ADB and GCash Fuse partner to unlock inclusive finance for MSMEs, women and fight poverty in PHL
ADB grants GCash lending arm Fuse Financing with P1.75-B credit facility, complemented by catalytic funding from Mastercard to help Fuse reach priority segments.
Micro, small, and medium-sized enterprises (MSMEs) and women entrepreneurs across the Philippines are set to gain significantly better financial access after the Asian Development Bank (ADB) approved a P1.75-billion ($30 million) loan facility to Fuse Financing, Inc., the lending arm of GCash, the country’s leading finance superapp and largest cashless ecosystem.
This first-of-its-kind partnership in the Association of Southeast Asian Nations (ASEAN) region was officially launched on Feb. 6 at the SMX Convention Center in Taguig City with the theme “Driving Inclusive Finance for Filipino MSMEs” and was witnessed by over 250 MSMEs, including sari-sari store and carinderia owners and women entrepreneurs. This milestone collaboration enables Fuse to expand its lending portfolio and scale access to credit for the country’s most critical economic drivers.
Yet, access to financing remains a key barrier. According to an ADB study, access to credit and capital ranks as the second most significant challenge for MSMEs, after access to markets1. With such a financial challenge, it takes less than 12 months for a small business to shut down operations2.
“This fintech partnership is the first-of-its kind for ADB in the ASEAN region and marks a significant step in advancing financial inclusion in the Philippines,” said Isabel Chatterton, Director-General, Private Sector Operations Department of Asian Development Bank. “By combining Fuse’s digital reach with ADB’s development financing, we are building an inclusive digital financial ecosystem that expands access to finance for women-led and rural enterprises across the country.”
“We value our partnership with ADB as it strengthens our ability to expand access to credit for MSMEs and women entrepreneurs, who are underserved by the market. By combining our shared expertise and digital reach, we are advancing financial inclusion and helping more Filipinos grow their businesses,” Mynt President and CEO Martha Sazon said.
Complementing ADB’s financing, the Mastercard Impact Fund, with support from the Mastercard Center for Inclusive Growth also extended a catalytic funding to support Fuse in effectively reaching and serving the priority MSME segments.
Fuse Financing, Inc. President and CEO Tony Isidro underscored the significance of this partnership especially in supporting Fuse’s mission of delivering fair loans and expanding inclusive credit access for underserved Filipinos.
“Through our partnership with ADB, with additional support from the Mastercard Impact Fund, we are strengthening our mission to make credit accessible to every Filipino who needs it most,” Isidro said. “This investment enables us to accelerate our support for women entrepreneurs and small businesses in underserved areas, sectors with immense potential to drive the country’s long-term growth,” he added.
“This collaboration brings together catalytic capital, digital infrastructure and inclusive design to unlock new pathways for financial security. By working with Fuse Financing and the Asian Development Bank to extend credit to underserved entrepreneurs, we are ensuring that growth in the digital economy is fair and sustainable,” said Subhashini Chandran, senior vice-president, Asia Pacific, Europe, Middle East and Africa, Mastercard Center for Inclusive Growth.
To commemorate this partnership, 10 MSMEs nominated by the Department of Trade and Industry (DTI) were awarded with capitalization support to help advance their business operations. DTI Secretary Ma. Cristina Roque also graced the event and delivered a keynote message to all the MSMEs in attendance highlighting how synergies like this unlock growth and inclusion.
“More than the scale of financing, what makes this partnership meaningful is its intent: to ensure that capital reaches entrepreneurs who are ready to grow but have long been underserved by traditional systems. By aligning public-sector priorities with private-sector innovation, this collaboration helps widen the path to formal, fair, and sustainable access to finance for MSMEs,” Secretary Roque said in her speech.
A day of FinLit for MSMEs
Alongside this partnership launch, Fuse gathered over 250 sari-sari store owners and women entrepreneurs to experience financial literacy workshops designed to help them manage their finances better, borrow responsibly, and build more resilient businesses.
Attendees were equipped with the knowledge to access digital loans, improve their eligibility for loan access, and practice responsible borrowing. In addition, MSMEs were taught how to integrate digital platforms into their operations to improve efficiency.
MSMEs are vital to national progress but remain underserved by traditional financial institutions. According to an ADB study, access to credit remains a most significant challenge for MSMEs3. Leveraging GCash trust scoring system GSCore as part of the creditworthiness assessment, Fuse eliminates the traditional barriers to lending, with no collateral or documentary requirements needed to secure loans, enabling greater credit access for everyday Filipinos.
The ADB-Fuse partnership aims to unlock MSME’s growth potential and contribute to inclusive economic expansion. Unlike traditional financing, the capital is designed for impact, carrying firm social mandates that ensure measurable inclusion. This serves as a model for how fintech and development institutions can align with purpose, transforming financial access by ensuring that opportunity reaches those who can create lasting social and economic change.
For more information, please visit www.gcash.com.
