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PHINMA Education adds 12,000 slots with new Quezon City, Cebu buildings

PHINMA EDUCATION HOLDINGS, INC.

PHINMA EDUCATION Holdings, Inc. said it aims to enroll 12,000 additional students at its Quezon City and Cebu educational institutions with the inauguration of new buildings.

The company inaugurated the 10-storey Ramon V. del Rosario (RVR) Building at Southwestern University (SWU) PHINMA in Cebu on Dec. 12, and the Aurora Building at PHINMA St. Jude College Quezon City (SJC QC) on Dec. 15, it said in a statement on Wednesday.

The RVR Building, named after PHINMA group founder Ramon V. del Rosario, Sr., also marks the 10th anniversary of SWU PHINMA under PHINMA’s management.

The university said the new facility will support efforts in community engagement, social programs, and research addressing local challenges in Cebu City.

“Our goal is to build SWU PHINMA into an accessible, world-class university, providing education to students from lower-middle and lower-income families who need it the most,” PHINMA Education President and Chief Executive Officer Chito B. Salazar said.

The Aurora Building at SJC QC can accommodate up to 5,000 students.

“By opening this campus, we are doing more than expanding access to education,” PHINMA Education Philippines Country Head Happy A. Tan said. “Here, students can pursue a college education, become licensed professionals, find meaningful work, and honor the sacrifices of their families.”

The new building will host classes in nursing, medical laboratory science, early childhood education, special needs education, engineering, and architecture programs.

PHINMA Education said the development aligns with Quezon City’s education agenda, which focuses on improving access to learning opportunities and supporting the growing student population.

PHINMA Education serves 178,000 students across its network of private schools in the Philippines and Indonesia.

Its parent company, PHINMA Corp., reported a net loss of P216.45 million as of end-September, mainly due to weaker performance in its property, construction materials, and hospitality businesses.

On Tuesday, PHINMA Corp. shares closed at P16.40 apiece. — Beatriz Marie D. Cruz

Peso slips on lack of leads

PHILSTAR FILE PHOTO

THE PESO slipped against the dollar on Wednesday amid a lack of catalysts and as oil prices moved up on supply concerns.

The local unit went down by half a centavo to close at P58.725 against the greenback from its P58.72 finish on Tuesday, Bankers Association of the Philippines (BAP) data showed.

The peso opened Wednesday’s session stronger at P58.65 per dollar. Its intraday low was at P58.73 versus the greenback. Meanwhile, the BAP’s website showed that the local currency’s best showing for the session was at P56.65, although spot rates showed that the peso was at the P58 level the entire day.

Dollars traded fell to $1.34 billion from $1.46 billion.

“(The peso weakened) after the latest tensions between the US and Venezuela, as Trump ordered the blockade of all oil tankers in Venezuela; global crude oil prices [were] slightly higher but still among the lowest in nearly five years or since February 2021…,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

US President Donald J. Trump on Wednesday ordered a “total and complete” blockade on all sanctioned oil tankers entering and leaving Venezuela, while saying he now considers the country’s rulers a foreign terrorist organization. This pushed crude up more than 1%, Reuters reported.

Brent crude futures rose by 1.5% or 87 cents to $59.79 a barrel at 07:30 GMT, while US West Texas Intermediate gained 85 cents or 1.5% to $56.12.

“The peso moved sideways amid a lack of major market movers,” a trader said in a Viber message.   

For Thursday, the trader said the peso may continue to weaken in anticipation of US inflation data.

Mr. Ricafort and the trader see the peso moving between P58.60 and P58.85 versus the greenback on Thursday. — A.R.A. Inosante with Reuters

mWell launches wellness ring with built-in ECG monitoring

MWELL

METRO PACIFIC Investments Corp.’s (MPIC) digital healthcare arm mWell or Metro Pacific Health Tech Corp. has launched a new version of its wellness ring with built-in ECG monitoring.

The mWell ECG Ring follows the original mWell Ring launched in May 2024 and has a daily heart monitoring feature. It is now available for an introductory price of P12,999 (regular price is P13,999) with free shipping and no monthly subscription fee. It can be purchased via the mWell app’s eShop or online at https://shop.mwell.com.ph/pages/mwell-ecg-ring.

“mWell envisions a future where every Filipino has access to preventive healthcare that is both accessible and affordable,” mWell Chairman and MPIC Chairman and President Manuel V. Pangilinan said.

“The ECG Ring helps us deliver medical insights that fit into real life. Everyone should be able to take the right steps for their health every single day, and not only when they’re sick.”

The wearable device has an ECG monitor, heart rate monitor, blood oxygen monitor, sleep monitor, and electrical heart sensor.

It is made of titanium with a scratch-free finish and has a lightweight design, IP68 water resistance rating, and a seven-day battery life.

“On top of all existing mWell Ring features, users can now view ECG results directly on the mWell app and share them with their doctors as a PDF file through messaging apps or e-mail, making it easy to get timely medical advice. These readings, along with other health data, can be securely stored in their mWell Health ID to support continuity of care and make it easier to track progress over time,” said Chaye Cabal-Revilla, mWell president and CEO and MPIC chief finance, risk, and sustainability officer.

“As a physician, I believe wearable devices like the ECG Ring are a game-changer for personalized care,” Raymond Francis Sarmiento, chief operating officer of mWell, said. “They make it possible to monitor vital signs effortlessly and detect early warning signs, helping turn prevention into an everyday habit.”

