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‘Most advanced’ Isuzu mu-X now available

Isuzu’s popular midsize SUV gets upgrades, partly based on consumer feedback. — PHOTO BY JOYCE REYES-AGUILA

By Joyce Reyes-Aguila

“NOT JUST an upgrade but an evolution of excellence.” This is how Isuzu President Mikio Tsukui described the refreshed mu-X SUV. “This model is a result of listening to our customers, understanding their needs, and incorporating advanced features to elevate both comfort and performance,” the executive said to members of the media, content creators, and guests at the vehicle’s official launch at the Makati Shangri-La Ballroom recently. “Since its introduction in 2024, (it) has become a staple in Filipino households… delivering the perfect balance of modern elegance and functionality. (It is) our most advanced mu-X yet (that shows) our unwavering commitment to continuous innovation and customer-centric design.”

The latest version of the mu-X still employs a 3.0-liter diesel engine mated with a six-speed transmission, delivering 190ps of maximum power and 450Nm of torque. Its 4×4 variant has been enhanced with a new traction control system that features a Rough Terrain mode.

Safety features include a 360-degree Around View Monitor for better visibility, and a digital video recorder (DVR). A suite of advanced driver assistance systems (ADAS) features are upgraded with Isuzu’s Gen4 Smart Duo Camera that provides a 120-degree field of view and extended detection of up to 120 meters. Front parking sensors and rear cross traffic braking is also now available for enhanced safety.

Both wireless Apple CarPlay and Android Auto are available in the new mu-X. A seven-inch multi-information display comprises the instrument cluster, while a 10.1-inch full touchscreen infotainment system is on the center dash. New ambient lighting complements an all-black leather interior.

The exterior of the SUV features a new radiator grille with black titanium carbide material finish matched with dynamic blade headlights on the front and an “embrace” line concept at the rear. The front bumper is said to be inspired by the design of a fighter jet to provide a robust and aerodynamic stance. Its 20-inch dynamic turbine wheels aim to deliver both style and stability, according to the brand.

Isuzu Motors International Operations Thailand President Junichi Kubo maintained that the brand’s latest offering is “a symbol of its unwavering commitment to excellence (as it) carries the Isuzu DNA of durability, fuel efficiency, and unmatched driving experience.” He added that the vehicle’s success in Thailand and Australia gives the brand confidence that the Philippine market “will embrace the new Isuzu mu-X with the same enthusiasm.” He added, “Customers will appreciate not only the capability and reliability but also design, comfort, and advanced technology.”

The 2025 Isuzu mu-X pricing is as follows: P1.725 million for the Isuzu mu-X RZ4E 4×2 LS AT, P2.069 million for the mu-X 3.0L 4×2 LS-A AT, P2.32 million for the Isuzu mu-X 3.0 4×2 LS-E AT, and P2.67 million for the Isuzu mu-X 3.0L 4×4 LS-E AT. A new Eiger Gray color option is exclusively available for the LS-E and LS-A variants.

Building a resilient primary healthcare system for the Philippines

PHILHEALTH.GOV.PH

A strong and efficient primary healthcare system — accessible, timely, and affordable — is one of the clearest indicators of a nation’s commitment to public health and well-being. Government investment in this foundational level of care is essential for improving health outcomes and reducing disparities.

In many low- and middle-income countries, including the Philippines, access to primary healthcare remains a persistent challenge. Limited health infrastructure, unequal distribution of medical professionals, and inefficient transportation networks make it difficult for individuals — especially in remote or underserved communities — to seek timely care. However, even amid socioeconomic and geographic constraints, strategic investment and the efficient use of available resources can deliver meaningful improvements in health outcomes.

Studies consistently highlight the critical role that distance plays in healthcare utilization. In Lusaka, Zambia, for instance, 50% of patients visited hospitals within five kilometers of their homes, but only 2% did so if facilities were 30 to 44 kilometers away. A study in the Philippines similarly found that a 10% increase in distance from healthcare facilities was associated with a 2% increase in mortality rates. These findings underscore the urgent need to localize healthcare delivery to ensure equitable access.

