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A feast of flavors awaits at SM City Zamboanga

Zamboanga, la mesa ya listo!

The table is set for something special as a feast of firsts arrives at SM City Zamboanga. Known for its rich Chavacano heritage and a culture where meals are meant to be shared, the city’s love for good food takes center stage with a lineup of dining spots making their first-ever arrival in Zamboanga, bringing exciting new flavors to the peninsula.

At your most loved SM, every visit is made to be savored. True to its reputation as the mall of firsts, SM City Zamboanga continues to grow as the city’s premier lifestyle destination, setting the stage for new culinary discoveries and creating a place where every craving, every gathering, and every bite is all for you.

Opening Bites: A Taste Of What’s To Come

The start of a feast sets the tone, and these specialty cafés set the stage for the spread with something quick, calming, and refreshing before you dive into the rest of the flavors waiting at the table.

  • The Matcha Tokyo

As an opening note to the city’s evolving palate, The Matcha Tokyo at the third level introduces authentic Japanese matcha, bringing ceremonial-grade blends and mindful cafe rituals that hint at a more refined, global taste experience ahead.

  • Nanyang

Offering a glimpse into richer regional flavors, Nanyang located at the lower ground level brings the comforting classics of Singaporean and Malaysian cuisine with its kaya toasts and kopi, marking the beginning of a broader Southeast Asian dining presence in the city.

The First Plate: For Your Starters

Once the table begins to fill, the starters follow close behind. These dishes bring the first bold bites of the feast, warming up the appetite before your main spread arrives.

  • Tonala

Kicking off the spread with vibrant Mexican flavors, Tonala located at the third level brings bold, spice-forward dishes. It introduces a lively cuisine that adds depth and variety to the city’s ever-growing food scene.

  • Bambas by Chef Mick

Bringing a bold fusion of Asian flavors, Bambas by Chef Mick located at the Second Level, Food Court–introduces thoughtfully crafted dishes shaped by global influences. With its creative approach and distinct flavor profile, it offers a refined and memorable start that hints at the evolving dining scene taking shape in the city.

  • Brique Modern Kitchen

Blending contemporary techniques with familiar favorites, Brique Modern Kitchen located at the upper ground level delivers versatile, modern dishes that bridge comfort and sophistication, setting the stage for the city’s new dynamic culinary landscape.

The Main Spread: Serving Your Mains

The feast is now in full swing as the main spread arrives with big plates and even bigger flavors. Bringing globally loved comfort dishes, these spots serve hearty mains made to be shared and enjoyed together.

  • Botejyu

Serving up authentic Japanese comfort food, Botejyu located at the lower ground level brings its Osaka roots to the city with its signature okonomiyaki, ramen, and donburi that introduce a deeper, more traditional take on Japanese cuisine to Zamboanga.

  • Ettas Cucina + Bar

Bringing a more refined yet social dining experience to the city, Ettas Cucina + Bar located at the upper ground level serves up Italian-inspired dishes alongside its curated bar offering that creates a space for elevated mains and good company to come together.

  • Palm Grill by Chef Miggy

Rooted in family recipes and Southern Mindanao heritage, soon-to-open Palm Grill located at the third level brings deeply authentic flavors shaped by the homecooked dishes of Chef Miggy’s upbringing. Led by the first Mindanaoan chef to earn Michelin recognition, it offers a meaningful and elevated take on regional cuisine, bringing Zamboanga’s rich culinary identity to the forefront of the table.

Sweet Endings: A Room For More

No feast is complete without something sweet, and at SM City Zamboanga , even the final course is just the beginning. Soon-to-open dining spots will bring even more to the table, from Maurizious Gelato’s rich, handcrafted flavors to new experiences like Yappari Steak and Tong Yang, bringing even more dishes to enjoy together.

Let your next great bite be the perfect excuse to call people up and gather, only here at your most-loved mall, SM Supermalls. Where every feast is All For You.

Don’t forget to like and follow @smsupermalls on social media or visit www.smsupermalls.com for the latest updates and events!

 

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Oracle begins layoffs affecting thousands, CNBC reports

WIKIMEDIA COMMONS/SIDDARTH PATIL

CLOUD computing firm Oracle is laying off thousands of employees, CNBC reported on Tuesday, citing two people familiar with the matter.

Late on Tuesday, Oracle said it will lay off 491 employees working remotely in Washington state and at its Seattle offices effective June 1, according to a notice filed under the Worker Adjustment and Retraining Notification (WARN) Act.

