Category: Business Mirror

MANY people start a budget with the best intentions. They download an app, create a spreadsheet or write down every peso they spend. For a few days, it feels empowering, but then the excitement fades. Tracking becomes exhausting, the numbers stop matching reality, and the budget quietly disappears.

Others avoid budgeting altogether. They say it makes them feel deprived, or that money ends up controlling them instead of the other way around. Some try one method, give up, and then blame themselves for lacking discipline.

If budgeting is so important, why does it work for some and fail for others?

More than just math

TRADITIONAL advice tells us to track expenses, follow formulas like the ’50/30/20′ rule, or use systems such as zero-based budgeting. These methods can work, but they often overlook one truth: budgeting is not only about math. It is also about personality, habits, and mindset.

Financial knowledge alone is not enough. Even the best system will fail if it clashes with how a person naturally thinks, feels, and behaves with money.

Personality differences in budgeting

SOME people thrive on structure. They enjoy spreadsheets, itemized categories, and the sense of control that comes from knowing exactly where every peso goes. For them, zero-based budgeting or detailed tracking works well.

Others find that level of detail overwhelming. They prefer simple systems such as percentage-based budgeting, the envelope method, or automatic transfers to savings. Too much complexity drains their motivation, so a lighter approach keeps them consistent.

Our personalities shape the way we handle money:

Detail-oriented vs. Big-picture thinkers. Some like to see every peso, others just want a broad overview.

Impulse-driven vs. Cautious personalities. Impulsive spenders may need stricter boundaries, while cautious savers might thrive with more flexibility.

Structured vs. Flexible types. Some follow rules easily, while others feel trapped and rebel against strict limits.

Behavioral tendencies also play a role. Present bias pushes us to prioritize immediate gratification over future security. Loss aversion makes us feel the ‘pain’ of cutting back more than the benefit of saving. These tendencies influence how likely we are to stick with a budget.

Other influences beyond personality

IT is not just personality that matters. Our past experiences and environment also shape how we manage money.

Upbringing and money scripts. If someone grew up in a home where every expense was tracked tightly, they might see budgeting as restrictive. Others who experienced financial instability may either become very cautious or spend freely as a way of rebelling.

Cultural expectations. In the Philippines, family obligations often take priority. A person may carefully plan a budget, only to divert funds to help relatives. Environment and stress. A demanding job, irregular income, or frequent emergencies can make detailed budgeting difficult to sustain.

These influences show why no single method works for everyone.

Why budgets fail

WHEN budgets fail, it is rarely because people are careless. More often, the system they tried did not match their personality or situation.

Feeling deprived. If the budget is too strict and leaves no room for enjoyment, it is hard to sustain.

Feeling overwhelmed. If the system requires too much time and effort, people eventually give up.

Lack of emotional connection. If budgeting feels like a punishment instead of a tool, motivation disappears.

Copying others. A friend’s method may work for them, but feel impossible for someone else.

The psychology of finding what works

THE truth is, there is no one-size-fits-all budget. The best budget is the one you can actually stick to.

If you hate tracking every peso, try a percentage method like 50/30/20 or set up automatic transfers to savings. If you love detail, spreadsheets and zero-based budgeting may give you confidence. If you tend to overspend on wants, cash envelopes or e-wallet limits can help you stay in control.

The system does not need to be perfect. What matters is that it matches your personality, values, and lifestyle.

Practical tips for creating your own budget style

START simple. Begin with one or two categories (such as savings and expenses) before adding more detail.

Allow flexibility. Give yourself room for small joys to prevent splurges later.

Automate good habits. Set up savings or bill payments so they happen without effort.

Reflect on past habits. Think about which systems motivated you and which ones drained you.

Treat budgeting as an experiment. Test, adjust, and refine. A failed method does not mean you failed. It just means you have not found the right fit yet.

Budgeting is often seen as a rigid exercise in discipline, but it is really about self-awareness. Understanding your personality, habits, and influences makes it easier to design a system that works for you. The goal is not control for control’s sake. It is freedom, peace of mind, and the ability to align your money with your values.

Budgets do not fail because people are weak. They fail because the wrong system was forced on the wrong person. When you find the budget that fits your personality, you stop fighting against yourself and start moving toward a financial life that feels sustainable and empowering.

PRESIDENT Marcos wants to fast-track the completion of the P27.7-billion Farm-to-Market Bridges Development Program (FMBDP) within his term, Malacañang said.

The project, which was approved by the Economy and Development Council in June, aims to build at least 300 bridges from 2026 to 2029.