Recognizing this need, President Ferdinand R. Marcos, Jr., in his third State of the Nation Address, committed to strengthening the country’s primary healthcare system, particularly in underserved and remote areas. Key to this effort is the establishment of primary care facilities and the deployment of mobile clinics across provinces.

Under the leadership of Health Secretary Teodoro Herbosa, and with support from local government units and legislators, the Department of Health has rolled out over 30 Bagong Urgent Care and Ambulatory Service (BUCAS) Centers nationwide. These intermediate-level health facilities aim to bridge the gap between community health centers and hospitals by offering urgent and ambulatory services seven days a week. Each BUCAS Center is equipped to provide a wide range of services, including minor surgeries, reproductive healthcare, and laboratory diagnostics. Plans are underway to expand offerings to include ophthalmology, orthopedics, pediatrics, dentistry, radiology, and pharmacy services.

Complementing these fixed-site facilities are 83 modern Mobile Primary Care Facilities (MPCFs), procured for deployment in geographically isolated and disadvantaged areas (GIDAs). Each mobile clinic is equipped with X-ray, ultrasound, laboratory equipment, a telemedicine kit, and essential utilities, ensuring that essential health services can reach even the most remote communities.

Meanwhile, the Philippine Health Insurance Corp., better known as PhilHealth, has bolstered its financial protection programs. Benefit packages for acute stroke and pneumonia have been increased to P76,000 and P90,000, respectively, while the breast cancer benefit has been significantly expanded from P100,000 to P1.4 million. Additional enhancements have been made for colon, lung, liver, ovarian, and prostate cancers — reflecting a strong push for better support for patients with critical illnesses.

The research-based pharmaceutical industry supports these government efforts to revitalize primary healthcare, recognizing it as the foundation for delivering essential health programs. Expanding access to life-saving medicines, vaccines, diagnostics, and essential health information at the primary healthcare level remains a key priority for the biopharmaceutical industry.

Beyond its efforts to expand access to medicines and vaccines, the PHAPCares Foundation continues to drive its mission of promoting sustainable healthcare and social development through three innovative partnerships. These initiatives are focused on strengthening primary healthcare, empowering youth through health advocacy, and controlling neglected tropical diseases, bringing meaningful benefits to communities across the country.

One such partnership is with Astellas, which is helping rebuild the One Bonuan Satellite Health Center in Dagupan City. Astellas is supporting the construction of a Barangay Health Station in a GIDA in La Union, which was previously devastated by a typhoon, to ensure better service delivery in underserved areas.

In another initiative, the “Healthy Youth, Healthy Future Project” with AstraZeneca aims to improve the well-being of over 30,000 adolescents in Iloilo. The program addresses pressing health challenges such as teenage pregnancy, HIV/AIDS, mental health, and non-communicable diseases like hypertension and diabetes, empowering young people to take control of their health.

Meanwhile, a collaboration with Merck targets the control of schistosomiasis and soil-transmitted helminthiasis in Agusan del Sur. This initiative focuses on improving water, sanitation, and hygiene practices while strengthening disease diagnosis, treatment, and community-based health interventions to reduce morbidity and prevent further transmission.

A strong primary care system enables life-course approaches to prevention, early detection, treatment, and follow-up. However, for such a system to be truly resilient and responsive, it must be matched by long-term domestic financing and sustained multisectoral collaboration.

By strengthening the pillars of primary healthcare today, we can ensure that every Filipino has a better chance at a healthier tomorrow.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines or PHAP which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Russia gains access to Philippine beef market

REUTERS

MOSCOW — The Philippines granted access for Russian beef and beef offal to its market, authorizing two Russian companies for imports, Russia’s agriculture regulator said on Friday.

The Philippines imported 1.17 million metric tons of meat last year, about a 10% increase compared with 2023, according to the Food and Agriculture Organization, with Brazil, the US and Spain as top suppliers.

Russia is seeking to boost agriculture exports by 50% by 2030, diversifying customer markets. Russia is currently exporting beef to China, Belarus and Saudi Arabia. Beef exports from Russia rose 14% in 2024.

