BPI Foundation launches new Estudyantipid episodes to empower Filipino Youth with financial literacy

September 15, 2025 | 11:25 am

BPI Foundation, the social development arm of the Bank of the Philippine Islands (BPI), continues to champion financial education with the launch of two new episodes of Estudyantipid — an engaging educational series designed to equip Filipino youth with essential money management skills.

The on-ground premiere was held at Rizal High School in Pasig City, where hundreds of junior and senior high school students gathered for an interactive session on financial literacy. Attendees participated in hands-on activities and dynamic discussions, and were given a first look at the new episodes, which tackle timely topics such as scam and fraud awareness, and the difference between gross and net profit in business.

Carmina Marquez, Executive Director of BPI Foundation, highlighted the organization’s ongoing mission to make financial education more accessible and relevant: “At BPI Foundation, we believe that financial education is a cornerstone of empowerment. By equipping young people with practical money skills early on, we’re building a generation that is responsible, resilient, and ready to face the future. Estudyantipid reflects our commitment to making learning both relevant and transformative for Filipino students.”

Hundreds of Rizal High School students in Pasig City took part in an interactive financial literacy session.

Educators also praised the initiative, recognizing the value of integrating financial literacy into the school curriculum — a subject often overlooked in traditional education. Through the Knowledge Channel’s Portable Media Library, schools now have access not only to the new Estudyantipid episodes but also to a broad range of educational content designed to enrich student learning.

The latest episodes of Estudyantipid address topics that resonate strongly with today’s youth. One episode demystifies the concepts of gross profit versus net profit, while the other provides practical tips to help students identify and avoid scams. Presented through relatable storytelling, the series bridges classroom concepts with real-life financial decision-making.

This launch is part of BPI Foundation’s broader FinEd Unboxed initiative, which aims to bring financial education to schools, communities, and organizations across the country.

Estudyantipid airs every Monday, Wednesday, Friday, and Sunday at 1:40 p.m. during the Araling Panlipunan timeslot, on Kapamilya Online Live every Saturday at 7:40 a.m., and on the Kapamilya Channel every Sunday at 8:15 a.m.

To learn more about BPIF’s financial education programs, visit www.bpifoundation.org or follow BPI Foundation on Facebook and Instagram.

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AMA affirms its role as the ‘Uber-Like of Philippine Education’ with U-Learn 24/7

September 15, 2025 | 10:30 am

AMA Education System (AMAES), the country’s pioneer in IT education, has reaffirmed its commitment to redefining the learning landscape with the launch of its groundbreaking U-Learn 24/7 Model. This initiative positions AMA as the “Uber-Like of Philippine Education,” giving students full control over when and how they learn.

Much like how Uber reshaped commuting by granting riders freedom and flexibility, AMA’s U Learn 24/7 dismantles the rigid structures of traditional schooling. It responds to the realities faced by today’s learners; students in far-flung provinces, working professionals, and parents balancing multiple responsibilities by making education borderless, on-demand, and learner-driven.

Breaking Barriers in Education

With U-Learn 24/7, students are no longer bound by fixed calendars or inflexible schedules. Instead, they can:

Enroll any day of the year. Schedules are irrelevant; learners can start anytime. Students may enroll in the 1^st trimester during the 2^nd semester schedule, or the 2^nd semester during the 1^st semester schedule. No time is wasted, enabling students to finish earlier and transition immediately into the workforce.
Choose their preferred learning style: face-to-face, blended, structured online, or fully self-paced with virtual mentors.
Join new cohorts every 10 days, eliminating long waiting periods between terms.
Earn microcredentials, shift programs, or enter bootcamps without losing academic progress.
Access a seamless system through integrated learning and customer management platforms.
Pay tuition with ease via nationwide gateways such as GCash and 7-Eleven counters, ensuring inclusivity for all learners.

“Education should move with the learner, not against them,” AMA management emphasized.

Powered by Global Partnerships

Strengthened by collaborations with global technology leaders such as Microsoft, Cisco, AWS, Oracle, and Pearson VUE, AMA provides students with internationally recognized certifications while studying locally.

Today, AMA stands as:

The largest Cisco Academy in the world
The biggest AWS education partner in Asia

These partnerships highlight AMA’s commitment to producing globally competitive graduates prepared for the demands of the digital age.

A Legacy of Firsts

The U-Learn 24/7 Model builds upon AMA’s 45-year tradition of innovation. Over the decades, AMA has achieved several milestones:

The first IT-focused institution in the Philippines
The first to offer degree programs in Artificial Intelligence and Cybersecurity
The largest school network in Asia
A CHEd-conferred Autonomous Institution, recognized for academic leadership and quality

This track record underscores AMA’s role as a true pioneer in education not following trends, but setting them.

Transforming Lives, Shaping Futures

The model’s impact is already visible in student success stories nationwide. Working parents, career shifters, and learners from rural communities have completed their studies without sacrificing personal or professional responsibilities. With U-Learn 24/7, AMA empowers students to fit education into their lives instead of forcing them into rigid molds.

Looking Ahead

As AMA celebrates its 45^th anniversary, it envisions a future where every Filipino has access to quality, flexible, and globally relevant education — anytime, anywhere.