‘Of course, before he ends his term; he wants it to be completed before the end of his term,’ Palace Press Officer Claire Castro said in Filipino on Tuesday.

When asked when the FMDBP would be rolled out, she said, ‘before the end of Christmas season.’

The said bridges will be located in 52 provinces with ‘strong agricultural potential but limited road connectivity, the Department of Agriculture said.

Marcos included the FMBDP in his presentation to farmers during the inauguration of the P500-million Union Water Impounding Dam in Cagayan on Tuesday.

He also discussed the implementation of the Rice Competitiveness Enhancement Fund (RCEF) mechanization program as well as the completion of the new dam as part of the efforts of his administration to boost the country’s agricultural productivity.

The President said the Union Water Impounding Dam, he said, was proof that the government can complete a flood control infrastructure, which also provides irrigation, within a short period.

‘This means we have proven that it is possible to create good flood control that is effective. As long as the construction is done properly, the design is done properly, and the implementation is done properly, we will not see any problems,’ Marcos said in Filipino in his speech during the opening of the dam.

The dam, which was completed in 14 months by the Department of Public Works and Highways (DPWH) and the National Irrigation Administration (NIA), features a sluice gate system to regulate river flow.

It is expected to irrigate up to 3,600 hectares, and benefit more than 1,000 farmers in seven barangay.

While in Cagayan, Marcos also inspected the almost complete Camalaniugan Bridge linking Aparri and Camalaniugan town-the longest cable-stayed bridge in Cagayan Valley.

Upon its completion, the travel time between two towns will be reduced from one hour to 20 minutes and benefit 6,000 travelers a day.

The construction of the bridge started in May 2020 and is expected to be completed by September 30, 2025 but construction was stopped during the Covid 19 shutdown.

‘We are looking at one of the most beautiful bridges that we have created in the Philippines. And I’m happy to note that it was done as well in time and it was done properly,’ Marcos said when he inspected the bridge.

‘The design was done locally. Kahit parang ginaya ‘iyong mga tulay sa ibang bansa, talagang ito lahat galing sa atin [It may look like the bridges in other countries but this is really ours],’ he added, emphasizing that Filipino engineers are capable of world-class design and execution.

The President also highlighted the bridge’s integrated flood control systems, saying it reflects what proper infrastructure should look like.

He commended local officials, led by Cagayan Gov. Edgar Aglipay, for vigilantly monitoring the project to ensure it did not fall into the trap of incomplete or ghost infrastructure.

An additional P260.2 million is still needed to complete the remaining works, with full completion expected by January 2026.

Marcos, however, expressed hope that the bridge could be opened to the public ‘by Christmas.’

Once operational, the bridge will serve as an alternate route to the old Magapit Suspension Bridge and cut travel time between Aparri and Ballesteros from one hour to just 20 minutes, benefiting over 6,000 commuters daily

Greenhills welcomes a new sanctuary for modern self-care with the relaunch of Sheena Clinic and the grand opening of Lindra Spa, now open at 2F O-Square 2 in Greenhills, San Juan. This milestone by the Sheena Group of Companies marks the first integrated destination that brings together science-based aesthetics and Nordic-inspired wellness in one luxurious space.

Guests experienced the unveiling of the Sheena Beauty Bar, a first-of-its-kind innovation where visitors can ‘Build Your Own Skin Ritual,’ alongside Lindra Spa’s signature Nordic treatments such as the Lindra Signature, Aurora Prestige, and the Varm and Kall contrast therapy. Designed as a haven of balance and renewal, Lindra Spa offers holistic relaxation paired with Scandinavian-inspired dining through its wellness lounge, Fika. According to Dr. Sheena Joyce A. Bautista, founder and CEO of the Sheena Group of Companies, ‘Lindra Spa expands the meaning of wellness by allowing guests to relax, renew and restore balance-complementing Sheena Clinic’s vision of beauty powered by science and care.’

The Philippines could reclaim its position as one of Asia’s top cocoa producers if farmers would receive adequate funding and proper training to prop up their output, according to the founder of a newly launched homegrown chocolate brand.

Raul Matias, owner and founder of Bayani Chocolate, said in an interview with BusinessMirror during the brand’s launch on Saturday at Opus Mall in Quezon City that while the Philippines was once a promising player in the global cocoa market due to its favorable geographic and climatic conditions, limited government support and inconsistent farming practices have long stifled the industry’s growth.

