MANILA continued its downward slide in the latest global index of “smart cities” by International Society for Urban Informatics (ISUI), even ranking last among select Asia-Pacific cities. Read the full story.
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THE PESO rebounded against the dollar on Wednesday on expectations of a dovish tone from the minutes of the US Federal Reserve’s July meeting overnight and the much-awaited gathering of US central bankers later this week.
The local currency closed at P56.96 versus the greenback, climbing by 14 centavos from Tuesday’s finish of P57.10, data from the Bankers Association of the Philippines’ website showed.
The local unit opened Wednesday’s session sharply weaker at P57.25 per dollar. Its intraday best was its closing level of P56.96, while its weakest showing was at P57.39 against the greenback.
Dollars traded dropped to $1.83 billion on Wednesday from $1.98 billion on Tuesday.
“The peso appreciated from dovish expectations ahead of the release of Fed policy minutes overnight,” a trader said in a Viber message.
The peso rose “ahead of the speech by Fed Chair Jerome H. Powell in view of the Fed’s Jackson Hole economic policy symposium… as a source of new leads on possible Fed rate cuts,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
The trader said anticipation for Mr. Powell’s speech during the gathering could continue to support the peso when trading resumes on Friday. Philippine financial markets are closed on Aug. 21 (Thursday) for the Ninoy Aquino Day holiday.
The trader sees the peso moving between P56.80 and P57.05 versus the dollar on Friday, while Mr. Ricafort said the local unit could trade from P56.85 to P57.10.
The US dollar was little changed on Wednesday as traders awaited a speech from Mr. Powell at the annual Jackson Hole symposium later this week for clues on the monetary policy path, Reuters reported.
The dollar index, which measures the US currency against six others, was flat at 98.319, after earlier touching a more than one week high of 98.441.
Friday’s speech by Mr. Powell is the market’s main focus, as traders watch for any pushback against market pricing of a rate reduction at the Fed’s Sept. 16-17 meeting.
Traders now place odds of about 85% on a quarter-point cut next month and expect about 54 basis points of reductions by yearend.
Traders, who ramped up bets for Fed cuts after a surprisingly weak US payrolls report at the start of this month, were further encouraged after consumer price data showed limited upward pressure from tariffs.
However, a hotter-than-expected producer price reading last week complicated the policy picture.
Mr. Powell has said he is reluctant to cut rates because of expected tariff-driven price pressures this summer.
Later on Wednesday, the Fed was set to issue the minutes of its meeting on July 29-30, when it held rates steady, although they may offer limited insight as the meeting came before the weak jobs numbers. — ARAI with Reuters
PANGILINAN-LED conglomerate Metro Pacific Investments Corp. (MPIC) has teamed up with Mitsui & Co. (Asia Pacific) Pte. Ltd. Manila Branch (Mitsui) and SteelAsia Manufacturing Corp. to study the creation of a closed-loop steel recycling system.
The three groups will assess the feasibility of a model in which steel scraps from MPIC’s supply chain will be bought by Mitsui and recycled by SteelAsia, which will then be sold back to the market for potential use in infrastructure projects.
MPIC said the initiative seeks to maximize the value of steel, reduce reliance on newly mined materials, cut carbon emissions, and keep resources in continuous productive use.
“This initiative goes beyond just recycling, it represents a fundamental shift on how we approach sustainable growth,” MPIC Chief Finance, Risk, and Sustainability Officer June Cheryl A. Cabal-Revilla said in an e-mailed statement on Wednesday.
“A closed-loop system for steel means less extraction, fewer emissions, and stronger local supply chains. This model delivers lasting value for the economy, the environment and our communities,” she added.
MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave
WASHINGTON — US President Donald J. Trump suggested on Tuesday he will pressure the Smithsonian Institution — a premier museum, education, and research complex for US history and culture — to accept his demands, just like he did with colleges and universities by threatening to cut federal funding.
In a social media post, Mr. Trump complained about what he called excessive focus on “how bad Slavery was.”
“I have instructed my attorneys to go through the Museums, and start the exact same process that has been done with Colleges and Universities where tremendous progress has been made,” Mr. Trump said on Truth Social.
