PHL among most exposed to El Niño shock By Andrea E. San Juan
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HER BIGGEST FAN President Ferdinand Marcos Jr. hands over a citation to tennis superstar Alex Eala, who paid a courtesy call on him on Monday, for her recent historic campaign at the Wimbledon Championships and for showing pride in her Filipino roots. A starstruck Marcos gushed over Eala’s athletic prowess when she beat Iga Swiatek, Women’s Tennis Association (WTA) rank No. 3, at the Wimbledon Championship. Eala’s subsequent loss to Italy’s Jasmine Paolini ended her campaign at Wimbledon, but Marcos said he hopes Ealas momentum continues. “You have brought so much pride to the Philippines, to the Filipinos, and not only because of your success, but also because of the grace with which you handled that success,” he said. PHOTO FROM MPC POOL
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NOTHER think tank has flagged the Philippines as one of the most exposed to El Niño shock in Asia, saying the weather disturbance is seen to pose a “dual threat” to the economy—a supply-side inflation shock and a demand-side growth shock. “The Philippines and India are most exposed to an El Niño shock, followed by Indonesia and Thailand. Philippines is particularly vulnerable to higher rice prices: it is a net food importer [2 percent of GDP], and rice accounts for 8.9 percent of its CPI basket,” Japanbased think tank Nomura Global Research said in its Asia Economic Monthly report.
Based on Nomura’s scorecard, the Philippines has a 103.2 score, with the chart showing it has the second highest score as it trailed behind India with a 104.7 score, meaning the Philippines is the second most vulnerable to El Niño shock, among the 9 countries included in the scorecard. The countries included in Nomura’s scorecard are: China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea and Thailand. For Emerging Market Asian economies especially the Philippines, India, Indonesia and Thailand, Nomura said: “El Niño poses a dual threat: a supply-side inflation shock [widely discussed] and a demand-side growth shock
[widely underappreciated].” According to Nomura, the agriculture sector still accounts for 42 percent of total employment in India, 29 percent in Thailand, 27 percent in Indonesia, and 20 percent in the Philippines, so weaker agriculture output translates into weaker farm incomes. On top of this, the think tank said the El Niño shock could hurt rural consumption demand. “If food price inflation picks up next year, lower real disposable incomes could weaken consumer demand from low- and middleincome households,” it explained further. In a separate commentary issued on July 3, ANZ Research said the Philippines “appears the most
vulnerable” to what it deemed a “more challenging” climate backdrop in 2026 and 2027. “Food-price sensitivity remains high, while imported rice continues to account for a meaningful share of domestic consumption,” ANZ Research said. “Although rice inventories are somewhat higher than a year ago, the improvement has been modest,” it also noted. This, it emphasized, leaves the Philippines exposed to a combination of weaker domestic agricultural production, higher food import costs and tighter regional rice supply if weather-related disruptions emerge. Based on the Bangko Sentral ng See “El NiÑo,” A2
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Tuesday, July 14, 2026 Vol. 21 No. 273
P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK
By Andrea E. San Juan
HE Bangko Sentral ng Pilipinas (BSP) has laid out a set of sanctions it would slap on BSPsupervised institutions (BSIs) who violate the provisions of the Financial Consumer Protection Act (FCPA). In a draft circular, the BSP said it is set to adopt amendments to the FCP Enforcement and Administrative Sanctions Provisions. Among these sanctions is the issuance of a cease-and-desist order to the institution without the necessity of a prior hearing if in the BSP’s judgment, the act
or practice, unless restrained, amounts to a fraud or violation of the provisions of the FCPA, its Implementing Rules and Regulations (IRR) and other related issuances, or may unjustly cause grave or “irreparable” injury or prejudice to financial consumers. See “BSP,” A2
ECOP: WAGE HIKES MAY SPUR PRICE TWEAKS BY BUSINESSES By Bless Aubrey Ogerio
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USINESSES, particularly micro, small and medium enterprises (MSMEs), may have little choice but to raise prices to absorb the newly approved wage increase in Metro Manila, and the adjustment could contribute to higher inflation, the Employers Confederation of the Philippines (ECOP) warned. ECOP chairman emeritus Enunina Mangio said passing on higher labor costs to consumers is becoming increasingly difficult to avoid, especially for
