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[B-SIDE Podcast] Breaking barriers: Filipina women in STEM and beyond

Follow us on Spotify BusinessWorld B-Side

In celebration of National Women’s Month, we recognize the trail-blazing Filipinas who have defied all odds through their success in various fields. However, we must also acknowledge the challenges that plague women into breaking existing glass ceilings.

Carlota Salamat Andres shares in an interview with BusinessWorld her journey to becoming an S&E engineer, and why more Filipinas deserve more opportunities to excel in the sciences.

Interview by Beatriz Cruz
Audio editing by Jayson Mariñas

Follow us on Spotify BusinessWorld B-Side

BSP warns of short-term refinancing risks

Pedestrians cross a road in Caloocan City, Philippines.Photographer: Lisa Marie David/Bloomberg

The Philippine central bank warned companies to avoid an excessive reliance on short-term funding that could leave them vulnerable when refinancing debt.

“While increased risk-taking and leverage are not seen as excessive, the high level of debt incurred by corporates warrant close monitoring,” Bangko Sentral ng Pilipinas said in its annual Financial Stability Report released on Thursday. “Many corporates continue to face persistent funding mismatches where current liabilities exceed current assets.”

The Philippine economy is among the region’s fastest-growing, with Finance Secretary Ralph Recto last week saying gross domestic product may expand as much as 7% this year as interest rate cuts spur investment and expansion. The BSP said that while corporate profits have also been rising, risks include an over-reliance on bank lending, the use of short-term funding for long-term investment, and the interconnectedness between some companies and systemically important banks.

“A maturity wall and higher leverage may make refinancing challenging at higher interest rates,” it said.

Another danger is a potential mismatch between local-currency revenues and offshore liabilities. Non-financial corporations have an estimated P2.48 trillion ($43 billion) of foreign-currency debt maturing this year, plus P11.3 trillion of local-currency borrowings falling due in 2025, according to the BSP report, which cited data from S&P Capital.

The P14.24 trillion maturing in 2025 is a third lower than the P21.54 trillion total maturities in 2024. Maturing debts are seen easing below P10 trillion by 2028.

The regulator said conglomerates and lenders must exercise caution in lending to a subsidiary or affiliate, pointing out that banks’ asset quality and capital adequacy may decline if any conglomerate experiences financial distress.

The top 15 conglomerates owe P9.7 trillion, accounting for 93% of total corporate debt, according to the BSP. Many of these conglomerates also own major lenders.

“While such related-party transactions are allowed, this must be conducted in an arm’s length basis within prudential limits,” the BSP said.

The central bank called for the development of alternative sources of financing to help lessen companies’ dependence on bank financing.

“This entails streamlining issuance requirements, particularly for small to mid-sized corporate borrowers, improving platform accessibility through technology, and increasing activity through engaging market-makers,” the report said. — Bloomberg

Pegula ends Eala’s fairytale run at Miami Open

Alexandra Eala (PHL) waves to fans from her player's chair after her match against Jessica Pegula (USA)(not pictured) in a women's singles semifinal on day ten of the Miami Open at Hard Rock Stadium. Mandatory Credit: Geoff Burke-Imagn Images via Reuters Connect

MIAMI – American fourth seed Jessica Pegula ended the fairytale run of Philippine wildcard Alexandra Eala 7-6(3) 5-7 6-3 at the Miami Open.

“It’s nice to know I can win these big matches in really clutch, pressure moments and come out on top,” said Pegula, who will compete in her sixth WTA 1000 final.

“One of the people who does it better than me is Aryna. I’m going to have a big battle.”
Pegula battled back from 2-5 down to win the opening set and was up a break in the second before 19-year-old Eala came back to level the match despite twisting her ankle during a point.

But Pegula’s experience shone through in the decider and she prevailed in a thriller that finished well past midnight, with the 31-year-old writing, “I’m tired” on a camera lens.

Eala, who beat three Grand Slam champions during her run, blew kisses to a small crowd that gave her a standing ovation after sharing a warm exchange with Pegula at the net.

Meanwhile, world number one Aryna Sabalenka cruised into her first Miami Open final with a 6-2 6-2 victory over Jasmine Paolini on Thursday.

Sabalenka won 77% of her first-serve points, fired down six aces, saved all four break points she faced and converted four of her five break point chances against Italian sixth seed Paolini during the 71-minute match.

The Belarusian top seed, who resides in South Florida and arrived in Miami fresh off a runner-up finish at Indian Wells, has not dropped a set in her five matches. — Reuters

Globe HR chief named among SEA’s 2025 Most Influential HR Leaders

Globe’s Chief Human Resource Officer Renato Jiao has been recognized as one of the region’s 100 most influential HR leaders for 2025 by ETHRWorld Southeast Asia HR Icons.

