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DMW, GCash launch Buy Lokal by OFWs initiative on GHub to support returning OFWs amidst global crisis

DMW Secretary Hans Leo Cacdac (left) and GCash Head of Public Sector Cleo Celeste Santos formally ink a partnership aimed at supporting the OFW sector.

The Department of Migrant Workers (DMW) and GCash formalized a partnership to support the reintegration of returning OFWs by providing entrepreneurship opportunities and digital financial tools to help them grow their businesses.

The signing ceremony, led by DMW Secretary Hans Leo Cacdac and GCash Head of Public Sector Cleo Celeste Santos, underscores both organizations’ commitment to empowering OFWs as they return and rebuild their livelihoods in the Philippines.

This was followed by the official launch of “Buy Lokal, By OFWs” Powered by GCash, as the government strengthens initiatives to support OFWs amid the ongoing crisis abroad. Alongside this event was a trade fair showcasing different business ventures by returning OFWs, ranging from food products and personal care items to handicrafts.

Boosting support for returning OFW entrepreneurs

GCash awards OFW entrepreneurs with their GCash for Business SoundPay devices, enabling them to accept digital payments seamlessly.

OFWs face many challenges both while working abroad and when returning home. Limited access to financial services, difficulties managing remittances, and a lack of support during reintegration make it hard for them to achieve financial stability. These obstacles often leave returning OFWs struggling to build sustainable livelihoods and fully rejoin the local economy.

DMW Director IV Andrea Anolin shared that the program aims to provide returning OFWs opportunities to start their business, opening them up to markets where they can sell their own products. “We have a long-term plan here, and the support of GCash is really something that we also want to make sustainable,” she added.

“The main goal of DMW and GCash is to help OFWs come home with stable livelihoods. We want them to be financially prepared with sustainable income, and have more time with their families here in the Philippines,” GCash International Head of Product Julie Ann Abalos said.

With “Buy Lokal, By OFWs Powered by GCash,” the country’s leading finance super app is throwing its support behind the initiative. The DMW program promotes products and services by returning OFWs, supporting their entrepreneurship through marketing, branding, and business growth opportunities.

The program has four key components that support OFW entrepreneurship. These include digital tools to help them manage and grow their businesses, as well as marketplace integration through GHub, which showcases OFW-owned businesses online to make them easier to find and support.

It also provides financial inclusion and literacy to help entrepreneurs manage their finances and plan for growth, along with co-branding and marketing support to increase the visibility of their businesses through joint promotions.

The program also includes access to government services, including SSS, Pag-IBIG, and PhilHealth, helping OFWs plan for long-term security as they reintegrate into the local economy.

Assisting OFWs with digital tools

While the partnership prioritizes reintegration support, it also recognizes the needs of OFWs currently deployed abroad. GCash Overseas continues to provide seamless financial services, easy access to remittances, and tools for daily financial management, ensuring support at every stage of the OFW experience.

The partnership between GCash and DMW reflects a shared vision to improve the lives of OFWs and their families through entrepreneurship, financial education, and digital enablement, creating pathways for Filipinos to build sustainable livelihoods and contribute to the Philippine economy.

Along with this, GCash recently launched GCash International Transfers, allowing users to send money directly from their wallet to overseas bank accounts, cards, and e-wallets. The service is available in 16 countries, with plans of further expansion. It enables individuals and MSMEs to send funds in pesos while recipients receive the amount in their local currency for easier and more convenient transactions.

Until April 30, Filipinos in the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Oman, Bahrain, Israel, Lebanon, and Jordan will not be charged for their bank transfers to the Philippines and other transactions like buy load and pay bills. Waived transaction fees will be credited back via in-app cashback. No registration is required, eligible fees will be automatically returned to GCash user accounts, and users will receive an in-app notification confirming that the cashback has been successfully credited.

GCash users in the Philippines can also remit money to their loved ones in the United Arab Emirates, Saudi Arabia, Qatar, and Oman for free via GCash International Transfer.

For more information, please visit www.gcash.com.

 


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King Charles’ visit to US to proceed after Washington shooting

DAN MARSH-FLICKR

LONDON — King Charles’ state visit to the US will go ahead as planned on Monday despite a shooting at a White House dinner attended by President Donald Trump, Buckingham Palace said after discussions with US officials.

Charles and his wife, Queen Camilla, are due to arrive on Monday for a four-day state visit, but questions arose after a man opened fire on security personnel near the White House Correspondents’ Association dinner on Saturday, prompting Secret Service agents to rush Mr. Trump from the venue.

“I think it’s great; he’ll be very safe,” Mr. Trump said in an interview on CBS News’ “60 Minutes.” “The White House grounds are really safe.”

Mr. Trump also said there was no indication from authorities that there were additional threats to himself or other officials.

US authorities believe the shooting likely targeted the president and administration officials, acting US Attorney General Todd Blanche said.

Mr. Blanche also said he was confident Charles would be safe during this week’s visit to the US.

The four-day trip – which is to include a private meeting with Mr. Trump and an address to Congress marking 250 years since US independence — is intended to reinforce the strained US-British relationship amid differences over the Iran war.

KING AND QUEEN LOOKING FORWARD TO VISIT
“Following discussions on both sides of the Atlantic through the day, and acting on advice of government, we can confirm the state visit by their majesties will proceed as planned,” a Buckingham Palace spokesperson said.

“The king and queen are most grateful to all those who have worked at pace to ensure this remains the case and are looking forward to the visit getting underway tomorrow.”

A palace source said there might be small operational changes to one or two engagements.

Earlier, the spokesperson said Charles was being kept fully informed of developments and was relieved that Mr. Trump, his wife and all guests had been unharmed.

