![\"\"](\"/wp-content/uploads/2026/05/BWEF-MAY2026-WHITE-BG.jpg\")
As this year\u2019s ASEAN chairman, the Philippines is expected to push for stronger regional cooperation on energy security and supply resilience as the Iran war roils global energy markets.By Katherine K. Chan, Reporter
\nTHE 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.
\nIn an exclusive interview on One News\u2019 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.
\nAsked about the likelihood of off-cycle tightening, Mr. Remolona said: \u201cI wouldn\u2019t say likely. We\u2019re considering it.\u201d
\nHowever, 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.
\n\u201cThat\u2019s very close to the next scheduled policy meeting. So, at this point, it\u2019s a toss-up whether we do an off-cycle or we just wait for the regular meeting, which is not that far away anyway,\u201d Mr. Remolona said.
\nMr. 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.
\nThe 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%.
\nCentral 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.\u00a0
\nHowever, 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.
\n\u201cOrdinarily, a supply shock, you would look through it because it would go away and then you\u2019re back to where you are. But now this is a big supply shock and it\u2019s a persistent supply shock,\u201d he said. \u201cSo, we have to react and we have to react aggressively, I think, in this kind of situation. That\u2019s why we raised rates early.\u201d
\nInflation has breached the BSP\u2019s 2%-4% target and monthly forecasts since the war erupted in late February.
\nIn 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\u2019s 5.6%-6.4% estimate for the month.
\nAsked if they are now behind the curve, Mr. Remolona said: \u201cThere\u2019s a risk that we are. It depends on whether the supply shock persists.\u201d
\nHe 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.
\nMr. Remolona said the BSP is closely monitoring transport fares, which he said were \u201cadjusted very quickly,\u201d as well as faster inflation for the bottom 30% of households.
\nThe 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.
\n\u201cThe slowdown in consumer spending helps lower inflation. We don\u2019t want to lower inflation that way. We want consumer spending to resume and then it\u2019s our job to keep inflation low,\u201d Mr. Remolona said, adding that they expect consumer spending to recover.
\nThe 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%.
\nThe central bank, according to Mr. Remolona, also remains \u201cactive as usual\u201d in the foreign exchange market to smoothen out sharp swings amid recent episodes of the peso plunging to back-to-back historic lows.
\nThe 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.
\nHowever, it gained 15.90 centavos on Thursday to close at P61.581 per dollar from its P61.74 finish on Wednesday.
\n", "content_text": "By Katherine K. Chan, Reporter\nTHE 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.\nIn an exclusive interview on One News\u2019 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. \nAsked about the likelihood of off-cycle tightening, Mr. Remolona said: \u201cI wouldn\u2019t say likely. We\u2019re considering it.\u201d\nHowever, 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.\n\u201cThat\u2019s very close to the next scheduled policy meeting. So, at this point, it\u2019s a toss-up whether we do an off-cycle or we just wait for the regular meeting, which is not that far away anyway,\u201d Mr. Remolona said.\nMr. 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.\nThe 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%.\nCentral 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.\u00a0\nHowever, 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.\n\u201cOrdinarily, a supply shock, you would look through it because it would go away and then you\u2019re back to where you are. But now this is a big supply shock and it\u2019s a persistent supply shock,\u201d he said. \u201cSo, we have to react and we have to react aggressively, I think, in this kind of situation. That\u2019s why we raised rates early.\u201d\nInflation has breached the BSP\u2019s 2%-4% target and monthly forecasts since the war erupted in late February.\nIn 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\u2019s 5.6%-6.4% estimate for the month. \nAsked if they are now behind the curve, Mr. Remolona said: \u201cThere\u2019s a risk that we are. It depends on whether the supply shock persists.\u201d\nHe 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. \nMr. Remolona said the BSP is closely monitoring transport fares, which he said were \u201cadjusted very quickly,\u201d as well as faster inflation for the bottom 30% of households.\nThe 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.\n\u201cThe slowdown in consumer spending helps lower inflation. We don\u2019t want to lower inflation that way. We want consumer spending to resume and then it\u2019s our job to keep inflation low,\u201d Mr. Remolona said, adding that they expect consumer spending to recover.\nThe 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%.\nThe central bank, according to Mr. Remolona, also remains \u201cactive as usual\u201d in the foreign exchange market to smoothen out sharp swings amid recent episodes of the peso plunging to back-to-back historic lows.\nThe 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.\nHowever, it gained 15.90 centavos on Thursday to close at P61.581 per dollar from its P61.74 finish on Wednesday.", "date_published": "2026-05-22T00:35:53+08:00", "date_modified": "2026-05-22T08:40:04+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2025/07/Eli-M.-Remolona.jpg", "tags": [ "Katherine K. Chan", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=751348", "url": "/top-stories/2026/05/22/751348/adb-likely-to-cut-phl-growth-outlook-anew/", "title": "ADB likely to cut PHL growth outlook anew", "content_html": "By Justine Irish D. Tabile, Senior Reporter
\nGROWTH 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.
\n\u201cWhen 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,\u201d he told 大象传媒 in an interview.
\n\u201cSo that was envisioning if this crisis got resolved and things went back to normal within a few months. That obviously has not happened,\u201d he added.
\nIn 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.
\nThe revised forecast falls below the government\u2019s 5-6% GDP growth target for 2026 and matches the country\u2019s growth pace last year.
\nFor 2027, the ADB expects the Philippine economy to expand by 5.5%, at the low end of the government\u2019s 5.5-6.5% target range.
\nOn 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.
\nMeanwhile, 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.
\nMr. Jeffries said inflation in the region could rise as high as 7.4% this year under a severe downside scenario.
\n\u201cNow, 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,\u201d he said.
\n\u201cJust 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,\u201d he added.
\nThe Philippine economy expanded by 2.8% in the first quarter, slower than the previous quarter\u2019s 3% growth, reflecting the lingering effects of last year\u2019s corruption scandal and soaring oil prices triggered by the Middle East conflict.
\nMeanwhile, headline inflation accelerated to 7.2% in April, exceeding the Bangko Sentral ng Pilipinas\u2019 (BSP) 5.6%-6.4% forecast and 2%-4% target range.
\nWEAKER PESO
\nJesus 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.
\u201cThe problem is the type of economy that we have is a very weak economy\u2026 It is an economy that has problems really sustaining production capacity,\u201d he told Money Talks with Cathy Yang on One News on Thursday.
\n\u201cIn 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,\u201d he added.
\nMr. Felipe said he expects the peso to weaken to P63.5 against the dollar by August.
\nThe peso closed at a record low of P61.75 per dollar on Tuesday, unchanged from Monday\u2019s finish.
\nWhile 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.
\nHe said the Philippines should use the crisis as an opportunity to diversify the economy and increase the value-added component of local manufacturing.
\nThe DLSU May economic report projected Philippine GDP growth at 3.11% in 2026, well below the government\u2019s 5-6% target.
\nIt also projected growth at 3.93% in 2027 and 5.71% in 2028, both below the government\u2019s targets of 5.5-6.5% and 6-7%, respectively.
\n\u201cFor the time being, it\u2019s a question of uncertainty. This is not really a deep crisis. We\u2019re not into that. It\u2019s not that growth is negative,\u201d he said.
\nMr. Felipe said the uncertainty stems from a combination of peso depreciation and last year\u2019s corruption scandal.
\n\u201cEverybody\u2019s simply waiting to see what happens. So, consumption is really subdued and investment is really subdued… The recovery will start happening in 2028. It\u2019s 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%,\u201d he added.
\nMr. 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.
\nWithout structural reforms, the Philippine economy will remain vulnerable to future crises, he added.
\n\u201cIf the government doesn\u2019t do anything toward the long term, a couple of decades, even up to 2050, what we will see is what we call\u2026 a weak economy that will be shaken by the next crisis, be it domestic or international,\u201d he added.
\nSeparately, Bank of America Global Research said higher oil prices could significantly widen the country\u2019s current account deficit.
\n\u201cOil prices around $90-$100 range would translate into roughly 1-1.3% widening of the current account deficit to 4%,\u201d it said.
\n\u201cWe 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,\u201d it added.
\nBank of America (BofA) said a current account deficit nearing 4% would increase reliance on the BSP\u2019s intervention to limit depreciation pressures on the peso.
\nIt also warned that persistently high oil prices could worsen the country\u2019s fiscal position as the government rolls out measures to cushion the impact of inflation.
\nHowever, 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.
\nThe 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.
\n\u201cAn oil price spike remains the key external risk for the Philippines. Domestically, political uncertainty may weigh on public spending, sentiment and growth,\u201d it added.
\n", "content_text": "By Justine Irish D. Tabile, Senior Reporter\nGROWTH 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.\n\u201cWhen 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,\u201d he told 大象传媒 in an interview.\n\u201cSo that was envisioning if this crisis got resolved and things went back to normal within a few months. That obviously has not happened,\u201d he added.\nIn 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.\nThe revised forecast falls below the government\u2019s 5-6% GDP growth target for 2026 and matches the country\u2019s growth pace last year.\nFor 2027, the ADB expects the Philippine economy to expand by 5.5%, at the low end of the government\u2019s 5.5-6.5% target range.\nOn 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.\nMeanwhile, 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.\nMr. Jeffries said inflation in the region could rise as high as 7.4% this year under a severe downside scenario.\n\u201cNow, 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,\u201d he said.\n\u201cJust 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,\u201d he added.\nThe Philippine economy expanded by 2.8% in the first quarter, slower than the previous quarter\u2019s 3% growth, reflecting the lingering effects of last year\u2019s corruption scandal and soaring oil prices triggered by the Middle East conflict.\nMeanwhile, headline inflation accelerated to 7.2% in April, exceeding the Bangko Sentral ng Pilipinas\u2019 (BSP) 5.6%-6.4% forecast and 2%-4% target range.\nWEAKER PESO\nJesus 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.\n\u201cThe problem is the type of economy that we have is a very weak economy\u2026 It is an economy that has problems really sustaining production capacity,\u201d he told Money Talks with Cathy Yang on One News on Thursday.\n\u201cIn 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,\u201d he added.\nMr. Felipe said he expects the peso to weaken to P63.5 against the dollar by August.\nThe peso closed at a record low of P61.75 per dollar on Tuesday, unchanged from Monday\u2019s finish.\nWhile 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.\nHe said the Philippines should use the crisis as an opportunity to diversify the economy and increase the value-added component of local manufacturing.\nThe DLSU May economic report projected Philippine GDP growth at 3.11% in 2026, well below the government\u2019s 5-6% target.\nIt also projected growth at 3.93% in 2027 and 5.71% in 2028, both below the government\u2019s targets of 5.5-6.5% and 6-7%, respectively.\n\u201cFor the time being, it\u2019s a question of uncertainty. This is not really a deep crisis. We\u2019re not into that. It\u2019s not that growth is negative,\u201d he said.\nMr. Felipe said the uncertainty stems from a combination of peso depreciation and last year\u2019s corruption scandal.\n\u201cEverybody\u2019s simply waiting to see what happens. So, consumption is really subdued and investment is really subdued… The recovery will start happening in 2028. It\u2019s 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%,\u201d he added.\nMr. 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.\nWithout structural reforms, the Philippine economy will remain vulnerable to future crises, he added.\n\u201cIf the government doesn\u2019t do anything toward the long term, a couple of decades, even up to 2050, what we will see is what we call\u2026 a weak economy that will be shaken by the next crisis, be it domestic or international,\u201d he added.\nSeparately, Bank of America Global Research said higher oil prices could significantly widen the country\u2019s current account deficit.\n\u201cOil prices around $90-$100 range would translate into roughly 1-1.3% widening of the current account deficit to 4%,\u201d it said.\n\u201cWe 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,\u201d it added.\nBank of America (BofA) said a current account deficit nearing 4% would increase reliance on the BSP\u2019s intervention to limit depreciation pressures on the peso.\nIt also warned that persistently high oil prices could worsen the country\u2019s fiscal position as the government rolls out measures to cushion the impact of inflation.\nHowever, 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.\nThe 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.\n\u201cAn oil price spike remains the key external risk for the Philippines. Domestically, political uncertainty may weigh on public spending, sentiment and growth,\u201d it added.", "date_published": "2026-05-22T00:34:52+08:00", "date_modified": "2026-05-21T20:44:21+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/vegetable-market-wc.jpg", "tags": [ "Justine Irish D. Tabile", "Editors' Picks", "One News", "大象传媒" ], "summary": "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." }, { "id": "/?p=751347", "url": "/top-stories/2026/05/22/751347/sec-imposes-10-year-term-limit-for-broker-directors-serving-on-exchange-boards/", "title": "SEC imposes 10-year term limit for broker directors serving on exchange boards", "content_html": "THE SECURITIES and Exchange Commission (SEC) is imposing a cumulative 10-year term limit on broker directors serving on exchange boards, a rule that is being opposed by some market participants.
\nUnder 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.
\nThe circular was signed by SEC Chairperson Francisco Ed. Lim on May 21.
\n\u201cStrong institutions require regular renewal, independent oversight, and broader representation,\u201d Mr. Lim said in a statement on Thursday.
\n\u201cBy 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,\u201d he added.
\nThe 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.
\nUnder 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.
\nThe five-year term and 10-year term maximum period is reckoned up to the date of the next annual stockholders\u2019 meeting, following the fifth or 10th cumulative annual election.
\nA broker director\u2019s 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.
\nFollowing the cooling-off period, the re-elected broker director can serve a fresh term of up to five cumulative years.
\nThe 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.
\nCovered 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.
\nThird or succeeding offense for the same violation will be subject to suspension or revocation of the exchange\u2019s secondary or primary license.
\nThe 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).
\nThe SEC\u2019s term limit proposal had previously drawn opposition from individuals, including Ms. Yuchengco, who argued that it would be \u201cwrong,\u201d noting that brokers are also shareholders of the PSE.
\nCertain 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.
\nThe SEC circular will take effect 15 days after its full publication in the Official Gazette or in at least two newspapers of general circulation. \u2014 Alexandria Grace C. Magno
\n", "content_text": "THE SECURITIES and Exchange Commission (SEC) is imposing a cumulative 10-year term limit on broker directors serving on exchange boards, a rule that is being opposed by some market participants.\nUnder 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.\nThe circular was signed by SEC Chairperson Francisco Ed. Lim on May 21.\n\u201cStrong institutions require regular renewal, independent oversight, and broader representation,\u201d Mr. Lim said in a statement on Thursday.\n\u201cBy 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,\u201d he added.\nThe 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.\nUnder 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. \nThe five-year term and 10-year term maximum period is reckoned up to the date of the next annual stockholders\u2019 meeting, following the fifth or 10th cumulative annual election.\nA broker director\u2019s 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.\nFollowing the cooling-off period, the re-elected broker director can serve a fresh term of up to five cumulative years.\nThe 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.\nCovered 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.\nThird or succeeding offense for the same violation will be subject to suspension or revocation of the exchange\u2019s secondary or primary license.\nThe 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).\nThe SEC\u2019s term limit proposal had previously drawn opposition from individuals, including Ms. Yuchengco, who argued that it would be \u201cwrong,\u201d noting that brokers are also shareholders of the PSE.\nCertain 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.\nThe SEC circular will take effect 15 days after its full publication in the Official Gazette or in at least two newspapers of general circulation. \u2014 Alexandria Grace C. Magno", "date_published": "2026-05-22T00:33:51+08:00", "date_modified": "2026-05-21T20:43:14+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2024/06/SEC-buillding-3.jpg", "tags": [ "Alexandria Grace C. Magno", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=751346", "url": "/top-stories/2026/05/22/751346/philippine-financial-system-resources-climb-in-q1/", "title": "Philippine financial system resources climb in Q1", "content_html": "By Katherine K. Chan, Reporter
\nTHE PHILIPPINE financial system\u2019s total resources rose to P37.45 trillion in the first quarter of 2026 as the sector\u2019s assets ballooned despite headwinds stemming from the Middle East war, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.
\nAs of March, banks and nonbank financial institutions\u2019 combined resources grew by 8.61% to P37.45 trillion from P34.481 trillion in the same period last year.
\nMonth on month, it edged up by 1.38% from P36.941 trillion previously.
\nThese include funds and assets such as deposits, capital, and bonds or debt securities, but exclude resources from the central bank.\u00a0 \u00a0
\nBanks alone held P31.103 trillion worth of resources during the period, climbing by 9.19% from the P28.485 trillion seen a year earlier.
\nBroken down, universal and commercial banks\u2019 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\u2019s resources in the first quarter.\u00a0
\nResources 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.
\nMeanwhile, 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.
\nUnion 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\u2019 balance sheets remained sound amid the Middle East conflict, with lending activity and deposit inflows likewise boosting their holdings.\u00a0 \u00a0
\n\u201cThe 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,\u201d he said in a Viber message.\u00a0
\nSeparate central bank data showed that lenders\u2019 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.
\nBanks\u2019 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.
\nHigher investment holdings and continued savings may have helped sustain the sector\u2019s resource growth despite economic woes during the period, said John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies.
\n\u201c(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,\u201d he noted.
\nThe 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.
\nNonbanks include investment houses, finance companies, security dealers, pawnshops, and lending companies.
\nInstitutions 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.
\nIn the coming months, analysts noted that tighter financial conditions amid lingering economic uncertainties could dampen the growth of the financial sector\u2019s resources.
\n\u201cLooking ahead, while resources are expected to continue expanding, the pace of growth may moderate amid tighter financial conditions, elevated inflation, and softer economic momentum,\u201d Mr. Asuncion said.
\n\u201cKey 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,\u201d he added.
\nThe 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.
\n", "content_text": "By Katherine K. Chan, Reporter\nTHE PHILIPPINE financial system\u2019s total resources rose to P37.45 trillion in the first quarter of 2026 as the sector\u2019s assets ballooned despite headwinds stemming from the Middle East war, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.\nAs of March, banks and nonbank financial institutions\u2019 combined resources grew by 8.61% to P37.45 trillion from P34.481 trillion in the same period last year. \nMonth on month, it edged up by 1.38% from P36.941 trillion previously.\nThese include funds and assets such as deposits, capital, and bonds or debt securities, but exclude resources from the central bank.\u00a0 \u00a0\nBanks alone held P31.103 trillion worth of resources during the period, climbing by 9.19% from the P28.485 trillion seen a year earlier.\nBroken down, universal and commercial banks\u2019 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\u2019s resources in the first quarter.\u00a0\nResources 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. \nMeanwhile, 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. \nUnion 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\u2019 balance sheets remained sound amid the Middle East conflict, with lending activity and deposit inflows likewise boosting their holdings.\u00a0 \u00a0\n\u201cThe 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,\u201d he said in a Viber message.\u00a0\nSeparate central bank data showed that lenders\u2019 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.\nBanks\u2019 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.\nHigher investment holdings and continued savings may have helped sustain the sector\u2019s resource growth despite economic woes during the period, said John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies.\n\u201c(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,\u201d he noted.\nThe 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.\nNonbanks include investment houses, finance companies, security dealers, pawnshops, and lending companies.\nInstitutions 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. \nIn the coming months, analysts noted that tighter financial conditions amid lingering economic uncertainties could dampen the growth of the financial sector\u2019s resources.\n\u201cLooking ahead, while resources are expected to continue expanding, the pace of growth may moderate amid tighter financial conditions, elevated inflation, and softer economic momentum,\u201d Mr. Asuncion said.\n\u201cKey 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,\u201d he added.\nThe 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.", "date_published": "2026-05-22T00:32:50+08:00", "date_modified": "2026-05-21T20:42:49+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2023/08/Peso-currency-1.jpg", "tags": [ "Katherine K. Chan", "Editors' Picks", "One News", "大象传媒" ], "summary": "THE PHILIPPINE financial system\u2019s total resources rose to P37.45 trillion in the first quarter of 2026 as the sector\u2019s assets ballooned despite headwinds stemming from the Middle East war, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed." }, { "id": "/?p=751345", "url": "/top-stories/2026/05/22/751345/instapay-pesonet-transactions-top-p10-trillion-at-end-april/", "title": "InstaPay, PESONet transactions top P10 trillion at end-April", "content_html": "DIGITAL PAYMENTS continued to expand in the Philippines as transactions made via InstaPay and PESONet reached a total value of over P10 trillion as of April, data from the Bangko Sentral ng Pilipinas (BSP) showed.
\nIn 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.
\nMeanwhile, 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.
\nBroken down, the value of InstaPay transactions jumped by 62.71% to P5.093 trillion from P3.13 trillion a year ago.
\nThis 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.
\nOn 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.
\nThe 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.
\nInstaPay and PESONet are automated clearing houses under the central bank\u2019s National Retail Payment System framework.
\nInstaPay 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.
\nMeanwhile, PESONet is mainly used for high-value transactions and may be considered as an electronic alternative to paper-based checks.
\nAs 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.
\nThe 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.
\nIn 2024, online payments made up 57.4% of the volume and 59% of the value of the country\u2019s total monthly retail transactions, according to the BSP\u2019s 2024 Status of Digital Payments in the Philippines report. \u2014 Katherine K. Chan
\n", "content_text": "DIGITAL PAYMENTS continued to expand in the Philippines as transactions made via InstaPay and PESONet reached a total value of over P10 trillion as of April, data from the Bangko Sentral ng Pilipinas (BSP) showed.\nIn 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.\nMeanwhile, 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.\nBroken down, the value of InstaPay transactions jumped by 62.71% to P5.093 trillion from P3.13 trillion a year ago.\nThis 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.\nOn 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. \nThe 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.\nInstaPay and PESONet are automated clearing houses under the central bank\u2019s National Retail Payment System framework.\nInstaPay 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.\nMeanwhile, PESONet is mainly used for high-value transactions and may be considered as an electronic alternative to paper-based checks.\nAs 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.\nThe 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.\nIn 2024, online payments made up 57.4% of the volume and 59% of the value of the country\u2019s total monthly retail transactions, according to the BSP\u2019s 2024 Status of Digital Payments in the Philippines report. \u2014 Katherine K. Chan", "date_published": "2026-05-22T00:31:50+08:00", "date_modified": "2026-05-21T20:41:26+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2024/04/photo-1571867424488-4565932edb41-e1714070119866.jpg", "tags": [ "Katherine K. Chan", "One News", "大象传媒" ] }, { "id": "/?p=751322", "url": "/banking-finance/2026/05/22/751322/peso-strengthens-as-markets-stay-hopeful-on-us-iran-deal/", "title": "Peso strengthens as markets stay hopeful on US-Iran deal", "content_html": "THE PESO appreciated against the dollar on Thursday after the United States again signaled a possible end to the Middle East conflict.
