India, EU need more talks on steel, autos, carbon levy for trade deal

October 29, 2025 | 5:57 pm

NEW DELHI — India and the European Union (EU) agreed that issues related to steel, automobiles, carbon levies and other EU regulations require further discussions due to higher sensitivities, New Delhi said in a statement on Wednesday.

India’s Commerce and Industry Minister Piyush Goyal held talks with the European Commissioner for Trade and Economic Security Maros Sefcovic in Brussels during his Oct. 26-28 visit, as both sides continued efforts to finalize a long-pending free trade agreement (FTA), the statement said.

The two sides reaffirmed their shared goal of concluding the FTA by the end of 2025, following the direction from Prime Minister Narendra Modi and European Commission President Ursula von der Leyen earlier this year.

Negotiations, relaunched in 2022, have accelerated since US President Donald J. Trump’s re-election, with Brussels speeding up trade pacts with Mexico and the South American Mercosur countries and stepping up talks with India, Indonesia and the United Arab Emirates.

“We are working towards a balanced and equitable agreement that promotes transparent and predictable trade frameworks,” Mr. Goyal said, adding that the discussions were “productive and meaningful.”

The EU is India’s biggest trading partner in goods, with bilateral trade hitting $137.5 billion in the 2023/24 fiscal year, up nearly 90% over the past decade.

Both sides explored “possible landing zones” on outstanding issues and agreed to finalize non-sensitive industrial tariff lines.

India also reiterated the need for preferential treatment for labor-intensive sectors such as textiles and leather, while flagging concerns over the EU’s carbon levy, known as the border adjustment mechanism, and new regulatory measures.

Mr. Sefcovic said the talks reflected the “depth of political trust” between India and the EU and that both sides were “committed to finding fair solutions that strengthen trade and economic security.”

To advance the discussions, a technical team from the EU’s Directorate-General for Trade will visit India next week to work on potential solutions identified during the Brussels meetings, the statement said. — Reuters

Vista Land celebrates four consecutive years of corporate governance recognition

October 29, 2025 | 5:30 pm

Vista Land & Lifescapes, Inc., one of the country’s leading integrated property developers, proudly received two Golden Arrows at the ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Recognition Awards held recently at Okada Manila. The prestigious recognition, conferred by the Institute of Corporate Directors (ICD), underscores Vista Land’s continued commitment to upholding the highest standards of corporate governance. This marks the Company’s fourth consecutive year of being recognized by the ACGS. The award was received on behalf of the company by Chief Financial Officer Brian Edang.

Vista Land Chairman Manuel B. Villar Jr. expressed pride in the company’s recognition, saying, “This recognition affirms Vista Land’s steadfast dedication to integrity, transparency, and accountability. For us, good governance is at the core of sustainable growth — it builds trust, strengthens relationships, and ensures that our success benefits not only our shareholders but also our communities.”

The Golden Arrow is a symbol of excellence in corporate governance and is awarded to publicly listed companies that have attained high scores in the ASEAN Corporate Governance Scorecard (ACGS). The ACGS evaluates companies based on their performance in key areas such as the protection of shareholder rights, sustainability and resilience, stakeholder relations, transparency and accountability, and board leadership and oversight.

Vista Land’s recognition underscores its commitment to continuous improvement, good governance, and transparency in all aspects of its operations. The company ensures that its growth strategies align with sustainable and responsible business practices, emphasizing the creation of long-term value for its stakeholders. Among the initiatives that contributed to this achievement are the strengthening of sustainability programs and integration of ESG (Environmental, Social, and Governance) principles across its operations; timely and transparent disclosures through its investor relations channels; board and management development programs promoting accountability and ethical leadership; and community-focused projects that champion sustainable living, green developments, and livelihood opportunities.

Vista Land President and CEO Manuel Paolo A. Villar added, “We are honored to receive two Golden Arrows, a testament to our team’s hard work and commitment to excellence. This milestone inspires us to continuously elevate our governance practices, enhance transparency, and pursue innovation that drives long-term, inclusive progress.”

