Category: Business Mirror

Filipino consumers remain broadly optimistic about their financial future, but rising living costs are increasingly reshaping how households spend, save and borrow, according to a study of TransUnion Information Solutions Inc.

In its Consumer Pulse Study for second quarter, it said that although there were expectations of finances will continue to improve by next year, this is tempered by the current higher consumer prices and ongoing uncertainty surrounding the broader economic environment.

‘Households responded by reducing discretionary spending, postponing

large purchases and becoming more selective about recurring expenses. At the same time, a growing proportion expected higher bills and loan obligations, suggesting affordability pressures remain elevated despite resilient income expectations and improving confidence in job security,’ the study said.

Concerns about a recession and rising interest rates also increased to 44 percent from 40 percent last year, while concern over job availability and security eased to 54 percent from 59 percent, suggesting employment conditions remain relatively stable despite broader economic uncertainty.

Demand for credit remained strong, it said, mainly for personal loans and credit cards.

Mortgage demand, meanwhile, has softened amid affordability challenges.

‘However, barriers to financial inclusion persist, with many consumers abandoning credit applications due to high borrowing costs, perceived eligibility concerns and lengthy approval processes,’ it said.

TransUnion said these findings highlight ongoing opportunities for lenders to expand access through more inclusive underwriting, streamlined application experience, greater use of alternative data and more tailored product offerings.

It said 48 percent of consumers indicated they plan to apply for new or refinance existing credit, down from 51 percent last year.

Personal loans remained the most sought-after product, with application intent rising to 52 percent from 45 percent, while demand for credit cards increased to 35 percent from 31 percent.

In contrast, planned applications for mortgages declined to 12 percent from 17 percent, reflecting continued affordability pressures and higher borrowing costs.

MALACAÑANG said the fifth State of the Nation Address (SONA) of President Ferdinand Marcos Jr. will still be ‘dignified’ despite lacking the pomp of previous editions of the event with less celebrities involved in its conduct.

In a press briefing on Monday, Palace Press Officer Claire Castro said no celebrity director will be tapped to handle the Sona on 27 July 2026 at the Batasang Pambansa Complex in Quezon City.

There will also be no ‘A-listers’ who will perform.

‘So, the conduct of a national event like the Sona will be simple yet dignified,’ Castro said.

The first Sona of Marcos was directed by filmmaker Paul Soriano. Last year, The Voice USA Season 26 champion Sofronio Vasquez, sang the national anthem in the fourth Sona of the President.

Castro said the chief executive has someone in mind to lead in the singing of the national anthem, and she will identify this singer once she gets Marcos’s permission to do so.

Last month, the House of Representatives said next week’s Sona will be ‘simple’ since there will be no red carpet or long gowns. It also encouraged guests to wear simple but dignified clothing.

Government accomplishments

Asked about the criticism by BAYAN President Renato Reyes Jr. on the apparent rush of the Marcos administration to come out with accomplishments to report in his Sona as well as its selective justice, Castro slammed the critics for choosing to be ‘blind’ to government’s achievements.

The Presidential Communications Office (PCO) undersecretary has implemented measures to address the plight of Filipinos affected by earthquakes and typhoons, which affected parts of the country as well as the Middle East crisis.

However, she said Bayan appears to choose to wear ‘blinders’ when they deliberately disregard the efforts of the Marcos administration.

‘So, let us not resort to that; instead, we should broaden our perspective, open our eyes, and open our ears [to]-what exactly the President has accomplished,’ Castro said in Filipino.

She cited the reduction in crime incidents, by 17 percent from 9,506 from January to April to 7,883 from April 6 to July 4.

Despite such decline, Castro said Marcos recognizes the need to continue the campaign against crime, including the killing of the noted American marine biologist Kent Carpenter in Negros Occidental and pro-Marcos political vlogger Alicia Lipata, also known as ‘Mima Alicia,’ in Caloocan City.

