MADRID — Last week Spain returned paintings belonging to a former Madrid mayor that were seized for their protection during the 1936-39 Civil War and never returned under Francisco Franco’s dictatorship.
The seven paintings had been kept in several museums throughout Spain, including the Prado Museum in Madrid, where the handover ceremony to the family of Pedro Rico, Madrid’s mayor as the Civil War broke out, took place on Thursday evening.
In 2022, the Prado published a list of artworks that had been seized during the war and set up a research project to track down their legitimate owners.
The government has identified more than 6,000 items, including jewelry, ceramics, and textiles, as well as some paintings, sculptures, and furniture, which were safeguarded during the war by Republican forces fighting Mr. Franco’s Nationalists and never returned by Francoist institutions when he came to power.
“It’s a very important moment of justice and reparation that the Spanish government is doing for their families,” said Culture Minister Ernest Urtasun.
The paintings returned to Mr. Rico’s family nine decades later were mainly scenes of everyday life by 19th-century artists such as Eugenio Lucas and his son Lucas Villaamil.
Francisca Rico said she was very moved by the restitution of the paintings belonging to her grandfather, who was mayor between 1931-1934 and then in 1936 and who died in exile in France.
“(They’re) finally doing what should have been done long ago,” she said. — Reuters
J.H.B. ZAPATA Integrated Farm, a hydroponic farm in Pampanga province north of the Philippines, wants young Filipinos to venture into soilless farming, using nutrient-rich water instead, as the country grapples with food security amid its dwindling farmers.
“You can do farming under the shade because you just need to place the plant on the pump,” farm owner John Harold B. Zapata, 24, told BusinessWorld in an interview. “Since it’s a soilless cultivation, you won’t touch soil and worms.”
Starting a hydroponic farm also requires minimal capital, he said.
Mr. Zapata started building his DIY (do-it-yourself) greenhouse in 2021 with less than a thousand pesos in capital and recyclable materials from the junk shop such as scraps of wood, bamboo and plastic sheets.
Before that, he armed himself with knowledge about hydroponic farming by joining Facebook groups and online forums on the subject. “I didn’t know anything about farming. I just knew I wanted to try,” he said.
The average age of Filipino rice farmers is 56 and climbing, and analysts predict a critical shortage of farmers in the next decade as young people show less interest in agriculture, threatening food security.
The problem is compounded by increasing farm input costs. Fertilizers, pesticides, machinery and irrigation systems are becoming more expensive, eating away at farmers’ modest profits.
The agriculture and forestry sectors had the most year-on-year employment decline in February, with 950,000 workers lost mainly due to typhoons that devastated farmlands, according to the local statistics agency.
Hydroponics is the farming technique of growing plants using a water-based nutrient solution instead of soil. It uses 90% less water than traditional farming and occupies minimal space.
After four years, Mr. Zapata’s greenhouse grew to a 1,700-square-meter farm, housing more than 2,000 heads of lettuce, basil, and arugula.
“People do not ask where the lettuce came from,” he said. “They do not ask if it came from an expensive greenhouse. What matters is that the produce is good.”
Mr. Zapata offers workshops and training for beginners interested in starting a hydroponic farm. Each session costs P2,000, which includes starter seeds and a marketing guide.
He has taught more than a hundred students since February and aims to reach a thousand by year-end.
“We just wanted to produce vegetables before,” he said. “Now, I want to produce not just vegetables but also a new generation of growers.” — Almira Louise S. Martinez
Mr. Zapata is one of the “changemakers” of the Movers of Tomorrow, a storytelling platform launched by MPT Mobility, the innovations arm of Metro Pacific Tollways Corp. (MPTC).
MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.
ASIA United Bank Corp. (AUB) has partnered with remittance platform Taptap Send to enable overseas Filipino workers (OFWs) to send money to the Philippines via its e-wallet HelloMoney.
Under the partnership, OFWs in more than 15 countries, including the United States, Canada, the United Kingdom, and the United Arab Emirates, can use the Taptap Send app to send money to HelloMoney e-wallets by selecting AUB as the receiving partner, which their beneficiaries in the Philippines can use for transactions.
