TOKYO — US Secretary of Defense Pete Hegseth is set to hold talks with his Japanese counterpart Shinjiro Koizumi in Tokyo on Wednesday, as Japan strives to fortify its defense posture and strengthen its decades-old alliance with the United States.
The meeting comes a day after Japanese Prime Minister Sanae Takaichi told visiting US President Donald Trump that she was determined to bolster Japan’s defense capabilities and expressed her desire to realize a “new golden age” of the alliance.
Japan already hosts the largest concentration of US forces overseas, including an aircraft carrier, a Marine expeditionary unit, and dozens of fighter jets.
Takaichi said in her policy speech last week that the government plans to raise Japan’s defense spending to 2% of gross domestic product in the current fiscal year to March 2026, from about 1.8% currently.
That would be two years earlier than originally planned, but the level falls short of NATO’s new defense investment pledge of 5% of GDP by 2035.
Japan regards the security environment surrounding the country as the gravest since the end of World War Two due to destabilizing factors in the region including China’s military expansion and North Korea’s missile and nuclear programs.
Koizumi, son of former Prime Minister Junichiro Koizumi, ran in the ruling Liberal Democratic Party’s leadership election this month, but lost to Takaichi, who then went on to become Japan’s first female prime minister. — Reuters
A US five-dollar note is seen in this illustration photo, June 1, 2017. — REUTERS/THOMAS WHITE
THE PHILIPPINE PESObreached the P59-per-dollar level for the first time on Tuesday, amid market concerns of slowing economic growth and expectations of further monetary easing.
At the same time, the Bangko Sentral ng Pilipinas (BSP) said it will allow market forces to determine the peso-dollar exchange rate.
The local unit closed at P59.13 versus the greenback, sinking by 23 centavos from its P58.90 finish on Monday, Bankers Association of the Philippines data showed.
This was a new all-time low for the peso, eclipsing the previous record of P59 logged on Dec. 19, 2024.
Year to date, the peso has depreciated by P1.285 or 2.17% from its P57.845 finish on Dec. 27, 2024.
The peso opened Tuesday’s session steady at P58.90 versus the dollar, which was already its intraday best. Its worst showing was at P59.20 against the greenback.
Dollars exchanged rose to $1.75 billion on Tuesday from $1.6 billion on Monday.
“The recent peso depreciation may reflect market concerns over a potential moderation in economic growth due in part to the infrastructure spending controversy, as well as expectations of additional monetary policy easing by the BSP,” the central bank said.
On Monday, Monetary Board member Benjamin E. Diokno said the BSP may cut its key interest rate again in December and further in 2026, as the economy may “slow down a bit” due to a corruption scandal and trade uncertainties.
The BSP earlier this month lowered interest rates by 25 basis points (bps) to 4.75%. It has cut rates by 175 bps since it began its easing cycle in August 2024.
The BSP said the peso will continue to be supported by “resilient remittance inflows, still relatively fast economic growth, low inflation, and ongoing structural reforms.”
“Foreign exchange inflows from business process outsourcing, tourism, and overseas Filipino workers continue to buffer external shocks,” it added.
It also said it continues to maintain “robust” foreign reserves, which stood at $108.8 billion at end-September.
‘MARKET FORCES’ The BSP also signaled it may tolerate more weakness in the peso.
“When we do participate in the market, it is largely to dampen inflationary swings in the exchange rate over time rather than to prevent day-to-day volatility,” it said.
A trader said in an e-mail that the peso fell after the BSP’s latest signals.
“The peso closed to record levels after the BSP ruled out any near-term intervention in the local FX (foreign exchange) market despite apparent pressures on the local currency,” the trader said.
First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message the peso’s recent weakness will likely have a minimal impact on inflation.
“In terms of inflation, the pass-through is really small coming from the peso-dollar weakness, but of course, the confidence level is being eroded by the weak peso,” she said.
Another trader said in a text message that the peso could remain at the P59 level in the short term if weakness persists, but this could be offset by the seasonal increase in remittances towards the yearend.
“Seasonally speaking, we expect dollar inflows courtesy of remittances. So, we expect natural support for the peso moving forward,” the trader said.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that local sentiment could be supported by reforms toward addressing corruption.
“The US dollar/peso exchange rate would now be a function of the BSP in terms of smoothening the volatility, as one of the major catalysts going forward,” he said.
“Thus, ignoring the BSP factor would be a mistake for those looking for higher levels.”
For Wednesday, both Mr. Ricafort and the first trader see the peso moving at P58.95 to P59.20 per dollar. — A.M.C.Sy
High-rise buildings dominate the skyline of Makati City’s central business district on Tuesday. — PHILIPPINE STAR/RYAN BALDEMOR
PHILIPPINE ECONOMIC GROWTH may slow to 4.7% this year, as government spending is expected to further decline amid the corruption investigation in infrastructure projects, Nomura Global Markets Research said.
In a report dated Oct. 27, Nomura Chief ASEAN (Association of Southeast Asian Nations) Economist Euben Paracuelles and Macroeconomic Research Analyst Yiru Chen said the gross domestic product (GDP) forecast was slashed to 4.7% this year from 5.3% previously as downside risks increased due to the corruption scandal involving flood control projects.
“This pencils in GDP growth slowing to just 4% in the second half from 5.4% in the first half and is based on the assumption that the decline in government expenditures in September will worsen in the next 3-4 months,” they said.
