Pag-IBIG Fund received the Best Sustainability Initiatives Award at the 2025 Governance Commission for GOCCs (GCG) Awards Ceremony held Monday, Dec. 1, in Parañaque City.
The award recognizes the agency’s efforts to integrate sustainability values and responsible practices across its programs, services, and internal operations.
Department of Human Settlements and Urban Development (DHSUD) Secretary and Pag-IBIG Fund Board Chairperson Jose Ramon P. Aliling said the recognition highlights Pag-IBIG Fund’s dedication to responsible governance and meaningful public service.
“We are truly grateful for this honor from the GCG. Receiving this award affirms our commitment to embedding sustainability in every aspect of our work,” Mr. Aliling said. “It reflects the progress we have made from the way we manage our resources, to how we serve our members, and to how we support the country’s development goals under the leadership of President Ferdinand R. Marcos, Jr. We are proud to contribute to a governance environment that upholds accountability, operational efficiency, and sustainable nation-building.”
Pag-IBIG Fund has strengthened its sustainability measures in recent years, particularly by expanding access to affordable and resilient housing through responsible lending and the Expanded Pambansang Pabahay para sa Pilipino (Expanded 4PH) Program. The agency has also accelerated digital transformation initiatives to reduce paper use, lessen branch foot traffic, and improve service efficiency.
Supporting greener housing options, Pag-IBIG Fund also allows members to avail of housing loans for the purchase or installation of solar panels, either as part of home improvement or as a built-in feature of newly acquired units. This enables members to invest in clean and cost-efficient energy solutions. The agency also provides additional appraisal consideration for housing projects of its accredited developers that incorporate green or energy-saving features.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said the award reinforces the agency’s mission to deliver programs that are sustainable, impactful, and responsive to the needs of Filipino workers.
“We will continue to champion sustainability as we help Filipino workers build a better future through meaningful savings and affordable home financing,” Ms. Acosta said. “We are deeply grateful to the GCG for this honor because it strengthens our resolve to serve with greater purpose. This recognition further inspires us to remain steadfast in fulfilling our mandates with service excellence, integrity, and sustainability. As Lingkod Pag-IBIG, helping our members achieve better and more dignified lives is not just our duty — it is our way of life,” Ms. Acosta said.
The award comes at a meaningful time as Pag-IBIG Fund marks its 45th anniversary on Dec. 14, celebrated under the theme “Isang Pag-IBIG: Susi sa Bagong Bukas.” Founded in 1980, the agency continues its enduring mission to help members secure their future through affordable home financing, accessible savings programs, and services that support their journey toward better lives.
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The World Bank cut its 2025 Philippine gross domestic product (GDP) growth forecast to 5.1% from 5.3% in its June report. PHOTO BY MIGUEL DE GUZMAN, THE PHILIPPINE STAR
The World Bank on Tuesday trimmed its growth forecasts for the Philippines for this year through 2027, mainly due to slower construction activity, muted consumption and a sharper drag from US tariff policy.
In its latest Philippines Economic Update (PEU), the multilateral lender cut its Philippine gross domestic product (GDP) growth forecast to 5.1% for this year from 5.3% in its June report.
For 2026, it lowered its Philippine GDP growth forecast to 5.3% from 5.4% previously.
The World Bank also cut its Philippine GDP growth projection for 2027 to 5.4% from 5.5% previously.
These latest projections are below the government’s 5.5-6.5% growth goal for this year and the 6-7% target for 2026 to 2028.
“We project that average growth over 2025 to 2027 will be lower than 2024,” World Bank Senior Economist Jaffar Al-Rikabi said during a briefing.
The Philippine economy grew by 5.7% in 2024.
“For 2025… the growth is largely weighed down by domestic factors. In particular, lower construction activity and weaker consumption growth,” he said.
The Philippine economy expanded by a weaker-than-expected 4% in the third quarter, bringing nine-month growth to 5%. This, as household final consumption expenditure and government spending slowed amid the corruption mess.
“But for 2026 to 2027, we think that it’s likely that external factors will weigh in more heavily on growth, largely slower export demand,” Mr. Al-Rikabi said.
The US imposed a 19% tariff on most goods from the Philippines starting August.
“The Philippines can leverage its strong economic foundation to implement bolder reforms that can unlock faster, more inclusive growth,” Zafer Mustafaoğlu, country director for the Philippines, Malaysia, and Brunei said.
“Removing barriers that limit investment and productivity and strengthening competitiveness can create more and better-paying jobs, expand opportunities, and reinforce economic resilience.” — Aubrey Rose A. Inosante
The newly opened Polarity Wellness Club (PWC) at The Podium, Ortigas Center
Visit the premium wellness destination dedicated to helping you recover, strengthen, maintain, and elevate your well-being.
The pursuit of fitness is no longer just about achieving a great physique. Today, true wellness demands a holistic approach — one that balances activity with recovery, strength with resilience, and physical health with mental clarity. This philosophy is now embodied in the newly opened Polarity Wellness Club (PWC) at The Podium, Ortigas Center, a premium destination redefining integrated health management in the Philippines.
PWC represents the next chapter for the Strength in Movement (SIM) Group, a pioneer in physiotherapy, strength, and wellness services. Evolving from the highly regarded Polarity Physiotherapy Center, PWC is the sister company of two premium gyms: Kinetix Lab and Kinetix+. With the gyms’ core focus on strength and conditioning, and their integrated offerings of dedicated Recovery Rooms and on-staff nutritionists, this powerful alliance firmly establishes the SIM Group’s commitment to holistic health. By uniting expert physiotherapy, world-class training, and dedicated nutrition, SIM provides a complete ecosystem for overall strength and lifestyle improvement. PWC is a membership-based wellness club designed for professionals, athletes, seniors, and performance-driven adults who seek structured, long-term health investment.
A Clinically Anchored Wellness Nexus
Located on the 4th floor of The Podium, PWC offers a refined membership experience that unites physiotherapy, recovery, strength pathways, and mental wellness under one space. This transformation reflects both a timely industry shift and the growing demand for proactive, sustained well-being among Filipinos.
“The evolution reflects a clear shift in what people now need from a wellness and rehabilitation institution,” said Luis Gatmaytan, administrative director and Physical Therapy Program director for the Strength in Movement Group. “Polarity Physiotherapy Center built a strong reputation for clinically-driven physiotherapy, but clients today require a system that supports them far beyond addressing isolated pain. PWC is the natural progression of that insight — a sophisticated, clinically-anchored, long-term wellness environment designed for clients who want structure, guidance, and sustainable results.”
PWC Recovery Room
Beyond Symptom Relief: Future-Proofing the Body
Unlike traditional physiotherapy clinics that focus on episodic care, PWC embraces a continuity model. Its philosophy is rooted in the belief that wellness is achieved by nurturing both body and mind, guiding individuals toward resilience, balance, and lasting vitality.
“Most people only seek treatment once pain already disrupts their life, or they train without fully understanding how to maintain their bodies sustainably. There is often no single place that connects rehabilitation, recovery, strength development, and overall wellness planning in a continuous and clinically grounded way,” explained Dr. Fahim James Pasha, DPT, associate manager of the Physiotherapy Department and Chief Physiotherapist at PWC.
This distinction is why PWC is a club, not a center. It is a membership-based community that emphasizes commitment, progressive health management, and integrated care. Clients are empowered to strengthen, maintain, and elevate their well-being through a consistent system supported by clinical expertise.
