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Peso rises before Fed decision

BW FILE PHOTO

THE PESO continued to rise against the dollar on Wednesday as markets looked ahead to the US Federal Reserve’s policy decision overnight, with focus mainly on potential clues on further easing in the coming months.

The local unit closed at P56.89 versus the greenback, inching up by two centavos from its P56.91 finish on Tuesday, Bankers Association of the Philippines data showed.

The peso opened Wednesday’s session sharply stronger at P56.80 versus the dollar. Its intraday high was at P56.75, while its worst showing was at P56.945 against the greenback.

Dollars exchanged fell to $1.49 billion on Wednesday from $1.95 billion on Tuesday.

“The pair initially traded lower on growing bets of Fed rate cuts, but higher-than-expected US retail sales data pushed the dollar-peso to recover and finish the trading session at P56.89,” a trader said in a phone interview.

The peso inched higher as the greenback touched a multi-month low early in the Asian session on expectations that the Fed would signal more cuts to support the world’s largest economy amid weak data recently, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Thursday, the trader sees the peso moving between P56.60 and P57 per dollar, while Mr. Ricafort expects it to range from P56.80 to P57.05.

Early in the Asian session, the dollar was on the defensive as global markets counted down to an anticipated rate cut by the Federal Reserve later in the day and waited on signals around the extent of future easing, Reuters reported.

The Fed was expected to cut its benchmark interest rate by a quarter of a percentage point to the 4.%-4.25% range at the end of its monetary policy meeting later in the global day.

The main focus beyond the rate decision will be on Fed Chair Jerome H. Powell’s comments on the outlook for US monetary policy.

“Markets are effectively daring the Fed to over-deliver on the dovish side,” said Dilin Wu, research strategist at Pepperstone. “The bigger question, though, is whether Powell can satisfy markets already leaning heavily on a dovish view, or whether conditions are ripe for a near-term shakeout in both USD and gold positioning.”

The dollar index, which tracks the greenback against a basket of currencies of other major trading partners, edged up 0.1% to 96.723 after a 0.7% slide on Tuesday to the lowest since early July.

The euro was down 0.1% at $1.1855, after touching $1.1867 on Tuesday, its highest level since September 2021. The dollar was little changed at 146.43 yen following a 0.6% slide in the previous session.

“If the (Fed) chair is more dovish than expected, of course, you would expect that to weigh on the dollar, but really, how much more bearish can you get from here?” Mahjabeen Zaman, head of foreign exchange research at ANZ, said on a podcast. “We’ve already got more than five cuts priced in for the cycle.” — A.M.C. Sy with Reuters

Japan’s Sumitomo to acquire 15% stake in PHINMA’s Philcement

PHINMA.COM.PH

JAPANESE cement firm Sumitomo Osaka Cement Co., Ltd. will acquire a 15% stake in PHINMA Corp. subsidiary Philcement Corp. as the local company seeks to expand its manufacturing operations.

In a stock exchange disclosure on Wednesday, Philcement said it signed a share subscription agreement with Sumitomo on Sept. 16 for the acquisition, which will be through the issuance of primary shares.

“The transaction is aligned with Philcement’s strategy and commitment to grow its manufacturing operations and provide Filipino consumers with reliable, high-quality supply of cement products under its legacy brand, Union Cement,” the company said.

The transaction is expected to close before yearend, subject to the satisfaction of closing conditions. PHINMA will retain majority control after the deal.

Philcement, 60% owned by PHINMA, manufactures, imports, processes, distributes, and sells cement products. It operates facilities in Bataan, Pampanga, Zamboanga del Norte, and Davao.

Sumitomo has over 100 years in the global cement industry.

In 2023, the company sold its 9.22% stake in Holcim Philippines to Holderfin B.V., with Holcim voluntarily delisting from the local stock exchange.

PHINMA also operates in education, real estate, steel products, and business process outsourcing. Last month, it increased capital expenditure to P5 billion from P3.8 billion to fund new projects, including a Davao terminal for Philcement.

