Peso may breach P60:$1 amid ‘unpredictable’ Trump policies

March 27, 2025 | 12:32 am

THE PESO may hit a record low of P60 against the US dollar this year amid heightened uncertainty arising from US President Donald J. Trump’s protectionist policies, a Bank of the Philippine Islands (BPI) economist said.

According to BPI Global Markets Research estimates, the peso is expected to weaken to the P60.90-per-dollar level by the third quarter. By end-2025, it expects the peso to settle at P60.40 per dollar.

“It’s a very low confidence forecast. We’re looking at it reaching the P60 level just because Mr. Trump is so unpredictable. It’s so hard to say what he’s going to do next,” BPI Lead Economist Emilio S. Neri, Jr. said at an online media briefing on Wednesday.

“And if he does pursue these reciprocal tariffs and causes the US to suffer from very high inflation, it is not far that the peso hits P59 again or even hit the P60 level,” he added.

Mr. Trump has rattled markets with his “on-and-off again” tariff policies against major trading partners China, Canada, and Mexico. He is scheduled to announce details of a reciprocal tariff plan on April 2. However, Mr. Trump recently said that he may give “a lot of countries” breaks on tariffs.

BPI strategist Marco Javier said the peso could end the first quarter at P58.40, depending on the developments on Mr. Trump’s tariff policy.

“We’re looking around P58.40 to end the first quarter. This will all depend on if inflation in the US will move up because of the Trump tariff policies,” he added.

On Wednesday, the peso closed at P57.69 per dollar, weakening by nine centavos from its P57.6 finish on Tuesday.

Mr. Neri said the country’s exit from the Financial Action Task Force’s (FATF) “gray list” also supported the local currency.

“Overall sentiment versus the dollar has generally softened, not because we’re doing anything great — I think what we’ve done great more recently is the exclusion from the FATF list. Successfully excluding ourselves from the FATF (gray list) has helped the peso do better,” Mr. Neri said.

Meanwhile, BPI economists said the threat of a “zero remittance week” by some overseas Filipino workers (OFW) could have some negative effects on the exchange rate, reserves and even the interest rate.

“Even growth can be dragged since it’s a major funder of household final consumption and the impact could be that we could breach the P60 level immediately or BSP might have to postpone any cuts at all this year, maybe even have to hike later on this year if we hit the P61, P62 level,” Mr. Neri said.

“But this is a big if… If you look at the numbers, a lot of them still come from the United States, and the Middle East. We’re not sure whether these people who air the statement fairly or adequately represent our overseas Filipinos.”

Some OFWs have called for a “zero remittance” week to protest former President Rodrigo R. Duterte’s recent arrest and detention by the International Criminal Court at The Hague.

Mr. Javier estimated “substantial” losses if OFWs stop sending remittances for a week.

“I did some very rough calculations… If we grow (remittances) 3% to about $35.5 billion this year, it’s about $97.3 million a day that might be lost,” he said.

Cash remittances from OFWs jumped by 3% to a record-high $34.49 billion in 2024.

Meanwhile, BPI projects Philippine gross domestic product (GDP) to expand by 6.3% this year.

This is within the government’s 6-8% target and would be faster than the 5.6% growth last year.

“We hope to see a return of 5% year-on-year growth for household consumption. And again, this might be boosted in the first half by a lot more election spending,” Mr. Javier said.

BPI also expects the BSP to deliver 50 to 75 basis points (bps) worth of rate cuts this year.

“The first one (cut) is expected to be on April 10. Again, assuming that the April 2 announcement (by Mr. Trump) will not be such a huge game changer,” Mr. Neri said.

“We think the next one will have to be before the fourth quarter of this year because the favorable base effects arising from rice will be washed out by the fourth quarter. There are no more base effects on rice and since we are seeing increases in meat and many other inflation items, the BSP might not be able to deliver a cut in the fourth quarter of this year if these trends continue.”

However, Mr. Neri said the BSP could pause its easing cycle to match the US Federal Reserve if the US economy experiences “stagflation.” — A.M.C. Sy

Strong growth to support Philippine banking sector — Fitch Ratings

March 27, 2025 | 12:31 am

Manila-building-skyline — Buildings are seen in Bonifacio Global City, Taguig City on Feb. 7, 2025. — PHILIPPINE STAR/NOEL B. PABALATE

THE PHILIPPINE banking system’s credit profile will likely remain stable on the back of the country’s strong macroeconomic fundamentals, Fitch Ratings said.

“Fitch Ratings believes the Philippines’ resilient medium-term economic potential and favorable banking business prospects reinforce banks’ standalone credit profiles,” it said in a peer credit analysis on Wednesday.

Earlier this month, the credit rater hiked the country’s banking sector operating environment score to “bbb-” from “bb+.”

All rated Philippine banks’ viability ratings (VR) were also revised one notch higher this month.

“This considers the country’s strong growth prospects, with Fitch forecasting GDP (gross domestic product) growth of 6% over the next two years, which should underpin banking business volume and keep impairment risks at bay,” it said.

The government is targeting GDP to grow by 6-8% this year until 2028.

“Rising geopolitical tensions and greater trade protectionism pose downside risk to the Philippines’ growth momentum, but we believe it is relatively insulated and more resilient than many of its export-oriented regional peers, given its lower reliance on merchandise exports.”

The recent VR upgrade also “reflects steady improvement in the private banks’ profitability and asset quality since the trough of the COVID-19 (coronavirus disease 2019) pandemic,” Fitch said.

