Peso slides to record low P59.44:$1
By Aaron Michael C. Sy, Reporter
THE PHILIPPINE PESO slid to a record low of P59.44 a dollar at Wednesday’s close, failing to sustain support seen late last year due to renewed demand for the greenback amid heightened geopolitical tensions.
The local currency weakened by 9.9 centavos from Tuesday’s 59.341 finish, according to Bankers Association of the Philippines data posted on its website. The close broke the previous record low of P59.355 on Jan. 7.
The peso opened Wednesday’s trading session weaker at P59.38 versus the dollar. Its intraday best was at P59.35, while its worst showing was at P59.45 against the greenback.
Dollars traded inched down to $951 million on Wednesday from $999.2 million on Tuesday.
Demand for the greenback persisted on Wednesday amid geopolitical concerns arising from the tariffs imposed by US President Donald J. Trump against Iran and its trading partners, a trader said by telephone.
The trader also cited increasing bets of fewer rate cuts by the US Federal Reserve this year.
This as the Trump administration threatened Fed Chair Jerome H. Powell with criminal indictment over his testimony before the US Senate regarding the renovation of the Fed’s headquarters in Washington, D.C.
The peso was also dragged by the local government’s reduction of its infrastructure spending target for the year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
The Department of Budget and Management cut its infrastructure spending target to 4.3% of gross domestic product (GDP) this year from 5.1% previously following weaker government spending and economic growth last year due to the flood control scandal.
The lower target translates to about P1.3 trillion in infrastructure outlays, Acting Budget Secretary Rolando U. Toledo said on Tuesday.
Mr. Ricafort noted that the peso moved within familiar ranges on Wednesday, signaling possible interventions from the central bank.
“So far, the signals have been consistent that [the Bangko Sentral ng Pilipinas (BSP) has] been on intervention in recent months and at least for more than three years already. So, these are familiar levels because the previous record high for more than three years was P59,” he told Money Talks with Cathy Yang on One News on Wednesday.
AIA Investment Management Philippines Chief Executive Officer Angie L. Pacis said in the same program that the peso could test the P62 level due to growing interest rate differentials between the Philippines and the US.
“We’re actually of the camp that, for now, based on what we see, maybe the rate cut in February is actually iffy, simply because the BSP is already within their 2-4% [inflation] target range,” she said.
BSP Governor Eli M. Remolona, Jr. said last week that a rate cut at the Monetary Board’s Feb. 19 meeting “remains on the table” but was “unlikely.” He also noted that the BSP is nearing the end of their easing cycle.
The Monetary Board has delivered 200 basis points in reductions since August 2024, bringing the policy rate to an over three-year low of 4.5%.
For Thursday, the trader said the market players will await developments with Mr. Trump’s subpoenas against Mr. Powell.
The peso could also be weighed by US producer inflation data which are expected to remain high and could further fuel hawkish Fed expectations, the trader added. The data will be released overnight.
The trader sees the peso moving between P59.20 and P59.60 per dollar on Thursday, while Mr. Ricafort expects it to range from P59.35 to P59.55.
World Bank projects Philippine growth above 5% until 2027
THE PHILIPPINE ECONOMY is projected to grow above 5% this year and in 2027, although governance concerns remain, the World Bank said.
The multilateral lender kept its growth forecast for the country until 2027, unchanged from its December projection.
In its bi-annual Global Economic Prospects report, the bank said the Philippine gross domestic product (GDP) is expected to expand by 5.3% in 2026 and 5.4% in 2027.
The World Bank’s forecasts were within the government’s 5-6% GDP target range for this year but below the 5.5-6.5% target for 2027.
“In the Philippines, planned structural reforms are likely to boost investment and productivity, but concerns around governance remain,” the World Bank said.
A corruption scandal over anomalous flood control projects has curbed government spending, eroded business sentiment, and affected household spending.
However, the World Bank estimated that GDP growth may have averaged 5.1% in 2025, slower than its earlier estimate of 5.3%. This is also below the government’s 5.5-6.5% target and the actual 5.7% growth in 2024.
“More recently, weather-related disruptions dampened growth in the Philippines and a contraction in public investment as well as slowing tourism revenues led to a deceleration in Thailand,” the World Bank said.
In addition, it noted that industrial production rose in the Philippines, along with Malaysia and Vietnam, largely owing to artificial intelligence (AI)-driven demand for semiconductor exports.
THIRD-FASTEST GROWTH
Meanwhile, the World Bank said the Philippines is expected to be the third fastest-growing economy in the East Asia and the Pacific region until 2027.
