Category: Business Mirror

August 11, 2026 – OMODA and JAECOO Philippines reinforces its commitment to nationwide accessibility with the opening of two new dealerships in Davao City and Cebu City, in partnership with MG Gateway South Corp., expanding the footprint of OMODA and JAECOO in Visayas and Mindanao. The new facilities provide customers with full sales and after-sales services-from vehicle inquiries and test drives to ongoing maintenance support. This dual inauguration marks another milestone in the brand’s ongoing nationwide expansion, strengthening its ability to serve Filipino motorists with smarter, more accessible, and technology-led mobility.

Meanwhile, the inauguration of the OMODA and JAECOO Davao Matina dealership was attended by representatives from various financial institutions, together with representatives from OMODA and JAECOO Philippines.

With a rapidly expanding dealership network, a growing portfolio of electrified vehicles, and continued innovation in intelligent mobility through initiatives, from the AIMOGA humanoid robot to its Smart Cockpit technology released in Indonesia, OMODA and JAECOO Philippines is bringing smarter, more accessible, and technology-driven mobility closer to Filipino drivers across the country. More than just new vehicles and showrooms, these efforts translate into a seamless ownership experience-from intelligent in-car features to reliable after-sales support-ensuring that Filipino drivers can embrace the future of mobility with confidence and ease.

Philippine National Police (PNP) chief Gen. Jose Melencio Nartatez Jr. on Tuesday said the police force has committed to beefing up security measures in 108 areas tagged by the Commission on Elections (Comelec) as ‘areas of concern’ for the first-ever parliamentary polls in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) scheduled this coming Sept. 14.

‘Ensuring the peaceful elections in BARMM is a continuing process. Security measures are in place, but regular monitoring and real-time adjustments are being done based on the situation on the ground,’ he added.

The classification covers areas facing varying levels of security risks that could affect the conduct of the polls.

Comelec classifies red zones as areas marked by severe risks and previous violent incidents that may warrant increased election oversight, while orange zones are areas confronted with serious armed security challenges.

Yellow zones are areas with a documented history of election-related disturbances, while green zones are considered secure localities with no identified security threats.

Lanao del Sur has the highest number of red zones with 21, followed by Maguindanao del Sur with 11 orange zones. Maguindanao del Norte and Basilan have areas classified from low to high risk, while Tawi-Tawi remains relatively secure and stable.

‘The goal has always been to provide the safest environment for all our kababayan in the area to freely choose their next leaders, and eventually prove that BARMM is way different now compared to what it was known in the past, especially during elections,’ Nartatez stressed.

He also said the PNP will also strengthen coordination with the Armed Forces of the Philippines as part of its election security preparations.

‘We call on the public to remain alert and vigilant and report to authorities if they find any suspicious individuals or groups that may threaten security,’ he added.

Around 400 candidates are vying for 86 positions in the autonomous region’s first parliamentary elections.

The elections will be held in Basilan, Lanao del Sur, Maguindanao del Norte, Maguindanao del Sur and Tawi-Tawi, Cotabato City and more than 63 barangays in Cotabato classified as special geographic areas.

AMID concerns that the proposed tax relief package could stoke inflation, the government has assured the public that it would seek to make the measure ‘as fiscally neutral as possible.’

Department of Economy, Planning, and Development (DepDev) Secretary Arsenio M. Balisacan explained that the proposed comprehensive tax reform package, dubbed the ‘Progress Bill,’ could only add to inflationary pressures if the increase in purchasing power is not accompanied by measures to expand the supply of goods and services.

‘We will look for offsetting revenue measures because there will be foregone revenues as a result of that. That will be part of the measures to make it as fiscally neutral as possible,’ Balisacan told reporters in a recent interview.

Balisacan said the government is also working to strengthen the supply side of the economy by improving competitiveness and productive capacity, particularly by addressing bottlenecks in agriculture, logistics and energy.

Under the Promoting Growth, Revenue, Equity toward Socio-economic Sustainability (Progress) Bill, individuals earning no more than P350,000 annually would be exempt from personal income tax, raising the tax-free threshold from the current P250,000.