The Smithsonian, which was established in 1846 and includes 21 museums and galleries and the National Zoo, had no immediate comment. Most of its museums are in Washington, DC.
The White House said last week it will lead an internal review of some Smithsonian museums after Mr. Trump earlier this year accused it of spreading “anti-American ideology” and raised alarm among civil rights advocates.
When asked if Mr. Trump would threaten funding cuts to the Smithsonian based on the findings, a White House official said “President Trump will explore all options and avenues to get the Woke out of the Smithsonian and hold them accountable.”
Mr. Trump wrote: “The Smithsonian is OUT OF CONTROL, where everything discussed is how horrible our Country is, how bad Slavery was, and how unaccomplished the downtrodden have been — Nothing about Success, nothing about Brightness, nothing about the Future.”
The Smithsonian receives most of its budget from the US Congress but is independent of the government in decision-making. Civil rights advocates say Mr. Trump’s administration is undoing decades of social progress and undermining the acknowledgment of critical phases of American history.
Racial justice group Black Lives Matter said on X that Mr. Trump’s post showed that he wanted to lock the country in a “fairytale” and deny the atrocities of slavery.
Mr. Trump has made threats to cut federal funding of top US educational institutions, citing pro-Palestinian protests against US ally Israel’s war in Gaza, transgender policies, climate initiatives, and diversity, equity and inclusion programs.
Last month, the government settled its probes with Columbia University, which agreed to pay $221 million, and Brown University, which said it will pay $50 million. Both institutions accepted certain government demands. Talks to settle with Harvard University are ongoing. — Reuters
Last week the Department of Budget and Management (DBM) submitted the budget 2026 materials to Congress — the National Expenditure Program (NEP), the Budget of Expenditures and Sources of Financing (BESF), the Staffing Summary, and the Budget Priorities Framework.
And last Monday, Aug. 18, the Development Budget Coordination Committee (DBCC) — composed of DBM Secretary Amenah F. Pangandaman, Finance Secretary Ralph G. Recto, Secretary Arsenio M. Balisacan of the Department of Economy, Planning, and Development, and the Bangko Sentral ng Pilipinas Governor represented by Deputy Governor Zeno Abenoja — presented the budget and fiscal program to the House of Representatives’ Committee on Appropriations.
My favorite material is the BESF. Thick, all numbers, it contains not only spending programs but also revenues and borrowings, regular agencies and government corporations, and local government spending and revenues.
The first thing I checked was the fiscal program. There will be a nearly P600 billion increase in disbursements and spending next year from this year’s level, which is huge. That should reflect the various new freebies and expansion of subsidies that President Ferdinand Marcos, Jr. announced during the 2025 State of the Nation Address (SONA) on July 28.
When spending makes a big jump while revenues rise at normal level, then the budget deficit also jumps, from P1.56 trillion in 2025 to P1.65 trillion in 2026. A trillion pesos may look abstract for many people, so I computed the average deficit — it was P4.1 billion/day last year, P4.3 billion/day this year, and will be P4.5 billion/day next year.
Our interest payment alone was P2.1 billion/day last year, P2.3 billion/day this year, and will be P2.6 billion/day next year (see Table 1).
How big is P1 billion? Well, if one spends P100,000/day on partying and gambling, it will take 10,000 days or 27 years and four months to finish and lose that P1 billion. And we will be paying P2.3 billion/day this year on interest payment alone, with the principal amortization not included yet. That is the high cost of over-spending, even without any economic or finance crisis.
One thing that is seldom discussed publicly is the “sensitivity” or responsiveness in expenditures, revenues, and budget balance of changes in the interest rate, the inflation rate, the GDP growth rate, and the Peso/$ exchange rate.
Below is a “rule of thumb” summary of such sensitivity.
If the Treasury bill rate increases by one percentage point, say from 5% to 6%, it means that revenues can increase by P1.6 billion, disbursements can increase by P7.9 billion, and the budget deficit will further increase by P6.3 billion.
If the inflation rate increases by one percentage point, say from 2% to 3%, government revenues increase by P31 billion and the budget deficit will decline by the same amount as disbursement is not affected (see Table 2).
