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

Built-in support channels and security safeguards

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

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

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

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

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

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

A shared effort to keep digital financing safe

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

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

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

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

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

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

Spotlight is 大象传媒鈥檚 sponsored section that allows advertisers to amplify their brand and connect with 大象传媒鈥檚 audience by publishing their stories on the 大象传媒 Web site. For more information, send an email to听online@bworldonline.com.

Join us on Viber at听听to get more updates and subscribe to 大象传媒鈥檚 titles and get exclusive content through听.

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

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

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

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

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

鈥淎t Taal Vista Hotel, our distinction really comes from heritage and location. There鈥檚 an authenticity to the experience that you can鈥檛 replicate. The Presidential Villa builds on that by offering a heightened level of privacy, space, and personalized service鈥攁ll set against the iconic Taal Lake and Volcano backdrop,鈥� he said.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

鈥淚t has a low chance of developing into a tropical cyclone,鈥� PAGASA weather specialist Loriedin De La Cruz-Galicia said in a 5am media briefing in Filipino, attributing this to the LPA鈥檚 weak circulation.

鈥淗owever, its trough or extension is expected to bring rains over large parts of the country today and in the succeeding days.鈥�

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

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

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

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

The highest 鈥渇eels-like鈥� temperature expected is 45 degrees Celsius, which may be experienced in seven areas.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

CHICAGO – Developments in artificial intelligence (AI) are accelerating at exponential rates, and companies are expected to adopt AI at a faster pace in the next few months, according to data activation company Boomi.

“I think we are going to start seeing enterprise-wide adoption of AI. I think we’ve reached a point where we understand the risks, we understand the value,” Dan McAllister, senior vice president of global alliances and channels at Boomi, told 大象传媒 on the sidelines of Boomi World here on May 13.

“We understand the cost model. And it’s matured enough where companies can actually start making real decisions based on RoI (return on investment), based on risk profile, based on tasks that they want to have accomplished,” he added.

Mr. McAllister said Boomi’s role is to help companies achieve all these things as it provides a strategic foundation for integration, application programming interfaces (API), data, automation, and agentic AI.

“I think technology has caught up to the outcomes that customers want to achieve. We’ve seen enough to now take some action. You’re going to see some people take some bets and put this out in the market. Of course, there will be those that left behind. There will be ones that go too fast. But we’re going to start seeing some real success,” he said.

As VP for global alliances and channels, Mr. McAllister’s role is to manage the company’s go-to-market partnerships and commercialized partnerships. This includes systems integrator relationships, product alliances, and OEM (original equipment manufacturer) partners that package Boomi within their own solutions.

Boomi currently has around 300 OEM partners, and around 400 active systems integration partners.

Mr. McAllister said Boomi is already a very successful company with hundreds of partners that were successful in their go-to-market strategy.

“I felt that we could leverage that as well as modify it a bit to really help the business grow… Our win rate is three times of what it is when we work alone. And so it’s when you think about what kind of an impact a partner can have, that’s pretty impressive,” he said.

In selecting partners, Mr. McAllister said Boomi is looking for companies that are “bringing value to their customers and are essentially winning on their own”.

“But we can provide value to them within their go-to-market strategy,” he added.

For systems integration partners, he said they are looking for those with technical or industry expertise.

“We look for partners who have that (expertise) because now they can apply our solution to the problem. It’s a bit like we give them the raw materials, they build the house,” he said.

Among the recent announcements at Boomi World, Mr. McAllister highlighted Boomi Companion and Boomi Connect as the most notable developments.

Boomi Companion aims to accelerate agentic engineering on the Boomi enterprise platform. Developers can now design, build, test, deploy, and diagnose integrations through natural language using their preferred AI tools.

Boomi Connect provides secure, governed connectivity between AI tools such as Claude, Copilot and Gemini, and enterprise applications through managed, Model Context Protocol (MCP)-enabled tools.

CUSTOMER EXPERIENCE
Meanwhile, Serco, a leading public services organization, has modernized its operations by leveraging Boomi AI agents and accelerating enterprise-wide integration initiatives.

Kiran Narayan, director for products and digital capabilities at Serco Australia, said the company was already using Boomi when they discovered that powerful AI capabilities were already available within the platform.

In an interview on the sidelines of Boomi World, Mr. Narayan said they were privy to the early access program for AgentStudio, and they started experimenting on the different agents.

“Boomi’s integration also has had a lot of improvements through the process. We have had significant recalibration of our processes… It created more efficiency,” he said.

With Boomi, Serco has significantly lowered integration complexity and time-to-delivery. Using Boomi Scribe, Serco said that documentation that once required 40-60 hours now takes only 6-12 hours. Individual documentation tasks dropped to 15 minutes from three hours previously.

Mr. Narayan said Boomi has a “very good support system” for customers like Serco.

“Boomi clearly differentiates itself with a very positive approach and culture in helping every customer, regardless of the size, regardless of where they are around the globe, with the best possible team equipped to support,” he said.

Mr. Narayan said he is very excited about the new innovations such as Boomi Orchestrate and Boomi Companion.

“I’m a technologist at heart. I’m seeing so many possibilities,” he said.

Over 65% of SME outsourcing initiatives听fail to听achieve their stated financial or customer experience听objectives. Fortune 500 corporations听operate听under a completely different paradigm 鈥� a structured 6-Phase procurement protocol that reduces operational failure to near zero. This is the full framework.

The standard approach to offshore call center selection among small and medium enterprises closely mirrors the process of purchasing a commodity service. An executive submits contact credentials to an online aggregator or a handful of visible Philippine BPOs. Within days, three to five generalized price quotes arrive. A few introductory calls are scheduled. The final outsourcing decision is made based on superficial variables: who presented the most polished sales deck, who felt most trustworthy on camera, or who offered the lowest hourly rate.听

While this reactive approach works for commoditized utilities, applying it to offshore Business Process Outsourcing is mathematically catastrophic. When an organization treats a strategic operational integration like a transactional vendor purchase, they enter an unmitigated game of operational Russian roulette 鈥� and the house always wins.

Why Are the Most Visible Philippine BPO Providers the Wrong Choice for SME Buyers?

The most visible Philippine BPOs 鈥� those dominating search results, directories, and broker recommendations 鈥� employ between 20,000 and 100,000 staff and are built exclusively for Fortune 500-scale programs. An SME outsourcing 10 to 100 seats is operationally invisible to these providers, assigned to junior teams, and deprioritized against larger accounts.

The Philippine BPO industry employs 1.9 million professionals across more than 1,000 registered companies 鈥� but the top 50 providers account for an estimated 70% of total industry employment and revenue. The providers with the highest visibility and the most polished sales operations are precisely the providers for whom an SME engagement is operationally irrelevant.听听

This is听The Visibility Trap.

Why Do Over 65% of SME Philippine Outsourcing Initiatives Fail 鈥� While Fortune 500 Programs Succeed?

SME outsourcing initiatives fail at over 65% because they select vendors through reactive, transactional processes 鈥� price quotes, Zoom calls, and sales decks 鈥� rather than structured evaluation architecture. The failure rate is not a Philippine vendor quality problem. It is a procurement methodology problem.

Sales Deck Asymmetry:听The measurable delta between what a BPO鈥檚 sales team promises in a pitch and the actual operational capacity of the team assigned to the account post-contracting. The primary mechanism by which SME outsourcing engagements fail within their first 90 days.

Procurement Drift:听The gradual alignment of a client organization鈥檚 operations with a vendor鈥檚 internal limitations rather than the client鈥檚 own corporate goals 鈥� a slow, invisible erosion of expected value that never generates a formal failure event.

According to John Maczynski, CEO of听 and the former global EVP of the world鈥檚 largest contact center outsourcing provider, 鈥�In 40 years in this industry, I have seen the same failure pattern repeat across hundreds of SME outsourcing engagements: a buyer selects a vendor based on a 45-minute Zoom call and a slide deck designed by a sales team that will never manage the account. The operations team they meet in Month 3 is entirely different from the team they evaluated. Sales Deck Asymmetry is not a vendor dishonesty problem 鈥� it is a procurement architecture problem. The Fortune 500 protocol is specifically engineered to eliminate it before a contract is signed.鈥�

What Is the Fortune 500 Protocol for Selecting a Philippine Call Center Partner?

The Fortune 500 protocol is a structured 6-phase, 12-week procurement lifecycle. Each phase eliminates a specific failure mode that the standard SME approach leaves open. For smaller, less mission-critical engagements under 20 FTEs, the process can be compressed to as little as 4 weeks.

, CSO of PITON-Global and a 25-year veteran of Philippine outsourcing operations, on what the protocol reveals: 鈥�The unannounced audit in Phase 4 is where vendor selection is truly made or broken. In 25 years of evaluating Philippine BPO providers, I have seen impeccable RFI/RFP responses and polished executive presentations fall apart completely when we walked the floor unannounced and spoke directly with the team leaders who would听actually run听the account. The Fortune 500 protocol is not bureaucratic overhead 鈥� it is the only mechanism that听eliminates Sales Deck Asymmetry before it becomes a contractual dispute.鈥�

What Is Procurement Drift 鈥� and Why Is It More Dangerous Than听an Outright听Outsourcing Failure?

Procurement Drift is the gradual alignment of a client鈥檚 operations with a vendor鈥檚 internal limitations rather than the client鈥檚 own goals. It is more dangerous than an outright failure because it is invisible: the vendor hits 94% of SLA targets 鈥� close enough to avoid escalation, too low to deliver the ROI the engagement was justified on.

Procurement Drift manifests as acceptable CSAT scores masking eroding institutional knowledge, agent turnover within permitted contractual bands slowly degrading delivery quality, and a vendor quietly deprioritizing the client鈥檚 account once a larger contract arrives. No crisis. No formal failure event. Just a slow, compounding tax on the value the outsourcing program was supposed to create.

The predictive SLA/KPI governance frameworks听established听in Phase 5 are the only structural defense 鈥� detecting the leading indicators of misalignment, not the lagging ones. A vendor trending toward a missed target in Week 8 generates an automated alert. A vendor听operating听under an SME hourly contract generates an invoice.

