Diesel price rollback seen at P20 per liter
By Sheldeen Joy Talavera, Reporter
MOTORISTS are finally getting a much-needed break after weeks of hefty increases, as the Department of Energy expects pump price rollbacks, with diesel prices seen dropping by at least P20 per liter (/l).
Energy Secretary Sharon S. Garin said that diesel prices may go down by at least P20.89 per liter, gasoline by P4.43 per liter, and kerosene by P8.50 per liter starting Tuesday, April 14.
“It’s based on the average of the last five days of international prices and comparing that to the average of the previous week,” she wrote in a Facebook post on Sunday.
Ms. Garin said that while not all gas stations have the same pump prices, the projected rollback represents the minimum expected reduction.
If realized, this would be the first rollback in diesel prices this year. This could pull down diesel prices to around P150 per liter.
The Iran war, now in its second month, has sent global oil prices soaring and has disrupted oil supply chains. The Philippines, a net oil importer, is facing heightened price pressures amid volatility in the global markets.
Industry sources earlier said global oil prices declined after US and Iran agreed to a ceasefire to end the nearly six-week war.
While this offers temporary relief, analysts warned that volatility and uncertainty are likely to persist as de-escalation remains unclear.
The US and Iran failed to reach an agreement to end their war despite marathon talks that concluded on Sunday in the Pakistani capital Islamabad, jeopardizing a fragile ceasefire.
Each side blamed the other for the failure of the 21-hour negotiations to end fighting that has killed thousands and sent global oil prices soaring since it began over six weeks ago.
Traffic through the Strait of Hormuz, which is used to transit one-fifth of global oil and gas supply, remains at a fraction of prewar levels, according to Reuters.
“Without the reopening of the Strait of Hormuz and credible assurances that commercial vessels can transit safely, global oil flows are unlikely to see meaningful improvement,” Jun Hao Ng, assistant economist for Asia Macro at Oxford Economics, told BusinessWorld.
He added that disagreements and uncertainty surrounding the ceasefire are emerging, heightening concerns about continued disruptions.
Meanwhile, consumers may also expect further reduction in pump prices if President Ferdinand R. Marcos, Jr. will exercise his power to suspend the excise tax on fuel.
Signed on March 25, Republic Act No. 12316 grants the President the authority to suspend or reduce excise taxes on petroleum products. The law takes effect on April 13.
A suspension of fuel excise tax collection could lower pump prices by P6 per liter for diesel and P10 per liter for gasoline.
Jose Enrique “Sonny” A. Africa, executive director at think tank IBON Foundation, said fuel excise tax suspension will give immediate relief to around 21 million low-income households.
“The majority poor and vulnerable Filipinos will get the full relief from cutting oil excise taxes if producers pass through the relief they feel in the prices they charge, which will be better ensured if the government takes the crisis more seriously and declares a real state of national emergency to trigger price controls under the Price Act,” Mr. Africa told BusinessWorld.
He said fuel excise tax should be suspended for good, as oil taxes are regressive and do little to significantly reduce fuel consumption.
“Revenues are better generated with more progressive direct income and wealth taxes, and oil overdependence is better reduced by expanding public mass transport, promoting EVs (electric vehicles), and especially increasing public investment in renewables,” Mr. Africa said. — with reports from Reuters
IMF-World Bank meetings to kick off with the global economy under strain
WASHINGTON, D.C. — The International Monetary Fund (IMF) and World Bank hold their spring meetings this week as the war in the Middle East weighs on the global economy.
In a speech ahead of the 2026 Spring Meetings, IMF Managing Director Kristalina Georgieva said addressing economic shocks amid the energy crisis triggered by the Middle East war will be at the center of the Spring Meetings.
“A resilient world economy is being tested again by now-paused war in the Middle East. The conflict has caused considerable hardship in the region and around the globe,” she said at the curtain raiser on April 10.
“Our focus will be on how best to weather this latest shock and ease the pain on economies and on people. This requires understanding the nature of the shock, the channels through which it affects the economy, the size of the impact, and the policies that can mitigate it,” she added.
Even in the “most hopeful scenario,” Ms. Georgieva said there will be a growth downgrade for the global economy as the war caused permanent damage to energy sectors worldwide.
“Even in a best case, there will be no neat and clean return to the status quo ante,” she said.
The IMF’s World Economic Outlook is scheduled to be published on April 14.
The US-Israeli war on Iran, which began on Feb. 28, sent oil prices soaring, disrupted supply chains, and affected tourism and air travel. The Philippines, a net oil importer, is facing sharp price pressures amid oil shocks.
Ms. Georgieva said central banks should be ready to hike rates in order to avoid an inflationary spiral if oil price shocks continue but noted that premature tightening may hurt growth.
“Be watchful, concentrate on conditions, because if you tighten prematurely and unnecessarily, you’re throwing cold water on growth. And then the demand may shrink. And then, from a supply shock you get into a supply-and-demand shock. And it may get ugly,” she said.
At the same time, World Bank President Ajay Banga told Reuters that the war in the Middle East will have a cascading impact on the global economy, even if the ceasefire takes hold.
He said the damage on the global economy will be far deeper if the ceasefire fails, and the Middle East conflict escalates.
Mr. Banga on Tuesday said global growth could be lowered by 0.3 to 0.4 percentage point (ppt) in a baseline scenario, with an early end to the war, and by as much as 1 ppt if it endures. Inflation could increase by 200 to 300 basis points, with a much higher impact — of up to 0.9 ppt — if the war continues, he said.
