PHILIPPINE companies are expected to integrate more sustainable financing into their capital-raising strategies as they pursue growth and build operational resilience amid economic and political uncertainties.

More banks, real estate, and utility firms are expected to issue sustainability-linked bonds, DragonFi Analyst Jarrod Leighton M. Tin said.

鈥淭hese instruments are often linked to environmental, social, and governance (ESG) performance, with interest rates tied to the achievement of specific key performance indicators 鈥� falling short can trigger a rate penalty. For companies that prioritize ESG, sustainability-linked bonds offer both strategic alignment and competitive funding terms,鈥� he said.

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said sustainable finance will soon become a dominant form of fundraising for corporates.

鈥淭here is increasing issuer and investor demand for sustainable finance products, like green, social, and sustainability-linked bonds. So far, a lot of the funds raised from such issuances are flowing to support renewable energy and eligible real estate projects,鈥� he said.

ING Philippines Country Manager Jun Palanca said the company is seeing strong client activity in the digital infrastructure and energy sectors, which are driven by long-term structural shifts.

鈥淭he energy transition is a major driver of investment activity. Despite broader market caution, renewable energy and transition-related mergers and acquisitions remain resilient across Australia, India, the Philippines, Japan, and South Korea,鈥� he said.

鈥淒igital infrastructure stands out as a key focus, with strong capital inflows into data centers, fiber networks, and connected ecosystems. Clients are increasingly focused on scalable, high-demand verticals 鈥� particularly artificial intelligence (AI)-enabled data platforms and regional connectivity solutions,鈥� he added.

Mr. Palanca noted that ING is also intensifying its focus on Philippine clients in the food and agriculture sectors.

鈥淭he country presents significant untapped potential and is poised to play a leading role in building a more sustainable and resilient food system across Southeast Asia,鈥� he said.

According to Mr. Palanca, the Philippines is entering a pivotal phase in its sustainable finance journey, underpinned by strong regulatory alignment and evolving investor expectations.

鈥淭he Philippine government鈥檚 sustainable finance roadmap, supported by financial regulators, offers clear guidance for market participants, catalyzing the development of green bonds, sustainability-linked loans, and ESG frameworks,鈥� he said.

鈥淭his structured approach is prompting local institutions to broaden their funding strategies 鈥� embedding sustainability goals and accessing deeper pools of international capital,鈥� he added.

Launched in 2021, the country鈥檚 sustainable finance roadmap and sustainable finance guiding principles seek to create an understanding among stakeholders of sustainable economic activities. These also aim to help make sustainable finance mainstream domestically.

In June, the Asian Development Bank (ADB) said in a report that the Philippines鈥� sustainable bond market only accounted for 2% of East Asia.

For the first quarter, the ADB said sustainability bonds took up 86.5% of the country鈥檚 total sustainable debt stock, followed by green bonds and sustainability-linked bonds with market shares of 11.7% and 1.8%, respectively.

ADB figures showed that the country鈥檚 outstanding local currency bonds rose by 4.1% to $235 billion in the first quarter.

For its part, the Securities and Exchange Commission (SEC) has been promoting the adoption of sustainable financing and practices in the local business sector.

In January, the SEC partnered with the International Finance Corp. (IFC) to support the 30by30 Zero Philippines Program that aims to raise the climate-related lending of financial institutions to 30% of total portfolio on average with near zero coal exposure by 2030.

The 30by30 Zero Philippines initiative was developed by the IFC and the World Bank.

SECTORS TO DRIVE CAPITAL SPENDING
With the projected increase in sustainable finance, more companies are seen to allot more capital in various sectors to support their growth.

Mr. Colet said that companies are expected to continue allotting massive capital expenditure (capex) in the energy and infrastructure sectors.

鈥淏oth sectors are attracting significant investor interest due to favorable macroeconomic fundamentals, government support, and ample financing,鈥� he said.

鈥淕iven the long-term nature of capex investments in those sectors, sponsors and investors are looking beyond near-term uncertainties. They are willing to commit capital now because they remain optimistic about the growth prospects of the Philippines,鈥� he added.

Ven Christian S. Guce, chief finance officer of listed holding company Filinvest Development Corp. (FDC), said the company鈥檚 capex in the near-to-medium term will be largely focused on digital transformation.

鈥淭hese investments include group-wide upgrades and harmonization of enterprise resource planning systems, and enhancements in procurement, enterprise asset management, enterprise planning, and other operational systems to drive cost efficiencies,鈥� he said.

鈥淲e continue to invest in people programs who are key drivers of the transformation. We have established centers of excellence such that we can leverage as a bigger cohesive group, to deepen expertise and sustain the transformation of the conglomerate to a high-performing organization,鈥� he added.

Mr. Guce said FDC will remain focused on continuously improving and creating value for its customers.

鈥淭hese may involve capex aimed at improving customer satisfaction, safety, health, and environmental outcomes. Digital investments are prioritized towards customer value creating systems and applications as well as for operating efficiencies,鈥� he said.

鈥淲ithin each of our business segments, capital allocation decisions are guided by internal hurdle rates and a constant review and anticipation of changing market dynamics and emerging economic cycles,鈥� he added.

The Philippine Stock Exchange (PSE) is expecting capital raising to reach over P186 billion this year.

PSE President and Chief Executive Officer (CEO) Ramon S. Monzon said that capital raising at the local bourse reached about P62.6 billion for the first six months, with some P123.7 billion still expected to be raised in the latter half of 2025.

Andrian A. Perez, president of medical logistics firm PharmaServ Express, Inc., said the company is prioritizing investments in technology infrastructure, cold chain capacity, and last-mile delivery to help future-proof its operations.

鈥淥ur goal is to bridge the persistent gaps in healthcare logistics while staying agile amid shifting market conditions,鈥� he said.

According to Mr. Perez, the company is actively exploring sustainability-linked debt instruments and blended financing, particularly for our cold chain expansion and digital health accessibility initiatives.

鈥淲ith growing pressure to align business practices with ESG frameworks, many local corporations 鈥� including ours 鈥� are evaluating alternative capital sources that align with long-term sustainability goals. Financial instruments that reward good governance and environmental resilience are gaining traction in both the public and private sectors,鈥� he said.

BUILDING RESILIENCY AMID UNCERTAINTIES
Amid political and economic uncertainties, corporates are faced with the challenge of making their operations more resilient to ensure continued growth.

AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said companies should consider diversifying geographically or into other less regulated sectors to increase resiliency amid global uncertainties.

鈥淐ompanies that are exposed to regulatory risk should consider diversifying into less regulated sectors鈥� Another option would be to diversify geographically鈥�,鈥� he said.

Canon Marketing (Philippines), Inc. President and CEO Anuj Aggarwal said the company is strengthening its local ecosystem to ensure stability and responsiveness amid global uncertainties.

鈥淎t the same time, we鈥檙e building organizational resilience through workforce upskilling, process automation, and data-driven decision-making. Ultimately, our aim is to future-proof our business by ensuring that innovation, sustainability, and customer trust remain at the heart of our growth agenda, regardless of external challenges,鈥� he said.

鈥淐ontingency plans must be proactive, not reactive. Our playbook includes business continuity frameworks, robust risk management systems, and digital transformation investments,鈥� he added.

Mr. Tin said capital structure and financing strategy are ways that companies could protect themselves from political and economic uncertainties.

鈥淐ompanies with strong reputations, transparent disclosures, healthy leverage ratios, and ample headroom on financial covenants are better positioned to raise capital 鈥� whether through preferred shares, stock rights offering (SRO), or bonds,鈥� he said.

鈥淚f short-term external headwinds are expected to weigh on operations, these companies can still tap the markets to fund long-term growth,鈥� he added.

Mr. Palanca said some of the approaches that Philippine corporates could implement on their contingency plans include building inventory and logistics buffers, boosting local sourcing, and integrating ESG and climate adaptation into planning efforts.

鈥淪ustainability-driven contingency planning helps firms meet regulatory requirements while embedding long-term resilience. This includes climate risk assessments, resource efficiency measures, and alignment with national development goals,鈥� he said.

鈥淟eading firms are stockpiling critical inputs and partnering with logistics providers to enable rerouting and flexible delivery. This is especially vital in a country prone to typhoons and reliant on maritime trade,鈥� he added.

Mr. Sy took the leave to focus on 鈥渞esolving his personal legal matters while safeguarding the best interests of the company and its stakeholders,鈥� FNI said in a regulatory filing on Thursday.

With this, FNI said its board elected current president Dante R. Bravo as chairman effective Aug. 27.

鈥淢r. Bravo will serve in both roles, with his performance and dual capacity to be reviewed annually by the board and the corporate governance committee,鈥� FNI said.

Mr. Sy was arrested by Bureau of Immigration (BI) operatives on Aug. 21 upon his arrival from Hong Kong over the alleged misrepresentation of his citizenship.

FNI denounced Mr. Sy鈥檚 arrest, saying his citizenship has been confirmed by at least six rulings from the BI, the Department of Justice, the Office of the President, the Securities and Exchange Commission, and the Supreme Court.

Meanwhile, FNI appointed lead independent director Jaime F. Del Rosario to the newly created role of vice-chairman to 鈥渟trengthen independent oversight.鈥�

Mr. Del Rosario will provide additional governance checks, preside over meetings in the chairman鈥檚 absence, and serve as intermediary between the chairman and other directors.

