LISTED aviation-support provider MacroAsia Corp. saw its attributable net income fall by 15.26% to P365.78 million for the second quarter (Q2), as higher expenses and lower revenues weighed on its results for the period.
For the second quarter, MacroAsia logged gross revenue of P2.46 billion, down 3.53% from P2.55 billion in the same period last year, it said in a regulatory filing on Wednesday.
Its combined expenses grew by 10.95% to P2.33 billion in the three months ending June from P2.10 billion previously.
For the first semester, MacroAsia’s attributable net income declined by 1.7% to P679.69 million from P691.59 million in the same period last year.
Total revenues for the period reached P4.81 billion, marking an increase of 0.42% from P4.79 billion in the comparable period a year ago.
Broken down, in-flight and other catering services accounted for the majority of its revenues for the period, generating P2.35 billion; followed by ground handling and aviation revenues at P2.07 billion; and water distribution at P364 million.
“Our operations continue to deliver strong results, supported by sustained growth across aviation, food, and water segments, as well as higher earnings from associates,” MacroAsia President and Chief Operating Officer Eduardo T. Luy told the stock exchange.
Gross expenses for the period went up by 11.14% to P4.49 billion from P4.04 billion previously.
At the stock exchange, shares in the company gained five centavos, or 1.19%, to end at P4.24 each. — Ashley Erika O. Jose
YIELDS on term deposits went down on Wednesday on expectations of further policy easing by the Bangko Sentral ng Pilipinas (BSP) amid benign inflation.
The central bank’s term deposit facility (TDF) fetched a total of P117.295 billion in bids, below the P190 billion placed on the auction block but higher than the P103.771 billion in tendersrecorded for the P100 billion offered a week earlier. The BSP only awarded P106.69 billion in papers as the one-week tenor went undersubscribed again after the increase in the offer volume.
Broken down, tenders for the seven-day deposits were at P60.19 billion, well below the P140 billion placed on the auction block, but higher than the P38.846 billion in bids recorded for the P50-billion offer the prior week. However, the central bank awarded only P56.69 billion in one-week papers.
Accepted yields were from 5.235% to 5.27%, higher than the 5.23% to 5.265% margin seen a week ago. Still, the weighted average accepted yield for the seven-day deposits went down by 0.25 basis point (bp) to 5.2524% from 5.2549% last week.
On the other hand, the two-week deposits attracted P57.105 billion in bids, more than the P50 billion offered by the central bank but below the P64.925 billion in tenders logged for the same volume auctioned off last week. The BSP made a full P50-billion award of the 14-day tenor.
Banks asked for rates ranging from 5.2575% to 5.29%, lower than the 5.265%-5.305% spread recorded a week ago. This caused the average yield for the two-week papers to decline by 0.81 bp to 5.282% from 5.2901% previously.
The BSP has not auctioned off 28-day term deposits for nearly five years to give way to its weekly offerings of securities with the same tenor.
Both the TDF and BSP bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates towards the policy rate.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message said the TDF rates inched lower even as seven-day tenor was undersubscribed and partially awarded as demand was affected by the government’s ongoing public offer of retail Treasury bonds that is scheduled to end on Friday.
“BSP TDF yields were also marginally lower after BSP Governor Eli M. Remolona, Jr. again signaled possible two 25-bp rate cuts for the rest of 2025… [and] after local inflation data improved to the slowest in nearly six years or since October 2019, considered benign and could still support the dovish signals recently by local monetary authorities,” Mr. Ricafort said.
He added that the peso’s recent rebound would also help keep inflation low.
Mr. Remolona said on Monday that a rate cut is “quite likely” at the Monetary Board’s next meeting on Aug. 28.
If realized, this would be its third straight rate cut since April. The central bank has so far lowered borrowing costs by a total of 125 bps since it began its easing cycle in August 2024.
The BSP chief also said that they are expecting to deliver only two more rate cuts this year, including the one they could implement this month.
A third reduction is “unlikely” as it would lead to a smaller output gap.
After the Aug. 28 meeting, the BSP will have two more policy meetings before the end of 2025.
Mr. Remolona also said inflation will likely settle well within target this year. Headline inflation sharply eased to a near six-year low of 0.9% in July, marking the fifth straight month that inflation settled below the central bank’s 2-4% annual goal.
For the first seven months of the year, inflation averaged 1.7%.
MORE POLICY SUPPORT Bank of America (BofA) Global Research they expect the BSP to cut benchmark rates two more times this year to support economic activity amid the weakness in some sectors seen in the second quarter.
However, while a reduction at the Monetary Board meeting this month is “all but done,” the second cut may depend on the US Federal Reserve’s policy stance to prevent the peso from weakening anew, it said.
“The pockets of weakness in industrial output and investment spending increase the chances not only of a rate cut in August but of another cut before end-2025,” BofA Global Research said in a report. “Low inflation, coupled with mixed growth trends do no inspire significant comfort on economic outlook, setting up the stage for more policy support.”
“The Bangko Sentral has all but affirmed a rate cut when they meet on Aug. 28. Indeed, the BSP Governor had indicated the potential for two policy rate cuts before end-2025. The second cut, if at all, would likely take place at the next meeting, on Oct. 9. The second cut in 2H25 may be more dependent on the move of the Fed, noting that the peso sharply weakened in late July when the BSPs dovish comments coincided with the hawkish hold of the Fed,” it added.
Meanwhile, BofA Global Research kept its Philippine gross domestic product (GDP) growth forecast of 5.5% for this year.