“The U-Learn 24/7 Model is more than a program; it is a platform that empowers learners to set their pace, choose their path, and shape their future,” AMA management said.

Discover how you can take full control of your education.

For more information, visit www.amaes.edu.ph.

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Marcos names former Supreme Court Justice Andres Reyes as ICI chief

September 15, 2025 | 9:27 am

By Chloe Mari A. Hufana, Reporter

President Ferdinand R. Marcos, Jr. on Monday appointed retired Supreme Court Associate Justice Andres B. Reyes, Jr. as chairman of the newly formed Independent Commission for Infrastructure (ICI), which will investigate irregularities in public works projects.

The three-person commission would convene on Monday as part of his administration’s broader anti-corruption drive, the President told a news briefing.

“He has been a… for a very, very long time with a very good record of honesty and fairness and a good record of being able to find justice for those who have been victimized,” he added.

The inquiry was launched after allegations surfaced that funds intended for flood-control infrastructure were misused or siphoned off through questionable projects. The controversy has triggered public anger as recent storms and monsoon rains inundated parts of the country, leaving homes and farms damaged.

“We have to make it nothing less than a turning point in the conduct of governance in the Philippines. We have to make a change, and it is a fundamental change in the way that we do business,” Mr. Marcos said, quoting the ICI chief.

The President created the commission through Executive Order No. 94 to investigate anomalies in flood control and other infrastructure projects, with authority to recommend criminal, civil and administrative charges.

The ad hoc fact-finding body is empowered to subpoena witnesses, access financial records, and gather intelligence reports. It may recommend the filing of criminal, civil, or administrative cases, as well as preventive measures such as suspensions.

Its role is to conduct hearings, gather evidence, and then forward its findings to the appropriate agencies, such as the Ombudsman, the Department of Justice or Civil Service Commission, for further action.

“The power to hold people in contempt, I think, was not necessary (to the ICI) simply because this is not a prosecutorial body—this is an investigative body,” Mr. Marcos said.

The commission is set to meet daily to finalize its organizational matters, including the structure of the secretariat, staffing needs, officer assignments and necessary forms. Whether their meetings will be held privately or publicly will be left to their discretion.

Mr. Reyes, 75, was an appointee of former President Rodrigo R. Duterte and a graduate of the Ateneo de Manila University School of Law. He was a Supreme Court justice from 2017 until his retirement in 2020.

Mr. Reyes earned a master’s degree in public administration from the Philippine Women’s University. He is a “third-generation justice” in the family, according to his profile on the Supreme Court website. His grandfather Alex A. Reyes, Sr. was a justice of the Court of Appeals and Supreme Court.

His father Justice Andres C. Reyes, Sr., was a former presiding justice of the appellate court.

He also taught at the Arellano Law School and College of Law of the Pamantasan ng Lungsod ng Maynila before attaining senior status at the appellate court.

Joining him as members of the fact-finding body are former Public Works Secretary Rogelio L. Singson and Rossana A. Fajardo, former chairperson of the Procurement Policy Board-Technical Support Office and now country managing partner at SGV & Co.

Baguio City Mayor Benjamin B. Magalong is also a special adviser to the committee.

Mr. Marcos cited Mr. Magalong’s credibility and skills as an investigator, recalling how he first came to know him through his seminal report on the Mamasapano incident while serving as the Crime Investigation and Detection Group (CIDG) head.

He added that during an earlier visit to Baguio, Mr. Magalong had already produced another detailed and well-prepared report, showing his dedication to thorough investigative work and his potential to contribute significantly.

Mr. Marcos earlier said that about P100 billion of the total P545 billion in government funds that were allotted for flood control projects since 2022 were cornered by only 15 contractors.

The controversy has already led to the resignation of the Public Works secretary and a leadership change in the Senate, where Vicente C. Sotto III replaced Francis G. Escudero as president of the chamber. Mr. Escudero admitted receiving campaign donations from a contractor but denied influencing contract awards. — with Norman P. Aquino

Pope Leo criticizes high, Musk-style corporate pay packages

September 15, 2025 | 9:10 am

Pope Leo XIV leads the Angelus prayer at the Vatican — Pope Leo XIV leads the Angelus prayer on his 70th birthday, from the window of the Apostolic Palace at the Vatican, Sept. 14, 2025. REUTERS/Vincenzo Livieri

VATICAN CITY – Pope Leo criticized corporate pay packages that offer executives much higher salaries than their employees in excerpts from his first media interview released on Sunday, citing Tesla’s recent $1 trillion compensation plan for CEO Elon Musk.

Leo, originally from Chicago, also spoke about the United Nations, his decades working as a missionary in Peru, how he has been adapting to the role of pope, and his hopes for peace in the bloody, three-year conflict between Ukraine and Russia.

He has shown a more reserved style than his predecessor Pope Francis, who often gave interviews, and prefers to speak from prepared texts. Sunday’s excerpts were released on the Catholic news site Crux.

“CEOs that 60 years ago might have been making four to six times more than what the workers are receiving … 600 times more (now),” Leo said in the interview, conducted at the end of July for a coming biography.

