Facebook Instagram Linkedin X Youtube
Home Blog Page 1362

GreatWork to open 3 new branches in 2026, including first overseas site

GREATWORKGLOBAL.COM

LOCAL flexible workspace provider GreatWork Global Workspaces plans to open three new branches in 2026, including its first international location, the company’s top official said.

“Next year, we have three in the pipeline, but we are, of course, timing the market,” GreatWork Founder Jettson P. Yu said in an interview with BusinessWorld.

“We are timing a lot of factors, including global uncertainties and the sentiments of companies regarding the expansion of their footprint around the world,” Mr. Yu said.

The company is eyeing its first overseas expansion in the Asia-Pacific region, alongside two new domestic branches — one in the Visayas-Mindanao area and another in Central Luzon.

GreatWork offers build-to-suit private offices, coworking spaces, meeting rooms, and virtual office addresses.

At present, the company operates three branches in Metro Manila. Its first regional site, located in Bacoor, Cavite, is scheduled to open by yearend.

GreatWork ended the first half of the year with an 88% to 89% occupancy rate, driven by new signups from government and business process outsourcing tenants.

Mr. Yu said the company aims to open at least one new branch every six months.

Founded in 2018, GreatWork was established to meet demand for affordable, high-quality shared workspaces suited for smaller companies.

“In 2018, many office spaces were occupied, and many companies with 100 employees or less wanted to be in nice buildings, but they couldn’t get in,” he said in mixed English and Filipino. “That’s why I started GreatWork to bridge that gap.”

He added that many companies are outsourcing their workspace requirements to focus on business growth and innovation.

Tenant rates are expected to remain stable, Mr. Yu said.

“We work with office building owners with excess space in their building, and we come up with a partnership that’s designed to still make GreatWork competitive in pricing,” he said.

Mr. Yu noted that one of the key challenges for a homegrown workspace brand is overcoming the perception that its furnishings and services are inferior to those of global providers.

“When I started GreatWork, I already made sure that it would eventually become a global brand,” he said.

“What we did, branding-wise, is position GreatWork to focus on quality furnishings, fit-outs, and services. At the same time, we embraced competitive pricing compared to multinationals.” — Beatriz Marie D. Cruz

Mission: Impossible composer Lalo Schifrin, 93

Lalo Schifrin is best known for composing the theme of Mission Impossible, which was used for the original TV show and the subsequent film series. — IMDB

ARGENTINE MUSICIAN Lalo Schifrin, composer of the memorable Mission: Impossible theme and the scores for dozens of Hollywood movies and TV shows, has died at age 93, media outlets reported on Thursday.

Mr. Schifrin’s son, William, confirmed his father’s death, The Hollywood Reporter said. An agent for Mr. Schifrin did not immediately respond to an e-mail from Reuters.

Born in Buenos Aires, Mr. Schifrin became a fan of American jazz in his teens. He was also a pianist and conductor.

Mr. Schifrin received six Oscar nominations for movie scores that included the 1967 film Cool Hand Luke and The Amityville Horror in 1979.

He won four Grammys, including one for the Mission: Impossible theme set to an unconventional 5/4 time signature. The song was written for the CBS television spy drama that debuted in 1966 and became a blockbuster film franchise still running today.

Mr. Schifrin received an honorary Oscar for his lifetime of work in 2018. Clint Eastwood presented him with the award. — Reuters

Trump’s ‘big, beautiful bill’ to further tarnish Treasuries’ luster

TOKYO/SINGAPORE — As the Trump administration’s “big, beautiful bill” grinds its way through the US Senate, incentives are growing for foreign investors to diversify out of US Treasuries losing sheen from prospects of deficit spending and inflation-boosting tariffs.

President Donald J. Trump’s sweeping tax cut and spending measure will boost US debt by $3.3 trillion, the nonpartisan Congressional Budget Office estimates, while runaway deficits and swelling debt led Moody’s to cut its credit rating in May.

“Definitely I’m concerned about the fiscal deficit expansion,” said Toshinobu Chiba, a Tokyo-based rates and credit fund manager for Simplex Asset Management.

Mr. Chiba said he has been using futures to shift away from Treasuries and into European debt, but aims to move that trade to the cash bond market when Mr. Trump’s “big, beautiful bill” passes and inflation expectations tick upwards.

“I think the first options should be Europe, especially the bunds and French bonds, and also Australia and Singapore are options for global investors.”

Traditionally a refuge for markets, Treasuries have been volatile since April, becoming less attractive for overseas investors as Mr. Trump’s erratic policies on tariffs and taxes drove them to pare exposure to the dollar and US markets.

