Anticipation builds for the All-New Toyota bZ4X BEV

November 14, 2025 | 2:39 pm

First all-electric Toyota in the country to arrive in December

The All-New bZ4X, Toyota Motor Philippines (TMP)’s first-ever Battery Electric Vehicle (BEV) under the Toyota brand, is capturing the interest of several customers who have been anticipating the official availability of the vehicle in the country.

According to TMP President Masando Hashimoto, TMP dealers who are set to offer the bZ4X have been receiving inquiries since TMP opened the reservation period last Nov. 7.

“We are encouraged by the positive reception by the public to the news of bZ4X local release,” said Hashimoto. “Understandably, one of the most asked questions is the average range of the EV. While actual consumption and range will vary based on conditions and driving habits, we were able to register 570 km of EV range. This is based on internationally accepted Fuel Consumption Test Protocol under UN Regulations No. 101.”

The Philippines will be getting the Japan-sourced bZ4X.

Currently, TMP has the widest selection of hybrid and battery electric models in the country, with a mix of electrified sedans, MPVs, SUVs, and vans under its Toyota and Lexus brands. Lexus introduced TMP’s first BEV, the Lexus RZ, in 2023.

Through its multi-pathway approach that provides more electrified options based on varied customer needs and readiness, Toyota is committed to enabling customers to be part of its strong carbon neutrality push.

The All-New Toyota bZ4X, an all-wheel drive (AWD) BEV SUV, is powered by a 73.11 kWh Lithium-ion battery with a max output of 343 PS and max torque of 338 Nm.

Those looking to make the fearless step forward toward electrification may already reserve the bZ4X at https://www.toyota.com.ph/reservebz4x. They may also inquire directly at any of the Toyota dealerships offering the bZ4X: Toyota Alabang, Toyota Commonwealth, Toyota Global City, Toyota Mabolo Cebu, Toyota Makati, Toyota Manila Bay, Toyota Mandaue South, Toyota North EDSA, Toyota Pasig, Toyota Quezon Avenue, Toyota San Fernando, and Toyota Santa Rosa.

With the bZ4X, Toyota empowers customers to actively reduce their carbon footprint without compromising on style and comfort. By choosing a Toyota, they enjoy worry-free vehicle ownership so they can focus on the drive.

For more information on the bZ4X, customers may visit https://www.toyota.com.ph/bz4x.

For the latest updates on Toyota products, services, dealer operations, announcements and events, follow Toyota Motor Philippines on Facebook and Instagram, ToyotaMotorPH on X, and Toyota PH on Viber.

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War-torn Myanmar embraces solar to tackle power crisis

November 14, 2025 | 2:37 pm

person-near-alternative-energy-plant-(1) — STOCK PHOTO | Image from Freepik

WHEN Thailand cut power supply to Myanmar across its western border this year, it intended to curb online scam centers linked to regional networks trafficking hundreds of thousands of people.

However, the move also hit the wider community, pushing hospitals and some offices to install solar panels, said Zaw, a rescue worker in Myawaddy town just across the Thai border. Homes, too, made the switch.

“Three out of four people now rely on solar panels, with businesses using multiple panels,” said Mr. Zaw, who did not want to disclose his full name, fearing retribution.

Myanmar’s electricity supply has deteriorated since the 2021 military coup and ensuing civil war, exposing millions to chronic blackouts, with a cash-strapped government hit by Western sanctions unable to maintain power infrastructure.

The World Bank estimated the country’s operating power capacity plunged to 2015 levels in 2024, describing electricity supply in conflict-affected areas as “catastrophic”.

Chinese firms have helped fill the gap, supplying cheap solar panels.

NATURAL GAS SHORTAGE SAPS GENERATION
Light intensity data – a proxy for economic activity and electricity access – analyzed by the United Nations revealed an average 8% annual decline after the 2021 coup.

The drop is largely due to a shortage of natural gas, Myanmar’s main generation fuel, as domestic production has declined and the government has halted imports of liquefied natural gas due to a foreign exchange shortage, the World Bank said in a June 2024 report.

Former US President Joe Biden’s administration froze about $1 billion of Myanmar assets and imposed sanctions, some of which have been eased by the Trump administration. Western sanctions have restricted access to technical support, spare parts, and expertise to maintain infrastructure, such as transmission lines damaged in the civil war.

Myanmar’s junta said earlier this year generation capacity had plunged by nearly half from pre-2021 levels. Data on the Ministry of Electric Power’s website shows output has not changed much since 2018.

The information ministry did not respond to detailed questions on power supply and demand, and the junta’s spokesperson did not answer calls from Reuters.