“Rising capital buffers at the state-owned banks support their credit profiles, and we expect this to continue over the next 12-18 months, helped by enhanced internal capital generation.”

The net earnings of the Philippine banking industry rose by 9.76% year on year to P391.28 billion in 2024.

Fitch raised the VR of BDO Unibank, Inc., Bank of the Philippine Islands, and Metropolitan Bank & Trust Company by one notch to “bbb-” from “bb+.”

“The three privately owned banks have better standalone credit profiles than their state-owned counterparts, largely due to more established franchises and better underwriting standards,” Fitch Ratings said.

“These factors will continue to help the banks maintain their industry-leading profitability and loan quality even as they continue to broaden their retail customer base,” it added.

Meanwhile, the VR of Land Bank of the Philippines was also raised to “bb+” from “bb,” while the VR of the Development Bank of the Philippines was upgraded to “bb” from “bb-.”

The state lenders’ ratings are “underpinned by their unique access to stable public-sector deposits.”

“These strengths are counterbalanced by risks associated with a larger share of policy-related lending, which have weighed on profitability and loan quality in recent years. It also factors in the banks’ lower capitalization,” Fitch said.

Meanwhile, Fitch Ratings said that the banking sector will benefit from cautiousness by the central bank in further policy easing.

“We expect Bangko Sentral ng Pilipinas (BSP) to be cautious in embarking on further rate easing due to uncertainty over the trajectory of global trade policy.”

“This should bode well for the banking sector’s net interest margin as corporate lending yields remain steady, while robust growth in higher-yielding retail lending should also aid margins.”

The BSP’s latest cut in reserve requirements will also provide support to the sector, it added.

“We project system loan growth to remain brisk at around 12%-13% in 2025 and do not anticipate the slower pace of policy rate cuts to reduce loan demand significantly,” Fitch said.

“This is because demand for retail loans tends to be less sensitive to policy rate movements and corporate loan demand is often driven more by the predictability of interest rates than by absolute rate levels,” it added.

Bank lending jumped by 12.8% to P13.02 trillion in January, its fastest pace in over two years.

Fitch said economic growth and the government’s focus on infrastructure investments should also support corporate credit demand. — Luisa Maria Jacinta C. Jocson

Empowering individuals through investments

March 27, 2025 | 12:30 am

Most Filipinos dream of living a comfortable life; some aspire to buy a house and a few hope they can get their hands on a brand-new car. However, to truly be empowered financially, it takes a lot of hard work, wise decisions, and smart investments that can help secure long-term stability and freedom.

For Cocolife, financial empowerment comes when people are successfully enjoying life without worrying about what will come next. This involves prioritizing finances and needs, and preparing for unexpected situations, while still being able to indulge in simple delights and occasional luxuries.

“Financial empowerment entails having the ability to make decisions that allow you to enjoy your money now while preserving your current financial prosperity and even improving your future financial stability. Having such financial security does not happen overnight. It is the result of years of sound financial decisions,” Cocolife Chief Actuary and Head of Actuarial Division Maria Katarina Bernardino explained in an email interview.

Since people have different financial goals, the road to financial empowerment is not one-size-fits-all. For Cocolife Head of Investments Division Andy Tan, it requires a personalized strategy that considers several factors such as an individual’s unique financial goals, realistic time horizon, lifestyle, and risk tolerance.

“In Cocolife,” he continued, “we always value these factors to tailor and design a specific financial product that would allow an individual to reach his or her goals. Again, the priority in crafting the right investment must be based on the preferred time horizon and risk tolerance. On our end, we are continuously reviewing our portfolio and strategies, maintaining checks and balances, and rebalancing accordingly.”

Guiding through risks

However, achieving financial empowerment goes beyond just setting goals and choosing the right investments — it also requires a strong foundation in financial literacy. In the Philippines, many still view investing as a risk rather than a tool for empowerment. This mindset is often driven by a lack of awareness and understanding.

Ms. Bernardino believes that by shifting this mindset and treating investments as essential expenses like education, food, and healthcare, Filipinos can break the cycle of financial hesitation and embrace long-term financial security.

Cocolife Chief Actuary and Head of Actuarial Division Maria Katarina Bernardino

“Sometimes seasons of growth appear to be seasons of struggle,” Ms. Bernardino added. “Once we see the act of investing as part of our daily necessities like education and food that we spend today to get a brighter future and healthier body, then we will shift our perspective that investing is not easy, but something workable that will bring long-term benefits.”

Another fear that many Filipinos have when it comes to investing is losing money due to market volatility making them hesitant to commit long-term or consider some investments as fraudulent. Recognizing these concerns, Cocolife has introduced innovative solutions that make investing more accessible, transparent, and manageable for individuals from all walks of life.

“Shortfalls in embarking on these kinds of financial avenues are inevitable as the future is full of uncertainties. For our part, we strive to mitigate such occurrences by proactively managing investments and continuously exploring modern strategies to enhance returns,” Mr. Tan said.

Overcoming hesitations

Filipinos can overcome their hesitation toward investing through education, legal research, and mentorship, enabling them to make informed decisions and gradually build confidence in managing their financial future.

“Knowledge is wealth, but mentorship is the gift that keeps giving. With knowledge at hand and a financial mentor with you, set your strategy and take the leap of faith by starting with what you personally define as ‘small investment.’ As you gain confidence and understanding, you can progressively raise your investment, start enjoying some financial empowerment, and eventually be a financial mentor as well,” Ms. Bernardino concluded.

Being financially empowered requires smart investments and reliable protection against life’s uncertainties.

