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World Bank could provide up to $100 billion in funds for countries hit by war, Banga says

REUTERS

WASHINGTON — The World Bank could mobilize $80 billion to $100 billion in funding over the next 15 months for countries hit hard by the war in the Middle East, eclipsing the $70 billion it provided during the COVID pandemic, the bank’s president, Ajay Banga, said on Tuesday.

That would include $20 billion to $25 billion in coming months through a crisis response window that allows countries to withdraw up to 10% of funds earlier than planned from previously approved programs, with another $30 billion to $40 billion that could come from repurposing existing programs in about six months, he said.

Mr. Banga’s comments, on the sidelines of the spring meetings of the International Monetary Fund and World Bank, reflect growing recognition of the huge impact the war is already having on global growth and inflation, with developing countries likely to be hit the hardest.

The IMF on Tuesday cut its global growth outlook due to war-driven energy price spikes, offering a range of scenarios that all include lower growth and higher inflation. Absent the conflict, the IMF said it would have upgraded its growth outlook by 0.1 percentage point to 3.4%.

If the war lasted longer and greater needs emerged, the bank would have to turn to its balance sheet and headroom to find additional funding to reach the $80 billion to $100 billion, Mr. Banga told an event hosted by the Bretton Woods Committee. That would come on top of the bank’s normal lending.

“I’m trying to create a toolkit that has a tiered response capacity, depending on how this continues, to at least be able to bring adequate firepower to do something about it,” he said.

Mr. Banga, who met with the head of the International Energy Agency and IMF chief Kristalina Georgieva on Monday, stressed that it would take time for the energy market to settle down, even if the war ended and there was no more structural damage to energy infrastructure.

The global economy can still recover rapidly from the shock of the Middle East war if the conflict ends in the next weeks, but the situation will be worse if it drags through the summer, Ms. Georgieva said in separate remarks to the same event.

Ms. Georgieva said the International Monetary Fund was in talks with countries hit hard by higher energy prices and supply chain disruptions to discuss their financial needs.

Both Mr. Banga and Ms. Georgieva urged countries to focus on narrowly targeted and temporary measures to ease the pain of higher energy prices, and to avoid broader energy subsidies that could wind up further stoking inflation. — Reuters

US Democrats will try, and try again, to rein in Trump’s Iran war powers

REUTERS

WASHINGTON — The US Senate will vote as soon as Wednesday on the latest Democratic-led effort to rein in President Donald Trump’s war powers, and party leaders promised on Tuesday to keep bringing up such resolutions as long as the Iran war continues.

“Forty-five days into this war, Congress has been sidelined because our Republican colleagues refuse to take a strong stand against this war and duck it completely because they’re afraid of Trump,” Democratic Leader Chuck Schumer of New York said in a Senate speech on Tuesday.

Mr. Trump said on Tuesday talks to end the Iran war could resume in Pakistan over the next two days, after the collapse of weekend negotiations prompted Washington to impose a blockade on Iranian ports. Failure to reach an agreement in those talks raised doubts over the survival of a two-week ceasefire that still has a week to run.

Congressional Democrats have tried and repeatedly failed ​in recent months to pass war powers resolutions to force Mr. Trump to stop military action and obtain lawmakers’ authorization before launching military operations, in both Venezuela and Iran.

Democrats are attempting to link their efforts to rein in Mr. Trump on Iran to affordability, as disruptions in shipments of oil and natural gas have caused a run-up in US gasoline prices and agricultural products such as fertilizers – on top of the long list of other high consumer prices.

Few issues resonate with US voters more deeply than price increases, and the latest inflationary upswing is unsettling Republican insiders worried about their party’s prospects less than seven months before November elections that will determine control of Congress.

10 MORE RESOLUTIONS IN THE WORKS
Mr. Schumer said 10 more war powers resolutions have been filed and Democrats intended to bring them up every week while the conflict in Iran, which began on February 28, continues.

Mr. Trump’s fellow Republicans, who hold slim majorities in both the Senate and House of Representatives, have blocked the resolutions that have come up to date and there has been no indication that any are shifting their position.

Republican lawmakers say they support Mr. Trump’s actions and do not expect the war to continue for much longer. “The military effort here has been extraordinarily successful,” Senate Republican leader John Thune of South Dakota told a news conference.

“I think the administration has a clear objective, a clear plan, and if they can execute on it that question (of whether Congress should authorize a prolonged conflict) won’t be a necessary one that we will be forced to answer,” Mr. Thune said.