The World Bank’s baseline estimate now projects growth in emerging markets and developing economies of 3.65% in 2026, compared with 4% in October, dropping as low as 2.6% in an adverse scenario with a longer-lasting war. Inflation in those countries is now forecast to hit 4.9% in 2026, up from the previous estimate of 3%. The extreme scenario could see inflation rising as high as 6.7%, according to estimates viewed by Reuters.
Mr. Banga said the bank was cautioning countries to avoid setting up energy subsidies that they could not afford, which would trigger even bigger problems in the future.
“I worry about making sure that they can come through this crisis, targeting what they need to do, but not doing anything that further deteriorates that fiscal space,” he said in the Reuters interview.
The World Bank slashed the Philippine gross domestic product (GDP) growth forecast to 3.7% this year, from the previous projection of 5.3%, reflecting the impact of the Middle East conflict.
If realized, it will be slower than the post-pandemic low of 4.4% GDP growth in 2025 and below the Philippine government’s 5-6% target for 2026.
However, the World Bank raised its GDP growth projection for the Philippines to 5.6% in 2027 from 5.4% previously. It is within the government’s 5.5-6.5% target for 2027.
Meanwhile, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said the meetings bear heavy weight for the Philippines as it confronts a national energy emergency amid its chairmanship of the Association of Southeast Asian Nations (ASEAN).
“This year’s IMF-World Bank Spring Meetings are highly relevant for the Philippines because they come at a moment of overlapping risks and responsibilities,” he told BusinessWorld in a Viber message.
“You have a Middle East war pushing oil prices, inflation, and external risks higher, while the Philippines steps into a leadership role as ASEAN chair,” he added.
Last month, President Ferdinand R. Marcos, Jr. placed the Philippines under a state of national energy emergency for a year amid concerns over the country’s energy supply.
Mr. Ravelas said the Spring Meetings provide a platform for “insurance and influence” amid still heightened uncertainty.
“These meetings matter because they are about insurance and influence — shoring up financial buffers, keeping policy credibility intact, and helping shape the regional response rather than just reacting to global shocks,” he said.
Mr. Ravelas noted that ASEAN finance ministers and central bank governors will likely prioritize tackling energy-driven inflation and growth risks as well as boosting financial resilience.
“Climate and disaster risk will also loom large, especially for the Philippines, and the message should be clear: climate risk is macro risk, and funding needs to move faster and crowd in the private sector,” he said.
As the regional lead, the Philippines should ensure emerging economic issues are approached in a “targeted and disciplined” way during this week’s dialogues.
“The right approach is disciplined and targeted — protect vulnerable sectors without blowing up the fiscal position, secure contingent credit and climate-linked financing before crises hit, and keep ASEAN open and investment-friendly despite a more divided global economy,” he said.
“In short, these meetings are not about rhetoric — they’re about credibility, coordination, and capital. If handled well, the Philippines can both protect its economy and assert itself as a serious economic voice within ASEAN,” Mr. Ravelas added.
The Philippines assumed chairship of the 11-member regional bloc this year, composed of Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam and Timor-Leste. — Katherine K. Chan with reports from Reuters
NG gross borrowings jump over 40% in Feb.
THE National Government’s (NG) gross borrowings grew by over 40% in February amid a surge in domestic borrowings, the Bureau of the Treasury (BTr) said.
Data from the BTr showed that the total gross borrowings jumped by 41% to P478.77 billion in February from P339.55 billion in the same month in 2025.
Domestic debt accounted for 97.8% of the total gross borrowings for the month.
In February, gross domestic borrowings stood at P468.24 billion, surging by 232.6% from P140.8 billion in the same month in 2025.
This consisted of fixed-rate Treasury bonds amounting to P412.94 billion and Treasury bills worth P55.3 billion.
On the other hand, gross external debt plunged by 94.7% to P10.52 billion in February from P198.75 billion in the same month last year.
External debt in February included P7.99 billion in project loans and P2.53 billion in program loans. There were no global bonds issued during the month.
In the January-to-February period, the NG’s gross borrowings jumped by 60.5% to P887 billion from P552.69 billion in the same period last year.
This represents almost a third of the P2.68-trillion gross borrowings program for the year under the Budget of Expenditures and Sources of Financing 2026.
Domestic debt accounted for the bulk or 77.1% of total gross borrowings in the first two months.
Gross domestic borrowings surged by 133.6% to P684.34 billion in the January-to-February period from P293 billion in the same period a year ago. This is a third of the P2.05-trillion gross domestic borrowings program for the year.
It was composed of P589.54 billion in fixed-rate Treasury bonds and P94.8 billion in Treasury bills.
As of end-February, gross external debt slipped by 22% to P202.66 billion from P259.69 billion a year ago. This represented 32.3% of the P627.1-billion program for the year.
External borrowings consisted of P161.29 billion in global bonds, P28.92 billion in program loans, and P12.45 billion in project loans.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that he expects gross borrowings to increase in the coming months amid higher government spending.
“For the coming months, catch-up spending by the NG, the war in the (Middle East), the US dollar/peso exchange rate, and interest rates could all lead to higher government spending and debt servicing costs that, in turn, would widen the budget deficit, which would require more NG borrowings,” he said in a Viber message.
Mr. Ricafort said that there was a frontloading in the early part of the year amid “signals on the war on Iran earlier this year, as well as other geopolitical risks such as those on Venezuela and Greenland, among others.”
