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Trump demand for Japan to buy more US rice stalled trade talks — report

STOCK PHOTO | Image by Vinn Koonyosying from Unsplash

TOKYO — A Trump administration request that Japan buy more US rice caused this week’s snag in bilateral trade talks as Tokyo “strongly objected” to the condition, the Nikkei newspaper reported.

Japan’s top tariff negotiator abruptly canceled a US trip on Thursday over unspecified “points that need to be discussed at the administrative level,” a government spokesperson said, as the two sides try to hammer out details of a July agreement on a reduced 15% tariff on US imports from Japan.

The Nikkei, citing Japanese government officials it did not identify, said a revised order from President Donald Trump included a commitment for Japan to buy more American rice.

One official criticized the proposal as an “interference in domestic affairs,” the business daily said.

The office of negotiator Ryosei Akazawa, Japan’s minister for economic policy, and the agriculture and foreign ministries, as well as the US embassy could not be reached for comment on the report outside business hours.

The Nikkei said the new demand contradicted an agreement that Japan would not need to lower its tariffs on agricultural imports.

In the July deal, the White House said Japan would boost US rice purchases by 75%. Prime Minister Shigeru Ishiba said the share of US rice imports might increase under an existing tariff-free framework but that the agreement did “not sacrifice” Japanese agriculture.

Mr. Akazawa’s trip was meant to finalize Japan’s agreement to a $550-billion package of US-bound investment through government-backed loans and guarantees, the contents of which remain obscure.

Japanese officials have repeatedly said they want an amended presidential executive order — removing overlapping tariffs on Japanese goods — before releasing a joint document on the investment details.

Opposition leader Yuichiro Tamaki on Saturday questioned the government’s competence and transparency on the trade deal, posting on X that the confusion highlights the danger of operating without a formal text of the deal.

“Because there is no written agreement, we cannot confirm what the problem is,” said Mr. Tamaki, head of the Democratic Party for the People.

Citing “heightened uncertainty” for Japan’s auto industry and its workers, he urged Mr. Ishiba to swiftly convene parliament and provide a full explanation, saying any new agricultural concessions would require legislative approval. — Reuters

PHL businesses need structured data, clear governance policies to adopt AI — Hitachi Vantara

AYALALAND.COM.PH

PHILIPPINE enterprises need to reduce unnecessary data and strengthen their artificial intelligence (AI) governance policies to generate significant value from their AI-related investments, according to data management and storage firm Hitachi Vantara.

“Companies in Asia are already hiring AI-relevant talent at higher-than-global rates and engaging external experts to accelerate outcomes. For Philippine enterprises, focusing on these fundamentals such as clean data, clear governance, and the right partners — shortens time to value,” Octavian Tanase, chief product officer at Hitachi Vantara, said in an e-mail.

However, most companies in the region still struggle with scattered data, making it harder to utilize AI at scale, Mr. Tanase said.

In Asia, only 30% of enterprise data is structured, with models delivering accurate outputs only 32% of the time, according to Hitachi Vantara’s latest State of Data Infrastructure Survey.

Philippine companies must invest in data preparation to reduce ROT (redundant, obsolete, trivial) data and close the digital skills gap through targeted hiring and trusted partners.

Mr. Tanase also cited the importance of reskilling and upskilling to ensure that employees apply the best use cases of AI.

“Enterprises that combine better data practices with proactive workforce development will be better positioned to adopt AI responsibly and at scale,” he said.

A report by Boston Consulting Group showed that AI and generative AI are expected to contribute around $120 billion to the gross domestic product of six ASEAN (Association of Southeast Asian Nations) countries by 2027, namely Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

“The enterprises that succeed in structuring and governing their data will be the ones to capture the lion’s share of this value, because organized data directly translates into more accurate, revenue-generating AI models,” Mr. Tanase said.

The growing adoption of AI is also driving the expansion of Southeast Asia’s data center market. ASEAN is projected to triple its data center capacity by 2027, with an expected addition of 2,100 megawatts in the next few years.

“The rise in regional data center investment is encouraging but readiness isn’t just about numbers. The best outcomes come from data centers that emphasize interoperability, governability, sustainability, and performance,” Mr. Tanase said. — Beatriz Marie D. Cruz

Toyota Gazoo Racing Philippines eSports GT Championship qualifiers on

IMAGE FROM TOYOTA MOTOR PHILIPPINES

TOYOTA MOTOR PHILIPPINES (TMP) recently announced the start of its e-motorsports season with the launch of its refreshed sim racing tournament, the Toyota Gazoo Racing Philippines eSports GT Championship 2025 (TGR PH eSports GT Championship). The series continues TMP’s drive of “staging the country’s premier virtual racing competition.” Participants go head-to-head in sprint races using the Gran Turismo 7 game on PlayStation.

