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Globe’s advanced AI use elevates service, empowers teams for broader efficiency

At Globe, artificial intelligence (AI) isn’t just a tech buzzword, it’s a tool for real progress. As enterprises increasingly adopt advanced Generative AI (GenAI) to boost efficiency and improve services, Globe is taking confident strides in embedding this powerful technology across its business.

A recent Global System for Mobile Communications Association (GSMA) outlook on AI in telecommunications shows that telco operators worldwide are turning to GenAI to meet core business goals, including customer experience, operational agility, and financial performance. Globe is proudly at the forefront of this movement in the Philippines, with a strategy that puts customers and people at the center of AI transformation.

“At Globe, we don’t just want to ride the AI wave, we want to build something sustainable with it,” said Carl Cruz, Globe’s President and Chief Executive Officer. “We see AI as a long-term enabler that not only helps people work smarter and faster but also transforms how we serve our customers by delivering more responsive, efficient, and meaningful experiences. It’s not just about internal productivity. It’s about building the right foundations to support lasting customer impact.”

To unlock that potential, Globe has created a space for employees to safely explore AI tools with intention. Through its internal AI Advocates Guild, Globe’s workforce now has access to platforms like Gemini for Workspace, ChatGPT Enterprise, and the company’s in-house Retrieval-Augmented Generation (RAG) toolkit. These tools have powered the creation of more than 400 bots and co-pilots — each designed by Globe employees themselves to solve day-to-day problems and boost productivity.

By using AI to streamline internal processes, Globe has made tasks faster, more accurate, and more cost-efficient. A great example is the GenAI Quality Audit, which replaced manual quality checks and cut down annual costs from millions to just around P2,000 per month. These smart changes have contributed to managing expenses, leading to a 4% year-on-year reduction in total operating costs — from P19.8 billion in 2024 to P19.1 billion in the first quarter of 2025.

The company is also making strides in using AI to enhance customer experiences by working on AI-powered hyper-personalization to deliver the next best experience for customers, tailoring services to individual needs. More broadly, Globe’s dedication to continuous innovation and delivering meaningful value to customers is reflected in its strong Net Promoter Score (NPS) of 49, well above the telco benchmark of 31.

“We believe AI should serve a greater purpose — one that prioritizes inclusivity, responsibility, and trust,” added Cruz. “As we continue to innovate, we’re committed to using AI not just to accelerate progress, but to ensure that every Filipino can meaningfully participate in the digital future.”

As Globe deepens its investment in people-first AI, it aims to not just keep up with global trends, but to set the pace for how telcos in the Philippines can responsibly and meaningfully integrate GenAI to create lasting impact.

 

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Boomi announces new products, general availability of Agentstudio

Boomi World 2025 in Dallas, Texas/Cathy Rose A. Garcia

DALLAS, Texas — Boomi on Wednesday unveiled new product innovations aimed at accelerating and scaling automation, as well as the acquisition of a provider of managed file transfer (MFT) solutions and the general availability of Boomi Agentstudio later this month.

Steve Lucas, chairman and CEO at Boomi, said enterprises are now being overwhelmed by digital fragmentation and data sprawl.

“The future belongs to organizations that can intelligently connect everything and automate anything — and Boomi is the platform that makes it happen. With these innovations, we’re empowering our customers to move faster, work smarter, and lead in an AI-first world,” he said.

At Boomi World 2025 here, Mr. Lucas announced the general availability of Boomi Agentstudio, where customers can build, govern and orchestrate artificial intelligence (AI) agents at scale within a no-code environment, starting May 24.

Mr. Lucas said this would accelerate the development of AI agents for real-world cases. Agentstudio includes an Agent Designer, where custom agents can be built using no-code templates; and an Agent Garden.

“Boomi Agentstudio is something we want everyone to have access to — the agent design capability, the agent garden — the secure execution container; the agent marketplace for sharing, discovering agents that are pre-built, and of course our Agent Control Tower,” Mr. Lucas said.

“On May 24, we will make available to all of you the Agent Designer included in your Boomi platform, with unlimited agents. You’ll be able to build and test as many agents as your heart’s content,” he added.

With Agentstudio now available for its customers, Boomi also expanded its integration capabilities to include Amazon Q Business.

Boomi is now an approved Data Processor enabled for all Amazon Web Services (AWS) customers, which “brings powerful, enterprise-grade functionality to those building AI agents on AWS.”

The company forged a multi-year strategic collaboration agreement with AWS to help customers develop their AI agents. Amazon Bedrock, a fully managed service for building and scaling generative AI applications, will be integrated with the Boomi Agent Control Tower, a centralized management solution for deploying, monitoring, and governing AI agents across hybrid and multi-cloud environments.

Mr. Lucas said the agreement with AWS comes at a time when enterprise AI adoption requires a “delicate balance between innovation and governance.”

“Whether you have two agents or 200,000 in your company or two million, we can watch the agents, we can understand what they do, we can report on their behavior. We give you dashboards, insight, control, apply policies,” he said.