The Lesson: We really have to find ways to cut spending, especially of the seemingly forever subsidies and freebies which make our people become more state-dependent instead of becoming more self-reliant.
ALUMNI AWARDS
Last Saturday I attended the UP Alumni Association (UPAA) awards for Distinguished Alumni. The opening speakers were UP President Angelo “Jijil” Jimenez and UPAA President Robert Aranton. The Keynote speech was given towards the end by the star of the night, the 2025 UPAA Most Distinguished Alumnus Awardee Executive Secretary Lucas P. Bersamin, who is also a retired Supreme Court Chief Justice. He finished AB Political Science in 1968 but pursued law at another university.
Among the 64 Distinguished Alumni awardees were four of my batchmates from the UP School of Economics (UPSE) undergrad batch 1984: Lynette V. Ortiz, President and CEO of the Land Bank of the Philippines; Gladys Cruz-Sta. Rita, Vice-President of the Maharlika Investment Corp.; Jesse T. Andres, Undersecretary of the Department of Justice; and Kennedy B. Sarmiento, trade and investment lawyer. Congratulations, batchmates.
Another awardee was DBM Secretary Pangandaman. She was my classmate when I went back to UPSE for my graduate studies, Program in Development Economics (PDE) Batch 33, SY 1997-1999. Congratulations too, Secretary Mina.
Among our PDE classmates who came that night were: DBM Undersecretary Joselito Basilio, Tariff Commission Chairperson Louie Mendoza, Sorsogon RTC Judge Maliz Aragon, Campus Executive Officer Victor Balatico of the Cagayan State University-Lasam campus, and Ateneo Economics Prof. Joey Sescon. Retirees also attended: from the Supreme Court, Dory Yulo; from the National Statistics Office/Philippine Statistics Authority, Manny Rivera; and Arnel Cantilep. I was the Class President of Batch 33 and our Adviser was Prof. Ruperto “Ruping” Alonzo (RIP).
Other contemporaries from UP Diliman 1983-85 that I saw that night were: from UPSE, Finance Undersecretary Joven Balbosa, Thad Alvizo, UP Legal Officer Marcel Meneses, and Dondi Alikpala; from the College of Arts and Science, Supreme Court Justice Jhosep Lopez who is a Lifetime Achievement awardee, SSS Commissioner Jojo Sale (who says he regularly reads my column in BusinessWorld and his wife) who is also an Awardee, former Energy Assistant Secretary Gerpy Erguiza, Acel Papa, Prof. Jorge Tigno, my former teacher Prof. Doy Romero, Yolly Robles who is an awardee from UP Manila, and several other familiar faces.
On my way back home, I wished that UP alumni, awardees or not, would be part of a new movement for citizen self-reliance, not more state dependence. Then slowly we should be able to confront that ever-rising public debt from ever-rising public spending.
Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.
BEIJING/SINGAPORE — Nvidia is developing a new artificial intelligence (AI) chip for China based on its latest Blackwell architecture that will be more powerful than the H20 model it is currently allowed to sell there, two people briefed on the matter said.
US President Donald J. Trump last week opened the door to the possibility of more advanced Nvidia chips being sold in China. But the sources noted US regulatory approval is far from guaranteed amid deep-seated fears in Washington about giving China too much access to US AI technology.
The new chip, tentatively known as the B30A, will use a single-die design likely to deliver half the raw computing power of the more sophisticated dual-die configuration in Nvidia’s flagship B300 accelerator card, the sources said.
A single-die design has all the main parts of an integrated circuit on one continuous piece of silicon rather than split across multiple dies.
The new chip would have high-bandwidth memory and Nvidia’s NVLink technology for fast data transmission between processors, features that are also in the H20, a chip based on the company’s older Hopper architecture.
The new chip’s specifications are not completely finalized but Nvidia hopes to deliver samples to Chinese clients for testing as early as next month, said the sources who were not authorized to speak to media and declined to be identified.
“We evaluate a variety of products for our roadmap, so that we can be prepared to compete to the extent that governments allow,” Nvidia said in a statement.
“Everything we offer is with the full approval of the applicable authorities and designed solely for beneficial commercial use.”