Cardiovascular diseases are among the leading causes of death in the Philippines, according to the Philippine Statistics Authority.

MPIC is one of 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 MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — BVR

Globe and FPIP partner to deliver fiber-fast internet in Batangas Industrial Park

Globe partners with First Philippine Industrial Park (FPIP) to provide reliable, high-speed connectivity to over 150 locators, strengthening digital infrastructure across the industrial park. Present during the MoA signing are (L–R) Rodel G. Del Valle, VP and Head for Park Management and Development, FPIP; Raymond Catane, Director, Sales Key Accounts, Globe; Jason delas Alas, AVP and Head for Park and Utilities Group, FPIP; Michelle Y. Ora, VP for Strategic Partnerships and Program, Globe; and Yutaro Kuryu, SVP and Head of Industrial Business Group, FPIP.

Globe and FPIP mark a major milestone through a contract signing that will expand high-speed, reliable fiber connectivity for global and local manufacturers within the industrial park located in Sto. Tomas, Batangas.

Globe Telecom has formalized its partnership with First Philippine Industrial Park (FPIP), Inc. through a memorandum of agreement (MoA), bringing faster, more secure, and reliable fiber internet to the park’s locators and employees. Through this collaboration, Globe will provide enterprise-grade connectivity to FPIP’s 150+ locators and over 80,000 employees, enabling seamless operations, real-time collaboration, and data-driven decision-making. FPIP is home to global and industry-leading businesses such as consumer electronics manufacturers.

“This partnership strengthens Globe’s commitment to delivering world-class, fiber-fast connectivity to businesses across the Philippines,” said Michelle Y. Ora, VP, Strategic Partnerships and Program. “We are proud to empower FPIP locators with seamless, secure, and high-speed digital tools that enable innovation, enhance productivity, and position them to compete confidently in the global market.”

FPIP’s shared dark fiber facility, established in 2023, allows Globe to deploy services quickly and cost-effectively, maximize existing infrastructure, and provide locators with more options for their internet needs.

“We are excited to work with Globe. As one of the leading internet service providers in the Philippines, we are confident that they can elevate the experience of our locators by providing high-quality and secure internet connection, which is a must in today’s fast-paced and data-driven environment,” said Jason de las Alas, FPIP’s Assistant Vice-President for Park and Utilities Group. “We understand our locators have diverse needs, which is why we continue to enhance the digital infrastructure in FPIP. We want to ensure we can support the changing and increasing demand for robust digital services.”

Established in 1996, FPIP is a PEZA-registered special economic zone developed by Lopez-led First Philippine Holdings (FPH) and Japanese conglomerate Sumitomo Corp. Spanning nearly 600 hectares, the industrial park is home to over 150 leading global and local manufacturers in aerospace, automotive, electronics, consumer goods, and medical devices.

The contract-signing ceremony was attended by representatives from both Globe and FPIP, formalizing a collaboration that strengthens FPIP’s digital backbone and supports the park’s continued expansion into a future powered by seamless, world-class connectivity.

For more information about Globe, visit www.globe.com.ph.

 

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FEU releases book on Noche Buena

Joins history book, fashion tomes in publishing spurt leading to centennial

THE Far Eastern University (FEU) is celebrating this holiday season with a new book, Noche Buena: 100 Stories Shared at the Philippine Holiday Table.

“We did this because of the really wonderful and moving stories of the contributors to this book: stories of family closeness and generations of tradition, stories of the love of a mother or grandmother expressed through food. Stories of struggle, hard work and commitment, and eventual success found through a dedication to authenticity in food,” said Maria Teresa Trinidad Tinio, SVP for Academic Affairs, who also leads the FEU Culture Collective — a group of FEU writers, researchers, and artists.

During a Nov. 28 launch at the FEU campus, Ms. Tinio said, “The original plan was for it to be both a storybook and cookbook,” adding that part of the book’s purpose was to serve as corporate Christmas gifts for the university. In previous years they had given chocolates and soaps made by Persons Deprived of Liberty.

The book’s holiday stories are certainly meaningful, coming from some 100 top names in the culinary world. The book is dedicated to the late Margarita Forés (Awarded Honoris Causa Doctor of Entrepreneurial Management by FEU in 2023), whose son, Amado, shared stories about Christmas at the Araneta compound, and even his mother’s recipe for Truffle Galantina. The book, with 242 pages, only has recipes from pages 203 to 232; the rest of the book is filled with touching anecdotes, illustrations by Isaiah Israel Susi, and forewords by Amado Forés and food historian Felice Sta. Maria.

What it lacks in the number of recipes, it more than makes up for in substance: there’s a recipe for duck from Café Ysabel’s Gene Gonzalez, other recipes from internet “lumpia queen” Abi Marquez, culinary icon scion Sandy Daza, and even a recipe from the Gamboa family of the beloved MilkyWay Cafe chain.

Only a handful of the authors are FEU alumni (we counted six; their stories are marked with an FEU alumni seal). By no means does that take away from the book: haven’t you ever wondered how actor/restaurateur Joel Torre or celebrated chef Claude Tayag celebrate Christmas Eve?

“We did this because of the really wonderful and moving stories of the contributors to this book,” said Ms Tinio in a speech. “Stories of family closeness and generations of traditions, stories of the love of a mother or grandmother… expressed through food, stories of struggle, hard work, and commitment, and eventual success found through a dedication to authenticity in food.”