“At HelloMoney, our goal has always been to simplify everyday financial transactions for Filipinos. Through our partnership with Taptap Send, we are now able to bridge the distance between OFWs and their families in a way that is fast, secure, and cost-effective,” AUB Operations and Technology Group Head Wilfredo E. Rodriguez, Jr. said in a statement on Tuesday.
Taptap Send will also offer special promotions and discounts for first-time users that will send funds to HelloMoney accounts.
“Taptap Send has gained popularity amongst Filipino OFWs for its zero sending fees, competitive exchange rates, and easy-to-use app experience…The collaboration reflects both companies’ shared mission of financial inclusion and empowerment, connecting Filipino families and communities through fast and reliable digital financial services,” the listed bank said.
AUB’s net income rose by 34.45% year on year to P3.14 billion in the first quarter.
Its shares closed unchanged at P69.95 on Tuesday. — A.M.C. Sy
In April this year, the Bangko Sentral ng Pilipinas (BSP) issued Circular No. 1212, a comprehensive update to the rules on foreign exchange (FX) derivatives involving the Philippine Peso. The circular revises the Manual of Regulations on Foreign Exchange Transactions (MORFXT) and the Manual of Regulations for Banks (MORB), introducing tighter controls and clearer standards for banks and their customers.
At its core, the circular aims to deepen the domestic financial markets while reducing speculative activity. The BSP’s message is clear: FX derivatives are tools for managing real financial risks, not for gaming the currency markets.
DERIVATIVES TO HEDGE, FUND FX TRANSACTIONS A central feature of the circular is its insistence that FX derivatives (e.g., forwards, swaps, and options) be used solely to hedge actual FX exposures or to cover legitimate funding needs. This includes transactions such as payments for imported goods or servicing of foreign currency loans.
By contrast, speculation is explicitly prohibited. The circular requires that the total amount of FX a customer may hedge using derivatives (or buy on a spot basis) must not exceed the actual amount of the underlying FX exposure. This means that clients cannot use derivatives to bet on the direction of exchange rates. Likewise, once an FX exposure is already fully hedged using deliverable derivatives, the same exposure cannot be used as a basis to purchase additional FX.
This limitation may affect how corporates approach their treasury strategies, particularly those accustomed to entering into derivative structures with leverage or optionality. The key question now becomes: how will banks and clients define, measure, and document an “underlying exposure,” and how will the BSP treat more complex commercial or financial structures that involve foreign currency elements?
REBOOKING OF CONTRACTS RESTRICTED The circular also addresses the practice of canceling and rebooking non-deliverable FX derivatives. This was previously used by some market participants to manage their FX positions more flexibly, or even opportunistically.
Under the circular, if a non-deliverable contract is pre-terminated or canceled, the customer may only enter into a new one for the same exposure if the original financial terms have materially changed. What qualifies as a sufficient “change” in terms (e.g., refinancing of debt, restructuring of payments, or partial payments) may become a focus of discussions between banks and their clients.
BANKS TO MEET STRICTER STANDARDS The circular also lays down ground rules for authorized agent banks (AABs) engaging in FX derivatives on their own account. These transactions must be for legitimate economic purposes and conducted only with duly regulated financial institutions. For example, a bank may enter into a non-deliverable forward (NDF) contract with a non-resident counterparty, but must ensure that the transaction is not purely speculative.
This restriction may limit the ability of local banks to act as liquidity providers in the FX market, particularly for peso-linked NDFs, which are widely used offshore. It also raises the question of how the BSP will monitor the economic purpose of a bank’s proprietary trading desk, and whether the broader effect might be reduced liquidity or pricing efficiency in the peso derivatives market.
SCOPE OF HEDGING NARROWED The BSP has introduced a notable prohibition: Philippine branches of foreign banks and firms may no longer hedge their permanently assigned capital using FX derivatives. This suggests that the BSP views capital assigned to Philippine branches as subject to full exchange rate risk, without recourse to hedging tools. Firms operating through a branch structure may need to revisit how they manage capital at risk due to currency movements, especially if assigned capital is sizable or denominated in foreign currency.
PRACTICAL, STRATEGIC IMPLICATIONS The Circular’s broader impact will depend on how strictly its rules are enforced and how flexibly BSP interprets compliance in light of evolving market practices. While the BSP has not barred the use of derivatives entirely, it has drawn a sharper line between legitimate hedging and speculative activity.
