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Philippines held rates steady to hedge against uncertainty – Remolona

BANGKO SENTRAL ng Pilipinas Governor Eli M. Remolona, Jr. — COURTESY OF BANGKO SENTRAL NG PILIPINAS

MANILA (UPDATE) – The Philippine central bank’s decision to keep its key policy rate steady was its way of hedging against global uncertainties, its governor said on Friday.

The Bangko Sentral ng Pilipinas unexpectedly kept its key interest rate steady on Thursday, citing uncertainties over global trade policies, but said rate cuts of at least 50 basis points were still likely this year.
Speaking to CNBC, Governor Eli Remolona said the central bank did not want to put itself in a situation where it would have to reverse itself.

“The uncertainty itself about what’s going on is a factor. And so we thought we needed more time to deepen our analysis,” Mr. Remolona said.

“We’re hedging so that we don’t find ourselves in a situation where we have to reverse ourselves. We want to stay on an easing trajectory,” he said.

In a separate interview with Cathy Yang on One News TV, Mr. Remolona said pausing now would be “less disruptive to the markets” than easing and making a U-turn later. “It was a complicated decision,” he said.

US President Donald Trump tasked his economics team on Thursday with devising plans for reciprocal tariffs on every country taxing U.S. imports, escalating the risk of a multi-front trade war, and fuelling inflation concerns that could influence global policymakers’ rate decisions.

“We’re going to be comparing notes with other central banks, but we should have a better understanding of what’s going on by the time of the next policy meeting,” Mr. Remolona said.

While shifts in U.S. trade policy will have only a “fairly modest” direct impact on the Philippine economy, the central bank is more concerned about the “indirect spillover effects” from global economic disruptions, Mr. Remolona said.

The Philippines, which remains largely dependent on domestic consumption to fuel economic growth, expanded less than expected in the last quarter of last year. It has widened its growth target for 2025 to a range of 6.0% to 8.0%, from 6.5% to 7.5% to account for what it said were evolving global uncertainties.

The BSP will again review monetary policy on April 3. — Reuters

Trump outlines reciprocal tariff plan in latest bid to reshape trade on his terms

A “tariff” sign is displayed on a laptop screen and an American flag displayed on a phone screen are seen in this illustration photo taken in Krakow, Poland on Feb. 1, 2025. — JAKUB PORZYCKI/NURPHOTO VIA REUTERS CONNECT

WASHINGTON – U.S. President Donald Trump tasked his economics team on Thursday with devising plans for reciprocal tariffs on every country taxing U.S. imports, ramping up prospects for a global trade war with American friends and foes.

“On trade, I have decided for purposes of fairness, that I will charge a reciprocal tariff, meaning whatever countries charge the United States of America, we will charge them. No more, no less,” Trump told reporters in the Oval Office.

Trump signed a memo ordering his team to start calculating duties to match those other countries charge and to counteract non-tariff barriers such as vehicle safety rules that exclude U.S. autos and value-added taxes that increase their cost.

Thursday’s directive stopped short of imposing fresh tariffs, instead kicking off what could be weeks or months of investigation into the levies imposed on U.S. goods by other trading partners and then devising a response.

Targets include China, Japan, South Korea and the European Union. The Republican president’s latest round of market-rattling tariffs has ratcheted up fears of a widening global trade war and threatened to accelerate U.S. inflation.

Wall Street – anxious that tariffs may add to inflation and keep the Federal Reserve from cutting interest rates further – breathed a sigh of relief, for the moment, with U.S. stocks adding to the day’s gains. A gauge of global stocks touched a record high, and yields on U.S. Treasury securities fell.

Howard Lutnick, Trump’s pick for Commerce secretary, said the administration would address each affected country one by one and said studies on the issue would be completed by April 1. That is also the deadline Trump set on his first day in office for Lutnick and other economic advisers to report to him with plans to reduce the chronic trade imbalances that Trump sees as a U.S. subsidy to other countries.

Trump, who campaigned on a pledge to bring down consumer prices, said prices could go up in the short term as a result of the moves. “Tariffs are great,” he said.

A White House official, who spoke to reporters before Trump’s event in the Oval Office, said the administration would study countries with the biggest trade surpluses and highest tariff rates first.

Trump’s tariffs would match the higher duties charged by other countries, he said, and would aim to counteract burdensome regulations, value-added taxes, government subsidies and exchange rate policies that can erect barriers to the flow of U.S. products to foreign markets.

“They effectively don’t let us do business. So we’re going to put a number on that that is a fair number. We’re able to accurately determine the cost of these non-monetary trade barriers,” Trump said.

OPEN TO TALKS
The broad announcement appeared designed at least in part to trigger talks with other countries. The White House official said Trump would gladly lower tariffs if other countries lowered theirs. The new tariffs would avoid a “one size fits all” approach for more customized levies, he said, though he did not rule out a flat global tariff.

“It’s a relief that the administration isn’t rushing to impose new tariffs, and we welcome the president taking a more nuanced, inter-agency approach,” said Tiffany Smith, vice president for global trade at the National Foreign Trade Council. “Ideally, this process will result in us working with our trading partners to lower their tariffs and trade barriers as opposed to increasing our own.”

Trump, who took office on Jan. 20, has already announced tariffs on all steel and aluminum imports beginning on March 12, imposed 10% tariffs on goods from China, and put a 30-day hold on planned tariffs on goods from neighboring Canada and Mexico.

Trump said on Monday he was also looking at separate tariffs on cars, semiconductors and pharmaceuticals. On Thursday he said car tariffs would be coming soon.

“This is beyond negotiation. It’s to be taken very seriously,” said Josh Lipsky, director of the Atlantic Council’s GeoEconomics Center and a former adviser to the International Monetary Fund who also served in the Obama White House.

“I do think every country has been put on notice. And if you were going to implement reciprocal tariffs on the scale he’s talking about, this is actually how you would go about it,” he said.

Indian Prime Minister Narendra Modi, who was in Washington to meet with Trump, oversees a government that imposes the highest tariffs on U.S. exports of any major U.S. trading partner. Trump acknowledged as much on Thursday.

Trade experts say structuring the reciprocal tariffs that Trump wants poses big challenges for his team, which may explain why the latest duties were not announced earlier in the week.

Experts say Trump could turn to several statutes, including Section 122 of the Trade Act of 1974, which would only allow a flat rate maximum of 15% for six months, or Section 338 of the Tariff Act of 1930, which provides authority to act against trade discrimination that disadvantages U.S. commerce, but has never been used.

Trump also could use the same International Emergency Economic Powers Act used to justify the tariffs imposed on China and pending for Canada and Mexico.

The White House official said that measure and others could be used.

“Absent IEEPA, there would need to be some kind of agency action first before any trade remedy tariffs can be imposed … but everything seems to be on the fast track,” said Damon Pike, a trade specialist and principal with the U.S. division of accounting firm BDO International, adding that normally tariffs would be done by Congress. — Reuters

Setting the standard in the infrastructure industry: Quantity Solutions, Inc. achieves ISO 37001 certification

Quantity Solutions, Inc. has set a benchmark for the infrastructure industry by achieving the esteemed ISO 37001:2016 certification for its Anti-Bribery Management System. Granted by SGS Philippines on Dec. 10, 2024, this certification exemplifies the company’s steadfast dedication to maintaining the highest ethical standards across all facets of its operations.