The job cuts are part of a “reduction in force and other terminations,” Oracle said, adding that its Seattle sites will remain open. The company had about 162,000 full-time employees globally as of May 2025.

The WARN Act requires employers to provide at least 60 days’ notice ahead of layoffs.

Oracle declined to comment on the CNBC report, although several social media users on Reddit, X and anonymous workplace network Blind, shared details of the potential cuts, fueling uncertainty and confusion among employees.

The layoffs come amid Oracle steps up spending on artificial intelligence infrastructure in an effort to better compete with cloud rivals, such as Alphabet and Amazon.

In a March filing, Oracle said it expects total costs tied to its fiscal 2026 restructuring plan to reach up to $2.1 billion, largely driven by employee severance and related expenses.

Shares in the company climbed more than 5% in afternoon trade, but remained down about 29% this year so far.

Meanwhile, more than 70 tech companies have cut around 40,480 jobs so far this year, per Layoffs.fyi, as companies increasingly reallocate resources toward AI, heightening fears of AI-driven disruptions among workers.

Last week, Meta laid off a few hundred employees across multiple teams, a source told Reuters. Earlier this month, Reuters had reported that Meta was planning sweeping layoffs that could affect 20% or more of its workforce. — Reuters

Bank lending rises by 9.5% in February

A woman withdraws money at an ATM in Makati City in this file photo. REUTERS

By Katherine K. Chan, Reporter

Philippines banks’ lending growth picked up in February as loans for business activities expanded at a faster pace, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

The total outstanding loans from universal and commercial banks, net of reverse repurchase agreements, rose by 9.5% annually to P14.269 trillion in February from P13.027 trillion a year ago. This was a tad faster than the near two-year low growth of 9.3% in January.

On a seasonally adjusted basis, bank lending climbed by 0.8% month on month.

Lending to residents went up by 10.1% to P13.987 trillion in January from P12.702 trillion a year earlier, slightly improving from 9.9% in January.

Banks’ loans for residents’ production activities stood at P12.031 trillion, 8.6% up year on year. This was faster than the 8.2% climb the prior month.

This as lending for waste management and remediation activities jumped 26% in February, while loans for electricity, gas, steam, and air-conditioning supply grew by 23.5%, transportation and storage by 19.3%, real estate activities by 9%, and repair of motor vehicles and motorcycles by 8.2%.

Meanwhile, big banks’ consumer loans to residents rose by 20.8% year on year to P1.956 trillion in February, easing from the 21.3% growth in January. This includes credit card, motor vehicle, and general-purpose salary loans but excludes residential real estate loans.

“Consumer loans to residents grew at a slower rate of 20.8% from 21.3% due to the modest slowdown in credit card and motor vehicle loans,” the BSP said in a statement late on Tuesday.

On the other hand, outstanding loans to nonresidents, which include those disbursed by big banks’ foreign currency deposit units, fell by 13.2% year on year to P282.077 billion. This was a steeper decline than the 10.4% drop logged in the previous month.

“The BSP monitors bank loans because they are a key transmission channel of monetary policy,” the central bank said.

“Looking ahead, the BSP will ensure that domestic liquidity and bank lending conditions remain consistent with its price and financial stability mandates,” it added.

LIQUIDITY GROWTH RISES
Meanwhile, the country’s money supply grew by an annual 10.3% to P19.838 trillion in the second month of the year, picking up from the 8.6% growth in January, the central bank reported.

Based on separate preliminary BSP data, February’s domestic liquidity (M3) increased from the P17.987 trillion recorded a year ago.

Month on month, it nudged 1.2% higher on a seasonally adjusted basis.

M3 is a measure of the amount of money in the economy that includes currencies in circulation, bank deposits, and other financial assets that are easily convertible to cash.

Domestic claims, which include claims from private and government entities, climbed by an annual 11% to P22.423 trillion. This was faster than the 10% expansion in January.

Claims on the private sector increased by an annual 10.6% to P14.487 trillion in February, amid a “continued expansion in bank lending to nonfinancial private corporations and households.”

Meanwhile, higher borrowings boosted net claims on the central government to P5.955 trillion during the month, rising by an annual 12.4%.

Claims on a sector refer to that sector’s liabilities to depository corporations such as banks and the central bank.

BSP data also showed that net foreign assets (NFA) in peso terms reached P7.455 trillion in February, up 7.4% year on year but slower than the 10.2% growth in January.

This came as the central bank’s NFAs expanded at slower pace of 4.1% to P6.521 trillion from 9.2% a month ago.