Winners bring home cash prizes, original GR merchandise, and an invitation to the Toyota Gazoo Racing Academy. Top three finishers also get the honor of representing the country at the Asia Finals in Thailand later in the year, where they will be up against some of the best sim racers in the region.

To be eligible for the competition, a player must be a permanent resident or citizen of the Philippines and reside in the country during the tournament schedule. Minors (17 years old and below) must secure the permission of a guardian before participating. Participants may do their qualifiers online or offline at select Toyota GR Performance dealerships. Those who opt to do their qualifiers online must have a PlayStation 4 or 5 with active PSN account and PS Plus subscription, and a copy of Gran Turismo 7.

For offline qualifiers, participants may check the list of participating Toyota GR Performance dealerships on the official TGR PH eSports GT Championship Facebook group (https://www.facebook.com/groups/tgresportsgtchampionship/). Offline participants only need to bring a valid government-issued ID for verification at the dealership. Interested participants may register through https://forms.office.com/r/rqhiXM2Bef to schedule their qualifying. The qualifiers will determine the top 40 players who will advance to the quarterfinals.

The quarterfinals, which will narrow down the pool to the 20, will be held on-site at the Ayala Malls Manila Bay in Pasay City on Oct. 11. This will be followed by the semifinals and national finals on Oct. 12.

Since its launch in 2020, TGR Philippines’ e-motorsports program has been providing an avenue for aspiring racers to kick-start their motorsport dreams. Winners are promoted to real-life racing through TMP’s premier racing series, the Toyota Gazoo Racing Philippine Cup, where they are given the opportunity to get behind the wheel of the Vios one-make-race (OMR) car. Previous e-motorsports champions Russel Reyes and Luis Moreno have even gone on to claim the championship in the TGR Philippine Cup Novice Class in 2024 and 2025, respectively.

“As we conclude one racing series this year, we are thrilled to begin another one — now for sim racers! Although the racing will be virtual, the action will surely be felt, especially at the finals at the Ayala Malls Manila Bay this October. We invite everyone to participate in this very exciting opportunity to live out their racing dreams,” shared TMP Assistant Vice-President for Marketing Services Andy Ty in a release.

The Toyota Gazoo Racing Philippines eSports GT Championship 2025 is sanctioned by the Automobile Association Philippines and is presented by official fuel and lubricants partner Petron, and official tire partner GT Radial. This event is also supported by official timekeeper Seiko, Toyota Financial Services Philippines, Tuason Racing, AVT, 3M, Denso, OMP, Rota, Autoplus, PIAA, Vinyl Frog Premier Vehicle Wraps, AutoQuix, Sparco, myToyota Wallet, and Kinto One.

For more information, follow Toyota Gazoo Racing Philippines on Facebook, Instagram, X, YouTube, and TikTok (tgrphilippines). Participants are also encouraged to join the official TGR PH eSports GT Championship Facebook group for tournament updates.

Follow TMP’s official pages (ToyotaMotorPH) on Facebook, Instagram, and X; join the Viber community at Toyota PH for updates.

Banks could face sanctions, charges for failure to update fraud management systems

REUTERS/KACPER PEMPEL/FILE PHOTO

THE BANGKO Sentral ng Pilipinas (BSP) could impose both civil and administrative sanctions and penalties against banks that are unable to comply with the new fraud management system (FMS) requirements under the Anti-Financial Account Scamming Act (AFASA).

“There is what we call the civil aspect, where a scam victim will be adjudicated by the BSP and we act like a judge. Now, on top of that, I can complain to BSP that my bank is violating rules. In that case, the bank can be held administratively liable. These are separate procedures,” BSP Deputy Governor Elmore O. Capule told reporters last week.

The BSP has given banks until June 25, 2026 to adopt new fraud management systems, as well as upgraded security and authentication measures for consumers. Lenders were also given six months to update their risk management frameworks in line with the AFASA’s implementing rules.

Mr. Capule said the BSP could suspend a bank’s license if they are unable to comply with updated FMS requirements by the deadline.

“Number one, remember, we are the regulator of banks. We are supposed to ensure that the banks comply with our regulations. So, if they fail, administratively, we can hold them liable. We can impose fines, penalties, even suspension of license. That’s possible,” he said.

Mr. Capule added that under the Financial Products and Services Consumer Protection Act, clients can also hold their banks liable for restitution if they are scammed and the financial institution is found to have an outdated fraud management system.

“What this means is, if I am a client, and I get scammed, and then it turns out they are not complying with this fraud management system, they will now be obliged to repay me. I don’t have to go after the scammer — I go after the bank. I was scammed because [their] system is totally inadequate to save me. Remember, that is their product,” he said.

“If I establish that my bank is not compliant with that requirement, that’s all I have to prove.”

