Digitel Telecommunications, Inc. to conduct 2025 Annual Meeting of Stockholders via remote communication on May 26
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What MOA can teach us about the next era of urbanization
And how SMDC anchors residential living within Metro Manila’s most integrated global hub
The next generation of great cities will not happen by chance. They will be built deliberately — planned as integrated ecosystems where living, working, leisure, and commerce are seamlessly connected. In the Philippines, few developments reflect this shift more clearly than the Mall of Asia (MOA) complex in Pasay City.
Across a single district, MOA brings together a rare convergence: the sprawling SM Mall of Asia, the landmark MOA Arena, the five-star Conrad Manila, the E-Com office clusters, and a growing network of residential and hospitality developments. Soon, the addition of the SMX Center for International Trade and Exhibitions (SMXCITE) will expand MOA’s role even further. Designed to accommodate up to 18,000 guests, SMXCITE will double SMX’s exhibition footprint and position MOA as the country’s premier hub for global trade shows, conferences, and business events — comparable to Southeast Asia’s leading convention centers.
Strategically rising beside SMXCITE is SMDC’s Ice Tower Residential-Office. Its location is no coincidence. For Ice Tower owners, immediate proximity to the country’s largest events center means access to a year-round stream of businesses, entrepreneurs, and international delegates. Units here will have the built-in advantage of higher rental demand, business flexibility, and strong resale potential — qualities that few other addresses in Metro Manila can replicate.
This ripple effect extends to other SMDC developments in the complex as well, such as Sail Residences, offering waterfront-inspired living near commerce; and Shore 3 Residences, an expansive enclave with resort-style amenities at the heart of a business and leisure corridor.
In a market where location alone is no longer enough, MOA gives a real-world glimpse of what tomorrow’s cities will need: being close to where industries are growing, having easy access to business and leisure hubs, and living in communities designed for long-term growth and connection. Owning a condo within this complex means living in a district built for real growth — where business opportunities, tourism, and everyday life all come together.
The future of urban value will not be determined by geography alone, but by ecosystems — and MOA is proving how that future can be built.
Learn more about investing in SMDC’s MOA developments by visiting www.smdc.com or calling our hotline at (+632) 8858-0300 today.
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DigiPlus, BingoPlus Foundation continue to deliver vital medical aid to southern provinces in the Philippines
In its continued commitment to providing accessible healthcare to underserved communities, DigiPlus Interactive Corporation and its corporate social responsibility arm, BingoPlus Foundation, expanded their healthcare initiatives through its KalusuganPLUS Program in the southern provinces in the country for the first quarter of 2025.
Helping Communities Combat Dengue in Palawan
The Foundation gave direct response to the alarming dengue surge in Palawan, where Department of Health- MIMAROPA recorded 7,060 dengue cases, with Narra, Palawan contributing 1,111 cases and 7 fatalities, the highest in the province. KalusuganPLUS Program launched a two-day medical mission in Barangay Princess Urduja and Barangay Antipluan, Narra, Palawan, last March 6 and March 7. Volunteer doctors, together with municipal health workers, provided free medical services to a total of 1,300 residents across 12 barangays, primarily aimed at boosting immunization against various illnesses and viral diseases including dengue. Furthermore, residents received education on dengue prevention, specially focusing on necessary precautions and sanitation practices that can easily be implemented within their households.
“Our partnership with DigiPlus and BingoPlus Foundation has been invaluable in addressing our community’s healthcare needs. This initiative provided much-needed services while reinforcing efforts in disease prevention and public health education. We are truly grateful for this collaboration, which has significantly improved the well-being of our residents,” said Dr. Gina Tagyab, Municipal Health Officer of Narra.
Bridging Medical Gaps in Quezon Province
Access to healthcare remains a pressing challenge for the residents of Mulanay, Quezon Province, where the absence of a local hospital severely limits medical support for its 50,000 residents. According to Dr. Ma. Melissa Tesalona, Municipality Health Unit Head of Mulanay, residents must travel 30 to 40 minutes to reach the nearest hospital in a neighboring town, a sad journey, especially for senior citizens and patients needing regular checkups and medications. “We often run out of essential medicines and vitamins for elderly population who rely heavily on consistent treatment,” she shared.
Recognizing the urgent healthcare gap, BingoPlus Foundation stepped in through its KalusuganPLUS Program. In collaboration with the Mulanay’s Health Unit and Mulunay Central Elementary Alumni Association, the foundation conducted a two-day medical mission from April 11 to 12, 2025.The initiative provided free medical consultations, basic health screenings, and medication to over 1,200 residents, delivering critical care directly to the community’s doorstep. The majority of the patients, aged between 35 to 75, sought treatment for chronic illnesses such as high blood pressure, arthritis, and diabetes.