‘The government does not condone the occurrence of such crimes. That is why the PNP [Philippine National Police] is intensifying its efforts to fulfill its mandate of ensuring safer communities and enabling faster responses to such incidents,’ Castro said.

Enchanted Kingdom, the first and only world-class theme park in the Philippines, is set to make the entire month magical as it announces the spectacular lineup of enchanting gifts from its iconic Storyverse character, Eldar the Wizard, in celebration of his birthday this July.

Kicking off its Love Saribuhay campaign this quarter, EK is showering guests with magical treats both inside and outside the Park as it counts down to Eldar’s Birthday Bash on July 25 at the Spaceport Grounds. The highly anticipated celebration, which coincides with the soft opening of the Park over 30 years ago, will feature enchanting parades, shows, games, appearances, giveaways, and other surprises perfect for guests of all ages.

Eldar the Wizard has been the heart of EK’s vibrant Storyverse and has brought magic, wisdom, and inspiration to generations of Filipinos for the past three decades. He embodies EK’s core values and inspires everyone to embrace love of God, respect, loyalty, integrity, and innovation.

Ahead of his grand birthday celebration, the beloved wizard is currently extending the magic and fun of the festivities beyond the park through Eldar’s Birthday Bash Community Outreach Program. As part of this initiative, Eldar heads to selected foundations and orphanages in Laguna to share enchanting treats, special performances, and memorable experiences with the beneficiaries.

EK will launch its newest seasonal show featuring all of the Storyverse characters in a surprise dance party, as they give back to Eldar the magic and joy he has shared with the kingdom and the Filipino people over the years.

Guests can also savor his special food selections, including the family feast bundle of Eldar’s Meal exclusively offered at Amazon Grill and LaunchTime restaurants. Alternatively, everyone can try the meal’s chicken inasal, which is available for solo orders at Snaptooth Snack Station, Parkside, and Diggers Treat. Tropical Coolers’ standout drink, Eldar’s Purple Brew, will also remain available as a refreshing grab-and-go treat to enjoy while exploring the Park.

EK has also introduced its latest addition to its lineup of Eldar merchandise, adding everyday items such as pillows, purses, and bags in a variety of kinds and styles.

Meanwhile, the photo outlet in Rialto 4D and Eldar’s Photo Hub in Victoria Park have rolled out its new Face Recognition feature, allowing parkgoers to easily access all their photos in one place.

In-park tenant partners are also taking part in the festivities, with Dairy Queen becoming the first to announce its offerings, including the exclusive in-park Eldar’s Hat Dilly Bar and the Purple Yam Blizzard as the Blizzard of the Month.

As the ultimate gift for Eldar’s big day, EK is bringing back its regular park hours of 11AM to 8PM every Friday to Sunday until August 30, before shifting to Thursdays to Sundays starting September 1.

Everyone can grab the chance to visit the Park on July 24 to 26 through Eldar’s Birthday Bundle, which includes one (1) Regular Day Pass, a mixture of free treats from various in-park retail and food outlets, and participation in seasonal in-park activities, all for Php 1,400 only. Plus, it offers reserved seating to Eldar’s Birthday Bash, exclusively guests visiting on July 25. Promo is available for walk-in purchase or through the EK Online Store until July 26 only.

LOCAL pump prices are on the rise this week, brought about by the heightened tensions in the Middle East.

Starting Tuesday, gasoline prices are expected to increase by P3.65 per liter, while diesel will be sold at P10.68 per liter more. Kerosene will shoot up by P11.77 per liter. The numbers were released by the Department of Energy (DOE) on Monday.

Oil companies implement weekly price adjustments to reflect movements in the world oil market. World oil prices are rising due to an elevated geopolitical risk premium following Iranian attacks in the Strait of Hormuz and subsequent US retaliatory strikes.

DOE Secretary Sharon Garin said the government is actively taking all legal measures to protect consumers from rising global oil prices caused by heightened tensions and renewed bombing in the Middle East.

