Home Blog Page 917

Driving global change: 2025 conference on tax policies and ESG investments

As the global economy shifts toward sustainability, the 2025 International Tax and Investment Conference is set to address the intersection of tax policies, investment opportunities, and environmental, social, and governance (ESG) frameworks. Organized by the Asian Consulting Group (ACG) in collaboration with Asia CEO, the conference will be held on March 26, 2025, at the Manila Marriott Hotel.

Under the theme “FAST FORWARD 2025: Promoting ESG Investing in the Philippines,” the event will explore how embedding ESG principles into financial and policy frameworks can drive sustainable economic resilience. The discussions will highlight the F.A.S.T. industries — Fashion, Film, and Arts (F), AI, Food, and Agriculture (A), Sustainable Cities and Communities (S), and Travel and Tourism (T) — as catalysts for investment and business growth.

The event will feature a keynote address by Secretary Frederick Go, Special Assistant to the President for Investment and Economic Affairs, alongside discussions on regulatory incentives for ESG investment, risk mitigation in green financing, and corporate sustainability strategies. The launch of Mon Abrea’s latest book, Reimagining the World Without Climate Change, alongside Season 3 of Thought Leaders and Game Changers, reinforces his commitment as thought leader, an advocate and founder of ACG.

This year’s conference extends beyond taxation and investment strategies — it’s about shaping a greener, more sustainable economy,said Mon Abrea, Founder and CEO of ACG.

The conference is expected to convene government and business leaders, policy makers, and foreign investors, fostering discussions that will influence business strategies and regulatory frameworks moving forward a more sustainable future.

For registration and inquiries, please contact itic@acg.ph or +63 917-627-8805 or visit https://itic2025.helixpay.ph/.

 


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

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

HONOR Philippines transforms digital retail experience with TikTok Shop breakthrough

HONOR Philippines is proving that tech innovation goes beyond devices; it extends to how brands connect with consumers. Through a bold and data-driven approach to e-commerce, the leading global provider of smart devices has emerged as a standout performer on TikTok Shop, leveraging the platform’s full ecosystem to drive visibility, engagement, and sales.

In the fourth quarter of 2024, HONOR recorded a 1.7x performance increase compared to Q1 to Q3, securing its place among TikTok Shop’s Top 20 brands in the Phones & Tablets category and ranking #13 overall. The brand’s success is rooted in a strategic fusion of product innovation, content creation, and precision advertising, all guided by TikTok Shop’s ACE Indicator System, which focuses on Assortment, Content, and Empowerment to measure and optimize seller performance.

By implementing targeted product drops, viral content strategies, and high-impact ad placements, HONOR achieved a 174% growth in gross merchandise value (GMV) in Q4 2024 compared to the first three quarters of the year. These results highlight the brand’s ability to translate digital engagement into tangible sales, setting a new standard for tech retail in the fast-evolving social commerce landscape.

Driving Sales Through Strategic Product Launches

A key factor in HONOR’s success was its well-timed product launches and compelling offers tailored to TikTok Shop’s unique shopping experience. The introduction of the HONOR X7c during the 11.11 Paskong Panalo Sale served as a major growth driver, amplifying brand visibility during a peak sales period.

In addition, HONOR strengthened its online presence by rolling out exclusive discounts, including 10% off for the HONOR X9b during regular sales and up to 30% off with TikTok Pay Later. TikTok Pay Later is a credit-based payment method available on TikTok Shop, offering customers a “shop now, pay later” experience. Eligible users can access credit limits of up to PHP 50,000, repayable in up to 12 installments. This feature allows for flexible payment options, enhancing the shopping experience on TikTok. These incentives boosted sales and positioned HONOR as a top-performing brand within its category.

“We strategically time our product launches to coincide with major sales events, ensuring maximum consumer engagement and higher conversion rates,” said Stephen Cheng, Vice President of HONOR Philippines. “By aligning our releases with peak shopping periods, we create heightened anticipation and provide customers with exclusive deals, making our offerings even more compelling. On the other hand, TikTok Shop provides the perfect platform for us to showcase our innovations, offering customers both quality and value in a seamless shopping experience,” Stephen added.

Optimizing product listings also played a crucial role in HONOR’s growth. By strategically highlighting each device’s unique selling points, the brand drove a 114% increase in Shop Tab GMV and a threefold increase in non-affiliate GMV, proving the effectiveness of its organic and affiliate-driven sales strategies.

Engaging Content Fuels Consumer Connection

HONOR Philippines has also leveraged the power of content-driven commerce, turning TikTok Shop into a hub for immersive shopping experiences. The brand conducted daily livestreams, averaging 12 hours per day, to directly engage with potential buyers and build real-time connections.

This commitment to live selling paid off significantly, leading to a 400% increase in Live GMV during the 12.12 Paskong Panalo sale compared to regular business days. Quarter-on-quarter, live selling revenue skyrocketed eightfold, demonstrating the growing consumer demand for interactive and engaging shopping experiences.

Beyond livestreams, HONOR also amplified its presence by participating in viral challenges and trending short-form content, further boosting customer interaction. One of its most successful sessions even recorded a gross profit margin (GPM) of 17.72, proving that highly engaging content translates directly into stronger sales.

