Following a challenging 2025, CEOs turn optimistic about 2026

Toward the end of 2024, both the government’s economic team and leaders of the private sector were looking forward to a robust economic and business expansion in 2025.

But plans started going awry when US President Donald Trump imposed hefty tariffs on imports from its trading partners, including the Philippines.

And it was largely downhill from there, punctuated in the second half by an expanding corruption probe that eroded investor confidence.

As a result, expectations are that the Philippine economy grew by less than 5 percent last year.

But even with all the volatility and uncertainty that marked 2025, there remained opportunities for growth and many chief executive officers believe that fortunes will turn in 2026.

We reached out to some of the country’s business leaders and sought their views on how their 2025 went and their big, bold plans for 2026.

Martha Sazon

President and CEO of Mynt, holding company of GCash

Our biggest win in 2025 was how we showed up for Filipinos in ways that truly mattered.

With GCash, more people can now experience a first-world commute, invest confidently in government bonds and initial public offerings and open virtual US accounts.

We’re proud to open more ways for Filipinos to move, invest and manage their money with confidence, while also helping more Filipino businesses grow.

Also, being invited to the World Economic Forum in Davos was a true privilege for us. It affirmed that a Filipino-built platform can contribute to the global conversation on financial inclusion, and strengthened our commitment to serve.

In 2026, we will stay focused on delivering first-world experiences that make everyday finance simpler, safer and more empowering.

Frederic DyBuncio

President and CEO, SM Investments Corp.

2025 was a milestone year for the SM Group.

Our parent company, SM Investments Corp., marked its 20th year as a listed company.

Across the group, our core businesses delivered steady performance while expanding access to modern retail, banking and integrated property developments, particularly in underserved regions.

Our retail footprint continued to grow both within and beyond our malls. In property, we opened new malls in Laoag and La Union, and introduced the Signature Series by SM Residences.

In banking, China Banking Corp. rejoined the PSE Index, while BDO grew its loan book faster than the industry.

Across our portfolio investments, 2GO returned to profitability. Philippine Geothermal Production Co. advanced its renewable energy pipeline by exploring geothermal opportunities in six additional locations, while Atlas Mining commissioned the country’s first megawatt-scale floating solar project.

As we enter 2026, we remain focused on creating long-term value for our stakeholders.

Anchored on responsible operations, balance-sheet strength and serving essential needs to our customers, we are well-positioned to remain resilient and deliver positive, lasting impact.

Emmanuel Rubio

President and CEO, Meralco PowerGen Corp.

2025 has been a year of steady progress and hard work for Meralco PowerGen Corp. (MGen). We stayed focused on operational discipline and long-term value creation, which resulted in MGen reaching an all-time high net income as part of the One Meralco Group.

Several things stood out from the year. We made solid progress on MTerra Solar and our broader renewable energy initiatives, while also advancing strategic investments, such as Chromite Gas and PacificLight Power in Singapore.

Guided by our new vision-mission-values, and brought together by a refreshed MGen brand, we also continued to build a more unified organization, aligned in purpose and execution.

In 2026, our focus is on execution and acceleration.

A key milestone will be the energization of MTerra Solar Phase 1, which marks a significant step in expanding utility-scale renewable energy in the country.

Alongside this, we will advance the expansion of our thermal projects in Quezon and Cebu to ensure continued grid reliability as demand grows. We will also strengthen our downstream presence through MGen Retail Electricity Supply, enabling us to bring our diversified generation portfolio closer to customers while reinforcing MGen’s role across the full energy value chain.

Ultimately, 2026 is about delivering impact at scale: powering a better tomorrow by balancing reliability, affordability and sustainability.

Steven Tan

President, SM Supermalls

The previous year was full of memorable milestones and wins that I would be hard-pressed to name one singular “best” thing.

2025 was the 40th anniversary of SM Supermalls and that was our avenue to reflect on our growth into who we are today, continually evolving to give our all to customers.

We punctuated our celebration with a bold road map, delivering one flagship mall every year from 2026 to 2030.

Our evolution is hinged on a wholistic approach to customer obsession, delivering maxed-out experiences to Filipinos through our malls in two ways:

• Elevated retail experiences-Our malls are designed and redeveloped to become greener, smarter and more people-centered by 2030. On top of that, our tenant mix extends variety in choice and exciting experiences to our customers, enhancing mall visits.

• Generating community value-We have gone beyond the traditional role malls fulfill in the country by embedding sustainable business practices across or 89 mall-strong network: whether it’s environmental stewardship, enabling opportunities for micro, small and medium enter­prises and job hunters or imparting value through corporate social responsibility measures.

Edgar Saavedra

Chair and CEO, Megawide Construction Corp.

