Good morning. It’s Tuesday, July 8.

PesoWeekly readers- new week, new chance to level up. Whether you're buried in work, running a business, or just trying to survive the 9-to-5, we’ve got your brain fuel. Today’s issue covers Nancy Binay’s red flag on a ₱9B “midnight deal” for the Makati Subway, the alarming rise in PH credit card debt, and how a Filipino-owned company just landed on the Nasdaq. Globally, we dive into the matcha shortage brewing in Japan, Trump’s tariff threats shaking US markets, and Thailand’s PM getting benched over a leaked call. Plus, in Money Moves, we’ve prepped a plug-and-play budgeting formula (don’t worry, the numbers are just samples), and a quick deep dive into how OFW remittances continue to power the Philippine economy.

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Newly minted Makati Mayor Nancy Binay is calling foul on a ₱9-billion settlement signed by her sister and predecessor, Abby Binay, just days before leaving office. The deal gives Makati full ownership of the now-abandoned subway project—but also binds the city to pay nearly ₱9 billion to contractor InfraDev within 90 days of approval from the Singapore International Arbitration Center (SIAC). Nancy called it a “midnight deal,” saying there was no public consultation, no due diligence, and—crucially—no budget allocation to back it up.

Context check: The Makati Subway was envisioned in 2018 as an 11-kilometer line to serve 700,000 commuters daily. But COVID delays and a Supreme Court ruling transferring EMBO barangays to Taguig derailed the plan. InfraDev claimed it became “no longer feasible” and launched arbitration. Abby argued the settlement was a strategic shield from a $1.7B legal bomb and said Makati’s ₱30B cash reserves could cover the deal without harming services.

Why it matters: This isn’t just political drama—it’s a governance mess with taxpayer money on the line. One sister says it’s financial suicide. The other says it’s damage control. Meanwhile, residents are left footing the bill for a subway system that never broke ground. Family feud, but make it fiscal.

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Filipino credit card users now owe an average of ₱92,800—more than four times the typical monthly income of ₱21,900—according to fintech firm Roshi. That’s a 425% debt-to-income ratio, the highest in Southeast Asia. While household borrowing remains low overall (11.7% of GDP), Roshi flagged this card-specific pattern as “critical,” reflecting heavy reliance on credit among banked Filipinos. By contrast, Indonesia’s ratio is just 21%, and Singapore’s sits at 87%—but cushioned by higher incomes and stronger financial systems.

Hotel101 Global—now trading under “HBNB”—just wrapped up its first week on the Nasdaq, becoming the first Filipino-owned company listed on the exchange.After opening at $3.28 on July 1, shares dipped nearly 10% but rebounded to $3.40 by week’s end. The company aims to scale fast: 25 countries in 3 years, including Spain, Japan, and the U.S. With an asset-light model and global vision, Hotel101’s IPO marks a bold step for PH brands going global.

Mega Prime Foods just marked its 50th year with a grand gala and a bold message: the #1 sardines brand in the Philippines is just getting started. What began in 1975 as a small Bicol-based fishing business now commands 26% of the sardines market and employs over 5,000 people. The company unveiled big plans: a market share goal of 30% by 2025, international expansion, and a ₱50M “Mega Milyonaryo” giveaway—endorsed by Sharon Cuneta. Big heart, big fish, big future.

DITO Telecommunity is projecting over ₱20 billion in revenue this year, up from ₱16.35 billion in 2024, as data usage and fixed wireless access (FWA) services continue to grow. The company trimmed its Q1 net loss to ₱1.66B from ₱4.11B last year, thanks to a 24% revenue jump. FWA alone is expected to bring in ₱1.2B–₱1.4B this year. With its network mostly built, DITO is scaling down 2025 capex to ₱10B–₱15B, focusing on optimization over expansion.

Big picture: Overseas Filipino Workers sent home a record USD 38.34 billion in 2024, up 3% from the year before. That’s not just money—it’s 8.3% of the entire Philippine economy.

So what: These funds power local consumption, which makes up nearly 75% of GDP. For millions of Filipino families, remittances cover daily essentials like food, rent, tuition, and medical bills. For others, it funds long-term dreams—microbusinesses, real estate, or college degrees. That’s not just survival money—it’s investment in the future.

Context check: The peso also benefits. A steady flow of remittances strengthens the country’s foreign exchange reserves and stabilizes currency fluctuations. With global uncertainties and rising geopolitical risks, this cash inflow acts as a shock absorber.

Why it matters: In a country where jobs at home still fall short, OFWs are not just breadwinners—they’re economic frontliners. Their sacrifice doesn't just lift families out of poverty. It holds the peso steady, fuels growth, and keeps the economy afloat.

