Business 360 with Apa Ongpin | May 15, 2026

Added: 2026-05-26

[00:00:01][music] [music] >> Welcome to Business [music] 360. Good afternoon. Your complete view of the stories driving [music] business, markets, and the economy.

[00:00:26]I'm Apa Ongpin and this >> [music] >> is the Billionaire News Channel.

[00:00:33]The peso trades near yesterday's record low hit not only by a stronger dollar, but also by political [music] instability here at home. Economist Emmanuel Esguerra weighs in.

[00:00:47]Cash remittances has increased [music] in March despite the Middle East crisis.

[00:00:53]It's a big [music] day on Monday with the Senate convening as an impeachment court. We will get live [music] updates from the lower house on how prosecutors are preparing.

[00:01:05]And an AI chip maker makes a blockbuster [music] debut on Wall Street firing up the AI frenzy.

[00:01:19]Hi, Mr. Esguerra.

[00:01:21]Um the Yeah.

[00:01:27]The peso hit a new intraday low of 61.70 [music] against the dollar this morning. It opened just a touch shy from yesterday's record low of 61 pesos and [music] 64 centavos, raising questions on whether growing political uncertainty at home is driving weakness.

[00:01:48]Economist Emmanuel Esguerra joins us now for his insights. Welcome to Business 360, Professor [music] Esguerra.

[00:01:55]Thank you, Apa. Thank you for having me this afternoon.

[00:02:01]Professor, the peso is back at record lows. Is this still mainly on oil prices and the US Fed, or is local political uncertainty uh, now adding pressure?

[00:02:12]I think it's all a combination of uh, what's happening in the Middle East, uh, what's happening in the feds, and uh, definitely I strongly believe that what happened uh, the other day at the Senate uh, is a major factor in the depreciation of the peso.

[00:02:29]How much does political uncertainty matter to the peso and broader investor confidence?

[00:02:36]I think it's a lot. Uh, uh, no, while nobody can say that it's 50%, but definitely it's a major trigger uh, for many of our investors uh, to uh, get out of the peso asset and uh, move into a more uh, stable uh, assets uh, in the market. So, definitely uh, what happened uh, last Monday or the other day uh, at the Senate uh, was a major factor. Uh, consider this uh, Abba. This is the first time uh, that shots were heard or uh, in the Senate. Uh, shooting in the Senate is a major uh, uh, issue here. It's a development that nobody wanted to see.

[00:03:19]Uh, it's okay that they uh, uh, trade uh, uh, issues, they trade arguments, they trade their own positions uh, during uh, debate at the Senate, which is expected.

[00:03:32]However, hearing gunshots uh, at the Senate is a major uh, problem. And actually, this was heard all over the not only all over the country, but also all over the world.

[00:03:45]Major news uh, agencies uh, internationally uh, carried uh, the uh, uh, running uh, the running away of a uh sitting senator running away from uh the ICC uh arrest warrant. And they also uh uh played uh uh the uh uh shots being uh heard uh in the news in the Philippines. They played that all over the world. So, this is a major concern.

[00:04:17]Business and civic groups are warning that the impeachment process is also about the rule of law and institutional credibility.

[00:04:26]When the business community has to say that publicly, what does it tell us about how serious the situation is becoming?

[00:04:34]Oh, definitely uh serious uh factor here. Uh major uh business organizations, uh business groups, uh churches, and uh civil society have already uh expressed uh their sentiment, their position on uh how uh the uh Senate should uh treat uh the uh upcoming uh uh impeachment uh uh hearings. Uh definitely, uh they're awaiting uh the uh start of the proceedings, and they're awaiting uh how uh the charges will be uh argued, and how uh uh the vice president uh will defend herself against these accusations.

[00:05:16]From the outside, does the Philippines now look more politically risky to investors?

[00:05:22]Oh, very risky.

[00:05:24]You know, uh international investors uh have options. They can come into the Philippines, or they can uh uh go to uh other markets in the ASEAN or elsewhere.

