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FNG eyes completion of Riverpark Uniqlo hub in Cavite this year

Riverpark North, Cavite — FNG.PH

FEDERAL LAND NRE Global, Inc. (FNG) is set to complete the construction of a Uniqlo logistics facility at Riverpark North in Cavite by the end of the year, a company official said.

“We’re developing for Uniqlo Philippines. I think it’s going to be their biggest in the country. It’s coming along very well, and it should be ready by the end of this year,” Federal Land, Inc. Vice-Chairman William Thomas F. Mirasol told BusinessWorld Editor-in-Chief Cathy Rose A. Garcia as part of BusinessWorld One-on-One’s online interview series.

The human-centric logistics facility is being developed in partnership with Fast Retailing Philippines, the local arm of the global company that operates Uniqlo.

The hub is located at Riverpark North, a 6.9-hectare mixed-use district in General Trias, Cavite, slated for completion by 2027.

FNG plans to launch its second batch of commercial lots at Riverpark North by early 2026, after fully selling out its first batch, Mr. Mirasol said.

“We already have one major locator that’s going to be there, and we’ll be in a position to disclose that as soon as the contract has been signed,” Mr. Mirasol said, adding that the new locator is a major Philippine-Japanese company.

FNG is also set to launch two model homes at Yume at Riverpark, an 18-hectare Japanese-inspired neighborhood within the Riverpark township, Mr. Mirasol said.

“Nomura Real Estate is a big home builder in Japan as well as a high-rise condominium builder. So, we’re leveraging their experience, their technology in this to offer the same thing here in the Philippines,” he said.

The model homes will feature clean lines and efficient layouts, Mr. Mirasol added.

“We do expect that the living experience, which again is always the most important thing for us, is something that I think the Philippine market will value.”

FNG is a joint venture between listed conglomerate GT Capital Holdings, Inc.’s subsidiary Federal Land and Japanese real estate developer Nomura Real Estate Development Co., Ltd.

On Monday, shares of GT Capital fell by 1.65% or P11 to close at P654 apiece. — Beatriz Marie D. Cruz

Metro Antipolo Hospital joins Metro Pacific Health network

METROANTIPOLO.COM

METRO PACIFIC HEALTH CORP. (MPH) is expanding its hospital network with a major investment in Metro Antipolo Hospital and Medical Center, Inc. (MAHMC), marking its 28th acquisition.

“With MAHMC becoming our 17th provincial hospital, we are reaffirming our commitment to enhancing access to high-quality healthcare services to communities beyond Metro Manila,” MPH President Augusto P. Palisoc, Jr. said in a media release on Monday.

MPH, the healthcare unit of Pangilinan-led Metro Pacific Investments Corp. (MPIC), plans to upgrade MAHMC with a new Urgent Care Center, expanded outpatient services, enhanced medical equipment, and a cardiac catheterization laboratory.

The company did not disclose the total scope of its investment.

MAHMC, a Level 2 hospital that opened in 2016, is Rizal’s largest healthcare provider.

“This investment demonstrates the commitment of Metro Pacific Health to improve the delivery of quality and affordable healthcare throughout the nation by not only improving the hospitals in our network, but also continuously growing our nationwide portfolio of healthcare facilities,” MPH said.

Other hospitals under MPH include Makati Medical Center, Asian Hospital and Medical Center, Cardinal Santos Medical Center, Davao Doctors Hospital, and Riverside Medical Center.

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

Asia-Pacific banks struggling to hyper-personalize — FICO

STOCK PHOTO | Image by Macrovector from Freepik

BANKS in Asia-Pacific are struggling to implement hyper-personalization strategies even as most of them already use predictive analytics as they look to deliver the products and services that their customers need, according to a survey by global analytics software firm FICO.

According to the FICO poll of 30 senior executives and C-suite leaders from Asia-Pacific banks conducted in November 2024, only 11% said their hyper-personalization strategies are highly advanced, even if 88% said they already use predictive analytics to anticipate customer needs.

