Trump to leave G7 summit early due to Middle East situation

June 17, 2025 | 10:25 am

KANANASKIS, Alberta – U.S. President Donald Trump is leaving the Group of Seven summit in Canada a day early due to the situation in the Middle East, the White House said on Monday.

French President Emmanuel Macron said Mr. Trump had made an offer for a ceasefire between Israel and Iran.

Mr. Trump had earlier urged everyone to immediately evacuate Tehran, and reiterated that Iran should have signed a nuclear deal with the United States.

“Much was accomplished, but because of what’s going on in the Middle East, President Trump will be leaving tonight after dinner with Heads of State,” Press Secretary Karoline Leavitt said on X.

The G7 has struggled to find unity over conflicts in Ukraine and between Israel and Iran as Trump overtly expressed support for Russian President Vladimir Putin and has imposed tariffs on many of the allies present.

A U.S. official said Mr. Trump would not sign a draft statement calling for de-escalation of the Israel-Iran conflict.

Still, Mr. Macron said Mr. Trump’s departure was positive, given the objective to get a ceasefire.

“There is indeed an offer to meet and exchange. An offer was made especially to get a ceasefire and to then kick-start broader discussions,” Mr. Macron told reporters.

“We have to see now whether the sides will follow.”

G7 leaders from Britain, Canada, France, Germany, Italy, Japan, and the U.S., along with the European Union, had convened in the resort area of Kananaskis in the Canadian Rockies until Tuesday.

Speaking alongside Canadian Prime Minister Mark Carney earlier, Mr. Trump said the former Group of Eight had been wrong to kick out Russia in 2014 after it annexed Crimea.

“This was a big mistake,” Mr. Trump said, adding he believed Russia would not have invaded Ukraine in 2022 had Putin not been ejected.

“Putin speaks to me. He doesn’t speak to anybody else … he’s not a happy person about it. I can tell you that he basically doesn’t even speak to the people that threw him out, and I agree with him,” Mr. Trump said.

Though Mr. Trump stopped short of saying Russia should be reinstated in the group, his comments had raised doubts about how much Ukrainian President Volodymyr Zelenskiy can achieve when he is scheduled to meet the leaders on Tuesday.

“It was a rough start,” said Josh Lipsky, a former senior IMF official who now chairs the international economics department at the Atlantic Council.

European nations had wanted to persuade Mr. Trump to back tougher sanctions on Moscow.

A spokesperson for the Ukraine embassy in Canada said Mr. Zelenskiy was still planning to come to Canada.

Canada has abandoned any effort to adopt a comprehensive communique to avert a repeat of the 2018 summit in Quebec, when Mr. Trump instructed the U.S. delegation to withdraw its approval of the final communique after leaving.

Leaders have prepared several draft documents seen by Reuters, including on migration, artificial intelligence, and critical minerals. None of them have been approved by the United States, however, according to sources briefed on the documents.

Without Mr. Trump, it is unclear if there will be any declarations, a European diplomat said.

Mr. Carney invited non-G7 members Mexico, India, Australia, South Africa, South Korea and Brazil, as well as Ukraine.

TARIFFS

Mr. Trump and British Prime Minister Keir Starmer said on Monday they had finalized a trade deal reached between the two allies last month, making Britain the first country to agree to a deal for lower U.S. tariffs.

Mr. Carney said in a statement he had agreed with Trump that their two nations should try to wrap up a new economic and security deal within 30 days.

Mr. Trump said a new economic deal with host Canada was possible but stressed tariffs had to play a role, a position the Canadian government strongly opposes.

“Our position is that we should have no tariffs on Canadian exports to the United States,” said Kirsten Hillman, Canada’s ambassador to Washington. – Reuters

US and UK announce a trade deal, but steel imports unresolved

June 17, 2025 | 10:14 am

KANANASKIS, Alberta – U.S. President Donald Trump signed an agreement on Monday formally lowering some tariffs on imports from Britain as the countries continue working toward a formal trade deal.

The deal, announced by Trump and British Prime Minister Keir Starmer on the sidelines of the G7 Summit in Canada, reaffirmed quotas and tariff rates on British automobiles and eliminated tariffs on the U.K. aerospace sector, but the issue of steel and aluminum remains unresolved.

Other critical industries, such as pharmaceuticals, were not mentioned.

Mr. Trump said the relationship with Britain was “fantastic,” as he waved, and then briefly dropped, a document that he said he had just signed.

“We signed it and it’s done,” he said, incorrectly calling it a trade agreement with the European Union, before making clear the deal was with Britain.

Mr. Starmer called it “a very good day for both of our countries, a real sign of strength”

The U.S. intends to impose a quota on steel and aluminum imports from the United Kingdom that would be exempt from 25% tariffs, but it is conditioned upon Britain’s demonstrating security on steel supply chains and production facilities, according to an executive order released by the White House.

The quota level will be set by Commerce Secretary Howard Lutnick, the White House said.

Britain had avoided tariffs of up to 50% on steel and aluminum that the U.S. imposed on other countries earlier this month, but it could have faced elevated tariffs starting July 9 unless a deal to implement the tariff reduction was reached.

