TP wins Service Excellence Company of the Year at 2025 Asia CEO Awards

October 24, 2025 | 9:09 am

Committed to Excellence. Receiving the Asia CEO Awards trophies on behalf of TP in the Philippines were, from left: Senior Director of TP Digital KC Nuñez, Vice President of AI and Analytics Vishnu Raj, Chief Operating Officer Anish Kapoor, Director of Interactions Analytics Marry Lloyd Santos, and Director of External Relations Nash Frias.

TP, a global leader in digital business services, was recently named Grand Winner of the Service Excellence Company of the Year award at the 2025 Asia CEO Awards held at the Manila Marriott Grand Ballroom.

In addition to this top honor, TP was also recognized as a Circle of Excellence Finalist in two categories, namely Most Innovative Company of the Year and IBPAP IT-BPM Techblazer of the Year.

These prestigious distinctions underscore TP’s industry leadership in delivering world-class service, driving business growth, and contributing to the Philippines’ economic development and global competitiveness through innovation and human capital advancement.

AI + Human Synergy for Superior CX Delivery

Evolving from the traditional BPO model into the future-ready IT-BPM organization it is today, TP in thePhilippines consistently raises its service delivery standards through its Foundational AI Backbone (TP.aiFAB) alongside the Teleperformance Operational Processes and Standards (TOPS)—TP’s global quality and compliance network.

TP.ai FAB is an integrated technology platform that safely orchestrates AI, human experts, and technology at scale. The platform enables the organization further to deliver exceptional services on internal and external fronts alike.

TOPS, on the other hand, establishes standardized benchmarks, operating procedures, and compliance checks that ensure consistent performance excellence across all TP sites, accounts, and lines of business.

Together, these frameworks illustrate TP’s commitment to harnessing both advanced technology and emotional intelligence, proving that excellence lies in the synergy between human capability and innovation.

2025 Asia CEO Awards Trophies. TP in the Philippines is Service Excellence Company of the Year Grand Winner and a Circle of Excellence Finalist for Globaltronics Most Innovative Company of the Year and IBPAP IT-BPM Techblazer of the Year.

Revolutionizing CX through Human-Amplified AI

This year, TP in the Philippines redefined customer experience by building TP. AI, the organization’s proprietary AI platform, atop its proprietary business transformation framework. TP.AI amplifies human potential through Generative and Agentic AI, transforming customer experience (CX) from a cost center into a strategic business advantage.

Now deployed across over 100 programs and 700 client implementations, TP.AI is a first-of-its-kind centralized platform in the Philippine CX industry, featuring:

1) TP Microservices, a proprietary architecture managing 116+ unique cloud-based microservices enabling faster innovation and scalability.

2) Domain Knowledge Integration—embedding deep industry expertise across telecommunications, retail, travel, healthcare, financial services, public sector, and utilities;

3) Agentic AI Capabilities – advanced self-actuating automation handling complex, multi-step processes while preserving human oversight for emotionally nuanced interactions.

Most notably, TP has proven that AI amplification of human capabilities outperforms AI-only automation. While many organizations pursue full automation, TP continues to champion the human-AI partnership, delivering superior, emotionally intelligent customer experiences.

“The recent Asia CEO Awards wins are a testament to TP’s unwavering commitment to excellence—across service delivery, digital transformation, social responsibility, and innovation through human-amplified AI. This recognition further solidifies TP as a driving force in the Philippine IT-BPM industry and beyond. We are proud of what we’ve achieved so far, and look forward to shaping the next era of intelligent, human-centered business solutions,” said Rahul Jolly, CEO of TP in the Philippines.

The Asian CEO Awards honors individuals and organizations that significantly contribute to the Philippines’ economic progress and position the country as a leading business destination in the Asia-Pacific region.

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Britain calls for strong measures against Russia as Ukraine’s Zelenskiy heads to London

October 24, 2025 | 8:33 am

LONDON — Britain on Friday called for a raft of measures against Russia to strengthen Ukraine’s hand ahead of any future peace talks, as Ukrainian President Volodymyr Zelenskiy heads to London for discussions with key allies.

British Prime Minister Keir Starmer’s office said he would press a meeting of the “Coalition of the Willing” countries that have pledged to strengthen support for Ukraine to take Russian oil and gas off the global market, use frozen Russian assets to support Ukraine, and give Kyiv more long-range missiles.

The meeting comes after US President Donald Trump hit Russia’s two biggest oil companies with sanctions, in a dramatic U-turn after he said last week that he and Russian President Vladimir Putin would soon hold a summit in Budapest to try to end the war in Ukraine.

Starmer said Putin had shown he was not serious about proposals to end the war.

“Time and again we offer Putin the chance to end his needless invasion, to stop the killing and recall his troops, but he repeatedly rejects those proposals and any chance of peace,” Starmer said in a statement.

“We must ratchet up the pressure on Russia and build on President Trump’s decisive action.”

Friday’s talks in London will be a mixture of in-person and virtual, with NATO chief Mark Rutte, Dutch Prime Minister Dick Schoof and Danish Prime Minister Mette Frederiksen expected to join Starmer and Zelenskiy in London.

Zelenskiy welcomed Trump’s energy sanctions in a trip to Brussels on Thursday, where he also urged European leaders to give Kyiv long-range weapons and use frozen Russian assets to arm Ukraine further.

Moscow has said it would deliver a “painful response” if the assets were seized under the plan to use them to provide a 140 billion-euro ($163 billion) loan to Kyiv.

