Category: Business Mirror

A MEDIA colleague posted on her Facebook account on Wednesday, rather wistfully, that Tropical Hut Supermarket on Scout Borromeo St. was closing shop.

For those of us who have been long-time residents of Quezon City, Tropical Hut was one of the OG grocery stores we patronized, where we bought anything from fresh meats to canned goods and small toys. And when the holiday season came around, we would buy our leg of ham at the kiosk which sold Majestic Ham, which the supermarket hosted. Papa would also have his keys duplicated at one of the stalls outside, along the supermarket’s perimeter.

Boosting the popularity of Tropical Hut are its delicious burgers, which thank goodness will not be affected by the closure of the supermarket slated at the end of July. Back in my elementary years, whenever Mama said she was going to shop for groceries at Tropical Hut, I was very eager to tag along because, most likely, there would be an opportunity to eat a cheeseburger at the adjacent cafe.

While Mama was picking up our groceries, I would sometimes sneak off and cross over to National Book Store to check out the latest Nancy Drew books in stock, buy school supplies I needed, then after make my way to the small Sanrio store-the first of its kind in the Philippines-to see what new kawaii My Melody or Little Twin Stars stuff had come in. (Nope, I was never a Hello Kitty fan.)

These days, National Book Store at the corner of Quezon Avenue is a shadow of its former self. It’s now called just ‘NBS’, and the Sanrio store has been long gone. And much of the property is devoted to food and beverage merchants, instead of books. The small-sizing of NBS began sometime in the early 2000s, which was later mirrored by Tropical Hut, in that the favored supermarket which once dominated the Scout area had also gradually scaled back its operations. (Apparently, it is no longer a ‘Supermarket’ but a ‘Foodmart’.)

The area also hosts other equally popular community supermarkets-the former Rustans-owned The Marketplace at Scout Madriñan, which caters to the more affluent residents; another OG, Hi-Top Supermarket along Quezon Avenue; and just a hop and a skip away, Robinsons Supermarket along Tomas Morato Avenue on the ground floor of a towering condominium.

I suppose the onslaught of more supermarkets in the area, along with availability of online store delivery, no longer made it tenable for Tropical Hut to continue operating. With higher cost of utilities and persistent inflation, it may have been difficult for the supermarket to keep the prices of its grocery items affordable as it once had.

Besides, Tropical Hut’s owner, the Mercury Drug Group, already sells grocery items at its drugstores so in a way, the company hasn’t strictly exited the supermarket business. The grocery portion of the group will just exist inside its ever-expanding drugstore network, side by side its pharmaceutical business. In a way, it is serving more customers by killing two birds with one stone: buy your drugs, buy your snack food-in just one store.

While it’s a tad upsetting to say goodbye to my once favorite playground, Tropical Hut fans will be happy to know that the burger joint at Scout Borromeo will be kept, and even expanded to a full-blown restaurant, while the rest of property will reportedly house the burger operations’ main office. And perhaps, more restaurant branches will be rolled in the near future.

Once upon a time, I also thought Tropical Hut Hamburger would likely go the way of its supermarket business. But in 2022, one guy’s tweet about his visit to the burger joint’s Escolta branch, along with a photo of his order-burger, fries, and a glass of soda-sparked a sentimental frenzy of visits to other branches.

I admit that because of that tweet, I have since returned to patronizing the restaurant, ordering what is now dubbed the Super Cheeseburger Classic.

The sandwich is wrapped in foil such that it is still warm when I receive it via delivery, and doesn’t break the bank because it costs just P187. It is beefy, juicy, and just the perfect no-frills cheese burger. I also belatedly realized that Tropical Hut Hamburger now caters to group orders, so it makes for an inexpensive meal for company meetings or family hangs, while bingeing on the latest hot streaming series.

Meanwhile, according to another Facebook post, there is an ongoing closing-out sale at Tropical Hut Supermarket, uhm, Foodmart, where its remaining inventory are being sold at heavily discounted prices, in case our dear readers are interested in making a nostalgic pilgrimage to the place.