He noted the partnership enables enterprises to “confidently scale their AI initiatives with the security, compliance, and operational excellence their business demands.”

NEW AI AGENTS
Since last year, Mr. Lucas said Boomi customers have already deployed over 33,000 AI agents.

“These intelligent software entities act on behalf of developers to automate complex tasks, streamline business processes, and accelerate application, data, and API (application programming interface) integration — dramatically reducing time-to-value and boosting operational efficiency,” Boomi said.

Boomi also added new agents to the Enterprise Platform, including the Integration Advisor Agent, which can autonomously review integration processes; and the API Design Agent, which can rapidly design and edit APIs tailored to business and technical needs.

The API Documentation Agent can boost adoption by autonomously generating business and technical documentation, while the Data Connector Agent can design and create data integration connectors.

At the same time, Boomi announced it will incorporate the Model Context Protocol (MCP), a new open standard that allows AI agents to connect to data sources, within the Boomi Enterprise Platform.

ACQUISITION
Meanwhile, Mr. Lucas also announced Boomi is acquiring Thru, Inc., a provider of enterprise-grade MFT solutions, which would expand its file-based integration capabilities.

Thru’s functionality will be embedded into the Boomi Enterprise Platform, which would enable the management of API, apps and files from a single interface.

“As organizations increasingly manage a hybrid mix of API-based and file-based integrations, Thru, Inc.’s proven MFT technology ensures secure, scalable, and compliant file exchange across distributed business ecosystems,” Greg Wolfe, Boomi chief commercial officer, said in a statement.

Thru has been a Boomi partner in delivering MFT solutions to joint enterprise customers in industries where file transfer is a mission-critical part of business operations.

Also, Boomi Data Integration, formerly Rivery, is now part of the Boomi platform.

“Boomi is uniquely positioned at the intersection of AI, enterprise data, and business process automation,” Ed Macosky, Boomi chief product and technology officer, said, noting that Boomi is setting a new standard for AI-driven automation. — Cathy Rose A. Garcia

Remittance growth hits 9-month low

REUTERS

By Luisa Maria Jacinta C. Jocson, Senior Reporter

MONEY SENT HOME by migrant Filipinos rose 2.6% in March from a year earlier, the Bangko Sentral ng Pilipinas (BSP) said on Thursday, though this was the slowest growth in nine months.

Cash remittances from overseas Filipino workers (OFW) coursed through banks hit $2.81 billion (P156.8 billion) from $2.74 billion a year ago.

Remittances from land-based workers increased 3.1% to $2.22 billion, while money sent home by sea-based workers inched up 1% to $595 million.

Overseas Filipinos’ Cash RemittancesIn the first quarter, cash remittances rose 2.7% to $8.44 billion from a year earlier. Money sent home by land-based workers jumped by 3.2% to $6.74 billion, while sea-based workers’ remittances went up 1% to $1.7 billion.

“The growth in cash remittances from the United States, Singapore, Saudi Arabia and the United Arab Emirates (UAE) was the main driver of the overall increase in remittances for January to March,” the BSP said.

The US was the top remittance source in the first quarter, accounting for 40.7% of the total. It was followed by Singapore (7.6%), Saudi Arabia (6.2%), Japan (4.9%), the UAE (4.6%), UK (4.4%), Canada (3.1%), Qatar (2.8%), Taiwan (2.8%) and Hong Kong (2.7%).

“Cash remittances rose in March and the first quarter largely due to sustained demand for Filipino labor abroad, particularly in healthcare, engineering and domestic services,” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said in a Viber message.

He also cited seasonal factors such as the Lenten break and school-related expenses, which might have driven remittances during the quarter.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said the continued single-digit growth in remittances is a “bright spot for the overall economy, as an important growth driver, especially in terms of consumer spending.”

BSP data showed personal remittances, which include inflows in kind, increased 2.6% to $3.13 billion in March from a year ago.

Personal remittances from workers with contracts of a year or more climbed 3% to $2.4 billion during the month, while those from workers with contracts of less than a year went up 1.4% to $660 million.

Personal remittances for the last quarter rose 2.7% to $9.4 billion from a year ago.

Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, Inc., said remittances this year would likely grow 2.5% to 3% despite external headwinds. “We see remittances as resilient and still expect robust growth.”

The central bank expects cash remittances to grow 2.8% this year.

“Despite global uncertainties, remittances continue to show resilience, serving as a critical support for household consumption and a buffer for the country’s external accounts,” Mr. Rivera said.

On the other hand, Mr. Ricafort flagged the impact of US President Donald J. Trump’s tighter immigration policy on remittance flows.

“For the coming months, protectionist policies of President Trump, particularly stricter immigration rules, could weigh on some OFW remittances, especially from the US,” he added.

Mr. Trump kicked off an aggressive immigration campaign after taking office in January, declaring illegal immigration an “invasion” to boost deportations.