“Any new market is important for Russian producers as an opportunity to diversify supplies and respond to changes in demand,” Sergei Yushin, head of Russia’s National Meat Association lobby group, said. — Reuters

Debt yields end mixed

YIELDS on government securities (GS) traded in the secondary market ended mixed last week before the Holy Week trading break.

GS yields, which move opposite to prices, inched down by an average of 0.73 basis point (bp) week on week, according to the PHP Bloomberg Valuation Service (BVAL) Reference Rates as of April 16 published on the Philippine Dealing System’s website.

Philippine financial markets were closed on April 17-18 due to nonworking days in observance of Holy Week.

Rates at the short end of the curve closed mixed, with the 91- and 182-day Treasury bills (T-bills) increasing by 4.32 bps and 1.28 bps to fetch 5.4133% and 5.6308%, respectively. Meanwhile, the 364-day debt fell by 9.63 bps to yield 5.6841%.

At the belly, rates mostly ended lower, with the three-, four-, five, and seven-year Treasury bonds (T-bonds) declining by 0.13 bp (to 5.8084%), 1.81 bps (5.8684%), 3.49 bps (5.9425%), and 5.01 bps (6.1071%), respectively. On the other hand, the rate of the two-year bond rose by 1.47 bps to 5.7652%.

The long end of the curve went up as yields on 10-, 20-, and 25-year T-bonds climbed by 4.37 bps (to 6.3013%), 0.33 bp (6.3189%), and 0.28 bp (6.3184%), respectively.

GS volume traded was at P28.33 billion on April 16, lower than the P36.07 billion recorded on April 11.

“Last week’s bond trading was rather muted amid lack of major economic data drivers and increased liquidity requirements by market participants from the income tax deadline and ahead of potentially increased Holy Week cash demand,” the first bond trader said in an e-mail. “There was increased demand for bonds as investors sought less risky investments following the substantial volatility in equity markets.”

The second bond trader said the recent market volatility caused by global uncertainties due to the Trump administration’s tariff policies “somewhat settled down” last week.

“As global markets have settled down, local markets followed suit, which allowed the Bureau of the Treasury’s (BTr) auctions to proceed in a relatively orderly manner. The 10-year fixed-rate Treasury note (FXTN) auction [on Tuesday] helped give firm indications for current levels on the yield curve,” the second bond trader said in a Viber message.

“Last week’s BTr T-bill auctions were awarded with higher rates, reflecting expectations that the BSP (Bangko Sentral ng Pilipinas) is expected to hold its policy rates in its next policy meeting in June, while the benchmark 10-year Treasury bond also fetched yields higher than BVAL rates on lingering inflationary concerns,” the first trader added.

The BTr last week fully awarded its T-bill offer at mostly steady yields amid strong investor demand, raising P25 billion as planned as total bids reached P74.512 billion.

Meanwhile, the government raised an initial P135 billion from the new 10-year fixed-rate Treasury notes it auctioned off on Tuesday, more than four times the initial P30-billion offering, as tenders reached P197.3 billion.

The new 10-year bonds fetched a coupon rate of 6.375%, resulting in an average rate of 6.286%. Accepted yields ranged from 6% to 6.4%.

“Barring any surprises over our long weekend, we should expect the local market to continue to stabilize this week and shift some focus back to fundamentals that are geared towards a more favorable outlook for the local market,” the second trader said.

“Bond yields might continue declining from potentially dovish remarks by Federal Reserve Chair Jerome H. Powell and European Central Bank (ECB) President Christine Lagarde over the long weekend and market caution ahead of US economic data releases this week, which might provide initial indications about the health of the US economy,” the first trader added.

Mr. Powell said on Wednesday the Fed would wait for more data on the economy’s direction before changing interest rates, but cautioned that President Donald J. Trump’s tariff policies risked pushing inflation and employment further from the central bank’s goals, Reuters reported.

Mr. Powell, speaking for the first time since Mr. Trump paused some of the more stringent of his barrage of tariffs, also characterized the ensuing market volatility of recent weeks as a logical processing of the Trump administration’s dramatic shifts in trade policy — not a sign of stress that warranted a Fed response.