[00:05:36]So, uh right now, it looks like the Philippines is the most uh shaky uh economy to uh come into. And even uh local uh investors, local businesses are already considering uh, uh getting out and uh, uh, finding other options uh, for their own investments.

[00:05:57]Can the BSP really support the peso if part of the pressure is political?

[00:06:03]Well, definitely uh, the uh, Bangko Sentral, the BSP, has a major role, an important role to play in uh, trying to uh, stabilize the currency, uh, uh, trying to stabilize uh, the economy.

[00:06:18]However, uh, political issues are beyond uh, what the BSP can uh, influence.

[00:06:25]Monetary issues, uh, even uh, inflation uh, at 7.2%, that's uh, quite a long shot from uh, what even the BSP was considering as a uh, uh, in their projections. Uh, BSP, looks like uh, they will be uh, uh, put in a very tight place uh, uh, navigating around these economic issues, but mostly uh, political uh, in nature uh, right now.

[00:06:56]Does peso weakness make another BSP rate hike likely? Uh, is is an off-cycle rate hike a real possibility?

[00:07:05]Well, uh, only because uh, inflation was so high, uh, BSP is already considering, I think, considering uh, uh, raising the interest rate. But now that the peso is also uh, depreciating, I think that only added uh, more uh, fuel or more incentive uh, to uh, BSP to uh, try to uh, increase uh, the interest rate in the country.

[00:07:33]Where do you see the peso going this year? And let's let's ask about the a base case and a worst case uh, scenarios.

[00:07:43]You know, what's happening right now at 61 50 61 75 would be like a an expectation that many are considering.

[00:07:58]But when things get worse, I think a 62 or even higher will not be a remote possibility. We want to see more good news, bright news to say for example, the GDP at 2.8% growth rate is not a welcome development for the year. So, I hope we see developments that would show growth in the GDP. Also, results that can also bring down inflation. But definitely, I think what people are looking for now is a development that will calm the nerves of our investors, our consumers, the markets in general. Hearing gunshots at the Senate is not a good uh development. It's not definitely is not a positive thing to look forward to.

[00:09:12]Hopefully, that was the last and the leadership at the Senate I think I should be able to show some stability. And right now, it doesn't look that way. It looks like Senator Bato only came to the Senate to vote and replace the current leadership. It's not good to have a a coup in leadership.

[00:09:41]You know, they normally select their leaders at the beginning of the session or of the beginning of Congress.

[00:09:51]It doesn't happen or it should not be expected to happen midway. Right now, it happened before on the eve of the impeachment hearings and talk about uh the current Senate President can be replaced because his hold on the Senate presidency is very very soft, very flimsy, only a few votes that can sway the Congress or the Senate to select a new leader. That is not a strong or stable indicator of where the Senate is standing right now. And it reminds us of uh the recent move of Fitch ratings.

[00:10:41]The Philippine ratings was put on a negative outlook and it looks like it's fulfilling that negative outlook that was assigned to the Philippines.

[00:10:52]Governance was a major issue. Our sensitivity to uh the ongoing Middle East conflict was also cited. But now governance in the country, particularly at the Senate, is a major indicator that things are not getting better. The negative outlook by Fitch looks like it's being fulfilled. I hope it stops right here. I hope that we are able to show that the Philippines will be able to get back on its feet, and show stability in our governance, stability in our political lives in the political institutions. But right now, everybody is watching. And the world saw what happened last Monday at the Philippine Senate. That's not good.

[00:11:53]Thank you for your insights, Professor Laylo. I We have this just in the local currency weakened further today at 61 pesos and 72 centavos. As we were talking, um that's what happened.

[00:12:08]We're taking a quick break. Coming up, we have the latest on the Senate saga and the upcoming impeachment court. This is Business 360.

[00:12:22]>> [music] [music] [music] [music] >> Welcome back to Business 360. [music] I'm Apa Ongpin. The House of Representatives gets ready for Monday's impeachment court. Ask questions grow over how Senator Bato Dela Rosa left [music] the Senate.

[00:13:03]Isaiah Mirafuentes of Abante joins us live from [music] the house. Isaiah, anong balita natin?