Charles and Camilla have also privately reached out to Mr. Trump and his wife – first lady Melania Trump – to express their sympathies, a palace source said.

British senior minister Darren Jones said earlier on Sunday that the government would continue to cooperate closely with US security services ahead of Charles’ visit and that extensive discussions already under way would continue in the coming days.

“In respect of His Majesty’s visit to the United States next week … our security services obviously remain in close cooperation in advance of that,” Mr. Jones told Sky News. — Reuters

Trump says Iran can phone if it wants to talk; Iranian minister heads to Russia

Emergency personnel work at the site of a strike on a residential building, amid the US-Israeli conflict with Iran, in Tehran, Iran, Mar. 16, 2026.—via REUTERS/MAJID ASGARIPOU

WASHINGTON/ISLAMABAD — President Donald Trump said on Sunday Iran could telephone if it wants to negotiate an end to their two-month war and stressed it can never have a nuclear weapon, after Tehran said the US should remove obstacles to a deal, including its blockade of Iran’s ports.

Hopes of reviving peace efforts receded on Saturday when Mr. Trump scrapped a visit to Islamabad by his envoys Steve Witkoff and Jared Kushner. Iranian Foreign Minister Abbas Araghchi shuttled to and from mediators Pakistan and Oman on Sunday before heading to Russia, where he is due to meet President Vladimir Putin.

Oil prices rose, the dollar inched higher and US stock futures wobbled lower in early Asia trade on Monday after US-Iran peace talks stalled over the weekend, leaving Gulf shipping blocked.

“If they want to talk, they can come to us, or they can call us. You know, there is a telephone. We have nice, secure lines,” Mr. Trump told “The Sunday Briefing” on Fox News.

“They know what has to be in the agreement. It’s very simple: They cannot have a nuclear weapon, otherwise there’s no reason to meet,” Mr. Trump said.

Iran has long demanded Washington acknowledge its right to enrich uranium, which Tehran says it only seeks for peaceful purposes, but which Western powers say is aimed at building nuclear weapons.

Although a ceasefire has paused full‑scale fighting in the conflict, which began with US-Israeli strikes on Iran on February 28, no agreement has been reached on terms to end a war that has killed thousands, driven up oil prices, fuelled inflation and darkened the outlook for global growth.

TRUMP FACES DOMESTIC PRESSURE TO END WAR
With his approval ratings falling, Mr. Trump faces domestic pressure to end the unpopular war. Iran’s leaders, though weakened militarily, have found leverage in negotiations with their ability to stop shipping in the economically vital Strait of Hormuz, which normally carries a fifth of global oil shipments.

Tehran has largely closed the strait while Washington has imposed a blockade of Iranian ports.

Mr. Araghchi returned to Islamabad after holding talks on Sunday in Oman, another mediator in the war, and then headed to Russia.

Iran’s envoy in Russia, Kazem Jalali, said in a post on X that Mr. Araghchi would meet with Mr. Putin “in continuation of the diplomatic jihad to advance the country’s interests and amid external threats.”

“Iran and Russia are present in a united front in the campaign of the world’s totalitarian forces against independent and justice-seeking countries, as well as countries that seek a world free from unilateralism and Western domination,” Mr. Jalali said.

Iranian state media said Mr. Araghchi discussed security in the strait with Omani leader Haitham bin Tariq al-Said and called for a regional security framework free of outside interference.

Mr. Araghchi said on X that the focus of his Oman talks “included ways to ensure safe transit that is to benefit of all dear neighbors and the world.”

Iran’s semi-official Tasnim news agency said topics for Mr. Araghchi’s talks with Pakistani officials included “implementing a new legal regime over the Strait of Hormuz, receiving compensation, guaranteeing no renewed military aggression by warmongers, and lifting the naval blockade.”

Mr. Trump, speaking in Florida on Saturday, said he canceled his envoys’ visit due to too much travel and expense for what he considered an inadequate Iranian offer. Iran “offered a lot, but not enough,” he said.

Iranian President Masoud Pezeshkian told Pakistani Prime Minister Shehbaz Sharif by phone on Saturday that Tehran would not enter “imposed negotiations” under threats or blockade, an Iranian statement said.

He said the United States should first remove obstacles, including its maritime blockade, before negotiators could begin laying the groundwork for a settlement.

US AND IRAN HAVE EXTENSIVE DISAGREEMENTS
Disagreements between the US and Iran extend beyond Tehran’s nuclear program and control of the strait.

Mr. Trump wants to limit Iran’s support for its regional proxies, including Hezbollah in Lebanon and Hamas in Gaza, and curb its ability to strike US allies with ballistic missiles. Iran wants a lifting of sanctions and an end to Israeli attacks on Hezbollah.

In talks in Islamabad earlier in April, US Vice President JD Vance led the US delegation opposite Iran’s parliamentary speaker Mohammad Baqer Qalibaf. They ended without agreement.

After the latest diplomatic trip was called off, two US Air Force C-17s carrying security staff, equipment and vehicles used to protect US officials flew out of Pakistan, two Pakistani government sources told Reuters on Sunday.

Mr. Trump said on Saturday there was “tremendous infighting and confusion” within Iran’s leadership.

Mr. Pezeshkian said last week there were “no hardliners or moderates” in Tehran and that the country stood united behind its supreme leader.

The war has destabilized the Middle East. Iran has struck its Gulf neighbors and conflict between Israel and Iran-backed Hezbollah in Lebanon has been reignited.

