MIL Email Publisher – Foreign Submissions

Chișinău, Republic of Moldova – December 2025. The Government of the Republic of Moldova's Regional State Aid Scheme for Industrial Investments, launched in January 2025, is rapidly positioning the country as one of the most competitive destinations for strategic industrial capital in Eastern Europe. Designed under the National Industrialization Plan 2024–2028, the scheme offers substantial financial incentives to both local and foreign investors, aiming to accelerate Moldova's industrial modernization and integrate the country deeper into European and global value chains.

Generous Incentives for Foreign Enterprises

Foreign companies investing in Moldova are fully eligible to access the scheme. Depending on company size and project location, investors can receive up to 60% of eligible investment costs for large enterprises and up to 75% for small businesses.
 
Investment support is structured across two components:

25% direct grant, enabling immediate liquidity for capital expenditure;
75% income tax exemption, ensuring long-term fiscal relief and improved profitability.

The minimum eligible investment value is 10 million MDL (approx. €500,000). A single project cannot receive more than 20% of the scheme's total budget, ensuring broad participation and competitive allocation.

“This scheme gives foreign investors a compelling reason to consider Moldova as their next strategic location. The incentive structure is aligned with EU rules and directly supports large-scale projects in manufacturing, electronics, agrifood, and automotive supply chains. Investors entering now gain a first-mover advantage in a rapidly transforming industrial landscape,” says Natalia Bejan, Director of Invest Moldova Agency

Six Priority Sectors Open to International Investors

The scheme focuses on six high-growth, export-oriented sectors with strong regional integration potential:

• Electronics
• Chemical & pharmaceutical production
• Automotive components
• Textiles & apparel
• Construction materials
• Food & agrifood processing.

For construction materials, the scheme explicitly covers thermal insulation systems, adhesives, cement, bricks, and related product lines—reflecting growing demand across Romania, Ukraine, and EU markets.

Balanced Regional Development Incentives

Aid intensity varies by region:

• Higher support is available for investments in the northern and southern regions;
• Moderate support for investments in central areas.

This strategy encourages balanced territorial development and reduces regional disparities—an important criterion for EU-aligned state-aid policy.

“Foreign manufacturers looking to diversify production within the European neighbourhood will find Moldova both cost-effective and strategically located. The scheme reflects our long-term commitment to industrial modernization and to attracting investors who generate value-added jobs and export capacity,” Mrs Bejan continues.

Strong Early Uptake from Industry

By October 2025, six companies had already signed state aid agreements, demonstrating strong early demand from both domestic and foreign-owned enterprises. These include:

• Imcomvil Group Ltd. – 30.2 million MDL in state support for a 60 million MDL snack production expansion, generating 60 new jobs;
• Electrotehnica (Bălți) – 173.8 million MDL in support for a 293 million MDL transformation of a historic plant into a modern food production center, creating 319 jobs;
• Gido Park (Criuleni district) – state aid agreement for over 72 million MDL investment to establish a new production facility of pressed concrete items with 40 new jobs.

These early results highlight Moldova's growing appeal to investors seeking nearshoring, supply-chain diversification, and export access to the EU.

Long-Term Commitment and Scale

The total scheme budget is estimated at 4 billion MDL (approx. €200 million), with state aid agreements available until 31 December 2034, subject to annual budget allocations.
The government expects up to 150 enterprises to benefit from the program over the next decade.

This aligns with Moldova's national targets to:

Increase manufacturing share of GDP from 8.2% (2023) to 11.5% (2028);
Increase industrial output by at least 25% by 2028.

About Invest Moldova
Invest Moldova is the national investment and export promotion agency, dedicated to advancing Moldova's global competitiveness. The agency supports international investors throughout the full investment cycle and assists Moldovan exporters with market entry, compliance, and expansion strategies. Through coordinated promotion, policy dialogue, and private-sector engagement, Invest Moldova works to attract investment, diversify exports, and strengthen Moldova's long-term economic growth.

