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Fueling Filipino enterprises: How truck financing drives growth nationwide

By Jay Ann Bonghanoy

In the dynamic landscape of Philippine commerce, mobility is a crucial factor for success. For Filipino entrepreneurs, particularly those in logistics, trading, and distribution, a reliable truck isn’t just a vehicle — it’s the lifeblood of their business operations. Recognizing this essential need, Global Dominion proudly offers its truck financing services to help drive the growth of Filipino businesses across the country.

Whether it’s a brand-new unit or a trusted secondhand workhorse, Global Dominion’s Truck Financing enables Micro, Small, and Medium Enterprises (MSMEs) to invest in the vehicles critical for their expansion. From delivery vans to large cargo trucks, this loan service is designed with Filipino entrepreneurs in mind, providing competitive financing options, flexible terms, and a customer-first approach that fosters long-term business success.

At Global Dominion, we understand that when mobility is within reach, growth follows. Truck financing is more than just a loan — it’s a partnership that accelerates progress and empowers businesses to thrive.

“In every province, city, and municipality, we see businesses that just need a little boost to reach the next level,” says Joel Carmona, General Manager of the Truck Financing Division. “Through our Truck Financing loan services, we help bridge that gap — enabling businesses to expand their reach, serve more customers, and achieve sustainable success.”

The significance of MSMEs in the Philippine economy cannot be overstated. According to the Philippine Statistics Authority’s 2024 data, the country recorded approximately 1,100,781 business establishments:

  • Micro establishments (1-9 employees) accounted for 75.4%
  • Small establishments (10-99 employees) made up 23.8%
  • Medium establishments (100-199 employees) represented 0.5%
  • Large establishments (200+ employees) comprised 0.2%

Moreover, small establishments employed the highest number of workers, with 28,484 individuals, accounting for 50.6% of total regional employment. The average number of workers per establishment nationwide was recorded at 11.
(Source: Philippine Statistics Authority, 2024 List of Establishments and ASPBI)

Global Dominion’s commitment to empowering Filipino entrepreneurs goes beyond just financing. It’s about becoming a true partner in growth. By making truck ownership more accessible, Global Dominion helps businesses overcome challenges, seize new opportunities, and expand their potential. The company’s reach extends far beyond urban areas, making a significant impact in rural and underserved regions where enhanced mobility can transform livelihoods and create lasting economic benefits.

Global Dominion is not just powering vehicles — it is fueling the dreams and ambitions of Filipino business owners from Luzon to Mindanao, one truck at a time.

For more information about truck financing and other loan services offered by Global Dominion, visit www.gdfi.com.ph or visit the nearest Global Dominion branch today.

 


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PDIC enhances loan program for closed banks’ borrowers

THE PHILIPPINE Deposit Insurance Corp. (PDIC) has enhanced and extended its Closed Bank Loan Incentive Program (CLIP) to help borrowers of shuttered banks settle their debts.

“Now known as CLIP 3.0, the program, which was launched in 2021, aims to help borrowers of closed banks maintain their creditworthiness and prevent the foreclosure of their mortgaged assets, by making it easier for them to settle their outstanding debts through discounts and waivers on the amounts they owe, provided that the discounted or reduced loan obligation is paid in full through a one-time cash settlement,” the PDIC said in a statement on Monday.

“As the statutory receiver of closed banks, the PDIC collects loan payments from borrowers of closed banks to augment the liquid funds for the settlement of claims of the banks’ creditors.”

The program’s qualifying principal balance threshold has now been raised to P10 million from P5 million previously to service more borrowers of closed banks.

“Discounts and waivers are also available and vary based on the year the bank was closed, and on whether the loan is clean, secured by a chattel mortgage or pledge, or by a real estate mortgage,” the PDIC added.

These incentives include discounts on borrowers’ outstanding principal balance and waived or reduced interest, penalties, and other charges, among others. — AMCS

Filipino Fund, Inc. to hold Annual Stockholders’ Meeting on May 13 via Zoom


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How PSEi member stocks performed — April 21, 2025

Here’s a quick glance at how PSEi stocks fared on Monday, April 21, 2025.


Philippines, US start annual war games in locations facing regional flashpoints

FILIPINO activists burn a US flag outside the military headquarters near the Philippine capital to protest the annual Balikatan war games. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Kenneth Christiane L. Basilio, Reporter

ABOUT 14,000 Filipino and American soldiers kicked off their annual combat drills in the Philippines on Monday, with the war games to be staged near key locations facing regional flashpoints like the South China Sea and Taiwan.