There are two major developments in 2025 we can cite, which we believe will drive our long-term strategic direction and value creation. One is the settlement of intercompany advances within the Citicore Group—unlocking cash that will be used to de-lever our balance sheet and acquiring assets for future value realization.

The second is the partnership with Pag-Ibig for the 4PH program that can help address the housing needs in the country while providing fresh value streams for the company.

For 2026, we intend to sustain our gains from the previous years.

We aim to deliver on our order book from our bids and contracts and real estate segments, while continuously developing and expanding our land portfolio.

We will also continue to strengthen our financial position by additional delevering and terming out outstanding obligations to ease our maturity towers.

Fredy Ong

Chair and CEO, Unilever Philippines

General manager, Foods Greater Asia, Unilever

In 2025, the best thing for Unilever Philippines was seeing our growth agenda become more connected end-to-end—from demand creation to execution in-store.

We leaned harder into a social-first approach to stay closer to culture and accelerate relevance, while keeping a strong innovation pipeline behind our Power Brands.

At the same time, we improved manufacturing efficiency and sustainability at our Cavite factory—and continued to strengthen relationships with our customers and retail partners through technology-driven tools that help them order, manage inventory and serve shoppers better.”

For 2026, we’re doubling down on the same priorities our global CEO has articulated—building a “machine” for demand creation through social-first expansion, desire at scale and better in-market execution—translated to what matters most for the Philippines.

That means bigger, multiyear innovation platforms for our Power Brands; raising product superiority and desirability in ways that are affordable and accessible for Filipino consumers; and sharper, faster execution across channels with customers and retail partners.

Emil Andre Garcia

President, Vivant Energy Corp.

For Vivant Energy, 2025 was a year of overcoming challenges.

We proved our ability to make things happen in difficult environments, ensuring reliable power reached the communities that needed it most.

Our most significant milestone was proving that energy security is the ultimate equalizer for our nation.

By securing long-term agreements to restore reliable power to island provinces and missionary areas, we moved beyond the role of a traditional utility to become a partner in restoring the dignity and economic resilience of Filipino communities.

We’ve also actively worked on our renewable energy projects, having already identified our renewable energy road map and started the preparation for developments.

This diversity is essential for both national energy security and long-term sustainability.

As we look toward 2026, we are moving from a position of strength to a mission of empowerment.

Following the strategic transformation of our retail electricity arm, COREnergy, we are championing a new era of “Energy Freedom,” creating a seamless ecosystem where Filipino businesses can take full control of their energy decisions through simple, data-driven and transparent solutions.

We are not just building power plants; we are focused on delivering our identified utility-scale wind and solar projects while continuing to explore new opportunities that will propel us toward our goal of a 30 percent renewable energy mix by 2030.

We enter the new year with the conviction that progress should be a right for every community, no matter how remote.

David Minol

CEO, Home Credit Philippines

One of the most meaningful milestones for Home Credit in 2025 was reaching 12 million customers.

Beyond the number, this represents 12 million Filipinos whose aspirations—whether for education, livelihood or everyday essentials—became more attainable through responsible and accessible financing.

After 12 years in the Philippines, this milestone reinforces our role as a trusted financial partner in our customers’ daily lives.

It was made possible by the strong collaboration we have built with our retail partners nationwide, and by the dedication of our team members who consistently put the customer at the center of every decision.

Most importantly, it affirms that our purpose—to empower Filipinos through financial access—continues to resonate and create real impact.

Our focus in 2026 is on improving how we serve customers as their needs continue to evolve.

We will expand access by growing our presence in even more stores and financing a wider range of essential goods and services, while using technology and artificial intelligence (AI) to make selection, application and loan management simpler, faster and more accessible—without losing the human touch.

At the same time, we will place stronger emphasis on financial wellness, helping Filipinos make informed decisions and build healthier money habits.

Shailesh Baidwan

President, Maya Group

Cofounder, Maya Bank

The best part of 2025 was the strong momentum of Maya as we continued to grow as the leading digital bank and fintech platform, while staying true to what matters.

We reached more customers than ever, launched world-class innovations that genuinely added value for consumers and business partners and delivered strong, profitable growth for Maya.

But what meant the most was seeing millions of Filipinos and businesses embrace our products and services with confidence every day—that’s when you know the impact is real.

For 2026, we want to help more Filipino consumers and businesses feel secure and confident about their financial future.

We’re focusing on simple, everyday ways for people to strengthen their financial health—whether through payments, savings or credit—supported by AI-first technologies.

At the same time, we’re committed to growing the Maya Group in a way that’s sustainable and truly future-ready.

Aleli Arcilla

Managing director, Mondelēz International

Despite a year marked by significant macroeconomic challenges that impacted consumption and consumer confidence, Mondelēz International in the Philippines has demonstrated remarkable resilience and continued to earn prestigious external recognition.