[00:13:29]Nananawagan ang ilang mga bata sa camera at pangulo na magsagawa ng independent investigation kaugnay sa mga nangyari sa Senado at hindi raw pwedeng mga senador rin ang mag-imbestiga. Dapat rin daw imbestigahan si Senator Robin Padilla matapos niyang isama palabas ng Senado si Senator Dela Rosa. Ayon kay De Lima, tatlong kaso ang maaaring isampa kay Senator Padilla. Ang obstruction of justice, harboring a criminal fugitive at aiding and abetting a criminal. Dahil si Senator Bato raw ay maituturing na pugante. Gayunpaman, hindi na kailangan pang maghintay ng arrest warrant mula sa local court dahil batay raw sa batas, may karapatan ang Pilipinas na magsukol ng isang personalidad sa isang isang international tribunal na nagsasagawa ng imbestigasyon. Ayon naman kay Representative Percival Sindayan, matapos ang pag-eskapo ni Senator Bato, patunay daw ito na dapat talagang sa ibang bansa ang tisis ng senador kasama sina former president Rodrigo Duterte at Senator Bong Go.

[00:14:32]Samantala, apat sa Lunes inaasahan natin na ang pagko-convene ng Senado bilang impeachment court. Iyan naman ay kaugnay sa impeachment ni Vice President Sara Duterte. At inaasahan nga rin natin na dadalo na rin dito ang labing-isang prosecution panel mula dito sa camera.

[00:14:47]At gayunpaman, ang panawagan nila sa Senado dapat daw agad-agad ng simulan ang trial at huwag na i-delay at huwag itong i-dismiss.

[00:14:57]Apat.

[00:14:59]Two different versions are emerging on the shooting incident inside the Senate complex. Acting Senate Sergeant-at-Arms [music] Mawa Plaska says his side fired warning shots after [music] alleged NBI personnel refused to stand down. He claims their shots were not aimed directly at the alleged NBI team.

[00:15:22]Actually for now, I mean after the warning shot, >> But NBI director attorney Melvin Matiba gave a different account. He says NBI [music] personnel were only positioned within the GSIS premises. He claims it was [music] a Plaskas men who entered the area.

[00:16:10]>> [music] >> Matibag also says the [music] NBI has higher law enforcement authority than the OSA.

[00:16:36]He adds a Plaska could have coordinated directly with him because he already had his [music] contact details.

[00:16:45]The office [music] of the Ombudsman has placed Senate acting sergeant-at-arms Mao Aplas [music] under six month preventive suspension over the gunfire incident.

[00:16:56]Ombudsman Jesus Crispin [music] Remulla said the suspension is meant to prevent interference in the investigation.

[00:17:04]But Senate President Alan Peter Cayetano defended the [music] warning shot fired by Aplas saying it was done to protect the institution.

[00:17:16]So let me just appeal to the Ombudsman.

[00:17:18]Suspend also the NBI director because he is more a suspect than General Mao dito.

[00:17:26]We do not want to set a bad example in the independent investigation, and we do not want to put the Senate in harm's way. If we tell the OSAA, the Marines, the PNP who are all there that pagka may armed men all around the Senate, we cannot defend ourselves.

[00:18:15]Several lawmakers [music] appeared before the Quezon City Prosecutor's Office today after being accused by Vice President [music] Sara Duterte's husband of violating the bank secrecy law. Joan Manalo has the details.

[00:18:32]A preliminary investigation was held today at the Quezon City Prosecutor's Office over the complaint filed by Vice President Sara Duterte's husband, Attorney Manases Carpio, against several officials of the Anti-Money Laundering Council, the Bangko Sentral ng Pilipinas, and multiple House lawmakers.

[00:18:49]Among those named were Batangas Second District Representative Sherwin Luis ML Portada's Representative Leila de Lima, Anakbayan Partylist Representatives Chel Diokno and Percy Cendana. De Lima, Diokno, and Cendana personally appeared at the Quezon City Prosecutor's Office at 9:00 a.m. today, while Luis Stro was represented by her legal counsel to formally receive the complaint filed by Carpio. Carpio's camp alleges that the respondents violated the bank secrecy law, the data privacy act, and the anti-money laundering act by allegedly disclosing Carpio's confidential bank records during House Committee on Justice hearings on impeachment complaints against Vice President Sara Duterte. Diokno said he respects Carpio's right to file cases, but maintained that he is prepared to answer the allegations in court. We are uh fully confident of our legal position.