‘I hope they [government] give us attention, especially the farmers, to give them money where they can allocate money,’ Matias said. ‘I know we have so many problems, but I think we have a potential to be one of the significant suppliers of cocoa.’

He added that due to the current shortage of local cacao, the brand is now ‘forced to source ingredients from other countries, such as Indonesia and Malaysia, instead of sourcing primarily from the Philippines.’

Historical data from the Department of Agriculture (DA) showed that cacao was first planted in the Philippines in 1670, with production peaking at 35,000 metric tons (MT) by 1990. Output later declined due to weather disturbances, pest and disease infestations, aging trees, and competition from other crops such as banana and palm oil.

Between 2020 and 2022, the Philippines experienced a supply-demand gap in cocoa production, as local output of around 10,000 to 15,000 MT per year could not meet the estimated annual consumption of about 50,000 MT. The gap continues to persist as demand grows faster than production. Average yields remain low at around 0.5 to 1 kilogram per tree annually-well below the industry target of 2 kilograms per tree.

Recent data from the Philippine Statistics Authority (PSA) showed some improvement, with cacao production reaching 2,980 MT from January to March 2025, up 23.6 percent from 2,410 MT in the same period last year. The Davao Region remained the top producer, accounting for 64.2 percent of national output, or 1,910 MT.

Despite the increase, productivity challenges remain, particularly due to high seedling mortality rates and limited technical knowledge among growers.

‘The problem with the Philippine cocoa is the fermentation,’ Matias said.

He said some farmers shorten the fermentation process to three or four days instead of the standard period, which affects the flavor once the beans are roasted and ground.

‘Some say it takes seven to eight days, but many only ferment for three or four days. When that happens, the bitterness comes out when you roast and grind the beans.’

He added that the practice is often driven by economic necessity. ‘You can’t blame them-they just want to make a living,’ Matias said, noting that many locally made chocolate tablets in the market come from improperly fermented beans.

Meanwhile, Matias also urged fellow local entrepreneurs to produce better-quality products to strengthen Filipino brands in the market.

‘I hope to the Filipinos, to the businessmen, make your brands marketable, don’t make mediocre brands,’ Matias said. ‘If we give consumers better options, they’ll choose local brands.’

THE cut in interest rates by the central bank failed to cushion the fall in last week’s share prices, seen continued to be weighed down by alleged state officials’ corruption and a weak peso.

The benchmark Philippine Stock Exchange index fell 71.07 points to close at 6,037.79 points.

‘The local market remains bearishly biased as seen on its direction and value turnover. Trading remains tepid, implying weak investor confidence,’ Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.

The main index was marked by a sharp fall on Monday, followed by gains on Tuesday and Wednesday. However, the index dropped during the rest of the week despite monetary authorities’ decision to cut rates, which surprised many investors and analysts.

‘As of last week’s closing, the local market remains undervalued with a P/E (price to earnings) ratio of 10.1 times. This is below its five-year historical average of 17.3 times and the regional average of 18.6 times. As of the moment, the PSEi still has the lowest PE ratio among peers,’ Tantiangco said.

All other sub-indices ended mixed. The broader All Shares index declined 27.41 points to close at 3,658.44 points, the Financials index fell 61.44 to 2,021.75, the Industrial index gained 20.13 to 9,036.52, the Holding Firms index retreated 117.84 to 4,850.95, the Property index was down 22.18 to 2,272.41, the Services index rose 14.05 to 2,284.31 and the Mining and Oil index soared 1,053.14 to close at 14,312.36.

For the week, gainers edged losers 121 to 112 and 28 shares were unchanged.

The top gainers were PXP Energy Corp., Anglo Philippine Holdings Corp., Atlas Consolidated Mining and Development Corp., Coal Asia Holdings Inc., Liberty Flour Mills Inc., Citystate Savings Bank Inc. and Philex Mining Corp.

The top losers, meanwhile, were Roxas and Co. Inc., F and J Prince Holdings Corp. A, Transpacific Broadband Group Int’l. Inc., Pacifica Holdings Inc., Global Ferronickel Holdings Inc., Lodestar Investment Holdings Corp. and VistaREIT Inc.

This week

SHARE prices are expected to move downward; but some investors may opt to hunt for bargains.

‘Bearish sentiment is expected to linger fueled by concerns over the Philippines’ corruption issues and its impact on our economic growth outlook. Investors are also expected to monitor the movement of the local currency against the US dollar,’ Tantiangco said.

A further depreciation for the peso is expected to drag the local bourse.

In addition, revived global economic worries as the US imposes new tariffs against China are expected to aggravate market pessimism, he said.

