BoP deficit sharply narrows in Nov.
By Katherine K. Chan
THE Philippines’ balance of payments (BoP) deficit sharply narrowed in November amid higher remittance inflows during the holidays, the Bangko Sentral ng Pilipinas (BSP) reported late Friday.
Preliminary central bank data showed the BoP deficit stood at $225 million in November, sharply narrowing from the $2.276-billion gap seen in the same month last year.
“The Philippines’ balance of payments registered a modest deficit of $225 million in November 2025,” the central bank said in a statement.
Month on month, the BoP position swung to a deficit from the $706-million surplus posted in October.
November marked the first time in four months that the country’s BoP position fell to a deficit or since the $167-million gap in July.
BoP refers to the country’s economic transactions with other nations. A surplus indicates more funds entered the country, while a deficit shows that the country spent more than it received.
John Paolo R. Rivera, senior research fellow at the Philippine Institute for Development Studies, attributed the BoP deficit in November to increased import demand amid the holiday season, as well as debt repayments and portfolio outflows.
“While this snapped a short surplus streak, it does not signal a structural shift as remittances and services exports remain supportive,” he said via Viber.
In the January-to-November period, the country’s BoP position swung to a $4.834-billion deficit, from the $2.117-billion surfeit a year ago.
Robert Dan J. Roces, an economist at SM Investments Corp., said the country’s BoP cumulative deficit widened as “imports and financial outflows arrived earlier and faster than exports and inflows.”
This, he noted, does not indicate a weakening of the country’s external buffers.
“While November’s sharp narrowing was helped by seasonal remittance inflows, portfolio adjustments, and some easing in import payments, the year-to-date gap was driven by earlier front-loaded imports of capital goods and energy, a weaker trade balance amid softer global demand, and episodic portfolio outflows during periods of higher US yields and FX (foreign exchange) volatility,” Mr. Roces added in a Viber message.
In the months ahead, Mr. Rivera said reduced seasonal imports and better global financial conditions may help stabilize the country’s BoP.
“BoP may stay volatile in the near term, but should stabilize as seasonal imports ease and if global financial conditions remain favorable; sustained improvement will depend on stronger investment inflows and steady export performance,” he said.
The central bank expects the overall BoP position to end at a $6.9-billion deficit or -1.4% of the country’s gross domestic product by yearend.
MORE DOLLAR RESERVES
Meanwhile, the country’s gross international reserves (GIR) rose to $111.3 billion in the 11-month period from $110.2 billion the previous month.
As of end-November, the level of dollar reserves translated to 7.4 months’ worth of imports of goods and payments of services and primary income, exceeding the three-month standard.
“Specifically, the latest GIR level ensures availability of foreign exchange to meet balance of payments financing needs, such as for payment of imports and debt service, in extreme conditions when there are no export earnings or foreign loans,” the BSP said.
It also covers around 4.0 times the country’s short-term external debt based on residual maturity.
GIR comprises foreign-denominated securities, foreign exchange, and other assets such as gold. It enables a country to finance imports and foreign debts, maintain the stability of its currency, and safeguard itself against global economic disruptions.
The central bank expects GIR to settle at $105 billion this year.
Corruption issues may dampen gov’t spending until first half of 2026
GOVERNMENT spending will likely remain slow until the first half of 2026 as governance issues linger, dragging economic growth below target until 2027, ANZ Research said.
“Public infrastructure spending is unlikely to rebound until governance issues are resolved, probably in the second half of 2026,” ANZ Research economist Arindam Chakraborty said in the think tank’s Asia Economic Outlook for the first quarter of 2026.
The country’s gross domestic product (GDP) growth slumped to 4% in the third quarter after a wide-scale corruption in public infrastructure projects dampened government spending and household consumption.
This was the slowest growth seen in over four years or since the 3.8% contraction in the first quarter of 2021, during the height of the coronavirus disease 2019 (COVID-19) pandemic.
As of September, GDP growth averaged 5%, below the government’s 5.5-6.5% target.
“The primary drag came from a contractionary fiscal stance arising from governance failures in public infrastructure projects,” Mr. Chakraborty said. “This change in fiscal stance has not only disrupted capital formation but also weighed heavily on sentiment, with businesses reluctant to commit new funds and households deferring discretionary spending.”
Government spending fell for a third straight month in October to P430.6 billion, down 7.76% from the P466.8-billion expenditure recorded a year ago.
Meanwhile, household consumption slowed down in the third quarter, growing by 4.1% from 5.3% in the previous quarter and 5.2% a year earlier, as the corruption scandal weighed on consumer sentiment.