In this kind of case, Mr. Capule said the BSP will act as an adjudicator and determine through a hearing if they will obligate the bank to repay the victim.

Asked if the central bank would be willing to extend the FMS compliance deadline, he said they will have to monitor industry developments,

“We will find out after one year. But for now, banks are treating it seriously because they have to spend a lot of money for that. After one year, it will be hard for the BSP to say we will extend it because there are people getting victimized by scams,” Mr. Capule said.

“So, if we will extend it, they can tell us, you’re not protecting the public.” — A.M.C. Sy

Giorgio Armani sees succession as a ‘gradual transfer’ of responsibilities

DESIGNER Giorgio Armani appears on the runway at the end of the Giorgio Armani Fall-Winter 2025/2026 menswear collection during Milan Fashion Week in Milan, Italy on Jan. 20. — REUTERS FILE PHOTO/ALESSANDRO GAROFALO

MILAN — Giorgio Armani sees his succession as a gradual handover to his closest collaborators and family, the Italian fashion designer told the Financial Times on Friday, after poor health forced him to miss the recent Milan and Paris fashion shows.

Before skipping Milan in June, Mr. Armani, 91, who is both creative director and chief executive officer of the company he founded, had never missed one of his catwalk events.

“My plans for succession consist of a gradual transition of the responsibilities that I have always handled to those closest to me… such as Leo Dell’Orco, the members of my family and the entire working team,” he told FT’s How To Spend It supplement.

Pantaleo (Leo) Dell’Orco is head of men’s design and Mr. Armani’s right-hand man.

“I would like the succession to be organic and not a moment of rupture,” Mr. Armani added.

One of the fashion world’s best-known figures, Mr. Armani is sole shareholder of the company he set up with his late partner Sergio Galeotti in 1975, which generated revenue of €2.3 billion ($2.69 billion) in 2024. — Reuters

Cracker Barrel logo is corporate mediocrity’s latest casualty

MIKE MOZART/COMMONS.WIKIMEDIA.ORG

By Adrian Wooldridge

THE latest battle in America’s woke wars featured a country-themed restaurant-and-store which gloried in the name of Cracker Barrel. The senior management of Cracker Barrel Old Country Store, Inc. tried to modernize their enterprise by simplifying its logo and removing the image of an overall-clad man leaning on a barrel. MAGA spotted a plot by woke managers to destroy another corner of Old America. Battle ensued.

“WTF is wrong with @CrackerBarrel??!,” roared Donald Trump, Jr. on X. “Cracker Barrel must be broken,” urged Christopher Rufo. The company’s stock lost almost $100 million. Donald Trump himself took time off from undermining the independence of the Federal Reserve to urge the company to go back to its old logo. And the company duly obliged and restored the overall-clad man to his rightful place.

MAGA is now celebrating yet another victory over the woke revolution: Conservative intellectuals who have never eaten in Cracker Barrel can now visit one to toast their triumph with a glass of Wild Berry Tea. But the victory is not only ridiculous but Pyrrhic. Ridiculous because the people behind the redesign were not woke revolutionaries but paint-by-numbers managers. Pyrrhic because the corporate homogenization of American culture will continue. Cracker Barrel’s retention of its “Old Timer” will not change the numbing monotony of America’s increasingly generic and boring popular eateries. The real threat to America is not wokery. It is mediocrity.

We like to think of “mediocrity” as a mistake: Management’s job is to pursue excellence and to weed out mediocrity. Yet today’s corporate landscape suggests a darker reality: Mediocrity is not so much a bug as a feature. We increasingly live in a world of corporate lookalikes, so much so that I frequently find myself trying to get into someone else’s car because it looks exactly like mine. All logos have gone through the same process of simplification. All brands speak the same language of openness and inclusivity. All restaurants, from the slowest to the fastest, partake of the same minimalist ethic.

Cultural critics rage about such homogenization. Alex Murrell talks about a “creative convergence” toward the bland and average. Adam Mastroianni complains that “until 2000 about 25% of top grossing movies were prequels, sequels, spinoffs, remakes, reboots or cinematic universe expansions… In recent years, it’s been close to 100%.” There is even a name for the phenomenon: “Blandification.” The critics are howling into the wind. The corporate world is in the grip of three management techniques that weave mediocrity into everything it produces.

The first is measurement and standardization. Standardization is as old as mass production if not the Industrial Revolution. But the process is reaching hitherto protected areas of the knowledge economy. The 3M Co. was once famous for giving its workers spare time to noodle away at new products, a process that produced Post-it notes as well as other innovations. But in 2001 a new CEO, James McNerney, introduced “Six Sigma,” a data-driven methodology aimed at eliminating defects in any process, into every corner of the company, including innovation. Out went “noodling” and in came bureaucratic accountability and market segmentation.

