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Jericho Cruz-led Guam bows to Iran in FIBA Asia Cup

SMB’S JERICHO CRUZ — FACEBOOK.COM/PBAOFFICIAL

FILIPINO-Guamanian standout Jericho Cruz of San Miguel Beermen (SMB) served as one of the few silver linings as Guam — like his compatriot Gilas Pilipinas — stumbled in its 2025 FIBA Asia Cup debut on Thursday at the King Abdullah Sports City in Jeddah, Saudi Arabia.

The PBA star nearly anchored a second-half comeback but powerhouse Iran proved too strong to handle in the end game en route to a 77-52 win in Group B.

Freshly crowned as the 2025 PBA Philippine Cup Finals MVP last month, Mr. Cruz tallied 11 points, four rebounds, two assists and a steal in 32 minutes of play to join Tai Wesley (18) as the only double-digit scorer for Guam.

The former Adamson University stalwart poured nine of his total output in the second half, where Guam clawed back from 21 points down to strike within 41-52 after being limited to just 20 points in the first half.

Iran, however, went on a 25-11 finishing kick in the payoff period for the convincing 25-point victory over Guam in its first-ever Asia Cup appearance.

Up next for Guam is Syria on Saturday and Japan on Sunday. Japan scored an easy 99-68 win over Syria in the other opening match of Group B.

Matin Aghajanpour (19), Sina Vahedi (15), Mohammed Amini (11) and Arsalan Kazemi (10) led Iran ushering in a new era without long-time anchor Hamed Haddadi, who led the team’s Asian domination in two decades.

“I’m proud of my team for the fight that they put on. The idea was that we want to make sure that some of our players who played big minutes can stay healthy, prepare for more competition and give our young players some experience,” said coach EJ Calvo.

Mr. Cruz is coming off an impressive performance with averages of 13.83 points, 3.5 rebounds and 3.33 assists in the Beermen’s Philippine Cup title feat to spoil the grand slam bid of the TNT Tropang 5G in the PBA.

And the 34-year-old guard is certainly bringing that to Guam, where he grew up before studying in Adamson, playing in the UAAP and later in the PBA as the ninth overall pick by Rain or Shine in 2014.

Mr. Cruz, before his Asia Cup debut, was also welcomed by Gilas Pilipinas featuring his SMB teammates CJ Perez and June Mar Fajardo as well as San Miguel Corp. sports director Alfrancis Chua in a team dinner before the tournament. — John Bryan Ulanday

Pawol to become first woman to umpire in regular-season MLB

NEW YORK — Jen Pawol is set to become the first woman to be an umpire in a regular-season Major League Baseball (MLB) game this weekend, working for the Atlanta Braves’ three-game series at home against the Miami Marlins beginning on Saturday.

She will work the bases in both games of Saturday’s doubleheader and will be stationed behind home plate on Sunday, MLB said.

“This historic accomplishment in baseball is a reflection of Jen’s hard work, dedication and love of the game,” MLB Commissioner Rob Manfred said in a statement.

“She has earned this opportunity, and we are proud of the strong example she has set, particularly for all the women and young girls who aspire to roles on the field.”

Pawol, who has umpired in the minors previously, was the first woman to umpire in a Spring Training game for 17 years during a meeting between the Houston Astros and Washington Nationals in 2024.

The 48-year-old New Jersey native played college softball and has been a minor league umpire since 2016.

The barrier-breaking news comes 10 years after the National Football League hired its first full-time female official, Sarah Thomas, who would go on to become the first woman to officiate a Super Bowl in 2021.

The NBA was the first of the “big four” men’s professional leagues in North America to add women to its full-time officiating staff, hiring Violet Palmer and Dee Kantner in 1997. — Reuters

Yankees’ OF Aaron Judge ‘felt good’ throwing for first time since injury

AARON JUDGE has already returned to the New York Yankees lineup as a designated hitter, but the MVP candidate took another significant step toward outfield (OF) action on Wednesday.

Prior to the game against the host Texas Rangers, Judge threw from about 60 feet while playing catch with Giancarlo Stanton — his first time throwing since landing on the injured list late last month with a right elbow flexor strain.

