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BingoPlus Foundation scales up national impact with P150-M grant from DigiPlus

One of BingoPlus Night’s major announcements was DigiPlus P150-million donation to the BingoPlus Foundation, which reinforced the company’s commitment to community building and social good.

DigiPlus Interactive, together with BingoPlus, reaffirmed its commitment to empowering communities across the country with a P150-million grant to amplify the programs of its social development arm, BingoPlus Foundation. The contribution, announced during the BingoPlus Night held on March 27 at the Marriott Hotel in Pasay City, marks a pivotal moment for the foundation as it enters a new chapter of scaling its community programs nationwide.

Since its inception, BingoPlus Foundation has remained steadfast in delivering programs deeply rooted in community empowerment. In 2024 alone, BingoPlus Foundation impacted over 120,000 Filipinos through its core pillars and special programs centered on technology education, accessible healthcare, community resilience, and responsible digitalization. With new funding, efforts to multiply the good are set to grow.

BingoPlus Foundation provides computers and industrial printers at the DSWD Area Vocational Training Center II and PLUS e-Center for Technology to help PWDs like ZILDJAN learn digital skills and pursue careers in commercial arts.

A Track Record of Impact: Multiplying the Good

The donation comes at the heels of recognition for BingoPlus Foundation’s FutureSmart Program with a Silver Anvil in the 59th Anvil Awards and a Gold Stevie Award in the 2024 APAC Stevie Awards for its efforts to support over 5,200 individuals with investments in technology education. BingoPlus Foundation awarded high-potential students nationwide with IT scholarships, complemented by the PLUS Factor leadership development program, while target public schools received robotics and programming learning tools and training. Together with the Department of Social Welfare and Development (DSWD), persons with disabilities also gained vocational training in computer skills and digital design.

BingoPlus Foundation’s Project Clean uses the MVP Filtration system to provide clean water to communities in need. This system filters 99.9% of bacteria and protozoans from 1 million gallons of water and lasts 5+ years, potentially impacting 100 people per filter.

Recognizing the need to bridge accessible healthcare to far-flung and under-served communities, the foundation’s KalusuganPLUS Program also supported over 30,200 Filipinos with vaccines, eye care, medicines, diagnostic services and health facilities. In particular, 18,614 residents in Bulacan, Cebu and General Santos were given access to clean water and sanitation facilities. The Foundation further provided medical equipment for home care of senior citizens and to PLUS wards in public health facilities.

Anchoring on disaster response and sustainable livelihood, the Foundation delivered solar solutions to give light to the daily lives of the Mangyan Indigenous People (IP) communities.

In championing community resilience, the foundation’s KabuhayanPLUS Program has been instrumental in providing disaster relief and fostering sustainable livelihoods, impacting over 82,200 Filipinos. The program has mobilized swiftly to provide aid to typhoon survivors and those affected by volcanic eruptions and other calamities, allocating over P40 million for disaster response. Additionally, the program supports livelihood recovery, not only through financial aid for calamity-stricken families, but also through investments in vocational training for solo parents, among others.

BingoPlus Foundation further supports DigiPlus Interactive and its game brands – BingoPlus, ArenaPlus and Game Zone – in championing responsible digitalization through the “Pusta de Peligro” campaign. Activities like “Tamang Laro, Tamang Panalo” learning sessions enabled attendees to spot the signs of problem gambling and provide psychological first aid, while financial coaching for jackpot winners and infomercials promoted self-regulation and discipline in spending.

Looking Forward: Scaling Impact Through Collaboration

With the P150-million boost from DigiPlus, BingoPlus Foundation is now well-positioned to scale its reach and deepen its engagements across the Philippines, especially through its Make-A-Wish Project, which has since touched the lives of 2,300 individuals in 37 cities across 20 provinces.

BingoPlus Foundation’s Make-A-Wish Project granted Donna a sari-sari store, giving her family hope and a fresh start after their loss.

“Through this investment, we look forward to enabling more strategic collaborations and more meaningful outcomes,” said Angela Camins-Wenieke, executive director of BingoPlus Foundation. “From investing in our future talents to building resilient and healthy communities, we remain committed to multiplying the good for Filipinos.”

The foundation invites all changemakers, donors, and organizations to join hands in this journey because all hands working together can multiply the good.

To learn more or explore partnership opportunities, visit https://digiplus.com.ph/bingoplus-foundation.

 


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Philippines denies China has seized control of disputed reef

PHILIPPINE COAST GUARD/HANDOUT VIA REUTERS

MANILA – The Philippines said on Monday there was no truth to reports that China had seized control of a disputed reef in the South China Sea, with a top security official saying the facts on the ground contradicted Beijing’s assertions over Sandy Cay.

“The facts on the ground belie their statements,” National Security Council spokesperson Jonathan Malaya said.