ANZ sees the Philippine economy expanding by 4.8% this year, before gradually picking up to 5% in 2026 and 5.6% in 2027.
If all three projections hold true, the Philippines will miss its growth targets until 2027 or for five years in a row.
The government targets 6-7% GDP growth from 2026 until 2028.
Despite this, ANZ expects the Bangko Sentral ng Pilipinas (BSP) to end its current easing cycle with one final 25-basis-point (bp) cut in the first quarter of next year.
“We maintain our forecast for one additional 25-bp cut in Q1 2026, as economic momentum is expected to remain weak at least until the second half of next year,” Mr. Chakraborty said.
The Monetary Board capped off the year with a fifth straight 25-bp reduction at its December policy meeting, bringing the benchmark interest rate to an over three-year low of 4.5%. It has so far lowered key borrowing costs by a cumulative 200 bps since August 2024.
BSP Governor Eli M. Remolona, Jr. has said that they could deliver another 25-bp cut next year that would likely end the current easing cycle, depending on economic data.
The Monetary Board will hold its first meeting of 2026 in February.
Meanwhile, Mr. Chakraborty said increased remittance inflows amid the holidays failed to significantly prop up the peso, noting that the local unit may face more pressures as the remittance season nears its end.
The peso recently hit a fresh low of P59.22 against the greenback on Dec. 9, surpassing the previous record of P59.17 logged on Nov. 12.
The ANZ economist added that they expect the peso to further weaken to the P60-a-dollar level by end-March next year amid persisting domestic pressures.
“We expect the currency to depreciate to 60 against the USD (US dollar) by the end of Q1 2026 before staging a gradual recovery through the remainder of the year,” he said. “Prolonged economic weakness and a deeper-than-expected BSP rate-cut cycle represent key downside risks to PHP’s (Philippine peso’s) trajectory.” — Katherine K. Chan
Approved building permits fall 22.6% in Oct.
By Heather Caitlin P. Mañago
APPROVED building permits declined by 22.6% year on year in October, signaling a slowdown in construction activity amid economic headwinds, the Philippine Statistics Authority (PSA) said in a report.
Preliminary data showed building projects covered by the permits fell to 12,705 in October from 16,405 a year earlier.
This was a reversal from the 23.2% expansion in October 2024 and was steeper than the revised 18.5% contraction in September 2025.
In October, construction projects covered 3.48 million square meters (sq.m.) of floor area, down 20.2% year on year from 4.36 million sq.m.
These building projects that received approval were valued at P43.63 billion, 13.5% lower than a year earlier when it reached P54.45 billion.
“The sharp drop in building permits reflects high borrowing costs and tighter liquidity, which forced developers to delay projects amid corruption-related uncertainty and softer consumer demand,” Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said in a Viber message.
Marco Antonio C. Agonia, economist at the University of Asia and the Pacific, attributed the decline to the pessimistic economic outlook after weaker-than-expected third-quarter gross domestic product (GDP) growth.
GDP expanded by an annual 4% in the three months through September, the slowest growth logged since the 3.8% contraction in the first quarter of 2021.
Mr. Ravelas warned that the slowdown in construction, a key driver of economic activity, signals a weaker project pipeline and fewer job opportunities.
The number of jobless Filipinos rose by about 570,000 to 2.54 million in October from a year earlier, even as overall employment increased by 460,000, the PSA reported.
This brought the jobless rate to 5% from 3.8% in the previous month and 3.9% a year ago. It was also the highest in three months or since the post-pandemic high of 5.3% in July.
The unemployment rate averaged 4.13% in the first 10 months from 4% in the same period a year ago.
PSA data also showed residential projects, which made up 62.2% of all permits, fell sharply by 27.4% to 7,900 in October.
These projects were valued at P15.20 billion, down from P25.10 billion a year earlier.
Single homes, which accounted for almost 87% of the residential category, fell by 17.3% year on year to 6,847.
Applications for apartment buildings also tumbled by 54.8% to 909 while applications for duplex or quadruplex homes plummeted by 78.4% to 126.
On the other hand, nonresidential projects contracted by 6.6% year on year to 3,097 permits from 3,316 in October 2024. This accounted for 24.4% of the total.
Permits for nonresidential projects were valued at P22.84 billion, slipping by 23.2% from a year earlier.
Meanwhile, approved commercial construction applications contracted by 10.9% to 2,032. These made up 65.6% of all nonresidential projects.
Industrial permits fell by 3.1% to 253, while institutional projects were flat at 614 approvals.
