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Local stocks edge higher on Fed, BSP easing bets

REUTERS

PHILIPPINE STOCKS edged higher on Thursday after the US Federal Reserve signaled two cuts this year and before the Bangko Sentral ng Pilipinas (BSP) delivered a second straight reduction in benchmark interest rates.

The benchmark Philippine Stock Exchange index rose by 0.3% or 19.58 points to close at 6,357.01, while the broader all shares index went up by 0.16% or 6.39 points to 3,779.18.

“Philippine shares closed moderately higher ahead of the BSP decision and right after the Fed held rates steady. The Fed committee also signaled two cuts this year, while warning of slower growth and higher inflation,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“The local market rose on expectations that the BSP would cut their policy rates in their Monetary Board meeting,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. “Investors are also looking forward to the two policy rate cuts that the Fed has projected for this year.”

Overnight, Fed policymakers held rates steady as expected and retained projections for two quarter-point rate cuts this year, Reuters reported.

However, Fed Chair Jerome H. Powell struck a cautious note about further easing ahead, saying at his press conference later that he expects “meaningful” inflation ahead as a result of US President Donald J. Trump’s aggressive trade tariffs.

Meanwhile, the BSP slashed its target reverse repurchase rate by 25 basis points (bps) to 5.25% at its policy meeting on Thursday, as forecasted by 15 out of 16 analysts in a BusinessWorld poll.

The Monetary Board has now reduced benchmark borrowing costs by 125 bps since it began its easing cycle in August last year. BSP Governor Eli M. Remolona, Jr. said they could deliver one more 25-bp cut this year, depending on the data.

The majority of the sectoral indices closed higher on Thursday. Financials went up by 1.08% or 25.01 points to 2,329.07; property climbed by 0.28% or 6.35 points to 2,252.37; industrials increased by 0.21% or 19.31 points to 9,169.59; and holding firms rose by 0.07% or 3.77 points to 5,418.92.

Meanwhile, mining and oil fell by 1.11% or 110.64 points to 9,789.05 and services went down by 0.26% or 5.88 points to 2,213.64.

“Emperador, Inc. led the index members, climbing 1.94% to P15.80. ACEN Corp. was at the tail end, falling 1.53% to P2.58,” Mr. Tantiangco said.

Value turnover went down to P4.43 billion on Thursday with 983.05 million shares exchanged from the P5.28 billion with 2.91 billion issues traded on Wednesday.

Decliners edged out advancers, 91 versus 90, while 57 names were unchanged.

Net foreign buying was at P353.15 million on Thursday, a turnaround from the P254.69 million in net selling recorded on Wednesday. — Revin Mikhael D. Ochave with Reuters

PhilHealth expands package for kidney transplant patients

INTERAKSYON/ROMSANNE ORTIGUERO/PHILSTAR FILE PHOTO

THE Philippine Health Insurance Corp. (PhilHealth) on Thursday launched its expanded package for kidney transplant patients, upping the number of covered sessions to 156 from 144, among other new benefits.

During a visit to the National Kidney and Transplant Institute (NKTI), President Ferdinand R. Marcos, Jr., announced that the new “Z Benefits Package for Post-Kidney Transplantation Services” has increased coverage P6,350 per session from P4,000. This is equivalent to a total coverage of P990,000 per person, up from P600,000.

The package also covers both adult and pediatric patients with stage 5 chronic kidney disease (CKD) who have undergone kidney transplants. It aims to ease the financial burden on patients and their families, enhance long-term health outcomes, and promote equitable access to quality care to advance the goals of Universal Health Care.

According to the NKTI, the CKD rate in the country stands at 35.94%, much higher than the global average of 9.1% to 13.4%.

Health Secretary Teodoro J. Herbosa attributed this high rate to diabetes and hypertension complications, noting the typical Filipino foods that are high in salt and sugar.

