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Globe stock gains on cable consortium entry

PHILSTAR FILE PHOTO

By Lourdes O. Pilar, Researcher

SHARES of Globe Telecom, Inc. rose last week, with analysts citing its participation in the Candle Cable System as a key driver.

The Ayala-led telecommunications company was among the most actively traded stocks during the week, with 215,525 shares valued at P353.97 million traded from April 6 to 10, according to data from the Philippine Stock Exchange (PSE).

Trading lasted four days due to the Araw ng Kagitingan holiday on April 9.

Globe shares closed at P1,650 each on Friday, up 2.2% from P1,615 on April 1. This trailed the services index, which rose 3.1%, but outpaced the benchmark PSE index, which gained 1.7%.

Year to date, Globe shares are up 4.2%. This lagged the sector’s 18% gain but exceeded the PSE index’s 0.7% increase.

Unicapital Securities, Inc. Equity Research Analyst Peter Louise D.C. Garnace said Globe’s share price rose week on week following the company’s announcement that it would connect the Philippines to the Candle Cable System.

“One of the highest-capacity submarine cables connecting to Asia’s busiest economies for AI (artificial intelligence) workloads. The integration of Candle to Globe’s domestic fiber network enhances speed, reliability, and enables more enterprise demand,” he said in an e-mail.

Mr. Garnace added that Globe’s share price may also have been supported by improved market sentiment following the US-Iran ceasefire, which eased concerns over a prolonged oil-driven inflation shock.

“This could mitigate pressure on consumer spending, particularly for discretionary services such as internet connectivity,” he said.

“Globe became the most active stock this week after it disclosed that they are pushing for the stage 5 AI maturity which aims to improve and evolve its presence in the country,” said Jash Matthew M. Baylon, analyst at First Resources Management and Securities.

He added that Globe’s move to join the Candle Cable System consortium supported the stock’s performance last week.

“This plan will improve our digital backbone as international connectivity may benefit local users. This move will also ensure faster and more reliable connectivity, which could strengthen its service among businesses and consumers,” Mr. Baylon said in an e-mail.

Globe said it joined the Candle Cable System consortium to help establish the Philippines’ digital backbone by linking the country to submarine cable networks across Asia.

The consortium includes Meta, Japan’s SoftBank Corp., IPS, Inc., NEC Corp., Telekom Malaysia Bhd., and Indonesia’s PT XLSmart Telecom Sejahtera Tbk.

Globe will participate as both an investor and a landing party, with the cable set to land at its Nasugbu station in Batangas, complementing the Philippine landing point in Baler.

The system is expected to begin operations by 2028 and is projected to be among the highest-capacity cable systems in the region, the company said.

Globe also said it is advancing AI adoption across the organization, including the creation of a chief AI officer role.

At the Mobile World Congress, Globe President and Chief Executive Officer Carl Cruz said the company had adopted the GSMA Responsible AI Maturity Roadmap and established an AI Innovation Hub to support responsible and sustainable innovation.

“For me, the measure is simple, if AI helps us serve customers better and widen access to opportunity, then we are using it with purpose, uplifting more Filipino lives and building a #GlobeOfGood,” Mr. Cruz said.

He said Globe is investing in AI-driven tools such as personalized services, self-service platforms, and proactive network monitoring to improve customer experience.

Meanwhile, the United States and Iran agreed to a two-week ceasefire, with mediation by Pakistan, pausing a six-week conflict that had disrupted global oil supplies.

Globe reported revenue of P178.24 billion in 2025, down 1.3% from P180.59 billion in 2024.

Net income fell 4.2% to P23.26 billion from P24.29 billion a year earlier.

“In the coming weeks, we think Globe may revisit its resistance at P1,750 per share. However, once the overall market weakness affects Globe, we are placing our support at P1,600 per share level,” Mr. Baylon said.

Mr. Garnace said Globe may trade sideways next week due to a lack of significant catalysts.

“Nevertheless, we see Globe’s defensive profile cushioning any potential downside risk, with immediate resistance at P1,680 apiece and immediate support at P1,570 apiece,” he said.

Peso to move sideways vs dollar with Middle East developments in focus

BW FILE PHOTO

THE PESO may trade sideways against the dollar this week as markets remain on edge amid the temporary ceasefire deal between the United States and Iran.

On Friday, the local unit closed at P59.97 against the dollar, weakening by 54 centavos from its P59.43 finish on Wednesday, Bankers Association of the Philippines data showed.

Week on week, however, the peso gained 19 centavos from its P60.16 finish on April 1.

The dollar edged higher on Friday due to worries over the fragile US-Iran ceasefire, with Israel’s attacks on Lebanon triggering safe-haven demand, a trader said in a phone interview.

The peso was also dragged lower by S&P Global Ratings’ downgrade of the Philippines’ credit rating outlook, Rizal Commercial Banking Corp, Chief Economist Michael L. Ricafort said in a Viber message.

The debt watcher cut the Philippines’ credit outlook to “stable” from “positive” as surging energy prices due to the Middle East conflict and a slowdown in infrastructure spending could worsen its external position.

Still, it said it expects the economy to grow steadily, which could help keep its fiscal position healthy.

For this week, the trader said the market will continue to watch developments on the ceasefire, noting that the peso could weaken back to the P60 level if tensions rise anew but remain at the P59 range if the situation stays benign.

The trader sees the peso ranging from P59.70 to P60.30 per dollar this week, while Mr. Ricafort expects it to move between P59.70 and P60.20.

The US and Iran failed to reach an agreement to end their war despite lengthy talks that concluded on Sunday in the Pakistani capital Islamabad, jeopardizing a fragile ceasefire, Reuters reported.

Each side blamed the other for the failure of the 21-hour-long negotiations to end fighting that has killed thousands and sent global oil prices soaring since it began over six weeks ago.

The talks in Islamabad, after a ceasefire earlier in the week, were the first direct US-Iranian meeting in more than a decade and the highest-level discussions since the 1979 Islamic Revolution.

