BIZ BUZZ: With ‘The Boy’ gone, Smart Money 2.0 goes pfft

With the departure of telecom veteran Anastacio ‘Boy’ Martirez as chief operating officer of Smart Communications effective Oct. 21, there’s one platform that may no longer see the light of day.

We’re talking about the much-anticipated revival of e-wallet Smart Money, Martirez’s comeback pet project.

Since making Smart Money available for downloading via App Store and Google Play in December 2024 (a big launch had been originally planned then), the e-wallet has yet to go live to date. Everyone who downloaded the app are still on the ‘waitlist.’

With Martirez now out of the picture after only a year back in the saddle, Smart Money 2.0 has been orphaned.

This means that in the PLDT universe led by tycoon Manuel Pangilinan-who has said there could only be one of such fintech backed by the group-Maya wins by default.

Pangilinan previously said that while Smart Money and Maya could coexist, only one of them would remain standing.

Maya’s parent firm Maya Innovations remains PLDT’s fintech arm, albeit the telco giant’s stake in the latter has been diluted to a minority position.

And as earlier pointed out here, Maya’s business has evolved beyond the e-wallet model. It has become a bigger player in merchant acquisition than consumer-to-consumer payments. With a digital bank license, it has deposit-taking ability (ergo, access to low-cost funding). It has also become a credit card issuer, thus gaining access to a high-margin lending business.

Earlier, Pangilinan himself hailed Maya’s turnaround, estimating that profit may hit P1 billion this year.

If and when private equity KKR decides to exit Maya (wire reports suggest it’s considering to do so), Pangilinan’s group has a chance to vie for an additional stake in the fintech unicorn. -Doris Dumlao-Abadilla

CBTL dives into Maldives

Who doesn’t want a cup of coffee by the beach? And not just any other tourist destination: Maldives.

Six years after adding The Coffee Bean and Tea Leaf (CBTL) to its portfolio, homegrown Jollibee Group, led by tycoon Tony Tan Caktiong, has been able to expand the network of this international coffee chain to other parts of the world.

This time, a new CBTL has emerged along the beachfront of Hulhumale’s Central Park, seating up to 35 guests and offering signature ice blended drinks, specialty coffees, premium teas and meals.

‘The Maldives is a world-renowned destination, and we are excited to bring the [CBTL] experience to its shores,’ said Pepot Miñana, CEO of CBTL.

‘This opening is part of our vision in CBTL to become one of the top specialty coffee and tea chains in the world.’

CBTL boasts of its ‘meticulously selected’ beans from the top 1 percent sources of Arabica beans in the world, while it has also partnered with family-owned estates across Sri Lanka, China, Thailand and Japan for its tea offerings.

Heading to Maldives soon? There will be something familiar there, to say the least! -MEG J. ADONIS

Leviste builds war chest

Young business magnate Leandro Legarda Leviste is putting all his shares in SP New Energy Corp. (SPNEC) under his name . maybe a setup for smoother unloading?

SPNEC disclosed on Thursday that the businessman-turned-politician consolidated his shares via a P6.32-billion share transfer from his company, Solar Philippines Power Project Holdings, Inc.

Through a special block sale, Solar Philippines-a substantial stockholder of SPNEC, transferred its 10.83-billion common shares to the 32-year-old newbie lawmaker.

This move, however, has no material impact as it ‘did not change Mr. Leviste’s beneficial ownership in the company,’ according to SPNEC.

Just in June, Solar Philippines disclosed Leviste’s move to cut his stake in SPNEC and affiliates as he secured the post as Batangas 1st district representative. At that time, the firm said Leviste had sealed a fresh deal with Meralco PowerGen Corp. (MGEN) for the sale of 5.01 billion SPNEC shares for P6.26 billion.

The company said Leviste uses the money from the share sales for real estate investments and other businesses, with the profits funding his ‘philanthropic initiatives.’

MGEN, the power generation arm of Pangilinan-led Manila Electric Co., owns 53.7 percent in SPNEC through MGreen. Leviste, for his part, remains a significant minority shareholder.

SPNEC is set to position itself in the global market with its P200-billion solar facility in Luzon, designed to have 3,500 MW of total capacity and a massive 4,500 megawatt-hour battery energy storage system. -Lisbet K. Esmael INQ

Tanzanian Rotarians lead drive to raise awareness on polio vaccination

Dar es Salaam. Rotarians in Tanzania joined their counterparts across the world on Friday, October 24, 2025, in celebrating this year’s World Polio Day by highlighting the progress of a special vaccination campaign at Mwananyamala Regional Referral Hospital in Dar es Salaam.