In another bid to starve Moscow of revenue, the EU approved a 19th package of sanctions that includes a ban on Russian liquefied natural gas imports. — Reuters

Rise in breast cancer cases among younger women in PHL seen, says expert

October 24, 2025 | 8:26 am

The number of younger women being diagnosed with breast cancer is increasing, urging those at risk to undergo early cancer screening, a medical expert said.

“There’s such a thing as ‘cancer in the young.’ I believe that pabata nang pabata ‘yung mga nadi-diagnose [I believe that those being diagnosed are getting younger and younger],” Dr. Marvin Jonne L. Mendoza, medical oncologist at St. Luke’s Medical Center, said during a breast cancer awareness forum organized by AstraZeneca on Wednesday.

“I have patients—breast cancer patients—who are 25 years old, 24 years old. These are young women in their prime,” he added.

Mr. Mendoza said that the incidence of the disease among the younger population is not unique to breast cancer, as the same trend is also seen in other types, such as colon cancer.

“There are a number of (risk) factors, but mostly it’s because of our lifestyle, environmental factors, (consumption of) processed foods, smoking, and excessive alcohol intake,” he said in both mixed English and Filipino.

Kara Magsanoc-Alikpala, founding president of the ICanServe Foundation, a local breast cancer advocacy group, said there is a rising trend of breast cancer among younger women in Southeast Asia (SEA), citing a report that she co-authored for The Lancet Oncology.

According to the report, while breast cancer remains most common among women over 50, cases among those aged 15 to 39 have steadily increased between 1990 and 2021 across most Southeast Asian countries.

Thailand recorded the highest incidence rate at 11.78 per 100,000 population, while in the Philippines, the rate rose from three in 1990 to around six to seven in 2021.

The mortality among the age group has also slightly increased in the country of 2.17 per 100,000 population from about one in 1980.

Breast cancer remains the most common cancer in the Philippines, with nearly 189,000 cases and over 113,000 deaths reported, according to a 2022 report by the Global Cancer Observatory.

However, Mr. Mendoza said the disease is treatable, especially when detected early through various screening methods such as mammography, ultrasound, MRI, and the more recent use of biomarkers.

Amid the younger trend of breast cancer incidence, Mr. Mendoza recommends that women aged 40 and above start undergoing mammogram screening, while those who have a direct relative diagnosed with the disease can begin at a younger age.

“Let’s say if your mother was diagnosed at age 35 or above. So you start screening at around 25 years old. Because you have a higher risk, he said.

The World Health Organization (WHO) still highly recommends conducting mammography screening every two years for women aged 50 to 69 in limited-resource settings like the Philippines. — Edg Adrian A. Eva

Synology eyes growth in the PHL market

October 24, 2025 | 8:24 am

Synology-Head-of-Southeast-Asia-Thachawan-Chinchanakarn — Synology Head of Southeast Asia Thachawan Chinchanakarn during the technology firm’s Year-End Media Event on Wednesday. — ALMIRA S. MARTINEZ

Taiwan-based technology firm Synology, Inc., on Wednesday said it targets more than 300% enterprise growth in the Philippine market over the next five years as more companies grapple with cyber threats.

“In the past five years, we have grown by around 300% growth. So, we believe that in the next five years, we will grow at least 300%,” Thachawan Chinchanakarn, Head of Southeast Asia at Synology, told reporters at an event.

“I think one main reason why we can grow is because of the data growing… So, it’s getting huge. So that means we still have a lot of opportunities,” she added.

Synology Country Manager Claire Huang said that the technology firm has achieved threefold revenue growth in the Philippines over the past five years, with the major chunk of its clients coming from the government and construction companies.

“They are the ones that you can imagine (that) have huge data they need to manage,” Ms. Huang told BusinessWorld.

“They also need long-term retention for compliance or for data sovereignty. So, these are the main industries that are big here in the Philippines,” she added.

Through introducing more items in its product line, such as backup appliances and a video surveillance ecosystem with artificial intelligence (AI) technologies, the technology firm aims to expand its market reach in the country.

“With the addition of our new portfolio of solutions, customers in the Philippines now have a broader range of choices to meet their specific needs,” Ms. Huang said.

The 2025 IDC survey, commissioned by Fortinet, revealed that about 78% of organizations in the Philippines logged artificial intelligence-powered (AI-powered) cyber threats over the past year.

Among those who reported, 64% experienced a 2X increase in threat volume, while 28% had recorded a 3X increase.

Ms. Huang noted that as the country continues to “top the charts” for the most cyberattacks encountered annually, it is “going to be a trend that will continue.”

“I could take a guess that mostly cybersecurity issues may stem from first is a human error. So human error is the thing that every company has as their homework,” she said. “But secondly, maybe not enough companies know about the right solutions that can help them.”

The country manager added that cybersecurity concerns are not isolated to the Philippines alone but throughout the entire region.

“This is actually one big challenge for business in Southeast Asia,” Ms. Chinchanakarn said.

“They have awareness of the backup, but now they have a problem that they cannot find the right solution to help them be confident in their disaster recovery,” she added.

In the firm’s 2025 Digital Transformation Trend Survey, the report revealed that more than 55% ASEAN businesses experienced cyberattacks, but only 22% are confident in their disaster recovery when such attacks occur.

The top data security challenges included in the report are budget constraints, lack of internal technical capacity, insufficient management support, resistance to change from staff, and lack of suitable consultants or partners. — Almira Louise S. Martinez

Fiscal gap shrinks as spending slows

October 24, 2025 | 12:33 am

DPWH-road repair-worker — EMPLOYEES of the Department of Public Works and Highways are seen working on a road in Manila, Feb. 8. — PHILIPPINE STAR/NOEL B. PABALATE

By Katherine K. Chan

THE Philippines’ budget deficit narrowed in September, the Bureau of the Treasury (BTr) said on Thursday, as corruption probes into flood control projects slowed government spending.

