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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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BSP bills fetch lower yields as demand surges

BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) short-term securities declined on Friday as banks swamped the offering.

Bids for the 28-day BSP bills amounted to P117.7 billion, nearly triple the P40 billion auctioned off and the P54.326 billion in bids for the same offer volume last Monday.

“The 28‑day BSP bill (BSPB) auction saw strong demand,” the central bank said in a statement on Friday. “At the auction held on April 10, 2026, total tenders for the 28-day BSPB rose from P54.3 billion in the previous week to P117.7 billion.”

With this, the bid-to-cover ratio jumped to 2.9425 times from the 1.3582 ratio seen during the previous auction.

As a result, the central bank made a full award of its P40-billion offer.

Accepted rates were from 4.333% to 4.443%, wider and lower than the 4.475% to 4.58% band seen in the previous auction. This brought the weighted average accepted rate of the one-month bills to 4.3676%, 15.89 basis points lower than the 4.5265% last auction.

The BSP has not auctioned off the 56-day bills since Nov. 3.

The central bank uses the BSP securities and its term deposit facility to mop up excess liquidity in the financial system and to help guide short-term market yields towards its policy rate.

The BSP bills also contribute to improved price discovery for debt instruments while supporting monetary policy transmission.

The central bank began auctioning off short-term securities weekly in 2020, initially offering only a 28-day tenor and adding the 56-day bill in 2023.

In its February 2026 Monetary Policy Report, the central bank said it has limited its BSP securities offerings to a single tenor to rationalize its liquidity operations and focus on tenors that would boost monetary policy transmission.

As of mid-February, the central bank’s monetary operations have siphoned off P1.2 trillion in liquidity from the market. Of this, 28.5% was absorbed through BSP securities, while 44.4% were done through overnight reverse repurchase facility, 18.2% via the overnight deposit facility, and 9% from the term deposit facility. — Katherine K. Chan

The coming of the e-cavalry

The all-new Nissan Kicks e-Power globally debuts at the 47th Bangkok International Motor Show. — PHOTO BY KAP MACEDA AGUILA

Got fuel price anxiety? The all-new Nissan Kicks e-Power is set to arrive by Q3.

IN VIEW OF the happenings far and away from our country, electrified vehicles have suddenly, fortuitously gained added relevance — evidenced through interactions with auto executives, dealers, and members of the public.

The Nissan Kicks e-Power was a kind of automotive oddity when it first came out, a novel approach to electrification that leveraged an electric motor to drive the wheels and, for a range anxiety-free experience, a traditional internal combustion engine (ICE) to charge the battery of said motor. At no time is the ICE conscripted to do the heavy lifting to provide grunt to the wheels.

The Nissan Kicks e-Power’s all-new iteration was formally unveiled at the most recent edition (the 47th) of the Bangkok International Motor Show (BIMS). To be honest, it is head and shoulders above the current version first released in 2020, and it should appeal not just to compact SUV browsers looking for electrified performance but those seeking a range-anxiety-free ride because of an onboard internal combustion engine.

In an exclusive interview with “Velocity,” Nissan Philippines, Inc. (NPI) Product Marketing Assistant General Manager Sherwin Kuan underscored the value proposition of the model, “It’s a very timely release in terms of fuel efficiency. It still continues with the e-Power system that we introduced a couple of years back. There are some slight improvements to enhance the drivability, but you can still expect the same level of very good fuel efficiency of over around 22 to 25 kilometers per liter in real-world driving conditions.”

Engineered and produced in Thailand, the Kicks e-Power (not to be confused with the Kicks) is said to be a product more in tune with the lifestyle of people in our part of Asia, and leverages the reputation of Thailand as key production and export hub of ASEAN.

The all-new Nissan Kicks e-Power heralds a new design language that begins with a rehash of the signature V-Motion grille of the brand. This fresh take is said to assume a more “three-dimensional form,” melding with the hood strakes for a cohesive form that is said to convey confidence, heft, and presence — not to mention more youthful vibe.

Thin headlamp assemblies are affixed to both ends connected by a gloss-black strip upon which the Nissan logo is attached. Meanwhile vehicle visibility is enhanced through a “three-arrow” separated daytime running lights. The lower front fascia gets hefty fenders; then higher hood corners “emphasize a bold, protective stance,” said Nissan in a release.

