Category: Business Mirror

The Ladies Philippine Golf Tour’s top guns look to take center stage at Taichung International Golf Club as the Kenda Tires TLPGA Open gets underway on Wednesday, facing a strong cast of Taiwan LPGA Tour stars.

The 54-hole championship offering a prize pot of NT$4 million (around P7.9 million) marks another significant step in the LPGT’s growing presence on the international circuit, this being a co-sanctioned tournament with TLPGA, with 20 LPGT players set to challenge the hosts and other foreign contenders at the Taichung International Golf Club.

With the tournament moving to Taichung for the first time after previous TLPGA-LPGT co-sanctioned stops in other Taiwan cities, the LPGT delegation sees an opportunity to make an early impact and perhaps produce another overseas victory.

Leading the Philippine charge is two-leg LPGT winner Yvon Bisera, who starts with Taiwan standouts Ling Jie Chen and Chieh Ning Hung on No. 10.

Bisera, who captured the Thailand Ladies Masters last year for her first international title, believes the course’s combination of narrow fairways, uneven lies and undulating greens will reward precision more than power.

‘It’s so hot, just like in the Philippines,’ said Bisera, who played the course for the second time during Tuesday’s pro-am. ‘The course has a combination of hilly and flat features. Uneven lies, but the trickiest part is really the greens.’

The East and Center nines of the 27-hole layout will be used for the championship, with the sloping terrain and several narrow fairways putting premium on accurate driving and well-placed approaches.

Bisera found the greens particularly demanding but saw some encouragement in the relatively open layout. She also stressed the importance of finding the fairway, especially on the dogleg holes where a good drive can dramatically shorten the approach.

‘When you hit your tee shot perfectly, you’ll have a good chance to attack, especially on the dogleg holes,’ said Bisera.

She knows, however, that good ball-striking alone will not be enough. With temperatures expected to remain high throughout the week, endurance and proper hydration could become just as important as putting together three solid rounds.

‘I would do my best and give my all for this tournament,’ said Bisera, who will be hoping to add another international title to her growing résumé.

Fellow ICTSI-backed ace Mafy Singson likewise expects a demanding battle, starting with Chun Wei Wu and I-Wen Chen on the front nine.

Singson described the layout as relatively flat but said the small, heavily undulating greens could provide the biggest challenge.

‘The course is relatively flat, but the greens are a little hilly, very undulating and small,’ said Singson.

That makes approach shots and recovery play especially important, with players forced to think carefully about where to attack and where to miss.

‘I wouldn’t say it’s that difficult, but I wouldn’t say it’s that easy either,’ Singson said. ‘The greens are pretty tricky, and I think the approach shots will also be important.’

‘We’d have to do well around the greens and know where to miss.’

Singson also cautioned against wayward drives, with the thick rough likely to make recovery difficult.

‘The long game is important, of course-putting our drives in the fairway and not missing them because the rough is pretty thick,’ she said. ‘So it’s the long game, approach shots and mostly the short game.’

Like Bisera, Singson is keeping her focus on execution rather than expectations.

‘I hope to do well. Everyone wants to do well this week,’ she said. ‘I just plan to do my best and hopefully finish well.’

Princess Superal provides another major threat from the LPGT side, with the 2022 Asia-Pacific Cup champion opening against Thai ace Nook Sukapan and local standout Jo Hua Hung at on No. 1.

The contingent also includes Korean LPGT mainstays Jiwon Lee, Kim Seoyun and Eunhua Nam, each capable of making a strong run, while amateurs Isabella Tabanas and twins Mona and Lisa Sarines add youth and unpredictability to the Philippine side.

Also gunning for the title are Marvi Monsalve, Sarah Ababa, Harmie Constantino, Kayla Nocum, Lois Kaye Go, Chihiro Ikeda, Velinda Castil, Kristine Fleetwood, Rev Alcantara, Monica Mandario and Gretchen Villacencio.

MEASURES will be put in place to address the latest Chinese ramming incident that targeted a Bureau of Fisheries and Aquatic Resources (Bfar) vessel off Palawan on September 18, Defense Secretary Gilberto Teodoro Jr. said.

‘Definitely. This definitely needs to be addressed and we’ll be talking with the National Security Advisor and the National Maritime Council. Kasi unarmed vessel ito [Because this is an unarmed vessel], Bfar vessel, [and this (ramming) has] no rhyme, no reason,’ he said in an interview.

