66^th The Outstanding Young Men (TOYM) Awards launched

May 30, 2025 | 5:00 pm

ONLINE_TOYM_IMG_1-OL — In the photo (L-R): Rey Felix Rafols (TOYM Foundation Director); Hannah Chloe Cano (TOYM Search & Awards National Chairperson); Cecilia Dy (JCI Philippines Senate National President); Felix Venson Chua (JCI Philippines National President); Dorris Dumlao-Abadilla (TOYM Foundation Director); Billie Crystal Dumaliang (2024 TOYM Honoree); and Joey Capital (JCI Philippines Area Vice-President for Metro Area)

The national launch and press conference of the 66^th The Outstanding Young Men (TOYM) Awards was held at the Rizal Park Hotel in Manila last May 29, 2025. Recognized as one of the Philippine’s most prestigious awards, The Outstanding Young Men (TOYM) Awards pays tribute to the exceptional young Filipinos that have given outstanding contributions to society. Held every year for Filipinos aged 40 and below, the annual award-giving body hopes to foster youth leadership, championing values of service, integrity, and innovation for nation-building.

With this year’s theme, “Excellence in Action, Building a Better Tomorrow,” the TOYM awards hopes to garner the highest number of nominations in TOYM history this 2025. Seeking to broaden their search recognize outstanding young individuals in previously underrepresented areas, the TOYM search hopes to ensure a wider representation of youth excellence across the nation.

Presented by JCI Philippines and TOYM Foundation, the awards embody JCI’s mission to foster leadership and innovation among youth, recognizing their service, integrity, and exemplary leadership. By acknowledging the youth’s achievements, JCI Philippines hopes to inspire the youth with notable examples of leadership and innovation in addressing societal challenges, thus paving the way for a brighter future for the Philippines and beyond.

Qualifications for nomination:

Must be a Filipino aged 18-40 years old by December 31, 2025

The nominee must be a Filipino citizen, including those born to Filipino parents in foreign countries; those who at the time the TOYM Secretariat received his or her bid, is a naturalized citizen of the Philippines or those who in a manner provided by law have elected Philippine citizenship; and those who despite living outside the Philippines as resident aliens or immigrants of another country, has one or both parents who is/are citizens of the Philippines.

The nominee must have engaged in his or her field of endeavor for a substantial part of his or her life, with documented proof subject to verification by the TOYM Secretariat.

The nominee must have been engaged in contributing to humanitarian causes for a substantial part of his or her life, with documented proof subject to verification by the TOYM Secretariat.

The nominee must not be a past TOYM honoree or currently a national officer or paid staff of JCI Philippines and the TOYM Foundation.

Requirements

Filled-out and signed Pre-Nomination Form ( PDF File Format)

Certified true copy of the nominee’s Birth Certificate or any equivalent proof of date and place of birth ( pdf file)

High Resolution,4”x6” (10cmx15cmm), head and shoulders photograph of the nominee (Jpg file format)

Certified True Copy of the Nominee’s NBI Clearance (pdf file)

BID Portfolio (Pdf file)

Calendar

Nomination submissions: May 30 – August 2025

Screening: September 2025

Judging: October 2025

Awarding: January 2026

For full details on requirements, submission of nominations, and nomination forms please visit the TOYM Page: Facebook

For more information, on the The Outstanding Young Men program and JCI Philippines:

JCI Philippines Website: https://jciphilippines.com/our-programs/toym/

TOYM Philippines: The Outstanding Young Men Awards: Facebook

JCI Philippines Facebook Page: (10) Facebook

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DTI launches 2025 Food Festival at SM Megamall

May 30, 2025 | 4:00 pm

From May 30 to June 1, 2025, the Megatrade Hall at SM Megamall transforms into a dynamic showcase of Filipino heritage, innovation, and flavor with the launch of the highly anticipated 2025 Food Festival, a collaborative celebration between the Department of Trade and Industry (DTI) and SM Supermalls in support of the country’s thriving Micro, Small, and Medium Enterprises (MSMEs).

DTI — through the Bureau of Market Development, Promotions (BMDP), and One Town, One Product (OTOP), the DTI Competitiveness and Innovation Group (CIG), and the DTI Regional Operations Group, with support from the Tatak Pinoy Strategy Program — will bring together over 200 MSMEs from Luzon, Visayas, and Mindanao in a three-day fiesta that blends tradition, creativity, and entrepreneurship.

The Department of Trade and Industry (DTI) launches the 2025 Food Festival at the SM Megamall Megatrade Halls 1-3 from May 30 to June 1, from 10 a.m. to 9 p.m., showcasing Filipino food products.

