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Financially securing Filipinos across life stages

To take full advantage of life’s potential, individuals need to be secured from the possible impacts of health emergencies and other unprecedented events. Several financial solutions aim to secure consumers and their families from the unprecedented, as seen in life insurance offerings available in the market today.

Life insurance has been serving as a safety net that empowers people to lead more comfortable lives and secures their future by financially protecting them from several types of risks.

“Even the best of plans can get waylaid due to unforeseen events. The value of life insurance in financial planning is that it provides individuals and families with a safety net in the event of crises or tragedies,” Maria Floraida C. Endozo, first vice-president and deputy head of the Actuarial Division at Cocolife, told BusinessWorld. “It eases the financial burden that often follows an unexpected death or disability and provides a source of income replacement, helping maintain financial stability.”

Maria Floraida C. Endozo, first vice-president and deputy head of the Actuarial Division at Cocolife

Select firms in the country are committed to improve the means they financially protect Filipinos. Among them, Cocolife, the biggest Filipino-owned stock life insurance company, continues to significantly progress to deliver the best insurance solutions at affordable costs.

In its endeavor to help clients achieve a future free from financial worries, Cocolife’s comprehensive and unique offerings are designed to meet clients across life stages, from fresh graduates and young professionals to retirees.

“Cocolife has a diverse range of life insurance products tailored to support individuals at every stage of life. We carefully consider each person’s financial capacity and goals, ensuring that our products are both practical and accessible,” Ms. Endozo said.

For those just starting out in life, whether embarking on a career or building their family, the Cocolife Term Shield and Cocolife Protect are fitting plans to protect their finances. These are affordable entry-level term insurance products with substantial benefits to help safeguard individuals from unexpected life events.

Older individuals, meanwhile, can look into endowment plans and investment-linked plans. These include Cocolife LifeMax, Cocolife LifeVest, Cocolife Flexi, Money Accumulator Classic, Money Accumulator Preferred, Money Accumulator Preferred Plus, and Cocolife Zenith. Cocolife has designed these plans to help parents and professionals build their wealth, fund their futures, and achieve their goals and dreams.

Cocolife Aruga, a health and life insurance plan, stands out by offering protection for individuals facing critical illnesses and other health conditions. It is designed to cover medical expenses and provide the insured and their dependents with financial assistance for their future needs. By providing benefits based on actual conditions regardless of the specific illness or event, it eliminates the need to navigate a lengthy list of covered illnesses and exclusions, making the coverage easier and more accessible.

This groundbreaking approach earned Cocolife Aruga the Health Insurance Initiative of the Year-Philippines at the 2024 Insurance Asia Awards and the Most Innovative Inclusive Health Insurance Plan-Philippines at the 2025 Annual Global Economics Awards.

Ma. Rowena J. Asnan, first vice-president and head of the Marketing and Research Department at Cocolife

All these offerings are a result of Cocolife’s efforts to understand the current financial needs of Filipino families. According to Ma. Rowena J. Asnan, first vice-president and head of the Marketing and Research Department at Cocolife, the company conducts research studies and gains insights on the latest market needs, aspirations, and consumer behavior. This is made possible by the Cocolife Idea Hub, a research community that helps deliver and shape insurance products and services tailored to market needs and demands.

Through its latest study, titled “Cocolife Moneyfest: The Financial Futures,” Cocolife mined important insights into the financial behaviors, priorities, and insurance preferences of policyholders.

“By understanding short-term and long-term financial goals, analyzing purchase decisions and motivations and identifying areas for improved business operations, Cocolife is able to design products and services that are truly responsive to the customers’ evolving needs,” Ms. Asnan shared.

Moreover, Cocolife has developed its customer service portal Just Ask Live (JAL), an omnichannel platform that creates a seamless face-to-face customer interaction — through audio or visual communication — ensuring their every need and expectations are consistently met.

With a sustained commitment to quality life insurance that champions all Filipinos, Cocolife plans to expand their life insurance products and services to underserved regions and demographics.

“Moving forward, Cocolife remains committed to advancing the life insurance sector by continuing to innovate and develop products that meet the changing financial needs of Filipinos. We aim to empower more individuals and families by making insurance products more accessible, inclusive, and affordable, regardless of their income level or location,” Ms. Endozo said.

Beyond serving customers with the most fitting plans, Cocolife seeks to champion financial literacy among Filipinos.

“Financial constraints and the lack of understanding on the value of insurance coverage remain as major barriers in the purchase of insurance of the market,” Ms. Asnan shared. “With these caveats, Cocolife will continue to educate Filipinos on the importance, benefits, and beauty of insurance through financial literacy programs. These programs are designed to help them realize that insurance is a necessity and a smart investment in improving their quality of life.”

Know more about Cocolife’s quality insurance and healthcare products by visiting www.cocolife.com.

 

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Netbank and JuanHand sign partnership for a financially inclusive future

In the photo from left to right: WeFund Lending Corp. President and CEO Francisco “Coco” Mauricio, Netbank Head of Lender Amiel De Sotto, Netbank Co-Founder and CEO David Paulo Dela Paz, WeFund Lending Corp. Business Development Officer Maxine Isabell G. Juan, and FinVolution Chief Executive Officer Tiezheng “Tim” Li

Netbank, Inc., a leader in rural banking, has partnered with JuanHand, the country’s leading pure fintech lending app, to broaden its reach to the unbanked and underserved communities across the nation.

The partnership between the fintech companies will assist Filipinos of all ages in achieving their dreams and financing businesses by offering innovative lending solutions tailored to their specific needs. Attendees at the event include representatives from both organizations, such as Netbank’s Co-Founder and CEO David Paulo Dela Paz and Head of Lender Amiel De Sotto. Key figures from FinVolution and WeFund Lending Corp. are also present, including FinVolution Global CEO Tiezheng “Tim” Li, and WeFund Lending Corp. President and CEO Francisco “Coco” Mauricio.