There were 127 permits for agricultural projects that were approved, up by 86.8%, while 17 permits for other nonresidential works fell by 22.8%.
Approved permits for additions, or construction that increases the height or area of an existing building, also plunged by 54.1% to 196.
On the other hand, approved alteration and repair permits totaled 1,103 in October 2025, 14.6% lower from a year earlier, and were valued at P4.27 billion.
Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) had the most approved construction projects during the period, accounting for almost 20% of the total with 2,514 permits.
This was followed by Central Luzon (13.4% share with 1,699 permits), and Ilocos Region (9.2% share with 1,172 permits).
Mr. Ravelas attribute the resilience of these regions “to strong housing demand, proximity to Metro Manila, and industrial growth.”
Meanwhile, Mr. Agonia said that “developers are likely spreading out of Metro Manila into neighboring, higher-growth potential regions.”
In the second quarter, the Bangko Sentral ng Pilipinas’ (BSP) Residential Property Price Index (RPPI) showed housing prices nationwide went up by 7.5%.
Home prices in the National Capital Region (NCR) went up by 2.4% in the second quarter, slowing from 13.9% in the previous quarter and 9.3% last year.
The BSP will release the RPPI for the third quarter on Dec. 26.
Analysts expect a lukewarm performance in the construction industry for the rest of the year.
“Full-year permits will likely finish below 2024 levels as high interest rates and cost pressures as well as corruption related issues continue to weigh on sentiment,” said Mr. Ravelas.
Mr. Agonia said that “the construction industry will likely see lukewarm performance through the rest of the year, given major local headwinds weighing on appetite.”
He added that after the third-quarter growth slowdown, government spending may fall short, and private firms continue to tread carefully.
The PSA said construction statistics are compiled from the copies of original application forms of approved building permits as well as from demolition and fencing permits collected monthly by the agency’s field personnel from the offices of local building officials nationwide.
Employers group hopes for investor recovery in 2026
THE Employers Confederation of the Philippines (ECoP) expects economic growth to fall below 5% this year amid weak investor confidence, but noted that prospects could improve in 2026 if the government succeeds in restoring trust and pushing through reforms.
In a statement on Friday, ECoP President Sergio R. Ortiz-Luis, Jr. was quoted as saying that this year is shaping up to be “disappointing” for the economy, as investors have become more cautious following corruption and flood control controversies.
In the third quarter, gross domestic product grew by 4%, the slowest in over four years, bringing the nine-month average to 5%. This was below the government’s revised full-year growth target of 5.5% to 6.5%.
Mr. Ortiz-Luis, who is also the president of the Philippine Exporters Confederation, Inc., said subdued investor sentiment is reflected in the sharp decline in investment-related visits to the Philippines, which he said will further put the country behind its regional peers.
Looking ahead, Mr. Ortiz-Luis said the Marcos administration needs to intensify efforts to rebuild investor confidence to support job creation, particularly as an estimated 800,000 to one million new graduates are expected to enter the labor force next year.
“Winning back capitalists can be done mainly by focusing on important matters, such as the national budget, and refusing to get sidetracked by or to react to irrelevant issues that detract from the main challenges that need swift resolution in order to stabilize the economy in 2026,” ECoP said in the statement, quoting Mr. Ortiz-Luiz.
The unemployment rate rose to 3.8% in September from a year earlier, equivalent to 1.96 million jobless Filipinos, reflecting the impact of recent natural disasters.
Mr. Ortiz-Luis also called on the government to grant greater authority to the Independent Commission for Infrastructure so it can fully investigate alleged corruption, irregularities, and misuse of funds in flood control and other major infrastructure projects.
The commission was created through Executive Order No. 94 amid a scandal involving lawmakers and public works officials accused of siphoning billions from flood control projects.
Mr. Ortiz-Luis said the business sector is awaiting the identification and arrest of those behind the alleged irregularities as proof of the government’s commitment to addressing corruption. — Vonn Andrei E. Villamiel
Structural weaknesses weigh on Manila’s green finance standing
By Alexandria Grace C. Magno
MANILA’S performance in green finance is constrained by deep structural weaknesses and a limited pipeline of bankable projects, analysts said.
Manila dropped four spots to 91st out of 94 financial centers in the 16th edition of the Global Green Finance Index (GGFI) after scoring 486 overall, placing it behind other East and Southeast Asian cities.
“Manila ranks low mainly because the Philippines still has a small pipeline of green projects, weak climate- and environmental, social and governance (ESG)-related data and disclosures, and incomplete policy frameworks, including the slow rollout of a unified green/transition taxonomy,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said in a Viber message.
