Dining In/Out (06/12/25)

June 12, 2025 | 12:04 am

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The Pen’s The Bar goes Japanese

SATOMI MIZUGISHI, formerly of Jigger & Pony (No. 5 in Asia’s 50 Best Bars list), is taking over The Peninsula Manila’s The Bar on June 13, starting at 8 p.m., offering drinks blended with Patron Tequila and Bombay Sapphire. For inquiries, call The Pen at 8887-2888 or visit the website peninsula.com/Manila.

Kape at Kultura at Eastwood

AT EASTWOOD CITY, guests can experience Kape at Kultura until June 15 at Eastwood Central Plaza. In partnership with the DTI Cordillera Administrative Region, this festival celebrates the bold brews and vibrant traditions of the Cordilleras. Visitors can immerse themselves in Cordilleran culture through a variety of workshops, including coffee-making, latte art, handcrafting, and accessory-making. Other Megaworld Lifestyle Malls are celebrating Independence Day with art and other activities. At Festive Walk Iloilo, the Kultura at Sining: Kalayaan, Kinabukasan, Kasaysayan gallery marks a historic collaboration with the National Museum of the Philippines Iloilo. The mall launched the first-ever museum exhibit within a mall in Region VI, featuring a showcase of Filipino artistry, heritage, and storytelling. Located on the 2^nd floor of Festive Walk Mall, the gallery will be open to the public for the entire month of June. Meanwhile, Maple Grove in General Trias offers a creative celebration through its Independence Day Interactive Art Wall. On June 12, guests are invited to contribute to a community mural by coloring portions of the wall and expressing their thoughts on freedom through written messages, creating a collective masterpiece that reflects shared values and aspirations. Finally, simultaneous flag-raising ceremonies will be held at select Megaworld Lifestyle Malls on June 12, including Eastwood City, McKinley Hill in Taguig City, Arcovia City in Pasig City, and Southwoods Mall in Biñan, Laguna.

Cucumbers for cocktails

HENDRICK’S GIN is celebrating World Cucumber Day on June 14 (in a great coincidence, also World Gin Day this year). From June 12 to 14, Hendrick’s Gin comes to Fr Mgmt, Eraya, and Spritz, where those who purchase any two Hendrick’s cocktails will receive a complimentary tarot card reading. On June 14, from 6 to 10 p.m., the Cucumber Currency Exchange returns to the Philippines. In over 50 of the Metro’s bars and establishments, guests may present a cucumber in exchange for a Hendrick’s & Tonic. These bars include Al Tarboosh, B House, Banter & Jive, Bar 10 Four, Big Fuzz, Bizarre, Curator, Dr. Wine Poblacion, Draft Rockwell, Fat Cat, From Management, Grasshopper, Japonesa, Lampara, Layaw Bar, Mijo Comfort Food, Papillon, Polilya, Project Vino Poblacion, Project Vino Reserve, Spritz Bar, Skyline Sports Bar, The Penthouse 8747, and Tiabuela in Makati. Taguig bars that will be participating include Dr. Wine BGC, Electric Garden, Fauna MNL, Ipong Manila, Southbank BGC, and The Attic. Southbank Café and Project Vino Alabang will participate in Muntinlupa, while Southbank Estancia, Hakid Manila, Linger Bar, and Joy-Nostalg will do the same in Pasig. Other celebrations are set in other cities, from Quezon City to Los Baños. For a complete list, see https://hendricksgin.com/ph/unusual-times/world-cucumber-day/.

Bridgetown does beer

Bridgetown is hosting the MNL Craft Beer Festival on June 13 and 14 in Pasig City. This year, they’re expanding their reach and welcoming guests from the Visayan Craft Brew Association (Dumaguete, Cebu, and Boracay). Entrance is free.

Robinsons Malls celebrates dads

THIS June 15, Robinsons Malls invites families to come together for Dad. At the Dad + Me Festival, dads and kids (ages three to 11) can enjoy bonding experiences — like basketball shootouts, obstacle courses, arts and crafts corners, hobby exhibits, and photo booths. One single-receipt purchase on June 15 gets you an event pass. One can also treat Dad to his favorite meal: enjoy hotpot at Haidilao, Japanese dishes at Don Don Tei and Hoshino, or elevated Asian cuisine at Paradise Dynasty and Via Mare. Buffets at Vikings (Robinsons Antipolo) and coffee at Key Coffee and St. Ali (both at Opus) round out options. Dads can also catch a free movie screening before 5 p.m. with at least one paying companion via the RMalls+ app, which unlocks even more deals and treats. Top it all off with grooming at Bruno’s or The Dojo, sneaker cleaning at Sole Care or La Sole Manila, some gift ideas at Open Source by Beyond the Box, Power Mac Center, Foot Locker and Nike, games at Timezone, Playlab, Funtopia, Jollyland and Paeng’s Midtown Bowl, and a Parokya ni Edgar concert at Robinsons Galleria on June 14.