CHEAP SOLAR PANELS FROM CHINA
To combat the power crisis, households and businesses are embracing solar, according to interviews with a dozen residents, business owners and panel and battery sellers across the Southeast Asian country.

“Unlike most of Asia, where we’re seeing corporate demand drive solar growth, energy security concerns and fuel shortages are the key drivers in Myanmar,” said Linda Zeng, renewables analyst at Fitch Solutions unit BMI.

Solar panel imports from China, Myanmar’s largest supplier, more than doubled in the nine months through September to about $100 million, according to Chinese customs data. Shipments have risen over eightfold from pre-pandemic levels, the data showed.

Shops, restaurants, and workshops seeking reliable power for lighting, refrigeration and electronic payments, as well as water kiosks, clinics, and schools increasingly use small solar systems, said an official from an international development agency working in Myanmar.

“I have about 10 refrigerators. The electricity here is not regular, so I had to use solar panels,” said an ice cream seller from the ancient city of Mawlamyine, who declined to be named due to fear of retribution.

Household solar installations have surged from a few hundred in 2019 to roughly 300,000 in 2025, as users switch from diesel generators to solar panels with storage, said Ken Pyi Wa Tun, chairman of Parami Energy, which sells solar panels and diesel generators in Myanmar.

“A household solar-plus-battery-plus-inverter can be acquired for under $1,000 and power essentials, run for four to five hours and power 2 AC units,” Ken Pyi Wa Tun said.

While that is too expensive for most homes, it is cheaper than the roughly $7,000 for a small diesel generator, plus fuel costs of $50 to $100 per week, he said, predicting solar could potentially power 2 million to 2.5 million Myanmar households.

IT’S NOT ABOUT CLIMATE GOALS
Myanmar’s surging solar imports mirror a trend of increased solar adoption to escape erratic power supply in lower- and low-middle income countries such as Pakistan, Iraq, Sri Lanka, and Afghanistan.

They are among the fastest-growing markets for panel exports from China, the world’s dominant solar manufacturer, data from energy think-tank Ember showed.

“If the grid is not reliable or the prices too high, then people will do it themselves. And now they can, thanks to solar,” said Richard Black, director of policy and strategy at Ember.

Solar adoption, driven by necessity rather than policy, could disrupt traditional utility models, challenge forecasts about fossil fuel demand and complicate grid management, analysts say.

In Pakistan, a surge in affluent residents ditching the country’s costly grid power by installing solar panels has forced utilities to raise prices even further for remaining customers.

Diesel imports by Myanmar declined 11% in the first 10 months of 2025, data from analytics firm Kpler showed, while solar panel purchases grew.

“It is not like we are using them for clean energy or for some environmental reasons. We are a country with civil war. We are just using them out of necessity,” said a resident in the Bago region. — Reuters

‘The Blueprint by Globe’ lights up the holidays with purposeful connectivity and meaningful connections

November 14, 2025 | 2:00 pm

Blueprint-Speakers-2-OL — Globe leaders respond to questions from media attendees during The Blueprint by Globe event, sharing insights on innovation, purposeful connectivity, and inclusive digital transformation. From left to right: Jonathan Cristobal, marketing head of Globe Business; KD Dizon, vice-president of Globe Business; Paula Rivera-Castillo, head of International Business; Yoly Crisanto, chief sustainability and corporate communications officer; Roche Vandenberghe, chief marketing officer; Chelo Flores, director of Marketing Strategic Partnerships; Beverly Robles, senior director of Digital Strategy and Channels Activation of Broadband Business; and Aranas-Baldos, director of Portfolio Management of Globe Prepaid

Globe marked the season of giving and togetherness with the second installment of The Blueprint by Globe, celebrating the yearend holidays at The Globe Tower, Bonifacio Global City in Taguig. With the theme “Lighting Up the Season with Purposeful Connectivity and Meaningful Connections,” the event showcased how Globe continues to shape the Filipino digital lifestyle, not just through innovation, but with intention.

The Blueprint by Globe charts the evolving design of a connected future where technology is built not for its own sake, but to include, protect, and empower every Filipino. From frictionless digital experiences to nation-building infrastructure, Globe’s forward-thinking approach lays the foundation for a truly inclusive digital nation.

“Through each quarter, we’ve explored the different layers of this design, from innovation and inclusion to sustainability and digital empowerment,” said Roche Vandenberghe, Chief Marketing Officer at Globe. “And today, as we close the year, we celebrate how all these pieces come together to form something greater: a future where every connection we build becomes meaningful.”