While global supply chain disruptions cannot be controlled, domestic measures are actively working to ease the impact on consumers. ‘The DOE is on top of the situation…we can’t change the direction of the global market but we can act on how it reaches our people and there are measures already working to ease impact,’ Garin said during Monday’s news conference.

These include fuel subsidies for qualified jeepney and UV Express drivers, as well as other eligible beneficiaries. As of July 20, 2026, a total of 2,734 gasoline stations nationwide are participating in the government’s fuel subsidy program. Of these, 503 are located in the National Capital Region, 502 in North Luzon, 673 in Southern Luzon, 484 in Visayas, and 550 in Mindanao.

‘This program offers a discount of P10 per liter on fuel purchased weekly for each jeepney. They have an allowance of 1,500 liters; so, if they consume that full amount within the week, the allocation resets the following week, and the P10-per-liter discount applies again,’ Garin explained.

Crucially, the country’s fuel supply and inventories remain completely adequate and sufficient. DOE data showed that gasoline supply will last 43 days; diesel, 45 days; kerosene, 139 days; jet fuel, 82 days; fuel oil, 28 days; and LPG, 34 days.

‘Let me assure the public on the point that matters most. Our fuel supply is sufficient. Inventories remain adequate. Filipinos can go about their normal routines and operations with confidence….We are still above our legally required 30 days,’ said Garin.

The renewed tensions in the Middle East will not prompt the government to place fuel orders yet. ‘Maybe not yet, but we are constantly monitoring if the need will arise,’ said DOE Undersecretary Alessandro Sales.

Asked for an update on the planned strategic petroleum reserves (SPR) with the Maharlika Investment Corp. (MIC) and the Philippine National Oil Company (PNO), Sales said ‘It is progressing.’

‘Also, all elements to start the storage tanks are there. In fact, there are interested entities, both public and private entities, who want to participate. So, this initiative is ongoing, and we are going to moving forward with it,’ said Sales.

The P5-billion SPR is eyeing two properties in Luzon and Mindanao as potential sites, with each of the sites handling 15 million barrels of fuel.

In addition to the fuel subsidy program, the DOE is strongly urging oil companies to stagger their price adjustments. At the same time, it cited efforts of oil firms to help ease the burden on motorists by absorbing some of the costs.

Garin explained that the DOE prescribes oil prices based on replacement costs, having encouraged oil companies to fill their tanks during peak prices in April and May. Because market prices have since dropped, these companies are currently selling their inventory at a loss. While actual retail prices remain much higher than the government-prescribed rates, the DOE has no legal mandate to enforce staggered price increases. Instead, the government relies on voluntary cooperation from oil companies to stagger price hikes and ease the financial burden on consumers.

‘So now, four weeks or three weeks have passed, the price has dropped, so they were actually selling it at a loss. But because that’s how it works, you know. That’s how your business is. There are times when you make a profit, there are times when you make a loss.

‘So, when we go to the staggering prices,it’s not in the mandate of DOE. This is actually an ask from DOE or the government to the oil companies: that we are in this together, help us, so that the burden on the people is not excessive, if they can stagger their prices. So, this is, in fact, voluntary on their part,’ said the energy chief.

The DOE is awaiting a report from oil firms on possible staggered price hikes for the week.

AS the concluding chapter of its 25th anniversary program series Archive for All: Growing with Communities, Asia Art Archive (AAA) presents Part II of the exhibition At 25: Artists’ Early Worlds. Building on the guiding question ‘What were you doing at 25?,’ this exhibition features artists Salima Hashmi (b. 1942), Holly Lee (1953-2024), Bahc Yiso (1957-2004), and Raqs Media Collective (formed in 1992). The exhibition presents their early life trajectories and art practices through rare archival materials and two newly commissioned artworks.

The exhibition opens at AAA’s library on July 24, 2026 and runs until October 31. The opening reception and curator-led tour will be held on July 24 at 6 pm.