“Yesterday (there was) the news that Elon Musk is going to be the first trillionaire in the world,” he said. “What does that mean and what’s that about? If that is the only thing that has value anymore, then we’re in big trouble.”

Leo, elected the first US pope by the world’s cardinals in May to replace Francis, criticized the UN as no longer being able to foster effective multilateral diplomacy.

“The United Nations should be the place where many … issues are dealt with,” said Leo. “Unfortunately, it seems to be generally recognized that the United Nations, at least at this moment in time, has lost its ability to bring people together on multilateral issues.”

On becoming pope, Leo said he felt more prepared at first to lead the world’s 1.4 billion Catholics on spiritual matters but less prepared to play a major role on the global diplomatic stage.

“The totally new aspect to this job is being thrown onto the level of world leader,” said the pope. “I’m learning a lot and feeling very challenged, but not overwhelmed. On that one I had to jump in on the deep end of the pool very quickly.” — Reuters

PHL external debt jumps to $149B

September 15, 2025 | 12:34 am

Dollar currency-wc — The Philippines’ outstanding external debt hit $148.87 billion as of end-June. A teller counts US dollar banknotes at a money changer in Jakarta, Indonesia, April 9. — REUTERS/WILLY KURNIAWAN

THE PHILIPPINES’ outstanding external debt jumped to a record $148.87 billion as of end-June amid the weakening of the US dollar, the Bangko Sentral ng Pilipinas (BSP) said.

Central bank data showed the country’s external debt rose by 14.4% from $130.318 billion in the same period last year.

“The increase in external debt was driven primarily by borrowings, which included bond issuances by the National Government amounting to $5.83 billion and external financing tapped by local banks amounting to $3.44 billion,” the BSP said in a statement.

Quarter on quarter, external debt inched up by 1.5% from the $146.74 billion logged at the end of the first quarter.

“The increase in external debt for Q2 (second quarter) 2025 was primarily due to valuation effects from the depreciation of the US dollar,” the BSP said.

External debt accounts for all borrowings by residents from nonresidents.

The BSP said the external debt level remained “sustainable,” equivalent to 31.2% of gross domestic product. This was better than the 31.5% in the previous quarter but higher than the 28.9% a year ago.

The central bank said the weaker greenback increased the US dollar equivalent of borrowings denominated in other currencies by $1.49 billion.

In the April-to-June period, the peso recorded a strong performance against the dollar as it traded between the P55 and P56 level, averaging P56.581 as of end-June.

“The net acquisition of Philippine debt securities amounting to $660.96 million also contributed to the increase (in external debt), while net repayments amounting to $315.67 million partially tempered the increase in the country’s external debt,” the BSP said.

Most of the country’s public sector obligations, amounting to $88.371 billion, were from the National Government while the rest came from the BSP ($3.919 billion) and government banks ($1.81 billion).

Japan remained the Philippines top creditor with loans amounting to $15.599 billion, followed by the United Kingdom with $6.358 billion and Singapore with $4.837 billion.

The borrowing mix was composed mainly of US dollar-denominated debt, followed by debt in Philippine peso and debt in Japanese yen.

As of the second quarter, the country’s short-term external debt based on remaining maturity concept (STRM) was at $28.63 billion. STRM debt is composed of loans with original maturities of one year or less plus amortization on medium and long-term accounts falling due within the next 12 months.

“This level remains well-covered by the country’s gross international reserves (GIR) of $106 billion, providing 3.7 times cover for short-term obligations,” the BSP said.

“The country’s GIR-to-STRM debt ratio remains at par with emerging economy peers.”

Meanwhile, the BSP said resident borrowers’ lower principal and interest payments brought the debt service ratio down to 8.7% during the period from 9.8% a year ago. This ratio measures a country’s capacity to meet its obligations based on its foreign exchange earnings.

“This resulted from lower principal and interest payments by resident borrowers as of the second quarter of 2025,” it said.

BSP data showed the public sector’s external debt went up by 88.2% to $94.801 billion at end-June from $50.36 billion the previous year.

Private sector obligations, on the other hand, declined by 32.3% year on year to $54.072 billion from $79.83 billion a year ago. — Katherine K. Chan

PHL big banks post slower growth in assets, loans in 2^nd quarter

September 15, 2025 | 12:33 am

BDO-ATM — Peoples walk past automated teller machines in Makati City, June 23, 2016. — REUTERS

By Abigail Marie P. Yraola, Deputy Research Head

THE GROWTH in combined assets and loans of the country’s biggest lenders eased as of end-June, dragged by weaker economic output in the second quarter despite cheaper borrowing costs and slower inflation.

The latest edition of BusinessWorld’s quarterly banking report showed that the aggregate assets of 44 universal and commercial banks grew by 9.05% year on year to P27.37 trillion in the second quarter from P25.09 trillion a year earlier.

This pace was slower than the 9.51% logged in the first three months of the year and the 10.7% growth in the second quarter of 2024.

Asset growth during the period was the weakest in five quarters or since the 8.69% expansion recorded in the first quarter of 2024.