Iran’s semi-official Tasnim news agency said that “excessive” US demands had hindered reaching an agreement. Other Iranian media said there was agreement on a number of issues but that the Strait of Hormuz and Iran’s nuclear program were the main points of difference.

“It is imperative that the parties continue to uphold their commitment to ceasefire,” Pakistan’s Foreign Minister Ishaq Dar said in a statement after the talks. The two sides agreed on Tuesday to a two-week ceasefire in an attempt to wind down a war that began on Feb. 28 with air strikes by the US and Israel on Iran.

Despite the differences in Islamabad, three supertankers fully laden with oil passed through the Strait of Hormuz on Saturday, shipping data showed, in what appeared to be the first vessels to exit the Gulf since the US-Iran ceasefire deal. — Aaron Michael C. Sy with Reuters

New girls, new games

FACEBOOK.COM/BBPILIPINASOFFICIAL

WHILE the candidates for Binibining Pilipinas 2026 were announced late last month (all 36 of them), the pageant initially held out in releasing each of their territorial designations. It was because the event where the candidates were “sashed” with the communities they represented was usually held privately at the Binibining Pilipinas Charities, Inc. (BPCI) offices beforehand. This year, for the first time, they held it publicly, in the pageant’s first sashing ceremony at the Novotel Manila Araneta City.

On April 6, all the candidates went up on stage and were given their sashes. The ceremony also proved to be a way for pageant-watchers to see how the candidates speak and walk (as they had to introduce themselves with their territorial designation during the event). We already heard some old hands at pageants set their bets, as well as compared some of the women to previous contestants and showbiz figures.

“Historically, this event has been something Bb. Pilipinas has kept to the family and kept a little private,” said BPCI executive committee member Pia Roxas Ojeda-Banal in a speech. “We recognize that our 62nd batch of Binibinis is something that we should really celebrate. Not just who they are, but where they come from: the provinces, the cities, and communities that they represent.

“It takes a village to go on this journey. The sashing ceremony is really Day 1 for our girls,” she said.

“There’s really so much to celebrate about these girls and the places they represent. Sure, we like keeping it in an intimate setup, but it’s also nice to be able to share that with everyone,” said Ms. Ojeda Roxas-Banal in an interview. “We’re open to new ideas. We’re the oldest pageant in the Philippines and so we want to bring some fresh air into it.” Asked about new things they’re planning for the pageant, she said, “It’s a secret. Surprise na lang.”

One also looks to the past while looking to the future: one of the women placing the sashes on the new contestants was Vida Doria, fashion designer, visual artist, and Bb. Pilipinas – Universe 1971. In an interview with BusinessWorld, she compared the women of today versus the women of her pageant heyday. “We were much younger than the girls now,” she said. “There are very few (now) who are less than 20 years old,” she said, noting that in her time, the contestant usually had an age range of 17 to 21 (and 21-year-olds were pushing their luck).

Not much emphasis was given back then to their advocacies and causes: “They just asked us what we wanted to be, because most of us were still in college,” recalled Ms. Doria. “We were only thinking of finishing college.

“Most of them are career-(oriented),” she said about the new batch. “They’ve already graduated — if not doctors, lawyers. They’re more mature, compared to during our time.”

The complete list of the candidates and their official territorial designations follows:

Britney Angel Rubino – Caluya, Antique

Ma. Kathrina Pauline Cudia – Jaen, Nueva Ecija

Nathalie Magat – Bais, Negros Oriental

Elli Rose L. Elola – Negros Occidental

Jarina K. Sandhu – Cauayan, Isabela

Joahnna Lee L. Ucol – Ilocos Norte

Julie Mae P. Villanueva – Ilocos Sur

Iris L. Oresca – Bicol Region

Nicole Sobria – Makati

Christine Jorelle F. Usaraga – Cebu

Alisa Keith D. Irugin – Cavite City

Zillani Eve P. Rojas – Zamboanga

Juliane Raine Antonio – Dumaguete

Kristeen Mia SJ. Lucero – Bulacan Province

Tracy Mae C. Sunio – Bacolod City

Shara Maxine M. Barber – Palawan

Ivy R. Padilla – Misamis Oriental

Angelica Arwin C. Evora – Oriental Mindoro

Anjali C. Pradeep Kumar – La Union

Stacey C. de Ocampo – Pangasinan

Samantha Marie B. Zabarte – Dasmarinas, Cavite

Sasha-Juli Belle P. Lacuna – Tarlac

Kaye Pastelero – Cavite Province

Anne Klein E. Castro – Pampanga

Camille Bernadette T. Martin – Malolos, Bulacan

Mary Adeline C. Ramirez – Malabon

Ain Niqyla S. Abad – San Jose, Occidental Mindoro

Marinella J. Catangay – Quezon City

Gwyneth Jemimah B. Chan – Cagayan de Oro

Pauline Thea Ann E. Ibuyan – Aklan

Gwendoline Meliz F. Soriano – Baguio

Arah Jasmin B. Reguyal – Occidental Mindoro

Georgette Nicole R. Coronacion – Carmona, Cavite

Patricia Lynn Beerda – Iloilo

Trisha Irish Marie N. Rosales – Gen. Trias, Cavite

Mylene B. Manschus – Tanza, Cavite

— Joseph L. Garcia

Galunggong landed at Navotas port nearly doubles as harvest peak starts

PHILIPPINE STAR/ MICHAEL VARCAS

THE Department of Agriculture (DA) said galunggong (round scad) landed at the Navotas Fish Port Complex nearly doubled in March with the onset of the harvest, which runs until July.

In a statement on Sunday, the DA said galunggong volume rose to 16,165.52 metric tons (MT) from 8,161.92 MT a year earlier.

The DA’s Philippine Fisheries Development Authority (PFDA) said the galunggong stock was replenished after the closed season between November and January, with conditions also favorable for vessel deployment.

The PFDA said other environmental factors, including ocean changes associated with El Niño, may have influenced fish migration and catch rates.

Of the total, shortfin scad accounted for 9,731.68 MT, while bigeye scad reached 6,433.84 MT.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. said the figures reflect gains from long-term fisheries management, including the seasonal fishing bans.

“A decade of implementing the closed fishing season policy has contributed to the recovery of fish stocks, and we are now seeing the results in higher and more stable landings,” he said in the statement.

PFDA General Manager Glen A. Pangapalan noted the need for continued investment in cold storage, logistics, and post-harvest facilities to sustain supply and limit losses.

“Strengthening infrastructure will help minimize losses and ensure that increased landings translate into better-quality fish and improved returns for stakeholders,” he said in the statement. — Vonn Andrei E. Villamiel

Politicians who play God with our health

PHILIPPINE STAR/MIGUEL DE GUZMAN

Dr. Arturo B. Rotor wrote Men Who Play God, his anthology on the practice of medicine in the Philippines, in 1983. I was in medical school when I read his stories and saw firsthand the failing health system of the Marcos administration under Martial Law which he was writing about. He wrote about doctors having to choose which patient in the emergency room would get a bed, providing access to life-saving care.

I was an intern in Hospital ng Bagong Lipunan in 1985, spending sleepless nights in the emergency room, asking patients’ relatives to buy fluids or IV medicines, hoping they could pull through and get admitted the following day. As a family medicine resident in the Philippine General Hospital (PGH) in 1989, I would turn to supplies donated by the Friends of PGH (a foundation) for life-saving care, before they would run out at the end of every month.

Doctors in public hospitals and clinics make choices every day, literally playing God, like Dr. Rotor’s characters in his short stories. It is a sad commentary that in the 43 years after Rotor published his book, the situation for doctors and health workers has not changed. Instead of playing God, it is now called triage in many emergency rooms, prioritizing the most critical patients. The less critical go home or wait until their condition warrants admission.

The Department of Health (DoH) has had a Medical Assistance Program since the 1980s as a means to refer indigent patients to better-off private hospitals. Over the decades, the program accommodated requests of politicians for the hospitalization of constituents, with funds available in DoH retained hospitals until consumed.

When the DoH launched Kalusugang Pangkalahatan in 2011, the National Health Insurance Program under PhilHealth expanded to cover more diseases, and hospitals started having more resources. Thus, from 2010 to 2013, the Medical Assistance Program was gradually reduced to zero as funding for PhilHealth increased.

Funding for the Medical Assistance Program was restored in 2014 but was less than 10% of the funds allocated for PhilHealth’s social health insurance program for indigents.

Before the COVID-19 pandemic and the 2019 Universal Health Care Act, PhilHealth got the lion’s share of funding for indigents from 2011-2019: P337 billion. Medical Assistance received P25 billion during the same period.

POLITICIANS AND THEIR HEALTH PATRONAGE RISE
Starting in 2019, the Medical Assistance program doubled, then grew some more. In 2022, at the height of the presidential elections, Medical Assistance grew to P21 billion, one fourth of the PhilHealth budget. By this time, politicians were largely in control of Medical Assistance funds, allocating millions to private and public hospitals and issuing guarantee letters to DoH regional offices which would authorize expenditures.

Under the current administration, Medical Assistance (renamed Medical Assistance for Indigents and Financially Incapacitated Patients or MAIFIP) gained the upper hand in funding.

From 2023-2025 MAIFIP received P132 billion while PhilHealth only received P60 billion, reversing course on the promise of Kalusugang Pangkalahatan and the UHCA.

MAIFIP IS A REVERSAL OF UHCA
DoH’s 2026 MAIFIP guidelines (Administrative Order or AO 2026-0031) will lead to barriers to health care for the poorest 40% of households in the country as it will bypass the existing UHC Act of 2019 which imposes no barriers to health care to all Filipinos.

A significant amount, P51.6 billion, has been provided by the General Appropriations Act that will require a means test to prove one is poor or financially incapable in order to access the fund. Last December, the Supreme Court affirmed that accessible and affordable health care is a Constitutional right. MAIFIP 2026 could infringe on that right by not making it accessible to all Filipinos.

MAIFIP also creates an administrative decision-making process outside the health care system. The provider of care will need approval from the administrator of the fund when the provider is in the ideal position to make that decision, making MAIFIP not only inequitable but ineffective in providing the right care at the right time.

Political intervention is not explicitly banned by the AO, and interventions by both politicians and high-ranking officials can still occur, as regional directors are still subject to legislative inquiry during the budget process.

Health care spending by the poor (the bottom 40%) has increased faster than that by higher income groups — this is evidence that they need access to health funding, according to the DoH.

Rather than continue with MAIFIP or institutionalizing this fund, the DoH and legislators should work on a 2027 health allocation that truly makes health care accessible by improving primary care to reduce overcrowding in hospitals. PhilHealth must change track, from funding 90% of hospital-based care and increase funding for primary care and preventive care.

Health advocates have not been supportive of MAIFIP since it began. The barriers are political and socioeconomic, making access selective. This AO does not address that at all. Previous guidelines also never mentioned political interference, but it was allowed.

The AO does not shield the Regional Directors from political interference. It also does not improve the chances of the poor to access care when, from the beginning, they avoid hospitals because of the cost. Surveys have shown (CBMS) that 20% to 30% of those needing health care stay at home and delay care.

Doctors and health workers continue to have to allocate limited health resources; they do it with science behind their decisions but yearn for the day when they do not have to make those choices.

Politicians, on the other hand, make decisions allocating resources through MAIFIP out of a desire to assert patronage.

Efficient and effective implementation of universal health care and public health principles will make that decision-making irrelevant.

 

Dr. Juan Antonio “Jeepy” Perez III, a Doctor of Medicine, specializes in public health administration and primary health care. He has worked on community-based health programs, Philippine local health systems, the TB program, health information systems, and public and private reproductive health and family planning programs in the Philippines. He was Undersecretary for Population and Development and Executive Director of the country’s Commission on Population and Development up to 2022 when he retired. He occasionally writes for Action for Economic Reforms.