Under the expanded benefits package, pediatric patients with stage 5 CKD who have undergone a transplant are entitled to the following: P73,065 monthly for immunosuppressive medications during the first year; P41,150 to P45,570 monthly for immunosuppressive drugs and prophylactic antibiotics in the succeeding years; P37,585 every three months for laboratory services during the first year; and P14,078 every three months for laboratory services in the succeeding years.

Meanwhile, adult post-kidney transplant patients are eligible for the following benefits: P40,725 per month for immunosuppressive medications; P18,932 every six months for additional treatment support; P11,242 every three months for laboratory services during the first year; and P8,125 every three months for laboratory services in the succeeding years.

Living kidney donors are also covered and will receive P1,900 every six months for laboratory tests and treatment under PhilHealth.

PHILHEALTH 2026 BUDGET
In a related development, PhilHealth President and Chief Executive Officer Edwin M. Mercado expects to allocate as much as P300 billion for benefit packages this year, including expanded coverage for kidney transplant patients.

“That amount includes new benefits such as the post-kidney transplant package,” he told Palace reporters. “We’re expecting total benefit outlays to reach P300 billion for this year.”

As the new Congress prepares to tackle the 2026 national budget, Mr. Mercado said PhilHealth is finalizing its funding request based on projected disease incidence rates and the expected adoption curve of newly introduced benefit packages.

“When we roll out a new benefit, there’s a ramp-up period before members fully take it up,” he noted, adding that operational lead time and information dissemination among members contribute to gradual uptake.

He said the agency is working on a three- to four-year benefit projection plan, which it will present to lawmakers during upcoming budget deliberations.

PhilHealth received zero government subsidy for 2025 under the General Appropriations Act, to which many health advocates lamented and noted the poor situation of public health in the country. — Chloe Mari A. Hufana

Sara to skip Marcos SONA

PRESIDENT FERDINAND R. MARCOS, JR. — PHILIPPINE STAR/KJ ROSALES

VICE-PRESIDENT Sara Duterte-Carpio has informed the House of Representatives that she will not attend President Ferdinand R. Marcos, Jr.’s annual speech, a top House official said on Thursday.

Ms. Duterte sent a letter to the House saying she will skip Mr. Marcos’ fourth State of the Nation Address (SONA), House Secretary-General Reginald S. Velasco told reporters.

“We have received a letter from the office that she is not attending,” he said, adding that the Vice-President did not give a reason why she intends on skipping the yearly state address.

Ms. Duterte also skipped Mr. Marcos’ SONA last year, calling herself a “designated survivor” in reference to a US government practice where a Cabinet official avoids the President’s annual address to preserve the line of succession in case of catastrophe.

The Vice-President’s statement drew the ire of several congressmen, who said her remark could cause unnecessary alarm and fear among the public.

But the House will still prepare her accommodation at the Batasang Pambansa complex, where Mr. Marcos will deliver his annual speech, should she change her mind, said Mr. Velasco.

“We are not excluding the possibility that she will attend,” he said. “There will be a seat reserved… so if she decides to come, there will be a seat for her.” — Kenneth Christiane L. Basilio

Marcos retains some GOCC heads

President Ferdinand R. Marcos, Jr. has ordered the heads of state-owned companies to file their courtesy resignations. — PHILIPPINE STAR/KJ ROSALES

PRESIDENT Ferdinand R. Marcos, Jr., has retained six government-owned and controlled corporation (GOCC) heads amid his “bold reset” call, the Palace said on Thursday.

These include Government Service Insurance System (GSIS) President and General Manager Jose Arnulfo A. Veloso, Land Bank of the Philippines President and Chief Executive Officer (CEO) Lynette V. Ortiz, Development Bank of the Philippines (DBP) President and CEO Michael O. de Jesus, National Irrigation Administration (NIA) Administrator Eduardo Eddie G. Guillen, Philippine Charity Sweepstakes Office (PCSO) General Manager Melquiades A. Robles, and Philippine Health Insurance Corporation (PhilHealth) President and CEO Edwin M. Mercado.