In Lebanon, Israeli strikes killed 14 people and wounded 37 on Sunday, the health ministry said. The Israeli military warned residents to leave seven towns beyond the “buffer zone” it occupied before a ceasefire that has failed to fully halt hostilities. — Reuters

Suspect in White House press dinner shooting wrote anti-Christian manifesto, Trump says

REUTERS

WASHINGTON — US President Donald Trump said on Sunday that the suspect accused of trying to attack administration officials at Saturday night’s White House Correspondents’ Association dinner was a “pretty sick guy” who had an anti-Christian manifesto.

Mr. Trump said in TV interviews that the suspect’s family previously expressed concerns about him to law enforcement officials. The suspect, whom an official identified as 31-year-old Cole Tomas Allen, of Torrance, California, was arrested at the scene of the event in Washington, DC.

“He was a Christian, believer, and then he became an anti-Christian, and he had a lot of change,” Mr. Trump told CBS’ “60 Minutes” program. “He was probably a pretty sick guy.”

The manifesto was sent to members of Mr. Allen’s family shortly before the attack, a law enforcement official told Reuters. In it, the suspect called himself the “Friendly Federal Assassin,” the official said.

“Turning the other cheek when *someone else* is oppressed is not Christian behavior; it is complicity in the oppressor’s crimes,” the manifesto read, according to the official.

Targets listed in the manifesto included administration officials — although not FBI Director Kash Patel — prioritized from highest-ranking to lowest, the official said.

The manifesto mocked the “insane” lack of security at the Washington Hilton, where the dinner was held, the official added.

“Like, the one thing that I immediately noticed walking into the hotel is the sense of arrogance,” the manifesto’s author reportedly wrote. “I walk in with multiple weapons and not a single person there considers the possibility that I could be a threat.”

The chaotic events raised fresh questions about the security of top US officials, many of whom were gathered in the hotel’s expansive ballroom. Mr. Trump seized on the attention brought by the incident to promote his planned White House ballroom as a safer venue for such events.

“This event would never have happened with the Militarily Top Secret Ballroom currently under construction at the White House. It cannot be built fast enough!” Mr. Trump wrote on Truth Social.

The suspect traveled by Amtrak train from Los Angeles to Chicago and then to Washington, checking into the Hilton on Friday, acting US Attorney General Todd Blanche said on multiple Sunday talk shows, adding that Mr. Trump and top members of his administration were the likely targets. Train passengers in the United States are not required to pass through airport-style metal detectors.

Amtrak said it is cooperating with the investigation.

POLITICAL VIOLENCE
Officials have said that the suspect fired a shotgun at a Secret Service agent at a security checkpoint in the Washington Hilton hotel before being tackled and arrested.

Mr. Trump, first lady Melania Trump, Vice President JD Vance and cabinet officials were rushed out as the incident unfolded. The Secret Service agent who was shot escaped serious injury because the bullet struck his protective vest, Mr. Trump said.

Mr. Trump, who had boycotted the media gala in the past, has requested that the dinner be rescheduled within 30 days. White House Correspondents’ Association President Weijia Jiang of CBS said the group’s board would determine their next steps.

The suspect will be charged in federal court on Monday with assault of a federal officer, discharging a firearm and attempting to kill a federal officer, Mr. Blanche said, adding he did not know if there was an Iran connection to the attack. Further federal indictments will be coming later, Mr. Blanche said.

Saturday’s incident was another reminder of a rising tide of political violence in the United States in recent years. Conservative political activist Charlie Kirk was shot dead at a rally last September, just months after the June 2025 slaying of Democratic Minnesota state Representative Melissa Hortman and her husband and the wounding of a Minnesota state senator.

A Reuters/Ipsos poll conducted in the days following Mr. Kirk’s murder found that Americans believe increasingly harsh rhetoric surrounding politics is encouraging violence in the US.

A White House official said law enforcement officials who interviewed Mr. Allen’s sister were told he had a tendency to make radical statements, had attended an anti-Trump “No Kings” protest and referred to a plan to do “something” to fix issues with today’s world.

Mr. Trump suggested the protest might have spurred the suspect to action. “Part of the reason you have people like that is you have people doing No Kings,” he told CBS. “I’m not a king.”

Around the world, leaders condemned the attack and expressed relief that Mr. Trump and all present were safe.

A planned US visit by King Charles of Britain scheduled to start on Monday will proceed, Mr. Trump and British officials said.

Little was immediately known about the alleged shooter’s background, but social media posts indicated he had worked at C2 Education, a national private test preparation and tutoring service. C2 Education said in a statement that it was cooperating with law enforcement investigators.

Washington Interim Police Chief Jeffery Carroll said the suspect was armed with a shotgun, a handgun, and multiple knives.

Mr. Allen had purchased two handguns and a shotgun and stored them at his parents’ home, the White House official said.

The suspect lived with his parents in a two-story house on a tree-lined street with picket fences and craftsman-style homes in the historic district of Torrance, a seaside town in the South Bay area of greater Los Angeles.

Neighbors in the middle-class neighborhood on Sunday said they were only casually acquainted with him and his parents, with most saying they never spoke to him beyond a brief hello or waving to them as they gave Halloween candy to trick-or-treaters. — Reuters

BSP seen to hike by 50 bps this year

An ad board shows a P4-per-liter fuel discount for motorcycle taxi and delivery riders is displayed at a gasoline station along Quirino Avenue on April 25, 2026. — PHILIPPINE STAR/NOEL B. PABALATE

THE BANGKO Sentral ng Pilipinas (BSP) could raise benchmark borrowing costs by up to 50 basis points (bps) this year as the oil price shock from the Iran war worsens inflation expectations.

