerome Powell’s cautious stance, marked by flexibility and humility, is justified. Even after the recent rate cuts, a resurgence of inflation could push the Fed to tighten again. A firm Fed and a strong dollar will keep emerging-market currencies, including the peso, under pressure.

But our vulnerability is not inevitable. What weakens the peso most is not the strength of the dollar but the fragility of our institutions and the noise emanating from the incoherence of public policy and unscrupulous officialdom. When those in power speak without discipline, dismiss accountability, or trivialize corruption, they invite skepticism from investors and citizens alike.

Markets, like people, can tell the difference between serious leadership and mere performance. The more talk diverges from action, the deeper the credibility gap and the lower the peso sinks.

FINAL WORD
+The peso’s decline is thus both a financial and moral story. It reflects not only deficits in our trade and fiscal accounts but also deficits of trust, competence, and integrity in governance.

Every careless statement from a public official reverberates through markets already strained by weak fundamentals. Every scandal left unpunished deepens the perception that reform is impossible.

Until our leaders learn to match words with deeds, the peso will continue to suffer the consequences of their rhetoric. For as long as the mouth keeps speaking but the hand refuses to act, the peso will keep sinking, not merely against the dollar, but against the weight of our own failures.

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

Peso slumps anew on Fed’s hawkish tilt

BusinessWorld — Thu, 30 Oct 2025 16:03:56 +0000

THE PESO weakened anew against the dollar on Thursday after the US Federal Reserve chief said their latest rate cut could be the last for the year amid a mixed economic picture.

The local unit closed at P58.85 versus the greenback, dropping by 16 centavos from its P58.69 finish on Wednesday, Bankers Association of the Philippines data showed.

The peso opened Thursday’s session slightly weaker at P58.73 versus the dollar. It logged an intraday high of P58.58, while its weakest showing was at P58.98 against the greenback.

Dollars traded rose to $2.23 billion from $2.01 billion on Wednesday.

“The dollar was generally stronger on Thursday after Fed Chair Jerome H. Powell said a December rate cut was not certain,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The dollar-peso closed higher, tracking other currencies after the Fed cut rates but gave a hawkish tone. Fed Chair Powell questioned whether a December rate cut was needed,” a trader said in a phone interview.

A policy divide within the US central bank and a lack of federal government data may put another interest rate cut out of reach this year, Mr. Powell said on Wednesday, as he acknowledged the threats that officials see to the job market but also the risky nature of making further rate moves without a fuller picture of the economy, Reuters reported.

The Fed on Wednesday cut interest rates by a quarter of a percentage point, as expected, as a way to temper any further weakening of the job market. But the central bank’s new policy statement included several references to the lack of official data during a federal government shutdown, and Mr. Powell told reporters later that policymakers are likely to become more cautious if it deprives them of further job and inflation reports.

“We’re going to collect every scrap of data we can find, evaluate it and think carefully about it. And that’s our job,” Mr. Powell said in a press conference after a two-day policy meeting, as he ticked off private data the Fed can use, along with its own in-house surveys of business executives and less formal interviews with a range of contacts around the country.

“If you asked me could it affect… the December meeting, I’m not saying it’s going to, but yeah, you could imagine that. You know, what do you do if you’re driving in the fog? You slow down.”

His comments show the developing dilemma for the Fed as a budget dispute between the Trump administration and Democrats in Congress extends into a second month, with the government unable to carry out surveys and produce reports that are key to central bankers’ policy decisions — in this case possibly delaying rate cuts that President Donald J. Trump himself wants.

Beyond the data issues, Mr. Powell said there were “strongly differing views” among his Fed colleagues about the appropriate path for monetary policy moving forward, with “a growing chorus now… feeling like maybe this is where we should at least wait a cycle” before cutting rates again.

Financial markets responded to Mr. Powell’s remarks by reducing bets on another rate cut at the Fed’s Dec. 9-10 meeting, a prospect now given roughly two-to-one odds.

Mr. Powell still called the Fed’s 10-2 vote in favor of lowering the benchmark interest rate to the 3.75%-4% range a “solid” endorsement of easing policy to help support a gradually cooling labor market.

But “there were strongly differing views about how to proceed in December,” Mr. Powell said, an unusually blunt comment about an upcoming meeting, something Fed chiefs usually shy away from.

“A further reduction in the policy rate at the December meeting is not a foregone conclusion. Far from it, policy is not on a preset course,” he said.

PESO SUPPORT
+Still, the Fed’s latest rate cut could help stabilize the peso against the dollar in the near term after the local unit hit a new record low of P59.13 on Tuesday, analysts said.

