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In stunning U-turn, Trump walks back some tariffs, triggering historic market rally

A “Make America Great Again” hat is seen on display on the trading floor at The New York Stock Exchange. — REUTERS

WASHINGTON – In a stunning reversal, US President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China, sending global stocks rocketing higher.

Trump’s turnabout on Wednesday, which came less than 24 hours after steep new tariffs kicked in on most trading partners, followed the most intense episode of financial market volatility since the early days of the COVID-19 pandemic. The upheaval erased trillions of dollars from stock markets and led to an unsettling surge in US government bond yields that appeared to catch Trump’s attention.

“I thought that people were jumping a little bit out of line, they were getting yippy, you know,” Trump told reporters after the announcement, referring to a golf term.

Since returning to the White House in January, Trump has repeatedly threatened an array of punitive measures on trading partners, only to revoke some of them at the last minute. The on-again, off-again approach has baffled world leaders and spooked business executives, who say the uncertainty has made it difficult to forecast market conditions.

The day’s events cast into stark relief the uncertainty surrounding Trump’s policies and how he and his team create and implement them.

US Treasury Secretary Scott Bessent asserted that the pullback had been the plan all along to bring countries to the bargaining table. Trump, though, later indicated that the near-panic in markets that had unfolded since his April 2 announcements had factored in to his thinking.

Despite insisting for days that his policies would never change, he told reporters on Wednesday: “You have to be flexible.”

But he kept the pressure on China, the No. 2 provider of US imports. Trump said he would raise the tariff on Chinese imports to 125% from the 104% level that took effect at midnight, further escalating a high-stakes confrontation between the world’s two largest economies. The two countries have traded tit-for-tat tariff hikes repeatedly over the past week.

Trump’s reversal on the country-specific tariffs is not absolute. A 10% blanket duty on almost all US imports will remain in effect, the White House said. The announcement also does not appear to affect duties on autos, steel and aluminum that are already in place.

The 90-day freeze also does not apply to duties paid by Canada and Mexico, because their goods are still subject to 25% fentanyl-related tariffs if they do not comply with the US-Mexico-Canada trade agreement’s rules of origin. Those duties remain in place for the moment, with an indefinite exemption for USMCA-compliant goods.

“China is unlikely to change its strategy: stand firm, absorb pressure, and let Trump overplay his hand. Beijing believes Trump sees concessions as a weakness, so giving ground only invites more pressure,” said Daniel Russel, vice president of international security and diplomacy at the Asia Society Policy Institute.

“Other countries will welcome the 90-day stay of execution — if it lasts — but the whiplash from constant zigzags creates more of the uncertainty that businesses and governments hate,” Russel said.

US stock indexes shot higher on the news, with the benchmark S&P 500 .SPX index closing 9.5% higher. Bond yields came off earlier highs and the dollar rebounded against safe-haven currencies.

The relief spread through Asian markets as they opened on Thursday with Japan’s Nikkei index surging almost 9%.

Trump’s tariffs had sparked a days-long selloff that erased trillions of dollars from global stocks and pressured US Treasury bonds and the dollar, which form the backbone of the global financial system. Canada and Japan said they would step in to provide stability if needed – a task usually performed by the United States during times of economic crisis.

Analysts said the sudden spike in share prices might not undo all of the damage. Surveys have found slowing business investment and household spending due to worries about the impact of the tariffs, and a Reuters/Ipsos survey found that three out of four Americans expect prices to increase in the months ahead.

Goldman Sachs cut its probability of a recession back to 45% after Trump’s move, down from 65%, saying the tariffs left in place were still likely to result in a 15% increase in the overall tariff rate.

Treasury Secretary Bessent shrugged off questions about market turmoil and said the abrupt reversal rewarded countries that had heeded Trump’s advice to refrain from retaliation. He suggested Trump had used the tariffs to create maximum negotiating leverage. “This was his strategy all along,” Bessent told reporters. “And you might even say that he goaded China into a bad position.”

Bessent is the point person in the country-by-country negotiations that could address foreign aid and military cooperation as well as economic matters. Trump has spoken with leaders of Japan and South Korea, and a delegation from Vietnam met with US officials on Wednesday to discuss trade matters, the White House said.

Bessent declined to say how long negotiations with the more than 75 countries that have reached out might take.

Trump said a resolution with China was possible as well. But officials have said they will prioritize talks with other countries.

“China wants to make a deal,” Trump said. “They just don’t know how quite to go about it.”
Trump told reporters that he had been considering a pause for several days. On Monday, the White House denounced a report that the administration was considering such a move, calling it “fake news.”

Earlier on Wednesday, before the announcement, Trump tried to reassure investors, posting on his Truth Social account, “BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!”

Later, he added: “THIS IS A GREAT TIME TO BUY!!!” — Reuters

ADB cuts Philippine growth forecast

The Philippine economy is projected to grow by 6% this year, according to the Asian Development Bank. — PHILIPPINE STAR/RYAN BALDEMOR

By Luisa Maria Jacinta C. Jocson, Senior Reporter

THE ASIAN Development Bank (ADB) trimmed its gross domestic product (GDP) growth projection for the Philippines this year, though this still places it among the fastest-growing economies in Southeast Asia.

In its latest Asian Development Outlook (ADO), the multilateral lender lowered its growth forecast for the country to 6% this year from its 6.2% projection in December.

This would be faster than the 5.6% GDP growth in 2024. It would also hit the lower end of the Philippine government’s 6-8% growth target band for the year.

However, the ADB noted these forecasts do not yet consider US President Donald J. Trump’s “reciprocal” tariffs went into effect on April 9. (Related story “Trump’s reciprocal tariffs kick in, including 104% against China”). 

ADB Senior Economics Officer Teresa B. Mendoza said the slight downgrade accounted for the “lower-than-expected turnout in the (fourth) quarter of 2024 because we have seen household spending growth moderated more than we expected.”

“This was also actually as an effect of the lingering impacts of high inflation for most of the year, although it trended lower in the second half after the fourth quarter, and also the lagged impacts of tight monetary policy,” she said at a briefing on Wednesday.

Philippine economic growth this year will be driven by “strengthening domestic demand and sustained public investment,” according to the report.

“Sound macroeconomic fundamentals and structural reforms support a sustained positive outlook, with growth projected at 6% this year and 6.1% in 2026,” Ms. Mendoza said.

In Southeast Asia, the Philippines is projected to be the third-fastest-growing economy this year, just behind Vietnam (6.6%) and Cambodia (6.1%).

It is ahead of Indonesia (5%), Malaysia (4.9%), Timor-Leste (4%), Lao PDR (3.9%), Thailand (2.8%), Singapore (2.6%), Brunei Darussalam (2.5%) and Myanmar (1.1%).

