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Term deposit yields inch down on BSP cut bets

PHILIPINE STAR/IRRA LISING

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) seven-day term deposits edged down on Wednesday amid strong demand as still benign inflation and slow growth fueled easing hopes.

Total tenders for the term deposit facility (TDF) reached P132.961 billion, above the P110-billion offer and the P121.841 billion in bids for the same offer volume last week.

The bid-to-cover ratio stood at 1.2087 times, higher than the 1.1076 ratio recorded in the previous auction.

The central bank fully awarded its P110-billion offering.

Accepted yields for the one-week tenor ranged from 4.45% to 4.505%, narrowing from the 4.45% to 4.5185% logged the prior week. With this, the average accepted rate inched down by 0.44 basis point (bp) to 4.4923% from 4.4967% a week ago.

TDF yields continued to go down on Wednesday as the market anticipates another rate cut from the BSP next week following a benign January inflation print and the weak economic growth posted last year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said via Viber.

BSP Governor Eli M. Remolona, Jr. earlier said a cut is possible at their policy meeting on Feb. 19 if they see the need to support domestic demand.

On Wednesday, Mr. Remolona said inflation returning within the target range and expectations of economic recovery amid the return of confidence may have narrowed their easing space.

Philippine gross domestic product growth slowed to a five-year low of 4.4% last year, missing the government’s 5.5%-6.5% target due to the economic fallout from a corruption scandal that stalled both public and private spending.

However, the central bank last week reiterated that it was nearing the end of its current easing cycle, with further cuts to be limited and data-dependent, even as the inflation outlook remains benign.

The Monetary Board has lowered benchmark rates by 200 bps since August 2024, bringing the policy rate to 4.5%.

Headline inflation accelerated to 2% in January from 1.8% in December but slowed from the 2.9% in the same month last year. This was the fastest in 11 months or since 2.1% in February 2025, which was also the last time the consumer price index was within the BSP’s 2%-4% annual target.

Analysts have said that the BSP may have room to ease its policy stance further to help stimulate economic activity as inflation remains low despite the January uptick.

The central bank uses the TDF and BSP bills to mop up excess liquidity in the financial system and better guide market rates towards the policy rate.

It last auctioned off both the seven-day and 14-day deposits on Oct. 29. It has not offered 28-day term deposits for over five years to give way to its weekly offerings of securities with the same tenor.

Based on the BSP’s latest monetary policy report, its market operations have absorbed P1.5 trillion in liquidity from the market as of mid-November 2025, with 5.4% of this being siphoned off via the term deposit facility. — Katherine K. Chan

Love is in bloom

SALPICON DE MARISCOS

LAS FLORES, part of The Bistro Group, is cooking up something romantic for Valentine’s Day. Executive Sous Chef Pablo Ramirez created the “Love in Bloom” set menu (P2,395 per person) with the sensations and motions of love in his mind.

During a tasting on Feb. 6 at the Las Flores Uptown Ritz branch, Mr. Ramirez said, “We created the menu based on… sensations, let’s say,” he said. These sensations include freshness, warmth, some oomph, then finally, a kiss: “The last one will be the one that reminds you of a kiss. Soft. Full of flavors.”

The first course, a Salpicon de Mariscos, has mussels, squid, and shrimp tossed in a light lemon vinaigrette with tomatoes, bell peppers, and onions. The effect is lacy, delicate, and tangy.

The Croqueta de Manchego, with spinach and aioli, had a very pronounced salty Manchego cheese flavor, lighter and easier to eat than other croquettes in the city. Lightly molded (definitely by hand and with love), it collapses easily enough in the mouth. The Iberico Secreto was a shoulder from an Iberian pig, lightly seared in butter, and accompanied by cauliflower purée and chimichurri sauce. It’s nice, savory, and simple — but we will say that it needs a little more oomph for excited lovers’ tongues on Feb. 14.

The dessert that Mr. Ramirez described as a kiss was the Crema Catalana, a custard with a caramelized sugar crust and gently burnt local orange and lemon. In this he was right that it was soft and full of flavors.

OTHER BLOOMING THINGS
Well, love’s not the only one blooming for the Bistro Group when it comes to its Spanish restaurant lineup. These include Las Flores and the more specialized Rumba, but also La Lola Churreria, which closed sometime before the COVID-19 pandemic (under different ownership). It reopened last year in Las Piñas, now under the Bistro Group.

Meinard Pasco, Group Marketing Head for the Bistro Group’s Spanish concepts said about the reopening, “We believe in the brand. There were a lot of customers looking for it (during) the pandemic,” he said, and it turns out that brands do listen to social media rants (citing those posts as part of the clamor for its return).

He also discussed the enduring popularity of Spanish cuisine in this country, an ex-colony: “The familiarity with the flavors of Spanish cuisine is always there,” he said. “Some of the flavors are similar to ours.”

On another note, he points out that the Spanish concept kitchens are headed by Spanish (or -adjacent) chefs. For example, Mr. Ramirez, an Argentinian, grew up in Spain’s Basque region. “As much as possible, we would like for the dishes to be authentic.”

The Las Flores Valentine’s set menu can be found at their branches in Greenbelt 3, Uptown Ritz, One McKinley Place, S Maison, Okada Manila, and Podium. — Joseph L. Garcia

Fruitas allocates P120 million for 2026 expansion

FRUITASHOLDINGS.COM

FOOD AND BEVERAGE kiosk operator Fruitas Holdings, Inc. has earmarked P120 million for capital expenditures in 2026, targeting the opening of up to 100 new branches under its House of Fruitas brand.