“Consumers now expect the same level of personalization from their banks as they do from Netflix and Amazon. With most banks still struggling to meet these expectations, those that succeed will gain a decisive edge in a market where customer experience is the ultimate differentiator,” FICO Asia-Pacific Managing Director Dattu Kompella said in a statement.

The majority or 72% of the respondents said among the key barriers to hyper-personalization is the lack of seamless customer engagement in their banks as their communication channels remain siloed or only partially integrated.

“Meanwhile, automation adoption remains uneven. Half of the executives said their organizations had automated no more than half of their customer-facing decisions, including credit approvals, fraud alerts, and personalized offers, hindering personalization efforts,” FICO said.

Asia-Pacific banks’ use of real-time data and advanced analytics remains in its nascent stages, it added.

“While 43% of executives said they leverage real-time data significantly or fully for customer insights in areas such as fraud detection and service, most remain at minimal or moderate adoption,” it said.

“Similarly, just 37% reported extensively or fully predictive use of analytics, underscoring that while adoption is broad, maturity remains limited.”

FICO said banks need to use the data they have across the customer lifecycle to achieve hyper-personalization.

“Every interaction, whether it’s a declined offer, a payment pattern, or a service request, contains valuable insight. By consolidating activities, behaviors, and preferences into a single decisioning platform, banks can act on insights in real-time, driving deeper engagement and loyalty,” Mr. Kompella said.

He said FICO Platform uses applied intelligence to take these data to allow banks to predict their customers’ needs and deliver the appropriate services and products. — A.M.C. Sy

Political witch hunts and blacklists: Donald Trump and the new era of McCarthyism

SENATOR JOSEPH MCCARTHY — CATALOG.ARCHIVES.GOV

A MODERN-DAY political inquisition is unfolding in “digital town squares” across the United States. The slain far-right activist Charlie Kirk has become a focal point for a coordinated campaign of silencing critics that chillingly echoes one of the darkest chapters in American history.

Individuals who have publicly criticized Kirk or made perceived insensitive comments regarding his death are being threatened, fired, or doxed.

Teachers and professors have been fired or disciplined, one for posting that Kirk was racist, misogynistic, and a neo-Nazi, another for calling Kirk a “hate-spreading Nazi.”

Journalists have also lost their jobs after making comments about Kirk’s assassination, as has the late-night television host Jimmy Kimmel.

A website called “Expose Charlie’s Murderers” had been posting the names, locations, and employers of people saying critical things about Kirk before it was reportedly taken down. Vice-President JD Vance has pushed for this public response, urging supporters to “call them out … hell, call their employer.”

This is far-right “cancel culture,” the likes of which the US hasn’t seen since the McCarthy era in the 1950s.

THE BIRTH OF MCCARTHYISM
The McCarthy era may well have faded in our collective memory, but it’s important to understand how it unfolded and the impact it had on America. As the philosopher George Santayana once said, “Those who cannot remember the past are condemned to repeat it.”

Since the 1950s, “McCarthyism” has become shorthand for the practice of making unsubstantiated accusations of disloyalty against political opponents, often through fear-mongering and public humiliation.

The term gets its name from Senator Joseph McCarthy, a Republican who was the leading architect of a ruthless witch hunt in the US to root out alleged Communists and subversives across American institutions.

The campaign included both public and private persecutions from the late 1940s to early 1950s, involving hearings before the House Un-American Activities Committee and the Senate’s Permanent Subcommittee on Investigations.

Millions of federal employees had to fill out loyalty investigation forms during this time, while hundreds of employees were either fired or not hired. Hundreds of Hollywood figures were also blacklisted.

The campaign also involved the parallel targeting of the LGBTQI+ community working in government — known as the Lavender Scare.

And similar to doxing today, witnesses in government hearings were asked to provide the names of communist sympathizers, and investigators gave lists of prospective witnesses to the media. Major corporations told employees who invoked the Fifth Amendment and refused to testify that they would be fired.

The greatest toll of McCarthyism was perhaps on public discourse. A deep chill settled over US politics, with people afraid to voice any opinion that could be construed as dissenting.

