Huawei Band 10 Review: an affordable health and well-being device

March 7, 2025 | 1:13 pm

huawei-band10-01 — Huawei Band 10 | photo by BusinessWorld

Note: This device was used by a legitimate person with disability (PWD). For her privacy, she has requested that her real name is not used.

Around 15 years ago, fitness trackers were the pioneers in the smartwatch space, then offering basic step counting and activity tracking.

As technology advanced, smartwatches have begun to come with more advanced health and fitness features, as well as connectivity and communication tools. Now, smartwatches are well sought after by tech, fitness, and fashion enthusiasts alike.

With more sophisticated features, comes a higher price tag, which make smartwatches an afterthought for people dealing with medical conditions on a daily basis.

Rose, 40, has been living with lupus for the past 17 years. Her condition frequently impacts her daily life significantly.

“I never really thought about buying a smartwatch. I have to prioritize my medicine,” she said.

The demands of her profession, combined with the concerns stemming from her lupus, leave her with little time to explore other interests. With the high cost of her medication, gadgets are often not on her shopping list.

BusinessWorld received a Huawei Band 10 for review purposes, and with the device’s affordability, and focus on health and wellness, Ms. Rose was asked to try it out and share her feedback.

Technical Specifications

The Huawei Band 10 is small but has an AMOLED display that offers sharp and vibrant visuals.

Connectivity is smooth with iOS (13.0 and above) and Android (9.0 or later) with the Band 10’s support for Bluetooth 5.0 and Wi-Fi.

The battery life of the Band 10 makes it quite convenient and efficient. The device can fully recharge in about 50 minutes, and can last two weeks on a single charge.

“I used it for three days and I didn’t need to charge it. I was worried that I would need to hook it up frequently,” Ms. Rose said.

Physical Attributes

The Band 10 stands out with its ultra-slim design, measuring only 8.99mm thick and weighing 15g for the aluminum alloy variant or 14g for the polymer plastic model.

Its strap is soft and comfortable, making it ideal for all-day wear. Available in an array of colors, including purple, pink, blue, and luminous green, the device combines style with functionality.

“I’m not really a watch person. Actually, I don’t really wear too many accessories, but this is comfortable and light,” Ms. Rose commented.

Features

The Huawei Band 10 is a powerhouse of health and fitness features. It offers comprehensive health tracking, including heart rate monitoring, SpO2 tracking, sleep monitoring, and stress tracking.

The emotional well-being assistant utilizes heart rate variability data to monitor mood and provide useful insights.

“I particularly found the emotional well-being feature to be quite useful. I have a lot of stress from work and my lupus that this helps remind me to just inhale and exhale,” Ms. Rose said.

For people who have a more active lifestyle, the Band 10 offers over 100 workout modes for a wide range of fitness activities.

It also offers real-time workout guidance and post-workout analysis to help you enhance your training.

The Band 10’s advanced sleep monitor delivers comprehensive insights into sleep patterns and quality, covering stages such as deep sleep, light sleep, and REM.

“The sleep monitor is also quite useful. I find that being able to check the amount of rest I get is critical to keeping my illness at bay,” Ms. Rose said.

Customization

With over 700 watch faces and customizable widgets, users can tailor-fit their experience with the Band 10 to suit their preferences.

“Being able to change watch faces has become a stress reliever. Changing the way it looks makes me look forward to something new,” Ms. Rose said in an amused tone.

User Suitability

The Huawei Band 10 serves as a versatile and essential tool for a wide variety of users, offering crucial health and fitness features in a sleek and stylish design.

Its lightweight and comfortable design would certainly be appreciated by fitness enthusiasts, along with its various workout modes.

But for this review, the Band 10 posed especially beneficial for those with health conditions that need to keep track of their health and stress levels.

“Before I had to rely on several other medical devices just to check how I am. But with this device, I just have to look at my wrist and have an overview of my health and wellness,” Ms. Rose said.

With its affordable price, the Huawei Band 10 is accessible to those on tight budgets due to medical expenses. It provides excellent value for money with its extensive features and high-quality build. – Jino Nicolas, BusinessWorld

Kinetix Lab: Training Kylie Padilla for a Fit & Fierce life

March 7, 2025 | 1:10 pm

With the support of Kinetix Lab, actress and doting mother Kylie Padilla resolves to regain her strength for the sake of her children and herself with a coaching and recovery program tailored for busy women like her

Kylie Padilla embraces an active lifestyle, and she’s proud to take on roles that highlight her skills in martial arts, gymnastics, and wushu, to name a few. Kylie also has made it her mission in life to be an extremely involved mother to her two sons, Alas and Axl. “I wake up at 7 a.m. because the kids are already awake at that time. And then usually, I’ll cook breakfast or eat breakfast with them either way. And then I’ll bathe, dress them, and then I’ll take them to school,” says Kylie. Juggling between motherhood and her grueling schedule as an actress, Kylie made sure that everything is almost within her reach at home. “I set up a gym so I can work out at home. And I also have a home studio where I do my shoots for brand tie-ups,” she shares. The 32-year-old admits to the lack of focus when it comes to working out even though she has a gym set up at home. “For a long time, I mistakenly equated working out with just losing weight. I even tried to replicate the unhealthy dieting behaviors of my younger years, which are no longer realistic or healthy for me. My body is not the same anymore,” says Kylie. She also mentioned a recent incident from their international trip wherein she tried carrying her youngest but ended up injuring her shoulder. “Those are the signals your body is giving you that you already need a remedy. That you are in fact doing something wrong. That even if you’re skinny, your bones and muscles are weak,” shares Kylie. That was why the first thing on her to-do list this year was to go to a gym that specializes in strength and conditioning training.

1 of 2

“Strength and conditioning are essential for women for a variety of reasons. Not only does it help with muscle gain and fat loss, but it also promotes bone health, increases metabolism, and improves overall functional strength,” shares Kinetix Fitness Manager Iggy Baldovino. He continues, “as women age, strength training becomes even more important to prevent muscle loss and maintain a healthy metabolism. Conditioning work, on the other hand, keeps the cardiovascular system strong and helps with recovery, ensuring women can perform at their best no matter what phase of their cycle they’re in.” Kinetix Lab, the premier strength and conditioning training gym in the country, offers targeted programs for women depending on what they need. The Fit & Fierce Training Program is designed for women who want to lose fat and increase muscle. It works by synchronizing workouts with the body’s hormonal responses. Kylie admits to being a healthy eater, which would work well for her goal to have a stronger body, however, she’s also guilty of being an “emotional eater.” “When I’m going through something or I’m stressed, I will eat. I will eat sweets like chocolates, cakes, and sugary drinks,” confesses Kylie. “For women aiming to lose fat and gain muscle, the focus should be on a balanced diet with a slight calorie deficit while prioritizing protein to support muscle growth and recovery. Healthy fats and complex carbs should also be included for energy…. Minimizing refined sugars can support metabolism and muscle-building,” says Coach Iggy.