Although the US Constitution says that Congress, not the president, can declare war, that restriction does not apply for short-term operations or if the country faces an immediate threat.

The White House says Mr. Trump’s actions are legal and within his rights as commander-in-chief to protect the US by ordering limited military operations.

Timing of the vote had not been announced by Tuesday evening, but Senate aides said they expected the next resolution – sponsored by Senator Tammy Duckworth of Illinois, a combat veteran – to come to the floor as soon as Wednesday.

House of Representatives aides said they expected a vote on a similar Iran war powers resolution in that chamber as soon as Thursday. — Reuters

IMF downgrades Philippine growth to 4.1%

Workers check the solar-powered streetlights along Commonwealth Avenue in Quezon City, Feb. 6, 2026. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Bettina V. Roc, Associate Editor

THE International Monetary Fund (IMF) now expects Philippine economic growth this year to fall far below the government’s target as the oil shock from the Middle East war adds to the impact of a graft scandal that stalled public spending.

The IMF slashed its 2026 gross domestic product (GDP) growth forecast to 4.1% from 5.6% in January, its latest World Economic Outlook (WEO) released on Tuesday showed.

This is way lower than the government’s 5%-6% target and also slower than the 4.4% full-year expansion in 2025, which was a post-pandemic low due to a corruption scandal involving flood control projects.

“Growth in the Philippines is revised downward by 1.5 percentage points for 2026, relative to January, with the war shock compounding the negative base effects from a weaker-than-expected 2025 outturn related to a sharp decline in public investment and confidence,” the IMF said.

Meanwhile, the IMF kept its 2027 growth projection at 5.8%. This is within the government’s 5.5%-6.5% growth goal.

“Risks to growth are tilted to the downside while inflation risks are tilted to the upside, reflecting the risk of a prolonged war in the Middle East, further escalation of geopolitical tensions, and higher trade policy uncertainty,” the IMF said.

Domestic risks stem from the impact of the corruption scandal, extreme climate events, and “weaker-than-expected reform momentum,” it added.

The 2026 forecast for the Philippines matches its expected growth pace for ASEAN-5, which includes Indonesia, Malaysia, Singapore, and Thailand.

For the Southeast Asian economies with specific forecasts in the WEO, the Philippines’ GDP growth this year is expected to trail Vietnam’s 7.1%, Indonesia’s 5%, and Malaysia’s 4.7%. It is only expected to expand faster than Thailand (1.5%) and Singapore (3.5%) this year.

“In several South and Southeast Asian economies, disruptions in the Middle East are expected to reduce tourism and remittance inflows, thereby weakening domestic demand,” it said.

This comes as the IMF also cut its global growth projection for this year as it expects the Middle East conflict to threaten the outlook, with the highly volatile situation also leading it to outline several scenarios depending on how long the war lasts or if it expands further.

Under its reference forecast, which assumes that the war’s duration, intensity, and scope will be limited and mean that disruptions could recede by midyear, the IMF sees the global economy growing by 3.1% this year, down from 3.3% in January. It retained its 2027 forecast at 3.2%.

“The global outlook has abruptly darkened following the outbreak of war in the Middle East on Feb. 28, 2026. The closure of the Strait of Hormuz and serious damage to critical production facilities in a region central to global hydrocarbon supply could cause an energy crisis on an unprecedented scale,” IMF Economic Counsellor and the Director of Research Pierre-Olivier Gourinchas said in the report’s foreword.

“The war interrupted what had been a steady growth trajectory… The duration and scale of the conflict and the time it will take for energy production and transit to normalize after the end of hostilities will determine the ultimate size of the shock to the global economy.”

READY TO TIGHTEN
Meanwhile, the IMF expects Philippine headline inflation to average 4.3% this year and 3.2% in 2027. Both are faster than the 2.8% and 3% estimates it gave following the conclusion of its Article IV Consultation in December last year.

The Bangko Sentral ng Pilipinas (BSP) expects the consumer price index to average 5.1% this year, above its 2%-4% target and last year’s 1.7% outturn as it expects higher global oil prices due to the war to drive up domestic food, fuel, energy, and transport costs. For 2027, its forecast is 3.8%.

Philippine headline inflation already breached the central bank’s goal in March, coming in at 4.1%, which was the fastest pace in nearly two years or since the 4.4% in July 2024 — also the last time that the monthly print was above target. This was also higher than the BSP’s own 3.1%-3.9% forecast for the month.

In the three months to March, inflation averaged 2.8%.