Vista Land remains dedicated to upholding the highest standards of corporate governance as it continues to expand and develop sustainable communities across the Philippines.

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Smart introduces new premium plan for power users

October 29, 2025 | 3:27 pm

Smart Communications, Inc., through its Smart Infinity premium postpaid brand has launched a new top tier plan. Called the Infinity Plus Plan 9500, the new flagship plan is designed for professionals and business executives who need not just connectivity, but flexibility as well. It is now available in select Smart Stores and Smart Infinity Relationship Managers.

The Infinity Plus Plan 9500 comes with one primary line and two supplementary lines bundled under a single account. Apart from the multi-line account, maximum connectivity is assured with unlimited data, calls, and text for the primary line plus 2GB of international roaming data. There’s also P4,500 worth of shared consumables for the main and secondary lines.

Plan subscribers will get the full Infinity Plus VIP treatment with the included complimentary airport lounge access, worldwide concierge services for dining and travel plus access to Smart Rewards.

For peace of mind and the ultimate in customer service, plan subscribers have access to a dedicated Relationship Manager which is available through a 24/7 hotline. Priority service is also assured at Smart Stores. — EGG

Finding one’s unique selling point

October 29, 2025 | 3:21 pm

Nascent Technologies Corp. is developing a sodium-ion-based starter battery that is lighter, longer-lasting, and more environmentally friendly than traditional lead-acid car batteries.

Interview by Edg Adrian Eva
Video editing by Jayson Mariñas

Philippines, Canada to sign troop access pact

October 29, 2025 | 2:58 pm

Balikatan-26496 — PHILIPPINESTAR/WALTER BOLLOZOS

By Kenneth Christiane L. Basilio, Reporter

The Philippines and Canada will sign a defense pact later this week granting greater access for troops in each other’s territories, according to Manila’s Defense department, as it seeks to deepen security ties with its allies amid lingering South China Sea tensions.

Philippine Defense Secretary Gilberto C. Teodoro, Jr. and Canadian Defense Minister David Joseph McGuinty will sign the status of visiting forces agreement (SOVFA) in Manila on Sunday, forging a deal that began negotiations earlier this year to enhance military cooperation between the two countries.

“The SOVFA will then be submitted for presidential ratification,” the Department of National Defense said in a statement on Wednesday.

The visiting forces deal between the Philippines and Canada aims to reinforce their 2024 defense cooperation pact and improve interoperability by establishing a framework for operating and training troops within each other’s territories, the Canadian government said in a March statement.

Ottawa has consistently backed Manila’s stake in the South China Sea, one of the world’s most contested waterways, where tensions between the Philippines and China continue to simmer due to overlapping claims.

Beijing continues to lay its sovereignty over the energy-rich waters despite a 2016 ruling by a United Nations-backed court that voided its claims.

Philippine and Chinese forces have repeatedly sparred over disputed maritime features, and both have traded accusations of escalating tensions following incidents involving water cannon blasts and sideswipes between vessels.

The Southeast Asian nation has stepped up efforts to push back against China’s sweeping sea claims by expanding its web of alliances beyond the US, its long-standing treaty ally. It has forged visiting forces agreements with Australia, and most recently, New Zealand, alongside a similar deal with Japan.

Talks for a visiting forces pact with France are also under way.

ACEN RES clinches third consecutive gold at Stevie® International Business Awards in Lisbon

October 29, 2025 | 2:45 pm

ACEN Renewable Energy Solutions (ACEN RES), the Ayala group’s retail electricity unit, clinched its third consecutive gold award at the 2025 Stevie International Business Awards, breaking new ground as the first-ever winner of the Omni-Channel Marketing Strategy of the Year, beating nominations from all over the world. ACEN RES was the lone electricity retailer from the Philippines to claim such distinction this year, in an awards ceremony held recently in Lisbon, Portugal.

Judges lauded the campaign’s insightful messaging, engaging events, and impressive growth, describing it as a standout achievement in the field. By blending storytelling, targeted digital outreach, and well-crafted events, ACEN RES set a new standard for marketing in the renewable energy sector.

