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Honoring the builders of the nation’s future

Some of this year’s Asia CEO awardees, together with the Board of Judges, gather for a grand toast.

Asia CEO Awards 2025 hails the Philippines’ top leaders and organizations

By Bjorn Biel M. Beltran, Special Features and Content Assistant Editor

The Philippines is closing in on upper-middle-income status, a milestone the World Bank expects within the next two years. But challenges remain, significant ones that threaten to disrupt the momentum that the country has been building for more than a decade. Beyond numbers, it is vision — not luck — that determines the nation’s trajectory.

This is why the Asia CEO Awards 2025, themed “Predict the Future by Creating It,” is recognizing the individuals and companies whose leadership, innovation, and resilience are turning these long-held aspirations into tangible progress, seizing opportunities by first opening the doors to it.

The Asia CEO Awards is one of the most prominent events in the Filipino business community, celebrating outstanding individuals and organizations driving economic growth across the country. Held at the Manila Marriott Hotel last Oct. 14, this year’s ceremony recognized achievers whose work continues to elevate the Philippines’ global competitiveness.

Previous Asia CEO awardees welcome attendees to this year’s edition.

Kicking off the event was Bruce Winton, area general manager for the Philippines at Marriott International, who acknowledged the contributions of the over 600 awards nominees towards creating a brighter future for the country.

“These are turbulent times that we operate and live in, and it behooves us sometimes to stay focused on our true course, rather than be distracted by vents around us,” he said.

“The companies represented here tonight, regardless of your specialty, your service, or your product, have proven that this type of focus not only champions talent, creativity, and the abilities of the Filipino workforce, but it also opens up the future to growth, development, and positive economic contributions.”

Jack Madrid, president and chief executive officer (CEO) of the IT and Business Process Association of the Philippines (IBPAP), emphasized the unique advantage of the country in a world that is flirting with fragmentation, division, and distrust.

Asia CEO Awards 2025 Board of Judges (from left) present during the awarding ceremony: Jack Madrid, Dr. Bernie Villegas, Roderick M. Danao (representing Alex Cabrera), Don Felbaum, Felino “Jun” Palafox, PhD, and Richard Mills

“We have people that are known not just for our talent, but for our empathy, our creativity, and our grit. So, while the world debates recession, the Philippines continues to grow. While others retreat from globalization, we continue to build bridges through trade, technology, and talent. And while pessimism seems to dominate the global narrative, our story is one of optimism, renewal, and possibility,” he said.

In her keynote address, Rosemarie P. Rafael, chairperson and president of Airspeed, said, “Tonight, as we celebrate leadership, excellence, and innovation, I want to congratulate all those who are the Circle of Excellence awardees and the grand winners. You are proof that even at times like this, Filipino leaders and companies can rise, can innovate, and can persevere.”

Paving the way forward

Starting off the awards proper, Engr. Mark Kennedy Bantugon, CEO and president of Pili AdheSeal Inc., received the Young Leader of the Year award for his remarkable accomplishments in advancing the nation’s economy and international standing through pioneering innovations in sustainable materials.

The IBPAP IT-BPM Techblazer of the Year was awarded to Sanjiv Gupta, president and country head of IBM Solutions Delivery, Inc., for his contributions to strengthening the Philippines’ IT-BPM industry and its human capital base.

Innodata Knowledge Services, Inc. received the PSG Global Solutions Diversity Company of the Year award for championing inclusivity and fostering a workplace culture that embraces and respects human differences.

PSG Global Solutions, Inc. itself was named mWell Technology Company of the Year for its success in leveraging technology and innovation to create impactful solutions in information and communications technology, biotechnology, and engineering.

Agridom was recognized as the Airspeed SME Company of the Year, honoring its service excellence and commitment to raising operational standards among Philippine small and medium enterprises.

TP in the Philippines earned the Service Excellence Company of the Year award for demonstrating exceptional quality and customer satisfaction across its business operations.

CEO Rahul Jolly said that the recognition is a celebration of their over 60,000 Filipino workforce, professionals whose empathy, agility, and skill continue to shape the future of customer experience.

“In an industry as competitive and fast-evolving as ours, this recognition reinforces TP’s position as a trusted transformation partner and a global benchmark for service excellence,” he said.

“At TP in the Philippines, we firmly believe that technology amplifies human potential — it never replaces it. Our approach has always been tech-empowered human excellence. Equally important, we nurture a culture of continuous learning and inclusion, ensuring our people evolve with technology, not behind it. Empowering our people to harness innovation with confidence is how we keep them, and our organization, future-ready.”

The Microsourcing Apex Company of the Year was awarded to Maya, cited for its significant role in advancing the country’s digital economy and showcasing strong leadership that maximized stakeholder value.

Ruth Yu-Owen, president and CEO of Upgrade Energy Philippines, was named Figari Entrepreneur of the Year for successfully building a pioneering renewable energy enterprise that provides employment opportunities and contributes to sustainable development.

The CEO of the Year award went to Jean Henri Lhuillier, president and CEO of Cebuana Lhuillier, for his exemplary leadership in expanding financial inclusion and enhancing the Philippines’ standing in the global financial services sector.

“Cebuana Lhuillier has long been more than just a pawnshop. We’ve evolved into a full-fledged microfinance center, and this recognition reflects the collective effort of our team in making financial tools accessible and meaningful for millions of Filipinos wherever they are in their financial journey,” Mr. Lhuillier said.

He attributed much of his success to his company’s continued empathy for the experiences of Filipinos, especially those struggling during times of hardship.

“The past few years have reminded us that real leadership means staying grounded in purpose, especially during times of uncertainty,” he said.

