Good morning. It’s Tuesday, July 22.

PesoWeekly readers! file this under: useful, shocking, and possibly career-saving.
As President Marcos flies to Washington with trade and tariff tensions in tow, back home the BIR’s pulling its weight (the BOC, not so much), and a ₱36B hydro deal just landed in Laguna. Meanwhile, ₱11 trillion in digital cash flew through InstaPay and PESONet this year. Globally? Japan’s ruling party just got humbled, a UK grandma with an ₱80M cocaine side hustle is behind bars, and dogs are now out-diagnosing doctors with 98% accuracy. Oh, and someone paid $4.3M for a Martian rock because Earth isn’t expensive enough.

Money Moves: Thinking of going legit? We’ve got a cheat sheet on how to register a small biz in the Philippines without losing your mind (or your weekend).

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Big picture:
President Ferdinand Marcos Jr. is in Washington this week for high-stakes talks with Donald Trump, aiming to shield Philippine exports from looming 20% U.S. tariffs set to hit August 1. As the first Southeast Asian leader to meet Trump in his second term, Marcos is walking a tightrope—trying to secure economic relief while doubling down on defense ties with the U.S. amid rising tensions with China.

Why it matters:
Marcos is betting that loyalty buys leverage. By aligning closely with Washington, he’s hoping to secure both economic cushioning and stronger military backing. The visit includes meetings with U.S. business leaders, Secretary of State Marco Rubio, and Defense Secretary Pete Hegseth, all signaling America’s desire to keep Manila close in the China chessboard.

What’s next:
A trade deal announcement could drop before August 1. If Marcos scores a tariff break, it’ll be a political win and an economic breather.

PSEi: 6,352.74
BSP Rates: 5.25% (borrowing) | 4.75% (deposit) | 5.75% (lending)
🌐 Global Markets
Bitcoin: $118,000
Gold: $3,395.51 - $3,397.11

💱 Exchange Rates (PHP per 1 unit)

🇺🇸 USD: ₱57.05 (around these values, with slight variations)
🇬🇧 GBP: ₱76.94
🇸🇦 SAR: ₱15.20
🇯🇵 JPY: ₱0.3872
🇪🇺 EUR: ₱66.67.69
Note: Exchange rates may vary slightly depending on provider.

As of June 2025, the Bureau of Internal Revenue (BIR) is on pace to meet its ₱3.2 trillion target, collecting ₱1.55 trillion in the first half — a 16.2% jump from last year. Finance Secretary Ralph Recto called BIR’s growth “solid,” but hinted at possible recalibration. Meanwhile, the Bureau of Customs (BOC) is lagging, hitting only ₱458.7 billion and expected to miss by ₱100 billion. Import slowdowns and delayed tax measures are partly to blame. Still, non-tax revenues are booming and may help offset the shortfall.

Finance Secretary Ralph Recto believes the Bangko Sentral ng Pilipinas still has room for two more 25-basis point rate cuts this year, thanks to easing inflation and sluggish economic growth. While global uncertainty and US Fed policy remain factors, Recto said local data supports a further 50-basis point adjustment. The BSP has already slashed rates twice this year, and Governor Eli Remolona has also floated the possibility of two more cuts. With inflation at just 1.4 percent in June, markets are eyeing the BSP’s next move at its August 28 meeting.

The Thunder Consortium, led by Aboitiz Renewables Inc. with partners Sumitomo Corp. and J-Power, has secured the winning bid for the ₱36.26 billion privatization of the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex in Laguna. Beating out a First Gen-Korea Water bid, the group will now proceed with post-award steps under PSALM. The CBK complex is one of several state assets being sold to pay off Napocor’s legacy debts. The current CBK operating contract expires in February 2026.

Small business owners like Bill Stewart are taking the hit, but return scams are growing fast. From box-swapping to empty-package tricks, everyday shoppers are gaming the system. In 2024, US retailers refunded $103 billion in fraudulent returns, according to Appriss and Deloitte. More than half of consumers admitted to doing it at least once. Some call it "wardrobing" or "bracketing," but let's be real. It's the casual refund hustle.

Starting a business in the Philippines feels like entering a maze blindfolded. But with this step-by-step map, you’ll make it out—with receipts.

Step 1: Know your identity.
Are you a sole proprietor (DTI)? A partnership or corporation (SEC)? A freelancer (BIR only)? Choose wisely. Sole prop is the easiest for starters.

Step 2: Secure your business name.
DTI (for sole prop) or SEC (for corporations). Don’t pick “Juan’s Sari-Sari” and expect it to fly. Be unique. Check availability online.

Step 3: Barangay Clearance.
Go to your local barangay hall with your DTI/SEC papers, lease contract, valid ID, and patience. Pay ₱300–₱500. Smile helps.

Step 4: Mayor’s Permit.
Head to your city hall’s BPLO. Requirements stack up: DTI/SEC, barangay clearance, lease, cedula, fire and sanitary permits. Fees vary.

Step 5: BIR Registration.
Visit your assigned RDO. Bring all the docs—plus books of accounts for stamping. You’ll need to pay ₱500 and attend a briefing (sometimes online). Bonus: you get to print official receipts.

Step 6: Social Agencies.
If you have staff (or even just yourself), register with SSS, PhilHealth, and Pag-IBIG. Yes, more papers.

Step 7: Industry-Specific Permits.
Restaurant? Go to FDA. Travel agency? Try DOT. There’s always one more form.