\nThe 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.
\nThe local unit opened Thursday\u2019s 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.
\nDollars traded increased to $1.58 billion from $1.54 billion in the previous session.
\n\u201cThe 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,\u201d a trader said in an e-mail.
\nThe currency was also supported by the downward correction in global crude oil prices following Mr. Trump\u2019s remarks, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
\nFor 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.
\nThe 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.
\nThe 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.
\nMr. 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.
\nThe dollar, often a safe haven for investors, firmed 0.1% against the yen to \u00a5159.060 after falling for the first time in eight sessions against the yen on Wednesday.
\nBank 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.
\nThe 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.
\nThe 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.
\n\u201cThe \u2018safe haven\u2019 flows reversed because of positive news about the Iran war,\u201d wrote Joseph Capurso, head of FX at Commonwealth Bank of Australia, in a client note.
\nAt the same time, \u201cwhile 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,\u201d he said.
\nMarket focus has been on the potential inflationary impact of higher energy prices as the Strait of Hormuz remains largely closed to shipping.
\nIn 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.
\n\u201cConsequently, 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,\u201d they wrote.
\nNotes from the Federal Reserve\u2019s April meeting, published on Wednesday, revealed officials\u2019 intensifying concerns about inflation, with a growing number open to the possibility that they may need to raise interest rates.
\nElsewhere, 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.
\nBitcoin softened a fraction to around $77,603.16. \u2014 Aaron Michael C. Sy with Reuters
\n", "content_text": "THE PESO appreciated against the dollar on Thursday after the United States again signaled a possible end to the Middle East conflict.\nThe 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.\nThe local unit opened Thursday\u2019s 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.\nDollars traded increased to $1.58 billion from $1.54 billion in the previous session.\n\u201cThe 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,\u201d a trader said in an e-mail.\nThe currency was also supported by the downward correction in global crude oil prices following Mr. Trump\u2019s remarks, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.\nFor 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.\nThe 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.\nThe 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.\nMr. 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.\nThe dollar, often a safe haven for investors, firmed 0.1% against the yen to \u00a5159.060 after falling for the first time in eight sessions against the yen on Wednesday.\nBank 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.\nThe 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.\nThe 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.\n\u201cThe \u2018safe haven\u2019 flows reversed because of positive news about the Iran war,\u201d wrote Joseph Capurso, head of FX at Commonwealth Bank of Australia, in a client note.\nAt the same time, \u201cwhile 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,\u201d he said.\nMarket focus has been on the potential inflationary impact of higher energy prices as the Strait of Hormuz remains largely closed to shipping.\nIn 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.\n\u201cConsequently, 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,\u201d they wrote.\nNotes from the Federal Reserve\u2019s April meeting, published on Wednesday, revealed officials\u2019 intensifying concerns about inflation, with a growing number open to the possibility that they may need to raise interest rates.\nElsewhere, 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.\nBitcoin softened a fraction to around $77,603.16. \u2014 Aaron Michael C. Sy with Reuters", "date_published": "2026-05-22T00:03:23+08:00", "date_modified": "2026-05-21T19:25:05+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2024/04/Peso-currency.jpg", "tags": [ "Aaron Michael C. Sy", "Banking & Finance", "One News", "大象传媒" ] }, { "id": "/?p=751370", "url": "/economy/2026/05/21/751370/ecozone-moratorium-in-ncr-seen-curbing-locator-flexibility/", "title": "Ecozone moratorium in NCR seen curbing locator flexibility", "content_html": "By Juliana Chloe A. Gonzales
\nTHE MORATORIUM on approving new economic zones in Metro Manila is restricting the flexibility of IT and business process management (IT-BPM) companies in selecting office locations, Savills Philippines said.
\nSavills Philippines Chief Operating Officer Cha Carbonell told 大象传媒 via Viber on Thursday that while the Metro Manila office market \u201chas a headline vacancy of around 20%\u2026 once you apply the filters that creditworthy multinational corporations (MNC) and business process outsourcing (BPO) occupiers require \u2014 PEZA accreditation, green certification, business continuity plan (BCP)-grade specifications \u2014 that figure drops sharply.\u201d
\nAdministrative Order (AO) No. 2018, signed by former President Rodrigo R. Duterte, instructed the Philippine Economic Zone Authority (PEZA) to no longer accept, process, or evaluate applications for new ecozones in Metro Manila to channel investment to areas outside the capital.
\nMs. Carbonnell said the policy may no longer be a good fit given the current demand for high-quality, PEZA-compliant spaces.
\nThe core business districts have only 478,000 square meters (sq.m.) of such space available combined, including 119,000 sq.m. in the Ortigas central business district (CBD), 160,000 sq.m. in the Makati CBD, and 199,000 sq.m. in Bonifacio Global City (BGC).
\nWhen asked if major locators are migrating to secondary CBDs, or choosing to forgo PEZA incentives to remain in primary districts, Ms. Carbonell said the large occupiers with PEZA registered status, are almost universally not interested in giving up the incentives.
\n\u201cWhat we are seeing instead is a more structured migration rationale toward secondary districts, driven by\u2026 employee accessibility, cost arbitrage (secondary district rents run roughly 20-40% below BGC and Makati), and BCP considerations where companies want to split requirements across multiple hubs,\u201d Ms. Carbonell said.
\nThe supply gap is forecast to worsen in the coming years, with only 711,000 sq.m. of upcoming office stock being PEZA-certified, according to the Colliers first quarter 2026 Property Market Briefing.
\nColliers called AO 18 a \u201cblunt policy tool\u201d given that Metro Manila is the primary driver of the office sector, accounting for around 70% of IT-BPM transactions in the first quarter.
\n\u201cNon-PEZA, non-green buildings are already carrying a vacancy rate of approximately 30%, and the trajectory is upward. The structural demand drivers are firmly against this segment: the most creditworthy occupiers will not enter them, and even government office take-up\u2026 is unlikely to absorb the volume at risk,\u201d Ms. Carbonell said when asked about the occupancy outlook for non-PEZA office buildings.
\n", "content_text": "By Juliana Chloe A. Gonzales\nTHE MORATORIUM on approving new economic zones in Metro Manila is restricting the flexibility of IT and business process management (IT-BPM) companies in selecting office locations, Savills Philippines said.\nSavills Philippines Chief Operating Officer Cha Carbonell told 大象传媒 via Viber on Thursday that while the Metro Manila office market \u201chas a headline vacancy of around 20%\u2026 once you apply the filters that creditworthy multinational corporations (MNC) and business process outsourcing (BPO) occupiers require \u2014 PEZA accreditation, green certification, business continuity plan (BCP)-grade specifications \u2014 that figure drops sharply.\u201d\nAdministrative Order (AO) No. 2018, signed by former President Rodrigo R. Duterte, instructed the Philippine Economic Zone Authority (PEZA) to no longer accept, process, or evaluate applications for new ecozones in Metro Manila to channel investment to areas outside the capital.\nMs. Carbonnell said the policy may no longer be a good fit given the current demand for high-quality, PEZA-compliant spaces.\nThe core business districts have only 478,000 square meters (sq.m.) of such space available combined, including 119,000 sq.m. in the Ortigas central business district (CBD), 160,000 sq.m. in the Makati CBD, and 199,000 sq.m. in Bonifacio Global City (BGC).\nWhen asked if major locators are migrating to secondary CBDs, or choosing to forgo PEZA incentives to remain in primary districts, Ms. Carbonell said the large occupiers with PEZA registered status, are almost universally not interested in giving up the incentives.\n\u201cWhat we are seeing instead is a more structured migration rationale toward secondary districts, driven by\u2026 employee accessibility, cost arbitrage (secondary district rents run roughly 20-40% below BGC and Makati), and BCP considerations where companies want to split requirements across multiple hubs,\u201d Ms. Carbonell said.\nThe supply gap is forecast to worsen in the coming years, with only 711,000 sq.m. of upcoming office stock being PEZA-certified, according to the Colliers first quarter 2026 Property Market Briefing.\nColliers called AO 18 a \u201cblunt policy tool\u201d given that Metro Manila is the primary driver of the office sector, accounting for around 70% of IT-BPM transactions in the first quarter.\n\u201cNon-PEZA, non-green buildings are already carrying a vacancy rate of approximately 30%, and the trajectory is upward. The structural demand drivers are firmly against this segment: the most creditworthy occupiers will not enter them, and even government office take-up\u2026 is unlikely to absorb the volume at risk,\u201d Ms. Carbonell said when asked about the occupancy outlook for non-PEZA office buildings.", "date_published": "2026-05-21T21:06:02+08:00", "date_modified": "2026-05-21T21:06:02+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2025/10/BPO-Call-center-employee.jpg", "tags": [ "Juliana Chloe A. Gonzales", "Economy", "Editors' Picks", "One News" ], "summary": "THE MORATORIUM on approving new economic zones in Metro Manila is restricting the flexibility of IT and business process management (IT-BPM) companies in selecting office locations, Savills Philippines said." }, { "id": "/?p=751369", "url": "/economy/2026/05/21/751369/davao-dpwh-officials-charged-over-ghost-farm-road-projects/", "title": "Davao DPWH officials charged over \u2018ghost\u2019 farm road projects", "content_html": "THE Department of Agriculture (DA) said it lodged graft, malversation, and falsification charges against multiple officials of the Department of Public Works and Highways (DPWH) in Davao Occidental, alleging that they improperly certified eight farm-to-market road (FMR) projects as complete.
\nIn a statement, the DA said it discovered eight projects valued at P94 million in the province, with the officials allegedly falsifying documents to declare the projects complete, facilitating the release of public funds.
\nThe complaints over what the DA described as \u201cghost\u201d projects, filed on Thursday at the Office of the Ombudsman, include corrupt practices, malversation, falsification of public documents, grave misconduct, and serious dishonesty.
\nThe complaints cite violations of Articles 217, 171, and 172 of the Revised Penal Code concerning malversation through falsification of public documents, Section 3(e) of Republic Act 3019 (Anti-Graft and Corrupt Practices Act), and administrative offenses including grave misconduct and serious dishonesty.
\nThe DA is now the lead agency for FMRs after the DPWH was stripped of responsibility for building them in the wake of the infrastructure corruption scandal of 2025.
\nValidation of the projects was carried out by the DA\u2019s Internal Audit Service (IAS), which has inspected at least 1,200 FMR projects in Regions III, IV-A, V, IX, X, and XI.
\nThose charged face potential penalties of imprisonment of up to 40 years, fines, and perpetual disqualification from public office. \u2014 Pierce Oel A. Montalvo
\n", "content_text": "THE Department of Agriculture (DA) said it lodged graft, malversation, and falsification charges against multiple officials of the Department of Public Works and Highways (DPWH) in Davao Occidental, alleging that they improperly certified eight farm-to-market road (FMR) projects as complete.\nIn a statement, the DA said it discovered eight projects valued at P94 million in the province, with the officials allegedly falsifying documents to declare the projects complete, facilitating the release of public funds.\nThe complaints over what the DA described as \u201cghost\u201d projects, filed on Thursday at the Office of the Ombudsman, include corrupt practices, malversation, falsification of public documents, grave misconduct, and serious dishonesty.\nThe complaints cite violations of Articles 217, 171, and 172 of the Revised Penal Code concerning malversation through falsification of public documents, Section 3(e) of Republic Act 3019 (Anti-Graft and Corrupt Practices Act), and administrative offenses including grave misconduct and serious dishonesty.\nThe DA is now the lead agency for FMRs after the DPWH was stripped of responsibility for building them in the wake of the infrastructure corruption scandal of 2025.\nValidation of the projects was carried out by the DA\u2019s Internal Audit Service (IAS), which has inspected at least 1,200 FMR projects in Regions III, IV-A, V, IX, X, and XI.\nThose charged face potential penalties of imprisonment of up to 40 years, fines, and perpetual disqualification from public office. \u2014 Pierce Oel A. Montalvo", "date_published": "2026-05-21T21:05:40+08:00", "date_modified": "2026-05-21T21:05:40+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2025/09/Ilocos-Norte-Farm-to-Market-Road.jpg", "tags": [ "Pierce Oel A. Montalvo", "Economy", "Editors' Picks", "One News" ] }, { "id": "/?p=751368", "url": "/economy/2026/05/21/751368/visayas-grid-on-yellow-alert-again/", "title": "Visayas grid on yellow alert again", "content_html": "THE Visayas grid was placed on yellow alert once more on Thursday, with the region\u2019s power supply remaining under pressure in the face of surging demand due to the hot weather, with a number of power plants still offline.
\nThe National Grid Corp. of the Philippines (NGCP) said the yellow alert for the Visayas was in effect between 4 p.m. and 9 p.m. on Thursday.
\nA yellow alert is issued when supply margins are insufficient to meet the transmission grid\u2019s contingency requirement.
\nDuring the period, available capacity stood at 2,670 megawatts (MW) against peak demand of 2,479 MW.
\nRemaining on forced outage were 19 power plants, with 14 plants derailed. Overall, 867 MW was unavailable to the grid.
\nNGCP said the unavailability of large coal-fired power plants in the Visayas and high forecasted power demand triggered the yellow alert.
\nThis year, the grid operator has issued a total of 15 yellow alerts and six red alerts in Luzon and the Visayas.
\nMark Anthony Ynoc, former president of Mandaue Chamber of Commerce and Industry, called the consecutive yellow alerts in the Visayas deeply concerning.
\n\u201cThese incidents reflect the need for stronger long-term energy planning, more aggressive investment in power generation, and improvements in transmission infrastructure,\u201d Mr. Ynoc said in a statement on Thursday.
\n\u201cReliable and affordable power is critical to sustaining economic growth and business confidence in the region,\u201d he added.
\nMr. Ynoc said higher power rates and recurring outages affect productivity, increase the cost of consumer goods and disrupt operations.
\n\u201cThese challenges ultimately weaken the competitiveness of businesses in Cebu and the Visayas,\u201d he said. \u2014 Sheldeen Joy Talavera
\n", "content_text": "THE Visayas grid was placed on yellow alert once more on Thursday, with the region\u2019s power supply remaining under pressure in the face of surging demand due to the hot weather, with a number of power plants still offline.\nThe National Grid Corp. of the Philippines (NGCP) said the yellow alert for the Visayas was in effect between 4 p.m. and 9 p.m. on Thursday.\nA yellow alert is issued when supply margins are insufficient to meet the transmission grid\u2019s contingency requirement.\nDuring the period, available capacity stood at 2,670 megawatts (MW) against peak demand of 2,479 MW.\nRemaining on forced outage were 19 power plants, with 14 plants derailed. Overall, 867 MW was unavailable to the grid.\nNGCP said the unavailability of large coal-fired power plants in the Visayas and high forecasted power demand triggered the yellow alert.\nThis year, the grid operator has issued a total of 15 yellow alerts and six red alerts in Luzon and the Visayas.\nMark Anthony Ynoc, former president of Mandaue Chamber of Commerce and Industry, called the consecutive yellow alerts in the Visayas deeply concerning.\n\u201cThese incidents reflect the need for stronger long-term energy planning, more aggressive investment in power generation, and improvements in transmission infrastructure,\u201d Mr. Ynoc said in a statement on Thursday.\n\u201cReliable and affordable power is critical to sustaining economic growth and business confidence in the region,\u201d he added.\nMr. Ynoc said higher power rates and recurring outages affect productivity, increase the cost of consumer goods and disrupt operations.\n\u201cThese challenges ultimately weaken the competitiveness of businesses in Cebu and the Visayas,\u201d he said. \u2014 Sheldeen Joy Talavera", "date_published": "2026-05-21T21:05:21+08:00", "date_modified": "2026-05-21T21:05:21+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2023/02/electricity-pylon-tower.jpg", "tags": [ "Sheldeen Joy Talavera", "Economy", "Editors' Picks", "One News" ] }, { "id": "/?p=751278", "url": "/stock-market/2026/05/21/751278/psei-halts-losing-streak-on-iran-peace-deal-hopes/", "title": "PSEi halts losing streak on Iran peace deal hopes", "content_html": "THE benchmark index bounced back from a four-day losing run on bargain hunting and also lifted by renewed optimism over peace talks between the United States and Iran.
\nThe Philippine Stock Exchange index (PSEi) rose by 0.46% or 27.3 points to close at 5,920.70 on Thursday, while the broader all shares index fell by 0.12% or 4.03 points to end at 3,335.85.
\n\u201cThe local market ended higher after four straight days of decline as selective bargain hunting emerged among investors. However, market participants still looked to remain engaged in short-term positions amid cautious sentiment. Gains were trimmed in the afternoon session as selling pressure resurfaced, limiting the market\u2019s upside,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\n\u201cThe local market rose taking cues from Wall Street\u2019s rally overnight. US President Donald J. Trump\u2019s statement saying that the US and Iran are already on the final stages of negotiation sparked hopes that a peace deal would be coming soon,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
\nIran said on Thursday it was reviewing Washington\u2019s latest position on ending the war after Mr. Trump suggested he was prepared to wait a few days to \u201cget the right answers\u201d from Tehran but warned of renewed attacks if it did not agree to a deal, Reuters reported.
\nSix weeks since a fragile ceasefire came into force, talks to end the war have shown little progress, while soaring oil prices have raised concern over inflation and the impact on the global economy.
\nIran submitted its latest offer to the US this week. Tehran\u2019s descriptions suggest it largely repeats terms Mr. Trump previously rejected, including demands for control of the Strait of Hormuz, compensation for war damage, lifting of sanctions, release of frozen assets and the withdrawal of US troops.
\nBack home, most sector counters closed higher on Thursday. Services jumped by 1.22% or 36.68 points to 3,027.05; mining and oil increased by 0.56% or 99.86 points to 17,658.63; holding firms went up by 0.41% or 17.99 points to 4,390.3; property climbed by 0.2% or 3.89 points to 1,915.02; and financials rose by 0.2% or 3.51 points to 1,762.14.
\nMeanwhile, industrials fell by 0.61% or 52.61 points to 8,524.78.
\nDecliners beat advancers, 99 to 69, while 65 names were unchanged.
\n\u201cBank of the Philippine Islands was the day\u2019s index leader, climbing 2.76% to P89.50. Monde Nissin Corp. was the main index laggard, falling 3.66% to P6.84,\u201d Mr. Tantiangco said.
\nValue turnover went up to P6.58 billion on Thursday with 1.03 billion shares traded from the P5.67 billion with 1.24 billion issues that changed hands on Wednesday.
\nNet foreign selling increased to P190.76 million from P115.32 million in the previous session. \u2014 Alexandria Grace C. Magno with Reuters
\n", "content_text": "THE benchmark index bounced back from a four-day losing run on bargain hunting and also lifted by renewed optimism over peace talks between the United States and Iran.\nThe Philippine Stock Exchange index (PSEi) rose by 0.46% or 27.3 points to close at 5,920.70 on Thursday, while the broader all shares index fell by 0.12% or 4.03 points to end at 3,335.85.\n\u201cThe local market ended higher after four straight days of decline as selective bargain hunting emerged among investors. However, market participants still looked to remain engaged in short-term positions amid cautious sentiment. Gains were trimmed in the afternoon session as selling pressure resurfaced, limiting the market\u2019s upside,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\n\u201cThe local market rose taking cues from Wall Street\u2019s rally overnight. US President Donald J. Trump\u2019s statement saying that the US and Iran are already on the final stages of negotiation sparked hopes that a peace deal would be coming soon,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.\nIran said on Thursday it was reviewing Washington\u2019s latest position on ending the war after Mr. Trump suggested he was prepared to wait a few days to \u201cget the right answers\u201d from Tehran but warned of renewed attacks if it did not agree to a deal, Reuters reported.\nSix weeks since a fragile ceasefire came into force, talks to end the war have shown little progress, while soaring oil prices have raised concern over inflation and the impact on the global economy.\nIran submitted its latest offer to the US this week. Tehran\u2019s descriptions suggest it largely repeats terms Mr. Trump previously rejected, including demands for control of the Strait of Hormuz, compensation for war damage, lifting of sanctions, release of frozen assets and the withdrawal of US troops.\nBack home, most sector counters closed higher on Thursday. Services jumped by 1.22% or 36.68 points to 3,027.05; mining and oil increased by 0.56% or 99.86 points to 17,658.63; holding firms went up by 0.41% or 17.99 points to 4,390.3; property climbed by 0.2% or 3.89 points to 1,915.02; and financials rose by 0.2% or 3.51 points to 1,762.14.\nMeanwhile, industrials fell by 0.61% or 52.61 points to 8,524.78.\nDecliners beat advancers, 99 to 69, while 65 names were unchanged.\n\u201cBank of the Philippine Islands was the day\u2019s index leader, climbing 2.76% to P89.50. Monde Nissin Corp. was the main index laggard, falling 3.66% to P6.84,\u201d Mr. Tantiangco said.\nValue turnover went up to P6.58 billion on Thursday with 1.03 billion shares traded from the P5.67 billion with 1.24 billion issues that changed hands on Wednesday.\nNet foreign selling increased to P190.76 million from P115.32 million in the previous session. \u2014 Alexandria Grace C. Magno with Reuters", "date_published": "2026-05-21T21:00:21+08:00", "date_modified": "2026-05-21T18:36:08+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2023/09/PSE.jpg", "tags": [ "Alexandria Grace C. Magno", "Editors' Picks", "One News", "Stock Market", "大象传媒" ] }, { "id": "/?p=751048", "url": "/top-stories/2026/05/21/751048/adb-urges-phl-to-maximize-ppps/", "title": "ADB urges PHL to maximize PPPs", "content_html": "By Justine Irish D. Tabile, Senior Reporter
\nTHE PHILIPPINE government should maximize public-private partnerships (PPP) to help narrow the country\u2019s infrastructure gap while easing fiscal pressure from rising debt levels, the Asian Development Bank (ADB) said.
\nDespite the government\u2019s infrastructure catch-up programs, gaps remain as rapid urbanization and economic growth continue to drive demand, ADB Country Director for the Philippines Andrew Jeffries told 大象传媒 on Wednesday.
\n\u201cThere is an infrastructure gap in the Philippines\u2026 The population of Metro Manila has grown so much over a few decades, so investment in urban transport needs to catch up,\u201d he said.