The fiscal gap shrank 9.22% year on year to P248.1 billion, while month on month, it nearly tripled from August’s P84.8-billion shortfall. Total government spending dropped 7.53% to P529.8 billion from a year earlier, reflecting a slowdown in project implementation.

Primary expenditures — total spending minus interest payments — fell 10.22% to P448.1 billion, while interest payments rose 10.63% to P81.7 billion.

Revenue collection also weakened, slipping 5.99% to P281.7 billion as nontax revenues plunged by almost two-thirds. Treasury profits fell 21.73% to P7.8 billion, while income from other offices dropped 77.82% to P8 billion.

Tax revenues provided some relief, increasing 4.91% year on year to P265.9 billion. The Bureau of Internal Revenue (BIR) collected P183 billion, up 4.74%, while Bureau of Customs (BoC) receipts rose 5.25% to P80.3 billion.

The primary deficit, which excludes interest payments, narrowed by 15.67% to P166.4 billion.

The narrower gap likely reflected delayed public disbursements “especially in infrastructure amid ongoing investigations in flood control spending,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said in a Viber message.

From January to September, the budget deficit widened 15.15% year on year to P1.117 trillion, or 71.6% of the government’s P1.56-trillion full-year target. Expenditures rose 5.18% to P4.484 trillion — about 73.7% of the P6.082-trillion spending program.

Primary spending during the period increased 3.76% to P3.818 trillion, while interest payments jumped 14.15% to P665.8 billion.

Revenues climbed 2.24% to P3.367 trillion, equivalent to 74.49% of the P4.52-trillion goal. Tax collections grew 8.56% to P3.053 trillion, while nontax revenues fell 34.71% to P314.1 billion.

The BIR collected P2.323 trillion, up 10.88%, and Customs’ take rose 1.59% to P701.7 billion. The Treasury attributed stronger tax performance to higher corporate and personal income taxes, as well as gains in value-added, tobacco and bank taxes.

Despite the decline, nontax revenues already exceeded their full-year goal, supported by dividends from state companies and income from gaming and airport operations.

As of September, the primary deficit had widened 16.66% to P451.4 billion.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said spending could remain subdued amid heightened scrutiny of government contracts.

“There is a risk of slower government spending in the coming months amid anti-corruption measures that could slow down economic growth,” he said in a Viber message.

Mr. Rivera said the sustainability of a narrower deficit remained uncertain. “While slower spending might temporarily improve the numbers, it is not a substitute for revenue growth or healthy public investment,” he added.

BMI, a unit of Fitch Solutions, expects the Philippines’ budget deficit to slightly narrow this year as spending remains constrained by election-related restrictions and weak infrastructure disbursements.

It projects the fiscal deficit to reach 5.5% of gross domestic product (GDP), matching the ceiling set by the Development Budget Coordination Committee (DBCC). That would be a modest improvement from last year’s 5.7%.

“We forecast a narrower Philippine fiscal deficit of 5.5% for 2025 as spending has lagged programmed expenditures in the fiscal program,” BMI said in an Oct. 22 note.

Government revenue collection as of August had exceeded monthly targets, but spending continued to trail expectations due to curbs on pre-election disbursements and slower rollout of infrastructure projects.

Budget Secretary Amenah F. Pangandaman earlier warned that infrastructure spending could decelerate as the Department of Public Works and Highways faces investigation over irregularities in flood control projects.

BMI expects the fiscal gap to narrow further to 5.4% next year, helped by one-off privatization proceeds and new trade agreements with the US. Still, the estimate is slightly above the DBCC’s 5.3% target.

The report noted that tariff concessions under the US-Philippine trade deal could reduce government revenue by as much as P30 billion, after Manila agreed to eliminate duties on select American exports such as vehicles, pharmaceuticals and soybeans.

Customs Commissioner Ariel F. Nepomuceno earlier said the government could lose P27 billion to P30 billion in revenue this year due to the zero-tariff policy.

BMI added that the proposed P6.793-trillion budget for 2026 could strain fiscal consolidation efforts, as plans to expand the tax base remain limited.

The government aims to keep the deficit at P1.56 trillion this year and gradually bring it down to P1.55 trillion, or 4.3% of GDP, by 2028.

Philippine car sales fall for 3^rd straight month

October 24, 2025 | 12:32 am

cars-vehicles-traffic — Motorists are stuck in traffic along Commonwealth Avenue in Quezon City, July 28, 2022. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Justine Irish D. Tabile, Reporter

VEHICLE SALES in the Philippines slipped for a third straight month in September, dragged by a double-digit decline in passenger car demand amid tighter credit and shifting consumer spending priorities.

Data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association released on Thursday showed total sales fell 3.8% year on year to 38,029 units from 39,542 a year earlier. Month on month, sales improved slightly from August’s 7.6% drop, suggesting modest recovery momentum.

Passenger car sales plunged 23.9% to 7,948 units, accounting for just over a fifth of total industry volume. That segment, however, rebounded 4.7% from August’s 7,591 units. Commercial vehicle sales — which make up almost four-fifths of the market — rose 3.4% year on year to 30,081 units and were up 5.2% month on month.

Within the commercial segment, light commercial vehicle sales inched up 0.7% to 21,109 units, while Asian utility vehicles (AUV) rose 11.5% to 7,943. On a monthly basis, light commercial vehicle sales climbed 1.2% and AUVs rose 16.1%.

Light-duty truck and bus sales grew 8.3% to 589 from a year earlier, while medium- and heavy-duty categories fell 7.5% and 4.2%, respectively, to 371 and 69 units. Compared with July, all truck categories posted increases.