Accomplishing this milestone was a key focus for Quantity Solutions, Inc., over the past year, reflecting their dedication in fostering a culture of integrity and transparency within their organization. Quantity Solutions, Inc.’s rigorous preparation and determination to meet the stringent requirements of ISO 37001:2016 demonstrate the firm’s commitment to ethical excellence and their resolve to lead by example in the industry.

At Quantity Solutions, Inc., trust is the cornerstone of every successful partnership. In an industry, where collaboration and mutual confidence are essential, they recognize that maintaining the highest ethical standards is not just a responsibility but a commitment to their clients, partners, and the communities they serve.

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BSP surprises by keeping rates steady

A CUSTOMER buys food items at a market in Quezon City, Nov. 22, 2024. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Luisa Maria Jacinta C. Jocson, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) unexpectedly held interest rates steady on Thursday as global uncertainties threaten the outlook for inflation and growth, although signaled that the easing cycle is still underway.

At its first policy meeting of the year, the Monetary Board left the target reverse repurchase rate unchanged at 5.75%.

Rates on the overnight deposit and lending facilities were also kept at 5.25% and 6.25%, respectively.

The central bank had cut rates by 25 basis points (bps) at each of its last three meetings since August 2024.

“On balance, uncertainty about the outlook for inflation and growth warrant keeping monetary policy settings steady,” BSP Governor Eli M. Remolona, Jr. said.

“Before deciding on the timing and magnitude of further reductions in the policy interest rate, the Monetary Board deems it prudent to await further assessments of the impact of global policy uncertainty and the potential effects of the actual policies.”

The BSP’s decision came as a surprise after 19 out of 20 analysts polled by BusinessWorld had anticipated a 25-bp cut at Thursday’s meeting. Only one analyst expected the BSP to keep rates steady.

“Normally, we would have cut further, but something has changed. The thing that has changed is the uncertainty over what’s going on globally, especially the uncertainty over trade policy,” Mr. Remolona said.

US President Donald J. Trump’s plan to impose reciprocal tariffs on every country that charges duties on US imports has raised fears of a wider global trade war.

Since taking office in January, Mr. Trump has slapped tariffs on Chinese imports and a 25% tariff on steel and aluminum imports, while putting on hold duties on imports from Mexico and Canada.

“But there are other sources of uncertainty, and we are not quite comfortable with evaluating the impact of that, the uncertainty itself. We don’t quite know what the policies will be,” Mr. Remolona added.

The BSP chief said they are looking at recalibrating their models to better account for these uncertainties.

“We are facing an unusual phenomenon in terms of the uncertainty of policies that will be put in place and our models don’t capture those things very well,” he said.

‘STILL IN EASING CYCLE’
Meanwhile, Mr. Remolona said that despite the policy pause, the central bank is “still in the easing cycle” and is not considering raising borrowing costs.

“Looking ahead, the BSP anticipates continuing its measured shift to less restrictive monetary policy settings, even as previous policy adjustments further work their way through the economy,” he said.

“For now, the issue is when do we actually ease in terms of moving the policy rate down. I think we have five more meetings this year, so in some of those meetings we will probably be easing (but) not all of those meetings.”

The central bank will likely continue reducing interest rates by 25 bps at a time, he said.

“It doesn’t mean 25 bps each time, each policy meeting. It just means when we do cut, it will just be 25 bps. At least we hope so, I hope we don’t need to cut by more than that.”

Mr. Remolona earlier said they could cut by up to 50 bps this year. Asked about this outlook again, he said: “That’s what it looks like.”

The BSP will also continue to consider keeping rates steady, depending on the data, Mr. Remolona said, but added that a rate cut is still “on the table” for the next Monetary Board meeting on April 3.

INFLATION OUTLOOK
The central bank said the risks to the inflation outlook have become “broadly balanced” for this year and the next.

The central bank raised its risk-adjusted forecast for this year to 3.5% from 3.4% previously. However, it kept its projection for 2026 at 3.7%.

The BSP’s baseline forecasts are also close to its risk-adjusted projections.

“As we said, because the risks are now more broadly balanced, they’re not much different from the risk-adjusted forecasts,” BSP Deputy Governor Francisco G. Dakila, Jr. said.

Mr. Dakila said there could be a lag in the impact of the minimum wage adjustments implemented last year.

“It can be noted that taking an average of the adjustments in nominal minimum wages in 2024 across the regional wage boards would amount to about 8.1% on the average, so that has an impact on inflation for this year, in particular towards the latter half of 2025,” he said.

Positive base effects from easing commodity price pressures in 2024 could also exert some impact in the second half of this year, he added.

“Because of those two factors, there can be some moderate uptick of inflation in the second half of 2025, but we are seeing that inflation will go back to the midpoint of the target band in 2026, and that comes on the back of a decline in oil prices as the market remains in backwardation,” Mr. Dakila said.

“On the risks… there can be some upside pressures coming from utilities, but that is counterbalanced by the moderation of inflation in rice,” he added.

Meanwhile, Mr. Remolona said domestic growth prospects “continue to be firm.”

“However, uncertainty over global economic policies and their impact on the domestic economy has increased significantly,” he added.

Economic managers are targeting 6-8% gross domestic product (GDP) growth this year.

While inflation concerns have a “bigger weight” in the BSP’s policy making, Mr. Remolona said they still take account of economic growth.

“We don’t want to lose output unnecessarily. If we can manage, we want to reduce inflation without reducing output. That’s a balancing act. This time, the balancing act is more difficult than usual.”

‘SHORT-LIVED’ PAUSE?
Meanwhile, analysts expect the central bank to resume its rate-cutting cycle soon.

“We think this represents a pause, rather than a halt to the easing cycle,” Capital Economics Senior Asia Economist Gareth Leather said.

“We reckon that (Thursday’s) rate hold, following three consecutive cuts, will prove to be short-lived,” Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco said.

Mr. Chanco said sluggish GDP growth and within-target inflation provides “ample policy space for rate reductions without losing the credibility of its ‘less restrictive’ posture.”

“Provided inflation remains under control, then further cuts are likely over the coming months,” Mr. Leather added.

Both Capital Economics and Pantheon expect the BSP to deliver up to 100 bps worth of rate cuts this year.

“With inflation as moderate as it is, the real policy rate in the country is still some 250 bps over its historical average. All told, we’re sticking to our baseline view and expect to see 100 bps in additional cuts before yearend,” Mr. Chanco added.

The Philippines is also unlikely to be significantly impacted by Mr. Trump’s proposed tariffs.

“While we think US trade policy will remain uncertain for some time, the central bank clearly needs some time before it decides on its response. Our assumption is that the Philippines will be hit by a 10% universal tariff, but that the impact will be relatively small (on the currency, inflation and growth),” Mr. Leather said.

RRR CUTS ‘FAIRLY SOON’
Meanwhile, Mr. Remolona said that reserve requirement ratio (RRR) cuts are still in the pipeline for this year.

“What I can say is we will likely reduce it from 7% to 5%. The timing is still under discussion, but I think it will be fairly soon. Maybe sooner than the middle of the year,” he said.

The BSP reduced the RRR for universal and commercial banks and nonbank financial institutions with quasi-banking functions by 250 bps to 7% from 9.5%, which took effect last October.