The economy grew by an annual 5.5% in the second quarter, supported by a rebound in agriculture production and faster household consumption.
For the first half, GDP growth averaged 5.4%, slower than the 6.2% a year ago. The government is targeting 5.5-6.5% GDP growth this year.
“The gradual recovery in consumption growth should continue to the second half, given another hike in minimum wages in July 2025, the bottoming out of inflation in the third quarter, and the potential decline in interest rates in the second half. Indeed, consumer credit demand is likely to lead loan growth, not corporate — consistent with the flat investment spending trend seen in the second quarter,” it said.
“Government spending growth will slow further in the second half. Trade is less clear but we think the strong rate of export growth in the first half may have included an effort to beat the imposition of reciprocal tariffs. As such, we may see a drop-off in exports in the second half.” — K.K. Chan
Finance Philippines 2025 gathered leaders to push AI, ESG, inclusion and reforms for a resilient, competitive banking sector
Finance Philippines 2025 brought together banking leaders, regulators and technology experts to explore how structural reforms, digital transformation and responsible use of artificial intelligence (AI) are redefining the country’s financial landscape. The event highlighted the Bankers Association of the Philippines’ five foundational priorities, strategies for scaling AI with governance and practical insights from a high-level panel discussion on ESG, inclusion and regulation.
Opening the conference, Foo Boon Ping, president and managing editor of TAB Global, welcomed delegates and set the tone for the day. He framed the discussions within a broader economic and geopolitical context, noting that while the Philippine economy is projected to grow within the government’s target range, it faces significant headwinds from volatile global tariffs, regional tensions and the impacts of climate change.
Foo Boon Ping, president and managing editor of TAB Global
Setting the tone for transformation
“These are not abstract concerns,” he told the audience. “They shape the markets we operate in, they influence our investments, and they determine the opportunities we can pursue. The conditions we face call for both systemic and inclusive innovation, and for leadership that can turn discussion into real action.”
Mr. Foo also outlined five domains of transformation driving the future of Philippine finance — open finance, digital identity and inclusive infrastructure; responsible artificial intelligence (AI) and governance; environmental, social and governance (ESG) integration; cyber resilience; and industry and regulatory collaboration and modernization — and underscored their interconnection. “The decisions we make, the partnerships we forge and the leadership we show will decide whether we can transform uncertainty and volatility into progress,” he said.
BAP’s five foundational focus areas
Jose Teodoro Limcaoco, president of the Bankers Association of the Philippines, and president and CEO of the Bank of the Philippine Islands
In his welcome remarks, Jose Teodoro Limcaoco, president of the Bankers Association of the Philippines (BAP) and president and CEO of the Bank of the Philippine Islands (BPI), set out the association’s five foundational focus areas.
The first is the rationalization of financial market infrastructure. Mr. Limcaoco pointed to recent restructuring of the Philippine Dealing System that sharpened focus on the Philippine Dealing and Exchange Corp. while transferring other functions to the Philippine Stock Exchange. This, he explained, aligns with global standards and positions the market to better harness advanced technology for smarter decision-making.
The second is digital and cyber resilience. Rising threats from cybercrime and fraud demand a coordinated industry response, and Mr. Limcaoco described the passage of the Anti-Financial Account Scamming Act as a milestone. This legislation criminalizes phishing, mule accounts and other forms of digital fraud, with some offences treated as economic sabotage. The BAP’s three pillar strategy of education, interdiction and prosecution is supported by advanced analytics and AI to detect and neutralize threats quickly.
Third is the drive for payments integration and efficiency. The consolidation of BancNet and the Philippine Clearing House Corp. under unified governance, he said, will reduce costs, mitigate operational risks and enable the rapid deployment of intelligent payment solutions. A seamless and reliable payments ecosystem is a prerequisite for a truly modern banking sector.
The fourth focus is the embrace of digital innovation and transformation. Mr. Limcaoco observed that competition increasingly comes from nimble fintech firms. Rather than treating them as threats, he advocated partnerships that combine the trust and scale of banks with the agility and creativity of fintechs, particularly in using AI to personalise customer experiences and optimise operations.
The fifth is legislative modernisation. Outdated laws and regulations, such as rigid bank secrecy provisions and inflexible lending mandates, he argued, constrain competitiveness and innovation. Modernizing these frameworks would enable better risk management, more accurate credit assessment and a more competitive and transparent banking environment.
Scaling artificial intelligence with governance and purpose
From left: TAB Global President and Managing Editor Foo Boon Ping; Bankers Association of the Philippines President, and Bank of the Philippine Islands President and CEO Jose Teodoro Limcaoco; Standard Chartered Global Head of AI Enablement David Hardoon; and Responsible Fintech Institute Chairman, and Digital Assets Association Co-chairman Chia Hock Lai
The international keynote was delivered by David Hardoon, global head of AI enablement at Standard Chartered, who brought a pragmatic perspective to the role of AI in financial services. He reminded the audience that while technology changes how banks operate, it does not alter their fundamental purpose. AI should be deployed with a clear objective, whether to increase revenue, reduce costs or address specific market inefficiencies.
Mr. Hardoon argued that governance frameworks and use cases must be developed together rather than in isolation. He urged banks to take a risk first approach, treating AI related risks as an extension of existing operational risks and applying systematic mitigation strategies. Institutional readiness, he cautioned, is not just about technology but also about culture and processes that can either enable or hinder adoption.