Ensuring every Filipino has access to primary healthcare
“At BingoPlus Foundation, we believe that access to quality healthcare is a fundamental right, not a privilege. Through our KalusuganPLUS Medical Mission, we aim to bridge the healthcare gap by offering free consultations, checkups, and preventive care. Beyond addressing immediate health concerns, we empower communities with knowledge on disease prevention and overall well-being,” said Paul Tamayo, BingoPlus Foundation’s Program Manager for Health and Resilience.
With an unwavering commitment to public service, DigiPlus and BingoPlus Foundation continue to advance healthcare access nationwide. Beyond medical missions, the foundation supports flu vaccinations, optical missions for senior citizens, HIV awareness campaigns, breast cancer advocacy, and grants for hospitals and healthcare facilities.
To know more about the social development programs of BingoPlus Foundation, visit https://digiplus.com.ph/bingoplus-foundation/.
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Tariff-induced uncertainty seen curbing US job growth in April
WASHINGTON – U.S. job growth likely slowed in April amid heightened economic uncertainty because of President Donald Trump’s aggressive tariff policy, though companies continued to hoard workers, keeping the labor market humming for now.
The Labor Department’s closely watched employment report on Friday is, however, likely to be dismissed as backward-looking and probably will not offer a clear pulse of the economy after gross domestic product contracted in the first quarter under the weight of a deluge of imports as businesses tried to get ahead of tariffs.
Mr. Trump’s April 2 “Liberation Day” tariff announcement ushered in sweeping duties on most imports from the United States’ trade partners, including raising duties on Chinese goods to 145%, sparking a trade war with Beijing and tightening financial conditions. Trump later delayed higher reciprocal tariffs for 90 days, which economists said was essentially a pause on the whole economy as it left businesses in a state of paralysis and risked a recession if there was no clarity soon.
“This is a situation where the air in the balloon is slowly dissipating out,” said Brian Bethune, an economics professor at Boston College. “There’s a certain amount of labor hoarding that’s going on despite the uncertainty across so many different dimensions, on the anticipation that somehow there will be some clarity in terms of direction of policy.”
Nonfarm payrolls likely increased by 130,000 jobs last month after rising by 228,000 in March, a Reuters survey of economists showed. Estimates ranged from 25,000 to 195,000 jobs added. Part of the anticipated step-down in payrolls would be due to the fading boost from warmer weather.
The pace of job gains would be more than the 100,000 that economists say are needed to keep up with growth in the working-age population. The unemployment rate is forecast to have been unchanged at 4.2% last month. While the labor market continues to show resilience amid a reluctance by employers to let go of workers after struggling to find labor during and after the COVID-19 pandemic, warning signs are accumulating.
Business sentiment continues to plummet, which economists expect will at some point give way to layoffs. Already, airlines have pulled their 2025 financial forecasts, citing uncertainty over spending on nonessential travel because of tariffs.
General Motors GM.N cut its 2025 profit forecast on Thursday and said it expected a $4-$5 billion tariff hit.
China has ordered its airlines not to take further deliveries of Boeing planes while Ryanair RYA.I, Europe’s largest low-cost carrier, on Thursday threatened to cancel orders for hundreds of Boeing aircraft if the tariff war leads to materially higher prices.
Amid the uncertainty, the Federal Reserve is expected to keep its benchmark overnight interest rate in the 4.25%-4.50% range next week.
POLICY UNCERTAINTY
Economists expect companies will reduce hours before resorting to layoffs. The average workweek has been steadily declining since 2023 and held steady at 34.2 hours in March.
“How much can the labor market absorb and handle this uncertainty that the administration has injected into the economy?” asked Martha Gimbel, executive director of the Budget Lab at Yale. “American businesses are resilient, and there’s a lot that they can overcome, but they can’t overcome everything, and at some point the policy environment is going to really start to bite.”
Most economists expect the tariff drag could become evident in the so-called hard data, including employment and inflation reports, by summer. Surveys, including from the Institute for Supply Management, the Conference Board and University of Michigan, have uniformly painted a dire economic picture.
The Trump administration’s unprecedented and often chaotic campaign spearheaded by tech billionaire Elon Musk’s Department of Government Efficiency, or DOGE, to drastically shrink the federal government through mass layoffs and deep funding cuts is adding to the rising labor market risks.
Some of the spending cuts have affected schools and medical research. The government and the healthcare sectors have been the key drivers of employment growth. The labor market’s resilience is likely to be underscored by solid wage growth.
Average hourly earnings are forecast to have risen by 0.3%, matching March’s gain. That would raise the annual increase in wages to 3.9% from 3.8%. This has left some economists optimistic that the economy could avoid the dreaded stagflation – tepid growth and high inflation – or worse a recession.