Judge came away from the warm-up with a positive outlook.

“Felt good to get out there. We’ll see what I can do (Thursday),” Judge said. “You’ve got a flexor strain. Like a hammy, the first time you run on a hammy, it’s going to be sore. But I didn’t feel like I did when I hurt it.”

Judge saw his first action with the Yankees on Tuesday after returning from the 10-day IL, going hitless in three at-bats with two strikeouts. He leads the majors with a .339 batting average. Entering Wednesday, he was tied for fourth in home runs (37) and fifth in RBIs (85). Judge went 1-for-3 with a strikeout and a walk as the Yanks’ designated hitter on Wednesday, a 3-2 New York win.

Asked about soreness in his arm, Judge said that “eventually it will get better and we’ll be good to go and forget about it in a couple of weeks.

“We’ll see,” he added. “I’ve never had this. Would be easier if I had a quad or a hammy or oblique, I could kind of give you a better estimate of what we’ve got.” — Reuters

Cardinals edge Dodgers as Ohtani notches 1,000th career hit

JORDAN WALKER had a game-tying single in the eighth inning and Masyn Winn scored the go-ahead run on an error as the visiting St. Louis Cardinals rallied for a 5-3 victory over the Los Angeles Dodgers on Wednesday afternoon.

Brendan Donovan and Lars Nootbaar also brought runs home without getting the ball out of the infield as the Cardinals secured a 4-2 record against the Dodgers this season while winning a pair of series.

Three St. Louis relievers held Los Angeles without a run over the final five innings, while right-hander Riley O’Brien pitched 1 1/3 innings for his first career save. JoJo Romero (4-3) did not allow any runs over one inning of work to earn the win.

Dodgers two-way superstar Shohei Ohtani hit a home run for his 1,000th career hit and struck out eight over a four-inning start as the Dodgers dropped to 3-6 at home since the All-Star break. Freddie Freeman had three hits for Los Angeles, while Alex Call had two in his first home start since his trade from the Washington Nationals.

Ohtani gave up one run on two hits with no walks on a day when all fans in attendance received a full-size replica of his World Series championship ring.

The Cardinals pulled ahead for good in the eighth. With two runners aboard and two outs, Walker singled to center against Alex Vesia (2-1) to tie the game at 3-3. The throw back to the infield went to third and then to second as Walker tried to advance. Winn scored on a throwing error by Dodgers rookie third baseman Alex Freeland.

The Cardinals took a 1-0 lead in the third inning on a two-out RBI bunt single from Brendan Donovan. The Dodgers moved in front 2-1 in their half of the third on a two-run home run from Ohtani, his 39th of the season.

After taking the lead in the eighth inning following the single from Walker against Vesia, the Cardinals added one more run in the ninth on a Nootbaar RBI double. — Reuters

Vital cog

The sheer numbers — $221 million for four years — would make the news in any case. Because they’re emblazoned across the sticker that makes De’Aaron Fox a central figure in the Spurs’ future, however, the headlines have been bolder. Still, the real story goes beyond the math; it’s in the intention of the move that signals neither desperation nor recklessness, but a calculated bet that the cost of standing still trumps the price of moving forward.

Admittedly, Fox is not a superstar in the strictest sense. He has one All-Star appearance, seen limited playoff success, and possesses a game that, while quick and aggressive, doesn’t bend the floor in the way franchise cornerstones typically do. But what he brings to the Spurs has less to do with ceiling than with certainty. He’s a steadying presence beside youth, a pacesetter who doesn’t need the spotlight to lead. And, most importantly, his is a contract that gives the silver and black something they have lacked: leverage.

It’s easy to question the scale of the commitment, especially in the face of a seemingly crowded backcourt. From within, though, the overlap becomes a feature, not a flaw. Stephon Castle remains on a rookie deal. Dylan Harper will follow. And Victor Wembanyama, the centerpiece, is years from his own prime. If nothing else, there is room — financially, structurally — for mistakes, pivots, or even bigger swings. This extension does not lock the Spurs into a path; it gives them multiple exits.