Going Filipino with Diamond Hotel

TODAY is the last day to enjoy Diamond Hotel Philippines’ Filipino Food Festival, dubbed Likhang Malinamnam, at the Corniche restaurant. The festival showcases elevated Filipino food crafted by the hotel’s own chefs, namely Danilo Guerrero, Jr., Emmanuel Reyes, Honey Ecreala, Mon Luyao, and Kiko Bautista. Available for lunch or dinner buffet at P3,880 net per person, this food festival serves comfort dishes with a modern flair: balot a la pobre, seafood paella negra, ginataang kuhol, aligue rice, pako salad with crispy dilis, kesong puti and herbed cheese cream with tinapa, kinilaw, and more. For dessert, takes on local delicacies take the spotlight: Brazo de Mercedes, coconut langka cake, calamansi sorbet, pianono, among others. For reservations call 8528-3000 or e-mail restaurant_rsvn@diamondhotel.com. Vouchers may be purchased at onlineshopping.diamondhotel.com.

Megaworld allots P2.5B for Eastwood City redevelopment

June 12, 2025 | 12:04 am

LISTED property developer Megaworld Corp. has begun the P2.5-billion redevelopment of its 18.5-hectare Eastwood City township as part of efforts to enhance its commercial and lifestyle offerings.

In a statement on Wednesday, Megaworld said it is currently upgrading various commercial areas and lifestyle malls, including Eastwood Citywalk, Eastwood Mall, and the Eastwood Mall Open Park.

Eastwood City, launched in 1997, is Megaworld’s first mixed-use development. It comprises 23 residential condominium towers, 11 office buildings, and three lifestyle malls, with nearly 500 restaurants and retail shops.

The redevelopment plan includes the ongoing enhancement of Eastwood Richmonde Hotel and the phased refurbishment of office towers, beginning with the recently completed renovation of IBM Plaza.

Megaworld said upcoming improvements will include upgraded lobbies, facilities, and amenities in additional office buildings and residential towers, with renovations to roll out in the coming months.

Eastwood Mall has already undergone redevelopment, which included refreshed interiors, upgraded cinemas, and a revitalized tenant mix.

Select areas of the mall have been converted into new lifestyle spaces, such as the country’s first branch of SuperPark Philippines, an indoor activity park.

Renovation works have also been completed at Eastwood Citywalk, with nightlife destination Fuente Circle now featuring a Bourbon-inspired façade.

The site’s former cinema space has been transformed into the new REP Eastwood Theater, now home to Philippine theater company Repertory Philippines.

The fourth floor of Eastwood Citywalk has been redesigned into a modern food park, featuring updated interiors and ambiance, along with a curated selection of new dining concepts.

Redevelopment efforts are ongoing across the township’s parks and open spaces, including the transformation of the Eastwood Mall Open Park.

The area will soon feature an open-air space anchored by brands such as Harlan + Holden, SaladStop!, Matcha Tokyo, and Jamba Juice.

“Eastwood City holds a special place in our history as Megaworld’s very first township, and this redevelopment reflects our commitment to keeping it vibrant, relevant, and future-ready,” Megaworld President Lourdes T. Gutierrez-Alfonso said.

“We are not only preserving its legacy but also reinventing it into a township of the future — setting an even higher standard for integrated urban living,” she added.

Megaworld has 35 townships across the country, supported by a land bank of approximately 7,000 hectares. The company is on track to launch more township projects this year.

Shares in Megaworld were unchanged at P1.80 each on Wednesday. — Revin Mikhael D. Ochave

Shakey’s Pizza Asia Ventures, Inc. amends Notice of 2025 Annual Stockholders’ Meeting to July 3

June 12, 2025 | 12:03 am

Amended Notice of Annual Stockholders’ Meeting

Notice is hereby given that the Annual Stockholders Meeting will be held on Thursday, July 3, 2025 at 8:30 in the morning.

The agenda for the said meeting shall be as follows:

Call to Order
Secretary’s Proof of Due Notice of the Meeting and Determination of Quorum
Approval of the Minutes of the Stockholders’ Meeting held on June 20, 2024
Management’s Report
Ratification of Acts of the Board of Directors and Management During the Previous Year
Election of Directors (including Independent Directors)
Appointment of External Auditor
Other Matters
Adjournment

The meeting shall be presided by the Chairman of the Board and held at the principal office of the Corporation located at WOW Center 15KM East Service Road corner Marian Road 2, Brgy. San Martin de Porres, Paranaque City. Copies of this Amended Notice shall be published in two (2) newspapers of general circulation on June 12 and June 13, 2025.