1 Asian Development Bank. Factors affecting micro, small and medium-sized enterprises development in developing Asia. https://www.adb.org/sites/default/files/publication/946586/ewp715-factors-affecting-msme-development.pdf
2 Philippine Institute for Development Studies. Evaluation of the Sustainable Livelihood Program’s Seed Capital Fund for Microenterprise Development. https://www.pids.gov.ph/publication/research-paper-series/evaluation-of-the-sustainable-livelihood-program-s-seed-capital-fund-for-microenterprise-development
3 Asian Development Bank. Factors affecting micro, small and medium-sized enterprises development in developing Asia. https://www.adb.org/sites/default/files/publication/946586/ewp715-factors-affecting-msme-development.pdf
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Factory output picks up in December
By Isa Jane D. Acabal, Researcher
Factory output expanded to a four-month high in December driven by faster increases in the production of other non-metallic mineral products, food products, and a recovery in machinery and equipment, the Philippine Statistics Authority (PSA) reported on Friday.
Preliminary results of the PSA’s Monthly Integrated Survey of Selected Industries showed manufacturing output, as measured by the volume of production index (VoPI), inched up by 1% year on year in December, faster than the 0.5% gain in December 2024.
However, this was a turnaround from the revised 1.1% drop in November.
The latest manufacturing output growth was the fastest pace in four months or since the 1.3% expansion in August 2025.
For 2025, factory output fell by 0.02%, a reversal from the 0.7% annual average growth seen in 2024.
On a monthly basis, December’s output picked up by 0.7% from the 2.3% decline in November. Stripping out seasonality factors, it grew by 4.2%.
In comparison, the S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) expanded to 50.2 in December from 47.4 in November.
The PSA said December’s year-on-year growth was driven by faster annual increases in the manufacture of non-metallic mineral products (31.4% in December from 6% in November), food products (10.4% from 7.6%), and a recovery in machinery and equipment except electrical (10.1% from -10.7%).
Twelve other industry divisions posted expansions, while seven saw declines.
According to the PSA, the top three industry divisions that contributed to the overall year-on-year growth of VoPI for manufacturing were food products, other non-metallic mineral products, and computer, electronic and optical products (10.3% in December from 14.5% in November).
“[The] growth fueled by stronger production in food products, non-metallic minerals, and a rebound in machinery and equipment shows how both consumer demand and business investments are helping sustain momentum,” Ferdinand A. Ferrer, president of the Philippine Chamber of Commerce and Industry (PCCI), said in a Viber message.
Marco Antonio C. Agonia, an economist at the University of Asia and the Pacific, said the recovery in VoPI for manufacturing in December can be attributed to “seasonal effects.”
“Manufacturers likely increased production of food products for the holidays, and intermediate construction inputs and machinery as businesses planned for ramped up capex (capital expenditures) in 2026,” he said.
He added that strong export demand may have also encouraged more manufacturing activities.
In December, exports climbed by 23.3% year on year to $6.99 billion from 21.6% growth in November. This was a turnaround from the 1.9% drop in December 2024.
This was the fastest pace for exports in six months, since the 26.9% growth in June 2025.
“The quicker, though still benign, inflation reading may have at least signaled soft inflation into this year, allowing firms to plan ahead accordingly,” Mr. Agonia said.
Inflation quickened to 1.8% in December, picking up from 1.5% in November but easing from 2.9% in December 2024.
This brought the full-year average to 1.7% in 2025 from 3.2% in 2024.
This was the slowest rate in nine years or since the 1.3% rate in 2016 but was slightly above the central bank’s 1.6% estimate for 2025.
The Bangko Sentral ng Pilipinas cut borrowing costs by another 25 basis points in December, bringing key policy rate to 4.5%.
According to Mr. Agonia, the rate cut “likely had little to no impact” in December’s manufacturing output because they usually take at most two years to “fully work their way through the financial system.”
For Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion, the central bank’s accommodative monetary policy helped eased financing conditions amid the benign inflation.
“Lower borrowing costs gave firms more room to manage operating expenses, supporting production decisions and stabilizing manufacturing activity,” he said.
Mr. Asuncion expects moderate growth in manufacturing output this year as “supported by a more accommodative policy stance and resilient consumer demand.”
PCCI Honorary Chairman Sergio R. Ortiz-Luis, Jr. also sees improvement in the manufacturing output this year.
“The projection [on factory output] towards this year, early part of this year, will still be going up. Not in a big way, but it will be positive,” he said in a phone call.
Mr. Agonia expects “mild improvements” in the manufacturing performance this year as business sentiment recovers from the economic slowdown in the fourth quarter and full-year 2025.
“However, any significant changes from the status quo may require more concerted efforts towards improving manufacturing sector conditions,” he said.
Gross domestic product (GDP) expanded by 3% in the fourth quarter of 2025, a slowdown from the 5.3% in the same period in 2024 and the revised 3.9% print in the third quarter of 2025.
This brought the full-year economic growth to 4.4%, missing the government’s 5.5% to 6.5% target.
The latest annual GDP print was slower compared to the 5.7% growth in 2024 and was the weakest growth since the 9.5% slump in 2020.
December’s capacity utilization, or the extent to which industry resources are used in producing goods, averaged 77.5 % in December, higher than the revised 77.4 % in November and the 76.1% posted in the same month in 2024.
Looking ahead of 2026, Mr. Ferrer said the PCCI remains “cautiously optimistic.”
“Continued government infrastructure projects, strong local consumption, and supportive monetary policy should help sustain growth. At the same time, challenges like rising global prices, supply chain issues, and energy costs must be addressed,” he added.
