Category: Business Mirror

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.

Philippine National Police (PNP) chief Gen. Jose Melencio Nartatez Jr. on Thursday commended police officers for the swift arrest of an 18-year-old suspect accused of posting bomb threats against several schools in San Ildefonso, Bulacan.

Nartatez, in a statement, said the arrest underscores the PNP’s commitment to respond decisively to threats that endanger students, teachers, and any member of a community.

‘Bomb threats and similar hoaxes are never harmless because they create fear, disrupt classes, and divert police resources from real emergencies. This successful operation shows the PNP’s commitment to run after those who violate the law in the interest of peace and order and public safety,’ the PNP chief said.

Police investigation showed that the suspect allegedly posted bomb threats on the official social media pages of several schools in San Ildefonso earlier this week.

Acting on the reports, investigators tracked the suspect and arrested him in Barangay Hilera, Jaen, Nueva Ecija.

Nartatez commended the strong coordination and cooperation between police cybercrime investigators and the local police in identifying the perpetrator that eventually led to the arrest.

He said the dedication shown by the police in this case reinforces the commitment that the PNP assured to the Department of Education (DepEd) in ensuring the safety of learners and school personnel and authorities.

Nartatez assured that all the appropriate criminal charges will be filed against the suspect, ‘We will continue working closely with DepEd, school officials, and local government units to ensure that every threat is treated seriously and investigated promptly,’ he added.

To support the implementation of the policy, Nartatez directed all Police Regional Offices and local police units to immediately coordinate with DepEd regional and division offices on school threat response protocols.

He also instructed the Anti-Cybercrime Group to intensify investigations into online bomb threats, fake shooting alerts, and viral threat messages targeting schools.

The PNP Chief also urged the public to remain vigilant and immediately report bomb threats and other security concerns through the Unified 911 Hotline to enable authorities to respond quickly and prevent possible harm.

SEN. Panfilo Lacson seems not done yet in unmasking his colleague, former Senate president Alan Peter Cayetano, who he said belonged in jail after the latter questioned his integrity.

On Wednesday, Lacson bared yet more potential anomalies involving infrastructure projects in Taguig City, the political bailiwick of Cayetano.

Lacson said his team’s latest findings found three additional P100-million slope protection projects under the 2025 General Appropriations Act (GAA), raising to P2.385 billion the total insertions for projects in Taguig City.

Moreover, two separate items appeared to be double appropriations for the same project, indicating one of the two may be deemed a ghost project, he said.

‘From P2.085B as earlier reported, we found three-P100M additional slope protection projects for a new total of P2.385B insertions under the 2025 GAA. Two items appear to be double appropriations, involving two P100M for the same slope protection project. One of the two must be ghost,’ he said in a post on X.

Lacson earlier flagged at least two suspected ghost infrastructure projects-as well as a staggering number of slope protection and drainage projects, most of them costing P100 million each, with a combined value of P2.085 billion.

Over the weekend, Lacson said their initial findings on anomalous infrastructure projects in Taguig City included projects involving firms owned by the Discayas, the controversial contractor couple, but implemented by another contractor under a 5-percent royalty scheme.

The findings also included similar projects contracted to Topnotch Catalyst Builders-one of the top 15 flood control project contractors President Marcos named last year.

The projects including those involving Discaya-owned firms dated back to 2019 and 2020, when Cayetano represented Taguig in the House of Representatives and Speaker.

Lacson had vowed to pursue the investigation to its ‘logical conclusion’ after Cayetano attacked his integrity in a Facebook Live broadcast.