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GLOBE TELECOM, INC. said it is boosting its connectivity in Metro Manila with new tower builds and upgrades.
“Metro Manila is always on the move, and connectivity has to keep up. Globe is building new sites and boosting capacity,” Globe Head of Service Planning and Engineering Joel R. Agustin said in a media release on Monday.
Globe is rolling out new cell towers in Metro Manila to improve its capacity and overall internet access, the company said, adding that it recognizes the need for reliable infrastructure as Metro Manila is among the most densely populated cities in the country.
“Every new cell site built and network upgrade reflects Globe’s commitment to deliver the most consistent network in the Philippines, a promise of seamless, reliable connectivity whenever and wherever it’s needed,” Globe said.
The company said its network upgrades cover Metro Manila, particularly the cities of Caloocan, Las Piñas, Marikina, Malabon, Mandaluyong, Manila, Muntinlupa, Navotas, Pasay, Pasig, San Juan, and Valenzuela.
In a separate media release, Globe said it had reached 62.5 million mobile subscribers to date. This represents a 5% year-on-year increase as of end-June, from 59.5 million in the same period last year.
For the second quarter, Globe’s attributable net income fell by 29.46% to P5.46 billion as weaker revenues and higher expenses weighed on earnings.
Its combined revenues for the second quarter declined by 1.92% to P43.47 billion from P44.32 billion in the second quarter of 2024, while gross expenses rose by 0.72% to P39.21 billion from P38.93 billion in the same period last year.
At the local bourse, shares of Globe closed P2, or 0.13% lower, at P1,505 apiece. — Ashley Erika O. Jose
THE GOVERNMENT fully awarded the Treasury bills (T-bills) it offered on Monday at lower yields amid robust demand after the Bangko Sentral ng Pilipinas (BSP) cut rates for a third straight meeting and signaled it is near the end of its current easing cycle.
The Bureau of the Treasury (BTr) raised P25 billion as planned from the T-bills it auctioned off as the offer was more than five times oversubscribed, with total bids reaching P125.504 billion. This was also higher than the P113.02 billion in tenders recorded on Aug. 18.
The Auction Committee fully awarded the T-bills as all tenors fetched average rates that were lower than those seen at the previous auction and prevailing secondary market yields, the BTr said in a statement.
Broken down, the Treasury borrowed P8.5 billion as planned via the 91-day T-bills as total tenders for the tenor reached P28.33 billion. The three-month paper was quoted at an average rate of 5.173%, down by 2.2 basis points (bps) from the 5.195% seen in the previous auction. Yields accepted ranged from 5.08% to 5.183%.
The government likewise raised P8.5 billion as programmed from the 182-day securities as tenders amounted to P47.774 billion. The average rate of the six-month T-bill was at 5.323%, falling by 7.5 bps from the 5.398% fetched last week, with accepted yields spanning from 5.288% to 5.35%.
Lastly, the Treasury sold the planned P8 billion in 364-day debt as demand for the tenor totaled P49.39 billion. The average rate of the one-year T-bill dropped by 6.5 bps to 5.457% from 5.522% previously. Tenders accepted carried rates from 5.45% to 5.46%.
At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.2321%, 5.3921%, and 5.5357%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.
T-bill rates were lower following the widely expected cut by the BSP last week, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
“BSP Governor Remolona gave less dovish signals on a possible one 25-bp BSP rate cut for the rest of 2025 if economic data remained weak, or even no more rate cut for the rest of 2025 if the economic data remained the same,” Mr. Ricafort said.
“The continued decline in yields was due to the BSP’s rate cut decision last week, which signals the end of the current easing cycle,” a trader likewise said in a text message.
On Thursday, the Monetary Board delivered its third consecutive 25-bp reduction this year to bring the target reverse repurchase rate to 5%.
The BSP has now slashed benchmark borrowing costs by a total of 150 bps since the start of its rate-cut cycle in August 2024.