Last week, the central bank ended its easing cycle as it hiked the key policy rate by 25 bps to 4.5% and signaled more rate hikes could follow to safeguard spiraling prices due to the Iran war.

“We think BSP is likely to continue with its monetary policy tightening, and would choose to act sooner rather than later, especially as it had already forecast above-target inflation for two years over 2026 to 2027,” Deutsche Bank Research said in a note. 

Deutsche Bank Research said it sees the BSP hiking rates by 25 bps at its June 18 and Aug. 27 meetings to bring the policy rate to 5%.

ANZ Research said it also expects the BSP to deliver two more 25-bp rate hikes at its next two meetings.

“With BSP’s nominal policy rate now at 4.5% and inflation in April likely to be higher, the real policy rate has come down sharply closer to zero from its elevated levels earlier this year. As inflation surpasses 5% year on year in the coming months, the real policy rate is set

to turn negative. This will allow for an accommodative monetary policy which can support growth despite rate hikes,” ANZ Research said.

In March, headline inflation rose to a near two-year high of 4.1%, faster than the BSP’s 3.1%-3.9% forecast and 2%-4% target for the year.

The central bank now expects inflation to average 6.3% this year and 4.3% next year, both above its 4% ceiling, before returning to its tolerance range in 2028.

In an April 23 note, ING Think Asia Pacific Regional Head of Research Deepali Bhargava said the BSP is set to tighten further in a “front loaded but measured manner” following the revision in its inflation forecasts.

“Fast but measured rate hikes are likely ahead. With inflation projected to average 6.3% in 2026, the BSP is unlikely to be done tightening,” Ms. Bhargava said.

“We now expect an additional 50 bps of hikes in 2026, assuming material de-escalation in the US-Iran conflict by the end of the second quarter. However, should disruptions persist, and Brent prices remain above $100/bbl for most of 2026, a deeper and more aggressive hiking cycle would likely follow,” she added.

BSP Governor Eli M. Remolona, Jr. said on Friday that the central bank is prepared to do whatever necessary to contain inflation, leaving the door wide open to more rate hikes.

“The market needs to understand that we will do what is necessary to contain inflation,” he said in an interview with Bloomberg TV. “At the moment, that seems like a succession of modest rate hikes.”

Citibank said in its base case scenario, the BSP will have a follow-up hike of 25 bps in June before a pause.

“We think BSP will aim to keep real policy rates in accommodative territory given the weak starting point of GDP growth going into the energy shock… Our June policy rate forecast of 4.75% would be around 45 bps above BSP’s existing 2027 inflation rate forecast of 4.3%, and we think BSP will stop there,” Citibank said.

However, Citibank said the balance of risks is higher for an additional 25-bp hike in August, compared to a pause in June.

“A follow-up 25-bp hike in August could materialize, e.g., if BSP’s 2027 inflation forecast moves higher in the coming months, or if BSP’s attention on exchange rate pass-through increases. So far, we sense that BSP is not overly concerned on the inflation impact of recent exchange rate movements,” it said.

Citibank said an additional hike in August would still leave real policy rates negative for the year.

“This suggests that even two more hikes could keep policy appropriately accommodative, in line with the negative output gap and supply-driven nature of the shock,” it added.

For its part, BMI sees one more 25-bp rate hike in June to help re-anchor inflation expectations, before pausing amid risks to growth.

‘ONE AND DONE’
Meanwhile, Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco said the BSP’s latest hike will be “one and done.”

Mr. Chanco said they have also hiked its inflation forecasts to “only” 4.6% this year from 4.2% previously, and 3.5% in 2027 from 3.1% previously.

“If our more modest outlook is right, then the April hike probably will be just ‘one and done,’ with the BSP’s next move likely to be a cut this time next year, when the current supply shock starts to drop out of the year-over-year inflation picture,” he said. — AMCS

Philippine business confidence weakest in over 25 years in March

HIGH-RISE OFFICE and residential buildings dominate the skyline of the central business district in Taguig. — PHILIPPINE STAR/RYAN BALDEMOR

BUSINESS CONFIDENCE fell to its weakest in more than 25 years in March as firms turned pessimistic on expectations that higher fuel costs from the Middle East conflict would curb consumer spending, a central bank survey showed.

Results of the Bangko Sentral ng Pilipinas’ (BSP) monthly business expectations survey (BES) showed the current-month confidence index (CI) plunged to -24.3% from 8.2% in February.

A negative CI shows that more respondents are pessimistic than optimistic.

The March CI was the weakest in more than 25 years or since the -32.6% recorded in the fourth quarter of 2001.

“Firms attributed their pessimism in March 2026 to the ongoing Middle East conflict, which had led to a sharp increase in domestic pump prices. Businesses consequently expect consumer spending to slow, as higher fuel costs are seen to feed into the prices of other basic goods and services,” the BSP said.

The business outlook for the second quarter also turned pessimistic, while firms grew less optimistic for the rest of the year.

According to the survey, the three-month ahead CI declined to -17.3% from 37.4% previously. On the other hand, the year-ahead CI slid to 11.7% from 51.1%.

“Respondents’ outlook for both periods weakened on expectations that the adverse economic impact of the ongoing Middle East conflict may persist,” the BSP said.

Iran effectively closed the Strait of Hormuz after the US-Israeli war with Iran began on Feb. 28. This disrupted global energy markets, sending crude prices soaring and impacting import-reliant economies such as the Philippines.

The BSP survey showed firms expect tighter cash position and credit access, as the financial condition index turned more negative to -24.9% in March from -15.2% in February. The credit access index also turned negative to -7.1% from 4% in the previous month.

