Facebook Instagram Linkedin X Youtube
Home Blog Page 246

Philex Mining profit rises 15% on stronger metal prices

PHILEXMINING.COM.PH

Philex Mining Corp. reported a 14.75% increase in attributable net income to P929.69 million for 2025 from P810.2 million a year earlier, driven by higher gold and copper prices.

In a press release on Tuesday, the listed miner said revenues rose 8.21% to P8.85 billion in 2025 from P8.18 billion previously.

“Gold and copper prices remained at high levels throughout the year, while foreign exchange rate also improved in the last quarter,” Philex said.

According to the company, realized gold prices reached a record $4,338 per ounce in the fourth quarter of 2025, while copper peaked at $5.24 per pound during the same period and averaged $4.56 per pound for the year.

Stronger metal prices helped offset weaker output, as gold production fell 20.66% to 24,358 ounces from 30,702 ounces in 2024.

Copper production also declined 8.21% to 18.16 million pounds from 19.78 million pounds previously.

“Metal prices were our saving grace last year. There will always be uncertainties ahead, but we place our trust in the unwavering commitment and resilience of our Philex workforce,” Philex Chairman Manuel V. Pangilinan was quoted as saying in the statement.

Philex said the Silangan Project in Surigao del Norte, being developed by its wholly owned subsidiary Silangan Mindanao Mining Co. Inc., is in the final stretch toward its target first metal pour by the end of the first quarter.

“We are already in the last lap—just a few more weeks to the finish line—to complete the development component of the operations of our Silangan Project,” Mr. Pangilinan said.

The company said in an earlier disclosure that the Silangan project is expected to deliver an average annual output of about 81 million pounds of copper and 34,000 ounces of gold during its first phase.

The company also said operational challenges at its Padcal Mine in Benguet are expected to weigh on performance in the near term, as the aging facility continues to face technical constraints.

In January, the company reported a structural support failure in a section of Padcal’s mill plant, which negatively affected daily production.

Philex said it has implemented measures to stabilize operations, including the construction of a bypass crushing line to support a minimum sustainable milling capacity.

The company added that it is reinforcing crushing capacity and implementing a phased ramp-up in tonnage, with incremental improvements targeted by the second quarter and further optimization scheduled toward midyear.

Philex is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Metro Pacific Investments Corp. and 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. —Vonn Andrei E. Villamiel

Mexico weighs legal action after Musk links president to drug cartels

Mexico President Claudia Sheinbaum — REUTERS

MEXICO CITY — Mexican President Claudia Sheinbaum said on Tuesday she is considering legal action following a comment by tech billionaire Elon Musk, the world’s richest man, that alleged she was connected to drug cartels.

Mr. Musk’s post on X followed the capture and killing of Jalisco New Generation Cartel (CJNG) leader Nemesio Oseguera, “El Mencho,” by Mexican security forces.

In the post, Mr. Musk responded to a 2025 video of Ms. Sheinbaum discussing cartel violence and alleged that she was “saying what her cartel bosses tell her to say.” He did not provide further evidence.

“We are considering whether to take legal action,” Ms. Sheinbaum said during her daily morning press conference, adding that government lawyers are reviewing the matter.

STRONG FREE SPEECH PROTECTIONS

Ms. Sheinbaum could face difficulty suing Mr. Musk for defamation in the US because of strong legal protections for free speech. To prevail in a defamation case against Mr. Musk in the US, Ms. Sheinbaum would need to prove Mr. Musk knowingly said something false about her or recklessly disregarded the truth when he said it.

Tesla, Mr. Musk’s auto company, did not immediately reply to a request for comment on Ms. Sheinbaum’s remarks.

In the 2025 video, Ms. Sheinbaum said a return to a “war on drugs” was not feasible.

“Returning to the war on drugs is not an option … it is outside the framework of the law,” she said.

The military offensive on cartels led by former President Felipe Calderon in 2006 led to bloody turf battles as gangs splintered, triggering a spiral of violence that many analysts see as a contributing cause to still-high homicide rates.

Ms. Sheinbaum said she expected security to continue to normalize in Mexico after cartel members coordinated a series of roadblocks and arson attacks after the government’s Sunday operation against Mr. Oseguera.

Asked if the operation marked a return to a more violent security stance, Ms. Sheinbaum said this would never be the case.

“The detention of a suspected criminal with an arrest warrant can generate this type of circumstance, but we are looking for peace, not war,” she said.

Ruling MORENA Party president Luisa Alcalde also reacted to the post on social media, saying Mr. Musk should use his platform and X social media network to fight drug consumption, addiction, disinformation and stop the promotion of narco culture.

