BusinessMirror December 22, 2025

Peso seen at ₧60:US$1 by Q1’s end T

HE Philippine peso is likely to weaken to P60 per dollar by the end of the first quarter of 2026, as slowing economic growth and weak investor confidence outweigh support from easing inflation and steady remittance inflows, according to ANZ Research.

In its Asia Economic Outlook Q1 2026, ANZ Research economist Arindam Chakraborty said depreciation pressures will rise as the remittance season comes to an end, as underlying fundamentals remained “unfavorable.”

The peso has weakened past P59 per US dollar in October due to a weak growth outlook and de-

WORLD » A6

RUSSIAN MISSILE STRIKE KILLS 8 IN ODESA AS TRUMP ADMINISTRATION CONVENES PEACE TALKS IN FLORIDA

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion

teriorating investor sentiment, Chakraborty noted, and failed to register notable gains during the peak remittance season this year.

While a gradual recovery is seen over the remainder of 2026, “prolonged economic weakness and a deeper-than-expected BSP rate-cut cycle represent key downside risks to the PHP’s trajectory,” Chakraborty said.

Although the current account deficit is also projected to narrow in 2026, Chakraborty said it will continue to exert a “significant drag” on the local currency.

ANZ attributed the peso’s vulnerability largely to a dimming growth outlook, as it forecasts

the country’s economic growth to slow to 5.0 percent in 2026—below the government’s 6 to 7 percent medium-term target.

“The slowdown in domestic investment will keep new employment and wage growth subdued,” Chakraborty said. “Moreover, with household savings low, stagnating income growth will constrain consumption in the coming quarters.”

With weak domestic demand, along with stable global commodity prices, inflationary pressures will be contained, Chakraborty added.

As such, ANZ Research revised its 2026 inflation forecast lower to

2.4 percent from 3.0 percent.

Despite inflation remaining subdued, Chakraborty said the real policy rate remains elevated.

Citing the Bangko Sentral ng Pilipinas (BSP), growth headwinds stemming from governance issues in public infrastructure projects are the main reasons for the continued easing.

ANZ Research expects the BSP to deliver one additional 25-basispoint rate cut in the first quarter of 2026, as economic momentum is likely to remain weak at least until the second half of next year.

The BSP has signaled that the monetary easing cycle is nearing See “Peso,” A2

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

END TO SURPLUS: NOV BOP POSTS $225-M GAP www.businessmirror.com.ph

T

n

Monday, December 22, 2025 Vol. 21 No. 75

P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK

By Reine Juvierre S. Alberto @reine_alberto

HE Philippines’ balance of payments (BOP) returned to deficit territory in November as it registered a $225-million shortfall, according to the Bangko Sentral ng Pilipinas (BSP).

Latest data from the BSP showed the country’s BOP posted a deficit of $225 million in November 2025, breaking its threemonth surplus streak.

The deficit, however, was narrower than the $2.276-billion gap recorded in November last year.

For the January to November 2025 period, the BOP stood at an overall deficit of $4.834 billion, also a reversal from the $2.117 billion surplus logged in the same period a year ago.

The BOP accounts for the trans-

actions of the country with the rest of the world.

According to John Paolo R. Rivera, senior research fellow at state-run Philippine Institute for Development Studies, the November BOP deficit reflects seasonal pressures and volatile capital flows, including stronger pre-holiday import demand, debt service payments and portfolio outflows amid global uncertainty and peso sensitivity to interest rate differentials.

See “BOP,” A2

ASEAN LEADERSHIP WILL SPUR ECONOMIC GROWTH–FFCCCII

By Andrea E. San Juan

T

@andreasanjuan

HE year 2026 can spell “accelerated” economic expansion driven by a multiplier effect from the country’s Asean leadership, according to the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII).

In a statement on Sunday, the group of Filipino-Chinese entrepreneurs said the Philippines’ assumption of the Asean Chairmanship is an “epochal opportunity to elevate our nation’s strategic and economic profile

on the world stage.”

It added: “We project that 2026 can be a year of accelerated economic expansion, driven by a multiplier effect from our ASEAN leadership.”

According to FFCCCII, the country’s chairmanship must be leveraged as a “non-replicable” platform to enhance investor perception, boost tourism and export footprints, and demonstrate governance and integration readiness.

In enhancing investor perception, the business group said there is a need to “systematically” showSee “Growth,” A2

» A12

RED, GREEN—AND GRIDLOCK The dominant colors of Christmas fill Baclaran, Parañaque City, as shoppers from all walks of life crowd the area in search of bargain-priced gifts for loved ones.

The festive reds and greens of the season contrast sharply with the heavy traffic that slows motorists, reflecting the surge in holiday spending and foot traffic as consumers stretch budgets amid rising prices. NONIE REYES

Sans Osapiea, Go keeps investments task

By Reine Juvierre S. Alberto

N

@reine_alberto

EWLY-APPOINTED Finance Secretary Frederick D. Go will continue to serve as the government’s steward of investments to continue investment promotion, even as the Office of the Special Assistant to the President for Investment and Economic Affairs (Osapiea) will be dissolved.

In a press chat on Thursday, Go said the government will build on the gains made over the past three years, and that investment momentum will be sustained through coordination between the Department of Finance (DOF) and the Office of the President.

“In my capacity as DOF Secretary,

I will continue to help coordinate and support the investment promotion activity of the government. I will still be there helping to tie all of this together,” Go told reporters.

As the new Finance secretary, Go said he will remain involved in vetting and engaging global investors for meetings to translate into concrete investment commitments for the Philippines.

Go added that key reforms, including the Public-Private Partnership (PPP) Law, Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Law, Accelerated and Reformed Rightof-Way Law, Land Lease for Foreign Investors Act and the Philippine Mining Fiscal Regime Act, must

also be pushed further.

While the Osapiea has been dissolved following Go’s move to the DOF, he said that of his previous 20-member team, around 10 staff members will remain in the Office of the President to help coordinate and facilitate investments.

This comes at a time when the country’s investment climate has been challenged by governance concerns, which have also slowed capital formation and affected investor sentiment.

The International Monetary Fund (IMF) has noted that rising tariffs weighing on exports and investments will slow the Philippines’ economic growth in 2025, before rebounding in 2026.

“Directors underscored the

need to continue prioritizing governance reforms, greater private investment, economic diversification, and resilience to climate shocks to sustain inclusive growth,” IMF said.

Low investor confidence and lingering global uncertainty also impacted foreign direct investments into the Philippines, as this fell to $320 million—the weakest since April 2020 or during the height of the Covid-19 pandemic—in September 2025.

On trade negotiations, Go said the Department of Trade and Industry will now take the lead, but noted that the DOF will remain actively involved, especially since taxes and tariffs account for a large See “Investments,” A2

PESO EXCHANGE RATES n US 58.6050 n JAPAN 0.3768 n UK 78.4428 n HK 7.5321 n CHINA 8.3231 n SINGAPORE 45.4584 n AUSTRALIA 38.7438 n EU 68.7026 n KOREA 0.0397 n SAUDI ARABIA 15.6255 Source: BSP (December 19, 2025)

News

BusinessMirror

A2 Monday, December 22, 2025

Peso…

Continued from A1

its end, but it will continue to monitor the quality of public investments and their impact on growth.