Nomura’s latest forecast is below the government’s 5.5-6.5% GDP growth target for the year and is slower than the 5.7% growth in 2024.
“Taking into account the sharp drop in fiscal spending in September, we think the ‘bad scenario’ on the growth impact of the ongoing corruption scandal is materializing,” they said.
Third-quarter GDP data will be released on Nov. 7.
President Ferdinand R. Marcos, Jr. had flagged anomalous flood control projects during his State of the Nation Address in late July. This sparked several investigations into alleged corruption involving lawmakers, government officials, and private contractors.
Latest Treasury data showed government expenditures declined by 7.53% in September, worsening from the 0.7% drop in August, mainly due to lower spending by the Department of Public Works and Highways. Nomura also noted that government spending declined by 2.8% in the third quarter, a reversal of 1.6% growth in the second quarter.
“Excluding interest payments and debt servicing, expenditure growth slumped even more to -10.2% y-o-y (year on year) in September from -3.5% in August, the weakest since 2020. This suggests a relatively rapid deterioration in the pace of budget disbursements after President Marcos brought to light the corruption scandal of flood control projects,” they said.
Nomura also noted that the reallocation of funds to other types of capital expenditures such as school buildings has been “challenging” to implement.
“In addition, we incorporate some spillovers into other components of domestic demand, which were also evident in these previous episodes, including household consumption spending. Our forecast continues to take into account the impact of the US tariffs, which, as we have argued before, pose significant headwinds for goods exports,” they said.
The US had imposed a 19% duty on many goods from the Philippines starting Aug. 7.
Nomura also maintained its fiscal deficit forecast at 5.5% of GDP for this year.
“The decline in government expenditures, which we now assume in the coming months (under the ‘bad’ scenario), puts the MTFF (medium-term fiscal framework) target of 5.5% still within reach. Nevertheless, our fiscal deficit forecast implies a weaker fiscal impulse in Q4, when the output gap will likely remain negative,” they said.
For 2026, Nomura maintained its Philippine GDP forecast at 5.6%, but uncertainty over the timely passage of the 2026 national budget poses risks to the outlook.
“For now, we monitor signs of whether the budget can be passed on time, i.e. by December. If not, the ‘severe’ scenario could play out, potentially prolonging fiscal tightening with no new disbursements allowed until a new budget is enacted,” they said.
RATE CUTS Meanwhile, the Bangko Sentral ng Pilipinas (BSP) will likely implement another 50 basis points (bps) worth of cuts in this easing cycle, bringing the benchmark rate to 4.25%.
“We still pencil in a 25-bp cut at BSP’s next meeting in December and another 25 bps in Q1 2026, i.e. a more frontloaded trajectory, based on our view that the corruption scandal could hit growth in the near term significantly,” Nomura said.
The central bank lowered borrowing costs earlier this month by 25 bps to 4.75%. Its latest move brought its total reductions to 175 bps since it began its easing cycle in August 2024.
“Still, we continue to see the risk of BSP delivering additional policy rate cuts next year if the more ‘severe’ scenario materializes, including a delay in the enactment of the 2026 budget,” they added.
Separately, Budget Assistant Secretary Romeo Matthew T. Balanquit said easing inflation rates and low borrowing costs could still drive the country’s third-quarter growth.
“My only good hope is that we have a low inflation rate, 1.7% year to date,” he told reporters on the sidelines of an event on Monday. “So, with that, I am expecting a high contribution [from household] consumption.”
Inflation accelerated to 1.7% in September, faster than 1.5% in August but slower than the 1.9% in the same month last year. In the nine-month period, headline inflation matched the Bangko Sentral ng Pilipinas’ (BSP) 1.7% full-year target.
“And one more would be the investment because of the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy) and also the low interest rates. I am hopeful that the private sector will step up,” Mr. Balanquit added.
IMPACT ON LUXURY GOODS, SERVICES Meanwhile, Capital Economics said the corruption scandal may not just affect investments but also hurt sales of luxury goods in the country.
“The experience from other emerging markets suggest that, even if the ongoing corruption scandal in the Philippines doesn’t fuel further unrest, a more concerted effort by the government to clamp down on graft could hurt investment as well as purchases of luxury goods and services,” it said in an Oct. 22 report.
Even if unrest is avoided, Capital Economics said there could be more concerted effort to look into corruption across the economy.
“The resulting backdrop of heightened political uncertainty and fear of getting caught up in corruption allegations could prompt firms to delay investment,” it said.
It noted individuals may also avoid buying land or property, while others with illicit gains could move assets abroad “which may result in a spike in capital outflows and weigh on the currency.”
“The government could also try to clamp down on ostentatious public sector consumption. That could weigh on demand for luxury goods and services,” Capital Economics said.
It also said the Philippine government could try other policies to curb corruption such as demonetization.
BSP Governor Eli M. Remolona, Jr. has already rejected a proposal to demonetize P1,000 and P500 bills as an anti-money laundering measure, saying it may do more harm than good.
“We’ve warned before that if the government turns to populist measures, investors could build in higher risk premia on Filipino assets,” Capital Economics said. — K.K.Chan
Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken on Feb. 25, 2022. — REUTERS
PHILIPPINE EXPORTS of semiconductor and electronic products may see single-digit growth this year, but uncertainty over the US tariff policy continues to cloud the industry’s outlook, the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said.
“We’re looking forward to a single-digit growth, which means anywhere from 1% to 9%,” SEIPI President Danilo C. Lachica told reporters on the sidelines of the Philippine Semiconductors and Electronics Convention and Exhibition on Tuesday.