Red Light Therapy Room
A Full Suite of Services for Long-Term Health
PWC offers a comprehensive range of services designed to meet the needs of diverse clients — from corporate professionals managing stress to seniors committed to active aging.
Physiotherapy & Movement Recovery — One-on-one sessions focused on restoring mobility, reducing pain, and rebuilding confidence in movement.
Scoliosis & Spine Programs — Non-invasive, therapist-led interventions for posture, alignment, and long-term spine health.
Geriatric Care & Active Aging — Programs designed to improve balance, strength, mobility, and overall quality of life for seniors.
The Recovery Lab — Featuring the Kinetix+ recovery experience, including infrared sauna, cold immersion, contrast baths, and recovery boots to accelerate healing and performance.
Mental Wellness Support — Coaching and group classes that provide guided approaches to stress management and behavioral consistency, seamlessly integrated with physical care.
These offerings reflect PWC’s belief that physical and mental wellness cannot be separated. Stress, emotional load, and clarity directly influence muscle tension, posture, fatigue, and recovery. By addressing both aspects, clients are better equipped to heal, sustain progress, and achieve long-term transformation.
Professionalism and Precision: The PWC Standard
PWC’s difference extends beyond its integrated service model to its client experience. The club is designed to reflect the caliber of care provided — refined, intentional, and conducive to focused sessions.
“Our team is selected for technical maturity, critical thinking, and alignment with our professional standards. They undergo continuous training and mentorship grounded in clinically-driven practice,” shares Mr. Gatmaytan.
The service standard is defined as “professional warmth, not personal familiarity” — supportive, empathetic, and human, yet always within clear professional boundaries to ensure clinical integrity.
“Our clients arrive carrying pain, and they place extraordinary trust in our hands,” Dr. Pasha added. “From the moment someone walks through our door we want them to feel something powerful: instant calm, genuine care, and absolute confidence that they’re in the right place. That’s why every detail — the lighting, the music, the warmth of our team — is designed to ease clients’ stress before a single treatment begins.”
Infrared Sauna and Cold Plunge Area
Vision for the Future: Leading Integrated Wellness in the Philippines
Looking ahead, PWC aims to be recognized as the country’s trusted leader in integrated wellness and Active Aging. By combining physiotherapy, recovery, strength, and mental resilience under one space, PWC sets a new standard for holistic health care in the Philippines.
“Our priority is to help clients build, protect, and sustain strength across their lifetime,” said Mr. Gatmaytan. “When you are stronger, you move better, feel better, think better, and live better. That’s the philosophy we live by.”
Visit Polarity Wellness Club
Polarity Wellness Club is part of the Strength in Movement Group, a pioneering organization in physiotherapy and wellness services in the Philippines.
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Puregold CinePanalo Festival Director Christopher Cahilig, APFI General Manager Russel Frederick Oledan, and Puregold Senior Marketing Manager and Festival Chair Ivy Hayagan-Piedad formalize the partnership between Puregold CinePanalo and Asia Pacific Film Institute that will expand learning opportunities for student filmmakers.
In a recently forged partnership, the Puregold CinePanalo Film Festival and the Asia Pacific Film Institute (APFI) committed to providing full scholarship grants and tuition discounts for winners and participants in the Festival’s Student Shorts Category. These benefits are on top of the Festival’s creative grant of P200,000 per Student Short.
Entering its third year, the Puregold CinePanalo has firmly solidified itself as one of the most prestigious film festivals in the country. This is in no small part due to the festival’s unwavering support for aspiring filmmakers. Since its inception, the Puregold CinePanalo Film Festival has endowed them with hundreds of thousands worth of grants, a largesse that is likewise extended to student filmmakers.
This year, through the tandem of Puregold CinePanalo and the Asia Pacific Film Institute, not only will the student participants receive funding to create the movies of their dreams, but they will be given the resources to achieve their academic aspirations as well.
Under the partnership, the APFI will award three full scholarships to the winners of the major awards in the Student Shorts category, namely the Best Film, Jury Prize, and Best Director. In addition, the APFI shall provide a 100% scholarship for specific subjects chosen by the organization, including courses in Advanced Cinematography, Production Design, Scriptwriting, Acting, Editing, and Sound Design.
The APFI will also provide a 10% tuition discount on selected subjects for all students, crew, and members of each participating film, whether in the Student Shorts category or Full-Length category. On top of all this, the APFI will organize Career Talks during the Festival, which will help student filmmakers translate their artistic aspirations into sustainable career paths in the film and media industry.
Puregold CinePanalo Festival Director Christopher Cahilig, APFI General Manager Russel Frederick Oledan and Festival Chair Ivy Hayagan-Piedad affirm their new partnership with a handshake, a step that strengthens scholarship grants for young, aspiring filmmakers.
According to APFI, the Puregold CinePanalo’s advocacies in supporting the dreams of young filmmakers totally align with its own mission as an independent, self-sustaining, and industry-focused film school.
“The participants of Puregold CinePanalo have already proven themselves as talented storytellers with the potential to succeed,” says Russel Frederick Oledan, general manager of APFI. “Asia Pacific Film Institute is thus honored to support their journey by providing the mentorship, training, and platform to refine their craft.”
Mr. Oledan further affirms that the partnership reflects APFI’s vision of nurturing young storytellers who will shape the next generation of Philippine cinema. “It is a dream we share with the folks at Puregold,” he states.
Ivy Hayagan-Piedad, Puregold senior marketing manager, agrees and believes the shared passion of Puregold and APFI will bring the CinePanalo to heights it has never seen before.
“CinePanalo just keeps growing. We’re seeing even more institutions rally behind the cause. Partners like the Asia Pacific Film Institute remind us that uplifting Philippine cinema is a shared mission, one that starts by investing in the next generation of storytellers,” said Ms. Hayagan-Piedad.
The festival proper will be held at the Gateway Cineplex 18 and select Ayala Cinemas. Seven full-length films and 20 student Shorts will make up the festival lineup. To date, a number of Puregold CinePanalo alumni films have been showcased — and won awards — at both local and international film festivals.
For more information on the Puregold CinePanalo, you may stay updated through the official Festival Facebook page at facebook.com/puregoldcinepanalo.
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TOKYO — Japanese authorities lifted tsunami warnings on Tuesday hours after a powerful 7.5-magnitude earthquake shook northeastern regions, injuring at least 30 people and forcing about 90,000 residents to evacuate their homes.
The earthquake struck off the coast at 11:15 p.m. (1415 GMT) on Monday, and the Japan Meteorological Agency said a tsunami as high as 3 meters (10 feet) could hit the country’s northeastern coast. Warnings were issued for the prefectures of Hokkaido, Aomori and Iwate, and tsunamis from 20 to 70 centimeters (7 to 27 inches) high were observed at several ports, JMA said.
By the early hours of Tuesday, the JMA downgraded the warnings to advisories, and later lifted all advisories. There were no reports of major damage.
The epicenter of the quake was 80 kilometers (50 miles) off the coast of Aomori prefecture, at a depth of 54 km.
On Japan’s 1-7 scale of seismic intensity, the tremor registered as an “upper 6” in Hachinohe city, Aomori prefecture – a quake strong enough to make it impossible to keep standing or move without crawling.
“As of now, I have received reports of 30 people being injured and one fire,” Prime Minister Sanae Takaichi told reporters.
East Japan Railway suspended some services in the area, which was also hit by a massive 9.0-magnitude quake in March 2011. Other train services are facing delays in northern Japan, the operator said.