The annual decline reflected “base effects from high sales last year,” alongside weather disruptions and recent earthquakes that reduced operating days for dealers and consumers alike, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

He added that improved weather conditions toward yearend could help spur demand.

The automotive industry is targeting sales of 500,000 units this year, up from 467,252 units in 2024.

CONSUMERS HOLD BACK
John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said the drop reflected “a mix of rising borrowing costs, slower wage growth and shifting consumer priorities.”

“Many households appear to be postponing big-ticket purchases amid economic uncertainty and constrained purchasing power,” he said in a Viber message.

“If key headwinds such as liquidity and credit tightening, weaker consumer confidence and tariff issues persist, we may see the decline continue through yearend unless targeted incentives or stronger consumer sentiment emerges,” he added.

From January to September, total vehicle sales edged down 0.3% to 343,410 units from a year earlier. Passenger car sales plunged 23.6% to 69,306 units, offsetting an 8.2% rise in commercial vehicle sales to 274,104.

Toyota Motor Philippines Corp. remained dominant with 164,797 units sold in the first nine months, a 3.6% increase that gave it a commanding 48% market share. Mitsubishi Motors Philippines Corp. followed with 65,421 units, down 0.9% year on year, representing 19% of the market.

Ford Motor Co. Philippines, Inc. placed third with 16,688 units, down 22%, while Nissan Philippines, Inc. and Suzuki Philippines, Inc. sold 16,621 and 16,390 units, respectively. Suzuki’s 9.3% rise was among the strongest in the top five, reflecting continued strength in smaller, fuel-efficient vehicles.

CAMPI President Rommel R. Gutierrez said the latest figures underscored the industry’s resilience.

“The September results reflect the sector’s adaptability and commitment to innovation,” he said in a statement. “As we continue to embrace electrification and expand commercial mobility solutions, we remain optimistic about closing the year on a high note.”

EVs GAIN GROUND
Electrified vehicle (EV) sales reached 20,662 units in the first nine months, representing 6% of total sales.

Meanwhile, the Electric Vehicle Association of the Philippines (EVAP) and the Department of Energy (DoE) expect EV registrations to reach 35,000 by yearend, up from 29,715 as of July.

Patrick T. Aquino, director of the DoE’s Energy Utilization Management Bureau, said this year’s registrations could mark a “banner year” for EV adoption. “If we do reach 35,000, it will confirm a banner year in both sales and registrations,” he said at the 13^th Philippine Electric Vehicle Summit on Thursday.

EVAP President Edmund A. Araga said the milestone reinforces the sector’s goal of reaching 2.5 million EVs by 2040.

“Each year, we’re breaking our own records,” he said. “The bold target is to make EVs account for at least 50% of all vehicles on our roads by 2040.”

With incentives now rolling out, that goal looks achievable, he added.

Under the Electric Vehicle Industry Development Act, EV owners enjoy incentives such as exemption from coding schemes, registration discounts and priority parking. The government has also begun crafting an EV incentive strategy to further support adoption.

Mr. Aquino said most EV growth in the coming years would come from two- and three-wheelers, which dominate the local transport market and are cheaper to convert to electric power. “We are confident the upcoming EV incentive strategy will accelerate this shift,” he said.

Flood control scandal could weigh on PHL growth — BMI

October 24, 2025 | 12:31 am

container-van-port-2 — Trucks enter the port area in Manila. — PHILIPPINE STAR/EDD GUMBAN

THE PHILIPPINES’ economic growth outlook for 2025 and 2026 could weaken as a widening flood control corruption probe erodes business confidence and dampens infrastructure spending, Fitch Solutions unit BMI said.

“For now, we are maintaining our growth forecast due to further monetary easing ahead, but risks to growth are tilted to the downside,” BMI Asia Country Risk Analyst Brandon Ong said in a webinar on Thursday.

The challenge will be containing the impact on business confidence from governance issues linked to infrastructure spending, he added.

The country’s gross domestic product (GDP) expanded by an average of 5.4% in the first half of 2025. BMI expects full-year growth to hold at 5.4%, missing the government’s 5.5% to 6.5% target.

For 2026, the firm projects GDP growth to ease further to 5.2% as corruption concerns and slower public investment weigh on sentiment.

Mr. Ong noted that infrastructure spending could remain weak in the coming quarters as fiscal authorities tighten oversight of projects.

“You can see the Finance secretary and the Budget secretary coming in and explaining that they are anticipating infrastructure spending to slow down,” he said.

“Infrastructure spending has slowed by about 25% year on year,” he added, noting that if infrastructure spending remains weak, “we will likely see a drag on growth in the coming quarters.”

Government data showed that infrastructure and capital outlays dropped 21.8% year on year to P84.9 billion in August.

BMI said the Bangko Sentral ng Pilipinas’ (BSP) easing cycle could help offset some of the slowdown. “We recently revised our forecast with an additional 25 basis points (bps) in cuts to 4.5% by 2025 and a further 50 bps to 4% by 2026,” Mr. Ong said.

Earlier this month, the BSP lowered its benchmark rate by 25 bps for the fourth straight meeting, bringing the policy rate to 4.75%, the lowest since September 2022. The central bank has trimmed a total of 175 bps since starting its easing cycle in August 2024.

BSP Governor Eli M. Remolona, Jr. earlier said further rate cuts could extend into 2026 to support private investment and business confidence amid governance concerns and slower public sector spending.

BMI also said the scandal has significantly weakened the local stock market, with the Philippine Stock Exchange index (PSEi) plunging below the 6,000 mark last month to a six-month low.

“The alleged corruption scandal has damaged business confidence,” Mr. Ong said. “The PSEi has tumbled significantly since this scandal really burst into light in September.”

