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ARROW Act to unlock infrastructure projects, boost property values — analysts

Workers are seen mixing cement at a construction site in Quezon City, May 19, 2020. — PHILIPPINE STAR/ MICHAEL VARCAS

By Beatriz Marie D. Cruz, Reporter

LONG-DELAYED infrastructure projects in the Philippines could gain momentum with the passage of the Accelerated and Reformed Right-of-Way (ARROW) Act, according to analysts.

Republic Act No. 12289, signed last month by President Ferdinand R. Marcos, Jr., amended the Right-of-Way Act of 2016 to make property acquisition faster, more transparent, and predictable.

Under the new law, agencies and private concessionaires must make upfront deposits on properties slated for acquisition — including crops, trees, and improvements — equivalent to 15% of their market value.

“By standardizing compensation and requiring upfront deposits, both landowners and developers gain greater transparency and security,” said Jamie S. Dela Cruz, research manager at KMC Savills.

“For the property sector, this translates into clearer growth corridors and faster value appreciation in areas near planned infrastructure,” she added.

“Developers, investors, and businesses can plan with more certainty, while landowners benefit from more predictable compensation.”

Joey Roi H. Bondoc, director and head of research at Colliers Philippines, said the amended RoW Act will support real estate expansion outside Metro Manila.

“You cannot achieve both infrastructure implementation and decentralization if you cannot acquire the properties needed to build infrastructure,” he said.

Analysts have noted developers’ growing interest in regional areas such as Pampanga, Cebu, Bacolod, and Davao, amid favorable economic conditions and talent pools.

However, Ms. Dela Cruz cautioned that uneven implementation at the local level and potential speculative price surges in acquisition areas remain risks.

Right-of-way bottlenecks have long hindered infrastructure projects, affecting property developers’ expansion plans.

Beyond solving RoW bottlenecks, the government should strengthen urban planning and zoning to prevent congestion and ensure that infrastructure projects support balanced growth, she said.

She also stressed the need for more efficient permits, land titling, and property registration, as well as affordable housing for middle-income and working-class households.

“It should also ensure that public-private partnerships in key growth areas align infrastructure with commercial, industrial, and residential demand,” she added.

“If these issues are addressed together, the ARROW Act could become a genuine catalyst not only for infrastructure delivery but also for a more competitive, resilient, and inclusive Philippine property market,” Ms. Dela Cruz said.

ASEAN summit for prosperity, Philippines’ fiscal condition

Big events were happening in Kuala Lumpur at the ASEAN Summit, which opened on Oct. 26 and ends today, the 28th. Last Sunday saw the 47th ASEAN Summit and President Ferdinand R. Marcos, Jr. attended. Then came the ASEAN-US Summit with US President Donald Trump, and the ASEAN-Japan Summit with Japan’s new prime minister, Sanae Takaichi.

The 28th ASEAN Plus Three (with China, Japan, and South Korea) Summit was held yesterday, then the 20th East Asia Summit, the ASEAN plus India, Australia, New Zealand, the US, and Russia. Brazil and South Africa attended as observers. Today will see the handing over ceremony of the ASEAN Chairmanship from Malaysia to the Philippines, to begin on Jan. 1, 2026.

In honor of the ASEAN Summit, I gathered some basic economic data about the major economies of ASEAN — six countries out of the 11 members — then their major trade partners in the region, America, and Europe.

In GDP size at purchasing power parity (PPP) values, the top five are China, the US, India, Russia, and Japan. When it comes to power generation in terawatt hours (TWh), the same countries are in the top five.

Looking at the GDP growth average for 2022-2024, the top three fastest growing countries were India, Vietnam, and the Philippines. The slowest were Germany, Japan, and France. When it comes to inflation rate, the highest are Russia, the UK, and Brazil; the lowest are China, Taiwan, Thailand, and Malaysia.

In merchandise exports, despite Trump’s tariff hikes which kicked off in April, all of East Asia have actually experienced expansion in exports; India’s exports were flat, and Australia’s are declining, as are the US’ and Europe’s (see Table 1).

We should focus on industrialization, investment, trade expansion, and economic prosperity, not war mongering. The ASEAN is a good venue for this long-term goal.

THE STATE OF OUR CASH
Last week, the Bureau of the Treasury (BTr) released the cash operations report and fiscal condition for September this year. Here I compare the totals for January-September of the last four years.