When the congressional records were finally unsealed in the early 2000s, the Permanent Subcommittee on Investigations said the hearings “are a part of our national past that we can neither afford to forget nor permit to reoccur.”

ANOTHER WITCH HUNT UNDER TRUMP
Today, however, a similar campaign is being waged by the Trump administration and others on the right, who are stoking fears of  “the enemy within.”

This new campaign to blacklist government critics is following a similar pattern to the McCarthy era, but is spreading much more quickly, thanks to social media, and is arguably targeting far more regular Americans.

Even before Kirk’s killing, there were worrying signs of a McCarthyist revival in the early days of the second Trump administration.

After Trump ordered the dismantling of public Diversity, Equity, and Inclusion (DEI) programs, civil institutions, universities, corporations, and law firms were pressured to do the same. Some were threatened with investigation or freezing of federal funds.

In Texas, a teacher was accused of guiding Immigration and Customs Enforcement (ICE) squads to suspected non-citizens at a high school. A group called the Canary Mission identified pro-Palestinian green-card holders for deportation. And just this week, the University of California at Berkeley admitted to handing over the names of staff accused of antisemitism.

Supporters of the push to expose those criticizing Kirk have framed their actions as protecting the country from “un-American,” woke ideologies. This narrative only deepens polarization by simplifying everything into a Manichean world view: the “good people” versus the corrupt “leftist elite.”

The fact the political assassination of Democratic lawmaker Melissa Hortman did not garner the same reaction from the right reveals a gross double standard at play.

Another double standard: attempts to silence anyone criticizing Kirk’s divisive ideology, while being permissive of his more odious claims. For example, he once called George Floyd, a Black man killed by police, a “scumbag.”

In the current climate, empathy is not a “made-up, new age term,” as Kirk once said, but appears to be highly selective.

This brings an increased danger, too. When neighbors become enemies and dialogue is shut down, the possibilities for conflict and violence are exacerbated.

Many are openly discussing the parallels with the rise of fascism in Germany, and even the possibility of another civil war.

A SENSE OF DECENCY?
The parallels between McCarthyism and Trumpism are stark and unsettling. In both eras, dissent has been conflated with disloyalty.

How far could this go? Like the McCarthy era, it partly depends on the public reaction to Trump’s tactics.

McCarthy’s influence began to wane when he charged the army with being soft on communism in 1954. The hearings, broadcast to the nation, did not go well. At one point, the army’s lawyer delivered a line that would become infamous: “Until this moment, Senator, I think I never really gauged your cruelty or your recklessness […] Have you no sense of decency?”

Without concerted, collective societal pushback against this new McCarthyism and a return to democratic norms, we risk a further coarsening of public life.

The lifeblood of democracy is dialogue; its safeguard is dissent. To abandon these tenets is to pave the road towards authoritarianism.

THE CONVERSATION VIA REUTERS CONNECT

 

Shannon Brincat is a senior lecturer in Politics and International Relations, University of the Sunshine Coast. Frank Mols is a senior lecturer in Political Science, The University of Queensland. He has received ARC funding. Gail Crimmins is an associate professor, University of the Sunshine Coast.

Philippines Lags Behind Peers in Digital Evolution

In the 2025 Global Digitalization and Intelligence Index (GDII) by Huawei Technologies Co. Ltd., the Philippines scored 34.3 out of 100 — the third-lowest in the region. The index tracks the digital evolution of 90 economies as they transition into the artificial intelligence-driven era.

Philippines Lags Behind Peers in Digital Evolution

How PSEi member stocks performed — September 22, 2025

Here’s a quick glance at how PSEi stocks fared on Monday, September 22, 2025.


Stocks down on profit taking after 4-day climb

BW FILE PHOTO

PHILIPPINE SHARES declined on Monday on profit taking after the market’s four-day climb, with the peso’s recent weakness also weighing on sentiment.

The benchmark Philippine Stock Exchange index (PSEi) declined by 0.79% or 49.66 points to close at 6,214.83, while the broader all shares index went down by 0.3% or 11.52 points to end at 3,729.29.

“The local market declined as investors took profits following a four-day rally. The peso’s weak position against the US dollar also weighed on the bourse,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a market report.