smaller firms that have limited room to improve productivity in the short term. “The increase in prices, I think, is inevitable,” Mangio said in a televised interview on Monday. Asked whether businesses across the board would pass on the additional P85 daily wage increase, Mangio replied: “Especially the MSMEs. Unless they really can find ways and means to improve their efficiency, which you cannot just do just like this.” She said many small busi-
A TAP TOWARD SMARTER COMMUTING LRTA Administrator Hernando Cabrera demonstrates the GCash Commute QR during the launch of the LRT-2 cashless fare payment system on July 13, 2026. By enabling passengers to pay fares through a QR code using the GCash app, the initiative expands contactless payment options and supports the government’s drive to modernize public transportation through digital innovation. NONIE REYES
Inflation, healthcare costs bug most Pinoy households
See “ECOP,” A2
By Reine Juvierre S. Alberto
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TAKING THE STAND Atty. Jeremy Lotoc,
DEFENSE IN FOCUS Ahead of the start of the Senate impeachment proceedings against Vice President Sara Duterte, defense team spokesperson Atty. Michael Poa fields questions from reporters during a press conference on Day 4 of the trial. The briefing addressed key issues raised by the defense as the Senate prepares to hear the impeachment case. ROY DOMINGO
regional director of the National Bureau of Investigation–Bangsamoro Autonomous Region in Muslim Mindanao (NBI-BARMM), takes his oath before testifying as the second prosecution witness on the fourth day of the Senate impeachment trial of Vice President Sara Duterte. Lotoc was presented by the prosecution in support of Article IV of the Articles of Impeachment, which concerns allegations arising from the Vice President’s public statements against President Ferdinand Marcos Jr., First Lady Liza Araneta-Marcos, and Speaker Martin Romualdez. NONIE REYES
ORE than two-thirds of middleclass Filipinos are financially anxious as rising living costs, healthcare expenses and retirement concerns undermine their confidence in managing finances, according to a report by FWD Life Insurance Philippines. The Filipino Financial Confidence Report 2026 revealed that only 32 percent of middleclass Filipinos consider themselves financially confident, while 68 percent experience persistent financial anxiety. This uneasiness is fueled mostly by higher prices of everyday goods and services, with 74 percent of respondents saying rising costs of living have strained their monthly budgets. Meanwhile, 52 percent worry about unexpected medical expenses, while 34 percent are bothered by not having enough savings for retirement.
Among Generation X respondents, 60 percent said they plan to retire on their own terms, but 40 percent worry they cannot afford to do so. Their retirement fund is also threatened by medical crises, inflation and increasing life expectancy, with 82 percent saying they do not have enough funds to cover major medical expenses and 71 percent fearing outliving their retirement savings. For millennials, described in the report as “forever breadwinners,” 91 percent said they provide financial support to their parents while raising an average of two children. The report said this dependency weighs heavily on their monthly income, which is consumed by immediate and non-negotiable family expenses and derails their personal security. “Even when extra money or a windfall becomes available, Gen Y consistently chooses to deprioritize themselves,” the report read. “Their deep-seated commitment to family
causes them to sacrifice their own long-term security for immediate household peace of mind.” Among Generation Y who are single by choice, 70 percent said they want protection against health and medical emergencies, but only 40 percent currently have insurance coverage. Meanwhile, the chosen family segment, including LGBTQIA+ partnerships, long-term cohabiting couples and families raising informally adopted children, faces structural barriers such as zero automatic medical proxy rights and zero percent default inheritance. Lastly, Generation Z were described as “fragile independents” who are optimistic about the future but anxious about the present. About 64 percent of Gen Zs are constrained by the rising cost of everyday living, while 62 percent suffer from persistent work stress, anxiety or burnout. See “Inflation,” A2
PESO EXCHANGE RATES n US 61.5220 n JAPAN 0.3805 n UK 82.3718 n HK 7.8482 n CHINA 9.0781 n SINGAPORE 47.6103 n AUSTRALIA 42.7209 n EU 70.1720 n KOREA 0.0410 n SAUDI ARABIA 16.3871 Source: BSP (July 13, 2026)