PHILIPPINE MANUFACTURING activity in February expanded at its slowest pace in 11 months amid softer growth in orders and output, data from S&P Global showed. Read the full story.
THE PHILIPPINE Stock Exchange, Inc. (PSE) grew its 2024 net income by 57.5% to P1.21 billion from P766.31 million in 2023, following its acquisition of the Philippine Dealing System Holdings Corp. (PDS).
Operating revenue declined by 0.23% to P1.398 billion from P1.401 billion the previous year, PSE said in an e-mail statement on Monday.
PSE increased its other income by 166% to P836.32 million, driven by a P462.86-million gain on the remeasurement of its previously held equity interest, arising from the consolidation of its additional stake in PDS.
Expenses rose by 14.9% to P861.67 million due to higher depreciation costs and maintenance fees for trading, clearing, and settlement systems.
“The three-year strategic plan we laid out last year included the acquisition of PDS, which should provide a significant boost to our market development initiatives and bottom line,” PSE President and Chief Executive Officer Ramon S. Monzon said.
In December last year, the market operator announced its acquisition of a 61.92% stake in PDS for P2.32 billion as part of efforts to consolidate the local capital markets. PSE will purchase 3.87 million PDS shares at P600 apiece.
PSE also previously signed an agreement to acquire the 4% stake in PDS held by AIA Philippines Life and General Insurance Co., Inc. Once all closing conditions are met, this move will increase PSE’s ownership in PDS to 88.44%.
As of Feb. 24, PSE’s stake in PDS stood at 78.33%, up from its original equity interest of 20.98%.
“Our post-acquisition objectives will focus on the seamless integration of both entities to fully realize synergies, efficiencies, and risk management benefits,” Mr. Monzon said.
“We will also continue to pursue and complete the initiatives that PDS has already started in the fixed-income and depository businesses to further expand investor participation and protection in our market,” he added.
On Monday, PSE shares rose by 2.14% or P3.90 to P185.90 apiece. — Revin Mikhael D. Ochave
LONDON — Singer Charli xcx, whose album Brat inspired a cultural phenomenon last summer, was the big winner at the BRIT Awards, Britain’s pop music honors, in London on Saturday, picking up five prizes.
Brat, which inspired fans to film themselves dancing to its tracks and whose lime green cover look was adopted by US presidential hopeful Kamala Harris’ campaign on social media after the singer referenced her in a post, won the coveted album of the year category.
Charli xcx, who had led nominations, was also named artist of the year and best dance act. Her single “Guess,” featuring Billie Eilish, won song of the year beating tracks including the Beatles’ “Now and Then.”
The 32-year-old pop star had won her first BRIT, songwriter of the year, earlier in the week.
“I’ve always felt like an outsider in the industry but particularly in the British music industry and so it feels really nice to be recognized on this album,” she said as she received the album of the year award.
“I would just like to share this with all artists who have ever felt that they need to compromise to be recognized and to have their moment in the sun because I think I’m living proof that maybe it takes a long time, but… you don’t need to compromise your vision.”
The singer released her debut studio album in 2013. Brat was her sixth and she said she would “probably never make a record like this again.”
“It’s so in my instinct to just like not do the same thing twice… I will probably reject it completely and do something completely different,” she said.
Jazz quintet Ezra Collective was named group of the year.
“This moment right here is because of the great youth clubs and great teachers and the great schools that support young people playing music,” drummer Femi Koleoso said in one of several of the night’s acceptance speeches that called for more support for young musicians and grassroots venues.
US singer Chappell Roan won international artist of the year while her track “Good Luck, Babe!” won international song of the year.
“Espresso” singer Sabrina Carpenter was named as the first international recipient of the global success award, which recognizes artists with “phenomenal global sales,” following in the footsteps of One Direction, Adele, Ed Sheeran and Sam Smith.
The ceremony also featured a tribute dedicated to late One Direction singer Liam Payne, who died in October after falling from a third-floor hotel room balcony in Buenos Aires, shocking fans of the boy band, one of the most popular of all time. — Reuters
OKADA MANILA on Monday said it is the Philippines’ first integrated resort to receive the Forbes Travel Guide VERIFIED Responsible Hospitality badge.
The Forbes Travel Guide VERIFIED Responsible Hospitality badge is a third-party certification that sets the global benchmark for environmentally conscious hospitality.
Developed in collaboration with sustainability partner Hervé Houdré, the Responsible Hospitality badge assures guests and travel advisors that certified hotels adhere to responsible and sustainable operational practices.