Approved foreign investments lowest in more than a year

BUILDINGS are seen in Bonifacio Global City, Taguig City, Feb. 7, 2025. — PHILIPPINE STAR/NOEL B. PABALATE

By Pierce Oel A. Montalvo, Researcher

APPROVED foreign investments in the Philippines slumped further by 82% in the first quarter to the lowest in one-and-a-half years, according to the local statistics agency, as US President Donald J. Trump tries to undo decades of global economic integration through his sweeping tariff increases.

Foreign investment commitments approved by the country’s investment promotion agencies plunged to P27.99 billion from P155.26 billion a year earlier, according to data from the Philippine Statistics Authority (PSA) posted on its website on Thursday.

This was also 51.5% lower than a quarter earlier and the lowest since the P27.46 billion logged in the third quarter of 2023.

Total Approved Investment Pledges

“The main reasons are the geopolitical uncertainties and trade disruptions caused by Trump’s tariffs,” Calixto V. Chikiamco, president at Manila-based Foundation for Economic Freedom, said in a Viber message.

“These factors are aggravating the already dire unfavorable climate for foreign investments, from high food inflation to lack of infrastructure and internal political divisions,” he added.

While Mr. Trump’s announcement of sweeping reciprocal tariffs on US trade partners did not come until April, he had threatened to increase duties during his campaign last year.

He later suspended these tariffs for 90 days starting April 9, imposing a 10% base tariff instead until July, pending negotiations.

South Korea was the leading source of foreign investment pledges, with commitments hitting P12.36 billion or 44.2% of the total. The US followed with P3.08 billion (11%) and China with P2.88 billion (10.3%).

Real estate activities attracted the biggest share of foreign investments at P10.79 billion (38.5%), followed by manufacturing at P6.14 billion (21.9%) and administrative and support services at P5.35 billion (19.1%).

The impact of lower investment pledges on Philippine economic growth would be limited, Mr. Chikiamco said, noting how the economy continues to rely on consumption and government spending rather than investment.

Economic growth in the first quarter was slower than expected at 5.4%, below the government’s 6-8% target for the year.

The Philippine Economic Zone Authority approved P17.85 billion in foreign investments, accounting for 63.8% of the total. The Board of Investments (BoI) came in second with P7.29 billion or 26% of the total, followed by the Bases Conversion and Development Authority with P1.91 billion and the Subic Bay Metropolitan Authority with P476.95 million.

Central Luzon had 53.3% of total foreign investment commitments at P14.9 billion, followed by Metro Manila at P6.78 billion and the Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) Region with P3.95 billion.

Foreign and local investments pledged during the quarter are expected to generate 31,848 jobs once the projects are realized.

On the other hand, investment pledges from Filipino nationals fell 8.4% to P153.94 billion in the first quarter, the PSA said.

Mr. Chikiamco said the local political situation could affect foreign investment pledges in the next quarters.

Investors would want to know “whether President Ferdinand R. Marcos, Jr. has enough political capital, given the results of the midterms, to push for more economic reforms in the remaining years of his term,” he added.

He said the state should liberalize foreign investment laws, expand public-private partnerships in infrastructure and reform education to boost workforce quality to counter the foreign investment decline.

It should also boost farm output to lower food prices and ease wage pressures, modernize labor rules and pursue free trade deals with the European Union, Canada and the US while seeking membership in the Japan-led Comprehensive and Progressive Free Trade Agreement for Transpacific Partnership, he added.

PSA data on foreign investment pledges differ from actual foreign direct investments tracked by the Philippine central bank, whose data go beyond projects and include reinvested earnings and lending to Philippine units through their debt instruments.

Inflation seen within target until 2027

PHILIPPINE STAR/ WALTER BOLLOZOS

PHILIPPINE INFLATION is expected to remain within the central bank’s 2-4% target until 2027, according to economists surveyed by the Bangko Sentral ng Pilipinas (BSP).

The mean inflation forecasts are expected to settle at 3.1% this year, 3.3% in 2026 and 3.4% in 2027, the survey showed, based on the minutes of the Monetary Board meeting on April 10.

“The survey respondents see upside risks from the effect of geopolitical tensions, changes in global trade policies, adverse weather conditions and upward adjustments in utility rates, transport charges and minimum wages,” the BSP said. “Downside risks are still seen from lower rice prices.”

The central bank said it expects inflation below 3% until the fourth quarter, citing the steady decline in domestic food and global oil prices.

The BSP in its April policy review slashed its inflation forecasts to 2.3% for 2025 and to 3.3% for 2026. It now expects inflation to average 3.2% in 2027.

“However, inflation is expected to rise gradually and peak in the second quarter of 2026,” it said.

As global commodity prices stabilize, inflation could ease to near 3% starting in the third quarter of 2026. “Initial baseline projections also indicate within-target inflation in 2027.”

Inflation was the slowest in more than five years in April at 1.4%, bringing the four-month average to 2%.

Risks to the inflation outlook remain broadly balanced until 2027, which would let it continue taking a “measured approach” in further policy easing.

“Monetary policy settings still appear to be relatively tight,” it said. “The timing and magnitude of further monetary easing will be determined on a meeting-by-meeting basis.”