The peso returned to the P57 level against the greenback last week as market players took positions following the US Federal Reserve’s much-awaited rate cut and hints of more reductions this year. On Monday, the peso gained 9.4 centavos to close at P57.056 per dollar.

Foreign outflows also pulled the bourse down, he added. Net foreign selling was at P343.27 million on Monday, a reversal of the P223.27 million in net buying recorded on Friday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that while the drop seen on Monday can be considered “healthy profit taking” after the market’s recent gains, there was some caution in the market due to domestic concerns related to alleged corruption in government projects and US President Donald J. Trump’s latest statements about trade, immigration, and fiscal policy.

Investors are also awaiting more clarity about the Fed’s future policy actions, he said.

Asian stocks drifted higher and the dollar steadied on Monday, with markets weighing the US Federal Reserve’s monetary policy path after a rate cut last week, while Mr. Trump’s immigration crackdown on worker visas kept sentiment in check, Reuters reported.

On the macroeconomic front, investors remain keen to gauge the US monetary policy path after the Fed indicated a gradual easing phase in the future, with traders pricing in 44 basis points of easing in the two policy meetings left for the year.

A host of policymakers are expected to speak in the week, while data on the Fed’s preferred gauge of inflation is due on Friday that will help set the tone for the near-term rate outlook.

Sectoral indices ended mixed on Monday. Financials fell by 2.14% or 46.40 points to 2,119.96; holding firms sank by 0.68% or 35.02 points to 5,097.24; and property went down by 0.41% or 10.25 points to 2,433.21.

Meanwhile, mining and oil increased by 1.65% or 192.89 points to 11,856.85; services climbed by 0.24% or 5.61 points to 2,273.41; and industrials inched up by 0.01% or 1.35 points to 8,934.91.

Value turnover went down to P5.01 billion on Monday with 1.19 billion shares traded from the P14.3 billion with 2.11 billion stocks that changed hands on Friday.

Market breadth was positive as advancers outnumbered decliners, 113 to 90, while 51 names were unchanged. — A.G.C. Magno with Reuters

Construction seen slowing as corruption backlash deepens

A worker cuts metal in a construction area in Binondo, Manila on March 24, 2022. — PHILIPPINE STAR/RUSSELL PALMA

By Katherine K. Chan

THE backlash against corruption in infrastructure projects could dampen construction activity in the next few quarters, Pantheon Macroeconomics said.

Nevertheless, Miguel Chanco, chief emerging Asia economist, and Meekita Gupta, Asia economist for  Pantheon noted that a cleanup of the industry and procurement practices could boost the economy in the long run.

“Notwithstanding the ongoing political fallout, (President Ferdinand R. Marcos, Jr.’s) targeted anti-corruption drive probably will hit construction activity in the next few quarters, as public and private participants engage more cautiously in a sector that’s now under a spotlight,” Mr. Chanco and Ms. Gupta said in a commentary issued Monday.

On Sunday, at least 84,000 protesters gathered in various locations in Metro Manila in the wake of revelations of billions of pesos of fraud and waste in flood control projects, which were exposed after extensive flooding in many parts of the country in July.

At a Senate briefing earlier this month, Finance Secretary Ralph G. Recto estimated that such defective or non-existent projects cost the economy between P42 billion to P119 billion since 2023.

“For perspective, the upper estimate is equivalent to roughly 0.5% of GDP, significant for an economy still struggling to recapture its previous growth form,” Pantheon Macroeconomics said.

“Any short-term squeeze on public infrastructure is likely to be seen in the macro data: the current administration has commendably built on the previous government’s substantial ramp-up of infrastructure spending,” it added.

The Department of Budget and Management (DBM) reported that infrastructure spending and other capital outlays rose 6.5% year on year to P148.8 billion in June, bringing the first-half total to P620.2 billion.

The government infrastructure budget was P1.51 trillion this year, equivalent to 5.3% of gross domestic product (GDP).

On Sept. 11, President Ferdinand R. Marcos, Jr. signed Executive Order No. 94, which established the Independent Commission for Infrastructure (ICI) to investigate infrastructure-related corruption.