US Treasury International Capital (TIC) data shows foreign money leaving US short and long-term debt and banking flows stood at a net $14.2 billion in April, the same month that Mr. Trump rattled global markets with his “Liberation Day” tariffs.

The US national debt has increased fourfold in less than 10 years to some $36 trillion, with about $29 trillion held publicly.

Japan is the biggest external holder of Treasuries with $1.13 trillion, followed by Britain with $807.7 billion and China with $757.2 billion, TIC data show.

Treasuries fell in the aftermath of the tariff news, with benchmark 10-year yields reaching as high as 4.629% on May 22 before settling down to about 4.277%. Treasury 10-year yields have swung between 3.9% and 4.629% since April.

Passage of Mr. Trump’s long-simmering bill would give investors another reason to fret about the state of US finances.

Senators debating the measure in a marathon weekend session were expected to pass it late on Monday and in the Asian trading day on Tuesday.

Senate Republicans are set on using an alternative calculation method for the bill’s cost that does not factor in extending the 2017 tax cuts and seems to save $500 billion, according to an analysis by the Bipartisan Policy Center.

Prospects for even wider deficits in the US may compel European investors to dump Treasuries and bring their money home, said Gustavo Medeiros, London-based global head of research at emerging markets investment manager Ashmore Group.

When Treasuries and other major bond markets sold off in April, the Bund market held firm.

Though the amount of German debt is also growing after the new government’s trillion euro defense and infrastructure spending push, Europe’s biggest economy is the only Group of Seven member with a debt-to-GDP ratio below 100%, bolstering its safe-haven credentials.

“That not only creates an upward, better opportunity for the equity markets, but it also is going to increase the issuance of risk-free German bunds and pan-European debt,” Mr. Medeiros said.

“So you’re going to have a lot of incentive for capital to come back.”

Yet a widespread sell-off is unlikely, despite fiscal concerns over Mr. Trump’s spending bill that are expected to steepen the Treasury yield curve as investors demand higher returns to hold US debt for longer, said analyst Masahiko Loo.

“The reduction in foreign US Treasury holdings has been a long-term structural trend rather than a sudden exodus,” said Loo, a senior fixed-income strategist at State Street.

“It is a ‘diversification, not divestment’ story with foreign investors, particularly in Asia.”

Hemant Mishr, group CIO of SCUBE Capital, is also betting on a steeper Treasury curve.

“The markets are worried and US risk premiums will further widen,” he said. “We expect US credit default swaps to continue quoting at a substantial premium to similarly rated sovereigns.” — Reuters

Gokongwei Group taps Vantage Energy to power 35 properties

Seen in photo are (top row, L-R) Robinsons Supermarket Corp. Managing Director Christine O. Tueres, Universal Robina Corp. Chief Technology Officer David J. Lim, Universal Robina Corp. Vice-President for Quality Assurance Jesselyn Protacio-Panis, (bottom row, L-R) RL Commercial REIT Inc. President and Chief Executive Officer Jericho P. Go, Robinsons Land Corp. Executive Vice-President and General Manager Commercial Center Division Faraday D. Go, JG Summit Holdings Inc. President and Chief Executive Officer Lance Y. Gokongwei, Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan, and Vantage Energy President Ernesto M. Cabral.

VANTAGE ENERGY, an affiliate retail electricity supplier (RES) of Manila Electric Co. (Meralco), has entered into a power supply agreement with the Gokongwei Group to serve 35 of its key properties nationwide.

The retail electricity supply deal covers facilities of Robinsons Land Corp., Robinsons Supermarket Corp., and Universal Robina Corp. (URC), with a portion of the contracted power to be sourced from renewable energy, the company said in a media release on Monday.

Robinsons Land is the property arm of JG Summit Holdings, Inc., the flagship conglomerate of the Gokongwei Group. URC is engaged in food and beverage manufacturing, while Robinsons Supermarkets, a subsidiary of Robinsons Retail Holdings, Inc., operates a nationwide supermarket chain.

“This commitment to renewable energy empowers the Gokongwei Group to wholeheartedly pursue our sustainability targets, knowing that we have strong, forward-thinking partners aligned with our environmental stewardship goals,” JG Summit President and Chief Executive Officer Lance Y. Gokongwei said.

Vantage Energy, the first affiliate RES of Meralco, supplies electricity to contestable customers outside the power distributor’s franchise area.

“Our partnership spans over half a decade now, with contestable properties recently added — some of which are already transitioning to renewable energy supply. This expansion reflects our aligned commitment to transforming shared values into meaningful, measurable progress toward a sustainable future,” Vantage Energy President Ernesto M. Cabral said.