Being empowered through Cocolife

Cocolife helps Filipinos in this endeavor by providing avenues that allow individuals to start the journey to a future where individuals can revel without worrying about any financial consequences.

Cocolife Head of Investments Division Andy Tan

“We provide a wide array of products including traditional insurance and variable life-linked products that we can cater to and adjust depending on our client’s objectives, time horizon, and other preferences. These products have been our love letter to our fellow Filipinos to reach financial empowerment and enjoy the life we deserve,” Mr. Tan said.

Cocolife LifeVest is an investment-linked life insurance plan that provides the perfect balance between one’s savings and protection. The offering is available in two variants: Single Pay and Limited Pay in five-pay and seven-pay options.

LifeVest allows Filipinos to grow their money, achieve their dreams, and have peace of mind knowing their family is protected with the plan’s life and death insurance benefits. Additionally, Cocolife LifeVest offers superior rewards such as the Loyalty Bonus, which increases your credits on the fund after 10 policy years; and the Allocation Bonus, a special bonus equivalent to 100% of the premium charge deducted from the initial premiums.

For those seeking diversified investment opportunities beyond traditional insurance plans, Cocolife also offers the Cocolife Asian Multi-Asset Income Fund (CAMIF) and the Cocolife Global Consumer Trends Funds (CGCTF). These specialized funds are made for Filipinos with different financial goals and depending on market trends.

The CAMIF provides a mixed approach to capital growth and income generation through investments in Asian fixed income and equities. This fund is ideal for investors with a medium- to long-term horizon, a moderately aggressive risk appetite, and a desire for broad market exposure to debt and equity securities in the Asia-Pacific region.

Meanwhile, the CGCTF focuses on long-term capital appreciation by investing in companies that cater to consumer needs worldwide. This offering is ideal for investors with a long-term horizon, an aggressive risk appetite, and a focus on equity securities of global companies catering to discretionary consumer needs.

Cocolife clients can experience the possibilities offered by these new funds when they avail of Variable Universal Life products, an insurance plan that provides protection and investment, such as the Cocolife LifeVest, Cocolife Flexi, Cocolife Zenith, Money Accumulator Classic, Money Accumulator Preferred, and Money Accumulator Preferred Plus.

To learn more about Cocolife’s products and other offerings, visit www.cocolife.com.

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Premium Leisure Corp.’s Annual Stockholders’ Meeting to be held on April 28 thru hybrid format

March 27, 2025 | 12:30 am

Premium Leisure Corp. Notice of 2025 Annual Stockholders’ Meeting

Please see below for the Announcement of the Annual Stockholders’ Meeting of Premium Leisure Corp.

To all Stockholders:

The Annual Stockholders’ Meeting of Premium Leisure Corp. (the Company) will be held on April 28, 2025, Monday at 11:30 A.M. to be conducted in hybrid format, the Chairman and Secretary of the Meeting, as well as directors and key officers shall attend in person at the City of Dreams Manila, Entertainment City, cor. Macapagal Ave., Aseana Ave., Parañaque City; the stockholders will be participating by remote communication via Zoom Webinar. Voting shall be conducted in absentia through the Company’s secure online voting facility.

Agenda:

Call to Order
Certification of Notice and Quorum
Approval of the Minutes of the Annual Meeting of Stockholders held on April 22, 2024
Approval of 2024 Operations and Results
Ratification of all Acts of the Board of Directors, Board Committees and Management during their term of office
Election of Directors for 2025-2026
Appointment of External Auditors
Other Matters
Adjournment

Please refer to Annex A for a brief explanation of each agenda item for approval.

The Board of Directors (Board) has fixed the end of trading hours of The Philippine Stock Exchange, Inc. on March 28, 2025 as the record date for the determination of stockholders entitled to the notice of, participation via remote communication, and voting in absentia at such meeting and any adjournment thereof.

The conduct of the meeting will be streamed live, and stockholders may attend the meeting by registering via plc_governance@bellecorp.com and submitting the supporting documents listed there until 12 noon of April 25, 2025 (Friday). All information submitted shall be verified and validated by the Corporate Secretary.

Stockholders who wish to cast votes through a proxy may accomplish the proxy form (which need not be notarized) and submit the same on or before 12 noon of April 25, 2025. To facilitate submission, scanned forms may first be sent electronically through plccorsec@premiumleisurecorp.com with hard copies to be submitted to the office of the Corporate Secretary c/o Serrano Law at 1105 Tower 2 High Street South Corporate Plaza, 26th Street Bonifacio Global City, Taguig City 1634.

Stockholders who successfully registered can cast their votes in absentia through the Company’s secure online voting facility for this meeting. In order to participate through remote communication, they will also be provided with access to the meeting that will be held virtually. The “Guidelines for Participation via Remote Communication and Voting in Absentia” as appended to the Information Statement and labeled as Schedule A, together with the Information Statement, Annual Report on SEC Form 17-A (once available) and other pertinent materials for the Annual Stockholders’ Meeting are posted in the Company’s website https://www.premiumleisurecorp.com/ASM2025.

Elmer B. Serrano

Corporate Secretary

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Expanding financial access for every Filipino

March 27, 2025 | 12:30 am

SF_Investment_9530317-OL — storyset | Freepik

Economic uncertainties have pushed more Filipinos to consider financial safety nets, yet achieving long-term security remains a challenge.