“For the time being, we are well positioned to wait for greater clarity before considering any adjustments to our policy stance,” Mr. Powell said in a speech to the Economic Club of Chicago.

Meanwhile, the European Central Bank cut interest rates for the seventh time in a year on Thursday and warned that economic growth will take a big hit from US tariffs, bolstering bets for even more policy easing in the months ahead.

“Downside risks to economic growth have increased,” Ms. Lagarde told a press conference after policy makers agreed unanimously to cut the ECB’s benchmark rate by 25 basis points to 2.25%. “The major escalation in global trade tensions and associated uncertainties will likely lower euro area growth by dampening exports, and it may drive down investment and consumption.” — J.P.G.Villanueva with Reuters

Style (04/21/25)

Uniqlo closes one store, plans to open a bigger one

UNIQLO announced big plans for its stores in Bonifacio Global City (BGC): to serve the needs of customers in the central BGC area, the brand will close the Uniqlo C3 Annex store on April 28 to make way for renovations. Upon completion, the new space will be known as Uniqlo BGC High Street, set to be one of the brand’s key stores in the country. The new space promises a better LifeWear shopping experience with the full line-up of LifeWear for women’s, men’s, kids’ and babies, to go with various special services. In the meantime, shoppers can head to the temporary Uniqlo store in One Bonifacio High Street. Located on the second floor of the mall, the pop-up space will open on May 21, with the occasion marked with special deals and exclusive novelties promotions. Learn more by visiting www.uniqlo.com/ph/en/, @uniqlo on Facebook and @uniqlophofficial on Instagram.

KNatural launches K-GLOW Membership

KNATURAL introduces the K-GLOW Membership, a premium program designed for clients who seek to elevate their skincare routine and enjoy a full suite of luxurious perks. K-GLOW members receive KNatural’s signature and exclusive Porcelain Glow Facial, a treatment powered by the advanced HYSONIC Three Way device. This facial targets enlarged pores, breakouts, excess oiliness, and adult acne, while also delivering powerful anti-aging benefits and uplifting effect on skin. Membership also includes an exclusive gift set, along with one complimentary classic facial from the following options: Hydrating Facial, Korean Relaxing Facial, Acne Facial, Wrinkle Facial, or Whitening Facial. To complete the experience, members are entitled to two complimentary underarm whitening sessions, using the latest IRIS Bluetoning technology. Additional privileges include priority booking, a 25% discount on all products and services, and 10% off already discounted packages. During the member’s birthday month, they may select one free treatment from KNatural’s premium selection, which includes an Anti-Scar Laser Facial, Porcelain Glow Facial, Signature Calming Laser Facial, or Light Tech +++ Laser Facial. Family and friends accompanying the member during their birthday month receive 50% off treatments. For every successful membership referral, members receive a P1,000 Gift Certificate, redeemable for services only. The K-GLOW Membership is open to all existing and future clients of KNatural. To enroll, interested individuals may visit any KNatural branch, complete the in-store registration form, and pay a one-time membership fee of P10,000. Upon registration, each member receives an official KNatural Glow Membership card. KNatural is located at the G/F and 2/F of the PNB Building, Julia Vargas Ave., Ortigas Center, Pasig, Philippines. For more information, contact 0917-150-1849 or visit https://knatural.ph.

Benilde Fashion Museum names hall after philanthropist

PHILANTHROPIST and business magnate Ernest Rufino extended his support to the soon-to-open Benilde Fashion Museum (BFM). The BFM, which focuses on the collection, exhibition, and study of Philippine fashion from the 20th to the 21st century, will serve as a repository of works of some of the most notable designers in Philippine history: Philippine National Artists Ramon Valera and Salvacion Lim-Higgins, plus Ben Farrales, Pitoy Moreno, and Aureo Alonzo, to name a few. The creations are set to find a home at the Miguel Febres Cordero (MFC) Building. Designed by architect Fernando Ocampo and constructed in 1938 by the former Vice-President Fernando Lopez as The Mayflower, the four-and-a-half-story edifice formerly known as the Instituto Cervantes Building now stands as one of the few remaining examples of pre-war Art Deco architecture in Manila. The 1,500-square-meter space will be transformed to house galleries, libraries, conservation facilities, and storage systems, as well as rooms for lectures, presentations, symposia, and screenings. Through the substantial gift of Ernest Rufino, the museum’s main exhibition area will be named after his wife, with the name Josie Padilla Rufino Gallery. The support was formalized through an official turnover and signing of the Memorandum of Understanding at Vatel Manila Restaurant. It was led by De La Salle-College of Saint Benilde (DLS-CSB) President Br. Edmundo Fernandez FSC and Chancellor Benhur Ong, together with Ernest and Josie Rufino.

