Based on the latest The State of Food Security and Nutrition in the World 2025 by the Food and Agriculture Organization (FAO), 44% of Filipinos could not afford a healthy diet in 2024. This means that 51 million Filipinos are short of budget needed for a healthy diet. The FAO defines a healthy diet as one that can sustain a person’s physiological needs and help prevent ailments.
THE Bangko Sentral ng Pilipinas (BSP) said it signed an information-sharing agreement with the Department of Labor and Employment (DoLE) to enhance the central bank’s capacity to maintain price stability.
In a statement on Thursday, BSP Governor Eli M. Remolona, Jr. said the memorandum of understanding will help the bank compile a comprehensive view of labor conditions in aid of formulating sound policy.
“Together, we can align our policies to serve the people better. I am excited for what this partnership will bring,” Mr. Remolona said.
“Good data lead to good policy, and good policy leads to good progress,” he added.
“Using DoLE’s labor market data, the BSP will produce research that can help DoLE strengthen its employment policies, sharpen labor market strategies, and improve the delivery of employment facilitation services,” the central bank said.
Labor Secretary Bienvenido E. Laguesma said he expects the partnership to improve employment opportunities and service quality.
“We at DoLE are optimistic and confident that this strategic partnership will drive progress that genuinely reaches all Filipinos, especially our jobseekers — ultimately strengthening our employment facilitation services, our workforce, and elevating the quality of employment available to everyone,” Mr. Laguesma said. — Katherine K. Chan
THE BANKERS Association of the Philippines (BAP) has renewed its partnership with Citi Philippines and the Philippine Clearing House Corp. (PCHC) for the enhancement and continued management and operation of the Philippine Domestic Dollar Transfer System (PDDTS) and the Payment-versus-Payment (PvP) System.
BAP, Citi Philippines, and PCHC signed an agreement on Aug. 28 to extend the partnership until Aug. 17, 2030.
“The success of the PDDTS/PvP has always been a story of collaboration — among our committees, our partners, and the broader financial community. Together, we will continue to strengthen our systems, adapt to change, and serve the needs of our economy,” BAP President Jose Teodoro K. Limcaoco said in a statement on Thursday.
BAP said the agreement is part of its efforts to further develop the Philippines’ financial market infrastructure.
BAP is the owner and the governing body of both the PDDTS and PvP System. Citi Philippines serves as the settlement bank, while PCHC acts as clearing operator and an operator of a designated payment system.
PDDTS was launched in 1995 and enables real-time domestic US dollar (USD) transfers among participating Philippine banks. Meanwhile, the PvP System, which was introduced in 2003, reduces settlement risk in cross-currency transactions.
Both systems were recognized and designated by the Bangko Sentral ng Pilipinas (BSP) as systematically important payment systems in 2022.
“The PDDTS and PvP systems, established by the BAP, have long supported financial stability, liquidity management, and efficient settlement across the banking sector,” the group said.
Under the extended partnership, BAP, Citi Philippines, and PCHC committed to key enhancements of the systems.
These include “improved IT infrastructure and service levels targeting 99.5% system uptime, faster incident response, proactive maintenance notifications, and upgraded business continuity protocols to ensure stronger disaster recovery and operational resilience.”
PDDTS will also shift its account interest calculations to use the Effective Federal Funds Rate from the London Interbank Offered Rate, which was phased out globally in 2023.
“With this venture, the banking industry is poised to benefit from stronger alignment with global payment systems, greater efficiency in domestic USD settlements, and enhanced support for financial market stability and industry innovation. These developments also reinforce operational stability and regulatory compliance, guided by the BSP in its critical roles as operator of PhilPaSS, settlement bank for the PHP leg of PvP transactions, and primary regulator of all designated payments in the country,” BAP said. — A.M.C. Sy
LISTED casino developer Suntrust Resort Holdings, Inc. said it has acquired a 40% stake in Westside Bayshore Holding Corp. (WBHC) after subscribing to 400 million common shares in the company to fast-track the development of the Westside Integrated Resort Project in Parañaque City.
In a stock exchange disclosure on Thursday, Suntrust said the shares represent 40% of WBHC’s total outstanding and issued common shares. WBHC is a subsidiary of Tan-led Travellers International Hotel Group, Inc.
“Through this acquisition, Suntrust will effectively hold an indirect interest in Entertainment City Resorts Corp. (ECRC), a subsidiary of WBHC, which assumed all rights and obligations related to the Westside Integrated Resort Project to ensure its timely construction, development, completion and operation,” the company said.