A 2024 industry report found that 43% of Filipinos are seeking passive income sources, 39% are prioritizing emergency savings, and 32% are focused on financial freedom after retirement. However, major hurdles remain, with rising healthcare costs at 82%, inflation at 81%, and concerns over economic slowdown and recession at 78% weighing heavily on financial decisions.

Despite the availability of banking services, many Filipinos still prefer keeping their savings in traditional piggy banks, bamboo containers, or old jars. A study published by PANTAO: An International Journal of the Humanities and Social Sciences noted that distrust in banks stems from fears of bankruptcy or inflation eroding their savings. However, keeping cash at home poses greater risks, including theft, damage, or misplacement.

The study emphasized that banks serve not only as safekeeping institutions but also as tools for emergency preparedness. Experts recommend maintaining at least three to six months’ worth of living expenses in a secure, accessible account to prevent unnecessary debt during financial emergencies. When emergencies arise, those without savings often turn to quick loans, credit cards, or informal borrowing, creating a cycle where a large portion of income goes toward debt repayment rather than wealth-building.

Risk management is another overlooked aspect of personal finance. Many Filipinos see insurance as an unnecessary expense rather than a safeguard against life’s uncertainties. Life insurance, for example, is often dismissed as a luxury for the wealthy, while non-life insurance is viewed as an added cost rather than protection for assets.

While the country’s insurance penetration improved by 0.06 percentage points in the fourth quarter of 2024 to 1.67%, it remains relatively low compared to the global average of 2.9% and 2.2% in emerging Asia.

According to a JP Morgan report, life insurance with cash value can be a valuable financial tool for asset diversification. Permanent life insurance policies, for instance, include savings components that can grow over time, offering additional financial security.

Investment as wealth-building tool

According to the Bangko Sentral ng Pilipinas (BSP), saving is essential for financial security as it provides readily available funds for emergencies and short-term needs. However, these accounts offer minimal returns and often fail to keep pace with inflation.

Investing, on the other hand, involves purchasing assets that can appreciate over time, with the potential to generate higher returns. The BSP stated that income is a person’s most powerful wealth-building tool. Without strategic investing, hard-earned money may not reach its full potential.

While investments carry risks, they also provide opportunities for financial growth, helping Filipinos move beyond mere survival toward true financial independence. Middle-income Filipinos are exploring investment opportunities to grow their wealth, including stocks, mutual funds, real estate, and digital assets.

Such investors are typically investing to prioritize specific life objectives such as homeownership, education funding, or retirement planning. For them, the goal is not just wealth accumulation but securing a future that can withstand economic uncertainties.

Beyond financial gains, focusing on long-term objectives means investors are less likely to make impulsive decisions driven by short-term market fluctuations. This method helps to break away from the traditional approach of a one-size-fits-all investment solution.

However, 75% of Filipinos still do not invest, according to the BSP Financial Inclusion Survey. Many hesitate to enter the investment space due to a lack of knowledge, fear of risk, or unfamiliarity with financial products. The central bank also reported that the lack of financial literacy discourages people from considering investments, as many view them as risky or exclusive to the wealthy.

Journey towards financial inclusion

The BSP said that many Filipinos remain outside the formal financial system, unable to maximize opportunities that could improve their financial standing.

While women in the Philippines have higher financial inclusion rates than men, large segments of the population still struggle to access financial services. Those most affected include low-income earners, senior citizens, migrant workers and their families, persons with disabilities, indigenous peoples, and forcibly displaced persons.

Micro, small, and medium enterprises (MSMEs), along with agriculture-based businesses, also remain largely underserved. These sectors contribute significantly to employment and economic activity yet receive only a small fraction of total bank loans.

Smallholder farmers, fisherfolk, and informal workers, in particular, face limited access to financing that constrain their ability to expand and improve their livelihoods.

The transition to digital transactions has also introduced new challenges, especially in rural areas where internet connectivity is inconsistent and financial literacy is lower. Many Filipinos remain hesitant to fully embrace digital banking due to concerns about affordability, security, and fraud risks.

In response, the central bank is intensifying efforts to educate Filipinos on key financial concepts through its Economic and Financial Learning Office. The Economic and Financial Learning Program regularly holds activities designed to improve public understanding of essential financial matters.

Recognizing the challenges MSMEs and the agriculture sector face in securing financing, the BSP is promoting alternative lending solutions through Agricultural Value Chain Financing model, which connects agribusiness players with banks to facilitate lending opportunities. Through Circular No. 908, the central bank encourages banks to explore value chain financing as a sustainable way to support the agriculture industry.

In addition, the BSP continues to promote the Credit Surety Fund, which provides collateral substitutes to MSMEs, enabling them to access bank loans. Under the Credit Surety Fund (CSF) Cooperative Act, the central bank works closely with cooperatives and the Cooperative Development Authority to strengthen CSFs in various communities.

Meanwhile, the Department of Finance (DoF) has called on the insurance industry to expand market penetration and position insurance as a mainstream financial instrument and basic necessity for Filipinos.

In a statement, Finance Secretary Ralph G. Recto emphasized that insurance is a powerful tool for poverty reduction and long-term financial security, more than just a safety net.

“Risk is a significant driver of poverty, and adequate insurance coverage is among the powerful tools for mitigating this challenge. Therefore, the life insurance industry [must] hold key positions in winning our battle against poverty,” said Mr. Recto.