Leveraging TikTok Shop’s Tools for Sustained Growth

Beyond content and product strategy, HONOR Philippines has fully embraced TikTok Shop’s advertising and campaign ecosystem to strengthen its digital commerce leadership. The brand actively joined weekly and monthly platform-wide campaigns, reinforcing its commitment to long-term growth.

HONOR also maximized TikTok Shop’s precision-targeted ad formats, including Product Showcase Ads (PSA), Video Shopping Ads (VSA), and Live Shopping Ads (LSA). This investment in digital advertising resulted in a 4.5x increase in return on ad spend (ROAS) and secured HONOR a spot among the top 11 brands in the Phones & Tablets category during the 12.12 sale.

@sellwithtiktokshop_ph Honor Philippines is taking TikTok Shop by storm, reaching more customers and driving massive growth! 🚀📱 Leading up to the 2.2 Campaign, they’re going LIVE non-stop to showcase their top products, exclusive deals, and exciting surprises. 🎉 📅 Live Schedule: January 27 – February 3 ⏰ Up to 24 HOURS of non-stop streaming! Don’t miss out! #TikTokShopSuccessStory #SellWithTikTokShop #GrowWithTikTokShop ♬ original sound – Sell with TikTok Shop PH


“Our strategic approach to TikTok Shop’s ad solutions has been instrumental in reaching the right audiences and driving impactful results,” Stephen Cheng, Vice President of HONOR Philippines, added. “By leveraging data insights and optimizing our campaigns, we’ve strengthened our visibility and customer connections, setting the stage for continuous growth.”

Setting the Standard for Digital Retail Excellence

As the e-commerce landscape continues to evolve, HONOR Philippines showcases how brands can successfully blend technology, content, and strategic marketing to thrive in the digital marketplace. Through well-timed product launches, immersive livestreams, and data-driven ad placements, the brand has positioned itself as a leader in the competitive smart device industry.

“HONOR Philippines has truly leveraged TikTok Shop to its full potential, using the platform’s unique tools to connect with local consumers in meaningful ways,” said Franco Aligaen, Marketing Lead at TikTok Shop Philippines. “Their success is a testament to how TikTok Shop empowers local brands, like HONOR, to compete on a global scale by combining innovation with a deep understanding of their audience, whether through live sessions, exclusive promotions, or creative content.”

Beyond its strong numbers, HONOR’s success underscores the transformative power of digital commerce. As the brand continues to refine its approach and expand its reach, it sets a compelling precedent for how businesses can thrive in the ever-evolving world of online retail.

For more information on HONOR Philippines’ latest offerings, visit their official TikTok Shop page.

 


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

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Driving national development through R&D initiatives

The Department of Science and Technology (DoST) launched eight research and development (R&D) programs under its initiative ELEV8PH: Pushing S&T Frontiers for National Development.

“We selected 8 big-ticket R&D programs that we think will facilitate the economic development of the country,” DoST secretary Renato U. Solidum, Jr. told BusinessWorld.

Interview by Edg Adrian Eva
Video editing by Jayson Mariñas

OpenAI CEO says board will reject Musk’s $97 billion offer, the Information reports

OpenAI CEO Sam Altman told staff in a message that the company’s board of directors intends to make clear it has no interest in Elon Musk’s “supposed bid”, the Information reported on Monday.

Earlier in the day, a consortium led by Musk offered $97.4 billion to buy the nonprofit that controls OpenAI. – Reuters

Hong Kong will file complaint to WTO on US tariffs, official says

Wikimedia Commons

HONG KONG – Hong Kong will file a complaint on recent U.S. tariffs imposed on the city to the World Trade Organization, claiming the U.S. has completely ignored the city’s status as a separate customs territory, chief secretary Eric Chan said on Tuesday.

“This is absolutely inconsistent with the WTO rules. Of course, they have totally disregarded Hong Kong is a separate customs territory,” Mr. Chan, the China-ruled city’s number two official, told reporters.

“We will file a complaint to the WTO regarding this unreasonable arrangement,” he said without giving specifics.

Mr. Chan was responding to a U.S. decision to impose 10% tariffs on goods from the Asian financial hub as U.S. President Donald Trump targets Chinese imports.

The U.S. Postal Service last week suspended all inbound mail and packages from China and Hong Kong, then reversed that decision soon afterwards.

The move to stop accepting parcels from China and Hong Kong had caused chaos and confusion among retailers and express shipping firms over how to deal with the U.S. tariffs.

“All I can say is the policies are mercurial,” said Mr. Chan.

Mr. Trump’s move also included closing the “de minimis” duty exemption for packages valued at under $800, with the stated aim of stopping the flow of fentanyl and precursor chemicals into the United States.

Hong Kong has long been known as a free and open trading hub, but China’s imposition on Hong Kong of a sweeping national security law in 2020 drew criticism from the U.S. and led it to end the former British colony’s special status under U.S. law, escalating tensions between China and the U.S.