“And even though some losses have been [recovered] since, we’re still seeing that the index has traded just above 6,000 points,” he added.

The benchmark index closed at 5,953.46 on Sept. 30, its weakest finish since April 7.

On Thursday, the PSEi rose 0.38% or 23.09 points to close at 6,053.96, while the broader all-share index fell 0.28% or 10.20 points to 3,637.58. — A.M.C. Sy

Fuse Financing Inc. highlights importance of co-lending, funding partnerships in scaling credit access to the unbanked

October 24, 2025 | 12:10 am

Fuse Financing, Inc., the lending arm of the Philippines’ leading finance super app and largest cashless ecosystem GCash, underscored the importance of innovative financing structures at the 5th Asia Finance Forum, hosted by the Asian Development Bank (ADB) at its headquarters in Manila.

The forum highlighted a critical industry pain point: fintech companies face capital constraints that limit their ability to scale, as traditional debt markets remain restrictive. This bottleneck slows progress in extending credit to the underbanked and unbanked, ultimately curbing economic inclusion.

Addressing this challenge, Gabby Lacuesta, Chief Financial Officer of Fuse, joined the panel discussion “Financing Growth: Unlocking Co-Lending, Capital Markets & Risk-Sharing for Fintechs.” Moderated by Apurva Kumar, Senior Investment Specialist at ADB, the session also featured Irem Sayeed, Chief Risk Officer at UGRO Capital; Fernanda Lima, Partner at LeapFrog; and Luke Boland, Head of Fintech Asia at Standard Chartered Bank.

The panel discussion underscored how co-lending and off-book funding partnerships create a synergistic relationship between fintechs and banks. Through the model, banks gain a vital deployment channel that reaches underserved customers, while fintechs like Fuse are able to cycle capital more quickly and extend their market reach. Fuse leverages the GCash ecosystem, which serves eight out of ten Filipinos, as a foundation to connect partner institutions with communities often excluded from traditional lending systems.

Lacuesta highlighted that building confidence across the entire lending process is the key to unlocking funding partnerships. “For GCash, the essential unlock was demonstrating to our partners that the end-to-end system—from acquisition and underwriting to collections and recoveries—is consistently effective, reliable, and working really well,” he said.

From left: the moderator, Apurva Kumar, Senior Investment Specialist, ADB; along with the panelists Luke Boland, Head of Fintech Asia, Standard Chartered Bank; Fernanda Lima, Partner, LeapFrog; Irem Sayeed, Chief Risk Officer, UGRO Capital; and Gabby Lacuesta, Chief Financial Officer, Fuse Financing Inc. in the panel discussion of “Financing Growth: Unlocking Co-Lending, Capital Markets & Risk-Sharing for Fintechs”

The panelists also discussed the dynamic balance between on- and off-balance sheet lending, which shifts with market conditions and investor appetite. In practice, this balance ensures lending remains both sustainable and responsive to economic realities.

Beyond credit risk, the conversation emphasized operational and strategic risks, particularly in an environment where fintech platforms manage sensitive data at massive scale. With the reach of GCash extending to most of the country’s population, protecting customer information is a central priority and one of the most salient operational risks in digital lending. Managing these risks effectively ensures that co-lending models remain viable, efficient, and trusted.

Reflecting on Fuse’s trajectory, Lacuesta highlighted the importance of financial discipline in pursuing growth. “Where we are now would not have been possible without the different avenues for funding that we raised and developed along the way, including off-book lending,” he said. “For GCash, the experience has been really about balance.”

The Asia Finance Forum’s theme, “Bridging Financial Technology, Trust, and Regulation,” provided an essential venue to discuss regulatory frameworks that enable sustainable co-lending and other innovative financing structures. Regulators broadly support these models because of their potential to efficiently channel capital to the real economy, particularly underserved markets such as small businesses and low-income households.

By advancing co-lending and other innovative models, Fuse is committed to expanding opportunities for Filipinos and strengthening financial inclusion in Asia’s fast-growing economies.

For more information, please visit www.gcash.com.

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Building wealth through health and wellness

October 24, 2025 | 12:10 am

rawpixel | Freepik

A strong body and a sound mind can do more than provide peace of mind — they also protect financial stability.

Around the world, people work long hours in the hope of reaching financial freedom. Yet, when health problems arise, the medical bills that follow can quickly erase years of savings.

Health and money are closely connected. A person’s condition affects income, decision-making, and overall financial security. When health declines, expenses rise, from medical consultations to higher insurance payments. On the other hand, staying healthy helps maintain earning potential and clear thinking, both of which are important in handling personal finances.

The price of poor health

Chronic conditions such as diabetes, hypertension, and heart disease can drain a person’s savings faster than expected. Regular medical appointments, costly hospital bills, and maintenance medicine take a large share of one’s income. For many families, these expenses pile up quietly until they become a heavy burden.

The financial strain worsens when poor health begins to interfere with a person’s ability to work. Someone who is frequently ill may be forced to take unpaid leaves or even retire early. A business owner dealing with constant fatigue or pain might also struggle to keep up with daily operations that might cause a slowdown in productivity.

As health conditions worsen, insurance premiums rise as well, which adds another cost to a household already struggling with medical payments and daily needs. Some families try to cut back on food, utilities, or other essentials just to afford treatments. The situation becomes a cycle that links illness and money problems together.

Health affects more than physical performance. It also influences mental clarity, which shapes financial decisions. A person who sleeps well, eats healthy meals, and exercises regularly tends to make wiser choices about spending and saving. With a clear mind, they are less likely to make impulsive purchases or take on unnecessary debt.