Chinese state broadcaster CCTV said last week the country’s coastguard had conducted maritime control operations at Sandy Cay, which China calls the Tiexian Reef, exercising sovereignty jurisdiction.

On Sunday, the Philippines conducted a maritime operation in the area, and observed the “illegal presence” of Chinese coastguard and “maritime militia” vessels. — Reuters

Trump’s first 100 days: America First president is overturning world order

RAWPIXEL

WASHINGTON/TOKYO/BRUSSELS – He has launched an unprecedented global tariff war and slashed US foreign aid. He has disparaged NATO allies and embraced Russia’s narrative about its invasion of Ukraine. And he has spoken about annexing Greenland, retaking the Panama Canal and making Canada the 51st state.

In the chaotic first 100 days since President Donald Trump returned to office, he has waged an often unpredictable campaign that has upended parts of the rules-based world order that Washington helped build from the ashes of World War II.

“Trump is much more radical now than he was eight years ago,” said Elliott Abrams, a conservative who served under Presidents Ronald Reagan and George W. Bush before being appointed US special envoy on Iran and Venezuela in Trump’s first term. “I have been surprised.”

Trump’s second-term “America First” agenda has alienated friends and emboldened adversaries while raising questions about how far he is prepared to go. His actions, coupled with that uncertainty, have so unnerved some governments that they are responding in ways that could be difficult to undo, even if a more traditional US president is elected in 2028.

All this comes amid what the Republican president’s critics see as signs of democratic backsliding at home that have raised concerns abroad. These include verbal attacks on judges, a pressure campaign against universities and the transfer of migrants to a notorious El Salvador prison as part of a broader deportation drive.

“What we’re seeing is a huge disruption in world affairs,” said Dennis Ross, a former Middle East negotiator for Democratic and Republican administrations. “No one is certain at this point what to make of what’s happening or what will come next.”

This assessment of Trump’s shakeup of the global system comes from Reuters interviews with more than a dozen current and former government officials, foreign diplomats and independent analysts in Washington and capitals around the world.

Many say that while some of the damage already done could be long-lasting, the situation may not be beyond repair if Trump softens his approach. He has already backtracked on some issues, including the timing and severity of his tariffs.

But they see little chance of a dramatic shift by Trump and instead expect many countries to make lasting changes in their relationships with the US to safeguard against his erratic policy-making.

The fallout has already begun.

Some European allies, for instance, are looking to boost their own defense industries to reduce reliance on US weapons. Debate has intensified in South Korea about developing its own nuclear arsenal. And speculation has grown that deteriorating relations could prompt US partners to move closer to China, at least economically.

The White House rejects the notion that Trump has hurt US credibility, citing instead the need to clean up after what it calls former President Joe Biden’s “feckless leadership” on the world stage.

“President Trump is taking swift action to address challenges by bringing both Ukraine and Russia to the negotiating table to end their war, stemming the flow of fentanyl and protecting American workers by holding China accountable, getting Iran to the negotiating table by reimposing Maximum Pressure,” White House National Security Council spokesman Brian Hughes said in a statement.

He said Trump was also “making the Houthis pay for their terrorism … and securing our southern border that was open to invasion for four years.”

More than half of Americans, including one in five Republicans, think Trump is “too closely aligned” with Russia, and the American public has little appetite for the expansionist agenda he has laid out, according to a Reuters/Ipsos poll completed on April 21.

HIGH STAKES
At stake, say experts, is the future of a global system that has taken shape over the past eight decades largely under US primacy. It has come to be based on free trade, rule of law and respect for territorial integrity.

But under Trump, who has been scornful of multilateral organizations and often views global affairs through the transactional lens of a former real estate developer, that world order is being shaken up.

Accusing trading partners of “ripping off” the US for decades, Trump has set in motion a sweeping tariffs policy that has roiled financial markets, weakened the dollar and triggered warnings of a slowdown in worldwide economic output and increased risk of recession.

Trump has called the tariffs necessary “medicine” but his objectives remain unclear even as his administration works to negotiate separate deals with dozens of countries.

At the same time, he has all but reversed US policy on Russia’s three-year-old war in Ukraine and engaged in an Oval Office shouting match with Ukrainian President Volodymyr Zelenskiy in late February. He has warmed to Moscow and stirred fears that he will force NATO-backed Kyiv to accept the loss of territory while he prioritizes improved relations with Russian President Vladimir Putin.

The administration’s belittling of Europe and NATO, long the central pillar of transatlantic security but accused by Trump and his aides of freeloading off the US, has caused deep unease.

German Chancellor Friedrich Merz, after winning February’s election, expressed concern about European relations with the United States, saying it would be difficult if those who put “America First” actually made their motto “America Alone”.

“This really is five minutes to midnight for Europe,” Merz said.