The U.S. subsequently stipulated that goods made in Hong Kong for export to the U.S. needed to be labelled as made in China, ending one of Hong Kong’s longstanding competitive advantages as a trading hub. – Reuters

Musk-led group makes $97.4 billion bid for control of OpenAI

ELON MUSK — REUTERS

A consortium led by Elon Musk said on Monday it has offered $97.4 billion to buy the nonprofit that controls OpenAI, another salvo in the billionaire’s fight to block the artificial intelligence startup from transitioning to a for-profit firm.

Mr. Musk’s bid is likely to ratchet up longstanding tensions with OpenAI CEO Sam Altman over the future of the ChatGPT maker at the heart of a boom in generative AI technology. Mr. Altman on Monday promptly posted on X: “no thank you but we will buy twitter for $9.74 billion if you want.”

Mr. Musk cofounded OpenAI with Mr. Altman in 2015 as a nonprofit, but left before the company took off. He founded the competing AI startup xAI in 2023.

Mr. Musk, the CEO of Tesla and owner of tech and social media company X, is a close ally of President Donald Trump. He spent more than a quarter of a billion dollars to help elect Mr. Trump, and leads the Department of Government Efficiency, a new arm of the White House tasked with radically shrinking the federal bureaucracy. Mr. Musk recently criticized a $500 billion OpenAI-led project announced by Trump at the White House.

OpenAI is now trying to transition into a for-profit from a nonprofit entity, which it says is required to secure the capital needed for developing the best AI models.

Mr. Musk sued Mr. Altman and others in August last year, claiming they violated contract provisions by putting profit ahead of the public good in the push to advance AI. In November, he asked a U.S. district judge for a preliminary injunction blocking OpenAI from converting to a for-profit structure.

Mr. Musk’s lawsuit against OpenAI and Mr. Altman says the founders originally approached him to fund a nonprofit focused on developing AI to benefit humanity, but that it was now focused on making money.

“It’s time for OpenAI to return to the open-source, safety-focused force for good it once was,” Mr. Musk said in a statement on Monday. “We will make sure that happens.”

Mr. Musk and OpenAI backer Microsoft did not immediately respond to requests for comment.

“Musk’s bid puts another wrinkle into OpenAI’s quest to remove the nonprofit’s control over its for-profit entity,” said Rose Chan Loui, executive director of the UCLA Law Center for Philanthropy and Nonprofits.

“This bid sets a marker for the valuation of the nonprofit’s economic interests,” she said. “If OpenAI values the nonprofit’s interests at less than what Musk is offering, then they would have to show why.”

The consortium led by Mr. Musk includes his AI startup xAI, Baron Capital Group, Emanuel Capital and others.

XAI could merge with OpenAI following a deal, according to the Wall Street Journal which first reported Musk’s offer earlier on Monday. XAI recently raised $6 billion from investors at a valuation of $40 billion, sources have told Reuters.

 

‘THROWING A WRENCH’

“This (bid) is definitely throwing a wrench in things,” said Jonathan Macey, a Yale Law School professor specializing in corporate governance.

“The nonprofit is supposed to take money to do whatever good deeds, and if OpenAI prefers to sell it to somebody else for less money, it’s a concern for protecting the interests of the beneficiaries of the not-for-profit.”

OpenAI was valued at $157 billion in its last funding round, cementing its status as one of the most valuable private companies in the world. SoftBank Group 9984.T is in talks to lead a funding round of up to $40 billion in OpenAI at a valuation of $300 billion, including the new funds, Reuters reported in January.

Aside from any antitrust implications, a deal this size would need Musk and his consortium to raise enormous funds.

Mr. Musk’s stock in Tesla is valued at roughly $165 billion, according to LSEG data, but his leverage with banks is likely to be thin after his $44 billion buyout of what was then called Twitter in 2022.

To finance such a bid, Musk could sell part of his stake in Tesla or take a loan against his stake, or use his stake in rocket company SpaceX that is worth tens of billions of dollars as collateral, according to an uninvolved investment banker, who requested anonymity.

“Musk’s offer to buy OpenAI’s nonprofit should significantly complicate OpenAI’s current fundraising and the process of converting into a for-profit corporation,” said Gil Luria, analyst at D.A. Davidson.

“The offer seems to be backed by more credible investors … OpenAI may not be able to ignore it. It will be the fiduciary responsibility of OpenAI’s board to decide whether this is a better offer, which could call into question the offer from SoftBank.” – Reuters

U.S. lifts pause on food donations for World Food Programme

DONOVAN REEVES-UNSPLASH

NEW YORK/WASHINGTON – The United States has lifted a pause on food donations, the U.N. World Food Programme said, ending a suspension that an aid watchdog on Monday warned had left 500,000 metric tons of food currently at sea or ready to be shipped in limbo.

“We can confirm that the recent pause concerning in-kind food assistance to WFP – purchased from U.S. farmers with Title II funds – has been rescinded,” WFP said in an X post on Sunday. “This allows for the resumption of food purchases and deliveries under existing USAID agreements.”

Washington had stopped purchases of commodities produced by U.S. farmers for donation – despite a waiver for emergency food assistance – after U.S. President Donald Trump paused all foreign aid for 90 days so contributions could be reviewed to see if they aligned with his “America First” foreign policy.