The conglomerate posted a P455.06-million net loss for the first half, wider than P117.89 million a year earlier.

On Thursday, PHINMA shares rose 2.42% or 40 centavos to P16.90. — Beatriz Marie D. Cruz

The Morning Show makes mission to critique AI in new season

The Morning Show (2019)
The Morning Show (2019)

LOS ANGELES — Reese Witherspoon and Jennifer Aniston can personally relate to the artificial intelligence (AI) concerns that The Morning Show television series unpacks in season four.

Both actors have had their real-life likenesses stolen and used in deepfake videos, a predicament that Ms. Aniston’s fictional character Alex Levy, a journalist, faces.

Deepfakes are synthetic media in which a person’s image in a photo or video is replaced with someone else’s likeness using AI techniques. The incredibly realistic fakes are difficult for viewers to detect, leading to impersonation, fraud, blackmail, and the spread of misinformation and propaganda.

“There’s only so much you can do to try to catch all of it (deepfakes), you know, because it’s just happening at such a rapid speed and such enormous amounts that ‘how do you control all of it?’ I really love that we’re showing that in the show,” Ms. Aniston said in an interview.

“There has to be some rules or legislation, something around how this AI is used because it is so dangerous and it’s just reckless,” the Friends hit TV series actor added.

The Morning Show, known for taking on timely political issues, addresses in season four how the news industry has changed since the last episode in 2023. Starting on Wednesday, the new season follows a group of journalists as they deal with the merger between two major fictional networks, UBN and UBA.

“I mean, we talk about the rise of the individual journalist or the rise of the individual voice,” said Ms. Witherspoon, an executive producer for the show. She also portrays Bradley Jackson, an impulsive small-town local news reporter who ends up co-anchoring the show.

“We deal with the manosphere, all the bro podcasters, people having a really strong influence over listeners in terms of their medical advice to how to vote.”

The Big Little Lies actor is proud of how the Emmy-nominated show has stayed relevant since its inception.

“It’s interesting how our show has charted so many different cultural movements from ‘MeToo’ to being woke to now, the anti-woke movement,” she said.

“So, we get to have this show that is talking about things that people are talking about right now at this minute, which really makes it very topical.” — Reuters

Anker introduces new portable chargers, laptop powerbank

ANKER INNOVATIONS

ANKER INNOVATIONS Technology Co., Ltd has brought to the Philippines its latest Nano series of portable chargers, a laptop powerbank, and a portable power station.

The Anker Laptop Powerbank (A1695), which retails for P4,995, is touted as a “carry-on power station” and has a 25,000 milliampere-hour (mAh) battery with 165-watt four-port fast charging technology, allowing users to charge multiple devices at once.

It comes with two built-in USB-C cables — a 30-centimeter (cm) short cable and a 70cm retractable cable.

“Equipped with a smart TFT color screen and vibrant user interface, the Anker Laptop Powerbank provides real-time data, including output power, power bank temperature, and estimated charging time, keeping you in control at a glance,” the brand said.

It said it can charge an iPhone 16 up to 4.5 times or a MacBook Air M3 by 1.3 times.

Meanwhile, the Anker Nano Retractable Powerbank (A1638), priced at P3,195, has a 10,000mAh capacity and two USB-C and one USB-A charging port along with a 70cm retractable cable. It has a 45-watt (W) max fast charging, including PPS 2.0 support and also has a TFT display.

The Anker Nano Charger 70W 3 Ports (A121A) wall charger block is capable of 70W high-speed charging and supports backward compatibility with 67W and 65W devices. It costs P1,695.

“When you’re charging a laptop and phone together, the 65W max two-port capability gives you fast, efficient power without juggling chargers. Under the hood, Double-GaN technology with two GaN chips reduces heat at full load, earning the title of the first TÜV Rheinland-certified 70W lower-temperature mini charger.”