A China Coast Guard (CCG) ship hit the Bfar ship BRP Datu Magat Salamat (MMOV-3015) broadsides while the latter was carrying out a fuel subsidy mission for Filipino fishermen off Hasa-Hasa Shoal, West Philippine Sea.

‘It’s not merely a violation of maritime rules, but a criminal act by the CCG. So, we will be addressing that. I’m not going to talk about specifics now, but definitely our personnel are already developing options for addressing this,’ Teodoro said.

He said the Chinese action needs to be addressed as soon as possible since the incident took place in Philippine territory.

He added that if any of the Bfar personnel manning the ship were injured in the incident, that action by the CCG can also be considered as a criminal act.

Teodoro said Filipinos reportedly claiming that the CCG is right in ramming the BFAR ship are guilty of treason.

‘[That is] not acceptable, at katrayduran na sa Republika ng Pilipinas iyon [that is treachery against the Republic of the Philippines], plain and simple,’ he said.

The National Task Force for the West Philippine Sea (NTF-WPS) earlier condemned the incident, noting that is a serious breach of the 1972 Convention on the International Regulations for Preventing Collisions at Sea (Colregs), the United Nations Convention on the Law of the Sea (Unclos), and the 2016 Arbitral Award.

THE Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP) pledged financing to micro-sized, small-scale and medium-sized enterprises (MSMEs) seeking to be part of the multitrillion-dollar global halal industry.

A statement issued by the state-owned Islamic bank quoted CEO Amenah F. Pangandaman as saying they are still determining how much the lender can set aside for halal-related financing as it works with other government agencies to expand support for the industry.

Due to strict adherence to high-quality and health standards, more Muslims and non-Muslims are choosing halal products. The value of the global halal industry is expected to grow from its current estimate of $4 trillion to $10 trillion by 2030.

‘We should not miss the boat. There is so much room for growth-growth to show that halal is more than just a dietary restriction in observance of our faith. But it is an opportunity to push forward economic development alongside inclusivity,’ Pangandaman said.

Supply gap

THE Philippines’s continued reliance on imports, with more than $100-million worth of halal products having been brought into the country over the past few years, have created a supply gap, according to the AAIIBP chairman.

‘We have the demand to fill, we have our people to do the job, we have a huge market waiting for us, but without the capital-the financing-it will always be an arduous task to get out of that niche market concept attached to halal,’ Pangandaman added.

However, she noted that financing barriers, such as costs related to certification, facility and production upgrades, make it hard for MSMEs to enter the halal market.

‘Financing for our MSMEs must support the entire value chain. It is not enough that we provide their capital for production, as it is still a long journey as we move toward certification, logistics, scaling up and eventually exporting,’ Pangandaman said.

Expansion plans

BEYOND providing capital for MSMEs, the bank has entered into a memorandum of understanding with the Department of Trade and Industry to finance halal expansion, including facilities for halal slaughterhouses and accreditation fees.

The bank has also partnered with the Cooperative Development Authority to support the expansion of cooperatives involved in the halal sector.

Moreover, the AAIIBP and the National Commission on Muslim Filipinos has agreed to pursue a memorandum of understanding to support MSMEs and halal certifying organizations with Islamic financing.

‘There is no denying that halal certification, here and elsewhere, can be difficult, extensive and costly for MSMEs, but the returns for both consumers and businesses are also abundant,’ Pangandaman said. ‘As we work toward accessible and understandable certification, we must also put in mind that it should not become an unnecessary hurdle for our MSMEs.’

MSMEs consist 99.5 percent of the country’s business establishments, providing 63 percent of total employment and are the closest to local communities.

As stipulated in the Philippine Halal Industry Development Strategic Plan, the government aims to secure P230 billion in investments by 2028, double the number of halal-certified products and services to 6,000 and create 120,000 jobs.

Green developer Arthaland is taking its sustainable residential vision north with the opening of the Arthaland Gallery in Quezon City, featuring Liv, its newest residential development in the Katipunan area.

Designed as an immersive touchpoint for prospective homeowners, the gallery brings the project’s vision closer to the market, allowing visitors to experience firsthand how thoughtful design, sustainability and contemporary urban living come together in a community positioned within one of Quezon City’s established residential and education hubs.

Located at the corner of Rajah Matanda Street and Katipunan Avenue, the gallery is about 3 kilometers, or roughly Jive to 10 minutes, from the Liv project site.