Meanwhile, Meralco’s local RES unit MPower recently expanded its contract with the Gokongwei Group to deliver electricity to several of its major facilities in Luzon.

MPower supplies power to contestable customers, including large corporations within Meralco’s franchise area. It currently holds over a 25% share of the Competitive Retail Electricity Market (CREM) within Meralco’s coverage area.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Philippines ranks 79th in Climate Finance Vulnerability Index

The Philippines ranked 79th out of 188 countries in the inaugural Climate Finance Vulnerability Index (CliF-VI) by the Columbia Climate School’s National Center for Disaster Preparedness. The index measures and scores a country’s preparedness to handle climate shocks in pessimistic scenarios until 2050 by quantifying climate risk and financial vulnerability factors. The country scored 47.6, an average of both the climate risk value and financial vulnerability value. A lower CliF-VI score means minimal exposure to climate risks and less financial vulnerability.

Philippines ranks 79<sup>th</sup> in Climate Finance Vulnerability Index

How PSEi member stocks performed — June 30, 2025

Here’s a quick glance at how PSEi stocks fared on Monday, June 30, 2025.

Exporters remain ‘in the dark’ about eventual US tariff rate

US PRESIDENT Donald Trump delivers remarks on tariffs in the Rose Garden at the White House in Washington, DC, April 2, 2025. — REUTERS

By Justine Irish D. Tabile, Reporter

PHILIPPINE EXPORTERS remain cautious in the face of the uncertainty posed by the US tariff regime, but are hoping that US President Donald J. Trump views the Philippines as a “friendly country.”

Foreign Buyers Association of the Philippines (FOBAP) President Robert M. Young said exporters still have “no clear information” about what tariffs will be assigned by Washington once the pause on the reciprocal tariff ends next week.

All exporters have to go on is that US Treasury Secretary Scott Bessent’s description of negotiations with the Philippines as having gone well, he said.

“It is most likely that we will be left without a choice but to be reverted to the (17%) April 2nd tariff rate or stay at 10%, depending on whether Trump deems the Philippines a friendly country negotiating in good faith,” Mr. Young told BusinessWorld on Monday.

“We are all in the dark indeed  … But FOBAP’s prayer is to have the most minimum tariff increase in order to (boost) our still struggling economy,” he added.

On April 2, Mr. Trump announced tariffs on most of its trading partners, with the Philippines being assigned the second-lowest rate in Southeast Asia at 17%. This has since been put on hold for 90 days to give time for negotiations. The pause ends on July 9 while trade delegations negotiate new deals with Washington.

In a Bloomberg report, Mr. Bessent was quoted as saying that Mr. Trump has threatened to impose new duties above the provisional 10% baseline rate for most trading partners, mostly smaller countries that do not reach deals by next Wednesday.

However, he said that about 20 countries “could continue negotiating but would see their tariff rates reverted to the higher April 2 rate or stay at 10% if they are deemed to be negotiating in good faith.”

In early May, a Philippine delegation led by Secretary Frederick D. Go, the Special Assistant to the President for Investment and Economic Affairs, and Trade Secretary Ma. Cristina A. Roque met with the US Trade Representative (USTR) to negotiate lower tariffs.

Following the meeting, the government created a technical working group to continue talks with the USTR. It was led by Trade Undersecretary Allan B. Gepty.

Asked to comment, Mr. Gepty said that negotiations with US counterparts are “still in progress.”

BoI pitching investors in Spain on 2 solar projects

THE Board of Investments (BoI) said it is making presentations about two major solar projects at a conference in Spain, to potential “impact-driven partners.”

“At the (conference) in Seville, the BoI will spotlight investor-ready renewable energy projects and engage with impact-driven partners, as it positions the Philippines as a prime destination for sustainable and inclusive investment,” the BoI said in a social media post.

In particular, the BoI will present the 76.65-megawatt Isabel Solar Project in Leyte and the 49.9-megawatt Libmanan Solar Project in Camarines Sur.

Proposed by Zenith Renewable Energy Corp. (ZREC), the ground-mounted Libmanan Solar Project is estimated to cost $33 million.

“ZREC is seeking $28 million in equity funding in exchange for an 85% ownership stake in the project,” BoI said.

Colombia, Costa Rica, Malawi, Pakistan, Paraguay, Papua New Guinea, Tanzania, and Ethiopia are also pitching bankable energy projects at the conference.

The conference is known as the 4th International Conference on Financing for Development and runs until July 3. It is billed as a platform for mobilizing private finance and investment for sustainable development.

