Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 337

Cooling inflation to drive demand for loans

BANK of the Philippine Islands President and Chief Executive Officer Jose Teodoro K. Limcaoco

BANK of the Philippine Islands (BPI) expects slower inflation to help drive loan demand as it gives the Bangko Sentral ng Pilipinas (BSP) room to cut benchmark borrowing costs further.

“They reported inflation (on Tuesday) at 1.4%. So, that really provides the central bank room to ease monetary policy, which will make consumers a little bit more confident and give corporates the reasons to borrow and to continue to invest,” BPI President and Chief Executive Officer Jose Teodoro K. Limcaoco said in an interview aired on Money Talks with Cathy Yang on One News on Wednesday.

Mr. Limcaoco said consumer confidence remains “very high” even amid the uncertainty caused by the Trump administration’s tariffs and their potential impact on global trade.

“So, it’s looking good for the Philippine economy. We should grow by maybe 5.5% this year given that we have the elections also. And that should be good for the banks.”

Philippine headline inflation eased to 1.4% in April, the slowest pace since November 2019, from 1.8% in March and 3.8% in the same month a year ago. For the first four months, the consumer price index (CPI) averaged 2%, at the low end of the BSP’s 2-4% annual target.

On Wednesday, BSP Governor Eli M. Remolona, Jr. told Bloomberg that the central bank is open to cutting key rates by 75 basis points (bps) more this year following the April CPI result.

The Monetary Board last month resumed its easing cycle after an unexpected pause in February, cutting benchmark rates by 25 bps to bring the policy rate to 5.5%. Its next meeting is on June 19.

“We believe that the Bangko Sentral has room to lower rates, which means there’s a likelihood that they will be cutting policy rates this June — if not this June, then certainly by the next meeting — given the very controlled inflation and the very strong Philippine peso versus the dollar,” Mr. Limcaoco said. 

“For BPI, that means time deposit rates should come down in the immediate term, which will help us preserve our net interest margins. But over the long term, loan rates and asset yields will come up, which will shrink our net interest margins over the long run. But all in all, it looks good for credit quality. It looks good for net interest margins. And for the banks, you just need a very disciplined approach to preserving your margins and raising funds.”

Mr. Limcaoco said BPI aims to grow its loan book by 11-12% this year, with the bank expecting its consumer portfolio by about 20% to make up close to 30% of its total loans from the current 28.8% share.

“We’re making progress as a bank to shift our book towards the consumer sector and be more inclusive as a financial institution,” he said.

He added that there could be some asset quality risks as they continue to increase lending to the consumer sector and grow their customer base, like other Philippine banks, but the overall impact is “very manageable.”

BPI’s net income increased by 9% year on year to P16.6 billion in the first quarter.

Its shares closed at P138 apiece on Wednesday, down by P2 or 1.43% from the previous day. — A.M.C. Sy

Business isn’t just about growth — Do you have a scaling mindset?

STEVE SY, CEO of Great Deals eCommerce — FACEBOOK.COM/STEVE.SY

If you’ve ever bought anything from Laz Mall or Shopee Mall — and who hasn’t? — you’ve bought from Steve Sy’s Great Deals. Unknown to most, the tech and practical knowhow that moves e-commerce in the Philippines comes from this entrepreneur’s company. Great Deals is involved in everything about e-commerce, from content, online shop creation and management, to warehousing and fulfillment, to analytics. In fact, the reach of Great Deals is so vast that it was recognized by the Financial Times as the fastest growing company in the Asia-Pacific region.

Recently, I had the good fortune to share a microphone with Steve Sy on my podcast. In our conversation, the founder and CEO of Great Deals eCommerce uncovered many of the secrets to his success as an entrepreneur. For Mr. Sy, business isn’t just about growth; it’s about having a scaling mindset.

How does one achieve a scaling mindset? He begins by riffing on a quote by the business speaker Simon Sinek. “Business is a game of endless possibilities,” he says. And harnessing the infinite possibilities of business is at the very center of the scaling mindset that Mr. Sy talks about. Read on, to learn more.

THE 4 Ps
Steve Sy is known as an industry disruptor. He revolutionized online retail when Lazada was starting to explode in 2012. But more than that, he is a business enabler who has helped countless entrepreneurs as well as big brands set up shop online.

