IMI turns profitable in Q1 with $3.3-million income

May 8, 2025 | 12:02 am

AYALA-LED chip manufacturer Integrated Micro-Electronics, Inc. (IMI) turned profitable in the first quarter (Q1), posting a $3.3-million net income compared to a $3.7-million net loss last year, driven by cost rationalization efforts.

First-quarter revenue dropped by 14% to $248 million, with its core businesses accounting for $220 million, amid softness in the electronics industry, IMI said in a regulatory filing on Wednesday.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) more than doubled to $16.1 million from $7 million, led by improved cost structures within the group.

“The cost rationalization program we implemented has been instrumental in this quarter’s positive financial results,” IMI Chief Executive Officer Louis Sylvester Hughes said.

“We successfully managed a 14% decrease in core fixed overhead and selling, general, and administrative (SG&A) expenses compared to the first quarter of last year through the consolidation of sites and decentralizing functions back into our operating facilities,” he added.

IMI said it spent $1.6 million in capital expenditure during the first quarter.

“A similar restructuring approach was taken in VIA, yielding an additional $6.3 million of cost reduction, mainly from SG&A. The euro’s appreciation against the dollar also contributed positively to the bottom line, with a group foreign exchange gain of $1.4 million,” IMI said.

Meanwhile, Mr. Hughes said IMI is seeing opportunities despite tariff-related uncertainties.

“Our broad geographic footprint enables us to work closely with customers and adapt supply chains to mitigate these pressures. We remain focused on securing new business and further improving profitability as market conditions stabilize,” Mr. Hughes said.

“With a more agile organization in place, we are better equipped to adapt to the dynamic market environment and further improve on the 6.5% EBITDA we achieved this quarter,” he added.

IMI shares rose by 8.57% or 18 centavos to P2.28 apiece on Wednesday. — Revin Mikhael D. Ochave

Cisco shows quantum networking chip, opens new lab

May 8, 2025 | 12:01 am

SAN FRANCISCO — Cisco Systems on Tuesday showed a prototype chip for networking quantum computers together and said it is opwening a new lab in Santa Monica, California, to further pursue quantum computing.

The chip uses some of the same technology as current networking chips and would help link together smaller quantum computers into larger systems. But Cisco also believes it will have practical applications before those computers become mainstream, such as helping financial firms sync up the timing of trades or helping scientists detect meteorites.

“There are a whole bunch of use cases,” Vijoy Pandey, senior vice president of Cisco’s Outshift innovation incubator, told Reuters. “You need to synchronize clocks and the timestamps on all of these snapshots that are taking place from across the globe.”

Cisco is the latest mainstream tech firm to jump into quantum computing.

Alphabet’s Google, Microsoft and Amazon have all announced quantum computing chips in recent months, and Nvidia plans to open its own quantum computing lab. Startups such as PsiQuantum are also raising hundreds of millions of dollars to build systems.

While those firms all vie to create more and more “qubits” — the fundamental unit of quantum computers — Cisco is working to link them up. The company says its chip, which it developed with researchers from the University of California Santa Barbara, works by causing quantum entanglement in pairs of photons, and then sending one of the pair to two separate quantum computers.

For a short time, Cisco says, the quantum computers can use those entangled photons to communicate instantaneously, no matter how far apart they are — a phenomenon of quantum physics that Albert Einstein referred to as “spooky action at a distance.”

Mr. Pandey emphasized that Cisco does not yet have a timeline for when the chip will generate revenue and that the chip is only a prototype.

“To build out that quantum network, the first building block that you need is an entanglement chip,” Mr. Pandey said. “Here’s the first building block of that.” — Reuters

Job losses by Industry

May 8, 2025 | 12:01 am

THE Philippines’ unemployment rate inched up to 3.9% in March from a month earlier, even as the number of jobless Filipinos fell by the tens of thousands from a month and a year earlier, according to the statistics agency. Read the full story.

PBB net income up 15% in Q1

May 8, 2025 | 12:01 am

PHILIPPINE BUSINESS BANK, Inc. (PBB) saw its net income rise by 15.36% year on year to P590.02 million in the first quarter.

This translated to a return on equity of 12.08% and a return on assets of 1.45%, PBB said in a disclosure to the stock exchange on Wednesday.