“Wealth does not give moral authority,” she said. “The lives that are lost in this fight, often fueled by consumption in other countries, are worth infinitely more than any fortune amassed in Silicon Valley.”

Over 130,000 people are missing in Mexico, where much of the country’s violence is linked to drug cartels that sell products to and obtain firearms from the United States. — Reuters

Deal with US within reach ‘only if diplomacy is given priority’, Iran’s foreign minister says

THE Iranian flag flutters outside the IAEA headquarters in Vienna, Austria, June 9, 2025. — REUTERS/LISA LEUTNER

DUBAI — Iran’s Foreign Minister Abbas Araqchi said on Tuesday that a deal with the US was “within reach, but only if diplomacy is given priority”, days ahead of an expected fresh round of talks between the two sides in Geneva.

The talks are set to take place on Thursday in Geneva, a senior US official said on Monday, with US envoys Steve Witkoff and Jared Kushner slated to meet with an Iranian delegation for the negotiations.

The two countries resumed negotiations earlier this month as the US builds up its military capability in the Middle East. Iran has threatened to strike US bases in the region if it is attacked.

“We have a historic opportunity to strike an unprecedented agreement that addresses mutual concerns and achieves mutual interests,” Mr. Araqchi said in a post on X.

The Iranian top diplomat said his country would resume the talks with “a determination to achieve a fair and equitable deal in the shortest possible time”.

Earlier, Iranian Deputy Foreign Minister Majid Takht-Ravanchi said Iran was ready to take all necessary steps to reach a deal with the United States.

“We are ready to reach an agreement as soon as possible. We will do whatever it takes to make this happen. We will enter the negotiating room in Geneva with complete honesty and good faith,” Mr. Takht-Ravanchi said in comments carried by state media.

White House Press Secretary Karoline Leavitt said on Tuesday that US President Donald Trump’s first option was always diplomacy but that he was willing to use lethal force if necessary.

A senior Iranian official told Reuters on Sunday that Tehran would seriously consider a combination of sending half of its most highly enriched uranium abroad, diluting the rest and taking part in creating a regional enrichment consortium – an idea periodically raised during years of Iran-linked diplomacy.

Iran would do this in return for US recognition of Iran’s right to “peaceful nuclear enrichment” under a deal that would also include lifting economic sanctions, the official said.

“If there is an attack or aggression against Iran, we will respond according to our defense plans… A US attack on Iran is a real gamble,” Mr. Takht-Ravanchi added.

Indirect talks between the two sides last year brought no agreement, primarily due to friction over a US demand that Iran forgo uranium enrichment on its soil, which Washington views as a pathway to a nuclear bomb.

Iran has always denied seeking such weapons.

The US joined Israel in hitting Iranian nuclear sites last June, effectively curtailing Iran’s uranium enrichment, with Mr. Trump saying its key nuclear sites were “obliterated”. But Iran is still believed to possess stockpiles enriched previously, which Washington wants it to relinquish. — Reuters

France’s Macron accepts resignation of Louvre museum chief after jewel theft

A CROWN worn by French Empress Eugenie, which was targeted by thieves during a heist at Paris’ Louvre Museum on Oct. 19 but was dropped during their escape, on display in this undated still frame from a video. — LOUVRE MUSEUM/HANDOUT VIA REUTERS

PARIS — French President Emmanuel Macron accepted the resignation on Tuesday of the head of Paris’ Louvre museum, which has been grappling with the fallout from a high-profile jewel heist and rolling strikes.

Laurence des Cars tendered her resignation, which Mr. Macron accepted, “praising an act of responsibility at a time when the world’s largest museum needs calm and a strong new impetus to successfully carry out major projects involving security and modernization”, his office said.

Ms. Des Cars has faced intense criticism since burglars made off in October with jewels worth an estimated $102 million that are still missing, exposing glaring security gaps at the world’s most-visited museum.

Strikes over pay and conditions since December have also led to regular closures and added to a list of woes that included two water leaks as well as a massive ticket fraud investigation.

Critics including the state auditors’ office have questioned the museum’s low spending on security and infrastructure maintenance while it made lavish purchases of new artwork, only a quarter of which is open to the public, and spent heavily on post-pandemic relaunch projects. — Reuters

Lazada shifts to trust-focused strategy from price-driven sales

CARLOS BARRERA, CEO of Lazada Philippines — LAZADA/BW FILE PHOTO

Lazada Philippines is emphasizing consumer trust and product authenticity in its upcoming March sales campaign, as e-commerce platforms aim to strengthen shopper confidence and move beyond purely discount-driven promotions.