However, Mr. Marcos has also accepted the courtesy resignations of the following officials: Presidential Legislative Liaison Office Mark Llandro L. Mendoza; Presidential Adviser on Military and Police Affairs, Secretary Roman A. Felix; and Philippine National Oil Company Renewables Corporation Pres. and CEO John J. Arenas.

This came a month after he publicly called for a “bold reset” of his administration, signaling dissatisfaction with the pace and quality of government service delivery halfway through his six-year term. — Chloe Mari A. Hufana

Marcos leaves for World Expo in Japan

Philippine President Ferdinand R. Marcos, Jr. arrives in Melbourne on Sunday afternoon for a three-day summit between Australia and the Association of Southeast Asian Nations (ASEAN). — PPA POOL PHOTO

PRESIDENT Ferdinand R. Marcos, Jr., left for Osaka, Japan, on Thursday to attend business meetings and meet with Filipinos based in the East Asian country, Malacañang said.

Mr. Marcos will attend the World Expo 2025 in Osaka to boost tourism in the Philippines, Palace Press Officer Clarissa A. Castro said. He is expected to return to Manila over the weekend.

“The President’s visit there is to inaugurate, visit, and showcase the Philippine pavilion at the upcoming World Expo in Osaka 2025,” she added in Filipino. “It features, of course, our rich cultural heritage and beautiful landscapes. This is part of our efforts to further promote tourism in the country.”

The chief executive named Executive Secretary Lucas P. Bersamin, Agrarian Reform Secretary Conrado M. Estrella III, and Education Secretary Juan Edgardo M. Angara as government caretakers while he is away. — Chloe Mari A. Hufana

LANDBANK removed from HLI case

LAND BANK OF THE PHILIPPINES/BW FILE PHOTO

THE COURT of Appeals has removed the LAND BANK of the Philippines (LANDBANK) as a party respondent to the compensation case for Hacienda Luisita, Inc. (HLI).

“LANDBANK wishes to clarify that the Bank was dropped as a party respondent to the just compensation case [CA-G.R. SP No. 180821, “Hacienda Luisita, Inc (HLI). vs. Land Bank of the Philippines and the Department of Agrarian Reform (DAR)”] by the Court of Appeals (CA) in its decision on April 30, 2025” the state-run lender said in a statement on Thursday.

In a decision, dated April 25, the appellate court special twelfth division ordered LANDBANK and DAR to pay HLI P28.49 billion as just compensation for the government’s takeover of the Cojuangco-owned land, without prejudice to the accrual of interest until fully paid.

LANDBANK said the amount to be paid to HLI is chargeable against the Agrarian Reform Fund (ARF), which is government owned and administered by the DAR.

“LANBANK’s designated role is as custodian of the ARF, in charge of carrying out disbursement instructions by the DAR,” it said.

The state-run lender said the CA’s decision was still not final and could still be brought to the Supreme Court (SC) if the court sustains the DAR’s Motion for Reconsideration.

“The CA decision is not yet final and executory. A Motion for Reconsideration was filed by the DAR in May 2025 and is awaiting resolution. If sustained by the CA, DAR may elevate the case to the SC,” LANDBANK said.

LANDBANK’s net income rose by 10.96% year on year to P13.288 billion in the first quarter amid continued loan growth. — Aaron Michael C. Sy

PhilHealth to comply with SC ruling on P89.9-B funds

PHILSTAR FILE PHOTO

STATE-RUN Philippine Health Insurance Corp. (PhilHealth) on Thursday reaffirmed its commitment to comply with whatever the Supreme Court’s (SC) decision will be on the controversial P89.9 billion fund transfer to the national government, as it awaits resolution of the case.

“There has been no official communication yet,” PhilHealth President and Chief Executive Officer Edwin M. Mercado said in Filipino during a Palace briefing. “But we, along with the Department of Health (DoH), will fully abide by whatever ruling our honorable justices hand down.”

The case involves the legality of transferring PhilHealth’s reserve funds to national coffers, a move that has drawn scrutiny over its potential impact on the country’s public health situation.

