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Top seeds

The conference top seeds took care of business on Sunday. The Cavaliers made mincemeat of the Heat, jumping to a double-digit lead close to the end of the first quarter and all but making the outcome a foregone conclusion by halftime. For the Thunder, meanwhile, much more work had to be done versus the gritty Grizzlies — who were without top scorer and playmaker Ja Morant — before the win could be secured; that said, they managed to sweep the competition and become the first playoff participants to advance past the first round.

Indeed, the Cavaliers have backed up their pacesetting standing in the regular season by continuing to dominate the Heat; the latter displayed trademark grit in advancing past the play-in tournament and gain a playoff slot, but have so far proven unable to duplicate the winning formula that provided success last December. Not for nothing did the wine and gold emerge victorious by a whopping 37 points on Sunday, and by an aggregate 67 through the four-game series; never mind that they competed at hostile Kaseya Center in the absence of starting guard Darius Garland. And on Tuesday, they have an opportunity to finish the job with a fourth straight triumph against the black and red.

Certainly, the same holds true for the Thunder. Armed with the best record in the National Basketball Association, they rode on the consistency of Most Valuable Player candidate Shai Gilgeous-Alexander to bring out the broom against the determined but overmatched Grizzlies. The last two encounters may have been too close for comfort, but they kept their pristine slate all the same and claimed a seat in the semifinals by an average margin of 19.5. They await either the Nuggets or the Clippers, whose own best-of-seven affair is tied at two apiece.

At this point, there seems to be no impediment for the Cavaliers and Thunder to live up to billing and meet in the Finals. Nonetheless, league annals are replete with shocking consequences overriding supposed certainties. It’s one thing to look the part, and quite another to play the part. So far, they have done both with aplomb, but time will highlight their capacity — or lack thereof — to translate their early gains into ultimate achievement.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

Rome and the world bid farewell to Pope Francis with massive funeral and humble burial

An image of Pope Francis and information including his year of death and birth is displayed, at the Basilica of Santa Maria Maggiore, in Rome, Italy, April 21, 2025. — REUTERS

VATICAN CITY — Presidents, royalty and simple mourners bade farewell to Pope Francis on Saturday at a solemn funeral ceremony, where a cardinal appealed for the pontiff’s legacy of caring for migrants, the downtrodden and the environment to be kept alive.

US President Donald Trump, who had clashed with the pope on those issues, sat with the rows of foreign dignitaries on one side of Francis’ coffin in the vast St. Peter’s Square.

On the other side sat cardinals who will pick Francis’ successor at a conclave next month, deciding if the new pope should continue with the late pontiff’s push for a more open Church or cede to conservatives who want to return to a more traditional papacy.

The Argentine pope, who reigned for 12 years, died at the age of 88 on Monday after suffering a stroke.

“Rich in human warmth and deeply sensitive to today’s challenges, Pope Francis truly shared the anxieties, sufferings and hopes of this time,” said Italian Cardinal Giovanni Battista Re, who presided over the funeral Mass.

In spiritual language, the 91-year-old Re gave a simple message: there was no going back. The first pontiff from Latin America had been “attentive to the signs of the times and what the Holy Spirit was awakening in the Church,” he said.

Francis repeatedly called for an end to conflict during his papacy. His funeral provided an opportunity for Trump, who is pushing for a deal to end Russia’s war with Ukraine, to meet Ukrainian President Volodymyr Zelenskiy inside St. Peter’s Basilica.

Applause rang out as Francis’ coffin, inlaid with a large cross, was brought out of the basilica and into the sun-filled square by 14 white-gloved pallbearers at the start of the Mass.

The Vatican estimated more than 250,000 people attended the ceremony, cramming the square and the roads around.

The crowds clapped loudly again at the end of the service when the ushers picked up the casket and tilted it slightly so more people could see.

Aerial views of the Vatican showed a patchwork of colours – black from the dark garb of the world’s leaders, red from the vestments of some 250 cardinals, the purple worn by some of the 400 bishops and the white worn by 4,000 attending priests.

After the funeral, as the great bells of St. Peter’s pealed in mourning, the coffin was placed on an open-topped popemobile and driven through the heart of Rome to St. Mary Major Basilica.

Francis, who shunned much of the pomp and privilege of the papacy, had asked to be buried there rather than in St. Peter’s — the first time a pope had been laid to rest outside the Vatican in more than a century.

The burial itself was conducted in private.

The popemobile left the Vatican from the Perugino Gate, a side entrance just yards away from the Santa Marta guesthouse where Francis had chosen to live, instead of the ornate Renaissance apartments in the papal palace.