“Generally when there is stagflation, we haven’t seen the labor market be as resilient as it is today,” said Elizabeth Crofoot, a senior economist at Lightcast. “As long as people have jobs, as long as their incomes are not necessarily rising, but steady, and they feel like they can absorb some of the price increases that’s going to allow the economy to be resilient.” — Reuters
China ‘evaluating’ US offer to negotiate tariffs; Beijing’s door is ‘open’
BEIJING – Beijing is “evaluating” an offer from Washington to hold talks over U.S. President Donald Trump’s crippling tariffs, China’s Commerce Ministry said on Friday, signaling a potential de-escalation in the trade war that has roiled global markets.
The United States has approached China to seek talks over Trump’s 145% tariffs and Beijing’s door was open for discussions, the commerce ministry said.
The U.S. should be prepared to take action in “correcting erroneous practices” and cancel unilateral tariffs, the commerce ministry said in a statement, adding that Washington needed to show “sincerity” in negotiations.
“The U.S. has recently taken the initiative on many occasions to convey information to China through relevant parties, saying it hopes to talk with China,” the statement said, adding that Beijing was “evaluating this”.
“Attempting to use talks as a pretext to engage in coercion and extortion would not work,” it added.
China has repeatedly denied it is seeking to negotiate a way out of the tariffs with the United States, appearing instead to be betting that Washington makes the first move.
Mr. Trump’s decision to single Beijing out for import duties of 145% comes at a particularly difficult time for China, which is struggling with deflation due to sluggish economic growth and a prolonged property crisis.
Beijing has expressed its anger at the tariffs, which it says are tantamount to bullying and cannot stop the rise of the world’s second-largest economy.
Alongside leveraging its propaganda machine to hit back at the duties, China has quietly created a list of U.S.-made products it will exempt from its retaliatory 125% tariffs – including select pharmaceuticals, microchips and jet engines – Reuters has reported.
On the U.S. side, officials, including Treasury Secretary Scott Bessent and White House economic adviser Kevin Hassett, have also expressed hope for progress in easing trade tensions.
“I am confident that the Chinese will want to reach a deal. And as I said, this is going to be a multi-step process. First, we need to de-escalate, and then … we will start focusing on a larger trade deal,” Mr. Bessent said in an interview with Fox Business Network this week.
Mr. Trump said on Wednesday he believed there was a “very good chance” his administration could do a deal with China, hours after Chinese President Xi Jinping called on officials to take action to adjust to changes in the international environment, without explicitly mentioning the United States. — Reuters
US accuses health insurers, brokers of Medicare Advantage kickback scheme
BOSTON – The U.S. Department of Justice accused three of the nation’s largest health insurers of paying hundreds of millions of dollars in kickbacks to brokers in exchange for steering patients into the insurers’ Medicare Advantage plans.
In a complaint filed in Boston federal court on Thursday, the Justice Department alleged that CVS Health’s Aetna, Elevance Health and Humana engaged in a vast kickback scheme with insurance brokers eHealth, GoHealth and SelectQuote from 2016 to 2021.
The lawsuit alleges the companies violated the False Claims Act, which prohibits submitting a false claim to the government for payment. The Justice Department is seeking unspecified damages and penalties.
Aetna parent company CVS Health and Humana in separate statements said they would defend themselves vigorously. Elevance Health said it was confident its health plans complied with federal regulations and guidelines.
GoHealth said the Justice Department’s case was “full of misrepresentations and inaccuracies,” and eHealth called the claims “meritless.”
Medicare Advantage plans are offered by private insurers that are paid a set rate by the U.S. government to manage healthcare for older people looking for extra benefits not included in regular Medicare coverage.
Many Medicare beneficiaries rely on insurance brokers to help them choose insurance plans that meet their needs and navigate the complexities of the Medicare Advantage program, the Justice Department said.
The Justice Department said that rather than acting in an unbiased manner and in the best interests of patients, the brokers directed Medicare beneficiaries to plans offered by insurers that paid them the most in kickbacks.
Those kickbacks were often disguised and referred to as “marketing,” “co-op,” or “sponsorship” payments, according to the complaint.
The lawsuit alleges the brokers incentivized their employees and agents to sell plans based on the kickbacks and at times refused to sell the Medicare Advantage plans of insurers that did not pay them enough.
The Justice Department said Aetna and Humana also threatened to withhold kickbacks to pressure the brokers to enroll fewer patients with disabilities, whom the insurers viewed as less profitable.
In a statement, U.S. Attorney Leah Foley of Massachusetts called efforts to drive Medicare beneficiaries away because of their disabilities “unconscionable.”
Thursday’s case began as a whistleblower lawsuit filed in 2021 under the False Claims Act, which allows whistleblowers to sue companies to recover taxpayer funds paid out based on false claims.
Such cases are filed under seal initially while the Justice Department investigates the claims and decides whether to join the case, which it did this week. — Reuters
May Day protesters across US decry Trump policies, call for rule of law
Lawyers, teachers and politicians marched among thousands of demonstrators across the U.S. on Thursday to protest President Donald Trump’s policies on immigration, the targeting of lawyers and judges, and the power of wealthy decision-makers.