The Finance secretary also urged industry players to embrace digital innovation, simplify policies, and develop customer-centric, cost-effective solutions. That way, insurance serves as a comprehensive financial product that integrates protection, savings, and investment benefits tailored to different life stages. — Mhicole A. Moral

San Miguel, Prime Infra, Hexa Philippines eye CBK hydro asset

March 27, 2025 | 12:08 am

SAN MIGUEL Global Power Holdings Corp. (SMGP), Prime Infrastructure Capital, Inc. (Prime Infra), and Hexa Philippines Holdings, Inc. are seeking to participate in the rebidding of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant (HEPP) complex in Laguna.

State-run Power Sector Assets and Liabilities Management (PSALM) Corp., which is tasked to lead the privatization of the asset, held a pre-proposal conference on Tuesday to present the overview of the project, the bidding process, and the project agreements for the sale of CBK facility.

“We aim to inform interested companies ahead of time of the documentary requirements to successfully participate in the bidding process for the CBK power plants. This conference is also an opportunity for parties to inquire on any lingering issue regarding the bidding for CBK,” PSALM Vice-President for Privatization and Asset Management Arnold C. Francisco was quoted as saying in a statement on Tuesday.

SMGP is the power generation arm of the San Miguel Group, while Prime Infra serves as the infrastructure arm of the Razon Group. Hexa Philippines, meanwhile, is the country’s renewable energy platform under global infrastructure manager I Squared Capital.

Other power companies in attendance, all of which had previously expressed interest, included Thunder Consortium — comprising Aboitiz Renewables, Inc., Electric Power Development Co., and Sumitomo Corp. — as well as Giga ACE 11, Inc. of Ayala-led ACEN Corp.; First Gen Prime Energy Corp. of Lopez-led First Gen Corp.; Marubeni Corp.; Semirara Mining and Power Corp.; and Korea Water Resources Corp.

Last month, PSALM announced that it would initiate a rebidding process “to optimize the assets to be privatized and provide maximum value to its stakeholders.”

PSALM President and Chief Executive Officer Dennis Edward A. Dela Serna earlier said that given the short term of the independent power producer administrator agreement, the state-run firm decided to proceed with a direct sale.

The 796.64-megawatt (MW) hydroelectric power plant complex is currently under a 25-year build-rehabilitate-operate-transfer between independent power producer CBK Power Co. Ltd. and National Power Corp., which will expire in 2026.

The complex is composed of the 39.37-MW Caliraya HEPP in Lumban, 22.91-MW Botocan HEPP in Majayjay, and 366-MW Kalayaan I and 368.36-MW Kalayaan II pump storage power plants in Laguna.

In an invitation to bid, PSALM said that the project is being privatized on an “as is, where is” basis. Proposal submission date is set for June 16.

Finance Secretary Ralph G. Recto said last year that CBK’s privatization would likely generate between P50 billion and P100 billion. — Sheldeen Joy Talavera

PSE increases PDS stake with SSS share purchase deal

March 27, 2025 | 12:07 am

PSE building — PHILIPPINE STAR/EDD GUMBAN

STATE-LED pension fund Social Security System (SSS) has sold its 1.54% stake in Philippine Dealing System Holdings Corp. (PDS) to the Philippine Stock Exchange, Inc. (PSE), bringing the market operator closer to full control of the fixed-income trading platform.

PSE is acquiring 96,388 common shares from SSS, the market operator said in a regulatory filing on Tuesday.

The two entities signed a share purchase agreement for the transaction.

PDS operates Philippine Dealing & Exchange Corp., Philippine Depository & Trust Corp., and Philippine Securities Settlement Corp.

“The acquisition is subject to the usual closing conditions,” PSE said.

As of Feb. 24, PSE holds a 78.33% stake in PDS, up from its initial 20.98% interest, as it moves to consolidate the local capital markets.

In December last year, PSE announced its acquisition of a 61.92% stake in PDS for P2.32 billion. The market operator is purchasing 3.87 million PDS shares at P600 per share.

“Our post-acquisition objectives will be focused on the seamless integration of both entities to fully realize the synergies, efficiencies, and risk management benefits,” PSE President and Chief Executive Officer Ramon S. Monzon previously said.

“We will also continue to pursue and complete the initiatives that PDS has already started in the fixed-income and depository businesses to further expand investor participation and protection in our market,” he added.

For 2024, PSE recorded a 57.5% increase in net income to P1.21 billion from P766.31 million in 2023, following its takeover of PDS.

“The three-year strategic plan we laid out last year included the acquisition of PDS, which should provide a significant boost to our market development initiatives and bottom line,” Mr. Monzon said.

PSE shares rose 0.99% or P1.80 to P183.80 per share on Wednesday. — Revin Mikhael D. Ochave

Asia’s 50 Best honors Margarita Forés

March 27, 2025 | 12:07 am

Gaggan is No. 1 again; Toyo retains spot in top 50 list

TWO FILIPINO RESTAURANTS and a famous late Filipina chef were honored at this year’s Asia’s 50 Best Restaurants list.

Toyo Eatery, helmed by Jordy Navarra (and his wife May), dropped from its No. 24 spot but keeps its place in the 50 list at No. 42. It is the only Filipino entry in the 50 Best list this year.

The restaurant won the Gin Mare Art of Hospitality Award 2025, making it the Best Restaurant in the Philippines for 2025. Gallery by Chele, helmed by chefs Chele Gonzalez and Carlos Villaflor stays on the 51-100 list at No. 72.

Finally, Asia’s 50 Best Restaurants list honored late chef Margarita Forés with its Icon Award for 2025 (sponsored by Woodford Reserve), the first time the award was given posthumously.