Ellspermann on what Procurement Drift costs in practice: 鈥�We have taken on clients who came to us after two or three years with a vendor they never formally fired 鈥� because the vendor never formally failed. The CSAT was acceptable. But the ROI that justified the outsourcing decision had quietly evaporated. That is Procurement Drift. The governance frameworks in our protocol exist specifically to make the invisible visible 鈥� before it becomes irreversible.鈥�

For a Philippine call center outsourcing initiative to deliver sustained enterprise value, the vendor search must shift from an exercise in finding the lowest hourly price point to a meticulous engineering project designed to eliminate operational friction. Structural resilience, Sales Deck Asymmetry elimination, and Procurement Drift prevention are achieved only through the rigorous, uncompromised execution of a 6-phase selection protocol 鈥� and the institutional advisory expertise to run it.

听on听what PITON-Global鈥檚听advisory model gives service buyers: 鈥�Most SMEs do not have experienced BPO procurement resources in-house. That is the institutional knowledge gap that kills outsourcing programs before they start 鈥� and it is precisely what PITON-Global provides. We give smaller organizations access to the same forensic vendor selection expertise typically found only inside globally operating corporations with large, dedicated procurement divisions. And we do it at no cost and without any obligation to the client.

Spotlight is 大象传媒鈥檚 sponsored section that allows advertisers to amplify their brand and connect with 大象传媒鈥檚 audience by publishing their stories on the 大象传媒 Web site. For more information, send an email to听online@bworldonline.com.

Join us on Viber at听听to get more updates and subscribe to 大象传媒鈥檚 titles and get exclusive content through听.

THE BANGKO SENTRAL ng Pilipinas (BSP) has opened its door to a more aggressive monetary policy path to curb inflation as persistent shocks stemming from the Middle East conflict continue to feed into consumer prices.

In an exclusive interview on One News鈥� Money Talks with Cathy Yang on Thursday, BSP Governor Eli M. Remolona, Jr. said the Monetary Board is considering a second straight rate hike before its June 18 meeting.

Asked about the likelihood of off-cycle tightening, Mr. Remolona said: 鈥淚 wouldn鈥檛 say likely. We鈥檙e considering it.鈥�

However, the central bank chief noted that they may also wait until the May inflation report comes out on June 5 before delivering the next monetary policy decision.

鈥淭hat鈥檚 very close to the next scheduled policy meeting. So, at this point, it鈥檚 a toss-up whether we do an off-cycle or we just wait for the regular meeting, which is not that far away anyway,鈥� Mr. Remolona said.

Mr. Remolona also acknowledged the emerging stagflation risks, with slowing economic growth and accelerating inflation, but said the BSP is banking on fiscal policy to help the economy recover as it seeks to maximize its monetary policy tools for inflation-targeting.

The BSP reversed its policy path at its April 23 meeting, starting a new tightening cycle as it delivered its first 25-basis-point increase in over two years to bring the key policy rate to 4.5%.

Central bank officials have said that their latest move was aimed at preventing broader second-round effects of inflation, keeping inflation expectations anchored and steering it back to their target as the prolonged Middle East war dimmed the growth outlook.听

However, despite the preemptive rate hike last month, inflation has accelerated faster than expected, raising the risk that the BSP could fall behind the curve, according to Mr. Remolona.

鈥淥rdinarily, a supply shock, you would look through it because it would go away and then you鈥檙e back to where you are. But now this is a big supply shock and it鈥檚 a persistent supply shock,鈥� he said. 鈥淪o, we have to react and we have to react aggressively, I think, in this kind of situation. That鈥檚 why we raised rates early.鈥�

Inflation has breached the BSP鈥檚 2%-4% target and monthly forecasts since the war erupted in late February.

In April, rising costs of food and utilities amid elevated oil prices drove the headline print to an over three-year high of 7.2% from 4.1% in March and 1.4% last year. This was past the BSP鈥檚 5.6%-6.4% estimate for the month.

Asked if they are now behind the curve, Mr. Remolona said: 鈥淭here鈥檚 a risk that we are. It depends on whether the supply shock persists.鈥�

He noted that they fell short of anticipating the rapid impact of the oil supply shock on other items in the consumer basket such as fertilizer and rice, as the cost of those items typically takes time to rise.

Mr. Remolona said the BSP is closely monitoring transport fares, which he said were 鈥渁djusted very quickly,鈥� as well as faster inflation for the bottom 30% of households.

The central bank governor also noted that the slowdown in consumer spending has helped ease inflation but added that they do not want to address increasing price pressures that way.

鈥淭he slowdown in consumer spending helps lower inflation. We don鈥檛 want to lower inflation that way. We want consumer spending to resume and then it鈥檚 our job to keep inflation low,鈥� Mr. Remolona said, adding that they expect consumer spending to recover.

The central bank projects inflation to hover above 5% for most of the year to average 6.3%, faster than its 5.1% forecast before the war. By 2027, it expects inflation to cool down to 4.3%.

The central bank, according to Mr. Remolona, also remains 鈥渁ctive as usual鈥� in the foreign exchange market to smoothen out sharp swings amid recent episodes of the peso plunging to back-to-back historic lows.

The local unit closed at its historic low level of P61.75 against the dollar for two straight trading days this week as lingering market uncertainty from the still-waging war in the Middle East prompted safe-haven demand for the greenback.

However, it gained 15.90 centavos on Thursday to close at P61.581 per dollar from its P61.74 finish on Wednesday.

GROWTH PROJECTIONS for the Philippines are likely to be revised downward again as the prolonged conflict in the Middle East continues to weigh on economic activity, according to Asian Development Bank (ADB) Country Director for the Philippines Andrew Jeffries.

鈥淲hen we did the Asian Development Outlook in very early April, it had several scenarios including more downside scenarios, but the main scenario was based on what I would call an early stabilization scenario,鈥� he told 大象传媒 in an interview.

鈥淪o that was envisioning if this crisis got resolved and things went back to normal within a few months. That obviously has not happened,鈥� he added.

In April, the Philippine-based multilateral lender cut its Philippine gross domestic product (GDP) growth forecast to 4.4% from 5.3% previously projected in December.

The revised forecast falls below the government鈥檚 5-6% GDP growth target for 2026 and matches the country鈥檚 growth pace last year.

For 2027, the ADB expects the Philippine economy to expand by 5.5%, at the low end of the government鈥檚 5.5-6.5% target range.

On April 29, the ADB downgraded its growth outlook and raised inflation forecasts for developing Asia and the Pacific, reflecting the impact of the conflict. The lender now expects the region to grow by 4.7% in 2026 and 4.8% in 2027, lower than its earlier 5.1% forecast for both years.

Meanwhile, regional inflation is projected to accelerate to 5.2% this year and 4.1% next year from the earlier forecasts of 3.6% and 3.4%, respectively.

Mr. Jeffries said inflation in the region could rise as high as 7.4% this year under a severe downside scenario.

鈥淣ow, the Philippines is being disproportionately negatively affected compared to other countries. In the Philippines we just saw 7.2% (inflation) recently, so the Philippines is unfortunately experiencing that kind of much more downside quicker because of the vulnerability,鈥� he said.

鈥淛ust given the new numbers that have come out for the quarter that showed lower figure GDP, I guess we will be anticipating lower projections in July, given current trends,鈥� he added.

The Philippine economy expanded by 2.8% in the first quarter, slower than the previous quarter鈥檚 3% growth, reflecting the lingering effects of last year鈥檚 corruption scandal and soaring oil prices triggered by the Middle East conflict.

Meanwhile, headline inflation accelerated to 7.2% in April, exceeding the Bangko Sentral ng Pilipinas鈥� (BSP) 5.6%-6.4% forecast and 2%-4% target range.

WEAKER PESO
Jesus Felipe, a professor at Carlos L. Tiu School of Economics at the De La Salle University (DLSU), said the continued depreciation of the peso will further strain the economy.

鈥淭he problem is the type of economy that we have is a very weak economy鈥� It is an economy that has problems really sustaining production capacity,鈥� he told Money Talks with Cathy Yang on One News on Thursday.

鈥淚n the end, what is going to happen is that in the short run, at the very least, the current account deficit is going to deteriorate,鈥� he added.

Mr. Felipe said he expects the peso to weaken to P63.5 against the dollar by August.

The peso closed at a record low of P61.75 per dollar on Tuesday, unchanged from Monday鈥檚 finish.

While a weaker peso may benefit exporters, Mr. Felipe said this, coupled with soaring fuel prices, would mean more expensive imports which immediately feeds into inflation and lower real incomes.

He said the Philippines should use the crisis as an opportunity to diversify the economy and increase the value-added component of local manufacturing.

The DLSU May economic report projected Philippine GDP growth at 3.11% in 2026, well below the government鈥檚 5-6% target.

It also projected growth at 3.93% in 2027 and 5.71% in 2028, both below the government鈥檚 targets of 5.5-6.5% and 6-7%, respectively.

鈥淔or the time being, it鈥檚 a question of uncertainty. This is not really a deep crisis. We鈥檙e not into that. It鈥檚 not that growth is negative,鈥� he said.

Mr. Felipe said the uncertainty stems from a combination of peso depreciation and last year鈥檚 corruption scandal.

鈥淓verybody鈥檚 simply waiting to see what happens. So, consumption is really subdued and investment is really subdued… The recovery will start happening in 2028. It鈥檚 very, very important to notice that even with the recovery, we will not reach the targets that the government has been, during this administration, announcing, which is to grow 6.5% to 8%,鈥� he added.

Mr. Felipe said the government should implement reforms aimed at strengthening local firms and improving export competitiveness. He also cited the need for stronger fiscal policy support to improve productivity.

Without structural reforms, the Philippine economy will remain vulnerable to future crises, he added.

鈥淚f the government doesn鈥檛 do anything toward the long term, a couple of decades, even up to 2050, what we will see is what we call鈥� a weak economy that will be shaken by the next crisis, be it domestic or international,鈥� he added.

