It’s Friday, July 11 — let’s end the week strong.

In today’s issue: the US just slapped a whopping 20% tariff on some Philippine goods. Ping Lacson flags billions in suspicious “pork” for Congress and Senate. Alan Peter Cayetano wants Duterte placed under house arrest in The Hague. Globally: ex-UK PM Rishi Sunak lands at Goldman Sachs, and Asia’s US allies roll out a charm offensive on tariffs. In business: SM steps into luxury real estate. The SEC shuts down two investment scams. And in our Peso Explainer: Why Your Brain Hates Saving (And How to Trick It).

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Effective August 1, all Philippine goods entering the U.S. will face a 20% tariff—courtesy of President Trump’s widening trade war. The rate is up from the 17% originally floated in April, and while it's lower than the 30–36% slapped on other Southeast Asian nations, it’s still a sharp blow to PH exporters.

Trump’s justification? “Unsustainable trade deficits” and what he calls years of Philippine tariff and non-tariff barriers. The Philippines exported $14.2B to the U.S. in 2024, generating a $4.9B trade surplus Washington now deems a national security issue.

Philippine officials, including Ambassador Romualdez and Economic Secretary Frederick Go, say they’ll push to negotiate the tariff down or explore a broader free trade agreement when they visit Washington next week.

Despite the economic threat, Malacañang had initially downplayed the original 17% rate, citing strong diplomatic ties. But with the hike to 20%, and Trump’s very public warning, pressure is mounting—especially as U.S. trade with the Philippines totaled $23.5B last year.

Why it matters:
The Philippines is now caught in a high-stakes negotiation that could reshape trade, exports, and investor confidence. With the U.S. as its third-largest trade partner, the pressure is real—and the clock is ticking.

PSEi: 6,425.24
BSP Rates: 5.25% (borrowing) | 4.75% (deposit) | 5.75% (lending)
🌐 Global Markets
Bitcoin: $111,000 - $113,000
Gold: $3,332.75 - $3,334.47

💱 Exchange Rates (PHP per 1 unit)

🇺🇸 USD: ₱55.00 - ₱56.00 (around these values, with slight variations)
🇬🇧 GBP: ₱76.92.04
🇸🇦 SAR: ₱15.15
🇯🇵 JPY: ₱0.3876
🇪🇺 EUR: ₱66.67.69
Note: Exchange rates may vary slightly depending on provider.

SM Prime has officially stepped into the high-stakes luxury property game with Signature Series by SM Residences—and it’s not holding back. Backed by a ₱25B capex and 400 hectares of prime land, the Sy-led property titan is targeting high-net-worth buyers with exclusive enclaves starting at ₱15M and soaring past ₱100M for lots in its crown jewel: a 284-hectare master-planned estate in Susana Heights, Muntinlupa.

That development—located beside Ayala Alabang—is poised to become the ultra-luxury village Metro Manila hasn’t seen in decades. Lot sizes start at 750 sqm, with Jugo calling it “a powerful address” and the biggest blank canvas left in the metro.

Beyond Susana Heights, SM is eyeing upscale launches in Makati (via joint venture), Cebu, Taguig, and other key cities. The big picture: this isn’t just a play for profit—it’s a landbank unlock strategy aimed at future-proofing the brand. And with 69,000 millionaires and over a million “emerging” HNWIs in the Philippines, demand might just be deeper than it looks.

Why it matters:
With inflation hurting mid-income housing, the ultra-rich are still shopping. SM’s land, brand, and build muscle might make it the next king of the Philippine luxury real estate hill.

The SEC just slapped cease and desist orders on PU Prime and Fortune Wave Group for illegally soliciting investments without proper licenses. PU Prime allegedly lured Filipinos with “guaranteed” 10% monthly returns and bonus offers, while Fortune Wave promised gains up to 330%—via Facebook, no less.Neither had the required SEC registrations, and both are now banned from touching investor funds or moving assets.

Boeing delivered 60 jets in June—its best monthly performance since December 2023, just before a 737 Max 9 door plug blew out midflight and grounded confidence (again). The company handed over 150 aircraft in Q2, marking its strongest quarter since 2018.Of the June deliveries, 42 were 737 Maxes for airlines like Southwest and United. CEO Kelly Ortberg says Boeing’s slowly stabilizing production, aiming to push past its 38-a-month FAA cap.

But with Airbus still flying ahead and investors eyeing Q2 earnings on July 29, Boeing’s comeback isn’t cleared for takeoff just yet.

Bitcoin surged to a new record of $112,052 on Wednesday, riding the coattails of a red-hot Nasdaq and Nvidia’s $4T moment. The crypto king hasn’t moved much in weeks, but a risk-on mood pulled it out of its slumber.Despite ETF inflows, it’s public companies buying BTC that are doing the heavy lifting. Traders are eyeing $120K next—especially with “crypto week” in DC coming up.

Turns out, the problem isn’t your wallet — it’s your wiring.