Meanwhile, the central bank is also seeking to develop a “playbook” to guide foreign exchange intervention.

“We’re developing a playbook for intervention in the foreign exchange market. We have been intervening based on our judgment and our experience, but we haven’t codified this experience,” Mr. Remolona said.

This would not result in further regulation, he said, but will be based on “better economic analysis and better market intelligence.”

“We’re worried about the pass-through to exchange rate because, you know, global trade is often invoiced in dollars…even when the story behind the depreciation is really a stronger dollar,” he said.

“But when the peso seems to depreciate against the dollar, then at some point it causes inflation. We worry about that. By the way, for most of the year, it hasn’t been a peso depreciation. It’s been more of a strong dollar that’s been moving the exchange rate,” he added.

PHL banks’ bad loan ratio falls to one-year low

BW FILE PHOTO

THE PHILIPPINE banking system’s gross nonperforming loan (NPL) ratio fell to a one-year low in December, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

The industry’s gross NPL ratio slid to 3.27% in December from 3.54% in November. This was the lowest NPL ratio since the 3.24% posted in December 2023.

BSP data showed the amount of bad loans declined by 3.9% to P500.3 billion as of end-December from P520.5 billion a month earlier.

Year on year, soured loans rose by 11.4% from P449 billion.

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

The total loan portfolio of Philippine banks increased by 4.1% to P15.3 trillion as of end-December from P14.7 trillion at end-November. Year on year, it jumped by 10.6% from P13.9 trillion in the same period in 2023.

Past due loans dropped by 4.8% to P604.9 billion as of December from P635.5 billion a month ago. However, it climbed by 10.2% from P548.9 billion a year earlier.

This brought the past due ratio to 3.95% in December, lower than 4.32% in November and 3.96% a year prior.

Restructured loans accounted for 2.03% of the industry’s loan portfolio, a tad higher than the 2% in November but lower than the 2.18% in the same month in 2023.

Banks’ loan loss reserves inched up by 0.9% to P480.7 billion in December from P485.2 billion in November. Year on year, it rose by 5.2% from P456.9 billion.

This brought the loan loss reserve ratio to 3.14% as of end-December, higher than 3.3% at both end-November and end-December 2023.

Lenders’ NPL coverage ratio, which gauges the allowance for potential losses due to bad loans, rose to 96.08% in December from 93.21% in November but was lower than 101.74% in the same month in 2023.

Jonathan L. Ravelas, senior adviser at professional service firm Reyes Tacandong & Co., said lower interest rates and easing inflation last year helped bring down NPLs.

“Note that the BSP has cut policy rates by 75 bps in 2024 and falling inflation helps stem the rise in NPL,” he said.

The central bank reduced borrowing costs by a total of 75 bps since it began its easing cycle in August 2024. This brought the key rate to 5.75% by yearend.

Headline inflation averaged 3.2% last year, in line with the BSP’s forecast. This was the first time that full-year inflation fell within the central bank’s 2-4% target since 2021, when inflation averaged 3.9%.

“Furthermore, banks’ loan growth at the fastest in two years also widened the loans base, thereby mathematically reducing the NPL ratio,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Separate BSP data showed bank lending jumped by 12.2% year on year to P13.1 trillion in December. This was the fastest lending growth in two years.

For the coming months, the NPL ratio could ease further if the central bank is able to continue cutting policy rates and reserve requirements, Mr. Ricafort said.

“With sticky inflation and challenges of Trump 2.0, it would be a herculean feat to bring it down back pre-pandemic levels,” Mr. Ravelas said.

Markets are pricing in the impact of US President Donald J. Trump’s latest policies, such as tighter tariffs, on inflation and interest rates. 

“Prospects of rate cuts are challenging, at best we could see 50 bps this year and inflation risks remain,” he added. — Luisa Maria Jacinta C. Jocson

Palace taps Dizon to head Transportation department after Bautista resigns

MALACAÑANG named Vivencio “Vince” B. Dizon (left) as the new Transportation chief, replacing Jaime J. Bautista who resigned due to “health reasons.”

By John Victor D. Ordoñez and Ashley Erika O. Jose, Reporters

PHILIPPINE President Ferdinand R. Marcos, Jr. has tapped former Bases Conversion and Development Authority (BCDA) Chief Executive Officer (CEO) Vivencio “Vince” B. Dizon to head the Department of Transportation (DoTr).

“He (Mr. Dizon) is already authorized by the Office of the President to start the transition at the Department of Transportation in coordination with the team of Secretary Jaime J.  Bautista, who has resigned due to health reasons,” Executive Secretary Lucas P. Bersamin said in a statement on Thursday.

Mr. Bautista’s resignation will take effect on Feb. 21.

Mr. Dizon, 50, is the chief regulatory officer of the Razon-led Prime Infrastructure Holdings. He served as president and CEO of BCDA from 2016 to 2021.

Under the Duterte administration, Mr. Dizon was the presidential adviser on flagship programs and projects, as well as deputy chief implementer of the National Action Plan against the coronavirus disease 2019 (COVID-19).

In a DoTr statement, Mr. Bautista thanked the President for the opportunity to work in government, calling it “his most challenging stint.”

Mr. Bautista said he looks forward to a “smooth transition” and a “much-needed vacation” after having worked as DoTr chief since 2022.

Mr. Bautista previously served as the president and chief operating officer of flag carrier Philippines Airlines where he retired in 2019.

The newly appointed Transportation secretary is set to inherit big-ticket and long-delayed infrastructure projects such as the construction of the Metro Rail Transit Line 7 (MRT-7), North-South Commuter Railway, and Mindanao Railway Project.

“He has to assess all projects in the pipeline. He can’t shift course immediately, because of the budget approved by Congress,” Rene S. Santiago, a founding member of the Transportation Science Society of the Philippines, told BusinessWorld in a Viber message.

“The previous obsession with railways needs to be dialed down and he needs to focus on the crisis of the dwindling supply of buses and jeepneys.”

In August last year, Mr. Marcos rejected a proposal to suspend the government’s Public Utility Vehicle Modernization Program (PUVMP), defending it from criticisms that the plan had been rushed.

The modernization program started in 2017, aiming to replace traditional jeepneys with units that have at least a Euro 4-compliant engine to cut pollution.

Transport group Manibela Chairman Mar S. Valbuena said the group is hoping that the DoTr will revisit the implementation of PUVMP now that it will be under a new leadership.

“We are hoping that the new Secretary will listen to our suggestions and proposed transport solutions. We will remain vigilant, particularly, on the policies he will pursue,” Mr. Valbuena said.

Meanwhile, Mr. Santiago said Mr. Dizon had a good track record at the BCDA, citing his work in overseeing the construction of the Athlete’s Village in the New Clark City Sports Complex in Tarlac.

Nigel Paul C. Villarete, senior adviser on PPP (public-private partnership) at Libra Konsult, Inc., welcomed the appointment of Mr. Dizon, but said he should ensure all existing programs and projects continue unhampered and proceed smoothly.

“DoTr is tricky because it requires a good balance across planning, implementation and operations, and its numerous sub departments and attached agencies would need varied expertise and experience to get a good grasp of this very essential department,” Mr. Villarete said in a Viber message.

Mr. Villarete said the DoTr should also continue the public-private partnerships program, particularly for aviation projects.