Following the tremor, the JMA issued an advisory for a wide region from the northernmost island of Hokkaido down to Chiba prefecture, east of Tokyo, calling on residents to be on alert for the possibility of a powerful earthquake hitting again within a week.
“There is a possibility that further powerful and stronger earthquakes could occur over the next several days,” a JMA official said at a briefing.
No irregularities were reported at nuclear power plants in the region run by Tohoku Electric Power and Hokkaido Electric Power, the utilities said. Thousands of households had lost power immediately following the quake, but service resumed by Tuesday morning.
YEN WEAKENS BRIEFLY The yen weakened against major currencies after news of the tremor, with the dollar and euro both touching session highs.
Japan is one of the world’s most earthquake-prone countries, with a tremor occurring at least every five minutes. Located in the “Ring of Fire” of volcanoes and oceanic trenches partly encircling the Pacific Basin, Japan accounts for about 20% of the world’s earthquakes of magnitude 6.0 or greater.
The northeastern region suffered one of the country’s deadliest earthquakes on March 11, 2011, when a 9.0-magnitude tremor struck under the ocean off the coast of the northern city of Sendai. It was the most powerful ever recorded in Japan and set off a series of massive tsunami that devastated a wide swathe of the Pacific coastline and killed nearly 20,000 people.
Drawing on lessons from that disaster, when a magnitude 7-level earthquake had struck two days beforehand, the government now issues a one-week “megaquake” advisory whenever a significant earthquake occurs in the region.
The 2011 tsunami also damaged the Fukushima Daiichi nuclear plant, leading to a series of explosions and meltdowns in the world’s worst nuclear disaster for 25 years.— Reuters
Classic car passing in front of a monument in Cuba. —
STOCK PHOTO | FREEPIK
HAVANA — Cuba’s Supreme Popular Tribunal on Monday sentenced former economy minister Alejandro Gil to life in prison following a closed-door trial that found him guilty of espionage in one of the country’s highest-profile corruption cases in decades.
The court additionally found Gil guilty of a range of corruption charges in a second trial, including bribery, falsification of public documents, influence peddling, and tax evasion.
Mr. Gil was sentenced to a concurrent 20-year sentence for those crimes.
The former economy minister, once a close confidant of President Miguel Diaz-Canel, spearheaded major monetary reforms in Cuba in 2021, which were largely seen as disastrous for the already troubled economy.
Sacked by Mr. Diaz-Canel in February 2024, Mr. Gil had not been seen or heard from until the trials, prompting widespread speculation about his whereabouts.
“Through corrupt and deceitful actions, (Gil) abused the powers granted by the responsibilities he assumed to obtain personal benefits, receiving money from foreign companies and bribing other public officials to legalize the acquisition of assets,” the court’s statement read.
“He failed to follow work procedures with the classified official information he handled, he stole it, damaged it, and finally made it available to the enemy.”
The defendant has the right to appeal the sentences within 10 days.
Reuters was unable to contact Mr. Gil or his lawyer for comment.
The corruption case is the most high-profile to hit Cuba since 1989, when General Arnaldo Ochoa, a hero of Fidel Castro’s 1959 Revolution, was tried and executed by firing squad for drug smuggling. — Reuters
BANGKOK/PHNOM PENH — Thailand said it was taking action to expel Cambodian forces from its territory on Tuesday, as renewed fighting between the two Southeast Asian neighbors spread along the disputed border.
Each side has blamed the other for the clashes, which have derailed a fragile ceasefire brokered by US President Donald Trump that ended five days of fighting in July.
Cambodia’s Defense Ministry said two civilians had been killed overnight, taking its death toll to six. One Thai soldier has died in the fighting.
In a statement on Tuesday morning, the Thai Navy said Cambodian forces had been detected inside Thai territory in the coastal province of Trat and military operations were launched to expel them, without providing further details.
Cambodian Prime Minister Hun Manet said late on Monday that Thailand “must not use military force to attack civilian villages under the pretext of reclaiming its sovereignty”.
Earlier, Cambodia said it had not retaliated even after its forces came under sustained attack.
The Thai Navy said Cambodian forces were increasing their presence, deploying snipers and heavy weapons, improving fortified positions and digging trenches, adding it saw the actions “as a direct and serious threat to Thailand’s sovereignty”.
Monday’s clashes were the fiercest since a five-day exchange of rockets and heavy artillery in July, when at least 48 people were killed and 300,000 displaced, before Mr. Trump intervened to broker a ceasefire.
Thailand evacuated 438,000 civilians across five border provinces and authorities in Cambodia said hundreds of thousands of people had been moved to safety. Thailand’s army said 18 soldiers were wounded and Cambodia’s government reported nine civilians injured.
Thailand and Cambodia have for more than a century contested sovereignty at undemarcated points along their 817 kilometer (508 mile) land border, with disputes over ancient temples stirring nationalist fervor and occasional armed flare-ups, including a deadly week-long artillery exchange in 2011.
Tensions rose in May following the killing of a Cambodian soldier during a skirmish, which led to a major troop buildup at the border and escalated into diplomatic breakdowns and armed clashes. — Reuters
De Larrazabal was recognized for his pivotal role in guiding Ayala through major transitions.
Ayala Corp. Chief Financial Officer embodies the ‘Four Faces of the CFO’ as he is recognized as ING-FINEX CFO of the Year for 2025.
At its core, the chief financial officer (CFO) of a company is the leader entrusted with protecting the financial health and integrity of an organization. This means ensuring that books and balance sheets tell the truth, risks are understood, and resources are used wisely towards the company’s goals.
But modern business doesn’t reward caretakers alone, at least not anymore. As operations scale and become ever more complex, today’s CFOs must also point the enterprise toward growth, transformation, and long-term value creation. Functioning as an anchor for the company, the role demands discipline and foresight in equal measure, because the company depends on the CFO to weigh its every decision between opportunity and risk.
This is the logic behind the framework used in the country’s most respected CFO evaluation: the “Four Faces of the CFO,” developed by Deloitte and adopted as the basis of the ING-FINEX CFO of the Year Award.
The model captures the full breadth of what makes a CFO today. As Operator, the CFO ensures financial processes run with precision and consistency. As Steward, they safeguard governance, controls, and accountability. As Strategist, they help shape long-term direction. And as Catalyst, they drive transformation and alignment across the organization.
Competent CFOs might master two or three. Few leaders excel in all four.
This year, Ayala Corp. Chief Financial Officer Alberto De Larrazabal was recognized as someone who does exactly that, as he was named the 19th ING-FINEX CFO of the Year, the Philippines’ premier honor for outstanding chief financial officers.
De Larrazabal led Ayala in executing landmark financing deals that combined competitive cost with positive impact.
This year’s award was given to Mr. de Larrazabal in recognition of his exemplary leadership in helping guide Ayala Corp. through major transformations with continued operational and governance excellence while nurturing a stronger culture of collaboration across the organization. These combined contributions, reinforced by Ayala’s record performance in 2024, made him stand out in the rigorous evaluation process.
He is the 19th recipient of the award and the eighth from the Ayala Group to earn the distinction.
Mr. de Larrazabal’s leadership has been central to guiding Ayala Corp. through one of its most dynamic periods. In addition to being evaluated across all ‘Four Faces’, he was credited with his performance during Ayala’s record year in 2024, which he achieved while the Group undertook major portfolio changes and broader organizational transformation.