Meanwhile, the aggregate loans of the country’s biggest lenders went up by 12.38% year on year to P14.4 trillion in the April-to-June period.

This expansion was slower than the 13.46% recorded in the first quarter and the 14.01% growth in the second quarter of last year.

Lending growth was also the weakest in the five quarters or since the 12.32% observed in the first three months last year.

This modest growth in both assets and loans mirrored economic developments such as slowing economic growth and benign inflation.

In the second quarter, the country’s gross domestic product (GDP) expanded by an annual 5.5%, slower than the 6.5% growth in the same period last year but slightly faster than the 5.4% expansion in the January-to-March period.

This brought GDP growth to 5.4% in the first semester, slowing from 6.2% a year earlier.

Meanwhile, inflation in June picked up to 1.4%, a tad faster than the 1.3% in May. Still, this was slower than the 3.7% in June last year.

For the first half, inflation averaged 1.8%, decelerating from the 3.6% average in the first six months of 2024.

At its June meeting, the Bangko Sentral ng Pilipinas (BSP) delivered a 25-basis-point rate cut to bring its key rate to 5.25% — the lowest level in two and a half years.

Data also showed the share of bad loans to the total loan portfolio, also known as the nonperforming loan ratio, jumped to 3.39% in the second quarter. This was higher than the 3.25% a year earlier and 3.24% in the first quarter.

Loans are considered nonperforming if any principal and/or interest are left unpaid for over 90 days from the contractual due date or accrued interests for more than 90 days have been capitalized, refinanced, or delayed by agreement.

Meanwhile, the banks’ median return on equity (RoE), which is an indicator of profitability, dipped to 7.69% in the second quarter from 8.93% in the second quarter of 2024. The RoE measures the amount that shareholders make on every peso they invest in a company.

Additionally, the largest banks’ median capital adequacy ratio — which reflects the lender’s ability to absorb losses from risk-weighted assets — stood at 19.18% during the period.

This was higher than the 18.8% recorded in the same period last year but lower than the 19.71% a quarter earlier.

The ratio remained well above the regulatory minimum of 10% set by the BSP as well as the international minimum standard of 8% under the Basel III framework.

The leverage ratio, which gauges the institution’s ability to absorb shocks by measuring the bank’s capital relative to total exposure, stood at a median of 11.39% as of end-June. The current figure exceeded the central bank’s 5% guideline as well as the international standard of 3%.

Meanwhile, the net interest margin (NIM) of these big banks hit 4.23%, higher than the 3.19% a year earlier.

NIMs are an indicator of banks’ investing efficiency by dividing annualized net interest income by average earning assets.

During the period, the return on assets, which measures the profit generated per peso of an asset, rose to 1.62% from 1.42% in the second quarter of 2024.

In the April-to-June period, BDO Unibank, Inc. (BDO) remained the largest bank in terms of total assets with P5.05 trillion, followed by Metropolitan Bank & Trust Co. (Metrobank) with P3.51 trillion and Bank of the Philippine Islands (BPI) with P3.5 trillion.

In lending, the Sy-led bank also led the industry with P3.41 trillion worth of loans issued, followed by Bank of the Philippine Islands (BPI) with P2.36 trillion and Metrobank with P1.85 trillion.

In terms of deposits, BDO led with P4.03 trillion in deposits, followed by Land Bank of the Philippines (LANDBANK) with P3.06 trillion and BPI with P2.61 trillion.

Among banks with at least P100 billion assets, Security Bank Corp. posted the fastest year-on-year asset growth with 25.6%, followed by Bank of Commerce (17.8%), and The Hongkong & Shanghai Banking Corp. Ltd. (16.6%).

On the other hand, Asia United Bank was the most aggressive lender with a year-on-year growth of 35.57%, followed by China Banking Corp., with 18.04% and Philippine Trust Co., with 16.31%.

BusinessWorld Research has been tracking the financial performance of the country’s large banks quarterly since the late 1980s using banks’ published statements.

Business groups say independent body can help restore investor confidence in PHL

September 15, 2025 | 12:32 am

Infra-flood-control — Ongoing flood-control works continue in Binondo, Manila. — PHILIPPINE STAR/RYAN BALDEMOR

THE PHILIPPINES’ largest business groups on Sunday expressed confidence the newly created Independent Commission on Infrastructure (ICI) could help restore investor confidence in the country’s public works program.

The Philippine Chamber of Commerce and Industry (PCCI) said the commission, tasked with probing anomalies in projects such as flood-control systems, is well positioned to drive systemic reforms that will improve governance and efficiency in big-ticket projects.

“The ICI, as currently composed and empowered, is a strong signal of the President’s political will to address infrastructure anomalies, especially in flood control,” the group said in a statement.

The ICI will be composed of former Public Works and Highways Secretary Rogelio L. Singson and former Chair of the Procurement Policy Board-Technical Support Office, Rossana A. Fajardo. Ms. Fajardo is now the country managing partner at SGV and Co.

Baguio City Mayor Benjamin B. Magalong will also be an adviser.

Mr. Marcos is expected to name the chairman this week.

