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Philippine CEOs boost AI use, but returns lag — IBM study

FLICKR/RICHMOND CHI

WHILE MORE Philippine chief executive officers (CEOs) are recognizing the importance of artificial intelligence (AI) solutions, some have yet to see the expected returns on their AI investments, according to a study from the IBM Institute for Business Value.

The latest IBM study, which surveyed 2,000 CEOs globally — including 210 leaders from the Philippines and Association of Southeast Asian Nations (ASEAN) countries — said over half (55%) of Philippine leaders are actively adopting AI agents and are preparing to implement them at scale.

It also noted that 63% of surveyed leaders prioritize AI use cases based on their return-on-investment (RoI).

However, the study found that only 23% said their AI initiatives have delivered expected returns so far, suggesting a mismatch between companies’ investment priorities and results.

“Business leaders in ASEAN are under pressure to demonstrate RoI from AI while needing to invest in long-term capabilities to stay competitive,” said Abraham Thomas, managing partner at IBM Consulting, ASEAN.

“This balancing act is made even more complex by the region’s fragmented digital landscape, with varying national regulations and inconsistent standards for cross-border data flow,” he said.

More than half (73%) of Philippine CEOs surveyed cited the importance of integrated enterprise-wide data architecture for cross-functional collaboration, while 63% of the country’s executives view their organization’s proprietary data as crucial to unlocking the value of generative AI.

About 60% of executives said they are now hiring for roles related to AI that did not exist a year ago.

“As Philippine organizations accelerate AI adoption in order to stay ahead in a dynamic market, their success to unlock real business value from their investments will hinge on overcoming challenges in data integration and workforce readiness,” Mr. Thomas said.

About 78% of CEOs surveyed said the success of their organizations is linked to maintaining a broad group of leaders with a deep understanding of strategy, while keeping authority to make critical decisions.

However, 58% of Philippine CEOs admit that their organization is struggling to balance funding for operations with investment in innovation, especially during unexpected changes.

According to the report, the top priorities of CEOs include the ability to forecast accurately while ensuring productivity or profitability, as well as product and service innovation.

“As AI rewrites the rules, CEOs who can accurately forecast market shifts, customer behavior, and operational outcomes will be the ones calling the shots,” it noted.

However, the top concerns among CEOs include supply chain performance, talent recruitment and retention, and business model innovation, it added.

The study also noted that 65% of CEOs said they need to be flexible with their budgets to capitalize on digital opportunities that promise long-term growth and innovation.

Looking ahead, 31% of the Philippine workforce will require retraining and/or reskilling over the next three years as more organizations leverage AI, it said. — Beatriz Marie D. Cruz

GoTyme Bank deposits hit over P30 billion as of June as it expands presence, services

GOTYME.COM.PH

GOTYME BANK’S customer deposits reached over P30 billion as of June as it continues to expand its services and presence nationwide.

Deposit growth was driven by efforts to enhance its authentication and fraud controls, it said, as well as the increase in the online bank’s users to over 6.5 million, it said in its second-quarter update.

“In under three years, 6.5 million Filipinos have chosen to upgrade their banking experience with GoTyme Bank,” GoTyme Bank President and Chief Executive Officer Nathaniel D. Clarke said.

“GoTyme users spent over P10.5 billion on the GoTyme Bank card in the last three months and in the past year has been used in over 100 countries, meaning GoTyme customers are not just using the card here, they are taking us with them as they explore the world.”

The bank added that it is now among the top four banks in the country in terms of monthly active app users and part of the top five in terms of InstaPay transactions.

GoTyme Bank looks to sustain its strong performance by expanding its presence and offering new services, it said.

“By the third quarter of 2025, every single SM Store across the country will proudly host a GoTyme Bank kiosk. That’s more than 70 new locations where anyone can walk up, open an account in under five minutes, receive a free Visa debit card, and instantly step into the world of beautiful, seamless banking,” GoTyme Bank Co-Chief Executive Officer and Chief Commercial Officer Albert Raymund O. Tinio said.

“We are putting the power of banking directly where people live, shop, and thrive. This is more than convenience. This is a revolution in access and empowerment,” he said.

The digital bank is also looking to roll out a local stock investing feature within this quarter.

