BSP makes fresh push for bank secrecy amendments

September 10, 2025 | 12:04 am

THE BANGKO SENTRAL ng Pilipinas (BSP) is renewing its push for amendments to the country’s bank deposit secrecy laws as part of its priority legislative agenda for the 20th Congress.

The central bank is proposing changes to the Republic Act (RA) No. 1405 or the Law on Secrecy of Bank Deposits and RA 6426 or the Foreign Currency Deposit Act to boost its supervisory powers, BSP General Counsel Roberto L. Figueroa said at a House briefing on Tuesday.

“In these BSP-supported amendments, the inquiry is limited to the deposit account of the stockholder, owner, director, trustee, officer, or employee of an entity that is subject to the supervision or regulatory power of the BSP,” Mr. Figueroa said.

The central bank wants to have the authority to look into the deposit accounts — including foreign currency deposits in banks operating in the Philippines and offshore branches of domestic banks — of these persons suspected of fraud or irregularity in BSP-supervised institutions and as part of investigations into closed banks, it said in a presentation.

“It also provides protection to banks and financial institutions against frivolous suits from depositors in connection with the inquiry and examination of deposits by BSP,” Mr. Figueroa added.

Information obtained via an inquiry will be for exclusive use of the BSP, except when necessary to prevent or prevent or prosecute any offense or crime. The proposal also features safeguards against the use of the bank secrecy exemption for persecution, harassment, or to hamper competition.

The BSP has been pushing for amendments to the Philippines’ tight and decades-old bank secrecy laws to boost its oversight of the financial sector by preventing cases of insider abuse, citing cases where bankers themselves borrow from their own banks or hide proceeds of fraudulent activities in their banks, which endanger depositors.

CREDIT INFORMATION SYSTEM
Meanwhile, the BSP is also pushing for the New Credit Information System Act, which is a measure that would transfer the powers and functions of the Credit Information Corp. (CIC) to the central bank.

“So, essentially, it’s transferring the functions and powers of the CIC, which is a separate legal entity right now, to BSP,” Mr. Figueroa said. “And, of course, the expectation and the focus of this will result in the streamlining of credit information processes and enhancing regulatory oversight.”

The state-run CIC manages the public credit registry that acts as the central repository of credit information, receiving and collating data from entities like banks, quasi-banks, investment houses, cooperatives, micro-financing organizations, credit card companies, insurance firms, and government lending institutions. Borrowers’ credit reports can be accessed via the CIC’s accredited credit bureaus.

Mr. Figueroa said the proposal aims to provide credit data at a low cost, protect consumer rights, and promote fair competition.

“The establishment and maintenance of an efficient credit information system is consistent with the mandate of BSP to effectively regulate and supervise credit granting businesses, as may be determined by the MB (Monetary Board); is key to financial stability, which is an objective of BSP; and will strengthen the policy formulation of BSP, specifically in the areas of banking and credit,” the central bank’s presentation showed.

Lastly, the BSP is supporting the Digital Payments Bill that seeks to facilitate the use of digital payments in financial transactions of the government and the public.

“When we support digital payment for economic growth and financial inclusion, there is a study done by the Bank for International Settlements that for every 1% increase in the use of digital payments, there is a corresponding 0.5% boost in GDP (gross domestic product) per capita growth, as well as 0.06% reduction in informal employment,” BSP Deputy Governor Mamerto E. Tangonan said. “So, that is global evidence that digital payments do help the economy and also help reduce informality.”

“The concern we have is that in the Philippines, the use of digital payments collections by government banks that of business. The government, the share of digital collections for government is just 25%. Business is already at like 70% collections done digitally,” he added. “So, government, being a catalytic user in the market, once they adopt a digital payments collection, could really instill confidence among the rest of the businesses and population to use digital payments more so that we achieve our desired objectives.”

The BSP wants digital payments to make up 60-70% of the total volume of retail payments by 2028 in line with the Philippine Development Plan.

The share of online payments in monthly retail transactions stood at 57.4% in terms of volume and 59% in value terms in 2024, according to the BSP’s 2024 Status of Digital Payments in the Philippines report. These are up from 52.8% and 55.3%, respectively, in 2023. – Katherine K. Chan

The rise of the Baguio Business Club

September 10, 2025 | 12:04 am

(Part 1)

As I serve as a consultant to the newly established Baguio Business Club, I have felt a certain kind of déjà vu. I see in those initial 20 members of the club an image of those patriotic young business executives, media personalities, and academics who, almost half a century ago, established the Makati Business Club.

A good number of them have already left this world: Enrique Zobel, Jimmy Ongpin, Joe Romero, Henry Esteban, Jayjay Calero, Rolly Pantaleon and Maning Reyes. Most of them, still in their forties then, responded to the call of business tycoon Enrique Zobel to establish an association of professionals involved in the business world in one way or another that will do their best to promote the common good of society, even at the cost of their respective business vested interests. They were very conscious that they were not establishing another business chamber or industry association that exists to promote the legitimate vested or sectoral interests of their respective businesses or industries.

