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Megawide raises P3 billion in oversubscribed follow-on offering

MEGAWIDE.COM.PH

MEGAWIDE Construction Corp. raised P3 billion from its Series 7 preferred shares follow-on offering, which was oversubscribed 2.3 times, signaling investor confidence in the company’s expansion plans, its president said.

“The listing of our oversubscribed Series 7 preferred shares is a powerful vote of confidence and empowers us to pursue high-impact projects — projects that are real, deliverable, high quality, and capable of uplifting communities and our Philippine economy,” Megawide President and Chief Executive Officer Edgar B. Saavedra said in a statement on Thursday.

The public offer period ran from Oct. 30 to Nov. 10. Completed bids consisted of P1.16 billion for Series 7A and P1.84 billion for Series 7B, with final rates of 7.3131% and 7.7007%, respectively.

RCBC Capital Corp., SB Capital Investment Corp., and PNB Capital and Investment Corp. served as joint issue managers, joint lead underwriters, and joint bookrunners for the exercise.

Proceeds from the offering will be used to refinance maturing Series 2B preferred shares, while the oversubscribed portion will fund other corporate requirements and growth initiatives, including participation in the government’s Pambansang Pabahay Para sa Pilipino (4PH) program, the company said.

Megawide cited its precast technology and construction expertise as key to addressing the demand for socialized housing.

“Megawide is entering an exciting new chapter as we are building a more resilient, stable, and sustainable value story for our shareholders,” Mr. Saavedra said. “Our order book is nearing P50 billion and our financial position continues to strengthen — with our consolidated debt-to-equity ratio improving to 1.86x and 1.42x at the parent level after recent deleveraging. These gains put us in a strong position for long-term growth.”

The company has also been actively retiring short-term debt, with approximately P10 billion already settled to enhance leverage, liquidity, and profitability, the company noted.

Sought for comment, Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said Megawide’s follow-on offering reflects strong investor confidence in the company’s long-term strategy.

“Overall, the follow-on offering supports Megawide’s transformation into a more resilient, growth-oriented infrastructure player: it is retiring legacy debt, investing in scalable projects, and putting in place a financing structure that balances risk and return,” he said in a phone message.

Over the years, Megawide has been a key government partner in public infrastructure, including projects such as public-school classrooms, Mactan-Cebu International Airport, Parañaque Integrated Terminal Exchange, and Clark International Airport. The company is also involved in ongoing packages for the Malolos-Clark Railway and Metro Manila Subway.

Megawide earlier said it is on track to exceed the previous year’s performance, with nine-month 2025 net income already reaching 92% of full-year 2024.

At the local bourse, shares in the company closed 11 centavos, or 3.99% higher, at P2.87 apiece. — Ashley Erika O. Jose

PHINMA Hospitality to add 350 rooms across Pasay, Bacolod and Davao hotels

PHINMA.COM.PH

PHINMA HOSPITALITY, Inc., the hospitality arm of Del Rosario-led PHINMA Corp., plans to add 350 rooms across its hotel properties in Pasay, Bacolod, and Davao starting next year.

“With regards to the number of rooms, in (Microtel) Mall of Asia, we’re adding 100. In terms of the franchises that we have, I think (Tryp) Samal will be about another 100 rooms, while Tryp Bacolod will have about 150,” PHINMA Corp. Investor Relations Officer Kara A. Albert told a media briefing on Tuesday.

The 150-room TRYP by Wyndham Hotel will be located within Saludad, PHINMA’s 21-hectare mixed-use development in Bacolod City. The company is set to break ground for the hotel in the coming months.

TRYP by Wyndham Samal, a joint project by PHINMA Microtel Hotels and Damosa Land, Inc. (DLI), is a six-storey hotel along the coast of Samal Island, Davao del Norte.

Construction of the 100-room hotel is slated for completion by 2028, DLI said earlier.

Meanwhile, Microtel by Wyndham Mall of Asia, which opened in 2010, serves business and leisure visitors in the Bay Area.

PHINMA’s hospitality arm, which comprises Coral Way City Hotel Corp., PHINMA Hospitality, Inc., and PHINMA Microtel Hotels, Inc., posted combined revenues of P374.51 million and a net loss of P21.06 million in the first nine months.