He will also convene and chair meetings of the non-executive directors and contribute to the performance evaluation of the chairman.

鈥淭hese measures underscore FNI鈥檚 commitment to stability, transparency, and strong corporate governance, providing clear leadership structure and reinforcing independent oversight while the company continues to execute its business strategy,鈥� FNI said.

FNI is engaged in nickel ore mining, logistics, cement and steel production, and port operations.

On Thursday, FNI shares fell by 0.77% or one centavo to P1.29 apiece. 鈥� Revin Mikhael D. Ochave

Revenue from January to June rose by 20% to P1.1 billion amid strong sales and continued demand for the company鈥檚 premium-affordable homes in Laguna and Bulacan, Ovialand said in an e-mailed statement on Thurs-day.

Homes turned over increased by 19% on the back of rising annual production capacity.

Total assets went up by 12% to P2.9 billion, with real estate inventories and land acquisition options accounting for 48% of the growth.

鈥淥vialand is on track to hit its target growth for 2025 and is continuously watching out for opportunities in the market to be able to expand its reach to more homebuyers in other areas in Luzon,鈥� Ovialand Chief Executive Officer Pammy Olivares-Vital said.

Ovialand recently broke ground in Baliwag, Bulacan, marking its second project in Central Luzon as the company expands its presence north of Metro Manila.

鈥淲e are very happy to serve and bring our promise of premier family living to more locations as we add new properties and expand our current projects,鈥� Ms. Olivares-Vital said.

Ovialand is a real estate developer engaged in the premium-affordable housing market. It has projects in Laguna, Quezon, Batangas, and Bulacan. 鈥� Revin Mikhael D. Ochave

The Philippine Stock Exchange index (PSEi) fell by 1.32% or 83.15 points to close at 6,190.19, while the broader all shares index dropped by 0.75% or 28 points to 3,703.07.

鈥淚nvestors booked gains from yesterday鈥檚 rally, taking a cautious stance while waiting for clues on the Bangko Sentral ng Pilipinas鈥� policy outlook from their latest meeting,鈥� Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

鈥淭he peso鈥檚 weak position against the dollar also weighed on the market this Thursday.鈥�

The BSP on Thursday cut benchmark interest rates by 25 basis points (bp) to bring its policy rate to 5%, as expected by all 20 analysts in a 大象传媒 poll. This was its third straight 25-bp cut since April.

It has now lowered borrowing costs by a cumulative 150 bps since it began its easing cycle in August 2024.

BSP Governor Eli M. Remolona, Jr. said in a briefing that the key rate is now at the 鈥渟weet spot鈥� in terms of inflation and output.

He added that they could consider further policy loosening if the economy weakens 鈥渃onsiderably,鈥� with one more cut still possible this year that could mark the end of its current easing cycle.

Earlier, the BSP chief signalled that more reductions could be on the table until next year.

鈥淭he market faced some selling pressure,鈥� Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. 鈥淏ut now, attention shifts to how investors will react to the BSP鈥檚 25 bps rate cut and its implications for equity prices, especially as yields continue to decline while the inflation outlook of the central bank remains steady at 1.7% by yearend.鈥�

Almost all sectoral indices closed lower on Thursday. Financials retreated by 2.41% or 51.21 points to 2,073.60; property went down by 1.45% or 36.30 points to 2,467.88; services sank by 1% or 22.47 points to 2,214.59; holding firms decreased by 0.67% or 34.54 points to 5,122.49; and industrials declined by 0.23% or 21.53 points to 9,111.48.

Meanwhile, mining and oil rose by 0.45% or 44.41 points to 9,864.23.

鈥淎CEN Corp. was the day鈥檚 index leader, climbing 3.21% to P2.25. BDO Unibank, Inc. was the worst index performer, dropping 3.35% to P135.50,鈥� Mr. Tantiangco said.

Value turnover dropped to P7 billion on Thursday with 953.32 million shares traded from P8.65 billion with 890.43 million shares exchanged on Wednesday.

Advancers and decliners were evenly split at 99 each, while 48 names were unchanged.

Net foreign selling increased to P769.82 million on Thursday from P41.42 million on Wednesday. 鈥� Revin Mikhael D. Ochave

THE SECURITIES and Exchange Commission (SEC) recently increased the number of industries that can avail of the one-day company registration process.

In a statement, the corporate regulator said it expanded the list of industries eligible for one-day company registration to 81 from 33 previously.

Companies can apply through the One-Day Submission and Electronic Registration of Companies (OneSEC) Zuper Easy Registration online facility.

The wider coverage resulted in a 190% increase in company registrations through OneSEC to 2,938 in July from 1,014 in May.

Some of the new industries allowed to avail the one-day company registration process include computer programming, customs brokerage, deep sea commercial fishing, drugstore, laundry services, property management, radio broadcasting, and veterinary activities.听

鈥淐ompany registration marks the first step in legitimizing a business, which is why we want to make the process as easy and accessible as possible to our stakeholders,鈥� SEC Chairperson Francisco Ed. Lim said in the statement.

鈥淎s we move to streamline the registration process, we hope to encourage more entrepreneurs to use the corporate vehicle in facilitating their business and eventually, raise funds for expansion by tapping the capital market,鈥� he added.

Introduced in 2021, OneSEC offers pre-filled application forms that lets companies finish the registration process in as fast as one minute and 14 seconds 鈥� from the start of the application to the receipt of a digital certificate of incorporation.

Eligible corporations that can register using the system include one-person corporations and regular corporations with two to 15 incorporators, board of directors and stockholders.

Mr. Lim said the SEC will further streamline its processes to improve ease of doing business in the country.听

鈥淭his is just the beginning. We will continue to assess our internal policies to identify the bottlenecks that we need to remove to further improve the ease of doing business, thereby reinforcing the trust and confidence of our stakeholders in our systems,鈥� he said.

SM Investments Corp. economist Robert Dan J. Roces said the SEC鈥檚 move is a big win for startups and micro, small, and medium enterprises (MSMEs) as it will help legitimize their businesses.听

鈥�Faster entry into the formal economy means easier access to finance and growth opportunities, and the jump in registrations shows how strong the demand is. This step not only supports entrepreneurs but also fuels jobs and competition in the broader economy,鈥� Mr. Roces said in a Viber message.听

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the expanded eligibility will help encourage greater compliance among businesses.聽 聽

鈥淭his is part of the efforts to further ease doing business, both small and large businesses, apart from the initiatives of the Anti-Red Tape Authority,鈥� he said.

DIGITAL FINANCE
Meanwhile, Mr. Lim said the Philippines can become a leader in trusted digital finance.

鈥淚f we work together 鈥� government, industry, and innovators 鈥� we can make the Philippines not just a participant, but a leader in the digital financial revolution,鈥� he said in his keynote address at the Manila Tech Summit 2025 on Wednesday.

鈥淭echnology is transforming finance at a breathtaking pace. But while the channels change, our duty as regulators does not: markets must always be fair, transparent, and safe for all. That is why our principle is simple: same activity, same risk, and same regulatory outcome. The SEC is technology-neutral, but never risk-blind,鈥� he added.听

The SEC is also pushing for a capital market that is digital, inclusive, and trusted, according to Mr. Lim.听

鈥淥ur goal is clear: a capital market that is deeper, more inclusive, and globally competitive 鈥� powered by technology, secured by trust, and inspired by the ingenuity of the Filipino,鈥� he said.听

Mr. Lim also said that regulation is a platform for innovation and growth, and not a hindrance to progress.听

鈥淓ase of doing business and investor protection are not opposing goals 鈥� they are twin pillars of market integrity,鈥� he said.

鈥淓very safeguard we build is not just a shield against abuse 鈥� it is a bridge between innovation and trust, ambition and stability, risk and reward.鈥�

The SEC has been introducing programs to improve the ease of doing business in the country and urged more MSMEs to register as corporations.

On July 16, the commission issued Memorandum Circular No. 8 that granted a 20% discount in registration fees, and up to 50% discount in the filing fee for MSMEs seeking to tap the capital market.

It also implemented strict timelines in the processing of applications for permits, licenses, registrations, certificates, clearances, and other authorizations.

The SEC also adopted a 鈥渄eemed approved鈥� policy if it fails to meet its own deadline for review.

The voluntary delisting was approved by stockholders during the annual meeting on Aug. 26, 8990 Holdings said in a regulatory filing on Wednesday.

In July, 8990 Holdings announced its delisting plan, with subsidiary 8990 Housing Development Corp. launching a tender offer at P10.42 per share as part of the exit process.

The tender offer will exclude common shares held by majority shareholders Iholdings, Inc., Kwantlen Development Corp., Mariano D. Martinez, Luis N. Yu, Jr., and the qualifying common shares of the directors.

8990 Holdings said the voluntary delisting would help unlock the value of its business and assets.

鈥淭he voluntary delisting of the company would unlock the intrinsic value of the company鈥檚 business and assets, which does not seem to be fully appreciated by the market, based on the historical trading price of the company鈥檚 shares on the PSE,鈥� 8990 Holdings said.

8990 Holdings is engaged in property development through the brands Deca Homes, Deca Towers, and Urban Deca Towers. Its portfolio includes low-cost mass housing units and subdivision lots, as well as medium-rise and high-rise housing units. The company is also engaged in hotel operations.

