Category: Business Mirror

Philippine Seven Corp., the operator of 7-Eleven convenience stores in the country, said its operations have been affected by monsoon rains in the past two weeks as sales fell by as much as 20 percent.

Lawrence de Leon, the company’s head of finance and investor relations, said the company’s sales were still higher until July, when it celebrated its annual 7-11 day.

‘However, our sales is very sensitive to bad weather conditions. The past two weeks was really rainy. So, you can see same-store sales drop as much as 20 percent (due to bad weather),’ de Leon said during the PSE STAR investor day.

‘But the good thing is you can see our stores clustering quite evenly. So, if there’s school suspension or if there’s a work suspension, you can see some recovery in residential clusters Since it’s kind of diversified when it comes to location, but still that’s not enough for growth to become positive.’

The company’s operations were also affected by the Middle East crisis, but de Leon said it was able to anticipate supply chain disruption.

‘That’s why we did forward buying exercises. More than P1 billion. That’s three months worth of supply, so that we can protect against any disruption in suppliers’ fulfillment.’

That exercise created a strain in its free cash flow, which fell to negative territory in the first half. ‘But we think that this is temporary,’ he said.

De Leon said the company is still implanting its plan of expanding its footprint in the Visayas and Mindanao.

‘And this is just not about the store itself, so you need to have the supply lines to support expansion. Currently, we now have 28 distribution centers, not only in Luzon, but also in the Visayas.’

The company, he said, has been in the Visayas in 2012, and has slowly expanded its footprint further south of the country. It has also made considerable investments in its logistics capability.

De Leon said most of the company’s shareholders believe in the potential of the local stores compared to those in emerging markets.

‘Like in Thailand, for example. Imagine the GDP [gross domestic product] per capita of Thailand compared to the Philippines, so it’s about two and a half times. But when it comes to storefront, it’s more than four times compared to us. So, they can really see the potential over the long term from Philippines 7-Eleven.’

He said the company’s investors are looking at its capacity to open stores over the next 10 years.

‘They are not looking at a 5-year horizon; they are looking at a 10-year horizon.’

I AM following with great interest the desires of young people to get top jobs. Millennials and even Gen Zers are asking how and how fast can I get to the top.

I have discussed with many colleagues around the world who made it to the top their learning curves from low positions to the top. Of course, I have my own experience along that avenue.

Today, I would like to share the Dos and Don’ts that were raised by my discussion-partners with you, to help you on the way to the top job:

Act smarter, faster and broader

You have to stand out as someone who has potential. Simply put: think more, look at things from a broader perspective, share more ideas, and find smarter, faster, and more efficient ways of doing things.

Find the right supervisor

If your manager is weak, you will never advance in your career. B-class people never promote A-class people. And it is difficult to get noticed by the higher levels of management while going around your own boss.

If you want to become a CEO, behave as if you are one

Once you have already been identified as what we might call a ‘high-potential employee’, someone on the list of people being considered for future leadership, you should start behaving like a potential CEO and have the courage to distinguish yourself from your peers. But please, do so without arrogance, or acting like a know-it-all. The rule is: Don’t make yourself the best employee.

Say goodbye to your office friends

When the application period for the CEO is underway, it naturally attracts envious and jealous people. Be more introverted and draw energy from within yourself with focus on thinking, observing and reflectingure loneliness

Distance from former colleagues is part of the process. You have to be able to handle that. ‘It gets lonely at the top’ – this statement is often dismissed as a cliché. However, it describes a structural reality that has nothing to do with isolation or being disliked, but rather with a lack of equality. Every decision creates interest.

Decide faster and braver than your colleagues

The higher you climb, the more uncertainty, consequences, and time pressure surround decision making. The focus then shifts from identifying the best option to choosing between imperfect ones.

Go out and let the world inspire you

Most truly, new ideas don’t originate within the organization. They arise at the interfaces between industries, technologies, cultures, and markets. Anyone who doesn’t know the world outside won’t be an innovative manager.

Seize this opportunity

In every career, there are perhaps a dozen, probably fewer, opportunities where you can not only distinguish yourself but also position yourself with the right people: the board of directors, the supervisory board, headhunters. And at that moment, you have to say the right thing and strike a chord with the other person. Sometimes it’s a matter of milliseconds. That’s when your path is decided: do you continue climbing or are you eliminated from the race? It’s impossible to plan.

Take care of yourself

You don’t have to be pale, sick or overworked to demonstrate your full commitment. On the contrary, exhaustion makes you more defensive, risk-averse, and less clear in your communication. One misses the opportunity to qualify for the race for higher positions.