“An accommodative monetary policy stance remains appropriate amid a widening negative output gap; but the BSP should be ready to tighten monetary policy if risks of de-anchoring inflation expectations arise,” the IMF said.

In an off-cycle meeting last month, the Monetary Board left benchmark interest rates unchanged, but said that they remain vigilant about potential price risks amid the war.

BSP Governor Eli M. Remolona, Jr. has said that monetary policy has limited effectiveness against the supply-driven spikes in prices, but added that they are ready to act as needed to keep inflation expectations anchored and temper the potential effects of the oil price shock.

The BSP last hiked benchmark rates in October 2023. Its policy rate now stands at 4.25% following 225 basis points worth of cuts since it began its now-paused easing cycle in August 2024.

The IMF said policymakers will need to find the balance between preserving growth and keeping inflation in check, while also ensuring that they have enough fiscal ammo to support those that will be hit by rising costs due to the energy shock.

“Central banks should be ready to act decisively in line with their mandates. Monetary policy should preserve price stability and be carefully attuned to spillovers from actual inflation to inflation expectations, especially in the medium- to long-term horizon,” the multilateral lender said.

“With the memories of the post-pandemic inflation surge still fresh, second-round effects could possibly be larger than they were in 2021-2022. At the same time, tightening prematurely could be destabilizing, if financial conditions tighten further… or consumer and business confidence declines. Reacting strongly to flexible commodity prices, when supply constraints are present only in the related sectors, brings down inflation fast but risks a recession later.”

Meanwhile, the IMF sees the Philippines’ current account deficit widening to -4.4% of GDP this year from -3.3% in 2025. For 2027, the gap is seen at -3.5% of economic output. Both are bigger than the -3.4% and -3.1% forecasts published in December.

DBCC opposes suspension of excise tax on gas, diesel

Motorists pass by a “price rollback” banner at a gasoline station along Katipunan Avenue in Quezon City, April 14, 2026. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Justine Irish D. Tabile, Senior Reporter and Chloe Mari A. Hufana, Reporter 

SUSPENDING EXCISE TAXES on diesel and gasoline would only provide limited relief compared to lifting levies on liquefied petroleum gas (LPG) and kerosene as the resulting decline in pump prices would be small, the Department of Finance said.

“The Development Budget Coordination Committee (DBCC) has determined that suspending excise taxes on diesel and gasoline would not likely provide meaningful relief, as any reduction in retail pump prices would be marginal and largely offset by prevailing market dynamics,” said Finance Secretary Frederick D. Go in a statement on Tuesday.

In contrast, suspending the excise taxes on kerosene and LPG would directly ease the burden on Filipino families and small businesses by helping them meet basic energy needs, he said.

On Monday, President Ferdinand R. Marcos, Jr. approved the suspension of excise taxes on LPG and kerosene while keeping levies on gasoline and diesel unchanged.

Republic Act No. 12316 grants the President the authority to suspend or reduce excise taxes on petroleum products. Excise tax is a tax imposed on the production, sale or consumption goods manufactured or produced in the Philippines and to imported goods.

“This relief is focused on the most vulnerable,” said Mr. Go, citing savings of around P36.96 per 11-kilogram cylinder for LPG and P5.56 per liter of kerosene due to the suspension.

The Philippine Statistics Authority’s 2023 Family Income and Expenditure Survey showed that 48% of total kerosene consumption is attributed to the bottom 30% of households, while 55.7% of LPG users come from the bottom 70%.

“This measured and targeted response is designed to deliver immediate relief, ensuring that support reaches those who need it most, while preserving fiscal space to sustain essential public services and respond to an unpredictable global environment,” Mr. Go said.

The Philippines is under a one-year national energy emergency, giving the government expanded powers to secure fuel supplies and shield the economy from rising oil prices amid the war in the Middle East.

FOREGONE REVENUES
The government is anticipating around P4.1 billion in foregone revenue over the next three months due to the suspension of excise taxes on LPG and kerosene, Finance Undersecretary Karlo Fermin S. Adriano told a news briefing at the presidential palace on Tuesday.

But the impact could be partly offset by about P13 billion in additional value-added tax (VAT) collections if crude oil prices average $100 per barrel over the three-month period, he said.

Mr. Adriano said the government would have incurred P43.6 billion in foregone revenues if the President had also approved the suspension of diesel and gasoline excise taxes.

He noted the excise tax on diesel is only around P6 per liter, which would have a “relatively small” impact on the current diesel price of around P100 per liter.