The U.S. also told WFP to stop work on dozens of U.S.-funded grants, orders that were received five days after Secretary of State Marco Rubio issued the food waiver.

Several of the suspended grants were under the Food for Peace Title II program, which spends about $2 billion annually on the donation of U.S. commodities. The program, which makes up the bulk of U.S. international food assistance, is co-administered by the U.S. Department of Agriculture and the U.S. Agency for International Development.

The U.S. State Department did not respond to a request for comment.

The USAID grants that WFP was told to stop work on are worth tens of millions of dollars and provide food aid in impoverished countries including Yemen, Democratic Republic of Congo, Sudan, South Sudan, Central African Republic, Haiti and Mali.

A lack of detail in the Trump administration’s effort to slash and reshape U.S. foreign aid has created chaos and confusion, say humanitarian officials, who have been left to work out whether to take the financial risk of continuing programs without assurance that they are covered by a waiver.

The Office of Inspector General for USAID said in a report released on Monday that “uncertainty put more than $489 million of food assistance at ports, in transit, and in warehouses at risk of spoilage, unanticipated storage needs, and diversion.”

The report by the auditor said USAID staff had identified more than 500,000 metric tons of food currently at sea or ready to be shipped that had been sourced under the Title II program.

“Because this funding source was not included under the Secretary’s emergency food assistance waiver, these commodities were held in limbo, subjecting them to spoilage, unanticipated storage needs, and potential diversion,” the report said. – Reuters

Philippines kicks off election campaigning amid high-stakes political drama

PHILIPPINE STAR/ MICHAEL VARCAS

MANILA – Campaigning for the Philippines’ midterm elections kicked off on Tuesday against a fractured political backdrop, heightened by a high-profile row among warring elites that culminated in last week’s impeachment of Vice President Sara Duterte.

The impeachment could see Duterte removed from her post and banned for life from public office and comes amid an escalating feud between her and President Ferdinand Marcos Jr, whose once-powerful alliance propelled them to a landslide election victory in 2022.

Their fallout has sent ripples through Philippine politics, turning the midterms into a high-stakes power struggle and a preview of a likely battle between their camps in the 2028 presidential race.

Mr. Marcos is limited to a single term under the constitution and is expected to groom a successor, while Ms. Duterte would be eligible to run in 2028 if she survives the impeachment.

“The ones fighting in open warfare during the midterms are the same ones who won the historic unity victory in 2022. That’s very significant,” said political analyst and former presidential adviser Ronald Llamas.

“They secured the highest vote count in our history, and yet, almost immediately after winning, they began to unravel. This impeachment is just one episode in an unfolding saga that could rival any Netflix series.”

Up for grabs in the May elections are 317 congressional seats and thousands of local posts. But the biggest battle will be for 12 spots in the 24-seat Senate, a chamber packed with political heavyweights and wielding outsized influence.

HIGH-STAKES CONTEST
For Mr. Marcos, the elections are widely seen as a referendum on his leadership as he seeks to secure a legislative majority to push forward his administration’s agenda.

But the stakes are equally high for Duterte, who faces an impeachment trial in the Senate expected in June. The election for the upper house will feature allies of Mr. Marcos and Ms. Duterte and will effectively decide half of the jurors in that Senate trial.

For Duterte to be removed, at least 16 senators, or two-thirds of members, must vote to convict her.

A survey by independent pollster Pulse Asia last month showed nine of Mr. Marcos’ senatorial bets leading the race, but two Duterte loyalists were in the top 12, keeping the vice president’s camp in contention.

The trial looms as a pivotal moment not just for Ms.Duterte but for the political dynasty of her family, whose influence skyrocketed after father, Rodrigo Duterte, won the presidential election in 2016 on a promise to tackle crime and drugs.

Rodrigo Duterte, 79, remains a formidable political figure and is running for mayor in his hometown Davao City, where his two sons are also running, for vice mayor and for a seat in Congress, hoping to bolster the family’s southern stronghold.

The latest bout of drama erupted on February 5, when the lower house, led by Speaker Martin Romualdez, a cousin of Mr. Marcos, impeached Sara Duterte on charges that stemmed from accusations that included budget anomalies, amassing unusual wealth and an alleged threat to the lives of Mr. Marcos, the first lady, and Mr. Romualdez.

Mr. Duterte has denied wrongdoing, while Marcos, for his part, has said he does not support her impeachment.

Mr. Duterte led opinion polls last year on preferred candidates for the next presidency, so her removal, according to analyst Llamas, could be a boon for Marcos’ chances of deciding his succession.

“If you’re able to convict Sara … in a way, you level the playing field,” he said. “There’s no longer any dominant candidate.” — Reuters

The path to enhanced healthcare in the Philippines

PhilHealth President and Chief Executive Officer Emmanuel R. Ledesma, Jr.