“Of course, the other one on my list would be airports… We need to fast-track airport development in order to keep ahead. Transportation, especially air travel, is foremost in economic development,” he said.

Last year, the government privatized the Ninoy Aquino International Airport (NAIA), with San Miguel-led New NAIA Infra Corp. taking over its operations.

Two more regional airports have been awarded to the private sector in 2024, the Laguindingan International Airport and New Bohol-Panglao International Airport. These two regional airports were both awarded to Aboitiz InfraCapital, Inc.

“Vince Dizon provides the agility and dynamism of youth to the Transportation department, which had been unfortunately absent in the previous leadership,” Terry L. Ridon, a public investment analyst and convenor of think tank InfraWatch PH, said in a Facebook Messenger chat,

He said his experience in handling infrastructure projects and his time as the presidential projects adviser will help him deal with issues in the transportation sector.

“We trust that the new secretary will continue to prioritize the movement of people, especially the most vulnerable, and pursue more people-centric transportation policies,” said AltMobility PH Spokesperson Patrick R. Jalasco.

Meanwhile, Transportation Undersecretary for Railways Jeremy S. Regino said in a text message that he submitted his irrevocable resignation on Jan. 22.

A steadfast quest for adequate housing

Marking six years today in delivering housing solutions to Filipinos, especially in marginalized communities, the Department of Human Settlements and Urban Development (DHSUD) has been instrumental in developing strong shelters that build up thriving communities in the Philippines.

Established in 2019, the DHSUD has the mission to develop and regulate housing projects across the country. It is specifically tasked with ensuring that the basic housing needs of all Filipino families are met. It oversees housing policies, housing programs, urban planning and development.

The DHSUD has emerged from the Housing and Urban Development Coordinating Council (HUDCC), a government agency that coordinates government shelter activities; and the Housing and Land Use Regulatory Board (HLURB), which regulates housing and development. The department also oversees the country’s key shelter agencies, such as the National Housing Authority, Pag-IBIG Fund, Social Housing Financing Corp., and the National Home Mortgage Finance Corp.

As it contributes to preparing an environment for a thriving economy, the DHSUD works to advance housing and urban development by providing quality, affordable housing that revitalizes communities and supports sustainable, healthy, and safe living environments for Filipino families.

The previous year marked another significant chapter for the department as it continues to implement successful initiatives for further strengthening housing in the country. Among these efforts, the DHSUD is actively pushing the national housing program more effectively. Also known as the Pambansang Pabahay Para sa Pilipino Housing Program, or 4PH, this initiative is aimed at delivering socialized housing solutions to low-income families.

According to the DHSUD secretary, the 4PH Program is designed to address housing backlogs by providing decent, safe, and affordable housing units for Filipinos. Launched in 2022, 4PH is a flagship program that includes the DHSUD, the local government units (LGUs), government financial institutions (GFIs), housing stakeholders, private banks, developers, and contractors.

“4PH is the formula we have developed to solve our housing backlog. We just need to find a way to speed up the process and maximize government resources,” DHSUD Secretary Jose Rizalino L. Acuzar previously said in mixed English and Filipino.

“Our government is focused on providing Filipinos with good housing, which are now right within our reach. The construction of such housing is expected to be completed in two-and-a-half years, and you will be able to see it all over the country,” the secretary added.

Last year, the department kicked off the distribution of 4PH Program’s first batch of housing units under the 4PH Program to overseas Filipino workers (OFWs) in Palayan City, Nueva Ecija. According to the DHSUD, this initiative is centered on building vertical housing or condominium developments on government-owned land to benefit a large number of Filipinos.

Additionally, the agency has also partnered with the University of the Philippines (UP) in efforts to provide affordable housing in sustainable communities. This partnership enables the DHSUD to build housing for the university’s faculty and staff in UP Diliman.

Furthermore, a total of 56 projects are currently under development in various locations, including Pampanga, Nueva Ecija, Quezon City, Caloocan, and in other parts of the country.

Strengthening disaster response

The department has also been steadfast on providing shelter as a disaster response by means of cash assistance, loan payment moratorium, and assistance in relocating from danger zones.

The DHSUD’s Integrated Disaster Shelter Assistance Program (IDSAP) is a prime example that addresses the housing needs of Filipinos during calamity disasters. Launched last year, this program supports victims by providing them with cash assistance for those with damaged shelters: P30,000 for homes that are completely destroyed and P10,000 for those with partially damaged homes.

Moreover, when Tropical Kristine hit last year, the agency utilized P130 million to give assistance to disaster victims. It has also distributed housing materials and essentials to thousands of families and instructed their key shelter agencies to become lenient and pause monthly housing loan payments for its members in the affected areas.

“We want a dependable government under Bagong Pilipinas, and this program will ensure that the assistance we will be providing is holistic, from the disaster’s onset up to rehabilitation and recovery,” Mr. Acuzar said. “We want our disaster-affected kababayans to immediately receive the government’s assistance. They already suffered from typhoons, earthquakes… We want to alleviate that by fast-tracking the delivery of our services.”

Rehabilitating the Pasig River

The DHSUD was also tasked to lead the rehabilitation of the Pasig River. Aside from transforming the river towards improving its water quality and make it a vital part of Metro Manila once again, the rehabilitation project also aims for improving housing among informal settlers that are residing along the riverbank.

The first phase of the Pasig River Urban Development Project started in 2024, which includes a 500-meter showcase area, stretching from Manila Central Office to Intramuros.

With the DHSUD leading the Inter-Agency Council for the Pasig River Urban Development (IAC-PRUD), the project seeks to significantly improve housing, transportation, and tourism in the area. This project will include pedestrian-friendly infrastructures, commercial zones, green spaces, bike lanes, and water transportation like water taxis.

Other agencies also involved in the Pasig River Urban Development Project are the Department of Environment and Natural Resources (DENR), Department of Public Works and Highways (DPWH), and the Metropolitan Manila Development Authority (MMDA).

“Housing for squatters and informal settlers are currently being built. Take a look at the poor living under the Pasig River, it’s not a pretty sight. As they work on revitalizing the Pasig River, housing developments for those that will be affected are in the works, with at least 40,000 to 50,000 housing units. This initiative aims to ensure those living under the bridge and along the river won’t be neglected,” Mr. Acuzar said. — Angela Kiara S. Brillantes

Charting the course towards digital finance excellence

The digital shift has transformed our lives, affecting how we consume content, purchase goods, and manage finances. The rise of e-wallets and digital finance tools exemplifies this change, benefitting both consumers and businesses. Thus, businesses need to meet consumers in the digital world through digital transformation.

Almost all businesses have started this journey in one form or another, and several solutions have been made to help businesses serve customers better in the digital landscape. However, the path to digital transformation is different for every business, as each has its own needs and priorities. With a reliable partner, businesses can successfully navigate digitalization and integrate it into their growth strategies.

Globe Business, with its suite of solutions and expertise in technology, has been guiding businesses in understanding and optimizing this digital shift. Recently, Globe Business launched Mindhive Year 2, the company’s innovation series and hackathon, to help companies navigate the complexity of digital transformation. Mindhive doubles down on featuring insights, sandboxing sessions, and conducting workshops that highlight the importance of innovation and developing digital strategies — all to future-proof the financial services sector.