Carlos O. Barrera, Lazada Philippines chief executive officer, said the upcoming 3.3 sale, happening from March 2 at 8:00 p.m. to March 5, is designed to give Filipino shoppers real value they can trust.

“With Global Brands at LazMall, expanded member rewards, and flexible payment options, we’re helping consumers make smarter, more confident purchasing decisions while building long-term trust in e-commerce,” Mr. Barera said in a statement released on Monday.

In the upcoming sale, Lazada assured authentic products, secure payments, dependable delivery, and after-sales support.

The platform noted that this underscores their commitment to a safer and more reliable shopping experience.

Meanwhile, global brands such as Carote, LocknLock, and Decathlon are also set to participate in the 3.3 sale.

Brand-led exclusives within LazMall’s Global Brands will be highlighted in the sale, in addition to platform-wide promotions.

Lazada Group is a pioneering e-commerce platform in Southeast Asia, with about 160 million active users and over one million active sellers each month.— Edg Adrian A. Eva

PHL faces climate-related credit risk

STRONG WAVES hit the shore in Dingalan, Aurora amid a storm surge from Typhoon Uwan in this file photo. — PHILIPPINE STAR/WALTER BOLLOZOS

By Katherine K. Chan, Reporter

THE PHILIPPINES is among the countries most vulnerable to climate-related credit risks as extreme weather imperils the country’s economic and fiscal stability, Fitch Ratings said.

“We expect physical climate risks to have an adverse (effect) on the Philippines economy and public finances through various channels,” Edward Parker, Fitch Ratings managing director and global head of research, sovereigns and supranationals, told BusinessWorld in an e-mail.

“Unfortunately, more frequent and severe storms and flooding will cause loss of life, and damage to homes, infrastructure and business that will cause disruption to economic activity, associated loss of tax revenues and rebuilding costs,” he added.

In a recent report, Fitch determined that the Philippines faces one of the highest physical risk pressures on credit by 2050.

“Fitch Ratings believes the Philippines is one of the sovereigns most exposed to physical climate risks, based on an array of data and climate projections that feed into our Climate Vulnerability Signals,” Mr. Parker said. “It is particularly exposed to more frequent and severe storms and floods, and to a lesser extent to sea level rise.”

“We do not view it as particularly exposed to transition risks,” he added.

In the Climate Vulnerability Signals (Climate.VS) report, Fitch analyzed sovereign credit profiles’ potential exposure to climate-related risks from 2030 to 2050 by scoring them on a scale of 0 to 100, based on both physical and transition risks.

Out of the 119 countries analyzed, 60 countries, including the Philippines, were at risk of a credit rating downgrade due to issues arising from climate concerns.

Physical risks include heatwaves and wildfires, droughts, storms, floods and landslides, and a rise in sea levels.

Meanwhile, transition risks pertain to fossil fuel dependence or the exposure of major fossil fuel producers to a projected decline in global demand for fossil fuels as well as green energy costs or the cost of de-carbonization.

Based on the debt watcher’s Climate.VS, the Philippines scored 55 out of 100 in terms of overall physical risk (VSp).

A VSp of 50 means Fitch Ratings could bring the country’s credit rating one notch lower.

Fitch Ratings last affirmed its “BBB” long-term foreign currency issuer default rating and “stable” outlook for the Philippines in April last year.

A “stable” outlook means the Philippines will likely maintain its rating in the next 18 to 24 months.

The Philippines usually encounters about 20 storms yearly due its proximity to the Pacific Ocean, according to the state weather bureau Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA).

In 2025, 23 typhoons hit the country, affecting millions of Filipinos and leaving billions of pesos worth of damage nationwide.

Fitch’s Mr. Parker said such climate risks could disrupt the local agriculture sector, potentially causing food prices and overall inflation to spike.

“Public expenditure aimed at mitigating some of the effects could also add to budget deficits, other things equal,” he added.

Considering this, the country should invest in flood control and disaster preparedness initiatives to ensure the economy has adequate buffers against climate-related risks, Mr. Parker noted.

“Investment in infrastructure such as sea and flood defenses in critical areas and in disaster preparedness capacity can help countries to mitigate some of the impact of physical climate risks,” he said. “They can also help to adapt to physical risks through careful consideration of planning, development and land use.”

Last year, extensive flooding revealed substandard or nonexistent flood control projects across the country. These practices were later linked to Public Works officials, lawmakers and contractors who allegedly received kickbacks from the government’s infrastructure program.

Fitch Ratings earlier told this paper that the graft scandal also risks the Philippines’ credit rating due to its impact on political stability, fiscal policy implementation, as well as business and consumer confidence.