Alpaca engages regulators to explore wider access to foreign securities

STOCK PHOTO | Image by Kanchanara from Unsplash

GLOBAL BROKERAGE infrastructure provider Alpaca said it is engaging with regulators and market participants to explore ways to expand Filipino retail investors’ access to foreign securities, citing strong demand.

“The demand for access to foreign securities in the Philippines exists, and it is significant,” Alpaca Singapore Chief Executive Officer Rohit Mulani told BusinessWorld in a virtual interview.

Citing data from the US Treasury, the company said Filipino investors currently hold more than $3 billion in US securities. However, in the absence of a local framework for accessing these investments, many investors have turned to offshore platforms, some of which have recently faced restrictions from the Securities and Exchange Commission (SEC).

“So, we are engaging with the SEC and the Philippine Stock Exchange (PSE) and brokers on the ground to see how to open up the market so that retail investors in the Philippines can get access to the US market,” Mr. Mulani said.

He said the US market is among the largest and most liquid globally and has generated significant wealth over time.

Mr. Mulani added that interest in international markets among Filipino retail investors is partly driven by access to globally recognized companies such as Apple, Netflix, and Starbucks. These markets also host companies developing emerging technologies that could influence industries worldwide, including in the Philippines.

“We would like to ensure that retail investors in the Philippines that have interest in the product will be able to access those markets,” he said.

“We believe that everybody in the world should have access to these technologies and should be able to invest in these companies. So, we’re working with brokers, we’re engaging with regulators, and trying to pioneer access for the US markets into the Philippines,” Mr. Mulani added.

He said fractional share trading in the United States allows investors to buy portions of stocks for as little as $1, lowering the cost of entry and enabling diversification with smaller amounts. In contrast, the Philippine market continues to use board lot sizes with set minimum investments per stock.

Mr. Mulani said reducing such entry barriers could help broaden investor participation.

“The barrier for somebody to becoming an investor is significant, where they would need larger amounts of capital to be able to invest in 10 companies, they would need to buy 10 lots, as opposed to in the US, to build up a portfolio of 10 companies, you need as little as $10,” he said.

“So, bringing that barrier of entry down is very, very significant. And it’s something that we’re quite excited about.”

Alpaca said broader retail investor participation is linked to overall economic growth, noting that expanding access to financial services could increase participation in both Philippine and global capital markets. 

“And so, we fundamentally believe, based on our experience and data that we’ve seen, when somebody becomes an investor in the US markets, they also become an investor in the local markets. And so, we think that this is good for the economy, this is good for the local capital markets, and it’s good for the retail investor as well,” Mr. Mulani said.

“We would like to have more people participating in the capital markets in the Philippines, and this isn’t limited to the US markets. We would like people to be accessing and participating in the local markets as well,” he added.

Last year, GoTyme Bank, a joint venture between the Gokongwei Group and Tyme Group, launched a cryptocurrency investment feature in partnership with Alpaca, expanding access to digital assets as crypto adoption in the Philippines continued to grow. — Alexandria Grace C. Magno

Middle East conflict may erode Philippine banks’ asset quality — Fitch Ratings

FREEPIK

PHILIPPINE BANKS’ viability ratings (VR) could be at risk as nonperforming loans of small businesses and consumers could rise due to the economic impact of the Middle East conflict, Fitch Ratings said.

The debt watcher expects banks in South and Southeast Asia to face credit risks as the conflict continues as this could affect their borrowers, Fitch Ratings Head of Asia-Pacific Banks Jonathan Cornish said in a webinar on Thursday.

“Higher energy prices, supply-chain disruption and weaker remittance flows would weigh most on emerging-market banking systems, where borrower resilience is lower and exposure to inflation and external shocks is greater. The key credit question is not whether banks face immediate stress, but which systems and loan segments deteriorate first if the shock persists,” it said in a separate April 9 statement.

“Asset-quality pressure would be likely to appear first in vulnerable retail, micro-enterprise and small and medium-sized enterprise (SME) loan books. Fitch’s 2026 banking sector outlooks already incorporate expectations of some asset-quality deterioration in several APAC (Asia-Pacific) markets, but a more prolonged conflict would intensify pressure in countries with greater exposure to commodity prices and trade disruption — including the Philippines, India and Thailand — and to a lesser extent Singapore.”

Mr. Cornish said during the webinar that this effect may be more pronounced in the Philippines in comparison to other markets as banks in the country now have higher exposures to these sectors.

“For the Philippines, though, spillover into micro and SME loans and to consumer loans may be more impactful than in the past, because a meaningful share of loan growth in recent years has come from those segments as banks reduce concentrations to large conglomerates.”

He said a prolonged conflict could lead to a material deterioration in smaller banks’ asset quality in the second half.

“The areas that we expect to see the deterioration come through, first of all, would be for the micro and SME and consumer loan segments, areas where banks, particularly smaller banks, have been growing a larger percentage of their loan book in recent years as they diversify away from the larger conglomerates. They have shown more volatility or vulnerability in the past, including during COVID,” Mr. Cornish said.

“You’ll probably expect to see some of that deterioration more evident throughout the second half of this year. If the conflict is even more prolonged, then it will start to impact larger borrowers,” he added.

Fitch added that emerging-market banks’ VRs are more vulnerable compared to more developed markets.

“VRs could weaken if operating conditions deteriorate beyond Fitch’s current scenarios, especially if higher fuel costs and supply disruption reduce borrower cash flow for long enough to push up impaired loans and credit costs. The sectors most exposed are those with weaker pricing power and higher energy intensity, including refiners, chemicals, energy-intensive manufacturing and parts of retail,” it said.

“SMEs remain more vulnerable to an economic downturn than larger corporates, although support for state-owned or strategically important borrowers in some markets could limit bank losses indirectly.”