‘The Arthaland Gallery experience was designed to give visitors a feel for Liv even before it is completed. They can see and experience the units and lifestyle we are creating at Liv as

Arthaland expands its presence in Quezon City,’ says Celeste Cariño, associate vice president for business planning and development, Arthaland.

The space includes a display area, a digital kiosk, a scale model of the development, a unit finishes area, and fully furnished studio and one-bedroom model units. It will also have a café operated by the local brand Switch Coffee, with an indoor space and an al fresco area open to the public.

The gallery was launched through a symbolic Tree of Life ceremony attended by the Arthaland project team and partners.

Cariño says the Tree of Life reflects the values behind Liv, including balance, harmony, unity, and the interconnectedness between people and nature.

During the ceremony, the representatives led by Cariño watered a plant to symbolize the nurturing of shared roots. The tree then lit up from its roots upward, formally opening the gallery. The Tree of Life will eventually be part of Liv’s podium design.

She describes Liv as a glue bringing together carefully crafted residences, study and work areas, wellness facilities, and social spaces to create a vertical community centered on connection, well-being, and sustainable living. The development builds on

She says Arthaland’s experience in the mid-market residential segment for sustainability, wellness, exceptional quality, and thoughtful design is geared to benefit more people.

Liv champions connectivity with development’s location, with dual access to Katipunan Avenue and Esteban Abada Street, Liv features a dedicated bridgeway connecting directly to Ateneo de Manila University’s Gate 1. It also has dual street access and is about a five- minute walk from LRT 2 Katipunan Station. Miriam College, the University of the Philippines, and a range of schools, commercial establishments, and lifestyle destinations are also within easy reach.

The 46-story Liv North will be the first of the two towers in the development, offering 748 residential units. Studio, One-bedroom, and Two-bedroom units range from approximately 24 to 70 square meters and are designed for investors, parents seeking homes for their children, and professionals seeking a well-connected address near leading educational institutions and key business districts.

The model units at Liv were designed by Hong Kong-based RGBA Design Ltd., which worked with Arthaland on interior architecture and hospitality design. Founded and led by Rowena Guevara Berroya, Cariño says RGBA brings more than two decades of experience across the Philippines and Asia, with a portfolio that includes collaborations with major hospitality groups. For Liv, Cariño says RGBA designed the interiors to make the most of compact urban spaces without making them feel restrictive, creating homes that are functional, flexible, and distinctly personal.

Cariño describes the 25-square-meter Studio model unit as envisioned for a young achiever who is beginning to build her future while expressing her own style. Instead of a conventional bed arrangement, the model unit features a custom bunk bed with a study area underneath, creating distinct spaces for rest, work, and creativity while keeping the living area open. Large operable windows bring fresh air and natural light into the unit, while the separate toilet and shower areas allow two routines to run simultaneously.

Adaptable layouts also allow the spaces to evolve as residents’ needs change, while biophilic elements bring a touch of nature into the home.The approximately 40-square-meter One-bedroom model unit takes a different approach, designed for a resident who has grown into their own identity and values independence, comfort and intentional choices. A private balcony extends the living space, while large operable windows bring in natural light and fresh air. The separate toilet and shower areas provide added privacy and convenience, particularly when entertaining guests.

Liv North is targeted for turnover in July 2031.

The Asian Development Bank Institute’s warning last week should serve as a wake-up call to our policymakers: the Philippines has entered the upper-middle-income tier at arguably the most challenging moment in modern economic history. With a GNI per capita of $4,850 finally pushing the country past the World Bank’s threshold, the congratulatory headlines have barely dried before ADBI Dean and CEO Bambang Brodjonegoro delivered an uncomfortable truth-getting from here to high-income status will be significantly harder than it was for the Asian Tigers that came before. (Read the BusinessMirror story-PHL told: Tap digital, service economy, September 17, 2026).

The numbers tell a story of both promise and peril. Our digital economy already contributes nearly 10 percent of GDP and employs over one in five workers. Services now dominate at 64.6 percent of economic output. These figures suggest the structural shift toward a knowledge-based economy is already underway. Yet the deceleration in services growth-from 6.9 percent to 4.5 percent-hints at the headwinds facing this transition.