It will also introduce other services such as cryptocurrency trading via its app, cash deposit and withdrawal machines with self-service and off-us functionality, as well as a new reward points earning scheme through Go Rewards.

Under the new scheme, users can get one point per P100 spent at partner stores and a point per P500 spent elsewhere, which they can use to book flights or pay for their purchases.

GoTyme Bank recently launched a buy now, pay later product. It also announced partnerships to extend credit to small businesses in the country.

The bank expects to hit nine million users by end-2025 and remains on track to be profitable by 2026, Mr. Tinio earlier said.

Based on its latest available balance sheet, GoTyme Bank had assets worth P35.3 billion as of March. Its gross loan portfolio stood at P5.46 billion, while deposit liabilities were at P28.91 billion in the same period.

The bank booked a net loss of P2.47 billion in 2023, widening from the P909.67-million loss in 2022, due to higher expenses, its latest annual report showed.

GoTyme Bank began commercial operations in October 2022 and is one of the six digital banks licensed by the Bangko Sentral ng Pilipinas. It is a partnership between the Gokongwei group and Singapore-based Tyme Group. — AMCS

Peso sinks to 3-week low before US CPI

BW FILE PHOTO

THE PESO sank to a three-week low against the dollar on Tuesday before the release of US June consumer inflation data and as markets await developments in countries’ trade talks with the Trump administration.

The local unit closed at P56.73 versus the greenback, weakening by 10 centavos from its P56.63 finish on Monday, Bankers Association of the Philippines data showed. This was the peso’s weakest finish in three weeks or since it closed at P57.16 on June 24.

The peso opened Tuesday’s session weaker at P56.70 against the dollar. Its worst showing was at P56.81, while its intraday best was at P56.675 versus the greenback.

Dollars exchanged rose to $1.28 billion on Tuesday from $1.16 billion on Monday.

“The dollar-peso closed higher as risk-off sentiment caused by the escalating tariff war boosted demand for safe-haven dollar,” a trader said in a phone interview.

Expectations of a faster US consumer price index (CPI) reading for June also supported the greenback, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a ​Viber message.

For Wednesday, the trader expects the peso to move between P56.50 and P57 per dollar, while Mr. Ricafort sees it ranging from P56.65 to P56.85.

The dollar hovered just below a three-week high against a basket of currencies on Tuesday, ahead of the release of US inflation data that could give traders a steer on the near-term outlook for interest rates, Reuters reported.

The dollar was little changed at 147.71 yen after earlier rising to the highest since June 23 at 147.89 yen.

The dollar index, which tracks the currency against the yen, euro and four others, eased slightly to 98.003, not far below the overnight peak of 98.136, the highest since June 25.

US Federal Reserve Chair Jerome H. Powell has said he expects inflation to increase this summer as a result of tariffs, which is seen keeping the US central bank on hold until later in the year.

Economists polled by Reuters expect headline inflation to increase to 2.7% on an annual basis, up from 2.4% the prior month. Core inflation is expected to rise to 3% from 2.8%. — Aaron Michael C. Sy with Reuters

Jensen Huang is right about the real AI race with China

COMMONS.WIKIMEDIA.ORG

By Catherine Thorbecke

IF JENSEN HUANG was hoping to reassure Washington that his company’s advanced artificial intelligence (AI) chips won’t be used to supercharge China’s military, his comments likely fell on deaf ears.

“We don’t have to worry about that,” the Nvidia Corp. chief executive officer said of America’s greatest fear about his firm’s access to the China market in an interview with CNN. He argued Beijing knows it can’t rely on the US technology, which “could be limited at any time.” It’s optimistic thinking on his part, given the national security concerns that have fueled years of semiconductor restrictions.

This risk of China’s dependency on foreign tech was highlighted recently when the US imposed and then lifted export controls on chip design software within the span of a month. The abrupt policy U-turn suggests the restrictions were rolled out to be used as a bargaining chip in trade talks. But it undoubtedly served as more evidence in Beijing’s mind that it is vulnerable to Washington’s ability to deploy such moves at a moment’s notice. This only spurs its desire to bolster self-reliance.

Huang’s remarks, notably, come on the eve of a planned trip to China this week, where he is slated to meet with senior officials and likely emphasize Nvidia’s commitment to the world’s largest market for semiconductors. The Santa Clara-based firm plans to launch a new AI chip that has been further modified to meet the ever-tightening controls, the Financial Times reported last week, just months after its previous made-for-China H20 chips were banned.