The Monetary Board resumed its easing cycle last month with a 25-basis-point (bp) rate cut to 5.5%. It has lowered borrowing costs by 100 bps since August last year.

BSP Governor Eli M. Remolona, Jr. earlier said they are open to cutting rates by 75 bps more this year amid a favorable inflation outlook.

Meanwhile, the central bank said it expects economic growth to settle at the lower end of the government’s 6-8% target this year until 2027.

“Domestic economic activity may benefit from disinflation but faces downside risks,” it added.

The economy grew by a weaker-than-expected 5.4% in the first quarter from 5.9% a year ago.

Central bank estimates showed “slightly lower” growth forecasts for 2025 compared with its forecast in February.

“The downward revision could be attributed to the higher real policy rate, which outweighed the impact of the decline in oil prices,” the BSP said.

It also flagged challenges from the external environment that could dampen global growth “and pose a downside risk to domestic economic activity.”

“Nevertheless, recent activity indicators suggest domestic demand will be supported by low inflation, improvements in real wages and labor market conditions and the gradual easing of monetary policy settings,” it added.

Meanwhile, Economic Secretary Arsenio M. Balisacan said it is “too early” to revise the government’s 6-8% growth target for 2025-2028 despite global uncertainties and lackluster first-quarter growth.

“My sense is that it’s too early to give up 6-8% for the medium term, meaning 2025-2028,” he told reporters. “We have to be ambitious.”

“We have been left behind so far by our neighbors. If you don’t push very hard to work on a more rapid growth, you’ll always be [the last],” he added.

Lowering the upper end of the goal is possible, but Mr. Balisacan said that could affect budget assumptions.

The Development Budget Coordination Committee is expected to review macroeconomic assumptions later this month.

The Philippine economy could still growth by 6-6.5%, Reinielle Matt M. Erece, an economist at Oikonomia Advisory and Research, Inc., said in a Viber message.

“This is as investments and trade deficits drag on growth, as long as trade uncertainties persist,” he said. “Although trade tensions have eased relative to what it was last April, unstable trade policies can still drag investment inflows and export growth.”

“A downward adjustment on the growth targets is something that is expected given the global environment,” he added.

The best course of action for the country is “internal housekeeping” pending tariff negotiations between the Philippines and the US Trade Representative, Mr. Balisacan said, citing the country’s limited political and economic clout.

“How we all end up remains uncertain, and for so long as that uncertainty stays, the ability of investors to make these commitments and investments, whether in the Philippines or elsewhere, is muted,” he added. — Luisa Maria Jacinta C. Jocson and Aubrey Rose A. Inosante

Changing work styles fueling demand for coworking spaces

GREATWORKGLOBAL.COM

By Beatriz Marie D. Cruz, Reporter

DEMAND for coworking workspaces in the Philippines is expected to rise amid easing inflation and as companies shift to flexible, short-term leasing, analysts said.

“The recent drop in inflation to 1.4%, coupled with the Bangko Sentral ng Pilipinas’ (BSP) guidance toward gradual interest rate cuts signals improving macroeconomic conditions, setting the tone for renewed business confidence and investment activity,” Ruth Coyoca, assistant vice-president for sales and business development at Greatwork Global Workspaces, said in a Viber message.

“For the coworking industry, this shift presents a significant upside,” she added.

The coronavirus pandemic has accelerated companies’ shift to flexible workspaces amid changing work styles. These include coworking spaces, hot desk and virtual offices and hybrid workspaces.

Ms. Coyoca said further rate cuts by the Philippine central bank could encourage both big and small companies to take up more flexible workspaces.

“Lower interest rates enhance liquidity and reduce the cost of financing, encouraging startups, small and medium enterprises and large corporations alike to explore expansion strategies, including new project teams and satellite offices,” she pointed out.

Inflation slowed to 1.4% in April, the lowest in over five years. BSP Governor Eli M. Remolona, Jr. earlier said they are open to cutting interest rates by 75 basis points more this year amid cooling prices.

To maximize the demand for coworking spaces, GreatWork is looking to strengthen its presence in central business districts such as Makati and Bonifacio Global City in Taguig.

It is also planning to expand in regional markets like Cebu, Davao and the greater Manila area amid the decentralization of the Philippine capital, Ms. Coyoca said.

“Our flexible lease terms, cost-efficient setups and prime locations allow companies to scale operations without the long-term financial commitments typical of traditional office spaces,” she said.

“Many international firms, especially those exploring soft market entries or setting up satellite teams, are turning to coworking solutions as a low-risk, high-agility option,” she added.

Weremote, a flexible workspace provider, said it has received inquiries from startups, business process outsourcing companies and corporate teams in need of satellite offices or swing spaces — temporary workspaces used by companies during periods of transition such as renovations, expansions or relocations.

“Flexible workspaces are no longer just a pandemic trend; they’ve become a reflection of how businesses now think about office use,” Weremote Managing Director Rene D. Cuartero said in a LinkedIn message.

