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Saturday, June 20, 2026 Vol. 21 No. 249
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GET MORE TIME ‘MODEST RATE HIKE TO BORROWERS TO PAY SALARY LOANS SUPPORT ’26 GROWTH’ T By Andrea E. San Juan
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By Andrea E. San Juan
HE central bank’s decision to implement a “relatively modest hike” indicates it is now placing greater emphasis on growth, according to HSBC Senior Asean Economist Aris Dacanay. “Though oil markets gave the BSP [Bangko Sentral ng Pilipinas] room to tighten policy moderately, we think the decision marks a shift towards growth,” Dacanay said in a commentary on Friday. Dacanay said the change in inflation forecasts supports this further. The central bank has slightly raised its inflation forecasts as it
now expects inflation to average well above its 2 percent to 4 percent target band throughout 2027. Despite this, he said the BSP opted for a “modest” 25 basis-point (bp) hike to 4.75 percent over a “punchier” 50-bp increase. This, he said, reflects the growth challenges brought about by tight fiscal policy, which were confirmed by BSP Governor Eli M.
25 bps Instead of the expected 50 bps
HSBC says the smaller-than-expected rate hike signals the BSP is prioritizing growth concerns even as inflation is projected to remain above the 2%-4% target through 2027. “For now, the BSP will likely take the opportunity to walk instead of run.”— HSBC Senior Asean Economist Aris Dacanay
Remolona Jr. during the monetary policy stance press briefing on Thursday. “Growth has been disappointingly slow in the last few quarters. So, we think that by not being too aggressive, we can maybe help the economy a little bit, help restore the economy a little bit,” the BSP governor said during the briefing on Thursday. HSBC Economics expected the BSP to raise its policy rate “more aggressively” by 50 basis points to 5 percent. “Although monetary authorities are managing the dual risks inherent in stagflation, we thought inflation concerns would outweigh concerns about low growth. Price stability is the BSP’s primary mandate after all,” Dacanay said. See “Modest Rate Hike,” A2
HE Bangko Sentral ng Pilipinas (BSP) said it has raised the maximum repayment period for salary-based consumption loans to seven years to make loans easier to repay while still encouraging responsible borrowing. The central bank said the policy covers salary-based general-purpose consumption loans (SBGPCLs) which are unsecured loans used for immediate to short-term needs like education, healthcare, emergencies, travel, household needs, and other personal expenses. BSP said these are typically repaid through salary, pension, or other forms of stable cash flow. “A longer repayment period makes payments more manageable. At the same time, the seven-year limit serves as a safeguard against excessive borrowing,” the central bank said in a statement on Friday. Previously, SBGPCLs were generally limited to three years. They could be extended to five years only in meritorious cases, BSP said. Under the circular, the seven-year
period represents the maximum allowable tenor, not a fixed loan term. “Banks and other BSP-supervised financial institutions must still determine the actual repayment terms based on the borrower’s capacity to pay,” the central bank said. This includes sources of repayment, employment and credit history, and the nature and purpose of the loan. “This reinforces responsible lending practices and supports the BSP’s mandate to promote financial stability,” BSP noted. For financing longer-term or nonconsumption needs, BSP said borrowers may consider other types of loans such as housing, motor vehicle, or credit card loans. “These loans are outside the scope of SBGPCLs. They are not covered by the sevenyear maximum limit even if repayments are made through salary deduction or similar arrangements,” it added. The BSP said it continues to work with the Department of Education and partner financial institutions to promote financial literacy and responsible borrowing. “Part of this effort is ensuring borrowers retain enough take-home pay after loan repayments.”