Meanwhile, stress and fatigue can cloud judgment. People who are physically drained may spend more on convenience, such as skipping meal preparation or buying quick fixes for comfort. Such small expenses often build up without notice, weakening long-term financial plans. Poor health can make a person rely on temporary relief instead of discipline, which harms both savings and stability.

Leading longer, healthier lives

Peter Muennig, a professor of health policy and management at Columbia University’s Mailman School of Public Health, found that even a modest increase in income can make a measurable difference in a person’s well-being. The research suggests that an annual rise of $5,000 can lead to noticeable improvements in health and longevity.

Mr. Muennig explains that people who are financially secure tend to make healthier decisions because they are not constantly worried about expenses. They can afford better food, access preventive medical care, and have time to rest instead of pushing themselves beyond their limits.

“If you’re financially secure with a retirement account that’s doing well, you will probably feel more comfortable shopping at a ‘natural foods’ supermarket, and you might not take a side job or work overtime, leaving more time for exercise. Less stress, a good diet, and exercise means that you will likely age more slowly than you otherwise would have,” he said in a statement.

The idea ties financial stability to freedom of choice. People who are not burdened by financial stress can focus on maintaining a balanced lifestyle. These decisions, while simple, build habits that strengthen long-term health.

Money, according to the expert, does not directly buy health, but it can shape the environment where good health is possible. Someone living paycheck to paycheck might skip medical appointments or choose fast food because it costs less. Over time, these small sacrifices can lead to higher stress levels and health problems such as hypertension or diabetes.

Stress also plays a large part in many chronic illnesses. When a person worries about bills, debt, or unstable income, the body reacts by producing hormones that raise blood pressure and weaken the immune system. Over time, the constant strain can speed up aging and increase the risk of disease.

Breaking the cycle

Financial struggles do not just affect a person’s wallet as they can weigh heavily on mental health, too. Oscar Jiménez-Solomon, a research scientist at the New York State Psychiatric Institute, found that individuals with high debt compared with their income are more likely to experience depression and even suicidal thoughts.

In his study, Mr. Jiménez-Solomon explains that financial problems go far beyond unpaid bills and numbers on a page.

“Indebtedness creates two experiences that can be fairly lethal,” he explained. “One is a sense of uninterrupted hopelessness, feeling like there’s no way out and feeling trapped. The other is shame, which is very isolating.”

The researcher noted that many people keep their problems to themselves, afraid to talk about money or ask for help.

“People walk around with secrets and feel not worthy of support,” he said. “Economic difficulties are often viewed as personal failure, not as circumstances that can be managed.”

However, Mr. Jiménez-Solomon pointed out that taking small and realistic steps can help restore hope.

“When people have a plan, hope can begin to increase,” he added. “Having a sense that there’s a way out of your situation can have an important financial and mental wellness impact.”

For instance, setting goals and building a simple financial plan can help people regain a sense of control. The research also shows that having a clear plan boosts confidence and helps individuals work toward long-term stability, which supports better emotional and financial health.

“Having the support of someone you trust can make a big difference,” he said. “It can encourage people and help them stay motivated to keep working on their financial situation.”

Experts also note that financial wellness programs can support both financial and physical health. These programs often include savings plans, debt management assistance, insurance plans, and counseling services that promote stability and confidence

“Employees who maximize their optional retirement savings and invest in a health spending account are much more likely to achieve a healthy old age than those who do not,” Mr. Muennig said. — Mhicole A. Moral

Honoring the builders of the nation’s future

October 24, 2025 | 12:08 am

SF_MAIN_1-OL — Some of this year’s Asia CEO awardees, together with the Board of Judges, gather for a grand toast.

Asia CEO Awards 2025 hails the Philippines’ top leaders and organizations

By Bjorn Biel M. Beltran, Special Features and Content Assistant Editor

The Philippines is closing in on upper-middle-income status, a milestone the World Bank expects within the next two years. But challenges remain, significant ones that threaten to disrupt the momentum that the country has been building for more than a decade. Beyond numbers, it is vision — not luck — that determines the nation’s trajectory.

This is why the Asia CEO Awards 2025, themed “Predict the Future by Creating It,” is recognizing the individuals and companies whose leadership, innovation, and resilience are turning these long-held aspirations into tangible progress, seizing opportunities by first opening the doors to it.

The Asia CEO Awards is one of the most prominent events in the Filipino business community, celebrating outstanding individuals and organizations driving economic growth across the country. Held at the Manila Marriott Hotel last Oct. 14, this year’s ceremony recognized achievers whose work continues to elevate the Philippines’ global competitiveness.

Previous Asia CEO awardees welcome attendees to this year’s edition.

Kicking off the event was Bruce Winton, area general manager for the Philippines at Marriott International, who acknowledged the contributions of the over 600 awards nominees towards creating a brighter future for the country.

“These are turbulent times that we operate and live in, and it behooves us sometimes to stay focused on our true course, rather than be distracted by vents around us,” he said.

“The companies represented here tonight, regardless of your specialty, your service, or your product, have proven that this type of focus not only champions talent, creativity, and the abilities of the Filipino workforce, but it also opens up the future to growth, development, and positive economic contributions.”

Jack Madrid, president and chief executive officer (CEO) of the IT and Business Process Association of the Philippines (IBPAP), emphasized the unique advantage of the country in a world that is flirting with fragmentation, division, and distrust.