While the list of the top 51 to 100 best restaurants was announced earlier this month — thus Gallery by Chele’s place was already known — the ceremony and the awarding for the Top 50 took place on March 25 at the Grand Hyatt Seoul. William Drew, director of content for 50 Best, said, “We are here of course to recognize the best restaurants and the best chefs from across the Asian continent, and in the process, to continue to shine the spotlight on this region, its cuisines, and its cultures.”

MARGARITA FORÉS
Mr. Drew went back onstage to bestow the award upon the late Ms. Forés. “Margarita’s death is a tragic loss — most of all, for her family — but also for her many, many friends and colleagues across the world, including all those in the culinary community of which she was such a vibrant part.” Ms. Forés passed away earlier this year at the age of 65 in Hong Kong. Asia’s 50 Best had named her Asia’s Best Female Chef in 2016. (Related story: https://tinyurl.com/mpkwk7a5)

“Margarita was such an iconic figure throughout Asia, and across the globe. She was a true champion: a champion of her nation, of her country’s cuisine, of female chefs, of her family, of the power of food to cross borders and cultures. A champion of life, who lived her own life to the full,” said Mr. Drew.

The award was accepted by her son, restaurateur Amado Forés. In a speech, he said, “She truly cherished these gatherings: sharing meals, celebrating your successes, and being surrounded by those who shared her passion.”

“Some of my best memories are from traveling with her, visiting your wonderful restaurants, and delivering those jars of Philippine crab fat talangka and mango pastries she loved sharing with all of you,” he told the gathered crowd of restauranteurs and chefs. “I’ve come to realize that the true power of 50 Best lies in its ability to inspire, bridge cultures, and create lasting memories and friendships.

“My mom always said her life’s purpose was simple: to make the world more beautiful and delicious for others. I’m grateful to 50 Best and this community for giving her a larger platform to do that.”

BEST FOR 2025
As for Manila’s Best Restaurant this year, Toyo Eatery’s entry for the list reads: “The restaurant prioritizes Filipino produce and people, fostering long-term relationships with local farmers and artisans,” and mentions its Sustainable Restaurant Award in 2023, as well as Mr. Navarra’s background working at The Fat Duck (a former winner of the World’s Best Restaurant award) and Asia’s 50 Best regular Bo Innovation in Hong Kong. While the restaurant was founded in 2016, it quickly gained recognition in the list as One to Watch in 2018, before joining the list itself in 2019.

Meanwhile, Bangkok is on a roll in the world of fine dining as one of its most famous restaurants, Gaggan, has been crowned the No. 1 restaurant in the region for the fifth time, having first taken to top slot in 2015. Helmed by Gaggan Anand, its entry in the list says, “Music, colors and creativity combine on the menu, which is anchored in progressive Indian cuisine with a fine-dining twist, with French, Thai, and Japanese influences. From using emojis to represent each of the courses to pushing diners to eat with their hands or even lick the plate, Anand wants to disrupt and reinvent the fine-dining experience.”

Mr. Anand’s storied spot is known for its wildly innovative dining experience, which spans 22 courses and features an Indian-accented cuisine. The multisensory meal — Mr. Anand incorporates music and imagery — goes for 16,000 Thai baht (about $473) and features dishes like a reimagined yogurt and chutney snack.

Mr. Anand’s winning night didn’t stop at the No. 1 spot. His year-old dining room Gaggan at Louis Vuitton came in at No. 31.

The restaurant, in the luxury retailer’s Bangkok store, also marks Louis Vuitton’s expanding presence in the realm of top-ranked restaurants; it also operates the three-star Michelin dining room, Plenitude, at the Cheval Blanc hotel in Paris. In yet another win for LVMH, Gaggan at Louis Vuitton’s Dej Kewkacha scored the Best Pastry Chef title.

In his first interview after winning, Mr. Anand told Bloomberg what it meant to win. “I come from extreme poverty, where I didn’t know what I was eating tomorrow, and I am living a luxurious life,” said the chef, who was born in Kolkata, India. “I am the first chef in Southeast Asia to open a fine dining restaurant with Louis Vuitton in Bangkok — and not being French. These are landmarks.”

The No. 2 restaurant on the list was the Chairman in Hong Kong, which was No. 1 in 2021. Last year it came in fourth.

The highest climber on the list was Chef Tam’s Seasons in Macao, which shot up 40 spots, to No. 9, from 49. The restaurant is on a hot streak — it recently garnered a second Michelin star.

Last year’s No. 1 restaurant, Sézanne in Tokyo, dropped to fourth. The Japanese capital had the most entries in the top 50 with nine; Hong Kong had seven spots on the list. Singapore saw its fortunes drop — it fell from nine spots in the top 50 in 2024 to seven this year, and saw some notable dining rooms drop off the list, including Born.

For the second year in a row, the awards were announced in Seoul. The host city also saw its fortunes rise this year — Mingles, the highest-ranked Korean restaurant, broke into the top 10, coming in at No. 5. (Last year it was 13.) And the list’s top new entry was the city’s Eatanic Garden, at No. 25.

The ceremony took place on Tuesday night at the Grand Hyatt Seoul. More than 700 people attended the event in Seoul’s upscale Hannam district. The hotel was filled with guests in tuxedos and long dresses and 100 or so chefs wearing signature red scarves around their necks. The attendees snacked on Iberico ham and Hanwoo beef and drank Suntory whiskey ahead of the announcement.

More than 350 anonymous voters determine the list for the region. The Asia 50 Best guide, an offshoot of the World’s 50 Best Restaurant list, has been published since 2013 by the UK-based William Reed Ltd.