Big picture:
Prime Minister Shigeru Ishiba just suffered his second political gut punch. In Japan’s upper house election on Sunday, his Liberal Democratic Party (LDP) and junior partner Komeito came up three seats short of a majority — winning 47 instead of the needed 50. This marks the first time since 1955 that the LDP-led coalition has lost control of both houses in parliament.

Why voters flipped:
The usual villains: inflation, low wages, and zero political inspiration. Add a sprinkle of right-wing populism and you get a recipe for upheaval. Many Japanese are fed up with weak economic relief and rising social divides. Ishiba’s team has struggled to deliver fast fixes or inspire long-term confidence.

Election scoreboard:

Here’s how the seats shook out:

What this means:
Japan is now officially led by a minority government. While Ishiba says he won’t resign, his authority is shaky. Trade talks with the U.S. are on thin ice, and a 25% tariff hitting August 1 could further damage Japan’s economy — and his credibility.

Populism rising:
Sanseito, with its “Japanese First” messaging, anti-foreigner stance, and traditionalist vibes, is gaining ground fast. While critics call it xenophobic, the party struck a nerve with voters tired of the status quo. Its sudden rise mirrors global trends — and could reshape Japan’s political landscape.

What’s next:
Ishiba either finds new allies or risks being ousted from within. Opposition parties are still fragmented, but if economic frustration keeps growing, someone will fill the vacuum.

A 61-year-old man died after being pulled into an active MRI machine at a facility in Long Island while wearing a 20lb metal chain used for weight training. His wife, undergoing a knee scan, had called him into the room to assist her. As he stepped inside, the MRI’s powerful magnet yanked him toward the machine, causing fatal injuries. MRI machines are known for extreme magnetic pull and patients are routinely told to remove all metal. The case is under investigation. 

Deborah Mason, 65, also known as “Queen Bee,” just got 20 years in prison for leading a family-run UK drug empire that moved nearly a tonne of cocaine in seven months. The gang included her kids, siblings, and even young mums who brought their children along for deliveries. They transported £80M worth of cocaine across major UK cities while Mason splurged on designer goods and planned a cosmetic surgery trip. She was also receiving over £50K in benefits during the operation.

The UK government is pushing to lower the voting age to 16 in time for the next general election. It’s part of a broader Elections Bill that also includes expanded voter ID options (like UK-issued bank cards) and a plan to automate voter registration. Critics say it could favor Labour, though teens only make up about 3% of eligible voters. Deputy PM Angela Rayner backed the change, saying young people pay taxes and deserve a say. Conservatives, unsurprisingly, aren’t sold.

In a new UK study, dogs trained by Medical Detection Dogs sniffed out Parkinson’s disease with up to 98% specificity. Working with the Universities of Bristol and Manchester, researchers had dogs smell sebum swabs from 200 people. Even in double-blind tests, the pups nailed it—detecting Parkinson’s even in people with other conditions. With no current early test for the disease, this could be a low-cost, non-invasive breakthrough.

UBTECH’s Walker S2 just made history as the world’s first humanoid robot that can autonomously change its own battery. The 5-foot-3, 95-pound bot detects when its power is low, walks to a charging station, swaps out the old battery, and inserts a fresh one—all without human help. Built for public and industrial use, Walker S2 has 20 degrees of movement, supports Wi-Fi and Bluetooth, and could theoretically run 24/7.

A 54lb Martian meteorite, the largest ever found on Earth, sold for $4.3M at Sotheby’s in New York. Known as NWA 16788, the 15-inch rock was discovered in Niger in 2023 and is 70% bigger than the next largest Mars fragment. Including fees, the total price hit $5.3M. Only about 400 Mars rocks have ever been found here, making this one ultra rare. Sotheby’s called it a “cosmic miracle” given it avoided the ocean. Its buyer remains anonymous.

Malacañang suspended work and classes in Metro Manila and 10 other provinces on Tuesday due to heavy rains from the southwest monsoon. Covered areas include Zambales, Bataan, Pampanga, Bulacan, Cavite, Batangas, Rizal, Pangasinan, Tarlac, and Occidental Mindoro. President Marcos authorized DILG Sec. Jonvic Remulla to announce suspensions, while essential government services will remain in operation. Private sector? Your boss decides. Local leaders can still issue their own class/work suspensions depending on conditions.

Filipinos moved a record ₱11.1 trillion via InstaPay and PESONet in just the first half of 2025, up 39.5% year over year, per BSP data. Volume? A massive 1.58 billion transactions — more than double last year. InstaPay, used for fast, low-value transfers, saw a 148% spike in use. PESONet, preferred for high-value deals, also grew steadily. The shift reflects deeper digital habits and the growing comfort of Pinoys with online wallets.

Meralco PowerGen is building a 49-megawatt battery energy storage system in Toledo, Cebu, set to go live in phases by 2027. The first 25 megawatts will be ready by 2026. MGen says the project will boost grid stability and support more renewables. Meanwhile, Meralco’s affiliate Vantage Energy just signed a supply deal with Bohol Quality Corp., its first in the province.

BPI AIA Free Courses – Simple video lessons on budgeting, saving, and financial planning. Click here

The Richest Man in Babylon by George S. Clason: Timeless money lessons told through short, easy parables. Available on any bookstores

Philippine Spirits by Jean Karl Gaverza – A digital archive of 2,000+ mythical creatures and deities from Filipino folklore. Find it on: Philippine Spirits

🎙️The Koolpals:  Pinoy comedians talk life and pop culture with jokes, banter, and big laughs. Click here

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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