The Nano series also includes the Anker Nano Retractable Car Charger (A2738), which features dual-port fast charging with up to 75W total output and is priced at P1,495, and the Anker Nano Charger 45W (A2692) that has a foldable plug and PowerIQ 3.0, PPS, and Samsung Super-Fast Charging 2.0 support and costs P1,295.

POWER STATION
Meanwhile, the brand has also introduced the Anker SOLIX C300 DC power station from its consumer energy series of devices, which is priced at P12,595.

“The new Anker SOLIX C300 DC is the first of an expanded product line within its Camping Series, offering ultra-portable options for outdoor adventures. It’s designed to provide flexible power for outdoor activities, making it perfect for camping, hiking, and working outdoors,” the brand said.

It can also serve as a home power backup system, it said.

The power station weighs only 6.18 pounds and has a vertical design with a built-in handle and optional shoulder strap accessory.

It delivers 300W output powered by a 288Wh Lithium Iron Phosphate (LiFePO4) battery with a capacity of 90,000mAh. “It’s a more stable and safer type of lithium battery compared to what you’ll find in conventional power banks and is the same kind of battery found in EVs (electric vehicles) and hybrid vehicles. This means you can charge it fully to 100% without any risk of degradation.”

The Anker SOLIX C300 DC has seven outlets, including two USB-A ports, four USB-C ports, and one 120W auxiliary power outlet.

It can be charged via three modes, namely dual 140W USB-C charging, solar via Anker 100W or 60W solar panels, and through an auxiliary power outlet. — BVR

It’s all in the mind

STOCK PHOTO | Image by Benzoix from Freepik

PSYCHIC INCOME, as a tool for motivating people, may have already been abandoned. Has it been gradually replaced by the more muscular financial incentives like stock options, signing bonuses, tax shelters, housing allowances, and variable pay based on performance?

Psychic income does not at all involve money that can buy goods and services and a new car in the garage. (More than 40 cars is in another category.) Non-monetary incentives consist of psychological carrots like titles (executive assistant for secretary), ranks (vice-president for manager), or recognition memos for the 201 files (Your immense contribution to the success of our media event is a tribute to your selflessness in dressing up as a cactus, manning the company booth, and not charging overtime).

Psychic income can nourish the soul, even when the body is left with snacks. It can elevate status and encourage a constructive attitude towards work.

Still, when used as a substitute for real money, psychic income can invite cynicism. (You settled for that corny trophy after all you have accomplished?) Controlling compensation costs flat and substituting bonuses and merit increases with pats on the back may no longer work in the long run.

And yet, with all this misconception on the role of psychic income, have we cynically done away with corporate applause, relying solely on money to do all the stroking?

It is said that the Filipino audience is the most difficult to please, loath to give applause and standing ovations even after an outstanding performance on the stage. (Let’s wait for the curtain call.) Is it reticence in the Filipino culture that considers open appreciation too assertive?

Sure, there are exceptions in sports. Recognition after an international medal can come with cash rewards and free condo units. Sometimes, just the effort as an up-and-coming competitor is enough to attract endorsement offers. There’s no need to wait for a podium finish to merit the support of noisy fans.

Is the Filipino boss also miserly with praise? Leaders give the following reasons for restraining their urge to give lavish praise.

Compliments give the subordinate a misplaced sense of importance. This leads to arrogance, and subsequently, a demand for higher pay and a more senior position. It is better not to express approval for a job well done, as it raises expectations to unrealistic levels. Good performance is part of a job after all, why make a fuss?

Drawing attention to one individual for her outstanding effort is bound to displease others who helped her in achieving her goals. It is creating a “teacher’s pet” syndrome which alienates the classmates. Complimenting individuals undermines teamwork and future support from peers. The promotion of teamwork elevates the whole department and does not single out an individual for the group’s success.

A corollary of Murphy’s Law states that when things go right, the wrong person gets the credit. What if the boss praises the one grinning at his side for fine work when his sole contribution may have been flattering the CEO and always being a photo bomber behind the CEO?