Since the flood-control scandal broke, the Anti-Money Laundering Council has frozen over 700 assets belonging to government officials and contractors suspected of involvement in flood control projects that failed.

“To be sure, the bigger the clean-up in the short run, however painful for current activity, the better it will be for the economy’s long-term prospects, as the poor quality of governance remains a major headwind in the Philippines,” Mr. Chanco and Ms. Gupta said.

Inflation risks ‘tilted to downside’ ahead of next BSP rate decision

Marketgoers purchase fresh vegetables at the Marikina Public Market, Oct. 10, 2022. — PHILIPPINE STAR/WALTER BOLLOZOS

THE Bangko Sentral ng Pilipinas (BSP) views the risks to inflation to be weighted towards the downside ahead of its next decision on interest rates, a central bank official said.

“To answer the question on under what conditions we might consider easing further… We need to make sure that inflation stays within target. The risk will be clearly tilted to the downside,” Lara Romina E. Ganapin, director of the BSP’s Monetary Policy Research Group, said during the Philippine Economic Briefing in Mabalacat, Pampanga on Monday.

“Expectations, which are a very important channel, should remain well-contained and well-anchored, (showing) no signs of second-round effects. And of course, we also need to look at growth risk,” she added.

The BSP’s policy rate is currently 5% after the Monetary Board last month lowered borrowing costs by 25 basis points (bps) for a third straight meeting.

It has now cut benchmark interest rates by a total of 150 bps since it began its easing cycle in August 2024.

BSP Governor Eli M. Remolona, Jr. said the current key rate is now at a “sweet spot” for both inflation and output, but one more reduction is possible within the year to support the economy if needed, which would likely mark the end of the rate cut cycle.

In August, inflation picked up to 1.5% from 0.9% a month earlier. It was the sixth straight month of inflation coming in below the BSP’s 2-4% target range. 

In the first eight months, inflation averaged 1.7%, in line with the central bank’s full-year target.

The economy grew 5.5% in the second quarter, driven by a rebound in agriculture output and stronger household spending. During the first quarter, growth had been 5.4%.

“We could still see some risk from supply shocks because there are still ongoing geopolitical tensions from the Ukraine-Russia conflict. There are also impacts from the adverse weather conditions,” Ms. Ganapin said.

She added that the central bank is also monitoring external developments such as US tariff policy, policy shifts in other countries and the Federal Reserve’s monetary policy stance.

“We remain vigilant, of course, to safeguard price stability and to support sustainable growth,” Ms. Ganapin said. — Katherine K. Chan

PHL pharmaceutical market estimated at $2 billion this year as UHC drives growth in generics segment

Illustration photo shows various medicine pills in their original packaging in Brussels, Belgium, Aug. 9, 2019. — REUTERS/YVES HERMAN/ILLUSTRATION

THE pharmaceutical market is projected to generate $2 billion in revenue this year and keep growing until 2029, driven by demand for generic drugs, the Board of Investments (BoI) said.

“Definitely, there is more potential for the pharmaceutical industry, especially since steady growth is expected to continue at an annual rate of 4.1% through 2029,” the BoI said in a statement on Monday.

“This upward trend is expected to be largely driven by the increasing demand for generic drugs due to the government’s efforts to make healthcare more affordable and accessible to all Filipinos,” it added.

The market’s growth is expected to expand opportunities for innovation, investment, and broader access to essential medicine, it said.

However, BoI Industry Development Services Executive Director Ma. Corazon Halili-Dichosa noted that the Philippine pharmaceutical industry remains import-dependent.

“From 2019 to 2024, the Philippines saw a steady rise in pharmaceutical imports, peaking in 2021,” she said.

“Exports, on the other hand, remain almost nil relative to our imports and have been declining. For the first semester of 2025, exports have declined 25% while imports increased by 5%,” she added.

The BoI has been implementing the Integrated Roadmap for the Philippine Pharmaceutical Industry (IRPPI) since 2023 to make the industry’s value chain more agile and resilient.