The two leaders reaffirmed a plan to give British carmakers an annual quota of 100,000 cars that can be sent to the United States at a 10% tariff rate, less than the 25% rates other countries face.

The plan will go in effect seven days after it is published in the Federal Register, the White House said.

The agreement also eliminates tariffs on the UK aerospace industry, including parts and planes, according to the executive order.

Britain was the first country to agree on a deal for lower tariffs from Trump, with the U.S. reducing tariffs on imports of UK cars, aluminum and steel, and Britain agreeing to lower tariffs on U.S. beef and ethanol.

But implementation of the deal has been delayed while details were being hammered out and some issues remain outstanding.

Britain called the deal a huge win for its aerospace and auto sectors, noting the UK was the only country to have secured such a deal with Washington.

“Bringing trade deals into force can take several months, yet we are delivering on the first set of agreements in a matter of weeks. And we won’t stop there,” UK Trade Secretary Jonathan Reynolds said in a statement.

Reynolds said the two sides agreed to reciprocal access to 13,000 metric tons of beef, while making clear that U.S. imports would need to meet tough UK food safety standards.

He said both countries remain focused on securing “significantly preferential outcomes” for the UK pharmaceutical sector, and work would continue to protect industry from any further tariffs imposed as part of Section 232 investigations underway by the U.S. Commerce Department.

Asked if the deal protects the United Kingdom from future tariff threats, Mr. Trump responded: “The UK is very well protected. You know why? Because I like them. That’s their ultimate protection.” – Reuters

Cash remittances jump 4% in April

June 17, 2025 | 6:31 am

remittance-peso — A man accepts Philippine peso bills at a money remittance center in Makati City, Metro Manila, Philippines, Sept. 19, 2018. — REUTERS/ELOISA LOPEZ

MONEY SENT HOME by overseas Filipino workers (OFWs) jumped by an annual 4% in April, the fastest pace in 28 months, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Cash remittances from migrant Filipinos coursed through banks rose by 4% to $2.66 billion in April from $2.56 billion in the same month a year ago.

The 4% annual growth in April was the fastest since the 5.8% seen in December 2022.

However, the amount of cash remittances in April was the lowest in nearly a year or since May 2024 when remittances stood at $2.58 billion.

Month on month, remittances declined by 5.1% from $2.81 billion in March.

In April, cash remittances from land-based workers rose by 4% to $2.08 billion from $2 billion in the same month last year.

Sea-based migrant workers sent home $580 million, 3.8% up from the $560 million a year ago.

Reinielle Matt M. Erece, an economist at Oikonomia Advisory and Research, Inc. said the cash remittances posted a “strong” growth mostly due to “seasonal factors, as this month usually posts one of the fastest during the summer months.”

“The year-on-year increase shows underlying strength in remittance flows, driven by stable overseas employment, particularly in the US, Middle East, and parts of Asia,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies said in a Viber message.

Personal remittances, which include inflows in kind, rose by 4.1% to $2.97 billion in April from $2.86 billion a year ago.

Personal remittances from workers with contracts of a year or more increased by 3.9% to $2.25 billion, while those with contracts of less than a year jumped by 4.1% to $650 million.

FOUR MONTHS
In the first four months of 2025, cash remittances went up by 3% to $11.11 billion annually from $10.78 billion a year ago.

Cash remittances sent by land-based workers jumped by 3.4% to $8.82 billion as of end-April, while sea-based workers’ remittances went up 1.7% to $2.29 billion.

“Higher growth of remittances from the United States, Saudi Arabia, Singapore, and the United Arab Emirates (UAE) drove the overall increase in remittances during January-April 2025,” the BSP said.

The US remained the top source of remittances in April, accounting for 40.4% of the total.

This was followed by Singapore (7.3%), Saudi Arabia (6.3%), Japan (5%), the United Kingdom (4.5%), the UAE (4.5%), Canada (3.2%), Qatar (2.9%), Taiwan (2.7%) and Hong Kong (2.7%).

Personal remittances increased by 3% to $12.37 billion during the January-to-April period, from $12.01 billion in the same period last year.

“We may continue to see stronger remittance inflows from OFWs due to the relative strength of the peso. They may be prompted to send more to maintain the same peso value they used to send,” Mr. Erece said.

The peso closed at P55.84 a dollar at the end of April, appreciating by P1.37 from the P57.21 finish at end-March.

Mr. Rivera said remittance growth is likely to remain steady on the back of demand for Filipino workers overseas, particularly in the healthcare, logistics, and domestic services.

“Global uncertainties such as inflation in host countries, geopolitical tensions, and policy shifts like taxes on remittances in major markets (e.g., the US) are downside risks to monitor,” Mr. Rivera said.

In the US, the One Big Beautiful Bill Act proposes a 3.5% tax on remittances sent abroad by foreign workers, including green card holders and temporary visa workers.

This is expected to have serious implications for countries that heavily rely on remittances, such as the Philippines, India, Mexico and China.

The BSP forecasts 2.8% growth in cash remittances to an estimated $35.5 billion this year.