This is as the reduction effectively widened the differential between the US central bank and the Bangko Sentral ng Pilipinas’ (BSP) key rates to 75 basis points (bps). Earlier this month, the BSP likewise lowered benchmark interest rates by 25 bps for a fourth consecutive meeting to bring its policy rate to 4.75%.

The wider rate gap “points to additional support for the Philippine peso, all else constant,” Metropolitan Bank & Trust Co. Chief Economist Nicholas Antonio T. Mapa said in a Viber message.

“[With] seasonal inflows on the way, we could see the Philippine peso enjoy a modest appreciation before yearend.”

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., also said the bigger differential “should help stabilize the peso for now,” but noted that other factors like domestic corruption concerns have also contributed to the peso’s recent slide.

The Fed’s latest move and cautious policy outlook, as well as the weak peso, are unlikely to affect the BSP’s own easing path, the analysts said.

Unlike the Fed, BSP policymakers have said that another 25-bp cut is possible at the Monetary Board’s Dec. 11 meeting, with more reductions beyond that also on the table amid benign inflation and a softening growth outlook as they expect a widening graft scandal involving state flood control and infrastructure projects to affect both public and private investments.

“The BSP will take into account the full range of data on domestic inflation, financial conditions and growth outlook at its upcoming policy meeting,” Mr. Mapa said.

“The BSP-Fed policy rate differential is not a major concern, despite differing views on monetary policy. This is because the US is also facing its own issues such as Fed independence, tariff-induced inflation, and political issues that may impact confidence on the US dollar. Thus, we may see the BSP monetary policy easing path to remain intact despite the exchange rate reaching P59 this week,” Reinielle Matt M. Erece, an economist at Oikonomia Advisory and Research, Inc., said in a Viber message. — A.M.C. Sy and K.K. Chan with Reuters

Regulator clears Ever-Gotesco capital stock cut, name change

BusinessWorld — Thu, 30 Oct 2025 16:03:30 +0000

THE SECURITIES and Exchange Commission (SEC) has approved the decrease in Ever-Gotesco Resources and Holdings, Inc.’s authorized capital stock and amendments to its articles of incorporation, including a corporate name change as the company shifts its business focus.

“We were informed by the SEC that the decrease in the authorized capital stock of the corporation and the amended articles of incorporation (AOI) pertaining to the amendments made to Articles I, III, and VII have been approved by the SEC on Oct. 28, 2025,” the company said in a disclosure on Thursday.

The SEC approval covers the change of the company’s name to Everwoods Green Resources & Holdings, Inc., reflecting its planned venture into the agri-tourism and bamboo industries.

In 2021, the listed firm entered the agri-eco-tourism segment by acquiring Everwoods Management and Development, Inc. (formerly 3-J Development Corp.) and Agriwave, Inc., which are involved in eco-tourism, agricultural production, and the cultivation of high-value crops. Everwoods Management operates resorts integrating leisure and environmental conservation, including the Forest Crest Nature Hotel and Resort in Batangas.

In 2022, the company announced plans to start bamboo farming and production on its Cebu property and engaged experts to conduct master planning and pre-feasibility studies. The master plan was completed in December 2023.

According to information on its website, Ever-Gotesco has recently shifted its focus to the attractions and immersive entertainment sector in line with the recovery of the tourism industry.

Under the SEC-approved amendments, the company’s authorized capital stock has been reduced to P2.5 billion from P5 billion, while the par value per share was lowered to 10 centavos from P1. Despite the lower par value, the number of authorized shares rose to 25 billion from 5 billion. “The increase… aims to attract more investors and raise capital for its new business ventures: agri-tourism and bamboo industry,” the company said.

The SEC also approved the change in the company’s principal office address.

On Thursday, the Philippine Stock Exchange (PSE) suspended trading of the company’s shares following the capital stock reduction and the amendments to its articles of incorporation. The suspension will remain until the company submits the required documents to the PSE as part of its ongoing quasi-reorganization process.

Ever-Gotesco ended its mall and cinema operations in 2017, while its subsidiary, Gotesco Tyan Ming Development, Inc., ceased operations in June 2015. — Alexandria Grace C. Magno

Political Dynasties: To ban or not to ban?