Purposeful Connectivity

Globe spotlighted how its strategic collaborations, inclusive platforms, and customer-first solutions enable seamless, secure, and equitable access to essential services, empowering Filipinos to thrive in work, learning, and everyday life. From reliable 5G and AI-powered experiences to seamless connections at home and abroad, Globe continues to build technology with purpose, proving that real progress is driven by care.

Globe is equipping businesses with tools that drive meaningful digital transformation. Through the Globe API Ecosystem, enterprise partners gain access to secure, next-generation authentication capabilities. Anchored on the GSMA-certified Number Verification API, the multi-party ecosystem brings together Globe Business, m360 and Concati. Together, these enable new standards of trust, security, and seamless customer experiences across industries.

Complementing this is Digitest, Globe Business’s digital maturity assessment tool that helps organizations gauge their current capabilities, identify gaps, and align their digital initiatives into a clear strategy for growth. Together, these innovations enable Philippine enterprises to scale with confidence, strengthen customer trust, and drive progress across industries, business sectors and communities.

Connectivity that Brings Us Together

Globe opened the segment with the heartbeat of the nation’s digital life, its network. Whether at home or abroad, Globe ensures that every Filipino stays connected, especially during the most connected season of the year.

From GoRoam’s “roam like a local” offer for leisure travelers, and the Roam Kabayan 3-in-1 pack that empowers Overseas Filipino Workers to stay close to their families through affordable call, text, and data bundles, to Globe At Home’s AI-powered partnerships that redefine future living with secure, seamless digital experiences — Globe ensures that connection is always within reach. Whether it’s managing life abroad, sending love back home, or building a digitally enabled household, Globe makes every moment count.

This season, Globe celebrates the power of 5G to unlock everyday potential, backed by the widest 5G coverage in the Philippines according to Ookla. With smoother gaming, clearer video calls, faster streaming, and real-time content creation, 5G enables young Filipinos to stay productive, expressive, and connected wherever they are.

Through Globe Prepaid’s Go5G TURBO 50 and Go+ 99 plus AI, hyper-connected youth gain access to fast, reliable 5G and powerful digital tools that support learning, creativity, and self-expression. Together, these innovations light up Filipino lives with seamless, meaningful connections that bring us closer to who and what matters most this holiday season and beyond.

Meaningful Connections

Globe’s commitment to Meaningful Connections comes to life through campaigns, community programs, and personalized experiences that celebrate relationships that matter most. Whether connecting families, educators, creators, or changemakers, Globe transforms connectivity into community. This segment is about people: families gaining meaningful access to digital tools and opportunities, students building their dreams, local designers and entrepreneurs shaping businesses and culture, and the partners who help make these stories possible.

The Globe Student Program and The Globe Caravan embody this mission. The Student Program, co-created with Filipino youth stakeholders, empowers over 30 million students nationwide to turn ambition into action through mentorship, real-world opportunities, and access to telco tools. From student-led events to digital literacy and career-building experiences, Globe helps young Filipinos grow as creators and community builders.

Meanwhile, the Globe Caravan brings digital know-how to families and aspiring social entrepreneurs in underutilized communities, showing them how to turn connectivity into livelihood. Through hands-on learning and practical demonstrations, it transforms hesitation into hope and simple connections into stepping stones for progress.

In the spirit of bringing the nation together, Globe proudly supports the FIFA Futsal Women’s World Cup 2025, the world’s international women’s futsal tournament, hosted for the first time by the Philippines. As our national team competes, Globe brings the global stage closer to the Filipinos through heartfelt hospitality, ticket giveaways, and providing strong and reliable connectivity to the delegates and their supporters. More than a game, this historic moment unites fans, inspires young athletes, and celebrates Filipino excellence and sportsmanship.

Globe of Good

To cap off the event, Globe of Good took center stage as a testament to the company’s compassion in action. In the wake of devastating typhoons and earthquakes that displaced millions and triggered a national state of calamity, it stood as a beacon of hope and collective resilience. By transforming everyday connectivity into an opportunity to directly help our vulnerable kababayans, Globe empowers customers to turn data usage, Rewards points, and digital engagement into sustained support for their communities and chosen advocacies.