Living in Quezon City most of my life, I’ve said goodbye to other great well-stocked supermarkets, which sold some unique goods. My Lola’s favorite was Sunshine Mart near the Mayon St.-Quezon Avenue area, where she would buy prepared morcon for cooking during Christmas Day.

Then there was also Glo-ri Supermarket along Del Monte Avenue, which was walking distance from our former home in Santa Mesa Heights, where my favorite purchase was Caroline’s Potato Chips, which was a treat using my saved baon. (Sheesh. Who even remembers that chip brand? I’m definitely showing my age!)

Of course, cities must change. New businesses will come, old ones will find new lives, and today’s children will someday look back with the same fondness on the places they now take for granted. That’s the cycle of every neighborhood, and every generation.

Still, every now and then, I can’t help but grieve the loss of these familiar landmarks, because they were never just stores. They were the backdrop to our family traditions, small triumphs, childhood treats, and ordinary weekends that, without realizing it then, would become ingrained as my life’s sweetest memories.

Maybe that’s why the news about Tropical Hut Supermarket feels so personal to me. It isn’t really about the closing of a grocery store. It’s about saying goodbye to a place that quietly witnessed my youth. And while the shelves may soon be empty, the flavors, the faces, and the memories it gave me remain wonderfully, deliciously full.

The Philippine Postal Corporation (PHLPost) clarified that Filipinos do not need an existing valid government-issued ID to apply for a Postal ID.

Applicants only need to submit a Birth Certificate, a Barangay Certificate or other acceptable proof of address, and a duly accomplished Postal ID application form. These have long been the standard requirements for first-time applicants.

Applicants who are unable to present a Barangay Certificate may instead submit other accepted proof of address, such as a recent electricity, water, internet, or other utility bill reflecting their name and current residential address.

PHLPost issued the clarification to reinforce public awareness of the Postal ID application requirements and address the misconception that applicants must already possess another valid government-issued ID before they can obtain one.

‘The Postal ID has always been intended to make it easier for Filipinos to establish their identity, especially those applying for their first government-issued ID,’ said Postmaster General and CEO Maximo C. Sta. Maria III. ‘By presenting a Birth Certificate and proof of address, eligible applicants can already begin the process of securing a trusted government-issued ID.’

As one of the country’s most accessible government-issued identification cards, the Postal ID is especially beneficial for first-time ID holders, students, job seekers, senior citizens, solo parents, persons with disabilities (PWDs), and individuals in underserved communities.

Widely accepted in both public and private transactions, the Postal ID may be used for opening bank accounts, applying for a passport, claiming parcels, sending and receiving mail, and processing various legal and financial transactions.

San Miguel Beer import George King Jr. goes hard for a layup against Converge big man Justin Baltazar in the Philippine Basketball Association Governors’ Cup on Wednesday night at the Ynares Sports Center in Antipolo City.

The Beermen won, 128-122, to remain undefeated in three games while the FiberXers dropped to 3-1 won-lost.

DITO Telecommunity strengthened its global technology partnerships at MWC Shanghai 2026, reinforcing its commitment to continuously evolve alongside the rapidly changing technology landscape. Through executive meetings, technology exchanges, and industry engagements across Shanghai and Nanjing, the company explored emerging trends and opportunities in digital technologies while strengthening relationships with global technology leaders.

A key highlight of the visit was the signing of a strategic cooperation memorandum with Esurfing IoT Technology Ltd., marking another step in DITO’s efforts to deepen international collaboration and explore opportunities to accelerate digital innovation in the Philippines. The delegation also met with China Telecom Global (CTG) to discuss emerging developments across the telecommunications and digital technology landscape. The exchange provided valuable perspectives on industry transformation and opportunities for future collaboration.

‘Nation-building requires more than building networks. It requires continuously learning, forging meaningful partnerships, and evolving alongside the needs of the communities we serve. Our engagements at MWC Shanghai reflect DITO’s commitment to working with global technology leaders, strengthening our capabilities, and creating lasting value for Filipinos through meaningful connectivity and innovation,’ said Atty. Adel Tamano, Chief Commercial Officer of DITO Telecommunity.