A brief explanation of the agenda item which requires stockholders’ approval is provided above. The Information Statement, Management Report, SEC Form 17A are uploaded to the Corporation’s website https://www.shakeysgroup.ph/ and PSE EDGE.

The record date for the determination of the shareholders entitled to vote at said meeting is on May 9, 2025.

Stockholders may attend the meeting and vote via remote communication only.

Stockholders pre-registration is open until June 3, 2025, please use the registration link below:

https://www.shakeysgroup.ph/ir/register

Upon registration, Stockholders shall be asked to provide the information and upload the documents listed below (the file size should be no larger than 5MB):

For individual Stockholders:
1. Email address
2. First and Last Name
3. Address
4. Mobile Number
5. Current photograph of the Stockholder, with the face fully visible
6. Stock Certificate Number and number of shares held by the stockholder
7. Valid government-issued ID
8. For Stockholders with joint accounts: A scanned copy of an authorization letter signed by all Stockholders, identifying who among them is authorized to cast the vote for the account

For corporate/organizational Stockholders:
1. Email address
2. Name of stockholder
3. Address
4. Mobile Number
5. Phone Number
6. Stock certificate number and number of shares held by the stockholder
7. Current photograph of the individual authorized to cast the vote for the account (the “Authorized Voter”)
8. Valid government-issued ID of the Authorized Voter
9. A scanned copy of the Secretary’s Certificate or other valid authorization in favor of the Authorized Voter

Stockholders who will join by proxy shall download, fill out and sign the proxy found in https://www.shakeysgroup.ph/ir/register. Deadline to submit proxy forms is on June 17, 2025.

All registrations shall be validated by the Corporate Secretary in coordination with the Stock Agent. Successful registrants will receive an electronic invitation via email with a complete guide on how to join the meeting and how to cast votes.

Only stockholders of record as of the close of business on May 9, 2025 are entitled to notice and to vote at the meeting.

Sgd.
MARIA ROSARIO L. YBANEZ
Corporate Secretary

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HONOR 400 5G set for PHL launch on June 17

June 12, 2025 | 12:03 am

GLOBAL technology brand HONOR’s latest mid-range smartphone, the HONOR 400 5G, will be launched in the Philippines on June 17.

Marketed as the “AI (artificial intelligence) Phone,” the HONOR 400 5G has an Image-to-Video feature that turns still photos into lifelike videos with the use of artificial intelligence, HONOR Philippines said in a statement.

“Our goal with the HONOR 400 5G is to redefine how people capture and relive their most special moments,” HONOR Philippines Vice President Stephen Cheng said.

“With the HONOR 400 5G, we’re not just launching another smartphone, but introducing a new emotional experience. This is the real AI phone, designed to bring your memories back to life and create meaningful moments through innovation.”

Based on the brand’s global website, the HONOR 400 5G has a 6.55-inch AMOLED screen and is powered by a Snapdragon 7 Gen 3 octa-core processor. It operates on MagicOS 9.0 based on Android 15.

The phone has 8GB and 12GB memory and 256GB and 512GB storage options.

The HONOR 400 5G features a 200-megapixel (MP) AI main camera and a 12MP ultra-wide lens with up to 30 times digital zoom. It also has a 50MP front camera.

It comes with a 6,000mAh battery that supports fast charging. It also has an IP66 water and dust resistance rating.

Over the weekend, HONOR Philippines held an event to showcase the capabilities of its latest smartphone, which was an exclusive prenuptial photoshoot featuring celebrity couple Shaira Diaz and EA Guzman at Las Casas Filipinas de Acuzar in Quezon City.

“What sets the HONOR 400 5G apart is its ability to evoke deep emotions with every frame. Each AI-powered transformation is designed to highlight the small but meaningful details, from the subtle movements of a veil in the wind to the warmth of sunlight on a couple’s smiles. The result is a photo album that feels alive and dynamic, unlike anything traditional cameras can deliver,” HONOR Philippines said.

“The HONOR 400 5G also offers a seamless and intuitive user experience, making advanced AI features accessible to everyone. Whether you’re capturing an intimate prenup shoot, family gatherings, or spontaneous adventures, this phone ensures that every moment becomes a timeless masterpiece. Its sleek design and 5G connectivity further enhance its appeal, proving it’s not just a device but a companion for creating and sharing life’s most meaningful moments.” — BVR

European Commission removes PHL from ‘high-risk’ money laundering list

June 12, 2025 | 12:03 am

THE PHILIPPINES has been removed from the European Commission’s (EC) list of “high-risk” countries for anti‑money laundering and countering the financing of terrorism (AML/CFT) following its exit from global watchdog Financial Action Task Force’s (FATF) “gray list.”