The result was a creativity crisis — at best a collection of me-to products and at worse innovation paralysis. (McNerney went on to lead Boeing Co. into a tailspin from which it has yet to recover.) This paint-by-numbers spirit is spreading into the creative world: More and more companies are using digital tools to monitor knowledge workers, tracking their key strokes and watching their performance on Zoom, in a bid to boost productivity.

The second is managed feedback. To buy something is to be immediately presented with a “how did we do” survey on a scale of one to five. Manage someone and you are required to produce regular reports on their performance (often, again, on a scale of one to five). But all this feedback is designed to squeeze out anything that is spontaneous or heartfelt. Anybody who wants to make a genuine complaint about poor service, as I did recently about British Telecom, finds it impossible to get through to a live human being. Some of this managed feedback is designed to create the illusion that giant bureaucracies are listening. But, alas, some of it does have an effect.

One reason Netflix series are becoming so insipid is that the company cares about all those thumbs-up and thumbs-down buttons. Feedback rewards the predictable and punishes the original, squeezing shows into “categories” and then squeezing examples of these categories into rigid formulae. And one reason products are so generic is that designers are always polling their customers.

The third is globalization: The more companies try to reach global markets, the more they produce generic slop impervious to the quirks of culture. Comic book heroes are much easier to export than angst-ridden characters. But what is true about cultural products is also true of car dashboards or washing-machine control panels.

Globalization may be fading. A revival of quirky national traditions is unlikely to replace it. Two of the most powerful forces in modern business are sending the mediocrity revolution into overdrive. The most obvious is artificial intelligence. AI operates by scraping the internet for established knowledge and then serving up that knowledge in a predigested form. If the biggest money-spinner of 2025 turned out to be the latest Fast and Furious (whose iterations are now in double digits), then AI will mechanically churn out more of them in an infinite feedback loop. Artificial intelligence is mediocrity memeified, magnified, and mummified.

The other is consolidation. Over the past two decades, three out of four US industries have grown more concentrated, as giant companies have muscled aside competitors and swallowed startups. The biggest danger with consolidation is that it forestalls radical products that might challenge the status quo. But in the shorter term it homogenizes existing products.

Take the case of The Walt Disney Co., which seems to be trapped in a mediocrity doom loop. Since 2006, the Mouse has been far more accomplished at buying other companies — Pixar for $7.4 billion in 2006, Marvel for $4 billion in 2009, Lucasfilm for $4 billion in 2012, and 20th Century Fox for $71 billion in 2019 — than for its artistic creativity. Its remake of Snow White was, like the current remaking of Cracker Barrel, distinguished not by wokeness but by mediocrity. But the more it focuses on corporate jiggery-pokery, the more it loses the creative magic that first made it great.

MAGA warriors are right to worry that something has gone wrong with corporate America — and that the vertiginous stock prices conceal a reality of sloppy standards and juiced returns. But they err in obsessing over the culture wars rather than a deeper crisis of creativity. And they err, above all, in not seeing wokery for what it is — a mere symptom of the bigger problem of mediocrity.

BLOOMBERG OPINION

India push for ethanol-mixed fuel sparks backlash from motorists

PHILIPPINE STAR/KRIZ JOHN ROSALES

NEW DELHI/LUCKNOW — The Indian government is facing a backlash from motorists after the nationwide rollout of fuel blended with 20% ethanol, amid fears — stoked by a lack of clarity from some automakers — that it may affect the performance of particularly older vehicles.

India, the world’s third largest car market, set a 2025 target years ago for 20% ethanol blending in fuel, called E20, as part of Prime Minister Narendra Modi’s focus on clean energy.

But in recent weeks it has become the only choice at nearly all of the country’s 90,000 fuel stations. Older blends, like E5 and E10, typically seen as more compatible with old cars, have mostly been removed, leaving drivers with just one choice.

The government says E20 lowers carbon emissions, but has conceded in press statements addressing consumer worries that there could be a “marginal” hit on fuel efficiency of old cars.

Automakers, already battling slower sales and shortages of rare-earth magnets, have provided mixed guidance, adding to consumer anger over the lack of choice. Public interest litigation against the move will be heard in the Supreme Court on Monday.

Two fuel station managers in the northern city of Lucknow told Reuters that drivers were getting so angry that some stations had stopped providing information about the change.

“People hurl abuse at us. We then decided to not tell people about it,” said one manager, Ramesh Pandey.

The ministries of petroleum and road transport did not respond to requests for comment.

“India’s ethanol journey is unstoppable,” petroleum minister Hardeep Singh Puri said on Aug. 8, adding that “some lobbies with vested interests are actively attempting to create confusion.”