The second and third brackets would also see adjustments, with individuals earning between P350,000 and P450,000 paying 15 percent of the excess over P350,000. Those earning between P450,000 and P800,000 would also face a reduced fixed base tax of P15,000 plus 20 percent of the excess over P450,000.

The proposed package would also exempt qualified small businesses from corporate income tax and grant amnesty on unpaid income, estate, donor’s and value-added taxes, including related penalties and fees.

Earlier this month, the Department of Finance (DOF) said it would seek congressional approval for higher levies on sweetened beverages, tobacco and alcohol, single-use plastics and wealth to offset an estimated P326.92 billion in revenues that could be foregone due to the proposed tax relief package.

The revenue measures, which include higher taxes on sugar-sweetened beverages, distilled spirits, e-cigarettes and novel tobacco products, as well as new levies on plastic products and higher automobile taxes, are expected to generate up to P518.71 billion from 2027 to 2030.

Balisacan, for his part, said the proposed higher taxes on sweetened beverages and other affected products are unlikely to have a significant impact on overall inflation because these account for only a small share of the average household consumption basket.

‘If you average it across the entire population, the share is quite small,’ he added.

YIELDS on the 7-year Treasury bonds (T-bonds) were lower than comparable secondary-market rates as the auction drew strong demand from investors pricing in lower chances of an aggressive rate hike from the central bank as weak economic growth persisted.

The Bureau of the Treasury finally awarded in full the bids for 7-year securities as tenders reached P51.920 billion, or 1.7 times the P30 billion offering.

Total bids were much higher compared to the P18.057 billion tendered during the previous auction for the 7-year T-bonds last July 14.

The Treasury has been rejecting bids for 7-year T-bonds recently and last made a full award for the tenor last June 16 when the yield averaged at 6.779 percent due to the US-Iran interim deal back then, which lowered world oil prices.

The T-bonds, which have a remaining life of seven years and six days, fetched an average yield of 7.182 percent.

Investors’ asking yield ranged from a low of 7.1 percent to a high of 7.182 percent.

The Treasury said the average rate is ‘broadly in line with the prevailing secondary market benchmark rate’ as this is slightly lower by 1.5 basis points than the 7.197 percent yield for the 7-year tenor.

However, the average auction yield is higher than the government security’s original coupon rate of 6.625 percent.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said yields eased as investors saw less need for aggressive rate hikes.

Ricafort was referring to the signaling by Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona of reduced pressure for the central bank to raise the key interest rate as second-quarter economic growth was weaker-than-expected.

Remolona said last Monday that the BSP could still tighten monetary policy ‘as much as necessary’ to bring inflation back down to its target range of 2 to 4 percent.

July inflation eased to 6.2 percent from 6.4 percent in June, extending the downtrend from the 7.2-percent peak in April.

The Monetary Board, the highest policy-making body of the BSP, will hold its next rate-setting meeting on August 27.

Next week, the Treasury will auction 91-, 182- and 364-day Treasury bills, as well as 4-year and 10-year T-bonds.

This is part of the government’s P2.733 trillion borrowing program this year, which follows a 70:30 financing mix.

The national government’s outstanding debt ballooned to a new record high of P19.065 trillion as of end-June, or 66 percent of the gross domestic product in the second quarter.

The Philippines should ensure that its renewable energy (RE) certificate (REC) market is credible and well-regulated given its potential to become a source of capital for RE projects, according to an Asean-based management consulting firm.

Arthur D. Little Southeast Asia Principal Anna Rellama told the BusinessMirror in an email interview that a viable REC market could provide RE developers with an additional revenue stream while giving companies a verifiable way to demonstrate that the electricity they consume comes from renewable sources.

Rellama said it will also enhance the Philippines’s ability to compete for investments in data centers, semiconductor manufacturers and other sustainability-conscious industries.

‘When a data center operator, a semiconductor manufacturer or a regional headquarters chooses where to build, they run through a familiar list-cost of power, reliability of supply, land, talent, permits,’ she said.