“The bank’s marketing efforts continued to focus on high-quality accounts, particularly existing clients and borrowers with a track record of sustainable earnings, and our rapidly growing teacher’s loans business. Strengthened collection policies, restructuring programs, and the usual focus on deepening relationships with our SME (small and medium enterprises) clients continue to be our primary objectives,” PBB President, Chief Executive Officer and Vice Chairman Rolando R. Avante said.

“PBB remains committed to its long-term strategic direction, continuously strengthening its services, investing in new technology and capabilities, and leveraging its extensive network to better serve clients and drive growth,” he said.

The bank’s net interest income rose by 12.38% to P1.83 billion last quarter from P1.62 billion a year prior. Interest income increased by 14.2% to P2.88 billion, while interest expenses climbed by 17.51% to P1.05 billion.

Net interest margin stood at 4.77% in the first quarter, up from 4.28% last year.

“Amidst the challenging business climate driven by the global economic tensions, the bank maintained healthy interest margins,” Mr. Avante said.

Other income likewise climbed by 48.46% to P234.58 million.

Meanwhile, other expenses rose by 9.39% year on year to P1.15 billion in the first quarter. This resulted in a cost-to-income ratio of 55.9% as of March, up from 54.83% at end-2024.

“Taking a proactive risk mitigation stance, PBB accelerated its provisioning strategy by setting aside P175 million in loan loss provisions in the first quarter of 2025, more than triple the P50 million recorded in the same period last year,” Mr. Avante said.

PBB’s loans and receivables stood at P122.8 billion at end-March. The bank’s nonperforming loan ratio was at 5.61%.

On the funding side, total deposits stood at P131.01 billion.

This resulted in a loans-to-deposit ratio of 93.74%.

PBB’s total resources stood at P160.79 billion as of March, while total equity was at P20.08 billion.

Its capital adequacy ratio was at 13%, its common equity Tier 1 ratio was at 13%, and its minimum liquidity ratio was at 23.8%.

PBB’s shares closed unchanged at P8.14 apiece on Wednesday. — A.M.C. Sy

Canceled meetings

May 8, 2025 | 12:01 am

CORPORATE MEETINGS are set at least two weeks in advance, checking on the availability of the participants. The occasion of online meetings, even in these post-pandemic days, requires attendees to be available, and on time. Sometimes, they are asked to join much earlier than scheduled, when the previous meeting has a short agenda — you can now click on the link.

Unless a meeting is prescribed by the company’s by-laws such as a board meeting, or has a specific time it needs to take place like a conference call with foreign investors, is it unusual for a meeting to be canceled at the last minute? (The meeting needs to be reset.) No reason is needed, when the chair or convenor decides to schedule something else, like a visit to the dentist. The new schedule is not set as the meeting may be canceled altogether.

There are meetings that are hastily arranged. Maybe, someone mis-sends a text message about breakfast and the unintended party asks, “Who’s this?” The sending party identifies himself and pleasantries are then exchanged: “Oh, I haven’t seen you in ages. Why don’t we have lunch instead?”

This casual invitation to a meeting is too easily canceled. Two days before the supposed lunch is to take place, one or both accidental lunch mates send a message, “Can we reschedule after Bonifacio Day? I need to meet with a defense lawyer on a paternity suit.” This cancelled lunch then falls outside the to-do list and then is casually junked. Neither party will find the need to resurrect the idea until one bumps into the other at a mall.

Petitioners who arrange meetings with those who dispense favors may not even be getting any response from the secretary. If a date for dinner is set, usually far into the future, it is seldom calendared. Appeals for confirmation a week before can be met with a vague shrug. (Yes, Sir, I know you already have a rock band to provide the entertainment for your 80^th birthday but the boss must fly to The Hague tomorrow to show support.)

When a meeting is called by a powerful person summoning someone lower in the food chain, the appointment is still tentative. The higher-up can unexpectedly find the meeting unnecessary — I’ll just send you an e-mail.

Canceled meetings can be welcome when there is no compelling reason for them to take place. There is this chunk of time freed up in the calendar that can be put to good use by calling yet another meeting with another person… who can also choose to cancel later.

Canceling meetings too often is perceived as a bad habit. The frequency and routine nature of last-minute changes of appointments can be a trait that attaches to someone considered unreliable in his commitments.

Social meetings, usually called “get-togethers,” to differentiate from formal conferences, can involve at least five people. There is a greater likelihood for these to push through even if one or two cancel at the last minute — I just got struck with vertigo.