The budget deficit by end-2025 may exceed the programmed P1.6 trillion as it was already P1.1 trillion by September (see Table 2).

The allotment to local government units (LGUs) via the National Tax Allotment (NTA) keeps rising, from P871.4 billion in 2024, the programmed P1.03 trillion in 2025, and P1.19 trillion in 2026. The Department of Finance (DoF) has targeted that LGUs would fund services in health, education, agriculture and environment, roads and infrastructure, technology, and security and social protection (HEARTS).

DoF secretary and LANDBANK Chairman Ralph G. Recto also delivered cash assistance, particularly to the earthquake-damaged provinces of Cebu and Davao Oriental. In addition, he unveiled higher tax-free benefits for Filipino workers nationwide, including higher tax-exempt monetized unused vacation leave credits for private employees from 10 to 12 days. Good move there, Secretary Recto.

Yesterday I attended the 2025 Fiscal Policy Conference organized by the Department of Budget and Management (DBM), held at the UP College of Law. The plenary speakers in the morning included University of the Philippines (UP) National College of Public Administration and Governance (NCPAG) Professor Emeritus Alex Brillantes, UP School of Economics Professor Emeritus Winnie Monsod, University of Asia and Pacific Professor Emeritus Jess Estanislao, and Jose Syquia of the Asian Development Bank. The plenary discussion was moderated by DBM Undersecretary Margaux Salcedo. The Keynote Address before lunch was given by DBM Secretary Amenah F. Pangandaman.

The afternoon panel speakers included DoF Undersecretary Renato Reside, Jr., Department of Economy, Planning, and Development Undersecretary Joseph “Dockoy” Capuno, academics from Ateneo, De La Salle, UP NCPAG, other government agencies like the Bangko Sentral ng Pilipinas and Congressional Policy and Budget Research Department.

From the abstract of the paper “Select Application of Data Science in Public Finance: The Case of the Philippines,” by Reside, Ortillan, and Bonico, they focused on two important DoF operations — forecasting of flows of public revenues (including taxes and customs duties), and explaining local tax effort ratios across the country.

From the abstract of the paper “Catching them at first light: Predictors of project restructuring in the Investment Coordination Committee” by Capuno, Cambel, and Gonzalvo, they wanted to identify via regression methods projects that are likely to be delayed and restructured causing higher costs.

Public fora like this are important, help engage the public (especially the economics and public finance researchers) to find ways to control the rising public debt and rising interest payment that add pressure for the avoidance of tax cuts, if not future tax hikes.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

Suspects in Louvre jewel heist arrested near Paris, prosecutor says

A CROWN worn by French Empress Eugenie, which was targeted by thieves during a heist at Paris’ Louvre Museum on Oct. 19 but was dropped during their escape, on display in this undated still frame from a video. — LOUVRE MUSEUM/HANDOUT VIA REUTERS

PARIS — Suspects have been arrested over the brazen jewelry heist at the Louvre, just as one of them was about to fly out of France, the Paris prosecutor said on Sunday.

Two men in their 30s and originally from the capital’s Seine-Saint-Denis suburb — which includes some of the country’s most deprived areas — were detained on Saturday evening, according to Le Parisien newspaper, which first broke the story.

They were known to French police and one of the suspects was about to fly to Algeria from Charles de Gaulle airport, the newspaper said.

There was no indication on Sunday that any of France’s stolen crown jewels had been recovered.

PROSECUTOR ANGERED BY LEAK
Paris prosecutor Laure Beccuau did not say how many people were arrested or give any more details about them. In a statement, she deplored the fact that information about their arrest was leaked.

“This revelation can only hinder the investigative efforts of the 100 or so mobilized investigators, both in the search for the stolen jewelry and for all the perpetrators. It is too early to provide any specific details,” Ms. Beccuau said.

Interior Minister Laurent Nunez, under public pressure to deliver results a week to the day after the robbery, congratulated investigators in a tweet, but gave no more detail.

Four hooded thieves made off with eight precious pieces worth an estimated $102 million from the Louvre’s collection on Oct. 19, exposing security lapses at the world’s most-visited museum.

They broke in using a crane to smash an upstairs window during opening hours and escaped on motorbikes.