Broker 2TradeAsia said there is a shift in regional risk premium.

‘And while the domestic story should still hold overall, near-term alpha at home might remain limited to thematic such as gold mining, income/cash flow like real estate investment trusts and tertiary plays,’ it said.

‘Plays in the near-term are likely bound to selectives to capture defensive yields amid flow rotations, especially while clarity on the Fed’s next move is still translucent,’ it said.

A major resistance for the main index is seen at 6,150 points followed by the 50-day exponential moving average. Currently, the market is testing its 10-day exponential moving average. Major support is seen at 6,000 points, Tantiangco said.

Stock picks

BROKER Regina Capital Development Corp. gave a buy when support holds on the stock of lender BDO Unibank Inc. (PSE: BDO).

‘BDO dropped by 2.57 percent, extending its recent downtrend as it failed to hold above the 50-day MA at 139.56. Price remains below the 100-day and 200-day MAs, reflecting continued bearish market sentiment,’ it said.

‘Unless support around 135.00 holds, further downside movement could develop in the short term,’ the broker said.

BDO shares closed last week at P134.80 apiece.

Meanwhile, the broker advised to buy at pullbacks on the stock of Areit Inc. after its share price surged by 7.49 percent, marking a strong breakout from its recent consolidation phase.

‘The price now trades well above the 50-day, 100-day, and 200-day MAs at 43.59, 42.09 and 40.71, respectively, reinforcing a bullish bias with momentum regaining strength,’ the broker said.

With price breaking key resistance, continuation toward the P46 zone is likely if support at P43.50 holds, it said.

Areit shares closed last Friday at P42.75 apiece.

Global cocoa prices would fall from previous record-highs on the back of a projected rebound in production, an international research firm said.

BMI, a unit of Fitch Solutions, recently revised downward its cocoa price forecast for 2025 to $8,200 per metric ton (MT) from $8,500 per MT due to easing bullish sentiment in the market.

‘Part of this has been driven by technical adjustments from an overbullish market, but the main drivers have been improving expectations regarding supply as well as signs that demand destruction in the face of elevated prices is happening.’

Such a pivot in market sentiment was due to projections that cocoa output in West Africa, a cocoa powerhouse, would replenish global inventories, the research firm said.

‘We forecast that production of cocoa globally in 2024/25 will increase by 8 percent year-on-year, driven mainly by an improvement in harvests in West Africa.’

BMI noted that better weather conditions and improvement in farmgate prices in cocoa-producing countries in the region would help buoy output.

‘In West Africa, we believe that improved weather conditions will be favorable for cocoa production, and we also flag the recent increase in farmgate prices in both Ghana and Côte d’Ivoire as an upside risk for production.’

It added that investments poured into cocoa production outside West Africa due to the spike in prices would also bolster yield.

‘Outside of West Africa, we believe that higher prices over the past few years have driven increased investment in cocoa production in Latin America and Asia,’ BMI said.

‘While cocoa trees require five years between planting and production, and we will therefore see the effects of new trees becoming productive over the medium term, growing investment will boost yields from existing cocoa trees through improved input use and agronomic practices.’

Despite this, BMI noted global consumption would drop by 4.3 percent year-on-year in 2024/25, which would result in a return to a market surplus following three consecutive deficits.

‘The most recent data from cocoa grindings is evidence of the fact that, although this has taken longer than the market had expected, demand destruction in the face of elevated prices is occurring.’

The research firm noted that data from grindings in the second quarter pointed to a 9.4 percent year-on-year decline on a global level.

The largest decrease was recorded in Asia at 16.3 percent due to chocolate being less of a staple in the region compared to Europe and the United States, it added.

‘Elevated prices are driving companies to use alternative ingredients to cocoa beans and cocoa butter or decrease the amount of cocoa in their products.’

BMI also flagged the EU Commission’s intention to delay the implementation of the EU Deforestation Regulation (EUDR) to January 2026.

‘On one hand, this delay is a downside risk for prices as it reduces the possibilities of some cocoa being unable to enter the market due to non-compliance,’ the firm said.

‘On the other hand, we note that chocolate manufacturers such as Barry Callebaut, as well as environmental groups, have voiced concern about this because many have already invested significant resources to comply with the regulation, and this would increase uncertainty in the market.’

MOST Filipinos believe current wages are no longer enough to meet the rising cost of living, with eight in 10 supporting a P200 daily pay hike, according to a new survey conducted by research firm WR Numero.