He also underlined the need for scalability beyond proofs of concept, with projects designed from the outset for replication and expansion. Regulatory collaboration, he said, is essential, and experimental environments such as sandboxes should be used not only for testing technology but also for refining the policies that support safe and scalable innovation.
Insights from the leadership dialogue
Moderating the leadership dialogue, Mr. Foo guided the conversation through the practical application of AI, the integration of ESG principles, the drive for financial inclusion and the need for future ready regulation. Introducing the panel, he said, “We are here to explore how these big ideas — AI, sustainability, inclusion and modern regulation — translate into concrete strategies and measurable outcomes.”
The conversation on AI in practice touched on the availability of open-source tools and privacy preserving techniques such as federated learning and differential privacy. Mr. Chia explained how these can help banks collaborate securely on AI driven projects like fraud detection. Hardoon stressed that governance must focus on explainability, bias mitigation and contextual risk assessment. Mr. Limcaoco described BPI’s incremental approach to adoption, starting with fraud prevention and internal knowledge management before moving into areas such as credit scoring and personalised offers.
On ESG and financial inclusion, Mr. Limcaoco outlined BPI’s efforts to integrate sustainability into its operations, particularly through strategies that blend digital channels with an expanding agency banking network. Mr. Hardoon discussed how AI can help validate ESG claims and identify greenwashing.
Chia Hock Lai, chairman, Responsible Fintech Institute, and co-chairman of Digital Assets Association, pointed to alternative data sources, crowdfunding platforms and tokenisation as enablers of micro, small and medium-sized enterprises’ access to sustainable finance.
The discussion on future ready regulation acknowledged that ASEAN regulators can draw lessons from global frameworks such as the European Union’s Markets in Crypto Assets regulation (MiCA) while tailoring them to local priorities. Hardoon reiterated that regulatory sandboxes should focus on scalability and real-world deployment, not just technical feasibility.
A shared vision for the future of Philippine banking
The session closed with a shared understanding that the future of Philippine banking will depend on the industry’s ability to innovate boldly while protecting trust. Artificial intelligence, ESG integration, digital inclusion and legislative reform are not separate agendas but interconnected drivers of competitiveness and resilience.
Reflecting on the discussions, Mr. Foo said, “The challenge is to ensure that innovation is matched by responsibility, and that ambition is anchored in governance. That is how we will build a smarter, bolder and more inclusive financial future.”
About Finance Philippines
Finance Philippines 2025 brings together senior leaders, innovators, and policymakers to explore the future of retail banking and financial services. Discussions will cover AI-powered decision-making, cloud-based banking architectures, next-gen payments infrastructure, and the role of fintech partnerships in shaping a more inclusive and resilient financial ecosystem.
About TAB Global
TAB Global Pte Ltd. is an investor, owner, and manager of world-class digital content platforms, namely The Asian Banker, Wealth and Society, BankQuality.com, as well as learning platforms such as The Banking Academy and The Skill Store. Incorporated in Singapore, it has offices in Beijing, Dubai and support offices in Kuala Lumpur and Manila, with plans to expand to Johannesburg, London, Zurich and New York.
The company welcomes discussions with private investors who share our vision and would like to grow with us as a group of transparent, highly professional, skilled and multi-cultural individuals from different societies around the world. For more information, visit https://tab.global/.
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AREIT, INC. elected Alberto M. de Larrazabal, chief financial officer of Ayala Corp., as its new president and chief executive officer (CEO), effective Aug. 13.
He replaced Jose Eduardo A. Quimpo II, who will remain a board member, AREIT said in a regulatory filing.
AREIT also appointed him as director to serve the unexpired term of Augusto D. Bengzon, who stepped down from the board.
“We are delighted to welcome Albert as President and CEO of AREIT. His strategic insights, financial expertise, and deep understanding of the markets and our ecosystem make him the ideal leader to continue driving the execution of AREIT’s growth and diversification plans,” AREIT Chairman Anna Ma. Margarita B. Dy said.
The leadership change was announced as AREIT reported a 45% increase in first-half net income to P4.3 billion, led by a 99% overall occupancy across its properties during the period.
Revenue rose 40% to P5.9 billion, while earnings before interest, taxes, depreciation, and amortization increased 44% to P4.4 billion.
AREIT said its first-half performance was driven by last year’s asset infusions, which include Ayala Triangle Gardens Tower 2 office building, Greenbelt 3 and 5 malls, Holiday Inn & Suites Makati, Seda Ayala Center Cebu, and industrial land in Zambales.
AREIT shares rose 0.47%, or 20 centavos, to P42.50 each on Wednesday. — Revin Mikhael D. Ochave
MARTIN NARISMA, best known for his work as food editor with The Fat Kid Inside Studio’s Featr channel, opened a restaurant earlier this year. If you find yourself trying to reach in through the screen to taste what he makes on YouTube and Instagram, his Quezon City restaurant — Gacha by High Table — gives you a chance.
The thing is though, the menu, crafted by him, is highly personal: it goes beyond social media fanfare and uses simple dishes to tell a story about someone.
MAMA’S SUKIYAKI — SORT OF When we sat down to a tasting on Aug. 9, as a fan of soup, the Socorro caught our eye. It is a dashi broth reduction, glass noodles, egg, beef, tofu, mushrooms and vegetables — much like a sukiyaki, with a few modifications. This dish was named after his mother (a newspaper editor). “She’s not the best cook in the world, but she can make a good sukiyaki,” said Mr. Narisma (he did say he didn’t add her more radical modifications though). “This is my tribute to my mom,” he said. The movement of katsuboshi flakes on top made for a tantalizing dish, but we were pleased to find out that the dish itself is a milder, more mellow version of its Japanese version.