The business chambers of industry associations are a necessary component of a democratic society in which each stakeholder must articulate what promotes its legitimate vested interest that must be balanced with the interests of other stakeholders, like labor, the government, civil society, the academe, the religious community and others.

In contrast, a business club, as was defined by the founders of the Makati Business Club, must work for the common good of the entire society, even if business has to sacrifice its own vested interest. Examples of such causes are good governance, protecting the physical environment, fighting mass poverty, or achieving food security.

Because of the adverse political environment in 1981 resulting from the dictatorial rule of then President Ferdinand Marcos, Sr., it was understandable that the first major effort of the Makati Business Club was to battle against “crony capitalism,” a phrase that was coined by the late Jimmy Ongpin.

Since I was part of the founding group of the Makati Business Club, I can attest to the desire of the pioneers that the concept of a business club be replicated at the regional level. Some of the first to respond to this call were Cebu, Iloilo, Batangas, and Palawan. From my experience, the most successful replication was that of the Iloilo Business Club that was one of the positive forces behind the transformation of the Greater Iloilo Area into one of the best metropolitan districts in the country today.

I have the conviction, upon seeing how dedicated the organizers of the Baguio Business Club (BBC) are to their mission and vision, that the BBC will achieve the same success as the Iloilo Business Club.

It is a happy coincidence that the very first major project they have taken upon themselves is to help all the stakeholders of the BLISTT (Baguio, La Trinidad, Itogon, Sablan, Tuba, and Tublay) area in building a megapolis similar to the Greater Iloilo Area which is a model for urban planning. The vision of the BBC is a “united, resilient, and forward-thinking business community driving inclusive, sustainable, and innovative growth across the BLISTT area, built upon a new generation of ethical and excellence-driven leaders.”

In record time, the newly elected officers of the BBC — mostly in their thirties and forties and among the movers and shakers of the BLISTT region — came out with their Mission:

• Fostering collaboration among industries, government, academia, and civil society;

• Championing ethical, sustainable business practices that uplift communities;

• Promoting inclusive development while preserving cultural and environmental heritage;

• Building capacity and professionalism among entrepreneurs, especially the youth;

• Nurturing leaders rooted in hard work, empathy, humility, and leading by example; and,

• Advocating for policies and investments that improve competitiveness and quality of life.

Very early in their initial stage of operations, the BBC officers already have identified the interests common to the entire Baguio and BLISTT community:

• Strengthen linkages among business, government and civil society (especially the academe).

• Serve as a resource and advisory body in policy formulation and development planning at the various level of regional government.

• Provide capacity-building, mentorship, and professionalization programs for SMEs and young entrepreneurs.

• Promote entrepreneurship through initiatives like Go Negosyo, business clinics, and financial literacy.

• Contribute to the strategic development of key sectors such as agribusiness, tourism, IT-BPM, manufacturing, and vocational education.

The Core Values identified in their first strategic planning workshop were excellence and continuous learning, integrity and ethical leadership, collaboration and teamwork, civic responsibility and nation-building and sustainability and respect for local culture.

The officers also had their feet firmly planted on the ground by recognizing the PESTLE (Political, Economic, Science and Technology, Legal and Environment) factors affecting the BLISTT region. Since the newly re-elected Mayor of Baguio is in his last term, what can be expected of the next? How can the presence of young blood in the newly elected councils be converted into an opportunity? Will there be obstacles posed by the heavy partisanship that characterizes the Cordilleras/Benguet region? The choice of contractors for infrastructure is highly politicized and marred with corruption about which the Mayor of Baguio is very vocal and thus antagonizing some of the mayors of the other BLISTT municipalities.

As regards economic issues, there is the brain drain problem of IT professionals migrating to other countries like India or other Philippine regions like Clark. How can they be retained? The PEZA within Baguio City is very limited. Can it be expanded to other BLISTT areas? There are serious land restrictions in the region because of ancestral domains. How can the LGUs in the other municipalities of the BLISTT region be engaged in opening up areas for expansion of manufacturing for exports? What can be done to address the many infrastructure inadequacies such in water, energy, telecom, roads, and public school buildings?

The officers also took cognizance of the legal and regulatory challenges such as the delays related to zoning regulations and in the granting of business permits; uncertainties posed by Department of Environment and Natural Resources regulations affecting forests and government reservations; expectations about the role of the newly established Metropolitan BLISTT Development Authority; uncoordinated municipal ordinances from the different LGUs comprising the BLISTT region.