Perhaps the deal’s true value may not come on the court, but on the market. As others in the league strain to cobble together trade packages without dismantling their rosters, the Spurs now hold a singular chip: a high-salary guard in their fold, still in his heydey, capable of being moved without breaking the bank or the locker room. In that sense, Fox is both a vital cog and, under the right circumstances, a transaction waiting to happen. The front office isn’t gambling without options.

From the Spurs’ vantage point, the contract does not chase immediate contention. Fox may not be the future, but he gives them time to figure out who is. Whether that means mentoring Harper, coexisting with Castle, or anchoring a future deal, his presence buys them space — in competition, on the books, and most importantly, for the timeline they’re trying to manage. They paid a handsome amount for flexibility, and, when all is said and done, it might just be worth the cost.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

DepEd calls for collaborative efforts in solving classroom backlog

PHILSTAR FILE PHOTO

The Department of Education (DepEd) said on Tuesday that addressing the country’s educational woes, including the shortage of 165,000 classrooms, requires a multi-sectoral approach.

“Education is not just the responsibility of schools or teachers alone,” Education Secretary Juan Edgardo “Sonny” M. Angara told reporters in Filipino during an interview.

“Even the families, communities, and the barangays must be involved in raising and educating the youth,” he added.

On average, Mr. Angara said that the department builds around 6,000 new classrooms annually.

“We will begin building in areas that need it the most, which are usually cities in Region 4A,” Mr. Angara said in a separate interview during the launch of DepEd’s Quality Basic Education Development Plan (QBEDP).

“Those areas are overpopulated, which is why there’s a double to triple shift,” he added.

During President Ferdinand R. Marcos Jr.’s fourth State of the Nation Address (SONA), he said that the government plans to build 40,000 new classrooms by 2028 through Public-Private Partnerships (PPPs).

To help build more classrooms across the country and teach core Filipino values to children through books, a partnership between the DepEd, Jollibee, and Adarna House was launched on Tuesday.

Under the partnership, P5 from every purchase of a “Kids Values Meal” will go to the Jollibee Group Foundation’s Classroom Building Project, which aims to donate Joy Learning Centers across various locations nationwide by 2028.

“I think it’s very important for companies such as Jollibee, to share the common vision of helping raise the next generation of Filipinos who are not just smart but also full of values,” Dorothy-Dee Ching, vice president for marketing at Jollibee, told BusinessWorld on the sidelines of the event.

“I think it’s a great partnership that is public-private, so that we can help our nation move forward,” she added.

 

Doubling the effort

According to former DepEd Secretary Armin B. Luistro, the government must build at least 25,000 learning facilities annually to replace those that are damaged and unusable.

“Every year you needed to build like 25,000 classrooms to replace the 10 to 12-year-old classrooms,” he told BusinessWorld in an interview.

Mr. Luistro said that during his term as the department chief, they had to double their efforts in building classrooms to catch up with the backlog. “During the six-year term, we were building 84 classrooms a day.”

“It’s not all DepEd. The LGUs (local government unit) helped including the private sector, and even the budget of PAGCOR (Philippine Amusement and Gaming Corporation) was given to DepEd only to construct classrooms,” he added. – Almira Louise S. Martinez

U.S. 100% tariff plan on semiconductors ‘devastating’ for Philippines, industry association says

REUTERS

MANILA – A United States plan to impose 100% tariffs on semiconductors would be “devastating” for the Philippines, an industry leader said on Thursday.

The president of the Philippine semiconductor industry Dan Lachica said that around 70% of the country’s electronic exports are semiconductors. – Reuters

Key officials to lead 8th Annual AmCham Energy Forum on Aug. 14

Forum to tackle energy security, technological advancements, and policy developments

The American Chamber of Commerce of the Philippines (AmCham Philippines) is proud to announce the 8th Annual AmCham Energy Forum, set to take place on Thursday, Aug. 14, 2025, at the Marriott Hotel Manila, Pasay City.