News of the robbery reverberated around the world, prompting soul-searching in France over what some regarded as a national humiliation.

The stolen treasures included a tiara and an earring from the jewelry of Queen Marie-Amélie and Queen Hortense from the early 19th century.

The crown of Empress Eugenie, the wife of Napoleon III, was found damaged outside the museum. The thieves apparently dropped the piece, made of gold, emeralds, and diamonds, as they made their getaway.

Built in the late 12th century, the Louvre Palace used to be the official residence of the kings of France, until Louis XIV abandoned it for Versailles. It was turned into a museum for the royal art collection in 1793, four years after the French Revolution.

Its huge collection of masterpieces, including the Mona Lisa and the Venus de Milo statue, brought in 8.7 million visitors last year. — Reuters

Alsons Power launches cadetship program to train future energy leaders

ALSONS POWER Vice-President for Corporate Services Maria Jiji Q. Lara and St. Peter’s College in Iligan President Peter Dan P. Punongbayan signed a memorandum of agreement for the Alsons Power Cadetship Training Program.

ALCANTARA-LED Alsons Power Supply Corp. has partnered with St. Peter’s College (SPC) in Iligan City to launch the Alsons Power Cadetship Training Program, an 18-month initiative aimed at developing young professionals for leadership roles in the energy sector.

In a statement on Monday, the company said it formalized the partnership with SPC through a memorandum of agreement, marking the official rollout of what it described as its flagship talent development initiative to prepare the next generation of professionals in the power industry.

The program includes classroom instruction, on-the-job training, mentoring, and project exposure designed to accelerate the development of participants.

“Through the Cadetship Training Program, we are opening doors for young professionals, especially those from Mindanao, to be part of our mission to power with care,” Alsons Power Vice-President for Corporate Services Maria Jiji Q. Lara said. “This initiative reflects our commitment to nurturing future leaders of the energy industry and empowering them to grow and thrive with Alsons Power.”

SPC President Peter Dan P. Punongbayan said the partnership will allow graduates to gain real-world industry experience and potentially pursue careers in the energy sector.

Following the pilot in Iligan City, Alsons Power said it plans to expand the program nationwide to reach more aspiring professionals and help build meaningful careers in the Philippine power industry.

Alsons Power, which describes itself as Mindanao’s first independent power producer, operates five power plants with a combined capacity of 482.5 megawatts. — Sheldeen Joy Talavera

UnionBank books P3.2-B net earnings in third quarter

BW FILE PHOTO

UNION BANK of the Philippines (UnionBank) booked a net income of P3.2 billion in the third quarter as its revenues rose, driven by its consumer business.

This was up 77% from its net profit in the previous quarter, it said in a disclosure to the stock exchange.

Its financial statement was unavailable as of press time.

“This quarter’s results keep us on track towards our growth outlook. The bank will continue to build on the progress made in strengthening operational resiliency and reinforcing the balance sheet. Credit costs have stabilized while portfolio quality continues to improve. Combined with strong topline momentum, these developments position UnionBank for a positive growth trajectory in the future,” UnionBank Chief Financial Officer Manuel R. Lozano said.

For the first nine months, the bank’s net income was P6.474 billion.

UnionBank’s net revenues grew by 7.2% year on year to P60.5 billion in the period amid sustained growth in its consumer business.

Net interest income was at P47.53 billion, with interest earnings at P62.88 billion and interest expense at P15.35 billion.

Its net interest margin climbed by 51 basis points to 6.4%.

Meanwhile, its other income was P12.93 billion.

On the other hand, the bank’s operating expenses reached P35.45 billion in the nine months ended September.

“This is aligned with continued investments in customer acquisition, service delivery, client engagement, and improving operational efficiency — key pillars in the expansion of both consumer and institutional banking franchises,” it said.

“Credit costs dropped to P4 billion in the third quarter, down by P2 billion quarter on quarter, pointing to improvement in asset quality.”

Provisions for credit losses stood at P15.592 billion.

UnionBank’s unsecured consumer loans grew by 16% to P138.5 billion at end-September, which it said came amid “targeted digital marketing campaigns and strategic portfolio actions.”

Its consumer portfolio made up 60% of its loan book. Net loans and other receivables were at P521.663 billion in the period.