The government hopes to increase the capacity of domestic manufacturers to produce 60% of medicine registered in the Philippines.

It also hopes to make the country a leading producer of essential pharmaceutical products and services.

According to Ms. Halili-Dichosa, key updates in the roadmap include the issuance of the guidelines for pharmaceutical economic zones, finalization of the Tatak Pinoy Strategy, simplified export processes for Philippine products, and the planned establishment of the Virology Institute of the Philippines. — Justine Irish D. Tabile

Greenhouses to feature in new ‘protected cultivation’ strategy

DA

THE Department of Agriculture (DA) said its new strategy for food production focuses on keeping supplies reliable and affordable in the face of potential disruptions from climate change, and will involve a major push for the use of greenhouses.

The heavy July rains and the resulting floods upended supply chains and raised food prices, pointing to the need to reconfigure the DA’s efforts towards achieving scale and making crops more resilient through “protected cultivation,” it said.

The so-called “White Revolution” project is geared towards ensuring that the growing population can be adequately fed. The term “White Revolution” is taken from the South Korean agricultural boom beginning in the 1970s, which employed white plastic film in the construction of greenhouses.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. was quoted as saying: “We cannot afford to rely on good weather anymore. Protected cultivation is no longer optional — it’s a necessity.”

A key component of the plan involves locating production areas in “corridors” closer to urban markets to make distribution networks less prone to failure. These areas will feature improved post-harvest systems to maximize the shelf life of produce and facilities that allow crops to grow regardless of climate conditions, such as greenhouses.

The goal is to have the first of these corridors operational by July 2026, the DA said.

Agriculture Undersecretary Cheryl Marie Caballero has ordered an inventory of all greenhouses set up during past DA programs to see if they can be tapped to jump-start the “White Revolution.”

Mr. Laurel said President Ferdinand R. Marcos, Jr.’s vision for agriculture involves “a modern, climate-resilient, tech-powered agriculture sector that truly supports our farmers while ensuring food security.”

The Philippines currently has a trade deficit of $11.71 billion due to its substantial food imports. Cutting this deficit by $1.71 billion would result in at least P60 billion being redirected to local producers. — Andre Christopher H. Alampay

Bicol-based diner chain BIGGS eyes expansion in Calabarzon

BIGGS.PH

By Justine Irish D. Tabile, Reporter

BICOL’s leading restaurant chain, BIGGS, Inc. is planning to open 90 branches in Calabarzon, citing promising demand in the region.

“The bigger picture is the 10-year plan for 120 stores. The six-year plan is 55 stores. Around 90 are earmarked for Calabarzon, and then 30 for Bicol,” Emil Capili, chief operating officer of BIGGS, told BusinessWorld.

“Calabarzon is around 2.5 times the economy of Bicol. It is a big region,” he added.

He said the market in Metro Manila is too competitive for the company’s risk appetite.

“We saw that if we compete in Metro Manila, there are so many challenges and the risk exposure is very high. We saw that Calabarzon has unsatisfied demand (for) restaurants,” he said.

He said most restaurants in Calabarzon are quick-service, like Jollibee and McDonald’s, presenting an opportunity for homegrown brands like BIGGS.

He added that the chain is set to open a branch in Lucena City within the month.

“It will be our first branch in Calabarzon and Quezon Province and will be the biggest; it is 750 square meters,” he added.

After Lucena City, he said that the company is planning to open branches in the municipalities of Candelaria and Tiaong, also in Quezon Province.

He said that the company is hoping to triple its revenue after six years.

“Currently, our annual revenue is P1 billion. So the target for the next six years is to triple it to around P3 billion. That’s our goal,” he said.

“We plan to achieve that through setting up more stores. Every store that we establish is around P6 million per month of sales; that is around P72 million in additional sales annually,” he added.

He said that fast-casual and casual dining are among the restaurant industry’s growth segments.

“Normally, there are a lot of players here, like the Bistro Group and the Moment Group, because there are no barriers to entry,” he said.

He said that the casual dining segment is therefore “ripe for the picking” in the absence of a clear number one.