MORE BOOKS, MORE CELEBRATIONS
Ms. Tinio said that their book production has been amplified in the run-up to FEU’s centennial celebrations in 2028, with the aim of publishing 28 books by that year.

Among the recently released books is Resilience: The Roots and Rebirth of FEU Roosevelt by Gillian Joyce Virata and edited by Dr. Michael M. Alba and Genna Estrabon, which celebrates and chronicles the nine decades of the institution’s milestones. It contains inspiring stories from significant leaders, influential figures, movers, and alumni who helped shape its history.

Then there is Love, Marina by Vicky Veloso-Barrera and edited by Thelma San Juan, which is a tribute to designer Marina Antonio’s sense of style, meticulous attention to detail, and ingenious innovations that made generations of women trust her to create their fashion statements. In this visual inspiration and practical guidebook, Ms. Veloso-Barrera — Ms. Antonio’s granddaughter — distills her memories of her grandmother, and includes loving recollections of family, friends, and clients, and treasured images.

Another of FEU’s recent publications is It’s a Wrap – Ditta Sandico: Unraveling the Future of Fashion by Francine Medina Marquez and edited by Gay Eiko Yoshikawa-Zialcita. The book narrates how the dream and vision of one woman changed the quiet lives of weaving communities and turned them into self-reliant hubs of social enterprise.

All the books can be ordered through TAMS Bookstore. For inquiries, e-mail tamsbookstore@feu.edu.ph. — Joseph L. Garcia

Unwalkable

PHILIPPINE STAR/MIGUEL DE GUZMAN

I am not yet a senior, but I am getting there. I have a heart condition and bad legs, but I am not legally classified as a person with disability or PWD. As far as our mobility laws are concerned, I fall into a donut hole. I am invisible. I do not exist. I am treated like any able-bodied adult.

After a doctor’s appointment last week at Makati Medical Center on Amorsolo Street, I decided to “enjoy” the simple pleasure of walking over to Salcedo Village, just across Ayala Avenue, to meet friends for lunch near Velasquez Park.

For someone who occasionally walks with a cane, the stroll was difficult but still doable. But for someone using a wheelchair, I believe it would have been impossible. And public transportation, just to cross Ayala Avenue, would not have been a real option.

Ayala Avenue, the central business district’s main road, has wide enough sidewalks. But once you leave this major thoroughfare, the pedestrian route from the hospital into Salcedo Village quickly becomes unmanageable for anyone “on wheels.”

Between Salcedo and Rufino streets, there is only one road-level crossing on Ayala that people who have difficulty with stairs can safely use. The unkindest cut was that during my walk, a traffic enforcer chose to stop pedestrian movement across Ayala Avenue in favor of cars heading toward EDSA.

He decided to override the light and hold back pedestrians to move more cars. Then he left people with roughly 15 seconds to cross an eight-lane avenue. If you were old, in a cast, pushing someone in a stroller or a wheelchair, you could only pray that your feet would lead you to safety.

Traffic engineering math confirms how unreasonable that was. Standard practice for signal timing assumes a walking speed of a little over one meter per second, the pace of a reasonably fit adult with no health issues and no heavy bags.

Ayala Avenue has eight lanes of around three meters each, or about 24 meters across. At one meter per second, you need at least 24 seconds to cross. If you walk slower, like older adults or people with health conditions, or those pushing a wheelchair or a stroller, you will probably need closer to 30 seconds.

The reality at that intersection was 15 seconds. To clear 24 meters in that time, you need to move at 1.8 meters per second. By allowing an enforcer to shorten the effective crossing time, the city is not just being careless. It is managing the street to be exclusively for the fit and the fast.

To be fair, that incident was a one-off. Left on its own, the light would have given pedestrians around 30 seconds to cross. But why let enforcers tinker with the science? In this case, pedestrians were left standing on the center island for about 100 seconds, in the fumes from passing cars, waiting for the next light change.

On paper, pedestrians come first. We have the Accessibility Law and the Magna Carta for Disabled Persons, and government has updated rules on accessibility standards. In theory, our roads and sidewalks should already be friendly not only to wheelchair users, but also to seniors, pregnant women, children, and anyone who moves slower than two fully able feet.

In the hierarchy of road users, pedestrians are supposed to have the highest priority, since they are the most vulnerable. Government should promote active transport and make safe and accessible walking infrastructure part of every road project, not just an afterthought required by law.

On paper, pedestrians rule. On the ground, the enforcer’s whistle still blows more for cars. Traffic managers continue to think in terms of Level of Service for vehicles, where a good intersection is one where cars experience minimal delay. If vehicles stack up, the grade drops, and the incentive is clear.

This mindset means traffic enforcers protect the flow of cars, even if that means cutting pedestrian time, ignoring crossings, and sending people up to footbridges they cannot climb, or down to underpasses with long flights of stairs. When cars get priority, those lacking full mobility are most disadvantaged.

In a highly paved city like Makati, there is also the heat. Urban surfaces trap and radiate heat, so actual ground-level temperature can be several degrees higher than the air temperature. For someone with a heart condition, walking a few hundred meters in that heat is a cardiac strain. The absence of trees, shade, or properly covered walkways is a public health risk built into the pavement.