The Philippines’ growth forecast is also above the ADB’s projection for developing Asia, which is expected to grow 4.9% this year and 4.7% in 2026. The region includes 46 Asia-Pacific countries, but excludes Japan, Australia and New Zealand.

This year, household spending in the Philippines will be boosted by strong employment and remittances, the multilateral lender said.

The country’s private investment and business indicators have also been positive, it added.

“Modest inflation is projected at 3% over the forecast period, and monetary easing will support growth,” Ms. Mendoza said.

The ADB sees headline inflation averaging 3% in 2025 and in 2026. This is below the Bangko Sentral ng Pilipinas’ (BSP) baseline inflation forecast of 3.5% this year and next.

“While there are upside risks to inflation, including potential increases in electricity rates and transport fares, inflation is projected to remain within the 2% to 4% target through 2026,” the report said.

This outlook will also pave the way for continued monetary policy easing, it added.

“In terms of the monetary policy, what we are expecting that the BSP continue is seeing its monetary policy, but a much more gradual pace,” Ms. Mendoza said.

The BSP began its rate-cutting cycle in August last year, lowering borrowing costs by a total of 75 basis points (bps) to 5.75% by end-2024.

The central bank delivered a pause at its first policy review this year in February amid global trade uncertainties.

Markets are widely expecting the Monetary Board to resume its easing cycle with a 25-bp cut at its meeting today (April 10.).

“Further reforms to enhance the investment climate bode well. Public infrastructure investment, with its high multipliers, will continue to support growth,” the ADB added.

It cited reforms such as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

Meanwhile, the ADB also noted that the National Government’s (NG) fiscal consolidation efforts are on track.

“Additional revenues and expenditure reforms are supporting fiscal consolidation,” it said.

Treasury data showed the NG’s budget deficit shrank by 0.38% or P5.7 billion to P1.506 trillion in 2024. However, it exceeded the P1.48-trillion deficit ceiling set by the Development Budget Coordination Committee.

This year, the NG’s deficit ceiling is capped at P1.54 trillion or 5.3% of GDP.

“Programs are also being undertaken to make spending more efficient. The new government procurement law enhances project implementation and procurement processes,” Ms. Mendoza added.

However, the multilateral lender sees the current account remaining in a deficit, “as imports rise to meet aggregate demand.”

“Capital-intensive imports for infrastructure projects will remain strong. Merchandise exports will likely be subdued, with prospects uneven for major external markets,” it added.

Latest data from the BSP showed the current account deficit widened by 41.4% to $17.5 billion in 2024. This marked the second-largest current account deficit on record.

RISKS TO GROWTH
Meanwhile, the ADB cited several downside risks to its  growth outlook.

“This includes increased uncertainty over the external environment, including significant shifts in trade and investment policies, and increased protectionism and its adverse impacts on investor sentiment,” Ms. Mendoza said.

“Heightened geopolitical tensions were also highlighted, and weather shocks could drive commodity prices higher.”

The ADO released on Wednesday did not tackle the potential impacts of the sweeping US tariffs. ADB Chief Economist Albert F. Park said they will follow the evolution of the trade policies and update the forecasts in their next ADO to be released in July.

“The situation is still unfolding as we know, so it’s very soon to tell. In July, we’ll have a better idea,” ADB Philippines Principal Country Specialist Cristina Lozano said.

“But I want to make a point that the Philippines faces these US tariffs and the potential global slowdown from a position of relative strength. The macroeconomic fundamentals are very strong,” she added.

Ms. Mendoza noted the Philippine economy is mostly driven by domestic demand, not exports.

“We’re still monitoring the impacts because there are spillover effects across various channels.”

However, the country’s services sector, a key growth driver, will likely remain unaffected by tariffs, Ms. Lozano said.

“It’s a buffer to the economy. We don’t know what’s gonna happen, but for the moment, the Philippine economy is protected because most of the exports of the Philippines are in the semiconductor sector.”

The US exempted some commodities such as semiconductors from the reciprocal tariffs.

Electronics manufacturing services and semiconductor manufacturing services account for almost half or 44.5% of Philippine export sales to the US.

Abdul Abiad, director of ADB’s Macroeconomic Research Division, said there are many different policy options that countries can explore to mitigate the impact of these tariffs.

“Negotiations are obviously another important component in terms of policy response, but really most important, especially considering how integration has benefited this region the most, actually, in the world.”

“Doubling down on open trade and investment is going to be key and is really something within the control of economies in the region, and that will take many forms.”

This could be done by diversifying export markets and strengthening current free trade agreements, among others.

“I would expect to see, especially if these tariffs from the US persist, that you’ll see this reconfiguration that will actually strengthen intra-regional integration,” Mr. Abiad added.

Ms. Lozano said these tariffs could also “reinforce the case for regional integration, especially in Asian economies.” She noted the Philippines can take advantage of its membership in the Regional Comprehensive Economic Partnership, as well as pursue free trade deals with the European Union and other countries.

“I think this renewed commitment to regional trade agreements will support positive changes, and will gain momentum, given the situation.”

Pavit Ramachandran, ADB country director for the Philippines, said there is a need to continue domestic reforms, particularly on ease of doing business, investment, climate, and logistics and infrastructure.

The government can also focus on “increasing the sophistication of the economy” as a strategy, he said.

“For the Philippines, given that 60% of their exports are electronics, and this is relatively concentrated in a few markets, I think diversification is something that is worth pursuing.”

Within Southeast Asia, the Philippines can also reinforce engagement, Mr. Ramachandran said.

“There’s also a chance to move up the value chain in services. There is an opportunity to look at moving up to more financial services, healthcare, areas around IT, even in the BPO sector, for example.”

“There is an opportunity to also streamline tariffs. I think we’re already seeing that discussion happening in terms of a negotiation strategy. So, I think that work that’s already started in the Philippines will need to continue,” he added.

Trade Secretary Ma. Cristina A. Roque earlier said they are open to lowering tariffs on US goods in response to the US imposition of a 17% reciprocal tariff on Philippine goods.

Banks’ NPL ratio steady at 3.38% in Feb.

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THE PHILIPPINE banking industry’s gross nonperforming loan (NPL) ratio remained steady in February, according to data from the Bangko Sentral ng Pilipinas (BSP).

Preliminary data from the central bank showed the bad loan ratio stood at 3.38% in February, the same as January. On the other hand, it was lower than 3.44% in the same month in 2024.

Loans are considered nonperforming once they remain unpaid for at least 90 days after the due date. These are deemed as risk assets since borrowers are unlikely to pay.

The amount of nonperforming loans inched up by 0.1% to P513.35 billion in February from P512.83 billion in January. Year on year, soured loans jumped by 10.1% from P466.11 billion.