With the theme “ElevEIGHTing the Philippine Energy Sector: Navigating Conventional, Renewable, and Emerging Technologies and Developments in Achieving Energy Security,” this year’s forum aims to spotlight pressing challenges and breakthrough solutions for the country’s evolving energy landscape. The event will gather key policy makers, business leaders, and energy experts to discuss forward-looking strategies for national energy resilience and sustainability.

Among the key officials expected to headline the event are Senator Sherwin Gatchalian, representing the Senate of the Philippines; Secretary Sharon Garin of the Department of Energy; and Congressman Mark Cojuangco, chairman of the House Special Committee on Nuclear Energy. Their participation underscores the strong collaboration between the public and private sectors in shaping future energy policies.

Attendees can look forward to keynote presentations, policy updates, and engaging panel discussions that focus on conventional and renewable energy developments, investment opportunities, and the integration of emerging technologies, including artificial intelligence, forward markets, and nuclear power.

AmCham Philippines extends its sincere appreciation to the organizations and sponsors who have made this event possible. Our partner organizations include the Canadian Chamber of Commerce of the Philippines (CanCham), the Semiconductor & Electronics Industries in the Philippines Foundation, Inc. (SEIPI), and the Philippine Energy Efficiency Alliance, Inc. Our relationship builders are Aboitiz Power — Thermal Business Group, The Lantau Group, FirstGen, and GHD. We also thank our supportive partners: AGC Development Corporation, AIG Philippines Insurance, Inc., BDO, Black & Veatch, Green Tiger Markets, Reganosa, and Cargill BioIndustrial (FR3). Microsoft Philippines is a valued associate sponsor for this event.

Our Media Partners for this event are The Business Manual and BusinessWorld.

AmCham invites professionals, stakeholders, and decision-makers across the energy, manufacturing, infrastructure, and technology sectors to join this essential forum and be part of shaping the future of energy in the Philippines.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Ascott holds ASR Masterclass to treat loyalty program members

Chef Sunhee Lee's Discover ASR Kimchi Masterclass

Sign up now, as more exclusive programs and exciting benefits await members of the ASR (Ascott Star Rewards) loyalty program

The Ascott Limited, the globally recognized serviced residence and hospitality brand, indulged ASR (Ascott Star Rewards) members with an elevated Korean gastronomic experience and exclusive culinary masterclass as part of the many perks and privileges of the rewarding loyalty program.

Titled “The Art of Kimchi: Masterclass with Chef Sunhee Lee,” the twin events featured the multi-awarded culinary master from Korea. First, Master Chef Lee curated an exclusive Banchan-style dinner for Gold and Platinum ASR members at Scott’s Restaurant in Ascott Bonifacio Global City (BGC) Manila on July 17. The special guests were taken on a tour of the premium serviced apartment, including a stop at the penthouse reimagined as a vibrant Korean market, filled with engaging activities like a Korean photobooth, claw machine experience, and sampling of Korean delicacies. From there, the event carried on at Scott’s Restaurant for dinner, where the stars of the show were Master Chef Lee’s culinary masterpieces.

ASR Kimchi Masterclass guests

The following day, July 18, the master chef spearheaded an exclusive kimchi and Korean dish-making class for Gold and Platinum ASR members at the Korean Cultural Center in BGC. She taught how to prepare, cut, and store the iconic Korean culinary staple. Capping off the lessons in the kitchen was a soothing Jinju Silk lantern viewing party.

Experiencing the artistic genius of a prominent master chef is just one of the many exciting and exclusive treats that ASR members can enjoy. The ASR loyalty program unlocks the full potential of travel with benefits that extend from the Philippines to the world. Members get guaranteed lowest room rates, upgrades, special discounts, flexible check-in/out times, complimentary airport transfers, and more.

For one, as The Ascott Limited — Philippines celebrates its 25th anniversary this year, ASR members can get up to a 45% discount by booking at an Ascott property in the country. Whether it’s to enjoy Manila’s storied charm, Makati’s cosmopolitan energy, Alabang’s relaxed sophistication, or the rich local flavors of Cebu, Bacolod, and Iloilo, ASR members are sure to get an elevated travel experience. More information is available at https://www.discoverasr.com/en/offers/urban-escape-in-the-philippines.