My own case is hardly unique. I am not yet a senior. I am not using a wheelchair. I am not classified as a PWD. But I walk slower. I tire more easily. My legs complain at every unnecessary detour. Long walks, standing too long, or going up or down a long flight of stairs are difficult for me.

Designers talk about permanent, temporary, and situational disability. Someone who loses a limb lives with a permanent disability. Someone in a cast is temporarily disabled. Someone pushing a stroller, carrying groceries, dragging a suitcase, holding a child by the hand, or short of breath from the heat experiences situational disability. For that period, and in that place, they cannot move as freely as a strong, unhindered adult.

This is where the “curb cut effect” comes in. When you lower a curb for a wheelchair user, you also help many others: the parent with a stroller, the delivery worker with a handcart, the commuter with luggage. A design meant to help a minority ends up helping almost everyone, and when you fail to design for permanent disability, you also fail those who are temporarily or situationally challenged.

Our infrastructure and regulations still think in terms of categories: PWD or not PWD, senior or not senior. But the street does not care about categories. It only cares about how fast you can move, how long you can stand, and how many stairs you can take in the heat or rain. The present design still caters to the able-bodied. Everyone else is in the donut hole.

Other cities offer clues on how to do better. Singapore has created “Silver Zones” in neighborhoods with many elderly residents. In these zones, speed limits are lowered, crossings are narrowed or redesigned, center islands are widened so slower walkers can stop safely in the middle, and signal timings are lengthened to match slower walking speeds. The street is adjusted to the people, not the other way around.

If Singapore can redesign certain districts as Silver Zones for seniors, a city like Makati can do something similar. The central business district and its residential areas can afford to have longer crossing times, lower speed limits, more shade, and strict enforcement in favor of pedestrians.

The measure of success should no longer be how many cars you can flush through an intersection in one cycle. It should be whether an eight-year-old, an 80-year-old, or someone with a heart condition can cross the road, reach a bus stop, or sit in a park without fear.

We should treat sidewalks as the primary network for trips on foot and in wheelchairs. They must be continuous, wide, shaded, and free of obstructions. Benches, trees, lighting, and safe paving should be part of the main plan. We should move people, not just vehicles.

Cities should also test routes using seniors, people in recovery, parents with strollers, and workers carrying loads. If they cannot complete the trip safely and comfortably, then the design has failed. It should be changed.

A city that makes every trip an ordeal for the slow, the weak, and the tired slowly pushes them out of public life. They go out less. They avoid certain streets, then certain districts, until the city shrinks to a handful of “safe” routes they can still manage. This is where “unwalkable” quietly becomes unlivable.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

Primeworld Land Holdings, Inc. signs contract with Accor to bring ibis Manila Caloocan to Northern Metro Manila

Architect’s Perspective

Primeworld Land Holdings, Inc. announced the formal signing of its partnership with global hospitality leader, Accor, to develop the Philippines’ first ibis hotel, ibis Manila Caloocan, a 6-storey international hotel that will crown Grace Park Terraces, a 19-storey mixed-use development poised to become a defining landmark in the rapidly transforming northern gateway of Metro Manila.

The signing ceremony was held on Dec. 16, 2025 at ibis Styles Manila Araneta City in Quezon City, attended by senior executives from both organizations. Representing Accor were Kash Salvador, Director of Development for the Philippines, and Maria Manlulu-Garcia, Area General Manager for the Philippines, Premium, Midscale, and Economy segment, and Cluster General Manager of Novotel Manila Araneta City and ibis Styles Manila Araneta City.

Primeworld Land Holdings, Inc. was represented by its executive leadership team, including Sherwin Uy (Chief Executive Officer), Atty. Karen Jimeno (Legal Counsel), Er. Manny Manuel (Engineering Head), Celine Co (Business Development Head), and Amica Ngo (Corporate Marketing Consultant).

Architect’s Perspective

Set to feature 160 well-appointed keys, ample parking, and street-activating commercial spaces, ibis Manila Caloocan will bring global-standard hospitality to the city. The iconic ibis symbol will crown the structure, establishing its presence as a new city marker and gateway destination.

ibis is the pioneer of accessible high-quality accommodation. At the heart of the brand’s ethos lies a commitment to forward-looking modern design seamlessly blending trendsetting elements with cosy comfort. Each ibis hotel is designed to inspire vibrant and fulfilling guest experiences.

Primeworld Land also announced the appointment of WTA Architecture and Design Studio as the project’s lead design team. The firm has envisioned a development that redefines the architectural and urban rhythm of Caloocan City.

Contract Signing for ibis Manila Caloocan

Envisioned as an architectural oasis, the structure moves away from the rigid industrial forms that dominate the district. Its layered façades and landscaped curves create a softer, more inviting presence, offering a deliberate contrast to surrounding heavy-use infrastructure. Through thoughtful spatial composition, the architecture introduces balance, human-scaled movement, and a renewed sense of openness.

The development will offer spaces for gathering, rest, and leisure, rehumanizing the built environment and creating new opportunities for interaction, wellness, and community engagement. Beyond its hospitality function, the hotel is positioned to become a visual and experiential landmark that signals a modern identity for Caloocan.

Strategically located near major infrastructure investments, ibis Manila Caloocan will cater to business travelers, returning overseas Filipinos, staycation guests, and long-stay visitors seeking accessibility and modern convenience.