World Polio Day was established by Rotary International (RI) to commemorate the birth of Jonas Salk, who led the first team to develop a vaccine against poliomyelitis. In line with the Rotarians’ goal of emphasising prevention rather than cure, the ten-week campaign, conducted by the Rotary Club of Mikocheni in collaboration with partner Rotaract Clubs, focused on creating awareness among mothers and caregivers.

Organisers said the initiative recognises that although Tanzania was officially declared polio-free in 2015, regional outbreaks still put the country at risk. “The war on polio is still on, and this is the time to intensify the fight so we can achieve total eradication,” said the President of the Rotary Club of Mikocheni, Mr Nasibu Mahinya.

He said that the campaign also seeks to educate mothers and caregivers about the myths surrounding polio vaccination. “We aim to ensure that people understand the vaccination does not make our mothers infertile or reduce the number of births,” he said.

According to Mr Mahinya, the initiative further emphasises that every child should receive the first polio vaccination within 72 hours of birth and complete all four doses within 14 weeks, as required. Rotaract Club of Bahari Youth President, Mr Sudi Kondo, shared similar sentiments.

“Throughout the campaign period, our goal has been to increase public awareness about polio and the importance of vaccination,” he said. National PolioPlus Coordinator from RI, Dr William Mwenge, noted that with no new polio cases reported in various countries for several years, governments in developing nations have shifted their focus to other major killer diseases.

“This is why Rotarians are important,” he said. “They come in to bridge the funding gap as governments direct their funds to other diseases.

” President of the Rotaract Club of Alpha, Dr Aniita Semfilinge, said the team had also used the campaign to respond to common questions about the cost and timing of polio vaccination. “We have managed to educate mothers that the vaccine is free, that the first dose must be administered within 72 hours after birth, and the fourth–also the last–within 14 weeks,” she said.

Also present at the event were the President of the Rotaract Club of Young Professionals, Ms Gloria Mwankenja; her KIUT counterpart, Ms Eunice Sylvestre; and Rotaract Club of Young Professionals member, Mr Falles John Tagaya. In total, the campaign, which began on August 16, 2025, reached 184 mothers.

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Tanzania’s beauty queens dominate the global stage

After a few quiet years, Tanzania’s beauty pageant scene is dazzling once again, and this time, the crowns are heavier, the stages grander, and the spotlight brighter on the global stage. From Miss Universe Tanzania to Miss Grand Tanzania and the revived Miss Tanzania competition, local queens are rewriting the country’s image and proving that Tanzanian beauty, confidence, and culture belong on the world stage.

Over the weekend, Miss Grand Tanzania 2025, Beatrice Alex Akyoo, made history by becoming the first Tanzanian to reach the Top 10 at the Miss Grand International pageant. The 25-year-old beauty queen from Dar es Salaam secured the fifth runner-up position at the grand finale held on October 18, 2025, in Bangkok, Thailand.

Competing against 77 contestants from around the world, Akyoo’s remarkable journey began when she was crowned Miss Grand Tanzania on August 16, 2025, in Dar es Salaam. Her performance at the international stage marked one of the country’s best international performances in years.

Her elegant confidence, signature smile, and Swahili poise earned her a devoted following among global fans. In a heartfelt message to her supporters, Akyoo expresses her gratitude, stating, “We made it to the Top Ten, and I couldn’t be more grateful.

” This achievement not only highlights her personal dedication but also represents an important turning point for Tanzania in the realm of international beauty pageants. The internet lit up with Tanzanian pride.

“So far, I have no debt with this girl, no complaints I’m more than proud to say Tanzania pageantry is going somewhere!” comments a fan in one of Miss Akyoo’s performance posts Another adds, “Who’s behind this young lady? Wow, she really knows how to make us proud.” It was beyond mere excitement, it was a national validation that Tanzania’s queens could compete shoulder to shoulder with the world’s best.

Meanwhile, Miss Earth Tanzania 2025, Amina Abdulkadri Jigge, embodies this shift perfectly. Before flying to the Philippines for the Miss Earth International competition, she was honoured with a spirited send-off celebration in Dar es Salaam, a swirl of music, fashion, and patriotism.