Crowds estimated by police as numbering some 150,000 lined the 5.5-km (3.4-mile) route to St. Mary Major. The scene resembled many popemobile rides Francis took in his 47 trips to all corners of the world.

Some in the crowd waved signs and others threw flowers towards the casket. They shouted “viva il papa” (long live the pope) and “ciao, Francesco” (goodbye, Francis) as the procession made its way around Rome’s ancient monuments, including the Colosseum.

TRUMP MEETS ZELENSKIY
The last time Trump had met Zelenskiy was in the White House in late February, when he gave him a public dressing down, but Saturday’s encounter appeared more cordial.

In one photograph released by Zelenskiy’s office, the two men were sitting close together on red-backed chairs, leaning towards each other as they talked in the marble-floored church.

A White House official said they had a “very productive discussion” and Zelenskiy called it a “good meeting”.

Among the other heads of state who attended the funeral were the presidents of Argentina, France, Gabon, Germany, the Philippines and Poland, together with the prime ministers of Britain and New Zealand, and many royals, including the king and queen of Spain.

Francis’ death ushered in a meticulously planned period of transition, marked by ancient ritual, pomp and mourning. Over the past three days, around 250,000 people filed past his open coffin, laid out before the altar of the cavernous basilica.

Choirs at the funeral sang Latin hymns and prayers were recited in various languages, including Italian, Spanish, Chinese, Portuguese and Arabic, reflecting the global reach of the 1.4-billion-member Roman Catholic Church.

Many of the faithful camped out overnight to try to secure spots at the front of the crowd, while others hurried there in the early morning.

“When I arrived at the square, tears of sadness and also joy came over me. I think I truly realised that Pope Francis had left us, and at the same time, there is joy for all he has done for the Church,” said a French pilgrim, Aurelie Andre.

FAREWELL, ‘FRANCISCUS’
Francis, the first non-European pope for almost 13 centuries, battled to reshape the Church, siding with the poor and marginalised, while challenging wealthy nations to help migrants and reverse climate change.

“Francis left everyone a wonderful testimony of humanity, of a holy life and of universal fatherhood,” said a formal summary of his papacy, written in Latin, and placed next to his body.

Traditionalists pushed back at his efforts to make the Church more transparent, while his pleas for an end to conflict, divisions and rampant capitalism often fell on deaf ears.
The pope carried his desire for greater simplicity into his funeral, having rewritten the elaborate, book-long funeral rites used previously.

He also opted to forego a papal tradition of three interlocking caskets made of cypress, lead and oak. Instead, he was placed in a single, zinc-lined wooden coffin.

His tomb has just “Franciscus”, his name in Latin, inscribed on the top. A reproduction of the simple, iron-plated cross he used to wear around his neck hangs above the marble slab.

Attention will now switch to who might succeed him.

The secretive conclave is unlikely to begin before May 6, and might not start for several days after that, giving cardinals time to hold regular meetings beforehand to sum each other up and assess the state of the Church, beset by financial problems and ideological divisions. — Reuters

OECD calls for review of Philippine GOCCs

In this photo illustration, the Organisation for Economic Co-operation and Development (OECD) logo is displayed on a smartphone screen. Credit: Jaque Silva / SOPA Images via Reuters Connect

The Organisation for Economic Co-operation and Development (OECD) called for a review of state-run firms’ operations amid an overlap of their regulatory and commercial functions.

In a policy paper, “Supporting State-Owned Enterprises Reform in the Philippines,” the OECD noted the importance of a clear separation between these functions to mitigate potential conflicts of interest.

“Such overlapping mandates underscore the continued need for careful functional reviews of each government-owned and -controlled corporations (GOCCs) operations to ensure competitive neutrality and avoid market distortions,” it said.

Among the GOCCs with dual roles are the Philippine Amusement and Gaming Corporation (PAGCOR), the Philippine Ports Authority (PPA), the Civil Aviation Authority of the Philippines, and the Laguna Lake Development Authority. These entities operate both as commercial entities and regulators.

“The Philippine Competition Commission (PCC) has authority to investigate anti-competitive behavior, although it has not yet taken enforcement actions towards GOCCs,” the OECD said.

The OECD also urged the government to improve inter-agency collaboration, particularly between the Governance Commission for GOCCs (GCG) and the PCC to boost the detection and prevention of anti-competitive practices.

“Reviewing public procurement processes which tend to favor state-owned enterprises, including through direct government contracts, could help address competitive neutrality,” it added.

Under the law, the GOCCs are subject to the Philippine Competition Act (PCA) of 2015 and the GOCC Governance Act of 2011. The latter law mandates a “clear separation” between its functions to enable a level playing field with the private sector performing similar commercial activities.