He said companies want the flexibility to grow, scale down or adjust their team size without committing to long-term leases.

“Larger companies are coming to us to avoid the capital expenditures of fit-outs and office expansions as they want ‘move-in ready’ private offices,” he said. “On the other hand, smaller teams are choosing affordable but professional coworking spaces that give them credibility without the overhead.”

Mr. Cuartero also cited global economic headwinds from trade wars and geopolitical tensions, which have pushed companies to be more “risk-adverse” in terms of office space.

Traditional, long-term leases often come with heavy upfront costs such as fit-outs, deposits and long lock-ins, he pointed out.

For instance, outfitting a bare-shell workspace can cost over P50,000 per square meter, which may be too costly for some companies, Ms. Coyoca said.

“As these global economic changes continue, we see more companies choosing flexible setups like Weremote because they offer control, scalability and less exposure to risk,” Mr. Cuartero said.

Joey Roi H. Bondoc, director and head of research at Colliers Philippines, said the appetite for coworking spaces remains strong as more companies adopt the “work-near-home” trend.

“A lot… are choosing coworking facilities within condominiums or any co-working facility near their place of residence,” he added.

Different goals, same feeling: How today’s buyers are finding the right fit — one search at a time

Whether you’re dreaming about a first home, exploring investment opportunities, or simply looking for a better space to live in, the journey almost always starts with a search. And while everyone’s goals may be different, there’s a common thread: we all want a place that feels right.

Today’s home search is no longer a one-size-fits-all experience — and it shouldn’t be. People want options tailored to their lifestyles, insights that make sense, and tools that support the way they move through the process. That’s where thoughtful digital platforms, like the newly launched RLC Residences website, come in.

The Right Insights to Find Your Forever Home

Young professionals today are starting to see the value of having a place of their own. But for first-time buyers, taking that first step can still feel a bit overwhelming. The new RLC Residences website helps make it easier, offering tools and guidance to explore options with more clarity and confidence.

The new website of RLC Residences matches homebuyers to the right property simply by answering six simple questions.

Designed with flexibility in mind, the site lets aspiring homeowners explore based on what matters most to them — whether that’s location, property type, or budget. By answering a few simple questions, users are matched with RLC Residences developments that fit their preferences, from condos to lots only or house-and-lot options across the country. Visual tools like floor plans, renders, and videos help bring each space to life, making it easier to imagine how it could fit into their day-to-day. And for those still figuring things out, the site offers helpful resources — including a homevestment calculator and informative articles — to guide them through the process and align options with their financial goals.

The journey to homeownership doesn’t have to feel overwhelming. With the right tools, it becomes more about envisioning what’s next — and taking it one step at a time.

The Right Insights for a Profitable Investment

For investors, building a property portfolio is rarely just about the now — it’s about long-term growth, timing, and confidence in your choices.

RLC Residences’ new website features updated information such as property appreciation value, a vital information investors look for in a development.

The RLC Residences website serves as a practical tool for today’s real estate investors. You can easily toggle between pre-selling and ready-for-occupancy units, depending on your preferred timeline and goals. If you’re weighing your options, the platform allows for side-by-side comparisons, giving you insights into location, amenities, and availability to help you make informed decisions. It also provides updated trend details, such as property value appreciation, to help you assess long-term potential more clearly. And with access to market-savvy features like news updates, helpful articles, and financing calculators, you stay in the know without feeling overwhelmed.

Everything is designed to help you browse and analyze at your own pace, making it easier to move forward with clarity and confidence.

The Right Place For the Opportunities Ahead

Not everyone is ready to make a move right away. Some are exploring rental options, while others are simply curious about what’s out there. The RLC Residences website embraces this mindset by creating an experience that welcomes casual browsing. Users can explore properties based on lifestyle preferences, such as proximity to creative hubs, transport access, or wellness spaces. Photo galleries and amenity lists offer a glimpse into what everyday life could look like in each development.

Homepage of RLC Residences Leasing Site

For those looking to rent, the website features a dedicated page for leasable RLC Residences units, providing a streamlined experience. From unit availability and rental fees to leasing details, it’s thoughtfully designed to make the process simple, clear, and aligned with real-life needs. Whether it’s living closer to work, having more room to grow, or gaining independence, the platform connects renters to units where comfort, convenience, and new possibilities meet.

Start exploring at your own pace — and see where the possibilities take you. Visit rlcresidences.com today to experience a personalized home and investment journey built around your needs.

 

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PLDT posts P9.03-B Q1 income, down 8% amid higher expenses

WIKIMEDIA COMMONS/PATRICKROQUE01

By Ashley Erika O. Jose, Reporter

LISTED PLDT Inc.’s attributable net income fell by 8.04% to P9.03 billion for the first quarter (Q1), as higher expenses outpaced modest revenue growth.

Total revenues rose by 1.95% to P55.28 billion for the January-to-March period from P54.22 billion a year earlier.

Service revenues increased by 2.34% to P53.42 billion from P52.2 billion, accounting for the bulk of the topline. Non-service revenues dropped by 8.38% to P1.86 billion from P2.03 billion.