“Globe Business is dedicated to supporting businesses in navigating their digital transformation journey. We help them plot their roadmap to achieve greater digital proficiency and a stronger digital stance. We offer guidance and expertise through our business solution consultants,” KD Dizon, Vice-President and Head of Globe Business, said in a special edition of the BusinessWorld Insights forum.

“We help them plot their roadmap to achieve greater digital proficiency and a stronger digital stance. We offer guidance and expertise through our business solution consultants.”

— KD Dizon, Vice-President and Head of Globe Business

The recent Mindhive Innovation Series focused on the banking and financial sectors, featuring the latest trends, technologies, and expertise to guide them through their digital transformation.

“The Mindhive Innovation Series revolves around a holistic approach to digital advancement. It’s about prioritizing both growth and robust security, empowering businesses to stay ahead of the curve in the digital age,” Jonathan Cristobal, Marketing Head of Globe Business, said.

This emphasis is reflected in Mindhive Year 2’s programs. First, the Application Programming Interface (API) workshop promotes building holistic knowledge through API infrastructure. As companies are rapidly adopting digital technologies, this workshop enabled large enterprises to refine their API infrastructure for maximum performance, efficiency, and scalability, and also empowered MSMEs to build roadmaps and participate in the digital ecosystem. Meanwhile, the Design Thinking workshop helped participants identify each company’s biggest challenge and create effective solutions to hurdle those challenges.

Globe Business views Mindhive not only as an innovation hub but also as a means to cultivate a digital mindset within financial institutions and make them future-proof. A prime example is Asia Link Finance Corp., a leading finance company in the Philippines that successfully tapped into Mindhive. The insights the company’s representatives learned from the program  have helped the financial institution navigate the evolving landscape and remain competitive in a tech-driven market. 

On top of these programs at Mindhive, business solutions consultants provide tailored expertise to each client. This begins with a thorough assessment of the company’s current technological landscape, identifying potential risks such as security vulnerabilities, outdated systems, and missed opportunities for innovation. Based on this assessment, consultants provide strategic insights and recommend digital solutions to address these challenges, ultimately helping businesses navigate their digital transformation and achieve sustainable growth.

“Business solutions consultants become the guiding experts in digital transformation. Business solutions consultation is crucial in guiding businesses through the complexities of the digital journey. We serve as trusted advisors, working closely with each business to understand its unique needs and challenges. We help them set realistic expectations and advance their digital development,” Marlon Cruz, Senior Director for Business Solutions Consulting, Globe Business, shared.

Watch the entire BusinessWorld Insights forum on BusinessWorld’s YouTube and Facebook pages.

 

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Advanced treatments in prostate cancer

Dr. Poh Beow Kiong

The male reproductive system needs the prostate gland to function. The prostate gland, a small and walnut-shaped organ located in the lower abdomen, is sandwiched between the bladder and penis, creating fluids that nourish and transport sperm.

However, when cancer cells enter the system, the prostate gland is in serious trouble. According to urologist Dr. Poh Beow Kiong of Gleneagles and Mount Elizabeth Hospitals, prostate cancer happens when prostatic cells grow uncontrollably and spread into nearby tissues.

A damaged prostate gland could then lead to several conditions, including prostate cancer, which is currently the third most common type of cancer among men in the Philippines, according to the Department of Health.

Early on, prostate cancer shows no symptoms; but as it progresses, patients can experience bone pain, urinary blockage, and other urinary symptoms.

The silver lining is that medical advancements have significantly improved treatment, allowing for easier recovery among prostate cancer patients.

In terms of managing prostate cancer, treatments come with two intentions — to cure during the early stage and to prevent progression into advanced stages. Many treatments are available for this type of cancer, including prostate surgery, laparoscopic prostatectomy, and robotic surgery.

For years, prostate surgery was the primary treatment for prostate cancer. While it’s generally safe and the mortality rate is insignificant, it can be debilitating among cancer patients, Dr. Poh said. It can also carry a few complications, such as erectile dysfunction and urinary incontinence, where patients may cough and leak urine.

With laparoscopic prostatectomy, a type of surgery that uses small incisions to remove the prostate, treating prostate cancer has significantly improved. Significant improvements in optics or visual technology for this type of procedure enable surgeons to go deep into the male pelvis, which is naturally narrow.

Another advancement that Dr. Poh highlighted is the da Vinci robotic prostatectomy. It is a robot-assisted and minimally invasive surgery designed for prostate cancer treatment. It comes with better visualization and precision, making it easier to perform surgeries through small incisions. The technology also enables advanced and computer-controlled movement, keeping those important nerves around the prostate safe. Dr. Poh noted that robotic surgery involves a very intricate method of robot tissue dissection, good optics, and 3D anatomy advancements, enabling nerve-sparing techniques.

“[Robotic surgery] is not a dangerous surgery; it’s not a surgery that is open to many surgical variations. The surgery is standard, the invention of the da Vinci robot has made this consistency even higher. Every case is a challenging case, but we are able to cut down the morbidity and complications ever since we have used the robot,” Dr. Poh further explained.

At the forefront of advanced and holistic treatments, Mount Elizabeth Hospital uses a comprehensive team approach in treatments. It has a group of skilled specialists, including surgeons, physiotherapists, anesthetists, and nurses. Additionally, it utilizes advanced robotic tools like the da Vinci robot. The treatment journey begins with diagnosis and then continues through surgery and recovery, ensuring that every aspect of patient care is well-coordinated for positive surgical outcomes.

“The best way to prevent post–operative complications is before the surgery. We start rehabilitation before we put the knife on the patient. Before the surgery, once the patient is diagnosed, the treatment starts, we have a team of nurses and physiotherapists who guide the patient through the pre–operative, as well as the post–operative recovery,” Dr. Poh said.

To maintain prostate health, Dr. Poh recommends that men undergo regular prostate checkups, such as digital rectal examinations and prostate-specific antigen (PSA), especially for those over the age of 50. On top of that, maintaining a healthy lifestyle, with a proper diet and exercise is highly encouraged. A healthy prostate can not only improve men’s reproductive health but also their well-being and quality of life.

For inquiries, please contact the IHH Healthcare Patient Assistance Center Singapore — Philippine Office, located at G/F-B, Marco Polo Hotel, Meralco Avenue and Sapphire Street, Ortigas Center, Pasig City 1600. You may also email manila.ph@ihhhealthcare.com or call 0917-526-7576. Follow them on Facebook at facebook.com/MountElizabethHospitalsSGPhilippinesOffice.

 

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Corporate wellness programs can help employees’ hearts

By Patricia B. Mirasol, Multimedia Producer

HEART DISEASE is a leading cause of death in the Philippines, with risk factors such as physical inactivity, poor diet, and stress contributing significantly to its prevalence. Since employees spend at least a third of their weekdays at work, corporate wellness programs — which typically include health screenings, stress management, and fitness challenges — have the potential to enhance the heart health of Filipino workers.

It’s part of the healthy settings approach, said Sean Paolo Ohrelle B. Aquino, medical officer III of the Department of Health’s Disease Prevention and Control Bureau.

“From the school setting to the workplace setting to the community setting, what we want to target sana is, kung saan (is where) people spend most of their time like in schools, iyung mga bata dun (the children there) will be provided services.”

Wellness initiatives like regular blood pressure readings can likewise be integrated in occupational health, he said during a Jan. 17 Zoom call.