Days later, Mr. Puri’s ministry said, “in case of certain older vehicles, some rubber parts and gaskets may require replacement” calling it a “simple process.”

Automakers are racing to assuage concerns, but there is little clarity on the future of old cars in particular.

Skoda has issued an FAQ on its website saying that components of its cars sold in India before April 2020 “are not evaluated” for E20. In a statement to Reuters on Friday, it said vehicles sold after that date were “fully material-compatible,” without explaining what happens to older cars.

Toyota said in a statement that “a modest variation” in fuel economy in its cars was likely with E20.

On Monday, Renault told tech consultant Ankur Thakur, 28, via e-mail that his 2022 Renault Triber had “not been tested” for E20 and it was “not advisable” to use the fuel.

He posted the screenshot of the e-mail on X, which went viral and attracted more than 700,000 views. Renault then told Mr. Thakur — and Reuters in a statement on Friday — that based on government tests E20 poses “no serious challenges” for old cars.

Mr. Thakur, unconvinced, is now using a pricey no-ethanol fuel still available at select pumps. “Just give me the right fuel my car was originally made for,” he told Reuters.

A Reuters review of a fuel tank flap and user manual of an Audi Q3 purchased last year in India showed it recommended only E5 and E10 fuel.

The fuel tank of a 2024 Mahindra Scorpio was pasted with a warning sticker: “CAUTION. PETROL/E10 FUEL ONLY.”

Mahindra and Audi did not respond to Reuters queries. — Reuters

ERC approves Meralco, First Gen power supply deal extension until 2026

PHILIPPINE STAR/JESSE BUSTOS

THE ENERGY Regulatory Commission (ERC) has approved the request of Manila Electric Co. (Meralco) and a unit of First Gen Corp. to continue procuring power supply from a 1,000-megawatt (MW) gas-fired power plant in Batangas until Jan. 31, 2026.

In an order dated Aug. 27, the ERC authorized the implementation of the interim extension of the power purchase agreement (PPA) between Meralco and First Gas Power Corp. (FGPC) for the dispatch from the latter’s Sta. Rita power plant.

The application was approved a day before the expiration of the PPA.

First Gen owns and operates four gas-fired power plants with a combined capacity of 2,017 MW located in Batangas. FGPC, a subsidiary of First Gas Holdings Corp., supplies electricity from the Sta. Rita plant to Meralco under a 25-year PPA.

The companies earlier filed a motion with the ERC to extend the PPA, as FGPC said it would likely be constrained to shut down the power plant due to loss of offtake.

Should the shutdown happen, they said this may further limit the availability of generation capacity and result in yellow/red alerts to the grid that will “inevitably impact Meralco’s customers.”

In its simulation, Meralco forecast that the interim extension of the PPA would result in an increase in blended generation costs of between P0.4117 per kilowatt-hour (kWh) and P0.5093 per kWh in the next three months.

The ERC also directed the Independent Electricity Market Operator of the Philippines (IEMOP), the operator of the Wholesale Electricity Spot Market (WESM), to simulate potential rate increases that would occur in the WESM if the Sta. Rita power plant, along with other natural gas plants, were to operate as merchant plants.

Based on IEMOP’s simulations, spot market prices could increase to as high as P6.23 per kWh with the Sta. Rita power plant operating as a merchant plant compared to operating with a PPA.

In its explanation, the ERC said that although the motion would affect Meralco’s generation charge, there are still “other equally compelling and urgent reasons that justify the proposed extension.”

“The rate consequences would be significantly more severe than the estimated increase in the generation charges calculated by Meralco for the affected months,” the ERC said.

In approving the extension, the ERC ordered that the dispatch of FGPC’s Sta. Rita plant should be at its minimum level only.

“Nevertheless, the Commission remains cognizant of the difficulties imposed on Meralco’s consumers in the pursuit of energy security for the entire power system,” the ERC said.

In exercising its rate-making authority, the regulator said it is compelled to approve a pass-through rate for the Sta. Rita plant’s supply to Meralco under the interim extension.

The rates are equivalent to the previously approved rates but based on an 83% plant capacity factor.

The ERC said that Meralco must manage its electricity purchases in a manner that ensures the least-cost supply to its captive market.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

GWM PHL targets sales growth with key hires

GWM Philippines Sales Director Jude Racadio (left) with GWM Philippines Deputy Director for Training and Product Planning Vincent Marquez — PHOTO FROM GWM PHILIPPINES

LUXURIANT AUTOMOTIVE Group, Inc. (LAGI), the official importer and distributor of GWM vehicles in the Philippines, announced the recent appointment of two “seasoned automotive professionals” to its growing leadership team. This strategic move underscores the company’s commitment to strengthening its market presence and to further gear up for “an exciting second half of 2025 and beyond.”