The Stevie® International Awards also recognized ACEN RES RESURGENCE for the categories Corporate Event and B2B Event, for demonstrating how sustainability can drive profitability and growth, offering clear, actionable insights to business leaders in the Philippines. It challenged the notion that sustainability is a liability, but instead showing how it can drive operational efficiency and business expansion.

ACEN’s Omni-Channel Marketing Strategy also won in the Small-Budget Marketing Campaign of the Year category, highlighting how ACEN RES achieved extraordinary results with minimal resources. Judges praised the strategy’s clarity and focus, noting the campaign’s concrete and measurable impact.

Known as the “Oscars of the business world,” the Stevie® Awards celebrate excellence in marketing, innovation, customer service, and corporate communications.

“It is our customers who inspire us to do better; we are honored by this recognition and reinforces our direction on purposeful omnichannel communications and meaningful customer experiences,” said Tony Valdez, Senior Vice President for Market Transformation and Retail, who received the award in behalf of ACEN RES.

“Representing the Philippines on this global stage is a privilege, as is being part of a movement to do good,” he added.

In 2023, ACEN RES won the Gold Stevie® for New Product or Service Introduction of the Year, and in 2024 for Brand Experience of the Year. ACEN RES was also cited by the Agora Awards for Outstanding Achievement in Marketing Communications in 2024.

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Megawide sustains strong Corporate Governance Practices, earns two new Golden Arrows from ICD

October 29, 2025 | 2:30 pm

Megawide Construction Corporation (“Megawide” or the “Company”) once again earned distinction at the Institute of Corporate Directors (ICD) Golden Arrow Recognition Ceremony held on Tuesday, October 23 at Okada Manila, reaffirming its commitment to sound corporate governance and ethical leadership.

The Golden Arrow Award recognizes top-performing, publicly-listed and insurance companies based on the 2024 ASEAN Corporate Governance Scorecard (ACGS) and Corporate Governance Scorecard (CGS) assessment results.

Megawide was honored with Two Golden Arrows, corresponding to an ACGS score of 90 to 99 points, a demonstration of the Company’s consistent adherence to best governance practices and its continuous drive to strengthen transparency, accountability, and stakeholder engagement.

Driving good governance for a First-World Vision

This milestone is Megawide’s fifth straight year of recognition from the ICD, having first received its Two Golden Arrows distinction in 2021 alongside the citation as Most Improved Publicly Listed Company in Corporate Governance.

“As a publicly-listed infrastructure company, Megawide recognizes that good governance is the foundation for sustainable growth,” shared Chief Legal Officer Atty. Raymund J. Gomez. “We continue to work closely with regulators, investors, and our partners to ensure that the values of transparency and integrity are deeply embedded across all aspects of our operations.”

Megawide’s commitment to excellence and strong governance culture continues to earn recognition on both local and regional platforms.

In FinanceAsia’s 2025 Best Managed Companies Poll, Megawide garnered several honors for leadership, governance, and sustainability. Chairman and CEO Edgar Saavedra was named Best CEO (Gold) for his visionary and innovative leadership, while Group CFO Jez Dela Cruz received Best CFO (Silver) for financial excellence and strategic execution. The Company was also cited as Best Managed Company (Silver), Most Committed to ESG (Silver), and Best Small Cap (Silver). These show the Company’s integrated approach to performance, innovation, and responsible business practices.

Governance across the group

Megawide’s corporate governance framework extends across all its subsidiaries and affiliates, including major infrastructure assets. Citicore Energy REIT Corp. (CREIT), a related company, was likewise recognized at the Golden Arrow Awards for its exemplary corporate governance practices.

“Corporate governance begins within the organization. It is how we ensure that our decisions, actions, and partnerships align with our vision of building a First-World Philippines,” added Gomez.