PAGASA expects four to 11 tropical cyclones to hit the country until July this year, with zero to one storm monthly until April and one to two each in May and June.

Marcos to accelerate reforms as growth falters

President Ferdinand R. Marcos, Jr. participates in a fireside chat during the Association of Southeast Asian Nations Editors and Economic Opinion Leaders Forum at a hotel in Makati City, Feb. 24. — PHILIPPINE STAR/PPA POOL/NOEL B. PABALATE

By Chloe Mari A. Hufana, Reporter

THE ADMINISTRATION of Philippine President Ferdinand R. Marcos, Jr. is accelerating structural reforms and diversifying trade ties to shield the economy from global volatility following sluggish economic growth last year.

During the Association of Southeast Asian Nations (ASEAN) Editors and Economic Opinion Leaders Forum in Makati City on Tuesday, Mr. Marcos said the government is pushing the bureaucracy to make it more responsive to policy shifts as external shocks, from geopolitics to supply chain disruptions, become more frequent.

Mr. Marcos cited trade negotiations with nontraditional partners such as Latin American nations, members of the European Union (EU) and Canada, among others.

The President framed the next phase of his administration around strengthening economic resilience after the pandemic and amid what he described as increasingly complex geopolitical tensions.

While the government had expected a more stable global environment after the pandemic, he said successive economic and political shocks have required a recalibration.

“One of the main things that we are striving for is to provide stability,” he said. “Whatever shocks come, we are more robust, we are resilient and we are able to adjust.”

That balancing act, preserving policy continuity while remaining agile, will define Manila’s economic strategy in the coming years, he added.

Halfway through his six-year term, Mr. Marcos said that embedding reforms deep enough to outlast political cycles will be key to turning short-term growth into a long-lasting one.

The Philippines’ gross domestic product (GDP) growth slowed to a post-pandemic low of 4.4% in 2025, after a graft scandal affected government spending, consumption and investor and consumer confidence.

The Marcos administration is now targeting GDP growth of 5-6% in 2026, 5.5-6.5% in 2027 and 6-7% in 2028. These new targets are slightly lower than the earlier 6-7% growth goal for 2026 to 2028.

“Flood control problems, scandal, whatever you want to call it, have certainly played a very large part in that,” Mr. Marcos said, referring to his exposé about anomalous flood control projects last July in his annual address to Congress.

“Unfortunately, it had to be done. It is one of those things where you just have to rip the band-aid off. There was no easy way to do it. And otherwise, then the old practices would continue and the Philippines would flatline.”

The President also blamed the Ukraine-Russia war and disruptions in global commodity markets, which have also affected the Philippines through higher food and energy prices.

“It is uncertainty that we are fighting with,” he noted.

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said the Philippines is “moderately sensitive” to global volatility but generally less trade-dependent than export-heavy peers such as Vietnam and Thailand.

“The main transmission channels of global volatility are oil prices (import dependence), exchange rate pass-through to inflation, and financial conditions (portfolio flows, risk-off episodes),” Mr. Rivera said via Viber.

Compared with regional peers that are more deeply integrated into global manufacturing supply chains, the Philippines faces smaller exposure to abrupt trade disruptions, he noted.

Mr. Rivera said the country’s defenses include international reserves, a flexible exchange rate, a predominantly domestic-currency public debt profile and resilient forex (foreign exchange) inflows from remittances and services.

Mr. Rivera said energy and logistics costs, limited export diversification and uneven infrastructure execution may hamper competitiveness and the economy’s recovery.

He said productivity gains and investment in infrastructure will be critical to sustaining long-term growth.

University of Asia and the Pacific Associate Professor George N. Manzano said the Philippines is an open economy but is less exposed to global trade shocks than more export-dependent ASEAN peers.

He noted the country’s trade as a share of GDP is smaller than in Singapore, Vietnam and Thailand, meaning external disruptions transmit with somewhat less intensity.

GlobalSource: Rate cut a ‘wake-up call’ to Malacañang, Congress

WORKERS are seen repairing streetlights along Commonwealth Avenue, Quezon CIty, Feb. 9, 2026. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE BANGKO SENTRAL ng Pilipinas’ (BSP) recent policy rate reductions may fall short in boosting the economy amid slow monetary policy transmission and persistent structural issues that hinder growth, GlobalSource Partners said.

In a commentary published late on Monday, GlobalSource Principal Advisor Diwa C. Guinigundo said the Philippine economy now needs structural reforms, stronger fiscal coordination and restored confidence beyond just an accommodative monetary policy.