The bank added that its low-cost current and savings account or CASA deposits rose by 9% year on year, which helped bring down funding costs. Total deposit liabilities were at P708.098 billion as of September.

UnionBank’s assets stood at P1.14 trillion at end-September, while total equity was at P199.58 billion.

“With stronger asset quality, higher coverage, and solid capital ratios, the bank is well positioned to support future business expansion,” it said.

UnionBank’s shares slipped by 15 centavos or 0.52% to close at P28.85 each on Monday. — A.M.C. Sy

PNB property arm eyes mixed-use redevelopment of Makati property 

BW FILE PHOTO

PNB Holdings Corp. (PHC), the real estate arm of Philippine National Bank (PNB), is preparing to redevelop key office assets to align with shifting tenant requirements, a company official said.

“PHC’s long-term vision includes enhancing our existing portfolio of prime properties, and we’re preparing to redevelop one of our most-ready assets in Makati soon,” PHC Chief Operating Officer Joselito R. Consunji said in an e-mailed reply to questions.

“Our properties already hold strong potential, and we’re looking at ways to unlock even more value through high-end, mixed-use developments that reflect the evolving needs of tenants and communities,” he added.

PHC owns three prime assets — two in Makati City and one in Pasay City — and maintains a 90% occupancy rate across its office, retail, and event spaces, with tenants from the information technology-business process management, healthcare, and retail sectors.

A new health and wellness brand is also set to open at the PNB Makati Center, following the expansion of homegrown fitness brand BeFit, Mr. Consunji said.

In Pasay City, PHC plans to use its office building along Diosdado Macapagal Boulevard as a venue for a cultural showcase featuring locally made products.

“The initiative highlights the growing role of our Bay Area property as a platform for cultural and commercial engagement,” Mr. Consunji said, noting that tenant interest in both Makati’s central business district (CBD) and the Bay Area remains strong.

He said both locations continue to attract businesses despite the departure of Philippine Offshore Gaming Operators (POGOs).

“While the broader Metro Manila office market has felt the impact of the POGO exodus, the Makati City CBD and Pasay City’s Bay Area remain highly attractive for businesses seeking strategic locations,” he said.

“These areas continue to be favored by industries such as IT and business process management, which benefit greatly from proximity to transport links, talent hubs, and essential infrastructure.”

Data from real estate services firm CBRE showed that the Bay Area and Makati City have an existing office supply of 417,600 square meters and 362,900 square meters, respectively, as of the second quarter.

Mr. Consunji added that PHC expects to maintain stable rental income and high occupancy by year-end, supported by the accessibility and attractiveness of its properties in Makati and Pasay. — Beatriz Marie D. Cruz

Japan’s economy needs foreign workers, not the nationalist approach pushed by its new leader

STOCK PHOTO | Image from Freepik

Sanae Takaichi has made history by becoming Japan’s first female prime minister. However, this was hardly a win for feminist or progressive politics.

Takaichi is a right-wing ultraconservative whose policy positions derive from traditionalist perspectives on the role of women, Japanese history, and society more broadly.

She has the same anti-immigrant positions as conservatives and right-wing populists the world over, defending “national identity and traditional values,” while emphasizing the importance of strong economic growth.

Far from solving Japan’s economic problems, however, policies that restrict immigration tend to cause labor shortages and inflation.

Japan is the canary in the coalmine for many developed countries suffering a demographic crisis due to falling birth rates. Japan’s population has declined for 16 consecutive years.

Unless Takaichi adopts a more pragmatic approach on immigration, her tenure could be one of economic stasis and relative decline.

HOW DID TAKAICHI BECOME PM?
Takaichi was elected leader of the ruling Liberal Democratic Party (LDP) earlier this month. Her rise to prime minister was delayed, however, when the LDP’s junior partner, the Komeito party, withdrew from the governing coalition over the LDP’s handling of a political funding scandal.

The LDP has minorities in both the upper and lower houses of Japan’s Diet, or parliament, and requires coalition partners to govern.

After extensive negotiations that would require compromises from all sides, the right-wing Japan Innovation Party, known as Ishin, agreed to support Takaichi and her LDP-led government.

However, the new coalition is still two seats short of a majority in the lower house and will require additional parliamentary support. This means Takaichi’s minority government will be more precarious and constrained than previous governments.