At 25: Artists’ Early Worlds 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.

The exhibition brings together rare archival materials, organized and gathered from the artists, their families, and various institutions, alongside early works, to recreate the artists’ intimate worlds at the age of 25. As such, Part II also highlights how artistic practices often extend beyond artmaking into areas such as education, writing, and advocacy.

The exhibition shapes a multi-layered vision of art history that includes broader sociocultural contexts, as well as emotional personal recollections, and stories of the departed told by loved ones.

The display is complemented by two new commissions born from the interplay between historical reflection and artistic inquiry: While Salima Hashmi reflects on the fragility of memory, Raqs Media Collective revisits an unrealised project.

An opening reception and curator-led tour will be held on July 24, 2026, 6 pm, at AAA’s library.

Jeebesh Bagchi of Raqs Media Collective will be in attendance. Bagchi will lead a guided tour, original film footage showcase, and a conversation on July 25 at 2 pm. Both events are free and open to the public with registration.

Archive for All: Growing with Communities is supported by the Hong Kong Arts Development Council, as well as Mimi Brown and Alp Erçil and Wendy Lee and Stephen Li.

Most Philippine employers are more focused on retention and retooling initiatives as they are not interested in expanding their current workforce, according to a survey by global advisory and broking firm WTW.

In its latest report, WTW said that beyond salary budgets, domestic firms have trained their sights on workforce stability as they navigate an uncertain business environment.

The report showed that 71.9 percent of businesses surveyed intend to maintain their current headcount levels over the next 12 months, while 17.5 percent expect to increase headcount and 10.5 percent anticipate workforce reductions.

WTW also said compensation planning continues to be shaped by factors, such as inflation, business performance and labor market dynamics.

As such, companies are looking beyond broad-based salary increases and are leveraging a wider mix of reward strategies to attract and retain talent while managing costs effectively.

‘In the Philippines, employers are taking a more deliberate approach to compensation planning as they manage rising business costs while staying competitive for critical talent,’ WTW Philippines Rewards Data Intelligence Practice Leader Chantal Querubin said.

‘While salary increases have moderated slightly, the market remains resilient, and organizations are increasingly using data-led reward strategies to target pay investments where they will have the greatest impact on retention, skills and performance.’

The WTW said domestic companies project a moderate salary increase of 5.1 percent in 2027, slightly higher than the actual increase of 5 percent in 2026.

This reflects a balance between the need to remain competitive for talent and ongoing cost management considerations, it added.

Meanwhile, WTW said the more targeted approach to talent and rewards is also reflected in salary administration.

Citing its 2025 WTW Total Compensation Survey report on General Industry, the firm said median annual base salaries by employee category and years of service show that pay does not always rise in line with tenure. In some employee groups, those with one to two years of service have similar, and in some cases higher, median pay than employees with six to eight years of service.

Clearer pay differences tend to appear only among employees with nine or more years of tenure, particularly in sales roles, it added.

‘With compensation budgets remaining constrained, organizations have limited ability to differentiate broadly across the workforce,’ WTW Philippines Work and Rewards Senior Director Patrick Marquina said.

‘As a result, pay investments are increasingly being concentrated on critical roles and key talent segments, while compensation decisions for the wider employee population become more standardized.’

Driven by its goal to explore cinema as a mirror to the realities shaping the Filipino experience, the 2026 Cinemalaya Philippine Independent Film Festival offers distinct yet interconnected reflections on identity, family, memory, justice, love, resilience, and the complexities of contemporary life. For the past two decades and more, the highly anticipated fete discovers, encourages and supports the cinematic works of both upcoming and veteran Filipino filmmakers who boldly articulate and freely interpret the Filipino experience with fresh insight and artistic integrity.

Dubbed Cinemalaya 22: Reel Reflections, this year’s edition features a lineup of meticulously selected works which embody the ever-evolving landscape of Philippine cinema. Through stories rooted in authenticity and artistic visions, it reaffirms the transformative power of independent films to deepen our understanding of ourselves and of one another.

Out of 199 submissions of full-length scripts, nine emerged as finalists-three of which were created by talents from the De La Salle-College of Saint Benilde School of New Media Arts.

In Status: Rejected, Benilde Film alumnus Vahn Leinard Pascual introduces Biring, a 69-year-old widow whose longing for love and the promise of a better life sweeps her into an online romance. In her rediscovery of connection and visibility, the margin between dream and delusion blurs, challenging her sense of worth, family and how far she will go to belong.

In A.ni.mál, filmmaker, playwright, and Benilde Film educator Dustin Celestino transports viewers into a provincial Philippine town, where Lily, the mayor’s naïve daughter, comes home with a compromising video of the governor abusing his dog. As the mayor scrambles to protect his longtime ally and shields him from the scandal, tensions rise within his own household.

Benilde Multimedia Arts alum Iar Arondaing, likewise, rendered his skill in co-writing the screenplay, together with director David Corpuz, in Tayo Lang Ang Nakakaalam (Only We Know). It shares the story of Neil and Bong, long-time partners who share a close bond with Bong’s mother, Gloria. Their lives are upended when Bong suddenly falls ill, and his estranged father, Benjie, comes home to reconnect with the family. The short film category received a total of 278 submissions. Among the 10 finalists was The River Flows in Different Places, directed by cultural worker, film advocate, and Benilde Film faculty Lot-lot Hermosura.

It recounts the harrowing repatriation journey of two Filipino-Palestinian mothers, Net and Maha. After being forced to flee Gaza, they attempt to recreate the concept of home in the Philippines-a land both foreign and familiar.

Cinemalaya 2026 will run from Thursday, August 6 to Tuesday, August 18, 2026 at the Red Carpet Cinemas of Shangri-La Plaza in Mandaluyong. It will likewise be on view at Gateway Cineplex and selected Ayala Malls.

THE Department of Foreign Affairs (DFA) announced on Saturday that four Philippine-registered vessels have safely exited the Strait of Hormuz, a critical maritime chokepoint at the center of the escalating US-Iran conflict.

The vessels-MV Lyng Trader, MV Western Doncaster, MV Vivian Trader, and MV Eva Fuji-departed the strait between June 24 and July 1. All 81 Filipino seafarers aboard were reported safe.

‘Most have resumed their regular seafaring duties, while others have taken the opportunity to return home to their families,’ the DFA said.

Latest vessel movements

MV Lyng Trader (oil/chemical tanker): After a port call in the UAE, now en route to Singapore.

MV Western Doncaster (general cargo): Anchored near Dar es Salaam, Tanzania.

MV Vivian Trader (bulk carrier): From UAE to Colombo, now bound for Portland, Australia.

MV Eva Fuji (chemical/oil tanker): Called at Bahrain and UAE in June, crossed the Singapore Strait, currently en route to Zhoushan, China.

International evacuation efforts

The DFA earlier petitioned Iran for safe passage of Philippine ships following the outbreak of conflict on February 28, 2026. The United Nations and the International Maritime Organization (IMO) facilitated the evacuation framework that has so far enabled the safe transit of 136 vessels and about 2,900 seafarers.

‘The Department recognizes the critical role of the United Nations and the International Maritime Organization in safeguarding civilian shipping and seafarers, and in establishing the evacuation framework,’ the DFA said.

Pinoy seafarers still at risk

Evacuation operations were suspended after the lapse of the temporary US-Iran ceasefire, leaving some Filipino crew stranded in the Gulf. Since late February, seven Filipino seafarers have been injured and one remains missing following drone and missile strikes in the strait.

About 3,000 Filipino crew aboard 400 vessels remain trapped in volatile waters, while more than 3,718 have successfully moved to safer shipping lanes, according to the Department of Migrant Workers.