Nominees were first assessed by the Search and Selection Committee (SSC) through detailed interviews and documentation reviews. From this pool, finalists were endorsed to the Board of Judges (BOJ), composed of respected leaders from regulatory bodies, the academe, past awardees, and business luminaries. The BOJ then conducted final interviews and deliberations before selecting the winner. This multi-tiered process ensures that the awardee exemplifies the highest standards of leadership, integrity, and strategic vision.
The ING-FINEX CFO of the Year Award is the Philippines’ longest-running and only dedicated search that honors outstanding Chief Financial Officers. Established through a permanent partnership between Dutch financial giant ING Bank N.V. and the Financial Executives Institute of the Philippines (FINEX), the country’s premier organization of finance and business professionals, the award celebrates its 19th year of recognizing excellence and inspiring future generations of Philippine financial leaders.
Within Ayala, De Larrazabal is regarded as a mentor and culture carrier, blending warmth with rigor to empower leaders at every level.
Championing integrity in a world of gray
Amid the recognition, Mr. De Larrazabal offered a view of leadership that reflects the complexity of the role he inhabits.
“The role of the CFO comes with a lot of trust placed on you. It’s heartwarming to feel that I have been deserving of that trust,” he said at the awarding ceremony held on Nov. 19 at the Fairmont Hotel in Makati City.
“We are in a unique position to see everything and be completely integrated. The key would be in providing that input to the rest of the business, so that better business decisions are made.”
In his words, the modern world is “a whole mass of grey,” something that has largely become ambiguous, fast-changing, and difficult to navigate. For him, the only dependable compass in that environment is character.
“It’s really about using integrity as a way to navigate that. Integrity is our North Star. You walk the talk,” Mr. de Larrazabal said.
That principle, he noted, has guided his approach as finance has evolved from a back-office guardian to a forward-looking partner in strategy and execution. The role has shifted, he said, from “gatekeeper” to “enabler,” requiring finance leaders not just to protect the enterprise but to move it forward.
“It’s providing perspective, always insights and perspective. That is the major role that finance plays, so that the outcomes, the decisions, are much better thought through,” Mr. de Larrazabal said.
His peers at Ayala Corp. commended his success at balancing this vital role in the firm.
Ayala Corp. President and CEO Cezar P. Consing credits De Larrazabal for successfully helping the company rationalize its business while driving growth.
“Albert has been CFO at a time when we have done so many changes to our portfolio. We’re doing things now that we haven’t done before. It’s not so easy to rationalize your business and grow at the same time, and Albert’s managed that,” said Ayala Corp. President and CEO Cezar P. Consing.
“You can be a good CFO, a good leader, or a good director or chairman, but finding somebody that can do all these things with the highest standards, that’s difficult to find. That’s why we’re lucky to have Albert,” said Ayala Corp. Chief Human Resources Officer Francisco Romero Milán.
“Albert’s impact on Ayala is not only enduring but also transformative. As a CFO, he’s known not just as a gatekeeper but a builder of businesses and solutions. He’s also known as an enabler across the Group,” said Ayala Corp. Chief Legal Officer Franchette Acosta.
Looking ahead, Mr. de Larrazabal hopes his legacy will be defined less by transactions and numbers than by the people he has shaped. For him, true leadership means ensuring that the benefits of progress are felt collectively, reinforcing a culture of collaboration and integrity.
“I’ve always believed that the people closest to the problem are in the best position to give you insights to the solution. It is incumbent on us as senior management to enable that conversation, to provide perspective and guidance, and at the same time, provide a safe space so that people feel free.”
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A Christmas tree is seen at the Bangko Sentral ng Pilipinas (BSP) main office, Manila. — BANGKO SENTRAL NG PILIPINAS
By Katherine K. Chan
THE BANGKO SENTRAL ng Pilipinas (BSP) is widely expected to ease for a fifth straight meeting on Thursday as economic growth slows and inflation remains below target, analysts said.
A BusinessWorld poll conducted last week showed that 17 out of 18 analysts surveyed expect the Monetary Board to cut the target reverse repurchase rate by 25 basis points (bps) on Dec. 11. This is the board’s last policy review meeting of the year.
If realized, the benchmark rate will fall to 4.5% from the current 4.75%. At 4.5%, this would be the lowest policy rate in over three years or since the 4.25% in September 2022.
In the BusinessWorld poll, only one analyst, Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco, sees the BSP delivering a 50-bp cut.
The central bank has so far reduced borrowing costs by a cumulative 175 bps since it began its easing cycle in August last year. It delivered a 25-bp cut at each of its meetings in April, June, August and October.
Moody’s Analytics Assistant Director and Economist Sarah Tan said the dismal third-quarter growth and easing inflation print may prompt a 25-bp rate cut on Thursday.
“Weaker-than-expected third-quarter GDP (gross domestic product) growth and a low-inflation environment together strengthen the case for further easing, even as risks of stronger price pressures linger,” she said in an e-mail. “These forces should outweigh concerns about the peso’s recent depreciation.”
In the July-to-September period, the Philippine GDP expanded by 4%, its slowest pace since the first quarter of 2021, as consumer and investor sentiment waned amid the ongoing public infrastructure corruption mess.
The country’s economic growth averaged 5% in the nine-month period, below the government’s 5.5-6.5% target for 2025.
Cid L. Terosa, a senior economist at the University of Asia and the Pacific, said the BSP will likely deliver a 25-bp cut in light of slowing economic growth both here and abroad, as well as a weaker pace of household spending.
“(The Philippine economy) does not seem to show signs of recovering from the effect of corruption scandals all throughout the country,” Mr. Terosa said.
For Mr. Chanco, the weaker-than-expected GDP growth in the third quarter, coupled with benign inflation, could support a jumbo cut by the central bank.
“A rate cut (on Dec. 11) is almost a given, the question is by how much, and we suspect that the very weak Q3 GDP print is reason enough for the Monetary Board to go with a larger 50-bp cut, especially with inflation still well under control,” Mr. Chanco said in an e-mail.
In November, headline inflation eased to 1.5% from 1.7% in October and 2.5% a year earlier amid slower price increases in food and non-alcoholic beverages, with food inflation posting a 0.3% decline during the month.
This brought the 11-month inflation average to 1.6%, below the BSP’s 1.7% full-year projection. November marked the ninth month in a row that inflation undershot the BSP’s 2-4% target.
Chinabank Research, which also anticipates a rate cut, said below-target inflation and well-anchored inflation expectations give the BSP room to continue easing.
“A more accommodative policy could also offer support for the Philippine economy, which grew weaker than expected in the third quarter and continues to face challenges from both the domestic and external fronts,” Chinabank Research said.
Deutsche Bank economist for the Philippines Junjie Huang said the central bank may ease further as they see slow growth through yearend.
“Q4 GDP growth may still be fairly weak amid lingering effects of constrained public spending… To reflect such a challenge, we revised down our GDP growth forecast to 4.1% year on year in Q4 from 5.4%, which in turn points to a wider negative output gap and thereby eliciting a policy action by BSP,” he said in a note.
Reinielle Matt M. Erece, an economist at Oikonomia Advisory and Research, Inc., said lower borrowing costs may spur spending, capital expenditures and overall economic activity.
BSP Governor Eli M. Remolona, Jr. earlier said that the Philippine GDP might grow by only 4-5% by yearend, well-below the government’s 5.5-6.5% target.