1 of 2

Kylie has started training at Kinetix Lab under the Fit & Fierce Training Program and so far, she’s really enjoying it. She sees the importance of following a program, as well as being guided by a coach. “I love it because I can be myself. I mean I’m not pretending that I’m a martial artist, that I’m good. I really lowered all of my ego. I’m comfortable enough to be honest. I don’t need to pretend that I can do this immediately,” shares Kylie. She also states that she is willing to be corrected on incorrect exercise movements that she’s been doing. “I’m so open and grateful to be corrected because I was confident that I knew what I was doing. It’s so nice to have a coach that guides you and corrects you so you won’t get injured,” she says. Kinetix Lab employs both male and female coaches, carefully selected for their expertise and social competence. They are trained not only to provide expert fitness guidance but also to offer crucial support throughout their clients’ fitness journeys. “It’s incredibly empowering, especially because my coach is a woman. She understands the specific muscle groups women need to strengthen, and the program that I’m in, which is the Fit & Fierce Program, is tailored accordingly to what my fitness goal is this year. For me, it’s not about competing with men; it’s about working at my own pace. This is so important to me, as a mom of two,” Kylie shares. She also learned the importance of recovery from her coach and she’s glad that at Kinetix Lab, recovery services are also being offered. “If I have any concerns with my body, before or after a workout, anything that’s painful, they can deal with that too. It’s not an afterthought. You have to make time for recovery,” she says.

As a busy mom and a woman her age, Kylie says that her drive to regain overall strength is for her kids and for her self-esteem. “Women are often recognized for their emotional strength, but physical strength brings a different kind of self-esteem. When we feel physically capable and see how it translates into everyday life — like being able to easily carry my kids and stay active with them — that’s when I truly appreciate my strength,” shares the young mom. Her advice to both men and women who would like to begin their fitness journey is to just start. “Everything is hard at first. But the sense of empowerment that comes from regaining lost strength, and being able to use it in your daily life, is truly remarkable. Kinetix Lab is helping me achieve that goal.”

To learn more about the Fit & Fierce program and other #StrongisBeautiful training options at Kinetix Lab, DM them on Instagram (@kinetixlab) or visit Kinetix Lab at U.P. Town Center, The Podium Mall, or One Ayala Mall.

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Brazil slashes food import taxes after president’s popularity slides

March 7, 2025 | 12:33 pm

BRASILIA – Brazil’s government will eliminate import taxes on products including sugar, coffee, corn and beef, part of a set of measures aimed at reducing food prices, Vice President Geraldo Alckmin announced on Thursday.

The measures, which also include raising the import quota for palm oil to 150,000 metric tons, still need approval from a government trade body. They are expected to take effect in the next few days, Mr. Alckmin told journalists in Brasilia.

Biscuits, pasta, olive oil, sunflower oil and sardines also will be exempted from import duties, said Mr. Alckmin, noting that President Luiz Inacio Lula da Silva approved the policy change.

Lula, as the president is known, has acknowledged creeping food prices while arguing that overall price pressures are under control in Latin America’s largest economy.

Lula’s push to curb food prices comes amid a recent decline in his government approval rating, which at 24% has sunk to its lowest level at any time during his three terms as president, a poll showed last month.

Other measures announced by the government on Thursday include accelerating health safety testing of food products, as well as boosting food stocks from crop agency Conab.

Brazil’s annual inflation rate ticked up to 4.96% in mid-February, its highest level since late 2023 as the central bank continues to tighten monetary policy with its benchmark interest rate standing at 13.25%.

In the minutes of its latest rates decision, the bank pointed to a significant rise in food costs, mostly due to drought conditions as well as higher beef prices.

Currently, Brazil charges a 9% import tax rate for coffee and 7.2% for corn, while beef and sugar import duties can reach as high as 10.8% and 14%, respectively.

Mr. Alckmin, who also serves as the government’s industry, trade and development minister, insisted that the measures will not hurt local farmers, since they are designed to complement domestic food production and not replace it. – Reuters

Too early to revise growth targets – Balisacan

March 7, 2025 | 12:33 pm

1741071560123 — Workers endure extreme heat as they continue with their jobs, March 4. Photo by Noel B. Pabalate, The Philippine Star

Global economic uncertainty remains a concern, but it may be too early to revise Philippine growth targets, National Economic and Development Authority Secretary Arsenio M. Balisacan said.

“We’ll see. There are many things are happening especially with all this uncertainty in the global economy. We need to revisit. We just revised the figures,” Mr. Balisacan told reporters on March 7.

The Development Budget Coordination Committee (DBCC) in December widened the gross domestic product (GDP) growth target to 6-8% for 2025 until 2028, due to “evolving domestic and global uncertainties.”

“It’s too early to change at this point but we need to be watchful and be flexible because of this uncertainty,” he added.

Budget Secretary and DBCC Chair Amenah F. Pangandaman said historically, the committee keeps its target unchanged during the first and second quarter of the year.

A DBCC meeting is scheduled at the end of March, but a technical working groups will hold a meeting next week.

Asked if the lower-end of the growth target is still possible this year, Mr. Baliscan said: “I’m not saying it’s no longer doable, but I think we will give ourselves the opportunity of seeing the numbers in May.”

The economy expanded by a weaker-than-expected 5.2% in the fourth quarter, bringing full-year GDP growth to 5.6% for 2024, missing the government’s 6-7% target.

Mr. Balisacan said “uncertainty in the global environment and any potential deterioration” is a concern, but easing inflation and robust labor market signal a “good” first quarter performance.

The inflation eased to 2.1% in February from 2.9% in January and 3.4% a year ago. This was also below the 2.2%-3% forecast by the Bangko Sentral ng Pilipinas.

Mr. Balisacan also anticipates the inflation to remain within the target in the following months.

“Of course, the other pillar that we are worried about is the exports, the external sector of the economy,” he said.

The US government’s new tariffs would indirectly affect the Philippines as no country would be spared, Mr. Balisacan said.

“The past two years, the exports sector of our economy, the external sector, was not good. As I said, most of the growth that we had experienced was largely domestic. There’s investment coming in too, but it’s still quite weak,” he added.

The NEDA Chief emphasized the need for the country to diversify its markets to be more resilient to shocks, and be aggressive in entering free trade agreements. — Aubrey Rose A. Inosante

AI firm CoreWeave denies contract cancellations with Microsoft

March 7, 2025 | 12:31 pm

IPO-bound AI cloud startup CoreWeave said on Thursday it had not seen any contract cancellations after the Financial Times reported that the company’s largest customer, Microsoft, had moved away from some agreements.