“Success starts with taking a bold step,” shares former Miss Earth 2008, Miriam Odemba, in her message to Amina. “You’ve already taken the bold step.

Now use that platform to show the world that Tanzania cares about the planet.” Known for her intelligence and environmental advocacy, Amina’s participation underscores how Tanzanian pageantry has expanded its purpose, from outer beauty to impact and intellect.

Similarly, Adelina David Mpinga, Miss Tourism Africa International Tanzania 2025, is representing the nation in Abuja, Nigeria, where she’s competing at the continental finals. Social media has been both a runway and a megaphone for this renaissance.

TikTok and Instagram have become virtual catwalks, where Tanzanian contestants showcase creative costumes, practise their speeches, and build international fan bases. “Every like, share, and retweet counts,” says pageant strategist Alice Mwenda.

“Fans are no longer passive spectators; they’re part of the journey, and that’s what’s fuelling this momentum.” .

Motorcyclist killed, passenger hurt in Rizal road crash

A motorcyclist was killed and his passenger injured early Friday after their motorcycle collided with a concrete barrier in Angono, Rizal province.

According to Police Region 4A, the incident occurred around 1:30 a.m. in Barangay San Roque. The rider, identified only as ‘Roel,’ lost control of the motorcycle, causing the vehicle to crash into the road barrier. His passenger, ‘Elizabeth,’ was also thrown from the motorcycle, and both riders sustained injuries.

Rescuers rushed them to the Rizal Provincial Hospital, where Roel was declared dead on arrival. Elizabeth’s condition remains unclear.

The police report did not specify whether the riders were wearing helmets, which is required under the Motorcycle Helmet Act of 2009

NMB Bank named among Africa’s leading 40 banks

Dar es Salaam. NMB Bank has been ranked among Africa’s top 40 banks by African Business Magazine, thanks to its strong capital base, solid profitability and substantial asset size.

According to the 2025 rankings, NMB also features among the top five banks in East Africa, reflecting its consistent growth and resilience. In a statement released yesterday the bank described the recognition as a testament to its position as one of Africa’s most dynamic and stable financial institutions–anchored on sound fundamentals, robust governance, and disciplined execution of its long-term growth strategy.

As of June 2025, NMB’s total assets had surpassed Sh14 trillion, supported by a strong capital base, ample liquidity, and a five-year average annual growth rate of over 30 percent in net profits. The lender maintained its status as Tanzania’s most profitable bank, recording Sh358.57 billion in net profit during the first half of 2025–a 14 percent increase from Sh314.17 billion in June 2024. Its return on equity remains among the highest in the region, signalling effective capital management and prudent operations.

NMB attributes its performance to the successful execution of its 20212025 Medium-Term Plan, which focuses on financial inclusion, digital transformation, operational efficiency, and sustainability. Currently, over 96 percent of all customer transactions occur outside physical branches, underscoring the impact of its digital strategy.

Beyond financial success, NMB continues to lead in responsible banking and sustainability. In 2021, it became the first bank in Africa to issue a Gender Bond–an initiative that underscored its commitment to inclusive finance and women’s economic empowerment.

The innovation earned NMB global recognition, including the Platinum Award for Sustainable Bond of the Year from the International Finance Corporation (IFC) and the Global SME Finance Forum. The bank has also received several international accolades, including Euromoney’s Africa’s Best for Sustainability award, Top Employer certification for workplace excellence, and the prestigious EDGE Certification for gender equality–becoming the first African bank to achieve this milestone.

Commenting on the achievement, NMB’s Managing Director and Chief Executive Officer, Ms Ruth Zaipuna (pictured), said the recognition represents the strength of our strategy, the resilience of our people, and the trust our customers place in us. “It is a proud moment for Tanzania and a reminder of our responsibility to continue building a world-class financial institution that delivers sustainable value for all stakeholders,” she said.

As the bank concludes its current strategic cycle and prepares for the next phase, Ms Zaipuna said its focus remains on sustainability, technology, and service excellence. In celebrating the continental recognition, NMB extended its gratitude to customers, employees, shareholders, partners and regulators, for their continued trust and support.

“We dedicate this achievement to every stakeholder who has walked this journey with us,” the bank said in a statement. “Together, we are not only building a bank but also transforming lives and shaping a stronger financial future for Tanzania and the region.