He added that the limited capacity of banks to originate green loans at scale, coupled with fragmented coordination among regulators and market participants, has made Manila less attractive than regional peers such as Singapore, South Korea, and Kuala Lumpur.
In the Asia-Pacific region, Singapore remained the top performer, followed by Busan and Seoul, while the Philippines continued to lag behind its neighbors.
The average decline in ratings across the region was 3.56%.
The GGFI, released by the Z/Yen Group as part of its Long Finance initiative, measures the quality and depth of green financial products offered by financial centers and tracks their progress toward a sustainable financial system.
“Based on this assessment framework, Manila would understandably rank low compared to other developed cities considering the limited use of renewable energy, lack of mass transport infrastructure, traffic congestion problems, frequent flooding episodes, huge wealth gap, evolving regulatory environment, governance and political stability concerns amidst the corruption scandal,” BDO Securities First Vice-President and Head of Marketing and Institutional Sales John Tristan Guillermo D. Reyes said in a Viber message.
He said addressing these issues would take time and require strong political will.
“Governance credibility also needs to be restored first before policymakers are able to focus on the problems at hand and prioritize measures that can move the country forward,” he added.
The 16th edition of the GGFI covers 94 financial centers across Western Europe, North America, Asia-Pacific, the Middle East and Africa, Latin America and the Caribbean, and Eastern Europe and Central Asia.
Zurich topped the index, followed by London, Singapore, Geneva, Amsterdam, Copenhagen, Luxembourg, Stockholm, Paris, and Brussels. The British Virgin Islands ranked last, after Cyprus, Manila, the Cayman Islands, and Mumbai.
Mr. Rivera said the Philippines could strengthen its green finance ecosystem by fully operationalizing a national green taxonomy, improving ESG reporting rules, and developing a clear pipeline of bankable green projects in areas such as energy, transport, and climate-resilient infrastructure.
He added that stronger inter-agency coordination and targeted incentives for green bonds and sustainable lending would also help.
“The goal in the near term is not to jump to the top of the rankings, but to signal credibility, grow the market, and build momentum in the green finance ecosystem,” he said.
Green bonds, sustainable infrastructure finance, and green loans were identified by respondents as the areas of green finance with the greatest impact, while renewable energy investment was cited as the area of most interest.
Peso may stay at P58 level on remittance inflows for holidays
THE PESO may continue trading within the P58 level against the dollar this week, with investors expected to monitor the release of more US economic data for leads before the holiday break.
On Friday, the local unit fell by 14.5 centavos to close at P58.70 versus the greenback from its P58.555 finish on Thursday, Bankers Association of the Philippines data showed.
Meanwhile, week on week, it climbed by 36.5 centavos from its P59.065 close on Dec. 12.
The peso weakened on Friday after the Bank of Japan’s (BoJ) policy decision led to the dollar’s rise, a trader said in a phone interview.
In the Asian session on Friday, the yen weakened in volatile trade after the BoJ delivered a widely expected rate hike, while its governor offered few hints on the timing of future increases even as he left the door open to further tightening, Reuters reported.
The yen initially fell against the dollar after the BoJ raised its policy rate to 0.75% from 0.5% in a move that had been well telegraphed by policymakers, prompting traders to sell the currency on the fact.
Losses in the Japanese currency extended following BoJ Governor Kazuo Ueda’s post-meeting press conference, where he remained vague on the exact timing and pace of future interest rate hikes. It was last 0.6% weaker at 156.53 per dollar. The euro rose to a record high of 183.25 yen. Sterling gained 0.52% to 209.16 yen.
In Friday’s statement, the BoJ maintained its view that underlying inflation will converge around its 2% target in the latter half of its three-year projection period through fiscal 2027.
But hawkish board members Hajime Takata and Naoki Tamura dissented to the view. Mr. Takata said underlying inflation has already achieved the target, while Mr. Tamura said it would do so as soon as the middle of the three-year projection period.
The BoJ again noted real rates were at “significantly” low levels even after the hike, and pledged to continue tightening should the economy and inflation pan out as forecast.
Overnight, the dollar had briefly weakened following a sharp and unexpected fall in US inflation, but investors were not sure how far to trust the data since collection was interrupted by the US government shutdown, and the move soon retraced.
At the close of the US session on Friday, the dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.27% to 98.70. The euro fell 0.08% to $1.1711.
For this week, the trader said the peso may continue to trade at the P58 level, with remittance inflows expected to provide some strength amid the upcoming trading break. Philippine financial markets are closed on Dec. 24-25 for the Christmas holidays.