The total loan portfolio of the banking system slipped to P15.173 trillion from P15.176 trillion a month ago. However, it climbed by 12.1% from P13.54 trillion a year earlier.

Past due loans stood at P637.81 billion in February, up by 0.7% month on month from P633.1 billion. It likewise increased by 9.2% from P584.23 billion in the same month in 2024.

This brought the past due ratio to 4.2%, higher than 4.17% in January but lower than 4.31% a year ago.

Restructured loans dipped to P311.11 billion in February from P311.22 billion a month prior. Year on year, it went up by 6.5% from P292.1 billion.

Restructured loans accounted for 2.05% of the industry’s total loan portfolio, steady from January and lower than 2.16% a year ago.

Banks’ loan loss reserves inched up by 0.2% to P489.55 billion in February from P488.48 billion in the previous month and increased by 5% from P466.39 billion a year earlier.

This brought the loan loss reserve ratio to 3.23% in February from 3.22% in January and 3.44% in 2024.

Lenders’ NPL coverage ratio, which gauges the allowance for potential losses due to bad loans, rose to 95.36% in February from 95.25% in January but dipped from 100.06% a year ago.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the steady NPL ratio was largely due to the faster growth in loans that broadened the base.

This would also “reflect a corresponding growth in NPLs in the numerator, thereby mathematically keeping the said NPL ratio steady,” he added.

Separate BSP data showed bank lending growth slowed to 12.2% in February from the 12.8% expansion in January, which was the fastest in two years.

Year on year, the growth in lending was faster than the 8.7% increase in February 2024.

“The steady NPL ratio also reflects better management of credit risks amid faster loan growth in recent months,” he added.

Mr. Ricafort said lower interest rates since late last year also eased the debt burden for borrowers.

The central bank began its easing cycle in August last year, slashing borrowing costs by a total of 75 basis points (bps) and bringing the rate to 5.75% by end-2024.

“Possible further Fed and local policy rate cuts in the coming months would also help improve the NPL ratio,” he said.

Despite keeping rates steady in February, the BSP is widely expected to resume easing at its policy-setting meeting today (April 10.)

A BusinessWorld poll conducted last week showed that all 17 analysts surveyed expect the Monetary Board to reduce the target reverse repurchase rate by 25 bps.

If realized, this would bring the benchmark rate to 5.5% from the current 5.75%.

On the other hand, Mr. Ricafort flagged risks such as the United States’ recent reciprocal tariffs, which could slow growth, investments and business activities.

This could “reduce sales, incomes, and ability to pay by some borrowers,” he added.

US President Donald J. Trump’s reciprocal tariffs on the country’s trading partners took effect on Wednesday (April 9), deepening the global trade war.

The Philippines was slapped with a tariff rate of 17%, though this was the second lowest in Southeast Asia, just after Singapore, which received the 10% baseline tariff.

“Employment data among the best in 20 years or since revised records started in 2005 would continue to support the continued growth in consumer loans and overall loans, while also leading to more incomes that support the ability to pay by some borrowers,” Mr. Ricafort said.

The latest data from the local statistics authority showed the jobless rate dropped to a two-month low of 3.8% in February. The underemployment rate likewise fell to a nine-month low of 10.1%. — Luisa Maria Jacinta C. Jocson

Hunger knocks on door as Philippine farmers vanish

JERRY M. ABAT and Rodel J. Macato till the land they inherited from their fathers on a sunny February morning in San Juan, La Union. — CHLOE MARI A. HUFANA

By Chloe Mari A. Hufana, Reporter

LA UNION — Jerry M. Abat, 60, has been planting rice since he could walk.

The farmer from the surf town of San Juan, La Union province in northern Philippines has spent most of his life under the sun, working with his back bent, feet soaked in muddy water, while goading a carabao to plow and harrow the rice paddy.

Now, he said, technology has taken over with advanced tractors and machinery, mostly donated by government bodies.

“Farming is really a difficult job,” Mr. Abat, who had spent some time with his crops before sitting down for an interview — the dirt under his short fingernails was still visible — told BusinessWorld.

“That’s why, if possible, I didn’t want my children to end up like me, wading through the mud.”

Mr. Abat has sent his four kids to college, thanks to his hard work as a farmer. His children, like many others from farming families, have sought employment overseas or in offices where work is easier and pays more.

Two of his children now work in the United Arab Emirates — one in the hospitality industry and another as a medical technologist. His eldest, however, helps with farming, making the patriarch feel a sense of pride and relief, knowing that at least one of his children is willing to carry on his legacy.

The average age of Filipino rice farmers is 56 and climbing, and analysts predict a critical shortage of farmers in the next decade as young people show less interest in agriculture, threatening food security.

The problem is compounded by increasing farm input costs. Fertilizers, pesticides, machinery and irrigation systems are becoming more expensive, eating away at farmers’ modest profits.

Mr. Abat, who inherited his farmland from his parents, said the average cost of production per hectare of rice increased from P65,000 in 2023 to P75,000 in 2024, but his income has been stagnant.

On top of this, the price of unmilled rice remains low, fluctuating between P20 and P22 per kilo, a stark contrast to high retail prices in urban markets. He laments the fact that middlemen and traders profit more than those who cultivate the land.

“When we sell unmilled rice, the price is low,” he said. “But when we buy rice in the market, the price is high.”

Inflation in the Philippines dropped to its lowest level in nearly five years in March, with the annual rate easing to 1.8% due to slower increases in food and transport costs, according to the Philippine Statistics Authority. This was down from 2.1% in February and 3.7% a year ago.

For the first quarter, average inflation stood at 2.2%, comfortably within the central bank’s 2-4% target range.

The government of President Ferdinand R. Marcos, Jr., declared a “food security emergency” on rice last month due to persistently high prices despite global price reductions and lower tariffs on rice imports last year.

The Philippines faced a surge in hunger rates in December 2024, with more than a quarter of Filipino families experiencing involuntary hunger — the worst since September 2020 at the height of the coronavirus disease 2019 (COVID-19) lockdowns, according to the Social Weather Stations.

PSA data showed agriculture and forestry lost the most workers year on year, shedding almost 950,000 jobs in February, mainly due to several typhoons that devastated farmlands.

Marie Annette Galvez-Dacul, executive director at the University of Asia and the Pacific Center for Food and Agribusiness, said fewer people work on farms given low wages and rural-urban migration.

“Many shift to off-farm jobs in cities, while mechanization, land conversion and climate risks make farming less viable,” she said in a Viber message.

The decline in Filipino farmers threatens food security and increases reliance on imports, she pointed out.  “To sustain agriculture, the country must attract young farmers, modernize farming and improve rural livelihoods.” 

Ms. Dacul also cited the need to secure farmlands, strengthen rural-urban connections and diversify the economy to keep the farming sector resilient amid the exodus of people to the cities.