It’s best to let achievements speak for themselves without needing any further comment. Anyway, there’s a rating period when these can be brought up (or conveniently forgotten). Still, appreciation of good work can never be too much, if delivered to the right party.

However, doesn’t a pat on the back for a good outcome promote good vibes? What does it cost anyway? Recognition, even from a colleague, should be welcome when given sincerely. It should not be made to do the work of effective compensation but merely complement it.

While psychic income may have fallen into some disfavor in compensation practices in the workplace, it is still something to value as part of simple social graces. A boss both hardworking and gracious with praise must surely invite outstanding work from those he deals with.

Anyway, it shouldn’t really be a choice of one over the other. Psychic and real incomes can be offered together in some combination. If one is to err in the proportion, it’s best to favor cash as it provides its own psychological lift… though often accompanied by a high level of stress.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Citadines Bacolod taps First Gen’s geothermal plant for RE

DISCOVERASR.COM

CITADINES Bacolod City has partnered with Lopez-led First Gen Corp. to supply renewable energy (RE) to its hotel as part of its sustainability strategy.

In a media release on Wednesday, First Gen said it will provide 800 kilowatts of power to Citadines’ 200 rooms, five amenity areas, five food and beverage outlets, a business lounge, meeting rooms, and a grand ballroom.

“As part of The Ascott Limited, we are committed to upholding sustainability through eco-friendly operations and efficient energy consumption. Our partnership with First Gen allows Citadines Bacolod City to be powered by renewable energy, helping us reduce both our energy intensity and carbon footprint,” said Caleb Han, general manager of the hotel.

First Gen will source the supply from its geothermal plant in Leyte, owned and operated by subsidiary Energy Development Corp.

The company said geothermal energy is capable of providing 24/7 baseload power, making it a reliable option for large-scale operations.

“It is our privilege to partner with Citadines Bacolod City as they advance their decarbonization journey. Transitioning to renewable energy and reducing carbon intensity is achievable for any business, and we remain committed to supporting our partners in optimizing their energy use,” said Arlene Sy Soriano, First Gen’s head of sales and engagement.

First Gen also recently signed a power supply deal with Unilever Philippines to energize seven of its production and distribution facilities in Metro Manila, Cavite, Laguna, and Batangas.

The company has a total generating capacity of 3,668 megawatts from geothermal, wind, hydropower, solar, and natural gas plants. — Sheldeen Joy Talavera

BSP proposes reporting changes to improve regulatory compliance

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to introduce a revised reporting governance framework aimed at enhancing regulatory compliance and improving its oversight of the financial system.

“The Bangko Sentral espouses a data-driven approach to decision-making in support of its mandate to promote financial stability. In this respect, the Bangko Sentral expects banks to adopt a sound reporting governance framework that promotes the integrity, accuracy, and timeliness of prudential and regulatory reports submitted,” the central bank said in its explanatory note for the draft circular that proposes to amend provisions of the Manual of Regulations for Banks related to reporting governance.

Banks are required to submit these reports to the BSP to allow the regulator to assess their financial condition, risk levels, and compliance with its rules.

The central bank said the proposed changes provide clear standards for an “acceptable” report, including completeness, accuracy, timeliness, and adaptability.

“The revised reporting governance framework clarifies supervisory expectations, outlining the roles of the board, senior management, and oversight committees. The framework shifts focus from defining specific reporting violations — such as erroneous, delayed, or unsubmitted reports,” it said.

“Failure to meet any of the criteria may subject a bank to sanctions for noncompliance with reporting requirements. This change promotes a more proactive and quality-focused approach to regulatory compliance.”

The draft circular sets reporting penalties that are appropriate to banks’ asset size to reflect their systemic importance and risk proportionality, it said. These monetary assessments will be imposed for each calendar day of noncompliance, and will range from P1,000 for banks with an asset size of up to P1 billion to P10,000 daily for those that have above P400 billion in assets.