\nMr. Jeffries said both the current administration\u2019s \u201cBuild Better More\u201d program and the previous administration\u2019s \u201cBuild Build Build\u201d initiative were aimed at addressing years of underinvestment.
\n\u201cAs the Philippines grows, population-wise, gross domestic product (GDP)-wise, transport needs to keep growing as well,\u201d he said.
\n\u201cAnd with what\u2019s happening now with diesel fuel prices and all, alternatives for public transport become part of that longer-term solution,\u201d he added.
\nHowever, Mr. Jeffries said infrastructure catch-up efforts are facing challenges from fiscal pressures and budget constraints.
\n\u201cThe government is keeping a very close eye on public debt levels, so how to bring the private sector into some of these investments as opposed to just government budget and borrowing, I know, is very important to this government,\u201d he said.
\nThe country\u2019s debt-to-GDP ratio reached 65.2% in the first quarter, the highest level since 2005. This comes as the National Government\u2019s outstanding debt climbed by 1.8% to P18.49 trillion as of end-March from P18.16 trillion at the end of February.
\nMr. Jeffries said that bringing in private investment ensures that \u201cpublic debt levels can be maintained or reduced over time as opposed to that being the only funding source.\u201d
\n\u201cThere is a lot of private infrastructure already in this country. And the key is how to make sure it\u2019s done well so that the government and the people are getting the best value for money,\u201d he added.
\nAccording to the PPP Center, the PPP pipeline as of May 19 consists of 250 projects valued at P3.13 trillion.\u00a0 The railway sector accounted for P1.97 trillion of the project pipeline, followed by land transport (P277.26 billion) and property development (P221.46 billion).
\nTRANSPORT PROJECTS
\nMeanwhile, Mr. Jeffries said transport projects will continue to account for a significant share of ADB\u2019s financing portfolio in the Philippines in the near term.
The multilateral lender\u2019s portfolio of projects under construction and implementation in the Philippines is valued at $12.5 billion.
\n\u201cOur transport portfolio exceeds $7 billion, so that\u2019s obviously a nice large percentage of our overall portfolio in the Philippines,\u201d he said.
\n\u201cThat is really because of some extremely large projects we are funding\u2026 From a dollar point of view, transport is clearly our largest in our portfolio here in the Philippines,\u201d he added.
\nThese projects include the North-South Commuter Railway, Bataan-Cavite Interlink Bridge, Laguna Lakeshore Road Network Project, and Davao Public Transport Modernization Project.
\nAsked if ADB is considering additional transport projects, Mr. Jeffries said that \u201cbecause they (the projects) are so large and it takes considerable time, we\u2019re funding those in time-sliced tranches.\u201d
\n\u201cSo, we have a robust pipeline going forward, just seeing those projects through to completion… We are focusing a lot on implementing what we already have,\u201d he added.
\nMr. Jeffries said the government is exploring ways to attract more private investment into the transport sector amid fiscal pressures stemming from the Middle East crisis.
\n\u201cWith the fiscal issues with this Middle East crisis and so on, the government is also looking actually at how to bring more private sector investment into this sector,\u201d he said.
\n\u201cSo, we don\u2019t have new big projects specifically in our pipeline at this time,\u201d he added.
\nMr. Jeffries said transport projects are likely to remain a major part of ADB\u2019s Philippine portfolio over the next few years as the government prioritizes completing existing projects.
\n\u201cI think that proportion will stay more or less the same for the next few years, especially now that the government is very worried about the trade-offs and the fiscal and the public debt levels,\u201d he said.
\n\u201cThey want to focus on implementation and reaching completion of what is already ongoing because until they are done and in operation, they are not benefiting the people,\u201d he added.
\nFINANCING GAP
\nThe infrastructure and investment gap is not unique to the Philippines. In its Asian Transport 2035 Outlook, the Asian Transport Observatory (ATO) said annual investment demand for transport infrastructure in Asia and the Pacific is expected to more than triple over the next decade.
\u201cAnnual investment needs across all transport modes will climb from roughly $800 billion per year during 2000-2025 to approximately $2.6 trillion per year between 2025 and 2035,\u201d the ATO said.
\n\u201cThat is equivalent to 2.3% of LMIC (lower- and middle-income countries\u2019) GDP per year,\u201d it added, referring to those in Asia and the Pacific.
\nHowever, the ATO said the projection remains conservative as it only reflects current trends and existing project pipelines.
\n\u201cActual needs, accounting for the full cost of the energy transition, the climate adaptation backlog, and the SDG (Sustainable Development Goals) access deficit, are likely to be considerably higher,\u201d it added.
\nDespite this, the ATO said the region still faces a large financing gap.
\n\u201cDevelopment banks can do things commercial investors cannot \u2014 blend concessional and market-rate lending, absorb early project risk, and attach technical assistance to pipelines that would otherwise stall at the feasibility stage,\u201d it said.
\n\u201cBut there is a limit to what external finance can do. The long-run answer to Asia\u2019s transport financing gap is stronger revenue systems and public finance reform. We are not just facing an infrastructure gap, but also an investment and governance gap,\u201d it added.
\n", "content_text": "By Justine Irish D. Tabile, Senior Reporter \nTHE PHILIPPINE government should maximize public-private partnerships (PPP) to help narrow the country\u2019s infrastructure gap while easing fiscal pressure from rising debt levels, the Asian Development Bank (ADB) said.\nDespite the government\u2019s infrastructure catch-up programs, gaps remain as rapid urbanization and economic growth continue to drive demand, ADB Country Director for the Philippines Andrew Jeffries told 大象传媒 on Wednesday.\n\u201cThere is an infrastructure gap in the Philippines\u2026 The population of Metro Manila has grown so much over a few decades, so investment in urban transport needs to catch up,\u201d he said.\nMr. Jeffries said both the current administration\u2019s \u201cBuild Better More\u201d program and the previous administration\u2019s \u201cBuild Build Build\u201d initiative were aimed at addressing years of underinvestment.\n\u201cAs the Philippines grows, population-wise, gross domestic product (GDP)-wise, transport needs to keep growing as well,\u201d he said.\n\u201cAnd with what\u2019s happening now with diesel fuel prices and all, alternatives for public transport become part of that longer-term solution,\u201d he added.\nHowever, Mr. Jeffries said infrastructure catch-up efforts are facing challenges from fiscal pressures and budget constraints.\n\u201cThe government is keeping a very close eye on public debt levels, so how to bring the private sector into some of these investments as opposed to just government budget and borrowing, I know, is very important to this government,\u201d he said.\nThe country\u2019s debt-to-GDP ratio reached 65.2% in the first quarter, the highest level since 2005. This comes as the National Government\u2019s outstanding debt climbed by 1.8% to P18.49 trillion as of end-March from P18.16 trillion at the end of February.\nMr. Jeffries said that bringing in private investment ensures that \u201cpublic debt levels can be maintained or reduced over time as opposed to that being the only funding source.\u201d\n\u201cThere is a lot of private infrastructure already in this country. And the key is how to make sure it\u2019s done well so that the government and the people are getting the best value for money,\u201d he added.\nAccording to the PPP Center, the PPP pipeline as of May 19 consists of 250 projects valued at P3.13 trillion.\u00a0 The railway sector accounted for P1.97 trillion of the project pipeline, followed by land transport (P277.26 billion) and property development (P221.46 billion). \nTRANSPORT PROJECTS\nMeanwhile, Mr. Jeffries said transport projects will continue to account for a significant share of ADB\u2019s financing portfolio in the Philippines in the near term.\nThe multilateral lender\u2019s portfolio of projects under construction and implementation in the Philippines is valued at $12.5 billion.\n\u201cOur transport portfolio exceeds $7 billion, so that\u2019s obviously a nice large percentage of our overall portfolio in the Philippines,\u201d he said.\n\u201cThat is really because of some extremely large projects we are funding\u2026 From a dollar point of view, transport is clearly our largest in our portfolio here in the Philippines,\u201d he added.\nThese projects include the North-South Commuter Railway, Bataan-Cavite Interlink Bridge, Laguna Lakeshore Road Network Project, and Davao Public Transport Modernization Project.\nAsked if ADB is considering additional transport projects, Mr. Jeffries said that \u201cbecause they (the projects) are so large and it takes considerable time, we\u2019re funding those in time-sliced tranches.\u201d \n\u201cSo, we have a robust pipeline going forward, just seeing those projects through to completion… We are focusing a lot on implementing what we already have,\u201d he added.\nMr. Jeffries said the government is exploring ways to attract more private investment into the transport sector amid fiscal pressures stemming from the Middle East crisis.\n\u201cWith the fiscal issues with this Middle East crisis and so on, the government is also looking actually at how to bring more private sector investment into this sector,\u201d he said.\n\u201cSo, we don\u2019t have new big projects specifically in our pipeline at this time,\u201d he added.\nMr. Jeffries said transport projects are likely to remain a major part of ADB\u2019s Philippine portfolio over the next few years as the government prioritizes completing existing projects.\n\u201cI think that proportion will stay more or less the same for the next few years, especially now that the government is very worried about the trade-offs and the fiscal and the public debt levels,\u201d he said.\n\u201cThey want to focus on implementation and reaching completion of what is already ongoing because until they are done and in operation, they are not benefiting the people,\u201d he added.\nFINANCING GAP\nThe infrastructure and investment gap is not unique to the Philippines. In its Asian Transport 2035 Outlook, the Asian Transport Observatory (ATO) said annual investment demand for transport infrastructure in Asia and the Pacific is expected to more than triple over the next decade.\n\u201cAnnual investment needs across all transport modes will climb from roughly $800 billion per year during 2000-2025 to approximately $2.6 trillion per year between 2025 and 2035,\u201d the ATO said. \n\u201cThat is equivalent to 2.3% of LMIC (lower- and middle-income countries\u2019) GDP per year,\u201d it added, referring to those in Asia and the Pacific.\nHowever, the ATO said the projection remains conservative as it only reflects current trends and existing project pipelines.\n\u201cActual needs, accounting for the full cost of the energy transition, the climate adaptation backlog, and the SDG (Sustainable Development Goals) access deficit, are likely to be considerably higher,\u201d it added.\nDespite this, the ATO said the region still faces a large financing gap.\n\u201cDevelopment banks can do things commercial investors cannot \u2014 blend concessional and market-rate lending, absorb early project risk, and attach technical assistance to pipelines that would otherwise stall at the feasibility stage,\u201d it said.\n\u201cBut there is a limit to what external finance can do. The long-run answer to Asia\u2019s transport financing gap is stronger revenue systems and public finance reform. We are not just facing an infrastructure gap, but also an investment and governance gap,\u201d it added.", "date_published": "2026-05-21T00:34:31+08:00", "date_modified": "2026-05-20T20:34:22+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/mrt-7-1.jpg", "tags": [ "Justine Irish D. Tabile", "Editors' Picks", "One News", "大象传媒" ], "summary": "THE PHILIPPINE government should maximize public-private partnerships (PPP) to help narrow the country\u2019s infrastructure gap while easing fiscal pressure from rising debt levels, the Asian Development Bank (ADB) said." }, { "id": "/?p=751047", "url": "/top-stories/2026/05/21/751047/el-nino-rising-costs-to-weigh-on-rice-production/", "title": "El Ni\u00f1o, rising costs to weigh on rice production", "content_html": "By Beatriz Marie D. Cruz, Senior Reporter
\nSINGAPORE \u2014 Soaring fuel and fertilizer costs linked to the Middle East conflict, coupled with drier-than-usual conditions, are putting increasing pressure on domestic rice production and threatening the Philippines\u2019 food security, according to the International Rice Research Institute (IRRI).
\n\u201cRising fuel and fertilizer costs driven by Middle East tensions, along with the emerging threat of El Ni\u00f1o, weigh heavily on agricultural production and rice farmers,\u201d IRRI Director-General Yvonne Pinto told 大象传媒 on the sidelines of the Philanthropy Asia Summit on Tuesday.
\n\u201cThe prospects for food security in the Philippines in two, three years from now are going to be much worse, unless we support and enable farmers to generate income from the rice they are producing,\u201d she said.
\nFilipino farmers are now grappling with rising costs and unstable supply of fuel and fertilizer, which are essential to rice production, Ms. Pinto said.
\nThe closure of the Strait of Hormuz has affected global supply of fertilizer and caused prices to spike. The Middle East is a hub for fertilizer production. In particular, the supply of urea from the world\u2019s largest production facility in Qatar has been stopped due to the conflict.
\nFor instance, the cost of urea, a nitrogen-based fertilizer, is 33% higher today, she noted.
\nUrea (prilled) prices averaged P2,607.42 per 50-kilogram (kg) bag between May 11 and May 15, significantly higher than the P1,686.03 per 50-kg bag in the same period last year, according to data from the Fertilizer and Pesticide Authority.\u00a0
\n\u201cSo, these geopolitical tensions really escalate the costs,\u201d Ms. Pinto said. \u201cWhat the government may have to do is provide safety nets to farmers so that they can afford them.\u201d
\nBefore the Iran war, the Philippine Department of Agriculture (DA) projected palay (unmilled rice) output to reach 20.28 million metric tons (MT) this year, under favorable weather conditions. This has been lowered to 19.87 million MT due to the Middle East conflict and the looming El Ni\u00f1o.
\nMs. Pinto said the El Ni\u00f1o phenomenon threatens to disrupt the country\u2019s rice production in the next few months.
\nThe Philippine Atmospheric, Geophysical and Astronomical Services Administration recently warned of the possibility of a moderate to severe dry spell from June until early next year.\u00a0 \u00a0
\nThe DA also estimated that agricultural output could be slashed by as much as 30% under a \u201cSuper El Ni\u00f1o\u201d scenario.
\nIn 2024, total damage to agriculture due to El Ni\u00f1o reached P15.3 billion, affecting 333,195 farmers and fisherfolk nationwide.
\nMs. Pinto said there is a need to focus on reducing labor costs for rice production through better seed distribution, mechanization, and fertilizer supply.
\nIn the medium and long terms, she called for capacity-building for fertilizer production and nature-based solutions like composting to improve affordability for farmers.
\n\u201cOur analysis tells us we only need to raise yields by one ton per hectare,\u201d Ms. Pinto said. \u201cFrom all of the strategies I mentioned, it is achievable.\u201d
\nShe also emphasized better coordination between national and local governments to ensure farmers benefit from agricultural policies.
\nThe country\u2019s rice self-sufficiency ratio, which measures the capacity of local production, dropped to 71.7% in 2024, according to the Philippine Statistics Authority. The ratio was the lowest in 37 years, or since the data series began in 1988.
\nWith the Philippines facing another El Ni\u00f1o this year, farmers should have increased access to early warning systems, alternative wetting and drying solutions, and irrigation equipment, Ms. Pinto said.
\n\u201cThese shocks are going to continue, so we\u2019ve got to develop architecture that supports farmers to stay in farming to enable the Philippines to be food secure,\u201d Ms. Pinto said.\u00a0 \u00a0
\nFor the past 65 years, IRRI has worked closely with the Philippine government through science-based innovations to help reduce hunger and poverty through rice. Headquartered in Laguna, the organization promotes sustainable agricultural production, improved nutrition, and stronger livelihoods for farmers.
\n", "content_text": "By Beatriz Marie D. Cruz, Senior Reporter \nSINGAPORE \u2014 Soaring fuel and fertilizer costs linked to the Middle East conflict, coupled with drier-than-usual conditions, are putting increasing pressure on domestic rice production and threatening the Philippines\u2019 food security, according to the International Rice Research Institute (IRRI). \n\u201cRising fuel and fertilizer costs driven by Middle East tensions, along with the emerging threat of El Ni\u00f1o, weigh heavily on agricultural production and rice farmers,\u201d IRRI Director-General Yvonne Pinto told 大象传媒 on the sidelines of the Philanthropy Asia Summit on Tuesday. \n\u201cThe prospects for food security in the Philippines in two, three years from now are going to be much worse, unless we support and enable farmers to generate income from the rice they are producing,\u201d she said.\nFilipino farmers are now grappling with rising costs and unstable supply of fuel and fertilizer, which are essential to rice production, Ms. Pinto said.\nThe closure of the Strait of Hormuz has affected global supply of fertilizer and caused prices to spike. The Middle East is a hub for fertilizer production. In particular, the supply of urea from the world\u2019s largest production facility in Qatar has been stopped due to the conflict.\nFor instance, the cost of urea, a nitrogen-based fertilizer, is 33% higher today, she noted.\nUrea (prilled) prices averaged P2,607.42 per 50-kilogram (kg) bag between May 11 and May 15, significantly higher than the P1,686.03 per 50-kg bag in the same period last year, according to data from the Fertilizer and Pesticide Authority.\u00a0\n\u201cSo, these geopolitical tensions really escalate the costs,\u201d Ms. Pinto said. \u201cWhat the government may have to do is provide safety nets to farmers so that they can afford them.\u201d\nBefore the Iran war, the Philippine Department of Agriculture (DA) projected palay (unmilled rice) output to reach 20.28 million metric tons (MT) this year, under favorable weather conditions. This has been lowered to 19.87 million MT due to the Middle East conflict and the looming El Ni\u00f1o.\nMs. Pinto said the El Ni\u00f1o phenomenon threatens to disrupt the country\u2019s rice production in the next few months.\nThe Philippine Atmospheric, Geophysical and Astronomical Services Administration recently warned of the possibility of a moderate to severe dry spell from June until early next year.\u00a0 \u00a0\nThe DA also estimated that agricultural output could be slashed by as much as 30% under a \u201cSuper El Ni\u00f1o\u201d scenario.\nIn 2024, total damage to agriculture due to El Ni\u00f1o reached P15.3 billion, affecting 333,195 farmers and fisherfolk nationwide.\nMs. Pinto said there is a need to focus on reducing labor costs for rice production through better seed distribution, mechanization, and fertilizer supply. \nIn the medium and long terms, she called for capacity-building for fertilizer production and nature-based solutions like composting to improve affordability for farmers.\n\u201cOur analysis tells us we only need to raise yields by one ton per hectare,\u201d Ms. Pinto said. \u201cFrom all of the strategies I mentioned, it is achievable.\u201d\nShe also emphasized better coordination between national and local governments to ensure farmers benefit from agricultural policies.\nThe country\u2019s rice self-sufficiency ratio, which measures the capacity of local production, dropped to 71.7% in 2024, according to the Philippine Statistics Authority. The ratio was the lowest in 37 years, or since the data series began in 1988.\nWith the Philippines facing another El Ni\u00f1o this year, farmers should have increased access to early warning systems, alternative wetting and drying solutions, and irrigation equipment, Ms. Pinto said.\n\u201cThese shocks are going to continue, so we\u2019ve got to develop architecture that supports farmers to stay in farming to enable the Philippines to be food secure,\u201d Ms. Pinto said.\u00a0 \u00a0\nFor the past 65 years, IRRI has worked closely with the Philippine government through science-based innovations to help reduce hunger and poverty through rice. Headquartered in Laguna, the organization promotes sustainable agricultural production, improved nutrition, and stronger livelihoods for farmers.", "date_published": "2026-05-21T00:33:30+08:00", "date_modified": "2026-05-20T20:29:53+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/Drought-El-Nino-farmer-philstar.jpg", "tags": [ "Beatriz Marie D. Cruz", "Editors' Picks", "One News", "大象传媒" ], "summary": "SINGAPORE \u2014 Soaring fuel and fertilizer costs linked to the Middle East conflict, coupled with drier-than-usual conditions, are putting increasing pressure on domestic rice production and threatening the Philippines\u2019 food security, according to the International Rice Research Institute (IRRI)." }, { "id": "/?p=751046", "url": "/top-stories/2026/05/21/751046/erc-yet-to-decide-on-extension-of-gea-all-suspension/", "title": "ERC yet to decide on extension of GEA-All suspension", "content_html": "ELECTRICITY CONSUMERS may face higher power costs, as the Energy Regulatory Commission (ERC) has yet to decide whether to extend the suspension of the green energy auction allowance (GEA-All) collection.
\nSharon O. Monta\u00f1er, ERC\u2019s director for market operations service, said the extension of the suspension will depend on the status of the GEA-All fund.
\n\u201cSo next month, we\u2019re going to assess again if there are (enough) funds. If we see that there\u2019s still difficulty in the payment of the bills, or electricity rates are quite high compared with previous months, and if there is sufficient balance in the fund to suspend, we can extend the suspension,\u201d she told reporters on the sidelines of the 大象传媒 Economic Forum on May 18.
\nEarlier this month, the ERC ordered to temporarily halt the collection of GEA-All from May to June to ease the financial burden on consumers amid rising inflation and global economic pressures.
\nGEA-All is a uniform charge amounting to P0.0371 per kilowatt-hour (kWh) that is passed on to on-grid consumers. It is a separate line item in the bills of consumers that started in January 2026.
\nThe amount collected is used to fund the incentives of new renewable energy (RE) projects being awarded under the green energy auction program (GEAP).
\nAs of May 5, GEA-All Fund maintains a balance of approximately P466.49 million, which is sufficient to cover the projected payment requirements of eligible RE developers during the suspension period, according to the ERC.
\n\u201cIf the crisis extends again, then, definitely, the commission will look into that (extension of the suspension) as it has always been one of the tools to relieve customers,\u201d Ms. Monta\u00f1er said.
\nMeanwhile, Ms. Monta\u00f1er said the ERC is not looking to suspend the feed-in tariff allowance (FIT-All). She noted there are no excess funds as the funds are only enough to cover payments to RE developers.
\n\u201cThere\u2019s no sufficient buffer for FIT-All. It\u2019s only enough to pay for the RE developers,\u201d she said.
\nFIT-All is another RE charge amounting to P0.2011 per kWh that is separate from GEA-All which is being paid by consumers to support emerging RE technologies.
\nNic Satur, Jr., chief advocate officer of consumer group Partners for Affordable and Reliable Energy, argued that GEA-All should be permanently removed, as consumers have been shouldering expensive power rates.
\n\u201cI believe that GEA-All has no legal basis and it should not be collected from consumers,\u201d Mr. Satur told 大象传媒. \u201cWe support our move towards clean energy but not at the expense of consumers.\u201d
\nMr. Satur said that consumers have suffered \u201clong hours of brownout, expensive electricity rate and poor service\u201d but are continuously burdened by pass-through charges, including GEA-All and FIT-All.
\nThe crisis in the Middle East has pushed global oil prices higher, increasing power generation costs in the Philippines and driving up electricity rates.