Vietnam is projected to grow by 6.3% this year, followed by Mongolia (5.6%).
The Philippines’ 5.3% growth projection would put it ahead of Indonesia (5%), Samoa (4.4%), China (4.4%), Cambodia (4.3%), Malaysia (4.1%), and Marshall Islands (4.1%).
For 2027, Vietnam is still poised to be the fastest-growing economy with 6.7%, followed by Mongolia (5.5%), the Philippines (5.4%), Indonesia (5.2%), Cambodia (5.1%), China (4.2%), Malaysia (4%), and Laos (3.9%).
The Philippines’ GDP growth forecast would also put it above the region’s 4.4% average growth projection for 2026 and 4.3% in 2027.
The World Bank said the economic growth in the East Asia and the Pacific (EAP) region was projected to moderate mainly due to the deceleration in China.
“Elsewhere in EAP, activity is expected to moderate this year before picking up next year. This reflects the unwinding of front-loading, along with stronger investment growth in some countries, owing to domestic policy support,” the bank said.
The World Bank also said risks to the regional outlook remain tilted to the downside, noting that further escalation in trade restrictions and policy uncertainty pose a significant risk to East Asia and the Pacific’s growth.
“Other downside risks include tighter global financial conditions, slower-than-expected growth in China, political uncertainty and social unrest in some economies, and natural disasters,” it added.
The multilateral bank also cited a lower drag from a higher trade barrier as private sector adaptability and AI‑driven expansion in investment and exports could lift growth prospects in the region as upside risks.
RESILIENT GLOBAL ECONOMY
Meanwhile, the global economy is proving more resilient than expected, with 2026 GDP growth expected to improve slightly over forecasts from last June, the World Bank said while warning that growth is too concentrated in advanced countries and overall too weak to reduce extreme poverty.
Its semi-annual Global Economic Prospects report showed that global output growth will slow slightly to 2.6% this year from 2.7% in 2025 before edging back to 2.7% in 2027.
The 2026 GDP forecast is up two-tenths of a percentage point from the last predictions released in June, while 2025 growth will exceed the prior forecast by four-tenths of a percentage point.
The World Bank said about two-thirds of the upward revision reflects better-than-expected growth in the US despite tariff-driven trade disruptions. It predicts US GDP growth will reach 2.2% in 2026, compared to 2.1% in 2025 — up two-tenths and half a percentage point from the June forecasts, respectively.
After an import surge to beat tariffs early in 2025 held back US growth for that year, bigger tax incentives will aid growth in 2026, offset by the drag of tariffs on investment and consumption, the World Bank said.
But if the current forecasts hold, the 2020s are on track to be the weakest decade for global growth since the 1960s and too low to avert stagnation and joblessness in emerging market and developing countries, the global lender said.
“With each passing year, the global economy has become less capable of generating growth and seemingly more resilient to policy uncertainty,” Indermit Gill, the World Bank’s chief economist, said in a statement. “But economic dynamism and resilience cannot diverge for long without fracturing public finance and credit markets.”
Mr. Gill added that global GDP per person in 2025 was 10% higher than on the eve of the COVID-19 pandemic — marking the fastest recovery from a major crisis in the past 60 years. But he said many developing countries are being left behind, with a quarter of them saddled with lower per-capita incomes than in 2019, particularly the poorest countries.
Growth in emerging markets and developing economies will slow to 4% in 2026 from 4.2% in 2025, up two-tenths and three-tenths of a percentage point from the June forecasts, respectively. But excluding China, the 2026 growth rate for this group will be 3.7%, unchanged from 2025, the World Bank said.
China’s growth will slow to 4.4% in 2026 from 4.9%, but the forecasts are both up four-tenths of a percentage point from June due to fiscal stimulus and increased exports to non-US markets.
Growth in the euro zone is set to slow to 0.9% in 2026 from 1.4% in 2025 due to the drag from US tariffs but recover to 1.2% in 2027 due to increases in European defense spending, the World Bank said.
Japan’s outlook is much the same for 2026, with growth slowing to 0.8% after a rise of 1.3% in 2025, a year aided by the front-loading of exports to the US to beat President Donald J. Trump’s tariffs. But slower consumption and investment in Japan will keep GDP growth unchanged at 0.8% for 2027, the World Bank said. — Aubrey Rose A. Inosante with Reuters
Tame Philippine inflation leaves room for BSP easing this year — HSBC
PHILIPPINE INFLATION may remain subdued over the next two years amid softer global commodity prices, allowing the Bangko Sentral ng Pilipinas (BSP) to ease further, Hongkong and Shanghai Banking Corp. (HSBC) Private Bank said.