The local currency closed at an all-time low of P60.748 against the greenback on March 31, only returning to the below-P60 level last week. — Justine Irish D. Tabile
PEZA says one-year WFH to help protect jobs, growth
By Justine Irish D. Tabile, Senior Reporter
ALLOWING economic zone locators to adopt work-from-home (WFH) arrangements for one year will help sustain business growth and preserve jobs amid external headwinds, the Philippine Economic Zone Authority (PEZA) said.
The Fiscal Incentives Review Board (FIRB) on April 10 approved a resolution that temporarily allows registered business enterprises (RBEs) to implement WFH arrangements without affecting their fiscal and non-fiscal incentives amid the national energy emergency.
“I am sure the economic zone locators will be happy with FIRB’s prompt approval of their request for increased WFH allowance — albeit up to 90% WFH limit only,” PEZA Director-General Tereso O. Panga told BusinessWorld.
“This will be a big relief already, in light of the anticipated shortage in fuel and electricity supply in the country given the worsening war conflict in the Middle East,” he added.
The FIRB said the resolution will be in effect one year from March 24, unless the state of national energy emergency is extended or lifted by President Ferdinand R. Marcos, Jr.
Mr. Marcos on March 23 declared a one-year state of national energy emergency, giving the government expanded powers to shield the economy from surging oil prices triggered by the war involving Iran, Israel and the US.
Under the FIRB measure, RBEs can adopt WFH arrangements for up to 90% of their total workforce or the employees engaged in the registered project or activity.
Prior to this measure, implementing rules and regulations of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act provide that RBEs may implement up to a 50% WFH arrangement but subject to the rules of the concerned investment promotion agencies (IPAs).
Mr. Panga said that the FIRB’s move allows RBEs to help mitigate the impact of the rising cost of transport, logistics, electricity, and basic goods.
He said that the remaining 10% of the workforce that needs to work on-site ensures that on-premises servers, critical equipment, tech support, and even payroll processing are managed properly.
“It is a fair policy as it promotes business continuity for both the economic zone developers and locator companies,” Mr. Panga said.
“In all these, the government wants economic zone developers and locators to continue to operate to be able to sustain the jobs and growth amid headwinds.”
The FIRB resolution also allows concerned IPAs to set a lower on-site work threshold, based on operational needs and specific circumstances, provided it is not less than 50% of the total workforce.
However, Mr. Panga said that the agency will “leave it up to the RBEs and their workers to fix their firm-level flexi-work arrangements without having to compromise the business objectives.”
Trade Secretary and PEZA Chair Ma. Cristina A. Roque said that the measure will benefit business process outsourcing (BPO) companies and even some manufacturing companies.
“This will allow RBEs located in economic zones full-flexibility to adopt WFH as a measure to maintain their cost-competitiveness and equally important, ease the burden of higher fuel prices, on their workforce — particularly, for example, those in the BPOs and the administrative workers of electronics companies,” she said in a Viber message.
The IT & Business Process Association of the Philippines (IBPAP) said that it proposed the measure to PEZA “as a practical business continuity measure for information technology and business process management companies and their workforce.”
“This recommendation was put forward to help manage potential disruptions linked to rising transportation costs, while supporting the well-being and productivity of employees who rely on daily commuting,” IBPAP said.
“It allows the industry to remain agile, sustain service delivery, and continue meeting the demands of global clients amid a shifting operating environment.”
BYD builds EV inventory in PHL as oil prices spur demand
By Beatriz Marie D. Cruz, Senior Reporter
CHINESE electric carmaker BYD Cars Philippines is ramping up inventory in anticipation of stronger electric vehicle (EV) demand in the country, as rising oil prices are expected to push more consumers to shift to EVs.
Global oil prices have risen in recent weeks, with Brent crude averaging around $100.75 per barrel as of April 12, driven by disruptions caused by tensions in the Middle East.
In the Philippines, pump prices have increased by a cumulative P52.30 per liter for gasoline and P100.50 for diesel since Feb. 28, based on Department of Energy (DoE) data.
Higher fuel prices tend to raise the operating cost of conventional vehicles, which may make electric vehicles a more cost-efficient option over time.
“We didn’t know that this would be happening in our country, but we had the inventory on hand,” BYD Cars Philippines Executive Director Bob Palanca told reporters on the sidelines of the Manila International Auto Show last week.
“We can easily react because our manufacturing plant is just two hours away from the Philippines, so it would be very easy for us to access vehicles,” he added.
Mr. Palanca said all BYD vehicles are sourced from China and sold in the Philippines by Ayala-led AC Mobility Holdings, Inc., its official distributor.
He said the Philippine team is preparing for a possible increase in EV demand amid the ongoing oil crisis.
“We’re prepared to provide all the vehicles the market requires, no matter how huge that is.”
The company has sold more than 30,000 EV units in the Philippines so far.
Mr. Palanca said demand varies by location. Subcompact EVs are more popular in Metro Manila, while electric pickup trucks see stronger demand in provincial markets.
BYD Cars Philippines reported a 446% increase in retail sales to 26,122 units in 2025.
Electric vehicles still account for a small share of total vehicle sales in the Philippines, estimated at 7.25% as of end-February, but adoption has been gradually increasing, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association.
Industry players have noted that rising fuel costs can influence consumer interest in alternative mobility options, including electric vehicles.
Mr. Palanca said the company is preparing for another vehicle launch this year but did not provide further details.
He said the planned launch had been set before the recent increase in EV demand.