Financial condition refers to a firm’s general cash position considering the level of cash and other cash items and repayment terms on loans, while credit access refers to the environment external to the firm, such as the availability of credit in the banking system and other financial institutions.

Meanwhile, businesses in the industry and construction sectors reported higher average capacity utilization at 73.1% in March from 67.2% in February.

Firms in the electricity, gas, and water subsector also saw an uptick in activity at the start of the summer season.

“Businesses cited stiff domestic competition, insufficient demand, and high interest rates as major constraints to their business activities. They also cited the impact of oil price hikes, stemming from the ongoing Middle East conflict, as an emerging business constraint due to higher production cost,” the BSP said.

The survey also showed firms’ employment outlook indices turned negative to -0.1% for June from 27.2% previously. For the year ahead, the hiring outlook fell to 10% from 30% previously.

However, businesses still see room for expansion as the share of industry firms with expansion plans for June and the next 12 months increased.

“Despite prevailing uncertainties, some companies indicated that they would proceed with their expansion plans, as these were already in the pipeline even before the Middle East conflict started,” the BSP said.

Firms also expect the peso to depreciate in the second quarter and over the next 12 months. Respondents anticipated the local unit to average P59.60 in June, and P60 over the next 12 months.

On Friday, the local unit closed at P60.70 against the dollar, weakening by 22 centavos from its P60.48 finish on Thursday, Bankers Association of the Philippines data showed.

Businesses also expect peso borrowing rates to increase moving forward, while business inflation expectations rose.

More businesses expected inflation to average 2.8% in March, and anticipate inflation to average 3.1% in June and 3.3% in the next 12 months.

In March, headline inflation rose to a near two-year high of 4.1%.

The central bank now expects inflation to average 6.3% this year and 4.3% next year, both above its 4% ceiling, before returning to its tolerance range in 2028.

The BSP’s March BES covered 515 firms and was conducted from March 5 to 31.

Q1 CONSUMER CONFIDENCE
Meanwhile, consumer confidence improved in the first quarter, “reflecting conditions prior to the onset of the Middle East conflict,” the BSP said.

The BSP said the first quarter consumer expectation survey  was conducted from Jan. 22 to Feb. 5, before the US-Israeli war on Iran started.

The survey showed that the current-quarter CI turned less negative to -15.8% in the first quarter, from -22.2% in the fourth quarter of 2025. This means there was a bigger drop in the share of pessimistic respondents than in the share of optimistic respondents.

“Respondents were less pessimistic in Q1 2026 as they expect: higher earnings, stable jobs, new income sources, and more family members joining the workforce,” it said.

For the quarter ahead, the CI slipped to 1.8% from 3.6% previously. For the year ahead, the CI also dropped to 9.6% in the first quarter from 11.8% previously.

“The less upbeat outlook of consumers for both periods reflected concerns over graft and corruption in the government, higher inflation, and ineffective government policies and programs,” the BSP said.

Consumer confidence also improved across different income groups.

For the April-to-June period, the outlook was still pessimistic among the low-income group but softened among the middle-income and high-income groups.

However, the outlook for the next 12 months became less optimistic among the low-income and middle-income groups. — Aaron Michael C. Sy

Water firms ramp up efforts ahead of El Niño

Residents queue for water from a fire truck after a burst pipe causes a water interruption in Quiapo, Manila, March 29, 2026. — PHILIPPINE STAR/RYAN BALDEMOR

By Sheldeen Joy Talavera, Reporter

WATER PROVIDERS in Metro Manila and nearby areas are stepping up preparations to secure supply after the weather bureau warned of a possible El Niño developing by midyear.

Patrick James B. Dizon, department manager at MWSS Corporate Office, said the agency has directed the two concessionaires, Maynilad Water Services, Inc. and Manila Water Co., Inc., to continue implementing approved augmentation measures.

These include reopening of deepwells, optimizing treatment plant operations, reducing water losses, and deploying water tankers and static tanks, among others, to ensure they can be swiftly reactivated should water allocations from Angat Dam be reduced.

“Since the end quarter of last year, we have been continuously coordinating, not just to our concessionaires but also, to the stakeholders of Angat Dam,” Mr. Dizon told BusinessWorld.

Last week, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) raised its warning status to El Niño Alert from El Niño Watch, following the high likelihood of its development in the coming months.

PAGASA said that there is a 79% chance of an El Niño event emerging between July and August, with the weather pattern likely persisting until early 2027.

El Niño is a climate phenomenon that raises the likelihood of drier-than-normal conditions in some parts of the country, potentially triggering droughts and dry spells, while also bringing fewer but possibly stronger tropical cyclones.

The 2023-2024 El Niño was “one of the five strongest on record,” according to the World Meteorological Organization.

“As we expect that the El Niño will come this summer, the MWSS requested the NWRB (National Water Revenue Bureau) to increase the year-end elevation of Angat Dam,” Mr. Dizon said.

Angat Dam is the main source of water for Metro Manila, accounting for about 90% of the capital’s potable water.

Manila Water, which serves over 7.8 million customers in the east zone concession area, said it is pursuing strategies to reduce its reliance on Angat Dam by developing and continuously operating alternative water sources.

These include treatment facilities drawing from Laguna Lake such as the Cardona Water Treatment Plant and the East Bay Water Treatment Plant, as well as the Wawa-Calawis Water Supply System in Rizal Province.

“The recent full stewardship of the Upper Wawa Dam further strengthens supply reliability and builds long-term climate resilience for the East Zone,” Manila Water said in a statement to BusinessWorld.

The Upper Wawa Dam is a major infrastructure development designed to strengthen water security, which has the capacity to deliver up to 710 million liters of water per day.

“As climate risks intensify, Manila Water remains committed to investing in sustainable, diversified, and climate-resilient water sources, while working closely with national agencies to manage limited resources prudently,” it said.

Maynilad, which provides water and wastewater services to 10.5 million people in the west zone concession, said it is implementing a range of system optimization and supply augmentation measures to help ensure reliable water service during periods of higher demand.

These include pressure management across its distribution network, maximizing the output of treatment facilities, and continuing non-revenue water reduction efforts to recover additional water for customers.

“Preparing for the dry season is part of our regular operational planning, and we continuously refine these measures to improve system resilience,” Maynilad told BusinessWorld.

Among the key infrastructure projects under development to improve system resilience include of a 200-million-liter (ML) raw water reservoir at the La Mesa Compound and a 40-ML treated water reservoir in Valenzuela, which are designed to boost buffer storage to help stabilize supply and support more consistent water service.

“Our priority is to ensure that our customers continue to receive reliable water service, especially during periods of high demand,” Maynilad said in a separate statement. “We continuously implement and enhance our operational and infrastructure measures to strengthen the resilience of our system.”

While securing water supply is crucial, both Manila Water and Maynilad said that practicing responsible and efficient water use remains one of the most effective ways to help ensure adequate supply.

Metro Pacific Investments Corp., Maynilad’s majority shareholder, is one of three Philippine subsidiaries of First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

Gov’t agencies told to cut spending amid oil crisis

Department of Budget and Management (DBM) Secretary Rolando U. Toledo. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE DEPARTMENT of Budget and Management (DBM) has ordered government agencies to cut spending and defer selected projects to free up funds to cushion the impact of the Middle East conflict.

In National Budget Circular No. 602, issued on April 23, the DBM directed state entities to adopt “economy measures” following the declaration of a national energy emergency in March.

The Philippines has been under a one-year state of national energy emergency since late March amid rising oil prices and dwindling fuel reserves.

The DBM circular covers all departments, agencies, and operating units of the National Government, including state universities and colleges, as well as government-owned and -controlled corporations receiving appropriations under the 2026 General Appropriations Act.

Offices with autonomy — including the legislative and judicial branches, the constitutional commissions, and local government units — were urged to implement similar measures.

“Through such cooperation, the collective efforts of the entire government will help ensure the efficient and effective promotion and protection of the interests of all Filipinos for the common good in this time of emergency,” the DBM said.

The circular outlines steps to generate funding sources that can be redirected to the programs, activities, and projects aimed at mitigating the economic and social impact of the crisis.

Agencies are required to cut at least 20% from selected maintenance and other operating expenses (MOOE), including travel, training and scholarships, supplies and materials, utilities and representation expenses.

“If there are some items from the foregoing enumeration that are deemed essential to the agency, the 20% cost reduction can be effected on the other non-essential or non-priority MOOE items,” it said.

The DBM also ordered the deferral of non-critical capital outlays, including the purchase of any motor vehicles that are not critical to health, uniformed services and disaster risk preparedness and response and the construction of new government facilities that are not yet ready for implementation.

Agencies were instructed to evaluate their unobligated allotments under the 2026 budget and identify programs, activities, and projects that may be offered as savings, provided these do not disrupt operations or affect service delivery.

All agencies covered by the circular should submit their proposed savings not later than May 15.

The DBM will submit a report on the programs offered as savings to fund mitigating measures related to the energy emergency.

Upon the approval of the President, the DBM will issue negative special allotment release orders (SARO) corresponding to the savings declared and SARO for memo entries to effect the use of savings and augmentation from the source to recipient agencies.

It will also issue SAROS to fund identified deficient programs related to the implementation of the Unified Package for Livelihoods, Industry, Food, and Transport framework.

Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said the DBM directive is a “prudent short-term fiscal measure” designed to create space for targeted interventions without widening the budget deficit.

“It signals a shift toward spending reprioritization rather than additional borrowing, which helps preserve fiscal sustainability amid external shocks,” he said in a Viber message.

However, Mr. Rivera said that its effectiveness depends on execution, with agencies being tasked to ensure that the cuts will not affect critical services and project delivery.

“If done well, this can free up resources for more urgent needs while maintaining overall fiscal discipline,” he added.

The National Government’s budget deficit widened by almost 2% in March to P342.9 billion.

For the January-to-March period, the budget gap narrowed by 20.3% year on year to P355.5 billion amid double-digit growth in overall collections and muted spending. — Justine Irish D. Tabile

CTA upholds SMB P1-B refund; SMGP allots P4.49B for RE

SANMIGUEL.COM.PH

THE Court of Tax Appeals (CTA) En Banc has upheld a tax refund exceeding P1 billion in favor of San Miguel Brewery, Inc. (SMB), the beer unit of San Miguel Corp. (SMC), in connection with excise tax collections for 2020.

In a 17-page decision dated April 14, the CTA En Banc denied the petition for review filed by the Commissioner of Internal Revenue.

“The petition lacks merit,” the court said in the decision penned by Associate Justice Maria Rowena G. Modesto-San Pedro, upholding a previous Division ruling in favor of the beer giant.

SMB, which manufactures and distributes fermented malt-based beverages, had challenged the Bureau of Internal Revenue’s (BIR) implementation of certain excise tax rules.

The court said that some administrative issuances, including Revenue Memorandum Circular No. 90-2012, went beyond the authority granted under Republic Act (RA) No. 10351.

It also said the BIR’s “no downgrading” rule was inconsistent with the law’s requirement to classify products based on net retail prices.