Through the GlobeOne app’s platforms like Globe Rewards, over 300,000 Globe customers have already donated their rewards points to collect over Php5 million to support programs of our Globe of Good Community Alliance NGO partners to address disaster relief and recovery, hunger alleviation, child stunting, livelihood assistance,, education, persons with intellectual disabilities, child protection, environmental conservation, animal welfare, health and well-being, and other advocacies proving that small acts such as donating their rewards points can drive lasting impact. For our Prepaid customers, Globe offers GoGIVE, which is impact without interruption. Prepaid customers can sign up for free in the GlobeOne app to automatically send hearts to their chosen causes every time they use mobile data. In addition, this year’s G-Gantic Goals campaigns brought together 150,000 customers through the GlobeOne app, proving that even one Rewards point can make a difference, whether it’s feeding rescued animals or donating tablets to public schools in need. Globe of Good perfectly captured the heart of The Blueprint, showing that true progress shines brightest when powered by compassion and collective care.

“This holiday season, The Blueprint by Globe celebrates how technology and connectivity, when guided by purpose, can spark meaningful connections, empower communities, and light up lives through inclusive, intuitive, and intentional innovation,” said Darius Delgado, Chief Commercial Officer at Globe. “We believe in purposeful connectivity, where every product, service, and initiative is designed to provide meaningful connections to Filipino lives.”

The event reinforced Globe’s leadership in shaping the Filipino digital lifestyle, spotlighting how its innovations, from mobile platforms to fiber broadband and digital solutions, enable meaningful connections during the most connected time of the year.

For more information about Globe, visit www.globe.com.ph.

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[B-SIDE Podcast] AI-driven fraud, deep fakes, and the need for secure finance

November 14, 2025 | 12:54 pm

Follow us on Spotify BusinessWorld B-Side

This B-Side episode discusses the threat of AI-driven fraud with Dominic Forest, chief technology officer at iProov, a London-based technology company specializing in biometric identity verification.

Interview by Patricia Mirasol
Audio editing by Jayson Mariñas

Follow us on Spotify BusinessWorld B-Side

Australia pledges A$3 million humanitarian aid to Philippines

November 14, 2025 | 12:48 pm

STOCK PHOTO | Image by Rebecca Lintz from Pixabay

The Australian government on Friday expressed its commitment to provide A$3 million (P115.9 million) in humanitarian assistance to support the Philippine government’s response to those affected by recent natural disasters.

In a statement, the Australian Embassy in Manila said Australia, as a reliable friend and strategic partner, is well-positioned to support the Philippine government-led response to the millions affected by recent typhooons Tino and Uwan, as well as those affected by recent earthquakes.

It also said that its humanitarian partners collaborate with local governments and civil societies to coordinate relief efforts and ensure aid reaches those who need it most.

Among the assistance that Australia can provide are in-country shelter, water, sanitation and hygiene support, health services, and food aid.

“Australia always stands ready to support the Philippines,” Marc Innes-Brown, Australia’s ambassador to the Philippines, said in a statement.

“We commend the Philippine Government on their quick and extensive response to multiple disasters impacting millions of Filipinos.”

Mr. Brown also said that the Australian government is ready to work with the Philippine government while response efforts are still ongoing in various parts of the country. — Edg Adrian A. Eva

Amazon, Microsoft back effort to restrict Nvidia’s exports to China, WSJ reports

November 14, 2025 | 11:31 am

AMAZON is joining Microsoft in backing legislation to further curb chipmaker Nvidia’s ability to export chips to China, the Wall Street Journal reported on Thursday, citing people familiar with the matter.

The legislation, known as the GAIN AI Act, is also backed by AI startup Anthropic, the report said.

Short for Guaranteeing Access and Innovation for National Artificial Intelligence (GAIN), the Act was introduced as part of the National Defense Authorization Act and stipulates that AI chipmakers prioritize domestic orders for advanced processors before supplying them to foreign customers.

Microsoft publicly came out in favor of the legislation, while officials at Amazon’s cloud unit have privately told Senate staffers that they also support it, the report said.

Meta Platforms and Alphabet’s Google have not taken a position on the Act, and neither has US President Donald Trump, the report added.

Reuters could not immediately verify the report. Amazon, Microsoft, and Anthropic did not immediately respond to Reuters’ requests for comment.

Nvidia, the world’s dominant chipmaker, has previously said the GAIN AI Act stands to restrict global competition for advanced chips, limiting computing power available to other countries.

The touted legislation reflects Washington’s attempt to prioritize American needs amid fears that China would leverage access to high-end AI capabilities to supercharge its military.— Reuters

Sticky Philippine loan rates blunt impact of central bank cuts

November 14, 2025 | 10:28 am

Manila Economy — Shipping containers in Manila. Photographer: Veejay VILLAFRANCA/BLOOMBERG

The Philippine central bank has slashed its key policy rate by almost two percentage points to 4.75% since last year, but the price of a home loan from the nation’s top banks has barely budged.