It also removes the categorization of reports and changes authorized signatories for these submissions, and drops the notarization requirement for some reports.

The circular also proposes a new way to track institutions’ repeat violations for supervisory action.

Under the changes, there will be new deadlines for select prudential and regulatory reports submitted in Extensible Mark-up Language format through the Prudential Reporting Innovation and Monitoring Engine (PRIME) “to ensure efficiency in data preparation and timely validation and processing of information by the Bangko Sentral,” it said.

“Moreover, the framework encourages banks to pro-actively utilize BSP facilities (e.g., PRIME sandbox) during period of testing/parallel run to ensure accuracy in their reports upon live implementation.”

Banks will have a six-month transition period to upgrade their systems and processes to comply with the changes if the circular is approved. — Katherine K. Chan

Dining In/Out (09/18/25)

Tanduay Asian Rum Silver wins Gold

TANDUAY’S premium rums were awarded five medals at the inaugural Miami Global Spirits Awards (MGSA), with Tanduay Asian Rum Silver receiving a gold medal and being declared the Best White/Aged Under 6 Years Rum. Silver medals were awarded to Tanduay Asian Rum Gold, Tanduay 10-Year Old Rum, and Tanduay Double Rum, and a bronze medal to Tanduay Especia Spiced Rum. “As we expand our presence in different parts of the world, these awards serve as an affirmation of the quality and craftsmanship that go into every bottle of Tanduay. We are proud to showcase Filipino excellence wherever we may be in the world, and we remain committed to producing rums that reflect our heritage and innovation,” said Tanduay International Business Development Manager Roy Kristoffer Sumangin in a statement. The MGSA, held at Sunny Isles, Florida, brought together industry experts to evaluate a wide range of spirits from across the globe. The panel of judges included distilled spirits professionals, journalists, trade experts, and influential buyers who did a double-blind judging process to ensure impartiality. Tanduay has a presence in major markets around the world.

City of Dreams wins at the Philippine Culinary Cup

THE team of chefs and mixologists from City of Dreams Manila who competed at the 2025 Philippine Culinary Cup bagged 11 medals in eight categories. The event was recently held concurrently with World Food Expo (WOFEX) at the SMX Convention Center. “Every year, our team has been consistently awarded at the Philippine Culinary Cup, a testament to the depth of their culinary artistry and mastery. We commend their passion for excellence as they help steer and inspire colleagues in positioning City of Dreams Manila as one of the sought-after dining destinations in the city,” said Property President Geoff Andres in a statement. Mary Anne Valderrama of Café Society, and Lee Chia Lok of Season 88, Taiwan Pork Bento, won the Gold in the Chocolate Pastry Showpiece and Taiwan Pork Bento, respectively. Season 88’s chef also bagged Silver in the US Pork Asian Gourmet Chef Challenge. Other silver medalists include Dominic Joshua Hembrador and Mary Apple Delantar for the Wedding Cake category; Paul John Zuniega for the Bread Showpiece category; Allan Mabras for the Chocolate Pastry Showpiece; and Jiro Flora (Haliya), for Canada Beef’s “Back to Basics” challenge. She Chong Ngooi of Crystal Dragon got the Bronze for the Taiwan Pork Bento Box category. In the bartending competition, CenterPlay bartenders Arvin Philip Rallos and Prince Reinner Santos were also named Champion for Flairtending and second placer for Best in Cocktail categories, respectively.

Xiaomi launches REDMI 15C

REDMI 15C — XIAOMI CORP.

XIAOMI Corp.’s new entry-level phone REDMI 15C is now available in the Philippines.

Pricing for the REDMI 15C starts at P5,299 for the 4-gigabyte (GB) memory + 128GB storage variant, while the 6GB+128GB model costs P5,799 and the 8GB+256GB model is priced at P6,599. It is now available via Xiaomi’s online and offline stores.

It comes in four colors, namely Midnight Black, Mint Green, Moonlight Blue, and Twilight Orange³, with Moonlight Blue and Twilight Orange.