On Wednesday, 8990 Holdings shares fell by 1.75% or 18 centavos to P10.12 apiece. 鈥� Revin Mikhael D. Ochave

CDC said in a regulatory filing on Wednesday that its board approved the merger with LAND on Aug. 26.

In a separate disclosure, LAND said it will be delisted from the PSE and will cease to exist as a separate legal entity upon completion of the merger.

According to CDC, the merger will help streamline operations, eliminate duplicated functions, and achieve cost savings and other economic efficiencies.

鈥淏y consolidating the businesses under CDC as the surviving entity, the merger will allow for a simplified ownership structure, better operational coordination, enhanced business focus, and reduced overall corporate costs,鈥� CDC said.

鈥淭he merger supports both companies’ strategic objectives to maximize stockholder value and strengthen the merged company鈥檚 position in the real estate industry by enabling it to better respond to market opportunities with greater financial and operational flexibility,鈥� it added.

CDC will issue 1.39 billion primary common shares to LAND stockholders as consideration for the merger. LAND currently has 1.58 billion issued and outstanding common shares.

One LAND share will be equivalent to 0.88 CDC share, based on CDC鈥檚 preliminary review.

CDC will absorb all of LAND鈥檚 assets, liabilities, rights, privileges, and ongoing projects, ensuring continuity and full protection for creditors and stakeholders.

鈥淭his integration is anticipated to enhance operational scale, optimize cost management, and support sustainable long-term growth,鈥� CDC said.

Meanwhile, CDC said there is no timetable yet for the implementation of the merger as it is still awaiting corporate and regulatory approvals, including from the Securities and Exchange Commission and the Philippine Competition Commission.

The merger is subject to the approval of the stockholders of both CDC and LAND during their respective stockholders鈥� meetings on Oct. 9 and Oct. 10, respectively.

CDC and LAND are both engaged in the development of land for residential, office, commercial, institutional, and industrial uses.

Some of CDC鈥檚 projects include the 50-story CityNorth Tower condominium in Quezon City and the 24-story Pioneer Heights 1 condominium in Mandaluyong City.

LAND鈥檚 projects include the 40-story One Hidalgo condominium in Malate and the 40-story One Taft Residences condominium in Taft.

On Wednesday, CDC shares rose 3.45% or two centavos to 60 centavos apiece, while LAND stocks gained 8.62% or five centavos to 63 centavos per share. 鈥� Revin Mikhael D. Ochave

The bellwether Philippine Stock Exchange index (PSEi) jumped by 2.08% or 128.10 points to end at 6,273.34, while the broader all shares index went up by 1.26% or 46.52 points to close at 3,731.07.

鈥淭he local market bounced back this Wednesday fueled by bargain hunting. Hopes of a Bangko Sentral ng Pilipinas rate cut in their upcoming Monetary Board meeting this week also helped in the rebound,鈥� Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

鈥淭he market saw buyers take charge today after yesterday鈥檚 dip,鈥� Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. 鈥淚nvestors likely viewed yesterday鈥檚 prices as a bargain buying opportunity, pushing prices and the market higher together with investors positioning for the upcoming BSP meeting.鈥�

All 20 analysts in a 大象传媒 poll expect the Monetary Board to reduce the policy rate by 25 basis points (bp) to 5% at its meeting on Thursday.

This would be the BSP鈥檚 third consecutive 25-bp cut since April. It has lowered benchmark interest rates by a total of 125 bps since it began its easing cycle in August 2024.

BSP Governor Eli M. Remolona, Jr. earlier said a cut is 鈥渜uite likely鈥� at this week鈥檚 meeting and another reduction is also on the table for the remainder of the year as inflation is likely to stay within the 2-4% annual target.

After Thursday鈥檚 review, the Monetary Board鈥檚 remaining meetings for this year are scheduled for Oct. 9 and Dec. 11.

Inflation sharply eased to a near six-year low of 0.9% in July from 1.4% in June, bringing the seven-month average to 1.7%, a tad higher than the central bank鈥檚 1.6% forecast but below its 2-4% target.

Almost all sectoral indices closed in the green on Wednesday. Services surged by 3.96% or 85.37 points to 2,237.06; financials jumped by 3.52% or 72.41 points to 2,124.81; property increased by 2.71% or 66.15 points to 2,504.18; mining and oil climbed by 2.41% or 231.08 points to 9,819.82; and industrials rose by 0.32% or 29.84 points to 9,133.01.

Meanwhile, holding firms dropped by 0.51% or 26.76 points to 5,157.03.

鈥淚nternational Container Terminal Services, Inc. was the top index gainer, jumping 7.02% to P485. Aboitiz Equity Ventures, Inc. was the main index laggard, falling 3.4% to P29.80,鈥� Mr. Tantiangco said.

Value turnover fell to P8.65 billion on Wednesday with 890.43 million shares traded from P14.32 billion with 1.55 billion shares exchanged on Tuesday.

Advancers bested decliners, 117 versus 100, while 39 names closed unchanged.

Net foreign selling decreased to P41.42 million on Wednesday from P2.04 billion on Tuesday. 鈥� Revin Mikhael D. Ochave

SHARES of Global Ferronickel Holdings, Inc. (FNI) fell on Tuesday as investors reacted to the arrest of the mining company鈥檚 chairman, Joseph C. Sy, over allegations that he misrepresented his citizenship.

FNI shares sank by 12.14% or 17 centavos to P1.23 apiece at the close of Tuesday鈥檚 trading.

鈥淢ost likely the decline in the share price of FNI is related to the arrest of its chairman, Joseph C. Sy, due to alleged immigration violations,鈥� AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message.

鈥淢ost likely sentiment towards the company won鈥檛 improve until the issue is resolved,鈥� he added.

In separate stock exchange disclosures on Tuesday, FNI said Mr. Sy has been placed under detention by the Bureau of Immigration (BI) over an allegation of being an 鈥渙verstaying alien.鈥�

Mr. Sy, arrested on Aug. 21, now faces a deportation case for misrepresentation.

However, FNI said the charge has 鈥渘o lawful basis鈥� since Mr. Sy is a Filipino citizen, as affirmed in multiple rulings by various government agencies, including the BI, the Department of Justice, the Office of the President, the Securities and Exchange Commission, and the Supreme Court.

FNI also said that Mr. Sy has formally disputed the BI鈥檚 allegation through a motion to dismiss filed with the BI.

鈥淲e are confident that this matter will be resolved in accordance with the rule of law. In the meantime, we assure all stakeholders that the operations of FNI and its subsidiaries remain stable, unaffected, and fully compliant with all applicable regulations,鈥� FNI said.

FNI also noted that Mr. Sy has never been involved in any criminal activity, describing him as a longstanding, multi-awarded business leader whose initiatives have created livelihood opportunities and socio-economic infrastructure for communities.

Meanwhile, FNI said it has initiated an internal review regarding the matter involving Mr. Sy.

If Mr. Sy is deemed an alien, FNI said it is ready to comply with national requirements through the divestment of his shareholdings to qualified holders, as well as coordinating with regulatory agencies to meet all legal and administrative obligations.

The company said it will also implement corporate actions to ensure the continuity of leadership and business operations.

鈥淭he citizenship case involving Mr. Joseph Sy pertains to him in his personal capacity. FNI, as a corporation, has a separate and independent juridical personality from its shareholders and officers. The company continues to operate in the ordinary course of business with its full management and organizational complement,鈥� it said.

FNI is engaged in nickel ore mining, logistics, cement and steel production, and port operations.

鈥淲e believe it is in the best interests of our investors and stakeholders to enter the market when conditions will allow for a fair reflection of the value we have created and the opportunities ahead,鈥� Hann Holdings Chairman, President, and Chief Executive Officer Dae Sik Han said in an e-mailed statement on Tuesday.

鈥淥ur decision to defer the offering and listing is a matter of timing, not fundamentals. The strength of our business, our growth pipeline, and our long-term strategy remain firmly intact,鈥� he added.

Hann Holdings, which operates the Hann Casino Resort in Clark, Pampanga, was supposed to be the second IPO this year, following Cebu-based fuel retailer and distributor Top Line Business Development Corp. The Philippine Stock Exchange expects six IPOs this year.

The company said it intends to proceed with the public listing at an 鈥渙pportune time when market and industry conditions are more favorable.鈥�

鈥淚n the meantime, we remain fully committed to executing our business plans, advancing our strategic initiatives, and maintaining governance and disclosure practices at the highest level,鈥� Mr. Han said.

鈥淲hen the right window emerges, we are confident that our listing will be a catalyst for further growth,鈥� he added.

Last week, various news outlets reported that Hann Holdings opted to defer its IPO, citing market conditions. This reversed the company鈥檚 stance earlier this month when it said there was no expected pushback on its public listing.

According to the company, its stock market debut was postponed after consultations with advisers and stakeholders.

鈥淭he company continues to execute strongly on its business strategy and growth initiatives. However, it believes that current market conditions do not allow for an offering outcome that would accurately reflect its intrinsic value and long-term prospects,鈥� it said.

鈥淎gainst this backdrop, Hann Holdings has acted decisively to protect investor value by deferring its listing until conditions are more conducive,鈥� it added.

Hann Holdings鈥� IPO consists of a primary offer of up to 500 million common shares and an overallotment option of up to 50 million secondary common shares, priced at up to P23.60 apiece. The overallotment option will be offered by Hann Holdings鈥� parent company, Hann Group Holdings W.L.L.