Service revenue growth was mainly supported by steady gains in fiber, enterprise, and information and communications technology (ICT) offerings, PLDT Chief Financial Officer and Chief Management Officer Danny Y. Yu said during a briefing on Thursday.

Enterprise revenues reached P11.9 billion, driven by sustained demand for connectivity and digital solutions across sectors. Corporate data and ICT revenues grew by 1% to P8.8 billion.

Telco core income — which excludes the impact of asset sales and losses from Maya Innovations Holdings — fell by 5.79% to P8.78 billion from P9.32 billion a year earlier.

“We’re navigating a softer market environment, but our fundamentals are intact. Broadband and fiber continue to anchor the business, while digital finance is emerging as a strong new driver. We remain focused on recovery and growth across all segments,” said PLDT Chairman and Chief Executive Officer Manuel V. Pangilinan.

Operating expenses climbed by 5% to P40.55 billion from P38.62 billion in the same period last year.

MAYA TURNS PROFITABLE
PLDT’s digital finance unit, Maya, posted a net income of P127 million for the first quarter, driven by strong lending, deposits, and payments volume.

Loan disbursements reached P120 billion, while deposit balances stood at P44 billion for the period.

“We operate several businesses, several platforms. So, all these platforms across the board will continue to grow in multiples this year,” Maya Chief Executive Officer Orlando B. Vea said.

Mr. Vea said the company is optimistic about Maya’s growth as it seeks to serve the country’s unbanked and underserved market.

“We are just probably in the initial stages of growth. So, we see a lot of upsides in the coming months,” he said.

Mr. Pangilinan said PLDT expects Maya to deliver about P1 billion in profit this year.

“Well, just a simple extrapolation, if it goes to P300 million per quarter, I think we can make it,” Mr. Pangilinan said, adding that Maya is among the company’s “most promising” units.

DATA CENTER
PLDT’s data center unit, VITRO Inc., posted a 37% increase in colocation revenues, driven by sustained demand from hyperscalers and artificial intelligence workloads.

“There are actual locators there (at VITRO Sta. Rosa) already. We still have quite a bit of space to fill up. So, until we are able to prove that we succeed, I think it might be a little early to try to sign down at this stage,” Mr. Pangilinan said.

In April, PLDT inaugurated VITRO Sta. Rosa, its 11th data center. The facility, located on a five-hectare site in Sta. Rosa, Laguna, is said to be the country’s largest data center campus, with a capacity of up to 50 megawatts (MW). Across all sites, VITRO data centers have a combined capacity of nearly 100 MW.

PLDT previously announced plans to finalize the sale of its data center business, ePLDT Inc., to a foreign entity for over $1 billion after talks with Japan’s Nippon Telegraph and Telephone Corp. (NTT) failed to progress.

However, Mr. Pangilinan said the company has shelved the sale as it intends to continue expanding its data center assets.

“We have stopped the process. Because it’s probably too early,” Mr. Pangilinan said.

At the local bourse on Thursday, PLDT shares declined by P8, or 0.63%, to close at P1,264 apiece.

Hastings Holdings Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings Inc., holds a majority stake in BusinessWorld through the Philippine Star Group.

Converge Q1 profit rises 18.4% to P3.02 billion

CONVERGE ICT SOLUTIONS INC./YOUTUBE

LISTED fiber internet service provider Converge ICT Solutions, Inc.’s first-quarter (Q1) attributable net income rose 18.43% to P3.02 billion, driven by residential business growth.

For the January-to-March period, Converge’s total revenues reached P10.8 billion, up 13.21% from P9.54 billion in the same period last year.

Broken down, residential revenues increased 11.51% to P9.11 billion from P8.17 billion, representing the majority of the company’s total revenues for the quarter, while enterprise revenues rose 23.36% to P1.69 billion from P1.37 billion in 2024.

Converge attributed its revenue growth to the increase in residential subscribers and continued expansion of its enterprise customer base.

For the first quarter, the company booked gross expenses of P6.57 billion, an 11.93% increase from P5.87 billion previously.

“We’re among the few in the Philippines authorized by Starlink to resell its services — an acknowledgment of our deep market expertise and commitment to meeting the evolving needs of both enterprise and government clients. More importantly, this is about transforming the way businesses operate. We’re bringing solutions that empower industries to scale and innovate, even in the most remote areas,” Converge Chief Executive Officer Dennis Anthony H. Uy said.

In March, Converge announced its partnership with Starlink to extend broadband access to remote areas, strengthening enterprise connectivity nationwide.

At the local bourse on Thursday, shares in the company closed 48 centavos, or 2.59% higher, at P19 apiece. — Ashley Erika O. Jose

PSE boosts PDS stake to 91.6%

PHILIPPINE STAR/EDD GUMBAN

THE Philippine Stock Exchange, Inc. (PSE) is increasing its stake in Philippine Dealing System Holdings Corp. (PDS) after closing agreements with two banks.