The commission said in a statement on Tuesday that it has updated its list of high‑risk jurisdictions that showed “strategic deficiencies” in their AML/CFT regimes to remove the Philippines.

“The updated list takes into account the work of the Financial Action Task Force and in particular its list of “Jurisdictions under Increased Monitoring”. As a founding member of FATF, the Commission is closely involved in monitoring the progress of the listed jurisdictions, helping them to fully implement their respective action plans agreed with FATF. Alignment with FATF is important for upholding the EU’s (European Union) commitment to promoting and implementing global standards,” it said.

Other jurisdictions that were delisted by the commission were Barbados, Gibraltar, Jamaica, Panama, Senegal, Uganda, and the United Arab Emirates.

“That’s certainly good news,” Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. said in a text message to reporters on Wednesday when sought for comment. “But the EU parliament will still need to confirm the EC decision.”

“After we got off the FATF gray list, we also got off the UK’s (United Kingdom) list, which is a separate one. To stay out of those dirty money lists, we’re now trying to identify emerging risks.”

In February, the FATF removed the Philippines from its list of jurisdictions under increased monitoring for “dirty money” risks following a successful on-site visit and completion of the recommended action plan. The country was on the FATF’s gray list for over three years or since June 2021. The FATF’s move also resulted in the Philippines’ inclusion in the EU’s list of high-risk jurisdictions for AML/CTF and the UK’s advisory list, which means being subjected to stricter customer due diligence measures by member states for business relationships or transactions, the Anti-Money Laundering Council has said.

The dirty money watchdog noted the Philippines’ progress in addressing the strategic anti-money laundering and countering the financing of terrorism and proliferation financing deficiencies.

The BSP has said that it is working to ensure that the country will stay out of the FATF’s gray list.

The Anti-Money Laundering Council is also pushing amendments to the Anti-Money Laundering Act as part of its next steps to ensure the country will not return to the list.

These changes aim to align the law with international standards, such as the enhanced monitoring of virtual asset service providers and other emerging threats.

The FATF’s next assessment of the country is slated for 2027, where it will verify that the measures are sustained and still in place.

Meanwhile, the European Commission added Algeria, Angola, Côte d’Ivoire, Kenya, Laos, Lebanon, Monaco, Namibia, Nepal and Venezuela to its list of high-risk jurisdictions.

“European Union entities covered by the AML framework are required to apply enhanced vigilance in transactions involving these countries. This is important to protect the EU financial system,” it said. — BVR

Filipinos in Dubai celebrate Independence Day with GCash

June 12, 2025 | 12:03 am

Launch of GSave in UAE helps overseas Filipino workers achieve their retirement goals back home

GCash, the leading finance super app and largest cashless ecosystem in the Philippines, is reaffirming its support for the Filipino communities abroad by expanding its digital financial solutions with the launch of the GSave feature in the UAE. Through GSave, UAE-based Filipinos can now open a digital savings account in just 10 minutes with competitive interest rates, and with zero maintaining balance and no initial deposit. This feature makes saving for retirement more achievable and more accessible from abroad.

GCash announced the launch of GSave for Filipinos in the UAE as it joins the 127th Philippine Independence Day celebrations in Dubai and the upcoming Filipino Social Club’s Philippine Independence Day Celebration (FILSOC PIDC 2025) at the Dubai World Trade Centre on June 14. The presence of GCash in these community gatherings seeks to foster genuine connections and deliver for its users tangible benefits. This is part of GCash’s broader commitment to leveraging meaningful innovation to achieve Finance For All.

“Our presence at events like Kalayaan 2025 and FILSOC PIDC 2025 is a testament to our unwavering commitment to the Filipino diaspora,” said Paul Albano, General Manager of GCash International. “We understand the unique challenges and aspirations of OFWs, and we are dedicated to providing them with the tools to achieve financial security and prepare for a comfortable retirement.”

With the support of local grassroots organizations like FilSoc and Infinite Communities, GCash is deepening its connection to the Middle East’s Filipino community.

Helping OFWs save for their homecoming and retirement

OFWs looking to start building their finances toward their dream retirement will have access to the GCash booth at the Philippine Independence Day celebrations in Dubai on June 14. They can avail of on-the-spot verification, onboarding to GSave, and guided walk-throughs on how the app’s product portfolio can help them manage their finances efficiently and effectively. This is the second installment of Independence Day Celebrations as GCash did a previous run last June 1 in Dubai as well.