“Through embedded finance, we’re enabling JuanHand to better serve more underserved Filipinos,” said Amiel de Sotto, Head of Lender at Netbank. “Our goal is to empower partners like JuanHand to scale faster and deliver financial services directly to those who need them the most.”

JuanHand, operated by WeFund Lending Corp., has disbursed over P40 billion in loans and over 12 million users. The app is famous for its fast approval, minimal requirements, and easy-to-use interface. JuanHand’s innovation, compliance, and accessibility to customer service earned it the title of the leading loan app in the country.

“We are delighted that Netbank chose JuanHand to be its lending partner,” said Francisco “Coco” Mauricio, President and CEO of WeFund Lending Corp. “This partnership will benefit millions of Filipinos and provide financial assistance anytime and anywhere they need it. With Netbank, we will continue to break boundaries serving every Juan.”

Download the JuanHand app from Google Playstore or iOS Appstore. For more information, visit www.juanhand.com.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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A progressive start for the Philippine auto industry

standret | Freepik

As vehicles of various sizes continue to serve multiple purposes on the road and thus keep the economy on the move, the local automotive industry has kick-started its growth in the previous quarter, revving up its engines for further growth in the months ahead.

Maintaining its momentum, the Philippine automobile market started 2025 on a positive note in terms of vehicle sales and growth. According to a joint report from the Chamber Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA), vehicle sales accelerated at the beginning of the year, showing a 10.4% year-on-year increase, leading to 37,604 units of vehicles sold. With such growth, the industry projected an overall 8% rise in vehicle sales, aiming for 512,000 sold units in 2025.

“Car sales in January 2025 likely reflected a combination of strong consumer demand, improved supply chain conditions, and continued economic recovery,” John Paolo R. Rivera of the Philippine Institute for Development Studies, was quoted as saying in a previous BusinessWorld report.

Based on the shared data, commercial vehicles are driving this month’s sales with a 16% increase and 29,875 units sold. These, then, are followed by a 17.8% increase in light commercial vehicle sales, and a 13% increase from the Asian utility vehicles (AUV) sales. Each have ultimately reached 22,350 units and 6,698 units sold, respectively.

While overall vehicle demand is high, month-on-month sales growth has slowed down since December 2024. Adding to this is a decrease in passenger car sales, which fell by 23.7% month on month, and 8.5% year on year.

Meanwhile, truck vehicle sales marked progress. Specifically, light truck sales climbed up by 20.6% with 497 units sold; while heavy trucks saw 9.5% growth in sales with 69 units sold.

Despite the steady progression in the first of month of the year, February experienced slow growth, recording a 4.1% year-on-year increase and 37,604 units sold.

The growth was primarily driven by commercial vehicles, AUVs, trucks, and buses. Still leading year-on-year vehicle sales were commercial vehicles, posting 9.1% growth, including 10.2% increase for light commercial vehicles. Alongside this, sales for AUVs rose to 5% and those for new vehicles to 2.9%.

However, passenger cars remained in a downturn, showing a 15.4% decrease in vehicle sales, from 9,638 units sold in 2024 to only 8,154 units this year. This decline is derived from consumers’ shifting preferences to commercial vehicles, as said by experts from Rizal Commercial Banking Corp. (RCBC) and Regina Capital Development Corp. in previous statements.

On a more positive note, month-on-month sales for passenger cars grew by 5.5%, resulting in 7,729 units sold compared to the previous month.

Trucks and buses saw notable gains last February. Heavy-duty trucks and buses increased at 39.3% with 85 units sold. This was followed by medium-duty trucks and buses at 9.6%, with 286 units sold, and light-duty trucks and buses at 7.4%, with 554 units sold.

Alongside these numbers, industry and experts observed shifting preferences and rising demand for vehicles that are designed for utility and passenger transport, and to be climate-resilient. The vehicles that have gained more popularity by the aforementioned month are AUVs and sport utility vehicles (SUVs).

“There has been a notable consumers’ preference for connected and personalized driving experiences, alongside a shift towards sustainability and environmental concerns,” CAMPI President Rommel R. Gutierrez said in a statement.

“Technological advancements in artificial intelligence, sensors, and infotainment systems, among others, are showing potential to transform the industry over time. These factors will contribute to the overall positive sales trends in 2025,” he added.

In March, the auto industry continued its upward trajectory with notable growth across several segments. During this month, the report highlighted that automotive vehicle sales grew by 7.6%.

Overall vehicle sales climbed by 2.9%, bringing total sales to 40,306 units. Commercial vehicles still performed strongly with a 16.5% increase year on year, as well as light commercial vehicles sales with 18.2%. Also contributing to the growth of vehicle sales were AUVs, up at 9.9% (7,057 units sold), and passenger cars, at 3.16% (8,154 units sold).

Sales of trucks and buses have continued their upward trend last month. Heavy-duty trucks and buses soared at 122.2% (100 units sold), and light-duty trucks and buses rose at 40% (447 units sold). Sales for medium-duty trucks and buses, however, dropped by 3.4% (320 units sold).

While passenger cars had 21% of the market share, it experienced a significant 16.6% decline in growth, falling from 10,127 units to 8,449 units compared to the previous year. Medium-duty trucks and buses also struggled, with a 3.9% increase, a slight drop from 333 units last year to 320 this year.