Supply chain chaos becomes aviation’s ‘new norm’ as demand hits records
SINGAPORE — Years after the pandemic, the aviation industry is still struggling to recover from supply chain disruptions that have been exacerbated by record passenger demand and geopolitical challenges, executives and suppliers say.
Airlines have been forced to keep older, less fuel-efficient planes flying for longer as some deliveries from Airbus and Boeing are delayed because engine makers and other suppliers are juggling competing demands from new plane assembly and maintenance for existing fleets.
Prolonged supply delays and bottlenecks appear to have become the “new norm”, said Jeffrey Lam, the chief operating officer and president of commercial aerospace at ST Engineering, the world’s largest airframe maintenance and repair services provider.
“We are afraid that this new norm will stay, which is completely unacceptable,” he told Reuters on the sidelines of this week’s Singapore Airshow.
The shortages are also driving up costs for airlines, such as Singapore Airlines’ low-cost carrier Scoot, its CEO Leslie Thng said during a panel discussion at Asia’s biggest aviation and defense event.
“We also proactively, for example, secure more spare engines at our own expense to make sure that if there are engine issues, the impact on us can be mitigated,” he said.
RECORD DEMAND
Global air passenger traffic in 2025 was at a record high about 9.3% above the pre-pandemic level in 2019, according to data from the International Air Transport Association, and forecast to grow another 4.9% this year.
To keep up with demand, airlines are keeping older planes operating for two years longer than the long-term average, which pushed up fuel, maintenance, engine leasing and inventory costs by an estimated $11 billion in 2025, IATA said.
“It’s very frustrating, and when you see this massive additional cost being borne by airlines, you know it really is time for these key suppliers to get their act together and improve this situation,” IATA Director General Willie Walsh told Reuters.
Gael Meheust, the CEO of engine maker CFM International said during a panel discussion that his company had been able to ramp up production after the pandemic, but the problem was demand had been “incredible”.
“That’s the paradox in which we are. It’s not that the supply chain…cannot deliver on the ramp-up, it’s just that the demand is at a level that we have never imagined.”
The company, a joint venture between GE Aerospace and Safran, has increased production by 25% in 2025, with output expected to rise further by at least 10% every year, he said.
Suppliers like ST Engineering, a major engine nacelle maker, are struggling to keep up with demand for the outer housings of jet engines. The company said they take about six weeks to produce, but total lead times for components and material orders now stretch up to a year compared to about nine months before post-pandemic disruptions and rising demand.
Even placing early orders for components to ensure the company has ample inventory is failing to fully address the problem, Mr. Lam said. “Some of the shortage is worldwide, so you actually can’t even buy them early if you want,” he said.
GEOPOLITICAL CHALLENGES
Aircraft engine manufacturers have also faced shortages of critical materials like titanium and nickel tubing, worsened by Russia’s war in Ukraine, which cut off access to Russian exports that previously accounted for about half of the global titanium supply, said Paul Wingfield, an account manager at US-based Future Metals, a Berkshire Hathaway subsidiary.
Current lead times for titanium and nickel tubing are 50 to 60 weeks, down from 60 to 70 weeks a year ago, but still far from the pre-pandemic norm of 20 weeks, Mr. Wingfield said.
“The mills can’t make enough to catch up because they stopped producing for four years,” Mr. Wingfield said. “What happens when everybody ramps up again is there’s a lack of material in the market, so the mills are playing catch-up.”
But while the post-pandemic chaos has been tough for many suppliers, it has also opened opportunities for others.
Feng Haotian, sales engineer at Chinese carbon brake disc producer Shandong Stopart Brake Material, said disruptions had made it difficult for some of its customers to obtain parts from Western original equipment manufacturers and helped it to double international sales last year.
Stopart’s set of four brake discs, priced at 200,000 to 300,000 yuan ($27,400 to $41,100), is almost half the price of similar products, he said.
“Some new customers who previously didn’t purchase from us now have little choice but to buy our products.” — Reuters
North Korea holds national winter games as it sits out Winter Olympics
SEOUL — North Korea has opened its national winter games, state media reported, as athletes from the reclusive state sit out the Milan Cortina Winter Olympics after failing to secure qualification spots.
The 2026 National Winter Games kicked off on Wednesday at the Paektusan area sports village in Samjiyon, a city in the mountains near the Chinese border, the official KCNA news agency said.
Sports clubs from state bodies and major industrial sites are competing in more than 50 events in five winter sports, including ice hockey, figure skating and skiing, KCNA said.
North Korea failed to secure qualification places in the Winter Olympics in Italy that open on Friday, according to South Korean media and international skating results.
NORTH KOREA’S BEST WINTER OLYMPIC RESULTS
It last took part in a Winter Olympics in the South Korean city of PyeongChang in 2018, when it sent 22 athletes in five sports and used the Games as a stage for a rare diplomatic thaw with the South, which included a joint women’s ice hockey team.
Pyongyang sharply limited sports participation overseas during the COVID-19 pandemic and was suspended from the International Olympic Committee until the end of 2022 after deciding not to send a team to the Tokyo Summer Olympics.
North Korea’s best Winter Olympic results have come on the ice. It won its first and only silver medal in women’s speed skating at Innsbruck in 1964, and claimed a bronze medal in short-track speed skating at the 1992 Albertville Games.
Its best international prospects more recently have centered on pairs figure skating, but its top duo fell short at a final Olympic qualifier event in Beijing last September.