Jennifer Vasquez Sura, whose husband Kilmar Abrego Garcia is a U.S. resident the administration sent by mistake to a prison in El Salvador, spoke at a Washington rally that was among the protests organized by lawyers’ groups and by a coalition of more than 200 labor unions and immigrant rights advocates.
“He was illegally detained, abducted and disappeared by the Trump administration, though they admitted it was an error,” Ms. Vasquez Sura said, adding her husband has endured “50 days of suffering.”
“For everyone watching, keep fighting,” she said. The crowd responded with chants of: “Bring Kilmar home.”
Organizers have accused the Trump administration of prioritizing profits for billionaires and called on it to invest in working families by fully funding healthcare, housing and public schools.
“It’s a clear split screen between the priorities of the Trump administration and what regular people want and need,” said Lisa Gilbert, co-president of Public Citizen, a consumer rights advocacy group and a co-organizer of the Washington rally.
Organizers expected hundreds of thousands of protesters across the country, hoping for the biggest May Day Protests in U.S. history. Previous protests have garnered thousands of attendees since Trump returned to office.
Federal workers have been fired as Mr. Trump and billionaire Elon Musk, a top adviser heading a new Department of Government Efficiency, have moved to slash government departments and fire workers.
U.S. Representative Ilhan Omar told a crowd in Washington the administration’s actions were “eliminating oversight so corporations can exploit workers without consequences.”
Days after Mr. Trump celebrated his first 100 days in office with a campaign-style event in Michigan, the rallies came as Democrats sought a unified response and a galvanizing leader.
U.S. Senator Bernie Sanders of Vermont addressed thousands at a rally in Philadelphia.
In New York, U.S. Representative Alexandria Ocasio-Cortez warned protesters that Mr. Trump and the Republican majority in the U.S. Congress “are going after Medicaid next.”
Ms. Ocasio-Cortez, who has been touring the country holding rallies with Sanders, said she had just learned that Republicans “have stopped and suspended next week’s Medicaid cuts because they are getting too scared … But our fight is not over because they have only suspended” the cuts to Medicaid, the federal health insurance program for low-income Americans.
She said there were 6,000 protesters in New York City and tens of thousands more demonstrating in Philadelphia, Idaho, Los Angeles, Denver, and Phoenix and Tucson, Arizona.
Also in New York, hundreds of lawyers attended a separate “National Law Day of Action” event, chanting “Respect our judges, give support. Stand behind them, and the court.”
Some prominent law firms have pledged millions in free legal work and made other concessions to Mr. Trump in efforts to get him to rescind punitive measures against them. Others have filed lawsuits challenging his orders and have been supported by law professors, advocacy groups, state attorneys general, former top legal executives at large companies and others.
Federal judges have claimed the Trump administration has failed to comply with court orders regarding foreign aid, federal spending and the firing of government workers. The administration disputes it has defied judges.
Among the speakers in Manhattan was Stuart Gerson, who served President George H.W. Bush, a Republican, as an assistant attorney general and also served President Bill Clinton, a Democrat, as acting attorney general.
“This is about country, not about party,” Gerson told the crowd, recalling what Bush told him when Clinton asked him to serve in his cabinet. “You don’t pledge fealty to an individual, you pledge fealty to the Constitution.”
In Los Angeles, demonstrators turned their ire on Musk, Amazon founder Jeff Bezos and Mr. Trump’s hard line against immigration, hoisting banners declaring, “L.A. labor stands with immigrants” and “Resist Fascism.”
“The constitution is being trampled on,” said Mark Diamond, 62, from the L.A. neighborhood of San Pedro. “If it takes four years, we’ll be out here 100 times.” — Reuters
Apple girds for more trade war pain, trims buyback
SAN FRANCISCO – Apple on Thursday trimmed its share buyback program by $10 billion, with CEO Tim Cook telling analysts that tariffs could add about $900 million in costs this quarter as the iPhone maker shifts its vast supply chain to minimize the impact of President Donald Trump’s trade war.
Mr. Cook also said Apple’s planned $500 billion in spending to expand its U.S. footprint would involve both capital outlays and increased operational expenses as it builds out server and chip factories with its manufacturing partners. In addition, he outlined how Apple has started to build up a stockpile of products so that the majority of its devices sold in the U.S. this quarter will not come from China.
Taken together, analysts said the moves showed one of the most profitable companies in the history of business battening its hatches as it moves into uncharted waters.
“We were expecting to see more buybacks. Knowing the company, this indicates that Tim Cook is hoarding cash for difficult times,” said Thomas Monteiro, senior analyst at Investing.com. “While that’s not exactly a problem in itself, it certainly suggests that the company is not as certain about its near-term future as it was in previous quarters.”
Apple shares were down 4.3% after the company released quarterly results.
So far, the trade war has not been a problem for Apple’s sales, with Mr. Cook saying the company did not see consumers rushing to stock up on Apple items.