The conference gathers participants from government, international, and regional organizations; financial and trade institutions; businesses; civil society; and the UN System.

In a separate statement, the BoI said it completed the Cebu and Davao legs of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act Roadshow.

During the roadshow, Mariane Genelou S. Reyes, chief investments specialist at the BoI’s Research and Policy Division, also presented an overview of the Strategic Investment Priority Plan (SIPP).

According to Ms. Reyes, the BoI has approved P3.38 trillion worth of investments since the SIPP took effect in June 2022 until December 2024.

“The top-performing sectors included renewable energy, which accounted for P2.58 trillion; digital infrastructure (P295.14 billion); and logistics and supply chain-related investments (P168.24 billion),” she said.

“These figures demonstrate the country’s strong positioning to attract high-value, sustainable, and forward-looking investments,” she added. — Justine Irish D. Tabile

21 renewable projects forwarded to NGCP for grid impact studies

PHILSTAR FILE PHOTO

THE Department of Energy (DoE) endorsed 21 energy projects in May for system impact studies (SIS) by the National Grid Corp. of the Philippines (NGCP).

“In May 2025, the DoE issued 21 SIS endorsements, including 17 new applications and four amendments,” the DoE said in a document posted on its website.

The SIS determines the adequacy and capability of the grid to accommodate the new connection.

The DoE issued SIS endorsements to 18 renewable energy projects, of which three solar projects are equipped with energy storage systems. It also endorsed three standalone battery energy storage systems (BESS).

For wind, the DoE endorsed Mainstream Renewable Power Philippines Corp.’s 375-megawatt (MW) Abra de Ilog project; Amihan Power, Inc.’s 304-MW Garchitorena project; and CI San Jose Corp.’s 260-MW San Nicolas onshore project and 279-MW Santa Fe onshore project.

Others that received SIS endorsements include Freya Renewables, Inc.’s 200-MW Dumangas wind project and 192-MW Silay wind project; and Envision Energy Philippines Corp.’s 200-MW Cauayan wind project.

SE Renewable Energy, Inc. received SIS endorsements for its 104-MW Balayan, Batangas wind project, 96-MW San Juan wind project, and 90-MW Lucban wind project.

The solar projects include Northern Sun Power, Inc.’s 351.436-megawatt-peak (MWp) Currimao project and Northern Sun Radiance, Inc.’s 188.644-MWp San Marcelino Floating Solar project.

Also endorsed were solar power projects equipped with energy storage systems such as Visayas Cleanergy, Inc.’s 416.102-MWp Cadiz solar project with a 390.254-megawatt-hour (MWh) BESS; North Luzon Green Power, Inc.’s 187.044-MWp Talingaan-Laoag solar project with a 276.954-MWh BESS; and South Cleanergy, Inc.’s 239.560-MWp Luna solar project with a 306.000-MWh BESS.

Baguio Asin Hydropower Corp.’s three hydroelectric power projects with a combined capacity of 12 MW were also cleared to undergo grid impact study.

Clearances were also issued for The Ark Green Dynamic Storage System Resources Corp.’s 40.12-MWh  Laguindingan BESS and 40.12-MWh Barotac Viejo BESS; and Mindanao Energy Development Corp.’s 55-MWh BESS.

For the five months to May, the DoE endorsed 43 power projects, of which 30 are renewable energy, 11 ESS, and two conventional. — Sheldeen Joy Talavera

Philippine corporate governance hindered by highly concentrated ownership, OECD says

PHILIPPINE STAR/KRIZ JOHN ROSALES

CONCENTRATED corporate ownership, particularly among family owned listed firms, undermines corporate governance, the Organisation for Economic Co-operation and Development (OECD) said.

“Concentrated ownership… can undermine corporate governance,” it said in its Asia Capital Markets Report issued last week.

The OECD described the Philippines’ concentration of corporate ownership as among the highest in Asia.

“The average equity held by the three largest shareholders in each company exceeds 50% in 11 out of 18 countries,” it said.

Ownership concentration is particularly high in Mongolia (75%), Sri Lanka (73%), Indonesia (71%) and Philippines (63%).

“These ownership structures often blur the lines between ownership and management, which can lead to the appointment of successors based on family ties or loyalty rather than qualifications, increasing the risk of poor leadership and weak oversight,” it said.

The OECD said corporate governance weaknesses and concentrated ownership structures continue to weigh on investor confidence in some Asian markets.

It said such controlling shareholders may choose to benefit themselves at the expense of minority shareholders through related-party transactions, asset transfers or the appropriation of company resources for personal or familial use.