BSP Governor Eli M. Remolona, Jr. said after the meeting that the latest move puts the policy rate at a “sweet spot” in terms of both inflation and output.
Still, Mr. Remolona left the door open to one last reduction within this year to support the economy if needed, which could mark the end of their easing cycle.
The Monetary Board has two remaining meetings this year to be held in October and December.
T-bill rates declined across the board as demand was higher week on week, especially for the longer tenors, the trader added.
On Tuesday, the government will offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of seven years and 13 days.
The BTr is looking to raise P220 billion from the domestic market this month, or P100 billion via T-bills and P120 billion through T-bonds.
The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.56 trillion or 5.5% of gross domestic product this year. — AMCS
VENICE — The life and career of British singer-songwriter Marianne Faithfull are reappraised at the Venice Film Festival in Broken English, a movie that mixes documentary and fiction in an effort to redress her often distorted public image.
“Marianne was an artist’s artist… but public perception had been frozen and been stuck. And I think that were it left to AI (artificial intelligence), broken data is just going to stay broken,” said Jane Pollard who co-directed with fellow British filmmaker Iain Forsyth.
Often remembered as simply the former girlfriend of Mick Jagger, despite having released over 30 albums in her own right, Ms. Faithfull is portrayed through a series of interviews conducted in the years leading up to her death at 78 last January.
“When Marianne died so many of the obituaries that ran were headlined ‘Mick Jagger’s ex-girlfriend dies’ … And you kind of think, would you want to be defined for a lifetime by a fairly fleeting relationship that you had in your youth?” Mr. Forsyth told Reuters.
Placed within the setting of the fictional Ministry of Not Forgetting, the film also makes heavy use of archive material, including interviews with journalists who home in on Ms. Faithfull’s rock-and-roll escapades and drug addiction in London’s swinging ’60s rather than her creative work.
“Why have a Ministry of Not Forgetting? Well, because there are many artists whose legacies if left to the algorithms of AI will be misrepresentative of the truth,” said Ms. Pollard ahead of the film’s premiere on Saturday.
“I hope (our film) can begin a conversation and begin a process of reevaluation, both of Marianne as an artist, but also how we consider particularly female artists in the media, which in 50 years has really not changed that much.” Mr. Forsyth added.
Named after Ms. Faithfull’s comeback album released in 1979 after spending two years living on the streets of London, Broken English features actors Tilda Swinton as the ministry overseer and George MacKay in the role of record keeper and interviewer.
Ms. Faithfull, who suffered a severe bout of COVID-19 in her latter years, gives her final musical performance in the film, singing “Misunderstanding” from her 2018 album Negative Capability with backing from Nick Cave and Warren Ellis.
“The physical feat of it with COVID having ravaged her body and not feeling comfortable to talk for long without oxygen, to take it away and to sing was incredibly moving,” Mr. MacKay said.
Ms. Faithfull died during the production but the directors said the finished work reflected 99% of their intended vision.
Broken English is playing out of competition at Venice, meaning it is not in the running for the prestigious Golden Lion award that will be handed out on Sept. 6. — Reuters
As artificial intelligence (AI) continues to expand its reach and importance in our day-to-day living, the conversations around its use almost always carry strong emotional undertones — unease, anxiety, fear, cautious acceptance, sense of wonder, and “no big deal.” In boardrooms, workplaces and classrooms, the same questions echo: Will jobs disappear? Can people adapt fast enough? Will machines take over? It is dividing society between those who master the new tools and those who are left behind.
These are not trivial concerns but valid ones. There is no denying that the profound technological shift is changing the world as we know it. On the other hand, AI is not the first disruptive force humanity has faced. The power loom threatened weavers, calculators unsettled mathematicians, the Industrial Revolution once threatened traditional craftsmen. Each time, the turbulence created by these developments was painful — and yet societies adapted and integrated them into day-to-day living. The difference is not whether humanity will survive this transition, but how we navigate it.