“The Company may increase this investment should there be an acceleration in the growth of the Philippine economy, further supporting its long-term growth objectives,” the company said in a disclosure on Wednesday.

Of the P120-million budget, about P90 million will go toward expanding its store network, P20 million for upgrading commissaries, and P10 million for logistics, including delivery trucks.

For 2026, Fruitas aims to expand its store network with a mix of kiosks, community stores, and restaurants, targeting roughly even openings throughout the year.

“These initiatives are aligned with the Company’s strategy and are expected to drive revenue growth and enhance brand visibility,” the company noted.

In November 2024, Fruitas acquired a 60% stake in the Mang Bok’s brand for P8.86 million, marking its entry into the roasted chicken segment. Fruitas’ subsidiary Balai ni Fruitas, Inc. also completed its purchase of the Sugarhouse cake and pastry brand in the same year.

In 2023, Fruitas acquired the Ling Nam noodle house brand and the Fly Kitchen cloud kitchen company.

On Wednesday, Fruitas Holdings closed at P0.67 per share, unchanged from the previous trading day. — Alexandria Grace C. Magno

Adapt to thrive, not just survive

PRESIDENT and CEO of Investphil Renold Verano on the The RJ Ledesma Podcast. — FACEBOOK.COM/RJLEDESMAPODCAST

Adapt or die. It’s a saying that often comes up when talking about entrepreneurial adaptability — the ability to adjust strategies and business models in response to changing markets, customers, and challenges. Entrepreneurs who have mastered adaptability are able to innovate or pivot their business to stay ahead of the competition.

The more I speak to entrepreneurs, the more I am convinced that adaptability is key to their success. It’s often a crucial element in a company’s survival. I’ll take that statement a step further. Top entrepreneurs don’t adapt to just survive. The best adapt to thrive.

Renold Verano, President of Investphil Realty and Development Corp., is an entrepreneur who embodies adaptability, and I was lucky to connect with him during the most recent National Convention of Filipino Homes. Today, Investphil is a real estate developer best known for its projects in Palawan, but its success has catapulted it into partnerships with other developers in Laguna, Rizal, Bacolod, and Lipa. Yet over Mr. Verano’s 28-year career in real estate, this fast-growing company has undergone tectonic shifts in its mission and its business model numerous times. And, as many entrepreneurs may relate to, it all began when Mr. Verano was a real estate broker.

Join me as I take a closer look at Renold Verano’s remarkable entrepreneurial journey, and find out what you can learn about entrepreneurial adaptability from this master of the real estate industry. Highlights of our conversation follow, or watch the full interview on the RJ Ledesma Podcast.

ADAPT TO SURVIVE
Armed with a broker’s license, Mr. Verano set out not to create a real estate development empire but simply to sell homes. Eventually, as a real estate broker, success came as he partnered with other brokers to build a brokerage. He soon learned that he could sell 20 or even 50 homes in a day.

It was at this point when, as he worked with one developer, Renold’s company ran out of inventory of homes to sell.

“The shift of the business really happened when we sold out a project nung isang (of one) developer. Then I found out, wala na pala kaming mabebenta, wala nang (there was nothing left for us to sell, there was no) source of commission.”

Left hanging with a fleet of 20 vehicles and their car loans, Mr. Verano knew he had to change his business to survive. He calls these moments of adaptation “shifts.”

“That was the lowest moment of my career,” Mr. Verano said. “We were going nowhere. So, if I don’t shift and do something now, baka lalo akong mahirapan (if would be even harder) in the next six months kasi bumababa na ’yung commission  (because commissions were going down). So, that’s why I started doing build and sell.”

From there, Mr. Verano entered construction, starting slowly with three to five properties. Over time, he would develop and build entire subdivisions. He estimates that in his long career he has sold thousands of homes and condominiums.

MASTER OF ENTREPRENEURSHIP
Looking back at these shifts from brokerage to construction company to full-blown real estate developer, Mr. Verano said that it is constant learning that enabled his entrepreneurial adaptability.

“It took me five years to really know how to sell,” he said. “Then after learning how to sell, it took me about another five years to learn how to train people and manage people. And then, nagde-develop na ako (I started to develop), it took me another five years to really learn how to really develop properly.”

It is this humility to constantly seek skills and knowledge that led him to pursue a Masters of Entrepreneurship degree at the Ateneo Graduate School of Business. And it was there where Mr. Verano underwent another shift — one that would take Investphil to the next level.

Mr. Verano recalls a conversation with one of his professors about focusing his company on what makes them successful. “I have construction,” he said. “We sell for other developers… We also process the loan of developer partners. So, I decided, no, we will let go of the business that doesn’t help us survive the company… We focused on, saan ba talaga tayo kumikita (where are we really making money from)? That’s when we started letting go of our developer partners and focusing on projects na mismo ni (that were by) Investphil.”

By locking in to real estate development, he redefined the focus of his business and renewed and expanded its mission and its purpose.

LESSONS FROM AND ADAPTABLE ENTREPRENEUR
Beyond entrepreneurial adaptability, there are so many lessons we can learn from Renold Verano’s journey with Investphil.

1. Focus on what the market wants. As a real estate developer, Mr. Verano wasn’t interested in maximizing profits at the cost of the customer. His experience as a broker taught him what the market wanted. And Investphil would deliver.