The Balikatan (shoulder-to-shoulder) exercises will run for three weeks until May 9, and will showcase an array of US weapons that include the Navy-Marine Expeditionary Ship Interdiction System (NMESIS) anti-ship missile system and High Mobility Artillery Rocket System (HIMARS).

Military forces from Australia, Canada, France, Japan, South Korea and the United Kingdom will also participate in the drills, while 16 other nations including Malaysia and Singapore will act as observers, according to a statement from the Philippine military.

“We will train shoulder-to-shoulder so that we are prepared to operate shoulder-to-shoulder and, if called upon, to fight shoulder-to-shoulder,” US Lieutenant General James F. Glynn, exercise director for the US side, said in a speech during opening ceremonies at Camp Aguinaldo, the Philippine military’s headquarters near the Philippine capital.

Started in 1991, the Balikatan exercise has evolved into Southeast Asia’s premier combat rehearsal as the Philippines and US seek to strengthen security cooperation and enhance force interoperability in response to China’s growing assertiveness in the region.

The South China Sea has become a flashpoint for Southeast Asia as China continues to assert sovereignty over almost the entire sea, seen as a vital global trade route that is also believed to be rich in undersea gas and oil deposits.

Philippine and Chinese forces have repeatedly clashed over competing claims in the sea, with tensions flaring around disputed maritime features such as the Spratly Islands and Scarborough Shoal.

“More than 14,000 participants and over 20 nations are invested in what is now a signature exercise dedicated to maintaining a free and open Indo-Pacific region and ensuring the defense of the Philippines,” Mr. Glynn said. “Nothing builds bonds more quickly than a shared adversity.”

Beijing also claims self-ruled Taiwan as its own territory and has routinely staged air and naval military drills that has put Taipei on a war footing. China has not ruled out the use of military force in annexing the island, putting its 23 million citizens and the world’s most advanced semiconductor factories at risk.

About 9,000 US soldiers and 5,000 Filipino troops will participate in the drills.

An invasion of Taiwan is not “conducive to a free and open” South China Sea, Mr. Glynn told reporters after the opening ceremony. The Philippine-US drills are structured to address broader “regional security challenges” in the South China Sea rather than to counter a potential Taiwan conflict.

“Whenever we conduct exercises, we focus on defense, not attacks,” Philippine Major General Francisco F. Lorenzo, exercise director on the Philippine side, told the same news briefing.

Mr. Glynn said the US military would deploy its advanced missile systems for the drills, including a mobile anti-ship missile system, a portable artillery rocket system, a mid-range capability missile battery and a short-range air defense platform.

“[We will] introduce new capabilities, like the Navy-Marine Expeditionary Ship Interdiction System, Marine Air Defense Integrated System (MADIS) and the army’s medium range capability for the Typhon missiles,” he added.

US Defense Secretary Peter Brian Hegseth in late March vowed to help arm the Philippines with deterrence capabilities by deploying advanced weaponry, such as the NMESIS and unmanned sea vessels.

Outside the military headquarters, activists led by Bayan Muna burned a US flag to protest the war games. “Stop militarization,” according to one banner held by a protester, while another urged the US not to drag Filipinos in the war with China.

‘CREDIBLE COMBAT POWER’
Meanwhile, the intermediate-range missile system can launch missiles that could reach the Chinese mainland. It was flown to the Philippines for last year’s Balikatan drills and has since drawn sharp criticism from Beijing.

“[These] are all here to bring together our capabilities, to demonstrate and reassure to the region that while we remain committed to peace, we also possess credible combat power… to maintain a free and open Indo-Pacific,” Mr. Glynn said.

The military drills reaffirm the Philippine and US commitment to keeping regional peace and bolstering military preparedness for “future challenges,” Armed Forces of the Philippines Chief-of-Staff Romeo S. Brawner, Jr. said in a speech.

“Our operations span complex joint endeavors including missile defense, counter-landing live fires and man-tank strike capabilities, alongside humanitarian efforts and infrastructure projects that directly benefit our local communities,” he said. “These initiatives are not solely about demonstrating power. They epitomize partnership in action.”

This year’s drills will be mostly concentrated in northern Philippines and its west coast.

Two military exercises — one on the major Philippine island of Palawan near the South China Sea and another in Cagayan province facing Taiwan — will see forces rehearse how to repel an invasion and test the Philippine military’s coastal defense system, according to a handout.

Joint Philippine-US forces will also carry out exercises to assert control over “vital maritime regions” by securing key infrastructure including ports, straits and strategic islands in western and northern Philippines, aimed at refining military tactics for safeguarding crucial maritime assets in case of conflict.