The CTA said higher tax rates under Republic Act No. 11467 took effect only on Feb. 10, 2020, after publication in the Official Gazette, rather than the earlier January 2020 dates cited by the BIR through website posting. The court said printed publication is a due process requirement to notify affected taxpayers.

SMB is set to receive a refund totaling P1,068,775,829.04 for excise taxes collected during early 2020.

RENEWABLE ENERGY
In a separate development, San Miguel Global Power Holdings Corp. (SMGP), the power generation arm of SMC, has allocated about P4.49 billion for renewable energy (RE) investments after raising funds from the debt market.

In a regulatory filing on Friday, SMGP said it disbursed part of the net proceeds from its bond issuance to hydropower and solar projects.

The company raised up to P30 billion in fixed-rate bonds on April 17, with proceeds also earmarked for payments to suppliers, service providers, and contractors, as well as for withholding taxes and customs duties.

SMGP has also set aside P6.9 billion to refinance debt obligations, leaving a remaining balance of P18.56 billion.

The bond offer, issued through the Philippine Dealing & Exchange Corp., included three series maturing in 2031, 2033, and 2036. The offer covered P20 billion in fixed-rate bonds, with an oversubscription option of up to P10 billion.

SMGP tapped Bank of Commerce, BDO Capital & Investment Corp., and China Bank Capital Corp. as joint issue managers. They are joined by Land Bank of the Philippines, Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. as joint lead underwriters and bookrunners.

“The proceeds come at a critical time. As electricity demand continues to grow and the power sector faces supply tightness and volatile global fuel markets, these funds will support our efforts to ensure reliable and stable power supply for the country while advancing our investments in renewable and cleaner energy sources,” said SMGP General Manager Elenita Go.

SMGP is among the country’s largest power companies, with a diversified portfolio that includes natural gas, coal, and renewable energy such as hydroelectric power and battery energy storage systems. It also operates in retail electricity supply and has investments in distribution services. — Erika Mae P. Sinaking and Sheldeen Joy Talavera

STT GDC explores more PHL sites for expansion

STT Makati — STTELEMEDIAGDC.COM

ST TELEMEDIA Global Data Centres (STT GDC) Philippines said it is exploring potential sites for data center expansion as it sees growing demand, including from artificial intelligence (AI)-related workloads.

“We’re always looking. So, we have one in Davao, we already have a site in Mindanao. And again, as we start seeing expansion and with AI we are continuing to explore where else would the demand look like and where would they want to be located,” STT GDC Philippines President and Chief Executive Officer Carlomagno E. Malana told reporters on the sidelines of a briefing last week.

He said the company is weighing possible locations for expansion in the Visayas as it maps out its next phase of growth, adding that it is assessing developments particularly in metropolitan areas.

STT GDC Philippines is a joint venture among Globe Telecom, Inc., Ayala Corp. and ST Telemedia Global Data Centres. It operates seven data centers in the Philippines with a combined information technology load of nearly 150 megawatts (MW).

The Department of Information and Communications Technology (DICT) said the country’s data center capacity could reach about 1.5 gigawatts by 2028 as new capacity comes online from existing and new operators. At present, the capacity is below 200 MW.

Mr. Malana said demand for data centers is increasingly driven by global and regional requirements for power and data storage, as well as AI-related workloads as more companies adopt AI.

Last week, STT GDC said it plans to expand the capacity of its Fairview data center by about 4 MW by yearend, bringing total capacity at the facility to 32 MW from the current 28 MW.

The Fairview data center is designed to scale up to 124 MW, with development to be carried out in phases to align with customer demand, Mr. Malana said. — Ashley Erika O. Jose

Ayala Corp. sees ‘resilience’ across units amid headwinds

CEZAR P. CONSING — GLOBE.COM.PH

AYALA CORP. said it expects overall stability across its business units this year, although performance may vary by segment depending on market conditions.

“All our businesses will be resilient. All of them. With no exception. You might have one or two businesses not being able to make the same profits or might register losses, but they will be resilient,” Ayala Corp. President and Chief Executive Officer Cezar P. Consing said during the company’s media briefing on Friday last week.

He said the real estate segment may face pressure from higher interest rates following the Bangko Sentral ng Pilipinas’ decision last week to raise its key policy rate by 25 basis points to 4.5%, ending an easing cycle.

He added that leasing and other recurring income streams may partly offset the impact.

Ayala Corp.’s core net income, excluding one-off items, rose 7% to P48.3 billion last year, supported by stronger results from Bank of the Philippine Islands and Ayala Land, Inc. (ALI), as well as recoveries in non-core units that offset declines at Globe Telecom, Inc. and AC Energy & Infrastructure.

ALI reported consolidated net income of P39.1 billion for 2025, up 38.7% from P28.2 billion in 2024, driven by leasing and hospitality and gains from portfolio management.

During its annual stockholders’ meeting on Thursday last week, ALI said it is maintaining a solid financial position while expanding its recurring income businesses, particularly leasing and hospitality.

The company said it continues to manage its portfolio as part of its long-term capital strategy, including reviewing assets for possible reinvestment into higher-return opportunities.

“Capital recycling has become one of our key levers… we continuously unlock value while retaining exposure to quality income streams. This active portfolio management means we are not passively holding assets,” ALI Chief Finance Officer and Treasurer Jed Quimpo said.

ALI reported a net debt-to-equity ratio of 0.8x and an interest coverage ratio of more than four times, indicating moderate leverage and capacity to service debt. Total debt stood at about P300 billion, supported by an asset base of roughly P1 trillion.

About P25 billion in debt is set to mature in 2026, with the company expected to tap existing funding sources, including the bond market, to meet these obligations.

ALI is expanding its leasing and hospitality portfolio to increase recurring income.