Don’t even try to deceive

Supervisory boards are becoming more cautious in their personnel decisions because mistakes are punished more severely these days. Some people I initially liked in the interviews have turned out to be autistic dictators. And anyone who talks too enthusiastically about their current job for half an hour, leaves only one conclusion: they are just there to test their own market value.

Be humble

It sounds banal, but I have experienced it all before. Even in the top league, you can’t afford to be late for an interview. One candidate recently declined a phone appointment, saying she was in the middle of a busy day. Of course, she is not considered anymore.

Be emphatic and not bold

The job of a CEO is to be emphatic towards their own organization. In other words: he/she must be able to sense what he/she is capable of, and what not. This intuition must be demonstrated even as a candidate.

Get help

Something no one tells you beforehand. A CEO can never openly discuss doubts, weaknesses, or mistakes in this role. An independent sparring partner is needed.

Some of you may miss advice how to deal with politics, with politicians, influential business dynasties, etc. Well, those decisions can only be made after the top position has been achieved.

‘What were you doing at 25?’

The evocative question guides Asia Art Archive (AAA)’s 25th anniversary program series, with its concluding chapter on view at the AAA library in Hong Kong, featuring established artists and an enduring art collective.

AAA is an independent, non-profit organization co-founded by arts leaders Claire Hsu and Johnson Chang in Hong Kong. Anchored on the idea that ‘art is knowledge,’ the group serves as ‘a catalyst for new ideas that enrich our understanding of the world through the collection, creation, and sharing of knowledge around recent art in Asia.’ It has built a valuable growing collection of materials on the recent history of art from Asia, freely available from its website (www.aaa.org.hk) and onsite library.

In celebration of AAA’s 25th anniversary, the organization launched a two-part program series, titled At 25: Artists’ Early Worlds. The exhibition centers on the introspective premise of what the region’s most respected artists were doing at that age when ‘life and career are usually just beginning,’ reads the exhibit note.

‘Whether that year was exceptionally meaningful or seemingly ordinary, we see it as a moment worth close observation, a unique point in both history and life,’ the note continues. ‘Using rare archival materials and original artworks as its warp and weft, this exhibition weaves together intimate personal narratives and wider cultural contexts, presenting an unusual perspective on some of Asia’s leading contemporary artists and their early worlds.’

The first part of AAA’s At 25: Artists’ Early Worlds ran from March to June this year. The show explored how foundational practices shaped the creative identities of four renowned Asian artists: Ho Tzu Nyen of Singapore, Tehching Hsieh of Taiwan, Araya Rasdjarmrearnsook of Thailand, and Zhang Xiaogang of China.

For its second run, ongoing until October, the show once again applies a curatorial approach deeply engaged with art history and archival research. At 25: Artists’ Early Worlds: Part II features Salima Hashmi of Pakistan, Holly Lee of Hong Kong, Bahc Yiso of South Korea, and Raqs Media Collective, which was formed in India in 1992.

Hashmi (b. 1942) is a Pakistani artist who has played a significant role in Pakistan’s art ecology since the 1960s, wearing multiple hats as a photographer, performer, educator, curator, and writer. Meanwhile, Lee (1953 – 2024) was a Hong Kong photographer with a background in literature and visual arts. Her works are held in the collections of M+ and the Hong Kong Heritage Museum, among other institutions.

Bahc (1957 – 2004) was an artist, curator, critic, and educator who carved out a distinctive position in the Korean contemporary art scene through his conceptual practice and role as a cultural translator. Lastly, Raqs Media Collective was formed in 1992 by Jeebesh Bagchi, Monica Narula, and Shuddhabrata Sengupta, with its members living and working in Delhi, India, and London, the UK. The collective has curated numerous exhibitions, including Hungry for Time (Paintings Gallery, Academy of Fine Arts Vienna, 2022) and Afterglow (Yokohama Triennale, 2020), among many others.

At 25: Artists’ Early Worlds: Part II presents the early life trajectories and art practices of the featured artists, bringing together ‘rare archival materials, organized and gathered from [them], their families, and various institutions, alongside early works and newly commissioned pieces, to recreate [their] intimate worlds at the age of 25.’

Part II also macros on how artistic practices, in general, often extend beyond artmaking into areas such as education, writing, and advocacy. According to the exhibit note, the show ‘shapes a multi-layered vision of art history that includes broader sociocultural contexts, as well as emotional personal recollections, stories of the departed told by loved ones, and new works born from the interplay between historical reflection and artistic inquiry.’

‘[The exhibit also] showcases Asia Art Archive’s distinctive collections, research methodologies, and the evolving network of artists and institutions it has built since 2000, spanning across Asia and beyond.’