Corporates with international exposures may find it timely to review their existing FX strategies and consider how exposures are defined and tracked. For banks, the emphasis may now shift toward strengthening internal standards on client eligibility, transaction assessment, and consistency with BSP expectations.
The circular presents both challenges and opportunities. It invites market participants to reconsider how risk is managed and how to do so in a manner that satisfies both commercial needs and regulatory scrutiny. As the circular takes full effect, one thing remains clear: the BSP is committed to a derivatives market that is disciplined, transparent, and grounded in real economic activity. How the private sector adapts to that standard may shape the next phase of FX market development in the Philippines. n
The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes only and not offered as and does not constitute legal advice or legal opinion.
Ralph Vincent S. Samaniego is an associate of the Corporate and Special Projects department of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW)
GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) hopes to raise P8 billion through a preferred share offering following the filing of a registration statement with the Securities and Exchange Commission (SEC).
“We are positioning Filinvest for the next phase of sustainable growth by strengthening our capital structure and enhancing financial flexibility,” FDC President and Chief Executive Officer Rhoda A. Huang said in a statement on Tuesday.
“This preferred share offering supports our objective to deepen investments in sectors where we have strong competitive advantages and long-term value creation potential,” she added.
FDC said on Tuesday that it filed the registration statement with the SEC, along with a listing application with the Philippine Stock Exchange (PSE), for the issuance of up to 8 million preferred shares priced at P1,000 per share.
The offering will consist of a base tranche of up to 6 million preferred shares and an oversubscription option of up to 2 million preferred shares. The shares will be offered in up to two series.
Proceeds will be used to refinance existing obligations and support growth initiatives aligned with the conglomerate’s long-term investment strategy.
“This offering is a key component of the company’s capital markets engagement strategy, designed to broaden its investor base and diversify funding sources,” FDC said.
“This aligns with FDC’s strategic direction to unlock value in its core businesses while expanding in high-growth sectors such as affordable, middle-income, and high-end residential markets, consumer banking, hospitality, and power generation,” it added.
The offer period is scheduled from July 21 to July 25, with the listing on the Philippine Stock Exchange expected by Aug. 4.
FDC appointed BPI Capital Corp. as the sole issue manager. BPI Capital, together with BDO Capital & Investment Corp., China Bank Capital Corp., Land Bank of the Philippines, and Security Bank Capital Investment Corp., will serve as joint lead underwriters and bookrunners.
For the first quarter, FDC recorded a 25% increase in attributable net income to P3.6 billion. Total revenue and other income rose by 11% to P29.3 billion, driven by contributions from its banking, real estate, hospitality, and sugar businesses.
FDC has earmarked P24 billion in capital expenditures this year, with 47% allocated for the expansion of its real estate projects.
Shares of FDC were last traded on May 23, closing unchanged at P4.54 apiece. — Revin Mikhael D. Ochave
THE NATIONAL GOVERNMENT’S (NG) fiscal position swung to a surplus in April as an uptick in tax revenues offset the decline in state spending, the Bureau of the Treasury (BTr) said on Tuesday. Read the full story.
The seven-inch vinyl edition of Billie Eilish’s song “Birds of a Feather.”
LAS VEGAS — “Birds of a Feather” singer Billie Eilish landed the top honor on Monday at the American Music Awards, winning artist of the year in Las Vegas at a red-carpet ceremony that celebrated winners selected by fan votes.
Pop singer Ms. Eilish claimed the artist prize over Taylor Swift, Kendrick Lamar, Morgan Wallen, and other nominees. Ms. Eilish won all seven categories in which she was nominated, including album of the year and favorite touring artist.
“This is so crazy. I feel speechless,” Ms. Eilish said in a video message from Europe, where she is on tour. “I wish I could be there tonight.”
Ms. Eilish, 23, released her third studio album, Hit Me Hard and Soft, in May 2024.
“That’s So True” singer Gracie Abrams, winner of new artist of the year, also sent a recording to accept her honor. She thanked her fans, who she said “I have been lucky enough to learn from.”
“They have reminded me of the light that exists out there,” Ms. Abrams said.
SZA took home AMA accolades for female R&B artist and for R&B song for “Saturn.” Becky G was named favorite female Latin artist.
Many big names on the nominees’ list did not attend the show, which was broadcast live on CBS from the Fontainebleau Las Vegas hotel.