“Investing in mechanization, smart farming and climate-resilient techniques, along with regenerative farming practices, vertical farming and stronger food supply chains will help ensure long-term sustainability,” she added.

The Philippine agriculture sector is struggling with slow growth, declining productivity and structural inefficiencies, according to a Philippine Institute for Development Studies (PIDS) report by economist Roehlano M. Briones published in December 2021.

Farm sizes have been shrinking, leaving little room for expansion.  The country’s arable land was estimated at 12.44 million hectares, according to the PIDS study, citing data from the Food and Agriculture Organization.

“Agriculture was the biggest employer of the economy in the mid-1990s but has since given way to services,” according to the study. “Its share in employment has been consistently declining.”

TURNING THE TIDE
The government should raise the productivity of farm workers to keep the sector competitive, Mr. Briones said.

“The correlation between average daily basic pay and level of education tends to be stronger in industry and services than agriculture,” he said in the study. “It may well be the case that the long-term movement of workers out of agriculture represents the better educated trying to realize higher returns on human capital investment.” 

The report recommended governance reforms, investments in research, improved credit access, mechanization, irrigation improvements, and trade liberalization. The state should also shift support from subsidies to long-term investments in public goods, Mr. Briones said.

Jayson H. Cainglet, executive director at the Samahang Industriya ng Agrikultura (SINAG), said the key to encouraging future generations to pursue careers in agriculture lies in guaranteeing fair and sustainable wages.

“You can only really attract young farmers if they can earn something,” he said by telephone. “You can’t romanticize farming by saying, ‘Oh, the country needs you for food security, for food self-sufficiency.’”

“That kind of idealism doesn’t put food on the table. Farmers are discouraged when they experience low farmgate prices after investing months of hard work without guaranteed returns,” he added.

The situation is compounded by the country’s increasing reliance on food imports, driving down the prices of local produce.

Mr. Cainglet noted that the Philippines, once a top rice exporter, is now the world’s biggest importer of the staple. As a result, local millers could no longer compete with the lower landed cost of imported rice, leaving Filipino farmers at a disadvantage, he said.

He urged the government to offer farmers low-interest loans since they are often at the mercy of their creditors. “But the real problem is that the government often says we don’t have enough funds. Still, we have to start somewhere,” he added.   

He said the state could help farmers by guaranteeing them a floor price. For example, if tomato and onion prices drop below P15, the government should step in to buy the produce or at least compensate them at some point.   

While technology is making farming less labor-intensive and more efficient, the real game-changer is proving that there is a rewarding future in agriculture, Mr. Cainglet said. Without this assurance, young people will shun the industry.

“That’s the only way to turn the tide,” he said. “There’s no shortcut or magic formula here.”

Mr. Cainglet recalled how the COVID-19 pandemic showed that there are only two essential professions — healthcare and agriculture. Despite the hard lessons of the pandemic, he lamented how quickly the world forgot how important the farm sector is. 

“The mindset really starts with the farmers themselves,” he said. “They should be the one encouraging their children or siblings to continue farming.”

Fifty-year-old Rodel J. Macato, who works on a farm adjacent to Mr. Abat’s, is proud of having toiled under the sun so he could send his kids to college. His eldest daughter now works as the village secretary, while his son is studying to become a marine engineer.

“We are the backbone of the country,” he told BusinessWorld in Filipino. “Once we’re gone, what happens to the country’s food supply?”

BTr eyes at least P30B from new 10-year bonds

REUTERS

THE GOVERNMENT is looking to raise at least P30 billion through 10-year fixed-rate Treasury notes (FXTN) that it will start offering next week.

“This offering will establish our new 10-year benchmark bond,” National Treasurer Sharon P. Almanza said in a Viber message.

In a notice on its website, the Bureau of the Treasury (BTr) said it will hold the price-setting auction on April 15 for Government Securities Eligible Dealers (GSEDs).

“We will have an offer period until April 24 for investors to participate and place their orders. This new issuance forms part of our domestic financing for 2025,” Ms. Almanza said.

The offer period runs from April 15 to 25, while the issue date will be on April 28.

The bonds, due on April 28, 2035, will be issued in scripless form and sold in minimum denominations of P10 million and integral multiples of P1 million thereof.

During the auction, GSEDs will be allowed to submit up to 10 bids at different interest rates with a maximum volume of P10 billion per submission

“The Republic may set up and maintain a sinking fund with the BTr in order to accumulate the amounts necessary to pay the principal of the FXTNs on the maturity date,” the Treasury added.

A trader said in a text message that the issuance was made to match the maturities this month.

“With a potential rate cut on Thursday, the BTr will be able to take advantage and lock in a cheaper borrowing rate for the longer tenor,” the trader added.

The Bangko Sentral ng Pilipinas (BSP) is scheduled to hold its policy review meeting today (April 10).

A BusinessWorld poll conducted last week showed that all 17 analysts surveyed expect the Monetary Board to reduce its target reverse repurchase rate by 25 basis points (bps) to 5.5% from 5.75%.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the yield for the new bonds could match the 10-year yield at the PHP Bloomberg Valuation (BVAL) Service Reference Rates which was at 6.1413% as of April 8.

He added the offer could see strong reception due to safe-haven demand for Treasury bonds amid increased volatility in the global markets.

“However, an external risk factor is the volatility in the comparable benchmark 10-year US Treasury yield at new 1.5-month highs, now at 4.49%, sharply up from the immediate low of 3.86% posted on April 4, 2025, amid retaliatory tariff/trade measures between the US and China,” Mr. Ricafort said.

The Treasury is looking to raise P245 billion from the domestic market this month — P125 billion via T-bills and P120 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion this year. — A.M.C. Sy

MIAS 2025 to showcase expanding automotive lineup

The Manila International Auto Show (MIAS) will celebrate its 20th anniversary with its biggest showcase yet, taking place from April 10-13 at the World Trade Center in Metro Manila.

As the country’s premier auto event, MIAS continues to highlight the latest innovations, cutting-edge designs, and breakthrough technologies in the automotive industry. The show will feature over 90 exhibitors and more than 200 vehicles on display.

With the theme “Driven by Connection,” MIAS 2025 seeks to strengthen the bond between car brands and consumers while bridging the gap between generations of automotive enthusiasts.

The exhibition will showcase a diverse lineup of vehicle brands, offering visitors a firsthand look at the most advanced cars on the market. From fuel-efficient sedans to high-performance sports cars, the floor will cater to various consumer preferences.