However, this was offset by the 38.4% jump in banks’ NFAs to P933.142 billion in February, faster than the 18.1% climb in January. This was mainly driven by lower foreign currency-denominated bills payable.

NFAs reflect the difference between depository corporations’ claims and liabilities to nonresidents.

Haiti gangs keep up attacks in breadbasket region after massacre

PORT-AU-PRINCE — Armed men mounted further attacks in Haiti’s breadbasket Artibonite region on Tuesday, days after a gang’s weekend assault in the area of Jean-Denis left some 70 people dead, according to human rights groups and local residents.

National police said it was conducting operations in several parts of Artibonite on Tuesday.

Residents of Jean-Denis counted 70 bodies on Sunday morning after an attack by the Gran Grif gang, the National Network for the Defense of Human Rights (RNDDH) said in a report, matching the estimates of the Defense Plus rights group but far above official estimates, which put the death toll at around 16.

RNDDH said some 30 more people were wounded, and victims included infants, pregnant women, teenagers and an 80-year-old man.

Armed men withdrew from Jean-Denis on Monday, RNDDH said, but on Tuesday they repositioned themselves in nearby Pont Benoit and were attempting to launch another offensive in the town of Marchand Dessalines, some 19 kilometers (12 miles) north.

Videos shared on social media showed armed men reportedly belonging to the Kokorat San Ras gang, a close ally of the powerful Gran Grif, distributing cash to residents in Marchand Dessalines. Gran Grif has been designated a terrorist organization by the US and the neighboring Dominican Republic.

Residents told Reuters local self-defense brigades did not have the firepower to hold off the gangs, which would wait during the day when police were present but begin shooting and setting fire to buildings at night.

RNDDH, whose report followed interviews with local authorities, police and residents, said Gran Grif’s attack on Jean-Denis followed weeks of threats and residents did not flee because they believed the self-defense brigade would protect them.

The self-defense brigade however withdrew as they did not have the firepower to hold off the attack, RNDDH said.

The police response was limited, it noted, with armored vehicles that managed to reach the scene staying just a few hours before withdrawing and returning on Monday.

Local authorities told the rights group most of their armored vehicles were out of service, some because of battery issues that required help from mechanics based in Port-au-Prince, and that units belonging to the UN-backed security force had to await authorization from the capital before deploying.

Meanwhile on Tuesday, Prime Minister Alix Didier Fils-Aime received a UN delegation with whom he discussed the arrival of an expanded mission of a so far only partially deployed security force, which has suffered from lack of equipment, troops and funds. — Reuters

UN says initial findings show roadside blast killed Lebanon peacekeepers

United States Ambassador to the United Nations Mike Waltz addresses a Security Council meeting to discuss 'ongoing US aggression' against Venezuela at the UN headquarters in New York City, US, Dec. 23, 2025. — REUTERS

A ROADSIDE explosion appears to have struck the convoy of two Indonesian peacekeepers killed in southern Lebanon, the UN peacekeeping chief said on Tuesday, citing initial findings of an investigation.

The two peacekeepers with the UNIFIL force were killed on Monday near Bani Hayyan in south Lebanon and two other soldiers were wounded. Another Indonesian soldier was killed overnight Sunday into Monday when a projectile exploded near one of the group’s positions.

“UNIFIL is conducting investigations to determine the circumstances of these reprehensible developments,” Jean-Pierre Lacroix, the head of UN peacekeeping, told a UN Security Council meeting on Lebanon, where a new war between Israel and Lebanese armed group Hezbollah erupted on March 2.

The Israeli military said on Tuesday that its review of an incident involving UNIFL troops on Monday concluded that Israeli troops did not place an explosive device in the area and that no troops were present there.

It also called on the UNIFL to avoid a presence in combat zones where it has issued an evacuation warning for civilians.

Israel’s UN ambassador, Danny Danon, blamed the deaths of the three peacekeepers on Hezbollah. He charged that the group launches rockets from villages next to UN positions, “putting peacekeepers directly in the line of fire.”

Hezbollah did not immediately respond to a request for comment.

Asked about Mr. Danon’s statement, UNIFIL spokesperson Kandice Ardiel said: “We invite them to share their evidence with our investigative team.”

UN spokesperson Stephane Dujarric told a briefing a “roadside bomb, most likely an IED,” or improvised explosive device, was to blame for the Bani Hayyan incident.

UN Secretary-General Antonio Guterres strongly condemned the killing of the peacekeepers, saying that such attacks were “grave violations of international humanitarian law … and may amount to war crimes.”