Ever wonder why saving money feels like a chore, even when you know it’s the smart thing to do? It’s not because you’re lazy or bad with money. It’s because your brain is hardwired to focus on now, not later.

Blame it on evolution. Our ancestors didn’t have bank accounts — they hunted, ate, and survived. Today, your brain still prefers instant gratification. A Starbucks drink now feels more rewarding than ₱200 in your emergency fund.

Psychologists call this present bias. We naturally undervalue future rewards, even if they’re bigger. That’s why it’s so easy to say “I’ll save next month” — and never actually do it.

If you wait until you feel like saving, it’ll never happen. Your job isn’t to fight your brain. It’s to outsmart it.Saving isn’t about willpower — it’s about systems. Build those, and your future self will have more options, less stress, and maybe even a weekend in Bohol.

Trump threatened new tariffs—up to 40% on 14 countries’ goods by Aug. 1—but global markets barely blinked. Asia and Europe stocks mostly ticked higher, betting the “TACO” trade (Trump Always Chickens Out) still holds. The ex-TV star called the deadline “firm, but not 100% firm”—classic Trump ambiguity. Wall Street stayed cautious, but investors expect more bark than bite, especially with key players like the EU left off Monday’s letter list. Some are bracing for drawn-out negotiations.

After leading the Tories to a record-breaking electoral wipeout in July 2024, former UK PM Rishi Sunak is returning to his roots—this time as a senior advisor at Goldman Sachs. The bank says he’ll lend “unique perspectives” to clients and staff, though Acoba slapped on restrictions to prevent him from lobbying or advising sovereign wealth funds.Sunak started at Goldman as an intern in 2000. Now, he’s back with a part-time post and a full-circle moment. His salary? Donated to charity.

With Trump’s Aug. 1 tariff deadline looming, Japan and South Korea are scrambling for trade deals to avoid 25% levies on exports—particularly cars, steel, and semiconductors. Both face mounting political pressure at home, but offer the U.S. what it wants: investment, tech, and supply chain insulation from China.

Key offers on the table:

Perplexity AI just launched Comet, an AI-powered web browser for its $200/month Max subscribers. The new tool lets users ask complex questions via voice or text, connect to apps like Slack, and—according to Perplexity—“amplify our intelligence.” Comet enters a crowded ring with Google and Microsoft already swinging. Access is invite-only for now, with broader rollout coming this summer. The company’s been busy—fending off plagiarism claims, chatting with Meta, and chasing a $14B valuation.

Nvidia briefly touched a $4 trillion market cap on Wednesday, becoming the first company ever to do so intraday. The AI chip titan rode a wave of investor hype, fueled by its dominance in powering the generative AI gold rush. Shares cooled slightly by market close, ending with a $3.97T cap—still enough to keep it ahead of Microsoft and Apple.

Linda Yaccarino is stepping down as CEO of X after a chaotic year navigating Elon Musk’s whims, advertiser drama, and Grok’s growing pains. Her departure follows months of internal tension and Musk folding X into his AI startup xAI—making ads and content a lower priority. X posted $2.7B in 2024 revenue, but AI now steals the spotlight. With Musk calling the shots, Yaccarino’s ad-first strategy never quite stuck.

At least five Filipino crew members were rescued after Houthi rebels attacked and sank the Eternity C, a Liberian-flagged, Greek-operated vessel, the DMW confirmed. Of the 22-member crew, 21 were Filipinos. The Houthis used sea drones and RPGs across two days of attacks, forcing the crew to abandon ship. Lifeboats were destroyed. Rescue operations are ongoing. Six crew have been saved, four are confirmed dead, and 15 remain missing. The DMW reminded seafarers of their right to refuse Red Sea voyages amid rising risks.

Senator Ping Lacson says pork is back on the menu. In his review of the proposed 2025 budget, Lacson found one congressman allegedly bagged P15 billion, while some senators got P5 to P10 billion each—despite pork barrel being banned in 2013. He also flagged bizarre flood control funds, like a small barangay getting P1.9 billion.With the government spending P4 billion more than it earns daily, Lacson warns we’re borrowing our way into a financial cliff.

Senator Alan Peter Cayetano wants former president Rodrigo Duterte placed under house arrest inside the Philippine Embassy in The Hague while awaiting trial at the International Criminal Court (ICC). In a newly filed Senate resolution, Cayetano cited Duterte’s “deteriorating health” and argued that a modified house arrest poses no threat to trial integrity. He called it the “least” the country could do. The ICC currently holds Duterte over alleged crimes against humanity linked to his drug war.

Rep. Brian Poe is pushing a stronger version of the Animal Welfare Act. His bill proposes a new Animal Welfare Bureau under the Department of Agriculture to tighten rules and improve enforcement. The proposal defines “animal” as any sentient non-human being, bans dog meat trade and animal fighting, and introduces stiffer penalties for cruelty. Poe says it’s time to close loopholes and take animal rights seriously.

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The Psychology of Money by Morgan Housel: Why how you think about money matters more than what you know. Available in all bookstores.

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