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A broader look at today’s business
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Saturday, February 7, 2026 Vol. 21 No. 118
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IRING momentum slowed in 2025 as weaker economic conditions cut into the creation of regular employment, economists said. On Friday, the Philippine Statistics Authority (PSA) said the economy generated just 172,000 additional jobs last year—the lowest annual net employment gain in recent years. This marked a sharp drop from 664,000 new jobs in 2024 and 1.29 million in 2023.
As a result, total employment stood at 49.01 million Filipinos in 2025, equivalent to 95.8 percent employment rate, down from 96.17 percent in 2024. The weaker pace of job creation also pushed the country’s full-year unemployment rate to 4.19 percent, or about 2.14 mil-
“Uncertainty linked to governance issues, climate-related disruptions, and softer business sentiment also made firms more cautious in hiring, while growth became more consumption led rather than investment driven.”—PIDS Senior Research Fellow John Paolo R. Rivera
lion jobless Filipinos. Ateneo de Manila University (ADMU) economist Leonardo A. Lanzona Jr. said the sharp deceleration in economic growth in the fourth quarter of 2025—when gross domestic product (GDP) expanded by just 3 percent, pulling full-year growth down to 4.4 percent—weighed heavily on labor market conditions. “The overall economic slowdown in the last quarter weighed heavily on the labor market despite the increase in informal shortterm jobs during the holidays,” Lanzona told the BusinessMirror. See “Jobs,” A2
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BACK IN HARNESS President Ferdinand R. Marcos Jr. on Friday graced the oath-taking of
newly promoted teachers and school heads of the Department of Education (DepEd) National Capital Region (NCR), and expressed appreciation for the “huge responsibility” they bear “every single day, inside the classrooms and always extending way beyond school hours.” It is his first major appearance at a public event since he was advised by doctors to rest for a week owing to a gastroenterologic ailment. The “RISE in Service” oath-taking under the Expanded Career Progression (ECP) was held in Makati City. PHOTO FROM PND
LATEST INFLATION DATA LEAVES ROOM FOR CUTS–METROBANK By Andrea E. San Juan
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BASYANG’S WRATH Piles of garbage and debris clog the Tubod Bridge in Iligan City, where waters overflowed at the height of storm Basyang. Rampaging waters and strong winds swept the city
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WEAK ECONOMY DENTS JOB CREATION IN ’25–PSA By Justine Xyrah Garcia
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HE latest inflation print, which remains within the target band of the Central Bank, may prompt further rate cuts as this gives policymakers more leeway to support economic activity, according to Metropolitan Bank & Trust Co. (Metrobank). “While inflation is moving higher from recent lows, it remains well-anchored within the Central Bank’s target,” Metrobank said. Philippine headline inflation quickened to 2 percent in January 2026, up from 1.8 percent in December 2025. The January print marked the highest inflation rate in 11 months, or since the 2.1 percent logged in February 2025. However, the latest print is still within the Bangko Sentral ng Pilipinas’ (BSP) 2 to 4 percent target band. Core inflation, which ex-
2%
Philippine headline inflation rose to 2 percent in January 2026, up from 1.8 percent in December. The January print marked the highest inflation rate in 11 months. This means that, on average, prices for goods and services—such as food, housing, and electricity—were 2 percent higher than a year ago.