BusinessWorld — Thu, 30 Oct 2025 16:03:03 +0000

By Nicomedes Alviar

EVEN in democratic societies, power eventually ends up in the hands of a few, leading inevitably to a dominant elite rule. With absolute certainty, Robert Michels, a German-born social scientist, declared this claim as the “iron law of oligarchy.” Moreover, these oligarchs — according to Michels — will use all the means necessary to preserve and to further expand their power. Such a bold theoretical assertion is actually a stark reality in our country as we seem to have accepted as given the proliferation of political dynasties at both the national and local levels of government. And in such a state of politics, the opportunities for corruption abound. For example, we are now seeing how political dynasties connive with Department of Public Works and Highways (DPWH) engineers so that infrastructure projects are awarded to construction companies they own.

While we are all disgusted witnessing the evils of political dynasties, the damage they inflict on our democratic institutions and processes, and how they exacerbate social inequalities and poverty, we have to admit that we will have to contend with political dynasties for a very long time. Sad to say, political dynasties which thrive due to distorted cultural values, particularly the patronage system, have entrenched themselves deeply in a combination of political and economic structures developed throughout several decades to protect their interests and consolidate their power.

The quick solution is clearly stated in Article 2, section 26 of the current Constitution which “prohibits political dynasties as may be defined by law.” But we all know that implementing this provision is wishful thinking because our political dynasty-infested Congress will never pass that enabling law. It is naive to imagine our legislators signing their death sentence. Besides, if we ban political dynasties outrightly through a piece of legislation, it will not be easy to find alternatives who can take over their rule right away. Who will replace them in the various localities all over the country? Do we have enough people now with the right dispositions who are ready and competent to run government in lieu of political dynasties?

I believe the practical approach — given our current circumstances — is to engage with political dynasties and to reform them from within. And here, various sectors have different roles to play, not necessarily coordinated, but which must be exercised with genuine and sustained commitment. In the first place, the business sector can be more consistent in upholding professional and ethical standards when transacting with government and politicians. I’m sure the big conglomerates as well as the small enterprises would agree that business is more sustainable and meaningfully profitable if done in this manner. And in relation to this, it is worth noting that the progressive leadership of the Makati Business Club has committed itself to leading top corporations to do their share in strengthening the country’s democratic institutions, promote integrity, and fight corruption.

Then, religious institutions can take a more active role in instilling morals, love for the truth, and service to society among the political dynasties. In the case of the Catholic Church particularly, the bishops of the dioceses all over the country can make it a point to cultivate close relationships with political dynasties instead of taking a confrontational stance, in order to win them over in practicing Catholic social teachings, especially solidarity, common good, and a preferential option for the poor.

Universities must take to heart the education of individuals belonging to political dynasties as their paramount mission. Many members of the ruling families went through the Big Four, and are sending their scions to these same schools. With the aim of fostering patriotism, integrity, and genuine public service, these institutions can still exert influence through various ways on both their alumni, and the children of these alumni. While students in their schools, they can be involved actively in organizations and activities to be trained — and even be individually mentored — in ethical and selfless leadership.

Finally, civil society organizations conducting diverse projects in the fields of poverty alleviation, environmental protection, livelihood provision, health and sanitation, citizenship education, human rights, etc. can get political dynasties in LGUs involved and, in the process, immerse them to be truly identified with their causes. With integrity as one of its core values, CODE-NGO for instance, through its wide national network representing 1,600 NGOs, people’s organizations, and cooperatives can be in a good position to take the lead in engaging political dynasties towards this end.

These, of course, are easier said than done, but any little effort by these actors, if carried out consistently, can yield tangible results. Confronting political dynasties head-on can be costly and dangerous; engaging with them can open opportunities to reform them.

The good news is that there are actually enlightened politicians belonging to political dynasties who have started implementing effective and meaningful reforms in their localities. We find them in Mayors for Good Governance (M4GG), a movement of city executives “committed to fighting corruption and building resilient communities through empowered local governments that put people’s welfare above politics.” Many of these politicians have been recognized for being models of good governance through the annual Galing Pook awards which have been going on for more than three decades. Here, programs by LGU leaders, after a rigorous screening process, are evaluated on the basis of positive impact, promotion of people’s empowerment, sustainability, and efficient service delivery.

To ban political dynasties is a long shot; reforming political dynasties is doable, and is actually happening.

Nicomedes Alviar is a PhD Political Science graduate of the University of the Philippines, Diliman, and is currently the dean of the School of Politics and Governance at the University of Asia and the Pacific (UA&P).

Nonbanks’ domestic claims climb at end-June

BusinessWorld — Thu, 30 Oct 2025 16:02:56 +0000

DOMESTIC CLAIMS of nonbank financial firms grew by 16.7% year on year as of June, the Bangko Sentral ng Pilipinas (BSP) said on Thursday.