The 50 Best is in the midst of a slow-rolling expansion — unlike The Michelin Guide, which announces stars in cities almost weekly at this point. Later this year will come the North America list, covering the US, Canada, and parts of the Caribbean (Mexico, Cuba, and the Dominican Republic are considered to be the purview of the Latin American 50 Best list). Mr. Drew said North America had been in the works for several years. Expect more ranked lists in the future: “50 Best Hotels has the potential for regional growth,” he says.

On March 12, Asia’s 51-100 rankings were announced. Seoul had six spots in the second tier — tied for the most with Bangkok, Hong Kong, and Singapore. Farmlore in Bengaluru (No. 68) earned the American Express One to Watch Award; it’s set on the 37-acre farm that provides most of its ingredients. — Joseph L. Garcia with a report from Bloomberg

View the complete list of Asia’s 50 Best Restaurants at https://www.theworlds50best.com/asia/en/list/1-50.

TDF yields inch down amid BSP easing hints

March 27, 2025 | 12:06 am

BSP_3822-1024x683 [BW file photo] — BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits dropped on Wednesday following signals of a potential rate cut next month.

The central bank’s term deposit facility (TDF) fetched bids amounting to P123.926 billion on Wednesday, below the P140 billion placed on the auction block but a tad higher than the P122.771 billion for the P200-billion offer a week ago. The BSP awarded only P113.504 billion in term deposits.

Broken down, tenders for the seven-day papers reached P49.504 billion, lower than the P70 billion auctioned off by the central bank and the P61.127 billion in bids for the P90-billion offer the previous week. The BSP accepted only P43.504 billion in tenders for the tenor.

Accepted yields were from 5.7% to 5.795%, wider than the 5.74% to 5.79% band seen a week ago. This caused the average rate of the one-week deposits to inch down by 0.54 basis point (bp) to 5.7614% from 5.7668% previously.

Meanwhile, bids for the 15-day term deposits amounted to P74.422 billion, higher than the P70-billion offering and the P61.644 billion in tenders for the P110 billion auctioned off on March 19. The central bank made a full P70-billion award of the two-week tenor.

Banks asked for yields ranging from 5.7% to 5.8%, also wider than the 5.748% to 5.79% margin seen a week ago. With this, the average rate for the two-week deposits dropped by 0.77 bp to 5.7646% from 5.7723% logged in the prior auction.

The BSP has not auctioned off 28-day term deposits for more than four years to give way to its weekly offerings of securities with the same tenor.

Both the TDF and BSP bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

Term deposit yields went down after BSP Governor Eli M. Remolona, Jr. said they could resume their monetary easing cycle as early as next month, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Mr. Remolona said in an interview with Bloomberg Television on the sidelines of the HSBC Global Investment Summit in Hong Kong on Tuesday that there is a “good chance” that the Monetary Board will cut rates by 25 bps at their April 10 meeting, Bloomberg reported.

He reiterated that the BSP remains on an easing cycle and could bring down borrowing costs by as much as 75 bps this year depending on data.

The central bank has reduced benchmark interest rates by a cumulative 75 bps since it began its rate-cut cycle in August last year, with its policy rate currently at 5.75%.

The Monetary Board in February unexpectedly kept rates unchanged in a “prudent” move amid uncertainties stemming from the Trump administration’s policies.

TDF rates also dropped ahead of the latest round of reserve requirement ratio (RRR) cuts that will take effect on Friday, which is expected to infuse about P330 billion in liquidity into the financial system, Mr. Ricafort said.

On Friday, the RRR of universal and commercial banks and nonbank financial institutions with quasi-banking functions will be cut by 200 bps to 5% from 7%.

The reserve ratio for digital banks will go down by 150 bps to 2.5%, while the ratio for thrift lenders will be lowered by 100 bps to 0%.

Rural and cooperative banks’ RRR has been at zero since October, which was the last time the BSP cut reserve requirements. — Luisa Maria Jacinta C. Jocson

Asia’s 50 Best Restaurants 2025

March 27, 2025 | 12:06 am

Here are this year’s winners. Last year’s rankings are in parentheses; asterisks (**) indicate a new entry.

1. Gaggan, Bangkok (3)
2. The Chairman, Hong Kong (4)
3. Wing, Hong Kong (5)
4. Sézanne, Tokyo (1)
5. Mingles, Seoul (13)
6. Nusara, Bangkok (6)
7. Odette, Singapore (10)
8. La Cime, Osaka (9)
9. Chef Tam’s Seasons, Macao (49) — the highest climber
10. Onjium, Seoul (21)
11. Sühring, Bangkok (7)
12. Narisawa, Tokyo (14)
13. Potong, Bangkok (17)
14. Meet the Bund, Shanghai (50)
15. Fu He Hui, Shanghai (19)
16. Sorn, Bangkok (11)
17. Florilège, Tokyo (2)
18. Caprice, Hong Kong (32)
19. Masque, Mumbai (23)
20. Le Du, Bangkok (12)
21. Neighborhood, Hong Kong (16)
22. Den, Tokyo (8)
23. 7th Door, Seoul (18)
24. Mono, Hong Kong (27)
25. Eatanic Garden, Seoul** — the top new entry
26. Logy, Taipei (22)
27. Ling Long, Shanghai (36)
28. Les Amis, Singapore (38)
29. 102 House Shanghai (40)
30. Crony, Tokyo**
31. Gaggan at Louis Vuitton, Bangkok**
32. Estro, Hong Kong **
33. Sushi Saito, Tokyo (60)
34. Sazenka, Tokyo (39)
35. JL Studio, Taichung, Taiwan (33)
36. Goh, Fukuoka (45)
37. Labyrinth, Singapore (30)
38. Burnt Ends, Singapore (15)
39. Meta, Singapore (28)
40. Seroja, Singapore (31)
41. Ando, Hong Kong (37)
42. Toyo Eatery, Manila (24)
43. Maz, Tokyo**
44. Baan Tepa, Bangkok (42)
45. Myoujyaku, Tokyo**
46. Indian Accent, New Delhi (26)
47. Samrub Samrub Thai, Bangkok (29)
48. Euphoria, Singapore (20)
49. August, Jakarta (46)
50. Lamdre, Beijing**
— Bloomberg