In a further blow to Washington’s global image, Trump has employed expansionist rhetoric long avoided by modern-day presidents, which some analysts say could be used by China as justification if it decides to invade self-governed Taiwan.

With his blustery style, he has insisted that the US will “get” Greenland, a semi-autonomous Danish island. He has angered Canada by saying it has little reason to exist and should become part of the US He has threatened to seize the Panama Canal, which was handed over to Panama in 1999. And he has proposed that Washington take over war-ravaged Gaza and transform the Palestinian enclave into a Riviera-style resort.

Some analysts say Trump may be seeking to resurrect a Cold War-style global structure in which big powers carve up geographic spheres of influence.

Even so, he has offered no details on how the US could acquire more territory, and some experts suggest he may be assuming extreme and even over-the-top positions as bargaining ploys.

But some countries are taking him seriously.

“When you demand to take over a part of the Kingdom of Denmark’s territory, when we are met by pressure and by threats from our closest ally, what are we to believe in about the country that we have admired for so many years?” Danish Prime Minister Mette Frederiksen told a news conference in Greenland in early April. “This is about the world order that we have built together across the Atlantic over generations.”

COPING WITH TRUMP 2.0
Other governments are also beginning to recalibrate.

The European Union — which Trump has claimed, without evidence, was formed to “screw” the US — has prepared a range of retaliatory tariffs if negotiations fail.

Some countries such as Germany and France are looking at spending more on their militaries, something Trump has demanded but which could also mean investing more in their own defense industries and buying fewer arms from the US
With its historic friendship with the US now strained, Canada is seeking to strengthen economic and security links to Europe. This comes against the backdrop of Canada’s national elections on Monday dominated by voter resentment of Trump’s actions, which have triggered a nationalist wave and fueled perceptions that the US is no longer a reliable partner.

South Korea, too, has been rattled by Trump’s policies, including his threats to withdraw US troops. But Seoul has vowed to try to work with Trump and preserve the alliance it regards as critical against the threat of nuclear-armed North Korea.

US ally Japan is also on edge. It was taken by surprise by the magnitude of Trump’s tariffs and “is now scrambling to respond,” said a senior Japanese government official close to Prime Minister Shigeru Ishiba.

A key question is whether some governments will quietly hedge their bets by forging closer trade ties to China, Trump’s number one tariff target.

Spanish Prime Minister Pedro Sanchez met with President Xi Jinping in Beijing in early April, and China said recently it exchanged views with the EU on bolstering economic cooperation.

Beijing has cast itself as a solution for nations that feel bullied by Trump’s trade approach, despite its own record of sometimes predatory practices internationally, and is also trying to fill the vacuum left by his cuts in humanitarian aid.

Aaron David Miller, a former veteran US diplomat in Republican and Democratic administrations, said it’s not too late for Trump to shift course on foreign policy, especially if he begins to feel pressure from fellow Republicans uneasy over economic risks as they seek to retain control of Congress in next year’s mid-term elections.

If Trump holds firm, the next president could try to re-establish Washington’s role as guarantor of the world order, but the obstacles could be steep.

“What’s happening is not yet beyond the point of no return,” said Miller, now a senior fellow at the Carnegie Endowment for International Peace in Washington. “But how much damage is being done now to our relations with friends and how much adversaries will benefit is probably incalculable.” — Reuters

More than 30,000 people pack Rome church to visit Pope Francis’ tomb

Cardinals visit the tomb of late Pope Francis inside St. Mary Major Basilica in Rome, Sunday, April 27, 2025. Andrew Medichini/Pool via Reuters

ROME – Tens of thousands of people streamed past the tomb of Pope Francis on Sunday, packing the Roman basilica where he had chosen to be buried in a break from tradition.

No pope had been laid to rest outside the Vatican in more than a century, but Francis opted instead for burial in Santa Maria Maggiore (Saint Mary Major), located in the Italian capital’s most multicultural neighbourhood.

His coffin was taken there on Saturday after his funeral Mass in St. Peter’s square, with around 150,000 people lining the route through the heart of the city to say their farewells.

The casket was placed in a simple marble tomb in a side aisle of the basilica. Only his name in Latin, “Franciscus”, is inscribed on top, while a reproduction of the plain cross that he used to wear around his neck hangs above the niche.

“I feel like it’s exactly in the way of the Pope. He was simple, and so is his place now,” said Polish pilgrim Maria Brzezinska after paying her respects.

Visitors began queuing well before the Basilica opened at 7:00 a.m. (0500 GMT) and the church rapidly filled with well-wishers after the doors opened. Authorities urged people to leave as soon as they had seen the tomb, saying thousands more were waiting to get in.

Six hours later, 30,000 people had visited St. Mary Major, according to the Vatican.

Tourists leaving the basilica at lunch time said they had been queuing for more than two hours and had only a few minutes inside.

In the afternoon, hundreds of cardinals gathered in the church for prayers.

