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Represented by GCash lending arm Fuse Financing, Inc., its president and CEO, Tony Isidro, is sharing his knowledge on how to further financial inclusion on a larger scale through technology.
-This perspective sets the stage for the participation of GCash in the Coalition, which aims to strengthen financial resilience in emerging markets by connecting people to the right tools — harnessing technology for protection and empowering long-term financial habits. Other members of the Coalition include DANA, TrueMoney, MTN Group Fintech, Airtel Africa, MOCO, Axian, Daviplata, and The Center for Financial Inclusion.
-“GCash has transformed how millions of Filipinos manage their money — bringing secure, digital financial services into everyday life. Through its lending arm, Fuse Financing, Inc., it has democratized lending in the Philippines, making credit fair and more accessible to millions, especially the unbanked and underserved segments,” Isidro said.
-“By joining this coalition, we aim to extend that impact beyond our borders, sharing our mobile-first innovation and insights to help strengthen financial resilience across emerging markets,” he added.
-More than account openings
-For Isidro, the industry must confront a hard truth: opening an account is not enough to improve financial well-being. Real progress depends on whether people trust financial tools, understand them and use them regularly. Technology is central to building these behaviors. It strengthens security, simplifies transactions and enables users to take control of their financial decisions.
-According to Isidro, however, many Filipinos remain outside the formal financial system despite the rapid expansion of digital adoption in the country. This gap is evident in a study by Mastercard showing that 49.8% of adults still do not have a formal financial account. This limits access to savings, credit, and insurance that are key to long-term financial stability.
-Fuse Financing addressed this gap by offering credit products that are simple, secure and accessible through the GCash app. This accessibility led to a growth in lending activities, reflecting a shift in behavior as more users integrate borrowing into their daily financial routines. This pattern aligns with Mastercard’s findings that deeper usage of financial tools is closely associated with financial progression.
-The Philippines illustrates how fintech platforms can reach communities that traditional banking has not fully served. Mastercard’s analysis also shows that when digital and physical tools complement each other, people are more likely to build consistent financial habits. This reinforces the role of technology as a driver of trust and adoption.
-Isidro, as such said, the coalition strengthens the opportunity to bring this approach to more markets.
-“We look forward to learning from fellow coalition members whose diverse experiences and best practices can help us further elevate our solutions. Together, we can accelerate progress toward a truly inclusive digital economy,” he said.
-As the Coalition moves forward, the experience and expertise of GCash in driving adoption and responsible borrowing will contribute to a broader, regional effort to improve financial health. The goal is to build a digital economy where more people have the tools and confidence to advance financially.
-For more information, please visit www.gcash.com.
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+Edison David, an executive headteacher in the London Borough of Lambeth, and a lead inspector for Ofsted, the UK’s national education body, was part of the 2025 New Year Honors List, published in the Gazette, the official newspaper of the Crown.
+“I wasn’t doing my job, thinking that I would get an MBE one day; not even in my dreams, that I think that I’m going to get an MBE because this is such an ultimate accolade,” Mr. David told BusinessWorld in an interview on Tuesday.
+“I make sure that I work hard on a daily basis, I always give my best to everything that I do because if I don’t start anything at the point of excellence, there’s no point in doing it,” he added.
+Before moving abroad, Mr. David began his teaching career in a public school in Tarlac City in 1994.
+“I think my experience is a testament that anything and everything is possible if you work hard,” he said. “It’s not one thing that happens overnight, you really have to work hard for it; the accolades come as a consequence of your hard work.”
+“Never in my wildest dreams have I thought that first and foremost I’m going to be a school leader in the United Kingdom, but also that I will be given a membership to the most excellent order of the British Empire,” he added.
+The MBE is the third-highest ranking Order of the British Empire level, excluding a knighthood/damehood, trailing behind Commander of the Order of the British Empire (CBE) and Officer of the Most Excellent Order of the British Empire (OBE).
+An individual is recognized as an MBE for their “outstanding achievement, or service to the community that has had a long-term, significant impact.”
+Among the known personalities appointed an MBE are English singer-songwriter Adele and professional football manager and former player Steven Gerrard.
+In 2023, Filipino nurse Brenda Deocampo was also awarded the MBE medal for her excellence in managing the admitting ward during the COVID-19 pandemic at Charing Cross Hospital.
+RECOMMENDATIONS TO PHL’S EDUCATION LEADERS
+Before receiving his recognition from the UK, Mr. David said he had already reached out to different government officials in the Philippines, including Senator Paolo Benigno “Bam” Aquino IV, who heads the Senate education committee, to help improve the country’s education system.
“I think what is most important as well for the Philippines itself is probably a recognition that there are Filipinos out there who have earned a lot of knowledge and wisdom that they can share within the Philippine education system,” he said.
+“The recommendations I gave are actually very clear, they’re quite precise,” he added. “If they have time to read them, they will find the wisdom and the knowledge in it because it’s actually backed by evidence.”
+One of the key recommendations made by Mr. David tackled the importance of synthetic phonics and the systemized approach to its implementation nationwide.
+“I think every single school in the country, in the Philippines, should be able to teach synthetic phonics as a way,” he said. “There should be a comprehensive reading program that, first and foremost, relies on synthetic phonics.”
+“The ability to discern and really understand what the text is actually telling you involves the improvement of skills around inference and deduction, and most basically, the ability to decode as fluently as possible,” he added.
+Data from the Second Congressional Commission on Education (EDCOM 2) found that about 24.8 million Filipinos are functionally illiterate or those who struggle to comprehend and use written information in daily tasks. — Almira Louise S. Martinez
]]>Recognizing the deep cultural significance and the rising demand for high-quality ube, Astoria Culinary Expert Services (Astoria-ACES) embarked on a visionary farm-to-table initiative. This movement not only aimed to elevate the quality and integrity of ube-based ingredients but also to uplift local farming communities, encourage sustainability, and create new avenues for culinary innovation.
-From Harvest to Innovation: Astoria Philippine Ube Powder
-
As the demand for ube-based products grew due to the crop’s seasonal availability, Astoria-ACES recognized the need for a versatile and shelf-stable ingredient that preserved the authentic taste of real Philippine ube. This became the foundation for developing an innovative product: Astoria Philippine Ube Powder.
Made from 100% real, locally sourced ube, this premium powder was crafted by Astoria’s team of chefs, agricultural specialists, food scientists, and quality control specialists. The meticulous process developed by the team ensures the preservation of ube’s natural flavor, color, and aroma. The result is a highly adaptable ingredient that can be used for baking, cooking, and beverage creation.
Though the Farm-To-Table initiative began as their effort to support the local agricultural industry by sourcing different types of fruits and vegetables directly from farmers across the Philippines, it has provided a sustainable and reliable avenue for farmers to maintain their harvests and remain competitive in a rapidly evolving industry.
-
New Ube Desserts Crafted
With the success of the ube powder and its consistent quality, Astoria found themselves an exciting opportunity: to reimagine their dessert offerings and showcase the versatility of this uniquely Filipino ingredient. The result? A vibrant array of new creations that accentuate the beauty of ube in modern and unexpected ways.
-From delicate pastries to indulgent cakes, refreshing beverages, and reinvented classics, the culinary teams across Astoria’s properties have embraced ube as a star ingredient. Guests now enjoy desserts that not only satisfy their sweet cravings but also tell a story of heritage, collaboration, and innovation.
-1.Ube Crème Brulee Cake
-
Dig in to every bite of ube chiffon and taste the sweet blend of custard cream, light ube mousse, ube halaya, and caramelized sugar with the Ube Crème Brûlée Cake.
2. Ube Cashew Clusters
-
To satisfy your sweet tooth, indulge in the crunch of ube cashew clusters while binge-watching your favorite series during your movie marathon nights.
3. Ube Buko Langka Pie
-
A typical treat taken home to your family turns into a much more aesthetic and mouthwatering dessert. Enjoy the rich blend of flavors from ube, buko, and langka in pie form. Share a slice or two with family and friends and bond over this melt-in-your-mouth baked goodie.
4. Ube Macapuno Ensaymada
-
Looking for a snack to pair with your cup of hot coffee or chocolate? Grab an ube macapuno ensaymada. Let this new take on the ever-popular pastry bring you on a brand-new dessert adventure.
5. Ube Espasol
-
Enjoy the nutty taste of ube in this classic sweet and chewy espasol snack that is a local favorite. Be awestruck with the nostalgic taste of this snack and bring it back home to family in the province when you travel for the holidays.
The journey of ube from the fields to your plates is much more than a supply chain — it is a story of community, culture, and creativity. Through this initiative, Astoria-ACES has strengthened the connection between farmers and consumers, created groundbreaking products like the Astoria Philippine Ube Powder, and inspired a new wave of Filipino desserts.
-As this initiative continues to grow, so does a promising future where local ingredients thrive, farmers flourish, and Filipino flavors shine even brighter on the global culinary map. With every spoonful of purple goodness, we celebrate not just a beloved dessert ingredient, but the people and passion behind it.
-Interested to try out your culinary skills to create a new version of your favorite desserts? Contact Astoria Culinary Expert Services to purchase your new secret ingredient via:
-Mobile: (+63) 998-535-2919
-Landline: (+63 2) 8687-1111 locals 8125 and 8172
-Email: info.f2t@astoria-aces.com
-
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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+Central bank data showed that end-September’s net liability position was 13.2% narrower than the $67 billion seen at end-June. It was also down by 7.1% from the $62.7 billion logged a year prior.
+“The lower net liability position reflects higher external assets and lower foreign obligations,” the BSP said in a statement released late Monday.
+This corresponds to 12.1% of the country’s gross domestic product, lower than the 14.1% share recorded a quarter prior.
+The IIP is a gauge of the economy’s external exposure, providing a snapshot of the value of its foreign financial assets and liabilities at a given point in time. The net position refers to the difference between assets and liabilities and represents either a net claim on or a net liability to the rest of the world.
+“The IIP serves as an important indicator of the country’s financial links with the rest of the world, helping to assess external vulnerability and resilience by showing what the country owns and owes internationally,” the central bank said.
+The country’s investments in foreign assets increased by 1.9% to $263.9 billion at end-September from $259 billion at end-June and by 3.3% from $255.5 billion a year earlier.
+“The country’s stock of external financial assets rose primarily due to a 2.9% increase in reserve assets from $106 billion in end-June 2025 to $109.1 billion in end-September 2025,” the BSP said.
+Of the total, 43% or $113.6 billion came from the BSP, while 15.6% or $41.2 billion were from banks. Other sectors invested a total of $109.1 billion during the period or 41.3% of the total.
+By type of instrument, the bulk of residents’ foreign investments were reserve assets valued at $109.1 billion (41.3% of the total), followed by debt instruments at $42.4 billion (16.1%), debt securities $38.9 billion (14.7%), equity capital at $36.7 billion (13.9%), currency and deposits at $15 billion (5.7%), loans at $11.9 billion (4.5%) and equity securities at $7.7 billion (2.9%).
+Meanwhile, foreign investments in Philippine assets went down by 1.2% to $322.1 billion at end-September from $326 billion a quarter ago. Year on year, it climbed by 1.2% from $318.2 billion.
+By sector, the general government accounted for 27.9% or $89.9 billion of the total external financial liabilities during the period. This was followed by banks with $39.4 billion (12.2%), the BSP with $3.9 billion (1.2%) and other sectors with $188.9 billion (58.6%).
+Foreign loans made up 25% or $80.5 billion of foreign investments in Philippine assets at end-September. Other forms included nonresidents’ investments in debt instruments amounting to $73.5 billion (22.8%), investments in debt securities at $59.4 billion (18.4%), equity capital at $59.3 billion (18.4%) and equity securities at $34.7 billion (10.8%).
+The national government remained a net debtor with $89.9 billion in liabilities as of Septmber, while other sectors, such as other financial corporations, nonfinancial corporations, and households and nonprofit institutions serving households, had $79.8 billion in external financial liabilities.
+On the other hand, the central bank stood as a net lender during the period, extending $109.7 billion worth of resources worldwide, while banks lent $1.8 billion. — Katherine K. Chan
]]>The independent commission was established in September under Executive Order No. 94 to investigate multibillion-peso losses from anomalies in government infrastructure and flood-control projects carried out over the past 10 years.
-Ms. Fajardo said she has “completed the work” she set out to accomplish, particularly in establishing financial oversight frameworks and supervising evidence-gathering efforts for infrastructure-related probes.
-“Since my appointment, I have been committed to advancing the Commission’s objectives, particularly in the areas of financial oversight and infrastructure project investigations,” she said.
-She added that investigative and prosecutorial responsibilities are now better handled by permanent institutions such as the Department of Justice and the Office of the Ombudsman.
-Ms. Fajardo also pointed to pending legislative measures seeking to create a permanent Independent Commission Against Infrastructure Corruption and an Independent People’s Commission, which she said would have enhanced powers to support prosecutions.
-“It has been a profound honor to serve alongside individuals who are deeply committed to transparency and accountability,” she added.
-In a separate statement, ICI Chairperson Andres B. Reyes, Jr. said Ms. Fajardo’s resignation comes at a “natural point” in the commission’s lifecycle, as its initial mandate of fact-finding and evidence-gathering nears completion.
-“Commissioner Fajardo’s resignation comes at a natural point in the Commission’s work. The ICI was created with a clear, time-bound mandate: to gather evidence, establish facts, and propose corrective measures,” Mr. Reyes said.
-“The public can be assured that accountability continues,” he said, adding that the commission is now focused on finalizing its remaining case folders for submission to the Office of the Ombudsman.— Erika Mae P. Sinaking
+In a report following its Article IV Consultation with the Philippines, the IMF noted that the manufacturing sector’s earnings remain subdued and global trade woes pose risks to manufacturing and wholesale or retail lending.
+“The earnings in the manufacturing sector have been weak and the soundness of manufacturing and wholesale or retail loans, accounting for about 19% of domestic loans at end-August 2025, could be affected by adverse global trade developments,” it said.
+Since Aug. 7, the US has been imposing a 19% tariff on most Philippine goods, the same rate imposed on goods from Cambodia, Malaysia, Indonesia and Thailand.
+The US is usually the top destination for Philippine exports.
+Latest central bank data showed that banks’ granted P1.179 trillion in loans to the manufacturing sector at end-October, equivalent to 8.5% of the P13.793-trillion total bank lending during the period.
+Banks also lent P1.58 trillion to wholesale and retail trade in the 10-month period, accounting for 11.5% of the total loans.
+The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) fell sharply to 47.4 in November, a reversal from the 50.1 in October. This was the steepest drop in over four years as production and new orders declined in November.
+At the same time, the IMF said the central bank should track household debt as low savings rates among households add to the financial system’s vulnerabilities.
+“Household debt, buoyed by robust growth in real estate loans, rapid growth in bank credit card and salary loans, and increased credit access through NBFIs (nonbank financial institutions) and digital finance warrants close monitoring, given low household saving rates,” it said. “So does banks’ exposure to the public sector, which has increased since the pandemic.”
+Latest BSP data showed that consumer loans climbed by 21.26% year on year to P3.537 trillion as of September.
+CORPORATE TIES
+Meanwhile, the IMF said the financial system may also be more vulnerable to risks stemming from banks’ close ties with the corporate sector.
“Banks’ interconnectedness with the corporate sector, including through complex conglomerate structures, may also expose the financial system to risks,” it said. “NBFIs, some of which are not supervised by the BSP, are relatively small, but have expanded lending activities to real estate, consumer loans, and micro, small and medium-sized enterprises (MSMEs).”
+The Financial Stability Coordination Council earlier said that it has recently observed tighter connections between the financial system and nonfinancial corporations.
+However, the FSCC noted that associated risks remain from trends in the housing market and leverage in corporate and household sectors, though cushioned by banks’ robust capital, healthy liquidity, and sufficient loan loss provisioning.
+Meanwhile, the IMF said the Philippines should improve its macroprudential policy framework to mitigate potential risks and vulnerabilities.
+“Replacing the cap on commercial real estate exposures with a sectoral systemic risk buffer would help capture broader risks in the real estate sector and provide banks with price-based incentives to align their loan portfolios and capital buffers with systemic risk; though its implementation would need to ensure that there are no unintended changes in the macroprudential stance,” it added.
+At end-September, the banking system’s real estate exposure ratio stood at 19.54%, down from 19.61% at end-June and 19.55% last year. The BSP has set a threshold for banks’ real estate lending at 25% of their total loan portfolio.
+Central bank data likewise showed that past due real estate loans climbed by 7.06% year on year to P158.619 billion at end-September from P148.157 billion previously.
+This, as past due residential real estate loans rose by 5.16% to P110.379 billion, while past due commercial real estate loans went up by 11.7% to P48.24 billion. — Katherine K. Chan
]]>Preliminary data from the PSA showed the country’s trade-in-goods balance — the difference between exports and imports — stood at a shortfall of $3.51 billion in November, 28.8% lower than the revised $4.94-billion gap a year earlier.
-Month on month, the trade gap shrank from the revised $4.19-billion deficit in October.
-The latest figure was the narrowest trade deficit in nine months or since $2.97-billion imbalance in February.
-In the January-to-November period, the trade deficit narrowed to $45.2 billion, down 9.3% from the $50.18-billion gap in the same period last year.
-The country’s trade balance has remained in deficit for over a decade or since the $64.95-million surplus recorded in May 2015.
-Exports of Philippine-made goods rose by 21.3 % year on year in November to $6.91 billion, faster than the 20.3% increase in October and reversing the 8.6% dip in November 2024.
-It was the fastest pace for exports in five months or since the 26.9% growth in June.
-However, the November export figure also marked a decrease from last month’s $7.45 billion.
-Year to date, exports increased by 14.5% to $77.39 billion.
-Meanwhile, merchandise imports in November weakened by 2% year on year, continuing from the revised 3% drop in October and the 3.3% drop a year earlier.
-Imports in November totaled $10.42 billion, the lowest in nine months since $9.76 billion in February.
-During the January-to-November period, imports rose by 4.1% to $122.59 billion.
-The Development Budget Coordination Committee anticipates exports to decline by 2% this year, while imports are expected to grow by 3.5%.
-Cid L. Terosa, senior economist at University of Asia and the Pacific, said that greater demand for semiconductors, US tariff exemptions for agricultural products, higher remittances during “ber” months, and effects of “front-loaded” imports helped narrow the trade deficit.
-US President Donald J. Trump issued an executive order in November exempting certain food products from increased US tariffs, effective Nov. 13.
-The exempted items included bananas, coconuts, coffee, pineapples, and beef.
-“Exports of electronic products and semi-conductors can be related to holiday-related spending worldwide,” he said in an email message.
-Electronic products continued to be the country’s top export commodity, climbing by 50.6% to $4.19 billion and accounting for more than half of total exports.
-Manufactured goods made up the largest portion of total export receipts, up by 29.8% year on year to $5.76 billion in November.
-However, exports of mineral products contracted by 42.1% to $325.98 million in November. Petroleum products inched up by 2.6% to $25.95 million.
-Sergio R. Ortiz-Luis, Jr., president of the Philippine Exporters Confederation, Inc., said in a phone call interview in Filipino that the narrowing trade deficit could be attributed to the ban on agricultural imports and stronger-than-expected semiconductor exports.
-Philippine President Ferdinand R. Marcos, Jr. extended the country’s rice import ban last November — first imposed on Sept. 1 to counter falling palay prices — through yearend last November to help stabilize farmgate prices for unmilled rice.
-Additionally, the Department of Agriculture announced that the sugar import ban will be extended until December 2026.
-However, Mr. Ortiz-Luis said that export growths were minimal if comparing month-on-month changes as businesses monitored Mr. Trump’s tariff strategy.
-“Many buyers from the US are holding back. So, they’re waiting to see what will happen. Fortunately, it came out last month that they won’t be affected that much,” regarding possible tariffs on semiconductors.
-Hong Kong was the main destination of Philippine-made goods in November, accounting for 16.9% or $1.17 billion of total export sales. This was followed by the US, with a 16.8% share in total exports or $1.16 billion, Japan with a 12.6% share or $872.12 million, China with a 10.1% share or $698.37 million and the Netherlands with a 4.9% share or $338.18 million.
-Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said in an email message that the peso’s slide toward record lows likely affected imports.
-“A weaker currency raises the peso cost of imports, discouraging marginal purchases, which aligns with the slight decline in November imports. Conversely, exporters benefit from higher peso-denominated revenues, reinforcing the incentive to ship goods abroad.”
-The peso hit what was then a historic low of P59.17 against the US dollar on Nov. 12, according to data from the Bankers Association of the Philippines, before falling further to P59.22 on Dec. 2.
-Mr. Asuncion added that the peso’s drop could cause a J-curve effect, widening the trade deficit at first if import volumes stay sticky, but later shrinking over time as pricier imports reduce demand and exporters gain an edge.
-Raw materials and intermediate goods, which made up the bulk of the country’s total imports in November, were down by 1.8% to $3.94 billion.
-Capital goods imports rose by 7.8% to $3.15 billion in November, while consumer goods fell by 5.6% to $2.22 billion.
-Imports of mineral fuels, lubricants and related materials also declined by 18.9% to $1.06 billion.
-China continued to be the top source of imports, accounting for 27.8% or $2.9 billion of the total import bill in November.
-It was followed by South Korea with a 9.4% share or $978.91 million, Japan with 7.7% or $806.17 million, Indonesia with 7.7% or $805.07 million and the US with 5.8% or $609.62 million.
-Looking forward, Mr. Asuncion said that the global semiconductor cycle and China’s demand and supply chain could heavily impact Philippine exports, while peso’s trajectory and BSP’s policy stance will affect import costs and exporter margins.
-“Diversifying exports beyond electronics and improving logistics efficiency will be critical to sustaining a healthier trade position.”
-Mr. Ortiz-Luis added that domestic corruption controversies could undermine business confidence, eroding buyer trust and affecting trade.
-Meanwhile, Mr. Terosa said that geopolitical risks could spur volatility in global markets, leading to oil price instability, supply shortages, and price surges.— Pierce Oel A. Montalvo
+The Philippine executive branch is now reviewing the 2026 national budget, a process that could temporarily place the government under a reenacted budget in the first few days of January, Executive Secretary Ralph G. Recto said.
+President Ferdinand R. Marcos, Jr. and his team are scrutinizing the 2026 General Appropriations Act (GAA) to account for changes made by lawmakers from the originally submitted National Expenditure Program (NEP), Mr. Recto said.
+“We will ensure that the 2026 GAA will satisfy not only the legal and technical requirements but, more importantly, the needs of the Filipino people,” he added in a statement, noting the review will take about a week.
+Mr. Marcos is expected to sign the spending plan on Jan. 5, forcing the country to briefly operate on a reenacted budget in the first few days of 2026.
+The 2026 national budget has been subjected to more scrutiny following allegations of corruption-tainted insertions in this year’s budget.
+As the country probes a graft scandal, Mr. Marcos had ordered Congress to be more transparent in crafting the national budget. Among these measures included the upload of budget documents online, a livestream of bicameral proceedings, and the involvement of civil society in budget deliberations.
+“The public is assured that a brief period under a reenacted budget will not disrupt government operations,” Mr. Recto said. “This deliberate review safeguards fiscal discipline and ensures that taxpayers’ hard-earned money is spent wisely and translated into benefits for the Filipino people.”
+Congress ratified the P6.793-trillion 2026 national budget, formally approving the bicameral conference committee report and concluding what had been a contentious legislative process, on Monday.
+Lawmakers moved quickly in both chambers, with the Senate and House of Representatives clearing the measure largely by voice vote.
+Senate Finance Committee Chair Sherwin T. Gatchalian said the spending plan prioritizes education, health, and agriculture, with increased allocations aimed at expanding classroom construction, school-feeding programs, healthcare services and support for farmers.
+Hansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said the budget process takes time and the administration is pushing for swift action, but stressed that the law and the Constitution are clear in giving the President only 30 days to act on a bill before it automatically lapses into law.
+“The speed they are working with here may be less about review and more catching up with public perception,” he said via Facebook Messenger.
+“The credibility of Mr. Marcos in this is already where it is at, it is already not in a good place. It either stays there, or it goes up depending on whether services are delivered, and the public is satisfied by his upcoming responses to investigation.”
]]>The DFPC leadership said the review supports a strategic realignment toward high-traffic travel locations and reflects the corporation’s broader modernization efforts. “We want to grow the footprint of Duty Free and revive its glory days through expansion and new offerings. There is strong potential in what’s coming with these changes,” they said.
-Officials explained that the possible transition away from Fiesta Mall is being considered alongside operational realities — including the site’s aging layout and growing maintenance needs — and emphasized that airport-based expansion aligns more closely with global trends in duty-free retail, where digital upgrades and refreshed store formats are now essential.
-Parallel to the ongoing transformation at NAIA, DFPC is also upgrading its stores and services as it pushes to remain a world-class, tourism-supporting retailer.
-With international arrivals continuing to rise — nearly six million foreign tourists visited the Philippines in 2024 and close to four million more were recorded in the first eight months of 2025 — DFPC said it is scaling up operations to meet growing demand and advance its vision of transforming Duty Free Philippines into a powerhouse destination for travel retail.
-As part of their modernization roadmap, DFPC is rolling out major upgrades inside Ninoy Aquino International Airport, with expansion plans under way at both Terminals 1 and 3. At Terminal 3, the corporation is set to scale up its retail area from its current footprint to as much as 6,000 square meters, making it one of the largest duty-free spaces in the airport network and positioning it to better serve the growing volume of international travelers.
-The transformation goes beyond square footage. DFPC is also reshaping its retail experience by expanding its lineup of luxury labels, international brands, and emerging names, while opening its outlets to more concessionaires and brand partners. The result is a more dynamic and inclusive product mix — one that ranges from high-end exclusives and global best-sellers to Filipino-made goods and practical pasalubong — giving travelers greater choice without compromising value.
-DFPC leadership emphasized that airport-based retail plays a key role in enhancing the country’s tourism ecosystem, helping transform arrival and departure halls, as well as terminals, into more vibrant and service-oriented spaces. “This is not just expansion — it’s transformation,” officials said. “We’re building stores that reflect how Filipino travelers move, shop, and expect service today.”
-And for many Filipinos coming home after months or years abroad, Duty Free Philippines has always been more than a store. It is often the first familiar sight upon arrival — a place to pick up chocolates, perfume, or small tokens for loved ones eagerly waiting to welcome them home. As DFPC reinvents itself for a new era of travel, it remains tightly woven into a tradition as old as the balikbayan suitcase: the joy of coming home with something for the ones who matter most.
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+Trade Secretary Ma. Cristina A. Roque told reporters that the Philippines’ assumption of the chairmanship will allow ASEAN partners to gain a closer look at the country’s business landscape and regulatory environment.
+“Sometimes, we just meet them in their country, or they send deputies or representatives. Not like now, they’ll really see how everything is — the landscape, the setup, how everything goes,” she said.
+As part of its engagement strategy, the DTI plans to organize a major business-matching initiative. Ms. Roque said priority sectors include renewable energy, minerals and semiconductors.
+The agency also plans to highlight the creative economy, women-led businesses, and micro, small, and medium enterprises (MSMEs), as well as digitalization and artificial intelligence initiatives.
+Meanwhile, Ms. Roque said the DTI is also preparing to conclude negotiations on the ASEAN-Canada Free Trade Agreement (FTA).
+“The countries’ leaders have been in talks (regarding the FTA). We just have to get started,” she said.
+The ASEAN-Canada FTA, for which negotiations started in 2021, is expected to expand market access and boost investments between the Asian bloc and the North American country.
+According to the DTI, the FTA would expand the Canadian market for Philippine exports, particularly electronic products and agricultural goods.
+The FTA would also open more opportunities for Philippine companies to invest in Canada’s technology, natural resources, and service sectors. — Vonn Andrei E. Villamiel
]]>PHILIPPINE business groups are urging lawmakers to pass a general tax amnesty and review the value‑added tax (VAT) on electricity as part of their tax wish list for 2026.
-British Chamber of Commerce Philippines Executive Chair Chris Nelson said the group supports the proposal of Senate Finance Committee Chair Sherwin T. Gatchalian to pass a general tax amnesty.
-“This gives the opportunity for those taxpayers who may have unpaid or outstanding liabilities to move forward amicably,” he said during a phone call with BusinessWorld.
-The measure is among President Ferdinand R. Marcos, Jr.’s legislative wish list for the 20th Congress. Bills seeking a one‑time general tax amnesty have been filed in both the Senate and the House of Representatives and are still pending at the committee level.
-Senate Bill No. 60, filed in July by Mr. Gatchalian, aims to grant a one-time reprieve on unpaid internal revenue taxes for the taxable year 2024 and prior years.
-The measure aims to give delinquent taxpayers a “fresh start” while broadening the government’s tax base and strengthening revenue administration.
-Mr. Nelson also called for tariff adjustments, particularly a higher minimum access volume (MAV) quota for pork exports to the Philippines, to ease supply shortages and curb inflation.
-He said the Philippines’ MAV quota was set in the 1990s for a population of 90 million, though it is now near 120 million, and warned that limits on food imports risk driving prices higher.
-The European Chamber of Commerce of the Philippines (ECCP) also pressed lawmakers to fast-track priority measures, including “the passage of a General Tax Amnesty to broaden the tax base and encourage voluntary compliance.”
-Executive Secretary Ralph G. Recto earlier said the government is preparing a tax amnesty to address provisions vetoed in 2019, when then-President Rodrigo R. Duterte struck down the general tax amnesty under Republic Act No. 11213 but retained the estate tax amnesty.
-The International Monetary Fund has frowned upon the administration’s proposed general tax amnesty, saying that it could lessen regular voluntary tax compliance.
-Meanwhile, the ECCP also backed priority bills endorsed by the Legislative-Executive Development Advisory Council, including amendments to the Bank Deposits Secrecy Law and the Anti-Money Laundering Act.
-The amendments to the bank secrecy law allow the Bangko Sentral ng Pilipinas to examine the accounts of bank officers and employees involved in illegal financial activities. The House of Representatives has passed the measure on third and final reading.
-“Ensuring the full and effective implementation of the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy) Act, the Capital Markets Efficiency Promotion Act, and the proposed Mining Fiscal Regime, to provide investors with a stable, predictable, and competitive fiscal framework,” the group said.
-The ECCP said investor confidence could be boosted by expanding renewable energy incentives, creating a carbon credit facility, and ensuring a stable mining fiscal regime to position the Philippines in the global critical minerals supply chain.
-AMNESTY FOR EXPORTERS
-Meanwhile, Philippine Exporters Confederation, Inc. President Sergio R. Ortiz-Luis called for a one-time amnesty for exporters in their cases with the Bureau of Customs.
“What we would like is an amnesty in Customs. Since its establishment, Customs has never had an amnesty unlike the BIR (Bureau of Internal Revenue),” he said in a phone call on Dec. 23.
-“This would help clear cases that cannot be prosecuted and allow a one‑time amnesty to clean up records. Otherwise, these cases can be a source of graft,” Mr. Ortiz-Luis said.
-He also noted the high electricity and fuel costs in the Philippines, which are significantly higher than those of its neighboring countries.
-“Maybe it’s high time to remove taxes (in electricity) so our electricity costs can go down,” Mr. Ortiz-Luis said in Filipino.
-Similarly, Philippine Chamber of Commerce and Industry (PCCI) President Enunina V. Mangio is calling for the government to review the VAT on electricity.
-“We also recently called for the review of VAT on electricity as this directly affects inflation, household spending, and business costs,” she said in a Viber message.
-Finance Undersecretary Karlo Fermin S. Adriano earlier said the government collected around P44 billion to P45 billion in VAT on electricity in 2024.
-“For 2026, PCCI’s tax priorities center on measures that lower the cost of doing business, improve predictability, and strengthen our country’s competitiveness in the region,” Ms. Mangio said.
-The group said it will continue to monitor legislative developments and, hopefully, will be signed into law as a priority legislative measure by Mr. Marcos.
-Meanwhile, the German-Philippine Chamber of Commerce and Industry (GPCCI) said that enhancing and reforming tax administration is crucial, rather than introducing new incentives and laws, and should be among the government’s key priorities to strengthen the country’s investment climate in 2026.
-“The necessary laws, circulars, and incentive frameworks are already in place. What investors need most is clarity, predictability, and consistent implementation,” GPCCI President Marie Antoniette E. Mariano said in a statement to BusinessWorld.
-Ms. Mariano said reliable application of existing rules significantly improves investor confidence.
-The Marcos administration earlier pledged not to introduce new taxes.
-DIGITALIZATION
-At the same time, business groups are urging for broader government digitalization as persistent delays and uncertainty continue to challenge local and foreign firms.
“Most important is accelerating full digitalization and administrative reforms that make tax compliance easier rather than introducing new revenue-raising measures that could dampen investment sentiment,” Ms. Mangio said.
-The ECCP urged the government to accelerate the rollout of e‑invoicing and support the passage of the Digital Payments Act.
-She said these are critical to modernizing tax administration, improving compliance, and lowering the cost of doing business.
-“We are very much committed to digital transformation. In that respect, we’d like to see how the system can be further digitalized to reduce paperwork and bottlenecks. I think the government has made a commitment,” Mr. Nelson said.
-He added that electronic invoicing, one of the initiatives, would capture real‑time transactions and accelerate processes.
-GPCCI called for more transparent digitalization, including fewer bureaucratic requirements, faster tax rulings, and quicker dispute resolution.
-“Transparent and well-managed tax audits, complemented by efficient dispute resolution mechanisms, benefit the taxpayer and the government alike, play a key role in improving the countries competitiveness,” said Dr. Marian Majer, GPCCI Policy and Advocacy Chairperson.
-American Chamber of Commerce in the Philippines Executive Director Ebb Hinchliffe said one of the key priorities would be the fast‑tracking e‑invoicing and digital compliance.
-“Support the BIR’s 2024-2028 digital roadmap while ensuring a pragmatic rollout of e‑invoicing,” he said in a Viber message.
-CROSS-BORDER SERVICES
-The ECCP also reiterated its call to reconsider Revenue Memorandum Circular (RMC) No. 05-2024, which sets out the tax treatment of cross-border services.
“If left unchanged, the issuance could significantly increase compliance costs and discourage cross-border service providers from operating in or expanding into the Philippine market,” it said.
-GPCCI raised concerns over cross‑border transactions, citing uncertainties under RMC No. 5‑2024 and backlogs in tax treaty rulings. It urged the government to prioritize clearing the backlog, and provide “clearer guidance on the tax treatment of such transactions to reduce compliance risks for investors.”
-The group said resolving these issues would reduce compliance risks and bolster foreign investment.
+“We will have three (new) EDSA Busway stations next year… We will start the construction by 2026, we just awarded the (contract) this month,” Undersecretary for Road Transport and Infrastructure Mark Steven C. Pastor said in a statementn Tuesday.
+The additional stations are in Cubao, Magallanes and Parañaque Integrated Terminal Exchange (PITX), he said, adding that the construction of these new stations will be completed by the fourth quarter of 2026
+The DoTr estimates that the EDSA Busway served more than 63 million passengers in 2024, or about 177,000 commuters daily.
+The EDSA Busway, a dedicated bus lane along Metro Manila’s main ring road, will eventually have 23 stations operating round-the-clock.
+The DoTr said the new busway station at Kamuning will be inaugurated by the first quarter.
+Mr. Pastor said the new Kamuning station will be equipped with elevators and escalators to help improve accessibility.
+Earlier this year, the DoTr announced that it is working on the P89-million Kamuning footbridge in Quezon City designed to connect to EDSA Busway.
+The DoTr said the upgrade of the footbridge is also expected to allow seamless access for Metro Rail Transit Line 3 and busway passengers, with the footbridge linking to the EDSA busway stop. — Ashley Erika O. Jose
]]>Analysts said lowering banks’ reserve requirements would add to the financial system’s liquidity, leaving more room for lending activity that could help spur the economy.
-“We do expect another round of RRR cut in 2026, and we project a 200-basis-point reduction, which we think could occur sometime in the first quarter,” Security Bank Research Head and Chief Economist Angelo B. Taningco told BusinessWorld in an e-mail.
-If realized, universal and commercial banks’ RRR will be down to 3% from the current 5%.
-Digital banks’ RRR was likewise reduced by 150 bps to 2.5%, while thrift banks’ RRR was lowered by 100 bps to 0%. The cuts took effect in the week of March 28.
-Under the current easing cycle, the central bank has delivered a total of 450 bps in cuts to big banks’ RRR since October 2024, 350 bps for digital banks, 200 bps for thrift banks, and 100 bps for rural and cooperative banks.
-BSP Governor Eli M. Remolona, Jr. has said after the Monetary Board’s last policy meeting this year that although the current 5% is “already pretty good,” they are open to reducing banks’ RRR to 2% within the next year or so.
-However, he noted that they are not rushing to bring down the said ratio as excessive liquidity remains in the financial system.
-According to Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort, about P180 billion is injected into the financial system for every 100-bp cut in big banks’ RRR.
-“This would reduce banks’ intermediation costs and overall lending rates,” he said in a Viber message. “Lower lending rates and more loanable funds by banks would increase demand for loans or credit, thereby would help boost economic activities and overall economic growth.”
-Mr. Ricafort also noted that a lower RRR would boost lenders’ earnings.
-Meanwhile, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said an RRR cut of 100 bps to 200 bps could come in the first half of 2026 as growth remains sluggish.
-“An RRR cut in 2026 is likely, but timing is everything,” he told BusinessWorld via Viber message. “A phased reduction of 100-200 basis points in the first half of the year makes sense to support growth without stoking inflation.”
-In the third quarter, the country’s gross domestic product (GDP) growth slumped to 4%, the weakest print seen in over four years or since the first quarter of 2021. This brought GDP growth to an average of 5% as of September, below the government’s 5.5-6.5% target.
-The BSP chief earlier said the economy might only start to recover by the latter half of next year, with growth expected to return within target by 2027.
-“But let’s be clear: liquidity alone won’t fix structural issues,” Mr. Ravelas added. “If governance and accountability remain weak, extra money in the system will just leak through the cracks. The real challenge is sequencing reforms; monetary easing must go hand in hand with restoring trust and plugging the floodgates of inefficiency.”
-INFLATIONARY IMPACT
-Meanwhile, John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said the BSP could deliver a cumulative 50-to-100-bp cut in RRR next year “when inflation is firmly contained and liquidity conditions allow.”
“An RRR cut would release liquidity, lower intermediation costs, and can support credit and growth, but it could add to inflation and forex pressures if timed poorly,” Mr. Rivera said in a Viber message.
-However, Mr. Ricafort noted that inflation has been subdued even as the BSP slashed banks’ RRR by as much as 450 bps since October last year.
-“It only has a minimal effect on inflation as other parts of its additional funds are not immediately used for lending purposes, which tend to spur demand-pull inflation,” Mr. Taningco added.
-Philippine inflation eased to 1.5% in November from 1.7% in October and 2.5% in the same month last year, bringing the 11-month inflation average to match the central bank’s full-year forecast at 1.6%.
-Inflation has likewise settled below the BSP’s 2-4% target for the ninth straight month. — K.K.Chan
+The Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) said recent reforms to the tax audit process at the Bureau of Internal Revenue (BIR) send a positive signal to global investors.
+FFCCCII President Victor T. Lim said the group welcomes the “positive reforms” in the BIR designed to curb the misuse of Letters of Authority and related audit instruments, which are documents issued to revenue officers authorizing them to inspect company books.
+“Secretary Go’s decisive action transcends mere procedural adjustment; it is an investment in confidence itself,” Mr. Lim said in a statement Tuesday, referring to Finance Secretary Frederick D. Go..
+Mr. Go said the Department of Finance is seeking to limit the number of BIR offices authorized to issue letters, and will create a centralized digital platform to verify the authenticity of these LoAs and mission orders.
+BIR Commissioner Charlito Martin R. Mendoza had ordered the suspension of field audits in November, which require the issuance of such documents.
+“By instituting greater transparency and accountability in tax audit processes, we protect the integrity of our institutions and fuel the confidence that leads to job creation, innovation, and shared national progress,” Mr. Lim said.
+The group said investor morale is boosted by fair play and clear rules, but arbitrary enforcement undermines confidence and growth.
+FFCCCII also flagged practices such as audits that exceed their scope, overlapping investigations, and weak digital traceability in regulatory issuances as sources of uncertainty that discourage compliance and capital inflows.
+Mr. Go’s move addresses these issues, reinforcing due process and accountability in state power, it said.
+“These reforms are also a powerful signal to the international investment community. They demonstrate the Philippines’ commitment to evolving as a rules-based, predictable, and fair destination for capital,” it said.
+“Protecting investors—foreign and domestic alike—from arbitrary administrative actions is not a concession; it is a cornerstone of competitive modernity and a prerequisite for long-term economic partnerships.”
+Philippine Exporters Confederation, Inc. President Sergio R. Ortiz‑ Luis said he hopes the BIR will address the selective issuance of LoAs and reduce the overall number of issuances.
+“From my point of view as an exporter, the LoA issue has been addressed, I hope it does not come back after December’ maybe there could be duplication of issued LoAs. I hope there is only one LoA issued,” Mr. Ortiz-Luis said by phone last week.
+Mr. Go also said the government is seeking to the frequency of LoAs issued to once a year.
+“Sometimes, the issuance of LoAs seems selective, with the same ones targeted year after year, and even different BIR branches issuing them. I hope this will be addressed,” he added.
+Mr. Ortiz‑ Luis a recovery in investor confidence will depend on the government showing resolve in addressing corruption in infrastructure projects.
+“First and foremost, confidence can be regained if there is a showing… that it can solve this problem of corruption which obviously is not doing very well now,” he said.
+“The year is about to end, and they’re still waiting for the masterminds. Nothing clear has come out yet on whether they will be charged or not,” he added.
+British Chamber of Commerce Philippines Executive Vice Chairman Chris Nelson said it may be challenging to improve investor confidence in 2026.
+“I think what we have to see is a clear movement forward which the government should try to do,” he said, describing the flood control mess as “floodgate,” a reference to the Watergate political scandal that brought down US President Richard M. Nixon.
+Mr. Nelson also said that passage of key legislation, such as a general tax amnesty, and continued outreach and engagement may encourage investor confidence.
]]>THE PHILIPPINE Economic Zone Authority (PEZA) is seeing South Korea as among the potential sources of investments next year amid a free trade agreement (FTA) and the investments that will be attracted by Samsung Electro-Mechanics Philippines Corp.’s P51-billion expansion.
-“For 2026, our best bets for foreign direct investments are Japan, South Korea, the US, China, and Singapore,” PEZA Director-General Tereso O. Panga told BusinessWorld.
-“We anticipate Korea to still come in strong owing to the Philippines-South Korea FTA and the huge expansion of SEMPHIL, which should trigger more Korean investments,” he added.
-The Philippines-South Korea FTA took effect on Dec. 31, 2024. This was the Philippines’ third bilateral FTA.
-Meanwhile, SEMPHIL’s P50.7-billion investment marked the first project to be granted presidential incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act.
-For next year, PEZA is expecting to approve P300 billion in investment pledges, after greenlighting P261 billion worth of projects this year.
-This year’s approval surpassed the P250-billion target the agency set for the year, the highest since the P295.1 billion worth of investment pledges approved in 2015.
-Japan came out as the top source of foreign investments in 2025, accounting for P29.169 billion of the total approvals.
-“The Japanese consistently have always been our biggest foreign investor in PEZA. However, in 2024, Korea emerged as our biggest country source of economic zone (ecozone) investments due to the big-ticket and high-tech project of SEMPHIL,” Mr. Panga said.
-“For 2025, Japan has regained its No. 1 spot, dislodging Korea at No. 3. Moreover, we saw a significant increase (in investments) from the Cayman Islands, Singapore, China, and the US,” he added.
-Investments from Cayman Islands totaled P16.694 billion in 2025, while investments from South Korea reached P11.46 billion. Investments from Singapore, China, and the US reached, P11.186 billion, P6.788 billion, and P6.26 billion, respectively.
-Completing the top 10 sources were Hong Kong (P5.112 billion), Germany (P4.456 billion), Australia (P3.718 billion), and the Netherlands (P2.674 billion).
-In 2024, the top five sources were South Korea (P51.269 billion), Japan (P13.736 billion), the Cayman Islands (P9.116 billion), the Netherlands (P5.726 billion), and Malaysia (P4.555 billion).
-On Dec. 22, the PEZA Board met to approve seven new projects with investment costs totaling P23.689 billion. These are expected to create 3,821 jobs and $1.302 billion in exports.
-After the board meeting on Monday, the agency approved a total of 314 projects worth P260.89 billion this year.
-These include manufacturing, information technology and business process management, logistics, utilities, facilities, domestic market enterprise, tourism, and ecozone development projects.
-This year’s approvals are expected to generate 78,741 jobs and $11.522 billion in export revenues.