Another dish is the Lumen, named after his paternal grandmother. His father really liked nilaga (a soup made of boiled beef), and due to a history of heart disease in the family, a lot of the dishes from his grandmother’s kitchen were boiled or stewed.
The Lumen is not a soup: it is beef shank braised in red wine for eight to 10 hours, served on a bed of mashed potato and mushrooms, that came tucked with hidden pieces of garlic confit, then with a side of seared cabbage. There’s a “gravy,” but it’s purely just the collagen and juices from the braising process (deliciously sticky). The dish, despite its heavyweight accompaniments, had a subtle and clean flavor, belying all the work that went into it — funnily enough though, it still tasted familiar, like a nice bulalo (bone marrow soup).
There are smashburgers for more casual diners: uniformly, they had an excellent charred taste complementing a strong, savory flavor.
Dessert was another personal story: Pahar is the nickname of someone who taught him about pastries, but this one is just a simple suman (rolled rice cake), latik (coconut sugar), a tablea chocolate mousse, and vanilla ice cream. We admit that rice desserts aren’t our favorite, but as we savored and nibbled and finished this dessert, we were reminded of our lola’s champorado (grandmother’s chocolate rice pudding), and then every chew felt like we were chasing a memory.
“It’s basically a story of my experience as a culinary person,” said Mr. Narisma.
Even the appetizer, for example, is a fixed version of the quick salads his first boss would sit him down to eat when he wouldn’t pause working in his first job at a French restaurant. Meanwhile, the Japanese-inspired menu at Gacha is a tribute to his second job, as a chef for a conglomerate. That job forced him to explore other cuisines outside his French-style training.
“That’s where I saw which cuisine kind of suits my palate, and which one was easy for me to make. Most of those were Japanese,” he said. “I’m not well-versed on Japanese cuisine, but what I do is apply my experience and techniques I know.”
INSPIRATION, MODIFICATION The restaurant is called Gacha after the gachapon machines in Japan that dispense random items: “The plan was not to have the same menu forever. You’ll be surprised the next time you visit.” However, he and his partners (he’s in charge of the kitchen; the others are in charge of finances, the bar, design, etc.) decided not to follow the tasting-menu model of changing the entire menu seasonally: “I don’t want people missing dishes too much.”
The prices are also quite fair, with nothing going past P700. There’s also a selection of cocktails, crafted by one of the restaurant’s partners, and they have a partnership with Treeline Ales, served on tap.
Mr. Narisma also co-owns two fried chicken joints; one in the surf town of La Union and the other in the bohemian district of Poblacion in Makati. He explains that fried chicken is his favorite dish, but that not many chefs eat their own cooking. “That was goal: I want to make fried chicken that I will eat, and hindi ako magsasawa (I will not tire of it),” he said. “I can still eat my own fried chicken, until now.”
He connects that with Gacha’s story: “Everything came from my — corny — heart and experience.”
COOKING ON CAM Mr. Narisma discussed as well the difference between cooking in the kitchen and cooking on camera (as his day job dictates). “In front of the camera, especially the non-live ones, you have more control,” he said.
“Here [in the restaurant], you really have to pay attention to what you’re doing. Every simple mistake is a cost and a waste of time and resources,” he said. “But dito, sobrang derecho sa iyo ng resulta (but here, the results are more direct). If the customer likes it, you’ll see it on their faces.”
Attending focus group discussions for various restaurants and products, he was taught how to read customer body language to find out if they like something: “When they take a bite, they start nodding. They start pointing to the food, or looking at their seatmates,” he said. When he looks around in Gacha, “I’m happy that the food that I like is liked by others too.”
Gacha by High Table — at 219 J.P. Rizal, Project 4, Quezon City — serves casual fine dining from Wednesday to Sunday, from 3 to 11 p.m. on weekdays, and lunch from noon to 3 p.m. and dinner from 6 p.m. to midnight on weekends. — Joseph L. Garcia
SECURITY Bank Corp.’s net income rose by 7.85% year on year in the second quarter on the back of double-digit revenue growth.
The bank’s net profit climbed to P3.04 billion in the April-to-June period from P2.82 billion a year ago, it said in a disclosure to the stock exchange on Wednesday.
This brought its first-half earnings to P5.86 billion, up by 7.59% year on year from P5.44 billion, which translated to a return on average equity and a return on average assets of 8.11% and 1.03%, respectively.
“We delivered another strong quarter with broad-based growth across retail, micro, small, and medium enterprises (MSMEs), and wholesale. Revenues rose 5% quarter-on-quarter against just a 1% rise in expenses, underscoring the stronger efficiency and profitability we are building. Strategic investments in tech and talent are elevating customer experience, strengthening security, and positioning us for sustained, profitable growth.” Security Bank President and Chief Executive Officer Sanjiv Vohra said.
The bank’s revenues in the second quarter rose by 23% year on year to P16.1 billion.
Net interest income increased by 13.76% to P12.44 billion from P10.93 billion in the same period last year. Interest income climbed by 28.46% to P19.22 billion, while interest expenses surged by 68.41% to P6.78 billion.
Net interest margin went down to 4.56% as of end-June from 5.2% a year ago.
Meanwhile, non-interest income jumped by 65% year on year to P3.7 billion in the second quarter.