The offer period was supposed to run from Sept. 9 to 15, with listing on Sept. 23, according to the latest prospectus dated July 31.

Hann Holdings projected P11.43 billion in net proceeds, which will fund the development and expansion plans of Hann Philippines, Inc., as well as general corporate purposes.

The company tapped CLSA Ltd. as the sole global coordinator for the IPO. It will also serve as joint bookrunner, together with domestic underwriters Asia United Bank Corp., BDO Capital & Investment Corp., China Bank Capital Corp., and PNB Capital and Investment Corp. 鈥� Revin Mikhael D. Ochave

鈥淭his proposed DD double-seven retail bond issuance is expected to be boosted by the expected upcoming BSP interest rate reduction this week,鈥� DD said in a regulatory filing on Tuesday.

DD said it expects the bond issuance to 鈥渄emonstrate a positive (and) robust capital market in the Philippines.鈥�

The bonds will carry a 7.7% interest rate with maturities of 3.5 years and 5.5 years.

鈥淭he double-seven 7.7% interest rate signifies number 7 twice, as 7 is a number believed by many as lucky and the number forms similar to the shape of an auspicious dragon,鈥� DD said.

A 大象传媒 poll conducted last week involving 20 analysts showed that the Monetary Board is expected to cut the target reverse repurchase rate by 25 basis points at its policy meeting on Aug. 28.

If implemented, this would bring the benchmark rate down to 5% from the current 5.25%.

The BSP is expected to further reduce interest rates after Philippine inflation fell to a near six-year low of 0.9% in July.

The planned DD bond issuance will be drawn from the company鈥檚 bond program, which was approved by the Securities and Exchange Commission through shelf registration in 2024.

It secured the highest PRS Aaa credit rating from the Philippine Rating Services Corp.

鈥淭his retail bond tranche was decided to be issued earlier to capitalize on the September 2025 issuance window, during which the DD double-seven peso retail bond will be the only bond offering in the market,鈥� DD said.

DD shares rose by 0.82% or eight centavos to P9.80 apiece on Tuesday. 鈥� Revin Mikhael D. Ochave

The list, now in its fifth annual edition, included Philippine companies namely e-commerce and retail management app Enstack, banking solutions provider Netbank, Inc., and ride-hailing startup Xpress Super App.

鈥淭he 100 to Watch list offers a window into the vibrant world of startups and small companies in the Asia-Pacific region,鈥� Forbes Asia said in a statement on Tuesday.

Founded in 2021, Enstack offers an artificial intelligence (AI)-assisted app that helps small and mid-sized businesses design web stores, write product blurbs, manage invoices and payments, ship packages, and track inventory.

The company, which expanded to Thailand this year, has raised $3 million in total funding from a range of backers, including Xendit, Mangrove Capital Partners, BlackPine, and Unifier Ventures.

Netbank provides digital financial services, including loan management, payments, and disbursements, after acquiring a rural bank in 2019. Its clients include Smart Money, TikTok, and Lazada. It is backed by Beenext and Kaya Founders.

For the first half, Netbank posted a P22.2-million net profit ($390,000), a turnaround from the P34.9-million loss a year earlier, driven by loan growth and higher deposits.

Xpress, established in 2022, offers ride-hailing, delivery, and courier services. The company plans to add flight and ferry bookings, reservations for activities, and a digital payment option. It was co-founded by PJ Lhuillier Group President and Chief Executive Officer Jean Henri D. Lhuillier and AppFactorie founder Nathan Taylor.

In May, Xpress launched 40 BYD electric and hybrid vehicles for hire, with plans to further expand its green fleet. The Xpress app has over 100,000 downloads on Google Play, while a separate app for its driver community has over 10,000 installs.

Forbes Asia Editorial Director Rana Wehbe Watson said the 100 startups on the list have raised a total of nearly $3 billion in funding to date.

鈥淥ur fifth annual Forbes Asia 100 to Watch list showcases a range of innovative startups in fields including biotech, spacetech and green tech. They are utilizing advanced technologies like AI to enhance their products, which include gene-editing tools and propulsion systems for spacecraft,鈥� Ms. Watson said.

The 100 to Watch list covered 16 countries and territories in Asia-Pacific, led by India with 18 companies, followed by Singapore and Japan with 14 each, China with nine, Indonesia and South Korea with eight each, and Australia with seven.

Biotechnology and healthcare accounted for the largest share among sectors with 18 companies, followed by enterprise technology and robotics with 16 each.

For the selection of companies in the list, Forbes Asia solicited online submissions and invited accelerators, incubators, universities, venture capitalists, and others to nominate companies.

To qualify, companies must be based in the Asia-Pacific region, be privately owned for-profit ventures, and have no more than $50 million in annual revenue and no more than $100 million in total funding as of Aug. 15. 鈥� Revin Mikhael D. Ochave

The bellwether Philippine Stock Exchange index (PSEi) fell by 2.17% or 136.34 points to close at 6,145.24, while the broader all shares index dropped by 1.41% or 53.03 points to end at 3,684.55.

This was the PSEi鈥檚 worst close in over four months or since it finished at 6,138 on April 21.

鈥淭he local market started the week on a negative tone as the US鈥� latest tariff threats weighed on sentiment. US President Donald Trump warned of significant tariffs against China if the country would not export rare earth magnets to the US,鈥� Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.

鈥淭he US President also warned of additional tariffs to countries that would not remove taxes and other measures on digital services,鈥� he added.

On Monday, Mr. Trump said China had to give the United States rare earth magnets or 鈥渨e have to charge them 200% tariff or something,鈥� Reuters reported.

Senior Chinese trade negotiator Li Chenggang is expected to travel to Washington this week to meet US officials, a United States government spokesperson said, with the two superpowers looking to chart a path beyond their current truce.

Mr. Trump also threatened countries that have digital taxes with 鈥渟ubsequent additional tariffs鈥� on their goods if those nations do not remove such legislation.

鈥淭he market saw a decline today as most stocks were weighed down by heavy selling pressure,鈥� Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

鈥淚nvestors are positioning ahead of the Bangko Sentral ng Pilipinas鈥� (BSP) policy rate decision this week, with all eyes on how the stock market will react once the central bank鈥檚 move is confirmed,鈥� he added. The BSP is widely expected to deliver a third straight 25-basis-point cut at the Monetary Board鈥檚 policy meeting on Thursday.

Almost all sectoral indices closed lower on Tuesday. Services fell by 5.46% or 124.49 points to 2,151.69; financials sank by 3.02% or 64.05 points to 2,052.40; holding firms went down by 0.41% or 21.67 points to 5,183.79; property declined by 0.26% or 6.43 points to 2,438.03; and industrials retreated by 0.1% or 9.75 points to 9,103.17.听

Meanwhile, mining and oil rose by 1.04% or 99.50 points to 9,588.74.听

鈥淎yala Land, Inc. was the top index gainer for the day, jumping 5.17% to P28.50. BDO Unibank, Inc. was the worst index performer, plunging 7.99% to P131.20,鈥� Mr. Tantiangco said.

Value turnover jumped to P14.32 billion on Tuesday with 1.55 billion shares traded from the P6.44 billion with 803.64 million shares exchanged on Friday.

Decliners outnumbered advancers, 112 versus 81, while 64 names were unchanged.

Net foreign selling swelled to P2.04 billion on Tuesday from P721.91 million on Friday. 鈥� Revin Mikhael D. Ochave with Reuters

In a statement on Monday, the SEC said its Financing and Lending Companies Division (FinLend) issued separate orders dated Aug. 15 against Cash Konek, Pesosuki, Yescom Lending-Quick Cash Loan, Peso101-Fast Loans PH, Peso Cow-Mabilis Pera Loan, Swiftloan: Loan App Philippines, and Pera Loan: Fast Cash PH.

The regulator directed the entities, including their owners, operators, promoters, representatives, agents, and others acting on their behalf, to stop offering, promoting, or facilitating lending-related transactions until they secure the necessary registration and approval.

鈥淚n light of the [companies鈥橾 continued unauthorized operation of [their OLPs], the commission finds it necessary to issue [these cease-and-desist orders] in order to prevent further harm or prejudice to the public, and to safeguard the integrity of the regulatory framework governing lending companies,鈥� the orders read.

The commission said the operation of unrecorded OLPs violates SEC Memorandum Circular (MC) No. 19 issued in September 2019 that requires financing and lending firms to disclose their OLPs, as well as the moratorium on the registration of new OLPs imposed under MC No. 10 issued in November 2021.

Under Republic Act No. 11765 or the Financial Products and Services Consumer Protection Act, the SEC is authorized to impose enforcement actions, such as a cease-and-desist order, against financial service providers for noncompliance.

鈥淭he companies鈥� operations of unregistered and undisclosed OLPs circumvent the commission鈥檚 regulatory and supervisory authority, thereby exposing the general public to potential risks, such as abusive and unfair debt collection practices, unjust interest rates, and violation of data privacy rights,鈥� the SEC said.

The SEC has been intensifying its monitoring and enforcement efforts on both registered and illegal online lending platforms.

In June, the SEC FinLend issued an order directing companies operating online platforms and mobile applications to provide landline numbers for both their principal offices and branches to strengthen the commission鈥檚 monitoring of financing and lending companies.

The company鈥檚 name and address must match those declared in its articles of incorporation, the order said.