“This strategically balanced team combines operational, institutional, and investigative strengths that can translate findings into actionable reforms,” the PCCI said.

This comes as the government intensifies efforts to crack down on corruption that led to incomplete and nonexistent flood mitigation projects worth billions of pesos.

“With its strong legal foundation and credible composition, the ICI can become a cornerstone institution for safeguarding public funds and ensuring that infrastructure projects deliver real value to the Filipino people,” the group said.

The PCCI said sustained funding, independence from political influence, and seamless interagency cooperation will determine whether the ICI can close procurement loopholes and reduce corruption risks that have historically delayed infrastructure pipelines.

The Federation of Philippine Industries (FPI) also welcomed the commission’s creation, saying it aligns with its long-standing push for a clean, rules-based market anchored on strict Philippine National Standards compliance.

“The ICI’s work will clean up a decade of flood control anomalies, restore trust in public works, and cut the corruption premium that drives up costs,” FPI Chairperson Elizabeth H. Lee said in a statement on Sunday.

“That means cheaper financing, stronger investor confidence, and a manufacturing sector that wins on standards, integrity, and quality — now and for years to come.”

By dismantling entrenched networks inflating costs and distorting competition, Ms. Lee said the ICI could allow compliant firms to access more affordable financing for capital-intensive upgrades, while attracting higher-quality bidders more likely to source inputs from local manufacturers.

The ICI has the power to issue subpoenas, request financial records and recommend preventive suspensions.

It may also endorse evidence for prosecution and collaborate with technical experts in support of its investigations.

BIR SUPPORT
Meanwhile, the Bureau of Internal Revenue (BIR) has offered its services to the newly formed ICI.

“The entire BIR is ready to help the ICI if necessary, and the BIR will use all its powers granted by law to go after those who seek to use public funds for personal gain or greed,” BIR Commissioner Romeo “Jun” D. Lumagui, Jr. said in a statement.

“As a government agency that collects taxes to fund projects for the Filipino people, we aim for every Filipino to live well through the proper use of taxes,” Mr. Lumagui said.

The BIR earlier said the tax fraud investigation in the first batch of individuals linked to flood control anomalies, such as Cezarah Rowena “Sarah” Discaya and Pacifico “Curlee” F. Discaya II are almost concluded.

The BIR on Sept. 2 served contractors with Letters of Authority, which authorizes a tax audit on those who may have underpaid or evaded taxes.

The BIR warned that it will not issue an updated tax clearance, a document that guarantees that every contractor has no outstanding tax liabilities and has duly filed and paid all applicable taxes.

Unable to present this clearance will result in the suspension of contract settlements and the imposition of a tax lien over the contract amount in favor of the government.

Finance Secretary Ralph G. Recto earlier said corruption related to flood control projects may have cost the Philippines between P42.3 billion and P118.5 billion in average economic losses since 2023. — Chloe Mari A. Hufana and Aubrey Rose A. Inosante

Higher terminal fees take effect at Manila’s main airport

September 15, 2025 | 12:31 am

THE OPERATOR of the Ninoy Aquino International Airport (NAIA) began charging higher terminal fees on Sunday, a year after it took over the country’s main gateway.

In a statement, the New NAIA Infrastructure Corp. (NNIC) said the terminal fees were adjusted for the first time in 20 years to sustain the airport’s operations and upgrades.

“Even with the adjustment — set by government with the Asian Development Bank as adviser — NAIA’s rates will only match other local airports and remain among the lowest in Asia,” the company said.

The passenger service charge (PSC), also known as terminal fee, nearly doubled to P950 from P550 for international departures. The terminal fee for domestic departures was raised to P390 from P200.

Since NNIC took over the operations last year, the company said it has already remitted P48.3 billion to the government, including a P30-billion upfront payment, with 82% of revenues going directly to the state.

NAIA received 51.7 million passengers since Sept. 13, 2024, a 6% increase year on year, and handled 283,771 flights.

“Operational changes such as reconfiguring aircraft parking stands, expanding taxiway movements, and removing abandoned aircraft freed up valuable space for smoother airside operations,” the company said.

NNIC also said it is preparing to introduce a facial recognition system that will allow travelers to “check in, drop bags, clear security and board flights using just their face.”

“Operating an airport the size and scale of NAIA will always be demanding. But what this first year has shown is that with teamwork, discipline, and the dedication of our people, real change is possible… Together with government and our partners, we will sustain these gains and finally deliver a truly world-class NAIA,” NNIC President Ramon S. Ang said.

Last year, the NNIC, formerly the SMC SAP & Co. Consortium, inked a P170.6-billion contract to operate, maintain, and upgrade the country’s primary gateway for 25 years. — Sheldeen Joy Talavera

MGI plans up to P8.9-B geothermal expansion in Batangas

September 15, 2025 | 12:07 am

petroenergy-geothermal — PETROENERGY.COM.PH

RENEWABLE ENERGY developer Maibarara Geothermal, Inc. (MGI) is proposing an up to P8.9-billion expansion of its geothermal facility in Batangas to supply additional power to the Luzon grid.