The availability of GSave’s full portfolio also addresses a critical pain point for many OFWs in the Middle East: the desire to have greater control over how their remittances are spent and to easily save for retirement.

With the use of their local +971 numbers, Filipinos in the UAE can now:

Save from the UAE with GSave: Open a digital savings account in just 10 mins with a competitive 2.6% p.a. interest rate, with zero maintaining balance and initial deposit. This groundbreaking feature makes saving for retirement more achievable and more accessible from abroad;
Pay directly to over 2,000+ billers: Take charge of essential household expenses by directly paying bills in the Philippines, affording them convenience and peace of mind, and ensuring funds are used as intended;
Continue savings in the Philippines with instant bank transfers: Seamlessly transfer funds to Philippine bank accounts, ensuring continuity in financial planning; and
Enjoy everyday free padala to GCash users: Continue to send money to GCash users in the Philippines with no fees, sending support back home quickly and efficiently, and enabling regular disbursement of allowances and emergency funds without hefty fees.

GCash aims to provide every Filipino, no matter where they may be in the world, a comprehensive suite of responsive digital financial services that allow them to thrive every day, save up for the rainy days, and invest in that one day where they can enjoy the fruits of their labor. For overseas Filipino workers, in particular, GCash is helping them balance meeting their financial goals with maintaining their connection with their families, all from one app.

Albano adds, “Our services aim to empower our OFWs to thrive now, despite the challenges of being away from home, and we are as committed to helping them reach that one day we all look forward to, where comfortable retirement goals are met and they get to enjoy the result of all their hard work.”

GCash GSave feature is also now available in 13 countries and territories where Filipinos can download and sign up for the GCash app with their local SIMs, namely the UAE, Australia, Canada, Germany, Hongkong, Italy, Japan, Qatar, South Korea, Spain, Taiwan, United Kingdom, and the United States.

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The US and China are talking again. Don’t call it a reset

June 12, 2025 | 12:03 am

3d-render-us-import-tarrifs — STOCK PHOTO | Image by kjpargeter from Freepik

By Karishma Vaswani

TRADE NEGOTIATIONS between the US and China in London mark a cautious step toward easing tensions, but not a new beginning. It’s a short-term strategy to avoid further deterioration — a fragile truce that could be reversed at any moment.

At the core is a deeper issue: National security. Both sides now view trade through that lens, and handshakes won’t fix it. Washington must recognize that Beijing seeks respect and won’t accept a one-sided, long-term deal. China, for its part, needs to understand that it won’t be business as usual — and that the US will expect more concessions and market access to the world’s second-largest economy. The alternative is continued hostility, which will make for a more chaotic global trade environment, and a more dangerous world.

The London climbdown is positive, but precarious. Rapprochement has turned into recrimination before. After the initial euphoria of a trade-war ceasefire agreed in Geneva in May, both sides accused the other of reneging on a deal to temporarily lower tariffs that had climbed well above 100%.

Now negotiators say they’ve reached an agreement in principle on a framework to deescalate trade tensions, based on the consensus forged in Geneva. Delegations from both sides will take the proposal back to their respective leaders, following nearly 20 hours of talks over two days. “Once the presidents approve it, we will then seek to implement it,” US Commerce Secretary Howard Lutnick said. The full details of the accord weren’t immediately available, but US officials said they “absolutely expect” that issues around shipments of rare earth minerals and magnets will be resolved.

There are no winners or losers coming out of this, notes Steve Okun, founder and chief executive officer of APAC Advisors. The fundamental questions are much larger than any round of talks. “The Trump administration needs to decide whether it views Beijing as a strategic competitor, or an existential threat,” he told me. “Washington can take the economic hit from a trade war, but politically, Xi Jinping can suffer the hit for longer than Trump can. So one side has economic leverage, and the other political leverage — that’s a standstill, for now.”

The Chinese president is biding his time, despite a sluggish economy. In the most recent sign of how the trade war is hurting, exports rose less than expected last month. The worst drop in US-bound shipments since February 2020 — the outbreak of the pandemic — counteracted strong demand from elsewhere. Still, sales to other markets are providing much-needed support for an economy stuck in deflation and struggling with weak domestic demand.

Beijing is sticking to its narrative that this trade war is Washington’s problem, and that China is being unfairly targeted. A recent Xinhua commentary warned that America’s security-focused view of economic issues risks undermining global cooperation.

There is a pathway to peaceful coexistence, but compromises are required, notes Ryan Hass of the Brookings Institution. To break through with Xi, Trump will need to acknowledge that both countries are major powers. Neither can dictate terms to the other. Both would be hurt by high tariffs on each other’s goods — but on their own, they’re not enough to force capitulation.