The Samjiyon venue highlights a broader drive by leader Kim Jong Un to develop showcase projects in the area near Mount Paektu, a politically important region that Pyongyang has promoted as a tourism zone and where KCNA said Kim attended the opening of new luxury hotels late last year. — Reuters
Jobless rate rises to 2-year high in 2025
THE COUNTRY’s unemployment rate rose to 4.4% in December amid a sharp contraction in construction jobs, bringing the full-year average to a two-year high of 4.2%, data from the Philippine Statistics Authority (PSA) showed.
Preliminary data from the Labor Force Survey (LFS) showed the jobless rate in December was higher than the 3.1% posted in December 2024. However, this was unchanged at 4.4% from November.
The number of unemployed Filipinos increased to 2.26 million in December, higher than the 1.63 million logged in December 2024 and the previous month’s count of 2.25 million.
For 2025, the jobless rate averaged 4.2%, equivalent to 2.14 million jobless Filipinos. This was higher than the 3.8% jobless rate in 2024, which translated to 1.94 million jobless Filipinos.
The 2025 unemployment rate was the fastest in two years or since the 4.4% posted last 2023.
National Statistician Claire Dennis S. Mapa attributed the drop in unemployment in December to declines in public construction.
The construction sector recorded the largest job losses in December, shedding 550,000 workers year on year, while administrative and support services posted the biggest gain with 385,000 additional workers, PSA data showed.
“We know from our fourth-quarter GDP (gross domestic product) report that in the fourth quarter, [the growth rate] in construction really declined. It was negative there in construction, particularly public construction,” Mr. Mapa said in mixed English and Filipino.
The country’s GDP growth eased to 3% annually in the fourth quarter, the slowest growth recorded since the 3.8% contraction in the first quarter of 2021 at the height of the coronavirus pandemic.
This dragged the full-year growth to 4.4% in 2025, the lowest growth in five years or since the pandemic-induced contraction of 9.5% in 2020. It fell short of the government’s 5.5% to 6.5% target amid the multibillion-peso flood control scandal.
In a research note, Chinabank Research said the job losses in construction were due to reduction of government outlays on infrastructure projects in the final three months of 2025.
“Job creation in the sector may remain subdued as heightened scrutiny amid governance concerns may continue to delay public construction activities,” Chinabank Research said.
“Climate impacts and corruption scandals made a significant dent on employment in 2025,” said University of the Philippines Diliman School of Labor and Industrial Relations (UP SOLAIR) Assistant Professor Benjamin B. Velasco in a Messenger chat.
“Rains and floodings from so many typhoons, including several strong ones, severely affected climate vulnerable sectors like agriculture and fisheries. Meanwhile the ban on flood control projects in the wake of the massive corruption scandal hit jobs in construction,” he added.
Meanwhile, job quality improved as the underemployment rate slipped to 8% (3.93 million), down from 10.9% (5.48 million) in December 2024 and 10.4% (5.11 million) in the previous month.
This was also the lowest underemployment rate since April 2005, when the PSA redefined underemployment as individuals who are employed but seek additional jobs or work hours.
“The decline in underemployment allows workers to participate in the upskilling and reskilling initiatives to be rolled out by government,” said Department of Economy, Planning, and Development Undersecretary Rosemarie G. Edillon in a statement.
“We will continue to work closely with Congress to institute reforms to make our labor market environment dynamic and responsive to the evolving world of work.”
For 2025, the average underemployment rate held steady at 11.9% since 2024. This is equal to 5.823 million underemployed Filipinos last year, higher than 5.818 million in 2024.
Chinabank Research said that underemployement usually eases near the yearend due to higher discretionary income.
“A lower underemployment rate does not necessarily imply improved job quality, as some underemployed workers may have exited the job market in December amid weak demand,” it added in a note.
Josua T. Mata, secretary-general of Sentro ng mga Nagkakaisa at Progresibong Manggagawa, said that the rise in unemployment during December “when employment should have peaked” was caused by low-quality jobs.
“The corruption scandal and the government’s bungled response played a major role in this dismal outcome. Construction alone lost a massive number of jobs after the government chose to freeze projects rather than decisively address corruption,” he said in a Viber message.
Employment rate dipped to 95.6% in December from the 96.9% posted in December 2024 but remained steady from November.
The December figure represented 49.43 million employed Filipinos, down from 50.19 million workers in December 2024. However, this was an increase from 49.26 million workers in November.
For 2025, the average employment rate fell to a two-year low of 95.8%, from the 96.2% logged in 2024. This accounts for 49.01 million employed Filipinos in 2025, higher than the 2024 average of 48.84 million.
“Admittedly, in our data over the last three years, this is the lowest additional employed persons year on year,” said Mr. Mapa.
“In 2023 versus 2022, our addition there was 1.29 million. In 2024 versus 2023, our addition in employed persons was 664,000. And this 2025, 172,000. So it’s lower compared to the past two years.”
Meanwhile, the labor force participation rate (LFPR) edged down to 64.4% in December from 65.1% a year earlier, though it ticked up from 64% in November. The labor force totaled 51.69 million, down from 51.81 million in December 2024 but up from 51.52 million in November.
This brought the country’s workforce size to an average of 51.16 million in 2025, up from 50.78 million in 2024. This translated to an LFPR of 64.1% in 2025, down from 64.4% in 2024.