Posh Skin shows off new pimple patches

POSH SKIN CO. has launched new designs for its innovative pimple patches. The new designs include yellow star patches, multicolored star patches, and metallic foil patches for a fun, and comfortable acne treatment experience. The ultra-thin daytime patches provide a discreet and seamless coverage for all-day wear, while the nighttime rescue patches are designed to accelerate blemish healing while sleeping. “We took on a cleaner and simpler packaging approach to let the pimple patch designs speak for themselves,” said fashion stylist and Posh Skin Co. partner, Charmaine Palermo. “We wanted to highlight what truly matters — effective skincare that empowers people.” Posh Skin Co.’s new look aligns with the brand’s vision of expansion in the Philippines. Posh Skin will also be providing new, versatile acne solutions. “Acne care should be as dynamic as people’s lives because breakouts can happen at any time,” said Ms. Palermo. “We wanted to offer more options to treat and prevent breakouts effectively, so we are expanding our line with acne solutions that can easily integrate into any skincare routine.” Posh Skin Co. pimple patches are available for P199 on Shopee, Lazada, TikTok Shop, and the official Posh Skin Co. website and select Watsons stores nationwide.

Montblanc’s Around the World in 80 Days collection

EVERY WRITING instrument edition and assorted accessory in the Montblanc Meisterstück Around the World in 80 Days collection pays homage to novelist Jules Verne’s timeless adventure novel about British gentleman Phileas Fogg and his loyal valet Passepartout’s extraordinary trip around the world in just 80 days. The third edition of the Montblanc Meisterstück Around The World in 80 Days collection covers the 36-day voyage from Yokohama to London via the United States. (The first and second editions tackled the London to Bombay leg and the Bombay to Yokohama leg.) The final installment of the collection includes four editions with design details inspired by Fogg’s return voyage to his homeland. Because the train represents the main mode of transportation across the North American continent, the cap features a pattern inspired by the cloud of smoke emanating from a train engine. The pattern also includes the illustration of two pressure valves often found in the machine room of a train. The cartouche decorating the cap depicts a train locomotive, while the cone is engraved with rivets and chains. The clip of the four editions is embellished with a red lacquered heart symbolizing both the love between Fogg and Aouda, the princess he rescues in India, and the wager in the card game that set the adventure in motion. The handcrafted nib is decorated with an air balloon image, an homage to Jules Verne and his first adventure novel Five Weeks in a Balloon, alongside the start and end date of the journey from Yokohama to London. The four editions that make up the third installment in the collection include the  Resin Classique and LeGrand, Doué Classique Edition, and the Solitaire LeGrand Edition (all available as a fountain pen with a 14K gold nib, a rollerball or a ballpoint). The collection’s Limited Edition 811 features a limitation number referencing Mr. Fogg’s adventure that includes stops in eight cities and passing through 11 nations. This edition features a barrel made of black structured lacquer representing the structure of a locomotive, framed by two solid gold rings and featuring solid gold inlay representing pressure valves. The sterling silver cap is embellished with an etched smoke pattern as well as a cartouche depicting a train journey through the mountains cast in solid gold and set in a frame with rivets. The 18K gold nib is decorated with all-card suits and embellished with a 1.5mm black spinel representing a piece of black coal used to fire up locomotives. The writing instrument is crowned with the Montblanc emblem in mother-of-pearl set in black onyx stone. A fine stationery set completes the collection and includes a blue leather notebook with a map cover charting Fogg’s route across the American continent, as well as a special blue ink in both cartridges or an ink bottle. The matching accessories assortment includes stainless steel cufflinks in the shape of a hot air balloon, a stainless-steel tie bar and a money clip both featuring a hot air balloon. Montblanc is available at Rustans Makati, Rustans Shangri-La, Rustan’s Cebu, Greenbelt 5, and Solaire Resort Entertainment City.

First Gen eyeing pumped storage, solar projects rollout this year

FIRSTGEN.COM.PH

LOPEZ-LED First Gen Corp. is advancing towards its goal of expanding its portfolio to 13 gigawatts (GW) by 2030 as it is working to roll out renewable energy projects this year.

First Gen targets the implementation of its Aya pumped storage hydropower project in the second half of the year to store and release electricity with a potential capacity between 100 megawatts (MW) and 120 MW, based on its 2024 Integrated Report.

“The detailed engineering design for the electromechanical works has been completed, while the design for civil and hydromechanical works is still in progress,” the company said.

Most of the necessary permits and endorsements have already been secured, paving the way for the next phases of development, it said.

Located within the Pantabangan-Casecnan complex in Nueva Ecija, the facility was previously estimated to cost P6 billion. The project forms part of the company’s goal to grow its renewable energy portfolio capacity to 9 GW by 2030.

To further diversify its portfolio, First Gen said it would pursue a first phase 50-MW solar facility in Batangas this year and “to be followed by an additional 100-MW expansion.”

“First Gen’s solar and wind business units will continue to invest in the feasibility of the concessions that were awarded to the company,” the company said.

“Leveraging on a capability to implement multi-projects on a concurrent basis, the concessions are undergoing prioritization and evaluation, to accelerate projects into the development stage for the solar and wind assets,” it added.

Currently, First Gen has a total of 3,668 MW of combined capacity from its portfolio of plants that run on geothermal, wind, hydropower, solar energy, and natural gas.

In an interview last year, First Gen President and Chief Operating Officer Francis Giles B. Puno said the company had set a capital expenditure budget of around P35 billion for 2025. Approximately 90% of this will be allocated to the drilling activities and growth projects of its renewable energy subsidiary, Energy Development Corp.

For 2024, the company’s attributable net income declined by 19%, totaling $252.92 million, due to lower revenues and higher expenses.

“First Gen is forging ahead on many fronts to crystallize the uniqueness and value of our clean and renewable portfolio. We are committed to find solutions to help address the country’s critical issue of energy security.” Mr. Puno said. — Sheldeen Joy Talavera

20th MIAS draws 170K visitors

The Manila International Auto Show (MIAS) 2025 featured new brands even as some regulars were notably missing. — PHOTO BY KAP MACEDA AGUILA & JOYCE REYES-AGUILA

Chinese brands dominate summer automotive spectacle

By Kap Maceda Aguila

ANOTHER YEAR, another MIAS (or Manila International Auto Show, of course); except that this year wasn’t any other year, but a milestone 20th staging for the annual summer spectacle. While last year had the SMX Convention Center as a second venue, this year’s staging confined MIAS to its usual haunt, the World Trade Center Metro Manila.

To accommodate the expected foot traffic, organizers saw it fit to reduce the booth sizes of the participants — particularly since there were no less than 29 car brands on display at the World Trade Center Main Hall. “Velocity” was there on opening day as people very early in the day flocked to the venue. Many of the participating brands are headquartered in China, while some of the usual marques weren’t in this year’s staging.

When the four-day automotive exhibition packed up, organizers said they had counted a visitor count of 170,900 — surpassing last year’s total by 8,900. The turnout was realized “despite several challenges surrounding the venue, such as roadworks causing vehicular traffic in the area.”

Aside from being a selling exhibit, MIAS has traditionally been a venue to test-drive vehicles, and auto loans partner BPI was on hand to provide special deals on car financing. Meanwhile, the MIAS Custom and Classic Car Competition, sponsored by Petron, “featured some of the best restored and modified vehicles.” This and after-market brands helped to serve up a complete experience for automotive fans of all ages.

Surfshark: Philippines 24th most breached country in Q1 2025

The Philippines ranked 24th among 250 countries and territories, with a total of 224,731 breached accounts in the first three months of 2025, based on the latest data from Surfshark’s Data Breach Statistics. This figure represented a 73.5% decrease from the fourth quarter of last year, which recorded 848,911 breached accounts. Meanwhile, the country ranked fourth among its peers in the East and Southeast Asian region for the same period.

Surfshark: Philippines 24<sup>th</sup> most breached country in Q1 2025

How PSEi member stocks performed — April 16, 2025

Here’s a quick glance at how PSEi stocks fared on Wednesday, April 16, 2025.

Peso may climb on strong US data

PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE PESO could strengthen against the dollar this week following positive US data released over the trading break.

The local unit closed at P56.80 per dollar on Wednesday, weakening by three centavos from its P56.77 finish on Tuesday, Bankers Association of the Philippines data showed.

Week on week, however, the peso strengthened by 17 centavos from its P56.97-per-dollar close on April 11.

Philippine financial markets were closed on April 17-18 in observance of Maundy Thursday and Good Friday.

A trader said the peso’s movement this week will depend on the data released over the long weekend.

“If US retail sales come in higher, we expect further recovery to test the P56.50 level. Should the data show some weakness, the peso could depreciate to P56.70,” the trader said.

For his part, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso could range from P56.50 to P57 versus the dollar this week.

The dollar ticked up on Thursday as investors took some heart from trade talks between the United States, Japan and Italy, though the positive mood was curbed by US Federal Reserve Chair Jerome H. Powell saying the US central bank would be cautious about cutting interest rates, Reuters reported.

The dollar has been a major casualty of the turmoil stemming from tariffs and their impact on economic growth. Against a basket of six other currencies, the dollar has fallen to its lowest in three years this month, but it was slightly firmer on Thursday.

US retail sales increased by the most in more than two years in March as households stepped up purchases of motor vehicles and a range of other goods to avoid higher prices from tariffs, likely barely keeping the economy afloat in the first quarter.

With the stock market selling off and consumer sentiment tanking amid a darkening economic outlook wrought by President Donald J. Trump’s constantly changing tariff policy, the robust sales pace reported by the Commerce department on Wednesday will probably fizzle in the months ahead as consumers hunker down.

Retail sales increased 1.4% last month, the largest gain since January 2023, after an unrevised 0.2% rise in February, the Commerce department’s Census Bureau said. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, accelerating 1.3%.

Consumer sentiment is near three-year lows, with 12-month inflation expectations the highest since 1981. Mass layoffs of public workers as part of an unprecedented campaign by the Trump administration to downsize the federal government are also weighing on morale and could be a potential drag on spending.

Economists said the current economic environment could spur precautionary saving, potentially undercutting spending.

Meanwhile, the number of Americans filing new applications for unemployment benefits fell to a two-month low in the week ended April 12, suggesting labor market conditions remained stable in April, though uncertainty around tariffs is making businesses hesitant to boost hiring.

Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 215,000 for the week ended April 12, the lowest level since February, the Labor department said.

Economists polled by Reuters had forecast 225,000 claims for the latest week. There are still no signs mass firings of federal government workers have significantly impacted the labor market.

The data suggested companies had not yet responded with layoffs to Mr. Trump’s April 2 “Liberation Day” tariff announcement, but the White House’s trade policy has constantly shifted, which economists said made it difficult for businesses to plan ahead.

Mr. Trump has slapped duties on virtually all foreign goods, igniting a trade war with China, the biggest source of US imports. The hit from tariffs, together with the drag from tightening financial conditions, could still come. — AMCS with Reuters

Stocks may drop on growing US-China trade war

REUTERS

PHILIPPINE STOCKS could decline this week due to the growing trade war between the United States and China.

On Wednesday, the Philippine Stock Exchange index (PSEi) fell by 0.83% or 51.48 points to close at 6,134.62, while the broader all shares index rose by 0.28% or 10.34 points to 3,656.99.

Week on week, the PSEi went up by 0.86% or 52.18 points from its 6,082.44 finish on April 11.

The market was closed on April 17-18 in observance of Maundy Thursday and Good Friday.

“Steady movement above the 6,000 zone characterized the shortened trading week amid quiet activity ahead of the Lenten break,” online brokerage 2TradeAsia.com said in a market note.

For this week, First Metro Investment Corp. Head of Research Cristina S. Ulang said volatility may welcome back investors from the trading break following the latest developments in the US-China trade war.

“Downside risks lurk as the market digests the adverse trade and economic growth fallout for emerging markets following the fresh port container fees recently slapped by US President Donald J. Trump on Chinese exports,” Ms. Ulang said in a Viber message.

The Trump administration shielded on Thursday domestic exporters and vessel owners servicing the Great Lakes, the Caribbean and US territories from port fees to be levied on China-built vessels, aiming to revive US shipbuilding, Reuters reported.

The Federal Register notice posted by the US Trade Representative was watered down from a February proposal for fees on China-built ships of up to $1.5 million per port call that sent a chill through the global shipping industry.

Still, the fees on Chinese-built ships add another irritant to swiftly rising trade tensions between the world’s two largest economies as Mr. Trump seeks to draw China into talks on his new tariffs of 145% on many of its goods.

The revisions tackle major concerns voiced in a tsunami of opposition from the global maritime industry, including domestic port and vessel operators as well as US shippers of everything from coal and corn to bananas and cement.

Unicapital Securities, Inc. Research Head Wendy B. Estacio-Cruz said in a Viber message that the PSEi is expected to trade within the 5,800 to 6,300 range this week.

For his part, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail that the market’s support is pegged at 6,000, while resistance could be at 6,230-6,490.

2TradeAsia.com placed the PSEi’s support at 6,000 and resistance at 6,400.

“A global backdrop of rate path uncertainty, persistent push-pull forces in tariffs and trade policy, and sticky real yields continue to weigh on valuations despite a relatively benign domestic inflation setup,” it said. — Revin Mikhael D. Ochave with Reuters

Subway RoW purchases seen completed by Q1

PHILIPPINE STAR/ MICHAEL VARCAS

THE Department of Transportation (DoTr) is targeting to complete the acquisition of right of way (RoW) for the Metro Manila Subway project by the first quarter of 2026.

Transportation Secretary Vivencio B. Dizon said last week that the DoTr is now expediting the project by addressing RoW issues, which is estimated at 59.12% to date.

The DoTr said in a message to BusinessWorld, that it is hoping to acquire up to 80% of the needed RoW by end of 2025, with the remainder completed by the first quarter.

The DoTr is also hoping to award the three remaining contract packages of the Metro Manila Subway project within the year. The remaining contract packages are valued at between P10 billion and P15 billion each.

Contract package (CP) 105 covers the construction of the station in Kalayaan Avenue and Bonifacio Global City; CP 108 covers the Lawton and Senate-DepEd stations; and CP 109 is the Ninoy Aquino International Airport (NAIA) Terminal 3 station.

The DoTr has said that it is now expecting subway operations by 2032. It had initially targeted partial operations by 2030.

Nigel Paul C. Villarete, senior advisor at technical advisory group Libra Konsult, Inc., said the DoTr must set a realistic target, given the many obstacles in the way of completion.

“We do not have a good record of meeting deadlines as far as RoW acquisition is concerned… It is a better idea to set realistic timelines for project implementation, considering past performance levels, and attempt to drastically improve them and finish projects ahead of schedule, rather than promise a very early timeline which may be repeatedly delayed,” Mr. Villarete said via Viber.

Rene S. Santiago, former president of the Transportation Science Society of the Philippines, said: “2032 is a big aspiration, devoutly to be wished but iffy.”

The subway will ultimately link Valenzuela City to Parañaque City, with a spur line connecting to NAIA.

The subway is 33 kilometers long with 17 stations. The goal is to cut travel time between Quezon City and NAIA to 35 minutes from over an hour currently. It is expected to accommodate up to 370,000 passengers daily. — Ashley Erika O. Jose

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