One absentee was Beyoncé who claimed favorite female country artist and favorite country album for Cowboy Carter, her first AMA wins in country categories. Post Malone was named favorite male country artist.
Other no-shows included Taylor Swift and Kendrick Lamar.
Mr. Lamar went into the ceremony with a leading 10 nominations. He earned one award, favorite hip-hop song, for “Not Like Us.”
The festivities opened with host Jennifer Lopez singing and dancing to a six-minute medley of 23 hits by the nominees. The songs included Ms. Eilish’s “Birds of a Feather,” Sabrina Carpenter’s “Espresso,” and Beyoncé’s “Texas Hold ’Em.”
Janet Jackson was honored with the Icon award, a tribute to artists with global influence.
“I don’t consider myself an icon,” Ms. Jackson said on stage. “The one thing that I hope for is that I’m an inspiration for others to follow their dreams and succeed.”
Eighty-year-old Rod Stewart received a lifetime achievement honor and danced and sang to his pop hit “Forever Young,” which was released in 1984.
Mr. Stewart said that when he started his career “I had this burning ambition to sing.”
“That’s all I wanted to do. I didn’t want to be rich or famous,” he said. — Reuters
VISA PHILIPPINES seeks to launch two more financing solutions for small businesses as the company tries to bridge the funding gap for small and medium enterprises (SMEs) in the country.
“By introducing players who are interested in this space in making the model work, then it also can provide incentives for others to follow,” Visa Country Manager Jeffrey V. Navarro told a news briefing on Tuesday. “That’s what we’re trying to do.”
The global SME funding gap stands at $5.2 trillion, 46% or $2.4 trillion of which is in East Asia and the Pacific, Visa Head of Commercial Money Movement for Southeast Asia Gareth Jon Parrington said, citing World Bank data.
The funding gap in the Philippines is about $210 billion or about 10% of $2.4 trillion, he told the same briefing. “So it’s actually one of the largest funding gaps you see by portion across Asia Pacific. I think it’s the second largest, so it is disproportionate.”
Mr. Navarro said the local SME demand for capital and funding is P221 billion but only P15 billion is available to them.
He said the Visa solutions would be launched through partnerships with local traditional banks, though discussions are ongoing.
“Those discussions with clients are still on the solution side on what really is the best way to be able to reach SMEs and the form factor that really resonates with them,” he said.
“If the agreement is that we can go on a virtual side, then it works like ordinary parts, but I suspect that by default, normally there’s a preference towards a card, especially for SMEs,” he added.
“Our partners can choose to have both,” Mr. Parrington said.
Mr. Navarro said Visa would eventually address the funding gap for microenterprises, but the company would focus first on SMEs this year.
“We’re trying to hit it one segment at a time,” he said. “Right now, with the soon-to-be four partners towards the end of the year, generally the focus will be on the SME side. Then we go again and expand.”
The two Visa solutions will add to Visa’s partnership with CIMB Bank PH in February, which will launch a business debit card in the third quarter to complement an “upcoming business deposit product.”
Visa has also partnered with Equicom Savings Bank for various card products, including the Equicom key card and cash card, which are accepted in more than 29 million establishments worldwide.
Mr. Parrington said Visa sees opportunities in providing solutions to SMEs, particularly loan products.
He noted that SMEs often face barriers when applying for financing, such as strict documentary requirements and collateral. Visa offers consulting services and facilitates the release of such financing to SMEs securely, he added.
“That’s where these credentials come in, particularly with virtual cards,” he said. “Finally, we’re working with governments across Southeast Asia when it comes to providing better views of loan utilization and where loans are spent.” — A.M.C. Sy
GCASH, through its financing arm Fuse Financing, Inc., has partnered with residential solar solutions company Helios to allow Filipino households to access solar power technology.
Under the partnership, Helios’ Tier 1 solar technology will be integrated with GGives, the installment payment feature of GCash, for a green financing solution called the Triple Zero Solar Starter Package.
The financing package, which has zero down payment, interest, and processing fees, is a limited offering and aims to make the shift to solar energy easier for Filipino households to allow them to save on their electricity bills, GCash said in a statement.