“We need to ensure that we have the full lineup for the Philippine market. We’d like to cater to every need of the Filipino — from an affordable vehicle, subcompact, hatchback, all the way to our pickups,” Mr. Palanca noted.
The company currently has 79 dealerships nationwide, he said.
“I think that’s sufficient enough to support all our UIOs or units in operation as well as the services that we can cater to the customers,” Mr. Palanca said.
However, wider EV adoption in the Philippines continues to face challenges such as high vehicle prices and limited charging infrastructure, according to industry players.
Mr. Palanca said retail prices of BYD vehicles remain steady, but he did not indicate whether adjustments may be made.
A family affair
STEPPING into the Rajo store’s third branch at SM Aura in Bonifacio Global City on April 11 felt like accidentally walking into a Laurel family reunion. Nephews and aunts walked around with hotdogs, and old friends walked in and out with shopping bags and drinks.
This is Rajo Laurel’s third store, which he opened last Saturday, debuting his Spring/Summer 2026 collection as well, called “Child’s Play.”
Inspired by the home of designer Nina Tolstrup, bold prints abounded. Gingham and seersucker set the tone for summer — particularly popular is a shirtdress in a blue or green, in that checked pattern reminiscent of picnic tablecloths. On men, there are the same fabrics, combined with enviably sheer fabric. Plaids and checks are seen throughout (but also wilder patterns for shift dresses).
More serious and sexy are black or red slip dresses under sheer shifts in the same colors (but you can buy both and play).
“There’s so much doom and gloom and negativity in this world at the moment. I just wanted to remember that when we were children, we were fearless, happy; we didn’t really care about the world,” said the designer in an interview with BusinessWorld. “You find solace and peace and happiness.”
The closeness within (their) family was also reflected both in the collection and the opening: his sisters were involved in the collection (more on that later), while his nephew DJed, and his nieces helped with styling. “Every step of the way, my family’s with me,” he told BusinessWorld.
A lot of Mr. Laurel’s outfits in the collection were free-sized: we’ve seen some younger designers come out with collections that reflect clothes only for the youngest and thinnest of us. “We have to be inclusive. Not everybody is Kate Moss,” he said. On his sisters’ involvement with the collection, he said, “My sisters are real women. With hips, with stomachs, and arms.” He added, “I’m a big person myself.”
“It resonates with a lot of people because you can’t make fashion so exclusive,” he said of sizing. “You need to discuss that, and you need to address that.”
It’s this same inclusivity that’s driving him to open this third store, offering ready-to-wear (the first two branches are in Rockwell and Shangri-La Plaza). “It’s a matter of just playing my cards and putting my design language and vocabulary in different spaces. I think it’s very important that we create fashion that is speaking to the times. When was the last time you actually had something made? That window is getting smaller and smaller, but you need things that are special every day,” he said. “The space of ready-to-wear is so wide for Filipino designers. There are very little of us doing it. I think it’s something that we should consider.”
Speaking about the different discipline required between his usual bespoke work and the ready-to-wear collection, he said, “Bespoke is more internal. You’re speaking to one person; one client’
“Here (with ready-to-wear), you’re able to create a language wherein a lot of times, you can actually leave it to the person to interpret,” he said. “What I love about ready-to-wear is that when I design something, when it lands on another person, it could be a completely different thing.”
On another note, last January, Mr. Laurel represented the Philippines in a partnership with Thailand’s Creative Economy Agency (CEA) established with the Philippine Creative Industries Development Council (PCIDC), under the Department of Trade and Industry. This resulted in a fashion presentation, and an opportunity to expand abroad. He updated us: “We’re actually getting more momentum there, primarily because we’re now talking to investors.
“That’s going to be quite something to discuss in the fourth quarter of this year. I’m not at liberty yet to say — baka ma-udlot (we might jinx it).” — Joseph L. Garcia
SEC warns against unregistered HTX investment platform
THE Securities and Exchange Commission (SEC) has issued advisories against HTS and its related entities, warning investors that these platforms have been offering securities without the required registration or license.
In a notice, the corporate regulator said HTS — also known as HTX Cryptocurrency Exchange, HTX Exchange, Huobi Global Limited, Huobi Global S.A., and Huobi — presents itself as a digital asset exchange offering trading, derivatives, wallet, and blockchain-related services. It promotes its platform through its website, social media, and mobile applications.
The SEC said these platforms allow users, including those in the Philippines, to open accounts, deposit funds in fiat or digital assets, and trade cryptocurrencies and derivatives online. Such activities may constitute the offering and sale of securities under Section 3.1 of the Securities Regulation Code (SRC).
“Records of the Commission show that HTX is not registered as a corporation, partnership, or one-person corporation in the Philippines and does not have the necessary license and/or authority to offer, sell, or distribute securities to the public, or to act as a broker or dealer in securities under section 28 of the SRC,” the SEC said.
The regulator added that HTX has not registered as a Crypto-Asset Service Provider (CASP), a requirement under SEC rules for entities offering crypto-related services to Philippine residents. The rules apply to both local and foreign firms and aim to mitigate risks such as fraud, financial losses, and illicit financial activity.
The Commission advised the public to exercise caution when dealing with unregistered online investment platforms and their representatives.
It warned that those who sell or promote these platforms in the Philippines, including through online channels, may face fines of up to P5 million, imprisonment of up to 21 years, or both.
Representatives, brokers, agents, promoters, influencers, or enablers may also be held liable under the code, the regulator said.