\nTo provide relief to consumers, the regulator directed distribution utilities to suspend electricity service disconnections and to implement staggered or deferred payment schemes.
\nThe suspension covers unpaid electricity bills for both residential and nonresidential consumers covering the May-to-July billing periods.
\nCustomers with a monthly consumption not exceeding 200 kWh may defer payment of their bills and settle them on a staggered basis over three months from receipt of the bill. \u2014 Sheldeen Joy Talavera
\n", "content_text": "ELECTRICITY CONSUMERS may face higher power costs, as the Energy Regulatory Commission (ERC) has yet to decide whether to extend the suspension of the green energy auction allowance (GEA-All) collection.\nSharon O. Monta\u00f1er, ERC\u2019s director for market operations service, said the extension of the suspension will depend on the status of the GEA-All fund.\n\u201cSo next month, we\u2019re going to assess again if there are (enough) funds. If we see that there\u2019s still difficulty in the payment of the bills, or electricity rates are quite high compared with previous months, and if there is sufficient balance in the fund to suspend, we can extend the suspension,\u201d she told reporters on the sidelines of the 大象传媒 Economic Forum on May 18.\nEarlier this month, the ERC ordered to temporarily halt the collection of GEA-All from May to June to ease the financial burden on consumers amid rising inflation and global economic pressures.\nGEA-All is a uniform charge amounting to P0.0371 per kilowatt-hour (kWh) that is passed on to on-grid consumers. It is a separate line item in the bills of consumers that started in January 2026.\nThe amount collected is used to fund the incentives of new renewable energy (RE) projects being awarded under the green energy auction program (GEAP).\nAs of May 5, GEA-All Fund maintains a balance of approximately P466.49 million, which is sufficient to cover the projected payment requirements of eligible RE developers during the suspension period, according to the ERC.\n\u201cIf the crisis extends again, then, definitely, the commission will look into that (extension of the suspension) as it has always been one of the tools to relieve customers,\u201d Ms. Monta\u00f1er said.\nMeanwhile, Ms. Monta\u00f1er said the ERC is not looking to suspend the feed-in tariff allowance (FIT-All). She noted there are no excess funds as the funds are only enough to cover payments to RE developers.\n\u201cThere\u2019s no sufficient buffer for FIT-All. It\u2019s only enough to pay for the RE developers,\u201d she said.\nFIT-All is another RE charge amounting to P0.2011 per kWh that is separate from GEA-All which is being paid by consumers to support emerging RE technologies.\nNic Satur, Jr., chief advocate officer of consumer group Partners for Affordable and Reliable Energy, argued that GEA-All should be permanently removed, as consumers have been shouldering expensive power rates.\n\u201cI believe that GEA-All has no legal basis and it should not be collected from consumers,\u201d Mr. Satur told 大象传媒. \u201cWe support our move towards clean energy but not at the expense of consumers.\u201d\nMr. Satur said that consumers have suffered \u201clong hours of brownout, expensive electricity rate and poor service\u201d but are continuously burdened by pass-through charges, including GEA-All and FIT-All.\nThe crisis in the Middle East has pushed global oil prices higher, increasing power generation costs in the Philippines and driving up electricity rates.\nTo provide relief to consumers, the regulator directed distribution utilities to suspend electricity service disconnections and to implement staggered or deferred payment schemes.\nThe suspension covers unpaid electricity bills for both residential and nonresidential consumers covering the May-to-July billing periods.\nCustomers with a monthly consumption not exceeding 200 kWh may defer payment of their bills and settle them on a staggered basis over three months from receipt of the bill. \u2014 Sheldeen Joy Talavera", "date_published": "2026-05-21T00:32:30+08:00", "date_modified": "2026-05-20T20:29:01+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/solar-panel-1.jpg", "tags": [ "Sheldeen Joy Talavera", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=750964", "url": "/banking-finance/2026/05/21/750964/peso-edges-up-as-mideast-caution-lingers/", "title": "Peso edges up as Mideast caution lingers", "content_html": "THE PESO inched higher versus the dollar on Wednesday after moving in a tight range as the market stayed on edge while waiting for developments in the Middle East.
\nThe currency closed at P61.74 a dollar, gaining a centavo from Tuesday\u2019s record-low finish of P61.75, according to Bankers Association of the Philippines data posted on its website.
\nThe local unit opened Wednesday\u2019s session stronger at P61.73 per dollar. It traded within a narrow range as its intraday best was at just P61.67 against the greenback, while its weakest showing was at P61.75.
\nDollars traded rose to $1.54 billion from $1.21 billion in the previous session.
\nThe peso rose a tad as the market was on wait-and-see mode about developments in the Middle East, a trader said by phone.
\n\u2018Market players traded generally cautiously awaiting FOMC (Federal Open Market Committee) meeting minutes that will be released overnight,\u201d the trader added.
\nThe peso was broadly steady following the downward correction in global crude oil prices, Rizal Commercial Banking Corp, Chief Economist Michael L. Ricafort said in a Viber message.
\nHe added that the central bank may have intervened during the session again to support the currency.
\nFor Thursday, the trader said the peso may stay rangebound between P61.50 and P61.75 amid a lack of leads, while Mr. Ricafort sees it ranging from P61.55 to P61.75.
\nThe US dollar hit a six-week high on Wednesday as investors came to terms with the possible need for higher interest rates to tackle inflation resulting from the Iran war, Reuters reported.
\nThe uncertainty over when the conflict may end has fanned inflation fears and triggered a global bond sell-off, with the yield on the US 30-year Treasury bond hitting its highest level since 2007.
\nPresident Donald J. Trump said the United States may need to strike Iran again but suggested Tehran wants a deal to end the war that has all but closed the key Strait of Hormuz, sending energy prices soaring and roiling markets.
\nThe dollar index, which tracks the currency against six peers, rose 0.1% to its highest since April 7 at 99.47. The index is up more than 1.3% in May due to safe-haven demand and markets pricing in chances of the Federal Reserve hiking interest rates by the end of the year.
\nBrent crude futures were down 1.1% to $110 per barrel, but remained more than 50% higher than in late February before the war began. \u2014 Aaron Michael C. Sy with Reuters
\n", "content_text": "THE PESO inched higher versus the dollar on Wednesday after moving in a tight range as the market stayed on edge while waiting for developments in the Middle East.\nThe currency closed at P61.74 a dollar, gaining a centavo from Tuesday\u2019s record-low finish of P61.75, according to Bankers Association of the Philippines data posted on its website.\nThe local unit opened Wednesday\u2019s session stronger at P61.73 per dollar. It traded within a narrow range as its intraday best was at just P61.67 against the greenback, while its weakest showing was at P61.75.\nDollars traded rose to $1.54 billion from $1.21 billion in the previous session.\nThe peso rose a tad as the market was on wait-and-see mode about developments in the Middle East, a trader said by phone.\n\u2018Market players traded generally cautiously awaiting FOMC (Federal Open Market Committee) meeting minutes that will be released overnight,\u201d the trader added.\nThe peso was broadly steady following the downward correction in global crude oil prices, Rizal Commercial Banking Corp, Chief Economist Michael L. Ricafort said in a Viber message.\nHe added that the central bank may have intervened during the session again to support the currency.\nFor Thursday, the trader said the peso may stay rangebound between P61.50 and P61.75 amid a lack of leads, while Mr. Ricafort sees it ranging from P61.55 to P61.75.\nThe US dollar hit a six-week high on Wednesday as investors came to terms with the possible need for higher interest rates to tackle inflation resulting from the Iran war, Reuters reported.\nThe uncertainty over when the conflict may end has fanned inflation fears and triggered a global bond sell-off, with the yield on the US 30-year Treasury bond hitting its highest level since 2007.\nPresident Donald J. Trump said the United States may need to strike Iran again but suggested Tehran wants a deal to end the war that has all but closed the key Strait of Hormuz, sending energy prices soaring and roiling markets.\nThe dollar index, which tracks the currency against six peers, rose 0.1% to its highest since April 7 at 99.47. The index is up more than 1.3% in May due to safe-haven demand and markets pricing in chances of the Federal Reserve hiking interest rates by the end of the year.\nBrent crude futures were down 1.1% to $110 per barrel, but remained more than 50% higher than in late February before the war began. \u2014 Aaron Michael C. Sy with Reuters", "date_published": "2026-05-21T00:03:56+08:00", "date_modified": "2026-05-20T18:38:32+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/03/peso-dollar-currency-philstar.jpg", "tags": [ "Aaron Michael C. Sy", "Banking & Finance", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=750992", "url": "/stock-market/2026/05/20/750992/stocks-extend-losses-as-market-weighs-war-risks/", "title": "Stocks extend losses as market weighs war risks", "content_html": "PHILIPPINE STOCKS declined for the fourth straight day on Wednesday as concerns over the economic impact of the Middle East war kept investors gloomy.
\nThe Philippine Stock Exchange index (PSEi) slipped by 0.05% or 3.4 points to close at 5,893.40, while the broader all shares index fell by 0.22% or 7.67 points to end at 3,339.88.
\nThis was the PSEi\u2019s lowest finish in nearly three weeks or since it closed at 5,833.64 on April 30.
\n\u201cThe local market ended flat as investors stayed cautious after President Marcos flagged risks of stagflation amid lingering economic pressures. Concerns over higher oil prices caused by global supply chain disruptions continued to weigh on sentiment, raising worries about sustained inflation and slower growth,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
\n\u201cThe local market\u2019s sideways movement ended in the negative territory, taking cues from Wall Street\u2019s overnight decline. This comes following the rise in the US long term treasury yields. Lingering concerns including the elevated global oil prices, weak local currency, and stagflation risks also weighed on investor sentiment,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
\nPresident Ferdinand R. Marcos, Jr. on Monday said the country could face stagflation due to the prolonged Iran conflict as it slows economic growth and pushes up inflation.
\nHeadline inflation quickened to a near three-year high of 7.2% in April from 4.1% in March due to soaring fuel prices. This was the fastest print since 7.6% in March 2023.
\nMeanwhile, gross domestic product (GDP) grew by just 2.8% in the first quarter, slowing from the 5.4% expansion in the same quarter last year and the revised 3% GDP growth in the fourth quarter of 2025. The government blamed the slump on the economic fallout from a corruption scandal and the situation in the Middle East.
\nSectoral indices closed mixed on Wednesday. Services rose by 0.32% or 9.72 points to 2,990.37; property increased by 0.17% or 3.36 points to 1,911.13; and holding firms went up by 0.09% or 4.05 points to 4,372.31.
\nMeanwhile, industrials declined by 0.79% or 68.70 points to 8,577.39; financials dropped by 0.56% or 9.99 points to 1,758.63; and mining and oil went down by 0.32% or 58.04 points to 17,558.77.
\nDecliners outnumbered advancers, 111 to 74, while 59 names were unchanged.
\n\u201cAyala Land, Inc. was the day\u2019s top index gainer, climbing 1.76% to P15. ACEN Corp. was the main index laggard, falling 4.62% to P3.10,\u201d Mr. Tantiangco said.
\nValue turnover went up to P5.67 billion on Wednesday with 1.24 billion shares traded from the P5.36 billion with 1.21 billion issues that changed hands on Tuesday.
\n\u201cTrading remained subdued as investors held back ahead of clearer policy direction and upcoming economic data,\u201d Mr. Limlingan said.
\nNet foreign selling decreased to P115.32 million from P680.04 million in the previous session. \u2014 Alexandria Grace C. Magno
\n", "content_text": "PHILIPPINE STOCKS declined for the fourth straight day on Wednesday as concerns over the economic impact of the Middle East war kept investors gloomy.\nThe Philippine Stock Exchange index (PSEi) slipped by 0.05% or 3.4 points to close at 5,893.40, while the broader all shares index fell by 0.22% or 7.67 points to end at 3,339.88.\nThis was the PSEi\u2019s lowest finish in nearly three weeks or since it closed at 5,833.64 on April 30.\n\u201cThe local market ended flat as investors stayed cautious after President Marcos flagged risks of stagflation amid lingering economic pressures. Concerns over higher oil prices caused by global supply chain disruptions continued to weigh on sentiment, raising worries about sustained inflation and slower growth,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.\n\u201cThe local market\u2019s sideways movement ended in the negative territory, taking cues from Wall Street\u2019s overnight decline. This comes following the rise in the US long term treasury yields. Lingering concerns including the elevated global oil prices, weak local currency, and stagflation risks also weighed on investor sentiment,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. \nPresident Ferdinand R. Marcos, Jr. on Monday said the country could face stagflation due to the prolonged Iran conflict as it slows economic growth and pushes up inflation.\nHeadline inflation quickened to a near three-year high of 7.2% in April from 4.1% in March due to soaring fuel prices. This was the fastest print since 7.6% in March 2023.\nMeanwhile, gross domestic product (GDP) grew by just 2.8% in the first quarter, slowing from the 5.4% expansion in the same quarter last year and the revised 3% GDP growth in the fourth quarter of 2025. The government blamed the slump on the economic fallout from a corruption scandal and the situation in the Middle East.\nSectoral indices closed mixed on Wednesday. Services rose by 0.32% or 9.72 points to 2,990.37; property increased by 0.17% or 3.36 points to 1,911.13; and holding firms went up by 0.09% or 4.05 points to 4,372.31.\nMeanwhile, industrials declined by 0.79% or 68.70 points to 8,577.39; financials dropped by 0.56% or 9.99 points to 1,758.63; and mining and oil went down by 0.32% or 58.04 points to 17,558.77.\nDecliners outnumbered advancers, 111 to 74, while 59 names were unchanged.\n\u201cAyala Land, Inc. was the day\u2019s top index gainer, climbing 1.76% to P15. ACEN Corp. was the main index laggard, falling 4.62% to P3.10,\u201d Mr. Tantiangco said.\nValue turnover went up to P5.67 billion on Wednesday with 1.24 billion shares traded from the P5.36 billion with 1.21 billion issues that changed hands on Tuesday.\n\u201cTrading remained subdued as investors held back ahead of clearer policy direction and upcoming economic data,\u201d Mr. Limlingan said.\nNet foreign selling decreased to P115.32 million from P680.04 million in the previous session. \u2014 Alexandria Grace C. Magno", "date_published": "2026-05-20T21:00:20+08:00", "date_modified": "2026-05-20T18:53:27+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2022/07/PSE-trading-floor-traders.jpg", "tags": [ "Alexandria Grace C. Magno", "Editors' Picks", "One News", "Stock Market", "大象传媒" ] }, { "id": "/?p=751079", "url": "/economy/2026/05/20/751079/safeguard-duties-imposed-on-imported-meat-coffee-onions/", "title": "Safeguard duties imposed on imported meat, coffee, onions", "content_html": "THE Department of Agriculture\u00a0 said it imposed price-based special safeguard measures on 21 agricultural product categories, after import prices fell below established trigger levels.
\nIn Department Order No. 15 Series of 2026, Agriculture Secretary Francisco P. Tiu Laurel, Jr. requested the Bureau of Customs to collect additional duties on frozen poultry, pork, coffee preparations, and fresh onions when their actual cost, insurance, and freight (CIF) prices breach trigger thresholds.
\nThe measure is authorized under Republic Act No. 8800, which allows the Secretary of Agriculture to impose safeguard duties without investigation when actual import prices drop below trigger prices outlined in the World Trade Organization Agreement on Agriculture.
\nAdditional duties will equal the difference between the actual CIF price at the time of import document lodgment and the corresponding trigger price for each product.
\nAffected products include frozen chicken parts, with trigger prices ranging from P93.96 to P423.55 per kilogram, various pork products (P79.63 to P305.73), and coffee products (P134.11 to P203.74). The fresh onion trigger price is P74.21 per kilogram.
\nThe order, issued on the strength of findings by the Trade Remedies Office of the Policy Research Service, takes effect immediately and revokes Department Order No. 20 Series of 2024 and Department Order No. 5 Series of 2026. \u2014 Pierce Oel A. Montalvo
\n", "content_text": "THE Department of Agriculture\u00a0 said it imposed price-based special safeguard measures on 21 agricultural product categories, after import prices fell below established trigger levels.\nIn Department Order No. 15 Series of 2026, Agriculture Secretary Francisco P. Tiu Laurel, Jr. requested the Bureau of Customs to collect additional duties on frozen poultry, pork, coffee preparations, and fresh onions when their actual cost, insurance, and freight (CIF) prices breach trigger thresholds.\nThe measure is authorized under Republic Act No. 8800, which allows the Secretary of Agriculture to impose safeguard duties without investigation when actual import prices drop below trigger prices outlined in the World Trade Organization Agreement on Agriculture.\nAdditional duties will equal the difference between the actual CIF price at the time of import document lodgment and the corresponding trigger price for each product.\nAffected products include frozen chicken parts, with trigger prices ranging from P93.96 to P423.55 per kilogram, various pork products (P79.63 to P305.73), and coffee products (P134.11 to P203.74). The fresh onion trigger price is P74.21 per kilogram.\nThe order, issued on the strength of findings by the Trade Remedies Office of the Policy Research Service, takes effect immediately and revokes Department Order No. 20 Series of 2024 and Department Order No. 5 Series of 2026. \u2014 Pierce Oel A. Montalvo", "date_published": "2026-05-20T20:50:07+08:00", "date_modified": "2026-05-20T20:50:07+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2021/08/pork-meat-frozen.jpg", "tags": [ "Pierce Oel A. Montalvo", "Economy", "Editors' Picks", "One News" ] }, { "id": "/?p=751078", "url": "/economy/2026/05/20/751078/adb-willing-to-fund-mindanao-railway-project/", "title": "ADB willing to fund Mindanao Railway Project", "content_html": "THE ASIAN Development Bank (ADB) said it is ready to finance the Mindanao Railway Project, with the long-delayed rail line still needing a source of funding after China withdrew support.
\n\u201cWe would be willing to fund it, if we were asked,\u201d ADB Country Director for the Philippines Andrew Jeffries told 大象传媒 on Wednesday.\u00a0
\nEarlier this month, Transportation Undersecretary for Railways Timothy John R. Batan said the Department of Transportation (DoTr) is still looking for funding for the railway.\u00a0
\nThe ADB said it is willing to assist the government to ensure the completion of the Mindanao Railway Project, one of the big-ticket DoTr projects.\u00a0
\nHe said, however, that government efforts to rein in debt levels will be a consideration in determining the ADB\u2019s ultimate involvement.
\n\u201cGiven our engagement with the government and their concern on maintaining and reducing government debt levels over time, I think they would want to explore as much private funding as they can,\u201d Mr. Jeffries said.\u00a0
\nThe ADB is ready to provide official development assistance (ODA) loans, or provide public-private partnership (PPP) advisory services to help bring in investments, he said.\u00a0
\n\u201cThe private sector could even fund some of that project like they did in the Mactan-Cebu Airport and the like. I guess we could also support it without touching ODA or public debt. That is one of the strategic pillars of what ADB is also trying to do region-wide,\u201d Mr. Jeffries said.\u00a0
\nIn 2023, the Philippines withdrew its loan request for ODA from China for the Mindanao Railway Project phase 1, and two more railway projects \u2014 the South Long-Haul railway, and the Subic-Clark railway, due to lack of progress towards a financing decision by Beijing.
\nThe first phase of the Mindanao Railway Project is valued at P83 billion. It will run between Tagum, Davao del Norte and Digos City, Davao del Sur. It is expected to carry 122,000 passengers per day and cut travel time between Tagum and Digos from three hours to one.
\nMr. Batan has said that the DoTr is exploring the possibility of PPPs structure for the Mindanao Railway Project.\u00a0
\nFor now, the DoTr remains uncertain when groundbreaking for the project can begin, as the government is still determining how to fund it.
\nMr. Batan added that the DoTr does not expect any progress on the financing front within the year due to the need to update the feasibility study.
\nLast month, the PPP Center said that the pre-feasibility study for the P100.64-billion phase 3 of the Mindanao Railway Project was completed.\u00a0
\nPhase 3, proposed as a solicited PPP, is a 61\u2011kilometer passenger and cargo railway linking the industrial and commercial centers of Cagayan de Oro.
\nThe DoTr will move to a comprehensive feasibility study to assess and refine the project\u2019s technical, financial, and economic viability, the PPP Center said. \u2014 Ashley Erika O. Jose
\n", "content_text": "THE ASIAN Development Bank (ADB) said it is ready to finance the Mindanao Railway Project, with the long-delayed rail line still needing a source of funding after China withdrew support.\n\u201cWe would be willing to fund it, if we were asked,\u201d ADB Country Director for the Philippines Andrew Jeffries told 大象传媒 on Wednesday.\u00a0\nEarlier this month, Transportation Undersecretary for Railways Timothy John R. Batan said the Department of Transportation (DoTr) is still looking for funding for the railway.\u00a0\nThe ADB said it is willing to assist the government to ensure the completion of the Mindanao Railway Project, one of the big-ticket DoTr projects.\u00a0\nHe said, however, that government efforts to rein in debt levels will be a consideration in determining the ADB\u2019s ultimate involvement.\n\u201cGiven our engagement with the government and their concern on maintaining and reducing government debt levels over time, I think they would want to explore as much private funding as they can,\u201d Mr. Jeffries said.\u00a0\nThe ADB is ready to provide official development assistance (ODA) loans, or provide public-private partnership (PPP) advisory services to help bring in investments, he said.\u00a0\n\u201cThe private sector could even fund some of that project like they did in the Mactan-Cebu Airport and the like. I guess we could also support it without touching ODA or public debt. That is one of the strategic pillars of what ADB is also trying to do region-wide,\u201d Mr. Jeffries said.\u00a0\nIn 2023, the Philippines withdrew its loan request for ODA from China for the Mindanao Railway Project phase 1, and two more railway projects \u2014 the South Long-Haul railway, and the Subic-Clark railway, due to lack of progress towards a financing decision by Beijing.\nThe first phase of the Mindanao Railway Project is valued at P83 billion. It will run between Tagum, Davao del Norte and Digos City, Davao del Sur. It is expected to carry 122,000 passengers per day and cut travel time between Tagum and Digos from three hours to one.\nMr. Batan has said that the DoTr is exploring the possibility of PPPs structure for the Mindanao Railway Project.\u00a0\nFor now, the DoTr remains uncertain when groundbreaking for the project can begin, as the government is still determining how to fund it.\nMr. Batan added that the DoTr does not expect any progress on the financing front within the year due to the need to update the feasibility study.\nLast month, the PPP Center said that the pre-feasibility study for the P100.64-billion phase 3 of the Mindanao Railway Project was completed.\u00a0\nPhase 3, proposed as a solicited PPP, is a 61\u2011kilometer passenger and cargo railway linking the industrial and commercial centers of Cagayan de Oro.\nThe DoTr will move to a comprehensive feasibility study to assess and refine the project\u2019s technical, financial, and economic viability, the PPP Center said. \u2014 Ashley Erika O. Jose", "date_published": "2026-05-20T20:50:02+08:00", "date_modified": "2026-05-20T20:50:02+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2022/09/railway.jpg", "tags": [ "Ashley Erika O. Jose", "Economy", "Editors' Picks", "One News" ] }, { "id": "/?p=751077", "url": "/economy/2026/05/20/751077/modest-dpwh-budget-request-for-2027-signals-flagship-project-focus-as-govt-prepares-to-exit/", "title": "Modest DPWH budget request for 2027 signals flagship-project focus as gov\u2019t prepares to exit", "content_html": "THE Department of Public Works and Highways (DPWH) said on Wednesday it is seeking about P215 billion in funding for 2027, with P200 billion needed to sustain ongoing flagship infrastructure projects.