“My official position is still flat [growth,] but like I said before, there are signs of a positive outlook, modest growth,” he said.
Citing the latest trade data, Mr. Lachica said there are signs of export growth.
“If you look at the PSA (Philippine Statistics Authority) numbers, it looks like we might look forward to that modest growth, a single-digit growth. But now, the projection for the industry is still flat,” he said.
PSA data showed that as of end-August, exports of electronic products reached $29.48 billion, 7.4% higher than a year ago. Semiconductor exports during the period likewise grew by 4.9% year on year to $22.07 billion.
The SEIPI board is set to meet in November to review its industry projections.
“Even though I’ve seen positive movement, I was hesitant to declare, ‘OK, we’re going to grow,’ because who knows what’s going to happen with the US tariffs,” Mr. Lachica said. “It depends on what side of the bed Trump wakes up on.”
US President Donald J. Trump earlier threatened to slap sectoral tariffs on chips as high as 300%, a move expected to bring back manufacturing to the US.
At present, semiconductor exports are not included in the 19% tariff imposed by the US on Philippine-made goods.
The US Supreme Court is set to hear oral arguments on Nov. 5 on the legality of Mr. Trump’s tariffs.
“We’ll just continue to ride the wave of zero-percent tariffs for semiconductors and some selected EMS (electronics manufacturing services) products,” Mr. Lachica said.
The SEIPI official said Philippine exports of electronics and semiconductors to the US have declined since the tariffs took effect in August.
“The US Embassy called me and asked, ‘Why are the exports to the US decreasing?’ I said, ‘Why do you think?’” Mr. Lachica said.
The electronics industry is looking to diversify its trade relations with the European Union (EU) and the rest of Asia to mitigate the risks of the US’ uncertain tariff policies, Mr. Lachica said.
“One of the strategies, notwithstanding the progress of the tariff, is we’re looking at diversifying our markets, whether that’s the EU or whether that’s with the rest of Asia,” he added.
Meanwhile, Mr. Lachica said the ongoing corruption scandal involving infrastructure projects is a “major concern” for the industry as investors may reconsider expansion plans in the country.
Asked if corruption in government is affecting investor sentiment, Mr. Lachica replied: “Absolutely.” — Beatriz Marie D. Cruz
Association of Southeast Asian Nations (ASEAN) Chairman and Malaysia’s Prime Minister Anwar Ibrahim (right) and Chinese Premier Li Qiang (left) shake hands after witnessing the signing of the ASEAN-China Free Trade Area 3.0 Upgrade signed by Malaysia Trade Minister and ASEAN Economic Ministers Chairman Tengku Zafrul Aziz and Chinese Commerce Minister Wang Wentao ahead of the 28th ASEAN-China Summit in Kuala Lumpur, Malaysia, Oct. 28. — REUTERS/HASNOOR HUSSAIN
KUALA LUMPUR — The Association of Southeast Asian Nations (ASEAN) and China on Tuesday signed an upgraded free trade pact that seeks to deepen regional integration in the face of increased protectionism from the US.
Closer economic cooperation instead of confrontation could help overcome global uncertainties amid coercion and bullying, Chinese Premier Li Qiang told the ASEAN-China Summit meeting after the signing, in a swipe at the US.
ASEAN leaders including Philippine President Ferdinand R. Marcos, Jr. witnessed the signing of the third revision of the deal that was first inked in 2002 and took effect in 2010.
“The ACFTA (ASEAN-China Free Trade Area) 3.0 Upgrade Protocol seeks to expand ASEAN-China cooperation into new and emerging areas, including the digital and green economies, supply-chain resilience, competition and consumer protection, as well as support for micro, small, and medium enterprises (MSME),” according to a statement from Mr. Marcos’ office.
The free trade agreement (FTA) lowers tariffs on goods and boosts the flow of services and investment in an area that covers a combined market of more than two billion people.
Chinese trade with the 11-member bloc reached $771 billion last year, making ASEAN its biggest trading partner, according to ASEAN data.
Beijing is looking to deepen its engagement with the region, which has a combined gross domestic product (GDP) of $3.8 trillion, as it seeks to offset the impact of steep import tariffs imposed globally by US President Donald J. Trump’s administration.
China and ASEAN are also members of the Regional Comprehensive Economic Partnership, the world’s largest trade bloc, encompassing nearly one-third of the global population and around 30% of global GDP.
Mr. Trump slapped almost all of its trading partners with varying tariff levels. He imposed a 30% tariff on Chinese exports to the US in a bid to protect his country’s industries.
The US has also imposed a 19% duty on many goods from the Philippines, Cambodia, Malaysia, Thailand and Indonesia since Aug. 7.
The Philippine Department of Foreign Affairs (DFA) earlier said the new protocol aims to make the regional trade framework “more modern, more comprehensive, and better aligned with today’s global realities.”
The enhanced deal expands the scope of the original ACFTA — which focused on goods, services, and investment — to include new areas such as fair competition, consumer protection, digital transformation, green growth, and supply-chain connectivity.
It also strengthens mechanisms to support MSMEs, helping them integrate more effectively into regional value chains.
According to the DFA, the upgrade will “open new opportunities for high-impact cooperation” in critical areas that are key to the region’s long-term resilience and sustainability.
It also introduces frameworks to promote inclusive and broad-based growth across member economies.