“There will need to be accountability,” he added in a statement.

Indonesia’s foreign ministry on Tuesday condemned the attacks “in the strongest terms,” adding that they reflected the deteriorating security environment in the region. It said that ongoing Israeli military operations have placed UN peacekeepers in Lebanon at grave risk.

US envoy to the UN Mike Waltz told the Security Council meeting that since 1978, more than 300 UNIFIL peacekeepers had been killed, showing that the council “must think very carefully about the effectiveness of this effort.”

“We can help refocus international efforts on supporting Lebanese state institutions, reducing risk to peacekeepers, and pressing Hezbollah and Iran to cease their destabilizing activities,” he said.

In line with a Security Council decision, UNIFIL will cease operations at the end of 2026 and withdraw in 2027. As of March, UNIFIL had 7,505 peacekeepers from 47 nations. — Reuters

Trump says the US could end the Iran war in two to three weeks

Smoke rises following an explosion, amid the US-Israeli conflict with Iran, in Tehran, Iran, March 7, 2026.—via REUTERS/WANA/NASER SAFARZADEH

WASHINGTON/JERUSALEM/CAIRO — US President Donald Trump said the United States could end its military attacks on Iran within two to three weeks and Tehran did not have to make a deal as a prerequisite for the conflict to wind down.

The remarks underscored the shifting and at times contradictory statements from Washington about how the war, now in its fifth week, might end.

“We’ll be leaving very soon,” Mr. Trump told reporters at the White House on Tuesday, saying the exit could take place “within two weeks, maybe two weeks, maybe three.”

Asked if successful diplomacy with Iran was a prerequisite for the US to conclude what it has dubbed “Operation Epic Fury”, Mr. Trump said it was not.

“Iran doesn’t have to make a deal, no,” he said. “No, they don’t have to make a deal with me.”

The White House later said Mr. Trump would address the nation “to provide an important update on Iran” at 9 p.m. EDT on Wednesday (0100 GMT on Thursday).

Washington previously threatened to intensify military operations if Tehran did not accept a 15-point US ceasefire framework that had among its core demands that Iran commit not to pursue nuclear weapons, halt all uranium enrichment and fully reopen the Strait of Hormuz.

Earlier on Tuesday, US Defense Secretary Pete Hegseth said Mr. Trump was willing to make a deal with Iran to end the war that has killed thousands, spread across the region, disrupted energy supplies, and threatened to send the global economy into a tailspin.

Talks were ongoing and gaining strength, Mr. Hegseth said, but the US was prepared to continue the war if Iran did not comply.

“We have more and more options, and they have less … in only one month we set the terms, the upcoming days will be decisive,” Mr. Hegseth said in Washington.

Iranian Foreign Minister Abbas Araqchi said he has been receiving direct messages from US special envoy Steve Witkoff but they do not constitute “negotiations”, Qatar’s Al Jazeera TV cited him as saying.

The messages include threats or exchanged views delivered through “friends,” he added.

Iran’s Revolutionary Guards on Tuesday hit back with a new threat against US companies in the region starting on Wednesday.

It listed 18 businesses including Microsoft, Google, Apple, Intel, IBM, Tesla, and Boeing that would be targeted from 8 p.m. Tehran time (1630 GMT).

When asked if he was concerned about threats to the companies, Mr. Trump said no. “They don’t have much left to threaten,” he said of Iran.

Mr. Trump earlier on Tuesday also criticized countries that have not helped the US war effort, such as Britain.

In a social media post, he said that in response to the global fuel shortage, these countries should buy energy from the US or find “some delayed courage, go to the strait and just TAKE IT”.

France and Italy have pushed back against some US-Israeli military operations, sources said, highlighting how divisions between NATO allies have been exposed by the war.

WAR CONTINUES TO RAGE
The war has also revived conflict between Israel and the Iran-backed Lebanese group Hezbollah.

At least seven people were killed and 24 wounded in two Israeli strikes in the Beirut area, the Lebanese health ministry said on Wednesday, in attacks that hit vehicles in Beirut’s southern outskirts and in an area just south of the capital.

Israel’s military said on Wednesday it carried out two separate strikes targeting a senior Hezbollah commander and another senior member of the Iran-aligned group in the Beirut area. It did not identify them or say whether they had been killed.

There was no immediate comment from Hezbollah on the strikes.

With the conflict in the Middle East showing no sign of easing, Pakistan is seeking to mediate in the war.