Beyond the conference, DITO participated in executive briefings and innovation site visits that provided valuable insights into global best practices and emerging technologies. These engagements reflect the company’s commitment to continuously learning from industry leaders while strengthening its own capabilities as the telecommunications landscape continues to evolve.

Through international engagements such as MWC Shanghai, DITO continues to deepen its global partnerships, broaden its technology perspective, and support its long-term vision of delivering world-class digital solutions that create meaningful opportunities for Filipino communities.

The International Monetary Fund cut its global growth forecast for 2026 to 3 percent this month, the second downgrade this year. Iran war escalation has kept energy prices elevated. Trade tensions simmered under volatile Middle East diplomacy attempts. In the same report, the Fund pointed to one bright spot: Artificial Intelligence stocks, whose valuations helped a handful of countries post better numbers than expected.

Rockets booming over the Gulf and technology share prices booming in the stock markets sat in the same paragraph of the same document, and nobody at the IMF thought this strange enough to comment on.

It is not a new arrangement. In 1348, the Black Death killed roughly a third of Europe’s population within four years. Villages emptied and grain rotted in fields with no one left to harvest it. And over decades, the merchant class members who survived became significantly wealthier than the merchant class that existed before the plague. Labor scarcity drove wages up for the peasants who remained alive.

Land ownership consolidated into fewer hands. Guilds, the trade associations that controlled who could work and at what price, became dominant. The same merchant families who buried their children commissioned the Danse Macabre frescoes that decorated churches across the continent within a generation or two. The frescoes personified Death as a skeleton leading chained bishops and kings toward the grave. They were painted with money made possible by the very death the paintings depicted.

Catastrophe made men rich in 1348.

The year 2026 has a modern version. The dying is not villages emptied by plague, but soldiers and civilians killed in the Gulf or in Ukraine. The wealth is not more land for merchant families but more profits for Nvidia shareholders, chip company executives, the people holding stock in the handful of firms that make the hardware everyone else needs and cannot make themselves. And we should not forget the oil traders now buying a new Rolls-Royce or Bugatti.

The IMF noted that Taiwan, South Korea, Thailand and Malaysia posted better economic numbers than expected because they sit inside the AI supply chain. China grew faster than forecasted partly on high-tech manufacturing. The rest of the world, the Fund said plainly, absorbed the damage and got nothing back.

The Philippines sits in that second group. The country has no meaningful AI hardware manufacturing base, no value-added chip fabrication capacity worth mentioning, and a stock exchange with almost no exposure to the companies driving the boom.

When global energy prices rise on Gulf tension, Filipino households pay the higher prices on everything. When AI valuations rise on the same set of global conditions, no Filipino portfolio captures the gain, because the PSEi was never built with export-oriented or technology listings in mind. The country absorbs the downside of a global arrangement it has no upside position in or any potential for improvement.

That is the predictable result of decades spent building an economy around domestic consumption and remittance inflows rather than the kind of production base that would put a Filipino company inside a semiconductor supply chain instead of downstream of one.

BSP policy can manage the currency and smooth the inflation numbers, but it cannot manufacture equity exposure. OFW remittances remain the country’s actual hedge against global disruption, arriving in dollars regardless of Nvidia’s stock price being up 75 percent in 18 months.

Remittances do their job. The failure sits elsewhere, in an industrial base the Philippines never built, the one that would let it participate in booms the way our Asean neighbors now do.

The frescoes in Europe’s churches were not subtle. They showed exactly who was profiting and who was dying. The IMF’s July report does the same thing in a table instead of a painting. Whoever is prepared and positioned or can adapt then captures the boom, and everyone else pays for the disruption that made the boom possible.

What assets made money for countries and individuals this year? Oil and petroleum products obviously. AI and tech names fueled big gains in Taiwan and South Korea. Precious metals turned in strong double-digit performance.

In 2026, the global ledger balances death and disruption against the staggering windfalls of technology and energy. For the Philippines, the lesson is merciless: a nation cannot forever rent out its resilience through remittances while producing nothing of its own. We pay the full price of chaos, yet collect none of the dividend. Until we build, we will only subsidize everyone else’s prosperity.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

The Philippine automotive industry ended the first half in negative territory, as its sales performance trailed last year’s pace despite showing signs of improvement in June, industry data showed Thursday.