“We pride ourselves in our client partnerships and there have been no contract cancellations or walking away from commitments. Any claim to the contrary is false and misleading,” a CoreWeave spokesperson told Reuters in an emailed statement.

The FT reported, citing sources, that Microsoft withdrew from some of its agreements with CoreWeave over delivery issues and missed deadlines. However, the report also said that Microsoft retained a number of ongoing contracts with CoreWeave and it remained an important partner.

Microsoft declined to comment on the report.

The agreement with Microsoft accounted for 62% of CoreWeave’s revenue, or $1.2 billion in total, in 2024, according to a company filing.

The startup had warned that any negative changes in demand from Microsoft or a shift in the company’s relationship with Microsoft would adversely affect its business.

Founded in 2017, Nvidia-backed CoreWeave provides access to data centers and high-powered chips for AI workloads and competes against cloud providers such as Microsoft’s Azure and Amazon’s AWS.

CoreWeave has been laying the groundwork for a New York flotation at a valuation of over $35 billion, in what could be one of the biggest IPOs in recent times. It is also likely targeting to raise over $3 billion from its share sale, Reuters previously reported. – Reuters

Nissan board to meet on March 11, discuss potential CEO successors, sources say

March 7, 2025 | 12:29 pm

TOKYO – Nissan directors are due to gather on March 11 to discuss potential successors for CEO Makoto Uchida, whose position is seen as increasingly untenable given the Japanese automaker’s weak performance, three people familiar with the matter said.

Candidates being considered include Chief Financial Officer Jeremie Papin and Chief Planning Officer Ivan Espinosa, one of the people and a fourth person said, but neither are seen as a certainty, especially considering their association with current management missteps.

The next CEO could be installed as a temporary or transition leader, an option that would give the board more time to find a permanent replacement, the fourth person said.

The people declined to be identified because the information has not been made public. A Nissan 7201.T representative declined to comment. The March 11 meeting date was first reported by Kyodo.

Uchida’s potential ouster follows the collapse of talks to merge with Honda 7267.T, a development that has raised speculation about an investment from Taiwan’s Foxconn 2317.TW, where former Nissan executive Jun Seki heads the electric vehicle business.

The turmoil at the top of Nissan is the latest turn in a long-running drama that was sparked by the ouster of former Chairman Carlos Ghosn in late 2018 and would mean the fourth CEO in less than six years.

It also comes as Nissan is in a far more precarious position than in the past due to a worsening financial situation and looming debt commitments.

Nissan has previously had interim leaders. In 2019, the automaker installed company veteran Yasuhiro Yamauchi as interim CEO following the ouster of Ghosn’s successor Hiroto Saikawa.

The denouement for Uchida was first flagged by Reuters in December, when a source said that subsequent months would be critical for his and Nissan’s future.

Uchida has said that ending the malaise at Japan’s third-biggest automaker was the most pressing issue for him to tackle, after which he would be willing to bow out. – Reuters

Inclusive leadership in the advertising industry

March 7, 2025 | 9:00 am

PANA-Board-2025-OL — The 2025 PANA Officers and Board of Directors: (L-R): Bea Martinez of Century Pacific Food Inc., Maye Yao Co Say of Richwell Phils., Julie Balarbar of De La Salle University, Bea Atienza of Colgate-Palmolive, Anna Legarda-Locsin of Procter & Gamble, Emm Ordinanza of Nestle Phils., inducting officer and keynote speaker Emily Abrera, Kathrine Martinez of Unilab Inc., Victor Janolino of Rebisco, Cathy Santamaria of Bank of the Philippine Islands, Chrissy Roa of Ayala Land Inc., and Ricky Salvador of Vouno (Kopiko).

The Philippine Association of National Advertisers (PANA) remains committed to fostering an environment where both men and women thrive in leadership roles. With a history of diverse leadership, the association ensures that gender is never a barrier to realizing its vision of “Building Brands Responsibly through Creative Effectiveness.” This year, the same vision is reinforced with redefined four Ps of marketing as its unified pillars — purpose, passion, performance, and progress.

More than half of PANA’s leadership this term consists of accomplished female executives from the country’s biggest companies.

According to PANA President Christine “Chrissy” C. Roa, women bring unique perspectives that foster innovation and transformational progress.

“A woman is a daughter and potentially, a sister, a wife, and a mother, among other irreplaceable and irreplicable roles that make them the backbone of their families,” Ms. Roa told BusinessWorld. “This diversity of roles is translated to bringing diverse perspectives and transformational innovations to the workplace.”

Advertising benefits from diverse perspectives, and PANA ensures that talent and merit, rather than gender, determine leadership positions and professional growth.

“As leaders in advertising, [women] have a good balance of intelligent quotient and emotional intelligence which is critical to thought leadership in a fast-paced, pressure driven and often times, subject to cutthroat competition,” she added.

The association’s inclusive culture allows its member companies to create campaigns that resonate with a broad audience. This approach is evident in strategic initiatives led by executives who continue to redefine the industry.

Meanwhile, the PANA Foundation (PANAF) continues to lead and support the youth aspiring to enter the advertising and marketing industry.

PANAF Chairperson Mae Yao Co Say stressed the importance of driving meaningful change beyond individual recognition, emphasizing a leadership that values purpose-driven initiatives over personal accolades.

“PANA taught me that what matters most isn’t whether people remember our needs, but whether our actions and principles create a lasting positive impact,” she said. “Together, we can achieve milestones that not only shape our industry but also contribute meaningfully to society.”

This term, PANAF plans to launch programs connecting industry leaders with young professionals. These include the prestigious PANAnaw Awards and the Youth Creativity Festival, both aimed at fostering creativity and excellence among future industry leaders.

The foundation also seeks accreditation from the Philippine Council for NGO Certification to strengthen governance, transparency, and access to funding.

“PANA has always been a champion of responsible and effective advertising. But beyond that, we are also stewards of a more inclusive, fair, and forward-thinking industry — one that thrives on diversity and ensures that gender bias has no place in our decision-making, both within PANA and across the advertising landscape,” Ms. Co Say said.

Empowering women in the industry

Women on PANA’s board have continuously shaped the advertising industry through responsible brand-building initiatives. Their leadership ensures that campaigns align with ethical and creative effectiveness.

With a strong presence in decision-making bodies, female executives in PANA have helped elevate industry standards and drive brand innovation.

“We recognize the power of advertising in shaping perceptions, which is why we advocate for marketing messages that are inclusive, empower individuals, and inspire progress,” said Ms. Co Say.

Anna Legarda-Locsin, PANA president in 2018 and the current board president of the Ad Standards Council (ASC), has championed gender equality and leadership in advertising, setting new benchmarks for women in the industry.