The church was founded in 432 and is the only basilica in Rome that preserves the early Christian structure, although there have been many later additions.

Francis, who died on April 21 at the age of 88, was especially attached to it because of his devotion to Mary, Mother of God. He prayed there before and after every overseas trip.

A venerated Byzantine icon of Mary is housed in the Pauline chapel near the tomb. A vase of golden roses, donated by Francis in 2023, sits among candlesticks under the icon. He last visited the chapel carrying a bunch of white roses on April 12.

A single white rose was placed on his tomb.

“So much intensity. He was a person close to everyone, so we respect him for what he did, each in our own way. Thank you,” said Carmelo Lamurra, a Rome resident. — Reuters

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Philippines raises alert level at restive volcano after eruption

Philippine Institute of Volcanology and Seismology (PHIVOLCS), Public domain, via Wikimedia Commons

MANILA – A restive volcano in the central Philippines spewed a column of ash as high as 4.5 km (2.8 miles) into the sky on Monday morning, prompting authorities to raise the alert level at Mount Bulusan and warn residents to stay out of a 4-km danger zone.

The Philippine Institute of Volcanology and Seismology (Phivolcs) raised Bulusan’s alert status from 0 to 1 on its five-level scale, signalling low-level volcanic unrest and warning of possible phreatic eruptions.

Prior to the eruption, which occurred between 4:36 a.m. and 5:00 a.m on Monday, the institute had recorded 53 volcanic earthquakes over a 24-hour period and local officials reported rumbling sounds.

Phivolcs also urged vigilance within an extended 2-km danger zone on the volcano’s southeast sector due to the risk of rocks and other debris being ejected by the volcano, as well as rock falls and avalanches.

Civil aviation authorities were advised to warn pilots against flying close to Bulusan’s summit.

Bulusan is one of 24 active volcanoes in the Philippines. The country lies is in the Pacific “Ring of Fire,” where volcanic activity and earthquakes are common. — Reuters

Car plows through Vancouver Filipino festival, killing at least 11

Police officers work at the scene, the morning after a vehicle was driven into a crowd at a Filipino community Lapu Lapu Day block party, in Vancouver, British Columbia, Canada April 27, 2025. -- REUTERS/Chris Helgren

VANCOUVER – At least 11 people aged between 5 and 65 were killed and dozens injured when a man with a history of mental health issues rammed an SUV through a crowd at a Filipino community festival in the western Canadian city of Vancouver, police said on Sunday.

Police arrested a 30-year-old Vancouver man at the scene of the incident on Saturday evening, describing him as having had a “significant history” of interactions with authorities involving mental health. They said there was no evidence of terrorism.

“This is the darkest day in our city’s history,” Vancouver Interim Chief Constable Steve Rai told reporters at a Sunday press conference.

He said dozens of people were injured, some critically, and warned that the death toll could rise in coming days and weeks. As of Sunday afternoon, Rai said he did not believe there were any ongoing threats to the community.

More than 100 police officers joined the investigation, as local officials worked with provincial and federal authorities to provide support services. Messages of condolence and support came from across the globe.

“The community will feel this for a long time,” RJ Aquino, chair of the community advocacy group Filipino BC, told reporters. “We want to tell everybody that we’re grieving. We want to tell everybody that we see and hear the support from around the world at this point.”

The attack on Saturday evening took place two days before Canada’s federal election on Monday. A spokesperson for Canadian Prime Minister Mark Carney said he would be traveling to Vancouver on Sunday.

Carney’s campaign movements were delayed on Sunday morning but he resumed campaigning after making a statement in which he expressed his condolences to the country’s Filipino community.

“Last night, families lost a sister, a brother, a mother, a father, a son or a daughter. Those families are living every family’s nightmare,” he told reporters in Hamilton, Ontario.

“I join all Canadians in mourning with you. I know that Canadians are united with you,” he said.

British Columbia Premier David Eby said at a press conference near the site of the attack on Sunday afternoon that it was hard not to feel rage towards the man who “murdered innocent people” for reasons that were not yet known.

“I want to turn the rage that I feel into ensuring that we stand with the Filipino community, that we deliver what they need, that we stand with those families who have lost loved ones,” he told reporters.

“I know it’s hard to believe it in this moment, but I know we will come back stronger.”

More than 12 hours after the incident, police still did not have a motive for the attack at the festival, which took place without a dedicated police presence or heavy vehicle barriers.

“There were no known threats to the event or to the Filipino community,” Rai said.

The suspect was initially chased down and held by festival-goers until police arrived, witnesses said. The injured were taken to multiple hospitals, police said.

The incident happened shortly after 8 p.m. (0300 GMT) in Vancouver’s Sunset neighborhood, an area known for its large Asian population, where the Lapu-Lapu Day Block Party, celebrating a Philippine national hero, was taking place.