“Despite substantial cumulative rate reductions, economic momentum has yet to respond decisively,” said Mr. Guinigundo, who was also a former deputy governor at the BSP.

“Private consumption remains soft, business confidence weak and tentative, and investment activity highly uneven.”

In 2025, the country’s gross domestic product (GDP) grew by 4.4% — the slowest since the pandemic — after GDP expanded by 3% in the fourth quarter.

This came amid the flood control corruption scandal, wherein some Public Works officials, lawmakers and private contractors allegedly received kickbacks from some infrastructure projects.

The scandal dampened consumer and business confidence, and dragged household consumption, investments and government spending.

This pushed the Philippine central bank to extend its easing cycle as it sought to spur domestic demand and boost the sluggish economy.

Last week, the BSP delivered its sixth straight 25-basis-point (bp) cut, marking the third one prompted by growth concerns from the flood mess. This brought the key policy rate to an over three-year low of 4.25%.

The BSP has now slashed benchmark borrowing costs by a cumulative 225 bps since it began easing in August 2024.

“The recent rate cut therefore reflects both accommodation and caution, a wake-up call to Malacañang and Congress. It signals support for the economy, while recognizing diminishing returns from further easing in the absence of complementary reforms,” Mr. Guinigundo said.

“Ultimately, sustainable growth will depend not only on calibrated monetary action but also on structural improvements, fiscal coordination, and renewed confidence in the broader economic environment.”

Mr. Guinigundo said the Monetary Board could have been more cautious by holding steady at its Feb. 19 meeting, especially as inflation is expected to rise until 2027.

“In addition, a pause could have been more circumspect: inflation forecasts for 2026 and 2027 during the last policy meeting of the Monetary Board were admitted to have escalated but not disclosed. This is indicative of mounting price pressures and upside risks, a call to a more calibrated monetary stance,” he added.

The BSP had said that it now sees headline inflation potentially breaching the midpoint of its 2%-4% target by the second half to average 3.6% this year, versus its 3.2% estimate previously.

It then expects inflation to ease to 3.2% in 2027, which is still a tad faster than its earlier projection of 3%.

REALITY OF MONETARY POLICY
Mr. Guinigundo also noted that the local banking sector has tightened its credit standards in response to the economic slowdown, even as the BSP has been accommodative for over a year.

This, he said, has created more lags in monetary policy transmission.

“Banks have acted pro-cyclically: even as the BSP adopted a substantially accommodative stance, many institutions tightened their credit standards, reflecting heightened risk aversion and balance sheet caution,” Mr. Guinigundo said. “Such tightening dampens loan growth precisely when credit support is most needed, muting the intended stimulus of lower policy rates.”

BSP data showed that bank lending growth was at a near-two-year low of 9.2% at end-December. December 2025 also marked the first time since April 2024 that bank lending grew at a single-digit pace.

“This dynamic underscores a central reality — monetary policy cannot compel risk-taking or override structural constraints,” Mr. Guinigundo said.

“Logistics inefficiencies, supply bottlenecks, regulatory uncertainty, and external vulnerabilities continue to weigh on growth. Interest rate adjustments alone cannot resolve these deeper impediments,” he added.

Following the Feb. 19 meeting, BSP Governor Eli M. Remolona, Jr. left the door open to supporting economic growth through monetary policy, provided that inflation remains in check as part of the central bank’s price stability mandate.

However, he noted that the policy path ahead is now less certain as he acknowledged that monetary policy easing may be insufficient to stimulate the economy.

Further support would have to come from the fiscal side, the central bank chief added.

Meanwhile, SM Investments Corp. Group Economist Robert Dan J. Roces said inflation will likely settle within the central bank’s target band until next year.

He added that the BSP “may or may not cut” further, with future policy decisions hinging on upcoming economic data.

“Well, the BSP already said that we’re nearing the end of the easing cycle. So, that says a lot,” Mr. Roces told reporters on the sidelines of the Makati Business Club 2026 Business-Government Forum on Tuesday held in Makati City.

“Because, I think with inflation managed and growth kind of recovering, the policy will matter more,” he added. “But again, it has to be measured. So, they will have to be more data-dependent.” — Katherine K. Chan with inputs from Vonn Andrei E. Villamiel

ASEAN to discuss unified stand on US tariffs

A 3D-printed miniature model depicting U.S. President Donald Trump depicting US flag and word “tariffs” in this illustration taken, April 17, 2025. — REUTERS

By Justine Irish D. Tabile, Senior Reporter

THE PHILIPPINES is eyeing to lead the regional discussions to come up with a unified stance on the US reciprocal tariffs through its Association of Southeast Asian Nations (ASEAN) chairship, the Department of Trade and Industry (DTI) said.