“If we eliminate [excise tax on] diesel, the ones who benefit the most are the ones who consume the most, which is the richest,” Mr. Adriano added in Filipino. “That’s why the DBCC’s recommendation is P10 [diesel discount for public utility jeepneys], which is targeted at those who are most affected by our current situation.”

Francisco Cid L. Terosa, an associate professor and former dean of the School of Economics of the University of Asia and the Pacific, said that food remains the largest household expense, making tax relief for LPG and kerosene more impactful.

“From an economic standpoint, suspending excise taxes on LPG and kerosene is more effective in easing consumer costs because both are directly used by individuals and households on a daily basis,” he said in a Viber message.

While suspending excise taxes on gasoline and diesel could lower transport costs, Mr. Terosa said it would directly benefit those who drive vehicles daily.

Jose Enrique “Sonny” A. Africa, executive director of the think tank IBON Foundation, however, argued that transport costs are embedded in the prices of goods and services.

“The Finance department’s ‘economists’ are being disingenuous. They argued that the excise taxes on diesel and gasoline weren’t removed because poor households don’t consume much of these — unlike LPG and kerosene,” he said in a Viber message.

“But they didn’t mention how most fuel is consumed by commercial users like trucking, inter-island shipping, and other transport services, so the fuel tax is passed on to the price of rice, vegetables, and fish; to jeepney and tricycle fares; and to other goods and services,” he added.

Mr. Africa said that diesel and gasoline account for 73% of petroleum product demand, while LPG and kerosene account for just 13%.

“Oil excise tax collections are some P400 billion annually — there’s a 100% chance that the transport sector or poor families won’t get P400 billion in fuel subsidies,” he added.

According to IBON Foundation’s estimates, the poorest family decile pays P442 monthly in oil excise taxes, while the richest decile pays P834 monthly.

“Measured as a share of income, the burden is two to four times greater for the poorest than the richest,” Mr. Africa said.

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said the estimated revenue loss from the excise tax suspension on LPG and kerosene is “relatively modest and manageable,” especially as it is offset by stronger VAT collections.

“However, the key consideration is duration. If elevated energy prices persist and such measures are extended, the cumulative revenue impact could become more significant,” he said via Viber.

“The move is defensible as a short-term relief measure, but it highlights the need to balance targeted support with fiscal sustainability.”

Noel M. Baga, co‑convenor of the Center for Energy Research and Policy, said the suspension of excise taxes on LPG and kerosene will provide relief to households and small businesses dependent on cooking fuel.

“The President must now impose price ceilings on diesel and gasoline under the Price Act,” Mr. Baga said in a Viber message.

“That is where the crisis is being felt most directly by most people. Excise tax adjustments reduce prices at the margins. Price ceilings address the core problem.”

Lower demand, higher prices push LPG supply to 50 days

A man arranges tanks of liquefied petroleum gas (LPG) on a truck. — PHILIPPINE STAR/EDD GUMBAN

THE COUNTRY’S liquefied petroleum gas (LPG) supply increased to the equivalent of 50 days of inventory, driven by a seasonal decline in consumption that was further exacerbated by soaring prices, according to the LPG Marketers Association, Inc. (LPGMA).

LPGMA Founder Arnel U. Ty said the nationwide demand plunged by 30% month on month in April, mainly due to high prices of LPG products.

Mr. Ty told reporters on Tuesday that the decline this year has been more pronounced than in previous years when LPG demand would drop by 15% in the summer months of March, April and May.

“That’s the reason why the inventory of LPG right now increases from 35 days to 50 days — because of demand reduction,” he said.

Mr. Ty noted consumers, especially those in rural areas, have shifted to charcoal and firewood for cooking materials as LPG costs surge.

Aside from diesel and gasoline, the Philippines is also a net importer of LPG. It sources 91.4% of its LPG supply from Asian countries.

The Middle East conflict has sent global oil prices soaring. Local LPG prices jumped by as much as P403 this month, pushing the costs to around P1,600 per 11-kilogram (kg) cylinder.

In an unexpected move, President Ferdinand R. Marcos, Jr. on Monday suspended excise taxes only on LPG and kerosene to cushion the impact of rising fuel costs on households, without halting levies on gasoline and diesel.

Scrapping excise tax on LPG is expected to bring down prices by P3.36 per kilo or P36.96 per 11-kg cylinder.

“We already implemented P3 reduction in our members’ store, composed of around 20% of the total market. So, they (consumers) can get immediate relief from the suspension of the excise tax,” Mr. Ty said.

Since the current inventory was already charged with excise tax, he said that the group may have to “absorb” costs amounting to between P50 million and P70 million.