-Next year, PEZA is hoping to create new types of ecozones that will cater to various industries, following the proclamation of 10 new ecozones this year.
-These ecozones include the Tagbilaran Uptown IT Hub 2, two expansions at the Lima Technology Park, The Upper East, SM City Santa Rosa IT Center, and De La Salle University Innovation Hub.
-The others were West Cebu Industrial Estate, 8912 Aseana Avenue, Allcoco Development Corp. Industrial Estate, and Filinvest Innovation Park.
-“There are still 14 ecozones in the pipeline ready for proclamation. And as more ecozones are proclaimed by the president, like that of the first mega ecozone in Ihawig, Palawan, and a Pacific gateway in Pantao, Albay, we are confident that the influx of investments and expansion of projects at PEZA will continue,” said Mr. Panga.
-“Locators are seeing the value of expanding and consolidating their supply chains in the Philippines,” he added.
-John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said that the realization of ecozone investments will partly depend on consistent incentives.
-“Sustaining these inflows into 2026 will depend on consistent incentives, faster project execution, reliable infrastructure, and a predictable regulatory environment,” he said in a Viber message.
-“Without these, even strong investor interest may not fully translate into realized investments,” he added.
-Despite lackluster investor confidence in the Philippines due to corruption, Mr. Rivera said the increase in investments can be attributed to “trusted partners and technology-driven projects.”
-“Japan’s return to the top reflects its long-term commitment to manufacturing and supply-chain integration in the country, while Korea’s surge highlights how big-ticket, high-tech investments and FTAs can quickly shift investment rankings,” he said.
-“Policy stability, trade agreements, and the ability to host complex, high-value projects matter more than volume alone,” he added.
+The DA said cold storage facilities with a capacity of 4,000 to 5,000 pallet positions each are being constructed in Pili, Camarines Sur; San Jose, Occidental Mindoro; Taguig City; and Cabanatuan City.
+The department said it will also roll out some 60 modular cold storage units, each the size of a standard 40-foot shipping container and designed to be easily transportable.
+“This is the first time that the DA will roll out this massive cold storage system. All of these will be deployed and finished next year,” Agriculture Secretary Francisco Tiu Laurel, Jr. told reporters at a briefing last week.
+Aside from cold storage hubs, the DA is also expanding the network of drying and rice processing systems, to reduce losses and improve the quality of agricultural produce.
+The DA said it completed the construction of 145 rice processing systems (RPS) between 2023 and 2025, with nine more units expected to be operational by March. It is also planning to build 370 additional drying systems in major rice-producing provinces.
+Rice processing systems are integrated facilities that include mechanical dryers, rice mills, and related equipment designed to improve the efficiency of drying and milling palay (unmilled rice).
+Mr. Laurel said the new facilities are expected to result in the recovery of about 7% more rice during processing, thereby increasing farmer incomes.
+“The difference between the price of wet and dry palay is P4 to P5. If the cost to dry palay is just P2, that means there’s an additional P2 for farmers,” he said. — Vonn Andrei E. Villamiel
]]>POWER DISTRIBUTOR Manila Electric Co. (Meralco) is preparing to scale up its portfolio of microgrid systems as it works toward fully energizing Isla Verde, a marine biodiversity hotspot, a top executive said.
-“Beyond Cagbalete, we are also working on energizing the whole of Isla Verde — an isolated, environmentally sensitive area with its proximity to the Verde Island Passage, which is considered the center for marine biodiversity,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho told BusinessWorld.
-Mr. Aperocho said the company plans to deploy a sustainable microgrid solution to meet the island’s growing energy needs.
-Isla Verde is located off Batangas Bay, south of Batangas City and north of Calapan, Oriental Mindoro. It sits within the Verde Island Passage, known as the “center of the center” of marine shorefish biodiversity.
-Meralco’s expertise builds on pilot projects implemented in Cagbalete Island in 2018 and Isla Verde in 2019, Mr. Aperocho said.
-“These pilot projects provided valuable lessons that now guide our plans to scale microgrid systems for entire island communities,” he added.
-The distribution utility recently moved forward with a full-scale rollout of its microgrid system in Cagbalete Island, following approval from the Department of Energy (DoE).
-The project will include a 2.8-megawatt-peak solar photovoltaic system, a 6.69-megawatt-hour battery energy storage system, and backup diesel generation over the next three years. The hybrid solution is expected to provide electricity to more than 1,000 residential and commercial customers, achieving 100% household electrification on the island.
-Final electricity rates will be set by the Energy Regulatory Commission (ERC) to ensure affordability for residents and businesses.
-Mr. Aperocho said Meralco’s microgrid initiative could serve as a scalable proof of concept for the DoE’s Total Electrification Program (TEP), which seeks to ensure all households and communities in the country have access to electricity, particularly those in unserved and underserved areas.
-“Timely implementation of microgrid projects depends on strong regulatory support. Clear and enabling policies from the DoE and ERC are essential to attract investments and accelerate electrification,” he said.
-Meralco’s franchise area covers Metro Manila, Bulacan, Cavite, Rizal, and parts of Batangas, Laguna, Pampanga, and Quezon, serving over eight million customers.
+PEZA said in a social media post that groundbreaking for the warehouse project took place on Dec. 17, coinciding with the 30th anniversary of CAM Connectivity (Phils.), Inc., an affiliate of Amplefield Malvar and a PEZA-registered enterprise.
+The project involves the construction of 13 warehouses intended for sale or lease to PEZA-registered enterprises.
+According to PEZA, the development is expected to significantly expand quality industrial space for export-oriented and supply-chain-driven locators.
+PEZA Director General Tereso O. Panga, who was present at the groundbreaking, said the project highlights the agency’s commitment to supporting investors. — Vonn Andrei E. Villamiel
]]>This comes amid dismal growth prospects in the near term, as lingering governance concerns due to a corruption scandal involving state infrastructure projects have dragged both public and private investments.
-Philippine banks’ assets and deposits have seen sustained growth, showing the industry’s resilience, the BSP said in a report. “The banking system remains strong to support economic activity.”
-The latest data showed that as of October, the Philippine banking system’s combined assets grew by 7.13% year on year to P28.292 trillion amid stable loan growth and deposit inflows.
-Banks’ assets are mainly supported by loans, deposits, and investments.
-Central bank data also showed that deposits went up by 6.96% year on year to P20.82 trillion as of October from P19.465 trillion.
-“The year-on-year expansion in banking assets largely reflects steady loan growth to households and businesses, improved deposit inflows as confidence normalized, and higher holdings of government securities that boosted balance sheets earlier in the year,” Robert Dan J. Roces, an economist at SM Investments Corp., said in a Viber message.
-“Looking ahead, asset growth should remain positive but more measured, supported by easing inflation, gradual rate cuts, and continued credit demand, even as banks stay selective and manage duration and liquidity risks more conservatively,” he said.
-The BSP added in the report that banks have stable asset quality and adequate capital buffers.
-“Lending by U/KBs (universal and commercial banks) also increased further, providing necessary funding for the country’s expanding economic activity.”
-Bank lending has posted double-digit growth since May 2024. However, the latest BSP data showed that big banks’ loans to businesses and individual consumers expanded at its slowest pace in 16 months in October, rising by 10.3%.
-“Moreover, banking policies during the review quarter were implemented to strengthen the regulatory environment and enhance the operational resilience of the financial sector,” the BSP said.
-These include amendments to director and officer disqualification rules, the adoption of the Global Master Repurchase Agreement (GMRA)-based repo and reverse repo agreements, as well as the policy on daily cash withdrawal limit further strengthened the banking sector.
-In late 2024, the BSP implemented the GMRA, enabling it to supply bonds to banks during repo transactions as part of its monetary policy tools.
-Meanwhile, it issued a circular in mid-September imposing a P500,000 daily ceiling on cash withdrawals as an anti-money laundering measure amid the recent corruption scandal.
-The policy limits withdrawals by accountholders to a maximum of P500,000 or its equivalent in foreign currency at once or via multiple transactions within one banking day.
-Economic managers have conceded that the 5.5%-6.5% target for the year is now unattainable after the third-quarter gross domestic product (GDP) print slumped to a four-year low of 4% amid the ongoing flood control controversy.
-BSP Governor Eli M. Remolona, Jr. this month said GDP growth could slow further to 3.8% this quarter. This would bring the full-year average below 5% versus the government’s full-year goal.
-The BSP chief said that they expect the economy to recover by the second half of 2026, with growth seen moving closer to the government’s 6-7% target only by 2027. — K.K. Chan
+After all, Norwood’s 17-year career in the PBA – all with the Elasto Painters – is filled with a lot of great memories.
+“I mentally pictured this (last game) differently, I thought it was going to be a championship and you know kind of a more joyful situation But I’ve been blessed. I can’t complain at all,” he said.
+Norwood, who turned 40 in February, tagged the Season 50 Philippine Cup as his “Final Flight.” The 6-foot-6 swingman is leaving behind a legacy highlighted by two PBA championships, inclusion to the All Star Game 11 times, All-Star Game MVP and Defensive Player of the Year accolades in 2010, Rookie of the Year and Mythical Second Team in 2009, the PBA All-Defensive Team seven times and the Sportsmanship Award three times.
+“He’s the epitome of loyalty and decency and being a true professional,” said coach Yeng Guiao of Norwood. “Madalas ko sabihin na wala kang maipipintas kay Gabe, eh, kahit sa anong bagay.”
+“I pride myself as a pretty loyal person, especially if loyalty (is) shown to me and Rain or Shine did that since Day One. Winning isn’t easy in the PBA and I think we all understand the difficulties that may come with resources and things like that. But Rain or Shine finds ways to compete. And I take a lot of pride in that. I play for underdogs my whole career. I like being the underdog, but it makes winning that much more special, said Norwood.
+They may have fallen short of giving Norwood a happy exit but the E-Painters will honor him by retiring his familiar No. 10.
+“We actually proposed to retire his number, as a sign of recognition and respect for what he’s done. I think management would be very willing to do that,” said Guiao.
+Prior to his swan song, Norwood was serving ROS as an assistant coach. Guiao said it’s up to the ROS lifer if he wants to continue in this capacity.
+Norwood is open but for now, fatherhood is his main job.
+“I want to definitely stay around the game, with Batang Gilas as of now and see where that goes, on the coaching side,” he said.
+“But ultimately I got to be the best dad I can be. Put my kids in the best situation they can be in to grow as young men, maximize their talents and what they’re into. So that’s my first priority and then anything after that is, you know, just icing on the cake. So family first and figure out the basketball stuff.” — Olmin Leyba
]]>ENTERTAINMENT CHAIN Timezone is optimistic about further expanding its presence in the Philippines as retail and mall developers increasingly roll out experience-driven offerings, according to the chief executive officer (CEO) of its Australia-based parent company.
-“There is a global shift that’s so profound in the Philippines where there’s more demand for experiences than products,” The Entertainment and Education Group (TEEG) CEO Sonaal Chopra said in an interview with BusinessWorld.
-“As these malls transform themselves to lifestyle hubs, as the Ayalas, SMs and Robinsons malls do in the Philippines, we’re absolutely at the forefront of that,” he added.
-Timezone is owned and operated by TEEG, an Australian family entertainment and edutainment group with operations across seven Asia-Pacific countries.
-Since opening its first Philippine branch in 1998, Timezone has evolved from a small arcade into a multi-attraction entertainment hub located in malls and retail centers nationwide.
-At present, Timezone Philippines operates 51 full-size venues and more than 50 smaller locations. More than two-thirds of its network in the country now consists of multi-attraction venues.
-“After we transitioned into multifaceted formats, our visitation frequency in the Philippines is up 23% this year,” Mr. Chopra said.
-As local property developers roll out more experience-driven mall concepts, TEEG aims to bring more immersive and world-class offerings to its Timezone branches, he added.
-Philippine mall developers have been integrating experiential concepts and expanding their retail footprints to boost consumer traffic and spending.
-This year, newly completed retail space tripled to 265,000 square meters (sq.m.) from 86,900 sq.m. a year earlier, according to property consultancy firm Colliers Philippines. The firm expects about 111,000 sq.m. of new retail supply to be completed through 2028.
-To grow Timezone’s footprint, TEEG’s strategy is anchored on product innovation, network expansion, and guest engagement, Mr. Chopra said.
-He added that about 25% to 30% of Timezone’s game offerings are refreshed annually to introduce variety and maintain customer interest.
-The company is also expanding its karaoke offerings — among the most popular attractions in the Philippines — by adding more rooms of varying sizes and updating song selections.
-“We’ll make sure to update the content and the songs regularly,” Mr. Chopra said.
-Other popular attractions across Timezone’s Philippine branches include Street Fighter games, basketball zones, virtual reality experiences, photo booths, and social bowling.
-Timezone also sees strong demand for its party rooms from corporate clients, particularly during the holiday season.
-“I think what’s equally exciting is how we upsize or present ourselves in underrepresented communities where we can bring the Timezone experience to different parts of the Philippines,” Mr. Chopra said.
-The company is also looking to further expand in regional cities, supported by the growth of estate and lifestyle hubs in provincial areas.
-“We’ve got Bacolod coming up next year, we’ve got Solenad [in Laguna] coming up, so these represent the second part of our strategy, which is network growth,” Mr. Chopra said, citing Baguio and Pampanga as part of its expansion pipeline.
-Timezone has also invested in digital tools to boost customer engagement and gain deeper insights into consumer behavior.
-For instance, the Timezone Fun App allows users to reload power cards via mobile devices. Customers can also earn in-app vouchers, access exclusive promotions and discounts, and track their balances and rewards.
-The app has recorded more than one million downloads from Philippine users alone, Mr. Chopra said.
-Despite the rise of online and mobile gaming, Mr. Chopra said the coronavirus pandemic increased demand for shared, in-person experiences, creating opportunities for brands like Timezone.
-“Shopping centers are spending that level of capital to reinvent themselves purely because of consumers’ demand for experiences. And that’s being driven by people valuing their time and relationships more after COVID,” he said.
-Timezone Philippines operates under a joint venture between TEEG and Ayala Land, Inc.
-The growing demand for social and experiential retail is also shaping TEEG’s broader expansion strategy across the Asia-Pacific region, Mr. Chopra said.
-Timezone plans to open about 30 to 40 new venues annually across the Philippines, Indonesia, Singapore, Vietnam, India, Australia, and New Zealand.
-“We have a striking chance of doubling the size of our network, even in our existing markets over the next five years,” he said.
-When asked about his favorite Timezone attraction, Mr. Chopra cited social bowling and the company’s newest offering, ColourGrid.
-“When I’m in the Philippines, I try the karaoke booths,” he said. “But I have to admit… Filipinos sing so well, I can’t compete.”
+“The BCDA (Bases Conversion and Development Authority), which Secretary [Vivencio B.] Dizon formerly headed, has already issued a clear statement that it has no flood control projects that are funded through budget insertions, ‘allocable funds’,” the department said in a statement on Tuesday.
+In a separate statement, BCDA said it has no flood control projects funded through budget insertions or any discretionary source.
+“No such funds exist within BCDA projects or its authority. Claims to the contrary are unsupported by evidence and false,” it said, noting that all its projects were funded only through approved government programs.
+Its records are fully complete, traceable, and auditable, ensuring that project funding, approvals, procurement, and disbursements remain open to oversight institutions, the BCDA added.
+“BCDA enforces zero tolerance for corruption through strict compliance with the law, multi-layered legal and audit review, standardized frameworks that limit discretion, and close coordination with oversight bodies, and welcomes fact-based review and investigation,” it said.
+The DPWH and BCDA issued the statement after Mr. Leviste accused Mr. Dizon of making budget insertions for flood control projects under BCDA.
+“The timing of Mr. Leviste’s allegations also raises suspicion after reports of some DPWH staff surfaced, accusing the lawmaker of forcefully and illegally getting files from the late Undersecretary Catalina E. Cabral,” DPWH said.
+SUB-CONTRACTOR LINKS
+In response, Mr. Leviste asked the agencies investigating the scandal to probe Mr. Dizon’s connections with contractors, particularly the Lourel Development Corporation, which was sub-contracted for the P11.5-billion New Clark City Project.
“I hope that Sec. Vince will forgive me for this, but I just need to respond to his statement that there is no basis to BCDA having had a flood control project,” Mr. Leviste said in a statement, shared on his official Facebook page on Tuesday.
+He said the sub-contractor for the project, flagged by the Commission on Audit for failing to undergo public bidding, was a company that belonged to the family of a Party-list representative who is currently being investigated by the DPWH.
+Mr. Leviste also noted the said lawmaker, who has yet to face a complaint, allegedly met with Mr. Dizon in New Clark City when he was still the Transportation secretary. The meeting was set by a Public Works undersecretary.
+“I don’t want to draw any conclusions, but I think the public deserves to know what the dealings of flood control investigators are with any of the people they are currently investigating,” Mr. Leviste said.
+Mr. Leviste also said he received information from DPWH whistleblowers involving the agency’s new leadership and the 2026 national budget. — Ashley Erika O. Jose
]]>By Brontë H. Lacsamana, Reporter
-
THIS HISTORICAL crime thriller revisits the sepia tones of a romanticized golden age in Philippine history with an all-star cast — and arrives at a powerfully bleak conclusion.
The picture of the late 1960s and early ’70s that we see in Manila’s Finest is what we get after Piolo Pascual’s protagonist, Capt. Homer Magtibay, peels away layers of grime and dust accumulated from years of secrecy and neglect. Ultimately, it traces the tragic downfall of those at the heart of a flawed system.
-Manila’s Finest centers on Magtibay’s struggle to uphold the integrity of police work amid rapidly changing times, along with his colleagues Lt. Billy Ojeda (played by Enrique Gil), Officer Liwanag (Joey Marquez), and Officer Meneses (Romnick Sarmenta). The film opens with the four of them patrolling the streets of Manila in a squad car, listening to news of Gloria Diaz winning the Miss Universe pageant and the success of the moon landing over the car radio.
-Tensions rise when they pick up a teenager coming home late from doing a school project. Though the four treat the boy well, they encounter a squad car driving in the opposite direction manned by PC MetroCom officers, which they remark would have spelled trouble for the kid.
-For those who need to brush up on their history, PC MetroCom refers to the Metropolitan Command, a unit under the Philippine Constabulary created by then-president Ferdinand Marcos to supplement the local police and combat criminal activity. The film’s central conflict has these ruthless officers, led by Officer Danilo Abad (played with just enough sinister abrasiveness by Cedrick Juan), encroaching into local police operations.
-Turmoil brews on both sides as they deal with growing discontent, from mediating the unstable Sputnik vs. Bahala Na gang war, to trying and failing to observe maximum tolerance during student protests at Mendiola.
-To make matters worse, as Magtibay and friends dig their heels in, their level-headed station chief Major Conrado Belarmino (Ariel Rivera) exits the picture, giving way to a deplorable replacement, Epifanio Javier (played over-the-top by an almost-unrecognizable Rico Blanco).
-It’s a surreal combination that brings this film to life. Raymond Red is a Cannes-winning alternative film director, and this marks his first time directing a studio film. His direction and cinematography push the story forward with a firm grasp of social realism, mixed with moody, turbulent framing and lighting choices that both convey melancholy and foretell darker times ahead. Written by Moira Lang, Michiko Yamamoto, and Sherad Sanchez, the script is imbued with hints of humor and heart, making the tragedy of the Manila police’s downfall all the more potent.
-The all-star cast is what pulls audiences in, and I hope they come on board for their favorite stars but come out with a curiosity to dig deeper and reflect on this period of Philippine history.
-At the special screening I was in, a big chunk of the audience was made up of fans of rising actress Ashtine Olviga, who plays Magtibay’s daughter and rebellious student activist with a compelling vitality. They would scream whenever she appeared, “awww” whenever she had a crying scene, and gasp at all the shocking moments in the film. It’s these young audience members I hope will come away most affected or at least intrigued by Manila’s Finest.
-With that said, it really is a downer of a film, placing us squarely in a time period at the cusp of the point of no return. It comes at a time where revisiting history feels all the more essential, and yet seemingly nothing is learned from the lessons it offers up.
-Pascual is, again, excellent in a lead role, and doubly so in this one because Magtibay is far from perfect. Though he stands for the integrity of the traditional police officer, the film does not shy away from his mistakes and flaws as the events unfold. His personal life also complicates things — and this is the part of the story that feels a bit one-note or half-baked — as he interacts with both his second wife Yolly (Rica Peralejo) and his secret lover Janette (Jasmine Curtis-Smith).
-The supporting cast is solid as well. Gil as Lt. Ojeda, who wavers in loyalty as he toes the line between the Manila police and the MetroCom, holds your attention. Marquez and Sarmenta, who balance the main squad’s dynamic with witty remarks and natural exchanges, fill out the world of the police station. All of the groundwork here pays off later, when the so-called “Manila’s finest” comes to the brink of collapse.
-Aside from a strong ensemble, this film is also elevated by the subtle details in production design. Each street, home, restaurant, or police station façade evokes not just fond nostalgia, but also meaningful points of evolution in the story. With a pace akin to a slow burn (at least, as far as crime thrillers go), the action feels more realistic than showy, while the music settles for kundimans played on the radio to blend with the minimal score. The costume design and hair and makeup delivered, too, with the characters definitely looking as they should for the time period.
-Manila’s Finest is about a police officer investigating brutal killings and solving disappearances, yes, but it’s how his firm belief in his profession is tested as the city of Manila rapidly changes that may haunt you after the movie ends. It’s a human drama with a stellar cast that speaks to the complex identity of the Philippines — how it was back then, and how eerily similar it may be to today.
+“The Philippines fully supports the latest move by Cambodia and Thailand to return to a ceasefire and acknowledges the desire of both parties to return to dialogue and seek a peaceful and durable means to resolve the issue,” the DFA said in a statement on Monday night.
+The second ceasefire was reached during a Special General Border Committee (GBC) between the two countries, held at the border between Pruk (Pailin Province of Cambodia) and Ban Park Krad (Chanthaburi Province of Thailand).
+The DFA said that both Southeast Asian countries released a joint statement renewing their ceasefire agreement.
+According to a Reuters report, the two countries reached an armistice signed by Thai Defense Minister Natthaphon Narkphanit and Cambodian Defense Minister Tea Seiha. It took effect on Dec. 27
+The agreement was reached following a heated border conflict, with both sides launching airstrikes and heavy artillery. Local authorities said that deaths reached more than 100.
+The Philippines said earlier that it is ready to act as a mediator between Thailand and Cambodia once it formally assumes chairmanship of the Association of Southeast Asian Nations (ASEAN) in 2026.
+Manila is set to host the ASEAN summit next year. the country assumed the position a year earlier than scheduled due to the political unrest in Myanmar.
+Member states are expected to tackle several security concerns during the summit next year. Among these are the Thailand-Cambodia border conflict, the Myanmar’s junta-led government causing humanitarian concerns, and the intensifying disputes in the South China Sea involving China and the Philippines, and other member states. — Adrian H. Halili
]]>On Tuesday, the local unit closed at P58.85 per dollar, declining by 12 centavos from its P58.73 finish on Monday, Bankers Association of the Philippines data showed.
-Philippine financial markets were closed on Dec. 24-25 for the Christmas holidays.
-Analysts said the peso may be range-bound when trading resumes on Friday.
-“It may continue to trade below the P59 handle, maybe due to lack of movement because of the holiday season,” a trader said in a phone interview, expecting the peso to move between P58.60 and P58.90 per dollar on Friday.
-The local currency has closed at the P58 level for the last six trading days. It has been moving at the P58 to P59 range since October, even logging a fresh record low of P59.22 on Dec. 9.
-The peso has been weak even as year-end remittance inflows have provided some support to the local unit, Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said in a Viber message.
-He said market sentiment, fiscal cues, and monetary policy expectations will continue to drive the peso’s movements in the last trading days of the year. He sees the local unit ending 2025 at P58.90 per dollar.
-President Ferdinand R. Marcos, Jr. will sign the 2026 General Appropriations Act (GAA) on Jan. 5, 2026 as the administration will still need to review the spending plan, Executive Secretary Ralph G. Recto said on Tuesday.
-Mr. Marcos was initially expected to sign the spending plan on Dec. 29, but there were delays in the bicameral conference committee’s proceedings as lawmakers needed more time to scrutinize the national budget for red flags.
-The proposed 2026 GAA is facing heightened scrutiny after claims surfaced that this year’s national budget included billions of pesos in unprogrammed allocations.
-Meanwhile, at its Dec. 11 meeting, the BSP slashed benchmark rates by 25 basis points (bps) for a fifth straight time to bring the policy rate to 4.5%. This brought total cuts since August 2024 to 200 bps.
-BSP Governor Eli M. Remolona, Jr. has left the door open to a final 25-bp reduction next year to support the economy if needed as a wide-ranging corruption scandal involving the use of public funds for allegedly anomalous infrastructure projects has affected domestic demand.
-For its part, the Fed this month cut its benchmark overnight interest rate by another 25 bps to the 3.5%-3.75% range, but signaled borrowing costs were unlikely to fall in the near term as policymakers await clarity on the direction of the labor market and inflation, Reuters reported.
-Investors wagered the US Federal Reserve would have room to cut rates further next year even as some of its peers looked set to hike as a solid US gross domestic product (GDP) reading released on Tuesday failed to move the dial on the rate outlook.
-The US economy grew at its fastest pace in two years in the third quarter, fueled by robust consumer spending and a sharp rebound in exports, though momentum appears to have faded amid the rising cost of living and recent government shutdown.
-Gross domestic product increased at a 4.3% annualized rate last quarter, the fastest pace since the third quarter of 2023, the Commerce Department’s Bureau of Economic Analysis said in its initial estimate of third-quarter GDP. Economists polled by Reuters had forecast GDP would rise at a 3.3% pace. The economy grew at a 3.8% pace in the second quarter.
-The report bolstered views that the Fed will hold off on cutting rates at its meeting in late January, with the odds currently at 87%, according to LSEG estimates. US rate futures now expect the US central bank’s next policy easing will occur in June, with two quarter-percentage-point cuts priced in for 2026. — K.K. Chan with Reuters
+Citing a report by the Bureau of Workers with Special Concerns, the department said in a statement that it disbursed a total of P14.3 billion from January to November for the Tulong Panghanapbuhay sa Ating Disadvantaged Workers (TUPAD) and the DoLE Integrated Livelihood Program (DILP), also known as the Kabuhayan Program.
+Over this period, TUPAD provided short-term employment assistance to over 2.2 million beneficiaries, well above its full-year target of 1.4 million workers. The Kabuhayan Program, in turn, supported 73,097 individuals, exceeding its 2025 goal by more than 50%.
+The department said a significant portion of the assistance was directed to disaster-affected communities, with about 379,192 workers receiving P2.1 billion under TUPAD following earthquakes, volcanic eruptions, and typhoons, while the Kabuhayan Program provided P22.5 million in livelihood support to 2,247 beneficiaries.
+“TUPAD and the Kabuhayan Program continue to provide critical support to vulnerable communities, helping not just individual workers but also contributing to sustainable local development,” the DoLE said.
+The agency attributed the wider reach of TUPAD to its convergence with other national government agencies, allowing beneficiaries to be deployed in projects related to agriculture, education, disaster response, environmental protection, and climate resilience.
+“Through these convergence-driven accomplishments, the Department continues to advance inclusive employment, build community resilience, and deliver programs that directly support the administration’s goal of uplifting Filipino families nationwide,” it said. — Erika Mae P. Sinaking
]]>PhilRatings affirmed the PRS Aaa credit rating with a stable outlook for the company’s P35-billion bonds, reflecting the highest quality and minimal credit risk.
-“The obligor’s capacity to meet its financial commitment on the obligation is extremely strong,” the agency said in a statement dated Dec. 23.
-A stable outlook is assigned when the rating is expected to be maintained or remain unchanged over the next 12 months.
-SMC Tollways is primarily responsible for the rehabilitation, construction, and development of the Skyway System, as well as overseeing its continuous maintenance and operations. The expressway network is a key arterial corridor connecting the northern and southern parts of Metro Manila.
-The company operates under the infrastructure arm of San Miguel Corp. (SMC), which also runs the South Luzon Expressway, Southern Tagalog Arterial Road, Tarlac-Pangasinan-La Union Expressway, and the NAIA Expressway.
-In issuing the rating, PhilRatings highlighted SMC Tollways as a major expressway operator under the San Miguel Group, noting its sustained growth in revenues and earnings supported by strong demand for services; a conservative capital structure despite the capital-intensive nature of its business; and ample liquidity backed by robust cash-flow generation.
-For the nine months ending September, SMC Tollways reported a 1.5% increase in net income to P7.4 billion, while revenues rose 5.7% to P16.6 billion.
-PhilRatings also noted that the company’s interest-bearing debt declined by 6.1% to P52.3 billion as of end-2024. Total equity increased by 19.6% to P51.3 billion, improving the debt-to-equity ratio from 1.3x at the end of 2023 to 1.0x at the end of 2024.
-The local credit watchdog also cited the company’s strengthened liquidity position, supported by strong cash generation and healthy short-term finances. — Sheldeen Joy Talavera
+He said the digital shift would strengthen transparency and improve public trust in government as the country reels from a multi‑ billion-peso kickback scandal over rigged flood control contracts
+“We are doing this because we believe that transparency is not merely an aspiration or a slogan; it must be practiced and lived,” Mr. Dy said in a statement, adding that the Department of Information and Communications Technology will help in setting up the system.
+Lawmakers are considering a national digital ledger bill to track government spending in real time, as calls for transparency grow amid a political scandal that could be the largest faced by President Ferdinand R. Marcos, Jr. in his six-year term.
+The scandal alleged several politicians, officials and private contractors connived to divert hundreds of billions of pesos from flood control projects. — Kenneth Christiane L. Basilio
]]>Ten-year-old Kevin McCallister, the boy left home alone, sets up traps that are played for laughs, but many involve levels of force that would be catastrophic in real life. A 100-lb (45-kg) bag of cement to the head, bricks dropped from height, or heavy tools swung at the face are not things a human body can simply shrug off. High-impact trauma to the head and neck rarely ends well.
-To understand why, it helps to know a little about skull anatomy. The skull has a protective “vault” that encases the brain, while the bones of the face contain hollow spaces called sinuses. These spaces reduce the weight of the skull but also act as a biological crumple zone, helping to absorb force and protect the brain during impacts. But that protection has limits.
-A rough calculation of the forces involved when a 100-lb bag of cement strikes the head suggests instant fatal injury. The neck simply cannot absorb that level of force. To put that in perspective, research shows that the cervical spine suffers severe damage above about 1,000 newtons of force. A 100-lb cement bag already exerts roughly 440 newtons under its own weight, and when falling, it decelerates over a very short distance on impact.
-While the exact force depends on the height of the fall and how quickly the bag comes to a stop, even conservative assumptions place the impact well above 1,000 newtons, easily exceeding thresholds for catastrophic neck injury.
-Beyond that, there is a high risk of brain herniation, where swollen brain tissue is forced into spaces it does not belong. This can compress areas that control breathing and movement, often leading to coma and death.
-Head injuries are only part of the problem. Many of Kevin’s traps would also place enormous stress on the chest and major blood vessels. Falling forward from a height, being crushed by heavy objects, or being struck in the torso can cause severe internal injuries. These forces are commonly seen in high-speed, head-on car crashes. In extreme cases, the impact can rupture the aorta, the body’s main artery, which is almost always fatal.
-Crush injuries elsewhere in the body can have serious and life-changing consequences. Even if they are not immediately deadly, they can cause internal bleeding that worsens over hours or days. Broken ribs, for example, can puncture the liver, kidneys, or spleen, allowing blood to leak slowly into the abdomen. Damage to soft internal organs can also lead to infection, organ failure, or delayed death, depending on the severity.
-Then there are the less obviously lethal moments. When Marv crashes into a shelf stacked with paint tins and the shelf falls on him, the impact alone could cause serious internal injury. And paint splashed into the eyes could cause chemical burns and blindness.
-Simple slips and falls are not harmless either. The bones at the back of the skull are only about 6-7mm thick. A hard blow here can cause bleeding inside the skull. These brain bleeds do not always show symptoms immediately and may worsen over hours or days after what seemed like a minor bump.
-Electricity is another recurring gag that would be anything but funny in reality. When Marv grabs the taps attached to an arc welder, he is exposed to electrical current that causes his muscles to contract uncontrollably. This is why people who touch live electrical sources often cannot let go. The current overrides the body’s normal nerve signals. Prolonged exposure increases the risk of disrupting the heart’s normal rhythm, potentially triggering cardiac arrest.
-Despite what cartoons suggest, electricity does not make the skeleton visible — as we see happen to Marv. There is no X-ray radiation involved. To expose bone, you would need extremely high-voltage current, causing fourth-degree burns, which destroy skin, muscle, and bone.
-Piercing injuries also feature heavily. A nail through the foot is not just painful. It can damage nerves and soft tissues, fracture bones, and introduce bacteria deep into the wound. This raises the risk of serious infection, including tetanus.
-Finally, there is Harry’s infamous blowtorch scene. Being set alight for 22 seconds is more than enough time to cause permanent nerve damage, potentially destroying pain sensation altogether. While scalp skin is among the thickest on the body, it has relatively little cushioning underneath. This makes the underlying tissue and bone more vulnerable to deep burns, reaching third or even fourth degree severity, which can be lethal.
-Add combustible kerosene to the mix and the risks escalate further. Exposure is linked to kidney damage, heart problems, central nervous system depression, and serious respiratory issues.
-In short, Harry and Marv are walking medical impossibilities. Surviving a second round of Kevin McCallister’s festive booby traps would require extraordinary luck, immediate trauma care, and months of rehabilitation. Even if they appeared outwardly fine, the internal damage would probably be devastating. Perhaps those lingering injuries explain why the Wet Bandits never made it back for another sequel. — The Conversation via Reuters Connect
--
Adam Taylor is a Professor of Anatomy at Lancaster University.
+In a media release, GlobalData said the country’s telecom and pay-TV services revenue is expected to rise to $9.7 billion in 2029 from $8 billion in 2024, largely supported by the mobile data and fixed broadband segments.
+“While 4G service accounted for a majority share of the total mobile subscriptions in 2024, 5G service will see massive increase in its adoption in coming years and will become the leading mobile technology generation, by subscriber base in 2029,” GlobalData Telecom Analyst Kantipudi Pradeepthi said in a report.
+For Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort, competition within the industry will be a key theme for growth, in line with expected investments by technology companies in data centers and artificial intelligence (AI).
+“New technologies and innovation could lead to potential game-changers and market disrupters in their respective industries,” he said in a Viber message.
+According to GlobalData’s Philippine telecom operators country intelligence report, mobile service revenue is expected to decline during the forecast period due to falling mobile voice service average revenue per user (ARPU).
+The report attributed the decline to the shift toward internet- or application-based communication platforms, as well as operators offering free voice bundles as part of their service packages.
+“This growth in 5G adoption will be driven by the ongoing 5G network expansion efforts by operators across the country,” Ms. Pradeepthi said.
+Mobile data revenue, however, is expected to sustain growth at a CAGR of 7.1% during the forecast period, GlobalData said, driven by rising internet subscriptions, including 5G services.
+For fixed communication services, fixed voice revenue is expected to decline amid falling circuit-switched subscriptions, the report said.
+In contrast, fixed broadband service revenue is projected to expand due to rising ARPU for fiber-to-the-home (FTTH) services.
+“The growing adoption of FTTH broadband services in the Philippines can be attributed to the increasing demand for high-speed broadband services and the ongoing fiber network coverage expansion efforts by operators,” Ms. Pradeepthi said, citing Converge ICT Solutions, Inc.’s planned expansion of ports to support growth.
+Converge ICT’s net income rose 8.4% to P8.90 billion in the January-to-September period from P8.21 billion a year earlier, while revenues for the nine months climbed 10.12% to P32.97 billion from P29.94 billion.
+Pay-TV services revenue is also projected to increase steadily over the forecast period, supported by strong IPTV adoption and the continued expansion of direct-to-home subscriptions.
+GlobalData said Globe Telecom, Inc. and PLDT Inc. are expected to remain market leaders by subscription share during the forecast period, supported by their focus on mobile network expansion and modernization initiatives.
+“PLDT’s leadership in the fixed broadband segment will be driven by extensive fiber network coverage and a growing FTTH subscriber base,” Ms. Pradeepthi said.
+For the nine months ended September, both Globe and PLDT reported declines in attributable net income. Globe’s attributable net income fell 14.04% to P17.69 billion from P20.58 billion, while revenues slipped to P131.59 billion from P134.74 billion.
+PLDT’s attributable net income declined 10.69% to P25.07 billion, while revenues rose 1.45% to P163.28 billion from P160.94 billion.
+Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said the Philippine telecommunications industry is likely to post modest growth by yearend, citing data demand and competitive dynamics as key growth drivers. — Ashley Erika O. Jose
]]>In a disclosure on Dec. 24, the private sector arm of the World Bank Group said the proceeds of the proposed investment will be deployed towards lending to women-owned micro-entrepreneurs in countryside areas.
-“The Project will demonstrate the viability and business case for addressing these segments, and contribute towards extending financial access to underserved communities,” it said.
-IFC said the proposed investment is a dollar-denominated three-year senior loan of up to $60 million that includes IFC’s own account of up to $20 million and the mobilization of an aggregated amount up to $40 million from B Loan and/or Parallel Loan.
-OnePuhunan is a financing company that was established in 2014 and is owned by CreditAccess, SEA B.V. It has over 600,000 customers and 300 branches across 16 regions in the Philippines.
-The company provides financial services focusing on low-income individuals and small businesses that are not served by traditional banking institutions. — Aubrey Rose A. Inosante
+The funding came from a combination of user-donated GrabRewards points through GrabBayanihan, which allowed customers to channel “GrabCoins” to the project; and a dedicated “Grab HOPE Hour” drive that generated additional donations from GrabCar rides and GrabFood deliveries during a designated 60-minute window.
+The classroom will be built inside Inang Maharang Elementary School, which serves more than 100 students in the remote barangays of Manito. The site was selected after Typhoon Uwan damaged public facilities in the area and destroyed two makeshift classrooms at the school, the partners said, leaving students without safe learning spaces and underscoring the need for more permanent, resilient structures.
+Grab Philippines Country Head Ronald Roda shares, “Grab is dedicated to moving not just goods and people, but also moving malasakit into action. Together with HOPE, we’re giving our users a simple way to participate in digital bayanihan, turning their everyday rides, deliveries, and rewards into real classrooms. These are new safe spaces where Filipino children can learn, dream, and grow. By making it easier for communities to support these initiatives, we help build a stronger foundation for the country’s next generation.”
+The Grab and HOPE classroom is designed as a 7-by-9-meter learning space with four windows, wall-mounted electric fans, complete electrical wiring with outlets and lighting fixtures, and an in-room bathroom with full plumbing. It will also include standard interior fixtures such as a teacher’s desk and a chalkboard.
+HOPE Founder and Executive Chairperson Nanette Medved-Po underscored how the partnership is a major part of HOPE’s programs and is giving significant impact on public school education. “We are so excited about the ways we can continue to work with the Grab community to give their contribution and make an impact to public school education in the Philippines. HOPE’s partnership with Grab has been very engaging and exciting for their subscribers: from converting their Grab points to donations, to mounting last October our first-ever GRAB HOPE Hour, when every ride, every order contributed to the classroom we’re building in Bicol. This classroom is the first of many that we hope will not only guarantee safe access to learning but inspire communities around business for good. We look forward to more activities with Grab this coming new year, and more classrooms for our public schools.”
+The companies plan to sustain the collaboration through 2026, expanding infrastructure and development initiatives beyond Bicol. To participate, users can navigate to the GrabRewards catalog in-app and allocate points to HOPE.
+“This classroom serves as the starting line of our shared vision to bridge the educational infrastructure gap in the Philippines. We are dedicated to scaling this initiative, ensuring that our technology continues to translate into tangible structures for communities across the country,” Mr. Roda adds.
++
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]]>“We’re trying to enlist the help of ByteDance, Facebook, all of them because our strategy now is to go directly to the platforms so that it will take down the websites themselves,” SEC Commissioner Rogelio V. Quevedo told reporters on the sidelines of an event.
-He said challenges with SIM-card registration partly led the commission to adopt platform-level measures.
-He noted that, in the past, the SEC relied on cellphones for enforcement. However, because SIM cards could be replaced quickly, a single person or entity could register multiple cards, limiting the measure’s effectiveness.
-“So now, we are going directly [to the platform]. This is an example with TikTok. In the next few days, with Facebook, Viber, and Messenger, we aim to take down the websites themselves,” he said.
-The commission earlier partnered with TikTok to produce #ThinkTwice videos to teach users how to spot scams, verify sources, and protect their finances.
-Mr. Quevedo said the SEC plans to extend this initiative to other platforms by the end of the first quarter.
-“You know it takes time. But hopefully, we can do it with all the other platforms by the end of the first quarter. We started with ByteDance, and we will be using the same scheme,” he said. — Alexandria Grace C. Magno
+PHILIPPINE INFLATION likely eased year on year in December as lower electricity prices may have offset costlier food items during the holiday season.
+In its month-ahead forecast, the Bangko Sentral ng Pilipinas (BSP) said headline inflation likely fell within the 1.2%-2% range in December, slowing from the 2.9% clip seen a year ago.
+At 2% or the upper end of the forecast, inflation may have picked up from 1.5% in November and would be the fastest clip in 10 months or since the 2.1% clip in February. It would likewise mark the first time in 10 months that inflation returned to the central bank’s 2%-4% target.
+At the bottom end of the forecast, inflation likely eased to its slowest pace in five months or since the 0.9% in July.
+“Upward price pressures may come from increased prices of major food items due to the lingering effects of adverse weather and strong holiday demand, as well as higher LPG (liquefied petroleum gas) and gasoline prices,” the central bank said in a statement on Monday.
+This comes despite the Department of Trade and Industry’s imposition of a 60-day price freeze on basic and prime commodities last November, following President Ferdinand R. Marcos, Jr.’s declaration of a state of national calamity.
+The Department of Agriculture also implemented a maximum suggested retail price for pork, onions and carrots starting Dec. 1 and is set to last until the end of January.
+However, the central bank said lower prices of electricity, kerosene and diesel during the month may have offset the inflationary pressures from food prices.
+In December, the Manila Electric Co. (Meralco) reduced electricity rates by P0.3557 per kilowatt-hour (kWh) to P13.1145 per kWh from P13.4702 per kWh in November.
+This is equivalent to a P71 decrease in the monthly electricity bills of households consuming an average of 200 kWh.
+Meanwhile, pump price adjustments in December stood at a net increase of P0.80 per liter for gasoline. On the other hand, it posted a net decrease of P3.80 per liter for diesel and P4.40 per liter for kerosene.
+The Philippine Statistics Authority is set to release the December inflation data on Jan. 6.
+In a separate commentary, Metropolitan Bank & Trust Co. (Metrobank) research officers Maria Kaila Balite and Joaquim Pantanosas said inflation likely settled at 1.4% in December, bringing full-year inflation to an average of 1.6%.
+The bank noted that elevated prices of food such as vegetables, fruits, meat and fish amid increased demand brought inflationary pressures in December.
+“Food inflation continues to exert upward pressure to headline inflation this month, with holiday demand providing a push to prices,” it said. “Elevated oil and electricity prices also add to the weight. Metrobank forecasts headline inflation at 1.4% year on year in December.”
+Meanwhile, the central bank said it will keep monitoring the country’s inflation and economic growth data in deciding its monetary policy.
+“The BSP will continue to monitor domestic and international developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy,” the central bank said.
+At its Dec. 11 meeting, the BSP lowered its policy rate by 25 basis points (bps) to an over three-year low of 4.5% as it continues to see subdued inflation and sluggish growth. It has so far delivered a total of 200 bps in cuts since August 2024.
+As of November, headline inflation averaged 1.6%, matching the central bank’s full-year forecast.
+For 2026, the central bank sees inflation accelerating to 3.2%, before slowing to 3% in 2027.
+Mr. Remolona earlier said that the current easing cycle is nearing its end but still left the door open to a final 25-bp reduction next year depending on economic data.
+The Monetary Board is scheduled to hold six regular policy meetings in 2026, with the first one set on Feb. 19.
]]>Beneath this familiar Christmas greeting lies a demanding idea: God did not address humanity’s deepest failure from a distance. He did not issue instructions from afar or rely on intermediaries alone. He came near. He entered history. He took on flesh. Emmanuel, God with us, was not an abstraction, a slogan, or a policy statement. He was presence made real, authority made visible, and commitment made costly.
-The Gospel of John captures this with stark clarity: “In the beginning was the Word, and the Word was with God, and the Word was God.” The Logos, or word, did not remain theoretical. After four centuries of waiting, God did not send another commandment or reform agenda. He sent Himself. Salvation came not only with truth, but with proximity.
-That choice offers a powerful lens for governance in the Philippines today. If the central failure of humanity required God’s incarnate presence, then persistent national failures —weak institutions, uneven growth, recurring corruption, vulnerability to disasters, and political exclusion — cannot be resolved by plans, budgets, and rhetoric alone. They require a government that is likewise with the people: present in execution, visible in accountability, and credible in leadership.
-WAITING, THEN ACTING
-Before Christ’s coming, Israel endured long periods of conquest, decline, and silence. Institutions weakened. Authority was imposed rather than trusted. Hope narrowed. The people waited.
The waiting ended not with a decree but with action. “The Word became flesh and dwelt among us.” God entered the constraints of human life — time, space, vulnerability. Presence was not symbolic; it was costly.
-Many Filipinos should recognize a familiar waiting today. Economic growth is reported, budgets expand, and reform programs are announced. Yet for millions, progress feels abstract. It is remote. Prices rise faster than wages. Taxes oppress both households and business. Public services fall short. Disasters expose gaps in project design and execution, as well as in preparedness and response. The recurring question is not philosophical but practical: Where is the government when it matters?
-PRESENCE AS A GOVERNING PRINCIPLE
-In contrast, Jesus’ ministry was defined by proximity. He taught where people gathered, healed where suffering was visible, and confronted abuses of authority directly. He did not operate through distant intermediaries. He bore the costs of engagement — misunderstanding, opposition, and the cross.
This offers a direct parallel to governance as we know it in the Philippines. Presence is not sentiment; it is a governing principle. It means policies designed with real conditions in mind, leaders accountable for outcomes, and institutions that do not retreat behind procedure when results fall short.
-In the Philippine context, governance often relies on form rather than substance. Development frameworks are comprehensive, but execution is performative and inconsistent. Laws are passed, but enforcement is uneven. Authority exists, yet responsibility is diffused and denied.
-BUDGETS AS INCARNATION OR ITS ABSENCE
-If Emmanuel is truth embodied, then the budget is where government either becomes real — or remains a ghost. A budget should translate intention into action, priorities into programs, and authority into results.
Yet the national budget increasingly reveals a gap between design and delivery. While the executive proposes the initial expenditure budget, the legislative process introduces extensive dubious insertions that fragment priorities. Projects end up with weak links to agency mandates. Funds are divided into localized items that are politically attractive but administratively difficult to monitor.
-This mirrors a government that speaks but does not dwell, announcing priorities without fully inhabiting their consequences. Implementing agencies are tasked to execute projects they neither planned nor evaluated, blurring accountability when outcomes disappoint. We see these today in the unfolding flood control scandal.
-Unprogrammed appropriations in this country have destroyed the budget process. Intended as contingent spending, they have expanded to levels that effectively create a parallel budget. This weakens fiscal discipline and expands discretion, especially when revenue assumptions prove optimistic. Like authority exercised without presence, spending authority without assured funding or clear safeguards erodes credibility.
-In contrast, an “Emmanuel” approach to budgeting would emphasize clarity of purpose, restraint in discretion, and accountability in execution. It would favor fewer, well-designed programs over many fragmented ones, and outcomes over announcements.
-POLITICAL DYNASTIES AND THE PROBLEM OF DISTANCE
-No discussion of absence and distance in Philippine governance is complete without confronting the role of political dynasties. For decades, power has been concentrated in a narrow set of families that dominate both national and local offices, often across generations.
Dynastic politics creates a form of representation that is formal but hollow. Officials may occupy office continuously, yet governance remains distant because accountability is internalized within families rather than exercised by institutions or voters. Public office becomes an inherited asset rather than a public trust.
-We are familiar with the story that concentration of power weakens competition, discourages merit, and limits the entry of new leadership. It also helps explain why budget distortions persist. Congressional insertions, discretionary allocations, and localized projects often serve to entrench political networks rather than address systemic needs. In the Philippines, the budget has become a tool of political maintenance rather than national transformation.
-In our system, government presence is selective. It is felt during elections, ribbon-cuttings, or moments of patronage — but absent in sustained service delivery, national calamities, institutional reform, and long-term investment. The poor encounter government episodically, not consistently. At various levels, many public servants transact, but they rarely transform.
-Emmanuel represents the opposite logic. God did not send representatives to act in His place while remaining distant. He came Himself. Dynastic politics, by contrast, multiplies intermediaries while insulating the elected from accountability. Philippine dynasties produce continuity without reform.
-AUTHORITY THAT ACCEPTS COST
-After the resurrection, Scripture tells us that Jesus declared that all authority had been given to Him. He then delegated it, sending others to preach, disciple, and baptize. The call is to teach and serve. Authority, in this model, is inseparable from cost and accountability.
This stands in tension with contemporary governance shaped by dynastic protection. Filipino politics dictates authority should expand, but risk is socialized and responsibility diluted. Oversight institutions struggle to penetrate entrenched networks. Audit findings recur — overpricing, delays, weak procurement — yet sanctions are uneven and slow. Worse, as in the flood control anomaly, audit could be compromised.
-The parallel is instructive. Emmanuel did not avoid the cost of engagement. Philippines-style governance avoids cost and inevitably retreats into distance and defensiveness.
-INSTITUTIONS REFLECT COMMITMENT
-Jesus’ parable of the soils offers another parallel. Systems, like hearts, fail when commitment is shallow or divided. Reform collapses when resistance carries no cost and integrity no protection.
Institutions weakened by political accommodation lose their capacity to deliver. Budgets distorted by narrow interests cannot produce inclusive growth. And when enforcement is selective, trust declines, raising the economic cost of compliance, investment, and reform.
-An Emmanuel-centered governance framework demands institutions that are present where rules are tested: procurement, regulation, taxation, and justice. Presence here means consistency, not perfection.
-EMMANUEL AS A TEST OF ECONOMIC LEADERSHIP
-The prophet Isaiah spoke of light breaking into darkness. Apostle Paul described power that chose restraint and service. Emmanuel is not sentiment; it is a standard.
Applied to economic leadership, the test is straightforward. Does government show up where risks are highest and returns politically lowest? Does the budget protect long-term capacity or merely accommodate dynastic bargaining? Do institutions correct failure or normalize it?
-Just as salvation required God’s presence, development requires leadership that resists distortion, disciplines discretion, and accepts accountability. It’s about time that the Filipinos experienced government not through speeches but through stable prices, robust growth, efficient services, more jobs, and institutionalized fairness.
-CHRISTMAS WITHOUT DISTANCE
-Christmas, then, is not about comfort. It is about proximity and responsibility. Emmanuel challenges our leaders to govern without distance — budgets that reflect priorities rather than bargaining power, institutions that enforce rules rather than negotiate them, and political systems that open space for merit, renewal, and accountability.
For Filipinos, the implication is equally direct. Distance, dynastic dominance, impunity, and indifference persist because they are tolerated. The Philippines will therefore be shaped less by ideals than by what they accept as normal.
-Jesus’ promise — “I am with you always” — offers assurance, but it also establishes a standard for public leadership. Isaiah makes the implication explicit: with Emmanuel, “the government shall be upon His shoulder.” Authority, in this vision, is not distant or delegated away. It is borne personally, tested in crisis, and exercised in full view of the people. Presence matters most in times of calamity. Leadership matters when institutions falter and citizens are disillusioned and angry. And integrity matters because the Philippines today is in urgent need of clear, credible moral purpose.
-With Emmanuel, the challenge is not symbolic. Rising to it means building a government that is with the people. It is the difference between policy that exists on paper and governance that works in practice.
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Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.
+CONGRESS on Monday ratified the bicameral conference committee report on the P6.793-trillion national budget for 2026, marking the end of contentious deliberations that unfolded against the backdrop of a multibillion-peso corruption scandal.
+Senator Sherwin T. Gatchalian, who heads the Senate Finance Committee, said next year’s budget is mainly focused on improving education, health, and agriculture.
+“These highlights illustrate our commitment to strengthening the services that carry the most significant impact on the daily lives of our fellow Filipinos — better education for our children, adequate healthcare for those in need, and long-term food security for our communities,” he told plenary before the Senate ratified the report through a voice vote.
+At the same time, the House of Representatives approved the ratification of the 2026 General Appropriations Act (GAA) in under two minutes, also through a voice vote.
+After Congress’ ratification, the GAA will be sent to Malacañang for President Ferdinand R. Marcos, Jr.’s signature.
+Mr. Marcos is expected to sign the 2026 national budget on Jan. 5.
+Mr. Gatchalian said the bicameral panel had also enforced safeguards that would ensure transparency and accountability during budget process.
+“The bicameral conference committee was also very deliberate in ensuring that equal attention was given to protecting the management of public funds — through safeguards that are anchored on transparency and accountability,” he said.
+Reforms include the uploading of budget documents online, the livestreaming of bicameral proceedings, and the involvement of civil society in budget deliberations.
+This year, several transparency initiatives were implemented during budget deliberations, amid public outrage over congressional insertions and opaque allocations in the 2025 national budget.
+Government officials, lawmakers and contractors allegedly colluded to siphon off billions from funds meant for flood control projects.
+During deliberations, the bicameral panel raised funding for the education sector to P1.35 trillion, which Mr. Gatchalian said was equivalent to 4.4% of economic output.
+The budget of the Department of Education was increased by P47.18 billion to P961.32 billion, which would mainly be used for the construction of 34,000 new classrooms.
+Funds would also be used to support the school feeding program with P25.7 billion aimed at covering 180 days and the procurement of textbooks at P19.51 billion.
+“There will be clear and meaningful steps to reduce the shortage of classrooms. Millions of malnourished students will benefit from the School-Based Feeding Program. And we will ensure that every student has their own textbook,” Mr. Gatchalian said.
+The budget of state universities and colleges was also raised by P6.22 billion to P137.9 billion under the 2026 national spending plan.
+Funding under the health sector now stands at P447.6 billion, after lawmakers raised the Department of Health’s budget by P14.68 billion to P297.85 billion.
+The budget of the Philippine Health Insurance Corp. (PhilHealth) was increased by P16.52 billion to P129.78 billion as the additional funds were rechanneled from the Public Works department.
+Mr. Gatchalian said the panel also hiked funding for Zero-Balance Billing program for government hospitals to P1 billion, and expanded the program to include selected local government units.
+The panel had also raised the Agriculture department’s budget by P5.48 billion to P185.77 billion to fund the construction of farm-to-market roads, post-harvest facilities, and support its modernization program.
+“Programs that will help our farmers’ income and our country’s food security, such as credit insurance and direct market access, will now be properly funded,” the senator said.
+The bicameral committee has slashed the Department of Public Works and Highway’s (DPWH) budget by P94.89 billion to P529.595 billion, mainly from the P52.3-billion cut for foreign-assisted projects.
+Unprogrammed allocations are now set at P243.4 billion, close to the P250 billion under the National Expenditure Plan. These include P4.32 billion to support Fiscal Support Arrearages for Comprehensive Automotive Resurgence Strategy Program, and P250 million for the Revitalizing the Automotive Industry for Competitiveness Enhancement Program.
+Unprogrammed appropriations are standby funds for pre-planned government projects or emergency contingencies, which are sourced from revenues or new collections.
+Adolfo Jose A. Montesa, an adviser for the People’s Budget Coalition, said that delays in the bicameral conference could have been avoided if lawmakers had finalized the funding for infrastructure projects before the start of proceedings.
+“The delays could have been avoided if the finalization of the projects of the DPWH, farm-to-market roads, etc. came earlier than the bicam, which it should have,” he said in a Viber message.
+Mr. Montesa said there were improvements in the budget process “but there has been a clear crisis of trust in the budget process, which requires more than just piecemeal or incremental reforms.”
+“Full transparency is necessary, but not sufficient,” he said. “Declaring that the budget is ‘corruption-proof’ or ‘pork-free’ should be up to the people, not the politicians.”
+John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said that delays in the budget proceedings indicated a week institutional capacity and coordination.
+“Compared with 2025, the budget process showed greater emphasis on transparency, but the persistence of delays suggests that institutional capacity and coordination still lags,” he said in a Viber message.
+He said that transparency measures must translate into timely approval and faster execution that should support growth.
+“A reenacted budget in the first week of 2026 would have limited but noticeable short-term effects. Day-to-day government operations continue, but new projects, capital outlays, and program expansions are delayed, which can soften economic momentum early in the year especially for infrastructure, procurement, and employment linked to public spending,” Mr. Rivera said.
+“Growth may see a temporary drag in Q1 as agencies wait for authority to release new funds. This can be recovered later if catch-up spending is executed well,” he added.
]]>House Bill No. 6954 proposes lowering the mandatory retirement age to 60 from the current 65. It also seeks to reduce the optional retirement age for government employees to 55, provided they have rendered at least 15 years of service.
-“This reduction offers a structural solution to help alleviate the country’s persistent labor market challenges by encouraging the retirement of older workers,” Camarines Norte Rep. Nelson S. Legacion, who filed the bill on Dec. 17, said in the measure’s explanatory note. “A substantial number of vacancies will be created for younger job seekers.”
-The proposal comes as labor market conditions softened in recent months. The number of unemployed Filipinos rose by about 570,000 to 2.54 million in October from a year earlier, pushing the unemployment rate to 5% from 3.8% in September and 3.9% a year earlier.
-Underemployment, which refers to workers seeking additional hours or better-paying jobs, eased to 12% in October from 12.6% a year earlier, but increased from 11.1% in September.
-“Lowering the mandatory retirement age will directly open more positions, which is projected to boost economic activity,” Mr. Legacion said, adding that the entry of younger workers would help both government agencies and private companies adopt new technologies and improve workplace efficiency.
-The bill also directs the Government Service Insurance System (GSIS) and the Social Security System (SSS) to conduct actuarial studies to assess the impact of an earlier retirement age on the sustainability of their funds.
-“A lowered retirement age can reduce the fund’s life due to shortened contribution periods and prolonged payout periods,” Mr. Legacion said. “There must be actuarially sound principles to protect the long-term viability of the Social Insurance Fund.”
-Under existing laws, retirees may stop paying contributions and begin receiving monthly pensions, with benefits sourced from the SSS for private-sector workers and the GSIS for government employees.
-The measure also highlights the social benefits of earlier retirement, allowing retirees to enjoy life while they are still physically fit.
-“Earlier retirement provides the precious time and opportunity for retirees to engage in activities long deferred: traveling, spending quality time with families… or simply enjoying much-needed rest and relaxation,” Mr. Legacion said. — Kenneth Christiane L. Basilio
+PHILIPPINE financial markets closed lower on the last trading day of 2025 — a year that saw new record lows for the Philippine peso and an over-five-year low for the stock market amid a corruption scandal that hurt investor sentiment.
+The peso on Monday closed at P58.79 per dollar, depreciating by eight centavos from its P58.71 finish on Friday.
+Year to date, it weakened by 94.5 centavos or by 1.61% from its P57.845 close on Dec. 27, 2024.
+“The peso ended the year on a weaker stance as the latest third-quarter US GDP (gross domestic product) growth figures showed the robust performance of the US economy, providing boost for the greenback,” a trader said in a Viber message.
+Another trader said in a text message that the peso was one of the weaker performing currencies among the region this year.
+“Narrow interest differential vs. the USD, lackluster equities market, gloomy outlook due to corruption scandal all contributed to peso weakness,” the trader said.
+The Philippine Stock Exchange index (PSEi) closed at 6,052.92 on Monday, 7.3% lower than the 6,528.79 close on Dec. 27, 2024.
+“The PSEi’s decline this year is not just about numbers — it’s about trust and confidence. The corruption scandal, the deteriorating peso and the disappointing GDP performance for the third quarter have clouded our economy’s outlook and triggered persistent selling by foreign investors in the market this year,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement.
+Mr. Monzon said there are “a lot of positives” to look forward to in 2026, as corporates continue to post earnings growth and more listings are expected.
+“If our government succeeds in its drive to hold the corrupt accountable and institute real and lasting improvements in transparency and governance, our market should be one of the best-performing markets in the region next year,” he said.
+China Bank Capital Corp. Managing Director Juan Paolo E. Colet said there was “too much uncertainty and disruption” that weighed on the local stock market this year.
+“For many local equity investors, 2025 is perhaps the most disappointing year since the pandemic crash of 2020,” he said.
+He cited US President Donald J. Trump’s tariff policies, the Philippine midterm elections in May and the flood control scandal as factors that affected stock market activity.
+Mr. Colet noted the PSEi had underperformed most analysts’ initial base case targets.
+“When we started the year, I don’t think a lot of us expected a massive corruption scandal to shake our stock market,” he added.
+On Nov. 14, the PSEi plunged to 5,584.35, its weakest close in nearly five and a half years or since the 5,570.22 close on May 28, 2020. Investor confidence further fell after GDP grew by 4% in the third quarter — the slowest in more than four years. This brought the nine-month average to 5%, below the 5.5-6.5% GDP growth target for this year.
+“It has been a bearish year for the local market, reflecting the drop in investors’ confidence towards the local economy amid its growth slowdown and dimmed outlook,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message on Monday.
+He said net value turnover averaged P5.91 billion per day in 2025, an improvement from P5.15 billion in 2024.
+According to Mr. Tantiango, foreigners were net sellers in the local stock market with net outflows reaching P47.13 billion this year, 86.6% up from P25.25-billion net outflows in 2024.
+“Well, a lot has certainly happened this year, some of which already started at the end of 2024 from President Trump’s policies, trade uncertainties, and we got macro-shock from lower growth levels, FX (foreign exchange) volatility, monetary policy guidance, and some may attribute geopolitical scandals that weighed on the market,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message last Tuesday.
+Mr. Tantiangco said the local bourse also ranked among the worst performing markets in East and Southeast Asia this year.
+AP Securities, Inc. Equity Research Analyst Shawn Ray R. Atienza said that even with solid corporate earnings, the PSEi still lagged due to corruption concerns, trade uncertainties, and weak spending dragging growth and triggering foreign fund outflows.
+“Most investors toggled defensive mode on and shelled the entire year, leading to utilities and mining sector thriving and even breaching new highs. While most sector counters dove beneath the red seas as various headwinds affected toplines and eroded margins due to dampened demand, weather disruptions, and volatile commodity prices,” Mr. Atienza said in a Viber message last Monday.
+PESO OUTLOOK
+The peso was led by the dollar movement throughout 2025, Oikonomia Advisory and Research, Inc. Economist Reinielle Matt M. Erece said in a Viber message.
He said the local unit earlier in the year was dragged by the dollar’s appreciation due to hawkish expectations on the US Federal Reserve as Mr. Trump’s shifting tariff policies caused market jitters.
+However, the peso further declined near the end of the year amid the dollar’s recovery and the corruption mess.
+“The flood control corruption scandal has soured investor sentiment, causing capital outflows. The flight from Philippine assets caused the Philippine peso’s attractiveness to slip. While strong overseas Filipino worker remittances offset some of the slippage in USD-PHP exchange rates, it failed to reverse the impact of the corruption issue,” Mr. Erece said.
+The peso fell to a new all-time low of P59.22 per dollar on Dec. 9.
+“Hitting new lows hurts confidence at the margin, especially for foreign investors, but it is not panic-inducing on its own. What matters more is whether weakness becomes persistent and inflationary. So far, the impact has been contained, but expectations of further slippage can keep positioning cautious,” Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said in a Viber message.
+Mr. Erece said the peso hitting P60-per-dollar levels is a low possibility as it is expected to rebound in 2026, driven by managed inflation, strong business environment, and strong consumer demand.
+“If political issues are addressed deliberately and productively, it can definitely help in restoring confidence in the country. Strong capital inflows will result in more demand for Philippine pesos, which can cause the PHP to appreciate.”
+Mr. Erece added that economic managers could use the peso’s current weakness and implement strong industrial policies that encourage the selling of high-value goods to foreign countries.
+“Strong industrial policy results in higher earnings from foreign countries through trade, which then results in faster economic growth,” he said.
+Meanwhile, eManagement for Business and Marketing Services Managing Director Jonathan L. Ravelas said the peso could trade as low as P61 per dollar early next year due to pressure from global uncertainty and Fed rate cuts
+“Expect it to trade in the P58- to P61-per-dollar range, with volatility tied to tariff, oil and geopolitical risks,” he said in a Viber message.
+“For policy rates, the BSP will keep a cautious stance — maybe one or two cuts in the first half of the year as inflation stays tame. Peso performance matters, but it’s not the sole driver; inflation and growth risks weigh heavier. BSP’s top priority is price stability, not defending a level,” he added.
+At its Dec. 11 meeting, the BSP lowered its benchmark rates by 25 bps to bring the policy rate to 4.5%, the lowest level in more than three years.
+BSP Governor Eli M. Remolona, Jr. has said that the central bank has room for one more 25-bp cut next year as economic recovery will take longer than expected.
+Its first policy meeting for 2026 is scheduled for Feb. 19.
+“The (Philippine peso) will be driven by Fed-BSP policy differentials, capital flows, trade balance and remittances, and domestic confidence tied to fiscal execution and governance,” Mr. Rivera said.
+The peso is also sensitive to external shocks and oil price movements, he added.
+“Yes, (peso) can recover if inflation stays anchored, the Fed eases, and investment inflows improve, the PHP can recover modestly toward the high P58-P59 range. A stronger rebound would require clearer policy signals and faster growth momentum,” Mr. Rivera said.
+For the first week of 2026, the trader expects the peso to move from P58.60 to P59 per dollar. — with AGCM
]]>AI refers to technology designed to perform tasks that normally require human intelligence: learning, recognizing patterns, analyzing data, solving problems, and generating responses. It can work at a speed and scale far beyond human capability. But boards must remember this essential truth: AI is powerful, but it is not magical. It does not “think” or “reason” like humans. It has no ethics or values at all. Its output is only as good as the data it receives. Hence, garbage data, garbage output. Regular testing, validation, and strong data governance are critical.
-AI is no longer just an operational tool. It affects every part of a business — its people, customers, growth, and risks. Thus, boards must approach AI as a strategic force where key areas of impact are:
-1. Workforce engagement – AI handles repetitive tasks, allowing employees to focus on higher-value work — improving morale, innovation, and productivity.
-2. Customer trust – AI enables more personalized products and services. When implemented responsibly, it strengthens data protection and enhances reputation.
-3. Business growth – AI identifies new revenue opportunities, improves efficiency, and sharpens competitiveness — especially in banking where speed, accuracy, and risk detection are critical.
-4. Risk and compliance – AI enhances fraud monitoring, regulatory reporting, and overall risk governance.
-Boards must shift from passive oversight to active stewardship by guiding data governance, talent and reskilling, responsible AI innovation, and long-term AI strategy. AI with human judgment is a necessary partnership, as AI cannot replace human values, empathy, or ethics. A machine has no moral compass. It responds based on patterns, not principles. Therefore, responsibility always stays with people.
-Boards must ensure the organization champions ethical AI, with four pillars, namely, fairness (avoid bias across all demographics), accountability (humans, not machines, must be responsible for outcomes), transparency (AI decision-making should be clear and explainable), and privacy (protect data, collect only what’s necessary, and secure sensitive information). To lead effectively in the AI era, boards must shift from simply monitoring risks to actively shaping strategy. Leaders must understand that AI is reshaping global banking and governance. AI is a strategic driver, not a simple tech upgrade. AI should be central to business growth. AI offers major opportunities alongside significant risks, so businesses enable innovation with ethics and trust. Boards must support workforce reskilling. What capabilities and competencies must the workforce have to remain relevant and viable? Boards must provide strong oversight and clear accountability.
-What can AI bring to banking? Its potential is extensive: hyper-personalized customer experiences, faster and smarter decision-making, better risk detection and prevention, automation of both front- and back-office work, and more accurate credit scoring and customer insights. At the Nov. 12 “Agentic AI Unmasked” event presented by John Clements Consultants led by Carol Dominguez, ING Country Manager Jun Palanca shared ING’s GenAI program, discussing where the technology has the biggest potential to transform business processes and bring superior value to customers.
-Examples are personalization of offers and marketing campaigns the automation and acceleration of Know-Your-Customer processes, and anti-money laundering operations. Jun said GenAI is also used for data extraction and improvement of early warning indicators for lending risk, among others.
-“The best banks don’t just use AI — they build culture, guardrails, and governance around it. Those who succeed will be the ones who master both algorithms and accountability” said Roger.
-AI is here and is transforming. Boards must understand, guide, embrace and actually govern it. Board leaders must ask the right questions, set responsible but ambitious AI directions, and ensure the organization delivers AI-powered, human-centered growth. Companies, especially banks with strong and ood data discipline, risk culture and accountability, can take advantage, while failure may be accelerated in weakly-governed institutions. The board’s role is to set boundries, assign repsonsibility and fund capability building. The future belongs to institutions that combine technology with wisdom, ensuring that AI serves people and not the other way around.
-Merry Christmas and Happy New Year! Let us remember the reason for the season: the one up above born to be our SAVIOR!
-The views expressed herein are her own and do not necessarily reflect the opinion of her office as well as FINEX.
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Flor G. Tarriela is a banking professional. Formerly chairman of PNB and currently a board advisor to PNB and LTG. She is a director in Nickel Asia and Finex Foundation. She is also a gardener/environmentalist.
+Vista Land made an initial drawdown of P7.22 billion at a fixed interest rate of 7.8947% per annum, it said in a stock exchange disclosure on Monday.
+“The proceeds of the corporate notes facility will be used to refinance existing or maturing obligations of the group and for the other general corporate purposes,” Vista Land said.
+The company entered into the corporate notes facility agreement with China Bank Capital Corp. as the sole arranger and bookrunner.
+China Banking Corp., through its Trust and Asset Management Group, serves as the facility and paying agent, notes registrar, and security trustee.
+Vista Land’s subsidiaries — Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and Vistamalls, Inc. — act as guarantors for the facility.
+In a statement last week, Vista Land said it had settled P3.5 billion worth of retail bonds using proceeds from advances provided by its majority shareholders.
+The company reported a 4% increase in nine-month net income to P9.5 billion, while rental income for the period rose by 3% to P12.8 billion.
+Separately, Villar Land Holdings Corp. announced the election of Manuel B. Villar, Jr. as chairman of the board; Cynthia J. Javarez as president; Estrellita S. Tan as chief financial officer, chief information officer, and investor relations officer; Gemma M. Santos as corporate secretary; Ma. Nalen S.J. Rosero as assistant corporate secretary; and Kate D. Cator as compliance officer.
+Ma. Luisa B. Villacorta and Marilou O. Adea were elected as independent directors, replacing Ana Marie V. Pagsibigan and Garth F. Castañeda, who reached the maximum term limit set by the Securities and Exchange Commission.
+Villar Land, formerly Golden MV Holdings, Inc., posted a net income of P1.423 billion in 2024, slightly higher than the P1.416 billion recorded a year earlier.
+At the local bourse on Monday, Vista Land shares rose by 11.83% or 11 centavos to close at P1.04 apiece, while Villar Land shares ended unchanged at P1,000 each. — Beatriz Marie D. Cruz
]]>In an order dated Dec. 22, the SEC’s Enforcement and Investor Protection Department (EIPD) said it canceled the company’s registration for violating Section 44 of Republic Act No. 11232, or the Revised Corporation Code (RCC), in relation to Sections 8.1, 26, and 28.1 of the Securities Regulation Code (SRC) and Section 6(i), paragraph 2 of Presidential Decree No. 902-A.
-The RCC bars corporations from exercising powers beyond those set in their articles of incorporation (AoI).
-The SEC also imposed a P1-million fine on the company for offering securities to the public without securing the necessary registration or license.
-Seek Explore Sports Association, registered in November 2024, declared in its AoI that its primary purpose was to implement activities to improve community health, education, and productivity, facilitate contributions for association development and societal benefit, promote livelihood programs for elders, and conduct outreach programs in the community.
-However, the SEC said its investigation found that the company had offered the sale of securities despite a clause in its AoI stating that its certificate does not authorize investment solicitation or investment-taking without a secondary license from the Commission.
-“Despite its lack of authority, Seek Explore Sports Association Inc./Seek Explore Sports Business Association/Se Sports/Seek Explore Ltd./Se Sports Philippines And Sports Business Association enticed the public to invest in its supposed schemes which has the characteristics of a Ponzi Scheme where returns to early investors are likely to be paid out from the investments of new investors and not out of the corporation’s profits, with promise of ridiculous rates of return with little or no risk similar to those already flagged by the Commission as scams,” the order read.
-According to the SEC, Seek Explore Sports Association promoted schemes promising high returns on unregistered “investment contracts,” taking investments from P500 up to P140,000 with claims that these could reach about P1.79 million in 150 days depending on the plan chosen by the investor.
-“Furthermore, an investor can also earn up to 17% commission and up to 200 points,” it added.
-The SEC found that the schemes of Seek Explore Sports Association and its related entities met all the elements of an investment contract: members of the public invested money, funds were pooled in a common profit-making enterprise, investors were promised earnings, and those profits were to come mainly from the efforts of others, with investors not involved in management and earning only by investing.
-The SEC issued an advisory against Seek Explore Sports earlier this month, warning the public about the company’s unauthorized solicitation of investments. — Alexandria Grace C. Magno
+WITH 2025 drawing to a close, Metro Manila is set to mount large New Year’s Eve celebrations. Here is a list of countdown events to choose from for a joyful start to the year ahead, ranging from community-based festivities to giant concerts, DJ-led parties, and festive hotel shindigs.
+QUEZON CITY’S COUNTDOWN TO 2026
+Quezon City is set to rock the New Year’s Eve Countdown at the Quezon Memorial Circle, featuring some of the country’s most iconic bands and artists. Kicking off at 4 p.m. on Dec. 31, the event organizers promise a night filled with music, entertainment, and celebration.
The musical lineup includes Kamikazee, Mayonnaise, Soapdish, The Itchyworms, Lola Amour, Gloc-9, Angeline Quinto, Streetboys, Reese Lansangan, Dilaw, and Mike Levet. The concert will be hosted by Allan K, Pokwang, Super Tekla, Donita Nose, Uma Rojo, and Camil.
+This plastic-free celebration encourages attendees to bring their own tumblers to stay hydrated. Admission is free.
+MAKATI GOES FULL COLOR
+Ely Buendia and Cup of Joe are just some of the many performers in Makati’s New Year’s countdown, titled Makati in Full Color. Aside from the two popular rock acts, the other countdown headliners include acclaimed singer Morissette, hit musician Juan Karlos, singing competition star Sofronio Vasquez III, drag queen trio the Divine Divas, and select cast members from Theater Group Asia’s A Chorus Line.
The celebration will be held at Ayala Avenue starting at 6 p.m. Admission is free but tickets will be sold for VIP seats (with a dedicated lounge, buffet dinner, and prime viewing spots), available via TicketWorld.
+As the clock strikes midnight, there will be a spectacular fireworks display accompanied by a Filipino version of Times Square’s ball drop. Guests are then invited to keep the energy going at a street party with beats by DJ Cupcakes and an after party with music by The Studio Dance Club at the Ayala Triangle Gardens.
+SB19 HEADLINES COUNTDOWN AT BGC
+For a P-Pop takeover, head to Bonifacio Global City’s (BGC) NYE at the 5th in Taguig City on Dec. 31, starting at 7 p.m. The event will be headlined by P-pop boy group SB19. It will also feature performances from OPM acts Apl.de.Ap, Parokya ni Edgar, Jay R, Dionela, and G22, among others.
Aside from the concert at 5th Avenue itself, there will be satellite live streams along the stretch of Bonifacio High Street, including family and senior-friendly viewing areas.
+FIREWORKS at BRIDGETOWNE
+Over at Pasig City, Bridgetowne Estate’s Where We Shine As One countdown promises an unforgettable New Year’s Eve celebration on Dec. 31, starting at 7 p.m., with performances by Bamboo, Hey June, Rob Deniel, Angela Ken, Imago, and DJ Jimmy Rocon.
There will also be a fireworks display, a light display at The Victor statue, and a drone show above the Bridgetowne skyline. The event — admission is free — will be hosted by Macoy Dubs and MJ Lastimosa.
+EASTWOOD’S STAR DROP, FIREWORKS
+Eastwood City in Quezon City will hold a New Year Countdown to 2026 featuring live music, star-studded performances, and other festivities starting at 8 p.m. at the Eastwood Mall Open Park. Join Rico Blanco, Klarisse de Guzman, Maki, Ena Mori, and KAIA as they welcome the New Year with the dazzling Star Drop and a grand fireworks display at midnight.
KAPUSO STARS AT MOA’S COUNTDOWN
+Stars like Julie Anne San Jose, Rayver Cruz, Christian Bautista, and Rocco Nacino will take the stage at the Kapuso Countdown to 2026 on Dec. 31 at the Mall of Asia (MOA) Seaside Boulevard in Pasay City. Joining the festivities are former housemates from the two recent hit editions of Pinoy Big Brother: Celebrity Collab Edition: Will Ashley, AZ Martinez, Charlie Fleming, Vince Maristela, Marco Masa, Eliza Borromeo, Waynona Collings, and Lee Victor.
Gates open at 6 p.m. for the lantern parade and pre-show featuring international singer Bonnie Bailey. The show itself kicks off at 8:30 p.m., with the live broadcast on GMA and Kapuso Stream starting at 10:30 p.m.
+TOP STARS AT SOLAIRE
+Celebrate in grand style at Solaire Resort Entertainment City’s Symphony of the Stars, where a special New Year’s Eve awaits featuring world-renowned Broadway legend Lea Salonga and OPM icon Raymond Lauchengco, under the musical direction of Gerard Salonga.
The evening begins with handcrafted cocktails at 7:30 p.m., followed by a dinner buffet at 8 p.m. The celebration continues at 10 p.m. in the Grand Ballroom. Secure a spot at sec.solaireresort.com/symphony-of-the-stars. For reservations and more information, call 8888-8888 or e-mail restaurantevents@solaireresort.com.
+MUSIC ICONS AT SOLAIRE RESORT NORTH
+International theater performer Rachelle Ann Go, balladeer Martin Nievera, and singer-actress Sharon Cuneta are headlining A Night of Icons, a concert that has Louie Ocampo and Marvin Querido at the helm, at the Grand Ballroom of Solaire Resort North in Quezon City.
The event promises a night of stellar performances, free-flowing drinks, and a party atmosphere starting at 8 p.m. on Dec. 31. Tickets are available at ticketworld.com.ph.
+OKADA’s STAR-STUDDED COUNTDOWN
+Okada Manila will welcome 2025 with a grand New Year’s Eve celebration featuring top artists like Gary Valenciano, Yeng Constantino, Randy Santiago, Regine Tolentino, Tom Taus, DJ Pretty Dragon, and DJ Sofia Miguel. The Countdown Concert at Cove Manila is ticketed. For those looking to join the celebration for free, there will be live entertainment and a fireworks display at The Fountain, along with a fireworks display at The Garden, which are open to all guests.
To get tickets, visit SM Tickets (okdmnl.ph/StepRightUp2026SMTickets), Ticketnet (okdmnl.ph/StepRightUp2026Ticketnet), or Ticket2Me (okdmnl.ph/StepRightUp2026Ticket2ME).
+AN ELEGANT COUNTDOWN AT THE PEN
+As the year draws to a close, The Peninsula Manila extends an invitation to mark the arrival of 2026 with world-class dining and celebrations. The Lobby will host a New Year’s Eve dinner and ball with the theme of 1976 Disco for its “Disco Chic New Year’s Eve Gala Ball.” Tickets are priced at P17,888 for adults and P8,888 for children under 12.
For inquiries and restaurant reservations, call 8887-2888, extension 6694. Or visit the official hotel website at peninsula.com/manila/special-offers for more details.
+DIAMOND HOTEL RINGS IN 2026
+The Diamond Hotel Philippines invites guests to celebrate the arrival of 2026 with their New Year’s Eve Countdown Party to 2026 at the Upper Lobby. It will feature live performances by Project M and High School Playlist. Guests may first enjoy a dinner buffet during the first seating from 5:30 to 7:30 p.m. at P4,050 per person, inclusive of one round of juice. The second seating from 8 p.m. onwards is priced at P4,480 per person with one round of red or white wine.
At the hotel’s Bar27, guests can indulge in a four-course set menu priced at P2,750 per person, complemented by live performances from the Wolfe Band. The New Year’s Countdown Buffet at the second floor mezzanine starts at 8 p.m., with balcony seating available at P3,680 per person and function room seating at P3,250 per person. For reservations, call 8528-3000 or e-mail restaurant_rsvn@diamondhotel.com.
+PARTIES AT NEWPORT WORLD RESORTS
+As 2025 draws to a close, the Newport World Resorts sets the stage for an unforgettable New Year celebration, with countdown parties and lavish spreads in its various hotels and restaurants.
The Marriott Grand Ballroom will be the venue for The Grand Countdown to 2026 from 7:30 p.m. There will be performances by Jessica Sanchez, Sarah Geronimo, Bamboo, Matteo Guidicelli, Cup of Joe, Amiel Sol, Earl Agustin, Janine Teñoso, GAT, and RAYA, with Billy Crawford hosting the festivities. Limited tickets are available across several tiers, ranging from SVIP (P25,000) to Bronze (P15,000).
+The Hilton Manila will host ICONIQ 2026, a poolside countdown party priced at P5,000 net from 8:30 p.m. onwards. To be held at the Vega Pool, the fully outdoor, open-air venue will have illuminated cabanas and immersive lighting for a party under the stars. It includes food stations featuring global street flavors and crowd-favorite dishes, along with selected beverages. Alternating performances by Tirso Cruz IV and The TAC 4 Band and DJ Renee will keep the party going up to 1 a.m.
+Dance the night away ‘til the year ends at Marriott Manila’s So Bright We Gotta Party! Countdown to 2026 at The Greatroom. DJs take the deck from 7 p.m. onwards starting with DJ Rocelle, the Retro Rewind Band, and DJ Yuuna.
+Celebrate at the SORA Rooftop of Hotel Okura Manila with live music, a DJ, and a buffet meal. The celebration starts at 9:30 p.m. Finally, there will be raffle prizes, DJ sets, and a performance by the Amigo Band at Sheraton Hotel Manila’s Shining Soirée 2026 at the Sheraton Ballroom from 8 p.m. to 1 a.m., priced at P5,500 net per person, inclusive of raffle entries for dining experiences, spa treatments, and overnight stays. — Brontë H. Lacsamana
]]>WE’RE ONCE AGAIN approaching the annual resetting of the Doomsday Clock. Last January, the Science and Security Board of the Bulletin of Atomic Scientists, a group of very smart people, moved the hands of their metaphorical clock to 89 seconds to midnight, where midnight represents doomsday, apocalypse, Armageddon, extinction, or whatever you want to call it.
-It’s 89 seconds! That’s the closest to midnight the clock has ever stood. What will the board, looking back at 2025, say on Jan. 27, 2026?
-You can dismiss this timepiece trope as a gimmick, but you’d do so at your own intellectual risk. The Bulletin and its clock started with Albert Einstein, Robert Oppenheimer and the other scientists who were genius enough to invent nuclear weapons and wise enough to regret their invention. To prod citizens and leaders into changing course, they came up with this metaphor of an existential countdown. At the outset, in 1947, they set the hands at 7 minutes to midnight.
-It would take decades for the board to start factoring in climate change, biotechnology and pandemics, artificial intelligence and disinformation, and all the other dangers that today, underneath and beyond the headlines, menace our species in ways that we barely understand. The new and salient worry at the time was of course the use of fission to destroy entire cities (two were already in ashes), and potentially whole civilizations.
-And so the clock began filtering world events, like a scientific fan that winnows substance from trivia. In 1949, after the Soviets joined the US as a nuclear power, the hands moved to 3 minutes. In 1953 they stood at 2, after tests of the first thermonuclear bomb (in which a Hiroshima-style fission blast is “merely” the trigger for a vastly larger fusion burst, in effect a sun burning on earth).
-Humanity seemed to keep hurtling toward midnight, with more countries getting nukes, and even more pursuing them. In 1962, the world came close to atomic holocaust during the Cuban Missile Crisis.
-That gaze into the abyss, though, had a positive effect: It stirred world leaders into action. During the 1960s, the Partial Test Ban Treaty ended most nuclear testing above ground. Almost all countries adopted the Nuclear Non-Proliferation Treaty, under which nations without nukes pledged never to make them, and the five “legitimate” nuclear powers promised to start disarming. In the early 1970s, the US and the Soviet Union inked the first bilateral treaties to limit their two-way arms race. Between 1963 and 1972, the clock’s hands moved between 12 and 10 minutes to midnight — not great, but better.
-But world affairs went in the wrong direction again. India got the bomb, and Pakistan would later follow suit. The two superpowers, far from disarming as the NPT obliged them to do, kept upgrading their arsenals, with demonic innovations such as MIRVs (multiple independently targetable reentry vehicles). Detente gave way to confrontation, and by 1984, the clock stood at 3 minutes.
-Then the Cold War began thawing. In 1988, the clock went back to 6 minutes, after the US and the Soviet Union signed the first treaty ever to ban an entire category of nuclear weapons (those mounted on intermediate-range missiles). In 1990, it hit 10 minutes, after the Berlin Wall crumbled, and with it the Iron Curtain.
-In 1991, the clock touched 17 minutes, the farthest from midnight it has ever been. Intellectuals celebrated the “end of history” and the apparent dawn of pacific and liberal democracy for all humanity. At long last, the superpowers junked thousands of their nukes, as they had implicitly promised in the NPT. And they stopped all explosive testing of nukes, even underground.
-The era of good feelings didn’t last long, though. By the late 1990s, both India and Pakistan tested fission bombs. The terrorist attacks of Sept. 11, 2001, caused anxiety that “loose nukes” might fall into the hands of non-state actors with nothing to lose. North Korea tested its first warhead, becoming the ninth nuclear power.
-And climate change joined the board’s, and world’s, worry list. It threatens catastrophe first gradually, then suddenly: by damaging ecosystems; causing floods, storms and droughts (and thus famines); and seeding more pestilence, as species come into contact with new organisms and the thawing permafrost burps out pathogens frozen for millennia. By 2007, the clock was at 5 minutes to midnight; in 2015 at 3.
-In 2020, during the first administration of Donald Trump and a pandemic, the board switched to quoting the time in seconds: 100 to midnight. It identified yet another threat in the form of “cyber-enabled information warfare.” Memes, disinformation and conspiracy theories now spread like viruses, confusing, distracting and polarizing societies and making them “unable to respond” to the existential challenges posed by nukes and the climate.
-In 2023, the clock moved to 90 seconds to midnight, after Russian President Vladimir Putin invaded Ukraine and broke the ultimate taboo of the nuclear age by threatening to use nukes.
-And this year, it ticked forward another second. Trump was not the reason — he had been inaugurated only a week before the announcement. It was instead the urgency of all the existing threats, and the specter of hidden feedback loops and possible “cascades” associated with our emerging “polycrisis.”
-And now, one year on? It seems to me that every threat the Bulletin described in 2025 has gotten more dire.
-Nuclear risk, which was relatively easy to comprehend during the Cold War, is now diffuse. The last arms-control treaty between the US and Russia expires in February, and both countries are “modernizing” their arsenals, with new warheads, bombers, missiles and submarines.
-China is adding to its stockpile to catch up with the big two. North Korea is arming; Pakistan and India are always close to fighting, and sometimes at it. Worse yet, artificial intelligence threatens to make many kinds of weapons “autonomous” and shrink decision times in a nuclear crisis to minutes — the insanity of the resulting psychological stresses has even made it to Hollywood.
-Trump has probably made one part of the problem better, if only temporarily: He bombed Iran’s nuclear facilities, setting back its efforts to build a bomb. But he has also increased the risk of general proliferation (and of the NPT’s slow death), by disdaining America’s traditional allies and making them doubt the US “nuclear umbrella” that allegedly protects them. From Europe to Asia and the Middle East, more countries are now considering going nuclear, just as experts are advising them.
-Trump also appears close to breaking another nuclear taboo, the moratorium on explosive testing. If the US were to detonate nukes again, China, Russia and other countries would follow suit. And all major nuclear powers are designing new, more maneuverable and faster missiles to deliver death on earth, while looking to outer space as the next domain of warfare.
-Meanwhile, greenhouse gas emissions keep increasing and the weather is getting more destructive. And yet America, the world largest emitter historically and the second largest (after China) currently, has officially lost interest.
-As the new National Security Strategy puts it, “We reject the disastrous ‘climate change’ and ‘Net Zero’ ideologies.” The Trump administration boycotted the 30th climate conference of the United Nations in 2025 and will formally exit the Paris Agreement, a treaty to control global warming, on Jan. 27, 2026 — the very day when the Doomsday Clock will be reset.
-Also in January, the US will formally quit the World Health Organization, whose role is in part to look out for, and save us from the next pandemic. At home, Trump has put antivaxxers and quacks in charge of public health. That segues to the other threat the Bulletin worried about last time: misinformation and disinformation. They are “potent threat multipliers,” John Mecklin, the editor, wrote, because they “blur the line between truth and falsehood.”
-Since he said that, the blurring seems to have made us all but blind. The board will make its own decision about the clock. If you ask me, it feels like one minute to midnight — or less.
-BLOOMBERG OPINION
+“We expect a stable start to 2026, supported by strong 2025 results,” LANDBANK President and Chief Executive Officer (CEO)Lynette V. Ortiz told BusinessWorld in a text message on Dec. 24.
+“We aim to sustain profitability, which we’ve demonstrated through the years while ensuring we continue to have strong risk management controls and capital buffers that can withstand emerging risks.”
+Asked about the impact of a possible delay in government contractors’ loan repayments amid a graft scandal involving these entities, Ms. Ortiz said: “We maintain confidence in our loan portfolio’s quality, backed by strong risk controls. However, we are monitoring developments closely and will be proactive in managing risks.”
+The bank’s net income surged by 41.79% to P35.64 billion in the nine months ended September from P25.14 billion in the same period last year.
+LANDBANK’s net loans stood at P1.22 trillion, up by 4.87% from P1.16 trillion the previous year. Meanwhile, gross loans reached P1.7 trillion at end-September.
+Its loan loss provisions decreased by 46.17% year on year to P7.56 billion in the period.
+A wide-ranging scandal linking officials of the Public Works department, lawmakers, and private contractors to corruption in allegedly anomalous flood control projects has resulted in increased scrutiny of state-run banks’ transactions with these entities.
+Development Bank of the Philippines President and CEO Michael O. de Jesus said this month that they expect their net income to decline by P1 billion to P2 billion this year due to higher provisioning as the corruption scandal has affected repayments by contractors.
+LANDBANK said in September that its handling of government transactions and accounts related to the anomalous infrastructure projects were within Philippine banking laws, adding that the funds it that went through the financial institution were legitimate government disbursements.
+Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said state-run banks could see a slight uptick in their nonperforming loans as the corruption mess is expected to continue stalling government projects and affecting the overall economy, which could affect their lending.
+“They’re already setting aside P1-2 billion in provisions, which will trim net income but keep risks contained,” he said.
+“The real watchpoint is how fast government spending normalizes — because prolonged delays could tighten lending, especially for MSMEs (micro, small, and medium enterprises).”
+Meanwhile, Ms. Ortiz said they are still finalizing their planned sustainability bond issuance, which the bank earlier said could happen by next quarter.
+“We are carefully assessing market conditions to ensure timing aligns with investor confidence.”
+She earlier said the bank is eyeing to raise over P20 billion from a sustainability bond offering. The papers will be branded as “Asenso bonds” and are expected to have a tenor between one and five years, and could also be issued in multiple tranches. — Aubrey Rose A. Inosante
]]>Contrary to the belief of your HR manager, there’s no assurance that having a “strong” community relations could prevent workers from organizing a union. Besides, that statement coming from an HR manager crosses into union avoidance and therefore, an illegal strategy.
-But then, how strong is “strong,” exactly? Do you have an attractive scholarship for deserving college students? Do you have a medical mission for the residents or a feeding program for its malnourished children?
-How about funding a self-managed cooperative to augment the income of the workers’ families? Does the program include the construction of a basketball court or the repainting of the barangay hall? The list is endless.
-On paper, those interventions could help organizations be endeared to the residents but not enough to prevent unions from coming in. At its best, your program could only merit regular standing ovation from barangay officials, the parish priest, and grateful residents, but not to labor officials.
-The hard truth is that those “strong” interventions may not be enough. They can’t be used to solve the issues of an unhappy workforce that may even think that hiring locals is best suited to solve their commuting woes and ensure the success of the perfect attendance award.
-Indeed, a community relations program is good public relations, but they don’t substitute for genuine and strong employee relations. A company may build goodwill outside its gate, but if massive discontent brews inside, union organizers will find it easy to talk to willing ears.
-TWO WORLDS
-Many HR executives proudly speak of a “strong” community relations making the company visible and admired. That reflects an overly narrow mindset. They create a sense that management cares about its social footprint without realizing that their employees live in two worlds — one outside the factory where they’re part of the local community.
And another world inside the factory where they must dutifully clock in like robots, reluctantly follow toxic supervisors, earn their minimum wage while working in an unsafe and dirty environment. Or even wait for the late release of their 13th month pay.
-That means if their inside world feels unfair, unhealthy, and managed by dismissive managers, the outside kindness loses its meaning no matter how HR perceives it to be “strong.”
-Labor unions don’t appear out of thin air. They grow in the cracks of organizational neglect. When management ignores complaints, when supervisors bark orders more than they coach, when promotions seem unfair, and when wages lag behind — workers are bound to talk. And when they talk, they organize to protect their interests.
-Joining a union is driven by frustration. Employees who feel powerless create collective power. If management thinks a “good image” in the community will immunize the company from this reality, then they’re wrong because low morale takes precedence over a cosmetic community relations program.
-One important caveat, unions are often supported by federations that target strategic employers and not the internally “neglected” workforce with few disgruntled people.
-DUAL STRATEGY
-Organizations can only progress if they fully understand that employee relations and community relations are two sides of the same coin. That means, but cannot replace, each other. If your organization wants to succeed in creating a high-morale and productive workforce, you should create a dual strategy where management is trusted inside and out its territorial boundaries.
One, treat employees as partners, not just payroll numbers. Offer fair wages, have a proactive two-way communication and participative decision-making process. Create a grievance system that works — not one that buries or ignores complaints. Celebrate small wins publicly and solve problems privately before they escalate.
-Two, strengthen authentic community partnership. Support local schools, health programs, and small businesses. Be transparent about environmental practices. Then require, if not allow volunteer opportunities for employees so that the company’s goodwill includes them as active participants, not passive observers.
-When both fronts are aligned, employees take pride in where they work — and the community respects where they work. That’s how a company builds genuine loyalty, not a faint applause. The lesson is clear: you can’t outsource industrial peace by doing community projects.
-ALIGNING THE TWO
-For community relations to help indirectly with labor stability, it must include employees in the narrative. That means designing community relations and employee relations as one basic program making workers feel proud contributors, not passive bystanders. A good example is when employee volunteers lead school outreach programs.
Then, publicly recognize their participation, not just the company’s donation. This approach blurs the artificial wall between “inside” and “outside.” When employees see that their employer walks the talk, the relationship becomes more authentic.
-In today’s business landscape, goodwill has two addresses: one in the community and one on the factory floor. Ignore either, and you’ll end up in deep trouble.
--
Consult Rey Elbo for free. E-mail elbonomics@gmail.com or DM him on Facebook, LinkedIn, X or via https://reyelbo.com. Anonymity is guaranteed, if requested.
+Movie Review
+I’mPerfect
+Directed by Sigrid Andrea Bernardo
+Produced by Nathan Studios
+MTRCB Rating: G
I’mPerfect — which bagged the Best Picture award at the Metro Manila Film Festival (MMFF) — is a love story between Jiro and Jessica, two adults with Down Syndrome, an empowering celebration of people that society would consider as flawed. But in its effort to tick all the boxes of a sickly sweet romance, it adds unnecessary layers of drama that weigh the film down with glaring flaws.
It stars Earl Jonathan Amaba and Anne Krystel Daphne Go, marking the first film in Philippine history to have leads with Down Syndrome (DS) themselves. Plus, the production worked with organizations of Filipinos with DS, resulting in a level of detail grounded in real experiences. That alone makes it worth a watch, especially for those who want to learn about the lives, struggles, and motivations of these individuals and their family members.
+Director Sigrid Andrea Bernardo sets everything up nicely, giving the two leads solid characterization. There’s Jessica (played by deserving MMFF Best Actress winner Ms. Go), a 28-year-old lady with DS who is independent enough to maintain her beauty and makeup hobby and work part-time as a waitress at a café. At the school where DS individuals can socialize with each other, she meets Jiro (played by a charming Mr. Amaba), a shy and aloof 29-year-old young man with a sheltered upbringing and love for swimming and windchimes.
+The supporting cast, mainly their parents, provide some realistic levity to the cheesy whirlwind romance that unfolds between the two. Single mom Norma (played by Sylvia Sanchez) is a seamstress who takes pride in raising Jessica to be her own person despite her disability, while absent father Arman (Joey Marquez) enters the picture and learns of the beautiful woman his daughter has become. Jiro’s parents are both physicians, which explains his upscale yet isolated lifestyle: there’s the overprotective Lizel (Lorna Tolentino) and more easygoing yet equally concerned Dan (Tonton Gutierrez).
+An interesting character is Jiro’s younger brother Ryan (Zaijian Jaranilla) who is pressured to pursue medicine like his parents and finds solace in his older brother’s unwavering support for his budding music career. His development pretty much stalls, however, with little to endear us to him outside of his scenes with Jiro. A scene stealer would be Janice de Belen, who plays Jiro’s former yaya (nursemaid) who is sympathetic to Jiro and Jessica’s struggle for independence — but there is one scene where she kind of over-acts and scares the audience into thinking someone died.
+Though DS is a condition which many people know something about, I’mPerfect exceeds in going beyond how those who have it look and what they can’t do. It sheds light on their capabilities in supportive environments, and their potential to live relatively normal lives. Jiro and Jessica’s adventures range from mischief with friends to romantic love and even to sexual feelings. Most eye-opening for many viewers would be the health risks that DS individuals have, such as heart problems, and the reality that they may have shorter life expectancies due to these risks.
+Unfortunately, in its attempt to be a full-blown romcom and informative drama at the same time, it feels quite long, especially in the back half when Jiro and Jessica take on an us-against-the-world mentality. The parents grappling with letting go of their adult children is engaging, but the extremes to which the couple take their rebellion borders on laughably fantastical. It careens towards an ending that is designed to make you cry, even though it doesn’t really need to get there for this story to pack a punch.
+I’mPerfect already hits the right notes but ultimately falls off with poor narrative choices. Does running away with your lover have to mean making the worst possible decisions? Why establish a class difference between them when the discomfort inherent in this dynamic doesn’t manifest at all in the story? Especially when they resort to a simple life in the province to live out their so-called dream together?
+All these flaws are frustrating, given all the good the film accomplishes in the first half. It’s what makes the MMFF Best Picture win baffling, because despite the achievements of this film, it did not do the wonderfully conceived story the most justice. It has decent cinematography, editing, production design, score, the works, but the story really goes off the rails at times. The main takeaway, though, is that Krystel Go is an amazing actress who deserves to get more roles after this. Every micro expression she gives is intentional, brimming with emotion, and her line delivery is always impeccable.
+I’mPerfect, despite its flaws, manages to break the preconceived notion that those with developmental disabilities are lesser beings. It shows that, with the support they need, persons with DS can actually do so much, and Ms. Go is the exact manifestation of that. At best, the film is a lovely, cute, eye-opening experience, and hopefully even more stories will come (without the unnecessary drama) that can express its core message better.
]]>PHILIPPINE real estate investment trusts (REITs) are expected to become more attractive next year if the central bank delivers another rate cut and if inflation remains within the Bangko Sentral ng Pilipinas’ (BSP) target range, analysts said.
+“The outlook for Philippine REITs in 2026 is cautiously constructive, anchored mainly on macroeconomic easing and income stability rather than aggressive capital appreciation,” Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said in a Viber message.
+He noted that prospects for rate cuts and within-target inflation would make REIT yields more appealing, supporting both valuations and demand from yield-seeking investors.
+The BSP delivered its fifth consecutive 25-basis-point (bp) cut at its Dec. 11 meeting, bringing the key policy rate to 4.5%, the lowest in more than three years.
+While the central bank said it could be nearing the end of its easing cycle, BSP Governor Eli M. Remolona, Jr. indicated that there is still room for a final 25-bp cut next year, depending on economic developments.
+The Monetary Board is scheduled to hold its first meeting of 2026 in February.
+Headline inflation in the first 11 months met the central bank’s revised full-year forecast at 1.6%.
+Unicapital Securities, Inc. Research Head Wendy B. Estacio-Cruz said economic growth and the expansion of the business process outsourcing (BPO) sector will drive demand for office, retail, industrial, and logistics spaces, which underpin REIT rental income.
+“Offices could benefit from BPO expansion, while retail and hospitality from rising domestic tourism, and industrial/logistics properties from electronic commerce and data center demand,” she said in a Viber message.
+Philippine gross domestic product (GDP) growth slowed to 4% in the third quarter, the weakest rate in over four years. The BSP expects growth to pick up to 5.4% next year and 6% in 2027.
+However, the outlook for REITs is clouded by still-high interest rates, which could reduce valuations and limit dividend growth, Ms. Estacio-Cruz said.
+Sector-specific risks, such as vacancy pressures in the office market and increased competition between retail and e-commerce, also pose challenges.
+“Market liquidity and valuation conditions in the Philippine stock market are relatively constrained, which can deter issuers and limit investor participation,” she added.
+Analysts maintained a cautious outlook for REIT initial public offerings (IPOs) next year.
+“Unless the list of REIT-able assets is expanded, a REIT listing for next year is highly unlikely — especially with the most anticipated developer for a REIT listing, SM Prime Holdings, Inc., already expressed pocketing the REIT listing idea,” AP Securities, Inc. Equity Research Analyst Shawn Ray R. Atienza said in a Viber message.
+SM Prime earlier ruled out its $1-billion REIT IPO until after 2026 due to unfavorable market conditions.
+China Bank Capital Corp. Managing Director Juan Paolo E. Colet projected at least two REITs could enter the stock market next year.
+“Upcoming amendments to the REIT rules and lower interest rates could encourage certain sponsors to push through with their REIT IPOs in 2026,” he said in a Viber message.
+Last month, the Securities and Exchange Commission said it is updating REIT rules to expand the definition of income-generating assets, extend sponsors’ reinvestment deadlines, and strengthen disclosure and governance requirements.
+The revised rules, effective January, are expected to allow more companies beyond traditional real estate to register REITs.
+“Regulatory reforms that expand the types of income-producing properties eligible for REITs, including data centers and infrastructure-linked assets, could also widen the pool of potential issuers, creating opportunities for innovative REIT vehicles,” Ms. Estacio-Cruz said.
+Currently, the Philippines has eight REITs operating in office, hotel, mall, land, renewable energy, and infrastructure segments.
+The country’s REIT portfolio includes AREIT, DDMP REIT, Inc., Filinvest REIT Corp., RL Commercial REIT, Inc., MREIT, Inc., VistaREIT, Inc., Citicore Energy REIT Corp., and Premier Island Power REIT Corp.
]]>The bellwether Philippine Stock Exchange index (PSEi) edged up by 0.01% or 0.65 point to end at 6,041.91 on Tuesday, while the broader all shares index rose by 0.03% or 1.23 points to 3,447.53.
-Philippine financial markets were closed on Dec. 24-25 for the Christmas holidays.
-“The PSEi ended in the green after late buying pressure emerged toward the close. Sentiment was also buoyed by seasonal factors and remarks from Finance Secretary Go, who expressed confidence that the economy will be back on track by the first quarter of next year,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
-Finance Secretary Frederick D. Go has said he is confident the economy will be back on track by the first quarter once individuals linked to the flood control scandal are swiftly prosecuted. In a Dec. 18 briefing with reporters, Mr. Go said government revenues may rebound in early 2026, depending on the swift resolution of cases related to the corruption mess.
-Economic managers have conceded that the 5.5%-6.5% target for the year is now unreachable after the third-quarter gross domestic product print slumped to a four-year low of 4% amid the ongoing flood control controversy.
-For the last trading days of 2025, the PSEi may continue to test the 6,000 level, Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message.
-“On a positive note, the local market is still holding its position above the 6,000 level. However, trading has been tepid, reflecting tepid market confidence,” he said.
-“In the remaining trading days of the year, investors are expected to move based on their view of the local economy’s outlook for 2026. But since growth outlook is tempered due to the current headwinds that we are facing, and there are no catalysts seen as of the moment that could re-accelerate growth, we may not see that much from the local market for the remainder of the year.”
-AP Securities, Inc. Equity Research Analyst Shawn Ray R. Atienza said in a Viber message that investors may be risk-averse and simply take positions amid the absence of fresh leads and lingering concerns over the outlook for the Philippine economy.
-“On the other hand, bargain-hunters and risk-seekers could add fresh names or existing positions and double down on bets with reasonable risk-to-reward ratios,” he said.
-Regina Capital Development Corp. Head of Sales Luis A. Limlingan said trading volumes may be low as 2025 winds down, although the market could get some support from year-end window-dressing by investors. — Alexandria Grace C. Magno
+It is an honor to stand here today, celebrating nine decades of courage, service, and sacrifice. But it is also a moment to confront a reality: that the battlefield has fundamentally changed.
+For decades, we defended our shores, our skies, and our sovereignty. But today, another front has emerged — one without borders, without uniforms, without warning.
+The new battlefield is the Filipino mind.
+And on this battlefield, our adversaries do not need to fire a shot. It is enough to sow doubt, spread disinformation, erode trust in institutions, fracture our unity, and make us question one another.
+This is the essence of cognitive warfare… and defending against it is now one of the AFP’s (Armed Forces of the Philippines) most urgent missions.
+What is Cognitive Defense?
+Cognitive defense means protecting how our people think, what they believe, and whom they trust.
+It means defending:
+• the Filipino’s capacity for discernment;
+• the integrity of public discourse;
+• the unity of our democratic identity; and,
+• the collective will upon which our security depends.
+Today, cognitive warfare is waged through coordinated influence operations, distortion of facts, algorithmic manipulation, foreign political warfare, and targeted disinformation.
+You can weaken a society not by attacking its armies, but by attacking its confidence, its memory, its sense of identity, and its national purpose.
+And in the AFP’s emerging framework of Archipelagic Defense through Multi-Domain Operations — where our forces operate jointly across maritime, land, air, cyber, space, and the electromagnetic spectrum — the cognitive domain becomes the connective tissue of all domains. It shapes how we understand threats, how we coordinate, how we respond, and ultimately, how we prevail.
+For even the most advanced platforms and the most sophisticated technologies rely on the clarity, unity, and resilience of the Filipino mind. This is why cognitive defense is no longer optional. It is essential to national survival.
+THE AFP’S ROLE
+The Armed Forces of the Philippines is no stranger to evolving threats. From sea to air, from land to cyberspace, the AFP has always adapted.
But cognitive warfare demands something deeper.
+It demands:
+• strategic communication that earns public trust;
+• collaboration with media, academe, and the private sector;
+• strong internal and external information security;
+• unity of message and purpose; and,
+• a whole-of-nation effort to protect truth.
+As a member of the Multi-Sector Governance Council, I have seen firsthand how committed the AFP is to this transformation. The AFP recognizes that the defense of the cognitive domain is not merely a military task. It is a national task.
+THE PRIVATE SECTOR
+Let me now speak wearing another hat: as Head of Government Relations and Public Affairs at Metro Pacific Investments Corp. (MPIC).
In MPIC, we operate critical infrastructure: power, water, transportation, healthcare, and digital connectivity. These sectors form the backbone of our daily national life.
+And because they are critical, they are also targets of cognitive and information attacks.
+A single falsehood about water, power outages, toll operations, or public health can cause panic, erode confidence, or paralyze essential services. This is why corporate institutions must step into the cognitive defense mission.
+Under the leadership of our Chairman, Manuel V. Pangilinan, we believe that defending the Filipino mind is part of nation-building. We believe that:
+• transparency is security;
+• truth is infrastructure; and,
+• trust is stability.
+This is where the AFP and the private sector become allies — not only in physical defense, but in protecting the information environment that allows society to function with coherence and purpose.
+MINING AS CASE STUDY
+Allow me to give an example from a sector I know so well: the mining industry. As many of you know, among the many hats I wear is the chairmanship of the Chamber of Mines of the Philippines.
Mining in the Philippines has long been contested not only on the ground but also in the cognitive space. The battles of perception have often overshadowed the facts.
+For years, responsible mining suffered from:
+• misinformation;
+• outdated images;
+• ideologically driven narratives; and,
+• foreign-influenced campaigns.
+But today, responsible miners are learning what the AFP already knows: If we do not tell our story, someone else will… and not always truthfully.
+Through transparency, community engagement, environmental stewardship, and initiatives like Towards Sustainable Mining (TSM) and the Extractive Industries Transparency Initiative (EITI), the sector is rebuilding trust by anchoring truth in the minds of the Filipino people.
+What is happening in mining is a microcosm of cognitive defense: the fight for the narrative, the defense of truth, the rebuilding of public trust.
+NATIONAL COGNITIVE RESILIENCE
+Cognitive defense is not about propaganda. It is about resilience.
A resilient nation is one where:
+• citizens think critically;
+• the media verifies responsibly;
+• institutions communicate truthfully;
+• communities stand together; and,
+• no adversary can divide us with lies.
+This is the level of resilience we must build — in our Armed Forces, in our industries, in our schools, and in every Filipino family. Because a people united in truth cannot be defeated.
+THE ULTIMATE HIGH GROUND
+As we celebrate 90 years of the AFP, let us honor the bravery of our soldiers by strengthening the battlefield that lies beyond terrain and territory.
Let us defend the cognitive domain.
+Let us defend the Filipino mind.
+And let us commit to a future where no foreign actor, no hostile organization, no malicious network can divide us, deceive us, or weaken our resolve.
+In the end, the greatest weapon of a nation is the unity of its people. And the greatest victory is a people who believe in one truth — the truth that the Philippines is worth defending.
++
Michael “Mike” T. Toledo is vice-president for 2025 of Management Association of the Philippines (MAP), a member of the Multi-Sector Governance Council of AFP, and director of Government and Public Affairs of MPIC.
+ + ]]>“Our goal is to establish the Philippines as a top global investment destination,” Trade Secretary and BoI Chairman Ma. Cristina A. Roque said in a statement on Thursday.
-“This signing provides the long-term security our investors need and proves that we are serious about creating a more competitive and business-friendly nation,” she added.
-The IRR, which the BoI signed with the Land Registration Authority on Dec. 19, operationalizes the extension of lease periods for private land by foreign investors from 75 years to an aggregate of 99 years.
-“By offering longer leasehold terms, the government aims to attract a steady flow of long-term capital, advanced technology, and global expertise,” the BoI said.
-“Beyond extending lease durations, the IRR introduces vital administrative safeguards designed to protect both landowners and lessees,” it added.
-In particular, the IRR requires annotating lease contracts on the land title, which is meant to make the lease binding to the public and provide an essential layer of legal protection.
-“Additionally, the IRR simplifies the investor journey by providing a clear, step-by-step process for compliance and establishing specific timelines for government agencies to act on applications, thereby reducing bureaucratic friction,” it said.
-In a social media post, the Bases Conversion and Development Authority (BCDA) welcomed the signing, noting that the implementation of the new regulation will help provide “more certainty for investors, better long-term planning, and more jobs, infrastructure, and growth across BCDA developments.”
-The law, signed on Sept. 3, also gives investment promotion agencies the power to enforce commitments, the BCDA added.
-The new regulatory framework is expected to take effect on Jan. 4, following its publication on Dec. 20. — Justine Irish D. Tabile
+Loans extended by banks’ FCDUs declined to $15.126 billion at end-September from $15.928 billion at end-June, based on central bank data released on Monday.
+Year on year, outstanding FCDU loans also went down by 3.9% from $15.747 billion as of September 2024.
+FCDUs are units of local banks or local branches of foreign banks authorized by the BSP to service transactions involving foreign currencies, including deposits and loans.
+Resident and nonresident borrowers, including individuals and businesses like importers, use these loans for their foreign currency payables or needs.
+The end-September figure reflects $9.77 billion worth of new loans disbursed by FCDUs and $10.56 billion in loan payments, the BSP said.
+Of the total outstanding loans, $12.068 billion or 79.8% have medium- to long-term maturities, or those payable in a year or more. This was down from the $12.577 billion as of June, which was 79% of the total.
+Short-term loans were at $3.057 billion, accounting for 20.2% of the total. This was also lower than the $3.35 billion (equivalent to 21% of the total) recorded at end-June.
+The BSP said $9.592 billion or 63.4% of the outstanding FCDU loans went to Philippine-based borrowers, which were all extended to private sector entities.
+These included merchandise and service exporters with $2.51 billion or 26.2% of the total; towing, tanker, trucking, forwarding, personal and other industries with $2.05 billion or 21.4%; and power generation companies with $1.71 billion or 17.8%.
+FCDU loans to nonresidents were at $5.534 billion at end-September, which was 36.6% of the total.
+Meanwhile, by creditor, local banks granted the bulk or 84% of the outstanding FCDU loans at end-September with $12.713 billion. Of this, $12.682 billion came from commercial banks, while $30 million was from thrift banks.
+Foreign bank branches or subsidiaries extended $2.413 billion or 16% of the loans during the period.
+Preliminary central bank data also showed that banks’ FCDU deposit liabilities inched up by 0.1% to $60.732 billion as of end-September from $60.669 billion as of end-June.
+Meanwhile, year on year, it rose by 5.69% from $57.464 billion previously.
+This brought the FCDU loans-to-deposits ratio to 24.9% at end-September, lower than 26.3% as of June and 27.4% the prior year. — Katherine K. Chan
]]>In a report following its Article IV Consultation with the Philippines, the IMF maintained its forecast for the current account deficit this year at 3.8% of gross domestic product (GDP), but trimmed its projection for next year to 3.4% from 3.5%.
-The IMF’s estimates exceed the Bangko Sentral ng Pilipinas (BSP) projections of 3.3% for 2025 and 2.9% for 2026.
-“The current account deficit is expected to decline to 3.8% of GDP in 2025, supported by lower commodity prices,” it said.
-The IMF expects the current account deficit to further narrow to 3.1% in 2027, 2.9% in 2028 and 2.7% in 2029 and 2030.
-“It is projected to improve modestly over the medium term, driven by higher public and private saving, but higher investment will sustain the current account deficit through the medium term, while reforms to boost FDI (foreign direct investment) will help with its financing,” it added.
-At the end of September, the current account deficit narrowed to $12.507 billion from $13.336 billion a year earlier.
-This is equivalent to 3.6% of GDP, down from 4% in the same period last year.
-The current account measures the trade in goods and services, as well as primary and secondary income. Primary income refers to flows of labor and financial resources between resident and nonresident institutional units, while secondary income accounts for transfers between the country and abroad, such as remittances from overseas Filipino workers.
-Despite the projected narrowing of the current account deficit, the IMF noted that the Philippine external position remains weaker than expected.
-“The authorities project a slightly faster decline in the current account deficit but broadly agree that the external position is weaker than levels implied by fundamentals and desirable policies,” it said.
-The IMF continues to see the Philippines affected by geopolitical tensions and global trade uncertainty.
-In October, the central bank revised its current account projections, anticipating a wider deficit until next year amid a growing trade-in-goods deficit, weaker services receipts and subdued capital inflows due to global trade disruption.
-The BSP expects the current account deficit to widen to $16.4 billion or 3.3% of GDP this year, and to $15.5 billion or 2.9% of GDP in 2026. — Katherine K. Chan
+Movie Review
+UnMarry
+Directed by Jeffrey Jeturian
+Produced by Quantum Films, Cineko Films
+MTRCB Rating: PG
ANNULMENT is an unpleasant subject matter, because it involves the end of a marriage and the (usually) bitter fight of two parties to gain custody of children or properties. In a Catholic-majority country like the Philippines, it’s a last resort, because most people would urge couples to stay together and work things out. In UnMarry, we get to see what it’s like for those who have decided it is simply not possible to be together anymore.
Directed by Jeffrey Jeturian, this MMFF Second Best Picture-winning drama follows Celine (played by Angelica Panganiban) and Ivan (Zanjoe Marudo), a couple who separately process the dissolution of their marriages through annulment. While it’s loosely based on real-life annulment cases in the Philippines, it doesn’t take a totally serious route to get there. The film is mainly a meet-cute between the two leads, who arrive together at the law office of their attorney, Jacqueline (Eugene Domingo), their separate appointments mistakenly booked at the same time. By then, the seed for the unmistakable chemistry between these two strangers has been planted.
+Before all of that, the film opens with Atty. Jackie, also the host of a law-centered YouTube channel, taking her subscribers through the step-by-step process of getting an annulment. Both the courtroom drama and love story aspects of the film are cute and entertaining, and blend surprisingly well together, which is a testament to the strength of Chris Martinez and Therese Cayaba’s screenplay. The film shines when it goes into the nitty-gritty, where couples are pressured to relive their traumas and tarnish each other’s images, and the children are forced to enter an unfair arrangement of being volleyed back and forth between parents.
+Eventually, the chance encounter that introduces Celine and Ivan to each other evolves into a close friendship, where they navigate heartbreak and the possibility of starting over. Jeffrey Jeturian’s direction is able to blend accessible comedic moments with the nuances of a pensive character study — and that’s what makes UnMarry such a smooth ride, even for those who have no real-world knowledge or experience with annulment.
+Angelica Panganiban was the stand-out as Celine, a headstrong Caviteña who built a successful bakeshop and now seeks to annul her marriage with the wealthy, elitist snob of a man who funded her dream (Tom Rodriguez in a one-note evil role that wasn’t really Best Supporting Actor-worthy). Though Panganiban didn’t win the MMFF Best Actress award, we think she most likely came very, very close with this excellent performance, where she grapples with how a controlling man molded her into something she’s not and takes steps to extricate herself from him.
+Zanjoe Marudo holds his own as the artist Ivan, who is dealing with a failing career and subsequent alcoholism, which has led his beautiful TV reporter wife (played by Solenn Heussaff in a strong comeback role) to seek out an annulment. Things become even more dire when it’s revealed he was a negligent parent at his rock bottom. Marudo plays the pathetic desperation yet heartfelt motivation to do better well, but it’s still Panganiban who carries the film, as she comforts him and confides in him. Her inherent charisma and sympathetic acting choices lead to natural chemistry with every person around her.
+Of course, there’s the unflappable Eugene Domingo, whose supporting role as their attorney serves as both the comedic yet logical and informative backbone of the story. Through her, the audience can easily pick apart the legalese and get to the heart of why these annulment cases happen, and what must be done to see them through — on either side of the custody or property battle. Most importantly, we experience it all with the light touch of a drama-ready comedienne. With that said, Domingo doesn’t overpower anyone, her part in the film just enough to let the leads take the limelight.
+This courtroom drama/unlikely story of friendship between two struggling souls utilizes the ensemble, each character playing a vital role in Celine and Ivan’s attempt to calmly see through the supposed ends of their respective marriages. A highlight scene would be Celine’s return home to her mother (Shamaine Buencamino), who wistfully yet lovingly embraces her daughter amid the less-than-ideal circumstances that she has found herself in.
+As the cross-examination of Celine and Ivan’s marriages continues, the emotional depth becomes clear. In a country where dissolving a marriage is extra painstaking, the film suggests that this escalates the hurt that is caused in everyone involved. It breaks down the strangeness of the process, and the unlikely lessons one learns going through it. There is no doubt whatsoever that UnMarry is one of the strongest MMFF films in recent years.
]]>The “Benteng Bigas Meron Na!” program makes subsidized rice available to senior citizens, persons with disabilities and indigents. They may purchase up to 30 kilos of rice through Kadiwa outlets and other authorized stores.
-The rice is sourced from the National Food Authority (NFA).
-Agriculture Secretary Francisco P. Tiu Laurel, Jr. told reporters on Tuesday that the program’s expansion will begin in January with a launch in Pangasinan. He said major launches are also planned in eight provinces by February.
-The program recently reached its 82nd province with the opening of P20 rice outlets in Maguindanao del Norte. As of December, the DA said it had opened 740 distribution points nationwide.
-The DA said it aims to establish at least one outlet in each of the country’s more than 1,600 cities and municipalities, with the total number of outlets targeted at 3,000 by 2028, when the current administration steps down.
-“There will be many distribution outlets. To achieve that, we need to open stores every few weeks,” Mr. Laurel said.
-The DA said it aims to sell between 1.5 million and 1.8 million metric tons of subsidized rice next year.
-Mr. Laurel said the program will be allocated a budget of P23 billion, consisting of P9 billion from the NFA, P10 billion from the Rice-for-All program, and P4 billion in contingency funds.
-Meanwhile, the DA said it is working to address logistical and operational challenges, particularly in geographically isolated areas and locations far from NFA warehouses.
-“The challenge is how to bring the rice to remote islands and remote areas, places without NFA warehouses,” Mr. Laurel said. “Support from local government units will be a big help. We will need to provide trucks and hire drivers and cashiers.” — Vonn Andrei E. Villamiel
+“This milestone reflects our long-term strategy to align ACEN with the future of the energy system, while supporting decarbonization in a commercially disciplined way,” ACEN President and Chief Executive Officer Eric T. Francia said in a media release.
+ACEN’s renewable energy portfolio now totals 7 gigawatts (GW) of attributable capacity, including operational projects, those under construction, and projects backed by signed agreements.
+The company manages assets across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.
+The company said its diversified portfolio includes 4,634 megawatts (MW) of solar, 1,957 MW of wind, 115 MW of geothermal, and 304 MW of battery energy storage.
+“Recognizing the growing urgency of climate change and the long-term risks associated with carbon-intensive assets, ACEN made a deliberate pivot toward renewable energy,” it said.
+“The company reshaped its strategy, redirected capital, and built the capabilities needed to scale clean energy across multiple markets — while taking measured steps to reduce and ultimately exit coal.”
+In September, ACEN completed the divestment of its diesel power assets, part of its plan to fully transition to renewables. The company aims to achieve net zero greenhouse gas emissions by 2050.
+In a separate regulatory filing on Monday, ACEN said it is increasing its stake in ENEX Energy Corp. by subscribing to 17.40 million preferred shares at P1 each, totaling P17.40 million.
+ENEX Energy, a unit of ACEN, focuses on crude oil and natural gas exploration. The shares represent 1.3% of ENEX Energy’s total outstanding shares and will fund its operations.
+ACEN plans to allocate over P80 billion in capital expenditures next year to fund large-scale renewable energy projects both locally and abroad.
+The company reported a consolidated net income of P1.8 billion for the first nine months of 2025, down 78% from a year ago due to non-recurring items, while revenues fell 18% to P23 billion, affected by lower spot market prices and reduced output in the Philippines and Australia.
+At the local bourse on Monday, ACEN shares fell two centavos, or 0.73%, to close at P2.72 apiece, while ENEX Energy shares closed eight centavos, or 2.34%, lower at P3.34 each. — Ashley Erika O. Jose
]]>Budgetary support to state-run firms totaled P7.47 billion in November.
-Month on month, GOCC subsidies fell 16.23%.
-State-owned firms receive monthly subsidies from the National Government to support their daily operations if their revenue is insufficient.
-In November, the National Irrigation Administration (NIA) received P5.7 billion in subsidies or 76.26% of the total.
-This was followed by the National Food Authority (NFA), which received P750 million, the Philippine Heart Center (P184 million), and the National Kidney and Transplant Institute (P124 million).
-Other GOCCs on the subsidy list were the Philippine Children’s Medical Center (P106 million), the Tourism Promotions Board (P102 million), the Light Rail Transit Authority (P74 million), the Intercontinental Broadcasting Corp.-13 (P64 million), the PRRI (P62 million), the Lung Center of the Philippines (P59 million), and Philippine Coconut Authority (P56 million).
-GOCCs that obtained subsidies of less than P50 million were the Cultural Center of the Philippines (P34 million), the National Dairy Authority (P27 million), the Philippine Institute for Development Studies (P24 million), and the Center for International Trade Expositions and Missions (P20 million).
-Also receiving subsidies were the People’s Television Network, Inc. (P18 million), the Philippine Institute of Traditional and Alternative Health Care (P16 million), the Manila International Airport Authority (P14 million), the Aurora Pacific Economic Zone and Freeport Authority (P10 million).
-State-run firms receiving less than P10 million were the Development Academy of the Philippines (P9 million), the Southern Philippines Development Authority (P7 million), the Philippine Tax Academy (P5 million), the Philippine Center for Economic Development (P5 million), and the Zamboanga City Special Economic Zone Authority (P4 million).
-GOCCs receiving no subsidies were the Land Bank of the Philippines, the Small Business Corp., the National Electrification Administration, the National Housing Authority, the National Power Corp., the Bases Conversion and Development Authority, the Philippine National Railways, the Philippine Crop Insurance Corp., the Philippine Health Insurance Corp., the Philippine Reclamation Authority, the Subic Bay Metropolitan Authority, the Sugar Regulatory Authority, and the Tourism Infrastructure and Enterprise Zone Authority.
-In the first 11 months, GOCC subsidies totaled P95.85 billion, down 25.95% from a year earlier.
-The NIA had the most subsidies during the 11-month period with P39.73 billion, followed by the NFA with P13.65 billion.
-Executive Secretary and Former Finance Secretary Ralph G. Recto has said that state-run firms are expected to generate P157 billion in remittances this year, with 53 remitting P116.84 billion as of September. — Aubrey Rose A. Inosante
+For many everyday scenarios — especially low-resolution video calls and media shared on social media platforms — their realism is now high enough to reliably fool nonexpert viewers. In practical terms, synthetic media have become indistinguishable from authentic recordings for ordinary people and, in some cases, even for institutions.
+And this surge is not limited to quality. The volume of deepfakes has grown explosively: Cybersecurity firm DeepStrike estimates an increase from roughly 500,000 online deepfakes in 2023 to about 8 million in 2025, with annual growth nearing 900%.
+I’m a computer scientist who researches deepfakes and other synthetic media. From my vantage point, I see that the situation is likely to get worse in 2026 as deepfakes become synthetic performers capable of reacting to people in real time.
+DRAMATIC IMPROVEMENTS
+Several technical shifts underlie this dramatic escalation. First, video realism made a significant leap thanks to video generation models designed specifically to maintain temporal consistency. These models produce videos that have coherent motion, consistent identities of the people portrayed, and content that makes sense from one frame to the next. The models disentangle the information related to representing a person’s identity from the information about motion so that the same motion can be mapped to different identities, or the same identity can have multiple types of motions.
These models produce stable, coherent faces without the flicker, warping, or structural distortions around the eyes and jawline that once served as reliable forensic evidence of deepfakes.
+Second, voice cloning has crossed what I would call the “indistinguishable threshold.” A few seconds of audio now suffice to generate a convincing clone — complete with natural intonation, rhythm, emphasis, emotion, pauses and breathing noise. This capability is already fueling large-scale fraud. Some major retailers report receiving over 1,000 AI-generated scam calls per day. The perceptual tells that once gave away synthetic voices have largely disappeared.
+Third, consumer tools have pushed the technical barrier almost to zero. Upgrades from OpenAI’s Sora 2 and Google’s Veo 3 and a wave of startups mean that anyone can describe an idea, let a large language model such as OpenAI’s ChatGPT or Google’s Gemini draft a script, and generate polished audio-visual media in minutes. AI agents can automate the entire process. The capacity to generate coherent, storyline-driven deepfakes at a large scale has effectively been democratized.
+This combination of surging quantity and personas that are nearly indistinguishable from real humans creates serious challenges for detecting deepfakes, especially in a media environment where people’s attention is fragmented and content moves faster than it can be verified. There has already been real-world harm — from misinformation to targeted harassment and financial scams – enabled by deepfakes that spread before people have a chance to realize what’s happening.
+THE FUTURE IS REAL TIME
+Looking forward, the trajectory for next year is clear: Deepfakes are moving toward real-time synthesis that can produce videos that closely resemble the nuances of a human’s appearance, making it easier for them to evade detection systems. The frontier is shifting from static visual realism to temporal and behavioral coherence: models that generate live or near-live content rather than pre-rendered clips.
Identity modeling is converging into unified systems that capture not just how a person looks, but how they move, sound and speak across contexts. The result goes beyond “this resembles person X,” to “this behaves like person X over time.” I expect entire video-call participants to be synthesized in real time; interactive AI-driven actors whose faces, voices, and mannerisms adapt instantly to a prompt; and scammers deploying responsive avatars rather than fixed videos.
+As these capabilities mature, the perceptual gap between synthetic and authentic human media will continue to narrow. The meaningful line of defense will shift away from human judgment. Instead, it will depend on infrastructure-level protections. These include secure provenance such as media signed cryptographically, and AI content tools that use the Coalition for Content Provenance and Authenticity specifications. It will also depend on multimodal forensic tools such as my lab’s Deepfake-o-Meter.
+Simply looking harder at pixels will no longer be adequate.
+THE CONVERSATION VIA REUTERS CONNECT
++
Siwei Lyu is a professor of Computer Science and Engineering, and the director of the UB Media Forensic Lab at the University at Buffalo.
]]>Senate Bill No. 1622, filed by Senator Joseph Victor G. Ejercito on Dec. 16, proposes a three-year income tax exemption for micro enterprises and an additional tax incentive for small and medium enterprises that expand their workforce.
-Under the proposed measure, single proprietorships, cooperatives, partnerships, and corporations classified as micro enterprises under Republic Act No. 6977, or the Magna Carta for Small Enterprises, will be exempt from paying income tax during the bill’s effectivity period.
-Small and medium enterprises, meanwhile, will be allowed an additional 25% deduction on labor expenses for every employee they hire.
-In the bill’s explanatory note, Mr. Ejercito cited the critical role of MSMEs in the economy.
-In 2024, 99.63% or 1.236 million of the country’s 1.24 million registered business establishments fell under the MSME category, according to the Philippine Statistics Authority.
-MSMEs face limited access to financing, high operating costs, regulatory compliance burdens, lack of business knowledge, and competition from larger firms, the senator said.
-“The government recognizes the critical role of MSMEs in economic development and has introduced various programs and policies to support their growth and sustainability,” Mr. Ejercito said. “This measure seeks to further promote and strengthen the growth and development of MSMEs in all sectors of the economy by providing incentives for their continued operation.”
-The proposed tax incentives are also intended to support job creation and help MSMEs adapt as the Philippines moves toward a more digital and globally connected economy.
-The bill designates the Department of Finance, in coordination with the Bureau of Internal Revenue, as the issuers of the implementing rules and regulations. — Erika Mae P. Sinaking
+Movie Review
+Love You So Bad
+Directed by Mae Cruz-Alviar
+Produced by ABS-CBN Film Productions, GMA Pictures, and Regal Entertainment
+MTRCB Rating: PG
A YOUNG WOMAN named Savannah (a.k.a. Vanna) finds herself torn between two men: bad boy LA (played by Dustin Yu) who picked her up when she was at her worst, and achiever Vic (Will Ashley) who challenges her to be her best. Bianca De Vera stars as the sassy hot mess at a crossroads very well, and those rooting for one or the other of the two men to fill out her love team for this film will be giggling and kicking their feet, but even her star power can’t save this from all the fanservice cliches that weigh it down.
For the uninitiated, De Vera, Yu, and Ashley are among the many young stars that captured fans’ hearts when they appeared in Pinoy Big Brother: Celebrity Collab Edition earlier this year. Bianca De Vera and Will Ashley’s tandem, also known as Willca, was particularly popular. Here, they prove just what it is that people love about them.
+The three play college seniors, and everything goes wrong pretty quickly. LA is a chick magnet who has left Vanna, now falling apart drinking and partying as she laments their relationship. Meanwhile, student council president Vic attempts to get Vanna to take their group thesis project seriously so that they can get a good grade, their closeness immediately fueling controversy at school. One ridiculous cliche scenario after another unfolds until it’s clear that the film only has one goal in mind: to put these three in increasingly ghastly and intimate situations to invoke gasps and giggles galore.
+Yu does a decent job as LA, with dramatic scenes showcasing his capable acting. Ashley is equally commendable for playing cute and worried, his every action believable despite the ludicrous story. They make for a perfect stoic bad boy, and a perfect strait-laced boyfriend. Squealing fans in the audience can take their pick. But make no mistake: De Vera is definitely the star, her range veering towards fierce and dramatic with ease.
+Director Mae Cruz-Alviar, coming from the other year’s blockbuster family drama Rewind, isn’t as effective helming this one. It has the frenetic energy of play-acting what young people are like, complete with silly school scenarios and typically evil parental figures to blame for everything going wrong in their lives. What that offers up in exchange is the depth of how young adults struggle with discerning their paths in life coming from their respective traumatic pasts — one from abandonment by a parent, another from unfair expectations, and the last from neglect and even abuse.
+Though the core conflicts they each grapple with are with their parents, it all manifests in their twisted behavior dancing around each other. While it can be relatable and engaging, especially as the drama ramps up, it does little to actually make us feel for every character, since it all depends on whose perspective we are prioritizing in a given scene. The result is a bit of a mess.
+Love You So Bad is occasionally fun, sweet, and frustrating to watch, but those who are sick of the romcom tropes that have plagued school set films should probably give this a pass.
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