Trade Secretary Ma. Cristina A. Roque said that the US tariffs will be among the topics that the trade ministers will discuss next month.

The ASEAN senior economic ministers will hold a retreat in Manila on March 13.

“We haven’t spoken with the other members of ASEAN because for now we are really focused on the ASEAN chairship,” Ms. Roque told reporters on the sidelines of the ASEAN Editors and Economic Opinion Leaders Forum on Tuesday.

Over the weekend, US President Donald J. Trump announced that he will be imposing a new 15% duty on US imports starting Feb. 24.

However, Reuters reported on Tuesday that the US imposed an additional 10% tariff on all goods not covered by exemptions, citing a notice issued by US Customs and Border Protection said.

The Financial Times quoted a White House official saying the increase up to 15% would come later. Reuters could not immediately confirm this.

Mr. Trump’s new tariff policy comes after the US Supreme Court ruled that he had exceeded his authority when he imposed the reciprocal tariffs.

The ruling had invalidated the tariffs imposed by the Trump administration on China, Japan, South Korea, Taiwan and ASEAN economies. Most Philippine-made goods had faced a 19% US tariff.

Finance Secretary Frederick D. Go said that the Philippines is still in a good spot, despite the US tariff developments, as the country continues to dialogue with counterparts in the US.

“So, we continue to engage with them. As I always say, so far, the majority of our semiconductors are exempted, and the majority of our key agricultural exports are exempted,” he said on the sidelines of the event.

“So, I’d say we are in a good spot, but of course we will continue to engage with our counterparts there, which is the US Trade Representative,” he added.

Sought for comment, Philippine Exporters Confederation, Inc. President Sergio R. Ortiz-Luis, Jr. said that a collective response from ASEAN will be good not only for the Philippines but for the region as a whole. 

“That would be nice because that is where the collective call for exemptions on agricultural products and for the tariff on electronics to be put on hold,” he told BusinessWorld in a phone interview.

“If we can negotiate, regionally, the exemptions, that is also better. So, we should not stop talking to them,” he added.

However, Mr. Ortiz-Luis said that exporters are still in the dark about whether or not the new US tariff will be imposed on the Philippines.

While the country already agreed to a 19% reciprocal tariff, there was no final deal that was signed.

Reuters reported that Mr. Trump had earlier warned countries that if they backed away from signed trade deals with the US, they may be slapped with the higher duties.

“Some people are saying that those who agreed to tariffs higher than the 15%, which include us as we agreed to 19%, will not be covered by the 15% tariff,” he said.

“And on exemptions, it will be better if the exemptions are kept; so much the better, but nobody knows if Trump will remove the exemption,” he added.

If the exemptions are removed, especially on semiconductors and some electronic products, Mr. Ortiz-Luis said that electronics companies might move to other markets that are more competitive.

“At 10% we are still okay, but at 15%, we don’t already know what the supply chain will do. Until it is very clear, we should not stop talking with them,” he added.

Meanwhile, Ms. Roque said the talks with US counterparts have been continuous despite recent developments, but discussions on exemptions have not yet started.

“We have not spoken about that, but of course once there are changes, we will discuss, and then definitely we will give out a statement. But for now, we are just still in talks,” she said.

She said that the department is still hopeful of seeing $116 billion to $120 billion in total exports this year, aligned with the target set under the Philippine Development Plan.

Meanwhile, Mr. Go said that what the US reciprocal tariffs revealed is the need for the Philippines to find new markets.

“We have to create new markets for the Philippines to trade with, to sell to, which is why the activities being engaged in by the economic team and by DTI, like signing more and more economic partnership agreements and free trade agreements, are really important for our industries to be able to grow,” he added.

Qatar-based JTA eyes hotel, hospital, and tech city investments in Philippines

DENNIS H. UY’S proposed Silicon Valley-type Tech City will rise on a 117-hectare land between Mexico and Angeles, Pampanga. — FREEPIK

QATAR-BASED investment firm JTA International Investment Holding, which has subsidiaries in energy, tourism, and technology, is planning major projects in the Philippines, including a 60% stake in tycoon Dennis H. Uy’s $2-billion tech city project in Pampanga, two hotels in Cebu, and a tertiary hospital outside Metro Manila.

“We had a meeting with Mr. Dennis Uy last night, and they’re very interested to partner with JTA,” JTA Holding Philippines Country Representative Juan Vito C. Genson told reporters on the sidelines of a briefing on Tuesday.