They will also hold naval drills with Japan in the West Philippine Sea, where Philippine and Chinese forces have repeatedly clashed. A decommissioned Philippine Navy ship will be sunk in a separate exercise within the same waters.

Meanwhile, China’s Southern Theatre Navy said a Philippines frigate had “illegally intruded” into the waters of Scarborough Shoal on Sunday, “seriously violating” Chinese sovereignty and laws.

The navy monitored and drove the vessel away, it said in a statement late Sunday. It urged the Philippine side to immediately stop the “infringement and provocation,” its spokesperson said.

The Philippine Embassy in China did not immediately respond to a request for comment. — with Reuters

Philippines eases official restrictions on Taiwan investment-related visits

BW FILE PHOTO

By Adrian H. Halili, Reporter

THE PHILIPPINES has relaxed restrictions on travel to Taiwan for economic, trade and investment purposes by government officials, limiting the ban to the President, Vice-President, Foreign Affairs and Defense secretaries.

In a memo signed by Executive Secretary Lucas P. Bersamin on April 15, the presidential palace said other state officials visiting Taiwan for economic reasons may do so as long as they use their ordinary passports and without using their official titles.

They must also inform the Manila Economic and Cultural Office (MECO) about the purpose of their visit and coordinate with the agency during their travel, according to Memorandum Circular No. 82. Officials must also submit a report on their travel to MECO and the Department of Foreign Affairs (DFA).

The memo clarifies Executive Order (EO) No. 313 issued in 1987 in recognition of the Philippines’ One China policy of strategic ambiguity regarding Taiwan.

China claims Taiwan as its own territory and views it as a breakaway province. The Philippines adopted the One China principle, which states that there is only one official Chinese nation, in 1975, despite the division between China and Taiwan in the aftermath of the Chinese civil war.

EO 313 prohibited all officials of the Philippine government from visiting Taiwan and from receiving Taiwanese officials to the Philippines.

Under the April 15 memo, Philippine government officials and their agencies may now receive delegations from Taiwan for economic, trade and investment purposes through MECO.

Like the 1987 order, the April 15 memo still bars any Philippine government officials from signing agreements, memos exchange of notes and similar documents with any Taiwanese organization or agency without clearance from the DFA and the Office of the President.

The eased rules would “further maximize opportunities for the development and expansion of the Philippines’ priority areas of investments,” according to the memo.

The Taipei Economic and Cultural Office in the Philippines declined to comment when contacted via Viber.

Raphael J. Cortez, who teaches diplomacy at De La Salle College of St. Benilde in Manila, said the relaxed official travel restrictions would let the Philippines and Taiwan boost trade ties.

“Given that government engagements can already be undertaken, then this easing may pave the way for negotiations for agreements relating to trade and the economy in general,” he said in a Facebook Messenger chat.

He added that Taiwan could also maximize opportunities as other counters seek out alternative trade partners in the region due to the US government’s reciprocal tariffs.

US President Donald J. Trump has imposed sweeping reciprocal tariffs on trading partners aimed at addressing trade imbalances and protecting US industries.

On the other hand, Mr. Cortez said that relaxed restrictions could worsen Philippine ties with China. “This is something of course that does not align with the Chinese government’s perception of Taiwan, and something that they do not want their trading partners to engage in.”

Philippine-China ties have worsened in recent years due to repeated encounters between their coast guard ships in the South China Sea over competing claims on the Spratly Islands and Scarborough Shoal, among other sea features.

China claims more than 80% of the South China Sea based on a 1940s map, which a United Nations-backed arbitration court in The Hague voided in 2016 for being illegal.

Health experts urge PHL Congress to hike ‘sin taxes,’ boost funding vs obesity

PHILIPPINE STAR/ MIGUEL DE GUZMAN

PHILIPPINE lawmakers should raise the taxes on sugary and alcoholic drinks as well as cigarettes to curb consumption and generate revenue for public health programs, health experts said.

The extra revenue could help fund Philippine Health Insurance Corp.’s (PhilHealth) expanded benefit packages as well as state programs against obesity, said Madeleine de Rosas-Valera, a former Health undersecretary.

“Maybe we need a 10% increase in sin taxes per year,” she said in an interview, adding that tax increase rates under the law are not enough to fund the state health insurer.

The Philippines levies “sin taxes” on alcoholic beverages and tobacco products to deter consumption, with annual tax rate hikes of 6% and 5%, respectively, according to the Bureau of Internal Revenue.

Sugary drinks are taxed a flat P6 or P12 depending on the type of sweeteners used without yearly increases, based on Republic Act No. 10963 or the 2018 Tax Reform for Acceleration and Inclusion Law.