The annual initiative was organized by ETHRWorld Southeast Asia, the HR vertical of The Economic Times. It acknowledges CHROs and senior HR executives who have made exceptional contributions to leadership, innovation, and transformation in the HR industry.

Unlike a traditional ranking system, the HR Icons list celebrates aspirational HR leaders from across the region, including Singapore, Malaysia, Thailand, Indonesia, and the Philippines.

Recipients are selected based on an in-depth assessment conducted by ETHRWorld’s editorial team, evaluating criteria such as social media influence, engagement, industry awards, community impact, thought leadership, and pioneering HR practices. It also considers the impact of HR initiatives on revenue growth and overall market influence.

“This prestigious accolade is a testament to the collective effort of our entire HR team. We are committed to creating a workplace that empowers employees, embraces innovation, and drives meaningful change while continuously exploring new ways to support our people, ensuring that they remain at the core of our success,” said Jiao.

Jiao has led Globe’s HR strategies since 2010, building a culture of excellence, and implementing forward-thinking policies that enhance employee engagement and productivity.

Under his guidance, Globe has expanded its efforts in employee well-being and development while actively promoting diversity and inclusion. The company’s focus on learning, growth, and innovation has also created a workplace where individuals feel valued, respected, and empowered.

At the same time, Jiao ensures that employees are engaged in programs that contribute to both customer welfare and community development in line with Globe’s dedication to sustainability and nation-building.

Under Jiao’s leadership, Globe has received multiple local and international accolades for excellence in human resources management.

Globe continues to evolve and adapt to the changing needs of its employees and customers, maintaining its commitment to a work environment that supports growth, innovation, and social responsibility.

To learn more about Globe, visit https://www.globe.com.ph/.

 

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US Defense Secretary reaffirms “ironclad commitment” to the Philippines

BW FILE PHOTO

MANILA, March 28 (Reuters) – U.S. Defense Secretary Pete Hegseth reaffirmed the United States’ “ironclad commitment” to the Mutual Defense Treaty with the Philippines, saying in Manila on Friday that deterrence was needed in the South China Sea due to China’s actions.

Mr. Hegseth met with Philippine President Ferdinand Marcos Jr, and they signaled continued strong cooperation amid growing threats from China, emphasizing a shared commitment to peace in the Indo-Pacific region and in the South China Sea.

“Deterrence is necessary around the world, but specifically in this region, in your country, considering the threats from the communist Chinese,” Mr. Hegseth said.

The Philippines is Mr. Hegseth’s first stop on a trip to Asia that has been overshadowed by revelations that highly sensitive attack plans against Houthi militants in Yemen were shared on a commercial messaging app that included a journalist.

“President Trump, who sent regards to you as well, thinks very fondly of this great country, is very committed to the alliance that we have, to the friendship that we have, the cooperation that we have,” Hegseth said.

“He and I both want to express the ironclad commitment we have to the Mutual Defense Treaty and to the partnership, economically, militarily”.

Mr. Marcos, who pledged to work closely with Washington to uphold regional stability, said Mr. Hegseth’s visit was a sign of the U.S. support for its treaty ally.

“It sends a very strong message of the commitment of both our countries to continue to work together to maintain the peace in the Indo-Pacific region within the South China Sea,” he said.

The meeting comes against the backdrop of tensions between the Philippines and an increasingly powerful China over disputed islands in the South China Sea, where the two nations have had frequent maritime run-ins.

Ahead of Mr. Hegseth’s visit, Chinese defense ministry spokesman Wu Qian said military co-operation between the U.S. and the Philippines should not harm security interests of other countries.

“Throughout history, the U.S. has maintained an eye-popping record of breaking its promises and turning its back on its allies,” Wu said at a press briefing in Beijing on Thursday. – Reuters

Breaking barriers: Filipina women in STEM and beyond

In celebration of National Women’s Month, we recognize the trail-blazing Filipinas who have defied all odds through their success in various fields. However, we must also acknowledge the challenges that plague women into breaking existing glass ceilings.

Carlota Salamat Andres shares in an interview with BusinessWorld her journey to becoming an S&E engineer, and why more Filipinas deserve more opportunities to excel in the sciences.

Interview by Beatriz Cruz
Audio editing by Jayson Mariñas

Knowing the ‘Angels of the Sea’ of the Philippine Coast Guard

Seawoman 1st Class Aigielyn A De Jesus is one of the 81 ‘Angels of the Sea’ of the Philippine Coast Guard, an all-woman unit launched in 2021. She shares her unit’s key role in protecting our territories in the West Philippine Sea.