Vehicle sales remain dominated by market leaders. At the top rank is Toyota Motor Philippines Corp., holding 47.42% of the market share. In the last three months, it sold 55,513 units alone. The second player leading in automotive sales is Mitsubishi Motors Philippines Corp., with a 20% of the market share, and at least 23,382 units sold over the past three months. These manufacturers were followed by Nissan Philippines, Inc., with 6,722 units sold; Suzuki Phils., Inc., at fourth place with 5,441 units sold; and Ford Motor Co. Phils., Inc., with 6,722 units sold.

Charging roads ahead with EVs

Furthermore, the automotive industry is not only powering up roads but is also progressing with sustainability as manufacturers respond to the rising demand for electric vehicles (EVs) in Southeast Asia.

According to the 2025 Global Consumer Study by Deloitte, consumers in various global markets, including the Southeast Asia, are looking at EVs as their next vehicles. In particular, 17% of them prefer hybrid electric vehicles (HEVs), 13% for plug-in hybrid electric vehicles (PHEVs), and 11% for battery electric vehicles (BEVs) for the type of engine in their next vehicle. The survey also pointed out key reasons for choosing EVs as their next vehicles, such as lower fuel costs (64%), concern for the environment (55%), and driving experience (51%).

The growing interest for EVs sped up the development and preference of EV charging stations in many markets. For instance, Southeast Asian consumers are more in favor of charging their EVs at home (62%), in public (28%), and at work (10%). Unfortunately, access to these charging stations is not widely accessible. The survey reported only 32% have charging stations at home, 8% that share with others, and 58% with no access at all.

Within the Philippine market, EV adoption is projected to keep up the pace, starting with EV sales that showed significant growth in recent months.

At the beginning of the year, data showed EV sales escalated to 1,600 units, which included 1,445 hybrid EVs, 146 battery EVs, and nine plug-in hybrid EVs. In February, a total of 1,816 units were sold, and then sales rose further to a total of 1,895 units in March. As a result, the automotive industry accumulated a total of 5,311 EV units in the last three months, capturing 5.73% of the market share. — Angela Kiara S. Brillantes

Economic forces shifting automotive industry’s gears

storyset | Freepik

The Philippine automotive industry has been a bright spot for the Philippine economy, accounting for 19% of the country’s gross domestic product (GDP). This significant contribution includes motor vehicle assembly, importation and distribution, rebuilding, and the manufacturing of parts and components. 

As a vital driver of economic activity, growth in the industry correlates with an increase in GDP. In 2024, vehicle sales reached 475,094 units, marking a 7.64% increase from the previous year. Meanwhile, the economy expanded at a similar pace of 5.6% last year. However, this growth is not without underlying economic influences that also affect the automotive industry. 

Rising inflation had a noticeable impact on car buyers’ purchasing decisions when it was volatile a few years ago. With higher prices for fuel, food, and basic goods, consumers became more cautious with big purchases such as properties, gadgets, and even vehicles. As a result, many buyers begin to lean toward more fuel-efficient, practical, and cost-effective models. This can be observed in 2023 when headline inflation in the country was at 6% for the year and the best-selling cars for the year were sedans, subcompact SUVs, and crossovers. 

Economic conditions have also influenced a shift in consumer automobile preferences. The Philippine middle class has seen significant growth, particularly from 1991 to 2018, with its share of the population increasing from 28.5% to 43.5%. The still-rising segment, with its increasing income and purchasing power, has led to a higher demand for passenger cars, according to online data firm Statista. Additionally, consumers from the middle-income segment, who prioritize both affordability and utility, have driven strong demand, particularly for compact vehicles, sedans, and budget-friendly SUVs that offer a practical mix of price and functionality. 

Another economic factor contributing to industry growth is the accessibility of auto financing. Banks and financing companies have been offering competitive loan packages, low down payments, and extended payment terms, making car ownership more attainable even for first-time buyers in the Philippines. 

Latest numbers from the Philippine Savings Bank (PSBank) show high demand for car loans, as the institution earned P2.56 billion in the policy alone. The figure represents an 18% jump from last year’s P2.17 billion. 

Furthermore, car manufacturers and banks have started partnering up to encourage more purchases through exclusive promos, discounted interest rates, and bundled insurance packages, which can be seen in the ventures of Mitsubishi Motors Philippines Corp. and Security Bank Corp., as well as Tesla Philippines and Rizal Commercial Banking Corp. 

Government initiatives have also played a key role in shaping the sector. In May 2024, the Philippine government extended its zero-tariff policy on electric vehicles (EVs), hybrid vehicles, and e-motorcycles until 2028 to accelerate the country’s transition to sustainable mobility and reduce dependency on fossil fuels. 

The Comprehensive Automotive Resurgence Strategy (CARS), which aims to upgrade and create globally competitive manufacturing industries, and the Motor Vehicle Development Program, designed to provide the automotive sector with comprehensive industrial policy and development direction, have further laid the groundwork for long-term growth in the sector, and potentially, cheaper cars for Filipinos. 

The Philippine automotive sector stands at a dynamic intersection of consumer evolution, government policy, and economic momentum. While inflation, global supply chain issues, and fluctuating fuel prices remain potential headwinds, the market’s long-term outlook remains positive. 

Automakers that adapt to economic shifts — by offering affordable and fuel-efficient models, exploring electrification, and embracing digital retail — are poised to thrive. As the country’s economy continues to expand and diversify, the auto industry’s ability to respond to these forces will determine its role not only as a contributor to GDP, but also as a catalyst for inclusive growth and innovation in the years ahead. — Jomarc Angelo M. Corpuz

The Filipino’s guide to insurance at every stage of life

jakubzerdzicki / unsplash

Events of recent years in the Philippines have driven Filipinos to realize the value of insurance.