BDO Unibank Inc. charges a 6% fixed rate on new housing loans for the first year, with the debt then subject to repricing, or else 6.5% fixed for five years. That’s roughly the same as the minimum offered in 2024, and rates at Bank of the Philippine Islands and Metropolitan Bank & Trust Co. show a similar trend.

Across Asia, as policymakers have reduced benchmark rates to support economic growth in the face of US tariffs, there’s evidence that banks aren’t fully passing on the cuts to consumers, according to Australia and New Zealand Banking Group. In the Philippines’ case, the stickiness of borrowing costs may prolong a slump that’s left its economy trailing Indonesia and China in growth.

Philippine commercial banks’ average lending rate, after dipping earlier in the year, hit 8.132% in August, up from 8.097% at the end of last year, Bangko Sentral ng Pilipinas data show. That’s as the benchmark has been cut 175 basis points since August last year.

For Philippine lenders, there’s little incentive to cut interest rates when a scandal over government graft has rocked confidence, threatening more bad loans. Demand is also weak: growth in household consumption, which accounts for more than 70% of the nation’s output, hit a four-year low in the three months through September as consumers held off spending.

“There’s this corruption scandal. Liken it to a toothache – the rest of the body feels it because everything is connected,” said Jonathan Ravelas, managing director at eManagement for Business and Marketing Services, a Manila-based consultancy. “Banks are cautious because of the economic outlook. It challenges jobs.”

“Banks are exercising prudent credit underwriting, particularly in consumer segments, to mitigate non-performing loan risks,” the Bangko Sentral ng Pilipinas said in response to questions.

It noted that a survey of bank loan officers showed most expect tighter lending standards for households in the current quarter, “citing a deterioration in portfolio profitability, a less favorable economic outlook, reduced risk tolerance, and weakening borrower profile.”

To be sure, total loans are still gaining, rising 10.5% in September from a year earlier, down from 12.2% at end-2024. And banks have eased up in some ways, with mortgage incentives including lower downpayments; waivers of application, registration and appraisal fees; or free insurance for the first year.

“We’re cautiously optimistic about where lending rates are headed. In the near term, we expect them to hold steady or dip slightly,” said Maria Cristina Go, head of consumer banking at BPI, one of the biggest in the country. “This will depend not only on the policy rates that will impact funding costs but will also consider inflation trends and asset quality.”

BDO Unibank said it expects lending rates for this year and the next two years to be “generally in the same range given current economic conditions.” And BSP data shows the rate at which banks lend to each other is declining.

The BSP says data shows lending rates “generally moved in line” with policy rate cuts, though the range and degree differed across loan types. It added that not all lenders engage in rate competition.

“I’m actually in the camp transmission is getting better,” said Euben Paracuelles, chief ASEAN economist at Nomura Holdings Inc. “It’s certainly not the lowest in the region and I would say compared to past cutting cycles, policy transmission of BSP’s latest rate cuts is improving.”

In the meantime, banks and consumers are cautious amid worsening political uncertainty. In July, President Ferdinand Marcos Jr. unveiled a major campaign against corruption, especially in flood control projects. Massive protests erupted in anger at the scale of the graft, and the government slowed public works spending to allow more scrutiny, with stocks sliding to a three-year low.

Sentiment had already been hit by a year of fierce feuding between Marcos and Vice President Sara Duterte.

The Philippines isn’t alone in seeing banks refrain from rate cuts. Bank Indonesia’s governor last month criticized banks for only cutting lending rates by 15 basis points, even as the benchmark has been reduced by ten times that. In other countries such as Malaysia, however, lending rates are required to be calibrated with policy rates. In Communist Vietnam, the government is driving state-owned lenders to extend credit as it pushes to achieve economic growth to 10% a year.

“Household credit demand has responded uncharacteristically weakly to the recent monetary policy easing cycle in Asia,” ANZ analysts led by Sanjay Mathur and Dhiraj Nim wrote in a Nov. 6 report. – Bloomberg

SM Prime to open redeveloped Iloilo markets this month

November 14, 2025 | 10:01 am

SM Engineering Design and Development President Hans Sy, Jr. and Iloilo City Mayor Raisa Treñas-Chu speak with a vendor as guests look on. -- SM Prime Holdings, Inc.

SM Prime Holdings, Inc. is set to open the redeveloped SM Iloilo Terminal Market and SM Iloilo Central Market this November, following a P3-billion redevelopment project aimed at expanding capacity for local vendors and supporting micro, small, and medium enterprises (MSMEs).