The Cupertino, California-based company said sales and profit for the fiscal second quarter ended March 29 were $95.36 billion and $1.65 per share, respectively, compared with analyst estimates of $94.68 billion and $1.63 per share, according to LSEG data. Sales of iPhones were $46.84 billion, compared with estimates of $46.17 billion, according to LSEG data.
For the current fiscal third quarter, Apple executives said the company expects low-to-mid single-digit revenue growth, which is in line with analyst expectations of 4.28% growth to $89.45 billion, according to LSEG data.
But Apple predicted a hit to gross margins, which it said will be 45.5% to 46.5% in its fiscal third quarter, which is below analyst estimates of 46.58%, according to LSEG data.
Cook said that for the quarter ending in June, “assuming the current global tariff rates, policies and applications do not change for the balance of the quarter and no new tariffs are added, we estimate the impact to add $900 million to our cost.”.
He said the majority of iPhones sold in the U.S. in the current quarter will come from India, and that most iPads, Macs and Apple Watches will come from Vietnam. Cook said that the vast majority of Apple products for markets outside the U.S. will continue to come from China.
“We have a complex supply chain. There’s always risk in the supply chain,” he said. “What we learned some time ago was that having everything in one location had too much risk with it.”
Cook also signaled that Apple’s efforts to spend more in the U.S. will come with real costs to Apple’s balance sheet. He said the company already sources 19 billion chips from a dozen U.S. states and will be expanding its own facilities.
“As we expand facilities in the different states – from Michigan to Texas to California and Arizona and Nevada and Iowa and Oregon and North Carolina and Washington – there will be (capital expenditures) involved in that,” Mr. Cook said.
For Apple’s second quarter, sales in its services business were $26.65 billion, compared with estimates of $26.69 billion, according to LSEG data. Apple said sales in its Greater China segment fell to $16 billion, better than analyst expectations of $15.9 billion, according to data from Visible Alpha.
In Apple’s accessories and wearables segment, which includes products such as AirPods, revenue was $7.52 billion, compared with estimates of $7.85 billion, according to LSEG.
Sales of iPads and Macs were $6.40 billion and $7.95 billion, respectively, compared with analyst expectations of $6.07 billion and $7.92 billion. Mr. Cook said that entry-level iPads performed the best during the quarter.
Apple also said it will increase its cash dividend by 4% to 26 cents per share and that its board has authorized an additional $100 billion for its stock buyback program, down $10 billion from the same time last year. — Reuters
Boomi World 2025 heads to Dallas in May
Boomi, an integration and automation leader, will hold its flagship event Boomi World in Dallas, Texas next month.
Experts will discuss new innovations and developments in artificial intelligence-driven integration and automation at Boomi World from May 12 to 15.
Boomi customers and partners will explore “the transformative power of agentic AI, get a peek behind the scenes at the Boomi product roadmap, and take a deep dive into real-world applications of API (application programming interface) management, data management, integration, and automation.”
At the event, Boomi Chairman and CEO Steve Lucas and Boomi Chief Product and Technology Officer Ed Macosky are expected to share latest product and platform updates.
Other speakers include ServiceNow President Paul Fipps; Modern Niagara Director for Data & Analytics Charles Davis; IDC Senior Director Shari Lava and BARC US CEO Shawn Rogers.
The event also features Olympic medalists Tara Davis-Woodhall and Hunter Woodhall as special guest speakers.
Ms. Davis-Woodhall won the gold medal in the long jump at the 2024 Paris Olympics, while Mr. Woodhall is a three-time Paralympian and 2024 gold medalist.
Boomi World will provide optional one-day and two-day pre-conference training and certification courses starting on May 12.
The Boomi Partner Summit, which takes place on May 13, will give partners an exclusive look at the future of the Boomi ecosystem.
The event will also feature over 50 breakout sessions focused on AI, API Management, Data Management, and Integration.
April inflation likely fell below 2%
By Luisa Maria Jacinta C. Jocson, Senior Reporter
INFLATION likely remained below 2% for a second straight month in April, analysts said, as the decline in key food prices such as rice kept the headline figure at bay.
A BusinessWorld poll of 14 analysts yielded a median estimate of 1.8% for the consumer price index (CPI) in April.
This is within the 1.3% to 2.1% forecast of the Bangko Sentral ng Pilipinas (BSP) for the month.
If realized, April inflation would be the same as March but would slow from the 3.8% clip logged in the same month in 2024.
This would also mark the ninth straight month that inflation settled within the BSP’s 2-4% target range.
The Philippine Statistics Authority (PSA) is scheduled to release April inflation data on Tuesday (May 6).
“Inflation likely remained benign during the month and will likely continue to do so in the next few months,” HSBC economist for ASEAN Aris D. Dacanay said.