At 25: Artists’ Early Worlds: Part II is on view at the CCG Library, Asia Art Archive, 11/F Hollywood Centre, 233 Hollywood Road, Sheung Wan in Hong Kong. A series of curator-led tours will begin tomorrow, August 19, and run until October 21. The events are free and open to the public with registration.

FILIPINO households are cutting back on purchases and increasingly turning to cheaper retail channels as financial pressure begins to weigh on consumption, with fast-moving consumer goods (FMCG) spending contracting in the second quarter of 2026.

FMCG spending fell by 0.8 percent year-on-year in the second quarter, reversing the 1.6-percent growth recorded on a moving annual basis, according to Worldpanel by Numerator.

The slowdown comes as consumers buy smaller baskets, seek cheaper products and become more dependent on promotions and discounts to stretch household budgets.

Laurice Obana, shopper insights director of Worldpanel by Numerator, said Filipino households are again facing financial constraints after signs of improvement last year as global and economic pressures intensify.

Worldpanel data showed 81 percent of households that were previously breaking even or already short on money responded to tighter budgets by cutting spending, far exceeding other coping strategies such as looking for extra work (at 29 percent) or borrowing from relatives and friends (24 percent).

That restraint is already changing how households divide their money, with average spending per buyer virtually flat between the first and second quarters at P130,091 and P129,822, respectively.

Households maintained or increased spending on necessities such as fresh food, meat and produce, transportation, education and utilities while reducing allocations for grocery items, recreation and travel, savings, fashion, beauty and wellness and digital services.

Nearly half, or 49 percent, of the average Filipino household budget in the second quarter went to essentials, while FMCG accounted for 10 percent and discretionary expenses took up 34 percent.

Food has remained particularly difficult to cut, accounting for more than 75 percent of take-home FMCG spending as households prioritize products consumed at home.

Pressure on household finances, however, is reshaping where those purchases are made, with discounters emerging as the fastest-growing retail channel during the period.

Spending through discounters surged by 40 percent in the second quarter from a year earlier, while sari-sari stores posted 2-percent growth and convenience stores edged up by 1 percent.

By contrast, supermarkets and hypermarkets recorded a 5-percent decline, market stalls fell by 4 percent, groceries dropped by 4 percent and drugstores registered the steepest contraction at 14 percent.

Worldpanel said proximity remains important in determining where Filipinos shop, but consumers are increasingly weighing product assortment and value as they become more selective about where they spend.

Household sentiment also deteriorated sharply following the onset of the Middle East conflict on February 28: those expecting their finances to worsen over the next 12 months increased by 26.7 percentage points from the January-to-March period, while pessimism over the country’s socioeconomic outlook rose by 33 points.

Grocery and fuel prices remained among households’ biggest concerns, alongside fuel shortages, broader economic conditions, geopolitical conflict, climate change and food shortages.

For retailers, the shift means growth will increasingly depend on giving cash-strapped shoppers a clear reason to return as consumers trade down, trim their baskets and become more deliberate about every peso they spend.

Conglomerate San Miguel Corp. (SMC) said Monday its net income plunged by 44 percent to P37.7 billion in the first half from the previous year’s P66.76 billion as foreign exchange effects and non-core items dented its financial result during the period.

Core net income for the period, which stripped off these one-offs and forex changes, reached P54.2 billion, up 48 percent from last year’s P36.69 billion, as the company said its underlying businesses remained resilient despite volatile global markets, higher costs and cautious consumer spending.

Last year’s result also benefited from a P21.9-billion gain from the chromite transaction which involved the de-consolidation of certain power assets, the company said.

Consolidated revenues rose 34 percent to P964.1 billion from the previous P718.2 billion, driven by higher volumes and prices in its fuel and oil business, stronger contributions from power and continued growth in food.

‘Our businesses performed well in the first half despite a more challenging operating environment. While cost and market pressures may continue, our underlying operations remain sound. We will stay disciplined on costs, continue improving efficiency, and invest in areas that support our long- term growth and the country’s broader economic development,’ San Miguel Chairman and CEO Ramon S. Ang said.

SMC Infrastructure posted first-half revenues of P20.5 billion, up 3 percent from the previous year’s P19.85 billion as average daily traffic dipped 1 percent to 1.07 million vehicles. Elevated fuel prices weighed on road travel demand. Operating income was flat at P11.1 billion.

San Miguel Global Power posted first-half revenues of P101.9 billion, up 27 percent from the previous year’s P80.14 billion, while operating income rose 90 percent to P42 billion from the previous year’s P22.12 billion.