BusinessWorld Insights forum explored next steps in improving healthcare in the country 

By Angela Kiara S. Brillantes and Jomarc Angelo M. Corpuz, Special Features and Content Writers

Behind thriving communities and a progressing economy are people whose health are well taken care of by a strong healthcare system. This was stressed in the recent BusinessWorld Insights forum, themed “Elevating Philippine Healthcare,” last Jan. 27 at Dusit Thani Manila in Makati, which gathered industry experts and executives to explore further the potentials of the Philippine healthcare sector amid transforming mindsets on health and wellness.

Delivering the keynote address, Emmanuel R. Ledesma, Jr., president and chief executive officer of the Philippine Health Insurance Corp. (PhilHealth), highlighted the sector’s recent successes year after the signing of the Universal Healthcare (UHC) Law, as well as the hurdles the sector currently faces.

“Six years ago, this landmark legislation was enacted, embodying our shared aspiration for accessible, equitable, and quality healthcare coverage for every Filipino. It has made significant strides in expanding coverage to all Filipinos and strengthening local health systems to ensure access to healthcare,” Mr. Ledesma said.

With the UHC in full swing, Mr. Ledesma shared that PhilHealth had made serious progress in expanding health coverage across the country. Last year, it achieved major milestones: increased its financial coverage twice in February (30%) and December (50%); managed a 95% increase in member benefits; enrolled 27 million individuals in the Konsulta Program; and processed P165 million for 15 million claims.

Furthermore, it has introduced 30 new benefit packages, among them breast cancer packages (with subsidy increased by 1,300%), heart attack packages (900%), stroke packages (1,629%), hemodialysis package (144%), and peritoneal package (400%) — all in the span of two years.

Nonetheless, Mr. Ledesma acknowledged serious gaps in resource allocation and accessibility of healthcare services — a challenge that many communities face, especially in rural and isolated areas.

The PhilHealth president stressed the need for building a robust healthcare infrastructure, including more hospitals and more modern equipment; as well as for supporting healthcare workers and professionals by establishing a strong support system for them.

“These dedicated professionals are the backbone of our healthcare systems and comprise the indispensable nuts and bolts of the National Health Insurance Program,” Mr. Ledesma said. “Investing in their welfare is investing in a happier, healthier and more resilient nation, one that stands ready to face any public health challenge with courage and competence.”

Investing in healthcare workers

Investing and supporting the people making up and running the healthcare system is among the top actions raised in the forum.

During the first panel discussion, Dr. Raymond Francis Sarmiento, chief medical informatics officer of mWell and Metro Pacific Investment Corp. (MPIC), shared three key things to be considered when investing in healthcare workers: training and capacity-building, equitable distribution of healthcare workers, and incentivization.

Dr. Stuart Bennett, president and group CEO at the Medical City, advocates for a strategy that integrates efficient doctors and tech-driven solutions. For him, such strategy is a faster route in terms elevating healthcare in the country.

“In the short term, we need to have more efficient doctors, we need to leverage technology, we need to have doctors who are working 9-5 in a single hospital or a single location and not spending half their time in traffic. We have to change a lot. If you could reduce the dependency on the highest input cost of healthcare and you can find a different way to deliver the same product, that’s a much better and more sustainable way to do it,” Mr. Bennett said.

For Karen Alparce-Villanueva, president of the Philippine Alliance of Patient Organizations (PAPO), investing in doctors is another key strategy in ensuring efficient and high-quality medical care.

“I think the government needs to invest in educating these doctors because in other countries, they’re subsidized or fully supported by the government. We need to look at retention strategies and incentivizing the doctors, particularly focusing on the primary care physicians so that more will go into primary care.”

Hurdling existing concerns

mWell’s Dr. Sarmiento also shared that there is still much work to be done in improving healthcare accessibility across the country, as recent numbers show.

“Several years ago, eight or nine out of 10 Filipinos die without seeing a doctor. Now it’s improved; it’s now six or seven. But, that’s also an indictment of how accessibility has not significantly improved in terms of being able to cater to a lot of Filipinos,” Dr. Sarmiento said during the forum’s panel discussion.

Moreover, Dr. Bennett of The Medical City pointed out that addressing the impact of non-communicable diseases (NCDs) is essential as they lead to high medical costs and disruptions on patients’ daily lives. While such diseases are inevitable, there are ways to ease its burden on individuals, such as improving patient care management.

“Part of our strategy is really to focus on moving up the value chain in terms of non-communicable diseases and identifying patients that have NCDs earlier in the process and treating them properly. I think that the burden of disease around non-communicable diseases has to be dealt with but that will only happen if the cost of providing that care makes sense,” he said.

Collaboration between sectors remains an important tool in addressing healthcare’s pain points and elevating its potential in the years ahead.

“In terms of opportunities, there are multiple, but it really requires us to be able to work together with different agencies… more so on government, academe, the private sector, making sure that collaboration is there,” Dr. Sarmiento said.

“Through the partnership with not just the private sector, but also other NGOs and the government, we will be able to address some of the gaps in terms of health literacy and improving health-seeking behavior,” Ms. Alparce-Villanueva added.

Advanced mindsets

The forum also touched on the changing perceptions on what entails wellness in the second panel discussion which also discussed preventive healthcare and functional medicine, as well as integrative and accessible healthcare solutions.