Despite these risks, Mr. Cornish said the impact on banks’ issuer default ratings (IDR) would be limited amid strong government or shareholder support.

“Around two-thirds of emerging-market APAC bank IDRs are underpinned by government or shareholder support, which means weaker standalone credit profiles do not automatically lead to IDR downgrades.”

Fitch rates several government-owned and private banks in the Philippines, with most having IDRs at par with the sovereign’s BBB rating and “stable” outlook. — A.M.C. Sy

Style (04/13/26)

Rustan’s celebrates summer campaign

RUSTAN’S Summer 2026 campaign is “Beneath the Riviera Sun,” inspired by the warmth and quiet elegance of the Mediterranean coast. The campaign comes to life on April 17 at Rustan’s Makati, where guests will step into an immersive environment that brings together fashion, beauty, and lifestyle. Across the Makati department store, spaces will be transformed into a vision of seaside living. Each floor will offer a distinct expression of the Riviera spirit. At the Women’s Floor, there will be a series of live performances featuring jazz and coastal rhythms. The Men’s Floor will shift into a more relaxed tempo with acoustic performances. The Beauty Floor will become a sensorial escape, elevated by ambient music and a curated DJ set, alongside live beauty moments that highlight ritual and indulgence. Guests will be invited to engage in a series of activities like Instax photo stations, sticker customizations, personalized styling sessions, beauty consultations, and quick makeovers. Refreshing touches such as gelato carts and summer beverages bring a taste of the coast indoors, all while a fashion show unfolds at the 5th floor, showcasing relaxed tailoring, resort-ready pieces, and elevated essentials. Step down 3 levels and you’ll find yourself immersed at The Style Edit: Le Soleil de la Riviera, a curated showcase where brands will present key seasonal looks that transition seamlessly from city to coast. On April 17, guests can enjoy x5 FSP points, alongside P1,000 off for every P15,000 purchase while 0% installment options of up to 12 months across selected brands with major bank partners will be available. On April 18 to 19, customers will get x3 FSP points across Rustan’s stores and participating SSI and SLCI brands. Adding a layer of discovery, Around the Coast invites customers to explore the store through a curated journey across categories. By locating participating brands such as Clarins, Bimba Y Lola, American Tourister, Damiani, Mustela, and Christofle, the first 50 participants will receive prizes, turning the retail experience into a rewarding pursuit. There will be special event-day-only offers, including exclusive gifts with purchase and limited-time promotions across participating brands.

Phiten shirts 30% off with purchase of P2,000

PHITEN’S energy flow regulating T-shirts are now available at its retail store at the Techno Holdings Health & Beauty Hub, Shangri-La Plaza Mall. As an introductory offer, customers can get 30% off on the shirts with a purchase of P2,000 worth of Phiten products. There is a wide range to choose from such as socks, necklaces, bracelets, tapes, lotion, socks, joint supports, and the volleyball line. Phiten’s innovative T-shirt collection is wearable technology for daily comfort and recovery. Each shirt is infused with Phiten’s proprietary Aqua-Titanium technology. By dispersing nanoscopic titanium particles into the fabric, the shirts are said to help regulate the body’s natural energy flow. Phiten integrates metals such as gold, titanium, palladium, and platinum into its product line, woven into its threads. The shirts are available in a variety of colors, with simple branding on the chest and minimal logos on the sleeve. The shop is at Level 6, Techno Holdings Health and Beauty Hub, at Shangri-La Plaza Mall and at the ground level of Mistukoshi Mall. Phiten is brought to the Philippines by Techno Holdings Corp., the company behind Karada, Steltz International, HKR Equipment Corp., The Turf Company, Miss Esthe, Stelton Dermascience, Express Relief, Finix Corp., Phiten IP Salon, and Nora Salon/Nora Lab.

PUMA x Pokémon themed collab

PUMA teamed up with Pokémon to celebrate 30 years of the franchise with the “Into Another World” line which celebrates a day-to-night lifestyle and fuses performance gear with pop culture. Originally introduced in 1996, the world of Pokémon comes to life through the new collection of adult and children’s designs, bridging Puma’s sportswear legacy and modern street culture with the colorful and fun designs of the world of Pokémon. The collection mirrors the contrast between the Sun Pokémon Espeon and the Moonlight Pokémon Umbreon, and features a playful nod to Pikachu and Mimikyu. The brand reworked the Mostro and Fade Nitro to create four Pokémon-inspired silhouettes for the collection. Trainers can catch the dark, stealthy Fade Nitro Umbreon in black and Energizing Yellow for P8,800. The Fade Nitro Pikachu features a matching yellow and black combo, also priced at P8,800. The Inverse Mimikyu, priced at P8,500, channels the elusive Ghost/Fairy-type’s disguise with an Alpine Snow and black contrast. Fans can also harness the psychic daylight energy of the Mostro Espeon in a sleek pink and black colorway. Each pair has custom hangtags and subtle detailing. The collaboration finds its way to the basketball court with the All-Pro Nitro 2 Pikachu that comes in a unique Sun Ray Yellow and Red Glamour colorway for P7,900. The Hoops line introduces a series of graphic tees — featuring Squirtle in Team Light Blue, Shiny Mew in Posie Pink, and Pikachu in black — for P2,900 each. Relaxed everyday silhouettes are reimagined for the modern Pokémon Trainer with a full lineup of versatile colorways. The clean Relaxed Graphic Tees are available in four colors: black, white, Pearl Pink, and Alpine Snow for P2,400. These can perfectly pair with the Relaxed 7” TR Shorts, available in Strong Gray and Alpine Snow for P3,200. The collection introduces the matching Strong Gray Pumatech-X Track Jacket and the Relaxed Track Pants at P5,400 each. For a bolder statement there are Oversized Jerseys for P4,400 in Pearl Pink or black. Functional accessories in the collection include the heavy-duty 28L PUMA x Pokémon Backpack in a dual-tone PUMA Black and Strong Gray colorway, both available for P4,400. For younger fans there is a dedicated kids’ apparel line that mirrors the adult styles — scaled-down graphic tees in black, white, and Pearl Pink for P1,200, Strong Gray TR Shorts for P2,200, and a matching Oversized Jersey in black or Pearl Pink for P2,200. The collection is now available at puma.com, select Puma flagship stores, and official Puma retailers across the Philippines.