Meanwhile, Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said that the anticipated rate cut by the US Federal Reserve at its last policy meeting this year also allows the BSP to have a more accommodative monetary policy stance.
“Global easing trends, particularly the Fed’s expected cut, also provide room for BSP to act without putting undue pressure on the peso,” he said in an e-mail.
The Fed has so far lowered its key policy rate by 150 bps since September 2024, bringing it to the 3.75-4% range. It is scheduled to have its last meeting this year on Dec. 9 and 10.
“A rate cut from both the Fed and the BSP (this) week would keep the interest rate differential at 75 bps, which could then help stave off any additional depreciation pressure on the peso,” Chinabank Research said.
The peso hit the P59-per-dollar level several times in November, even reaching a fresh low of P59.17 versus the greenback on Nov. 12.
FURTHER EASING IN 2026 Meanwhile, analysts see further monetary policy easing next year amid a dim growth outlook.
“(I’m) expecting one more 25-basis-point rate cut next year that can take place in the first quarter as GDP is likely to show sluggishness in the fourth quarter of this year with inflation to end this year at sub-two percent,” Security Bank Chief Economist Angelo B. Taningco said in an e-mail.
The BSP chief has said that the economy would only fully recover by 2027 but noted that a slight rebound might come by the middle of next year.
Maybank Investment Bank economist Azril Rosli projects two more 25-bp cuts next year, with the first one likely to come in the first half, as he expects inflation to settle at 2.2% in 2026.
“Price pressures continue to ease, with rice prices softening due to stronger domestic harvests and lower global prices, though the BSP will continue monitoring the impact of rice import restrictions on supply and retail markets,” he said in an e-mail. “Upside risk is the combined effects of rice policy adjustments, base effects, and higher electricity rates.”
The suspension of regular and well-milled rice imports will be temporarily lifted in January but will be reimposed from February to April.
The flexible tariff scheme on rice will likewise take effect on Jan. 1, wherein the levy on the staple grain will be adjusted by 5 percentage points every 5% change in global prices up to a maximum of 35%. The National Government currently imposes a 15% tariff on rice.
Meanwhile, Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. also expects the central bank’s easing cycle to end once the benchmark interest rate settles at 4% but flagged risks of excessive easing.
“A gradual easing path could bring the policy rate down to 4% in 2026, providing support to an economy that will likely depend more on monetary policy in the near term given the constraints on fiscal spending,” he said in a note.
“Nevertheless, excessive rate cuts may carry risks as inflation could rise again in 2026. An overly aggressive easing cycle could force the BSP into an abrupt reversal should inflation pick up unexpectedly, potentially leading to sharper-than-ideal rate hikes later on,” he added.
The BSP projects inflation to return to the target range by 2026 at 3.1%, before slowing anew to 2.8% in 2027.
THE PHILIPPINE BANKING sector had slightly more bad debts in October than in the previous month, bringing its gross nonperforming loan (NPL) ratio to 3.33%, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.
The industry’s gross NPL ratio inched up in October to 3.33% from 3.31% in September but improved from the over two-year high NPL ratio of 3.6% logged in October 2024.
October also saw the highest bad loan ratio in two months or since the 3.5% in August.
Loans are considered nonperforming once they remain unpaid for at least 90 days after the due date. These are deemed risk assets since borrowers are unlikely to pay.
Based on data from the central bank, soured loans slipped by 0.35% to P537.028 billion in October from P538.924 billion in September. However, it rose by 2.43% from P524.311 billion a year ago.
“The slight pickup in the NPL ratio could be partly due to the slower growth in bank loans in recent months that could have slowed the growth in the denominator, adverse effects of the series of storms (and) earthquakes in recent months that slowed down economic activities amid reduced number of working days,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
Earlier BSP data showed that outstanding loans extended by big banks climbed by an annual 10.3% to P13.793 trillion in October. However, this was the slowest lending growth in 16 months or since the 10.1% posted in June 2024.
Mr. Ricafort likewise attributed the uptick in banks’ bad debts to the recent flood control corruption mess, which dampened infrastructure spending and limited business opportunities in the construction industry.
As of October, the banking system’s total loan portfolio stood at P16.104 trillion, down 1.05% from the P16.276 trillion recorded in the previous month. Year on year, it went up by 10.68% from P14.55 trillion.
Past due loans inched up by 1.48% to P687.836 billion in October from P677.822 billion in September and by 7.33% from P640.881 billion a year earlier.
These borrowings are equivalent to 4.27% of the industry’s total loan portfolio, higher than the 4.16% in September but below the 4.4% seen a year ago.
Restructured loans inched up by 0.02% month on month to P332.823 billion in October from P332.761 billion. It jumped by 13.69% from P292.749 billion in October last year.
This brought the restructured loans ratio to 2.07% in October, up from 2.04% in September and 2.01% a year prior.
Meanwhile, banks’ loan loss reserves amounted to P508.273 billion, up by 0.5% from P505.768 billion in September and by 4.26% from P487.523 billion a year ago.
With this, the ratio rose to 3.16% in October from 3.11% in September but slipped from 3.35% the previous year.
On the other hand, lenders’ NPL coverage ratio, which gauges the allowance for potential losses due to bad loans, stood at 94.65%, higher than the 93.85% in September and 92.98% in October 2024.
“For the coming months, further (Federal Reserve) and BSP rate cuts would further reduce borrowing costs that would support debt servicing by some borrowers,” Mr. Ricafort said.
The BSP has reduced benchmark interest rates by 175 basis points (bps) since August last year, bringing it to an over three-year low of 4.75%.
A BusinessWorld poll showed that 17 out of 18 analysts expect the Monetary Board to cut the target reverse repurchase rate by 25 bps at its last meeting of the year on Dec. 11.
If realized, the benchmark rate will stand at 4.5%, the lowest in over three years or since the 4.25% in September 2022.
Meanwhile, the Fed has reduced the Federal Funds Rate by 150 bps since September 2024, which is now at the 3.75-4% range.
The Fed is scheduled to have its last policy review meeting this year on Dec. 9 and 10, where it is expected to deliver a 25-bp cut. — Katherine K. Chan
THE BOARD of Investments (BoI) has approved P816.81 billion worth of investment pledges as of November, dropping by 48.3% from the P1.58 trillion in pledges approved in the same period a year ago.
At the same time, the value of green lane-certified projects breached the P6-trillion mark, it added.
In a statement, the BoI said it greenlit 261 projects, which are expected to create 32,864 jobs, in the first 11 months.
These investment pledges are mainly in the sectors of energy and electricity (P479.78 billion), airports and seaports (P195.69 billion), manufacturing (P58.99 billion), mass housing (P37.55 billion), and information and communication (P21.27 billion).
“These figures reflect the strong inflow of high-value investments that strengthen our economy. But we will not slow down,” said Trade Secretary and BoI Chair Ma. Cristina A. Roque in a statement on Monday.
“The P816.81 billion in approved investments to date sends a clear signal to local and foreign investors: the Philippines is an ideal, competitive, and future-ready business destination,” she added.
The top country sources of investments were Singapore (P74.78 billion), Thailand (P7.75 billion), and the US (P5.38 billion).
However, the approvals for the first 11 months are far below the P1.75-trillion target set by the BoI this year.
At P816.81 billion, the agency is only hitting 46.67%, or less than half of what it projected for 2025.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the decline in investment approvals could be partly attributed to weather-related disruptions, which have reduced the number of working days for government offices.