\nAt a hearing of the Committee on Flagship Programs and Projects, Public Works Senior Undersecretary Emil K. Sadain said that of the 26 ongoing flagship infrastructure projects, eight are targeted for completion by 2028, the year the administration steps down.
\nThe relatively modest budget request for 2027 is well off the over P1 trillion it was granted in the 2025 spending plan and the nearly P530 billion allocation in 2026. In 2025, the department faced intense scrutiny in the wake of the flood control corruption scandal, leading to an overhaul of the DPWH leadership and a review of many of its projects. The department also had the farm-to-market road program taken away from it, with the Department of Agriculture (DA) stepping in to replace it.
\nMr. Sadain said overall, 201 infrastructure flagship projects at various stages of implementation are being overseen by 22 agencies, with 76 under the DPWH.
\nHe said five projects are currently awaiting approval by the Economic Development Council, while 12 others are under review by the Investment Coordination Committee.
\nRizal Rep. Jose Arturo S. Garcia, Jr. queried whether substantially complete projects can be put to use immediately.
\n\u201cIf there are projects like highways or buildings that are 50% to 60% complete, you can already use them, right? So they can impact people in some way,\u201d Mr. Garcia said.
\nMr. Sadain said some flood control and pumping station projects can be made use of by 2027, while several road projects are substantially complete and have been operating partially. \u2014 Pexcel John Bacon
\n", "content_text": "THE Department of Public Works and Highways (DPWH) said on Wednesday it is seeking about P215 billion in funding for 2027, with P200 billion needed to sustain ongoing flagship infrastructure projects.\nAt a hearing of the Committee on Flagship Programs and Projects, Public Works Senior Undersecretary Emil K. Sadain said that of the 26 ongoing flagship infrastructure projects, eight are targeted for completion by 2028, the year the administration steps down.\nThe relatively modest budget request for 2027 is well off the over P1 trillion it was granted in the 2025 spending plan and the nearly P530 billion allocation in 2026. In 2025, the department faced intense scrutiny in the wake of the flood control corruption scandal, leading to an overhaul of the DPWH leadership and a review of many of its projects. The department also had the farm-to-market road program taken away from it, with the Department of Agriculture (DA) stepping in to replace it. \nMr. Sadain said overall, 201 infrastructure flagship projects at various stages of implementation are being overseen by 22 agencies, with 76 under the DPWH.\nHe said five projects are currently awaiting approval by the Economic Development Council, while 12 others are under review by the Investment Coordination Committee.\nRizal Rep. Jose Arturo S. Garcia, Jr. queried whether substantially complete projects can be put to use immediately.\n\u201cIf there are projects like highways or buildings that are 50% to 60% complete, you can already use them, right? So they can impact people in some way,\u201d Mr. Garcia said.\nMr. Sadain said some flood control and pumping station projects can be made use of by 2027, while several road projects are substantially complete and have been operating partially. \u2014 Pexcel John Bacon", "date_published": "2026-05-20T20:49:34+08:00", "date_modified": "2026-05-20T20:49:34+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2022/02/DPWH.jpg", "tags": [ "Pexcel John Bacon", "Economy", "Editors' Picks", "One News" ] }, { "id": "/?p=751076", "url": "/economy/2026/05/20/751076/bsp-warned-against-taking-aggressive-policy-stance-during-middle-east-crisis/", "title": "BSP warned against taking \u2018aggressive\u2019 policy stance during Middle East crisis", "content_html": "By Katherine K. Chan, Reporter
\nTHE Bangko Sentral ng Pilipinas (BSP) should avoid aggressive policy tightening and keep its stance balanced between controlling inflation and supporting growth, an economist said.
\nJonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., added that the BSP will likely wait for additional economic data before potentially tightening once more next month.
\n\u201cWhat we need to understand, the reason I say defensive is that they\u2019re at a crossroads. We want growth to prosper, but we need to also contain inflation, right?\u201d he told the Pandesal Forum at the Kamuning Bakery Cafe in Quezon City on Wednesday. \u00a0
\nIf the BSP were aggressive, it could have delivered an inter-meeting hike earlier this month when inflation exceeded expectations, according to Mr. Ravelas. \u00a0
\n\u201cBut probably they\u2019ll wait for June 18 to make those decisions until they look at what\u2019s happening in the Middle East, probably the impact on the total government revenue, etc., (and) what plans they have to spur growth,\u201d he said. \u201cAt least by June, there will be a plan (that will flow on to) what the President will say for the State of the Nation Address. So they can all align themselves.\u201d
\nInflation has failed to remain within central bank and market projections since the Iran war started, with the highly uncertain environment challenging forecast models.
\nIn April, inflation accelerated to an over three-year high of 7.2%, well above the BSP\u2019s 5.6-6.4% estimate and the 5.5% median forecast returned by a 大象传媒 poll of 17 analysts.
\nMr. Ravelas sees the central bank raising the key interest rate by a total of 125 basis points (bps) to 5.75% by year\u2019s end, projecting inflation to average 7.2% for the year.
\nThe BSP started a new tightening cycle last month, delivering its first 25-bp rate increase in over two years during its April 23 meeting to bring the key policy rate to 4.5%.
\nCentral bank officials said the move was a preemptive measure to curb price pressures and cautioned against spillover effects, with headline inflation projected to settle well above their 2%-4% target until next year.\u00a0
\nBSP Governor Eli M. Remolona, Jr. has left the door open to further modest rate hikes to bring inflation back within the target range in keeping with the bank\u2019s price stability mandate.
\nMr. Ravelas noted that the Philippine economy is showing signs of stagflation \u2014 a combination of slowing growth, stubborn inflation and high unemployment.\u00a0
\nGross domestic product growth eased to 2.8% in the first quarter from 3% the previous quarter and 5.4% a year earlier.
\nMr. Ravelas sees full-year growth settling between 3.8% and 4% in 2026, weakening from the 4.4% in 2025.
\nHowever, Mr. Ravelas said the conditions for stagflation may not be met with long-term unemployment remaining low at around 7%.
\nMeanwhile, Mr. Ravelas said the peso risks plummeting to the P65-to-the-dollar level over the next three years, though the BSP\u2019s policy tightening could provide the currency some relief.
\nThe peso closed at all-time low of P61.75 to the dollar as lingering market uncertainty from the Middle East meant continuing safe-haven demand for the dollar.
\n", "content_text": "By Katherine K. Chan, Reporter\nTHE Bangko Sentral ng Pilipinas (BSP) should avoid aggressive policy tightening and keep its stance balanced between controlling inflation and supporting growth, an economist said.\nJonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., added that the BSP will likely wait for additional economic data before potentially tightening once more next month. \n\u201cWhat we need to understand, the reason I say defensive is that they\u2019re at a crossroads. We want growth to prosper, but we need to also contain inflation, right?\u201d he told the Pandesal Forum at the Kamuning Bakery Cafe in Quezon City on Wednesday. \u00a0\nIf the BSP were aggressive, it could have delivered an inter-meeting hike earlier this month when inflation exceeded expectations, according to Mr. Ravelas. \u00a0\n\u201cBut probably they\u2019ll wait for June 18 to make those decisions until they look at what\u2019s happening in the Middle East, probably the impact on the total government revenue, etc., (and) what plans they have to spur growth,\u201d he said. \u201cAt least by June, there will be a plan (that will flow on to) what the President will say for the State of the Nation Address. So they can all align themselves.\u201d\nInflation has failed to remain within central bank and market projections since the Iran war started, with the highly uncertain environment challenging forecast models.\nIn April, inflation accelerated to an over three-year high of 7.2%, well above the BSP\u2019s 5.6-6.4% estimate and the 5.5% median forecast returned by a 大象传媒 poll of 17 analysts.\nMr. Ravelas sees the central bank raising the key interest rate by a total of 125 basis points (bps) to 5.75% by year\u2019s end, projecting inflation to average 7.2% for the year.\nThe BSP started a new tightening cycle last month, delivering its first 25-bp rate increase in over two years during its April 23 meeting to bring the key policy rate to 4.5%.\nCentral bank officials said the move was a preemptive measure to curb price pressures and cautioned against spillover effects, with headline inflation projected to settle well above their 2%-4% target until next year.\u00a0\nBSP Governor Eli M. Remolona, Jr. has left the door open to further modest rate hikes to bring inflation back within the target range in keeping with the bank\u2019s price stability mandate.\nMr. Ravelas noted that the Philippine economy is showing signs of stagflation \u2014 a combination of slowing growth, stubborn inflation and high unemployment.\u00a0\nGross domestic product growth eased to 2.8% in the first quarter from 3% the previous quarter and 5.4% a year earlier.\nMr. Ravelas sees full-year growth settling between 3.8% and 4% in 2026, weakening from the 4.4% in 2025.\nHowever, Mr. Ravelas said the conditions for stagflation may not be met with long-term unemployment remaining low at around 7%.\nMeanwhile, Mr. Ravelas said the peso risks plummeting to the P65-to-the-dollar level over the next three years, though the BSP\u2019s policy tightening could provide the currency some relief.\nThe peso closed at all-time low of P61.75 to the dollar as lingering market uncertainty from the Middle East meant continuing safe-haven demand for the dollar.", "date_published": "2026-05-20T20:49:32+08:00", "date_modified": "2026-05-20T20:49:32+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2024/09/BSP-building-facade.jpg", "tags": [ "Katherine K. Chan", "Economy", "One News" ], "summary": "THE Bangko Sentral ng Pilipinas (BSP) should avoid aggressive policy tightening and keep its stance balanced between controlling inflation and supporting growth, an economist said." }, { "id": "/?p=750740", "url": "/top-stories/2026/05/20/750740/bop-deficit-narrows-to-2-1b-in-april/", "title": "BoP deficit narrows to $2.1B in April", "content_html": "By Katherine K. Chan, Reporter
\nSTEADY INFLOWS from remittances and the services sector despite emerging external pressures helped narrow the Philippines\u2019 balance of payments (BoP) gap to a three-month low in April, Bangko Sentral ng Pilipinas (BSP) data showed.
\nBased on central bank data released on Tuesday, the country\u2019s BoP gap narrowed to $2.124 billion last month from the $2.637-billion deficit in March and $2.558-billion shortfall in April last year.
\nThis was the narrowest deficit recorded since the $373 million seen in January. It also marked the sixth consecutive month that the country\u2019s BoP position settled at a shortfall.
\nIn the four months to April, the Philippines\u2019 BoP deficit widened to $7.411 billion from $5.516 billion in the same period a year ago.
\nBoP refers to the country\u2019s economic transactions with other nations. A deficit shows that the country spent more than it received, while a surplus indicates more funds entered the country.
\nStable dollar inflows from remittances and business process outsourcing, slightly better capital flows and softer import bill may have helped narrow the country\u2019s BoP deficit in April, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said via Viber.
\nHowever, Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the wider four-month deficit was likely due to lingering external pressures considering the country\u2019s large trade gap.
\n\u201cThe narrower BoP deficit in April reflects some normalization after earlier outflows, but the wider year-to-date gap highlights persistent external pressures, particularly from the country\u2019s large trade deficit amid strong import demand and softer exports,\u201d he said in a Viber message.
\n\u201cWhile remittances and services continue to provide support, these have not been enough to offset the current account shortfall, with capital flows remaining sensitive to global conditions,\u201d Mr. Asuncion added.
\nSeparate BSP data showed remittances from Filipinos abroad rose by 2.3% year on year to $2.874 billion in March, the highest in two months.
\nLatest available data showed the country\u2019s trade-in-goods deficit widened to a six-month high of $4.512 billion in March from $4.015 billion in February and $4.509 billion a year ago.
\nDOLLAR RESERVES
\nMeanwhile, revised BSP data showed the Philippines\u2019 dollar reserves fell to its lowest level in over a year, which analysts said was likely due to the central bank\u2019s recent intervention in the foreign exchange market.
As of end-April, the country had $104.328 billion in gross international reserves (GIR), slightly higher than the $104.128 billion earlier reported.
\nHowever, it was still a 2.16% decline from the $106.636-billion foreign reserves in March and a 0.93% dip from the $105.308 billion in April 2025.
\nThe end-April tally was the lowest GIR level in 15 months or since the $103.271 billion logged in January last year.
\n\u201cThe decline in GIR indicates that the BSP may have used part of its reserves to smooth peso volatility and meet external obligations,\u201d John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said in a Viber message.
\nThe central bank earlier said it remains present in the foreign exchange market to prevent sharp swings that could stoke inflation as the Middle East war continues to weigh on the currency.
\nOn Tuesday, the peso closed at P61.75 against the dollar, unchanged from its record-low finish on Monday, Bankers Association of the Philippines data showed.
\nStill, according to the BSP, the country\u2019s latest GIR level \u201cprovides a robust external liquidity buffer.\u201d
\nThe end-April reserves translated to 6.9 months\u2019 worth of imports of goods and payments of services and primary income, exceeding the three-month standard.
\nIt can also cover about 3.8 times the country\u2019s short-term external debt based on residual maturity.
\nGIR comprises foreign-denominated securities, foreign exchange, and other assets such as gold. It enables a country to finance imports and foreign debts, maintain the stability of its currency, and safeguard itself against global economic disruptions.
\nFor Mr. Ravelas, the country\u2019s BoP position will likely remain in a deficit in the coming months considering the economy\u2019s heavy reliance on imports.
\n\u201cThe key message here is not elimination, but manageability \u2014 our external position remains \u2018deficit but resilient,\u2019 supported by strong fundamentals like remittances, services exports, and adequate reserves,\u201d he added. \u201cSo, going forward, it\u2019s about watching global conditions and capital flows closely, while ensuring we sustain these stable sources of FX (foreign exchange).\u201d
\nSM Investments Corp. Group Economist Robert Dan J. Roces likewise projects a continued deficit in the near term as \u201chigh oil prices, elevated global uncertainty, and a still-strong dollar continue to pressure the trade balance and keep demand for dollars firm.\u201d
\nHowever, the deficit may be \u201csmaller and more manageable\u201d as the country continues to hold ample GIR and due to steady flows from remittances and services exports, he added.
\n\u201cThe BoP may stay in deficit in the near term, though a smaller and more manageable one,\u201d Mr. Roces said. \u201cThe good news is that the country still has ample buffers through GIR, steady remittances, and recurring inflows from services exports, which help prevent external pressures from becoming destabilizing.\u201d
\nThe central bank expects the country\u2019s BoP position to end at a $7.8-billion deficit or -1.5% of its gross domestic product (GDP) this year, wider than the $5.661-billion gap or -1.2% of GDP in 2025.
\nIt also projects the GIR level to reach $111 billion by yearend, higher than the $110.8 billion recorded last year.
\n", "content_text": "By Katherine K. Chan, Reporter\nSTEADY INFLOWS from remittances and the services sector despite emerging external pressures helped narrow the Philippines\u2019 balance of payments (BoP) gap to a three-month low in April, Bangko Sentral ng Pilipinas (BSP) data showed.\nBased on central bank data released on Tuesday, the country\u2019s BoP gap narrowed to $2.124 billion last month from the $2.637-billion deficit in March and $2.558-billion shortfall in April last year.\nThis was the narrowest deficit recorded since the $373 million seen in January. It also marked the sixth consecutive month that the country\u2019s BoP position settled at a shortfall.\nIn the four months to April, the Philippines\u2019 BoP deficit widened to $7.411 billion from $5.516 billion in the same period a year ago. \nBoP refers to the country\u2019s economic transactions with other nations. A deficit shows that the country spent more than it received, while a surplus indicates more funds entered the country.\nStable dollar inflows from remittances and business process outsourcing, slightly better capital flows and softer import bill may have helped narrow the country\u2019s BoP deficit in April, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said via Viber. \nHowever, Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said the wider four-month deficit was likely due to lingering external pressures considering the country\u2019s large trade gap.\n\u201cThe narrower BoP deficit in April reflects some normalization after earlier outflows, but the wider year-to-date gap highlights persistent external pressures, particularly from the country\u2019s large trade deficit amid strong import demand and softer exports,\u201d he said in a Viber message.\n\u201cWhile remittances and services continue to provide support, these have not been enough to offset the current account shortfall, with capital flows remaining sensitive to global conditions,\u201d Mr. Asuncion added.\nSeparate BSP data showed remittances from Filipinos abroad rose by 2.3% year on year to $2.874 billion in March, the highest in two months.\nLatest available data showed the country\u2019s trade-in-goods deficit widened to a six-month high of $4.512 billion in March from $4.015 billion in February and $4.509 billion a year ago.\nDOLLAR RESERVES\nMeanwhile, revised BSP data showed the Philippines\u2019 dollar reserves fell to its lowest level in over a year, which analysts said was likely due to the central bank\u2019s recent intervention in the foreign exchange market.\nAs of end-April, the country had $104.328 billion in gross international reserves (GIR), slightly higher than the $104.128 billion earlier reported.\nHowever, it was still a 2.16% decline from the $106.636-billion foreign reserves in March and a 0.93% dip from the $105.308 billion in April 2025.\nThe end-April tally was the lowest GIR level in 15 months or since the $103.271 billion logged in January last year.\n\u201cThe decline in GIR indicates that the BSP may have used part of its reserves to smooth peso volatility and meet external obligations,\u201d John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said in a Viber message.\nThe central bank earlier said it remains present in the foreign exchange market to prevent sharp swings that could stoke inflation as the Middle East war continues to weigh on the currency.\nOn Tuesday, the peso closed at P61.75 against the dollar, unchanged from its record-low finish on Monday, Bankers Association of the Philippines data showed.\nStill, according to the BSP, the country\u2019s latest GIR level \u201cprovides a robust external liquidity buffer.\u201d\nThe end-April reserves translated to 6.9 months\u2019 worth of imports of goods and payments of services and primary income, exceeding the three-month standard.\nIt can also cover about 3.8 times the country\u2019s short-term external debt based on residual maturity.\nGIR comprises foreign-denominated securities, foreign exchange, and other assets such as gold. It enables a country to finance imports and foreign debts, maintain the stability of its currency, and safeguard itself against global economic disruptions.\nFor Mr. Ravelas, the country\u2019s BoP position will likely remain in a deficit in the coming months considering the economy\u2019s heavy reliance on imports.\n\u201cThe key message here is not elimination, but manageability \u2014 our external position remains \u2018deficit but resilient,\u2019 supported by strong fundamentals like remittances, services exports, and adequate reserves,\u201d he added. \u201cSo, going forward, it\u2019s about watching global conditions and capital flows closely, while ensuring we sustain these stable sources of FX (foreign exchange).\u201d\nSM Investments Corp. Group Economist Robert Dan J. Roces likewise projects a continued deficit in the near term as \u201chigh oil prices, elevated global uncertainty, and a still-strong dollar continue to pressure the trade balance and keep demand for dollars firm.\u201d\nHowever, the deficit may be \u201csmaller and more manageable\u201d as the country continues to hold ample GIR and due to steady flows from remittances and services exports, he added.\n\u201cThe BoP may stay in deficit in the near term, though a smaller and more manageable one,\u201d Mr. Roces said. \u201cThe good news is that the country still has ample buffers through GIR, steady remittances, and recurring inflows from services exports, which help prevent external pressures from becoming destabilizing.\u201d\nThe central bank expects the country\u2019s BoP position to end at a $7.8-billion deficit or -1.5% of its gross domestic product (GDP) this year, wider than the $5.661-billion gap or -1.2% of GDP in 2025.\nIt also projects the GIR level to reach $111 billion by yearend, higher than the $110.8 billion recorded last year.", "date_published": "2026-05-20T00:34:12+08:00", "date_modified": "2026-05-19T20:53:03+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2024/01/dollar-currency.jpg", "tags": [ "Katherine K. Chan", "Editors' Picks", "One News", "大象传媒" ], "summary": "STEADY INFLOWS from remittances and the services sector despite emerging external pressures helped narrow the Philippines\u2019 balance of payments (BoP) gap to a three-month low in April, Bangko Sentral ng Pilipinas (BSP) data showed.\u00a0" }, { "id": "/?p=750739", "url": "/top-stories/2026/05/20/750739/peso-still-asias-weakest-link-despite-bsp-policy-tightening/", "title": "Peso still Asia\u2019s \u2018weakest link\u2019 despite BSP policy tightening", "content_html": "By Katherine K. Chan, Reporter
\nTHE PHILIPPINE PESO will likely remain the weakest Asian currency despite further monetary policy tightening by the central bank as the economy remains vulnerable to volatile global oil prices amid the ongoing Middle East war, analysts said.
\nThis as the peso on Tuesday closed at the record-low level of P61.75 versus the greenback, the same finish logged on Monday, Bankers Association of the Philippines data showed.
\nIn a report published late on Monday, ING Think economists noted that the impact of oil price swings on the local unit could offset the expected support of additional policy rate hikes by the Bangko Sentral ng Pilipinas (BSP). (See related story)
\n\u201cWe continue to expect a frontloaded but measured tightening cycle, worth 75 bps (basis points) in 2026,\u201d said ING Regional Head of Research for Asia Pacific Deepali Bhargava, Senior Economist for South Korea and Japan Min Joo Kang, and Chief Economist for Greater China Lynn Song.