The company’s cement business, which includes Eagle Cement Corp., Northern Cement Corp. and Southern Concrete Industries Inc., posted first-half revenues of P18.2 billion, up 2 percent from the previous P17.82 billion.

Higher sales volumes and market share gains offset lower average selling prices amid intense competition and continued pressure from cement imports, the company said.

Operating income declined 9 percent to P3.2 billion from the previous P3.49 billion.

San Miguel Food and Beverage Inc. (SMFB) posted revenues of P205.3 billion in the first half, up 2 percent, as growth in its Food business helped offset softer consumer spending and disruptions in some export markets. EBITDA slipped 1 percent to P38.8 billion, while operating income and net income both declined 4 percent to P28.8 billion and P22.1 billion, respectively.

Food revenue rose 5 percent to P99.3 billion, driven by growth in feeds and sustained demand for branded products, including Magnolia dairy and coffee products, Purefoods Luncheon Meats and Pinoy Favorites, as well as its more affordable product lines. Operating income went up by 2 percent to P8.8 billion, while net income rose 8 percent to P6.4 billion.

‘Counsels, approach the bench.’ A sitting judge usually calls lawyers to approach the bench when their conduct in the courtroom needs correction, a reminder, a warning, and occasionally a stern rebuke. In Philippine courts, trial judges have not hesitated to censure lawyers when their behavior threatens to derail proceedings with unnecessary arguments, theatrics, or personal attacks. The ultimate objective of litigation including this impeachment trial of VP Sara Duterte is the proper administration of justice.

I am sure norms of conduct are taught to every law student in legal ethics. Under the Code of Professional Responsibility and Accountability (CPRA), which took effect in April 2023, every lawyer, ‘as an officer of the court, assists in the administration of justice and as a client’s representative, acts responsibly upon a fiduciary trust.’ An ethical lawyer is expected to embody integrity and act ‘with independence, propriety, fidelity, competence and diligence, equality and accountability.’

Against this backdrop, what I find dumbfounding in the ongoing impeachment trial is the apparent disregard by some lawyers on both sides for the very standards they are professionally bound to observe. Lawyers from the prosecution and defense and even senator-judges have made statements, both in court and outside it, that arguably fail to uphold the dignity of the profession and have also resorted to language that appears abusive, offensive, or otherwise improper, the conduct specifically addressed by Canon II of the CPRA. Whether as part of litigation strategy or simply grandstanding, I have seen instances where opposing counsel and even witnesses appear to be unnecessarily harassed, belittled, or insulted. But perhaps the most troubling practice is the extensive use of media platforms by lawyers from both sides to comment on matters pending before the impeachment court.

Press conferences, interviews, and social media posts may be useful in explaining what is happening in the impeachment court. But there is a thin line between informing the public and trying the case in the court of public opinion. Section 19, Canon II of the CPRA addresses this concern. Lawyers should not publicize or comment on matters pending before a court in a manner that may cause prejudgment, sway public perception, tarnish the integrity of the tribunal, impute improper motives to its members, or create a widespread perception of guilt or innocence before a final decision.

For me, there is simply too much talking. And all lawyers ought to know the meaning and spirit of the sub judice rule.

One of the House prosecutors, Congressman-lawyer Ridon, has argued that the public has a right to understand what is happening in the impeachment trial. His point is that the proceedings involve technical legal concepts and that lawyers on both sides have a responsibility to explain the evidence and rules to the public. I understand the argument. But I disagree that lawyers necessarily have to become public commentators on every development in the case.

The public certainly has a right to know what happens in a public trial. Lawyers can explain procedure and clarify legal terminology. What they should not do is use the media to litigate what they could not accomplish in court. And that is exactly what is happening and will continue to happen in this impeachment trial. Every statement by any lawyer is immediately dissected, amplified, weaponized, and converted into political ammunition. What begins as an explanation can quickly become advocacy, and advocacy becomes propaganda in this case that has polarized the country to an extraordinary degree. Unless lawyers, even those designated as spokespersons or so-called analysts, are willing to discipline themselves as in limit their public comments to legitimate explanations of procedure and avoid influencing public sentiment, I would rather see the presiding judge issue a reminder, or even a directive, concerning the sub judice rule.

‘Counsels, approach the bench.’ Someone needs to remind all lawyers, myself included, that we are not merely political advocates but we are officers of the court. The standards imposed in the CPRA go with us wherever we go. Section 2 of Canon II reminds lawyers not to ‘behave in a scandalous manner, whether in public or private life, to the discredit of the legal profession.’ Section 3 likewise prohibits conduct that creates or promotes an unsafe or hostile environment, including online.