US data released over the weekend could also provide support to the local unit, the trader added.
“Offsetting positive factors for the peso recently largely due to the seasonal increase or peak in OFW (overseas Filipino workers) remittances and conversion to pesos especially within a week before Christmas to finance holiday spending rush,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
In October, cash remittances climbed by 3% year on year to $3.171 billion from $3.079 billion in the same month last year, central bank data showed. This was the highest monthly remittance level in three months or since the $3.179 billion logged in July.
Analysts have said that remittances will continue to increase in the succeeding months and are highly likely to peak by year-end.
Mr. Ricafort said the peso might trade between P58.30 and 58.80 against the dollar this week, while the trader expects it to move between P58.50 and P58.90 versus the greenback. — Katherine K. Chan with Reuters
Gazoo Racing & Grocery Runs
The Toyota GR Corolla is the daily driving track weapon you’ve been waiting for
GAZOO RACING (or, more commonly, GR) has found a solid footing as a sportier, aspirational sub-brand in the ambit of Toyota — a marque successfully conveying heightened performance values that the now-familiar logo stands for.
GR complements Toyota Racing Development (which is retained for truck/off-road products) to enshrine the leading automaker’s elevated intentions. Here in the country, in addition to the GR Supra, GR 86, and GR Yaris, Toyota has deployed the moniker as a suffix in so-called “GR-S” editions of its more mainstream vehicle models — reflecting the same sportier ethos through aesthetic touches.
Last week, Toyota Motor Philippines (TMP) celebrated the GR-prefixed models through a “GR Track Day” at the Clark International Speedway in Angeles, Pampanga — attended by invitees from car clubs and, later, media and content creators who were able to reasonably push and experience the dynamic driving proffered by the vehicles — including the highly modified Toyota Tamaraw OMR (one-make race) examples set to wage battle next year at the Toyota Gazoo Racing Philippine Cup.
The undoubted star of the show was the newest GR product set to formally enter TMP showrooms tomorrow, Dec. 23. We had limited seat time behind the wheel and in the second row of the alpha version of Toyota’s iconic nameplate that is the Corolla.
“We have always wanted Toyota Gazoo Racing to be an experiential brand; a brand best explained when experienced firsthand. So we will be bigger in terms of providing customers and GR owners that. (These are) performance cars, and you’re not just getting a car but the whole experience that comes with it,” said TMP Vice-President for Marketing Services Division Elvin Luciano in an interview with “Velocity” on the sidelines of the GR Track Day.
EVERYDAY PERFORMER
As for the GR Corolla, it slots in pricing between the smaller GR Yaris and the liftback coupe GR Supra. Significantly, this is the first four-door GR product — one that offers commensurate (i.e. comfortable) accommodations for rear-seat passengers. This means the GR Corolla can truly be an everyday or even family vehicle up for both spirited driving and obligations.
I got to sit in the second row, and I pleasantly noted the decent leg, elbow, and headroom — which is expected since it is a veritable twin of the garden-variety Corolla hatchback (with a form factor I like, if I may add). Of course, the GR version gets numerous sporty touches and upgrades. Seats are wrapped in faux leather, and the ones in front are properly bolstered in anticipation of sprightlier journeys. There are numerous soft-touch surfaces that further justify the asking price (starting at P3.811 million).
The trunk offers a respectable 505 liters of cargo space, with the rear seats up. It nixes a spare tire for a tire repair kit, which obviously makes the car lighter for even nimbler performance.
Speaking of, the GR Corolla gets 18-inch 235/40 aluminum wheels and tires, bi-LED headlights with manual leveling, LED daytime running lamps, and a rear spoiler — to go along with a triple exhaust, functional air vents, and a diffuser “to improve overall performance.” Toyota fits MacPherson struts with coil springs in the front suspension, and double wishbone suspension with coil springs in the rear.
I concur with TMP when the company says that the GR Corolla (as in other GR products) interiors are “driver-focused.” It’s an all-digital affair with a 12.3-inch multi-info display, head-up display, and a modest seven-inch central touch screen with AM/FM, wireless Apple CarPlay, and Android Auto. All-wheel-drive motivation comes from a 1.6-liter turbocharged engine (G16E-GTS) which submits a peak output of 300ps and 400Nm. Interestingly, this is the same three-cylinder mill deployed on the GR Yaris.
Behind the wheel and on the track, I noted the extroverted, effusive driving and handling — not as go-kart-like as the GR Yaris, but aggressive and exciting on its own. The growl is present but not overwhelming — just to remind you that this is a GR, after all.