Admission is FREE, and everyone — from food lovers and tourists to business buyers and aspiring entrepreneurs — is invited to experience a culinary journey that is proudly Filipino in every bite. SM Supermalls is proud to partner with DTI for this important initiative that celebrates the best of what Filipino MSMEs have to offer. As a committed supporter of local enterprise, SM continues to provide platforms where MSMEs can thrive, scale up, and connect with new markets.

Visitors can explore fresh produce at the 2025 Food Festival, a Department of Trade and Industry (DTI) and SM Supermalls collaboration.

Guests can explore a curated lineup of heritage-inspired dishes, next-gen food products, and local delicacies — including culinary gems from Iloilo City’s United Nations Educational, Scientific and Cultural Organization (UNESCO)-recognized gastronomy and special items featured in the Kayumanggi Philippine heritage recipe book. Attendees will also get a glimpse into the digital transformation of food businesses with tech-forward solutions designed to boost MSME competitiveness.

Whether you’re looking for your next foodie find, potential suppliers, or a spark of inspiration, the 2025 Food Festival is your ultimate destination for all things delicious and distinctly Filipino.

Filipino entrepreneurs get the chance to showcase their culinary products at the 2025 Food Festival.

Mark your calendars! May 30 to June 1, 2025 at Megatrade Hall 1-3, 5^th Level, Mega B, SM Megamall.

Admission is free! Let’s savor the future of Filipino food — rooted in heritage, powered by innovation.

Filipino Micro, Small, and Medium Enterprises (MSMEs) can present their food merchandise at the three-day-long food fest.

About SM Supermalls

SM Supermalls, owned by SM Prime Holdings, is the leading mall developer and operator in the Philippines. As a staunch advocate for MSMEs, SM Supermalls is dedicated to helping Filipino entrepreneurs succeed. Join our thriving marketplace across 80+ malls nationwide. Visit https://msme.smsupermalls.com/ to download your MSME application or email us at customercare@smsupermalls.com with your most innovative product and preferred location. Don’t miss this opportunity to grow your business with SM Supermalls today!

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AmCham Philippines honors 40 companies at inaugural Corporate Social Impact Awards

May 30, 2025 | 4:00 pm

The American Chamber of Commerce of the Philippines (AmCham Philippines) celebrated outstanding corporate citizenship at its inaugural Corporate Social Impact (CSI) Awards, held on May 21 at the Fairmont Hotel in Makati City. Forty companies were recognized for exemplary contributions across five key areas of social responsibility.

The event showcased 80 initiatives reflecting the private sector’s commitment to building a more inclusive, sustainable, and resilient Philippines. The CSI Awards aimed to highlight the evolving role of businesses as active contributors to nation-building beyond profit.

“We’re highlighting something really important with the inaugural launch of our Corporate Social Impact awards,” said AmCham President Sara Murphy in her remarks. “We hope these awards will inspire even more companies to prioritize social responsibility. We believe that businesses can be a powerful force for good.”

The evening featured a keynote message from U.S. Ambassador to the Philippines MaryKay Carlson, underscoring the strong ties between the American and Philippine business communities and their shared commitment to driving positive social change.

An independent board of judges selected the winners based on four key criteria: innovation, scalability, depth of impact, and community engagement. The distinguished panel included Ms. Glenda Wallace, Public Affairs Officer of the U.S. Embassy in the Philippines; Mr. Manolito “Lito” Tayag, Vice Chair of the Philippine Business for Social Progress; and Ms. Corazon Dichosa-Halili, Executive Director of the Board of Investments. AmCham Philippines did not participate in the selection process to ensure objectivity and fairness.

The following companies and their respective programs were recognized as winners across five categories:

Education and Workforce Development

Gold: Citibank N.A. Philippines – JobNext Program
Silver: Moog Controls Corporation – Philippines – Community Empowerment Program
Bronze: PwC Acceleration Center Manila – Bus Donation to the Polytechnic University of the Philippines

Sustainability and Resource Management

Gold: Dow Chemical Philippines, Inc. – Shoes Re-Used for Walkable Paths Program
Silver: Lexmark Research and Development Corporation – Carbon Neutrality Program (AmCham Visayas Member)
Bronze: Capital One Philippines – Green Solutions Program

Economic Participation and Opportunity

Gold: Coca-Cola Philippines – iSTAR: Innovative Sari-Sari Store Training and Access to Resources
Silver: Citibank N.A. Philippines – Digital Financial Inclusion Awards
Bronze: Citibank N.A. Philippines – Global Innovation Challenge