The slowdown in food prices remains the largest driver for low inflation in April, Patrick M. Ella, an economist at Sun Life Investment Management and Trust Corp., said.
Security Bank Corp. Vice-President and Research Division Head Angelo B. Taningco cited “declining prices of rice, fish and meat amid monthly price upticks in fruits and vegetables” as factors in keeping inflation within the target range.
“Retail rice prices in the capital continued to moderate as global rice prices eased. And with global rice prices falling faster than retail prices, there is still room for local rice prices to ease even further,” Mr. Dacanay said.
For the past few months, rice inflation has been on a downtrend after the government implemented several measures to tame retail prices of the staple grain. These include the lower tariffs on rice imports in July last year and the food security emergency declared in February.
“This further disinflation comes largely from the rice CPI decline that we have noticed. Lower global oil prices may have also contributed to more easing of inflation,” Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, Inc., said.
Mr. Dacanay also noted the “substantial rollback” of fuel prices during the month.
“Not only did global oil prices eased, but the peso also strengthened against the US dollar, making fuel and diesel more affordable,” he added.
In April, pump price adjustments stood at a net decrease of P0.80 a liter for kerosene. It stood at a net increase of P0.40 a liter each for gasoline and diesel.
The peso closed at P55.84 per dollar on April 30, its strongest finish in more than seven months or since its P55.69 finish on Sept. 20, 2024.
“Broad-based declines in major food items — particularly rice, vegetables, and fish — along with softer oil and LPG rates continued to drive disinflation,” Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said.
Citi Research also flagged downside risks to the inflation outlook such as the expected impact of weaker global demand.
However, analysts said higher electricity rates and a hike in Light Rail Transit (LRT) Line 1 fares could have also stoked inflation in April.
“The upside, however, may come from higher demand for electricity that may partly offset the April headline CPI uptick,” Mr. Asuncion said.
Manila Electric Co. (Meralco) raised the overall rate by P0.7226 per kilowatt-hour (kWh) to P13.0127 per kWh in April from P12.2901 per kWh in March.
“This, combined with the sharp rise in electricity charges and the P5-P10 LRT fare hike, which affects around half-a-million daily commuters in the National Capital Region, partially offset the downward pressure on prices,” Mr. Neri said.
Starting April 2, the boarding fare at LRT-1 was increased to P16.25 from P13.29, while the distance per kilometer fare was hiked to P1.47 from P1.21.
“Although electricity prices may have increased from March, we don’t think the increase was substantial enough to offset the downside price pressures from transport and food costs,” Mr. Dacanay added.
ROOM FOR EASING
For the year, Mr. Asuncion said they expect inflation to average 2.2%.
“Our estimated inflation trajectories in 2025-2026 are well within the BSP’s inflation target range of 2-4%. Peak forecast inflation is at 2.9% at yearend,” he said.
With inflation expected to be well within the target band, the BSP will be able to continue its rate-cutting cycle.
“Considering the current inflation outlook, the possibility of another rate cut by the BSP at their June policy meeting seems plausible,” Mr. Neri said.
Oikonomia Advisory & Research, Inc. economist Reinielle Matt Erece said if inflation continues to be subdued and a drag on demand, this could prompt the need for monetary easing to boost economic activity.
“As long as inflation remains this muted, then we think the Board will continue to be more open to additional rate cuts,” Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco said.
The BSP’s risk-adjusted inflation forecasts are at 2.3% in 2025, 3.3% in 2026, and 3.2% in 2027.
“If inflation continues to run below or around the lower end of the BSP’s target, we think this could give room for another policy rate cut from the BSP at its next meeting in June,” Chinabank Research said.
Mr. Neri also noted that stable oil prices and the peso holding at the P56-per-dollar level will also help make the case for another rate cut.
The Monetary Board last month delivered a 25-basis-point (bp) rate cut, which put it back to an easing cycle after pausing rates in February.
Meanwhile, analysts said the central bank at its next policy meeting will be able to take into account the first-quarter gross domestic product (GDP) data in their decision.
Weaker-than-anticipated first-quarter growth would “almost guarantee further easing in June,” Mr. Chanco said.
“I expect the BSP to pay attention to inflation and the first-quarter GDP print for the June meeting. If first-quarter growth remains weak, then they will surely cut,” Mr. Ella said.
The PSA will release first-quarter GDP data on May 8.
“Furthermore, if the GDP growth figures due later this month reveal a disappointing performance, the argument for a June rate cut would be even more compelling,” Mr. Neri added.
Citi Research expects the Monetary Board to deliver a 25-bp cut at each of its meetings in August and December.
It said it also sees “risks of the latter two cuts being brought forward to June and October, respectively, given external headwinds.”
“However, we see some risk that our expected cumulative 50-bp cuts in 2026 may not materialize should growth prove more resilient to headwinds than expected,” it added.
