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Saturday, November 29, 2025 Vol. 21 No. 52
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020)
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
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Confidence in govt securities undented by corruption mess NVESTORS’ confidence in government securities remains unfazed by the corruption scandal surrounding flood control projects, according to National Treasurer Sharon P. Almanza, even as the economy sputters in the third quarter after a drop in public investments. Speaking to reporters on the sidelines of the launch of Project Bayani: The Philippines’ Asset Tokenization Opportunity on Thursday, Almanza said the corruption scandal has not spilled over into the bond market yet. “The government securities [GS] market is actually rallying. While the stock market is down, the GS market remains very robust,” Almanza said. The Treasury benefited from the recent slump in the local stock market, as investors shifted to safer havens, such as Treasury bonds, in recent weeks. Almanza said the government-issued bond yield spreads remain very tight compared to US Treasuries, while the country’s credit default swap levels are also at their highest.
By Reine Juvierre S. Alberto
T
HE impact of inclement weather and weakening of the peso could push up commodity prices in November, according to the Bangko Sentral ng Pilipinas (BSP).
See “Confidence,” A2
E BOTTLE BRILLIANCE, MOUNTAIN MAGIC More than 20,000 recycled plastic
bottles lit up Sumulong Park in Antipolo City as a towering 50-foot Christmas tree came alive during its second lighting ceremony, led by Mayor Jun Ynares and city officials. The first lighting of the 35-foot version—also made from 20,000 recycled bottles—was earlier conducted by Vice Mayor Randy Puno with barangay leaders. Meanwhile up in Baguio City, First Lady Liza Marcos led the Christmas Tree lighting at The Mansion on November 27, later posing with media members inside the historic residence as part of the celebration. BERNARD TESTA AND MARILOU GUIEB
See “Storms,” A2
DTI relies on tariff exemptions to sustain agri exports to US
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“We haven’t seen any major widening of our spread,” the national treasurer added. Almanza said she expects sentiment to hold as the government’s investigation progresses and those involved in corruption will be held accountable soon. “We’re really hoping that we’ll address some of the concerns of people, of our investors, that the system is working.” Analysts from Fitch Ratings said that corruption-related protests and prolonged social unrest could affect investor confidence and borrowing costs (See: https://businessmirror.com.ph/2025/11/27/ unrest-slowdown-to-dampenconfidence/).
By Dennis D. Estopace
In its month-ahead inflation forecast, the BSP said it projects that November 2025 inflation will settle within the range of 1.1 to 1.9 percent. If inflation reaches 1.1 percent in November, this would be the slowest in four months since the 0.9 percent recorded in July. If it could hit 1.9 percent, this is the ninth-straight month that inflation remained below the BSP’s 2 to 4 percent inflation target range. “Upward price pressures for the month reflect in part the impact of inclement weather as prices of rice, fish, and fruits increased,” the Central Bank said.
HE Department of Trade and Industry (DTI) is banking on the tariff exemptions on some agricultural exports to the US to sustain the growth of the Philippines’ outbound shipments for the year. Trade and Industry Secretary Cristina A. Roque told reporters in an interview on Friday: “Definitely the zero tariff is really a win for the agriculture sector. So we really see this grow leaps and bounds, not just to the US but to other countries as well.” Roque said this as preliminary data from the Philippine Statistics Authority (PSA) showed that Philippine exports continued to surge. Based on PSA data, Philippine exports posted a five-month-high growth rate despite the steeper tariffs imposed by Washington as outbound shipments grew by 19.4 percent in October, adding $7.39 billion to the country’s exports pie this year. In the January to October
National Treasurer Sharon P. Almanza: “While the stock market is down, the government securities market remains very robust.”
‘BSP’s cautious approach to AI reflects global stance’
“Another rate cut is being considered in December, as further monetary easing can help boost demand.”—BSP Governor Eli M. Remolona Jr.