Separately, Bank of America Global Research said higher oil prices could significantly widen the country鈥檚 current account deficit.

鈥淥il prices around $90-$100 range would translate into roughly 1-1.3% widening of the current account deficit to 4%,鈥� it said.

鈥淲e have previously argued that a sustainable current account deficit for the Philippines is 2-2.5% of GDP which can be financed via foreign direct investment in government funding flows,鈥� it added.

Bank of America (BofA) said a current account deficit nearing 4% would increase reliance on the BSP鈥檚 intervention to limit depreciation pressures on the peso.

It also warned that persistently high oil prices could worsen the country鈥檚 fiscal position as the government rolls out measures to cushion the impact of inflation.

However, BofA said stronger intervention in the foreign exchange market would be difficult to sustain and could raise concerns over the adequacy of foreign exchange reserves.

The bank expects the peso to weaken to P63 per dollar in the second quarter and to P64 per dollar by yearend amid elevated oil prices.

鈥淎n oil price spike remains the key external risk for the Philippines. Domestically, political uncertainty may weigh on public spending, sentiment and growth,鈥� it added.

Under SEC Memorandum Circular No. 17, a broker director may serve a maximum cumulative period of 10 years in the same exchange, whether cumulative or intermittent.

The circular was signed by SEC Chairperson Francisco Ed. Lim on May 21.

鈥淪trong institutions require regular renewal, independent oversight, and broader representation,鈥� Mr. Lim said in a statement on Thursday.

鈥淏y setting reasonable term limits for broker directors, the SEC seeks to strengthen market governance, mitigate potential conflicts of interest, level the playing field among the different categories of directors in exchanges, and align our regulatory framework with internationally recognized standards, while ensuring a fair and orderly transition,鈥� he added.

The SEC said the measure is aligned with principles of the International Organization of Securities Commissions, which promote fair representation in the governance of self-regulatory organizations such as exchanges.

Under the circular, a broker director that has served for five cumulative years will be required to undergo a one-year cooling-off period before becoming eligible for re-election.

The five-year term and 10-year term maximum period is reckoned up to the date of the next annual stockholders鈥� meeting, following the fifth or 10^th cumulative annual election.

A broker director鈥檚 service of more than six months in a year will be counted as one full year for purposes of computing the five-year term and 10-year maximum cumulative service under the circular.

Following the cooling-off period, the re-elected broker director can serve a fresh term of up to five cumulative years.

The SEC circular also provides for a two-year transition period for incumbent broker directors, allowing them to complete their current terms and remain eligible for the next two annual elections.

Covered exchanges that exceed the maximum cumulative term limit for broker directors will be subject to penalties, including a P1-million fine per broker director per year and a P30,000 monthly penalty for each month that the violation continues.

Third or succeeding offense for the same violation will be subject to suspension or revocation of the exchange鈥檚 secondary or primary license.

The new directive would affect several long-serving broker directors at the Philippine Stock Exchange, including Ma. Vivian Yuchengco (28 years), Eddie T. Gobing (25 years), and Wilson L. Sy (12 years).

The SEC鈥檚 term limit proposal had previously drawn opposition from individuals, including Ms. Yuchengco, who argued that it would be 鈥渨rong,鈥� noting that brokers are also shareholders of the PSE.

Certain business groups expressed support for the changes, saying these would promote board renewal and investor confidence, and committed to working with regulators and stakeholders to help develop a fair capital market.

The SEC circular will take effect 15 days after its full publication in the Official Gazette or in at least two newspapers of general circulation. 鈥� Alexandria Grace C. Magno

THE PHILIPPINE financial system鈥檚 total resources rose to P37.45 trillion in the first quarter of 2026 as the sector鈥檚 assets ballooned despite headwinds stemming from the Middle East war, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

As of March, banks and nonbank financial institutions鈥� combined resources grew by 8.61% to P37.45 trillion from P34.481 trillion in the same period last year.

Month on month, it edged up by 1.38% from P36.941 trillion previously.

These include funds and assets such as deposits, capital, and bonds or debt securities, but exclude resources from the central bank.听 听

Banks alone held P31.103 trillion worth of resources during the period, climbing by 9.19% from the P28.485 trillion seen a year earlier.

Broken down, universal and commercial banks鈥� resources rose by 8.41% year on year to P28.871 trillion at end-March from P26.631 trillion previously. This was the bulk of the sector鈥檚 resources in the first quarter.听

Resources of thrift banks also jumped by 25.17% to P1.478 trillion at end-March from P1.181 trillion in the comparable year-ago period, while digital banks had 44.82% more resources at end-March with P188.7 billion from P130.3 billion in the prior year.

Meanwhile, resources held by rural and cooperative banks stood at P565 billion as of end-December last year, 4.01% higher than the P543.2 billion seen in the first quarter of 2025. There were no data for rural and cooperative banks as of end-March this year.

Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the higher resources as of end-March came as banks and nonbank financial institutions鈥� balance sheets remained sound amid the Middle East conflict, with lending activity and deposit inflows likewise boosting their holdings.听 听

鈥淭he increase underscores the resilience of the domestic financial system, which remains well-positioned to intermediate funds despite external headwinds such as the ongoing Middle East conflict,鈥� he said in a Viber message.听

Separate central bank data showed that lenders鈥� assets hit an all-time high of P30.336 trillion as of end-March, the first full month of the Middle East war. This was up by 9.77% year on year from P27.644 trillion.

Banks鈥� loan growth likewise hit its fastest pace in seven months in March, as lending to businesses and consumers climbed 10.7% to P14.603 trillion from P13.192 trillion a year ago.

Higher investment holdings and continued savings may have helped sustain the sector鈥檚 resource growth despite economic woes during the period, said John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies.

鈥�(This) reflects continued expansion in bank lending, deposit growth, and investment holdings, indicating that the financial system remains liquid and broadly resilient despite a more challenging macroeconomic environment,鈥� he noted.

The latest available BSP data also showed nonbanks held P6.347 trillion in resources as of end-2025. This reflects a 7.26% climb from the P5.917-trillion resources logged at end-2024.

Nonbanks include investment houses, finance companies, security dealers, pawnshops, and lending companies.

Institutions such as nonstock savings and loan associations, credit card companies, private insurance firms, the Social Security System, and the Government Service Insurance System are also considered nonbank financial firms.

In the coming months, analysts noted that tighter financial conditions amid lingering economic uncertainties could dampen the growth of the financial sector鈥檚 resources.

鈥淟ooking ahead, while resources are expected to continue expanding, the pace of growth may moderate amid tighter financial conditions, elevated inflation, and softer economic momentum,鈥� Mr. Asuncion said.

鈥淜ey factors to watch include BSP policy direction, liquidity conditions, risk sentiment, and the strength of domestic demand, which will collectively shape the trajectory of financial system resources in the coming months,鈥� he added.

The industry should also strive to maintain healthy asset quality and credit conditions, especially as economic risks continue to weigh on them, according to Mr. Rivera.

In the first four months of the year, the combined value of InstaPay and PESONet transfers amounted to P10.388 trillion, up 45.38% from the P7.145 trillion seen in the year-ago period.

Meanwhile, more users turned cashless as the volume of transactions made through the two payment gateways more than tripled (225.1%) year on year to 2.721 billion as of April from 837.118 million previously.

Broken down, the value of InstaPay transactions jumped by 62.71% to P5.093 trillion from P3.13 trillion a year ago.

This came as the clearing house recorded a surge in the volume of transactions during the period, which soared by 234.95% to 2.68 billion from 799.971 million in the prior year.

On the other hand, transfers done via PESONet stood at a total value of P5.295 trillion at end-April, 31.88% higher than the P4.015 trillion posted in the same period last year.

The volume of PESONet transactions also went up by an annual 12.89% to 41.938 million in the four-month period from 37.148 million previously.

InstaPay and PESONet are automated clearing houses under the central bank鈥檚 National Retail Payment System framework.

InstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce.

Meanwhile, PESONet is mainly used for high-value transactions and may be considered as an electronic alternative to paper-based checks.

As of April, there are 94 InstaPay participants, most of which are nonbank electronic money issuers. PESONet has a total of 124 participants, with the bulk being universal and commercial banks.

The BSP wants digital payments to make up 60%-70% of the total volume of retail payments by 2028 in line with the Philippine Development Plan.

In 2024, online payments made up 57.4% of the volume and 59% of the value of the country鈥檚 total monthly retail transactions, according to the BSP鈥檚 2024 Status of Digital Payments in the Philippines report. 鈥� Katherine K. Chan

In a statement on Thursday, the company said January-to-March net income stood at P7.8 billion, up 6% from the normalized P7.4 billion recorded a year earlier, excluding one-time gains and the impact of Golden Arches Development Corp.鈥檚 (GADC) deconsolidation in March 2025.

Consolidated revenues rose 1% to P42.2 billion from the normalized P42 billion recorded in the same period last year.

鈥淎GI had an optimistic start; first-quarter results reflected healthy residential sales, strong leasing revenues, sustained improvement in the hospitality business, and the nascent recovery in spirits sales. These businesses continued to perform well even against a demanding macroeconomic and geopolitical backdrop,鈥� AGI President and Chief Executive Officer Kevin L. Tan said.

鈥淥ur first quarter performance is supported by ongoing cost discipline, embedded in our operations. This allowed our Group to gain operating leverage, while we continue to implement our aggressive business strategies. Overall, we have maintained our financial prudence, which helps us stay on course even in this challenging environment,鈥� he added.

On the property business, Megaworld Corp. saw a 4% increase in attributable net income to P5.3 billion as revenue climbed by 3% to P21.6 billion.

Real estate sales reached P13.3 billion, up 15%, driven mainly by construction progress in Metro Manila projects.

The office segment through Megaworld Premier Offices saw a 4% increase in office rental income supported by new leases and contract renewals.

The malls business led by Megaworld Lifestyle Malls saw revenues climb 9% to P1.8 billion, supported by higher tenant sales, improved occupancy, and stronger foot traffic.