BRISBANE – ARM Hub welcomes today's National AI Plan, which delivers practical AI deployment support for Australia's industrial sector, sovereign capability, and safety guidance.

The plan provides $29.9 million for the AI Safety Institute and more than $460 million across existing AI programs, with coordination of Australia's AI adoption efforts through the AI Adopt Centre network.

The plan's three goals align directly with ARM Hub's work: capturing AI opportunities through practical deployment, spreading benefits across Australian industry, and keeping businesses safe as they adopt new technologies.

“The plan strengthens how Australia supports industrial AI adoption,” said Professor Cori Stewart, ARM Hub CEO and Founder.

“By coordinating the AI Adopt Centre network under NAIC and maintaining the $17 million AI Adopt Program, it ensures SMEs get practical support to deploy AI without the barriers larger companies can overcome. ARM Hub delivers that support across sectors including advanced manufacturing, medical technology, defence, clean energy, metal fabrication, and even enabling technologies like robotics and embedded AI.”

The plan directly supports ARM Hub's industrial work in several areas:

Coordinated adoption support: The National AI Centre's expanded role coordinating all four AI Adopt Centres strengthens ARM Hub's focus on industrial applications while improving national consistency. The plan brings the $17 million AI Adopt Program under NAIC oversight, enhancing support for SMEs implementing AI.

Practical skills development: The plan emphasizes TAFE and workforce programs alongside research institutions, recognising that floor managers and production staff across industrial sectors need AI confidence to succeed in an AI-enabled economy.

Sovereign capability: The plan's investment in local infrastructure and the GovAI framework addresses security concerns for industrial businesses working with robotics and AI, providing clarity for companies investing in advanced technologies.

The plan also establishes the AI Safety Institute to monitor, test and share information on emerging AI capabilities, risks and harms, supporting regulators as AI becomes embedded in industrial production systems and supply chains.

ARM Hub's AI Adopt Centre continues supporting industrial businesses nationally through practical guidance, data infrastructure support, and connections to Australia's broader AI ecosystem, helping companies access national programs and scale their innovations.

Responding to today’s decision by an Azerbaijani court to remand in custody prominent opposition leader Ali Karimli, following a raid on his home and his arrest by the State Security Service, Denis Krivosheev, Amnesty International’s Deputy Director for Eastern Europe and Central Asia, said:

“Ali Karimli’s detention is the latest outrage in the ongoing consolidation of authoritarian practices in Azerbaijan. There appears to be no limits to the government’s campaign to crush all political opposition and suppress all dissent in the country. While few are prepared to openly challenge the authorities, the decision to arrest an opposition leader, hold him incommunicado and press dubious charges of ‘attempted seizure of power’ against him, sends a chilling warning to anyone who may have doubts as to how far the Azerbaijani government is prepared to go.”

“Authorities must release Ali Karimli unless they can demonstrate reasonable evidence of an alleged criminal offence. All they have demonstrated so far, by snatching and holding him incommunicado, and thus denying him his right to a fair trial, is their determination to take this wave of politically motivated arrests targeting opposition figures, academics, journalists and activists, even further.”

Background

On 1 December, the Sabayil District Court in Baku remanded Ali Karimli, chairman of the opposition Azerbaijani Popular Front Party (APFP) in pre-trial detention for two months and 15 days, under Article 278.1 of the Criminal Code (“actions aimed at the violent seizure of power” and “violent change of the constitutional order”). Authorities have connected him to a criminal investigation against Ramiz Mehdiyev, the former head of the presidential administration, who was charged in October with attempted “seizure of power,” “high treason” and the “legalization of property obtained by criminal means.”

Ali Karimli was detained on 29 November after security agents raided his home in Baku after which he was kept incommunicado for two days. Several other APFP members were also detained following searches, including Presidium member Mammad Ibrahim who has been held incommunicado since.

These arrests come amid an intensified crackdown on dissent in Azerbaijan, where journalists, academics and opposition figures increasingly face harassment, arbitrary detention and politically motivated prosecutions.