A GENERATIONAL TRANSITION
One key to understanding today’s anxiety is to see it as a generational phenomenon. I belong to a generation that remembers what it was like to use a typewriter and are now working with AI-powered tools. Perhaps that is why I see both the unease and the excitement so clearly. One foot remains in the analog past, and the other is already stepping into the digital future. For the boomers, Gen X and millennials, the acceleration feels disorienting because there is a “before” and an “after” to compare.
This is not the story for the generations after us — Gen Zs, Alphas and those after — who will never know a world without AI. For them, digital life is not an intrusion; it is the water they swim in. What unsettles us today will be their ordinary tomorrow. The anxiety we are experiencing is sharpest now because we are comparing two worlds — the analog we grew up in, and the AI-native one unfolding. This perspective matters because it reminds us that disruption, while real, is transitional. The real challenge, then, is not about whether AI will change us (it already has), but how we bridge this transition responsibly.
BRIDGING THE TRANSITION
Bridging this transition requires intentional choices by businesses, governments, and educational institutions. There are three important pathways where action is both possible and necessary.
• Education for Adaptability. We must stop treating education as a front-loaded exercise in job training. Too many curricula still prepare students for specific roles that may not exist a decade from now. Instead, we need to cultivate meta-skills: critical thinking, problem-solving, ethical reasoning, creativity, and adaptability. These are the human strengths that AI cannot replicate — and are the foundation of lifelong learning.
• Business with Purpose. Companies must resist the temptation of viewing AI purely as a cost-cutting tool. Yes, efficiency matters, but the deeper opportunity lies in creating new value — new services, new customer experiences, new roles for human workers that are amplified, not replaced, by machines. Businesses that adopt AI with this lens will not only survive disruption; they will lead it responsibly.
• Individuals with Courage. On the personal level, the task is both practical and emotional. It requires openness to reskilling, a willingness to explore new paths, and the courage to redefine oneself when old roles fade. But it also requires something gentler: self-compassion. The truth is no one can adapt perfectly at once. The process will be uneven, messy, and sometimes painful. But growth always is.
Much of the present actions center on how we will help today’s generations cross the bridge without losing their livelihood, or their sense of worth.
THE CHALLENGE OF PRESERVATION
In two to three decades, the world will be dominated by people who have only ever known a digital-first world. The challenge of our time goes beyond adaptability — it will be about preservation. When I think about the generations to come, I do not worry about whether they will master the tools — they surely will. As the bridging generation, our responsibility is to hand them not just a digital world, but preserving the memories of the past they will inherit, the heritage and traditions, the history of struggles and victories, the wisdom and empathy, and the enduring values that make progress truly human.
In a present and future that is digital, the enduring lesson we can impart is the understanding that what makes us human is not diminished by technologies and tools but strengthened by how we use them. That AI, like every transformative invention before it, will reflect back to us the kind of world we wish to create. And in that reflection, we are given the chance to reclaim what is most important — connection, purpose, and vision for the future.
Adaptability without integrity can become opportunism. Innovation without empathy can deepen inequality. Progress without responsibility can endanger society itself. If there is one lesson we must carry through this AI transition, it is that technology should serve humanity, not the other way around.
A PERSONAL REFLECTION
Reflecting on these disruptions and in navigating the transitions, I am reminded that technology, no matter how advanced, is never just about the machines. It is about us and how we choose to adapt, what values we uphold, and how we harness tools to become more fully human.
In my own journey, I have come to see AI not merely as a time-saver or a convenience, but as a quiet partner in thought. It is not just about efficiency but also expanding horizons, sparking curiosity, and continuously learning.
The AI revolution is not a storm to be feared, but a passage to be navigated. Certainly, so much will challenge our way ahead, and yes, some will feel disoriented, even displaced. But if we hold steady — if we journey with responsibility, empathy, and a sense of mission — we can arrive on the other side with societies that are more resilient, businesses that are more human-centered, and individuals who carry their worth not in the tasks they perform, but in the values they embody.