Next year, cash remittances are projected to grow by 3% to $36.5 billion. — Aubrey Rose A. Inosante

Philippines inches up to 51^st spot in global competitiveness index

June 17, 2025 | 6:30 am

Street lights are seen in San Fernando, Pampanga. — PHILIPPINE STAR/WALTER BOLLOZOS

By Justine Irish D. Tabile, Reporter

THE PHILIPPINES improved one spot in a global competitiveness index, but remained a laggard in the Asia-Pacific region, according to the Asian Institute of Management Rizalino S. Navarro Policy Center for Competitiveness (AIM RSN PCC).

Citing Switzerland-based International Institute for Management Development’s (IMD) 2025 World Competitiveness Yearbook (WCY), the center said that the Philippines ranked 51^st out of 69 economies.

AIM RSN PCC is the IMD’s partner in the Philippines.

Despite the improvement in ranking, the Philippines still lagged its neighbors, ranking 13^th out of 14 Asia-Pacific economies in the index.

Singapore ranked second in the global index, while Hong Kong ranked third and Taiwan placed sixth.

The Philippines was also behind Malaysia (23^rd), Thailand (30^th) and Indonesia (40^th).

The WCY, which started in 1989, ranks economies across four competitiveness factors: economic performance, government efficiency, business efficiency, and infrastructure.

For this year, the report covered 69 economies, up from 67 last year, following the addition of Kenya, Namibia, and Oman.

Switzerland placed first in the overall ranking.

In a statement, AIM RSN PCC said that the Philippines’ results this year are “a mixed bag,” as improvements were seen in two out of the four pillars.

In particular, the country’s rank in the economic performance pillar improved to 33^rd in this year’s report, up seven spots from 40^th place last year, after only seeing a marginal drop in the international investment sub-factor.

“The rest of the sub-factors saw improvements to their rankings, with the prices sub-factor improving the most by climbing nine places from 48^th in 2024 to 39^th in 2025,” AIM RSN PCC said.

“The domestic economy indicator improved from 27^thin 2024 to 22^nd in 2025, the international trade indicator improved from 58^th in 2024 to 55^th in 2025, and the employment indicator rose from 10^th in 2024 to 7^th in 2025,” it added.

On the other hand, the Philippines moved up one spot to 60^th in the infrastructure pillar, which has been a “perennial challenge” for the country in previous years.

“The basic infrastructure sub-factor (60^th spot from 62^nd) and technological infrastructure sub-factor (43^rd spot from 55^th) saw improvements to their respective rankings,” AIM RSN PCC said.

However, the center said that declines were seen in the scientific infrastructure sub-factor (62^nd spot from 60^th) and the health and environment sub-factor (61^st spot from 60^th).

Meanwhile, the country slipped three notches in the business efficiency pillar to 46^th in 2025 and dipped two spots in the government efficiency pillar to 51^st.

The AIM center said that the results of the report reflect the challenges the Philippines continues to face, such as “rekindling the country’s economic dynamism and growth trajectory, addressing inflation expectations, promoting investments in inclusive technology, improving education and healthcare, and adapting to shifting global economic and geopolitical dynamics.”

Sought for comment, Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas said that the slight rise in the country’s competitiveness ranking is a “positive signal.”

However, he noted that the Philippines falling behind regional peers shows a need for deeper reforms.

“Prioritizing digital infrastructure, streamlining bureaucracy, and investing in talent development can help us close the gap and compete more effectively,” Mr. Ravelas said in a Viber message.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the net improvement in the ranking “may be partly attributed to the easing inflation trend that justified local policy rate cuts.”

He also sees the country’s economic growth, which is among the fastest in Asia, may drive competitiveness.

To further improve the ranking, Mr. Ricafort said the country needs to “further develop infrastructure, boost productivity in agriculture and manufacturing industries, bring down electricity costs, and further ease and reduce the cost of doing business.”

DoF renews push for general tax amnesty bill

June 17, 2025 | 12:32 am

BIR-taxpayers — PHILIPPINE STAR/EDD GUMBAN

By Aubrey Rose A. Inosante, Reporter

THE Department of Finance (DoF) will renew its push for the passage of a general tax amnesty (GTA) bill in the incoming 20^th Congress.

Finance Undersecretary Maria Luwalhati C. Dorotan-Tiuseco said the department is interested in pushing for a new general tax amnesty bill after it failed to secure Congress’ approval.

“[The bill] will address the issues on the veto,” Ms. Tiuseco said in a Viber message on June 13.

In 2019, then-President Rodrigo R. Duterte vetoed the provisions on the general tax amnesty under the Republic Act (RA) No. 11213 but retained the provisions for estate tax amnesty.

The tax amnesty program looked to impose an amnesty charge equivalent to a portion of the taxpayers’ outstanding unpaid taxes in exchange for immunity from civil, criminal, and administrative penalties.

For his part, Bureau of Internal Revenue (BIR) Commissioner Romeo D. Lumagui, Jr. said the discussions on a general tax amnesty are in the early stages.