JAPAN’S DEMOGRAPHIC CRISIS
Japan’s population peaked at around 128 million in 2008 and has steadily declined ever since. It’s around 124 million today.

Last year, the fertility rate (the average number of children a woman has in her lifetime) fell to a record low of 1.15.

Under current projections, Japan’s population is expected to fall to 87 million by 2070 and 63 million by 2100, when only half the population will be of working age.

The issue is therefore not simply one of a declining population, but also an ageing population, with rising pension and medical costs. Many professions in Japan, such as teachers, doctors, and caregivers, are already facing acute labor shortages.

IMMIGRATION AS A POLITICAL LIGHTNING ROD
While previous governments acknowledged the declining population is a significant problem, they had done little to address the issue. Various initiatives have brought foreign residents or workers into the country, but there has been a reluctance under LDP governments to introduce programs with the scale and commitment — in terms of integrating immigrants into Japanese society — to make a significant difference.

This means these programs have had only modest success. Japan’s number of foreign-born residents reached a record high of 3.6 million this year, representing around 3% of the population. But this is far lower than many other developed economies.

This increased foreign population has resulted in a record number of “foreign” babies being born in Japan, with Chinese, Filipino, and Brazilian mothers topping the list. This has somewhat offset the declining figures for newborns from Japanese parents.

Japan’s tourism industry is also booming, with almost 37 million visitors coming last year.

Taken together, this increasing number of foreigners in Japan has resulted in the rise of anti-immigrant parties and policies, including the far-right Sanseito party. This, in turn, prompted the LDP to move further to the right to avoid losing votes to Sanseito and other populist parties.

This partly explains why Takaichi’s nationalist rhetoric has resonated with the ageing conservative LDP base.

Takaichi advocates for foreign workers in specified fields where the country has labor shortages, albeit under strict criteria (such as Japanese language ability, training, and oversight). And she opposes the mass settlement of immigrants, or the large-scale granting of political rights to foreign residents.

While her policies have so far been short on detail, she has framed foreigners as a danger to national cohesion that needs to be strictly controlled.

PRO-NATALIST POLICIES PUSHED INSTEAD
Across the world, older populations tend to be more susceptible to anti-immigrant scare campaigns from right-wing conservative media and politicians.

Japan is no exception. Politicians such as Takaichi, therefore, see electoral benefits in coloring immigration and foreigners as a threat to social harmony or cultural heritage.

Unfortunately, as a result, ageing countries like Japan that are most in need of immigration are often the most resistant to it.

Instead, many right-wing conservatives in these countries promote pro-natalist policies — encouraging women from the dominant racial or ethnic group to have more babies — as a solution that boosts populations and maintains cultural and racial homogeneity.

Hungary is one such example. The right-wing nationalist government of Viktor Orban has provided generous financial benefits to parents at a cost of around 5% of Hungary’s GDP. Though Hungary’s birth rate was above the European average in 2023, it has fallen since then.

Conservatives are pushing Japan to take a similar pro-natalist approach rather than rely on increased immigration.

With Takaichi as prime minister, Japan is unlikely to see an improvement in women’s independence and status in society, a significant rise in birth rates, or increased immigration. Japan’s demographic crisis is therefore set to continue, and probably worsen, in the foreseeable future.

THE CONVERSATION VIA REUTERS CONNECT

 

Adam Simpson is a visiting scholar at the Center for Southeast Asian Studies, Kyoto University. He is a senior lecturer, International Studies, at the University of South Australia.

Pentagon frets over A House of Dynamite nuclear doomsday film

A House of Dynamite (2025)
A House of Dynamite (2025)

THE plot of A House of Dynamite, the new thriller from Academy Award winner Kathryn Bigelow, hinges on — spoiler alert — US missile defenses failing to knock down a nuclear-tipped intercontinental ballistic missile headed for Chicago.

The Pentagon agency responsible for the more than $50-billion system of ground-based interceptors in Alaska and California designed to avoid just such a scenario isn’t happy about it. The movie, starring Idris Elba and Rebecca Ferguson, had a limited theater release and is now streaming on Netflix.

A Missile Defense Agency (MDA) internal memorandum argues that the doomsday scenario depicted in the movie is inaccurate. The Oct. 16 memo, a copy of which was obtained by Bloomberg News, is meant to make sure agency leadership “has situational awareness and is not ‘surprised’ by the topic, which may come up in conversations or meetings.”