We are incredibly proud to have been acknowledged as the No.1 supplier in the Advantage Group survey, an industry benchmark that evaluates supplier performance and collaboration with retailers.

We also received multiple awards from our supermarket and wholesale store partners.

Innovation has remained at the forefront of our strategy, evident in our successful inroads into Pinoy snacking.

These include the launch of Tiger Bites bite-sized biscuits, the convenient Cadbury Dairy Milk sari-sari store pack—the first product from Cadbury Dairy Milk specifically for this retail channel, a string of engaging Oreo activations and our continuous efforts to improve the quality and value of beloved household staples like Tang and Eden.

Looking ahead to 2026, we are poised to bring even more excitement to our beloved snacking brands with relevant campaigns, clutter-breaking product renovations, and new innovations.

We are committed to owning key festive seasons and launching products that offer enhanced value, catering specifically to our discerning consumers.

We aim to strengthen our position as a leader in snacking, and in particular, snacking mindfully for better wellbeing.

Moritz Gastl

General manager, Tala Philippines

Tala Philippines was able to grow with its customers in 2025, reaching a record-breaking 4.5 million customers nationwide and further expanding financial access to the global majority.

We are also able to continue our push for better financial literacy through the award-winning TALAkayan workshop and digital series

In 2026, we are mainly looking forward to reaching out to more customers beyond Metro Manila and bringing our financial services closer to them.

We are also looking to expand our product offering, making them more tailored and personalized to the needs of our customers.

These are all in line with our mission of empowering the Global Majority and bridging gaps in financial inclusion.”

Dennis Serrano

President and CEO, St. Luke’s Medical Center

In 2025, St. Luke’s Medical Center in Quezon City and Bonifacio Global City (BGC) hospitals achieved robust growth, indicating sustained confidence from patients and partners.

We also made significant progress in specialized, patient-centered care.

In BGC, we launched new services, including Blood Cancer Care, the Center for Comprehensive Breast Care and the Inhaler Clinic.

In Quezon City, we enhanced our offerings with the Cancer Specialty Center, Weight Management Center, an expanded Sleep Center, the Evelyn D. Ang (Dana) Charity Wing, and the Center for Comprehensive Breast Care.

These initiatives enable us to strengthen our continuum of care across prevention, treatment, and recovery, even for indigent patients.

Both hospitals achieved reaccreditation from the Joint Commission International (JCI) with a record-low number of findings, reflecting a strong culture of quality and patient safety.

We also received regional and international recognition, including inclusion in Newsweek’s Asia-Pacific listings and multiple awards for quality and community service, which affirm the sustained efforts across our organization.

In 2026, our priority is to deliver the best patient experience through sustainable transformation, people, and purpose.

We will accelerate digital and clinical transformation to enhance the seamlessness, responsiveness, and safety of care.

We remain committed to developing our workforce by providing the skills, leadership, and support necessary for the evolving healthcare landscape.

We remain attentive to the environments where care is delivered. Optimizing our spaces for healing and making sound financial decisions are essential for long-term stability and growth.

Ultimately, our direction is guided by a simple commitment: to move forward responsibly, remain patient-centered, and earn trust every day through how we care, lead, and serve.

Tarang Gupta

Managing Director, Alaska Milk Corp.

The best thing that happened to Alaska Milk Corp. in 2025 was the clarity and resilience with which we moved forward as a business.

We continued to focus on our core of growing household penetration while staying true to our purpose of providing affordable and accessible nutrition to Filipino families in every glass and on every plate.

Despite a challenging environment marked by cost pressures and market volatility, we sharpened our execution and therefore achieved growth.

We remained committed to scaling initiatives that address nutrient inadequacy, particularly through fortified products, school-based nutrition interventions and partnerships, and closer collaboration with customers and communities.

We were resolute in our belief that business performance and social impact are not separate goals but are strongest when pursued together.

In 2026, I am looking forward to building on the momentum of 2025 by creating deeper and more sustainable impact, while remaining focused on our core purpose of delivering affordable nutrition in every glass and on every plate.

We will do this by being more deliberate and disciplined in our execution, doing fewer things but doing them better and at scale.

A key focus will be adopting a more targeted occasion-portfolio-region-channel-based approach, ensuring that the right nutrition solutions reach the right consumers, for the right moments, and through the most relevant channels.

This will allow us to make dairy more accessible and meaningful in everyday Filipino diets across different households and communities.

I am particularly excited about strengthening our contribution to food security and improved nutrition outcomes, especially for schoolchildren, through closer partnerships with the education sector, customers, and the local dairy industry.

As FrieslandCampina’s operating company in the Philippines, we will continue to leverage global expertise and innovation to benefit Filipino consumers and support the local dairy value chain, particularly local dairy farmers.

I believe 2026 will be about disciplined growth, stronger partnerships, and creating lasting value for both the business and the communities we serve.

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