The Chamber of Automotive Manufacturers of the Philippines Inc. (Campi) and the Truck Manufacturers Association (TMA) reported that total vehicle sales reached 204,557 units from January to June, down 11.4 percent from 230,912 units sold in the same period last year.

In June alone, industry sales stood at 37,231 units, 8 percent lower than the 40,483 units recorded in June 2025 but 11 percent higher than in May, making it the best-performing month of 2026 to date.

Prior to June, auto sales fell due to higher oil prices which made internal combustion engines (ICE) less attractive to consumers.

Combined with industry estimates, the total auto market moved around 42,000 new vehicles in June, reflecting an 18.7-percent increase from May.

Despite the year-on-year decline, Campi President Jose Maria Atienza said June’s performance points to stronger demand heading into the second half.

‘At Campi’s recently held Philippine International Motor Show (PIMS), a number of new ICE and various Electrified Vehicle (xEV) models were launched and these are expected to add momentum to the improving market demand,’ Atienza said.

‘This June, we saw sales of both Internal ICE vehicles and xEVs rise. Industry sales of gas and diesel cars grew by 10 percent versus May due to more stable fuel prices, while xEVs grew by 49.2 percent thanks to improving supply level.’

Passenger car sales in the first half declined 11.3 percent to 40,503 units from 45,647 units a year earlier, accounting for 19.80 percent of total industry sales.

Commercial vehicle sales likewise fell 11.4 percent to 164,054 units from 185,265 units, representing 80.20 percent of the market.

Among commercial vehicle categories, Asian utility vehicles and multipurpose vehicles slipped 8.1 percent to 37,475 units from 40,788 units, while light commercial vehicles declined 12.3 percent to 121,813 units from 138,865 units.

Sales of light-duty trucks and buses dropped 12.1 percent to 2,936 units from 3,341 units, while medium-duty trucks and buses fell 11.1 percent to 1,526 units from 1,717 units.

Heavy-duty trucks and buses posted the steepest decline, plunging 45.1 percent to 304 units from 554 units in the same period last year.

Toyota Motor Philippines Corp. remained the top-selling Campi-TMA member in June with 17,627 units sold, followed by Mitsubishi Motors Philippines Corp. with 6,535 units and Suzuki Philippines Inc. with 1,532 units.

EVs buck trend

Sales of electrified vehicles (xEVs) surged 132.7 percent to 31,381 units in the first half from last year’s 13,488 units, raising their share of total industry sales to 15.34 percent from 5.84 percent in 2025.

In June alone, xEV sales reached 6,995 units, up from 6,032 units in May and more than double the 3,057 units sold in June 2025.

Campi said battery electric vehicles (BEVs), hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) accounted for 28 percent of total June vehicle sales, up 6 percentage points from May.

BEV sales jumped 256.8 percent to 8,702 units from 2,439 units a year earlier, while plug-in hybrid electric vehicle sales surged 3,356.9 percent to 5,531 units from just 160 units.

HEVs remained the largest segment within the xEV market, with sales rising 57.5 percent to 17,148 units from 10,889 units in the comparable period last year. The figures cover battery electric, hybrid electric and plug-in hybrid vehicles recognized by the Department of Energy as of July 8.

The Securities and Exchange Commission (SEC) has partnered with the Bangko Sentral ng Pilipinas (BSP) and the Philippine Statistics Authority (PSA) for the sharing of corporate data to improve the measurement of foreign direct investments (FDI) in the country.

The three agencies signed an agreement which seeks to establish a framework for collaboration and data sharing on FDI compilation, aligned with international standards that integrate both bank-reported and enterprise-sourced data. It also aims to address the potential underreporting of FDI data in the country.

‘Data must become insight. Insight must drive better policy. Better policy must translate into greater investor confidence, more investments, more jobs, and stronger economic growth… May this partnership remind us that when institutions work as one, we make better decisions, build greater trust, and create more opportunities for every Filipino,’ SEC Chairman Francis E. Lim said.