Revenues from Megaworld Hotels & Resorts also increased 8% to P1.5 billion on the back of expanding operations and growing meetings, incentives, conferences, and exhibitions (MICE) activity.

The liquor manufacturing segment led by Emperador, Inc. posted attributable net income of P1.9 billion and consolidated revenues of P13.4 billion, driven by a favorable product mix and ongoing cost management, with brandy and whisky sales growing 6% year on year.

鈥淭he brandy segment continued to gain momentum, enjoying higher sales due to encouraging consumer shifts despite the soft domestic liquor market. Whisky sales have shown gradual, steady improvement as the Group continues to navigate ongoing challenges in the international spirits market,鈥� AGI said.

On the leisure and tourism segment, Travellers International, operator of Newport World Resorts, posted net revenues of P7 billion and gross revenues of P8.6 billion during the quarter.

Gross gaming revenue reached P6.6 billion, with gains in the mass segment offsetting weakness in VIP gaming. Non-gaming revenues rose 10% year on year to P2 billion, supported by higher hotel rates and increased retail spending within the resort complex.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached P1.7 billion, aided by cost management efforts.

AGI has interests in real estate through Megaworld, spirits through Emperador, leisure and hospitality through Travellers International, and quick-service restaurants through its stake in GADC, the operator of McDonald鈥檚 Philippines.

On Thursday, AGI shares rose by five centavos or 0.58% to close at P8.70 apiece. 鈥� Alexandria Grace C. Magno

鈥淲e鈥檙e studying the possibility of doing a follow-on offering also. But of course, we have to consider the market conditions when we do the follow-on offering,鈥� Vivant Chief Finance Officer and Risk Officer Minuel Carmela N. Franco said during the company鈥檚 annual stockholders鈥� meeting on Thursday.

She said the company plans to fund its pipeline of projects through a combination of debt and internal equity.

Vivant is planning around P60 billion in investments for its energy business from 2026 to 2030, particularly for renewable energy (RE) projects and related infrastructure.

鈥淲e have laid out an ambitious roadmap with total projected investments amounting to P60 billion from 2026 to 2030,鈥� Vivant Chief Executive Officer Arlo G. Sarmiento said.

About 78% of the planned investments will go toward renewable energy projects.

鈥淪tabilized by our strong foundation of existing investments in power and water, I am confident that our projected P60-billion to P70-billion pipeline investments over the next five years will allow us to continue to deliver on our mission to bring excellence to industries that improve everyday living,鈥� he said.

Amid ongoing geopolitical tensions in the Middle East, company officials said renewable energy development could help reduce the country鈥檚 dependence on imported conventional fuel sources.

鈥淲e could use more RE. Our dependence on conventional energy sources has made us the most expensive, maybe next to Singapore, country in terms of power costs. And that鈥檚 largely because of our dependence on oil, gas, and even coal,鈥� Mr. Sarmiento said.

Emil Andre Garcia, president and chief executive officer of Vivant Energy Corp., the company鈥檚 wholly owned energy investment arm, said Vivant is looking to develop up to 15 energy projects with capacities ranging from 30 megawatts (MW) to 300 MW.

鈥淲e鈥檙e looking at starting heavy investments this year, but the heavier ones should be in 鈥�27 and 鈥�28, assuming, of course, that the macros improve, or at the very least, stay where they are,鈥� he said.

Vivant currently has an attributable operating generation capacity of around 471 MW and is targeting to expand its power portfolio to 1,000 MW by 2030.

For its water business, the company is planning another P7 billion in investments across the water value chain, including bulk water supply, desalination, wastewater, and water distribution projects.

Jess Anthony N. Garcia, president and chief executive officer of Vivant Water, said the investment pipeline is intended primarily to expand the company鈥檚 desalination, wastewater, and water distribution segments.

鈥淚 think for the water sector, it鈥檚 a sector that鈥檚 been largely neglected. And I think because of that, there鈥檚 a lot of room there to improve infrastructure,鈥� he said.

Vivant Water is set to operationalize a desalination plant in Cordova capable of producing up to 20 million liters of water per day.

Vivant has investments in electric power generation and distribution, retail electricity supply, bulk water supply, wastewater treatment, and water distribution. 鈥� Sheldeen Joy Talavera

鈥淥ur results in the first three months are consistent with our back-ended target for the year. While we sustained a healthy performance early on, we have yet to quantify the impact of the Middle East war and a newly replenished construction order book in the coming months,鈥� Megawide Chairman and Chief Executive Officer Edgar B. Saavedra said in a media release on Thursday.

For the January-to-March period, the listed engineering and construction company posted gross revenue of P5.04 billion, up 16.4% from P4.33 billion a year earlier.

Megawide said revenues from operations accounted for 95.44% of total revenue at P4.81 billion. Construction operations contributed P3.84 billion, while landport and real estate operations generated P137.86 million and P831.13 million, respectively.

鈥淥verall, the revenue growth reflects increased project activity and portfolio expansion, with the real estate segment providing a higher contribution during the period. However, revenues remain partially influenced by project timing and recognition cycles, particularly for construction and real estate operations,鈥� the company said.

Total expenses rose 15.59% to P4.67 billion from P4.04 billion previously.

Megawide said the impact of the Middle East war, which escalated in February, has yet to materialize. The company added that it continues to explore strategies to strengthen revenue growth and its balance sheet.

鈥淭he other side of our value creation strategy is boosting our financial position to ease the debt-servicing burden and provide financial flexibility. Already, we have pared down almost P6 billion of our short-term debt in the first quarter alone, which should translate to estimated interest cost savings of around P250 million to P300 million for the year based on our average cost of debt,鈥� Mr. Saavedra said.

Megawide said its bank debt-to-equity ratio improved to 1.1x as of end-March from 1.54x at end-2025, in line with its medium-term commitments and long-term financial management program.

鈥淔or the remainder of the year, we are programmed to pay down another P2.5 billion to P3 billion from our short-term obligations as we aim to boost our liquidity and free up more debt headroom to support our long-term growth aspirations,鈥� Chief Financial Officer Jez G. dela Cruz said.

Megawide has a construction order book worth P48.7 billion and is building 11,000 housing units under the government鈥檚 expanded 4PH program. The company is also developing the Baguio City Integrated Terminal, the South Luzon Integrated Terminal Exchange, and the Cavite Bus Rapid Transit System.

Shares in Megawide fell three centavos, or 0.94%, to close at P3.17 apiece. 鈥� Ashley Erika O. Jose

鈥淭his partnership reflects Robinsons Land鈥檚 commitment to developing well-located, future-ready logistics facilities that support the growth requirements of world-class companies such as FedEx,鈥� RLX General Manager Cora Ang Ley said in a statement on Thursday.

The facility will rise on an estimated 15-hectare site within Clark International Airport (CRK) and will have a gross floor area of around 78,000 square meters. Completion is targeted by the first quarter of 2028.

Groundbreaking for the project was held on May 19.

The facility will be developed by RL Clark Logistix, Inc. (RCLX), a joint venture (JV) between Robinsons Land Corp. (RLC) and AIHC.

RLC holds an 85% stake in the venture, while AIHC owns the remaining 15%.

The project is being undertaken in coordination with the Bases Conversion and Development Authority, Clark Development Corp., and Luzon International Premiere Airport Development Corp., the operator of CRK.

鈥淭hrough RCLX, we are building in Clark with a long-term view of operational efficiency, network expansion, and the growing role of the Philippines in regional trade and logistics,鈥� Ms. Ley said.

The upcoming facility is expected to strengthen Robinsons Land鈥檚 logistics and industrial footprint in a corridor supported by cargo movement, aviation activity, and regional distribution links.

RLC said the project supports its broader strategy of expanding investment properties and diversifying recurring income streams through RLX.

During its annual stockholders鈥� meeting, RLC reported consolidated revenues of P12.28 billion and first-quarter net income of P4.4 billion, driven by its property portfolio and improved contributions from its development businesses.

Its investment portfolio remained the company鈥檚 primary earnings driver, with revenues rising 8% year on year to P9.2 billion and earnings before interest, taxes, depreciation, and amortization (EBITDA) increasing 4% to P5.6 billion.

Meanwhile, revenues from its development portfolio climbed 22% to P3.1 billion, while EBITDA rose 7% to P1 billion due to improved project execution and revenue recognition.

Capital expenditures in the first quarter stood at P3.25 billion, slightly higher than P3.23 billion recorded a year earlier. 鈥� Juliana Chloe A. Gonzales

The debt watcher affirmed the two banks鈥� 鈥淏aa2/P-2鈥� long- and short-term foreign and local currency deposit ratings and 鈥渟table鈥� outlooks, it said in separate statements late on Wednesday.

Also affirmed were their counterparty risk ratings and assessments, baseline credit assessments, and the ratings for their respective medium-term note programs.

For BDO, Moody鈥檚 said the affirmed ratings reflect its strong asset quality, funding and liquidity, adding that it has ample buffers and good profitability.

鈥淭he bank鈥檚 funding and liquidity will remain its key strengths, with a robust and dominant deposit franchise supporting its very high deposit market share, and hence access to lower cost of funding and high current and savings account deposit ratio of 68% as of end-2025. Its less-stable funds ratio stood at an adequate 23.1% as of end-2025, while its core banking liquidity ratio was 20.6% as of the same date,鈥� it said.

It added that BDO鈥檚 nonperforming loan (NPL) ratio is likely to stay stable this year, still supported by write-offs on its fast-growing unsecured retail loans.

Meanwhile, its credit costs may stay elevated amid the surge in the share of consumer loans in its portfolio over the past two years, and amid preemptive provisioning as macroeconomic conditions become more challenging.

鈥淭he bank鈥檚 high concentration to large corporate loans and long-dated investment securities will also pose risks to its asset quality.鈥�

The credit rater sees BDO鈥檚 return on assets (RoA) to range from 1.4% to 1.5% this year as net interest margin (NIM) stabilizes, even while credit costs and operating expenses remain elevated.