PhilSTAR Media Group (PMG) Executive Vice-President Lucien C. Dy Tioco shared that part of the company’s goal to help in nation-building is advocating for a positive approach to health.

“It’s about changing the mindsets about healthcare… We want to take on that role in the first step of making Filipinos more aware about their health,” he explained.

Speaking about the main obstacles that individuals experience in taking the first step toward taking better care of their health and wellness, Mr. Dy Tioco highlighted the generally negative approach that people have toward health itself.

“It’s becoming a concern in different sizes and forms. We talk about disease prevention, yet what we do on a daily basis does not totally contribute to one’s health… Generally, everyone’s wish is to live a long and healthy life. In order for us to do that, it takes a lot of collaboration, a lot of advocates that we can influence, and urgency in promoting a more holistic approach toward health,” he said.

In promoting such approach, Mr. Dy Tioco unveiled PMG’s latest advocacy program, the “Joyful Wellness” campaign, which seeks to bring joy to the Filipino mindset about health. The spectrum that the campaign covers includes nutrition, disease prevention, beauty, health technology, mental health, and more.

Currently, the program is offering the “Better You” journal, a personal guide to better health for a more joyful life, packed with expert advice and helps keep track of the user’s health journey.

Mitch Genato, CEO of the Romlas Health Group Group, spoke about the mindset of prevention, serious investments in healthcare, and moving towards principles supported by functional medicine.

“We have to start looking at where the ball is heading. No amount of budget in the field of health will be able to cover the rising costs to be able to manage healthcare in the country. This is where I feel that our proposition as a group becomes very relevant in how we partner with our friends and partner institutions,” he said.

Mr. Genato also talked about how functional medicine as well as holistic wellness approaches can help bridge the gap between health awareness and actual practice in the Philippines.

“Functional medicine is not a specialty. It’s a paradigm of care where we look at the root cause [and] respect the individualism of the individual; and it complements the population-based model of the hospital system. When you combine a very personalized view of an individual with a population-based kind of care, then we have better efficiency,” he explained.

Mr. Genato also emphasized the role of the Filipino public in making healthcare better, along with encouraging healthcare practitioners to advocate for healthier diets and better habits.

“There is no better advocate than someone who’s gone through the journey themselves. I believe that the public can become more involved by taking on goals in the healthcare system by being advocates and champions. But, then, it’s also important for us to be able to be role models. Coaching is more of a language than a profession,” he noted.

Rooted in her experience as a doctor, Alaga Health Co-Founder Dr. Via Galban shared her advocacy of helping institutions that are not necessarily health-oriented but have a business in health.

“A health problem can become a part of a very large problem that is rooted in the community, and that is why we wanted to create Alaga Health… We believe that getting better is done together,” Ms. Galban said.

Ms. Galban also advocated integrating non-medical ways of dealing with medical problems in the healthcare system by looking at different disciplines in making solutions and by expanding solutions to reach more people.

“It’s time for us to democratize medicine and healthcare, especially when it comes to not only adapting more solutions but actually adapting more perspectives when it comes to healthcare,” she concluded.

Interoperable network

Medical informatics expert Dr. Alvin B. Marcelo

The forum also tackled the digital aspect of healthcare with Dr. Alvin B. Marcelo, a medical informatics expert from UP Manila Standards & Interoperability Laboratory.

In his presentation, he talked about the challenges of creating information systems that work inside health facilities, across facilities, and across provinces until the data eventually reaches the National Health Repository of the Department of Health (DoH).

“There’s potential for interoperability. If all the facilities in a province or a healthcare provider network is open health information exchange (HIE)-compliant, then they will be able to securely exchange data of a patient as the patient is traversing that local healthcare network,” Mr. Marcelo explained.

The medical informatics expert also spoke on the state of healthcare digitalization in the country, how the Philippines is faring compared to other countries, and what the government can improve.

“We have the eGov App, but there’s no health data yet inside. We might be two notches below Malaysia and Indonesia; but because of the efforts of the Philippine Statistics Authority, the potential of a Filipino getting data from another facility in their eGov App is much more realistic now than two years ago. But, we’re not there yet; they just need to keep going at it,” Mr. Marcelo said.

Reaching rural and remote areas is another talking point the expert touched on. He explained that people need to be trained, the facilities need to be available, and that telecommunications companies need to meet the village networks midway.

“The DoH can develop telemedicine protocols, and they have. But, it’s not practical if there’s no connectivity in the remote area. So, partnership with the DICT (Department of Information and Communications Technology) is really crucial to make that work,” Mr. Marcelo said.

He advocated for players in the healthcare industry and other stakeholders to have frequent conversations about collaborating to create more solutions for Filipinos.

“I think the next step is really to form that network because government alone cannot do everything by itself. They can only do so much, and after that, we’ll have to take care of ourselves,” Mr. Marcelo said.

This BusinessWorld Insights forum was presented with the support of gold sponsor mWell; silver sponsor The Medical City; bronze sponsors Sun Life and Intellicare; partners Asian Consulting Group, American Chamber of Commerce of the Philippines, British Chamber of Commerce of the Philippines, Bank Marketing Association of the Philippines, Management Association of the Philippines, Philippine Chamber of Commerce and Industry, Philippine Franchise Association, and Philippine Retailers Association; and official media partner The Philippine STAR.

