diff --git "a/raw_rss_feeds/https___www_bworldonline_com_feed_.xml" "b/raw_rss_feeds/https___www_bworldonline_com_feed_.xml" --- "a/raw_rss_feeds/https___www_bworldonline_com_feed_.xml" +++ "b/raw_rss_feeds/https___www_bworldonline_com_feed_.xml" @@ -12,7 +12,7 @@ https://www.bworldonline.com/ BusinessWorld: The leading and most trusted source of business news and analysis in the Philippines - Fri, 31 Oct 2025 09:10:57 +0000 + Sun, 02 Nov 2025 12:35:28 +0000 en-US hourly @@ -20,6 +20,771 @@ 1 https://wordpress.org/?v=6.8.3 + Key economic data in focus as market seeks leads + https://www.bworldonline.com/stock-market/2025/11/02/709438/key-economic-data-in-focus-as-market-seeks-leads/ + + + Sun, 02 Nov 2025 13:00:50 +0000 + + + + + + https://www.bworldonline.com/?p=709438 + + + BARGAIN HUNTERS could help lift Philippine stocks this week, with the release of key economic data, including reports on October inflation and third-quarter gross domestic product (GDP), to drive trading.

+

On Oct. 30, the benchmark Philippine Stock Exchange index (PSEi) went down by 0.57% or 34.09 points to close at 5,929.68, while the broader all shares index fell by 0.33% or 11.93 points to end at 3,593.28. Philippine financial markets were closed on Oct. 31 for a holiday.

+

Week on week, the PSEi dropped by 58.34 points from its close of 5,988.02 on Oct. 24.

+

The bellwether index was also down for the month, dropping by 23.78 points from its 5,953.46 finish on Sept. 30.

+

“The numbers show that the local market has been bearish for October,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. “Trading has been tepid, with net value turnover averaging P4.90 billion per day for the month, lower than the year-to-date average of P5.85 billion. Foreigners have been net sellers for the month, with net outflows amounting to P5.85 billion.”

+

“This can be attributed primarily to the negative investor sentiment brought by the infrastructure related corruption issues in the Philippines and their impact on the country’s economic outlook. The peso’s decline against the US dollar also added to the market’s poor October performance,” he said.

+

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the market showed “some resilience” despite volatile trading last month, mainly backed by strong corporate results.

+

“Power and mining sectors stood out, with some notable stocks gaining traction due to recent earnings reports and project developments amidst tariff hikes and trade disruptions. Property sectors have seen some progress on the residential, retail and leasing front, as well as gradual recovery in international tourism rates,” he said in a Viber message.

+

For this week, Mr. Tantiangco said bargain hunting following the market’s two-week decline could lift the PSEi.

+

“For the market’s general direction, however, we expect investors to take cues from our upcoming macroeconomic data. Investors are expected to look towards our Q3 GDP data to know how the local economy has been. A growth slower than the government’s 5.5%-6.5% target for the year may weigh on the market,” he said.

+

He added that data on inflation and manufacturing activity, along with the peso’s movements against the dollar, could also provide some leads.

+

“Bearish sentiment continues to dominate the local market as downside risks continue to press on while positive catalysts are yet to be seen. Investor confidence remains weak.”

+

Mr. Tantiangco put the PSEi’s major support at 5,800 and major resistance at 6,000.

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Meanwhile, Mr. Limlingan said the release of more listed companies’ financial results could also provide catalysts. — Alexandria Grace C. Magno

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2023/09/PSE-300x200.jpg + + PHL, Canada seal visiting forces agreement amid sea tensions + https://www.bworldonline.com/the-nation/2025/11/02/709511/phl-canada-seal-visiting-forces-agreement-amid-sea-tensions/ + + + Sun, 02 Nov 2025 12:35:28 +0000 + + + + https://www.bworldonline.com/?p=709511 + + + By Kenneth Christiane L. Basilio, Reporter

+

THE PHILIPPINES and Canada on Sunday signed a military pact that will allow their troops to set foot in each other’s territories, deepening Manila’s defense ties with Ottawa amid lingering South China Sea tensions and just days after the US pledged support to boost the Southeast Asian nation’s deterrence in the waterway.

+

Philippine Defense Secretary Gilberto C. Teodoro, Jr. and Canadian Defense Minister David Joseph McGuinty signed the Status of Visiting Forces Agreement (SOVFA) in Manila, making Canada the fifth country to enter into a troop access pact with the Philippines.

+

Both sides agreed on the legal provisions allowing Filipino and Canadian troops to enter each other’s territories in March this year, with the Canadian government describing the deal as a reinforcement to their 2024 defense cooperation pact.

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Senate ratification is required for the agreement to take effect in the Philippines, while treaties in Canada become binding without formal parliamentary approval.

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“This is the first such agreement for Canada in the Indo-Pacific region,” Mr. McGuinty said in a delegation meeting before the agreement’s signing. “This was a deliberate choice.”

+

Ottawa has consistently backed Manila’s stake in the South China Sea, one of the world’s most contested waterways, where tensions between the Philippines and China continue to simmer due to overlapping claims.

+

Beijing continues to lay its sovereignty over the energy-rich waters despite a 2016 ruling by a United Nations-backed court that voided its claims.

+

“Peace is built on rules, not recklessness; and stability grows from cooperation, not contradiction,” Mr. McGuinty said in a joint media briefing after the SOVFA’s signing. “The Philippines has shown true leadership in upholding international law and seeking a peaceful resolution of disputes.”

+

The Southeast Asian nation has stepped up efforts to push back against China’s sweeping sea claims by expanding its web of alliances beyond the US, its long-standing treaty ally. It has forged visiting forces agreements with Australia, and most recently, New Zealand, alongside a similar deal with Japan.

+

The SOVFA’s signing also comes on the heels of US Defense Secretary Peter Brian Hegseth’s remarks at a regional defense ministers’ meeting last week, where he said Washington would establish a task force aimed at helping the Philippines bolster its deterrence capabilities in the strategic waterway.

+

A Pentagon spokesman said the joint task force would improve joint military planning, operational cooperation and force interoperability with Philippine forces, Reuters reported.

+

Mr. Teodoro said in the same briefing that the task force is an “operational arrangement” between the US Indo-Pacific Command and the Armed Forces of the Philippines.

+

“The task force has a specific mission… and that is to converge our resilience, both internal and externally,” he said, describing the body as a mechanism aimed at consolidating all military functions of the Philippines and US forces for seamless interoperability.

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The Philippines and US are close allies, with their partnership anchored on a 1950s treaty binding both to defend one another in case of an armed attack. Their alliance has flourished in recent years, with joint military drills becoming more complex and involving advanced weapon systems.

+

The troop visitation pact between Philippines and Canada would improve their armed forces’ interoperability, which might help reshape the strategic landscape of the South China Sea, analysts said.

+

“The SOVFA creates a partnership between the two countries that hints at alignment on how to respond to a China that is becoming more confident in flexing its muscles,” Julio S. Amador III, chief executive officer at Manila-based geopolitical risk firm Amador Research Services, said in a Viber message.

+

He added that the agreement’s framework would provide an opening for Canadian forces to participate in various military exercises organized by the Philippines.

+

Chester B. Cabalza, founding president of Manila-based think tank International Development and Security Cooperation, said that Canada’s forging of a military pact with the Philippines signals its “true intention” to boost an international rules-based order in the South China Sea.

+

The visiting forces pact is a “significant development” for both nations, and would provide an additional ally that Manila could lean on amid Chinese aggression in the strategic waterway, said Sherwin E. Ona, a security analyst and associate professor at De La Salle University.

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“It significantly enhances the country’s deterrence posture and opens opportunities for Canada to participate in joint exercises,” he said in a Viber message.

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Manila has increasingly leaned on multinational cooperation to shore up its military capabilities, and it has held multiple joint drills with allies throughout the country as part of its efforts to bolster its defenses amid increasing Chinese assertiveness in the South China Sea.

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Talks for a visiting forces pact with France and the UK are also under way.

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2025/11/McGuinty-Teodoro-300x162.jpg + + Business confidence in PHL restored — Marcos + https://www.bworldonline.com/the-nation/2025/11/02/709510/business-confidence-in-phl-restored-marcos/ + + + Sun, 02 Nov 2025 12:33:30 +0000 + + + + https://www.bworldonline.com/?p=709510 + + + By Chloe Mari A. Hufana, Reporter

+

PRESIDENT Ferdinand R. Marcos, Jr. said confidence in the Philippine economy has been “restored” as his administration’s efforts to expose and address irregularities in the government strengthened trust in its economic management.

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In a press conference in Gyeongju, South Korea, on Saturday night, the President said his administration’s decision to address and correct irregularities publicly demonstrates commitment to good governance and economic stability.

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Mr. Marcos, who was in South Korea for the 32nd Asia-Pacific Economic Cooperation (APEC) Economic Leaders’ Meeting, said transparency in government actions sends a strong signal to investors that the Philippines is serious about reform and accountability.

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“If we had not exposed it, then they would be saying that there’s a problem. Now that we have exposed it, their confidence is stronger in the Philippines,” he noted, according to a live-streamed video on state media.

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“That’s why things have changed. The level of confidence in the Philippine economy and in the Philippine government as the leader and the guider of the economy is restored.”

+

Upon arrival in Manila on Sunday, Mr. Marcos vowed to sustain the momentum of the Philippines’ APEC participation, saying his administration will translate the commitments made in South Korea into “tangible results” for Filipinos and the broader region.   

+

He said this year’s summit reaffirmed the shared resolve among member economies to pursue growth anchored on connectivity, innovation and inclusivity. He also noted Manila’s push for stronger digital inclusion for small businesses, seamless cross-border trade through better infrastructure and broader upskilling initiatives for women and marginalized sectors.

+

Mr. Marcos also repeatedly emphasized transparency and accountability as key to sustaining investor trust and achieving the administration’s medium-term growth targets, which aim to position the Philippines among Southeast Asia’s top investment destinations.

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The government in August launched a massive corruption crackdown, probing a public works scam that exposed lawmakers, contractors, and Public Works officials who allegedly received billions in kickbacks.

+

“All countries have their own problems, but the only problem, especially for investors, is whether or not the government is doing anything about it,” Mr. Marcos added.

+

NOT YET RESTORED
+Foreign Buyers Association of the Philippines (FOBAP) President Robert M. Young, however, said the business confidence has not yet been restored.

+

“To state that business confidence has been ‘restored’ is not quite accurate, but fortunately, the people can see that there is an effort by the government to address the problem, which hopefully will have good and acceptable results,” he said via Viber, noting the country is still “in the process” of restoring lost confidence.

+

Mr. Young added the Philippines should not “exaggerate” and “overindulge” in the corruption issue, instead focusing on how to remedy its “dismal filing business capabilities” compared to neighboring countries.

+

Research firm IBON Foundation Executive Director Jose Enrique A. Africa also dismissed Mr. Marcos’ claim that confidence in the Philippine economy has been restored, describing it as “empty bluster.”

+

He said that genuine confidence must come from the people, who remain doubtful of the government’s anti-corruption campaign and unconvinced that the economy can provide secure jobs, fair wages, and affordable basic services.

+

Citing a Pulse Asia survey, he said nearly all Filipinos believe corruption is widespread and rising, and that fewer than a third of respondents trust the president to address the issue.

+

Mr. Africa added that even major investors are likely reassessing the risks posed by ongoing corruption scandals, warning that the Marcos administration may be underestimating public outrage and its potential political consequences.

+

“Even financial markets and big investors used to making profits amid corruption must be taking pause today while they take stock of the eventual impact on public investment and, especially, on the political situation,” he said via Viber.

+

“The Marcos, Jr. administration may be wrong in thinking that it can manage the upsurge of outrage against corruption and keep the presidency itself from being held accountable.”

+

The business community earlier released an open letter condemning the large-scale corruption in the country and demanding accountability.

+

They urged Mr. Marcos to take “bold and concrete actions” to counter rampant corruption and rebuild public trust.

+

The letter — penned by organizations including the Employers Confederation of the Philippines, the Federation of Free Workers, the Philippine Chamber of Commerce and Industry and the Trade Union Congress of the Philippines — lamented the lack of effective follow-through despite investigations.

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2025/11/PBBM-Marcos-1-300x200.jpg + + Manila told to leverage ASEAN chairship vs scam hubs + https://www.bworldonline.com/the-nation/2025/11/02/709509/manila-told-to-leverage-asean-chairship-vs-scam-hubs/ + + + Sun, 02 Nov 2025 12:32:39 +0000 + + + + https://www.bworldonline.com/?p=709509 + + + By Adrian H. Halili, Reporter

+

THE PHILIPPINES should use its position as chair of the Association of Southeast Asian Nations (ASEAN) next year to advance anti-human trafficking policies amid the influx of scam hubs in the region, analysts said.

+

The Philippines can leverage its chairship to address concerns on human trafficking, particularly in Myanmar, Francis M. Esteban, associate dean at the Far Eastern University’s Institute of Arts and Sciences, said in a Facebook Messenger chat.

+

He added that the Department of Foreign Affairs (DFA) and Migrant Workers (DMW) should bolster its anti-human trafficking efforts.

+

“The Philippine government, through the mentioned agencies should double its efforts in making sure that OFWs (overseas Filipino workers) have the right access to information, and assistance to avoid such instances of human trafficking,” he said.

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Last week, the DFA reported that more than 200 Filipinos applied for repatriation after they were recruited into scam hubs, most of which were in Myanmar.

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“The smuggling and human trafficking operations require regional and global cooperation,” Hansley A. Juliano, a political science lecturer at the Ateneo de Manila University said in a Messenger chat.

+

“ASEAN can and should platform more cooperation and empowerment of maritime Southeast Asian countries who have experience, resources and stakes in the situation,” he added.

+

The Philippines will host the ASEAN summit next year, following the official handing over by Malaysia last week.  The country assumed the position a year ahead than expected amid unrest in Myanmar.

+

Josue Raphael J. Cortez, who teaches diplomacy at De La Salle-College of St. Benilde, said that the next ASEAN summit can also be used to draft a pan-ASEAN framework in combating trafficking occurring in scam hubs.

+

“It may be about time for the bloc to have a consensus for a binding resolution that would center not just on eradicating the prevalence of these hubs, but also in protecting the rights and promoting the welfare of Southeast Asian citizens who get involved in the matter,” he said in a Messenger chat.

+

He added that the regional bloc must also synchronize deportation and reintegration policies to ensure the ease of movement for ASEAN citizens who are caught engaging in these hubs.

+

“ASEAN may ensure that its member-states’ constitutions enshrine provisions geared towards issues pertaining to human trafficking — a prerequisite for possible extradition based on the complementarity principle and the comity of nations,” he added.

+

Mr. Cortez said that the Philippines should enforce stricter verification for potential scam hub recruitment areas in the country.

+

“The country may add yet another layer of security checks in order to verify that the companies Filipinos moving to these trafficking hotspots are credible,” he added.

+

In addition, the Philippines can leverage its ties with Australia, New Zealand, and the European Union in combating human trafficking operations, Mr. Juliano said.

+

“We should further improve our participation and involvement with relevant global institutions such as United Nations Office on Drugs and Crime (UNODC), the International Organization for Migration (IOM), and the Inter-Agency Coordination Group against Trafficking in Persons (ICAT),” he added.

+

He said that civil society organizations are equipped to potentially advise the government for policy recommendations.

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2025/11/PBBM-Marcos-300x200.jpg + + ‘Ghost’ hospitals reveal deeper corruption, governance woes in health sector, analysts say + https://www.bworldonline.com/the-nation/2025/11/02/709508/ghost-hospitals-reveal-deeper-corruption-governance-woes-in-health-sector-analysts-say/ + + + Sun, 02 Nov 2025 12:32:29 +0000 + + + https://www.bworldonline.com/?p=709508 + + + By Erika Mae P. Sinaking

+

THE existence of “ghost” hospitals or idle Super Health Centers (SHCs) in the country reflects deeper problems of corruption, poor governance, and misplaced priorities in the public health system, health reform advocates and medical experts said.

+

In early October, the Independent Commission for Infrastructure (ICI) said it received reports about alleged unused and non-operational SHCs already been tagged as “completed.”

+

A total of 878 SHCs have been funded through the Health Facility Enhancement Program (HFEP) since 2021, based on preliminary Department of Health (DoH) data. Of these, only 196 are operational, 17 are partially operational, while 365 are still under construction.

+

The remaining 300 facilities — more than a third of the total — remain non-operational.

+

Health Secretary Teodoro J. Herbosa earlier told the ICI that many of these facilities remain idle due to the lack of basic utilities such as electricity and water.

+

“The health sector has been able to escape accountability in many forms of corruption — including phantom health centers — because they are not as visible or glaring as other infrastructure projects,” Paul Gideon D. Lasco, medical anthropologist, told BusinessWorld in an e-mail response to questions.

+

Mr. Lasco noted that many public healthcare facilities operate outside the public eye, often unnoticed by citizens who either distrust or rarely use government health services.

+

“We can also view these forms of corruption as further evidence of how systemic corruption is in our government,” he added.

+

Super Health Centers are larger versions of regular health centers, intended to provide outpatient consultations, basic diagnostics such as X-rays and ultrasounds, minor surgeries, and pharmacy services. They were initiated in 2021 to supplement local health infrastructure and reduce congestion in public hospitals.

+

The Health chief said that all health facilities in 2024 are being implemented by the Department of Public Works and Highways (DPWH), following a provision in the 2025 General Appropriations Act mandating the DPWH to handle the construction of facilities costing more than P5 million and not directly under DoH control.

+

For Anthony “Tony” C. Leachon, health reform advocate, the problem lies in how these projects were planned and implemented from the start.

+

In a separate e-mail, Mr. Leachon said that the continued existence of idle or incomplete SHCs points to “three interlocking failures” — fragmented planning, weak accountability mechanisms, and political interference.

+

“Infrastructure was prioritized over functionality,” he said.

+

Mr. Leachon added that oversight in programs such as the HFEP has historically been weak, allowing contractors and implementing agencies to operate with little consequence for inefficiency or neglect.

+

“Some centers were reportedly built in areas chosen for political convenience rather than epidemiologic need,” he said, describing the practice as a form of “pork barrel dynamics where visibility trumps viability.”

+

Despite the billions spent, the issue rarely provokes public outrage due to its complexity and the quiet, slow nature of its consequences.

+

“Unlike scandals involving personalities or national security, ghost health centers are technical, dispersed, and slow burning,” he said. “They rarely provoke outrage because their impact is felt quietly — in missed diagnoses, untreated illnesses, and preventable deaths.”

+

The DoH said it will continue building up cases on the 300 problematic SHCs, conduct on-site inspections through its regional directors, and activate a “Citizens Participatory Audit” to gather public reports on idle facilities.

+

“We are still waiting for the DoH to conclude its investigation and provide us with a report,” ICI Executive Director Brian Keith F. Hosaka told BusinessWorld via Viber.

+

“Ghost health centers are not just abandoned buildings. They are symbols of broken promises,” Mr. Leachon said. “To restore trust, we must restore function. And to restore function, we must restore integrity.”

+

Meanwhile, Mr. Lasco emphasized that beyond public outrage, accountability must be pursued to deter future wrongdoing. He added that structural reforms in the healthcare system are needed, including stronger support and fair compensation for health workers.

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2025/11/DOH-empty-lot-300x200.jpg + + Tropical Storm Tino enters PAR + https://www.bworldonline.com/the-nation/2025/11/02/709507/tropical-storm-tino-enters-par/ + + + Sun, 02 Nov 2025 12:31:17 +0000 + + + https://www.bworldonline.com/?p=709507 + + + SEVERE tropical storm “Kalmaegi” entered the Philippine area of responsibility (PAR) early on Sunday and was assigned the local name “Tino,” marking the 20th tropical cyclone to enter the country in 2025, the state weather bureau reported.

+

According to the Philippine Atmospheric, Geophysical and Astronomical Services Administration’s (PAGASA) Facebook page, Tino was located east of eastern Visayas.

+

It said Tino may make landfall over the Caraga or Eastern Visayas regions on Monday.

+

In its 5 p.m. advisory, it warned that Tino — combined with a prevailing shear line — will bring widespread heavy to torrential rains over large parts of the Visayas and Mindanao through midweek.

+

Rainfall ranging from 50 to 200 millimeters is expected from Sunday through Wednesday afternoon, with the heaviest downpours over Eastern and Central Visayas.

+

The agency urged disaster risk reduction and management offices to take precautionary measures to protect lives and property.

+

PAGASA regional divisions may issue localized Heavy Rainfall Warnings and Thunderstorm Advisories as appropriate.

+

Tino’s arrival comes as the Philippines enters the final quarter of its typhoon season, a period typically characterized by frequent storms that can disrupt agriculture, transport, and energy operations across the archipelago. — Chloe Mari A. Hufana

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2025/11/Tropical-Storm-Tino-300x169.jpg + + Probe of ‘ghost’ farm roads pushed + https://www.bworldonline.com/the-nation/2025/11/02/709506/probe-of-ghost-farm-roads-pushed/ + + + Sun, 02 Nov 2025 12:30:40 +0000 + + + https://www.bworldonline.com/?p=709506 + + + MINORITY lawmakers last week filed a resolution seeking a congressional inquiry into alleged “ghost” farm-to-market roads, as scrutiny intensifies over a widening government scandal involving flood infrastructure projects.

+

The Agriculture department’s farm-to-market road projects were overpriced by roughly P6.4 million compared to agency estimates, according to House Resolution (HR) No. 421, which flagged potential misuse of public funds alike to the multibillion-peso flood control controversy.

+

The House public accounts and agriculture panels should “conduct a thorough investigation into all farm-to-market roads for possible overpricing and corruption,” the resolution, authored by Party-list Reps. Antonio L. Tinio, Sarah Jane I. Elago and Renee Louise M. Co., read.

+

“There is a need to thoroughly scrutinize the national farm-to-market road network plan 2023-2028 formulated and finalized during the stint of President Marcos, Jr. as the Agriculture secretary,” it added.

+

The Marcos administration is facing mounting scrutiny over a widening flood control scandal, with key politicians, government officials and private contractors accused of colluding to swindle the state of billions of pesos through substandard or nonexistent flood mitigation projects.

+

Allegations have also emerged that farm-to-market roads — part of a government initiative to improve connectivity between agricultural lots and markets — were themselves a conduit of corruption.

+

Senator Sherwin T. Gatchalian said last month the government may have lost more than P10 billion to inflated rural road project costs, citing roughly 689 kilometers (km) of farm roads from 1,653 contracts flagged for overpricing.

+

HR No. 421 said an average kilometer of a typical rural road should be P9.486 million per km, citing Agriculture department documents. But project costs shot up by 67.72% to P15.91 million per km to ensure structural integrity and climate proofing. — Kenneth Christiane L. Basilio

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2025/09/Ilocos-Norte-Farm-to-Market-Road-300x200.jpg + + More funds sought for zero billing + https://www.bworldonline.com/the-nation/2025/11/02/709505/more-funds-sought-for-zero-billing/ + + + Sun, 02 Nov 2025 12:30:13 +0000 + + + https://www.bworldonline.com/?p=709505 + + + A SENATOR on Sunday proposed transferring the budget of the Health department’s medical financial aid program to fund the “zero-balance billing” program in public hospitals, which guarantees patients no out-of-pocket expenses for covered services.

+

Senator Sherwin T. Gatchalian, who heads the Senate Finance committee, proposed to place funding for the Medical Assistance to Indigent and Financially Incapacitated Patients (MAIFIP) Program into the zero-balance billing program.

+

“Let’s just put MAIFIP in the zero-balance billing program. We should reform our Universal Health Care to ensure access to quality health services for all Filipinos without financial hardship,” he said in a statement.

+

The Philippine Health Insurance Corp. (PhilHealth) currently shoulders the full cost of covered services under the program. The services include room and board, medicines, laboratory tests and professional fees, ensuring that patients do not pay anything on top of their coverage. It only applies to patients admitted to ward-type hospital accommodations.

+

The MAIFIP program has an allocation of P49.2 billion under the proposed 2026 national spending plan.

+

“It pains me to see some people queuing up at politicians’ offices,” Mr. Gatchalian added. “We are putting the decision-making power on life and death in the hands of the politicians, which is not the right thing to do because the system should help our constituents.”

+

He said that the zero-balance billing program and PhilHealth programs would be able to support patients in public hospitals.

+

He also noted that there is a need to increase the capacity of public hospitals due to the zero-balance program. — Adrian H. Halili

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2025/09/PBBM-Marcos-patient-300x200.jpg + + Sagada observes peaceful, organized ‘Undas’ + https://www.bworldonline.com/the-nation/2025/11/02/709504/sagada-observes-peaceful-organized-undas/ + + + Sun, 02 Nov 2025 12:29:50 +0000 + + + https://www.bworldonline.com/?p=709504 + + + SAGADA, Mountain Province — The local government of Sagada said that this year’s observance of All Saints’ and All Souls’ Days, or Undas, remained peaceful and orderly despite an influx of visitors to the town’s cemeteries and tourist destinations.

+

Local officials estimated that more than 3,000 residents and at least 2,000 tourists participated in the two-day observance, which coincided with peak travel days for visitors seeking to experience Sagada’s cool climate and cultural traditions.

+

Edever G. Alicda, chief operations officer for “Undas Sagada” under the Bureau of Fire Protection-Cordillera Administrative Region (BFP-CAR), said the operations “generally went according to plan,” with personnel deployed across major roads, cemeteries, and tourist sites.

+

“We had to assist vehicles that got stuck in mud, especially near parking areas, but these were resolved immediately. The BFP worked with the police and traffic enforcers to manage road flow and ensure safety,” Mr. Alicda told BusinessWorld on Sunday.

+

He added that overall crowd movement remained smooth and that most incidents involved only minor logistical challenges due to intermittent rain and heavy foot traffic.

+

Municipal Disaster Risk Reduction and Management Officer Eddie A. Dapliyam said several temporary closures were implemented in some tourist areas due to safety concerns.

+

Mr. Dapliyam said that Sumaguing Cave, one of Sagada’s main tourist attractions, was temporarily closed on Saturday afternoon due to the rising water level that posed risks to visitors. It was reopened within the hour once conditions were considered safe, he added, noting that some tours within the central barangays were also suspended to prevent congestion.

+

Despite the weather, many visitors still flocked to Sagada’s popular sites such as Echo Valley, Kiltepan Viewpoint, and the Hanging Coffins trail. Local accommodations reported high occupancy rates throughout the Undas week, said the Sagada’s tourist information office.

+

The solemn highlight of the observance was the lighting of pinewood torches at the Church of Saint Mary the Virgin Cemetery on Saturday evening — a key part of Sagada’s Panag-apoy (lighting of fires) cemetery festival.

+

The Panag-apoy, an integral part of Sagada’s cultural identity, continues to draw both locals and tourists who seek to witness the town’s distinctive way of commemorating the dead, held at dusk on All Saints’ Day.

+

Sagada Mayor Felicito O. Dula, along with members of the Sangguniang Bayan and barangay officials from Dagdag, Demang, and Patay, monitored the event’s implementation.

+

“All plans and designations were finalized three days before November 1. The LGU, volunteers, and emergency units coordinated closely to maintain order and safety,” said community volunteer Raffy Manalo, who assisted in crowd management during the observance.

+

Mr. Manalo added that no major incidents or medical emergencies were recorded throughout the event, noting that visitors largely followed cemetery protocols and crowd instructions.

+

Unlike last year, when the local government limited public access due to safety measures, this year’s observance was opened to tourists under stricter crowd control and traffic rules.

+

“It’s good that everyone followed the instructions. There were no problems with the flow of people,” Mr. Manalo said.

+

The Sagada’s local government deployed personnel from the Municipal Disaster Risk Reduction and Management Office, BFP, Philippine National Police, Bureau of Jail Management and Penology, Rural Health Unit, and barangay volunteers. — Erika Mae P. Sinaking

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2021/04/the-nation-default-300x169.jpg + + DoE, Pagbilao Energy coordinate after fire incident + https://www.bworldonline.com/the-nation/2025/11/02/709502/doe-pagbilao-energy-coordinate-after-fire-incident/ + + + Sun, 02 Nov 2025 12:29:37 +0000 + + + https://www.bworldonline.com/?p=709502 + + + THE Department of Energy (DoE) said it will coordinate with Pagbilao Energy Corp. (PEC) and other concerned agencies to ensure the proper provision of assistance following the fire incident at a power plant unit in Pagbilao, Quezon province, which resulted in casualties.

+

In a statement on Sunday, Energy Secretary Sharon S. Garin said the agency has enjoined PEC to attend to the needs of all those currently in the hospital, ensuring that they receive comprehensive medical attention, proper care, and full support.

+

“The DoE also commits to assisting, where appropriate, in the recovery efforts for both the affected personnel and the power plant, ensuring that necessary support mechanisms are in place as operations move toward rehabilitation, while upholding the welfare of all workers involved,” she said.

+

Reports stated that a fire broke out at Pagbilao Power Station Unit 3 on the evening of Oct. 31, killing one personnel and wounding nine others.

+

In a statement, PEC said it continues to prioritize the treatment and care of individuals affected by the incident.

+

The company said that families and loved ones of the injured and deceased were promptly informed, and teams are coordinating with them to provide continuous and comprehensive medical, financial, logistical, and emotional support.

+

As of 9 a.m. of Nov. 2, seven of the injured personnel are in stable condition, while two have successfully undergone surgeries and are under close monitoring.

+

“PEC also reaffirms its dedication to the safety and well-being of all of our people on-site. We thank everyone for their compassion and support as we move through this difficult period together,” the company said.

+

The coal-fired power plant unit was inaugurated in 2018 and generates a baseload power of 420 megawatts. — Sheldeen Joy Talavera

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2021/04/the-nation-default-300x169.jpg + + Baguio City to cut emissions in 2025-2028 plan + https://www.bworldonline.com/the-nation/2025/11/02/709501/baguio-city-to-cut-emissions-in-2025-2028-plan/ + + + Sun, 02 Nov 2025 12:29:22 +0000 + + + https://www.bworldonline.com/?p=709501 + + + BAGUIO CITY is setting sights on focusing on cutting greenhouse gas emissions, improving waste management, and promoting sustainable development in its environmental plan for 2025 to 2028.

+

The plan, part of the city’s Executive Legislative Agenda now being finalized, aims to make Baguio cleaner, greener, and more climate resilient.

+

Baguio City targets a 5% cut in greenhouse gas emissions based on 2026 levels and a 10% reduction in landfill waste to 270 tons daily from 300 tons. Around P100 million has been set aside to finish the Central Material Recovery Facility and build three more barangay waste centers to boost recycling and lessen landfill use.

+

The city also plans to work with the European Union and the United Nations Development Programme on a project that encourages residents to change waste disposal habits.

+

Upgrades to sewage and septage facilities are also planned, along with the rehabilitation of damaged sewer lines and the addition of 5,000 new household connections. The city wants to reach a 70% collection rate for sanitation and environmental fees by 2028.

+

For hazardous waste, the local government plans to establish a proper collection and disposal system by 2028. It will gather data on hazardous materials, explore better handling of e-waste and used oil, and create an ordinance to strengthen waste programs at the barangay level.

+

Air quality and urban forest management will continue under the CLEAR Baguio Strategy, which includes real-time air monitoring, a wider tree registry, and citizen participation. By 2028, the city hopes to launch a SMART platform that connects air and forest data, with at least 90% of stakeholders actively involved.

+

Water security and green spaces are also priorities. The city aims to increase its water supply by 3,500 cubic meters per day through system improvements and waterway rehabilitation.

+

From 2025 to 2027, parks like Burnham Park and Mines View Park will be redeveloped. By 2028, Baguio plans to complete a network of well-maintained parks and fully enforce its new Green Building Ordinance to promote eco-friendly construction across the city. — Artemio A. Dumlao

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2021/04/the-nation-default-300x169.jpg + + Labor agreements inked in BARMM + https://www.bworldonline.com/the-nation/2025/11/02/709539/labor-agreements-inked-in-barmm/ + + + Sun, 02 Nov 2025 12:29:08 +0000 + + + https://www.bworldonline.com/?p=709539 + + + COTABATO CITY — Regional officials, employers, representatives from the labor and business sectors from across the Bangsamoro region have crafted resolutions to cooperate on special welfare and health programs for workers to boost their safety in workplaces and hasten their productivity.

+

The agreements, forged during the 2025 Bangsamoro Labor Summit and Tripartite Industrial Peace Council Convention in Cotabato City, were signed by officials led by Labor and Employment Minister Muslimin G. Sema, members of the Bangsamoro Regional Tripartite Wages and Productivity Board, representatives from the business and labor sectors and humanitarian organizations in the autonomous region.

+

Officials of the Ministry of Labor and Employment-Bangsamoro Autonomous Region in Muslim Mindanao (MoLE-BARMM), led by Mr. Sema, and BARMM’s Chief Minister Abdulraof A. Macacua organized the summit as a venue for dialogues on how to further improve cross-section cooperation on interventions meant to boost the welfare of the region’s labor sector and enhance the relationship among workers and their employers.

+

“The summit was a multisector activity. It was productive. It was capped off with our signing of agreements good for the region’s labor sector, employers and traders who have establishments employing local residents,” Mr. Sema told reporters on Sunday.

+

Apart from those in mainland Mindanao, traders and labor sector representatives from BARMM’s geographically separated Basilan and Tawi-Tawi island provinces also attended the summit, held at the Al Nor Convention Center in uptown Cotabato City at the weekend.

+

In a message, Maria Jenellyn P. Aguinaldo, Philippine project manager of the International Labour Organization (ILO), told summit attendees that the ILO will support all of MoLE-BARMM’s programs for the region’s labor sector.

+

The sectoral representatives who participated in the summit also pledged to help address child labor in far-flung areas in BARMM and the use of children as combatants by their own families that are involved in deadly clan wars. — John Felix M. Unson

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2021/04/the-nation-default-300x169.jpg + + GM and WGM titles up for grabs at 6th ASEAN+ Individual Chess Championships in Ozamiz + https://www.bworldonline.com/sports/2025/11/02/709472/gm-and-wgm-titles-up-for-grabs-at-6th-asean-individual-chess-championships-in-ozamiz/ + + + Sun, 02 Nov 2025 12:08:56 +0000 + + + https://www.bworldonline.com/?p=709472 + + + AUTOMATIC Grandmaster (GM) and Woman Grandmaster (WGM) titles will be at stake when the 6th ASEAN+ Individual Chess Championships-Gov. Henry Oaminal Cup unfurls on Monday at the Misamis Occidental Resort and Aquamarine Park in Ozamiz.

+

A total of six GMs and a slew of International and FIDE Masters (FMs) are seeing action in the tournament that drew 40 participants in the Open section, 37 in the women’s side and 108 in the challenger category of this tournament sanctioned by the National Chess Federation of the Philippines.

+

Leading the country’s charge are GMs Daniel Quizon, John Paul Gomez and Darwin Laylo and International Masters (IMs) Pau Bersamina, Jem Garcia, Christian Gian Karlo Arca and Michael Concio, Jr., the last four hoping they could win the eight-day event and clinch an automatic GM title.

+

But winning the event, the strongest the country is hosting in recent years, is easier said than done as it drew a strong foreign challenge in GMs Nguyen Duc Hoa, Tran Tuan Minh and Nguyen Van Huy of Vietnam.

+

Russian IM Miroslav Vlasenko, top seed IM Phan Tran Gia Phuc of Vietnam, second seed IM Munkhdalai Amilal of Mongolia and a group of strong Indian IMs in Kamotra Soham, V S Raahul, Ramesh Avinash are also seeing action.

+

Other notable entrants in the mix are IM Dang Hoang Son and Nguyen Quoc Hy, IM Zhenyong Jayden Wong of Singapore, FIDE Master Fabian Glen, Pitra Adyka and IM Nayaka Budhidharma of Indonesia, FM Wong Yinn Long of Malaysia.

+

The country’s very own WGM Janelle Mae Frayna will lead the women’s division alongside fellow WGMs Nguyen Thi Mai Hung and Nguyen Thi Thanh An of Vietnam as well as Mongolian Woman FIDE Master Batpelden Buyankhishig, Indonesian Woman International Master (WIM) Kaysa Latifah and two Russians in IM Evgenija Ovod and WIM Ekaterina Smirnova. — Joey Villar

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2023/11/chess-1-300x200.jpg + + Bulls’ streak + https://www.bworldonline.com/sports/2025/11/02/709469/bulls-streak/ + + + Sun, 02 Nov 2025 12:06:06 +0000 + + + + https://www.bworldonline.com/?p=709469 + + + For the first time since Michael Jordan ruled the National Basketball Association in the nineties, the Bulls have opened a season with five straight victories. In and of itself, the remarkable streak invites nostalgia. That said, these Bulls — built more on cohesion than celebrity — are not simply basking in a hot start. They have clearly turned a presumed transition year into a showcase of precision, balance, and purpose. Their 118-108 win over the Knicks the other day preserved an unbeaten record and, perhaps more importantly, underscored the presence of a foundation that could well lead to the NBA Cup semifinals in Las Vegas.

+

To be sure, the win mattered more than typical early-season matchups. The Knicks, battle-tested and rarely outworked, opened the Cup as the favorites in East Group C. And still, the Bulls confidently dictated tempo and tone, collecting 31 assists on 45 made field goals. They played fast but under control, boasting of an offense built more on timing than on isolation. Not for nothing did six stalwarts of the red and white finish in double figures, proof of their discipline in motion.

+

Creditably, Josh Giddey has belied scouting reports questioning his shooting touch. The 32 points he put up against the Knicks were a career high, and featured four three-pointers in the first half alone. He orchestrated from the wings, cut decisively to and through the paint, and absorbed contact without fear and as needed. Hitherto measured by his passing, he showed all and sundry that he could be a go-to scorer as well.

+

NBA annals are littered with fast starts that give way to sudden swoons once the schedule hardens, but the Bulls’ early success appears formative. Four of their half-dozen triumphs have been against playoff-caliber teams. And, tellingly, they dispatched the Pistons, Hawks, Magic, and Knicks by leaning on communal rhythm rather than All-Star brilliance. Every possession has been a small act of trust and, at the same time, a firm reinforcement of a larger principle: that ball movement can still prevail in a league obsessed with one-on-one mastery.

+

It’s too early to say if the Bulls will hold steady once the grind sets in, but they have, if nothing else, earned the right to be taken seriously. They may be without a dominant scorer or headline-grabbing roster, but they have balance that reflects their capacity to be collectively greater than the sum of their individual parts. Five games in, they are not merely unbeaten; they are believable. And in a campaign built to test both intent and talent, their competitive advantage might just be enough to take them all the way to Vegas.

+

 

+

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2021/04/sports-basketball-default-300x169.jpg + + Samsung unit to invest over P50B in PHL ceramic capacitor facility + https://www.bworldonline.com/economy/2025/11/02/709500/samsung-unit-to-invest-over-p50b-in-phl-ceramic-capacitor-facility/ + + + Sun, 02 Nov 2025 11:44:09 +0000 + + + + + https://www.bworldonline.com/?p=709500 + + + SAMSUNG Electro-Mechanics Philippines Corp. (SEMPHIL) is investing P50.7 billion in a Philippine manufacturing facility for automotive multilayer ceramic capacitors (MLCCs), according to the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).

+

The manufacturing plant is expected to begin commercial operations by July 2027 and will generate over 3,500 jobs, OSAPIEA said in a statement over the weekend.

+

MLCCs are key components in electric vehicles and smart devices.

+

The investment commitment was finalized during the Philippine delegation’s meeting with SEMCO’s top executives on the sidelines of the 32nd APEC Summit in South Korea.

+

“The products that they make in the Philippines are of the highest tech that you can imagine. And so that is very, very important for us,” President Ferdinand R. Marcos, Jr. told reporters after the meeting.

+

Samsung also committed to partner with universities to train Filipino workers and conduct research and development, Mr. Marcos added.

+

SEMPHIL, the Philippine subsidiary of Samsung Electro-Mechanics Co. (SEMCO), is based in the Calamba Premiere International Park and is registered with the Philippine Economic Zone Authority.

+

At the end of 2024, SEMPHIL employed 7,000 workers and accounted for nearly half of SEMCO’s worldwide MLCC output, OSAPIEA said.

+

The investment pledge is also the first to receive fiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act.

+

Under the law, the President may grant tax incentives in the interest of national economic development or as recommended by the Fiscal Incentives Review Board.

+

Qualified projects are eligible for incentives such as Income Tax Holidays, the Special Corporate Income Tax, and Enhanced Tax Deductions.

+

Perks also include value-added tax (VAT) zero-rating on local purchases, as well as VAT and duty exemptions on imports.

+

PEZA Director General Tereso O. Panga called the investment a “landmark achievement for the electronics sector,” noting that the expansion will “strengthen the Philippines’ position in the global semiconductor value chain and create more opportunities for Filipino talent.”

+

In 2024, electronic products remained the Philippines’ top export, accounting for nearly 60% of total shipments, according to the Philippine Statistics Authority. — Beatriz Marie D. Cruz

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2025/11/Samsung-Electro-Mechanics-300x169.jpg + + PHL, Peru to create joint trade commission + https://www.bworldonline.com/economy/2025/11/02/709499/phl-peru-to-create-joint-trade-commission/ + + + Sun, 02 Nov 2025 11:44:00 +0000 + + + + + https://www.bworldonline.com/?p=709499 + + + THE PHILIPPINES and Peru will establish a joint trade commission (JTC) to explore ways to boost bilateral trade, the Department of Trade and Industry (DTI) said.

+

In a statement over the weekend, the DTI said: “The JTC will serve as a formal platform for dialogue and cooperation aimed at expanding bilateral trade, diversifying trade, and exploring new areas of partnership.”

+

Trade Secretary Cristina A. Roque and Peruvian Minister for Foreign Trade and Tourism Teresa Stella Mera Gómez announced the creation of a JTC on the sidelines of the 32nd APEC Summit in South Korea on Nov. 1.

+

In a separate statement, the Philippines and Chile reaffirmed their commitment to advance the Philippines–Chile Comprehensive Economic Partnership Agreement (CEPA) negotiations.

+

“Both sides expressed determination to finalize the trade deal at the soonest possible time and to forge stronger regional collaboration as the Philippines pursues accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Chile’s interest in joining the Regional Comprehensive Economic Partnership (RCEP),” DTI said.

+

Trade Undersecretary Allan B. Gepty and Chilean Vice Minister of Trade Claudia Sanhueza met on the sidelines of APEC Leaders’ Week to reaffirm their commitments to advance CEPA negotiations.

+

Chile is the Philippines’ 37th largest trading partner. Total trade between the two countries rose 137% to $334.13 million in 2024. — Beatriz Marie D. Cruz

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2022/12/Flag_of_Peru-300x200.jpg + + PEZA to launch Cebu AI training facility + https://www.bworldonline.com/economy/2025/11/02/709498/peza-to-launch-cebu-ai-training-facility/ + + + Sun, 02 Nov 2025 11:43:39 +0000 + + + + + https://www.bworldonline.com/?p=709498 + + + THE Philippine Economic Zone Authority (PEZA) is set to launch its first Artificial Intelligence (AI) Tech Academy in Cebu on Nov. 17.

+

“We feel that AI will steer the next technological revolution, so we cannot pass up on this opportunity,” PEZA Director General Tereso O. Panga said last week.

+

Stacktrek invested in a two-storey facility to host AI training sessions for ecozone worker as a joint project with the Technical Education and Skills Development Authority (TESDA) and the IT & Business Process Association of the Philippines (IBPAP).

+

“There will be two tracks to this — one is through the IBPAP, which is into IT services.  And the other one, which we hope to roll it out also, is on advanced manufacturing to benefit our electronics industry,” Mr. Panga said at an event last week.

+

The Cebu facility has more than workstations for trainees, Mr. Panga said.

+

“It’s an investment by the private sector. Our role, really, is (focused on) how we can mobilize the industry to support it by way of donations of equipment, and then getting TESDA on board to provide grants to workers that will undergo the AI training,” Mr. Panga told reporters separately.

+

PEZA is also hoping to launch AI training facilities in other key cities and provinces, including one in its main building.

+

Philippine workers are under pressure to upskill as more firms incorporate AI into their operations.

+

AI technologies can boost the Philippine economy by $31 billion, according to a 2025 report by Google Philippines and consulting firm Public First. — Beatriz Marie D. Cruz

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2025/06/AI-artificial-intelligent-300x200.jpg + + Corruption scandal not seen deterring energy investments + https://www.bworldonline.com/economy/2025/11/02/709497/corruption-scandal-not-seen-deterring-energy-investments/ + + + Sun, 02 Nov 2025 11:42:45 +0000 + + + + https://www.bworldonline.com/?p=709497 + + + THE Department of Energy (DoE) said it expects energy investments to continue flowing even in the face of a corruption scandal plaguing infrastructure projects.

+

“I’m still very bullish about investments in energy in the Philippines. And that’s shown by our oversubscribed GEA (green energy auction),” Energy Secretary Sharon S. Garin told reporters on the sidelines of the Asian Clean Energy Summit in Singapore last week.

+

“I think it’s still a very positive, and I don’t think it’s anything to worry about as far as energy is concerned,” she said.

+

A corruption probe into alleged irregularities in flood control projects has ensnared government officials, including senators, representatives and the Public Works department, as well as contractors.

+

President Ferdinand R. Marcos, Jr. set in motion a crackdown on flood control projects during his State of the Nation Address after many such projects failed during the heavy July rains.

+

Ms. Garin said the crackdown and the resulting investigations are reassuring to investors.

+

“I think for our investors, that should be an assurance that the current administration is being transparent… we should have even more confidence in this administration because it shows that we are determined to make sure that this is a well-run administration,” she said.

+

Ms. Garin said interest has been strong in the upstream sector following the recent awarding of eight petroleum service contracts, with more in the pipeline.

+

Ms. Garin said that a potential investor from the United Arab Emirates is looking to “check if they can also invest in upstream in the Philippines.”

+

“I think they are aware it’s private-driven, and it’s not about corruption per se. We’re just establishing ourselves as a good policy makers as far as energy is concerned,” she said. — Sheldeen Joy Talavera

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2025/08/RE-windmills-300x200.jpg + + BoC revenue since July boosted by voluntary settlements, audits + https://www.bworldonline.com/economy/2025/11/02/709495/boc-revenue-since-july-boosted-by-voluntary-settlements-audits/ + + + Sun, 02 Nov 2025 11:41:52 +0000 + + + https://www.bworldonline.com/?p=709495 + + + THE Bureau of Customs (BoC) said non-traditional revenue sources such as voluntary settlements and audits propped up its revenue collection since July.

+

In the “First 100 Days Report,” of Customs Commissioner Ariel F. Nepomuceno, who assumed office in July, the agency booked P505.03 million from such sources.

+

Of this, P432.729 million was generated through the Prior Disclosure Program, which allows importers to proactively settle their duty and tax deficiencies without penalty, it said.

+

From July 1 to Oct. 8, the BoC collected P263.09 billion in revenue overall, up 2.8%.

+

The BoC generates revenue from import duties and taxes, a value-added tax on imports, excise tax and other fees. It is tasked to collect P958.7 billion for 2025.

+

“The remaining P72.302 million was collected through post clearance audits, reflecting the Bureau’s strengthened enforcement of compliance and commitment to fostering accountability within the trading community,” it said.

+

Other sources of revenue were public auctions of forfeited goods held at major ports, which contributed P106.93 million.

+

This includes goods from Port of Manila, the Manila International Container Port, and the Ninoy Aquino International Airport.

+

“These auctions not only convert seized goods into valuable fiscal contributions but also help decongest ports and uphold transparency in the disposal of government assets,” it said.

+

Customs Assistant Commissioner Vincent Philip C. Maronilla said the agency will focus on other potential nontraditional revenue sources to offset the tariff cuts arising from Executive Order No. 62 which cut import tariffs of selected products such as rice and pork. 

+

In the same report, the BoC said illegal drugs were the top seized commodity between July 1 and Oct. 8, with an estimated value of P2.169 billion, out of the total P3.8 billion worth of illicit goods.

+

On Sunday, the BoC also announced that it intercepted 6,250 grams worth of methamphetamine hydrochloride (known by its street name shabu), valued at P42.5 million, from a passenger from Addis Ababa, Ethiopia on Oct. 28.

+

Meanwhile, in a separate memorandum dated Oct. 23, the BoC said it adopted the Department of Finance’s Enhanced Tax Exemption System Lite, a digital platform that facilitates the online filing, validation, and confirmation of tax and duty exemption applications.

+

This will allow online monitoring of the status of Tax-Exempt Indorsements from approval to utilization at the port concerned.

+

The Bureau of the Treasury reported that the BoC generated revenue of P701.7 billion at the end of September. — Aubrey Rose A. Insane

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2021/12/BoC-Customs-1-300x200.jpg + + Enhancing resilience in the face of natural hazards + https://www.bworldonline.com/economy/2025/11/02/709494/enhancing-resilience-in-the-face-of-natural-hazards/ + + + Sun, 02 Nov 2025 11:41:28 +0000 + + + + + + https://www.bworldonline.com/?p=709494 + + + IN BRIEF:

+

• Recent seismic activity in Cebu and Davao highlight the Philippines’ vulnerability to natural disasters, emphasizing the need for improved disaster preparedness and response strategies.

+

• The effectiveness of building codes is often compromised by non-compliance, leading to significant risks for businesses and communities during extreme events, particularly as climate change exacerbates these vulnerabilities.

+

• Integrated approaches, including Business Continuity Management Systems and Public Service Continuity Plans, are essential for ensuring operational resilience and continuity of essential services, ultimately contributing to a more resilient future for the Philippines.

+

The recent earthquakes in Cebu and Davao region underscore the Philippines’ vulnerability to natural hazards. While initial reports focused on immediate structural damage, a closer look reveals critical intersections between seismic activity, climate change, and disaster preparedness strategies. For businesses and communities, understanding these dynamics is essential for survival and long-term growth.

+

CEBU AND DAVAO: A COMPARATIVE SNAPSHOT
+The Cebu earthquake, though slightly lower in magnitude at 6.9, resulted in extensive asset losses, including about 72,000 homes damaged and 74 fatalities. In contrast, the Davao Oriental quake on Oct. 10 registered a magnitude of 7.4, causing 2 confirmed deaths and over 50 injuries. The earthquake prompted tsunami warnings, mass evacuations, and power outages in parts of the province.

+

Local officials responded promptly. Davao Oriental Governor Nelson Dayanghirang coordinated evacuations in Manay, the quake’s epicenter. Mayor Joel Mayo Almario of Mati City suspended classes and work, urging residents to follow evacuation protocols and cooperate with authorities.

+

BUILDING CODES AND THEIR LIMITATIONS
+The National Structural Code of the Philippines (NSCP) serves as the primary reference for the design and construction of safe and reliable structures within the country. Its primary aim is to ensure that all buildings and other forms of infrastructure can withstand expected loads, including gravity and lateral forces (earthquake and wind forces), throughout its service life.

+

However, the effectiveness of the code’s provisions can be compromised by non-compliance during construction, which is often the case in the Philippines. The use of substandard materials, deficient workmanship, and unauthorized alterations or deviations from approved plans can all undermine the intended performance of a structure. Such practices not only weaken the building’s resistance to external loads but also heighten the risk of severe damage or collapse during extreme events.

+

The consequences of these deficiencies can be particularly significant for businesses. Structural failures or damage may lead to extended operational downtime, loss of productivity, and substantial repair or reconstruction costs. In some cases, they may also pose serious threats to human safety and negatively impact the reputation and financial stability of the organization.

+

EARTHQUAKES AND CLIMATE HAZARDS
+Climate change introduces variables that affect structural safety. A warmer atmosphere increases the amount of water vapor in the air, resulting in heavier rainfall. Heavier rainfall can saturate the soil and increase pore water pressure (pressure exerted by the water held within the pore spaces of soil), which directly affects soil bearing capacity. As the pore water pressure increases, effective stress decreases, which weakens the soil’s ability to support load, reducing the foundation’s bearing capacity. The design of a building might have not anticipated this reduced foundation capacity, making it more vulnerable to damage even during moderate earthquakes.

+

Conversely, structures already weakened by seismic activity are at higher risk during typhoons or storm surges. The proportion of intense typhoons and accompanying storm surges is expected to increase in warmer world. This overlap and two-way interaction of hazards underscores the need for integrated, multi-risk resilience strategies that balance economic feasibility and long-term durability.

+

The crux of the resilience planning process lies in this balancing exercise, as a structure that is frail or extremely expensive is undesirable. Finding the right middle ground boils down to data-driven and detailed assessments of potential impacts and costs of building resilience to come up with the most accurate financial estimates that can properly inform decision making.

+

CONTINUOUS ASSET ASSESSMENT
+It is insufficient to rely solely on original design and construction as-built documents. Regular structural evaluations are necessary to determine a building’s current condition and resilience to extreme events. These assessments should account for regular building wear and tear, prior damage and retrofitting interventions, and environmental changes such as land subsidence or rising groundwater levels.

+

To be better prepared, businesses should invest in climate and geophysical vulnerability assessments, structural retrofitting and architectural upgrades such as earthquake dampers and impact-resistant glass panels, and hazard protection improvements, such as robust drainage and coastal and riverbank erosion controls.

+

EVOLVING STANDARDS AND POLICY RECOMMENDATIONS
+Recent government initiatives reflect a growing commitment to national resilience. For example:

+

• The National Disaster Risk Reduction and Management Plan (NDRRMP) emphasizes coordinated response and long-term climate adaptation.

+

• The Department of Public Works and Highways (DPWH) is promoting 186 climate-responsive infrastructure projects under the Build Better More program.

+

• The Asian Development Bank (ADB) approved a $200-million loan to support climate-resilient infrastructure planning and implementation.

+

These measures aim to integrate climate projections into infrastructure design, improve early warning systems, and foster stronger public-private collaboration.

+

BCMS AND PSCP
+Preparedness extends beyond physical infrastructure. Although calamities cannot be predicted, both Business Continuity Management Systems (BCMS) and Public Service Continuity Plans (PSCP) ensure that private organizations and government institutions can continue essential functions before, during, and after disasters.

+

BCMS is guided by ISO 22301:2019, the international standard for business continuity. It focuses on identifying critical operations, assessing potential threats, and ensuring recovery measures are in place to sustain delivery of products and services during disruption.

+

PSCP, on the other hand, is mandated for public institutions under NDRRMC Memorandum No. 33, s. 2018, which requires all government agencies and local government units (LGUs) to maintain continuity of essential public services in times of crisis.

+

Both systems share a common structure: risk assessment, preparedness, continuity response, and recovery. However, they differ in scope: BCMS prioritizes revenue and operational resilience, while PSCP prioritizes uninterrupted public service delivery.

+

Both have the ultimate goal of saving human lives.

+

The core phases of BCMS and PSCP encompass three key stages: before, during, and after an incident. Before an event, organizations should implement drills, evacuation plans, emergency kits, and communication protocols to prepare for potential crises. During an incident, safety procedures must be enacted, assembly points established, and initial damage assessments conducted. After the event, the focus shifts to continuing operations based on minimum objectives, initiating recovery efforts, ensuring data protection, stabilizing the supply chain, and supporting employee welfare programs.

+

INTEGRATION AND BENEFITS
+A BCMS enables private enterprises to protect employees and assets, minimize downtime, and maintain stakeholder trust during crises. A PSCP ensures continuity of essential government services (healthcare, utilities, law enforcement, and emergency response) even under extreme conditions.

+

When implemented jointly, continuity across public and private sectors reduces systemic risk and accelerates recovery. Data sharing between LGUs and critical businesses (energy, telecom, healthcare, logistics) also strengthens coordinated action. Finally, business continuity training embedded in LGU Disaster Risk Reduction and Management (DRRM) offices supports community-wide resilience.

+

Maintaining both BCMS and PSCP frameworks can save lives, reduce financial and reputational losses, and sustain public confidence during prolonged disruption.

+

BUILDING A MORE RESILIENT FUTURE
+The earthquakes in Cebu and Davao Oriental highlight the need for integrated disaster risk reduction. This includes updating building codes, conducting regular asset assessments, and strengthening preparedness systems. By doing so, the Philippines can better protect lives, safeguard livelihoods, and build a more resilient future.

+

This article is for general information only and is not a substitute for professional advice where the facts and circumstances warrant. The views and opinions expressed above are those of the authors and do not necessarily represent the views of SGV & Co.

+

 

+

Randolph C. Camaclang, Kevin C. Henson, And Christopher S. Villar are sustainability senior managers of SGV & Co.

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2021/04/economy-default-300x169.jpg + + A few words from a double-starred chef + https://www.bworldonline.com/arts-and-leisure/2025/11/02/709365/a-few-words-from-a-double-starred-chef/ + + + Sun, 02 Nov 2025 09:45:33 +0000 + + + https://www.bworldonline.com/?p=709365 + + +
JOSH BOUTWOOD receives his two Michelin Stars award.
+

JOSH BOUTWOOD, corporate chef at the Bistro Group, was once bypassed when chefs were asked to talk at a prestigious culinary congress because he didn’t have his own restaurant.

+

Now, his restaurant, Helm, is the country’s first restaurant with two Michelin Stars. Meanwhile, Ember, Juniper, and The Test Kitchen, three more of his restaurants, are in the list of Selected Restaurants in the very first Philippine edition of the Michelin Guide.

+

In a scrum at the red carpet just minutes after receiving two Michelin stars, he told the press about how he planned to celebrate: “I can’t wait to leave, go to my restaurant, celebrate, open a bottle of champagne, and drink a shitload of beer, and just really have a nice night with my team.”

+

Responding to a question about how Helm got the two stars, he admitted, “I have no idea. I literally can’t believe it. In my head, it doesn’t make sense.” He cited his fellow star winners — Gallery by Chele, Inatô, and Toyo Eatery, each earning one star. “It doesn’t make sense to me why they’ve given me two. It’s something that I have to figure out and analyze.

+

“But right now, I just want to enjoy the moment, rather than go straight to figuring out what happened, why it’s happened to me, and not somebody else.”

+

Asked to think about the things he did right, however, he said, “I have no idea.” Ever the jokester, he said, “My personality and sense of humor.”

+

On a serious note, he says, “Helm is a very personal restaurant. Everyone that comes in is part of my home, just walking into my house. We put a lot of focus on making sure that the experience is the experience.”

+

Asked to pose for pictures with the trophy granting him his stars, we noticed that in the struggle to hold all of them, his other awards had been placed at his feet. “I am so proud of my teammates, who worked tirelessly to make sure that my vision is executed. I couldn’t do what I do without the remarkable people that work with me.

+

“All of this is for them. I’m here representing my restaurants. But at the end of the day, they are the heart and soul of what I do every day.”

+

THE 1ST PHL MICHELIN GUIDE AWARDS NIGHT
+The restaurants included in Michelin Guide Manila and Environs & Cebu 2026, the first for this country, were announced on Oct. 30 in a ceremony at the Marriott Grand Ballroom.

+

One hundred and eight establishments are listed in the guide, varying in distinction from Michelin Guide Selected Restaurants, Bib Gourmand Awards, and the coveted Michelin stars. The country had 74 Michelin Selected restaurants and 25 Bib Gourmand awardees. Eight were awarded one Michelin Star, and just one, Mr. Boutwood’s Helm, received two Michelin Stars.

+

The Guide says about Helm, “Led by chef Josh Boutwood, Helm presents a deeply personal expression of his half-British, half-Filipino heritage, infused with Spanish influences. His creative yet disciplined approach results in a modern tasting menu that’s intimate, precise and profoundly expressive. Each course a reflection of craftsmanship, identity and culinary evolution.”

+

In his acceptance speech, Mr. Boutwood was surprisingly calm, and even managed to joke: “Is this going to be like the Oscars, if I talk too long, the music’s going to come on?

+

“I was born into this industry, with both parents being restaurateurs and hoteliers. I had no other option but to continue what they did,” he said. “It has been my absolute love to do what I do.

+

“I couldn’t do what I do without all the teams behind me. My wife’s over there,” he said, and mentioned his children as well. Before going up on stage, he paused on the red carpet and looked for his wife, giving her a kiss before going up the stage to receive his award. “Without their dedication and support, I don’t think this would have been achievable. This has been a childhood dream, ever since I was young. To actually go onstage for the first time and receiving two stars is an absolute honor.”

+

LOVE LETTER TO THE PHILIPPINES
+The country’s first one-starred restaurants include Asador Alfonso and Gallery by Chele, both by Chele Gonzalez, with Andres Osorio at Asador Alfonso and Carlos Villaflor at Gallery, respectively. Gallery by Chele, a longtime industry favorite, also received the Michelin Green Star, an award for sustainable gastronomy.

+

Mr. Boutwood and Mr. Gonzalez had the most restaurants that were honored in different categories.

+

Upon receiving his award for Asador Alfonso, Mr. Gonzalez said, “In my case, my heart is divided in two: I’m Spanish, but I’m also Filipino by heart.”

+

He continued after receiving his award for Gallery by Chele, “Gallery by Chele opened its doors about 13 years ago. Through the 13 years, hundreds of people, having passed there: this award is for all of them. This award is also for the Philippines. The inspiration of the restaurant is really the Philippines: dreams and everything that we do. We believe that Gallery by Chele is a love letter to the Philippines.”

+

Celera (by Nicco Santos and Quenee Vilar); Hapag (by John Kevin Navoa, Thirdy Dolatre, and Erin Recto — Ms. Recto also took home the Service Award for hospitality); Inatô (by JP Cruz); Kasa Palma (by Aaron Isip); Linamnam (by Don Baldosano who also took home the Young Chef Award); and Toyo Eatery (by Jordy Navarra, another industry favorite) round out the list of the inaugural one Michelin Star awardees in the Philippines.

+

Mr. Santos said upon receiving his award, “I think I’m just proud of all the hard work my team has put out for the last eight months since we’ve been open. For me, for us, this is just one star: to add to my 18 stars in the restaurant, waiting.”

+

Mr. Navarra, whose restaurant has consistently placed in Asia’s 50 Best List of restaurants and has consistently been one of the top restaurants in the country, said, “Salamat sa lahat (thanks for everything).

+

“Super happy to see everyone here celebrated,” he said. “Super proud of everyone. I’m happy to be here, and I’m happy all of us are here.” He thanked his team with some tears in his eyes. “We always say: ‘Mata sa langit, paa sa lupa (eyes on the sky, feet on the ground).’” This slogan was printed on his T-shirt, glimpsed underneath the Michelin-star embroidered jackets awarded to the winners.

+

STARS EXPLAINED
+According to the Michelin Guide’s website, “One Michelin Star is awarded to restaurants using top quality ingredients, where dishes with distinct flavors are prepared to a consistently high standard.” This is summarized by the tagline “High quality cooking, worth a stop!” Meanwhile, “Two Michelin Stars are awarded when the personality and talent of the chef are evident in their expertly crafted dishes; their food is refined and inspired,” the guide continues. Two Stars in the guide means, “Excellent cooking, worth a detour!”

+

The Guide says, “We take into account five universal criteria: the quality of the ingredients, the harmony of flavors, the mastery of techniques, the personality of the chef as expressed through their cuisine and, just as importantly, consistency both across the entire menu and over time.”

+

Winners are decided by official inspectors who dine incognito. “Once several inspectors have eaten at a restaurant, they then discuss their experiences as a team in order to make a final decision.”

+

BIB GOURMAND, GUIDE SELECTION LIST
+Two of the three special awards were mentioned earlier, the third honoree being Benjamin Leal of Uma Nota who went home with the Exceptional Cocktails Award.

+

The next two categories — the Bib Gourmand and the Selections list — feature a wide variety of restaurants, from humble carinderias and pansiterias to hotel fine-dining restaurants and some of the fanciest of establishments.

+

The Bib Gourmand selection awards restaurants that offer “exceptional food at moderate prices,” according to the Guide.

+

In Manila and its environs, these are Bolero, Brick Corner, Cabel, COCHI, Em Hà Nội, Hálong, Kumba, La Pita, Lampara, Los Tacos, Manam at the Triangle, Morning Sun Eatery, Palm Grill (Diliman), Pilya’s Kitchen, Sarsa, Some Thai, Taquería Franco, The Underbelly, and Your Local. In Cebu, the Bib Gourmand selections are Abaseria Deli & Café, CUR8, Esmen, Lasa, Pares Batchoy Food House, and The Pig & Palm.

+

As for the Michelin Selected Restaurants, numbering 74, these were recognized for “the quality of their cuisine, character of their dining experience, and overall consistency.”

+

The recipients were:
+12/10
+Abli
+Aida’s Kitchen
+Antonio’s
+ATO-AH
+Aurora
+Automat
+Ayà
+Benjarong
+Blackbird
+BUTCHER BOY
+Cantabria by Chele Gonzalez
+Canton Road
+Carmelo’s Steakhouse
+Chie Chie’s Pancit Batil Patung
+China Blue
+Cirkulo
+COCO
+Cru Steakhouse
+Deo Gracias
+DIP
+El Poco Cantina (Malate)
+Ember
+Enye by Chele Gonzalez
+Esmeralda Kitchen
+Fong Wei Wu
+Fresca Trattoria
+Ginza Nagaoka
+Gordon Ramsay Bar & Grill
+Goxo
+House of Lechon
+Iai
+Juniper
+Kamakura
+Kei
+Kodawari (Salcedo)
+Lantaw (Compostela, Cebu)
+Locavore (Taguig)
+Lola Helen
+Lore
+Lusso (Legazpi)
+Mamacita
+Man Ho
+Maya
+Metiz
+Mireio
+MŌDAN
+Now Now
+Oak & Smoke
+Offbeat
+Old Manila
+Origine
+Osteria Antica
+Pablo
+Papillon
+Pares Pares (N. Escario Street)
+People’s Palace
+Ramen Ron
+Sala
+Seva
+Sialo
+Socarrat
+Spices
+Steak & Frice
+Summer Palaxe
+Super Uncle Claypot
+Tandem
+Taupe
+Terraza Martinez
+The Test Kitchen
+Txanton
+Uma Nota
+Umu
+Yamazato

+

“This selection pays tribute to a new generation of Filipino chefs, and international chefs who have embraced the Philippines, drawing inspiration from local heritage, bold flavors, and heartfelt hospitality. Whether it’s fine dining or street-side eateries, our inspectors were truly impressed by the culinary authenticity and creativity found across the country,” said Gwendal Poullennec, International Director of the Michelin Guide in a statement. In a speech during the awards night, he said, “Filipino cuisine is bold, generous, deeply personal. It tells a story of heritage and innovation.

+

“What sets the Philippines apart is the new generation of chefs. Many are under 30 years old. Some honed their skills abroad, or right here at home. Together, they are shaping a new era for modern Filipino cuisine.” — Joseph L. Garcia

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2025/11/MGC-PH-26-Two-MICHELIN-Stars-thumb-300x200.jpg + + Marcos extends rice import ban through year-end to support farmers + https://www.bworldonline.com/breaking-news/2025/11/02/709366/marcos-extends-rice-import-ban-through-year-end-to-support-farmers/ + + + Sun, 02 Nov 2025 05:34:43 +0000 + + + + https://www.bworldonline.com/?p=709366 + + + Philippine President Ferdinand R. Marcos, Jr. has approved an extension of the country’s rice import ban until year-end to help stabilize farmgate prices for unfilled rice, Agriculture Secretary Francisco P. Tiu Laurel, Jr. said on Sunday.

+

An executive order formalizing the decision would be issued on Nov. 3, he said in a statement.

+

“With the import ban having little impact on retail prices and supply of rice but a significant effect on the farmgate price of palay, President Marcos deemed it necessary to extend the suspension for two more months,” he added.

+

Palace Press Officer Clarissa A. Castro did not immediately reply to a Viber message when asked for confirmation.

+

The administration first imposed the import halt in September to counter falling palay prices ahead of the wet harvest season. Prices briefly improved after the suspension but began easing again as the policy neared its Oct. 31 expiry.

+

The Agriculture chief said the extended ban, coupled with assistance to farmers and fisherfolk and the implementation of a floor price for palay, would provide continued relief to rice farmers as harvests proceed across several regions. — Chloe Mari A. Hufana

+]]> + + + + https://www.bworldonline.com/wp-content/uploads/2021/11/NFA-rice-worker-300x200.jpg + More Filipinos pursuing higher studies in Spain, says expert https://www.bworldonline.com/education/2025/10/31/709357/more-filipinos-pursuing-higher-studies-in-spain-says-expert/ @@ -95,7 +860,7 @@

THE PHILIPPINES’ trade deficit in goods narrowed in September, as exports posted double-digit growth, the Philippine Statistics Authority (PSA) reported on Thursday.

Preliminary data from the PSA showed the country’s trade-in-goods balance — the difference between exports and imports — stood at a deficit of $4.35 billion in September, 14.7% smaller than the $5.1-billion deficit a year earlier.

Month on month, the trade gap widened to a two-month high from the revised $3.99 billion in August.

-

Philippine Merchandise Trade Performance (September 2025)

+

Philippine Merchandise Trade Performance (September 2025)

The latest figure was the widest trade deficit since the $4.42-billion gap in July 2025.

In the January-to-September period, the trade deficit narrowed to $37.18 billion, down 5.7% from the $39.43-billion gap in the same period last year.

The country’s trade balance has been in deficit for over a decade or since the $64.95-million surplus recorded in May 2015.

@@ -337,860 +1102,5 @@ https://www.bworldonline.com/wp-content/uploads/2024/11/PXP-Energy-300x200.jpg - - SM Prime gets SEC approval to offer P17-B retail bonds - https://www.bworldonline.com/corporate/2025/10/31/709272/sm-prime-gets-sec-approval-to-offer-p17-b-retail-bonds/ - - - Thu, 30 Oct 2025 16:09:24 +0000 - - - - https://www.bworldonline.com/?p=709272 - - - SM PRIME HOLDINGS, INC. (SMPH) has secured approval from the Securities and Exchange Commission (SEC) to offer up to P17 billion in fixed-rate retail bonds, the third tranche of its P100-billion debt securities program.

-

In a regulatory filing on Thursday, the listed property developer said the SEC permit, dated Oct. 30, allows it to issue P12 billion in fixed-rate bonds, with an oversubscription option of up to P5 billion, under Series AB, AC, and AD.

-

The bonds will carry interest rates of 5.9096% for Series AB maturing in 2030, 6.0858% for Series AC due 2032, and 6.2855% for Series AD due 2035.

-

Proceeds from the issuance will fund 16 major redevelopment projects and 12 new lifestyle malls planned through 2030, as well as support the launch of new malls in Xiamen and Fujian, China.

-

Philippine Rating Services Corp. (PhilRatings) assigned the bonds its top rating of PRS Aaa with a “stable” outlook, indicating an “extremely strong” ability to meet financial commitments.

-

In September, SM Prime raised $350 million from its first dollar bond issuance and postponed a planned $1-billion real estate investment trust listing until after 2026 due to challenging market conditions.

-

On Thursday, SM Prime shares fell 1.32% or 30 centavos, closing at P22.40 apiece. — Alexandria Grace C. Magno

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2025/08/SM-solar-panel-300x169.jpg - - Hauntings, violence, and true crime: Series to binge on over Halloween - https://www.bworldonline.com/arts-and-leisure/2025/10/31/709126/hauntings-violence-and-true-crime-series-to-binge-on-over-halloween/ - - - Thu, 30 Oct 2025 16:08:25 +0000 - - - - https://www.bworldonline.com/?p=709126 - - - - - #tdi_1 .td-doubleSlider-2 .td-item1 { - background: url(https://www.bworldonline.com/wp-content/uploads/2025/10/netflix-the-monster-of-florence-80x60.jpg) 0 0 no-repeat; - } - #tdi_1 .td-doubleSlider-2 .td-item2 { - background: url(https://www.bworldonline.com/wp-content/uploads/2025/10/A-Very-English-Scandal-2018-imdb-80x60.jpg) 0 0 no-repeat; - } - #tdi_1 .td-doubleSlider-2 .td-item3 { - background: url(https://www.bworldonline.com/wp-content/uploads/2025/10/Only-Murders-in-the-Building-2021-imdb-80x60.jpg) 0 0 no-repeat; - } - #tdi_1 .td-doubleSlider-2 .td-item4 { - background: url(https://www.bworldonline.com/wp-content/uploads/2025/10/Devil-in-Disguise-John-Wayne-Gacy-2025-imdb-80x60.jpg) 0 0 no-repeat; - } - #tdi_1 .td-doubleSlider-2 .td-item5 { - background: url(https://www.bworldonline.com/wp-content/uploads/2025/10/Gen-V-2023-imdb-80x60.jpg) 0 0 no-repeat; - } - - - - -

IN TIME for the culmination of spooky season, horror and crime drama series are filling online streaming platforms. Here is a quick rundown of what you can catch this Halloween if getting shivers down your spine is your thing.

-

NETFLIX
-From suspense-filled thrillers to natural and supernatural horror, there’s a lot to choose from on Netflix. There is True Haunting, an American docufiction series that looks into hauntings using immersive reenactments and interviews. With James Wan as one of its executive producers, the five episodes look into two tales of mysterious hauntings.

-

Meanwhile, the Italian true crime limited series The Monster of Florence delves into the case of a serial killer in 1960s Italy who targeted couples parked in lovers’ lanes. Based on a notorious true story, the four-episode limited series was directed by Stefano Sollima.

-

Other interesting titles are Nightmares of Nature, an animal documentary series that centers on the horrific beauty of nature from the perspective of prey; and Monster: The Ed Gein Story, the third in Ryan Murphy and Ian Brennan’s anthology of American serial killers, this time following the 1950s murderer Ed Gein.

-

HBO MAX
-Another series about a real-life serial killer, this time on HBO Max, is Devil in Disguise: John Wayne Gacy. The miniseries first premiered on Peacock and dramatizes the life of Gacy who murdered young men and boys in the 1970s.

-

Then there’s the HBO original crime drama Task, created by Brad Ingelsby, which stars Mark Ruffalo as an FBI agent investigating violent robberies in stash houses. The seven-episode miniseries is a bleak and horrific look at the reality of crime.

-

For a more fun yet appropriately themed watch, check out the 11th season of Halloween Baking Championship, an entertaining battle between some of America’s top bakers who are seeking to create the spookiest treats and desserts.

-

DISNEY+
-Disney+ has a lineup of horror and crime series fresh from Hulu. Murdaugh: Death in the Family is a five-episode miniseries that investigates a man accused of the murders of his wife and son. The platform also has the biographical miniseries The Twisted Tale of Amanda Knox, a true story that centers on an American college student studying in Italy who is wrongfully convicted of murder.

-

Riffing off the popularity of true crime these days, Hulu is also showing the fifth and latest season of the fictional comedy-drama Only Murders in the Building. The show is a must-watch, about a trio of neighbors (played by Steve Martin, Martin Short, and Selena Gomez) who have a shared interest in true crime podcasts and become friends while investigating a series of murders in their apartment building.

-

PRIME VIDEO
-Over on Prime Video, the UK-set horror-thriller series Lazarus, created by Harlan Coben and Danny Brocklehurst, follows a forensic psychiatrist who looks into cold case murders after coming home for the death of his father. Meanwhile, the platform’s satirical superhero series Gen V, a spinoff of the famed and equally violent hit The Boys, has a new season.

-

Another fun watch is the brand-new second season of Hazbin Hotel, an adult animated musical series about Charlie Morningstar, the crown princess of Hell.

-

LIONSGATE PLAY
-For older titles that aren’t necessarily spooky, but still horrific in their own, realistic way, Lionsgate Play has some gems worth revisiting. The 2018 UK drama miniseries A Very English Scandal has Hugh Grant play a charming and charismatic politician hiding a dangerously cruel interior.

-

Finally, there’s Mr. Robot, a show that ran from 2015 to 2019, starring Rami Malek as a cybersecurity engineer and vigilante hacker who exposes the scary global chaos of a world that is reliant on the internet. — Brontë H. Lacsamana

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2025/10/netflix-the-monster-of-florence-thumb-300x200.jpg - - PHirst to spend P8.39B to build 13,150 more homes by yearend - https://www.bworldonline.com/corporate/2025/10/31/709270/phirst-to-spend-p8-39b-to-build-13150-more-homes-by-yearend/ - - - Thu, 30 Oct 2025 16:08:03 +0000 - - - https://www.bworldonline.com/?p=709270 - - - PHIRST Park Homes, Inc. (PPHI), the first-home brand of Century Properties Group, Inc. (CPG), said it has earmarked P8.39 billion to deliver 13,150 additional housing units nationwide by end-2025.

-

In a disclosure to the stock exchange on Thursday, the company said it has tapped its in-house construction arm, PHirst Build, and Saavedra-led Megawide Construction Corp. for the projects.

-

PHirst Build will construct 6,326 units across Luzon projects, including PHirst Park Homes Sto. Tomas and PHirst Park Homes Magalang East.

-

Megawide, for its part, will build 5,824 precast units in Cavite, Laguna, and Batangas.

-

About 1,000 more houses are under the contract awarding stage and scheduled for construction this year, the company said.

-

PPHI said it awarded 29,306 housing units to contractors in 2024 alone, bringing its total housing portfolio to 42,456 units since its establishment in 2017.

-

The developer has completed 15,000 housing units in the first half, of which 10,000 have been turned over to buyers. The number of units turned over is expected to reach 14,000 by yearend.

-

“Our initiatives, through innovative construction methods and strategic partnerships with contractors and suppliers, represent a strong continuation of our mission to provide affordable housing solutions,” PHirst Vice-President for Technical Operations Division Roy C. Lachica said.

-

“These also help us to continue our expansion into more locations nationwide as the company responds to the country’s growing demand for housing,” he added.

-

PHirst currently has 31 active projects located in Cavite, Laguna, Batangas, Quezon Province, Bulacan, Pampanga, Bataan, Nueva Ecija, and Bacolod City.

-

“Through innovative construction methods and strong partnerships, PHirst strives to make homeownership accessible for all Filipinos while actively contributing to community development,” the company said.

-

CPG reported a 14% growth in first-half net income to P1.22 billion, supported by its affordable housing segment.

-

At the local bourse on Thursday, CPG shares closed flat at 65 centavos apiece. — Beatriz Marie D. Cruz

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2025/04/PHirst-300x200.jpg - - DITO tops download speeds; Smart, Globe lead in coverage — Opensignal - https://www.bworldonline.com/corporate/2025/10/31/709217/dito-tops-download-speeds-smart-globe-lead-in-coverage-opensignal/ - - - Thu, 30 Oct 2025 16:07:32 +0000 - - - https://www.bworldonline.com/?p=709217 - - - DITO Telecommunity Corp. has kept its lead in download speed performance, while Smart Telecommunications, Inc. and Globe Telecom, Inc. continued to dominate in coverage and upload speed, according to the latest report by independent analytics firm Opensignal.

-

In its October Mobile Network Experience Report, Opensignal said DITO remained ahead in overall download speed with an average of 39.8 megabits per second (Mbps), followed by Smart with 36.2 Mbps and Globe with 25 Mbps.

-

Smart, however, led in overall upload speed experience at 6.2 Mbps, trailed by DITO with 6.1 Mbps and Globe with 5.1 Mbps.

-

For 5G download speed experience, DITO also ranked first with an average of 253.9 Mbps, while Smart and Globe registered 144.6 Mbps and 93.6 Mbps, respectively.

-

Opensignal said that 5G download speed experience measures the average download speed experienced by users across an operator’s 5G network.

-

Meanwhile, Globe posted the highest coverage experience score at 7.4 points on a 10-point scale, ahead of Smart with 7.2 points and DITO with 3.8 points.

-

Opensignal said the metric reflects users’ experience as they move through areas where they would reasonably expect to have network coverage.

-

For 5G coverage experience, Smart led with 1.7 points, followed by Globe with 0.9 points and DITO with 0.4 points.

-

“This recognition highlights DITO’s rapid growth and reinforces its position as a top performer in the Philippine market,” Opensignal said. — Ashley Erika O. Jose

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2023/06/telco-300x200.jpg - - BPI upgrading fraud systems to comply with anti-scam law - https://www.bworldonline.com/banking-finance/2025/10/31/709201/bpi-upgrading-fraud-systems-to-comply-with-anti-scam-law/ - - - Thu, 30 Oct 2025 16:06:58 +0000 - - - - https://www.bworldonline.com/?p=709201 - - - BANK of the Philippine Islands (BPI) is working to comply with the enhanced fraud and risk management systems required under the Anti-Financial Account Scamming Act (AFASA), keeping it on track to meet the mid-2026 deadline.

-

“There are a lot of points that we need to [address] but by and large, we are already compliant. But… we need to make sure that we are compliant come day one of the implementation next year. That’s something the rest of the industry are all working towards,” BPI Enterprise Information Security Officer and Data Protection Officer Jonathan John Paz told reporters at an event last week.

-

“We are not totally compliant yet, but we are confident that we will be compliant.”

-

The Bangko Sentral ng Pilipinas (BSP) has given banks until June 25, 2026 to adopt new fraud management systems and upgraded security and authentication measures for consumers as part of the AFASA’s implementing rules. Lenders were also given six months to update their risk management frameworks.

-

Mr. Paz said as part of AFASA’s implementation, the banking industry as a whole also has to come up with common standards and rules, like terms and conditions for account openings, which are still being drafted.

-

“The thing is, the AFASA can only work when everyone is ready. Everyone has to be on the same page for AFASA to work. So, it’s not a matter of where is BPI in terms of compliance. The more important question is, is the whole industry ready for AFASA? Because we might be ready, but we can’t do anything if the other counterparties are not,” he said.

-

“The only thing left is really how the other banks will also respond. So, there are processes that can only be finalized once there’s an agreement among everyone… because we can’t word it in one way, and the other banks will word it differently. There will be gaps between banks.”

-

Fighting financial fraud requires collective effort, Mr. Paz said.

-

“Because if there is a weak link in the system, then that gets to be exploited. And then, fraud cannot be totally eliminated.

-

For example, if there’s a bank that is not able to properly screen their accounts… that exposes everyone to fraud risk. So, I understand where the BSP comes from. And definitely, we support these kinds of activities because fraud undermines the legitimacy of online commerce, of e-commerce. Online commerce, e-commerce, brought us along the path of inclusivity, financial products, innovation… It has done wonders for everyone in the Philippines,” he said.

-

“Fraud undermines the concept of online payments. And we can’t go back to where we were before… So, definitely, if you want this good thing to continue, we need to fight against what’s undermining it, which is fraud.” — AMCS

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2021/12/BPI-300x200.jpg - - Cebu Pacific leases 2 aircraft from Bulgaria Air for peak travel season - https://www.bworldonline.com/corporate/2025/10/31/709216/cebu-pacific-leases-2-aircraft-from-bulgaria-air-for-peak-travel-season/ - - - Thu, 30 Oct 2025 16:06:31 +0000 - - - https://www.bworldonline.com/?p=709216 - - - BUDGET CARRIER Cebu Pacific has entered into a damp lease agreement with Bulgaria Air to augment its fleet ahead of the expected surge in passenger traffic during the peak travel season.

-

“We are continuously exploring ways to expand our fleet and ensure operational resilience,” Cebu Pacific President and Chief Commercial Officer Alexander G. Lao said in a statement on Thursday.

-

Under the agreement, two Airbus 320 CEO aircraft from Bulgaria Air will service domestic routes between Manila and Cebu, Davao, Iloilo, and Cagayan de Oro from December 2025 to January 2026.

-

A damp lease allows the lessor to provide aircraft, crew, maintenance, and insurance to the lessee.

-

“This collaboration is yet another testament to the high level of trust and professionalism that our team delivers in the implementation of international leasing projects,” Hristo Todorov, chairman of the management board of Bulgarian Airways Group, said.

-

Each aircraft will have a 180-seat capacity. Bulgaria Air is the national carrier of the Republic of Bulgaria.

-

Cebu Pacific previously signed a similar agreement with Bulgaria Air in 2023 to service domestic routes such as Cebu and Davao from January to May 2024.

-

Cebu Pacific currently operates 37 domestic and 26 international destinations across Asia, Australia, and the Middle East.

-

For the third quarter, its listed operator Cebu Air, Inc. said passenger volume rose by 2.6% to 1.83 million, supported by strong domestic travel demand.

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At the stock exchange on Thursday, shares in Cebu Air fell by 90 centavos, or 2.98%, to close at P29.30 each. — Ashley Erika O. Jose

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2025/10/Bulgaria-Air-300x165.jpg - - Of monsters born from systemic cruelty - https://www.bworldonline.com/arts-and-leisure/2025/10/31/709124/of-monsters-born-from-systemic-cruelty/ - - - Thu, 30 Oct 2025 16:06:24 +0000 - - - - https://www.bworldonline.com/?p=709124 - - - By Brontë H. Lacsamana, Reporter

-

Movie Review
-No Other Choice
-Directed by Park Chan-wook
-MTRCB Rating: R-13

-

GREED and self-preservation can devolve into carnage, be it in a metaphorical sense as men chase the necessity of capital, or in a literal sense as they seek to actually kill.

-

This movie takes us through that endless rat race.

-

No Other Choice follows veteran paper mill manager Yoo Man-soo (played by Squid Game antagonist Lee Byung-hun), who is laid off and humiliated by a ruthless job market. As he gets more and more desperate to reclaim his dignity and continue providing a comfortable lifestyle for his family, he gradually resorts to shocking acts of violence.

-

At the heart of this thriller is Lee’s riveting performance as a man who is fully subsumed by the endless climb to a stable career. Director Park Chan-wook, known for his creative and sometimes even playfully manic visual style, depicts this character’s wins bleakly as if they were losses. This film is the type where you wouldn’t know whether to laugh, feel sad, or gape at the screen in anguish or horror. Lee is perfectly cast, able to nail this precarious balance between humor and cruelty.

-

Ultimately, Park’s latest film does have echoes of the devilish heartbreak in Decision to Leave, the elaborate blossoming in The Handmaiden, and the brutal horseplay in Oldboy, but it stands on a unique platform of its own, as a singularly cutthroat capitalist tragedy. No Other Choice lives and breathes the exasperation of a man who refuses all other choices presented to him to keep climbing the ladder he is on, even as the journey disfigures him into something unrecognizable.

-

Son Ye-jin as his beautiful and lively yet dutifully loyal wife, Lee Mi-ri, also stuns. She conveys the full spectrum of emotion of a woman who will stand firm with the man she has married, even as he crosses the point of no return. In the hands of Park, both her and Lee’s acting talents shine.

-

Park Chan-wook doesn’t disappoint, though his usual formal playfulness is reeled in, even somewhat streamlined here to serve the story — like a match-cut transition from a family hug to water rushing down a drain, a cross-dissolve imposition of a man plotting over a bonfire and his wife searching for clues to his strange behavior — not as flashy as stuff from his previous work, but effective all the same.

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The details are impeccable, reflected by the physical and mental tough love that goes into the characters’ care for plants, and the kinds of forests that are built on the extremes of this brutal nature. It’s no wonder this is South Korea’s official entry to the 98th Academy Awards.

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Fans of director Park’s work will be impressed by how No Other Choice juxtaposes regular family struggles with the amoral actions that individuals have to make to prosper in a world of corporate greed. Perhaps the most striking thing about this film is how bleak and empty the successful moments feel, despite the main character’s visible triumph after each step of his elaborate scheme.

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In the beginning, Min-soo talks a big game about justice and togetherness and the necessity of manual labor in their line of work. The ending, without spoiling, puts him in the largest and emptiest of spaces, thanks to the advancements of AI that have broken down the very principles he used to espouse.

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This is about a man losing his soul, bit by bit, as he learns to adapt to the systemic cruelty that seeks to snuff him out, until he eventually regurgitates the same phrase that the higher-ups down to the middlemen have said to him time and again: that he simply has no other choice.

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No Other Choice is now showing in Philippine cinemas nationwide.

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2025/10/No-Other-Choice-Still-1-300x200.jpg - - Asia United Bank’s nine-month net earnings up 9% - https://www.bworldonline.com/banking-finance/2025/10/31/709200/asia-united-banks-nine-month-net-earnings-up-9/ - - - Thu, 30 Oct 2025 16:05:57 +0000 - - - - https://www.bworldonline.com/?p=709200 - - - ASIA UNITED BANK Corp.’s (AUB) net profit rose by 9% year on year in the first nine months, backed by higher revenues.

-

AUB booked a net income of P9.4 billion in the nine months ended September, climbing from P8.6 billion in the same period a year ago, it said in a disclosure to the stock exchange on Thursday. This translated to a return on assets of 3.2% and a return on equity of 20.4%.

-

Its financial statement was unavailable as of press time.

-

“Sustaining our profitability is no mean feat, considering the heightened risks in our operating environment, both domestically and globally. But we managed to post double-digit growth rates in our core businesses,�� AUB President Manuel A. Gomez said.

-

“We remain on the lookout for growth opportunities on the horizon, particularly in digital partnerships. It is through this that we can offer digital payment solutions such as our all-in-one digital payment acceptance product AUB PayMate, as well as revolutionize cross-border digital payments through our HelloMoney e-wallet, among others.”

-

The bank’s operating income rose by 10% to P17.2 billion in the period from P15.6 billion the previous year.

-

“Earning assets [grew] 22% to P390.6 billion from P319.2 billion, resulting in an 8% increase in net interest margin to P13.5 billion and a net interest margin ratio of 5% during the period,” it said.

-

AUB’s non-interest income jumped by 18% year on year to P3.7 billion, supported by trading and foreign exchange gains and higher fee-based revenues from credit cards,

-

AUB PayMate, HelloMoney and remittance transactions, trust operations, and other branch-related services.

-

Meanwhile, its operating expenses grew by 10% to P5.5 billion due to higher compensation, capital expenditures, and growth-related costs.

-

This resulted in a cost-to-income ratio of 32.2%, AUB said.

-

The bank’s loan book expanded by 29% year on year to P256.9 billion at end-September from P198.9 billion.

-

Despite this growth, its nonperforming loan (NPL) ratio improved to 0.36% at end-September from 0.53% a year ago.

-

“AUB set aside loan loss provisions 141% higher than the previous year to support its expanding loan portfolio… It also remains sufficiently covered, with an NPL coverage ratio at 117.14%.”

-

On the funding side, total deposits went up by 19% to P336.2 billion, 78% of which were low-cost current account, savings account deposits, up from the 76% ratio seen a year ago.

-

AUB’s total assets stood at P417.1 billion as of September, growing by 19% from the year-ago level.

-

Total equity was at P65.7 billion, up 16% from P56.6 billion in the same period last year, backed by its retained earnings.

-

“The bank is adequately capitalized with capital ratios well above regulatory requirements. It has an indicative common equity Tier 1 ratio of 18.75% and a capital adequacy ratio of 19.5%,” it said..

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AUB shares dropped by 75 centavos or 1.98% to close at P37.10 apiece on Thursday. — A.M.C. Sy

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2022/08/AUB-300x200.jpg - - SEC sanctions Surity Cash for violating lending circular on debt collection - https://www.bworldonline.com/corporate/2025/10/31/709215/sec-sanctions-surity-cash-for-violating-lending-circular-on-debt-collection/ - - - Thu, 30 Oct 2025 16:05:31 +0000 - - - https://www.bworldonline.com/?p=709215 - - - THE Securities and Exchange Commission (SEC) has imposed a P1-million fine on Surity Cash Lending Investors Corp. for what it said were violations of its rules on debt collection practices.

-

In a statement on Wednesday, the SEC said its en banc panel found Surity Cash in violation of three provisions under SEC Memorandum Circular (MC) No. 18, Series of 2019, which sets the guidelines against unfair debt collection practices for lending and financing companies.

-

“While this commission is not imposing the penalty of suspension or the supreme penalty of revocation at this time, unfair or abusive debt collection and recovery practices have no place in the lending/financing industry. These practices will never be considered reasonable and legally permissible means to collect a loan,” the SEC order dated Sept. 16 said.

-

The SEC said the decision should be considered by the company as “a stern and final warning” that any further or repeated violations of MC No. 18 and other applicable laws, rules, and regulations would be dealt with more severely.

-

According to the SEC, Surity Cash was found to have violated Section 1 of MC No. 18, which prohibits the use of threats, obscene or insulting language, and the disclosure of borrowers’ personal information in connection with debt collection.

-

The SEC also cited a violation of Section 4 of the circular for the delayed submission of the company’s sworn certification confirming compliance with the requirement to establish a customer service department or designate personnel to handle borrower concerns.

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The SEC said it allowed Surity Cash to maintain its corporate registration but reminded the company to strictly observe regulatory requirements.

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Surity Cash Lending Investors Corp. has yet to respond to BusinessWorld’s request for comment sent via e-mail. — Alexandria Grace C. Magno

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2024/06/SEC-buillding-300x169.jpg - - Golden Haven Pet Crematorium showcases compassionate pet memorial services at World Pet Expo 2025 - https://www.bworldonline.com/spotlight/2025/10/31/709059/golden-haven-pet-crematorium-showcases-compassionate-pet-memorial-services-at-world-pet-expo-2025/ - - - Thu, 30 Oct 2025 16:05:25 +0000 - - - - - https://www.bworldonline.com/?p=709059 - - - Golden Haven Pet Crematorium took part in the World Pet Expo 2025, held from Sept. 25 to 28 at the World Trade Center, Manila, offering furparents an intimate look into how beloved pets are memorialized with dignity and care.

-

At the exhibit, Golden Haven shared its heartfelt and detailed memorial process — from a gentle bath and grooming before pet viewing, to allowing furparents one final, peaceful moment with their companions before cremation. Visitors also saw the meaningful keepsakes each family receives after the process: a fur sample, tooth sample, pawprint, certificate of cremation, and an urn box complete with a picture frame.

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The booth also presented options for personalized memorial upgrades such as pendants, metal urns, ceramic urns, and other custom memorabilia, allowing furparents to choose tributes that reflect their pet’s unique personality and place in the family.

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Now in its second year of operation, Golden Haven Pet Crematorium has helped countless families find comfort and closure in saying goodbye to their pets with compassion and respect.

-

“Our work goes beyond service. It’s about honoring unconditional love,” said Analyn Anero, Golden Haven Pet Crematorium Operations Head. “Every day, we witness how deeply furparents love their pets, and it’s a privilege to provide a space and process that brings peace and remembrance. Over time, we’ve built not just a service, but a community rooted in empathy.”

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Through its participation in the World Pet Expo, Golden Haven reaffirmed its mission to redefine pet memorial care in the Philippines — blending professionalism, compassion, and respect in every step of the journey from love to legacy.

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Explore the products and services that Golden Haven Pet Crematorium offers today. Call or message 0999-886-4176 / 0920-967-5069  or visit their website at www.goldenhaven.com.ph.

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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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Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2025/10/GH-Pet-Crematorium-Pet-Expo-Booth-OL-300x225.jpg - - Stuff to Do (10/31/25) - https://www.bworldonline.com/arts-and-leisure/2025/10/31/709123/stuff-to-do-10-31-25/ - - - Thu, 30 Oct 2025 16:05:23 +0000 - - - https://www.bworldonline.com/?p=709123 - - - - - #tdi_2 .td-doubleSlider-2 .td-item1 { - background: url(https://www.bworldonline.com/wp-content/uploads/2025/10/1-Greenbelt-Afterdark-party-80x60.jpg) 0 0 no-repeat; - } - #tdi_2 .td-doubleSlider-2 .td-item2 { - background: url(https://www.bworldonline.com/wp-content/uploads/2025/10/2-Cove-Okada-Halloween-rave-80x60.jpg) 0 0 no-repeat; - } - #tdi_2 .td-doubleSlider-2 .td-item3 { - background: url(https://www.bworldonline.com/wp-content/uploads/2025/10/5-1.-Halloween-at-City-of-Dreams-Manila-Cafe-Societys-Pumpkin-Trick-or-Treat-Cake-80x60.jpg) 0 0 no-repeat; - } - - - - -
-

Spend Halloween night at Greenbelt

-

AYALA MALLS is holding “After Dark: Step Into the Unknown,” a night of music, mystery, and revelry on Oct. 31 at Greenbelt 3 Park, 6 p.m. onwards. Those who want to participate must present a receipt from any Greenbelt store dated Oct. 24 to 31 at the registration table. No minimum spend is needed. Upon entrance, partygoers can access games, craft drinks, live music, and a special surprise dance performance.

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Go to a Halloween rave at Okada Manila

-

TOUTED as Manila’s biggest Halloween rave of the year, &FRIENDS HALLOWEEN, hosted by &Friends Fest, is inviting party people to come to the dance floor of The Cove at Okada, Manila, on Oct. 31. It will have three different stages, featuring mainstream DJs and club artists at the indoor area and open-air beat-makers at the garden area. Names include Rock2, Dabin, BEAUZ, SABAI, and Y3llo. Doors open at noon for the outdoor partygoers and 2 p.m. for the interior of The Cove. Tickets, with General Admission priced at P3,750 and VIP at P6,500, are available via TicketMelon.

-
-

Try out a Halloween maze at Solaire

-

SOLAIRE RESORT Entertainment City’s Grand Ballroom transforms into a maze perfect for kids and adults. On Oct. 31 at 2 p.m., families and children can wander through Solaire Street inside the Grand Ballroom for trick-or-treat, carnival games, arts and crafts, and meet enchanting characters from their favorite shows. Starting 9 p.m., the ballroom turns wicked where adults can enjoy cocktail lounges, themed bar experiences, and DJ performances by Mars Miranda, Patrick Oliver, Jimmy Nocon, and more. Families can complete all activities, get their passports stamped, and win special prizes at eight vignettes. These include the Velvet Manor, Wand & Whimsy, Castle Dracula, Blood Moob Den, Tomb of the Curse, the Abandoned Lab, House of Gwi-Ma, and the Wicked Hollow. Some of the attractions double as spooky grown-up places at night (including the Macabre Lounge Bar, Blood Bar, Crimson Bar, and Light Stick Bar). Secure tickets at https://sec.solaireresort.com/offers/entertainment/halloween-at-solaire-street#night.

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Celebrate Halloween like a grown-up at Solaire Resort North

-

SOLAIRE RESORT North will host the Black Swan Halloween Soirée on Oct. 31 as the Skybar partners with Bacardí Philippines to create exclusive new cocktails for Halloween. For P1,000++ per person, guests get unlimited servings of the cocktails and luxury bottle packages made for the night. DJ Eva Smalls will provide the music. Slip into your best Black Swan-inspired outfit for the night and indulge in the dark. For more of a thriller, visit Quezon Club in your best costume, where the evening lines up a set of acts to spice up Friday festivities. Performers include French-Vietnamese harpist and singer Heloise La Harpe, an energetic dance routine by Quezon Club’s own in-house performers the Quezon Collective, high-octane beats by DJ Brenda Muñoz and DJ Earl Austin, and a special performance by impersonator Daryl “MJ” Jackson. For reservations and inquiries, visit sn.solaireresort.com/offers/dining/skybar-spirits-unleashed, call 8888-8888 or e-mail snrestaurantevents@solaireresort.com to book a table.

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Celebrate Halloween party at City of Dreams

-

CITY OF DREAMS Manila has spooky surprises and dining and entertainment offerings at its entertainment center, DreamPlay. It is hosting “Troll or Treat” on Nov. 1, which has the standard trick-or-treating at stores in the complex, and a Best in Costume contest, where the winner is awarded an overnight stay at Hyatt Regency Manila with breakfast for two. DreamPlay’s regular participant and non-participant tickets are offered for P1,500 and P350, respectively.

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2025/10/1-Greenbelt-Afterdark-party-thumb-300x200.jpg - - The coming AI bubble - https://www.bworldonline.com/banking-finance/2025/10/31/709199/the-coming-ai-bubble/ - - - Thu, 30 Oct 2025 16:04:57 +0000 - - - - - https://www.bworldonline.com/?p=709199 - - - I keep hearing people say that the rise of artificial intelligence (AI) will change everything. And I agree. But I also think something else is happening in plain sight, something a lot of people don’t want to admit. We are building up to another bubble. An AI bubble. The kind that looks powerful and unstoppable at first, but sooner or later, winds up bursting.

-

We have seen this play before. I remember how people talked in the late 1990s. The internet was new, exciting, and full of promise. Every pitch sounded like the next big thing. Investors poured money into any startup that had “.com” in its name even if the business barely existed. Some founders didn’t even have a clear plan to earn money. They only needed a story that felt futuristic. It worked for a while, until reality stepped in. When the dotcom bubble collapsed, it wiped out companies and investments almost overnight. But the internet itself did not die. It continued growing and later became even more important. What failed was not the technology. It was the hype that pushed it too far and too fast.

-

Today, the same pattern is unfolding with AI. There’s so much excitement around tools that can write, talk, code, analyze, and even create art. Many people assume AI will solve every problem you can throw at it. Money is flooding in. Predictions of trillion-dollar gains appear in the news every day. New companies show up like mushrooms after rain. Some of them have solid products. Others hope that investors won’t notice their lack of real demand, as long as they use the right buzzwords.

-

The normal rules of business still apply, though. At some point, AI companies must show proof that people are willing to pay for their products and not just try them once out of curiosity. Some AI services are already losing money at a shocking rate because running large models consumes huge computing power. When revenue fails to catch up, the investors who were once cheering loudly start asking difficult questions. That’s when the air leaks out.

-

For businesses, the danger lies in getting carried away. Companies chase AI for the sake of saying they use AI. They buy systems they don’t need. They replace workflows even when the old ones remain more reliable. Others bet their entire strategy on something that no one has tested in real-world conditions. In the dotcom era, firms poured millions into fancy websites that delivered no results. They wanted to look modern. Today’s version is signing up for expensive AI tools and hoping they magically improve productivity without real planning.

-

Still, businesses that stay grounded can win big. In the long run, AI will be like the internet: not a trend, but a utility. The firms that build strong data foundations, focus on customer needs, and train their people to use AI properly will come out stronger once the hype settles. Those who buy into every promise may end up cleaning up the mess later.

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Consumers face a different kind of risk. AI offers convenience like never before. It writes documents, gives advice, helps students study, and even suggests what to buy. But the more we depend on it, the more we accept answers without questioning how they were made. AI can make mistakes. It can invent facts. It can reflect biases hidden in its training data. If people forget to think for themselves, we may lose more than we gain. And once the bubble pops, users could be stuck with tools that no longer operate as promised or that suddenly cost much more than before.

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This also affects jobs. Some fear mass layoffs. Others expect new jobs to appear. Reality will fall somewhere in between. When the dotcom bubble burst, workers in unstable companies suffered. But later, digital jobs flourished. With AI, jobs will shift rather than simply disappear. People who learn how to work with AI will find chances to grow. Those who ignore the changes may feel left behind.

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Now, consider the Philippines. Many Filipino workers depend on the business process outsourcing industry. Customer service, transcription, and basic back-office tasks are now being automated. Some leaders claim AI will replace entire outsourcing operations. But that’s the bubble talking. Companies still value the Filipino ability to communicate clearly and understand customer emotions. What will change is the type of work outsourced here. Higher-value services, analytics, quality control, and roles that require judgment are more protected. We need to upgrade skills fast or risk losing ground. Government and business must invest in digital education, because once the AI bubble bursts, the world will move on to more mature uses of the technology. The Philippines should be ready for that shift rather than watch from the sidelines.

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There’s also a growing number of local AI startups. Many of them hold real promise. Some new tech firms in the country seem to chase the same excitement we once saw in Silicon Valley. Big claims, big valuations, but not always a working business underneath. If they fall apart when the hype fades, the damage won’t just hit founders. It could scare off people who might fund real breakthroughs later, right when Philippine innovation is starting to take shape. We need investors who ask tough questions and insist on results, not just a flashy pitch deck.

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We shouldn’t be scared of AI. In fact, I’m excited by what it can do. But I’ve learned not to trust hype. A bubble forming around a powerful idea doesn’t make the idea wrong. It only means people are expecting too much, too quickly. When the dotcom bubble burst, it cleaned out the noise and forced tech companies to grow up. I think AI will go through the same cycle. The real innovation will come after the excitement cools down. We can move forward with clear eyes. Think before we spend. Train people for the new jobs coming. And remember that once the excitement settles, the tools we’re amazed by now will simply be part of normal life. The bubble will pop, but what remains after could truly change how we live and work.

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The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

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Reynaldo C. Lugtu, Jr. is the founder and CEO of Hungry Workhorse, a digital, culture, and customer experience transformation consulting firm. He is a fellow at the US-based Institute for Digital Transformation. He teaches strategic management and digital transformation in the MBA Program of De La Salle University. The author may be e-mailed at rey.lugtu@hungryworkhorse.com

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2021/04/banking-and-finance-default-300x169.jpg - - SMDC to roll out four Nature housing projects in 2026 - https://www.bworldonline.com/corporate/2025/10/31/709214/smdc-to-roll-out-four-nature-housing-projects-in-2026/ - - - Thu, 30 Oct 2025 16:04:30 +0000 - - - https://www.bworldonline.com/?p=709214 - - - SM DEVELOPMENT CORP. (SMDC), the residential arm of SM Prime Holdings, Inc., said it plans to launch four new projects next year under its newly introduced Nature segment, which will integrate wellness and sustainability features into affordable housing developments outside Metro Manila.

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“We have four projects lined up — in Davao, Angeles (Pampanga), and Bacolod,” SMDC Vice-President and Head of Nature Segment Susan G. Nicdao told reporters after the launch of the Nature brand on Thursday.

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Ms. Nicdao said the company will develop mid-rise condominium projects in Davao and Pampanga, while the Bacolod project will feature horizontal housing.

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Under the Nature segment, SMDC aims to offer sustainability-driven residential communities targeted at the affordable market.

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“That has been the direction for the past three years — to expand outside of Metro Manila,” Ms. Nicdao said.

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Jessica Bianca T. Sy, vice-president and head of design, innovation, and strategy at SM Prime and SMDC, said the shift toward sustainable residential projects will not result in higher prices.

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“We are trying our best and working with different partners and different groups to keep costs down, so that we can make sure that the sustainable efforts that we put in are acceptable and can be adapted,” she said.

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“From the person who wants to buy in our premium lines, all the way down to our economic and social housing, we want to make sure that they have access to affordable, sustainable measures,” Ms. Sy added.

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During the launch, SMDC signed a partnership with Buskowitz Energy, Inc. to supply solar energy to its Nature-branded developments.

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Earlier this year, SMDC introduced its Heights segment, which focuses on high-rise residential projects in key urban centers such as Quezon City, Makati, the Bay Area, and along EDSA-C5.

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SM Prime reported a 10% increase in second-quarter net income to P12.8 billion, bringing its first-half earnings to P24.5 billion. Income from residential projects rose by 2% to P5.1 billion, contributing 21% to total earnings.

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At the local bourse on Thursday, shares in SM Prime fell by 1.32% or 30 centavos to close at P22.40 each. — Beatriz Marie D. Cruz

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2025/10/Hill-Amenity6-300x169.jpg - - The mouth speaks, the peso sinks - https://www.bworldonline.com/opinion/2025/10/31/709176/the-mouth-speaks-the-peso-sinks/ - - - Thu, 30 Oct 2025 16:04:04 +0000 - - - - - https://www.bworldonline.com/?p=709176 - - - It seems the peso is no longer sinking merely because of market forces but also because of what some public policy and officials say. Indeed, it is no less than the open-mouth operations of many in government that continue to drive the peso down.

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The other day, every major broadsheet bannered the Philippine currency’s latest fall: “slump” (BusinessWorld), “record low” (Philippine Star, Inquirer, Manila Times), “historic low” (Manila Bulletin), and “breaches P59” (Malaya Business Insight, Business Mirror).

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We doubt the peso has reached bottom. The torrent of careless commentary on the nation’s prospects reflects the deeper malaise of governance: weak leadership, muddled policy, and the erosion of public trust. Poor leadership begets poor policy; bad policy leads to weak execution and stagnant innovation throughout the bureaucracy. The repeated plunder of public funds signals a steady decline in both public spending and productive investment. And the neglect of health and education reveals a poverty not merely of resources but of foresight — a failure to prepare the next generation for political and economic leadership.

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For a potential investor conducting due diligence, such signals are disheartening. Why would anyone choose to place or keep money in a country that continually undermines its own credibility?

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THE BSP’S MEASURED EXPLANATION
-To its credit, the Bangko Sentral ng Pilipinas (BSP) has offered a calm and reasonable explanation for the peso’s weakness. It traced the slump to market concerns over weak economic prospects — aggravated by irregularities in flood control projects — and to expectations of sustained monetary easing.

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The BSP also emphasized that it maintains ample foreign exchange (FX) reserves and allows the peso to seek its market level, intervening only to temper excessive volatility that could stoke inflationary pressures. It remains confident that “resilient OFW remittances, relatively fast economic growth, low inflation, and ongoing structural reforms” will support the peso. FX inflows from business process outsourcing (BPO), tourism, and overseas employment are cited as further buffers against external shocks.

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These statements are fair. Yet they also gloss over a fundamental reality: the trade deficit remains enormous. Even when combined, BPO receipts, remittances, and tourism revenues cannot offset the shortfall. The current account deficit — a measure of our reliance on foreign savings — reached $18.3 billion last year, with another $9.2 billion shortfall in the first half of this year.

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While the balance of payments (BoP) showed small surpluses in 2023 and 2024, due to substantial foreign borrowings, the first nine months of 2025 have already posted a $5.3-billion deficit. This structural gap in our external accounts lies at the core of the peso’s weakness — though not the only factor behind it.

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WHEN FUNDAMENTALS FALTER
-Even during years of modest BoP surpluses, the peso slid steadily — averaging P55.63 in 2023 and P57.29 in 2024. Economic growth flattened around 5.5%, inflation eased to 3.2% in 2024 after hitting 6% in 2023, and fiscal deficits remained stubbornly high at P1.5 trillion in both years. Consequently, National Government debt ballooned from P14.6 trillion in 2023 to P16.1 trillion in 2024.

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With a larger share of the budget devoted to debt servicing, fewer resources remain for inclusive and sustainable growth. A weak fiscal position should have compelled our leaders to act responsibly, with integrity and prudence. Instead, we have witnessed the opposite: congressional insertions, budgetary diversions, and the alleged theft of 30-40% of infrastructure funds.

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Perhaps it is worth recalling that many decades ago, Filipino children studied “Good Manners and Right Conduct.” The subject’s quiet disappearance from our classrooms may have left us vulnerable to the twin culture of greed and impunity now evident in public life. Or perhaps we failed to adhere to the Scripture which was more than clear in Proverbs 22:6 that we should train a child in the way he should go; and when he is old, he will not depart from it?

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THE PESO AS A MIRROR
-What, then, should we expect of the peso?

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In a recent dialogue, eminent economists Maurice Obstfeld and Paul Krugman reaffirmed that exchange rates behave like asset prices — reflecting not just fundamentals but also confidence, risk, and credibility. When markets lose faith in a government’s ability to sustain growth, control inflation, and manage its finances, the currency has only one direction to go: down. Capital flight and investment hesitation follow swiftly.

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The peso, in this light, is not merely a unit of exchange but a mirror of our national condition. It measures not only our trade position or fiscal balance but also our political will and institutional coherence.

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GLOBAL HEADWINDS
-External pressures add to the strain. The full effects of recent US tariff hikes have yet to be felt, while new trade tensions and protectionist moves cloud the global outlook. The International Monetary Fund itself warns that such developments could dampen investment and sentiment more than expected, tightening financial conditions worldwide and amplifying existing vulnerabilities.

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For the Philippines, this means both monetary and fiscal policy must tread carefully. We cannot respond to slower growth with unrestrained easing; we must conserve credibility for when genuine shocks strike.

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THE US FACTOR
-Former US Treasury Secretary Larry Summers warned earlier this year that the US dollar faces risks such as volatile policy shifts under Trump, the politicization of the Federal Reserve, and potential erosion of global confidence. Yet even he concedes that the dollar’s dominance remains intact, given doubts over the Chinese renminbi’s viability and America’s enduring strategic influence.

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This implies continued strength of the US economy and currency which, in turn, pressures the peso. Should the BSP persist with an easing bias, or even hint at it, market unease may deepen. The peso’s breach of P59 could be only the first hurdle in a longer slide.

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To arrest further decline, should the BSP need to send a decisive signal? One as strong as Mario Draghi’s now-legendary 2012 declaration: “Within our mandate, the European Central Bank is ready to do whatever it takes to preserve the euro. And believe me, it will be enough.” Or simply allow market forces to collect tuition fees from those who take inappropriate positions in the foreign exchange market?

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DEFENDING CONFIDENCE
-Summers has also noted that inflation risks in the US remain real, and that Federal Reserve Chair Jerome Powell’s cautious stance, marked by flexibility and humility, is justified. Even after the recent rate cuts, a resurgence of inflation could push the Fed to tighten again. A firm Fed and a strong dollar will keep emerging-market currencies, including the peso, under pressure.

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But our vulnerability is not inevitable. What weakens the peso most is not the strength of the dollar but the fragility of our institutions and the noise emanating from the incoherence of public policy and unscrupulous officialdom. When those in power speak without discipline, dismiss accountability, or trivialize corruption, they invite skepticism from investors and citizens alike.

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Markets, like people, can tell the difference between serious leadership and mere performance. The more talk diverges from action, the deeper the credibility gap and the lower the peso sinks.

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FINAL WORD
-The peso’s decline is thus both a financial and moral story. It reflects not only deficits in our trade and fiscal accounts but also deficits of trust, competence, and integrity in governance.

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Every careless statement from a public official reverberates through markets already strained by weak fundamentals. Every scandal left unpunished deepens the perception that reform is impossible.

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Until our leaders learn to match words with deeds, the peso will continue to suffer the consequences of their rhetoric. For as long as the mouth keeps speaking but the hand refuses to act, the peso will keep sinking, not merely against the dollar, but against the weight of our own failures.

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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.

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2025/10/3d-cartoon-character.-Man-running-down-the-graph-to-collect-money-300x200.jpg - - Peso slumps anew on Fed’s hawkish tilt - https://www.bworldonline.com/banking-finance/2025/10/31/709197/peso-slumps-anew-on-feds-hawkish-tilt/ - - - Thu, 30 Oct 2025 16:03:56 +0000 - - - - - - https://www.bworldonline.com/?p=709197 - - - THE PESO weakened anew against the dollar on Thursday after the US Federal Reserve chief said their latest rate cut could be the last for the year amid a mixed economic picture.

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The local unit closed at P58.85 versus the greenback, dropping by 16 centavos from its P58.69 finish on Wednesday, Bankers Association of the Philippines data showed.

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The peso opened Thursday’s session slightly weaker at P58.73 versus the dollar. It logged an intraday high of P58.58, while its weakest showing was at P58.98 against the greenback.

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Dollars traded rose to $2.23 billion from $2.01 billion on Wednesday.

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“The dollar was generally stronger on Thursday after Fed Chair Jerome H. Powell said a December rate cut was not certain,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

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“The dollar-peso closed higher, tracking other currencies after the Fed cut rates but gave a hawkish tone. Fed Chair Powell questioned whether a December rate cut was needed,” a trader said in a phone interview.

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A policy divide within the US central bank and a lack of federal government data may put another interest rate cut out of reach this year, Mr. Powell said on Wednesday, as he acknowledged the threats that officials see to the job market but also the risky nature of making further rate moves without a fuller picture of the economy, Reuters reported.

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The Fed on Wednesday cut interest rates by a quarter of a percentage point, as expected, as a way to temper any further weakening of the job market. But the central bank’s new policy statement included several references to the lack of official data during a federal government shutdown, and Mr. Powell told reporters later that policymakers are likely to become more cautious if it deprives them of further job and inflation reports.

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“We’re going to collect every scrap of data we can find, evaluate it and think carefully about it. And that’s our job,” Mr. Powell said in a press conference after a two-day policy meeting, as he ticked off private data the Fed can use, along with its own in-house surveys of business executives and less formal interviews with a range of contacts around the country.

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“If you asked me could it affect… the December meeting, I’m not saying it’s going to, but yeah, you could imagine that. You know, what do you do if you’re driving in the fog? You slow down.”

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His comments show the developing dilemma for the Fed as a budget dispute between the Trump administration and Democrats in Congress extends into a second month, with the government unable to carry out surveys and produce reports that are key to central bankers’ policy decisions — in this case possibly delaying rate cuts that President Donald J. Trump himself wants.

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Beyond the data issues, Mr. Powell said there were “strongly differing views” among his Fed colleagues about the appropriate path for monetary policy moving forward, with “a growing chorus now… feeling like maybe this is where we should at least wait a cycle” before cutting rates again.

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Financial markets responded to Mr. Powell’s remarks by reducing bets on another rate cut at the Fed’s Dec. 9-10 meeting, a prospect now given roughly two-to-one odds.

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Mr. Powell still called the Fed’s 10-2 vote in favor of lowering the benchmark interest rate to the 3.75%-4% range a “solid” endorsement of easing policy to help support a gradually cooling labor market.

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But “there were strongly differing views about how to proceed in December,” Mr. Powell said, an unusually blunt comment about an upcoming meeting, something Fed chiefs usually shy away from.

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“A further reduction in the policy rate at the December meeting is not a foregone conclusion. Far from it, policy is not on a preset course,” he said.

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PESO SUPPORT
-Still, the Fed’s latest rate cut could help stabilize the peso against the dollar in the near term after the local unit hit a new record low of P59.13 on Tuesday, analysts said.

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This is as the reduction effectively widened the differential between the US central bank and the Bangko Sentral ng Pilipinas’ (BSP) key rates to 75 basis points (bps). Earlier this month, the BSP likewise lowered benchmark interest rates by 25 bps for a fourth consecutive meeting to bring its policy rate to 4.75%.

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The wider rate gap “points to additional support for the Philippine peso, all else constant,” Metropolitan Bank & Trust Co. Chief Economist Nicholas Antonio T. Mapa said in a Viber message.

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“[With] seasonal inflows on the way, we could see the Philippine peso enjoy a modest appreciation before yearend.”

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Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., also said the bigger differential “should help stabilize the peso for now,” but noted that other factors like domestic corruption concerns have also contributed to the peso’s recent slide.

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The Fed’s latest move and cautious policy outlook, as well as the weak peso, are unlikely to affect the BSP’s own easing path, the analysts said.

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Unlike the Fed, BSP policymakers have said that another 25-bp cut is possible at the Monetary Board’s Dec. 11 meeting, with more reductions beyond that also on the table amid benign inflation and a softening growth outlook as they expect a widening graft scandal involving state flood control and infrastructure projects to affect both public and private investments.

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“The BSP will take into account the full range of data on domestic inflation, financial conditions and growth outlook at its upcoming policy meeting,” Mr. Mapa said.

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“The BSP-Fed policy rate differential is not a major concern, despite differing views on monetary policy. This is because the US is also facing its own issues such as Fed independence, tariff-induced inflation, and political issues that may impact confidence on the US dollar. Thus, we may see the BSP monetary policy easing path to remain intact despite the exchange rate reaching P59 this week,” Reinielle Matt M. Erece, an economist at Oikonomia Advisory and Research, Inc., said in a Viber message. — A.M.C. Sy and K.K. Chan with Reuters

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2023/11/peso-banknotes-300x164.jpg - - Regulator clears Ever-Gotesco capital stock cut, name change - https://www.bworldonline.com/corporate/2025/10/31/709213/regulator-clears-ever-gotesco-capital-stock-cut-name-change/ - - - Thu, 30 Oct 2025 16:03:30 +0000 - - - https://www.bworldonline.com/?p=709213 - - - THE SECURITIES and Exchange Commission (SEC) has approved the decrease in Ever-Gotesco Resources and Holdings, Inc.’s authorized capital stock and amendments to its articles of incorporation, including a corporate name change as the company shifts its business focus.

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“We were informed by the SEC that the decrease in the authorized capital stock of the corporation and the amended articles of incorporation (AOI) pertaining to the amendments made to Articles I, III, and VII have been approved by the SEC on Oct. 28, 2025,” the company said in a disclosure on Thursday.

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The SEC approval covers the change of the company’s name to Everwoods Green Resources & Holdings, Inc., reflecting its planned venture into the agri-tourism and bamboo industries.

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In 2021, the listed firm entered the agri-eco-tourism segment by acquiring Everwoods Management and Development, Inc. (formerly 3-J Development Corp.) and Agriwave, Inc., which are involved in eco-tourism, agricultural production, and the cultivation of high-value crops. Everwoods Management operates resorts integrating leisure and environmental conservation, including the Forest Crest Nature Hotel and Resort in Batangas.

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In 2022, the company announced plans to start bamboo farming and production on its Cebu property and engaged experts to conduct master planning and pre-feasibility studies. The master plan was completed in December 2023.

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According to information on its website, Ever-Gotesco has recently shifted its focus to the attractions and immersive entertainment sector in line with the recovery of the tourism industry.

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Under the SEC-approved amendments, the company’s authorized capital stock has been reduced to P2.5 billion from P5 billion, while the par value per share was lowered to 10 centavos from P1. Despite the lower par value, the number of authorized shares rose to 25 billion from 5 billion. “The increase… aims to attract more investors and raise capital for its new business ventures: agri-tourism and bamboo industry,” the company said.

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The SEC also approved the change in the company’s principal office address.

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On Thursday, the Philippine Stock Exchange (PSE) suspended trading of the company’s shares following the capital stock reduction and the amendments to its articles of incorporation. The suspension will remain until the company submits the required documents to the PSE as part of its ongoing quasi-reorganization process.

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Ever-Gotesco ended its mall and cinema operations in 2017, while its subsidiary, Gotesco Tyan Ming Development, Inc., ceased operations in June 2015. — Alexandria Grace C. Magno

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2025/10/meeting-room-300x200.jpg - - Political Dynasties: To ban or not to ban? - https://www.bworldonline.com/opinion/2025/10/31/709175/political-dynasties-to-ban-or-not-to-ban/ - - - Thu, 30 Oct 2025 16:03:03 +0000 - - - - https://www.bworldonline.com/?p=709175 - - - By Nicomedes Alviar

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EVEN in democratic societies, power eventually ends up in the hands of a few, leading inevitably to a dominant elite rule. With absolute certainty, Robert Michels, a German-born social scientist, declared this claim as the “iron law of oligarchy.” Moreover, these oligarchs — according to Michels — will use all the means necessary to preserve and to further expand their power. Such a bold theoretical assertion is actually a stark reality in our country as we seem to have accepted as given the proliferation of political dynasties at both the national and local levels of government. And in such a state of politics, the opportunities for corruption abound. For example, we are now seeing how political dynasties connive with Department of Public Works and Highways (DPWH) engineers so that infrastructure projects are awarded to construction companies they own.

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While we are all disgusted witnessing the evils of political dynasties, the damage they inflict on our democratic institutions and processes, and how they exacerbate social inequalities and poverty, we have to admit that we will have to contend with political dynasties for a very long time. Sad to say, political dynasties which thrive due to distorted cultural values, particularly the patronage system, have entrenched themselves deeply in a combination of political and economic structures developed throughout several decades to protect their interests and consolidate their power.

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The quick solution is clearly stated in Article 2, section 26 of the current Constitution which “prohibits political dynasties as may be defined by law.” But we all know that implementing this provision is wishful thinking because our political dynasty-infested Congress will never pass that enabling law. It is naive to imagine our legislators signing their death sentence. Besides, if we ban political dynasties outrightly through a piece of legislation, it will not be easy to find alternatives who can take over their rule right away. Who will replace them in the various localities all over the country? Do we have enough people now with the right dispositions who are ready and competent to run government in lieu of political dynasties?

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I believe the practical approach — given our current circumstances — is to engage with political dynasties and to reform them from within. And here, various sectors have different roles to play, not necessarily coordinated, but which must be exercised with genuine and sustained commitment. In the first place, the business sector can be more consistent in upholding professional and ethical standards when transacting with government and politicians. I’m sure the big conglomerates as well as the small enterprises would agree that business is more sustainable and meaningfully profitable if done in this manner. And in relation to this, it is worth noting that the progressive leadership of the Makati Business Club has committed itself to leading top corporations to do their share in strengthening the country’s democratic institutions, promote integrity, and fight corruption.

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Then, religious institutions can take a more active role in instilling morals, love for the truth, and service to society among the political dynasties. In the case of the Catholic Church particularly, the bishops of the dioceses all over the country can make it a point to cultivate close relationships with political dynasties instead of taking a confrontational stance, in order to win them over in practicing Catholic social teachings, especially solidarity, common good, and a preferential option for the poor.

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Universities must take to heart the education of individuals belonging to political dynasties as their paramount mission. Many members of the ruling families went through the Big Four, and are sending their scions to these same schools. With the aim of fostering patriotism, integrity, and genuine public service, these institutions can still exert influence through various ways on both their alumni, and the children of these alumni. While students in their schools, they can be involved actively in organizations and activities to be trained — and even be individually mentored — in ethical and selfless leadership.

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Finally, civil society organizations conducting diverse projects in the fields of poverty alleviation, environmental protection, livelihood provision, health and sanitation, citizenship education, human rights, etc. can get political dynasties in LGUs involved and, in the process, immerse them to be truly identified with their causes. With integrity as one of its core values, CODE-NGO for instance, through its wide national network representing 1,600 NGOs, people’s organizations, and cooperatives can be in a good position to take the lead in engaging political dynasties towards this end.

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These, of course, are easier said than done, but any little effort by these actors, if carried out consistently, can yield tangible results. Confronting political dynasties head-on can be costly and dangerous; engaging with them can open opportunities to reform them.

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The good news is that there are actually enlightened politicians belonging to political dynasties who have started implementing effective and meaningful reforms in their localities. We find them in Mayors for Good Governance (M4GG), a movement of city executives “committed to fighting corruption and building resilient communities through empowered local governments that put people’s welfare above politics.” Many of these politicians have been recognized for being models of good governance through the annual Galing Pook awards which have been going on for more than three decades. Here, programs by LGU leaders, after a rigorous screening process, are evaluated on the basis of positive impact, promotion of people’s empowerment, sustainability, and efficient service delivery.

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To ban political dynasties is a long shot; reforming political dynasties is doable, and is actually happening.

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Nicomedes Alviar is a PhD Political Science graduate of the University of the Philippines, Diliman, and is currently the dean of the School of Politics and Governance at the University of Asia and the Pacific (UA&P).

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2025/10/Business-strategy-presentation-illustration-300x169.jpg - - Nonbanks’ domestic claims climb at end-June - https://www.bworldonline.com/banking-finance/2025/10/31/709196/nonbanks-domestic-claims-climb-at-end-june/ - - - Thu, 30 Oct 2025 16:02:56 +0000 - - - https://www.bworldonline.com/?p=709196 - - - DOMESTIC CLAIMS of nonbank financial firms grew by 16.7% year on year as of June, the Bangko Sentral ng Pilipinas (BSP) said on Thursday.

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Based on the BSP’s Other Financial Corporations Survey (OFCS), domestic claims of nonbanks climbed to P10.746 trillion as of June from P9.212 trillion a year ago.

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Quarter on quarter, claims inched up by 0.1% from P10.733 trillion at end-March.

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“The quarter-on-quarter increase in the sector’s claims was mainly driven by its larger investment in equity shares issued by other nonfinancial corporations, higher holdings of government securities, and a rise in loans extended to households,” the BSP said in a statement.

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“However, the growth in the sector’s domestic claims was slightly tempered by the decline in its holdings of bank-issued debt securities.”

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The OFCS is an analytical survey that covers data on non-money market investment funds, other financial intermediaries, financial auxiliaries, captive financial institutions and money lenders, insurance corporations, and pension funds.

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Bulk of nonbanks’ domestic claims during the quarter were claims on other sectors, followed by claims on depository corporations and the central government, BSP data showed.

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Broken down, claims on other sectors grew by 9.5% to P4.934 trillion as of June from P4.507 trillion a year ago. This was also up by 1.9% from the P4.865 trillion seen at end-March.

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Other sectors include the state and local government, public nonfinancial corporations, and the private sector.

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Meanwhile, claims on depository corporations jumped by 28.9% year on year to P3.004 trillion from P2.331 trillion the previous year but declined by 3.3% from P3.107 trillion in the first quarter.

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OFCs’ net claims on the central government also rose by 18.2% annually to P2.808 trillion at end-June from P2.375 trillion in 2024. Quarter on quarter, it edged up by 1.7% from P2.761 trillion.

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On the other hand, nonbanks’ liabilities climbed by 18% year on year to P11.431 trillion from P9.689 trillion as of June by 0.6% from the P11.369 trillion recorded as of March.

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The BSP said this was “primarily due to the increase in its issued shares of stocks and higher insurance technical reserves.”

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OFCs’ net foreign assets surged by 43.5% to P685.376 billion as of June from P477.603 billion last year. It was also 7.9% higher than P635.265 billion in the prior quarter.

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This came amid an increase in claims on nonresidents, which stood at P838.466 billion, rising by 32.1% from P634.499 billion a year prior.

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Meanwhile, liabilities to nonresidents went down by 2.4% to P153.091 billion from P156.896 billion a year ago. — Katherine K. Chan

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2024/09/BSP-building-facade-300x200.jpg - - Philippine Merchandise Trade Performance (September 2025) - https://www.bworldonline.com/infographics/2025/10/31/709205/philippine-merchandise-trade-performance-september-2025/ - - - Thu, 30 Oct 2025 16:02:40 +0000 - - - https://www.bworldonline.com/?p=709205 - - - THE PHILIPPINES’ trade deficit in goods narrowed in September, as exports posted double-digit growth, the Philippine Statistics Authority (PSA) reported on Thursday.  Read the full story.

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Philippine Merchandise Trade Performance (September 2025)

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2025/10/251031Trade_Merchandise-THUMB-300x169.jpg - - NPC: Probe finds no sufficient basis to conclude data breach within GCash platform - https://www.bworldonline.com/corporate/2025/10/31/709211/npc-probe-finds-no-sufficient-basis-to-conclude-data-breach-within-gcash-platform/ - - - Thu, 30 Oct 2025 16:02:29 +0000 - - - https://www.bworldonline.com/?p=709211 - - - THE NATIONAL Privacy Commission (NPC) said it has found no data breach in the system of G-Xchange, Inc., the operator of electronic wallet platform GCash, following its investigation into reports of user data being sold online.

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In a statement on Thursday, the NPC said it found “no sufficient basis to conclude that a personal data breach occurred involving GCash.”

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“Independent validation by the NPC’s Complaints and Investigation Division (NPC-CID) confirmed that the dataset circulating online was inconsistent with GCash’s verified data structures. Several of the listed accounts were found to be invalid or inactive, and no indicators of unauthorized access, infiltration, or data exfiltration were detected within GCash’s monitored environments,” the NPC said.

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The NPC launched the probe earlier this week after reports circulated that GCash user data were being sold on the dark web. GCash has since denied the allegations, saying there has been “no breach, leak, or compromise” in its systems.

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The Department of Information and Communications Technology (DICT), through its Cybercrime Investigation and Coordinating Center (CICC), said its monitoring showed that the alleged data leak “did not originate from the company’s systems.”

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The NPC said it will continue monitoring reports of threats to personal data and coordinate with relevant entities to ensure compliance with the Data Privacy Act (DPA) of 2012.

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“The NPC also warns individuals and groups engaging in the unauthorized access, sale, or distribution of personal data that such acts constitute clear violations of the DPA and are punishable under the law,” it said. — Ashley Erika O. Jose

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2022/09/GCASH-1-300x200.jpg - - Ilocos, W. Visayas wage boards approve pay hikes - https://www.bworldonline.com/labor-and-management/2025/10/31/709186/ilocos-w-visayas-wage-boards-approve-pay-hikes/ - - - Thu, 30 Oct 2025 16:02:01 +0000 - - - - https://www.bworldonline.com/?p=709186 - - - By Chloe Mari A. Hufana, Reporter

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REGIONAL WAGE BOARDS in Ilocos and the Western Visayas approved minimum wage increases, Labor Secretary Bienvenido E. Laguesma said on Thursday.

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The National Wages and Productivity Commission approved pay hikes for Region I (Ilocos) and Region VI (Western Visayas) on Wednesday. Both will take effect in November, Mr. Laguesma said via Viber.

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In the Ilocos Region, non-agricultural workers employed in firms with at least 10 employees will get a P37 increase, bringing their minimum daily wage to P505.

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Non-agricultural workers with firms of less than 10 employees and agricultural workers will receive a P45 hike, bringing their minimum daily pay to P480.

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Meanwhile, Western Visayas workers in non-agricultural, industrial, and commercial employment with firms of more than 10 workers will receive a P37 increase, raising their daily minimum wage to P550.

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For establishments with fewer than 10 employees, the daily minimum wage will rise by P45 to P530 from P485.

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For agricultural jobs, a P40 adjustment will bring the daily minimum wage to P520.

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The new wage rates for Region VI take effect on Nov. 19, 2025.

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According to Mr. Laguesma, at least four more regions will release new wage orders to adjust minimum daily pay.

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These regional boards are due to conduct public hearings next month, with the corresponding wage orders expected by December, he added.

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These regions are the Cordillera Administrative Region, Mimaropa, the Eastern Visayas and the Zamboanga Peninsula.

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Minimum wages adjustments for workers in Region IV-A (Calabarzon) also took effect on Thursday under Wage Order No. IV-A22.

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The regional board earlier approved a P25 to P100 daily minimum wage increase.

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The daily minimum pay was raised to P600 for non-agricultural workers, P525 for agriculture, and P508 for retail and service establishments with 10 or fewer employees.

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Headline inflation rose to a six-month high of 1.7% in September from 1.5% in August, driven mainly by higher fuel and vegetable prices, the Philippine Statistics Authority reported earlier this month.

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Inflation remained within the 2-4% target range set by the Bangko Sentral ng Pilipinas target range. The latest reading remained below the year-earlier level of 1.9%.

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Core inflation — which strips out volatile food and fuel prices — eased to 2.6% in September from 2.7% in August, though it remained higher than the 2.4% year-earlier level.

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In the first nine months of 2025, core inflation averaged 2.4%, down from the 3.1% booked a year earlier.

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The Federation of Free Workers (FFW) said the wage hike in the Western Visayas was helpful but insufficient to meet workers’ basic needs.

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FFW Women Network President Ma. Victoria G. Bellosillo said disparities in regional wages create uneven relief.

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FFW continues to support a national living wage and a P200 across-the-board wage hike.

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“An increase in wages is a help, but not yet justice. The true goal is a salary sufficient for decent living,” she said in a statement.

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The Philippines adjusts wages through regional boards, but labor groups support a legislated wage hike that would standardize pay across the country and ensure a living wage.

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Labor leaders argue that regional wage-setting often leaves workers in poorer provinces behind, while the cost of basic goods continues to rise nationwide.

-]]> - - - - https://www.bworldonline.com/wp-content/uploads/2022/03/wage-hike-protest-300x200.jpg - - Mastercard rolls out payment threat intelligence solution in APAC - https://www.bworldonline.com/banking-finance/2025/10/31/709195/mastercard-rolls-out-payment-threat-intelligence-solution-in-apac/ - - - Thu, 30 Oct 2025 16:01:55 +0000 - - - https://www.bworldonline.com/?p=709195 - - - MASTERCARD has launched an intelligence solution in the Asia-Pacific (APAC) region to detect fraud and other cyberthreats targeting card transactions.

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Mastercard Threat Intelligence combines the company’s global fraud insights with cyberthreat intelligence from Recorded Future, which it acquired less than a year ago. It allows financial institutions across APAC to detect, prevent, and respond to cyber-enabled fraud.

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“Payment fraud is no longer just a payment system issue — it’s a cybersecurity challenge that directly impacts an organization’s bottom line. Mastercard Threat Intelligence bridges communication gaps, enabling fraud and security teams to work together seamlessly to stop fraud before it happens,” Matthew Driver, executive vice-president of Services, Asia Pacific at Mastercard, said in a statement.

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Financial institutions will get real-time alerts of fraudulent test transactions which will be proactively declined, helping protect cardholders.

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Card issuers and acquirers also get access to quantitative data to assess skimmer impacts and prevent card-related malware, and targeted insights to assess merchant risk and enable faster incident response.

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They will also receive weekly reports on emerging threats and vulnerabilities across the global payments landscape, as well as case studies and fraud trend analysis.

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Mastercard said conducted market testing of the solution over six months, with the data provided able to help them identify and take down malicious domains tied to payment card data theft that affected nearly 9,500 e-commerce sites and were linked to an estimated $120 million in fraud losses.

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“Asia Pacific is seeing a surge in cyber-enabled fraud, and the need for integrated intelligence has never been more urgent,” said Aditi Sawhney, senior vice-president of Security Solutions, Asia Pacific at Mastercard. “We’re helping our customers move from fragmented responses to unified, intelligence-led defense strategies that strengthen resilience across the payments ecosystem.” — AMCS

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