“The Health department doesn’t work in a silo,” he said. “We need close collaborations with the Civil Service Commission and the Department of Labor and Employment for this whole-of-society approach we’re talking about,” he said.

Data from a United Nations joint mission in 2018 found that non-communicable diseases (medical conditions that are not caused by infections and are not contagious) cost the Philippines P756.5 billion per year. This figure represents 4.8% of the gross domestic product in 2017.

“Heart diseases are captured under the broader umbrella of non-communicable diseases,” Dr. Aquino added. “There is no separate data for heart diseases alone.”

‘HEALTHIER U’
Among the businesses with regular employee health programs is Unilever Philippines, Inc.

“We have about 20 company policies and programs in a year that support employee wellness,” its head of human resources, Geeta Royyuru, said in a Jan. 10 interview.

Included in the initiatives of the consumer goods multinational company is a 24/7 employee assistance program with counselors for both employees and their dependents, Ms. Royyuru said. Facilities like gyms, nap rooms, and daycare services are also available for all staff.

It also has a voluntary program called “Healthier U” where employees take tests and use screening tools which the company’s medical team analyzes for associated risks. Employees are tagged as Red (those with chronic diseases or high-risk factors), Amber (those at risk of chronic diseases with a few identified high-risk factors), or Green (those with zero to minimal high-risk factors), with the aim of moving more of those tagged Red and Amber to Green through follow-up check-ups and recommendations.

From 2023 to 2024 there was a 33% increase in Healthier U enrollees in the Philippines. The company told BusinessWorld that 8% of those with cardiovascular-related chronic diseases showed an improvement in their blood pressure.

Lemuel B. Lucas, a customer operations business partner at the company, said “Healthier U” was an eye-opener.

“Because of my high cholesterol levels, I was advised to consider lifestyle changes and prompted to seek the help of a nutritionist…,” he told BusinessWorld via e-mail on Jan. 28. “Apart from losing 45 lbs., I’ve also brought down my cholesterol levels and will even be running my first marathon in February!”

To promote employee health, there are also changes being made in the cafeterias, Ms. Royyuru told BusinessWorld.

“We continuously audit the food that’s served in all our canteen spaces across our facilities,” she said. “This has led to the introduction of simple things, like less oily food, and the introduction of more veggies and varieties of fish rather than just meat.

“We work with our union and employee representatives in food tasting and make sure there is a habit-building journey, and that it doesn’t feel forced,” she added.

‘GCLUBS’
Globe Telecom, Inc., meanwhile, has a holistic approach to wellness, according to its vice-president for people experience Nicolette S. Bambao.

“We make sure to fulfill the four pillars: physical, socio-emotional, financial, and purpose,” she said.

Apart from programs that support each of the pillars, the telecommunications provider also has a myChoice program, which allows employees to customize their benefits according to their needs. Among the options for 2025 are wearables, vouchers for medicines and vitamins, and spa packages.

In 2024, the company also expanded its annual physical examination by adding screenings for cardiovascular, kidney, colon, and hypertension-related diseases, and diabetes.

“Globe promotes wellness through similar interests for ka-Globes to gather, experience, and share in non-work-related clubs,” Ms. Bambao said in a Jan. 27 e-mail to BusinessWorld.

The majority of the “GClubs,” as they are called, are sports-related: “We have competitions in basketball, volleyball, football, badminton, golf, and dance within and outside Globe.”

IMPACTFUL EDUCATION
The Philippine Statistics Authority reports that the top three causes of death in the country from January to April 2024 were ischemic heart diseases, neoplasms, and cerebrovascular diseases. These were also the leading causes of death in the same period in 2023.

Ischemic heart diseases (which happen when the vessels that supply blood to the heart muscle become narrowed or blocked) accounted for 20.2% of the total deaths nationwide.

While age, gender, and family history are risk factors that are beyond people’s control, sleep, diet, and physical activity are among the factors that are controllable.

Regular exercise, healthy eating, and routine health checks can reduce the risk of heart disease, said Rodney M. Jimenez, a cardiologist and president of the Philippine Heart Association (PHA).

But according to him, the number one component in a workplace wellness program that needs to be present to keep employees’ hearts healthy is “impactful education.”

“Number one is education, number two is screening… how can you identify people who are at high risk if you do not screen them, interview them, and then check their cholesterol level?” Dr. Jimenez asked in a Zoom interview on Jan. 9.

Despite its reputation, cholesterol isn’t all bad. Cholesterol is a substance that the body needs to build cells and make vitamins and other hormones. There are two types of cholesterol: LDL or the “bad” cholesterol, and HDL, called the “good” cholesterol. Too much of the bad kind, or not enough of the good kind, can eventually lead to a heart attack or stroke.

Cholesterol levels are one of the controllable factors.

“There’s a certain cholesterol level for each risk factor,” Dr. Jimenez said. “So kung may risk factor na hypertension or diabetes, ganitong level iyung cholesterol mo, and kung wala naman, ganito iyung level (So, if there is a risk factor of hypertension or diabetes, this should be your cholesterol level, and if you don’t have these risk factors, this should be the level).”

Individuals are encouraged to advocate for their own health by keeping in mind “ACTing NOW”:

A – ASCVD (atherosclerotic cardiovascular disease) is a top killer in the Philippines

C – Cholesterol is a key risk but can be managed

T – Take action to lower it fast

NOW – The next heart attack or stroke could be worse — act now to stay protected.

The Philippines doesn’t have any data on the prevalence rates of specific cardiovascular diseases, Dr. Jimenez told BusinessWorld, so the PHA has started a study on the hospitalization rate of acute cardiovascular diseases, he said.

Taking a step towards heart health can be as simple as taking the stairs instead of the elevator, he reminded BusinessWorld.

“Kung one to three [flights of] stairs lang sa office niyo, and kung wala ka namang knee injury (If your office just has one to three flights of stairs, and if you have no knee injury), take the stairs,” Dr. Jimenez said. “Maglagay siguro sa elevator ng sign na (place a sign in the elevator saying), ‘Climbing up the stairs will help prevent heart attack and stroke.’”

‘WELLNESS HEROES’
Two other companies in the Philippines that have corporate wellness programs are TaskUs Philippines, a business outsourcing provider, and Fluor Daniel, Inc., an engineering, procurement, and construction company.

Fluor won at the 2023 Asian Experience Awards for its SWITCH (Sustainable Wellness Initiatives Toward Corporate Health) Wellbeing Program that combines physical fitness with financial security, mental balance, and social connection. One of the initiatives under it is ProErgo, which optimizes workstation design to prevent musculoskeletal disorders. There are also programs for lifestyle-related diseases which include recreational facilities and a weight loss program to help lower cardiac risk factors among the workforce.

Health awareness campaigns are likewise disseminated through e-mail blasts, bulletin board infographics, and lunch-and-learn activities.

TaskUs, on the other hand, has a Wellness Hero Certification Program which enlists volunteer employees and trains them to be “wellness heroes,” or individuals who advocate for their own wellness as well as that of others.

These “heroes” are found across the 13 countries that TaskUs is located in. Each of their certifications is valid for 12 months to ensure people’s safety and service quality and requires additional assessments for renewal.

“If we have more people actively practicing and promoting the use of our wellness resources, we’re expanding the reach of our Wellness + Resiliency team and making the topic of mental health discussions ubiquitous in the workplace,” said Rachel Lutz Guevara, TaskUs’ vice-president for Global Wellness + Resiliency, in a May 2023 post on the company website.

A March 2024 study in Acta Medica Philippina found that employees who participate in corporate wellness programs have a higher physical wellness status than those who didn’t. Employees who were aware of such programs also had a higher mean socio-emotional wellness score (36.2 ± 6.0) than those who were not (34.2 ± 6.0).

A HEALTHY MIND FOR A HEALTHY HEART
Stress management is yet another component of heart health.

Heart health is being promoted through Globe’s mental health webinars and modules, said Globe’s Ms. Bambao.

“The medical coverage of employees includes reimbursements with prescribed psychiatric medicines and consultations with licensed psychiatrists,” she said.

Ms. Royyuru said Unilever’s holistic approach to corporate wellness — which encompasses physical, mental, and emotional well-being — ties in with the company’s purpose of “brightening lives every day.”

“We cannot have unhappy, unhealthy people who cannot be their best self at work,” she said. “How do you expect them to innovate with the best of solutions for our consumers and for themselves, right?

“We have to care for them as individuals with wants and needs… and [who] are at different life stages.”

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

Eating heart healthy

FILIPINOS’ PENCHANT for salty food and partaking of panghimagas (dessert) after meals pose a risk to one’s heart, Donna L. Lorena, a registered nutritionist-dietitian, said.

High sodium intake negatively affects the heart, she said in a Jan. 10 interview with BusinessWorld. Popular processed meat items like corned beef and hot dogs are not just salty, they are also high in artery-clogging fat.

She suggested that when cooking traditional Filipino fare such as adobo (usually a dish of chicken and/or pork braised in vinegar and soy sauce), to opt for a low-sodium soy sauce variant. When using toyomansi (a mix of soy sauce and the local citrus calamansi) as a sauce, meanwhile, use more calamansi and less toyo.

Portion control is also important, Ms. Lorena said.

She cautioned, however, against eating just one meal a day, as in the case of those who go on 20-hour fasts. When you eat 1,200 calories in one go, she explained, “Your vital organs get stressed… thereby impacting your cardiovascular health. [That’s because] masyadong maraming name-metabolize iyung katawan natin na salt and fat at that time (too much salt and fat is being metabolized by the body at that time).”

The following heart-healthy recipes were shared by Ms. Lorena. — PBM

GINISANG MUNGGO WITH BANGUS

Serves 4

INGREDIENTS:

1 cup munggo (mung) beans, washed and soaked

1 medium-sized bangus (milkfish), cleaned and sliced into 4

1 tablespoon olive oil

1 medium onion, chopped

3 cloves garlic, minced

2 medium tomatoes, chopped

4 cups water

1 cup malunggay (moringa) leaves (or spinach as an alternative)

1 cup diced squash

1 tablespoon low-sodium patis (fish sauce)

1/4 teaspoon ground black pepper

DIRECTIONS:

1. Wash and soak the munggo for at least 4 hours or overnight. Do not skip this step.

2. Pat-dry the bangus slices and season with salt and pepper. Spray with oil and air-fry or bake until brown.

3. Meanwhile, in a sauce pot, sauté onions and garlic until fragrant. Add in squash and cook until slightly brown, then add chopped tomatoes. Let cook for at least 5 minutes.

4. Stir in the munggo and water then let it simmer until the beans are soft and cooked through. Mix in the malunggay leaves or spinach leaves. Cover and let simmer until the leaves wilt.

5. Season with low-sodium fish sauce or salt and pepper. Divide into four bowls. Top with the air-fried bangus. Serve with a cup of lightly packed brown rice.

Notes:

*Always soak beans or lentils of any kind before cooking. Aside from reducing cooking time, this improves digestibility and reduces bloating.

*In the absence of an air-fryer or oven, pan-fry the bangus in oil and dry on a paper towel to reduce excess oil.

Per serving (with 1 cup of brown rice): 621 calories; 85 g carbohydrates; 41 g proteins; 13 g fats

TOFU WITH ENSALADANG TALONG

Serves 4

INGREDIENTS:

2 blocks tofu

1 tablespoon olive oil

1/2 teaspoon garlic powder

1/4 teaspoon paprika

1/4 teaspoon salt

For the Ensaladang Talong:

2 large eggplants

1 tsp olive oil

2 medium tomatoes, diced

1 small red onion, chopped

1 cup pakpako (edible ferns), cleaned and parboiled

1 tablespoon vinegar

1/2 teaspoon low-sodium fish sauce

1/4 teaspoon ground black pepper

DIRECTIONS:

1. Wrap tofu in a paper towel and press down with a heavy item like a chopping board or a heavy pan to squeeze out most of the water. Leave it under the weight for at least 30 minutes.

2. Once dried out, slice the tofu into cubes. Season with garlic powder, salt, and pepper and spray with oil then air-fry or bake until brown and crispy. Set it aside.

3. Wash and pat dry the eggplant and brush with oil. Air-fry or bake until the skin separates from the flesh. Let it cool.

4. Once cooled, peel off the eggplant’s skin. Chop the eggplant and place it in a bowl. Mix in diced tomato, red onion, and parboiled pakpako. Season with vinegar or calamansi juice, low-sodium fish sauce or salt, then ground black pepper.

5. Serve on a plate with air-fried tofu and a cup of lightly packed brown rice.

Note:

*In the absence of an air-fryer or oven, pan-fry the tofu in oil and dry on a paper towel to reduce excess oil.

Per serving (with 1 cup of brown rice): 477 calories; 61 gm carbohydrates; 28 gm proteins; 16 gm fats

Time lists 29 PHL companies among APAC’s best

STATISTA.COM

US-BASED Time magazine has recognized 29 Philippine companies in its inaugural World’s Best Companies of 2025 for Asia-Pacific (APAC), a ranking of the region’s top 500 corporations.

The list, compiled in collaboration with market data provider Statista, placed listed conglomerate Ayala Corp. at 46th, followed by Ang-led San Miguel Corp. at 85th, and Security Bank Corp. at 88th.

Sy-led holding company SM Investments Corp. ranked 109th, BDO Unibank, Inc. 112th, Jollibee Foods Corp. 116th, SM Prime Holdings, Inc. 121st, and the Asian Development Bank 172nd.

Rounding out the top 10 Philippine companies on the list were Cebu Pacific Air at 178th and the Aboitiz Group at 188th.

Other cited firms included Robinsons Retail Holdings, Inc. (211th), Petron Corp. (216th), China Banking Corp. (238th), Alliance Global Group, Inc. (245th), JG Summit Holdings, Inc. (265th), PLDT Inc. (280th), Metropolitan Bank & Trust Co. (311th), Aboitiz Power Corp. (318th), Del Monte Philippines (320th), and Universal Robina Corp. (329th).

Also recognized were Rizal Commercial Banking Corp. (332nd), Filinvest Development Corp. (340th), Wilcon Depot, Inc. (341st), Ginebra San Miguel, Inc. (345th), Integrated Micro-Electronics, Inc. (364th), Megaworld Corp. (374th), Puregold Price Club, Inc. (381st), EEI Corp. (416th), and Max’s Group, Inc. (465th).