What’s even more remarkable about this disruptor and enabler is that he continues to give to the business community through education and learning. You can check out his LinkedIn or his educational business book, Great Debt to Great Deals, which traces his history of being mired in debt to building a company worth over a billion pesos. In this book, he talks about the four Ps: Profitability, Purpose, People, and Planet.

Going back to basics is crucial for him, and he encourages entrepreneurs to examine the four Ps.

“People ask me, what’s the main mission of doing business?” he says. “So sabi ko (I said), there should be four Ps. Number one, the first P, is it needs to be profitable. [Business] needs to be profitable so that you will have sustainability. Number two is purpose.”

He believes that profitability and purpose are linked.

“Why did I put profitability first?” he asks. “Because even though you have a very good purpose, if you’re not profitable, it’s not going to be a business. So, profit can sustain our purpose. Monetary profit is the gas that brings us to our mission.”

For Mr. Sy, truly successful businesses are driven by more than just profit. They transcend functional purpose to embrace their mission.

He gives Great Deals as an example, saying, “Our mission is to uplift Filipino lives through the digital economy.” Segueing into the third and fourth P, he continues, “Number three is to be able to bless our people. And then last but not the least, the fourth P is our planet. Assist the planet, conserve our resources.”

As an example of the four Ps in action, Mr. Sy recalls how many companies like Google and Facebook were downsizing in 2022 and how Great Deals was being influenced by the board to do the same. But instead, they chose to retain their people.

He says, “We made this decision because we want to bless our people… Sometimes you don’t really need to maximize profit, but to optimize that. That’s why we have a lot of benefits for our employees in the company because we want to build the right culture also.”

GROWTH MINDSET VS SCALING MINDSET
With the basics in place, Steve Sy recommends pursuing a scaling mindset instead of a growth mindset.

“There’s a difference between a growth mindset and a scaling mindset,” he says. “Kasi growth mindset, ang sagot lang dyan, dagdag tayo ng tao. [Because with a growth mindset, the only answer is, let’s add more people.] Because when you’re growing your revenue, and sumasabay ang expense mo, that’s growth. [Because when you’re growing revenue, and your expenses are keeping pace, that’s growth.] But there’s no scale in it.”

Scaling is sustainable growth, and it has no limits.

Again, he gives Great Deals as an example. “Last year, we had 38% growth in our company,” he says. “But our OPEX [operating expense] stayed flat. So, it means we’re operating efficiently and scaling up.”

To achieve this, the company automated many of its processes.

“There are a lot of things that you can automate so that you don’t need to add additional cost to your operating expense,” he explains. “So with the use of AI, we are able to reduce 60% of chat support because we’ve used AI in our company. In a sense, even if we grew our company another 200%, we can have the same chat support.”

Balancing the four Ps and a scaling mindset, he says, “And that’s where the blended culture has to come in — the blended culture that you’re using AI and you yourself as the talent.”

In parting, Mr. Sy challenges entrepreneurs, saying, “Now, it’s for the entrepreneurs to look at those opportunities and find those pain points on how they can offer their services or their products so that you can build a very good business.”

 

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.

Dining In/Out (05/08/25)

Elbert’s Collective is closing

THE restaurant Elbert’s Collective in Makati’s Salcedo Village has announced on a Facebook post that it will be closing down by the end of the month. “We are very sad, but we are also very grateful to have been given the opportunity to serve you,” the post says. The restaurant is found at the V Corporate Center, 125 LP Leviste St., Salcedo Village, Makati.

Unwind at Solaire Resort North’s Skybar

IN ANTICIPATION of Solaire Resort North’s first anniversary, the Skybar is introducing several new offerings with “Dusk and Drinks,” a happy hour inspired by the city skyline and the hues of the sunset that are visible from the bar on the 38th floor. For P1,688 per person, guests get unlimited tapas, wines, cocktails, beers, and non-alcoholic beverages for two hours. It is available Monday to Saturday from 4 to 8 p.m. Midweek calls for celebration with “Ladies’ Night,” Skybar’s newest indulgence on Wednesdays from 8 p.m. to midnight. Enjoy an exclusive buy-one-get-one offer on Skybar’s signature cocktails by signing up for Solaire Rewards Lifestyle. Groups of five ladies will receive a complimentary bottle of Champagne Nicolas Feuillatte when each guest orders any alcoholic beverage. With skyline views as the backdrop, the bar comes alive with music each night, from live jazz and nostalgic retro hits to the electrifying beats of DJ sets by the industry’s finest. For more details, reservations, or inquiries, visit the Solaire Resort North website at sn.solaireresort.com, call 8888-8888, or e-mail sn.reservations@solaireresort.com.