The GR Corolla measures 4.408-m long, 1.851-m wide, and 1.479-m tall — larger than the 3.995-m, 1.805-m, and 1.455-m dimensions of the aforementioned GR Yaris, and marginally longer and taller versus the 4.379-m, 1.854-m, and 1.299-m measurements of the GR Supra.
The high-performance Corolla receives the latest version of the Toyota Safety Sense (TSS) advanced driver assistance system (ADAS). The suite includes a pre-collision system, automatic high beam, lane tracing assist, and lane departure alert. The A/T variant (with pricing from P3.995 million comes with dynamic radar cruise control, while the M/T variant gets adaptive cruise control. Choose from Emotional Red, Precious Metal, Black, and Super White exterior hues.
Pragmatic yet passionate, the GR Corolla makes a case for being a smart choice that even your practical-minded spouse will agree with.
For more information check out https://www.toyota.com.ph/gr-corolla or visit any GR Performance dealership (the list is here: https://www.toyota.com.ph/tgrphilippines/dealership).
“For the GR fans, racing fans, and car enthusiasts, we’re also preparing more activities for next year. I can’t delve into details yet, but what we can say are more activities, more spaces and more opportunities for the community to come together and celebrate the love for cars and motor sports,” concluded Mr. Luciano.
Chowking expands reach, modernizes operations to meet evolving market demand
By Ashley Erika O. Jose, Reporter
CHOWKING is expanding its reach and modernizing operations through product innovation, digital ordering, and value-focused bundles to capture evolving market demand, a company official said.
Jia Salindong-Du, Chowking’s vice-president and marketing head, said the company sees growth opportunities outside Mega Manila, where it already has a strong presence.
“Mega Manila, I would say that is where the battlefield is in general, therefore the growth that we see is outside Mega Manila. Personally, that is also where I see opportunity for growth,” she said in an interview with BusinessWorld.
The company is also focusing on product innovation to refresh familiar dishes for modern tastes.
“We just had a new product launch (six months ago). Siopao, a classic product, we heard consumers say that they want it a little bit more elevated. Something different, a little different mouthfeel. From that insight, we were also looking around for inspiration, and we were able to come up with something new,” she said.
Chowking is responding to post-pandemic value-conscious consumer behavior with meaningful bundles at relevant price points.
“People have become very wary of every centavo they spend. So, with this value consciousness, they are more deliberate, they really want more sulit (worth it) offerings,” Ms. Du said.
Digital ordering and omni-channel experiences have also become a key focus for the company.
“I would really say that there is now the rise of omni-channel dining experiences… but it is also tied to being more value conscious, being more deliberate… Digitally, how we respond is to ensure that whatever way the consumers would like to order, depending on where they’re at or whether they’re dining, they want to order ahead, or whether they’re at home, they want to order digitally. We’ve ensured that all possible experiences for the consumer are as frictionless and are as convenient and delightful for them,” Ms. Du said.
Chowking also aims to enhance the overall consumer experience.
“We are leveling up the overall experience of our consumers not just about food per se, but a holistic experience. You want to make sure that every time they visit Chowking, they will be delighted, that they remember us and want to keep on coming back,” she said.
Ms. Du added that this aligns with Chowking’s broader vision: “We have one vision for Chowking, it is to become the most loved Chinese QSR (quick service restaurant) not just in the Philippines but in the world. That comes with a responsibility to grow Filipinos’ appreciation and love for Chinese food,” she said.
The company is also balancing growth with operational realities in a challenging economic environment.
“Beyond that, it’s also important for us to really keep on looking at how we can serve them better, meaning to really sustain the growth. With all the rising costs, inflationary pressures, it’s also a balancing act of, we know what they’re looking for and as I mentioned, they have very elevated expectations. We use very practical benchmarks to ensure that whatever we improve,” Ms. Du added.
Chowking has nearly 600 stores in the Philippines and maintains an international presence, particularly in the United States and the Middle East.
Asia sees Mexico as building Trump’s new wall
By Mihir Sharma
WHEN the Mexican Senate voted on Dec. 10 to approve a 50% tariff rate on a broad swathe of countries — China, India, Brazil, South Korea, Vietnam, and Taiwan among them — politicians from President Claudia Sheinbaum’s ruling Morena party pretended they did it for their own reasons. Nobody in Asia believes that this is a bold declaration of economic independence, however. It’s seen instead as opening a new and unexpected front in Donald Trump’s trade war on the world.