Situated directly across from Caloocan City Hall, the hotel is also expected to meet the city’s growing need for training, meeting, and conference venues, as well as spaces for private events and celebrations. It will be the closest internationally branded hotel to the Philippine Arena and sits just five minutes from the Skyway entrance, enabling a 30-minute travel time to Ninoy Aquino International Airport.

“This partnership with Accor reflects Primeworld Land’s long-term commitment to uplifting key cities across the Philippines through world-class real estate developments. ibis Manila Caloocan will set a new benchmark for hospitality in the area, supporting tourism, commerce, and the city’s evolving urban landscape,” stated Sherwin Uy, CEO of Primeworld Land. 

Kash Salvador, Director of Development, Philippines, Accor, also expressed  enthusiasm for this milestone:

“We are thrilled to collaborate with Primeworld Land Holdings, Inc. in bringing ibis Manila Caloocan to life. As part of Accor’s growing network in the country, this project aligns with our mission to provide accessible, well-designed, and reliable hospitality experiences for travelers. Caloocan is an emerging gateway destination, and we are proud to contribute to its transformation.”

The project marks Primeworld Land’s expansion into the hospitality sector at scale, complementing its growing portfolio of residential and mixed-use developments across Luzon, Visayas, and Mindanao.

Construction of ibis Manila Caloocan is expected to begin in 2026, with launch targeted in the next development phase. It is Primeworld Land’s second hotel signing after Hilton Garden Inn Cebu Mactan and will become the first international hotel brand to rise within the CAMANAVA region, serving the needs of surrounding industrial and commercial districts.

 

About Primeworld Land Holdings, Inc.

Primeworld Land Holdings, Inc. is a Philippine property developer committed to building modern, thoughtfully designed, family-oriented communities nationwide. With a diverse portfolio spanning affordable housing to mid-end residential condominium developments, Primeworld Land delivers value-driven projects that enable lifestyle upliftment, growth, and long-term sustainability.

About Accor

Accor is a world-leading hospitality group offering stays and experiences across more than 110 countries with over 5,700 hotels and resorts, 10,000 bars & restaurants, wellness facilities and flexible workspaces. The Group has one of the industry’s most diverse hospitality ecosystems, encompassing more than 45 hotel brands from luxury to economy, as well as lifestyle, with Ennismore. ALL Accor, the booking platform and loyalty program embodies the Accor promise during and beyond the hotel stay and gives its members access to unique experiences. Accor is focused on driving positive action through business ethics, responsible tourism, environmental sustainability, community engagement, diversity, and inclusivity. Accor’s mission is reflected in the Group’s purpose: Pioneering the art of responsible hospitality, connecting cultures, with heartfelt care. Founded in 1967, Accor SA is headquartered in France. Included in the CAC 40 index, the Group is publicly listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACCYY) in the United States. For more information, please visit group.accor.com or follow us on X, Facebook, LinkedIn, Instagram and TikTok.

 

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PT&T cedes majority control of SecureLink to Netlinkz

PT&T CORP. has reduced its stake in SecureLink Networks, Inc., allowing its Australian partner Netlinkz Global Services Ltd. to become the majority shareholder.

Under the transaction, PT&T now holds a 49.9% stake, while Netlinkz owns 50.1%, up from 49%, giving it majority control of the joint venture focused on cybersecurity and digital infrastructure, it said in a disclosure on Wednesday.

PT&T disposed of 293,854 shares at P1 each to Netlinkz, with full payment made in cash.

“This realignment facilitates growth initiatives, strengthens technology partnerships, and enhances SecureLink’s positioning in the cybersecurity and digital infrastructure sectors while allowing PT&T to remain a significant minority shareholder,” PT&T said.

SecureLink Networks is a joint venture between PT&T and Netlinkz Global.

PT&T said the move also positions SecureLink to attract future capital and expand its presence both locally and regionally.

Incorporated in 1962, PT&T serves corporate, small and medium business, and residential customers. The company is preparing to return to trading on the Philippine Stock Exchange after a voluntary suspension in December 2004 due to financial and reporting challenges.

Last year, PT&T reported a strong 2023 performance. In November 2023, the Securities and Exchange Commission approved an increase in its authorized capital stock to P12.6 billion from P3.8 billion, enabling a debt-to-equity conversion of P8.9 billion, according to its website. — Ashley Erika O. Jose

More rate cuts could reignite inflation, hurt US Fed’s credibility, Bostic says

WIKIMEDIA.ORG

WASHINGTON — Further interest rate cuts could put US monetary policy on an accommodative footing that stimulates economic growth and puts the country at risk of a new jump in inflation and inflation expectations, Atlanta Federal Reserve President Raphael Bostic said on Tuesday.

“Moving monetary policy near or into accommodative territory, which further federal funds rate cuts will do, risks exacerbating already elevated inflation and untethering the inflation expectations of businesses and consumers,” Bostic wrote in an essay published by the Atlanta Fed. “That is not a risk I would choose to take right now.”

Mr. Bostic agreed that the US job market is weakening, but said he did not think it was heading towards a pronounced downturn. Some of what’s taking shape, he said, may be the economy responding to structural shifts like the emergence of new technology, changes in immigration, or companies right-sizing payrolls after hoarding labor during the COVID-19 pandemic.

“Careful analysis by economists on our staff suggests that the labor market is likely not at a negative inflection point… I do not view a severe labor market downturn as the most likely near-term outcome,” Mr. Bostic said, with labor data “ambiguous” and largely “moving sideways.”