The proposed Silicon Valley-type Tech City will rise on a 117-hectare land between Mexico and Angeles, Pampanga.

“If you ask the people from Dubai, they have Burj Khalifa, the tallest tower in the world. We want to have some unique projects in the Philippines, like the first tech city in Asia, or the tallest tower in Asia,” JTA Founder and Chief Executive Officer Amir Ali Salemi said during the briefing.

The holding firm is also considering investments in two five-star hotels in Cebu, valued at approximately $1 billion (about P57.81 billion).

These projects include a hotel with a condominium and resort development, and another hotel with a resort and casino.

It is additionally looking to invest about $300 million (P17.34 billion) in a tertiary hospital outside Metro Manila.

While the projects are estimated to have a total value of $3 billion, Mr. Salemi noted that all are still under negotiation and the amounts have yet to be finalized.

Former Philippine Chamber of Commerce and Industry President Enunina V. Mangio said JTA aims to start a project by the fourth quarter of 2026.

However, Mr. Salemi said the investment timeline would depend on how quickly JTA can secure local partners for the projects.

Other firms and state agencies have submitted potential projects to JTA, Ms. Mangio added.

Possible projects presented to JTA include an international port in Digos, Davao, Department of Energy solar energy projects, and a public-private partnership for an international airport in General Santos City.

“Those are the things that they’ve explored,” Ms. Mangio said. “They see some really positive possibility for their investment; they’re coming back any time in March.”

Despite ongoing macroeconomic risks, Mr. Salemi said the Philippines remains an attractive investment destination.

He cited a young and skilled workforce, improving infrastructure, and pro-business economic reforms.

“In the Middle East, we have many challenges, and we know how we can work and invest amid these challenges. So, we don’t have any problem to invest here,” Mr. Salemi said.

JTA has subsidiary companies in energy, civil, innovation and technology, tourism, transportation, health, and agriculture and food security. — Beatriz Marie D. Cruz

Maynilad profit rises 19% to P15.2B on tariff adjustments and stable billed connections

MAYNILAD’S SEWAGE treatment plant in Marulas, Valenzuela — MAYNILADWATER.COM.PH

MAYNILAD WATER Services, Inc. reported net income of P15.2 billion for 2025, up 19% from a year earlier, supported by higher revenues from increased tariffs and stable billed water connections.

Revenues rose 9.4% to P36.6 billion from P33.5 billion in the previous year, on the back of higher tariffs and stable billed connections, the company said in a statement on Tuesday. The company has yet to release its full report for the period.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 14.9% to P25.3 billion from P22 billion, with the margin improving to 69%.

Maynilad President and Chief Executive Officer Ramoncito S. Fernandez said that 2025 was the company’s best year, marked by strong consolidated financial performance and service improvements.

“We remain focused on disciplined capital allocation, operational efficiency, and long-term value creation while fulfilling our service obligations,” he said.

Mr. Fernandez said the water utility is relying on billed volume growth, higher tariffs, and continued efficiency efforts to support its operations this year.

Beyond financial performance, Maynilad is also focused on service, with non-revenue water (NRW) averaging 34.9%, a 5-percentage-point improvement from 2024. This enabled the recovery of approximately 256 million liters per day of water, according to the company.

NRW refers to water that is produced but not billed due to leaks, theft, or other losses.

Mr. Fernandez said during a briefing that the company plans to spend up to P6 billion a year until NRW reaches 20%, the international standard.

“Our business plan is directed towards achieving the level of 20%,” he said.

For 2026, the company has earmarked P30 billion for capital expenditure on water and wastewater projects.

Maynilad made its stock market debut in November last year, raising P34.34 billion from the offering — the second-largest initial public offering (IPO) in the Philippine Stock Exchange’s history.

While it has already raised capital, the company said that funding from the IPO is still insufficient to cover all planned spending.

“That’s how big our investment is in the concession,” Maynilad Chief Finance Officer Ricardo F. Delos Reyes said.

Maynilad serves as the primary provider of water and wastewater services in the West Zone, covering 11 cities in Metro Manila, three with partial coverage, as well as parts of Cavite province.

Shares in the company rose 5.31% to close at P21.80 apiece.

Metro Pacific Investments Corp., Maynilad’s majority shareholder, is one of three Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., along with Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of MediaQuest Holdings, Inc., which is a subsidiary of the PLDT Beneficial Trust Fund, has an interest in BusinessWorld through the Philippine Star Group. — Sheldeen Joy Talavera

Exploring Filipino art in 5 exhibits

ANOTHER VIEW as We Travel Across (Wawa, 2025), 2025 by Nicole Tee.