Ascott menu to go 30% plant-based by 2027

HOSPITALITY group The Ascott Limited Philippines has committed to transforming 30% of its menu offerings to plant-based options by 2027, becoming the first in the country’s hospitality sector to formalize such a comprehensive dining initiative. This sustainability commitment begins with a 20% transformation this year across Ascott’s entire portfolio of over 17 properties nationwide. “This commitment to expand our plant-based offerings to 30% of our menus by 2027 reflects our dedication to sustainable hospitality and meeting evolving guest preferences,” said Caleb Han, food and beverage director of The Ascott Limited Philippines in a press release. “As part of our Ascott CARES framework, we recognize the significant environmental benefits of plant-based foods and are proud to lead this transition in the Philippine market. This initiative complements our broader sustainability goals and reinforces our position as an industry leader in responsible hospitality practices.” This commitment builds upon The Ascott Limited Philippines’ portfolio of sustainability initiatives, particularly through its Slow Food Community Linkages program at Citadines Bacolod City. Since October 2024, the property has forged partnerships with local producers, from coffee farmers and Criollo cacao growers to indigenous fruit cultivators. These collaborations have not only spotlighted local ingredients like rare bugnay wild berries and naturally grown coconuts but have also transformed them into signature culinary experiences — from specialty coffee offerings featuring local beans to creative plant-focused dishes using regionally sourced produce.

Dumplings mark Solaire’s Dragon Boat Fest

FEAST on gourmet rice dumplings at Red Lantern in Solaire Resort Entertainment City, exclusively crafted to mark the Dragon Boat Festival on May 31. Choose from six unique flavors of rice dumplings are now available for guests who are dining in or for gifting as packaged sets. There are three flavors of sweet sticky rice dumplings, filled with aged tangerine peel and red bean, honey dates, or a blend of black rice and eight treasure beans (red bean, mung bean, black eye bean, peanut, green pea, barley, and wheat). For a savory option, there are rice dumplings filled with 14-head abalone, dried scallop, mung bean, salted egg yolk, barbecue pork, and shiitake mushrooms; filled with braised pork belly, preserved green mustard, oyster sauce; and one filled with salted egg yolk and Chinese-preserved pork. The Dragon Boat Festival, observed on the fifth day of the fifth lunar month, is a remembrance of Qu Yuan, a Chinese poet and minister from the Zhou Dynasty Warring States period. In addition to exchanging rice dumplings, this tradition includes dragon boat races, wearing perfume pouches to protect oneself from illnesses, drinking Realgar wine for health, and tying five-color silk threads around the wrist to drive away bad spirits. Solaire Resort Entertainment City’s artisanal rice dumplings can be purchased at Red Lantern until May 31. For more information, visit https://sec.solaireresort.com/offers/dining/red-lantern-flavors-that-stick or call 8888-8888 for orders.

IMI turns profitable in Q1 with $3.3-million income

GLOBAL-IMI.COM

AYALA-LED chip manufacturer Integrated Micro-Electronics, Inc. (IMI) turned profitable in the first quarter (Q1), posting a $3.3-million net income compared to a $3.7-million net loss last year, driven by cost rationalization efforts.

First-quarter revenue dropped by 14% to $248 million, with its core businesses accounting for $220 million, amid softness in the electronics industry, IMI said in a regulatory filing on Wednesday.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) more than doubled to $16.1 million from $7 million, led by improved cost structures within the group.

“The cost rationalization program we implemented has been instrumental in this quarter’s positive financial results,” IMI Chief Executive Officer Louis Sylvester Hughes said.

“We successfully managed a 14% decrease in core fixed overhead and selling, general, and administrative (SG&A) expenses compared to the first quarter of last year through the consolidation of sites and decentralizing functions back into our operating facilities,” he added.