The original ASEAN-China FTA, launched in 2010, covers trade in goods, rules of origin, customs and trade facilitation, technical regulations, sanitary measures, and investment cooperation.
The latest revision reflects both sides’ efforts to future-proof their trade ties amid shifting global economic conditions.
ASEAN Studies lecturer at De La Salle-College of St. Benilde Josue Raphael J. Cortez said the ACFTA 3.0 serves as Beijing’s strategic move to strengthen its regional influence amid intensifying US efforts to expand its own economic foothold in Southeast Asia through tariff-based policies.
While the Philippines can use the upgraded pact as limited leverage, its complex political and security ties with China temper this advantage, he added.
“With the Philippines trying to widen its trading relations both with traditional and new markets, the promise this agreement holds is a challenge for Washington to overcome by proving that the alliance we share goes beyond issues of mutual benefit in the political and security sphere. And as treaty allies, we show the same extent of commitment as well to the geoeconomic challenges of our time,” he said via Facebook Messenger. — Chloe Mari A. Hufana
Per DTI Fair Trade Permit No. FTEB-219552 Series of 2025
#WeThinkCUSTOMERS
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GLOBE Fintech Innovations, Inc. (Mynt), the operator of GCash, has secured approval from the Securities and Exchange Commission (SEC) for its stock split, a development seen as a key step toward its planned initial public offering (IPO).
The SEC’s approval allows Mynt to increase its common shares to 71.66 billion, at three centavos each, while keeping its authorized capital stock at P2.15 billion, Globe said in a regulatory filing on Tuesday. A stock split increases the number of shares without changing the company’s overall capitalization, effectively making each share more affordable and improving liquidity.
“We think the stock split was done in preparation for the planned IPO of GCash. A stock split is a common practice for firms planning to list publicly,” Unicapital Securities Equity Research Analyst Peter Louise D.C. Garnace said in a Viber message to BusinessWorld.
In June, Ayala Corp. announced that Mynt’s board and shareholders had approved the stock split to raise the number of its common shares ahead of its planned IPO. Mynt is a strategic partnership among Globe, Ayala Corp., and Ant International, a Singapore-headquartered firm engaged in digital payments and financial technology.
Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said the SEC’s approval indicates that Mynt is actively preparing for its stock market debut. “A stock split like this typically precedes an IPO, aligning the company’s structure with public market norms and suggesting that regulatory and valuation groundwork is well underway,” he said.
“Such affordability is especially relevant for GCash, given its massive user base, and will allow more retail investors to participate once the company lists publicly,” he added.
He noted that Globe and Ayala appear to be timing the restructuring to position GCash for favorable market conditions, reflecting management confidence in investor demand for its shares.
“It is a strategic signal that GCash’s IPO plans are accelerating. The restructuring of its capital base shows clear intent to unlock value and increase accessibility ahead of what could become one of Southeast Asia’s most significant fintech listings,” Mr. Arce said.
According to Mr. Arce, if market conditions remain stable, an IPO in early 2026 appears increasingly probable as Globe and Ayala continue working to bring GCash to the public market.
Globe President and Chief Executive Officer Carl Raymond R. Cruz earlier told BusinessWorld’s One-on-One interview series that GCash remains focused on growth, emphasizing its efforts to expand its user base and promote financial inclusion. In April, Globe said the IPO could take place later this year or in 2026.
GCash currently has 94 million registered users across at least 16 markets, including the United States, the United Kingdom, the United Arab Emirates, Australia, Canada, Germany, Hong Kong, Italy, Japan, Saudi Arabia, Kuwait, Qatar, Singapore, South Korea, Spain, and Taiwan.
Separately on Tuesday, the Department of Information and Communications Technology’s Cybercrime Investigation and Coordinating Center (CICC) said the alleged data leak involving G-Xchange, Inc., operator of GCash, did not originate from the company’s systems.
“Further examination also shows that the datasets in question do not originate from GCash’s systems. These findings suggest that there has been no recent compromise of GCash’s infrastructure,” the CICC said, adding that GCash has expressed openness to system checks by the agency.
This followed GCash’s statement that its systems remain secure after a forensic investigation found no breach despite reports that user data were being sold on the dark web. The CICC said it continues to trace the possible individuals or groups behind the reported exposure.
“Investigative efforts are ongoing to verify the origin of the uploaded data and establish any link to previous cyber incidents,” the CICC said. “All findings will be coordinated with the appropriate authorities as part of due process and in accordance with existing cybercrime investigation protocols.”
On Monday, GCash said its initial findings showed that the alleged dataset did not match the structure used in its systems and contained entries from individuals who are not GCash users, many of which were “incomplete, inconsistent, or invalid.”
THE PLANNED initial public offering (IPO) of Maynilad Water Services, Inc. is expected to boost interest in the Philippine stock market and lift investor sentiment, according to analysts.
“I think it’s helpful because doing that at least puts a spotlight on the Philippines. The successful listing and strong demand will show investors that there are some bright spots in the Philippines,” BDO Capital and Investment Corp. President Eduardo V. Francisco said in an interview with BusinessWorld last week.
Gabriel U. Lim, head of corporate finance at BDO Capital, said the size of the offering could have a meaningful impact on market activity. “It’s probably going to be a catalyst for the stock market considering its size,” he said.
Maynilad is offering 1.66 billion common shares to the public, alongside 24.9 million primary shares allocated to First Pacific Co. Ltd. The IPO also includes an overallotment option of up to 249.05 million primary shares and an upsize option of up to 354.7 million secondary shares to be offered by Maynilad Water Holding Co., Inc. (MWHCI).