In December, the services sector employed the most workers, accounting for 62.4% of the total workforce.
The agriculture and industry sectors came next, accounting for 20.7% and 16.9% of the total number of employed individuals, respectively.
Wage and salary workers made up the majority of employed Filipinos in December at 64.2%, followed by self-employed individuals without paid employees (27.4%), unpaid family workers (6.9%), and employers in family-operated farms or businesses (1.5%).
For UP SOLAIR’s Mr. Velasco, climate remains an employment risk this year.
“Climate is both a risk and opportunity. If we make a decisive shift to public employment in green jobs, then we can open up possibilities amid a crisis,” he said. — Pierce Oel A. Montalvo
A new way to work: Silver City brings campus-style offices to the metro
Office spaces in the Philippines typically conform to a certain stereotype: a single building 50 stories high, concentrated in one area, and located in a highly congested central business district. While offices of this kind have served as a home for a bulk of the business process outsourcing industry in the country, more and more companies are starting to opt for suburban, scalable, and people-centric workspaces.
Fulfilling such demand is Ortigas Land’s Silver City, a high-performance suburban business address designed to support the evolving needs of BPOs and corporate occupiers. Rising at the heart of the company’s premier eco-estate, Ortigas East, the office development stands out amidst residential and commercial spaces.
“Ortigas East was envisioned as a truly integrated estate where people can live, work, learn, and enjoy leisure in one cohesive community. The office spaces were created to complement the surrounding residential villages and educational institutions, completing a balanced mix of uses that includes offices, homes, and retail destinations. Office buildings also bring significant employment opportunities to the community,” Ortigas Land Office Business Unit Head Javier D. Hernandez said.
Silver City’s location is one of its strongest advantages. It is only about 6 kilometers away from Rizal and Marikina and is bounded by major roads such as C5, Ortigas Avenue, and Julia Vargas Avenue in Pasig City. This makes the multi-building office district highly accessible and strategically connected to multiple transport routes.
“For many commuters, it means ‘isang sakay‘ convenience. This significantly shortens travel time and reduces daily stress,” Mr. Hernandez added.
Another relevant feature of the Silver City is its campus-style layout that mirrors the makeup of the country’s universities, encouraging more collaboration and interaction between employees and tenants.
The spacious floor plate of roughly 3,000 square meters is ideal for BPO and corporate operations, allowing flexible layouts and efficient workflows. Each building is also fully equipped with basement parking and retail offerings, so daily needs are easily met within the same structure. Additionally, the low-rise layout allows quicker response during emergencies, offering a safer and more manageable environment compared to high-density skyscrapers.
“The campus-style design creates a more employee-friendly working environment. With low-rise buildings that go up to only five floors, movement is faster and easier — elevators are less congested, and many employees even choose to use the stairs, naturally promoting healthier habits,” Mr. Hernandez said.
Ortigas Land’s office development also boasts Philippine Economic Zone Authority (PEZA) Accreditation. This signals that the property meets high standards in operations, compliance, and sustainability.
“Many companies are now eager to locate in developments that support environmental initiatives and contribute positively to the community, and PEZA accreditation reinforces Silver City’s commitment to these values,” Mr. Hernandez said.
Among the benefits of being located inside a PEZA-accredited zone are the streamlining of bureaucratic processes, income tax holidays, corporate income tax exemptions, as well as tax- and duty-free importation of equipment, capital equipment, and parts.
Other privileges from the certification include exemption from payment of any local government imposts, fees, licenses, or taxes; exemption from expanded withholding tax; and VAT zero-rating of local purchases of goods and services such as land-based telecommunications, electrical power, water bills, and lease on the building, subject to compliance with Bureau of Internal Revenues and PEZA requirements.
“Today’s office locators look beyond just space — they seek purpose, sustainability, and long-term value. PEZA accreditation strengthens Silver City 4’s appeal by offering fiscal incentives while also aligning with the growing demand for responsible and future-ready developments,” Mr. Hernandez explained.
Despite these many advantages, Silver City’s true appeal springs from the sense of community that it fosters relative to its surrounding developments. Within the Ortigas East estate is the Tiendesitas vibrant hub of local eats and live beats where customers can shop for locally-made crafts or take your fur babies to a pet village. Also nearby is Maple at Verdant Towers, a 42-storey residential building that offers 692 units across 33 floors as well as upscale amenities for residents.
“Silver City’s unique proposition lies in true work-life integration. It is not an isolated office complex but part of the larger Ortigas East Estate, where offices, retail, residences, and lifestyle destinations coexist seamlessly,” Mr. Hernandez added. “With Silver City offices, Tiendesitas, SM Hypermarket, and Verdant Towers all within close proximity, employees enjoy the convenience of dining, shopping, running errands, and unwinding without having to travel far.”
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Hong Kong media tycoon Jimmy Lai to be sentenced on February 9
HONG KONG — Hong Kong media tycoon and democracy campaigner Jimmy Lai will be sentenced on February 9, the city’s judiciary said on Friday, in a closely watched national security trial that has drawn international criticism including from the US and Britain.
Mr. Lai, 78, the founder of the now-shuttered pro-democracy Apple Daily newspaper, was found guilty in December of two charges of conspiracy to collude with foreign forces under a China-imposed national security law, as well as a charge of conspiracy to publish seditious material.