The country’s economy grew by 4 percent in the third quarter of 2025, with ANZ Research pointing to a contractionary fiscal stance arising from governance failures in public infrastructure projects.

“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,” Chakraborty said.

A rebound in public infrastructure spending is unlikely until governance issues are resolved, Chakraborty noted, probably in the second half of 2026.

Reine Juvierre S. Alberto

Investments…

Continued from A1

portion of trade discussions.

“In almost all trade negotiations, 90 percent of the discussion is about taxes,” Go said.

Go, in his capacity as the Special Assistant to the President for Investment and Economic Affairs, led the Philippine delegation during trade negotiations with the United States in Washington, D.C. The US initially imposed a 20 percent tariff on most Philippine goods, but this was brought down to 19 percent after the trade deal.

www.businessmirror.com.ph

DBM: NCAs inch up 1.2% to ₧4.57T from Jan to Nov

S

By Reine Juvierre S. Alberto @reine_alberto

TATE agencies posted a slightly higher cash utilization rate as the national government released more cash allocations as of the end of November, according to the Department of Budget and Management (DBM).

Based on the data from the DBM, the notices of cash allocation (NCAs) released to government agencies reached P4.574 trillion from January to November this year.

This is up by 1.22 percent from the P4.519 trillion disbursed by the government during the same period in 2024.

An NCA is a disbursement authority issued by the DBM to government agencies to cover their operating expenses, the purchase of supplies and materials and to fund programs and projects.

Of the P4.574 trillion released, the agencies had spent P4.324 trillion as of end-November, translating to a

94.5-percent NCA utilization rate.

The rate is also slightly higher compared to the 94 percent recorded in the same period last year.

A higher NCA utilization rate indicates the capacity of line agencies to disburse their allocated funds on time and implement their programs and projects.

Breaking down the data, line departments used P3.151 trillion of the P3.393 trillion in NCAs released to them, posting a marginally higher 92.9-percent utilization rate compared to a year earlier.

Among departments, the Department of Public Works and Highways (DPWH) obtained the highest cash

allocation with P749.547 billion, followed by the Department of Education (DepEd) with P713.072 billion.

DPWH slowed in its NCA spending to 93.9 percent from last year’s 95 percent, while DepEd improved its rate to 95 percent from 92 percent.

In terms of the highest NCA utilization rate recorded, the Department of Migrant Workers logged 99.4 percent, followed by the Department of Social Welfare and Development with 97.5 percent and the Office of the Vice President with 95.8 percent.

Meanwhile, the Department of Energy posted the lowest rate at 62.5 percent, utilizing only P1.795 billion of its P2.871 billion in NCAs.

No line departments achieved a 100-percent utilization rate of their cash allocations during the 11-month period, according to the data.

Moreover, budgetary support to government-owned and -controlled corporations (GOCCs) fell by 20.37 percent year-on-year to P110.051 billion as of end-November from P138.218 billion.

Of this amount, P108.507 billion was spent, equivalent to 98.6 percent. This is slightly down from a year ago’s 99 percent.

Local government units were also allocated P1.071 trillion, of which P1.064 trillion or 99.4 percent had been used up.

As of end-November, state agencies and LGUs have P249.784 billion in unused NCAs.

BoP…

ration,” Roces added.

BSP data further showed that the gross international reserves (GIR) rose to $111.3 billion as of the end of November 2025.

GIRs are made up of foreigndenominated securities, foreign exchange and other assets, including gold.

It helps a country finance its imports and foreign debt obligations, stabilize its currency and provide a buffer against external economic shocks.

According to the BSP, this level of reserves remains an “adequate” external liquidity buffer, as this is equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income.

“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 added.

It also covers about four times the country’s short-term external debt based on residual maturity, the BSP said.

Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on mediumand long-term loans of the public and private sectors falling due within the next 12 months.

Continued from A1

Still, Rivera noted that it does not indicate a structural shift, as remittances and services exports remain supportive.

“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,” Rivera added.

The wider year-to-date BOP deficit, according to SM Investments Corporation group economist Robert Dan Roces, reflects timing and composition effects rather than a sudden weakening of the country’s external position.

While November’s sharper deficit narrowing was supported by seasonal remittance inflows, portfolio adjustments, and easing import payments, the cumulative deficit was driven by earlier frontloaded imports of capital goods and energy, a weaker trade balance amid weaker global demand, and episodic portfolio outflows during periods of higher US yields and foreign exchange volatility.

“At the same time, foreign direct investments and remittances remained broadly supportive, preventing a more severe deterio-

Mad rush on to remove…

Continued from A12

given with an estimated berthing schedule (ETB) from December 24, 2025 to January 10, 2026 to stabilize yard conditions.

Despite this, the letter stated that “the temporary measure is necessary to allow the terminal to manage existing inventory.”

Meanwhile, logistics firm CMA CGM Philippines Inc. released an advisory on its website on December 18 pursuant to that of International Container Terminal Services, Inc. (ICTSI) regarding reefer acceptance at MICT. “Please be informed that only

containers categorized as ‘not for plug in’ will be accepted from 24 December 2025 to 10 January 2026 due to critical status of reefer utilization at Manila North.

Please find the related advisory from ICTSI,” the letter read.

“In view of the situation, arrival of your import reefer shipments to Manila North is expected to be delayed. We will proactively contact you to update any change on the situation.”

Port congestion has been a recurring problem for the Philippines.

Growth…

Continued from A1

case the Philippines’ macroeconomic fundamentals, demographic dividend, and ongoing public-private partnership (PPP) pipelines to attract quality, job-generating foreign direct investments.

The Filipino-Chinese business community also noted that the Philippines can transform its hosting duties into “long-term nation-branding campaign, targeting increases in high-value tourism and stimulating demand for our export commodities and services.”

However, the group underscored that this economic potential is contingent not on chance, but on “concerted action and political will to pursue nonstop reforms.”

As such, the FFCCCII stresses that sustained growth requires an “unwavering” commitment from all sectors to implement systemic reforms—enhancing regulatory efficiency, investing in critical infrastructure, enhancing good governance and “fortifying” human capital.

For its part, the business group said: “We will mobilize our network and resources to support both governmental and private-sector initiatives that align with this sustainable and inclusive growth agenda.”

“We stand ready to engage in dialogue, facilitate partnerships, and contribute to projects that will maximize the dividends of our Asean hosting and solidify our economic trajectory,” added FFCCCII. The business group expressed optimism that the country can overcome global uncertainties and steer the Philippine economy toward a “resilient” future by embracing reform and leveraging the country’s Asean chairmanship.