Of course, weddings and birthdays are scheduled months before and often take place as planned. Cancellations on these occasions can be dramatic, especially when involving the celebrants. Guests not showing up after confirming attendance and being counted on the guest list can invite lifelong feuds. (You should at least have sent the gift.)

When bumping into someone at a mall, the small talk that arises is replete with vague promises of getting together after not meeting for so long. (How many grandchildren do you have?) That open-ended event is unlikely to take place. No specific date is set. (Let’s get together before the next solar eclipse.)

Some meetings are seldom canceled, even moved earlier with anticipation and bated breath. These entail mutually satisfying expectations between two parties. It can involve money changing hands for favors granted, or just a clandestine rendezvous. The venue is usually out of the way and unlikely to raise the possibility of bumping into other parties seeking to have lunch sometime. Taking selfies is not an option.

Cancelling meetings may be a cultural trait. It entails a social hierarchy, as well as obligations too easily shrugged off. Always, there’s something important that requires more immediate attention than a simple lunch.

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Four housekeepers accuse Smokey Robinson of sexual assault

May 8, 2025 | 12:01 am

FOUR anonymous housekeepers sued legendary Motown singer and songwriter Smokey Robinson on Tuesday for $50 million, alleging that he sexually assaulted them for years while his wife covered up the abuse and contributed to a hostile work environment.

Representatives for Mr. Robinson did not immediately respond to requests for comment, and the accusations could not be independently verified.

The plaintiffs, who sued under Jane Doe pseudonyms to protect their privacy, accused Mr. Robinson, 85, of sexual battery, assault, false imprisonment, and gender violence at Mr. Robinson’s home in the Chatsworth section of Los Angeles, starting as early as 2007 and continuing until 2024.

The four women, “identified as Hispanic,” also alleged labor violations denying them proper pay before they quit their jobs, saying they did not come forward sooner due to the shame in their culture associated with sexual assault, fear of losing their low-paying jobs, and Mr. Robinson’s celebrity status.

The lawsuit in Los Angeles County Superior Court also names Mr. Robinson’s wife, Frances Robinson, alleging she screamed at the employees with “ethnically pejorative words and language.”

Three of the accusers appeared wearing masks and dark glasses at a Los Angeles press conference with their lawyers, and the fourth appeared remotely.

“Obviously no amount of money can compensate these women for what Mr. Robinson subjected them to. But given the gravity of Mr. Robinson’s despicable and reprehensible misconduct… this amount is clearly warranted,” attorney John Harris told reporters.

Jane Doe 1 accused Mr. Robinson of painfully penetrating her and committing other unwanted sexual acts at least seven times upon summoning her to a bedroom, with the final occurrence on Feb. 17, 2024, two days before Mr. Robinson’s 84^th birthday.

The other plaintiffs accused Mr. Robinson of similar offenses, with Jane Does 2 and 3 each alleging at least 20 assaults.

Their lawyers said they would welcome a criminal investigation but have yet to be contacted by prosecutors.

A spokesperson for Los Angeles County District Attorney Nathan Hochman said it was not under review because law enforcement had not presented a case. Los Angeles police said they had no statement on the matter.

Mr. Robinson shot to fame in the 1960s when he played an instrumental role in the rise of the Motown sound as the silky voiced singer of “Tears of a Clown,” recording more than 30 hits as a solo performer or with The Miracles, a vocal group of Mr. Robinson’s former Detroit schoolmates. — Reuters

DTI partners with Jollibee to upskill MSMEs for large-scale supplier opportunities

May 8, 2025 | 12:01 am

THE Department of Trade and Industry (DTI) has partnered with Jollibee Foods Corp. (JFC) and the Jollibee Group Foundation to help micro, small, and medium enterprises (MSMEs) become suppliers for large firms.

On Wednesday, DTI signed a memorandum of understanding with JFC and the Jollibee Group Foundation to create a learning program for MSMEs.

“This is the second time we are joining forces to support our country’s MSMEs,” said JFC Chief Executive Officer Joseph C. Tanbuntiong.

“Through this partnership, we hope to continue helping in upskilling and opening more doors for MSMEs, from entering supply chains to scaling their businesses sustainably,” he added.

In April 2024, JFC hosted the pilot capability-building session, where around 40 SMEs from across the country participated.

“It was very successful, and they were really asking for more,” said Trade Secretary Ma. Cristina A. Roque.

“More [people] are now really looking forward to attending these sessions because if you are in this industry, it is important for you to know how you can supply conglomerates,” she added.