Mr. Lai, who pleaded not guilty to all the charges, faces possible life imprisonment.
Among the allegations, Mr. Lai was found guilty of using Apple Daily as a platform to conspire with six former executives and others to produce seditious publications between April 2019 and June 2021, as well as to collude with foreign forces, including the US, between July 2020 and June 2021.
He was accused of conspiring with activist Andy Li, paralegal Chan Tsz-wah and others to invite foreign countries to impose sanctions, blockades and other hostile activities against Hong Kong and China.
The marathon trial began in December 2023 and ran for 156 days. In 2020, Beijing imposed a sweeping national security law upon the Asian financial hub following mass and sometimes violent pro-democracy protests in 2019.
Chief Justice Andrew Cheung, Hong Kong’s top judge, recently said that calls to free Mr. Lai prematurely would undermine the city’s rule of law.
“Such demands not only circumvent the legal procedures established to ensure accountability under the law, but also strike at the very heart of the rule of law itself,” he said.
Some countries, including the US and Britain, have said the trial was politically motivated and demanded Mr. Lai’s immediate release. The Chinese and Hong Kong governments say Mr. Lai has been given a fair trial.
British Prime Minister Keir Starmer said he had a “respectful discussion” regarding Mr. Lai with Chinese President Xi Jinping during a recent trip to Beijing, though he declined to provide details. — Reuters
Flower prices in Dangwa expected to increase next week
Flower prices at Dangwa, Manila, are expected to rise due to the anticipated surge in demand as Valentine’s Day approaches, according to several vendors on Wednesday.
Lolita N. De Dios, 47, a flower vendor for 20 years, said that prices of roses — the top-selling flower during the occasion — which are currently sold at ₱800 to ₱1,000 per bundle (24 pieces), are likely to increase to ₱1,500 to ₱1,800.
She noted that rose prices have already increased by around ₱200 since the beginning of February.
“Tataas pa ’yan ng hanggang dalawang daan kada araw… Magsisimula ng 7 o 8 [Prices could still go up by as much as ₱200 per day starting February 7 or 8],” Ms. De Dios said in an interview.
Veteran flower vendor Lourdes B. Noepe, 67, who has been selling flowers in Dangwa for 50 years, said price hikes are common during occasions such as Valentine’s Day.
“Tumaas talaga kapag Valentine’s Day kasi maraming bumibili… Nagtaas din ng presyo ang mga supplier [Prices really go up during Valentine’s Day because many people buy, and suppliers also raise prices],” Ms. Noepe said.
As for other flowers, both vendors said prices have remained steady since the start of the month, but increases are also expected within the same period.
Current prices and expected hikes of other common flowers in Dangwa:
Sunflower
Current price: ₱500 per 10 pieces (₱50 per stem)
Expected price: ₱600 to ₱700 per 10 pieces
Imported carnation
Current price: ₱500 per bundle (20 pieces)
Expected price: ₱600 per bundle
Malaysian mums, locally known as rados
Current price: ₱50 to ₱80 per small bouquet
₱120 to ₱170 per bundle (20 pieces)
Expected price hike: No increase expected as of this writing
Some vendors have also started selling bouquets priced at around ₱800.
Ms. De Dios said that custom bouquets were the trend last year and she expects the same this year. Custom bouquets can cost around ₱2,000, which includes a ₱300 labor fee.
The Department of Trade and Industry (DTI) does not impose a suggested retail price on flowers, as these are not considered basic necessities or prime commodities.
For customers looking for cheaper options, Ms. De Dios advised buying flowers at smaller quantities, commonly known as ‘tingi’, which usually costs ₱50 to ₱200, depending on the type of flower.
“Mas maganda na tingi-tingi na lang. Kasi if magpapa-arrange ka pa, may babayaran at mas mahal [It’s better to buy at smaller quantities because if you still have them arranged, there’s an additional fee and it becomes more expensive],” she said.
Meanwhile, Ms. Noepe advised customers to enter the shops themselves to get lower prices, as stalls located near the entrance are usually more expensive.
Dangwa is a common destination for Metro Manila residents when buying flowers, as it serves as a major drop-off point for supplies coming from Northern Luzon and international sources.
For Chelsea Meteoro, a 23-year-old third-year college student, Dangwa is her go-to flower market for her side business this Valentine’s season.
“Dito kasi mas fresh, mas marami, at mas sariwa ang mga bulaklak kaysa sa ibang lugar [The flowers here are fresher and more abundant compared with other places],” she said.
Both vendors expect their sales to flourish this Valentine’s Day, as it is one of the peak seasons they rely on for strong earnings. — Edg Adrian A. Eva
TESDA’s all-in-one app targets over a million workers, students
The Technical Education and Skills Development Authority (TESDA) said it aims to improve the accessibility of certifications and work opportunities for over a million skilled workers and students through its newly launched mobile application.
“The TVET ecosystem in the Philippines is around 1.6 to 1.8 million Filipinos a year,” TESDA Director General Jose Francisco B. Benitez told reporters in an interview on Thursday.
“There’s a mismatch, either a mismatch in skills or a mismatch in access to information as to where the jobs are and what it would take to get there, so this app hopes to help fill that gap,” he added.
TESDA’s Skills Passport application aims to be an “all-in-one” platform for training, certifications, employment, and scholarship services.