The company plans to add about 270,000 square meters of new mall and office space this year, along with the reopening of the Mandarin Oriental hotel.

Over the next five years, it aims to expand its leasing footprint by more than 1 million square meters to balance earnings between property development and recurring income.

In its residential segment, ALI said demand remains steady, supported by selective project launches across key estates. It is targeting the delivery of about 13,000 units this year, including about P124 billion in premium segment turnovers.

Mr. Consing said Ayala Corp. is reviewing its capital expenditures for 2026 and expects spending to be broadly in line with last year’s P180-billion level, below the earlier target of P220 billion to P230 billion.

“When we were entering this year, we said P220-230 billion. At that point, this was before the oil crisis, so we were really thinking of ramping up. Now we are reviewing that number again because we might have to calibrate that down,” he said.

Ayala Corp. is the holding company of the Ayala Group, with businesses spanning real estate, banking and financial services, telecommunications, power generation, healthcare, logistics, infrastructure, industrial manufacturing, education, and technology services. — Alexandria Grace C. Magno

A safe space for a haircut

FACEBOOK.COM/BARBIERROBARBERSHOP

COCO CHANEL once said: “A woman who cuts her hair is about to change her life.” But what if the person getting that haircut doesn’t identify as a woman, or does, despite their assigned sex at birth?

We met up with Paul Sumayao, who co-founded Barbierro with his life partner Jedi Directo, on April 23 in the Biñan, Laguna branch. Barbierro is billed as the country’s first “queer” barbershop.

Here’s the thing, though: with all the stereotypes about gay men doing hair, doesn’t that mean that all hair spaces are automatically queer? Not quite.

Kung babae ka (if you are a woman) or feminine ka, you go to the salon? Pero ’pag macho-machohan ka (but if you are macho), you go to the barbershop. But what if you just want a decent haircut?” said Mr. Sumayao.

He gives examples of microaggressions that queer people can encounter in the gendered spaces of barbershops versus hair salons. “Why is there a dichotomy?” he asked. A queer woman with short hair, for example, can be told that her hair would be better longer, and rebonded and styled. Queer men, in barbershops, would get conversations about sports, women, or other things that they’re boxed out of. Actually, that’s how the kernel of the business started: growing up, he was the one tasked to bring his siblings to the barbershop to get their haircuts. Labeled and treated as a “softie” by the staff, he said he felt uncomfortable in those spaces.

“It’s claiming safe spaces and queer spaces in areas that were traditionally masculine. If nobody else is claiming it… and no one else is doing anything about microaggressions sa mga (at the) barbershops and salons, bakit hindi namin gawin? (why shouldn’t we be the ones to do it?)”

The staff at Barbierro undergo SOGIE (Sexual Orientation, Gender Identity, and Expression) training twice a year, and the barbershop itself is a member of the Philippine LGBT Chamber of Commerce, and is recognized by Strands for Trans, a global network of salons identified as safe spaces for trans people. They also practice gender-neutral pricing: he noticed that in salons and barbershops, women automatically get higher pricing (regardless of length and complexity). In Barbierro, haircuts are priced according to length and the time it takes to cut it (from P220 to P330, depending on the seniority of the stylist). “We want to eliminate that barrier,” he said.

Founded in 2022, he remembers that they had a hard time hiring staff at first because the barbers simply didn’t get the idea. Furthermore, some refused because they thought cutting women’s hair impinged on their masculinity. Mr. Sumayao said, “Hindi naman kasi kami naga-advocate ng kabaklaan (we’re not advocating for queerness). It’s more really just advocating for a safe space for everyone.”

Right now, they have two company-owned branches: this one in Biñan and another in Camarines Sur (where he hails from). There will be another soon in Quezon City. They do have a branch opened through a queer-led franchise partner in Sampaloc, Manila, and a forthcoming one in Taft. It’s not that he discriminates, but he prefers queer-led businesses as franchise partners, because otherwise, “Alam ko naman na mahihirapan rin sila (I know non-queer partners will have a hard time) to navigate the whole thing. Especially if they’re not coming from our own native story.”

Asked why the branches are located outside the country’s capital, when queer life is so much richer in the city (at least, that’s what it seems like), he replied: “I’ve always felt like an outsider, and I’ve always felt like Manila is not the center. If there are queer spaces in Manila, or in Cebu, in Davao — kung saan man iyong sentro (wherever the centers are) — I feel like badings (queer people) in towns, probinsyas (provinces), they also deserve a safe space.”

He campaigned for former vice-president and presidential candidate Leni Robredo down the street in Biñan where the barbershop is now located.

In Barbierro’s Instagram account, he once posted that hair is political. “It’s the easiest part of our body (to use) to make a statement,” he said. “It’s the most obvious. It’s what people see first.

“The possibilities are endless. Ang buhok, wala talagang kasarian (hair really has no gender).”

Asked how they measure their success, he said, “I would say we succeeded if marami nang gumaya sa amin na barbershop rin (if many barbershops copy us too). We don’t want to be alone forever. The only time that an advocacy succeeds is when we’re no longer needed — when everything and everywhere is already a safe space.”

In Biñan, Laguna, Barbierro is in Unit 1D, Bldg. 1, RJ Titus Building, Brgy. San Francisco, Biñan City, Laguna (Flying V Gas Station). In Sampaloc, Barbierro is in 2157 Laong Laan Road, Sampaloc, Manila (across Bulaluhan sa Laong Laan). In Camarines Sur, it’s across the Pili Municipal Hall, Altamarino Bldg., Arejola St., Pili, Camarines Sur. For more details, visit instagram.com/barbierrobarbershop. — Joseph L. Garcia