“It’s not like it’s being seriously discussed to the point of saying it will happen this year. But it’s being talked about — whether it will happen or not — it’s still kind of in a very, very early stage of discussion,” he said.

In his veto message at that time, Mr. Duterte urged Congress to pass another bill on the general tax amnesty that includes the “lifting of bank secrecy for fraud cases, the inclusion of automatic exchange of information, and safeguard to ensure that asset or net worth declarations are truthful.”

“[Mr. Duterte] noted that without the lifting of the Bank Secrecy Law, the GTA may be abused by taxpayers declaring untruthful asset or net worth without the BIR being able to double check the taxpayers’ representations,” Eleanor L. Roque, a tax principal at P&A Grant Thornton, said in an e-mail to BusinessWorld.

The Bank Secrecy Law or the Republic Act No. 1405 protects the confidentiality of bank deposits in the Philippines. This prevents disclosure or inquiry of deposits in banking institutions.

Ms. Roque said a general tax amnesty could generate much-needed revenue for the government.

“Generally, a GTA is crucial when major tax laws are introduced to give the taxpayers a clean slate. That was the reason why RA 11213 was intended to be a companion law to the Tax Reform for Acceleration and Inclusion (TRAIN) law,” she said.

Republic Act No. 10963 or TRAIN, which took effect in 2018, cut personal income tax while increasing the rates on some goods and services.

“Considering the BIR’s intensified efforts in tax audits, some taxpayers may wish to avail the GTA to close ongoing assessments. However, the take-up of the GTA may depend on whether the amnesty amount is reasonable compared to the taxpayers’ deficiency tax exposure and cost of litigation,” Ms. Roque said.

The tax expert also said that the DoF should ensure the ease of availing the general tax amnesty in terms of documentary requirements and reasonable amount.

“It should also provide for a definite time period for the BIR to issue the confirmation of entitlement for the benefits of availing the tax amnesty,” she said.

Palace says Marcos to review Konektadong Pinoy bill

June 17, 2025 | 12:31 am

computer internet wires cables — REUTERS

PHILIPPINE President Ferdinand R. Marcos, Jr. will be reviewing the Konektadong Pinoy bill, a priority measure for his administration, amid concerns raised by telecommunications companies over some of its provisions, according to the Palace.

At the same time, Department of Information and Communications Technology Secretary Henry Rhoel R. Aguda expressed confidence Mr. Marcos will sign into law the measure which will establish a more affordable and inclusive digital ecosystem.

At a briefing, Palace Press Officer Clarissa A. Castro said the Office of the President has yet to receive a copy of the final version of the bill, which was ratified by Congress.

“As of now, we have been informed that no document has been given to the Office of the President but rest assured that the President will evaluate any provision stated in the said Konektadong Pinoy bill,” she said.

“Let us expect the President is listening to possible issues concerning this bill and that he will weigh what is best for our fellow citizens, including any concerns about national security and any potential negative impact on the telecom industry,” she added in Filipino.

Ms. Castro said the President would act on the measure swiftly after he carefully studies the bill’s provisions.

“Yes, we are confident that it will be signed by the President. It is among the priority legislation of this administration,” Mr. Aguda said during the Economic Journalists Association of the Philippines (EJAP) Infrastructure forum on Monday.

The Senate and House of Representatives last week ratified the bicameral conference committee report of the Konektadong Pinoy measure.

The bill, which aims to increase internet access by relaxing regulations and allowing the entry of more players into the data transmission industry, has been opposed by telecommunications companies.

“We will hear the opposition of the telecommunications companies. There are things that we agree on, one is the optimization of spectrum to improve service and increase connectivity,” Mr. Aguda told reporters on the sidelines of the EJAP forum.

The Philippine Chamber of Telecommunications Operators (PCTO) earlier said that certain provisions of the measure could weaken regulatory oversight and threaten national security and fair competition.

PCTO President Froilan M. Castelo, in a statement on June 12, warned that the bill exposes the country to risks from unregulated infrastructure and possible foreign control.

Under the bicameral version of the bill, the state will adopt an open-access policy to create a more accessible and competitive environment for all qualified participants across the entire data transmission network, while encouraging investments in digital infrastructure to support reliable and affordable data services.

The final version exempts international gateway facilities, cable landing stations, and satellite service providers from legislative franchise requirements. This means any company may build and operate such facilities without going through the safeguards historically used to ensure national security.

The measure also directs the state to pursue plans that incentivize participants in the data transmission industry to invest in, adopt, roll out, implement, establish, own, maintain, operate, or utilize new and next-generation technologies, with priority given to unserved or underserved areas.

The bicameral version of the Konektadong Pinoy also states that radio frequency spectrum should be optimized; and that underutilized and unutilized spectrum must be reallocated.

Mr. Aguda said that in order to advance the country’s connectivity, the deployment of fifth-generation (5G) technology should be expedited, which is one of the main objectives of the Konektadong Pinoy bill.

The first frequency block that should be freed up is the second-generation (2G) and third-generation (3G) frequencies to go to fourth-generation (4G) and 5G spectra, Mr. Aguda said, adding that at present 15% of the 70 million mobile subscribers are 2G and 3G users.