In an age when outrage attracts attention and rude language generates clicks, there appears to be a temptation among some lawyers to play to the audience. Crassness is mistaken for courage. Insults are mistaken for advocacy. Grandstanding is mistaken for legal brilliance. For me, it is none of these. A lawyer can be forceful without being offensive, passionate without being abusive, and vigorous in defending a client without sacrificing professional dignity. I do not expect the Supreme Court to initiate disciplinary proceedings against every lawyer who may have crossed the line during this impeachment trial. But I do hope the lawyers themselves will exercise some measure of self-policing.

The Integrated Bar of the Philippines (IBP) should remind its members that professional accountability is not merely a provision in a code. It is a responsibility owed to the profession, the courts, the clients, and ultimately to the administration of justice. Self-policing is indispensable to every profession. A handful of bad eggs can give the entire profession a bad name. If lawyers themselves refuse to call out misconduct within their ranks, who will?

‘Counsels, approach the bench.’

There is, interestingly, a parallel in the Christian life. Believers are called ambassadors of Christ: ‘We are therefore Christ’s ambassadors, as though God were making his appeal through us.’ (2 Corinthians 5:20) An ambassador represents someone greater than himself. Whatever he says or does reflects upon the one he represents. The same is true of a Christian. But Christians, like lawyers, are far from being perfect. Peter was one of Jesus’ closest disciples. Yet when Jesus was arrested, Peter fled and later denied three times that he even knew Jesus. Peter failed miserably. But his failure did not become the end of his story. He recognized his sin, repented, was restored by Christ, and eventually became one of the most courageous witnesses or advocates of the Gospel. Christianity does not teach that believers will never fail. It teaches that believers must recognize their failures, repent, and return to Christ.

The greater danger for believers and lawyers alike is not falling but becoming comfortable with the fall and after it. A lawyer cannot invoke professional ethics only when convenient. He cannot demand strict compliance from colleagues while excusing his own violations. Likewise, a Christian cannot selectively obey Scripture, as in embracing commands that are convenient while ignoring those that are uncomfortable.

This is the danger of being lukewarm. Christ’s warning in Revelation is severe: ‘Because you are lukewarm – neither hot nor cold – I am about to spit you out of my mouth.’ (Revelation 3:16) A lawyer who repeatedly disregards professional responsibility may face suspension or disbarment. A Christian who repeatedly and consciously treats Christ’s commands as optional faces a far more profound question, not merely whether he has violated a rule, but whether his professed faith is genuine.

There is a difference between a believer who falls and one who refuses to get up. Peter fell. Peter repented. Peter was restored.

The lesson for lawyers is equally simple. We may argue vigorously and defend our clients passionately. But we cannot abandon the rules that make us professionals in the first place. The impeachment trial will eventually end. The lawyers will leave the courtroom, the senators will cast their votes, and the cameras will move on. But the dignity of the legal profession will remain.

So, for all lawyers, may they be reminded of the CPRA, in whatever way, shape, or form. And to those of us who profess to follow Christ, may we be reminded of the tenets in the Bible. Lawyer behavior may face sanctions from an earthly judge (Supreme Court or the IBP), but the conduct of believers will be measured by the One before whom every one of us will ultimately stand. Let us all hear from within ourselves-‘Counsels, approach the bench,’ before it gets too late!

Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations. His professional degrees came from the United States Military Academy at West Point in New York, Ateneo Law School, and University of Southern California, Los Angeles, USA. His corporate experiences include stints as general counsel for the country’s flag carrier, a food exporter with manufacturing plants in Davao and in Laguna, and a sports distributor company. Siegfred is a former soldier and a lawyer by profession, a teacher and inspirational speaker by passion, and a book author and a writer with a mission.

On Sunday, Aug. 16, daughter-in-law Kit Lacaba announced on social media the passing of award-winning writer Marra PL Lanot. She was 82.

It was mentioned that she had a ‘prolonged hospital stay,’ though no cause of her death was disclosed.

Lanot is survived by her husband, multi-awarded journalist, poet, and editor Jose ‘Pete’ Lacaba; son Kris and daughter-in-law Kit; three grandchildren; and two siblings.

She is the daughter of writer, editor, and astrologer Serafin Lanot, and Gloria, a homemaker and food entrepreneur known for her exceptional culinary skills..

Lanot was a distinguished poet, essayist, freelance journalist, cultural activist, and founding member of the Women Writers in Media Now (Women), a collective of women journalists and literary writers who wrote about the nation’s struggle for freedom, social justice, and human rights during the Martial Law regime.