Nvidia needs to move quickly if it hopes to maintain its reign on the mainland. Domestic giants from Alibaba Group Holding Ltd. to Tencent Holdings Ltd. have reportedly been testing alternatives made by Huawei Technologies Co., but most still prefer Nvidia’s offerings. This is because of the difficulty of adopting Huawei’s unique software system after years of creating AI tools on Nvidia’s architecture.

But Huawei is planning a fundamental redesign of its next AI chip that would make it much easier for Chinese tech companies to switch, the Information reported last week. The rework is still in its early stages, but addresses a key hurdle that has prevented many firms from using local chips: It would allow code developers to write for Nvidia’s systems to run on Huawei’s hardware. It’s still a longshot, but if Huawei can pull this off, it would accelerate the local adoption of its tech stack. It also means Huang’s pitch to China would start to lose its allure.

Huawei has signaled global ambitions to unseat Nvidia’s dominance. While the Chinese player can still produce a limited amount of chips compared to the US rival, it is trying establish a foothold in the Middle East and Southeast Asia to expand its reach.

Huang has complained about the multi-billion-dollar hit to his firm from the export controls, but Nvidia is doing just fine. It even hit a milestone last week, briefly becoming the first company in history to achieve a $4 trillion market valuation. In the near term, the chipmaker is the clearest winner in a global AI race marked by who can amass the most amount of computing resources the quickest. By this measure, US restrictions have been successful in slowing China’s AI ascendancy, but they have failed to stop it. Huang’s top concern seems to be whether his firm can stay in China and maintain its market concentration while further stalling the adoption of Huawei’s products — at home and abroad.

Ultimately, it doesn’t matter whether Huang is correct on the possibility of dual-use military applications for his chips. Tough-on-China tech policies have become a bipartisan rallying cry in Washington, and a spate of cyberattacks linked to Beijing isn’t earning it any goodwill. But there was another point in the wide-ranging CNN interview worth paying attention to.

When asked if it matters whether companies adopt American or Chinese models, Huang said: “In the end, I don’t think it does.” He praised DeepSeek’s open-source R1 model, and added it can be finetuned to address concerns about it being trained in China.

It suggests that he sees AI eventually becoming a commodity. This makes China’s cheaper offerings a lot more alluring in globally. It’s also a sign that victory may not be about which model has beaten the latest benchmarks, but whose AI is most widely used by the rest of the world. That should be the biggest worry in Silicon Valley.

BLOOMBERG OPINION

Australia says World Heritage listing to protect Indigenous carvings

SYDNEY — Securing World Heritage status for Australia’s Murujuga rock art will help protect the ancient Indigenous carvings, located in an industrial hub, the government said on Saturday.

The art, thought to be 50,000 years old, lies in a peninsula that has gas and explosives plants, highlighting the sensitive relationship between the nation’s Indigenous culture and its economically vital resources industries.

The United Nations Educational, Scientific and Cultural Organization (UNESCO) granted World Heritage status to the site in the Burrup peninsula on Friday after a “tireless nomination process,” started in 2023, said Environment Minister Murray Watt.

“The Australian Government is strongly committed to World Heritage and the protection of First Nations cultural heritage,” Mr. Watt said in a statement. “We will ensure this outstanding place is protected now and for future generations.”

Peter Hicks, chair of the Murujuga Aboriginal Corp., said the UNESCO listing was a means to protect the “extraordinary landscape.”

The peninsula in the northwest of mineral-rich Western Australia state is home to two liquefied natural gas plants run by Woodside and fertilizer and explosives plants run by Norway’s Yara International.

Australia’s government in May extended the lifetime of Woodside’s largest gas plant in the region, the North West Shelf, until 2070. The extension will generate up to 4.3 billion metric tons of additional carbon emissions.

Scrutiny over the impact of Australia’s resources industry on Indigenous heritage sites has been magnified since Rio Tinto, the world’s biggest iron ore miner, destroyed the 46,000-year-old Juukan Gorge rock shelters as part of a mine expansion in 2020. — Reuters

How PSEi member stocks performed — July 15, 2025

Here’s a quick glance at how PSEi stocks fared on Tuesday, July 15, 2025.