The application will serve as a “digital identity and portfolio” for users, where they can store digital records of the TESDA National Certificate (NC) verifiable by potential employers through a QR-enabled resume.
Job portals will be linked on the app to help users find jobs aligned with their skills.
“The learner has an option to link their training to their job…There are lots of jobs out there, and more jobs, actually, than there are unemployed Filipinos,” Mr. Benitez said. “Even if you don’t have a TESDA certificate per se, you can basically send your application through the app.”
“But obviously, the app is better if you have a TESDA certification because then they can verify the veracity of the certificate that you have,” he added.
Data from the Philippine Statistics Authority (PSA) showed that the unemployment rate in the country reached 4.4% or 2.26 million in December 2025. This is higher than the 3.1% or 1.63 million recorded in the same period last year.
A smart guide, Professor K, is available on the app to help users with career paths and choices.
Gig workers are also encouraged to utilize the application’s micro-credential features.
“We’ve developed micro-credentials, which will appear in the app,” Mr. Benitez said. “If there are transversal skills and or very specific specialization skills that are not an NC…you can have those micro-credential badges.”
“I think, in many ways, help address not just unemployment but underemployment, hopefully,” he added. — Almira Louise S. Martinez
Indonesian markets face more pressure after Moody’s cuts outlook
SINGAPORE — Markets in Indonesia could come under more pressure on Friday after Moody’s lowered the nation’s credit rating outlook, the latest jolt in a turbulent start to the year for Southeast Asia’s largest economy.
Moody’s said on Thursday it had cut Indonesia’s credit rating outlook to negative from stable, citing reduced predictability in policymaking days after MSCI flagged transparency issues that triggered a market rout of more than $80 billion.
Indonesia’s chief economic minister Airlangga Hartarto downplayed the step, saying ratings agencies and global financial markets were “yet to understand” the country’s new growth strategy.
The focus will be on the rupiah, which remains pinned near the record low of 16,985 per US dollar it touched late last month on worries about central bank independence. It is down nearly 1% for the year.
The benchmark Jakarta Composite Index, which closed 0.5% lower on Thursday, has fallen 2.7% for the week thus far and was on track to extend last week’s 6.9% decline.
“The Moody’s outlook downgrade is a warning shot, which could trigger other ratings agencies to follow suit, particularly if the nature of policymaking remains subject to a heightened degree of uncertainty,” said economists at OCBC in a note.
“The responses of the authorities will be watched even more closely, as credible policy choices remain a necessity to avert a credit ratings downgrade over the course of the next twelve to eighteen months.”
Indonesia’s international bonds slipped on Thursday following the Moody’s announcement. Longer dated dollar-denominated bonds eased between 0.3-0.5 cents, with many trading at their weakest level in five months, Tradeweb data showed.
SELLING PRESSURE REMAINS
The rout in Indonesia’s stock market has thrust the $1.4 trillion economy back under the spotlight as investors grow increasingly concerned about policy uncertainty under President Prabowo Subianto, including a widening fiscal deficit and central bank independence.
Vows from officials to make changes and the resignations of five top officials from the financial regulator and stock exchange have failed to stabilize the market, which continues to see outflows.
Foreigners sold a net of around $860 million worth of shares since last Wednesday, exchange data showed. They sold $1 billion worth of shares in 2025. — Reuters
US drone makers seek Asia sales as China threat rises
SINGAPORE — Several US drone firms made their debuts at the Singapore Airshow this week, seeking to expand their business beyond the Pentagon to countries in Asia that are increasingly concerned about the threat posed by China’s military build-up.
The lethal success of drones on both sides of Russia’s war in Ukraine has sparked a surge of Silicon Valley investment in drone and military artificial intelligence startups, boosting the valuations of US firms like California-based Anduril Industries and Shield AI.
This wave of interest in the next generation of warfare is reshaping the character of major air shows that have been long-dominated by gleaming commercial airliners, daredevil fighter jets and troop-carrying helicopters.
Drones – from palm-sized quadcopters built for kamikaze strikes to unmanned fighter jets – have moved from the margins to center stage as military commanders, politicians, intelligence officers and defense industry executives converged this week to assess which technologies might give them the edge in a future conflict in the Pacific.
Though most drones used by Ukraine are domestically produced, companies like Anduril, Shield AI, El Segundo, California-based Neros Technologies and Virginia-headquartered AeroVironment have supplied Kyiv with weapons.
Now these companies are aiming to persuade militaries in Taiwan, the Philippines, Singapore, Australia, South Korea, and Japan that their early battlefield experience and initial Pentagon backing prove they can deliver the cutting-edge systems needed as China builds its military presence in the region.
“They’re looking for the ability to conduct intelligence, surveillance, reconnaissance operations while GPS and communications are jammed … it’s what we’re offering to a number of different countries in the region,” Shield AI’s co-founder Brandon Tseng told Reuters at the Singapore show.
Shield AI, whose 9-foot-long (2.7 m), roughly $1 million V-BAT reconnaissance drone has logged hundreds of hours in Ukraine, announced at the show that it will supply Singapore’s ST Engineering with Hivemind, its AI autonomy software suite for unmanned systems.
ASIA OFFICES OPENING UP
Anduril, which has several Pentagon contracts and was valued at $30 billion in a private fundraising last year, opened offices in Taiwan, South Korea and Japan in 2025. It has secured sales of its Altius loitering munition drones to Taiwan.