Inflation, by contrast, seems stuck for now well above the Fed’s 2% target, and unlikely to move down until perhaps late next year.

There is “little to suggest that price pressures will dissipate before mid- to late 2026, at the earliest,” he said, with inflation likely to exceed 2.5% at the end of next year.

The situation, Mr. Bostic said, could put the Fed’s credibility at risk, and make it harder to return inflation to the target.

“Will the public lose faith after five years of above-target inflation? Six years? Nobody knows,” said Bostic, who is retiring at the end of February and is not currently a voting member of the central bank’s Federal Open Market Committee. “But what we do know is that credibility is a cornerstone of effective monetary policy.”

The Fed cut rates by a quarter of a percentage point last week, but signaled a likely pause before further reductions.

Mr. Bostic, in a later conversation with reporters, said he did not think the rate cut last week was warranted, and had penciled in no further reductions in borrowing costs for 2026, given his outlook that economic growth will rebound to around 2.5% and price pressures will remain elevated. — Reuters

The Pen, Nay Palad named to Condé Nast Traveler’s Gold List 2026

The Lobby of The Peninsula Manila

TWO DESTINATIONS in the Philippines made it to Condé Nast Traveler’s The Best Hotels and Resorts in the World: The Gold List 2026, one of the most prestigious editorial honors in global luxury travel. They are The Peninsula Manila and Nay Palad Hideaway in Siargao.

This is the first time The Peninsula Manila has received this international accolade and it is the only hotel in the national capital included on the list.

“It is a tremendous honor for The Peninsula Manila to be named to Condé Nast Traveler’s 2026 Gold List as we approach our 50th anniversary next year,” said Kevin Tsang, managing director of The Peninsula Manila. “This recognition reflects the timeless elegance, history, and hospitality that has made our hotel a cherished part of life in Manila for almost 50 years.”

The Condé Nast Traveler Gold List is a highly selective annual compilation of the world’s top hotels and resorts personally curated by the magazine’s editors. Hotels and resorts included on the Gold List are distinguished by exceptional service and staff dedication, a strong sense of character and history, memorable experiences across dining, wellness, and family hospitality, and an enduring emotional resonance.

In his review of The Peninsula Manila, Condé Nast Traveler Associate Editor Matt Ortile highlights the personal connection that many Filipinos have with the property: “Almost every Manileño I know has a story to tell about Manila Pen, as we call it. The Peninsula Manila belongs to everyone, I know that. Perhaps what I feel is that I belong only to Manila Pen.”

Meanwhile, Condé Nast’s Chris Schalkx pointed out how Nay Palad overcame the damage after Siargao was hit by Super Typhoon Odette in 2021. “This is the kind of can-do, no-fuss hideaway you’ve always dreamed of,” he writes.

The full list of winners will be published in the January/February 2026 print issue of Condé Nast Traveler and is now live online on the Condé Nas Traveler website: The Best Hotels and Resorts in Asia: The Gold List 2026.

Business leaders agree AI is the future. They just wish it worked right now.

STOCK PHOTO | Image by DC Studio from Freepik/THIS RESOURCE WAS GENERATED WITH AI

SAN FRANCISCO/STOCKHOLM — Last spring, CellarTracker, a wine-collection app, built an artificial intelligence (AI)-powered sommelier to make unvarnished wine recommendations based on a person’s palate. The problem was the chatbot was too nice.

“It’s just very polite, instead of just saying, ‘It’s really unlikely you’ll like the wine,’” CellarTracker CEO Eric LeVine said. It took six weeks of trial and error to coax the chatbot into offering an honest appraisal before the feature was launched.

Since ChatGPT exploded three years ago, companies big and small have leapt at the chance to adopt generative AI and stuff it into as many products as possible. But so far, the vast majority of businesses are struggling to realize a meaningful return on their AI investments, according to company executives, advisors and the results of seven recent executive and worker surveys.

One survey of 1,576 executives conducted during the second quarter by research and advisory firm Forrester Research showed just 15% of respondents saw profit margins improve due to AI over the last year. Consulting firm BCG found that only 5% of 1,250 executives surveyed between May and mid-July saw widespread value from AI.

Executives say they still believe generative AI will eventually transform their businesses, but they are reconsidering how quickly that will happen within their organizations. Forrester predicts that in 2026 companies will delay about 25% of their planned AI spending by a year.

“The tech companies who have built this technology have spun this tale that this is all going to change quickly,” Forrester analyst Brian Hopkins said. “But we humans don’t change that fast.”

AI companies including OpenAI, Anthropic and Google are all doubling down on courting business customers in the next year. During a recent lunch with media editors in New York, OpenAI CEO Sam Altman said developing AI systems for companies could be a $100-billion market.

All this is happening against the backdrop of unprecedented tech investment in everything from chips, to data centers, to energy sources.

Whether these investments can be justified will be determined by companies’ ability to figure out how to use AI to boost revenue, fatten margins or speed innovation. Failing that, the infrastructure build-out could trigger the kind of crash reminiscent of the dot-com bust in the early 2000s, some experts say.

THE ‘EASY’ BUTTON
Soon after ChatGPT’s launch, companies worldwide created task forces dedicated to finding ways to embrace generative AI, a type of AI that can create original content like essays, software code and images through text prompts.