In the end, AI will not erase humanity — unless we forget to nurture what makes us human in the first place.
The 23rd International CEO Conference of the Management Association of the Philippines (MAP) will tackle the challenges and opportunities in a multi-generational world with its theme “Leading Amidst Invisible Disruptions: Agility and Resilience in a Multipolar Era” on Sept. 9, Tuesday, from 8 a.m. to 5 p.m. at the Shangri-La The Fort in BGC, Taguig City, Philippines. Interested parties may register now to avail of early bird rates. For particulars, contact the MAP Secretariat via <map@map.org.ph>.
Alma Rita R. Jimenez is chair of the MAP CEO Conference Committee; is the co-chair of the MAP Trade, Investments and Tourism Committee; is president and CEO of Health Solutions Corp.; and former undersecretary of the Department of Tourism.
JOLLIBEE GROUP, the portfolio of brands under Jollibee Foods Corp. (JFC), said Canada’s Agriculture Minister Heath MacDonald recently met with its executives in Manila to explore potential supply chain partnerships to support the company’s expansion.
During the meeting, the delegation and Jollibee Group executives discussed collaborating on sourcing Canadian agricultural products and improving logistics to support the company’s North American growth, the company said in a press release on Monday.
“Canada remains a valuable and strategic market for the Jollibee Group — not only for expanding our store network, but also as a key partner in strengthening and localizing our supply chain,” Jollibee Group Global President and Chief Executive Officer Ernesto Tanmantiong said.
With the support of Canada’s agriculture and trade sectors, the Jollibee Group aims to unlock new opportunities for collaboration, innovation, and sustainable growth in the food service industry, the company said.
Mr. MacDonald was accompanied by a delegation of senior Canadian government officials, including Ambassador of Canada to the Philippines David Hartman, Executive Director of the Indo-Pacific Agriculture and Agri-Food Office Diedrah Kelly, and Acting Senior Trade Commissioner at the Canadian Embassy Eleonor Rupprecht.
“Jollibee has made its way into the hearts of so many Canadians. We are grateful that you have chosen Canada to be one of your global expansion hubs and for contributing to the vibrant culinary industry in our country,” said Mr. MacDonald.
As of July 2025, the flagship brand Jollibee has grown to 28 stores across five provinces — 12 in Ontario, 8 in Alberta, and several more in Manitoba, Saskatchewan, and British Columbia. Meanwhile, Smashburger, the Jollibee Group’s burger brand, operates six locations in Canada.
In a separate announcement on Monday, JFC said its affiliate Hyper Dynamic acquired additional JFC shares in seven different transactions executed on Aug. 29.
Hyper Dynamic acquired 14,590 shares at P232 each; 410 shares at P232.20 per share; 5,000 shares at P232.80; 5,000 shares at P233.20 each; 5,000 shares at P233.40; 5,000 shares at P233.60 per share; and 5,000 shares at P233.80 each.
With this, Hyper Dynamic now holds a total of 485.09 million shares, or a 43.29% stake in JFC, up from 43.27%.
For the second quarter, JFC reported an attributable net income of P3.21 billion, up 5.6% year on year, driven by higher system-wide sales (SWS).
SWS for the second quarter increased 19.6% to a record-high P114.5 billion from P95.8 billion a year ago. Revenue climbed 15.5% to P77.63 billion, while operating income rose 19.1% to P6.04 billion.
For the first half, JFC saw a 0.7% drop in attributable net income to P5.62 billion from P5.66 billion a year ago. SWS increased 19.2% to P217.74 billion, revenue rose 15% to P147.85 billion, and operating income grew 18.4% to P10.85 billion.