The development follows Travellers International’s move to gain control of the Westside project under a strategic working agreement with Suntrust, ECRC, Westside City, Inc., and WBHC.
The $1.2-billion integrated resort, initially targeted for completion in December 2025, is now expected to open in the third quarter of 2026.
The project will feature a five-star hotel, casino, mall, and theater complex. It will have 475 rooms and suites, a pool deck, spa, wellness center, ballroom, theaters, a grand opera house, a performing arts theater, a mall with food and beverage and retail outlets, four cinemas, and a parking facility with more than 1,000 slots.
The casino will have 281 gaming tables, 1,126 slot machines, and 134 electronic table games.
Located in Parañaque’s Entertainment City, Westside will rise alongside integrated resorts such as Okada Manila, Solaire Resort, and City of Dreams Manila.
On Thursday, Suntrust shares rose by 1.61% or one centavo to close at 63 centavos each. — Beatriz Marie D. Cruz
THE NATIONAL GOVERNMENT’S (NG) outstanding debt ballooned to a record P17.56 trillion at the end of July, breaching its full-year projection for 2025, data from the Bureau of the Treasury (BTr) showed. Read the full story.
By Marc Champion
THE POST-GAME ANALYSIS of this week’s gathering near Beijing of non-Western leaders is in. The spectacle of China’s Xi Jinping, India’s Narendra Modi, and Russia’s Vladimir Putin holding hands, hugging, and sharing rides was judged by some as marking a transformative shift in global alliances, and by others as theater. But perhaps they miss the point. We should be judging Xi’s show of strength by its ability to contrast with the chaos and weakness among his competitors in the US and Europe.
What emerged from Monday’s Shanghai Cooperation Organization (SCO) summit was, in concrete terms, thin gruel: A development fund without details or monetary commitments, to be put at the service of a military network that lacks either a collective defense clause or joint command structure. The more substantive message probably came a day later, as Xi oversaw a display of Chinese military power, flanked by Putin and North Korea’s Kim Jong Un, two outlaws of the liberal, US-led order he seeks to destroy.
As my colleague Mihir Sharma has written, no photo op or rhetoric can disguise the fact that India — Xi’s trophy guest at the SCO — remains threatened by China, even as it tries (and likely fails) to achieve some form of detente. The two countries have longstanding border disputes that turned violent as recently as 2020-2021. Just as worrying for New Delhi is that Beijing has become the chief supplier of arms and economic support to Pakistan, India’s nemesis. In May, Islamabad used Chinese fighter jets and PL-15 air-to-air missiles that outrange their US equivalent to humiliate India’s air force, downing brand new French Rafales.
So while India may be the world’s most populous nation and a future superpower, it still needs the US. Putin is now so dependent on Beijing and so overstretched by his invasion of Ukraine that Moscow can offer little of the counterbalance it did through much of the Soviet era. In fact, India’s military is so overmatched by China’s that its dependence on US arms and backing in some ways echoes Europe’s. But again, this misses the point.
It’s less important how fast or effectively China is building its alternative to the US-dominated international systems than that its actions are coherent and have an achievable trajectory. This is what Monday’s SCO diplomacy and Tuesday’s military parade achieved. In the process, they highlighted the contradictory, if not self-destructive, trade and foreign policies of the US administration. And while European policy goals may be more consistent, they’re unachievable absent US support (and therefore largely irrelevant).
How much sense, for example, does it make to compare the SCO’s lack of a collective defense commitment with the North Atlantic Treaty Organization’s Article 5, when Trump has been busy chipping away at the provision’s credibility, and Xi and Kim are supplying Putin with critical components, troops, arms and munitions to fight his war? And why does China need joint command structures to aid Russia in Ukraine? Especially as the US defunds its support for Kyiv and Europe is unable to fill the gap? A British or French military parade held after China’s would be painful to watch.
Modi and other leaders who showed up in Tianjin are far from naïve enough to believe Xi’s rhetoric of equality (or even democracy) among states, his offer of “win-win” solutions, or claimed disinterest in establishing Chinese hegemony. But how they react — by submitting or building up the defenses needed to ensure independence — depends on finding a backer capable of deterring Chinese predations. The US no longer looks like a reliable bet.