By Andrea E. San Juan
By Reine Juvierre S. Alberto
2025 period, exports also grew by 13.8 percent, or amounting to $70.43 billion compared to the $61.90 billion in the 10-month period in 2024. On November 14,2025, US President Donald Trump issued an Executive Order exempting key agricultural exports from reciprocal tariff. Products include coconut, coffee, tea, tropical fruits and juices, cocoa, spices, bananas, oranges, tomatoes, beef and certain fertilizers. Following this development, Philippine Exporters Confederation Inc. (Philexport) unveiled the Philippine agricultural exports to the US that will benefit from “more favorable” tariff conditions. Based on 2024 data, these products include: coconut (copra) oil, both crude and other than crude, which Philexport said is the country’s top agricultural export to the US. Other Philippine agricultural products are fruit juices; processed pineapples; desiccated coconuts;
“Definitely the zero tariff is really a win for the agriculture sector. So we really see this grow leaps and bounds, not just to the US but to other countries as well.” — DTI Secretary Cristina A. Roque
prepared or preserved coconuts; bananas, other than pulp; dried guavas, mangoes and mangosteen; frozen tuna fillets; rice wafer products and confectionery products. Roque explained to reporters in an interview on Friday: “For coconuts, there’s a lot of demand now, not just in the US but in so many other countries. So desiccated coconut, coconut water, coconut oil, and then we have pineapples,
mangoes, there’s a lot. So this is a win.” Despite this recent win, however, the Philippines’ Trade chief said the government does not intend to slack off. “Of course, we’re very aggressive in really pushing for exports and really strengthening the business sector. So, we don’t want to be lax,” Roque said. On Friday, PSA data showed that even prior to the lifting of tariffs on key agricultural products to the US, coconut oil posted a 35.8-percent growth rate in the 10-month period this year. As for the country’s export destinations, the United States remains to be the Philippines’ top export market, with $11.16 billion. This was followed by Hong Kong, where the Philippines shipped $10 billion in the January to October 2025 period. Japan was the country’s third export market, as the Philippines was able to ship $9.72 billion worth of goods to this country in the 10-month period.
XECUTIVES of an Indian technology firm consider the local central bank’s stance on artificial intelligence (AI) as reflective of how many regulators across the world regard the technology. “Based on our understanding of how regulators are looking at it across the globe, they are fundamentally banking on the key principles of lending rather than very specific guidelines on AI, but it would make a lot of sense to come up with specific guidelines. “I would use the word cautious as we have seen that, globally, AI has become an active conversation” in the banking sector, Intellect Design Arena Ltd. Chief Marketing Officer Mithu Gupta said during a news briefing on Thursday. Gupta opted to use the word “cautious,” rather than “slow” in describing how regulators approach the use of AI technology in the banking sector. “Cautiously they [central banks] are advising banks and all key players in the market to take a cautious approach where we are able to guarantee security, feasibility and triangulation of all three perspectives of data, the responsible handling of customer information,” specifically, added Gupta, who is also the head of Intellect Design Arena’s User Experience. Her colleague, Brajesh Khandelwal, explained that the approach to AI comes with the pace of technological advancement. “Many times the innovations are faster than the guardrails around these innovations. The technology comes first and the regulators respond,” Khandelwal, Intellect Design Arena’s executive vice president, said. “Until that time, the banks wonder what to do, what is acceptable and what is not acceptable.” “So, before technology becomes visible, regulatory cannot be expected to come out with the guideline without seeing what is happening, what is working and what is not working.”
Mithu Gupta, Intellect Design Arena Ltd. Chief Marketing Officer: “Central banks are advising banks and all key players to take a cautious approach where we are able to guarantee security, feasibility and triangulation of all perspectives of data.”
He believes the Bangko Sentral ng Pilipinas has set up an audit unit, “which is working with various banks in the region looking at various AI experience.” The Intellect Design Arena executives flew in to the Philippines three days ago as it hosted a forum among bankers and members of financial institutions operating in the country to promote the company’s “Purple Fabric,” an enterprisegrade Open Business Impact AI platform. According to Khandelwal, they saw a need for a platform layering to bridge the large language models. Such platform “brings the guardrails and allows banks to create digital exports and take care of enterprise needs.” According to Gupta, the company has been investing for the last seven years in the PF platform, leading to the creation of the “PFCredit.” PFCredit, Khandelwal said, is used in boosting efficiency and improving how banks handle loans, from origination, sanctions, servicing, operations and collection. “We see the space [for AI in lending as] expanding as banks start digital exports and start work on AI,” he added. For now, Gupta said, bankers in the Philippines “are eyeing the low-hanging fruit to start with where they can experience high impact with cautious investment.”
PESO EXCHANGE RATES n US 58.7920 n JAPAN 0.3762 n UK 77.8465 n HK 7.5575 n CHINA 8.3040 n SINGAPORE 45.3432 n AUSTRALIA 38.4088 n EU 68.1752 n KOREA 0.0402 n SAUDI ARABIA 15.6728 Source: BSP (November 28, 2025)