Based on the BSP’s Other Financial Corporations Survey (OFCS), domestic claims of nonbanks climbed to P10.746 trillion as of June from P9.212 trillion a year ago.

Quarter on quarter, claims inched up by 0.1% from P10.733 trillion at end-March.

“The quarter-on-quarter increase in the sector’s claims was mainly driven by its larger investment in equity shares issued by other nonfinancial corporations, higher holdings of government securities, and a rise in loans extended to households,” the BSP said in a statement.

“However, the growth in the sector’s domestic claims was slightly tempered by the decline in its holdings of bank-issued debt securities.”

The OFCS is an analytical survey that covers data on non-money market investment funds, other financial intermediaries, financial auxiliaries, captive financial institutions and money lenders, insurance corporations, and pension funds.

Bulk of nonbanks’ domestic claims during the quarter were claims on other sectors, followed by claims on depository corporations and the central government, BSP data showed.

Broken down, claims on other sectors grew by 9.5% to P4.934 trillion as of June from P4.507 trillion a year ago. This was also up by 1.9% from the P4.865 trillion seen at end-March.

Other sectors include the state and local government, public nonfinancial corporations, and the private sector.

Meanwhile, claims on depository corporations jumped by 28.9% year on year to P3.004 trillion from P2.331 trillion the previous year but declined by 3.3% from P3.107 trillion in the first quarter.

OFCs’ net claims on the central government also rose by 18.2% annually to P2.808 trillion at end-June from P2.375 trillion in 2024. Quarter on quarter, it edged up by 1.7% from P2.761 trillion.

On the other hand, nonbanks’ liabilities climbed by 18% year on year to P11.431 trillion from P9.689 trillion as of June by 0.6% from the P11.369 trillion recorded as of March.

The BSP said this was “primarily due to the increase in its issued shares of stocks and higher insurance technical reserves.”

OFCs’ net foreign assets surged by 43.5% to P685.376 billion as of June from P477.603 billion last year. It was also 7.9% higher than P635.265 billion in the prior quarter.

This came amid an increase in claims on nonresidents, which stood at P838.466 billion, rising by 32.1% from P634.499 billion a year prior.

Meanwhile, liabilities to nonresidents went down by 2.4% to P153.091 billion from P156.896 billion a year ago. — Katherine K. Chan

Philippine Merchandise Trade Performance (September 2025)

BusinessWorld — Thu, 30 Oct 2025 16:02:40 +0000

THE PHILIPPINES’ trade deficit in goods narrowed in September, as exports posted double-digit growth, the Philippine Statistics Authority (PSA) reported on Thursday. Read the full story.

NPC: Probe finds no sufficient basis to conclude data breach within GCash platform

BusinessWorld — Thu, 30 Oct 2025 16:02:29 +0000

THE NATIONAL Privacy Commission (NPC) said it has found no data breach in the system of G-Xchange, Inc., the operator of electronic wallet platform GCash, following its investigation into reports of user data being sold online.

In a statement on Thursday, the NPC said it found “no sufficient basis to conclude that a personal data breach occurred involving GCash.”

“Independent validation by the NPC’s Complaints and Investigation Division (NPC-CID) confirmed that the dataset circulating online was inconsistent with GCash’s verified data structures. Several of the listed accounts were found to be invalid or inactive, and no indicators of unauthorized access, infiltration, or data exfiltration were detected within GCash’s monitored environments,” the NPC said.

The NPC launched the probe earlier this week after reports circulated that GCash user data were being sold on the dark web. GCash has since denied the allegations, saying there has been “no breach, leak, or compromise” in its systems.

The Department of Information and Communications Technology (DICT), through its Cybercrime Investigation and Coordinating Center (CICC), said its monitoring showed that the alleged data leak “did not originate from the company’s systems.”

The NPC said it will continue monitoring reports of threats to personal data and coordinate with relevant entities to ensure compliance with the Data Privacy Act (DPA) of 2012.

“The NPC also warns individuals and groups engaging in the unauthorized access, sale, or distribution of personal data that such acts constitute clear violations of the DPA and are punishable under the law,” it said. — Ashley Erika O. Jose

Ilocos, W. Visayas wage boards approve pay hikes

BusinessWorld — Thu, 30 Oct 2025 16:02:01 +0000

By Chloe Mari A. Hufana, Reporter

REGIONAL WAGE BOARDS in Ilocos and the Western Visayas approved minimum wage increases, Labor Secretary Bienvenido E. Laguesma said on Thursday.