Chef Sunhee, Younghan Moon with the Ascott Team

ASR members can also stay rewarded and unlock the ultimate travel experience with KrisFlyer, Singapore Airlines’ frequent-flyer program. Linking one’s KrisFlyer account and ASR earns 500 KrisFlyer miles from staying at participating Ascott properties with a minimum spend of SG$1,000. ASR members can also enjoy access to 1,700+ lounges worldwide with complimentary refreshments and serene spaces to relax. Redeem passes starting from 15,600 ASR points. Lastly, earn five ASR points per SG$1 spent on tours and attractions on travel service provider trip.com, or convert 10,000 ASR points to 25,000 STAR$ on lifestyle and shopping rewards program CapitaStar.

There are also plenty of discounts for ASR members at restaurants and lifestyle establishments in the Philippines. They can avail up to 50% off from a long list of Ascott F&B outlets, including Scott’s Restaurant in Ascott BGC, Bay City Café in Citadines Bay City Manila, Alejo and Aqua at 8th in Citadines Roces Quezon City, and Nostalgia Bar & Lounge in Joy Nostalg Hotel and Suites. The discount also applies at different establishments in Citadines Bacolod City, namely, Pureza, Tam-Is, Adlaw, Namit, and Fuego. ASR members can also get up to 20% off from partner restaurants Nonya Café, Mesclun, Taqueria Franco, and Sampiro Salcedo. Meanwhile, relaxing comes at 10% off at Paradasia Spa, Daluy Retreat Spa, and Sentro Pilates.

Get all these and more by starting your ASR journey today. Become a member by signing up at https://www.discoverasr.com/en/sign-up, and use the referral code “PHENALL” to kick-start your ASR membership. For more information on Ascott, check out www.discoverasr.com/the-ascott-limited and follow the group on Facebook, Instagram, TikTok and LinkedIn.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Grab, MOVE IT, driver communities mobilize relief operations for driver families

In the wake of recent harsh weather disruptions across Luzon, Grab and MOVE IT, in coordination with local driver community leaders and hundreds of volunteer driver- and rider-partners, mobilized large-scale relief operations to assist affected communities in Greater Metro Manila and neighboring provinces.

The volunteers extended aid to heavily impacted areas in Marikina, Las Piñas, Cavite, Valenzuela, Navotas, and Malabon, as well as nearby provinces such as Pampanga, Bulacan, Baguio, and Olongapo.

Thousands of Grab and MOVE IT partners, along with their families, who were affected by the recent torrential rains and flooding received relief packs containing rice, canned goods, noodles, biscuits, coffee, and essential medicines. The distribution highlights the platforms’ joint commitment — together with their partner communities — to safeguarding the welfare of  members of the Grab and MOVE IT communities.

“Our riders and drivers are the backbone of our ecosystem,” said Ronald Roda, managing director of Grab Philippines. “Supporting them with malasakit has always been our North Star. This is what it means to be a true partner — not just in their daily livelihood, but also in times of need.”

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Filinvest Land posts 6% revenue growth on strength of leasing and residential segments

Filinvest Land, Inc. (Filinvest Land/PSE: FLI), one of the country’s most trusted full-range property developers, reported P12.21 billion in consolidated revenues for the first half of 2025, up 6% from the same period last year. Net income rose 1% to P2.12 billion. The company’s performance was driven by sustained leasing momentum from its retail and office investment properties. Leasing revenues surged 12% to P4.10 billion, supported by steady demand across the company’s expanding office and retail portfolios. Real estate revenues are steady at P7.48 billion.

“Our focused efforts on targeted rent strategies and tighter cost controls have proven effective in boosting both occupancy and EBITDA, supporting the steady growth of our leasing business. We are optimistic that the upcoming openings of Filinvest Malls in Cubao and in Mimosa Leisure Estate in Clark will further drive this momentum. At the same time, we continue to push our residential developments in Visayas, Mindanao, and non-NCR Luzon regions, where we are seeing sustained demand,” said Tristan Las Marias, president and chief executive officer of Filinvest Land, Inc.