The foreign ministers of China and Pakistan on Tuesday called for an immediate ceasefire, urging peace talks to be held as soon as possible after they met in Beijing.

Iran has remained defiant despite heavy US and Israeli attacks for the past month, as neighbors have been pulled into the conflict.

Syrian state television reported that explosions heard in Damascus were the result of Israeli air defenses intercepting Iranian missiles.

A weather station’s radar and building in the Iranian port of Bushehr were put out of service on Tuesday after being hit twice in US-Israeli attacks, a regional official told state media.

The Mobarakeh steel plant in the central city of Isfahan was attacked for the second time in a week, according to the semi-official Tasnim news agency, and parts of the Sefiddasht Steel Complex in the city of Borujen were targeted, according to the Fars news agency.

Reuters could not immediately verify the battlefield reports.

Higher oil and fuel prices have started to weigh on US household finances and are a political headache for Mr. Trump and his Republican Party before the November midterm elections.

The US national average retail price of gasoline crossed $4 a gallon for the first time in over three years on Monday, data from price-tracking service GasBuddy showed.

Two-thirds of Americans believe the US should work to end its involvement in the Iran war quickly, even if that means not achieving the goals set out by the Trump administration, a Reuters/Ipsos poll found. — Reuters

Drive with confidence this Holy Week as Toyota PH offers free emergency roadside assistance

Promo runs from April 2 to 5, 2026

To provide motorists with peace of mind as they travel during the Holy Week, Toyota Motor Philippines (TMP) is offering FREE emergency roadside assistance to customers at select dealerships across the country.

From April 2 to 5, customers may avail of the Emergency Roadside Assistance at the following dealerships and areas:

Area Dealer Location Period Coverage
NCR T. Abad Santos Dealer Facility April 02, 04 & 05, 2026 / 0800H – 1700H

 

April 03, 2026 / 0800H – 1200H, (will be a half-day to give way to Good Friday)
T. Alabang
T. Marikina
North Luzon T. Baguio City
T. Bataan
T. Ilocos Sur
T. San Fernando, Pampanga
T. Nueva Ecija
South Luzon

 

 T. Taytay Rizal
T. Calamba
T. Los Banos Service Center
T. Calapan
T. Camarines Sur
T. Dasmarinas
T. Lucena City
T. Batangas City
T. Silang Cavite
Visayas T. Mabolo
T. Talisay, Cebu Day 1, Dalaguete, Cebu April 02, 2026 / 0800H – 1700H
Day 2, Toledo, Cebu April 03, 2026 / 0800H – 1200H, (will be a half-day to give way to Good Friday)
Day 3, Moalboal, Cebu April 04, 2026 / 0800H – 1700H
Day 4, Cebu April 05, 2026 / 0800H – 1700H
T. Mandaue North Day 1, San Juan Nepomuceno Parish Church, San Remegio, Cebu April 02, 2026 / 0800H – 1700H
Day 2, Sto. Tomas de Villanueva Parish Church, Danao City, Cebu April 03, 2026 / 0800H – 1200H, (will be a half-day to give way to Good Friday)
Day 3, Our Lady of Manaoag Rosary Center, Carmen, Cebu April 04, 2026 / 0800H – 1700H
Day 4, San Guillermo Parish Church, Catmon, Cebu April 05, 2026 / 0800H – 1700H
T. Mandaue South Dealer Facility April 02, 04 & 05, 2026 / 0800H – 1700H

April 03, 2026 / 0800H – 1200H, (will be a half-day to give way to Good Friday)
T. Negros Occidental Service Center
Mindanao T. Davao City

 

Free labor services shall be provided for customers who will avail of the emergency roadside assistance. Any required replacement part/s shall be charged to the customer’s account.

For more information, contact any of the participating dealerships in the table above.

DTI Fair Trade Permit No. FTEB-252976 Series of 2026

Follow Toyota Motor Philippines on Facebook, Instagram and X, and join the ToyotaPH community on Viber for regular updates on products and services, dealer operations, announcements, and events.

Download the myTOYOTA PH APP for Android and iOS for all your Toyota needs, from car selection to car care, maintenance, and upgrades.

 

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BSP: Inflation likely rose to 3.1-3.9%

MOTORISTS queue at a gasoline station.

By Katherine K. Chan, Reporter

HIGHER FUEL, electricity, and rice prices, along with the peso’s weakness, likely pushed inflation to the fastest in around two years, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.

In its latest month-ahead inflation forecast, the BSP said inflation likely settled between 3.1% and 3.9% in March, faster than the 1.8% clip a year ago and 2.4% in February.   