Under the agreement, the SEC will provide the PSA and the BSP with corporate data and documents, including audited financial statements, general information sheets and articles of partnership of companies.

Corporate data will then be transmitted periodically through a central repository managed by the PSA.

The corporate regulator will also provide access to the SEC Application Program Interface endpoints for retrieving specific data of companies covered by the agreement.

Corporate documents will be provided through the Swift Corporate and Other Records Exchange Protocol, or the SEC SCORE Protocol-the agency’s online platform that facilitates the request and provision of corporate documents between the SEC and other government agencies.

In turn, the central bank will furnish the SEC with copies of statistics, analyses and studies generated from the FDI data compilation it obtained from the SEC.

The partnership formalizes the directive of the Department of Finance to the SEC in a meeting in June 2025 to provide company registration records to the PSA and BSP, free of charge, to support FDI data compilation.

‘That meeting underscored a simple but powerful truth: if the Philippines is to compete more effectively for investments, we must tell our story with accuracy, consistency, and credibility,’ Lim said.

Since the meeting, the SEC has transmitted data covering over 16,000 registered corporations and partnerships with FDIs and has provided information on the country’s largest corporations to support the Coordinated Direct Investment Survey, a global data collection initiative on direct investment positions led by the International Monetary Fund.

THE cash utilization rate of state agencies slipped in the first half of 2026 despite higher allocations released by the Department of Budget and Management (DBM).

Government agencies posted a 96.9-percent cash utilization rate as of end-June, lower than the 99-percent utilization rate recorded in the same period last year.

This came after the DBM released a total of P2.489 trillion in notices of cash allocation (NCA) in the first six months of 2026, of which P2.645 trillion was utilized by line departments, state-run corporations and local government units (LGUs).

NCAs released in the first half were higher by 10.04 percent than the P2.489 trillion disbursed a year ago.

In the same period last year, P2.463 trillion worth of NCAs were spent out of the P2.489 trillion in NCAs released.

NCAs are disbursement authorities issued by the DBM to cover the cash requirements of the operations, programs and projects of government agencies.

A higher NCA utilization rate reflects the capacity of state agencies to timely disburse their allocated funds and implement their programs and projects.

Line departments received the bulk of the releases, utilizing P1.751 trillion of the P1.835 trillion allocated to them, equivalent to a 95.4-percent utilization rate.

Several agencies have posted a 100 percent utilization rate, including the Office of the Vice President, Department of Education, Department of Foreign Affairs, Department of Labor and Employment, Department of Migrant Workers, Department of Social Welfare and Development and Department of Tourism.

The Judiciary, the Civil Service Commission, the Commission on Audit, the Commission on Elections and the Office of the Ombudsman, likewise, recorded 100-percent utilization rates.

The Department of Information and Communications Technology, however, registered the lowest utilization rate among line departments at 76 percent, having used P3.482 billion of the P4.606 billion allocated to it.

Meanwhile, NCAs released as budgetary support to government-owned and -controlled corporations reached P183.486 billion, of which P183.453 billion was used, translating to a 100 percent utilization rate.

LGUs similarly utilized nearly all of their allocations. Of the P719.762 billion released, P719.681 billon was spent, also equivalent to a 100 percent utilization rate.

Allocations to LGUs include the national tax allotment, special shares for LGUs, Metropolitan Manila Development Authority, Bangsamoro Autonomous Region in Muslim Mindanao and other transfers to LGUs.

The DBM earlier said that it expects the utilization rate to accelerate in the coming months, as completion of projects, activities and other programs is forthcoming.

THE Department of Trade and Industry (DTI) has launched a new financing program offering loans of up to half a million pesos to young entrepreneurs, aiming to help them start or expand their businesses without requiring collateral.

Trade Secretary Ma. Cristina Roque on Wednesday said the Youth Enterprise Fund, administered by the DTI’s Small Business Corporation (SBCorp), is open to a wide range of business ventures, with no restrictions on industry or sector.