The company recorded lower occupancy due to ongoing expansion at Microtel Mall of Asia, while fewer tourist arrivals affected other hotel properties.

The dip was partly offset by sustained bookings from leisure, corporate, and meetings, incentives, conferences, and exhibitions (MICE) markets, PHINMA said.

EDUCATION
Following the completion of its 10-storey Horizon University building in West Java, PHINMA Education Holdings, Inc. said its expansion efforts in East Java are progressing.

“I think the negotiation is underway. In fact, it’s already in the advanced stage. So we are looking to close — finalize this expansion, if not at the end of this year, perhaps early next year,” PHINMA Corp. Vice-President and Treasurer Nanette P. Villalobos said during a briefing on Tuesday.

The company recently increased student capacity at Horizon University Indonesia in West Java by 7,000 to nearly 10,000.

“We’re very excited with these new investments in Indonesia. So we’re going to be with the same partner, Triputra, and still under the Horizon University of Indonesia,” Ms. Villalobos added.

PHINMA began operations in Indonesia in 2019 through partnerships with the Triputra Persada Horizon Education Foundation to manage Horizon University Indonesia in Karawang and Kalbis University in Jakarta.

PHINMA Senior Portfolio Manager Andre F. Ramirez said while the company recognizes Vietnam and East Java as important markets, it is waiting to secure the right local partners before pursuing opportunities there.

“I think we’re being very strategic with how we look at things. When we look at the Philippines, we’re not anywhere near a saturation level, so that will continue to be the primary focus, especially for the education unit. When we look at Vietnam and East Java, we see these as crucial markets that we continue to monitor, but we have to make sure we have the right partners in place for this,” he said.

In August, PHINMA Education said it aims to expand into Vietnam by 2027 to widen its international presence.

“In terms of [other] expansion plans, I think we’ll continue to see a lot of organic growth out of our schools, but also taking a look at maybe some inorganic opportunities as they come,” Mr. Ramirez added.

PHINMA Corp. reported a net loss of P216.45 million in the first nine months, driven by weaker results in its property, construction materials, and hospitality businesses.

PHINMA shares were last traded on Nov. 19, unchanged at P16.38 per share. — Beatriz Marie D. Cruz and Alexandria Grace C. Magno

Stranger Things creators elevate creative elements for final season

LOS ANGELES — Matt and Ross Duffer, the twin directors known as The Duffer Brothers, have pushed to raise the stakes with each season of Stranger Things, a strategy they say is crucial as the series heads into its fifth and final chapter.

The last season of the science fiction series premieres on Nov. 26, and will be released in three parts on Netflix.

“We sort of modeled it (Stranger Things) after Game of Thrones. We like the idea of scaling out or scaling up in sort of the way that movie sequels would,” Matt told Reuters.

One of the things that the brothers wanted to take to the next level in the acclaimed series is having bigger visual effects each season.

However, more importantly for them, it is the story and characters that continue to entice audiences.

“People have a real connection to these characters; they’ve been with us on this journey for 10 years now,” Ross said.

“People are going to want to see it (Stranger Things) come to its conclusion,” he added.

Season 5 of the series stars Millie Bobby Brown as Eleven along with Winona Ryder as Joyce Byers, David Harbour as Jim Hopper and other cast members that reprise their roles from previous seasons.

To cap off the series, the Duffer Brothers will debut the Stranger Things finale in theaters on Dec. 31, with screenings in more than 350 locations across the US and Canada.

The co-creators are excited for fans to connect in a new way as they say goodbye to the series in front of the big screen.

For British actor Millie Bobby Brown, who played the main character since she was 12 years old, finishing the final season was “emotional” and “nostalgic” for her and her co-stars.

“The last day we were very present though. It was a very sweet day,” the Damsel actor said.

While it may be a farewell to the original Stranger Things series, Ms. Brown is fully up for more science fiction roles in the future.

“It (Stranger Things) has only excited me to step more into that world,” she said. “I never say no until I read a script,” she added.

Matt and Ross Duffer announced the launch of Upside Down Pictures in 2022, marking an overall deal with Netflix that will also include a live-action Stranger Things spin-off series.