[00:19:56]Meanwhile, De Lima described the complaint as a diversion from the main issues and called it a form of harassment. These are all harassment.

[00:20:04]Alam naman nila 'yun, lalo na kami, kaming mga members of the Committee on Justice, the members of the House.

[00:20:17]Bank Secrecy Deposits Law and Anti-Money Laundering Act.

[00:20:30]De Lima added that they may also pursue counter charges, including damages for alleged malicious prosecution and perjury, should Carpio's complaint be dismissed. For his part, Sandiganbayan said the case reflects what he described as a classic Duterte tactic meant to intimidate and harass critics.

[00:20:53]active citizens. The same way na narito kami ngayon, kinasuhan nila for doing our jobs. So again, this is classic Duterte, sending a chilling effect to our citizens who will rise up and call them out for their abuse of power.

[00:21:07]Carpio's lawyer and spokesperson attorney Neil Abayon said they respect the respondents positions but will continue to pursue accountability for what they describe as possible legal violations. Abayon also maintained that even during congressional inquiries lawmakers must still respect the Bill of Rights including the rights of private citizens such as Carpio. A second hearing is set on May 29th where the respondent lawmakers are expected to submit their counter affidavits. Win Manalo, Bilinora News Channel.

[00:21:37]>> [music] >> Both the United States and China agree Iran cannot have nuclear weapons. US President Donald Trump and Chinese [music] leader Xi Jinping met for a second day in Beijing where they made the rare show of agreement. This is a significant shift for Beijing which has long [music] been one of Iran's closest economic and diplomatic allies.

[00:22:02]We discussed Iran. We feel very similar to Iran. We want that to end.

[00:22:09]We don't want them to have a nuclear weapon. We want the straits open. We're closing it down. They closed it and we closed it on top of them.

[00:22:17]But we want the straits open and we want them to get it ended because it's a crazy thing. They're a little bit crazy and it's no good. Can't have it. They cannot have a nuclear weapon.

[00:22:31]>> [music] >> She called the visit a milestone and said both countries [music] reached many cooperative understandings.

[00:22:43]So far we have established a new relationship between our two countries, a constructive and strategic relationship. This can be said to be a milestone visit and we have reached many understanding on cooperative outcomes.

[00:22:56]>> [music] >> More money from overseas Filipinos came in last March despite the Iran war.

[00:23:04]You're watching Business 360.

[00:23:09]>> [music] [music] [music] [music] >> Welcome back to Business 360. [music] I'm Apa Ong Pin. Overseas Filipino cash remittances increased in March this year, but they are showing signs of slower growth. Ches Sulit tells us more.

[00:23:52]Jennifer [clears throat] Salazar has been working in Abu Dhabi, UAE, for the past 5 years, managing documents for a construction company. And every month she sends at least 20,000 pesos to sustain her family's needs back in the Philippines.

[00:24:19]Like many OFWs in the Middle East, Jennifer also feared for her safety amid the ongoing crisis.

[00:24:26]Despite this, she remains grateful to still have a stable job, even as her workload increased due to her company's oil-related projects.

[00:24:35]Data released by the Bangko Sentral ng Pilipinas show overseas Filipino cash remittances registered 2.87 billion US dollars in March 2026, 3.2% higher than February.

[00:24:48]Economist Jonathan Ravelas said that remittance growth is shown to be slowing. Apart from the cooling global labor markets, overseas Filipino workers like Jennifer may also be experiencing rising living costs.

[00:25:01]As a breadwinner of her family, Jennifer also advises her sisters in the Philippines to monitor their budget amid the country's high inflation rate.

[00:25:28]Rabellas adds that remittances are no longer a high growth driver for the Philippines.