“Another factor would be the recent political noise on the anomalous flood control projects that led to some wait-and-see attitude by some investors,” he said in a Viber message.
Allegations that lawmakers, officials and contractors have siphoned off billions of pesos from anomalous flood control projects have triggered protests and dampened investor and consumer sentiment.
“Furthermore, another external risk factor since early 2025 has been Trump’s higher tariffs, trade wars, and other protectionist measures that reduced the global economic growth… thereby leading to some wait-and-see attitude by some international investors,” Mr. Ricafort said.
However, Ms. Roque said that although the political environment is an important consideration for any investor, the BoI’s strategic projects typically have medium- to long-term gestation period.
“And as such, investors attach greater importance to long-term factors such as economic fundamentals and structure, market demographics, and direction of policy reform,” she said.
Despite the decline in approvals, Ms. Roque said that they are currently reviewing a strong pipeline of investment pledges.
“BoI is still assessing 10 more big-ticket, strategic projects worth over P1 trillion,” she said. “It’s premature to make any definitive conclusions until those are finalized… These projects are registered with our green lane facility. Let’s wait and see what happens.”
These include three hydroelectric projects with 2.4-gigawatt (GW) combined capacity, four offshore wind projects with 3.7-GW capacity, two air transport service projects, and one transport infrastructure project.
“As we are a prudent administrator of incentives, we carefully evaluate these projects according to the requirements of the Strategic Investment Priorities Plan and its guidelines,” Ms. Roque said.
“While we are working double-time, we are unsure if all of these can be approved for registration this year. But what this signifies is that the pipeline of strategic investments remains to be strong,” she added.
The BoI will hold two more regular board meetings before yearend, which means there could still be an increase in investment approvals.
“But we cannot predict yet whether the increase will be enough to reach the P1.75 trillion we targeted for 2025,” the Trade chief said.
GREEN LANE APPROVALS Meanwhile, the BoI said that it has endorsed 78 projects worth P1.92 trillion in the January-to-November period for green lane treatment to the Once-Stop Action Center for Strategic Investments.
These projects are in sectors such as renewable energy, infrastructure, manufacturing, food security, pharmaceuticals, and digital infrastructure. These are expected to generate 161,325 direct jobs.
The renewable energy sector accounted for 60 projects worth P1.42 trillion, followed by public-private partnership, infrastructure and water projects valued at P416.08 billion.
Other projects are in digital infrastructure (P49.56 billion), manufacturing (P30.13 billion), food security (P4.33 billion), and pharmaceuticals (P45 million).
“Since its launch in Feb. 2023, the green lane has certified 229 projects worth P6.06 trillion, projected to create 398,822 jobs, underscoring its key role in attracting strategic, future-ready investments,” the BoI said.
Companies honored for excellent workplace practices at BusinessWorld Best Places To Work Awards
By Mhicole A. Moral, Special Features and Content Writer
Workplace quality became a clearer measure of how companies supported their people and built long-term growth. Many workers looked for offices that valued open communication, personal well-being, and a sense of purpose. Because of this, employers faced higher expectations to create systems that helped both staff and business goals.
This trend shaped the BusinessWorld Best Places to Work 2025 Awards, held on Dec. 2 at Dusit Thani Manila, recognizing companies from different sectors that built environments where employees felt supported and heard.
BusinessWorld Editor-in-Chief Cathy Rose A. Garcia opened the program by addressing the global drop in worker engagement and the mixed reaction to artificial intelligence (AI). She said many employees worldwide had expressed uncertainty about the future of their work but noted that the companies honored in this year’s awards proved that growth and people could move forward together.
BusinessWorld Editor-in-Chief Cathy Rose A. Garcia
“For the first time in decades, technology isn’t just changing how you work. It’s challenging the very foundation of entire professions. But we all know AI is simply a tool, not a bogeyman, not a catastrophe threatening to take people’s jobs. The real issue here is leadership, culture, how organizations guide their people through this transition,” she explained.
Ms. Garcia also noted that WorkL’s Six Steps to Workplace Happiness — reward and recognition, information sharing, empowerment, well-being, pride, and job satisfaction — are significant indicators that shape a strong workplace. She said that these factors came from measurable experiences that showed how employees truly felt about their jobs.
L-R: BusinessWorld Executive Vice-President Lucien C. Dy Tioco, BusinessWorld Vice-President for Sales and Marketing Jay R. Sarmiento, BusinessWorld Associate Editor Alicia A. Herrera, BusinessWorld Board Director Marife B. Zamora, BusinessWorld Editor-in-Chief Cathy Rose A. Garcia, Awards Night Host Dr. Danie Laurel, and BusinessWorld Chief Finance Officer Carlos R. Dizon
“The result is a grounded, evidence-based standard that says, this is what a strong workplace actually looks like in the lived experience of people. With that foundation, the organizations recognized today share a very distinct DNA. They are companies that reap [a] culture of something fundamental to their success,” she added.
In a recorded message Lord Mark Price, founder of WorkL, noted that the employee engagement platform conducted the surveys for the awards. He explained that the research collected hundreds of millions of data points worldwide that examined different aspects of workplace quality.
The awards night gave a toast to the Philippine companies taking the lead in nurturing happily engaging, empowering, and fulfilling workplaces.
“As you know, we use data points to understand the factors that attract and motivate employees. These include information sharing, empowerment, well-being, pride, and job satisfaction. All of you scored highly across these areas. This means you not only excel at creating positive employee experiences, but you also demonstrate that strong engagement leads to stronger business outcomes,” he said.
The WorkL founder added that the Philippine awardees performed strongly across categories that measured how well employees felt supported.
“The companies with the happiest employees often deliver the best performance, highest productivity, and most sustainable success,” Mr. Price shared.
BusinessWorld Board Director Marife B. Zamora
Marife B. Zamora, board director of BusinessWorld, continued the message of leadership development during her talk. Drawing from decades of experience in multinational companies and corporate boards, she noted that workplaces with engaged employees performed better because people stayed motivated and involved in daily operations.
“Your organizations need leaders at every level who can adapt, inspire through uncertainty, [and] who can turn disruption into opportunity. You can acquire your way to that kind of leadership bench. You have to build it,” she added.
Ms. Zamora encouraged companies to identify future leaders among their workforce and give managers the training needed to support their teams. She said leadership should be part of regular work culture instead of something limited to executives.
“The foundation is already there. You have created workplaces where people are valued, engaged, and supported. Now, take the next step. Make leadership [as] fundamental to your culture as it [already is],” Ms. Zamora explained.
Topping among the best
SMX Convention Center
SMX Convention Center was named the overall winner of the BusinessWorld Best Places to Work 2025 Awards. The organization also earned recognition across nine categories, highlighting its standing as a leading workplace in the Philippines.
Walid Wafik, senior vice-president for operations of SM Hotels and Conventions Corp. (SMHCC), accepted the top honor on behalf of SMX Convention Center. In his speech, he said the recognition affirmed the company’s commitment to building a workplace where every employee felt heard and supported.
“To be recognized by BusinessWorld as one of the best places to work in 2025, not just once, but across nine awards categories, is truly an honor that reflects the commitment, spirit, and heart of every individual in our organization. At every turn, we strive to build a workplace where collaboration, pride, and every voice matters,” he said.
Mr. Wafik detailed SMX’s ongoing investment in mentorship programs, learning initiatives, and mental and emotional well-being support. He said these efforts equipped employees with the confidence to perform at their best while contributing to organizational goals.
