diff --git "a/raw_rss_feeds/https___www_bworldonline_com_feed_.xml" "b/raw_rss_feeds/https___www_bworldonline_com_feed_.xml"
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@@ -12,7 +12,7 @@
John Reinier H. Dizon, president and board member of the Federation of Philippine Industries, Inc., talks about Gross Domestic Product growth, infrastructure, and the other factors shaping cement demand in the Philippines.
-Interview by Edg Adrian Eva
-Video editing by Richard Mendoza
To manage the surge, NAIA’s private operator New NAIA Infra Corp. (NNIC) has rolled out upgrades across all terminals, from road access to check-in and immigration. Curbside lanes at Terminals 1, 2, and 3 have been widened to ease drop-off and pickup congestion, while a centralized transport hub at Terminal 3 now organizes taxis and ride-hailing services into a designated area.
+Inside the terminals, passengers will see upgraded air-conditioning, hundreds of additional seats — over 400 in Terminal 1 — and airport-wide high-speed Wi-Fi, alongside 2,500 new luggage trolleys deployed system-wide.
+Terminal arrangements may already be familiar to regular travelers, but airport officials say this holiday season brings operational adjustments inside each terminal to accommodate heavier passenger traffic. At Terminal 1, which continues to handle nearly all international flights, airport authorities have added more seating, pushed up cleaning rotations, and opened the new OFW Lounge to serve the growing number of overseas Filipino workers arriving for Christmas. The lounge offers free meals, Wi-Fi, and rest areas designed to absorb peak-hour crowds and reduce congestion in public waiting areas.
+Terminal 2, now operating solely as a domestic terminal, has increased manpower at check-in counters and boarding gates as it absorbs additional traffic following the closure of the old Terminal 4 for redevelopment. Airport officials say flight schedules at T2 have also been staggered more tightly this December to prevent passenger buildup during peak departure hours — an adjustment prompted by last year’s holiday crowding.
+Meanwhile, Terminal 3, the country’s busiest gateway, is operating extended food and retail hours following the opening of its new 6,000-square-meter mezzanine food hall, which adds dozens of dining options for passengers delayed by traffic or early check-in requirements.
+Additional check-in counters have also been opened earlier in the day to clear morning peak departures, particularly for international flights.
+Processing times are also expected to improve with the rollout of biometric immigration e-gates at Terminals 1 and 3 starting this December.
+The system uses passport scans and facial recognition to speed up border control, backed by additional immigration officers and full staffing at security lanes under the government’s Oplan Biyaheng Ayos holiday plan. Airlines, for their part, have opened check-in counters earlier, added ground staff, and introduced more self-service kiosks. Officials are urging passengers to arrive at least three hours before international flights and two hours before domestic departures, especially on peak travel days.
+
Holiday shoppers can also expect a bigger duty-free experience. At Terminal 3 alone, duty-free retail space is set to grow from around 1,000 square meters to as much as 6,000 square meters, significantly increasing the shopping area at the country’s main international gateway.
Alongside this expansion, Duty Free is widening its portfolio of luxury labels and trend-driven products while opening its stores to more concessionaires and brand partners. The goal is to offer travelers a broader mix of merchandise — from premium global brands and Filipino-made goods to more affordable pasalubong — along with exclusive travel packs and airport-only bundles, all while keeping prices competitive.
+For millions of Filipinos heading home for Christmas, these airport upgrades are designed to mean less waiting, easier transfers, and more time with family — with added convenience for holiday shopping — as NAIA enters its peak travel period.
++
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
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]]>AnyMind Group [TSE:5027], a BPaaS company for marketing, e-commerce, and digital transformation, announced that it was awarded bronze for the “Gaming, Gamification & E-Sports” category and the “Brand Experience” category at the MMA SMARTIES
Awards Philippines 2025. The awards recognize companies that have demonstrated outstanding innovation and technological excellence in driving effective business growth.
ENABLING COMPANY OF THE YEAR
-This recognition follows a strong track record in recent years, including being named “Enabling Company of the Year,” underscoring AnyMind’s continued leadership in marketing, technology, and innovation.
-The winning campaigns reflect AnyMind Group’s ability to deliver engaging, measurable, and culturally relevant experiences for consumer brands across the Philippines:
-BRONZE
-“These awards validate our goal to combine creativity, data, and technology in ways that genuinely resonate with Filipino consumers. We are particularly proud of how our work across gamification, marketing impact and personalised experiences is helping brands connect faster and more meaningfully with their audience,” Mayi Baviera, country manager for the Philippines at AnyMind Group, said.
-+
The launch event, held on Dec. 9, 2025 at LANDBANK Plaza in Manila, gathered over 200 MSMEs from Metro Manila, Batangas, Bulacan, Cavite, Laguna, and Rizal, alongside key partners from the Department of Trade and Industry (DTI), Bangko Sentral ng Pilipinas (BSP), and Go Negosyo.
+Trade and Industry Secretary Ma. Cristina A. Roque and LANDBANK President and CEO Lynette V. Ortiz led the event, underscoring the program’s pivotal role in providing MSMEs with accessible and flexible financing solutions at every stage of their development.
+In her remarks, Secretary Roque reaffirmed the government’s commitment to empowering MSMEs, stating: “Whether you are a start-up making your first step, a growing enterprise expanding capacity, or an established business ready to level up, the growth of these businesses means more jobs. These options matter because every business has a story to tell and every entrepreneur deserves a fair chance to grow.”
+The event also featured a session on financial health and wellness led by the BSP, providing practical strategies for managing cash flow and enhancing business resilience.
+“The LIFTING MSMEs Lending Program integrates all our existing lending initiatives into a cohesive platform. It streamlines processes, improves accessibility, and ensures that financing support is comprehensive, flexible, and inclusive. Through this unified program, businesses at every stage can access tailored financing complemented by technology support and practical tools to help them thrive in a competitive landscape,” said LANDBANK President Ortiz, highlighting the program’s integrated approach.
+
Tailored financing and strategic support
+The LIFTING MSMEs Lending Program consolidates all existing MSME lending initiatives of LANDBANK into a unified, streamlined platform. It offers three loan packages tailored to a business’s stage of growth: Start-ups and microenterprises operating for less than a year can access up to ₱500,000 in working capital through the Start-Up Loan.
+More established micro and small enterprises may avail of the Step-Up Loan, which offers up to ₱5 million for expansion and stabilization. For SMEs seeking major transformation, the Level-Up Loan grants up to ₱50 million to support strategic projects, technology adoption, and enhanced competitiveness.
+Additional program benefits include reduced interest rates and access to digital tools such as point-of-sale terminals and the LANDBANK Corporate Credit Card.
+This initiative is in direct response to Republic Act No. 11981, otherwise known as the “Tatak Pinoy Act,” and further expands direct credit access to viable micro and small enterprises. It establishes a dedicated, branded lending program for MSMEs, reinforcing LANDBANK’s commitment to financial inclusion and national development.
+Prospective borrowers may apply through the LANDBANK Business Loan Application Portal or visit any LANDBANK Lending Center or branch nationwide for assistance, or contact the LANDBANK Customer Care Hotline at (02) 8405-7000.
+ABOUT LANDBANK
+LANDBANK is the largest development financial institution in the Philippines promoting financial inclusion, digital transformation, and sustainable national development. Present in all 82 provinces in the country, the Bank is committed to provide accessible and responsive financial solutions to empower Filipinos from countryside to countrywide.
+
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Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.
@@ -91,351 +88,255 @@ -This brought the jobless rate to 5% from 3.8% in the previous month and 3.9% a year ago — close to the post-pandemic high posted in July, when unemployment hit 5.3% or 2.59 million people.
-PSA Undersecretary and National Statistician Claire Dennis S. Mapa attributed the rise in joblessness to recent typhoons, even as he cited “good signs,” including rising employment in the agriculture sector, which added 168,000 jobs from a year ago.
-“We saw an increase of 1.87 million in agriculture and forestry jobs quarter on quarter, with the biggest contributor being the growing of paddy rice, as the peak season for rice farming falls in the fourth quarter,” he added.
-The PSA’s latest labor-force survey showed that while many found work, a significant segment remains jobless — meaning economic improvements may not be reaching all sectors.
-Still, the increase in employed people — particularly those aged 15 and over — reflects underlying demand in industries like retail, construction and services. Such gains offer hope that economic activity is picking up ahead of the holiday season.
-Labor force participation rose to 63.6% in October from 63.3% a year earlier and 64.5% in September, the statistics agency said in a statement.
-In October, services accounted for the biggest share of total employment at 60.6%, followed by agriculture with 21.5% and Industry at 17.9%.
-Underemployment, which covers workers seeking more hours or better-paying jobs, was 12% compared with 12.6% a year earlier and 11.1% in September. — Erika Mae P. Sinaking
-]]>Based on preliminary central bank data, FDI net inflows fell by 25.8% to $320 million in September from $432 million a year ago.
-This marked the lowest monthly FDI inflow in more than five years or since the $313.79 million recorded in April 2020.
-Month on month, inflows sank by 60.62% from $514 million in August.
-For the first nine months of 2025, FDIs dropped by 22.2% to $5.537 billion from $7.118 billion a year ago.
-The BSP expects net inflows of FDI to reach $7.5 billion by year-end. — Katherine K. Chan
-]]>Based on preliminary central bank data, FDI net inflows fell by 25.93% to $320 million in September from $432 million a year ago.
-This marked the lowest monthly FDI inflows in 65 months or since the $314 million recorded in April 2020.
-Month on month, inflows sank by 37.7% from $514 million in August. — Katherine K. Chan
+NET INFLOWS of foreign direct investments (FDI) into the Philippines plunged to their lowest monthly level in over five years in September, the Bangko Sentral ng Pilipinas (BSP) reported on Wednesday.
+Based on preliminary central bank data, FDI net inflows fell by 25.8% to $320 million from $432 million a year ago.
+This marked the lowest monthly FDI inflow in more than five years or since the $313.79 million recorded in April 2020.
+Month on month, inflows sank by 37.7% from $514 million in August.