What makes Brodjonegoro’s analysis particularly sobering is his historical framing. South Korea, Taiwan, Hong Kong, and Singapore didn’t just industrialize-they did so under a geopolitical umbrella that no longer exists. The Cold War created powerful incentives for Western economies to nurture Asian manufacturing hubs as strategic bulwarks. Export markets were opened, technology was transferred, and capital flowed freely to allies. Today’s fragmented world offers no such largesse. As Brodjonegoro bluntly stated, ‘There is no special interest from the bigger economy to help the middle-income Asia to be high-income.’

This is the new reality we must navigate: a multipolar world where the Philippines must compete not just on cost, but on capability. The manufacturing foundation that Brodjonegoro insists must be maintained is increasingly automated. The service economy that represents the path forward is being rapidly transformed by AI. The country finds itself in a race against time to upskill its workforce before algorithms render entire categories of BPO and back-office jobs obsolete.

The climate dimension adds another layer of difficulty. The country’s geography makes it particularly vulnerable to the intensifying typhoons and flooding that Brodjonegoro referenced. Every peso spent on disaster relief and reconstruction is a peso not invested in digital infrastructure or human capital. The ‘cost or effort’ of development has indeed become ‘much harder.’

Yet within this challenging landscape lies opportunity. The country possesses advantages that its predecessors did not: a young, English-speaking population, established strengths in business process outsourcing, and a diaspora that has built global networks and sends home billions in remittances. The digital economy’s 9.8 percent GDP share demonstrates that transformation is possible.

What the ADBI diplomatically frames as ‘tapping the digital and service economy’ is, in reality, a call for full-scale national mobilization. This means regulatory frameworks that encourage AI adoption, education systems that prioritize digital literacy and critical thinking over rote memorization, and infrastructure investment that connects the archipelago’s fragmented markets.

The middle-income trap should be understood not as an unavoidable economic phase, but as a consequence of policy missteps. Countries get stuck not because they reach a certain income level, but because they fail to evolve their economic models. The Philippines has crossed the threshold into upper-middle-income status. Whether it remains there for decades, like Latin American nations that stagnated, or pushes through to join the high-income club, will depend on decisions made today. The window for AI and digital transformation is closing fast. Hesitation is not an option.

MAJOR aviation and logistics companies drove a more than sixfold surge in investments approved by the Bases Conversion and Development Authority (BCDA) in the first half of 2026.

Latest data showed that BCDA-approved investments reached P49.96 billion during the period, up 535 percent from P7.87 billion in the same period last year. The commitments are expected to generate about 4,210 jobs.

The aviation sector alone accounted for P33.91 billion, or nearly 68 percent of the total, making it the largest contributor to the investment increase.

The latest commitments included Lufthansa Technik Philippines’ development of a new widebody aircraft maintenance facility in Clark, along with continued expansion by Federal Express Corporation (FedEx) and United Parcel Service (UPS) International.

The projects cover aircraft maintenance, repair and overhaul (MRO), cargo and logistics and other aviation-related activities, adding capacity around Clark International Airport and strengthening its links to domestic and international markets.

‘Global companies are making larger and longer-term commitments to the Philippines because they see the potential to serve both the domestic market and the wider Asia-Pacific region from here,’ BCDA President and Chief Executive Officer Joshua M. Bingcang said.

Clark’s location in Central Luzon provides aviation and logistics operators with access to the region, Metro Manila and other domestic markets.

Other sectors also posted investments during the period. The residential sector accounted for P5.9 billion in approved investments, while government and sports projects contributed P500 million and hospitality investments reached P30 million.

Agreements involved InfiniVAN, the Philippine Sports Commission, Sophia Real Estate Executives and Development Corp., Baguio Mountainscapes, Hann Philippines and ACWA Power Philippines, as well as a consortium of GTM Networks Asia and Volksbahn Technologies.

Furthermore, investment activity was concentrated primarily in BCDA’s major economic zones, including Clark and Camp John Hay in Baguio.

The investment commitments come as BCDA and its partners continue to develop infrastructure for the Luzon Economic Corridor, including airport capacity, connectivity and logistics facilities.

PDIC to sell Luzon assets

THE Philippine Deposit Insurance Corp. (PDIC) is set to offer for sale 76 properties based in Luzon through electronic public bidding (e-bidding) via the PDIC Assets for Sale site with bids accepted starting at 9:00 a.m. on October 21 until 1:00 p.m. on October 22, and the opening of bids at 2:00 p.m. on October 22, In a statement, the PDIC said headlining the portfolio are 14 residential properties in Laguna. The e-bidding will also offer a dozen vacant agricultural and five vacant residential properties in Palawan. Minimum bid prices start at P64,270.00, the statement read. Other assets to be sold are 19 vacant residential properties, 13 properties classified as residential with improvements, 6 vacant agricultural properties, 5 properties classified as mixed residential/agricultural, and 2 properties classified as agricultural with improvements.