cludes volatile food and energy items, also picked up to 2.8 percent, signaling “early signs of demand normalization as the economy recovers.” The private bank pointed out further that this gives policymakers room to continue supporting growth, even as demand-side pressures “gradually build.” See “Inflation,” A2
at pre-dawn Friday, causing damage to property and affecting thousands in 14 barangays, according to Iligan City Mayor Frederick Siao. Story in A3. PHOTO COURTESY OF ILIGAN CITY GOVT
DOT wants more cruise terminals built in bid to boost cruise tourism
Digital economy, critical minerals strategy top PHL Asean agenda By Malou TalosigBartolome
T SCREEN grab from a video showing the construction of the cruise ship port at Barangay Jubang, Dapa, Surigao del Norte. The terminal, now completed, can accommodate small-to-medium cruise ships and is part of the Department of Tourism’s push to expand world-class cruise ports under the ASEAN Cruise Strategy. COURTESY OF PHILIPPINE PORTS AUTHORITY
By Ma. Stella F. Arnaldo Special to the BusinessMirror
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HE Department of Tourism (DOT) is pushing for the construction of more cruise ports and terminals as the Philippines participates in a cruise program in cooperation with other member nations of the Association of Southeast Asian Nations (Asean). Speaking to reporters at the close of the Asean Tourism Forum (ATF) recently, Tourism Secretary Christina Garcia Frasco said, “I think that our country can really be benefitted by the construction of more world-class quality ports, because at present, we have over 40 islands that are featured when international cruises visit the country. So it’s extremely impor-
tant that we have cruise ports.” Under the Asean Tourism Sectoral Plan 2026-2030, cruising is one of the priority tourism products that the region will be promoting, targeting retirees, high-net-worth individuals, and multi-destination travelers. Specifically, the Asean Cruise Strategy focuses on enhancing regional connectivity, sustainability, and digital integration to position Southeast Asia as a premier global cruise hub. (See, “Asean eyes high-value tourists under its unified tourism plan,” in the BusinessMirror, Jan. 30, 2026.) Among the key efforts being undertaken by member states include harmonizing Customs, Immigration, and Quarantine (CIQS) regulations; enhancing infrastrucSee “Cruise,” A2
HE Philippines is putting economic resilience and innovation at the center of its ASEAN chairmanship in 2026, with the digital economy and critical minerals strategy emerging as flagship priorities. Foreign Affairs Secretary Ma. Theresa Lazaro said Manila’s stewardship will be anchored on “Prosperity Corridors,” designed to accelerate regional integration and position Asean as the world’s fourth-largest economy by 2030.
Digital economy framework
THE Asean Digital Economy Framework Agreement (DEFA), targeted for conclusion by November 2026, is the centerpiece of the Philippines’s agenda. Lazaro described DEFA as the world’s first region-wide digital economy pact, covering cross-border data flows, cybersecurity, e-payments, paperless trading, digital IDs, and emerging technologies such as Artificial Intelligence and blockchain. “DEFA will realize our Asean vision to develop a modern, comprehensive, and coherent digital transformation strategy. This will empower and connect Asean-based businesses, most notably MSMEs, to regional and global markets,”
PHILIPPINE Foreign Secretary Theresa Lazaro speaks during a news conference on the ASEAN Foreign Ministers’ Meeting Retreat in Cebu, Thursday, January 29, 2026. Lazaro outlined Manila’s 2026 ASEAN chairmanship priorities, including the region-wide digital economy framework, critical minerals strategy, and Prosperity Corridors aimed at boosting regional integration, innovation, and economic resilience. AP/JACQUELINE HERNANDEZ
Lazaro said at a forum hosted by the ISEAS–Yusof Ishak Institute in Singapore. Southeast Asia’s digital economy is projected to more than double to $560 billion by 2030, driven by its youthful and entrepreneurial population of over 670 million people. Asean Leaders are also expected to release a statement on artificial intelligence. Asked during the open forum if the proposed leaders’ statement on AI would be a legally binding
document, she replied, “It is too early to say if it will be binding. It depends on how member-states react, but the intention is to move in that direction.”
Critical minerals: Asean’s strategic edge
EQUALLY central to the Philippines’s agenda is the development of an Asean Critical Minerals Strategy, recognizing the bloc’s growing role in the global supply chain. A 2023 scoping study found
that Asean countries are “progressively holding ever-larger shares of global production” of nickel, rare earths, and manganese—resources vital for batteries, semiconductors, renewable energy, and advanced manufacturing. Asean now accounts for nearly 47 percent of global nickel production and 35 percent of tin, alongside significant shares of bismuth, tungsten, and bauxite. These minerals are indispensable for electric vehicles, energy storage, and digital technologies, making Asean’s resource base a strategic asset in the global economy. Indonesia is the world’s largest producer of nickel, second in tin, and fifth in bauxite. The Philippines ranks second globally in nickel and sixth in cobalt, reinforcing its role in the battery supply chain. Viet Nam is the second-largest producer of bismuth and tungsten, metals critical for energy storage. Malaysia leads in aluminum, iron, and manganese production. Minerals trade already drives Asean’s economy, accounting for nearly 9 percent of the bloc’s total trade—valued at $250 billion in 2018. Intraregional trade made up 21 percent of this figure, underscoring the importance of integration in building resilient supply chains. See “Asean,” A2
PESO EXCHANGE RATES n US 58.8270 n JAPAN 0.3746 n UK 79.6047 n HK 7.5284 n CHINA 8.4810 n SINGAPORE 46.1388 n AUSTRALIA 40.7318 n EU 69.2923 n KOREA 0.0400 n SAUDI ARABIA 15.6872 Source: BSP (February 6, 2026)