Jude Racadio joins GWM Philippines as its sales director. With “an extensive career in the automotive industry,” Mr. Racadio brings with him expertise in manufacturing, parts planning, inspection processes, and sales and marketing. From starting as a production manager to eventually becoming a national sales director in his previous role, his career trajectory “exemplifies dedication and leadership.” At GWM, he will be leading sales operations and dealer development efforts to drive sustainable growth and competitiveness in the market.

Meanwhile, Vincent Marquez steps in as deputy director for training and product planning. Previously serving as a senior training manager, Mr. Marquez is “highly regarded for his deep experience in designing and executing training programs focused on product knowledge and sales for automotive dealerships.” He is expected to play a vital role in shaping GWM Philippines’ training and product planning strategies, ensuring that both dealers and customers benefit from enhanced product awareness and service excellence.

“These appointments mark another step forward for GWM Philippines as we continue to build a strong and capable team,” said GWM Philippines Brand Head and Marketing Director Dax Avenido.

“Both Jude and Vincent bring valuable industry knowledge and proven track records that will help us accelerate our growth and reinforce our commitment to delivering world-class vehicles and customer experiences to the Filipino market.”

Yields on government debt end mostly lower amid ‘less dovish’ BSP guidance

YIELDS on government securities (GS) traded at the secondary market closed mostly lower last week in anticipation of the Bangko Sentral ng Pilipinas’ (BSP) third straight rate cut, although its less dovish tone after the policy decision led to some profit taking before the weekend.

GS yields, which move opposite to prices, declined by an average of 3.57 basis points (bps) week on week, based on the PHP Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website on Friday.

At the short end, yields ended lower across all tenors, with the 91-, 182-, and 364-day Treasury bills (T-bills) declining by 2.57 bps, 9.09 bps, and 6.28 bps week on week to fetch 5.2321%, 5.3921%, and 5.5357%, respectively.

At the belly, rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) likewise dropped by 5.42 bps (to 5.6198%), 5.11 bps (5.6908%), 4.22 bps (5.7526%), 3.34 bps (5.8095%), and 2.1 bps (5.9011%), respectively.

Meanwhile, the long end was mixed as yields on the 20- and 25-year debt dropped by 1.3 bps to 6.3384% and 1.41 bps to 6.3368%, respectively, while the rate of the 10-year tenor inched up by 1.6 bps to 6.016%.

“The BSP’s third rate cut of the year was widely expected, though the accompanying statement was less dovish than anticipated. While the strong bond issuance initially pushed rates lower, the market quickly refocused on the policy decision, which overshadowed the effects of auction demand and led to curve steepening — with liquidity anchoring the front end, and profit taking pushing yields higher in the belly and long end,” Lodevico M. Ulpo, Jr., vice-president

and head of fixed income strategies at ATRAM Trust Corp., said in a Viber message.

“Yield curve dynamics remained primarily influenced by the BSP’s policy decision and forward guidance, along with liquidity-driven demand-supply conditions in auctions and secondary trading.”

Security Bank Vice-President and Head of Fixed Income Dino Angelo C. Aquino said in an e-mail that the market interpreted BSP Governor Eli M. Remolona, Jr.’s forward guidance after their latest policy decision as “somewhat hawkish,” which caused yields to go up slightly on Friday after declining early in the week following the bond auction.

On Wednesday, the Bureau of the Treasury made a full P35-billion award of its dual-tranche T-bond offer.

On Thursday, the Monetary Board delivered its third consecutive 25-bp cut this year to bring the target reverse repurchase rate to 5%. The BSP has now slashed benchmark borrowing costs by a total of 150 bps since the start of its easing cycle in August 2024.

Mr. Remolona said after the meeting that the latest move puts the policy rate at a “sweet spot” in terms of both inflation and output, signaling that the BSP is nearing the end of its rate-cut cycle. Still, he left the door open to one last reduction within this year to support the economy if needed.

In the near term, Mr. Ulpo said GS yield movements will likely be driven by the BTr’s auctions and policy hints from the BSP.

“While liquidity remains supportive, the BSP’s less dovish stance suggests policy easing may be nearing its limit. This could temper demand for duration and keep investors more defensive on the medium- to long-end,” he said. “We see the yield curve shifting up further as the market prices in upcoming bond supply, with monetary policy likely on hold for the rest of the year.”