The US public has no appetite for a broader conflict with Beijing. Disapproval of China’s behavior may be high, but the top priority is still to avoid war. Americans are clear in their desire to manage competition without that escalating into open conflict.

For that to happen, Washington must recognize that Beijing craves respect. The US would be wise to pay heed to the Chinese concept of mianzi or “face” — Xi will only agree to a long-term deal that he can pitch at home and abroad as a win. Beijing has taken lessons from Trump’s first trade war, and judged that agreement to be one-sided in favor of Washington. It won’t make that mistake again.

China doesn’t always like reciprocating face, but officials would be wise to give some to Trump, too. His tariffs have been outlandish, but his supporters also demand that he show strength, not concession. Beijing should be able to understand what happens when politicians need to cater to public pressure.

Neither side has the upper hand to make the other come away an obvious loser. At the most, the London talks might have achieved just enough to help shape the future on a less-hostile basis. That in itself is progress — but it would be a mistake to call this moment a reset.

BLOOMBERG OPINION

MPTC shelves plan to sell 20% stake

June 12, 2025 | 12:03 am

NLEX-Balintawak-toll-plaza — PHILIPPINE STAR/ MICHAEL VARCAS

METRO PACIFIC Tollways Corp. (MPTC), the tollway unit of Metro Pacific Investments Corp. (MPIC), has deferred its plan to divest up to a 20% equity stake, according to its chairman.

“There was talk about [selling up to a 20% stake] but it has not happened yet. Maybe [we] will not push through with it,” MPTC Chairman Manuel V. Pangilinan told reporters on the sidelines of PLDT Inc.’s annual stockholders’ meeting.

Mr. Pangilinan declined to disclose the reason for pausing the divestment plan.

In April, Mr. Pangilinan confirmed that Mitsui & Co. Ltd. had expressed interest in acquiring up to a 20% stake in MPIC’s entire shareholding in MPTC.

The potential sale was part of MPIC’s strategy to raise P30 billion to P50 billion via private placement, intended to reduce MPTC’s outstanding debt.

MPIC had previously said that it was seeking to strengthen MPTC’s balance sheet in preparation for the possible revival of merger discussions with San Miguel Corp.

As for the capital-raising initiative, Mr. Pangilinan said discussions with potential investors are ongoing.

MPIC is one of three key Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

BTS members Jimin and Jungkook discharged from South Korean military

June 12, 2025 | 12:03 am

YEONCHEON, South Korea — K-pop group BTS’ members Jimin and Jungkook were discharged from the South Korean military on Wednesday, the fifth and sixth to complete the country’s mandatory service amid expectations of the band’s comeback from a hiatus.

The seven-member group put their global music career on hold in 2022 to begin their service starting with Jin in December that year, each serving duties of varying lengths as long as 18 months.

Members RM and V were discharged on Tuesday and the last to wrap up his service will be Suga on June 21.

Fans from around the world have flown to South Korea to welcome the return of the stars this week. — Reuters

Anker releases soundcore Liberty 5 wireless earbuds in PHL

June 12, 2025 | 12:02 am

Liberty-5-Global-Top-3 — ANKER INNOVATIONS

ANKER INNOVATIONS’ premium audio brand soundcore last week launched in the Philippines its latest wireless earbuds, the Liberty 5.

The soundcore Liberty 5 is priced at P5,995 and comes in five colors, namely Black, White, Blue, Apricot, Champagne Gold. It has Adaptive ANC (active noise cancellation) 3.0 and Dolby Audio integration for better noise cancelling.

“The Liberty 5’s Adaptive ANC 3.0 algorithm combines a unique acoustic chamber design and advanced processing to deliver twice the voice suppression power of previous models. By targeting the 300Hz–3kHz vocal frequency range, where speech energy is most concentrated, the system selectively reduces voice frequencies while scanning the environment 180 times per minute for real-time adjustments,” Anker said.

“This ensures a quiet journey on trains and subways. During phone calls, all six microphones are activated to capture clear voice input while filtering out background noise.”

Dolby Audio technology also boosts users’ listening experience, it added. Users can select listening profiles via the soundcore app, such as the pre-tuned Music, Movie, and Podcast modes.

The earbuds have a new 9.2mm wool-paper composite driver to help minimize distortion and improve audio clarity.

“Supported by LDAC high-resolution audio (with triple the bitrate of standard codecs) and Hi-Res Wireless Certification, it preserves studio-quality details across all music genres,” the company said.

“Dual bass tube technology enhances low-end resonance by optimizing airflow, producing richer and more natural bass that seamlessly blends with the soundstage,” it added.

The Liberty 5 has an IP55-rated body and promises up to five hours of playtime from just a 10-minute charge via its case. Its SnapCharge case also supports wireless charging.

When the case and earbuds are fully charged, its battery life can deliver a total of 48 hours of listening time with ANC off and 32 hours with ANC on, Anker added.

The Liberty 5 supports Bluetooth 5.4 and Google Fast Pair for instant device pairing.

Anker said the release of its latest earbuds will help boost its position among the top three wireless headphone brands globally in terms of units sold.

“soundcore’s top 3 global position is a testament to Anker Innovations’ mission: ignite possibilities through ultimate innovation,” said Leon Wu, general manager of Southeast Asia at Anker Innovations. “True leadership means putting users first. Through strategic collaboration across our ecosystem — from Anker Innovations’ charging breakthroughs to eufy’s smart home intelligence — we create technology solutions that adapt to life, not the other way around.” — BVR

Central bank reports 62% increase in consumer complaints in 2024

June 12, 2025 | 12:02 am

THE BANGKO SENTRAL ng Pilipinas (BSP) processed 62.4% more financial consumer complaints in 2024 compared to the previous year.

“Our office receives different kinds of consumer complaints and as of 2024, that’s our latest available data, we received around 70,000 complaints. But out of those 70,000 complaints, we only have around 30% which are on unauthorized transactions,” BSP Consumer Complaints Resolution Office Director Janice G. Ayson-Zales said.

This is higher than the 43,115 complaints recorded in 2023.

Less than half or 41% of the cases brought to the BSP in 2024 were resolved in favor of the complaints, the official said.

Ms. Ayson-Zales noted that financial institutions are usually the first level of recourse for consumer complaints, which means some concerns do not reach the central bank.

“For mediation cases, in 2023, we had 322 cases with a 69% success rate. For 2024, we had 703 at an 83% success rate. As of May 2025, we already have 400 mediation cases in our office, so as you will see, complaints being filed with the BSP are really rising,” BSP Financial Inclusion and Consumer Empowerment Sub-Sector Managing Director Charina B. De Vera-Yap said.

BSP Deputy Governor Elmore O. Capule added that these were resolved in favor of consumers.

“Because under the Financial Consumer Protection Act, if it escalates into adjudication, then the financial institutions lose. There is no remedy of appeal. It’s final and they’re only remedy is to go to the Court of Appeals… They can only escalate to the courts if there is great abuse of discretion or lack of jurisdiction,” he said.

The BSP said the number of consumer complaints could decrease this year with the implementation of the Anti-Financial Account Scamming Act (AFASA) as banks will be more proactive in catching anomalous transactions.

“With the passage of the AFASA, we are anticipating that complaints will go down because, for example, if the banks are able to implement the FMS (fraud management system), in case there are behavioral anomalies, the bank will stop the transaction… So, there will be no more complaints that will be elevated to the BSP because the bank itself will stop the transaction,” Ms. Ayson-Zales said.

Banks with at least P75 million in their monthly network value of transactions for the last six months will be required to adopt FMS under the rules.

Still, Ms. De Vera-Yap said that historically, customer complaints rise whenever there are pro-consumer regulations.

“That’s because more people are becoming aware of their rights and they know that they have this redress mechanism in the BSP, or even in their financial institutions. We don’t want the complaints to increase, but I guess that’s one of the consequences of having this new law, which is really pro-consumer,” she said.

“When they hear that there’s this law which can protect them, we are assuming that more people will also be using or will be complaining and using the redress mechanisms in place in the BSP as well as in the law enforcement agencies.”

The central bank this month released three circulars that contain the implementing rules of the AFASA, which was signed in July 2024 and aims to help prevent and penalize financial cybercrime.

The rules allow the regulator to probe financial accounts suspected to be involved in prohibited acts identified under the law. BSP-supervised institutions can also freeze disputed funds related to these incidents.

Prohibited acts or offenses under the AFASA include money mule activities and social engineering schemes, which could be considered economic sabotage if it involves three or more people as perpetrators or victims, mass mailers, or human trafficking, as well as opening a financial account under a fictitious name or using the identity or identification documents of another person.

Financial institutions are also required to adopt stricter information technology risk management measures to protect their customers from fraudulent schemes done online. These include adopting fraud management systems, as well as safeguards like the limitation on the use of interceptable authentication mechanisms like one-time passwords (OTPs).