A total of 24 passenger car brands will be featured, including well-established names like Hyundai, Isuzu, Kia, Lynk & Co., Nissan, Suzuki, and Tesla. East Asian manufacturers are also gaining ground, with Aion, Aito, BAIC, Bestune, BYD, Changan, Chery, Foton, GAC, GWM, Jaecoo, Jetour, MG, Neta, Omoda, Rox, and Vinfast, all set to introduce their latest models to Filipino buyers.

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Chinese auto brands will dominate the exhibition, representing 17 of the 24 passenger vehicle brands on display. Trucks will also play a prominent role, with the latest commercial vehicles from FAW, JAC, and Sinotruk.

Backed by major sponsors, including BPI Auto Loans, Petron, and Shell, MIAS 2025 will introduce vehicle launches, cutting-edge automotive technology, and interactive exhibits designed to benefit consumers.

What to expect in MIAS 2025

MIAS 2025 gives consumers a chance to explore various vehicle options, especially for prospective buyers. The event will feature an outdoor test drive area, allowing visitors to experience the newest models before making a purchase. Many participating brands are also expected to unveil new vehicles.

Since 2025 marks the first full year that the Philippine government will exempt new energy vehicles, including hybrids, plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs), manufacturers are expected to showcase a range of new electric and hybrid models, expanding choices in the emerging electric vehicle market.

Tesla will showcase its lineup at MIAS for the first time. The electric vehicle giant, which recently entered the Philippine market, is expected to highlight its approach to sustainable mobility.

Vinfast, an electric vehicle manufacturer from Vietnam, will also make its debut at MIAS 2025 as it expands its presence in the Southeast Asian market.

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MIAS 2025 will also welcome Rox with the 01, an outdoor lifestyle-oriented electric vehicle (EV) SUV.

With plans to become a dominant player in the country’s electric vehicle (EV) market, BYD is preparing to roll out several models at MIAS 2025. The Seagull EV, an all-electric compact car, will mark the company’s entry into the affordable EV segment. BYD will also feature the Shark, a plug-in hybrid pickup truck that combines the convenience of traditional combustion engines with the benefits of electric power.

GAC Motor will unveil electrified versions of its popular models. The hybrid variants of the Empow sedan, GS8 SUV, and M8 MPV are already listed on the Department of Energy’s recognized vehicle list.

On the other hand, GWM, while slower in its product rollout, continues to showcase its latest vehicles. The company previously previewed the Wey Gaoshan MPV and the Haval Menglong at last year’s show, but these models have yet to be officially launched for sale.

MG, which had one of the largest booths at last year’s MIAS, will return with more exciting previews. At MIAS 2024, MG showcased the MG 7, the Mifa 9 EV, and the RX9, but those models have yet to be made available in the market.

United Asia Automotive Group, Inc. (UAAGI) will feature a diverse range of vehicles from its renowned brands: BAIC, Lynk & Co, Foton, and Chery. Following the successful relaunch of the BAIC brand and the debut of Lynk & Co at last year’s MIAS, UAAGI promises an even more dynamic presence this year.

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After a successful second year in the country, Jetour will unveil its new hybrid and plug-in hybrid models at MIAS 2025, shifting focus from internal combustion engine (ICE) vehicles.

Omoda and Jaecoo aim to build a robust dealer network this year with competitive pricing and a promising initial vehicle lineup. MIAS 2025 will feature the C5 and E5 crossovers, along with the EJ6 SUV.

Kia is expected to showcase a mix of traditional internal combustion engine (ICE) vehicles, turbo hybrids, and full electric vehicles (EVs).

Hyundai will spotlight its high-performance models under the N brand, along with hybrid versions of popular models like the Santa Fe and Tucson. The automaker may also reveal the hybrid Staria Lounge, which has recently been homologated by the Land Transportation Office (LTO).

Japanese auto giant Isuzu is making waves with a possible surprise launch in the passenger vehicle segment. Industry buzz points to the unveiling of the refreshed mu-X, with initial units already seen being transported, raising anticipation for the SUV’s Philippine debut.

Suzuki is also expected to showcase several models that are already gaining traction in Southeast Asia. The Fronx, which is similar in size to the Raize, is expected to be one of the standout models. The brand is also introducing the all-new Dzire, a sedan that has already garnered attention for earning a five-star Global NCAP safety rating.

Subaru, one of the pioneering brands that helped shape the early editions of MIAS, and Ford will not participate in this year’s show. This departure leaves a gap in the lineup of manufacturers who have long been part of MIAS.

Subsequently, automakers are expected to present their latest AI-driven vehicle systems with improved safety, convenience, and performance. AI-powered driver assistance technologies such as adaptive cruise control, automatic emergency braking, and lane-keeping assistance are expected to be among the highlights.

In addition to exclusive previews of models and technology, car enthusiasts can admire well-restored and customized vehicles at the MIAS-Petron Classic Car Competition.

Celebrating two decades of car innovation

Since its inception in 2005, MIAS has become the largest and most anticipated auto show in the Philippines. Founded by motoring journalists Jason Ang, Ulysses Ang, and Alvin Uy, with support from Worldbex Services International founding chairman Joseph Ang, the event was inspired by global auto exhibitions and aimed to provide world-class motoring experiences for Filipino enthusiasts.

The show has since attracted major automotive brands eager to showcase their latest models to Filipino consumers. It has also garnered support from key organizations, including the Automobile Association Philippines (AAP), Tuason Racing School (TRS), and the Car Awards Group Inc. (CAGI).

Tickets are available through the official MIAS website, including a special bundle for groups of five or more. — Mhicole A. Moral

Exceeding expectations: A look back at MIAS 2024

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With much anticipation building around the 20th edition of the Manila International Auto Show (MIAS) in 2025, auto enthusiasts and industry insiders alike are already forecasting how the Philippines’ biggest annual motoring event will top itself yet again. Renowned for introducing eye-catching automotive debuts, next-gen tech displays, and high-octane entertainment, MIAS 2025 is expected to once again encapsulate the country’s automotive scene in a single show.

But before looking forward to this year’s show, it’s worth taking the time to revisit the spectacular run of MIAS 2024, which took place from April 4 to 7 at the World Trade Center (WTC) Metro Manila and SMX Convention Center Manila at the Mall of Asia Complex. Themed “Bridging the Future,” MIAS 2024 raised the bar and exceeded predictions.

“The automotive industry plays a crucial role in meeting this demand by providing a range of vehicles that cater to different needs and preferences. Our mission every year is to showcase this fast-paced industry, and we shall continue this legacy through the next generations. MIAS continues to be the biggest and largest automotive show in the country today — a gateway for people to witness mobility in action,” said Joseph L. Ang, founding chairman of MIAS organizer Worldbex Services International, remarked of the event.

The event’s 19th edition concluded with record-breaking attendance and amazing displays of car models. Organizers counted a total of 162,000 visitors in last year’s event compared to 149,000 in 2023.