Meanwhile, Employers Confederation of the Philippines (Ecop) President Sergio R. Ortiz-Luis Jr., in a separate statement, said he hopes the Philippine economy will perform better next year following what he said is “shaping up to be a disappointing 2025” that has seen investors shy away from the country because of the massive flood control corruption mess.

For this year, Ortiz-Luis said the business sector expects the Philippines to post a growth rate of less than 5 percent.

For next year, the business leader expressed hope that the Marcos administration will work harder to regain investor confidence in the country so job creation can resume.

Winning back capitalists can be done mainly by focusing on important matters, such as the national budget, and refusing to get sidetracked by or to react to irrelevant issues that detract from the main challenges that need swift resolution in order to stabilize the economy in 2026, added Ortiz-Luis.

The business leader also called for granting more power to the Independent Commission for Infrastructure to enable it to fully carry out its task to investigate corruption, irregularities, and misuse of funds in flood control and other major government infrastructure projects.

ECOP said Ortiz-Luis underscored that the business sector is still waiting for the identity and arrest of the mastermind behind these irregularities to assure investors that the government is serious about addressing corruption and plunder allegations in the country.

In 2019, the BusinessMirror released a report detailing how port congestion weighed on the BOC, with industry sources claiming “very slow turnaround time of trucks” as among the culprits. (See: https://businessmirror.com.ph/2019/03/28/ manila-port-congestion-exactsheavy-toll-on-customs/) Last year at the height of the spike in retail rice prices, Agriculture Secretary Francisco Tiu Laurel Jr. said port congestion is holding up rice shipments. Due to such a delay, local consumers may have to wait longer for cheaper rice prices.

(See: https://businessmirror.com. ph/2024/09/17/port-congestionholding-up-rice-shipments-dachief/)

A4

Monday, December 22, 2025

The Nation

Acop, House prober of ‘Mary Grace Piattos,’ is dead at 78 W

www.businessmirror.com.ph

Nartatez orders heightened police visibility in transportation hubs

By Rex Anthony Naval

T

HE House of Representatives on Sunday mourned the passing of Antipolo City Rep. Romeo M. “Romy” Acop, a former police general and veteran lawmaker remembered for his discipline, integrity, and steadfast commitment to the rule of law. He was 78.

Speaker Faustino Dy III, Leyte Rep. Martin Romualdez, Lanao del Sur Rep. Zia Alonto Adiong and fellow Antipolo Rep. Ronaldo Puno expressed their condolences to Acop’s family, loved ones, and constituents in Antipolo City, whom the late lawmaker served for years.

Puno said Acop had undergone a successful kidney transplant last November 28 and was recovering well, even regaining his strength, prompting them to look forward to his imminent return. However, he said the lawmaker unexpectedly suffered a heart attack on Saturday, which led to his passing.

Puno, for his part, said Acop leaves behind a legacy that strength-

Napolcom denounces attack of Quezon cops

T

HE National Police Commission (Napolcom) on Sunday condemned on policemen on patrol by still unidentified assailants along a barangay road at sitio Pulyok, barangay San Isidro, Candelaria, Quezon, on December 19.

Reports reaching the commission indicate that the policemen, who belong to the First Quezon Provincial Mobile Force Company, were on mobile patrol when they accosted several men near a banana plantation.

As the policemen were approaching, the assailants, armed with undetermined caliber of firearms, opened fire on the lawmen, prompting them to return fire in self-defense.

The gunmen subsequently fled, taking their firearms.

As a result of the shooting, PMSgt. Sonny Caringal and Pats. Kim Kenneth Averia and Ron Jay Chavez sustained gunshot wounds and were immediately transported to United Candelaria Doctor’s Hospital for treatment. However, Chavez was declared dead on arrival by the attending physician, Dr. James Arthur Robles.

Napolcom Executive Director Rafael Vicente R. Calinisan extended deepest See “Napolcom,” A5

ened Congress and enriched public discourse. “The Congress and our country are the lesser for his loss,” he said.

Dy remembered Acop as “a principled, courageous, and steadfast public servant.”

Dy said Acop was a model of integrity in public service, consistently guided by the belief that the law exists for the welfare of the people and that power is a responsibility rather than a privilege. He described Acop’s death as a great loss not only to Congress and the people of Antipolo City, but to the Filipino nation as a whole. Despite this loss, Dy said Acop’s example as an honorable and dedicated public servant would con-

JOVIE MARIE N. DELA CRUZ

tinue to guide the institutions he served. The House, he added, joins the Acop family, friends, and loved ones in mourning his passing.

For his part, Romualdez also expressed his condolences, paying tribute to Acop’s steady and principled leadership, particularly in his role as senior vice chairman of the House Quad Committee. Romualdez said Acop played a crucial role in steering complex and politically sensitive inquiries with discipline, fairness, and full respect for due process.

Before entering Congress, Acop built a long career in law enforcement.

A member of the Class of 1970 of the Philippine Military Academy, Acop joined the then Philip-

pine Constabulary and rose through the commissioned ranks to become a Director (now major general) as chief of the Criminal Investigation and Detection Group (CIDG) of the National Police (PNP), the PC’s successor agency.

His experience on the frontlines of public safety, colleagues said, shaped his understanding of crime and justice.

A lawyer by profession, Acop carried his legal training into his legislative work. In Congress, he was known for his methodical and evidence-based approach, combining the discipline of a lawman with the rigor of a legal practitioner.

Adiong said Acop served as a mentor to many first-term lawmakers, teaching not only legislative procedures but also the value of accountability and respect for due process.

“He showed that truth is uncovered not by force, but by patience, clarity, and respect for institutions,” Adiong said, noting Acop’s role during high-profile committee and quad committee hearings, where his investigative skills were on full display.

See “Acop,” A8

T

HE Federat ion of Free Workers (FFW) has called for the resignation of acting Executive Secretary Ralph G. Recto, citing his role as former Finance secretary in the transfer of P60 billion in unutilized funds of the Philippine Health Insurance Corporation (PhilHealth) to the national treasury—an action later voided by the Supreme Court.

FFW President Sonny G. Matula said Recto should be held accountable for implementing the transfer, which he described as “harmful to Filipinos who depend on PhilHealth services.”

“He is not competent to serve as the President’s executive secretary.

This was a huge blow to the Filipino people. They were deprived of funds that were transferred to the national treasury even though the Finance secretary had no authority to do so,” Matula told reporters in a

RP reelected at intl law group

Comelec backs bill on BARMM T polls being held alongside BSKE

T

HE Commission on Elections (Comelec) is preparing to endorse a bill that would allow the Bangsamoro parliamentary polls to be held alongside the barangay and Sangguniang Kabataan elections (BSKE) next year.

T he move comes after the Bangsamoro Transition Authority (BTA) wrapped up its final session of the year without taking up the proposed redistricting measure, a requirement for the conduct of the March 2026 parliamentary polls in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).

Comelec Chairman George Erwin M. Garcia said it would be difficult for the poll body to meet the March 31 election timeline set by the Supreme Court in the absence of an enacted redistricting law.