At a final offer price of P15 per share, the offering could raise as much as P34.3 billion in gross proceeds. The company said proceeds from the primary tranche will be used to fund capital expenditures and general corporate purposes. It clarified that it will not receive proceeds from the sale of MWHCI’s shares should the upsize option be exercised.
The Maynilad IPO is poised to be the largest listing in the country this year and the biggest since Monde Nissin Corp.’s P48.6-billion offering in 2021.
The offer period will run from Oct. 23 to 29, with shares expected to be listed on the Philippine Stock Exchange’s Main Board under the ticker symbol MYNLD on Nov. 7.
The listing comes at a time when the benchmark Philippine Stock Exchange index (PSEi) has been under pressure, closing at 5,933.76 on Monday — its lowest finish since April 7.
“Hopefully, the stock market will go up [with this IPO],” Mr. Francisco said.
BDO Capital is among the domestic cornerstone investors in the offering.
Maynilad is majority-owned by Metro Pacific Investments Corp., one of three Philippine subsidiaries of First Pacific Co. Ltd., along with Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds an interest in BusinessWorld through the Philippine Star Group, which it controls. — Alexandria Grace C. Magno
Ceremonial turnover of Makulay ang Buhay episodes and Knorr NutriSarap Recipe Booklets at Taguig Integrated School
In a shared mission to champion balanced lifestyles, Unilever Philippines — through its brand Knorr — has partnered with the Department of Education (DepEd) to make nutrition education more accessible to DepEd school learners and their families, nationwide. Marinelle Villanueva, Foods Marketing Head of Unilever Philippines, shares, “Education is a powerful tool. When people are empowered with the right information, even with limited resources, they can make better decisions for themselves and their families. This is the foundation of the Makulay ang Buhay program, which aims to transform the way we teach nutrition — making it engaging, accessible, and practical for children and parents across the country.”
The partnership, sealed through a Memorandum of Agreement signed in October 2024, distributes science-based learning tools — The Makulay ang Buhay EduTainment series, produced by GMA Network, and the Knorr NutriSarap Recipe Booklet, developed in collaboration with the Department of Science and Technology-Food and Nutrition Research Institute (DoST-FNRI). These tools were thoughtfully designed to ensure that the content not only features nutritious meals but are also relevant to the everyday challenges Filipino families face when it comes to balanced eating.
The launch was held in July, at Taguig Integrated School, where over 300 students, parents, and teachers came together for a day of interactive nutrition education games, a screening of the Makulay ang Buhay episodes, and a special performance from the cast of the 2000s Makulay ang Buhay series — Sab San Diego and Sharlene San Pedro. The school was selected as the pilot site for its strong nutrition advocacy and active parent engagement, making it a fitting model for the program’s mission to bring quality nutrition education to schools in the Philippines. Asec. Jocelyn DR Andaya, Assistant Secretary for Operations of the Department of Education reminds us of the program’s shared mission at the launch saying, “… We are reminded of the power of proper nutrition in shaping not only strong bodies but also brighter, better futures. Let this be our call to action: to keep building bridges, and to strengthen our shared commitment to promoting proper nutrition among learners and communities alike.”
Sharlene San Pedro and Sab San Diego, original Makulay ang Buhay cast members, perform live during the event.
At the heart of this program is the distribution of 40,000 USBs containing the Makulay ang Buhay episodes. City Mayor of Taguig, Mayor Lani Cayeto, shares, “We know that today’s kids need fresh and engaging approaches to get them interested in nutritious eating. As parents and teachers, we also have a role to play — both in the classroom and at home. You can dream of becoming the CEO of a big company, but those dreams can be cut short by the harsh realities of malnutrition and stunting. That’s why Makulay ang Buhay, a 13-episode EduTainment series produced by GMA and Unilever, is such an important step. It offers practical guidance on how to prepare meals that are nutritious, delicious, and affordable.”
More than 300 students and parents fill the Taguig Integrated School gym for a lively day of nutrition games and learning.
Supporting this series are 60,000 nutrition-focused recipe booklets containing the Knorr Nutrisarap Recipes, all being distributed to DepEd schools nationwide. To date, Knorr’s NutriSarap efforts have reached more than 12.5 million individuals. Through this partnership with DepEd, Unilever aims to reach even more Filipinos and integrate nutrition education more deeply into the Philippine school system.
Students, parents, and teachers participate in fun nutrition-themed games and activities.
The Makulay ang Buhay program underscores Unilever’s commitment to nutrition education, but also reaffirms a shared vision with DepEd: to build a healthier, more informed, and better-nourished Philippines.
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SINGAPORE — First Gen Corp. has called for stronger government support to accelerate geothermal energy development in the Philippines and maintain the country’s position among the world’s leading producers.
Jay Joel Soriano, vice-president and head of strategy and planning at First Gen, said on the sidelines of the Asia Clean Energy Summit here that geothermal has not received sufficient policy attention in recent years.
“When the government looks at geothermal, they see it as an old technology, which is why for the longest time, we haven’t been receiving any government support,” he said.
He said geothermal development has recently regained policy focus with the launch of the government’s fourth green energy auction, which offers renewable energy developers the opportunity to secure power supply contracts through competitive bidding.
The Philippines has an installed geothermal capacity of 1,952 megawatts (MW), making it the world’s third-largest producer.