+“Foreign direct investments into the Philippines posted net inflows of $320 million in September 2025,” the BSP said in a statement on Wednesday. “Japan was the top source of FDIs, while manufacturing was the biggest recipient of FDIs during the month.”
+Investments in equity and investment fund shares rose by 27.8% to $120 million in September from $94 million in the same month in 2024.
+Net investments in equity capital other than reinvestment of earnings soared to $35 million, nearly five times (378.2%) the $7 million seen a year earlier.
+Broken down, equity capital placements jumped by an annual 20.8% to $99 million, while withdrawals fell by 14.4% to $64 million.
+Nonresidents’ reinvestment of earnings also dipped by 2.1% to $84 million in September from $86 million last year.
+Meanwhile, net investments in debt instruments dropped by 40.7% to $201 million from $338 million a year prior.
+These consisted mainly of intercompany borrowing or lending between foreign direct investors and their subsidiaries or affiliates in the Philippines, according to the central bank.
+Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said a combination of global and domestic factors dragged FDI net inflows to an over five-year low.
+“Globally, investors remain cautious amid slower growth in major economies and persistent geopolitical uncertainties,” he said in a Viber message.
+“Domestically, while reforms like CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy) and infrastructure programs are positive signals, structural bottlenecks and policy clarity issues continue to weigh on investor confidence.”
+Economic managers have said that the ongoing flood control controversy that linked government officials, lawmakers and private contractors to massive corruption in public infrastructure projects weighed on business and investor sentiment.
+Meanwhile, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., also attributed the slump in foreign investments to high borrowing costs.
+“September’s FDI slump to a five-year low reflects global uncertainty, high borrowing costs, and lingering policy gaps,” he said in a Viber message.
+LOWER NINE-MONTH FDI
+For the first nine months of 2025, FDIs dropped by 22.2% to $5.537 billion from $7.118 billion in the same period last year.
+This, as investments in equity and investment fund shares stood at $1.905 billion as of September, down by 16.8% from $2.289 billion the previous year.
+Net foreign investments in equity capital, excluding reinvestment of earnings, went down by 33.3% year on year to $905 million at end-September from $1.357 billion a year ago.
+Equity capital placements declined by 18.3% to $1.463 billion, while withdrawals rose by 28.7% to $558 million.
+In the nine-month period, placements mostly came from Japan, the United States and Singapore, the central bank said.
+“Industries that received most of these investments were manufacturing, wholesale and retail trade, and real estate,” the BSP added.
+On the other hand, reinvestment of earnings climbed by 7.3% year on year to $1 billion by the end of September from $932 million previously.
+BSP data also showed that nonresidents’ net investments in debt instruments of local affiliates declined by 24.8% to $3.632 billion as of September from $4.829 billion in the comparable year-ago period.
+According to the central bank, the total FDI net inflows in the nine months to September accounted for 1.6% of the country’s gross domestic product.
+Mr. Ravelas said meeting the BSP’s $7.5-billion FDI net inflow forecast for 2025 is “possible but tough.”
+“With $5.5 billion so far, hitting BSP’s $7.5-billion target will need a strong Q4 rebound — possible but tough without fresh reforms,” he said. “[There could be] modest inflows in manufacturing and real estate if confidence improves.”
+He added that the local manufacturing and real estate sectors may see modest gains in foreign investments if investor confidence rebounds.
+“For businesses, now’s the time to push clarity and competitiveness to attract capital,” he said.
+Meanwhile, Mr. Asuncion noted that the country’s policy implementation and investment climate will determine whether it can sustain improvements in FDI inflows.
+“Looking ahead, we expect modest recovery in FDI inflows as reforms gain traction, but sustained improvement will depend on consistent policy execution and a more competitive investment environment,” he said.
]]>The multilateral lender approved the financing for the Business Environment Strengthening with Technology Program (BEST) Subprogram 1, which aims to help position the country as a leading investment hub in Asia and the Pacific, it said in a statement on Wednesday.
-The BEST program supports private sector development reforms to streamline and improve the transparency of regulatory requirements and processes for businesses.
-“The private sector is an important engine of growth and job creation. Their role in the country’s overall economic development cannot be overstated,” ADB Country Director for the Philippines Andrew Jeffries said.
-The Ease of Doing Business and Anti-Red Tape Advisory Council said it can take up to 75 days for local firms and more than 100 days for foreign firms just to complete registration in the Philippines, slower compared to its regional peers.
-The ADB was the second-biggest development partner of the Philippines in 2024 with $11.05-billion worth of 59 loans and grants. — Aubrey Rose A. Inosante
-]]>The Asian Development Bank (ADB) sharply cut its growth forecasts for the Philippines for this year and 2026, amid weak infrastructure spending due to corruption probe and natural disasters.
-In its December Asian Development Outlook, the multilateral lender slashed its Philippine gross domestic product (GDP) growth forecast to 5% from 5.6% in September.
+In its December Asian Development Outlook (ADO), the multilateral lender slashed its Philippine gross domestic product (GDP) growth forecast to 5% from 5.6% in September.
For 2026, the ADB trimmed its Philippine growth forecast to 5.3% from 5.7% previously.
These latest projections are below the government’s 5.5-6.5% target for this year, and the 6-7% growth goal for 2026 to 2028.
-In its report released on Wednesday, the ADB said the lower growth prospects for the Philippines was “due to weak infrastructure spending amid investigations of publicly funded projects, and natural hazards.”
-The Philippine economy expanded by a weaker-than-expected 4% in the third quarter, bringing nine-month growth to 5%, due to lower government spending on flood control projects amid investigations and stricter controls.
-Data from the Department of Budget and Management showed expenditure on infrastructure and other capital outlays for the January-to-September period, declined by 10.7% to P877.1 billion from P982.4 billion a year ago.
-“Low inflation and ongoing monetary easing should sustain domestic demand, supporting stronger growth in 2026,” the ADB said.
-“However, uncertainties arising out of investigations of publicly funded infrastructure projects and weather-related disruptions pose downside risks,” it added.
-The multilateral lender expects headline inflation to average 1.8% this year and 3% in 2026, unchanged from its September forecast.
-This is slightly higher than the Bangko Sentral ng Pilipinas’ (BSP) 1.7% average forecast for this year, but lower than the 3.3% average forecast for 2026.
-]]>In its latest Philippines Economic Update released on Tuesday, the multilateral lender trimmed its Philippine gross domestic product (GDP) growth forecast to 5.1% for this year from 5.3% in its June report.
-For 2026, it lowered its Philippine GDP growth forecast to 5.3% from 5.4% previously.
-The World Bank also cut its Philippine GDP growth projection for 2027 to 5.4% from 5.5% previously.
-These latest projections are below the government’s 5.5-6.5% growth goal for this year and the 6-7% target for 2026 to 2028.
-“To borrow from Torsten Slok, chief economist at Apollo (Management), it’s a Nike swoosh pattern. He describes the US economy, and I’m describing our forecast for the Philippines as a kind of Nike swoosh. We have a dip in 2025, and then we have a gradual recovery in 2026 to 2027,” World Bank Senior Economist Jaffar Al-Rikabi said during a briefing.
-He noted the average growth of the Philippines over 2025 to 2027 will be lower than 2024 when GDP expanded by 5.7%.
-“For 2025… the growth is largely weighed down by domestic factors. In particular, lower construction activity and weaker consumption growth,” he said.
-The Philippine economy expanded by a weaker-than-expected 4% in the third quarter, bringing nine-month growth to 5%, as the pace of household final consumption expenditure and government spending slowed amid a corruption scandal.
-Mr. Al-Rikabi also noted the deceleration in fixed investment and private consumption due to higher-than-expected number of natural disasters that hit the Philippines this year.
-“But for 2026 to 2027, we think that it’s likely that external factors will weigh more heavily on growth, largely slower export demand,” Mr. Al-Rikabi said.
-The US imposed a 19% tariff on most goods from the Philippines starting August, dampening export demand.
-The World Bank said the Philippine economy’s growth will pick up in 2026 and 2027, fueled by strong domestic demand.
-“Private consumption is projected to strengthen as inflation stays low, employment remains robust, and monetary easing lowers interest rates, making it easier for businesses and households to borrow,” it said in the report.
-According to the World Bank, private consumption, which accounts for more than 70% of the economy, is projected to expand by 4.8% this year, slowing from 4.9% in 2024. This is expected to pick up to 5.3% in 2026 and 5.4% in 2027.
-The World Bank said investment is likely to recover as public infrastructure projects regain momentum, while recent liberalization reforms in telecommunications, transport, logistics and renewable energy improve the business climate.
-The multilateral lender also expects headline inflation to average 1.8% this year, describing the pace as “very moderate” and a key source of resilience. This forecast is slightly above the Bangko Sentral ng Pilipinas’ (BSP) 1.7% projection for 2025 and the 1.6% average recorded in the first 11 months.
-‘CORRUPTION IS UNACCEPTABLE’
-Even as the Philippine economy will see a gradual recovery in the next two years, Mr. Al-Rikabi noted risks are tilted to the downside, with “more prominent” domestic drivers.
“There is a continued challenge of heightened perceptions around governance risks. This could, if it continues, erode investor confidence. It could delay public investment execution, and it could weaken growth,” he said.
-The World Bank economist also noted there may be delays in fiscal and structural reforms amid the current domestic environment, “which could slow consolidation and weigh on growth over the medium term.”
-A corruption scandal involving anomalous flood control projects has already triggered protests, slowed economic activity, and shaken investor confidence in the country.
-“From the World Bank perspective, corruption is unacceptable,” World Bank Country Director for the Philippines, Malaysia, and Brunei Zafer Mustafaoğlu said during the same briefing.
-“The World Bank considers it detrimental to any country and has been fighting against corruption in all the member countries that we operate in,” he added.
-Mr. Mustafaoğlu said the Philippine government could take this opportunity to increase transparency and modernize its budget execution system “that could actually support longer-term growth and can increase investment confidence (and) can increase long-term potential growth,” he said.
-Mr. Al-Rikabi said it is important that the Philippine government double down on governance and institutional reforms. The government should also continue fiscal reforms to ensure “fiscal consolidation continues on a credible path that doesn’t compromise long-term growth.”
-Also Mr. Al-Rikabi said adverse climate events remain a source for risk for the Philippines, as it could disrupt food supply and drive prices higher.
-On external risks, the World Bank cited policy uncertainty, which could weaken investment trading confidence, disruptive financial market corrections, and weaker growth in key partner countries.
-He also noted that as investments in artificial intelligence normalize, major economies could face sharper deceleration, which would weigh on Philippine exports and industry.
-Mr. Al-Rikabi said the government should ensure structural reforms, which opened up some sectors to more foreign investments, are implemented effectively.
-UPPER MIDDLE-INCOME STATUS
-Meanwhile, Mr. Al-Rikabi said the Philippine gross national income (GNI) per capita has managed to reach the upper middle-income country (UMIC) status threshold in 2025.
“Our 2025 projection already implies that the Philippines will reach in terms of GNI per capita the threshold for UMIC this year,” he said.
-According to the World Bank’s last country income classification, the Philippines is still a lower middle-income country with a GNI per capita of $4,470 in 2024. It was only $26 shy of the World Bank’s adjusted GNI per capita requirement of $4,496-$13,935 for UMIC status.
-However, Mr. Al-Rikabi said that the World Bank has to see three years of GNI per capita above the threshold to formally reclassify a country as UMIC.
-“That implies as long as the economy continues to grow in 2026-2027, the country would be reclassified as UMIC in 2028,” he said.
-The Washington-based lender will release its new country status thresholds in July 2026. — A.R.A. Inosante
+In its report released on Wednesday, the ADB said the lower growth prospects for the Philippines were “due to weak infrastructure spending amid investigations of publicly funded projects, and natural hazards.”
+Data from the Department of Budget and Management showed that expenditure on infrastructure and other capital outlays for the January-to-September period declined by 10.7% to P877.1 billion from P982.4 billion a year ago.
+Sluggish infrastructure spending, affected by adverse weather and stricter fund releases to the Department of Public Works and Highways, dragged Philippine GDP growth to a weaker‑than‑expected 4% in the third quarter. This brought the nine‑month average growth to 5%.
+“Low inflation and ongoing monetary easing should sustain domestic demand, supporting stronger growth in 2026,” the ADB said.
+The Bangko Sentral ng Pilipinas has so far reduced borrowing costs by a cumulative 175 basis points (bps) since it began its easing cycle in August last year, bringing the key rate to 4.75%.
+“However, uncertainties arising out of investigations of publicly funded infrastructure projects and weather-related disruptions pose downside risks,” it added.
+A corruption scandal involving anomalous flood control projects has already triggered protests, slowed economic activity, and shaken investor confidence in the country.
+An independent commission is now investigating the allegations that government officials, lawmakers and contractors received billions of pesos in kickbacks from anomalous projects.
+STILL SECOND FASTEST
+Based on the latest ADO, the Philippines is still projected to be the second fastest-growing economy in Southeast Asia this year, just behind Vietnam (7.4%) and tied with Indonesia (5%). It is ahead of Malaysia (4.5%), Singapore (4.1), and Thailand (2%).
+For 2026, the Philippines is still seen to post the second-fastest growth in Southeast Asia, after Vietnam’s 6.4%.
+The ADB expects Philippine growth to stay above the Southeast Asian average through 2026.
+For the region, the bank raised its regional GDP growth outlook to 4.5% this year from 4.3% in its September update. It also hiked its projections to 4.5% in 2026 from 4.4% previously.
+This reflects stronger‑than‑expected third‑quarter results in Indonesia, Malaysia, Singapore, and Vietnam, alongside better external environment and supportive government expenditures, the ADB said.
+“Several risks to the subregion’s (Southeast Asia) prospects remain, notably from global uncertainty, climate-related disruptions, and domestic political developments,” the ADB said.
+Despite these risks, the lender said the Southeast Asian region remains resilient, with prospects depending on sustained policy support and flexible economic strategies.
+However, the ADB’s Philippine growth forecast was slightly below the projected 5.1% growth of developing Asia for this year but exceeded the 4.6% growth forecast in 2026.
+Developing Asia includes 46 Asia-Pacific countries, but excludes Japan, Australia, and New Zealand.
+Meanwhile, the ADB expects Philippine headline inflation to average 1.8% this year and 3% in 2026, unchanged from its September forecast.
+This is slightly higher than the Bangko Sentral ng Pilipinas’ (BSP) 1.7% average forecast for this year, but lower than the 3.3% average forecast for 2026.
+Headline inflation averaged 1.6% in the first 11 months of 2025, according to the Philippine Statistics Authority.
+Meanwhile, the Mastercard Economics Institute (MEI) gave a 5.6% growth forecast for the Philippines in 2026, which will make it the fastest-growing economy among the Association of Southeast Asian Nations-5 (ASEAN-5).
+This is ahead of Indonesia (5%), Malaysia (4.2%), Singapore (2.2%), and Thailand (1.8%).
+“In 2026, the growth trajectories of the ASEAN-5 nations are expected to diverge. GDP is projected to expand steadily in Indonesia and the Philippines, while Malaysia, Singapore, and Thailand may grow more slowly,” MEI said in its December Economic Outlook 2026.
+MEI also expects Philippine inflation to settle at 2.8% next year.
+“Because that is within the target range, further monetary policy easing may be possible; interest rates are expected to fall to 4.5% by the end of 2026,” it said.
+MEI said strong borrowing momentum may fuel private consumption, while lower policy rates may help sustain this trend.
+The report noted travel is a key economic driver, with domestic demand climbing in Malaysia and Indonesia and outbound spending rising in Singapore, Malaysia, Indonesia, and the Philippines.
+MEI said Indonesia and the Philippines posted the fastest growth gains, with overseas travel spending jumping by 40% and 28%, respectively, over the period, MEI said. — Aubrey Rose A. Inosante
]]>The local unit slid by 28.5 centavos to close at P59.22 versus the greenback from its P58.935 finish on Friday, Bankers Association of the Philippines data showed.
-This was a fresh low for the peso, beating the previous record of P59.17 logged on Nov. 12.
-Year to date, the local currency has depreciated by P1.375 or 2.32% from its P57.845 finish on Dec. 27, 2024.
-The peso opened Tuesday’s session weaker at P59.08 versus the dollar. Its intraday best was at P59.07, while its worst showing was its closing level of P59.22 against the greenback.
-Dollars traded went down to $1.097 billion on Tuesday from $1.423 billion on Friday.
-The peso dropped along with its regional peers as the dollar was stronger overnight on higher US Treasury yields as markets await the Fed’s policy decision, the first trader said in a Viber message.
-The US central bank was set to begin its two-day policy meeting overnight, where it is widely expected to lower borrowing costs by 25 basis points (bps) for a second straight time.
-While a cut this week is already priced in, markets are unsure about the Fed’s future policy moves, especially with Chair Jerome H. Powell set to end his term by May next year and with the latest data showing a mixed picture of the state of the US economy.
-The dollar was stronger against most Asian currencies amid escalating tensions between China and Japan, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.
-“The peso weakened anew past the P59 level as market expectations firmed over a potential BSP rate cut this week,” the second trader said in an e-mail.
-A BusinessWorld poll showed that 17 of 18 analysts expect the BSP to deliver a fifth straight 25-bp reduction at their meeting on Thursday to bring the policy rate to 4.5%, its lowest since September 2022.
-Meanwhile, one analyst said the Monetary Board could announce a jumbo 50-bp cut.
-The Philippine central bank has cut benchmark rates by a total of 175 bps since it began its easing cycle in August 2024.
-BSP Governor Eli M. Remolona, Jr. said last week that weakening growth prospects raise the odds of a cut on Thursday. He earlier said that they could extend their rate cut cycle until next year to help provide economic stimulus as corruption concerns have caused a slowdown in public spending and also dampened consumer and investor confidence.
-“The peso’s slide to a record low reflects two forces: a strong US dollar and weak local confidence. For Filipinos, it’s a mixed bag — remittances gain, but imports and debt cost more,” Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said in a Viber message.
-“The key now is policy clarity and attracting inflows like tourism and exports. The BSP can step in, but lasting stability needs more than intervention — it needs trust and growth.”
-For Wednesday, the second trader said the peso could move between P59.10 and P59.35 per dollar, while Mr. Ricafort sees it ranging from P59.05 to P59.30. — Aaron Michael C. Sy
++

INVESTMENT PLEDGES approved by the Philippine Economic Zone Authority (PEZA) slumped by 58.59% to P32.211 billion in November from P77.79 billion in the same month a year ago.
-The investment pledges are comprised of 38 projects, which are expected to generate 9,802 jobs and $1.741 billion in exports, the agency said on Tuesday.
-Of the 38 projects, 22 were in the manufacturing sector, five were facilities, four were in the information technology and business process management (IT-BPM) sector, and three were in logistics. There were also two new economic zone (ecozone) developments, and two domestic enterprises.
-Most of the projects will be in Calabarzon, while the others will be in Central Luzon, the National Capital Region, the Ilocos Region, the Bicol Region, Central Visayas, Northern Mindanao, and the Davao Region.
-Federation for Economic Freedom President Calixto V. Chikiamco said that the decline in pledges may reflect investors’ concerns over the Philippines’ economic fundamentals.
-“While the corruption scandal may have affected investor sentiment a bit, more likely, investors are wary of the country’s economic fundamentals,” he said in a Viber message.
-“The economy is still facing geopolitical uncertainty with the 19% tariffs on exports to the US. Investor uncertainty, both domestic and foreign, is reflected in the anemic stock market,” he added.
-The US imposed a 19% reciprocal tariff on most goods from the Philippines, which has dampened export demand.
-A corruption scandal involving anomalous flood control projects has also clouded the economic outlook. The economy grew by a weaker-than-expected 4% in the third quarter as government spending slowed, and consumer and investor sentiment waned amid the graft scandal.
-ON TRACK TO HIT TARGET
-Despite the drop in November, PEZA Director General Tereso O. Panga is confident the agency will exceed the P214.176 billion worth of investment pledges approved last year.
“We will surpass our 2024 investment performance,” he said in a statement.
-In the first 11 months, the investment promotion agency approved P207.577 billion worth of investment pledges, up by 2.99% from the P201.55 billion approved in the same period a year ago.
-PEZA set an investment approval target of P250 billion. As of the end of November, the agency has already achieved 83% of the full-year target.
-“We are keeping our fingers crossed that we will breach our 2025 investment target as well,” Mr. Panga said.
-However, this would depend if the PEZA Board approves more investments at its next two meetings on Dec. 12 and 22.
-“If we don’t get a quorum (on Dec. 22)… We cannot hold a board meeting. It’s not sure yet. We will know after our Dec. 12 meeting,” Mr. Panga said.
-In the January-to-November period, PEZA approved 281 new and expansion projects, which are expected to generate $7.39 billion in exports and 69,737 jobs.
-Most or 134 of the pledges were manufacturing projects, while 64 were IT-BPM projects and 24 were facilities projects.
-The other projects were domestic enterprises (23), ecozone developments (21), logistics projects (11), and utilities projects (4).
-“By investor nationality, Japan continues to lead PEZA-approved investments, followed by the Cayman Islands, South Korea, China, Singapore, the US, and other countries,” the agency said.
-“Notably, domestic market-oriented investments surged to P110.73 billion, highlighting PEZA’s effective collaboration with local government units in unlocking regional economic potential and generating broader opportunities,” it added.
-John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said concerns over corruption has likely contributed to investor hesitancy.
-“While the January-November total is slightly higher year on year, the monthly decline is a warning that confidence has softened, especially for new or expansion projects,” he said in a Viber message.
-“The modest full-year growth shows existing investors are still committed, but sustaining momentum will depend on restoring trust, policy stability, and faster, cleaner approvals moving forward,” he added.
-Meanwhile, Trade Secretary and PEZA Board Chair Ma. Cristina A. Roque said PEZA had already approved five big-ticket projects worth P27.261 billion, four of which will manufacture electronic and pharmaceutical products and one dedicated to ecozone development.
-These big-ticket projects approved last month are expected to be located in the provinces of Camarines Norte, Laguna, Tarlac, and Batangas.
-“Investment acquisition is on stream as we enter 2026, and we remain bullish on the upcoming investment prospects into the country as we create more ecozones,” she said.
+This brought the jobless rate to 5% from 3.8% in the previous month and 3.9% a year ago. It was also the highest in three months or since the post-pandemic high of 5.3% in July.
+The unemployment rate averaged 4.13% in the first 10 months from 4% in the same period a year ago.
+PSA Undersecretary and National Statistician Claire Dennis S. Mapa attributed the rise in joblessness to recent typhoons and the increase in labor force participation.
+ +The labor force participation rate (LFPR) rose to 63.6% in October from 63.3% a year earlier but fell from 64.5% in September, the statistics agency said in a statement. The estimated LFPR in October translates to 51.16 million Filipinos versus 50.12 million in the same month last year.
+However, Mr. Mapa cited “good signs” such as rising employment in the agriculture sector, which added 168,000 jobs from a year ago.
+“We saw an increase of 1.87 million in agriculture and forestry jobs quarter on quarter, with the biggest contributor being the growing of paddy rice, as the peak season for rice farming falls in the fourth quarter,” Mr. Mapa said during a briefing.
+The PSA’s latest labor force survey showed that while many found work, a significant segment remains jobless — meaning economic improvements may not be reaching all sectors.
+Still, the increase in employed people — particularly those aged 15 and over — reflects underlying demand in industries like retail, construction and services. Such gains offer hope that economic activity is picking up ahead of the holiday season.
+In October, services accounted for the biggest share of total employment at 60.6%, followed by agriculture with 21.5% and industry at 17.9%.
+Underemployment, which covers workers seeking more hours or better-paying jobs, eased to 12% in October from 12.6% a year earlier, but inched up from 11.1% in September. The number of unemployed Filipinos stood at 2.54 million in October, higher than 1.97 million in the same month last year.
+“October’s labor market reflects continued progress in improving the quality of work available to Filipinos,” Department of Economy, Planning, and Development Secretary Arsenio M. Balisacan said in a statement.
+In a note, Chinabank Research said the unemployment rate climbed in October, as not all new entrants in the labor market found jobs.
+“On a positive note, there were gains recorded across industries, including challenged sectors like agriculture and manufacturing,” Chinabank said. “Looking ahead, job creation could pick up during the holiday season.”
+PSA data show annual employment gains were spread across several sectors in October, including public administration (+257,000), accommodation and food services (+180,000), agriculture (+168,000), and manufacturing (+152,000).
+“However, we note that the sector remains vulnerable to weather-related risks. Meanwhile, despite an uncertain global trade environment, manufacturing jobs increased (+152,000) with local factories expressing improved sentiment in the year-ahead outlook,” Chinabank said.
+On the other hand, annual job losses were concentrated in services (-520,000), with notable declines in repair services, household services, and funeral-related activities.
+Wholesale and retail trade also saw an annual drop (-66,000) in jobs in October.
+Chinabank said this “could indicate that the softness in household consumption growth seen in the third quarter could persist this quarter.”
+“Nevertheless, increased seasonal demand during the holidays could support job opportunities in the sector,” it added.
+John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said the latest numbers signal that the economy is struggling to create enough jobs.
+“Yes, there are red flags. Job creation is slowing, underemployment remains high, and the sectors that usually absorb workers (retail, construction, services) are expanding weakly,” he told BusinessWorld over Viber.
+“The worsening unemployment despite higher labor force participation shows that the labor market is widening, but not deepening, meaning more people are willing to work, but the economy is not generating enough stable, quality jobs to match that demand,” he added.
+However, IBON Foundation Executive Director Jose Enrique “Sonny” A. Africa cautioned that these “good signs” in agricultural jobs may be overstated.
+Looking at the sector historically, agricultural employment has actually fallen from an annual average of 10.8 million in 2022 to around 10 million in the first 10 months of 2025, he said.
+“The only ‘good signs’ we should be looking for are steady and rapid increases in the National Government budget for farmers and fisherfolk in terms of production subsidies, extension services, and rural infrastructure,” Mr. Af-rica told BusinessWorld via Viber. — EMPS
]]>The overall rate will decline by P0.3557 per kilowatt-hour (kWh) to P13.1145 per kWh in December from P13.4702 per kWh in November, the company said in a statement on Tuesday.
-This translates to a downward adjustment of around P71 in the total electricity bill of customers consuming 200 kWh. Those consuming 300 kWh, 400 kWh, and 500 kWh will see their monthly bills go down by P107, P142, and P178, respectively.
-“With the holiday season approaching, we hope this rate adjustment gives much-needed relief for our customers,” Meralco Vice-President and Head of Corporate Communications Joe R. Zaldarriaga said in a statement.
-Mr. Zaldarriaga said that the P0.1462 per kWh reduction in transmission charge was primarily due to the lower ancillary service charges from the reserve market incurred by the grid operator.
-Ancillary services are deployed by the grid operator to support the transmission of power from generators to consumers and to maintain reliable operations.
-Meralco also attributed the lower rates to the decline in generation charge of P0.1358 per kWh, as charges from independent power producers (IPPs) fell.
-IPP rates declined by P0.2127 per kWh due to the drop in natural gas prices, improved plant dispatch, and the peso appreciation as their costs are mostly dollar denominated.
-The peso closed at P58.645 per dollar on Nov. 28, strengthening by P0.205 from its P58.85 finish on Oct. 30.
-Meanwhile, charges from power supply agreements (PSAs) and Wholesale Electricity Spot Market (WESM) rose by P0.0706 and P0.8086 per kWh, respectively.
-Higher PSA charges were attributed to lower supply brought by the 29-day scheduled maintenance from its contracted coal-fired power plant in Quezon.
-IPPs, PSAs, and WESM accounted for 21%, 73%, and 6%, respectively, of Meralco’s total energy requirement for the period.
-Taxes and other charges also saw a reduction of P0.0737 per kWh.
-“Pass-through charges for generation and transmission are paid to the power suppliers and the grid operator, respectively, while taxes, universal charges, and Feed-in Tariff Allowance are all remitted to the government,” the company said.
-Meralco’s distribution charge has not been adjusted since the P0.0360 per kWh reduction in August 2022.
-For next year, Mr. Zaldarriaga expects electricity rates to be stable as Meralco is able to ensure that its supply requirements are covered.
-“So, wala naman kaming nakikitang drastic adjustments sa rates at least for, perhaps, for the first half of the year. (So, we don’t really see any drastic adjustments in the rates, at least for, perhaps, the first half of the year),” he said.
-Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
+In a statement, the multilateral lender said it has approved the financing for the Business Environment Strengthening with Technology Program (BEST) Subprogram 1, which aims to help position the country as a leading investment hub in Asia and the Pacific.
+The BEST program supports private sector development reforms to streamline and improve the transparency of regulatory requirements and processes for businesses.
+“The private sector is an important engine of growth and job creation. Their role in the country’s overall economic development cannot be overstated,” ADB Country Director for the Philippines Andrew Jeffries said.
+“We are committed to assisting the Philippines in finding innovative ways to create an enabling environment that would spur a more dynamic business sector — one that will help drive faster economic growth,” he added.
+This comes as Philippine firms continue to grapple with regulatory bottlenecks, high energy costs and weak digital infrastructure, while investors face hurdles in navigating approvals and fragmented digital systems that raise costs and deter capital.
+The Ease of Doing Business and Anti-Red Tape Advisory Council said it can take up to 75 days for local firms and more than 100 days for foreign firms just to complete registration in the Philippines, slower than its regional peers.
+Mr. Jeffries said high logistics costs continue to weigh on Philippine competitiveness, citing geographical constraints. Logistics account for about 27% of the cost of goods, among the highest in the region.
+The BEST program will streamline legal and regulatory frameworks to make it easier to start and operate a business, with faster permits, licensing, and approvals, the ADB said.
+“It will also provide clear, updated, and reliable information via online investors’ guidebooks and a digital database of business regulations through the Philippine Business Regulations Information System launched by the Anti-Red Tape Authority (AR-TA),” the ADB said.
+The BEST program builds on the ADB-Philippine partnership in pursuing reforms to strengthen public sector management systems through the Public Financial Management Reform Program, Domestic Resource Mobilization Program, Business and Employment Recovery Program, and more.
+The ADB said it extended complementary technical assistance to advance reforms under the program.
+This includes supporting implementing agencies such as ARTA, the Department of Trade and Industry-Board of Investments, and the Department of Information and Communications Technology in developing and implementing new systems and improved processes.
+Separately, ADB President Masato Kanda met with President Ferdinand R. Marcos, Jr. on Tuesday at Malacañan Palace, where he emphasized the importance of strong cooperation.
+Mr. Kanda also pledged a comprehensive package to support the Philippines as it prepares to chair the Association of Southeast Asian Nations (ASEAN) in 2026.
+“ADB is committed to support the Philippines in elevating ASEAN’s ambition to become more competitive, resilient, and sustainable. I was pleased that our proposals were welcomed by President Marcos and we look forward to working together on the success of ASEAN 2026,” Mr. Kanda said in a statement.
+The multilateral lender is preparing a package of support to assist the Philippines in delivering regional outcomes under the ASEAN 2026 theme of “Navigating our Future Together.”
+The ADB was the second-biggest development partner of the Philippines in 2024 with 59 loans and grants worth $11.05 billion. — Aubrey Rose A. Inosante
]]>“This level of investor interest is unprecedented, and we would like to thank you all for that. However, interest alone does not build power plants; execution does,” Energy Undersecretary Mylene C. Capongcol said in her speech during the 2025 Energy Security Forum on Tuesday.
-To turn the pipeline of projects into operational power plants, Ms. Capongcol said the government must ensure the availability of key development requirements such as ports, transmission grids, logistics, financing and supply chains.
-“These are the backbone investments that determine whether our energy transition will be fast, reliable and crisis-resilient or delayed and vulnerable,” she said.
-She added that investors can continue exploring opportunities in the Philippines amid its “clear policy framework, expanding grid interconnection, improving logistics infrastructure and a growing pipeline of bankable projects.”
-“What we seek are strategic investments that strengthen system resilience, accelerate project execution and anchor long-term energy security for our people,” she said.
-Power and energy projects account for 58.74%, or about P479.78 billion, of approved investments this year, based on data from the Board of Investments.
-“Our direction is clear. We will continue to work closely with the private sector and our partner agencies in the national government and local government units to ensure that these approved investments will ripen into beneficial and tangible energy infrastructure for our people,” Energy Secretary Sharon S. Garin said in a statement.
-The DoE said the large-scale developments are expected to significantly boost clean energy capacity, enhance grid stability and improve connectivity nationwide.
-Ms. Garin added that hydropower and offshore wind will play a critical role in medium- and long-term energy planning as they support the country’s renewable energy targets.
-The Philippine Energy Plan aims to raise the renewable energy share in the power generation mix to 35% by 2030 and 50% by 2050.
-“The DoE reaffirmed its commitment to provide strong policy direction, transparent regulatory frameworks and close coordination with other agencies to sustain the current investment wave and translate it into stable, affordable and cleaner energy for all Filipinos,” the agency said. — Sheldeen Joy Talavera
+In its filing with the Department of Environment and Natural Resources, the company said the national grid is expected to receive power from the project, which targets commercial operations by 2030.
+The proposed wind farm will occupy 6,237 hectares within the municipal waters of Calabanga, Siruma and Tinambac.
+ACX3 said the project is designed to deploy 60 wind turbine generators, each with a rated capacity of between 8.5 MW and 8 MW.
+Construction is scheduled to begin in 2027 and run through 2029.
+The estimated project cost includes P4.5 billion for pre-development activities, P85 billion for construction, and P100 billion for operations and maintenance.
+The company also estimated decommissioning costs at around P7.3 billion, expected to be incurred by 2055.
+Offshore wind farms generate electricity as wind turns turbine blades, which convert kinetic energy into electrical energy transmitted via export cables.
+ACX3 said logistics for the project will depend on a planned port development in Barangay Pambujan, Mercedes, Camarines Norte.
+The port is envisioned to serve as a marshaling and assembly base, with facilities for turbine component handling and vessel berthing.
+The company described offshore wind as “a highly reliable and variable form of renewable energy” because of its ability to generate electricity at high capacity factors.
+“[Offshore wind] has the potential to become a major contributor to the national grid, complementing onshore wind and solar installations,” it said.
+ACX3 focuses on developing and managing renewable energy and sustainable infrastructure projects.
+It is backed by Nexif Energy Philippines Pte. Ltd., a joint venture between Singapore-based Nexif Ratch Energy Investments Pte. Ltd. and Thailand-based Ratch Group.
+The firm is among several developers assisted by the Department of Energy that are projected to add more than 16 gigawatts (GW) of new capacity from offshore wind projects.
+The Philippines aims to generate its first kilowatts of offshore wind power by 2028 as it seeks to diversify its energy mix and reduce dependence on fossil fuels. — Sheldeen Joy Talavera
]]>GAJAH GALLERY is continuing its expansion through Southeast Asia with the opening of its newest space, this time in Manila. This is its 4th gallery space after Singapore, Jakarta, and Yogyakarta. It is located along Pioneer St. in Mandaluyong City.
-Opened on Nov. 28, the gallery will showcase Southeast Asian contemporary art, with the goal of deepening artistic networks across the region. Since its founding in 1996, Gajah Gallery has mounted museum-quality exhibitions and collaborated with curators and institutions worldwide — which the Philippine space will also do.
-The gallery has taken up a chunk of the NBS Park (which used to serve as a warehouse for the National Bookstore office next to it).
-“The way we see it is that it’s always been inevitable to open a gallery here because we’ve been exhibiting at Art Fair Philippines since 2016, so it’s been nine years of that,” Gajah Gallery Manager Joaquin Singson told BusinessWorld during the opening reception of its inaugural exhibit.
-“In 2023, we did our first all-Filipino show, then after that we just kept going and going. It was a natural progression for Gajah Gallery,” he added.
-CROSS-CULTURAL EXCHANGE
-The inaugural exhibit is Confabulations: A Fantasy of the Real, a group show curated by Joyce Toh. It showcases a roster of renowned Southeast Asian artists which the gallery has exhibited over the years.
These include a group of Filipinos, namely National Artist Benedicto “BenCab” Cabrera, fellow Baguio-based artist Kawayan de Guia, contemporary artists Charlie Co and Marina Cruz, and art activists Kiri Dalena, Mark Justiniani, and Leslie de Chavez.
-From Southeast Asia, the show highlights Singaporean artists Suzann Victor and Jane Lee; Malaysian artist Kayleigh Goh; Indonesian artists Yunizar, Rudi Mantofani, Erizal As, and Ibrahim; Balinese artists Jemana Murti, Mangu Putra, and I Gusti Ayu Kadek Murniasih; and Javanese artist Rosit Mulyadi (Ocid).
-“Each country usually has a certain characteristic. Filipino works have a certain character, and they kind of jive quite well with Indonesian works. There’s a shared energy there,” Ms. Toh told BusinessWorld at the opening reception.
-Many of Yunizar’s paintings of birds and sculptures of turtles occupy one side of the gallery and contribute to the tangible energy of the room. There’s his sculpture Pohon Buah, or Fruit Tree, which evokes a fascination with the natural world, putting together familiar tropical fruits like durian and guava into a single, strange tree.
-Various bronze sculptures by Filipinos also fill the space, each presenting their own realities: BenCab’s Lovers capturing human passion, Leslie de Chavez’s Coat of Arms showing an ominous political figure with symbols of power from the Philippines’ collective memory, and Charlie Co’s trio of merry men representing ways to cope (to see, hear, and speak no evil).
-The work that encapsulates the sense of crossover that makes Gajah Gallery’s offerings unique is Rosit Mulyadi’s tribute to classical painter Felix Hidalgo. With an image from Hidalgo’s La Pintura, which is exhibited in Singapore, this Indonesian artist’s take on the Filipino masterpiece summarizes the melting pot of art that the gallery has come to celebrate.
-MIXED-MEDIA EXPLORATIONS
-For Ms. Toh, curating the mixed-media works was a highlight. One example is Malaysian artist Kayleigh Goh’s landscape of geometric interiors of rooms that unfold as an architecture of memory.
“They’re actually made with industrial materials like cement on wood. She even mixed marble dust in it so it becomes lighter,” explained Ms. Toh. “From far off, it looks very graphic. But if you go up close, there’s little textures to it. These are the details that make looking at art exciting.”
-A more straightforward example of this is a mixed-media optical device by Mark Justiniani that requires the viewer to interact with a small spinning apparatus to see moving images in mirrors. It’s a compact version of the illusory experiences the Filipino artist is known to experiment with in his works.
-There are triptychs of prints by Kiri Dalena, where she reworks Dean Worcester’s colonial photographs of native Filipino women by adding layers of ink. Through these different overlays, we get to see her attempts to reclaim the narratives of the women in the pictures.
-Suzann Victor’s People’s Lantern is the pièce de résistance that brings the whole experience together, composed of thousands of overlapping lenses rounded to make a giant immersive installation. Stepping into the structure and seeing the exhibition through its interface offers a refracted view of one’s surroundings.
-“What I enjoyed about curating this is that there’s very much a spatial relationship that you can’t really have on paper. There’s no linear narrative. You can wander in and out,” Ms. Toh said.
-The central question that Confabulations presents is: “What manner of realism can truly picture ‘the real?’” The answer can only be found by taking a closer look and exploring the ways different artists have come to grapple with this question.
-Confabulations runs until Dec. 31 at Gajah Gallery Manila, located at Unit 1B-1E, NBS Park, 125 Pioneer St., Mandaluyong City. — Brontë H. Lacsamana
+THE RETURN of Krazy Garlik under The Bistro Group’s portfolio signifies Bistro’s respect for local culture and its motivation to do more in the local scene (as opposed to their forte, bringing in international franchises).
+It’s a comeback concept, having first opened in 2014, patterned after a Korean concept that worshipped the flavor (albeit a bit toned down for Filipino palates), which then closed in 2018.
+Lisa Ronquillo-Along, chief marketing officer for The Bistro Group, speaking to BusinessWorld during the Krazy Garlik opening at the SM Mall of Asia on Dec. 4, gave us a list of their local concepts, which is about to get longer. There’s Krazy Garlik (the SM Mall of Asia branch is their second after opening in One Ayala this year), Siklab, Las Flores, and Rumba; not to mention the restaurants by their corporate executive chef, Josh Boutwood. One of them, Helm, was the country’s first two Michelin-starred restaurant, awarded earlier this year.
+Siklab is also a comeback concept, sharing the 2014 timeline with Krazy Garlik. It reopened last year in Shangri-La Plaza Mall and is set to open nine branches next year (including in Visayas and Mindanao), according to Ms. Ron-quillo-Along. Krazy Garlik might follow in the same lines, because it is “very scalable.”
+We had a taste of their tangy 40 Kloves Chicken (the taste is akin to a very flavorful adobo), and the Adobomb Rice with pork adobo flakes, as well as the Hara Kiri Rice (garlic, bell pepper, shrimp, squid, bacon, red chili, teriyaki sauce, and tobiko). While we were warned that the Hara Kiri rice would be a spicy challenge, it was mostly an easy ride (for us).
+“We’ve always wanted to have homegrown brands, local concepts,” said Ms. Ronquillo-Along. “We’ve tried in the past.
+“There were some challenges because we were so used to these structural, corporate franchise(s),” she said. “We wanted to be everything… maraming (there was lots of) trial-and-error.”
+For starters, she mentioned improving interiors and streamlining menus: “If you want to attract the new generation now, it has to resonate with them.”
+She also discussed the difference between developing their international franchises and these homegrown brands. To date, The Bistro Group holds the franchises for TGI Friday’s, Olive Garden, Dave & Buster’s, Fogo de Chao, and Longhorn Steakhouse; among others. They have 30 concepts under their belt, and 218 restaurants around the Philippines. They have an upcoming Korean dessert franchise (slated to open this week, but a media tasting has been postponed).
+“With franchises, we have the international (support), so we can’t really just move freely,” she said. “They’re flexible, (but) you have to work with them.
+“With the homegrown brands, we’re free to make mistakes, develop something new, innovate. We’re free to do that,” she said.
+Earlier this year, the Chen-led Inoza Business Holdings, Inc., an affiliate of Progeny Global Holdings (the operators of the Bounty Fresh brand) announced they had acquired a major stake in The Bistro Group (more details can be found here: https://tinyurl.com/2k5968mj). Of the new ownership, Ms. Ronquillo-Along said, “They want the homegrown brands to take lead in development — hand-in-hand with ours,” she said. “We have their support, and be-cause they’re already in the food business, they understand it.”
+Krazy Garlik is located at SM Mall of Asia, Level 2, Entertainment Mall. — Joseph L. Garcia
]]>“Despite heavy rains, supply challenges, and a very active construction year, we continue to build and deliver,” Ovialand Investor Relations and Compliance Officer Monica Ann V. Mendoza said during an event on Wednesday.
+The company reported a net income of P507 million last year, she said.
+Across its Luzon portfolios, Ovialand constructed 770 new housing units and turned over 645 units this year.
+“Right now, we’re really focusing on our existing areas in Luzon because there is still a lot of room to grow,” Ovialand President and Chief Executive Officer Pammy Olivares-Vital told reporters on the sidelines of the event.
+Anara, the company’s latest project in Bulacan, will have 310 house-and-lot units, with turnover scheduled by the third quarter of 2026.
+“We want to be the most trusted homebuilder in the Philippines, and trust is built on consistency, transparency, and aligning with the right people,” Ms. Vital added.
+In the first half of the year, Ovialand’s consolidated net income rose 37% to P420 million, while revenues increased 20% to P1.1 billion.
+Ovialand’s current housing portfolio includes Seriya and Anara in Baliwag, Bulacan; Caliya in Candelaria, Quezon; Terrazza in Santo Tomas, Batangas; and Santevi, Savana, and Sannera in San Pablo, Laguna. — Beatriz Marie D. Cruz
+]]>In a disclosure on Tuesday, REDC said its subsidiary Maramag Hydropower Corp. broke ground on the 25-megawatt (MW) Pulangi IV Hydropower Project.
-“This groundbreaking represents the start of our second of several hydropower projects here, which will not only contribute clean and reliable energy to the Mindanao grid but also support long-term regional development in line with national energy goals,” REDC President Eric Y. Roxas said.
-REDC recently acquired a 95% stake in Maramag, the developer of the project.
-The facility will use the downstream portion of the Pulangi River, the same river system that powers Repower’s recently commissioned upstream hydropower plant.
-Once operational, the project is expected to boost Mindanao’s renewable energy capacity while providing stable and sustainable power to nearby communities.
-Repower has allocated P10.3 billion for the rollout of four hydropower facilities in the pipeline.
-The company is also developing the 4.5-MW Piapi hydropower project in Quezon province, with commercial operations targeted by the end of 2027.
-REDC is a subsidiary of Pure Energy Holdings Corp., which plans to expand its footprint through both greenfield developments and acquisitions of existing plants.
-For the nine months ending September, REDC posted a 42% year-on-year increase in net income to P167 million, while revenues rose 33% to P526.7 million. — Sheldeen Joy Talavera
+The Sy-led property developer has deployed rooftop solar photovoltaic (PV) systems in 59 of its properties, using about 200,000 solar modules across 65 hectares of rooftop area, the DoE said in a statement on Wednesday.
+The Energy department said the initiative shows how private companies can support the country’s shift toward a low-carbon and climate-resilient energy system.
+“Every megawatt of clean energy that comes online helps reduce our reliance on imported fuel, shields consumers from volatile energy prices, and strengthens our long-term climate commitments,” Energy Secretary Sharon S. Garin, who attended the switch-on ceremony, said.
+According to the DoE, SM Prime’s rooftop solar installations help cut emissions and reduce grid consumption while improving comfort and boosting energy resilience.
+“We encourage more companies to follow this example and invest in renewable energy and energy efficiency solutions,” Ms. Garin added.
+In July, SM Prime switched on what the DoE described as the country’s largest rooftop solar PV system on a commercial building at SM City Fairview.
+SM Prime currently operates 88 shopping malls in the Philippines and eight in China. — Sheldeen Joy Talavera
]]>THE FIRST-EVER Christmas edition of the Modern and Contemporary Art Festival (MoCAF) has opened, with four galleries and four special exhibitions offering holiday treats for art lovers.
-Ongoing until Dec. 14, MoCAF: The Christmas Edit! presents galleries, artisans, and workshops at Opus Mall in Bridgetowne, Quezon City.
-The festival is basically a “more intimate, festive celebration of contemporary art,” designed to blend with the warmth and bustle of the holiday season, MoCAF’s organizers said at the launch on Dec. 3.
-Meant to be a cozy version of its annual flagship fair, The Christmas Edit! challenges visitors to explore the relatively new, premium lifestyle expanse of Opus Mall.
-“The July edition remains our grand, main festival, while the Christmas Edition is more festive, relaxed, and community-centered — a smaller but longer 12-day run that’s open to the public and designed for the holiday season,” said Coleen Wong, MoCAF’s festival director, at the opening.
-The mall’s main atrium houses most of the local galleries, with a few booths showing special exhibitions by RAKI and brothers Yok and Jek Joaquin. There is also a dedicated showcase for MoCAF Discoveries, the festival’s platform for emerging artists.
-This year’s presentation gathers artists from the Discoveries program’s earliest batch to its most recent cohort.
-“It’s a meaningful moment for us to see how they’ve grown, both in their artistic practice and the evolution of their work,” Ms. Wong added.
-On the third floor, there’s a section titled Street Dreams: The Art of Pop Surrealism that highlights works in the said genre by select MoCAF artists.
-The fourth floor is dedicated to the artisans, and includes workshops and creative activities. These include sessions hosted by The Matcha Tokyo and a terrarium-making workshop by Moss Escape.
-MoCAF: The Christmas Edit! runs until Dec. 14 at Opus Mall, Bridgetowne Destination Estate, Bridgetowne Blvd. cor. C5 Road, Quezon City. — Brontë H. Lacsamana
+Enter Daily Beer, one of South Korea’s leading fried chicken brands which elevates the concept with craft beers, flown in from South Korea. It opened its first branch in the Philippines in Pasig’s Arcovia City on Nov. 30, with a media preview the day before on Nov. 29.
+“Everywhere in the world, there’s a lot of fried chicken, and there’s a lot of beer. But most fried chicken places use commercial, mass-produced, generic beer, which is not considering the food pairing at all,” said Sang Jin Lim, the chief executive officer of Daily Beer Co., Ltd. (which first opened in 2014), speaking through Jay Lim, Business Development Division/Global Business Manager Daily Beer Co., Ltd.
+“We specifically make beers for the fried chicken we have,” said Mr. Lim. “It’s perfectly tailored for our dishes.”
+There are four varieties of chicken at the restaurant: Original, Red (spicy sauce), Black (sweet garlic soy sauce), and Crunch (garlic and sweet and spicy seasoning). They also have other Korean dishes: gimbap, tteokbok-ki, and the sweet-and-sour chicken gangjeong; among others. Matching the dishes are the five craft beers they have on tap: K-Red Lager, K-Seoul Weizen, K-Daily Pale Ale, K-Super Fresh Hazy IPA, and K-Ginseng Lager, which was specifically developed for the Philippines. “We have the capacity to create new beers for the local market,” said Mr. Lim.
+We tried out the K-Ginseng beer (woody and with a wet, herby taste; excellent), and all the chicken flavors. We will say that the experience becomes sublime with the beer (and our beer choice was perfect with the Black flavor).
+According to Daily Beer’s website, they had 402 stores as of 2024, with a bulk of them in South Korea; but they also have a presence in Bangkok, and Singapore.
+“We’re the only company that’s growing two-digit numbers, every year for 12 years straight. Never any kind of decline,” said Mr. Lim. Their website said that they have enjoyed 39.4% growth from 2022 to 2024.
+It was in Singapore where Kirkland Whang, chairman of Opulence Prime Ventures, Inc., which brought the concept to the Philippines, first tried Daily Beer. Opulence Prime Ventures is in real estate, online retail, and even mattresses.
+“The first time we tried Daily Beer in Singapore, we immediately knew that the taste of the chicken is unique, together with the beer selection they have,” he said. “I know that our culture here will love that taste,” said Mr. Whang.
+The senior Mr. Lim said that he liked the original flavor with the Red Lager, while Mr. Whang likes the original, and varies his beer choices depending on his mood. The junior Mr. Lim said, “I like the IPA personally. I don’t mind what I eat with the IPA. The fragrance, the aroma, is really strong.”
+According to Mr. Whang, they’re on track to open a second branch in SM Fairview this month, and another in Makati next year. — Joseph L. Garcia
+]]>The Foundation reached an estimated 56,000 individuals affected by the magnitude 6.9 earthquake in Northern Cebu. Relief operations covered six hard-hit locations: Bogo, Daanbantayan, Medellin, San Remigio, Tabogon, and Borbon, where families faced damaged homes, disrupted livelihoods, and recurring aftershocks.
+
Following the devastating earthquakes, the DigiPlus Foundation rapidly expanded its nationwide relief operations to address the severe impacts of Typhoons Tino and Uwan, which brought heavy rains, floods, and landslides to Cebu and strong winds and widespread flooding to Luzon. The Foundation quickly coordinated with local government units to deliver essential aid to an estimated 14,350 affected individuals across targeted communities in Luzon, including Hagonoy, Bulacan; Cabanatuan City, Nueva Ecija; Dumaguete City and Bacolod City in Negros Island; and San Fabian, Pangasinan, as well as several barangays in Cebu City, reinforcing its sustained commitment to immediate disaster response and fostering community resilience throughout the Philippines.
“The scale of devastation from the recent Typhoons Tino and Uwan demands an even greater collective response to deliver hope to affected communities,” said Angela Camins-Wieneke, executive director of DigiPlus Foundation. “With affected areas spanning from Cebu to Bulacan, Nueva Ecija, and Pangasinan, we call on more partners to join our efforts. Working with our BingoPlus store volunteers and partners on the ground, we have already mobilized around P8 million in relief, but to truly help communities rebuild their lives, we need more support.”
+
Upholding the organization’s nationwide commitment to disaster resilience, Michael Linatoc, regional manager for Luzon, emphasized the readiness of his team to mobilize for immediate rehabilitation efforts. Mr. Linatoc highlighted the inspiring dedication of the workforce in the Luzon as a benchmark for service, noting, “I witnessed the heroic efforts of our colleagues in the Visayas, and I am proud to see how our Luzon team mirrored this spirit in the areas of Pangasinan and Nueva Ecija to respond to the needs of affected communities,” and assured the public that this spirit of solidarity extends northward. He confirmed that, likewise, branches in Luzon are fully prepared and eager to support the recovery of Filipinos devastated by the calamities, standing united with the rest of the nation in the mission to rebuild lives and livelihoods.
DigiPlus Foundation will continue working with local governments, partners, and its nationwide network of BingoPlus stores to support affected communities, from immediate relief to long-term recovery and resilience, staying true to its mission to multiply the good for Filipinos across the country.
++
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+Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.
]]>Asin tibuok was officially inscribed on Dec. 9 during the 20th Session of the Intergovernmental Committee for the Safeguarding of the Intangible Cultural Heritage in New Delhi, India.
+“The UNESCO-Philippine National Commission (UNACOM) congratulates the Boholano community on the inscription of the practice of making asin tibuok, the artisanal sea salt of the Boholano of Bohol Island, Philippines to the UNESCO List of Intangible Cultural Heritage in Need of Urgent Safeguarding,” said UNACOM in a Facebook post.
+Asin tibuok is the first Philippine traditional food process to be included in a UNESCO ICH list.
+UNACOM further explained that “the Urgent Safeguarding List includes intangible cultural heritage elements identified by communities and States Parties as needing immediate support, enabling international cooperation and assistance to help ensure their continued survival.”
+According to UNESCO, “‘intangible cultural heritage’ refers to living practices — traditions, skills, rituals, music, crafts and social customs that communities pass on from one generation to the next. “Through its lists, UNESCO works with governments and communities to promote these traditions, strengthen transmission and mobilize support to ensure their survival, particularly where they are threatened by social, economic or environmental change.”
+Asin tibuok is made by family-owned workshops and enterprises in the town of Alburquerque in Bohol. Often described as a dinosaur egg, the making of asin tibuok involves a lengthy process that includes soaking gathered coconut husks in seawater, cutting the husks, drying, burning, collecting the ash-salt mixture, collecting the produced brine, and cooking it in clay pots.
+Asin tibuok joins six other traditions that have been inscribed on UNESCO’s Heritage lists including the hudhud chants of the Ifugao (2008), the Darangen epic of the Meranaw people of Lake Lanao (2008), the Punnuk tugging game of the Ifugao (2015), and Aklan piña handloom weaving (2023) all of which are on the List of the Intangible Cultural Heritage of Humanity; the Subanen ritual buklog (2019) in the Urgent Safeguarding List; and the School of Living Traditions (2021) in the Register of Good Safeguarding Practices.
+Also inscribed on this year’s list were: India’s festival of lights, Deepavali; the craft of Đông Hồ folk woodblock printing of Vietnam; the Mwazindika spiritual dance of the Daida community in Kenya; Pakistan’s Boreendo clay musical in-strument; Panama’s quincha mud-house construction techniques; Paraguay’s Ñai’ũpo ceramic craftsmanship; Portugal’s moliceiro wooden boats; the Kobyz string instrument of Uzbekistan; Albania’s lahuta epic singing; landships cultural traditions in Barbados; and the Negliubka textile tradition of Belarus.
+Other inscriptions are the Bisht, a ceremonial men’s garment worn across several Middle Eastern countries including Qatar, Iraq, Jordan and the United Arab Emirates; Venezuela, Joropo, a lively tradition combining music, poetry and dance; Bo-livia’s Festivity of the Virgin of Guadalupe in Sucre; Argentina’s dance-music genre cuarteto; Tangail saree weaving in Bangladesh; Behzad-style miniature art associated with Afghanistan; Belgian rod marionette theater; Belize’s Christmas Bram and Sambai celebrations; Bulgarian bagpipe traditions; and Zaffa wedding procession across parts of Africa and the Middle East.
+]]>In a disclosure on Wednesday, ACEN said Greencore 3 signed a subscription agreement with the company to partly settle an earlier loan used to finance the 115.671-megawatt (MW) Arayat-Mexico Photovoltaic Solar Power Plant in Arayat and Mexico, Pampanga.
+The subscription covers 2.41 million common A shares at P1 each and 41.97 million redeemable preferred shares A at P20.41 apiece.
+ACEN said the transaction forms part of the planned increase in Greencore 3’s authorized capital stock, pending approval by the Securities and Exchange Commission.
+The company is subscribing to a portion of the increase consistent with its 45% stake in the joint venture.
+The capital infusion supports Greencore 3’s obligations for the P2.75-billion solar project, which began full commercial operations in August 2022 and can supply enough power for about 19,450 homes.
+The Pampanga solar plant forms part of ACEN’s 7.1-gigawatt renewable energy portfolio across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.
+ACEN has allocated over P80 billion in capital expenditure to support its renewable energy pipeline. — Sheldeen Joy Talavera
+]]>IRIS AUDIO TECHNOLOGIES, a London-based company known for its voice isolation technology, is looking to increase its sales in the Philippines to 10,000 users per quarter through 2026, banking on the information technology-business process management’s (IT-BPM) industry’s demand for artificial intelligence (AI)-driven voice communication solutions.
+“We’ve had a successful second half of this year in the Philippines and it’s now time to gear that up as we go into 2026,” IRIS Founder and Chief Executive Officer Jacobi Anstruther said in a virtual interview.
+“We’re looking to gather up sort of 10,000 additional users per quarter through 2026,” he said.
+In the Philippines, IRIS is also looking to expand in industries with mission-critical communications like air traffic control, defense, intelligence, or emergency services, Mr. Anstruther said.
+Founded in 2018, IRIS specializes in AI-powered voice isolation and noise removal technology with its key products, namely Viper, SDK, and its flagship Clarity.
+IRIS products have been used by companies across the United Kingdom, United States, and Europe.
+The company has been working with the Information Technology and Business Process Association of the Philippines (IBPAP) to boost its client reach within the business process outsourcing industry.
+Mr. Anstruther said the Philippines, a leading call center hub, remains a strategic market for IRIS as more companies seek to adopt AI-powered voice tools to improve customer experience.
+The company is also banking on IT-BPM firms’ English proficiency and cultural connection to the West to drive demand for its voice communications platforms.
+Mr. Anstruther said they only use AI to optimize voice calls, citing the importance of upskilling human workers to boost their productivity.
+“Human-to-human communication is moving to a premium, and there’s a value shift in that. We’re very focused on using AI not to replace humans, but to optimize performance,” he said.
+“There’s increased demand for a higher level of communication, both in terms of the talent and training, but also in terms of the communication channels itself. That’s where IRIS sort of sits very neatly — making sure that the customer experience is at the level,” Mr. Anstruther added.
+IRIS is looking to open a physical office in the Philippines late next year, he said.
+The Philippine IT-BPM industry is projected to reach $42 billion in revenues and employ 1.97 million workers by 2026, according to the IBPAP
+]]>Malacañang, in a meeting of the Legislative-Executive Development Advisory Council (LEDAC) last Tuesday, asked leaders of both chambers of Congress to prioritize for action four bills deemed key to fixing a system that has allowed graft and corruption to flourish, namely:
+• a measure that will define political dynasties to ban;
+• one that will make sure that only those genuinely representing marginalized/underserved sectors are accredited for party-list elections;
+• another that will institutionalize public finance transparency and accountability;
+• and one that would set up a new body that will be stronger than the currently handicapped (by lack of funds and of powers) Independent Commission for Infrastructure, or ICI, in investigating anomalies in all government infrastructure projects (not just those for flood mitigation/control).1
HMMM…
+I don’t know if according such a priority would be enough to ensure the approval of any of these bills in the remaining session week which lawmakers have till they adjourn for the holidays on Dec. 19 (the session reconvenes to run from Jan. 19 to March 20, before a March 21 to May 3 break, then resumes on May 4 to June 5 before closing the first regular session of the 20th Congress).2
To be sure, there are two more regular sessions left till mid 2028 to approve them under this administration — so there’s enough time for Congress to act on these measures, which the President could claim among his lega-cies when he steps down.
+Still, some observers immediately asked why Malacañang waited three years to push these difficult reforms. Why didn’t it do so when its political capital was high in the beginning — thus, ensuring better chances of legislative approval — and not as eroded as it is today?
+Better late than never, some may say.
+But even more so: why send mixed signals? If the President truly wanted to push these reforms, why didn’t he go all the way by certifying them as “urgent”? Such a certification — indicated in a formal letter sent to both the Senate Pres-ident and the Speaker of the House of Representatives — would enable Congress to cut the gap of days required between second- and third-reading approval, and approve measures concerned successively in second and third reading with-in a day. (Much in the same way that we ask why the ICI was left without sufficient funding and powers if it was expected to do its job properly).
+Did that LEDAC meeting decide that it would be prudent for the President not to certify urgency — and so avoid the risk of humiliation — since neither Congressional leader could assure support for approval of these contentious reforms (considering, among others, that an estimated 80% of House district seats are occupied by members of political dynasties3)?
+But at least these are some of the bills needed to make sure that anti-corruption efforts are sustained beyond merely jailing those most guilty (and not just small fry like Public Works officials and contractors).
+It remains to be seen if Congress will act on them at all (on occasion, lawmakers have turned a deaf ear to the President when they perceived their vested interests threatened), or else will dilute these reforms to the point of making the resulting laws inutile — just recall what happened to Republic Act No. 7941, which established the otherwise well-intentioned party-list representation system 30 years ago.
+Noticeably missing from LEDAC’s list, of course, is that long-desired measure to lift the secrecy on bank accounts, needed to make it easier to track illicit money flows (a proposal more than two-decades-old now, but towards which most lawmakers since at least 2004 have been allergic), as well as an encompassing freedom of information law.
+IMPERATIVE
+Credible steps to recover flagging consumer and business confidence in public governance — seen as partly to blame for state underspending that led to the country’s four-year-low 4% gross domestic product (GDP) growth in the third quarter, or Q3 (and January-September’s below-target 5%), together with the 45-day public works ban ahead of the May midterm elections — are seen as key to arresting the current drop in foreign direct investments (-40.5% year on year to $494 million in August, and -22.5% annually to $5.2 billion in January-August)4 and pushing overall economic growth back on track.
Key to boosting confidence is a clear anti-corruption commitment, especially demonstrated by putting in place governance reforms that will make such crimes more difficult to commit from here on in.
+In a presentation last Tuesday of their latest biannual Philippine Economic Update, World Bank officials noted that “domestic drivers” have come to the fore as key risks to the country’s macro-fiscal outlook since the third quarter. It is now “[c]ritical to accelerate governance and institutional reforms to restore confidence, fiscal reforms to ensure fiscal consolidation is achieved without sacrificing long-term growth, and structural reforms to support investment and job creation,” according to the presentation.5
+It particularly warned that “[h]eightened perceptions of governance risks could erode investor confidence, delay public investment execution, and weaken growth… making it ever more important that the Philippines double down on domes-tic reforms.” Such reforms — besides investors’ long-standing plea for the government to further cut the cost of doing business — include “[g]overnance and institutional reforms to restore confidence, and increase the growth and jobs impacts of public spending.”
+The World Bank, as well as other international lenders and organizations have lately been cutting their Philippine growth projections to below the government’s already-tempered targets of 5.5% to 6.5% this year, 6% to 7% in 2026-2028 in the wake of dismal third-quarter economic expansion.
+And as I write this piece on Wednesday morning, the Asian Development Bank (ADB) released its latest projections in the December issue of its Asian Development Outlook, showing higher Southeast Asian GDP growth forecasts for 2025 and 2026, driven mainly by “strong Q3 performance in Indonesia, Malaysia, Singapore, and Vietnam, steady growth in Thailand” but capped by “lower growth prospects for the Philippines due to weak infrastructure spending and investiga-tions of publicly funded projects, and natural hazards.”6
+While ADB’s Philippine GDP growth projections remain the second-best in Southeast Asia after Vietnam (both slower only than Asia-Pacific topnotcher India), and still outpace the Asia-Pacific region on the whole, one can just im-agine if we could best even Vietnam (as we have on very rare occasions before) should we make substantial, sustained inroads vs. corruption once and for all.
+WHEN THE MILITARY SNEEZES…
+Let me now turn to one specter that rears its ugly head every time an administration’s popularity declines and political elites engage in a protracred public squabble, namely: noise about a brewing military intervention in government.
In the past administration, such noise arose amid news that the President then made rounds of major military camps and increased soldiers’ salaries (by such amounts that even enlisted personnel I have spoken with recently ex-pressed gratitude to him).
+In this government, the same rumors began after the former Finance chief (now Executive Secretary Ralph G. Recto) said in August that moves to reform the pension system for military and uniformed personnel (MUP) had been shelved “for the remainder of the term [of this administration?].”7 That, after his predecessor (now central bank Monetary Board member Benjamin E. Diokno) had warned in 2023 that the government faced “fiscal collapse” by maintaining the sys-tem in its current form without regular contributions from MUPs to fund their pensions. Thus, the government in August appeared to have turned its back on a key, but politically risky, fiscal reform.
+Such talks picked up when Senate President Pro Tempore Panfilo M. Lacson said late last month that he had rejected an offer to form part of a civil-military junta8. (Good for him, because in a situation where only one party holds the gun, guess who weilds the real power?)
+This administration afterwards seemed to find a new way forward acceptable to the troops, as it packaged MUP pension review by an inter-agency technical working group with a phased 15% hike in base pay between Janu-ary next year and 2028.9
+NOT THAT SIMPLE
+Anyone interested in military coup dynamics has a slew of literature to peruse, beginning with Edward Luttwak’s seminal 1968 work, Coup d’Etat: A Practical Handbook and on to at least 10 other studies well into the 2000s that iden-tify conditions that make a coup possible: from eroded political authority, to a government preoccupied with a serious crisis, an alienated military establishment (i.e., politicized promotions, military sees itself as a “guardian” of na-tional stability, etc.), to a disillusioned citizenry that is unlikely to defend the regime, and a history of previous coups, etc.
While a few of these conditions may exist today, one officer — who had co-founded the then virulent Young Officer’s Union (YOU), which nearly topped the government in the late 1980s, and then went on to earn top star rank — belittled current signals in a recent chat.
+He noted, for instance, that the recently ordered hike in military pay actually dovetails a similar earlier increase in civil service wages. “Actually, there was already a plan for this increase way before this flood control controversy erupted so that there will be equity between civilian and military wages,” the officer said. “So, it does not follow that military pay hike is a response to coup rumors.”
+The problem was in the timing of the announcement. “It’s a strategic communication issue in which timing is crucial,” he said. “Making a mistake there would be tantamount to self-flagellation… so, now, you have all this talk about the government buying soldiers’ loyalty.”
+Noting that business turns understandably jittery every time coup rumors surface, he prescribed more frequent dialogues between them and the military “so that you do not just fall for propaganda and, instead, see the real score with the military.”
+A REASON TO BITCH
+Not that soldiers are immune from complaints, this officer said. “Yes, of course, I have heard [rants],” he admitted. “But remember that soldiers are citizens like you and me: their gripes are a reflection of society’s mood.”
“But, personally, I have not heard anything serious that would graduate into actions like what we did in the 1980s,” he continued.
+“Soldiers will always find a reason to bitch. But acting on that is another matter.”
+Obvious in current destabilization tries, he noted, is the inability of perpetrators to attract support from outside their immediate circle and the lack of a mobilization platform as organized as the Reform the Armed Forces Movement/Rebolusyonaryong Alyansang Makabansa and its splinter YOU in the 1980s.
+Otherwise, “[b]aka nung September [anti-corruption rally] pa lang, marami nang sumama eh [perhaps back during September many others would have joined them]. Four to five months since July [when President Ferdinand “Bongbong” R. Marcos, Jr. railed against corruption in his mid-term State of the Nation Address], hindi makausad [they could not gain wider support].”
+“In fact, they have become pariah among the retired [hence, the end-November statement of support for the government from the Association of General and Flag Officers10], more so among those in active service.”
+Any coup, he explained, needs a “blasting cap” to set off an explosion. But in this case, he noted, “basa eh” (the blasting cap is wet).
+Come to think of it, why haven’t the handful of those who called for the withdrawal of military support from the government been arrested for inciting people to sedition? Would any one of us be able to espouse the same stand without courting arrest? That is different from calling for the President to resign, which is a Constitutional mode of power transition.
+Still, the government cannot be complacent, since soldiers — like their civilian counterparts — are watching to see if the government will jail those most guilty of corruption in flood control projects since “kitang-kita naman kung sinu-sino ang pinaka may sala [it is plain to see who is most at fault].”
+“A professional military follows a professional civilian leadership,” the officer said.
+“We need to improve mutual confidence.”
+1https://tinyurl.com/25nzddha
+2https://docs.congress.hrep.online/legisdocs/basic_20/HCR0002.pdf
+3https://tinyurl.com/23yhkqwx
+4https://tinyurl.com/267xvmr6
+5https://tinyurl.com/2zfzn75c
+6https://www.adb.org/sites/default/files/publication/1102431/ado-december-2025.pdf
+7https://tinyurl.com/2yctph87
+8https://tinyurl.com/2axk4qx7
+9https://tinyurl.com/27l7xewz
+10https://tinyurl.com/2yr88eav
+
Wilfredo G. Reyes was editor-in-chief of BusinessWorld from 2020 through 2023.
+]]>