This was mainly driven by the 19% increase in service charges, fees and commissions to P2.1 billion. Security Bank also recorded foreign exchange and trading gains last quarter versus the losses seen in the same period last year.
Meanwhile, operating expenses rose by 32.38% to P12.26 billion in the second quarter from P9.19 billion a year ago.
Its cost-to-income ratio was at 59.59% as of June, up from 58.44% a year ago.
Security Bank’s net loans grew by 16% year on year to P667.36 billion as of June.
“Retail and MSME loans increased 32% year on year while wholesale loans increased 7% year on year. The growth in retail and MSME loans was driven by home loans which grew 17%, credit cards which rose 43%, auto loans which grew 54%, and MSME loans which increased 46%… Retail and MSME loans as percent of total loans was at 36%, up from 32% a year ago,” the bank said.
Its net nonperforming loan (NPL) ratio went up to 1.63% at end-June from 1.28% as of end-2024, while NPL cover went down to 79.15% from 80.76%.
On the funding side, total deposits increased by 32% year on year at P889.44 billion as of June. Nearly half or 49% of total deposits were low-cost current and savings account or CASA deposits, it said.
Security Bank’s assets stood at P1.15 trillion as of June, while total equity was at P147.73 billion.
Its capital adequacy ratio was at 13.24%, while common equity Tier 1 ratio stood at 12.35%. Both were down from 13.84% and 12.94%, respectively, at end-2024.
“The bank maintains healthy liquidity, with liquidity coverage ratio at 194% and net stable funding ratio at 140% as of June 30, 2025.”
To date, the bank has a total of 358 branches and 637 automated teller machines, cash recycler machines, and cash acceptance machines.
Security Bank shares dropped by P1.10 or 1.52% to close at P71.50 apiece on Wednesday. — Aaron Michael C. Sy
FUJIFILM Philippines has launched a consolidated line of print products, looking to ride on the resurgence of analog photography and physical media among younger generations.
Fujifilm Prints, a new brand under the Consumer Imaging Group of Fujifilm Philippines, aims to reintroduce the photo printing culture to the new generation while embracing modern technology, Fujifilm Philippines Imaging Solutions Marketing Head Glenn Michael Gatan said during the launch held on Aug. 7.
“We want to continue the legacy of Fujifilm by revitalizing the photo printing culture, blending innovation with tradition, and embracing market trends,” Mr. Gatan said. “And of course… to provide individuals and businesses with high-quality personalized photo printing solutions that capture memories, enhance creativity, and bring tangible value to a digital-first world.”
He added that Gen Zs and millennials are their target market for their print line.
“We really see a very big potential with revitalizing prints. We have Gen Zs, digital natives, who have yet to experience the joy of prints, the joy of film, the joy of analog photography. But at the same time, we have millennials who have a sense of nostalgia with the prints that our products can give.”
The Fujifilm Prints lineup includes the single-use film camera Quicksnap, the 135-millimeter (mm) color negative films C200 and C400, and the portable pop-up photobooth Instax Biz Pop.
The Fujifilm QuickSnap is loaded with a 135mm ISO 400 color negative film with 27 exposures. It has a 32mm f/10 fixed-focus lens with a 1/140 second shutter speed, and a built-in flash that can be manually turned on or off.
The company is also reintroducing its films to the Philippine market.
The Fujifilm C200 is a 135mm color negative film with 36 exposures at ISO 200. The company said this is ideal for entry-level film photographers as it is ideal for both outdoor daylight and indoor flash photography.
“Once developed, the prints evoke a retro yet modern vibe, bringing captured memories to life with a nostalgic charm and contemporary flair,” Fujifilm said.
On the other hand, the C400 is a 135mm color negative film with 36 exposures at ISO 400.
“Its wide exposure latitude makes it a reliable choice for various shooting conditions, from bright, sunlit scenes to flash-lit night shots, ensuring high-quality photos and prints in any setting, perfect for those looking to take more professional-level shots.”
Meanwhile, the portable photobooth Instax Biz Pop is powered by the Instax Biz app and the Instax Link Printer.
“This is locally made by the team, developed just this year… This system aims to further improve the overall value for experience of event visitors while increasing the effectiveness of brand recall for event organizers,” Fujifilm Philippines Marketing Leader Andrea M. Luklukan said.
Lastly, Fujifilm Prints also launched two printers: the CX3240 Creative Duplex Printer and the Frontier DX400.
The CX3240 is an electrophotographic creative printer that has features like heavyweight and curved-edge paper printing, double-sided printing, borderless printing, and automatic tray switching.
Meanwhile, the DX400 is a compact inkjet printer that uses a six-color ink system. It can print up to 400,000 pages at about 9.35 seconds per sheet, with sizes such as 2R, 4R, 6R, 8R, as well as square and panoramic formats. — Katherine K. Chan
RONNIE SIASOYCO,
Chairman and CEO
of the Trion Group — FACEBOOK.COM/TRIONTRADEINC
Some entrepreneurs are made, the product of hard work and grit. Others, like Steam’s Gabe Newell, say they are just lucky. For them, opportunities came and they were simply fortunate enough to be there when they did. A few entrepreneurs are born businessmen, taking to the business landscape fully formed with an uncanny knack for strategy and an entrepreneurial skill set. Ronnie Siasoyco is one of these born entrepreneurs.
“Born and raised,” Mr. Siasoyco confessed, sharing credit with his entrepreneurial parents. He began his entrepreneurial journey without any inheritance or significant funds, and nevertheless founded a company which quickly became a success.