As one of the women to hold the presidency, she promoted responsible advertising and strengthened industry self-regulation. Even after her tenure, Ms. Locsin remained deeply engaged with the association, serving as one of the board directors.

“We take pride in fostering a culture of meritocracy and equal opportunity, where leadership is based on vision, capability, and contribution — not gender,” Ms. Co Say explained. “The presence of strong female executives in PANA, PANAF, and the ASC Board is proof that when women lead, industries evolve and businesses thrive.”

Equality in leadership

PANA’s leadership roles remain open to all based on merit, with gender never a factor in decision-making. The organization has a long history of electing presidents and board members from both genders, proving that talent and expertise define leadership within the association.

PANA’s success and that of the advertising industry stem from seamless collaboration between men and women in leadership. The board and its members continuously advance the organization’s mission of advocating effective, responsive, and enterprise-building marketing communications.

“Men and women have an evident equity and have the same opportunity to take on leadership roles in its different disciplines,” Ms. Roa noted. “PANA, being the organization espousing responsible brand building and creative effectiveness, doesn’t see the relevance of gender in delivering these thrusts.”

The association also recognizes that men and women bring distinct competencies and skill sets to leadership.

“Being in the company of men and women thought leaders who bring in distinct core competencies and skill sets, we are able to harness what everyone has to offer and complement each other. At the end of the day, gender merely becomes a sex or a biological identity rather than a social construct,” Ms. Roa added.

Beyond leadership, PANA promotes ethical and stereotype-free advertising through collaboration with the Ad Standards Council. The association ensures that advertising remains inclusive, empowering, and reflective of society’s diversity.

Ms. Co Say, who has served on the PANA and PANAF boards for over 15 years, emphasizes the culture of mutual respect within the organization.

“Regardless of gender, age, personality, or company size, every board member has a voice that is valued and a role that is respected,” she explained. “While our differences bring diverse perspectives, they do not divide us; instead, they fuel richer discussions and stronger industry initiatives.”

A step change in marketing and advertising

Ms. Roa, who is also group head of marketing and communications for Corporate and Estates at Ayala Land Inc., leads PANA this year. A seasoned advertising and marketing executive, Ms. Roa aims to redefine brand-building strategies to align with evolving consumer behaviors and the digital landscape.

The new PANA president calls an industry-wide commitment to progress by challenging the status quo and pushing beyond traditional boundaries to create a more inclusive advertising landscape.

Joining Ms. Roa on the PANA Board are Cathy Santamaria of Bank of the Philippine Islands as Vice-President; Victor Janolino of Rebisco as Secretary; Kathrine Martinez of Unilab Inc. as Treasurer; Ricky Salvador of Vouno (Kopiko) as Auditor; and Emmanuel Ordinanza of Nestlé Philippines as Public Relations Officer.

The board of directors includes Bea Ballesca-Martinez of Century Pacific Food Inc., Bea Atienza of Colgate-Palmolive Philippines, Julie Balarbar of De La Salle University, Anna Legarda-Locsin of Procter & Gamble, and Maye Yao Co Say of Richwell Phils. Inc.

Meanwhile, Ms. Co Say serves as chairperson of the PANA Foundation (PANAF). Serving PANAF alongside her are Victor Janolino of Rebisco as Vice-Chairperson; Ricky Salvador of Vouno (Kopiko) as Secretary; Cathy Santamaria of Bank of the Philippine Islands (BPI) as Treasurer; and trustees Bea Ballesca-Martinez of Century Pacific Food Inc., Jos Ortega of Havas Ortega, Adi Timbol-Hernandez of McDonald’s Philippines, Marvin Tiu Lim of Mega Prime Foods, Blen Fernando of the Museum Foundation of the Philippines Inc., Gigi Tibi of RadManila Communications Inc., and Jared De Guzman of Watsons Philippines Inc.

For more information about PANA, please visit www.pana.com.ph. You may also send your inquiries at email@pana.com.ph.

PHL jobless rate hits 6-month high

March 7, 2025 | 12:34 am

Job fair-wc — People attend a job fair inside a mall in Manila, Feb. 7. The unemployment rate stood at 4.3% in January, the highest in six months. — PHILIPPINE STAR/EDD GUMBAN

By Chloe Mari A. Hufana, Reporter

THE PHILIPPINES’ unemployment rate in January rose to its highest level in six months, as hiring declined after the holiday season, the statistics agency said on Thursday.

Preliminary data from the Philippine Statistics Authority’s (PSA) Labor Force Survey showed the jobless rate at 4.3% in January, slightly lower than 4.5% a year ago but higher than 3.1% in December.

This translated to 2.16 million jobless Filipinos in the first month of the year, unchanged from January 2024 but higher than the 1.63 million seen in December 2024.

January saw the highest unemployment rate since 4.7% in July 2024.

At a news briefing, PSA Assistant Secretary Divina Gracia L. Del Prado said higher unemployment is always seen in January.

“If you look at the series, it always happens — employment shoots up in December, and then suddenly in January, it drops because there’s no longer a demand,” she said in mixed English and Filipino.

Bicol Region recorded the highest unemployment rate with 6.5%, while Zamboanga Peninsula had the lowest with 2.3%.

“While we welcome this development, we also acknowledge that these additional jobs are classified as vulnerable. Therefore, our strategy remains clear: to sustain job creation by fostering a dynamic and investment-friendly economy while preparing our workforce for high-growth and emerging industries that offer high-quality, well-paying jobs,” National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said in a statement.

Meanwhile, underemployment slipped to 13.3% in January, equivalent to 6.47 million from 13.7% in the same month a year ago.

However, January underemployment — the proportion of those already working, but still looking for more work or longer working hours — rose from 10.9% in December.

It was also the highest in nine months or since April 2024 when it hit 14.6%.

“The industry with the largest share of underemployment is agriculture and forestry. Agriculture accounts for 44.5% of total underemployment. Nearly half of those employed in the sector consider themselves underemployed,” Ms. Del Prado said in Filipino.

Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, and Sarangani) had the highest underemployment rate at 29.5%, while the Davao Region was the lowest at 3.3%.

PSA data showed the size of the labor force stood at approximately 50.65 million Filipinos aged at least 15 years old, yielding a labor force participation rate (LFPR) of 63.9%. This was higher than the 61.1% in January 2024, equivalent to a labor force of 48.06 million.

The LFPR is the percentage of the population that is economically active.

“This suggests robust employment growth compared to last year… due [to] more money circulating in the economy as a result of election spending by candidates and the flood of aid,” University of the Philippines Diliman School of Labor and Industrial Relations Assistant Professor Benjamin B. Velasco told BusinessWorld in a Facebook Messenger chat.

The youth LFPR rose to 31.8% in January from 29.7% in January 2024.