“If you are a telco that has 2G and 3G, and you are not using it, you need to surrender the franchise. This is a hot topic right now in the Konektadong Pinoy,” Mr. Aguda said, adding that telecommunications companies must prove that they are utilizing their current spectrum.

Ronald B. Gustilo, national campaigner for Digital Pinoys group, said the reallocation of the unutilized 2G spectrum for 4G and 5G use is “a step in the right direction.”

“We welcome this push to modernize our spectrum policy as part of accelerating 5G deployment across the country,” he said in a Viber message on Monday.

Mr. Gustilo said that while his group respects the concerns raised by PCTO, these must not override the bill’s core intent, which is to uphold public interest, transparency, and equitable access.

“We urge the President to act decisively and sign the bill into law to demonstrate that universal connectivity is not just a promise, but a policy priority,” he said.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group. — Chloe Mari A. Hufana and Ashley Erika O. Jose

Aboitiz group takes over Bohol airport

June 17, 2025 | 12:07 am

PR_TAG-Bohol-Economy-2 — ABOITIZ INFRACAPITAL,INC.

ABOITIZ INFRACAPITAL, Inc., the infrastructure arm of the Aboitiz group, has officially taken over the operations and maintenance of the Bohol-Panglao International Airport (BPIA), with the first set of upgrades scheduled for the second half of the year.

“This project is about more than infrastructure — it’s about enabling tourism, empowering local economies, and creating more inclusive growth across the Visayas,” Aboitiz InfraCapital President and Chief Executive Officer Cosette V. Canilao said in a media release on Monday.

Aboitiz InfraCapital said the initial improvements at BPIA will include the expansion of the passenger terminal building, upgrades to landside and airside facilities, and the installation of new airport systems and equipment.

“This official handover marks the beginning of a new chapter for Bohol-Panglao International Airport,” Aboitiz InfraCapital Vice-President and Head of the Airports Business Rafael M. Aboitiz said.

“We are committed to transforming BPIA into a globally competitive gateway that reflects the beauty and hospitality of Bohol, while helping unlock its full tourism and economic potential,” he added.

The infrastructure arm of the Aboitiz group currently operates and manages two other airports: Laguindingan International Airport and Mactan-Cebu International Airport.

Last month, Aboitiz InfraCapital said it would target to increase BPIA’s capacity by around 25% — from two million to 2.5 million passengers annually — within two years.

The company will implement a P4.53-billion investment plan, which includes the expansion of the passenger terminal building, the installation of modern aviation systems, and enhancements to airside and landside facilities.

Aboitiz InfraCapital is also targeting to increase the airport’s capacity to 3.9 million passengers annually by 2030.

The concession agreement for the New Bohol-Panglao International Airport covers a 30-year period, encompassing upgrades, expansion, and maintenance from the start of turnover. — Ashley Erika O. Jose

Century Pacific Food renews P14-B deal with Vita Coco

June 17, 2025 | 12:06 am

Century-Pacific-Manufacturing-Facilities — CENTURYPACIFIC.COM.PH

CENTURY PACIFIC FOOD, Inc. (CNPF) has renewed its five-year agreement with US-based The Vita Coco Co., Inc., valued at around P14 billion.

In a regulatory filing on Monday, CNPF said the renewed agreement, which takes effect in January 2026, will support 4,500 manufacturing jobs in General Santos, Mindanao.

The two companies will also continue their collaboration on sustainability targets, as well as standards on health and safety, environmental performance, and business ethics.

“We value our long-standing relationship with Vita Coco — a win-win partnership that has grown meaningfully over the past decade. We are pleased to extend our collaboration and look forward to scaling our collective impact across both our businesses, our consumers, and the communities we serve,” said CNPF Vice-President Noel Anthony M. Tempongko, Jr.

In 2024, CNPF and Vita Coco signed an incremental long-term agreement covering the production of an additional 90 million liters of coconut water over five years.

The expanded agreement also involved additional capacity investments by CNPF, including the acquisition of Coco Harvest, Inc., which generated more than 1,500 manufacturing jobs in Misamis Occidental, Mindanao.

“We are pleased to continue our long-term partnership with CNPF. Our organizations share a common mission around quality, sustainability, and community impact — and together, we look forward to driving innovation, fueling growth, and creating lasting positive change,” said Vita Coco Chief Operating Officer Jonathan Burth.

CNPF entered the coconut category in 2012 through its partnership with Vita Coco. Since then, it has become one of Vita Coco’s largest suppliers and has expanded its coconut-based product offerings.

In 2022, CNPF increased its production capacity by 50% to meet growing demand amid heightened interest in health and wellness products.

CNPF is engaged in the production, marketing, and distribution of processed marine, meat, milk, coconut, plant-based, and pet food products. Its portfolio includes brands such as Century Tuna, Argentina, 555, Ligo, and Birch Tree.