For instance, this year, Mr. Lhuillier strengthened Cebuana Lhuillier’s financial ecosystem to reach more Filipinos and drive inclusive growth. Through Cebuana Lhuillier Financial Corp. (CLFC), he expanded access to financing by enhancing programs such as the Advance Salary, Cycle Motorcycle, and OFW Loans — providing timely support to workers, entrepreneurs, and overseas Filipinos. He also scaled up MSME development through the Kanegosyo Center, which now equips over a million micro-entrepreneurs with funding, mentorship, and business tools. Under his leadership, Cebuana Lhuillier Services Corp. (CLSC) widened its global money transfer network to better connect Filipino families, while Cebuana Lhuillier Bank (CLB) advanced financial inclusion through broader access to savings, credit, and digital banking. Cebuana Lhuillier Insurance Brokers (CLIB) likewise expanded its protection offerings with HealthMax, a low-cost HMO; MindCare, for unlimited mental health consultations; and Takaful, a Shariah-compliant plan for Muslim clients. He also diversified the company’s portfolio through Cebuana Lhuillier’s jewelry and investment brands — Just Jewels, Gold Bar, and Re-Find — offering Filipinos more pathways to build and grow their wealth.

Master of Ceremonies Mitzi Borromeo

“Each decision was guided by one goal: to help more people remain financially resilient and move forward, even in disruptive times,” Mr. Lhuillier added.

Foodflow was recognized as the Globaltronics Most Innovative Company of the Year, honoring its cutting-edge solutions and management excellence that have achieved international recognition.

The Maybank Sustainability Company of the Year award was presented to Filinvest REIT Corp., acknowledging its initiatives in sustainable real estate development and its efforts to integrate environmental responsibility and corporate governance into business growth.

GCash received the Sante Wellness Company of the Year award for its programs promoting employee well-being and workplace health as part of its broader organizational culture.

Roselle Marisol Belleza Andaya, CEO of MR.DIY, was named ibex Woman Leader of the Year for her outstanding leadership in the retail sector and for advancing opportunities for Filipino women in business.

“It’s truly an honor. This recognition is deeply personal, but it’s also a powerful reflection of the incredible team behind MR.DIY Philippines,” she said.

“Every store we open, every community we serve, and every initiative we launch is powered by people who believe in purpose-driven retail. So, while my name may be on the award, it represents the collective spirit of our organization — one that values integrity, inclusivity, and innovation.”

Ms. Andaya noted that as retail transforms further to become “more immersive, more responsive, and more human,” MR.DIY will continue to invest in local talent, expanding access to affordable essentials, and using technology to enhance, not replace, the human touch.

“Retail is no longer just transactional — it’s transformational. And we’re proud to help lead that shift, one store, one community, and one empowered team at a time,” she said.

More Electric and Power Corp. won the Innodata CSR Company of the Year award for its community-centered initiatives promoting environmental protection, livelihood programs, and youth development.

Finally, VXI Global Holdings B.V. Philippines was recognized as the Pag-IBIG Top Employer of the Year, highlighting its excellence in workforce management and commitment to nurturing Filipino talent on the international stage.

Metro Pacific Investments Corp. (MPIC) chairman, president and CEO Manuel V. Pangilinan also received the Lifetime Contributor Award from the Board of Judges, as his contributions have impacted the lives of all Filipinos. His MPIC has transformed the nation’s infrastructure through PLDT/Smart (telecommunications), Meralco (power), Maynilad (water), tollways, and many others.

Through these awards, the Asia CEO Awards 2025 continues to celebrate organizations and leaders who are shaping the country’s economic and social future, underscoring the Philippines’ growing role as a hub for innovation, inclusivity, and world-class enterprise.

Maynilad starts IPO offer period, hoping to raise P34.3 billion

CUPANG WATER RECLAMATION FACILITY in Muntinlupa City. — MAYNILAD WATER SERVICES, INC.

WEST ZONE water concessionaire Maynilad Water Services, Inc. has started the offer period for its initial public offering (IPO) after securing the permit to sell from the Securities and Exchange Commission (SEC).

The company set the final offer price at P15 per share, with the IPO covering 1.66 billion common shares to be sold to the public and 24.9 million primary shares allocated to First Pacific Co. Ltd.

Based on the final offer price, the IPO could raise as much as P34.3 billion in gross proceeds.

The offer period runs from Oct. 23 to 29, while the company’s shares are expected to be listed on the Philippine Stock Exchange’s Main Board on Nov. 7 under the ticker symbol MYNLD, the company said in a statement on Thursday.

The offering also includes an overallotment option of up to 249.05 million primary shares and an upsize option of up to 354.7 million secondary shares to be offered by Maynilad Water Holding Co., Inc. (MWHCI).

“The proceeds from the offer will be used to fund Maynilad’s capital expenditure requirements and for general corporate purposes,” the company said. It added that it “will not receive any proceeds from the sale of MWHCI’s shares in the event that the upsize option is exercised.”

BPI Capital Corp. serves as the domestic lead underwriter, while The Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley Asia (Singapore) Pte., and UBS AG, Singapore Branch act as international underwriters, the company said.

The International Finance Corp. (IFC) and Asian Development Bank (ADB) are the lead cornerstone investors, according to Maynilad. Other domestic cornerstone investors include BDO Capital & Investment Corp., BPI Asset Management and Trust Corp., Metropolitan Bank & Trust Co. – Trust Banking Group, and Security Bank Corp. – Trust and Asset Management Group.

Maynilad also identified international cornerstone investors such as abrdn Malaysia Sdn. Bhd., the United Kingdom Foreign, Commonwealth, and Development Office, Maven Investment Partners Ltd. – Hong Kong Branch, Maybank Asset Management Singapore Pte. Ltd., Robeco Switzerland Ltd., and QRT Master Fund SPC – Torus Fund SP.