The object of the Missile Defense Agency’s angst is depiction of US missile defense as ineffective, especially in light of the fact that President Donald J. Trump wants to spend tens of billions of dollars on missile defense, including with his bid for a “Golden Dome” defensive umbrella.

The document, labeled “Only For Internal MDA and Department of War use and is not public releasable,” is dated a day after almost every member of the Pentagon press corps, including Bloomberg News, vacated the building rather than agree to rules that could restrict news gathering of documents such as the MDA assessment.

It was prepared to “address false assumptions, provide correct facts and a better understanding” of the US’ currently deployed system, it said. While the film “highlights that deterrence can fail, which reinforces the need for an active homeland missile defense system,” its fictional portrayal also underestimates US capabilities, according to the memo.

“The fictional interceptors in the movie miss their target and we understand this is intended to be a compelling part of the drama intended for the entertainment of the audience,” but results from real-world testing “tell a vastly different story,” the Pentagon says in the memo.

As guidance for questions about the system’s cost, the memo avoids a dollar amount, saying “the cost is high but not nearly as high as the cost of allowing a nuclear missile to strike our nation.”

A Government Accountability Office report in 2020 said the Pentagon had spent about $53 billion on the ground-based system and planned to spend about $10 billion through this year to continue developing, producing, and sustaining it. The system is managed by Boeing Co. and operated by personnel under the US Northern Command.

ACCURACY RATE
One focus of the memo is a line in the movie in which the defense secretary, played by Jared Harris, laments that current missile defenses have a 50% chance of knocking down a missile despite their $50-billion price tag.

The MDA says that’s based on earlier prototypes and today’s interceptors “have displayed a 100% accuracy rate in testing for more than a decade.”

Experts dispute that. Laura Grego, a long-time missile defense critic with the Union of Concerned Scientists who has seen the film, said the scenario it depicts is the least threatening possible — a single missile on a known trajectory. Military tests have been similarly limited, she said.

“A robust defense should anticipate facing multiple incoming ICBMs and credible decoys, and direct attacks on missile defense elements, but none of those were part of the story in this film,” Ms. Grego said. “The fictional threat is arguably about as easy as they come.”

The Pentagon said in a statement to Bloomberg News that it wasn’t consulted for the film, which “does not reflect the views or priorities of this administration.” The system “remains a critical component of our national defense strategy, ensuring the safety and security of the American people and our allies.”

A Netflix spokesperson didn’t respond to a request for comment.

A representative for Ms. Bigelow pointed to her remarks on CBS’ Sunday Morning arguing that she didn’t seek cooperation from the Pentagon.

“I felt that we needed to be more independent,” she told CBS. “But that being said, we had multiple tech advisers who have worked in the Pentagon. They were with me every day we shot.”

The Trump administration hasn’t disclosed substantive details of its still ill-defined Golden Dome land, sea, and space-based defensive shield. Space Force General Michael Guetlein, the four-star general leading the effort, last month completed a blueprint for the program. The Pentagon declined to provide details about its scope or cost. — Bloomberg

Puregold, Home Credit unveil credit card for store owners with up to P100,000 limit

PHOTO RELEASE

PUREGOLD Price Club, Inc. has partnered with Home Credit Philippines to launch the Aling Puring credit card, offering sari-sari store owners and regular Puregold customers easier access to funding for business growth and day-to-day needs.

During the signing of the memorandum of agreement on Monday, the companies said the card will provide a credit limit of P20,000 to P100,000 and up to 45 days of interest-free purchases, with applications available on-site in participating Puregold branches.

“Our card is for everyone. You don’t need an existing credit card to get the Aling Puring credit card. All you need is to be a member of Aling Puring, shop at Puregold, approach our sales agent, and apply on the spot,” Home Credit Philippines Chief CRM Officer Petr Lukosz said. “You will be approved immediately, and using the Home Credit mobile app, you can start shopping right away.”

Mr. Lukosz said the initiative targets store owners and consumers, particularly in the provinces, who often face difficulty managing cash flow. “Home Credit has proven over the last 12 years that we are here to help people overcome financial challenges,” he said.

Although designed with sari-sari store owners in mind, the card is open to all Puregold customers.