The ASEAN Corporate Governance Scorecard (ACGS) evaluates listed companies based on shareholder rights, stakeholder relations, transparency and disclosure, and board responsibilities, fostering integrity and trust across the region’s capital markets.

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Global firms slash jobs amid weak sentiment, AI push

October 29, 2025 | 2:29 pm

Companies around the globe have ramped up job cuts, with blue-chips from Amazon to Nestle and UPS reining in spending while consumer sentiment dims and AI-focused tech companies start to replace jobs with automation.

According to a Reuters tally, American companies have announced more than 25,000 job cuts this month, not including UPS’s 48,000 figure, which dates from the beginning of 2025. In Europe, the total tops 20,000, with Nestlé accounting for the bulk after last week’s 16,000-role reduction.

With economy-wide numbers on job cuts not available given the US government is in the middle of its second-longest shutdown in history, investors are paying extra attention to these anecdotal stories of layoffs. That’s even if year-end layoffs are common and many of the eye-catching cuts will be stretched out over a prolonged period.

“Investors are asking themselves, what does this mean? And specifically, what’s the overall picture since we can’t see it?” said Adam Sarhan, chief executive of 50 Park Investments in New York. Cuts like those at Amazon “tells me the economy is slowing down, not getting stronger. You don’t have mass layoffs when the economy is strong.”

CEOs WANT A RETURN ON BIG AI SPENDING
Amazon said it would cut up to 14,000 jobs from its corporate workforce, joining Target, Procter & Gamble and others in axing thousands of office roles. Reuters reported on Monday as many as 30,000 Amazon jobs could be eliminated.

The reasons for the cuts vary. Some, like Target and Nestle, have new CEOs eager to restructure their operations. Baby-apparel company Carter’s is slashing 15% of office jobs as it struggles with hefty import tariffs imposed by US President Donald Trump.

What stands out is the focus by companies like Amazon and Target on white-collar roles seen as vulnerable to AI-driven automation, rather than those on shop or factory floors. Some analysts say Amazon’s move could be an early sign of deeper structural shifts as companies push to justify billions spent on AI tools.

Target’s cuts affect 8% of its corporate staff but Amazon’s cuts affect just 14,000 positions within its 1.5 million-strong workforce.

KPMG’s latest survey of US-based executives released in September shows projected AI investment has jumped 14% since the first quarter to an average of $130 million over the next year. And 78% of executives say they are under intense pressure from boards and investors to prove AI is saving money and boosting profits.

The occupations most likely to be affected would be where entry-level work is replaced with automation, Bank of America economists wrote on Oct. 22. So far, however, businesses loaded with white-collar workers such as those in the information, finance, and professional services sector have seen job growth in tandem with increased AI usage, they wrote.

“I’m reticent to say it’s AI just yet,” said Allison Shrivastava, economist with Indeed Hiring Lab in Saratoga Springs, New York, who said the tech sector has been retrenching since a 2022 peak. “It has the potential to impact the labor market, but I don’t think we’re seeing that strong an impact right now.”

LOW-HIRING, LOW-FIRING DOLDRUMS
With the US government shut, data is at a premium. Weekly state jobless figures so far do not show a measurable surge in layoffs, but job growth remains subdued. Payroll provider ADP on Tuesday estimated an increase of 14,250 jobs in the four-week period ended Oct. 11.

Despite the headlines, economists say the labor market is stuck in a “low-hiring, low-firing phase”, with firms quietly trimming headcount by not replacing vacated roles.

If layoffs accelerate, they could further weaken consumer confidence and the broader US economy, already under strain from tariffs and inflation above Federal Reserve targets. Fed officials concerned about the job market worry the “low-hiring, low-firing” environment could slip towards faster layoffs.

“I describe this as a ‘hold-your-breath’ environment,” Shrivastava said. “‘Low-hire, low-fire’ almost makes it feel like we’re in this new equilibrium, where really companies are just holding their breath, trying to figure out what’s going on.” — Reuters

Expect rains during All Saints’, All Souls’ days, says PAGASA

October 29, 2025 | 12:10 pm

Manila North Cemetery last Friday, October 24. — PHILIPPINE STAR/RYAN BALDEMOR

Rainy weather conditions are expected in more than a dozen areas of the country during the observance of All Saints’ Day and All Souls’ Day over the weekend, due to the effects of two weather systems, according to the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (PAGASA).

Before the weekend, a low-pressure area (LPA) is expected to form off the eastern coast of Visayas along the Intertropical Convergence Zone (ITCZ), likely bringing rainy weather conditions in many parts of the country over the weekend, PAGASA said in a statement.

During All Saints’ Day on Saturday, the LPA and ITCZ are expected to bring cloudy skies with scattered rain and thunderstorms affecting Metro Manila, CALABARZON, MIMAROPA, the Bicol Region, Aurora, and the Zamboanga Peninsula.

In Cagayan Valley, cloudy skies with rain are expected, while partly cloudy to cloudy skies with isolated light rains are likely in the Ilocos Region and Cordillera Administrative Region (CAR).

The rest of the country will experience partly cloudy to cloudy skies with the possibility of localized rain showers or thunderstorms, PAGASA also said.

On Sunday, during the observance of All Souls’ Day, cloudy skies with scattered rains and thunderstorms are expected to continue over MIMAROPA, CALABARZON, the Bicol Region, and Western Visayas, still due to the influence of the LPA and ITCZ.

The rest of the country may experience rain showers and thunderstorms in the afternoon or evening.

PAGASA said that the LPA set to affect the country over the weekend is less likely to develop into a tropical cyclone. — Edg Adrian A. Eva

DigiPlus successfully brings prestigious International Series golf tournament to the Philippines, marks country as premier sports destination

October 29, 2025 | 12:00 pm

Tabuena-OL — Filipino pride Miguel Tabuena wins the first-ever International Series Philippines presented by BingoPlus, the flagship brand of leading digital entertainment company DigiPlus. The successful staging of the international golf tournament has positioned the country as a premier world-class golf destination.

DigiPlus Interactive Corp., the country’s premier digital entertainment provider behind BingoPlus, ArenaPlus, and GameZone, recently marked a new milestone after successfully bringing in the first-ever world-renowned golf tournament, International Series Philippines (ISP), placing the country as a premier world-class golf destination.

Presented by DigiPlus’ flagship brand, BingoPlus, the International Series Philippines held from Oct. 23 to 26 at Sta. Elena Golf and Country Club, marked the first time the country hosted the global tournament and was participated by world-renowned sports personalities including golf star players Patrick Reed, Charl Schwartzel, Dustin Johnson, and Filipino pride Miguel Tabuena, who was hailed champion at the prestigious tournament.

“DigiPlus is honored to have championed the inaugural International Series Philippines. The event proved that the Philippines is ready to shine as a premier global sporting destination, showcasing both our world-class talent and our renowned Filipino hospitality,” said DigiPlus Chairman Eusebio H. Tanco. “The International Series Philippines marked a major milestone — not only in global and local golf history but also for the entire Philippine sports community.”

Mr. Tanco added that the company’s goal was to help position the Philippines on the world stage as a hub for world-class sporting events while inspiring the next generation of Filipino athletes. “By hosting an event of this caliber, we have shown that the Philippines can proudly stand alongside other global sporting destinations, sharing our nation’s warmth, talent, and spirit with the world,” he said.

The International Series Philippines was a week-long celebration that blended elite sports with high-energy entertainment from Oct. 21 to Oct. 26. Highlights included pre-event mall tours, press conferences, a gala night, and the culminating music festival, “Swing for the Filipino Sports Dream.”

Held at the Aseana City Concert Grounds, the music festival was top-billed by Norwegian DJ and EDM superstar Alan Walker and Black Eyed Peas’ Apl.de.Ap, alongside Filipino icons Bamboo, Parokya ni Edgar, Sandwich, LILY, Urbandub, Kiara, and dance groups A-Team and UPeepz.