The smartphone has a 6.9-inch HD+ display with an up to 120Hz AdaptiveSync refresh rate for smooth visuals. It also comes with a 50-megapixel AI (artificial intelligence) dual camera.

It is powered by a MediaTek Helio G81-Ultra processor and runs on Xiaomi HyperOS 2.

“Despite its slim build, the REDMI 15C packs a high-capacity 6,000mAh battery — supporting up to 22 hours of video playback or 82 hours of music,” Xiaomi said.

It also supports 33-watt turbo charging and comes with reverse charging that lets it power other devices.

The REDMI 15C has an IP64 dust and water resistance rating. — BVR

iPhone or ipon: How long does a Filipino need to work to buy the latest iPhone?

The average Filipino worker needs to grind for 101 days — nearly five months — just to afford the iPhone 17 Pro, priced at $1,099, according to Tenscope’s iPhone Affordability Index.

iPhone or ipon: How long does a filipino need to work to buy the latest iPhone?

How PSEi member stocks performed — September 17, 2025

Here’s a quick glance at how PSEi stocks fared on Wednesday, September 17, 2025.

PSE index jumps to 6,200 level on rate cut hopes

BW FILE PHOTO

PHILIPPINE STOCKS rose on Wednesday, pushing the main index back to the 6,200 level, on hopes of more interest rate cuts here and in the United States.

The bellwether Philippine Stock Exchange index (PSEi) jumped by 1% or 61.92 points to close at 6,210.66, while the broader all shares index rose by 0.6% or 22.41 points to end at 3,728.61.

“The local market extended its rise as hopes of another BSP (Bangko Sentral ng Pilipinas) rate cut lifted sentiment,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said. “The decline in local yields and the strengthening of the peso also gave the market a boost.”

“The market was already positioning ahead of the US Federal Reserve’s decision, with sentiment also shaped by Finance Secretary Recto’s recent remarks suggesting the BSP may cut rates if the Fed does. With inflation still within the target range, a Fed cut could be a key trigger for the BSP to ease further later this year,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said.

Finance Secretary and Monetary Board member Ralph G. Recto said on Tuesday that the Philippine central bank may deliver one more rate cut before yearend, depending on the data and how markets react to the Fed’s policy statements overnight.

The BSP last month lowered borrowing costs by 25 basis points (bps) for a third straight meeting to bring the policy rate to 5%. It has now cut benchmark interest rates by a cumulative 150 bps since it began its easing cycle in August 2024.

Meanwhile, the Fed was widely expected to cut its benchmark interest rate by a quarter of a percentage point to the 4%-4.25% range at the end of its two-day monetary policy meeting overnight, Reuters reported.

The main focus beyond the rate decision will be on Fed Chair Jerome H. Powell’s comments on the outlook for US monetary policy.

Money markets expect the Fed to lower policy rates by nearly 70 bps by the end of 2026, according to LSEG data.

All sectoral indices closed in the green on Wednesday. Services went up by 1.9% or 42.01 points to 2,248.70; mining and oil climbed by 1.47% or 173.5 points to 11,977.50; financials rose by 1.02% or 21.30 points to 2,101.72; holding firms increased by 0.87% or 44.12 points to 5,072.14; property added 0.25% or 6.39 points to end at 2,468.97; and industrials moved up by 0.15% or 14.37 points to 9,043.38.

Advancers beat decliners, 104 to 83, while 59 names were unchanged.

“International Container Terminal Services, Inc. was the top index gainer, climbing 3.26% to P507. DigiPlus Interactive Corp. was the main index laggard, falling 4.1% to P22.20,” Mr. Tantiangco said.

Value turnover surged to P10.02 billion on Wednesday with 7.48 billion shares traded from the P6.56 billion with 3.69 billion stocks that changed hands on Tuesday.

Net foreign buying was at P693.91 million, a turnaround from the P35.46 million in net selling recorded the day prior. — Alexandria Grace C. Magno

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