DoF reviewing ‘de minimis’ rule, says Recto
By Aubrey Rose A. Inosante, Reporter
THE DEPARTMENT of Finance (DoF) is currently reviewing the “de minimis” policy that allows duty-free entry for small-value shipments, amid calls from local retailers to close this loophole that gives overseas sellers an advantage.
Asked if he is open to ending the “de minimis” policy, Finance Secretary Ralph G. Recto told BusinessWorld: “We’re reviewing it.”
“I understand the concerns of our local retailers,” he said in a Viber message on April 30.
The Philippine Retailers Association (PRA) has been advocating for the abolition of the duty-free treatment for small-value shipments for years and reiterated its call in April.
“The Philippine Retailers Association is fast-tracking this request as this created a substantial loss of revenue for the government and unlevel playing field for traditional retailers vs foreign online merchants,” PRA President Roberto S. Claudio told BusinessWorld in a Viber message on April 30.
The PRA argues that this loophole puts local retailers at a disadvantage, as they have to pay local taxes while overseas e-commerce platforms do not.
The de minimis policy refers to the threshold value below which imported goods are exempt from duties and taxes. The Bureau of Customs (BoC) has set the de minimis threshold at P10,000 since 2016 in accordance with the Customs Modernization and Tariff Act (CMTA).
BoC Assistant Commissioner Vincent Philip C. Maronilla said the agency might consider further lowering the de minimis threshold instead.
“Just like other countries that are studying the rapid increase in the volume and transactions of e-commerce and its corresponding effect on our revenue, we’re also studying and might follow suit on the trend right now of lowering the de minimis amount,” he said in a phone interview with BusinessWorld on April 30.
Mr. Maronilla noted that some entities are abusing the trade loophole to evade taxes, resulting in billions of pesos in foregone revenues.
“Rest assured that the implementation of any reduction in the de minimis amount would take into consideration the goods that are being transacted by ordinary Filipinos,” Mr. Maronilla said.
He also notes that globally, countries are revising their de minimis rules for low-value shipments.
“When we enacted the CMTA [in 2016], the highest standard is about $200. We adhered to that. And most of the modern Customs administration I think would have the same threshold amount, if not a little bit higher,” the BoC official said.
Among Association of Southeast Asian Nations countries, the Philippines’ de minimis threshold of P10,000 (around $179.03) is one of the highest.
Vietnam in February removed the duty exemption for imports worth less than one million dong (around $38.45). Indonesia capped its de minimis exemption at below $3 per shipment and recipient, while Thailand set its threshold at 1,500 baht (around $44.95), Cambodia at not more than $50, and Malaysia at 500 ringgit (around $115.89).
Singapore grants a Goods and Services Tax relief on imported goods with a total cost, insurance and freight value of up to S$400 (around $306.33).
Starting this month, the US will no longer allow duty-free imports of merchandise valued at under $800 if shipped from China and Hong Kong.
The European Commission recently called for revoking the duty exemption for low-value parcels worth less than €150 (around $169.68).
Meanwhile, some analysts support the removal of the de minimis rule to level the playing field for local retailers.
IBON Foundation Executive Director Jose Enrique “Sonny” A. Africa said the tax exemption disproportionately favors large foreign e-commerce platforms, eroding the competitiveness of local manufacturers and small retailers.
“The provision creates a structurally unequal playing field. Removing it can help local retailers and encourage local production and self-reliance. With support for small local firms It can help stimulate domestic sourcing and local supply chains,” Mr. Africa said.
He also urged the Marcos administration to rethink such open trade provisions to support local enterprise and reduce economic dependency.
However, Mr. Africa said the government should ensure the burden doesn’t fall on ordinary consumers or informal traders who rely on low-cost imports.
Meanwhile, Minimal Government Thinkers (Manila) President Bienvenido S. Oplas, Jr. said that while ending the policy is favorable to local retailers, consumers will be affected.
“Consumers just want cheap goods at good quality, plus ease of delivery. Since ‘customers are king,’ then their choice and preferences should prevail,” he said in a Viber message on April 30.
Janette C. Toral, an e-commerce advocate, said Customs needs to revisit its de minimis rule. She suggested the BoC track importers who use the rule for personal and commercial purposes.
“We need to separate the intention of the de minimis to help those who buy, send goods or something, or purchase for their relatives, versus those who are abusing this for business purposes,” she said over the phone on Thursday.
Ms. Toral also said the BoC could publish a report on countries that benefit the most from the de minimis value.
“They should look at it from a monthly transaction. For example, if it’s monthly, the P10,000 of the de minimis should be monthly, rather than no limit. Because I can receive 100 parcels for P9,000 each right? Then, I won’t be covered by taxes,” she said.
PHL seen to leverage opportunities from ADB meeting in Milan
By Luisa Maria Jacinta C. Jocson, Senior Reporter
THE ASIAN Development Bank’s (ADB) upcoming Annual Meeting will be crucial for the Philippines as it can leverage this year’s discussions to further its development goals.