Shares of CNPF were unchanged at P39.50 apiece on Monday. — Revin Mikhael D. Ochave

How emotional, story-driven ads are shaping the internet

June 17, 2025 | 12:06 am

Damien-Yeong-Mintegral — DAMIEN YEONG, Global Head of Retargeting for Mintegral — MINTEGRAL

1 of 2

ADS THESE DAYS have full-blown narratives, taking viewers through a beginning, middle, and emotional climax in a matter of 30 seconds — and Filipinos are proving to be most susceptible to this.

Damien Yeong, global head of retargeting for mobile advertising solution platform Mintegral, said that this is the reason brands are shifting their budgets towards “short-form, emotionally resonant videos.”

In a virtual interview with BusinessWorld, he cited three reasons for this: higher engagement, stronger recall, and better downstream conversion.

“Filipino users spend hours a day on mobile, making full-screen vertical formats the most immersive way to engage. These formats now dominate social feeds, in-app placements, and rewarded video spaces,” Mr. Yeong said.

“While these formats were once dominant mainly on social platforms, we now see them gaining significant traction across mobile games, utility apps, and web inventories.”

For example, if one were to play a mobile game that requires points to access in-game currency or more chances to play, there is usually a video ad that the user can watch in exchange for points.

Mr. Yeong explained that users actually choose to watch these ads in exchange for a benefit.

“Because they’re opt-in, we tend to see stronger engagement and better message retention compared to traditional interruptive formats,” he said.

Meanwhile, on social media, where algorithms are designed to maximize engagement, it is “short, emotionally charged videos that tend to perform best.”

AI AND PERSONALIZATION
For Mintegral, AI (artificial intelligence) helps advertisers test and optimize story-driven creatives at scale.

Mr. Yeong shared that elements such as pacing, music, character perspective, and even subtle emotional tones can “significantly impact performance.”

“Our system analyzes these variations in real time to understand what resonates most with different audience segments,” he said.

Because of AI, the “most relevant version of the ad” can be tailored to each user, whether they’re encountering the brand for the first time or already engaged at a deeper stage.

However, as a technology platform, Mintegral is guided by user privacy policy, according to Mr. Yeong.

“The personalization I mentioned must be done ethically and transparently, using data responsibly and in full compliance with all regulations. The goal is to create more relevant experiences without ever crossing the line into being intrusive,” he explained.

He added that Mintegral adheres to global privacy regulations and industry certifications like SOC 2 to ensure user data is handled securely and transparently.

FILIPINO PREFERENCES
When asked why such ads appeal to Filipinos in particular, Mr. Yeong spoke of how they “feel like entertainment and a reflection of real life.”

“Filipinos connect through shared stories and emotions. When an ad tells a story about family, overcoming hardship, or celebrating a small victory, it taps into a universal experience that feels authentic and relatable,” he explained.

More effective than a direct sales pitch, story-driven ads are created to build curiosity. “Viewers want to see how it resolves, which is why they don’t skip,” Mr. Yeong added.

He also clarified that an important goal of ads is not to force the viewer to immediately act, but to give a gentle follow-up.

“This could happen when a well-placed banner can bring the brand back to their attention and move them closer to conversion. It’s really about creating consistency across different touchpoints, rather than relying on just one moment,” he said.

Filipinos are also prone to emotional fatigue, since they are online all the time. Mr. Yeong explained that this poses a challenge for brands to find “unique, authentic stories that align with specific values, rather than just copying a successful formula.”

“If every brand tells the same type of tear-jerking story, consumers will become desensitized, and the impact will diminish,” he said.

“Filipinos can easily spot when a brand is manufacturing emotion without genuine alignment to its values or actions.” — Brontë H. Lacsamana

Wilcon sets P3.2-B capex to support recovery

June 17, 2025 | 12:05 am

LISTED home improvement and construction supply retailer Wilcon Depot, Inc. has set a P3.2-billion capital expenditure (capex) budget for 2025, higher than last year’s, as it aims to drive a financial rebound in the second half.

“Our (capex) budget for the year is P3.2 billion. In the first quarter, we already spent P652 million,” Wilcon Depot Vice-President for Investor Relations Mary Jean G. Alger said in a virtual briefing on Monday.

Of the total, P2.2 billion will be allocated for the construction of new stores and warehouses, P568 million for renovations and repairs, P327 million for store and transportation equipment, and P137 million for information technology infrastructure.

Wilcon’s 2025 capex is higher than the P2.2 billion spent last year.

Ms. Alger said the company expects earnings to remain flat this year, with a recovery seen in the second half.

“We’re just looking at very minimal growth. We’re looking, actually for this year, just really flattish… We’re looking at the recovery of the first-half decline in the second half,” she said.

In the first quarter, Wilcon’s net income dropped by 27.5% to P536 million. Gross profit fell by 1.7% to P3.26 billion due to a lower margin rate across non-exclusive, exclusive, and in-house brand categories.

Wilcon Chief Operating Officer Rosemarie B. Ong said the company expects revenue to grow by a “high single-digit” rate, noting a conservative outlook for the year.

“We’re still looking at growth, but it’s going to be conservative,” she said.

Ms. Ong added that the company is reviewing the size of its stores to improve network efficiency and optimize spending.