At the local bourse on Monday, JFC shares closed at P235.60, up P3.60 or 1.55%. — Alexandria Grace C. Magno and Ashley Erika O. Jose
THE financial technology (fintech) unit of Union Bank of the Philippines, Inc. (UnionBank) has appointed former Foodpanda Philippines Chief Executive Officer (CEO) Daniel Marogy as its new head.
UnionBank said in a disclosure to the stock exchange on Monday that the board of UBx Philippines Corp. has appointed Mr. Marogy as its new CEO effective Sept. 1. He is taking over the post from UBx Chief Commercial Officer Mario Domingo, who served as officer-in-charge after John Januszczak resigned as president and CEO on June 16.
“We are excited to welcome Dan as the new CEO of UBx. His proven leadership and deep expertise in scaling digital platforms will be instrumental in accelerating UBx’s growth and advancing our mission to build the future of financial services through innovations in embedded finance,” UBx Board of Directors Chairman Jose Emmanuel U. Hilado said.
Mr. Marogy has over 16 years of leadership experience across the fields of capital markets, digital ecosystems, fintech, e-commerce, and retail, UnionBank said. “He is known for his strategic vision and operational excellence, having led Foodpanda Philippines and 7- Eleven CLiQQ to significant market growth and innovation.”
“As CEO of Foodpanda Philippines, Marogy positioned the Philippine business as APAC’s (Asia-Pacific) innovation hub and grew the company’s topline significantly by diversifying its offerings into fintech, logistics, grocery retail and quick commerce,” it added.
Mr. Marogy’s most recent post was founder and managing partner of Brookland Advisors. — AMCS
By Julius Guevara and Joey Roi Bondoc
SOUTHERN LUZON has always been a major growth driver of the Philippine economy. The region is one of the major contributors to the Philippines’ annual economic output, accounting for about 15% of the country’s gross domestic product (GDP).
Aside from industrial and commercial activities, the corridor is also a major recipient of remittances from overseas Filipino workers (OFWs). These continue to keep the region’s economy afloat, fueling the demand for property segments such as retail, office, residential, leisure and industrial.
The access from the capital region to the Cavite-Laguna-Batangas (Calaba) corridor ensures the seamless transport of goods from the region’s industrial parks to Manila Port. This has enabled Cavite-Laguna-Batangas to solidify its stature as the country’s major industrial hub, enticing national property firms to develop industrial parks and the complementing residential projects.
Due to the connectivity, the region saw the influx of large multinational exporters and manufacturers which further propped up Southern Luzon’s viability as a major industrial and manufacturing corridor.
ATTRACTING MULTINATIONAL INDUSTRIAL LOCATORS
But the expansion of manufacturing activities and the number of enterprises in the region require better infrastructure. We are optimistic that the major rail and expressway projects in the pipeline would support Southern Luzon’s expansion.
Major infrastructure projects such as North-South Commuter Railway (NSCR), Cavite-Laguna Expressway (Calax), and LRT-1 Cavite Extension have been compelling developers to aggressively landbank in Southern Luzon as they cash in on the economic corridor’s potential.
Among the manufacturers that announced their expansions in Calaba include VS Industry Philippines in LISP 3, Figaro in Laguna Technopark, and Wenshan Electronics in LISP 2. EMS Group is expanding its semiconductor operations in their hub in Laguna Technopark. The firm also tied up with a European firm for a USD800 million (PHP46.4 billion) plant in Batangas that will manufacture electronic products. Air conditioner manufacturer Kolin has also acquired a 1-hectare lot in First Cavite Industrial Estate for warehousing purposes. Printer manufacturing firm Fujifilm as well as printing and packaging solutions supplier Printwell have recently announced their expansions in Carmelray Industrial Park and LIMA Estate respectively.