Retail Expansion Gathers Pace on Strong Occupancy and New Tenant Openings

Retail leasing revenues reached an all-time high of P1.32 billion in the first half of 2025, marking an 11% increase year on year. Growth was driven by the strong performance of anchor assets such as Festival Mall, alongside improved occupancy across regional malls including Il Corso in Cebu, Main Square in Bacoor, Fora Mall in Tagaytay, and the newly opened Filinvest Malls Dumaguete.

In the second quarter alone, over 8,000 square meters of tenant gross leasable area (GLA) commenced operations, while more than 10,000 square meters were signed for new leases. Total operational GLA across FLI’s retail portfolio now stands at 257,170 square meters.

Retail EBITDA margins improved to 56% from 53% year on year, reflecting operational efficiency, higher occupancy, and a more curated tenant mix across locations.

Office Segment Strengthens with Higher Occupancy and Strategic Tenant Mix

Office leasing revenues, including contributions from both REIT and Non-REIT, grew by 8% to P2.48 billion. This was supported by an 11% increase in occupied gross leasable area (GLA), resulting to a total of 398,000 square meters. Among the company’s new office locators are Pinnacle Intelligence, a BPO based in the United States and Qatar Aviation Services.

EBITDA margins for the office segment improved to 64%, up from 62% in the same period last year, reflecting a more focused strategy on securing long-term leases with traditional corporates and government clients.

Industrial Business as Emerging Anchor for the Future

Filinvest Land’s industrial business has emerged as a promising growth engine, reflecting strong demand and rising investor interest in the Philippines as a manufacturing hub.

All nine Ready-Built Factories (RBFs) in the Filinvest Innovation Parks in Calamba and New Clark City are now fully leased, with a total gross leasable area of 21,956 square meters. This milestone underscores both the quality of FLI’s industrial offerings and the increasing confidence of foreign locators in the country’s industrial potential.

The segment contributed P153 million in revenues during the first half of 2025, comprising P1 million from the sale of an industrial lot and P20 million in recurring rental income.

With a long list of inquiries for both industrial lot sales in FIPC and mega lot lease hold sale in New Clark City, Filinvest Land remains confident in the sustained growth and scalability of this emerging business segment.

Residential Real Estate Remains Stable

Filinvest Land’s real estate sales remained stable at P7.48 billion, backed by project completions, steady collections, and sustained demand for ready-for-occupancy (RFO) units.

The middle-income segment, which forms the core of Filinvest Land’s residential portfolio, accounted for 70% of total residential revenues in the first half of 2025. Gross profit margins rose to 53%, up from 51% in the same period last year, while EBITDA reached P2.7 billion — 2% higher year on year.

Looking at regional performance, Luzon, excluding areas in NCR, accounted for 37% of total option sales. This was primarily driven by strong take-up in New Leaf and Rosewood Place in Trece Martires, Sandia Homes in Batangas, and The Glens in San Pedro, Laguna. Meanwhile, Visayas and Mindanao also contributed another 37%, led by sustained demand in One Oasis and San Remo Oasis in Cebu, Maldives Oasis and 8 Spatial in Davao, and Futura Vinta in Zamboanga.

FLI continues to roll out inventory strategically. Its most recent launch is a new building at Maldives Oasis in Davao City, offering over 300 units and further strengthening its presence in high-growth urban centers.

Meanwhile, our Co-Living business, which involves a fully leased out The Crib Clark, remains a solid contributor, generating P136 million in rental income and is expected to remain firm for the coming months.

Filinvest Land Honored at 2025 Stevie® Awards for Great Employers

Filinvest Land was recognized at the 2025 Stevie® Awards for Great Employers, earning a Bronze Stevie® for Employer of the Year in Real Estate — the only Philippine real estate company to receive this global recognition, joining the ranks of IBM and DHL. This comes on the heels of being named one of the Philippines’ Best Employers for 2025 by the Philippine Daily Inquirer and Statista, reaffirming its people-first culture.