Mr. Aquino added that besides the August Philippine inflation report on Friday, the market will also monitor key releases from the United States that could affect the Federal Reserve’s next policy decision, including the latest jobs data. — Matthew Miguel L. Castillo

Style (09/01/25)


Fendi unveils centennial high jewelry collection

IN CELEBRATION of its centenary, Fendi introduces Eaux d’Artifice, the 2025 High Jewelry collection designed by Delfina Delettrez Fendi. Drawing inspiration from Rome’s fountains and their interplay of water, light, and stone, the collection pays tribute to the eternal city’s beauty and grandeur. Crafted in the Fendi high jewelry ateliers in Paris, the collection features three parures, three statement cocktail rings, and the one-of-a-kind centennial necklace. At its heart is the Eaux d’Artifice centennial necklace, set with a 20.25-carat Fancy Vivid Flawless Yellow diamond. Surrounded by a cascade of round and baguette-cut white diamonds, the design mirrors the arcs of a fountain in motion, with 100 pear-shaped yellow diamonds symbolizing each year of FENDI’s history. The collection continues its exploration of liquid symmetry with the Cento set, showcasing sapphires and diamonds in rippling, fluid forms; the Ovato bracelet and ring, highlighting luminous Santa Maria aquamarines; and the Fortuna set, a helix-inspired design brought to life with cushion-cut rubies and flowing diamond curls. Completing the collection is a trio of radiant cocktail rings — Alba, Carmina, and Esperidi — that reinterpret the glow of Roman sunsets in bold, sculptural color harmonies.


Young designers introduce sustainable bridal collection

THE YOUNG design innovators behind the circular social enterprise REPAMANA have introduced a sustainable solution to single-use bridal wear. Tagged as United in REPAMANA, the collection was first launched at the Singapore Fashion Council Gala. The startup served as the lone Philippine representative following a special invitation from the Philippine Fashion Coalition. REPAMANA was founded in 2023 by entrepreneurs and De La Salle-College of Saint Benilde (DLS-CSB) Fashion Design and Merchandising (FDM) graduates Dars Juson and Allesandra Gutierrez, together with Benilde Multimedia Arts (MMA) talent Earl Marquez. Motivated by their shared mission to help address the environmental issue on textile waste, they teamed up to repurpose discarded hotel textiles into diverse products, from ready-to-wear garments to stylish accessories. Presently, the young innovators have already diverted over 200 kilos of bedsheets from landfills and have upcycled over 75 kilos of textile waste into contemporary pieces. “United in REPAMANA explores an unconventional bridal concept and challenges traditional wedding norms,” they explained in a press statement. The three-p[iece collection plays with the demi-couture category, which bridges the gap between ready-to-wear (RTW) and haute couture and channels an intricate relationship between draping and patchwork. The first features the iconic Filipiniana butterfly sleeves with a structured “kum-ot,” an original surface design technique featuring irregular pleats and ripples that look like waves, folds, or topographic landscapes.” The second piece, which was co-created with fashion designer and fellow Benilde FDM homegrown alum Fred Leysa, fuses dressmaking and tailoring elements. The last look is “an epitome of wedding dresses” that “marries elegance and chaos.” For more information, visit instagram.com/repamana.


Heritage and innovation at trade show

CLASSIC CHARACTERS INC., creator of the Canadian, Lifestyle, and Modern Linen lines, and New Creation Manufacturing, a homegrown leader in baby, children’s, and ladies’ apparel, held their annual tradeshow entitled “Legacy and Dreams” held at the Sheraton Manila Hotel in Pasay City this month. Now in its 17th year, the two-day event brought together over six decades of heritage, design innovation, and sustainable manufacturing in its showcase. Top institutional and commercial clients explored an expansive portfolio ranging from luxurious hotel-grade linens, towels, and pillows to certified babywear, ladieswear, and pet clothing. Through interactive booths, guests examined the intricate weave of premium linens, tested pillows designed for every type of sleeper, explored elegant yet durable institutional linens for hotels and hospitals, and checked out the germ-resistant babywear displayed in a dollhouse-inspired setup. In recent years, the group has accelerated its shift toward sustainable manufacturing—upgrading facilities to run on solar power, introducing eco-friendly collections made from Organic, Bamboo, and Tencel fabrics, and having its products OEKO-TEX certified to ensure products are tested safe from harmful substances. The reintroduction of Hello Dolly’s Sanitized babywear line further reinforces its commitment to health and hygiene, providing antimicrobial protection for infants’ clothing. Learn more at newcreation72.com and lifestylebycanadian.com.

Partnership for health equity

STOCK PHOTO | Image by from Freepik

Health is a fundamental human right. Everyone should have a fair opportunity to attain their highest level of health, regardless of social, economic, geographic, or demographic circumstances. This vision is at the core of universal healthcare (UHC), and it is why the research-based pharmaceutical industry remains committed to leveraging innovation to advance health equity.

Three foundational elements anchor this commitment: strengthening primary healthcare, ensuring sustainable financing, and promoting multi-stakeholder partnerships. In the Philippines, the PHAPCares Foundation, the social responsibility arm of the Pharmaceutical and Healthcare Association of the Philippines (PHAP), works closely with member companies to turn these priorities into action. One shining example is its collaboration with Boehringer Ingelheim, whose programs have become models of how industry can help reduce inequities and improve access to care.