‘Over the last few years, a new question has joined that list: if we operate here, can we credibly report this electricity as renewable, in the language our head office, our auditors and our own customers understand?’

Rellama said the opportunity is ‘significant’ because RECs effectively create a second revenue-generating product from RE.

One REC represents the environmental attribute of one megawatt-hour of renewable electricity. The certificate can be separated from the physical power and sold to a company seeking to substantiate its renewable-energy consumption.

For RE developers, she said this means that a single megawatt-hour can generate revenue from both the electricity itself and its renewable attribute.

Rellama said the additional income could prove particularly valuable for projects that are technically viable but require incremental revenues to reach financial close.

Unlike direct government subsidies, REC revenues are primarily driven by corporate demand for renewable-energy attributes. This could strengthen the financial case for additional investments in solar, wind, geothermal and hydropower projects.

‘The opportunity is not simply about creating certificates,’ Rellama said, saying that the market must be underpinned by credible buyers, standardized products, clear ownership rules and an efficient trading platform.

‘Demand aggregation will also be critical to developing sufficient liquidity and making the market attractive to both buyers and renewable-energy generators.’

Rellama said a domestic REC market could also become a competitive advantage for the Philippines as multinational companies increasingly factor access to credible renewable electricity into investment decisions.

For prospective investors, such as data centers, semiconductor manufacturers and regional headquarters, electricity costs and reliability remain fundamental considerations. But the ability to document the renewable character of electricity consumption is becoming increasingly important as companies face tougher sustainability and emissions-reporting requirements.

Rellama said the Philippines could potentially capitalize on its geothermal, hydropower, solar and wind resources, as well as existing renewable-energy market and registry infrastructure.

She said a credible REC market could ensure that a greater share of corporate spending on decarbonization remains within the Philippine economy.

Philippine exporters and business process outsourcing companies are increasingly being required by multinational customers to substantiate their electricity-related emissions claims. Initiatives and reporting frameworks such as RE100, CDP and the GHG Protocol are contributing to greater scrutiny of corporate energy consumption.

Instead of purchasing renewable attributes from overseas markets, she said companies could acquire Philippine-issued RECs generated by local renewable facilities and retire them against Philippine consumption.

‘This would provide companies with a more direct and verifiable trail for their renewable-energy claims while directing sustainability-related spending toward Philippine generators,’ Rellama said.

Despite ongoing macroeconomic and political challenges in the Philippines, the country’s tech ecosystem received a major boost as Singapore-based artificial intelligence (AI) and digital transformation firm Temus announced a strategic investment in Thinking Machines Data Science. The Manila-founded AI leader is also OpenAI’s first official services partner in the Asia-Pacific (APAC) region.

The deal highlights a major shift in Southeast Asia’s tech landscape: regional giants are turning to Philippine-built talent and engineering to drive complex, enterprise-grade AI deployments across the region.

Temus, a 500-strong firm based in Singapore that keynotes critical initiatives under Singapore’s Smart Nation and National AI Strategy, selected Thinking Machines for its decade-long track record in solving complex data architecture and operationalizing production-ready AI systems.

For Temus, investing in Thinking Machines is direct recognition that the Philippines possesses world-class engineering, data governance, and execution capabilities required for high-stakes enterprise applications.

‘Many enterprises are navigating the challenge of running AI systems that hold up under real operating conditions-constrained data, regulatory requirements, complex workflows,’ said Sng Ren Yeong, Chief Executive Officer of Temus. ‘Thinking Machines brings deep capability in that layer of the problem. This investment connects two parts of the system that need to work as one: how AI is built, and how it is made to operate at scale.’

Sng emphasized that the strategic backing goes beyond market expansion-it reflects shared roots and belief in local talent. ‘This investment is a recognition of a shared mission-two teams that were each built by people who came home to build. Thinking Machines gains the reach and resources of the Temus group. Temus gains a team that has been doing serious AI delivery work for over a decade,’ he added.