Banks have been given six months to update their own frameworks to take the AFASA’s implementing rules into account and one year to adopt FMS and new security measures for consumers as alternatives or to supplement OTPs. — A.M.C. Sy

On trade expansion and fiscal consolidation

June 12, 2025 | 12:02 am

The US tariff escalation policy generated heavy public discussions and fears last April, but these have simmered down recently. There are winners and losers in the non-disruption in trade, and there are also winners and losers in trade disruption. In conventional economic trade theory, there is “net gain” (gainers and winners outnumber losers) in free trade which at the optimum implies zero tariffs and very few non-tariff barriers.

Last Tuesday, June 10, I attended a forum called “The US-China Tariff Trade War: Implications for the Philippines” at the AIM Conference Center in Makati, organized by Leverage International (Consultants), Inc. Among the panelists were Mike Toledo, Chair of the Chamber of Mines of the Philippines; Dr. Jess Arranza, Chair of the Federation of Philippine Industries; and Ruth Yu Owen, Chair of the Energy Committee of the Management Association of the Philippines. Jose Luis Yulo was the forum chairman and moderator.

I liked Mr. Toledo’s discussions on the mining export ban and the need for mining processing after a 10 year transition and preparation period, Metro Pacific Investments Corp.’s corporate farming, and Terra Solar projects; Mr. Arranza’s talk about the economic damage caused by smuggling and illicit trade on Philippines industries; and Ms. Owen’s talk on solar energy where she also recognized the need for coal and gas plants for baseload power generation.

Later in the afternoon, my former boss (and former Congressman, and former Finance Secretary) Gary Teves talked about macroeconomics and trade and he emphasized that we should focus on measures where we have control, like our own economic and trade policies, and not on events and policies abroad over which we have little control. I support that.

Then Congressman Joey Salceda talked about “Ruthless Ricardianism,” referring to David Ricardo’s theory of comparative advantage, but now in the context of the “ruthlessness” of a trade and tariff war. As usual he produced a lot of numbers and finance-related policy measures.

During the open forum, I briefly commented that when I checked the monthly trade data from the World Trade Organization (WTO), China, which is supposed to suffer a decline in exports actually experienced an expansion in exports.

Looking at the comparative January to April period, China’s exports increased from $1.084 trillion in 2023 to $1.10 trillion in 2024, and $1.169 trillion in 2025. In particular, their exports increased from $288.1 billion in April 2023, to $291.9 billion in April 2024, and $315.7 billion in April 2025.

In the accompanying table are the total exports for the first quarter of this year (many countries have not reported their April 2025 data yet). Like China, Hong Kong, Taiwan, Thailand, Vietnam, and Singapore also experienced a sustained increase in exports, as did the Philippines but with a very small margin increase. The US, UK, and Mexico also showed marginal increases.

In contrast, many countries experienced a decline in exports, or remained steady, neither increasing or declining: Japan, South Korea, India, Malaysia, Germany, the Netherlands, France, Spain, Poland, Brazil, Canada, and Australia (see the table).

PHILIPPINES’ FISCAL CONSOLIDATION
Last Monday, June 9, the economic team held a big Investment Coordination Committee-Cabinet Committee (ICC-CC) meeting at the Department of Finance (DoF). Finance Secretary Ralph G. Recto, as ICC-CC Chairperson, led the deliberations on the proposed and modified Official Development Assistance (ODA) and Public-Private Partnership (PPP) projects submitted for the committee’s approval.

Also present were Economics Secretary and ICC-CC Co-Chairperson Arsenio M. Balisacan, Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman and Undersecretary Joselito R. Basilio, Trade Secretary Ma. Cristina A. Roque, Agriculture Secretary Francisco P. Tiu Laurel, Jr., Public Works Secretary Manuel M. Bonoan, Monetary Board member Romeo L. Bernardo, and PPP Executive Director Ma. Cynthia C. Hernandez, among other government officials.

For me, fiscal consolidation implies a reduction in certain spending and an expansion in revenues, tax and non-tax revenues so that the annual budget deficit and public borrowings can be controlled. Having more PPP infrastructure projects and less ODA is a good way to attain fiscal discipline and consolidation.

Last week, on June 4, the Government Optimization Bill, formerly called National Government Rightsizing Program was passed and ratified by the Bicameral Committee and now awaits the President’s signature. DBM Secretary Pangandaman was understandably happy with this development as the soon-to-be law will create a more efficient and responsive government.

Three weeks ago, on May 21, I was one of several NGO leaders invited by the DBM for the “Macroeconomic Insights for National Action: An Economic Dialogue with Civil Society” held at Luxent Hotel in Quezon City. While one transport NGO leader proposed another oil tax to discourage car usage and to shift more people to using bicycles and the mass transport system, I spoke to disagree because of the inflationary impact of any energy tax hike.

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.

minimalgovernment@gmail.com