In 2021, the Philippine Life Insurance Association, Inc. reported that 67% of Filipinos were more likely to buy health insurance online during the coronavirus disease 2019 (COVID-19) pandemic, while 66% preferred pruchasing life insurance. More recently, the Manulife Asia Care Survey 2024 found that nearly 80% of Filipinos are looking to expand their insurance coverage and benefits in response to the rising costs of goods, services, and healthcare.

While a willingness to become insured is surely a welcome sight for Filipinos, understanding that insurance isn’t a one-size-fits-all solution is key to having the right coverage in every age. From the first insurance bought to the golden years of retirement, each stage of life influences the type of insurance coverage needed, the cost of premiums, and the most suitable policy options.

Laying the groundwork early

Many believe that the right time to avail of insurance is in one’s 20s to 30s. However, it may be smarter to invest as early as possible. With generally better health and fewer medical risks, younger individuals are considered low-risk by insurers, leading to more affordable premiums and a wider range of policy choices.

Starting young with insurance offers several advantages. Locking in a policy early means enjoying low rates that stay affordable over time. With the younger generation placing greater importance on mental health and overall well-being, having peace of mind through financial protection can ease the stress of unexpected expenses.

Additionally, insurance plans with investment or savings features, like variable universal life policies, can help lay the groundwork for future financial goals, which can be extremely beneficial for fresh graduates and young professionals. By starting early, they not only protect themselves but also take a smart step toward building a more secure financial life.

When commitments expand

By the time one reaches the age of 30, many Filipinos may have already started building their own families, bought their own homes, or are moving up in their careers. This means that adults of this age are more financially secured and can afford to get insurance with better coverage and better premiums.

At this stage of life, a few insurance options become increasingly important. Term life insurance is crucial for income protection, especially for those who are the primary earners in their families. This guarantees payment of a stated death benefit to the insured’s beneficiaries should something happen within a specified term.

Health plans with family coverage should also be a priority for those starting a family. Maternity benefits, children’s medical needs, and regular checkups can be pricy, making comprehensive coverage a need. Protecting property and car investments helps prevent significant financial setbacks in case of accidents or natural disasters.

Educational plans can also be a consideration at this stage. Starting early ensures that your child’s tuition is covered no matter what happens in the future, giving the insured a head start on saving for their kids’ education without the burden of financial stress in the future. Investment-linked insurance can also be an excellent choice as it helps protect loved ones while simultaneously building savings for long-term financial goals.

Once at the financial midpoint

Filipinos usually experience the peak of their careers during their 40s. At this point, they earn the most while also having greater financial commitments. One’s midlife can be a financial checkpoint, a good time to sit down with a financial advisor to review and possibly update their insurance portfolio.

Expanding life insurance is recommended to match a changing lifestyle, whether it is to cover bigger loans or provide extra protection for loved ones. Critical illness coverage may be of importance as well. Age-related health risks start to become more of a reality at this point in one’s life. Planning for long-term care and future medical expenses can go a long way in avoiding unexpected burdens later on. Protecting assets, such as a home, business, or other investments, is also prudent to prevent major setbacks from accidents, disasters, or legal claims.

Preserving wealth into legacy

As retirement approaches in one’s 50s and 60s, the focus inevitably shifts from building wealth to preserving it. Insurance at this point plays more of a protective role. Medical needs tend to grow with age, and so does the desire for peace of mind and financial stability for their children and maybe even grandchildren. It’s also a good time to reassess what’s still necessary. For example, large life insurance policies might no longer be needed if children are already financially independent.

Comprehensive health insurance becomes top priority, especially plans that cover age-related conditions and possible hospital stays. Long-term care coverage becomes more important, offering support in case caregiving or assisted living services are needed.

Most at this age also start thinking about what they will leave behind. Life insurance thus becomes a tool for wealth and estate planning, helping with estate taxes and providing a safety net for loved ones. Some insurance plans even offer retirement payouts, providing a steady stream of income to supplement savings.

For those in their 70s, insurance becomes less about growing wealth and more about preserving dignity, independence, and leaving a legacy. The needs are different, but the value of having the right coverage remains high.

Hospitalization and final expense insurance can help cover medical bills and funeral costs, easing the financial burden on loved ones. Even modest legacy planning policies can be meaningful, giving seniors a way to leave something behind.

At this age, simplified or guaranteed-issue plans become attractive, especially for those with pre-existing health conditions, as they typically require fewer medical checks. Many providers now offer plans tailored specifically for seniors, focusing on what matters most at this life stage.

Age plays a big role in how insurance works. The younger a person is when they get insured, the lower the premiums — thanks to lower health risks and more time to grow investments. As people get older, premiums tend to increase, and some options may no longer be available. Seniors, for example, might face limits on the types of policies they can apply for or how much coverage they can get.

This is why starting early isn’t just smart; it can be the key to unlocking better rates, broader choices, and long-term financial security. Age changes the conversation, but insurance remains a constant need throughout every stage of life. — Jomarc Angelo M. Corpuz

Mitsui eyes MPIC stake in toll unit

The Cavite-Batangas Expressway — PIXABAY

By Ashley Erika O. Jose, Reporter

MITSUI & CO. LTD. has expressed interest to buy Metro Pacific Investment Corp.’s (MPIC) 20% stake in Metro Pacific Tollways Corp. (MPTC) before the latter resumes merger negotiations with San Miguel Corp., MPIC Chairman and Chief Executive Officer Manuel V. Pangilinan said.

“We have to raise money first, once we finish that, then we will resume [merger talks with San Miguel Corp.],” he told reporters on the sidelines of the VITRO Sta. Rosa data center inauguration last week. “They (Mitsui) already converted half of their MPIC shares to shares of MPTC.”