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HESLB allocates Sh426.5 billion in loans, grants to 135,000 Tanzania students

Arusha. The Higher Education Students’ Loans Board (HESLB) has disbursed loans and grants worth S26.5 billion to 135,240 higher education students across Tanzania for the 2025/2026 academic year, marking the first phase of the loans and Samia Scholarship allocation.

Speaking to journalists on October 24, 2025 HESLB Executive Director Dr Bill Kiwia said the funds form part of the government’s commitment to ensure that every eligible and needy student receives financial support to pursue their studies without economic barriers. He said the beneficiaries are those who submitted their applications between September 15 June and 15, 2025. “Out of the 135,240 students, a total of 40,952 undergraduate students and 5,342 diploma students have been allocated loans amounting to Sh152 billion,” said Dr Kiwia.

In addition, 615 beneficiaries of the Samia Scholarship have been awarded grants worth Sh3.3 billion, while 88,331 continuing students enrolled in various institutions across the country have been allocated loans totalling Sh271.2 billion. Dr Kiwia further stated that HESLB will continue releasing subsequent rounds of loans and grants as it receives admission confirmations for new students and academic results for continuing ones.

“We urge all applicants to check the progress of their applications through their SIPA accounts. This is the official platform for obtaining accurate updates while the evaluation and allocation processes are ongoing,” he emphasised.

According to Dr Kiwia, the government has set aside Sh916.7 billion for the 2025/2026 financial year to finance loans for 273,347 students, including 99,300 first-year students and 174,047 continuing students. He said this represents an increase from Sh787 billion issued in the previous year to support over 245,000 students.

“This increment demonstrates the government’s commitment to investing more in higher education as a pillar of national development. We want to see more young people achieving their dreams without financial obstacles,” he added.

Dr Kiwia also assured that the allocated funds will reach beneficiaries as soon as they report to their respective institutions on November 3, 2025 allowing them to commence their studies without delays. He commended loan beneficiaries who continue to repay their debts voluntarily, saying such compliance strengthens the board’s capacity to fund the next generation of students.

He revealed that the total matured loan portfolio currently stands at Sh2.7 trillion, of which Sh1.8 trillion–over 70 percent–has already been recovered. “On average, we collect more than Sh20 billion monthly, making Tanzania the leading country in Africa in student loan recovery performance,” he noted.

Meanwhile, HESLB’s Director of Loan Allocation and Issuance, Dr Peter Mmari, urged all applicants and the public to seek verified information only from the board’s official website and its social media pages under the name HESLB Tanzania to avoid misinformation from unofficial sources. He added that the institution will continue strengthening its digital systems to enhance transparency, efficiency, and speed in both loan disbursement and recovery.

“We remain a model institution in Africa in supporting youth access to higher education through transparent, equitable, and efficient systems. No qualified student will be left out, provided they meet the set criteria and follow the correct information channels,” he stressed.

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Dubai duel highlights busy PBA weekend

A jam-packed PBA Philippine Cup weekend features a compelling top-of-the-standings scenario and a marquee matchup in Dubai between two of the league’s biggest teams.

TNT, Magnolia, Converge, and NLEx-all tied at 2-1-face separate foes across a three-day stretch at Ynares Center in Antipolo beginning on Friday. That same day, Barangay Ginebra and San Miguel Beer head to the UAE for their Sunday clash at Coca-Cola Arena.

Both teams are coming off rough starts, making their overseas showdown a crucial opportunity to turn things around. Ginebra opened with a loss to Magnolia, bounced back against TNT, but fell to Meralco after blowing a 15-point lead. San Miguel, meanwhile, snapped a 0-2 start with a 111-93 win over Rain or Shine.

Back home, TNT faces Titan Ultra, which may get Calvin Abueva back from injury. Magnolia meets Terrafirma on Saturday, where Jerom Lastimosa aims to bounce back after being blamed for a missed game-winner against Meralco.

Converge battles Phoenix, with Juan Gomez de Liaño entering that match having posted two triple-doubles in his first three games as a PBA rookie. The FiberXers won both games and their newfound depth means they don’t have to fully rely on a stat-stuffing Gomez de Liaño to carry them.

NLEx, on the other hand, is in for a difficult battle against Meralco, which resumes its domestic campaign after an 81-72 loss to the Ryukyu Golden Kings in Okinawa, Japan to begin its East Asia Super League debut.

Blackwater and Rain or Shine-both at 1-1-open Friday’s double-header at 5 p.m. The rest of the field sits at 1-2: Ginebra, San Miguel, Phoenix, Terrafirma and Titan Ultra. INQC

Operational error blamed for first SGR accident, services resume

Dar es Salaam/Dodoma/Morogoro. Tanzania has recorded its first standard gauge railway (SGR) accident since electric train operations began, following the derailment of an electric multiple unit (EMU) train at Ruvu in Coast Region on yesterday.

Before the incident, which occurred shortly after 8am, the SGR had reported only minor technical challenges such as brief power outages and yesterday’s derailment marked the first physical accident since the service was launched in June 2024. Photos and videos shared online showed one section of the high-speed train off the tracks near a signal post, sparking public concern and debate over the cause. Tanzania Railways Corporation (TRC) Director General Machibya Shiwa attributed the accident to an operational fault rather than infrastructure failure.

“There was a challenge in operations, not on the line. The infrastructure remained intact, except that an operational error caused the problem.

That’s why we were able to restore services quickly,” Mr Machibya told The Citizen’s sister publication Mwananchi. He said services resumed later in the day, with trains from Dodoma, Morogoro and Ruvu running as scheduled.

“Only two services were affected–one from Morogoro to Dar es Salaam and the 9.30am train to Dodoma,” he said.

No fatalities or injuries were reported, although passengers described moments of fear and confusion. “It was just a scare; we didn’t see anyone injured,” said one commuter.

Passengers stranded The accident occurred about 25 minutes after departure from Dar es Salaam’s Magufuli Station, forcing the temporary suspension of SGR operations and leaving hundreds of passengers stranded. At Magufuli Station, passengers expressed frustration over delayed communication.

“Since no one could confirm whether we would depart or not, I’ve decided to go to the airport instead. I have a meeting at 3pm and I’ve been here since morning with no update,” said Anastazia Njenge.

Another passenger, a German national identified as Johannes Muller, said he chose to return to his hotel and await further communication. When Mwananchi visited the station, some passengers were leaving while others waited for updates.

New arrivals continued to seek clarification after seeing reports of the derailment on social media. In Morogoro, passengers at Jakaya Kikwete Station were also asked to postpone travel plans.

“We were told the derailed train had blocked the line,” said Omary Mrisho. Another passenger, Yusta Komba, said she had planned to travel to Dar es Salaam for her daughter’s send-off ceremony but had to cancel her trip.

In Dodoma, more than 800 passengers were left stranded at the Samia Suluhu Hassan SGR Station in Kikuyu South. “We saw the news online, but there was no official communication,” said passenger Aisha Nurudin Saidi.

Previous incidents Although this was the first derailment, the SGR service has previously experienced power and technical faults. On September 9, 2024, an electric train stalled at Ngerengere for over three hours, leaving passengers heading to Dodoma stranded.

Another outage on July 30, 2024, between Kilosa and Kidete halted operations for two hours. On August 1, 2024, a DodomaDar es Salaam train carrying passengers and dignitaries was delayed for several hours in Morogoro after attending the official service launch.

Common causes of train accidents Experts say the most common causes of electric train accidents include human error, negligence, mechanical failure, speeding, track defects and unprotected crossings. Other contributing factors include faulty signals, misaligned rails and poor weather conditions.

Globally, derailments and collisions are the leading types of train accidents. According to the Bureau of Transportation Statistics, an average of 1,800 train accidents occur annually worldwide, causing between 50 and 70 injuries and up to seven deaths.

In 2019, there were 1,848 recorded accidents–1,283 derailments, 115 collisions and 450 other incidents–resulting in 57 injuries and four deaths. A year earlier, 1,934 accidents were reported, with 1,375 derailments, 86 collisions and 473 other cases, causing 204 injuries and seven fatalities.

Compiled by Hamis Mniha and Rachel Chibwete (Dodoma), Hamida Sharif (Morogoro) and Devotha Kihwelo and Herieth Makwetta (Dar es Salaam) .

Insurance giants unveil new brand in Tanzania

Dar es Salaam. Sanlam and Allianz, two global insurance powerhouses that joined forces in 2023 to form Africa’s largest non-banking financial services group, SanlamAllianz, have officially launched their new brand in Tanzania.