In a Viber message, AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said the IPO is expected to draw investor interest “given its reasonable pricing and the defensive nature of Maynilad’s business.”

Metro Pacific Investments Corp., which holds a majority stake in Maynilad, is one of three Philippine subsidiaries of First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds an interest in BusinessWorld through the Philippine Star Group, which it controls. — A.G.C. Magno

Tanza Specialists becomes 29th hospital in Metro Pacific Health network

METRO PACIFIC HEALTH

METRO PACIFIC Health Corp. (MPH) has completed its investment in Tanza Specialists Medical Center (TSMC), expanding its nationwide hospital network to 29 facilities.

The investment marks MPH’s 18th provincial partnership and its third in Cavite.

“We are deeply grateful for the continuing trust of hospital owners and doctors nationwide who have chosen to partner with Metro Pacific Health,” MPH President Augusto P. Palisoc, Jr. said in a statement on Wednesday.

TSMC is located along Daang Amaya in Tanza, near Antero Soriano Highway, serving the rapidly growing communities of Tanza, General Trias, and Rosario.

Ronald de Roxas, former president and one of the hospital’s founding members, said the partnership will enable TSMC to expand its facilities, adopt advanced technologies, and improve patient care.

MPH, the healthcare unit of Pangilinan-led Metro Pacific Investments Corp. (MPIC), said it plans to enhance TSMC’s operational efficiency, raise clinical standards, and improve patient experience by leveraging its network of hospitals, outpatient centers, and healthcare colleges.

With the addition of TSMC, MPH operates 11 hospitals in the National Capital Region, 10 in Luzon, two in the Visayas, and six in Mindanao.

Its network has a combined capacity of 4,700 beds, 12,500 doctors, and 24,000 healthcare staff, serving about 5.2 million patients annually.

Premier hospitals include Makati Medical Center, Asian Hospital and Medical Center, Cardinal Santos Medical Center, Davao Doctors Hospital, and Riverside Medical Center Bacolod.

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

First Gen to supply Araneta City properties with renewable energy

ARANETACITY.COM

LOPEZ-LED First Gen Corp. has partnered with the Araneta Group to supply renewable energy to select properties in Araneta City, a mixed-use hub of retail, entertainment, residential, hospitality, and office developments in Quezon City, through the retail aggregation program (RAP).

In a statement on Thursday, First Gen said it would energize New Frontier Theater, Ali Mall, and the Manhattan Gardens residential complex through hydroelectric power sourced from its Pantabangan-Masiway and Casecnan Hydroelectric Power Complex in Nueva Ecija, which have a combined capacity of 300 megawatts (MW).

Araneta Center, Inc. (ACI), which owns and manages the 35-hectare Araneta City, aggregated the power demand of over 200 retail and service tenants in Ali Mall and New Frontier Theater, as well as around 9,000 apartments in 18 residential towers of Manhattan Gardens.

“Each of our properties has energy demands, and switching to retail aggregation and using renewable energy is a strategic move that will enable us to improve energy efficiency and effectively manage electricity costs,” ACI Senior Vice-President for Operations Antonio Mardo said.

First Gen Chief Customer Engagement Officer Carlo L. Vega said the company supports Araneta City’s shift to renewable energy.

“We are aligned in our common goal to make a decarbonized and regenerative future iconic and look forward to continuing to partner with Araneta City in its sustainability journey,” he said.

The initiative was made under the Retail Competition and Open Access (RCOA) and RAP frameworks, which allow qualified customers to choose their own electricity suppliers.

First Gen has about 1,300 MW of renewable energy capacity from geothermal, solar, and wind sources, and operates four gas-fired power plants in Batangas with a total capacity of 2,017 MW. — Sheldeen Joy Talavera

SLMC Bonifacio Global City MAB Corp. to hold Annual Stockholders’ Meeting on Nov. 7 via teleconference

 

 

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Peso extends slump vs dollar as oil prices surge

BW FILE PHOTO

THE PESO slumped further against the dollar on Thursday to hit a fresh near nine-month low following the sharp increase in global oil prices after US President Donald J. Trump imposed sanctions on Russian oil companies.

The local unit closed at P58.61 versus the greenback, plunging by 20 centavos from its P58.41 finish on Wednesday, Bankers Association of the Philippines data showed.

This was its worst finish in close to nine months or since it ended at P58.66 a dollar on Feb. 3.

The peso opened Thursday’s session weaker at P58.50 versus the dollar. It climbed to as high as P58.47, while its intraday low was at P58.71 against the greenback.

Dollars traded increased to $1.68 billion on Thursday from $1.29 billion on Wednesday.

“The peso weakened anew on safe-haven demand after US President Trump imposed sanctions on Russian oil companies after the reported failure of peace talks with Russian President Putin,” a trader said in an e-mail.

Oil surged 3% to $64.68 a barrel after the US imposed sanctions on major Russian companies Rosneft and Lukoil over the Ukraine war, Reuters reported.

The same day, European Union countries approved a 19th package of sanctions on Moscow that included a ban on Russian liquefied natural gas imports.

The local unit was also dragged lower by a weaker yen as markets await the policies of Japan’s new prime minister, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said via Viber.

The dollar drifted higher against most peers, particularly the Japanese yen, on Thursday as traders waited for the delayed release of US consumer inflation data on Friday and digested trade threats between Washington and Beijing, Reuters reported.

The US currency was last up 0.38% on the yen at 152.44, while the euro was marginally lower at $1.1604, largely in the middle of its recent range.

The inflation data are being released despite the shutdown, to assist the US Social Security Administration with its annual cost-of-living adjustment for 2026.