Gateway Business Park and NDC Industrial Estate, two newly proclaimed ecozones in Cavite, are expecting four new locators engaged in metalworking, soap and other detergents, renewable energy, and custom electronics. Aboitiz InfraCapital’s LIMA Estate in Batangas also reported that 13 new companies are currently building facilities in its industrial park which can generate up to 7,000 jobs. These manufacturing companies are from the industries of plastic molds, automotive parts, metal products, solar panel components, packaging materials, and dental products. We expect semiconductors, consumer goods, cosmetics, and automotive firms likely driving industrial demand for the remainder of 2025.
MORE MANUFACTURING INVESTMENTS ON THE HORIZON
Industrial vacancy in the Calaba corridor reached 16.9% in end-H1 2025, from 14.3% in 2024. The increase in vacancy was primarily due to new supply. However, we still saw the expansion of several industrial locators during the period. Among the firms that took up industrial space are manufacturers of equipment, electronics, air conditioner, and printing and packing solutions.
A more dynamic manufacturing sector should be beneficial to the Southern Luzon region as it houses expansive industrial parks. The region continues to attract global manufacturing players due to its highly skilled manpower, improving infrastructure, and availability of materplanned communities developed by national property firms.
Overall, Colliers Philippines sees the evolution of Calaba’s industrial sector redefining South Luzon’s property market.
Julius Guevara is senior director and head of capital markets and investment services, and Joey Roi Bondoc is director and head of research at Colliers Philippines.
VENICE — It took Park Chan-wook two decades to bring his latest film No Other Choice to the screen, but the South Korean director said on Friday the story’s core theme of job insecurity was more relevant than ever as technologies march into the workplace.
Mr. Park, who shot to international fame with his violent 2003 thriller Oldboy, said he struggled for years to obtain financing for his latest work, a biting satire that blends jokey comedy with bleak social commentary.
But he kept faith in the project because people remained deeply connected with its focus on economic anxiety.
“We all harbor that deep fear of employment and security,” Mr. Park told a press conference ahead of the film’s premiere in competition at the Venice Film Festival.
No Other Choice follows a paper industry veteran, played by Squid Game star Lee Byung-hun, whose life falls apart after he is unexpectedly laid off. With his family facing eviction and their luxuries rapidly stripped away, the troubled hero sets out to eliminate potential rivals for a new job in a darkly comic killing spree.
The movie is based on Donald E. Westlake’s 1997 horror-thriller novel The Ax. Mr. Park told Reuters that updating the story to today’s world made its backdrop, an artificial intelligence (AI)-driven, automated workplace, more resonant.
“Twenty years ago, we couldn’t have imagined a fully AI-controlled, automated factory,” he said. “Maybe that is the reason it took me so long to make it.”
Besides weaving in the latest technological advances, Mr. Park said he also added a starker, more ambiguous ending.
“All the horrific efforts (the protagonist) makes to protect his family, sacrificing his own humanity, ultimately lead to the (moral) collapse of the family,” he said.
Mr. Park is one of Korea’s most feted directors and the ensemble team of actors who flew into a stormy Venice to promote the film said appearing in one of his films was a professional dream, even if his meticulous approach pushed them to their limits.
“He does ask quite a lot from you, he’s very demanding,” said Mr. Lee.
Son Ye-jin, the female star, whose fame skyrocketed thanks to her role in the TV series Crash Landing on You, admitted that she initially struggled with Mr. Park’s painstaking direction.
“It’s so detailed that for example, he would say to put more emphasis on a syllable or walk in a certain way… But as the shoot went on, I realized he was spot on and my acting really improved,” she said.
Both Mr. Lee and Ms. Son were greeted by screaming fans as they hit Venice’s red carpet, underscoring how much South Korean culture now resonates in the West.
“Seeing the fans here in person has allowed me to feel firsthand how much K-content is loved, and that makes me very happy,” said Mr. Lee.