Interview by Edg Adrian Eva
Video editing by Arjale Queral

‘Angel of the Sea’ recalls a tense encounter at Scarborough Shoal

An ‘Angel of the Sea’ of the Philippine Coast Guard recalls her unforgettable encounter with the Chinese Coast Guard during her first mission at Scarborough Shoal (Bajo de Masinloc).

“Madaling-araw na po iyon nang bigla po kaming binunggo ng Chinese Coastguard [It was already dawn when the Chinese Coast Guard suddenly rammed us],” Seawoman 1st Class Aigielyn A De Jesus said.

Interview by Edg Adrian Eva
Video editing by Arjale Queral

US pauses financial contributions to WTO, trade sources say

A logo is pictured outside the World Trade Organization (WTO) in Geneva, Switzerland, Sept. 28, 2021. — REUTERS/DENIS BALIBOUSE

GENEVA – The United States has paused contributions to the World Trade Organization, three trade sources told Reuters, as U.S. President Donald Trump’s administration ramps up efforts to cut government spending.

The Trump administration is retreating from global institutions it sees as at odds with his “America First” economic policies. It plans to quit some, such as the World Health Organization, and has cut contributions to others as part of a broad review of federal spending.

The WTO has already been hobbled by a U.S. move in 2019 during Trump’s first term to block new judge appointments to its top appeals court, which left its key dispute settlement system only partially functional. Washington had accused the WTO Appellate Body of judicial overreach in trade disputes.

The Geneva-based trade watchdog had an annual budget of 205 million Swiss francs ($232.06 million) in 2024. The United States was due to contribute about 11% of that based on a fees system that is proportionate to its share of global trade, according to public WTO documents.

A U.S. delegate told a March 4 WTO budget meeting that its payments to the 2024 and 2025 budgets were on hold pending a review of contributions to international organisations and that it would inform the WTO of the outcome at an unspecified date, two trade sources with direct knowledge of the meeting said.

A third trade source confirmed their account and said the WTO was coming up with a “Plan B” in case of a prolonged funding pause, without elaborating.

All three sources asked for confidentiality because the budget meeting was private and the U.S. funding pause has not been formally announced.

The White House did not immediately respond to requests for comment.

A State Department spokesperson said Mr. Trump last month signed an executive order directing Secretary of State Marco Rubio to review within 180 days all international organizations the U.S. is a member of “to determine if they are contrary to U.S. interests.”

“Funding for the WTO, along with other international organizations, is currently under review,” the spokesperson said.

WTO spokesperson Ismaila Dieng said that U.S. contributions had been on the way but “got caught up in the pause of all payments to international agencies”.

“Generally, arrears can impact the operational capacity of the WTO Secretariat. But the Secretariat continues to manage its resources prudently and has plans in place to enable it to operate within the financial limitations imposed by any arrears,” he said, referring further questions to U.S. authorities.

As of end-December 2024, the United States had arrears of 22.7 million Swiss francs ($25.70 million), according to a WTO document obtained by Reuters marked “RESTRICTED” and dated February 21.

Under WTO rules, any member that fails to pay its dues after more than a year is subject to “administrative measures” – a series of punitive steps that get progressively stricter the longer the fees go unpaid.

The country is now classified as being in the first of three such categories, two of the trade sources confirmed to Reuters, which means its representatives can no longer preside over WTO bodies nor receive formal documentation.

Reuters could not immediately establish if the WTO was already applying these measures to the United States.

William Reinsch, a former U.S. Commerce official now at the Center for Strategic and International Studies, said he thought the U.S. would eventually pay its WTO bill. He said the Trump administration had nominated a U.S. ambassador to the institution, which indicated some desire to remain engaged.

WTO spokesperson Dieng confirmed the chair of the budget committee had informed WTO members that the United States was currently in “Category 1 arrears”, along with other countries.

“It remains the responsibility of WTO Members to implement the consequences associated with arrears,” he said.

As of end-2024, five other member countries – Bolivia, Democratic Republic of Congo, Djibouti, Gabon and Gambia – were in that category, the WTO restricted document showed.

A total 38.4 million Swiss francs of contributions were outstanding, including unpaid fees from 2024 and prior, it showed. – Reuters

Brazil warns of big risk of global trade being ‘weaponized’

WILLIAM WILLIAM-UNSPLASH

LONDON – Brazil’s secretary of foreign trade warned on Thursday in the wake of U.S. President Donald Trump’s auto tariffs announcement that global trade was at risk of being ‘weaponized’ and that World Trade Organization strains were likely to get worse before they get better.

“We didn’t need to wake up to what was announced last evening,” Tatiana Prazeres, said about Wednesday’s move by Trump to impose a 25% tariff on all cars and trucks and major parts like engines and transmissions imported into the United States.