“We soft opened a couple of weeks ago, and it will be fully operational by end of this month, November,” SM Supermalls President Stephen T. Tan said during a briefing on Monday.

Under a public-private partnership signed with the Iloilo City government in August 2022, SM Prime redeveloped the Central Market (also known as Tienda Mayor) and Terminal (or Super) Market, breaking ground in 2023. The combined redevelopment covers a total gross floor area of 62,000 square meters (sq.m.).

“This is not actually a business move or an expansion program. This is just a natural extension or progression because of our commitment to MSME development,” SM Prime President Jeffrey C. Lim said.

“This is really more to support Filipino entrepreneurs, which is part of how we do business and as we move towards the provincial areas, so we can create shared growth between us and the SMEs,” he added.

The SM Iloilo Terminal Market spans 20,000 sq.m., offering 58 long-term leasable spaces, while its expanded market section can accommodate 1,160 vendors, up from 911 previously. The 17,000-sq.m. SM Iloilo Central Market has 61 long-term leasable spaces and dining areas for local dishes, with capacity for 859 vendors, up from 529.

“If you look at the tenant mix of the public market, it’s completely different from that of the mall. It’s really to encourage small businesses to do business,” Mr. Tan said.

About 99.63% of all businesses in the Philippines are MSMEs, with 4.26% located in the Western Visayas region. The redevelopment was completed at no cost to the city, and the markets will be managed by the city’s Local Economic Enterprise Office to maintain their public character.

SM Prime noted that the modernization is also expected to boost local cuisine offerings.

The company posted an 8% year-on-year increase in its third-quarter net income to P12.8 billion from P11.8 billion, driven by higher contributions from its malls, hotel, and convention center businesses.

On Thursday, SM Prime closed at P19.42, down 0.04 or 0.21%. — Beatriz Marie D. Cruz

Experts say Filipino youth struggle with financial inclusion, literacy

November 14, 2025 | 9:40 am

Polytechnic University of the Philippines (PUP) President Manuel M. Muhi and Cebuana Lhuillier Foundation, Inc. Executive Director Jonathan D. Batangan at the National Financial Inclusion Summit 2025.—ALMIRA S. MARTINEZ

Cebuana Lhuillier Foundation, Inc. (CLFI) on Thursday raised concerns over the lack of financial inclusion among Filipino youth, stemming from poor financial literacy.

“BSP’s (Bangko Sentral ng Pilipinas) record is showing that only 27% of the youth aged from 15 to 19 are financially included,” CLFI Executive Director Jonathan D. Batangan told reporters at the sidelines of an event.

“It should not be 27% only. In a matter of one or two years, we hope to increase the number of financially included youth,” he added.

Polytechnic University of the Philippines (PUP) President Manuel M. Muhi echoed the same concern, underscoring the “millions” of Filipino youth excluded from the formal financial system.

“Many still do not have access to basic financial services such as savings accounts, insurance, or digital payment platforms,” he said in his speech. “Without financial access, opportunities are delayed, dreams are deferred, and progress becomes uneven.”

“We believe that financial literacy and access are just as transformative as a diploma,” he added.

In 2024, CLFI first launched the financial literacy module for Grade 12 students at the University of Makati (UMak). The self-paced five modules, which take about five days to finish, cover topics such as personal finance, microinsurance, microinvestment, microloans, cash transfers, and green and digital finance.

“It’s a self-paced, downloadable program which is actually at the own pace of the students and they can, at the end of the day, get a certification,” Mr. Batangan said.

“They will have a certificate for being financially literate. It adds to the prestigious reputation of the graduating student,” he added.

In partnership with PUP and the Philippine Association of State Universities and Colleges (PASUC), the CLFI aims to expand its financial literacy program to SUC students to help produce approximately two million financially literate graduates.

“We hope the members of the Philippine Association of State Colleges and Universities, of course, PUP being also a member, can be able to trickle this down to almost 120 SUCs (state universities and colleges),” Mr. Batangan said.

“We’re starting with SUCs (state universities and colleges) because these are the students who came from the marginalized sector; they’re the ones we need to teach financial literacy,” he added.

A 2024 report by consumer insights company Inquiro found that the Philippines’ financial literacy rates remain low, with about 25% of Filipinos understanding basic financial concepts.

The report added that although the country’s literacy has increased by around 5% since 2020, it still lags behind other Southeast Asian countries, such as Malaysia and Singapore, where literacy rates exceed 50%.— Almira Louise S. Martinez

BBC apologizes to Trump over speech edit but rejects defamation claim

November 14, 2025 | 9:18 am

LONDON — The British Broadcasting Corporation sent a personal apology to US President Donald Trump on Thursday but said there was no legal basis for him to sue the public broadcaster over a documentary his lawyers called defamatory.