The franchise has also spawned the Tony-winning Broadway play, Stranger Things: First Shadow, as well as video games, cosplay, in-person immersive experiences and merchandise licensing deals.

The final season of Stranger Things was delayed by dual Hollywood strikes in 2023. — Reuters

DigiPlus: Internal funds sufficient for IEC deal

International Entertainment Corp. (IEC) owns and operates the New Coast Hotel Manila, previously known as the New World Hotel Manila, with 96 gaming tables, 495 slot machines, and other gaming amenities.

DIGIPLUS Interactive Corp., the listed digital entertainment firm behind BingoPlus, ArenaPlus, and GameZone, said it intends to use internal funds for its potential controlling stake acquisition of Hong Kong-listed International Entertainment Corp. (IEC), while remaining open to short-term financing if necessary.

“We do expect that we have sufficient internal funds, but if we need it, we can also explore some short-term financing,” DigiPlus President Tsui Kin Ming told reporters on Wednesday.

Earlier this week, DigiPlus Chairman Eusebio H. Tanco said the company signed a convertible notes agreement granting it the rights to acquire a controlling stake in IEC, the owner and operator of New Coast Hotel Manila, an integrated hotel and casino complex.

The subscription for convertible notes totals HK$1.6 billion (around P12 billion) and will be issued in two tranches. The first tranche, worth HK$800 million, will be completed upon satisfaction of customary conditions, while the second tranche will follow within three months, subject to mutually agreed terms.

DigiPlus expects to complete the arrangement with IEC within eight to nine weeks, Mr. Tsui said, adding that IEC shareholders must approve the agreement and obtain clearance from the Securities and Futures Commission of Hong Kong and the Hong Kong Stock Exchange.

The first payment is projected by January, while the second will be in April, he said.

“At the same time we also have to obtain approval from PCC (Philippine Competition Commission) for the acquisitions. That might take maybe six to nine months, we still don’t know what the time is on that one. So, until we finish the payment and the approval process then we can consider converting,” Mr. Tsui added.

IEC owns and operates the New Coast Hotel Manila, previously known as the New World Hotel Manila, with 96 gaming tables, 495 slot machines, and other gaming amenities.

For Mr. Tsui, acquiring IEC would further expand DigiPlus’ presence in the mass gaming market in the Philippines.

“We see the competition in the entertainment city is getting very intense and the growth rate is kind of declining as well. We think that if we position ourselves in the Malate area, we could achieve much stronger growth because there’s only one casino or integrated resort in that area,” he said.

“Of course, the cost of investment is much lower to enter into a land-based casino in the Malate area versus anyone else in the entertainment city. It will cost at least $1 billion or more for the entire complex in the entertainment city. So, I think that’s why we decided to go with IEC because we will have a chance to own the majority ownership.”

DigiPlus said it is not actively pursuing a dual listing on the Hong Kong Stock Exchange but remains open to courting international investors and weighing the strategic advantages of an overseas listing.

For the third quarter, DigiPlus reported net income attributable to the parent company of P1.71 billion, down 51% from P3.52 billion in the same period last year.

At the local bourse on Thursday, shares in the company closed 30 centavos, or 1.11% lower, at P26.70 apiece. — Ashley Erika O. Jose

Netflix’ Warner Bros. bid would include theater releases

NETFLIX, INC. has told management of Warner Bros. Discovery, Inc. that it will keep releasing the studio’s films in theaters if it’s successful in buying the company, people familiar with the matter said.

Warner Bros. has contractual agreements to release movies in theaters, which Netflix would honor, according to the people, who asked not to be identified revealing details of talks between the companies.

Up to now, Netflix has resisted distributing its movies in theaters, and has grown to rival Hollywood’s largest studios without doing so. The possibility of owning Warner Bros.’ deep film library, along with the contractual obligations, has softened that opposition.

Warner Bros. put itself up for sale last month following expressions of interest, including from Paramount Skydance Corp. Netflix, and Comcast Corp., parent of NBCUniversal, are interested in the company’s studio and streaming operations. Bids are due Thursday.

A deal with Netflix would be the largest ever for the streaming service. Executives made a presentation to Warner Bros. management.