01 DECEMBER 2025 – Equinor and Shell have completed a deal to combine their UK offshore oil and gas operations to form a new company. Adura, which launched today, will be the UK North Sea’s largest independent producer.

Adura CEO Neil McCulloch, who brings more than 30 years' experience in the energy sector, said: “It’s a rare privilege to be part of a company’s first chapter. A commitment to safety, a belief in the future of the North Sea, and the combined expertise from Equinor and Shell form the foundation of our exciting new company. I can't wait to begin working with this exceptional team.”

Adura, jointly owned by Shell (50%) and Equinor (50%), combines decades of North Sea expertise into a joint venture that is positioned to deliver a more cost-competitive portfolio and maximize long-term value for UK assets.

Shell’s executive vice president for Conventional Oil & Gas, Rich Howe said: “Forming the largest independent producer together with Equinor is an historic moment for our business and the UK energy industry. With an exceptional asset base and industry leading expertise, Adura is well-positioned to lead in this mature basin.”

Equinor’s executive vice president for Exploration and Production International, Philippe Mathieu, said: “Adura represents a new chapter in the UK North Sea, bringing together two strong portfolios and decades of experience. With the focus, scale and operational flexibility needed to succeed, the company is positioned for long-term impact. As owners, we are confident that Adura will generate long-term value and reinforce the UK North Sea’s role in meeting the country’s energy needs.”

Adura assumes Equinor and Shell’s interests in 12 producing oil and gas assets and projects in execution, including: Mariner, Rosebank, Buzzard, Shearwater, Penguins, Gannet, Nelson, Pierce, Jackdaw, Victory, Clair and Schiehallion. It also holds a number of exploration licenses. The company is headquartered in Aberdeen. Staff from both Shell and Equinor have transferred into Adura, ensuring that industry-leading expertise is retained.

Notes

• Adura employs approximately 1,200 people.
• Adura is expected to produce over 140,000 barrels of oil equivalent per day in 2026.
• According to data produced by Wood Mackenzie, Adura is expected to produce more oil and gas from the UK North Sea than any other producer in 2026.
• Equinor will retain ownership of its cross-border assets, Utgard, Barnacle and Statfjord and offshore wind portfolio including Sheringham Shoal, Dudgeon, Hywind Scotland and Dogger Bank. It will also retain the hydrogen, carbon capture and storage, power generation, battery storage and gas storage assets.
• Shell U.K. Limited will retain ownership of its interests and projects that are part of the UK SEGAL system, namely Fife NGL Plant, St Fergus Gas Terminal and the Braefoot Bay facility, and in the Bacton onshore gas terminal and multiple assets in the Southern North Sea. It also retains its interest in the Howe asset as well as a number of assets that are post cessation of production.

The KOF Economic Barometer increases slightly in November. After now rising for three consecutive months, it continues to remain above its medium-term average. The outlook for the Swiss economy is steady.

In November, the KOF Economic Barometer increases by 0.2 points to a level of 101.7 (after revised 101.5 in the previous month). The positive developments are particularly reflected by the demand side indicators included in the KOF Economic Barometer. Both the indicator bundles for foreign demand as well as for private consumption show a favourable outlook. Among the production side indicator bundles, the indicators for financial and insurance services and for construction are under pressure.

Many of the indicators for the different aspects of business activity within the producing industry (manufacturing and construction) are under pressure. In particular, the sub-indicators for employment prospects as well as for stockpiling of intermediate goods exhibit negative developments. This is slightly cushioned by a positive outlook for the sub-indicators for exports in particular.

The sub-indicators within manufacturing indicate a mixed outlook. While the sub-indicators for the chemical and pharmaceutical industry are particularly improving, the sub-indicators for paper and printing products as well as for the metal industry are under pressure.