“Of course (Chief Executive Officer Jensen Huang) would like to sell a new chip to China,” US Commerce Secretary Howard Lutnick said when asked about the Reuters story in a CNBC interview, repeatedly praising Huang. “I’m sure he’s pitching the president all the time.”
“I’ve listened to him pitch the president, and the president listens to our great technology companies, and he’ll decide how he wants to play it. But the fact Jensen is pitching a new chip shouldn’t surprise anybody.”
The US Department of Commerce did not respond to a request for comment.
FLASHPOINT
The extent to which China, which generated 13% of Nvidia’s revenue in the past financial year, can have access to cutting-edge AI chips is one of the biggest flashpoints in US-Sino trade tensions.
Nvidia only received permission in July to recommence sales of the H20. It was developed specifically for China after export restrictions were put in place in 2023, but the company was abruptly ordered to stop sales in April.
Trump said last week he might allow Nvidia to sell a scaled-down version of its next-generation chip in China after announcing an unprecedented deal that will see Nvidia and rival AMD give the US government 15% of revenue from sales of some advanced chips in China.
A new Nvidia chip for China might have “30% to 50% off,” he suggested in an apparent reference to the chip’s computing power, adding that the H20 was “obsolete.”
US legislators, both Democratic and Republican, have worried that access to even scaled-down versions of flagship AI chips will impede US efforts to maintain its lead in AI.
But Nvidia and others argue that it is important to retain Chinese interest in its chips — which work with Nvidia’s software tools — so that developers do not completely switch over to offerings from rivals like Huawei.
Huawei has made great strides in chip development, with its latest models said to be on par with Nvidia in some aspects like computing power, though analysts say it lags in key areas such as software ecosystem support and memory bandwidth capabilities.
Complicating Nvidia’s efforts to retain market share in China, Chinese state media have also in recent weeks alleged that the US company’s chips could pose security risks, and authorities have cautioned Chinese tech firms about purchasing the H20. Nvidia says its chips carry no backdoor risks.
Nvidia is also preparing to start delivering a separate new China-specific chip based on its Blackwell architecture and designed primarily for AI inference tasks, according to two other people familiar with those plans.
Reuters reported in May that this chip, dubbed the RTX6000D, will sell for less than the H20, reflecting weaker specifications and simpler manufacturing requirements.
The chip is designed to fall under US government thresholds. It uses conventional GDDR memory and features memory bandwidth of 1,398 gigabytes per second, just below the 1.4 terabyte threshold established under restrictions introduced in April that led to the initial H20 ban.
Nvidia is set to deliver small batches of RTX6000D to Chinese clients in September, said one of the people. — Reuters
THE PHILIPPINES’ balance of payments (BoP) position swung to a $167-million deficit in July as the government paid off external debt, the central bank said on Tuesday. Read the full story.
JAKARTA — Indonesia’s central bank cut interest rates again in a surprise move on Wednesday, stepping up support for Southeast Asia’s largest economy against the backdrop of global uncertainties.
Bank Indonesia (BI) trimmed the benchmark 7-day reverse repurchase rate by 25 basis points (bps) to 5%, its fifth rate cut since September, taking it to its lowest level since late 2022.
Only five of 29 economists polled by Reuters had expected a cut on Wednesday. The rest expected rates to be kept steady.
The overnight deposit and lending rates were also cut by the same amount to 4.25% and 5.75%, respectively.
Governor Perry Warjiyo told a press conference that the decision was in line with expectations of low inflation and a stable rupiah, as well as the need to support growth.
The decision followed data earlier this month showing that economic growth accelerated to 5.12% in the second quarter, the fastest annual pace in two years, driven by robust investment and household spending.
Some economists questioned the strength of that data, pointing to indicators showing weakening domestic demand, while others have taken note of looming headwinds to growth caused by US tariffs.
Indonesia’s exports to the United States have been subject to a 19% tariff since Aug. 7, the same level as Thailand, Malaysia, the Philippines and Cambodia.
BI estimates the country’s 2025 economic growth will exceed the midpoint of the 4.6% to 5.4% range.
Wednesday’s rate cut was the fifth since BI last September, taking the total reduction to 125 bps. It was the first time during the easing cycle that it has made cuts at consecutive meetings.