The Finance department last year said it is not keen on raising taxes on sin products.

“How will PhilHealth be able to come up with benefit packages for prevention?” Ms. Valera asked. “They have it for hypertension and diabetes but there’s still no preventive program for obesity.”

The state health insurer provides a consultation package for members that covers medical check-up and essential medicines for conditions such as diabetes, asthma and infections requiring antibiotics, according to its website.

Lawmakers should also consider crafting laws addressing noncommunicable diseases and illnesses linked to lifestyle and genetics, such as heart attacks, asthma and diabetes, said Lourdes Desiree D. Cembrano, healthcare policy director at the Pharmaceutical and Healthcare Association of the Philippines.

“We have a mental health law, we have a rare diseases law, we have a cancer law,” she said in an interview. “But for noncommunicable diseases in general… it should be looked at. There’s no cardiovascular law, obesity law or diabetes law.”

Ms. Valera said the Education department should require school cafeterias to display boards with the nutritional value of meals served. “The schools should really measure the nutritional value of the food offered to students.” — Kenneth Christiane L. Basilio

Supreme Court asked to stop Samal-Davao bridge project

PH.CHINA-EMBASSY.ORG

ENVIRONMENTALISTS on Monday filed a 200-page petition before the Supreme Court (SC) seeking to halt the Samal Island-Davao City Connector (SIDC) Project and declare its construction results in “actual, serious, and irreversible damage” to coral reefs in both areas.

The groups filed a Writ of Kalikasan with an urgent prayer for the issuance of a Temporary Environmental Protection Order to stop ongoing construction of the 4.76-kilometer bridge, which is damaging the Paradise Reef in Samal Island and the Hizon Marine Protected Area near Davao City.

“The bridge is already being constructed, it is destroying coastal and marine biodiversity and resources in Samal Island and Davao Gulf,” lawyer and former Environment Undersecretary Antonio Gabriel M. La Viña told reporters in Filipino. “So, we’re hopeful that the Supreme Court will act on this petition soon.”

Also, among the petitioners were Ecoteneo, Interfacing Development Interventions for Sustainability (IDIS), Sustainable Davao Movement, and Dyesabel Philippines.

The Department of Public Works and Highways (DPWH) did not immediately reply to a Viber message seeking comment.

In January, the DPWH said it is on track to complete the P23.52-billion project by September 2028 as it reached a completion rate of 12%.

The petitioners argued that the SIDC Project violates the constitutional right to a “balanced and healthful ecology,” which includes the preservation of coral reef systems.

The project reveals “both a slow and an immediate death of the coral reefs in the Davao gulf and of the ecosystems, including local communities, that collectively depend on these reefs for their continued existence,” the petition read.

It added that the destruction of the reefs poses an actual threat to local communities near the area.

“If the coral reefs that have been relied upon by peoples and ecosystems for centuries would die, it is a tragedy — where the powerful, the State itself, plays god.”

They also asked the SC to declare the Environmental Compliance Certificate, issued by the Department of Environment and Natural Resources (DENR) in relation to the project, as “null and void” as well as direct respondents to implement measures to restore and rehabilitate the coral reefs.

Among the respondents were the DPWH, DENR, Samal Island Protected Landscape and Seascape Protected Area Management Board, and the China Road and Bridge Corp. The project is expected to be completed by September 2028. — Adrian H. Halili

VP Sara endorses full Senate slate

VICE-PRESIDENT SARA DUTERTE-CARPIO — PHILIPINE STAR/ RYAN BALDEMOR

VICE-PRESIDENT (VP) Sara Z. Duterte-Carpio on Monday endorsed senatorial candidates aligned with the ruling party during her father’s presidency, along with two candidates from outside the party, amid the widening rift between two of the country’s most influential dynasties.

Ms. Duterte endorsed ten senatorial candidates from the Partido Demokratiko Pilipino (PDP) slate and included Senator Maria Imelda “Imee” R. Marcos and Las Piñas Rep. Camille A. Villar, citing her vision of a “prosperous Philippines” behind the move.

“This vision is solid enough to break through the walls of the existing political division in the country,” she said in a statement.

The PDP slate includes James Patrick R. Bondoc, Senators Ronald “Bato” M. dela Rosa and Christopher Lawrence “Bong” T. Go, Raul L. Lambino, televangelist Apollo C. Quiboloy, Party-list Rep. Rodante D. Marcoleta, former Presidential spokesperson Victor D. Rodriguez, Jesus V. Hinlo, Jr., Richard T. Mata, and Phillip R. Salvador.