“We are planning to endorse

that if the Bangsamoro parliamentar y elections cannot push through on March 30, we will support and, in fact, endorse a bill so that, if not on March 30, the parliamentary elections can at least be held alongside the BSK E,” Garcia told repor ters late Friday.

It can be recalled that the SC earlier suspended the conduct of the Bangsamoro parliamentary polls this year after ruling that Bangsamoro Autonomous Act 77 and 58—used as the basis for election preparations—were unconstitutional for violating the Bangsamoro Organic Law. The ruling required the BTA to redraw the region’s parliamentary districts no later than 120 days before the elections.

If the parliamentary polls are held simultaneously with the BSKE, Garcia said Comelec would

also recommend automating the BSKE in BARMM. He added that the commission is also studying whether voter registration in the region can be reopened, allowing newly registered voters to participate in the parliamentary polls.

The BTA earlier announced that it is aiming to pass a new redistricting law by December.

“Six districting bill versions are currently before the Parliament and have been referred to the appropriate committee for study and consolidation...The Parliament is committed to an inclusive, transparent, and legally compliant districting process and aims to complete and pass the districting law

by December 2025, in line with the Bangsamoro Organic Law,” BTA Spokesperson and Floor Leader John Anthony L. Lim said.

Justine Xyrah Garcia

FFW to Recto: Quit over PhilHealth fund mess

By Justine Xyrah Garcia

I T H t he C h r i st m a s Holiday rush expected to go full blast this coming week, the acting National Police (PNP) chief Lt. Gen. Jose Melencio Nartatez Jr. on Sunday ordered enhanced security measures and increased police visibility in ports, terminals and other transportation hubs.

This, as millions of Filipinos begin travel to their home provinces for the Christmas and New Year holidays.

Na r t atez sa id loc a l pol ice units have been instructed to carefully plan and adjust the deployment of personnel in major transport hubs to ensure the safety and orderly movement of passengers during the expected surge of travelers.

“I have directed local police units to strategize the deployment of personnel in ports and terminals to increase police presence in these public areas,” he added.

Nartatez also said security measures are in place and part of them is the regular adjustments based on the situation on the ground.

He said there has been a noticeable increase in the number

recent press briefing.

The Supreme Court earlier ordered Malacañang to return the P60 billion in unutilized PhilHealth funds that had been remitted to the National Treasury, purportedly to boost the government’s unprogrammed appropriations.

(See: https://businessmirror. com.ph/2025/12/06/sc-ordersreturn-of-P60-b-unused-fundsto-philhealth/) The Court directed that the amount be restored through the 2026 General Appropriations Act (GAA).

In its ruling, the Court also nullified Special Provision 1(d) under Article XLIII of the 2024 GAA, as well as Department of Finance Circular 003-2024, for having been issued and implemented with grave abuse of discretion amounting to lack or excess of jurisdiction.

The provision authorized unprogrammed appropriations to be sourced from unused or excess re-

serve funds of government-owned and -controlled corporations, specifically PhilHealth.

However, the Court denied requests to determine the personal liability of the Finance secretary for technical malversation or plunder, saying such matters were not proper for resolution in the case.

Matula, one of the petitioners in the consolidated cases challenging the fund transfer, said that under the Constitution, only the President may authorize the transfer of funds between government offices.

“That was one of Secretary Recto’s gravest violations. It was a deliberate usurpation of the President’s authority,” he said.

He added that if Recto were an ordinary worker, disciplinary action would have been swift.

“The Supreme Court itself said what he did was wrong—and a serious mistake. For ordinary workers,

even minor errors already merit a memo. In this case, despite a major mistake, it was as if he was even promoted,” Matula said.

Recto earlier said that Malacañang respects the Court’s decision and will comply with its directives.

“We reiterate that the Executive [department] simply complied w it h t he cong ressiona l mandate under the 2024 GA A, and that the DOF’s role is solely in revenue generation and debt and deficit management. We believed then, and still believe, that the directive was a common-sense approach to optimize government coffers without resorting to additional borrowing or new taxes,” Recto said.

He added that the PhilHealth board approved the transfer and maintained that the remittance did not impair the agency’s ability to deliver services, stressing that no member contributions were used.

of people in the terminals and the roads leading to transportation hubs as is expected during the Holiday Season.

With this development, Nartatez said that the PNP has deployed more personnel and assets in these areas to ensure public safety.

More than 100,000 police personnel will be deployed nationwide to secure the Christmas and New Year period, higher than last year’s deployment of 60,000, to ensure adequate coverage of transport terminals, major roads, and other crowded areas.

Nartatez also reminded the public to observe the rules while traveling and to cooperate with authorities to help prevent untoward incidents.

“Our police personnel will be on the ground 24/7 not only to ensure their safe travel but also to secure business and residential areas during the entire Christmas season,” Nartatez said.

“A nd we ask our kababayan to do their share in this effort by taking safet y measures for t hemselves a nd immed i ately inform your PNP of any peace a nd order-rel ated concer ns,” he added.

HE Philippines has been reelected by consensus as an ad hoc member of the Standing Committee of the International Development Law Organization (Idlo) for 20252027, the Philippine Embassy in Italy said.

In a statement on Saturday, the embassy said this reelection to an international body that advances rule of law reaffirms Manila’s “active role and sustained commitment to advancing rule of law and access to justice.”

Ambassador and Philippine Permanent Representative Neal Imperial, who represents the Philippines at the committee, reaffirmed the country’s strong support for Idlo’s mandate to promote effective justice systems and build strong, lasting institutions as foundations for sustainable development.

During the session, the Philippines expressed its appreciation to Idlo and its donors and partners, particularly the US and the European Union, for the significant progress achieved in expanding access to justice, modernizing legal frameworks, and strengthening the Philippine justice sector capacity.

The Philippines also underscored the importance of enhanced burden- and responsibility-sharing to enable Idlo to continue delivering results amid ongoing funding shortfalls.

Meanwhile, the country emphasized the urgent need to strengthen the rule of law, ensure accountability, and protect human rights.

“We must be candid: Sustainable Development Goal 16—peace, justice and inclusive institutions—remains far from being achieved in the foreseeable future. Conflict and geopolitical tensions persist and have even exacerbated,” Imperial said.

“To many, access to justice remains limited. Even where progress is made, vulnerable groups and marginalized communities, especially women and girls and Indigenous Peoples, continue to be left behind.”

He also reiterated the Philippines’ continued call for

“consistent adherence to a rulesbased international order,” including respect for the 1982 United Nations Convention on the Law of the Sea (Unclos), its dispute settlement mechanisms, and the just and sustainable governance of oceans.

“As a maritime nation, international law, particularly in maritime spaces, is essential to our future. The rule of law is the heartbeat of Philippine democracy, enshrined in its Constitution. It guides our pursuit of justice, equality, and accountable governance,” he said.

“While challenges remain, we have seen how the rule of law protects our people and strengthens our institutions.”

In her report to the Assembly on the Organization’s achievements, challenges, and strategic priorities for 2025, Idlo Director-General Jan Beagle said multilateralism remains “indispensable.”

“I remain more convinced than ever that whether the goal is to reduce conflict and violent extremism; to eradicate poverty; to protect human rights; to combat corruption and illicit financial flows; to manage migration more effectively; or to foster stable environments for trade, investment, and innovation—the rule of law is a critical part of the solution,” she said.

The election took place on December 12 at the Consiglio Nazionale dell’Economia e del Lavoro (CNEL) in Rome, Italy, during the 2025 Annual Meeting of the Idle Assembly of Parties.

The Idlo is an intergovernmental organization composed of 40 member parties and governed by the Assembly of Parties, the Standing Committee, and the Audit and Finance Committee.

Granted Observer status at the United Nations General Assembly in 2022, Idlo promotes the rule of law to advance sustainable development.

The Philippines is a founding member of Idlo and officially became a Member Party in 1989 following its ratification of the Agreement on the Establishment of the International Development Law Institute. PNA

Economy

www.businessmirror.com.ph

Senator: 2026 education budget enough to support learners’ proficiency in reading

By Butch Fernandez @butchfBM

T

HE 2026 budget for education will support efforts to boost learners’ proficiency in reading, Sen. Sherwin Gatchalian assured.

Gatchalian’s statement follows the release of the 2024 Southeast Asia Primary Learning Metrics (SEA-PLM), which found that Grade 5 Filipino learners are behind their Southeast Asian peers in reading. The study shows that 27 percent of Grade 5 learners have very low reading proficiency.

Gatchalian pointed out that under the legislative Bicameral Conference Committee-approved nationa l gover nment budget, the allocation for textbooks and other instructional materials increased to P19.5 billion from

P11.2 billion in the National Expenditure Program (NEP) to ensure that all learners will have complete sets of textbooks.

The study also found that in the Philippines, textbook availability is linked to higher learning outcomes. Unfortunately, 52 percent of Grade 5 learners have only one reading textbook, while 42 percent share a reading textbook with at least one other student. Only 13 percent have reached the minimum proficiency and just 14 percent have high reading proficiency.

To help implement learning recovery, Gatchalian also sought additional P3.3 billion for 440,000 teachers under the Academic Recovery and Accessible Learning (ARAL) Program. This allocation is expected to help 6.7 million learners.

New ecozones seen to bring in ₧3 billion in investments

By Samuel P. Medenilla @sam_medenilla

N

EWLY created Special Economic Zones in Parañaque, Laguna and Misamis Oriental are expected to draw over P3 billion worth of investments in the coming years, Malacañang said.

Acting Executive Secretary Ralph G. Recto said the three economic zones are expected to generate a total of 7,200 jobs.

“These significant areas continue to attract investors because of their strategic location, skilled workforce, good infrastructure, and reliable utilities,” he said in a statement on Sunday.

“With this, we can keep building futureready industries and generate more job opportunities not just for our kababayan in the said areas, but for all Filipinos across the country,” he added.

Under Proclamation 1111, 8912 Asean Avenue in Aseana City, barangay Tambo, Parañaque City was transformed into a “cutting-edge Information Technology hub, setting the stage for digital advancements.”

The over 100 million square-meter economic zone is projected to generate P254.15 million investments and 1,800 jobs.

Proclamation 1112 created the Alloco

Development Corp. Industrial Estate composed by several parcels of land along the National Road, Purok 9, in barangays Cabug and Maanas, Medina, Misamis Oriental with a total land area of 191,384 square meters will bring in P1.2 billion worth of investments ang create 1,000 jobs.

Most or 4,400 of the new jobs will come from the 257,009 square meter economic zone Filinvest Innovation Park in barangays Bubuyan and Punta, which is forecast to attract P1.58-billion worth of investments.

Recto issued the three proclamations creating the new special economic zones last on December 16 upon authorization from President Marcos.

Special economic zones are designated areas where businesses can enjoy fiscal and non-fiscal incentives and privileges such as tax holidays, duty free importation of equipment, faster and simpler business processes, and given government support for setting up key industries like manufacturing, Information Technology-Business Process Outsourcing, and tourism.

The said economic zones are classified as industrial estates, export processing zones, information technology parks, tourismrecreational economic zones, and others.

DENR leads replanting of forest in Bataan town

T

HE Department of Environment and Natural Resources (DENR) has initiated a multi-sectoral partnership to restore 30 hectares of degraded forest in sitio Daing, barangay Duale, Limay, Bataan.

The five-year Puno ng Buhay–Limay Reforestation Project strengthens forest rehabilitation efforts in Central Luzon.

The initiative brings together the DENR, the Provincial Government of Bataan, the municipal government of Limay, Petron Foundation Inc., and the Samahang Magsasaka sa Kagubatan Limay Bataan Inc. (Samasaka) in a collaborative effort to accelerate ecosystem recovery and create sustainable livelihood opportunities for local communities.

The initiative is anchored on Executive Order 192, which supports the National Greening Program by rehabilitating denuded forestlands, protecting critical watersheds, and contributing to national climate action through forest restoration and carbon sequestration.

“What will make this project succeed is our shared commitment – national and local

Napolcom. . .

Continued from A4

condolences to the family of Chavez and expressed the full support and concern for the swift recovery of the wounded police personnel of the commission.

“The commission underscores that attacks against law enforcement officers will not

government, the private sector, and our people’s organizations – working together to deliver concrete results,”Environment Secretary Rafael Lotilla said in a statement.

The project site lies within the CommunityBased Forest Management area of Samasaka and will be implemented through a communityled approach. The rehabilitation plan includes the planting of native species such as fruitbearing trees, bamboo, and timber species to enhance biodiversity and promote ecosystem resilience.

“This watershed project will help improve groundwater recharge and benefit local communities. Though it covers 30 hectares, it reflects our long-term commitment to work with DENR and our partners in Bataan to sustain and expand this effort,” said Petron General Manager and Chairperson Lubin B. Nepomuceno.

Upon completion of the project term, all improvements and rehabilitated areas will be formally turned over to the DENR to ensure sustained protection and management of the restored forestland. Jonathan L. Mayuga be tolerated and calls for the immediate identification, arrest, and prosecution of those responsible for this heinous act,” Calinisan said in a statement.

The Napolcom assures the public that it is closely coordinating with the National Police (PNP) and other concerned authorities to ensure that a thorough investigation is conducted and that justice is served, in accordance with the law, the statement added.

Monday, December 22, 2025

A5

DOJ rules Customs can donate seized foodstuff to govt agencies

By Joel R. San Juan

HE Department of Justice (DOJ) has declared that smug gled ag r icu ltura l and f isher y products seized by the Bureau of Customs (BoC) may still be donated to other government agencies such as the Department of Social Welfare and Development (DSWD).

However, Justice Secretar y Fredderick Vida stressed that concerned government agencies such as the Anti-Agricultural Economic Sabotage Council (AAES), the BOC and the Department of Finance must adopt guidelines to ensure that only smuggled goods certified safe and fit consumption may be donated to beneficiaries pursuant to Section 1141 of Republic Act 10863 or the Customs Modernization and Tariff Act (CMTA).

The said provision states: “The goods subject to disposition may be donated to another government agency or declared for official use of the Bureau, after approval of the Secretary of Finance, or sold at a public auction within thirty

Airlines launch new flights out of Cebu

BPI introduces leave donation program to strengthen a culture of care

@jrsanjuan1573

T

from the discussion during the meeting of the AAES Executive Committee held on August 29, 2025 on the BOC’s intent to turn over forfeited fishery products to the AAES Council, which were seized in a joint operation conducted by several agencies.

Considering that the matter requires the harmonization of the AAES Act and the CMTA, the DoF deemed it proper to refer the issue to the DOJ for legal clarification.

The DOJ explained that Section 19 of the AAES Act provides that smuggled agricultural and fishery products shall be destroyed after inspection while locally sourced products involved in hoarding, profiteering, or cartel operatios may be donated to the DSWD or local governments, or disposed of in accordance with law.

While it is clear that only locally sourced products can be donated, the DOJ held that smuggled agricultural and fishery products may still be donated provided it be coursed through the BOC, pursuant to Section 20 of the AAES Act in relation to Section 1141 of the CMTA. Section 20 of the AAES Act provides: “That nothing in this Act

shall be construed or interpreted as diminishing the jurisdiction of the implementing agencies under Republic Act No, 10863.”

“From this, it can thus be inferred that the jurisdiction and powers of the implementing agencies, specifically, the BOC, remain intact. Notably, this includes the BOC’s authority to dispose of smuggled goods, and under certain circumstances, donate these to other government agencies…,” the DOJ declared.

The DOJ further held that allowing the donation of smuggled but safe and fit for human consumption agricultural and fishery products is in line with the declared policy of the AAES Act “to protect consumers, safeguard food security, and prevent manipulative market practices.”

“Donation, when tightly regulated and limited to goods certified and fit for human consumption, prevents wastage, supports vulnerable communities, and upholds the Act’s broader objective of ensuring the well-being of consumers and the soundness of the agriculture and fisheries sectors,” the DOJ stressed.

[30] days after a ten [10]-day notice posted at a public place at the port where the goods are located and published electronically or in a newspaper of general circulation. For purposes of donating the goods as above described, goods suitable for shelter or consisting of foodstuffs, clothing materials or medicines may be donated to the DSWD.” “The power to create these rules stems from the specific law itself, often containing a provision that mandates the relevant agency to issue rules and regulations to ‘effectively implement the provisions of this Act’ and harmonize with other related laws,” the DOJ pointed out.

The legal opinion was issued in response to the letter-request by the Department of Finance seeking guidance on the proper application of CMTA in relation to Republic Act 12022 or the AntiAgricultural Economic Sabotage Act (AAES Act), particularly with respect to the disposition of fishery products seized by the BoC, in coordination with concerned agencies.

The DoF’s request stemmed

N

EW airline and route launches at MactanCebu International Airport (Mcia) are expected to boost tourism arrivals not only in Cebu but across the region, while further strengthening the airport’s position as a key gateway for onward travel to the Visayas, Mindanao, and other parts of the Philippines.

According to Edilyth Maribojoc-Caloñge, external affairs manager of Aboitiz InfraCapital Cebu Airport Corporation (AIC-CAC), the expanded network of flights aims to increase passenger traffic to Cebu and improve connectivity for travelers heading to other domestic destinations.

“These new launches are aimed at increasing passenger traffic to Cebu and providing more convenient connections for travelers flying onward to other Philippine destinations,” Caloñge said.

This month alone, Mcia welcomed three new airlines—Firefly Airlines, Vietnam Airlines, and Jetstar Airways—as part of its continued expansion of both international and domestic routes.

Seven new international routes introduced this year include Cebu–Hanoi via Vietnam Airlines, Cebu–Brisbane through Jetstar Airways, Cebu–Macau operated by AirAsia, and Cebu–Kuala Lumpur, served by both AirAsia and Firefly Airlines. Additional international connections were also launched to Ho Chi Minh City by Cebu Pacific and Philippine Airlines, as well as Cheongju, South Korea, via Aero-K. Philippine Airlines has also announced the relaunch of its direct Cebu–Guam service.

On the domestic side, Mcia expanded its network with four new routes to Catarman and Calbayog via Philippine Airlines, Siquijor through Sunlight Air, and El Nido operated by Cebu Pacific, further improving inter-island connectivity through Cebu.

More route launches are scheduled before the end of the year.

Sunlight Air’s Cebu–Siquijor route made its inaugural flight on December 15 while PAL relaunched its direct Cebu–Guam service on December 16.

Aero-K’s Cebu–Cheongju service is set to be launched on December 30.

Mcia closed 2024 with 11.3 million passengers.

As of September 2025, passenger traffic has already reached 8.6 million, with airport authorities expecting further increases as new routes ramp up operations.

Earlier this month, Mcia marked a series of route launches, including Firefly Airlines’ Cebu–Kuala Lumpur service last December 2, operating five times weekly; Vietnam Airlines’ Cebu–Hanoi flights last December 3, operating three times weekly; and Jetstar Airways’Cebu– Brisbane route, also launched last December 3 with three weekly flights. Carmel Pedrosa

T

HE Bank of the Philippine Islands (BPI) continues to put people at the heart of its organization with the launch of its Leave Donation Program—an initiative that enables employees, known as Unibankers, to support colleagues facing serious and lifethreatening illnesses by voluntarily donating vacation leave credits.

Launched this month, December 2025, the program establishes a centralized leave donation pool, managed by BPI’s Human Resources team. Through this initiative, employees diagnosed with any of the Bank’s 14 covered dread diseases—including cancer, stroke, major cardiac conditions, renal failure, and other critical illnesses—may apply for donated leave to help cover time away from work for treatment, confinement, or recovery.

“At BPI, we stand with our people through every challenge, and with the selfless support of our donors/teammates, we turn empathy into hope—because true care is about lifting others when they need it most,” said Gina Eala, BPI Chief Human Resource Officer. “The Leave Donation Program reflects the compassion and solidarity that

define our culture. By sharing what we can, we give our colleagues the time and space they need to focus on healing, knowing they are supported by the BPI family.”

Participation in the program is voluntary and open to eligible employees during the annual donation period every December. Donated leave credits are pooled and allocated to qualified beneficiaries in the succeeding year, subject to established guidelines and medical validation.

The Leave Donation Program complements BPI’s existing employee benefits, including leave ben-

efits, medical insurance coverage, additional cancer care leave, and other cancer care programs, reinforcing the Bank’s commitment to holistic employee well-being. More than a policy, the initiative embodies #DoMoreWithBPI, turning empathy into action and encouraging Unibankers to care for one another in meaningful ways.