One well-known issue with AI models is their tendency to please the user. This bias — what’s called “sycophancy” — encourages users to chat more, but can impair the model’s ability to give better advice.

CellarTracker ran into this problem with its wine-recommendation feature, built on top of OpenAI’s technology, Mr. LeVine said. The chatbot performed well enough when asked for general recommendations. But when asked about specific vintages, the chatbot remained positive — even if all signals showed a person was highly unlikely to enjoy them.

“We had to bend over backwards to get the models (any model) to be critical and suggest there are wines I might not like,” Mr. LeVine said.

Part of the solution was designing prompts that gave the model permission to say no.

Companies have also struggled with AI’s lack of consistency.

Jeremy Nielsen, general manager at North American railroad service provider Cando Rail and Terminals, said the company recently tested an AI chatbot for employees to study internal safety reports and training materials.

But Cando ran into a surprising stumbling block: the models couldn’t consistently and correctly summarize the Canadian Rail Operating Rules, a roughly 100-page document that lays out the safety standards for the industry.

Sometimes the models forgot or misinterpreted the rules; other times they invented them from whole cloth. AI researchers say models often struggle to recall what appears in the middle of a long document.

Cando has dropped the project for now, but is testing other ideas. So far the company has spent $300,000 on developing AI products.

“We all thought it’d be the easy button,” Mr. Nielsen said. “And that’s just not what happened.”

HUMANS MAKE A COMEBACK
Human-staffed call centers and customer service were supposed to be heavily disrupted by AI, but companies quickly learned there are limits to the amount of human interaction that can be delegated to chatbots.

In early 2024, Swedish payments company Klarna rolled out an OpenAI-powered customer service agent that it said could do the work of 700 full-time customer service agents.

In 2025, however, CEO Sebastian Siemiathowski was forced to dial that back and acknowledge that some customers preferred to talk with humans.

Mr. Siemiathowski said AI is reliable on simple tasks and can now do the work of about 850 agents, but more complex issues quickly get referred to human agents.

For 2026, Klarna is focused on building its second-generation AI chatbot, which it hopes to ship soon, but human beings will remain a big part of the mix.

“If you want to stay customer-obsessed, you can’t rely [entirely] on AI,” he said.

Similarly, US telecommunications giant Verizon is leaning back into human customer service agents in 2026 after attempts to delegate calls to AI.

“I think 40% of consumers like the idea of still talking to a human, and they’re frustrated that they can’t get to a human agent,” said Ivan Berg, who leads Verizon’s AI-driven efforts to enhance service operations for business customers, in a Reuters interview this fall.

The company, which has about 2,000 frontline customer service agents, still uses AI to screen calls, get information on customers, and direct them to either self-service systems or to human agents.

Using AI to handle routine questions frees up agents to handle complex issues and try new things, such as making outbound calls and doing sales.

“Empathy is probably the key thing that’s holding us from having AI agents talk to customers holistically right now,” Mr. Berg said.

Shashi Upadhyay, president of product, engineering and AI at customer-service platform Zendesk, says AI excels in three areas: writing, coding and chatting. Zendesk’s clients rely on generative AI to handle between 50% and 80% of their customer-support requests. But, he said, the idea that generative AI can do everything is “oversold.”

THE ‘JAGGED FRONTIER’
Large language models are rapidly conquering complex tasks in math and coding, but can still fail at comparatively trivial tasks. Researchers call this contradiction in capabilities the “jagged frontier” of AI.

“It might be a Ferrari in math but a donkey at putting things in your calendar,” said Anastasios Angelopoulos, the CEO and cofounder of LMArena, a popular benchmarking tool.

Seemingly small issues can unexpectedly trip up AI systems.

Many financial firms rely on data compiled from a broad range of sources, all of which can be formatted very differently. These differences might prompt an AI tool to “read patterns that don’t exist,” said Clark Shafer, director at advisory firm Alpha Financial Markets Consulting.

Many companies are now looking into the potentially expensive, lengthy and complex process of reformatting their data to take advantage of AI, Mr. Shafer said.

Dutch technology investment group Prosus says one of its in-house AI agents is meant to answer questions about its portfolio, similar to what the group’s data analysts on staff already do.

Theoretically, an employee could ask how often a Prosus-backed food-delivery firm was late to deliver sushi orders in Berlin last week.

But for now, the tool doesn’t always understand what neighborhoods are part of Berlin or what “last week” means, said Euro Beinat, head of AI for Prosus.

“People thought AI was magic. It’s not magic,” Mr. Beinat said. “There’s a lot of knowledge that needs to be encoded in these tools to work well.”

MORE HANDHOLDING
OpenAI is working on a new product for businesses and recently created internal teams, such as the Forward Deployed Engineering team, to work directly with clients to help them use OpenAI’s technology to tackle specific problems, a spokesperson said.

“Where we do see failure is people that jump in too big, they find that billion-dollar problem — that’s going to take a few years,” said Ashley Kramer, OpenAI’s head of revenue, during an onstage interview at Reuters Momentum AI conference in November.

Specifically, OpenAI is working with companies to find areas where AI can have a “high impact but maybe low lift at first,” said Ms. Kramer.

Rival AI lab Anthropic, which draws 80% of its revenue from business customers, is hiring “applied AI” experts who will embed with companies.