Lawmakers on Sunday said Ms. Duterte is endorsing senatorial candidates in a bid to shore up support in the Senate, which is set to convene as an impeachment court where she faces ouster.

The Philippines has been embroiled in a deepening political feud between the Marcos and Duterte clans. Once close political allies, their alliance publicly eroded last year after a series of escalating tit-for-tat exchanges stemming from policy differences.

Presidential sister Ms. Marcos left the administration’s Senate ticket in late March, saying she could no longer stand on the same platform as her former peers.

Ms. Villar was still a member of the administration slate Alyansa Para sa Bagong Pilipinas (Alliance for a New Philippines) when Ms. Duterte endorsed her.

Her father, businessman and former Senate President Manuel B. Villar, Jr., has said he sees no reason to join the quarrel between President Ferdinand R. Marcos, Jr. and his predecessor Rodrigo R. Duterte, both of whom are his friends.

“We are glad that they share our goal for a peaceful and prosperous Philippines. But turning that vision into reality takes more than words,” Navotas Rep. Tobias Reynald M. Tiangco, campaign manager of the administration’s Senate ticket, said in a separate statement. “It requires a clear direction, steady leadership, and a track record of delivering results.”

“Alyansa Para sa Bagong Pilipinas stands on performance, not promises. Our candidates are working… to push for difficult but necessary reforms that will strengthen our institutions and improve lives,” he added. — Kenneth Christiane L. Basilio

MRT-3 deploys additional trains

THE Department of Transportation (DoTr) said it had deployed additional train sets for Metro Rail Transit Line 3 (MRT-3) to accommodate more passengers.

In a media release on Monday, DoTr said it will be deploying three four-car trains during peak hours starting Monday, which can carry over 1,500 more passengers.

MRT-3 resumed its operations on Monday after its suspension from April 17-20 for maintenance. Last month, the DoTr also extended the operations of MRT-3 by an hour to cater to more passengers.

In 2024, MRT-3 recorded a total of 135.89 million passengers, 3.5% higher than 129.03 million passengers in 2023. This translates to 375,474 average daily passengers, MRT-3 said.

Further, the Transportation department said it is also studying the possibility of implementing cashless payment for single journey tickets; as well as the possibility of providing Wi-Fi access for commuters. — Ashley Erika O. Jose

NNIC logs higher passenger volume during Holy Week

REUTERS

NEW NAIA Infra Corp. (NNIC), the private operator of Ninoy Aquino International Airport (NAIA) saw higher passenger volume at the country’s main gateway during the Holy Week. 

In a media release on Monday, NNIC said over 1.7 million passengers traveled through NAIA from April 13-20. This is 12.7% higher than the comparable period a year ago, NNIC said.

The operator of the country’s main gateway also logged growth in both international and domestic travel, with international passenger volume increasing by 11.21% and domestic passenger volume climbing by 14.19%. 

NNIC said it also recorded the highest single-day volume on April 20 at 156,635 passengers, while the daily average for the week was 146,611.

“NAIA recorded an on-time performance of 83.28% across all terminals throughout the Holy Week period — an indicator of smoother airport operations and more efficient turnaround for airlines,” NNIC said.

NNIC, which took over the operations of NAIA in September last year, said it is working with government stakeholders to deliver upgrades at NAIA to meet the growing demand while also supporting long-term economic growth.

Separately on Monday, the Philippine Ports Authority said it had logged 2.29 million passengers at the country’s seaports during the Holy Week. This is 37.14% higher than the 1.67 million passengers who traveled through the country’s ports in the same period last year. — Ashley Erika O. Jose

Stop fake news, Marcos says

STOCK PHOTO | Image by memyselfaneye from Pixabay

PHILIPPINE President Ferdinand R. Marcos, Jr. on Monday ordered his government to combat fake news and disinformation, the Presidential Communications Office (PCO) said.

“The directive of the President is to prevent and stop fake news,” PCO Undersecretary Claire B. Castro said in a Palace briefing, without providing details.

“Fake news is really increasing here in the Philippines. So, this is no longer a joke, we really need to pay attention to it,” she added.

Ms. Castro said that the President had also conducted a meeting with the Department of Information and Communications Technology to stop the spread of fake news.

The Philippine National Police last week, created a specialized committee to tackle growing cases of misinformation and disinformation.

Earlier, the Presidential Communications Office pushed for the creation of a state regulatory body tasked to monitor fake news and to weed out troll armies that operate via dummy accounts.

Similarly, the House of Representatives in February floated the possibility of requiring social media companies to secure a franchise to operate as part of efforts to combat the spread of disinformation. — Adrian H. Halili