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Over 30 world-renowned brands showcased more than 200 models, featuring a diverse range of vehicles from electric cars to high-performance sports cars, luxury sedans, and innovative concept cars. Top automobile companies along with up and coming brands such as BAIC, BAW, Bestune, Changan, Chery, Chevrolet, DAF, Dongfeng, Foton, GAC, GWM, Hongqi, Hyundai, Hycan, JAC, Jetour, JMC, Lynk & Co, Kinglong, MG, Mitsubishi, Nissan, Omoda & Jaecoo, Peugeot, Seres, Subaru, Suzuki, and Weichai were all present in the showcase.

For the first time, MIAS 2024 was staged across two massive venues, spanning 41,000 square meters of exhibition space. This unprecedented expansion allowed more room for show-stopping vehicle debuts, interactive brand booths, test drive experiences, and automotive showcases than ever before.

Conveniently, visitors were granted access to easily explore both venues with just one ticket, allowing them to take in the event in its entirety along with complimentary shuttle services at designated pick-up and drop-off locations running all day to ensure seamless travel between WTC and SMX.

As endorsed, MIAS 2024 played host to a number of major automotive debuts and previews for last year’s releases. Mitsubishi Motors Philippines Corp. (MMPC) took center stage and unveiled the new Triton, a mid-size pickup truck equipped with Overland Kings’ accessories to highlight its off-road prowess and durability. The model was recently recognized with the Best Design award in the Standard Pick-Up Truck category at the 2024-2025 Auto Focus Media’s Choice Awards (AFMCA).

Similarly, Foton Motor Philippines debuted the country’s first hybrid diesel pickup trucks — the supersized Tunland V7 and V9 — marking a milestone in hybrid technology in the local market while Chery Auto also made waves with its showcase of new energy vehicles (NEVs), featuring the Tiggo 7 and Tiggo 8 Plug-in Hybrid Electric Vehicles (PHEVs), as well as its fully electric eQ7.

Newcomer brands like Omoda and Jaecoo used the annual event to burst onto the Philippine scene and officially enter the local market with strong showings. Omoda launched its Omoda 5 and Omoda 5 EV, while Jaecoo introduced the rugged yet stylish Jaecoo 7.

Great Wall Motor (GWM) brought plenty of excitement to the show with the Haval MengLong 4×4 and the luxurious WEY Gaoshan minivan, showcasing their commitment to offering a wide range of options for Filipino drivers. JMC also made its mark with the launch of the Grand Avenue and Vigus pickups, designed for those who want both lifestyle appeal and rugged utility.

Not to be outdone, Astara-backed JAC Motors introduced an impressive lineup, including the JS4, JS6, and JS8 Pro crossovers, along with the T8 Pro and T9 pickups. Changan Auto Philippines further added to the excitement by debuting its CS15 model, strategically positioned below the CS35 and CS55 Plus to cater to those looking for a more affordable yet reliable option.

While the vehicles were undeniably the stars of the show, MIAS 2024 also offered a host of activities to engage every type of automotive fan. The event had it all, from adrenaline-pumping stunt shows led by Guinness World Record holder Russ Swift to the Test Drive Avenue, where guests could get behind the wheel of select models. MIAS 2024 delivered immersive experiences beyond static displays. The Truck Zone, Custom & Classic Car Competition, Die-Cast Car Collection exhibit, Mobility Marathon, and various car club displays also added variety and excitement to the experience.

Supporting the auto buying journey, BPI Auto Loan co-sponsored the annual motoring showcase as a key partner, offering exclusive promos for prospective buyers. Their Auto Loan Bundle included attractive interest rate discounts, waived fees, and a year of free motor and personal accident insurance. BPI’s booth in MIAS 2024 served as both a consultation hub and a gateway to turn car show dreams into driveway realities.

With various releases, expanded venues, and more activities, MIAS 2024 left a lasting impression on attendees, with many praising its seamless organization and impressive layout.

“I dub it the ‘biggest show on wheels’ because of the number of participants joining this year, as well as the volume of new vehicle brands and models, new technology combinations as well as a convergence of industry stakeholders that will be offering test drives, financial evaluation or assistance as well as on-the-spot sales,” The Philippine STAR columnist Cito Beltran said of the event.

“[P]erhaps for the first time, there were so many marques that debuted on the MIAS stage — unveiling their offerings and their brands’ value propositions in one fell swoop,” Kap Maceda Aguila, editor of BusinessWorld’s Velocity section, wrote in a report reviewing last year’s releases.

Some attendees also highlighted areas for improvement, emphasizing that MIAS requires better organization, collaboration, and enforcement to reach its goal of becoming a premier international automotive trade show.

“A motor show should not be a fiesta with laser lights, EDM at high decibels, noontime show dance troupes, and oh, there just so happens to be cars there. It shouldn’t be that way. The cars should be the stars. That’s what the daily average of 40,000+ people went to the show to see, sit in, test drive, and buy,” Vince Pornelos of the Philippine-based online automobile magazine Autoindustriya.com wrote in his event review.

Looking ahead to MIAS 2025, the excitement is palpable as the event promises to push boundaries once again. With the success of MIAS 2024 setting a high standard, attendees are eager to see how the show will continue to evolve. For a nation that loves automobiles, the Philippines’ biggest annual motoring event remains at the forefront of the automotive scene. — Jomarc Angelo M. Corpuz

Trailblazers of technology in motion

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In the current buzz surrounding generative artificial intelligence (AI), it’s easy to overlook one of AI’s earliest and most practical frontiers: the automotive industry.

Long before ChatGPT or image generators captured mainstream attention, automakers were already integrating AI in subtle, sophisticated methods under Advanced Driver Assistance Systems (ADAS) — otherwise known as the everyday conveniences in modern automobiles such as adaptive cruise control, lane-keeping assistance, automatic emergency brakes, and self-parking systems.

While these technologies were not ‘intelligent’ in the way people imagine AI to be, they functioned on similar logical, rules-based systems that established the groundwork for more contemporary iterations.

For instance, adaptive cruise control systems utilize radar sensors to automatically adjust a car’s speed to maintain a safe distance from other vehicles on the road. Automatic emergency brakes functioned the same way. Lane keeping assistance systems, meanwhile, used real-time image processing to detect important road signs and help prevent unintentional lane departures or even provide steering input to keep the vehicle centered.

Building on that foundation has opened the door to countless possibilities in the industry, such as: autonomous vehicles using cutting-edge sensor technology to perceive and understand their surroundings; AI-driven predictive maintenance using the data from those same sensors to determine when components are likely to fail, allowing for proactive maintenance; real-time navigation assistants powered by personalized driver profiles and satellite imagery; and much more.