“Because we can recoup it when the time comes that excise tax in the future will be reinstated,” Mr. Ty said.

To further beef up the country’s LPG stockpile, the Philippines has moved to procure from other countries through a government-to-government arrangement.

Mr. Ty said the government and the private sector have secured around 22 million kilos of LPG, which is set to arrive between May 15 and June 1. Around 44 million kilos of LPG is still under negotiation. — Sheldeen Joy Talavera

Philippines to see faster inflation, slower GDP growth

Commuters wait in line for the southbound EDSA Bus Carousel at the Nepa Q-Mart station in Quezon City, April 6, 2026. — PHILIPPINE STAR/MIGUEL DE GUZMAN

MOODY’S RATINGS lowered its growth forecast for the Philippines and raised its inflation outlook, reflecting the impact of soaring global energy prices amid the Middle East conflict.

In a credit opinion on Tuesday, Moody’s cut its Philippine gross domestic product (GDP) growth projection to 4.9% this year from 5.5% previously. This is below the government’s 5-6% target for 2026.

For 2027, Moody’s trimmed its GDP growth forecast to 5.3% from 5.6% previously. If realized, this will be lower than the economic managers’ 5.5-6.5% target range for 2027.

“The conflict in the Middle East has increased downside risks to the Philippines’ economic outlook by raising global energy prices and external cost pressures,” it said.

Moody’s said it expects domestic demand and industrial activity to remain subdued due to high oil prices and fuel shortages.

“Higher energy and broader import costs are expected to erode real incomes amid high pass-through, dampen consumption, and weigh on industrial activity, reinforcing a firmer inflation trajectory,” it said.

Moody’s also noted that trade uncertainty and climate risks may also dampen economic activity.

“Our baseline assumes that the recovery in public investment will be gradual and begin only in the second half of 2026, as the government continues to take concrete measures to address the temporary slowdown. Meanwhile, higher energy import bills amid rising prices and peso depreciation, together with slower remittance growth, are expected to widen the current account deficit,” it said.

The Philippines is currently under a year-long national energy emergency as the Middle East crisis threatened its fuel supply. The government rolled out targeted subsidies and implemented energy conservation protocols.

“Together, these measures should mitigate the risk of significant supply disruptions,” Moody’s Ratings said.

Moody’s also hiked its average inflation forecasts to 3.7% in 2026 from 3% previously, and to 3.5% in 2027 from 3.2% previously, as oil prices remain elevated due to the Middle East conflict.

Moody’s forecasts are below the Bangko Sentral ng Pilipinas’ (BSP) 5.1% inflation projection this year and the 3.8% projection for 2027.

Inflation quickened to a nearly two-year high of 4.1% in March, breaching the BSP’s 2-4% target amid rising fuel and transportation costs.

“Inflation is expected to remain above the BSP’s target range, reducing policy flexibility and increasing the risk of policy tightening, even as softening growth and a negative output gap support a broadly accommodative stance in the near term,” Moody’s said. 

The BSP maintained its policy rate at 4.25% in an off-cycle meeting on March 26, noting that emerging inflation pressures are supply-driven, in which policy adjustments have little impact.

However, BSP Governor Eli M. Remolona, Jr. has said they are ready to act as needed to keep inflation expectations anchored and temper the potential effects of the oil price shock. The next policy review is on April 23. — J.I.D.Tabile

Cebu Landmasters sets up to P14-B capex for 2026

CEBULANDMASTERS.COM

CEBU Landmasters, Inc. (CLI) said it is allocating a lower P12 billion to P14 billion in capital expenditures (capex) this year to support its development pipeline, after posting a net income of P4.03 billion last year.

“Last year’s capex was around P16 billion, and for this year, the priority is really project development, which would account for roughly 60-70% of our capex for the year,” CLI Deputy Chief Financial Officer Renz Anthony L. Canete said during a briefing on Tuesday.

The listed developer reported consolidated revenues of P18.5 billion for 2025, supported by project completions, revenue recognition, and steady construction progress across developments, according to a regulatory filing.

Excluding lot sales, real estate sales and related finance income rose 10% to P17.3 billion from P15.8 billion a year earlier, remaining the company’s main revenue driver.

CLI ended the year with residential reservations of P24.6 billion, up from P16.9 billion in 2024, supported by continued demand across its portfolio.

“Our record sales reflect a clear focus on building where demand is real and delivering on our commitments. Even through periods of volatility, we continue to deliver as planned and build developments that meet market needs and create lasting value for the communities we serve,” CLI Senior Executive Vice-President and Chief Operating Officer Jose Franco Soberano said.