And, although the Federal Reserve’s policy-setting focus has shifted from inflation to the state of the US labor market, the numbers will be closely watched.

Domestic factors also weighed on the yen, which was heading back towards last week’s seven-month low of 153.29 yen per dollar, which it hit earlier this week after Sanae Takaichi, widely viewed as a fiscal and monetary dove, was chosen to lead Japan’s ruling party.

Now that Ms. Takaichi is installed as Prime Minister, the market is awaiting details of a stimulus package in order to trade the fact rather than the rumor.

For Friday, the trader said the peso could continue to depreciate ahead of the US inflation report’s release.

The trader sees the peso moving between P58.50 and P58.75 per dollar on Friday, while Mr. Ricafort expects it to range from P58.50 to P58.70. — A.M.C. Sy with Reuters

JBL releases tools for musicians, wireless home speakers

BRONTË H. LACSAMANA

The BandBox makes global debut in the Philippines

AUDIO EQUIPMENT manufacturer JBL has dropped its latest line of audio equipment, ranging from sleek soundbars for the home and portable tools for musicians to compact wearables for active users.

The updated line consists of a home entertainment soundbar series, two portable speakers, two PartyBox designs, five different sport earphones, and the BandBox line for musicians. Now available in the Philippines, the line hopes to improve Filipinos’ sensory audio setup in all kinds of environments.

“This is the time to introduce our products for the remainder of the year, in time for Christmas,” said Larry Secreto, Harman Philippines’ country head, at the launch on Oct. 22 at EDSA Shangri-La.

He added that the BandBox launch in the Philippines will be its global debut in the market, with Filipinos “the first in the world to have this product.”

Consumers can also look forward to more headphones.

“We have taken steps to introduce a new generation of headphones. We believe that it will attract a new type of consumer, especially the young ones with active lifestyles. We believe that it is one of the fastest growing categories in the market,” Mr. Secreto said.

HEAR THE FUTURE
JBL’s new, music-focused speaker aims to be a “tool for the future,” thanks to its technology, Stem AI, that allows the user to isolate or remove vocals and instruments in any track for a custom backing mix.

Named the JBL BandBox, it comes in two variants: the JBL BandBox Solo (P16,499) and the JBL BandBox Trio (P34,999). It’s built for creators and enthusiasts, a portable package with rich sound and extensive music controls.

The Solo is meant for individual players, with a battery life good for six hours, while the Trio accommodates small bands with multiple inputs, a built-in mixer, and battery life good for 10 hours.

For cinematic sound and immersive streaming experiences at home, JBL’s newest BAR Series has a lineup of five designs: the BAR 300MK2, the BAR 500MK2, the BAR 800MK2, the BAR 1000MK2, and the BAR 1300MK2. They range in price from P29,999 to P99,999, differing in size depending on the space in one’s room or home.

The biggest one delivers true Dolby Atmos immersion through its detachable wireless surround speakers, bringing 3D audio that moves with every scene and a deep bass sound. Its most notable feature is the ability to place the detachable parts in various parts of the house.

An upgrade to JBL’s portable speakers is the JBL Boombox 4 (P29,999), which has deeper bass and a durable build for outdoor use. The two new party speaker designs, PartyBox On-The-Go 2 and the PartyBox 720, which have wireless mics for karaoke anywhere as well as light-and-sound functions with dynamic LED effects that move to the beat. The JBL Grip is the most sleek, lightweight portable in the new lineup, shaped like a small tumbler that one can carry outside.

Compact designs for athletes and active users are the JBL Endurance Zone and Endurance Pace, which are sport earphones that are sweatproof and secure-fit. Finally, Soundgear Clips, Sense Pro, and Sense Lite are wearables that offer open-ear comfort, good for work, travel, or staying active.

All the new models are now available in JBL stores, authorized dealers, and online stores. Visit JBL Philippines’ official website (www.jbl.com.ph) and social media accounts for more information. — Brontë H. Lacsamana

GMA, Viva Records set up joint venture for music-related ventures

BW FILE PHOTO

GMA NETWORK, INC., a listed broadcasting company, said its board of directors has authorized the incorporation of a joint venture company with Viva Records Corp., a record label under Viva Communications, Inc., to engage in music-related businesses.

A disclosure to the stock exchange on Thursday listed prospective activities for the joint venture, including music production, recording, marketing, promotion, and distribution.

It will also cover artist management and music publishing.

For the three months ended June, GMA’s attributable net income rose to P1.17 billion from P400.50 million a year earlier, driven by higher revenues.

Gross revenue for the quarter increased 30.36% to P5.41 billion from P4.15 billion, while gross expenses rose 7.14% to P3.90 billion from P3.64 billion.

For the first half, attributable net income climbed to P1.97 billion from P604.62 million a year earlier.

On the exchange on Thursday, GMA shares closed one centavo (0.19%) higher at P5.41. — Ashley Erika O. Jose

When the Filipino nation becomes the lamb

GROUPS start arriving at the People Power Monument in Quezon City for the Trillion Peso March on Sept. 21. — PHILIPPINE STAR/MIGUEL DE GUZMAN

In earlier surveys, nearly three-fourths of Filipinos in Pulse Asia polls identified inflation as the country’s most urgent concern. Issues like low wages and poverty followed closely, while corruption was cited by less than a third — comparable to concern for job creation.

That changed dramatically after the flood control scandal broke wide open. Exposed in the Senate, House of Representatives, and by the Independent Commission for Infrastructure, the controversy spilled into the streets — from the Trillion Peso March at the People Power Monument to the Baha sa Luneta at Rizal Park. The outcry has spread to key cities and provinces, marking a rare moment of national reckoning.