Asia CEO Awards 2025 Board of Judges (from left) present during the awarding ceremony: Jack Madrid, Dr. Bernie Villegas, Roderick M. Danao (representing Alex Cabrera), Don Felbaum, Felino “Jun” Palafox, PhD, and Richard Mills

“We have people that are known not just for our talent, but for our empathy, our creativity, and our grit. So, while the world debates recession, the Philippines continues to grow. While others retreat from globalization, we continue to build bridges through trade, technology, and talent. And while pessimism seems to dominate the global narrative, our story is one of optimism, renewal, and possibility,” he said.

In her keynote address, Rosemarie P. Rafael, chairperson and president of Airspeed, said, “Tonight, as we celebrate leadership, excellence, and innovation, I want to congratulate all those who are the Circle of Excellence awardees and the grand winners. You are proof that even at times like this, Filipino leaders and companies can rise, can innovate, and can persevere.”

Paving the way forward

Starting off the awards proper, Engr. Mark Kennedy Bantugon, CEO and president of Pili AdheSeal Inc., received the Young Leader of the Year award for his remarkable accomplishments in advancing the nation’s economy and international standing through pioneering innovations in sustainable materials.

The IBPAP IT-BPM Techblazer of the Year was awarded to Sanjiv Gupta, president and country head of IBM Solutions Delivery, Inc., for his contributions to strengthening the Philippines’ IT-BPM industry and its human capital base.

Innodata Knowledge Services, Inc. received the PSG Global Solutions Diversity Company of the Year award for championing inclusivity and fostering a workplace culture that embraces and respects human differences.

PSG Global Solutions, Inc. itself was named mWell Technology Company of the Year for its success in leveraging technology and innovation to create impactful solutions in information and communications technology, biotechnology, and engineering.

Agridom was recognized as the Airspeed SME Company of the Year, honoring its service excellence and commitment to raising operational standards among Philippine small and medium enterprises.

TP in the Philippines earned the Service Excellence Company of the Year award for demonstrating exceptional quality and customer satisfaction across its business operations.

CEO Rahul Jolly said that the recognition is a celebration of their over 60,000 Filipino workforce, professionals whose empathy, agility, and skill continue to shape the future of customer experience.

“In an industry as competitive and fast-evolving as ours, this recognition reinforces TP’s position as a trusted transformation partner and a global benchmark for service excellence,” he said.

“At TP in the Philippines, we firmly believe that technology amplifies human potential — it never replaces it. Our approach has always been tech-empowered human excellence. Equally important, we nurture a culture of continuous learning and inclusion, ensuring our people evolve with technology, not behind it. Empowering our people to harness innovation with confidence is how we keep them, and our organization, future-ready.”

The Microsourcing Apex Company of the Year was awarded to Maya, cited for its significant role in advancing the country’s digital economy and showcasing strong leadership that maximized stakeholder value.

Ruth Yu-Owen, president and CEO of Upgrade Energy Philippines, was named Figari Entrepreneur of the Year for successfully building a pioneering renewable energy enterprise that provides employment opportunities and contributes to sustainable development.

The CEO of the Year award went to Jean Henri Lhuillier, president and CEO of Cebuana Lhuillier, for his exemplary leadership in expanding financial inclusion and enhancing the Philippines’ standing in the global financial services sector.

“Cebuana Lhuillier has long been more than just a pawnshop. We’ve evolved into a full-fledged microfinance center, and this recognition reflects the collective effort of our team in making financial tools accessible and meaningful for millions of Filipinos wherever they are in their financial journey,” Mr. Lhuillier said.

He attributed much of his success to his company’s continued empathy for the experiences of Filipinos, especially those struggling during times of hardship.

“The past few years have reminded us that real leadership means staying grounded in purpose, especially during times of uncertainty,” he said.

For instance, this year, Mr. Lhuillier strengthened Cebuana Lhuillier’s financial ecosystem to reach more Filipinos and drive inclusive growth. Through Cebuana Lhuillier Financial Corp. (CLFC), he expanded access to financing by enhancing programs such as the Advance Salary, Cycle Motorcycle, and OFW Loans — providing timely support to workers, entrepreneurs, and overseas Filipinos. He also scaled up MSME development through the Kanegosyo Center, which now equips over a million micro-entrepreneurs with funding, mentorship, and business tools. Under his leadership, Cebuana Lhuillier Services Corp. (CLSC) widened its global money transfer network to better connect Filipino families, while Cebuana Lhuillier Bank (CLB) advanced financial inclusion through broader access to savings, credit, and digital banking. Cebuana Lhuillier Insurance Brokers (CLIB) likewise expanded its protection offerings with HealthMax, a low-cost HMO; MindCare, for unlimited mental health consultations; and Takaful, a Shariah-compliant plan for Muslim clients. He also diversified the company’s portfolio through Cebuana Lhuillier’s jewelry and investment brands — Just Jewels, Gold Bar, and Re-Find — offering Filipinos more pathways to build and grow their wealth.

“Each decision was guided by one goal: to help more people remain financially resilient and move forward, even in disruptive times,” Mr. Lhuillier added.

Foodflow was recognized as the Globaltronics Most Innovative Company of the Year, honoring its cutting-edge solutions and management excellence that have achieved international recognition.

The Maybank Sustainability Company of the Year award was presented to Filinvest REIT Corp., acknowledging its initiatives in sustainable real estate development and its efforts to integrate environmental responsibility and corporate governance into business growth.

GCash received the Sante Wellness Company of the Year award for its programs promoting employee well-being and workplace health as part of its broader organizational culture.

Roselle Marisol Belleza Andaya, CEO of MR.DIY, was named ibex Woman Leader of the Year for her outstanding leadership in the retail sector and for advancing opportunities for Filipino women in business.

“It’s truly an honor. This recognition is deeply personal, but it’s also a powerful reflection of the incredible team behind MR.DIY Philippines,” she said.