Overseas Filipinos’ Cash Remittances

MONEY SENT HOME by overseas Filipino workers (OFWs) rose by an annual 2.9% in May, although the monthly haul was the lowest in 12 months, data from the Bangko Sentral ng Pilipinas (BSP) showed. Read the full story.

Overseas Filipinos’ Cash Remittances

Profit taking, tariff woes drag down PHL stocks

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

PHILIPPINE SHARES dropped on Tuesday on profit taking in the absence of new trading drivers.

The Philippine Stock Exchange index (PSEi) sank by 1% or 65.57 points to close at 6,459.47, while the broader all shares index went down 0.65% or 25.09 points to 3,807.27.

“The local market pulled back as investors took profits amid the lack of fresh leads,” Philstocks Financial Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. “With no new positive catalysts, global trade concerns amid the United States’ planned tariffs got the best of market sentiment.”

“Philippine shares weakened as investors responded to the tariff threats from President Donald J. Trump, as many analyzed whether any measures would likely be softened through negotiations,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message. “Investors have also been watching other tariff developments after Mr. Trump announced new levies on the European Union (EU) and Mexico, with talks ongoing and key inflation data expected to reveal the economic impact.”

Shares climbed worldwide on Tuesday as market participants entered a key week for US earnings, inflation data and trade talks in a relatively optimistic mood, Reuters reported.

Mr. Trump signaled he was open to discussions on tariffs after his weekend threat to impose 30% duties on the European Union and Mexico from Aug. 1. Japan is reportedly trying to schedule high-level talks with the US this Friday.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.8%, while Europe’s STOXX benchmark rose 0.2% and Nasdaq futures gained after Nvidia said it would resume sales of its H20 chips to China.

Investors are also waiting for US consumer price data for June due later on Tuesday and will monitor for any upward pressure on prices from tariffs.

Back home, all sectoral indices closed lower on Tuesday. Holding firms decreased by 1.87% or 107.78 points to 5,636.28; property went down by 1.7% or 42.32 points to 2,434.4; mining and oil retreated by 0.97% or 94.77 points to 9,651.96; services sank by 0.71% or 15.63 points to 2,186.81; financials declined by 0.2% or 4.66 points to 2,235.83; and industrials fell by 0.1% or 10 points to 9,234.49.

“Century Pacific Food, Inc. was the day’s best index performer, climbing 2.99% to P37.95. SM Prime Holdings, Inc. was the worst index performer, dropping 3.37% to P24.40,” Mr. Tantiangco said.

Value turnover decreased to P5.9 billion on Tuesday with 1.65 billion shares exchanged from the P6.5 billion with 2.3 billion shares traded on Monday.

Advancers edged out decliners, 98 versus 96, while 56 names were unchanged.

Net foreign selling reached P322.36 million on Tuesday, a turnaround from the P632.24 million in net buying on Monday. — Revin Mikhael D. Ochave with Reuters

Furniture makers bat for support if tariff negotiations with US fail

The Opera Contemporary sofa set and Cyrano marble table offering a captivating blend of modern aesthetics and classic charm.

By Justine Irish D. Tabile, Reporter

FURNITURE EXPORTERS are seeking substantial government support in light of the 20% US tariff on Philippine goods.

“We really need the government to back us up (with) drastic export policies and funding support,” Chamber of Furniture Industries of the Philippines Director General Ajun L. Valenzuela told BusinessWorld.

The latest US position is that Philippine goods will be charged a 20% tariff starting Aug. 1, though a Philippine delegation will be in Washington to negotiate a lower rate or even a free trade agreement. President Ferdinand R. Marcos, Jr. is also due to visit Washington later this month.

The new rate is higher than the 17% tariff announced in April and level with the 20% that Vietnam is set to pay.

Mr. Valenzuela said that if the negotiations fail to produce a favorable result,  the government should take other steps to help exporters in addressing the disruptions that could ensue from the eventual tariff.

“Since the negotiations might not work, I believe the government should make strategic policy changes and support us by providing the exporters emergency measures like fiscal and export incentives,” he added.

Mr. Valenzuela has said that the Philippines’ initial rate of 17% and Vietnam original tariff of 46% was not enough of a gap to make Philippine furniture exports competitive on price.