To these we can add other issues related to national and global developments. What should be the role of the BLISTT area in helping the nation to attain food security, the top priority in the development plans of the Marcos Jr. Administration? In addition to the FDIs that can be attracted to the export processing zones that can locate in the region, what other sectors are ripe for significant increases in foreign investments? Could these be in infrastructure, hospitality sector, agribusiness, logistics, and education?

More specifically, how can the geopolitical challenges faced by Taiwan in relation to China be harnessed to the benefit of the Cordillera region (together with the other regions in Northern Luzon) by attracting inflows of foreign capital, technology, and professional expertise from our closest neighbor to the north, especially in electronics and semiconductor as well as in high-value crops? There are a good number of world class universities in Taiwan, steeped in research and development, that are eager to strike academic partnerships and alliances with Philippine universities, who can provide them with the young talent that Taiwan no longer has because of its severe demographic crisis. Baguio has hundreds of thousands of university students because it is a university city. Vegetable farmers, especially in Benguet, can benefit from the experiences of the outstandingly successful farmers’ co-operatives in Taiwan. There is much synergy between Taiwan and the Cordillera Region.

In order to walk the talk, the officers made sure that they would have an Action Plan and Timetable over a three-year period. The BBC will work with the government, the business community, and academe to build a strong foundation among SMEs involved in agribusiness and tourism. There will also be an emphasis on the upskilling, reskilling, and retooling of the young labor force in the region, especially in the training of more electricians, plumbers, carpenters, painters, etc. who are in great demand in the booming construction and housing sectors.

Members of the BBC are looking forward to roadshows in Taiwan and Japan that they have already tentatively scheduled for March of 2026.

(To be continued.)

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Wealthy ancient Roman’s tomb discovered in Albania

September 10, 2025 | 12:04 am

ALBANIA-ARCHAEOLOGY — A DRONE view shows archaeologists working on Albania’s first discovered monumental tomb, which they suggest may be a mausoleum, dated to the Roman period III–IV century AD in Strikçan, Albania, Sept. 4. — REUTERS/FLORION GOGA

STRIKÇAN, Albania — Archaeologists in Albania have discovered a large Roman burial chamber dating from the third to fourth century AD, the first of its kind found in the Balkan country that was once part of the Roman Empire.

Tipped off by locals who had noticed some unusual stones on a plateau near the North Macedonia border, staff from the Institute of Archaeology began excavating in early August and found the underground structure whose large limestone slabs were inscribed with Greek lettering.

“The inscription tells us that the person buried here was named Gelliano, a name typical of the Roman period. We are uncertain about the identity of the second individual, but it is likely a family member,” said Erikson Nikolli, the project’s lead archaeologist.

The tomb, which measures nine meters by six meters (29 ft by 19 ft), is the first discovery in Albania of what the experts believe to be a wealthy person’s resting place, grander than other burial sites found in the area.

Local authorities in Albania, where tourism is booming, are already planning to develop the site into a tourist attraction, while residents flocked to the area upon hearing the news of the discovery.

Last week, Mr. Nikolli’s team used brushes to reveal the intricately carved edges of the tomb’s white roof stone and walls.

“We also uncovered a piece of fabric embroidered with gold thread, which confirms our belief that we are dealing with a member of the upper class.”

Other findings include glass plates and knives.

Mr. Nikolli said that the tomb had been looted at least twice — once in antiquity and later when heavy machinery was used to move a massive rock on top of the chamber.

He explained that the occupant’s name was inscribed in Greek letters but carried a Latin meaning, while a second inscription indicates that the tomb was dedicated to the god Jupiter.

Experts have yet to decipher additional inscriptions on stones found nearby, which are believed to have belonged to another monument now surrounded by cornfields and a quarry. — Reuters

Islamic insurance’s growth in PHL may take years as awareness remains low

September 10, 2025 | 12:03 am

Muslims-mosuq-PHILSTAR-EDD-GUMBAN — PHILIPPINE STAR/EDD GUMBAN

PRU LIFE Insurance Corp. of UK Philippines (Pru Life UK) expects takaful or Islamic insurance to start gaining momentum in two to three years as companies take a cautious approach towards what is a relatively new market for most players.

“Actually, overseas, it usually takes two to three years. That’s the standard for not only for takaful but product development,” Pru Life UK Vice-President and Sustainability and Takaful Head Maricel Estavillo said at a media briefing on Tuesday.

“For now, at least for the life sector, we are the first [to offer a takaful product], and there’s a second insurer with a takaful window. And we feel like they’re also on a wait-and-see [stance],” she added.

The Insurance Commission (IC) last year issued takaful operator licenses to Pru Life UK and Etiqa Life and General Assurance Philippines, Inc.

Takaful is a type of Islamic insurance where members contribute a certain sum of money to a common pool to guarantee each other against loss or damage. It needs to be compliant with Shari’ah law, which prohibits riba (interest), al-maisir (gambling), and al-gharar (uncertainty) principles.

