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Hyundai, Trump announce $21 billion US investment, new steel plant

WASHINGTON/SEOUL – South Korea’s Hyundai Motor Group announced a $21 billion investment in the United States with President Donald Trump at the White House on Monday.

The investment includes a new $5.8 billion Hyundai Steel plant in Louisiana that will produce over 2.7 million metric tons of steel annually, creating more than 1,400 jobs. The steel plant is expected to supply steel to auto plants in Alabama and Georgia.

Of the total, Hyundai also plans to invest $9 billion by 2028 to boost U.S. production capacity to 1.2 million vehicles in the United States and $6 billion to expand strategic partnerships with U.S. companies in autonomous driving, robotics, artificial intelligence, and advanced air mobility, the company said.

Hyundai Motor plans to hold an opening ceremony for its new $7.59 billion car and battery factory in Georgia on Wednesday. The automaker has a factory in Alabama, while its affiliate Kia has a plant in Georgia. The two older plants can produce 700,000 vehicles a year and the new Georgia plant will have a 300,000-vehicle production capacity when fully operational.

Louisiana Governor Jeff Landry had travelled to South Korea in October and met with Hyundai to discuss the investment plan.

“Money is pouring in. We want to keep it that way,” Mr. Trump said.

The South Korean automaker also said that it would buy $3 billion of LNG produced in the United States.

Numerous companies have announced planned investments following Trump’s return to the White House, though some of those statements have included previously announced plans.

Hyundai in 2022 said it would invest about $10 billion through 2025 in the United States.

The announcement comes as Trump threatens to impose reciprocal tariffs on numerous countries on April 2, potentially targeting South Korea which has a large trade surplus with the United States.

“This investment is a clear demonstration that tariffs very strongly work,” Trump said on Monday, adding that more tariffs on autos are likely to be announced this week.

Mr. Trump has already introduced tariffs to boost protection for U.S. steel and aluminum producers. He reimposed global tariffs of 25% on all imports of the metals and extended the duties to hundreds of downstream products made from the metals, from nuts and bolts to bulldozer blades and soda cans.

Automakers have been heavily lobbying the White House to not impose massive new tariffs on imported autos and parts. GM CEO Mary Barra met with Trump earlier this month and told him the automaker wants to invest $60 billion in the United States but raised concerns about uncertainty over tariff policies. – Reuters

QC Mayor Belmonte shares her message for Women’s Month

Social media description: A known women’s rights advocate, Quezon City mayor Maria Josefina “Joy” G. Belmonte shares her message in celebration of International Women’s Month.

Interview by Edg Adrian Eva
Video editing by Arjale Queral

Economic empowerment is key to addressing women’s issues

“Economic empowerment is really a key to many issues that women are facing,” Quezon City mayor Maria Josefina “Joy” G. Belmonte said during a women entrepreneur event at Robinsons Galleria.

Interview by Edg Adrian Eva
Video editing by Arjale Queral

SM Investments Corp.’s Annual Stockholders’ Meeting to be held on April 30

 

 

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PHL, Japan ink P65-B loan deals

THE Marikina River is seen in this file photo. The Pasig-Marikina River Channel Improvement Project is set to receive funding worth ¥45.76 billion (around P17.45 billion) from the Japanese government. — PHILIPPINE STAR/WALTER BOLLOZOS

THE PHILIPPINES has secured P65.43 billion worth of loans from Japan to fund big-ticket infrastructure projects such as a four-lane bypass road in Davao City and two major flood control projects in Metro Manila.

The five financing agreements were signed by Finance Secretary Ralph G. Recto and Japan International Cooperation Agency (JICA) Country Chief Representative Baba Takashi during a high-level meeting on Monday, the Department of Finance (DoF) said in a statement.

“We are deeply grateful to the government of Japan for its confidence in our ability to turn these projects into realities. On the part of the Philippine government, we will honor this trust by ensuring that every peso, every yen, and every commitment made today translates into real improvements to the people we serve,” Mr. Recto was quoted as saying.

“Indeed, Japan is not just a friend in words but in action. And today is just one of the many proofs that our friendship is growing stronger each day through concrete efforts.”