CLI launched more than 4,500 residential units during the year, with a combined value of about P31.3 billion across Cebu, Cagayan de Oro, Palawan, and General Santos.

Projects such as One Manresa Place in Cagayan de Oro and Casa Mira Homes Gensan recorded strong take-up, contributing to a 91% sell-out rate across completed, ongoing, and newly launched developments.

Recurring income rose 57% to P735 million from P467 million in 2024, driven by higher contributions from hospitality, leasing, and management fees.

Hotel revenue increased 79% to P431 million, supported by higher occupancy and an expanded room inventory of 797 units from 640. Leasing revenue grew 40% to P227 million as gross leasable area expanded to 71,000 square meters from 41,000 square meters. Management fees also rose 21%.

As part of its expansion, CLI said it has secured a 70-hectare property in Dasmariñas, Cavite for a planned township development, marking its entry into the Luzon market.

The property will be developed into a mixed-use township with a predominantly residential master plan expected to deliver about 6,000 homes in multiple phases, alongside commercial, institutional, and estate components.

The site is located along Governor’s Drive and is near the Cavite-Laguna Expressway, placing it within a key growth corridor in the Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) region. Initial phases are targeted for launch between 2027 and 2028.

The company said the project will target economic and mid-market segments and is designed as a self-sustaining, integrated community.

“As we deepen our presence in VisMin and enter Luzon, we remain guided by our mission to deliver masterful real estate experiences that uplift lives, and our vision of becoming the country’s most trusted developer,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said.

The company has 132 projects across residential, office, hotel, co-living, co-working, mixed-use, and township developments in 18 cities in the Visayas and Mindanao.

At the local bourse, CLI shares fell by 0.79% or two centavos to P2.50 each on Tuesday. — Alexandria Grace C. Magno and J.C.A. Gonzales

Globe launches tender offer for $600-M perpetual securities

BW FILE PHOTO

AYALA-LED Globe Telecom, Inc. said it has launched a tender offer for its outstanding 4.2% senior perpetual capital securities issued in 2021 as part of its liability management program.

In a regulatory filing on Tuesday, Globe said it has offered to purchase any and all outstanding 4.2% senior perpetual capital securities at $1,000 per $1,000 principal amount, with Morgan Stanley acting as dealer manager.

The company said it will also pay holders whose securities are accepted for purchase on the settlement date an accrued distributions payment together with the tender price.

“Any securities validly tendered and purchased by the issuer pursuant to the tender offer will be canceled on the settlement date and will not be reissued or resold,” the company said.

The tender offer, which was launched on April 14, will expire on April 22 unless extended, reopened, or terminated, Globe said, adding that the settlement date and payment of the tender consideration will be on April 24.

The company said the buyback forms part of a program to retire perpetual debt, which carries ongoing payout obligations.

Globe issued the $600-million securities in October 2021 at an initial distribution rate of 4.2%, payable semi-annually.

“If they are just exercising and buying it back before the step-up, that is normal,” BDO Capital and Investment Corp. President Eduardo V. Francisco said by phone on Tuesday, adding that companies typically buy back perpetual securities to avoid redeeming them at a higher value if prices rise.

According to Globe’s earlier disclosure, the securities have no maturity date but feature a step-up structure that makes redemption costlier over time. They carry an early repayment option by August, with coupons rising if left outstanding.

“That is a good sign because they think they can refinance it at a lower rate. It shows that they have liquidity and the confidence that they can finance it,” Mr. Francisco said.

For this year, Globe expects low- to mid-single-digit revenue growth following a decline in 2025.

Globe reported a 4.12% decline in net income to P23.3 billion in 2025 from P24.3 billion in 2024, weighed down by higher depreciation and interest expenses and lower revenues.

At the local bourse on Tuesday, Globe shares rose by P3, or 0.18%, to P1,633 each. — Ashley Erika O. Jose

Emperador secures €300-M sustainability-linked loan

EMPERADOR BRANDY FB PAGE

EMPERADOR, INC. said on Tuesday that it secured a €300-million sustainability-linked loan to refinance debt of its wholly owned subsidiary Emperador International Ltd.

“This SLL (sustainability-linked loan) serves as a milestone for the company, and an encouragement to continue operating sustainably,” Emperador Chairman Winston S. Co said in a statement on Tuesday.

Emperador and its unit Emperador Distillers, Inc. agreed to guarantee the refinancing facility.