The ISP presented by BingoPlus Music Festival will be shown via delayed telecast on GTV, BingoPlus social media pages, and partnered media Facebook pages on Oct. 31 from 8 p.m. to 10 p.m. GMA-7 will also broadcast the concert on Nov. 2 starting at 10 a.m.

The successful staging of the International Series Philippines reflected DigiPlus’ broader vision to merge sports, entertainment, and cultural engagement. More than just a tournament, it became a platform that successfully bridged local enthusiasm with international attention and signaled the country’s growing capability to host global-scale events.

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Ayala Land raises P15 billion from sustainability-linked bonds

October 29, 2025 | 11:58 am

Ayala Land, Inc. (ALI) has raised P15 billion from the issuance of sustainability-linked bonds (SLBs), the fourth tranche under its P50-billion debt securities program.

The bonds, listed on the Philippine Dealing & Exchange Corp. (PDEx), consist of five-year Series C due 2030 at 6.0671% and 10-year Series D due 2035 at 6.3192%, ALI said in a statement on Wednesday.

The SLBs are tied to two sustainability targets: a 42% reduction in greenhouse gas emissions across ALI’s malls, offices, and hotels by 2030, and EDGE Zero Carbon certification for 1.5 million square meters of office space by 2025.

The proceeds will be used to refinance existing debt (60%) and fund capital expenditures (40%) for key developments, including the BPI Headquarters redevelopment, Greenbelt 1 transformation, and Ayala Malls Evo City in Cavite.

“This issuance completes our debt funding plan for 2025,” Ayala Land Chief Finance Officer Jose Eduardo Quimpo II said during the PDEx listing ceremony. “We have raised a total of P56 billion, or about $1 billion, reflecting our progress in integrating sustainability into our growth strategy.”

Philippine Rating Services Corp. (PhilRatings) assigned the bonds a PRS Aaa rating with a stable outlook.–Beatriz Marie D. Cruz

Marcos eyes Xi visit as Philippines prepares to lead ASEAN

October 29, 2025 | 11:48 am

Ibrahim-PBBM Marcos — MALAYSIAN Prime Minister Anwar Ibrahim handed over the gavel to Philippine President Ferdinand R. Marcos, Jr., symbolizing the turnover of the Association of Southeast Asian Nations (ASEAN) chairmanship at the closing ceremony of the 47th ASEAN Summit and Related Summits in Kuala Lumpur on Oct. 28. — PPA POOL/MARK BALMORES

Philippine President Ferdinand R. Marcos, Jr. said he plans to invite Chinese President Xi Jinping to visit Manila for talks aimed at easing tensions in the South China Sea, as the Philippines gears up to head the Association of Southeast Asian Nations (ASEAN) next year.

Hosting the 11-member bloc gives Manila a rare chance to shape regional priorities, which Mr. Marcos said presents “opportunities” for the Philippines to push for a legally binding code of conduct (CoC) in the disputed waters. Five ASEAN members have overlapping maritime claims with China.

“I would certainly invite him… to show how sincere we are to President Xi Jinping,” Mr. Marcos told reporters after the ASEAN Summit in Kuala Lumpur on Tuesday. “We would like for him to come to the Philippines.”

Mr. Xi did not attend this year’s summit, sending Premier Li Qiang instead. He last joined ASEAN leaders virtually in 2021 to mark the 30th anniversary of the China-ASEAN dialogue partnership.

Manila and Beijing remain locked in a tense standoff over the resource-rich South China Sea despite a 2016 United Nations-backed ruling that voided China’s sweeping claims.

The Philippines formally took over the ASEAN chairmanship from Malaysia on Tuesday. “I look forward to the opportunities and the things that we will be able to do as chair of ASEAN,” Mr. Marcos said, adding that preparations for the country’s hosting began eight months ago.

He said the Philippines would use its leadership role to highlight maritime issues, even if other member states do not share the same priorities.

“We cannot give up,” he said. “If we get to that point where President Xi will actually consider coming to the Philippines, it would mean that we have made significant progress.” — Chloe Mari A. Hufana