At the upper end of the forecast, inflation may have accelerated to its fastest pace in over two years or since the 4.1% in November 2023. It would also match the headline inflation logged in May 2024.

Meanwhile, at the bottom end, inflation would be the fastest print in 19 months or since the 3.3% clip in August 2024.

The central bank said cheaper prices of vegetables, fish and meat likely tempered price pressures during the month, but rising costs of fuel, electricity and rice weighed on the headline print.

“Inflation risks have intensified with upward price pressures arising from the significant increase in domestic petroleum prices, higher rice prices, increased electricity charges in Meralco-serviced areas, and depreciation of the peso,” it said in a statement. 

Local pump prices have soared since the US and Israel launched attacks against Iran in late February.

In March, fuel retailers raised pump prices by up to P43.50 a liter for gasoline, P67.35 per liter for diesel and P70.90 per liter for kerosene.

Meanwhile, Manila Electric Co. (Meralco) hiked electricity rates by 64.27 centavos per kilowatt-hour (kWh) to P13.8161 per kWh last month from P13.1734 per kWh in February. This meant households consuming 200 kWh monthly paid about P129 more in their electricity bill for March.

Rice prices also continued to climb in March, with the average cost of local regular milled rice increasing by 5.8% to P48.69 a kilo in the second half of the month from P46.02 a year earlier.

The price of well-milled rice jumped by 8.02% year on year to P56.68 a kilo, while the price of special rice climbed by an annual 3.79% to P64.07 a kilo.

On the other hand, the local currency likewise took a hit from a strong dollar amid the Middle East war.

On Tuesday, the peso lost 5.8 centavos to close at a new all-time low of P60.748 against the greenback from its previous record finish of P60.69 on Monday, Bankers Association of the Philippines data showed.

Michael Wan, a senior currency analyst at MUFG Global Markets Research, sees the local unit underperforming amid pressures from looming oil shortages and spillovers to other sectors on top of price shocks.

“We think the next phase for Asian currencies may be a shift towards concerns around growth and with that greater risk aversion in markets if the Iran conflict prolongs,” he said in a note on Tuesday. “This will likely mean growth sensitive and current account deficit in emerging market currencies will likely show greater magnitude of underperformance moving forward, including the likes of INR (Indian rupee), PHP (Philippine peso), IDR (Indonesian rupiah), and KRW (Korean won).”

In a March 30 note, Metropolitan Bank & Trust Co. (Metrobank) also said inflation will likely continue to pick up in the coming months amid persisting oil risks from the ongoing Middle East war.

It likewise expects the peso to remain weak in the near term as uncertainties surrounding the war continue to attract safe-haven demand for the US dollar.

This may push the central bank to hike its policy rate before yearend to tame inflation, Metrobank added.

“Metrobank still sees continued upside oil risk, as the Strait of Hormuz, a critical transit point for global oil shipments, remains closed,” it said. “We also expect the Bangko Sentral ng Pilipinas to raise their policy rate this year to combat rising inflation.”

Last week, the BSP maintained its policy rate at 4.25% in an off-cycle meeting as it noted that emerging inflation pressures are supply-driven, in which policy adjustments have little impact.   

The BSP’s next policy review is on April 23.

However, BSP Governor Eli M. Remolona, Jr. hinted that future policy decisions will hinge on second-round price effects, adding that a worst-case scenario of $200-a-barrel oil price will force them to tighten.

Global oil prices have been hovering around $100 a barrel in recent weeks. Brent crude futures went up about 2% to $114.98 per barrel on Tuesday, bringing total gains for the month to its highest ever at around 59%, Reuters reported.   

The BSP said it will keep assessing the implications of the Middle East conflict on local inflation and economic activity.

NG gross borrowings surge to nearly P400B

BW FILE PHOTO

By Justine Irish D. Tabile, Senior Reporter

THE National Government’s (NG) gross borrowings ballooned to almost P400 billion in January as external debt more than tripled, the Bureau of the Treasury (BTr) said.

Data from the BTr showed that the total gross borrowings surged by 88.7% to P398.38 billion in the first month of 2026 from P211.07 billion a year prior.

Domestic debt accounted for 52.2% of the total gross borrowings for the month.

In January, gross domestic borrowings stood at P208 billion, up 36.9% from P151.88 billion in the same month in 2025.

This consisted of fixed-rate Treasury bonds amounting to P176.6 billion and Treasury bills worth P39.5 billion.