鈥淭he SEC is mandated to carry out the state鈥檚 policy under the Financing Company Act (FCA) and Lending Company Regulation Act (LCRA) to, among others, regulate the establishment of financing and lending companies to place their operation on a sound, efficient, and stable condition to derive the optimum advantages from them as an additional source of credits, and to prevent and mitigate, as far as practicable, practices prejudicial to the public interest,鈥� the order said.

大象传媒 was unable to reach Cash Konek, Pesosuki, Swiftloan, Pera Loan, Peso101, and Peso Cow, as their websites and Facebook pages could not be found.

Yescom Lending-Quick Cash Loan had yet to respond to 大象传媒鈥檚 e-mailed request for comment as of press time. 鈥� Revin Mikhael D. Ochave

Home improvement retailer AllHome Corp. saw a 49.5% drop in April-to-June net profit to P71.76 million from P142.08 million a year earlier, the company said in a regulatory filing.

Sales fell by 22.1% to P2.23 billion from P2.86 billion the previous year, while the cost of merchandise sold also decreased by 22.2% to P1.38 billion.

First-half net income declined by 59.7% to P113.9 million from P282.43 million in the same period last year.

Sales for the January-to-June period dropped by 28.9% to P4 billion, while the cost of merchandise sold fell by 29% to P2.48 billion due to lower sales.

鈥淭he decline was chiefly attributable to a subdued property market, which has historically been a significant driver of construction and furnishing-related expenditure,鈥� AllHome said.

Meanwhile, AllDay Marts, Inc., operator of AllDay Supermarkets, posted an 80% decline in second-quarter net profit to P18.01 million from P88.13 million a year earlier, the company said in a separate stock exchange disclosure.

Net sales fell by 40.3% to P1.4 billion from P2.47 billion last year, while the cost of merchandise sold likewise dropped by 40.3% to P1.17 billion.

For the first half, AllDay recorded an 83.2% decrease in net income to P31.1 million from P185.13 million in the same period last year.

Net sales declined by 41.7% to P2.88 billion, while the cost of merchandise sold fell by 41.7% to P2.28 billion due to weaker sales.

鈥淪ales decline due to heightened competition, shifting consumer preferences, and the continued rise in e-commerce, resulting in reduced in-store traffic,鈥� AllDay said.

On Friday, AllHome shares rose by 3.26% or P0.015 to P0.475 apiece, while AllDay shares slipped by 1.15% or P0.001 to P0.086 each. 鈥� Revin Mikhael D. Ochave

Revenue rose by 52.1% to P33.93 billion in 2024 from P22.31 billion in 2023 due to higher sales, DALI said in its audited financial statement for the year. Gross income also increased by 124% to P3.33 billion.

Cost of sales grew by 46.9% to P30.59 billion, while operating expenses climbed by 60% to P4.81 billion.

HDPI said its total assets rose by 70% to P20.97 billion. However, total liabilities also surged by 110.8% to P20.25 billion.

Current liabilities, which reached P5.96 billion, exceeded current assets of P5.82 billion.

Total equity fell by 73% to P728.76 million after the company鈥檚 deficit widened by 60% to P5.24 billion.

HDPI鈥檚 independent auditor SyCip Gorres Velayo & Co. (SGV) noted that the P5.24-billion deficit and higher current liabilities might cast doubt on the company鈥檚 viability.

鈥淭hese conditions indicate that material uncertainty exists that may cast significant doubt on the company鈥檚 ability to continue as a going concern and, therefore, the company may be unable to realize its assets and discharge its liabilities in the normal course of business,鈥� SGV said in its independent auditor鈥檚 report attached to the audited financial statement.

However, HDPI said it expects profit margins to improve over the next five years with the implementation of cost-efficiency measures.

鈥淢anagement believes that with the projected improvement in net profit margin, the company will be able to generate sufficient cash flows from its operations to meet its obligations as and when they fall due,鈥� it said.

The company also noted that stockholders had infused P7.56 billion in additional capital as of end-2024, recorded as deposits for future stock subscriptions, to support its operations.

HDPI is a subsidiary of Singapore-incorporated HDPM Sin Pte. Ltd., which focuses on the Southeast Asian market. The ultimate parent of HDPI is Switzerland-based Dali Discount AG. 鈥� Revin Mikhael D. Ochave

On Friday, the bellwether Philippine Stock Exchange index (PSEi) edged up by 0.05% or 3.71 points to 6,281.58, while the broader all shares index rose by 0.06% or 2.44 points to 3,737.58.

Week on week, however, the PSEi was down by 0.54% or 34.35 points from its 6,315.93 finish on Aug. 15.

The stock market was closed on Monday for National Heroes鈥� Day.听

鈥淟ocal equities went sideways through a shortened week as investors turned cautious ahead of Fed Chairman Jerome H. Powell鈥檚 remarks at Jackson Hole summit,鈥� online brokerage 2TradeAsia.com said in a market note.

Mr. Powell, in a closely watched speech at the Fed鈥檚 annual Jackson Hole symposium on Friday, opened the door to an interest rate cut at the central bank鈥檚 meeting next month, Reuters reported.

Mr. Powell鈥檚 dovish change of course has seen futures price in an 84% chance of a quarter-point rate cut in September, and at least 100 basis points (bp) of easing to 3.25-3.5% by the middle of next year.

2TradeAsia.com said Mr. Powell鈥檚 speech could set the tone for this week鈥檚 trading and pegged the PSEi鈥檚 support at 6,300 and resistance at 6,600.听

Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message that Mr. Powell鈥檚 dovish tilt could fuel buying activity at the stock market this week.

鈥淗opes of a rate cut by the Bangko Sentral ng Pilipinas in their Monetary Board meeting [this] week may also lift sentiment. Investors are also expected to look for clues on the BSP鈥檚 policy outlook at the said meeting,鈥� he said.

All 20 analysts in a 大象传媒 poll expect the Monetary Board to reduce the target reverse repurchase rate by 25 bps to 5% from the current 5.25% at its policy meeting on Thursday.

This would be the BSP鈥檚 third consecutive 25-bp cut since April. It has lowered benchmark interest rates by a total of 125 bps since it began its easing cycle in August 2024.

Mr. Tantiangco put the PSEi鈥檚 major support at 6,150 and major resistance at 6,400.

鈥淐hart-wise, the local market remains bearishly biased as it continues to form lower highs… This week, the market is expected to continue testing these lines,鈥� he said. 鈥淭aking these lines under strong trading activity is seen as the market鈥檚 primary objective to be able to rise further moving forward.鈥�

For his part, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort placed the index鈥檚 support at 6,204.04 and resistance at 6,370.

Mr. Ricafort said the market will monitor policy hints from both the BSP and the Fed as potential rate cuts by the US central bank would also support further easing at home. 鈥� R.M.D. Ochave with Reuters

The nickel company asserted Mr. Sy鈥檚 citizenship has been confirmed by at least six rulings from the Bureau of Immigration (BI), the Department of Justice, the Office of the President, the Securities and Exchange Commission (SEC), and the Supreme Court.

鈥淗e entered the country on his valid Philippine passport, which the Supreme Court has recognized as official proof of identity of Filipino nationality,鈥� FNI said in a statement.

鈥淗is detention is a grave injustice, but we remain confident that the truth and the law will prevail.鈥�

The company noted that its operations and all companies under the Group remain 鈥渟table, legitimate, and unaffected.鈥�

The Philippine Nickel Industry Association (PNIA) on Monday also called for the release of FNI鈥檚 chairman, saying BI鈥檚 detention is 鈥渄eeply troubling and illegally inconsistent鈥� considering it has twice recognized Mr. Sy鈥檚 citizenship.

鈥淗is continued detention on mere suspicion of being an alien, without lawful basis and outside the BI鈥檚 jurisdiction, is a grave injustice and a violation of the fundamental principles of due process,鈥� it added.

PNIA noted the arrest and subsequent detention of Mr. Sy sends a 鈥渨rong message鈥� to investors as the Philippines seeks to bolster business confidence.

鈥淲e call on the authorities to act swiftly, observe due process, and immediately resolve this matter by releasing Mr. Sy without delay,鈥� it said.聽 聽

Developments over Mr. Sy鈥檚 detention are being closely monitored by the SEC, which said it will evaluate whether necessary actions are warranted under its jurisdiction.

鈥淎ny action taken by the SEC on the matter will be in line with promoting transparency and confidence in the markets, especially matters that affect the governance of publicly listed companies,鈥� the corporate watchdog said in a statement sent to 大象传媒 on Monday.

Amid the detention, the SEC reminded listed companies that all material developments that could influence the decision of investors must be 鈥減romptly disclosed鈥� to the public as mandated under Rule 17.1.1 of the implementing rules and regulations of the Securities Regulation Code, as well as the consolidated listing and disclosure rules of the Philippine Stock Exchange.

鈥淭he commission reiterates its commitment to upholding the interests of the investing public and ensuring that the integrity of the capital market is preserved,鈥� it said.

Sought for comment, the BI noted in a Viber message to 大象传媒 that Mr. Sy is the subject of a mission order and an investigation from the BI, which received information from government intelligence sources about his 鈥渁lleged illegally acquired Philippine documents.鈥�

The BI said he was found to be using a Philippine passport issued in 2021 and was in possession of several Philippine identity cards showing that he is a Filipino.

鈥淗owever, Viado shared that their Alien Registration Division was able to confirm that his fingerprints matched that of a Chinese citizen, who previously held a long-term visa and an Alien Certificate Registration Identity Card,鈥� it added.

The BI said Mr. Sy is 鈥渟aid to own many major businesses in the country鈥� and has 鈥渋nfiltrated different economic and business groups.鈥�

鈥淲ithout naturalization, a foreign national is not eligible to get Philippine citizenship documents,鈥� BI Commissioner Joel Anthony Viado said.

鈥淕overnment intelligence sources have reason to believe that this is another case of assumed Philippine identity, similar to that of Alice Guo,鈥� he added.

Meanwhile, Senator Risa N. Hontiveros-Baraquel raised concerns over Mr. Sy鈥檚 detention after she learned that he had served as a volunteer with the Philippine Coast Guard (PCG), citing it could be a national security risk.

The PCG did not immediately reply to a Viber message seeking comment.

鈥淭he Senate must immediately probe his affiliations, background and the circumstances under which he obtained his Philippine documents,鈥� Ms. Hontiveros said in a statement.

The BI said Mr. Sy, who is facing a deportation case for misrepresentation, is currently held at the BI鈥檚 holding facility in Bicutan, Taguig.

BI operatives arrested Mr. Sy on Aug. 21 after arriving from Hong Kong. He was detained due to an alleged misrepresentation of his citizenship.聽 聽

FNI is a listed mining company that has business interests in nickel ore mining, logistics, cement and steel production, and port operations. 鈥� Kenneth Christiane L. Basilio, Revin Mikhael D. Ochave, and Kyle Aristophere T. Atienza

The SEC listed Blofin, CoinW, DigiFinex, LBank, and Pionex in the advisory published on its website.

鈥淸These] entities have been identified as providing features that specifically enable access within the Philippine territory, such as options to register with a Philippine mobile number, accept Philippine peso through on-ramp methods including banks or e-wallets, and make their platforms accessible within the country without securing the necessary registration and crypto asset service provider (CASP) license from the SEC,鈥� the advisory said.

The SEC said its Memorandum Circular (MC) No. 4 on CASP rules and MC No. 5 on CASP guidelines, which took effect on July 5, apply to any person or entity offering, promoting, or facilitating access to crypto asset trading venues or intermediation services such as buying, selling, and derivatives trading of crypto assets.

The commission reminded the public not to invest through unregistered platforms and to verify the registration and licensing status of entities offering crypto asset services.

Investors engaging with unregistered platforms face the risk of total loss of invested funds; lack of legal protection or recourse; exposure to fraud, identity theft, market manipulation, and misuse of personal data; and increased vulnerability to money laundering and terrorist financing, the SEC said.

The SEC added that the new list is in addition to ten crypto platforms flagged in a separate advisory dated Aug. 1 for operating without the required registration.

鈥淥ther platforms with similar features designed to onboard Philippine users without registration shall likewise be considered in violation of Philippine securities laws and will be subject to enforcement action,鈥� the SEC said.

The five platforms had yet to respond to 大象传媒鈥檚 e-mailed request for comment as of press time.

Amid its recent enforcement actions against unregistered platforms, the SEC clarified in an Aug. 14 advisory that there is no ban on crypto trading.

It said that CASP rules require entities to secure the necessary registration and licenses before offering their services in the Philippines.

鈥淲e recognize the importance of a free, competitive market, but one that is responsibly regulated to protect investors and support the sustainable growth of the crypto industry in the Philippines,鈥� the SEC said. 鈥� Revin Mikhael D. Ochave

Gross revenue for April to June fell 25% to P2.11 billion from P2.82 billion a year earlier, Sta. Lucia said in a regulatory filing.

Real estate sales dropped 33.4% to P1.4 billion, while rental income rose 3% to P192.57 million.

For the first half, Sta. Lucia said its attributable net income slid 38% to P1.49 billion as gross revenue decreased 28% to P4.74 billion.

Real estate sales for January to June fell 37% to P3.32 billion, while rental income grew 3% to P372.92 million.

鈥淭he decline in residential sales was driven by shifting and slow market demand in key regional areas such as Cebu, Cavite, Iloilo, Davao, and Laguna. These conditions have led to lower sales absorption and reduced transaction volumes across the group鈥檚 residential portfolio,鈥� Sta. Lucia Land said.

鈥淥verall, while the group has maintained a level of stability through its ongoing marketing efforts, the decline in core real estate sales and ancillary revenues highlights emerging pressures within regional markets to attract potential buyers despite the headwinds experienced by the real estate industry,鈥� it added.

Sta. Lucia Land鈥檚 portfolio consists of residential, commercial, leisure, and retail developments, including Oro Vista Grande in Antipolo, Sta. Monica Lake Residences in Pangasinan, and Almeria Village in Dumaguete.

Sta. Lucia Land shares were unchanged at P2.61 apiece on Friday. 鈥� Revin Mikhael D. Ochave

Artico Mandaue completed the shift on July 26 through its participation in the government鈥檚 green energy option program (GEOP), which allows eligible end-users to directly source their power from certified RE suppliers, ALLHC said in an e-mailed statement over the weekend.

The company said the transition to renewable energy is expected to cut the facility鈥檚 electricity expenses by about 30% each month.

The GEOP is part of government efforts to increase the share of RE in the power generation mix and reduce dependence on fossil fuels.

鈥淭his is a major milestone for Artico Cold Chain and a concrete step forward in the sustainability journey of ALLHC,鈥� ALLHC President and Chief Executive Officer Robert S. Lao said.

鈥淥ur participation in the GEOP not only demonstrates our commitment to a greener future but also enhances our operational efficiency. We are proud to be contributing to a more sustainable and resilient energy sector in the Philippines,鈥� he added.

In April last year, ALLHC鈥檚 Artico Bi帽an 2 cold storage facility in Laguna also switched to GEOP. The company plans to transition more facilities to the program.

ALLHC is a subsidiary of listed real estate developer Ayala Land, Inc. (ALI). The RE transition aligns with ALI鈥檚 medium-term sustainability goals of achieving carbon neutrality by 2030 and net-zero emissions by 2050, the company said.

鈥淏y sourcing its electricity from renewable sources such as solar and geothermal energy, the facility will significantly reduce its carbon footprint and mitigate greenhouse gas emissions,鈥� ALLHC said.

ALLHC shares fell by 0.69% or one centavo to P1.44 apiece on Friday. 鈥� Revin Mikhael D. Ochave

The benchmark Philippine Stock Exchange index (PSEi) went up by 0.05% or 3.71 points to close at 6,281.58, while the broader all shares index increased by 0.06% or 2.44 points to 3,737.58.

鈥淭he local market posted gains on the back of bargain hunting. Investors also appreciated Rating and Investment Information, Inc.鈥檚 (R&I) affirmation of the Philippines鈥� 鈥淎-鈥� credit rating with a stable outlook,鈥� Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. 鈥淔inally, hopes of a Bangko Sentral ng Pilipinas (BSP) rate cut [this] week helped in lifting the bourse.鈥澛�

R&I on Wednesday affirmed the Philippines鈥� investment-grade 鈥淎-鈥� rating with a stable outlook as it said it expects sustained economic growth and improving incomes amid 鈥渞obust public and private investments, development of domestic business such as information technology and business process management industry, and population growth.鈥�

For the first half, Philippine economic growth averaged 5.4%, slightly below the government鈥檚 5.5% to 6.5% target for this year.

Meanwhile, BSP Governor Eli M. Remolona, Jr. earlier said that a rate cut is 鈥渜uite likely鈥� at the Monetary Board鈥檚 Aug. 28 meeting amid easing inflation.

If realized, this would be the BSP鈥檚 third straight reduction since April. The Monetary Board has lowered benchmark interest rates by a cumulative 125 basis points since it began its easing cycle in August 2024, with the policy rate now at 5.25%.

Meanwhile, week on week, the PSEi dropped by 0.54% or 34.35 points from its 6,315.93 close on Aug. 15, marking its second straight week of decline.

鈥淲ithout any positive catalyst, the local market succumbed to bearish pressures, leading to an extended decline in last week鈥檚 trading. This is the first week since June 9 to 13 that the market continued in a certain direction,鈥� Mr. Tantiangco said. 鈥淭he local market remains undervalued fundamentals-wise. As of last week鈥檚 closing, the PSEi鈥檚 price-to-earnings ratio is at 10.8 times. This is below its five-year historical average of 17.3 times and the regional average of 17.6 times.鈥�

The majority of sectoral indices closed higher on Friday. Property went up by 1.02% or 24.69 points to 2,444.46; industrials rose by 0.89% or 80.98 points to 9,112.92; mining and oil climbed by 0.46% or 44.09 points to 9,489.24; and financials increased by 0.09% or 1.91 points to 2,116.45.

Meanwhile, holding firms declined by 0.8% or 42 points to 5,205.46 and services retreated by 0.35% or 8 points to 2,276.18.

Value turnover rose to P6.44 billion on Friday with 803.64 million shares traded from the P5.76 billion with 1.07 billion shares exchanged on Wednesday.听

Decliners beat advancers, 97 versus 93, while 50 names were unchanged. Net foreign selling was at P721.91 million on Friday versus the P161.83 million in net buying recorded on Wednesday. 鈥� Revin Mikhael D. Ochave

鈥淚nstead of coming up with a REIT in 2026, we may have to defer it a bit and we have to take into account market conditions as well as liquidity in the market,鈥� SM Prime Chief Finance Officer John Nai Peng C. Ong said during an investor relations event hosted by the Philippine Stock Exchange (PSE) on Wednesday.

鈥淲hile the view on REIT is still there, the timing may have to be deferred beyond the year 2025 and I think personally even beyond 2026,鈥� he added.

SM Prime鈥檚 REIT is among the big-ticket IPOs currently deferring their planned listings due to unfavorable market conditions.

The PSE is aiming to record six IPOs this year, but only one has gone public so far, with Cebu-based fuel retailer and distributor Top Line Business Development Corp. in April.

In relation to this, Mr. Ong said that SM Prime is studying the use of green financing as part of the company鈥檚 fundraising initiatives.

鈥淲e have been studying to consider also sustainability-linked instruments and green bonds. As of today, we have yet to tap green or sustainability-linked instruments. We are open to it. That is why we have been studying to see if it is worth pursuing,鈥� he said.

Meanwhile, Mr. Ong said SM Prime expects to continue its growth momentum in the second half, led by improving economic data.

鈥淟ooking ahead, we remain optimistic as macro tailwinds continue to support demand across our portfolio. Our consumer-facing businesses are benefiting from resilient gross domestic product growth and strong household spending,鈥� he said.

鈥淚n hospitality, the recovery in tourism and MICE (meetings, incentives, conferences, and exhibitions) activity is gaining traction. Meanwhile, improved business confidence and a flight to quality are driving momentum in commercial leasing. Taken together, these trends provide strong visibility for sustainable growth and reinforce our confidence in delivering solid results across all business segments,鈥� he added.

For the first half, SM Prime posted an 11% increase in net income to P24.5 billion as consolidated revenue grew by 5% to P68 billion on higher rental income, real estate sales, and ancillary revenues.

Philippine inflation slowed to a near six-year low of 0.9% last month due to easing utilities and food costs.

SM Prime shares were last traded on Wednesday, unchanged at P23.60 per share. 鈥� Revin Mikhael D. Ochave

LISTED Villar Land Holdings Corp. and its top officials were fined a total of P12 million by the Securities and Exchange Commission (SEC) for failing to submit its 2024 annual report and first-quarter report for 2025.

In an order dated Aug. 18, the SEC Markets and Securities Regulation Department (MSRD) issued the maximum P1-million administrative fine each against Villar Land and 11 officials, totaling P12 million, in lieu of suspending the company鈥檚 registration statement and permit to offer and sell securities.

The order applies to Villar Land鈥檚 senior executives, including Chairman Manuel B. Villar, Jr.; President Cynthia J. Javarez; directors and incumbent Senators Mark A. Villar and Camille A. Villar; and director Manuel Paolo A. Villar.

Other officials named are independent directors Ana Marie V. Pagsibigan and Garth F. Castaneda; chief financial officer, chief information officer, treasurer, and investor relations officer Estrellita S. Tan; corporate secretary Gemma M. Santos; assistant corporate secretary Ma. Nalen S.J. Rosero; and compliance officer Kate D. Cator.

The MSRD also imposed a P2,000 administrative fine each for every day of delay starting July 1 until Villar Land, formerly known as Golden MV Holdings, Inc., submits its 2024 annual report and first-quarter report.

鈥淭he timely submission of annual and quarterly reports is mandatory and non-negotiable under the Securities Regulation Code (SRC) and its implementing rules and regulations. These reports are critical for regulatory oversight, market integrity, and protection of investor interests,鈥� the order said.

The MSRD denied Villar Land鈥檚 request for an extension to submit the reports by Aug. 31.

鈥淭he company has been afforded a significant period, from Jan. 1, 2025 to the original due date of April 15, 2025, the extended deadline of April 30, 2025, and the additional extension granted by the commission until June 30, 2025, to complete the preparation and submission of the 2024 audited financial statement (AFS),鈥� the order said.

According to the order, Villar Land was unable to file its annual and quarterly reports while reviewing the valuation of previously acquired companies holding land in the 3,500-hectare Villar City development.

On Sept. 30 last year, Villar Land purchased Althorp Land Holdings, Inc., Chalgrove Properties, Inc., and Los Valores Corp., which collectively own 366 hectares of land, under a P5.2-billion deal.

The order noted that the delays followed requests from Villar Land鈥檚 external auditor, Punongbayan & Araullo (P&A), to review the fair value of the acquired properties.

Villar Land initially tapped SEC-accredited asset valuer E-Value Phils, Inc. to prepare an appraisal report, which resulted in a P1.33-trillion value gain. P&A then requested Crown Property Appraisal Corp. to serve as an independent expert to review the properties, which generated a lower gain of P8.63 billion.

鈥淚n light of the protracted process that the company was constrained to take in order to meet the requirements of its external auditor, and in order to ensure that the company would be able to finalize and issue its 2024 AFS at the earliest possible time, the company agreed with P&A that it will accept the most conservative valuation for the assets鈥�,鈥� the order showed.

鈥淭his delay could have been avoided through earlier engagement with auditors, and more efficient management of the valuation issues,鈥� it added.

In a statement, Villar Land said it will respond to the SEC鈥檚 order in due course and welcomed the opportunity to provide its explanation regarding the issues raised.

鈥淲e wish to clarify that the delay in the filing of the annual report and the first-quarter 2025 quarterly report of Villar Land is not due to the refusal of its external auditor to sign the 2024 AFS. The delay was caused by the auditor鈥檚 varying requests for additional audit procedures in the course of their review of the valuation of the Villar City properties that were acquired by Villar Land in 2024,鈥� it said.

鈥淲e also want to highlight the fact that while the company firmly believes that it is the fair value of the Villar City properties that should be reflected in its financial statements, in the interest of securing the immediate release of the 2024 Audited Financial Statements, it had reluctantly proposed to the external auditors the use of cost basis in recording the value of the same properties,鈥� it added.

Villar Land announced on March 28 that its 2024 net income rose to P999.72 billion from P1.46 billion the prior year, on fair value gains on investment properties that increased to P1.33 trillion from P59 million in 2023.

The MSRD noted that the figures in the March 28 disclosure, which were later reported to be subject to audit, 鈥渃ould very well mislead the investing public.鈥�

Villar Land was directed to show cause why it should not be held liable for violations of Sections 26.3 and 54.1(c) of the SRC; violation of Section 8(c) of the Financial Products and Services Consumer Protection Act; and violation of Section 30, in relation to Section 158, of the Revised Corporation Code.

Trading of Villar Land shares has been suspended since May 16 for failing to file its financial reports. The suspension remains in effect as of writing.

Villar Land postponed its annual stockholders鈥� meeting to Oct. 20 from the original schedule of Sept. 3.

Villar Land shares were unchanged at P2,296 per share as of May 15.

鈥淓ven if the (blend) increase was postponed, it was not canceled. It will only be done at a later date. It would still make sense to proceed with more capacity for biodiesel,鈥� D&L President and Chief Executive Officer Alvin D. Lao told reporters recently.

鈥淚t鈥檚 still in the planning stages. I would say it鈥檚 probably a matter of when, not if. There鈥檚 a high probability we will make a second plant. In terms of when, how big, or how much we鈥檒l spend, we鈥檙e not there yet,鈥� he added.

The Department of Energy issued an advisory last month announcing the suspension of the planned increase in the coco methyl ester (CME) component of biodiesel amid high coconut oil prices that could impact pump prices.

The increase to a 4% biodiesel blend was supposed to be implemented on Oct. 1, rising to 5% a year later.

Mr. Lao said that a second biodiesel plant 鈥渕akes sense鈥� for D&L moving forward.

D&L subsidiary Chemrez Technologies, Inc. operates a biodiesel plant in Quezon City with an annual capacity of 90 million liters.

鈥淭he fact that we made that announcement, it鈥檚 something we鈥檙e very serious about,鈥� Mr. Lao said.

In March, D&L said it was evaluating the risks and returns of building a second biodiesel plant.

The company added that the decision depends on how the plant would align with its growth objectives and the goal of maximizing long-term shareholder value.

鈥淒&L maintains a positive long-term outlook on the local biodiesel sector, recognizing the significant benefits that an increased biodiesel blend can offer to the economy, environment, and consumers,鈥� it said.

In October last year, the CME blend in diesel was raised to 3% from 2%, in support of efforts to lower dependence on imported fuel, reduce greenhouse gas emissions, and support the biodiesel industry.

D&L shares were last traded on Aug. 20, unchanged at P5 apiece. 鈥� Revin Mikhael D. Ochave

On Wednesday, the Philippine Stock Exchange index (PSEi) inched up by 0.20 point to close at 6,277.87, while the broader all shares index slipped by 0.07% or 2.76 points to end at 3,735.14. The market was closed on Thursday for the Ninoy Aquino Day holiday.

鈥淭here can be muted technical correction ahead of next week due to an oversold market,鈥� First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

The PSEi has been moving sideways in the past few days, staying at the 6,200 level due to a lack of fresh catalysts before the US Federal Reserve鈥檚 annual Jackson Hole symposium.

Mr. Powell is scheduled to make a speech at the gathering on Friday, which markets will monitor for potential hints of the direction of monetary policy in the world鈥檚 largest economy amid expectations of a Fed cut next month, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Fed has kept its target rate at the 4.25%-4.5% range since December 2024.