Today, he is the Chairman and CEO of the Trion Group, a pioneering company in the energy and utilities industries. He is also the Chairman and CEO of Verity Trust, a Dubai-based underwriting firm in the lucrative real estate market of the region — and the world. As if that weren’t enough, he also has other companies, in electronics, mobile communications, and more.
For a born entrepreneur like Ms. Siasoyco, opportunity is everywhere. Throughout his career he has capitalized on each opportunity to build his group of companies, and solve problems for his customers. I spoke with him in my podcast, where we shared a fascinating conversation on too many topics to mention.
What interests me most is: What does Ronnie Siasoyco have that makes him such a natural, almost effortless entrepreneur? Does he have special skills? A different perspective? And can his skills and mindset as an entrepreneur be learned by you and I?
Here’s what I learned.
ARE YOU A PROBLEM-SOLVER? Early on in our conversation, Mr. Siasoyco zeroed in on problem-solving as one of the keys to business.
He said, “That’s what business should be about. It’s about solving problems. It’s about presenting opportunities. It’s about improving lives.
“It’s about improving the way business is being done. Because if you don’t do that, then what good is your offering to the people that you serve? You need to love the people that you serve. When you love your customers, it means that you try to make their lives better.”
It is this almost romantic view of problem-solving that drives what he does as an entrepreneur. And he would mention this time and again in our interview.
Knowing this, there is one question that is left begging: How can entrepreneurs find these problems to solve?
He advised that entrepreneurs deep dive into the specific industries they are interested in. “When you’re involved in an industry,” he said, “you get to understand the needs, you get to understand the problems, you get to understand the gaps. And when you find the gaps, you try to search for ideas to be able to fill in those gaps.”
It is this industry immersion that led to his first foray into entrepreneurship. Learning about the telecommunications industry, he discovered that the telephone poles the industry was using at the time would often burn the linemen. Knowing this, he put up a company that imported CCA-treated radiata pine telephone poles from New Zealand that wouldn’t hurt the linemen. After two years, he was the market leader.
That company was Trion, which would change form many times over the years as it expanded into other ventures.
DO YOU BUILD NETWORKS? As Mr. Siasoyco told his story of being an entrepreneur, I was struck by how many times chance encounters or random conversations would lead to his next business venture.
The reason for this is that he is always networking. His electronics business began with a conversation on a plane with a Chinese government official. His mobile communications company — which was one of the forerunners of GCash and other mobile payments — started after he spoke to the inventor of SMS.
For him, networking is more important than capital.
“If you really think about it, you don’t really need to have the capital initially when you get into business,” he explained. “Because you can piggyback on other people’s businesses. So, understanding how business is done is through networks, knowing the right people — and also understanding the principles that you need to create a business model that actually fits your financial capability — and then understanding that relationships and integrity are very, very important in business.”
DO YOU POSSESS GRIT? Even though Mr. Siasoyco is clearly a natural born entrepreneur, it is equally clear that he possesses that prized entrepreneurial quality called grit.
He recalled that during the Asian Financial Crisis in 1997, he owed the bank some money when interest rates went through the roof. Almost overnight, interest rates jumped from 13% to 33% per annum. Then the exchange rate shot up from P26 to $1 to P42 — which was a serious concern as he was importing from New Zealand.
He recalled, “I braved up and I just kept on doing business. I survived that year. I was able to repay all of my debts and was able to continue the business.”
What did this experience teach him? He said, “This is what’s important for people to understand: You set your own limit. A lot of people would say that they should be getting into a business that they know 100%. But nobody really knows a business 100%. What you need to do is to study and study and study and understand so that you will have the wherewithal to be able to get into it.”
DO YOU HAVE AN ENTREPRENEURIAL MINDSET? “I always look for opportunities. It’s the entrepreneurial mindset,” he said.
Even when he’s on holiday, he is constantly looking for business opportunities. “I go around and I always say, ‘oh, this might be a good thing to bring back to the Philippines, this would be good business, good business.’ You have to train your RAS — your reticular activated system — to be able to recognize opportunities. When you train your mind to spot the opportunity, you will see it.”
It is this constant hunt for opportunities that led him to founding his real estate company, Verity Trust Properties.
During his travels, he saw the immense possibilities for real estate in Dubai. He witnessed properties selling “like Starbucks” to a global market.
The opportunity was grounded in the rapid growth of Dubai, a city which had a population of 300,000 in 1990 and 3.875 million people today. Studying the real estate industry further, he discovered that local developers were always in need of cash. So he created a business model where his company would partner with developers, do the property underwriting, buy in bulk, and then later resell the properties equal to or less than the developer’s price. Verity Trust Properties was born.
Ronnie Siasoyco’s entrepreneurial journey is truly a marvel that is worth revisiting and studying.
RJ Ledesma (www.rjledesma.com) is a Hall of Fame Awardee for Best Male Host at the Aliw Awards, a multi-awarded serial entrepreneur, motivational speaker, and business mentor, podcaster, an Honorary Consul, and editor-in-chief of The Business Manual. Mr. Ledesma can be found on LinkedIn, Facebook and Instagram. The RJ Ledesma Podcast is available on Facebook, Spotify, Google and Apple Podcasts. Are there entrepreneurs you want Mr. Ledesma to interview? Let him know at ledesma.rj@gmail.com.