COMING from a successful run at the recently concluded ALT ART festival, West Gallery has gone on to open five exhibitions simultaneously at its Quezon City space, continuing its exploration of Filipino art.

In one room, painted landscapes and collaged canvases hang together, presenting different facets of Carina Santos’ body of work. In another, the walls are adorned with postcards by 28 artists depicting varying sceneries to immerse in, curated by Nicole Tee, who in turn has her own exhibit where she makes use of thread to add texture to foliage in photos and recall the grandeur of nature.

Eunice Sanchez’s ink-on-canvas images speak to fragments of memory, of mental pictures taken during a search for meaning. Further into the gallery, one can find a mixed-media installation by Luigi Singson that evokes a feed of images of demarcated spaces.

SCAPES AND GAPS
While Nicole Tee’s exhibition, to feel small, harkens to the immensity of nature, and the detail in her work can be quite grounding. With thread and photo transfer on linen, the textures become a striking highlight, inspired by rock climbing trips and hikes to and from crags.

The scenes portrayed appear animated in a way, with green thread mimicking thick foliage amid the imposing character of rock. Tactile to the eyes, the works draw viewers to step closer.

Meanwhile, Eunice Sanchez’s landscapes in Coming To This stand out in a disjointed, fragmented manner, more non-linear as a recollection of the artist’s journey.

The works were the result of when Ms. Sanchez fed her curiosity about the apparition of a “dancing sun” that her mother — then pregnant with her — saw in Agoo, La Union, in 1993. In 2023, she decided to climb the same hill.

“To put it simply, the body of work is my way of mapping out the experience,” she told BusinessWorld in a message. “I think after reaching the space, and after feeling the nothingness, that’s when I decided I want it to become a show.”

Around two years later, the memories of the trip were fully manifested, the forests and the ascent depicted in monochrome tones using ink and mulberry, some on canvas and some on Fabriano paper. A few of the works have red and white thread stitched through them, hinting at the gaps in time, space, and memory.

Such gaps are bridged in Wish You Were Here, a curatorial project by Ms. Tee, where 28 participating artists contributed postcards showing various landscapes.

For these artists, coming from different generations and different places, the postcards represent an age-old way of keeping in touch, of transporting someone into your own inner world. At West Gallery, they provide a fun sense of community, mapping out an experience of exploration across artistic perspectives.

In collaboration with the West Gallery Shop, the postcards can be purchased on their own as pieces, or as facsimiles to be kept or shared.

MORE MIXED-MEDIA
Carina Santos has been developing her “pour paintings” for a long time, utilizing abstractions in shape and texture to convey shifting environments.

Other Versions offers context to her work. Viewers can see her paintings alongside other modes, like collaged offcuts of canvases, long knitted textiles, and watercolor landscapes that incorporate billboards and signage.

“Sewing, knitting, and illustration often sit on a different tier to more so-called ‘serious’ pursuits of art,” she explains in her artist’s statement. “By showing these pieces alongside one another, the hope is that there is added contextual richness to my body of work, but more importantly, a leveling out of what art is or isn’t, what it can or cannot be.”

In Squared Lives by Luigi Singson, there is a similar presentation of varying images, this time through a single, mixed-media installation.

The vertical rectangular structure contains vistas of high-rise and densely populated districts, juxtaposed with scenes of indoor spaces, inviting viewers to reflect on the confines of an urbanized and digitalized society. Compounding this is the bottom half of the installation, seemingly held up by Jenga-like bricks.

“My view of the city is that everyone tries to get away with something, little by little. It’s still standing, but once the last brick is removed, everything could fall down. I incorporate that a lot in my works,” Mr. Singson told BusinessWorld at the exhibit’s opening.

“Social media is how we go about our connections, so that’s why the format of squares is a lot like what you see when you scroll through your feed,” he added.

As for the plaster squares, appearing a bit like stained-glass windows, they are “pieces of way-finding, like a map or guide when going to physical places.” Half-hidden on the floor inside the installation is a piece of debris from the demolished Capitol Theater in Escolta, again speaking to the tensions in an urban, individualized society.

“I think, like many artists, wala ka munang idea sa kung anong ilalagay mo (you initially have no idea what to put in),” said Mr. Singson, on the process of putting together a work. “In the end, mapapag-connect mo naman lahat (you’re able to connect everything).”

The exhibits Wish You Were Here, Coming To This, to feel small, Squared Lives, and Other Versions are on view until March 21 at West Gallery, located at 48 West Ave., Quezon City. — Brontë H. Lacsamana

1...245246247...14,240Page 246 of 14,240
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube