Rappler’s data visualizations map the cities and provinces where Filipino families earn the most, revealing a persistent Luzon-Mindanao divide, based on the PSA’s latest Family Income and Expenditure Survey
A look at how an apparently well-organized, cross-border operation combined gaming, cryptocurrency, referral networks, purported insurance, technology, international events, prominent personalities, and genuine early payouts to manufacture credibility on an extraordinary scale
Built to help lenders make sense of messy financial records, Carmel Limcaoco and Rhea Malhotra’s Kita has processed over $130 million in loan volume and raised $4.5 million in seed funding
Makati had the country’s highest average family income at P796,990 in 2025, but families in its top 10% earned nearly eight times as much as those in the bottom 10%
WASHINGTON: US President Donald Trump has hinted that Chinese banks dealing with Iran could face American sanctions, raising fresh concerns over the future of one of the most important financial channels supporting Iran’s oil trade. Speaking to reporters in the Oval Office, Trump was asked whether his administration could target Chinese banks involved in transactions with Iran. Rather than ruling out such action, he responded by questioning why anyone would assume the United States would not impose sanctions. Trump also suggested that Washington does not necessarily reveal its plans before taking action, leaving open the possibility that the administration could expand its pressure campaign against Iranian trade and the financial institutions that facilitate it. The warning comes at a sensitive time for relations between Washington and Beijing. China is Iran’s largest trading partner, while Iranian crude oil remains an important component of their economic relationship. Chinese companies and financial institutions play a significant role in processing payments connected to Iranian oil and other commercial transactions. Any direct sanctions against major Chinese banks could therefore have consequences far beyond Iran. Financial institutions with significant exposure to the US banking system could face a difficult choice between maintaining business with Iran and protecting their access to American financial markets. For Tehran, the impact could be substantial. Restrictions on Chinese banks could make it harder for Iranian businesses to receive payments, settle international transactions and maintain oil revenues. Such measures could further isolate Iran from the global financial system and increase pressure on its already restricted economy. Washington has previously imposed sanctions on Chinese companies and entities accused of supporting Iran or facilitating transactions that the United States considers prohibited. However, major Chinese banks have so far largely avoided direct sanctions of the kind now being suggested. Targeting a major Chinese financial institution would represent a significant escalation. It could also add another layer of tension to an already complicated US-China economic relationship, particularly as both countries remain engaged in disputes over trade, technology and strategic competition. For now, the Trump administration has not announced sanctions against any major Chinese bank over dealings with Iran. The president’s remarks remain an indication rather than a formal policy announcement. Still, the message from Washington is clear: Chinese financial institutions involved in Iran-related trade could increasingly find themselves under scrutiny. The uncertainty is likely to be closely watched by oil traders, banks and governments across the region, as any major disruption to Iran-China financial channels could affect both Iranian oil exports and wider energy markets.
ISLAMABAD: The government has decided to abolish the existing 12-slab gas tariff structure and introduce a uniform gas tariff for consumers. Under the proposed system, protected consumers will be shifted to an income-based subsidy mechanism. The government plans to protect low-income households through targeted subsidies rather than maintaining separate protected tariff slabs. The proposed reform is aimed at replacing the existing cross-subsidy mechanism with a simpler and more targeted system. The government and the International Monetary Fund (IMF) are expected to discuss and finalise a timeline for eliminating cross-subsidies and introducing a single gas tariff during the Fund’s fourth review of Pakistan’s economic programme, expected to take place in September or October 2026. Under the planned arrangement, subsidies would be directed specifically towards eligible low-income consumers, while the broader consumer base would be brought under a common gas pricing structure. The move is expected to form part of wider reforms aimed at improving the efficiency and transparency of the gas pricing system and reducing the financial burden created by the existing cross-subsidy structure.
Fast-fashion giant Shein is preparing to make its stock market debut in Hong Kong after years of efforts to list in the United States and Britain, marking a significant shift in how the company presents its relationship with China. The company is expected to raise around $1.7 billion through its Hong Kong initial public offering, with a valuation of about $26.5 billion. That figure is considerably below the company’s valuation in 2022. Shein had previously sought to establish itself as a global company. It moved its headquarters to Singapore in 2021 and promoted plans to expand manufacturing and operations in countries including Brazil, Türkiye and parts of Europe. However, its attempts to secure a Western listing faced regulatory and political obstacles. Chinese authorities were also reportedly involved in blocking earlier efforts to list in New York and London. After shifting its focus to Hong Kong in 2025, Shein founder Sky Xu increased his engagement with Chinese officials and became more involved in regulatory and capital-market discussions inside the country, according to people familiar with the matter. Xu also made a rare public appearance at a business forum in Guangdong earlier this year, where he announced plans for Shein to invest $1.5 billion in the province. He said the company would deepen its presence in Guangdong and develop its smart supply-chain system while contributing to the region’s fashion industry. Shein also opened a research and development centre in Nanjing, the eastern Chinese city where the company was founded in 2012. These moves helped reinforce the company’s economic links with China at a time when Beijing has been paying close attention to companies with major overseas operations. Officials in Guangdong also reportedly highlighted Shein’s contribution to employment and domestic economic activity when engaging with central authorities. The company has sought to emphasise that its main business is overseas rather than in China. Shein does not market its extremely low-priced products to Chinese consumers, allowing it to distance itself from the intense competition among domestic e-commerce platforms. Shein has instead argued that its international operations benefit China by generating foreign currency and supporting Chinese manufacturing and supply chains. The company’s Hong Kong prospectus describes China as the foundation of its global logistics and fulfilment network. Nearly 80 per cent of Shein’s workforce is based in mainland China. The shift comes after growing difficulties in Western markets. In the United States, lawmakers raised concerns over Shein’s supply chains and called for stronger assurances that its products were not linked to forced labour. The company has also faced scrutiny in Europe over competition, product safety and items offered through its online marketplace. At the same time, changes to low-value import rules in the US and Europe have created additional challenges for Shein’s business model, which relies heavily on inexpensive shipments directly to consumers. Analysts say the company’s experience demonstrates how geopolitical tensions are increasingly influencing corporate decisions and stock-market listings.
Islamabad:Pakistan has preferential trade arrangements with 93 countries. Its trade promotion authority participated in 91 international exhibitions and sent 11 trade delegations abroad in the last financial year, yet the country still has no registered Pakistani trade representative organisation or joint chamber in China. The absence of a formal Pakistani commercial organisation in China became a major point of concern before the Senate Standing Committee on Commerce, as senators questioned why Pakistan has not established a stronger private sector trade presence in one of its most important international markets. The committee, chaired by Senator Anusha Rahman, was told that no Pakistani joint chamber is currently registered in China and no Pakistani trade representative organisation is operating there. The Secretary Commerce said a Pakistani chamber could be established in China either as a joint chamber or as a branch, but it would have to meet the requirements set by Chinese authorities. He further explained that only one joint chamber from Pakistan could register itself in China under the relevant arrangements. Senators questioned why such an organisation had not been established despite the large scale business relationship between Pakistan and China. The Secretary Commerce said the reason could best be explained by the trade organisations themselves. The issue became more important when senators asked what real benefit Pakistan would gain from establishing a joint chamber or representative office. The Secretary Commerce said the Ministry of Commerce could not give a clear position on the matter and suggested that the Federation of Pakistan Chambers of Commerce and Industry and other chambers should provide their views. He said Pakistani private sector organisations could establish a chamber in major Chinese commercial centres such as Beijing or Shanghai, while the Ministry of Commerce would provide full support to interested chambers if they fulfilled Chinese requirements. Senator Anusha Rahman said a chamber could help Pakistani companies follow up more effectively on commercial opportunities in China. The discussion exposed a gap between Pakistan’s growing trade ambitions and its physical commercial presence in an important foreign market. The committee also examined the performance of the Trade Development Authority of Pakistan and its efforts to increase exports. The Chief Executive of TDAP said the authority was often blamed whenever Pakistan’s exports failed to grow, but export performance depended on several factors beyond the authority’s direct control. He pointed to production costs, electricity prices and the cost of financing as major factors affecting the ability of Pakistani businesses to compete in international markets. This means that simply sending trade delegations or participating in international exhibitions cannot guarantee higher exports if Pakistani products remain expensive to produce. The Commerce Minister, Jam Kamal Khan, told the committee that the Ministry of Commerce regularly sends policy proposals and recommendations to the government to improve the country’s trade environment. He said he had also proposed to the Prime Minister that reciprocal incentives should be pursued to increase exports. The minister said the Ministry of Commerce was working on new proposals to improve international marketing and increase Pakistani exports. He stressed that Pakistan could not become more competitive in international markets without dealing with the underlying costs faced by businesses and improving the investment environment. The figures presented by TDAP showed that the authority remained active in promoting Pakistani products abroad. During the last financial year, TDAP participated in 91 international exhibitions. The authority also organised or supported 11 trade delegations to foreign countries to search for new markets and strengthen business connections. Pakistan currently has preferential trade arrangements with 93 countries, giving Pakistani businesses access to special trade opportunities in international markets. However, the Senate committee stressed that trade agreements and international relationships must produce visible economic results. Members said Pakistan’s trade agreements should not remain only on paper. They should lead to higher exports, more investment and greater access for Pakistani businesses in foreign markets. The Chief Executive TDAP also clarified an important point about the authority’s financing. TDAP does not receive funding from the Export Development Fund. Instead, it receives government financing for specific projects. The committee also discussed the importance of stronger cooperation between Pakistani and Chinese institutions and private sector organisations. Senator Saleem Mandviwalla highlighted the role that Chinese international cooperation and trade specialists could play in developing stronger business and investment links. The discussion suggested that Pakistan needs to connect several areas of economic policy instead of treating export promotion as a separate activity. Lower production costs, cheaper and reliable electricity, easier access to finance, stronger investment policies, better international marketing and effective trade representation are all important if Pakistani companies are to compete successfully abroad. TDAP’s participation in 91 international exhibitions and 11 foreign trade delegations shows that the authority is actively trying to open doors for Pakistani exporters. But the Senate discussion also made clear that opening doors is only the first step. Pakistan must ensure that its businesses are able to walk through those doors with competitive products, attractive prices and the capacity to supply international buyers. The committee appreciated TDAP’s efforts but stressed the need for a coordinated national strategy linking trade policy, investment, industrial competitiveness, export promotion and overseas market representation.
Pakistan’s major telecom operators have invested an estimated $178.57 million in the deployment of 5G networks across the country up to June 2026, the Senate has been informed. The investment details were presented in a written reply submitted by the Ministry of Information Technology and Telecommunications in response to a question raised by Senator Samina Mumtaz Zehri. According to the government’s data, Zong emerged as the largest investor in the country’s 5G rollout, committing around $98.9 million by June 2026. Jazz followed with an investment of approximately $59.67 million, while Ufone invested an estimated $20 million during the same period. The figures were based on information provided directly by the respective mobile network operators. No Foreign Investment Target Set for 5G Minister for Information Technology and Telecommunications Shaza Fatima Khawaja told the Senate that the government had not imposed any specific foreign direct investment (FDI) target on telecom companies as part of the country’s 5G rollout policy. She said the Policy Directive for the Spectrum Auction, issued on January 6, 2026, did not include a requirement for operators to attract a particular amount of foreign investment for the deployment of 5G services. The minister clarified that the investment figures presented before the Senate represented data supplied by the operators themselves. Operators Plan Additional 5G Investment Telecom companies are also preparing to increase their investment in 5G infrastructure during fiscal year 2026-27. Jazz has projected an additional investment of approximately $30.33 million, while Zong expects to spend around $39.9 million on further 5G deployment during the year. A specific investment projection for Ufone was not available at this stage. According to the written response, the company’s future investment figures will be shared once its ongoing merger-related activities are completed. The government also noted that Ufone’s previously reported $20 million investment in the 5G rollout was an estimated figure. More Than 1,100 Sites Upgraded to 5G The Senate was also informed that mobile operators had upgraded 1,136 sites to support 5G services across Pakistan by June 2026. Punjab recorded the highest number of upgraded sites, with 587 locations, reflecting the province’s large subscriber base and extensive telecom infrastructure. The regional breakdown showed: Punjab: 587 5G-upgraded sites Sindh: 262 sites Islamabad Capital Territory: 192 sites Khyber Pakhtunkhwa: 64 sites Balochistan: 31 sites No 5G-upgraded sites were reported in Gilgit-Baltistan or Azad Jammu and Kashmir in the province-wise figures submitted to the Senate. Pakistan Has 10,499 Fiberized Sites The government’s response also provided an update on the country’s broader telecom infrastructure, particularly the expansion of fiber-optic connectivity. Pakistan had a total of 10,499 fiberized telecom sites, with the overall fiberization rate standing at approximately 17.2 percent. Punjab had the largest number of fiberized sites at 6,153, followed by Sindh with 2,121 and Khyber Pakhtunkhwa with 953. The figures for other regions were: Islamabad: 521 fiberized sites Balochistan: 417 sites Gilgit-Baltistan: 196 sites Azad Jammu and Kashmir: 138 sites Despite having fewer fiberized locations in absolute numbers, Gilgit-Baltistan recorded the highest fiberization rate at 36.3 percent. Islamabad ranked second with a rate of 30.4 percent. Meanwhile, Azad Jammu and Kashmir recorded the lowest fiberization rate at 9.5 percent. 5G Expansion Linked to Digital Connectivity The continued investment by telecom operators is expected to support the expansion of high-speed mobile connectivity and strengthen Pakistan’s digital infrastructure. The deployment of 5G technology is also being viewed as an important step toward improving mobile broadband capacity, supporting digital businesses and enabling emerging technologies that require faster and more reliable networks. With operators planning further investment during FY2026-27, the scale of Pakistan’s 5G network is expected to expand further. However, the pace of deployment will also depend on infrastructure development, fiberization, spectrum utilization and the completion of ongoing corporate and regulatory processes.
Prime Minister Shehbaz Sharif has formed a high-level committee to find a mutually acceptable solution to the long-delayed Pakistan-Iran gas pipeline project, which has remained stuck for more than a decade. Petroleum Minister Ali Pervaiz Malik informed the Senate that the committee is examining the legal, financial and energy implications of the project. It will assess Pakistan’s potential financial exposure in the ongoing arbitration process while also considering the country’s future energy requirements. The minister was responding to a calling-attention notice raised by Senator Talha Mahmood. He said the government was seeking a negotiated solution rather than allowing the dispute to become more complicated through prolonged litigation. Describing Iran as a “brotherly country”, Malik said the leadership of Pakistan and Iran remained in contact and was working towards an amicable settlement. He noted that Iran had already completed substantial infrastructure on its side of the project. Iranian authorities have brought gas from the South Pars field towards a major city close to the Pakistani border. The dispute over the pipeline has reached international arbitration in Paris. Pakistan is therefore assessing the possible financial consequences of the project delays and the legal proceedings before deciding its next course of action. The government is also reviewing whether the pipeline can be made commercially viable. Pakistan has previously asked Iran to cut its gas price by around 50 per cent and reduce the proposed supply volume because several domestic sectors have shown limited interest in purchasing Iranian gas at existing prices. Officials have said that domestic consumers and fertiliser plants are currently receiving gas at significantly lower prices than the cost at which imported gas could be supplied through the project. Power producers have also indicated that purchasing imported gas at prices above Rs2,000 per million British thermal units would not be commercially feasible. The government has therefore been considering a lower price as a potential benchmark for making the pipeline economically sustainable. Pakistan has also indicated that it could move ahead with the project if the United States provides a waiver allowing energy cooperation with Iran despite Washington’s sanctions regime. The Iran-Pakistan pipeline, commonly known as the Peace Pipeline, was originally designed to transport Iranian natural gas to Pakistan and help address the country’s long-term energy needs. Iran completed a substantial portion of the pipeline within its territory. Pakistan, however, did not complete its section by the agreed deadline, leaving the project largely dormant. US sanctions against Iran, difficulties in securing financing and wider geopolitical tensions have complicated Pakistan’s efforts to complete the project. The issue has also resulted in legal disputes between the two countries. Iran initiated international arbitration proceedings in Paris over delays in the implementation of the project. Meanwhile, the petroleum minister told the Senate that the government was separately addressing gas-related problems in Balochistan. He said Prime Minister Shehbaz Sharif had instructed him to engage with provincial stakeholders. Another high-level committee, headed by Deputy Prime Minister and Foreign Minister Ishaq Dar, is examining gas-related issues in the province, including technical and payment-related matters. The latest move indicates that Islamabad is attempting to balance its obligations under the Iran gas project with its financial constraints, international commitments and changing energy requirements.