Despite the law, these overlapping functions continue. OECD said in a report in 2021 that the Philippine Development Plan flagged long-standing government-owned monopolies, government-authorized monopolies, and government control over the entry and expansion of market players.

The OECD said these can be seen in sectors like electricity transmission, water distribution systems, and build-and-operate arrangements for transport facilities, including road services, railways, and air and sea transport.

However, some GOCCs have already expressed the need to end its dual functions.

PAGCOR Chairman and Chief Executive Officer Alejandro H. Tengco earlier said the GOCC is determined to split its dual role of regulator and operator by 2026.

“By decoupling, we will be able to show the world that we are fair, that there is no conflict of interest,” he said in a press briefing in February.

Last year, business groups and members of the Joint Foreign Chambers (JFC) has called for the passage of a Senate bill that will separate the commercial and regulatory functions of the PPA.

House Bills 1400 and 8055, which seek to split the regulatory and commercial functions of the PPA, is still pending in Congress.

The PPA said it has implemented the separation of its regulatory and operational functions by privatizing port operations through the Port Terminal Management Regulatory Framework.

Meanwhile, the OECD said that the number of GOCCs has started to decline with only 119 with total assets of P11.6 trillion, from 158 GOCCs in 2011.

It added that the size of the portfolio will go down to 117 after the expected privatization of Davao International Airport Authority and Maharlika Investment Corporation.

The OECD also reiterated that the state-run banks such as the Land Bank of the Philippines (LANDBANK) and the Development Bank of the Philippines (DBP) are potential candidates for listing at the Philippine stock exchange.

“As of March 2025, there were no listed GOCCs in the Philippines, although some GOCCs do have the potential to become listed,” the OECD said. — Aubrey Rose A. Inosante

Master Siomai to offer flexible business opportunities at Franchise Asia Philippines 2025

Franchise Asia Philippines 2025 is drawing significant attention this week as it brings together entrepreneurs, business leaders, investors, and experts at the SMX Convention Center in Pasay City.

The Franchise Asia Philippines Expo is scheduled to run from April 25 to 27, with hundreds of exhibitors from key industries such as food, retail, health, education, wellness, and logistics. It also features international pavilions, including participants from Korea, Malaysia, Singapore, Thailand, and Taiwan.

One of the key exhibitors at the expo is Master Siomai. Known for its straightforward business model, the brand has become a popular choice for entrepreneurs looking to invest in a food-based franchise that is easy to operate and is positioned in high-traffic locations.

Master Siomai plans to showcase the benefits of owning a franchise with an established brand during the expo. The company aims to attract potential franchisees by highlighting the low barriers to entry and strong market presence of its business model. The brand aims to inspire attendees to take the first step toward starting their own food business by offering a simple, proven franchise opportunity.

For aspiring business owners, the Master Siomai brand offers two distinct franchise models: the flagship concept and the more budget-friendly Siomai on the Go (SIOGO) option. These two models cater to different market needs, giving entrepreneurs options that align with their financial goals and business plans.

Bringing street food to a bigger market

At Franchise Asia Philippines 2025, entrepreneurs will have the chance to explore the business models of Master Siomai. The flagship concept is well-established and recognized for its high-quality product offerings. Having gained customer trust and loyalty nationwide, Master Siomai is an attractive choice for franchisees who want to tap into an established market.

SIOGO, on the other hand, provides a more affordable entry point into the food business. Designed around a compact food stall setup, SIOGO is ideal for those looking to operate in high-traffic street-side or on-the-go locations.

Master Siomai’s franchise system continues to attract attention due to its efficient structure and straightforward business model. The company has built a solid reputation, backed by years of consistent performance in the local food industry. Its operational approach is clear and manageable, covering day-to-day processes, customer service, and marketing efforts. The system is structured in a way that allows franchisees to focus on growth instead of learning everything from scratch.

Each franchisee receives comprehensive training before beginning operations. Support continues after launch, allowing new business owners to access assistance as needed. This level of guidance reduces the trial-and-error phase for many entrepreneurs, especially those entering the food industry for the first time.

During the expo, company representatives will be present to explain the business model in full. Attendees can speak directly with franchise consultants to understand the steps involved in applying, the requirements, and what kind of support they can expect after signing on. The booth will also give visitors a chance to see how the setup works in practice.

The brand will also offer exclusive discounts and special promotions to those who express interest in becoming part of the franchise network. It is an ideal time for prospective franchisees to make the leap into business ownership, with the added benefit of exclusive pricing and offers available only during the event.

The popularity of Master Siomai comes not just from the business model but also from the product itself. Master Siomai is the only food stall business with six variants of siomai to offer customers. Its siomai, particularly the pork and shrimp variant, is well-known for its consistent quality and flavor. Many Filipinos are familiar with the sight of Master Siomai carts in malls, terminals, and various public locations. The strong presence of the brand adds to its appeal among new business owners who want visibility from the beginning.