BPI touts award

THE Bank of the Philippine Islands (BPI) announced it has been recognized as the country’s ‘Best Bank for SMEs’ by the Haymarket Media Group, the privately-owned media firm behind the ‘FinanceAsia Awards 2026.’ A statement by the lender read the award ‘[affirmed] its commitment to helping small and medium enterprises (SMEs) access financing, manage their businesses, and pursue growth.’ ‘The recognition highlights BPI’s continued efforts to be a trusted banking partner for Filipino entrepreneurs through tailored financial solutions, digital innovations, and initiatives that respond to the evolving needs of businesses,’ the statement further read.

Alexa Cruspero and Matthew Morris shone brightest in the Governor’s Cup Juniors Tennis Championships, sweeping two singles crowns and one doubles title each as the Group 2 tournament wrapped up on Sunday at the Capitol Tennis Courts in Siquijor.

After cruising through her first three matches, the top-seeded Cruspero had to dig deep into her arsenal to outlast Etha Seno, 6-4, 4-6, 6-4, in a gripping girls’ 16-and-under final.

Cruspero came through with timely shots and clutch returns in the decider to deny Seno and claim the 16-and-under crown. She then completed her singles double by beating doubles partner Mercy Pinili, 6-3, 6-2, in the 18-and-under final.

Morris matched Cruspero’s feat, ruling both the boys’ 16- and 18-and-under divisions before teaming up with Hazer Malicay to capture the 18-and-under doubles title.

Morris survived Xian Calagos, 7-6(2), 2-1(ret.), to take the 16-and-U crown, then produced a far more emphatic finish in the premier division, blanking doubles partner Malicay, 6-0, 6-0, for the 18-and-U title.

Cruspero and Morris later capped their respective three-title feats by joining Pinili and Malicay, respectively, in winning the 18-and-under doubles championships in the tournament presented by Dunlop and staged under the Palawan Pawnshop nationwide talent-search.

Their MVP performances highlighted a busy week of tennis in Siquijor, which hosted the Governor’s Cup for the first time through the initiative of Gov. Jake Villa. The province also staged the inaugural Governor’s Cup Open, where Eric Jay Tangub emerged champion.

The third-ranked Tangub stunned top seed JB Aguilar, 5-7, 6-4, 7-6(2), in the semifinals before defeating No. 2 Nilo Ledama, 6-3, 6-3, in the final to pocket the P50,000 championship purse in the event backed by Icon Golf and Sports and Palawan Group of Companies and sanctioned by Philta and Universal Tennis Rating.

In the other junior singles finals, Seno bounced back from her 16-and-U setback by dominating the 14-and-U division, drubbing Zhynaiah Gargaceran, 6-0, 6-1. Calagos likewise gained redemption by beating James Estrella for the boys’ 14-and-U crown.

Gargaceran took the girls’ 12-and-U title with a 6-0, 6-0 victory over Athena Lanterna, while Dale Diamante ruled the boys’ youngest division, beating Leonid Sigeda, 6-0, 6-3.

In the other doubles finals, Merylle Monte and Julienne Tampus defeated Rhonalyn Samson and Faith Banico, 8-1, for the girls’ 14-and-U crown, while Diamante and Estrella edged Prince Centino and Rothmuel Escobar, 8-5, in the boys’ 14-and-U final.

In the Legends division, Roy Tan defeated Wisley Estrella, 8-5, to win the singles 35 title, while Jun Carreon captured the singles 50 crown with an 8-2 victory over Kurt Kilat Sr.

CONSUMERS in the Visayas continue to face power insecurity, as the Department of Energy (DOE) on Monday admitted before the House of Representatives that it has no immediate solution to the region’s supply crisis and warned that possible Yellow and Red Alerts may return in October.

At the joint hearing of the House Committees on Energy, Visayas Development, and Legislative Franchises, energy officials were pressed to explain why the Visayas remains vulnerable despite being connected to the country’s interconnected power grid.

House Committee on Energy Chairman Jose Alvarez pointedly asked why the region continues to experience supply warnings despite available connections with Luzon and Mindanao.

‘Why are we still experiencing Red and Yellow Alerts? Why can’t Mindanao power plants supply the Visayas? Why can’t Luzon provide additional power?’ Alvarez asked.