Finance Secretary Ralph G. Recto is optimistic that youth participation in the labor force will continue to increase amid government efforts to “harness the country’s demographic sweet spot.”

“We have a multifaceted strategy to sustain our dynamic labor market, focusing on education and workforce development, infrastructure, and investments. We are investing heavily in both intellectual and physical infrastructure,” Mr. Recto said in a statement.

PSA data also showed the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) recorded the highest LFPR with 72.5%, while the Bicol Region recorded the lowest with 59.1%.

CONCERNS
Federation of Free Workers (FFW) President Jose Sonny G. Matula said the latest jobs data raises serious concerns.

“Unemployment, underemployment, and precarious work arrangements continue to rise, underscoring the urgent need for economic reforms that will provide stable, high-paying jobs while ensuring that businesses can sustain growth,” he told BusinessWorld in a Viber chat.

PSA data showed the employment rate, which is the proportion of the employed to the total labor force, stood at 95.7% in January. This was a tad higher than the employment rate of 95.5% in the same month in 2024.

About 48.49 million Filipinos had jobs in January, higher than 45.9 million in the same month last year but lower than 50.19 million in December 2024.

Zamboanga Peninsula had a 97.7% employment rate, the highest in the country, while Bicol Region had the lowest at 93.5%.

The services sector remains the largest employer, accounting for 61.6% of jobs, followed by agriculture and forestry (21.1%) and industry (17.2%).

Most jobs in the services sector are contractual, seasonal, or precarious, Mr. Matula noted.

“Many workers are trapped in labor-only contracting schemes, job orders (JOs) or contracts of service (COS) without security of tenure, and short-term employment cycles that offer no long-term stability,” he said.

Bukluran ng Manggagawang Pilipino President Renecio S. Espiritu, Jr. said the higher underemployment rate shows Filipinos are struggling with insufficient wages or jobs that do not match their background.

“Workers in critical sectors like manufacturing continue to decline due to rampant contractualization and union-busting,” Mr. Espiritu said in Filipino.

He also pointed out the “very low” LFPR for women at 52.9%.

“This means we are either wasting a significant portion of our labor power or failing to recognize the reproductive work that women perform — both of which are simply unacceptable,” Mr. Espiritu said.

Meanwhile, agriculture and forestry had the biggest annual increase in jobs in January, adding 883,000 jobs. This was followed by wholesale and retail trade, repair of motor vehicles and motorcycles (850,000); accommodation and food service activities (533,000); and transportation and storage (141,000).

On the other hand, manufacturing shed 209,000 jobs in January, the highest among subsectors. The professional, scientific and technical activities sector cut 58,000 jobs, followed by arts, entertainment and recreation (29,000), and construction (11,000).

Wage and salary workers accounted for 63% of the workforce in January, followed by self-employed individuals without paid employees (28.2%), and unpaid family workers (6.6%). The smallest share belonged to employers in family-operated farms or businesses at 2.2%.

Working hours averaged 40.4 hours per week in January, lower than the average of 42.2 hours a year ago.

Spiraling food prices muddle Philippine drive vs heart disease

March 7, 2025 | 12:33 am

Instant Noodles-wc — The Philippines is expected to have kept its spot as the seventh-largest market for instant-noodles, having consumed 4.39 billion servings in 2024, according to the World Instant Noodle Association. — REUTERS

By Kyle Aristophere T. Atienza, Reporter

LILY G. TERRENIO, 55, stocks up on instant noodles, powdered milk, canned sardines and other processed foods at the end of each month.

A single woman who has been jobless since she returned to the Philippines in 2021 after working as a chambermaid in the United Arab Emirates for five years, she lives off P25,000 ($435) that her sister from Dubai sends every month.

“That is all I can afford,” Ms. Terrenio, who also takes care of her senior mother, a niece and a two-year-old kid that her niece left with her, told BusinessWorld. “This is better than not eating at all.”

Canned meat and canned fish were among the top commodity items that Filipinos eat in times of need, according to a 2023 survey by business solution firm Pathworks.

Ischemic heart disease, which scientists have linked to high levels of low-density lipoprotein (LDL) cholesterol, was the leading cause of death in the Philippines in 2024, according to the local statistics agency.

From January to August 2024, 60,253 Filipinos died from the ailment, where there is reduced blood flow to the cardiac muscle due to a buildup of atheromatous plaque in the arteries of the heart. The deaths accounted for 19.8% of all deaths.

The Philippines is expected to have kept its spot as the seventh-largest market for instant noodles, having consumed 4.39 billion servings in 2024, according to the World Instant Noodle Association. It expects the global demand for instant noodles to reach 120 billion servings this year, little changed from 120.21 billion in 2024.

Instant noodles are high in sodium, preservatives and other chemicals, making them one of the unhealthiest food choices, according to the World Health Organization (WHO). Regular consumption of instant noodles can lead to health problems such as high blood pressure, it said.

“Unfortunately, it is often difficult to tell the salt content in our food, especially when buying packaged foods,” the WHO said on its website. “Many products in the market, such as instant noodles, have excessive salt content. However, without appropriate nutrient information on the food packaging, it is challenging to assess how much salt the product contains.”

In the Philippines, the estimated daily sodium intake of adults was 4.1 grams in 2022, which is more than double the WHO’s recommendation.

“Let’s be honest: Filipinos love salty food,” Anthony C. Leachon, a doctor and health reform advocate, said in a Viber message. “Most Pinoy dishes use generous amounts of salt, soy sauce, fish sauce, or bagoong (shrimp paste) to achieve full flavor.”

Gene N. Nisperos, a faculty member at the University of the Philippines College of Medicine, said poverty has pushed many Filipinos to consume unhealthy food that is often rich in sodium and unhealthy fats.

“With lower purchasing power, people are forced to buy cheaper food, which is not necessarily healthy,” Mr. Nisperos, who also sits on the board of the Community Medicine Development Foundation, told BusinessWorld in an e-mailed reply to questions. “There is really no such thing as ‘healthy options’ when prices continue to go up while wages remain low.”

“The question is, in an agricultural country rich in natural resources, why is it cheaper to buy processed or junk food than healthy, natural food?” he asked.

Inflation eased to 2.1% in February — the slowest in five months — from 2.9% in January and 3.4% a year earlier, the Philippine Statistics Authority said on Wednesday. Food inflation also slowed to 2.6% from 4% a month earlier and 4.8% a year ago.

Food commodities have been a major driver of inflation in the Philippines, an agricultural nation that heavily relies on imported food.

In January, inflation-adjusted wages were as much as 25% lower than the daily minimum wages across regions in the country. In peso terms, real wages were lower by as much as P131.45 than the daily minimum wages set by the Regional Tripartite Wages and Productivity Board, according to data compiled by BusinessWorld.

Mr. Leachon said ischemic heart disease and other lifestyle diseases cost the national economy about P756.5 billion yearly, equivalent to 4.8% of the country’s annual gross domestic product.

“This figure includes the direct costs of noncommunicable diseases associated with treatment and the indirect hidden costs arising from reduced productivity in the workplace and premature death of workers,” he added.

Despite their risk to the national economy, the government has largely failed to come up with policies against heart disease, Mr. Leachon said. “We don’t have solid long-term programs to curb ischemic heart disease in our country.”

Instead, the state undermines the people’s health by stripping the Philippine Health Insurance Corp. (PhilHealth) of subsidies, he pointed out. The state health insurer did not get a state subsidy in the 2025 national budget as lawmakers flagged inefficiencies in its operations.

Before this, PhilHealth transferred P60 billion of “excess funds” to the National Treasury last year so the government could use the money to fund vital projects. It was supposed to transfer P29.9 billion more to the state before the Supreme Court stopped it from doing so in October based on several lawsuits questioning the move.

President Ferdinand R. Marcos, Jr. said days after signing the national budget that the “zero budget” for PhilHealth should not affect the delivery of healthcare services.

‘POLICY TOOLS’
John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said government programs that seek to promote healthier diets like the national salt reduction initiative of the Health department and Pinggang Pinoy (Filipino Plate) by the Food and Nutrition Research Institute have limited scale and reach.

“Many low-income households still rely on processed and sodium-rich foods due to affordability and accessibility issues,” he said in an e-mailed reply to questions. “The lack of strong enforcement and consumer awareness limits the effectiveness of these programs.”

The Philippines in 2022 passed a law seeking a total ban on industrial trans fats by 2026.

“Policy tools to improve heart health may include stronger enforcement of the Trans Fat Free law and progressive health taxes on high-cholesterol and high-sodium foods,” Mr. Rivera said.

He also sought incentives for local agro-food players to make healthier options cheaper in the face of climate change, which disrupts farm production. He also cited the need for mass education campaigns on the health risks of unhealthy eating habits.

“Alongside policies like sin taxes on sugary drinks, new regulations should be carefully designed to avoid unintended consequences, such as making food more expensive for low-income households,” he said.

“Filipinos with cardiovascular disease will put additional strain on the public health system, increasing demand for medical interventions,” he added.

There was a proposal at the House of Representatives to tax junk food and sweetened drinks back in 2023, but it has not advanced amid opposition from business groups, which said it could burden consumers and discriminate against some companies.

Finance Secretary Ralph G. Recto has also bucked the proposal, which he said is inflationary.

Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said the poor are at a higher risk of developing lifestyle illnesses like heart disease due to the lack of health facilities and poor education.

While the rich also consume high-cholesterol food, they have the means to get treated in case they get sick, he pointed out.

“Education and health are complimentary,” he said. “Poor education leads to unhealthy forms of diet, while poor health reduces the returns from education. This vicious cycle can be causing these unfavorable health outcomes.”

Mr. Lanzona noted that while inflation might be linked to lifestyle illnesses such as heart disease, “the causation goes the other way.”

“Poor health especially among the poor reduces the productivity of workers, which then causes inflation,” he said. “It is about time we think of health not just as an outcome of economic conditions, but more as an input of production.”

Mr. Leachon urged both Houses of Congress to come up with pro-cardiovascular health bills, including a policy on calorie counting in food hubs and preventive health education in the school curriculum.

The government should also prioritize the creation of more parks, bike lanes, walk lanes and “sophisticated transportation infrastructure” to reduce obesity and improve health outcomes, he added.

“Making policies that limit unhealthy food is just one way,” Mr. Nisperos said. “But the approach to health is not just medical. For nutrition, we should not just focus on what goes onto a plate but also on how, if ever, food gets onto that plate.”

“The approach should be multisectoral, beginning with the food producers in the supply chain,” he added.

This article is part of the Unblock Your Heart Health Reporting initiative, supported by the Philippine Press Institute and Novartis Healthcare Philippines, to improve health literacy on cardiovascular diseases. Know your numbers, understand your risks, and consult your doctor — so no Filipino heart is lost too soon. Take control of your heart health today. Visit unblockedmovement.ph for more information.

More room for easing amid slow inflation — analysts

March 7, 2025 | 12:32 am

Pork-meat vendor-wc — A meat vendor waits for customers at the Arranque Market in Manila, Jan. 14. Inflation eased to 2.1% in February. — PHILIPPINE STAR/EDD GUMBAN

By Luisa Maria Jacinta C. Jocson, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) has more room to further reduce interest rates due to an easing inflation outlook, though the need to be cautious remains amid uncertainties.

“The February inflation outturn supports the BSP’s prevailing assessment that inflation will remain within the target range over the policy horizon,” the central bank said in a statement late on Wednesday.

The February consumer price index (CPI) eased to 2.1% from 2.9% in January and 3.4% a year ago. This was also the slowest inflation print in five months.

The February print was also well below the 2.6% median estimate in a BusinessWorld poll of 18 analysts conducted last week.

“We think February CPI supports, not just a continuation of the BSP’s easing cycle next quarter, but a policy rate cut regardless of the Fed,” HSBC economist for ASEAN Aris D. Dacanay said in a report.

Citi Economist for the Philippines Nalin Chutchotitham said there is “ample room to resume its rate-cutting cycle, especially against a backdrop of growth headwinds.”

She said inflation is expected to stay at the lower end of the BSP’s 2-4% target range for the rest of the year.

Citi revised its full-year inflation forecast to 2.6% this year from 3.2% previously. It expects inflation to settle at 2.2% in March, 2.6% in the second and third quarters and 2.7% in the fourth quarter.

“The modest upward trajectory that we forecast for the rest of 2025 largely reflects base effects from sequential softening in rice and energy prices between April to December, even as we expect inflation momentum to remain subdued, largely on expected decline in crude oil prices.”

“Even so, inflation will stay firmly in the lower half of BSP’s target for the rest of 2025,” Ms. Chutchotitham added.

The BSP expects inflation to average 3.5% this year

Mr. Dacanay said risks to the inflation are tilted to the downside as “retail rice prices still have room to decrease while global energy prices are easing.”

“The pressure to ease policy rates even further has been growing with household consumption slightly stumbling due to today’s high-interest rate environment,” Mr. Dacanay said.

“Given low inflation, we believe the BSP has room to rebalance its risks from FX stability and inflation to supporting growth. And this room to rebalance risks will likely grow larger in the coming months.”

The Philippine economy expanded by a weaker-than-expected 5.2% in the fourth quarter, bringing full-year growth to 5.6% or below the government’s target.

“With the government aiming to boost rice supply in the economy via its buffer stocks, we can expect retail rice prices to continue delivering downward pressure on inflation,” Mr. Dacanay said.

Rice inflation contracted to 4.9% in February, the lowest rice inflation since the 5.7% decline in April 2020.

“The decline in rice prices is particularly important, as historical data show that rice has the greatest influence on consumer behavior,” Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said.

“Spending on other items usually deteriorates when rice prices are high. With rice prices now falling, consumer spending may see a notable recovery this year.”

FURTHER EASING?
The central bank said it will continue to monitor headwinds and global uncertainties.

“Nonetheless, uncertainty over global economic policies and their potential impact on the domestic economy continue to warrant close monitoring,” the BSP said.

The central bank said it will “carefully consider all new available information at its April 3 meeting.

BSP Governor Eli M. Remolona, Jr. earlier said that despite keeping rates steady at its February meeting, it is still in easing mode. He signaled the possibility of up to 50 bps worth of rate reductions this year.

For this year, Citi expects the central bank to deliver three rate cuts in increments of 25 bps at each of its April, August and December meetings. This would bring the benchmark to 5% by end-2025.

“Due to the room to absorb FX-induced inflation, we think February CPI builds a case for the BSP to continue its easing cycle regardless of the Fed,” Mr. Dacanay said.

Inflation falling towards the lower end of the target will act as a buffer if the policy rate differential between the BSP and Federal Reserve is too narrow, or if the BSP were to cut even if the Fed does not, he said.

Ms. Chutchotitham likewise said that the Philippines does not need to be in lockstep with the Fed.

“I think that the BSP continues to focus on what’s happening with the domestic economy, their mandate stresses on inflation mainly. And I think that the Fed is one factor to consider… but (that’s) only one factor,” she added.

Last year, the BSP began its easing cycle ahead of the US central bank, delivering its first rate cut in August versus the Fed’s first move in September.

“Slower inflation keeps the door open for BSP rate cuts this year, especially if the GDP data in May falls short of expectations,” Mr. Neri said. “However, we continue to believe that the space for easing this year remains limited.”

Mr. Neri said global uncertainties could make the peso vulnerable amid the country’s current account deficit.

“Maintaining interest rates at appropriate levels may offset the impact of these uncertainties,” he added.

Customs confident of hitting 2025 target despite tariff cuts

March 7, 2025 | 12:31 am

BoC-CUSTOMS — PHILIPPINE STAR/EDD GUMBAN

By Aubrey Rose A. Inosante, Reporter

THE BUREAU of Customs (BoC) is confident it can meet its P1.06-trillion collection goal this year, despite lower tariffs on rice, electric vehicles (EV) and other commodities.

BoC Assistant Commissioner Vincent Philip C. Maronilla told BusinessWorld that the agency will focus on other potential nontraditional revenues to offset the tariff cuts.

This year, the BoC is targeting to collect P1.06 trillion, 14.28% higher than the actual collection of P931.05 billion in 2024.

“It will be a bonus if we exceed the target, so maybe it will be a little higher. It will be at the border of P1.06 trillion,” he said.

He said the BoC has already factored in the lower tariffs from rice, pork and EVs in this year’s collection target.

“Because last year, those collections from those items (rice, pork, EVs) which are some of our main drivers were part of our projected revenue forecasts,” Mr. Maronilla said.

Last year, the BoC missed its full-year target by 0.92%.

Customs collections took a hit after Executive Order No. 62 took effect in July 2024. The order cut import tariffs on rice to 15% until 2028 to tame inflation. It also extended the effectivity of lower rates on pork, corn and mechanically deboned meat for poultry. The same order also extended the zero-tariff policy on electric vehicles and parts through 2028, as well as expanded the coverage to other types of e-vehicles.

“We’ve focused on some other potential nontraditional revenue to offset that (revenue loss from tariff cuts,” Mr. Maronilla said.

The BoC is focusing on plugging revenue leakages, he added.

“Number one, to plug the loopholes and number two, maybe recover some leakages in the revenue that happened during the previous times,” he said.

He noted the BoC is looking at encouraging violators to avail themselves of “certain programs that we have with a little penalty on the side.”

“And of course, we’re looking into updating and beefing up our reference values as a risk management tool to plug revenue leakages in terms of undervaluation or misinvoicing,” Mr. Maronilla said.

Meanwhile, the BoC said preliminary revenue collection reached P79.34 billion in January, exceeding its P78.015 billion target by 1.7%.

Year on year, the January figure was 8.1% or P5.947 billion higher than the P73.397 billion collected in January 2024.

“Our priority is to sustain revenue growth while ensuring seamless trade and robust border protection,” Customs Commissioner Bienvenido Y. Rubio said in a statement on Thursday.

Mr. Maronilla said the agency expects the volume of imports to increase ahead of the midterm elections.

“(There are) projections that volume this year might still come up and spending on importation might be up also because of some activities related to the elections,” he said.

Prospects and challenges for PHL stock market in 2025

March 7, 2025 | 12:30 am

SF_IMG_0002-OL — Department of Finance Assistant Secretary Neil Adrian S. Cabiles — Photo by Jayson John Mariñas

By Jomarc Angelo M. Corpuz, Special Features and Content Writer

The Philippine Stock Exchange (PSE) has been on a downtrend since peaking at a little over 9,000 points in 2018. Despite periodic rebounds, the index has struggled to regain its previous highs due to global economic uncertainties, inflationary pressures, and the impact of the COVID-19 pandemic. For the first time in years, optimism is building around the PSE, with experts seeing potential for recovery and growth despite past challenges.

At such a background, a BusinessWorld Insights forum, held last Feb. 26 in Dusit Thani Manila, probed the Philippines’ stock market performance in recent years to discover the reasons and factors for the said outcomes.

The forum was graced by Department of Finance (DoF) Assistant Secretary Neil Adrian S. Cabiles, who delivered a keynote address on “Strengthening Market Resilience in the Pursuit of Growth in 2025.”

During his speech, Mr. Cabiles highlighted the Philippines’ strong economic performance under President Ferdinand R. Marcos, Jr., improvements in several indicators, the implementation of key reforms, as well as the department’s growth expectations for the country both regionally and globally in 2025.

The assistant secretary revealed that the Philippines remained as one of the best-performing economies in the world, expanding by an average of 6% ever since Mr. Marcos took office. This growth rate ranks second in the ASEAN region, third in Asia, and eighth globally. Mr. Cabiles noted that the economic development can be attributed to public and private construction, household and government consumption, along with activities in the manufacturing, services, and transportation sectors.

He also discussed how inflation has eased after consecutive years of elevated levels. According to data from the DoF, inflation in 2022 reached 5.82% and further increased in 2023 to 5.98%. Last year, the rate returned within the target range of 2%-4%, decreasing to 3.2%.

Additionally, investments both from the government and private sectors are expected to drive growth in 2025 as well. Along with continued monetary leasing, Mr. Cabiles said that investors are taking advantage of reforms from the DoF, such as incentive packages and liberalization on public services, renewable energy, and retail trade. Timely and efficient implementations of the National Budget and flagship infrastructure projects are also viewed as potential growth drivers this year.

Similarly, Mr. Cabiles called the Philippine labor market as “one of the good stories” of the economy in 2024. Last year, unemployment and underemployment rates showed marked improvements compared to 2023 and pre-pandemic levels. He explained that these numbers reflect improved job quality, success of reskilling and upskilling workers, and enhanced labor policies.

Other positive economic indicators touched on by Mr. Cabiles include the resurgence of international tourism, the contributions of the business process outsourcing sector, prudent debt management, strong fiscal external position, and significant improvements in the inflows of foreign direct investments.

Resilience amid risks

However, while these positive developments paint an encouraging outlook for 2025, Mr. Cabiles also underscored the potential risks and challenges that could hinder sustained economic growth. He advised policy makers and investors to remain cognizant of global uncertainties such as the impact of the United States’ (US) policies, external inflationary pressures, continued geopolitical tensions, and increasing trade protectionism.

Given these key concerns, Mr. Cabiles noted that introducing reforms to the ecosystem for investments, both physical and financial, are of great value. Chief among these is the CREATE MORE Act, which enhances tax incentives, improves the ease of doing business, clarifies VAT rules, and reduces administrative burdens for investors.

To end his address, Mr. Cabiles briefly spoke about the much-awaited reclassification of the Philippines to upper middle-income status. According to him, the common diagnosis of a number of studies shows that the country is on track, but subject to, among others, a sustained growth trajectory, implementing policy reforms, a favorable economic environment, and meeting key investments.

“We, as part of the public sector, are committed to meeting these pre-conditions, and we strive to maintain growth and lay down the essential infrastructure to support these. We have and also continue to institute the necessary reforms to foster an enabling environment for more investments,” Mr. Cabiles concluded.

Cautious optimism

During the forum’s first panel discussion, experts from COL Financial Group, Sun Life Investment Management and Trust Corp. (SLIMTC), and First Metro Securities Brokerage Corp. (FirstMetroSec) shared their insights on the realities facing the stock market this year.

L-R: Sun Life Investment Management and Trust Corp. President Michael Gerard D. Enriquez, COL Financial Group Corporate Strategy and Chief Investors Relation Officer April Lyn C. Lee-Tan, First Metro Securities Brokerage Corp. FVP and Equity Research Division Head Reuben Mark Angeles, and Cignal TV News Anchor Dr. Danie Laurel (moderator and forum host) — Photo by Jayson John Mariñas

The conversation panelled by COL Financial Group’s Corporate Strategy and Chief Investors Relation Officer April Lyn C. Lee-Tan, SLIMTC President Michael Gerard D. Enriquez, and FirstMetroSec FVP and Equity Research Division Head Reuben Mark Angeles focused on the Philippine stock market’s underperformance in 2024 and the reasons for their cautious optimism this year.

Ms. Lee-Tan looked beneath the surface of the underperformance of last year’s stock market. Mr. Enriquez shared how he projects the PSE moving forward this year, while Mr. Angeles explained why he is bullish for the first time in two years for 2025’s market.

One key issue raised during the discussion was the impact of trade protectionism, particularly under the policies of US President Donald Trump. With concerns mounting over how restrictions on global trade and investment could affect emerging markets like the Philippines, Ms. Lee-Tan noted that despite initial fears, the country managed to navigate the first Trump presidency without severe disruptions.

“There’s reason to believe that what we’re seeing today is an overreaction to what would happen because of Trump’s presidency,” she said. “It’s a very interesting first month for the administration as the Department of Government Efficiency (DOGE) has been quite aggressive in cutting costs. If they are successful, that would be deflationary and that would mean short-term pain for long-term gains.”

Foreign funds weighed in

The discussion also shifted to another pressing concern — the exodus of foreign funds from the Philippine market. Mr. Angeles believes that there will be a rotation eventually which will allow foreign funds to flow back to the country. He believes that investors will slowly look for opportunities in countries that have less exposure or are less vulnerable to policies by the Trump administration.

“I think for us, we need to demonstrate that we have that underlying theme for the Philippines, not just strong fundamentals. We all know that clearly, fundamentals are not reflective of the equity market levels right now. So, it’s that underlying theme: What would make me buy the Philippines again, compared to other countries?” Mr. Enriquez added.

With global markets closely monitoring central bank policies, the discussion shifted to the Bangko Sentral ng Pilipinas (BSP) and the potential impact of reducing interest rates. Mr. Enriquez believes that the BSP will cut 50 basis points on the reserve requirement ratios, which will be beneficial to banks and free up liquidity in the system. He also mentioned the importance of the strength of the dollar as the PSE index is highly dependent on foreign funds.

“I think we’re the only market that is heavily reliant on foreign funds. That’s why we’ve been talking about, when will foreign funds come in, and it’s more than 50% [of the market] right now. I think it might be much less as local fund managers have taken over the volume, but it’s that dynamics,” Mr. Enriquez said.

More investor participation

Encouraging Filipinos to invest more was also a topic for discussion in the panel. Experts stressed the importance of increasing local investor participation to reduce dependence on foreign funds and create a more stable market.

“It’s all about investment education, trying to encourage them. But again, the problem is, you have other options. It’s still about the market at the moment, unless we see yields come down to a level that maybe [Filipinos] can get more gains in the market,” Mr. Angeles explained.

As investors weigh their options in the PSE, the discussion naturally turned to the upside and downside risks that could shape the stock market’s trajectory in 2025. For Mr. Enriquez, if the market continued at its current level, the market will settle on their conservative projection of 6,608. Meanwhile, for the PSE to reach his upside projection of 8,512, he encouraged investors to look at the US Tenure Bond and the dollar.

The Philippine stock market’s road to recovery has both opportunities and challenges for investors and policy makers alike. While optimism is building, experts from the panel remind investors to stay cautious, considering factors like global trade policies, foreign fund movements, and interest rate adjustments. As 2025 unfolds, it’s all about striking the right balance and making the right decisions — seizing opportunities while staying prepared for the risks ahead.

This BusinessWorld Insights forum was supported by silver sponsors BDO Capital, SM Investments Corp., and Sun Life; bronze sponsors Figaro Coffee Group, Meralco, SM Supermalls, Unicapital Group; partners Asian Consulting Group, American Chamber of Commerce of the Philippines, British Chamber of Commerce of the Philippines, Bank Marketing Association of the Philippines, CCI France Philippines, Management Association of the Philippines, Philippine Chamber of Commerce and Industry, Philippine Franchise Association, and Philippine Retailers Association; and official media partner The Philippine STAR.