IMI said it spent $1.6 million in capital expenditure during the first quarter.

“A similar restructuring approach was taken in VIA, yielding an additional $6.3 million of cost reduction, mainly from SG&A. The euro’s appreciation against the dollar also contributed positively to the bottom line, with a group foreign exchange gain of $1.4 million,” IMI said.

Meanwhile, Mr. Hughes said IMI is seeing opportunities despite tariff-related uncertainties.

“Our broad geographic footprint enables us to work closely with customers and adapt supply chains to mitigate these pressures. We remain focused on securing new business and further improving profitability as market conditions stabilize,” Mr. Hughes said.

“With a more agile organization in place, we are better equipped to adapt to the dynamic market environment and further improve on the 6.5% EBITDA we achieved this quarter,” he added.

IMI shares rose by 8.57% or 18 centavos to P2.28 apiece on Wednesday. — Revin Mikhael D. Ochave

Cisco shows quantum networking chip, opens new lab

SAN FRANCISCO — Cisco Systems on Tuesday showed a prototype chip for networking quantum computers together and said it is opwening a new lab in Santa Monica, California, to further pursue quantum computing.

The chip uses some of the same technology as current networking chips and would help link together smaller quantum computers into larger systems. But Cisco also believes it will have practical applications before those computers become mainstream, such as helping financial firms sync up the timing of trades or helping scientists detect meteorites.

“There are a whole bunch of use cases,” Vijoy Pandey, senior vice president of Cisco’s Outshift innovation incubator, told Reuters. “You need to synchronize clocks and the timestamps on all of these snapshots that are taking place from across the globe.”

Cisco is the latest mainstream tech firm to jump into quantum computing.

Alphabet’s Google, Microsoft and Amazon have all announced quantum computing chips in recent months, and Nvidia plans to open its own quantum computing lab. Startups such as PsiQuantum are also raising hundreds of millions of dollars to build systems.

While those firms all vie to create more and more “qubits” — the fundamental unit of quantum computers — Cisco is working to link them up. The company says its chip, which it developed with researchers from the University of California Santa Barbara, works by causing quantum entanglement in pairs of photons, and then sending one of the pair to two separate quantum computers.

For a short time, Cisco says, the quantum computers can use those entangled photons to communicate instantaneously, no matter how far apart they are — a phenomenon of quantum physics that Albert Einstein referred to as “spooky action at a distance.”

Mr. Pandey emphasized that Cisco does not yet have a timeline for when the chip will generate revenue and that the chip is only a prototype.

“To build out that quantum network, the first building block that you need is an entanglement chip,” Mr. Pandey said. “Here’s the first building block of that.” — Reuters

Job losses by Industry

THE Philippines’ unemployment rate inched up to 3.9% in March from a month earlier, even as the number of jobless Filipinos fell by the tens of thousands from a month and a year earlier, according to the statistics agency. Read the full story.

Job losses by Industry

Job losses by Industry

PBB net income up 15% in Q1

PHILIPPINE BUSINESS BANK, Inc. (PBB) saw its net income rise by 15.36% year on year to P590.02 million in the first quarter.

This translated to a return on equity of 12.08% and a return on assets of 1.45%, PBB said in a disclosure to the stock exchange on Wednesday.

“The bank’s marketing efforts continued to focus on high-quality accounts, particularly existing clients and borrowers with a track record of sustainable earnings, and our rapidly growing teacher’s loans business. Strengthened collection policies, restructuring programs, and the usual focus on deepening relationships with our SME (small and medium enterprises) clients continue to be our primary objectives,” PBB President, Chief Executive Officer and Vice Chairman Rolando R. Avante said.

“PBB remains committed to its long-term strategic direction, continuously strengthening its services, investing in new technology and capabilities, and leveraging its extensive network to better serve clients and drive growth,” he said.

The bank’s net interest income rose by 12.38% to P1.83 billion last quarter from P1.62 billion a year prior. Interest income increased by 14.2% to P2.88 billion, while interest expenses climbed by 17.51% to P1.05 billion.

Net interest margin stood at 4.77% in the first quarter, up from 4.28% last year.