She said Wilcon is focusing on expanding in regional markets amid softening demand in Metro Manila.

“The impact of the slowness of the market was really felt in Metro Manila. However, the Cavite-Laguna area, wherein we are really focused on expanding our footprint, is doing quite well compared to Metro Manila. We’re trying to right-size the store based on the capacity of the market, how large the market is, or how many stores we have in that area,” she said.

“We’re seeing growth in the emerging areas like South Luzon, some parts of North Luzon, and some parts of Visayas and Mindanao,” she added.

On store expansion, Ms. Alger said Wilcon is targeting eight new store openings this year. Last month, it opened a branch in Cordova, Cebu — its 103^rd store nationwide.

Shares of Wilcon fell by 1.04% or eight centavos to P7.60 apiece on Monday. — Revin Mikhael D. Ochave

Youlogy

June 17, 2025 | 12:05 am

Movie Review
Faney
Directed by Adolfo Alix

GIVE Adolfo Alix due credit — where few others seemed eager to cast Nora Aunor as lead in films (mainly because she wasn’t a young fresh talent anymore, the primary requirement for this ruthlessly youth-oriented relentlessly skin-deep industry) he kept doing so, in recent films (Pieta, Mananambal, Whistleblower, Padre de Familia among others) and in one project (Kontrabida) still awaiting a local theatrical run.

So it should be only fitting (shouldn’t it?) that on Nora’s passing Alix should assemble a few of her family and frequent collaborators for some kind of tribute — not a biopic, not a clip show, at least not completely, not some kind of documentary retrospective of her career, but a lightly fictionalized account of the people that idolized the actress, made her the icon that she was and in many ways still is.

Hence: Milagros/Lola Bona (played by Laurice Guillen) is devastated to hear of Ate Guy’s (the fans’ fond nickname for Nora, ate being “elder sister”) passing and vows to attend the wake; her daughter Babette (Gina Alajar) won’t hear of it — grandma just had surgery and the heat and effort would probably kill her… not to mention the possibility of meeting Edgar (Bembol Roco) again.

But Milagros is persistent, and manages to coax her granddaughter Bea (newcomer Althea Ablan) to accompany her on this brief if eventful trip, not just to the wake but back to Milagros’ past, with maybe a sidetrip illuminating Bea’s own character and obsessions.

I suppose the film has flaws — a touch too sentimental (or a lot, depending on your disposition and familiarity with the woman and her milieu), Bea’s encounter with a boy band that too-neatly shows the shared insanity of fans across generations, the feared clip show that ends the picture.

There are the stories — of one fan asking for her cellphone to be laid on Nora’s coffin so she can speak to her one last time; of another, a young one, belatedly soaking up the lore of Noranians (the name her followers have chosen to christen themselves with) and declaring her own conversion. Arguably a collection of anecdotes — of fanfic? — do not a feature film make no matter how true; Alix is not known for tight-woven narratives but this one might be too loose assembled even by his standards.

One can also argue that this is a labor of love made by a fan for the fans, in the service of a star who was once relevant in the 1970s, ’80s, ’90s, struggled to stay relevant in the new millennium, and whose personal life was turbulent enough to generate a steady stream of tabloid fodder throughout her life and (as it turns out) some time after. The crossover appeal, at least at first glance, seems limited.

But the in-jokes and sprinkled allusions are plenty enough and some of them clever enough to keep you following. Easy one to spot: most of the female characters are named after characters she played — Milagros is from Kasal-Kasalan, Bahay-Bahayan; Bona from Brocka’s classic slum noir of the same name; Babette is from Bulaklak sa City Jail, one of Nora’s most popular movies, Flor is of course from The Flor Contemplacion Story, perhaps her most famous film, and which the Noranians have adopted as their banner feature.

Scenes and snatches of dialogue from various films are not just quoted but performed; Guillen delivers a lion’s share of them in her bedroom, in one lengthy virtuoso sequence, in a single take (Alix’s apparently favorite way of capturing a scene). One can argue this is pure indulgence but Guillen pushes from fond remembrance to sadness to hysteria to a kind of nervous breakdown, begging not for tears but for a kind of horrified recognition that all isn’t right in Milagros’ head — she is having issues. Folks talk about Nora being a great actress; true enough, but no one talks about what a formidable talent Guillen also is, and this lengthy sequence proves it — her gestures come across graceful and guileless, her emotions are expressed with effortless clarity. Arguably Nora’s most famous speech (“Walang himala!”) is delivered with no fuss and less frills, the words recognizably Nora’s, the delivery Guillen’s inventive interpretation of Nora as played by an ardent older fan.

In perhaps the most bizarre episode in the pic Milagros encounters a pair of queer fans, one (the always great Roderick Paulate) calling himself Pacita M (a classic Nora character), the other (Henrie Chavarria) calling himself Stella L (celebrity rival Vilma Santos’ most famous role). Stella accuses Pacita of being a traitor; Pacita calls Stella a spy — catty acknowledgment not only of the rivalry among fandoms but of the intense identification the LGBTQ community has with the star (not for nothing is she nicknamed “Ate Guy”).