Policymakers have said global uncertainties and their impact on the rupiah often affect the timing of their rate cuts. The rupiah is often more affected by changes in market sentiment than other emerging Asian currencies.
After Wednesday’s decision, the rupiah was largely unchanged.
Last week, President Prabowo Subianto proposed a $234-billion budget for 2026, with a large increase in spending for defense and his flagship food and nutrition programs. He is targeting economic growth of 5.4% in 2026. — Reuters
SY-LED conglomerate SM Investments Corp. (SMIC) is expanding its entertainment offerings in malls, convention centers, and arenas to respond to growing consumer demand, particularly from younger Filipinos.
“At SM, we recognize the younger generation’s growing preference for experiences, and this shift opens new opportunities for growth across our businesses,” SMIC President and Chief Executive Officer Frederic C. DyBuncio said in an e-mailed statement on Wednesday.
“We are broadening our entertainment offerings to strengthen engagement and create long-term value across the SM ecosystem,” he added.
SMIC said it is transforming its malls, convention centers, and arenas into multi-dimensional experience hubs to cater to emerging demand.
SM Supermalls Executive Vice-President for Marketing Joaquin L. San Agustin said the malls have adjusted their marketing efforts since emerging segments, led by millennials and Gen Zs, now value experience, the feeling of inclusivity, community involvement, and sustainability.
“That is why our marketing efforts, including entertainment events, are now geared toward targeting communities, or what we call ‘tribes.’ These are your gamers, geeks, foodies, and the many fandoms sprouting, who like more interactive and personalized experiences. The mall has become their entertainment hub and their escape,” Mr. San Agustin said.
SM said its Mall of Asia (MOA) Arena in Pasay continues to host international acts and will soon be complemented by a larger area in Cebu.
“Production value is a whole lot better at the MOA Arena because the building is able to accommodate the creative demands of big events and top-tier acts, especially for multi-sensory experiences. We see the value in constructing world-class venues in key areas that would be able to support their economic growth,” MOA Arena Vice-President for Arena Operations Arnel C. Gonzales said.
SM added that entertainment drives consumer traffic across group businesses, strengthens partnerships with global content providers, and creates shared spaces for leisure and wellness.
Meanwhile, SMX Convention Center has seen higher attendance and bookings for fan meets, gaming expos, and pop culture conventions since late 2023.
“Over the past year, there’s been a remarkable increase in event bookings, ticket sales, and audience turnout at our venues, particularly for entertainment-driven events. This upward trend gathered momentum in late 2023 and continued to grow steadily through 2024 into this year,” SMX Convention Center Vice-President and General Manager Michael Jaey C. Albaña said.
“Even weekday events are seeing rising attendance, indicating that audiences are actively making time — and room in their budgets — for these experiences,” he added.
SM said its group is also positioned to tap the country’s P1.94-trillion creative economy. Through SMIC SG Holdings, SM became the first Philippine company to invest in Klook, the Asia-based travel and experiences platform.
One-stop logistics solutions provider 2GO features karaoke lounges and video arcades in its vessels, while BDO Unibank, Inc. and China Banking Corp. also integrate lifestyle and travel-related rewards into customer programs.
SMIC shares declined by 1.76% or P14 to P781 per share on Wednesday. — Revin Mikhael D. Ochave
PARIS — A petition to stop the Bayeux tapestry being loaned by France to the British Museum in London has attracted more than 40,000 signatures from people concerned that movement could damage the Medieval relic.
Art historian Didier Rykner launched the petition on the platform Change.org after French President Emmanuel Macron offered during a trip to London in July to loan the tapestry as part of an art exchange.
“It’s already very fragile. There are tears and holes in the fabric. Any movement, any vibration can cause damage,” Mr. Rykner told Reuters.
“You cannot use a fragile piece of art for diplomacy.”
The British Museum said in a statement its conservation and collections management team is experienced at handling and caring for this type of material and is working with colleagues in France on the tapestry’s display.
While the origins of the 70-meter (76 yards) long Bayeux tapestry are obscure, it is believed to have been the work of English embroiderers, whose stitching tells the story of the Norman invasion in 1066 and the arrow that hit England’s King Harold in the eye.
In the years after William the Conqueror took the English throne, the tapestry was taken to France, where it has remained, displayed at the Bayeux Museum in Normandy since 1983 after decorating Bayeux Cathedral for seven centuries. It has been taken to Paris twice.
“The last two times it was moved was first by Napoleon and then by the Germans (during the Nazi occupation). I cannot think of why you would want to be the third to move it,” Mr. Rykner said.
The Bayeux Museum will close for renovations for two years starting later this year, and the tapestry will need to be rehoused during that time, a representative for the museum said.
The French state owns the tapestry, and France’s Ministry of Culture will be responsible for coordinating the tapestry’s transfer to a temporary home.
It was not immediately available for comment. — Reuters
THE word “gatecrasher” comes from the 1920s and refers to those who join an event (like a party or a concert) without an invitation or ticket. In the ’60s, local usage of the word embraced parties where gate passes were issued to legitimate guests.
Uninvited guests who join a social gathering without a formal invitation are not always opportunists looking for a free meal. They can be photo bombers just out for getting photos taken with VIPs at an event.
Staying with friends or relatives abroad can raise the prospect of being dragged to a party as an uninvited guest. (You know one of her cousins.) The accidental houseguest who is not counted in the original group gets thrown into the social pot — can I bring along my cousin and her family who are visiting from Manila and staying with me?
Regular friends have their own Viber group sharing inside jokes and common topics, like the deferred impeachment or immigrant woes abroad. Staying out of hearing distance, and in conversational exile, allows the host and his original guests not to work too hard to include the accidental guest in their chatter. They are not obliged to explain punch lines of obscure jokes which send everyone else rolling in the aisles.
Gatecrashers are kept away at bigger gatherings at exclusive clubs or hotel function rooms. There is a desk by the entrance that screens out the social hitchhiker.
Event planners are on the lookout for gatecrashers who wander around the buffet table. Invitations have strict RSVP requirements and follow-up calls to pin down the correct number of guests. Numbered tables can have assigned seating to ensure that only official guests are allowed in. Name cards are even stapled into the tablecloth for the VIP table to prevent transfers.
How can one spot a gatecrasher at an event? Certain behavioral patterns can be observed.
The gatecrasher heads for an empty table near the washroom. This allows him to check who is coming in to avoid any unwelcome look in his direction. It’s also a convenient way to escape on a toilet break.
Attire is a dead giveaway. Most events now adopt a theme, and guests are easily identifiable by their wardrobe. If it is a Katipunero theme, the lady in denims and a backpack with a side pocket for the thermos will surely stand out. Only the truly famous (even if uninvited) can get away with irregular apparel.
At annual stockholders’ meetings for listed companies, gatecrashers find their natural habitat. They need not dress up, affecting the look of reporters looking for a nice lead for tomorrow’s business page. It’s not really the company’s investor briefing that gatecrashers covet. They line up for the buffet and participate in the raffle, with the possibility of winning a trip for two to La Union. But are these unbadged wanderers executives, stockholders, legal retainers, or external auditors invited for the event? (None of the above.)
There are events that specifically try to attract uninvited guests. The prominence and popularity of a dearly departed person is measured by the number of complete strangers who pay their respects. Thus, a wake is considered a “blockbuster” (if that is the appropriate term) if the queue of people trying to get in stretches for several blocks. Movie stars and politicians are measured by this physical evidence of faded glory.
Rallies and protest movements also depend on total strangers getting together in one place. (Placards will be supplied.) While there are no invitations issued for these events, they are now being replaced in popularity by postings in social media. Still, the massing of complete strangers in a public thoroughfare reflects the public support for a cause. Gatecrashers are welcome. They may also be provided with incentives like meals and a cash allowance.
The phrase “uninvited guest” for a gatecrasher is really an oxymoron, combining contradictory words. If a person is not invited, how can he be classified as a guest? In our politically correct world, even this uninvited pest deserves humane treatment. (Sir, this way to the exit.)
Maybe, the polite term for the gatecrasher is “social butterfly”…which is anyway what some of them are.
Tony Samson is chairman and CEO of TOUCH xda