“The Philippines’ role in the ADB’s 2025 Annual Meeting is both strategic and forward-looking, underscoring its strong partnership with the bank and its commitment to inclusive and sustainable development,” ADB Country Director for the Philippines Pavit Ramachandran told BusinessWorld in an e-mail.
“As one of ADB’s founding members and a major client, the Philippines is prominently engaged in shaping discussions that address regional development challenges and opportunities.”
The ADB is holding its 58th Annual Meeting in Milan from May 4 to 7. The event is being held in Italy for the first time.
Mr. Ramachandran said this year’s ADB meeting will be significant for the Philippines after the launch of its new Country Partnership Strategy for 2024-2029.
The six-year strategy is focused on “accelerating human development, boosting economic competitiveness, improving infrastructure, and scaling up nature-based development and disaster resilience.”
“The Philippines’ development priorities — digitalization, infrastructure development, human capital enhancement and MSME (micro, small and medium enterprises) growth — are integral to the discussions at the ADB meetings,” he said.
The Philippines received a little over $6 billion in financial assistance from the multilateral lender last year, the second-biggest recipient among the bank’s partner countries. The country was the biggest recipient of financial assistance from the ADB in 2023.
Some of the ADB-supported projects include the Bataan-Cavite Interlink Bridge, the North-South Commuter Railway and the food voucher program.
The country’s partnership with the ADB will help it “not only achieve economic growth but also ensure that this growth translates into real benefits for everyday Filipinos,” Mr. Ramachandran said.
In its latest Asian Development Outlook, the ADB cut its growth forecast for the Philippines to 6% this year from 6.2% previously. This projection does not yet account for the reciprocal tariffs that took effect on April 9.
In Southeast Asia, the Philippines is projected to post the third-fastest growth this year, behind Vietnam (6.6%) and Cambodia (6.1%).
“By aligning its national priorities with ADB’s strategic focus areas, the Philippines can leverage the 2025 Annual Meeting to secure further support and collaboration, driving forward its economic and sustainable development goals,” Mr. Ramachandran said.
The themes from this year’s meeting that will be most relevant to the Philippines include disaster resilience, private sector mobilization and regional connectivity, Mr. Ramachandran said.
These are areas where the country is “actively pursuing transformative reforms and where ADB support is most impactful.”
“As a dynamic and reform-oriented economy, the Philippines contributes to regional learning while leveraging the platform to deepen collaboration and attract investment aligned with its national priorities,” he added.
The overall theme for this year’s meeting is “Sharing Experience, Building Tomorrow.” The development bank’s 68 member countries, 49 of which are from the Asia-Pacific, will tackle issues related to climate and development, among others.
Mr. Ramachandran said there will be four areas of focus for the meetings, namely food system transformation, digital transformation, energy revolution and climate resilience, and innovation for resilience.
“We will discuss the critical need for sustainable food security amid growing global uncertainties. As rapid advancements are redefining economies, industries and societies, we will examine how digital innovation can support the development agenda while addressing challenges,” he said.
Access to affordable, low-carbon energy will also be explored during the meeting.
“We will discuss how to build resilience by developing innovative technologies and strategies, both within countries and across borders,” he added.
The discussions are expected to promote cooperation among Asia-Pacific economies as well as with Europe.
“By strengthening partnerships, Europe and Asia can address shared challenges such as trade uncertainties, supply-chain disruptions and sustainable development,” he said.
Meanwhile, IBON Foundation Executive Director Jose Enrique “Sonny” A. Africa said he hopes the Annual Meeting will tackle the slow progress in meeting sustainable development goals, particularly related to poverty and the environment.
“The experience of poor development progress has to be critically assessed and put in the context of huge global shifts today to make any proposals to build tomorrow meaningful and not just repetitive business-as-usual.”
Global trade uncertainties arising from the US tariff policy should also be a key issue.
“Likewise, changing global conditions cannot be underestimated — the US’ aggressive economic policies and the still unfolding responses of other big economic powers puts the Philippines and almost 50 other underdeveloped ADB member countries at a critical juncture,” Mr. Africa said.
He said the meetings must also study multilateral trade rules, which he said “have been biased against underdeveloped countries like the Philippines.”
“The meetings need to be more critical of what developing countries like the Philippines need to meaningfully transform the structure of our economies and more effectively pursue sustainable development,” he added.
Regional trade integration and diversification must be linked with national industrial and social development priorities, he added.
Climate should also be a key point for discussions, Mr. Africa said, as the Philippines and other underdeveloped countries are highly vulnerable to these risks.
“Discussions at the ADB meeting should give real attention to mobilizing adequate resources for climate resilience projects in the Philippines. The climate financing gap cannot be filled through mere domestic mobilization.”
He also noted that the multilateral lender should advocate for a “shift towards strengthening public financing mechanisms, enhancing domestic revenue mobilization, and implementing progressive taxation.”