“Ninety plus percent of Filipinos prefer a house with an excess lot,” he explained. That’s why Investphil homes have a modest garden in front and a multi-purpose area in the back. Giving the market what they want may seem obvious, but it is often forgotten or ignored by too many businesses. For Investphil, it has translated into a gold rush of sales.

“Kaya nga sabi ko, ang concept natin (that is why I say that our concept) is we bring high-end to the low-cost market. Hindi kami nagbebenta ng bahay, para lang ma-fulfill ’yung dream nila, para lang kumita kami (We’re not selling houses just to fulfill their dreams, just so we can make money.) Right now, it’s more of a mission na (that), our goal is to deliver homes where people build on their dreams.”

2. Teams are built on trust. Throughout our conversation, Mr. Verano was quick to share credit with his partners and his team.

“It really takes a team to progress as a big organization,” he said. “’Yun ’yung sinasabi nila (that is what they say), you can run fast. But, to run longer, to run further, you need a team.”

3. Be humble. Renold Verano ended our discussion with a lesson in humility. While it may seem off-topic, it is actually at the heart of his success. After all, it is humility that allowed him to pursue shifts in business models that didn’t work. It is also humility that is at the core of entrepreneurial adaptability. It led him to partner with others, and it directed him towards seeking learning when he needed it.

“It also takes a lot of humility,” he concluded, “constant humility to learn from people who are more experienced than you. That’s actually the most important. Because you will find success and failure. But the way you sustain your growth and your failure, the way you recover, is by being humble to people who supported you.”

 

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.

Insurance sector books higher premiums

BW FILE PHOTO

THE INSURANCE INDUSTRY’s combined premium income increased by 14.1% last year, with the life sector making up 80% of the total, the Insurance Commission (IC) said on Tuesday.

The combined premium income of life and nonlife insurers and mutual benefit associations (MBAs) stood at P502.64 billion in 2025, up from P440.53 billion in 2024, based on the latest data based on submissions from 129 out of 131 active companies.

The life insurance sector accounted for 80.22% of total premiums, while nonlife insurers and MBAs contributed 16.41% and 3.37% to the total, respectively.

Insurance penetration, or the ratio of insurance premiums to the gross domestic product (GDP), reached 1.79%, up from 1.67% in 2024.

Insurance density, or the average spending of each individual on insurance, climbed to P4,414.58 from P3,894.03 in the previous year.

The combined net income of the industry increased by 15.1% year on year to P64.79 billion in 2024.

Total assets expanded by 7.93% to P2.66 trillion last year from P2.47 trillion in 2024.

The industry’s invested assets also increased by 8.01% to P2.38 trillion from P2.21 trillion.

Total liabilities rose by 7.54% year on year.

Meanwhile, benefits paid by the insurance sector rose by 2.37% to P164.16 billion last year from P160.35 billion in 2024, with the life insurers paying out P121.88 billion and nonlife companies shelling out P34.05 billion.

The industry’s combined net worth grew by 9.5% to P530.45 billion from P484.39 billion.

“The industry’s growing capacity to meet policyholder needs was supported by stronger balance sheets,” the IC said. “This financial resilience further strengthens confidence that insurers can continue supporting beneficiaries when they need it most.”

“Backed by effective regulation and strong collaboration across the sector, the insurance industry is poised to sustain its growth and expand its contribution to both economic development and the protection of lives, properties, and livelihoods of the Filipino people in the years ahead.”

LIFE INSURERS
Meanwhile, life insurers are optimistic about the sector’s continued growth this year on steady demand for protection and wealth management despite weak economic prospects.

“I think in general, the sector has the same type of optimism because you do see that once wealth starts to increase, people first go to savings, then life insurance. And wealth in the Philippines is in general still increasing, so you will continue to see that take-up,” Philippine Life Insurance Association, Inc.

(PLIA) President and EastWest Ageas Life Insurance Corp. President and Chief Executive Officer Sjoerd Smeets told BusinessWorld on the sidelines of an event late last month.

Mr. Smeets said the life sector’s growth has been stable in the past years, even with the coronavirus pandemic.

However, the weak economic environment at present has led to some uncertainty, causing some Filipinos to delay their insurance purchases.

“The economic impact in the Philippines, especially in the third and fourth quarters, has translated into lower spending in supermarkets, lower spending in shopping malls, and people holding back certain investments. Life insurance is one of them because it’s not a very small purchase,” he said. “So, people hold back a little bit, but I think it’s more of a temporary thing.”

He said they saw the same trend during the coronavirus pandemic, which was followed by a surge in demand as the economic situation improved.

As the newly elected PLIA president, Mr. Smeets said he aims to focus on ensuring holistic growth for the sector that would benefit both companies and customers.

He added that as part of efforts to increase insurance penetration in the country, they want to propose tax benefits for life insurance policies, which they will discuss with the Insurance Commission.

“Life insurance is very critical… So, we need to make sure that people understand that principle and that becomes actually easy. That it’s like saving, but then if you can incentivize that, you can really increase the insurance penetration,” he said.

“So that would be, in the end, [a good thing] for the customers. They would need to pay less to invest in life insurance.”

They are also working on ensuring a smooth transition to the Philippine Financial Reporting Standards 17 ahead of the 2027 deadline, he added. — Aaron Michael C. Sy

Yusen Logistics shifts to 100% renewable energy with ACEN RES

ACENRES.COM

GLOBAL SUPPLY chain provider Yusen Logistics Philippines, Inc. has partnered with ACEN Renewable Energy Solutions (ACEN RES), the retail electricity supply unit of ACEN Corp., to transition to renewable energy.

In a statement on Wednesday, ACEN said it finalized a power supply deal with Yusen Logistics to provide 100% renewable energy to the company’s head office in Parañaque City.

Yusen Logistics President Mitsutaka Matsubara said the deal forms part of its goal to reduce greenhouse gas emissions by 45% by 2030 and achieve net zero emissions across all its services by 2050.

The Philippine operation is part of Yusen Logistics Co., Ltd., a logistics and supply-chain company founded in 1955 in Japan. The company provides ocean and air freight forwarding, warehousing, distribution services, and supply chain management.

Yusen Logistics Philippines has established a wide presence across Metro Manila, Northern and Southern Luzon, Visayas, and Mindanao.

The deal is being facilitated under the government’s green energy option program, a mechanism that allows eligible electricity end-users to directly choose and source 100% of their power requirements from licensed renewable energy suppliers.

Sheila Mina, vice-president and head of account management at ACEN RES, said Yusen Logistics’ shift to renewable energy “demonstrates decisive leadership in decarbonizing the logistics sector.”

ACEN RES currently dominates the sector with a 57% market share. The company sources its power from ACEN, the Ayala group’s listed energy platform, which currently has 7 gigawatts of attributable renewable energy capacity.

ACEN also has a significant presence in Australia, Vietnam, India, and Lao PDR, along with strategic investments in Indonesia and other markets. — Sheldeen Joy Talavera

Ayala Foundation taps Aussie curator to lead new Makati Art Center

ARTIST’S rendering of Kontempo: Center for Contemporary Art. — AYALA FOUNDATION AND WHY ARCHITECTURE

THE AYALA Group’s social development arm, Ayala Foundation, has selected Reuben Keehan as the incoming artistic director for Kontempo, a contemporary art center planned for Circuit Makati.

“We envision Kontempo as a space that fosters curiosity and creativity, where people of all ages can engage with contemporary culture through a rich, multidisciplinary range of artistic expression,” Ayala Foundation Chairman Fernando Zobel de Ayala said in a statement on Wednesday.

According to the Ayala Foundation, Mr. Keehan, the curator of Contemporary Asian Art at Queensland Art Gallery | Gallery of Modern Art (QAGOMA) in Australia since 2011, will relocate to the Philippines later this year.

He contributed to the Asia Pacific Triennial of Contemporary Art starting from its seventh edition, work which involved collaborations with artists and institutions in Asia and the Pacific, including the Philippines.

The Ayala Foundation, which has managed cultural programs for over 60 years, which includes the Ayala Museum, will oversee Kontempo.

Kontempo, named using Filipino orthography for “contemporary,” will include three gallery spaces totaling about 2,500 square meters (sq.m.), plus 15,000 sq.m. of open green space for installations and public use.

Currently under construction, Kontempo is located next to the Pasig River, in the area which was formerly the riverside park of the Circuit Makati development. What is now Circuit used to be the Santa Ana racetrack from 1937 to 2009.

Kontempo’s design is from WHY Architecture, led by Kulapat Yantrasast, and the Philippine firm Lor Calma & Partners, led by Ed Calma.

The center plans exhibitions, commissions, research, education, and community programs. According to the Ayala Foundation’s statement, the art center “aligns with the Philippine government’s revitalization of the 25-kilometer Pasig River Esplanade.”

“I am deeply honored to take on the role of artistic director,” said Mr. Keehan in a statement. “The Philippines has long been a vital and dynamic force within contemporary art and culture in the region, and the idea of Kontempo as a connective hub that brings artists and audiences together, encourages dialogue across disciplines, and links the Philippines with the wider world is what drew me to this project.”

Mr. Keehan’s appointment will be effective once standard clearance and compliance procedures are completed. — Alexandria Grace C. Magno

Asia-Pacific enterprises plan to increase AI investments

STOCK PHOTO | Image by DC Studio from Freepik/THIS RESOURCE WAS GENERATED WITH AI

COMPANIES in the Asia-Pacific region plan to increase their investments in artificial intelligence (AI) this year as they seek to leverage these evolving technologies to boost profit and revenue growth, according to a study commissioned by Lenovo.

Some 96% of enterprises in the region expect their AI spending to grow by 15% this year as they shift from AI experimentation to execution, according to the report titled “Lenovo CIO Playbook 2026: The Race for Enterprise AI” released last month, which was commissioned by the tech company with insights from IDC.

Chief information officers (CIOs) in the region said they plan to invest in generative AI (GenAI) and agentic AI, public cloud AI services, on-premises AI infrastructure, and AI security tools.

“When 96% of organizations are planning a 15% on average increase in AI investment, it tells us that AI decisions are now being made at the core of enterprise strategy,” said Sumir Bhatia, president of Lenovo’s Infrastructure Solutions Group in Asia-Pacific. “The differentiator will be how effectively organizations integrate AI, embedding it into infrastructure, operations, and security so value compounds over time.”

AI is increasingly being deployed across customer service, marketing, operations, finance, and industry-specific lines of business, with half of surveyed organizations saying that non-IT departments are now funding AI initiatives, Lenovo added.

In ASEAN+, which includes the Philippines, Hong Kong, Indonesia, Malaysia, Singapore, Taiwan, and Thailand, 98% of companies expect to spend more on AI this year, the study showed.

Their top AI investment priorities over the next 12 months are AI integration with devices, infrastructure and enterprise systems; public cloud AI services; data quality and governance improvements; deploying and supporting AI Infrastructure; and AI security, trust, and transparency tools.

According to the study, companies in ASEAN+ said their top business priorities are driving revenue and profit growth, enhancing business and customer experience, and improving employee productivity, with AI use being integrated in their strategies.

But while 67% of surveyed organizations in these countries said they are already piloting or have systematically adopted AI, 15% said they are just in the early stages of AI development, while 18% said they are still considering or planning AI adoption.

“This pivot has catalyzed a doubling of active AI adoption to 67%, but the region’s execution strategy is uniquely pragmatic, reflecting regional economic uncertainties. ASEAN+ is the only market where ‘AI integration with devices, infrastructure & enterprise systems’ is the #1 AI investment priority,” it said.

“This signals a focus on connectivity — wiring new AI capabilities directly into existing legacy environments so as to extract business value as quickly as possible.”

The study showed that 91% of surveyed organizations in ASEAN+ expect a positive return on investment from their AI initiatives, expecting to generate an average of $2.70 billion in value for every dollar invested in these projects.

The respondents said they have seen positive returns from their AI investments in IT, data and analytics, cybersecurity, customer service, and software development.

As for their preferred AI deployment models, 70% of ASEAN+ enterprises said they prefer their AI workloads on hybrid cloud.

“This regional trend to hybrid cloud reflects not a lack of caution but rather the region’s greater AI readiness. ASEAN+ boasts the greatest level of adoption of a more comprehensive approach to AI governance, risk and compliance (39%),” the report said.

“For CIOs, this combination of cloud agility and governance maturity makes ASEAN+ the ideal ‘sandbox’ for testing advanced Agentic AI (+91% focus) use cases before rolling them out to more restrictive markets.”

However, the report also showed that 43% of ASEAN+ companies said they need more than 12 months to prepare to scaled agentic AI implementation, while 19% said they have no plans to adopt these technologies. Only 11% said they are ready now, while 4% said they will be ready within a year. Meanwhile, 23% said they already use agentic AI significantly.

As for governance, 44% of organizations said they are still in the process of developing comprehensive policies on AI use, while 39% said they have already established frameworks that are being enforced and reviewed actively.

Their top AI trust concerns are the lack of responsible AI, poor data security, and poor data quality.

In the broader Asia-Pacific region, enterprises are already beginning to shift towards outcomes-led AI adoption as they want to ensure that their investments have sustained business impact, Lenovo said.

It added that scaling AI beyond pilots remains a key challenge across the region, which highlights the importance of governance, operating models, and lifecycle management.

“Scaling AI requires modern, energy-efficient hybrid infrastructure that supports high-performance workloads wherever data resides. CIOs must deploy devices and optimize client, edge, and cloud environments to meet growing demands and enable real-time AI operations.” — Bettina V. Roc

Pay me for my data

STOCK PHOTO | Image from Freepik

Congress would like you to think of data as a commodity, as personal property. By passing its Data Rollover Bill (House Bill No. 87) in December 2025, the House unintentionally conceded that digital data is an asset with value that can be owned. Why else will it compel data “suppliers” to roll over unused data and convert it into cash rebates unless it had personal value to the owner?

If the proposed law will say that your unused gigabytes are yours to keep, accumulate, and even convert into cash rebates, then that data is no longer just a service. It is, for all intents and purposes, an asset. If so, then can it be sold or traded? And, can we apply the same logic to “personal data”?

As I have written, I am not a fan of HB 87 as it is. However, if Congress should choose to pursue the matter, then it should also start considering the possibility of allowing people to either sell personal data, or to ask for rebates or discounts from businesses that collect or harvest their data.

My eye-opener was “The Hidden Price of Data” by Laura Veldkamp, published in the IMF’s Finance & Development magazine in December 2025. She argues that data is not “free” exhaust from the digital economy, but an asset we actively produce and sell. But currently, this transaction is invisible to us because it is “bundled” with our purchases.

In a “bundled transaction,” when we buy a product or service (like using an app or buying goods online), we are simultaneously buying the item and selling our data to the seller or the platform as it solicits certain personal information from us, or deduces trends and other information based on our buying behavior.

In this light, one way to see it is that the price we see is actually the cost of the product we are buying minus the value of the data we provided. But because we never see the price of our data separated from the product, consumers cannot determine if they are getting a fair deal.

Veldkamp thus suggests considering regulations that require firms to unbundle these transactions. Companies would then have to post two prices: the price of the transaction with the right to use our data; and the price of a private transaction without data rights. This will allow consumers to see exactly how much their data is worth to the firm.

Seems far-fetched? Maybe. But about five years ago, who would have thought our cars would drive on their own? Now, that is reality. So, the idea of valuing personal data is possible, especially in today’s world. In fact, I would encourage the government, as a major data repository, to seriously consider it.

Veldkamp’s article concludes that until we can accurately measure and price data, the economy will run on a resource whose true value remains a guess, largely to the benefit of tech companies rather than consumers. And this is where regulation needs to get ahead of the technology curve.

This brings us back to what the House started with its Data Rollover Bill, which may inadvertently rewrite the philosophy of Philippine digital law. By mandating that unused data must roll over, accumulate, and even be converted into cash rebates, lawmakers advance the idea that data is not a service but property.

It presents us with the dictum that if you can keep it, then you own it. While telecommunications companies have treated data service like a pass, a revocable license to access a service for a specific time, the House appears to see things differently. Perhaps the Senate will feel the same way as well.

By forcing telcos to store our unused gigabytes and potentially buy them back through rebates, the law is treating data like a bank deposit. It acknowledges that the consumer has a “property interest” in those digital bits. If you pay for it, then it belongs to you, and no one can arbitrarily take it away just because the clock expired.

I will concede that we are discussing two different things: the “data” we buy from telcos (internet connectivity) and the “data” we give to apps or platforms (personal information). However, I will also assert that both are, quite simply, digital resources. And both have quantifiable economic value.

And the Data Rollover Bill settles the debate for the first type. The digital capacity I pay for belongs to me. It is my property. This paves the way for the second type. If the law recognizes that I own the empty digital bucket (my data allocation), then it must also recognize that I own the water I pour into it (my personal identity, location, and behavior, etc.).

We cannot have a legal system that protects the value of the delivery truck but treats the cargo as free for the taking. Both types of data play very significant roles in today’s world. And legally recognizing the value of both these digital resources cracks the door open for a “Data Dividend” for consumers.

Consider the irony. Under HB 87, if I don’t use my data, the telco effectively owes me money. Yet, when I do use my data to browse Facebook or search on Google, those platforms harvest my personal information, sell it to advertisers, and pay me nothing. Doesn’t seem right, does it?

If the empty bucket (unused data) is a tradable asset protected by law, then maybe the water inside the bucket (my personal information) should be treated as an even more valuable asset. One can only imagine how much money platforms make from the information from their customers or users.

HB 87 will pave the way for legally recognizing the principle that digital assets can be owned. If we can own our digital capacity, then we can also own our digital identity. HB 87, with its accumulation and rebates, is effectively a Data Dividend. It establishes the infrastructure for tracking digital assets and assigning them monetary value.

HB 87 will perhaps usher in the era of Data Property Rights. It will define digital bits as something that can be owned, saved, and cashed in. Now, we must take the next logical step and consider a Data law that ensures we aren’t just paid for the data we don’t use, but also for the data we do.

HB 87 calls data forfeiture “fundamentally unfair” and wants to end it. But with social media platforms and apps monetizing our data without payment to us, isn’t this unfair as well? A case of unjust enrichment at our expense? Data Property Rights may be years away in law, but we have to start somewhere.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council.

matort@yahoo.com

Peso hits near four-month high as dollar falls on weak US data

PHILIPINE STAR/IRRA LISING

THE PESO jumped to a near four-month high against the dollar on Wednesday following the release of softer-than-expected US retail sales data that could indicate weakness in the world’s largest economy.

The local unit gained by 24 centavos to close at P58.29 versus the greenback from its P58.53 finish on Tuesday, data from the Bankers Association of the Philippines showed.

This was the peso’s strongest finish in almost four months or since it closed at P58.225 on Oct. 21, 2025.

The currency opened Wednesday’s trading session sharply stronger at P58.44 against the dollar. Its intraday low was at just P58.48, while its best showing was at P58.255 against the greenback.

Dollars traded increased to $1.46 billion from $1.179 billion on Tuesday.

“The peso gained after the US retail sales report for December posted a flat growth despite the expected boost from the holiday season,” a trader said in an e-mail.

US retail sales were unexpectedly unchanged in December as households scaled back spending on motor vehicles and other big-ticket items, potentially setting consumer spending and the economy on a slower growth path heading into the new year, Reuters reported.

The flat reading in retail sales last month followed an unrevised 0.6% increase in November, the Commerce department’s Census Bureau said on Tuesday. Economists polled by Reuters had forecast retail sales, which are mostly goods and are not adjusted for inflation, would rise by 0.4%.

Sales increased 2.4% year on year in December. October’s monthly sales were revised to show them declining 0.2% instead of 0.1% as previously estimated.

The dollar struggled across the board on Wednesday, particularly against the yen and Australian dollar, with the Japanese currency continuing to outperform after Prime Minister Sanae Takaichi’s landslide election victory.

The dollar was down 0.75% against the yen at ¥153.25, taking its losses to 2.5% since Friday’s close before Ms. Takaichi’s weekend win.

The euro was up 0.16% to $1.1914, sterling gained 0.3% to $1.3680, and the US currency was down 0.25% against the Swiss franc at 0.7659.

US jobs data for January, delayed from last week due to the short government shutdown, could be the next test for this weakening dollar trend later on Wednesday.

Nonfarm payrolls likely increased by 70,000 last month after rising 50,000 in December, a Reuters survey of economists showed, and a large beat or miss will shape expectations for Federal Reserve policy.

The peso was also supported by Philippine foreign direct investments (FDI) data that indicated improved sentiment, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Central bank data showed that FDI net inflows dipped by 0.3% year on year to $897 million in November. Still, this was the highest in four months or since the $1.271 billion in July.

For Thursday, the trader said the peso could rise further on the US jobs data to be released overnight.

The trader sees the local unit moving between P58.15 and P58.40 per dollar, while Mr. Ricafort expects it to range from P58.20 to P58.40. — Aaron Michael C. Sy with Reuters

Love and Luck this February

JUST OUR LUCK that the Lunar New Year (Feb. 17) comes a few days after Valentine’s Day (Feb. 14, as if you didn’t know). For this list, we’re compiling a few experiences — dining and otherwise — that celebrate both holidays.

LUCK
At The Peninsula Manila, the arrival of the Year of the Horse is welcomed with energy, warmth, and time-honored customs. Welcome the New Year with a Roaring Dragon and Lion Dance (with the lion’s eye dotting said to awaken good luck for the year ahead) at The Lobby at 9:45 a.m. on Feb. 17, then celebrate the rest of the holiday at The Pen’s establishments (from Feb. 16 until March 1).

The Lobby offers the Lo Hei Platter (P6,888 for four persons) and the Chinese Delicacy Set (P2,388 per person). At Escolta, there’s the Daily Lunch and Dinner Buffet at P3,590 per adult and P1,795 per child ages 11 years and below. The Sunday Brunch Buffet is at P4,500 per adult and P2,250 per child aged 11 years and below.

The Peninsula Boutique and Flower Shop pop-up features tokens of prosperity, including the Lucky Bag of Coins Chocolate Sculpture (P1,888), Prosperity Fruit Bonbons (P1,288), and the Mandarin Harvest Miniature Cake (P350).

Learn more at www.peninsula.com or follow them on Facebook and Instagram.

Over at City of Dreams Manila, you will be welcomed by a 17-foot galloping golden stallion at the main casino entrance. Also on display is a Mercedes-Benz EQB 250+, the grand prize of the Draw and Drive promo exclusive to Melco Club members. A car is at stake along with other prizes, in two separate raffle draws on Feb. 28 and March 28 at 10 p.m. at Centerplay. Terms and conditions apply.

Adding a touch of festive flair, the resort welcomes good fortune with an auspicious eye-dotting ceremony on Feb. 17, 5 p.m., at the main casino porte cochère. Revelers are set to witness eight-lion and 70-ft long dragon dance performances, acrobatic movements and high jumps performed by skilled artists from Ling Nam Athletic Association.

The lion and dragon dance will make its way to the family entertainment center DreamPlay at 6 p.m., preceding a parade of DreamWorks characters at the resort’s The Shoppes at the Boulevard.

Crystal Dragon, the resort’s restaurant specializing in Cantonese and regional Chinese cuisine, will have a special a la carte menu of seven specialties that evokes the fiery spirit of the Fire Horse. Available for lunch and dinner from Feb. 16 to March 3, the menu is headlined by the Prosperity Two-head Abalone Yee Sang with Arctic Surf Clam, aversion of the traditional prosperity toss salad.

The Chinese New Year a la carte menu also highlights other indulgent specialties for the season, evoking abundance: the Slow-braised Good Fortune “Pen Cai”; Duo flavor steamed grouper with scallop lucky bag; and Steamed lotus leaf rice with Chinese sausage, roasted unagi and spicy edamame sticky rice ball, and the Braised Sea Treasure and dry scallop thick broth with “Fatt Choi,” among many others.

Nobu, meanwhile, presents a la carte dinner offerings that reflect the flavors of the festivity, which includes its own Nobu-style Prosperity Toss Salad consisting of smoked salmon, shrimp and yuzu plum dressing. The Chuka Medley, a platter combining Nobu-style shrimp toast, roasted duck breast in wasabi and plum reduction, and stir-fried beef tenderloin in Szechuan teriyaki, is another novel experience. Nobu Manila’s Chinese New Year specials, available from Feb. 15 to 22 also include Aji Oshizushi and Awabi Three Ways.

For reservations and information, call 8800-8080 or e-mail guestservices@cod-manila.com, or visit www.cityofdreamsmanila.com.

Grand Hyatt Manila’s No. 8 China House celebrates the lunar holiday on Feb. 16 (dinner) and Feb. 17 (lunch). Guests can indulge in any of three Chinese New Year set menus that highlight prosperity, longevity, and fortune. The Happiness Set Menu is priced at P38,880 net for a table of six, the Longevity Set Menu at P55,880 net for a table of 10, and the Fortune Set Menu at P70,880 net for a table of 10.

The Happiness Set Menu includes the Yu Sheng prosperity toss salad and six other courses including traditional Peking duck, and Pan-fried Angus beef, asparagus and garlic. The Longevity Set Menu expands the celebration with the addition of four more courses, as well as Moët Chandon Imperial Brut. The Fortune Set Menu elevates the festivities further with dishes like Wok-fried Australian lobster in XO sauce, Deep-fried lamb rib with cumin in spicy sauce, and Braised Dongpo pork with abalone, all paired with Jasmine tea and Moët Chandon Imperial Brut.

Take the luck home with round nian gao at P2,488, round radish cake at P2,888, and a whole Coconut Pineapple Cake at P2,588, with mini versions available at P388. Specialty boxes include nian gao with Hennessy VSOP at P9,888 and nian gao with Hennessy XO at P28,888, both requiring 48-hour advance orders. Luxurious hampers are also offered, ranging from P12,888 with wine to P34,888 with Hennessy XO, each featuring nian gao, sauces, dried shiitake, roasted nuts, mixed dried fruits and Grand Hyatt Manila Peach Tea Blend. Guests can order nian gao, hampers, and gift items via Dine at Home, or book a table through Restaurant Reservations. They can also call 8838-1234 or 7918-1234.

While others do it with salad, Kaokee allows you your own prosperity toss with noodles. Kaokee’s Lo Hei Noodles is a noodle salad made with egg noodles, enoki mushrooms, pomelo, carrots, cucumbers, and other auspicious ingredients that symbolize blessings such as longevity, harmony, and abundance. The Lo Hei Noodles are priced at P588 and are good for three to five pax. It is an exclusive dish at Kaokee Jupiter, located at The Belamy House, Makati City. It is available from Feb. 10 to 28. Guests who order the Lo Hei Noodles or reach a minimum spend of P3,000 will also receive a special angpao containing a voucher redeemable on their next visit. Possible vouchers include a P500 gift certificate, a free box of egg tarts, or a free Hainanese Chicken Set.

Shoppers at Robinsons Department Store Galleria can enjoy a free in-store Chinese New Year-themed whimsical horse carousel ride with a minimum single-receipt purchase of P500 from Feb. 13 to 17. Drop by the Prosperi-tree and get a chance to win up to P500 in Robinson’s Department Store Gift Certificates for a minimum single-receipt purchase of P3,500. Discover what 2026 has in store for you and get insights into your year ahead with a free Fortune Reading for every P2,000 purchase on Feb. 1 to 17 from 1 p.m. to 5 p.m.

Kids can join in the fun with McDonald’s and their new Chinese zodiac-inspired collectibles featuring McDonald’s characters. Available for a limited time only, they come in detachable Zodiac animal shells and can be availed with the new Golden McFloat. The McDonald’s Zodiac collectibles reimagine Grimace, Hamburglar, and Birdie as animals from the Chinese zodiac, each with a detachable Zodiac animal shell with its own colored gem — all of which are interchangeable across the collection. The interchangeable zodiac animal shells include a bonus golden horse shell to mark the Year of the Fire Horse. Collectors can mix and match characters and cases to reflect their own unique character. Customers can get this exclusively through a lucky combo by adding P168 to any McDonald’s meal to get one Collectible and an upgrade to the Golden McFloat.

LOVE
For Valentine’s Day, City of Dreams’ Crystal Dragon also has a special menu for lovers, priced at P5,500++ per person. It’s available for lunch and dinner on Feb. 13 to 14.

The menu includes deep-fried Crispy Stuffed Scallop with prawn mousse and golden creamy pumpkin sauce; Poached Fish Maw; and Pan-seared A5 Wagyu Steak in Chef’s special sauce; among other dishes. At Nobu, there’s a multi-course Valentine’s menu available on Feb. 13 and 14, priced at P6,888 net per person. For those celebrating with local flavors, Haliya’s set menu is priced at P9,500 net per person. Available for lunch and dinner on Feb. 14, this menu includes an amuse bouche of Lobster Tartare and Caviar Oscetra preceding Lover’s Gravlax (Beetroot-cured Salmon). Haliya’s Valentine’s menu includes unlimited helpings at the dessert station, as well as a choice of two love season-inspired cocktails.

Tatatito’s offers a Valentine’s-exclusive five-course Petals & Pairing menu (P2,380 per person) which puts a romantic spin to Filipino flavors, with plates accompanied with edible flowers as well as red and white wine. For the main course, guests may choose between two entrées: Chicken Confit or the Tuna Belly, both of which are paired with Condor Peak Malbec. The meal ends with Tiramisu drenched in kapeng barako. The menu is available from Feb. 10 to 15. Reservations are done through https://events.bistrochat.com/en/tatatito/tatatito-petals-and-pairings.

Conrad Manila celebrates the season of love with an elegant selection of dining exclusives. On Feb. 13 to 15, Brasserie on 3 presents a buffet crafted for sweethearts. The spread features prime rib, crusted baked salmon fillet, seafood, healthy selections, Valentine’s-themed cake, and other desserts. Unlimited house beverages for two hours and live romantic performances accompany the meal. Veranda seating costs P5,588 per person and indoor seating costs P4,588 per person (the lunch selection slashes the price down to P3,188). At China Blue by Jereme Leung, couples may celebrate love with a Chinese set menu that features pan-fried US beef tenderloin with dry orange peel gravy and okra, braised abalone and seared scallop with bell pepper sauce and dry scallop rice, wok-fried lobster with butter torch ginger and flower gravy sauce, and slow-boiled roasted duck golden broth with stuffed morel mushroom, among others. This is available from Feb. 14 to 15, and costs P4,998++ per person. For more information on the hotel’s latest dining offers, contact 8833-9999 or e-mail MNLMB.FB@ConradHotels.com.

Former Ayala Land executive named ICCP chairman

AUGUSTO D. BENGZON — FACEBOOK.COM/OFFICIALAYALALAND

THE INVESTMENT & Capital Corp. of the Philippines (ICCP) has elected former Ayala Land, Inc. (ALI) Chief Financial Officer (CFO) Augusto D. Bengzon as its new chairman and chief executive officer.

“Augusto Bengzon brings a strong track record in finance, governance and strategic leadership. We are confident that his experience and perspective will serve ICCP well as it continues to build on its long-term growth plan,” ICCP Executive Committee Chairman Guillermo D. Luchangco said in a statement on Wednesday.

Mr. Bengzon has 18 years of experience in financial services, including 16 years at Citibank, where he specialized in consumer, corporate, and investment banking.

In December 2025, he retired as ALI’s senior vice-president and member of the Management Committee. He previously served as treasurer and CFO, and held positions such as chief compliance officer, chairman, and director of various ALI subsidiaries.

“During his tenure, he played a central role in strengthening ALI’s capital position, advancing its investor relations program, and supporting the company’s expansion across multiple real estate asset classes,” ICCP said.

Mr. Bengzon was also the 2024 president of the Financial Executives Institute of the Philippines (FINEX) and 2025 chairman of the FINEX Foundation. He currently serves as chairman of FINEX Academy.

The ICCP is a medium-sized conglomerate with interests in investment banking, venture capital, and property development. — Beatriz Marie D. Cruz

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