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Yields on central bank securities drop further

BW FILE PHOTO

YIELDS on the central bank’s short-term securities declined further on Friday as both tenors were oversubscribed.

The Bangko Sentral ng Pilipinas (BSP) securities fetched bids amounting to P157.049 billion on Friday, higher than the P110-billion offer and the P152.319 billion in tenders for the P90 billion auctioned off in the previous week. The central bank fully awarded its offering.

Broken down, tenders for the 28-day BSP bills (BSPB) reached P70.992 billion, well above the P50-billion offering and the P59.611 billion in bids for the P40 billion placed on the auction block a week ago. The BSP made a full P50-billion award of the one-month securities.

Banks asked for yields ranging from 5.565% to 5.619%, lower than the 5.61% to 5.649% band seen a week earlier. This caused the average rate of the one-month securities to decline by 2.52 basis points (bps) to 5.607% from 5.6322% previously.

Meanwhile, bids for the 56-day bills amounted to P86.057 billion, higher than the P60-billion offering but lower than the P92.708 billion in tenders for the P50-billion offer the week prior. Still, the central bank made a full award of the two-month papers.

Accepted rates for the two-month tenor were from 5.55% to 5.613%, a wider and lower band compared to the 5.6% to 5.63% margin seen a week prior. With this, the average rate of the securities fell by 3.28 bps to 5.5878% from 5.6206% in the prior auction.

The central bank said in a statement that the BSP bills continued to see good demand even as it hiked the total volume it offered at Friday’s auction.

“Both tenors were oversubscribed, with bid-to-cover ratios of 1.42 times for the 28-day BSPB and 1.43 times for the 56-day BSPB,” it added.

The central bank uses the BSP securities and its term deposit facility to mop up excess liquidity in the financial system and to better guide market rates.

The BSP bills were calibrated to not overlap with the Treasury bill and term deposit tenors also being offered weekly.

Data from the central bank showed that around 50% of its market operations are done through the BSP bills.

Short-term instruments offer more stability and predictability, the BSP has said. These are also considered high-quality liquid assets, giving banks more flexibility. — Luisa Maria Jacinta C. Jocson

GAC Motor Philippines offers discounts across lineup

GAC M8 — PHOTO BY KAP MACEDA AGUILA

ASTARA PHILIPPINES-LED GAC Motor Philippines is offering deals this month — ranging from discounts, low down payment options, to flexible payment plans.

The Emzoom crossover SUV line gets the following discounts: Emzoon 1.5 GS DCT (less P153,900), Emzoom 1.5 GB DCT (less P153,900), and Emzoom 1.5 GL DCT (less P184,900). The GS8 2.0 GT AT is now priced at P2.148 million, after a P250,000 discount. The Empow sedan receives the following price cuts: Empow 1.5 GB DCT (P300,000) and Empow GE DCT (P20,000). Meanwhile, the Emkoo 1.5 GL DCT crossover is now priced at P1.463 million (less P35,000), while the Emkoo 2.0 Hybrid DCT now goes for P1.653 million (less P45,000).

The M8 luxury MPV gets a P120,000 discount on its M8 Master GL variant (now at P2.878 million), and P160,000 for its M8 Master GX variant (now at P3.788 million). Lastly, the M6 Pro GS is now priced at P1.178 million (less P100,000), and the M6 Pro GL goes for P1.553 million (less P45,000).

GAC Motor Philippines is also offering a range of flexible financing. Customers can choose low down payment plans starting at P43,000 for select models, along with affordable monthly payments from P22,750 for models like the Emzoom 1.5 GS DCT. Other financing plans with flexible terms are also available to suit different preferences and budgets. All GAC Motor vehicles come with an after-sales warranty for five years or 150,000 kilometers, whichever comes first. Customers also receive 24/7 emergency roadside assistance for the first year of purchase.

Cignal TV sets goal to double app registrations within 12 months

CIGNALSUPER.COM

PANGILINAN-LED Cignal TV, Inc. aims to add one million new users within 12 months through its new all-in-one app bundling multiple streaming services.

“As an aggregate, we have reached a million registrations across all our apps,” Cignal TV President and Chief Executive Officer Jane Jimenez-Basas said last week, noting the company hopes to double its current registrations within the next year.

On Friday, Cignal TV announced its partnership with India’s Tata Play to formally launch its OTT aggregator application, “Cignal Super,” which integrates at least eight streaming services into a single platform.

The app offers access to MAX, VIU, Lionsgate Play, Hallmark+, Curiosity Stream, Fuse+, Pilipinas Live, and Cignal Play.

“Cignal Super solves the consumer’s need for simpler and easier access to the most diverse and widest range of local and international content. Instead of maintaining multiple subscriptions, we offer access to multiple streaming services all in one app,” she said.

Cignal Super currently offers two plans: P799 per month for access to all streaming platforms, and P499 per month for a curated selection.

Ms. Jimenez-Basas said Cignal TV plans to add more partner streaming services within the year.

“We are talking to a lot. Some are easier to talk to than others. There are a lot who are interested but have technology limitations,” she said, adding the platform could add two more streaming services by yearend.

MediaQuest Holdings, Inc., chaired by Manuel V. Pangilinan, is the holding company of Cignal TV.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest, has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Unlocking the Philippines’ potential

The BusinessWorld Economic Forum 2025, “Unlocking the Philippines’ potential,” held on May 22, focused on assessing the Philippine economy (where are we now?), exploring key risks, emerging opportunities and the evolving landscape across sectors.

Department of Economy, Planning, and Development (DEPDev) Secretary Arsenio M. Balisacan said in his keynote speech: “The Philippine economy today stands at a crossroads. We find ourselves at this juncture, and significantly, when various developments and trends affect all economies, large and small… We live in a time of profound transformation, where influential megatrends disrupt the global landscape, posing risks but presenting opportunities to economies such as the Philippines. These forces are interconnected, complex, and dynamic, pushing nations to adapt, innovate, and position themselves strategically.”

Secretary Balisacan boasted of the full-year 2024 GDP growth rate of 5.6% and the decline of inflation to 1.4% as of April 2025 — better than targets. “But PH growth has relied more on factor accumulation while its ASEAN neighbors’ formula has been Total Factor Productivity (TFP),” he said. Factor accumulation is an increase in the quantity of a factor, usually capital or sometimes human capital, according to the University of Michigan. TFP measures the efficiency of labor, capital and other countable inputs. TFP tells us how much can be produced without adding more inputs — the “secret sauce” of how a business is run, according to the US Bureau of Labor Statics.

We have to revise strategies for the medium to long term, Secretary Balisacan, on quality education, food security, connectivity such as infrastructure to promote inclusion, and innovation. “It’s not about catching up (with our ASEAN neighbors) but sustaining growth,” he added.

ASEAN+3 Macroeconomic Research Office (AMRO) Senior Economist Andrew Tsang, the second keynote speaker at the BusinessWorld forum, concurred that boosting the Philippines’ economic productivity is key to achieving a higher income status. The more critical growth measure of gross national income (GNI) per capita ($4,230 in 2023, up from $3,950 in 2022) places the Philippines in the lower-middle income status.

Mr. Tsang said the Philippines could get upper middle-income country (UMIC) status by 2026 if GNI per capita increases by 6.8% from the 2023 level. World Bank Group Lead Economist and Program Leader for the Prosperity Unit for Brunei, Malaysia and the Philippines Gonzalo Varela earlier said the Philippines is more likely to achieve UMIC status by 2027. Mr. Balisacan has said the economy needs to grow by 6% until next year to achieve their targeted UMIC status.

Frederick Go, special assistant to the President for investment and economic affairs, and third keynote speaker at the BusinessWorld conference, cited the Philippine Development Plan (PDP) 2023-2028, which aims “for deep economic and social transformation to reinvigorate job creation and accelerate poverty reduction by steering the economy back on a high-growth path.” “This growth must be inclusive, building an environment that provides equal opportunities to all Filipinos, and equipping them with skills to participate fully in an innovative and globally competitive economy,” he added.

The Public Financial Management (PFM) Reforms Roadmap 2024-2028 also seeks to harmonize policies across government agencies and promotes transparency in the use of public funds, in line with PDP 2023-2028. It addresses 11 strategic focus areas that cover all PFM aspects, including planning and budgeting linkage, cash management, public asset management, accounting and auditing, PFM capacity development, digital PFM, PFM policy and legal framework, public procurement, disaster risk reduction and management, PFM for local government units (LGUs), and monitoring and evaluation for public expenditure.

Secretary Go proffered the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) law, which is expected to effectively position the Philippines as a key investment destination in the new global order.

Yes, all three keynote speakers at the conference worried about the shifting global alliances and trade relationships, even geopolitical shifting and the trend towards protectionism, perhaps initiated and exacerbated by the tariff controls and changes by US President Donald Trump. Will there be a trade war among and between nations?

Bangko Sentral ng Pilipinas (BSP) former Deputy Governor Diwa Guinigundo, a panelist at the BusinessWorld conference, explained that Trump had domestic economic problems to address, for which he envisioned the drastic tariff increases on foreign trade partners to be the solution. He wanted to be “good-looking” to the American people by his “MAGA” (Make America Great Again) mantra of redeeming governance. MAGA means less taxes on Americans, but more taxes on foreigners. Less imports for the US, because the US will be going to manufacture and produce its own goods and services to boost local production and labor.

Governor Guinigundo pointed out that the 17% reciprocal tariff rate imposed by Trump on the Philippines as of May 22 is the lowest in the ASEAN 5, except for Singapore.  This is an advantage for competitiveness in exports, specially that China and the EU have been slapped the most shockingly high tariff rates by the US.

In an analysis soon after Trump assumed his second term (Biden term sandwiched between) as US President, economist Bernardo M. Villegas said: “The Philippines will be one of the least negatively impacted by the global economic slowdown that will be precipitated by the tariff wars that US President Donald Trump has already launched so very early in his presidency.”

He continues: “The Philippines is practically immune to global economic crises because of its very low export-to-GDP ratio, which currently stands at 27%, compared with the 100% to 150% of neighbors like Singapore, Hong Kong, Vietnam, etc. Our weakness in global trade becomes a strength during times of crisis. As practically all large, medium and small enterprises in the country can attest to, their business predominantly depends on domestic demand generated by 120 million people residing in the country.

“Consumers will continue to be loaded with purchasing power from the $40 billion of OFW remittances, which will have greater purchasing power because the exchange rate will continue to depreciate at the P58 to P59 level,” Mr. Villegas said. “The moves of the Trump government to deport residents will hardly include Filipinos in the US because they don’t belong to the ‘criminal illegal immigrants.’ In fact, they are among the most helpful to the American public as nurses, caregivers, tourist workers, teachers, and even IT professionals,” he added.

And so, much of the panel discussions at the BusinessWorld economic forum echoed optimism for the potential of the Philippines to rise in competitive development with its ASEAN neighbors, despite the challenges in the near term. Energy Undersecretary Rowena Guevara and Energy Regulatory Commission CEO Monalisa Dimalanta, both panelists, assured the conference that the government has defined and strategized energy needs and directions of the country. “We are No. 1 in policy. The execution depends on the private sector,” Ms. Guevara said.

The private sector represented at the conference presented their own plans and actions in line with government economic programs, and in view, of course, of their own microeconomic and profit goals. Ruben J. Pascual, secretary-general of the Philippine Chamber of Commerce and Industry, stressed “the importance of digital infrastructure, connectivity, digital education, skills and digital governance sovereignty to strengthen the country’s position in areas such as trade, technology and human capital development.”

Mr. Pascual deplored the weakness of the agricultural sector and the decline of the manufacturing sector, which would have been strong and sure pillars sustaining economic growth. He summarized the compounded failures of the Arroyo, Aquino, Duterte and Marcos administrations in:

1. Poverty and inequality: metrics versus inclusive development; bureaucratic delays and corruption.

2. Infrastructure deficits: slogans versus performance

3. Fiscal irresponsibility: corruption

Alfredo Panlilio, president of the Management Association of the Philippines (MAP), and Eduardo Francisco, president of BDO Capital, agreed with Mr. Pascual that skill set changes are needed to educate and retrain the workforce. There is also a need to harness critical thinking and the single-mindedness of the country towards a shared, inclusive long-term socioeconomic vision.

“Unlocking the Philippines’ potential” was a tough issue to tackle at the BusinessWorld Economic Forum 2025.

On the same day, breaking news announced that President Ferdinand “Bongbong” R. Marcos, Jr. had asked his entire Cabinet and direct-report assistants to the President to submit courtesy resignations.

The Presidential Communications Office (PCO) said the request for resignations would give Mr. Marcos “elbow room to evaluate the performance of each department and determine who will continue to serve in line with his administration’s recalibrated priorities. With this bold reset, the Marcos administration signals a new phase — sharper, faster and fully focused on the people’s most pressing needs.”