Meanwhile, capitalization will stay adequate, although capital generation may grow slower as credit demand eases. Widening government bond yields could also hit its Tier 1 ratio.

Moody鈥檚 said BDO鈥檚 deposit ratings will depend largely on the movement of the Philippines鈥� sovereign rating as they are at the same level.

Meanwhile, a significant deterioration in its asset quality, which could drive up credit costs and hit its earnings, as well as increased risks from related party lending or loan concentration, could lead to a downgrade.

BPI
For BPI, Moody鈥檚 said it credit strengths are strong profitability, adequate capital, healthy liquidity, and stable funding supported by its solid deposit franchise.

These balance out its weakening loan quality as it continues to expand its higher-risk retail lending businesses and amid 鈥渃hallenges鈥� in its corporate segment after it reported in the first quarter that 鈥渟everal corporate loans slipped into problem loans due to challenges unrelated to the conflict in the Middle East.鈥�

It said the bank鈥檚 problem loan ratio and credit costs have increased amid the seasoning of its retail loans and heightened macroeconomic risks.

鈥淲e expect the retail segments to experience further strain in 2026, given the shrinking financial buffers of retail borrowers amid higher inflation in the Philippines,鈥� Moody鈥檚 said.

鈥淎lthough the bank has tightened credit underwriting and plans to moderate its retail loan growth, we expect the bank鈥檚 asset risks to remain elevated, with credit costs normalizing closer to the 0.9% range in 2026. The bank鈥檚 high concentration to large corporate loans and long-dated investment securities will also pose risks to its asset quality.鈥�

Meanwhile, the bank鈥檚 NIM will likely continue expanding in line with growth in its retail loan, while its RoA could decline slightly due to elevated credit costs.

鈥淎dditionally, lower repayment capacities of retail borrowers amid higher inflation will add further upside on the bank鈥檚 credit costs.鈥�

The debt watcher said BPI鈥檚 funding and liquidity will remain strong thanks to its strong deposit base.

鈥淎lthough the bank鈥檚 current and savings account deposit ratio has declined to 60% as of March 2026, from 63% the year before, the bank鈥檚 cost of funds remains one of the lowest among its domestic rated peers. As of end-2025, the bank鈥檚 less-stable funds ratio stood at a good level of 17.1% and its core banking liquid assets ratio was 21.7%.鈥�

Like BDO, BPI鈥檚 ratings will hinge on the movement of the Philippines鈥� sovereign rating as they are at the same level.

Downgrades could be possible if its solvency metrics, including its asset quality and liquidity ratios, worsen significantly. 鈥� Aaron Michael C. Sy

In a statement on Thursday, the company said attributable net income surged 169.6% to P478 million from P177.3 million a year earlier, while revenues rose 36.6% to P1.646 billion from P1.205 billion.

鈥淥ur Palawan operations delivered a strong start to the year, supported by continued operational optimization, enhanced mine planning, and disciplined execution across our operations,鈥� FNI President Dante R. Bravo said.

Mining revenues from the company鈥檚 Palawan operations climbed 36.4% to P1.644 billion during the quarter, driven by higher nickel ore prices and shipment volumes.

Total shipments increased 8.9% to 550,632 wet metric tons (WMT) from 505,459 WMT a year earlier.

FNI said its sales mix during the quarter consisted of 80% medium-grade and 20% low-grade nickel ore, compared with entirely medium-grade shipments in the same period last year. All shipments in both periods were sold to customers in China.

Average realized nickel ore prices rose 23% to $50.57 per WMT from $41.13 per WMT, which the company attributed to tighter nickel ore supply following production quota restrictions in Indonesia and higher industry costs linked to tensions in the Middle East.

鈥淒espite global and industry-wide cost pressures, we remained focused on improving productivity, maintaining operational readiness, and advancing initiatives that strengthen efficiency and support our long-term growth objectives,鈥� Mr. Bravo said.

Cost of sales for the January-to-March period increased 2.2% to P544.2 million from P532.3 million a year earlier due to higher production and shipment volumes.

Operating expenses, including excise taxes and royalties, general and administrative expenses, and shipping and distribution costs, rose 22.4% to P530.2 million from P433.3 million in the same period last year.

The increase was mainly attributed to higher excise taxes and shipping expenses linked to larger shipment volumes, partly offset by an input value-added tax impairment provision recognized in the prior year.

FNI said it remains focused on technology adoption, resource expansion, and cost management to strengthen operations and respond to changing nickel market conditions.

The company added that the start of the Surigao mining season in the second quarter is expected to support operations and contribute to overall performance this year. 鈥� Alexandria Grace C. Magno

This came after the resignation of Philippine Savings Bank President Jose Vicente L. Alde as Metrobank director to focus on the thrift bank.

鈥淗is invaluable contributions over the past four years have been instrumental to Metrobank鈥檚 sustained success. He will continue to provide strategic leadership within the Metrobank Group,鈥� Metrobank said.

Meanwhile, Mr. Sison, who retired from Sun Life Philippines earlier this year, is the fifth independent director to serve Metrobank鈥檚 board.

鈥淎 renowned veteran of the insurance industry, Mr. Sison鈥檚 appointment underscored the bank鈥檚 commitment to upholding the highest standards of corporate governance.鈥�

Mr. Sison was also appointed as chairman of the board鈥檚 Audit Committee and a regular member of the Risk Oversight Committee.

Meanwhile, Metrobank鈥檚 board appointed Vice Chairman Francisco C. Sebastian as director of the Trust Committee, a seat previously held by director Anthony Paul C. Yap.

Mr. Sebastian鈥檚 previous role in the IT Steering Committee has now been assumed by Metrobank President and Director Fabian S. Dee.

Metrobank鈥檚 attributable net income grew by 2.68% year on year to P12.603 billion in the first quarter. Its shares closed at P63 apiece on Thursday, down 35 centavos or 0.55% from Wednesday鈥檚 finish. 鈥� Aaron Michael C. Sy

1 of 4

New and localized titles to launch at tabletop gaming convention

PLAYING board games is a cherished pastime among family and friends, especially now that people taking time away from screens is rare. There are various tabletop gaming clubs, organizations, and informal groups that cater to everyone from casual hobbyists and social players, to serious board game enthusiasts, who meet up weekly to sit down and spend hours at the tabletop.

While the likes of Scrabble, Monopoly, and Clue continue to be the most popular games, modern strategy games are also in demand. In the Philippines, local and localized titles provide a unique experience 鈥� the latest of which is Modern Art, a highly acclaimed international board game which now has a Philippine edition.

Following a collaboration between the Gaming Library and Fundacion Sans贸, the art auction board game Modern Art by Dr. Reiner Knizia has been adapted locally to feature works by Federico Aguilar Alcuaz, Abdulmari Imao, Larry Alcala, Raul Lebajo, and Juvenal Sans贸.

鈥淭he game is played by three to five players. Basically, you guys will be playing as museums and participating in auctions to sell and to collect paintings, and, depending on the season or the market, be given a return of value based on which artist is trending,鈥� said Gaming Library Chief Executive Officer Hans Kenner Fernandez, at the media preview held at Fundacion Sans贸 in San Juan City.

鈥淲hat鈥檚 exciting is that there are different types of auctions that you can participate in,鈥� he added.

Gaming Library, aside from being a board game shop, is the organizer of All Aboard Expo, a tabletop gaming convention which is now in its second year. From May 28 to 31, it will be the venue for various board game tournaments and new title launches, including Modern Art.

Other local titles to be launched at the event are Sinigang (a card game of bluffing and timing where the goal is to cook the perfect pot of sinigang) and Kalikasan (a localized version of the habitat-building game Cascadia, featuring Philippine animals like tarsiers and tamaraws).

FINDING COMMON GROUND
While one would think there isn鈥檛 much overlap between art enthusiasts and board game enthusiasts, Mr. Fernandez noted that the gap need not be too wide.

He explained that reaching out to Fundacion Sans贸 was the perfect move, as it happens to have the Initiative for the Continuation of Artist鈥檚 Estate, a program to help manage artists鈥� estates (not just Mr. Sans贸鈥檚) through legacy-building, skill transfer, and copyright management.

鈥淲hat we鈥檝e learned last year was we shouldn鈥檛 just focus on people who already play games,鈥� he said. 鈥淚f we can find similarities and common ground together, especially now when our political climate is trying to divide people, I feel like we can do the opposite. So, Modern Art came to be because we believe that art is really a big component of board games.鈥�

Considered by gaming enthusiasts as a masterclass in game design, Modern Art is a classic board game centered on the dynamics of the art market. The Philippine Edition introduces works by five contemporary Philippine artists 鈥� National Artists Federico Aguilar Alcuaz, Larry Alcala, and Abdulmari Imao, Filipino surrealist Raul Lebajo, and Presidential Medal of Merit Awardee Juvenal Sans贸 鈥� with works ranging from comics to classic oil paintings, from sculptures to tapestries.

The board game鈥檚 layout and visual design were led by graphic artist Tanya Mallillin, in collaboration with Mr. Fernandez and Duane Galang from the Gaming Library. Select releases of Modern Art: Philippine Edition will include a limited-edition archival print of Juvenal Sans贸鈥檚 Fat Cat, produced in strictly limited quantities.

The original creator of Modern Art, mathematics whiz Dr. Reiner Knizia, is revered among game designers with over 900 published games and books.

鈥溾�楳onopoly but for art鈥� is the easiest way to grasp what Modern Art is about,鈥� said Tenie Santos, Fundacion Sans贸鈥檚 assistant director, at the preview. 鈥淣ot a lot of people know how big the gaming community is in the Philippines. We actually have the biggest gaming community in Southeast Asia. And we鈥檙e so happy because board games are actually a form of art, with visual components, storytelling, culture, and even math.鈥�

She added that the project will help the five artists鈥� estates gain visibility among younger generations.

鈥淢any of them don鈥檛 know these artists anymore, so we need to do something about it. We have to be flexible to the changes, trends happening outside the museums,鈥� Ms. Santos said.