Jollibee Group Foundation President Gisela Tiongson said that they can accommodate 100 participants in this year’s session in July.

“It is still in discussion with them… But since it has been positively reviewed, we can actually accommodate 100,” Ms. Tiongson said, noting that the attendees should be companies ready to engage with larger firms as suppliers.

“I think last year, we only focused on food producers, but as you know, as a company, we also have packaging requirements, and we also have construction requirements. So, there is a lot, and this time, I think we can really figure out what sectors can attend,” she added. — Justine Irish D. Tabile

How PSEi member stocks performed — May 7, 2025

May 8, 2025 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, May 7, 2025.

Marcos orders probe into use of sand for China reclamation projects in SCS

May 7, 2025 | 9:01 pm

scarborough-Kalayaan — PHILSTAR FILE PHOTO

PRESIDENT Ferdinand R. Marcos, Jr., has ordered an investigation into claims by the National Intelligence Coordinating Agency (NICA) that sand from the Philippines’ coastal areas is being used for reclamation projects in disputed areas of the South China Sea (SCS), the presidential palace said on Wednesday.

“After receiving information regarding the incident, the President ordered a thorough investigation,” Presidential Communications Office Undersecretary Clarissa A. Castro told a news briefing in Filipino on Wednesday. “Once a final investigation or conclusion is reached, appropriate action will be taken immediately.”

If quarrying in coastal areas for reclamation projects is confirmed, Ms. Castro said those found responsible would be held accountable.

NICA Deputy Director Francisco Ashley L. Acedillo earlier this week told the Senate Special Committee on Philippine Maritime and Admiralty Zones there are dredging activities in various areas of the country.

“These include the extraction of sand from several of our municipalities,” he said in Filipino. “There were earlier reports that sand taken directly from our own coastal areas was being used as landfill, reportedly even in some of our disputed territories.”

China claims more than 80% of the South China Sea, where it has reclaimed land and built military runways and lighthouses.

Its island-building activities have worsened tensions with nations like the Philippines and Vietnam, which have competing claims to features in the sea.

Josue Raphael J. Cortez, a diplomacy lecturer at De La Salle-College of St. Benilde, said NICA’s findings were “alarming and enlightening.”

“This is because we cannot fully uphold our sole rights over the disputed territories if a whole-of-society approach is not put into practice,” he said in a Facebook Messenger chat. “Faulty governance may be the root cause of such actions from external stakeholders, putting their best interests over the security of the nation as a whole.”

He said China is known for “debt trap diplomacy” and for attracting countries with the benefits it offers.

“It would not be surprising if some municipalities have fallen victim to this Chinese strategy,” he added.

If the investigation confirms that certain local government units were cooperating with foreign entities, particularly China, stringent measures must be implemented, he said.

“If this is not deterred, then this could be the impetus for further covert actions by China by using some local government units as intelligence provider hotspots in exchange for sourcing products that they promise to purchase at a higher rate.”

Tensions between the Philippines and China have worsened in the past year as Beijing continues to assert its sweeping claim that covers maritime features disputed by Manila.

China claims more than 80% of the maritime area based on a 1940s map, which a United Nations-backed arbitration court voided in 2016 for being illegal.

Chinese and Philippine ship activities near Scarborough Shoal spiked in the past year, with China’s coast guard gradually pushing its perimeter around the disputed shoal eastward, nearing the Philippines’ main island of Luzon, maritime transparency group SeaLight said this week.

SeaLight’s monitoring detected 1.5 million Chinese ship identification pings around the shoal, up from 724,000 a year ago, while with Philippine activity surged fourfold to 200,000, Anna van Amerongen, SeaLight Tech Advisory Group director, told an online maritime forum.

“The perimeter around Scarborough Shoal has increased and became much more of a hotbed of activity,” she said.

Chinese ships have been preventing Philippine Coast Guard vessels from getting within 32 kilometers of the shoal since May 2024, she added.

The shoal is 240 kilometers west of Luzon and is about 900 kilometers from Hainan, the nearest major Chinese landmass.

In 2013, the Philippines took the dispute over Scarborough Shoal to a United Nations-backed tribunal, which ruled in 2016 that China had interfered with Filipino fishermen’s rights to access the area. Beijing has since deployed a fleet of coast guard vessels to enforce its claim despite the ruling.