Milagros finally arrives at the funeral home housing the wake and meets Lola Flor, who again looks familiar and who I struggled to remember till I got it: Perla Bautista. The doting mother in Bulaklak sa City Jail with eyes glittering unnaturally bright as she asks about her missing child; I see her now, eyes bright as ever, only instead of insanity it’s the light of a life that has survived a long time and still hasn’t given up, still hasn’t let go — Lola Flor may be too old and weak to wait for long outside of Nora’s wake, but she isn’t too old to appreciate old friends, and the sad occasion that brings them all together.

And then there’s Edgar — sad enigmatic Edgar, who stands in Milagros’ way and gazes at her, unspeaking. What’s their history? What do they mean to each other? Why aren’t they still together? Alix holds his cards tight to his chest and just lets their eyes — Guillen’s, Roco’s — speak; in this case, at least, the eyes have it.

Several times Guillen sits in her room simply leafing through her photo album, an easy trope in a genre steeped in tropes and nostalgia — but it could also as easily be a nod to the closing moments of Mario O’Hara’s Babae sa Bubungang Lata (Woman on a Tin Roof, 1998), where Nitoy (Frank Rivera) sits in his room bleeding, looking through his album of once-famous faces dead and gone, about as definitive a statement as any of the passing of an era, in this case, of Philippine cinema. Seeing Alix’s film, I’ve finally found a flaw in that scene — O’Hara shot it decades too early. If he had made it now, Nitoy’s album might have ended more appropriately, first on the face of Lino Brocka, then on the face of Nora Aunor. The end of an era indeed.

Protecting every saver: How deposit insurance can be a lifeline during unforeseen circumstance

June 17, 2025 | 12:05 am

Waking up to a home flooded up to hip level or reporting for work only to find out you have been let go by the company are scenarios one would wish were just a bad dream. For Karla and Paulo, however, this was their reality when Typhoon Ondoy and the global pandemic happened, respectively. Faced with the sudden dilemma, they found themselves asking: How do I begin again?

Emergency situations such as natural calamities and virus outbreaks strike without warning. Having a savings account — or better yet an emergency fund, can spell the difference between feeling helpless and having peace of mind.

Karla and her family lost almost all of their belongings, but thankfully the money she tucked in the bank was left unharmed. “Buti na lang may savings ako. Maliit man o malaki na sakuna, importante na ready ka, na may savings ka sa bangko para may mahuhugot ka. Hindi mo need maghintay ng tulong sa iba dahil kaya mong tulungan ang sarili mo at ang pamilya mo (It was a good thing I had my savings in a bank. Whether it is a small or big calamity, it is important that you are ready, that you have savings in the bank that you can use. That way, you won’t need to wait on others for help because you are capable of helping yourself and your family),” Karla recalled with a sense of relief.

This sense of security in the banking system is exactly what the Philippine Deposit Insurance Corporation (PDIC) aims when fulfilling its twin public policy objectives of protecting depositors and promoting financial stability. As the state deposit insurer, the PDIC provides a financial safety net through deposit insurance to depositors of banks up to the maximum coverage amount set by law.

In Paulo’s case, his unforeseen emergency was brought about by COVID-19. The pandemic not only taught him that nothing is permanent but also stressed the importance of saving money in banks. As the family’s breadwinner, he immediately needed to find another way to earn a living after being laid off. That was when he tried delivery work.

“Dati wala akong effort para mag-ipon sa bangko. Lahat ng sinasahod ko napupunta agad sa mga bilihin at mga bayarin. Nung nawalan ako bigla ng trabaho, dun ko na realize na ang hirap pala pag wala kang naitabi. Kaya ngayon, kahit pa P10 o P20 lang na extra, kapag pinagsama-sama malaking dagdag na rin para sa emergency fund (I used to not make an effort to save in banks. What I earn went straight to buying the necessities and paying the bills. When I suddenly lost my job, that was the only time I realized just how hard it is when you have nothing saved. So now, I save even if it is just an extra P10 or P20 to add to the emergency fund),” he said.

According to a report by the Bangko Sentral ng Pilipinas (BSP), as of September 2024, more than 450 cities and municipalities in the country remain unbanked. This means that many Filipinos may still be unaware of the benefits of saving in banks and having their hard-earned money protected by the PDIC.

To sustain the protection the PDIC provides to depositors, it continuously strengthens the Deposit Insurance Fund (DIF), the funding source of deposit insurance built primarily through the collection of semi-annual assessments from banks.

Starting March 15, 2025, the DIF guarantees that deposits up to the maximum deposit insurance coverage (MDIC) of P1 million per depositor per bank are protected. This is double the previous MDIC of P500,000, which was last adjusted in 2009.

This increase in the MDIC not only demonstrates the stability of the DIF but also ensures more deposit accounts are insured, thus reinforcing public trust and confidence in the banking system. Hopefully, more individuals, like Karla and Paulo, can confidently choose to save in banks, knowing that the PDIC is their ally in safeguarding their savings and the welfare of their family during challenging times.

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