Findings from its August 2025 Philippine Public Opinion Monitor showed that 83 percent of adult Filipinos favor the proposed across-the-board P200 wage increase bill pending in the 20th Congress.

Only 9 percent oppose the measure, while 8 percent are undecided.

Support was strongest in South Luzon and Metro Manila at 87 percent each, followed by the Visayas at 86 percent, Mindanao at 79 percent, and North-Central Luzon at 77 percent.

Approval was also broad across income groups, with 84 percent each from Classes ABC and D, and 83 percent from Class E expressing support.

Larger households were more likely to back the increase, with 87 percent of those with six or more members agreeing to the proposed hike.

The same survey found that most Filipinos believe the P50 wage increase in Metro Manila last July is not enough to keep up with the rising cost of living.

The Department of Labor and Employment (DOLE) earlier announced the P50 increase for all minimum wage earners in the private sector in the National Capital Region-the biggest single wage adjustment granted by its regional board to date.

According to WR Numero, seven in 10 respondents (73 percent) said the P50 increase is insufficient, while 21 percent believe it was acceptable if implemented nationwide, and 6 percent found it adequate for now.

Disagreement was highest in Metro Manila (88 percent), followed by the Visayas (72 percent), South Luzon (71 percent), North-Central Luzon (70 percent), and Mindanao (70 percent).

In a text message to BusinessMirror, WR Numero said the strong public backing for the P200 wage hike reflects Filipinos’ continued focus on ‘gut issues’-or everyday economic concerns such as food prices, basic needs, and living costs.

‘Even when presented many issues, these ‘gut issues’ affecting daily life really matter to ordinary Filipinos, and it explains why support for raising wages is so strong. This is evident even across all income classes and regions,’ the research firm said.

WR Numero added that this sentiment also explains why raising workers’ wages (39 percent) ranked among Filipinos’ top policy priorities-next only to lowering food and essential prices (42 percent), and ahead of addressing illegal drugs and crime (29 percent).

The survey likewise showed that Filipinos continue to view poverty reduction (29 percent), job creation and livelihood opportunities (28 percent), and corruption (23 percent) as other major issues that require government attention.

The survey was conducted from July 29 to August 6, 2025, among 1,418 adult respondents nationwide, with a margin of error of ±2.6 percent at a 95 percent confidence level.

Several bills seeking a legislated nationwide wage hike are now pending in the 20th Congress, including proposals filed by Senators Bam Aquino and Risa Hontiveros.

In the previous Congress, both chambers pushed separate measures to raise the minimum wage but failed to pass a unified version.

The House of Representatives approved a P200 across-the-board increase in June 2025, while the Senate earlier passed a P100 hike in February 2024.

However, the two chambers failed to convene a bicameral conference committee to reconcile the measures before the 19th Congress adjourned sine die.

THE Supreme Court (SC) has denied the plea of the Duterte Youth Party-List for the issuance of a temporary restraining order (TRO) to enjoin the Commission on Elections (Comelec) from cancelling the group’s accreditation.

In a two page resolution dated September 30, the Court en banc also would not issue a status quo ante order that could have restored its previous status prior to the cancellation of its registration.

The Court also denied its motion for a special raffle, which was supposed to address the urgency of its petition.

However, the SC ordered the respondents Comelec, Reeya Beatrice Magtalas, Abigail Aleli Tan, Raainah Punzalan, and Aunell Ross Angcos to comment on the Duterte Youth’s main petition within 10 days from notice.

The four private respondents were the ones who petitioned the Comelec to stop the Duterte Youth’s proclamation last May and questioned their registration as a party-list group.

The Court’s order stemmed from the party-list group’s petition filed last September seeking to nullify the June 18 resolution issued by the poll body’s Second Division which cancelled its registration and the August 29 resolution of the Comelec en banc which affirmed the division’s resolution.

The Duterte Youth landed second in the party-list race with a total of 2,338,564 in the national and local elections held last May, entitling them to three seats in the House.

In its petition, the group accused the Comelec of committing ‘grave abuse of discretion amounting to lack or excess of jurisdiction’ in upholding the cancellation of their registration.

The party-list group argued that the assailed resolutions barring them from taking a seat in the 20th Congress were ‘contrary to law and jurisprudence’ and effectively disenfranchised more than 2.3 million Filipinos who voted for them in the last elections.

The petition also invoked the doctrine of laches, contending that the challenges raised against the group’s registration were filed too late and should have been barred.