“From a technology standpoint, we’re seeing that traditional geothermal still makes sense, but to expand and retain our leadership position, we need to start looking at other technologies that are still quite nascent,” Mr. Soriano said.
He noted that geothermal projects require substantial upfront investments to confirm viable resources.
“Our costs are heavily skewed up front — capital investments to build roads, to drill two or three wells even before we know there’s something we will find. These are heavy capital investments,” he said.
The government plans to launch a $250-million geothermal derisking facility by the second half of 2026 to help address exploration risks. The facility is designed to share the cost of exploration and drilling, covering up to 50% of expenses through loans convertible to grants if drilling fails.
First Gen, one of the country’s largest renewable energy developers, has around 1,300 MW of renewable capacity from geothermal, solar, and wind.
It also operates natural gas-fired power plants in Batangas with a combined capacity of 2,017 MW. — Sheldeen Joy Talavera
Gallery of Prints remains a Filipiniana treasure trove
FROM the work of cartographers who first charted the Philippines in the 16th century to World War II maps used by Japanese or American forces for wartime strategy, Gallery of Prints has remained a valuable source of antique maps and prints that give insight into Philippine history. Small wonder historian Ambeth Ocampo is a regular visitor.
Within the gallery’s vast showroom in Parañaque City lies an abundance of original historical printed material about the Philippines, starting with Magellan’s initial visit to the islands in 1521.
Although everything in their care is original, Gallery of Prints keeps their prices appropriately proportionate for local purchase said Amber Imai, gallery supervisor.
“Compared to international trading companies, because almost all our maps are focused on the Philippines, there’s this idea of repatriation, so at least what we offer is accessible for Filipinos,” she told BusinessWorld in an exclusive tour of the showroom on Oct. 24.
Maps range in price from P2,000 to P2 million, depending on their age, size, and quality. “We have old stuff from the 1500s, but because of quality, they’re priced very low, due to burnt edges, staining. In good quality, small maps from that time come up to P10,000,” she said.
One of the crown jewels of the collection is the extremely rare, hand-colored copper engraving Terza Tavola or India Orientalis map from 1563, which serves as the Philippines’ “birth certificate,” since it is the first printed Western map showing an iteration of the name “Filipina.”
There’s also the Philippinae Insulae from 1616, the second version of the oldest map showing the Philippines alone. Meanwhile, the sketch of the Manila port from the 1619 Spilberghen expedition offers a rare printed view of Manila Bay, featuring an attacking fleet and a smoking Taal Volcano.
Gallery of Prints also has for sale a reproduction of the 1734 Philippine map by Jesuit friar Pedro Murillo Velarde. It remains relevant to this day, used as proof that Scarborough Shoal and the Spratly Islands are part of the Philippines. In the map, they are labeled as Panacot shoal and Los Bajos de Paragua, respectively.
“Not a lot of people are interested in maps, but I think there’s a growing number. It’s like art collection as well, in that you can spend a lot, but the appreciation value is volatile and subjective,” Ms. Imai said. “But whereas art depends on the market and overall crowd, cartography and antique maps are very stable investments.”
“Ultimately, it’s for people who like history and adjacent hobbies. We do want younger people to start collecting maps more. It’s just that not a lot of people know about it, and they don’t realize the importance of maps in relaying information,” she added.
SINCE 1996 Major cities all over the world boast of at least one art gallery specializing in antique prints. Gallery of Prints, which opened in 1996, is the first and only one in the Philippines. Their inventory has over a thousand items, spanning five centuries.
Its owner, Rudolf J.H. Lietz, is a German who lives in the Philippines to run his raw materials and export business — which is why the showroom is located in the Lietz Industrial Complex in Parañaque.
In a vast, well-lit, airconditioned space, the large collection is divided into two, with 16th and 17th century maps on the ground floor, and 18th and 19th century maps on the second floor.
“Actually, we only transferred here in March of 2024. We previously occupied a small gallery space in the 3rd level of Glorietta, but that was only half the size of this showroom. Here, we get to showcase what we have a lot better,” said Ms. Imai.
On the second floor, a collection of interactive globes attracts the eye, but there are also lithographs of flora, fauna, and ethnographic images. One can peruse sketches of Philippine hawk eagles, cockatoos, and kingfishers, as well as jackfruits and scenes of natives pounding rice.
There are shelves of antique books and publications specializing in, but not limited to, the Philippines. Themes cover a wide range including Southeast Asian history, anthropological study, and wartime accounts.
For Ms. Imai, their collection of old magazines like the Illustrated World and Harper’s Weekly gives an insight into history, some issues mentioning Emilio Aguinaldo and the Philippine-American War. One can also spend a whole afternoon looking at materials on World War II alone.
“For example, there’s an American air force chart map made of silk, so that when you eject from an airplane and you have to navigate in waters, you have an emergency map that can get wet. I believe it’s included in escape kits on the plane,” she explained.
A COMPLETE COMPENDIUM Mr. Lietz, who founded the Philippine chapter of the International Map Collectors Society, also published a comprehensive compendium of the antique prints in the gallery’s collection.
Titled The Philippines in the 19th Century – A Collection of Prints, the book was published in 1998, along with postcards, reproductions, and other individual items intended to showcase the Philippines of the past to a broader audience.
“It’s available as a coffeetable book in many museums and bookshops. If you don’t want to invest in everything here, you can just have a copy of this book, which costs just P3,500. It covers everything we have from the 19th century,” Ms. Imai said.