“Amidst the challenging business climate driven by the global economic tensions, the bank maintained healthy interest margins,” Mr. Avante said.

Other income likewise climbed by 48.46% to P234.58 million.

Meanwhile, other expenses rose by 9.39% year on year to P1.15 billion in the first quarter. This resulted in a cost-to-income ratio of 55.9% as of March, up from 54.83% at end-2024.

“Taking a proactive risk mitigation stance, PBB accelerated its provisioning strategy by setting aside P175 million in loan loss provisions in the first quarter of 2025, more than triple the P50 million recorded in the same period last year,” Mr. Avante said.

PBB’s loans and receivables stood at P122.8 billion at end-March. The bank’s nonperforming loan ratio was at 5.61%.

On the funding side, total deposits stood at P131.01 billion.

This resulted in a loans-to-deposit ratio of 93.74%.

PBB’s total resources stood at P160.79 billion as of March, while total equity was at P20.08 billion.

Its capital adequacy ratio was at 13%, its common equity Tier 1 ratio was at 13%, and its minimum liquidity ratio was at 23.8%.

PBB’s shares closed unchanged at P8.14 apiece on Wednesday. — A.M.C. Sy

Canceled meetings

FREEPIK

CORPORATE MEETINGS are set at least two weeks in advance, checking on the availability of the participants. The occasion of online meetings, even in these post-pandemic days, requires attendees to be available, and on time. Sometimes, they are asked to join much earlier than scheduled, when the previous meeting has a short agenda — you can now click on the link.

Unless a meeting is prescribed by the company’s by-laws such as a board meeting, or has a specific time it needs to take place like a conference call with foreign investors, is it unusual for a meeting to be canceled at the last minute? (The meeting needs to be reset.) No reason is needed, when the chair or convenor decides to schedule something else, like a visit to the dentist. The new schedule is not set as the meeting may be canceled altogether.

There are meetings that are hastily arranged. Maybe, someone mis-sends a text message about breakfast and the unintended party asks, “Who’s this?” The sending party identifies himself and pleasantries are then exchanged: “Oh, I haven’t seen you in ages. Why don’t we have lunch instead?”

This casual invitation to a meeting is too easily canceled. Two days before the supposed lunch is to take place, one or both accidental lunch mates send a message, “Can we reschedule after Bonifacio Day? I need to meet with a defense lawyer on a paternity suit.” This cancelled lunch then falls outside the to-do list and then is casually junked. Neither party will find the need to resurrect the idea until one bumps into the other at a mall.

Petitioners who arrange meetings with those who dispense favors may not even be getting any response from the secretary. If a date for dinner is set, usually far into the future, it is seldom calendared. Appeals for confirmation a week before can be met with a vague shrug. (Yes, Sir, I know you already have a rock band to provide the entertainment for your 80th birthday but the boss must fly to The Hague tomorrow to show support.)

When a meeting is called by a powerful person summoning someone lower in the food chain, the appointment is still tentative. The higher-up can unexpectedly find the meeting unnecessary — I’ll just send you an e-mail.

Canceled meetings can be welcome when there is no compelling reason for them to take place. There is this chunk of time freed up in the calendar that can be put to good use by calling yet another meeting with another person… who can also choose to cancel later.

Canceling meetings too often is perceived as a bad habit. The frequency and routine nature of last-minute changes of appointments can be a trait that attaches to someone considered unreliable in his commitments.

Social meetings, usually called “get-togethers,” to differentiate from formal conferences, can involve at least five people. There is a greater likelihood for these to push through even if one or two cancel at the last minute — I just got struck with vertigo.

Of course, weddings and birthdays are scheduled months before and often take place as planned. Cancellations on these occasions can be dramatic, especially when involving the celebrants. Guests not showing up after confirming attendance and being counted on the guest list can invite lifelong feuds. (You should at least have sent the gift.)

When bumping into someone at a mall, the small talk that arises is replete with vague promises of getting together after not meeting for so long. (How many grandchildren do you have?) That open-ended event is unlikely to take place. No specific date is set. (Let’s get together before the next solar eclipse.)