“We are thrilled to announce Helios’ groundbreaking partnership with GGives. This marks a significant milestone towards our mission to make solar power accessible and affordable to every home in the Philippines. We look forward to delivering the highest quality and most reliable solar solutions to more Filipino homes through partnership with GCash,” Helios co-founder Alex Aronson said.
“By offering a pioneering green financing solution, GCash underscores its dedication to innovative, disruptive moves in the sustainability space,” Fuse President and Chief Executive Officer Tony Isidro said. — AMCS
On May 19, 2025, DigiPlus’ CSR arm, BingoPlus Foundation, alongside key public and private organizations, led the call for responsible gaming at the 2nd International Conference on Responsible Gambling and Gaming Addiction held at the Quezon City M.I.C. Center, Philippines. In photo (from left to right) are Youth Group Representative Dr. Rica Fatima Arias; Jay Valderama of Rehabilitation and Treatment Center; Dr. Lorolie Vinluan RGC from UP Diliman; Quezon City Healthcare Director Dr. Ramona Abarquez; Municipality of Sta. Rosa, Laguna Representative Elvira Marcelo; Solaire Resort Representative Hexell Tulod; Angela Camins-Wieneke, Executive Director of BingoPlus Foundation; Teresita Castillo, President and Chairman of Seagulls Flock Organization; Quezon City Mayor Joy Belmonte, PAGCOR Chairman/CEO Alejandro Tengco; and Atty. Jesi Howard S. Lanete, Department of the Interior and Local Government Assistant Secretary.
In the fast-growing digital gaming landscape, few players are committed to safety as they are to fun. This Problem Gambling Awareness Month, DigiPlus Interactive Corp., through its social development arm BingoPlus Foundation, reaffirms its industry leadership in responsible gaming, highlighting its pioneering use of in-app safeguards, real-world financial education, and company-wide mental health training to protect and empower Filipino players.
With over 40 million registered users and more than 130 physical sites, DigiPlus is the country’s largest integrated digital entertainment ecosystem. But behind its scale is a human-first approach to gaming — one rooted in empathy, protection, and shared responsibility.
DigiPlus introduces tools for players to control gaming time and bets.
At the core of this commitment is GameSmart, a responsible gaming program grounded on the three pillars: prevention, education, and intervention.
A three-pillar framework: Prevention, education, and intervention
Through advanced in-app tools: custom time and spending limits, facial recognition, and e-KYC protocols, DigiPlus empowers players to take control of their own habits while shielding minors and at-risk groups from exposure. These aren’t just features, they are built-in guardrails designed to make responsible play second nature.
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The Pusta De Peligro campaign launched across social media, TV, radio, and billboard ads, speaks directly to cultural and financial realities. By tapping relatable moments before payday, it encourages players to evaluate whether it’s the right time to play or save for another day.
The Pusta De Peligro campaign launched across social media, TV, radio, and billboard ads, speaks directly to cultural and financial realities. By tapping relatable moments before payday, it encourages players to evaluate whether it’s the right time to play or save for another day.
One of the foundation’s most impactful efforts is the “Pusta de Peligro” campaign, a public advocacy drive that reframes “Petsa de Peligro,” a term familiar to everyday Filipinos, as a moment to pause and reflect on responsible choices.
Education happens where it matters most: in the everyday moments of playing and decision-making. The Foundation’s “Tamang Laro, Tamang Panalo” campaign delivers financial coaching to both jackpot winners and targeted sectors in barangays, teaching practical skills like budgeting, debt management, and saving smart. From livestreams to barangay halls, the message is the same; real fun means being in control.
Intervention is available when players need it most. DigiPlus has begun training frontline staff and customer service teams to spot red flags and offer mental health first aid. In partnership with organizations like Seagulls Flock, the Foundation is building systems that emphasize compassion, not punishment — ensuring no player feels alone when facing risky behavior.
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On May 6, 2025, BingoPlus Foundation kicked off the “Tamang Laro, Tamang Panalo” Barangay Caravan at Barangay 686, Paco, Manila, where low-income families and target sectors in barangay learned practical tips on budgeting, spending wisely, managing debt, and saving smart — empowering them to make a better financial decisions for a more secure future. This continues the series of learning sessions initiated since 2024, transitioning from a hybrid webinar to a grassroots program.