\n\u201cWhile this could provide some near-term support to the PHP (Philippine peso), the currency\u2019s trajectory will remain closely tied to oil price dynamics,\u201d they added.
\nA separate report from MUFG Bank, Ltd. on Tuesday showed that the peso suffered the sharpest depreciation among currencies in emerging markets in Asia since the Middle East war erupted on Feb. 28.
\nBased on the report penned by MUFG Senior Currency Analyst Michael Wan, the local unit declined by 6.6% against the dollar from Feb. 28 to May 18.
\nThis was followed by the Indian rupee, which went down by 5.6%, Indonesian rupiah (5%), Thai baht (4.8%), South Korean won (4%), Malaysian ringgit (2.1%), Japanese yen (1.8%), Singapore dollar (1.1%), Vietnamese dong (1.1%), and Taiwan dollar (1%).
\nThe peso has traded around the P60- to P61-a-dollar handle for about a month or since late April, even plunging to back-to-back historic lows versus the greenback.
\nThis came even after markets anticipated some relief for the peso following the BSP\u2019s move to lift the benchmark borrowing cost during its April 23 meeting.
\nThe key interest rate now stands at 4.5% after the Monetary Board delivered its first 25-bp hike last month as it sought to temper second-round price effects and keep inflation expectations anchored amid rising risks from the energy crisis.
\nING analysts said the BSP may deliver its second-straight hike at its June 18 review as inflation risks prove more urgent than growth concerns.
\n\u201cThe latest data points suggest inflation risks are now outweighing growth concerns,\u201d they said. \u201cIn this context, we do not see the weak GDP (gross domestic product) print deterring Bangko Sentral ng Pilipinas from hiking in June.\u201d
\nInflation breached the central bank\u2019s 2%-4% target and market projections for the second month in a row as soaring oil prices spilled over to other key commodities.
\nIn April, high food and utility prices amid still elevated energy costs led the headline print to accelerate to an over three-year high of 7.2%.
\nOn the other hand, the economy faltered in the first quarter, with growth easing to 2.8% from 3% in the previous quarter and 5.4% a year ago as oil shocks added to the lingering effects of last year\u2019s flood control mess.
\nFor ING analysts, however, the economy could remain under pressure amid growing political uncertainty surrounding Vice-President Sara Duterte-Carpio\u2019s impeachment.
\n\u201cHigher political uncertainty with the impeachment of the vice-president can further push out reforms and growth recovery,\u201d Ms. Bhargava, Ms. Kang, and Mr. Song said.
\nMeanwhile, Metropolitan Bank and Trust Co. (Metrobank) also sees further BSP tightening as still elevated oil prices and uncertainties over Iran and the US\u2019 peace talks are expected to stoke inflation in the coming months.
\n\u201cMetrobank still sees elevated risk and volatility in the near term while a peace deal has not been struck,\u201d it said in a note on Monday. \u201cOil prices are poised to stay high, as global supply remains constricted due to the war\u2019s impact on Middle East oil facilities. Consequently, domestic inflation is expected to quicken in the coming months.\u201d
\nHowever, it noted that increased demand for the US dollar will continue to drag the peso, with global dollar flows, not domestic factors, likely driving foreign exchange movements.
\nStill, the peso\u2019s depreciation may be capped at P62 against the dollar, according to the bank.
\n\u201cUSD/PHP strategy remains range-bound with a slight USD-positive bias, as strong dollar fundamentals and steady corporate demand continue to support the pair, particularly on dips,\u201d Metrobank said.
\n\u201cHowever, the upside remains capped near the P61.75-P62.00 resistance zone due to strong supply and positioning. The pair is likely to remain driven by external USD flows rather than domestic catalysts, reinforcing a tactical trading approach,\u201d it added.
\nOn the other hand, ING said global oil prices potentially averaging around $100 per barrel in the quarter will continue to weigh on the country\u2019s current account deficit.
\nThe BSP earlier said the Philippines may see a wider current account gap of $20.3 billion or -4% of GDP this year as the Middle East war could strain the country\u2019s external position.
\nIn 2025, the country had a current account deficit of $16.291 billion or -3.3% of GDP.
\n", "content_text": "By Katherine K. Chan, Reporter \nTHE PHILIPPINE PESO will likely remain the weakest Asian currency despite further monetary policy tightening by the central bank as the economy remains vulnerable to volatile global oil prices amid the ongoing Middle East war, analysts said.\nThis as the peso on Tuesday closed at the record-low level of P61.75 versus the greenback, the same finish logged on Monday, Bankers Association of the Philippines data showed.\nIn a report published late on Monday, ING Think economists noted that the impact of oil price swings on the local unit could offset the expected support of additional policy rate hikes by the Bangko Sentral ng Pilipinas (BSP). (See related story)\n\u201cWe continue to expect a frontloaded but measured tightening cycle, worth 75 bps (basis points) in 2026,\u201d said ING Regional Head of Research for Asia Pacific Deepali Bhargava, Senior Economist for South Korea and Japan Min Joo Kang, and Chief Economist for Greater China Lynn Song. \n\u201cWhile this could provide some near-term support to the PHP (Philippine peso), the currency\u2019s trajectory will remain closely tied to oil price dynamics,\u201d they added.\nA separate report from MUFG Bank, Ltd. on Tuesday showed that the peso suffered the sharpest depreciation among currencies in emerging markets in Asia since the Middle East war erupted on Feb. 28. \nBased on the report penned by MUFG Senior Currency Analyst Michael Wan, the local unit declined by 6.6% against the dollar from Feb. 28 to May 18.\nThis was followed by the Indian rupee, which went down by 5.6%, Indonesian rupiah (5%), Thai baht (4.8%), South Korean won (4%), Malaysian ringgit (2.1%), Japanese yen (1.8%), Singapore dollar (1.1%), Vietnamese dong (1.1%), and Taiwan dollar (1%). \nThe peso has traded around the P60- to P61-a-dollar handle for about a month or since late April, even plunging to back-to-back historic lows versus the greenback.\nThis came even after markets anticipated some relief for the peso following the BSP\u2019s move to lift the benchmark borrowing cost during its April 23 meeting.\nThe key interest rate now stands at 4.5% after the Monetary Board delivered its first 25-bp hike last month as it sought to temper second-round price effects and keep inflation expectations anchored amid rising risks from the energy crisis. \nING analysts said the BSP may deliver its second-straight hike at its June 18 review as inflation risks prove more urgent than growth concerns.\n\u201cThe latest data points suggest inflation risks are now outweighing growth concerns,\u201d they said. \u201cIn this context, we do not see the weak GDP (gross domestic product) print deterring Bangko Sentral ng Pilipinas from hiking in June.\u201d\nInflation breached the central bank\u2019s 2%-4% target and market projections for the second month in a row as soaring oil prices spilled over to other key commodities.\nIn April, high food and utility prices amid still elevated energy costs led the headline print to accelerate to an over three-year high of 7.2%. \nOn the other hand, the economy faltered in the first quarter, with growth easing to 2.8% from 3% in the previous quarter and 5.4% a year ago as oil shocks added to the lingering effects of last year\u2019s flood control mess.\nFor ING analysts, however, the economy could remain under pressure amid growing political uncertainty surrounding Vice-President Sara Duterte-Carpio\u2019s impeachment. \n\u201cHigher political uncertainty with the impeachment of the vice-president can further push out reforms and growth recovery,\u201d Ms. Bhargava, Ms. Kang, and Mr. Song said.\nMeanwhile, Metropolitan Bank and Trust Co. (Metrobank) also sees further BSP tightening as still elevated oil prices and uncertainties over Iran and the US\u2019 peace talks are expected to stoke inflation in the coming months.\n\u201cMetrobank still sees elevated risk and volatility in the near term while a peace deal has not been struck,\u201d it said in a note on Monday. \u201cOil prices are poised to stay high, as global supply remains constricted due to the war\u2019s impact on Middle East oil facilities. Consequently, domestic inflation is expected to quicken in the coming months.\u201d\nHowever, it noted that increased demand for the US dollar will continue to drag the peso, with global dollar flows, not domestic factors, likely driving foreign exchange movements.\nStill, the peso\u2019s depreciation may be capped at P62 against the dollar, according to the bank.\n\u201cUSD/PHP strategy remains range-bound with a slight USD-positive bias, as strong dollar fundamentals and steady corporate demand continue to support the pair, particularly on dips,\u201d Metrobank said.\n\u201cHowever, the upside remains capped near the P61.75-P62.00 resistance zone due to strong supply and positioning. The pair is likely to remain driven by external USD flows rather than domestic catalysts, reinforcing a tactical trading approach,\u201d it added.\nOn the other hand, ING said global oil prices potentially averaging around $100 per barrel in the quarter will continue to weigh on the country\u2019s current account deficit.\nThe BSP earlier said the Philippines may see a wider current account gap of $20.3 billion or -4% of GDP this year as the Middle East war could strain the country\u2019s external position.\nIn 2025, the country had a current account deficit of $16.291 billion or -3.3% of GDP.", "date_published": "2026-05-20T00:33:11+08:00", "date_modified": "2026-05-19T20:52:34+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2024/11/Peso-currency.jpg", "tags": [ "Katherine K. Chan", "Editors' Picks", "One News", "大象传媒" ], "summary": "THE PHILIPPINE PESO will likely remain the weakest Asian currency despite further monetary policy tightening by the central bank as the economy remains vulnerable to volatile global oil prices amid the ongoing Middle East war, analysts said." }, { "id": "/?p=750738", "url": "/top-stories/2026/05/20/750738/marcos-raises-concern-over-stagflation-risk/", "title": "Marcos raises concern over stagflation risk", "content_html": "PRESIDENT Ferdinand R. Marcos, Jr. warned of a possible stagflation scenario, citing the threat of slowing economic growth alongside persistent inflation, while signaling that his government may tolerate higher prices for certain nonessential food items.
\n\u201cWe were able to keep food prices stable, but supplies are feeling the pinch,\u201d Mr. Marcos said during a roundtable discussion with Japanese media in Malaca\u00f1ang on Monday. A video and transcript were provided to Palace reporters.
\nMr. Marcos said some producers and suppliers had sought government permission to increase the prices of \u201cnon-critical\u201d food products.
\nThe Philippines, which relies heavily on imported fuel, has been hit hard by the ongoing Iran conflict. This has prompted the government to declare a year-long energy emergency amid threats to oil supply and rising inflation.
\n\u201cTo the economy, the concern that we have is the concern about stagflation\u2026 so this is what we have been trying to control,\u201d Mr. Marcos said.
\nStagflation refers to a period of weak economic growth combined with persistently high inflation.
\nSome analysts have earlier flagged stagflation risks after inflation quickened to a near three-year high of 7.2% in April from 4.1% in March due to soaring gas prices. This was the fastest headline print since the 7.6% seen in March 2023, and also well-above the central bank\u2019s 5.6%-6.4% estimate for the month.\u00a0 \u00a0
\nIn the first quarter, gross domestic product (GDP) grew by 2.8%, slowing from the 5.4% expansion in the same quarter last year and the revised 3% GDP growth in the fourth quarter of 2025.
\nThe President said the government will make efforts to slow down rising food costs. Last week, he imposed a P50 price cap on rice.
\nMr. Marcos added that public spending has been accelerated to support growth, following earlier delays in budget execution this year.
\n\u201cPublic spending has been accelerated so that the GDP (gross domestic product) growth is still being assisted. We had a delay in public spending in the beginning of this year, basically in the first quarter,\u201d he added, according to a separate statement from his office.
\nMr. Marcos remains optimistic that public spending will fuel economic growth within the next quarter and next year.
\n\u201cLuckily, I suppose, or at least we are still continuing to see marked interest in investment in the Philippines,\u201d he said.
\n\u201cPerhaps this is because of the policies that we adopted, the incentives that we have put out for investors. So, slowly, we can see the way through this, where we will recover through this.\u201d
\nMr. Marcos said spending is increasingly being directed toward \u201cdirect spending\u201d to ensure that assistance is felt more immediately by households, including subsidies and transport-related fuel discounts.
\nHe also said the government is seeking ways to encourage investment and support for micro, small and medium enterprises.
\n\u201cLet us keep the economic machine running… Let us continue to invest,\u201d he said. \u201cWe have a total economic mandate that, as much as possible, let us find that money wherever and in other places, such as in the government\u2019s operating expenses.\u201d
\nMeanwhile, the Philippines is already in a \u201cstagflationary episode,\u201d according to Leonardo A. Lanzona, Jr., an economics professor at the Ateneo de Manila University.
\n\u201cFor a high-growth economy like the Philippines, sub-4% GDP expansion already constitutes stagflationary conditions \u2014 the Philippines is experiencing a combination of slowing, very weak/stagnant GDP growth and high and rising inflation, placing the Bangko Sentral ng Pilipinas (BSP) in an unenviable position,\u201d he said via Facebook Messenger.
\nWhether this stagflationary episode is sustained would depend on \u201cwhether the oil shock proves durable (high probability) and whether fiscal catch-up (in infrastructure) materializes (uncertain, given the Department of Public Works and Highways\u2019 track record),\u201d Mr. Lanzona said.
\nHe noted that downgraded growth forecasts by several firms could put Philippine economic growth on track for its weakest performance in 18 years outside of the pandemic period.
\n\u201cThe Marcos signal on food price relief for nonessential items is almost certainly a political pressure valve, not a structural fix \u2014 and risks entrenching expectations that the government will accommodate rather than absorb the shock,\u201d he said. \u2014 C.M.A. Hufana
\n", "content_text": "PRESIDENT Ferdinand R. Marcos, Jr. warned of a possible stagflation scenario, citing the threat of slowing economic growth alongside persistent inflation, while signaling that his government may tolerate higher prices for certain nonessential food items.\n\u201cWe were able to keep food prices stable, but supplies are feeling the pinch,\u201d Mr. Marcos said during a roundtable discussion with Japanese media in Malaca\u00f1ang on Monday. A video and transcript were provided to Palace reporters.\nMr. Marcos said some producers and suppliers had sought government permission to increase the prices of \u201cnon-critical\u201d food products.\nThe Philippines, which relies heavily on imported fuel, has been hit hard by the ongoing Iran conflict. This has prompted the government to declare a year-long energy emergency amid threats to oil supply and rising inflation.\n\u201cTo the economy, the concern that we have is the concern about stagflation\u2026 so this is what we have been trying to control,\u201d Mr. Marcos said.\nStagflation refers to a period of weak economic growth combined with persistently high inflation.\nSome analysts have earlier flagged stagflation risks after inflation quickened to a near three-year high of 7.2% in April from 4.1% in March due to soaring gas prices. This was the fastest headline print since the 7.6% seen in March 2023, and also well-above the central bank\u2019s 5.6%-6.4% estimate for the month.\u00a0 \u00a0\nIn the first quarter, gross domestic product (GDP) grew by 2.8%, slowing from the 5.4% expansion in the same quarter last year and the revised 3% GDP growth in the fourth quarter of 2025. \nThe President said the government will make efforts to slow down rising food costs. Last week, he imposed a P50 price cap on rice.\nMr. Marcos added that public spending has been accelerated to support growth, following earlier delays in budget execution this year.\n\u201cPublic spending has been accelerated so that the GDP (gross domestic product) growth is still being assisted. We had a delay in public spending in the beginning of this year, basically in the first quarter,\u201d he added, according to a separate statement from his office. \nMr. Marcos remains optimistic that public spending will fuel economic growth within the next quarter and next year.\n\u201cLuckily, I suppose, or at least we are still continuing to see marked interest in investment in the Philippines,\u201d he said.\n\u201cPerhaps this is because of the policies that we adopted, the incentives that we have put out for investors. So, slowly, we can see the way through this, where we will recover through this.\u201d\nMr. Marcos said spending is increasingly being directed toward \u201cdirect spending\u201d to ensure that assistance is felt more immediately by households, including subsidies and transport-related fuel discounts.\nHe also said the government is seeking ways to encourage investment and support for micro, small and medium enterprises.\n\u201cLet us keep the economic machine running… Let us continue to invest,\u201d he said. \u201cWe have a total economic mandate that, as much as possible, let us find that money wherever and in other places, such as in the government\u2019s operating expenses.\u201d\nMeanwhile, the Philippines is already in a \u201cstagflationary episode,\u201d according to Leonardo A. Lanzona, Jr., an economics professor at the Ateneo de Manila University.\n\u201cFor a high-growth economy like the Philippines, sub-4% GDP expansion already constitutes stagflationary conditions \u2014 the Philippines is experiencing a combination of slowing, very weak/stagnant GDP growth and high and rising inflation, placing the Bangko Sentral ng Pilipinas (BSP) in an unenviable position,\u201d he said via Facebook Messenger.\nWhether this stagflationary episode is sustained would depend on \u201cwhether the oil shock proves durable (high probability) and whether fiscal catch-up (in infrastructure) materializes (uncertain, given the Department of Public Works and Highways\u2019 track record),\u201d Mr. Lanzona said.\nHe noted that downgraded growth forecasts by several firms could put Philippine economic growth on track for its weakest performance in 18 years outside of the pandemic period.\n\u201cThe Marcos signal on food price relief for nonessential items is almost certainly a political pressure valve, not a structural fix \u2014 and risks entrenching expectations that the government will accommodate rather than absorb the shock,\u201d he said. \u2014 C.M.A. Hufana", "date_published": "2026-05-20T00:32:11+08:00", "date_modified": "2026-05-19T20:50:04+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/meat-market.jpg", "tags": [ "Chloe Mari A. Hufana", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=750737", "url": "/top-stories/2026/05/20/750737/political-violence-possible-if-duterte-removed-geoquant/", "title": "Political violence possible if Duterte removed \u2014 GeoQuant", "content_html": "By Chloe Mari A. Hufana, Reporter and Justine Irish D. Tabile, Senior Reporter
\nTHE IMPEACHMENT proceedings against Vice-President Sara Duterte-Carpio have raised the possibility of further instability and political violence in the country, according to an assessment by a unit of Fitch Solutions.
\n\u201cPublic impeachment hearings against VP Sara Duterte have sharply increased Social Polarization and Government Risks by intensifying the Marcos-Duterte power struggle, with the potential for further instability and political violence if she is removed from contention for the 2028 presidency,\u201d GeoQuant said in a report released on Tuesday.
\nThe Senate on Monday convened as an impeachment court for the trial of Ms. Duterte who faces charges of corruption, misuse of public funds, betrayal of public trust, and an alleged plot to assassinate President Ferdinand R. Marcos, Jr.
\nMs. Duterte\u2019s trial is expected to start by the first week of June.
\nGeoQuant noted that social polarization risk and government risk began to increase when the House Committee on Justice began hearings on the impeachment complaint against Ms. Duterte on March 25.
\n\u201cThe case pits two of the country\u2019s most powerful political families against one another, Marcos and Duterte, who ran as a team in the 2022 general elections but have fallen out over differing constituency and policy agendas,\u201d it said.
\n\u201cWith Marcos\u2019 tenure up in May 2028, Duterte is his likely successor, but impeachment would prohibit her from running. Marcos claims not to be behind the investigation, but his allies control the House of Representatives and her removal from the field of potential candidates would allow Marcos to find an ally as successor.\u201d
\nIf convicted, Ms. Duterte would be barred from running for public office.
\n\u201cExpect both Government and Social Polarization Risks to continue to rise as long as the process continues, with the potential for political violence rising [if] Duterte is sidelined,\u201d GeoQuant said.
\nHansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said political polarization ratings typically rise when rival political camps become sharply divided, and businesses begin seeing risks to operational continuity.
\n\u201cIt\u2019s bad for business because usually, shifts in regimes or non-peaceful transitions mean business continuity is compromised or insurances/preparations kick in, which impact operational costs,\u201d he said via Facebook Messenger, adding that firms often face higher insurance and contingency costs during periods of instability.
\nMr. Juliano noted the recent turmoil in the Senate likely contributed to concerns flagged by GeoQuant, pointing to leadership upheavals and controversy surrounding efforts to shield Senator Ronald \u201cBato\u201d M. dela Rosa from accountability.
\nMr. Juliano said the unfolding events bear similarities to the political tensions that preceded the impeachment trial of former President Joseph Ejercito Estrada and the subsequent EDSA Dos and Tres (EDSA II and III) protests.
\n\u201cWhether it ends the same, we have yet to see,\u201d he said. \u201cBut it looks unstable nonetheless.\u201d
\nPOLITICAL CIRCUS
\nMeanwhile, businesses are hoping for an end to the political turmoil hounding the Senate, saying stability is needed to help firms thrive and support faster economic growth, according to Association of Southeast Asian Nations (ASEAN) Business Advisory Council Chairman Jose Ma. \u201cJoey\u201d A. Concepcion III.
\u201cThe Philippines has to continue to get its GDP (gross domestic product) going higher,\u201d he told 大象传媒 on the sidelines of the 大象传媒 Economic Forum on Monday.
\n\u201cFor that to happen, the business sector must be doing well. Hopefully our legislators will support this and that the circus happening there will end,\u201d he added.
\nMr. Concepcion said that as the Philippines is the chair of the ASEAN this year, there is a responsibility to present the country favorably to foreign investors.
\n\u201cWe have to be able to present a more pleasant picture to our foreign investors. It is very important because Philippines hosting the ASEAN only happens once every 10 to 12 years,\u201d he said.
\n\u201cSo, we are putting every effort, especially from the private sector, to ensure that many investors, business owners from all over the world, will come to the Philippines,\u201d he added.
\nMr. Concepcion said the goal is to show that the Philippines is open for business.
\n\u201cWe need Congress and our legislators to bring things back to normal from their point,\u201d he said. \u201cWe hope they will be able to really help create an open economy.\u201d
\n\u201cIf you look at very successful countries in ASEAN, they are very focused and they are always straight to the point,\u201d he added.
\nAside from political uncertainty, Mr. Concepcion said businesses are also dealing with the impact of the Middle East conflict.
\n\u201cBut let us remain optimistic. One good sign is that it comes when we are the host of ASEAN and when all the leaders come here, the rest of the world will see what the Philippines is all about,\u201d he added.