Traders ramped up bets for a September cut following a surprisingly weak payrolls report at the start of this month, and were further encouraged after consumer price data showed limited upward pressure from tariffs, Reuters reported. However, a hotter-than-expected producer price reading last week complicated the policy picture.

Minutes out overnight from the Fed鈥檚 July gathering, when policymakers voted to keep rates steady, suggested that Fed Vice Chair for Supervision Michelle Bowman and Governor Christopher Waller were alone in pushing for a rate cut.

That led traders to pare back odds to 80% for a quarter-point Fed rate cut on Sept. 17, down from 84% 24 hours earlier. They are currently pricing in a total of 53 basis points of easing over the rest of the year.

Another key catalyst for the market is the BSP鈥檚 Aug. 28 policy meeting, where the market expects a third straight 25-basis-point reduction, Mr. Ricafort said.

This would 鈥渓ower borrowing costs that would help spur more demand for credit and, in turn, spur more economic activities and overall GDP (gross domestic product) growth,鈥� he added.

Mr. Ricafort placed the PSEi鈥檚 immediate support at 6,204.04 and immediate major resistance at 6,370.

BSP Governor Eli M. Remolona, Jr. said last week that a rate cut is 鈥渜uite likely鈥� at the Monetary Board鈥檚 meeting next week.

Mr. Remolona added that they could lower benchmark rates by only two more times for the remainder of the year, including the possible move on Aug. 28, as they expect inflation to stay within the 2-4% target. 鈥� R.M.D. Ochave with Reuters

Hotel101 entered into definitive agreements with Cambodian real estate developer Canopy Sands Development Co. Ltd. to develop the 700-room Hotel101-Phnom Penh and the 680-room Hotel101-Sihanoukville, the company said in an e-mailed statement on Wednesday.

The two projects are expected to generate P6.3 billion ($109.55 million) in total sales revenue once fully sold and will be among the largest hotels in Cambodia in terms of room count upon completion, it noted.

鈥淭hese landmark developments, the first to be located in Phnom Penh, the capital and commercial hub of Cambodia, and the second to be located at Bay of Lights in Sihanoukville, a burgeoning financial and tourism beacon, mark a pivotal step in Hotel101鈥檚 long-term vision to operate 1 million hotel rooms across 100 countries,鈥� Hotel101 said.

The 30-floor Hotel101-Phnom Penh will rise on a 2,033-square-meter (sq.m.) parcel of land in the Tonl茅 Bassac district. It is near landmarks such as the Boeung Keng Kang upscale district, Aeon Mall 1, and the Independence Monument.

The project will include kitchenettes, a swimming pool, a fitness gym, all-day dining, a business center, function rooms, and commercial spaces.

The Hotel101-Sihanoukville will rise on a 4,623-sq.m. parcel of land within the $16-billion, 934-hectare Bay of Lights master-planned coastal development led by Canopy Sands Development. It will be located near Sihanoukville airport.

Both projects will feature Hotel101鈥檚 standardized 21-sq.m. 鈥淗appyRoom鈥� units.

Hotel101 said the expansion seeks to take advantage of Cambodia鈥檚 6.7 million international visitors last year, a figure expected to rise further with the opening of the new Techo International Airport in Phnom Penh on Sept. 9.

Cambodia is the sixth country with a Hotel101 presence after the Philippines, Japan, Spain, the United States, and Saudi Arabia. Other Hotel101 projects under development are in Niseko, Japan (482 rooms), Madrid, Spain (680 rooms), and Los Angeles, USA (about 622 rooms).

DD shares fell by 1.72% or 17 centavos to P9.71 apiece on Wednesday. 鈥� Revin Mikhael D. Ochave

鈥淲e forecast the PSEi to reach 7,100 by yearend as we expect corporate earnings to increase by 8% in 2025, with an implied price-to-earnings ratio of 12x,鈥� Unicapital Securities Equity Research Analyst Peter Louise D.C. Garnace said in a briefing on Wednesday.

鈥淲e reduced our earnings per share assumption from 10% to 8% given the uncertainties related to global trade tensions,鈥� he added.

Mr. Garnace said the PSEi would be supported by easing inflation, prospects of further interest rate cuts, resilient economic growth, and 鈥渦ndemanding鈥� valuations.

鈥淢oving into the second half, we continue to see policy easing as a key tailwind for the market, underpinned by continued easing of inflation rate, and the government鈥檚 target to spur the local economy,鈥� he said.

鈥淲e continue to see the disinflationary trend for price levels, and this is driven by the decline in rice and oil prices,鈥� he added.

Philippine inflation slowed to a near six-year low of 0.9% in July as utilities and food costs continued to ease.

However, Mr. Garnace noted risks to the projection, including inflationary pressure from United States tariffs, global oil price volatility, trade disruptions, and geopolitical tensions.

Unicapital Securities Equity Research Analyst Jeri R. Alfonso said the PSEi projection relies on the resilience of sectors such as consumer, real estate investment trusts (REITs), and utilities.

鈥淲e see the Filipino household seeing a bit more cash in their pockets this year because of the inflation stabilizing. Aside from that, we want to note that the recent minimum wage increase will help the consumer sector narrative,鈥� she said.

鈥淥ur role is to translate these numbers into actionable strategies for investors, so they can position ahead of the curve and benefit from the industries shaping the Philippines鈥� growth story. We believe the Philippines is not just turning the corner but is positioning to lead Southeast Asia鈥檚 growth race in 2025,鈥� Unicapital Securities President Maria Concepcion Y. Fernandez said.

The main PSE index inched up by 0.003% or 0.20 point to 6,277.87, while the broader all shares index slipped by 0.07% or 2.76 points to 3,735.14 on Wednesday. 鈥� Revin Mikhael D. Ochave

The three groups will assess the feasibility of a model in which steel scraps from MPIC鈥檚 supply chain will be bought by Mitsui and recycled by SteelAsia, which will then be sold back to the market for potential use in infrastructure projects.

MPIC said the initiative seeks to maximize the value of steel, reduce reliance on newly mined materials, cut carbon emissions, and keep resources in continuous productive use.

鈥淭his initiative goes beyond just recycling, it represents a fundamental shift on how we approach sustainable growth,鈥� MPIC Chief Finance, Risk, and Sustainability Officer June Cheryl A. Cabal-Revilla said in an e-mailed statement on Wednesday.

鈥淎 closed-loop system for steel means less extraction, fewer emissions, and stronger local supply chains. This model delivers lasting value for the economy, the environment and our communities,鈥� she added.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in 大象传媒 through the Philippine Star Group, which it controls. 鈥� Revin Mikhael D. Ochave

鈥淎t SM, we recognize the younger generation鈥檚 growing preference for experiences, and this shift opens new opportunities for growth across our businesses,鈥� SMIC President and Chief Executive Officer Frederic C. DyBuncio said in an e-mailed statement on Wednesday.

鈥淲e are broadening our entertainment offerings to strengthen engagement and create long-term value across the SM ecosystem,鈥� he added.

SMIC said it is transforming its malls, convention centers, and arenas into multi-dimensional experience hubs to cater to emerging demand.

SM Supermalls Executive Vice-President for Marketing Joaquin L. San Agustin said the malls have adjusted their marketing efforts since emerging segments, led by millennials and Gen Zs, now value experience, the feeling of inclusivity, community involvement, and sustainability.

鈥淭hat is why our marketing efforts, including entertainment events, are now geared toward targeting communities, or what we call 鈥榯ribes.鈥� These are your gamers, geeks, foodies, and the many fandoms sprouting, who like more interactive and personalized experiences. The mall has become their entertainment hub and their escape,鈥� Mr. San Agustin said.

SM said its Mall of Asia (MOA) Arena in Pasay continues to host international acts and will soon be complemented by a larger area in Cebu.

鈥淧roduction value is a whole lot better at the MOA Arena because the building is able to accommodate the creative demands of big events and top-tier acts, especially for multi-sensory experiences. We see the value in constructing world-class venues in key areas that would be able to support their economic growth,鈥� MOA Arena Vice-President for Arena Operations Arnel C. Gonzales said.

SM added that entertainment drives consumer traffic across group businesses, strengthens partnerships with global content providers, and creates shared spaces for leisure and wellness.

Meanwhile, SMX Convention Center has seen higher attendance and bookings for fan meets, gaming expos, and pop culture conventions since late 2023.

鈥淥ver the past year, there’s been a remarkable increase in event bookings, ticket sales, and audience turnout at our venues, particularly for entertainment-driven events. This upward trend gathered momentum in late 2023 and continued to grow steadily through 2024 into this year,鈥� SMX Convention Center Vice-President and General Manager Michael Jaey C. Alba帽a said.

鈥淓ven weekday events are seeing rising attendance, indicating that audiences are actively making time 鈥� and room in their budgets 鈥� for these experiences,鈥� he added.

SM said its group is also positioned to tap the country鈥檚 P1.94-trillion creative economy. Through SMIC SG Holdings, SM became the first Philippine company to invest in Klook, the Asia-based travel and experiences platform.

One-stop logistics solutions provider 2GO features karaoke lounges and video arcades in its vessels, while BDO Unibank, Inc. and China Banking Corp. also integrate lifestyle and travel-related rewards into customer programs.

SMIC shares declined by 1.76% or P14 to P781 per share on Wednesday. 鈥� Revin Mikhael D. Ochave