For AI companies to succeed, they will have to view themselves as “partners and educators, rather than just deployers of technology,” said Mike Krieger, Anthropic’s head of product, in an interview earlier this year.

An increasing number of startups, many founded by former OpenAI employees, are developing AI tools for specific sectors such as financial services or legal. These founders say companies will benefit from specialized models more than general-purpose or consumer tools like ChatGPT.

It’s a playbook that Writer, a San Francisco–based AI application startup, has been adopting. The company, which is now building AI agents for finance and marketing teams at large firms such as Vanguard and Prudential, puts its engineers on calls directly with clients to understand their workflows and co-build the agents.

“Companies need more handholding in actually making AI tools useful for them,” said May Habib, CEO of Writer. — Reuters

The Suez Canal reopening is a 2026 gift for commodities

SUEZCANAL.GOV.

By Javier Blas

THE business of shipping goods around the world has suffered shock after shock since 2000, culminating in the effective closure of the Red Sea and Suez Canal two years ago. Don’t say it too loud, but there’s a good chance the waterway can reopen in 2026, reducing transportation costs and easing the strain on global supply chains.

It’s hard to overstate the canal’s importance: It’s a choke point for about 15% of global trade in goods — and double that for container traffic. It’s been effectively closed since November 2023 when the Houthis, a rebel group controlling large swathes of Yemen, started attacking commercial vessels in the southern mouth of the Red Sea, sinking at least four ships, setting ablaze several others, and killing several mariners.

The closure forced shipping companies to take the long route around the southern tip of Africa, adding 10 days of sailing time from Asia to Europe and millions of dollars in extra costs. ING Bank NV estimates the detour is currently absorbing around 6% of global fleet capacity due to the longer voyage.

It was the culmination of five chaotic years for the shipping industry, which included the impact of COVID-19, the US-China trade war, the grounding of a huge container ship in the Suez Canal in 2021, and the disruption to Atlantic-Pacific traffic in 2023-2024 due to a drought affecting the Panama Canal.

The Houthi attacks have decreased after the US brokered a ceasefire between Israel and Hamas in Gaza in late September. It’s a fragile respite, but if it holds — a big if — it would allow traffic to resume through the waterways. Officially, the world’s top shipping companies and the largest commodity traders say the canal route is still closed. Quietly, however, they are testing the waters, sending single ships, including some of the world’s largest container vessels, up and down the Red Sea to see what happens. So far, the vessels have crossed without problem. The number of vessels crossing the canal hit the highest in more than a year and a half in November, according to data compiled by Bloomberg.

Crucially, some companies are now taking steps that go beyond single-vessel tests and are more akin to a partial reopening. Take CMA CGM SA, the French company that’s the world’s third-biggest shipping operation. For the first time in two years, it’s committing to a regular service from India to the US East Coast via the Suez route starting in early 2026. Others are keeping mum about their schedules, but are signaling their wait-and-see stance could change soon. “If the ceasefire holds, then I think we’ve crossed a gate and made a big step towards returning through the Red Sea,” Vincent Clerc, head of shipping giant AP Moller – Maersk A/S, said last month.

The industry has three good reasons to remain cautious, however.

The first is Yemen — and Gaza. The two ongoing conflicts are linked, and the calm in the Red Sea depends on sustaining the peace between Israel and Hamas. If the deal collapses, the Houthis could restart their attacks against vessels. 

The second is that shipping companies are eager to avoid so-called double disruption: the risk of returning to the Red Sea too early only to have to switch back again to the long route around Africa if the Houthis renew their terrorism. That uncertainty calls for testing the Suez route with limited sailings, perhaps for as long as six months, before contemplating a full resumption, industry executives say. The more likely scenario is that container ships will initially take the long route around Africa when sailing from Asia to Europe fully loaded and keeping to schedules is crucial. On their backhaul sail to Asia, they may test the Suez route, as they carry fewer goods, and timing isn’t as important.

The third is that insurance costs remain very high for the Red Sea, denting the economics of the route. On top, fuel oil prices have crashed to a five-year low of $350 a metric ton from a peak of more than $500 in 2003, reducing the extra costs of the trip around Africa. Put both together, and the financial incentive to switch back to the canal route is low.

“We think this will take a couple of quarters to gradually unwind the re-routing,” Constantin Baack, the head of MPC Container Ships ASA, recently told investors. “It’s about balancing security, insurance, network adjustments, potential congestions, etc.” 

There’s an unspoken fourth reason for caution: money. The moment the canal reopens, freight rates will nosedive as roughly 6% of global capacity suddenly isn’t needed to support the extra miles the route around Africa created. Already, container shipping costs are coming down in anticipation. The industry’s benchmark has fallen to about $2,000 per 40-foot (12-meter) box, down from almost $4,000 at the beginning of the year and more than $10,000 during the peak in 2021, according to Drewry World Container Index. Further declines are likely if the logistics picture improves.

Transportation costs aren’t the only price measure likely to be affected by an easing of shipping friction. Oil prices could come under pressure too, as the boost voyaging around Africa gave to fuel-oil consumption fades. Other commodities could also come under pressure, as the potential disruption to supply chains that prompted companies to hold higher stockpiles as a precaution against shocks fades.

After five chaotic years, few shipping executives want to tempt fate by talking up the chances of the reopening of the Red Sea route. But finally there’s light at the end of the, ahem, canal.

BLOOMBERG OPINION

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