‘It’s really up to them because they are youths. Usually they have so many ideas that they want to explore, not only in the digital space. There are also products that they want to at least try,’ Roque told reporters on the sidelines of the DTI National Exporters Fair in Mandaluyong City.

Under the program, eligible borrowers aged 18 to 30 may access loans ranging from P30,000 to P500,000.

The loans carry an interest rate of 1 percent per month on a diminishing balance and are payable for up to three years. Borrowers may also choose a grace period of zero, three, six, nine or 12 months before beginning repayment.

‘One year, of course, no collateral, but one year no payment basically,’ Roque said, referring to the maximum grace period available under the program.

Applicants are also required to pay a processing fee equivalent to 3 percent of the approved loan amount.

To qualify, borrowers must submit a government-issued identification card, a mayor’s business permit, proof of a bank account and, where applicable, corporate documents.

Applicants must also submit a business plan outlining the proposed project’s implementation, although this requirement is waived for enterprises that have been operating for more than one year.

Applications may be filed through the SBCorp mobile application, which is available for download on Google Play and Huawei AppGallery.

Further, the trade chief said demand for SBCorp financing has remained strong, with most of its available funds already utilized. ‘I don’t have the exact amount, but SBCorp’s funds are really being consumed. Last year, we consumed almost everything,’ she said.

To sustain lending activities, the DTI is seeking an additional P5 billion for SBCorp.

The Cambodian sensation will join HORI7ON and 1ST.ONE at SEA Pop Music and Culture Caravan.

Hot on the heels of his well-received performance as Cambodia’s representative at the 2026 ASEAN-Korea ROUND Music Festival held at the Araneta Coliseum last April, Cambodian superstar G-Devith returns to Manila to further strengthen his growing connection with Filipino audiences through music, artistic collaborations, and cultural exchange.

Filipinos were first introduced to G-Devith during the ASEAN-Korea ROUND Music Festival, where he performed alongside artists from across Southeast Asia and South Korea at the Araneta Coliseum. His riveting performance before thousands of Filipino fans offered a glimpse into Cambodia’s vibrant contemporary music scene.

During an intimate Philippine media conference at LaVie Resort and Casino, G-Devith shared his admiration for the Philippines’ rich music culture and expressed his openness to building meaningful artistic collaborations that celebrate the diversity and creativity of Southeast Asian music.

He cited SB19 and BINI, in particular, as artists he would love to collaborate with. ‘If they are open to collaboration, I’m happy to see [us] explore new music together,’ he declared.

G-Devith’s return to Manila reflects his desire to further connect with Filipino audiences and explore opportunities to collaborate with Filipino artists and creatives in the future.

He considers Filipino music fans energetic, passionate, and ‘know how to party.’

G-Devith’s Manila visit culminates with his participation in the inaugural leg of the Southeast Asian Pop Music and Culture Caravan 2026, organized by the National Commission for Culture and the Arts in partnership with BSE. The regional initiative brings together artists and cultural communities across Southeast Asia to celebrate contemporary music, culture, and creative collaboration.

Joining G-Devith in the inaugural leg are Filipino global pop group HORI7ON, P-Pop powerhouse 1st.ONE, and Filipino World Music band TALAHIB, reflecting SEA Pop’s vision of fostering greater appreciation for Southeast Asia’s diverse artistic voices and creating meaningful opportunities for cultural exchange across the region.

He revealed that he and HORIZON already have ‘some plans for the future’ and confirmed that a collaboration is now ‘processing.’

For G-Devith, the Southeast Asian Pop Music and Culture Caravan 2026 represents an opportunity to further strengthen his connection with the Philippines and become part of the growing movement that champions Southeast Asian music beyond national borders.

Looking forward, the Cambodian superstar, through an interpreter, also expressed his hope of returning to Manila once again-this time for his very own concert.

While discussions remain in their initial stages, G-Devith’s interest in returning for a future Manila concert reflects his appreciation for the warm support he has received from Filipino audiences and his desire to continue sharing his music with the Philippines. The envisioned concert also presents exciting possibilities for collaborations with Filipino artists, as cultural ties between Cambodia and the Philippines through music will be further cemented.