The movie industry worries that a Warner-Netflix deal would eliminate another studio and major source of theatrical films. Netflix has given some films limited runs in theaters to qualify for awards and placate talent.

Netflix co-Chief Executive Officer Ted Sarandos has described theaters as a declining business and said the company’s biggest priority is satisfying its streaming customers. — Bloomberg

Peso dips on hawkish Fed minutes

BW FILE PHOTO

THE PHILIPPINE PESO weakened against the dollar on Thursday after minutes from the US Federal Reserve’s last policy meeting dampened expectations of an interest rate cut next month.

It closed at P59.065 a dollar, down 13 centavos from Wednesday’s P58.935, based on Bankers Association of the Philippines data posted on its website. It opened at P59, its intraday best, and fell to a low of P59.11. Dollar turnover slipped to $1.08 billion from $1.39 billion on Wednesday.

“The dollar-peso closed higher, trading sideways but tracking dollar strength following the release of hawkish Fed minutes,” a trader said by phone. “Players trimmed expectations of a December rate cut.”

Another market participant noted that the Fed minutes showed officials were divided over the October policy meeting and raised doubts about the likelihood of a rate cut in December.

The minutes also highlighted concerns over persistent inflation and the need to maintain flexibility in the US central bank’s policy stance, analysts said.

The dollar rose as high as ¥157.78 towards the end of the Asia session, its strongest since January.

The yen’s latest decline began after Finance Minister Satsuki Katayama said there had been no specific discussion about foreign exchange at a meeting with Bank of Japan Governor Kazuo Ueda.

The yen managed to find some stability as European trading got under way, with the dollar up 0.1% at ¥157.36. But Japan’s currency has still depreciated by about 6% since Prime Minister Sanae Takaichi was elected leader of the ruling party last month.

That move has come in spite of rising Japanese bond yields, as markets are uneasy about the scale of borrowing needed to fund Ms. Takaichi’s stimulus plans.

“You must either believe that there’s a ‘Sell Japan’ narrative going on, or you take the view that these relationships are no longer stable,” said Vishnu Varathan, Mizuho’s head of research in Asia, referring to how the yen has fallen even while the US-Japan interest rate gap has narrowed.

Having sunk past ¥157 per dollar to near where it began the year, traders now figure Japanese authorities may intervene somewhere around the 160 mark, or if there are any more sudden moves. Chief Cabinet Secretary Minoru Kihara said moves were sharp, one-sided and concerning on Thursday.

The second trader said the peso could appreciate on Friday due to a potentially weak US labor report overnight.

The first trader sees the peso moving from P58.90 to P59.20 a dollar, while the second trader expects it to range from P58.90 to P59.15.

The Fed cut borrowing costs twice this year as part of an easing cycle that started in September 2024, bringing the benchmark rate to 3.75%-4%. Investors had bet on a possible December cut, but the new minutes have prompted a reassessment. — Aaron Michael C. Sy

Scholarships, an engine for social mobility

PHILIPPINE STAR/WALTER BOLLOZOS

It has been an enduring belief that education is the greatest equalizer. In the classroom, education does not see any social classes — but access to it does. The youth is the future of any nation, yet the education sector has been one of the Philippines’ greatest problems with poverty as the contributing factor. This is reflected in a statistic by the Philippine Statistics Authority (PSA): nearly 11 million children and young Filipinos are not attending formal school.

Acknowledging this persisting situation, leading companies and conglomerates endeavor to invest in education, from building classrooms to providing scholarships.

A clear example of a sustained private sector scholarship is the SM Group’s social-development arm, SM Foundation, Inc. (SMFI). Founded in 1993 as part of the late Henry Sy, Sr.’s commitment to corporate citizenship, the SMFI’s college scholarship began with 100 scholars. SM also provides complimentary allowance intended for completion and employability that can extend to household budgeting. Part-time job opportunities within the SM group during semestral breaks are offered. SMFI’s college scholarship integrates personal development, enrichment activities, and academic support through workshops and team-building exercises, intended to prepare them for the workplace. The program serves students aiming to pursue degrees in computer science, engineering, business, accounting, and education at partner colleges and universities nationwide.