“This recognition affirms our continuous efforts to create a responsible and sustainable hospitality model that prioritizes people and the planet,” Okada Manila Vice-President for Hotel Operations Rob Scott said in a statement on Monday.
The integrated resort highlighted its sustainability initiative, the Okada Green Heart program, which incorporates eco-friendly innovations, resource conservation, and waste reduction across all operations to minimize its environmental footprint.
“The Forbes VERIFIED Responsible Hospitality badge is more than just an honor — it reflects our deep-rooted belief that premium hospitality must go hand in hand with environmental responsibility,” Okada Manila President and Chief Operating Officer Byron Yip said. — Beatriz Marie D. Cruz
THE BANGKO SENTRAL ng Pilipinas’ (BSP) coin deposit machines have collected P1.31 billion worth of currency as of Feb. 15.
This was 5.6% higher than the P1.24 billion worth of coins collected as of Jan. 15, the central bank said in a social media post.
There were 299,457 transactions made via the machines involving 326.2 million coins.
In June 2023, the BSP and its retail partners launched the deposit machines to promote coin recirculation.
The project aims to address artificial coin shortage in the financial system and help ensure that the public uses only fit and legal tender.
All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the machines.
However, unfit, mutilated and demonetized coins, foreign currency and foreign objects such as tokens, buttons and coins taped together get rejected by the machines.
The value of coins deposited in the machines may be credited to a person’s e-wallet or bank account or converted into shopping vouchers.
Users do not need to provide any identification documents to use the coin deposit machines.
There are currently 25 deposit machines available in the Greater Manila Area. They can be found in select retail establishments of the SM Store, Robinsons Supermarket and Festival Mall.
The BSP has said it plans to install 25 more coin deposit machine units nationwide this year to boost accessibility. — Luisa Maria Jacinta C. Jocson
Here’s a quick glance at how PSEi stocks fared on Monday, March 3, 2025.
By Adrian H. Halili, Reporter
THE SENATE is gathering data to support its position on a five-year grace period before imposing a ban on the export of unprocessed minerals, its president, Francis G. Escudero, said, as legislators sought to harmonize the two chambers’ versions of a mining fiscal regime bill.
“We are already in the stage of the bicameral conference committee on the mining fiscal regime (and are discussing the proposed) five-year ban,” Mr. Escudero said in a Senate committee hearing.
“That’s one of the main reasons why I conducted this hearing, actually — to be able to get some data to justify that period or an extended period,” he said, noting that the House version of the bill contains no such grace period.
Senate Bill No. 2826 or the Enhanced Fiscal Regime for Large-Scale Metallic Mining bill, which the Senate approved on third reading on Feb. 3, wants a five-year delay before imposing an ore export ban to give miners time to set up processing plants in the Philippines.
Environment Undersecretary Carlos Primo C. David said at the hearing that gauging the impact of the delay is difficult because prices for mineral products fluctuate.
“We should study this very carefully because the prices of raw ore versus processed byproducts vary,” Mr. David said.
Using nickel prices as an example, he added that there are times where processed nickel prices drop, while those of raw ore remain still high.
The Philippines is among the biggest exporters of raw nickel, a key material used in electric vehicle batteries as well as in stainless steel. Most Philippine raw nickel exports go to China, with the remainder taken up by Japan.
In a separate briefing, Mr. Escudero said that the minerals being considered for export bans are gold, copper, nickel, and iron.
“The government can immediately ban the export of gold ore as processing facilities are already present in the country. For copper there are already facilities, but the processing (capacity) is lacking. We still don’t have (facilities) for nickel and iron,” he said.
“So, the period can depend on the mineral,” Mr. Escudero said.
He added that among the proposals in the Senate are a further extension of the grace period to between seven and 10 years.
“Or it can still be five years, but subject to extension by the Department of Environment and Natural Resources (DENR), the Fiscal Incentives Review Board (FIRB), or the Department of Trade and Industry (DTI),” Mr. Escudero said.
Asked to comment, Chamber of Mines of the Philippines (CoMP) Executive Director Ronald S. Recidoro said a ban on the export of raw mineral will have “far-reaching negative effects on the mining industry and those that rely on it for their livelihood.”
“While the proposal is well-intentioned, it is poorly suited to the current realities of the Philippine minerals development sector. Our country lacks the infrastructure, energy cost advantages, and policy consistency required for the success of similar bans in other countries, such as Indonesia,” he said via Viber.
