BusinessWorld is a business newspaper in the Philippines with a nationwide circulation of more than 117,000 (as of March 2014).[1] Founded in 1967 as Business Day, it is Southeast Asia's first daily business newspaper.[2]
Front page of BusinessWorld, July 27, 1987The current headquarters of the BusinessWorld at Balete Drive Extension
Business Day (1967–1987)
Raul L. Locsin became a business reporter for the Manila Chronicle in 1963. He helped establish the Economic Monitor, the first business weekly in the Philippines. Then, he founded Business Day, the first Southeast Asian business daily.[3]
In its debut issue, released on February 27, 1967, Business Day promised "competent and responsible reporting of the news."[4] As editor-in-chief, Locsin aimed to demystify business and economics and make the subject more accessible to the general public. During martial law under Ferdinand Marcos (1972–1981), Business Day was the only independently owned newspaper in Manila. It gained a reputation for accuracy in an era of misinformation,[5] as Locsin was committed to the tenet that "a newspaper is a public trust" and promised editorial freedom.[3]Business Day ran articles critical of President Marcos.[6][7][8]
After a labor strike by leftist staff, Locsin resigned and closed Business Day in 1987. Four months prior, he had finished repaying the newspaper's accumulated debt. The majority of his former staff picketed his house to convince him to return. They set up a new corporation, BusinessWorld Publishing Corporation, with Locsin accepting the position of publisher, president, and editor.[3][9]
BusinessWorld (1987–2003)
The first issue of BusinessWorld, the successor of Business Day, was released on July 27, 1987.[10] In the same year, BusinessWorld became the first among local dailies to use desktop publishing, and in 1991 it incorporated World Press, Inc., a fully owned printing subsidiary of the firm located in Antipolo, Rizal.
World Press, which started with a five-unit web offset printing press, already had nine units by 1995. In two years, it was able to own pre-press facilities that allowed for the Color Electronic Pagination System, which made BusinessWorld the country's first newspaper printed in full color.
When Locsin died in May 2003 after a long-term illness, his wife, executive editor and chief operating officer Leticia Locsin, took over as the paper's president, publisher, and chairperson until her death in August 2005. Their daughter, Barbara Locsin, headed the paper for a while, later succeeded by Anthony Cuaycong as chief operating officer.
In September 2013, MediaQuest assumed control of the paper, with its subsidiary Hastings Holdings Inc. increasing its stake from 30% to 76.67% and infusing ₱100 million into the company over the next 12 months. Smart Communications, Inc. co-founder and chief wireless advisor Orlando Vea was named acting president.[11] In March 2014, José Roberto "Roby" A. Alampay, head of Philippine news portal and PLDT subsidiary InterAksyon.com and a News5 anchor, was appointed concurrent editor-in-chief of the newspaper.[1]
In July 2015, The Philippine Star acquired the entire 76.63% stake[12] of its sister broadsheet BusinessWorld from Hastings Holdings Inc., the subsidiary of The Star's parent, MediaQuest. The Philippine Star president Miguel G. Belmonte was named concurrent president of the broadsheet.[13]
In January 2020, managing editor Wilfredo G. Reyes was appointed as the paper's new editor-in-chief replacing Alampay.[14]
BusinessWorld Live
In 2018, BusinessWorld became part of the One News organization, a 24-hour English-language news channel owned and operated by Cignal TV, the cable TV business of the MVP Group's Mediaquest Holdings, Inc. The newspaper launched its own business news program, BusinessWorld Live, in the channel. The one-hour program premiered on May 28, 2018, and airs every weekdays, 9:00 to 10:00a.m. (PST). Due to COVID-19 pandemic, BusinessWorld Live temporarily broadcasts from 10:30 AM to 11:00 AM. TV personalities Danie Laurel and JP Ong (replaced by Jes delos Santos in 2019) hosts the business news program.
