ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
BusinessMirror A broader look at today’s business
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
INSURERS MUST READY FOR MORE RISKS: REPORT www.businessmirror.com.ph
A
n
Thursday, May 29, 2025 Vol. 20 No. 228
P25.00 nationwide | 3 sections 26 pages | 7 DAYS A WEEK
ADB to pour $24B into BIMP-Eaga over 3 years
By Reine Juvierre S. Alberto @reine_alberto
S second-round effects of trade wars will demand more risk prevention and protection, Philippine insurers must respond with innovative products amid weaker global growth and rising uncertainty, according to Allianz Research. In its Global Insurance Report 2025, Allianz said weaker economic growth, less trade and higher credit risks all weigh on
By Cai U. Ordinario
T
the insurance business. While the impact of trade wars is not as direct and immediate, See “Insurers,” A2
MARCOS SEEKS CEASE-FIRE IN MYANMAR AHEAD OF POLLS By Samuel P. Medenilla
P
@sam_medenilla
RESIDENT Marcos is pushing for a cease-fire in the ongoing armedconflict in Myanmar as the wartorn country prepares to hold its elections next year. Marcos said the cease-fire will halt the mounting death toll in the Myanmar conflict, which the United Nations said has reached over 5,000 as of last year. “It’s a cease-fire first that we want because the humanitar-
ian cost has become very, very large,” Marcos said in an interview with reporters during the sidelines of the 46th Association of Southeast Asian Nations (Asean) Summit in Myanmar on Tuesday. The coming elections announced by Myanmar’s military government from May 2025 to January 2026 will help pave the way to a lasting peace in the said country, according to Marcos. Malaysian Prime Minister Anwar Ibrahim, the chairman See “Marcos,” A11
Rice tariff collections hits a record ₧34.2B in 2024 By Ada Pelonia
T
@adapelonia
HE country’s rice tariff collection reached a record P34.23 billion in 2024, according to the Department of Agriculture (DA), citing data from the Bureau of Customs (BOC). Agriculture Assistant Secretary Arnel de Mesa said the collected duties from rice was 14.37 percent higher than the P29.93 billion recorded in 2023. The tariff collection will be earmarked for the Rice Competitiveness Enhancement Fund (RCEF) as stipulated under the Rice Tariffication Law (RTL), geared towards boosting the
competitiveness of the country’s rice sector. Under the amended RTL or Republic Act (RA) 12078, the amount earmarked for RCEF tripled to P30 billion from P10 billion until 2031 to fund the rice industry’s programs. Of the P30 billion allocated for RCEF, P9 billion will fund farm mechanization, while P6 billion will be allotted for the development, propagation and distribution of high-quality rice seeds. The mechanization program is expected to provide free agricultural machinery to all rice-producing provinces while See “Rice,” A2
FLAGS, FISHBOATS, FREEDOM SONGS From a Manila workshop where flags are stitched by hand to the waves off Pag-asa Island where the national colors flew high, the Philippines marked the 127th anniversary of the Battle of Alapan with reverence and resolve. In Imus, Cavite, National Youth Commission Chair Joseph Francisco Ortega, NHCP Chair Regalado Trota Jose, and Rep. Adrian Jay Advincula led commemorative rites at the Dambana ng Pambansang Watawat, paying tribute to the revolutionary victory that led to the first unfurling of the Philippine flag in 1898. In Manila’s Atlas Super Flags shop, Carmelita Tan and her husband Gregory Tan Gatue continue the legacy begun by Gregory’s grandfather, Alejandro Tan Gatue, in 1910. What started as a linen supply business for American troops evolved into the country’s most trusted flagmaker, handcrafting official Philippine flags for over a century. Meanwhile, aboard the M/V Kapitan Felix Oca, Atin Ito volunteers raised the flag just two nautical miles from Pag-asa Island in the West Philippine Sea. Led by Rafaela “Paeng” David (Akbayan) and Edicio Dela Torre (PRRM), the mission combined civic action, a fuel donation for fisherfolk, and the first-ever sea concert in the WPS. NONIE REYES, NATIONAL HISTORICAL COMMISSION OF THE PHILIPPINES, ATIN ITO COALITION
@caiordinario
HE Asian Development Bank (ADB) intends to invest $24 billion on what it considers the food basket of Southeast Asia, the Brunei Darussalam–Indonesia– Malaysia–Philippines East Asean Growth Area (BIMP-Eaga), over the next three years. In a statement, the Manila-based multilateral development bank said the investment will help finance efforts to deepen regional cooperation and integration. ADB said this includes expanded investments to strengthen connectivity, private sector-led growth, energy integration, and food security. This was announced during the 16th Summits of the BIMP-Eaga and the Indonesia–Malaysia–Thailand Growth Triangle (IMT-GT). It can be noted that in the recently concluded Annual Meeting in Milan, ADB announced that it will scale up its financing for food security to $40 billion through 2030. “The region is navigating the impacts of trade and geopolitical tensions, rapid technological change, and growing threats to food and energy security,” said Mr. Kanda. “Yet these challenges also present exceptional opportunities to strengthen resilience and drive sustainable economic growth. Our longstanding partnerships will help us turn obstacles into new pathways for progress.” In BIMP-Eaga, known as "Asean’s food basket,” ADB has invested $500 million for agricultural development, $93 million for sustainable aquaculture, and $500 million for plastic marine debris reduction. During the meeting, Kanda also announced a forthcoming $400-million loan at the BIMP-Eaga Summit to restore marine ecosystems and strengthen the blue economy in the Philippines. ADB’s commitment to energy integration includes readiness to provide $10 billion in financing to accelerate action on the Asean Power Grid through cross-border interconnections, national grid expansions, and renewable energy. Aligned with BIMP-Eaga and IMTGT priorities to enhance connectivity through the private sector, ADB is See “ADB,” A2
PESO EXCHANGE RATES n US 55.3970 n JAPAN 0.3840 n UK 74.8635 n HK 7.0678 n CHINA 7.6989 n SINGAPORE 42.9934 n AUSTRALIA 35.6978 n EU 62.7870 n KOREA 0.0403 n SAUDI ARABIA 14.7694 Source: BSP (May 28, 2025)