FLI’s award-winning, data-driven HR strategy has delivered results: a 95% on-time hiring rate, 97% job offer acceptance, and 45+ training hours per employee. Women now comprise over half of its leadership pipeline, supported by strong wellness programs, full HMO coverage, and 100% participation in its internal feedback platform, Filinvest Listens.

“We grow because our people grow,” said President and CEO Tristan Las Marias. “Their passion fuels our mission of building lasting dreams for Filipinos.”

The win is part of a broader milestone for the Filinvest Group, with parent firm FDC also securing multiple Stevie® wins in leadership, recruitment, and organizational culture.

 

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Trump announces $100 billion new investment pledge from Apple

FILE PHOTO | By Official White House Photo - https://www.whitehouse.gov/briefings-statements/photos-of-the-week-042718/, Public Domain, https://commons.wikimedia.org/w/index.php?curid=71707805

WASHINGTON – President Donald Trump announced on Wednesday that Apple will invest an additional $100 billion in the United States, a move that could help it sidestep potential tariffs on iPhones.

The new pledge raises Apple’s total domestic investment commitment in the U.S. to $600 billion over the next four years. Earlier this year, the company announced it would invest $500 billion and hire 20,000 workers across the country in that period.

The announcement centers on expanding Apple’s supply chain and advanced manufacturing footprint in the U.S., but still falls short of Mr. Trump’s demand that Apple begin making iPhones domestically.

“Companies like Apple, they’re coming home. They’re all coming home,” Mr. Trump told reporters in the Oval Office, moments after Apple CEO Tim Cook gave him a U.S.-made souvenir with a 24-karat gold base.

“This is a significant step toward the ultimate goal of ensuring that iPhones sold in America also are made in America,” Mr. Trump added.

Asked if Apple could eventually build entire iPhones in the U.S., Mr. Cook noted that many components such as semiconductors, glass and Face ID modules are already made domestically, but said that final assembly will remain overseas “for a while.”

While the investment pledge is significant, analysts say the numbers align with Apple’s typical spending patterns and echo commitments made during both the Biden administration and Mr. Trump’s previous term.

In May, Mr. Trump had threatened Apple with a 25% tariff on products manufactured overseas, a sharp reversal from earlier policy when his administration had exempted smartphones, computers and other electronics from rounds of tariffs on Chinese imports. Mr. Trump’s effort to reshape global trade through tariffs cost Apple $800 million in the June quarter.

“Today is a good step in the right direction for Apple, and it helps get on Trump’s good side after what appears to be a tension-filled few months in the eyes of the Street between the White House and Apple,” said Daniel Ives, an analyst with Wedbush Securities.

 

“A SAVVY SOLUTION”

Apple has a mixed track record when it comes to following through on investment promises.

In 2019, for instance, Mr. Cook toured a Texas factory with Trump that was promoted as a new manufacturing site. But the facility had been producing Apple computers since 2013 and Apple has since moved that production to Thailand.

Apple continues to manufacture most of its products, including iPhones and iPads, in Asia, primarily in China, although it has shifted some production to Vietnam, Thailand and India in recent years.

Despite political pressure, analysts widely agree that building iPhones in the U.S. remains unrealistic due to labor costs and the complexity of the global supply chain.

“The announcement is a savvy solution to the president’s demand that Apple manufacture all iPhones in the U.S.,” said Nancy Tengler, CEO and CIO of Laffer Tengler Investments, which holds Apple shares.

Partners on Apple’s latest U.S. investment effort include specialty glass maker Corning, semiconductor manufacturing equipment supplier Applied Materials, and chipmakers Texas Instruments, GlobalFoundries, Broadcom and Samsung.

Apple said Samsung will supply chips from its production plant in Texas for its products including iPhones, while GlobalWafers said it would be supplying 300mm silicon wafers from its Texas plant.

Apple shares closed up 5% on Wednesday. Shares of Corning rose nearly 4% in extended trading, while Applied Materials gained almost 2%. – Reuters

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