On the other hand, gross external debt surged by 221.7% to P190.38 billion in January from P59.18 billion in the same month last year.

The surge is due to the P161.29 billion raised from multi-tranche global bonds during the month.

The $2.75-billion triple-tranche dollar bond issuance was the Philippine government’s largest US dollar deal in over three years. The government raised $500 million from 5.5-year bonds, $1.5 billion from 10-year papers, and $750 million from 25-year papers.

Other sources of external debt included P26.39 billion in program loans and P4.46 billion in project loans.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the higher borrowings in January to “some frontloading of both foreign and local borrowings as well as the new record-high US dollar/peso that led to a higher peso equivalent of foreign debts.”

As of end-January, the peso depreciated by P0.07 to close at P58.86 from its P58.79 finish on Dec. 29.

This month, the local currency hit a new record low, weakening by 14 centavos to close at P60.69 on Tuesday from its P60.55 finish on Monday.

Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said the government had frontloaded its borrowings amid global uncertainty.

In a Viber message, he said this was a strategy to “lock in financing before borrowing costs potentially rise further.”

He noted external borrowings may account for a bigger chunk of the borrowings “if the government sees favorable windows in global markets.”

However, Mr. Rivera said the Philippines is still likely to prioritize domestic borrowings “to limit foreign exchange rate risks and maintain debt sustainability.”

For 2026, the government set the financing program at P2.682 trillion, where 76.6% will come from local lenders and the rest will be sourced from foreign sources.

Mr. Ricafort said the National Government’s catch-up spending program may “lead to a wider budget deficit that, in turn, would require more NG borrowings.”

NPC seeks higher charge for missionary electrification

LINEMEN work on a transmission station of National Power Corp. in Navotas City in this file photo. — REUTERS

STATE-RUN National Power Corp. (NPC) is seeking to collect P44.2 billion from on-grid electricity end-users next year, as the current charge is insufficient to sustain operations for missionary electrification amid fuel price spikes.

In its filing before the Energy Regulatory Commission, NPC is proposing to collect a total of P44.2 billion as universal charge for missionary electrification (UCME).

The amount translates to an equivalent rate of P0.4405 per kilowatt-hour (kWh), a 65.5% increase from the current rate of P0.2662 per kWh for 2026.

“The aim is to further provide and guarantee sustainable economic development in the off-grid areas,” NPC said.

As authorized by the Electric Power Industry Reform Act or EPIRA, the UCME is a monthly charge collected from on-grid electricity end-users used to subsidize cost of power in off-grid areas.

NPC is mandated to provide electricity to remote and island areas not connected to the main grid through Small Power Utilities Group (SPUG) plants.

The corporation’s proposed budget for next year consists of the basic UCME subsidy for SPUG areas, as well as subsidy for new power providers, qualified third parties, and microgrid service providers.

A portion of the budget will be allocated to provide cash incentives to renewable energy developers operating in off-grid areas.

“The proposal, when approved, will allow NPC to deliver its commitment to provide a reliable and sufficient power supply and efficient operation of its plants and its associated power delivery systems consistent with the specific programs in the missionary areas that NPC is currently serving,” the company said.

NPC said the UCME subsidy will help maintain its facilities, which ensures “continued and uninterrupted supply of power” to the electricity consumers in off-grid areas.

“The provision of electricity to unelectrified, unserved and underserved off-grid areas will enable to perform its mandate and fulfill the government’s objective of total electrification,” NPC said.

The Philippine government has set a 100% electrification target by 2028.

The country’s island communities and off-grid areas usually rely on power plants operated by NPC. About 99% of the 79 NPC-SPUG power plants run on diesel.

However, diesel costs have surged due to the current global oil crunch — a challenge especially significant to the Philippines due to its heavy reliance on imported fuel.

A month since the onset of the US-Israel war on Iran, local pump prices have increased by double digits, with diesel prices reaching as high as P153 per liter.

In a statement in early March, transition and transaction advisory firm Climate Smart Ventures (CSV) warned that around 1.2 million households residing in off-grid areas face the risk of prolonged power outages as fuel prices rise.

“If oil prices continue to escalate and the conflict drags on, this can deplete the universal charge for missionary electrification fund used to subsidize fuel in off-grid areas,” CSV Head of Philippine Operations Matthew Carpio said.

To cushion the impact of oil price shocks from geopolitical conflicts, NPC is undertaking its Accelerated Hybridization Program, which aims to launch diesel-solar-battery hybrid plants this year. The initiative aims to reduce diesel consumption by at least 20% in the power plants. — Sheldeen Joy Talavera

Hotel101 eyes $300-M US offering for global rollout

HOTEL101-SIHANOUKVILLE — HOTEL101 GLOBAL PTE. LTD.