Mr. Mercado emphasized that the proceedings were conducted fairly and that all sides were given a due opportunity to present their case.

“This is because, whatever process [the case has gone through], it was fair and all sides were heard,” he added.

Last year, the high court issued a temporary restraining order, halting the transfer of P29.9 billion from PhilHealth to the national government after the initial transfer of P60 billion.

Earlier this year, the tribunal conducted oral arguments on the case, where both PhilHealth and the DoH asserted that the funds were intended for initiatives that ultimately benefited PhilHealth members.

Justices of the top court, however, raised questions on accountability, fund ownership, and the extent of PhilHealth’s fiduciary discretion.

The case is still pending resolution.

Meanwhile, the agency expects to post a negative net income this year as it ramps up spending from its accumulated surplus to expand healthcare benefits.

“For this year, we expect a negative net income,” Mr. Mercado said in Filipino. “We’re now tapping into our surplus fund, which is the right thing to do for a social health insurance institution. The money shouldn’t just be saved — it should be spent on member benefits.”

He noted that President Ferdinand R. Marcos, Jr., has directed the agency to increase utilization of funds in line with global best practices, which recommend that 85% to 90% of contributions and subsidies be spent directly on healthcare services.

“In some countries, social health insurers aren’t even allowed to maintain reserve funds. The mandate is to spend it for the people’s health.” — Chloe Mari A. Hufana

NLEX operator told to waive toll fees in Marilao northbound

PHILIPPINE STAR/MICHAEL VARCAS

THE Department of Transportation (DoTr) has directed the North Luzon Expressway (NLEX) Corp. to waive toll collection in the affected segment in Marilao area should there be sustained heavy traffic after a bridge accident.

In a notice to explain and directive issued to NLEX, Transportation Secretary Vivencio B. Dizon said that suspension is ordered until the damaged infrastructure has been fully restored and certified as safe by the government safety inspectors.

The department also directed the toll operator to provide the necessary assistance to the bereaved family after one person died, as well as to other injured passengers, hit by the bridge girder that was struck by an overweight container truck.

“The DoTr is asking for the understanding of our motorists and commuters due to this incident. The agency is expediting the repair of the affected infrastructure to immediately improve and ease the flow of traffic in the area,” it said in Filipino.

In a statement, NLEX said that it is coordinating with the DoTr, the Toll Regulatory Board, and the Philippine National Police to conduct a comprehensive investigation of the incident.

The company has committed to provide assistance to all affected and their families.

“Our company has implemented numerous measures to enhance security and strengthen enforcement against vehicles who violate regulations. Notwithstanding our continuing apprehension of vehicles which violate height limits, there are still vehicles which recklessly ignore the numerous signages that clearly indicate the bridge’s height limit,” the company said.

“We want to emphasize the importance of following all traffic rules and regulations for the safety of everyone on the road. It is a shared responsibility to protect lives, prevent accidents, and ensure that public infrastructure remains safe and functional,” it added.

NLEX is a unit of Metro Pacific Tollways Corp., which in turn, is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

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

PHL-Israel open women’s health center

DR. RONIT ALMOG demonstrates an innovative skin closure technique following a cesarean section for faster healing and improved recovery at the Women’s Health Center at Rizal Medical Center in Pasig City, launched through the Philippine and Israeli governments’ ISHA project. — EMBASSY OF ISRAEL

THE PHILIPPINE and Israeli government have established a Women’s healthcare center in Pasig City.

“The center will provide comprehensive, life-stage healthcare for women, from preconception and reproductive health to postnatal care, mental wellness, and menopause management,” the embassy said in a statement on Thursday.

The facility, located at the Rizal Medical Center (RMC) in Pasig City, also includes a care unit for women and children affected by gender-based violence. It offers medical, psychological, and forensic support to victims.

The project is under the embassy’s ISHA Women’s Health Initiative, in partnership with Mashav, the Department of Health, RMC, and the Makati Medical Center Foundation (MMCF).