Shell Pilipinas posts P1.25-B income for 2024, up 5.9%

March 27, 2025 | 12:06 am

VELO_Page-5_image1_SHELL_ — PHOTO FROM PILIPINAS SHELL

SHELL PILIPINAS CORP. (SPC) recorded a 5.9% increase in net income to P1.25 billion for 2024 from P1.18 billion in the previous year, attributed to operational efficiencies and reduced operating expenses.

Net sales declined by 3.8% to P243.57 billion from P253.32 billion, based on the listed oil company’s financial statement released on Wednesday.

Costs and expenses decreased by 4.3% to P237.51 billion from P248.28 billion in the previous year.

“Our solid performance in FY2024 demonstrates our capability to consistently deliver value through strategic management and operational excellence,” SPC President and Chief Executive Officer Lorelie Quiambao-Osial said in a media release.

The company attributed its improved performance to operational efficiencies, including P900 million in operating expense savings — nearly half a billion higher than its target.

“The savings primarily resulted from supply efficiencies, structural cost reductions across the organization, and interest avoidance. While overall volumes declined slightly by 3%, higher demand for premium products across key segments enabled SPC to grow its margins,” the company said.

SPC’s non-fuel business grew by 13% year-on-year, driven by increased sales in lubricants, vehicle servicing, and convenience retail operations.

Its commercial business also improved, supported by growth in the construction and road (C&R) sector, lubricants, and commercial fuels.

Commercial fuel volume rose by 3%, backed by stable demand in the mining, power, and manufacturing sectors, along with successful customer acquisitions in other industries.

Lubricants volume increased by 10%, driven by higher premium penetration, new customer acquisitions, and account recoveries.

SPC said C&R remained the market leader in Bitumen, “as customers shift towards Shell’s sustainable product, Shell Bitumen FreshAir, which reduces harmful emissions by 40%.”

“We remain dedicated to strengthening our cash position, driving revenue and earnings growth, and expanding our volume across key markets. Through innovative strategies and disciplined financial management, Shell Pilipinas will remain competitive and resilient in a dynamic and fast-paced market environment,” Ms. Quiambao-Osial said. — Sheldeen Joy Talavera

BPI looks to raise at least $300M from planned dollar bond offering

March 27, 2025 | 12:05 am

BPI-Davao-Azuela-Cove — BANK OF THE PHILIPPINE ISLANDS

BANK of the Philippine Islands (BPI) is looking to raise at least $300 million from an offering of dollar-denominated bonds.

The bank has tapped BPI Capital Corp., as sole global coordinator, along with joint bookrunners BofA Securities, Inc., The Hongkong and Shanghai Banking Corp. Ltd., JPMorgan Chase & Co., and UBS AG to arrange a series of fixed income investor meetings starting Wednesday for a potential bond issuance, it said in a disclosure to the stock exchange.

“A US dollar-denominated benchmark-sized Regulation S offering of five-year fixed rate and/or floating rate and/or 10-year fixed rate senior notes may follow, subject to market conditions,” BPI said.

The bonds will be issued out of BPI’s $3-billion medium-term note program, it said.

“With regard to the size, we can only say it will be at least benchmark size (at least $300 million),” BPI Treasurer and Global Markets head Dino R. Gasmen said in a Viber message.

BPI tapped SyCip Salazar Hernandez & Gatmaitan as its legal adviser as to Philippine law, while the joint bookrunners’ counsel is Romulo Mabanta Buenaventura Sayoc & de los Angeles.

Meanwhile, Milbank (Hong Kong) LLP is the legal adviser of the joint bookrunners for English law.

S&P Global Ratings on Wednesday assigned a “BBB+” long-term issue rating to the proposed bond offer.

“We equalize the rating on the notes with the issuer credit rating on Bank of the Philippine Islands (BBB+/Stable/A-2). This reflects our expectation that these notes will always rank equally with other senior unsecured obligations of the Philippines-based bank. The notes will constitute the bank’s direct, unconditional, unsecured, and unsubordinated obligations,” S&P said in a statement.

BPI last issued dollar bonds in March 2024, which marked its return to the offshore market after five years. The bank raised $400 million from its offer of senior unsecured five-year notes, higher than the initial $300-million offer as tenders reached $1.3 billion.

The Regulation S bonds, which were issued out of BPI’s medium-term note program, were listed on the Singapore Exchange Securities Trading Ltd. on March 26, 2024. The notes were priced at 5.25%, with proceeds from the issue set to be used to refinance the bank’s maturing debt and for general corporate purposes.

BPI’s attributable net income rose by 20.04% to a record P62.05 billion last year from P51.69 billion in 2023.

The bank’s shares rose by P2.60 or 1.97% to close at P134.80 apiece on Wednesday. — Aaron Michael C. Sy

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