The vote waived the senators’ usual right to discuss amendments in committees, and it passed 76-5, with the opposition abstaining. Officials grandly delivered the usual lines that accompany measures cutting off trade: That they would protect local industry, that revenue would increase by almost $3 billion, that there would be more money to spend on supporting the unemployed.
But the real reason is that Sheinbaum is spooked by the deadline, six months away now, for reviewing the US-Mexico-Canada Agreement (USMCA). The speed with which she pushed the legislation through and its timing are no coincidence: Trump said earlier this month that he might let NAFTA’s successor expire, or “maybe work out another deal” that ensured the US wasn’t “taken advantage of.” Nobody wants that can of worms reopened.
About 80% of Mexico’s exports cross its northern border, and more than 80% of those are tariff-free under USMCA. The country depends upon US markets for 30% or so of its output. Mexican politicians are clearly scared enough that even acts of economic self-harm, like 50% tariffs, seem worth trying.
For the countries affected by the new rates out of Mexico City, this is a sobering reminder that they have more than just the US president to deal with. Trade is a complicated, disaggregated affair, which is why we have multilateral arrangements like the World Trade Organization. For much of 2025, we could pretend that wasn’t the case, with everyone scrambling to conclude their own bilateral deal with the US. But Sheinbaum shows that the trade conflicts Trump has launched are a cascading war, not some controlled confrontation.
Some will be hit particularly hard. One of the few industries in India that has carved out a successful export niche for itself is auto components. New tariffs may render them uncompetitive inputs for the giant factories along the US border serving America’s insatiable appetite for cars.
But a significant proportion of Indian exports to Mexico aren’t about the US at all. It is consistently among the top three or four destinations in the world for small, fuel-efficient cars, for example. These aren’t meant for Americans, but they’ve been hit with tariffs anyway. Sheinbaum is paying Trump protection money, but she’s taking it from the pockets of Indian producers.
And from her own citizens, of course. Opposition lawmakers pointed out that official modelers had given up on trying to estimate the effects of such a drastic change to Mexican trade policy. Citigroup’s economists think that this will keep domestic inflation above 4% next year. All the other downstream, predictable effects of tariffs will apply: loss of competitive advantage, factories that face supply crunches, retaliation in fields where you don’t expect it.
And what happens if Trump decides that he doesn’t care about such expensive professions of loyalty, and shuts down USMCA anyway? Mexico City will have to rebuild trade relations with the rest of the world from scratch, but capitals from Brasilia to Beijing may not be particularly warmly disposed at that point.
Many countries in Asia had hoped that America-first trade policy — even if disruptive — might end up forging a united front against Chinese dominance of manufacturing. Sheinbaum’s surrender shows us a different path. In this alternative world, some countries will quietly enact the US president’s policies for him. The others will, perhaps with China in the lead, find a multilateral path to isolate collaborators.
Countries across Asia and beyond now know that it isn’t just their relationship with the US that is threatened, but with multiple other nations as Trump tries to push everyone into his dream, high-tariff world. He has already asked the European Union, for example, to impose 100% tariffs on China and India. It is unlikely to agree. Some countries will raise high and unpredictable trade barriers against each other and the world, while the rest will seek security and prosperity by integrating faster and further. Sheinbaum may have picked the wrong side.
In his first term, Trump promised to have Mexico pay for his wall. In his second term, he has succeeded. So what if the wall is one of tariffs, and not bricks?
BLOOMBERG OPINION
Lexus PHL breaks ground on sprawling 3S facility in Quezon City
LEXUS PHILIPPINES is set to expand its footprint with the opening of a new facility — to be called Lexus Quezon City Gallery. Set to rise along Sgt. Esguerra St. in Quezon City, the new location “is envisioned to embody the brand’s core values of craftsmanship, innovation and hospitality, and is designed to deliver truly amazing experiences at every touch point, fully embracing the spirit of omotenashi for its customers,” according to Lexus Philippines in a release.
Aimed to open in 2027, the Lexus Quezon City Gallery exterior will feature “sharp, tapered surfaces and clean linear geometries that reflect Lexus’ bold, forward-thinking approach to design.” In addition, meticulously selected materials and textures are set to highlight both local artistry and Japanese craftsmanship.
Said Lexus Philippines Chairman Alfred Ty in his speech at the recent groundbreaking ceremonies for the dealership, “We have grown from selling 172 units in 2009 to over 2,000 units annually today. With more than 12,000 Lexus vehicles now on Philippine roads, the strength of this market makes this the right time to expand.”
He added, “This location allows us to serve our customers with greater convenience and relevance. It also enables us to deliver an even better Lexus experience to a wider community, especially with more than 2,000 of our customers already residing in Quezon City alone.”