The Davao City Bypass Construction Project (III) will receive financing worth ¥46.34 billion (around P17.67 billion). The project involves the construction of a 45.5-kilometer, four-lane bypass road that aims to improve mobility and facilitate trade in Davao City.

The Pasig-Marikina River Channel Improvement Project Phase IV (II) will get funding worth ¥45.76 billion (around P17.45 billion). The project will involve measures to control flooding in Metro Manila, such as the construction of dikes, revetments, flood gates, as well as channel dredging.

Japan will also provide ¥14.48 billion (P5.52 billion) in financing for the Cavite Industrial Area Flood Risk Management Project (II). The project also seeks to reduce flood risks in the lower San Juan River Basin and Maalimango Creek Drainage Area. 

The DoF and JICA also signed agreements to provide budget support financing for climate change and health initiatives.

The Climate Change Action Program (Subprogram 2) will receive ¥35 billion (around P13.35 billion) “to boost climate adaptation, mitigation, and disaster preparedness initiatives.”

On the other hand, the Build Universal Health Care program (Subprogram 2) will receive ¥30 billion (P11.44 billion) to boost access to healthcare as well as address “gender-specific needs and climate-related health concerns.”

Mr. Recto and National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan led the Philippine delegation to the 15th Philippines-Japan High-Level Joint Committee Meeting on Infrastructure Development and Economic Cooperation.

The meeting was aimed at accelerating the rollout of Japan-supported projects in the Philippines.

The Japanese delegation was led by Mori Masafumi, special adviser to the Japanese prime minister.

According to the DoF statement, Japan is in discussions with the Philippines to support more infrastructure projects. These include the Central Mindanao High Standard Highway, the second San Juanico Bridge Construction Project, the Flood Control and Drainage Project in Davao City, the Paranaque Spillway Project, the National Public Broadcasting Digital Terrestrial Broadcasting Network Development Project, and the Magat Dam Reconstruction Project.

“The Philippine government likewise presented prospects for future infrastructure development with a specific focus on public-private partnership (PPP) integration and official development assistance (ODA) financing as the country makes its ascent to upper middle-income status,” the DoF said.

Under the World Bank’s classification, the Philippines is still a lower middle-income country but is on track to move to middle-income status by 2026. Once the Philippines reaches upper middle-income status, the country will lose access to ODA loans that are typically long-term and have low interest rates.

According to the latest ODA portfolio review, Japan was the biggest source of loans and grants with $12.07 billion or 32.36% of the $37.29-billion total value in 2023.

At the same time, the DoF said the Japanese government reaffirmed its commitment to support the administration’s “Build Better More” program during the meeting, as well as ways to fast-track the rollout of major projects funded by Japan.

These include the Metro Manila Subway Project (Phase I), the North-South Commuter Railway Project, the Metro Rail Transit Line 3 Rehabilitation Project, the Dalton Pass East Alignment Road Project, and the Metro Manila Priority Bridges Seismic Improvement Project.

Meanwhile, the World Bank has sought input from the NEDA as it prepares for the formulation of their Poverty and Equity Assessment (PEA) report.

Mr. Balisacan met with World Bank Country Director for the Philippines, Malaysia, and Brunei Zafer Mustafaoğlu on March 20.

The World Bank conducted a poverty assessment for the country in 2001 and 2018.

“They now seek to create an updated version in light of the country’s recent economic and poverty developments. The World Bank’s consultation with NEDA is among one of the many efforts to ensure that our inputs will be used as reference in the contents of the PEA,” the NEDA said in a Viber message. — A.R.A. Inosante

S&P sees BSP cutting rates by 100 bps this year

BW FILE PHOTO

CENTRAL BANKS in the Asia-Pacific including the Bangko Sentral ng Pilipinas (BSP) are expected to cut rates further this year, S&P Global Ratings said.

“As inflation eases across the region, we expect central banks to cut rates, particularly in the slowing economies,” it said in a recent report.

S&P said it sees the Philippines’ benchmark rate ending at 4.75% this year, which implies 100 basis points (bps) worth of rate cuts in 2025.

The BSP put its easing cycle on hold after it kept interest rates steady at 5.75% last month, citing global trade uncertainties.