Part of proceeds from the sales of the game will go to Strays Worth Saving, which Fundacion Sans贸 donated to for the first time last month from the deluxe preorders of the board game.

鈥淲e鈥檒l keep doing it while we still have stocks of the game and of the Fat Cat archival prints. We hope to reach out to the entire Filipino community, to support local and to support arts and culture,鈥� she said. 鈥淗opefully this will encourage people to be into art and not be intimidated.鈥�

BIGGEST GAMING CONVENTION IN SEA
The official launch of Modern Art: Philippine Edition will take place at All Aboard Expo 2026, to be held at the MICE Center inside the Quezon City Hall complex from May 28 to 31. Representatives from the five artists鈥� estates will be present.

Mr. Fernandez said that, since it is the biggest tabletop gaming convention in Southeast Asia (SEA), they are expecting 15,000 attendees throughout the weekend. Last year, they had 10,500 attendees.

鈥淲e have 40 international brands flying over and visitors from Poland, Portugal, Vietnam, South Korea 鈥� about 30 countries in total,鈥� he said. 鈥淧eople have volunteered to teach the new board games, so a demo team will guide you if you want to try to play some.鈥�

Games will be labeled from Stages 1 to 5, indicating increasing level of difficulty, with Modern Art: Philippine Edition assigned to Stage 2.

鈥淚t will only have 100 copies at All Aboard Expo, so come and try it and get yours when you can!鈥� Mr. Fernandez said.

Entrance to the event is free for Quezon City residents and priced at P150 for everyone else. More details can be found here: . 鈥� Bront毛 H. Lacsamana

鈥淵ou really want to empower people. You want them to take responsibility for their lives. But they can鈥檛 if there鈥檚 no tools,鈥� Pioneer, Inc. President and Chief Executive Officer Lorenzo O. Chan, Jr. told reporters on the sidelines of the Philanthropy Asia Summit (PAS) on Tuesday.

He said affordable microinsurance products are becoming increasingly important for low-income households exposed to typhoons, flooding, crop losses, and other climate-related disruptions.

鈥淧eople think if I help the poor, if I insure the poor, there is no business case. [But,] there is business case,鈥� he said.

The Philippines was ranked the world鈥檚 most disaster-prone nation for the 21^st straight year in the 2025 WorldRiskIndex by Germany鈥檚 B眉ndnis Entwicklung Hilft and Ruhr University Bochum.

鈥淭here are enough insurers, there are enough needs. What we have is a lack of those willing to look beyond the business case to give it a go,鈥� Mr. Chan said.

Pioneer鈥檚 microinsurance products are primarily distributed through CARD Pioneer Microinsurance, Inc., its joint venture with CARD Mutually Reinforcing Institutions (CARD MRI).

In the Philippines, the Pioneer group includes Pioneer Life, Inc., Pioneer Insurance and Surety Corp., M Pioneer Insurance, Inc. 鈥� its joint venture with Manila Electric Co. (Meralco) 鈥� and CARD MRI.

Under Republic Act No. 10607, or the Insurance Code of the Philippines, microinsurance daily premiums cannot exceed 7.5% of the daily minimum wage for a non-agricultural worker in Metro Manila.

Mr. Chan said the company plans to expand its microinsurance offerings for farmers and fisherfolk.

Last year, Pioneer partnered with Nestl茅 Philippines to provide crop insurance for coffee farmers in Sultan Kudarat to help protect production against climate-related risks.

In 2025, the group recorded 36.7 million enrollments in its microinsurance products and generated more than P4 billion in premiums.

According to Insurance Commission data, Pioneer Insurance was the top nonlife insurer last year in terms of premium income, with P6.903 billion in net premiums written. 鈥� Beatriz Marie D. Cruz

These gains are being realized across the Group, where sustainability-driven efficiencies are strengthening operations while also translating into real value for customers. BPI now uses 100% renewable energy for 70 of its branches, while Globe has transitioned over 3,000 cell sites and smaller facilities to cleaner energy sources. By managing energy costs and reducing exposure to fuel price volatility, these initiatives help support more reliable services and more stable cost structures for consumers.

Building on these gains, the Ayala Group is extending the benefits of its sustainability efforts beyond its own operations by enabling households to directly access cleaner and more cost-efficient solutions. BPI鈥檚 Green Solutions offerings provide financing for residential solar installations and electric vehicles through flexible loan terms, competitive rates, and partnerships with accredited providers that help lower upfront costs. Demand continues to grow, with BPI reporting strong uptake in green consumer loans and an electric vehicle financing portfolio of around P12 billion.
听

Electrified mobility is听emerging听as one of the most direct ways to help consumers manage听high听fuel costs. As听ACMobility听CEO Jaime Alfonso Zobel de Ayala emphasized, 鈥淎t听ACMobility, our strategy was underpinned by a strong conviction that the cost of mobility has historically been a pain point for many Filipinos. Our view is that with the efficiency and the durability of battery technology, new energy vehicles directly address this pain point, providing retail customers with more affordable mobility options, as well as providing the broader population with innovations in energy security.鈥�
听
Demand is accelerating, with electrified vehicles accounting for 12% of new vehicle sales in 2025 and rising further in early 2026. Other things being equal,听with today鈥檚 fuel prices, an EV charged at home听can deliver up to 70% savings compared to a gasoline-powered听car,听a value proposition further enhanced by the fact that EVs in general have lower maintenance costs because听of fewer moving parts and no oil changes required. Through ACMobility, Ayala is scaling this transition by expanding access to EVs and building a nationwide charging network across more than 200 locations, making cleaner and more cost-efficient transport increasingly practical for Filipino consumers.
听
This shift is increasingly visible on the ground. Through the 鈥淒rive Electric. Love Pinas.鈥� campaign with the Department of Tourism, ACMobility听is听demonstrating that sustainable, electrified land travel across the Philippines is both possible and practical.

Ayala Land is also helping consumers manage听high fuel costs through integrated, walkable communities that reduce reliance on long commutes. By bringing homes, workplaces, retail, and essential services closer together within its estates, the company helps residents save both time and transportation costs while improving everyday convenience. Many Ayala Land estates also feature transport hubs and point-to-point (P2P) routes that provide more practical and accessible mobility options for commuters.
听
Approximately 98% of Ayala Malls now听operate on renewable energy and are supported by energy-efficient systems that help manage operating costs and improve operational efficiency. Together, these initiatives contribute to more resilient developments and more sustainable, cost-efficient ways of living.

In听logistics, where fuel costs directly听impact听the price of goods, AC Logistics is deploying renewable energy听across its operations, expanding its use in warehouses and cold chain facilities, electrifying delivery fleets, and redesigning its network to reduce fuel dependence. These initiatives help听stabilize听costs, improve reliability, and strengthen supply chains,听enabling businesses to serve customers more efficiently while providing end consumers with more affordable, dependable, and sustainably delivered goods.
听

At the same time, Globe is helping households adapt to听high听fuel costs and shifting work and learning patterns by making high-speed connectivity more accessible. Globe鈥檚听GFiber Prepaid offers faster, more reliable internet at affordable rates, supporting productivity, learning, and connectivity for families.
听
Together, these efforts highlight how Ayala鈥檚 sustainability initiatives are translating into practical benefits for consumers.

Spotlight is 大象传媒鈥檚 sponsored section that allows advertisers to amplify their brand and connect with 大象传媒鈥檚 audience by publishing their stories on the 大象传媒 Web site. For more information, send an email to听online@bworldonline.com.

Join us on Viber at听听to get more updates and subscribe to 大象传媒鈥檚 titles and get exclusive content through听.

鈥淥ne of the things that we would really like to do is issue a blue bond which is linked to water-related investments. Not only because we put the effort to get the framework in, but also because we think that there is demand from some of the vendors. As we market the bond, we create awareness for some of these projects,鈥� BPI Chief Financial and Sustainability Officer Eric M. Luchangco said at a media briefing on Thursday.

The bank has over P50 billion in assets it can finance under the blue bond framework, he added.

However, higher interest rates due to the Middle East conflict have made the bank hesitant about tapping the debt market.

鈥淚 think the deeper issue potentially preventing or affecting the timing of the issue is probably the global circumstances. If you had asked us in February, for example, whether we thought the market would be open for us to do an issue, I think the answer would have been, 鈥榳e don鈥檛 have any issues there.鈥� But the Middle East conflict really created some more volatility in the market. And I mean, I鈥檓 sure you鈥檝e seen interest rates swing very high,鈥� he said at the sidelines of the same briefing.

The bank could also tap other funding options to refinance a coming maturity in the third quarter, such as how it issued a green bond last year with the International Finance Corp. (IFC) as the sole subscriber that invested $250 million to help boost climate finance in the country.

鈥淲ith IFC, it was not a widespread bond, but basically a corporate note that we bought.

If that turns out to be more efficient for us, then we may go down that route again. Or if the public market seems more efficient for us, then we may go down that route,鈥� Mr. Luchangco said.

The bank in June last year also raised P40 billion from 1.5-year SINAG or Supporting Inclusion, Nature, and Growth Bonds at 5.85% per annum, well above the P5-billion target.

He added that the bank is not under any pressure to issue bonds as market conditions remain uncertain.

BPI鈥檚 net income rose by 1.7% to P16.92 billion in the first quarter. Its shares went up by P2.4 or 2.76% to close at P89.50 each on Thursday. 鈥� Aaron Michael C. Sy

FOR Filipino R&B artist Jemay Santiago, who is also a prominent online content creator, making music allows her to reveal a more vulnerable side that is different from her more jovial public persona. So, it is not a surprise that her latest single, 鈥�1A,鈥� which was released this month, presents a laidback sound and an inner depth.

鈥淭he context is that I came to a point where I had self-doubt and suicidal thoughts. I felt like a failure as a daughter, as a content creator, as a public figure,鈥� Ms. Santiago said at an interview on May 18 in Makati City. 鈥淚鈥檓 able to express it in song when I鈥檓 in the recording studio. Doon lang ako nagiging totoo sa nararamdaman ko (That鈥檚 the only place where I get real about my feelings).鈥�

To further challenge the glamorized narratives often associated with mainstream exposure and music culture, the song is set to be the first single to be released from her upcoming EP, Depresyon.