One witness told CTV News he saw a black vehicle driving erratically in the area of the festival just before the crowd was struck. A photo of the aftermath posted online showed a dark Audi SUV with both front fenders crumpled and the hood pushed up toward the vehicle’s windshield.

While mass casualty attacks are far less common in Canada than in the United States, such incidents have occurred with some regularity north of the border.

At least two of those attacks involved motor vehicles. In 2021, a man killed four members of a Muslim family by running them over with a pickup truck. In 2018, a man drove a rented van into a lunch-hour crowd in Toronto, killing 10 people and injuring 15 along a sidewalk thronged with pedestrians.

‘HORRIFIC’

Online images from the scene in Vancouver showed the bodies of victims on the pavement alongside a row of colorful food trucks as others attended to them on a roadway littered with debris including what appeared to be a motorized scooter.

A witness who did not wish to be identified said he had seen about 15 people lying on the ground after the SUV plowed into the crowd. The witness said the driver tried to run but was chased down and held against a fence for about 10 minutes until police arrived.

“I didn’t get to see the driver, all I heard was an engine rev,” Yoseb Vardeh, co-owner of food truck Bao Buns, said in an interview with Postmedia.

“I got outside my food truck, I looked down the road and there’s just bodies everywhere,” said Vardeh, his voice breaking with emotion. “He went through the whole block, he went straight down the middle.”

The attack came at the end of the festival, following a concert headlined by Filipino-American rapper Apl.de.ap of the Black Eyed Peas, according to Mable Elmore, a member of the British Columbia Legislative Assembly, who attended the event.

“Everybody was happy and getting ready to go. And that’s when, that’s when the incident happened,” Elmore told reporters through tears.

“We are in incredible pain,” she said. “We will come together out of this catastrophe through the support and the love from the broad community.”

The festival, celebrated especially in the central Philippines, honors Datu Lapu-Lapu, a Filipino chieftain who defeated Spanish forces led by Ferdinand Magellan in the Battle of Mactan in 1521.

The government of British Columbia officially recognized April 27 as Lapu-Lapu Day in 2023, acknowledging the cultural contributions of the Filipino-Canadian community, one of the largest immigrant groups in the province.

The centerpiece of the festival is a multi-block street party featuring Filipino food and traditions, live performances and cultural displays. — Reuters

SEIPI eyes modest exports growth

A worker miniature is placed among printed circuit boards with semiconductor chips in this illustration picture taken on July 5, 2023. — REUTERS/FLORENCE LO/ILLUSTRATION

By Justine Irish D. Tabile, Reporter

THE Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) is hoping to see at least a modest growth in exports this year as more investments are expected to come in amid improved incentives and lower US tariffs.

“We have contracted for two years in a row. Now we have projected flat growth, but we are optimistic that we might see some modest growth,” SEIPI President Danilo C. Lachica told reporters on the sidelines of an event on Friday.

“It could be a single-digit growth, maybe 1-2% growth, just not flat,” he added.

Electronic products were the top commodity export of the Philippines last year, accounting for 53.4% of its total exports.

In 2024, the Philippines exported $39.1 billion of electronic products, down 6.7% from $41.91 billion a year prior.

Mr. Lachica said that the sector is quite optimistic this year as there is growing interest from foreign firms to locate in the Philippines due to the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

“There was a lot of interest because CREATE MORE is a big upgrade… but the first thing to overcome is if the country we will go to knows about the Philippines, so we have to advertise our country,” he said.

“And then the second thing is… we need to show improvements in our operating costs, whether that is power or logistics.”

However, he said even if investments are much higher, it will not translate to an increase in manufacturing exports immediately.

“But the good thing is, you’re fueling the growth engine with these investments, which will eventually generate employment and generate the supply chain. So, we’re looking forward to that,” he added.

At the same time, Mr. Lachica said that the 17% tariff rate to be imposed by the US could encourage some companies in other countries with higher tariffs to look at the Philippines for expansion.

Philippine exports to the US face a 17% tariff, the second lowest among Association of Southeast Asian Nations (ASEAN) member countries after Singapore’s baseline rate of 10%. The higher tariff has been suspended until July.

“While we’re enjoying that sweet spot, what’s concerning is the intrinsic value of our exports. We’re in the back-end assembly test and packaging. That’s why my hope is to see a commercial wafer fab,” he said.

SEIPI previously proposed to the government the establishment of a lab-scale wafer fab, which is estimated to cost around $10 million.

“A lot of people still believe that we do not need a wafer fab… Our proposal is a tabletop wafer lab [because] we are trying to grow our integrated circuit design industry,” he said.

“We need a government agency to help us out, someone who understands. And then, it’s going to be a combination of government funding and bank funding,” he added.

According to Mr. Lachica, SEIPI will be sending a proposal to the Department of Science and Technology as early as the end of May.