European drinks companies seek relief from Indian tariffs as can, bottle shortages loom

Bottles of Kingfisher and Tuborg beer are displayed in a fridge at a pub in Mumbai, India, October 20, 2018. Picture taken October 20, 2018. — REUTERS/DANISH SIDDIQUI/FILE PHOTO

NEW DELHI — A European industry lobby group, whose members include Pernod Ricard, Anheuser-Busch (AB) InBev, Heineken and Carlsberg, has asked India for an exemption from a 10% import duty on glass bottles and aluminum cans, amid shortage fears triggered by the Iran war.

The Federation of European Businesses in India wrote to the Indian government on April 2 highlighting that companies’ can and bottle supplies were constrained as local manufacturers were not able to operate at optimal capacity.

The letter highlights pressures in India’s $65 billion alcohol market which is facing higher costs for glass bottles, cartons and labels as a result of the Middle East crisis. And in India it is more difficult for drinks companies to pass this on to customers as retail price changes require government approvals in around two-thirds of India’s 28 states.

The drinks industry is already facing an up to 15% cost increase due to higher prices of raw materials like cartons and adhesives.

The Federation’s letter requested “a temporary customs duty waiver on packaging imports for aluminum cans and glass bottles,” adding that exploring alternative sourcing options from other countries could add 30% to industry’s costs of these raw materials.

India’s commerce and finance ministries did not respond to Reuters queries.

The Federation of European Businesses in India declined to comment. Pernod Ricard, AB InBev, Heineken and Carlsberg did not immediately respond to requests for comment.

India’s alcohol market is expected to grow at nearly 8% a year until 2033, making it among the world’s fastest growing, Coherent Market Insights said.

Data from Euromonitor showed that Heineken has the largest share in the beer sector, while Diageo and Pernod top India’s spirits market in terms of volume.

Beer companies have already sought a price increase in many states to tide over the crisis of higher costs, according to industry group Brewers Association of India.

“The war has brought down the domestic supply of glass bottles and aluminum cans substantially and the beer industry must import them if it has to meet domestic demand,” the association’s Director General Vinod Giri said on Thursday.

“The price of glass and cans has also risen substantially in the international market, which has further increased for Indian importers due to the fall in the rupee.”

One global liquor industry source told Reuters companies in India were considering imports from Southeast Asian countries as they are concerned they could run out of cans and bottles starting from May.

Businesses, households, agriculture and public transport in India are heavily reliant on gas, with the country’s factories among the most vulnerable in Asia.

India’s government said on Wednesday it will now allocate 70% of pre-crisis level supplies of liquefied petroleum gas to selected commercial segments. March imports of liquefied natural gas — often used in glass factories — were the lowest since January 2025, LSEG data shows.

The US and Iran reached a two-week ceasefire agreement last week, but there is no sign yet that this has opened up the Strait of Hormuz. — Reuters

Death, taxes, and resurrection

STOCK PHOTO | Image by Kelly Sikkema from Unsplash

“Nothing is certain except death and taxes,” said Benjamin Franklin in a 1789 letter to his friend, French scientist Jean-Baptiste Leroy. They were active together in philosophical and scientific societies, Franklin with the American Philosophical Society, and Leroy with the Royal Society of France.

Leroy, like Franklin, was doing primary research on electricity. Together with Patrick d’Arcy, in 1749 Leroy constructed the first electrometer, a device for the detection of electrical charges and voltages. He also experimented with lightning conductors and with the use of electricity in the treatment of diseases.

Franklin was a polymath. Among his many inventions were the lightning rod, the Franklin stove, bifocal glasses, and the flexible urinary catheter. He was an oceanographer, charting routes and winds, developing sea anchors, catamaran hulls, watertight compartments, shipboard lightning rods and many other marine equipment. Franklin wrote treatises on hydrodynamics, meteorology, and thermodynamics. He was also a musician, playing the violin, the harp, and the guitar, and composing original music pieces. What’s more, he was a champion chess player, competing abroad!

Franklin expounded on the socio-politics of the developing America in his many writings in his own printing press and publishing outlets, as he delved on the emerging science of demography or population studies in the new nation.

Ben Franklin was among the most influential intellectuals of his time, appointed the first Postmaster General and one of the first ambassadors of America to Europe. His hyper-involvement cast him as one of the Founding Fathers of the United States, and a drafter and signer of the Declaration of Independence.

And that’s where he was coming from, when he wrote to his fellow intellectual/social activist Jean-Baptiste Leroy — “Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes” (Sparks, Jared, 1856: The Writings of Benjamin Franklin, Vol. X 1789-1790; Macmillan press). Franklin was ecstatic about American independence, albeit worried about its vulnerability and sustainability, after suffering that critical impasse during the Constitutional Convention in June 1787, where diverse opinions could not immediately reconcile. (There’s always politics in government.)

Franklin knew that the success of the new government would depend on how the people and their leaders would be true and faithful to its principles and values as defined in the sacred Constitution. Duties of a citizen are essential obligations required to maintain a functioning, orderly society: obeying laws, paying taxes, defending the country, and electing principled leaders.

At the signing (finally!) of the much-debated Constitution, Franklin wrote: “A long time and the longer I live, the more convincing proofs I see of this truth — that God governs in the affairs of men… I never doubted the existence of the Deity; that He made the world, and governed it by His providence; that the most acceptable service of God was the doing good to man; that our souls are immortal; and that all crime will be punished, and virtue rewarded, either here or hereafter” (Isaacson, Walter, 2003: Benjamin Franklin: An American Life. New York: Simon & Schuster).

“A life here or hereafter…” Franklin, son of devout Puritans who came from Britain into the New World and a new life, believed in the strict morality of doing right in temporal life in the promise of the Christian credo: “(I believe) in the resurrection of the Dead, and Life Everlasting. Amen.”

In 1773, Franklin wrote: “I wish it were possible to invent a method of embalming (dead) persons in such a manner that they might be recalled to life at any period, however distant; for having a very ardent desire to see and observe the state of America a hundred years hence…” (frieze.com, Nov. 11, 2002).

THE PHILIPPINES
Nothing is certain except Death, Taxes, and Resurrection.

That is specially noted in this small democracy, the Philippines, with its population of 112,729,484, according to the Philippine Statistics Authority 2024 census. Its 2026 population may be about 117,724,471 people at mid-year, equivalent to about 1.42% of the total world population, according to some statistical researchers (www.worldometers).

Perhaps the most notable statistic is that the Philippines is the most Christian country in Asia in 2026 — with its estimated 107.72 million Catholics and other religious denominations that believe in Jesus Christ as the Redeemer of Mankind (seasia.com, March 25). Christians may make up around 91.5% of the total population!

Easter, the greatest feast of Christianity, was just celebrated on April 5, in all the jubilation for the risen Christ, the God-Man who suffered and died for all humanity to be resurrected like Him, and rise to Eternal Life.

Death and Resurrection. Two sure things in Life, here and in the hereafter.

The inevitability of death by desperation may have been foremost in the collective consciousness since the last half of last year, hurting with one piece of bad news after another, since the rant of President Ferdinand Marcos, Jr. in his State of the Nation address about corruption in government. “Mahiya naman kayo!” (Have some shame!) He challenged legislators and government officials to own up to their theft of the country’s wealth through anomalous transactions in government projects.

Some 40 legislators and government officials, and about 10 whistleblowers, contractors, and Department of Public Works and Highways (DPWH) engineers have been implicated in the flood control scams since 2004, according to published reports. Yet the guilty ones evidently did not think death was inevitable for sinners (except for one implicated DPWH undersecretary who allegedly committed suicide last December). Instead, investigators ran into dead ends thanks to legal technicalities in favor of the accused and implicated. The Senate Blue Ribbon Committee has been postponing hearings.

About 70% of the taxes collected by the Bureau of Internal Revenue’s (BIR) letters of authority are lost to corruption and only 30% is remitted to government, according to Senate Deputy Majority Leader JV Ejercito (ANC, Nov. 25, 2025). Still, the BIR recorded strong revenue performance in 2025, collecting P3.105 trillion for the year (bir.gov.ph).

A Pulse Asia survey conducted from Dec. 12 to 15, 2025 (published on Jan. 12, 2026) found that 59% of respondents believe those responsible for the multibillion-peso flood control scandal will go to jail, while only 13% think they will escape punishment. Another 28% were unsure. Although still a majority, the 59% in December was 12 points lower than the 71% of respondents in September 2025 who believed the flood control culprits would be punished.

Forty-four percent of Filipino adults believe the justice system can successfully prosecute high-level corruption cases like the flood control scandal. Meanwhile, 24% expressed no confidence, and 33% were unsure, the Pulse Asia survey also showed.

Impunity does seem to challenge death — sometimes in the illusionary near-term triumph of evil over good. But “a clear majority of Filipinos now believe former President Rodrigo Duterte should stand trial at the International Criminal Court (ICC) over killings linked to his bloody war on drugs, a new survey has shown — a ‘noticeable shift’ that analysts say reflects waning public support for the once-popular leader and his hardline policies,” the South China Morning Post reported on April 15, 2025.

“According to the poll March 31 to April 7, 2025 by public opinion firm WR Numero, more than three in five Filipinos said it was important for Duterte to personally appear before the ICC in The Hague to face charges linked to the drug war deaths under his administration. Only 20% of respondents said they disagreed, while 19% were unsure” (Ibid.).

Public approval of Vice-President Sara Duterte has likewise waned. Based on an SWS survey commissioned by the Stratbase Group, 66% of respondents said they agree that Vice-President Sara Duterte should confront the corruption allegations against her through the formal impeachment process. Only 19% said they disagree while 15% were “undecided.” (inquirer.net, July 15, 2025).

In May, before the survey, Ms. Duterte said in defiance: “I truly want a trial because I want a bloodbath.” Crying out for blood! But the supposed impeachment trial at the Senate did not push through that year after the Supreme Court labeled the impeachment bid as unconstitutional. This year, four impeachment complaints have been filed, containing allegations that are similar to the botched impeachment attempt of February 2025 — from allegations of confidential funds misuse, threats against ranking officials, bribery of officials, and other possible violations of the 1987 Constitution, news reports said (inquirer.net, March 13, 2026).

“Now who’s crying out for blood,” Mamamayang Liberal party-list Rep. Leila de Lima said. “From wanting a bloodbath, VP Sara is now once again trying to evade impeachment. She was impeached before, over a year has passed, she even declared her ambition for the country’s highest position, but she still does not want to answer the accusations?” (Ibid.).

Blood. Death. Where there’s wrong done, there should be accountability and retribution or rectification. “Pardoning the Bad, is injuring the Good,” Ben Franklin said in his Poor Richard’s Almanack of 1748. He exhorts good citizens to be vocal about what’s right or wrong in government, so that leaders are on notice to do their best for the country. “Justice will not be served until those who are unaffected are as outraged as those who are,” he reminds us.

And by the way: Good citizens, pay your taxes. The last day for paying income taxes for tax year 2025 is on Wednesday April 15, 2026.

No escape: “Nothing is certain except Death, Taxes, and Resurrection.”

 

Amelia H. C. Ylagan is a doctor of Business Administration from the University of the Philippines.

ahcylagan@yahoo.com

Energy shocks drive higher coal use in region

PHILSTAR FILE PHOTO

SOUTHEAST ASIA is leaning more heavily on coal-fired power generation amid global oil shocks, with countries such as the Philippines seeing increased reliance, according to international research group Zero Carbon Analytics (ZCA).