The documentary, which aired on the BBC’s “Panorama” news program just before the US presidential election in 2024, spliced together three parts of Mr. Trump’s speech on January 6, 2021, when his supporters stormed the Capitol. The edit created the impression he had called for violence.

“While the BBC sincerely regrets the manner in which the video clip was edited, we strongly disagree there is a basis for a defamation claim,” the broadcaster said in a statement.

Lawyers for the US president threatened on Sunday to sue the BBC for damages of up to $1 billion unless it withdrew the documentary, apologized to the president, and compensated him for “financial and reputational harm.”

By asserting that Mr. Trump’s defamation case lacks merit, the BBC effectively signaled that it believes his claim for financial damages is equally untenable. But the broadcaster did not directly address Mr. Trump’s financial demand.

In its statement, the BBC said Chair Samir Shah on Thursday “sent a personal letter to the White House making clear that he and the corporation were sorry for the edit.” Mr. Shah earlier in the week apologized to a British parliamentary oversight committee and said the edit was “an error of judgement.”

In the Thursday statement, the BBC added that it has no plans to rebroadcast the documentary on any of its platforms.

Earlier on Thursday, the BBC said it was looking into fresh allegations, published in The Telegraph newspaper, over the editing by another of its programs, “Newsnight,” of the same speech.

The BBC has been thrown into its biggest crisis in decades after two senior executives resigned amid allegations of bias, including about the edit of Mr. Trump’s speech. The claims came to light because of a leaked report by a BBC standards official.

Founded in 1922 and funded largely by a license fee paid by TV-watching Britons, the BBC is without a permanent leader as the government weighs how it should be funded in the future.

It is a vital instrument of Britain’s “soft power” globally, and Prime Minister Keir Starmer said he believed in a “strong and independent” BBC on Wednesday. — Reuters

Deadly heat worldwide prompts $300 million for climate health research at COP30

November 14, 2025 | 9:07 am

BELEM — With more than a half-million people worldwide dying from heat-related causes every year, a group of philanthropies is putting $300 million into developing life-saving solutions as global temperatures continue to rise.

The money, announced this week at the COP30 climate negotiations in Brazil, is aimed at developing data and figuring out the best investments for tackling rising risks from extreme heat, air pollution, and infectious disease.

“We are a philanthropy. We can’t just keep plugging holes and resuscitating a dying model of development,” said Estelle Willie, the director of health policy and communications at The Rockefeller Foundation, one of the funders.

“So what we are trying to do is through our philanthropy capital, we can start testing and validating new solutions through this work and coming together,” she said.

Separately, COP30 host Brazil launched an initiative called the Belem Health Action Plan to encourage countries to monitor and coordinate climate-related health policy across their various ministries and departments.

That effort is part of Brazil’s broader focus at the UN climate talks on bolstering countries’ ability to prepare for – and adapt to – worsening climate impacts including floods, fires, drought, storms, and hurricanes.

The newly pledged $300 million adds to the $1 billion-$2 billion being spent in public money toward researching climate-related health impacts, according to a 2023 study in PLOS journal.

Experts said far more is still needed.

“Progress on health is declining,” Ms. Willie said in an interview with Reuters. “We’ve had hard-fought wins in health through technology, through the global health system. But climate change is literally making every single problem and global health worse right now.”

An October report in The Lancet scientific journal estimates the yearly number of deaths from heat-related causes worsened by climate change at nearly 550,000.

Another 150,000 annual deaths can be linked to air pollution, often from the burning of fossil fuels but also from worsening wildfires, the report said, while some infectious diseases are also rising. Reported cases of dengue fever are also up 49% since the 1950s, it said.

UN agencies in August estimated about half the world’s population, or more than 3.3 billion people, are already struggling with the rising heat.

“The warnings from scientists on climate change have become reality. And it is clear that not all people are affected equally,” said John-Arne Røttingen, chief executive of the Wellcome Trust, another funder.

The most vulnerable are children, pregnant women, older people, and outdoor workers, along with “those communities with the least resources to respond,” he said.

Other funders in the newly announced Climate and Health Funders Coalition include the Gates Foundation, Bloomberg Philanthropies, and IKEA Foundation. Another 27 philanthropies have signed on but have yet to commit funds. — Reuters

Marcos vows to ramp up spending

November 14, 2025 | 12:50 am

PHILIPPINE President Ferdinand R. Marcos, Jr. on Thursday pledged to ramp up government spending in the fourth quarter, as a corruption scandal contributed to weaker-than-expected growth in the third quarter.