Automakers are already investing massively to bring such visions to life. Just last March, American automotive brand General Motors signed a partnership with technology firm NVIDIA to use artificial intelligence chips and software to develop autonomous vehicle technology for its vehicles and improve workflow at its factories.

According to the two companies, the plan is to cooperate in creating AI systems founded on NVIDIA’s platforms suited for factory planning and for future advanced driver-assistance systems.

The news follows similar agreements made by NVIDIA with Japanese car maker Toyota and the Korean Hyundai to collaborate in the development of autonomous driving systems. Other mobility companies are also working with the technology firm for its advanced driver-assistance systems and autonomous vehicle roadmaps include BYD, JLR, Li Auto, Lucid, Mercedes-Benz, NIO, Nuro, Rivian, Volvo Cars, Waabi, Wayve, Xiaomi, ZEEKR, and Zoox.

“The autonomous vehicle revolution has arrived, and automotive will be one of the largest AI and robotics industries,” Jensen Huang, founder and CEO of NVIDIA, said in a statement. “NVIDIA is bringing two decades of automotive computing, safety expertise and its CUDA AV platform to transform the multitrillion dollar auto industry.”

Notably, Wayve, the autonomous driving startup based in London, is fast-tracking its global expansion, leading the development of autonomous automobiles in Europe. The company, one of the highest profile AI companies in the continent, has recently established an office in Germany, with further plans to expand across the EU.

The progress of technology is also opening the doors to other opportunities in the automotive space. At the CES 2025, brands have showcased how new technologies are driving the development of electric vehicles and improving user experiences through features like personalized software features and interactive AI systems.

Among these was the breakthrough collaboration between semiconductor firm Omnivision and healthcare technology firm Philips. The two brands unveiled the world’s first in-cabin connected well-being monitoring solution, which smartly tracks vital signs to increase passenger comfort by adjusting lighting and climate and suggesting breaks or route changes.

Automotive parts manufacturing company Continental AG unveiled a biometric sensing display that discreetly monitors vital signs using a hidden camera and a laser projector installed behind the dashboard display to support a wide range of safety and comfort functions.

Garmin, a prominent GPS and automotive technology provider, demonstrated the benefits of intelligent system integration at the annual trade show with its new domain controller, a single module that streamlines the management of six in-vehicle displays, and supports safety features like child detection and driver monitoring alongside entertainment.

Meanwhile, Hyundai Mobis also showcased new innovations with a full-windshield holographic display designed to project essential information for the driver and assist with decision-making on the road.

Honda and Sony Honda Mobility unveiled the results of their collaboration, the Afeela 1, featuring an interactive AI voice agent alongside plans for accelerating EV adoption by building 100,000 EV charging stations by 2030.

“Sony Honda Mobility strives to evolve relationships with people through intelligent mobility and revolutionize the travel experience,” Yasuhide Mizuno, chairperson and CEO of Sony Honda Mobility, was quoted as saying at the annual technology show. “We are very pleased to unveil Afeela 1, developed for the era of autonomous driving, at CES 2025. Afeela 1 can be called a buddy, combining advanced software with meticulously refined hardware.”

It is clear that the automotive industry is fully living up to its history as the pioneers of the practical implementation of new technology. “Away from the usual CES razzmatazz we saw a number of trends emerge that will continue to shape the future of mobility. This year’s CES was a testament to the industry’s shift towards practical, executable solutions while keeping an eye on the future,” Brian Rhodes, director at S&P Global Mobility, wrote about CES 2025.

“AI was omnipresent, from practical applications to those where use cases are perplexing. SDVs took center stage, with the ecosystem rallying around them. The focus was on execution, with futuristic concepts taking a backseat for now. Autonomous vehicles made a strong impression, moving from mere hype to near-term reality.” — Bjorn Biel M. Beltran

SM Prime plans up to 6 upscale developments in next 5 years

HAMILO COAST’S M Village, a residential development at Marina Estates in Nasugbu, Batangas, developed by Costa Del Hamilo, Inc., a subsidiary of SM Prime Holdings, Inc. — HAMILOCOAST.COM

LISTED real estate developer SM Prime Holdings, Inc. plans to launch up to six projects under its upcoming premium residential line within the next five years.

“The pipeline is maybe five to six projects in the next five years,” SM Prime Holdings Executive Vice-President and Premium Residential Line Head Jose Juan Z. Jugo said in an interview with BusinessWorld.

Mr. Jugo identified Cebu and Luzon as potential locations for the projects.

“We have a lot of land in other cities. We have a lot of land in Cebu, so that might be an area we want to enter later on. Luzon is a definite target,” he said.

Mr. Jugo said the first upscale residential project, expected to launch in the third quarter, will be located within the National Capital Region (NCR).

“We just want to get this project off the ground first,” he said.

“It’s all in process. If things go as planned, we may launch something in the third quarter. We’re already in the planning stage and securing permits,” he added.

In November last year, SM Prime said it would expand its residential portfolio to include high-end horizontal and vertical principal homes, in addition to its existing economic, mid-range, and leisure residential offerings.

SM Prime, the real estate arm of the Sy-led conglomerate SM Investments Corp., has allocated P100 billion in capital expenditures for its malls, residential developments, and integrated property projects this year.

For 2024, SM Prime recorded a 14% increase in its consolidated net income to P45.6 billion, as revenue rose by 10% to P140.4 billion.

SM Prime’s portfolio includes 87 local malls, 22 office towers, and over 185,000 residential units launched.

SM Prime shares were last traded on April 8, gaining 0.45% or ten centavos to close at P22.50 per share. — Revin Mikhael D. Ochave

SEC calls on energy firms to tap local capital market for growth

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THE Securities and Exchange Commission (SEC) is urging energy companies to tap the local capital market to support their expansion plans.

SEC Chairperson Emilio B. Aquino said the corporate regulator aims to attract more investment in power projects by simplifying the securities registration process.

“With a simplified registration statement, we make it easier for power generators and distribution utilities to offer their shares to the public,” Mr. Aquino said in an e-mail statement on Wednesday.

Mr. Aquino also said the SEC seeks to introduce the capital market as a financing solution to meet the surging demand in the energy sector.

“Energy projects are very capital-intensive. This is where the capital market can come in,” Mr. Aquino said.

Mr. Aquino made these remarks as the SEC and the Energy Regulatory Commission (ERC) launched the Securing and Expanding Capital for Power Generation Operators and Wholesale Electricity and Retail Services (SEC POWERS) program on March 27.

Provided under SEC Memorandum Circular (MC) No. 4, issued last year, SEC POWERS aims to streamline the registration of securities for power generation and distribution utilities.

The MC supports Republic Act No. 9136, or the Electric Power Industry Reform Act, which mandates power generation and distribution firms to offer at least 15% of their shares to the public.