Some meetings are seldom canceled, even moved earlier with anticipation and bated breath. These entail mutually satisfying expectations between two parties. It can involve money changing hands for favors granted, or just a clandestine rendezvous. The venue is usually out of the way and unlikely to raise the possibility of bumping into other parties seeking to have lunch sometime. Taking selfies is not an option.

Cancelling meetings may be a cultural trait. It entails a social hierarchy, as well as obligations too easily shrugged off. Always, there’s something important that requires more immediate attention than a simple lunch.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Four housekeepers accuse Smokey Robinson of sexual assault

SMOKEYROBINSON.COM

FOUR anonymous housekeepers sued legendary Motown singer and songwriter Smokey Robinson on Tuesday for $50 million, alleging that he sexually assaulted them for years while his wife covered up the abuse and contributed to a hostile work environment.

Representatives for Mr. Robinson did not immediately respond to requests for comment, and the accusations could not be independently verified.

The plaintiffs, who sued under Jane Doe pseudonyms to protect their privacy, accused Mr. Robinson, 85, of sexual battery, assault, false imprisonment, and gender violence at Mr. Robinson’s home in the Chatsworth section of Los Angeles, starting as early as 2007 and continuing until 2024.

The four women, “identified as Hispanic,” also alleged labor violations denying them proper pay before they quit their jobs, saying they did not come forward sooner due to the shame in their culture associated with sexual assault, fear of losing their low-paying jobs, and Mr. Robinson’s celebrity status.

The lawsuit in Los Angeles County Superior Court also names Mr. Robinson’s wife, Frances Robinson, alleging she screamed at the employees with “ethnically pejorative words and language.”

Three of the accusers appeared wearing masks and dark glasses at a Los Angeles press conference with their lawyers, and the fourth appeared remotely.

“Obviously no amount of money can compensate these women for what Mr. Robinson subjected them to. But given the gravity of Mr. Robinson’s despicable and reprehensible misconduct… this amount is clearly warranted,” attorney John Harris told reporters.

Jane Doe 1 accused Mr. Robinson of painfully penetrating her and committing other unwanted sexual acts at least seven times upon summoning her to a bedroom, with the final occurrence on Feb. 17, 2024, two days before Mr. Robinson’s 84th birthday.

The other plaintiffs accused Mr. Robinson of similar offenses, with Jane Does 2 and 3 each alleging at least 20 assaults.

Their lawyers said they would welcome a criminal investigation but have yet to be contacted by prosecutors.

A spokesperson for Los Angeles County District Attorney Nathan Hochman said it was not under review because law enforcement had not presented a case. Los Angeles police said they had no statement on the matter.

Mr. Robinson shot to fame in the 1960s when he played an instrumental role in the rise of the Motown sound as the silky voiced singer of “Tears of a Clown,” recording more than 30 hits as a solo performer or with The Miracles, a vocal group of Mr. Robinson’s former Detroit schoolmates. — Reuters

DTI partners with Jollibee to upskill MSMEs for large-scale supplier opportunities

THE Department of Trade and Industry (DTI) has partnered with Jollibee Foods Corp. (JFC) and the Jollibee Group Foundation to help micro, small, and medium enterprises (MSMEs) become suppliers for large firms.

On Wednesday, DTI signed a memorandum of understanding with JFC and the Jollibee Group Foundation to create a learning program for MSMEs.

“This is the second time we are joining forces to support our country’s MSMEs,” said JFC Chief Executive Officer Joseph C. Tanbuntiong.

“Through this partnership, we hope to continue helping in upskilling and opening more doors for MSMEs, from entering supply chains to scaling their businesses sustainably,” he added.

In April 2024, JFC hosted the pilot capability-building session, where around 40 SMEs from across the country participated.

“It was very successful, and they were really asking for more,” said Trade Secretary Ma. Cristina A. Roque.

“More [people] are now really looking forward to attending these sessions because if you are in this industry, it is important for you to know how you can supply conglomerates,” she added.

Jollibee Group Foundation President Gisela Tiongson said that they can accommodate 100 participants in this year’s session in July.

“It is still in discussion with them… But since it has been positively reviewed, we can actually accommodate 100,” Ms. Tiongson said, noting that the attendees should be companies ready to engage with larger firms as suppliers.