She is also a member of the Concerned Artists of the Philippines.

From 1986 to 1989, she served as Associate Artistic Director for Visual, Literary, and Media Arts, and Director of the Coordinating Center for Literature. She was also a Board Member of the Movie and Television Rating and Classification Board (MTRCB).

Lanot worked with her husband Pete for Philippines Graphic when it was launched in 1990, with National Artist for Literature Nick Joaquin as editor-in-chief.

In 2022, she remained steadfast in her support for writers and Philippine literature by returning to the Philippines Graphic-the country’s longest-running news and literary magazine that organizes the annual Nick Joaquin Literary Awards (NJLA)- as literary editor and editor-in-chief of the Philippines Graphic Reader, the first and only nationally-circulated monthly magazine supplement dedicated to Philippine literature in English.

The Philippines Graphic and the BusinessMirror are sister publications under the ALC Media Group.

A trilingual writer, Lanot has translated poems from English and Filipino into Spanish. Her own poetry has been translated and published in Spanish, Chinese, Korean, Dutch, and Japanese.

She has been an official delegate to several literary festivals in the Philippines and abroad. She was the only Asian delegate at the V Encuentro de Poetas del Mundo Latino in Mexico and was the sole Philippine delegate to the 23rd Festival Internacional de Poesía de Medellín in Colombia.

In 1967, Lanot won her first Palanca, landing second place in the poetry category for her collection of poems titled, ‘Sheaves of Things Burning.’ In 1980, she won first prize at the Palanca Awards for English essay. In 1989, she won the Catholic Mass Media Award for her weekly National Midweek column titled ‘Siyanga Pala.’

In 1986, Lanot became a fellow at the prestigious International Writing Program at the University of Iowa.

She has authored 16 books, including ‘Cadena de Amor: New and Selected Poems in English, Filipino, and Spanish’ (2017), ‘Darna and Other Idols’ (2012), ‘Riding the Full Moon and Other Poems in Filipino and Spanish’ (2008), ‘The Trouble with Nick and Other Profiles’ (1999), ‘Dream Sketches’ (1991), ‘Flowers of the Sun’ (1970), and ‘Sheaves of Things Burning’ (1967).

The global economy is going through a massive structural reorganization driven by artificial intelligence, and the Philippines stands at a decisive crossroads. The choice is wholly our own. We can either remain a passive consumer on the sidelines or step directly into the high-value manufacturing core with the opportunities in front of us.

Since the ’70s, the Philippine economic growth story has been built on a familiar blueprint: consumption, remittances, and the service sector. We excelled at consuming high-tech products and delivering tech-enabled services, but when it came to the critical physical hardware of the global economy, our role remained largely peripheral. We exported raw minerals like unrefined nickel and copper, only to buy them back as marked-up microchips and high-end hardware.

Our non-binding sign-on to the Pax Silica Declaration in April 2026, joining a 30-partner network including the US, Japan, South Korea, and Singapore, is our most viable launchpad towards hopefully becoming a real player in the global technology value chain.

Unlocking the multiplier effect

The real economic prize of Pax Silica lies in the physical development mapped out for New Clark City. The designation of a dedicated 1,620-hectare Industrial and Innovation Ecosystem within the Luzon Economic Corridor sets a concrete target for high-value manufacturing.

The vision of Pax Silica in New Clark City is to build an integrated innovation district where research institutions, advanced manufacturers, technology firms, logistics providers, universities, housing, commercial centers, and green public spaces operate as a single ecosystem.

The economic potential is significant. The Philippine government, through the Bases Conversion and Development Authority (BCDA), estimates an initial investment target of US$10 billion, which could scale to US$40 billion to US$70 billion once the development is fully built out. The agency estimates that the project could generate 130,000 to 190,000 direct jobs, alongside another 500,000 to 800,000 indirect and induced jobs across the wider economy. BCDA also estimates up to US$200 billion in export potential and P68 billion to P75 billion in annual withholding-tax potential at full development.

But from where I am standing, the bigger opportunity is what these numbers could mean for Filipino talent. Because the project carries much potential for brain gain, that is, creating opportunities for engineers, researchers, computer science graduates and other highly skilled Filipinos to build careers at home rather than having to leave the country for the industries they helped power abroad.

Beyond the direct site in New Clark City in Capas, Tarlac, the capital expenditure needed for this industrial push will create an immediate ripple effect across our domestic financial system. Foreign direct investment at this scale requires a vast ecosystem of local joint ventures, corporate financing, structural loans, and commercial credit lines. Construction firms, local component suppliers, and service providers will see sustained balance-sheet growth, while domestic banks stand ready to fund the extensive supply chains feeding into this hub.