“This initiative is not just about healthcare — it’s about dignity, access, and opportunity for every Filipina,” said Israeli Ambassador to Manila Ilan Fluss said. — Adrian H. Halili

DoJ charges MFT over alleged investment scam

BW FILE PHOTO

THE Department of Justice (DoJ) on Thursday said it found enough evidence to charge executives of the Maria Francesca Tan (MFT) Group of Companies with multiple violations of securities laws, following a preliminary investigation initiated by the Securities and Exchange Commission (SEC).

In a resolution released Thursday, the DoJ said there is “prima facie evidence with reasonable certainty of conviction” against MFT Group and its officials for allegedly offering unregistered securities, engaging in fraudulent transactions, and operating without the proper licensing under the Securities Regulation Code. The case also invokes the provisions of the Cybercrime Prevention Act.

MFT did not immediately respond to an e-mail seeking comment.

The charges stem from a complaint filed by the SEC, which accused the firm of luring investors with promises of high returns through financing so-called “sure projects” involving its subsidiaries, despite not being authorized to offer securities to the public.

While the DoJ dropped complaints related to anti-money laundering violations, it forwarded the full case records to the Anti-Money Laundering Council for further review. — Chloe Mari A. Hufana

SC to start accepting e-filings in July

PHILSTAR FILE PHOTO

The Supreme Court (SC) will start accepting electronic filings (e-filings) for select petitions and motions on July 1, through the eCourt PH application on the Philippine Judiciary Platform.

SC Spokesperson Camille Sue Mae L. Ting, in a press briefing on Thursday, said from July 1 to Sept. 30, 2025, lawyers must electronically file initiatory pleadings and motions for extension of time in select cases before the high court via the Philippine Judiciary Platform (PJP), in addition to submitting physical copies through personal filing, registered mail, or courier.

Cases required to be filed under the platform are available on the high court’s website, as well as cases excluded from the eFiling requirement.

The rollout of eCourt PH is a key initiative under the top court’s Strategic Plan for Judicial Innovations 2022—2027, which identifies innovation as a core outcome. The platform is designed to digitalize court processes and enhance access through electronic filing.

The top court noted that lawyers must continue to serve documents in accordance with the Rules of Civil Procedure. Beginning July 1, they must also electronically file any subsequent pleadings in pending cases covered by the eFiling directive through the PJP.

Starting Oct. 1, eFiling and electronic service via the PJP will become mandatory for all covered pleadings filed by lawyers.

Documents filed and served before July 1, in accordance with the Rules of Court do not need to be re-filed or re-served under the new Guidelines, unless the tribunal orders otherwise. The original date and time of filing and service will be honored.

During the transition period, the high court may allow corrections to erroneous filings upon its directive. However, beginning Oct. 1, improperly filed petitions, pleadings, or motions may be dismissed or denied outright. Subsequent improper filings will be deemed not filed. — Chloe Mari A. Hufana

Feb. 1 declared Hijab awareness day

AT THE BANGSAMORO Government Center in Cotabato City on Saturday morning where Eid’l Fit’r prayers were held. — BANGSAMORO INFORMATION OFFICE

President Ferdinand R. Marcos, Jr., signed into law a measure declaring Feb. 1 as the annual “National Day of Awareness on Hijab and Other Traditional Garments and Attire.”

Republic Act No. 12224 aims to promote diversity, understanding, and respect for religious and cultural beliefs by encouraging the wearing of indigenous and traditional attire, including head coverings and garments.

The government is enjoined to conduct activities and programs such as exhibits and symposiums that promote the cultural values of wearing hijab and other traditional garments and attire, it added.

It also emphasized that the wearing of any specific clothing, attire, or garment is not mandatory.

The law, signed by Mr. Marcos on June 18, will take effect 15 days after its publication in the Official Gazette or a newspaper of general circulation.

It consolidated Senate Bill No. 1410 and House Bill No. 5693, which were approved on Feb. 3 and 5, 2025, respectively. — Chloe Mari A. Hufana

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