The unveiling ceremony took place yesterday in the city, marking another milestone in the group’s continent-wide brand rollout. The launch introduces two entities to the Tanzanian market — SanlamAllianz General Insurance Tanzania Ltd and SanlamAllianz Life Insurance Tanzania Ltd — which will offer general and life insurance products respectively.

Mr Jaideep Goel has been appointed Chief Executive Officer of SanlamAllianz General Insurance, while Mr Julius Magabe serves as Chief Executive Officer of SanlamAllianz Life Insurance. SanlamAllianz aims to leverage its global and pan-African expertise to drive growth in Africa’s high-potential economies, the company said in a statement yesterday.

Guided by its mission to empower generations to be financially confident, secure, and prosperous, the group seeks to expand access to financial services and enhance inclusion through innovative, customer-focused solutions. Mr Robert Dommisse, chief executive: Life Insurance at SanlamAllianz, described the launch as a key milestone for both the joint venture and Tanzania’s financial sector.

“Through the joint venture, we are combining the scale, strength, and global capabilities of Sanlam and Allianz. Our clients will benefit from innovative solutions tailored to their evolving needs,” he noted.

Mr Goel said the focus is on providing reliable services. “This launch is not just about a new brand; it’s about reinforcing our promise to stand with our clients through every life stage and challenge,” he said.

On his part, Mr Magabe said the new brand represents a long-term commitment to helping Tanzanians secure their financial future. “Life insurance is about building confidence for the future.

With SanlamAllianz, we combine global expertise with local understanding to help Tanzanians plan, protect, and prosper,” he said. “Our focus is on developing innovative life insurance products that promote long-term financial security and inclusion.

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Philippines seen to miss 2026 growth goal amid US tariff, graft crackdown

Economic growth next year is expected to fall well below the Marcos administration’s target as the country contends with mounting headwinds – from US protectionist measures to a widening corruption probe that could extend beyond flood control projects.

In a note to clients, BMI Country Risk and Industry Research, a unit of the Fitch Group, sharply cut its growth forecast for the Philippines to 5.2 percent in 2026 from an earlier estimate of 6.2 percent, warning that risks remain ‘skewed to the downside.’

If realized, growth next year would fail to hit the state’s 6 to 7 percent target.

BMI said domestic consumption – which has historically driven about 70 percent of gross domestic product (GDP) – could come under pressure from weaker remittance inflows, as tighter US immigration policies and a 1-percent tax on money transfers originating from America starting in 2026 could weigh on household income.

The firm added that higher US tariffs were likely to further strain the country’s external trade position and dampen investor confidence, potentially curbing inflows of job-generating foreign capital.

The US has imposed a tariff rate of 19 percent on Philippine goods, with no reciprocal duties on American goods.

Floodgate scandal

At home, BMI said the deepening probe into alleged corruption in state-funded flood control projects posed another risk to growth.

‘Should the ongoing probe uncover corruption across other infrastructure projects beyond flood control, it could lead to even tighter scrutiny on government spending and reduce spending substantially below fiscally programmed levels,’ BMI said.

Economy, Planning and Development Secretary Arsenio Balisacan had said the government remained committed to its growth target of 5.5 to 6.5 percent for 2025, expressing confidence that the lower end of the band was still attainable.

But BMI estimated that the economy may grow by just 5.4 percent this year, arguing that investment would likely stay subdued in the second half ‘given the uncertain global environment and weak infrastructure spending.’

In a separate commentary, Jason Tuvey, deputy chief emerging markets economist at London-based Capital Economics, said even if the corruption scandal does not spark broader unrest, a more aggressive government crackdown on graft could dampen investment as well as purchases of luxury goods and services.

Tuvey added that individuals with ill-gotten wealth may seek to move their assets abroad, potentially triggering a spike in capital outflows and adding pressure on the peso. In this regard, he said, government oversight of the financial system would be crucial.

If economic activity does weaken, Tuvey noted, the government would still have room to provide policy support, as public debt remains at manageable levels.

But he warned that populist measures could fuel investor risk aversion and undermine fiscal stability.

‘The recent widening of the current account deficit, with the shortfall now equal to around 4 percent of GDP, leaves the peso vulnerable to a deterioration in investor sentiment towards the Philippines,’ he said.