[00:25:33]Pushing for economic expansion means strengthening investments, domestic demand, and consumer spending.

[00:25:40]Despite increased cash remittances, the country's economic growth has slumped.

[00:25:45]That's why amid their continued sacrifices, OFWs and their families still grapple with soaring prices.

[00:25:52]For Business 360, Ches Sulit, Bilyonaryo News Channel.

[00:25:58]More earnings [music] data comes in reflecting the impact of the Middle East crisis.

[00:26:03]Gillian Geronimo has today's [music] corporate stories.

[00:26:09]GT Capital Holdings reported a consolidated net income of 8.91 billion pesos for the first quarter of 2026.

[00:26:18]This figure is 3% lower than the same period last year. Core net income also declined to 7.96 billion pesos. The company cited global economic slowdown, high prices, and supply chain disruptions as key factors.

[00:26:33]While weak consumer spending and economic uncertainty weighed on results, GT Capital said it remains confident core businesses and its strong balance sheet. Bloomberry Resorts Corporation reported a net loss of 125 million pesos in the first quarter of 2026. Gross gaming revenue fell 13% to 14.7 billion pesos due to weaker VIP and mass market gaming. Operating expenses rose slightly year-on-year, but declined from the previous quarter due to cost cutting.

[00:27:05]EBITDA dropped 32% to 3 billion pesos compared to last year. The company said higher cost discipline and one-off items helped offset some losses. Security Bank delivered strong core operating performance in the first quarter.

[00:27:19]Pre-provision operating profit rose 24% year-on-year to 7.5 billion pesos supported by disciplined cost management. Total revenue rose 10% to 17 billion pesos, while net profit reached 2.7 billion pesos. The bank said strong core earnings and cost control helped boost performance despite higher credit provisions. Deposits and loans both increased supporting a stronger balance sheet and liquidity position. Security Bank said it remains focused on disciplined growth and improving customer services. Gillian Geronimo, Billionaire News Channel.

[00:27:58]It was [music] an exciting day for Wall Street. Investors cashed in on the US-China summit [music] and the blockbuster IPO. Nvidia led the charge jumping more than 4% after the US cleared sales of its >> [music] >> H200 AI chips to 10 Chinese firms. AI chipmaker Cerebras also uh debuted on the Nasdaq as a possible contender to Nvidia. [music] And on the first day of trading stock soared uh 68% raising more than 5.5 billion dollars. This [music] is the biggest US tech IPO since Uber back in 2019.

[00:28:38]Fueled by the AI [music] frenzy both the S&P 500 and Nasdaq closed at record highs, while the Dow Jones reclaimed the 50,000 mark for the first time since [music] February.

[00:28:52]The Philippine Stock Exchange Index slips below the 6,000 level again. On the last trading day of the week, financials, [music] holding firms, and mining shares went down by more than 2%.

[00:29:05]Many of the most active stocks also closed closed lower.

[00:29:15]More stories when we return. You're watching [music] Business 360.

[00:29:24]>> [music] [music] [music] [music] >> Welcome back to Business 360. [music] I'm Paung Pin. The Asian Development Bank is offering the Philippines [music] up to 1.75 billion dollars in crisis support. The funding is meant [music] to help cushion the economic impact of the Middle East conflict as oil and fertilizer prices go up. The ADB says the support will help protect vulnerable communities and manage [music] fiscal pressures.

[00:30:19]The Securities and Exchange Commission is giving companies more breathing room on reportorial requirements.

[00:30:24]>> [music] >> In line with the ease of doing business month, the SEC is suspending monthly penalties for late filings.

[00:30:31]SEC Chair Francisco Lim says [music] the move will help corporations get back on track without adding to their compliance costs.

[00:30:41]Lim says the penalty [music] suspension will benefit all registered corporations, including micro, small, and medium enterprises.

[00:30:50]And that's Business 360. We'll [music] keep tracking the moves that matter across markets, policy, and the economy.

[00:30:58]I'm Apa Ongpin. Thank you for joining us. Keep it here on BNC, the Billionaire News Channel.

[00:31:15]>> [music]