The expansion is expected to generate 25 to 40 megawatts (MW) of capacity, which will raise MGI’s total output to 80 MW once completed, the company said in a filing with the Department of Environment and Natural Resources (DENR).

The company said the project would help meet growing demand while supporting the country’s energy transition.

“Viewed on a broader scale, the project will contribute additional generation capacity to the Luzon grid, addressing the country’s persistent power shortages and supplying power to new infrastructure to be built by the government or the private sector in the future, leading to additional jobs,” it said.

MGI is a joint venture of PetroGreen Energy Corp. (65%), ACEN Corp. (25%), and PNOC Renewable Corp. (10%). It currently operates the 20-MW Maibarara-1 and 12-MW Maibarara-2 plants in Sto. Tomas, Batangas.

The proposed expansion covers the drilling of new production and reinjection wells, development of discharge facilities, and installation of a power plant and switchyard.

The facility will use geothermal steam from the new wells, which will be converted into electricity through the steamfield system.

Construction is targeted to begin in the fourth quarter of 2027, with commissioning scheduled between 2029 and 2031. Full operations are expected in the third quarter of 2031.

MGI said the expansion will also contribute to reducing greenhouse gas emissions, as geothermal plants emit only a fraction of the sulfur dioxide, nitrogen oxide, and carbon dioxide generated by coal-fired facilities of similar capacity.

The Philippines has a total installed geothermal capacity of 1,952 MW, making it the world’s third-largest geothermal producer.

As of July, the Department of Energy had awarded 31 geothermal service contracts with a combined potential capacity of 1,077.22 MW. — Sheldeen Joy Talavera

The Fronx awakens

September 15, 2025 | 12:06 am

VELO_PAGE1_image1 — PHOTO BY MANNY N. DE LOS REYES

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Impressive first impressions of Suzuki’s new subcompact

HARD TO BELIEVE that it’s been eight years since the last time Suzuki brought in a subcompact crossover to our shores. That was in 2017 and that vehicle was the Vitara — a model that sold very well for the Japanese small car specialist. And now it’s been three years since Suzuki stopped bringing that model in — a significant span of absence that Suzuki is now keen to correct.

That corrective measure is called the Fronx. I got to drive it over a couple of days from Suzuki Caloocan all the way to Las Casas Filipinas de Acuzar in Bataan (and back) and I can say that the Fronx is well poised to take over where the Vitara left off.

First of all, it’s got the looks. The Vitara wasn’t exactly a head-turner, yet it sold quite a number in its day. The Fronx, on the other hand, has much more eye-catching styling.

The highly sculpted front end has the now-de-rigueur big black grille bracketed on both sides by slim DRLs. The triple-lens headlights are mounted low on the bumper in their own distinctive pentagonal-shaped housing. The side view is equally dynamic, with taut lines and large fender openings that are flattened at the top. The roofline tapers downward toward the rear, continuing with the sharply raked tailgate, leaving a very sporty side silhouette you can see in the Honda HR-V and Porsche Macan.

The rear view, often the least flattering for most vehicles, continues the youthful and sporty vibe. It looks highly stylized, with lots of detailing on all surfaces, from the backlight to the tailgate to the bumper. The sharply angled backlight gives it a couple-like profile, while the full-width slim-line LED taillamps (that look good at night), roof spoiler, and prominent under-bumper diffuser in matte silver add sporty and upscale elements to the overall design.

Altogether, the Indonesia-made Fronx pulls off a style that should elicit a lot of positive reactions on the road.

Thankfully, the interior does not disappoint. It looks great, has excellent build quality, offers good space, and boasts a decent array of comfort and convenience features. You won’t find a sunroof or power seats, but there’s not much else to complain about. There’s good head and legroom up front and in the back seat. The gauges are easy to read. You’ll feel soft-touch materials on all touch points. The flagship SGX variant boasts a very upscale black-and-burgundy color theme with high-gloss silver accents.

There are audio and cruise-control buttons on the steering wheel. The floating infotainment touchscreen isn’t competing to be the largest in its class but is faultless in its intuitiveness. There is a wireless charging pad on the forward part of the center console (for the SGX variant), USB charging ports for the front and back, and there are A/C vents for the rear passengers as well. Plus points are earned for fitting analog buttons and switches for controls (i.e. side mirrors and A/C) that too many new cars now are requiring you to fiddle with on the touchscreen. The old-school handbrake lever is a nice analog touch that will never get old.

Powering the Suzuki Fronx is a 1.5-liter four-cylinder gasoline engine — the same 1.5-liter mill paired to Suzuki’s Smart Hybrid system (a mild hybrid system) that makes use of an Integrated Starter Generator and a lithium-ion battery. Three transmission options are available: a five-speed manual or a four-speed automatic for the GL variant, and a six-speed automatic (with paddle shifters) for the mid-range GLX and top-of-the-line SGX hybrid versions.

On the road, the Fronx proves to be a willing and eager companion. The naturally aspirated engine doesn’t deliver overwhelming power, but it’s peppy enough — and the transmission responsive enough — to feel energetic in city driving. Overtaking on the expressway needs only a deeper press on the throttle, although the paddle shifters proved especially useful during our spirited run up the mountain roads around Mt. Samat (to keep the engine in its torque sweet spot).