In its latest analysis, ZCA said the surge in oil and gas prices following the outbreak of the Iran war in late February has prompted some Southeast Asian countries to shift from gas to coal for power generation.

“For energy-importing countries in Southeast Asia, the current oil and gas crisis has led to consumer curtailment and a scramble for affordable resources,” according to a report authored by Amy Kong, ZCA’s oil and gas researcher.

Coal has long dominated the Philippines’ power generation mix. However, the country has been gradually shifting away from fossil fuels by expanding renewable energy capacity to reduce exposure to volatile global prices and cut carbon emissions.

Despite this transition, ZCA said countries such as the Philippines and Thailand have increased their use of coal for power generation.

The group noted, however, that most gas-fired power plants cannot easily switch to coal, limiting the scale and cost savings of any shift from liquefied natural gas to coal. It added that such switching has also put upward pressure on coal prices.

“This demonstrates that coal is not insulated from geopolitical shocks: short-term switching pushes up demand, which in turn pushes up prices,” it said.

ZCA said renewable energy sources are less exposed to price swings in coal, oil, and gas markets, as they do not require ongoing fuel inputs.

“Only renewables are immune to such immediate crises, as once installed, they do not require a constant supply of fuel to generate electricity,” it said.

The Iran war marks Southeast Asia’s second major energy price shock in five years, highlighting the risks for countries that rely heavily on fossil fuel imports, the group said.

ZCA said scaling up renewable energy and expanding regional power trading could offer a more secure long-term approach to energy security. 

“For energy-importing ASEAN countries, shifting dependence from one import to another is unlikely to enhance long-term energy security,” it said. “However, most countries have sufficient wind and solar resources to support secure, domestic, renewable-based energy systems.”

The group added that Southeast Asia’s wind and solar resources offer significant growth potential, noting that less than 1% of this capacity has been developed. — Sheldeen Joy Talavera

ESET launches AI-powered MDR service in APAC with industry-leading 6-minute response time

ESET MDR delivers industry-leading real-time detection and a mean-time-to-respond (MTTR) of 6 minutes to keep businesses secure

ESET, a global leader in cybersecurity solutions, announced the launch of two Managed Detection and Response (MDR) subscription tiers: ESET PROTECT MDR for small and medium businesses (SMBs) and ESET PROTECT MDR Ultimate for enterprises across Asia Pacific (APAC) including Hong Kong, Malaysia, New Zealand, Philippines, South Korea, Taiwan and Thailand. The MDR subscription tiers were previously launched in Australia, India, and Singapore.

Bridging the gap with MDR

ESET PROTECT MDR delivers a comprehensive cybersecurity package, offering 24/7/365 superior protection. This includes modern protection for endpoints, email, and cloud applications, vulnerability detection and patching, and managed threat monitoring, hunting, and response. For enterprises, ESET PROTECT MDR Ultimate offers continuous proactive protection and enhanced visibility, coupled with customised threat hunting and remote digital forensic incident response assistance.

ESET’s latest APAC SMB Cybersecurity Report revealed that 70% of respondents are targets of cyberattacks despite high confidence in cybersecurity. 50% rate lacking a dedicated cybersecurity team and keeping up with the latest threats as one of the top three cybersecurity challenges. APAC also faces the largest shortage of cybersecurity experts in the world. These highlight the urgent need for skilled cybersecurity professionals and managed services that can help bridge the country’s growing talent gap. ESET’s MDR services ensure organisations of all sizes and cybersecurity maturity to stay one step ahead of all known and emerging threats, effectively closing the cybersecurity talent gap, and facilitating expert consultations for incident management and containment in a fully managed experience.

ESET MDR delivers a remarkable 6-minute Mean Time to Respond (MTTR) — the fastest in the industry*. In comparison, the median time for organizations to detect a breach is 24 days**, leaving critical systems and data exposed for weeks. Every hour that a breach goes undetected dramatically increases the risk of data loss, operational disruption, and financial damage.

“Cyber threats are evolving in both speed and sophistication, particularly across highly digitalized economies in APAC,” said Parvinder Walia, President of APAC Region, ESET. “Our AI-powered MDR services bring together automation, human expertise and global threat intelligence to help organizations stay ahead of attacks rather than react to them. In today’s environment, the ability to detect and respond within minutes can be the difference between a minor incident and a significant breach.”

ESET’s MDR services Meet the Unique Challenges of MSPs

ESET recognises the growing pressures facing MSPs who must balance the critical task of securing clients’ complex IT environments with their own business growth and operations. With threat actors going heavy on supply-chain attacks and abusing MSP tooling, MSPs too find themselves fixed in the crosshairs of cybercriminals. Simply put, MSPs are not only potential victims, but also potential accessories to a crime. To help MSPs fulfil their security potential, ESET’s MDR is also designed to be deployed in an MSP environment with a single solitary security service, available 24/7 that help MSPs to secure themselves as well as their clients.

Premium Support for Maximum Protection and Seamless Operations

As part of the new MDR subscription tiers, customers also benefit from a comprehensive support service designed to maximise protection levels while reducing the risk of operational interruption, including:

ESET Premium Support (included with ESET PROTECT MDR)

  • A guaranteed and accelerated product support package including fast and detailed analysis of any problem
  • 24/7, high-priority support from ESET cybersecurity experts to rapidly address issues and minimise downtime

ESET Premium Support Ultimate (included with ESET PROTECT MDR Ultimate customers)

  • Includes all the benefits of ESET Premium Support, with even quicker response time
  • Deployment and Upgrade services, with installation performed by ESET experts to ensure optimal implementation and effective functioning of ESET solutions
  • Health Check services, with evaluations conducted by ESET experts to maximise product performance and deliver full operational value

For more information, please visit https://www.eset.com/sg/business/services/managed-detection-and-response.

*Based on publicly available information as of 1 March 2026.
**Verizon 2025 Data Breach Investigations Report

 

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