“We have implemented many measures because public spending will now be increased to make sure that by the end of the year, the spending levels are aligned with our original plan — so we can recover what was lost in the third quarter,” Mr. Marcos said in mixed English and Filipino during a press briefing in Malacañang.

The Department of Budget and Management (DBM) earlier said it has programmed P1.31 trillion for disbursement during the October-to-December period to boost economic growth.

In the third quarter, the Philippine gross domestic product (GDP) growth slowed to a four-year low of 4% from the 5.5% expansion in the second quarter and 5.2% a year ago.

The sharp economic slowdown was mainly attributed to the corruption mess that dampened government spending and affected consumer and investor confidence.

For the first nine months of the year, GDP growth averaged 5%, slower than 5.9% in the same period last year, and below the government’s 5.5-6.5% full-year target.

The government is probing a multibillion-peso corruption scandal involving public works projects, where government officials allegedly colluded with private contractors to inflate costs and approve ghost infrastructure. It has affected investor confidence in the Philippines, weighing on the stock market and the Philippine peso.

Mr. Marcos vowed to put the culprits behind bars before Christmastime.

“They won’t have a Merry Christmas. Before Christmas, they will be jailed,” he said.

Mr. Marcos said the slowdown in economic activity in the third quarter can be partly blamed on the string of typhoons.

“There really was a downturn in economic activity. You have to remember that it’s not only because of these problems. Because of the typhoons, we lost working days in the economy,” he said.

Mr. Marcos also attributed the slower growth to the trade uncertainties, which are also affecting the global economy.

“We are not the only ones suffering the shocks that come from the new trade structure that has been imposed on the rest of the world. And so, we are all adjusting to that,” he added.

Since Aug. 7, the US has imposed a 19% duty on many goods from the Philippines, Cambodia, Malaysia, Thailand and Indonesia.

DBCC TO REVIEW TARGETS

Meanwhile, the Development Budget Coordination Committee (DBCC) is set to review its macroeconomic assumptions and targets next week, Senate Committee on Finance Chairman Sherwin T. Gatchalian said.

During the plenary debates for the 2026 national budget, Mr. Gatchalian said he is certain there will be revision in the growth targets.

“Next week the DBCC will once again meet and talk about this, possibly a revision in terms of our 2025 economic growth, and also the succeeding years 2025-2028,” Mr. Gatchalian said.

This was in response to Senator Risa N. Hontiveros-Baraquel’s question if the weak third-quarter growth will prompt a revision of the DBCC targets.

“We will also have a slightly lower economic growth forecast for the end of the year, about… 4.7-5%, Mr. President. And then our debt to GDP will still be at 63%,” Mr. Gatchalian said.

In June, the DBCC tempered its growth forecast to 5.5-6.5% for 2025 and 6-7% for 2026, mainly due to “heightened global uncertainties” arising from the Middle East conflict and US tariffs.

Mr. Gatchalian said there are a lot of factors that have affected the growth outlook, such as the series of typhoons and recent earthquakes.

Last week, Economy Secretary Arsenio M. Balisacan warned that hitting the low end of the 5.5-6.5% growth target would be “very challenging,” with more storms expected this quarter.

For next year, Mr. Gatchalian flagged external headwinds such as US trade policies that will have a negative impact on growth.

At the same time, Mr. Gatchalian said restoring public trust requires accountability, stressing that those involved in the flood control corruption scandal must face charges and be jailed before yearend.

“That’s why all of this flood control issue is giving us a lot of headache in terms of outgrowing debt. But still, that’s why the administration is really bent on holding people to account by putting them to jail, and that will bring back confidence and in turn revive our economic growth in the next quarter,” he said.

Filomeno S. Sta. Ana III, coordinator of Action for Economic Reforms, said the slowdown in economic growth is also due to the government’s lack of a “coherent” growth strategy.

“The main reason why our GDP growth is below target is that the current administration does not have a coherent growth strategy, and worse has allowed or enabled policies and activities that undermine growth (diversion of pub-lic funds to Maharlika, revenue-eroding measures, transfer of PDIC (Philippine Deposit Insurance Corp.) and PhilHealth (Philippine Health Insurance Corp.) funds to National Government, ‘most corrupt budget,’ massive corruption, etc,” he said in a Viber message. — Chloe Mari A. Hufana and Aubrey Rose A. Inosante