CONVERGE ICT SOLUTIONS, Inc. has revised down its full-year revenue growth guidance to 10-12% from an earlier forecast of up to 16%, despite posting higher net income for the second quarter (Q2), citing delays in rolling out new enterprise solutions and constraints in manpower.
“We softened our full-year guidance despite demand remaining strong. We had been anticipating that churn levels would improve; however, this is becoming challenging because of a lack of manpower,” Converge Chief Finance Officer Robert A. Yu said during a briefing on Wednesday.
For the three months ending June, Converge’s attributable net income rose by 6.93% to P2.93 billion from P2.74 billion in the same period a year ago, mainly driven by higher revenues.
The company recorded combined revenue of P10.98 billion, up 10.02% from P9.98 billion in the same period last year, its financial statement showed.
For the six months ending June, Converge reported an attributable net income of P5.95 billion, marking an increase of 12.5% from P5.29 billion in the same period in 2024.
Consolidated revenue for the period grew by 11.58% to P21.78 billion from P19.52 billion in the comparable period last year.
Broken down, revenues from the residential segment boosted the company’s topline for the six months ending June, reaching P18.37 billion, while the enterprise business logged revenue of P3.41 billion.
As of end-June, Converge recorded a total of 2.82 million residential subscribers, composed of 2.39 million postpaid subscribers and 431,761 prepaid customers. Growth in the enterprise business is mainly driven by the wholesale segment, which became its fastest-growing subsegment with 41.3% revenue growth due to a larger customer base.
“We’re at an inflection point in our journey — from simply connecting people through fiber broadband to delivering digital-first, value-added solutions. Our transformation into a full-fledged techco is well underway, and this refreshed identity captures that momentum. It represents our charge to go from fiber to the future, a future where technology and humanity converge,” Converge President Maria Grace Y. Uy said in a media release.
The company previously expected its revenues to grow by up to 16% this year, banking on the industry’s broad underserved market as well as Converge’s new and well-engineered products.
However, the lack of manpower has become a challenge, making it harder for Converge to meet its target and service its growing customer base.
“We are seeing fiber talent continue to be in demand, not just locally but also internationally. We are trying to refill our headcount as fast as possible so we can respond to any fiber and customer concerns. On top of this, our new enterprise solutions are still in progress. As you know, these things take time and the sales cycles are longer,” Mr. Yu said.
Further, Converge said there would be no change in its capital expenditure (capex) guidance for the year, despite spending only P4.2 billion in the first half.
“No change in capex, as you know the bulk of our capex involves one-off items, including subsea systems and Bifrost, which are happening in the second half of the year, as well as our data center,” Mr. Yu said, noting that capex spending is usually lower in the first half.
For 2025, Converge previously announced a capital expenditure budget of up to P25 billion, primarily for subsea cable system payments and data center expansion.
At the local bourse on Wednesday, shares in the company declined by P1.32, or 7.59%, to end at P16.08 apiece. — Ashley Erika O. Jose
BRUNCH BUREAU, now a chain of three, launched two things on Aug. 12: their newest location in S Maison in the SM Mall of Asia (MOA) complex, and their new Filipino dishes, designed to wake someone up at brunch.
BusinessWorld went to a tasting earlier this week, which featured the Filipino Paboritos (favorites) menu: Corned Beef Brisket Sinigang (entree platter or solo for P590 and Big Plates good for two to three, P1,150), Crispy Pork Sisig (P490/P960), Golden Squash Kare-Kare (P720/P1,400), Beef Tapa Bowl (P590/P1,350), and Haciendero Chicken (P420/P850).
While we did like the Corned Beef Brisket Sinigang (a sour soup, modified with large chunks of salted, very red beef), we’re afraid to say that someone else has done it before, and better. The Beef Tapa bowl, however, brings back the preserved beef dish into its juicier, saucier form; the Haciendero Chicken (Negros-inspired inasal — grilled chicken — but with red pepper aioli, pico de gallo, and lemon parsley rice) was a sure win — we haven’t had anything quite like this before, despite the addition of several familiar elements. We have unreserved praise for the kare-kare (peanut-based stew, but this sauce is creamier because of the hidden addition of creamed squash; we also like its use of vegetables like bok choi and French beans) as well as the Crispy Sisig: perfectly browned.
There were other dishes, of course: there was the Manila Carbonara (made with sausage crumble and a cream sauce, but which harkens back to the Italian original with a poached egg), as well as a steak and rice platter much more affordable than others in the city.
RJ Ungco, executive chef for Brunch Bureau and its parent company Brewers-Haven, Inc. (they have an affiliate called Gemini which owns Kas & Poly, a more evening-themed place), said that the Filipino menu is there for families who feast on weekends. It offers “more familiar flavors,” he said in an interview.
As for the focus on brunch, he said, “A lot of people don’t really wake up that early.” That, and Filipinos like shuffling their meals: breakfast for dinner, and the vice-versa. “Comfort food, anytime, every time, you like.”
The restaurant has three branches (if we don’t count Kas & Poly as a fourth): the new one at S Maison, one in Makati, and another in Alabang. Aside from the fact that the owners come from real estate (which should explain their ease in finding locations), their relatively fast growth from 2023 can be credited to smooth operations: “If you build a commissary, you can expand right away,” said Mr. Ungco. They still do finish everything in-store, he makes clear.
They say breakfast is the most important meal of the day, and it powers you for the rest of it. But there may be another reason why breakfast is important: someone once told us that a good breakfast meant somebody loves you, or you’ve paid someone enough to do it for you.