Slim black plastic cladding runs on the lower portion of the Kicks, lending a bit of a raised look to the vehicle. Under that on the rocker panel is a light gray, sculpted construction; on the rear is a body-color rear diffuser underneath the black cladding — which “bleeds” onto the rear license plate area. I prefer the new rear fascia in general, the highlight of which is a large “KICKS” spelled out with spaced letters. Fringing the clean-looking rear are hexagon-shaped rear lamps, supplanting the boomerang-shaped illumination of before.

Aboard the Kicks e-Power, gone is the eight-inch Nissan Advanced Touchscreen Display Audio, now replaced by a large 12.3-inch high-definition screen. Meanwhile, the instrument panel is an all-digital affair via a seven-inch cluster with a digital speedometer. On board is NissanConnect, which can link a smartphone to the vehicle’s system for heightened safety, security, and convenience. It also offers wireless Apple CarPlay and wireless Android Auto pairing, plus USB and Bluetooth. A wireless charger is available to keep devices topped up and ready.

Even inside, the Kicks gets a reinterpretation through a new rendering of the front console, center console, door panels and a synthetic-leather-wrapped steering. So-called Zero Gravity seats, ergonomically designed to simulate a “neutral spinal posture” for reduced fatigue and improved circulation on long drives, are present to offer “superior comfort over long distances.” Heat-fighting synthetic leather wraps around the seats for better comfort despite the region’s usually warm climate. Speaking of seats, the driver’s is six-way power-adjustable, while rear passengers should benefit from a “slightly increased seatback angle,” in addition to more generous space, larger headrests, and dual cupholders on the center armrest.

A digital rearview mirror can provide a “clear, unobstructed rear view even when passengers or cargo block the conventional mirror.” The boot space, on the other hand, is slightly down from 470 liters to 423 liters.

Onto the powertrain, Nissan keeps things familiar, integrating an electric motor and inverter into a single compact unit, hooked up to a 1.2-liter DOHC 12-valve three-cylinder engine. The output is a similar 136ps and 280Nm. The electric motor is paired with a 2.06-kWh lithium-ion battery, which the ICE charges as mentioned. Meanwhile, the Kicks deploys the brand’s e-Pedal Step feature, which basically promises single-pedal operation. While offering maximum regeneration of electricity into the battery during deceleration, e-Pedal allows the vehicle to immediately slow down once the throttle is let go. Nissan said this makes it “easier to maintain distance, drive downhill, approach speed bumps, and enter corners with more confidence.”

Most importantly, stressed Mr. Kuan, “You can still expect the same level of very good fuel efficiency of over around 22 to 25 kilometers per liter in real-world driving conditions. For e-Power, aside from the fuel efficiency, what makes it very different from other competitors is the electric drive. So the power and the response is really, really good compared to competitors. It’s basically like driving a battery electric vehicle but without the range anxiety.”

Nissan is also particularly proud of the Kicks e-Power safety and driver-assistance features, tucked into the Nissan 360˚ Safety Shield. Also appearing in the model for the first time is ProPilot, “an intelligent system designed to reduce driving stress, particularly on highways.” This pairs Lane Keeping Assist and Intelligent Cruise Control with Stop and Go operation — essentially centering the vehicle centered in its lane while maintaining a preset speed and safe distance from the vehicle ahead. Should the Kicks begin to drift out of its lane, the system will issue a warning and gently steer it back. This feature also allows the automobile to “stop and start more easily, reducing the burden of driving on highways and long-distance trips, as well as minimizing fatigue during the journey.”

Other new safety technologies aboard include Leading Car Departure Notification, Intelligent Forward Collision Warning that can monitor the movement of two vehicles ahead, Intelligent Emergency Braking with Pedestrian Detection, Blind Spot Warning with Blind Spot Intervention, Lane Departure Warning with Lane Departure Prevention, Rear Automatic Emergency Braking, and Tire Pressure Monitoring System. There’s also Rear Cross Traffic Alert, Intelligent Around-View Monitor, Moving Object Detection, High-Beam Assist, and Driver Attention Alert.

Nissan Philippines is expected to preview the all-new Nissan Kicks e-Power at the forthcoming Philippine International Motor Show in June, with a formal launch by the third quarter of the year, per Mr. Kuan. The current-generation Kicks will cease production at the end of this month, after which the Nissan production line in Thailand will be retooled in preparation for the production of the next generation by June.