SBMA further extends schedule for Subic airport Swiss challenge
SUBIC Bay International Airport SBMA
By Henry Empeño
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BALANCING INTERESTS: ASEAN ENGAGES RUSSIA WHILE KEEPING GLOBAL LINKS OPEN President Ferdinand Marcos Jr. and Russian President Vladimir Putin shake hands on the sidelines of the Russia-ASEAN Summit in Kazan, Russia, Wednesday, June 17, 2026. The summit brought together leaders of the Association of Southeast Asian Nations and Russia to mark 35 years of dialogue relations and reaffirm a “strategic partnership” aimed at expanding cooperation in trade, energy, security, and other key sectors. In his remarks, Putin described Russia-ASEAN ties as a stabilizing force in the Asia-Pacific and both sides pledged to deepen engagement amid shifting geopolitical dynamics. The Philippines co-chaired the summit through Marcos, as ASEAN rotating chair, alongside Putin. Several ASEAN members continue to maintain varied alignments with major powers, including the United States and China, while also sustaining or expanding energy and trade links with Russia. SERGEI BOBYLEV/SPUTNIK, KREMLIN POOL PHOTO VIA AP
Gen Z’s ‘hunger for art experiences’ opens new market for PHL art industry By John Eiron R. Francisco
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HE Philippine art industry is seeing a shift in audience behavior as museums gain a new market segment among young Filipinos who may not yet purchase artworks but are increasingly seeking immersive art experiences. “In the Philippines, the art industry has really been driven by collectors. But that experience showed us that there is a new market out there, the Gen Zs, who are hungry for a new kind of art experience,” said Marco Y. Santos, third-generation heir of the Yuchengco family. Santos recalled during the exclusive media day marking the 20th anniversary of the Yuchengco Museum in Makati City that an exhibition he mounted on the museum’s third floor initially attracted only around 20 visitors daily. However, after a guest shared the exhibit on TikTok, attendance surged
JEANNIE E. JAVELOSA, director of the Yuchengco Museum; Lourdes Constantino; and political scientist Randy David open the exhibition Pasts Revisited: A Usable History and the Romance of Renato Constantino and Leticia Roxas-Constantino at Y Space, Yuchengco Museum, RCBC Plaza. BERNARD TESTA
to about 500 visitors per day. He noted that younger audiences are engaging with museums differently by visiting exhibitions, appreciating the works, and sharing their experiences online, creating a new dynamic for the local art scene. “That’s something we should
THE Yuchengco Museum is expanding its role as a cultural hub as it adapts to shifting audience behavior, with younger Filipinos increasingly seeking immersive, experience-driven museum visits and sharing exhibition experiences online, reshaping how art is discovered and engaged with. JOHN EIRON R. FRANCISCO
rather address because they come dressed, take pictures of the works, and it’s a different ballgame,” he said. Santos told the BusinessMirror that museums need to remain relevant by adapting to the expectations of a younger generation. “They’re not necessarily collectors. They want experience. It has to be more immersive, engaged, and inclusive,” he said.
He added that while accessibility and engagement are key, museums must also remain commercially viable. “There is a new wave of art lovers out there. They may not be the regular collectors we see today, but they are the ones taking pictures, sharing, and creating conversations around art,” he said. See “Gen Z,” A2
UBIC BAY FREEPORT—The issuance of instructions to challengers and other tender documents related to the Swiss challenge for the development of the Subic Bay international Airport (SBIA) has been rescheduled by the Subic Bay Metropolitan Authority (SBMA) anew. In a notice posted on Wednesday, June 17, at the website of the Public-Private Partnership Center of the Philippines (PPPCP), the SBMA moved the date for the issuance of and availability of tender and challenge documents to June 30. This development further extended the timeline for the comparative bidding process, as all procurement milestones dependent on the issuance date will hence be adjusted, the SBMA said. The tender documents outline requirements and legal agreements related to the project, as well as instructions to challengers and other project information. SBMA originally scheduled the release of tender documents on May 18 this year, but later reset the schedule to June 17, as reflected in a bulletin also posted on the PPPCP website. Atty. John Aquino, chairperson of the Prequalification, Bids and Awards Committee for the Subic International Airport Project, said the schedule has been revised on instruction of SBMA Chairman and Administrator Eduardo Jose L. Aliño. The new schedule, Aquino said, “ensures that technical specifications, financial parameters, and contractual frameworks are fully refined and comprehensive.” The extension also “safeguards the integrity of the Comparative Challenge process and maintains equal footing for all participants,” he added, clarifying that no party has been prejudiced as the docu-
ments have not yet been released. The SBMA has opened the P6.2-billion Subic airport project for comparative proposals, or Swiss challenge, after approving the unsolicited proposal by the original proponent Cerberus Asia Pacific Investments LLC. Cerberus Asia Pacific Investments LLC is a key affiliate of the New York-based alternative investment firm Cerberus Capital Management, which also acquired the former Hanjin shipyard in Subic in 2022. Information posted by the PPPCP on April 27 indicated that Cerberus submitted its unsolicited proposal for the SBIA project on March 26 last year. Under the Swiss challenge, Cerberus is also allowed to match or better the financial proposal of the most superior challenger within 30 days, the SBMA had clarified. The SBMA has set the Swiss challenge to be a single-stage bidding process, with each challenger required to submit three bids respectively containing qualification documents, technical proposal, and financial qualifications to the SBMA PBAC. It also reserved the right to accept or reject any application or proposal at its discretion, annul the comparative challenge, or reject all proposals without liability for any associated costs. The SBMA said the airport development project will transform the SBIA into a modern, efficient, and high-capacity international cargo hub that will serve the Luzon region. The Subic airport was commissioned by the US Navy as the Naval Air Station Cubi Point in 1956. Following the Subic turnover in 1991, the SBMA upgraded the airport runway, built a US$12.6-million passenger terminal, and equipped the renamed SBIA with systems on a par with international standards.
PESO EXCHANGE RATES n US 60.5360 n JAPAN 0.3753 n UK 80.0104 n HK 7.7243 n CHINA 8.9510 n SINGAPORE 46.9344 n AUSTRALIA 42.4600 n EU 69.3985 n KOREA 0.0393 n SAUDI ARABIA 16.1292 Source: BSP (June 19, 2026)