“That’s true. Every food that you take in and eat in Brunch Bureau, you’ll still feel that love,” he said. “Food laboriously made, elevated, seen through a creative eye… you really feel it’s made for you.”
Brunch Bureau is at S Maison, MOA Complex, and is open from 10 a.m. to 10 p.m. daily. — Joseph L. Garcia
RIZAL COMMERCIAL Banking Corp. (RCBC) saw its net income jump 29.89% year on year to P2.92 billion in the second quarter from P2.25 billion on the back of higher net interest earnings.
This brought its net profit for the first semester to P5.35 billion, up by 20.18% from P4.45 billion in the same period last year, it said in a disclosure to the stock exchange on Wednesday.
This translated to a return on average equity and a return on average assets of 6.9% and 0.8%, respectively.
RCBC’s net interest income increased by 37.73% year on year to P14.03 billion in the second quarter from P10.19 billion in the same period last year.
This came as its interest income grew by 10.22% to P21.27 billion, driven by higher interest earnings from loans, while its interest expense decreased by 20.54% to P7.24 billion from P9.11 billion.
As a result, net interest margin rose to 4.6% at end-June from 3.9% a year ago.
Meanwhile, RCBC’s other operating income went down to P1.68 billion in the second quarter from P2.59 billion in the same period last year as its foreign exchange losses widened.
On the other hand, operating expenses rose to P8.58 billion from P7.61 billion.
This led to a cost-to-income ratio of 56.6% at end-June.
RCBC’s net loans stood at P763.93 billion as of June, up by 2.89% from P742.5 billion at end-2024. Its nonperforming loan ratio also rose to 2.7% from 2.4% in the period.
On the funding side, total deposits decreased by 3.92% to P982.67 billion at end-June from P1.02 trillion at end-2024.
This translated to a loan-to-deposit ratio of 75.6%.
RCBC’s total assets stood at P1.3 trillion as of June, while equity was at P163.02 billion.
Its capital adequacy ratio was at 16.2% and common equity Tier 1 ratio was at 13.7% at end-June, both up from 16.1% and 13.5%, respectively, at end-2024.
RCBC shares dropped by 35 centavos or 1.38% to end at P25 each on Wednesday. — A.M.C. Sy
PERPLEXITY AI made a $34.5-billion unsolicited all-cash offer for Alphabet’s Chrome browser on Tuesday, a bid far above its own valuation as the startup reaches for the browser’s billions of users pivotal to the artificial intelligence (AI) search race.
Run by Aravind Srinivas, Perplexity is no stranger to headline-grabbing offers: it made a similar one for TikTok US in January, offering to merge with the popular short-video app to resolve US concerns about TikTok’s Chinese ownership.
OpenAI, Yahoo and private-equity firm Apollo Global Management have also expressed interest in Chrome as regulatory pressure threatens Google’s grip on the industry.
Google did not immediately respond to Reuters requests for comment. The company has not offered Chrome for sale and plans to appeal a US court ruling last year that found it held an unlawful monopoly in online search. The Justice department has sought a Chrome divestiture as part of the case’s remedies.
Perplexity did not disclose on Tuesday how it plans to fund the offer. The three-year-old company has raised around $1 billion in funding so far from investors including Nvidia and Japan’s SoftBank. It was last valued at $14 billion.
Multiple funds have offered to finance the deal in full, Perplexity said, without naming the funds. Alphabet’s shares were up 1.6% in afternoon trading.
As a new generation of users turns to chatbots such as ChatGPT and Perplexity for answers, web browsers are regaining prominence as vital gateways to search traffic and prized user data, making them central to Big Tech’s AI ambitions.
Perplexity already has an AI browser, Comet, that can perform certain tasks on a user’s behalf and buying Chrome would allow it to tap the browser’s more than three billion users, giving it the heft to better compete with bigger rivals such as OpenAI. The ChatGPT parent is also working on its own AI browser.
Perplexity’s bid pledges to keep the underlying browser code called Chromium open source, invest $3 billion over two years and make no changes to Chrome’s default search engine, according to a term sheet seen by Reuters.
The company said the offer, with no equity component, would preserve user choice and ease future competition concerns.
Analysts have said Google would be unlikely to sell Chrome and would likely engage in a long legal fight to prevent that outcome, given it is crucial to the company’s AI push as it rolls out features including AI-generated search summaries, known as Overviews, to help defend its search market share.
A federal judge, Amit Mehta, is expected to issue a ruling on remedies in the Google search antitrust case sometime this month.
“Judge Mehta is a pretty orthodox guy. It’s very possible that he would hold off on requiring a sale until the appeals process is worked out and that could be a very lengthy period of time,” said Herbert Hovenkamp, professor at University of Pennsylvania Carey Law School.
“It would go to the DC Circuit, which is skeptical of forced divestitures, and it’s possible it would even go to the Supreme Court after that. So that process could run out for a couple of years.”
Perplexity’s bid is also below the at least $50-billion value that rival search engine DuckDuckGo’s CEO, Gabriel Weinberg, suggested Chrome may command if Google was forced to sell it. — Reuters
Moderating the leadership dialogue, Mr. Foo guided the conversation through the practical application of AI, the integration of ESG principles, the drive for financial inclusion and the need for future ready regulation. Introducing the panel, he said, “We are here to explore how these big ideas — AI, sustainability, inclusion and modern regulation — translate into concrete strategies and measurable outcomes.”
A shared vision for the future of Philippine banking