While the 17% tariff is lower compared with those imposed on other ASEAN members, Mr. Lachica said the Philippines should still negotiate a lower rate.

“We want to work on reducing it further. Because… we don’t know if it’s going to remain at 17%. When all is said and done after negotiations, maybe later other countries will even out,” he said. “That’s why we cannot leave anything on the table. We have to take this opportunity sooner rather than later to negotiate.”

Trade Secretary Ma. Cristina A. 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.

Mr. Lachica said the Philippines will have to tread carefully as the electronic sector imports 30% of its raw materials from China.

“If China is slapped with an exorbitantly high tariff, then their form of retaliation might be holding back on materials that they export. For example, the rare earth and rare metals, already one of our members cannot get their supply of magnets,” he said.

“So, if this escalates, the 30% we import from China might be severely impacted,” he added.

If it happens, he said that the Philippines will have to develop other sources.

Aboitiz InfraCapital Head of Economic Estates Rafael Fernandez de Mesa said that the tariffs will bring uncertainty and volatility, which could be “good for the Philippines.”

“Why do I think it’s good? Because as a business, you are trying to manage that risk and that volatility, and in an industrial sector where it’s really a global landscape, you need to have your risk diversified, and that’s where the Philippines comes into play,” he told a panel discussion.

“In a world of uncertainty and volatility, I think there’s going to be more movement towards the Philippines. That’s what we’re starting to see over the month and a half: renewed and more accelerated interest,” he added.

PHL banks continue to fall short of lending quota for MSMEs

A VENDOR waits for customers at a market in Marikina City. — PHILIPPINE STAR/WALTER BOLLOZOS

By Luisa Maria Jacinta C. Jocson, Senior Reporter

THE PHILIPPINE banking system continued to miss the mandated lending quota for micro, small and medium enterprises (MSMEs) as of end-December 2024, Bangko Sentral ng Pilipinas (BSP) data showed.

Loans granted by the banking sector to MSMEs amounted to P546.22 billion at end-December, accounting for just 4.86% of their total loan portfolio of P11.25 trillion.

This is well below the 10% overall requirement under the Magna Carta for MSMEs. Under the law, banks must allot 8% of their loan book to micro and small enterprises. Banks need to allocate 2% of their loan portfolio to medium-sized businesses.

Under the Magna Carta, an enterprise is typically considered micro if its total assets are not more than P3 million while a small enterprises’ assets would range from more than P3 million to P15 million. A medium enterprise’s assets would be from over P15 million up to P100 million.

Most banks have opted to incur penalties for noncompliance with the MSME lending quota instead of taking on the risks associated with lending to small businesses.

Broken down, credit disbursed to micro and small enterprises stood at P217.1 billion during the period, equivalent to just 1.93% of their total loan book, falling short of the 8% quota. However, this was higher than the 1.86% share logged at end-September.

Meanwhile, loans to medium enterprises reached P329.1 billion at end-December. This accounted for 2.93% of their total portfolio, exceeding the 2% requirement. It also rose from the 2.69% posted in the previous quarter.

By type of bank, universal and commercial banks extended P138.07 billion worth of loans to micro and small enterprises at end-December, or 1.46% of their total loans worth P10.29 trillion.

Big banks’ loans to medium enterprises amounted to P270.7 billion or 2.63% of the total.

Thrift banks allocated P37.7 billion in loans to micro and small enterprises, representing 3.83% of their P699.01-billion loan book. Credit to medium enterprises reached P37.64 billion or 5.44% of the thrift banks’ portfolio.

Only rural and cooperative banks met the overall MSME lending quota. They extended P40.91 billion to MSEs (16.75% of their portfolio) and P20.71 billion to medium enterprises (8.83% of their portfolio).

Loans disbursed by digital banks to the micro and small enterprise sector stood at P445 million at end-December, accounting for 1.82% of their lending portfolio of P24.48 billion, while they lent P50 million to medium enterprises or just 0.21% of the total.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said banks’ failure to hit the MSME lending quota may have to do with “asymmetric information” on the credit of small businesses in the country.

“Though banks have increased efforts to tap more of the MSME loan market in recent years, as partly supported by loan guarantees to encourage more lending to this market.”

“There were even incentives during the pandemic such as allowing lending to MSMEs as part of compliance with required reserves, though this was only temporary during the pandemic,” he added.

The BSP allowed banks to count MSME loans as alternative reserve compliance with the reserve requirements to help support the sector during the pandemic, but this relief measure expired in June 2023.

However, it was extended for thrift banks and rural and cooperative banks until Dec. 31, 2025.

Mr. Ricafort also noted banks were likely pricing in more risk when they consider lending to small enterprises.

“Given the higher credit risk involved, there are also higher risk weights on riskier lending activities in view of tighter capitalization standards adopted by regulators and required on banks in recent years,” he added.

FX intervention targets inflation, not capital flows — BSP

IN EARLY APRIL, the central bank lowered its forecast for risk-adjusted inflation to 2.3% this year from the 3.5% prediction it made in February. — BLOOMBERG

THE PHILIPPINE central bank said its periodic intervention in currency markets would be aimed at stemming inflationary pressures if the peso was to weaken, but that it’s not trying to manage capital flows into and out of the country.

“We don’t like to do capital flow management — we stay away from that, and we continue to stay away from that,” Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. said in a panel discussion at the International Monetary Fund meetings in Washington on Friday. “We intervene when we see that the peso is swinging to a point where it becomes inflationary, and then we try to slow down that trend.”

The unusually explicit comments about currency intervention come as export-oriented Southeast Asia grapples with the fallout from US President Donald J. Trump’s tariff policies. The Philippines has fared better than many other emerging markets, with the peso advancing about 2.8% against the dollar this year even as the central bank lowered borrowing costs.

Southeast Asia’s biggest economy, Indonesia, has the region’s worst-performing currency, with the rupiah declining 4.3% this year. Bank Indonesia has repeatedly intervened to smooth out volatility as capital flowed out of the country.

Mr. Remolona said global factors rather than domestic ones are often the key drivers of volatility in emerging market currencies.

“The single biggest risk factor that distinguishes emerging markets from advanced economies is the exchange rate,” he said in the discussion that was moderated by Bloomberg Television’s Lisa Abramowicz. “What happens in the Philippines is the peso swings up and then it swings down, it appreciates and depreciates. And usually it’s a dollar story: It’s the dollar responding to geopolitical factors.”

Investor concern about the Trump administration’s policies has recently reduced the attractiveness of the dollar, alleviating some pressures on emerging market currencies.

On April 10, when the BSP cut rates, Mr. Remolona told a briefing that “like the rest of the world, we’re looking at slower growth, but unlike the rest of the world, we’re looking at lower inflation.”

That allows the bank to have an accommodative monetary stance, he said at the time. The Philippine government has said it wants growth to accelerate to at least 6% this year from 5.6% in 2024, when multiple typhoons ravaged farm crops.

In early April, the central bank lowered its forecast for risk-adjusted inflation to 2.3% this year from the 3.5% prediction it made in February. But in his Friday panel, Mr. Remolona made it clear that the BSP stands ready to act if exchange rate moves were to fuel price gains.

“If you look at the experience of inflation targeting, there’s a compelling reason to do that,” he said. “You’re using foreign exchange (FX) intervention for purposes of managing inflation, and that’s okay. That’s perfectly okay.” — Bloomberg

MB-approved foreign borrowings more than double in Q1

TIMA MIROSHNICHENKO-PEXELS

MONETARY BOARD (MB) approvals for public-sector foreign borrowing more than doubled in the first quarter, the central bank said.

Data from the Bangko Sentral ng Pilipinas (BSP) showed approved public-sector foreign borrowing soared to $6.29 billion in the first quarter from $2.87 billion in the same period a year ago.

Broken down, the approvals consisted of bond issuances worth $3.33 billion, five project loans ($1.46 billion) and three program loans ($1.5 billion).

“The approved foreign borrowings have medium- to long-term maturities,” the BSP said.

It said the proceeds of the bond issuances will be used to “fund various budget requirements of the National Government (NG), including socioeconomic programs and projects, as well as settlement of maturing financial obligations.”

“The program loans are meant to fund projects on economic development and finance initiatives, while the project loans will fund initiatives in the areas of transportation and infrastructure,” it added.

Under the Constitution, the Monetary Board is required to approve any foreign loan agreements entered by the NG.

The BSP must also approve in principle any foreign borrowing proposals by the National Government, government agencies and government financial institutions before actual negotiations.

The Monetary Board must submit a report of its decision on these applications for loans within thirty days from the end of every quarter of the calendar year.

The central bank said this is in line with its task of “ensuring that the country’s foreign debt remains manageable.”

Latest data from the BSP showed the Philippines’ outstanding external debt rose by 9.8% to $137.63 billion as of end-December 2024 from $125.39 billion a year ago.

This brought the external debt-to-gross domestic product (GDP) ratio to 29.8% at the end of 2024, higher than the 28.7% at end-2023.

The NG’s gross borrowings rose by 4.92% to P213.14 billion in January from P203.15 billion a year prior, latest Treasury data showed.

Of this, gross external debt dipped by 1.14% year on year to P60.94 billion in January. This consisted of program loans (P56.29 billion) and project loans (P4.65 billion).

This year, the government’s financing program is set at P2.545 trillion, where 20% will be sourced from foreign sources. The Finance department is seeking to gradually adjust the borrowing mix to rely less on external borrowings to mitigate foreign currency risk. — Luisa Maria Jacinta C. Jocson

Financially securing Filipinos across life stages

To take full advantage of life’s potential, individuals need to be secured from the possible impacts of health emergencies and other unprecedented events. Several financial solutions aim to secure consumers and their families from the unprecedented, as seen in life insurance offerings available in the market today.

Life insurance has been serving as a safety net that empowers people to lead more comfortable lives and secures their future by financially protecting them from several types of risks.

“Even the best of plans can get waylaid due to unforeseen events. The value of life insurance in financial planning is that it provides individuals and families with a safety net in the event of crises or tragedies,” Maria Floraida C. Endozo, first vice-president and deputy head of the Actuarial Division at Cocolife, told BusinessWorld. “It eases the financial burden that often follows an unexpected death or disability and provides a source of income replacement, helping maintain financial stability.”

Maria Floraida C. Endozo, first vice-president and deputy head of the Actuarial Division at Cocolife

Select firms in the country are committed to improve the means they financially protect Filipinos. Among them, Cocolife, the biggest Filipino-owned stock life insurance company, continues to significantly progress to deliver the best insurance solutions at affordable costs.

In its endeavor to help clients achieve a future free from financial worries, Cocolife’s comprehensive and unique offerings are designed to meet clients across life stages, from fresh graduates and young professionals to retirees.

“Cocolife has a diverse range of life insurance products tailored to support individuals at every stage of life. We carefully consider each person’s financial capacity and goals, ensuring that our products are both practical and accessible,” Ms. Endozo said.

For those just starting out in life, whether embarking on a career or building their family, the Cocolife Term Shield and Cocolife Protect are fitting plans to protect their finances. These are affordable entry-level term insurance products with substantial benefits to help safeguard individuals from unexpected life events.

Older individuals, meanwhile, can look into endowment plans and investment-linked plans. These include Cocolife LifeMax, Cocolife LifeVest, Cocolife Flexi, Money Accumulator Classic, Money Accumulator Preferred, Money Accumulator Preferred Plus, and Cocolife Zenith. Cocolife has designed these plans to help parents and professionals build their wealth, fund their futures, and achieve their goals and dreams.

Cocolife Aruga, a health and life insurance plan, stands out by offering protection for individuals facing critical illnesses and other health conditions. It is designed to cover medical expenses and provide the insured and their dependents with financial assistance for their future needs. By providing benefits based on actual conditions regardless of the specific illness or event, it eliminates the need to navigate a lengthy list of covered illnesses and exclusions, making the coverage easier and more accessible.

This groundbreaking approach earned Cocolife Aruga the Health Insurance Initiative of the Year-Philippines at the 2024 Insurance Asia Awards and the Most Innovative Inclusive Health Insurance Plan-Philippines at the 2025 Annual Global Economics Awards.

Ma. Rowena J. Asnan, first vice-president and head of the Marketing and Research Department at Cocolife

All these offerings are a result of Cocolife’s efforts to understand the current financial needs of Filipino families. According to Ma. Rowena J. Asnan, first vice-president and head of the Marketing and Research Department at Cocolife, the company conducts research studies and gains insights on the latest market needs, aspirations, and consumer behavior. This is made possible by the Cocolife Idea Hub, a research community that helps deliver and shape insurance products and services tailored to market needs and demands.

Through its latest study, titled “Cocolife Moneyfest: The Financial Futures,” Cocolife mined important insights into the financial behaviors, priorities, and insurance preferences of policyholders.

“By understanding short-term and long-term financial goals, analyzing purchase decisions and motivations and identifying areas for improved business operations, Cocolife is able to design products and services that are truly responsive to the customers’ evolving needs,” Ms. Asnan shared.

Moreover, Cocolife has developed its customer service portal Just Ask Live (JAL), an omnichannel platform that creates a seamless face-to-face customer interaction — through audio or visual communication — ensuring their every need and expectations are consistently met.

With a sustained commitment to quality life insurance that champions all Filipinos, Cocolife plans to expand their life insurance products and services to underserved regions and demographics.

“Moving forward, Cocolife remains committed to advancing the life insurance sector by continuing to innovate and develop products that meet the changing financial needs of Filipinos. We aim to empower more individuals and families by making insurance products more accessible, inclusive, and affordable, regardless of their income level or location,” Ms. Endozo said.

Beyond serving customers with the most fitting plans, Cocolife seeks to champion financial literacy among Filipinos.

“Financial constraints and the lack of understanding on the value of insurance coverage remain as major barriers in the purchase of insurance of the market,” Ms. Asnan shared. “With these caveats, Cocolife will continue to educate Filipinos on the importance, benefits, and beauty of insurance through financial literacy programs. These programs are designed to help them realize that insurance is a necessity and a smart investment in improving their quality of life.”

Know more about Cocolife’s quality insurance and healthcare products by visiting www.cocolife.com.

 


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