“Partnerships are the cornerstone of sustainable impact. Our collaboration with the PHAPCares Foundation exemplifies how collective action can drive meaningful change in public health and social development. Through this alliance, we’ve been able to align our corporate social responsibility goals with broader national priorities — extending our reach, deepening our engagement, and ensuring that our initiatives are both responsive and relevant,” said Dr. Bin Wang, General Manager of Boehringer Ingelheim Philippines.

For Boehringer Ingelheim, corporate social responsibility is not peripheral; it is a direct expression of their purpose: Transforming Lives for Generations. Guided by its Sustainable Development for Generations (SD4G) framework, the company aligns its initiatives with the United Nations Sustainable Development Goals. Of its three pillars, “More Health” stands out for expanding access to healthcare and preventive solutions, particularly in underserved communities.

Among Boehringer Ingelheim’s flagship programs is the Angels Initiative, dedicated to transforming stroke care nationwide. Stroke and other cerebrovascular diseases were the third leading cause of death in the Philippines in 2024, claiming nearly 60,000 lives or around 10% of all recorded deaths.

To address this urgent challenge, the Angels Initiative partnered with the Stroke Society of the Philippines (SSP) and other stakeholders to increase the number of stroke-ready hospitals and train and build the capacity of healthcare professionals in stroke management. Also among the initiative’s objectives are to strengthen emergency medical services and acute stroke networks and raise public awareness of stroke prevention and timely response.

The PHAPCares Foundation earlier recognized the Angels Initiative with a Seal of Excellence in Sustainability and Innovation, citing its transformative approach to bridging gaps in stroke care. The Seal was adjudged by representatives from the Department of Health and the Philippine Medical Association.

The program leverages hospital consultancy, digital training tools, and real-time maps of thrombolysis-ready facilities to accelerate treatment. Its structured approach, through five pillars namely consultancy, knowledge, standardization, quality monitoring, and community engagement has delivered measurable improvements.

With the collaboration, 66 hospitals have been certified as Acute Stroke Ready Hospitals (ASRHs), ensuring timely, evidence-based treatment for patients.

Relatedly, the initiative launched a Center of Excellence Award to honor outstanding stroke care facilities. Through the World Stroke Organization (WSO) Angels Awards, it has raised standards for stroke management across the country.

Now, more than 165 nurses across Luzon, Visayas, and Mindanao have been trained and certified through the Stroke Nurse Masterclass program. Meanwhile, the ANGELS Academy and simulation workshops continue to build the readiness of hospitals for ASRH certification.

“The Angels Initiative exemplifies our commitment to strengthening healthcare systems and ensuring timely, quality care for patients across the country,” Dr. Wang emphasized.

Beyond stroke care, Boehringer Ingelheim has also confronted another persistent public health challenge: rabies. The Philippines remains one of the few rabies-endemic countries, with preventable deaths occurring every year.

In response, the company launched its Stop Rabies Project in 2021, beginning in Puerto Galera in Oriental Mindoro, and later expanding to Marinduque; Los Baños, Laguna; and Bacolod City. The program has delivered tangible results. Among these is that more than 12,000 dogs and cats were vaccinated against rabies across Puerto Galera and Marinduque. Over 486 animals were spayed, helping control stray populations and reduce community exposure risks.

Moreover, the program has reached 700 schoolchildren through rabies education since 2022, with plans to expand to over 71,000 students in multiple provinces beginning this year.

Certified Rabies Educators, trained by the Global Alliance for Rabies Control (GARC), have also been deployed to schools and communities, supported by local partners and employee volunteers.

This holistic approach, combining vaccination, population management, education, and community engagement, demonstrates how sustainable impact can be achieved when multiple stakeholders act together.

“We believe that multi-stakeholder partnerships are not just strategic — they are essential in addressing health inequities, protecting our environment, and empowering communities. They allow us to transform intent into action and action into outcomes that matter for the Filipino people,” Dr. Wang, who is also treasurer of PHAPCares, said.

For PHAPCares, these initiatives highlight how private sector leadership, aligned with national health priorities, can accelerate progress toward UHC. Whether by reducing the burden of stroke, preventing rabies deaths, or empowering frontline health workers, programs like Boehringer Ingelheim’s bring the vision of health equity closer to reality.

The journey to health equity, however, cannot be carried by one organization alone. As the biopharmaceutical industry continues to collaborate with members and partners, we reaffirm our belief that collective action is the surest path to a healthier, more equitable Philippines.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines, which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of developing, investing and delivering innovative medicines, vaccines and diagnostics for Filipinos to live healthier and more productive lives.