The central bank slashed rates by a total of 75 bps in 2024.

Despite the pause, BSP Governor Eli M. Remolona, Jr. said that they are still in easing mode. He said there is space for “a few more” rate cuts this year, signaling the possibility of up to 50 bps or even 75 bps of easing if economic output is much weaker than anticipated.

S&P noted that while growth in the region is slowing, easing inflation “will allow for more rate cuts.”

“Our economics team expects most Asia-Pacific economies will see slower growth in 2025. However, the degree of change varies widely,” it said.

S&P sees Philippine growth averaging 6% this year and 6.2% in 2026. This would be within the government’s 6-8% targets this year and in 2026.

The Philippines’ gross domestic product (GDP) grew by 5.6% in 2024, falling short of the government’s 6-6.5% full-year target.

The BSP earlier said it sees economic growth settling at the lower end of the government’s 6-8% targets from this year until 2026, citing elevated global commodity prices and heightened trade uncertainties.

Meanwhile, the credit rater expects headline inflation to settle at 3.1% this year and 3.2% in 2026. This is well within the BSP’s 2-4% target.

The BSP forecasts inflation to average 3.5% this year and 3.7% next year, accounting for risks.

‘DIFFICULTIES AHEAD’
Meanwhile, the debt watcher said that the rating momentum in the region has “turned negative, flagging difficulties ahead.”

“Positive rating actions outnumbered negative ones substantially following first-half and third-quarter results last year,” it said.

“However, ratings momentum dipped into the negative from the start of the year in the wake of rapid US policy changes.”

In November, S&P Global affirmed its “BBB+” long-term credit rating for the Philippines but raised its outlook to “positive” from “stable” to reflect the economy’s strong growth potential amid improved institutional strength.

“The measures have triggered caution among firms, volatility in the financial markets, and have generally reduced visibility,” it said.

S&P said it expects firms to “tread more carefully through the year.”

“Governments across Asia-Pacific will be standing by to provide support. This raises the possibility of a range of outcomes, including some positive ones, particularly if direct and indirect effects of new US tariffs turn out to be less adverse than feared.”

TARIFF IMPACT
The credit rater also noted the impact of the United States’ tariff war on businesses in the region.

“Most rated firms in the region can manage much of the direct impact of higher US duties given their typically low reliance on that market. However, indirect stresses pose material risks to many sectors.”

“Indirect effects may include a regional or global economic slowdown, or the risk that countries dump cheap goods on markets to offset a loss of access to the US,” it added. 

US President Donald J. Trump is planning to impose reciprocal tariffs on countries that tax US imports in early April.

Since taking office in January, Mr. Trump has imposed a 20% levy on all Chinese imports and a 25% tariff on all steel and aluminum imports.

S&P said that 84% of firms in the region are investment grade, which implies “substantial resilience.” These rated firms are seen as “well positioned to withstand potential tariff effects.”

“However, downgrades have outnumbered upgrades in Asia-Pacific since the start of 2025. This suggests to us that this year may be more challenging than 2024,” it said.

“Ratings concentrations at the lower end of investment grade, and a growing bias toward negative outlooks in some countries and sectors, point to pockets of risks.”

The region’s trade surplus with the US also puts it at risk from restrictive tariffs. After China, Southeast Asia has the second-largest trade surplus at $241 billion.

“Most countries in Asia-Pacific have limited direct exposure to the US as an export market, but variability is high.”

The US is the top destination for Philippine-made goods. In 2024, exports to the US were valued at $12.12 billion or 16.6% of total export sales.

On the other hand, the value of Philippine imports from the US stood at $8.17 billion or 6.4% of total imports in 2024.

While there are limited direct effects, material indirect risks still threaten the region, S&P said.

“Asia-Pacific countries with large export sectors are exposed to the indirect effects of US tariffs, which may trigger a global or regional slowdown,” it said.

“To offset loss of US sales, goods intended for export to the US may be redirected to regional markets at lower prices. This is an important secondary risk that may hit issuer margins and disrupt their sales.” — Luisa Maria Jacinta C. Jocson

PHL stock exchange’s tech glitches may dent foreign investor confidence

BW FILE PHOTO

By Sheldeen Joy Talavera, Reporter

THE Philippine Stock Exchange, Inc. (PSE) is being urged to invest more in advanced infrastructure as technical glitches that affect trading may dent investor confidence, analysts said.

Trading was delayed by nearly two hours on Monday morning due to a “system connectivity issue,” the PSE said in an advisory.

The market opened at 11:10 a.m. instead of the usual 9:30 a.m.

The delay may have dampened trading in the stock market. The PSE’s main index closed Monday’s session down by 1.19% to 6,192.02, with all indices in the red.

Analysts said the local bourse operator should strengthen the trading infrastructure since technical disruptions have hit the stock market every year since 2022.

“Time is money in financial markets. This is why it’s important for the PSE to ensure that we have a reliable trading infrastructure that can support transactions during business hours,” Juan Paolo E. Colet, managing director at China Bank Capital Corp., said in a Viber message.

While there has been no significant impact, Mr. Colet said that “if we’re trying to make our market more attractive to investors, these glitches don’t help.”

Peter Louise D.C. Garnace, an equity research analyst at Unicapital Securities, Inc., said trading delays or suspensions arising from PSE’s connectivity problems “have serious implications for various stakeholders.”

“Trading delays may sow fear or panic among investors in the absence of an immediate disclosure from the local bourse regarding the issue,” he said in a Viber message.

Mr. Garnace noted how the market stayed in the red throughout the first half of Monday’s trading session.

He noted that trading volume is expected to be subdued as connectivity issues make it difficult for trading participants to execute trades efficiently.

Having such delays in market sessions affects the reputation of the PSE as these incidents “raise concerns about the reliability and integrity of its trading systems,” said Mr. Garnace.

“As delays and disruptions in the exchange’s operations can erode investor confidence, we believe the market operator must further strengthen its trading infrastructure and enhance transparency to reassure investors that the local bourse remains reliable,” he said.

Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said foreign investors might raise concerns about the PSE’s operational robustness amid these technical disruptions.

“Such incidents, if recurrent, could dent investor confidence, particularly among those who prioritize seamless trading environments,” he said via Viber.

Mr. Arce said the PSE could take proactive measures such as investing in “advanced, fail-safe infrastructure.” He said the PSE should also ensure it has redundant connectivity systems to prevent similar incidents, as well as maintain investor trust.

“Regular system audits, transparent communication during disruptions, and prompt resolution mechanisms can further reassure investors about PSE’s commitment to maintaining high standards of reliability,” Mr. Arce said.

“Additionally, the PSE could engage with stakeholders to provide clarity and updates, minimizing any negative sentiment stemming from such occurrences,” he said.

The PSE experienced a 40-minute delay during its pre-open period on Dec. 9, 2024.

There was also a cancellation of trading on Jan. 4, 2022 due to “technical problems encountered in establishing connection between the NASDQ trading engine and the Flextrade front-end system.”

In 2015, the PSE migrated to its new trading system, the PSEtrade XTS using NASDAQ’s X-stream Trading technology.

The PSEtrade XTS, which replaced its previous platform, is capable of handling large trading volumes and supporting future requirements, according to the company.

Gov’t to review rice tariffs ahead of harvest season

Farmers dry rice grains along a highway in Catillejos, Zambales. — PHILIPPINE STAR/ WALTER BOLLOZOS

THE GOVERNMENT is reviewing the lower tariffs on imported rice ahead of the local harvest season next month, according to the presidential palace.

“To ensure our farmers are not significantly affected (by lower tariffs), this will be reviewed… Once the National Economic and Development Authority (NEDA) provides a detailed report, it will be forwarded to the Office of the Executive Secretary for submission to the President,” Presidential Communications Office (CO) Undersecretary Clarissa A. Castro said at a Palace briefing in mixed English and Filipino.

Executive Order (EO) No. 62, which took effect in July 2024, lowered import tariffs on rice to 15% from 35% until 2028 to tame inflation.

Under the EO, the rice tariff is subject to a review by the NEDA every four months.

Despite the implementation of lower tariffs, prices of rice have remained elevated in local markets.

According to the Agriculture department’s price monitoring of Metro Manila markets as of March 22, a kilogram of imported special rice was priced around P50-P60, slightly lower than the P57-P65 a year ago.

Local well-milled rice is now priced at P38-P54 per kilo versus P49-P58 a year ago. Regular milled rice is priced at P32-P49 per kilo versus P50 a year ago.

The Tariff Commission is scheduled to hold a public hearing on March 28 to tackle the Samahang Industriya ng Agrikultura’s (SINAG) petition seeking to raise the rice tariff back to 35%.

SINAG Executive Director Jayson H. Cainglet said in a Viber message the Tariff Commission would likely raise tariffs due to admissions from agencies such as NEDA and the Bureau of Customs that rice prices remain high despite the lower tariffs.

“We cannot see how the Tariff Commission will decide otherwise,” he said. “And they should explain if they will decide otherwise, on what basis? What data will they use?”

Former Agriculture Secretary William D. Dar said lower tariffs will help bring down prices of rice.

“While imported rice is more than enough, the problem remains having high rice prices in the market… The reason why tariffs were lowered was due to spiraling rice prices and I believe that lowering tariffs will contribute to lower rice prices,” he said in a Viber message.

Mr. Dar said the government should also ramp up efforts against hoarding and price manipulation.

“The key problem now for the government to handle is the alleged hoarding and price manipulation,” Mr. Dar said. “Smuggling is another issue to be handled squarely.”

Former Agriculture Undersecretary Fermin D. Adriano backed a review of the lower tariffs on rice.

“For as long as the decision is based on sound analysis such as considering the impact on producers, consumers and the economy and not on political consideration alone, (a review on rice tariffs) should be done,” he said in a Viber message. — JVDO

SFA Semicon Philippines Corp. to hold Annual Stockholders’ Meeting on April 25 via Zoom

 

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Belle Corp. to convene on April 28 for its 2025 Annual Stockholders’ Meeting via hybrid format

Belle Corporation Notice of 2025 Annual Stockholders’ Meeting

Please be advised that Belle Corporation will conduct its Annual Stockholders’ Meeting in hybrid format on April 28, 2025 at 2 p.m.

To all Stockholders:

The annual meeting of the stockholders of Belle Corporation (the “Company”) will be held on April 28, 2025, Monday at 2:00 p.m. to take up the following:

Agenda:

  1. Call to Order 
  2. Proof of Notice of Meeting and Quorum 
  3. Approval of the Minutes of the Annual Meeting of Stockholders held on May 31, 2024 
  4. Approval of 2024 Operations and Results 
  5. Ratification of all Acts of the Board of Directors and Management during their term of office 
  6. Election of Directors for 2025-2026 
  7. Appointment of External Auditors 
  8. Other Matters 
  9. Adjournment

The meeting will be in hybrid format wherein the Chairman of the Meeting, the Secretary of the Meeting, the members of the Board of Directors, and other Officers will be attending in person at the City of Dreams Manila, Entertainment City, Macapagal Avenue corner Aseana Avenue, Parañaque City; the stockholders will be participating by remote communication via Zoom Webinar. The voting shall be conducted in absentia through the Company’s secure online voting facility.

Please refer to Annex A for a brief explanation of each agenda item for approval.

The Board of Directors has fixed the end of trading hours of the Philippine Stock Exchange, Inc. on March 28, 2025 as the record date to determine the stockholders entitled to receive the notice of meeting, to participate via remote communication, and to vote in absentia at such meeting, and any adjournment thereof.

The meeting will be streamed live, and stockholders may attend the meeting by registering via asmregister.bellecorp.com and submitting the supporting documents listed there until 12:00 noon of April 18, 2025, Friday. All information submitted shall be verified and validated by the Corporate Secretary.

Stockholders who wish to cast votes through a proxy may accomplish the corresponding proxy form (which need not be notarized) and submit the same on or before April 15, 2025. Scanned forms may be sent electronically through corsec@bellecorp.com, while paper copies shall be sent to the office of the Corporate Secretary at 2704 East Tower, Philippine Stock Exchange Centre, Exchange Road, Ortigas Center, Pasig City.

Stockholders who successfully registered can cast their votes in absentia through the Company’s secure online voting facility for this meeting. In order to participate remotely, they will also be provided with access to the meeting that will be held virtually. The “Guidelines for Participation via Remote Communication and Voting in Absentia” as appended to the Information Statement labeled as “Schedule A” together with the Information Statement, Annual Report on SEC Form 17-A (once available) and other pertinent materials for the Annual Stockholders’ Meeting will be posted in the Company’s website https://www.bellecorp.com/ASM2025 and PSE Edge.

Pasig City, February 28, 2025

JASON C. NALUPTA 

Corporate Secretary

 

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Four years as the Philippines’ payments backbone: Maya leads the way in business payments across the Philippines

Maya, through its enterprise arm Maya Business, has cemented its position as the leading payments acquirer and processor in the Philippines, facilitating the majority of the country’s card and QR PH transactions in 2024.

Visa, a global leader in digital payments, recognized Maya for processing the highest e-commerce and contactless payment volumes in the Philippines from 2021 to 2024. Visa has also previously recognized Maya as the top acquirer for merchant transaction volume, underscoring their shared commitment to drive digital acceptance and cashless transactions.

Meanwhile, Maya maintains its leadership in the QRPH P2M market as a receiver, holding a 44% market share in terms of volume of transactions for 2024, as per data from BancNet.

Building on this success, Maya Business surpassed one million registered formal businesses in 2024, driven by its expanding cashless solutions for Quick Service Restaurants (QSRs), a growing SME merchant base, and a strategic focus on high-margin sectors such as services and retail.

“It’s exciting to see our innovations powering payments for businesses of all sizes across the country. Our technology is about accessibility,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder. “We meet merchants where they are, rather than expecting them to adapt to traditional models.”

Empowering MSMEs Through Payments and Banking

Beyond serving large enterprises and government agencies, Maya’s growth has been fueled by the MSME segment. Small businesses in the Philippines have traditionally relied on cash transactions with limited access to financial services, but Maya is changing this by offering tailored solutions that empower micro and small enterprises.

“These small businesses want more than just payment options. They want financial services that help them grow,” Baidwan noted.

Maya combines payments and banking services, offering business deposit accounts with a market-leading 2.5% annual interest rate and unsecured business loans of up to P2 million, providing small businesses with crucial access to credit in a financing-scarce market.

Expanding Across the Ecosystem

Unlike traditional financial institutions that primarily cater to large retailers, Maya serves businesses of all sizes. With tools like Maya Checkout, Maya Terminal, and Maya QR, businesses can accept payments via credit and debit cards, e-wallets, and QR PH codes — helping both urban entrepreneurs and rural vendors reach more customers.

Maya has also expanded its network through partnerships with global players such as Visa, Mastercard, JCB, and American Express, as well as local platforms including BancNet, GCash, and GrabPay. This dual approach enhances both international reach and local convenience.

As the first major player to adopt the QR PH standard, an initiative by the Bangko Sentral ng Pilipinas (BSP) to unify digital payments, Maya has made cashless transactions more accessible to smaller merchants — key contributors to financial inclusion in the country.

Driving Growth Amid a Digital Transformation

Maya’s continued expansion aligns with the BSP’s push for digitalization. With the central bank achieving its goal of 50% digital retail payment volume by 2023 and targeting 70% by 2028, Maya is well-positioned to capitalize on the growing adoption of digital transactions.

By leveraging the combined strengths of its ecosystem — Maya Bank, the No. 1 digital bank in the Philippines, and Maya Business, the top omni-channel payment processor — Maya is driving financial inclusion and supporting the country’s transition to a cashless economy.

Maya is the #1 Fintech Ecosystem in the Philippines, with Maya Bank, the #1 Digital Bank, and Maya Business, the #1 Omni-Channel Payment Processor. Maya Bank is a digital bank regulated by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corporation (PDIC) up to P500,000 per depositor. To learn more about Maya, check out maya.ph and mayabank.ph. Follow Maya at @mayaiseverything on Facebook, Instagram, YouTube, and TikTok and @mayaofficialph on Twitter.

 

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Philippine Saving Bank to hold Annual Stockholders’ Meeting virtually on April 24

 

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