Riding comfort is top-notch for this small vehicle — even over bumps and potholes — while handling proved nimble through the winding roads of Bataan. Steering feel is excellent while the brake pedal proved wonderfully easy to modulate. The stiffness of the chassis and the NVH (noise, vibration, harshness) suppression measures — evident in the low noise levels inside the cabin — likewise is very impressive.

Best of all, Suzuki’s vaunted fuel economy is at the fore of the Fronx performance. We left Suzuki Caloocan with a full tank and arrived at the Caltex in Pilar Diwa, Bataan (a distance of about 160 kilometers) and needed just 9.3 liters to fill it up again — for a fuel consumption of 17 kpl with my spirited (read: heavy-footed) driving. An official Automobile Association Philippines (AAP) fuel economy run netted a highway figure of 27.98 kpl.

The Fronx SGX range-topper has its share of advanced driver assist system (ADAS) features in its Suzuki Safety Support, as well as adaptive cruise control, head-up display, 360-degree camera, six air bags (dual front, side, and curtain) and more.

The Fronx comes in four colors: Magma Gray Metallic, Snow White Pearl (available also in two-tone with a Cool Black Pearl Metallic roof), Savannah Ivory Metallic and Ice Grayish Blue Pearl Metallic (both in two-tone with Cool Black Pearl Metallic roof).

At the formal launch of the Suzuki Fronx last Friday, Suzuki Philippines, Inc. (SPH) revealed the pricing of the model range: Fronx GL AT (P1.059 million), Fronx GLX AT Hybrid (P1.219 million), Fronx GLX AT Hybrid Two Tone (P1.229 million), and Fronx SGX AT Hybrid Two Tone (P1.299 million).

With top-notch styling, excellent build quality, a spacious interior, solid fuel economy, and polished driving performance, the Suzuki Fronx should very soon be a familiar sight on Philippine roads.

SM Prime shares rise after $350-million dollar bond issuance

September 15, 2025 | 12:06 am

SM-JMall-Latest-Perspective — SM City J Mall in Mandaue City — BW FILE PHOTO

SM PRIME HOLDINGS, INC. (SMPH) saw its shares rise week on week after completing a $350-million dollar-denominated bond issuance to fund mall redevelopment and expansion.

The Sy-led property developer was the ninth most actively traded stock last week, with 28.46 million shares worth P674.42 million changing hands from Sept. 8 to 12, data from the Philippine Stock Exchange (PSE) showed.

SMPH closed at P23.90 per share, up 3.9% from P23 on Sept. 5, outperforming the property sector’s 1.7% growth and the PSE index’s (PSEi) 0.6% decline.

Year to date, the stock has fallen 5%, lagging behind the property sector’s 5.3% gain but outperforming the PSEi’s 6.4% drop.

Franco Fernandez, equity research analyst at Dragonfi Securities, Inc., attributed the recent rise to “a combination of bargain hunting and selective investor positioning.”

Jervin De Celis, equity trader at The First Resources Management and Securities Corp., said investors have shifted into resilient stocks since the PSEi peaked at 6,547.57 in July.

“SMPH’s outperformance of the broader property sector underscores investor sentiment after the company’s successful dollar bond issuance and strong financial results,” he said.

In a disclosure on Wednesday last week, SMPH said it had secured $350 million from the bond issuance to finance expansion plans.

Demand was three times oversubscribed, with offers reaching over $990 million.

The bonds, carrying a 4.75% coupon and maturing in five years, are the second drawdown under SMPH’s existing $3-billion multi-issuer European Medium-Term Note program and will be listed on the Singapore Exchange.

SMPH plans to use proceeds to fund 16 major redevelopments and 12 new lifestyle malls scheduled between 2026 and 2030.

Mr. Fernandez said the move “reinforced the investment case for SMPH as an undervalued play on retail growth, with macro tailwinds from easing inflation and lower interest rates further underpinning sentiment.”

Aniceto K. Pangan, trader at Diversified Securities, Inc., noted that ongoing central bank rate cuts are expected to support mall performance and property sales.

Inflation quickened to 1.5% in August from 3.3% a year earlier, while the Bangko Sentral ng Pilipinas lowered its key rate by 25 basis points to a three-year low of 5% in August.

Since starting its easing cycle in August, the central bank has reduced interest rates by a total of 150 basis points.

SM Supermalls President Steven Tan told reporters earlier that the company plans to open a new mall in Xiamen City, Fujian province, in October, and another in Fujian in 2027.

Mr. Pangan said the openings “will further sustain growth in the company going forward.”

SMPH’s attributable net income rose 10.3% year on year to P12.8 billion in the second quarter, bringing first-half attributable profit to P24.46 billion, up 10.8%.

Mr. De Celis expects third-quarter net profit of about P13.5 billion, representing 5.5% year-on-year growth, while both he and Mr. Pangan project full-year earnings of around P50 billion.