The market operator finalized accession agreements for the PDS shares held by two member banks of the Bankers Association of the Philippines (BAP).

The two banks sold a total of 17,500 PDS shares to the PSE, equivalent to a 0.28% stake.

Following the transaction, the PSE will beneficially own 91.6% of PDS, subject to post-closing conditions.

In addition to its existing 20.98% stake in PDS, the PSE completed transactions with Singapore Exchange Ltd., Whistler Technologies Inc., San Miguel Corp., Golden Astra Capital Inc., Financial Executives Institute of the Philippines Research and Development Foundation, Investment House Association of the Philippines, AIA Philippines Life and General Insurance Co. Inc., Social Security System, Insular Investment Corp., Citicorp Capital Philippines, Inc., Tata Consultancy Services Asia Pacific Pte. Ltd., Mizuho Bank, Ltd., and MUFG Bank, Ltd.

The market operator also finalized deals with BAP and some of its member banks.

In December last year, the PSE reached a P2.32-billion deal to acquire a 61.92% stake in PDS.

The deal involved acquiring 3.87 million shares at P600 apiece.

The market operator said the acquisition will align the Philippine capital market with other markets that have a single-exchange structure for fixed income securities and equities.

The move will also provide more efficient integrated market surveillance and monitoring for both equities and fixed-income markets to enhance investor protection.

“It will provide a single venue in the Philippines for listing and capital-raising, thereby making it easier for companies to tap both equities and debt markets,” the PSE said.

PSE shares fell by 1.69% or P3 to P175 apiece on Thursday. — Revin Mikhael D. Ochave

Gold’s Gym x Metcon introduces Hyrox training

ATHLETES make use of the Hyrox training facility at Gold’s Gym x Metcon. — BRONTË H. LACSAMANA
ATHLETES make use of the Hyrox training facility at Gold’s Gym x Metcon. — BRONTË H. LACSAMANA

THE FITNESS RACE format Hyrox, which blends endurance running and functional workouts, may not be in the Philippines just yet, but many Filipinos have already begun to train for the sport to compete internationally.

Founded in Germany in 2017 by Christian Toetzke, the competition is inclusive in that its components can be easily learned by casual gymgoers. It combines an eight-kilometer run with workout stations peppered in between, like burpees, rowing, and lunges, among others.

These are exercises that fitness-minded people probably already do — all they need is to build endurance and strength to accomplish all of them as part of a race. True to what it entails, the name Hyrox is a mix of the words “hybrid” and “rock star.”

“The good thing about Hyrox is that the entry point of the participants is of all levels. We’re talking female, elderly, youth,” said Gold’s Gym x Metcon Hyrox training club founder Edmundo Vega, who got into the sport coming from the CrossFit community.

Unlike regular workouts at the gym or the high-intensity fitness regimen of CrossFit, Hyrox “doesn’t involve high-skill movements.”

“In one day, we can teach you all the skills involved in doing Hyrox. That makes it scalable, accessible, and more inclusive. That’s the main reason it’s booming right now,” Mr. Vega explained.

In Manila, celebrities like Kuya Kim Atienza, Isabelle Daza, and Drew Arellano are already into it, with some competing internationally in cities like Singapore and Hong Kong. The newly opened Gold’s Gym x Metcon training club dedicated to Hyrox, located in Venice Grand Canal Mall in McKinley, Taguig, aims to foster the growing community of Filipino Hyrox-ers.

Anton Sietereales, creator of a fitness regimen called The Grin Method, presented the workouts involved in preparing for Hyrox at the center’s official launch on May 14.

“Hyrox is a fitness racing sport where you run eight kilometers, but it’s not just about the endurance. It’s also the strength,” Mr. Sietereales said.

A few of the gym’s coaches demonstrated the “H-700,” which is a mini Hyrox workout that condenses the functional stations included in the actual race. The “H” refers to Hyrox, while the “700” refers to the 700 reps across all the workouts — all of which must be ideally accomplished in 10 minutes, by the way.

The order of the workout is: a 300-meter run on a treadmill, 20 reps of bag-facing burpees, 300 meters on the rowing machine, 20 reps of bag lunges (lunging forward while carrying a bag on your back), 40 meters of pushing and pulling a sled, and 20 reps of wall balls (squatting before striking a target with a weighted ball).

Experienced CrossFit and Hyrox athletes easily accomplished this workout in 10 minutes or less. The average occasional gymgoer (as tested by BusinessWorld, among brave members of other media outlets) took about 15 to 25 minutes getting through the daunting “H-700,” with weights adjusted to the minimum for some.

Mr. Sietereales explained that beginners need not be intimidated, since The Grin Method’s holistic approach “targets the general population.”

“It’s really about promoting general physical fitness. It’s comprehensive in that we build on strength, mobility, and accuracy,” he said. “The exercises are inclusive and functional. For example, in real tasks, like when you’re squatting to pick something up or getting your bag and putting it in overhead luggage.”

Beyond general fitness, those who power through and get bit by the Hyrox bug could potentially train to reach competition level, if they’d like.