Another example is the Gokongwei Brothers Foundation (GBF), created in 1992 after the founders of JG Summit Holdings, Inc. endowed the foundation with corporate shares. Over the past three decades, it has strengthened its goal “to have a lasting impact on education in the Philippines” through multiple scholarship tracks, including the STEM Scholarship for Excellence, the NextGen Scholarship for Excellence for dependents of company employees, and technical-vocational initiatives such as Iskolar ni Juan. Scholars receive annual grants that range from P80,000 to P120,000 depending on university — and benefits extend far beyond tuition. GBF Scholars have access to internships and potential employment with JG Summit business units, bridging education to industry.

Yuchengco Group of Companies’ (YGC) AY Foundation also has its long-running initiative, the AYF Scholarship Program, one of the earliest sustained business-funded scholarship programs. The foundation has consistently offered scholarships to financially challenged students, including dependents of YGC employees as well as children and youth from vulnerable sectors such as street communities and indigenous groups.

The Jollibee Group Foundation’s Accelerating Competencies in Education (ACE) Scholarship Program helps students pursuing degrees that align with the company’s food service ecosystem. The program also provides scholars with leadership formation, industry exposure, and work opportunities, helping them develop both professional competencies and values-driven work ethic.

Recognizing that educating women create a ripple effect for families and communities, the Ayala Foundation U-Go Scholar Program champions young Filipino women, particularly those who demonstrate exceptional academic merit and strong commitment to community service despite facing financial limitations. The program offers direct financial assistance to help scholars stay in school and complete their undergraduate degrees.

Scholarship initiatives from the country’s business community exemplify how sustained private investment — when partnered with holistic support and alignment with community needs — can become an engine of social mobility.

As the nation confronts new economic and technological shifts, the continued success of these scholarships will depend on their capacity to adapt for tomorrow’s jobs while preserving the intergenerational hope that education brings. — Krystal Angela H. Gamboa

EastWest BizAccess Visa Debit Card: The right tool for fueling your business’ growth

In the Philippine economy, small and medium enterprises (SMEs) play an important role. They account for more than 99% of registered businesses, becoming vital in providing employment and generating economic growth. Yet, despite their importance, they are faced with pressure to generate enough cash flow to cover maintenance and finance growth.

Given such challenges, it is important that SME owners have the right tools in managing their finances. Wrong or poor choices in such tools can stall progress and even expose SMEs to greater challenges.

Recognizing such need for having the appropriate tools, Visa and EastWest have partnered to introduce the BizAccess Visa Debit Card, designed to suit the needs of SMEs.

Presented as part of EastWest’s BizAccess business checking account, the card aims to address the payment needs of entrepreneurs, aligning with the realities of running a business in an increasingly interconnected economy.

One key feature of the BizAccess Visa Debit Card is the ability to formalize financial management. Many entrepreneurs use their personal accounts for business transactions, making personal and professional spending confusing. The lack of separation can make accounting complicated and can create unnecessary stress. The BizAccess Visa Debit Card provides a clear solution. By centralizing payments and expenses under a dedicated business account, it allows SMEs to properly track financial flows, enabling smarter decisions and long-term planning.

Global accessibility has also become a point for growth. Due to the growing digital landscape, SMEs are no longer confined to local markets. They are also beginning to market to international consumers, subscribe to cloud-based services, and source supplies overseas. Without a financial tool that is widely accepted and globally recognized, such opportunities can remain out of reach.

As part of the Visa network, the EastWest BizAccess Visa Debit Card is accepted in over 61 million establishments and online merchants worldwide. This not only gives SMEs the ability to transact and pay vendors locally and abroad, but also the confidence to expand without worrying about payment barriers.

While Visa brings global reach, EastWest offers local market expertise and a modern digital infrastructure to help entrepreneurs manage and grow their businesses.

Managing and controlling cashflow is also crucial for entrepreneurs. Overspending or delays in payment can cause serious consequences—from missed supplier deliveries to disrupted services. The BizAccess Visa Debit Card is directly connected to the business’ funds, ensuring that spending is within available resources while still allowing real-time visibility in transactions.