Founded in Manila in 2015 by Stephanie Sy, Thinking Machines has proven that Philippine technology firms can achieve elite international standards. The company was named OpenAI’s first APAC Services Partner and recently achieved OpenAI Advanced Partner status-a testament to its field-tested reliability across diverse operating environments.

‘We built Thinking Machines on the belief that the Philippines can build up and scale world-class AI capability,’ said Sy, founder and CEO of Thinking Machines, who will also take on the role of managing director of Applied AI and Data at Temus. ‘Joining the Temus group allows us to pursue that ambition at a much greater scale while staying true to our team, our clients, and our mission.’

Across Southeast Asia, enterprises are rushing to move past the experimental ‘pilot’ phase of AI into full workflow integration. However, companies continue to grapple with fragmented data, legacy systems, and talent gaps.

By combining Thinking Machines’ specialist AI execution, OpenAI expertise, and regional delivery experience with Temus’ enterprise reach and transformation infrastructure, the partnership offers a seamless, end-to-end framework covering data engineering, governance, workflow integration, and workforce capability building.

Over the past ten years, Thinking Machines has established a formidable track record out of Manila, serving over 110 clients, training more than 10,000 professionals in AI applications, and deploying hundreds of production-grade systems across financial services, retail, conglomerates, and civic organizations.

Now operating as a Temus entity with offices in Manila, Singapore, and Bangkok, Thinking Machines’ expanded resources backed by Temus signal a bright trajectory for Philippine technology leaders-proving that Philippine-born innovation is fully equipped to power the region’s digital future.

The Underbone King has called forth an invitation to riders across the country to experience its legacy, power and culture unleashing a new era of street performance at the Raider Underground Battle 2026. The journey officially began in South Luzon at The Lima Outlets in Batangas marking the start of a nationwide showcase of Suzuki’s most iconic Underbone lineup. The event saw a celebration of the Raider’s Street culture defined by signature activities such as Custom-bike contest, Hyperspeed Challenge, Power Speed Precision Gymkhana Challenge, Trade Partners display, Biker Babe, Meet and Greet with Motovloggers, stage games and raffle!

The event also provided a venue to test the true power and performance of the new Raider R150 and Raider PRO, bearing the DNA of Suzuki’s renowned racing machines that continue to identify Suzuki in the segment and strengthen the brand’s presence in the Underbone community.

A total of 1,059 attendees gathered for the event, composed of various motorcycle clubs, groups, trade partners, and independent riders. Participating exhibitors include AXOR Helmets, Gumande Tires, Halston Tires, HJC Helmets, Immortal Riding Bags, Imprint Customs, JRP Racing, King Carbon Valenzuela, KOBY Philippines, Mototek, MT8 Racing Thailand, Pirelli Moto, Power Rack Philippines, RCB Philippines, Samurai Paint Philippines, SMOKK Moto, Spyder Philippines, UMA Racing, and VS1.

The program began with Suzuki Philippines Incorporated President Koichiro Hirao’s warm welcome to the community.

‘Together, we will grow this community, inspire the next generation of riders, and show everyone why the Raider remains the undisputed King of Underbones.’ – Koichiro Hirao, President, Suzuki Philippines Incorporated

In his message, he thanked the Raider community for its unwavering loyalty and passion, recognizing their role in cementing the Raider’s legacy as the country’s ‘Underbone King’ for over two decades. He also reaffirmed Suzuki’s commitment to support the Raider community for its growth and for the generations to come.

Suzuki Philippines Managing Director Norminio C. Mojica added that the Raider Underground Battle 2026 was about celebrating the enduring Raider culture built by generations of passionate riders. He credited the Raider community, dealer network, and sales teams for helping the Raider maintain its position as the country’s benchmark underbone motorcycle and encouraged riders to continue carrying the Raider legacy forward.