The DFA said it continues to monitor developments and is committed to ensuring the safety and eventual repatriation of all affected seafarers.

The chief of the Energy Regulatory Commission (ERC) is joining the Titktok craze.

ERC Chairman Francis Saturnino Juan said establishing his presence on TikTok is ‘essential’ for connecting with the younger demographic. The agency’s announcements-particularly those involving power rates-could have a better reach especially among the youth, he added.

‘I should create a TikTok account because that is where I can connect with the younger generation. While I use Facebook and Instagram from time to time, I have been told that TikTok offers higher engagement with youth.

We must look into this because we cannot regulate something we do not understand,’ the ERC chief said on the sidelines of the inauguration of the MTerra Solar project last week.

Juan currently has 2,800 followers on Facebook and 289 on Instagram.

He assumed the post of chairman and CEO of the ERC on August 11, 2025. During this 11-month stint, the seasoned energy expert initiated structural reforms to address longstanding industry concerns, facilitated the unclogging of the ERC docket, and implemented decisive regulatory actions that targeted a specific, named bottleneck.

The ERC reported significant 11-month gains, including over 232,000 kilowatts of connected clean energy, 6,986 issued licenses, and P21.3 billion in facilitated authorizations.

The agency said it implemented a ‘structural shift’ that drastically increased approval speeds for power supply and capital expenditure projects compared to previous periods, while launching ‘The Next Watt’ agenda for continued regulatory modernization.

‘We call our forward agenda ‘The Next Watt.’ It is a simple idea: every additional unit of electricity this country generates, moves, and delivers should be produced under rules that are more responsive, more transparent, and more forward-looking than the ones that came before it.

We are not finished. The backlog is not zero. The digital transformation is not complete. But the direction is set, and the evidence is on the record,’ said Juan.

ABC Energy Inc., an energy subsidiary of A Brown Company Inc., has completed its acquisition of a 40-percent stake in Alternergy Tanay Wind Corp. (ATWC) and Alabat Wind Power Corp. (AWPC) for P2.3 billion.

ATWC and AWPC are subsidiaries of Alternergy Holdings Corp., which will retain a 60-percent majority interest in the two firms.

The deal was closed on Monday after A Brown decided to complete the purchase ahead of the commercial operations of both projects.

The deal, which was cleared by the Philippine Competition Commission last March, was executed through a combination of subscription and purchase of shares in ATWC and AWPC.

The 128-megawatt (MW) Tanay wind power project in Rizal is now 89 percent complete and is in the final stages of commissioning, with commercial operations expected to begin in October. Meanwhile, the 64-MW Alabat wind power project in Quezon has reached 83 percent completion and continues to progress toward commercial operations.

The Tanay and Alabat projects are the first among those awarded under the Department of Energy’s Green Energy Auction Program II (GEAP II) to reach advanced stages of development. Once operational, both projects are expected to contribute significantly to the country’s renewable energy targets and energy security agenda.

AlphaPrimus Advisers and Astris Finance were named joint financial advisors to Alternergy, Mabuhay Capital as financial advisor to ABC Energy.

‘We are delighted to complete this landmark transaction and welcome A Brown as a

strategic partner,’ said Gerry Magbanua, president of Alternergy Holdings Corp. ‘Their decision to complete the investment ahead of commercial operations of both projects underscores their confidence in Alternergy’s renewable energy platform and long term growth strategy.’

Alternergy said the P2.3-billion investment demonstrates its ability to attract strategic partners and supports the company’s capital recycling strategy as it accelerates the expansion of its renewable energy portfolio across the Philippines, including wind, solar, run-of-river hydro, and battery energy storage systems.

Last March, Alternergy announced that its board approved the filing of a 5-year shelf registration of up to P5 billion for the future public offering of its green perpetual preferred shares.

Magbanua said a shelf registration will provide flexibility in future capital raising. In a nutshell, a shelf registration allows a company to sell securities over a future period, without separate registration for each offering, when market conditions are favorable.