Ms. Prazeres, who was speaking via video link at a global trade conference at London’s Chatham House think tank, also hit out at the increasingly aggressive approach now being adopted by nations such as the U.S.

“What we see today is that trade is being used as a power tool so it is a big risk of trade being increasingly weaponized,” she added. “We don’t know where this will lead us.”

On its part, the Latin American country remains committed to both multilateralism and the WTO, she said.

Brazil’s President Luiz Inacio Lula da Silva has already vowed to lodge a complaint with the WTO over the 25% tariffs Trump slapped on Brazilian steel earlier this month.

“I don’t think at this time we have the opportunity of promoting major changes,” Ms. Prazeres said, referring to the global trading system. “I think it might get worse before it gets better.”

Ms. Prazeres also said that Brazil was looking to build new trade “coalitions” and “defend our rules-based trade relations with countries that were willing to do so.”

“We are looking into expanding our network of trade agreements,” she said, highlighting December’s European Union and South American Mercosur bloc free trade deal as an example.

“We are willing to promote trade-based rules, we are willing to seek predictability and stability.” – Reuters

Brazil prosecutor general decides not to charge Bolsonaro for vaccine records fraud

EN.WIKIPEDIA.ORG

BRASILIA – Brazil Prosecutor General Paulo Gonet decided not to charge former President Jair Bolsonaro with fraud in his vaccination records, asking the Supreme Court to throw out the case, a document showed on Thursday.

Mr. Gonet said he could not press charges against Bolsonaro based only on allegations from a plea-bargain deal with a former presidential aide, arguing he needed more evidence to support any charges.

A legal representative from Mr. Bolsonaro did not immediately respond to a request for comment. The former president had previously denied any wrongdoing.

The move comes a day after a Supreme Court panel voted to put Bolsonaro on trial as part of another case, in which he is accused of allegedly conspiring to overthrow the government after he lost the 2022 election.

Brazil Federal Police had formally accused Bolsonaro last year of fraud on his vaccination records. Police said his former aide Mauro Cid fraudulently obtained COVID-19 vaccination records for Bolsonaro and his daughter Laura at the request of the then-president.

The police said they found the fraudulent certificates were issued “to obtain undue advantages related to the evasion of sanitary rules established during the pandemic period.“

Mr. Gonet argued in Thursday’s decision that accusations of fraud in vaccine records against Bolsonaro were based only on Cid’s plea-bargain deal.

This plea-bargain deal is also part of the coup attempt charges against Bolsonaro, but Mr. Gonet said that he decided to press charges in that case in February because other evidence backed the allegations.

Mr. Gonet still has to decide on another police probe targeting Mr. Bolsonaro, in which he is accused of embezzling jewelry gifted by the Saudi government.

Mr. Bolsonaro is barred by Brazil’s Superior Electoral Court from running for public office until 2030 over his efforts to discredit the country’s voting system. – Reuters

Putin suggests temporary administration for Ukraine, Russian news agencies report

Russian President Vladimir Putin suggested Ukraine could be placed under a form of temporary administration to allow for new elections and the signature of key accords with the aim of reaching a settlement in the war, Russian news agencies reported early on Friday.

Mr. Putin, speaking in the northern port of Murmansk, also said he believed U.S. President Donald Trump, who has improved ties with Russia, sincerely wanted to end the more than three-year conflict.

He said Russia was steadily moving towards the achievement of its goals in the conflict.

Mr. Putin’s comments on temporary administration appeared to address his long-held complaint that Ukraine’s authorities are not a legitimate negotiating partner as President Volodymyr Zelenskiy has remained in power beyond the end of his mandate in May 2024.

“In principle, of course, a temporary administration could be introduced in Ukraine under the auspices of the U.N, the United States, European countries and our partners,” Putin was quoted as saying in talks with seamen at the port.

“This would be in order to hold democratic elections and bring to power a capable government enjoying the trust of the people and then to start talks with them about a peace treaty. “He said Mr. Trump’s efforts to proceed with direct talks with Russia – in contrast with his predecessor Joe Biden, who shunned contacts – showed the new president wanted peace.

“In my opinion, the newly elected president of the United States sincerely wants an end to the conflict for a number of reasons,” the agencies quoted him as saying.

Russia, Mr. Putin said, was in favor of “peaceful solutions to any conflict, including this one, through peaceful means, but not at our expense”.

“Throughout the entire line of military contact, our troops are holding the strategic initiative,” he said. Russia, he said, was “persistently and confidently” moving towards achieving its goals.

Mr. Putin also said Russia was ready to cooperate with many countries, including North Korea, to help end the war in Ukraine. Western and Ukrainian sources say more than 11,000 North Korean troops have been sent to bolster Russian troops in Moscow’s western Kursk region, though Moscow has not confirmed this. – Reuters

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