HTX did not immediately respond to an e-mail seeking comment. — Alexandria Grace C. Magno
T-bill, bond rates may drop as markets monitor US-Iran talks
RATES of the Treasury bills (T-bills) and Treasury bonds (T-bonds) to be offered this week could end lower on renewed demand for risk assets following the temporary ceasefire between the United States and Iran.
The Bureau of the Treasury (BTr) will auction off up to P36 billion in T-bills on Monday, or P9 billion to P12 billion each in 91-, 182-, and 364-day papers.
On Tuesday, the government is targeting to raise P20 billion to P30 billion from 20-year T-bonds with a remaining life of five years and three months.
T-bill and T-bond rates could follow the week-on-week decline in secondary market yields as risk sentiment improved as a result of the temporary ceasefire between the US and Iran announced last week, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
This caused global oil prices to go down and the peso to return to the P59 level, which could help ease domestic inflationary pressures, he said.
A trader said in an e-mail that the reissued 20-year bonds to be offered this week could fetch rates ranging from 6.25% to 6.3% on “good demand.”
At the secondary market on Friday, yields on the 91-, 182-, and 364-day T-bills fell by 22.98 basis points (bps), 21.12 bps, and 2.12 bps to end at 4.7599%, 4.9141%, and 5.1591%, respectively, based on PHP Bloomberg Valuation (BVAL) Service Reference Rates data as of April 10 published on the Philippine Dealing System’s website.
For its part, the 20-year bond’s rate went down by 16.05 bps week on week to end at 6.8632%, while the five-year debt, the closest tenor to the remaining life of the papers on offer this week, dropped by 23.81 bps to yield 6.3837%.
On Friday, the local unit closed at P59.97 against the dollar, weakening by 54 centavos from its P59.43 finish on Wednesday, Bankers Association of the Philippines data showed.
Week on week, the peso gained by 19 centavos from its P60.16 finish on April 1.
Last week, the government raised only P22.8 billion via the T-bills it auctioned off, below the P27-billion target, even as total tenders were at P50.203 billion or nearly twice the amount on offer.
Broken down, for the 91-day T-bills, the government raised P9 billion as planned as demand for the tenor reached P26.66 billion. The three-month paper fetched an average rate of 4.985%, easing by 1.9 bps from the previous week. Bids accepted had yields ranging from 4.898% to 5.025%.
The Treasury likewise borrowed the programmed P9 billion via the 182-day debt as tenders reached P16.552 billion. The average rate of the six-month T-bill was at 5.08%, rising by 4.8 bps from the last auction. Tenders awarded carried rates from 5.014% to 5.199%.
Meanwhile, the BTr sold just P4.8 billion in 364-day securities, below the P9-billion plan as the offer was undersubscribed, with bids reaching only P6.991 billion. The one-year paper fetched an average yield of 5.204%, up by 3.8 bps. Accepted bids had rates from 5.148% to 5.25%.
On the other hand, the reissued 20-year bonds to be auctioned off on Tuesday were last offered on Aug. 13, 2024, where the government raised P30 billion as planned at an average rate of 6.128%, below the 8% coupon rate.
The BTr wants to borrow up to P248 billion from the domestic market this month, or P140 billion via T-bills and P108 billion through T-bonds.
The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.61 trillion or 5.3% of gross domestic product this year.
The US and Iran failed to reach an agreement to end their war despite marathon talks that concluded on Sunday in the Pakistani capital Islamabad, jeopardizing a fragile ceasefire, Reuters reported.
Each side blamed the other for the failure of the 21-hour negotiations to end fighting that has killed thousands and sent global oil prices soaring since it began over six weeks ago.
The US and Iranian delegations have left Islamabad to return home, Pakistani sources told Reuters.
The talks in Islamabad, after a ceasefire earlier in the week, were the first direct US-Iranian meeting in more than a decade and the highest-level discussions since the 1979 Islamic Revolution.
Iran’s semi-official Tasnim news agency said that “excessive” US demands had hindered reaching an agreement. Other Iranian media said there was agreement on a number of issues but that the Strait of Hormuz and Iran’s nuclear program were the main points of difference.
Pakistan’s Foreign Minister Ishaq Dar said it was “imperative” to maintain the two-week ceasefire that was agreed on Tuesday as the two sides attempted to wind down a war that began on Feb. 28 with air strikes by the US and Israel on Iran. — A.M.C. Sy with Reuters
Dutch glovemaker Jeanne Hermans on how her niche craft has built a following in Hollywood and beyond
DUTCH COUTURE glovemaker Jeanne Hermans has nearly a quarter of a million followers on social media, with several of her videos drawing millions of views. Her designs — which often feature embroidered elements like butterflies, flowers and pearls — have been worn by stars like Cher, Dua Lipa, Ariana Grande, and Miley Cyrus, costing anywhere from €300 to €975 ($350-$1,140). Yet she still makes everything by hand from her small studio in the Netherlands.
Speaking with Reuters in her studio in Zaandam, a quiet city about 20 kilometers north of Amsterdam, the 30-year-old reflects on building her business with a small team, what it’s like to see celebrities wear her designs and whether fast fashion poses a threat to small makers like her.
This conversation has been edited and condensed for clarity.
Q: How did you first get into designing gloves?
A: I studied at the Master Tailor Institute in Amsterdam, a school specialized in tailors’ craftsmanship, but because I had been sewing since I was nine, I was ahead of all my classmates and I was a little bored. One of my teachers had a book on leather glove making and I thought that was interesting so I started experimenting.