鈥淚 used to be scared to express myself as a public figure because people might take my weaknesses against me, but I thought it鈥檚 better to be authentic, raw, and vulnerable for people to understand who you are and what you鈥檙e going through 鈥� and for others to relate and realize they鈥檙e not alone,鈥� the singer said.

The track showcases hazy textures thanks to the mixing and mastering of Icy D. of Got Name? Collective, and the nocturnal beats care of Mark Arganda鈥檚 production. Originally titled 鈥淢ARY1A,鈥� it was later shortened to 鈥�1A,鈥� a metaphorical concept representing prioritizing oneself and personal healing.

According to Ms. Santiago, the number one signifies mental health being first, while the letter A represents beginning. Thus, 鈥�1A鈥� openly addresses 鈥渢he emotional realities hidden behind the smiles, confidence, and success often projected online.鈥�

Being part of the lesbian, gay, bisexual, trans, queer, intersex, and asexual plus (LGBTQIA+) community also motivates the artist, who identifies as pansexual, or someone attracted to all genders. 鈥淚鈥檝e seen hate comments about my identity, about how they think my music is bad, about how I鈥檓 just a clout chaser,鈥� she said.

Ms. Santiago explained that people don鈥檛 bother to understand once they鈥檝e made judgments about you, adding that she had become a content creator to help with her mother鈥檚 medical bills.

鈥淪he passed away two years ago,鈥� she said. 鈥�Wala man lang akong nagawa. Kaya nagawa ko 鈥檡ong kanta ngayon na palipat na ako mula sa pamilya papunta sa sarili ko. Kasi pakiramdam ko rin na nagkulang ako (I wasn鈥檛 able to do anything. That鈥檚 why I made this song, now that I鈥檓 shifting from family to myself, because I felt I didn鈥檛 do enough).鈥�

For her, the pressure felt among LGBTQIA+ Filipinos who are trying to find themselves while also facing dangerous thoughts of failure and self-doubt, is quite common.

鈥淲e can be the most genuine and very happy, but we鈥檙e also carrying our own struggles,鈥� she said. 鈥淲e have to deal with it alone.鈥�

Ms. Santiago added that music was the best way she found to tap into these unspoken feelings in the community.

鈥淚 was 15 years old when I first found out I could compose my own songs. I loved to sing,鈥� she said. 鈥淟ittle did I know, being a musician could be my profession.鈥�

鈥�1A鈥� is out now on digital music streaming platforms. 鈥� Bront毛 H. Lacsamana

In a statement on Thursday, the property developer said residential sales reservations reached P2.7 billion in March.

鈥淥ur residential performance in the first quarter proves that our products are aligning perfectly with the evolving needs of Filipino homeowners,鈥� FLI President and Chief Executive Officer Tristan Las Marias said.

鈥淭he record sales we recorded in March reflect the strength of our regional strategy. We are not just building houses; we are creating value in the areas where the Philippine economy is growing fastest,鈥� he added.

FLI said the growth was driven by double-digit increases in the National Capital Region, Central Luzon, and Mindanao, as demand for residential developments in these markets strengthened.

The residential segment helped lift real estate revenues by 6% to P3.92 billion during the first quarter.

For the January-to-March period, FLI posted consolidated revenues of P6.31 billion, up 4.5% from a year earlier, while net income stood at P1.1 billion. 鈥� Alexandria Grace C. Magno

The state pension fund鈥檚 net income stood to P43.6 billion in the period from P16.1 billion in the same period last year.

This was already over 30% of its full-year profit target of P130.91 billion.

Insurance income, which is the GSIS鈥� primary revenue line, increased by 9.16% to P56.6 billion in the January-to-March period from P4.75 billion a year ago.

This came amid higher social insurance contributions as collections were supported by its growing member base and higher agency remittances.

Meanwhile, investment income from financial assets jumped to P27.4 billion from P1.2 billion, supported by gains from equity valuations and favorable foreign exchange movements.

Loan income stood at P10.7 billion in the first quarter amid higher disbursements across Ginhawa Loan facilities.

GSIS said the Ginhawa Solar Energy Loan contributed P890 million in its first week of operations after the state pension fund started accepting applications on March 25.

As a result, gross income stood at P95.8 billion in the quarter, up 43.83% from P66.6 billion a year ago.

Meanwhile, the pension fund鈥檚 total expenses went up by 3.3% year on year to P52.1 billion from P50.5 billion. It said 95% of total expenses were paid claims and benefits, which rose by 4.73% to P49.5 billion in the first quarter amid higher pension payments.

The average monthly old age pension rose to P18,874.58 in 2026 from P17,809.10 in 2025, it added.

鈥淭he fund grew this quarter and paid out more than it did a year ago. That is the baseline we hold ourselves to every reporting period,鈥� GSIS President and General Manager Jose Arnulfo 鈥淲ick鈥� A. Veloso said in a statement.

Administrative costs, covering personnel services and operating expenses, stood at P2.44 billion. This made up about 4.7% of total expenses, well below the 12% ceiling set by the GSIS Charter.

鈥淎dministrative costs at 4.7% means more than 95 centavos of every peso in expenses went directly to members,鈥� Mr. Veloso said.

GSIS booked total assets amounting to P2 trillion at end-March, up from P1.96 trillion as of end-2025.

This puts the fund on track to reach P2.1 trillion in total assets by the end of the year.

鈥淏ased on the fund鈥檚 latest actuarial study, the GSIS has a life extending to 2058, ensuring that benefits remain secure for the next generation of government workers and retirees,鈥� it said. 鈥� Aaron Michael C. Sy

The first risk is institutional and reputational.

The sequence of events has now entered public consciousness. A senator facing an International Criminal Court-related warrant was effectively sheltered within Senate premises under 鈥減rotective custody,鈥� allowed to participate in a dramatic leadership change, and later escorted out of the building despite active efforts by authorities to serve him the warrant. The Senate initially projected the narrative that it was under external threat. Subsequent reports, however, showed otherwise. The alleged 鈥渁ttack鈥� appeared exaggerated, if not entirely imagined. Philippine National Police (PNP) and Department of the Interior and Local Government (DILG) official reports indicated that the gunfire came from Senate security personnel themselves and involved only a lone National Bureau of Investigation (NBI) agent who had remained behind upon the request of Government Service Insurance System (GSIS) authorities to help secure their premises.

The Supreme Court鈥檚 subsequent denial of the senator鈥檚 petition for a Temporary Restraining Order further weakened the legal and moral basis for the Senate鈥檚 actions. The implication became difficult to avoid: the institution appeared less interested in defending constitutional independence than in shielding one of its own.

SELF-INFLICTED DAMAGE
This is where the Senate inflicted damage upon itself.

For decades, the Senate cultivated the image of being the country鈥檚 stabilizing institution, the chamber where statesmanship prevailed over political impulse, where independent judgment tempered executive excess, and where constitutional principles carried greater weight than partisan loyalty. That image has now been severely compromised.

The problem did not begin this week or last week. The Senate had already suffered reputational damage last year when it refused to immediately proceed with the impeachment process against the Vice-President and instead remanded the matter back to the House of Representatives on procedural grounds. To many, that decision suggested a reluctance to confront politically difficult issues directly despite the Constitution鈥檚 use of the word 鈥渇orthwith.鈥�

To its credit, the Senate this year finally organized itself into an impeachment court. But the institutional damage had already accumulated. The events of the past week only reinforced public suspicion that accountability in the country has become selective and negotiable.

That is the essence of the Senate鈥檚 idiosyncratic risk.

It is a risk unique to the institution itself: the erosion of its credibility, legitimacy, and moral authority. The Senate now faces a growing perception that it no longer functions as an independent constitutional body guided principally by law and national interest, but increasingly as a political sanctuary shaped by alliances, personalities, and survival instincts.

The decline is not merely procedural; it is cultural and institutional.

The Senate today is increasingly perceived as dominated by celebrity politics, media performance, and political theatrics rather than serious legislation and statesmanship. Public debate has become noisier but less substantive. Committee assignments often appear driven more by political convenience than expertise. Institutional independence, once the Senate鈥檚 defining characteristic, now appears inconsistent and selective depending on the issue involved.

This deterioration matters because institutions derive their authority not only from constitutional design but from public trust. Once that trust weakens, institutional legitimacy begins to erode.

SYSTEMIC RISK, MORE SERIOUS
But the second risk is even more serious.

The Senate鈥檚 credibility crisis is no longer confined to itself. It now threatens to generate systemic or economywide consequences, particularly at a time when the Philippine economy is already showing increasing signs of stagflation.

This concern is not speculative. No less than President Ferdinand Marcos, Jr. himself has publicly expressed concern over the possible emergence of stagflationary conditions in the country. That concern is not without basis.

PHILIPPINE ECONOMY LOSING STEAM
The Philippine economy has clearly been losing momentum. Annual GDP growth slowed from 5.7% in 2024 to 4.4% in 2025. Quarterly growth data have shown a continuing downtrend, culminating in a disappointing 2.8% in real GDP growth in the first quarter of 2026.

The weakness is broad-based.

Agriculture remains under pressure, with palay production continuing to decline amid structural inefficiencies, climate disruptions, and supply constraints. Industry has weakened significantly, from 5.6% growth in 2024 to only 1.7% in 2025, before contracting by 0.1% in the first quarter of 2026. Manufacturing barely expanded during the same period, while construction sharply decelerated to 2.8% from 7.1% the previous year. Even the services sector, traditionally the economy鈥檚 growth anchor, has shown visible moderation.

ELEVATED INFLATION
At the same time, inflationary pressures remain elevated.

Consumer prices continue to erode household purchasing power, particularly among lower-income Filipinos already burdened by food and transport costs. More concerning are the inflation forecasts themselves. Following the elevated April inflation print of 7.2%, well above the Bangko Sentral ng Pilipinas鈥� target range, inflation is now projected to average 6.3% in 2026 and 4.3% in 2027, both significantly above target.