Where does the Luzon Economic Corridor come in? High-tech manufacturers do not exist in isolation. When top-tier semiconductor packaging, AI component, and EV hardware firms establish a base, their global suppliers, and even their direct market competitors, naturally cluster around them.

This ecosystem effect will turn Central and Northern Luzon into an economic powerhouse. The movement of raw materials and finished tech components along the logistics line will spur commercial real estate and service hubs from Clark down to Subic and Manila. It turns logistics routes into high-value economic corridors.

However, international capital moves where friction is lowest. Investors look at real capabilities and not just pledges. To capture this momentum, our domestic policy agenda must match the ambition of Pax Silica. Pax Silica-related investments would also consider certainty and continuity of investment-related policies in view of the next Philippine presidential elections in May 2028. And that’s precisely Manila’s role in delivering on prerequisites for growth.

Capitalizing on Pax Silica requires us to execute structural reforms with discipline. We must rapidly align our education sector with market demands. Expanding technical-vocational tracks and specialized university STEM curricula directly tied to semiconductor packaging, material science, and AI hardware architecture is non-negotiable. High-tech manufacturing demands uninterrupted power and reliable utilities.

The BCDA has said that it is also planning dedicated infrastructure to support the hub’s resource requirements, including a proposed 500-MW solar facility and a surface-water harvesting system designed to provide up to 120 million liters of water per day. BCDA has said these measures are intended to support the project’s industrial requirements without relying on community water supplies or placing additional pressure on the existing power system.

Lastly, investor sentiment relies heavily on stability and institutional governance. As far as the ease of doing business, we must continue reducing administrative red tape under the Anti-Red Tape Authority, modernizing foreign ownership frameworks, and ensuring a predictable, transparent regulatory environment.

Moving beyond the raw mineral trap

History shows that transformative industries rarely grow in isolation. Silicon Valley, Hsinchu Science Park in Taiwan, and One-North in Singapore became engines of national growth because they concentrated talent, capital, research, and enterprise in one place. Pax Silica in New Clark City aims to create the conditions for a similar ecosystem to emerge in the Philippines.

For too long, the Philippines has occupied its humble spot in the lower rungs of the resource ladder, mining raw nickel and copper, shipping them out, and ultimately losing out on the most profitable stages of production. But Pax Silica gives us the bridge to process those raw minerals locally into high-value components for AI systems, energy storage, and semiconductor assemblies.

By integrating public land assets held by the Bases Conversion and Development Authority under secure long-term leases rather than land sales, the state maintains sovereign ownership while providing world-class infrastructure to international locators.

Beyond just an industrial expansion, the integration of Pax Silica into the Luzon Economic Corridor is an overdue structural upgrade for our national economy. By securing our position within global tech supply chains, we build a more resilient, high-income industrial base for the future. The opportunity is on our table; our task now is to build for it.

Michael Ricafort is the Chief Economist of Rizal Commercial Banking Corporation

THE Department of Tourism (DOT) recognized the Philippines’s local tribal cultures and their contributions to the world, as it joined the global celebration of the International Day of the World’s Indigenous Peoples on August 9.

In a news statement, Acting Tourism Secretary Ma. Bernadita Angara-Mathay said these local indigenous communities’ vibrant identities ‘are woven into the tapestry of the country’s tourism.’

She enjoined the public to ‘celebrate their invaluable contributions and continue building a tourism industry where every culture is respected, every story is valued, and where there is always more to discover and love in the Philippines.’

Angara-Mathay also paid homage to Filipino indigenous communities, whose textile designs and weaves were introduced by popular Japanese clothing store Uniqlo through its Re.Uniqlo Artisan Patch project. The initiative, under the guidance of Uniqlo Philippines’s Art Director Wilson Limon, transforms scraps of fabrics into clothing patches woven with traditional Filipino designs.

According to the DOT, the project was developed after Angara-Mathay encouraged the Japanese company to showcase Filipino craftmanship by collaborating with local indigenous weavers and textile communities.

Recycling fabric scraps

‘About a year ago, while serving as the Philippines’s Commercial Counselor in Japan, I approached four of Japan’s leading retailers with a proposal…. I invited them to work with us on co-creation projects inspired by Philippine icons, our natural resources, our creatives, and our shared commitment to innovation,’ she said during the recent celebrations of the 70th anniversary of the Philippines and Japan’s diplomatic ties, and Uniqlo’s 14th year in the Philippines.