The OECD warned that this could undermine value for outside investors and dampen transparency, accountability and long-term corporate performance.

“Regulatory enforcement is particularly limited in parts of Southeast Asia, including in jurisdictions such as Indonesia and the Philippines,” it said.

The OECD cited limited financial, human and technical resources as factors that constrain the enforcement of corporate governance frameworks.

“There is other evidence of constraints in regulatory capacity in the region. For example, in Indonesia and the Philippines, the number of insider trading cases reported is very low, suggesting limited enforcement activity due to a lack of investigative resources,” it said. — Aubrey Rose A. Inosante

Konektadong Pinoy’s lighter regime deemed attractive to tech investors

STOCK PHOTO | Image by DC Studio from Freepik

THE Konektadong Pinoy bill is expected to demonstrate a simplified regulatory regime to foreign investors that will serve to attract investors in digital infrastructure, the Financial Executives Institute of the Philippines (FINEX).

FINEX said on Monday that the bill will address long-standing gaps in digital infrastructure by, among others, removing the congressional franchise requirement for internet service providers.

“The bill sends a strong signal to global technology firms and hyperscalers looking to expand in Southeast Asia. Streamlining the regulatory environment could help the Philippines attract foreign investment in data centers, cloud infrastructure, and digital services, critical enablers for a modern, competitive economy,” FINEX said.

The Konektadong Pinoy bill is now with the Palace for President Ferdinand R. Marcos, Jr.’s signature. It had been ratified by legislators in both chambers of Congress.

The measure also relieves new data transmission entrants of the need to obtain a certificate of public convenience and necessity.

The Philippine Chamber of Telecommunications Operators has declared its opposition to the bill on cybersecurity grounds.

The measure also directs the government to incentivize participants in the data transmission industry to invest in, adopt, roll out, implement, establish, own, maintain, operate, or utilize new and next-generation technologies, with priority given to unserved or underserved areas.

“The bill sends a strong signal to global technology firms and hyperscalers looking to expand in Southeast Asia. Streamlining the regulatory environment could help the Philippines attract foreign investment in data centers, cloud infrastructure, and digital services, critical enablers for a modern, competitive economy,” FINEX said.

FINEX said it also supports reforms that align policy with inclusive growth and encourages reform and upgrade of digital transformation.

“Furthermore, the shift away from legislative franchises must be complemented by clear and transparent regulatory processes to prevent fragmentation and ensure a level playing field,” it said. — Ashley Erika O. Jose

Low inflation masks price hikes at sari-sari stores, study finds

BW FILE PHOTO

PRICES of various goods sold in mom-and-pop outlets, known in the Philippines as sari-sari stores, continue to increase despite a decline in inflation, a study by tech startup Packworks found.

“Key findings include significant retail price increases across the board for items like baby oil and baby powder,” Packworks said in a statement.

In particular, it said that a 50-milliliter bottle of Johnson’s regular baby oil increased 17% to P49 in 2025 compared to 2023 levels.

It added that prices of 100-gram packs of Tender Care baby powder also rose 25% to P50.

“These price hikes were observed in at least five regions: Ilocos Region (Region I), Cagayan Valley (Region II), Central Luzon (Region III), Mimaropa (Region IV-B), and Bicol Region (Region V),” it added.

Packworks also found price increases of at least 13% in 11 confectionery and snack stock-keeping units.

These include 50-gram Lala Fish Crackers Classic, which saw a 27% increase to P23, and 150-gram Fres candy, which rose 16% to P42.

Price increases were also seen in premium rice, which rose to P295 per five-kilogram pack.

Packworks Chief Data Officer Andoy Montiel said the study reveals how a slight increase in the products’ wholesale purchase price affects end-consumer pricing.

“Sari-sari stores are known for their thin profit margins. While they operate as viable businesses, they also serve as extended pantries and community hubs for their neighbors,” he said.

“Even a slight increase in wholesale prices reveals how vulnerable micro-retailers are to cost shifts upstream. This creates a ripple effect, especially in low-income communities where these stores are the primary source of daily essentials,” he added.

According to Packworks, the price increases coincide with the declining inflation rate, which hit a low of 1.3% in May.

“Our latest analysis reveals gaps between national macroeconomic reports and the grassroots micro-retail reality,” Packworks Chief Executive Officer Bing Tan said.

“These insights can act as early indicators to inform distribution chains and policymakers of where support and aid are most needed,” he added. — Justine Irish D. Tabile

1...1,3611,3621,363...14,238Page 1,362 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube