The station started on December 18, 1979 as DPI Radio 1, which was owned and operated by the government of the Philippines through Department of Public Information, under the call letters of DWIM-FM. It was then a simulcast station of DPI Radio 1 710 kHz with its callsign DZFM, which aired music, news and weather. It then lasted until 1986 when DPI Radio 1 moved its frequency to 104.3 MHz, which it changed its callsign to DWBR while the 103.5 frequency was sold to the Archdiocese of Manila through Global Broadcasting System (which would later acquire Radio Veritas 5 years later) via a government-sponsored bidding and changed its call letters to DWCS.


104.3 Business Radio


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It became DWBR (and moved to the current frequency at 104.3 MHz) in 1986, after the People Power Revolution. The station held the tagline: Weaving Beautiful Rhythms. It played old standards music, from the big band era to the Broadway era, playing songs from the 40s to 70s.

In early 1990s, it adopted the brand Business Radio, albeit retaining its music format. Since that time, it covered the latest business stories and issues in the Philippines with its coverage of the Philippine stock market. It also aired various talk programs that discusses relevant matters concerning business, the environment.



Radio2 (Unofficial)

In late-2016, PBS announced that Business Radio will have its name change. First announced as "Radio 2", it was later changed to FM2 to avoid confusion with BBC Radio 2 in the United Kingdom, with the launch date set on February 2, 2017. Prior to this announcement, radio veteran Rizal "Bong" Aportadera, Jr. (Sonny B) was appointed by PCOO Sec. Martin Andanar as the Director of PBS in July 2016. A month later, Carlo Villo (Carlo José) was then appointed by Aportadera as the agency's Deputy Director and head of the new FM division. Villo serves as the program director for 104.3 FM, as well as its recently acquired 87.5 FM.

104.3 FM2


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On January 15, 2017, Business Radio quietly signed off for the last time and went off the air for a week.

On January 24, 2017, the station went on air for test broadcast playing the ‘80s and ‘90s music along with pre-recorded teasers carrying the New Republic tagline. Sonny B, Carlo José and George Boone had their warm-up 3 days after its test broadcast.

On February 2, 2017, past 5:30am, DWBR signed on as 1043 FM2. At that time, it extended its broadcast time by two hours, broadcasting until midnight. Despite having a commercial-free, less talk and more music type of programming, FM2 still airs PSAs and public advisories. Its playlist focuses heavily on the 80s and 90s, with a tiny portion of 70s. Since summer of 2017, FM2 signs on an hour earlier.


104.3 FM2


Horizontal Version
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On December 11, 2017, PBS retired its old callsign DWBR in favor of DWFT as it appeared on its website and now being used on sign-on and sign-off notices. The said callsign change is made to reflect the new branding, serving as complement to the newly launched sister station 87.5 FM1.

(Vertical Version)
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104.3 Capital FM2


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On February 3, 2020 (one day after the station's 3rd anniversary as FM2), the station was renamed as Capital FM2.