Alongside their smaller drones, Anduril and Shield AI showcased models of sleek, stealth‑styled Collaborative Combat Aircraft (CCA), which are around $30 million per unit “loyal wingman” fighter-jet drones designed to fly alongside next-generation manned fighters.
Major US defense firms including Boeing, General Atomics, Lockheed Martin, and Northrop Grumman are also developing CCAs.
Neros, which has a US Marine Corps contract for its small Archer quadcopter attack drone, aims to establish factories in South Korea, the Philippines, Singapore and Japan to build stockpiles of expendable, explosive-laden drones that could help overwhelm Chinese forces in the event of a Taiwan Strait conflict, said the company’s Asia growth lead, Kenneth Inocencio.
“Imagine you’re a (Chinese) trooper. You’re about to board your landing craft … 5 kilometers (3 miles) away, your landing craft gets hit by 30 Neros Archers. Some of them (below) the water line. Your landing craft sinks like a few kilometers away from the beach,” Mr. Inocencio told Reuters.
Neros, which produces up to 200 drones a day at its El Segundo factory, won a contract last year from a coalition of countries to supply 6,000 Archer drones to Ukraine.
US firm Red Cat, which will supply the US Army with its Black Widow short-range reconnaissance quadcopter, announced at the Singapore Airshow that it had received an order for the drone from an unnamed Asia‑Pacific country.
“Because of regional conflicts and uncertainty with China and their intentions, a lot of Asia-Pacific allies are tooling up, a handful of them in a big way,” said Stayne Hoff, Red Cat’s director of business development, Asia-Pacific. — Reuters
Canada rolls back EV regulations but boosts incentives
OTTAWA/WASHINGTON — Canadian Prime Minister Mark Carney said on Wednesday his government was scrapping a national electric-vehicle sales mandate, while boosting incentives for EV purchases and charging.
Mr. Carney said Canada will provide C$2.3 billion ($1.68 billion) to fund incentives of up to C$5,000 on EV purchases or leases by individuals and businesses, while also earmarking C$1.5 billion for EV charging. Canada will also provide up to C$3.1 billion for Canada’s auto-manufacturing sector to help it make the costly transition to electric cars.
The measures follow the European Commission’s recent decision to dial back rules that would have effectively phased out sales of gas- and diesel-engine cars, due to the slower-than-expected pace of EV adoption by consumers. But Canada’s fresh incentives offer far more support for EVs than the United States, which recently scrapped key tax breaks for battery-powered cars.
Automakers praised Mr. Carney’s announcement, which drew condemnation from some environmental groups.
Canada said it will introduce stronger emissions standards for the 2027-2032 model years, which it says will help achieve a goal of 75% EV sales by 2035 and 90% EV sales by 2040.
By contrast, the United States in September ended its longstanding $7,500 EV tax credit. Since President Donald Trump took office last year, the US has taken a series of steps to make it easier for automakers to sell gas-powered vehicles.
CHANGES AVOID BURDENS ON AUTO SECTOR: PM
Replacing Canada’s EV sales mandate with stronger vehicle emissions standards “focuses on the results that matter to Canadians, while avoiding undue burdens on the Canadian auto industry,” Mr. Carney said at a press briefing.
In 2023, under then-Prime Minister Justin Trudeau, Ottawa mandated that 20% of all vehicles sold in 2026 be emissions-free. The push was unpopular with vehicle manufacturers, who said it imposed unsustainable costs.
Mr. Carney said he still considered Canada to be “a leader on climate change,” noting the country would release its climate-competitiveness strategy in the coming weeks.
Sam Hersh of the advocacy group Environmental Defense called the new EV strategy “a huge setback.”
“This may be framed as short-term relief for automakers, but it will lead to long-term pain and put the industry on an inevitable path to decline,” Mr. Hersh said.
The Canadian Vehicle Manufacturers’ Association praised Mr. Carney’s action, saying “funding to support renewed purchase incentives and a robust charging infrastructure strategy will help continue to drive EV adoption.”
Ontario Premier Doug Ford called the new strategy a “pivotal” moment as the country’s economy and sovereignty are under attack by US President Donald Trump.
The advocacy group Consumer Choice Center also applauded Mr. Carney’s EV announcement, saying “it was always wrong for the government to try to dictate to Canadians what type of car they ought to buy.”
CANADA FOLLOWS EUROPE
The 27-member European Commission in December agreed to drop its ban on new combustion-engine cars from 2035.
Mr. Carney, citing the damage US tariffs have done to the highly integrated North American auto sector, is pressing the country to diversify its trade and boost domestic manufacturing.
Last November, the federal government scrapped a planned emissions cap on the oil and gas sector and dropped rules on clean electricity, moves designed to spur investment in energy production.
Canada will maintain counter-tariffs on auto imports from the United States and is looking at ways to encourage Canada-based manufacturers to boost production and investment.
Last month, Mr. Carney struck an initial trade deal with China to slash tariffs on EVs. Canada will allow up to 49,000 Chinese EVs at a tariff of 6.1% on most-favored-nation terms, with the quota set to gradually increase to about 70,000 in five years.
Mr. Carney said Chinese EVs would not be eligible for government incentives. — Reuters