She added that they are working on the second book, focusing on their 18th century prints collection, set to come out sometime next year.
The Gallery of Prints is a member of the Antiquarian Booksellers’ Association, the UK’s leading trade body for experts in rare books, manuscripts, and prints. It is also part of the International League of Antiquarian Booksellers.
Because of this, it aims to set the standard for antique maps, prints, and books collection and awareness in the Philippines, according to Ms. Imai.
“It’s not just out of sheer hubris that we collect — because there are collectors out there who want things just because they are worth a lot but store them improperly,” she said. “Here, we take a good amount of care, keeping things in a cool place and handling them so that they don’t fold or tear or deteriorate.”
In keeping with Mr. Lietz’s primary business, the gallery also offers ancillary services such as acid-free, museum-style conservation matting and framing. Rudolf Lietz, Inc. provides the gallery’s in-house picture hanging systems, which many galleries, architects, and interior decorators in the Philippines use to design or furnish their spaces.
Everyone is welcome to schedule a visit to the showroom through Gallery of Prints’ social media pages. For Ms. Imai, there’s no use gatekeeping the treasures that they have.
“It’s worth a lot in terms of knowledge. Each object here shows a unique, important perspective of Philippine history that we’ve ignored or we’re just not aware of, and we actually have access to that.” — Brontë H. Lacsamana
Board of trustees of the Institute of Corporate Directors and esteemed guests gather for a toast during the Golden Arrow Awards ceremony.
Golden Arrow Awards honor anew top companies for strong corporate governance
By Mhicole A. Moral, Special Features and Content Writer
The Institute of Corporate Directors (ICD) once again recognized the country’s leading publicly listed (PLCs) and insurance companies (ICs) at the 2025 Golden Arrow Awards held on Oct. 23 at the Grand Ballroom, Okada Manila.
The event highlighted firms that showed excellence in corporate governance, transparency, and accountability based on the 2024 ASEAN Corporate Governance Scorecard (ACGS) and the Corporate Governance Scorecard (CGS). The evaluation also included sustainability practices, board independence, and active engagement with investors and the public.
Each company went through a detailed assessment covering 193 publicly available indicators. The metrics examined areas such as board structure, audit quality, executive compensation, and sustainability reporting. The ACGS follows a 130-point grading scale, where companies must earn at least 75 points to qualify for the Golden Arrow distinction.
ICD Chairperson Atty. Benedicta Du-Baladad, FICD, leads the toast.
The recognition is divided into five levels. Companies with 75 to 84 points receive one arrow; those with 85 to 94 points receive two; 95 to 104 points earn three; 105 to 114 points get four; and those scoring between 115 and 130 points receive five arrows.
Insurance companies are evaluated separately. Their scoring begins at 80 points for one arrow and extends up to 130 points for five arrows, depending on their overall performance.
ICD President Senen L. Matoto, FICD
This year, 109 publicly listed companies and 26 insurance firms were honored for their strong governance practices and commitment to ethical business leadership.
Commitment to trust and progress
Five of the country’s leading corporations received the highest distinction at this year’s Golden Arrow Awards, recognizing their outstanding commitment to corporate governance and ethical business practices. These include Ayala Corp., Converge Information and Communications Technology Solutions, Inc., Globe Telecom, Inc., SM Investments Corp., and SM Prime Holdings, Inc.
Ayala Corp. President and Chief Executive Officer Cezar P. Consing said the recognition validated the company’s continuous effort to uphold transparency and accountability in its operations.
“At Ayala, we believe that the highest standards of corporate governance are a prerequisite for a sustainable business. It strives to create institutions that are stakeholders that always remind them,” Mr. Consing said in a video message. “Strong corporate governance is key to building and keeping this trust. Thank you for firming our efforts with this distinguished honor. We will strive to do better.”
SM Investments Corp. Chairman Amando M. Tetangco, Jr. accepted the same distinction, noting that good governance guides how the company makes decisions every day.
“For SM, good governance is not a separate factor. It is how we think, decide, and act, guided by stewardship, transparency, and a longer view of value creation across the globe. We share this honor with our board, management, and employees whose daily commitment gives life to these principles,” Mr. Tetangco said. “We thank ICD for encouraging companies like ours to keep raising the standard.”
Seventeen companies received the four-arrow recognition, a level given to organizations that consistently perform above industry standards. Among them were Aboitiz Equity Ventures, Inc., ACEN Corp., Ayala Land, Inc., Bank of the Philippine Islands, Manila Electric Co., and GT Capital Holdings, Inc.
The three-arrow award went to 26 corporations that demonstrated consistent improvement in their governance practices. The list included ABS-CBN Corp., AREIT, Inc., Atlas Consolidated Mining and Development Corp., Cebu Air, Inc., and International Container Terminal Services, Inc.
Thirty companies earned the two-arrow distinction for strengthening their governance structures and practices. These included Alliance Global Group Inc., Cebu Landmasters Inc., Century Pacific Food Inc., Citystate Savings Bank, Crown Asia Chemicals Corp., DigiPlus Interactive Corp., East West Banking Corp., and Philippine Business Bank (PBB).
PBB Vice-Chairman, President, and Chief Executive Officer Rolando R. Avante said the recognition serves as a reminder of the broader responsibility that comes with good governance.
“Awards like this puts more responsibility on us as a corporation to continue exercising good corporate governance; to be part of the government’s ongoing effort to improve the economy; and, lastly, to be a close partner of the business sector in creating more employment,” Mr. Avante told BusinessWorld.