The BizAccess Visa Debit Card, paired with EastWest’s BizAccess Checking Account, empowers entrepreneurs with convenient features and services such as a free checkbook, online bills payment, and account management tools that help streamline daily operations. Cardholders can also enjoy exclusive business promos, including digital advertising credits, discounts on marketing and accounting tools, and special offers for setting up an online shop, among others. These benefits are designed to help business owners operate more efficiently, expand their reach, and manage costs effectively.

As a global leader in transactions, Visa further strengthens EastWest’s offering. They ensure that transactions are secure, efficient, and universally recognized. For SMEs, this translates to assurance, that their financial tool is backed by a trusted network that not only gives them convenience but also credibility.

Growth for SMEs hinges on finding the right financial instruments. While innovation and hard work are crucial, these must be complemented by the right tools that provide financial accessibility and confidence. The BizAccess Visa Debit Card offers not only a payment method, but a platform for growth, one that empowers SMEs to enhance and professionalize their operations, expand their business, and compete in larger markets.

References:

https://asean.org/wp-content/uploads/2024/09/Full-Report_ASEAN-SME-Policy-Index-2024_20-Sept-2024.pdf

https://www.eastwestbanker.com/business/deposits/bizaccess

https://www.eastwestbanker.com/cards/debit-card

https://www.itnews.asia/news/philippines-eastwest-bank-modernises-core-banking-systems-617372

 

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LBC Express Q3 income jumps on logistics revenue growth

LBCEXPRESS.COM

LBC EXPRESS HOLDINGS, Inc. saw its third-quarter (Q3) attributable net income rise more than eightfold to P527.65 million, driven by growth in its logistics revenue.

For the three months ending September, LBC Express recorded total revenue of P3.49 billion, up 1.16% from P3.45 billion in the same period a year ago, while gross expenses rose 1.52% to P3.34 billion from P3.29 billion previously.

The company also returned to profitability for the nine months ending September, logging an attributable net income of P699.78 million, reversing a net loss of P127.82 million a year earlier. Gross revenue for the period declined slightly by 1.03% to P10.47 billion from P10.58 billion in 2024, while total expenses fell 1.68% to P9.92 billion from P10.09 billion.

By segment, logistics posted revenue of P10.13 billion, while money transfer services contributed P346.37 million. Retail customers accounted for the bulk of revenue at P7.23 billion, with corporate clients generating P3.25 billion.

On a geographic basis, domestic operations made up P6.33 billion of sales, while overseas markets contributed P4.04 billion.

LBC Express is a publicly listed holding company with two main business segments: logistics, serving both retail and corporate clients, and money transfer services, covering domestic and international remittances.

Shares of LBC Express closed unchanged at P6.92 apiece on Thursday at the local bourse. — Ashley Erika O. Jose

Afterlife rom-com Eternity asks existential questions

Eternity (2025)
Eternity (2025)

LONDON — Actors Elizabeth Olsen and Miles Teller say their new movie Eternity combines comedy, romance and big philosophical questions.

The movie is set in the afterlife, where people revert to the age at which they were at their happiest and have one week to choose their final destination.

Mr. Teller and Ms. Olsen play older married couple Larry and Joan Cutler, who upon their arrival are shocked to meet Joan’s first husband, Luke (Callum Turner), who died in the Korean War and has been waiting for her ever since. In addition to choosing her eternity, Joan must also pick who to share it with.

“It makes people laugh, but it’s surprisingly emotional because it’s a sincere film,” Ms. Olsen said at the movie’s London premiere on Monday. “I think it makes us all reflect differently, whether it’s about people we’ve lost or people we hope to be reunited with, or how we even analyze our personal relationships to different types of love.”

Mr. Teller said: “Death is something that’s inevitable and this film is a really clever way to look at it.

“I certainly don’t think my character thought he’d be in a competition, a love triangle, for his wife.”

The Top Gun: Maverick and Whiplash star said his performance was inspired by his own grandparents, who were married for six decades. His grandfather passed away last year.

“My grandfather was a marine back in the day, but he also was very sensitive to a woman’s needs. My grandma never carried her own bag, never opened her own door. He was a great role model for me,” Mr. Teller said.

Directed and co-written by David Freyne, the A24 film features an endless offer of happily-ever-afters. New arrivals face an array of ads and savvy salespeople touting realms ranging from Beach World, Food World, and Workout World to Man Free World and Infantilization World. There is one caveat: the one-time choice is final.