BusinessWorld Economic Forum
In 2016, BusinessWorld hosted the inaugural BusinessWorld Economic Forum at the Bonifacio Global City in Taguig, Philippines with the theme "Charting Progress to 2020: What to Expect from the New Presidency". The annual business forum gathers some of the biggest names in Philippine and global business for a day of discussion sessions on different trends and events affecting the future of business, trade and economics.[15][16]
Since its inception, the forum has been held three times already, each with a different theme and set of speakers. In 2020, the event will be held online due to the COVID-19 pandemic in the Philippines.[17]
Forum themes
2016 - held on July 12, 2016, at the Shangri-La The Fort, Bonifacio Global City, Taguig, with the theme, "Charting Progress to 2020: What to Expect from the New Presidency".[15][16]
2017 - held on May 19, 2017, at Shangri-La at The Fort in Bonifacio Global City, Taguig with the theme, "Fueling Philippine Economic Expansion Beyond 2017: The Engines of Growth".[18]
2018 - held on May 18, 2018, at the Grand Hyatt Manila in Bonifacio Global City, Taguig with the theme, "Disruptor or Disrupted? The Philippines at the Crossroads".[19]
2019 - held on May 30, 2019, at the Grand Hyatt Manila in Bonifacio Global City, Taguig with the theme, "The Fu of Business: Next-wave Disruptions & Opportunities".[20]
2020 - to be held online from November 25 to 26, 2020 with the theme, "The Big Reshape: Towards a More Resilient, Sustainable and Inclusive Future".[17]
2021 -
2022 -
BusinessWorld Top 1000 Corporations in the Philippines
According to the Philippine Star, the BusinessWorld Top 1000 firms’ performance in 2016 is reflective of the overall economic performance that year with gross domestic product growth of 6.9 percent being the fastest in three years as well as the second fastest among its Asian neighbors.[21]
The Top 1000 list has become vital to the research on performance of Philippine companies and domestic economy that the Business Expectations Survey[22] that is released on a quarterly basis by the Bangko Sentral ng Pilipinas is drawn from a pool of the Securities and Exchange Commission’s Top 7,000 Corporations in 2010, and Business World’s Top 1,000 Corporations in 2013. [23]
Additionally, the Conduct of the Corporate Financial Trends Survey (CFTS) by the Philippine Financial Stability Coordination Council (FSCC) also selected sample establishments/enterprises from the list of Top 1,000 Corporations released by the BusinessWorld. The FSCC consists of Bangko Sentral ng Pilipinas (BSP), Department of Finance (DOF), Insurance Commission (IC), Philippine Deposit Insurance Corporation (PDIC), and Securities and Exchange Commission (SEC).[24]
A study published in DLSU Business & Economics Review evaluated the Web presence of the top multinational manufacturing corporations in the Philippines from a sample of 70 Web sites of companies in BusinessWorld’s list of the Top 1000 Corporations in the Philippines for 2006. The websites were subjected to a framework of ten critical factors; and comparisons were made against existing benchmarks. Thereafter, the functionality of the Web sites of the three top-ranked companies was analyzed using a two-dimensional grid for Web site evaluation. Results indicate that there is a need for improvement in the design and quality of the Web sites of manufacturing firms in the Philippines.[25]
About one-third of the large establishments make it to the list of the Philippines’ Top 1000 Corporations, which is published annually by BusinessWorld and its predecessor, Business Day, in cooperation with the Securities and Exchange Commission (SEC). From 1970 to 2009, industrial sector has consistently dominated the list of Top 1000 corporations.[26]
During pandemic, the drop in gross income mirrored a drop in economic output following the outbreak of the coronavirus disease 2019 (COVID-19) pandemic. In actual terms, the Philippine economy fell by 9.6% in 2020 (-8.1 percent in current prices), the lowest result since the 1940s. Manila Electric Co. (Meralco) took the top rank in this year's edition with gross revenues of P266.055 billion, down 13.9 percent from P309.090 billion the previous year. San Miguel Corp. and SM Investments Corp.'s combined business units came in second and third, with gross earnings of P773.569 billion (-27.6%) and P396.751 billion (-21.7%), respectively. 370 international corporations made the list, accounting for 37.1 percent of the top 1000's total gross revenue this year. Its total revenue[27]
BusinessWorld researchers use a "tickmarking" guide in their methodology for the Top 1000 publication, which is a way for them to identify items considered as the net sales, cost of sales, debt, or inventory in the financial statements since such items would depend on the industry where companies belong.[28]
Related Research Articles
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. In 2024, the Philippine economy is estimated to be at ₱26.55 trillion, making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.
The Philippine peso, also referred to by its Filipino name piso, is the official currency of the Philippines. It is subdivided into 100 sentimo, also called centavos.
Banknotes of the Philippine peso are issued by the Bangko Sentral ng Pilipinas for circulation in the Philippines. The smallest amount of legal tender in wide circulation is ₱20 and the largest is ₱1000. The front side of each banknote features prominent people along with buildings, and events in the country's history while the reverse side depicts landmarks and animals.
Philippine peso coins are issued by the Bangko Sentral ng Pilipinas for circulation in the Philippines and are currently available in seven denominations. The Philippine peso has been in use since Spanish rule.
The Bangko Sentral ng Pilipinas is the central bank of the Philippines. It was established on July 3, 1993, pursuant to the provision of Republic Act 7653 or the New Central Bank Act of 1993 as amended by Republic Act 11211 or the New Central Bank Act of 2019. The principal author was Senator Franklin Drilon. It was signed by President Rodrigo Duterte.
The Rizal Commercial Banking Corporation, commonly known as RCBC, is one of the largest universal banks in the Philippines with total consolidated resources of Ph₱ 1.2 trillion. It was established in 1960 as a development bank and is licensed by the Bangko Sentral ng Pilipinas (BSP) for both commercial and investment banking. It is currently headquartered at RCBC Plaza in Makati, Metro Manila.
The Philippine International Convention Center is a convention center located in the Cultural Center of the Philippines Complex in Pasay, Metro Manila, Philippines. The facility has been the host of numerous local and foreign conventions, meetings, fairs, and social events.
The Metropolitan Museum of Manila, also branded as the M, is a non-profit art museum located in Bonifacio Global City (BGC) in Taguig, that exhibits local and international contemporary art. It bills itself as the Philippines's premier museum for modern and contemporary visual arts by local and international artists.
The New Design Series (NDS) (also known as the BSP Series after the establishment of the Bangko Sentral ng Pilipinas) was the name used to refer to the banknotes of the Philippine peso conceptualized from 1983 to 1985, issued from 1985 to 2013 and circulated from 1985 to 2019 including commemorative notes, and coins issued from 1995 to 2017. The coins were minted and issued from c. December 1995 to November 30, 2017, and remain legal tender as of 2023. It was succeeded by the New Generation Currency (NGC) Series that was conceptualized from 2007 to 2010, and issued on December 16, 2010 for banknotes and November 30, 2017 for coins. The series used the Friz Quadrata, Arial, Optima, and Helvetica typeface.
The Philippine twenty-peso note (₱20) is a denomination of Philippine currency. It is the smallest banknote denomination in general circulation in the Philippines. Philippine president Manuel L. Quezon is currently featured on the front side of the note, while the Banaue Rice Terraces and the Asian palm civet is featured on the reverse side.
The Philippine ten-peso note (₱10) was a denomination of Philippine currency. In its latest incarnation, Apolinario Mabini and Andrés Bonifacio are featured on the front side of the notes, while the Barasoain Church and a Blood Compact scene of the Katipuneros are featured on the reverse side. This banknote was circulated until the demonetization of main banknotes under the New Design Series on January 3, 2018. Its printing was stopped in 2001 and was replaced by coins.
The Philippine five-peso note (₱5) was a denomination of Philippine currency. Philippine president Emilio Aguinaldo is featured on the front side of the note, while the Declaration of the Philippine Independence is featured on the reverse side. This banknote was circulated until the demonetization of main banknotes under the New Design Series on January 3, 2018. Its printing was stopped in 1995 and was replaced by coins.
The Ang Bagong Lipunan Series is the name used to refer to Philippine banknotes and coins issued by the Central Bank of the Philippines from 1973 to 1985. It was succeeded by the New Design series of banknotes. The lowest denomination of the series is 2-piso and the highest is 100-piso.
Jaime del Carmen Laya, better known as Jimmy Laya is a Filipino banker, accountant, and cultural administrator who served as the first Secretary of the Department of Budget and Management of the Republic of the Philippines, serving from 1978 to 1981. He was also the 5th governor of the Central Bank of the Philippines from 1981 to 1984 and later served as the Minister of Education, Culture and Sports from 1984 until 1986. His terms in civil service, covered two significant points in Philippine history, the election that made former President Ferdinand Marcos have his third term and the assassination of the late Senator Benigno S. Aquino Jr. that stimulated the People Power Revolution of 1986.
1975 in the Philippines details events of note that happened in the Philippines in the year 1975.
Nestor Aldave Espenilla Jr. was a Filipino banker who served as the fourth governor of the Bangko Sentral ng Pilipinas (BSP) from 2017 until his death in 2019. He began working for the BSP in 1981 and was a deputy governor under his predecessor Amando Tetangco Jr.
The New Generation Currency (NGC) Series is the name used to refer to the Philippine peso currency series conceptualized from 2007 to 2010, and banknotes issued since 2010 and coins issued since 2017. The series uses the Myriad and Twentieth Century typefaces.
This is a list of commemorative coins issued by the Philippines. More info here.
Ramon Nazareth Villegas more popularly known as Mon Villegas or Boy Villegas, was a Filipino curator, art historian, jeweler, author, antiquities dealer, and poet. He was best known for chronicling the history of Philippine art and antiquities in various publications in both the Philippines and overseas. Villegas ran his own antique shop called Yamang Katutubo Artifacts and Crafts, which featured Philippine jewelry and antiques that closed on his death in 2017.
This page is based on this Wikipedia article Text is available under the CC BY-SA 4.0 license; additional terms may apply. Images, videos and audio are available under their respective licenses.