“At SMX Convention Center, we are reminded every day that our success is built not on structures or stages, but on the people who bring them to life,” Mr. Wafik added. “As we look to the future, we aim to continuously create spaces that inspire, uplift, and empower together.”
SMX also won the Grand Award for medium-sized organizations, women, employees aged 16-34, and overall employee well-being. It also received the Excellence Award for employees aged 55 and above, along with Merit Awards recognizing lesbian, gay, bisexual, transgender, and queer or questioning (LGBTQ+) employees, and persons with disabilities.
In addition, SMX said the awards reflected the daily efforts of its staff and confirmed that the workplace culture they were building was tangible and appreciated.
“[This recognition] gives us a sense of pride and gratitude because it reflects the everyday efforts of our people. It affirms that the culture we are building is real, felt, and appreciated. Most of all, it inspires us to continue creating an environment where employees feel valued, supported, and proud to be part of the SMX Convention Center,” the company said in an email.
When asked about future plans for improving the work experience, SMX explained the recognition encouraged the company to strengthen the employee experience further.
“As we expand, we look forward to creating more opportunities for the next generation of talent to experience a workplace built on purpose, learning, and connection. This allows us to share who we are, what we stand for, and why SMX is not only a place to build a career but truly one of the best places to work,” SMX added.
Ayala Land Hospitality claimed the top honor for large organizations, while Filinvest Alabang, Inc. earned top recognition as the leading workplace for employees aged 55 and above.
“Earning recognition as one of the best places to work motivates Filinvest Alabang, Inc. to further enhance the employee experience and build on the culture that earned this distinction. Our focus now is on deepening engagement, expanding professional development, and strengthening well-being initiatives through targeted learning programs and additional resources that support personal and professional growth,” Filinvest shared.
Filipino Homes received multiple Grand Awards, including the top awards for small organizations and for workforces aged 16 to 34. The company also received Excellence Awards for overall performance, women, ethnic minorities, LGBTQ+ representation, employees aged 55 and above, and employee well-being.
“Being included in BusinessWorld’s and WorkL’s inaugural Best Places to Work list is both an honor and a validation of our commitment to people-first values. At Filipino Homes, we believe that success in real estate is built not only on properties but on people — our team, our partners, and the communities we serve,” the company shared.
Rizal Commercial Banking Corp. (RCBC) was recognized as the leading workplace for very large organizations. The company credited the award to its “People First” philosophy.
“For our organization, it reaffirms that our consistent and strategic investment in our people directly translates into service excellence, as evidenced by our recognition as Best Customer Experience Bank in the Philippines at the International Finance Awards in 2024,” said RCBC.
In addition to the highest recognition, RCBC won Merit Awards in several categories, including overall performance, women, ethnic minorities, LGBTQ+ representation, employees with disabilities, youth aged 16-24, employees aged 55 and above, and employee well-being.
SMHCC earned a Grand Award for supporting ethnic minorities and employees with disabilities. The company emphasized that the award reflected the active implementation of its service culture.
“SM Hotels and Conventions Corp. being included in BusinessWorld’s and WorkL’s inaugural Best Places to Work list is an incredible honor and a meaningful affirmation of the WE GO BEYOND service culture we continue to build. It is a clear testament that our company’s core values are alive in our actions, decisions, and relationships,” said the company.
SLI Consulting, Inc. received Grand Awards for LGBTQ+ representation, employees with disabilities, and youth engagement, while WeFund Lending Corp., the operator of lending platform JuanHand, was recognized as the top workplace for employees aged 55 and above.
“Being a certified Best Place to Work raises our employer brand and sends a strong message to current and future talent. It shows that JuanHand is a place where people can build meaningful careers, feel supported, and grow,” WeFund stated, adding that its commitment to genuine care sets the company apart, with leaders empowered to celebrate wins, acknowledge challenges honestly, and give space for people to grow.
Excellence in the workplace
Damosa Land, Inc. earned the Excellence Award for its programs supporting employees aged 55 and older. The company also received Merit Awards in multiple categories, including overall performance, medium-sized organizations, support for women, ethnic minorities, LGBTQ+ employees, younger workers aged 16 to 34, and employee well-being.
“Behind every company’s success are the people who give their time, energy, and passion every single day. They are the heart of the organization, and their dedication is the true driving force behind any achievement,” the company explained.
DDB Group Philippines bagged the Excellence Award for supporting LGBTQ+ and disabled employees. The company also got Merit Awards for overall performance, medium-sized organizations, support for women, employees aged 16-34 and 55 and older, and employee well-being.
“DDB Group’s approach to employee well-being is holistic, intentional, and deeply embedded in our operating system. We don’t treat wellness as a program; it is part of our DNA. Through our Holistic Health framework, we support personal, mental, physical, spiritual, and career well-being in integrated ways,” it shared.
Federal Land, Inc. also received the Excellence Award for employees aged 55 and older. The company earned Merit Awards in several categories, including overall performance, support for large organizations, initiatives for women, ethnic minorities, LGBTQ+ employees, younger workers, and persons with disabilities, as well as employee well-being programs.
The company said its next step is focused on continuing to enhance the employee experience, strengthening feedback mechanisms, expanding wellness and learning programs, and creating more opportunities for collaboration and innovation.
“This recognition validates the culture we’ve worked hard to build: one that prioritizes employee well-being, growth, and collaboration. It reinforces our belief that, beyond our projects, our people are our greatest asset,” Federal Land added.
eBiZolution, Inc. bagged the Excellence Award for supporting LGBTQ+ and Merit Awards for its overall performance, medium-sized organizations, employee well-being, ages 16-34, ages 55 and above, and initiatives for women.
“Our next steps include expanding employee programs, strengthening career development, refining growth pathways, and enhancing our overall work environment. We want our people to see that they have a long, meaningful future with us,” eBiZolution shared.
MUFG Bank Ltd. — Manila Branch received the Excellence Award for initiatives supporting ethnic minorities. The bank also earned Merit Awards in nearly all other categories, including overall performance, medium-sized organizations, support for women, LGBTQ+ employees, disabled employees, employees aged 16 to 34 and 55 and older, and employee well-being.
“What sets us apart is that our approach to well-being isn’t a one-off program. It’s built into how we work every day,” the bank explained. “We listen closely to our people through regular check-ins, from new hires to long-tenured employees, and we use their feedback to shape real improvements. Our five-pillar Well-being Framework also helps us support employees in a more holistic way, from mental and social well-being to career and financial growth.”
Meanwhile, Ovialand, Inc. earned Excellence Awards for initiatives supporting women, ethnic minorities, and employees aged 55 and older. The company received Merit Awards for overall performance, medium-sized organizations, LGBTQ+ employees, younger workers, and employee well-being.
“Here at Ovialand, our employees are an integral part of our ‘OLI Core,’ shaping everything we do. Our culture is grounded in growth mindset, trust, open communication, and respect — values that are not just ideals but genuinely practiced. This creates an environment where every voice is heard, every idea is welcomed, and every contribution is recognized,” said the company.
PNB Holdings Corp. received Excellence Awards for overall performance, medium organizations, women, LGBTQ+ employees, persons with disabilities, and employees aged 55 and older. Merit Awards included ethnic minorities, younger workers, and employee well-being.
The company said its core values of taking care of employees were rooted in the leadership of Lucio C. Tan and Karlu T. Say.