I also wanted my own company and for a poor student gloves were perfect because they require little fabric. I bought one roll, made some gloves in 2017, and since almost nobody else is making the type of gloves I make, I managed to build a full-time business out of it.
Q: Your gloves have been worn by big stars. What does it feel like to see them wear something you made?
A: It helps a lot to see someone famous wear my work. You feel seen. I also thought Cher wearing my gloves was really exciting. Many celebrities who wear my designs are younger, but when I told my mom about Cher, she was really impressed.
But to be honest, while it is so amazing that many celebrities have worn my gloves, it’s not as satisfying as creating a really difficult design.
Q: You have a small studio in Zaandam, a city most people outside of the Netherlands have never heard of. How do celebrity stylists find you?
A: It started when I launched my “Glove of the Week” series on Instagram in 2022. As a challenge, I made a pair of gloves every week because I had too many ideas and it made me freeze. I stayed consistent, and after about 10 months my Instagram really boomed. That’s where most stylists find me or they recommend me to other stylists.
Also, there’s almost no one making the kind of gloves I do. Some make traditional opera gloves, but no one is doing gloves with butterflies or heavy embroidery.
Q: What has been the highlight of your career so far?
A: My gloves being worn on the cover of Vogue India was definitely a highlight. Those silk red-flower gloves feel like a museum piece to me, something I hope to show when I’m 80 and say, “These were on the cover of Vogue.”
We recently celebrated another highlight as I reached one year of running C’est Jeanne full-time with my sister. Many people think it’s a big business run by a large team, but it’s just the two of us. Until a year ago, I still had a part-time job.
Q: What is the hardest part of your job?
A: I often work 24/7. I truly love my job, but it can be hard on my family because I’m always working. Even at dinner, if an e-mail comes in, I’ll look at it.
Another challenge is that people think it’s exciting when famous people wear my gloves, but it’s unpaid. People assume you get paid well for that, but you don’t get paid for anything. Often the gloves are worn and then sent back. It’s still fun and good for the company, of course.
Q: Do you think viral attention brings risks of bigger companies copying your designs?
A: It’s a risk, but I’ve only once seen a brand making a glove that’s very similar to one of mine. Still, I don’t think my gloves have ever been clearly copied, and I hope it stays that way. It might be because my work is harder to replicate. One time, someone did comment “Shein, do your thing” under a viral video, basically asking them to copy my work. We obviously don’t appreciate that and also don’t understand that.
Q: When you go viral with a post or when a celebrity wears your gloves, do you notice that in your inbox or in your sales?
A: I remember clearly the first time a celebrity wore my gloves. The first was Anne Hathaway in a magazine, and then Miley Cyrus. When I got the request, I didn’t know who it was for, and when I saw it was Miley, I assumed I’d get 10 orders the next week. It doesn’t work like that. It is the same with viral posts.
When a video goes viral, more people know my brand. But both don’t directly translate into sales. My gloves aren’t an easy sell like makeup, so the impact is more about reputation than inbox or sales spikes.
Q: How long does it take to make one pair of gloves?
A: If I’m focused, I can make a simple pair in about two hours. I’ve made so many that I can almost do it without thinking. More complex designs with embroidery or butterflies take much longer because everything is sewn by hand. And some designs can even take up to three days. My most complex piece took over 200 hours because it had many sequins and rhinestones, which were all handsewn.
Q: Are stylists surprised when they find out you are just a small atelier?
A: I want C’est Jeanne to grow, but at a healthy pace. I’ve worked in fashion for over a decade and know that growing too fast can make a company’s environment unpleasant. We have many interns, and it’s important to me that everyone is happy and having fun. That’s what I want too: to have fun and make beautiful gloves. — Reuters
The perspectives expressed in Culture Current are the subject’s own and do not necessarily reflect the views of Reuters News.
Abaca users forced to import as producers untangle supply chain
THE Philippine abaca industry is beset by supply chain issues that are forcing users to turn to imports from Ecuador, according to the University of Asia and the Pacific’s Center for Food and Agri Business (CFA).
In an industry brief, the CFA said “Despite being the world’s leading exporter, the Philippines faces a ‘sourcing paradox,’ where local firms import abaca fiber largely from Ecuador, due to weak coordination in domestic supply chains.”
It added that the industry’s fundamental supply issues are rooted in recurring typhoons, pest infestations, and diseases such as the abaca bunchy top virus, which has significantly affected plantations in the Eastern Visayas.
“These challenges also discourage farmers from expanding production, further contributing to the overall decrease in output,” the CFA added.
Abaca production fell to 39,089 metric tons (MT) in 2025 from 58,943 MT in 2021, based on government data cited in the CFA report.
Abaca, also known as Manila hemp, remains one of the Philippines’ key agricultural exports, with the country able to service about 87% of global demand, according to the Philippine Fiber Industry Development Authority.
The natural fiber derived from the plant is used in ropes, textiles, tea bags, banknotes, and specialty paper.
The CFA called for sustained investment in research and development, particularly to develop disease-resistant varieties and to improve farm productivity.
It added that connecting farmers more directly to domestic processors could help reverse a multi-year decline in production and improve supply reliability.
Some programs cited in the report are the Philippine Fiber Industry Development Authority’s “Adopt a Farm” program, which connects private investors directly to abaca farmers. The program aims to guarantee market access for producers while securing a consistent supply of raw materials for manufacturers.