This time, Filipinos realized that their public officials, elected and appointed alike, together with favored contractors have been bleeding them dry, stealing not just their taxes but their dignity and their children’s future. What once appeared as isolated irregularities in public works has now revealed itself as a vast, coordinated network of collusion and profiteering — an entire system of plunder masquerading as infrastructure development.

By late September, Pulse Asia found that 97% of Filipinos believed corruption in government is “widespread,” 85% said it had worsened in the past year, and a disturbing 59% saw it as a “normal” part of Philippine politics. These numbers are staggering. They reflect not only outrage but fatigue, a moral exhaustion that comes from seeing scandal after scandal end with impunity. The sudden spike in public disillusion followed President Ferdinand Marcos, Jr.’s own exposé in his State of the Nation Address and the continuing legislative investigations that have since dominated public discourse.

Corruption, of course, is not new.

It has long shaped the Filipino’s daily struggles — from securing a driver’s license to clearing goods at Customs, paying taxes at the revenue office, or titling a small parcel of land. It thrives in both grand theft and petty rent-seeking. During the pandemic, several high-ranking officials were implicated in the procurement of overpriced, substandard medical supplies — underlining how, even in crisis, some saw opportunity for enrichment.

It is therefore no surprise that the Philippines’ ranking in Transparency International’s Corruption Perceptions Index fell further in 2024 to 114th out of 180 countries, and the Heritage Foundation continued to rate the country as merely “moderately free.” The pattern is depressingly consistent: when corruption becomes systemic, governance weakens, investor confidence softens, and citizens lose faith that reform is possible.

Even business sentiment, once resilient, has begun to show strain. The Bangko Sentral ng Pilipinas’ Business Expectations Survey for the third quarter of 2025, conducted in the middle of the controversy, revealed that while optimism eased, from 28.8 to 23.2, the year-ahead expectations were less optimistic, with the index falling from 51 to 48. This suggests that while businesses may have hoped the scandal would be contained, as the next quarter index shows, they now see it as symptomatic of deeper institutional rot.

The timing of that survey explains much. Only two weeks had passed since the President disclosed that 15 big contractors cornered P100 billion worth of flood control projects over the last three years — five of them with projects spanning the entire archipelago. What initially appeared as negligence soon revealed a syndicated system — a cartel operating with the protection of powerful allies in the Department of Public Works and Highways (DPWH) and even within the Commission on Audit.

This is not mere inefficiency; it is systemic plunder, an organized assault on the public treasury. It is theft not just of money, but of opportunity, education, and health. When the budget for infrastructure, schools, and hospitals is siphoned off to ghost projects and kickbacks, the result is a hollow state — grand in budget, weak in delivery, and poor in soul.

No wonder, then, that 34 of the country’s major business groups — among them the Philippine Chamber of Commerce and Industry, the Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc., the Employers Confederation of the Philippines, the Makati Business Club, and the Management Association of the Philippines — issued a joint statement condemning the “historic, massive, and unprecedented corruption scandal crippling flood control projects.” They called it nothing less than a crisis that erodes public trust and endangers national security.

Their demands were both symbolic and practical: empower the Independent Commission for Infrastructure; prosecute all those responsible, no matter how powerful; recover ill-gotten wealth; and institute permanent procurement and audit reforms. They further urged regular public reporting to avoid a cover-up or whitewash. In essence, the business community was telling Malacañang how to govern — calling for decisiveness and integrity long missing from the bureaucracy.

What they left unsaid, but unmistakably implied, is that accountability must reach even into the President’s own circle and family. True reform cannot coexist with selective justice. The credibility of any anti-corruption drive depends on moral consistency — the willingness to uphold the law even when it cuts close to home.

Some leaders, like Senator Kiko Pangilinan, have long argued that the President could demonstrate such moral courage by ensuring the settlement of his family’s P203-billion estate tax. Doing so, Mr. Pangilinan suggested, would show statesmanship and provide substantial fiscal relief that could fund public education and health without burdening small entrepreneurs with new taxes. It would also send a powerful message: that leadership begins with personal accountability.

Economic policymakers and analysts have taken notice.

The Development Budget Coordination Committee (DBCC) recently downgraded its growth projections for 2025-2026 to 5.5-6.5% and 6-7%, respectively. The IMF, in its 2025 Article IV Consultation, cut its forecast to 5.4% for 2025 and 5.7% for 2026. The ADB and AMRO followed suit. Credit rating agencies — Fitch, Moody’s, and S&P — either trimmed their outlooks or maintained them below government targets.

The downgrades reflect not just external headwinds but a loss of confidence in governance quality. As the Bangko Sentral ng Pilipinas has observed, the country’s output gap has turned slightly negative: actual growth is falling short of potential. Corruption is not just a moral failure; it is an economic drag — diverting capital, deterring investment, and eroding trust in public institutions.

The human toll is visible.

Despite improving indicators, poverty and hunger remain stubbornly high. The Social Weather Stations survey of June reported that 49% of Filipino families — around 14 million households — consider themselves poor, and 16% experienced involuntary hunger, with over 3% reporting severe hunger. These are not abstract numbers; they represent millions who still struggle to eat three meals a day in a country touted as one of Asia’s emerging economies.

Regionally, the Philippines’ poverty incidence remains higher than those of Indonesia, Malaysia, Thailand, and Vietnam, and only slightly better than Cambodia, Lao PDR, and Myanmar. Despite record budgets and infrastructure spending, the country has remained trapped in the lower middle-income bracket for nearly four decades.

Economist Daniel Susskind, in Growth: A Reckoning (2024), argues that merely expanding physical infrastructure rarely sustains growth. He calls it “capital fundamentalism” — the mistaken belief that pouring concrete automatically yields prosperity. Roads, bridges, and flood control systems matter, but without governance, integrity, and innovation, they become monuments to waste. Susskind reminds us that ideas, not structures, drive long-term growth — and that nations rise when they invest in research and development, human capital, technology, and trust.

The Philippines’ tragedy is that billions meant to build the future have been stolen to fortify privilege. Infrastructure has become not the backbone of progress but the bloodstream of corruption. As long as impunity prevails, every taxpayer becomes an unwilling donor to a corrupt elite — a modern tithe for a false god.

But the deeper tragedy lies in our collective resignation.

Richard Thaler and Cass Sunstein, in Nudge (2008), warned that greed and corruption persist not just because of bad systems but because of “simple human frailty” — our bounded rationality, weak self-control, and social conformity. When nearly six in 10 Filipinos say corruption is “normal,” we are no longer just victims; we have become accomplices in our own exploitation.

And here lies the piercing metaphor. In the Old Testament, lambs — pure, gentle, and without blemish — were sacrificed daily in the tabernacle, their blood offered for the sins of the people. Their innocence bore the guilt of others. The lamb’s silent submission made the ritual possible.

Today, the Filipino nation has become that lamb. Year after year, it is led to the altar of corruption — bleeding quietly while those in power feast on its lifeblood. Our taxes, our patience, our faith in government — all offered up on the altar of greed.

Yet in Scripture, the sacrifice of the lamb was never the end of the story — it pointed to atonement and renewal. If the Filipino nation is to cease being the lamb, it must reclaim its voice, demand justice, and insist that those who steal from the people be made to answer before the law. Redemption begins not in silence, but in courage — the courage to say, “Enough.”

This is how the Filipino nation should rise again — not as the lamb that is slain, but as the people who finally refused to be sacrificed.

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

Weakening investor sentiment may weigh on PHL banks’ performance

PHILIPPINE STAR/MIGUEL DE GUZMAN

WEAKENING business sentiment could weigh on Philippine banks’ performance amid slower loan demand among corporates, and with lower interest rates continuing to squeeze their margins, analysts said.

However, lenders’ ongoing efforts to grow their consumer portfolios could help ease some of the pressure and support both profit and credit growth.

“Philippine banks are expected to sustain double-digit loan growth despite softer corporate borrowing amid weak business sentiment… Banks are shifting toward retail and SME (small and medium enterprises) segments to offset slower demand from large corporates, supported by BSP’s (Bangko Sentral ng Pilipinas) liquidity easing and strong deposit bases. While manufacturing loans remain in contraction, real estate and utilities continue to drive growth,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion added in a Viber message.

He said they expect production loans to grow by 6.6% by December from an estimated 9.3% expansion in September, which would be the main drag on overall credit growth.

“Two major factors are driving this anticipated weakness: 1) A sustained decline in manufacturing loans, which could end the year down by 6.8%; and 2) A broad-based slowdown in loan demand across other production sectors,” he said.

Bank lending growth eased to a nine-month low in August as loans for business activities expanded at a slower pace, BSP data showed. Outstanding loans from universal and commercial banks to businesses and individual consumers expanded by 11.2% year on year to P13.62 trillion in August, slower than the 11.8% growth in July.

This was the slowest growth since the 11.1% increase in November 2024.

This came as loans for production activities increased by 9.9% year on year to P11.51 trillion as of August, slowing from the 10.8% growth seen in July.

Meanwhile, consumer loans grew by 23.9% to P1.79 trillion, slightly faster than the 23.6% growth the month prior.

The Philippine central bank this month delivered a surprise rate cut, with the BSP chief citing the need to boost domestic demand due to a softer economic outlook as governance concerns due to a graft scandal involving government infrastructure projects have dented business sentiment, affecting companies’ expansion plans.

The Monetary Board trimmed benchmark interest rates by 25 basis points (bps) for a fourth consecutive meeting, bringing the policy rate to an over three-year low of 4.75%. It has now slashed borrowing costs by a cumulative 175 bps since it began its rate cut cycle in August 2024.

Mr. Remolona has also left the door open to more reductions in the coming months to support the economy, adding that there needs to be a “credible resolution” to the corruption mess.

Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said banks’ move to aggressively expand their consumer lending businesses could help offset weakening credit demand from businesses and boost their profits.

“Despite slower corporate uptake, banks may still post modest growth, supported by a low interest rate environment, improving household consumption, and digital lending innovations,” he said in a Viber message.

MARGINS
While lower rates amid the BSP’s ongoing easing cycle also put pressure on banks’ margins, this could also help improve loan demand as credit costs cheapen, First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message.

“There will be increased competition among banks as they try to grab market share,” she said, adding that the big banks are unlikely to be affected as they have high business volumes.

“It (BSP rate cuts) could narrow banks’ NIMs (net interest margins) due to reduced lending rates amid heightened competition, especially in the consumer segment. However, it may boost loan demand as borrowing becomes more attractive, particularly for households and MSMEs (micro, small and medium enterprises,” Mr. Rivera likewise said. “While this can support bank earnings through volume growth, it also increases exposure to credit risks, particularly if standards are relaxed.”

He said rapid credit growth without risk controls could affect banks’ asset quality.

“Banks may shift strategies by diversifying into fee-based services, enhancing credit screening, and investing in digital efficiency to offset margin compression,” he added.

As of end-June, the banking industry’s combined net income grew by 4.14% year on year to P198.14 billion from P190.26 billion in the same period last year, BSP data showed. — Aaron Michael C. Sy

QCinema showcases Quezon City’s strengths on its 13th year

STILL FROM the opening film Couture.

THE QCINEMA International Film Festival returns for a 13th year with new sections and expanded programs.

With the theme “Film City,” the festival will run from Nov. 14 to 23 and will feature over 80 films across 14 sections which will be shown in Quezon City theaters.

QCinema will kick off this year with the film Couture by Alice Winocour. Starring Angelina Jolie, it follows an American filmmaker arriving in Paris for Fashion Week.

Many of the selections across the nine full-length programs and five shorts programs will reflect on the art of filmmaking itself. These include films about cinema, stories about storytellers, and the power of moving images to reshape how we see the world.

“Dito sa QC, ang gusto namin ay ilapit ang dekalidad na pelikula bilang isang art form sa taumbayan (Here in Quezon City, we want to bring the art of quality filmmaking closer to the people),” Quezon City Mayor Joy Belmonte said at a press conference on Oct. 21.

Tickets this year are uniformly priced at P250. While previous years had one or two venues in other cities, this year all the screenings will be in Quezon City: at the cinemas of Gateway, Robinsons Galleria, Eastwood, TriNoma, Fishermall, and Cloverleaf malls.

Ms. Belmonte explained that QCinema aims to democratize access with its year-round screenings of films from previous editions of the festival, held at public schools, universities, and barangays in the city.

“Cinema heightens our senses, holds up a mirror that reflects our humanity, and, most of all, reinforces our sense of compassion for people whose lives at first glance may seem different from our own,” she said.

ASIAN NEXT WAVE
QCinema’s main competition section, Asian Next Wave, will be showcasing nine directorial debuts by Asian filmmakers.

In the lineup are four entries making their Southeast Asian premiere: Family Matters by Taiwanese filmmaker Pan Ke-yin, which was the Best Feature Film winner at the New York Asian Film Festival; Lost Land by Japanese filmmaker Akio Fujimoto, from the Venice Horizons section of the Venice Film Festival; The World of Love by South Korean filmmaker Yoon Ga-Eun, which received multiple awards at the Pingyao International Film Festival; and Ky Nam Inn by Vietnamese filmmaker Leon Le.

Other award-winning films in competition are A Useful Ghost by Thai filmmaker Ratchapoom Boonbunchachoke, which is Thailand’s entry for Best International Feature at the next Oscars; Luz by Hong Kong filmmaker Flora Lau, nominated for the Grand Jury Prize for World Cinema at the Sundance Film Festival; and Renoir by Japanese filmmaker Chie Hayakawa, a Palme d’Or nominee at Cannes.

Two Filipino films are competing in this section: Janus Victoria’s Diamonds in the Sand, which won Best Debut Film at the Udine Far East Film Festival; and Nigel Santos’ Open Endings, which won Best Ensemble Performance at the recently concluded Cinemalaya Independent Film Festival.

QCinema’s closing film will be the winner of the Asian Next Wave Best Film award.

RAINBOWQC, NEW HORIZONS
QCinema festival director Ed Lejano said that the various competition sections “look into the medium of film in the context of global realities.”

“We have a couple of films that deal with the situation in Gaza, with urgent issues faced by the trans community, with climate change as well. These are found in the various programs,” Mr. Lejano told BusinessWorld.

RainbowQC celebrates LGBTQIA+ (lesbian, gay, bisexual, trans, queer, intersex, asexual, plus) films, showcasing diverse stories of identity, love, and community with voices from queer cinema worldwide.

Of its eight films, four are from Asia: 3670 by Park Joon-Ho (South Korea); Bel Ami by Geng Jun (Taiwan, France); Skin of Youth by Ash Mayfair (Vietnam, Singapore, Japan); and Summer’s Camera by Divine Sung (South Korea). The other four titles are Mysterious Gaze of the Flamingoes by Diego Céspedes from Chile; On the Road by David Pablos from Mexico; Strange River by Jaume Claret Muxart from Spain; and The Little Sister by Hafsia Herzi from France.

New Horizons presents groundbreaking debut features from new directors: Amoeba by Siyou Tan, Blue Heron by Sophy Romvari, Brand New Landscape by Danzuka Yuiga, Chronology of Water by Kristen Stewart, DJ Ahmet by Georgi Unkovski, Lucky Lu by Lloyd Lee Choi, Manas by Marianna Brennand, On Your Lap by Reza Rahadian, and The President’s Cake by Hasan Hadi.

SHORT FILMS
Another major program is QCShorts International, which has been expanded this year to have 26 films from 19 different countries, curated by theme across five sections.

“It was a response to the staggering number of really good short films. There are also a lot of local films that premiered internationally which we wanted to welcome home, so it just kept growing,” QCinema’s short film program head Jason Tan Liwag told BusinessWorld at the press conference.

There are six short films that received the QCShorts 2025 grant earlier this year and making their world premiere at the festival: Hoy, Hoy, Ingat! by Norvin de los Santos, Ours Was A Timeless Night Burning by Lauviah Caliboso, RUNO! by Racquel “Lysa” Catolico and Jazmine Gin Pateña, Si Kara: Ang Babaye Nga Nag Daba-Daba by Dale, Surface Tension by The Serrano Sisters, and Yelo by Gab Rosique.

Films by Filipino filmmakers that premiered abroad and will have their homecoming are: Agapito by Arvin Belarmino and Kyla Danelle Romero, which was shown at the Cannes Film Festival; Baby Fat by Margarita Mina, which was a National Board of Review grantee in the US; Honey, My Love, So Sweet by JT Trinidad, from the Locarno Film Festival; and Vox Humana by Don Josephus Eblahan, from the Toronto International Film Festival.

The other 11 films in the shorts competition are from across Southeast Asia: four from Indonesia, two from Singapore, and one each from Myanmar, Cambodia, Malaysia, Thailand, and Vietnam.

EXHIBITION SECTIONS
Cinephiles also look forward to QCinema’s non-competition sections which give them a chance to catch titles that rarely see a theatrical release in the country.

One of these sections is Screen International, which will showcase the films of eight world-renowned directors. Two of these are entries for Best International Feature for their respective countries in the upcoming Oscars: Sirat by Oliver Laxe from Spain, which won the Jury Prize at Cannes; and The Things You Kill by Turkish filmmaker Alireza Kahatami from Canada, which won a directing award at Sundance.

The section has many films fresh from various international film festivals: Hamnet by Chloé Zhao (Toronto International Film Festival); Little Amélie by Maïlys Vallade and Liane-Cho Han (Annecy International Animated Film Festival); and Once Upon a Time in Gaza by Tarzan and Arab Nasser (Cannes Film Festival).

Completing the lineup are Iran’s Divine Comedy by Ali Asgari, the UK’s History of Sound by Oliver Hermanus, and the US’ The Mastermind by Kelly Reichardt.

The festival’s new Dokyu Days section brings together a lineup of documentaries from around the world.

To be shown are Below the Clouds by Gianfranco Rosi, Singapore and the Philippines’ 10s Across the Borders by Sze-Wei Chan, The Road to Sydney by Benito Bautista, Treasure Hunter by Giacomo Gex, and The Voice of Hind Rajab by Kaouther Ben Hania.

Meanwhile, the QCShorts International (Exhibition) is a non-competition section that features shorts from around the world. “Many of these either come from war-torn countries or have high screening fees — and we want to shoulder the cost so that more people here can see them,” said Mr. Liwag.

These include Japan’s A Very Straight Neck by Neo Sora, Palestine’s An Orange from Jaffa by Mohammed Almughanni, France’s God is Shy by Jocelyn Charles, Iran’s Razh-del by Maryam Tafakory, and the US’ We Were the Scenery by Christopher Radcliff.

QC SELECTS AND MORE
Films to be shown in QC Selects are the first two episodes of Erik Matti’s comedy series Call My Manager, acclaimed Thai filmmaker Nawapol Thamrongrattanarit’s new film Human Resource, Arjanmar Rebeta and Jeffrey Jeturian’s historical film Lakambini: Gregoria de Jesus, Japanese filmmaker Hikari’s heartwarming film Rental Family, Pedring Lopez’s crime thriller Shadow Transit, and French filmmaker Thierry Klifa’s queer film The Richest Woman in the World.

On the overall lineup, Mr. Lejano told BusinessWorld that a great number are co-productions, which is a “growing trend in the last few years” that Filipino producers should consider.

“Many films are born from co-productions that you can avail of because you get bigger funding thanks to the international partners. It won’t be as market-driven, but it will run true to the vision of the filmmakers,” he said.

Another must-watch section that welcomes films with fantastical, action-packed, or erotic themes is Before Midnight. To be shown in the section are: The Garden of Earthly Delights by Morgan Knibbe, Rabbit Trap by Bryn Chainey, and Ugly Stepsister by Emilie Blichfeldt.

The Rediscovery section, referring to restored classics, will screen three films this year: Almost Famous by Cameron Crowe, Linda Linda Linda by Nobuhiro Yamashita, and Showgirls by Paul Verhoeven.

This year will also have a section to spotlight acclaimed German actress Sandra Hüller, co-presented with the Goethe-Institut Manila. Films to be shown are Requiem by Hans-Christian Schmid, The Zone of Interest by Jonathan Glazer, Toni Erdmann by Maren Ade, Two to One by Natja Brunckhorst, and Anatomy of a Fall by Justine Triet.

Screenings will be held at the cinemas of Gateway, Robinsons Galleria, Eastwood, TriNoma, Fishermall, and Cloverleaf. Tickets are uniformly priced at P250. For more information about QCinema, visit the website at qcinema.ph or follow its social media accounts — www.facebook.com/QCinemaPH, twitter.com/QCinemaPH, and www.instagram.com/qcinemaph. — Brontë H. Lacsamana

PAL boosting flights to Japan, Australia, other destinations

PHILIPPINE STAR/EDD GUMBAN

FLAG CARRIER Philippine Airlines (PAL) is increasing flights to key international destinations in response to strong travel demand expected during the holiday season.

In a statement on Thursday, PAL said it will expand flight frequencies and deploy larger aircraft on select routes to Australia, Japan, South Korea, and Vietnam, as well as launch new services from Cebu.

Between mid-December 2025 and mid-January 2026, the flag carrier will double its Manila-Perth flights to six weekly services from three and increase Manila-Melbourne flights to daily from five times a week. Select Manila-Brisbane flights will be upgraded to PAL’s tri-class Airbus A330 aircraft in place of the A321neo.

PAL will also increase Manila-Da Nang flights to daily from Oct. 26 to March 28, 2026, and raise Manila-Busan services to 11 weekly from seven. Its seasonal non-stop Manila-Sapporo service will return at three times weekly from Nov. 24 to March 27, 2026.

During the peak travel period, PAL will add 12 roundtrip flights each between Manila-Narita and Manila-Osaka from Dec. 18 to Jan. 7, 2026, and three additional Manila-Nagoya flights on Dec. 25, 27, and Jan. 3.

From Cebu, the airline will add five roundtrips on the Cebu-Osaka route and four on the Cebu-Narita route between Dec. 25 and Jan. 3, 2026. PAL will also launch a Cebu-Guam service with three weekly non-stop flights starting Dec. 16.

In the United States, PAL will increase Manila-Seattle flights to five times weekly from three starting Nov. 25, complementing its existing services to San Francisco, Los Angeles, New York, Honolulu, and Guam.

“These strategic developments underscore our commitment to enhance connectivity and provide more options for travelers during the peak season,” PAL President Richard L. Nuttall said. — Ashley Erika O. Jose

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