‘Sa lahat ng Raider owners and enthusiasts here today, kayo ang dahilan kung bakit buhay at lumalakas pa rin ang Raider Breed. Your passion, loyalty, and dedication continue to make Raider the true Underbone King.’ – Norminio C. Mojica, Managing Director, Suzuki Philippines Incorporated

Custom Bike Contest

The Raider badge has earned a loyal following not only because of its speed and performance, but also because of the freedom it offers riders to express their individuality through customization and modification. Much like the sense of freedom that comes with riding a Raider, owners enjoy transforming their motorcycles into a blank canvas-personalizing and enhancing them to reflect their own style and personality. This unique blend of performance and self-expression is what has made the Raider a beloved icon among motorcycle enthusiasts. And this was further highlighted in the Custom-Bike Contest which drew 65 unique entries showcasing craftsmanship, innovation, and passion for customization.

Participants were awarded across several categories. Niky Vergara claimed the Custom Bike category, while Leomar Mejica topped the Concept Bike category and Manuel Fernando emerged victorious in the Engine Set-Up category. Each winner received an RCB Brake Master Pump, a trophy, and cash prize. In the Indo Concept, Street GP, Thai Concept, and Malaysian Concept categories, Eric Tagaan, John Erickson Marquez, Rachel Andes, and Bryan Abante, respectively, took home trophies, cash prizes, and sponsor prizes, including Spyder Helmets and Gumande Tires. Rachel Andes further earned the Influencer’s Choice Award and an additional cash prize, while Michael Hernandez received the Suzuki Choice Award along with cash prize, recognizing outstanding creativity and craftsmanship that embodied the spirit of the Raider Breed.

Hyper Speed Battle and Power Speed Precision Challenge The adrenaline further intensified with the Hyper Speed Battle, where riders pushed their machines to the limit in a display of speed and control. Participants will compete in a time attack challenge aboard the Suzuki Raider R150, where speed, control, and consistency are put to the test. Each rider will aim to record the fastest lap time, and the participant with the quickest official time will be declared the winner. Emerging as the fastest rider of the challenge was John Francis Aldovino of R150 Street GP Concept, who secured first place and received HJC Helmets, a Motorclyde Center Training Voucher, an MT8 Radiator, and Pirelli Tires. Russel Jerusalem claimed second place, taking home an MT8 Racing Radiator V2, a JRP Flat Seat, and a SMOKK Swing-arm. Completing the podium was Jonnel Lasquite of RRDC Luzon, who earned third place along with an MT8 Swing-arm and a JRP Flat Seat. The competition showcased the performance potential that continues to define the Raider community.

Precision and skill took center stage in the Power Speed Precision Challenge, testing riders’ technical handling and maneuvering abilities. Participants will take on an obstacle course aboard the Suzuki Raider PRO, designed to test their control, agility, and riding precision. Riders must navigate a series of strategically placed cones through tight left and right turns while maintaining balance and accuracy. Time penalties will be imposed for stalling the engine, placing a foot on the ground, or hitting or displacing any cone. The participant with the shortest overall time, including any applicable penalties, will be declared the winner. Jonnel Lasquite of RRDC Luzon emerged as the champion of the Gymkhana Challenge, demonstrating exceptional control and precision throughout the course. Fellow RRDC Luzon rider Jonelle Balino secured second place, while Darwin Aguillon of Raider Owner’s Club Inc. rounded out the top three finishers. All winners received sponsored prizes from Suzuki’s trade partners, recognizing their outstanding performance in one of the event’s most technically demanding competitions.

The event also featured the Biker Babe competition, celebrating representation, confidence, presence, and the vibrant culture surrounding the riding community. Mikaela Mariel L. Que was crowned the Biker Babe winner, while Alex Mae Boongaling earned the title of 1st Runner-Up and Endralyn Fe Cartagena was named 2nd Runner-Up. Other participants were also recognized for their enthusiasm and participation. The competition highlighted the confidence, individuality, and growing presence of women within the motorcycle community.

Adding to the experience were special appearances from key opinion leaders and motovloggers, including Reed Motovlog, Bossbabe Anna Lhi, Asian Pakboi, Jawo Motovlog, The Karlo Salonga Show, Hammer Man, NEG X GELA, and Anghel sa Lupa, who helped bring the event’s energy closer to the riding community and online audiences.