In fact, if there is any strategic case to be made for Trump’s effective abandonment of Ukraine, it would be as a step toward repairing US relations with Russia to peel it away from China, America’s only true peer rival. That would severely misinterpret Putin, but it seems unlikely ever to have been a serious US policy goal, given the administration’s willingness to drive Modi, quite literally, into Xi’s arms.
The importance of China’s summitry should not be measured just by how well it did in building the financial institutions and military alliances it wants to replace. Some version of a new Chinese order will come, whether regional or global. Judge it instead by the mirror it has held up to the chaos in Washington and Europe. India, Egypt, Turkey, Vietnam, and other nations either at or watching Xi’s show will draw their own conclusions.
BLOOMBERG OPINION
LOS ANGELES — The Los Angeles drug dealer known as the “Ketamine Queen” pleaded guilty on Wednesday to charges that she supplied the dose of the powerful prescription anesthetic that killed Friends star Matthew Perry.
Jasveen Sangha, 42, who admitted operating her North Hollywood home as a “stash house” for illegal narcotics, pleaded guilty in US District Court in Los Angeles to five felony counts stemming from Mr. Perry’s overdose death in 2023.
Ms. Sangha, a dual US-British citizen, now faces a prison term of up to 65 years when she is sentenced on Dec. 10. She was the last of the five suspects charged in the case to plead guilty rather than stand trial.
Her four co-defendants — two physicians, Mr. Perry’s personal assistant, and another man who admitted to acting as an intermediary in selling ketamine to the actor — are also awaiting sentencing.
Dressed in beige prison garb, Ms. Sangha pleaded guilty to one count of maintaining a drug-involved premises, plus three counts of illegal distribution of ketamine and one count of distributing ketamine resulting in death. Several other charges were dropped as part of the plea deal she reached with prosecutors last month.
Medical examiners concluded that Mr. Perry died from acute effects of ketamine, which combined with other factors to cause the actor to lose consciousness and drown in his hot tub on Oct. 28, 2023. He was 54 years old.
Mr. Perry had publicly acknowledged decades of substance abuse, including periods that overlapped with the height of his fame playing the sardonic but charming Chandler Bing on the 1990s hit NBC television comedy Friends.
Mr. Perry died a year after publication of his memoir, Friends, Lovers, and the Big Terrible Thing, which chronicled bouts with addiction to prescription painkillers and alcohol that he wrote had come close to ending his life more than once. — Reuters
Our organization has been profitable for the past three years. For now, we have spare cash to spend on only one of two choices. Which should be our priority: motivating workers with an improved cafeteria or acquiring new equipment that enhances labor productivity? — Jelly Bean.
Should management invest in employee facilities that build morale through a modern cafeteria (or cleaner restrooms or a wellness space)? Or should it acquire new equipment designed to supercharge labor productivity?
At first glance, it appears a classic fork in the corporate road without an obvious, knee-jerk answer. To other people managers, this dilemma is very much a chicken-and-egg situation. And that’s what makes it tricky. Think about it this way:
Not buying new equipment for labor productivity could result in old equipment limiting output, increasing downtime, and inflating costs. That, in turn, reduces the money available to fund employee perks in the future.
The other side of the coin is employee care and wellness. Any productivity gains from new equipment may never be realized. Machines don’t run themselves. Demotivated, burned-out employees won’t maximize the value of technology. Worse, they may leave, saddling the company with turnover costs that cancel out efficiency gains.
So, which should come first? The truth is, they evolve together in a cycle: Equipment investment fuels profits that could be used to enable investment in people. If they are cared for, you extract maximum value from the equipment. That cycle creates sustainable profits.
REAL-WORLD EXAMPLES
It’s less about “chicken vs. egg” and more about creating a worthy loop where people and productivity investments reinforce one another. If you need to frame it for management, the best approach is as follows: Machines give you speed, while manpower gives you staying power plus a lot more intangible benefits.
Option A — invest in equipment first. Why? Profitability must be protected before it can be distributed. Machines and systems that boost productivity deliver immediate, quantifiable RoI. A modern piece of equipment can cut cycle time by 30%, reduce errors, or eliminate waste — results that show up clearly on the balance sheet.
The Unilever Example: By rolling out its digitally enabled Unilever Manufacturing System (UMS), the company improved factory productivity worldwide. At its Cavite facility, Overall Equipment Effectiveness (OEE) jumped from 51% to 66% in one year, delivering savings worth 250,000 euros. Across its global footprint, UMS boosted OEE by 3%, labor productivity by 5%, and cut costs by 8%.
Here’s the logic: Equipment upgrades are hard RoI — spreadsheet-friendly and CFO-approved. They ensure the company stays competitive, especially if rivals are automating. If you don’t modernize, you risk obsolescence while competitors pull ahead.
Verdict: First, secure the productivity engine. Once profits are stronger and more sustainable, you’ll have the fuel to invest in employee perks later. After all, no one can enjoy a meditation room if the company goes out of business.
Option B — invest in employee care first. Why? Because engaged employees are the ultimate productivity engine. New machines may cut costs, but disengaged employees quietly drain far more. Gallup estimates that global disengagement costs $8.8 trillion annually, or 9% of global GDP. Investing in facilities is one of the fastest ways to boost morale, loyalty, and engagement.
The Toyota Example: Beyond the much-vaunted Toyota Production System, this world-class organization has long embodied the principle of “respect for people.” It operates gyms, tatami rooms, sports centers, and cultural facilities for employees and their families.
These are not frivolous perks — they are culture-shaping investments that reinforce loyalty and help sustain its legendary quality.
Here’s the logic. Facilities improve retention. It’s far cheaper than recruitment. It enhances employer branding and fuels innovation. Rested, well-cared employees are not only more productive, but also more creative — the kind of people who find new ways to improve processes beyond what machines can achieve.
Verdict: Equipment depreciates; people appreciate. By investing in employee care, you create a motivated workforce that will maximize the value of existing equipment and be eager to adopt new technologies later.
THE BALANCED TAKE
It’s not a zero-sum game. Both Toyota and Unilever show us that the best organizations eventually invest in both people and technology — they just differ in sequencing. If equipment is outdated and threatens competitiveness, lean toward investing in equipment.
If employee morale is low or turnover is eating into profits, prioritize facilities that send a signal of respect and care. The smartest play? Start with the option that addresses the organization’s most immediate weakness, then create a roadmap that alternates between technology upgrades and facility improvements.
That way, the company strengthens its financial engine and its cultural core over time.
In conclusion, machines drive efficiency. People drive everything else. Whether you choose the cafeteria or the conveyor belt first, remember this: sustainable profitability doesn’t come from equipment alone or culture alone — it comes from the right balance of both.
Ask questions and receive Rey Elbo’s insights for free. E-mail elbonomics@gmail.com or DM him on Facebook, LinkedIn, X, or via https://reyelbo.com. Anonymity is guaranteed.
BANGKO SENTRAL ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. has again been recognized as one of the best central bank chiefs worldwide.
Mr. Remolona received an “A-” rating from Global Finance magazine;s Central Banker Report Cards 2025.
The BSP chief debuted on the report card last year with the same grade.
“We thank Global Finance for recognizing the Bangko Sentral ng Pilipinas’ efforts in keeping prices stable, the financial system sound, and payments running smoothly,” Mr. Remolona said in a statement on Thursday. “This recognition is really a credit to the entire BSP team and their commitment to our mandates.”
Global Finance publishes its Central Banker Report Cards annually and evaluates the central bank chiefs of nearly 100 key countries, territories and districts, grading them between “A+” and “F.”
“The ratings are based on inflation control, economic growth, currency stability, interest rate management, and independence,” the BSP said.
“Our annual Central Banker Report Cards recognize those leaders who have not only delivered results but done so with independence, discipline, and strategic foresight,” Global Finance Founder and Editorial Director Joseph Giarraputo said.
Mr. Remolona was appointed as BSP chief in June 2023 for a six-year term, when the central bank was in the middle of a tightening cycle to help rein in inflation and normalize their policy stance as the Philippine economy reopened following the coronavirus pandemic.
That rate-hike round ended with an off-cycle increase worth 25 basis points (bps) in October 2023 that brought cumulative hikes to 450 bps and the key rate to 6.5%.
As inflation went down, the Monetary Board in August 2024 then began its current easing cycle. It has now cut benchmark borrowing costs by a cumulative 150 bps, with the policy rate now at 5%.
Mr. Remolona has signaled that this round of policy loosening is nearing its end, with just one more reduction possible within this year to support the economy if needed as global trade uncertainties continue to cloud the outlook.
Others who received an “A-” rating this year are the heads of central banks from Cambodia, Czech Republic, Dominican Republic, Egypt, Ethiopia, European Union, Guatemala, Mongolia, Serbia, Singapore, South Africa, Taiwan, and Uganda.
Meanwhile, the US Federal Reserve’s Jerome H. Powell, Denmark’s Christian Kettel Thomsen and Vietnam’s Nguyen Thi Hong received the highest “A+” grade.
The full list will be published in October. — KKC
LOPEZ-LED Medical Services of America Philippines, Inc. (MSA-PH) has signed a memorandum of agreement (MoA) with Our Lady of Fatima University (OLFU) to provide scholarships, internships, and career development support to respiratory therapy students.
In a MoA signed on Aug. 14, MSA-PH and OLFU’s College of Respiratory Therapy will provide scholarships, internships, research, and conduct academic events to help align students with industry standards.
“This MoA not only supports OLFU students in their professional journey but also strengthens the pipeline of skilled respiratory therapists in the Philippines, ensuring that local healthcare keeps pace with international standards,” OLFU College of Physical Therapy, Respiratory Therapy, and Radiologic Technology PT Dean Hernan C. Labao said in a statement.
Under the agreement, MSA-PH will provide support for OLFU’s scholarship programs, participate in career talks and recruitment sessions, and offer internship centers for students.
“This landmark partnership positions OLFU and MSA-PH at the forefront of respiratory therapy education and clinical practice that will build bridges between the academe and the healthcare industry and nurture the country’s next generation of respiratory care professionals,” MSA-PH General Manager and Chief Operating Officer Erwin Chuaunsu said.
MSA-PH is a subsidiary of Lopez-led First Philippine Holdings Corp. (FPH), which provides outsourced cardiopulmonary services, equipment rentals, and home care services. At present, the conglomerate has partnerships with 40 hospitals nationwide.
FPH shares on Thursday rose by 0.13% or 10 centavos to close at P77.50 apiece. — Beatriz Marie D. Cruz
Here’s a quick glance at how PSEi stocks fared on Thursday, September 4, 2025.
PHILIPPINE STOCKS inched up on Thursday as investors picked up bargains following the market’s five-day slide.
The Philippine Stock Exchange index (PSEi) increased by 0.39% or 23.99 points to close at 6,106.92, while the broader all shares index rose by 0.39% or 14.30 points to end at 3,677.92.
“The local market saw a technical bounce this Thursday backed by bargain hunting after five straight days of decline. Trading was still lethargic, however, with net value turnover at P4.74 billion, below the year-to-date average of P5.97 billion. This reflects weak confidence towards the market amid lingering headwinds,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
Value turnover declined to P4.81 billion on Thursday with 1.06 billion shares traded from the P5.37 billion with 705.16 million shares that changed hands on Wednesday.
“The market saw a slight relief as investors engaged in bargain hunting, taking advantage of cheaper stock prices,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.
“US equities showed signs of stabilizing as a tech sector rebound helped curb recent losses. A less-than-stellar jobs report is bolstering the case for future interest rate cuts, which has also provided a measure of support for investor sentiment,” he added.
Wall Street stocks recovered some ground on Wednesday after technology conglomerate Alphabet rose on a favorable antitrust ruling, but gains were muted as investors digested softer-than-expected labor market data and a selloff in long-term global government bonds, Reuters reported.
Job openings, a measure of labor demand, dropped 176,000 to 7.181 million by the last day of July, the Labor Department’s Bureau of Labor Statistics said in its “JOLTS” report. With the Fed focused on employment, Friday’s crucial jobs report will help set expectations for the central bank’s next few policy meetings.
Traders are pricing in a near-100% chance of the Fed cutting interest rates later this month, up from 89% a week ago, CME FedWatch showed. They are also pricing in 139 basis points of easing by the end of next year.
All sectoral indices closed in the green on Thursday. Property went up by 1.08% or 26.11 points to 2,444.33; mining and oil climbed by 1.07% or 116.59 points to 10,928.22; services rose by 0.78% or 16.82 points to 2,171.49; financials increased by 0.27% or 5.57 points to 2,051.38; holding firms inched up by 0.1% or 5.27 points to 5,067.28; and industrials added 0.05% or 5.33 points to end at 8,988.14.
Advancers beat decliners, 111 to 88, while 53 names were unchanged.
Net foreign selling dropped to P237.92 million on Thursday from P921.7 million on Wednesday.
Mr. Limlingan said the Philippine August inflation data to be released on Friday, Sept. 5, will be a key trading driver for the market. — Alexandria Grace C. Magno with Reuters