According to its founders, the Gold’s Gym x Metcon space, now renovated into a comprehensive facility including specialized training zones and even an ice bath and sauna area, aims to gradually foster a community for Hyrox.

TOURISM POTENTIAL
Mr. Vega told BusinessWorld that Hyrox may be booming all over the world as a fitness event, with races taking place in Singapore, Hong Kong, Thailand, Taiwan, Japan, and the like, but the Philippines remains “an untapped market.”

“One particular event in Singapore had 6,500 participants, mostly foreigners. Imagine the tourism involved. It’s our aim in the future to reproduce that here, and opening a Hyrox training club makes that a priority,” he said.

He cited the Filipino class A demographic, or those “with earning capacity to go out of the country just to compete” as the ones who will be willing to pay for topnotch personal training.

“Now is the right time to do it, before Hyrox becomes mainstream here,” Mr. Vega said.

However, one roadblock the Philippines must overcome is the lack of infrastructure and government or private support for such big events. “Right now, we don’t have the correct venue for it, but our standard of living is much lower, so we can easily invite those foreigners and bring in that gym tourism,” he explained.

Hyrox events have a lot of requirements — they need an air-conditioned stadium with many hotels in close proximity. This immediately strikes out the Philippine Arena, which is located in Bulacan, making the Mall of Asia Arena in Pasay City a decent candidate.

“I think we’re more than capable of exceeding Singapore’s 6,500. We can draw in 10,000 people. These participants tend to bring their family or friends, or join in pairs. Hyrox is a spectator event where supporters don’t watch from afar, but travel with you as you compete,” Mr. Vega said.

“That’s a lot of people involved. Imagine the tourism we can bring in if we host a Hyrox event here,” he added.

For details on the Hyrox programs available at the Gold’s Gym x Metcon space in Venice Mall, Taguig, visit the social media pages of Gold’s Gym Philippines, Metcon Philippines, and Hyrox Philippines. — Brontë H. Lacsamana

JG Summit says rebound expected after petrochem shutdown

JG SUMMIT OLEFINS CORP.

GOKONGWEI-LED JG Summit Holdings, Inc. expects a rebound after shutting down its loss-making petrochemical business.

“We are confident that the decision to shut down our petrochemical plant will help improve the group’s overall consolidated results,” JG Summit President and Chief Executive Officer Lance Y. Gokongwei said during the conglomerate’s annual stockholders’ meeting on Thursday.

JG Summit previously said its petrochemicals unit, JG Summit Olefins Corp. (JGSOC), will remain on a prolonged shutdown for at least two years due to market challenges in the global petrochemical industry. JGSOC ceased production in January.

Mr. Gokongwei said all of JGSOC’s debts have been transferred to JG Summit, adding that the conglomerate will focus on preserving the assets in the Batangas plant complex while evaluating strategic options for the petrochemicals business.

He added that JGSOC will also rationalize its manpower following the prolonged shutdown.

“In light of this, we have instituted an employee care program to aid affected individuals in this transition,” he said.

For the first quarter, JG Summit posted a 61% drop in net income to P4.3 billion. JGSOC logged a P3.3-billion loss for the period due to non-recurring costs incurred to facilitate the shutdown.

Moving forward, Mr. Gokongwei said the conglomerate will accelerate the growth and expansion of its food and property businesses, led by Universal Robina Corp. (URC) and Robinsons Land Corp. (RLC), respectively.

“In our food business, we will accelerate volume growth and capitalize on improving consumer sentiment while protecting ourselves against the cost pressures from rising coffee and cocoa prices. On property, we will sustain the expansion of our investment portfolio and drive profitability amidst the challenged residential sector,” he said.

Mr. Gokongwei is also expecting a boost from its airline unit, Cebu Air, Inc., driven by increased travel during the summer season.

“Compared to the previous year, cheaper oil prices, a stronger peso, lower interest rates, and easing inflation all bode well for our businesses,” he said.

Meanwhile, URC President and Chief Executive Officer Irwin C. Lee expects to sustain the food and beverage manufacturer’s momentum amid improving consumer sentiment.

“We are benefiting from more positive consumer sentiment in the Philippines, with easing inflation,” Mr. Lee said during URC’s annual stockholders’ meeting, also on Thursday.

“Our expectation is for this momentum to continue and actually accelerate the interventions that we’re seeing from the business units from past year, carrying forward into 2025 are bearing fruit,” he added.

However, Mr. Lee noted that challenges could affect the company’s growth this year, such as high prices of commodities like coffee and cocoa, as well as tariff-related uncertainties.

“Nevertheless, we are prepared to counteract any measures and any slowdowns. And the businesses are gearing up for continued strong growth momentum for the balance of 2025,” he said.

URC booked a 2% decline in first-quarter net income to P4.3 billion due to last year’s higher foreign exchange gains.

On Thursday, JG Summit shares fell by 4.13% or 76 centavos to P17.62 apiece, while URC stocks were unchanged at P91.95 per share. — Revin Mikhael D. Ochave

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