ALC Group Chair Ed Cabangon named 2025 APPCU Laureate D
ALC Group Chairman D. Edgard A. Cabangon (second from left) was conferred the Outstanding Contribution Award with fellow awardee, Special Envoy of the President to China for Trade, Investment, and Tourism, Maynard S. Ngu (second from right). They are joined by Chinese Ambassador to the Philippines Huang Xilian (center), APCU Chairman Raul Lambino (leftmost), and APCU President Benedicto Yujuico Sicsto (rightmost).
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. EDGARD A. Cabangon, Chairman of the ALC Group of Companies, has been named one of the 12 laureates of the 2025 Award for Promoting Philippines-China Understanding (APPCU). The award honors individuals who have made meaningful contributions to strengthening friendship and mutual understanding between the Philippines and China through their work, advocacy, and leadership. The awarding ceremony on June 3 at The Manila Hotel coincided with the 50th anniversary of the formal diplomatic relations between the
Philippines and China. The event was led by Chinese Ambassador to the Philippines Huang Xilian, APCU Chairman Raul Lambino, and APCU President Benedicto Yujuico Sicsto. Organized by the Association for Philippines-China Understanding (APCU) in partnership with the Embassy of the People’s Republic of China in the Philippines, the occasion marked a significant milestone in the two nations’ relationship. In a statement, Cabangon said, “I thank the APCU and the Chinese Embassy for this meaningful recognition. I’m deeply honored to receive
this recognition. This award reminds us of the importance of friendship, respect, and cooperation between our countries. I hope to live up to what this award stands for.” He also shared that he takes inspiration from his late father, Ambassador Antonio L. Cabangon Chua, former Philippine Ambassador to Laos. “My father believed in the power of relationships to create progress. He taught us that mutual understanding and shared goals lead to real development. We continue to follow that belief today. In Filipino, we call See “ALC,” A5
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Thursday, June 5, 2025 Vol. 20 No. 235
P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK
By Jovee Marie N. Dela Cruz
PHILIPPINES’ MATURING COVID-19 DEBTS (2024–2026) n Total maturing Covid-era debt in 2026: P464B n Interest expense if rolled over: Additional P7B n Current national debt (as of April 2025): P16.752T
In a presentation during a hearing, House Committee on Ways and Means Chairman Joey Sarte Salceda said that this looming debt maturity poses a “major fiscal constraint” for the 2026 national budget. “There is at least P464 billion in maturing Covid debts in 2026. While
HARD CHOICES AHEAD IF NO NEW REVENUES ARE FOUND
Cut social aid (ayuda) Cut infrastructure spending n Enact new tax reforms n n
Graphics: Ed Davad/Photo: Nonie Reyes
N economist-lawmaker on Wednesday urged the incoming Congress to pursue urgent fiscal reforms amid a tightening budget landscape in 2026, driven by the P464 billion in maturing Covid-era debts.
we usually roll debts over with new bonds, this time it will be a little harder to refinance due to global conditions,” said Salceda. The veteran economist-legislator explained that global interest rates are currently 1 to 1.5 percentage See “Maturing,” A2
PUBLIC TRANSPORT SHIFTS INTO HIGH GEAR
PHL TO SEE STABLE SHIPPING RATES; NEIGHBORS FACE HIKES By Andrea E. San Juan
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@andreasanjuan
TABLE ocean shipping rates are expected in June for the Philippines while its neighbors in Southeast Asia are seeing increasing freight rates, particularly to the United States, due to rush deliveries before the tariff pause ends, according to a report by global logistics provider Dimerco. “Stable rates expected in June as shipments begin increasing toward Q3,” the June 2025 Asia Pacific Freight Report of Dimerco noted. The freight report cautioned, however, that the start of rainy season in June and potential typhoon could have an impact on vessel schedules in the country. Still, the logistics provider said that so far, “Port operations [are] running smoothly with no reported congestion.” Despite the stability in shipping rates, the Dimerco report
noted that political developments in the Philippines could have an impact on the domestic business conditions. “Legislative elections concluded with the impeachment of the vice president included in legislative agenda. Potential impact on domestic business conditions due to political developments,” the Dimerco report noted. The charts in the report released by Dimerco showed that both air and ocean freight rates for the Philippines bound to Asia, Europe and the United States are expected to remain stable for the month of June. In contrast, other countries in Southeast Asia such as Vietnam, Thailand, Singapore and Indonesia are seeing rising ocean shipping rates, particularly to the United States. For Vietnam, the freight report cited a possible air freight rate increase in June for USbound shipments due to the See “PHL,” A2
MRT-7 train coaches line the depot in San Jose del Monte, Bulacan, as Transportation Secretary Vince Dizon announced that the Trinoma–Sacred Heart segment could become operational by late 2026 or early 2027, marking a major step forward in easing Metro Manila’s congestion woes. (Inset) A Light Rail Transit (LRT) Line 1 train passes through Baclaran and NAIA stations ahead of its free ride offering on June 12, in celebration of the 127th Independence Day. Commuters can enjoy complimentary rides from 7–9 a.m. and again at 5 p.m. in all LRT stations. NONOY LACZA AND ROY DOMINGO
BSP eyes institutionalized relief for banks By Cai U. Ordinario
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@caiordinario
HE Bangko Sentral ng Pilipinas (BSP) is proposing to institutionalize the regulatory relief measures it extended to banks that were affected by recent typhoons and those implemented at the height of the Covid-19 pandemic. In a draft circular, the BSP said these additional regulatory measures are being proposed to help banks bounce back and continue providing timely financial services to their clients. These measures also include the deferment of loan payments and
adjustment terms based on crop cycles and other similar factors for agricultural borrowers. “Since the agricultural sector is usually affected by climate-related hazards, the BSP is proposing a standardized forbearance measure covering agricultural loans,” BSP said in an explanatory note. “Loan payments for agricultural borrowers may be deferred, with repayment terms adjusted based on crop cycles and other relevant factors,” it added. Apart from agricultural loans, BSP is proposing to institutionalize relief measures implemented for banks affected by Tropical
Storm “Kristine” and Supertyphoons “Leon,” “Ofel,” and “Pepito” which caused considerable damage to various parts of the country in 2024. These measures include a change in the start of availment and implementation period of regulatory relief measures. This means banks will be allowed to avail of relief measures within a year from the onset of a calamity. The BSP is also proposing flexibility in financial assistance for officers affected by calamities. The deadline for submission of approval requests to the BSP will be extended to 90 calendar days from
30 calendar days. The draft circular also provided that a maximum of six months temporary grace period for loan payments be implemented in affected areas of typhoons. The list also includes the proposal to extend a temporary exclusion from past-due and non-performing loan computations for one year from the start of the calamity. Meanwhile, the draft also includes measures implemented during the Covid-19 pandemic such as the relaxation of identification requirements for a period of three months. See “BSP,” A5
PESO EXCHANGE RATES n US 55.6770 n JAPAN 0.3868 n UK 75.2920 n HK 7.0969 n CHINA 7.7461 n SINGAPORE 43.1939 n AUSTRALIA 35.9785 n EU 63.3549 n KOREA 0.0404 n SAUDI ARABIA 14.8448 Source: BSP (June 4, 2025)