For this week’s trading, analysts placed immediate support levels between P22.45 and P23.70, with resistance at P24 to P26, citing the stock’s recent performance and underlying business developments. — Heather Caitlin P. Mañago

Treasury bills, bonds may fetch lower rates before Fed meeting

September 15, 2025 | 12:05 am

RATES of the Treasury bills (T-bills) and Treasury bonds (T-bonds) on offer this week could decline as weak US data boosted expectations of further monetary easing by the US Federal Reserve.

The Bureau of the Treasury (BTr) will auction off P25 billion in T-bills on Monday, or P8.5 billion each in 91-day and 182-day securities and P8 billion in 364-day papers.

On Tuesday, the government will offer P25 billion in reissued 10-year T-bonds with a remaining life of nine years and seven months.

T-bill and T-bond yields could go down to mirror the week-on-week declines seen at the secondary market on growing Fed cut bets, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Most softer US jobs and other economic data recently increased the urgency of a 25-basis-point (bp) Fed rate cut as early as the next rate-setting meeting on Sept. 17 and as the markets priced in three 25-bp rate cuts for the rest of 2025 after mostly weaker US jobs and other economic data recently,” Mr. Ricafort said.

At the secondary market on Friday, yields on the 91-, 182-, and 364- day T-bills went down by 8.73 bps, 9.92 bps, and 11.68 bps to end at 5.0896%, 5.2143%, and 5.3531%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data as of Sept. 12 published on the Philippine Dealing System’s website.

For its part, the 10-year bond went down by 3.12 bps week on week to yield 5.9702%.

US consumer prices increased by the most in seven months in August amid higher costs for housing and food, but a surge in first-time applications for jobless benefits kept the Federal Reserve on track to cut interest rates next Wednesday, Reuters reported.

The larger-than-expected rise in the consumer price index (CPI) reported by the Labor department on Thursday resulted in the biggest year-on-year increase in inflation since January. Higher inflation and softening labor market conditions fanned fears of stagflation, and pose a dilemma for the US central bank, beyond Wednesday’s anticipated rate decision.

The CPI rose 0.4% last month, the biggest gain since January, after increasing 0.2% in July, the Labor department’s Bureau of Labor Statistics said.

In the 12 months through August, the CPI advanced 2.9%, the largest increase since January, after climbing 2.7% in July.

Economists polled by Reuters had forecast consumer prices would rise 0.3% in August and increase 2.9% on a year-over-year basis.

Financial markets have fully priced in a quarter-percentage-point reduction in rates next Wednesday, with the Fed expected to deliver two similar-sized additional cuts this year.

The US central bank, which tracks the personal consumption expenditures (PCE) price indexes for its 2% inflation target, paused its easing cycle in January because of uncertainty over the inflationary impact of import duties.

Economists estimated that core PCE inflation increased 0.2% in August after rising 0.3% for two straight months, which would translate to an annual increase of 3.1%. That would be an acceleration from a 2.9% increase in July.

The labor market’s struggles were underscored by a separate report from the Labor department showing initial claims for state unemployment benefits jumped 27,000 to a seasonally adjusted 263,000 for the week ended Sept. 6, the highest level since October 2021.

Still, labor market conditions have weakened. The number of people receiving benefits after an initial week of aid was unchanged at 1.939 million during the week ending August 30, the claims report showed.

The government said last week that nonfarm payrolls could have been overstated by 911,000 jobs in the 12 months through March. That followed the release last Friday of the monthly employment report, which showed job growth almost stalled in August and the economy shed jobs in June for the first time in four and a half years amid tariff uncertainty.

Meanwhile, a trader said in an e-mail that the reissued 10-year bonds could fetch an average rate ranging from 5.95% to 5.975% amid decent demand.

“Ultimately, this will be the catalyst for government securities as it should reveal the market’s true appetite for risk. The offering is just P25 billion combined with expectations of a light borrowing calendar for the fourth quarter, yet the local bond market is jittery,” the trader said.

Last week, the BTr raised P25 billion as planned from the T-bills it auctioned off as the offering was more than six times oversubscribed, with total bids reaching P156.428 billion.

The Treasury borrowed P8.5 billion as planned via the 91-day T-bills as total tenders for the tenor reached P37.225 billion. The three-month paper was quoted at an average rate of 5.046%, down by 8.1 bps week on week. Yields accepted ranged from 5% to 5.104%.

The government likewise raised P8.5 billion as programmed from the 182-day securities as tenders amounted to P63.072 billion. The average rate of the six-month T-bill was at 5.222%, falling by 10.1 bps from the previous week, with accepted rates spanning from 5.185% to 5.248%.

Lastly, the Treasury sold the planned P8 billion in 364-day debt as demand for the tenor totaled P56.131 billion. The average rate of the one-year T-bill dropped by 12.7 bps to 5.376%. Tenders awarded carried rates from 5.373% to 5.383%.

Meanwhile, the reissued 10-year T-bonds to be offered on Tuesday were last auctioned off on Aug. 19, where the government raised P25 billion as planned at an average rate of 5.997%, well below the 6.375% coupon rate.

The BTr is looking to raise P220 billion from the domestic market this month, or P100 billion via T-bills and P120 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.56 trillion or 5.5% of gross domestic product this year. — Aaron Michael C. Sy with Reuters