Mr. Pangilinan earlier said the sale of their toll interest is part of a plan to raise P30 billion to P50 billion through a private placement to cut MPTC’s debt.

MPTC is trying to raise funds before it resumes merger talks with San Miguel.

MPIC owns 99.9% of MPTC, whose debt accounts for most of MPIC’s P64.99-billion short-term debt and the portion of its long-term debt as of end-2024.

Last year, MPIC signed a deal with Mit-Pacific Infrastructure Holdings Corp. for a share buyback and exchangeable bond issuance.

Under the deal, MPIC will buy back 4.58 million common shares owned by Mit-Pacific, equivalent to a 7.3% stake in MPIC, reducing Mit-Pacific’s ownership of MPIC to 7.8%.

Additionally, MPIC will issue P11.9 billion worth of exchangeable bonds to Mit-Pacific, which may be converted to 1.5 million MPTC common shares.

If Mit-Pacific opts to exchange the bonds for MPTC shares, it will acquire a 6.6% stake in MPTC along with a board seat in the toll company.

Mit-Pacific is a joint venture between Mitsui & Co. Ltd. and Japan Overseas Infrastructure Investment Corp. for Transport & Urban Development.

MPTC has said it had finalized the alignment of  Cavite-Batangas Expressway (CBEX), the company’s project with San Miguel.

“My impression is that the alignment has already been agreed,” Mr. Pangilinan said, but declined to give a timeline for the project’s groundbreaking. “The principals of the partnership and the alignment have been agreed upon, and we should start working soon.”

In 2023, MPTC signed a memorandum of agreement with San Miguel to build and operate CBEX and the Nasugbu-Bauan Expressway (NBEX) projects with a combined value of P72 billion.

Under the deal, the parties will develop an almost 80-kilometer toll road that will connect MPTC’s Cavite-Laguna Expressway (CALAX) to Bauan, Batangas.

In 2018, MPTC was granted the original proponent status for the 50.4-kilometer Cavite-Tagaytay-Batangas Expressway project by the Department of Public Works and Highways, some segments of which overlapped with San Miguel’s unsolicited proposal for CBEX and NBEX, which were approved by the Cavite and Batangas governments.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT, Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls.

Australia’s Anko to add 4 stores in Manila this year

BW FILE PHOTO

ANKO, Kmart Australia Ltd.’s home and lifestyle brand, is targeting to add four stores in the Philippines by the end of the year as it boosts its domestic presence under a joint venture with Ayala Corp.

“We have one store right now. We’re opening two more in the next couple of months. We think we’ll get to five stores by the end of the year,” Ayala Corp. Corporate and Business Development Head Mark Robert H. Uy told a news briefing in Makati City last week. “That’s our focus this year.”

“Currently, we’re focused on really growing Anko to its full potential because we think it’s really catering to a major pain point in this market… We think we’re offering products that are practically more or less the same price point as what you would get at Shopee and Lazada, but significantly better quality,” he added.

Anko debuted in the Philippines in November last year with a store in Glorietta 2, Makati City under a joint venture with Ayala Corp. mall unit Ayala Malls.

Anko is set to launch its second branch in Alabang Town Center, Muntinlupa City by May and a third store in TriNoma Mall, Quezon City by July.

The brand offers products including homeware, kitchenware, toys, beauty, pet supplies and electronics.

Meanwhile, Mr. Uy said Ayala Corp. is on the lookout for other brands that could strengthen its presence in the retail segment.

“There are other concepts knocking on our door, and we’re having the same conversation with them, which is, first of all, it needs to be a concept that addresses a pain point in the market,” he said.

“All the products we sell there (Anko), we’re selling them at the same price as what they’re selling in Australia… We’re trying to offer great value to customers and we’ll continue to be able to look out for brands that are relevant to Filipino customers,” he added.

Anko, established in 2017, is a part of Kmart Group, which includes Kmart Australia, Target Australia and Anko Global. These are all owned by Wesfarmers Ltd.

Ayala Corp. shares rose 1.42% or P8 to P570 apiece on April 25. — Revin Mikhael D. Ochave

Feed mill for aquaculture set up in Oriental Mindoro

PIA.GOV.PH

THE GOVERNMENT has established an aqua feed mill near fish hatcheries in Oriental Mindoro, according to the Bureau of Fisheries and Aquatic Resources (BFAR).

The aqua feed mill in Bulalacao, the first of its kind by BFAR, is expected to produce between 250 to 300 kilograms of high-quality aqua feed per hour, BFAR said in a statement.

The plant, which will use “cutting-edge technology,” is poised to support sorghum and corn growers in the area who provide raw materials for feed production, BFAR said, citing the need for a “symbiotic relationship between agriculture and aquaculture.”

The facility is situated near a 161-hectare mariculture park as well as bangus and shrimp hatcheries in Oriental Mindoro.

“Its location also benefits from nearby port and airport access, facilitating the distribution of products,” BFAR said.

“Bulalacao is in the heart of the region, and this plant will not only serve the locals but also cater to surrounding provinces,” it added.

“It’s a key development for the entire region’s fisheries.”

BFAR said it is also hoping to open aqua feed mill plants in other parts of the region. — Kyle Aristophere T. Atienza

Meralco declines despite news of higher electricity sales

MERALCO.COM.PH

By Abigail Marie P. Yraola, Deputy Research Head

THE SHARE PRICE of Manila Electric Co. (Meralco) fell last week despite news that its energy sales grew on strong demand from residential and commercial sectors.

The stock closed at P551.50 on Friday, 4.9% lower than a week earlier and bucking the 0.5% gain in the industrial index and 2.2% rise in the benchmark Philippine Stock Exchange (PSE) index. The share has increased 13% this year compared with the index’s 4% decline.