Health and Emergency Assistance

Gold: CURE Philippines – Life Transforming Surgeries (AmCham Mindanao Member)
Silver (tie): Colgate-Palmolive Philippines – Colgate Bright Smiles, Bright Futures
Silver (tie): Capital One Philippines – Road to 100 Water Towers
Bronze: Texas Instruments Philippines – Master of Disaster

Community Support and Engagement

Gold: Teleperformance Philippines – Citizen of the World Foundation
Silver: Universal Leaf Philippines – Let’s PLAY: Promote Learning Activities for the Youth
Bronze: Merck Sharp and Dohme (I.A.) LLC – MSD Philippines – MSD Gives Back

AmCham Philippines also acknowledged the support of its event partners — Cargill, Emerson, Infinivan, Microsoft, and RELX Reed Elsevier — with Nord Anglia International School Manila, which served as the event’s Thought Leader.

The CSI Awards reflect AmCham’s mission to amplify business-led solutions to urgent challenges, from improving education and health outcomes to advancing environmental stewardship and economic participation.

AmCham Executive Director Ebb Hinchliffe described the event as a milestone in the Chamber’s efforts to highlight the positive influence of the private sector on national development in his welcome remarks. The organization plans to expand the program in 2025, aiming for broader geographic participation and deeper industry involvement.

To further document and share the impact of these initiatives, AmCham is producing a special magazine featuring highlights from the awards ceremony, feature stories on winning programs, and insights from industry leaders on corporate citizenship in the Philippines.

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NCR retail price growth cools to 5-year low

May 30, 2025 | 3:48 pm

Retail price growth of general goods in the National Capital Region (NCR) grew to its slowest pace in almost five years in April, the Philippine Statistics Authority (PSA), said in a report.

Citing preliminary data, the PSA said that Metro Manila’s price growth slowed further by 0.9% year on year in April from the 1.1% posted in December as measured by the general retail price index (GRPI).

April’s retail price growth was also significantly lower than the year-earlier rate of 2.1% and marked its weakest pace in almost five years (59 months) or since the 0.6% posted in May 2020.

In the first four months of 2025, GRPI averaged 1.2% from the same period last year, slower than the 2.1% growth in the January to April period in 2024.

“The primary driver to the slower year-on-year growth rate of GRPI in the NCR was the faster annual decline in the index of mineral fuels, lubricants and related materials at 4.7% in April 2025 from a 2.6% annual drop in the previous month,” the PSA said.

This commodity group accounted for 4.17% of the GRPI growth.

The heavily weighted food index, which accounted for 37.5% of the overall index, likewise saw a slower annual growth rate of 1.2% in April compared with the 1.4% posted in March.

Deceleration was also seen in the indices of beverages and tobacco (3.3% in April from 3.6% in March), chemicals, including animal and vegetable oils and fats (1.9% from 2.1%), and miscellaneous manufactured articles (0.9% from 1.1%).

Meanwhile, growth rates steadied in machinery and transport equipment (0.2%) and crude materials, inedible, except fuels (0.6%).

The PSA uses the GRPI as a deflator in the National Accounts, particularly in the retail trade sector, and serves as a basis for forecasting. — Matthew Miguel L. Castillo

Trade gap shrinks to $3.49 billion in April

May 30, 2025 | 3:17 pm

Ship port container — A view of the Manila International Container Terminal. — COURTESY OF ICTSI

By Abigail Marie P. Yraola, Deputy Research Head

The Philippines’ trade deficit in goods narrowed to its two-month low in April, as imports contracted to its lowest in 13 months, the Philippine Statistics Authority reported on Friday.

Preliminary data from the PSA showed the country’s trade-in-goods balance — the difference between the values of exports and imports — reached a deficit of $3.49 billion in April from the $4.51-billion deficit in March and the $4.73 billion gap a year earlier.

It was the slimmest trade gap in two months or since the revised $2.97-billion deficit in February.

The country’s trade balance has been in deficit for nearly a decade or since the $64.95-million surplus recorded in May 2015.

The narrower April deficit was due to a big pullback in imports while exports remained broadly healthy, Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco said in an e-mail adding that this trend in the deficit is encouraging.

“The narrowing trade deficit suggests a more muted demand for dollars as imports contract, which in turn is positive for the peso,” Nicholas Antonio T. Mapa, chief economist at Metropolitan Bank & Trust Co., said in an e-mail.

He added that exports rose on a stark pickup in agro-based exports, in particular outbound shipments of coconut oil and related products while imports slowed due to a contraction in both raw materials and energy imports.

Total outbound sales of Philippine-made goods grew by 7% year on year in April, slower than the 8.7% growth in March and the 28.2% expansion a year earlier.
It was the slowest pace for exports in four months or since the 1.9% decline in December 2024.