“Every store we open, every community we serve, and every initiative we launch is powered by people who believe in purpose-driven retail. So, while my name may be on the award, it represents the collective spirit of our organization — one that values integrity, inclusivity, and innovation.”

Ms. Andaya noted that as retail transforms further to become “more immersive, more responsive, and more human,” MR.DIY will continue to invest in local talent, expanding access to affordable essentials, and using technology to enhance, not replace, the human touch.

“Retail is no longer just transactional — it’s transformational. And we’re proud to help lead that shift, one store, one community, and one empowered team at a time,” she said.

More Electric and Power Corp. won the Innodata CSR Company of the Year award for its community-centered initiatives promoting environmental protection, livelihood programs, and youth development.

Finally, VXI Global Holdings B.V. Philippines was recognized as the Pag-IBIG Top Employer of the Year, highlighting its excellence in workforce management and commitment to nurturing Filipino talent on the international stage.

Metro Pacific Investments Corp. (MPIC) chairman, president and CEO Manuel V. Pangilinan also received the Lifetime Contributor Award from the Board of Judges, as his contributions have impacted the lives of all Filipinos. His MPIC has transformed the nation’s infrastructure through PLDT/Smart (telecommunications), Meralco (power), Maynilad (water), tollways, and many others.

Through these awards, the Asia CEO Awards 2025 continues to celebrate organizations and leaders who are shaping the country’s economic and social future, underscoring the Philippines’ growing role as a hub for innovation, inclusivity, and world-class enterprise.

Maynilad starts IPO offer period, hoping to raise P34.3 billion

October 24, 2025 | 12:08 am

Cupang Water Reclamation Facility — CUPANG WATER RECLAMATION FACILITY in Muntinlupa City. — MAYNILAD WATER SERVICES, INC.

WEST ZONE water concessionaire Maynilad Water Services, Inc. has started the offer period for its initial public offering (IPO) after securing the permit to sell from the Securities and Exchange Commission (SEC).

The company set the final offer price at P15 per share, with the IPO covering 1.66 billion common shares to be sold to the public and 24.9 million primary shares allocated to First Pacific Co. Ltd.

Based on the final offer price, the IPO could raise as much as P34.3 billion in gross proceeds.

The offer period runs from Oct. 23 to 29, while the company’s shares are expected to be listed on the Philippine Stock Exchange’s Main Board on Nov. 7 under the ticker symbol MYNLD, the company said in a statement on Thursday.

The offering also includes an overallotment option of up to 249.05 million primary shares and an upsize option of up to 354.7 million secondary shares to be offered by Maynilad Water Holding Co., Inc. (MWHCI).

“The proceeds from the offer will be used to fund Maynilad’s capital expenditure requirements and for general corporate purposes,” the company said. It added that it “will not receive any proceeds from the sale of MWHCI’s shares in the event that the upsize option is exercised.”

BPI Capital Corp. serves as the domestic lead underwriter, while The Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley Asia (Singapore) Pte., and UBS AG, Singapore Branch act as international underwriters, the company said.

The International Finance Corp. (IFC) and Asian Development Bank (ADB) are the lead cornerstone investors, according to Maynilad. Other domestic cornerstone investors include BDO Capital & Investment Corp., BPI Asset Management and Trust Corp., Metropolitan Bank & Trust Co. – Trust Banking Group, and Security Bank Corp. – Trust and Asset Management Group.

Maynilad also identified international cornerstone investors such as abrdn Malaysia Sdn. Bhd., the United Kingdom Foreign, Commonwealth, and Development Office, Maven Investment Partners Ltd. – Hong Kong Branch, Maybank Asset Management Singapore Pte. Ltd., Robeco Switzerland Ltd., and QRT Master Fund SPC – Torus Fund SP.

In a Viber message, AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said the IPO is expected to draw investor interest “given its reasonable pricing and the defensive nature of Maynilad’s business.”

Metro Pacific Investments Corp., which holds a majority stake in Maynilad, is one of three Philippine subsidiaries of First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds an interest in BusinessWorld through the Philippine Star Group, which it controls. — A.G.C. Magno

Tanza Specialists becomes 29^th hospital in Metro Pacific Health network

October 24, 2025 | 12:07 am

METRO PACIFIC Health Corp. (MPH) has completed its investment in Tanza Specialists Medical Center (TSMC), expanding its nationwide hospital network to 29 facilities.

The investment marks MPH’s 18^th provincial partnership and its third in Cavite.

“We are deeply grateful for the continuing trust of hospital owners and doctors nationwide who have chosen to partner with Metro Pacific Health,” MPH President Augusto P. Palisoc, Jr. said in a statement on Wednesday.

TSMC is located along Daang Amaya in Tanza, near Antero Soriano Highway, serving the rapidly growing communities of Tanza, General Trias, and Rosario.

Ronald de Roxas, former president and one of the hospital’s founding members, said the partnership will enable TSMC to expand its facilities, adopt advanced technologies, and improve patient care.

MPH, the healthcare unit of Pangilinan-led Metro Pacific Investments Corp. (MPIC), said it plans to enhance TSMC’s operational efficiency, raise clinical standards, and improve patient experience by leveraging its network of hospitals, outpatient centers, and healthcare colleges.

With the addition of TSMC, MPH operates 11 hospitals in the National Capital Region, 10 in Luzon, two in the Visayas, and six in Mindanao.

Its network has a combined capacity of 4,700 beds, 12,500 doctors, and 24,000 healthcare staff, serving about 5.2 million patients annually.

Premier hospitals include Makati Medical Center, Asian Hospital and Medical Center, Cardinal Santos Medical Center, Davao Doctors Hospital, and Riverside Medical Center Bacolod.

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose