JFC reports stable domestic sales, strong overseas growth in Q4 2025

January 16, 2026 | 12:05 am

JOLLIBEE Foods Corp. (JFC) said it saw stable domestic demand and strong overseas growth in the fourth quarter (Q4) of 2025, led by Vietnam.

“Since our December update, the operating environment and business trends have remained broadly consistent with our prior disclosures,” JFC Chief Financial and Risk Officer Richard Shin said in a statement on Thursday.

“Customer demand has been stable across key markets, and network expansion continues to be supported by strong franchise engagement, reinforcing our asset light growth strategy,” he added.

The company said preliminary indicators showed solid system-wide and same-store sales growth in Q4 2025.

In the Philippines, Jollibee Group’s Champion Brands, including Jollibee, Chowking, and Mang Inasal, drove domestic system-wide and same-store sales growth through brand equity and consumer engagement, with fourth-quarter results showing improving demand amid a challenging operating environment.

Vietnam, Jollibee Group’s largest overseas market by store count, recorded high double-digit system-wide and same-store sales growth that outperformed peers, supported by strong market position and asset-light expansion, the company said.

“The Tim Ho Wan (THW) concept continues to emerge as a strategic growth engine for the Jollibee Group, highly complementary to the Group’s portfolio and well positioned for long-term global expansion,” it said.

In January 2025, JFC completed its takeover of Tim Ho Wan through its subsidiary Jollibee Worldwide Pte. Ltd., acquiring 166.46 million shares from Titan Dining Group Ltd. for $20.2 million under a share purchase agreement signed in November 2024.

“In Hong Kong, store operations have stabilized and returned to profitability, reinforcing confidence in the brand’s operating model and execution under the Jollibee Group’s stewardship, including the first THW location opened following the acquisition. In the US, early customer response to newly opened stores has been encouraging, supporting management’s conviction in the scalability and long-term growth potential of the THW brand across international markets,” it said.

Over the past four years, Jollibee Group achieved double-digit growth in system-wide sales, revenues, earnings before interest, taxes, depreciation, and amortization (EBITDA), operating profitability, and store network expansion, the company noted.

Its store network growth remained on track, supported by more franchises and its low-asset strategy, which aids scalability and efficiency across markets.

Jollibee recently inaugurated its fourth food commissary in Guinsay, Danao, Cebu, supporting regional expansion and job creation. The facility serves Jollibee and six of its 13 brands and aims to optimize logistics across the Visayas and Mindanao.

JFC plans to spin off its international business into a standalone company, which it will list on a US stock exchange by late 2027 to support its global expansion.

Jollibee Foods Corp. International (JFCI) would include all businesses outside the Philippines, while domestic operations will remain listed locally.

Shares of JFC jumped the most in over five years after the announcement.

In a media briefing, Mr. Shin said the proposed transaction seeks to unlock value by providing structural clarity, enabling investors to evaluate each business independently with greater transparency.

“Each entity will operate as a fully independent entity post-separation. They are independent companies now, they’re not subsidiaries anymore. Each entity will have its own board management team and operating model with clear accountability and decision-making authority,” he said.

Mr. Shin added that the setup would make capital allocation and strategy execution smoother, potentially driving sustainable returns and valuation re-rating over time.

He noted that a US listing aligns JFCI with the largest capital market, provides liquidity access, and supports valuation discovery, making it preferable over other indices.

At the local bourse on Thursday, JFC shares rose 0.29% or 60 centavos, closing at P209 each. — Alexandria Grace C. Magno

Floating above Cappadocia

January 16, 2026 | 12:05 am

Cappadocia-2 — AERIAL VIEW of Cappadocia — CATHY ROSE A. GARCIA

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By Cathy Rose A. Garcia, Editor-in-Chief

IMAGINE waking up at dawn, excited to finally check off one of the top experiences on your travel bucket list. But then you’re seized by the thought: “What if it’s just another tourist trap?”

Like many other people, my travel bucket list has always included “a hot air balloon ride over Cappadocia.”

After all, who has not seen the countless TikTok videos of dozens of hot air balloons floating as the sun rises over Cappadocia’s otherworldly rock formations? They are so picture-perfect that not a few have commented: “It looks AI!”

So, when I had a chance to visit Turkey in October, I wanted to see for myself if the hot air balloons of Cappadocia would live up to the hype.

To get to Cappadocia, we first had to take an over 12-hour flight from Manila to Istanbul, then a one-and-a-half-hour flight from Istanbul to Kayseri. Kayseri is in east central Anatolia and widely considered as the gateway to the Cappadocia region.

Cappadocia is known for its unique rock formations that were formed through volcanic activity and erosion over thousands, if not millions of years.

Our first stop was Love Valley, perhaps due to its phallic-shaped fairy chimneys. These fairy chimneys are tall spires made of soft volcanic rock that was easily eroded by natural elements over thousands of years.

Meanwhile, Pigeon Valley takes its name from the man-made pigeon houses that were carved into the volcanic rock. Red Valley is known for its rock formations that take on crimson hues during sunset.

After seeing countless TikToks and Instagram posts, I was convinced the best way to admire Cappadocia’s landscape was from a hot air balloon.

However, apprehension crept in. Hot air balloons are safe, right? Right?

I swallowed my fears and pushed through with it.

Since it was early October, our pick-up time from the hotel was at 5:30 a.m. The guide told us that the pick-up time depends on the season and can be as early as 4 a.m. during summer.

The launch sites for hot air balloon rides are usually around the Göreme area. But there’s no guarantee that the hot air balloon ride will push through, as operators must wait for the Turkish Civil Aviation Authority to give its clearance.

Another thing you need to know is there are no toilets in the area so do your business before getting there.

After a short car ride, we arrived at the launch site by 6:30 a.m. The large balloons lay on the ground still deflated. We watched as the crew set up and inflated the balloons using a gas-fired fan. Slowly, the balloons come alive.

Temperatures hovered around 10°C, making us glad we wore thick jackets.

Before long, the guide called us over to the balloon’s basket which was bigger than we expected and could hold up to 28 people. There was some confusion since there were different tour groups in the ride, so we scrambled to make sure that we were all in the same corner of the basket.

The basket gently lifted off the ground, with burners on to heat the air inside the balloon.

Everyone held up their phones and cameras to capture the moment. The hot air balloon gently ascended into the sky. It was so smooth that we didn’t even notice we were already high up.

The sky was clear, with no wind. The sun peeked through the rugged mountain ranges, while rainbow-colored hot air balloons floated all around us.

I tried hard to just be in the moment — to enjoy the view as the sun slowly rose and a golden light bathed the white rock formations and fairy chimneys. From above, Cappadocia looked like an alien planet, something out of Dune or Star Wars. I remember looking down and pinching myself because it really felt like a dream.

Time flew by. I took dozens of photos and videos of the sunrise, the balloons, and the surreal landscape.

Soon our 60 minutes were up. The pilot made his descent, with everyone crouched in a landing position. While it was a bit bumpy, everyone was safe and sound when we landed.

Another thing that TikToks and Instagram posts don’t show you is how awkward it is to get out of the basket. We basically had to be carried over the side by the crew members. Ah, the indignity of it all!

Once on solid land, the crew brought out a bottle of sparkling juice to celebrate the successful flight. Again, social media posts make this into some sort of fancy experience, but the sparkling juice felt flat.

On the way back, I scrolled through dozens of photos on my phone. None truly captured the magic of floating over the Cappadocia’s otherworldly landscape. It was a reminder that some experiences live richer in memory than any phone or camera can hold.

It’s the corruption, sir

January 16, 2026 | 12:04 am

The numbers no longer whisper. They shout.

Last Wednesday’s broadsheets carried a grim headline: foreign direct investment (FDI) has slumped sharply, driven by a collapse of more than 50% in non-residents’ net investments in debt instruments such as intercompany loans and related financing. In normal circumstances, such a retreat could be blamed on global headwinds, tightening financial conditions, or deteriorating macroeconomic fundamentals. But this time, the explanation lies much closer to home, and it is deeply uncomfortable.

As we noted in our GlobalSource Partners commentary released the same day, the fall in FDI reflects “recent governance developments.” In plain terms, this is about corruption. The flood control scandal, together with long-standing concerns about weak public accountability and selective justice, has poisoned investor confidence. The October year-on-year plunge in FDI is not a statistical accident. It is a verdict.

The data reinforce what investors have been quietly signaling for months. Confidence in Philippine governance is eroding, and patience is running out.

This is not an isolated episode.

Even before the October collapse, FDI inflows had already weakened in August and September. That pattern points to a sustained deterioration in sentiment, not a temporary market overreaction. Modest gains in equity investments and reinvested earnings were simply not enough to offset the chilling effect of policy uncertainty, institutional fragility, and governance risks. Momentum now works against the country and once credibility is lost, it is extraordinarily difficult to recover.

To be clear, the Philippines is not devoid of talent or institutional foundations. There are competent and principled public servants. There are laws on the books, agencies with mandates, and policy frameworks that could function if insulated from politics and rent-seeking, particularly on the fiscal side. But these strengths are being overwhelmed by a far more powerful signal that accountability is optional for the powerful, and justice is negotiable.

Investors are not confused. They are responding rationally.

Weak governance is now intersecting with weak investment fundamentals. Despite a larger economy and a growing population, gross capital formation remains stubbornly low, reaching only about 23% of GDP. This places the Philippines at the bottom tier of investment performance in the region. Thailand, Malaysia, and Singapore occupy similar ranges today, but they posted much higher investment shares when they were growing at high single-digit rates. Meanwhile, Indonesia, Vietnam, and Cambodia consistently invest between the mid-20s and over 30% of GDP.

This gap matters.

Countries that invest more build faster, learn quicker, and compete better. Vietnam has already overtaken us. Cambodia, with investment ratios above 30%, is not far behind. An economy that fails to invest condemns itself to slower growth, weaker productivity, and declining relevance.

And yet, just as the country struggles with low physical investment, it faces an even more daunting challenge. This is preparing the people for an economy being reshaped by artificial intelligence (AI) and innovation.

IMF Managing Director Kristalina Georgieva has been unequivocal in saying that countries that fail to prepare workers and firms for the AI transition will fall behind, quickly and decisively. For the Philippines, this means equipping young people with cognitive, creative, and technical skills that complement AI rather than compete with it. It means reskilling displaced workers before they are pushed into permanent redundancy.

But the starting point is deeply troubling. Philippine students continue to perform poorly in reading, science, and mathematics. Creative thinking scores are alarmingly low. These are not abstract indicators — they are early warnings of a workforce ill-prepared for the demands of a high-productivity, innovation-driven modern economy.

The IMF’s new Skills Imbalance Index makes the global stakes even clearer. Countries that successfully align skills with future demand will enjoy labor mobility, adaptability, and growth. Those that fail will face stagnation, inequality, and social strain. This reality demands not only education reform but also stronger competition policy, easier entry for new firms, and robust social protection systems to support job transitions.

And this is precisely where corruption inflicts its deepest damage.

Every peso lost to graft is a peso stolen from classrooms, laboratories, digital infrastructure, and public health. With national budgets leaking and public trust evaporating, hopes for a decisive pivot toward human capital development remain just that. Hopes. Public discourse is still trapped in the language of minimum adequacy, while the future demands excellence.

Yes, the 2026 national budget emphasizes human capital, digital transformation, and infrastructure. Funding for science and technology, digital connectivity, education, and innovation has increased. These are welcome steps. But incremental progress will never be enough if systemic corruption continues to undermine execution. A bigger budget means little if governance remains broken.

Investors see the contradiction clearly. They value Filipinos’ English proficiency, work ethic, and adaptability. At the same time, they flag weak digital skills, narrow technical competencies, and low productivity. Domestic firms echo these concerns, pointing to persistent skills mismatches and the urgent need for education reform and more flexible labor policies. Unless these structural issues are addressed decisively, capital flows will remain volatile and increasingly scarce.

Some will argue that the Philippines is improving its competitiveness. The data supports modest progress. Rankings in global competitiveness and digital readiness have inched upward. But this is faint praise. Improvement from a low base does not change the fact that we remain well behind our ASEAN peers — and are falling further behind those moving decisively.

More damaging still, whatever gains we achieve are being wiped out by the perception, and reality, of bad governance. Transparency International’s 2024 Corruption Perceptions Index ranked the Philippines 114^th out of 180 countries, with a score of 33. This places us far below the global and regional averages, and behind every major ASEAN competitor. Singapore, Malaysia, Vietnam, Indonesia, and Thailand all outperform us, for some, dramatically.

These rankings reflect what investors already believe: that transparency is weak, enforcement selective, and accountability uncertain. With the flood control scandal dominating headlines, there is every reason to expect further reputational damage.

It should be no puzzle, then, that October’s FDI inflows collapsed. One headline said it plainly: “Corruption puts investors on edge.” The country’s largest business group warned that investment sentiment will continue to deteriorate unless those implicated in the multibillion-peso scandal are held accountable even at the highest levels. The Philippine Chamber of Commerce and Industry was right to say that foreign investors’ patience is “razor-thin.”

This warning must not be ignored. While global shocks matter, corruption has become a decisive factor in the country’s investment decline. Calls to strengthen safeguards in the 2026 budget are necessary — but they are no substitute for credible enforcement and visible accountability.

The fiscal consequences are already severe. National Government debt has more than doubled in six years, rising from P7.7 trillion before the pandemic to an estimated P17.6 trillion, or over 63% of GDP. Debt servicing now absorbs roughly P2 trillion a year — resources that should have gone to infrastructure, education, and innovation. With revenues persistently low and expenditures high, borrowing pressures remain relentless.

Under these conditions, sustained growth is not just unlikely, it is implausible.

So if we ask why the economy refuses to lift off, we might recall James Carville’s blunt advice: “It’s the economy, stupid.” But in the Philippines today, the diagnosis is sharper and more uncomfortable.

It’s the corruption, sir.

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

DoE reviews Semirara coal contract ahead of 2027 expiry

January 16, 2026 | 12:04 am

The Department of Energy (DoE) is weighing whether to extend the coal operating contract of Semirara Mining and Power Corp. (SMPC) or offer it to other mining firms as it approaches expiration in 2027.

Energy Secretary Sharon S. Garin said the 50-year contract gives the department two options: extend it or bid it out to other companies.

“We’re still under discussion together with our legal team on what to do because we have to assess if the claim of Semirara is correct. But we will decide within the quarter,” she told reporters on Tuesday.

The coal operating contract, which was originally set for 35 years, was issued in 1977, granting SMPC the exclusive right to explore, develop, and mine coal on Semirara Island. The DoE extended the term by 15 years, moving its expiration from 2012 to 2027.

Ms. Garin said the company is “asking for 13 years more” for the effective period of its contract.

Asked whether other firms had expressed interest, she said the DoE had received no official or unofficial notice.

“But I guess because it’s the biggest mining company or coal mining company in the country, it has the potential to mine for a few years more. So there might be some interest also,” she added.

SMPC, the power generation and coal-mining unit of the Consunji group, is the Philippines’ largest coal producer and the only power company in the country that owns and mines its own fuel source.

Last year, the company allocated a P6.9-billion capital expenditure budget to improve operational efficiencies in its coal and power segments.

For the first nine months of 2025, SMPC’s income fell 37% year on year to P9.9 billion, due to weaker coal and electricity prices. Revenues slipped 13% to P43.26 billion.

Despite this, the company’s total coal shipments reached a record 12.9 million metric tons (MT), driven by stronger exports and increased deliveries to its own power plants.

Coal production also hit an all-time high of 15.1 million MT, aided by improved access to coal seams at the Narra mine. — Sheldeen Joy Talavera

JuanHand: Double-digit loan growth likely ’til 2030

January 16, 2026 | 12:04 am

JUANHAND Lending Corp. expects the Philippine financial technology (fintech) industry to sustain high-double-digit loan growth through 2030, after a resilient performance last year despite weaker business sentiment.

“We’re in a great position for fintech because it’s still growing on high double-digit, even for 2026 and beyond,” President and Chief Executive Officer Francisco “Coco” Mauricio told a news briefing on Wednesday.

“We expect the growth to be very high double-digit until at the very least 2030,” he added.

The fintech sector expanded 27% year on year in 2025, buoyed by strong demand for online lending despite a corruption scandal that dampened overall business confidence in the latter half of the year.

JuanHand itself recorded a compounded annual growth rate of 89% over the past five years, effectively doubling its business annually.

The company reported more than 100,000 transactions a day and P4 billion in loan disbursements each month last year. Its platform also surpassed 65 million downloads, 20 million registered users and 4 million active borrowers at any given time.

Mr. Mauricio credited the company’s robust anti-fraud systems for supporting growth.

He said their proprietary cybersecurity platform prevented almost all attempted fraud. Only 0.0001% of transactions initially bypassed the system, and those were eventually stopped, he added.

JuanHand also said it would comply with the Securities and Exchange Commission’s (SEC) interest rate and fee caps for small consumer loans, despite previously proposing a tiered approach.

“JuanHand is in support of regulation and the SEC. We have followed the previous 15%, and there is no reason for us again not to comply with the 12% limit coming April 2026,” said Francis Jasper Fulgar, head of external affairs.

The SEC in December capped nominal interest rates at 6% per month and effective interest rates at 12% per month for loans up to P10,000 with terms of up to four months.

Mr. Mauricio noted that these limits apply primarily to smaller loans, which make up more than 15% of the industry’s total loan book.

Despite regulatory changes, executives said the fintech sector is poised for long-term growth, with increasing adoption of digital lending platforms expected to drive further participation from households and small borrowers. — Aaron Michael C. Sy

Agatha Christie’s Seven Dials brings feisty flavor to murder mystery

January 16, 2026 | 12:04 am

LONDON — Makers of the new Netflix series Agatha Christie’s Seven Dials hope to introduce a new generation to the queen of crime, the iconic author of more than 60 mystery novels.

The three-part show debuting Thursday is based on Ms. Christie’s 1929 novel The Seven Dials Mystery and stars How to Have Sex actor Mia McKenna-Bruce as a bright young aristocrat, Lady Eileen “Bundle” Brent.

When a guest dies in suspicious circumstances during a glitzy gathering at her country mansion, Bundle takes it upon herself to find out what happened. Her wits, determination, and seven clocks left on the scene lead Bundle to a shadowy scheme.

“The fact that Bundle’s kind of leading the charge, this young, fearless, feisty girl, something that we haven’t seen very much of, I think that really gives it a new, exciting feel,” said Ms. McKenna-Bruce at a London premiere on Tuesday, the day after the 50^th anniversary of Ms. Christie’s death.

The whodunit also stars Helena Bonham Carter as Bundle’s mother and Martin Freeman in the role of Scotland Yard’s Superintendent Battle.

The show has “a lot of energy and it’s done with a lot of gusto,” said Ms. Bonham-Carter.

The engine for that energy is Bundle, whom director Chris Sweeney described as a “cannonball of a person.”

Unlike a typical country house mystery where “there’s a lot of sitting and talking, Bundle is always moving,” he said.

With writer Chris Chibnall, Mr. Sweeney also set out to energize the story with a vivid depiction of the era.

“It takes place September 1925, in the shadow of war but also with lots of bright young things who are partying through the ’20s,” said Mr. Chibnall.

Famous for characters like Belgian detective Hercule Poirot and amateur sleuth Miss Marple, Ms. Christie became the world’s best-selling fiction writer with more than 2 billion copies sold.

“If this show can be the gateway drug to introduce a whole new generation to Agatha Christie’s books and adaptations, that would be a joy. It would be repaying all the joy that she’s brought to my life and billions of readers,” said Mr. Chibnall. — Reuters

PERA could boost returns for state pension funds

January 16, 2026 | 12:03 am

By Aaron Michael C. Sy, Reporter

STATE PENSION FUNDS in the Philippines could unlock higher returns while reducing market risks by linking stock investment loan programs to the personal equity and retirement account (PERA) framework, analysts said.

The move could encourage long-term investing while injecting fresh liquidity into the Philippine Stock Exchange (PSE), they added.

“While the Philippine stock market’s long-term record shows cyclical volatility and periods of underperformance, it has delivered positive real returns over full market cycles,” Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said in a Viber message.

“From a feasibility standpoint, the Social Security System (SSS) and Government Service Insurance System (GSIS) can justify limited equity exposure if framed as long-term retirement investing rather than short-term market participation,” he added.

PSE President Ramon S. Monzon on Jan. 9 said reviving stock investment loan programs could help deepen domestic capital markets.

Linking the loans to PERA, the voluntary retirement savings framework, could make such programs more feasible for pension funds while aligning with members’ retirement horizons.

The GSIS has said it is studying a phased approach and pilot programs to relaunch stock investment loans.

PERA offers tax incentives, long-term investment horizons and professional fund management, all of which help encourage disciplined investing, analysts said.
“Tying it to PERA helps because PERA is long-term, tax-incentivized and regulated, which aligns better with retirement horizons and improves the odds of disciplined investing,” said John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies.

Mr. Arce said the risk from the program would be primarily credit risk on pension fund balance sheets, rather than direct exposure to market swings.

“Loan terms, collateralization mechanisms, repayment structures and borrower suitability must be carefully designed to avoid amplifying losses during market downturns, especially if equity values fall while loan obligations remain fixed,” he said.

Low interest rates for social reasons could further compress returns if administrative and credit risks are high.

Participation rates in PERA remain modest, potentially limiting economies of scale. Contributions rose 24% year on year to P491.4 million by the end of 2024, according to Bangko Sentral ng Pilipinas (BSP) data.

Mr. Arce said limited uptake could slow the scaling of linked stock loan programs and reduce the diversification needed to smooth market volatility.

Analysts also highlighted the importance of safeguards. Mr. Rivera said strict loan caps, suitability rules and clear risk disclosures are essential to protect retirement savings from market swings.

Public sensitivity to market movements could still pose reputational and political risks even if the structure is sound, he added.

Economists see broader benefits beyond returns. Reinielle Matt M. Erece, an economist at Oikonomia Advisory and Research, Inc., said greater local participation could stimulate the PSE, which has seen weak interest from foreign investors.

“Allowing households to participate teaches saving, investing and better financial management,” he said. “In the long term, this could shift sentiment toward financial markets and encourage even greater household participation.”

Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said linking pension fund offerings to PERA could deepen markets without unnecessary risk.

“Done right, it deepens the market without exposing pension funds to unnecessary risk,” he said via Viber. “It makes it an easier choice for the investors.”

With careful program design, state pension funds could boost long-term returns, broaden the domestic equity market and support retirement security while mitigating the volatility that has historically deterred household participation.

China’s new growth strategy needs a reality check

January 16, 2026 | 12:03 am

body-car-conveyor-modern-assembly-cars-plant-automated-build-process-car-body — STOCK PHOTO | Image by Usertrmk from Freepik

By Juliana Lio

WHILE the world is rightly waking up to the implications of China’s rising technological prowess, it’s time for a reality check. Reorientation toward an innovation-driven, security-focused growth model has not yet paid off, at least not economically.

Fresh analysis of official data by the Rhodium Group, a research firm, offers a granular look at the current growth trajectory, revealing something alarming but not entirely surprising. The so-called “new quality productive forces” — a term popularized by President Xi Jinping to describe high-tech industries such as electric vehicles, artificial intelligence, and robotics — aren’t pulling their weight. Their contribution to economic activity is dwarfed by traditional engines such as property and infrastructure investment, years after they collapsed.

Delving into data released by the National Bureau of Statistics in November that show how industries interact with each other and the larger economy, the researchers found that the drop in activity from older industries has been six times larger than the gains from the new forces from 2023 to 2025.

Specifically, the combined contribution of three legacy sectors — property, infrastructure, and internal-combustion cars — as a percentage of gross domestic product fell by six percentage points over that period.

At the same time, the increase in economic activity from six newfangled growth drivers was less than one percentage point.

This is a concerning trend, given China plans to officially cement the elevation of tech-driven growth through the passage of its next five-year plan in March. The new strategy was never solely about prosperity. It was always equally about security: ensuring Beijing can fend for itself in rivalry with the US.

Because standing up to President Donald Trump’s bullying trade tactics was almost entirely based on Beijing’s industrial muscle and dominance in rare earths, there is widespread acceptance of this development blueprint. However, that does little to diminish the pain from job insecurity and consumption malaise — prolonged by Big Tech’s inability to replace the once-mighty property sector.

The electric vehicle industry is a prime example. Two decades after policymakers decided to overtake Western car giants by betting on electrification, China is undisputably the world leader. Of the 24 million passenger vehicles sold in the country last year, more than half were EVs. Because of a yearslong price war, most EVs are cheaper than their gasoline counterparts. This is not the norm in other countries, where they’re generally more expensive.

According to Rhodium’s calculations, even though the EV industry expanded significantly over the past two years, the total economic output from gasoline vehicles was still 232 billion yuan ($33 billion) higher because they actually cost more. The automotive sector’s hyper-competitive and saturated nature is why the government has had to bring back a “cash-for-clunkers” trade-in program for cars and other consumer goods for the third year in a row.

Billed as a consumer subsidy, in reality this scheme offers support to the industrial giants so important for the country’s future. But for many, especially EV makers like BYD Co., the key to higher prices, margins, and profits lies overseas. That’s why the European Union’s agreement this week to set up a mechanism for companies to offer voluntary limits on car shipments from China is such welcome news. Though it’s still early days, any deal to swap steep tariffs with minimum pricing commitments would be a boon for automakers.

Even though the contribution of the high-tech industries appears limited for now, it may not always be the case. The auto sector, for one, must still undergo a period of consolidation. In theory, the survivors should eventually be able to command premium prices and truly move up the value chain.

But until that process is repeated across the various industries, they may struggle to meet expectations for economic output. The solution is not for the Chinese leadership to backtrack but to make a solid commitment to increase consumption. At a minimum, they should be subsidizing a broader range of goods and services to woo hesitant shoppers. It will take time for China’s industrial giants to get to the point where they can truly propel growth. Policymakers should acknowledge that and give their long-suffering citizens a break.

BLOOMBERG OPINION

Southeast Asia: A ‘laboratory’ for tech and the future of work

January 16, 2026 | 12:03 am

people-analyzing-checking-finance-graphs-office — FREEPIK

By Erika Mae P. Sinaking

SOUTHEAST ASIA is shaping up to become a laboratory for testing inclusive, technology-driven workforce models, as companies rethink how to incorporate automation and artificial intelligence (AI) into their business models.

Vijay Eswaran, a Malaysian who serves as executive chairman of the QI Group, told BusinessWorld that companies can use technology to redesign work rather than replace employees, and that inclusive, skills-based strategies are essential for preparing the workforce for future roles in both the domestic and regional economies.

“The smartest way to think about technology is not ‘jobs lost versus jobs gained,’ but tasks redesigned,” Mr. Eswaran said in an e-mail interview. “AI, automation, and digital tools don’t replace people as much as they replace parts of work. That’s a huge opportunity to lift productivity while widening participation.”

Citing the 2025 World Economic Forum (WEF) Future of Jobs Report, he noted that while 92 million positions may be displaced globally, 170 million new ones are expected to emerge. He said this means inclusion must be designed into transformation from the outset.

Mr. Eswaran recommended designing “augmentation-first” roles. “Start by mapping tasks in frontline, service, operations and admin roles, then introduce tools that remove drudgery and raise judgement-work,” he said citing customer problem-solving, exception handling, relationship management.

Broadening digital access, he said, is also essential, with WEF data showing that 60% of employers consider it to be the single most transformative trend.

“The future of work isn’t about replacing Filipinos with machines; it’s about upgrading Filipino work so talent can move up the value chain,” he said.

This approach is critical for a country currently enjoying a “demographic dividend” — a working-age population projected to grow until 2045.

“This window won’t last forever without the right policies and business action,” he said, adding that inclusion must be “practical, not performative,” focusing on mobile-first learning and local training hubs that reach the archipelago’s provincial communities and MSMEs.

According to Mr. Eswaran, the biggest mistake is treating upskilling as a checking-the-box exercise for HR rather than a core business redesign.

“If learning doesn’t change the work, it’s not upskilling, it’s just entertainment,” he said. He highlighted a growing trend of “training for certificates, not capabilities,” where employees collect credentials that have zero impact on their day-to-day productivity.

To combat this, Mr. Eswaran proposed creating role-based “skill stacks” and providing “protected learning time.”

The WEF report identifies skills gaps as the single largest barrier to business transformation, affecting 63% of employers.

Another mistake is “one-size-fits-all learning,” with the same content rolled out to everyone regardless of their role. He added the lack of time, tools, or managerial support leaves workers being expected to learn on top of their regular workload.

“People learn fastest when learning is tied to outcomes,” he said adding that without such internal mobility, “employees upskill… then leave, because there’s no visible pathway inside the firm.”

The Philippines isn’t starting from scratch. Mr. Eswaran pointed to the country’s existing structural advantages, such as the Dual Training System Act (RA 7686) and the Technical Education and Skills Development Authority (TESDA) ecosystem, as powerful foundations. However, he noted the limitations of government-led initiatives.

“TESDA cannot do it alone,” he said, advocating for curricula that are “co-owned” by the private sector, not just “consulted.” He warned that the government’s “Trabahong Digital” initiative, which aims for 8 million digital jobs by 2028, must tether training to actual employer demand to avoid a surplus of highly trained individuals with no relevant roles to fill.

The Philippines’ English proficiency remains a primary accelerator, he said. Ranked 28^th globally on the EF EPI Index, the Philippines has a platform to move beyond call centers and into “higher-value knowledge work” when paired with AI and data skills.

For long-term investors, he said human capital has become a core metric of resilience.

“No company can keep up alone anymore. Not with AI, cybersecurity threats, shifting customer behavior, climate risk, and changing regulation.”

With 39% of core skills expected to change by 2030, firms that align upskilling with internal mobility and expand talent pools — including women, seniors, and persons with disabilities (PWDs) — will be better positioned to adapt and grow.

“In the intelligent age, people are not a cost line; they are the resilience strategy,” he added.

Mr. Eswaran urged management teams to focus on internal mobility and the widening of talent pools — including women, seniors, and PWDs — noting that diversity is now a key driver of talent availability.

Mr. Eswaran sees the broader ASEAN region as a “laboratory” for the future of work.

Because ASEAN includes every stage of economic development — from frontier digital hubs to massive informal economies — it is the ideal place to pilot models that prioritize skills-based hiring over traditional credential filtering.

“ASEAN can prove that the future of work doesn’t have to be unequal,” Mr. Eswaran said. “We can design it to widen opportunity while raising competitiveness.”

The real test for enterprises, he added, is to use technology to transform work, make strategic investments in their people, and forge partnerships that bring together government, industry, and education.

Done well, this approach could make the Philippines not just a beneficiary of global workforce trends, but a global benchmark for inclusive, future-ready work.

Cebu Pacific says passenger volume up nearly 10% in 2025

January 16, 2026 | 12:03 am

BUDGET CARRIER Cebu Pacific expects to sustain strong passenger traffic in 2026 after carrying 26.88 million passengers in 2025, up 9.54% from 24.54 million in 2024, driven by a robust domestic market.

“Cebu Pacific concluded 2025 on a strong note, achieving its highest-ever monthly passenger traffic,” Cebu Air, Inc. Chief Executive Officer Michael B. Szucs said in a media release on Thursday.

Cebu Air, the operator of Cebu Pacific, reported domestic passenger volume of 19.99 million in 2025, up 8.1% from 18.50 million a year earlier, while international passenger traffic increased 14% to 6.89 million from 6.04 million in 2024.

“Delivering these numbers despite challenges such as fleet reliability issues, supply chain disruptions, and global geopolitical tensions underscores the strength of our low-cost model and the agility of our operations,” Mr. Szucs said.

In December alone, the airline carried 2.71 million passengers, up 5.1% from 2.58 million in the same month in 2024. Domestic passengers accounted for 2 million, while international passengers totaled 710,000.

“We anticipate sustaining similar growth levels in 2026, supported by the delivery of seven new aircraft during the year. As we celebrate our 30^th anniversary, we look forward to another milestone year for the airline,” he added.

Cebu Pacific’s seat load factor, which measures the percentage of occupied seats, stood at 84% for 2025, slightly below the 84.4% recorded in 2024. Total seats offered rose 10% to 31.99 million from 29.09 million the previous year.

Shares of Cebu Air closed five centavos, or 0.15%, lower at P33.35 apiece on Thursday. — Ashley Erika O. Jose

Stuff to Do (01/16/26)

January 16, 2026 | 12:03 am

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Watch CAST’s staged readings

CAST PH’s (The Company of Actors in Streamlined Theatre) is once again presenting its annual staged readings. The theme of this year’s season (its 6^th) is “RE-ORIENT — Narratives from Asian Voices.” As has been done every year during the CAST PH Staged Reading Series, the titles of the plays are not revealed beforehand. The plays take place over the course of four weeks (every Sunday), starting on Jan. 11 with Play #1, which was English by Sanaz Toosi, directed by Sarah Facuri, and starring Mikkie Bradshaw-Volante, Justine Peña, Jordan Andrews, Chaye Mogg, and Mayen Bustamante-Cadd. Play #2 will be presented on Jan. 18. It will be directed by Jaime del Mundo and feature Tarek El Tayech and Nelsito Gomez. On Jan. 25, Play #3 will be directed by Guelan Varela-Luarca. It will star Jenny Jamora, Zoë De Ocampo, Jam Binay, Frances Makil-Ignacio, Dolly de Leon, and Roselyn Perez, with stage directions to be read by Monty Uy. The season ends on Feb. 1 with Play #4 which will be directed by Caisa Borromeo. It will feature Jillian Ita-as, Kakki Teodoro, George Schulze, Yanah Laurel, Alfredo Reyes, and Miren Alvarez-Fabregas. There are only 100 seats per performance, priced at P500 each. For tickets, visit the company’s Google Form. All performances will be held at The Mirror Theatre Studios, 5^th floor, SJG Center, Kalayaan Ave., Makati City. Performances are at 3 and 8 p.m.

Attend PPO’s 2026 opener: Preludi

THE Philippine Philharmonic Orchestra (PPO) opens the new year with PPO Concert V: Preludi on Jan. 16, 7:30 p.m., at the Samsung Performing Arts Theater in Circuit, Makati. Under the baton of PPO music conductor and principal conductor Grzegorz Nowak, the program will feature soprano Andion Fernandez and pianist Szymon Nehring. Tickets are available via https://premier.ticketworld.com.ph/shows/show.aspx?sh=PPOCON526.

Try out new fitness experiences at GH Mall

GH MALL at San Juan’s Greenhills Shopping Center, balances the overindulgence of the Christmas season by going healthy in January and offering a lineup of sports and wellness activities. There is the Table Tennis Academy, running until Jan. 31 at the 4F Tech Hub. Mallgoers can also play pickleball at the 5^th floor until Jan. 31. The “Motion in Glow” Zumba sessions at the 6F roof deck run every Monday from 5 to 7 p.m. “Step & Groove” dance sessions occur in the same location and at the same time on Wednesdays, while yoga is available on Fridays.

Watch 28 Years Later: The Bone Temple

THE zombie thriller 28 Years Later: The Bone Temple — the fourth film in the 28 Years Later trilogy — is now showing in Philippine theaters. The series depicts the onslaught of the Rage virus where humanity is left to adapt to the dangerous environment. One of the survivors is Dr. Ian Kelson, played by three-time Oscar nominee Ralph Fiennes. The film title takes its name from the massive ossuary with which the character finds comfort in tending and honoring the dead. It is out now in cinemas nationwide.

Flashback

January 16, 2026 | 12:02 am

back-view-woman-traveling-alone — STOCK PHOTO | Image by DC Studio from Freepik

Nostalgia is in the air during and after the holiday season.

One needs to shift to low gear and shut out the present. Travel rejuvenates the body and nourishes the spirit. It warms the heart, especially when one goes back to a beloved place.

Crossing oceans and time zones can be exhausting, but it is delightfully refreshing in more ways.

Geographical distance makes one shed the crusty city attitude and tired skin. One’s perspective improves in a different environment. Problems seem diffused and recede into a blurry background. Worries melt away as the mind recharges in a stress-free mode. One blinks to rediscover another facet of nature — winter in a temperate zone.

Mentally retracing the old pathways, one feels a familiar spark. The heart-tugging ache blends with the novelty of a new vibe. It is seeing the past with a new pair of eyes in a dreamy light.

The beloved city with two mountains is more polished and alluring than ever. The iconic landmark, the Sagrada Familia Basilica with soaring organic towers, is almost complete after more than a century. Its architect passed a hundred years ago. Other architects continued the work in progress, supported by donations from the people who flock there to pray and marvel at the modern stained-glass windows that filter exquisite shifting rainbow rays of light. Designed by Catalan artist-architect Antonin Gaudi, the thought-provoking church has wonderful acoustics for classical concerts and thousands of details.

In Barrio Gótico, the medieval cathedral Santa Maria del Mar was built slowly — stone by stone, rock by rock, during the Black Plague.

The wide avenidas, paseos with trees and rotundas, glorious parks and sparkling fountains, glow after an icy downpour. Walking in the rain is chilly, but one can stop for hot chocolate and churros at a café. There are pintxos, jamon Iberico, figs, and seasonal delicacies in little stores.

Once upon a time, an elegant, isolated villa atop a hill with a magnificent panorama used to be a second home. It was surrounded by flowering trees such as cherry and almond blossoms in the spring. It was insulated from the distractions of the outside world and people. It was the place to study peacefully, absorb the classics, the ways of the old world, different cultures, art, music, languages, theology, literature, history, math and the sciences.

It was where one could grow up, sprout, and cultivate the budding wings of independence. Part of the education was to instill values and genteel manners, tradition, respect and courtesy, kindness and compassion. Slowly and carefully. Sometimes, under a magnifying glass.

It was a big challenge for a teenager to be transplanted and to adjust to a strange environment. After a few months, wonderful changes happened through new friendships that bridged cultures and countries with a shared Hispanic heritage.

This was a rich tapestry, with Asia’s only country with strong Catholic and Spanish roots. The travel tours were among the best educational aspects of the year. From the Pyrenees to Andalusia, Sevilla, Granada to Vienna, Salzburg, Munich, and the Austro-Hungarian empire.

Many years later, the old bonds of friendships formed in school and on those trips have been rekindled and nourished. This reverie is a flashback to those happy times.

The third home was a grand villa and brick buildings with towering cypress trees on one of the seven hills of the empire.

Rome offered exciting academic challenges, the chance to compete on an international level and attain the coveted precious medal of excellence.

There were new travel and artistic adventures that focused on the Vatican, the Sistine Chapel, Michelangelo’s frescoes, Castel Gandolfo, Leonardo’s Renaissance in Firenze, Veio, the ruins of the ancient Etruscans, Greece. Finally, a lost love.

The imagination has a distinct, mystical way of reviving memories.

One simply closes their eyes to be transported to the place where mist surrounds the mountains around the valley. It is a forest frozen in time. Miles and miles of evergreens, a romantic castle amidst the picturesque mountain range.

The aroma of fresh pine wafts through the thin air.

Oxygen is abundant. It pierces the nostrils and lungs. One inhales its sharp sweetness and is quickly intoxicated.

It is hard to resist the magnetic aura of the mountains and the snowy peak. What could be more exhilarating than ascending on a cable car? A dimension far removed from the tropics is captivating. An open palm holds pure snow and intricate snowflakes.

One recalls another distant mountain a continent away. On a gondola, one breathes in little gasps and exhales puffs of steam at such a high altitude. The rarefied air makes on feel giddy, light-headed without wine.

To bask in the golden sunshine amidst the breathtaking splendor of the mountains is a soulful and mind-expanding experience.

The mental cobwebs melt away as sunlight drenches the body with radiance. An eagle soars with the wind and circles above.

The sky becomes a canvas as it turns vermillion, russet, and lavender. The sun dips into the horizon. One hears the dramatic music of Beethoven’s violin concerto. An eclectic audience is enthralled by the music. During the final movements, light raindrops fall in a natural rhythm, accelerating into a stirring crescendo.

Symphonic music and a tranquil curtain call at sunset. Twilight comes in shades of indigo and cobalt.

At nightfall, the crickets rustle and echo in the woods. The stars slowly peek through the cirrus clouds. It is so quiet that one can almost hear the rocks grow near the gurgling brook.

Dawn brings a powder blue sky with delicate drifting wisps of puffy clouds.

Only poinsettias seem to thrive in this icy space.

At 3,700 meters above sea level, the panorama is inspiring, spellbinding. The splendid crystalline scene is a creative challenge to interpret on canvas.

How can a human attempt to paint such perfection? Only the Divine Artist can create it with celestial strokes and cosmic colors.

High above the world, one can understand why mystics and world-weary travelers seek refuge atop a mountain. Serenity provokes deep thought and meditation. One feels so close to heaven with the ethereal glimpse of the infinity.

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com