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A broader look at today’s business
BANKS TO KEEP LENDING NORMS IN Q2–BSP POLL www.businessmirror.com.ph
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By Andrea E. San Juan
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Saturday, May 2, 2026 Vol. 21 No. 200
Results of the latest SLOS noted that most banks are likely to apply the same standards they have been using in assessing loan applications for both businesses and households. On loans to businesses, the survey showed that 61.5 percent of respondent banks expect credit standards to be unchanged in the second quarter of 2026. Meanwhile, 30.8 percent expect to tighten standards and 7.7 percent of banks expect to ease in April to June of this year. During the previous quarterly survey or in the first quarter of 2026, BSP noted that 71.2 percent
OST banks in the Philippines expect to maintain their existing lending standards in the second quarter of 2026, meaning credit expansion is likely to continue supporting the Philippine economy amid the global impact of the Middle East conflict, the latest quarterly Bangko Sentral ng Pilipinas (BSP) Senior Bank Loan Officers’ Survey (SLOS) showed.
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After 26-year wait, estero families walk to home near Malacañang
expected to maintain their lending standards for enterprises, 26.9 percent expected to tighten, and 1.9 percent expected to ease in the first quarter of 2026. On loans to households, 65.7 percent of banks expect to keep their standards unchanged in the second quarter of 2026. This is higher than the 28.6 percent that expect to tighten and 5.7 percent that expect to ease, the central bank’s survey noted. During the previous quarterly survey or in the first quarter of 2026, there were 77.8 percent that expected to keep their credit Continued on A2
‘Cost crunch puts firms, workers on same side’
SHANTIES along the San Miguel Estero await demolition; the area is scheduled for clearing once residents have transitioned to their new homes. PHOTOS BY JOEL C. PAREDES
By Joel C. Paredes
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LONG the murky banks of the Estero de San Miguel, “home” once meant wood and scrap— patched roofs, narrow walkways, and floors that flooded when the tide pushed back through Manila’s waterways. For years, families lived braced for the next downpour and alert to the next notice telling them to leave. Now—26 years after the eviction notices that pushed them to organize as a community—those same 137 families are preparing to move into San Miguel de Manila Residences, an in-city housing project so close to Malacañang Palace the distance can be measured in minutes.
AIDA PAGACPAC walks through the alleyway where she maintains her makeshift vegetable stall.
SHFC Executive Laxa and his deputy from the Resettlement Group inspect San Miguel de Manila, a high-density housing site designed for estero dwellers.
Continued on A2
Swiss challenge for Subic airport devt ends Aug. 17 RIDING THE WAGE WAVE A tide of hope sweeps through Labor Day as job seekers pack recruitment hubs at Robinsons Manila and SMX Convention Center, joining more than 190,000 vacancies opened under the Department of Labor and Employment’s nationwide job fair rollout, while parallel wage hike protests reflect mounting pressure on incomes amid rising living costs; employers and industry groups, including the Management Association of the Philippines and Philippine Retailers Association, caution that escalating fuel, logistics, and input costs linked to global tensions are already squeezing margins—especially for MSMEs—and could constrain hiring if wage petitions ranging from P200 to P845 push proposed minimum daily pay levels up to P1,500, underscoring the challenge of balancing worker welfare with business sustainability. NONIE REYES By Bless Aubrey Ogerio
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MPLOYERS and workers are carrying “legitimate burdens” as rising costs ripple through the economy, some business groups said, underscoring a shared pressure point as Labor Day discussions turn to wages and job stability. Current wage petitions are seeking increases of P200 to P845, which would raise the daily minimum wage from P695 to between P895 and P1,500. (See: https:// businessmirror.com.ph/2026/04/29/ petitions-seeking-wage-hike-in-metro-manila-now-at-16/) According to the Management Association of the Philippines (MAP), higher fuel, logistics, and input costs are squeezing margins across industries, with micro, small and medium enterprises (MSMEs) facing the tightest constraints. MAP president Donald Lim told BusinessMirror that compa-
STAGE 3 May 1, 2026
nies recognize the need to support workers grappling with higher living expenses, but warned that the current environment complicates decisions on wage increases. “If wage adjustments are approved, there could be some upward pressure on prices and potential impact on hiring, especially for smaller firms operating on thin margins,” Lim said in a message on Friday. For him, the challenge is to strike a balance—protecting workers while giving firms enough flexibility to absorb higher labor costs. Further, improving productivity, easing the cost of doing business and keeping inflation in check were his listed keys to sustaining wage growth over time.
“If wage adjustments are approved, there could be some upward pressure on prices and potential impact on hiring, especially for smaller firms operating on thin margins.”— MAP president Donald Lim
Philippine Retailers Association (PRA) chairman Roberto Claudio Sr. said on Friday that retailers are being squeezed on multiple fronts, including the ongoing Middle East tensions and their impact on energy and logistics costs. “The retail industry is not only suffering from reduced consumer consumption but also a rising cost
Retail’s concerns
THE retail sector also flagged similar concerns, citing both weakening consumer spending and rising operating costs as pressures affecting business viability.
ROAD RACE | MASS START
1 Montemayor Emmanuel Dave (Go For Gold Philippines) 2 Lago Marc Ryan (Go For Gold Philippines) “ 3 Basalan Sumiso (Excellent Noodles Cycling Team) “ 4 Shulchenko Nikita (LCW UAEcycle) “ 5 Cha Aseom (Seoul Cycling Team) “
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of doing business due to this Middle East crisis and its effect on the viability of most businesses,” Claudio told BusinessMirror in a message. He warned that any further increases in business costs, including potential wage adjustments, could directly affect the survival of some retail segments. “Any further increases in cost of doing business, especially any wage adjustments, will definitely redound to survival of some business categories in the retail sector,” the PRA head said. “The industry will have no choice but to look for ways to mitigate these cost increases. Any wage increase at this time will force retailers to cut down on manpower and other operational costs,” he added. The Federation of Philippine Industries (FPI), for its part, said manufacturers are trying to absorb Continued on A2
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6 Huby Antoine (7Eleven Cliqq Roadbike Philippines) “ 7 Cangayao Dave Eeron (Standard Insurance PHI) “ 8 Corpuz Mervin (7Eleven Cliqq Roadbike Philippines) +0:03 9 Quita Ronnilan (7Eleven Cliqq Roadbike Philippines) “ 10 Mohd Safiee Saniy Syahmi (Malaysia) +0:53
New Clark City - Palayan City 145.4 km
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THE Subic Bay International Airport, with Subic’s New Container Terminal jutting from its 2,744-meter runway. SBMA
By Henry Empeño
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UBIC BAY FREEPORT — The Subic Bay Metropolitan Authority (SBMA) has set the deadline for the submission of comparative proposals for the development of the Subic Bay International Airport (SBIA) on August 17, or 90 calendar days after its formal invitation for challengers to apply for eligibility. The SBMA opened the P6.2billion Subic airport project for
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11 Lee Junghoon (Seoul Cycling Team) “ 12 Wijaya Raditia Etto (Pontianak Wijaya Racing Team) 13 Jung Woo-Ho (Seoul Cycling Team) “ 14 Oranza Ronald (Standard Insurance PHI) “ 15 Afdzal Muhammad Adam Danish (Malaysia) “
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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. Continued on A2
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PESO EXCHANGE RATES n US 61.5060 n JAPAN 0.3836 n UK 82.8978 n HK 7.8490 n CHINA 8.9882 n SINGAPORE 48.0178 n AUSTRALIA 43.7492 n EU 71.8206 n KOREA 0.0413 n SAUDI ARABIA 16.3998 Source: BSP (April 30, 2026)