Expected to boast a total floor area of 12,700 sq.m. across four levels, with a mezzanine, the Lexus Quezon City Gallery is a 3S (sales, service, and spare parts) facility offering a full suite of after-sales services, including Lexus One, periodic maintenance, general services, and body and paint. This marks “a leap forward” for the Lexus brand in the Philippines as the first dealer network expansion in addition to the Lexus Manila Gallery which opened its doors last Nov. 6.
For more information, visit the Lexus website at lexus.com.ph or social media pages on Facebook and Instagram (@lexusph). The My-Lexus app is also available for both Android and iOS users to receive live updates and to access other premium services.
LANDBANK plans sustainability bond offering
LAND BANK of the Philippines (LANDBANK) is set to issue sustainability bonds next quarter as it looks to expand its lending to its priority sectors.
“As part of its broader sustainable finance strategy, LANDBANK plans to offer sustainability bonds by the first quarter of 2026,” it said in a statement on Sunday.
“Proceeds from the bonds will support national development priorities, including agriculture, MSMEs (micro, small and medium enterprises), renewable energy, housing, and infrastructure. The planned issuance aims to mobilize long-term funding to scale up LANDBANK’s existing sustainable lending programs and further strengthen its leadership in sustainable finance.”
The bank has disbursed P176.48 billion in sustainable finance loans as of October, it said.
These loans supported initiatives related to renewable energy transition, clean transport, water access, housing, disaster resilience, and health system improvements.
In September, LANDBANK President and Chief Executive Officer Lynette V. Ortiz said the bank is eyeing to raise over P20 billion from a sustainability bond offering. The papers will be branded as “Asenso bonds” and are expected to have a tenor between one and five years, and could also be issued in multiple tranches.
LANDBANK’s net income climbed by 41.79% to P35.64 billion in the first nine months of 2025 from P25.14 billion in the same period last year. — Aubrey Rose A. Inosante
Tea with Fornasetti
OPULENCE’S latest store combines things they’re already good at (Italian luxury home decor) and a relatively new concept (a café).
At 380 square meters in Greenbelt 5, in the space formerly occupied by True Value, the previous tools and things have been replaced by shelves and shelves of plates, vases, clocks, chairs, and everything except the kitchen sink through brands Fornasetti, Versace Home, Jonathan Adler, and Polspotten. Political spouse and actress Heart Evangelista graced the opening on Dec. 15.
For the opening, owners Gerry and Jinky Tobiano Sy sought the help of interior designers to make a space using the store’s various brands and themes. Cynthia Almario Ivy Almario did the seasonal display, Geewel Fuster did the space for Fornasetti, Anton Mendoza did the space using Jonathan Adler (the vases of breasts were hard to ignore), Myze Bangayan lit up Versace Home, Grace Tan used Polspotten in that space, and Cyndi Fernandez of Moss Design did the interior of the store.
This is their biggest store yet: since 2019, they’ve been building branches across the city — in San Juan, The Podium, and Newport World Resorts.
“I was fortunate that this space was available,” Mr. Sy told BusinessWorld. “We’re expanding our brands, and furniture is bulky,” he said about the store’s size (they’re welcoming the home line of Dolce & Gabbana next year). “We need space to display beautiful things. We don’t want it to look very cluttered.”
Mr. Sy is in the tech business, but partnering with an electronics company allowed him to work on the interiors of some of the country’s most expensive real estate. “It just kept expanding,” he said about the move from tech to luxury. “We love beautiful things.”
Speaking about his preference for Italian brands, considering the number of them in-store, he said, “I think Italians have (some) of the (best) tastes, in fashion, in furniture, in accessories. They always have this exquisite taste in design. And the quality is also very important.”
Aside from expanding into luxury, Mr. Sy is also in the food business through the Supersam chain of casual dining restaurants. He combines both sensibilities in the Opulence Caffé, a relatively new project. “I’m already into food. It’s just expanding; natural,” he said of opening the café.
They’ve converted their Podium branch to host a similar concept, while opening a café-only concept in Greenhills. Aside from serving delicate pastries, selling food from, of all brands, Dolce & Gabbana, and using tea and coffee from Milan, the café has the distinction of using china from Versace and Fornasetti (among other brands they have in the store). “We thought of having a café that uses these brands, and for the guests to experience drinking in a Fornasetti cup.”
The newest Opulence Design Concept store is now open on the 3rd floor of Greenbelt 5 in Makati. — Joseph L. Garcia