In its 2026 outlook on the Philippine economy and market, HSBC said headline inflation will likely pick up to 2.4% this year and quicken to 2.8% in 2027. Both are within the central bank’s 2%-4% target.
“Cheaper imports from China and easing global commodity prices have led to low and stable inflation,” Fan Cheuk Wan, chief investment officer for Asia at HSBC Private Bank and Premier Wealth, said.
In 2025, Philippine inflation settled at 1.7%, the slowest in nearly a decade or since the 1.3% clip in 2016. This was slightly faster than the central bank’s 1.6% full-year forecast but below its target.
With inflation seen within target and growth prospects remaining dim, HSBC expects another 25-basis-point (bp) reduction to the key policy rate within the first quarter of the year.
“Tighter fiscal policy and slower infrastructure spending will curb capital imports, narrowing the current account deficit and giving leeway for the BSP to keep monetary policy accommodative,” Ms. Fan said.
“We expect one more 25-bp rate cut by the BSP to 4.25% in Q1 2026 to support domestic demand recovery.”
If realized, the benchmark interest rate would reach its lowest since August 2022 or when it stood at 3.75%. It would likewise match the 4.25% rate in September 2022.
In 2025, the Monetary Board delivered five straight 25-bp cuts from April to December, which brought the key borrowing costs to an over three-year low of 4.5%. It has so far slashed a total of 200 bps since it began its easing cycle in August 2024.
BSP Governor Eli M. Remolona, Jr. said another rate cut remains on the table but noted that the current policy rate is already “very close” to their desired rate, hinting at the end of their easing cycle.
Still, he said that weaker-than-expected growth may prompt them to deliver a total of two rate cuts this year.
The Monetary Board will have six policy meetings this year, with the first review scheduled for Feb. 19.
NEUTRAL PESO
Meanwhile, HSBC’s Ms. Fan said the peso is projected to remain range-bound this year, with a P59.20 finish against the dollar likely by yearend.
“After the Philippine peso weakened to its record low level against the US dollar in 2025, we expect the peso to remain largely range-bound this year and will reach P59.20 at the end of 2026,” she said. “We hold a neutral view on the peso over the next six months.”
The peso fell to a new record low of P59.44 versus the greenback on Jan. 14.
“On the Philippine stock market, its significant underperformance against the regional peers in 2025 has already priced in the growth headwinds from weaker infrastructure investment and subdued domestic demand,” Ms. Fan added.
The flood control corruption scandal battered both the peso and the stock market amid weak investor and business confidence as probes implicated government officials and private contractors in receiving kickbacks from infrastructure projects.
On Nov. 14, the Philippine Stock Exchange index plunged to 5,584.35, its weakest close in nearly five and a half years or since the 5,570.22 close on May 28, 2020.
However, HSBC said discounted stock valuations could buffer the local stock market against further downside risks, adding that the market may see an 8% income growth this year.
“The deeply discounted valuations should limit further downside for the market,” Ms. Fan said. “Hence, we maintain our neutral view on Philippines stocks.” — Katherine K. Chan
Philippine banks’ loan growth steadies in Nov.
PHILIPPINE BANKS’ loan growth held steady in November, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.
Outstanding loans of universal and commercial banks, net of reverse repurchase agreements, grew by 10.3% year on year to P13.988 trillion in November from P12.676 trillion in the same month in 2024.
November’s growth rate matched the pace of October. October saw the slowest growth in bank lending since the 10.1% recorded in June 2024.
On a seasonally adjusted basis, bank lending expanded by 0.9% month on month.
“Outstanding loans from universal and commercial banks (U/KBs) to businesses and individual consumers expanded in November,” the central bank said in a statement released late on Tuesday.
“Preliminary data show that loans from U/KBs grew at a steady rate of 10.3% year on year in November,” it added.
BSP data showed that big banks’ outstanding loans to residents grew by an annual 10.7% to P13.681 trillion in November, slightly easing from the 10.9% growth seen in the previous month.
On the other hand, loans to nonresidents fell by 4.5% year on year to P307.253 billion from the 11.1% drop logged in October.
Banks’ loans to residents for production activities grew by 9% to P11.789 trillion in November, slowing from 9.1% in the previous month.
This as lending for electricity, gas, steam, and air-conditioning supply sector jumped by 26.6%. Other segments that showed growth in lending include transportation and storage (12.7%); wholesale and retail trade, repair of motor vehicles and motorcycles (11.6%); real estate activities (9%); information and communication (7%); and financial and insurance activities (3.5%).
Meanwhile, big banks’ consumer loans to residents — which account for credit card, motor vehicle, and general-purpose salary loans but exclude residential real estate loans — rose by 22.9% in November to P1.892 trillion, slightly slower than the 23.1% growth in October.
Broken down, credit card loans jumped by 29.5% to P1.158 trillion, picking up from the 29.2% growth in October, while lending growth for motor vehicles eased to 16.3% at P524.037 billion from 17.6% in the previous month.
On the other hand, loans for general-purpose salaries reached P164.932 billion in November, climbing by 6.4%. This is a tad faster than 5.8% a month ago.
“The BSP monitors bank loans because they are a key transmission channel of monetary policy,” the central bank said. “Looking ahead, the BSP will ensure that domestic liquidity and bank lending conditions remain aligned with its price and financial stability objectives.” — Katherine K. Chan
Marcos expects surge in large-scale data center investments after UAE talks
PRESIDENT Ferdinand R. Marcos, Jr. expects interest in large-scale data center investments to accelerate following his discussions with executives of United Arab Emirates (UAE)-based DAMAC Digital, which is looking to expand its footprint in Southeast Asia’s fast-growing digital infrastructure market.
DAMAC Digital is studying plans to build what could become the Philippines’ largest data center in Laguna, a project officials said would anchor broader investments in cloud computing and artificial intelligence (AI), according to a statement from the Presidential Communications Office on Wednesday.
Mr. Marcos told executives that the sector would be given priority support, highlighting the administration’s push to attract capital into higher-value, technology-driven industries.
“We are very excited about DAMAC Digital’s planned investment in the Philippines, including what is set to be the largest data center in the country, with up to 250 megawatts (MW) of capacity,” he said in a Facebook post.
“This positions the Philippines as an emerging data center hub in the region. We continue to welcome investments that strengthen our digital economy, create high-quality jobs, and prepare our country for the demands of the future,” he added.
The government expects demand for data centers to rise sharply as digital payments, e-commerce, and AI adoption expand across the region.
DAMAC Digital, the digital infrastructure arm of Dubai-based DAMAC Group, has committed more than $3 billion to Southeast Asia and aims for 250 MW of operational capacity in the region by 2026.
A Philippine project would add to its global portfolio spanning the US, the Middle East, Europe, and Asia.
The discussions took place during Mr. Marcos’ visit to Abu Dhabi, where the Philippines signed its first Comprehensive Economic Partnership Agreement in the region with the UAE.
Officials said the trade deal, alongside potential investments such as DAMAC’s, is expected to attract foreign capital to strategic sectors and support growth as the economy pivots toward digital industries.
DAMAC Digital, originally launched as EDGNEX Data Centres in 2021 and rebranded in June 2025, develops, constructs, and manages data centers for hyperscale wholesale, retail colocation, cloud services, and AI-driven workloads, with a focus on sustainability, innovation, and international connectivity. — Chloe Mari A. Hufana
SMGP plans $300-M perpetual bond sale for refinancing, renewables
SAN MIGUEL Global Power Holdings Corp. (SMGP), the power generation arm of San Miguel Corp. (SMC), plans to return to the offshore debt market with the issuance of up to $300 million in senior perpetual capital securities to refinance existing obligations and fund renewable energy projects.
In a disclosure to the Philippine Dealing & Exchange Corp. on Tuesday, SMGP said its board of directors approved the offer and issuance of the securities, which will be listed on the Singapore Exchange Securities Trading Ltd.
The company said the proceeds will be used to purchase and redeem its outstanding senior perpetual capital securities issued on Jan. 21, 2020, which carry an initial distribution rate of 5.7%.
Part of the funds will also be used to finance the pre-development of solar and hydropower projects, as well as capital expenditures related to battery energy storage system projects.
Through its wholly owned subsidiary SMC Global Light and Power Corp., SMGP is developing solar power projects with a combined capacity of about 2,670 megawatts across various sites in Luzon and Mindanao. These projects, located in Bataan, Davao, Bulacan, and Isabela, are targeted for completion through 2029.
“For the avoidance of doubt, the net proceeds will not be applied in connection with any of the Corporation’s and its subsidiaries’ existing and planned coal-fired power assets and/or liquefied natural gas assets,” SMGP said.
Standard Chartered Bank was appointed as sole lead manager, while DB Trustees (Hong Kong) Ltd. will serve as trustee. Deutsche Bank Aktiengesellschaft, Hong Kong Branch, was named principal paying agent, calculation agent, transfer agent, and registrar. Latham & Watkins was tapped as listing agent.
SMGP currently supplies about 20% of the national grid, with a total installed capacity of 5,710 megawatts.
On Wednesday, shares of SMC rose 0.06% to close at P85 apiece. — Sheldeen Joy Talavera
Megaworld launches office leasing unit, taps ex-ALI executive as head
TAN-LED property developer Megaworld Corp. has launched a new leasing group as it seeks to aggressively grow its office portfolio across the country.
The new unit, Megaworld Global Offices, will operate alongside the company’s existing Megaworld Premier Offices to help reach its target of two million square meters of leasable office space, the company said in a regulatory filing on Wednesday.
The two teams will focus their office expansions in key growth areas, including the Ilocos Region, Pampanga, Cavite, Bacolod, and Cagayan de Oro.
Megaworld Global Offices will be headed by Francisco Ma. D. Roxas, a former executive of Ayala Land, Inc. (ALI), who brings 30 years of experience in real estate development and property management.
He previously served as the chief operating officer of ALI’s unit Ayala Land Offices, and was instrumental in the growth of the company’s portfolio amid the demand for hybrid-friendly and sustainability-led office spaces.
“We continue to see strong demand for office spaces in the country, even with the rapid emergence of artificial intelligence (AI) and other new technologies,” Megaworld President and Chief Executive Officer Lourdes T. Gutierrez-Alfonso said.
“These digital advancements continue to fuel growth across many industries and create opportunities for finance, IT, and healthcare professionals,” she added.
The company is also targeting more Fortune 500 multinational firms, including startups, to expand its tenant base of nearly 200 companies.
Most tenants are located in major townships that have evolved into cyberparks, such as Eastwood City in Quezon City; Uptown Bonifacio, McKinley Hill, and McKinley West in Taguig City; and Iloilo Business Park.
Megaworld currently operates about 1.6 million square meters of office space across 90 towers nationwide, hosting around 200,000 employees, primarily from the business process outsourcing and corporate sectors.
Its tenants include global companies such as Google LLC, The Coca-Cola Company, Wells Fargo & Company, IBM, Accenture plc, and JPMorgan Chase & Co.
The company has also been incorporating sustainability features in its properties, with 32 office buildings nationwide certified or registered under the Leadership in Energy and Environmental Design (LEED) program.
In the first nine months of 2025, Megaworld’s attributable net income surged by 16% P15.93 billion, driven by high rental income and sales.
At the Philippine Stock Exchange, Megaworld’s shares closed flat at P2.21 each on Wednesday. — Beatriz Marie D. Cruz
Bistro Group sparks with local concept
Applies its lessons from foreign franchises to Siklab
THE Conrad S Maison branch of Siklab — formerly a food hall concept by The Bistro Group — seems to reflect a new pivot to further develop their homegrown brands. While the franchise of the US restaurant Dave & Buster’s that they operate at the Opus mall seats 1,500, due to the play area, in terms of dining, this 260- to 290-seater is the biggest outlet of The Bistro Group to date.
BusinessWorld went to a preview dinner at Siklab on Jan. 7, tasting their Filipino favorites. We particularly liked their Sinilabang Manok (the word siklab means “spark,” so it’s like saying “sparked chicken”), which serves as a version of Bacolod’s inasal (barbecue), that has a very pronounced hit of lemongrass. Their pancit palabok (a noodle dish) can stand toe-to-toe with anybody’s, while their Pinatisang Manok (chicken cooked with fish sauce) is an almost-perfect clone of a heritage fried chicken dish from another restaurant group. Everybody at the table liked their version of bibingka (a steamed rice cake), fluffy like a cake, topped with muscovado sugar, coconut, salted egg, and cheese.
Guia Abuel, chief operating officer of The Bistro Group, said that they had previously launched local brands Siklab and Krazy Garlik in 2014, but had them shuttered in 2018 due to what they thought was their lack of experience in running local brands. After all, The Bistro Group is known for bringing US restaurant franchises here, such as TGI Friday’s (their first) and Morton’s The Steakhouse.
Times have changed, and this Siklab — its largest — is the third branch, after their first relaunch in Shangri-La Plaza mall, then a second branch in Cavite’s Evo City. By the end of the month, Ms. Abuel predicts that they’ll be able to open four more: along Kamagong St. in Makati City, Park Triangle in BGC, Vermosa in Cavite, and at Evia Lifestyle Mall in Las Piñas.
“With the experience we’ve had through the years, we felt that the company is already prepared to come out with a locally conceptualized restaurant,” she said.
“The past few years, we’ve seen successes of local Filipino restaurants. I will not name our competitors, but they were an inspiration for us. We have all cuisines already… but we don’t have a local concept.”
One might think that concentrating on mostly foreign flavors in their decades-long history might prove to be a handicap in making something Filipino, but she says that the systematic operations influenced by their Western counterparts helped them build better. “They have a great foundation of standards,” she said. “It’s an American style of service: friendly, generous.
“We kind of applied these learnings in the way we run our business now, in a homegrown set up,” she said.
On that note, how do they set themselves apart as a Filipino restaurant in the Philippines, counting that most of their experience has been with foreign brands? “There are a lot of good local restaurants, but in terms of execution… I think we can be ahead of them.
“We’re a matured operator. Of course, food is everything, but it’s not everything. It’s the quality of service, the ambiance. It’s a total package.” — Joseph L. Garcia
SPNEC seeks DoE reconsideration of Sta. Rosa solar project termination
SP NEW ENERGY CORP. (SPNEC) said it is asking the Department of Energy (DoE) to reconsider the termination of its service contract for a solar power project in Sta. Rosa, Nueva Ecija, which experienced delays due to unforeseen circumstances.
“The company is in discussions with the Department of Energy regarding said force majeure claim and intends to request for the reconsideration of the termination,” SPNEC said in a statement to the local bourse on Wednesday.
The company received a notice of termination for the Sta. Rosa service contract, which it had previously flagged as subject to a force majeure claim.
SPNEC won the contract to develop the 280-megawatt (MW) project during the first green energy auction in 2022.
GEA-1 projects are targeted for completion by 2025.
The company cited challenges such as transmission constraints that affected project progress.
“Pending the outcome of said discussions and request for reconsideration, no adverse impact is expected on the overall business, operations, and financial condition of the company,” SPNEC said.
In the same disclosure, SPNEC clarified that it is a separate entity from Solar Philippines Power Project Holdings, Inc., a company currently facing penalties after the DoE terminated several renewable energy contracts.
It said that it “is not the ‘Solar Philippines’ mentioned in the news articles,” although the Leviste-led firm is a stockholder in SPNEC.
Solar Philippines has been fined P24 billion for failing to deliver nearly 12,000 MW of renewable energy over the past two years.
The DoE terminated 33 of its service contracts, accounting for around 64% of more than 18,000 MW of potential capacity.
Responding indirectly to the issue, businessman-turned-politician Rep. Leandro L. Leviste said on Facebook that he will address concerns in the proper forum.
“Iginagalang ko ang mga kawani ng gobyerno at tutugon ako sa kanilang mga pahayag sa tamang forum. Paumanhin po sa mga natatamaan, pero ang pinaglalaban ko lamang ay ang katotohanan. Lubos ang aking pasasalamat sa mga nananawagan para sa transparency sa paggamit ng pondo ng bayan,” he said. (I respect workers in government, and I will address their statements in the proper forum. I apologize to those who may feel affected, but what I am standing up for is simply the truth. I am deeply grateful to those calling for transparency in the use of public funds.) — Sheldeen Joy Talavera
Tailor fitting food halls to the locations
THE Sundry Food Hall opened last month in Bonifacio Global City (BGC), but more than its numerous food options, the logic behind the operations makes for a more interesting story. It not only took the food hall out of the usual mall location, but also tailor fit its options depending on location. And aside from dining in, customers have the option to order from a variety of restaurants through delivery partners at one go.
The BGC branch, in GSC Corporate Tower, Triangle Drive, BGC, is the concept’s seventh: the others are in España, Taft, Pasig, Commonwealth, Makati, and Parañaque. This branch contains CoCo Fresh Tea & Juice, 24 Chicken, Wann Mann, Bangkok Station, Potato Corner, Big Al’s Cookie Jar, Hearts & Bells, Merry Moo and Louie’s Buko.
The Sundry Food Hall concept was founded by husband-and-wife team Jai Reyes and Josephine Kamiyama as a cloud kitchen during the pandemic. Then since 2024, they pivoted most of the cloud-kitchen branches to dine-in operations.
Each Sundry Food Hall location has a different set of restaurant partners. “We rely a lot on the data, per area, [for] who we think is going to do well,” Mr. Reyes told BusinessWorld. “I guess we learned through experience also. One branch of the same brand doesn’t perform as well in the other branch. We get a lot of data from Grab and Foodpanda. In a particular area or radius, we get their help in suggesting to us what type of cuisines are being searched for.”
The concept is a boon for customers: “You get to eat in a place where you can have various options,” he said. “You can really order from different brands in just one sitting.
“We kind of took the food hall out of the mall, because the delivery numbers do better when we’re right by the roadside with a dispatch window. That’s a huge advantage for our tenants,” he said.
They provide the space and the common area staff. The tenants simply set up their kitchens and provide a kitchen crew. “Lower investment, and faster expansion. That’s what we tell our tenants. We provide the space, where all they need to do is put equipment, and bring their staff.”
At the same time, customers can order from multiple restaurants and pay just one delivery fee.
They are also moving down south, with planned expansions in Alabang and Santa Rosa. In line with the “faster expansion” selling point to their tenants, the move down south, according to him, is so that their tenants can have a footprint south of Manila.
On another note, those who still remember Jai Reyes as the Ateneo de Manila University Blue Eagles basketball player in the 2000s will be pleased to know that he now serves as commissioner for the University Athletic Association of the Philippines (UAAP), the league he once played in.
Asked about his own transition from basketball to business, he said, “All athletes someday get told that it’s time to hang it up,” he said. “I was scared, but just like sports, you just do your work. Apply it, learn from your mistakes, and then move on again.” — J. L. Garcia
MREIT allocates P184M from share sale to township projects
MREIT, INC., the real estate investment trust (REIT) of listed Megaworld Corp., said it has earmarked P184 million from the proceeds of a recent block sale of its shares for ongoing township projects in Bacolod, Cebu, and Palawan.
In its reinvestment progress report, Megaworld said P70.7 million was allocated for the development of Paragua Coastown, its eco-tourism township in San Vicente, Palawan.
The funds, disbursed through its unit Megaworld San Vicente Coast, Inc., would be used for building and land improvements within the township.
MREIT also allocated P63.98 million for its Bacolod projects via Megaworld Bacolod Properties, Inc., covering planned expansions such as malls, offices, and land development.
Meanwhile, P49.5 million was earmarked for The Mactan Newtown in Cebu through Megaworld Oceantown Properties, Inc.
The disbursements were made between Dec. 23 and 31, 2025, MREIT said.
The funds came from the December block sale of MREIT’s 98 million common shares, which raised P1.32 billion. As of Dec. 31, MREIT’s remaining proceeds from the sale stood at P1.14 billion.
In a separate disclosure, MREIT said it has disbursed P380 million between Oct. 1 and Dec. 31, 2025 from a separate block sale transaction of 168.63 million common shares of MREIT in September.
Of the P2.21-billion net proceeds, MREIT earmarked P160 million for The Mactan Newtown, P130 million for Paragua Coastown, and P90 million for its Bacolod projects.
MREIT’s asset portfolio includes office, retail, residential condominium, residential and commercial lots, and hotels, all located within Megaworld townships such as Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District.
Kevin Andrew L. Tan, president and chief executive officer of parent firm Alliance Global Group, Inc., said Megaworld plans to inject 250,000 square meters (sq.m.) of new office and mall assets into MREIT this year.
This is in line with MREIT’s goal to expand its asset portfolio to one million sq.m. of gross leasable area by 2027.
In the first nine months of 2025, MREIT posted a 27% increase in distributable income to P2.8 billion, driven by its newly acquired office assets.
Shares of MREIT fell by 0.43% or six centavos to close at P13.90 each on Wednesday. — Beatriz Marie D. Cruz
Dining In/Out (01/15/26)
A whisky masterclass to start 2026
THE Whisky Library, home to Manila’s largest whisky collection, opens the year with a dedicated Macallan masterclass anchored on A Night on Earth: The First Light, a limited-edition single malt inspired by the first sunrise of the year. Taking place on Jan. 21, from 7-9 p.m., the masterclass is guided by The Macallan brand expert Hans Eckstein and is designed as an exploration of how time, place, and tradition shape whisky. The evening features a tasting of four expressions from The Macallan’s A Night on Earth collection: A Night on Earth in Scotland, The Journey, The First Light, and A Night on Earth in Jerez. The series examines how different cultures mark moments of celebration, translating these occasions into whisky through flavor, design, and narrative. At the center of the experience is The First Light, a release inspired by New Zealand, which is among the first places in the world to witness the sunrise that begins the year. The single malt is matured in a combination of sherry-seasoned European and American oak casks, with a portion of ex-bourbon casks, resulting in a profile shaped by balance and layered character. Designed as a structured tasting experience, the masterclass allows guests to engage with the collection through guided discussion and sensory exploration in an intimate setting. The masterclass costs P4,500 net. Limited slots available so reserve through https://tickets.newportworldresorts.com/products/the-macallan-a-night-on-earth-masterclass.
Carmen’s Best unveils new flavors, new milk bar
CARMEN’S BEST has expanded its ice cream product line with new limited-edition flavors and dairy treats. The two new ice cream flavors are: Ube Halaya, a homage to the Filipino classic reimagined as a smooth, sweet ice cream; and Tiramisu, a local twist on the Italian dessert with espresso-infused mascarpone ice cream. The launch of these new flavors also marks a new chapter in the brand’s partnership with HOPE Philippines. When customers buy Ube Halaya and Tiramisu ice cream in pints or scoops, part of the sale goes toward building public school classrooms in different areas of the country, an initiative spearheaded by HOPE Philippines. The two flavors are now available nationwide online at carmensbest.com and in leading supermarkets. They come in exclusive 440 ml pints at P520 each. They are also offered at Carmen’s Best scooping stations in Rockwell, SM North EDSA, Mall of Asia, SM Makati, and Shangri-La Mall for P195 per scoop. Carmen’s Best has also launched the all-new Carmen’s Best Milk Bar, a local gourmet ice cream treat crafted with 100% fresh milk and no artificial colors or sweeteners. It contains 183 calories and provides 12% of the recommended daily calcium intake. It is available online at carmensbest.com, in groceries, and at all Carmen’s Best ice cream stores for P88 per bar or P528 for a box of six. Meanwhile, Carmen’s Best Milk has two new variants: Barista Fresh Milk, crafted to complement coffee, and Salted Caramel Milk. Carmen’s Best has partnered with 7-Eleven to offer convenient on-the-go sizes in stores nationwide.
Pancake House introduces brioche toasts
BELOVED flavors find a new canvas in Pancake House’s Brioche Toasts. Diners can try PB&J (Peanut Butter and Jelly) Brioche Toast (P229); Blueberry & Cream Cheese Brioche Toast (P249), with cream cheese and blueberry swirls, served with banana slices; and the Crème Brûlée Brioche Toast (P299) which has custard layered between two slices of toasted brioche, finished with a caramelized sugar crust, and served with banana slices. They are available at all Pancake House stores for dine-in, takeout, curbside pick-up, and delivery until March 31.
Krispy Kreme presents Chocomania
START the new year on a sweet note with Krispy Kreme Philippines’ latest collection: Chocomania, co-branded with Mars chocolates. This limited-time collection features three chocolate doughnuts inspired by classic Mars favorites, paired with the new Choco Caramel Twix Chiller. The doughnuts are: White Choco Malt topped with Maltesers, a soft chocolate dough coated in white chocolate, finished with crunchy Maltesers and additional white chocolate; Choco Caramel topped with Twix has rich dark chocolate dough loaded with Twix, crushed Graham crackers, and gooey caramel fudge; and Dark Choco Candy, a chocolate donut coated in dark chocolate, drizzled with white chocolate, and topped with M&Ms. Pair the doughnuts with the Choco Caramel Twix Chiller, an iced-blended mix of kreme base, double chocolate syrup, caramel fudge, and graham cracker crunch, topped with whipped kreme, chopped Twix, and a swirl of salted caramel. The Chocomania Collection is currently available until Feb. 28, starting at P80 per donut, available in all Krispy Kreme stores nationwide.
McDonald’s offers P99 McSavers
MCDONALD’S Philippines welcomes 2026 with McSavers Sulit Busog Crispy Chicken Fillet meals that cost P99. Options include the original Crispy Chicken Fillet with the original gravy, the Crispy Chicken Fillet ala King with a creamy sauce, and the recently introduced Golden Curry Fillet with a creamy and slightly spicy and sweet curry sauce. All three are served with extra rice, plus a regular drink. McSavers Sulit-Busog Meals are available through dine-in, take-out, drive through, and delivery.
Jollibee brings back Mix & Match
JOLLIBEE has brought back its Mix & Match option. Starting at P78, diners can pair popular mains and sides. Main options priced at P78 include the Yumburger, Jolly Spaghetti, and one-piece Burger Steak, while P88 mains include the Cheesy Yumburger, Crunchy Chicken Sandwich, and Jolly Hotdog. Side choices include Soda Float, Peach Mango Pie, Choco Sundae, Jolly Crispy Fries, and the newly introduced Iced Mocha. This year, Jollibee Mix & Match is endorsed by the girl group BINI. Jollibee Mix & Match is available nationwide for dine-in, takeout, and drive-through.