Instead of paying premiums, parties in a takaful arrangement agree to contribute to a pool or mutual fund from which claims are paid out of. A contract will specify the risks covered and the length of coverage.

These takaful pools or funds are managed and administered by a takaful operator that charges fees for sales, marketing, underwriting, and claims management.

In June, Pru Life UK launched its takaful product called PruTerm Lindungi.

Ms. Estavillo said they expect a shortfall as claims are likely to exceed the available funds for the product.

“It’s not a risk but it’s a real possibility, especially if you have a product that is very small. In terms of contributions or premium, it’s very small, and the benefit is P100,000. So, it’s really a mass game. You need to onboard a sufficient number of participants,” she said.

“So far, the take-up has been very encouraging, but of course, since this is a very new — not only a new product, but also it’s a new concept, new model as a whole — we need to continue investing in public education and awareness. So, at least for now, we’re focusing on marketing and selling the first product.”

For the first year of the product, the company will focus on educating both the public and its agents on takaful, she said, adding that they currently have almost 300 appointed takaful agents.

Ms. Estavillo cited a study commissioned by the insurer, which found that only 2.5 million out of the 7 million Filipino Muslims in the country can afford financial protection.

She added that there are limited Shari’ah-compliant investment options in the country. “But if you check the guidelines, it doesn’t prohibit a takaful window operator to also invest overseas.”

Pru Life UK booked a premium income of P48.15 billion and net profit of P3.72 billion in 2024, IC data showed. — A.M.C. Sy

The critical infrastructure imperative: Powering growth and resilience

September 10, 2025 | 12:03 am

infra-construction worker — PHILIPPINE STAR/RYAN BALDEMOR

As of last month, the Marcos Jr. administration has identified 207 infrastructure flagship projects (IFPs) under the Build Better More program. These projects, whose cost amounts to P10.433 trillion, are intended to facilitate smoother trade flows, attract long-term investments, and support inclusive national development.

Additionally, 49 of these IFPs have been declared open to public-private partnership (PPP) funding. They are in various sectors such as physical connectivity, housing, power and energy, digital connectivity, health, and water resources.

The IFPs that have been identified are complemented by the Luzon Economic Corridor (LEC), launched in April 2024 during the US-Japan-Philippines Trilateral Summit. The LEC serves as a platform to accelerate industrial development, enhance regional connectivity, and integrate the Philippines more deeply into global supply chains. It also links key growth centers through modern railways, roads, ports, and energy systems. The corridor provides a platform to expand trade, foster innovation, and generate quality jobs for Filipinos.

More importantly, the LEC reflects the government’s vision of positioning the Philippines as a competitive, resilient, and reliable economic partner in the Indo-Pacific region. In August last year, the Department of Economy, Planning and Development listed 21 projects for the LEC, focusing on infrastructure development, modernization projects, and food production.

In an era marked by intensifying geoeconomic confrontation, investment in modern transport systems, energy facilities, digital networks, and climate-resilient structures is not only a development imperative but a national security priority.

Let me cite a few of the commendable initiatives toward these objectives.

Railway projects are truly vital to the government’s objective of enhancing connectivity. Most recently, last June, the Philippines signed an agreement with the US for technical assistance in the construction of the Subic-Clark-Manila-Batangas Railway, a major component of the LEC. The North-South Commuter Railway System is currently being implemented by the government through the Department of Transportation (DoTr), with financial assistance from the Japanese Government and the Asian Development Bank.

Ports are equally essential in advancing the country’s national development agenda since the Philippines is an archipelago. Modernizing and expanding port infrastructure is essential to facilitating the efficient movement of goods, reducing logistics costs, and supporting the country’s integration into regional and global value chains. These include the New Container Terminals 1 and 2, located within the Subic Bay Freeport Zone, as well as the Luzon International Container Terminal, located in Bauan, Batangas, both of which are being managed and developed by the International Container Terminal Services, Inc.

Airports are also part of critical infrastructure as they facilitate trade and tourism, and support economic activity across regions. At present, seven airports have been placed under PPP, while the government plans to have 10 more airports placed under PPP by 2028.

Dams and power generation facilities are other vital components of national infrastructure. They serve key functions in water security, irrigation, flood control, and energy supply. A significant milestone in this area is the completion of the Prime Infrastructure Capital, Inc.-developed Upper Wawa Dam in June, which is expected to make a major contribution to enhancing the country’s water security and supporting the growing needs of Metro Manila and surrounding regions.

Energy security is another paramount concern. The country’s capacity to maximize and diversify its energy resources, particularly indigenous natural gas and renewable energy sources, will be essential to ensuring both the reliability of supply and the affordability of power.