Helping the trio navigate their transitions are afterlife coordinators Anna and Ryan, played by Da’Vine Joy Randolph and John Early.

“When we were making it with the cast, we really reflected on what made us happy and who is important in our lives,” said Mr. Freyne. “Even though it’s set in the afterlife, it’s less about death and more about life to me.”

Eternity comes out in Philippine theaters on Nov. 26. — Reuters

Banks’ 9-month trust assets rise to P4.9T as investors shift to managed funds

FREEPIK

PHILIPPINE BANKS’ trust assets had climbed to P4.867 trillion as of September, reflecting stronger demand for professionally managed funds amid continued caution in financial markets, based on data from the Bangko Sentral ng Pilipinas (BSP).

The figure rose 12.72% from a year earlier and 3.39% from the level at end-June.

A trust business covers activities performed under a trustor-trustee arrangement, where a trustee manages funds or properties for the trustor’s benefit. Banks or nonbank financial institutions may operate trust units, with industry assets made up of security investments, bank deposits and other holdings.

Net deposits grew 23.88% year on year to P1.264 trillion, while net financial assets increased 7.79% to P2.879 trillion. Cash and due from banks climbed 62.73% to P703 million.

Loans, including gross equity investments, slipped 7.56% to P44.331 billion from a year earlier.

Total accountabilities matched total assets at P4.867 trillion, rising 12.72% from a year earlier. Trust holdings rose almost 11% to P1.708 trillion.

Unit investment trust funds increased 17.2% to P688.661 billion, while employee benefit accounts advanced 4.05% to P368.781 billion.

Agency trusts grew 11.87% to P2.306 trillion, and other fiduciary services expanded 20.01% to P791.897 billion.

Universal and commercial banks held almost all trust assets at P4.842 trillion, while thrift banks accounted for P25.404 billion. — Katherine K.  Chan

PHL cybersecurity must keep pace with AI, digital growth — ManageEngine

STOCK PHOTO | Image by DC Studio from Freepik

By Beatriz Marie D. Cruz, Reporter

PHILIPPINE companies must strengthen their cybersecurity measures as rapid digitalization and the adoption of artificial intelligence (AI) increase their exposure to cyberattacks, according to information technology (IT) management provider ManageEngine.

“The cybersecurity posture still remains a challenge for a market like the Philippines, even though its push on digital transformation and AI is actually happening on a rapid scale,” ManageEngine Regional Vice-President Arun Kumar said in an interview with BusinessWorld on Wednesday.

Asked why many Philippine companies lack sufficient cybersecurity guardrails, Mr. Kumar said: “A lot of companies still haven’t gotten their foundations correct.”

He said that firms must take a cybersecurity-first approach to digital transformation to reduce vulnerability to attacks.

To ensure stronger cybersecurity foundations, companies should implement proper access management, conduct regular system vulnerability assessments, and increase employee awareness, he added.

Mr. Kumar cited the latest Microsoft Digital Defense Report, which ranked the Philippines among the top 20 countries most impacted by malicious cyber activity in the first half of 2025.

Looking ahead, he warned that scammers are expected to increasingly use AI technologies to launch sophisticated attacks. “With AI, you do not need a big team. All these data analytics and information, which can even compromise the most sophisticated cybersecurity software, can all be done with ease,” he said.

He advised companies to also use AI-driven systems to combat AI-powered cyberattacks while reinforcing employee awareness programs.

According to American technology firm Cisco, about 85% of firms in the Philippines faced AI-related cyberattacks last year, but only 6% were considered “mature” enough to defend against such threats.

ManageEngine said it is optimistic about expanding its presence in the Philippine market, citing alignment of its end-to-end IT management solutions with local companies’ increasing investment in cybersecurity.

The company is banking on the country’s growing digital economy and data center market to drive demand for its AI-driven IT management products. Across Southeast Asia, including the Philippines, ManageEngine has grown 25%-30% annually.

ManageEngine also plans to explore local partnerships and invest in talent development.

Its IT management solutions include unified service management, security information and event management, unified endpoint management and security, identity and access management, IT operations management and observability, advanced IT analytics, and low-code app development.

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