The CFA said the opportunities for the industry when it recovers include rising demand for sustainable and biodegradable materials. — Vonn Andrei E. Villamiel
Not by chance
Artemis II’s historic flyby on the far side of the moon occurred within the Octave of Easter, during these times of war in the Middle East that has led to the destruction of lives and infrastructure, as well as severe and likely prolonged economic uncertainty around the world.
One can easily dismiss the occurrence of these events in parallel as mere coincidence. Considering, however, that we are still celebrating Easter, let us — for a moment — hold off on simply dismissing things to be as nothing more than how they appear on the surface and reflect on what one event may teach us about the other.
GLOVER’S REFLECTIONS — SPACESHIP EARTH
On April 1, Wednesday of Holy Week, more than 50 years since humanity’s first landing on the moon, the US National Aeronautics and Space Administration (NASA) launched Artemis II from the Kennedy Space Center in Florida. Artemis II is described in NASA’s website as its “first crewed flight test… around the Moon to verify today’s capabilities for humans to explore deep space and pave the way for long-term exploration and science on the lunar surface.”
On Easter Sunday, Artemis II’s pilot Victor Glover was asked in an interview (from Earth to somewhere in outer space) if he had any message to share about Easter Sunday. Glover said he did not prepare anything, but what he said struck a chord with so many that the video clip has since gone viral. It is not surprising that Glover’s words, particularly those from the excerpt below, resonated with a lot of people today:
“…[W]e are so far from Earth and looking back at the beauty of creation, I think for me, one of the really important personal perspectives that I have up here is I can really see Earth as one thing… [Y]ou have this amazing place, this spaceship. You guys are talking to us because we’re in a spaceship really far from Earth. But you’re on a spaceship called Earth that was created to give us place to live in the universe, in the cosmos…”
Glover is one of four astronauts in the Orion spacecraft for Artemis II. In the many video and audio clips of the crew so far sent since their 10-day mission started, we do not see any bickering, any fighting for better space or position in their cramped vehicle, or even any attempt to upstage each other for the limited face time with family, friends, or the public. They are so conscious of the fact that they are all literally in the same vessel floating in the vast nothingness.
In the meantime, how are we doing, the rest of us on Spaceship Earth?
On April 5, Easter Sunday, heavy fighting reportedly continued between Iran and the US and Israel that damaged oil storage and processing facilities in various locations and killed and injured men and women, including civilians in Iran and other countries in the Middle East. In the Philippines, everyone was bracing for another round of significant increases in pump prices that would bring diesel prices to around P160/liter and gasoline to P100/liter, after five consecutive weeks of price hikes. Governments in other parts of the world are likewise scrambling to secure every available volume of petroleum to be found to build their buffer and prepare for more and prolonged supply disruptions.
While we can give all credit to chance that these major events are occurring at same slice of (Earth) time, I think we can do better and extract all lessons and insights that we can from the present events to help us navigate better our journey on Spaceship Earth.
By the time this article sees print, Artemis II will already be back on Earth, having landed safely to conclude their mission with success. Everyone involved in the mission — the astronauts in spaceship, the crew in the International Space Station and on the ground in Florida — have already given those of us on Earth, if we permit ourselves to actually see, a huge and timely gift during these distressing times: HOPE and the ability to see what can be done when people WORK TOGETHER.
These days, the term “energy sovereignty” is being brandished everywhere and is taken to mean that each country is required to secure its own energy resources alone, regardless of impact on others. Yet, if there is only one thing that Artemis II teaches us, it is that in order to accomplish missions whose success lie beyond what our eyes can see or a future far greater than our human minds can project, we need to always bear in mind that we are all on one Spaceship Earth. That there is the need to work with the “other,” those whose ways of living may be different from ours but with whom we share common goals of dignity, prosperity and sustainability.
ENERGY TURNING POINT — A CONVERSION STORY
It is now also a largely accepted view that even after the war is over and the Strait of Hormuz is re-opened for navigation, there will be no return to “normal.” Much like our collective experience from COVID-19, even if the pandemic was declared over and the lockdowns lifted, there was no going back to the way things were: we have a cohort of children who continue to chase the learning gap resulting from almost two years of remote learning, variations and applicability of work-from-home arrangements continue to confuse and sometimes foster resentment among co-workers, and new and more severe strains of pneumonia and other diseases raise questions about long-term effects of COVID-19 or its vaccines.
For each of these critical events — the COVID pandemic, the onset of the Ukraine war in 2022, the ongoing Iran war — that upends our way of life, we find that, once the crisis is over, our way of life is changed fundamentally and we never get back to what or where or how we were prior to the event.
One thing that this ongoing war in the Middle East has undeniably exposed is our heavy dependence on imported fuel for transportation, in particular. Our energy insecurity is something we can no longer ignore. Regardless of how much longer the crisis lasts, what is clear is that we need a concrete, definitive, and milestone-based roadmap to liberate our transport and power sectors from import-dependent bondage. This energy security roadmap will need to be drawn up without any further delay and will need to be at the core of our national development agenda. It cannot be a plan that is limited to the energy sector or the transport sector alone; it needs to cover all sectors of the economy and society.
BEYOND ENERGY — JOURNEY TO THE FAR SIDE
The war in Iran has brought about an energy crisis, that is true — but it is NOT JUST about energy. The economist E.F. Schumacher was said to have remarked in the 1970s about energy systems in modern society: “[These are] not just another commodity, but the precondition of all other commodities, a basic factor equal to air, water, and earth.”