No Other Choice is one of 21 films competing for the prestigious Golden Lion prize, which will be awarded on Sept. 6. — Reuters
By Kaishma Vaswani
CHINA is expanding its defense networks in Southeast Asia, and that risks carving the region into rival camps: one aligned with Beijing, the other friendly to Washington. Left unchecked, the Chinese — and by extension, Russian — presence will become even more deeply embedded, setting the stage for a dangerous new round of superpower competition in the Indo-Pacific.
These findings, outlined in the Sydney-based Lowy Institute’s latest report*, come as President Xi Jinping is forging ever stronger international partnerships. Over the weekend, he welcomed India’s Narendra Modi and Russia’s Vladimir Putin in Tianjin at the Shanghai Cooperation Organisation**. Xi and Modi pledged deeper cooperation in the face of the US trade war, and Modi announced the resumption of direct flights between the two countries. Xi said relations would flourish if they remained partners rather than rivals.
On Wednesday, Xi will host the Russian president again, along with North Korea’s leader, Kim Jong Un, at a parade to mark the 80th anniversary of the end of World War II.
These moves highlight a subtle but significant shift in power in the region that is challenging for Washington. To avoid a further erosion of influence, the US and nations like Australia, India, Japan, and South Korea must strengthen their alliances. But these relationships are under pressure as the White House recalibrates its global defense strategy.
For decades, Southeast Asia has managed a delicate dance between the superpowers. Security guarantees came from the US, while China has grown to be the most important economic partner. That’s not changing yet — but Beijing is closing the gap.
Washington is still the most influential player, as Lowy notes. The US is a treaty ally of the Philippines and Thailand, and a close strategic partner to Singapore. It also has the largest number of agreements, dialogues, and combined military exercises with countries in the region, according to the report.
Beijing ranks 8th — but is systematically stepping up diplomacy through joint exercises, weapons sales, and military training programs. It has found most success in mainland Southeast Asia, becoming a key security collaborator for Cambodia and Laos. For governments that sometimes bristle at Western lectures on democracy and human rights, China’s non-interference approach is a welcome change. Investment through its ambitious infrastructure program, the Belt and Road Initiative, has also boosted ties.
Moscow, though second from bottom on the list, has complemented China’s efforts by supplying arms to Vietnam and Myanmar. Together, they’re creating an appealing alternative among the smaller, poorer states.
The risks for the US and the 10-country Association of Southeast Asian Nations are considerable. ASEAN already suffers from threats to unity, such as Cambodia siding with China against several fellow members on claims over the South China Sea. Increasing fractures make it more challenging for the bloc to mediate crises or maintain credibility.
More worryingly, this trend could mean that the weaker countries could become even more dependent on China for security needs, giving Beijing a larger voice in their domestic politics and hence in the bloc, which has historically been a bedrock of regional and mostly pro-American stability.
President Donald Trump’s tariff policies and cuts to international aid programs are also hurting confidence. Trips by senior American officials could help, but the messaging is often inconsistent.
Secretary of State Marco Rubio’s visit to Malaysia in July coincided with many Asean members receiving letters from the administration declaring new tariff levels. While he was there, the State Department laid off around 1,300 staffers, including the Office of Multilateral Affairs in the Bureau of East Asian and Pacific Affairs, which helped lead US diplomacy in the region.
All is not lost. Washington still has strong partnerships and should build on them. One solution could come from Australia, India, South Korea, and Japan. Since 2017, they’ve steadily increased defense engagement with Southeast Asian countries. They share concerns about China’s rising dominance and, as trade-dependent economies, want to protect freedom of navigation. Boosting security engagement with the region and each other might avoid over-dependence on any single actor.
Southeast Asia is a vital strategic theater, connecting oceans, economies, and great powers. Its future depends on choices being made now. The region has been able to navigate rivalry before — but that balance could easily tip, and with it, the stability of the Indo-Pacific.
BLOOMBERG OPINION
*The report analyzed Southeast Asia’s defense agreements, dialogues, and joint military exercises with 10 countries: Australia, Canada, China, France, India, Japan, Russia, South Korea, the UK, and the US.