Currently, the Philippines relies on a single indigenous natural gas asset: the Malampaya Deep Water Gas-to-Power Project. Supplying about 20% of Luzon’s electricity demand at present and having powered as much as 40% at its peak, Malampaya fuels the Batangas power generation complex that underpins the LEC, a critical hub of industrial and economic activity. Its ongoing expansion through Phase 4, which involves drilling new wells, is expected to extend the field’s life by seven to 10 years, ensuring a continued supply of reliable indigenous natural gas.

Among renewable energy sources, solar power stands as one of the most abundant and readily available resources in the Philippines. Meanwhile, offshore wind remains untapped, still in the early stages of development. These will be critical pillars of the country’s clean energy transition.

Beyond roads and ports, today’s critical infrastructure also includes fast, reliable digital networks and world-class data centers. These facilities are essential for cloud computing, e-commerce, fintech, and secure government services.

There is also a surge of private and foreign capital flowing into ICT infrastructure nationwide, with the LEC emerging as a focal point. International and local players are jointly financing new facilities and long-haul networks, turning the corridor into a magnet for technology investment.

This week, I was a speaker at the CSIS Manila Strategy Forum, where I talked about 21^st Century Infrastructure. Today’s global environment is marked by geoeconomic confrontation, investments in modern transport systems, energy facilities, digital networks, and climate-resilient structures. These are not only imperatives for development — critical infrastructure projects support industrial growth, yes, but these are also a national security priority.

Critical infrastructure, in all its many forms, is the backbone of long-term economic growth as well as national resilience. Achieving our country’s lofty aims will entail close strategic collaboration with the private sector and with international allies. Whatever other issues may come up, the government must not lose focus.

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

New York Fashion Week opens this week amid fragmented luxury backdrop

September 10, 2025 | 12:03 am

ESTABLISHED apparel brands including Coach, Michael Kors, and Calvin Klein will hit the runway alongside emerging labels at the New York Fashion Week (NYFW), which kicks off on Sept. 11.

Yet, the event’s unity is being tested as some of its most influential designers are opting to stage their shows outside the official calendar.

Marc Jacobs, owned by French luxury conglomerate LVMH, presented his Fall 2025 collection back in July at the New York Public Library, while Ralph Lauren will host a private showing at his studio on Sept. 10, ahead of the official start.

Their absence from the core schedule has sparked renewed concerns about the relevance and reach of New York’s biggest fashion event.

“When big anchor designers like that leave, it inevitably means fewer people from out of town are going to make the trip,” Nicole Phelps, global director of Vogue Runway and Vogue Business, said in an interview.

The New York event’s fragmented structure has prompted calls for reform, with critics arguing NYFW lacks the cohesion and prestige of its European counterparts.

In response, fashion platform KFN, created to reform the NYFW, is spearheading a revitalization effort in partnership with the Council of Fashion Designers of America (CFDA).

The initiative aims to expand NYFW’s physical and digital footprint and create more accessible avenues for designers to showcase their work.

One of the most ambitious proposals slated for this season includes a network of 10 venues set within a 15-minute perimeter of each other, offered free of charge for designers. In recent years, NYFW shows have been scattered around the city since the elimination of a central hub for shows.

“You might have bigger venues for big shows, smaller spaces for appointments or presentations, and even shared spaces where designers could pool resources,” said Ms. Phelps. Staging a single runway show can cost up to a million dollars.

One of the biggest changes could be streamlining NYFW into just one season in September, instead of having another one in February, though that has not yet been confirmed by the CFDA, the organizer of the official NYFW schedule.

“I definitely know that some people are agitating for one New York Fashion Week a year and for one New York Fashion Week to be in September. It’s glorious out here. It’s a great time to be here in the city,” said Ms. Phelps, although adding that big labels like Tory Burch and Michael Kors were unlikely to support such a move.

The broader luxury industry is meanwhile grappling with consumers pulling back on discretionary spending, with a wave of executive and creative director changes across major fashion houses adding to the sense of instability.

New York Fashion Week will run through Sept. 16, with over 60 brands debuting new collections. — Reuters

RLC to build green office tower in Davao

September 10, 2025 | 12:03 am

ROBINSONS OFFICES, the office development and leasing arm of Robinsons Land Corp. (RLC), is developing a new office building on JP Laurel Street in Davao, with completion slated for early 2027.

“Upon its completion in the first half of 2027, this 9-storey development will showcase a modern and iconic façade, complemented by a premium lobby design that redefines office space standards in the region,” the company said in a stock exchange disclosure on Tuesday.

The new tower will rise on a property acquired from Great Earth Marketing & Development Corporation (GEMDC), which is majority owned by New City Commercial Corp.

The building will feature a sustainable design and have access to a transport system on all nine floors, it said.