As more people look for low-maintenance food businesses, Master Siomai’s booth is expected to draw a crowd. Its low start-up cost and easy-to-operate format gives people the option to build at their own pace while having access to an established system. The franchise model allows new owners to begin small and scale operations depending on performance and available resources; and it also allows those with long-term plans to expand without requiring major upfront commitments.

Master Siomai’s participation in this year’s expo matches the event’s theme, “Building Success Together,” highlighting the brand’s continued support in helping Filipinos pursue business ventures that are scalable and easier to manage. Apart from the main exhibition area, the event also features business seminars and networking sessions. These aim to guide attendees on how to select the right franchise or convert their own business into one. Seminar topics include brand development, digital marketing, operational systems, finance, logistics, sustainability, and human resource management. All sessions are held in the meeting rooms of the SMX Convention Center.

Entrance to the expo is free for those who register online. More information, including the registration link, is available at www.franchiseasiaph.com/expo.

 

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BDO books P19.7-billion net profit in Q1

BW FILE PHOTO

BDO UNIBANK, Inc. saw its net income rise by 6.49% in the first quarter on the back of the sustained performance of its core businesses.

Despite a strong start to the year, however, the listed lender expects the central bank’s ongoing easing cycle to hit its margins, although the outlook remains broadly positive, BDO President and Chief Executive Officer Nestor V. Tan said at a briefing following their annual stockholders’ meeting on Friday.

BDO’s net profit climbed to P19.7 billion in the first quarter from P18.5 billion in the same period in 2024, the Sy-led bank said in a disclosure to the stock exchange on Friday. This translated to a return on average common equity of 13.8%.

“Despite economic uncertainties arising from US tariffs and trade policies, the Philippines is expected to remain resilient being a domestic and consumption-based economy. Notably, BDO remains well-positioned to navigate potential risks and achieve sustainable growth and profitability with its strong business franchise, market leadership, and robust capital position,” the bank said.

Net interest income rose by 6% to P47.8 billion in the three months ended March from P44.9 billion driven by growth in its earning assets.

Non-interest earnings increased by 21% year on year to P18.6 billion from P15.4 billion on higher fee-based income.

BDO’s gross customer loans expanded by 11.7% to P3.26 trillion at end-March from P2.92 trillion a year prior as it saw growth across all market segments. Consumer loans grew by 17.3%, middle market loans went up by 12.7%, and corporate loans increased by 8.7%.

The bank’s nonperforming loan (NPL) ratio stood at 1.77%, while NPL coverage was at 143%.

On the funding side, deposits increased by 6% year on year to P3.8 trillion from P3.63 trillion, with its current and savings account or CASA ratio at 70%.

BDO’s assets expanded by 7% to P4.9 trillion as of March from P4.57 trillion a year prior.

Shareholders’ equity increased by 12% to P594.1 million. BDO’s common equity Tier 1 ratio was at 14.4%, up from P13.6% in the same period last year.

Mr. Tan said they expect the Bangko Sentral ng Pilipinas’ (BSP) monetary easing cycle to affect their earnings this year. In 2024, BDO’s net profit increased by 11.73% to a record P82.02 billion.

“When rates are lowered, then of course we get a squeeze on the margin, and that will impact our net interest income… When rates go down, most of our term loans are actually benchmarked against risk-free rates. So therefore, when rates go down, our yields go down,” he said.

“Once spreads are affected, then net income, even though volume is there, will be affected.”

The BSP on April 10 cut benchmark interest rates by 25 basis points (bps) to bring the policy rate to 5.5%, putting its easing cycle back on track after an unexpected pause in February.

The central bank has now slashed borrowing costs by a cumulative 100 bps since it kicked off its rate-cut cycle in August last year.

BSP Governor Eli M. Remolona, Jr. has said that they are considering further reductions this year in “baby steps” or increments of 25 bps. There are four more Monetary Board policy meetings this year, with the next one scheduled for June 19.

Still, the negative impact on its margins could be offset by strong consumer loan growth and lower funding costs, Mr. Tan said.

“On the positive side is improvement in the funding. When reserves were lowered in the latter part of March, it had a positive impact on our funding cost,” he said. “If you have higher growth in consumer [loans], you tend to have higher yields. But the flip-side is you’ll have higher nonperforming loans, losses.”

“When you have more consumer loans, you have a higher delinquency rate. Therefore, it’s natural that your NPLs will go up. The problem, though, is that if banks become reckless, then they are not able to get enough return from the NPLs. Then they will start to have problems. But it’s not a solvency problem. Banks have enough capital. It’s going to be an earnings problem.”