“I think last year, we only focused on food producers, but as you know, as a company, we also have packaging requirements, and we also have construction requirements. So, there is a lot, and this time, I think we can really figure out what sectors can attend,” she added. — Justine Irish D. Tabile

How PSEi member stocks performed — May 7, 2025

Here’s a quick glance at how PSEi stocks fared on Wednesday, May 7, 2025.

Marcos orders probe into use of sand for China reclamation projects in SCS

PHILSTAR FILE PHOTO

PRESIDENT Ferdinand R. Marcos, Jr., has ordered an investigation into claims by the National Intelligence Coordinating Agency (NICA) that sand from the Philippines’ coastal areas is being used for reclamation projects in disputed areas of the South China Sea (SCS), the presidential palace said on Wednesday.

“After receiving information regarding the incident, the President ordered a thorough investigation,” Presidential Communications Office Undersecretary Clarissa A. Castro told a news briefing in Filipino on Wednesday. “Once a final investigation or conclusion is reached, appropriate action will be taken immediately.”

If quarrying in coastal areas for reclamation projects is confirmed, Ms. Castro said those found responsible would be held accountable.

NICA Deputy Director Francisco Ashley L. Acedillo earlier this week told the Senate Special Committee on Philippine Maritime and Admiralty Zones there are dredging activities in various areas of the country.

“These include the extraction of sand from several of our municipalities,” he said in Filipino. “There were earlier reports that sand taken directly from our own coastal areas was being used as landfill, reportedly even in some of our disputed territories.”

China claims more than 80% of the South China Sea, where it has reclaimed land and built military runways and lighthouses.

Its island-building activities have worsened tensions with nations like the Philippines and Vietnam, which have competing claims to features in the sea.

Josue Raphael J. Cortez, a diplomacy lecturer at De La Salle-College of St. Benilde, said NICA’s findings were “alarming and enlightening.”

“This is because we cannot fully uphold our sole rights over the disputed territories if a whole-of-society approach is not put into practice,” he said in a Facebook Messenger chat. “Faulty governance may be the root cause of such actions from external stakeholders, putting their best interests over the security of the nation as a whole.”

He said China is known for “debt trap diplomacy” and for attracting countries with the benefits it offers.

“It would not be surprising if some municipalities have fallen victim to this Chinese strategy,” he added.

If the investigation confirms that certain local government units were cooperating with foreign entities, particularly China, stringent measures must be implemented, he said.

“If this is not deterred, then this could be the impetus for further covert actions by China by using some local government units as intelligence provider hotspots in exchange for sourcing products that they promise to purchase at a higher rate.”

Tensions between the Philippines and China have worsened in the past year as Beijing continues to assert its sweeping claim that covers maritime features disputed by Manila.

China claims more than 80% of the maritime area based on a 1940s map, which a United Nations-backed arbitration court voided in 2016 for being illegal.

Chinese and Philippine ship activities near Scarborough Shoal spiked in the past year, with China’s coast guard gradually pushing its perimeter around the disputed shoal eastward, nearing the Philippines’ main island of Luzon, maritime transparency group SeaLight said this week.

SeaLight’s monitoring detected 1.5 million Chinese ship identification pings around the shoal, up from 724,000 a year ago, while with Philippine activity surged fourfold to 200,000, Anna van Amerongen, SeaLight Tech Advisory Group director, told an online maritime forum.   

“The perimeter around Scarborough Shoal has increased and became much more of a hotbed of activity,” she said. 

Chinese ships have been preventing Philippine Coast Guard vessels from getting within 32 kilometers of the shoal since May 2024, she added.   

The shoal is 240 kilometers west of Luzon and is about 900 kilometers from Hainan, the nearest major Chinese landmass.

In 2013, the Philippines took the dispute over Scarborough Shoal to a United Nations-backed tribunal, which ruled in 2016 that China had interfered with Filipino fishermen’s rights to access the area. Beijing has since deployed a fleet of coast guard vessels to enforce its claim despite the ruling.

Manila is monitoring the situation at Scarborough Shoal and is trying to assert sovereignty over the disputed feature by boosting its presence despite Chinese pushback, National Security Council Assistant Director-General Jonathan E. Malaya told the forum. — Chloe Mari A. Hufana

1...336337338...12,964Page 337 of 12,964
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube