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 - Mon, 22 Dec 2025 12:50:04 +0000 + Tue, 23 Dec 2025 12:41:16 +0000 en-US hourly @@ -20,901 +20,980 @@ 1 https://wordpress.org/?v=6.9 - PSEi surges to 6,000 level on holiday optimism - https://www.bworldonline.com/stock-market/2025/12/22/720475/psei-surges-to-6000-level-on-holiday-optimism/ + NG budget deficit shrinks to P157.6 billion in November + https://www.bworldonline.com/top-stories/2025/12/24/720739/ng-budget-deficit-shrinks-to-p157-6-billion-in-november/ - Mon, 22 Dec 2025 13:00:34 +0000 + Tue, 23 Dec 2025 16:35:27 +0000 - - - https://www.bworldonline.com/?p=720475 + + https://www.bworldonline.com/?p=720739 - - PHILIPPINE SHARES surged on Monday to push the bellwether index back above the 6,000 line on improved business optimism amid the holidays and positive spillovers from both Wall Street and regional markets.

-

The benchmark Philippine Stock Exchange index (PSEi) jumped by 2.03% or 120.39 points to end at 6,041.26, while the broader all shares index increased by 1.43% or 48.58 points to 3,446.30.

-

“Philippine equities surged higher and joined the regional upswing as businesses are more optimistic this fourth quarter with the expectations that accelerated holiday spending will improve margins,” AP Securities, Inc. said in a market note.

-

“The local market bounced back as investors hunted for bargains following two straight days of decline,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message. “The positive cues from Wall Street’s closing performance last week also helped in Monday’s session.”

-

Early on Monday, Asian shares rose broadly, tracking tech-driven gains on Wall Street, Reuters reported.

-

Despite it being a holiday-shortened week for much of the world, momentum funds were still flowing to equities, precious metals and commodities ahead of delayed data that is forecast to show the US economy had continued to grow strongly in the third quarter.

-

Median forecasts tip annualized growth of 3.2%, due in part to a sharp pullback in imports after a run-up earlier in the year ahead of the introduction of tariffs.

-

Japan’s Nikkei climbed 1.9%, extending Friday’s bounce as a steep decline in the yen promised to boost export earnings for Japanese corporates.

-

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.8%, while South Korea jumped 1.7% on optimism over artificial intelligence-related earnings.

-

Chinese blue chips gained 0.8%, while Singapore’s main index climbed 1% to a record top.

-

All sectoral indices closed higher on Monday. Services surged by 3.13% or 72.69 points to 2,395.42; mining and oil jumped by 3.09% or 434.72 points to 14,485.72; financials went up by 2.61% or 52.19 points to 2,051.31; property increased by 1.32% or 29.41 points to 2,251.03; industrials rose by 1.13% or 97.13 points to 8,640.34; and holding firms climbed by 0.41% or 19.32 points to 4,708.66.

-

“International Container Terminal Services, Inc. was the day’s top index gainer, rising 4.55% to P574.50. ACEN Corp. was the worst index performer, dropping 2.53% to P2.70,” Mr. Tantiangco said.

-

Advancers overwhelmed decliners, 130 to 69, while 57 names closed unchanged.

-

Value turnover went down to P8.28 billion on Monday with 7.16 billion shares traded from the P18.72 billion with 26.2 billion issues that changed hands on Friday.

-

Net foreign selling increased to P975.15 million from P103.39 million. — Alexandria Grace C. Magno with Reuters

+ + THE NATIONAL Government’s (NG) budget deficit sharply narrowed in November as expenditures contracted for a fourth month in a row, and revenue growth remained sluggish amid a corruption scandal.

+

Data from the Bureau of the Treasury (BTr) showed the budget deficit shrank by 26.02% to P157.6 billion in November from P213 billion in the same month a year ago.

+

This was a reversal of the P11.2-billion surplus in October.

+

In November, government spending declined by 9.61% to P498.3 billion from P551.3 billion in the same month last year.

+

Primary expenditure (net of interest payments) dropped by 13.13% to P421 billion in November, while interest payments went up by 15.95% to P77.3 billion.

+

November marked the fourth straight month that expenditures fell on an annual basis, since the 0.74% contraction in August after a corruption scandal involving flood control projects was made public.   

+

The scandal has dampened economic activity and public spending, particularly on infrastructure, and put pressure on revenue collections.

+

Total revenue collections inched up by 0.72% to P340.7 billion in November from P338.3 billion in the same month last year.

+

Tax revenues, which accounted for the bulk of collections, edged up by 2.81% to P331.4 billion in November from P322.4 billion in the same month in 2024.

+

The Bureau of Internal Revenue’s (BIR) collections rose by 2.7% to P254.3 billion in November from P247.6 billion a year ago.

+

Collections of the Bureau of Customs (BoC) rose by 3.35% to P74.9 billion in November from P72.4 billion a year ago.

+

On the other hand, nontax revenues fell by 41.58% to P9.3 billion in November from P15.9 billion in the same month last year, “mainly due to the absence of the one-off remittances last year.”

+

BTr revenues dropped by 29.3% to P5.6 billion in November, while revenues from other offices slid by 53.79% to P3.7 billion.

+

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the narrower deficit was mainly due to reduced government spending.

+

“(This) could signal more disciplined spending amid anti-corruption measures and other reforms to improve governance standards in view of the anomalous flood control projects that reduced government spending as an immediate reaction to prevent the risk of corruption,” he said in a Viber message.

+

11-MONTH DEFICIT
+In the January-to-November period, the budget deficit widened to P1.26 trillion from the P1.18-billion deficit last year, amid single-digit growth in spending and revenue collection.

+

“The overall fiscal deficit stands only at 80.92% of the FY (fiscal year) 2025 revised full-year target of P1.56 trillion, reflecting the government’s commitment to prudent fiscal management and consolidation efforts,” the Treasury said.

+

For the 11-month period, expenditures stood at P5.41 trillion, 2.49% up from P5.28 trillion a year ago. This was already 89% of the P6.08-trillion full-year expenditure program.

+

Primary expenditures inched up by 0.8% to P4.61 trillion as of end-November, while interest payments increased by 13.49% to P801 billion.

+

Meanwhile, total revenue collections for the January-to-November period rose by 1.09% to P4.15 trillion from P4.1 trillion a year earlier.

+

This represented 91.79% of the revised full-year program of P4.52 trillion.

+

“Growth for the period was driven by a 7.03% (P249.5-billion) year-on-year increase in tax collections, which more than offset the P204.6-billion contraction in nontax sources due to the base effect of one-off windfall receipts in 2024,” the BTr said.

+

In the 11-month period, tax revenues jumped by 7.03% to P3.8 trillion, which is 90.14% of the P4.21-trillion target.

+

BIR collections went up by 8.92% to P2.91 trillion as of end-November, already accounting for 90.25% of its P3.22-trillion full-year target.

+

Customs collected P859.5 billion in the 11-month period, up by 1.12% from a year ago. This was 89.65% of the revised P958.7-billion program for the year.

+

Nontax revenues fell by 36.85% to P350.6 billion as of end-November.

+

“Nonetheless, the January-to-November 2025 sum already exceeded the adjusted FY 2025 program of P306.5 billion by 14.4% (P44.1 billion), supported by the better-than-expected performance of the Bureau of the Treasury income and collections from other offices including privatization proceeds, fees and charges, and grants against their respective full-year target,” the Treasury said.

+

BTr income slid by 7.52% to P215.2 billion as of end-November, while other offices’ income slumped by 58.01% to P135.4 billion.

+

The primary deficit — net of interest costs — shrank by 1.77% to P463.2 billion in the 11 months from just P471.5 billion a year earlier.

+

“The decline for the period can be partly attributed to temporary delays in the implementation of some flood control projects amid ongoing investigations related to alleged corruption issues,” the BTr said. 

+

Mr. Ricafort said there is a “good chance” the government will hit the P1.56-trillion deficit ceiling this year, citing fiscal and tax reforms and anti‑corruption efforts to boost revenues and curb wastage.

+

In the coming months, he said that stricter anti‑corruption measures could slow government spending, but this would help narrow the deficit and reduce borrowing needs. — Aubrey Rose A. Inosante

]]> - https://www.bworldonline.com/wp-content/uploads/2023/03/PSE-stocks-bell-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/Declog-canal-worker-300x200.jpg - Gov’t could hold on to stake in dormant Cocochem - https://www.bworldonline.com/economy/2025/12/22/720560/govt-could-hold-on-to-stake-in-dormant-cocochem/ + Marcos to sign 2026 nat’l budget on Jan. 5 — Recto + https://www.bworldonline.com/top-stories/2025/12/24/720738/marcos-to-sign-2026-natl-budget-on-jan-5-recto/ - Mon, 22 Dec 2025 12:47:33 +0000 - - + Tue, 23 Dec 2025 16:34:27 +0000 + - - https://www.bworldonline.com/?p=720560 + + + https://www.bworldonline.com/?p=720738 - - THE GOVERNMENT is reviewing plans to sell shares in United Coconut Chemicals, Inc. (Cocochem) as global demand for coconut products rebounds, the Department of Agriculture (DA) said on Monday.

-

Agriculture Secretary Francisco P. Tiu Laurel, Jr. said the government is now studying the possibility of holding on to its stake in the company, which used to produce chemicals and oleo fats, in light of strong European demand for coconut products.

-

The government, through the Land Bank of the Philippines, had planned to auction in June around 682 million common shares in Cocochem, with the goal of raising at least P2.82 billion in proceeds.

-

The government is now evaluating whether holding on to its stake will result in greater value to the coconut industry.

-

The DA said the sale had also originally been intended to allow private investors the opportunity to revive or redevelop Cocochem.

-

According to its website, 92.85% of Cocochem is currently owned by the Coconut Industry Investment Fund. The remaining 7.15% is owned by Germany’s Philholding, SA.

-

Established in 1981, Cocochem was once the largest producer of coconut chemicals and oleo fats in Southeast Asia.

-

However, in 2001, the non-implementation of Executive Order 259, which had required the use in detergents of some Cocochem products, disrupted the company’s operations.

-

Record coconut oil prices in the following decade further affected the company’s competitiveness relative to palm oil producers in Southeast Asia, leading to the plant’s shutdown in 2012.

-

In 2014, the company pivoted away from manufacturing to leasing land, renting warehouses and tank storage, distributing power, treating wastewater, operating piers, and renting residential property. — Vonn Andrei E. Villamiel

+ + By Chloe Mari A. Hufana, Reporter

+

PHILIPPINE President Ferdinand R. Marcos, Jr. will sign the 2026 General Appropriations Act (GAA) on Jan. 5, 2026, according to Executive Secretary Ralph G. Recto on Tuesday.

+

“[We] will need time to go over the budget,” Mr. Recto told BusinessWorld via Viber. “A one-week reenacted budget will not affect government operations. In fact, a careful review of the budget prepares the Executive [to execute] it properly.”

+

Mr. Marcos was initially expected to sign the spending plan on Dec. 29, but there were delays in the bicameral conference committee’s proceedings as lawmakers needed more time to scrutinize the national budget for red flags.

+

The proposed 2026 GAA is facing heightened scrutiny after claims surfaced that this year’s national budget included billions of pesos in unprogrammed allocations.

+

Despite this, the bicameral committee cleared P243 billion in standby funds, reversing earlier efforts to rein in the mechanism after the Senate version cut the allocation to P174.55 billion — about P68.66 billion below the P243.22 billion approved by the House.

+

Such funds are contentious because, while they are meant to provide flexibility for emergencies or unforeseen expenditures, excessive or opaque use can undermine accountability.

+

The panel also faced an impasse over the Department of Public Works and Highways’ (DPWH) budget for next year, following a massive graft scandal involving flood control projects. There was a standoff over a P45-billion reduction in the DPWH budget, with senators standing by the cuts even as Public Works Secretary Vivencio “Vince” B. Dizon and the Presidential Palace warned that failure to reinstate the funds could weigh on the economy.

+

Congress is set to approve the bicameral conference report on the national budget by Dec. 28, followed by its ratification on Dec. 29

+

Senate President Vicente C. Sotto III earlier this week flagged the possibility that the Philippine government will start operations in 2026 under a reenacted budget.

+

Mr. Sotto said that if the enrolled copy is not ready on time, the government could default to last year’s appropriations through the first week of January, a scenario that policymakers have been trying to avoid.

+

Failure to pass a new appropriations measure triggers the automatic reenactment of the prior year’s budget, a scenario analysts said could undermine economic growth goals and delay the rollout of priority government projects.

+

Mr. Sotto reiterated his opposition to “blind ratification,” underscoring concerns about opaque allocations, even as the Palace urged Congress to expedite approval to avert budget reenactment.

+

Also on Tuesday, Press Secretary Dave M. Gomez said Mr. Marcos will review the spending plan over the holidays.

+

The President has already tasked his team to conduct an immediate and comprehensive review of all allocations and provisions approved by the bicameral conference committee, tracing any adjustments made from the originally submitted National Expenditure Program, Mr. Gomez said.

+

“This thorough review will ensure that taxpayers’ money will be put to good use, contributing to the attainment of societal goals that will be felt by all Filipinos, consistent with his pronouncement in the last State of the Nation Address,” he added in a Viber chat to reporters.

+

Ederson DT. Tapia, a political science professor from the University of Makati, said a briefly reenacted budget, while not disastrous, is far from neutral.

+

It confines the government to the previous year’s appropriations, preventing funding for new programs and delaying capital outlays, infrastructure projects and program expansions, he noted.

+

“For departments implementing time-sensitive programs, even a short reenactment can create bottlenecks that ripple into the first quarter,” he said via Facebook Messenger.

+

However, the impact of the reenacted budget will be manageable if the new budget is approved swiftly. Predictability and timely enactment remain key, making brief reenactments an administrative inconvenience rather than a fiscal crisis, though avoiding them altogether is preferable, he noted.

+

Hansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said delays in passing the national budget are unusual compared with previous administrations and raise questions about the Marcos government’s legislative efficiency, even if officials frame them as technical issues.

+

The Philippines has previously run on reenacted budgets under past administrations, most recently in 2019, when then-President Rodrigo R. Duterte enacted the spending law only in April.

+

While a delayed or reenacted budget may not immediately disrupt government operations, Mr. Juliano warned it could create uncertainty, particularly over the timely payment of salaries for public sector workers, underscoring the need for clearer guidance on what would be affected.

+

“I can imagine not affecting operations much, but there is always the worry of how it may impact salaries for public sector employees,” he said via Facebook Messenger.

]]> - https://www.bworldonline.com/wp-content/uploads/2025/12/Cocochem-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/PBBM-Marcos-6-300x200.jpg - UK to supply microgrid, offshore wind technical aid - https://www.bworldonline.com/economy/2025/12/22/720559/uk-to-supply-microgrid-offshore-wind-technical-aid/ + NG to borrow P824 billion locally in Q1 + https://www.bworldonline.com/top-stories/2025/12/24/720737/ng-to-borrow-p824-billion-locally-in-q1/ - Mon, 22 Dec 2025 12:47:29 +0000 - - + Tue, 23 Dec 2025 16:33:26 +0000 + - - https://www.bworldonline.com/?p=720559 + + + https://www.bworldonline.com/?p=720737 - - THE PHILIPPINES signed technical assistance agreements with the UK for its offshore wind and microgrid industries, the Department of Energy (DoE) said in a statement.

-

The three technical assistance projects are intended to support the Philippines’ transition to a low-carbon economy, the DoE said.

-

Energy Secretary Sharon S. Garin and Lloyd Cameron, economic and climate counsellor for the British Embassy in Manila, signed a letter of intent (LoI), formalizing collaboration under the UK Partnering for Accelerated Climate Transitions (UK PACT) Philippines Country Fund.

-

“This LoI reinforces our shared commitment to practical, outcomes-driven climate cooperation where technical rigor, transparent processes, and stronger institutional capacity translate into deliverable projects on the ground,” Ms. Garin said.

-

The first technical assistance project will support the DoE in developing a robust evaluation framework for infrastructure plans submitted by developers under the green energy auction (GEA) for offshore wind.

-

The framework will set documentation standards and evaluation criteria that reinforce “transparent, credible, and bankable auction processes.”

-

The fifth round of the GEA, which is set to be conducted next year, focuses on fixed-bottom offshore wind technology, with an installation target of 3.3 gigawatts and delivery set for 2028-2030.

-

Another project covers the development of a comprehensive data collection framework for the DoE’s priority microgrid sites to strengthen institutional capacity for microgrid planning and evidence-based decisions. 

-

The third assistance package supports the technical validation and peer review of the initial results of the marine spatial planning process and tools for use in planning offshore wind development.

-

“These workstreams will help the DoE sharpen implementation discipline — from clearer documentation standards and review criteria for (offshore wind) auctions to better site data that supports transparent, competitive microgrid procurement,” Energy Undersecretary Rowena Cristina L. Guevara said.

-

“The objective is straightforward: improve readiness and confidence so that commitments convert into timely, reliable projects on the ground,” she added.

-

The UK PACT Philippines Country Fund support will run until March 2027, with the DoE and the British Embassy in Manila also organizing capacity-building activities, including workshops and training sessions for government officials and stakeholders. — Sheldeen Joy Talavera

+ + By Katherine K. Chan

+

THE NATIONAL GOVERNMENT (NG) plans to borrow up to P824 billion from domestic sources in the first quarter of 2026, the Bureau of the Treasury (BTr) said on Tuesday.

+

In a notice on its website, the BTr said it seeks to raise P324 billion from the issuance of Treasury bills (T-bills) and up to P500 billion from the issuance of Treasury bonds (T-bonds) in the January-to-March period.

+

The government’s first-quarter borrowing plan is 88.56% more than P437 billion set in the fourth quarter.

+

It is also 82.3% above the P452 billion that was actually raised in the October-to-December period.

+

“There are really limited awards in Q4 because T-bill and T-bond issuances and maturities are also limited, especially in December in view of the Christmas holiday season and holiday mode in the second half of December,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in mixed English and Filipino via Viber.

+

In January, the government plans to borrow P268 billion domestically, with P108 billion via T-bills and P160 billion through T-bonds.

+

The government will hold auctions for T-bills on Jan. 5, Jan. 12, Jan. 19 and Jan. 26 for the 91-day, 182-day and 364-day tenors. However, the Treasury did not provide a breakdown of the amount it seeks to raise for each of these auctions.

+

Meanwhile, the BTr will offer a maximum of P160 billion via T-bonds in January. It will auction off three-year and 10-year T-bonds on Jan. 6, five-year T-bonds on Jan. 13, seven-year T-bonds on Jan. 20, and three-year and 20-year T-bonds on Jan. 27.

+

In February, the government aims to borrow P308 billion, which includes P108 billion via T-bills and up to P200 billion via T-bonds.

+

T-bill auctions for the 91-day, 182-day and 364-day tenors are scheduled for Feb. 2, 9, 16, and 23, but no specific breakdown was given for each auction.

+

For T-bonds, the BTr will offer the five-year tenor on Feb. 3, the seven-year tenor on Feb. 10, the 10-year tenor on Feb. 18 and the three-year and 25-year tenors on Feb. 24.

+

For March, the NG seeks to raise P248 billion from the domestic market, composed of P108 billion from T-bills and P140 billion from T-bonds.

+

The government will hold four T-bill auctions in March. It will sell 91-day, 182-day and 364-day debt papers on March 2, March 9, March 16 and March 23.

+

The BTr will also offer five-year T-bonds on March 3, seven-year T-bonds on March 10, 10-year T-bonds on March 17 and both three-year and 25-year T-bonds on March 24. No breakdown was available for the March auctions.

+

Mr. Ricafort said the government’s borrowing plan for next year accounts for its plan to increase foreign borrowings by 60% to $5.3 billion as an alternative to domestic borrowings.

+

“(This is) also a function of the catch-up spending plan by the NG to make up for the reduced government spending due to the anomalous flood control infrastructure projects in the latter part of 2025,” he added.

+

Government spending declined for a fourth month in a row in November to P498.3 billion, down 9.61% from the P551.3 billion seen last year. This came as the government tightened spending on public works projects amid the widening flood control corruption scandal.

+

For 2026, the NG plans to borrow a total of P2.682 trillion, up 3.15% from the P2.6-trillion borrowing program this year. This accounts for 5.1% of the country’s gross domestic product.

+

It seeks to source 77% or about P2.065 trillion from local lenders and the remaining 23% or P616.86 billion from foreign sources.

+

Meanwhile, in a separate memorandum on Tuesday, the BTr said it has raised the number of competitive bids per participant during Treasury auctions to 20 lines from the previous 10.

]]> - https://www.bworldonline.com/wp-content/uploads/2023/12/offshore-wind-energy-300x169.jpg + https://www.bworldonline.com/wp-content/uploads/2025/10/Peso-currency-300x200.jpg - Trustmark voluntary registration period extended by one year - https://www.bworldonline.com/economy/2025/12/22/720522/trustmark-voluntary-registration-period-extended-by-one-year/ + BoI investment approvals reach P977B as of mid-Dec. + https://www.bworldonline.com/top-stories/2025/12/24/720736/boi-investment-approvals-reach-p977b-as-of-mid-dec/ - Mon, 22 Dec 2025 12:47:24 +0000 - - - + Tue, 23 Dec 2025 16:32:26 +0000 + + - https://www.bworldonline.com/?p=720522 + https://www.bworldonline.com/?p=720736 - - THE Department of Trade and Industry (DTI) said it extended the voluntary registration period for the e-commerce trustmark for another year.

-

“The DTI is keeping trustmark registration voluntary (until next year). This gives online businessmen more time to join at their own pace,” the DTI said in an advisory on Monday.

-

With the extension, companies doing business online will have until December 2026 to register for the trustmark. The original voluntary period had been due to lapse on Dec. 31, 2025.

-

The trustmark policy has elicited calls for review, with stakeholders and legislators claiming that it duplicates some requirements that online businesses already must comply with.

-

Sen. Paolo Benigno A. Aquino IV in October urged the DTI to reconsider Department Administrative Order 25-12 describing it as an unnecessary burden on micro, small and medium enterprises.

-

At the time of the order, registration had been mandatory.

-

Mr. Aquino also said that the order contradicted the Internet Transactions Act, which identified the trustmark as a voluntary program, and the Ease of Doing Business Act.

-

Trade Secretary Ma. Cristina A. Roque said about the extension: “We encourage everyone to register. It is for their credibility,” she added.

-

According to the DTI, obtaining a trustmark results in “the immediate benefit of helping build a safer digital marketplace while boosting your business.”

-

The DTI has received 18,405 trustmark applications so far. — Justine Irish D. Tabile

+ + By Justine Irish D. Tabile, Reporter

+

THE DEPARTMENT of Trade and Industry (DTI), through the Board of Investments (BoI), endorsed last week 29 more projects worth P124.81 billion, bringing year-to-date approvals to P977 billion, which is only over half of the agency’s P1.7-billion full-year target.

+

“With a combined investment value of P124.81 billion, the projects are expected to generate 4,444 jobs nationwide, subject to confirmation by the BoI Board,” DTI said in a statement on Tuesday.

+

The endorsed projects are in various sectors such as renewable energy, infrastructure, transport and logistics, information technology and business process management (IT-BPM), housing, manufacturing, and tourism.

+

“A significant share of the total investment value is attributed to large-scale clean energy projects, including wind, solar, waste-to-energy, and battery energy storage facilities across Luzon and the Visayas,” it said.

+

“These projects are expected to contribute substantially to the country’s power supply while advancing national goals on energy security, sustainability, and climate resilience,” it added.

+

The list also includes key transport and connectivity investments, such as new-generation aircraft for domestic and international routes and maritime transport assets.

+

“These investments are expected to enhance regional connectivity and support the continued recovery of the transport and travel sectors,” the DTI said.

+

The bulk of the jobs will be generated by the IT-BPM and digital services projects across Metro Manila, Central Luzon, the Cordilleras, and Cebu. The jobs include customer support, technical services, remote staffing, and managed services.

+

“These developments reinforce the Philippines’ standing as a leading hub for global services,” it said.

+

According to the BoI, the list of approved investments includes housing and real estate projects.

+

“Leisure and recreation facilities included in the list are likewise expected to stimulate local economic activity and support community development,” it added.

+

With the latest endorsement, the BoI-approved investments for the year have now reached P977 billion. 

+

“[This reflects] robust investor confidence and the government’s sustained efforts to position the Philippines as a regional hub for smart and sustainable investments,” it said.

+

However, P977 billion is only 55.83% of the BoI’s P1.75-trillion target approvals for the year.

+

“While approvals have already reached P977 billion, the BoI continues to evaluate several high-ticket projects currently in the pipeline,” Trade Secretary and BoI Chairman Ma. Cristina A. Roque said.

+

“These major investments are undergoing due diligence and are expected to further boost the country’s overall investment performance as the year ends and into the next,” she added. 

+

The BoI is expected to approve more projects next week, according to DTI Undersecretary and BoI Managing Head Ceferino S. Rodolfo.

+

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the US reciprocal tariffs and a corruption scandal involving infrastructure projects have weakened investor sentiment in the Philippines.

+

“Trump’s higher tariffs, trade wars, and other protectionist measures also slowed down the global economy in terms of exports, investments, and employment amid some wait-and-see stance that, in turn, indirectly slowed down the local economy,” he said in a Viber message. 

+

“Local political noise in earlier months of 2025… amid the flood control infrastructure projects’ anomalies, also partly weighed on investor sentiment confidence,” he added.

+

Mr. Ricafort said that investors will continue to be in a wait-and-see mode until the dust settles.

+

Anti-corruption measures and other priority reforms “would help uplift investor confidence that would again help increase investments into the country,” he said.

]]> - https://www.bworldonline.com/wp-content/uploads/2025/07/DTI-Trustmark-300x169.jpg + https://www.bworldonline.com/wp-content/uploads/2022/01/Board_of_Investments-BOI-logo-300x200.jpg - House measure seeks to reduce PHL dependence on imported coffee - https://www.bworldonline.com/economy/2025/12/22/720521/house-measure-seeks-to-reduce-phl-dependence-on-imported-coffee/ + Philippines improves seven spots in Government AI Readiness Index + https://www.bworldonline.com/top-stories/2025/12/24/720646/philippines-improves-seven-spots-in-government-ai-readiness-index/ - Mon, 22 Dec 2025 12:47:04 +0000 - - - - https://www.bworldonline.com/?p=720521 + Tue, 23 Dec 2025 16:31:07 +0000 + + + + https://www.bworldonline.com/?p=720646 - - A BILL seeking to boost the Philippine coffee industry and curb reliance on imports was filed at the House of Representatives last month.

-

House Bill No. 6404 seeks to improve coffee farm productivity through modern, sustainable practices and support for smallholder farmers.

-

“(The) widening gap between limited local production and growing domestic demand underscores the urgency of strengthening support for farmers and building resilience across the coffee value chain,” Ang Probinsyano Party-list Rep. Alfred C. Delos Santos said in the explanatory note of the bill, which was filed on Nov. 26.

-

Philippine coffee production is insufficient to meet market demand. According to the US Department of Agriculture, the Philippines produced 27,000 metric tons (MT) of coffee in marketing year 2023-2024, against domestic consumption of 371,400 MT.

-

Consumption is projected to continue rising to 405,000 MT, putting the country on track to overtake Japan this year as the biggest coffee consumer in Asia.

-

The proposed measure seeks to strengthen the coffee industry through the creation of the National Coffee Board, tasked with overseeing the development and promotion of the sector.

-

The board will be chaired by the Secretary of Agriculture, with the Secretary of Trade and Industry as vice-chairperson, and will include representatives from local governments, academia, coffee growers, traders and processors.

-

The bill also seeks to establish a national program for the coffee industry to guide the development of production, processing, marketing, research, and trade.

-

The program will include research and development on climate-resilient practices, farmer training, financial and market support, infrastructure development, and branding strategy.

-

The bill is seeking an initial budget of P50 million from the Special Activities Fund of the President or other sources. Subsequent funding will be included in the Department of Agriculture’s allocations under the annual General Appropriations Act. — Vonn Andrei E. Villamiel

+ + By Beatriz Marie D. Cruz, Reporter

+

THE PHILIPPINES climbed seven spots in the Government AI Readiness Index by Oxford Insights but scored low in securing artificial intelligence (AI) infrastructure and resilience.

+

The country ranked 49th out of 195 countries with a score of 57.76 out of a possible 100 in the index, outperforming the regional average of 49.11.

+

The Philippines ranked ninth among its peers in the Asia-Pacific region, according to the report

+

+

China ranked sixth overall with a score of 75.55, followed by Singapore (7th), South Korea (8th), Japan (14th), Taiwan (26th), Thailand (32nd), Malaysia (37th), and Indonesia (42nd).

+

The Philippines was ahead of Vietnam (57th), Brunei (94th), Mongolia (100th), Cambodia (118th), Laos (130th), North Korea (171st), Myanmar (173rd), and Timor-Leste (180th).

+

The country’s score was also higher than the global average of 41.40, the report showed.

+

The index measures a country’s effective and responsible integration of AI into public services based on 69 indicators across 14 dimensions.

+

These dimensions form six pillars: policy capacity, governance, AI infrastructure, public sector adoption, development and diffusion, and resilience.

+

According to the report, the Philippines scored 84.50 on policy capacity, 70.84 on governance, 69.17 on public sector adoption, and 56.62 on resilience.

+

Meanwhile, the country received low scores in AI infrastructure (48.11) and development and diffusion (42.46).

+

“What the current results suggest is we are strong in policy capacity and governance, but weak everywhere else. Our biggest weakness is AI infrastructure and public sector adoption,” Philippine AI Business Association  Director for AI Ethics & Data Governance Dominic Vincent D. Ligot said in a Viber message.

+

The Department of Science and Technology has said it plans to invest P2.6 billion for AI projects through 2028.

+

The government has also launched AI roadmaps and filed proposed laws in Congress that aim to position the Philippines as a regional AI powerhouse.

+

However, Filipinos have yet to feel the benefits of the government’s AI adoption push as they face connectivity and digital literacy challenges, said Reynaldo C. Lugtu, Jr., chief executive officer of digital transformation consultant Hungry Workhorse Consultancy, Inc.

+

“In far-flung provinces and among micro, small, and medium enterprises, AI remains abstract — something that exists in press releases and pilot projects more than in daily life,” he said in an e-mail.

+

Oxford Insights also cited the Asia-Pacific region’s vibrant AI ecosystem, which benefits from a tech-savvy population, high use of mobile phones, and strong digital penetration.

+

The Philippines, which will assume chairmanship of the Association of Southeast Asian Nations (ASEAN) regional bloc next year, “could be an important voice in defining an ‘ASEAN way’ for the AI era,” the think tank said.

+

Mr. Ligot said the Philippines is at a turning point. “There’s momentum, but we need to turn that into broad-based impact,” he added.

+

The government must boost investments on modern data services to boost connectivity in rural communities, Mr. Lugtu said.

+

He also cited the need to increase public education and skills training for Filipinos to understand the benefits of AI across sectors, including healthcare, education, agriculture, or disaster response.

+

“We have to design AI solutions that speak local languages and reflect Filipino contexts because that’s when the technology feels useful, not foreign,” Mr. Lugtu said.

+

State-run institutions should also collaborate with startups, universities, and civil society to build on-the-ground AI solutions, he added.

+

Mr. Ligot also noted that the government should boost AI-related infrastructure, such as data centers, to support widespread AI use. It should also fast-track an AI code of conduct to ensure its ethical use while supporting innovation, he added.

+

Leonardo A. Lanzona, Jr., an economics professor at the Ateneo de Manila University, said the government should work with labor organizations to ensure that AI doesn’t result in job losses.

+

“AI dividends can be used to make labor more productive while substituting the need to use capital or imported inputs,” he said in a Facebook Messenger chat.

+

The government must also refine Science, Technology, Engineering, and Mathematics courses to equip students with core skills related to AI, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

]]> - https://www.bworldonline.com/wp-content/uploads/2022/08/Brazil-robusta-coffee-fruits-300x210.jpeg + https://www.bworldonline.com/wp-content/uploads/2024/07/AI-Artificial-Intelligence-1-300x200.jpg - Senior-citizen power subsidy costs seen rising as elderly ranks grow - https://www.bworldonline.com/economy/2025/12/22/720520/senior-citizen-power-subsidy-costs-seen-rising-as-elderly-ranks-grow/ + Manila Water secures up to P15-B loan for projects + https://www.bworldonline.com/corporate/2025/12/24/720749/manila-water-secures-up-to-p15-b-loan-for-projects/ - Mon, 22 Dec 2025 12:46:28 +0000 - - - - https://www.bworldonline.com/?p=720520 + Tue, 23 Dec 2025 16:11:13 +0000 + + + + https://www.bworldonline.com/?p=720749 - - THE government’s electricity discount program for senior citizens is facing challenges due to the ageing population and overlaps with other energy subsidies, the Philippine Institute for Development Studies (PIDS) said.

-

“As the Philippine population ages, both the number of qualifying households and their average consumption levels will increase, escalating total subsidy costs,” PIDS study authors Kris A. Francisco and Patricia Thea A. Basilio said in a report published on Dec. 21.

-

Republic Act 9994 provides for a minimum 5% electricity discount for citizens aged 60 and above who consume 100 kilowatt hours or less.

-

PIDS added that the demographic profile will likely increase the burden on non-senior consumers over time and affect government finances.

-

“The combination of expanding beneficiary populations consuming higher electricity volumes creates compounding fiscal effects,” it said.

-

According to a working paper from the Asian Development Bank, the elderly are expected to account for one-fifth of the Philippine population by 2066.

-

PIDS also said the program’s annual renewal process increases the administrative burden, putting pressure on staffing costs.

-

“These recurring costs require sustained manpower and resource allocation, which generates higher operational expenses that is ultimately incorporated into regulated tariffs and passed on to all consumers,” it added.

-

In addition, senior citizen discount beneficiaries overlap with Lifeline Rate recipients, who receive discounted electricity as low-income or marginalized consumers.

-

About 31% of Lifeline-qualifying households overlap with the senior citizen program, it said.

-

“This overlap means certain households receive dual subsidies, lifeline discounts plus senior citizen benefits, while administrative systems process separate applications and verifications for overlapping populations,” the government think tank said. — Aubrey Rose A. Inosante

+ + EAST ZONE concessionaire Manila Water Co., Inc. has tapped a loan facility of up to P15 billion from the Metropolitan Bank & Trust Co. (Metrobank) to fund its capital expenditure (capex) projects.

+

“The loan will be used to finance Manila Water’s capital expenditure projects and/or general corporate requirements,” the company said in a stock exchange disclosure on Tuesday.

+

For the nine months ending September, the utility and its subsidiaries borrowed P20.6 billion, mostly for working capital requirements. During the same period, the group also repaid P15.59 billion in loans.

+

Manila Water has earmarked P95 billion for its 2023-2027 capex program, primarily for initiatives on water supply security, service accessibility, service continuity, and environmental sustainability.

+

The company provides water supply, wastewater, and sanitation services to over 7.8 million customers across 23 cities and municipalities in Metro Manila’s east zone and Rizal province.

+

Residential households will see higher water bills in the first quarter of 2026 after the Metropolitan Waterworks and Sewerage System – Regulatory Office approved a rate hike.

+

Customers consuming 10 cubic meters (cu.m.) or less will pay an additional P29.86 monthly, while those using up to 20 cu.m. and 30 cu.m. will face increases of P66.25 and P135.22, respectively.

+

Manila Water also assured its customers of uninterrupted service during the holidays, citing strengthened operational readiness to meet higher household consumption.

+

“Our teams are closely monitoring the system throughout the holidays to ensure stable and reliable water service, so families can celebrate the season with confidence and without worrying about their water supply,” Manila Water Corporate Communication Affairs Group Director Jeric T. Sevilla said. — Sheldeen Joy Talavera

]]> - https://www.bworldonline.com/wp-content/uploads/2024/01/Senior-citizen-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2025/06/manila-water-300x200.jpg - Plans announced to develop Clark data center site - https://www.bworldonline.com/economy/2025/12/22/720519/plans-announced-to-develop-clark-data-center-site/ + PetroEnergy to buy remaining stake in Aklan wind farm + https://www.bworldonline.com/corporate/2025/12/24/720748/petroenergy-to-buy-remaining-stake-in-aklan-wind-farm/ - Mon, 22 Dec 2025 12:46:10 +0000 - + Tue, 23 Dec 2025 16:10:13 +0000 + + - https://www.bworldonline.com/?p=720519 + https://www.bworldonline.com/?p=720748 - - ISLAND INFORMATION & Technology, Inc. (IS) said one of its subsidiaries is planning to develop a site within the Clark complex to host data centers.

-

In a disclosure on Monday, IS said its Island Data Centers (IDC), Inc. unit entered into a memorandum of agreement with a firm called Y-I Corp. to jointly establish a property management company on a 50:40 basis whose main asset will be property rights to a three-hectare site leased from Clark Development Corp.

-

According to the agreement, the partners are hoping to sign up two data centers to establish operations on the site.

-

IS said the site management company has received “tentative interest to invest over P1 billion subject to contract from various investors and operators.”

-

IDC has also obtained a commitment from Clark Electric Distribution Corp. to service the data centers’ electricity requirements via a 69-kilovolt sub-transmission line. — Sheldeen Joy Talavera

+ + YUCHENGCO-LED PetroEnergy Resources Corp. is acquiring the entire stake held by Thailand’s BCPG Public Co. Ltd. for P1.9 billion to take full control of the 49.2-megawatt (MW) Nabas wind farm in Aklan.

+

The move follows PetroEnergy’s signing of a share purchase agreement with BCPG unit BCPG Wind Cooperatief U.A. to acquire its 7.81 million common shares in PetroWind Energy, Inc., representing a 40% stake, the company said in a regulatory filing on Tuesday.

+

PetroEnergy and its subsidiary, PetroGreen Energy Corp., currently hold 20% and 40% direct ownership in PetroWind, respectively, giving PetroEnergy an effective 50% interest in the wind energy firm.

+

Upon closing, PetroEnergy’s effective ownership will rise to 90%, comprising 60% direct ownership and 30% indirect ownership through PetroGreen Energy Corp.

+

“The transaction represents the acquisition of the remaining non-controlling interest in [PetroWind] and will not result in a change in control or consolidation status,” the company said.

+

PetroEnergy said the move is part of its strategy to simplify its ownership structure and increase its direct economic participation in its renewable energy portfolio.

+

“This is expected to streamline decision-making for the Nabas Wind Power Project, optimize capital allocation, and potentially enhance long-term revenue and shareholder value,” it added.

+

The transaction will close upon clearance from the Philippine Competition Commission and other internal and regulatory approvals.

+

PetroWind’s Nabas wind projects are located in the municipalities of Nabas and Malay. Phase 1, with a capacity of 36 MW, began commercial operations in 2015, while the remaining 13.2 MW is under development. — Sheldeen Joy Talavera

]]> - https://www.bworldonline.com/wp-content/uploads/2025/05/Clark-Dev-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2024/12/Wind-mill-300x200.jpg - Korean deal supports Bicol essential-oil producers - https://www.bworldonline.com/economy/2025/12/22/720518/korean-deal-supports-bicol-essential-oil-producers/ + LFM Properties expands Makati portfolio with P1.1-B land deal + https://www.bworldonline.com/corporate/2025/12/24/720747/lfm-properties-expands-makati-portfolio-with-p1-1-b-land-deal/ - Mon, 22 Dec 2025 12:45:40 +0000 - - - https://www.bworldonline.com/?p=720518 + Tue, 23 Dec 2025 16:09:12 +0000 + + + + https://www.bworldonline.com/?p=720747 - - THE Intellectual Property Office of the Philippines (IPOPHL) said its five-year partnership with Korean government entities will support the growth of essential-oil producers in Bicol.

-

In a statement on Monday, IPOPHL said it signed a memorandum of understanding (MoU) with the Ministry of Intellectual Property of Korea (MoIP), the Korea Invention Promotion Association (KIPA), and the Orgullo Kan Bikol (OKB) Association.

-

“The signing marks the culmination of a year-long collaboration that developed and deployed a specialized elemi oil extraction technology for the OKB community,” IPOPHL said.

-

Under the project, a customized extraction system was installed in the OKB community, which addresses low yield, labor intensity, and safety issues associated with improvised distillation systems.

-

“The new equipment enables safer, more efficient processing and supports the setup of a shared facility for local producers,” it said.

-

Elemi oil is extracted from the Canarium luzonicum tree and is used in traditional medicine, the scent industry, and skincare.

-

The agreement supports capacity-building efforts in equipment operation, sustainable harvesting, and branding to ensure the protection of the growers’ intellectual property.

-

“MoIP and KIPA will lead the research, design, and development of the equipment and brands,” it said.

-

“IPOPHL, through the Bureau of Trademarks as the local project manager, will oversee field activities, coordination, monitoring, and awareness campaigns,” it added.

-

OKB will be responsible for site preparation, operation, safety, feedback, and community engagement.

-

“The MoU signals our readiness to move forward to ensure the effective use of the developed elemi oil extractor to enhance branding strategies and to cultivate an ecosystem where farmers, processors, entrepreneurs, and local institutions collaborate with shared purpose,” said OKB President Erika O. Pereña.

-

“The completion of this project marks a milestone not only for the pili industry but for the entire Bicol region. Beyond technology, this project restores dignity to local production and affirms our identity as globally ready Bicolano MSMEs and innovators,” she added. — Justine Irish D. Tabile

+ + LISTED real estate developer LFM Properties Corp. has acquired a 918-square-meter lot in Salcedo Village, Makati City, as part of its portfolio expansion.

+

In a disclosure on Tuesday, the company said it had entered into an agreement to acquire the property from Parity Values, Inc.

+

The land is situated along Valero and San Agustin Streets, Barangay Bel-Air, Makati City, and the acquisition is covered by Transfer Certificate of Title No. S-87611.

+

The property was acquired for a total of P1.1 billion, including value-added tax. LFM Properties’ board of directors approved the purchase on Dec. 23, it said.

+

The purchase price was based on a valuation report from a third-party adviser jointly selected by the company and the seller.

+

Payment for the property will be made under a one-year term, with no conditions precedent to the transaction.

+

“The acquisition is expected to add to the company’s property portfolio,” LFM Properties said.

+

The company currently owns three buildings in Makati City — Liberty Plaza Building, Liberty Center, and Liberty Building.

+

LFM Properties is a subsidiary of listed Liberty Flour Mills, Inc., a pioneer in flour milling since 1958.

+

The company reported a 14% decline in third-quarter gross revenues to P168.4 million from P196.7 million a year ago, mainly due to vacant units in Liberty Plaza Building.

+

Shares of LFM Properties last closed on Dec. 18 at four centavos each. — Beatriz Marie D. Cruz

]]> - https://www.bworldonline.com/wp-content/uploads/2022/03/IPOPHL-logo-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/close-up-people-making-agreement-300x200.jpg - Taxpayers’ Christmas wish list for clarity on audits - https://www.bworldonline.com/economy/2025/12/22/720517/taxpayers-christmas-wish-list-for-clarity-on-audits/ + SMC’s P55.87-B Skyway Stage 4 cost pending TRB approval + https://www.bworldonline.com/corporate/2025/12/24/720746/smcs-p55-87-b-skyway-stage-4-cost-pending-trb-approval/ - Mon, 22 Dec 2025 12:45:08 +0000 - - - - https://www.bworldonline.com/?p=720517 + Tue, 23 Dec 2025 16:08:12 +0000 + + + https://www.bworldonline.com/?p=720746 - - This holiday season brings us more than gifts and surprises — it delivers a pause in Bureau of Internal Revenue (BIR) field audits and sparks hope for a tax system that’s clearer, smarter, and better for everyone.

-

On Nov. 24, the BIR issued Revenue Memorandum Circular (RMC) No. 107-2025 suspending all ongoing field audits and related field operations, including the issuance of Letters of Authority (LoAs), Mission Orders (MOs), and the examination and verification of taxpayers’ books of account, records, and other related transactions except for cases explicitly covered by the exceptions outlined in Section IV of the RMC. The suspension will stay in effect until the CIR issues an order lifting it.

-

While many taxpayers welcomed this as an early Christmas gift, questions quickly arose regarding the scope of the suspension and its exceptions. To clarify, the BIR released RMC No. 109-2025 on Dec. 12, providing detailed guidance.

-

ACTIVITIES COVERED BY THE SUSPENSION
-The suspension applies to:

-

• Field activities under an LoA or MO involving contact or face-to-face meetings with taxpayers and on-site visits to taxpayers’ premises such as examining books, verifying records, and conducting audit-related onsite visits;

-

• Issuance of Subpoena Duces Tecum (SDT) related to audits or investigations except for cases under the stated exceptions;

-

• Conduct of Tax Mapping/Tax Compliance Verification Drive (TCVD), which involves verifying taxpayer compliance with basic administrative regulations and collecting data for potential LoA issuance.

-

EXCEPTIONS TO THE SUSPENSION
-Certain activities remain active, including:

-

• Cases prescribing within six months from Nov. 24, including audits under an LoA covering multiple tax types where one is close to prescription;

-

• Processing and verification of estate tax returns, donor’s tax returns, capital gains tax returns, and withholding tax returns on the sale of real properties or shares of stock, together with the documentary stamp tax returns related thereto classified as ONETT cases;

-

• Requests for tax clearance from taxpayers due to retirement or business closure involving gross sales or receipts exceeding P1,000,000.00 or gross assets exceeding P3,000,000.00, requiring mandatory audits to confirm outstanding liabilities and ensure all obligations are settled before issuing a tax clearance;

-

• LoAs or MOs necessary for active criminal probes conducted by duly authorized enforcement units through verified intelligence reports, inter-agency referrals, third-party data validation, or risk-scoring anomalies, requiring immediate audit action because of potential tax fraud;

-

• Claims for refund or Tax Credit Certificate (TCC) applications where the issuance of an LoA is required by law — such as for Income Tax, VAT, and Excise Tax — ensuring compliance with statutory reporting deadlines under the Tax Code, as amended;

-

• Other matters or concerns where deadlines have been imposed by law — excluding those mandated by administrative orders — as well as deadlines under the orders of the Commissioner.

-

ACTIVITIES THAT CONTINUE
-In addition to the above exceptions, the BIR clarified that the following activities may continue and are not covered by the suspension:

-

• Responses to issued assessment notices served before the suspension, allowing taxpayers to pay deficiency taxes, file a reply or protest within the statutory deadline, or submit supporting documents for reinvestigation;

-

• Payments from settlements or agreements finalized before the suspension, proceeding without further approval provided they are supported by an Agreement Form (QF-06-01-2024) signed by the relevant BIR officers and the taxpayer or authorized representative prior to the effectivity of the RMC;

-

• Collection letters, warrants of distraint or levy, warrants of garnishment, seizure notices, and similar correspondences for enforcing the collection of delinquent accounts, including letters sent to third parties such as the LRA, Register of Deeds, or Local Assessor to verify property holdings of delinquent taxpayers, as these are part of the collection process after audits are finalized and are considered receivable accounts of the BIR — not part of the audit itself;

-

• Sending or serving reminder letters for open stop-filer cases and follow-ups for required schedules such as SLS, SLSPL, alphalist, and inventory list, ensuring compliance with filing and reporting requirements;

-

• Voluntary settlements of known deficiency taxes during the suspension by filing a Revenue Settlement Form and paying the agreed amount, with any payment schedule agreed upon before the suspension continuing without further approval.

-

The BIR’s audit suspension is a welcome breather for taxpayers — but it is not a blanket freeze. The suspension applies only to field operations. Taxpayers still need to file returns, pay taxes due, and follow regular compliance schedules. Understanding these nuances ensures that taxpayers stay on the nice list and avoid surprises in the new year.

-

TAXPAYERS’ EXPECTATIONS POST-SUSPENSION
-Taxpayers are looking forward to measures that will make audits more efficient, transparent, and balanced. Many hope for a more risk-based approach, where audit efforts focus on areas or profiles that present higher compliance risks.  At present, some taxpayers have experienced receiving multiple LoAs in close succession, creating operational challenges. Beyond managing audits, taxpayers also need sufficient time to review and improve their internal systems, processes, and controls based on observations from previous audits. A risk-based approach would help ensure that resources are used effectively and minimize unnecessary disruption for those with a strong compliance record. This could also help streamline audit processes, allow taxpayers the breathing room to strengthen compliance, and reduce these repetitive instances.

-

Taxpayers also value clarity and consistency in audit findings. There is a growing expectation for assessments to be well-supported and aligned with applicable tax rules and regulations, avoiding figures that may appear excessive. Strengthening internal review and validation processes can help ensure accuracy and fairness, fostering greater confidence in the audit system. These improvements would not only ease compliance but also promote a more collaborative relationship between taxpayers and the BIR moving forward.

-

As we step into the new year, clarity and collaboration remain key to a stronger tax environment. The audit suspension offers a timely pause, but it also opens the door for meaningful improvements in audit processes — balancing enforcement with fairness and efficiency. By embracing risk-based strategies and reinforcing quality controls, the BIR can continue to build trust and transparency, while taxpayers can look forward to a system that supports compliance without unnecessary strain. After all, the best gift for both sides is a tax framework that works better for everyone.

-

Let’s Talk Tax is a weekly newspaper column of P&A Grant Thornton that aims to keep the public informed of various developments in taxation. This article is not intended to be a substitute for competent professional advice.

-

 

-

Via Marie Angela M. Valdez is an associate from the Tax Advisory & Compliance practice area of P&A Grant Thornton, the Philippine member firm of Grant Thornton International Ltd.

-

pagrantthornton@ph.gt.com

+ + THE P55.87-billion estimated cost for the Southeast Metro Manila Expressway – Skyway Stage 4 Project remains subject to review and approval by the Toll Regulatory Board (TRB) and other government authorities, San Miguel Corp. (SMC) said.

+

Inflation, higher costs, and refinements in project scope have pushed the updated estimate from the P45.27 billion originally disclosed in 2019, the company told the local bourse on Tuesday.

+

“The increase is primarily attributable to inflation, updated unit costs, and refinements in project scope consistent with prevailing market conditions,” SMC said.

+

The figure reflects the current estimate of SMC Skyway Stage 4 Corp., the company’s concession unit for the project.

+

SMC noted that the increase does not change the fundamental nature, scope, or objectives of the project.

+

Skyway Stage 4, a 32.7-kilometer expressway, will be constructed in six phases.

+

Its first phase is expected to be completed within two years once right-of-way issues with the government are resolved.

+

The road will connect the Skyway system at Arca South in Taguig City to the Batasan Complex in Quezon City.

+

SMC said the expressway is expected to provide an alternate route for southern and eastern Metro Manila and ease traffic congestion along EDSA and C5. — Sheldeen Joy Talavera

]]> - https://www.bworldonline.com/wp-content/uploads/2021/04/economy-default-300x169.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/Skyway-300x200.jpg - Reenacted budget ‘possible’ in first week of January, Sotto says - https://www.bworldonline.com/the-nation/2025/12/22/720535/reenacted-budget-possible-in-first-week-of-january-sotto-says/ + 2GO Travel expects over 20,000 passengers from Manila this week + https://www.bworldonline.com/corporate/2025/12/24/720745/2go-travel-expects-over-20000-passengers-from-manila-this-week/ - Mon, 22 Dec 2025 12:41:03 +0000 - - - - https://www.bworldonline.com/?p=720535 + Tue, 23 Dec 2025 16:07:11 +0000 + + + https://www.bworldonline.com/?p=720745 - - THE government may have to operate on a reenacted budget in the first week of January, a Senate leader said on Monday, as Congress plans to ratify the P6.793-trillion national budget for 2026 on Dec. 29, giving the President just two days to meet the year-end target.

-

“There is a possibility that if they have started reviewing and then on the 29th, we ratify an enrolled bill, there is a possibility for signing by 30 or 31,” Senate President Vicente C. Sotto III told reporters on the sidelines of Monday’s session. “But if it’s not complete, it’s definitely possible by the first week of January.”

-

The House of Representatives and the Senate on Monday approved separate resolutions extending the congressional calendar to pave the way for the ratification of the bicameral conference report on the 2026 spending plan on Dec. 29.

-

Mr. Sotto said he will not allow the “blind ratification” of the 2026 national budget, following concerns over opaque budget allocations and congressional insertions.

-

“I don’t want a summary. I don’t want blind ratification like what happened last year. As far as I’m concerned,” he said.

-

Senator Sherwin T. Gatchalian, who heads the Senate Finance Committee, said that the additional time will allow for the printing of the draft enrolled bill of the national spending plan.

-

“Our direction is to print the draft enrolled bill, share it with the bicam conferees as well as other senators,” he told senators.   

-

Lawmakers, last Thursday, reconciled disagreeing provisions of the 2026 General Appropriations Bill after six days of deliberations.

-

Mr. Gatchalian said that Congress is aiming to sign the draft enrolled bill and the bicameral conference committee report on the national budget by Dec. 28. 

-

House Majority Leader Ferdinand Alexander A. Marcos III explained the additional time is required to complete the preparation and ratification on the conference committee report on General Appropriations Bill for next year.

-

“The ratification of the said committee report is imperative to ensure the continuity of government operations and the faithful implementation of the national budget for the ensuing fiscal year,” he added.

-

This, however, gives the Executive a short window to review the budget to meet the year-end target, otherwise next year’s appropriations will automatically revert to the 2025 budget.

-

Malacañang earlier called on Congress to hasten the passage of the proposed 2026 national budget, noting that the President is opposed to a reenacted budget. — Adrian H. Halili

+ + SEA TRAVEL PROVIDER 2GO Travel is projecting more than 20,000 passengers this week from Manila alone amid the holiday rush.

+

“We’re expecting a lot of passengers coming in our seaports. In fact, this week, we’re expecting more than 20,000 passengers just in Manila alone, leaving Manila,” 2GO Senior Assistant Vice-President and Business Unit Head Francis John Chua told Money Talks with Cathy Yang on One News on Tuesday.

+

Mr. Chua added that the company is also seeing heavy passenger volumes arriving in Cebu, Bacolod, Iloilo, and Cagayan de Oro.

+

He urged the public to plan ahead and purchase tickets early. “We do encourage everyone to please buy their tickets ahead because we will not be able to accommodate everyone. So it’s been a full week already,” he said.

+

2GO Travel provides passenger transport services across the country’s islands and is part of 2GO Group, Inc. The company also offers freight, courier, and logistics services.

+

2GO Express, the group’s courier arm, is handling a high volume of shipments, particularly from e-commerce businesses. Mr. Chua said the company is prepared for the holiday surge across all its service units.

+

On possible delays, he apologized for inconveniences caused by efforts to accommodate as many passengers as possible. “Despite the challenges, we remain committed to safe, secure, and reliable service,” he said.

+

On courier operations, he said: “We’re already looking at the operations… to make sure that packages and goods arrive on time as promised.” — Sheldeen Joy Talavera

]]> - https://www.bworldonline.com/wp-content/uploads/2021/08/Congress-072417-PCOO-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2025/11/2Go-300x200.jpg - Plunder, other raps filed vs Recto, Ledesma over PhilHealth fund transfer - https://www.bworldonline.com/the-nation/2025/12/22/720534/plunder-other-raps-filed-vs-recto-ledesma-over-philhealth-fund-transfer/ + Toyota PHL sees 45% jump in EV sales in Jan.-Nov. + https://www.bworldonline.com/corporate/2025/12/24/720744/toyota-phl-sees-45-jump-in-ev-sales-in-jan-nov/ - Mon, 22 Dec 2025 12:40:28 +0000 - - - - https://www.bworldonline.com/?p=720534 + Tue, 23 Dec 2025 16:06:11 +0000 + + + https://www.bworldonline.com/?p=720744 - - A MULTISECTORAL group on Monday filed technical malversation, plunder, and grave misconduct complaints against Executive Secretary Ralph G. Recto and former Philippine Health Insurance Corp. (PhilHealth) President Emmanuel R. Ledesma, Jr. over the 2024 transfer of P60 billion in reserve funds.

-

The complaint-affidavit was lodged before the Office of the Ombudsman by the Save the Philippines Coalition, which accused Mr. Recto, as former Finance secretary, and Mr. Ledesma, former PhilHealth chief, of violating laws governing PhilHealth funds, while noting that the Supreme Court’s ruling declaring the transfer illegal did not impose criminal or administrative liability on Mr. Recto.

-

“Only the National Prosecution Service or the Office of the Ombudsman can determine whether there is probable cause to hold a person liable for a crime,” Irene Ann C. Caballes, one of the petitioners told reporters.

-

“Let’s leave it to these offices to decide if probable cause exists.”

-

Mr. Recto, for his part, said he remains committed and focused on his work, undeterred by political distractions.

-

“Will not get distracted by political noise. The work of improving government performance and services is my priority,” he told BusinessWorld via Viber.

-

He reiterated in a separate statement that he respects citizens’ right to seek redress before the courts and vowed full cooperation with the Office of the Ombudsman should it conduct a preliminary investigation.

-

“With the able representation by the Solicitor General, I welcome the opportunity to clarify the issues, prove my innocence, and debunk the allegations put forth,” he said.

-

“In my more than 30 years in government, this is the first case of such kind that I have confronted, and view it as part of public service,” he added.

-

Mr. Ledesma did not immediately reply to message seeking comment.

-

The high court earlier declared special provision 1(d) of the 2024 national budget and the related Department of Finance Circular 003‑2024 void, ruling the full P89.9-billion PhilHealth fund transfer unconstitutional and ordering the return of both the P60 billion already remitted and the remaining balance.

-

The tribunal also noted that Mr. Recto is not criminally or civilly liable, as he acted in “good faith” while performing a ministerial duty mandated by the 2024 general appropriations act. — Erika Mae P. Sinaking

+ + TOYOTA MOTOR Philippines Corp. (TMP) reported a 45% increase in electrified vehicle (EV) sales in the first eleven months of 2025, which it plans to boost further through new EV launches.

+

Data from the company showed that combined EV sales of Toyota and Lexus models reached 16,986 units in January-November, up from 11,745 units in the same period last year.

+

Toyota accounted for most of the sales at 15,455 units, while Lexus contributed 1,531 units.

+

“With the ATIV hybrid EV lowering the barrier to EV ownership and the bZ4X joining the market along with Lexus battery EV models, TMP is strengthening its multi-pathway strategy to support the country’s transition toward cleaner and more sustainable mobility,” the company said.

+

TMP recently launched the ATIV hybrid EV and its first battery EV model in the Philippines, the bZ4X.

+

“The expansion of the electric lineup from Lexus to Toyota vehicle models signals TMP’s continued push to broaden specification options in line with the company’s ‘Beyond Zero’ sustainability vision,” it added.

+

The move aligns with Toyota Motor Asia’s target of achieving a 30% EV share of new vehicle sales in Southeast Asia by 2030.

+

“This broader strategy also reflects the growing need to address the environmental impact of the country’s transport sector,” TMP said, noting that the automotive sector remains a major contributor to greenhouse gases.

+

“TMP fully supports the Philippine government’s carbon reduction goals, which aim to reduce greenhouse gas emissions by 75% by 2030,” said Masando Hashimoto, president of TMP.

+

“Today, Philippine customers can choose from four vehicle types — gasoline, diesel, hybrid electric, and battery electric — to be their mobility partner, according to their lifestyle and location,” he added.

+

According to the company, hybrid EV technology remains the most viable and accessible option in the Philippine landscape.

+

“Their self-charging capability, fuel efficiency, and reliability make them effective for conditions where charging infrastructure is limited,” TMP said.

+

The company expects the launch of the ATIV hybrid EV to widen access to hybrid mobility, as it is the most affordable option in its current electrified lineup. — Justine Irish D. Tabile

]]> - https://www.bworldonline.com/wp-content/uploads/2022/06/Supreme_Court_of_the_Philippines-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/Toyota-bZ4X_7-300x200.jpg - DoJ files charges vs Atong Ang over missing cockfighters - https://www.bworldonline.com/the-nation/2025/12/22/720533/doj-files-charges-vs-atong-ang-over-missing-cockfighters/ + Instead of ham, how about Seafood Paella for Noche Buena? + https://www.bworldonline.com/arts-and-leisure/2025/12/24/720676/instead-of-ham-how-about-seafood-paella-for-noche-buena/ - Mon, 22 Dec 2025 12:40:07 +0000 - - - - https://www.bworldonline.com/?p=720533 + Tue, 23 Dec 2025 16:05:17 +0000 + + + + https://www.bworldonline.com/?p=720676 - - THE Department of Justice (DoJ) has filed criminal charges against businessman Charlie Tiu Hay Ang, also known as Atong Ang, in three regional trial courts (RTCs) in Southern Luzon over the missing cockfighters case, the agency said on Monday.

-

Justice Spokesperson Raphael Niccolo L. Martinez confirmed the filing of criminal charges last Friday, Dec. 19, before the RTCs in Lipa City in Batangas, and Santa Cruz and San Pablo City in Laguna. The charges include 10 counts of kidnapping with homicide and 16 counts of kidnapping with serious illegal detention.

-

State prosecutors found “prima facie evidence with reasonable certainty of conviction,” paving the way to indict Mr. Ang and the other respondents.

-

Mr. Ang’s legal counsel has filed a motion for reconsideration (MR) seeking to overturn his indictment.

-

Interior and Local Government Secretary Juanito Victor C. Remulla, Jr. on Monday said in an interview with ANC that because the charges are non-bailable, the issuance of warrants, which could happen “anytime now,” would likely lead to the immediate detention of the accused.

-

Mr. Martinez, however, clarified that the issuance of arrest warrant remains at the discretion of the respective courts.

-

“Under the Revised Rules of Criminal Procedure, the courts wherein the Informations are filed will issue the corresponding warrants of arrest upon its determination of the existence of probable cause based on the evidence submitted and the resolution by the panel of prosecutors,” Mr. Martinez told reporters in a Viber group chat.

-

The DoJ’s prosecution hinges on the testimony of whistleblower Julie “Dondon” Patidongan, who has been admitted into the government’s Witness Protection Program.

-

Mr. Patidongan alleged that Mr. Ang orchestrated the abduction of the cockfighting enthusiasts, claiming the victims were killed and their remains were disposed of in Taal Lake.

-

In a message to reporters, his lawyer, Gabriel L. Villareal, maintained that the courts have a constitutional duty to thoroughly review the files before proceeding.

-

He noted that a motion for reconsideration is still pending before the DoJ and has not yet been elevated to the courts.

-

“The MR is before the DoJ; not yet with the courts. If the DoJ chooses to disregard the MR, they should be ready to take the consequences of their actions,” Mr. Villareal said.

-

“It is possible that the courts may overrule the disposition of the DoJ when they review the files.” — Erika Mae P. Sinaking

+ + A FEAST of the senses with its serving of rich flavors, Seafood Paella (Paella de Marisco), a popular Spanish dish which originated from the Valencia region, makes for an ideal entrée for family and loved ones to savor during Noche Buena.

+

This season of giving, chef Jester Garcia Arellano shares his personal recipe which symbolizes two special moments of his life as a culinarian. First, as a chef in a local restaurant in Spain. Second, as a loving son who channeled his passion in the kitchen to prepare his father’s favorite dish.

+

His version takes inspiration from his tenure as part of the culinary team of Carme Ruscalleda Sant Pau, a three Michelin Star-dining destination in Sant Pol de Mar, Barcelona.

+

It features aromatic short-grain rice cooked in a rich saffron-infused broth, and highlights an array of fresh seafood, from shrimps and squids, mussels to clams.

+

Mr. Arellano, who is currently the program chairperson of the Culinary Arts Management of the De La Salle-College of Saint Benilde (DLS-CSB), likewise notes how his paella became a family tradition which elevates the true essence of the holidays.

+

“It was the long-time favorite of my dad, whose birthday falls on Christmas Day,” he said. “Cooking this paella brings back fond memories of our family gatherings, laughter, and sharing meals together.”

+

With hopes that his recipe will likewise find a home in the culinary heritage of other Filipino families, he prepared a step-by-step guide for those who wish to include the Spanish favorite as part of their festivities.

+

“I have crafted a simpler version which fits perfectly into the hustle and bustle of Noche Buena preparations using local and more affordable ingredients,” he said. “Many components, such as the seafood broth and pre-cooked seafoods, can be prepped a day in advance, making it a breeze to serve during Christmas Eve,” he adds.

+

SEAFOOD PAELLA RECIPE BY CHEF JESTER GARCIA ARELLANO
+Serves 5-10 Persons

+

INGREDIENTS:
+• For the seafood saffron broth:

+

500 ml Fish stock (use dorado or maya-maya head and bones)

+

1 pinch Saffron (or 1 pack of paella mix)

+

100 grams Leeks (sliced)

+

200 ml White cooking wine

+

Salt and pepper to taste

+

Shrimp heads and skin (for flavor)

+

• For the rice mixture:

+

30 ml Olive oil

+

50 grams Onions, diced

+

50 grams Green bell pepper, diced

+

100 grams Tomatoes, diced

+

10 grams Garlic, finely chopped

+

250 grams Short grain rice, washed

+

250 grams Shrimp, peeled and deveined

+

150 grams Squid, cut into rings

+

200 grams Mussels, cleaned

+

250 grams Clams, cleaned

+

50 grams Green peas

+

Salt and pepper to taste

+

2 Lemon wedges

+

PROCEDURE:
+1. Prepare the seafood broth. In a pot, combine the fish stock, shrimp heads and skins, leeks, white cooking wine, and saffron (or paella mix). Bring to a gentle simmer for about 10 to 15 minutes to infuse the flavors. Strain the broth to remove solids and keep it warm.

+

2. Cook the seafood. In the strained broth, add the mussels, clams, shrimp, and squid. Cook for three to five minutes until the seafood is just cooked through. Remove the seafood and set aside.

+

3. Sauté the base and rice. In a large paella pan or wide skillet, place the olive oil over medium heat. Add the diced onions, green bell pepper, and garlic. Sauté until the vegetables are soft and translucent, about five minutes. Stir in the diced tomatoes and cook until they break down and form a sauce, about five minutes. Pour in the washed Japanese short grain rice and stir to coat it well with the vegetable mixture, cooking for about two to three minutes.

+

4. Combine with broth. Pour the prepared seafood broth over the rice mixture. Season with salt and pepper to taste. Bring the mixture to a gentle simmer. Do not stir the rice once the broth is added.

+

5. Cook the rice. Allow the rice to cook, covered, over low heat for about 15 minutes, or until it is tender and absorbs most of the liquid.

+

6. Add the cooked seafood. Once the rice is cooked, evenly arrange the previously cooked shrimps, squid, mussels, and clams on top of the rice. Sprinkle green peas evenly over the seafood. Cover and let cook for an additional five minutes to warm the seafood through.

+

7. Rest and serve. Remove the paella from the heat and let it rest, covered, for five minutes. Serve with lemon wedges on the side for squeezing over the paella.

]]> - https://www.bworldonline.com/wp-content/uploads/2022/05/sabong-cock-fight-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/Seafood-Paella-by-Benilde-Culinary-Arts-Management-Program-Chairperson-Chef-Jester-Garcia-Arellano-01-300x300.jpg - VP Duterte dismisses ties to self-confessed bagman - https://www.bworldonline.com/the-nation/2025/12/22/720532/vp-duterte-dismisses-ties-to-self-confessed-bagman/ + Yields on BSP’s term deposits continue to drop + https://www.bworldonline.com/banking-finance/2025/12/24/720721/yields-on-bsps-term-deposits-continue-to-drop/ - Mon, 22 Dec 2025 12:39:20 +0000 - - - https://www.bworldonline.com/?p=720532 + Tue, 23 Dec 2025 16:05:14 +0000 + + + + https://www.bworldonline.com/?p=720721 - - VICE-PRESIDENT (VP) Sara Duterte-Carpio has denied any ties to self-confessed bagman Ramil L. Madriaga, who claimed to have handled her campaign funds allegedly sourced from drug dealers and Philippine offshore gaming operators (POGOs).

-

“I do not have a personal relationship with Ramil L. Madriaga, nor have I ever given him instructions of any kind,” she said in a statement on Monday. “I have never visited him in prison, nor have I spoken to him about anything at any time.”

-

In an affidavit filed before the Office of the Ombudsman, Mr. Madriaga recounted his introduction to Ms. Duterte in 2018 by then-President Rodrigo R. Duterte, whom he served as political and security adviser.

-

He said he was tasked to form the Inday Sara Duterte Is My President in 2020 to support her candidacy, and later the Vice Presidential Security and Protection Group to provide security and intelligence work.

-

During this time, he claimed to receive instructions to deliver millions worth of funds to her supposed campaign financiers.

-

His legal counsel also claimed that the Vice-President made two visits in his detention cell at the Bureau of Jail Management and Penology facility in Camp Bagong Diwa, Taguig City. Mr. Madriaga is currently facing kidnapping charges.

-

The lawyer added that these visits were meant to prevent Mr. Madriaga from exposing the Vice-President’s illicit activities.

-

“Mr. Madriaga has offered no proof — no documents, no corroboration — only accusations. Bare allegations, no matter how loudly repeated, amount to nothing more than noise,” Ms. Duterte said.

-

She also argued the photographs submitted by Mr. Madriaga were unrelated images taken during public events where Ms. Duterte was present.

-

“The photographs he submitted are unrelated images taken during public events where I was present,” she said.

-

She also dismissed Mr. Mardriaga’s claims as intended to undermine her presidential bid in 2028.

-

“He is now disseminating false statements to government authorities as part of a concerted effort to obstruct and undermine my possible candidacy for President,” she said.

-

Vice-President Duterte has been seen as a leading contender in the 2028 presidential elections, amid a mounting political feud with the Marcos administration.

-

She added that Mr. Madriaga, who is facing serious criminal charges and has a prior criminal record, was acting in desperation to secure his release from prison. — Adrian H. Halili

+ + YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) fell on Tuesday, even as the offer went undersubscribed, as the market continued to price in expectations of further monetary easing,

+

The 10-day term deposits fetched just P76.657 billion in tenders on Tuesday, below the P80 billion on offer. This was also well below the P171.256 billion in bids for the P80 billion in six-day papers auctioned off on Dec. 17.

+

The central bank only accepted P72.657 billion in bids. The TDF tenor offered this week was adjusted from the usual seven-day term and the auction was held on a Tuesday instead of Wednesday due to upcoming holidays.

+

Accepted yields for the 10-day deposits ranged from 4.44% to 4.55%, wider than the 4.4515% to 4.55% band seen in the previous auction. With this, the average rate of the papers went down by 2.14 basis points (bps) to 4.5076% from 4.529% last week.

+

“The 10-day term deposit facility rate declined further,” the central bank said in a statement. “The BSP maintained the offer volume at P80 billion, while total tenders reached P76.7 billion, resulting in a bid-to-cover ratio of 0.96x.”

+

This was lower than the bid-to-cover ratio of 2.14x logged a week ago.

+

The central bank has not offered the 14-day term deposit tenor for two months. It last offered both the one- and two-week papers on Oct. 29.

+

Also, it has not auctioned off 28-day term deposits for over five years to give way to its weekly offerings of securities with the same tenor.

+

Both the TDF and BSP bills are used by the central bank to mop up excess liquidity in the financial system and better guide market yields towards the policy rate.

+

“The BSP TDF auction yield was again slightly lower after recent dovish signals on possibly one more 25-bp BSP rate cut in 2026, especially if economic recovery takes longer,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

+

The market also priced in bets on further easing by the US Federal Reserve, he said, adding that demand was weaker amid a decline in market activity before the holidays.

+

On Dec. 11, the Monetary Board delivered a fifth straight 25-bp cut to bring the policy rate to an over three-year low of 4.5%. It has now slashed benchmark interest rates by 200 bps since August 2024.

+

BSP Governor Eli M. Remolona, Jr. said benign inflation gives them room to help support weak domestic demand amid lingering governance concerns that have affected investments, but stressed that they are nearing the end of their easing cycle.

+

He left the door open to one final 25-bp cut next year as economic prospects have darkened further, with the slowdown in third-quarter growth likely to extend to this quarter and with recovery seen to start only by the second half of 2026.

+

The Monetary Board will hold its first meeting for 2026 in February.

+

Meanwhile, the Fed’s rate cut this month brought the target range for US benchmark short-term borrowing costs to 3.5%-3.75%, in the upper range of policymakers’ estimates for a neutral level that neither boosts nor brakes the economy, Reuters reported.

+

About a third of the central bank’s 19 policymakers felt the rate cut was unnecessary, based on projections published by the Fed at the time.

+

Mr. Ricafort added that signals of a potential cut in big banks’ reserve requirement ratio (RRR) also helped bring down TDF yields as this would infuse more liquidity into the financial system.

+

Mr. Remolona earlier said they could bring down universal and commercial banks’ RRR by 300 bps next year, which would bring the ratio to 2% from the current 5%. — Katherine K. Chan

]]> - https://www.bworldonline.com/wp-content/uploads/2025/06/VP-Sara-Duterte-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2023/10/BSP_3833-300x200.jpg - Rains to persist until Tuesday - https://www.bworldonline.com/the-nation/2025/12/22/720531/rains-to-persist-until-tuesday/ + San Miguel lists P5.7-B fixed-rate notes on PDEx + https://www.bworldonline.com/corporate/2025/12/24/720743/san-miguel-lists-p5-7-b-fixed-rate-notes-on-pdex/ - Mon, 22 Dec 2025 12:38:58 +0000 - - - https://www.bworldonline.com/?p=720531 + Tue, 23 Dec 2025 16:05:11 +0000 + + + https://www.bworldonline.com/?p=720743 - - THE shear line and easterlies will continue to influence weather conditions and bring rains large parts of eastern and northern Philippines until Tuesday, according to the state weather bureau on Monday.

-

The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said the shear line — the convergence of warm and cold air — is driving thick cloud cover over eastern sections of Northern and Central Luzon, while easterlies are bringing rain to parts of the Visayas and Mindanao.

-

Northern and Central Luzon, including Isabela, Nueva Vizcaya, Quirino, Aurora, Quezon, Nueva Ecija, Bulacan, Rizal and parts of the Cordillera, are expected to experience scattered rain showers and thunderstorms.

-

Continued rainfall is also forecast over Ilocos Norte and other areas of the Cagayan Valley due to the northeast monsoon, locally known as amihan.

-

Southern Luzon — particularly the Bicol Region and Mimaropa — along with Palawan, the Visayas, and northeastern Mindanao, including Dinagat Islands and Surigao del Norte, will see cloudy skies with intermittent rain and thunderstorms due to the Pacific Ocean, PAGASA said.

-

Metro Manila and much of the western sections of Southern Luzon are expected to have generally fair weather, though isolated afternoon or evening rain showers and thunderstorms remain possible.

-

Looking ahead, weather conditions in the Visayas are expected to gradually improve on Tuesday as easterlies weaken, while rainfall will persist over Eastern Luzon, including Aurora, Quezon, Isabela, Cagayan and the Bicol Region.

-

From Wednesday to Thursday, much of the country may see fairer weather, although isolated thunderstorms remain likely in the afternoons and evenings.

-

A renewed surge of the northeast monsoon is forecast to begin on Thursday, potentially bringing cloudy skies and rain to parts of Cagayan by Friday.

-

Despite these developments, PAGASA said no low-pressure areas are currently being monitored, and the likelihood of a tropical cyclone forming in the coming days remains low, with generally fair weather expected across most of the country by Christmas. — Chloe Mari A. Hufana

+ + ANG-LED conglomerate San Miguel Corp. (SMC) listed its P5.7-billion fixed-rate notes issuance on the Philippine Dealing & Exchange Corp. (PDEx) as part of its funding initiatives.

+

“The 3-year fixed-rate notes will have a fixed interest rate equivalent to 6.3000% per annum, and have been enrolled with the Philippine Dealing & Exchange Corp. on the issue date, December 23, 2025,” the company said in a disclosure on Tuesday.

+

Proceeds from the issuance will be used for refinancing and redenominating the company’s US dollar obligations, for general corporate purposes, and for paying fees and expenses related to the issuance.

+

In its Nov. 13 disclosure, SMC said the notes are exempt from Securities and Exchange Commission registration requirements, as they are offered exclusively to qualified institutional buyers.

+

“The notes will be issued within December 2025 in scripless form, in minimum denominations of P5 million each, and in integral multiples of P1 million thereafter, with a tenor of 3 years,” the company added.

+

SMC shares were unchanged at P84 apiece on Tuesday. — Alexandria Grace C. Magno

]]> - https://www.bworldonline.com/wp-content/uploads/2025/12/Pagasa-update-300x169.jpg + https://www.bworldonline.com/wp-content/uploads/2021/12/SMC-1-300x225.jpg - PHL warns against terror claims - https://www.bworldonline.com/the-nation/2025/12/22/720530/phl-warns-against-terror-claims/ + A Simbang Gabi-inspired cocktail + https://www.bworldonline.com/arts-and-leisure/2025/12/24/720675/a-simbang-gabi-inspired-cocktail/ - Mon, 22 Dec 2025 12:38:01 +0000 - - - https://www.bworldonline.com/?p=720530 + Tue, 23 Dec 2025 16:04:17 +0000 + + + + https://www.bworldonline.com/?p=720675 - - THE Philippines on Monday warned that unverified reports linking Mindanao to terrorism after the deadly shooting at Sydney’s Bondi Beach risks reviving outdated stereotypes about a region that has undergone years of peacebuilding and economic recovery.

-

In a statement, Presidential Adviser on Peace, Reconciliation and Unity Carlito G. Galvez, Jr. said suggestions that Mindanao served as a “terror hotspot” based on the alleged travel history of the perpetrators were unsupported by intelligence and unfair to local communities.

-

Not only are these claims not validated, he said, these are also “deeply unjust to the peace-loving people of Mindanao.”

-

“Such narratives ignore the monumental strides we have made in transforming the region from a theater of conflict into a bastion of peace and development.”

-

Last Dec. 14, a father and son opened fire at the Australian landmark, killing 15 people during Hanukkah. Australian police earlier said that the two suspected gunmen behind the country’s deadliest mass shooting in nearly three decades had previously visited Davao City in Mindanao, Philippines, and may have drawn inspiration from Muslim extremist groups.

-

Mindanao, once the center of a decades-long separatist conflict, has seen a sharp decline in violence following the implementation of peace agreements and the creation of the Bangsamoro Autonomous Region in Muslim Mindanao.

-

The government said former combatants have been reintegrated into civilian life, and development indicators have improved alongside greater security. — Chloe Mari A. Hufana

+ + SIMBANG GABI, the devotional nine-day novena of dawn Holy Masses attended by Catholics in anticipation of Christmas, has become a distinct Filipino tradition of faith.

+

This holiday season, beverage specialist Martin Ben Protacio was inspired by this profound religious-cultural experience and sense of community to come up with a festive, deep-purple highball dubbed as Noche Buena Star.

+

For this original after-dinner drink, the Hospitality Management graduate from the De La Salle-College of Saint Benilde (DLS-CSB) School of Hotel, Restaurant, and Institution Management blends the warm, comforting spirit of dark rum with a custom ube horchata — a fusion of Filipino purple yam and a milky rice drink. This is then garnished with grated Quezo de Bola, which adds a necessary salty-tangy counterpoint. The result is a creamy, earthy, spiced, and subtly sweet mix finished with a delightful savory-salty kick.

+

Mr. Protacio is currently the head bartender of Quezon Club at Solaire Resort North.

+

NOCHE BUENA STAR COCKTAIL
+INGREDIENTS

+

45 ml Dark Rum

+

Ube Horchata

+

Grated Quezo de Bola

+

• For Ube Horchata:

+

1 cup Uncooked white rice

+

3 to 4 cups Water (for soaking the rice)

+

1 cup Evaporated milk

+

½ cup Condensed milk (adjust to taste)

+

2 to 3 drops Ube extract (start small)

+

½ teaspoon Vanilla extract (optional)

+

¼ teaspoon Ground cinnamon or cinnamon syrup (optional)

+

Ice (for serving)

+

PROCEDURE FOR UBE HORCHATA:
+1. Rinse the rice thoroughly. Combine with water and soak for several hours or overnight to soften.

+

2. Transfer the soaked rice with the water into a blender. Blend until the mixture is fine.

+

3. Strain the mixture using a fine mesh strainer or cheesecloth to remove solids. Discard the rice pulp.

+

4. Add evaporated milk, condensed milk, ube extract, and the optional vanilla extract. Stir or blend again until well combined.

+

5. Taste and adjust sweetness or ube flavor as needed.

+

6. Chill in the refrigerator.

+

PROCEDURE FOR NOCHE BUENA STAR:
+1. Add ice to a chilled highball glass.

+

2. Grate some Quezo de Bola.

+

3. Apply the cheese on the rim of the glass.

+

4. Add 45 ml of dark rum.

+

5. Top it with the Ube Horchata.

+

6. Serve.

]]> - https://www.bworldonline.com/wp-content/uploads/2025/12/bondi-beach-memorial-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/Simbang-Gabi-Cocktail-by-Quezon-Club-Head-Bartender-and-Benilde-Hospitality-Management-graduate-Martin-Protacio-300x300.jpg - 2.55M NAIA passengers expected - https://www.bworldonline.com/the-nation/2025/12/22/720529/2-55m-naia-passengers-expected/ + Transfers via InstaPay, PESONet hit P22 trillion + https://www.bworldonline.com/banking-finance/2025/12/24/720720/transfers-via-instapay-pesonet-hit-p22-trillion/ - Mon, 22 Dec 2025 12:37:34 +0000 - - - https://www.bworldonline.com/?p=720529 + Tue, 23 Dec 2025 16:04:14 +0000 + + + + https://www.bworldonline.com/?p=720720 - - NEW NAIA Infra Corp. (NNIC), the operator of the Ninoy Aquino International Airport (NAIA), is expecting to accommodate around 2.55 million passengers this holiday season as the airport runs beyond its designed capacity.

-

NNIC said in a statement on Monday that passenger traffic from Dec. 20 to Jan. 4 is projected to increase by 5% compared to last year.

-

On Dec. 20 alone, NAIA recorded 171,306 travelers — the highest volume so far for a single day. Terminal 3 accounted for over 90,000 passengers, or more than half of the total volume.

-

Flight activity also hit a peak on that day, with NNIC reporting a total of 950 aircraft movements, referring to all takeoffs and landings.

-

The airport operator said that the strong holiday traffic comes as NAIA “continues to operate beyond its original design capacity.”

-

NNIC said that the operational and facility upgrades it made since it took over airport operations over a year ago “helped improve passenger flow and system efficiency during peak periods.”

-

These include the rollout of new biometric immigration e-gates and passenger processing systems, as well as the opening of additional passenger spaces at Terminal 3, including new food halls and waiting areas.

-

Despite strong passenger volume, the operator said airport operations remained stable, supported by coordinated airside management involving gate allocation, airside control, and ramp operations.

-

NNIC said that close coordination among government agencies and private sector stakeholders operating at the airport was critical in managing the surge, particularly in areas such as air traffic flow, immigration processing, ground handling, and terminal operations. — Sheldeen Joy Talavera

+ + TRANSACTIONS made via InstaPay and PESONet breached P22 trillion at end-November as more Filipinos used digital finance platforms.

+

The combined value of InstaPay and PESONet transactions surged by 41.15% to P22.054 trillion as of November from P15.624 trillion a year ago, the latest Bangko Sentral ng Pilipinas (BSP) data showed.

+

The volume of transactions made via the two clearing houses more than tripled (203.6%) year on year to 4.065 billion in the January-to-November period from 1.339 billion.

+

Broken down, the value of InstaPay transactions jumped by 56.18% to P10.209 trillion in the first 11 months of 2025 from P6.537 trillion in the previous year.

+

The volume of transactions coursed through the payment gateway was at 3.958 billion at end-November, more than triple (217.39%) the 1.247 billion a year earlier.

+

Meanwhile, the value of transactions done on PESONet also rose by 30.35% to P11.845 trillion in the 11-month period from P9.087 trillion in the previous year.

+

In terms of volume, transfers made via the clearing house climbed by 16.19% year on year to 106.626 million from 91.772 million.

+

InstaPay and PESONet are automated clearing houses under the central bank’s National Retail Payment System framework.

+

InstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce.

+

Meanwhile, PESONet is mainly used for high-value transactions and may be considered as an electronic alternative to paper-based checks.

+

The BSP wants digital payments to account for 60%-70% of the total volume of retail payments by 2028, in line with the Philippine Development Plan.

+

The share of online payments in monthly retail transactions stood at 57.4% in terms of volume and 59% in value terms in 2024, according to the BSP’s 2024 Status of Digital Payments in the Philippines report.

+

These are up from 52.8% and 55.3%, respectively, in 2023. — Katherine K. Chan

]]> - https://www.bworldonline.com/wp-content/uploads/2023/01/NAIA-airport-passengers-4-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2023/09/laptop-computer-mobile-phone-300x200.jpg - DPWH asked to turn over Cabral’s devices - https://www.bworldonline.com/the-nation/2025/12/22/720528/dpwh-asked-to-turn-over-cabrals-devices/ + Balai Ni Fruitas redirects IPO proceeds to immediate expansion needs + https://www.bworldonline.com/corporate/2025/12/24/720742/balai-ni-fruitas-redirects-ipo-proceeds-to-immediate-expansion-needs/ - Mon, 22 Dec 2025 12:36:58 +0000 - - - https://www.bworldonline.com/?p=720528 + Tue, 23 Dec 2025 16:04:10 +0000 + + + https://www.bworldonline.com/?p=720742 - - THE Office of the Ombudsman on Monday ordered the Department of Public Works and Highways (DPWH) to immediately hand over all computer and electronic devices previously used by the late undersecretary Maria Catalina E. Cabral.

-

The Ombudsman’s subpoena duces tecum comes amid the ongoing investigation into the flood control scandal.

-

In a statement, the anti-graft body said the devices will undergo forensic examination by a law enforcement agency to determine whether any data may have been altered, deleted, or otherwise tampered with after the infrastructure anomalies was first made public.

-

“The Office expects prompt and full compliance with the subpoena in the interest of accountability and the integrity of the ongoing investigation,” the Ombudsman’s statement said.

-

No timetable has been provided for the completion of the forensic review. — Erika Mae P. Sinaking

+ + LISTED counter-service bakery operator Balai Ni Fruitas, Inc. has reallocated proceeds from its July 2022 initial public offering (IPO) to fund its near-term expansion plans.

+

In a regulatory filing on Tuesday, the company said its board of directors approved the reallocation of IPO proceeds totaling P203.8 million.

+

The funds were previously earmarked for expanding its store network, setting up a commissary, and pursuing potential acquisition opportunities.

+

Under the revised allocation, the commissary setup fund was increased to P112 million from P110 million, while the allocations for store network expansion and store improvement were raised to P76.8 million from P73.8 million, sourced from the “Introduction of new concepts” and potential acquisitions.

+

“The management determines that such reallocation is necessary to fulfill its near-term requirements for expansion,” the company said.

+

Balai Ni Fruitas operates food and beverage brands including Buko Ni Fruitas, Fruitas House of Desserts, and Balai Pandesal. It is a wholly owned subsidiary of Fruitas Holdings.

+

Shares of Balai Ni Fruitas fell 2.99% to 0.325 centavos apiece on Tuesday. — Alexandria Grace C. Magno

]]> - https://www.bworldonline.com/wp-content/uploads/2021/04/the-nation-default-300x169.jpg + https://www.bworldonline.com/wp-content/uploads/2025/04/Balai-pandesal-300x169.jpg - Ion Hotel denies gov’t links - https://www.bworldonline.com/the-nation/2025/12/22/720527/ion-hotel-denies-govt-links/ + Christmas the whole year through + https://www.bworldonline.com/opinion/2025/12/24/720707/christmas-the-whole-year-through/ - Mon, 22 Dec 2025 12:36:13 +0000 - - - https://www.bworldonline.com/?p=720527 + Tue, 23 Dec 2025 16:04:00 +0000 + + + + + https://www.bworldonline.com/?p=720707 - - BAGUIO CITY — Ion Hotel has denied reports claiming it is connected to public officials and government flood control projects.

-

In an official statement, the hotel, through its legal counsel Enrique V. Dela Cruz, Jr., said articles published by Bilyonaryo News Channel “falsely linked it to the late DPWH (Department of Public Works and Highways) Undersecretary Catalina Cabral and Benguet Lone District Representative Eric Yap.”

-

The hotel clarified that neither Ms. Cabral nor Mr. Yap has ever been an owner, shareholder, or officer of Ion Hotel, and that they have no involvement in the hotel’s management or operations.

-

Ion Hotel also said it is not involved in any flood control projects and is not connected to the construction industry.

-

Ion Hotel added that spreading such claims is insensitive, especially following the recent passing of Ms. Cabral.

-

It further said it follows Philippine laws and ethical business standards and urged media outlets to report accurately.

-

The hotel also said it may take legal action to protect its reputation. — Artemio A. Dumlao

+ + It can be Christmas the whole year through for those who are real followers of Christ and believe in his teachings. This can be discerned from my favorite Christmas carol which is “Joy to the World.” The words do not only convey the truth that a Christian can thoroughly enjoy his stay on earth if he is really a faithful follower of Christ, the very melody is so uplifting that one can really feel the joy of living. Other Christmas carols — also very inspiring (like “Silent Night” or “O Little Town of Bethlehem”) — are too somber and don’t make you jump for joy.

+

“Joy to the World” reminds us that since Jesus came to the world to save us from the only evil — which is sin — God has restored His original plan when He created our first parents to be happy in Paradise. That means that we should find our happiness first on Earth. No one can expect to go to Heaven if he or she does not have a joyful existence on Earth. It is a doctrinal error for some Christians to believe that we must go through hell (spending our time on Earth always in suffering and pain in a so-called valley of tears) in order to be able to win the eternal bliss in Heaven. In fact, someone who is not happy on Earth cannot expect to go to Heaven.

+

The key here is to equate joy with love. God is Love itself. The way to God is Love in all its forms.

+

First, there is what the Greeks called Storge or affection. This is the most natural and common love. It is instinctive: one does not have to make an effort to love with affection. It is found, for example, in families, such as the love of parents for children and vice versa. Affectionate love is warm, familiar, and humble, often growing quietly from daily life and shared experiences. It can also apply analogously to affection to other worldly creatures since everything God created is good and lovable. One can say, “I love adobo,” “I love Boracay,” “I love Kitty, my pet cat,” “I love the moon and the stars,” etc., etc. All these forms of love for God’s creatures, both human and non-human give us joy, although quite fleeting.

+

A more enduring joy can be found in what the Greeks called Philia or friendship. In his book The Four Loves, the writer C. S. Lewis considers it one of the least emphasized but most rewarding forms of love. It is the love between friends who share common interests, values, or pursuits. It is based on mutual respect and companionship. It is not driven by necessity or biology but by freely chosen connection. This connection is normally based on shared experiences. For example, some of our lifelong friends were our classmates in grade school, high school, or college. We nurture friendship with those who share with us the same interests in sports (like golf, tennis, running, mountain climbing); or some common hobbies like gardening or stamp collecting; or common professions or occupations. Spending time with friends is one of our most enjoyable moments.

+

In fact, the reverse is true: having no friends or being lonely is today, especially in highly economically developed countries like the US, considered the leading human sickness or disease. It is alarming to see loneliness as a leading reason for people committing suicide. This is especially true in societies where the family as the foundation of society has broken down because of widespread divorce, single parenthood, or voluntary childlessness.

+

The third form of love is called Eros in Greek or Romantic Love. This form of love is more than sexual desire. This is “being in love with the entire person.” The focus is on the entire person. If the focus is only on the sexual pleasure one can derive with the partner of the opposite sex, it is not romantic love but lust, the so-called concupiscence of the flesh according to St. John the Evangelist. The culmination of romantic love is marital love between a man and a woman joined in an indissoluble union (as Pope Leo XIV recently reminded Catholics) whose primary purpose the procreation of children. Married people in a stable marriage can attest to the fact that marital love produces one of the highest forms of human joy, including, of course, the love for the ensuing children. The negation of this truth about marriage and procreation in many modern societies has led to the tragedy of rapid population decline and the subsequent ageing of the population which is wreaking havoc on countries like Japan, Spain, and South Korea, not excepting even modern China. We often hear the billionaire Elon Musk lament that the greatest obstacle to economic progress today is the rapid depopulation and subsequent ageing in practically all the developed economies.

+

The fourth and highest form of human love is called Agape in Greek, which is to make an effort to love as God loves. Agape is seeking the good of others without expecting anything in return. When God created us, He did so out of the purest form of love, seeking our happiness without expecting anything in return. His love for us was unconditional and selfless. When we try to imitate God in loving our fellow human beings, we seek the good of others without expecting anything in return, even at personal costs. When we perform corporal or spiritual works of mercy, for example, we are loving with Agape because we are not expecting anything in return from the beneficiaries of our good works. Patriotism is a form of Agape because we are working for the common good of Philippine society made up of people most of whom we do not know personally.

+

This form of love — patriotism or civic mindedness — is what is sorely wanting in our society. Unless we have a critical mass of Filipinos who are determined to promote the common good of our country in their personal behaviors, we will not be able to bring down corruption to tolerable levels. In our ongoing efforts to combat the very high level of corruption that were unearthed by the flood control scandals, it is necessary to do what some segments of business, civil society, the academe, and the Church have admirably pursued, i.e., to publicly protest and demonstrate against the corrupt practices and the corrupt people themselves.

+

It is necessary also to demand that those proven to have stolen trillions of pesos be jailed, and that public institutions, like the departments of Public Works and Highways and Health, the Legislative bodies and others, be reformed to minimize corruption. It is also right that measures be taken to minimize the nefarious influences of family dynasties on national and local governments. All these are necessary, and for the minority of Filipinos who are engaged in all these efforts for reform, I am sure they are already being rewarded with the joy of living Agape as shown in their patriotism.

+

All these, though necessary, are not sufficient to bring corruption down to tolerable levels.

+

Obviously, corruption cannot be completely eradicated because, as the guru of good governance, former Secretary of Finance and Founder of the Institute of Corporate Directors (ICD) and Institute for the Solidarity of Asia (ISA), Dr. Jesus Estanislao, told a young idealistic professional, “Corruption cannot be completely eradicated because we human beings are all sinners.” The occasion was in a talk given by Dr. Estanislao at the Sangandaan Cultural Center at the Legaspi Village in Makati. He was just trying to be realistic.

+

In the context of our beliefs as Christians, trying to completely eradicate corruption is to attempt to eradicate Original Sin. No matter how much we try to perfect our institutions in order to make sure they are led by people of integrity and have the necessary preventive measures against corrupt practices, there will always be those “sinful humans” who will be creative and ingenious enough to beat the system. We can only try our best to minimize corrupt practices.

+

 

+

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

+

bernardo.villegas@uap.asia

]]> - https://www.bworldonline.com/wp-content/uploads/2021/04/the-nation-default-300x169.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/Christmas-lantern-vendor-300x200.jpg - SMC waives toll fees on Christmas, New Year’s eves - https://www.bworldonline.com/the-nation/2025/12/22/720526/smc-waives-toll-fees-on-christmas-new-years-eves/ + The economic upside of the 2026 budget + https://www.bworldonline.com/opinion/2025/12/24/720706/the-economic-upside-of-the-2026-budget/ - Mon, 22 Dec 2025 12:35:58 +0000 - - - https://www.bworldonline.com/?p=720526 + Tue, 23 Dec 2025 16:03:59 +0000 + + + + + https://www.bworldonline.com/?p=720706 - - SAN MIGUEL CORP. (SMC), through its infrastructure arm SMC Infrastructure, is waiving toll fees across its expressway network on Christmas and New Year’s eves to ease holiday travel for motorists.

-

Tolls will be waived from 10 p.m. on Dec. 24 until 6 a.m. on Dec. 25, and from 10 p.m. on Dec. 31 until 6 a.m. on Jan. 1, 2026, the company said in a statement on Monday.

-

SMC Infrastructure operates over 200 kilometers of expressways in Luzon, including the Skyway System, South Luzon Expressway (SLEX), STAR Tollway, Tarlac-Pangasinan-La Union Expressway (TPLEX), and NAIA Expressway.

-

The company said it has placed safety and security personnel on heightened alerts and rolled out measures to manage the expected increase in traffic during the holiday period.

-

It has deployed patrol and security personnel in critical areas and placed emergency response teams on standby to immediately clear any road obstructions.

-

Roadworks that may affect traffic flow have been suspended from Dec. 20 until Jan. 4, 2026, to help ease congestion.

-

Tow trucks and other emergency vehicles have also been placed at strategic locations to ensure faster response to incidents. — Sheldeen Joy Talavera

+ + After a near stalemate and despite challenges encountered, the 2026 budget was finally approved by the bicameral conference committee. Next year’s P6.793-trillion budget is higher than the P6.326 trillion in effect this year.

+

The budget tells us many things, especially in terms of what this administration holds important, the competing issues it must weigh for the country’s growth and development, as well as the direction it wishes to take in being an investment-driven economy.

+

In its current form, the 2026 budget transmits positive signals to the Filipino public and to the business community. They are indications of stability, genuine intention to introduce reforms, a desire to strengthen local economies, a high awareness of risks, and a prioritization of human capital.

+

Foremost, the budget clearly reflects the economic agenda of the Marcos administration. The priority is clear, and that is to have steady fundamentals to lessen uncertainty and make planning easier for current and potential investors alike. International organizations like the World Bank and International Monetary Fund have downgraded their projections on the Philippines’ economic growth. The Philippines is resolute to achieve its growth targets nonetheless.

+

The 2026 budget is the first to be approved through a transparent process, with deliberations live-streamed and archived. This is a move that should inspire confidence among investors and the public alike, especially given the public works scandal that the nation is now facing. Transparent deliberations show that the government is serious about drastically minimizing the opportunities for corruption and other sinister moves on the part of public servants. While the livestream was not without challenges, it was clearly a move to improve investor trust in governance and public finance integrity.

+

Funds were also realigned toward health and disaster risk management. There was a conscious effort to divert funds away from the corruption-plagued Department of Public Works and Highways, whose budget was slashed by P351.4 billion to P520.6 billion, 40% lower than the P881 billion originally proposed by the Palace.

+

While the administration is cognizant of the need for infrastructure development and its multiplier effects, the 2026 budget showed caution in enabling a graft-ridden agency while reforms are still being implemented. The difference in funds was diverted to agencies like PhilHealth and the National Disaster Risk Reduction and Management Fund. These are intended to provide essential health services and ensure disaster resilience among Filipinos.

+

The 2026 budget also recognizes the supremacy of human capital and the need to invest in our nation’s future. The education sector is receiving a record allocation of P1.38 trillion, targeting workforce skills and human capital development. This will contribute to productivity and competitiveness in a tight labor market.

+

Finally, the budget intends to boost economic activity, not only on the national level but also on the local and regional level. The big increase in Local Government Support Fund (LGU financial assistance) — from the National Expenditure Program’s proposed P5 billion to about P37 billion — could drive regional infrastructure and services, pushing localized economic activities.

+

To be sure, despite the relative transparency of the process, several concerns have been raised. For instance, the restoration of P243 billion in unprogrammed appropriations raises concerns about transparency and accountability, given past controversies surrounding its use. While these funds provide flexibility to address unforeseen expenses and foreign-assisted projects, their reliance on excess revenues or foreign loans poses risks to fiscal stability. In fact, the Senate initially sought to eliminate unprogrammed appropriations entirely, citing concerns over its potential for misuse and lack of immediate funding.

+

However, the bicameral committee ultimately retained the funds, with assurances that they would not be used for controversial projects like flood control. Unprogrammed appropriations remains a critical tool for funding foreign-assisted projects and social programs, which are essential for development. All this simply exerts greater pressure on the government to ensure that such funds are allocated effectively, spent for the pure benefit of the people, and are handled free from corruption.

+

The budget does provide opportunities for economic growth through strategic investments. For instance, despite constraints, the inclusion of funding for foreign-assisted infrastructure projects. Approximately 55% of the P243 billion in unprogrammed appropriations is allocated to infrastructure projects co-financed by international development partners, such as the Japan International Cooperation Agency, the World Bank, and the Asian Development Bank.

+

Projects such as the Metro Manila Subway and the North-South Commuter Railway present an opportunity to boost economic activity, improve transportation, and attract foreign investments. Policymakers must focus on maximizing the impact of these projects while ensuring that they align with long-term economic goals.

+

In the end, the 2026 budget and the process that attended its finalization show the administration’s awareness of the issues that have prevented the budget from truly belonging to the people, and its intention to address these issues once and for all. Often, there are no clear-cut answers, and the decisions are about weighing the advantages and disadvantages of one course of action over another.

+

May the 2026 budget truly achieve its objective of helping Filipinos achieve a better quality of life and propel the Philippines to greater economic heights.

+

 

+

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

]]> - https://www.bworldonline.com/wp-content/uploads/2024/11/SLEX_Future_TR4_interchange-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/Clipboard-with-official-doc.-Managing-extra-money.-Board-with-paper-300x298.jpg - Meralco on full alert for holidays, urges public to observe electrical safety - https://www.bworldonline.com/the-nation/2025/12/22/720524/meralco-on-full-alert-for-holidays-urges-public-to-observe-electrical-safety/ + Megaworld sells additional 11% stake in Suntrust Resort Holdings + https://www.bworldonline.com/corporate/2025/12/24/720777/megaworld-sells-additional-11-stake-in-suntrust-resort-holdings/ - Mon, 22 Dec 2025 12:35:35 +0000 - - - https://www.bworldonline.com/?p=720524 + Tue, 23 Dec 2025 16:03:36 +0000 + + + https://www.bworldonline.com/?p=720777 - - POWER distributor Manila Electric Co. (Meralco) has assured its customers that it is prepared to address any power concerns that may arise during the holiday break.

-

In a statement on Monday, Meralco said that its crews and personnel will remain on standby 24/7.

-

“We encourage our customers to do their part in ensuring a safe and joyful holiday season by practicing electrical safety. Rest assured, contingency measures are in place and our crews are prepared to respond to any possible electricity service concern,” said Meralco Vice-President and Head of Corporate Communications Joe R. Zaldarriaga.

-

The distribution utility reminded customers to observe safety precautions, such as unplugging Christmas lights and appliances when not in use and refraining from plugging multiple extension cords into one another to avoid overloaded outlets.

-

Meralco Business Centers will be closed on Christmas Eve (Dec. 24) and Christmas Day (Dec. 25), but customers can still report electricity service concerns through the MyMeralco app and Meralco’s official social media accounts. — Sheldeen Joy Talavera

+ + LISTED property developer Megaworld Corp. has sold more of its stake in integrated resort developer Suntrust Resort Holdings, Inc.

+

In a stock exchange disclosure on Tuesday, Megaworld said it disposed of 814.67 million common shares in Suntrust through the open market at 60 centavos per share.

+

The shares represented an 11.24% interest in the resort developer, it added.

+

This follows an earlier sale of 900 million common shares at the same price, which accounted for a 12.41% stake in Suntrust.

+

Megaworld’s sister firm, Travellers International Hotel Group, Inc., recently gained majority control of the Westside Integrated Resort Project in Parañaque City.

+

Suntrust’s stake in the project has been reduced to 20% amid construction delays and financial setbacks. — Beatriz Marie D. Cruz

]]> - https://www.bworldonline.com/wp-content/uploads/2022/07/electric-meter-linemen-PHILSTAR-MICHAELVARCAS-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/Employee-building-300x200.jpg - SC affirms murder convictions in Kian delos Santos case - https://www.bworldonline.com/the-nation/2025/12/22/720523/sc-affirms-murder-convictions-in-kian-delos-santos-case/ + Peso weakens further on dollar demand + https://www.bworldonline.com/banking-finance/2025/12/24/720719/peso-weakens-further-on-dollar-demand/ - Mon, 22 Dec 2025 12:35:11 +0000 - - - https://www.bworldonline.com/?p=720523 + Tue, 23 Dec 2025 16:03:14 +0000 + + + + + + https://www.bworldonline.com/?p=720719 - - THE Supreme Court (SC) has affirmed the murder convictions of three police officers in connection with the 2017 killing of 17-year-old Kian Loyd delos Santos during the deadly drug war of former Philippine President Rodrigo R. Duterte, who is currently detained at the International Criminal Court.

-

In a 40-page decision by Associate Justice Jhosep Y. Lopez, the SC’s Second Division found officers Arnel G. Oares, Jeremias T. Pereda, and Jerwin R. Cruz “guilty beyond reasonable doubt of murder.” They were sentenced to reclusion perpetua (20 to 40 years in prison) and ordered to pay P275,000 in damages to Mr. Delos Santos family.

-

The incident occurred on Aug. 16, 2017, in Baesa, Caloocan City, where witnesses said the officers stopped and frisked Kian, physically assaulted him, and forced him into a vulnerable position before dragging him to a secluded area near a river. Mr. Oares and Mr. Pereda then shot the teen multiple times while Mr. Cruz stood guard.

-

The officers maintained that they were responding to reports of drug activity and claimed that shots were fired at them. Courts, however, rejected these claims, citing forensic evidence and witness accounts confirming that Mr. Delos Santos was unarmed and had no chance to defend himself.

-

The high court said that “the killing of a minor could not be considered standard in this operation” and that the “performance of duties does not include murder.”

-

The SC added that the killing involved treachery, Mr. Delos Santos was likely sitting or kneeling when shot, with bullets entering from the side and back of his head.

-

While affirming the conviction, the SC removed the phrase “without eligibility for parole” from earlier rulings, noting that the circumstances did not justify the death penalty, which is prohibited under Republic Act No. 9346. — Erika Mae P. Sinaking

+ + THE PESO dropped on Tuesday on increased demand for the dollar before the holidays.

+

The local unit closed at P58.85 per dollar, declining by 12 centavos from its P58.73 finish on Monday, Bankers Association of the Philippines data showed.

+

The peso opened Monday’s session slightly stronger at P58.70 against the dollar. Its intraday best stood at P58.655, while it dropped to as low as P58.88 versus the greenback.

+

Dollars exchanged climbed to $1.14 billion on Tuesday from $869.5 million on Monday.

+

“The peso closed higher. It was usually trading in a tight range,” a trader said in a phone interview. “Maybe because ahead of the holidays, there was some dollar demand ahead of the holiday.”

+

Bargain hunting by those with dollar requirements offset the support provided by holiday remittances, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

+

The trader added that the November fiscal performance data released on Tuesday may have also affected market sentiment.

+

The government’s budget deficit narrowed by 55.4% year on year to P157.6 billion in November from P213 billion, the Bureau of the Treasury said. This was a reversal from the P11.2-billion surplus posted in October.

+

Philippine financial markets are closed on Dec. 24-25 for the Christmas holidays.

+

Meanwhile, the dollar index, which measures the US currency against six rivals, slid 0.2% to 98.061 on Tuesday, extending losses into a second day after dropping 0.5% on Monday, Reuters reported.

+

Investor focus was on US gross domestic product data due later on Tuesday. The data will likely confirm what economists call a K-shaped economy in which higher-income households are doing well, while middle- and lower-income are barely staying afloat. — Katherine K. Chan

]]> - https://www.bworldonline.com/wp-content/uploads/2021/04/the-nation-default-300x169.jpg + https://www.bworldonline.com/wp-content/uploads/2024/01/Peso-currency-18-300x200.jpg - Barangay Ginebra battles Converge on Christmas Day - https://www.bworldonline.com/sports/2025/12/22/720483/barangay-ginebra-battles-converge-on-christmas-day/ + The Philippines at a digital crossroads: Why trust will define 2026 + https://www.bworldonline.com/opinion/2025/12/24/720705/the-philippines-at-a-digital-crossroads-why-trust-will-define-2026/ - Mon, 22 Dec 2025 10:44:09 +0000 + Tue, 23 Dec 2025 16:02:59 +0000 - - - https://www.bworldonline.com/?p=720483 + + + + https://www.bworldonline.com/?p=720705 - - THE CAST is complete and it’s going to be a three-day calm before a fiery storm hits Smart Araneta Coliseum on Christmas Day to reveal the presents and fates of the featured teams in the PBA Season 50 quarterfinals.

-

There will be no love on the court from the four teams of reigning champion San Miguel, NLEX, Converge and crowd darling Barangay Ginebra when they tangle in the first quarterfinal bracket to continue the PBA tradition during holidays and keep their seasons alive.

-

TNT Tropang 5G (8-3), after a 94-83 win to spoil LA Tenorio’s debut as Magnolia’s player coach, sealed the third seed and gifted Converge the fourth spot (7-4) for the last two twice-to-beat incentives.

-

That win denied Barangay Ginebra a shot at the top 4, settling for fifth spot at 7-4 after a close 108-105 win against Titan Ultra (4-7) to end the elimination round.

-

And so it’s Ginebra on the big stage anew to treat the PBA fans a Christmas present, tackling Converge at 7:30 p.m. on Thursday at the Big Dome before an expected jam packed crowd.

-

San Miguel, the No. 1 seed with a nine-game win streak at 9-2, takes on the eighth-seeded NLEX (6-5) in the first game at 5:15 p.m.

-

The other quarterfinal bracket features No. 2 seed Rain or Shine (8-3) against No. 7 Meralco (6-5) and No. 3 TNT (8-3) and No. 6 Magnolia (6-5) starting on Saturday at the same venue. Game 2s, if necessary, is on Sunday and on Monday, respectively.

-

The Beermen and the FiberXers, as the higher seeds, hold twice-to-beat incentives, sporting a pretty chance to send their foes packing for good for the rest of the holidays for quick seats in the Final Four.

-

But a staple never-say-die team during PBA’s iconic Christmas Day games in Ginebra is not keen on going home just yet, riding on a five-game winning streak to end the elims with a bang, in a bid to force a sudden-death Game 2.

-

“Christmas Day games are tough and they’re hard to lock into. That’s one of the challenges of being a coach, player of Ginebra or just being a Ginebra team,” said coach Tim Cone.

-

“You’re being out in these situations a lot but again, it’s out of our control. We just deal with what we can deal with so I think our guys are gonna get ready on Christmas Day.”

-

NLEX, for its part, will also have some morale boost with the return of ace guard Robert Bolick after a triumphant tour of duty with gold medalist Gilas Pilipinas in the 33rd Southeast Asian Games in Bangkok, Thailand over the weekend. — John Bryan Ulanday

+ + Every December, before the holidays fully take over, I try to find a quiet corner somewhere to reflect on the year that has passed. This time, I ended up in a small coffee shop in BGC, watching people go about their routines. One customer tapped her phone to pay. Someone beside her renewed a subscription online. Another checked a news update. A group of students scrolled through videos, debating whether what they watched was real. It occurred to me in that moment that almost everything we do today requires trust in a digital system. It also occurred to me how fragile that trust has become.

+

When people are asked what they trust, whether government services, financial platforms, digital identities, or even the information they consume online, their answers no longer come easily. Some are optimistic, many are doubtful, and quite a few admit they are simply moving through digital life because they have no choice. That quiet scene reminded me of a tension we have been struggling with all year: How can we build a strong digital nation when trust is the very thing that seems to be slipping through our fingers?

+

The trust deficit is not imagined. The country has been facing a steady wave of allegations, controversies, and corruption-related issues. Whether these accusations are substantiated or not, the public perception they create is powerful. Digital platforms have amplified this problem because information — or misinformation — spreads long before the truth can catch up. The tools meant to democratize access to information are also being used to distort it. As someone who works deeply in AI, blockchain, and cybersecurity, I have seen this erosion of trust firsthand across sectors. I have also seen how crucial trust is to progress. Without it, even the best innovations stall.

+

This is why I believe 2026 must be the year we commit to building a digital trust architecture for the Philippines. Not just to modernize systems and improve efficiency, but to restore confidence in how decisions are made, how money is spent, how identities are verified, and how truth is determined.

+

One of the most encouraging developments this year was the approval of funding in the national budget for the CADENA (Citizen Access and Disclosure of Expenditures for National Accountability) bill. I have always supported this measure because it represents a major step toward more transparent government processes. CADENA lays the groundwork for using blockchain and similar technologies to create tamper-resistant records across critical government transactions. In a country consistently challenged by corruption, adopting systems that cannot be quietly altered is one of the most powerful reforms we can make. CADENA will not eliminate corruption overnight, but it will make manipulation far more difficult and accountability far more traceable. As more agencies adopt its mechanisms, the bill has the potential to change not only government systems but public expectations of integrity.

+

Blockchain’s role in governance goes beyond theory. It can ensure that procurement records are permanent, that project timelines and disbursements remain visible throughout their lifecycle, and that important documents cannot simply go missing. Many countries have already operationalized similar models with measurable success. The Philippines is finally taking the first meaningful step toward this direction, and I strongly support its full implementation in 2026.

+

AI also has a vital role to play in restoring trust. It can detect anomalies in government spending, highlight unusual contractor patterns, and surface irregularities long before an issue becomes a scandal. AI transforms oversight from reactive to preventive. Instead of waiting for someone to blow the whistle, systems themselves can alert auditors and leaders to questionable activity. Used responsibly, this creates a more transparent and accountable governance environment.

+

At the same time, none of these reforms will hold if cybersecurity remains weak. A nation cannot rebuild trust if its systems can be breached, its records altered, or its data stolen. Strengthening cybersecurity is not an IT upgrade. It is a national integrity upgrade. When databases are protected and access is strictly controlled, confidence naturally grows. Citizens begin to believe that their institutions are not only digital but also dependable.

+

Reflecting on these themes, I realized something important. Nations that thrive in the digital age do not succeed because they have the most apps or the most platforms. They succeed because people believe in the systems that run their society. Trust is the real competitive advantage. Countries with secure digital identities, transparent data trails, and resilient architectures will attract more investment, deliver better public services, and strengthen their democracies. Those without them will struggle, no matter how advanced their technology appears.

+

For the Philippines, this means facing our reality honestly. We need trusted identity systems so that every citizen can transact confidently. We need trusted records so that public spending can be monitored without ambiguity. We need trusted systems that are secured, audited, and built to withstand manipulation. These are not merely technical goals. They are nation-building goals.

+

Leadership plays a central role in this. Over the past year, I have spoken to business leaders, government officials, educators, and young people, and the message has been consistent. Trust is no longer something we can hope for. It must be designed into our systems. Leaders must be ready to embrace transparency, even when it is uncomfortable. They must be willing to reduce discretion and rely more on processes that are verifiable and permanent. They must commit to adopting technologies that safeguard integrity.

+

If we choose this path, the benefits are enormous. Investors will enter a market where data is dependable. Citizens will support institutions that demonstrate accountability. Businesses will innovate more vigorously in an environment that is secure. And communities will gain confidence that the country is moving in a direction where fairness is systemic, not selective.

+

The Philippines is truly standing at a digital crossroads. We can continue relying on old structures and hope public trust will somehow return, or we can make 2026 the year we rebuild trust through deliberate, structural, technology-enabled reform. As I watched people in that coffee shop rely on invisible systems to live their daily lives, I felt a sense of responsibility. If technology touches everything now, then the systems behind it must be worthy of the trust they ask of us.

+

We have a rare opportunity. With blockchain slowly being adopted, with AI and cybersecurity more mature, and with strong private sector momentum, we can redesign our digital ecosystem in a way that strengthens the very foundation of our society. 2026 can be the year the Philippines rebuilds trust at scale. But only if we choose to make it so.

+

 

+

Dr. Donald Patrick Lim is the founding president of the Global AI Council Philippines and the Blockchain Council of the Philippines, and the founding chair of the Cybersecurity Council, whose mission is to advocate the right use of emerging technologies to propel business organizations forward. He is currently the president and COO of DITO CME Holdings Corp.

]]> - https://www.bworldonline.com/wp-content/uploads/2025/12/BARANGAY-GINEBRA-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/Businesswomen-with-puzzle-and-coins-with-gears-technology-300x200.jpg - Tenorio will be playing head coach of Magnolia in Season 50 playoffs - https://www.bworldonline.com/sports/2025/12/22/720482/tenorio-will-be-playing-head-coach-of-magnolia-in-season-50-playoffs/ + Agritech startup plans yield insurance to shield farmers from climate risks + https://www.bworldonline.com/bw-launchpad/2025/12/24/720688/agritech-startup-plans-yield-insurance-to-shield-farmers-from-climate-risks/ - Mon, 22 Dec 2025 10:43:24 +0000 - - - - https://www.bworldonline.com/?p=720482 + Tue, 23 Dec 2025 16:02:26 +0000 + + + + https://www.bworldonline.com/?p=720688 - - LA TENORIO set another milestone, becoming only the seventh player-head coach in the PBA’s 50-year history. Rest assured though that it will not be a one-and-done thing.

-

Mr. Tenorio is likely to continue serving as Magnolia’s playing coach come the PBA Season 50 playoffs with the uncertainty of the return by its injured main floor generals in Jerom Lastimosa and Paul Lee.

-

Mr. Lastimosa is nursing a grade 2 ankle sprain while Mr. Lee got hit with a hamstring injury, prompting Mr. Tenorio’s activation into the 15-man roster from the injured/reserve list at the end of the elimination round.

-

“Hopefully they can come back. But if not, then, I’ll be ready. I’ve been practicing with them just to keep in shape and be ready,” said Mr. Tenorio, who tallied four points, two rebounds and three assists in over 13 minutes of play.

-

Mr. Tenorio has four days to weigh in on his final roster before the Hotshots’ quarterfinal series kick off against the TNT Tropang 5G this Saturday at the Smart Araneta Coliseum as changes will not be allowed once it starts.

-

Before that though, Mr. Tenorio etched another mark in the Philippine basketball annals, where he’s already the Iron Man with 744 played games in a row in 17 years, by following the footsteps of legendary player-coaches in history.

-

Mr. Tenorio, three months into his appointment from a Ginebra player to Magnolia coach, replicated the feats of Robert Jaworski, Sr., Ramon Fernandez, Norman Black, Bobby Parks, Sr., Allan Caidic and Manny Pacquiao.

-

He also became the 42nd player in history to play for both Manila Clasico teams Ginebra and Magnolia as one of the country’s greatest rivalries.

-

“It’s really an opportunity and a blessing to coach and play. It boils down to the trust of the management and the team. They know that I can still lead the team (on and off the court). It’s really a great opportunity that I will not waste,” the eight-time PBA champion and four-time Finals MVP beamed.

-

His debut as a player-coach got spoiled by his long-time Gilas Pilipinas mentor Chot Reyes after TNT’s 94-83 win but for Mr. Tenorio, it’s all part of the learning process — for him as a young coach and for Magnolia as a rising team.

-

“It’s different because I’m still new to the team. I’m still learning the players. Unlike when I was in Ginebra, I’ve been playing for 10-11 years,” said Mr. Tenorio in his PBA court return since last suiting up for the Gin Kings in the Season 49 Philippine Cup semifinals last July.

-

“I have a young team. Probably one of the youngest teams dito sa PBA and they’re still learning also. We got to have patience, believe and keep fighting.” — John Bryan Ulanday

+ + By Beatriz Marie D. Cruz, Reporter

+

AGRILEVER, a local agritech startup, plans to launch a yield guarantee insurance product next year to protect farmers from income losses caused by natural disasters.

+

“This means we aren’t just giving farmers capital; we are guaranteeing profits for those who follow our agronomy advice. We are effectively removing the risk from the equation,” Agrilever Co-founder Yoav Schwalb said in an e-mail to BusinessWorld.

+

The startup is aiming to expand partnerships with insurance companies to support up to one million farmers through its upcoming new products.

+

“We are taking a phased, scalable approach. We are targeting an initial proof of concept (POC) with 150,000 farmers,” Mr. Schwalb said.

+

Agrilever seeks to improve Filipino rice farmers’ access to financing and technology to help raise productivity. Its services include smartphone and mobile data packages, as well as on-the-ground support for farmers.

+

The company is also looking to onboard four additional partner banks to extend more loans to farmers, Mr. Schwalb said.

+

At present, its partner institutions include the Land Bank of the Philippines, Guagua Rural Bank, Inc., SNR Bank, and Bank of the Philippine Islands (BPI) subsidiary BPI Direct BanKo, Inc.

+

Latest data from the Philippine Statistics Authority showed that farmers posted a poverty incidence rate of 27% in 2023, making them among the country’s poorest sectors.

+

Farmers continue to face challenges such as rising input costs, limited access to capital, competition from imports, and land disputes.

+

Mr. Schwalb also said unstable farmgate prices remain a major issue due to extreme weather conditions and unfair trading practices.

+

“To address this, we are currently developing Asia’s first downside protection mechanism for farmgate prices — similar to the safety nets farmers enjoy in the United States,” he said.

+

Agrilever said about 98% of the country’s rice farmers remain unbanked.

+

Mr. Schwalb noted that farmers’ non-performing loan ratio remains close to the Bangko Sentral ng Pilipinas’ latest reported industry average of 3.31% as of September.

+

“This validates our credit scoring model — farmers want to pay, and when given the right tools, they do,” he said.

+

Earlier this year, Agrilever launched a digital application that provides data-driven tools for farmers, including crop management, loan monitoring, and digital credit scoring.

+

The company recently partnered with US-based weather intelligence firm Tomorrow.io to integrate artificial intelligence-powered weather insights into its platform.

+

Agrilever is also looking to integrate a smart contract marketplace into its app to ensure transactions between farmers and buyers are properly executed, Mr. Schwalb said.

+

“When you combine guaranteed yields with transparent contracts, you create an environment where banks are eager to lend and farmers are confident to borrow,” he noted.

+

The startup is targeting two million downloads of its digital app next year.

+

For 2026, Agrilever plans to partner with more insurance technology firms and logistics providers to further support its financing initiatives and smart contract offerings, Mr. Schwalb said.

]]> - https://www.bworldonline.com/wp-content/uploads/2025/10/Tenorio-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2021/09/Farmers-vegetables-Benguet-300x169.jpg - Cone is all praise of coach Black and the hastily-formed ‘C’ team - https://www.bworldonline.com/sports/2025/12/22/720480/cone-is-all-praise-of-coach-black-and-the-hastily-formed-c-team/ + SEC tightens sustainability, ownership disclosure rules for companies + https://www.bworldonline.com/corporate/2025/12/24/720740/sec-tightens-sustainability-ownership-disclosure-rules-for-companies/ - Mon, 22 Dec 2025 10:42:44 +0000 - - - https://www.bworldonline.com/?p=720480 + Tue, 23 Dec 2025 16:02:09 +0000 + + + https://www.bworldonline.com/?p=720740 - - GILAS PILIPINAS remained as the region’s basketball yardstick when the smoke cleared in the 33rd Southeast Asian (SEA) Games in Bangkok. But for Gilas “A” team head coach Tim Cone, that stature should have never been in doubt — much more challenged by anyone — especially if the country was allowed to send its best possible squad.

-

“Maybe I shouldn’t say this because I don’t want to take anything away. But if we had brought the A team to Southeast Asian Games, it wouldn’t have been close, obviously,” said Mr. Cone, giving credits to his long-time friend Norman Black for fighting against all odds to make it happen.

-

“Especially if Kai (Sotto) had played. Imagine if Kai was playing along with June Mar (Fajardo), AJ (Edu) (and) Quentin (Millora-Brown), you know. But it worked out well. It was dicey and it should be so kudos to them. I’m proud of them.”

-

Gilas, under the brilliance of PBA Grand Slam and five-peat UAAP champion coach Mr. Black, got the job done in Thailand via a gutsy tournament sweep capped by a 70-64 win against the hosts for its second straight and 20th overall gold — the most in history.

-

But it wasn’t a walk in the park all throughout as Gilas had to move heavens and Earth just to field a contender lineup after Thailand implemented rule changes one after another that shattered the Gilas’ original lineup. Officiating in the finale with Thailand shooting 37 free throws compared to Gilas’ 17 was also a dilemma.

-

With Mr. Cone’s A team out due to the SEA Games not being included in the FIBA calendar, the Samahang Basketbol ng Pilipinas formed a still competitive “B” squad only for half of it to be deemed ineligible by the hosts. Among the few were naturalized player Justin Brownlee, Mike Phillips, Remy Martin and Jason Brickman.

-

Robert Bolick, Jamie Malonzo, Poy Erram, Dalph Panopio, Abu Tratter, Von Pessumal, Justin Chua and Cedrick Manzano came in as late replacements, leading to what pundits and fans called as the “C” team that nonetheless delivered the goods for Team Philippines.

-

They joined holdovers Ray Parks, Jr., Matthew Wright, Thirdy Ravena and Veejay Pre, who also impressed Mr. Cone and could be in the running for Gilas A team if not for the need for continuity of his core, especially without months of preparation in each tourney.

-

And while Mr. Cone is not liking the A, B and C tags on Gilas teams, it would have been a cakewalk for the Philippines had it sent the strongest unit possible like it did in the 2019 SEA Games at home.

-

“That’s because we brought the supposedly A team. We had everybody,” said Mr. Cone on his Gilas squad that steamrolled the region with a whopping winning margin average of 47.3 points in the 31st edition, including a 115-81 demolition of Thailand in the finals.

-

Gilas then fielded a full-blooded Filipino lineup without any naturalized player like Mr. Brownlee as LA Tenorio, Stanley Pringle, Chris Ross, Roger Pogoy, Marcio Lassiter, Matthew Wright, Kiefer Ravena and Vic Manuel got the job done behind the triple towers of Christian Standhardinger, Japeth Aguilar and now nine-time PBA MVP Mr. Fajardo.

-

Now, Mr. Cone has an equally if not better arsenal made up of PBA superstars and Filipino imports from the Japan B.League and Korean Basketball League who mainly competes in FIBA-sanctioned tournaments and is currently preparing for the 2026 Asian Games in Nagoya, Japan and the ongoing 2027 FIBA World Cup Asian Qualifiers.

-

Standing tall for Gilas’ main team are Messrs. Brownlee, Fajardo, Sotto, Edu, Millora-Brown, Malonzo, Scottie Thompson, CJ Perez, Kevin Quiambao, Carl Tamayo, Chris Newsome and Calvin Oftana along with additions Juan Gomez de Liaño, Troy Rosario and RJ Abarrientos.

-

And that’s what made the SEAG gold medal run of Mr. Black’s wards way sweeter, still retaining the pride and glory of the country in spite of a hastily-formed squad with little to no preparation and chemistry that still played their hearts out with resilience via comeback win in each and every game.

-

“They did a great job of fighting. I think everybody forgets how great a coach Norman (Black) is. The guy’s a championship coach. I had no doubts. I know other people did, but I had no doubts. I’ve been against him so many times,” said Mr. Cone.

-

“I’m really happy for him that he has that chance to remind everybody of how good a coach he is. And not only is he a great coach, he’s a great person. And he really loves his adopted country. And he’ll do anything for it. So, kudos for him. I’m really proud that he’s a friend of mine and that he was able to do that.” — John Bryan Ulanday

+ + By Alexandria Grace C. Magno

+

THE Securities and Exchange Commission (SEC) has mandated publicly listed companies (PLCs) and large non-listed entities (LNLs) to adopt Philippine Financial Reporting Standards (PFRS) S1 and S2 for sustainability disclosures, with phased implementation starting in fiscal year 2026.

+

Memorandum Circular (MC) No. 16, Series of 2025, provides guidelines for sustainability reporting and a roadmap for PLCs and LNLs to implement the new standards.

+

Beginning 2026, covered entities must follow PFRS S1, General Requirements for Disclosure of Sustainability-related Financial Information, and PFRS S2, Climate-related Disclosures, in a tiered approach based on market capitalization or annual revenue.

+

Tier 1 covers PLCs with market capitalization over P50 billion as of Dec. 31, 2025, with reporting starting in 2027. Tier 2 includes PLCs with market capitalization from P3 billion to P50 billion, with reporting starting in 2028.

+

Tier 3 comprises PLCs with market capitalization of P3 billion or less and LNLs with annual revenue exceeding P15 billion, with reporting starting in 2029.

+

“Market capitalization shall refer to the market value of a PLC’s outstanding equity securities, calculated as the total number of outstanding shares multiplied by their respective closing or last traded prices as of 31 December 2025,” the SEC said. Companies listed after Dec. 31, 2025, will base capitalization on the listing date.

+

MC No. 16 also provides transition reliefs, including delayed reporting timelines, exemptions from comparative disclosures, and phased mandatory limited assurance on Scope 1 and 2 greenhouse gas emissions.

+

LNLs are exempt if their parent company already prepares sustainability disclosures in the Philippines.

+

In a separate move, the SEC issued MC No. 15, Series of 2025, imposing stricter rules on beneficial ownership (BO) disclosure.

+

The rules aim to “reduce the risk of corporate entities being misused for illicit activities,” SEC Chairperson Francis Ed. Lim said.

+

The circular requires domestic and foreign corporations, partnerships, and one-person corporations to disclose detailed information on natural persons who own or control at least 20% of the entity or otherwise influence its affairs.

+

Companies must maintain accurate records, including names, addresses, tax identification numbers, nationalities, and ownership percentages.

+

A dedicated web-based BO registry will replace the current GIS system, and annual attestation of prior submissions will be required unless changes occur. Failure to disclose BO information will result in fines, which vary depending on retained earnings or fund balance, and may include disqualification of responsible officers. False information can incur fines of up to P2 million and may lead to corporate dissolution.

+

The new rules will take effect on Jan. 1, 2026.

+

This regulatory overhaul aims to improve corporate transparency, align sustainability reporting with global standards, and streamline beneficial ownership disclosures for better regulatory oversight, the SEC said.

]]> - https://www.bworldonline.com/wp-content/uploads/2021/04/sports-basketball-default-300x169.jpg + https://www.bworldonline.com/wp-content/uploads/2023/03/SEC-HEADQUARTERS-300x176.jpg - GCash rolls out Virtual US Account for efficient cross-border payments - https://www.bworldonline.com/spotlight/2025/12/22/720376/gcash-rolls-out-virtual-us-account-for-efficient-cross-border-payments/ + The new rules on extradition: Streamlining international cooperation while safeguarding due process + https://www.bworldonline.com/opinion/2025/12/24/720704/the-new-rules-on-extradition-streamlining-international-cooperation-while-safeguarding-due-process/ - Mon, 22 Dec 2025 08:10:25 +0000 - - - - - https://www.bworldonline.com/?p=720376 + Tue, 23 Dec 2025 16:01:58 +0000 + + + + https://www.bworldonline.com/?p=720704 - - The Philippines’ leading finance app, GCash, rolled out its Virtual US Account, a new service that allows Filipinos to receive US Dollar (USD) payments and remittances directly into their GCash e-wallets without needing a US-based bank account.

-

The update reflects the company’s continuing evolution from a super-app for financial technology and everyday life services into a wide-reaching financial ecosystem designed to adapt to global shifts in work, money movement, and digital livelihoods.

-

Support for the freelancer community and beyond

-

In alignment with Department of Information and Communications Technology’s (DICT) digital work and freelancer empowerment initiatives, the latest product of GCash addresses the growing demographic of Filipinos earning beyond national borders in the widening global gig economy: For freelancers working with US-based clients, overseas Filipino workers (OFWs) sending money to loved ones back home, and Filipinos who rely on international remittances, the feature eliminates frictions.

-

Freelancers, in particular, have long struggled with high platform fees and waiting periods before their earnings can finally reach their accounts.

-

For Filipino freelancer Louise Jen Manalo, the means to acquire their resources and income as freelancers should be borderless.

-

“I believe that the Filipino freelancing is still fairly new, so that also means lack of available resources online,” she observed.

-

“Hopefully, in the future, [there are] more technology innovations for us freelancers, so it will be easier to pay taxes, get service payments from clients, and know where to put your money,” she added.

-

Dana Krystelle Novales, another Filipino freelancer, shares the same sentiment: “If you have convenience, you are confident in sending invoices. You’re confident in pricing yourself and valuing yourself.”

-

Addressing these needs among freelancers, this newest feature allows freelancers to receive USD real-time payments directly from international clients and enable immediate conversion into Philippine Peso.

-

The service provides users with a US Automated Clearing House (ACH) and wire routing number, enabling direct receipt of USD. Such a feature was accessible only through foreign banks, expensive third-party platforms, or time-consuming remittance channels.

-

The financial flexibility GCash Virtual US Account provides can translate into more meaningful savings and higher retained income for freelancers.

-

Secure payments anywhere

-

As more Filipinos transact globally, trust and safety remain foundational to driving adoption. With its new offering for cross border transactions, GCash assures users of utmost effort when it comes to account safety.

-

Paul Albano, General Manager for GCash International, takes pride in their security-first principles.

-

“Trust and security are at the forefront of all our initiatives and innovations in GCash,” he said. “We continuously work with our regulators (the Bangko Sentral ng Pilipinas) to make sure our protocols and technology is world-class.”

-

Mr. Albano also acknowledges that secure payments are the top concern among freelancers.

-

“[Freelancers] are really on their own; they’re here to fend for themselves,” he shared. “I want to let them know that GCash is their partner. They’re not on their own as far as financial inclusion and progress is concerned. We will continuously work on expanding the financial solutions that we offer.”

-

The GCash Virtual US Account is powered by global payments network Meridian Payments  US. It is also protected by the same cybersecurity infrastructure that supports GCash’s broader system, including multi-factor authentication, real-time fraud monitoring, AI-driven anomaly detection, and encryption to safeguard personal and financial data.

-

Users receiving payments from abroad go through the same verification and security checkpoints as domestic transactions, ensuring that the convenience of dollar transfers does not come at the expense of our user protection.

-

A start for serving global Filipinos

-

The GCash Virtual US Account, for Mr. Albano, is just the start for serving Filipino professionals and consumers around the globe.

-

“GCash Virtual US Account is just the start, and we want to expand that further to best service their needs,” he said.

-

With Filipino workers all around the globe, GCash anticipates working on other currencies, like Euro, to bridge swift financial transactions.

-

Over the past years, the platform expanded into payment, lending, insurance, investments, and lifestyle services. Adding a cross-border payment layer is a strategic advancement that integrates global earnings into the domestic ecosystem.

-

GCash Virtual US Account signals a major step in democratizing access to global earnings for Filipinos. By providing a simple, swift, and more affordable way to receive USD payments, the platform is reducing long-standing barriers tied to offshore banking and remittance transfers.

-

As the Filipino workforce becomes increasingly global — from creative freelancers to professional OFWs — this new feature could redefine how overseas earnings are received, managed, and reinvested in the local economy.

+ + On April 8, the Supreme Court of the Philippines approved the Rules on Extradition Proceedings through A.M. No. 22-03-29-SC, marking a major procedural reform on how the country handles extradition cases. Effective Nov. 10, the Rules were promulgated to make extradition proceedings consistent, clear, and efficient. They cover all proceedings related to extradition, including applications for warrants of arrest, hold departure orders, and applications for bail. This codification reflects the judiciary’s commitment to harmonizing international obligations with domestic due process requirements.

+

CLEARER, MORE COHERENT FRAMEWORK
+The Rules provide clarity on the scope and nature of extradition proceedings. Under Rule 1, Section 2, it applies to “all proceedings related to Extradition, including applications for warrants of arrest or hold departure orders, whether provisional and precautionary or otherwise, and applications for bail.”

+

Extradition is a process to remove a person from the Philippines to a foreign state to face prosecution or serve a sentence. Rule 1, Section 6 underscores that extradition proceedings are sui generis and summary in nature, clarifying that courts do not adjudicate guilt or innocence.

+

The Rules also delineate the roles of key authorities. The Central Authority, under Rule 1, Sec. 3(a) is the Secretary of Justice or a designated State Counsel who manages all requests for extradition before the courts and represents the requesting state. The Executive Authority, under Rule 1, Sec. 3(c), is the Secretary of Foreign Affairs or an authorized official who determines whether the extradition request meets legal and treaty requirements before forwarding it to the Central Authority.

+

EXTRADITABLE OFFENSES, PRINCIPLE OF DUAL CRIMINALITY
+The Rules define an extraditable offense as one “punishable under the laws of both the Philippines and the requesting state by imprisonment or other deprivation of liberty” (Sec. 4, Rule 1). Complementing this, Sec. 5, Rule 1 provides the principle of dual criminality, which holds that the offense need not bear the same name or classification in both jurisdictions, provided the underlying conduct is criminal in both states. This echoes the principle in Government of Hongkong Special Administrative Region v. Muñoz1 where the Supreme Court ruled that under the double criminality rule, the extraditable offense must be criminal under the laws of both the requesting and the requested states.

+

Extradition proceedings formally commence with a verified petition filed by the Central Authority before the designated Extradition Court (Rule 2, Sec. 1). This court, a second-level trial court where the extraditee resides, retains jurisdiction throughout the case, even if the person moves to another locality.

+

The Rules strictly limit pleadings to the petition, answer, and bail-related filings. As stated in Rule 2, Sec. 11, motions for reconsideration, certiorari, or new trial are prohibited, thereby preventing dilatory tactics and promoting the summary nature of extradition proceedings. Hearings are designed to be swift and courts are required to decide within 30 days from the date the last witness is presented.

+

STANDARDS FOR WARRANT OF ARREST, BAIL
+Before issuing an extradition warrant, the Extradition Court conducts an ex parte review to ensure that the petition is sufficient in form and substance and that probable cause exists. Probable cause is defined as “the existence of such facts and circumstances that would lead a reasonably discreet and prudent person to believe that the person sought to be arrested is extraditable” (Rule 2, Sec. 4). Once satisfied, the court issues an Extradition Warrant of Arrest.

+

The Rules establish a clear standard for bail. Under Rule 3, Sec. 1, bail may only be granted if the extraditee proves by clear and convincing evidence that they are not a flight risk and will abide by all the orders and processes of the Extradition Court. Bail is categorically denied to extraditees sought for the service of a sentence for a prior conviction in the requesting state or who have been convicted but not yet sentenced by the requesting state. This standard, previously articulated in Government of the United States v. Purganan2, is now formally included in the Rules.

+

For urgent cases, provisional arrest is also recognized (Rule 4, Sec. 1), allowing the Department of Justice to act while the requesting state completes formal documentation. The requesting state must then file with the Executive Authority the complete request within 60 days from the provisional arrest of the extraditee, or the extraditee must be released.

+

JUDGMENT, APPEAL, AND FINALITY
+Once the Extradition Court finds a prima facie case, the petition is granted. Rule 2, Sec. 15 enumerates the criteria for granting extradition:

+

1. The petition complies with the law and the applicable Extradition treaty;

+

2. The Extraditee is the same person identified in the warrant of arrest, indictment, or judgment issued by the Requesting State;

+

3. The offense is an extraditable offense;

+

4. The Extraditee committed the offense subject of the warrant of arrest, indictment, or judgment issued by the Requesting State; and,

+

5. None of the grounds for mandatory refusal of Extradition under the applicable Extradition Treaty or international law and conventions raised by the Extraditee exists.

+

Either party may appeal to the Court of Appeals within 10 calendar days. The appellate decision is final and immediately executory (Rule 2, Sec. 18).

+

VOLUNTARY AND TEMPORARY SURRENDER
+The Rules also introduce voluntary surrender. Under Rule 5, Sec. 1, the extraditee may waive formal proceedings via a notarized affidavit, executed with the assistance of counsel. Once the court confirms the waiver is knowing and voluntary, it issues an order directing surrender and terminating any pending proceedings.

+

Additionally, temporary surrender is provided for under Rule 2, Sec. 17, allowing the extradition to be postponed when domestic prosecutions are pending.

+

Significantly, the Rules apply to all pending extradition proceedings, including ongoing applications for warrants, hold departure orders, or bail (Rule 6, Sec. 4). This ensures that even in-flight cases conform to the streamlined procedures.

+

BALANCING EFFICIENCY, DUE PROCESS
+The Rules on Extradition Proceedings represent a landmark reform in Philippine procedural law. By putting together jurisprudential standards on extradition, streamlining procedures, and institutionalizing inter-agency coordination, the Rules provide a standard and efficient framework for responding to lawful extradition requests.

+

In a world of increasingly cross-border crimes, these Rules signal that the Philippines is capable of balancing sovereignty, international cooperation, and constitutional due process. Success will be measured not only by procedural efficiency but also by the fidelity with which the judiciary protects liberty while honoring global obligations.

+

1G.R. No. 207342, Aug. 16, 2016.

+

2G.R. No. 148571, Sept. 24, 2002.

+

The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes only and is not offered as and does not constitute legal advice or legal opinion.

 

-
-

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.

-

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.

+

Mia Alexis A. Adarna is an associate of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW), Cebu Branch.

+

maadarna@accralaw.com

]]> - https://www.bworldonline.com/wp-content/uploads/2025/12/C-OL-300x210.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/close-up-with-handcuffs-books-300x300.jpg - Built to last 50 years: The Filipino pipes and fittings manufacturer setting new standards - https://www.bworldonline.com/spotlight/2025/12/22/720366/built-to-last-50-years-the-filipino-pipes-and-fittings-manufacturer-setting-new-standards/ + Arthaland, Mitsui Fudosan unit partner on Makati luxury condo project + https://www.bworldonline.com/corporate/2025/12/24/720779/arthaland-mitsui-fudosan-unit-partner-on-makati-luxury-condo-project/ - Mon, 22 Dec 2025 07:00:09 +0000 - - - - - https://www.bworldonline.com/?p=720366 + Tue, 23 Dec 2025 16:01:44 +0000 + + + https://www.bworldonline.com/?p=720779 - - MIE Oro Plast Corporation, a proudly Filipino-owned manufacturer, continues to raise the bar in the local piping industry with its patented NLC™ Plastic Compression Fittings, a product line engineered for long-term reliability, ease of use, and consistent performance in demanding environments.

-

Designed and manufactured exclusively by MIE, NLC™ (Non-Loose Component) Plastic Compression Fittings are built to deliver secure, leak-proof connections without the need for tools or complicated installation. Each fitting is made from premium Polypropylene (PP), allowing it to withstand high water pressure, resist chemical corrosion, and maintain durability even when installed underground or exposed to direct sunlight and UV radiation.

-

What sets NLC™ fittings apart is their non-loose component design, which minimizes installation errors and ensures dependable water flow over time. With universal shapes and standard nominal sizes, these fittings are highly adaptable for residential, commercial, and institutional applications. Whether for new installations or quick repair and repiping needs, NLC™ fittings offer a practical solution that saves time, labor, and effort on-site.

-

MIE Oro Plast Corporation is also the sole local manufacturer of plastic compression-type fittings in the Philippines, making NLC™ fittings a uniquely Filipino innovation. Engineered to last up to 50 years, they provide long-term value while being approximately 40% more cost-efficient than brass fittings, which are prone to corrosion in the country’s humid climate.

-

Although pipes and fittings often remain unseen, their role is essential in everyday life. From commercial buildings and hospitals to hotels and large-scale developments, MIE’s products quietly ensure safe and reliable water distribution across critical infrastructures nationwide.

-

Located in Metro Manila with a branch in Cagayan de Oro serving Visayas and Mindanao, MIE Oro Plast Corporation efficiently supports the country’s growing construction and utilities sector.

-

With its patented NLC™ Plastic Compression Fittings and commitment to quality manufacturing, MIE Oro Plast Corporation continues to set new standards in pipes and fittings, proving that Filipino-made engineering solutions are truly Built to Last.

-

For orders and inquiries, visit the MIE Oro Plast Corporation website or connect through their Facebook and Instagram pages.

-

 

-
-

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.

-

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.

+ + LISTED property developer Arthaland Corp. has signed a joint venture agreement (JVA) with its subsidiary Zileya Land Development Corp. (Zileya) and SEAI Metro Manila One, Inc. (SEAIMMO) to develop a condominium project in Makati City.

+

In a stock exchange disclosure on Tuesday, Arthaland said the JVA and investment agreement cover the development, construction, and sale of a residential condominium along Arnaiz Avenue, Legaspi Village, Makati City.

+

Under the agreement, SEAIMMO will acquire Arthaland’s rights, title, and interest in 40% of its shareholdings and advances to Zileya, the project company, for P724.83 million.

+

The amount is subject to the fulfillment of closing conditions specified in the definitive agreements, the company said.

+

SEAIMMO is a wholly owned subsidiary of Mitsui Fudosan Co., Ltd., a Japanese real estate developer listed on the Tokyo Stock Exchange. — Beatriz Marie D. Cruz

]]> - https://www.bworldonline.com/wp-content/uploads/2025/12/MIE-for-OL-300x128.jpg + https://www.bworldonline.com/wp-content/uploads/2024/10/SOM-Arthaland-Century-Pacific-Tower-1-300x200.jpg - Fair weather, no storms expected during Christmas, says PAGASA - https://www.bworldonline.com/the-nation/2025/12/22/720363/fair-weather-no-storms-expected-during-christmas-says-pagasa/ + Printing provider widens service scope for small businesses + https://www.bworldonline.com/bw-launchpad/2025/12/24/720689/printing-provider-widens-service-scope-for-small-businesses/ - Mon, 22 Dec 2025 05:39:30 +0000 - + Tue, 23 Dec 2025 16:01:26 +0000 + + - https://www.bworldonline.com/?p=720363 + https://www.bworldonline.com/?p=720689 - - Generally fair weather is expected in most parts of the country during Christmas Eve and Christmas Day according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) on Monday.

-

PAGASA Weather Specialist Daniel James E. Villamil said weather conditions are expected to improve over the Visayas starting Tuesday, as rains induced by easterlies are likely to decrease.

-

He added that during the same period, the effects of other prevailing weather systems, such as the northeast monsoon and the shear line, are also expected to weaken.

-

Then from Wednesday to Thursday, rain showers are expected to further decrease, with only occasional afternoon or evening rains.

-

“Generally sa araw po ng Pasko at bisperas ng Pasko ay generally fair weather ang ating mararanasan sa malaking bahagi ng bansa [Generally, on Christmas Day and Christmas Eve, fair weather will be experienced in a large part of the country],” Mr. Villamil said during PAGASA’s early morning weather outlook.

-

He added that no tropical cyclones are expected during the upcoming Christmas celebration, as no low-pressure area is threatening the country within the forecast period.

-

However, some parts of the country, particularly eastern sections of Luzon, may still experience rains due to the combined effects of the shear line and easterlies.

-

Shear line to affect Luzon

-

Before the Christmas festivities, large parts of Luzon and other areas are likely to be affected by the combined effects of the shear line, northeast monsoon, and easterlies from Monday to Tuesday, PAGASA said.

-

In a 24-hour forecast released at 4:00 a.m., PAGASA said cloudy skies with scattered rains and isolated thunderstorms due to the shear line are expected to affect areas of Isabela, Quirino, Nueva Vizcaya, Kalinga, Mountain Province, and Ifugao.

-

The shear line is also expected to affect Aurora, Nueva Ecija, Bulacan, and Quezon Province.

-

It will also be in effect over Metro Manila and the rest of Central Luzon, causing partly cloudy to cloudy skies with rain showers or thunderstorms.

-

Meanwhile, easterlies are likely to affect the Visayas, MIMAROPA, Bicol Region, Dinagat Islands, and Surigao del Norte, bringing cloudy skies with rains.

-

The Ilocos Region may be affected by the northeast monsoon, while other parts of the country will continue to experience the effects of easterlies.

-

PAGASA cautioned residents in affected areas, except for the Ilocos Region, that flash floods and landslides may occur, especially during heavy rains. — Edg Adrian A. Eva

+ + PRINTING AND SIGNAGE FIRM BesCost Printing said it is expanding its services for small and medium enterprises (SMEs) by offering integrated, end-to-end printing solutions.

+

The company said the expanded offering aims to address common operational challenges faced by small businesses, including unclear pricing, slow quotations, and the need to coordinate with multiple suppliers.

+

“Most small businesses do not struggle because of a lack of ideas or effort,” Jim Lester T. Besinio, chief executive officer and founder of BesCost Printing, said in a statement. “They struggle because simple things like getting signage, menus, or marketing materials done on time become complicated.”

+

Mr. Besinio said the company was built to remove these operational bottlenecks so entrepreneurs can focus on running and growing their businesses.

+

BesCost Printing offers an integrated model that combines digital printing, large-format signage, fabrication, delivery, and installation. The company said this setup allows SMEs to complete printing requirements through a single provider.

+

To improve transparency, customers can estimate service costs through the company’s website using a digital print service calculator, after which orders can be placed online.

+

Since its establishment in 2015, BesCost Printing said it has completed more than 8,000 projects.

+

The company started operations with an initial investment of P1 million and a 14-square-meter facility along Quirino Highway in Baesa, Quezon City, employing fewer than 10 workers.

+

It has since expanded to a 500-square-meter production facility and employs at least 36 workers as of September, the company said.

+

BesCost Printing said it plans to continue supporting SMEs through practical services, noting that small businesses remain a key contributor to the Philippine economy.

+

“Our role is not just to print,” Mr. Besinio said. “It is to support the people behind the businesses. When our clients grow, that is when we know we are doing our job right.” — Edg Adrian A. Eva

]]> - https://www.bworldonline.com/wp-content/uploads/2025/12/simbang-gabi-300x200.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/Printing-industry-illustrated-flat-design-300x200.jpg - ArenaPlus Sportsbook expands player rewards in first-ever VIP Nights - https://www.bworldonline.com/spotlight/2025/12/22/720353/arenaplus-sportsbook-expands-player-rewards-in-first-ever-vip-nights/ + PDIC partners with OGCC for special legal services to boost depositor protection + https://www.bworldonline.com/banking-finance/2025/12/24/720718/pdic-partners-with-ogcc-for-special-legal-services-to-boost-depositor-protection/ - Mon, 22 Dec 2025 04:30:56 +0000 - - - - - - https://www.bworldonline.com/?p=720353 + Tue, 23 Dec 2025 16:01:13 +0000 + + + https://www.bworldonline.com/?p=720718 - - ArenaPlus — the flagship sportsbook platform of DigiPlus Interactive Corp., the country’s pioneer and leader in digital entertainment — gathered its most loyal players last week for its first-ever back-to-back appreciation events in Pasay City, reinforcing the brand’s commitment to creating a safe, rewarding, and player-first gaming experience.

-

The revelries kicked off with the Champions VIP Circle Night on Dec. 12 at the Chairman’s Lounge in Okada Manila in Entertainment City, where top-tier players were welcomed to a curated evening of premium hospitality and direct engagement with the ArenaPlus leadership team.

-

The following night, Dec. 13, the Champions Prime Circle Night at the neighboring Solaire’s Baccarat Room brought together a community of high-engagement ArenaPlus users whose habits and insights continue to shape the platform’s ongoing features and rewards development.

-
Erick Su (right), CEO of ArenaPlus, toasting the gathered elite players for Champions VIP Circle Night
-

“We are the biggest sportsbook in the Philippines and we try to dedicate ourselves to bringing you the best experience,” said ArenaPlus Head Erick Su. “Im really proud that you’ve joined us and we will dedicate ourselves to provide you more this (coming) year.”

-

“We will have a fresh new loyalty system in the next year, and we will give you more privilege — to have access to exclusive events… all the sports tickets,” Su went on.

-

These gatherings highlighted ArenaPlus’ latest enhancements, with upgrades designed to reward loyalty, deepen engagement  and offer a personalized entertainment journey.

-

Alongside upgrades, ArenaPlus also announced strengthened responsible gaming measures. New tools now include customizable deposit limits, play-time reminders, self-exclusion features, and access to 24/7 customer support. These enhancements reflect the brand’s position that responsible gaming is integral to its identity and its long-term relationship with players.

-
Nina left spirits high as she came out to sing for the attendees of Champions VIP Circle Night.
-

Asia’s Diamond Soul Siren Nina performed her own hits and soulful covers before the Okada crowd, while popstar Joey G kept the energy high for the Solaire guests with his dynamic renditions of well-loved chart-toppers. Both nights featured a sumptuous spread, free-flowing drinks, and a lively game-floor atmosphere that also saw two major raffle winners walking away with trips to the United States and Japan.

-
Joey G serenaded the players in attendance for Champions Prime Circle Night.
-

“All this really shows that ArenaPlus really cares about their players,” said the VIP Circle winner from Manila, who will also get the chance to meet ArenaPlus ambassador and former NBA Most Valuable Player Derrick Rose.

-

“I also have to think carefully about what shoe I’ll have D-Rose sign on,” the 35-year-old, who has been playing on the platform for two years, added with a chuckle.

-
ArenaPlus Marketing Manager Hannah Bagui capped off the twin thanksgiving nights on Saturday with more prizes ranging from luxury fashion vouchers to substantial ArenaPlus gaming credits.
-

ArenaPlus Marketing Manager Hannah Bagui capped off the twin thanksgiving nights on Saturday with more prizes ranging from luxury fashion vouchers to substantial ArenaPlus gaming credits.

-

“Tonight is our way of saying thank you. You set the standard for ArenaPlus — your expectations keep us sharp, and your loyalty drives us to deliver faster, better, and with greater intention,” Ms. Bagui told the guests.

-

As the brand moves into 2026, ArenaPlus is gearing up to roll out even more initiatives tailored to the needs and preferences of its diverse user base, ensuring a kind of gaming that is secure, engaged, and most importantly, responsible.

-

“We will expand in the coming new year where you’d continue your engagement and stay with us. And in return, we will give you more and bring you more value. So, everybody, Merry Christmas and Happy New Year!” said Mr. Su.

-

 

-
-

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.

-

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.

+ + THE Philippine Deposit Insurance Corp. (PDIC) has partnered with the Office of the Government Corporate Counsel (OGCC) as it looks to boost depositor protection.

+

PDIC and OGCC on Dec. 16 signed a memorandum of agreement (MoA) to strengthen their collaboration. Under the partnership, the OGCC will provide special legal services to PDIC.

+

“Under the MoA, the OGCC will assign a dedicated legal team to provide legal assistance and representation to the PDIC,” the state deposit insurer said in a statement.

+

“Its services will include, among others, the enforcement of the Corporation’s rights, representation in mediation and arbitration proceedings, advisory on regulatory compliance and major procurement projects, legal risks assessments, conduct of preliminary and formal investigations in administrative cases, and the preparation and filing of foreclosure petitions.”

+

PDIC President and Chief Executive Officer Roberto B. Tan and Government Corporate Counsel Solomon M. Hermosura both said that their partnership will help strengthen confidence in the Philippine banking system by ensuring the safety of the depositing public. — Aubrey Rose A. Inosante

]]> - https://www.bworldonline.com/wp-content/uploads/2025/12/Photo-1-OL-4-288x300.jpg + https://www.bworldonline.com/wp-content/uploads/2021/08/PDIC-logo-300x169.jpg - BoP deficit sharply narrows in Nov. - https://www.bworldonline.com/top-stories/2025/12/22/720256/bop-deficit-sharply-narrows-in-nov/ + Philippines climbs in AI readiness, outpaces global and regional averages + https://www.bworldonline.com/infographics/2025/12/24/720774/philippines-climbs-in-ai-readiness-outpaces-global-and-regional-averages/ - Sun, 21 Dec 2025 16:34:43 +0000 - - - - - https://www.bworldonline.com/?p=720256 + Tue, 23 Dec 2025 16:00:07 +0000 + + + https://www.bworldonline.com/?p=720774 - - By Katherine K. Chan

-

THE Philippines’ balance of payments (BoP) deficit sharply narrowed in November amid higher remittance inflows during the holidays, the Bangko Sentral ng Pilipinas (BSP) reported late Friday.

-

Preliminary central bank data showed the BoP deficit stood at $225 million in November, sharply narrowing from the $2.276-billion gap seen in the same month last year.

-

“The Philippines’ balance of payments registered a modest deficit of $225 million in November 2025,” the central bank said in a statement.

-

Month on month, the BoP position swung to a deficit from the $706-million surplus posted in October.

-

November marked the first time in four months that the country’s BoP position fell to a deficit or since the $167-million gap in July.

-

BoP refers to the country’s economic transactions with other nations. A surplus indicates more funds entered the country, while a deficit shows that the country spent more than it received.

-

John Paolo R. Rivera, senior research fellow at the Philippine Institute for Development Studies, attributed the BoP deficit in November to increased import demand amid the holiday season, as well as debt repayments and portfolio outflows.

-

“While this snapped a short surplus streak, it does not signal a structural shift as remittances and services exports remain supportive,” he said via Viber.

-

In the January-to-November period, the country’s BoP position swung to a $4.834-billion deficit, from the $2.117-billion surfeit a year ago.

-

Robert Dan J. Roces, an economist at SM Investments Corp., said the country’s BoP cumulative deficit widened as “imports and financial outflows arrived earlier and faster than exports and inflows.” 

-

This, he noted, does not indicate a weakening of the country’s external buffers.   

-

“While November’s sharp narrowing was helped by seasonal remittance inflows, portfolio adjustments, and some easing in import payments, the year-to-date gap was driven by earlier front-loaded imports of capital goods and energy, a weaker trade balance amid softer global demand, and episodic portfolio outflows during periods of higher US yields and FX (foreign exchange) volatility,” Mr. Roces added in a Viber message.

-

In the months ahead, Mr. Rivera said reduced seasonal imports and better global financial conditions may help stabilize the country’s BoP.

-

“BoP may stay volatile in the near term, but should stabilize as seasonal imports ease and if global financial conditions remain favorable; sustained improvement will depend on stronger investment inflows and steady export performance,” he said.

-

The central bank expects the overall BoP position to end at a $6.9-billion deficit or -1.4% of the country’s gross domestic product by yearend.

-

MORE DOLLAR RESERVES
-Meanwhile, the country’s gross international reserves (GIR) rose to $111.3 billion in the 11-month period from $110.2 billion the previous month.

-

As of end-November, the level of dollar reserves translated to 7.4 months’ worth of imports of goods and payments of services and primary income, exceeding the three-month standard.

-

“Specifically, the latest GIR level ensures availability of foreign exchange to meet balance of payments financing needs, such as for payment of imports and debt service, in extreme conditions when there are no export earnings or foreign loans,” the BSP said. 

-

It also covers around 4.0 times the country’s short-term external debt based on residual maturity.

-

GIR comprises foreign-denominated securities, foreign exchange, and other assets such as gold. It enables a country to finance imports and foreign debts, maintain the stability of its currency, and safeguard itself against global economic disruptions.

-

The central bank expects GIR to settle at $105 billion this year.

+ + THE PHILIPPINES climbed seven spots in the Government AI Readiness Index by Oxford Insights but scored low in securing artificial intelligence (AI) infrastructure and resilience. Read the full story.

+

]]> - https://www.bworldonline.com/wp-content/uploads/2021/11/2017-04-27T213710Z_945112154_RC13857B23D0_RTRMADP_3_GLOBAL-MARKETS-300x228.jpg + https://www.bworldonline.com/wp-content/uploads/2025/12/251224AI-Readiness-thumb-300x169.jpg - Corruption issues may dampen gov’t spending until first half of 2026 - https://www.bworldonline.com/top-stories/2025/12/22/720255/corruption-issues-may-dampen-govt-spending-until-first-half-of-2026/ + How PSEi member stocks performed — December 23, 2025 + https://www.bworldonline.com/corporate/2025/12/24/720773/how-psei-member-stocks-performed-december-23-2025/ - Sun, 21 Dec 2025 16:33:43 +0000 - - - - - https://www.bworldonline.com/?p=720255 + Tue, 23 Dec 2025 16:00:06 +0000 + + + https://www.bworldonline.com/?p=720773 - - GOVERNMENT spending will likely remain slow until the first half of 2026 as governance issues linger, dragging economic growth below target until 2027, ANZ Research said.

-

“Public infrastructure spending is unlikely to rebound until governance issues are resolved, probably in the second half of 2026,” ANZ Research economist Arindam Chakraborty said in the think tank’s Asia Economic Outlook for the first quarter of 2026.

-

The country’s gross domestic product (GDP) growth slumped to 4% in the third quarter after a wide-scale corruption in public infrastructure projects dampened government spending and household consumption.

-

This was the slowest growth seen in over four years or since the 3.8% contraction in the first quarter of 2021, during the height of the coronavirus disease 2019 (COVID-19) pandemic.

-

As of September, GDP growth averaged 5%, below the government’s 5.5-6.5% target.    

-

“The primary drag came from a contractionary fiscal stance arising from governance failures in public infrastructure projects,” Mr. Chakraborty said. “This change in fiscal stance has not only disrupted capital formation but also weighed heavily on sentiment, with businesses reluctant to commit new funds and households deferring discretionary spending.”

-

Government spending fell for a third straight month in October to P430.6 billion, down 7.76% from the P466.8-billion expenditure recorded a year ago.

-

Meanwhile, household consumption slowed down in the third quarter, growing by 4.1% from 5.3% in the previous quarter and 5.2% a year earlier, as the corruption scandal weighed on consumer sentiment.

-

ANZ sees the Philippine economy expanding by 4.8% this year, before gradually picking up to 5% in 2026 and 5.6% in 2027.

-

If all three projections hold true, the Philippines will miss its growth targets until 2027 or for five years in a row.

-

The government targets 6-7% GDP growth from 2026 until 2028.

-

Despite this, ANZ expects the Bangko Sentral ng Pilipinas (BSP) to end its current easing cycle with one final 25-basis-point (bp) cut in the first quarter of next year.

-

“We maintain our forecast for one additional 25-bp cut in Q1 2026, as economic momentum is expected to remain weak at least until the second half of next year,” Mr. Chakraborty said.

-

The Monetary Board capped off the year with a fifth straight 25-bp reduction at its December policy meeting, bringing the benchmark interest rate to an over three-year low of 4.5%. It has so far lowered key borrowing costs by a cumulative 200 bps since August 2024.

-

BSP Governor Eli M. Remolona, Jr. has said that they could deliver another 25-bp cut next year that would likely end the current easing cycle, depending on economic data.

-

The Monetary Board will hold its first meeting of 2026 in February.

-

Meanwhile, Mr. Chakraborty said increased remittance inflows amid the holidays failed to significantly prop up the peso, noting that the local unit may face more pressures as the remittance season nears its end.

-

The peso recently hit a fresh low of P59.22 against the greenback on Dec. 9, surpassing the previous record of P59.17 logged on Nov. 12.

-

The ANZ economist added that they expect the peso to further weaken to the P60-a-dollar level by end-March next year amid persisting domestic pressures.

-

“We expect the currency to depreciate to 60 against the USD (US dollar) by the end of Q1 2026 before staging a gradual recovery through the remainder of the year,” he said. “Prolonged economic weakness and a deeper-than-expected BSP rate-cut cycle represent key downside risks to PHP’s (Philippine peso’s) trajectory.” — Katherine K. Chan

+ + Here’s a quick glance at how PSEi stocks fared on Tuesday, December 23, 2025.

+

+
+

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