It is hard to dispute what Schumacher said, particularly as we experience the effects of what is happening in the Middle East all the way to the remote islands in the Philippines. If we have an air or a water crisis, do we not also have a health crisis? And a food crisis? In the same vein, an energy crisis or emergency may mislead us into thinking that what we have is confined only to the energy industry.
If energy is as basic as air, water, and earth, we cannot make energy plans independent of, or even simply in parallel with, national development plans. Our energy security plan will need to cover and obtain the contribution of all sectors, including the consumer sector. It will need to be the bedrock upon which our country’s development strategy stands.
That the Philippines chairs the ASEAN Summit this year should not be lost on us either. It places the country at a strategic position at this pivotal time in history to mobilize our neighbors in the region to contribute to the shared benefits of regional cooperation. The President of the Economic Research Institute for ASEAN and East Asia, Tetsuya Watanabe, said in an interview recently: “The current shock is a reminder that going alone is more expensive and less effective than going together. Immediate crisis response needs to be taken by individual countries… but moving forward, this disruption can be a catalyst for deeper regional integration. An over-reliance on purely national approach may reduce opportunity for regional optimization of resources.”
Monalisa C. Dimalanta is a senior partner at Puyat Jacinto & Santos Law (PJS Law). She was the chairperson and CEO of the Energy Regulatory Commission from 2022 to 2025, and chairperson of the National Renewable Energy Board from 2019 to 2021.
Globe stock gains on cable consortium entry
By Lourdes O. Pilar, Researcher
SHARES of Globe Telecom, Inc. rose last week, with analysts citing its participation in the Candle Cable System as a key driver.
The Ayala-led telecommunications company was among the most actively traded stocks during the week, with 215,525 shares valued at P353.97 million traded from April 6 to 10, according to data from the Philippine Stock Exchange (PSE).
Trading lasted four days due to the Araw ng Kagitingan holiday on April 9.
Globe shares closed at P1,650 each on Friday, up 2.2% from P1,615 on April 1. This trailed the services index, which rose 3.1%, but outpaced the benchmark PSE index, which gained 1.7%.
Year to date, Globe shares are up 4.2%. This lagged the sector’s 18% gain but exceeded the PSE index’s 0.7% increase.
Unicapital Securities, Inc. Equity Research Analyst Peter Louise D.C. Garnace said Globe’s share price rose week on week following the company’s announcement that it would connect the Philippines to the Candle Cable System.
“One of the highest-capacity submarine cables connecting to Asia’s busiest economies for AI (artificial intelligence) workloads. The integration of Candle to Globe’s domestic fiber network enhances speed, reliability, and enables more enterprise demand,” he said in an e-mail.
Mr. Garnace added that Globe’s share price may also have been supported by improved market sentiment following the US-Iran ceasefire, which eased concerns over a prolonged oil-driven inflation shock.
“This could mitigate pressure on consumer spending, particularly for discretionary services such as internet connectivity,” he said.
“Globe became the most active stock this week after it disclosed that they are pushing for the stage 5 AI maturity which aims to improve and evolve its presence in the country,” said Jash Matthew M. Baylon, analyst at First Resources Management and Securities.
He added that Globe’s move to join the Candle Cable System consortium supported the stock’s performance last week.
“This plan will improve our digital backbone as international connectivity may benefit local users. This move will also ensure faster and more reliable connectivity, which could strengthen its service among businesses and consumers,” Mr. Baylon said in an e-mail.
Globe said it joined the Candle Cable System consortium to help establish the Philippines’ digital backbone by linking the country to submarine cable networks across Asia.
The consortium includes Meta, Japan’s SoftBank Corp., IPS, Inc., NEC Corp., Telekom Malaysia Bhd., and Indonesia’s PT XLSmart Telecom Sejahtera Tbk.
Globe will participate as both an investor and a landing party, with the cable set to land at its Nasugbu station in Batangas, complementing the Philippine landing point in Baler.
The system is expected to begin operations by 2028 and is projected to be among the highest-capacity cable systems in the region, the company said.
Globe also said it is advancing AI adoption across the organization, including the creation of a chief AI officer role.
At the Mobile World Congress, Globe President and Chief Executive Officer Carl Cruz said the company had adopted the GSMA Responsible AI Maturity Roadmap and established an AI Innovation Hub to support responsible and sustainable innovation.
“For me, the measure is simple, if AI helps us serve customers better and widen access to opportunity, then we are using it with purpose, uplifting more Filipino lives and building a #GlobeOfGood,” Mr. Cruz said.
He said Globe is investing in AI-driven tools such as personalized services, self-service platforms, and proactive network monitoring to improve customer experience.
Meanwhile, the United States and Iran agreed to a two-week ceasefire, with mediation by Pakistan, pausing a six-week conflict that had disrupted global oil supplies.
Globe reported revenue of P178.24 billion in 2025, down 1.3% from P180.59 billion in 2024.
Net income fell 4.2% to P23.26 billion from P24.29 billion a year earlier.
“In the coming weeks, we think Globe may revisit its resistance at P1,750 per share. However, once the overall market weakness affects Globe, we are placing our support at P1,600 per share level,” Mr. Baylon said.
Mr. Garnace said Globe may trade sideways next week due to a lack of significant catalysts.
“Nevertheless, we see Globe’s defensive profile cushioning any potential downside risk, with immediate resistance at P1,680 apiece and immediate support at P1,570 apiece,” he said.