Meanwhile, 21 corporations received the one-arrow recognition for showing steady alignment with the ICD’s standards on governance. Among those recognized were Alliance Select Foods International Inc., Altus Property Ventures Inc., Bank of Commerce, Citicore Energy REIT Corp., EEI Corp., Empire East Land Holdings Inc., as well as Solid Group, Inc.
Recognizing top insurers
The insurance sector showed consistent commitment to integrity and compliance this year through the Golden Arrow Awards, which honor companies that practice strong corporate governance.
Leading the group were The Insular Life Assurance Company, Ltd. (InLife) and Pru Life Insurance Corp. of U.K., both receiving the four-arrow distinction for their outstanding governance standards.
For InLife, this marked its sixth straight year of recognition and its fifth time earning the four-arrow award, a milestone that highlighted its sustained adherence to good corporate conduct.
Close behind were three institutions that earned three-arrow awards: BPI-AIA Life Assurance Corp., the Center for Agriculture and Rural Development Mutual Benefit Association (CARD MBA), Inc., and Kasagana-Ka Mutual Benefit Association, Inc.
CARD MBA and Kasagana-Ka MBA, known for serving low-income and underserved communities, were recognized for their dedication to good governance despite operating within inclusive finance sectors that face unique challenges.
Companies that received two-arrow distinctions represented a mix of local and international insurers known for maintaining stability and transparency. The list included AIA Philippines Life and General Insurance Company, Inc.; Allianz PNB Life Insurance, Inc.; Armed Forces & Police Mutual Benefit Association, Inc. (AFP MBAI); Etiqa Life and General Assurance Philippines, Inc.; FWD Life Insurance Corp.; Pacific Cross Insurance, Inc.; and Sun Life of Canada (Philippines), Inc.
Meanwhile, firms recognized with one-arrow awards demonstrated good standing based on the Corporate Governance Scorecard (CGS) framework. Honorees in this group included AXA Philippines Life and General Insurance Corp.; BDO Life Assurance Company, Inc.; Beneficial Life Insurance Company, Inc.; Alalay sa Kaunlaran (ASKI) Mutual Benefit Association, Inc.; Manulife Chinabank Life Assurance Corp.; and Sun Life Grepa Financial, Inc.
Why corporate governance matters
Corporate governance has moved beyond being a technical requirement for listed companies. It now stands as a benchmark for accountability, transparency, and integrity in Philippine business.
ICD Founder and Chairman Emeritus Dr. Jesus P. Estanislao, FICD
Dr. Jesus P. Estanislao, founder and chairman emeritus of the ICD, has long advocated for a governance framework that strengthens both corporations and the nation. In his recent address during the event, he emphasized that corporate governance serves as the backbone of a country’s economic and moral recovery, especially in a period marked by low public trust in institutions.
“When we started corporate governance 26 years ago, we had to prove that discipline and transparency were possible in Philippine corporations,” Dr. Estanislao said. “Today, we have proven that they are not only possible but necessary.”
The Philippines now ranks among the top three countries in Asia in corporate governance standards, alongside Singapore and Malaysia. Such achievement did not come overnight, as it began with the cooperation of regulatory agencies such as the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, and the Insurance Commission that helped define governance benchmarks in both the private and public sectors.
For Dr. Estanislao, true governance begins when companies internalize values beyond policy. He pointed to the importance of instilling civic-mindedness, responsible citizenship, and moral discipline within corporations.
“Governance is not only about reports and audits,” he said. “It is about who we are as individuals and how we influence the communities around us.”
PLCs that earned the Golden Arrow recognition, he added, must now go beyond their boardrooms. They are being called to serve as catalysts for national renewal by promoting transparency and social responsibility in their operations.
Ayala Corp. President and Chief Executive Officer Cezar P. Consing said the recognition validated the company’s continuous effort to uphold transparency and accountability in its operations.
Seventeen companies received the four-arrow recognition, a level given to organizations that consistently perform above industry standards. Among them were Aboitiz Equity Ventures, Inc., ACEN Corp., Ayala Land, Inc., Bank of the Philippine Islands, Manila Electric Co., and GT Capital Holdings, Inc.
Thirty companies earned the two-arrow distinction for strengthening their governance structures and practices. These included Alliance Global Group Inc., Cebu Landmasters Inc., Century Pacific Food Inc., Citystate Savings Bank, Crown Asia Chemicals Corp., DigiPlus Interactive Corp., East West Banking Corp., and Philippine Business Bank (PBB).
“Awards like this puts more responsibility on us as a corporation to continue exercising good corporate governance; to be part of the government’s ongoing effort to improve the economy; and, lastly, to be a close partner of the business sector in creating more employment,” Mr. Avante told BusinessWorld.
Leading the group were The Insular Life Assurance Company, Ltd. (InLife) and Pru Life Insurance Corp. of U.K., both receiving the four-arrow distinction for their outstanding governance standards.
The Philippines now ranks among the top three countries in Asia in corporate governance standards, alongside Singapore and Malaysia. Such achievement did not come overnight, as it began with the cooperation of regulatory agencies such as the Bangko Sentral ng Pilipinas, the Securities and Exchange Commission, and the Insurance Commission that helped define governance benchmarks in both the private and public sectors.
PLCs that earned the Golden Arrow recognition, he added, must now go beyond their boardrooms. They are being called to serve as catalysts for national renewal by promoting transparency and social responsibility in their operations.