Investors were probably concerned about potential regulatory pressure including scrutiny of its pricing strategies despite its recent franchise renewal, said Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc.

“The broader industrial subsector’s gains and PSE index growth may have been buoyed by election-driven optimism and macroeconomic factors such as lower inflation, which did not equally translate to Meralco due to these company-specific challenges,” he said in a Viber message.

He said Meralco’s mixed trend last week reflected the downturn in key sectors like steel and food and dampened growth in industrial sales volume.

“Meralco’s strategic operational upgrades, including significant enhancements to its Tayabas delivery point substation, reflect its commitment to meeting increasing electricity demands,” he added.

A week earlier, the power distributor said it had upgraded the power transformer at the Tayabas substation to 300 megavolt-amperes (MVA) from 100 MVA to meet demand in Quezon province and nearby towns in Laguna.

Meralco’s energy sales volume grew 1.5% in the first quarter to 12,493 gigawatt-hours, driven by increased residential and commercial sector demand, Ferdinand O. Geluz, senior vice-president and chief revenue officer at Meralco, told reporters in a Viber message.

Residential sales volume rose 3% due to the sustained momentum from energization efforts and the high heat index, while commercial sales inched up 1%, buoyed by consumer-facing establishments.

“Meralco demonstrates resilience in leveraging climatic conditions to boost residential consumption,” Mr. Arce said. He added that while this might be good for financial metrics, higher energy use is a cost burden for consumers and could spur calls for energy-efficient solutions.

Aniceto K. Pangan, an equity trader at Diversified Securities, Inc., said there might be concerns that Meralco’s push to lower electricity rates could cut its profit margin despite rising demand.

Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan has said the company is focused on lowering power rates and ensuring supply reliability after lawmakers renewed its franchise.

On April 11, President Ferdinand R. Marcos, Jr. signed into law the measure extending the power distributor’s franchise for another 25 years.

Mr. Arce cited Meralco’s focus on operational efficiency including efforts to transition power generation methods, including the exploration of nuclear and renewable energy.

“Strategic investments such as the expanded substation capacities and the extended franchise period to 2053 ensure sustained reliability and broadened service delivery,” he added.

Mr. Geluz earlier said they expect energy sales to pick up next quarter in line with their 4.5% full-year growth target.

Mr. Pangan said the goal could only be achieved if the Philippine economy grows at least 5.8%.

Mr. Arce expects Meralco to post P497 billion in revenue and P48 billion in net income this year.

“Anticipated election-driven economic activity and seasonal factors are expected to bolster second-quarter sales,” he said. “Meralco’s optimistic full-year energy sales growth target of 4.5% aligns with ongoing infrastructure upgrades and market recovery.”

He said company’s stable income streams, particularly from its distribution utility business, while efforts to modernize infrastructure and focus on sustainable energy and competitive pricing could attract long-term investors.

“Its defensive qualities in the utility sector and consistent dividend policies also appeal to risk-averse traders,” he added.

Mr. Arce put Meralco’s critical support at about P550 and resistance near P587.60 this week.

“Breaching these levels could signify substantial upward (up to P600) or downward (to P520) momentum based on broader market cues and company-specific announcements,” he said.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

A willingness to compete

ALEXANDRA “ALEX” EALA — RAFANADALACADEMY.COM

For many Philippine tennis fans, nothing matches the recent run of Alexandra “Alex” Eala. In the span of a few weeks, she has gone from the mid-100s of women’s tennis rankings (already a feat in itself) to world number 72 by defeating former 2017 French Open champion Jelena Ostapenko, 2025 Australian Open champion Madison Keys and multi-Grand Slam winner Iga Swiatek at the Miami Open in March.

Never has a Filipino reached that level or defeated several top-ranked players in the Open Era, which started in 1968. I started watching tennis in the 1970s, through grainy and often time-delayed broadcasts of the Grand Slams. Bjorn Borg, with his uncannily low pulse rate, vs. the mercurial John McEnroe was a favorite match-up. I marveled at Steffi Graff’s still unmatched calendar Grand Slam, and the unrelenting pressure that Venus Williams put on an opponent. Countless days through law school in the 1990s were spent under the hot sun in Quezon City or Greenhills, wherever a tennis court could be found, with my friends Henry, Aza, and Alvin without the luxury of a ball kid and wondering whether the ball had lost enough of its fibrous felt to be unplayable. While working at my desk in New York in the late 2000s, I sat opposite an Australian, now a member of parliament in his country, who was once ranked 183 in the world, and he described to me how life on the tour can be difficult for lower-ranked players.

This is why Eala’s wins are exciting to Filipino tennis fans — to finally have a countrywoman to cheer for with every down-the-line forehand or groan with every sprayed shot against some of the world’s top players, even at the unholiest of Philippine broadcast hours. The best tennis matches are gladiatorial one-on-one matches, with the best players painstakingly constructing points, i.e., setting up their opponents into more and more difficult positions to return the next shot. There are no teammates to blame and while the occasional umpire or linesperson (or electronic line judge) may make an error, the focus is on the two players on the court.

Tennis, along with golf, is one of the spectator-friendly sports where regular global competition is truly possible, with consistently high-level matches being held in accessible venues and with regular mainstream coverage. There are multiple tournaments throughout the year to follow, where the grand slam events are interspersed with mid-level tournaments; the defeat of a favorite player is difficult to watch but, health allowing, the next tournament is just around the corner.

The initial narrative of sports commentators is that Eala left the Philippines when she was 13 to enter the Nadal academy in Spain. It highlights that to become competitive in this sport, training and competition abroad are essential; golfer Bianca Pagdanganan is another athlete who left the country in a similar vein. Our Olympic champions and competitors also followed similar paths.

It holds a lesson for our country as well. To truly prosper and become world-beaters our companies must be willing to compete, whether here or abroad. Protection may create local winners, but that can only grow so far, because the size of our domestic market is limited.

Eventually, protected firms will have the incentive to maneuver politically to perpetuate their local advantages through favorable regulation that hamstrings foreign competition. These economic distortions lead to broader societal distortions as well, as the politicians become accustomed to working with their domestic economic patrons, which worsens corruption. Narratives are manufactured that foreign competition is unabashedly injurious to Filipinos, which then leads to more protections that wall off other parts of the economy. Consumers suffer because they pay higher prices for goods, with some of the profits being used by the local player for the political patronage that benefits them, not the buyer of the product. In the end, the consumer is worse off both economically and socially.

Admittedly, there is always a need to consider the domestic social effects of competition, and to implement measures that, for a limited time, help those who need to adjust to it — such as farmers who may need help staying competitive, or assisting them in transitioning to other crops that are more profitable or have larger markets. After all, while the market may solve supply-and-demand issues, and help consumers have access to better products at reasonable prices, it can still have negative effects on local firms and workers and helping them adjust is the other side of building competitive economies.

Reasonable environmental protection is also another priority in free markets; economic efficiency at the cost of our ecological well-being or that of our children is a dangerous tradeoff. This is where we also have some failings and which many free-market advocates fail to recognize, and which is why the domestic lobby for continued protection is still strong. While we must work to make markets and firms better through competition, we must also work just as hard to help mitigate the economic and social problems that it generates. Competition legislation must also be implemented faithfully.

The next few years will be important to the global trading system. There will be calls for more protection as countries try to insulate their industries and protect local jobs. But Asia has prospered through trade, and our workers benefit from more open borders, not closed ones. Firms that are competitive globally help the overall economy as technologies, skills, and competencies propagate and are transferred to other firms that they work for, and the result is more competitive firms and workers broadly across sectors and industries. As a geopolitical price taker, we must work with other countries to keep the wheels of trade spinning.

Alex Eala could have stayed here and she would very likely have prospered as the best tennis player in the country. Since we do not have significant international tournaments, she would have dominated the local scene and maybe even competed well at the Southeast Asian or Asian games. But by going abroad despite the separation from the family and the punishing schedule, she has widened her horizons. Was it Andre Agassi who recounted in his memoirs waking up unable to move with a painful back and barely recognizing which city he was in, as a price paid for being a champion?

Eala is still only turning 20 and, health allowing, has many, many more years of competition. On the internet, it is easy to spot the crabs who claim she has won nothing of note and claim that she is the product of hype after a lucky run in Miami. They, of course, do not understand that Filipino tennis fans have finally found one of their own to root for at this level of tennis, and are unabashedly excited about it. Undoubtedly, many more tennis rackets are going to be picked up in the next few years, and some may even start to make it abroad. It inspires others to do as well, and to become better — a lesson worth emphasizing today to our policymakers and locally bound firms.

 

Bob Herrera-Lim is a managing director at Teneo, a New-York based consulting firm that advises companies and investors globally. He covers all of Southeast Asia for the firm’s clients. He is also a fellow of the Foundation for Economic Freedom.

Buzz terminal

The refreshed Ioniq 6 gets exterior and interior tweaks. The so-called ‘Pure Flow, Refined’ design ethos seeks to make the vehicle at once simpler and more progressive. — PHOTO BY KAP MACEDA AGUILA

Hyundai’s electrics take center stage at Seoul Mobility Show

HYUNDAI MOTOR PHILIPPINES (HMPH) recently brought a delegation of media and content creators — this writer included — to South Korea for the Seoul Mobility Show 2025. Of course, there was much expectation for Hyundai’s participation in the biennial automotive showcase held in its home country.

Themed “Mobility Everywhere,” the 11-day show attracted some 560,000 visitors (up from 510,000 people in 2023) to the Kintex in Goyang. The theme highlighted the expansion of mobility “across industries and into everyday life,” and featured 451 companies and institutions. Headline partners included HD Hyundai, among others.

Hyundai Motor Company used its large display booth at the Seoul Mobility Show to unveil new iterations of two electric models: the Nexo and the Ioniq 6.

The Nexo is a hydrogen-powered fuel cell electric vehicle first launched by Hyundai in 2018 at the Consumer Electronics Show in Las Vegas, Nevada. Seven years later, the company introduces the second generation which, it said in a release, marks a significant milestone in hydrogen mobility. While the powertrain hasn’t officially made an appearance in the Philippines, hydrogen seems to be one of the future paths for mobility as it is a clean-burning fuel. In more developed economies, hydrogen-powered vehicles have already been deployed in limited numbers to compete with battery electric vehicles.

The all-new Nexo can reportedly realize more than 700 kilometers of range “from a five-minute charge,” and its powertrain with a new motor system and “high-efficiency” inverter exhibit greater efficiency and durability. Hyundai also shared that the car’s spacious cabin boasts Relaxation Seats in the first row, and increased luggage capacity — along with a segment-first towing capability. “Hyundai Motor reaffirms its global hydrogen mobility leadership as part of its commitment to become a smart solutions provider across the full mobility spectrum,” the company declared in a release.

Will Filipino car browsers get to see the Nexo soon? “The hydrogen format is continuously being studied and is progressing in a global platform, but in the Philippines, definitely, we still need to back it up with infrastructure,” said HMPH General Manager for Marketing Mark Parulan at Hyundai Motorstudio Goyang. “We’ll take it one step at a time, we have already introduced HEVs (hybrid electric vehicles) and EVs (electric vehicles). From there, we’ll see how we can progress them in our country.”