HOTEL101 Global Holdings Corp., the Nasdaq-listed subsidiary of DoubleDragon Corp., is moving forward with a planned $300-million Series A perpetual preferred share offering in the United States to support its international expansion.

In a disclosure, the company said it has taken the next step for the offering, with proceeds expected to “fuel the company’s strategic expansion of Hotel101 projects worldwide” and support “advancing its innovative, prop-tech hospitality platform.”

The move is part of its shift toward an asset-light model, which it said is “accelerating its progression to pure asset-light hyper growth worldwide expansion.”

Hotel101 Global added that it continues to tap capital markets in both the Philippines and the United States to strengthen its balance sheet, with the goal of increasing its total equity base to P500 billion.

DoubleDragon expects to open its highest number of hotel rooms in a single year this year.

“A total of new additional 2,229 hotel rooms are slated to be operational this year 2026,” the company said, including 680 rooms in Madrid, Spain, which opened in March.

Additional openings include 519 rooms in Davao, 548 rooms in Cebu, and 482 rooms in Niseko, Hokkaido, Japan.

“The very first Hotel101 overseas that opened on March 10, 2026, has exceeded the company’s expectation in terms of its operating and occupancy performance,” the company said.

It added that Hotel101 Madrid is expected to reach above-industry occupancy levels ahead of the Formula 1 Grand Prix in Madrid in September 2026, where the property has been designated as an official hotel partner under a 10-year agreement with MATCH Hospitality.

These developments support Hotel101 Global’s plan to build and operate one million standardized Hotel101 rooms across 100 countries.

Hotel101 Global had a market capitalization of about $2.34 billion as of Jan. 16.

The company operates an asset-light property technology-driven hospitality platform using a standardized global condotel business model.

Shares in DoubleDragon rose by 0.11% to close at P9.13 each on Tuesday. — Alexandria Grace C. Magno

Makati RTC denies TRO vs SEC director term limit rule

SEC.GOV.PH

THE Makati Regional Trial Court (RTC) Branch 38 denied an application for a temporary restraining order (TRO) against a Securities and Exchange Commission (SEC) circular that imposes term limits on independent directors of publicly listed companies, the regulator said.

“The RTC denied GMA’s application for a TRO following revelations that the network failed to disclose a key board decision. While GMA’s petition, filed on March 26, claimed an urgent need for relief due to a looming May 2026 ASM, evidence presented by the SEC, through the OSG (Office of the Solicitor General), revealed that GMA’s board had already approved postponing the meeting to December 2026,” the SEC said in a statement on Tuesday.

“The RTC ruled that no ‘extreme urgency’ exists, as the network now has ample time to vet potential independent directors in compliance with SEC regulations,” it added.

SEC Memorandum Circular No. 7, Series of 2026 (MC 7), which took effect on Feb. 1, imposes a maximum cumulative term of nine years for an independent director in the same company, reckoned from 2012. After reaching the limit, the individual may no longer serve as an independent director of that company but may still be elected as a regular director.

On March 26, GMA filed a petition for certiorari seeking to nullify and set aside MC 7, and requested the immediate issuance of a TRO and/or a writ of preliminary injunction.

In its opposition, the SEC said GMA failed to meet the requisites for the issuance of a TRO, including showing that a clear and unmistakable right was being violated by the implementation of the circular.

Through the Office of the Solicitor General, the SEC said that when the petition was filed on March 26, GMA had already disclosed to the Philippine Stock Exchange on March 25 that it was rescheduling its ASM from May 20 to Dec. 9.

The SEC said MC 7 is consistent with the state’s policy to promote corporate governance reforms aimed at raising investor confidence, developing the capital market, and supporting economic growth.

It added that Section 22 of the Revised Corporation Code authorizes the SEC to prescribe the “qualifications, disqualifications, voting requirements, duration of term and term limit, maximum number of board membership and all other requirements” for independent directors to strengthen their independence and align with international best practices.

In response to the petition, SEC Chairperson Francis Ed. Lim earlier said public companies should avoid entrenched board positions. “Our people clamor against political dynasties — so our public companies must reject boardroom entrenchment. No double standards,” he said.

“We must raise our governance standards to restore investor confidence. Our stock market has been falling behind. The time to act is now-and we call on everyone to step up for the sake of our capital markets,” he added. — A.G.C. Magno

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