The Comelec has proclaimed Abono, Ang Probinsyano, and Murang Kuryente party-lists to replace the Duterte Youth’s three seats in the House of Representatives.

ENGLAND’S Javier and Joaquin Bello are expected to hit town on Tuesday to again show their elite form in the Volleyball World Beach Pro Tour (BPT) Challenge that kicks off on Wednesday at the Nuvali Sands Court by the Ayala Land in the City of Santa Rosa in Laguna.

The Bello brothers-ranked 19th in the world among the 65 men’s teams in the 25-nation tournament hosted by the Philippine National Volleyball Federation (PNVF)-are seeking both redemption and glory.

‘The Bello brothers are coming,’ PNVF President Ramon ‘Tats’ Suzara said on Monday. ‘Just like the rest of the participants, they are here to provide quality beach volleyball competitions.’

After winning the BPT Elite 16 in Rio de Janeiro last November, the duo would up only with the bronze medal in last December’s BPT Challenge also at Nuvali-they beat Timo Hammarberg and Philipp Wallar of Austria, 2-1.

They missed the gold medal match after they lost to the German pair of Paul Henning and Lui Wust, 0-2, in the semifinals.

The English pair are hoping to change their fortune this time in the five-day competition where 2023 Southeast Asian Games bronze medalists Ran Abdilla and James Buytrago, Ronniel Rosales and Rancel Varga and Edwin Tolentino and Larry John Francisco are competing for the hosts.

World No. 6 Jacob Holting Nilsson and Elmer Andersson of Sweden are also back to defend their men’s crown.

THE top executives of Maynilad Water Services Inc. said the company’s initial public offering will be pushing through in a few weeks’ time after they clinched a deal with cornerstone investors who would take in more than half of the offered shares.

‘It’s going pretty well so far. I think they (cornerstone investors) should get between $500 million and $600 million (worth of shares),’ Maynilad Chairman Manuel V. Pangilinan said at the sidelines of the Finex Annual Conference last Friday.

Pangilinan said those shares may be priced at P15 per share. ‘That’s what we’re aiming for,’ he added.

Maynilad Vice-Chairman Isidro A. Consunji said the IPO seems a go, as he said there doesn’t seem to be any problem with the company going public.

People familiar with the transaction said the cornerstone investors will be taking up more than 50 percent of the offered shares equivalent to about 30 percent of Maynilad’s outstanding shares post-IPO.

The West Zone concessionaire is offering a total of 2.29 billion shares for up to P20 apiece. The deal consists of a primary offer of 1.66 billion new common shares, a preferential offer to First Pacific Co. of 24.9 million new shares; an upsize option of 354.7 million secondary shares of shares owned by existing shareholders and an overallotment option of up to 249.05 million shares.

Fully subscribed at P20 apiece, gross proceeds could reach P45.8 billion or $785 million. A price of P15 per share, meanwhile, will yield some P34.35 billion or $588 million.

The IPO will be priced on October 20 and the offering period will run from October 23 to October 29, with listing at the Philippine Stock Exchange set to November 7.

If it pushes through, Maynilad’s offering would only be the second IPO in the country so far, as jittery market conditions pulled back plans by other companies to go public.

Cornerstone investors will be led by the International Finance Corp. and the Asian Development Bank, according to the company’s prospectus.

The water firm also signed cornerstone investment agreements with 10 more international and domestic institutions led by the UK’s Foreign, Commonwealth and Development Office, acting through its ‘Mobilising Capital through Listed Products’ (Mobilist).

The international cornerstone investors are led by Mobilist and includes: abrdn Malaysia Sdn Bhd; Maven Investment Partners Ltd-Hong Kong Branch; Maybank Asset Management Singapore Pte. Ltd.; Robeco Switserland Ltd.; and, QRT Master Fund SPC-Torus Fund SP.

The domestic cornerstone investors, meanwhile, include BPI Asset Management and Trust Corp.; Metropolitan Bank and Trust Co.; BDO Capital and Investment Corp.; and, Security Bank Corp.-Trade and Asset Management Group.

Maynilad said each of the cornerstone investors have entered into a cornerstone investment agreement with the firm and the international underwriters or lead domestic underwriter to purchase offer shares at the determined offer price.

The IFC is investing up to $100 million at a subscription price of up to P15 per share while the ADB is considering an investment of $145 million also at the same price.

Robeco is investing up to $20 million with no indicated maximum price while Mobilist and BDO Capital are subscribing at up to P15 per share with no committed amount. No committed amount and/or maximum price have been disclosed for the other cornerstone investors.