\n", "content_text": "By Chloe Mari A. Hufana, Reporter and Justine Irish D. Tabile, Senior Reporter \nTHE IMPEACHMENT proceedings against Vice-President Sara Duterte-Carpio have raised the possibility of further instability and political violence in the country, according to an assessment by a unit of Fitch Solutions.\n\u201cPublic impeachment hearings against VP Sara Duterte have sharply increased Social Polarization and Government Risks by intensifying the Marcos-Duterte power struggle, with the potential for further instability and political violence if she is removed from contention for the 2028 presidency,\u201d GeoQuant said in a report released on Tuesday.\nThe Senate on Monday convened as an impeachment court for the trial of Ms. Duterte who faces charges of corruption, misuse of public funds, betrayal of public trust, and an alleged plot to assassinate President Ferdinand R. Marcos, Jr.\nMs. Duterte\u2019s trial is expected to start by the first week of June.\nGeoQuant noted that social polarization risk and government risk began to increase when the House Committee on Justice began hearings on the impeachment complaint against Ms. Duterte on March 25.\n\u201cThe case pits two of the country\u2019s most powerful political families against one another, Marcos and Duterte, who ran as a team in the 2022 general elections but have fallen out over differing constituency and policy agendas,\u201d it said.\n\u201cWith Marcos\u2019 tenure up in May 2028, Duterte is his likely successor, but impeachment would prohibit her from running. Marcos claims not to be behind the investigation, but his allies control the House of Representatives and her removal from the field of potential candidates would allow Marcos to find an ally as successor.\u201d\nIf convicted, Ms. Duterte would be barred from running for public office.\n\u201cExpect both Government and Social Polarization Risks to continue to rise as long as the process continues, with the potential for political violence rising [if] Duterte is sidelined,\u201d GeoQuant said.\nHansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said political polarization ratings typically rise when rival political camps become sharply divided, and businesses begin seeing risks to operational continuity.\n\u201cIt\u2019s bad for business because usually, shifts in regimes or non-peaceful transitions mean business continuity is compromised or insurances/preparations kick in, which impact operational costs,\u201d he said via Facebook Messenger, adding that firms often face higher insurance and contingency costs during periods of instability.\nMr. Juliano noted the recent turmoil in the Senate likely contributed to concerns flagged by GeoQuant, pointing to leadership upheavals and controversy surrounding efforts to shield Senator Ronald \u201cBato\u201d M. dela Rosa from accountability.\nMr. Juliano said the unfolding events bear similarities to the political tensions that preceded the impeachment trial of former President Joseph Ejercito Estrada and the subsequent EDSA Dos and Tres (EDSA II and III) protests.\n\u201cWhether it ends the same, we have yet to see,\u201d he said. \u201cBut it looks unstable nonetheless.\u201d\nPOLITICAL CIRCUS\nMeanwhile, businesses are hoping for an end to the political turmoil hounding the Senate, saying stability is needed to help firms thrive and support faster economic growth, according to Association of Southeast Asian Nations (ASEAN) Business Advisory Council Chairman Jose Ma. \u201cJoey\u201d A. Concepcion III.\n\u201cThe Philippines has to continue to get its GDP (gross domestic product) going higher,\u201d he told 大象传媒 on the sidelines of the 大象传媒 Economic Forum on Monday.\n\u201cFor that to happen, the business sector must be doing well. Hopefully our legislators will support this and that the circus happening there will end,\u201d he added.\nMr. Concepcion said that as the Philippines is the chair of the ASEAN this year, there is a responsibility to present the country favorably to foreign investors.\n\u201cWe have to be able to present a more pleasant picture to our foreign investors. It is very important because Philippines hosting the ASEAN only happens once every 10 to 12 years,\u201d he said.\n\u201cSo, we are putting every effort, especially from the private sector, to ensure that many investors, business owners from all over the world, will come to the Philippines,\u201d he added.\nMr. Concepcion said the goal is to show that the Philippines is open for business.\n\u201cWe need Congress and our legislators to bring things back to normal from their point,\u201d he said. \u201cWe hope they will be able to really help create an open economy.\u201d\n\u201cIf you look at very successful countries in ASEAN, they are very focused and they are always straight to the point,\u201d he added.\nAside from political uncertainty, Mr. Concepcion said businesses are also dealing with the impact of the Middle East conflict.\n\u201cBut let us remain optimistic. One good sign is that it comes when we are the host of ASEAN and when all the leaders come here, the rest of the world will see what the Philippines is all about,\u201d he added.", "date_published": "2026-05-20T00:31:10+08:00", "date_modified": "2026-05-19T20:49:15+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/sara-impeach.jpg", "tags": [ "Chloe Mari A. Hufana", "Justine Irish D. Tabile", "One News", "大象传媒" ], "summary": "THE IMPEACHMENT proceedings against Vice-President Sara Duterte-Carpio have raised the possibility of further instability and political violence in the country, according to an assessment by a unit of Fitch Solutions." }, { "id": "/?p=750729", "url": "/banking-finance/2026/05/20/750729/peso-stays-at-record-low-as-war-keeps-market-guarded/", "title": "Peso stays at record low as war keeps market guarded\u00a0", "content_html": "THE PESO closed flat at its all-time low against the dollar on Tuesday as uncertainty over the Middle East war kept the market cautious.
\nThe currency ended at its record low of P61.75, unchanged from Monday\u2019s finish, according to Bankers Association of the Philippines data posted on its website.
\nThe local unit opened Tuesday\u2019s session stronger at P61.60 per dollar. Its intraday best was at P61.55 against the greenback, while its low was its closing value of P61.75.
\nDollars traded rose to $1.21 billion from $1.001 billion in the previous session.
\nThe peso was steady as it was supported by possible intervention from the Bangko Sentral ng Pilipinas (BSP), Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
\nThe BSP has said that it intervenes in the foreign exchange market to prevent sharp swings but does not have a target level for the currency.
\n\u201cThe peso closed unchanged amid lingering uncertainty over a potential US-Iran deal,\u201d a trader said in a Viber message.
\nFor Wednesday, the trader said the peso could recover against the greenback on potential profit taking.
\nThe trader sees the local unit moving between 61.50 and 61.75 per dollar on Wednesday, while Mr. Ricafort expects it to range from P61.60 to P61.80. \u2014 A.M.C. Sy
\n", "content_text": "THE PESO closed flat at its all-time low against the dollar on Tuesday as uncertainty over the Middle East war kept the market cautious.\nThe currency ended at its record low of P61.75, unchanged from Monday\u2019s finish, according to Bankers Association of the Philippines data posted on its website.\nThe local unit opened Tuesday\u2019s session stronger at P61.60 per dollar. Its intraday best was at P61.55 against the greenback, while its low was its closing value of P61.75.\nDollars traded rose to $1.21 billion from $1.001 billion in the previous session.\nThe peso was steady as it was supported by possible intervention from the Bangko Sentral ng Pilipinas (BSP), Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.\nThe BSP has said that it intervenes in the foreign exchange market to prevent sharp swings but does not have a target level for the currency.\n\u201cThe peso closed unchanged amid lingering uncertainty over a potential US-Iran deal,\u201d a trader said in a Viber message.\nFor Wednesday, the trader said the peso could recover against the greenback on potential profit taking.\nThe trader sees the local unit moving between 61.50 and 61.75 per dollar on Wednesday, while Mr. Ricafort expects it to range from P61.60 to P61.80. \u2014 A.M.C. Sy", "date_published": "2026-05-20T00:03:42+08:00", "date_modified": "2026-05-19T19:13:12+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/05/peso-currency-philstar.jpg", "tags": [ "Aaron Michael C. Sy", "Banking & Finance", "Editors' Picks", "One News", "大象传媒" ] }, { "id": "/?p=750756", "url": "/economy/2026/05/19/750756/phl-yet-to-finalize-borrowing-plan-adb-says/", "title": "PHL yet to finalize borrowing plan, ADB says", "content_html": "THE Asian Development Bank (ADB) urged the Philippines to finalize its borrowing plan for the year as the government faces a revenue shortfall while also planning to support segments of society classified as vulnerable to the effects of the Iran war.
\n\u201cThe government\u2026 is facing maybe less revenue this year because of the slowdown in the economy, and they are also facing issues helping the most vulnerable people because of the crisis and all,\u201d ADB Country Director Andrew Jeffries told reporters last week.
\n\u201cAnd so, the government needs to really think about and prioritize what it is going to borrow for this year,\u201d he added. \u201cAnd again, that process has not been finalized yet.\u201d
\nHe added that the Philippines and the ADB have been discussing a counter-cyclical support facility aimed at helping developing countries like the Philippines weather the impact of the Middle East conflict.
\n\u201cWe\u2019ve shared details and we\u2019ve had back and forth, but there has not yet been a formal request for one. But they are considering it amongst a lot of options, because, as you know, the impact here is pretty high,\u201d he added.
\nHe said the impact of the conflict is being felt through higher oil prices, rising inflation, and slower economic growth.
\n\u201cThere\u2019s obviously a high impact here, as expected, the only question is how long this will last, and nobody really knows that. But\u2026we\u2019re certainly willing to support,\u201d he said.
\nThe Philippine economy grew 2.8% in the first quarter, dragged down by the lingering effects of last year\u2019s corruption scandal.
\nMeanwhile, headline inflation accelerated to 7.2% in April, exceeding the Bangko Sentral ng Pilipinas\u2019 (BSP) 5.6%-6.4% forecast for the month. It also marked the second straight month that inflation breached the BSP\u2019s 2%-4% target range.
\nUnionBank of the Philippines Chief Economist Ruben Carlo O. Asuncion said he expects a recalibration in borrowing rather than a slowdown.
\n\u201cWhile weaker growth could dampen revenue collection and force the government to be more deliberate in prioritizing projects, the same external shock is also increasing fiscal pressures,\u201d he said via Viber.
\n\u201cAs a result, financing needs are unlikely to ease meaningfully. Instead of a sharp pullback, we expect borrowing to remain broadly steady, but with a greater focus on essential, high-impact spending and more flexible financing instruments such as policy-based loans,\u201d he added.
\nThe Bureau of the Treasury reported that the National Government\u2019s gross borrowings amounted to P1 trillion in the first quarter.
\nThis represents 37.4% of the P2.68-trillion gross borrowing program for the year according to the Budget of Expenditures and Sources of Financing 2026. \u2014 Justine Irish D. Tabile
\n", "content_text": "THE Asian Development Bank (ADB) urged the Philippines to finalize its borrowing plan for the year as the government faces a revenue shortfall while also planning to support segments of society classified as vulnerable to the effects of the Iran war.\n\u201cThe government\u2026 is facing maybe less revenue this year because of the slowdown in the economy, and they are also facing issues helping the most vulnerable people because of the crisis and all,\u201d ADB Country Director Andrew Jeffries told reporters last week.\n\u201cAnd so, the government needs to really think about and prioritize what it is going to borrow for this year,\u201d he added. \u201cAnd again, that process has not been finalized yet.\u201d\nHe added that the Philippines and the ADB have been discussing a counter-cyclical support facility aimed at helping developing countries like the Philippines weather the impact of the Middle East conflict.\n\u201cWe\u2019ve shared details and we\u2019ve had back and forth, but there has not yet been a formal request for one. But they are considering it amongst a lot of options, because, as you know, the impact here is pretty high,\u201d he added.\nHe said the impact of the conflict is being felt through higher oil prices, rising inflation, and slower economic growth.\n\u201cThere\u2019s obviously a high impact here, as expected, the only question is how long this will last, and nobody really knows that. But\u2026we\u2019re certainly willing to support,\u201d he said.\nThe Philippine economy grew 2.8% in the first quarter, dragged down by the lingering effects of last year\u2019s corruption scandal.\nMeanwhile, headline inflation accelerated to 7.2% in April, exceeding the Bangko Sentral ng Pilipinas\u2019 (BSP) 5.6%-6.4% forecast for the month. It also marked the second straight month that inflation breached the BSP\u2019s 2%-4% target range.\nUnionBank of the Philippines Chief Economist Ruben Carlo O. Asuncion said he expects a recalibration in borrowing rather than a slowdown.\n\u201cWhile weaker growth could dampen revenue collection and force the government to be more deliberate in prioritizing projects, the same external shock is also increasing fiscal pressures,\u201d he said via Viber.\n\u201cAs a result, financing needs are unlikely to ease meaningfully. Instead of a sharp pullback, we expect borrowing to remain broadly steady, but with a greater focus on essential, high-impact spending and more flexible financing instruments such as policy-based loans,\u201d he added.\nThe Bureau of the Treasury reported that the National Government\u2019s gross borrowings amounted to P1 trillion in the first quarter.\nThis represents 37.4% of the P2.68-trillion gross borrowing program for the year according to the Budget of Expenditures and Sources of Financing 2026. \u2014 Justine Irish D. Tabile", "date_published": "2026-05-19T21:24:16+08:00", "date_modified": "2026-05-19T21:24:16+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2021/09/ADB-1.jpg", "tags": [ "Justine Irish D. Tabile", "Economy", "Editors' Picks", "One News" ] }, { "id": "/?p=750755", "url": "/economy/2026/05/19/750755/iran-crisis-exposes-phl-energy-vulnerabilities/", "title": "Iran crisis exposes PHL energy vulnerabilities", "content_html": "THE Middle East conflict has exposed the Philippines\u2019 energy vulnerabilities and needs to leverage its chairmanship of the Association of Southeast Asian Nations (ASEAN) to steer the bloc towards expanding regional cooperation, a sustainability expert said.
\n\u201cThe Philippines\u2019 role is to strengthen the foundations of its domestic energy system while (advocate for) a more integrated, resilient, and investment-ready ASEAN energy system,\u201d Angelo Kairos T. dela Cruz, executive director of the Institute for Climate and Sustainable Cities, said at the 大象传媒 Economic Forum on Monday.
\nAs this year\u2019s ASEAN chairman, the Philippines is expected to push for stronger regional cooperation on energy security and supply resilience as the Iran war roils global energy markets.
\u201cAs a net energy importing region, ASEAN continues to be exposed to fossil-fuel volatility, making energy security and economic resilience central to policy priorities among its members,\u201d Mr. dela Cruz said.
\nHe said the region is moving towards more diversified and decentralized energy systems, with growing renewable energy deployment across various national markets.
\nMr. dela Cruz said transitioning to renewable energy is becoming \u201cincreasingly urgent.\u201d
\n\u201cThe conversation is now shifting. The question is no longer whether the Philippines is ready for renewable energy investments, but how these investments can be structured to deliver impact across national infrastructure, local communities, and end-user systems,\u201d he said.
\nJonathan Back, group chief finance officer and chief strategy officer of renewable energy developer ACEN Corp., said the Philippines is not alone in facing challenges arising from the Middle East crisis.
\n\u201cThis is absolutely not unique for the Philippines. I think across the world, every government and regulator is asking how to become more energy independent, how do we become resilient?\u201d
\nCurrently, ACEN has about 7 gigawatts of attributable renewable energy capacity, including operational, under-construction, and committed projects. The company operates in the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the US.
\nMr. Back said the Philippines has an advanced energy market structure despite its archipelagic challenges.
\nMr. Back said increasing the share of renewable energy in the power mix could be complemented by building energy storage systems to enhance integration and help stabilize the grid.
\n\u201cWe think that is the key way to really boost that 35% by 2030 and 50% by 2040, to make it even faster,\u201d he said, referring to the government targets for the share of renewables in the power mix.
\nSharon Ocampo-Monta\u00f1er, director of market operations service at the Energy Regulatory Commission, said the Iran war continues to expose weaknesses in global energy supply chains.
\n\u201cFor a country like ours, highly dependent on imported fuel, these disruptions translate directly into rising costs and uncertainty for households and businesses,\u201d she said.
\n\u201cBut while these challenges are real and immediate, they do not define us. What defines us is how we respond,\u201d she added.
\nMs. Ocampo-Monta\u00f1er said the regulator has taken steps to stabilize the system and protect consumers, by ensuring the continued operation of the spot market and easing cost pressures through the suspension of certain charges.
\n\u201cUnder its ASEAN leadership, the Philippines is actively advancing initiatives to move towards a more interconnected and resilient regional energy system,\u201d she said.
\n\u201cFor an archipelagic country like us, this presents challenges but it also opens up opportunities for greater cooperation, improved system reliability and access to more competitive energy resources,\u201d she added. \u2014 Sheldeen Joy Talavera
\n", "content_text": "THE Middle East conflict has exposed the Philippines\u2019 energy vulnerabilities and needs to leverage its chairmanship of the Association of Southeast Asian Nations (ASEAN) to steer the bloc towards expanding regional cooperation, a sustainability expert said.\n\u201cThe Philippines\u2019 role is to strengthen the foundations of its domestic energy system while (advocate for) a more integrated, resilient, and investment-ready ASEAN energy system,\u201d Angelo Kairos T. dela Cruz, executive director of the Institute for Climate and Sustainable Cities, said at the 大象传媒 Economic Forum on Monday.\nAs this year\u2019s ASEAN chairman, the Philippines is expected to push for stronger regional cooperation on energy security and supply resilience as the Iran war roils global energy markets.\n\u201cAs a net energy importing region, ASEAN continues to be exposed to fossil-fuel volatility, making energy security and economic resilience central to policy priorities among its members,\u201d Mr. dela Cruz said.\nHe said the region is moving towards more diversified and decentralized energy systems, with growing renewable energy deployment across various national markets.\nMr. dela Cruz said transitioning to renewable energy is becoming \u201cincreasingly urgent.\u201d\n\u201cThe conversation is now shifting. The question is no longer whether the Philippines is ready for renewable energy investments, but how these investments can be structured to deliver impact across national infrastructure, local communities, and end-user systems,\u201d he said.\nJonathan Back, group chief finance officer and chief strategy officer of renewable energy developer ACEN Corp., said the Philippines is not alone in facing challenges arising from the Middle East crisis.\n\u201cThis is absolutely not unique for the Philippines. I think across the world, every government and regulator is asking how to become more energy independent, how do we become resilient?\u201d\nCurrently, ACEN has about 7 gigawatts of attributable renewable energy capacity, including operational, under-construction, and committed projects. The company operates in the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the US.\nMr. Back said the Philippines has an advanced energy market structure despite its archipelagic challenges.\nMr. Back said increasing the share of renewable energy in the power mix could be complemented by building energy storage systems to enhance integration and help stabilize the grid.\n\u201cWe think that is the key way to really boost that 35% by 2030 and 50% by 2040, to make it even faster,\u201d he said, referring to the government targets for the share of renewables in the power mix.\nSharon Ocampo-Monta\u00f1er, director of market operations service at the Energy Regulatory Commission, said the Iran war continues to expose weaknesses in global energy supply chains.\n\u201cFor a country like ours, highly dependent on imported fuel, these disruptions translate directly into rising costs and uncertainty for households and businesses,\u201d she said.\n\u201cBut while these challenges are real and immediate, they do not define us. What defines us is how we respond,\u201d she added.\nMs. Ocampo-Monta\u00f1er said the regulator has taken steps to stabilize the system and protect consumers, by ensuring the continued operation of the spot market and easing cost pressures through the suspension of certain charges.\n\u201cUnder its ASEAN leadership, the Philippines is actively advancing initiatives to move towards a more interconnected and resilient regional energy system,\u201d she said.\n\u201cFor an archipelagic country like us, this presents challenges but it also opens up opportunities for greater cooperation, improved system reliability and access to more competitive energy resources,\u201d she added. \u2014 Sheldeen Joy Talavera", "date_published": "2026-05-19T21:23:55+08:00", "date_modified": "2026-05-19T21:31:07+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/03/gas-station-worker-1.jpg", "tags": [ "Sheldeen Joy Talavera", "Economy", "Editors' Picks", "One News" ] }, { "id": "/?p=750754", "url": "/economy/2026/05/19/750754/phl-losing-out-on-funding-for-decarbonization-due-to-lack-of-clear-net-zero-plan/", "title": "PHL losing out on funding for decarbonization due to lack of clear net-zero plan", "content_html": "THE PHILIPPINES is being locked out of international financing for climate and decarbonization projects because it lacks a clear framework for long-term low emission development strategies (LT-LEDS) and a net-zero target, according to a report by Bain & Co. and Standard Chartered.
\nIn the Southeast Asia\u2019s Green Economy Report 2026, the Philippines was assessed to beg unlikely on track to deliver its national climate targets, in the absence of LT-LEDS, which are voluntary plans created by signatories to the Paris Agreement to transition to net-zero.
\nNet zero refers to the reduction of greenhouse gas emissions to as close as zero while also offsetting any remaining greenhouse gases in the atmosphere.
\n\u201cPublish LT-LEDS with a net-zero target to unlock DFI (development finance institutions) and institutional capital currently flowing to peers with clearer long-term frameworks,\u201d the report concluded.
\nBain & Co. and Standard Chartered also noted that the Philippine green capital expenditure in 2025 was only 40-45% of the required green investment to meet its 2030 decarbonization targets.
\nTo better integrate renewable energy and support the growing needs of high-energy industries like data centers, the Luzon inter-island transmission and distribution backbone should be the focus, as this is where renewable energy integration constraints are most in need of investment.
\nMeanwhile, the report found that the Philippines shows promise in fiscal and regulatory incentives by having value-added tax zero rating for renewable energy projects and reduced import tariffs for electric vehicles.
\nThe Philippines should promote fleet electrification to support demand for electric vehicles (EVs) and encourage investment in assembly operations, according to the report.
\nBain & Co. and Standard Chartered said Southeast Asia stands to deliver approximately $540 billion in green investment through 2030, but a little over half could be realized due to system bottlenecks.
\n\u201cRealizing the full potential of green capital deployment in Southeast Asia hinges on the development of a robust power grid, but grid investment has lagged demand growth,\u201d they said.
\nFurther investments in power, grid, and EV capex could unlock an additional $80 billion by 2030, a 25% increase over projections.