The development forms part of RLC’s growing portfolio in Mindanao, which includes eight shopping malls, three GoHotels properties, one Grand Summit Hotel, and two office buildings.

Robinsons Offices reported a 5% increase in its second-quarter revenues to P4.11 billion. It recorded about 50,000 square meters in new office leases during the period, with an occupancy rate of 87%.

Robinsons Offices operates towers in Metro Manila, Bulacan, Ilocos Norte, Pampanga, Bicol, Cebu, and Bacolod.

These mainly serve business process outsourcing firms, as well as local and multinational corporations operating in the Philippines.

RLC shares rose by 2.27% or 34 centavos on Tuesday to close at P15.30 apiece. — Beatriz Marie D. Cruz

Peso weakens as volatility hits markets

September 10, 2025 | 12:02 am

THE PESO dropped versus the dollar on Tuesday as global markets were hit with volatility due to political concerns in various countries and prospects of a US Federal Reserve rate cut next week.

The local unit closed at P56.98 against the greenback, weakening by 29 centavos from its P56.69 finish on Monday, Bankers Association of the Philippines data showed.

The peso opened Tuesday’s session almost flat at P56.69 versus the dollar. It climbed to as high as P56.66, while its worst showing was at P57 against the greenback.

Dollars traded increased to $1.72 billion on Tuesday from $1.32 billion on Monday.

“The dollar-peso had a corrective bounce during the London session amid political uncertainty in France. The peso tracked the dollar’s strength during the session,” a trader said in a phone interview.

The peso corrected following its over one-month high close on Monday due to political concerns here and abroad and before the release of US inflation reports that could further support a Fed cut next week following the weak jobs data released recently, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Wednesday, the trader sees the peso moving between P56.80 and P57.20 per dollar, while Mr. Ricafort expects it to range from P56.85 to P57.10.

Overnight, US Treasury yields declined with the dollar on the prospects of lower interest rates and investors around the world grappled with political uncertainty in countries from Japan and Indonesia to France and Argentina.

A heavy election defeat for Argentina President Javier Milei’s ruling party in Buenos Aires province sent the Argentine peso to a record low.

Japanese Prime Minister Shigeru Ishiba resigned on Sunday, ushering in a potentially lengthy period of uncertainty at a shaky moment for the world’s fourth-largest economy, prompting the yen to fall against the dollar.

France’s fourth prime minister in less than two years, Francois Bayrou, lost a confidence vote on Monday, and parliament brought down the government in the euro zone’s second-largest economy over its plans to tame the ballooning national debt, deepening a political crisis.

And in Indonesia, stocks gave up early gains to finish down more than 1%, while the rupiah rose after Finance Minister Sri Mulyani Indrawati was ousted in a cabinet shake-up.

US investors were focused on the prospects for easier monetary policy, however, after Friday’s weaker than expected US labor data for August appeared to seal the case for a Federal Reserve interest rate cut this month. Traders’ expectations of more aggressive Fed easing are gradually increasing. — A.M.C. Sy with Reuters

What the White House doesn’t get about ‘war’

September 10, 2025 | 12:02 am

White house-war — STOCK PHOTO | Image by Nils Huenerfuerst and Edgar Serrano from Unsplash

By Andreas Kluth

I HAVE no problem with renaming the Department of Defense into the Department of War, as Donald Trump is trying to do. (It’s technically not up to the president but to Congress, but the Republicans there will oblige him.) After all, that martial label was good enough from George Washington to Harry Truman. And “war” is more honest and descriptive than the somewhat euphemistic “defense.” As Trump put it, “we want to be offensive too if we have to be.” Even that holds water.

But that’s the end of my concurrence with this cosmetic and ridiculous stunt of showmanship.

Trump likes to rename things — the Gulf of Mexico/America and such — because doing so looks bold while skirting the complexities and nuances of real policy. Naming is part of turning his presidency into reality TV, and it works to the extent that it grabs our attention. But a new shingle (and URL) outside the Pentagon does not solve the fiendish challenges of running the Army, Navy, Marine Corps, Air Force, Coast Guard, and Space Force. Nor does it signal anything, positive or negative, about strategy.

Strategy — the word comes from the Greek strategos, meaning “general” or “commander” — is the domain that Trump and his Secretary of War, Pete Hegseth, should be concerned with but aren’t. The Prussian strategist Carl von Clausewitz famously wrote that war is the continuation by other means of policy — or of politics, the German word politik could mean either. That has often been misinterpreted as a cynical endorsement of warfare. In fact, Clausewitz meant something closer to the opposite: the need to limit war and subordinate it to achieving clearly defined political objectives. This is what Trump and Hegseth don’t get.