The National Wages and Productivity Commission approved pay hikes for Region I (Ilocos) and Region VI (Western Visayas) on Wednesday. Both will take effect in November, Mr. Laguesma said via Viber.

In the Ilocos Region, non-agricultural workers employed in firms with at least 10 employees will get a P37 increase, bringing their minimum daily wage to P505.

Non-agricultural workers with firms of less than 10 employees and agricultural workers will receive a P45 hike, bringing their minimum daily pay to P480.

Meanwhile, Western Visayas workers in non-agricultural, industrial, and commercial employment with firms of more than 10 workers will receive a P37 increase, raising their daily minimum wage to P550.

For establishments with fewer than 10 employees, the daily minimum wage will rise by P45 to P530 from P485.

For agricultural jobs, a P40 adjustment will bring the daily minimum wage to P520.

The new wage rates for Region VI take effect on Nov. 19, 2025.

According to Mr. Laguesma, at least four more regions will release new wage orders to adjust minimum daily pay.

These regional boards are due to conduct public hearings next month, with the corresponding wage orders expected by December, he added.

These regions are the Cordillera Administrative Region, Mimaropa, the Eastern Visayas and the Zamboanga Peninsula.

Minimum wages adjustments for workers in Region IV-A (Calabarzon) also took effect on Thursday under Wage Order No. IV-A22.

The regional board earlier approved a P25 to P100 daily minimum wage increase.

The daily minimum pay was raised to P600 for non-agricultural workers, P525 for agriculture, and P508 for retail and service establishments with 10 or fewer employees.

Headline inflation rose to a six-month high of 1.7% in September from 1.5% in August, driven mainly by higher fuel and vegetable prices, the Philippine Statistics Authority reported earlier this month.

Inflation remained within the 2-4% target range set by the Bangko Sentral ng Pilipinas target range. The latest reading remained below the year-earlier level of 1.9%.

Core inflation — which strips out volatile food and fuel prices — eased to 2.6% in September from 2.7% in August, though it remained higher than the 2.4% year-earlier level.

In the first nine months of 2025, core inflation averaged 2.4%, down from the 3.1% booked a year earlier.

The Federation of Free Workers (FFW) said the wage hike in the Western Visayas was helpful but insufficient to meet workers’ basic needs.

FFW Women Network President Ma. Victoria G. Bellosillo said disparities in regional wages create uneven relief.

FFW continues to support a national living wage and a P200 across-the-board wage hike.

“An increase in wages is a help, but not yet justice. The true goal is a salary sufficient for decent living,” she said in a statement.

The Philippines adjusts wages through regional boards, but labor groups support a legislated wage hike that would standardize pay across the country and ensure a living wage.

Labor leaders argue that regional wage-setting often leaves workers in poorer provinces behind, while the cost of basic goods continues to rise nationwide.

Mastercard rolls out payment threat intelligence solution in APAC

BusinessWorld — Thu, 30 Oct 2025 16:01:55 +0000

MASTERCARD has launched an intelligence solution in the Asia-Pacific (APAC) region to detect fraud and other cyberthreats targeting card transactions.

Mastercard Threat Intelligence combines the company’s global fraud insights with cyberthreat intelligence from Recorded Future, which it acquired less than a year ago. It allows financial institutions across APAC to detect, prevent, and respond to cyber-enabled fraud.

“Payment fraud is no longer just a payment system issue — it’s a cybersecurity challenge that directly impacts an organization’s bottom line. Mastercard Threat Intelligence bridges communication gaps, enabling fraud and security teams to work together seamlessly to stop fraud before it happens,” Matthew Driver, executive vice-president of Services, Asia Pacific at Mastercard, said in a statement.

Financial institutions will get real-time alerts of fraudulent test transactions which will be proactively declined, helping protect cardholders.

Card issuers and acquirers also get access to quantitative data to assess skimmer impacts and prevent card-related malware, and targeted insights to assess merchant risk and enable faster incident response.

They will also receive weekly reports on emerging threats and vulnerabilities across the global payments landscape, as well as case studies and fraud trend analysis.

Mastercard said conducted market testing of the solution over six months, with the data provided able to help them identify and take down malicious domains tied to payment card data theft that affected nearly 9,500 e-commerce sites and were linked to an estimated $120 million in fraud losses.

“Asia Pacific is seeing a surge in cyber-enabled fraud, and the need for integrated intelligence has never been more urgent,” said Aditi Sawhney, senior vice-president of Security Solutions, Asia Pacific at Mastercard. “We’re helping our customers move from fragmented responses to unified, intelligence-led defense strategies that strengthen resilience across the payments ecosystem.” — AMCS