“Our price difference with Vietnam is around 40%,” he said in May.

Meanwhile, Foundation for Economic Freedom President Calixto V. Chikiamco said it is difficult to say whether the Philippines can attract investments now with a diminished tariff advantage.

“The future is murky with uncertainty over tariffs and overall global developments,” he said via Viber.

He said the Philippines needs to forge free trade agreements to create more manufacturing jobs, seeking deals with “as many countries as possible, including the US, the European Union, the United Arab Emirates, and Canada, and possibly join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.”

“It also has to assure investors of energy security and modernize its labor laws,” he added.

SBMA remits P1.47-billion dividend to Treasury

SBMA

THE Subic Bay Metropolitan Authority (SBMA) remitted P1.47 billion worth of dividends to the National Government, the Department of Finance (DoF) said.

The remittance will help in “supporting and contributing effectively to nation-building initiatives, public services, and infrastructure development,” SBMA Chairman and Administrator Eduardo Jose Aliño said in a statement.

Under Republic Act No. 7656 or the Dividends law, government-owned or -controlled corporations (GOCCs) must declare and remit at least 50% of their annual net earnings as cash, stock or property dividends to the Treasury.

Last year, the DoF raised the mandatory dividend remittances of GOCCs to 75% of their net earnings from 50% previously.

The SBMA is tasked to develop and manage the Subic Bay Freeport Zone as a “self-sustaining industrial, commercial, financial, and investment center, generating employment opportunities and attracting investments.”

“The dividend remittance is in line with President Ferdinand R. Marcos, Jr.’s directive to uphold fiscal discipline among GOCCs, ensuring that the government maximizes non-tax revenues to fund priority programs,” the DoF added. — Luisa Maria Jacinta C. Jocson

MSME business sentiment improves in 2025 — BCG

People buy food items at a market in Quezon City, Nov. 22, 2024. — PHILIPPINE STAR/MIGUEL DE GUZMAN

MOST Philippine micro-, small-, and medium-sized enterprises (MSMEs) are expecting stronger results this year after a slow recovery last year, the Boston Consulting Group (BCG) said.

Citing the results of a study conducted with the Department of Trade and Industry (DTI), 73% of 3,098 MSMEs surveyed are expecting “stronger results” in 2025.

BCG Principal Jamie Bawalan, who presented the study at the MSME Bayanihan Caravan on Tuesday, said only 43% of the MSMEs responded that they performed better in 2024 relative to 2023, a sentiment more pronounced among MSME owners in wholesale and retail as well as food services.

“But then we asked about 2025; what we actually found is a very high level of optimism with exactly 73% of all our MSMEs across different sectors actually expressing that they think that they will do and fare much better in 2025 than in 2024,” she said.

“It shows that our MSMEs are hopeful, even though last year was seemingly not easy,” she added.

In the short term, she said MSMEs are more focused on growing their revenue, expanding their customer base, and improving their products and services.

To unlock this growth, she cited the need to make resources available to MSMEs.

“There is room to improve access for MSMEs across most business growth support areas, but access to credit or the ability to take out loans was especially challenged,” she said.

In particular, she said there is only a 33% level of optimism among MSMEs in terms of their ability to access loans and credit.

“We see that there is a big divide between reality and perception. We realized and found that less than 10% of our MSMEs actually ever took out bank loans, and 55% of our MSMEs have actually never taken out a bank loan,” she added.

On Tuesday, the DTI unveiled three programs: NxtGen in Franchising Philippines, Small Business Corp. (SBCorp.) Money App, and a tie-up with GCash.

“Through these programs, we are bridging divides and demonstrating that a Bagong Pilipinas begins with listening and then developing straightforward people-centric solutions,” Trade Secretary Ma. Cristina A. Roque said in a keynote speech delivered by Undersecretary Blesila A. Lantayona.

NxtGen in Franchising Philippines hopes to create a pipeline for future franchise brands.

The SBCorp. Money App is the company’s new mobile application, replacing the previous web-based loan application and evaluation system.

“This shift to PhilSys-enabled electronic Know-Your-Customer simplifies the onboarding process for our clients and enhances security by verifying identities using national ID data,” SBCorp. President and Chief Executive Officer Robert C. Bastillo said.

He said that the new application will help make financing more accessible, efficient, and secure for MSMEs nationwide.

On Tuesday, DTI also signed a memorandum of understanding with GCash to deliver tailored digital business solutions directly to MSMEs.

“By integrating these digital financial tools directly at all DTI regional and provincial offices and the DTI Negosyo Centers, we ensure that these tools and services reach even the most remote communities, helping close the rural-urban digital divide and bringing opportunities of success even closer to home,” Ms. Lantayona said. — Justine Irish D. Tabile

Cheaper imports, P20 subsidized rice blamed for palay farmgate decline

PHILIPPINE STAR/MICHAEL VARCAS

By Kyle Aristophere T. Atienza, Reporter

THE further decline in the farmgate price of palay (unmilled rice) was largely caused by competition from cheap imports and the government’s subsidized P20 rice program, a farmer’s group said.

“This confirms what many farmers from various parts of the country have been complaining about,” Federation of Free Farmers Cooperatives, Inc. National Manager Raul Q. Montemayor said via Viber.

“Normally, palay prices go up after the harvest and into the May-June planting season,” he said, “but this time, prices have been going down,” he added.

He noted that rice imports that are already in the country are cheap, with 5% broken-grain rice averaging P29.50 per kilo in June — compared to P40.67 per kilo in June 2024 — ex-pier and with tariffs already paid.

Ex-pier costs include the purchase cost from source country on a free-on-board (FOB) basis, plus freight, insurance, and tariffs.  

Meanwhile, the landed price of imported rice with 25% broken averaged P26.34 per kilo in June, against P41.09 a year earlier.

He also said the P20-per-kilo rice program has led traders to hedge and buy palay from farmers at low prices “in case they have to compete with this cheap rice.”

The Department of Agriculture (DA) is pushing Congress to pass a bill seeking stricter oversight of rice imports and restoration of the National Food Authority’s (NFA) regulatory powers.

The farmgate price of palay fell 31.8% year on year in June to an average of P16.99 per kilo. Month on month, the average palay farmgate price fell 4.3% compared to May.

Agriculture Secretary Francisco Tiu Laurel, Jr. in a separate statement said the claim that the P20-per-kilo rice program is behind the declining palay prices is “simply not true,” noting that it has helped the NFA decongest its warehouses and has allowed the government “to buy more palay from farmers.”

“On the contrary, we need to accelerate the expansion of the subsidized rice program,” he said.

“Every bag of rice sold at P20 frees up space for two sacks of palay, which we can purchase at better prices than what private traders offer,” he added.

Mr. Montemayor said NFA’s buying has been minimal “due to congestion of its warehouses and strict standards (clean and dry) when buying palay from farmers.”

“Even without these constraints, its funds can absorb only 5% at most of the harvest volume,” he added.

“The government has passed the blame to palay traders and has asked farmers to report to them traders who are ‘nambabarat,’ (forcing them to accept low prices),” he said.

“But it is very possible that the drop in palay prices is to a large extend due to its own rice subsidy programs, its unlimited import policy, and its failure to support palay prices through the NFA,” he added.

Currently, the NFA buys palay at a minimum of P17 per kilo for fresh grade and up to P24 per kilo for dry.

“To support this effort, the agency is acquiring more trucks, upgrading its warehouses, and requesting a larger procurement budget,” Mr. Laurel said.

As of June 30, the NFA procured 149% of its first half target, approaching capacity “in response to the clamor from farmers for the agency to buy more palay,” he added.

The DA urged Congress to pass the proposed Rice Act before the first harvest of 2026. It is currently conducting “on-the-ground consultations” with farmers and lawmakers in preparation for congressional deliberations.

It said it is backing a provision that would give the NFA “some control” over rice imports.

It’s “critical gap that leaves the DA with limited ability to manage domestic supply,” Mr. Laurel said. The Rice Tariffication Law of 2019 allowed unlimited rice importation by the private sector, though requiring them to pay import tariffs, and removed the NFA’s own power to import rice and sell rice directly to consumers. 

The law was amended last year to increase the allocation for the Rice Competitiveness Enhancement Fund to P30 billion from P10 billion, paid out of rice tariff collections.

Mr. Laurel said the consultations will “help shape the government’s response to the recent decline palay prices, which threatens to discourage future planting.”

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