By value, April logged the lowest level in three months since the $6.57 billion in January.

Meanwhile, the country’s merchandise imports declined by 7.2% year on year to $10.24 billion in April, a reversal from the 17.8% growth a month earlier and the 13.2% growth in April 2024.

The drop in imports was the sharpest in 13 months or since the 17.6% contraction in March 2024.

The import bill that month, on the other hand, was the smallest amount in two months or since the $9.76 billion in April.

In the first four months, exports grew by 9.5% to $26.87 billion while imports also rose by 5.6% to reach $42.78 billion, way above the government’s revised 6% and 5% growth targets this year for exports and imports, respectively.

This brought the trade deficit to $15.91 billion in the January to April period, smaller than the $15.99-billion gap in the same period last year.

Mr. Chanco said that the continued slowdown in headline export growth, while still robust in the grand scheme of things, was due to a continued moderation in upward momentum to some of the country’s main markets.

“This waning in momentum is coming off a very fast start to the year. In the meantime, demand from China effectively remains missing in action, providing little to no uplift on a month-to-month basis.”

For GlobalSource Partners Country Analyst Diwa C. Guinigundo, it is highly possible there may be frontloading of exports to the United States before the full launch of reciprocal tariffs.

“But that should also have increased imports because most of our major exports are import-dependent. We should be concerned with the weak imports because in a sense imports could be a leading indicator for exports,” he said in a Viber message.

In April, US President Donald J. Trump carried out a 10% blanket tariffs on all its trading partners. However, the plan to impose higher reciprocal tariffs on some countries has been suspended for 90 days or until July.

Mr. Trump imposed a 17% reciprocal tariff in the Philippines, the second lowest among Association of Southeast Asian Nations member countries trailing behind Singapore’s baseline rate of 10%.

‘WEAK’ IMPORTS

Orders of raw materials and intermediate goods in April shrank by 11% to $3.67 billion from $4.12 billion in the same period last year. This accounted for 35.8% of the total April import bill.

Imports of capital goods rose by 6.6% and were valued at $3.28 billion in April while consumer goods inched up by 2.8% to $2.17 billion. These accounted for 32% and 21.2% of the total imports, respectively.

By commodity group, electronic products cornered the largest import value with $2.31 billion, 6% higher than the $2.18 billion in April 2024.

Imports of semiconductors, which accounted for 15.6% of the total electronic products, rose by 9.7% to $1.59 billion.

Additionally, imports of transport equipment jumped by 28.3% to $1.20 billion while mineral fuels, lubricants and related materials plunged by 35.1% to $1.08 billion, accounting 11% of the total.

In April, China remained the main source of imports, accounting 29.4% of the total or $3.01 billion of the total import bill from $3.15 billion a year earlier.

This was followed by South Korea with an 8.6% share or $878.36 million and Japan with 8.3% or $854.85 million.

EXPORTS EASE

In April, outbound shipments of manufactured goods grew by 7.7% year on year to $5.46 billion. This accounted for 81% of the total exports in the country. Exports of agro-based products grew by 15% to $527.67 million.

Electronic products, which made up 50.5% of the manufactured goods and half of the total exports, fell by 4.8% to $3.41 billion from $3.58 billion a year earlier.

From this commodity, about 38.1% of this came from semiconductors, which likewise declined by 6.9% to $2.57 billion.

Meanwhile, exports for other manufactured goods soared 143.8% to $843.60 million while other mineral products inched up by 1.3% to $291.61 million.

The United States was still the main destination of Philippine-made goods in April as exports reached $1.03 billion, accounting for 15.2% of the total exports that month.

Other top export trading partners include Hong Kong, which accounted for 13.6% of the total or $918.74 million and Japan with 13.2% or $893.60 million.

OUTLOOK

Mr. Chanco expects “huge swings” to continue in the next few months due to uncertainties surrounding US tariff policies.

“Two-way trade has been quite lumpy and volatile since the start of the year, flipping between very strong and very weak months since January,” he said.

For Mr. Mapa, he said that capital imports should be monitored for it managed to gain but largely due to an outsized jump in aircraft purchases.

He explained that capital imports measure the investments of both the private and public sector and could point to a renewed build up in potential output that in turn could drive faster economic growth.

“We have not seen game changing reforms or policy developments recently so I don’t think exports and imports will be significantly different from last year,” Mr. Guinigundo said.

He added that with a strong peso, it might weaken export growth and imports could in fact go up for obvious reasons, but these changes have not been observed for now.

“It all boils down to the high cost of doing business in the Philippines—power is expensive, labor cost to many remains uncompetitive given the kind of skills available, and of course the cost of bad governance, corruption if you will.”