Big picture: The world’s obsession with matcha is creating a supply crisis in Japan, where tea farms steeped in tradition are struggling to keep up with viral demand. At Kettl Tea in LA, customers are met with empty menu slots—21 out of 25 matcha options sold out. Founder Zach Mangan says demand has doubled in just a year, driven by influencers, TikTok aesthetics, and a new generation of matcha-at-home fans.

Context check: Tea farmers like Masahiro Okutomi in Sayama are overwhelmed. “We’re glad the world wants matcha… but in the short term, it’s almost a threat,” he said. Even top producers are pausing orders to keep quality intact.

Why it matters: Japan’s matcha isn’t just a drink—it’s cultural heritage in powdered form. But without long-term investment and new generations to take the helm, the future of that vibrant green glow is far from secure.

US markets dipped Monday after former President Trump warned of fresh tariffs tied to BRICS-aligned nations. The Dow and S&P 500 each fell 0.4%, while the Nasdaq slid 0.6%, with Tesla weighing heavily. Trump confirmed that new country-specific duties will begin August 1, sending jitters through markets already near record highs. With the tariff pause ending July 9, and only a few trade deals secured, investors are bracing for volatility if global talks fall short.

Thailand’s Prime Minister Paetongtarn Shinawatra was suspended after a leaked phone call with Cambodia’s former PM Hun Sen stirred backlash. In the call, made after a deadly border clash, Paetongtarn called Hun Sen “uncle” and referred to Thailand’s military as her “opponent.” The fallout: coalition cracks, street protests, and a possible third Shinawatra ouster.With Trump-era tariffs looming, Thailand’s political chaos couldn’t come at a worse time.

Let’s be real: Most budgeting advice sounds like it came from someone earning dollars in Silicon Valley. But what if you’re a Filipino earning ₱20,000 a month? Or ₱50,000? That’s where the 50/30/20 rule comes in — with a Pinoy twist.

Bottom line:
This rule isn’t rigid — it’s a starter guide. If you’re barely surviving, even saving 5% is progress. The key is awareness. Once you track where your peso goes, you start controlling it — not the other way around.

Start with what you have. Adjust as you grow. And remember: small amounts, consistently saved, beat big one-time deposits.

Authorities seized over 110kg of shabu worth ₱749 million inside four balikbayan boxes at the Manila International Container Port on Monday. The boxes, shipped from California and addressed to Mandaluyong and QC, were disguised with cereal, snacks, and noodles.Inside: 106 vacuum-sealed packs of white crystals. Outside: seemingly harmless grocery goods. No arrests yet, but the PDEA and BOC are tracing local contacts.

The US Pacific Air Forces has deployed its F-35 Lightning II fighter jets—yes, the stealthy, billion-dollar ones—to the Philippines for this year’s Cope Thunder 2025. The drills, which run from July 7–18, will see the F-35s fly alongside the Philippine Air Force’s FA-50 jets across the West Philippine Sea and Northern Luzon. It’s the biggest bilateral air exercise of the year, launched officially at Clark Air Base. The numbers: 2,301 PAF personnel, 225 from the US, and a fleet of fighter jets, helicopters, and Super Tucanos—all working toward tighter PH-US defense ties.

Japan has pledged over ₱320 million (USD 5.5M) in aid to help digitalize birth registration across BARMM, focusing on communities vulnerable to statelessness like the Sama Bajaus.Through a partnership with UNHCR, the project will support mobile civil registration units, aiming to reach at least 130,000 unregistered individuals across Lanao del Sur, Maguindanao, Basilan, Sulu, and Tawi-Tawi. Big picture: Without birth records, many Mindanaoans—especially displaced families—remain locked out of basic rights like education, healthcare, and jobs. Paper trails may be boring, but they’re a lifeline when war or poverty erases your identity.

Gasoline prices are set to go down by ₱0.70 per liter this week, with diesel dipping a modest ₱0.10, and kerosene falling by ₱0.80, according to Shell, Seaoil, Cleanfuel, and Petrogazz.The price cuts come as tensions between Israel and Iran ease and OPEC+ hints at boosting global supply. Still, this week’s rollback is smaller than last week’s, when prices fell by up to ₱2.20 per liter across fuel types.

Some private hospitals are refusing guarantee letters (GLs) from indigent patients—even with ₱41.15B allocated under the 2025 national budget for medical aid. TGP Rep. Jose Teves Jr. wants the DOH grilled in Congress, saying delays in payments are making hospitals wary. PHAPI says some members, like those in Batangas, are still waiting on hundreds of millions in reimbursements despite earlier payouts. GLs are meant to assure hospitals that the government will foot the bill. But if the money’s stuck in limbo, so is patient care.

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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