We had a chance to briefly drive the Kicks e-Power, and the experience, at least to this writer, was indeed a marked improvement in performance and looks over the model it will soon replace. The upgrade will be tangible, akin to an upmarket promotion for the nameplate that should win even more fans when it arrives here.

Philippines inches up in global state and governance ranking

The Philippines rose one spot to 58th out of 137 countries in the Status Index and also climbed a notch to 82nd in the Governance Index in the latest edition of the biennial Bertelsmann Stiftung’s Transformation Index (BTI). Despite the improvement in rankings, the Philippines’ scores in both indices underperformed. The country scored 5.55 in the Status Index while it achieved a score of 4.34 in the Governance Index. The BTI assesses and compares transformation processes of a country towards democracy and market economy, as well as the quality of governance, on a scale of 1 to 10, where higher scores indicate better performance.

Dolce & Gabbana co-founder Stefano Gabbana resigns as chair, keeps creative role

MILAN — Dolce & Gabbana said on Friday its co-founder Stefano Gabbana stepped down from his roles at the Italian fashion house and its controlling holding company with effect from Jan. 1, confirming previous reports that he resigned as chair.

“The resignations have no impact on the creative activities carried out for the group by Stefano Gabbana,” the group said in a statement.

Chief Executive Alfonso Dolce, the brother of co-founder Domenico Dolce, was appointed as the new chair, according to a company filing to the Milan Chamber of Commerce.

Mr. Gabbana, 63, took his customary bow at the fashion house’s last runway show in February flanked by Mr. Dolce, with the designers’ longtime muse, pop superstar Madonna, as a front-row guest.

News of his resignation was first reported by Bloomberg, which said Mr. Gabbana was also considering options for his roughly 40% stake in the company ahead of debt negotiations with banks.

NEGOTIATIONS WITH BANKS
Dolce & Gabbana’s lenders are seeking a cash injection of up to €150 million at the company, as part of a broader €450-million ($526-million) debt refinancing, Bloomberg reported, citing sources.

The company, advised by Rothschild, is exploring ways to raise fresh money, including asset disposals such as real estate, a source close to the matter said, confirming the Bloomberg report.

The source said that a big part of the new funds will come from a recent extension through 2050 of the eyewear license agreement with Franco-Italian giant Essilorluxottica.

Dolce & Gabbana declined to comment saying “negotiations with banks are still ongoing.”

The family-owned Italian luxury group, which brought its beauty business in-house in 2022 committing substantial resources to develop it, is grappling with challenging market conditions.

In the past it did not rule out the possibility of a minority investor or stock market listing.

Domenico Dolce and Stefano Gabbana are still in charge of creative direction at the company they founded in 1985.

According to the company filing, Mr. Gabbana informed the group in December that he intended to step down as chair effective Jan. 1.

This change at the top was not the only one.

Former Gucci CEO Stefano Cantino is joining Dolce & Gabbana in an unspecified managerial role, according to two sources familiar with the matter.

Managing Director Fedele Usai left Dolce & Gabbana earlier this year to join French luxury group Kering as chief marketing officer.

Mr. Cantino was not immediately available for comment. — Reuters

Debt worth P13.2 million condoned for 200 ARBs

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THE Department of Agrarian Reform (DAR) said the debt of about 200 agrarian reform beneficiaries (ARBs) in Davao del Norte worth P13.2 million was condoned.

The loans represented amortization owed to the Land Bank of the Philippines (LANDBANK).

In a statement on Sunday, the DAR said 300 Certificates of Condonation with Release of Mortgage were distributed, covering 435.52 hectares of agricultural land.

The DAR said the debt relief was authorized by Republic Act No. 11953, or the New Agrarian Emancipation Act, which allows unpaid amortization of qualified ARBs to be condoned.

Provincial Agrarian Reform Program Officer II Eduardo E. Suaybaguio said the condonation allows ARBs to redirect resources to farm development.

“Through the New Agrarian Emancipation Act, farmers are finally relieved of their land debt, allowing them to focus on improving their farms and securing a better future for their families,” he was quoted as saying in the statement. — Vonn Andrei E. Villamiel

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