FDI inflows fall 20% in November

Euro, Hong Kong dollar, US dollar, Japanese yen, pound and Chinese yuan banknotes are seen in this picture illustration in Beijing, China. — REUTERS

NET INFLOWS of foreign direct investment (FDI) into the Philippines slumped in November, preliminary data from the central bank showed.

FDI net inflows fell by 19.8% to $901 million in November from $1.12 billion in the same month in 2023, the Bangko Sentral ng Pilipinas (BSP) said on Monday.

Month on month, inflows slid by 11.8% from $1.02 billion in October.

Net Foreign Direct Investment

This was also the lowest FDI net inflow in two months or since the $368 million posted in September.

Net investments in debt instruments dropped by 17.9% to $791 million in November from $964 million in the same month in 2023.

These consisted mainly of intercompany borrowing or lending between foreign direct investors and their subsidiaries or affiliates in the Philippines, the central bank said.

“The remaining portion of net investments in debt instruments are investments made by nonresident subsidiaries/associates in their resident direct investors, i.e., reverse investment,” it added.

Meanwhile, net investments in equity capital other than the reinvestment of earnings plunged by 58.9% to $35 million in November from $85 million in the previous year.   

Equity capital placements fell by 37.8% year on year to $71 million. On the other hand, withdrawals rose by 24.3% to $36 million.

By source, the bulk of equity capital placements mostly came from Japan (49%), followed by the United States (24%) and Singapore (17%).

These were invested mainly in manufacturing (49%), real estate (25%), financial and insurance (9%), and administrative and support services (5%).

Central bank data showed investments in equity and investment fund shares slid by 31.2% to $110 million in November from $159 million in the same month in 2023.

“Nonresidents’ reinvestment of earnings remained broadly stable at $74 million,” it added.

11-MONTH PERIOD
In the January-November period, FDI net inflows rose by 4.4% to $8.58 billion from $8.22 billion in the same period in 2023.

This accounted for 95.3% of the BSP’s full-year forecast of $9-billion FDI net inflows for 2024.

Investments in equity and investment fund shares jumped by 16.4% year on year to $2.6 billion from $2.2 billion in the same period in 2023.

Net foreign investments in equity capital climbed by 37.7% to $1.49 billion in the first 11 months from $1.08 billion in the year-ago period.

Placements increased by 23% to $1.98 billion, while withdrawals dipped by 7.1% to $493 million.

These placements mainly came from Japan (39%) and the United Kingdom (39%), followed by the United States (10%) and Singapore (5%).

Investments were mostly channeled into manufacturing (72%), real estate (12%) and wholesale and retail trade (4%) industries.

Meanwhile, net investments in debt instruments inched down by 0.1% to $5.98 billion. Reinvestment of earnings likewise slipped by 3.6% to $1.1 billion.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the decline in FDI flows could be attributed to uncertainties over US President Donald J. Trump’s protectionist policies.

“President Trump, who won the US elections on Nov. 5, encourages more investments and jobs in the US rather than outside the US that could reduce foreign investments globally,” he said.

Oikonomia Advisory & Research, Inc. economist Reinielle Matt Erece said foreign investors were hesitant in making decisions in November when Mr. Trump won the elections.

“His suggested protectionist policies caused investors to hold capital and reposition their investments as higher inflation expectations, higher interest rates, and potential trade wars may occur as a result of these economic policies,” he added.

Mr. Ricafort noted foreign investors were also on a “wait-and-see” mode as the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act was signed into law in November.

“But this would now make foreign investors more decisive on whether or not to locate in the country, going forward,” he added.

CREATE MORE expands fiscal incentives and lowers corporate income tax on certain foreign enterprises.

“The series of storms and floods caused some economic disruptions in some areas of the country and also partly disrupted some FDIs into the country,” Mr. Ricafort added.

The Philippines faced several typhoons in the fourth quarter, which resulted in billions of infrastructure and agriculture damage.

“Nevertheless, net FDI close to $1 billion is still decent and among pre-pandemic highs that could create more jobs and other business opportunities and also still contribute to further economic growth and development,” Mr. Ricafort said.

Further monetary policy easing would also lower financing costs and attract more investments, he added.

In 2024, the BSP reduced interest rates by a total of 75 basis points (bps). It delivered three straight 25-bp rate cuts each in August, October and December.

A BusinessWorld poll conducted last week showed that 19 out of 20 analysts expect the Monetary Board to cut rates by another 25 bps at its first meeting of the year on Feb. 13.

The central bank expects to end 2025 with a $10-billion net FDI inflow.

The BSP noted that its FDI data are distinct from the investment data of other government sources as it covers actual investment flows.

“By contrast, the approved foreign investments data that are published by the Philippine Statistics Authority, which are sourced from Investment Promotion Agencies, represent investment commitments, which may not necessarily be realized fully, in a given period.” — Luisa Maria Jacinta C. Jocson

DA: High pork prices may be due to profiteering

A vendor sells pork products at a market in Pasay City. — PHILIPPINE STAR/RYAN BALDEMOR

THE DEPARTMENT of Agriculture (DA) is looking at imposing a maximum suggested retail price (MSRP) for pork as prices remain elevated amid reports of profiteering.