The upside risks are equally troubling: geopolitical tensions involving Iran, Israel, and the United States; uncertainties surrounding the Strait of Hormuz; the threat of El Ni帽o to domestic food supply; second-round effects on transport fares and wages; and the sustained weakening of the peso.

This is the dangerous combination that is characteristic of stagflation: slowing growth accompanied by persistently high inflation.

ACCELERATING ECONOMIC VULNERABILITIES
The Senate鈥檚 recent actions did not create these economic vulnerabilities. But they may have accelerated them by injecting another thick layer of uncertainty into an already fragile environment.

Political institutions are not isolated from economic outcomes. Weak institutions create uncertainty; uncertainty weakens confidence; and weakened confidence discourages investment and economic activity.

The timing therefore could not be worse.

The country鈥檚 fiscal space is already narrowing rapidly. National Government debt has exceeded 65% of GDP, while weak revenue generation continues to constrain the government鈥檚 capacity to sustain aggressive infrastructure and development spending. The ongoing controversies surrounding flood control projects and public spending have also created a chilling effect within the bureaucracy, slowing implementation, and weakening capital formation.

Meanwhile, the Philippine economy remains heavily dependent on overseas remittances and business process outsourcing or BPO revenues, both of which are vulnerable to global instability. The recent Middle East conflict therefore presents not merely a geopolitical concern but a direct economic threat to remittance flows, labor markets, and energy prices.

The country鈥檚 energy vulnerability remains especially alarming. The Philippines remains heavily dependent on imported fossil fuel, exposing the economy to external price shocks and supply disruptions. Red alerts in the Luzon and Visayas power grids have already underscored the fragility of domestic energy supply and transmission systems.

CONFUSION AND FRAGILITY
Under such conditions, what the country requires most are stable, disciplined, and credible institutions capable of reassuring markets and encouraging long-term investment.

Instead, the Senate projected confusion, volatility, and institutional fragility.

The implications are not theoretical. Financial markets respond quickly to political instability. Investor confidence weakens. Currency pressures intensify. Risk premiums rise. Businesses postpone expansion decisions. Foreign investors become more cautious toward economies where institutions themselves appear unstable or politicized.

Indeed, even international media coverage reflected those concerns. Foreign reporting described the Philippines as entering another period of political turmoil and institutional instability. What should have demonstrated democratic maturity instead projected political spectacle and constitutional uncertainty.

FROM IDIOSYNCRATIC TO SYSTEMIC RISK
This is how idiosyncratic risk transforms into systemic risk.

The Senate may initially have believed that the controversy involved only an internal political maneuver, a leadership dispute, the protection of an ally, or an institutional turf issue. But institutions do not operate in isolation. Their actions shape perceptions regarding governance quality, rule of law, accountability, and policy stability across the entire political system.

And in an economy already facing slowing growth and elevated inflation, the additional burden of institutional instability may hasten the emergence of stagflationary conditions.

The tragedy is that the Senate once represented the opposite. It was historically regarded as the country鈥檚 last major institutional guardrail, a chamber capable of moderating political excesses, defending constitutional boundaries, and producing leaders with intellectual depth and independence.

Today, that reputation is badly diminished.

Ultimately, the gravest damage inflicted last week was not on any political faction or branch of government. It was on the credibility and legitimacy of the Philippine Senate itself. And in weakening one of the country鈥檚 most important democratic institutions, the Senate may also have deepened the economywide risks confronting the Philippines at a particularly vulnerable moment in its history.

To be sure, what the Philippine Senate is doing is hardly revolutionary. Yet like Saturn of old, it risks consuming the very forces it once nurtured.

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.

鈥淲e are launching another 40 cities this year, just to basically digitize as many cities as possible,鈥� Grab Philippines Country Head Ronald Roda told 大象传媒 on the sidelines of the company鈥檚 economic forum on Monday.

He said the expansion will cover transport, delivery, and financial services, depending on what local governments allow in each area.

鈥淚t is different per city. It really depends on what the city allows us. The easiest to launch is deliveries, followed by transport, and then lastly is financial services,鈥� he said.

鈥淲e usually lead with delivery because that鈥檚 the easy way and we have national partners to rely on,鈥� he added.

Grab Philippines currently offers transportation, food and package delivery, and financial services. According to its website, the company operates in about 25 cities nationwide.

Mr. Roda said the company has seen growing opportunities tied to the digitalization of grocery and retail services.

鈥淲hen a crisis hits, there鈥檚 ultimately opportunities. The first opportunity is really the digitization of groceries. Similar to the pandemic where food delivery was the thing, these days it鈥檚 really bringing fresh produce, then ultimately retail into digital,鈥� he said.

鈥淎nd that鈥檚 what we have been focusing on for the past three months,鈥� he added.

Grab Philippines is also looking to expand its consumer cash loan business, which it launched in December last year.

鈥淲e have been very slow in giving out loans, but now I think it鈥檚 scaled because we鈥檝e gotten our group in terms of what鈥檚 the right credit policy and all of that,鈥� Mr. Roda said.

鈥淪o, we鈥檙e looking to scale lending mainly because the Grab base is fairly affluent,鈥� he added. 鈥� Ashley Erika O. Jose

In a statement on Thursday, the company said the new branch on East 42nd Street is its third location in Manhattan, adding to its existing presence in the city, including its Times Square store.

The branch began operations on March 31 and offers dine-in, takeout, delivery, online ordering, and catering services. It operates daily from 9 a.m. to midnight.

JFC said the opening drew strong customer turnout, with patrons lining up hours before opening. The company estimated that around 95% of customers were from the mainstream market, while 5% were Filipino or Filipino American.

鈥淭he response to our East 42nd Street opening is very encouraging 鈥� not just the strong turnout on day one, but the steady demand we continue to see,鈥� Jollibee North America President Beth Dela Cruz said.

鈥淢anhattan brings together a highly diverse customer base, and we are grateful for the opportunity to introduce Jollibee to new customers while making it more accessible to longtime fans in New York,鈥� she added.

JFC said the Manhattan opening forms part of its broader strategy to expand in densely populated urban centers across North America, focusing on high-footfall locations that support customer trial and repeat visits.

Following the opening of the East 42nd Street branch, Jollibee鈥檚 North American network now includes 81 stores in the United States and 28 in Canada.

鈥淭he opening of Jollibee Manhattan East 42nd Street demonstrates that our brand can connect with a broad customer base in one of the most competitive restaurant markets in the world,鈥� Jollibee Group Global President and Chief Executive Officer Ernesto Tanmantiong said.

鈥淪upported by products that customers come back for and a disciplined approach to expansion, we remain focused on growing Jollibee in a way that is sustainable, repeatable, and built for long-term success,鈥� he added.

Shares in JFC rose 1.35% to close at P135 apiece on Thursday. 鈥� Alexandria Grace C. Magno

The currency closed at P61.581 versus the dollar, gaining 15.9 centavos from its P61.74 finish on Wednesday, according to Bankers Association of the Philippines data posted on its website.

The local unit opened Thursday鈥檚 session sharply stronger at P61.50 per dollar. Its intraday best was at P61.45 against the greenback, while its weakest showing was at P61.665.

Dollars traded increased to $1.58 billion from $1.54 billion in the previous session.

鈥淭he peso appreciated after US President [Donald J.] Trump hinted about an impending end to the US-Iran conflict following his favorable remarks on the Iranian authorities in relation to their diplomatic talks,鈥� a trader said in an e-mail.

The currency was also supported by the downward correction in global crude oil prices following Mr. Trump鈥檚 remarks, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Friday, the trader said the peso could continue to strengthen amid market optimism over an eventual resumption of oil trade along the Strait of Hormuz.

The trader sees the peso moving between P61.45 and P61.70 against the dollar on Friday, while Mr. Ricafort expects it to move between P61.45 and P61.65.

The US dollar firmed on Thursday but stayed below a six-week peak as hopes that Washington was nearing a deal with Tehran to end the war in the Middle East capped further rises, Reuters reported.

Mr. Trump on Wednesday said negotiations with Tehran were in the final stages, while also warning of further attacks if Iran does not agree to a deal.

The dollar, often a safe haven for investors, firmed 0.1% against the yen to 楼159.060 after falling for the first time in eight sessions against the yen on Wednesday.

Bank of Japan policy board member Junko Koeda added a measure of support for the yen with hawkish comments on Thursday, saying in a speech that the central bank needs to continue to raise rates with underlying inflation already around a 2% target.

The euro was 0.2% down at $1.160050, after dipping on Wednesday to its weakest level since April 7 at $1.1583 before bouncing back.

The dollar index, which measures the currency against the euro, yen and four other rivals, rose 0.2% to 99.295, down from a peak of 99.472 on Wednesday, the strongest level since April 7.

鈥淭he 鈥榮afe haven鈥� flows reversed because of positive news about the Iran war,鈥� wrote Joseph Capurso, head of FX at Commonwealth Bank of Australia, in a client note.

At the same time, 鈥渨hile the US has domestic political incentives to seek peace, we would not be surprised if President Trump chooses military escalation to gain leverage in negotiations,鈥� he said.

Market focus has been on the potential inflationary impact of higher energy prices as the Strait of Hormuz remains largely closed to shipping.

In a note, Commerzbank FX analysts said many central banks may label the inflation shock as transitory should the Strait open in the next few days, but this would be incorrect as it does not take into account loss of purchasing power.

鈥淐onsequently, currencies are likely to benefit in countries where the central bank is slower to speak of transitory price spikes but may nevertheless tighten monetary policy,鈥� they wrote.

Notes from the Federal Reserve鈥檚 April meeting, published on Wednesday, revealed officials鈥� intensifying concerns about inflation, with a growing number open to the possibility that they may need to raise interest rates.

Elsewhere, the Australian dollar declined following a surprise rise in the unemployment rate to the highest since 2021, which reduced the case for higher interest rates.

Bitcoin softened a fraction to around $77,603.16. 鈥� Aaron Michael C. Sy with Reuters