“Without addressing these fundamental challenges, an export ban is likely to exacerbate existing issues rather than catalyze growth in domestic processing and value-adding industries,” Mr. Recidoro added.
In a joint statement issued previously, the CoMP and the Philippine Nickel Industry Association said a ban on ore exports could lead to further mine closures and an increase in unemployment.
Additionally, Mr. Escudero called on the DENR to review inactive, non-operational, invalid or unused mining exploration permits and Mineral Production Sharing Agreements (MPSAs).
“There are exploration permits and MPSAs that are not moving; they do not benefit the nation or to Filipinos,” he said.
Mr. Escudero added that the DENR should revoke unutilized exploration permits or MPSAs issued to individuals or companies.
“If you do not fulfill the agreed upon tasks within the specified time, your exploration permit or MPSA should be revoked and canceled… They are mere contractors. Any grantees of exploration permits or MPSAs are mere contractors of the state over an asset that is owned by the state,” he said.
THE Philippine Economic Zone Authority (PEZA) said it is considering liquefied natural gas (LNG) to power industrial locators within economic zones (ecozones).
“More than energy production, PEZA is looking at an LNG-based industry to support industrial processes like food processing, plastics and chemical manufacturing, and glass production, which utilize LNG as a heating and drying source,” said PEZA Director General Tereso O. Panga in a statement on Monday.
He said that the establishment of a “trigeneration facility” was the subject of a feasibility study PEZA conducted with Shell-UK Sustainable Group in 2019.
“The objective was to provide for an embedded power generation, district heating, and cooling system for our Cavite Economic Zone locators,” he said.
“We decided not to push through with the project because LNG was costly at that time to produce and deliver,” he added.
However, Mr. Panga said that the recent engagements among the Philippine National Oil Co., Indonesia’s PT Pertamina and Malaysia’s PERONAS for proposed LNG-powered generated facilities in off-grid islands in the Visayas and Mindanao indicate progress in the shift to an LNG-based industry.
“In our Mactan Economic Zone, we are facilitating the application of Cebu-based Topline Energy and its partner, US-based Excelerate Energy, for LNG infrastructure — which we hope will pave the way for the establishment of the first trigeneration facility in the country,” he added.
The Philippines’ investments and production capacity for oil and gas accounted for 0.7% of gross domestic product (GDP), the smallest among the six leading ASEAN economies, Mr. Panga said.
Vietnam invests the equivalent of 10% of its GDP, Indonesia 12%, and Malaysia 20%.
“With the reported rich deposits of oil and gas reserves in Mindanao and within our territorial waters or exclusive ecozone in the West Philippine Sea, we can tap these marine hydrocarbon resources for our energy, transport, and industrialization requirements,” Mr. Panga said.
“As such, the Philippines can be self-sufficient and self-sustaining as we pursue an LNG-based industry and capitalize on our indigenous oil and gas resources to accelerate our economic growth,” he added. — Justine Irish D. Tabile
PHILIPPINE SHARES recovered on Monday, buoyed by bargain hunting and expectations that headline inflation slowed last month.
The benchmark Philippine Stock Exchange index (PSEi) rose by 0.65% or 39.22 points to 6,037.19, while the broader all shares index went up by 0.89% or 32 points to 3,620.12.
“The local market bounced back after two straight days of losses as investors hunted for bargains, backed by optimistic expectations towards the Philippines’ February inflation,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
“Satisfactory fourth quarter and full-year 2024 corporate results also helped in pushing the market higher this Monday. Gains were trimmed in the final minutes, however, as investors maintained a cautious stance amid lingering uncertainties abroad,” he added.
The Philippine Statistics Authority is set to release February inflation data on Wednesday, March 5.
Headline inflation likely slowed in February as prices of rice and other key commodities declined, analysts said.
A BusinessWorld poll of 18 analysts yielded a median estimate of 2.6% for the February consumer price index, well within the Bangko Sentral ng Pilipinas’ 2.2%-3% forecast for the month.
If realized, February inflation would be slower than the 2.9% in January and the 3.4% clip in the same month in 2023. This would also be the slowest pace in four months or since the 2.3% recorded in October.
“Philippine shares made modest gains following the sentiment of regional markets and with the quarterly MSCI rebalancing concluding last week,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.
Majority of sectoral indices closed higher on Monday. Holding firms increased by 2.89% or 143.82 points to 5,105.22; mining and oil went up by 1.14% or 88.75 points to 7,837.28; property rose by 0.92% or 19.95 points to 2,170.47; and financials climbed by 0.29% or 6.79 points to 2,281.46.
Meanwhile, services dropped by 1.38% or 27.04 points to 1,928.50 and industrials went down by 0.74% or 64.18 points to 8,589.18.
“Bloomberry Resorts Corp. was the top index gainer, jumping 5.64% to P3.37. Monde Nissin Corp. was the main index laggard, plunging 7.15% to P7.01,” Mr. Tantiangco said.
Value turnover went down to P10.45 billion on Monday with 1.62 billion issues traded from the P20.63 billion with 1.11 billion shares exchanged on Friday.
Decliners outnumbered advancers, 120 versus 75, while 55 names were unchanged.
Net foreign buying stood at P293.79 million on Monday versus the P3.43 billion in net foreign outflows recorded on Friday. — Revin Mikhael D. Ochave
THE DECLINE in prices for farm products paid by producers accelerated in the fourth quarter to -7.0%, the Philippine Statistics Authority (PSA) said in a report.
The fourth-quarter reading compares with the third-quarter year-on-year decline of -5.7%.
On a quarter-on-quarter basis, the PPI for agriculture fell 4.3% in the fourth quarter, the PSA said.
PPI growth for crops was -9.7% in the fourth quarter, decelerating from the -8.0% year-on-year reading a quarter earlier.
“Quarter-on-quarter, the PPI of crops recorded a 6.1% decrease in the fourth quarter of 2024 from a 3.1% increase in the third quarter of 2024,” the PSA said. — Kyle Aristophere T. Atienza
THE PESO appreciated against the dollar on Monday on expectations that Philippine headline inflation slowed in February.
The local unit closed at P57.90 per dollar on Monday, strengthening by 9.5 centavos from its P57.995 finish on Friday, Bankers Association of the Philippines data showed.
The peso opened slightly stronger at P57.98 against the dollar, which was also its worst showing. Its intraday best was at P57.888 versus the greenback.
Dollars exchanged went down to $1.06 billion from $1.196 billion on Friday.
The peso strengthened as inflation likely eased last month, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
A BusinessWorld poll of 18 analysts yielded a median estimate of 2.6% for the February consumer price index (CPI), within the central bank’s 2.3% to 3% estimate for the month.
If realized, this would be slower than the 2.9% recorded in January and the 3.4% seen in the same month a year ago.
This would also be the lowest print in four months or since the 2.3% recorded in October.
The Philippine Statistics Authority will release February CPI data on March 5 (Wednesday).
“The dollar-peso was rangebound amid increased geopolitical risks with the recent meeting between US President Trump and Ukraine President Zelensky,” a trader said in a phone interview.
For Tuesday, the trader expects the peso to move between P57.80 and P58.20 per dollar, while Mr. Ricafort sees it ranging from P57.80 and P58.
Ukraine’s Volodymyr Zelensky said on Sunday he believed he could salvage his relationship with US President Donald J. Trump after their explosive meeting in the Oval Office, but that talks needed to continue behind closed doors, Reuters reported.
Mr. Zelensky reiterated that Ukraine would not concede any territory to Russia as part of a peace deal. He said he was still willing to sign a minerals deal with the US and described a discussion on Sunday with European leaders to send a draft peace plan to the US as a key development.
In an extraordinary meeting that was broadcast live on Friday, Mr. Trump accused Mr. Zelensky of being ungrateful for US aid, of showing disrespect to his country and of risking World War III, casting into doubt Washington’s ongoing support for Ukraine in its three-year-long war with Russia.
Mr. Zelensky spoke to reporters at a London airport after a summit with European leaders in London on Sunday. While he seemed in good spirits and thanked European countries for their support, the Ukrainian leader was careful to balance his dismay with the events of Friday’s Oval Office meeting with a clear desire to keep talking with Washington.
Mr. Zelensky said he did not think the US would stop its assistance to Ukraine, because as “leaders of the civilized world” they would not want to help Russian President Vladimir Putin.
But he said he remained prepared for any outcome. — Aaron Michael C. Sy with Reuters
OCEANAGOLD Philippines, Inc. said on Monday that it paid P397.7 million in local business tax to three municipalities in 2025.
In a statement, the mining firm said it remitted local taxes worth P198.9 million to Kasibu, Nueva Vizcaya.
Local taxes worth P119.3M and P79.6M were also remitted to the municipalities of Nagtipunan and Cabarroguis, Quirino, respectively, it added.
The company said the towns sealed memoranda of agreement to allocate at least about P5 million from their tax collection to projects supporting environmental management, protection, and conservation. — Kyle Aristophere T. Atienza