The price of pork is almost double the farmgate price, suggesting a potential abuse of prices in markets, Agriculture Secretary Francisco P. Tiu Laurel, Jr. said at a Palace briefing, after discussing the issue with President Ferdinand R. Marcos, Jr.

He cited a gap of about P100 between the farmgate prices of P240 and P250 per kilo and the market prices of P380 to P420 per kilo.

“We’re currently studying that and digging deep into the whole value chain of pork, and finding out whether or not there is profiteering,” Mr. Laurel said.

“If we have identified that there’s profiteering, then definitely we will be doing an MSRP also for pork.”

The DA has resorted to the MSRP scheme for imported rice in a bid to curb prices. The MSRP was set at P55 per kilo of imported rice with broken grain content of 5%, which will take effect nationwide starting Feb. 15.

Mr. Laurel said pork prices above P400 per kilo is “unreasonable.”

DA data last week showed that pork prices have risen to as much as P480 per kilo. The price of pork belly ranges from P380 to P480 per kilo, while pork ham or kasim ranged from P340 to P420 per kilo.

“Farmgate price remains between P220 and P240 per kilo for the past weeks, which means retail prices should not exceed P380 per kilo,” Samahang Industriya ng Agrikultura Executive Director Jayson H. Cainglet said.

“Selling beyond P400 per kilo is not reflective of the actual pork prices,” he said in a Viber message.

Former Agriculture Secretary William D. Dar attributed the surge in pork prices to the spread of African Swine Fever (ASF), which has lowered supply.

“The government must step up efforts and vigorously put up biosafety measures to stem the spread of ASF,” he said in a Viber message.

As of Jan. 31, 15 provinces in nine regions have active ASF cases, according to the Bureau of Animal Industry.

“Where is the much-promoted vaccine against ASF as espoused by the DA and the private sector? If such a vaccine is really working, then why not a massive nationwide vaccination of pigs be done,” Mr. Dar added.

The government began the controlled rollout of Vietnam-made ASF vaccines in late August 2024, with a focus on hogs in Lobo, Batangas, one of the hotspots for the disease that has severely impacted the sector since 2019.

“The piggeries, both backyard and big one, have to elevate their biosafety interventions,” Mr. Dar said.

Mr. Dar said the DA should strengthen coordination with local government units (LGUs) to ensure that quarantine measures are properly followed. Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said higher pork prices indicate “further supply-side constraints” that are also faced by other food commodities such as rice and tomatoes.

“It therefore cannot be attributed to profiteering of individual traders but a systemic or aggregate failure in the country’s agricultural sector,” he said in a Facebook Messenger chat.

Meanwhile, Mr. Laurel said Mr. Marcos was briefed on the food situation in the country during Monday’s meeting attended by representatives from the National Economic and Development Authority and the Department of Labor and Employment.

The meeting was held just days after the DA declared a national rice emergency for rice amid an “extraordinary” spike in the prices of the staple grain despite lower tariffs for imports.

Mr. Laurel said the agency is set to release National Food Authority rice buffer stock by next week, with over 50 LGUs expressing interest in purchasing the rice stocks.

Meanwhile, Mr. Laurel said the DA has already blacklisted 16 companies as it combats illegal trade practices. The companies, four of which were already charged for illegal trade practices, were involved in importation of vegetables and fish. — K.A.T. Atienza

PHL may hit low end of growth target this year

Colorful flower arrangements are displayed ahead of Valentine’s Day at a stall in Cubao, Quezon City, Feb. 9, 2025. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE PHILIPPINE ECONOMY will likely hit the low end of the government’s 6-8% growth target this year, Capital Economics said.

“Our forecast is that growth will remain relatively strong as looser monetary policy helps offset the drag from weaker exports and tighter fiscal policy. Overall, we expect the economy to grow by 6% this year,” it said in a report.

Capital Economics expects Philippine gross domestic product (GDP) to grow by 6% this year and by 6.5% next year. These are both within the government’s 6-8% targets for 2025 to 2026.

In 2024, GDP expanded by 5.6%, falling short of the government’s 6-6.5% target.

“Strong and steady growth supports our view that the easing cycle will remain gradual over the coming months,” Capital Economics said.

It expects the Bangko Sentral ng Pilipinas (BSP) to deliver a total of 100 basis points (bps) worth of rate cuts this year.

BSP Governor Eli M. Remolona, Jr. has signaled the possibility of lowering rates by a total of 50 bps this year, citing that 75 bps or 100 bps may be a bit “too much.”

Meanwhile, Capital Economics said inflationary pressures have “eased significantly” and will likely continue to remain within target in the coming months.

It expects headline inflation to settle at 3.2% this year and ease further to 2.9% in 2026.   

“A combination of easing food price inflation and lower transport price inflation should keep inflation contained over the coming months,” Capital Economics added. — L.M.J.C. Jocson