Philippine central bank says May annual inflation rate likely in 0.9% to 1.7% range

May 30, 2025 | 3:15 pm

fish-market — A wide variety of fish at the Marikina Public Market. — PHILIPPINE STAR/ WALTER BOLLOZOS

MANILA — Philippine inflation was likely within a 0.9% to 1.7% range in May, the central bank said on Friday, compared with the previous month’s 1.4% rate.

The central bank said it will continue to take a measured approach in adjusting the monetary policy stance in line with its price stability objectives. — Reuters

Safety is Personal: Volvo’s 2025 Safety Mission is About You

May 30, 2025 | 2:30 pm

HARI launches Volvo: Being Alive campaign for 2025

Volvo Philippines is on a mission to achieve ZERO accidents on the road.

Timed within the period of United Nations’ observance of Global Road Safety and anchored on the Volvo Group’s commitment to Vision Zero, Volvo Philippines launches Volvo: Being Alive, a campaign to reinforce what the brand has always stood for — uncompromising safety — in the Philippine context, today.

“Vision Zero is Volvo’s global commitment to a future free from collisions and fatalities. Being Alive reflects a mindset that goes beyond vehicle safety itself, with the ultimate goal of establishing a culture of safety for all,” explains HARI Vice-Chair, President and CEO Maria Fe Perez-Agudo.

Volvo has already helped save over a million lives by sharing the patent for the three-point safety belt. Today, the brand is out to save millions more, by involving more. Volvo: Being Alive is a comprehensive multi-sector approach to safety.

Starting May, Volvo Philippines has lined up a series of initiatives, including partnerships, forums, and public activities, designed to inspire Government, Business, the Academe, and communities to work together to establish an ecosystem of safety, where all road users are empowered to make conscious decisions to protect one another.

Being Alive exemplifies Volvo’s mindset for care, which goes beyond drivers and passengers. Roads are shared spaces where all road users have the right to be safe at all times: to pursue life fully and confidently, knowing that safety is never compromised.

This is the culture Volvo seeks to build, one where safety is shared, lived, and upheld — for the benefit of all.

To learn more about Volvo, follow us on social media at https://www.facebook.com/volvocarsph/.

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Trump’s tariffs to remain in effect after appeals court grants stay

May 30, 2025 | 11:43 am

A FEDERAL appeals court temporarily reinstated the most sweeping of President Donald Trump’s tariffs on Thursday, a day after a US trade court ruled that Trump had exceeded his authority in imposing the duties and ordered an immediate block on them.

The United States Court of Appeals for the Federal Circuit in Washington said it was pausing the lower court’s ruling to consider the government’s appeal, and ordered the plaintiffs in the cases to respond by June 5 and the administration by June 9.

Wednesday’s surprise ruling by the US Court of International Trade had threatened to kill or at least delay the imposition of Trump’s so-called Liberation Day tariffs on imports from most US trading partners and additional tariffs on goods from Canada, Mexico and China. The latter was related to his accusation that the three countries were facilitating the flow of fentanyl into the US.

The trade court’s three-judge panel ruled that the Constitution gave Congress, not the president, the power to levy taxes and tariffs, and that the president had exceeded his authority by invoking the International Emergency Economic Powers Act, a law intended to address threats during national emergencies.

Senior Trump administration officials had said they were undeterred by the trade court’s ruling, saying they expected either to prevail on appeal or employ other presidential powers to ensure the tariffs go into effect.

Trump has used the threat of charging US importers costly tariffs for goods from almost every other country in the world as leverage in international trade talks, a strategy the trade court’s ruling would upend. The trade court ruling had not interfered with any negotiations with top trading partners that are scheduled in the days ahead, Trump’s administration said.

Trump himself wrote in a statement shared on social media that he hoped the US Supreme Court would “reverse this horrible, Country threatening decision” of the trade court, while lambasting the judicial branch of government as anti-American.

“The horrific decision stated that I would have to get the approval of Congress for these Tariffs,” Trump wrote on Thursday evening. “If allowed to stand, this would completely destroy Presidential Power — The Presidency would never be the same! This decision is being hailed all over the World by every Country, other than the United States of America.”

Many US trading partners offered careful responses. The British government said the trade court’s ruling was a domestic matter for the US administration and noted it was “only the first stage of legal proceedings.” Both Germany and the European Commission, the European Union’s executive arm, said they could not comment on the decision.

Canadian Prime Minister Mark Carney said the trade court’s finding was “consistent with Canada’s longstanding position” that Trump’s tariffs were unlawful.