In response to today’s Tokyo High Court decision that endorsed the Japanese government ban on same-sex marriage, Amnesty International’s East Asia Researcher Boram Jang said:

“The court’s decision today marks a significant step backwards for marriage equality in Japan. The ruling in Tokyo – the final high court ruling of six lawsuits filed across the country and the only ruling to say, in effect, that discrimination against same-sex couples is constitutional – cannot be allowed to hamper progress. But it should serve as a warning of the reluctance to acknowledge the concept of same-sex marriage and the reality of same-sex couples living in Japan.

“While these cases work their way to the Supreme Court, the government can resolve this issue through legislation without further delay. The Japanese government needs to be proactive in moving towards the legalisation of same-sex marriage so that couples can fully enjoy the same marriage rights as their heterosexual counterparts.

“Japan remains the only G7 country without legal recognition for same-sex couples. The law passed by the government in 2023 to promote understanding of LGBTI people is not enough. There need to be solid, legal measures in place to protect same-sex couples and the LGBTI community in Japan from all forms of discrimination.”

Background

On 28 November 2025, Tokyo High Court ruled in favour of Japan’s ban on same-sex marriage outlining that the ban does not violate Article 24(1) and (2) and Article 14 (1) of the Constitution. However, Presiding Judge Yumi Tōa stated that if the current situation continues, “it is inevitable that constitutional violations will arise” and that “the issue should first be thoroughly deliberated in the Diet.”

This decision marks the last high court ruling of six lawsuits filed.

In 2019, five lawsuits were filed in Tokyo, Osaka, Nagoya, Sapporo and Fukuoka with an additional lawsuit filed in Tokyo in 2021.

Sapporo High Court was the first high court to hand down a decision on the issue. In March 2024, the court ruled that the provisions of the Civil Code and the Family Register Act that do not recognize same-sex marriage are unconstitutional, as they violate Article 24(1) and (2) and Article 14 (1) of the Constitution.

Other high court decisions followed with Tokyo High Court finding that the same-sex marriage ban violated Article 24(2) and Article 14(1) of the Constitution in October 2024. Shortly after in December 2024, Fukuoka High Court came to a similar decision but also outlined a violation of Article 13 of the Constitution which details the right to pursue happiness.

In March 2025, both Nagoya High Court and Osaka High Court ruled the ban on same-sex marriage was unconstitutional as it violated Article 24(2) and Article 14(1) of the Constitution.

With all high court decisions made, the cases await a Supreme Court ruling.

Through the Australian Government Help to Buy Scheme, eligible CBA customers can bridge the gap between their borrowing power and the price of a home.

28 November 2025

Key information

• CommBank offers eligible Australians access to the Australian Government Help to Buy Scheme.
• Help to Buy is a shared equity scheme with an Australian Government contribution towards the purchase price.
•  Buyers can purchase a home with as little as a 2 per cent deposit and a loan from a participating lender.
• The Government contributes up to 30 per cent for existing homes or 40 per cent for new builds.
• Homeowners repay the Government’s share when selling or through voluntary repayments.
• From Friday 5 December, CBA customers can access the Australian Government Help to Buy Scheme in New South Wales, Victoria, Queensland, South Australia, the Australian Capital Territory and the Northern Territory. The Scheme is expected to be available in Western Australia in 2026. 

CommBank participating in the Australian Government Help to Buy Scheme

As the only major bank currently taking part in the Australian Government Help to Buy Scheme, Commonwealth Bank has welcomed the announcement to expand support for home buyers.

Under the shared equity scheme, eligible customers can purchase a home with as little as a 2 per cent deposit, with the Australian Government contributing up to 30 per cent toward the purchase price of an existing home or up to 40 per cent of newly built properties.

CBA’s Retail Bank Group Executive Angus Sullivan says: “We know it can be challenging for first home buyers or someone returning to the market to take that step onto the property ladder. That’s why we’re really pleased to be supporting the Government’s Help to Buy initiative, aimed at making home ownership more accessible for more Australians.”

Customers who purchase a home through the Help to Buy Scheme can repay the Government’s contribution several ways:  

• Through voluntary repayments at any time;
• Buying back the Government’s equity when they have the financial capacity;
• When the property is sold.

“Help to Buy allows eligible customers to get into a home sooner, with support towards the purchase price. It’s also flexible, giving people more choice on how they repay the Government’s contribution,” Sullivan said.

In addition to Help to Buy, CommBank is a leading lender in the Australian Government’s 5% Deposit Scheme.

“Since 2022, we have helped tens of thousands of first home buyers enter the market using the 5% Deposit Scheme and now the Help to Buy Scheme provides another way for Australians to realise their property dreams,” added Sullivan.

Supporting first home buyers remains a key focus for CommBank. In addition to Government schemes, CBA offers tailored lending solutions and connects customers with Australia’s largest network of home lending specialists, supporting them from their first enquiry through to settlement.

“We also offer flexible policies, such as alternative servicing methods for customers able to repay their HELP debt within five years. This can increase borrowing power and help customers achieve home ownership sooner,” Sullivan said.

Places in the Australian Government Help to Buy Scheme are limited; customers can find more information including eligibility criteria at firsthomebuyers.gov.au. Commbank.com.au will also be updated.

Eligible customers can apply for the Australian Government Help to Buy Scheme through a CommBank Home Lending Specialist from Friday 5 December 2025.

Chișinău, Moldova – November 27, 2025. In less than a decade, Smart Data has grown from a local startup into one of Moldova's top 50 IT companies. 

Singapore, 26 November: Leading decision makers at the Cities: Possibilities 2025 – Singapore forum underscored the urgent need for integrated urban development approaches that combine technology, strong governance and innovative financing to equip the region in addressing its most pressing urban challenges.

Asia Pacific boasts the world's largest urban population with over 2.2 billion urban dwellers, which is further projected to increase by 50 per cent by 2050, but is also contending with inadequate housing, high traffic congestion, air pollution and increased climate vulnerability, according to a United Nations ESCAP report.

Robert Opp, Chief Digital Officer for United Nations Development Programme (UNDP), said governments, businesses and civil society must work collaboratively as the region becomes the centre for urban transformation.

“This means co-creating solutions that reflect diverse needs and aspirations, ensuring no one is left behind in the digital transition. With the appropriate guardrails, we can reduce the risks of reinforcing biases and exacerbating inequalities,” he said during his keynote address at the forum.  

He said UNDP's approach “integrates technology with governance, finance and behavioural change,” while embedding resiliency into every strategy. He cited examples that include harnessing artificial intelligence (AI) for traffic management in Batumi, Georgia, and using AI to increase citizen participation in urban and climate scenario planning in North Macedonia and Panama respectively.

The challenge is finding the right solutions for the Asia Pacific region, said experts.

Dr Cheong Koon Hean, Chair for Lee Kuan Yew Centre for Innovative Cities, observed that Asia is faced with governance fragmentation which poses a major challenge to urban development and investors.

“Asian countries have very complex national, provincial and local arrangements, where responsibilities for land use, climate action and infrastructure overlap … this is very problematic for most cities, and this really creates a lot of uncertainty and perceive risks for investors,” she said, adding that long-term urban planning and policy consistency would be critical to overcoming this challenge.

Rasmus Grand Bjørnø, Deputy Head of Mission and Counsellor for Royal Danish Embassy in Singapore, said energy consumption from buildings is set to rise by 50 per cent in the foreseeable future, with the Asian region slated for a 2°C to 3°C rise in temperature, if no action is taken

“There's a great potential in energy optimisation of buildings. This includes insulation, active control systems, ambitious building codes and being much more aware of the lifecycle of building materials. More energy efficient buildings mean less demand for energy and thus a faster energy transition,” he said in his keynote address.  

To achieve this requires a holistic approach when developing and investing in cities, encompassing everything from health-centric urbanisation to energy efficiency and environmental impact, he added.

He added there are over 400 Danish companies in Singapore working with public and private organisations on creating sustainable solutions in Singapore, including involving citizens in urban design and local development plans.

Jessica Cheam, Founder and CEO for Eco-Business, said achieving the climate goals set out by the Paris Agreement will hinge on aligning national climate policies with urban development,.

“UN-Habitat's latest analysis reveals that the number of national climate plans with strong urban content nearly doubled ahead of COP30, signalling a fundamental shift in how nations view the pivotal role of cities in delivering climate resilience, mitigation and just transitions,” she said in her opening remarks.

She added that Asian cities are taking the lead in the climate movement, citing recent moves by South Korea pledging to phase out coal as an example, while Malaysia as the President of the UN-Habitat Assembly aims to elevate the Asean Smart Cities Network to a ministerial-level forum by 2026. Singapore is also establishing itself as green finance hub, climate innovation leader and anchor for regional cooperation.

Themed ”From risk to resilience: Shaping Asia's cities”, and organised by Eco-Business in strategic partnership with CapitaLand, Zurich Resilience Solutions and UNDP, with Resorts World Sentosa as the venue partner, Cities: Possibilities convened 200 decision-makers across government, urban planning, finance, industry and academia to chart actionable strategies for urban development.

“Urbanisation in Asia presents immense opportunities, but capital often hesitates due to perceived risks and unclear returns. At CapitaLand Investment, we believe sustainability and profitability go hand-in-hand. Our Return on Sustainability framework quantifies how green investments can uplift asset value and mitigate climate risks. Important conversations at Cities: Possibilities inspire collaboration, and align sustainability initiatives with measurable financial benefits for resilient, future-ready cities,” said Vinamra Srivastava, Chief Sustainability and Sustainable Investments Officer for CapitaLand Investment.

Mark Fletcher, Head of Zurich Resilience Solutions, APAC, added that organisations and governments need to think seriously about quantifying climate risk to guide decision making. “When we measure exposure, vulnerabilities and potential losses with real data, mitigation stops being abstract. It becomes a blueprint for adaptation.”

Brian CK Ho, Vice President for Sustainability at Resorts World Sentosa, said: “This conference convenes global leaders to address urbanisation, climate resilience and inclusive growth – issues that resonate deeply with our vision for sustainable tourism. As Singapore's leading lifestyle destination, Resorts World Sentosa champions green infrastructure, biodiversity conservation and decarbonisation initiatives. Hosting this event reflects our commitment with like-minded organisations and partners in helping to shape a future where world-class hospitality and sustainability go hand in hand.”

S&P Global and Workforce Singapore were supporting partners for the Singapore-based forum, and Singapore Green Building Council and Green Network Asia were outreach partners.

Cities: Possibilities is a thought leadership initiative organised by Eco-Business since 2016, convening key decision-makers to identify solutions to decarbonise the built environment and bolster urban resiliency. To read more about our 2024 forum, download our insights report here.

About Eco-Business    

Established in 2009, Eco-Business is Asia Pacific's leading media and advisory platform dedicated to sustainable development. It publishes high quality, trusted content that advances dialogue and enables measurable impact on a wide range of sustainable development and responsible business issues. Eco-Business is headquartered in Singapore, with a presence in Beijing, Hong Kong, Manila, Kuala Lumpur, Jakarta, and correspondents across major cities in Asia Pacific. Visit www.eco-business.com. 

About CapitaLand

CapitaLand Group (CapitaLand) is one of Asia's largest diversified real estate groups. Headquartered in Singapore, CapitaLand's portfolio focuses on real asset management and real estate development, and spans across 270 cities in 45 countries. Visit www.capitaland.com.

About United Nations Development Programme (UNDP)

UNDP is the leading United Nations organization fighting to end the injustice of poverty, inequality, and climate change. Visit www.undp.org.

Zurich Resilience Solutions

Zurich Resilience Solutions is a global leader in risk management. We partner with businesses and communities to identify and quantify exposure to risk and drive mitigating actions that help organizations to go forward with confidence. Through everyday risks impacting infrastructure, people and property, to emerging risks around climate change and cybersecurity, our experts are at the forefront of today's world of volatility. Visit www.zurichresilience.com.

Resorts World Sentosa

Resorts World Sentosa (RWS), Asia's premium lifestyle destination resort, is located on Singapore's resort island of Sentosa. Visit www.rwsentosa.com.

About Cities: Possibilities   

Cities: Possibilities is a premiere sustainable cities event organised by Eco-Business that convenes high-level decision makers from the building, finance, and infrastructure sectors, policymakers, academics and civil society to discuss the latest developments in advancing Sustainable Development Goal 11 – creating sustainable cities and communities. Visit www.citiespossibilities.com.

The Philippines’ card payments market is projected to grow by 18.8% in 2025 to reach PHP4.2 trillion ($72 billion), supported by sustained financial inclusion efforts and improving acquiring infrastructure, according to GlobalData, a leading data and analytics company.

GlobalData’s Payment Cards Analytics reveals that the total card payment value in the Philippines grew by 20.5% in 2024, with the market reaching PHP3.5 trillion ($61 billion) in 2024. Card spending is increasingly benefitting from the expansion of basic bank accounts, the emergence of digital-only banks, and the gradual shift from cash to electronic payments, even though cash still dominates everyday transactions.

Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “Card payments in the Philippines are expanding from a relatively low base, supported by a rising banked population, targeted financial inclusion policies, and a steady build out of acceptance infrastructure.

“Regulatory initiatives from Bangko Sentral ng Pilipinas (BSP), including the National Strategy for Financial Inclusion 2022–2028, are reinforcing consumer trust in formal financial services while nudging both individuals and merchants towards greater card usage. As cards become more widely issued and accepted, they are steadily capturing share from cash in both physical and remote commerce.”

Debit cards form a critical foundation of this growth story. In 2025, debit cards account for 35.1% of total card payment value. Their rising usage is closely linked to the expansion of bank accounts and financial access points across the country. The key enablers include BSP’s Circular 992, introduced in 2018, which allowed banks to roll out basic deposit accounts with simplified Know Your Customer checks, no minimum balance, and no maintenance fees.

By contrast, credit and charge cards, while underpenetrated in terms of cardholding, dominate spending. In 2025 they represent 64.9% of total card payment value, significantly surpassing debit cards in transactional value. This is largely due to the compelling value-added propositions such as rewards, cashback, air miles, and merchant discounts, which encourage cardholders to route high ticket and discretionary spending through credit lines rather than debit.

Beyond card issuance, several factors are reinforcing the shift to card payments. The acceptance network is steadily expanding. However, high POS installation costs and merchant service fees continue to constrain uptake among small merchants. To mitigate this, providers are rolling out more economical mobile POS and SoftPOS offerings.

Notably, Singapore-based HitPay partnered with Ingenico in October 2025 to launch an all-in-one payment solution for Philippine SMEs, enabling acceptance of major credit cards and local mobile wallets, an initiative that is expected to indirectly bolster card usage at smaller merchants.

On the policy front, the BSP and the government are leveraging multiple channels—micro banking offices, electronic money issuers, microfinance providers, pawnshops, and remittance agents—to extend formal financial services into unbanked and underserved regions. The National Strategy for Financial Inclusion 2022–2028 aims to foster inclusive digital finance, strengthen financial education, and enhance consumer protection—pillars that collectively underpin confidence in card based and other electronic payment mechanisms. While cash remains deeply embedded in consumer habits, these structural reforms and infrastructure investments are gradually lowering barriers to card adoption.

Sharma concludes: “Looking ahead, the total card payments in the Philippines are forecast to almost double between 2024 and 2029. The growth will be underpinned by the continued financial inclusion initiatives, the expansion of POS and low-cost acceptance solutions, and sustained consumer preference for value rich credit card propositions. Although annual growth is expected to slow from 18.8% in 2025 to 12.2% by 2029 as the market matures, the structural shift from cash to cards will keep the Philippines among the faster growing card payment markets in the region.”

Notes

Information is based on GlobalData’s Payment Cards Analytics
This press release was written using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts

About GlobalData

4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.