Mr. Tan added that they expect sustained loan and fee income growth, even as global trade uncertainties may affect the corporate segment.

“My view on loan growth is that you have steady demand on the consumer side. But the real drivers will be the middle market and large corporations… We put on hold a lot of capital expenditures during the pandemic and we haven’t seen them normalizing… So, we’re expecting them to normalize. Towards the fourth quarter of 2024, we have seen the pipeline of capital expenditures increasing,” he said.

“In terms of loan growth, this is where we see the impact of the tariff. Large corporates, which are normally the ones that go into huge infrastructure projects and capital expenditures, are now down to high single-digits… They are not abandoning investments, but with the tariffs and with all of the actions happening with Trump 2.0, some of them have opted to defer,” he added.

The bank could also post “slightly elevated” operating expenses as they continue to invest in technology, Mr. Tan said.

“[Our] capital [is] sufficient to support growth. We’re not looking at any potential capital-raising in the near future. We can generate enough to support growth,” he said. “We will need to refinance the maturing obligations that we have, and we will also consider looking at funding on the dollar side of the business should there be some impact of CMEPA (Capital Markets Efficiency Promotion Act).”

The Senate in January passed the CMEPA on third and final reading. The measure aims to boost capital market investments by lowering the stock and documentary stamp taxes and removing preferential the tax rates for passive income.

BDO last tapped the domestic market in July 2024, raising P55.7 billion from its third offering of peso-denominated ASEAN Sustainability Bonds. — A.M.C. Sy

Philippines mulls increase in US imports ahead of tariff talks

The US flag and the word “tariffs” are seen in this illustration taken on April 4, 2025. — REUTERS/DADO RUVIC/ILLUSTRATION

Trade Secretary Cristina A. Roque on Friday said that the Philippines is considering to import more agricultural products from the US as it seeks to negotiate a lower tariff rate next week.

Ms. Roque and Special Assistant to the President for Investment and Economic Affairs Frederick D. Go will be in Washington from April 29 to May 2 for tariff talks with their US counterparts.

“The goal of the meeting is to get what is best for the country, which is, of course, to bring down the tariffs and to really just reiterate that we will continue our strong relationship with the US,” Ms. Roque told reporters on the sidelines of the Franchise Asia Philippines 2025 International Conference and Expo on Friday.

To achieve this, she said that the Philippines is looking at increasing the volume of imports from the US, particularly farm products.

“So, what we are importing from them, we will try to import more. Let’s say soybeans and frozen meat, so agricultural products … but we need to balance everything also with our agricultural sector,” she added.

Asked if a free trade agreement (FTA) is still on the table, she said that “we will still have to see if we can really get an FTA … but we will put all of the possibilities on the table.”

Ms. Roque said that the Philippine economic team is set to hold a meeting before the trip to consolidate inputs from different industries to know what the country will be willing to put on the negotiating table.

“We want to get a consensus also, so when we decide, it’s not based on what we think, but based on the consultations with the different industries,” she said.

“Because we want that whatever we negotiate, it will be for the best of the industry of the Philippines.”

Asked at what level they hope the 17% tariff rate will be brought down, Ms. Roque said that will be among the things that will be finalized in the economic team’s meeting prior the trip.

“But definitely they (the stakeholders) want lower tariffs than those of the neighboring countries’ because once our tariff is lower, then that gives us an edge in terms of business with the US,” she said.

Earlier this month, US President Donald J. Trump introduced 10% blanket tariffs on all its trading partners but paused a plan to impose higher reciprocal tariffs on some countries for 90 days.

Philippine exports to the US face a 17% tariff, the second lowest among Association of Southeast Asian Nations member countries after Singapore’s baseline rate of 10%. — Justine Irish D. Tabile

Philippine government raises P300 billion from new bonds

A Philippines peso note is seen in this picture illustration on June 2, 2017. — REUTERS

By Aaron Michael C. Sy, Reporter

THE GOVERNMENT sold P300 billion worth of new 10-year fixed-rate Treasury notes (FXTN) amid strong demand for longer-dated tenors on expectations of rate cuts by the central bank.

“This inaugural public offering of the 10-year benchmark FXTNs is not only about raising funds – it’s about giving the market more ways to invest in their future and take part in the Republic’s programs and goals,” National Treasurer Sharon P. Almanza said in a statement late on Thursday.

The amount raised was 10 times the initial P30-billion offering as bids reached P307.05 billion.

This allowed the Bureau of the Treasury (BTr) to end the offer period on April 23, earlier than the planned April 24.

The BTr initially raised P135 billion from the new Treasury bonds (T-bonds) at its rate-setting auction on April 15 as tenders reached P197.3 billion.