Manila is monitoring the situation at Scarborough Shoal and is trying to assert sovereignty over the disputed feature by boosting its presence despite Chinese pushback, National Security Council Assistant Director-General Jonathan E. Malaya told the forum. — Chloe Mari A. Hufana

Peso climbs to near 14-month high with more rate cuts likely

May 7, 2025 | 9:00 pm

THE PESO surged to a near 14-month high against the dollar on Wednesday after the Bangko Sentral ng Pilipinas (BSP) chief signaled further policy easing following the better-than-expected April inflation outturn.

The local unit closed at P55.396 per dollar on Wednesday, strengthening by 21.4 centavos from its P56.61 finish on Tuesday, Bankers Association of the Philippines data showed.

This was the peso’s strongest finish in almost 14 months or since its P55.31-a-dollar close on March 12, 2024.

The peso opened Wednesday’s trading session stronger than Tuesday’s close at P55.40 against the dollar. Its worst showing was at just P55.48, while its intraday best was at P55.215 versus the greenback.

Dollars traded went down to $2.07 billion on Wednesday from $2.28 billion on Tuesday.

“The peso initially traded at P55.215 after BSP Governor Eli M. Remolona, Jr. said the central bank will not intervene with the peso’s strength but slightly bounced in response to the BSP chief’s statements signifying 75 basis points (bps) more in rate cuts this year,” the first trader said in a phone interview.

“The peso recovered following the cooler-than-expected Philippine inflation report,” the second trader said in an e-mail.

Mr. Remolona signaled that authorities are unlikely to intervene to curb the strength in the peso, Bloomberg reported.

“This is a story of dollar weakness,” Mr. Remolona said in a mobile-phone message on Wednesday. “To intervene now would be to go against the tide.”

The stance of the Bangko Sentral ng Pilipinas stands in contrast to peers in Taiwan and Hong Kong, who have intervened in the market to slow the pace of appreciation in their currencies.

Mr. Remolona also said on Wednesday that the central bank is open to cutting its key interest rate by a further 75 bps for the rest of the year as inflation continued to ease.

Philippine headline inflation slowed to an over five-year low of 1.4% in April from 1.8% in March and 3.8% in the same month a year ago.

This was within the BSP’s 1.3% to 2.1% forecast for the month and well below the 1.8% median estimate in a BusinessWorld poll of 14 analysts conducted last week.

For Thursday, the first trader expects the peso to move between P55 and P55.60 per dollar, while the second trader sees it ranging from P55.50 to P55.75. — Aaron Michael C. Sy with Bloomberg

PHL to host military drills with US, Japan, Korea, UK

May 7, 2025 | 9:00 pm

Balikatan-US_PHL-soldiers — PHILIPPINE STAR/WALTER BOLLOZOS

By Adrian H. Halili, Reporter

THE Philippines will host a joint military training with the US, Japan, South Korea and the UK aimed at improving military readiness, interoperability and regional defense capabilities.

In a statement on Wednesday, the US Indo-Pacific Command (US PACOM) said the joint exercise dubbed Kamandag 9, is scheduled for May 26 to June 6 across Luzon, Batanes, Tawi-Tawi and Palawan. The exercise has been held since 2016.

“The expanded scope and participation this year highlight the global importance of maritime security, the value of building multinational maritime domain awareness and a shared commitment to peace and stability in the Indo-Pacific,” the US PACOM said.

It added that training events would include maritime key terrain security operations, defensive counter-landing live-fire drills, littoral maneuver, amphibious operations and humanitarian assistance and disaster relief training.

The exchanges will cover logistics, engineering, special operations, unmanned aerial reconnaissance, marksmanship, air defense, medical readiness, chemical, biological, radiological and nuclear training.

“Training shoulder-to-shoulder with our Philippine Marine Corps partners isn’t just about building interoperability; it’s about forging trust in the crucible of shared hardship and preparing together to respond with speed and precision to any crisis, anywhere, anytime,” said Colonel Jason C. Armas, commanding officer of the Marine Rotational Force -— Darwin 25.3 Marine Air-Ground Task Force.

The joint exercise is expected to bring together members of the Armed Forces of the Philippines, I and III Marine Expeditionary Forces, Japan Ground Self-Defense Force, Republic of Korea Marine Corps and the UK Armed Forces.

“By operating jointly in complex environments, we are strengthening our capability to defend the archipelago and contributing to a secure and stable Indo-Pacific,” Philippine Marine Corps Commandant Major General Arturo G. Rojas said in the statement.