Under the initiative, the SEC Markets and Securities Regulation Department must complete the review of the registration statements of power generation and distribution firms within 45 days from filing.

Before filing the application, registrants must secure all necessary clearances from various SEC departments to ensure the timely processing of their registration statements.

The SEC said the simplified process for power generation and distribution firms also seeks to support the P67 trillion worth of investments needed to meet the country’s power demands under the Philippine Energy Plan 2023-2050.

“When we combine our expertise and resources, we’re not just making processes more efficient for investors and industry players — we are also strengthening the foundation for a stronger, more competitive energy sector,” ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said.

In March, the ERC said that 136 generation companies, accounting for 54% of all generating companies and nearly 14,000 megawatts of generating capacity, had not complied with the listing requirement under the Electric Power Industry Reform Act (EPIRA).

It added that only 37 energy companies were fully compliant with the listing requirement.

Non-compliant energy firms could face the revocation of their certificates of compliance or non-renewal of their operating licenses.

The ERC is aiming to get an additional 100 energy companies to comply with the public offering rules within the next 12 months. — Revin Mikhael D. Ochave

Gas firm taps First Gen to power manufacturing facility with RE

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GAS manufacturing firm Nippon Sanso Ingasco Group (NSIG) has partnered with Lopez-led First Gen Corp. to power its gas manufacturing facility in Mindanao with renewable energy (RE).

First Gen, through its subsidiary Energy Development Corp., will supply 2.6 megawatts (MW) of electricity from its geothermal power plant in North Cotabato to NSIG’s facility within the Phividec Industrial Estate in Tagoloan, Misamis Oriental, the companies said in a statement on Wednesday.

“As part of the Nippon Sanso Holdings Group’s global commitment to achieving carbon neutrality by 2050, we are continuously working to minimize our environmental impact. Partnering with First Gen to power our operations in Tagoloan with 100% RE marks a significant milestone in our sustainability journey,” said NSIG President Takenori Kawachino.

“This initiative aligns with our commitment to adopt cleaner energy sources for our production facilities and promote sustainable solutions across our global operations. We look forward to building on our partnership with First Gen as we accelerate our decarbonization efforts in the Philippines,” he added.

NSIG, a wholly owned subsidiary of Japan-based Nippon Sanso Holdings Group, is a manufacturer and distributor of liquid and compressed industrial gases for various industries, including electronics, food and beverages, and steel production.

The company is primarily engaged in the production and distribution of nitrogen, oxygen, argon, hydrogen, and specialty gases.

Under the Retail Competition and Open Access (RCOA), contestable customers, or qualified end-users consuming at least 500 kilowatts a month, are allowed to choose their own power suppliers.

“Transitioning to direct RE supply under RCOA comes with challenges, but the benefits far outweigh them. We are committed to helping our customers like NSIG achieve their decarbonization objectives by ensuring a stable and efficient power supply from RE sources and optimizing electricity utilization using energy efficiency solutions,” said Carlos Lorenzo Vega, chief customer engagement officer of First Gen.

First Gen has a total of 3,668 MW of combined capacity from its portfolio of plants that run on geothermal, wind, hydropower, solar energy, and natural gas. — Sheldeen Joy Talavera

The lush flavors of Italy and the Philippines

VENCHI CHOCOVIAR 75% paired with grilled liempo with muscovado glaze, and laing with toasted sesame and chili flakes.

Venchi pairs its chocolates with local dishes

VENCHI, the Italian brand of chocolate and gelato which arrived in the Philippines late last year, has presented six pairings that each feature a Venchi chocolate creation and a Filipino dish that it complements.

Founded by Silviano Venchi in 1878, the brand has been going on a world tour to prove how flavors of different origins can make up a unique cross-cultural assemblage. Leading the tour is Giovanni Battista (GB) Mantelli, the chocolatier descendant of the original Mr. Venchi and now the brand’s main ambassador.

While Venchi only has two stores in the Philippines — at Central Square in Bonifacio Global City (BGC) and The Podium in Ortigas — they are hoping to open more and connect with Filipinos, according to Mr. Mantelli.

“We want to be part of Filipino celebrations and everyday indulgences,” he said at the tasting event. “That’s why we’re here to connect your soul food with our chocolate.”

ANY TIME OF DAY
At M Dining + Bar in Makati City on April 1, the lights shone brightly at the restaurant to start off and welcome guests to the first mini meal of the day: brunch.

It was a sweet start for this writer, used to brunch being a savory affair, but the smooth Cremino 1878 is undeniably scrumptious. The silky taho and caramelized arnibal (brown sugar syrup) enhanced its hazelnut notes, while various kakanin (rice cakes) like puto, sapin-sapin, and kutsinta on the plate highlighted its nutty quality. A cocktail blending Don Papa Rum with earl grey-coconut soda served as a refreshing finish.

Other courses were a hit-or-miss, like the lunch course presenting coconut-based gising-gising with salted duck egg on the side: simply too strong for the Venchi pistachio chocolate to make its mark. It only stood out with the paired drink, the pineapple-and-lemon Don Papa Masskara with a dash of siling labuyo.

The afternoon snack or merienda was another miss — the manggang hilaw with bagoong (green mango with shrimp paste) was way too overpowering for the luxurious Chocoviar Arancia, which deserved its own time in the sun.

What quickly rose above as the best course was the appetizer course, brought in with the lights in the restaurant dimmed a bit to signal the late afternoon. The plate presented crispy chicharon with spiced vinegar on the side, pili nuts sprinkled around to add extra sweetness and crunch. Venchi’s Nougatine, one of its more famous chocolates blended as 60% dark chocolate with hazelnut crumbs, rounded out each element perfectly. The Don Papa ube macapuno (a coconut that developed abnormally; resulting in a juicy, wet, mush) lowball was a subtle complement to the course.

The lights dimmed even further to mimic nighttime, and grilled liempo and spicy laing (taro leaves cooked in coconut milk) came in for dinner. Already heavy and delicious on their own, the mini meal was topped off with Venchi’s Chocoviar 75%, providing a bitter profile to add sophistication to the experience.

Finally, the late-night cocktail closed the day out with toasted barquillos and latik, mixing crispy texture and caramelized sweetness. The chosen Venchi chocolate to pair with this was the Espresso Caffe, a 75% dark chocolate with arabica coffee notes. The Don Papa Rum with sweet vermouth cocktail was a strong finish.

“We hope we were able to show you that chocolate is perfect at any time of day,” Mr. Mantelli concluded.

Venchi stores are located in Central Square in BGC, Taguig City, and The Podium in Ortigas, Mandaluyong City. The brand was brought here by Good Eats by SSI, also the franchise holder of Salad Stop! and Shake Shack. — Brontë H. Lacsamana

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