The DOT said these textile patches were hand-embroidered by indigenous communities from Abra, Iloilo, and South Cotabato on Uniqlo fabric scraps, ensuring that each piece is unique, distinct, and meaningful to each culture.

The limited-edition patches are available at select Uniqlo stores in the country for P300 each, inclusive of service fee. The patches may be sewn instore only on Uniqlo clothes, even if these are not newly purchased pieces. The patches are available until the end of August.

On its website, Uniqlo said that all proceeds from this initiative, implemented in partnership with the ABS-CBN Foundation, ‘will help sustain the Schools of Living Traditions of the Itneg [Abra], Panay Bukidnon [Iloilo], and T’Boli [South Cotobato], supporting the preservation of Filipino traditional arts, crafts, and cultural heritage.’

The DOT chief expressed her appreciation to Uniqlo for supporting initiatives that promote Filipino traditions, creativity, and education while strengthening the longstanding friendship between the Philippines and Japan.

Preserving heritage, culture

‘I would like to congratulate Uniqlo for showing that retail can help preserve culture and heritage. Around the world, you have demonstrated that innovation and heritage can thrive together,’ said Angara-Mathay.

Uniqlo also partnered with Salcedo Auctions on creating three art installations celebrating the long friendship between the Philippines and Japan, again another initiative by the DOT chief’s time in Japan. Angara-Mathay had introduced Richie and Karen Lerma, owners of Salcedo Auctions, to the clothing company.

The installations feature the distinct landscapes and iconic landmarks of Luzon, Visayas, and Mindanao with traditional Japanese symbols.The installations also highlight sustainability and local craftsmanship.

The DOT added that each installation is constructed from Japanese poplar wood sourced from responsibly managed forests, and thus certified by the Forest Stewardship Council. The artwork also incorporate handcrafted origami elements created by artisans from Nueva Ecija, blending Japanese artistry with Filipino craftsmanship.

Uniqlo Philippines is co-owned by Japan’s Fast Retailing Co. Ltd. and SM Retail Inc. under a joint venture called Fast Retailing Philippines Inc. It opened its first store in Manila in 2012 and currently operates 81 stores in the country.

The government has reallowed the importation of canned pork products, but exporters must comply with a number of conditions prior to shipment of the food items to the Philippines.

Agriculture Secretary Francisco Tiu Laurel Jr. signed Department Circular (DC) 42, which lifted the temporary ban slapped on the importation of industrially manufactured, hermetically sealed, and heat-treated canned pork products.

The Department of Agriculture (DA) said its decision followed an import risk analysis (IRA) conducted last January, which showed that biosecurity risks are reduced to a negligible level when trade is strictly limited to industrially manufactured, hermetically sealed pork products.

However, the products employ heat levels that ‘aggressively exceed’ the World Organisation for Animal Health (WOAH) baseline requirement of 70 degrees Celsius for 30 minutes.

This stemmed from an article in WOAH’s Terrestrial Animal Health Code (TAHC), which outlines a procedure for the inactivation of African swine fever (ASF) virus in meat.

‘Heat treatment for at least 30 minutes at a minimum temperature of 70° C, which should be reached throughout the meat; or any equivalent heat treatment which has been demonstrated to inactivate ASFV in meat.’

Furthermore, the agency said WOAH’s principle of Safe Commodities states that specific industrial treatments, specifically hermetic sealing and thermal sterilization, effectively neutralize ASF virus.

Under DC 42, the entry of canned pork products into the Philippines is allowed, provided that the pork products have undergone heat treatment in a hermetically sealed container with an F0 value of 3.0 equivalent or greater; are industrially manufactured; and hold valid registration in the Philippines.

‘All import transactions for the aforementioned commodities must strictly

comply with the existing rules and regulations of the Department of Agriculture.’

The government issues temporary import restrictions as part of efforts to safeguard animal health and protect the local swine industry, which continues to grapple with the lingering effects of ASF since its detection in 2019.

Last February, Agriculture Undersecretary Constante Palabrica expressed optimism that hog production will recover this year, owing to government interventions that curbed the spread of ASF.

Government data showed that the country’s swine inventory stood at 8.79 million heads in 2025, a slight increase from the 8.75 million heads recorded in 2024.

‘The rebound is possible this year because we’ve minimized the transmission of the disease through the deployment of various checkpoints,’ Palabrica told reporters on the sidelines of the International Farmers Summit 2026.

In 2024, the DA deployed several livestock checkpoints across Luzon to curb the spread of ASF following the disease outbreak in Batangas. The agency said the outbreak may have been exacerbated by ‘unscrupulous hog traders selling diseased pigs.’