The notes fetched a coupon rate of 6.375%, resulting in an average rate of 6.286%. Accepted bid yields ranged from 6% to 6.4%.

The notes, which will mature in 2035, will be listed on the Philippine Dealing & Exchange Corp. fixed income board on April 28.

“Despite ongoing global economic uncertainties, the success of the FXTN offering highlights
the strength of the domestic fixed-income market and investor confidence in government
securities as stable investment options,” the Treasury said.

“Additionally, by establishing liquid benchmarks, the BTr provides reference points for
price discovery and trading in the secondary market, bolstering liquidity and facilitating more efficient capital mobilization,” it said.

The bonds were mainly targeted at institutional investors such as corporates, cooperatives, trust funds, retirement funds, and provident funds.

“This is a good strategy to lock in long term funding amid rising long term interest rates,” Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas said in a Viber message.

Development Bank of the Philippines (DBP) and Land Bank of the Philippines (LANDBANK) were the joint lead issue managers, with BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., First Metro Investment Corp., PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. as joint issue managers.

“Demand was strong because the (Bangko Sentral ng Pilipinas) is looking for more rate cuts for the year given benign inflation,” a trader said by phone interview.

The Monetary Board resumed its easing cycle last month, lowering the target reverse repurchase rate by 25 basis points (bps) to 5.5%.

BSP Governor Eli M. Remolona, Jr. has said expectations of easing inflation support the shift to a more accommodative monetary policy stance, adding that they are considering further rate cuts this year.

The trader added that demand for T-bonds in the coming auctions will remain strong due to the BSP’s outlook.

The high amount raised for the T-bonds will help the government hedge its funding requirements against market volatility stemming from the Trump administration’s tariffs, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Foreign commercial borrowings are almost done already at $3.29 billion, which was raised in the latter part of January 2025 out of the $3.5 billion programmed for the year. So the priority now is the increase local borrowings in the total borrowing mix to reduce foreign exchange risks entailed in external/foreign borrowings,” he said.

For this year, the government plans to borrow P2.55 trillion comprised of P2.04 trillion from domestic borrowings and P507.41 billion from external borrowings.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion this year.

For 2025 to 2027, the NG plans to source at least 80% of its borrowing program from domestic sources, and 20% from foreign lenders.

SISA signs MoU with WiSAP to strengthen cybersecurity collaboration in PH

In photo: Representatives from the SISA and Women in Security Alliance Philippines (WiSAP) during an exclusive customer conclave hosted by SISA in Manila

SISA, a global leader in cybersecurity solutions for the digital payment industry, has signed a Memorandum of Understanding (MoU) with Women in Security Alliance Philippines (WiSAP), a nonprofit organization focused on empowering women in the cyber ecosystem, to advance cyber resilience and inclusion in the Philippines.

To formalize the collaboration, SISA hosted an exclusive customer conclave in Manila, where Founder and CEO Dharshan Shanthamurthy delivered a keynote on how the company stays ahead of emerging risks through its forensics-driven approach while tailoring solutions to meet the evolving needs of Southeast Asia.

“The future of cybersecurity lies in the intelligent intersection of compliance, AI, and forensic insight,” said Mr. Shanthamurthy. “As regulations become more complex and threats more sophisticated, organizations need to shift from reactive models to a proactive, intelligence-led security strategy. Our partnership with WiSAP is rooted in this belief, to not only raise the bar on security but also to build a stronger cyber workforce.”

Through this collaboration, SISA and WiSAP will co-develop initiatives focused on both cybersecurity readiness and inclusion. These include leadership development, technical training, and industry dialogues addressing emerging cyber risks.

The discussions highlighted the urgent need for organizations to adapt their cybersecurity strategies to address AI-enabled threats, evolving privacy mandates, and the rising expectations of regulatory bodies in a digitized economy.

Meanwhile, Mel Migriño, Chairperson and President of WiSAP, said the partnership with SISA will enable the organization to move beyond advocacy and take concrete action.

“It enables us to provide the community with access to the latest threat intelligence, compliance updates, and skills development in areas like artificial intelligence (AI) governance, threat response, and secure architecture. As the regulatory environment matures, so must our readiness to adapt,” Ms. Migriño said.

SISA is a global leader in cybersecurity solutions for the digital payment industry.

As a recognized Global Payment Forensic Investigator by the PCI Security Standards Council, SISA transforms forensic insights into preventive, detective, and corrective security strategies — helping over 1,000 organizations in more than 40 countries stay ahead of evolving cyber threats.

Furthermore, the conclave featured a series of expert-led sessions exploring the intersection of AI, data privacy, and compliance, with insights on how evolving regulations and forensic intelligence are shaping the future of cybersecurity.

The discussion was concluded with a dynamic fireside chat on “Forensic-Driven Cybersecurity in the Era of AI,” highlighting the need for intelligent, proactive defenses in today’s threat landscape.

 

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South Korea, US aim for trade package before tariff pause ends in July

SEOUL/WASHINGTON – South Korea and the United States agreed to craft a trade package aimed at removing new U.S. tariffs before the pause on reciprocal tariffs is lifted in July, Seoul’s delegation said after the first round of trade talks in Washington.

The U.S. and South Korea had a “very successful” meeting on Thursday, U.S. Treasury Secretary Scott Bessent said afterwards.

“We may be moving faster than I thought, and we will be talking technical terms as early as next week,” he told reporters.

Mr. Bessent and Trade Representative Jamieson Greer met with South Korean Finance Minister Choi Sang-mok and Industry Minister Ahn Duk-geun.

Neither side offered details on possible areas of agreement, but South Korea said in a statement it requested exemptions from reciprocal and item-specific U.S. tariffs, and offered cooperation on shipbuilding and energy as well as addressing trade imbalances.

“I think we had a very good start today,” Mr. Ahn later told reporters.

“During the meeting, the two countries reached a broad agreement on the framework for future discussions,” he said. “We also agreed to hold working-level talks next week to determine the scope and structure of talks, with the goal of producing a ‘July package’ by July 8.”

Mr. Choi said more talks will be held in South Korea on May 15-16 with Greer.

“Discussions will focus on four key areas: tariffs and non-tariff measures, economic security, investment cooperation, and currency policy,” Mr. Choi said.

 

AUTOS IN FOCUS

The discussions with South Korea took place as Mr. Bessent and other Trump administration trade team members met with a multitude of foreign finance and trade officials looking to strike tariff deals on the sidelines of this week’s meetings of the International Monetary Fund and World Bank Group in Washington.

South Korea, which faces 25% U.S. reciprocal tariffs, is among the first countries the Trump administration has initiated trade talks with, after its first face-to-face discussions last week with Japan, another key Asian ally slapped with 24% tariffs. Mr. Bessent was also due to meet Japanese officials on Thursday.

Mr. Choi said South Korea focused in particular on the automobile sector, which faces the greatest negative impact.

He also said South Korea’s finance ministry and U.S. Treasury will hold separate discussions on currency policy at the request of Mr. Bessent.

Mr. Choi told South Korean reporters that there was no mention of defense costs during the talks. Trump has previously said that sharing the cost of keeping U.S. troops in South Korea would be part of “one-stop shopping” negotiations with Seoul. But South Korea’s foreign minister said defense costs are separate matters from trade talks.

Mr. Ahn said there was no mention that a bilateral free trade deal signed in 2007, and revised during Trump’s first term, would be renegotiated.

The South Koreans also asked for understanding from the Americans that the process could be affected by the “political schedule,” apparently referring to the looming June 3 snap election in South Korea, which was called after former President Yoon Suk Yeol was ousted for his role in imposing martial law in December.

Acting President Han Duck-soo has expressed willingness to reach a deal, saying the country will not fight back against Washington as it owes the U.S. for its recovery from the 1950-1953 Korean War.

That has faced pushback from the liberal opposition who are favored to win in the election, accusing Han of rushing talks for political gain.

Experts have also noted it may be difficult for South Korea to make any firm commitment on energy projects and defense costs under an acting president.

Trump’s energy security council plans to host a summit in Alaska in early June, when it hopes Japanese and South Korean officials will announce commitments to the Alaska LNG project, a source familiar with the matter said on Thursday. – Reuters

US judges block Trump’s ability to withhold school funds over DEI

Federal judges in Maryland, New Hampshire and Washington, D.C., on Thursday blocked Republican President Donald Trump’s administration from following through on threats to cut off funding to public schools that engage in diversity, equity and inclusion efforts.

The trio of rulings – two by judges whom Trump appointed during his first term in office – came in lawsuits by teachers unions and civil rights groups that sued to prevent the U.S. Department of Education from cutting funding to K-12 schools and universities that did not cease what it called “discriminatory” DEI initiatives.

The Education Department did not immediately respond to a request for comment, but the administration is likely to appeal the decisions.

The policy at issue was outlined in a February 14 “Dear Colleague” letter from the Education Department that the administration said was intended to remind schools that receive federal funding of their obligations to comply with existing civil rights law.

The letter said schools in recent years had embraced “pervasive and repugnant race-based preferences” and “toxically indoctrinated” students by teaching about the history of systemic racism.

The letter said DEI proponents had been “smuggling” such practices into everyday training, programming and discipline, and the department advised schools that it would take action if they did not ensure their practices followed the law.

But U.S. District Judge Landya McCafferty in Concord, New Hampshire, sided with the National Education Association, the largest teachers’ union, and two other groups in finding the policy was unconstitutionally vague and violated educators’ free speech rights under the U.S. Constitution’s First Amendment.

Ms. McCafferty, an appointee of Democratic President Barack Obama, said that while the letter made clear the department’s view that DEI programs violate Title VI of the Civil Rights Act of 1964, it never defined what a “DEI program” even was.

“DEI as a concept is broad: one can imagine a wide range of viewpoints on what the values of diversity, equity, and inclusion mean when describing a program or practice,” she wrote.

She said the policy infringed the First Amendment rights of university professors, also by targeting their speech based on viewpoint if they, for example, teach students about structural racism in America.

Shortly after Ms. McCafferty ruled, U.S. District Judge Stephanie Gallagher in Baltimore issued an order similarly halting the Education Department’s policy at the behest of the American Federation of Teachers, the American Sociological Association and others.

Ms. Gallagher, a Trump appointee, said the Education Department failed to follow proper rulemaking processes and lacked the authority to adopt the policy under the Department of Education Organization Act of 1979.

That law bars the Education Department from directing or supervising a school’s curriculum, instructional program, administration or personnel, or its selection of instructional materials like textbooks.

In the Washington, D.C., case, Trump-appointed U.S. District Judge Dabney Friedrich agreed with the National Association for the Advancement of Colored People, which brought the case, that the policy was too vague.

Her ruling blocked the department from enforcing a requirement it adopted on April 3 mandating that state educational agencies certify compliance with the February policy by Thursday or lose federal funding.

Skye Perryman, whose liberal-leaning legal group Democracy Forward represented the plaintiffs in the Maryland case, in a statement said the ruling “affirms what we have always known: this administration’s attempts to censor schools, teachers, educators, colleges, and universities is unlawful.” – Reuters

China tells G20 meeting world economic growth insufficient

STOCK IMAGE | Image by WikiImages from Pixabay

BEIJING – China’s finance minister told a G20 meeting that the current world economic growth momentum was insufficient, with tariff and trade wars further impacting economic and financial stability, according to a ministry readout on Friday.

Lan Foan called on all parties to further improve the international economic and financial system by strengthening multilateral cooperation.

China advocates the settlement of trade and tariff disputes through dialogue and consultation on an equal footing, he said in his speech at the meeting in Washington.

Lan also urged for better implementation of the debt treatment mechanism under the Common Framework, and said all parties should pool more resources for Africa’s development and strengthen Africa’s capacity-building.

Lan held bilateral meetings and exchanges with several representatives, including from South Africa, the European Commission, Pakistan, Germany, South Korea, Indonesia, Britain, Japan and World Bank,

The meetings were mainly to discuss views on the macroeconomic situation, key issues of the G20 fiscal channels and bilateral cooperation, the readout said. – Reuters

China military says it monitored US warship in Taiwan Strait

https://bit.ly/3M35ndK

BEIJING – China’s military said on Thursday that it had dispatched naval and air forces to monitor and warn a U.S. guided missile destroyer that sailed through the sensitive Taiwan Strait, the second such mission since Donald Trump became U.S. president.

The U.S. Navy sends ships, occasionally accompanied by vessels from allied countries, through the Taiwan Strait about once a month. China, which claims Taiwan as its own territory, says the strategic waterway belongs to it.

China held its latest round of war games around Taiwan earlier this month, drawing condemnation from Taipei and concern from the United States and its allies.

The Eastern Theatre Command of China’s People’s Liberation Army named the ship as the guided-missile destroyer USS William P. Lawrence, and said it passed through the strait on Wednesday in an act of “public hyping”.

“Relevant remarks by the United States have inverted right and wrong, distorted legal principles, confused the public and misled international perception,” the command said in a statement, without specifying which comments it was referring to.

“We are telling the United States to stop their distortions and hyping and to work together to maintain peace and stability in the Taiwan Strait.”

The command also published a short video on its social media account of a Chinese navy sailor observing the U.S. warship with a pair of binoculars from a distance. It did not give an exact location for the encounter.

The U.S. Indo-Pacific Command said in an emailed statement that its ship had conducted a routine transit of the strait “through waters where freedoms of navigation and overflight apply in accordance with international law.”

The sailing demonstrates U.S. commitment to upholding freedom of navigation for all nations, it said.

“The international community’s navigational rights and freedoms in the Taiwan Strait should not be limited.”

The U.S. Navy’s last publicly announced sailing through the strait was in February, the month after Trump was inaugurated for a second term. – Reuters

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