On May 6, 2025, BingoPlus Foundation kicked off the “Tamang Laro, Tamang Panalo” Barangay Caravan at Barangay 686, Paco, Manila, where low-income families and target sectors in barangay learned practical tips on budgeting, spending wisely, managing debt, and saving smart — empowering them to make a better financial decisions for a more secure future. This continues the series of learning sessions initiated since 2024, transitioning from a hybrid webinar to a grassroots program.
Beyond compliance
Beyond its compliance with regulations, DigiPlus believes that understanding the human story behind every player is the key to long-term, sustainable entertainment. Through BingoPlus Foundation, the company brings responsible gaming efforts to where its customers live, work, and play — across stores, digital platforms, and communities.
These efforts are just part of a broader ecosystem of care. BingoPlus Foundation has allocated P150 million in 2025 toward social programs under four pillars: Technology Education, Accessible Healthcare, Community Resilience, and Responsible Digitalization. Responsible gaming is not a one-off campaign — it’s embedded across everything DigiPlus does.
“Problem gambling is real – but so is the power of technology, education, and community to prevent it,” said Angela Camins-Wieneke, Executive Director of BingoPlus Foundation. “At DigiPlus, we don’t just check compliance boxes. We’ve built an ecosystem that protects players, empowers families, and multiplies the good across every corner of the country.”
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In partnership with Seagulls Flock Organization, BingoPlus Foundation held its first-ever “Basic Training on Problem Gambling for First Responders” on April 21-23, 2025. The three-day session equipped DigiPlus customer service representatives with critical knowledge and tools to recognize red flags, offer empathetic support, and promote responsible gambling among users — reinforcing the company’s commitment to accessible mental health care and responsible gaming at every touchpoint.
In partnership with Seagulls Flock Organization, BingoPlus Foundation held its first-ever “Basic Training on Problem Gambling for First Responders” on April 21-23, 2025. The three-day session equipped DigiPlus customer service representatives with critical knowledge and tools to recognize red flags, offer empathetic support, and promote responsible gambling among users — reinforcing the company’s commitment to accessible mental health care and responsible gaming at every touchpoint.
Looking Ahead
DigiPlus and BingoPlus Foundation are expanding their efforts even further. This year, the Foundation will launch new digital learning modules, host community dialogues, and scale partnerships with LGUs, schools, and healthcare professionals to build a wider safety net for players.
Because as we play, we can protect. As we win, we can uplift. And as we grow, we can multiply the good together.
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THE PESO dropped further against the dollar on Tuesday as markets expect less rate cuts from the US Federal Reserve this year due to lingering economic concerns.
The local unit closed at P55.56 per dollar, weakening by 14 centavos from its P55.42 finish on Monday, Bankers Association of the Philippines data showed.
The peso opened Tuesday’s session stronger at P55.35 against the dollar. Its worst showing was at P55.57, while its intraday best was at P55.30 versus the greenback.
Dollars traded rose to $1.9 billion on Tuesday from $1.47 billion on Monday.
The dollar was generally stronger on Tuesday amid reduced expectations of rate cuts by the US central bank, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
“The dollar-peso closed lower after Fed’s Kashkari reiterated his stance on holding interest rates until more clarity is seen on the tariffs alongside dollar bounce on easing trade tensions between the US and EU (European Union),” a trader said in a phone interview.
For Tuesday, the trader expects the peso to range from P55.30 to P55.70 per dollar, while Mr. Ricafort sees it moving between P55.45 and P55.65.
Federal Reserve Bank of Minneapolis President Neel Kashkari said major shifts in US trade and immigration policy are creating uncertainty for Fed officials to move on interest rates before September, as the Trump administration continues tariff talks with numerous governments, Bloomberg reported.
“Anything is possible,” Mr. Kashkari said Monday in an interview on Bloomberg Television in Tokyo. But will the picture “be clear enough by September? I am not sure right now. We will have to see what the data says, but also how the negotiations are going,” he said. If trade deals are struck between the US and other nations over the next few months, “that should provide a lot of the clarity we are looking for,” he added.
While the US economy entered 2025 on solid footing, Mr. Trump’s tariffs and substantial changes to the country’s immigration policy have prompted businesses to rethink investment plans.
The biggest risk to the US economy is the overhang of major new policies, including trade barriers and immigration, Mr. Kashkari said. — A.M.C. Sy