**Co-founded in 2001 by China, Russia, Tajikistan, Uzbekistan, Kyrgyzstan, and Kazakhstan, and later expanded to include India, Pakistan, Iran, and Belarus. The bloc is part of China and Russia’s strategic push toward a multipolar world, and positions itself as an alternative to Western-dominated international forums.
TRAVELLERS International Hotel Group, Inc., the leisure and tourism arm of Tan-led Alliance Global Group, Inc., has gained control of the development of the Westside Integrated Resort Project in Parañaque City following a “strategic work agreement” with Suntrust Resort Holdings, Inc. amid project delays.
In a stock exchange disclosure, Suntrust’s board of directors authorized the company to pursue a strategic working agreement with Travellers International, Entertainment City Resorts Corp. (ECRC), Westside City, Inc., and Westside Bayshore Holding Corp. to fast-track the opening of the gaming resort.
Under the agreement, Suntrust Resort will hold a 20% indirect interest in ECRC.
“To ensure the timely construction, development, completion and operation of the Westside Integrated Resort Project, ECRC will assume all rights and obligations related to the project,” Suntrust Resort said.
The $1.2-billion project, initially expected to be completed in December 2025, has been rescheduled to the third quarter of 2026.
The Westside Integrated Resort Project will include a hotel, casino, mall, and theater complex. It will also have the Artists Promenade, Grand Opera House, and the Apollo, Bohemia, and Crown theaters.
The project will have 475 rooms and suites, a pool deck, spa, wellness center, ballroom, theaters, a grand opera house, a performing arts theater, a mall with food and beverage and retail units, four cinemas, and a parking facility with more than 1,000 slots.
Westside’s casino will have 281 gaming tables, 1,126 slot machines, and 134 electronic table games.
Suntrust is a subsidiary of Fortune Noble Ltd., which is a unit of Hong Kong-listed LET Group Holdings Ltd.
At the local bourse on Monday, Suntrust shares rose by 1.67% or P0.01 to close at 61 centavos apiece. — Beatriz Marie D. Cruz
THE PESO slipped against the dollar on Monday as a key US inflation measure showed that President Donald J. Trump’s tariffs are beginning to affect prices.
The local unit closed at P57.16 per dollar, inching down by three centavos from its P57.13 finish on Friday, Bankers Association of the Philippines data showed.
The peso opened the session at P57.122 against the dollar, which was already its intraday best. Meanwhile, it weakened to as low as P57.35 versus the greenback.
Dollars exchanged went down to $1.06 billion on Monday from $1.7 billion on Friday.
“The peso weakened slightly after the uptick in core US personal consumption expenditures (PCE) inflation, which noted growing indications of tariff impacts to price levels in the US economy,” a trader said in a Viber message.
The PCE price index increased 0.2% last month after rising 0.3% in June, the US Commerce department’s Bureau of Economic Analysis said, Reuters reported. In the 12 months through July, the PCE price index advanced 2.6%, matching the rise in June.
Stripping out food and energy components, the PCE price index increased 0.3% after a similar rise in June. In the 12 months through July, core PCE inflation advanced 2.9%. That was the largest rise since February and followed a 2.8% gain in June. The US Federal Reserve tracks the PCE price measures for its 2% inflation target.
Though price pressures from tariffs on imports were mild last month, economists continued to expect the duties to drive up inflation in the second half of the year.
They also anticipate that increasing operating costs for businesses because of tariffs will eventually force employers to lay off workers, putting a damper on their spending.
Meanwhile, political stability concerns in Indonesia and Thailand also affected market sentiment, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
For Tuesday, the trader said the peso could recover on potentially softer US manufacturing data.
The trader sees the peso moving between P57 and P57.25 per dollar on Tuesday, while Mr. Ricafort expects it to range from P57.05 to P57.25. — A.M.C. Sy with Reuters
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