The program concluded with a strong message of unity and commitment to riders, a brand philosophy that continues to drive its connection with the Filipino riding community with Suzuki, By Your Side.

THE Department of Social Welfare and Development (DSWD) has reached 2,489,307 Indigenous Peoples’ (IP) households nationwide through its community-driven development program since 2003.

Through the Kapit-Bisig Laban sa Kahirapan-Comprehensive and Integrated Delivery of Social Services (Kalahi-CIDSS), IP communities participate in identifying their needs and in planning, implementing, and monitoring local development projects.

Kalahi-CIDSS Director and National Program Manager Bernadette Mapue-Joaquin said meaningful IP participation helps ensure that development programs respond to communities’ actual needs while respecting their culture, traditions, and indigenous knowledge.

‘We do not regard our IPs merely as beneficiaries of government programs. They are partners in development. Through the CDD approach, they are given the opportunity to participate-from the planning stage to the implementation and monitoring of projects,’ Mapue-Joaquin said on Tuesday.

Under the CDD approach, communities collectively identify their most urgent concerns, develop appropriate solutions, and carry out projects based on local priorities. For IP communities, the process also allows traditional knowledge, cultural practices, perspectives, and lived experiences to inform development planning.

The DSWD recognized these elements as essential to the identity and resilience of IP communities and as valuable contributions to inclusive and sustainable development.

‘When we talk about development, it must be inclusive and culturally sensitive. We must ensure that the culture, traditions, and indigenous knowledge of IP communities are neither disregarded nor left behind in the development process,’ Mapue-Joaquin emphasized.

Kalahi-CIDSS primarily serves poor, geographically isolated, and disadvantaged areas, where communities may have limited access to basic services and opportunities. By giving residents a direct role in decision-making, the program strengthens local ownership and accountability in addressing development concerns.

The same commitment is reflected in the DSWD’s new modality, the Panahon ng Pagkilos: Philippine Community Resilience Project. The proportion of IPs in a municipality’s population is among the criteria used to select the project’s 500 beneficiary towns.

The criterion recognized how IP communities’ culture, traditions, practices, and experiences can help strengthen local resilience and advance community development.

‘Our goal is to work with all vulnerable sectors, including the IPs, respect what they bring to the table, and make sure that social protection and development interventions are responsive to their actual needs,’ she said.

The DSWD renewed its commitment to IP empowerment following the observance of National Indigenous Peoples Day and the International Day of the World’s Indigenous Peoples on August 9.

National Indigenous Peoples Day is observed annually pursuant to Republic Act 10689, or the Act Declaring August 9 as National Indigenous Peoples Day and Mandating the Meaningful Observance Thereof.

The national observance supports the International Day of the World’s Indigenous Peoples, established by the United Nations General Assembly to promote awareness of the rights, needs, and contributions of Indigenous Peoples around the world.

‘Our commemoration of National Indigenous Peoples Day is not only about celebrating the culture and traditions of our IPs. It is also a reminder that we must recognize their rights, their knowledge, and their important role in shaping their communities,’ Mapue-Joaquin said.

FOLLOWING the economy’s dismal second quarter performance, Pantheon Macroeconomics slashed its 2026 growth forecast for the Philippines to below 3 percent as it expects recovery to remain subdued.

Pantheon Macroeconomics on Monday cut its growth forecast for this year to 2.8 percent from a previous 4 percent outlook. For 2027, it now expects the country’s gross domestic product (GDP) to grow by 4 percent, down from its previous forecast of 5 percent.

If the think tank’s forecasts hold, this would mean the Marcos administration would once again miss its recalibrated GDP targets of 3.5 to 4.5 percent and 5 to 6 percent for 2026 and 2027, respectively.

The potential misses would extend a three-year streak in which economic growth has fallen short of the government’s targets, despite successive downward revisions to its growth assumptions.

‘Nonetheless we have reduced our 2026 [and 2027] growth forecast…as the recovery looks set to be even more lackluster than we previously estimated,’ the think tank said.

Pantheon Macroeconomics said the sharp contraction in fixed investment was the main reason behind the weak second-quarter performance, with capital spending falling 7.9 percent quarter-on-quarter to its lowest level in three and a half years.

Construction investment dropped 9.6 percent, while durable-equipment capital expenditure fell by 6.3 percent for a fourth straight quarter.

‘Any bounce from the Q2 contraction is likely to be minor, with industry and construction still operating at below-average capacity and, unsurprisingly, surveyed expansion plans remaining depressed amid plummeting business confidence and flat-at-best market sentiment,’ the research firm said.

It also tempered expectations of a quick recovery in government infrastructure spending, noting that the slump in projects had already begun before the establishment of the Independent Commission for Infrastructure (ICI).

At the same time, the firm noted that the government may have limited fiscal room to ramp up spending as weaker economic activity weighs on revenues.

Quarterly government spending growth slowed to 1.6 percent from 6.5 percent, while the rolling annual budget deficit widened to 5.5 percent of GDP in the second quarter from 5.2 percent, the think tank said.

Household consumption, the main driver of the country’s economic growth, may likewise remain subdued as families continue rebuilding savings depleted during the pandemic and the subsequent cost-of-living crisis.

Pantheon Macroeconomics noted that household consumption growth has slowed from around 5 percent through mid-2025 to roughly 3 percent recently, settling at 2.8 percent in the second quarter.

Meanwhile, gross household savings more than doubled to P973 billion in 2025 from P400 billion in 2024, raising the savings share of total income use to 3.8 percent from 1.7 percent, its highest level in more than a decade.

The firm, however, said the savings rebuild remains incomplete. Households accumulated P1.642 trillion in dis-savings between 2020 and 2022, of which only about 87 percent has been rebuilt since 2023.

‘The savings rebuild isn’t quite complete, though, so we expect to see consumption growth remaining subpar, at least until mid-2027,’ Pantheon Macroeconomics said.

It also noted that the recent inflation shock has further weighed on household sentiment, with the share of consumers planning to purchase big-ticket items over the next year falling to 3.6 percent in the second quarter from 6.4 percent in the first quarter, matching its pandemic-era low.

‘The only silver lining is that the worst of the inflation pinch likely is in the rear-view mirror, which should, at the very least, help to catalyze a turnaround in extremely depressed consumer confidence,’ it said.

The firm also said that while the unemployment rate has eased, employment remains barely higher than a year earlier, while fewer firms plan to expand their workforce.

AGRICULTURAL damage and losses caused by Tropical Cyclones Luis and Maymay and the enhanced Southwest Monsoon (Habagat) have climbed to P135.3 million, according to the Department of Agriculture (DA).

The weather disturbances affected 6,010 farmers and damaged 4,516 hectares of farmland in the Ilocos Region, Central Luzon, Calabarzon, Mimaropa and Western Visayas.

Production losses were estimated at 4,465 metric tons, covering rice, corn, high-value crops and livestock.

Agricultural infrastructure, machinery and equipment also sustained damage, the DA said.

The damage estimate could still increase as field assessment and validation continue in affected areas.

Agriculture Secretary Francisco P. Tiu Laurel Jr. ordered DA units to expedite assistance to farmers, particularly the processing of insurance claims and access to credit.

‘We need our people on the ground to move quickly so affected farmers can get the assistance they need, especially insurance claims and credit support,’ Tiu Laurel said.

‘The faster we process these, the faster farmers can recover and get back to production,’ he added.

The DA has prepared P106.5 million worth of agricultural inputs, including rice, corn and vegetable seeds, for distribution through its regional field offices.

Affected farmers may also avail themselves of loans of up to P25,000 under the Agricultural Credit Policy Council’s Survival and Recovery Loan Program, payable over three years at zero interest.

Insured farmers, meanwhile, may receive indemnification from the Philippine Crop Insurance Corp., while the DA coordinates funding for insurance and credit assistance.

DA regional offices are also coordinating with local government units, disaster risk reduction councils and other agencies while monitoring agricultural prices and the movement of commodities in affected areas.