A group of banks arranged the facility, with Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), Singapore Branch, Bank of China (Hong Kong) Ltd., and DBS Bank Ltd. acting as mandated lead arrangers, underwriters, and bookrunners.

BBVA and Bank of China will also serve as sustainability coordinators for the transaction.

The loan is tied to two targets: reducing Scope 1 and 2 greenhouse gas emission intensity and increasing the use of renewable electricity.

“Liquor production is a very energy-intensive process and EMI has been taking responsibility to reduce its impact on the environment,” the company said.

The company said it has invested in projects to reduce its carbon footprint, including a bioenergy center and carbon capture facility in Invergordon, a biomass boiler in Jura, and renewable electricity contracts across its operations in Scotland. It also uses renewable electricity and solar panels at facilities in the Philippines, Spain, and Mexico.

The company said the transaction marks its first sustainability-linked loan.

Emperador is a spirits company listed on both the Philippine Stock Exchange and the Singapore Exchange.

It has manufacturing operations in the Philippines, the United Kingdom, Spain, and Mexico, with a distribution network spanning around 100 countries.

Its portfolio includes Emperador Brandy, Fundador Brandy, and single malt whiskies such as The Dalmore, Fettercairn, Jura, and Tamnavulin.

At the local bourse on Tuesday, Emperador shares rose by 0.13% to P15.40 apiece. — Alexandria Grace C. Magno

AirAsia Philippines names former Aboitiz executive as new president

ANNA VICTORIA M. LU

AIRASIA PHILIPPINES announced on Tuesday it has appointed Anna Victoria M. Lu, former president of Aboitiz InfraCapital, Inc.’s water unit, as its new president and general manager.

Ms. Lu, who formerly headed Aboitiz-led Apo Agua Infrastructura, Inc., replaces Suresh Bangah.

Mr. Bangah has been reassigned and promoted to chief operations officer of AirAsia Aviation Group, the company said in a media release.

“AirAsia Philippines welcomes its new president and general manager strengthening its leadership bench with deep expertise in navigating complex, highly regulated public services, building sustainable partnerships, and driving growth as the company enters a new phase,” the company said.

“Our pursuit of enabling more Filipinos to fly and access travel is rooted in AirAsia’s DNA of democratizing and disrupting air travel. With this approach, and drawing from my experience in both the private and public sectors, I am deeply committed to expanding our reach and exploring new horizons as we move forward,” Ms. Lu said.

AirAsia Philippines said it is focusing on expanding its network to meet travel demand. It currently operates 14 domestic and 12 international routes.

The airline said it is also working to expand its Cebu hub, with plans to launch international routes.

“We can then focus on sustainable growth by strengthening our hubs and expanding into destinations where we see strong demand and opportunities to better connect communities. By navigating uncertainty with discipline and operational stability, we also aim to rebuild brand confidence, reassuring our guests that they can rely on us and trust the experience we provide,” Ms. Lu said.

Earlier in April, AirAsia Philippines said it had secured “adequate” jet fuel supply to sustain operations amid concerns over potential disruptions due to tightening global supply.

The airline said it will continue to work with fuel suppliers, industry partners, and government stakeholders to minimize disruptions and ensure travel continuity.

Last month, the Civil Aviation Authority of the Philippines (CAAP) directed AirAsia Philippines to settle unpaid obligations, including airport fees and unremitted passenger charges totaling P833.66 million.

The regulator said the obligations stem from unpaid navigation charges, aircraft landing and parking fees, passenger service charges, and other airport-related fees.

CAAP added that the obligations include unremitted domestic passenger service charges, or terminal fees, including amounts collected for expired and unutilized tickets held in trust for the regulator. — Ashley Erika O. Jose

Jollibee Group targets to open 10-12 Smashburger stores this year

JOLLIBEEGROUP.COM

JOLLIBEE Foods Corp. said on Tuesday that it plans to expand its Smashburger store network this year as sales performance improved over the past year.

The company’s burger brand Smashburger is targeting 10 to 12 new store openings this year, including expansion across both traditional and non-traditional formats, with five airport locations and one university location among the new sites.

“The sustained improvement in Smashburger’s performance reflects disciplined execution and a clearer value proposition in a competitive market,” Jollibee Group International Chief Executive Officer Richard Shin said in a statement on Tuesday.

“The strong results we’re seeing across franchise formats, particularly in non-traditional locations, reinforce the brand’s scalability and support our asset-light growth strategy within the Jollibee Group’s international portfolio. With improving same-store sales and a growing base of high-performing franchise formats, Smashburger is strengthening its role as a scalable, asset-light growth platform within the Jollibee Group’s brand portfolio,” he added.