“The move comes following the poor performance of administration-backed senatorial candidates in the May 12 midterm elections, and amid global uncertainties due to trade concerns that could threaten the Philippine economy.” But what now, of the continuity of plans and programs designed and already ongoing, by the Cabinet and think-tanks/assistants of the President?

At the BusinessWorld Economic Forum 2025, it was sadly not discussed (because of coincidental timing of the news) that politics would trump patriotic, long-term economic planning and strategizing for the sustainable and inclusive socioeconomic development of the country.

 

Amelia H. C. Ylagan is a doctor of Business Administration from the University of the Philippines.

ahcylagan@yahoo.com

Indonesia avoids ‘high-risk’ tag for deforestation

REUTERS

BRUSSELS — Commodities from just four countries will face the strictest checks under the European Union’s (EU) anti-deforestation law, with major forest nations including Brazil and Indonesia spared the toughest rules.

The European Commission said in an act published on Thursday that the law would categorize goods imported from Belarus, Myanmar, North Korea and Russia as having a “high risk” of fueling deforestation.

Countries including Brazil and Indonesia, which have historically had among the world’s highest rates of deforestation, will be labeled as “standard risk” — which means they will face lighter compliance checks on goods exported to Europe.

The world-first law will impose due diligence requirements on companies placing products including soy, beef, palm oil, timber, cocoa, coffee and chocolate onto the EU market. It has been staunchly opposed by countries including Brazil and Indonesia, who say it is burdensome and costly.

A key difference between the groups is that EU countries will be required to carry out compliance checks covering 9% of companies exporting from high-risk countries, 3% from standard-risk countries and 1% for low-risk countries.

The US was among the countries classified as “low risk,” meaning its companies must still collect information on their supply chains, but not assess and address deforestation risks.

Companies in high risk and standard risk countries will need to show when and where the commodities were produced and provide “verifiable” information that they were not grown on land deforested after 2020.

Indonesia Palm Oil Association, GAPKI, said the EU should have branded the world’s largest palm oil exporter Indonesia as a low-risk country, along with the US, China, Thailand and Australia.

“The EU did not see Indonesia’s achievement in significantly reducing the deforestation rate in recent years,” GAPKI secretary general Hadi Sugeng Wahyudiono said, adding that due diligence on shipments would increase cost and reduce palm oil’s competitiveness.

Campaigners criticized the EU decision to impose the strictest checks on only four nations, but said even lower-risk countries would face some, albeit simpler, due diligence obligations.

“In practice, this shouldn’t undermine the power of this law to save forests,” said Giulia Bondi, campaigner at non-profit group Global Witness.

Rainforest Foundation Norway (RFN) was less optimistic and urged the EU to strengthen controls.

“It is simply unbelievable that Brazil, responsible for 42% of tropical forest loss in 2024, more than a doubling since the previous year, is not rated as high risk,” according to RFN director Toerris Jaeger, citing a recent report from Global Forest Watch.

The Commission said it had labeled countries based on scientific evidence and data.

The EU law will apply from the end of 2025 for large companies, and from June 2026 for small firms. Failure to comply could result in fines of up to 4% of a company’s turnover in an EU country. — Reuters

Adidas, Puma expected to hike sportswear prices as US tariffs hit

ADIDAS AND PUMA are likely to hike prices for running shoes and sportswear in the United States, following Nike’s lead, analysts and investors said on Thursday, as US tariffs on imports drive costs up for retailers. Nike on Wednesday said it would raise prices next week, charging up to $10 more for shoes currently costing more than $150, while keeping prices stable for products under $100. It is the biggest sportswear company by sales and market cap.

“That was the moment Adidas and Puma were waiting for,” said Robert Krankowski, sporting goods analyst at UBS.

Both German sportswear brands recently said they would not be the first movers in raising prices, instead waiting to see what rivals do.

“We should probably expect a similar decision from both Adidas and Puma because… this is not Nike-specific, it is an industry issue. Everyone will be impacted by the tariffs,” Mr. Krankowski added. US President Donald J. Trump has imposed a blanket 10% tariff on all imports, and hit China with a higher tariff of 30%. More worrying for sportswear brands, the key footwear and clothing manufacturing hub of Vietnam faces the threat of a steep 46% tariff returning in July.

Nike described the announced price increases as part of its normal seasonal planning, without mentioning tariffs.

Puma said on Thursday it is in talks with its US partners but has not decided whether or how it would adjust prices. Adidas did not immediately reply to a request for comment on its pricing plans.

“Historically, when the leading brand adjusts its prices, competitors tend to follow suit shortly thereafter,” said Federico Borin, an analyst at Janus Henderson.

How high other brands raise prices will depend on their assessments of US shoppers’ willingness to pay, which varies based on how in-demand their sneakers or running shoes are.

Adidas, which has enjoyed a surge in sales thanks to trendy vintage shoes such as the $100 Samba and $120 Gazelle, could easily raise prices, said Simon Jaeger, portfolio manager at Flossbach von Storch in Cologne, Germany, which holds shares in Adidas and Nike.

Nike’s price increases are relatively modest, Mr. Jaeger added, but “what concerns me more is that the US consumer in general is not as strong as a couple of years ago.” US consumer sentiment slumped further in May while one-year inflation expectations surged, according to the University of Michigan Surveys of Consumers on Friday.

Given weaker demand, sportswear brands will have to carefully manage their inventories at retailers, Mr. Jaeger said, to avoid oversupplying and being forced to discount.

Puma, whose sales in the US have been slowing, may have less room to hike prices than Adidas, said UBS’ Mr. Krankowski.

Puma has said it aims to sell four million to six million pairs of its $100 Formula 1-inspired Speedcat sneaker this year but sales have been slower than expected, raising the question of whether it should hike the shoe’s price.

“Puma doesn’t have a massive first-mover advantage because the other brands are taking more momentum,” Mr. Krankowski said.

More expensive brands are also adapting as Nike hikes prices.

Running-focused On, whose adult sneakers sell for $130 and up, plans to increase prices in July on certain products in the US, saying this is part of its ambition to be the “most premium” global sportswear brand and not a reaction to tariffs. — Reuters

Gov’t debt yields mixed as US downgrade roils bond markets

YIELDS on government securities (GS) traded in the secondary market ended mixed last week as investors repositioned in the aftermath of Moody’s Ratings’ downgrade of the United States’ credit rating.

GS yields, which move opposite to prices, rose by an average of 5.13 basis points (bps) week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of May 23 published on the Philippine Dealing System’s website.

At the short end, yield movements were mixed. The rates of the 91- and 182-day Treasury bills (T-bills) went down by 5.75 bps and 1.59 bps week on week to 5.4551% and 5.6098%, respectively. On the other hand, the 364-day T-bill rose by 4.02 bps to yield 5.7398%.

At the belly of the curve, the two-year Treasury bond (T-bond) fell by 0.5 bp to fetch 5.7521%. Meanwhile, yields on the three-, four-, five- and seven-year bonds increased by 0.71 bp (to 5.7978%), 1.3 bps (5.8421%), 1.73 bps (5.8981%), and 3.57 bps (6.0421%), respectively.

At the long end, rates of the 10-, 20-, and 25-year T-bonds surged by 9.61 bps (to 6.2693%), 20.45 bps (6.4771%) and 22.86 bps (6.5016%), respectively.

GS volume traded amounted to P36.79 billion on Friday, lower than the P80.42 billion recorded a week prior.

“Local bonds traded on the back foot after US rates soared as Moody’s Ratings downgraded its credit rating one notch lower to “Aa1” from “Aaa,” aligning with Fitch Ratings and S&P Global Ratings,” Dino Angelo C. Aquino, vice-president and head of fixed income at Security Bank Corp., said in an e-mail.

“US 30-year yields jumped above 5%, with the curve steepening significantly,” Mr. Aquino said. “Local bonds were not spared as yields traded 3-7 bps higher week on week despite the strong showing in the last 10-year auction.”

Moody’s US debt downgrade is raising concerns that investors could reevaluate their appetite for US government bonds, with the potential for rising yields to put pressure on stocks that are trading at elevated valuations, Reuters reported.

Moody’s decision to downgrade the US debt rating by a notch due to mounting government debt and rising interest expenses has rekindled fears of a broader investor reappraisal of US sovereign debt, which could drive up borrowing costs across the economy.

Benchmark 10-year yields, which influence mortgage rates as well as borrowing costs for companies and consumers, rose to over 4.5% early on Monday but the sell-off then moderated. On Tuesday, the bond market sell-off continued, with the 10-year yield last seen at 4.48%, slightly above where it closed on Monday.

Longer-dated 30-year yields rose more sharply, hitting a high of over 5% on Monday, the highest since November 2023, and flirting with that level again on Tuesday.

On Friday, the 30-year US bond yield, which on Thursday hit the highest since October 2023, fell in response to fresh tariff fears.

The yield was down 2.2 bps at 5.042%. The yield on benchmark US 10-year notes fell 3.6 bps to 4.517%.

Thirty-year bonds have taken the brunt of the price sell-off and posted the largest weekly increase in yields since April 7. Yields move the opposite direction to prices.

US President Donald J. Trump on Friday unleashed his latest trade threats, recommending 50% tariffs on European Union (EU) imports from June 1 and considering a 25% tariff on any Apple iPhones made outside the US.

Meanwhile, the Bureau of the Treasury (BTr) last week raised P30 billion as planned from its auction of reissued of 10-year papers, with total bids reaching P109.50 billion.

The papers are part of the P300 billion in new benchmark fixed-rate Treasury notes priced on April 15 and issued on April 28.

The BTr also raised an additional P10 billion via the same bonds from its tap facility window offering held after the auction proper.

The 10-year notes, which have a remaining life of nine years and 11 months, were awarded at rates ranging from 6.21% to 6.24%, bringing the average rate to 6.226%.

For this week, Mr. Aquino said GS yields may continue to be influenced by global market movements amid a lack of catalysts at home.

“The new 15-year supply could be another headwind, with markets seeing some duration fears at the moment after the sharp steepening move in the US,” he said.

On Tuesday, the government will offer P30 billion in reissued 20-year T-bonds with a remaining life of 13 years and eight months.

Jonathan L. Ravelas, senior adviser at professional service firm Reyes Tacandong & Co., said in a Viber message that GS yields may move sideways this week.

“Yields may move sideways to down, supported by dovish global sentiment and stable local macroeconomic data. However, external risks could still introduce some volatility,” he said. — Lourdes O. Pilar with Reuters

Mitsubishi PHL completes internship program for 187 college students

College students are guided by MMPC employees ‘committed to nurturing future industry talents.’ — PHOTO FROM MITSUBISHI MOTORS PHILIPPINES CORP.

IN LINE WITH its “commitment to contribute to nation-building through education and talent development,” Mitsubishi Motors Philippines Corp. (MMPC) once again opened its doors — this time to 187 students from 32 colleges and universities who were given the opportunity to train under the company’s comprehensive internship program, designed to enhance classroom learning with real-world corporate experience.

Since 2022, the internship program has taken in some 250 students, providing valuable on-the-job training across key areas such as human resources, finance, production, engineering, logistics, after-sales, sales, marketing, and IT. Interns were matched to roles aligned with their courses,  including Bachelor of Science (BS) Psychology, BS Human Resource Management, BS Accountancy, BS Business Administration, BS Mechanical Engineering, BS Industrial Engineering, and BS Information Technology.

According to MMPC President Ritsu Imaeda, the company continues to prove that corporate responsibility goes beyond economic and environmental initiatives; it also lies in investing in people, skills, and potential.

“This initiative is one of our contributions to build a strong, competent, and globally competitive Filipino workforce. By working with educational institutions, MMPC amplifies learning and helps raise the chances of higher job qualifications for future graduates. This synergy between academia and industry is key to driving innovation, employment, and sustainable growth,” said Mr. Imaeda.

MMPC Vice-President for Human Resources Marcelo Cenir added that this mentorship is vital in shaping the students’ professional outlook and values, as well as cultivating a workplace culture rooted in excellence, discipline, and integrity. “What makes the program stand out is the active involvement of our employees who dedicate their time, effort, and expertise to coach, mentor, and guide the students — ensuring that the experience is not only productive but also deeply enriching,” said Mr. Cenir.

Furthermore, several students who completed the program have even advanced to become full-fledged MMPC employees — “a testament to the quality of training and the effectiveness of the program in preparing students for real careers.”

DMCI Homes plans two project launches this year

DMCI Homes President Alfredo R. Austria — DMCIHOMES.COM

DMCI PROJECT Developers, Inc. (DMCI Homes) is planning to launch two projects this year as it expands its portfolio.

“Most probably two launches this year, to be launched maybe by the fourth quarter,” DMCI Homes President Alfredo R. Austria said in a media briefing.

This is fewer than its previous target of four launches as DMCI Homes, the property arm of Consunji-led DMCI Holdings, Inc., continues to manage its inventory.

Mr. Austria said the first project is a premium medium-rise development in Baguio City. The land for this project is owned by Consunji-led private holding company Dacon Corp.

“It will be a five- to six-story building, medium rise, but low density. It is in a very prime location, suited for a premium market,” he said. “It is within Baguio City, near the country club,” he added.

The second project is a planned vertical development in Metro Manila. It will offer smaller-sized units priced from P3.5 million to P4.5 million, targeting couples, students, and small families.

Mr. Austria said DMCI Homes still has many projects in the pipeline but has yet to finalize their launch schedules.

“We want to manage our inventory. But the other side of the coin is we also want to give continuity of work to our workers. We just have to balance it out,” he said.

Meanwhile, Mr. Austria said the launch of the Moriyama Nature Park leisure development in Laguna might be postponed depending on the issuance of necessary permits. The project was initially scheduled for launch later this year.

“We’re trying to finish the planning and design permits before the end of the year. But I don’t know if we would finish it because we might have some redesign in the project. I can’t say if we can make this year,” he said.

Moriyama Nature Park is a premium Japanese onsen-inspired destination aiming to capitalize on rising domestic tourism demand.

For 2024, DMCI Homes recorded a 31% decline in net income to P2.8 billion due to lower sales and fewer project launches. — Revin Mikhael D. Ochave

Collective action against noncommunicable diseases

FREEPIK

Noncommunicable diseases (NCD) remain the leading cause of death worldwide, claiming at least 43 million lives in 2021 or 75% of all nonpandemic-related deaths, according to the World Health Organization (WHO). Alarmingly, 18 million of those deaths occurred before age 70, and over 80% of these premature deaths happened in low- and middle-income countries (LMICs).

Cardiovascular diseases accounted for most noncommunicable disease deaths, followed by cancers, chronic respiratory diseases and diabetes. These four conditions represent 80% of all premature NCD-related deaths globally.

In the Philippines, NCDs account for 68% of total deaths. Filipino adults face a 29% chance of dying between ages 30 and 70 due to one of the four major NCDs. From January to August 2024, four of the five leading causes of death in the country — ischemic heart disease, cancer, cerebrovascular disease (including stroke and aneurysm) and diabetes — were all NCDs. Combined, these accounted for 47% of all deaths in that period.

Beyond the human toll, the economic burden is also immense. NCDs cost the Philippine economy an estimated P756.5 billion annually, equivalent to 4.8% of the country’s gross domestic product (GDP). This includes both direct healthcare costs and indirect costs such as lost productivity and diminished workforce participation. Notably, indirect costs are estimated to be nine times higher than direct medical expenditures.

This growing crisis demands a united response. As we mark Hypertension Awareness Month and Cervical Cancer Awareness Month, it is an opportune moment to reaffirm a whole-of-society commitment to reducing premature deaths from NCDs. Timely action can ease the burden on Filipino patients and families, bolster the national healthcare system and support economic resilience.

SPOTLIGHT ON TWO CRITICAL NCDs
Hypertension, or high blood pressure, is a major risk factor for cardiovascular diseases, which alone cause a third of all deaths in the Philippines. A national survey by the Philippine Heart Association revealed a hypertension prevalence of 37%, meaning nearly four in 10 Filipinos are affected. Left unmanaged, hypertension can lead to serious complications such as coronary artery disease, heart failure, kidney damage and stroke.

Cervical cancer is another pressing concern. Each year, 7,897 Filipino women are diagnosed with the disease, and 4,052 die from it. It is the second-most common cancer among Filipino women aged 15 to 44, according to the Department of Health. This is especially tragic given that cervical cancer is largely preventable through early screening and vaccination.

Investing just 1% more of GDP in public health — provided that at least 40% of that is directed to NCDs — could save nearly 5 million lives annually in LMICs. Cost-effective interventions like cardiovascular disease management, diabetes screening and chronic respiratory care can make a tangible difference when backed by sustainable financing and policy support.

These insights come from new research by Airfinity, commissioned by the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA), released ahead of the UN High-Level Meeting on NCDs and mental health scheduled for September 2025. The upcoming meeting is expected to result in a political declaration that will chart the course for global NCD response in the coming decades.

Over the past decade, more than 1,400 medicines have been approved for NCDs, significantly transforming care and quality of life for patients with chronic conditions. Furthermore, 9,600 additional NCD treatments are in various stages of development.

Yet despite these advancements, many barriers remain. Access to existing medicines and vaccines is still limited in many regions. For some NCDs, effective treatment options remain inadequate or nonexistent.

To improve access and outcomes, IFPMA urges coordinated action in four areas:

1. Enable innovation — Foster a robust innovation ecosystem supported by strong intellectual property protection. Promote awareness and uptake of medical advances, particularly innovative medicines, vaccines, diagnostics, and devices. Delivery models should support their integration into national health systems.

2. Invest strategically — Governments must commit to more efficient, better-targeted investments in health systems, backed by actionable financing plans for NCDs and mental health. This will help ensure equitable access to prevention, treatment and care.

3. Deliver equitable access — Strengthen national health systems by integrating early screening, diagnosis, vaccination, comprehensive treatment and rehabilitation. Programs must be designed to effectively reach people living with NCDs and mental health conditions.

4. Ensure accountability — Set high standards and establish accountability mechanisms across government agencies and health stakeholders. This includes measuring the impact of screening, vaccination, diagnosis and treatment efforts.

The anticipated UN declaration offers a unique opportunity to cement these priorities and accelerate progress. With sustained collective action, the world can move toward a 2050 vision where fewer people die prematurely from NCDs, healthcare systems are less strained, and people everywhere have access to the care they need.

 

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

India’s monsoon rains arrive 8 days ahead of forecast, earliest in 16 years

REUTERS

MUMBAI — Monsoon rains hit the coast of India’s southernmost state of Kerala on Saturday, eight days earlier than usual, marking the earliest arrival in 16 years and providing the promise of a bumper harvest and relief from a grueling heatwave.

The monsoon, the lifeblood of the country’s $4-trillion economy, delivers nearly 70% of the rain that India needs to water farms and replenish aquifers and reservoirs. Nearly half of India’s farmland, without any irrigation cover, depends on the annual June-September rains to grow a number of crops.

Summer rains usually begin to lash Kerala around June 1 before spreading nationwide by mid-July, allowing farmers to plant crops such as rice, corn, cotton, soybeans and sugarcane.

The onset of the southwest monsoon over Kerala on May 24 is its earliest onset since May 23, 2009, the India Meteorological Department (IMD) said on Saturday.

The monsoon has covered Kerala and parts of neighboring Tamil Nadu and Karnataka, as well as parts of the northeastern state of Mizoram, the IMD said.

Conditions are favorable for the monsoon’s further spread into Goa, parts of Maharashtra, Andhra Pradesh, the northeastern states, West Bengal, and the remaining parts of Karnataka and Tamil Nadu over the next 2 to 3 days.

Surplus pre-monsoon rainfall and an early monsoon onset will help farmers, especially in the southern and central states, to sow summer crops earlier than usual, said Ashwini Bansod, vice-president for commodities research at Phillip Capital India, a Mumbai-based brokerage.

“Abundant soil moisture and early sowing could potentially boost crop yields,” Bansod said.

Last year, the monsoon reached the coast of Kerala on May 30, and overall summer rains were the highest since 2020, supporting recovery from a drought in 2023.

The IMD last month forecast above-average monsoon rains for the second straight year in 2025.

The department defines average or normal rainfall as ranging between 96% and 104% of a 50-year average of 87 cm (35 inches) for the four-month season. — Reuters

Future queen of Belgium caught up in Harvard foreign student ban

PRINCESS ELISABETH, the 23-year-old future queen of Belgium, has just completed her first year at Harvard University but the ban imposed by US President Donald J. Trump’s administration on foreign students studying there could jeopardize her continued studies.

The Trump administration revoked Harvard University’s ability to enroll international students on Thursday, and is forcing current foreign students to transfer to other schools or lose their legal status in the US, while also threatening to expand the crackdown to other colleges.

“Princess Elisabeth has just completed her first year. The impact of (the Trump administration’s) decision will only become clearer in the coming days/weeks. We are currently investigating the situation,” the Belgian Royal Palace’s spokesperson Lore Vandoorne said.

“We are analyzing this at the moment and will let things settle. A lot can still happen in the coming days and weeks,” the Palace’s communication director, Xavier Baert, added.

Elisabeth is studying Public Policy at Harvard, a two-year master’s degree program that according to the university’s website broadens students’ perspectives and sharpens their skills for “successful career in public service.”

The princess is heir to the Belgian throne, as the eldest of four children born to King Philippe and Queen Mathilde. Before attending Harvard, she earned a degree in history and politics from the UK’s Oxford University.

Harvard said on Thursday the move by the Trump administration — which affects thousands of students — was illegal and amounted to retaliation. — Reuters

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