Josue Raphael J. Cortez, a diplomacy instructor at De La Salle-College of St. Benilde’s School of Diplomacy and Governance, said the upcoming exercise would be an avenue for the Philippines to improve its defense capabilities.

“This is because our troops would not merely share best practices with the United States and the UK, but also alongside some of our neighbors in the east,” he said in a Facebook Messenger chat.

Philippine and US forces are set to conclude their annual Balikatan (shoulder-to-shoulder) military exercise on May 9.

More than 14,000 Filipino and American troops are participating in the drills, held in areas of the Philippines facing regional flashpoints like the South China Sea and Taiwan, and featuring advanced US missile systems.

Mr. Cortez added that the Philippines’ foreign counterparts have better access to the latest trends in combat operations.

“This can also be a platform where they can engage in dialogue with one another, foster solidarity and be the impetus on how we can collaborate with them in our continuous pursuit of modernizing our military,” he added.

China’s increasing assertiveness in the South China Sea has prompted the Philippines to seek more foreign defense agreements.

Chester B. Cabalza, founding president at Manila-based think tank International Development and Security Cooperation, said in a Facebook chat that Manila should improve its land warfare capabilities.

“With its close neighbors Japan and Korea being a part of this initiative, the Chinese government might undertake actions geared towards deterring Japan and South Korea from further deepening its ties with the Philippines,” Mr. Cortez said.

Mr. Cabalza said China should refrain from interfering in the country’s defense affairs.

Philippine-China ties have worsened in recent years due to repeated encounters between their coast guard ships in the South China Sea over competing claims on the Spratly Islands and Scarborough Shoal, among other sea features.

China claims more than 80% of the South China Sea based on a 1940s map, which a United Nations-backed arbitration court in The Hague voided in 2016 for being illegal.

PSEi extends climb as BSP chief signals more cuts

May 7, 2025 | 9:00 pm

PHILIPPINE SHARES climbed further on Wednesday on hopes for further rate cuts from the Bangko Sentral ng Pilipinas (BSP) amid easing inflation and with the United States and China set to hold trade talks.

The bellwether Philippine Stock Exchange index (PSEi) increased by 0.72% or 46.76 points to close at 6,465.45, while the broader all shares index went up by 0.59% or 22.26 points to 3,768.38.

Market sentiment was broadly positive as the PSEi traded as high as 6,531.99 intraday but gave up some of its gains before the closing bell.

“The local market extended its rise as investors continued to digest the Philippines’ April inflation of 1.4%, which is seen to give the BSP more room to cut policy rates,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message. “Investors also cheered the progress between the US-China relations as representatives from the two countries are set to discuss trade matters this week.”

“Philippine shares were bought up second day straight post-inflation with the local bourse reaching 6,500 level, but gains were tempered by profit taking later in the session,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

The Philippine central bank is open to cutting its key interest rate by a further 75 basis points (bps) for the rest of the year as inflation continued to ease, according to BSP Governor Eli M. Remolona, Jr., Bloomberg reported.

“On the table, yes,” Mr. Remolona said in a mobile-phone message on Wednesday when asked if it’s possible for the Bangko Sentral ng Pilipinas to reduce the benchmark rate by 75 bps more this year after inflation further slowed in April.

The Monetary Board last month resumed its easing cycle after an unexpected pause in February as it slashed benchmark rates by 25 bps, bringing the policy rate to 5.5%.

Meanwhile, US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer will meet China’s economic tsar He Lifeng in Switzerland for trade talks this weekend.

Almost all sectoral indices closed higher on Wednesday. Industrials rose by 1.36% or 122.24 points to 9,112.02; services increased by 1.18% or 24.22 points to 2,072.38; financials went up by 1.13% or 27.77 points to 2,486.22; mining and oil climbed by 0.16% or 16.10 points to 9,721.48; and holding firms inched up by 0.08% or 4.46 points to 5,391.64.

Meanwhile, property declined by 0.35% or 8.16 points to 2,292.81.

Value turnover increased to P8.27 billion on Wednesday with 958.47 million issues traded from the P6.15 billion with 876.09 million shares exchanged on Tuesday.

Advancers beat decliners, 113 versus 72, while 48 issues were unchanged.

Net foreign buying went down to P671.55 million on Wednesday from P690.87 million on Tuesday. — Revin Mikhael D. Ochave with Bloomberg