Scholastic Philippines, Inc. also received recognition, securing Excellence Awards in the LGBTQ+ and disabled categories. Merit Awards reflected the company’s efforts in overall performance, medium organization management, support for women, younger employees, and initiatives for employee well-being.
“Leadership has been one of the important factors to creating the kind of workplace that earned this recognition. Our leaders lead by example, promote open communication, and make sure every employee feels respected and heard. They focus on building trust, encouraging collaboration, and supporting both personal and professional growth. This consistent approach has helped shape a culture where people feel valued and motivated to do their best,” said Scholastic Philippines.
Villaruz, Villaruz & Co. CPAs achieved Excellence Awards for employees with disabilities and those aged 55 and older. Merit Awards covered overall performance, medium organizations, women, ethnic minorities, LGBTQ+ employees, younger workers, and employee well-being.
The firm said it is consistent in balancing professional excellence and genuine care for employees, by offering competitive compensation packages, flexible hybrid work arrangements, and meaningful activities.
“Our core values — commitment, integrity, respect, client care and communications, leadership and loyalty, excellence, innovation, teamwork, and timeliness — are not just statements on paper; they guide our daily interactions and decisions,” it added. “We strive to create an environment where employees can excel professionally while maintaining a healthy and fulfilling personal life.”
Asian Hospital and Medical Center and Asticom Holding Co., Inc. received the Merit Awards for overall performance, employee well-being, support for women, ethnic minorities, LGBTQ+ employees, persons with disabilities, and programs for both young employees aged 16 to 34 and those aged 55 and above.
“Asian Hospital makes a conscious effort to drive the highest possible level of employee engagement. Key to this is listening to our employees to ensure that their needs are addressed not only in terms of compensation and benefits but also with regards to a workplace culture that ensures that our employees are happy at work,” Asian Hospital said.
On the other hand, Asticom expressed that it was honored to be part of BusinessWorld’s and WorkL’s inaugural Best Places to Work list, as it showed its commitment to cultivating a workplace where people felt valued and empowered to thrive.
“Earning this recognition as we celebrate Asticom’s 10th year is truly special. It reflects a decade of dedication to building a workplace where people feel valued, empowered, and inspired. While we are honored by what we have accomplished, we know that creating an exceptional work experience is an ongoing journey,” the firm explained.
Cebu Air, Inc. (CEB) and Makati Medical Center received Merit Awards for very large organizations, overall performance, support for women, LGBTQ+ employees, persons with disabilities, and employee well-being programs.
“At CEB, we’ve always been inspired by global best practices, and now, we hope this recognition motivates other companies in the Philippines to focus more on their employee experience,” Cebu Air noted.
Similarly, Makati Medical Center said the recognition reminded it that people drive success in every industry.
“In the Philippines, where workplaces are built on shared values and a strong sense of community, such awards inspire organizations to go beyond compliance and business goals to genuinely invest in their employees’ growth, well-being, and sense of belonging,” it added.
Reyes Tacandong & Co. received recognition in all large-organization categories, including overall, women, ethnic minorities, LGBTQ+, disabled employees, age-specific groups, and employee well-being.
“In a profession that will always be demanding, this recognition carries extra weight because it reflects how our people actually experience the firm day to day,” the company noted. “It tells us we are on the right track in our mission to be one of the best firms where top talents stay, grow, and thrive.”
Merit Awards were also given to Basic Environmental Systems and Technologies, Inc. (BEST) and LSERV Corp. for medium-sized organizations, overall performance, support for women, ethnic minorities, LGBTQ+ employees, and well-being programs for different age groups.
“Acknowledging an employee’s achievements directly impacts their motivation and self-esteem, encouraging them to continue performing well and even go above and beyond their regular duties,” BEST said.
LSERV Corp. mentioned that it was honored to be part of the inaugural Best Places to Work list, especially because the recognition comes directly from its employees.
“For us, more than an award, this is a confirmation of what we have built and what we stand for as an organization. As the country’s largest service provider operating under DoLE Department Order 174, we carry a responsibility not only to our clients but to the thousands of Filipinos who trust us with their livelihoods,” LSERV explained.
Viva Artist Janine Teñoso serenaded guests midway through the awards night.
Built on data-driven standards
The program, produced in partnership with WorkL, highlighted companies that met strict benchmarks based on staff sentiment and verified engagement data.
WorkL’s assessment used 31 questions developed by behavioral scientists, analysts, and workplace experts. The survey measured six areas that shaped employee experience: reward and recognition, instilling pride, information sharing, empowerment, well-being, and job satisfaction.
A firm needed at least a 70% overall engagement score to qualify for accreditation. Scores were based on how employees rated their workplace and were compared with data from more than 85,000 organizations in WorkL’s global benchmark. To secure valid results, employers had to reach minimum response rates, ranging from 50% for small groups to 25% for very large ones.
Organizations also submitted supplementary information to provide context for their survey results. WorkL reviewed both data sets before finalizing the honors.
A Clinically Anchored Wellness Nexus
Filipino Homes received multiple Grand Awards, including the top awards for small organizations and for workforces aged 16 to 34. The company also received Excellence Awards for overall performance, women, ethnic minorities, LGBTQ+ representation, employees aged 55 and above, and employee well-being.
“For our organization, it reaffirms that our consistent and strategic investment in our people directly translates into service excellence, as evidenced by our recognition as Best Customer Experience Bank in the Philippines at the International Finance Awards in 2024,” said RCBC.
Excellence in the workplace
DDB Group Philippines bagged the Excellence Award for supporting LGBTQ+ and disabled employees. The company also got Merit Awards for overall performance, medium-sized organizations, support for women, employees aged 16-34 and 55 and older, and employee well-being.
MUFG Bank Ltd. — Manila Branch received the Excellence Award for initiatives supporting ethnic minorities. The bank also earned Merit Awards in nearly all other categories, including overall performance, medium-sized organizations, support for women, LGBTQ+ employees, disabled employees, employees aged 16 to 34 and 55 and older, and employee well-being.
Meanwhile, Ovialand, Inc. earned Excellence Awards for initiatives supporting women, ethnic minorities, and employees aged 55 and older. The company received Merit Awards for overall performance, medium-sized organizations, LGBTQ+ employees, younger workers, and employee well-being.
Villaruz, Villaruz & Co. CPAs achieved Excellence Awards for employees with disabilities and those aged 55 and older. Merit Awards covered overall performance, medium organizations, women, ethnic minorities, LGBTQ+ employees, younger workers, and employee well-being.
Cebu Air, Inc. (CEB) and Makati Medical Center received Merit Awards for very large organizations, overall performance, support for women, LGBTQ+ employees, persons with disabilities, and employee well-being programs.
“In the Philippines, where workplaces are built on shared values and a strong sense of community, such awards inspire organizations to go beyond compliance and business goals to genuinely invest in their employees’ growth, well-being, and sense of belonging,” it added.
“In a profession that will always be demanding, this recognition carries extra weight because it reflects how our people actually experience the firm day to day,” the company noted. “It tells us we are on the right track in our mission to be one of the best firms where top talents stay, grow, and thrive.”
“Acknowledging an employee’s achievements directly impacts their motivation and self-esteem, encouraging them to continue performing well and even go above and beyond their regular duties,” BEST said.
A firm needed at least a 70% overall engagement score to qualify for accreditation. Scores were based on how employees rated their workplace and were compared with data from more than 85,000 organizations in WorkL’s global benchmark. To secure valid results, employers had to reach minimum response rates, ranging from 50% for small groups to 25% for very large ones.