Financial markets, which have whipsawed in response to the twists and turns in Trump’s chaotic trade war, reacted with cautious optimism to the trade court ruling, though gains in stocks on Thursday were largely limited by expectations that the court’s ruling faced a potentially lengthy appeals process.

Indeed, analysts said broad uncertainty remained regarding the future of Trump’s tariffs, which have cost companies more than $34 billion in lost sales and higher costs, according to a Reuters analysis.

Some sector-specific tariffs, such as on imports of steel, aluminum and automobiles, were imposed by Trump under separate authorities on national security grounds and were unaffected by the ruling.

The Liberty Justice Center, the nonprofit group representing five small businesses that sued over the tariffs, said the appeals court’s temporary stay was a procedural step.

Jeffrey Schwab, senior counsel for the center, said the appeals court would ultimately agree with the small businesses that faced irreparable harm of “the loss of critical suppliers and customers, forced and costly changes to established supply chains, and, most seriously, a direct threat to the very survival of these businesses.”

A separate federal court earlier on Thursday also found that Trump overstepped his authority in using the International Emergency Economic Powers Act for what he called reciprocal tariffs of at least 10% on goods from most US trading partners and for the separate 25% levies on goods from Canada, Mexico and China related to fentanyl.

That ruling was much narrower, however, and the relief order stopping the tariffs applied only to the toy company that brought the case. The administration has appealed that ruling as well.

UNCERTAINTY PERSISTS
Following a market revolt after his major tariff announcement on April 2, Trump paused most import duties for 90 days and said he would hammer out bilateral deals with trade partners.

But apart from a pact with Britain this month, agreements remain elusive, and the trade court’s ruling on the tariffs and the uncertainty of the appeals process may dissuade countries like Japan from rushing into deals, analysts said.

“Assuming that an appeal does not succeed in the next few days, the main win is time to prepare, and also a cap on the breadth of tariffs — which can’t exceed 15% for the time being,” said George Lagarias, chief economist at Forvis Mazars international advisers.

The trade court ruling would have lowered the overall effective US tariff rate to about 6%, but the appellate court’s emergency stay means it will remain at about 15%, according to estimates from Oxford Research. That is the level it has been since Trump earlier this month struck a temporary truce that reduced punishing levies on Chinese goods until late summer. By contrast, the effective tariff rate had been between 2% and 3% before Trump returned to office in January.

Trump’s trade war has shaken makers of everything from luxury handbags and sneakers to household appliances and cars as the price of raw materials has risen.

Drinks company Diageo and automakers General Motors and Ford are among those that have abandoned forecasts for the year ahead.

Non-US companies including Honda, Campari, Roche and Novartis have said they are considering moving operations or expanding their US presence to mitigate the impact of tariffs. — Reuters

Philippines trade deficit narrows to $3.5 billion in April

May 30, 2025 | 11:39 am

MANILA — The Philippines posted a trade deficit of $3.5 billion in April, narrower than the previous month’s revised gap of $4.5 billion, preliminary official data showed on Friday.

Imports in April fell 7.2% from a year earlier to $10.2 billion, while exports rose 7.0% to $6.7 billion, the Philippine Statistics Authority said. — Reuters

US sanctions Philippines digital infrastructure provider linked to virtual currency scams

May 30, 2025 | 11:28 am

US Department of the Treasury Seal — GIORGIO TROVATO/ TOMMAO WANG/UNSPLASH

WASHINGTON — The US Treasury is placing under sanctions a Philippines-based company accused of providing internet infrastructure to a swathe of virtual currency investment scams, better known as “pig butchering.”

In a statement issued on Thursday, Treasury officials said they were taking action against Funnull Technology Inc., which they accused of buying internet protocol addresses in bulk from other service providers and reselling them to cybercriminals. An alleged administrator of Funnull, Chinese citizen Liu Lizhi, was also placed under sanctions.

Reuters could not immediately locate contact information for Liu, who the Treasury described as being 40 years old and linked to addresses in Shanghai and Ganzhou. A message seeking comment from Funnull was not immediately returned. Reuters’ attempt to locate Funnull in the Philippines’ corporate registry was unsuccessful.

Virtual currency investment scams — which typically work by convincing people to put their money into fraudulent cryptocurrency schemes — have become a billion-dollar industry, run by organized crime and fueled by human trafficking.

The scams often rely on bogus websites to swindle their victims, and earlier this year researchers from cybersecurity firm Silent Push tied Funnull to a network of such sites, along with thousands of other devoted to suspected gambling or money laundering.

Pig butchering scams, which originated in China, now target people worldwide. Earlier this year, blockchain analytics firm Chainalysis said revenues from the scams were at a record high, likely boosted by the use of generative algorithms to help scammers better tailor their pitches and talk to more people at a time. — Reuters

BSP to ease further to support economy

May 30, 2025 | 12:34 am

Public market-vendors — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE BANGKO SENTRAL ng Pilipinas (BSP) is expected to cut benchmark interest rates further this year to support the economy amid a fragile global environment as inflation continues to ease.

ING Bank sees the BSP slashing borrowing costs by 75 basis points (bps) more, it said in a report.

“A lower-than-expected inflation trajectory, stronger-than-expected local currency, and high real rates — combined with uncertainty on global growth — all suggest a deeper rate cut cycle,” ING Bank’s economics unit said.

“We now expect the policy rate to reach 4.75% by the end of the year, which should contain peso appreciation.”

For its part, Bank of America (BofA) Global Research said in a separate report that it expects the central bank to deliver two more cuts in the coming months.

“We think the BSP will cut its policy rate at least 50 bps more for the balance of 2025, with the next cut likely on its June 19 meeting,” it said.

“The Bangko Sentral ng Pilipinas has returned to an easing bias, as policy and growth outlook have cleared up. GDP (gross domestic product) growth in the Philippines continues to stay weak and with the decline in oil and rice prices, inflation is set to stay low for an extended period, giving BSP room to ease further,” BofA Global Research added. “With the policy rate presently at 5.5%, the monetary policy stance would now appear restrictive.”

It expects the Philippine economy to expand by 5.5% this year and 5.6% in 2026, which are both below the government’s 6-8% growth target for those years.

Philippine GDP expanded by 5.4% in the first quarter, slightly faster than the 5.3% growth in the prior three-month period but slower than the 5.9% pace in the same quarter last year.

Department of Economy, Planning, and Development Undersecretary Rosemarie G. Edillon said that GDP needs to expand by at least 6.2% in the remaining three quarters to reach 6% growth — the low end of the government’s 6-8% growth target — by yearend.

BofA Global Research said that most central banks in the Association of Southeast Asian Nations (ASEAN) region have delivered rate cuts this quarter, resuming their easing cycles following the “heightened uncertainty” earlier this year.

“We expect this dynamic to continue, as relative stability in financial markets coupled by some breather on trade risks gives a window of opportunity for ASEAN central banks to cut rates further.”

Last month, the Monetary Board slashed benchmark interest rates by 25 bps to bring the policy rate to 5.5%, putting its rate-cut cycle back on track after an unexpected pause in February as officials considered the potential impact of the broad uncertainty brought about by the Trump administration’s shifting trade policies on the Philippine economy.

The BSP has now cut borrowing costs by 100 bps since it began its easing cycle in August last year.

Last week, BSP Governor Eli M. Remolona, Jr. said that the Monetary Board could deliver two more 25-bp cuts this year, with the next reduction on the table as early as next month’s meeting.

The BSP chief said cooling inflation gives them “plenty of room” to ease their policy stance further, although they don’t want to cut “too much” as this could stoke prices anew.

After the June 19 review, the Monetary Board’s remaining meetings are scheduled for August, October and December.

Meanwhile, ING said that the peso may weaken anew in the coming months following its recent surge as market risks due to global trade developments could affect the economy.

“While the Philippines is largely a domestic demand-driven economy, tariffs and the global trade slowdown are likely to impact export growth and BPO (business process outsourcing) business negatively in 2025,” it said.

“Balance of payments (BoP) weakness persisted into the first quarter of 2025. Consequently, we anticipate the PHP to exhibit a mild depreciation bias,” it added. “However, this view could be challenged by potential further dollar weakness and comments from the BSP indicating limited intervention to curb peso strength in such a scenario.”

The central bank earlier said it normally refrains from intervening in the foreign exchange market and only does so in “small amounts” when necessary to curb speculation and keep markets orderly.

The peso has been trading at the P55 level this month due to broad dollar weakness after moving around the P57-P58 range for most of the first quarter as Mr. Trump’s policy announcements following his return to the White House in January roiled global financial markets.

The local unit last week hit near two-year highs as the dollar was under pressure after Moody’s Ratings cut the United States’ triple-A credit rating but has since weakened.

On Thursday, the peso closed at P55.73 against the greenback, down by 25.5 centavos from Wednesday’s finish, after a US court ruling blocking most of Mr. Trump’s “Liberation Day” reciprocal tariffs announced in April lifted the dollar.