When Trump announced the name change, Hegseth, the Fox News personality who is all-in on Trump’s reality-TV shtick, bloviated again that the new label expresses the “warrior ethos” that he and the president are trying to revive after its alleged near-death under “woke” leaders and elites. The Department of War, Hegseth said, is henceforth about “maximum lethality, not tepid legality, violent effect, not politically correct. We’re going to raise up warriors, not just defenders.”

To people who think deeply about war, and know that it is hell, this vacuous bellicosity is hard to bear. Christopher Preble, who runs a “grand strategy” program at the Stimson Center in Washington, thinks that the Trump-Hegseth obsession with lethality “risks a focus on killing for killing’s sake, and comes at the expense of strategic clarity.”

Even and especially when a nation has the most powerful military in world history, its leaders need humility and wisdom in deploying that force. America didn’t lose in Iraq and Afghanistan because it was insufficiently lethal — “because it didn’t kill enough Iraqis and Afghans,” as Preble puts it — but because it lacked a strategy that was well considered, realistic, and attainable.

What is observable during the second Trump administration so far is not the alignment of military and other means to clearly defined ends, but random displays of violence intended to shock and awe audiences foreign and domestic and to keep up the ratings on the reality-TV presidency.

Thus, Trump just ordered a military strike on a skiff in the Caribbean, killing the 11 men on board, who may or may not have been drug smugglers, and whom Trump called “terrorists.” Normally, the Coast Guard would have picked up and dealt with such people. The strike was almost certainly unlawful (notice Hegseth’s disdain for “tepid legality”). But it made for a suspenseful video clip, which Trump of course shared, hinting of more strikes to come.

He and Hegseth seem equally ready to use war — the word and the threat — at home.

The president has already deployed the National Guard in some American cities he considers disloyal, forcing Hegseth’s warriors to take a break from lethality to pick up trash and blow leaves. Chicago could be next and, as Trump posted, is “about to find out why it’s called the Department of WAR.” He illustrated his threat with an AI image of himself à la Apocalypse Now, with Chicago in the background in place of a burning Vietnam.

This is the same president who habitually confuses aggressor and victim in the war between Russia and Ukraine. Who keeps alienating America’s brothers-in-arms, most recently by ending training programs in Lithuania, Latvia, and Estonia, NATO’s front line facing Russia. Who drives a potential ally, India, into the arms of America’s likeliest adversary, China. Who lacks any observable notion of grand strategy — that is, of a plausible plan to Keep America Great and achieve peace through strength.

So go ahead and rename that department. And do prepare for war. But do so with the goal of preventing war, as Harry Truman did when he chose the label “defense” just after witnessing the full genocidal and even nuclear horror of World War II. He and other American leaders of his time had glimpsed hell and wanted to save humanity from it. They hated war far too much to play with the word.

With or without bone spurs, Trump can’t keep impersonating a warrior while calling himself the President of PEACE. And America can’t keep letting him disdain strategy for the sake of show.

BLOOMBERG OPINION

Toronto Film Festival: Russell Crowe and Rami Malek captivate in historical drama Nuremberg

September 10, 2025 | 12:02 am

Russell-Crowe-in-a-scene-from-Nuremberg — Russell Crowe in a scene from Nuremberg.

TORONTO — Academy Award winners Russell Crowe and Rami Malek captivated their Toronto audience in historical drama Nuremberg, which received a roaring four-minute standing ovation after its world premiere on Sunday.

Director James Vanderbilt’s film chronicles the eponymous war crimes trials of 22 major Nazi figures after the end of World War II.

Mr. Crowe plays the role of infamous German Nazi leader Hermann Göring, while Mr. Malek portrays US Army psychiatrist Douglas Kelley, who is assigned the task of evaluating him and other Nazi captives.

“There have been a lot of World War II movies but there haven’t been a lot of post World War II movies,” Mr. Vanderbilt told Reuters on the red carpet ahead of the premiere at the Toronto International Film Festival.

He said having an all-star cast that also includes Michael Shannon, Richard E. Grant, John Slattery, and Leo Woodall, made working on the project easier, which is based on Jack El-Hai’s 2013 non-fiction book The Nazi and the Psychiatrist.

Göring was a fascinating character to play, Mr. Crowe said, as he dipped into explaining the different stages of the Nazi leader’s life and ambitions, leading into the Nuremberg trials.

“You get to the end of the war, they decide there’s gonna be a trial. And Hermann, he still thinks he can talk his way out of this,” Mr. Crowe said.

Mr. Grant, who dons the role of British lawyer David Maxwell Fyfe, spoke of Mr. Vanderbilt’s exhaustive research on the topic.

“There wasn’t a question that anybody could ask that he didn’t have the answer to,” the English actor said.

The movie will be released in theaters in November. — Reuters

Livingsprings launches first horizontal project outside Metro Manila

September 10, 2025 | 12:02 am

BOUTIQUE DEVELOPER Livingsprings Communities Realty and Development Corp. (LCRDC) has launched its first horizontal residential project Cypress Place Woodland Community, Silang, Cavite, to cater to the growing demand for house-and-lot (H&L) developments in the countryside.

“It’s the first horizontal development and the first outside Metro Manila,” LCRDC Co-founder Monique C. Albert-Lopez told BusinessWorld on the sidelines of a property tour for the media on Tuesday.

LCRDC, which has existing condominium towers in Taguig City and Quezon City, is expected to meet the demand for H&L properties outside Metro Manila, especially among young families, overseas Filipino worker retirees, and those on vacation.

The 5.8-hectare (ha) development, located in Barangay Santol, Silang, Cavite, is about an hour away from the Philippine capital.

“Because we’re right at the foothills of Tagaytay, we decided to make it cabin-themed,” Ms. Albert-Lopez told reporters.

Cypress Place features 304 house and lot (H&L) properties with a modern cabin design. The first set of houses are expected for turnover by 2027.

The lot properties will occupy 4.4 ha, while certain parts of the property will be used for condominium and commercial segments, Ms. Albert-Lopez said.

Cypress Place’s units are priced between P5.5 million and P16 million. These include its premium single cabin, “Irina,” and its attached cabin, “Alaia.”

About 42% of the property will be allotted for open spaces, including tree-lined roads for jogging, strolling, and picnic areas. The roads will be sized between eight to 12 meters.

It will also adopt green technology practices, such as creating green zones, home gardening spaces, and the maximum use of natural light and ventilation.

The development will have key amenities such as a clubhouse, a gym, a pool and lounge, separate men’s and women’s showers, a playground, a basketball court that can be converted to a pickleball court, a driveway and parking, a co-working space, a water feature at the entrance, and a function room.

It also provides 24-hour security, power and water supply, and internet connection from Converge FiberX.

The property is accessible via the Cavite-Laguna Expressway (CALAX East), Cavite-Batangas Expressway, and the Manila-Cavite Expressway link. It is also near key landmarks such as Bonifacio Global City, Alabang Town Center, and Nuvali in Laguna.

“As we expand Livingsprings’ footprint beyond the capital region, every development we envision aims to lower the environmental impact of local properties while enhancing community well-being,” Ms. Albert-Lopez said. — Beatriz Marie D. Cruz

MSMEs told to harness TikTok for growth

September 10, 2025 | 12:02 am

By Edg Adrian A. Eva, Reporter

LAGUNA-BASED cookie brand Drip and Bites wants micro, small and medium enterprises (MSME) to embrace social commerce as a way to scale their businesses, drawing from its own experience of moving from bazaars to a viral TikTok success.

“Social media gave us an even playing ground,” Precious P. Silva, co-founder and president at Drip and Bites, told BusinessWorld via Zoom. “When you’re starting out, the exposure is very limited.”

Founded in 2020 by Ms. Silva and her brother PJ, the business began as a modest venture out of their family kitchen. They sold cookies at local bazaars, earning small but steady returns. At first, sales were small.

“We only sold one or two pieces,” Ms. Silva said. “Eventually, we had this idea that e-commerce is the next frontier — that if you really want to have a business, most likely it’s e-commerce.”

That belief paid off in 2023 when the siblings turned to TikTok Shop. A video review from a customer — later revealed to be an influencer — helped the brand go viral.

“Someone ordered from us — just a random customer. It turns out she was an influencer, and she really loved the product,” Ms. Silva recalled. “When she posted the review, overnight, we were able to gain more than a million views.”

The sudden exposure helped Drip and Bites expand beyond its small-scale operations. It now runs its own production facility, though Ms. Silva admitted the business is still catching up to meet strong demand from TikTok Shop orders.

The experience, she said, shows how social commerce can help MSMEs overcome barriers such as limited capital for physical stores. “Social commerce gave us reach that we wouldn’t have been able to afford otherwise,” she said.

The Department of Trade and Industry (DTI), citing Statista data, said social commerce in the Philippines is steadily growing. Its share of total e-commerce revenue is forecast to climb from 3.6% in 2024 to 4.39% by 2029.

Facebook leads the local social commerce space, with revenue projected at $269.31 million in 2024 and expected to more than double to $559.59 million by 2029, according to DTI. Instagram and TikTok are also expanding, though from a smaller base.

Despite the opportunities, Ms. Silva said online success could be fleeting. Businesses, she said, need more than viral marketing to sustain growth.

“You have to have a product that you really worked on, or a product you’re truly proud of,” she said. “Mimicking trends is okay, but the ones that stand the test of time are those that really worked on their product.”

Drip and Bites is setting ambitious targets for the coming months, aiming to lift its performance by more than 50% during the peak “ber” season. The brand is also preparing to roll out flavors and expand into other food products, with a long-term vision of becoming a food group.

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