The company said the franchised store in Huntersville, North Carolina, which opened in February 2026, has posted strong early performance, suggesting customer demand.

It added that non-traditional franchise locations in high-traffic venues such as airports, sports arenas, and universities are also performing well, supported by steady returns and franchise interest.

Jollibee Group said Smashburger’s performance improved following the “Summer of Smash” campaign launched in the third quarter of 2025, with same-store sales at company-owned stores reversing from negative mid-teen declines to positive double-digit growth by March 2026.

The company said the gains were driven by higher transactions, which rose in the high teens alongside average daily sales, supported by ongoing product updates and the rollout of its $4.99 value platform.

“We’re seeing a clear shift in consumer response, with higher transaction volumes reflecting improved relevance in our menu innovations and value offerings,” Smashburger Chief Executive Officer Jim Sullivan said.

“Our focus has been simple: serve delicious food people genuinely enjoy, offer value they can feel, and make every visit reliably good. That’s what earns repeat visits — and that momentum shows up in stronger store performance.”

Smashburger is also increasing brand visibility and local engagement through targeted sports and experiential partnerships.

“For the 2026 Major League Baseball season, Smashburger was named the Official Smashburger of the Colorado Rockies, marking the brand’s first official restaurant partnership with a Major League Baseball team,” the company said.

At the local bourse, Jollibee Foods Corp. shares fell by 1.48% to P159.50 each on Tuesday. — Alexandria Grace C. Magno

A woman’s strength

Meneline Wong presents new mixed-media works

WOMEN never quite fit into narrow definitions for Meneline Wong, MD, a multidisciplinary artist and obstetrician-gynecologist.

For her, the resilience and beauty of women are best expressed in the mixed-media format, which allows for textures, flourishes, and imperfections. At the Conrad Manila hotel, 20 of Ms. Wong’s latest works provide a splash of color on the walls, for guests and visitors to peruse and admire.

Titled Creases, the 40th exhibit in the “Of Art and Wine” series at the hotel’s Gallery C reflects the strength that can be found in the imperfect, bridging contemporary art and a doctor’s experience with the women she encounters in her day-to-day life.

Ever since she won 2nd place in the GSIS National Art Competition in 2018 for non-representational art, Ms. Wong has continued to experiment and infuse her paintings with an intimate understanding of movement, flow, and organic transformation.

“I’m spontaneous. I don’t plan out my works, maybe except for an upcoming one that will be more of a 3D sculpture,” Ms. Wong told BusinessWorld on the sidelines of the exhibit launch on March 24.

“In front of the canvas, I’m really spontaneous,” she said.

The exhibit’s title brings attention to the creases and folds in her artworks, inviting viewers to look closer and appreciate that these are not flaws in the design. The layered textures and expressive forms, backed by bright colors, symbolize the struggles, sacrifices, and silent battles that women carry with grace.

Some notable details are the lightness of the pastels, representing finesse, and the boldness of the metallic colors, which convey inner strength.

“For so long, women have been confined within narrow definitions,” said Ms. Wong. For her, labels such as “the weaker sex,” “too emotional,” and “lacking courage” do not reflect who women are.

“These are limitations imposed by a world that has not taken the time to truly see them,” she explained.

Rupert Hallam, Conrad Manila’s general manager, said at the launch that these creations are a way to recognize “the remarkable contributions and impact of every woman across our business and in every sector, including the arts.

“Through this latest installation, we invite our guests and patrons to experience a thoughtful tribute to the vulnerabilities and imperfections that ultimately give women their depth, character, and enduring beauty,” he said.

As for Susane Tiausus, managing director of Art Lounge Manila which represents Ms. Wong, the highlight of the creased works are the emotions they manage to evoke.

“Meneline does not hesitate to really express what she has inside,” Ms. Tiausus said. “Try to look into her artworks and see what she’s really trying to tell you — the story, the emotions.”

Curated by Nestor Jardin, Creases is a continuation of mixed-media paintings that Ms. Wong produced for a Women’s Month group show two years ago.

She told BusinessWorld that the natural progression of her works will eventually be the removal of the canvas, resulting in a more sculptural form. As she cycles through her usual schedule — clinic three times a week, painting two times a week, and playing sports in her free time — the drive to push the envelope continues.

“My goal is to have more international shows, maybe even a solo show,” she said.

Of Art and Wine: Creases is on view at Conrad Manila’s Gallery C. — Brontë H. Lacsamana

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