“This distinction is more than an accolade — it is a reaffirmation of our enduring mission to contribute to nation-building, strengthening our resolve to continue uplifting lives, impacting society, and helping shape the nation. As we move forward, we remain steadfast in our commitment to innovation and caring for the people and the planet,” Megaworld President Lourdes T. Gutierrez-Alfonso said in a statement.

“The inclusion of Alliance Global in the list of best companies in Asia-Pacific by Time magazine and Statista is a testament to our group’s unwavering commitment to nation-building as a proudly Filipino conglomerate,” Alliance Global President and Chief Executive Officer (CEO) Kevin L. Tan said.

SM Investments President and CEO Frederic C. DyBuncio stated: “At SM, we continuously strive to create value by serving our customers, supporting our people, fostering responsible growth, and making a positive impact in the communities we serve.”

The Time list ranked Singapore’s DBS Bank Ltd. as the top company in the Asia-Pacific region, followed by Malaysia’s Maybank, South Korea’s Kia Corp. and Shinhan Financial Group Co. Ltd., and India’s Wipro Ltd.

Completing the top 10 were Singapore’s Oversea-Chinese Banking Corp. Ltd., India’s Infosys Ltd., Japan’s Sumitomo Mitsui Financial Group, Inc. and Nissan Motor Corp., and South Korea’s Hyundai Motor Co.

According to Time, the rankings were based on employee satisfaction, financial performance, and sustainability transparency.

Employee satisfaction was determined using 2023 survey data from over 50,000 participants across the Asia-Pacific region.

For financial performance, companies were ranked using Statista’s financial database and targeted research.

Companies had to generate at least $100 million in revenue in 2023 and demonstrate either positive revenue growth from 2021 to 2023 or profitability in 2023.

On sustainability transparency, companies were evaluated based on environmental, social, and governance (ESG) data from 2022, using standardized key performance indicators from Statista’s ESG database and targeted research.

“While much of the world was mired in geopolitical uncertainty during 2024, businesses across the Asia-Pacific enjoyed an upbeat year, with most major bourses ending in positive territory on the back of central banks easing monetary policy as well as an artificial intelligence boom lifting tech stocks,” Time said in a statement. — Revin Mikhael D. Ochave

Stuff to Do (02/14/25)

Find deals at a travel fair

THE Metrobank Travel Fair 2025 is offering exclusive travel deals and discounts, with visitors having a chance to win prizes during the event. To be held from Feb. 14 to 16 at the Glorietta Activity Center in Makati, the fair will have rewards for Metrobank cardholders who spend a minimum single-receipt purchase of P10,000 at any of the participating merchants. They can earn raffle entries for a chance to be one of the two winners of a five-day trip for two to Osaka with hotel stay. Five lucky cardholders will receive a cashback of up to P100,000 on their Metrobank credit cards. For more information about other offers, visit https://www.metrobank.com.ph/promos/2025-the-metrobank-travel-fair.

Listen to Over October at Capitol Commons

ORTIGAS LAND is presenting Strings of Love, a special free post-Valentine’s Day concert featuring Over October and special guest performers Jannah, Lags, and Jeri. To be held on Feb. 15, 7 p.m., at Capitol Commons Park in Pasig City, this live music event invites music lovers, residents, and visitors to enjoy an evening filled with rising talents. There will also be a Love Bazaar featuring gifts, crafts, and treats perfect for Valentine’s shopping.

View Japanese films at Shangri-La

SHANGRI-LA PLAZA is hosting Into the Heart of Japan, a selection of events that celebrate and promote Japanese arts and culture, in partnership with The Japan Foundation, Manila. From Feb. 15 to 16 at the Red Carpet Cinemas, mallgoers can see films that feature essential destinations, goods, and culinary delights from Japan. Among these films are My Sunshine (2024) and Komada: A Whisky Family (2023). Coinciding with the screenings is the Japan Day Fair where cinephiles can check out the film locations they should visit and browse through the goods featured in the films.

Listen to Sofia Zobel Elizalde’s talk on PHL dance

ARTS PATRONESS and philanthropist Sofia Zobel Elizalde will discuss emerging trends in the Philippine dance community in the virtual talk show, HistophTV. She will also share her insights on its sustainable future, speaking as the founder and director of the Steps Dance Studio. HistophTV was organized under the supervision of the Benilde School of Arts, Culture, and Performance Dance Program. The hour-long web event will be streamed on the Benildearts YouTube channel on Feb. 15, at 5 p.m. The discussion is free and open to the general public. Interested participants may register through this link: tinyurl.com/HISTOPHTVSofiaZobelElizalde.

Enjoy Valentine’s activities at Ayala Malls Manila Bay

KICKING off the Valentine’s activities at Ayala Malls Manila Bay is a performance by the Galentine Queens – All Stars on Feb. 15. The show will feature some of the Philippines’ most iconic drag queens including Maxie, Precious Paula Nicole, Viñas Deluxe, Khianna, and Angel. It will be an ode to self-expression, confidence, and the art of love. The next day, on Feb. 16, there will be a concert, Valentine’s Hits, Live!, featuring Toneejay, Armi Millare, and Clara Benin. Both shows start at 7 p.m. with free admission at the Garden Fountain of the mall. Meanwhile, South Trading Post’s Trinket Town will take over the Ayala Malls Manila Bay Activity Center from Feb. 14-16 for Valentines shoppers.

Go slow with art at MCAD

FOR the National Arts Month, the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB) invites the public to a series of conversations and sessions on art and architecture. On Feb. 15, architect, sculptor, and musician Micaela Benedicto will headline the second edition of With Eyes Peeled, a slow art activity which allows the participants to get a deeper appreciation of art by looking at it more intently and just a little bit longer. It is slated to be held at 3 p.m. at MCAD. It is free and open to the public.

Visit Valenzuela City’s dog and skate park

TO make meaningful use of empty spaces in the city, the City Government of Valenzuela will be inaugurating the Valenzuela City Skate & Paw Park on Feb. 15. The new recreational spaces for skateboarding enthusiasts and pet lovers are located under the NLEX Harbor Link along MacArthur Highway, Barangay Karuhatan. These were made possible through the partnership of the City Government of Valenzuela with the North-Luzon Expressway Corp. and the Metro Pacific Tollways Corp.

Visit Galerie Joaquin’s artists and lovers exhibit

INTERWOVEN, an exhibit featuring works by artist couples Jepoy Almario and Astrid Castillo-Almario, Marco Coching and April Lopez, Almer and Ann Moneda, and Perfecto Palero, Jr. and Joan Palero, is on view at Galerie Joaquin in Bonifacio Global City (BGC) until Feb. 17. These couples have created lasting artistic legacies that transcend artistic boundaries and have contributed to different movements in art while cultivating their personal relationships. Galerie Joaquin BGC is located on the Upper Ground Floor of One Bonifacio High Street Mall, 5th Ave. corner 28th Street, Bonifacio Global City, Taguig.

Listen to singer-songwriter brei’s debut single

BREI is the newest addition to Universal Records’ roster of recording artists. Coming from a family of musicians, brei has been participating in singing competitions since she was a young girl, including Idol Philippines in 2022. Signed by Universal Records last year, she is releasing her first single, “Eh Di Pasensya Na,” a pop-rock song that captures the indifference following a difficult breakup. To promote her debut single, she will be releasing a video on Valentine’s Day and will also be going live regularly on her TikTok account, which has over 220,000 followers.

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