Meanwhile, Home Credit Philippines’ Zdenek Jankovsky said the program seeks to help small business owners avoid predatory lenders who charge excessive interest rates.

“There are a lot of loan sharks who are taking advantage of these hardworking people,” he said. “We are here to help sari-sari store owners build their business and keep their hard-earned money for themselves.”

The card offers a 5% rebate on purchases (up to P500 within the first 30 days) and other perks, including card protection insurance covering 120% of the outstanding balance, a P500 daily hospital cash benefit, and 24/7 telemedicine services. It carries a P200 monthly fee, waived for the first three months.

The product is currently available in 150 Puregold branches, with more locations expected to follow.

On Monday, Puregold shares rose by 2.7% or P1 to close at P38 apiece. — Alexandria Grace C. Magno

Security Bank launches digital platform for credit card rewards

SECURITY BANK Corp. has unveiled a digital platform where its cardholders can manage and redeem their rewards.

The bank’s BetterBanking Rewards platform allows its credit card users to track and use their points in real time. Cardholders can also pay with their rewards points globally at any location that accepts Mastercard or convert their points into rewards with over 100 airline miles and hotel loyalty programs.

“It’s actually the first of its kind with Points Exchange and Pay with Rewards features. So, essentially, you can actually use your points to purchase anything anywhere in the world where Mastercard is accepted through Pay with Rewards. You can do it pre-purchase or post-purchase as a purchase eraser,” Security Bank Vice-President and Unsecured Lending Product and Communications Head Maricar Filart said at a briefing on Monday. “And then, Points Exchange enables our customers to transfer their points to the loyalty program points of the biggest brands across different categories from airlines, hotels, and lifestyle.”

“If you look at other rewards programs, there are other channels where you have to inquire, then you have to redeem in another channel. Here, you’re doing everything on the web, and you’re accessing that through the app.”

The bank is also looking to expand the platform to include services related to the other products it offers.

“Since we are looking at it from a total bank perspective, we’re starting work on including other products… Meaning, if you have other relationships with Security Bank like deposits or secured lending, maybe in the future we can also look at including them so that we reward our customer for the total relationship that they have with Security Bank,” Security Bank Senior Vice-President and Chief Marketing Officer Patricia N. Tan said.

The bank’s net income grew by 7.85% year on year to P3.04 billion in the second quarter, bringing its first-half earnings to P5.86 billion, up by 7.59%.

Security Bank’s shares declined by 65 centavos or 0.96% to end at P68.25 apiece on Monday. — Aaron Michael C. Sy

Eton Properties to power key buildings with geothermal energy

ETON PROPERTIES PHILIPPINES, INC.

ETON Properties Philippines, Inc. (EPPI), the real estate arm of Lucio Tan Group (LTG), said it is transitioning its major office and commercial developments to geothermal energy as part of the company’s wider sustainability drive.

In a statement on Monday, the company said Eton Centris BPO 5 will be the first to switch to geothermal power, to be followed by Eton Centris BPO 1 and 3, Centris Walk (including Walk Extension and Centris Estate), Eton Cyberpod Corinthian, and Eton WestEnd Square in December.

The initiative is expected to supply around 33 kilowatt-hours of clean energy annually, which the developer said could reduce carbon emissions by over 21,000 metric tons a year, or the equivalent of removing more than 4,000 vehicles from the road.

The shift forms part of LTG’s partnership with Lopez-led First Gen Corp. to accelerate the group’s transition to renewable energy. Eton Properties said it is among the first units within the conglomerate to complete the switch to renewables across its portfolio.

“This transition shows what sustainability looks like in practice. It is about operational discipline, sound governance, and long-term value,” said Eton Properties Chief Financial Officer and Chief Risk Officer Che Mutuc.

The move also supports Eton’s Beyond Green ESG strategy, aligned with LTG’s four sustainability pillars — long-term growth, value creation through products and services, good governance, and the welfare of employees and communities, it said.

Eton Properties earlier reported a 24% increase in first-quarter net income to P144 million from P116 million a year earlier.

Shares of parent firm LT Group, Inc. fell by 0.99% or 14 centavos to P14 apiece on Monday. — Beatriz Marie D. Cruz

How PSEi member stocks performed — October 27, 2025

Here’s a quick glance at how PSEi stocks fared on Monday, October 27, 2025.