\n\u201cThe opportunity for Southeast Asia\u2019s green economy is substantial, but capturing it requires synchronizing policy, infrastructure and finance at speed,\u201d according to Chow Wan Thonh, head of Coverage, Singapore and ASEAN for Standard Chartered. \u2014 Sheldeen Joy Talavera
\n", "content_text": "THE PHILIPPINES is being locked out of international financing for climate and decarbonization projects because it lacks a clear framework for long-term low emission development strategies (LT-LEDS) and a net-zero target, according to a report by Bain & Co. and Standard Chartered.\nIn the Southeast Asia\u2019s Green Economy Report 2026, the Philippines was assessed to beg unlikely on track to deliver its national climate targets, in the absence of LT-LEDS, which are voluntary plans created by signatories to the Paris Agreement to transition to net-zero.\nNet zero refers to the reduction of greenhouse gas emissions to as close as zero while also offsetting any remaining greenhouse gases in the atmosphere.\n\u201cPublish LT-LEDS with a net-zero target to unlock DFI (development finance institutions) and institutional capital currently flowing to peers with clearer long-term frameworks,\u201d the report concluded.\nBain & Co. and Standard Chartered also noted that the Philippine green capital expenditure in 2025 was only 40-45% of the required green investment to meet its 2030 decarbonization targets.\nTo better integrate renewable energy and support the growing needs of high-energy industries like data centers, the Luzon inter-island transmission and distribution backbone should be the focus, as this is where renewable energy integration constraints are most in need of investment.\nMeanwhile, the report found that the Philippines shows promise in fiscal and regulatory incentives by having value-added tax zero rating for renewable energy projects and reduced import tariffs for electric vehicles.\nThe Philippines should promote fleet electrification to support demand for electric vehicles (EVs) and encourage investment in assembly operations, according to the report.\nBain & Co. and Standard Chartered said Southeast Asia stands to deliver approximately $540 billion in green investment through 2030, but a little over half could be realized due to system bottlenecks.\n\u201cRealizing the full potential of green capital deployment in Southeast Asia hinges on the development of a robust power grid, but grid investment has lagged demand growth,\u201d they said.\nFurther investments in power, grid, and EV capex could unlock an additional $80 billion by 2030, a 25% increase over projections.\n\u201cThe opportunity for Southeast Asia\u2019s green economy is substantial, but capturing it requires synchronizing policy, infrastructure and finance at speed,\u201d according to Chow Wan Thonh, head of Coverage, Singapore and ASEAN for Standard Chartered. \u2014 Sheldeen Joy Talavera", "date_published": "2026-05-19T21:22:52+08:00", "date_modified": "2026-05-19T21:22:52+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2026/04/Nabas-Wind-Power-Project.jpg", "tags": [ "Sheldeen Joy Talavera", "Economy", "Editors' Picks", "One News" ] }, { "id": "/?p=750753", "url": "/economy/2026/05/19/750753/dotr-obtains-p3-6b-in-financing-to-settle-obligations-to-lrmc/", "title": "DoTr obtains P3.6B in financing to settle obligations to LRMC", "content_html": "THE Department of Transportation (DoTr) said it has been approved for a P3.6-billion facility by the Land Bank of the Philippines (LANDBANK) to help settle its obligations with Light Rail Manila Corp. (LRMC), the operator of Light Rail Transit Line 1 (LRT-1).
\n\u201cWe hope that as we settle our obligation with the private concessionaire, we will see more improvements in their services, including structural upgrades, digitalization, and the reliability of the rail line,\u201d Acting Transportation Secretary Giovanni Z. Lopez said in a statement on Tuesday.
\nMr. Lopez said the credit line agreement with LANDBANK will enable the DoTr to fulfill its financial obligations with the LRMC to ensure continued services.
\nIn February, the Light Rail Transit Authority (LRTA) said it is processing a loan with LANDBANK to settle the government\u2019s P4-billion obligation to the LRMC.
\nThe government, through the LRTA, has already paid P926 million to LRMC, the LRTA has said.
\nOf the more than P900 million already paid, about P499 million went to structural rehabilitation, P409 million to light rail vehicle (LRV) shortfall payments, and about P22 million for right-of-way acquisition settlements.
\nThe LRTA has said that of the P4 billion claimed by LRMC, about P3 billion was the result of delays in the approval of fare adjustments.
\nMetro Pacific Investments Corp. (MPIC) has announced plans to divest from LRMC due to mounting losses, which were mainly attributed to the government\u2019s delayed payments.
\nLRMC assumed operations and maintenance of LRT-1 in September 2015 under a P65 billion, 32-year concession agreement with the LRTA and DoTr.
\nUnder the agreement, the operator may seek a fare adjustment every two years. In April 2025, the DoTr approved LRMC\u2019s petition for fare adjustments, though the new fare matrix remains below the company\u2019s requested rates, resulting in a deficit of P2.17 billion.
\nMPIC holds a 35.8% stake in LRMC through its unit, Metro Pacific Light Rail Corp., while Sumitomo Corp. owns 19.2% and Macquarie Investments Holdings (Philippines) Pte. Ltd.10%. LRMC is a joint venture company of MPIC, AC Infrastructure Holdings Corp. (a unit of Ayala Corp.), Sumitomo, and Macquarie Investments Holdings. \u2014 Ashley Erika O. Jose
\n", "content_text": "THE Department of Transportation (DoTr) said it has been approved for a P3.6-billion facility by the Land Bank of the Philippines (LANDBANK) to help settle its obligations with Light Rail Manila Corp. (LRMC), the operator of Light Rail Transit Line 1 (LRT-1).\n\u201cWe hope that as we settle our obligation with the private concessionaire, we will see more improvements in their services, including structural upgrades, digitalization, and the reliability of the rail line,\u201d Acting Transportation Secretary Giovanni Z. Lopez said in a statement on Tuesday.\nMr. Lopez said the credit line agreement with LANDBANK will enable the DoTr to fulfill its financial obligations with the LRMC to ensure continued services.\nIn February, the Light Rail Transit Authority (LRTA) said it is processing a loan with LANDBANK to settle the government\u2019s P4-billion obligation to the LRMC.\nThe government, through the LRTA, has already paid P926 million to LRMC, the LRTA has said.\nOf the more than P900 million already paid, about P499 million went to structural rehabilitation, P409 million to light rail vehicle (LRV) shortfall payments, and about P22 million for right-of-way acquisition settlements.\nThe LRTA has said that of the P4 billion claimed by LRMC, about P3 billion was the result of delays in the approval of fare adjustments.\nMetro Pacific Investments Corp. (MPIC) has announced plans to divest from LRMC due to mounting losses, which were mainly attributed to the government\u2019s delayed payments.\nLRMC assumed operations and maintenance of LRT-1 in September 2015 under a P65 billion, 32-year concession agreement with the LRTA and DoTr.\nUnder the agreement, the operator may seek a fare adjustment every two years. In April 2025, the DoTr approved LRMC\u2019s petition for fare adjustments, though the new fare matrix remains below the company\u2019s requested rates, resulting in a deficit of P2.17 billion.\nMPIC holds a 35.8% stake in LRMC through its unit, Metro Pacific Light Rail Corp., while Sumitomo Corp. owns 19.2% and Macquarie Investments Holdings (Philippines) Pte. Ltd.10%. LRMC is a joint venture company of MPIC, AC Infrastructure Holdings Corp. (a unit of Ayala Corp.), Sumitomo, and Macquarie Investments Holdings. \u2014 Ashley Erika O. Jose", "date_published": "2026-05-19T21:22:13+08:00", "date_modified": "2026-05-19T21:22:13+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2023/07/LRT-1.jpg", "tags": [ "Ashley Erika O. Jose", "Economy", "One News" ] }, { "id": "/?p=750666", "url": "/stock-market/2026/05/19/750666/pse-index-sinks-to-5800-range-on-oil-peso-woes/", "title": "PSE index sinks to 5,800 range on oil, peso woes", "content_html": "PHILIPPINE SHARES slid further on Tuesday as elevated oil prices and a weak peso continued to cloud market sentiment.
\nThe Philippine Stock Exchange index (PSEi) dropped by 0.75% or 44.72 points to close at 5,896.80, while the broader all shares index fell by 0.19% or 6.58 points to end at 3,347.55.
\nThis was the PSEi\u2019s worst finish in over two weeks or since it closed at 5,833.64 on April 30.
\n\u201cElevated global oil prices, with Brent crude testing the $110-per-barrel level, and the peso\u2019s weak position, testing record lows, weighed on the local bourse,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
\n\u201cThe local bourse ended below 5,900 level as trading activity remained thin amid persistent uncertainty over economic conditions, elevated oil prices, and the maintained depreciation of the local currency. Investor sentiment stayed cautious, with market participants largely adopting a wait-and-see stance due to concerns over inflationary pressures and their impact on the broader economy,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. \u201cAs a result, subdued participation kept overall market volume muted throughout the session.\u201d
\nOil prices fell on Tuesday, with global benchmark Brent crude dropping 1.5%, after US President Donald J. Trump said he had paused a planned attack on Iran to allow for negotiations to end the war in the Middle East, Reuters reported.
\nMr. Trump posted on social media on Monday that he was holding off a military attack on Iran scheduled for Tuesday while efforts to reach a deal continued, adding that the US was ready to resume attacking if a deal is not reached.
\nBrent futures for July were down $1.73 or 1.5% at $110.37 a barrel at 0825 GMT, while US West Texas Intermediate crude for June delivery, which expires on Tuesday, slipped 63 cents or 0.6% to $108.03. The more active July contract fell 82 cents or 0.8% to $103.56. In the previous session, the benchmarks hit their highest \u200blevels since May 5 and April 30.
\nMeanwhile, the peso closed unchanged at its record low of P61.75 per dollar on Tuesday, data from the Bankers Association of the Philippines showed.
\nAll sectoral indices closed in the red. Property slid by 1.33% or 25.73 points to 1,907.77; industrials sank by 0.91% or 79.60 points to 8,646.09; financials dropped by 0.62% or 11.10 points to 1,768.62; services fell by 0.51% or 15.54 points to 2,980.65; holding firms retreated by 0.41% or 18.38 points to 4,368.26; and mining and oil slipped by 0.07% or 12.52 points to 17,616.81.
\nDecliners outnumbered advancers, 107 to 63, while 74 names were unchanged.
\nValue turnover rose to P5.36 billion on Tuesday with 1.21 billion shares traded from the P4.05 billion with 572.41 million issues that changed hands on Monday.
\nNet foreign selling increased to P680.04 million from P225.76 million in the previous session. \u2014 Alexandria Grace C. Magno with Reuters
\n", "content_text": "PHILIPPINE SHARES slid further on Tuesday as elevated oil prices and a weak peso continued to cloud market sentiment.\nThe Philippine Stock Exchange index (PSEi) dropped by 0.75% or 44.72 points to close at 5,896.80, while the broader all shares index fell by 0.19% or 6.58 points to end at 3,347.55.\nThis was the PSEi\u2019s worst finish in over two weeks or since it closed at 5,833.64 on April 30.\n\u201cElevated global oil prices, with Brent crude testing the $110-per-barrel level, and the peso\u2019s weak position, testing record lows, weighed on the local bourse,\u201d Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.\n\u201cThe local bourse ended below 5,900 level as trading activity remained thin amid persistent uncertainty over economic conditions, elevated oil prices, and the maintained depreciation of the local currency. Investor sentiment stayed cautious, with market participants largely adopting a wait-and-see stance due to concerns over inflationary pressures and their impact on the broader economy,\u201d Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. \u201cAs a result, subdued participation kept overall market volume muted throughout the session.\u201d\nOil prices fell on Tuesday, with global benchmark Brent crude dropping 1.5%, after US President Donald J. Trump said he had paused a planned attack on Iran to allow for negotiations to end the war in the Middle East, Reuters reported.\nMr. Trump posted on social media on Monday that he was holding off a military attack on Iran scheduled for Tuesday while efforts to reach a deal continued, adding that the US was ready to resume attacking if a deal is not reached.\nBrent futures for July were down $1.73 or 1.5% at $110.37 a barrel at 0825 GMT, while US West Texas Intermediate crude for June delivery, which expires on Tuesday, slipped 63 cents or 0.6% to $108.03. The more active July contract fell 82 cents or 0.8% to $103.56. In the previous session, the benchmarks hit their highest \u200blevels since May 5 and April 30.\nMeanwhile, the peso closed unchanged at its record low of P61.75 per dollar on Tuesday, data from the Bankers Association of the Philippines showed.\nAll sectoral indices closed in the red. Property slid by 1.33% or 25.73 points to 1,907.77; industrials sank by 0.91% or 79.60 points to 8,646.09; financials dropped by 0.62% or 11.10 points to 1,768.62; services fell by 0.51% or 15.54 points to 2,980.65; holding firms retreated by 0.41% or 18.38 points to 4,368.26; and mining and oil slipped by 0.07% or 12.52 points to 17,616.81.\nDecliners outnumbered advancers, 107 to 63, while 74 names were unchanged.\nValue turnover rose to P5.36 billion on Tuesday with 1.21 billion shares traded from the P4.05 billion with 572.41 million issues that changed hands on Monday.\nNet foreign selling increased to P680.04 million from P225.76 million in the previous session. \u2014 Alexandria Grace C. Magno with Reuters", "date_published": "2026-05-19T21:00:00+08:00", "date_modified": "2026-05-19T18:37:37+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2021/08/PSE-bell-1.jpg", "tags": [ "Alexandria Grace C. Magno", "Editors' Picks", "One News", "Stock Market", "大象传媒" ] }, { "id": "/?p=750477", "url": "/top-stories/2026/05/19/750477/phl-loses-p141b-to-illicit-tobacco-trade/", "title": "PHL loses P141B to illicit tobacco trade", "content_html": "By Isa Jane D. Acabal, Researcher
\nTHE PHILIPPINES lost about P141 billion in government revenue to illicit tobacco trade in 2024 and 2025, with illegal vape products emerging as a major source of tax leakages, according to a report by the EU-ASEAN Business Council (EU-ABC) and Euromonitor International Ltd.
\nThe Philippines posted the third-highest revenue loss among six Southeast Asian countries covered by the study, after Indonesia and Malaysia, according to the report released on Monday.
\nPhilippine government revenue losses reached about $2.46 billion during the two-year period, composed of about $2.06 billion from illicit cigarettes and $400 million from illegal e-vapor products.
\n![\"\"](\"/wp-content/uploads/2026/05/260519Tobacco_Trade.jpg\")
\u201cThe continued rise in illicit tobacco trade in ASEAN (Association of Southeast Asian Nations) and the broader Asia-Pacific region signals displacement of the legitimate market, while amplifying challenges for regulation, enforcement and diminishing fiscal contribution,\u201d the council said in the 43-page report.
\nThe study covered the Philippines, Indonesia, Malaysia, Singapore, Thailand and Vietnam, collectively referred to as ASEAN-6. It assessed the scale of illicit trade involving cigarettes and e-vapors, including contraband, counterfeit, illicit whites, untaxed products and unbranded tobacco.
\nAmong the countries surveyed, the Philippines posted the highest revenue loss tied to illicit e-vapes. It also had the highest incidence of illegal vape products among markets where e-vapors are legal.
\nThe report estimated that 85.6% of e-vapes sold in the Philippines last year were illicit products.
\nMeanwhile, illicit cigarettes accounted for 25.3% of the local market, significantly higher than the ASEAN-6 average of 16.1%.
\nAcross Southeast Asia, governments were estimated to have lost a combined $13.07 billion in revenues in 2024 and 2025 due to illicit tobacco trade.
\nThe report expects the illicit tobacco market in ASEAN-6 to expand further, with illicit trade incidence expected to rise to 27.8% by 2028 from 23.6% in 2025.
\nResearchers warned that the growth of illicit tobacco trade could weaken government revenues, hurt legitimate businesses and increase risks to consumers.
\nThis affects government revenues and social welfare programs, drives down the profitability of legal businesses, supports illicit activities in the markets and poses health risks to consumers, EU-ABC said.
\nEU-ABC Executive Director Chris Humphrey said illicit tobacco trade diverts money away from the formal economy and reduces the region\u2019s attractiveness to investors.
\n\u201cHere in the Philippines, the National Calamity Fund could easily be funded if we could stop the illicit trade in tobacco and [collect the proper taxes] from it,\u201d he separately told a news briefing
\nHe added that the problem extends beyond the tobacco industry because widespread illicit trade creates unfair competition and discourages investment across sectors.
\n\u201cIt diminishes the region\u2019s attractiveness for investments not just in tobacco, [but]\u2026 in other sectors as well,\u201d he said.
\n\u2018GOOD ENFORCEMENT\u2019
\nFirdaus Muhamad, head of consulting for the Asia-Pacific region at Euromonitor, said rising tobacco taxes, affordability pressures and widening price gaps between legal and illicit products continue to fuel demand for illegal products.
\u201cThe common trap in this story that we\u2019re telling is affordability pressures,\u201d he told the briefing. \u201cAnnual tax increases and the legal-illicit price gap create room for some illicit products to compete.\u201d
\nHe added that illicit operators could still raise prices while remaining cheaper than legal products, allowing illegal sellers to preserve or even expand profit margins.
\nThe EU-ABC estimated illicit tobacco operators in the Philippines earned about $2.2 billion from illegal trade in 2024 and 2025.
\nTo address the problem, Mr. Humphrey called for stronger regional coordination, especially among ASEAN countries with porous land borders.
\nHe said governments should strengthen cooperation on Customs enforcement and improve digital track-and-trace systems to better monitor tobacco products across borders.
\nFilomeno S. Sta. Ana III, coordinator of Action for Economic Reforms, said stronger enforcement remains the most effective way to combat illicit trade.
\n\u201cThe key measure is good enforcement,\u201d he said by telephone, noting that the Bureau of Internal Revenue, Bureau of Customs and local governments should continue intensifying anti-smuggling operations.
\nThe report also noted that outright bans on e-cigarettes and vape products have not eliminated illicit trade in countries where such restrictions are imposed.
\nMr. Sta. Ana noted that while bans could reduce legal sales, they could also expand underground markets if enforcement remains weak.
\n", "content_text": "By Isa Jane D. Acabal, Researcher\nTHE PHILIPPINES lost about P141 billion in government revenue to illicit tobacco trade in 2024 and 2025, with illegal vape products emerging as a major source of tax leakages, according to a report by the EU-ASEAN Business Council (EU-ABC) and Euromonitor International Ltd.\nThe Philippines posted the third-highest revenue loss among six Southeast Asian countries covered by the study, after Indonesia and Malaysia, according to the report released on Monday.\nPhilippine government revenue losses reached about $2.46 billion during the two-year period, composed of about $2.06 billion from illicit cigarettes and $400 million from illegal e-vapor products.\n\n\u201cThe continued rise in illicit tobacco trade in ASEAN (Association of Southeast Asian Nations) and the broader Asia-Pacific region signals displacement of the legitimate market, while amplifying challenges for regulation, enforcement and diminishing fiscal contribution,\u201d the council said in the 43-page report.\nThe study covered the Philippines, Indonesia, Malaysia, Singapore, Thailand and Vietnam, collectively referred to as ASEAN-6. It assessed the scale of illicit trade involving cigarettes and e-vapors, including contraband, counterfeit, illicit whites, untaxed products and unbranded tobacco.\nAmong the countries surveyed, the Philippines posted the highest revenue loss tied to illicit e-vapes. It also had the highest incidence of illegal vape products among markets where e-vapors are legal.\nThe report estimated that 85.6% of e-vapes sold in the Philippines last year were illicit products.\nMeanwhile, illicit cigarettes accounted for 25.3% of the local market, significantly higher than the ASEAN-6 average of 16.1%.\nAcross Southeast Asia, governments were estimated to have lost a combined $13.07 billion in revenues in 2024 and 2025 due to illicit tobacco trade.\nThe report expects the illicit tobacco market in ASEAN-6 to expand further, with illicit trade incidence expected to rise to 27.8% by 2028 from 23.6% in 2025.\nResearchers warned that the growth of illicit tobacco trade could weaken government revenues, hurt legitimate businesses and increase risks to consumers.\nThis affects government revenues and social welfare programs, drives down the profitability of legal businesses, supports illicit activities in the markets and poses health risks to consumers, EU-ABC said.\nEU-ABC Executive Director Chris Humphrey said illicit tobacco trade diverts money away from the formal economy and reduces the region\u2019s attractiveness to investors.\n\u201cHere in the Philippines, the National Calamity Fund could easily be funded if we could stop the illicit trade in tobacco and [collect the proper taxes] from it,\u201d he separately told a news briefing\nHe added that the problem extends beyond the tobacco industry because widespread illicit trade creates unfair competition and discourages investment across sectors.\n\u201cIt diminishes the region\u2019s attractiveness for investments not just in tobacco, [but]\u2026 in other sectors as well,\u201d he said.\n\u2018GOOD ENFORCEMENT\u2019\nFirdaus Muhamad, head of consulting for the Asia-Pacific region at Euromonitor, said rising tobacco taxes, affordability pressures and widening price gaps between legal and illicit products continue to fuel demand for illegal products.\n\u201cThe common trap in this story that we\u2019re telling is affordability pressures,\u201d he told the briefing. \u201cAnnual tax increases and the legal-illicit price gap create room for some illicit products to compete.\u201d\nHe added that illicit operators could still raise prices while remaining cheaper than legal products, allowing illegal sellers to preserve or even expand profit margins.\nThe EU-ABC estimated illicit tobacco operators in the Philippines earned about $2.2 billion from illegal trade in 2024 and 2025.\nTo address the problem, Mr. Humphrey called for stronger regional coordination, especially among ASEAN countries with porous land borders.\nHe said governments should strengthen cooperation on Customs enforcement and improve digital track-and-trace systems to better monitor tobacco products across borders.\nFilomeno S. Sta. Ana III, coordinator of Action for Economic Reforms, said stronger enforcement remains the most effective way to combat illicit trade.\n\u201cThe key measure is good enforcement,\u201d he said by telephone, noting that the Bureau of Internal Revenue, Bureau of Customs and local governments should continue intensifying anti-smuggling operations.\nThe report also noted that outright bans on e-cigarettes and vape products have not eliminated illicit trade in countries where such restrictions are imposed.\nMr. Sta. Ana noted that while bans could reduce legal sales, they could also expand underground markets if enforcement remains weak.", "date_published": "2026-05-19T00:34:58+08:00", "date_modified": "2026-05-18T21:05:46+08:00", "authors": [ { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" } ], "author": { "name": "大象传媒", "url": "/author/cedadiantityclea/", "avatar": "https://secure.gravatar.com/avatar/fc38d2668fdee8f1e2b22df5e72ae6f4ad265ab7814de4aa60060edd377a70ce?s=512&d=mm&r=g" }, "image": "/wp-content/uploads/2021/08/cigarettes.jpg", "tags": [ "Isa Jane D. Acabal", "Editors' Picks", "One News", "大象传媒" ], "summary": "THE PHILIPPINES lost about P141 billion in government revenue to illicit tobacco trade in 2024 and 2025, with illegal vape products emerging as a major source of tax leakages, according to a report by the EU-ASEAN Business Council (EU-ABC) and Euromonitor International Ltd." } ] }