Alvarez said the DOE has yet to present an immediate solution to address the recurring power shortages.

‘They do not have an immediate solution,’ Alvarez said.

DOE Undersecretary Mario Marasigan explained that the limited supply coming from Mindanao was due to the simultaneous outage of several major power plants. With these facilities unavailable, only around 50 megawatts of electricity can currently be transmitted to the Visayas.

Marasigan also pointed to the lack of sufficient conventional and baseload power sources in parts of the region, particularly Negros.

‘Negros has no baseload capacity except for one geothermal facility. Most of its supply comes from renewable sources, especially solar power. There are not enough conventional power plants,’ Marasigan said.

He added that the intermittent nature of some renewable energy sources can further tighten supply conditions, especially when other generation units experience unexpected shutdowns.

‘When a power plant goes offline, we already experience a shortage,’ Marasigan said.

The DOE official said the agency is working with generation companies to accelerate the return of unavailable power plants and stabilize the region’s electricity supply.

‘What is important is for the plants that are offline to return to operation as soon as possible,’ he said.

However, Marasigan warned that the Visayas power system remains at risk, with possible Yellow and Red Alerts still expected during the second and third weeks of October due to continuing supply constraints.

Meanwhile, Negros Occidental Rep. Javi Benitez called for greater accountability, saying consumers continue to pay for electricity reliability that they do not always receive.

‘The second most expensive electricity is the electricity you are charged for and never receive,’ Benitez said during the briefing.

Benitez’s House Resolution 1430 seeks to examine the cost, procurement, and actual delivery of ancillary services charged to Visayas consumers, as well as the status of generation, energy storage, and transmission projects affecting the region.

He stressed that the power crisis is not limited to one area but affects communities across the Visayas.

‘This is not one province complaining. This is the Visayas, standing in one line, asking one question,’ Benitez said.

Benitez said the inquiry is intended to determine what went wrong and ensure accountability.

‘It is not a witch hunt. It is an audit. We are not here to shame anyone; we are here to count,’ he said.

Lawmakers are seeking clearer answers on how to prevent repeated power disruptions and ensure a more reliable supply of electricity for consumers as the region faces possible shortages in the coming weeks.

THE Australian government has allocated an initial 5-year AUD45 million, or roughly P2 billion, grant to the Philippines to foster private sector growth and support key areas, including clean energy, infrastructure and inclusive economic development.

Assistant Minister for Foreign Affairs and Trade Matthew James Thistlethwaite said during a launch last Tuesday that Australia wants to help the Philippines realize its ‘enormous’ potential through its flagship economic initiative dubbed ‘Progress.’

The initiative, called ‘Promoting Growth, Resilience, Economic Stability and Sustainability,’ seeks to support the country through targeted reforms to boost investment and trade and improve the ease of doing business.

‘We see [Southeast Asia] as an economic powerhouse of the future and one that has great potential and opportunity to develop and improve the living standards of the Filipino people and Southeast Asians more broadly,’ Thistlethwaite said in a separate news briefing.

The initiative will concentrate on renewable energy development, including establishing a carbon market and developing the offshore wind industry, as well as infrastructure development and reducing red tape.

It also aims to provide equal economic opportunities for women, people with disabilities and marginalised groups, Thistlethwaite added.

While the Australian government has not disbursed funding to specific projects yet, it has begun the scoping phase and worked with various Philippine government departments to identify projects and determine whether they meet the program’s objectives and make economic sense.

The subsidiary arrangement for Progress has been signed by Finance Secretary Frederick D. Go and Australian Ambassador Marc Innes-Brown PSM last March. The funding is a grant, not a loan, so there is no repayment period or interest.

Speaking at the launch, Go said the grant is a ‘timely investment’ in the Philippines, reflecting Australia’s commitment and confidence in the country’s development priorities.

‘The Philippines has reached the threshold for the upper middle income classification, and our focus now is to attract even more high multiplier investment, build industries and create more and better jobs,’ Go said.

‘Growth must translate into opportunity. Progress can help by improving the investment environment and strengthening the government’s capacity to deliver reforms,’ he added.

Progress is part of Australia’s broader efforts to drive global economic growth. ‘Our government has developed a strategy for deeper engagement with Southeast Asia, and it’s our plan up to 2040 to expand trade, to increase investment and to enhance business,’ Thistlethwaite said.