Obviously much nearer on the horizon as far as our market goes are the refreshed Ioniq 6 and the previewed Ioniq 6 N. In the Philippines, Hyundai has two full-electric models: the original version of the Ioniq 6 and the Ioniq 5 (and its N or performance version). “We’re very happy with the reception of consumers toward our electric vehicles,” shared Mr. Parulan. “In fact, it was very surprising that, for the N performance line, we got a lot of customers in our early months of selling, Last year, we released almost 30 units of the Ioniq 5 N, which shows that consumers are actually ready and are adapting not just to EVs but the (idea) of EVs with performance values.”

Hyundai designers evolved the “design spirit of the original, multi-award-winning Ioniq 6” launched in 2022 — featuring more refined curves that result in a sleeker silhouette.

Said Hyundai Design Center Head and Senior Vice-President Simon Loasby in a statement, “The Ioniq 6 has evolved from a single Electrified Streamliner into a lineup, (with) each model expressing its own character while staying true to one refined vision… Under the evolved design concept of ‘Pure Flow, Refined,’ we’ve enhanced every line and detail to make the Ioniq 6 simpler and more progressive.”

“Definitely, it’s coming soon,” added Mr. Parulan. “The Ioniq 6 is an important product (in our Philippine portfolio) as we are moving toward greener solutions for mobility.” In the Ioniq 6 N, the design is decidedly more “dynamic and aggressive,” with the front and rear wing-shaped bumpers getting more attention. A side sill “emphasized by a single line,” also helps in providing the vehicle a lower stance. The company also said that the heavy use of black color at the rear serves to highlight the Ioniq 6 N’s sporty proportions.

Hyundai is set to formally introduce the Ioniq 6 N globally in July.

Mr. Parulan admitted to “Velocity” that the sales split between Hyundai’s internal combustion engine (ICE) vehicles and electrified vehicles is still “quite big,” adding: “We do see a promise in terms of (EV) reception. I think that, for now, we cannot correlate the target audience that we have for ICE models versus EVs as we do have vehicles that cater more to the mass market. But we are very happy in what we’re seeing, and we’re optimistic that we can bring in more EV products that would be appreciated by the market.”

Pressed for a figure, the executive reckoned the breakdown to be “probably 95:5” in favor of ICE vehicles. “In the near term there will still be more ICE model buyers, but we are introducing HEV products in all segments that we have. From there, we will continue to release necessary products that will meet the demands of the market,” he concluded.

T-bills, bonds may fetch weaker demand after jumbo note issue

BW FILE PHOTO

RATES of the Treasury bills (T-bills) and Treasury bonds (T-bonds) to be auctioned off this week may move sideways as demand could weaken following the government’s jumbo issuance of new 10-year fixed-rate Treasury notes (FXTN).

The Bureau of the Treasury (BTr) will offer P25 billion in T-bills on Monday, or P8 billion each in 91- and 182-day papers and P9 billion in 364-day papers.

On Tuesday, the government will auction off P30 billion in reissued seven-year T-bonds with a remaining life of five years and two months.

The rates of the T-bills and T-bonds on offer this week could track sideways movements in secondary market yields before the end of the BTr’s public offering of new benchmark 10-year bonds, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The jumbo bond issue likely “siphoned off some of the excess liquidity from the financial system that could have reduced demand for… the upcoming Treasury bill and Treasury bond offerings,” Mr. Ricafort said.

At the secondary market on Friday, the rates of the  91- and 364-day T-bills rose by 4.25 basis points (bps) and 5.21 bps week on week to end at 5.4558%, and 5.7362%, respectively, while the 182-day debt went down by 2.19 bps to yield 5.6089%, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data as of April 25 published on the Philippine Dealing System’s website.

Meanwhile, the yield on the seven-year bond went down by 1.43 bps week on week to close at 6.0928%, while the rate of five-year debt — the tenor closest to the remaining life of the T-bonds on offer on Tuesday — also declined by 1.75 bps to 5.9247%.

The government raised a total of P300 billion via its offering of new 10-year benchmark bonds, the BTr announced on Friday.

This was 10 times the initial P30-billion program as bids reached P307.05 billion, allowing the Treasury to end the public offer period on April 23, a day earlier than planned.

The BTr raised an initial P135 billion from the papers at the rate-setting auction on April 15 as tenders reached P197.3 billion.

The notes fetched a coupon rate of 6.375%. Accepted bid yields ranged from 6% to 6.4%, resulting in an average rate of 6.286%.

The issue will be listed on the Philippine Dealing & Exchange Corp. fixed-income board on April 28 (Monday).

Last week, the BTr raised P25 billion as planned from the T-bills it auctioned off as total bids reached P73.913 billion or nearly thrice the amount on offer.

Broken down, the Treasury borrowed the programmed P8 billion via the 91-day T-bills as tenders for the tenor reached P13.67 billion. The three-month paper was quoted at an average rate of 5.546%, rising by 12.4 bps from the previous auction. Tenders accepted by the BTr carried yields of 5.425% to 5.625%.

The government likewise made a full P8-billion award of the 182-day securities as bids for the paper amounted to P25.863 billion. The average rate of the six-month T-bill was at 5.675%, up by 1.8 bps, with accepted rates ranging from 5.62% to 5.696%.

Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P34.38 billion. The average rate of the one-year T-bill slipped by 2.3 bps to 5.691%, with bids accepted having yields of 5.684% to 5.7%.

Meanwhile, the reissued seven-year bonds to be offered on Tuesday were last auctioned off on March 4, where the government raised P30 billion as planned at an average rate of 6.019%, lower than the 6.375% coupon.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy

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