Year to date, the peso is still up by P2.115 or 3.8% from its end-2024 close of P57.845. — Luisa Maria Jacinta C. Jocson

PEZA hopes to attract more Chinese investments in electronics, automotive

May 30, 2025 | 12:33 am

electronics-worker — A WORKER adjusts a machine at a manufacturing facility in Manila, Dec. 10, 2008. — REUTERS

By Justine Irish D. Tabile, Reporter

THE PHILIPPINE Economic Zone Authority (PEZA) is hoping to attract more Chinese investments in key sectors, including electronics and automotive, amid increased interest from Beijing.

PEZA Director-General Tereso O. Panga said he is participating in an investment mission in Shenzhen, which will last until Friday.

“They have good reception for the Philippines. In fact, investments from China were bigger compared to Japanese investments for the January-to-April period,” Mr. Panga told BusinessWorld.

Asked what the areas of interest for the mission are, he said, “electronics, electric vehicles, automotive, renewable energy, storage solutions, and textiles, among others.”

As of end-2024, PEZA hosted 118 Chinese locators accounting for over P8 billion in investments and more than 16,000 jobs.

Mr. Panga noted that investments coming from the United States, South Korea, and China have increased in the first few months of 2025 despite lingering geopolitical uncertainties.

In the January-to-April period, PEZA approved P63.523 billion in investment pledges, surging by 112.06% from P29.955 billion in the same period last year.

Most of the investments came from South Korea, the US, and China, which accounted for P10.45 billion, P2.53 billion, and P2.17 billion, respectively.

These brought total investment approvals under the Marcos administration to P574 billion, which are expected to create over 160,000 jobs.

PEZA is also eyeing proclamations of at least 30 new economic zones this year, particularly in Central Luzon, Cebu, and Mindanao.

INVESTMENT FACILITATION
Facilitating investments, improving the business environment, and streamlining government processes will help propel Philippine gross domestic product (GDP) growth to as high as 8-10%, according to the Research, Education, and Institutional Development (REID) Foundation, Inc.

“We can start dreaming of 8% towards the second half of the next administration. But right now, I think we should be happy to increase that by at least 6.5%,” Ronilo M. Balbieran, e-commerce, digitalization, infrastructure, policy, and planning specialist at REID, told reporters on the sidelines of an Anti-Red Tape Authority (ARTA) event on Thursday.

“I believe that we will hit 6.5% growth within the next three years, and hitting 8% will be in the first half of the next administration. But the challenge is to have it consecutively, and I think we can hit that in the second half of the next administration.”

However, this high-growth path can only be achieved if the government is able to “completely, consistently, and systematically” implement its streamlining and digitalization efforts, Mr. Balbieran said.

“If you are able to facilitate the creation of businesses and registration of investments for them to fully realize their investment plans, then actual businesses and jobs will be created and incomes will be earned that will lead to increased consumption,” he said.

“That is what is called the circular flow of income, where you can actually expand the economy because you will have production, employment, and income spending. That is the role of the government: to make sure that the circular flow of income continues to circulate.”

Apart from streamlining processes, he said the government should further push digitalization through the passage of the E-Governance Act.

“First you streamline, and then you digitalize. Because even if you streamline, if you do not digitalize, people will still be going to the government offices,” Mr. Balbieran said.

If the government can deliver interconnected services, including sharing information across agencies, businessmen and potential investors will be able to save time on documentary and other regulatory requirements.

“If that time is saved, it can be refocused on actually creating more ideas for businesses and how to create the next product. It’s a waste if you’re in line at a government agency when you could have just been thinking about team building and strategic planning for the company,” he said.

“That will let them actually create more ideas. Business creation is nothing but creating ideas for what the people need and then producing them so that jobs are created and incomes are made.”

This is essential for the more “sophisticated” sectors like transportation, telecommunications, mining, and energy, he added.

“Those are crucial industries in which, although we have actually made significant progress in streamlining the processes and reducing documentary requirements, I think there is much reform to be made moving forward. We still have a lot to improve.”

ARTA Secretary Ernesto V. Perez said his office is working with the Asian Development Bank in uploading the end-to-end inventory of regulations for renewable energy (RE) and digital connectivity by the second quarter for easier reference for potential investors.

“The cost of doing business in the country is quite high, so by doing this, we will be able to reduce the energy cost by streamlining the permitting process for RE and digital infrastructure projects,” he said.

“This is a policy-based loan arranged by the Department of Finance… We are also working out other sectors like responsible mining, water management, mining, semiconductors, and socialized housing,” he added.

These sector-focused initiatives are on top of the 30,000 regulations that will be uploaded in the Philippine Business Regulation Information System (PBRIS) through their partnership with the University of the Philippines (UP) Office of the National Administrative Register (ONAR), Mr. Perez said.

Government agencies are required to register their regulations with the UP ONAR, which ARTA can tap through the partnership to expedite the process of filling up the PBRIS.