Through initiatives like this, BPI continues to build a workplace grounded in compassion, resilience, and shared purpose, where employees are empowered to do more, together.

Monday, December 22, 2025

A6

TheWorld

Editor: Angel R. Calso

Russian missile strike kills 8 in Odesa as Trump administration convenes peace talks in Florida

K

YIV, Ukraine—A Russian missile strike on port infrastructure in Odesa in southern Ukraine killed eight people and wounded 27, Ukraine’s emergency service said Saturday, as a Kremlin envoy was set to travel to Florida for talks on a US-proposed plan to end the nearly four-year war.

The discussions are part of t he Tr u mp ad m i n i st r at ion’s monthslong push for peace that also included meetings with Ukrainian and European officials in Berlin earlier this week. Ukraine’s chief negotiator said late Friday that his delegation had completed separate meetings in the US with American and European partners.

Ukrainian President Volodymyr Zelenskyy said much will depend on the US posture after discussions with the Russians.

Speaking at a news conference in Kyiv with Portuguese Prime Minister Luís Montenegro, Zelenskyy said that “the key question remains how the United States responds after consultations with the Russians. At this point, I honestly don’t know, but I will know later today.”

Ukraine and Portugal signed

an agreement to establish joint production of maritime drones, Zelenskyy said. “This is one of the most promising areas of defense cooperation. What matters now is delivering results, and all parts of Europe must have sufficient capabilities to counter any threats,” he said.

Ukraine targets a Russian oil rig and a patrol ship

SOME of those wounded in Odesa were on a bus at the center of the strike late Friday, the emergency service said in a Telegram post.

Trucks caught fire in the parking lot and cars were also damaged.

The port was struck with ballistic missiles, said Oleh Kiper, the head of the Odesa region.

Moscow did not immediately acknowledge reports of the attack.

The Russian Defense Ministry

said Saturday that over the previous day, it had struck unspecified “transport and storage infrastructure used by the Ukrainian armed forces,” along with energy facilities and those supplying Kyiv’s war effort.

Elsewhere, Ukrainian drones hit a Russian oil rig, the military patrol ship Okhotnik and other facilities, Ukraine’s General Staff said in a statement Saturday. It said the ship was patrolling in the Caspian Sea near an oil and gas production platform. The extent of the damage was still being clarified, it said.

The drilling platform at the Filanovsky oil and gas field was also hit. The facility is operated

by Russian oil giant Lukoil. Ukrainian drones also struck a radar system in the Krasnosilske area of Crimea, which Russia illegally annexed from Ukraine in 2014.

There was no immediate comment from the Russian government or Lukoil. The company is one of two Russian oil majors— alongside state-owned Gazprom— targeted by recent US sanctions that aim to deprive Moscow of oil export revenue that helps it sustain the war.

Kyiv has used similar arguments to justify months of longrange strikes on Russian oil infrastructure, which it says both funds and directly fuels the Kremlin’s all-out invasion, soon to enter its fifth year.

UKRAINE’S President Volodymyr Zelenskyy, left, shakes hands with Portuguese Prime Minister Luís Montenegro in Kyiv, Ukraine, Saturday, Dec. 20, 2025. AP/DANYLO ANTONIUK

Trump’s peace push set to continue Saturday

US President Donald Trump has unleashed an extensive diplomatic push to end the war, but his efforts have run into sharply conf licting demands by Moscow and Kyiv.

Russian President V ladimir Putin has recently signaled he is digging in on his maximalist demands on Ukraine, as Moscow’s troops inch forward on the battlefield despite huge losses.

On Friday, Putin voiced confidence that the Kremlin would achieve its goals militarily if Kyiv

doesn’t agree to Russia’s conditions in peace talks.

European Union leaders on Friday agreed to provide 90 billion euros ($106 billion) to Ukraine to meet its military and economic needs for the next two years, although they failed to bridge differences with Belgium that would have allowed them to use frozen Russian assets to raise the funds.

Instead, they were borrowed on capital markets.

After almost four years of war, the International Monetary Fund estimates that Ukraine will need 137 billion euros ($161 billion) in

2026 and 2027. The government in Kyiv is on the verge of bankruptcy, and desperately needs the money by spring.

Meanwhile, Kirill Dmitriev, the Kremlin’s envoy, is set to meet with Trump’s envoy Steve Witkoff and Trump’s son-in-law Jared Kushner in Miami on Saturday, according to a US official. The official spoke on condition of anonymity to preview a meeting that hasn’t yet been publicly announced.

The official said Witkoff and Kushner will sit down with Dmitriev, after meetings with Ukrainian and European officials in Berlin for talks on US security guarantees for Kyiv, territorial concessions and other aspects of the American-authored plan.

U k ra ine’s c hief negot iator Rustem Umerov said late Friday that a Ukrainian delegation had met with American and European partners in the US. He gave few details, but said they agreed to continue “joint work in the near future.”

Asked about the meeting in Miami, Kremlin spokesman Dmitry Peskov said Thursday that Moscow was preparing for contacts with the US to learn about the results of the meetings in Berlin, but he didn’t give details.

The Associated Press writers Matthew Lee in Washing ton and Illia Novikov in Kyiv, Ukraine, contributed to this report.

Jordan says its air force joined US strikes on Islamic State in Syria

D

A M A SCUS, Sy ria—Jordan confirmed Saturday that its air force took part in strikes launched by the United States on Islamic State group targets in Syria in retaliation for the killing of three US citizens earlier this month.

T he US l au nc hed m i l it a r y strikes Friday on multiple sites in in Syria to “eliminate” Islamic State group fighters and weapons in retaliation for an attack by a Syrian gunman that killed two US troops and an American civilian interpreter almost a week earlier.

The Jordanian military said in a statement that its air force “participated in precise airstrikes ... targeting several ISIS positions in southern Syria,” using a different abbreviation for the Islamic State group. Jordan is one of 90 countries making up the global coalition against IS, which Syria recently joined.

The US military did not say how many had been killed in Friday’s strikes. The Syrian Observatory for Human Rights, a U.K.-based war monitor, reported that at least five people were killed, including the leader and members of an IS cell.

The Jordanian statement said the operation aimed “to prevent extremist groups from exploiting these areas as launching pads to threaten the security of Syria’s neighbors and the wider region, especially after ISIS regrouped and rebuilt its capabilities in southern Syria.”

US Central Command, which oversees the region, said in a statement that its forces “struck more than 70 targets at multiple locations across central Syria with fighter jets, attack helicopters, and artillery,” with the Jordanian air force supporting with fighter aircraft.

It said that since the Dec. 13 attack in Syria, “US and partner forces conducted 10 operations in Syria and Iraq resulting in the deaths or detention of 23 terrorist operatives,” adding that the US and partners have conducted more than 80 counterterrorism operation in Syria in the past six months.

President Donald Trump had pledged “very serious retaliation” after the shooting in the Syrian desert, for which he blamed IS. Those killed were among hundreds of US troops deployed in eastern Syria as part of a coalition fighting the militant group. On Friday Trump reiterated his backing for Syrian interim President Ahmad al-Sharaa, who Trump said was “fully in support” of the US strikes against IS. IS has not taken responsibility for the attack on the US service members, but the group has claimed two attacks on Syrian

security forces since, one of which killed four Syrian soldiers in Idlib province. The group in its statements described al-Sharaa’s government and army as “apostates.”

While al-Sharaa once led a group affiliated with al-Qaida, he has had a long-running enmity with IS. As well as killing three US citizens, the shooting near Palmyra also wounded three other US troops as well as members of Syria’s security forces, and the gunman was killed.

The assailant had joined Syria’s internal security forces as a base security guard two months ago and recently was reassigned while he was under investigation on suspicions that he might be affiliated with IS, Syrian officials have said.

The man stormed a meeting between US and Syrian security officials who were having lunch together and opened fire after clashing with Syrian guards. AP

UN’s grim week: 6 peacekeepers and interpreter killed, while 10 more staffers detained in Yemen

By Edith M. Lederer The Associated Press

U

NITED NATIONS—It’s been a grim week at the end of a tough year for the United Nations: Six UN peacekeepers were killed in a drone attack in Sudan. A

UN interpreter died while in the custody of South Sudan’s security personnel. And 10 more UN staff were detained by Yemen’s Houthi rebels.

“It ’s a ver y worr ying trend,” UN s p o ke s m a n S te p h a n e D u j a r r i c to l d reporters Friday. “We see all too often that the UN flag—the UN emblem—no longer offers the protection that it should to our colleagues.”

As examples, he pointed to more than 300 UN staff members killed during the Israel-Hamas war in Gaza, almost all of them Palestinians, and over 300 personnel killed during the 10-year UN peacekeeping mission in Mali. The deadliest in the world, that mission ended in December 2023.

“UN personnel, whether they are humanitarian, whether they are peacekeepers, whether they’re political envoys, are there for peace,” Dujarric said.

“They are there for the people. They need to be respected.”

The UN Security Council on Friday

condemned “the heinous and deliberate” drone attack on a UN logistics base in wartorn Sudan’s South Kordofan region on Dec. 13 that killed six Bangladeshi peacekeepers and injured nine others.

The UN’s most powerful body said the attack represents “an egregious disregard for international law.” It called for a swift investigation and for those responsible to be brought to justice, reiterating that attacks against peacekeepers may constitute war crimes.

In what Dujarric called another shocking development, the spokesman said the United Nations condemned the killing of an interpreter working for the UN peacekeeping mission in South Sudan who was taken from a UN vehicle on Monday by local security forces.

The UN mission was engaging with South Sudanese authorities to gain his release when it was informed that he died in custody, Dujarric said.

See “UN,” A8

TAIWAN police cordoned off the scene after a knife attack in Taipei, Taiwan, Friday, Dec. 19, 2025.

AP/CHIANG YING-YING

Taiwan attacker planned assault that killed 3 and injured 11, authorities say

T

AIPEI, Taiwan — Taiwanese authorities said Saturday the suspect who killed three people and injured 11 others in knife and smoke-grenade attacks in the island’s capital had planned the assaults and set fires at other locations earlier in the day.

The suspect, identified as a 27-year-old man named Chang Wen, fell to his death from a department store building in Taipei after the attack on Friday.

The assaults shocked Taiwan, where violent crime is rare, prompting authorities to step up security at crowded spots and big events, including its New Year’s Eve celebration that usually attracts many locals and tourists to an outdoor countdown.

Chang Jung-Hsin, director-general of the National Police Agency, said the suspect began a series of attacks at 3:40 p.m. local time, first setting fire to roads and causing damage to cars and motorbikes. He also set fire to where he lived.

The suspect later threw smoke grenades near two exits of the Taipei Main metro station and used a knife to fatally wound a person, Chang said. After the attack, the suspect took an underground path to return to the hotel where he was staying. Then he threw more smoke grenades and used his knife to kill another person outside the Eslite Spectrum Nanxi department store, the official said.

He also fatally wounded another person on the fourth floor of the department store building before he jumped from the fifth floor to his death, Chang said.

The official said the smoke grenades the assailant used could be purchased online and that the suspect visited the sites before the attack.

“The suspect planned an indiscriminate attack. He acted according to his plan,” Chang said, adding the initial investigation did not find that the suspect acted with anyone else.

Authorities were still investigating his motive. Chang said the suspect had voluntarily served in the military but was fired for drunk driving. The suspect was wanted from July after failing to report to military service, he added.

“The suspect hasn’t contacted his family for more than two years,” Chang said. “They said the suspect has been interested in guns and weapons since he was young.”

Six injured people were still in the hospital. Two were being treated in intensive care units, but their conditions were stable after surgeries, authorities said.

After receiving briefings from officials, Taiwanese President Lai Ching-te called for a thorough investigation into the incident, looking into the suspect’s background, motives, financial resources and whether he received help from others. AP

www.businessmirror.com.ph

TheWorld

Monday, December 22, 2025

US forces intercept oil tanker near Venezuela as Trump fulfills commitment to seize vessels

By Konstantin Toropin & Aamer Madhani The Associated Press

W

ASHINGTON—US forces on Sat u rd ay stopped an oil tanker off the coast of Venezuela for the second time in less than two weeks as President Donald Trump continues to ramp up pressure on Venezuelan President Nicolás Maduro.

The pre-dawn operation comes days after Trump announced a “blockade” of all sanctioned oil tankers coming in and out of the South American country and follows the Dec. 10 seizure by American forces of an oil tanker off Venezuela’s coast.

Homeland Security Secretary Kristi Noem confirmed that the US Coast Guard with help from the Defense Department stopped the oil tanker that was last docked in Venezuela. She also posted on social media an unclassified video of a US helicopter landing personnel on a vessel called Centuries.

A crude oil tanker flying under the flag of Panama operates under the name and was recently spotted near the Venezuelan coast, according to MarineTraffic, a project that

tracks the movement of vessels around the globe using publicly available data. It was not immediately clear if the vessel was under US sanctions.

“The United States will continue to pursue the illicit movement of sanctioned oil that is used to fund narco terrorism in the region,” Noem wrote on X. “We will find you, and we will stop you.”

The action was a “consented boarding,” with the tanker stopping voluntarily and allowing US forces to board it, according to a US official who was not authorized to comment publicly and spoke on the condition of anonymity.

The reasoning for the seizure of the Centuries is far less clear than it was with the first tanker, the Skipper, which was known to be part of a shadow fleet of tankers that operates on the fringes of the law to move sanctioned cargo and was not even flying a nation’s flag when it was seized by the US Coast Guard.

W hite House Deputy Press Secretary Anna Kelly claimed in an online post Saturday that the Centuries was a similarly “falsely flagged vessel operating as part of the Venezuelan shadow fleet

PRESIDENT Donald Trump walks to speak with reporters while departing the White House as chief of staff Susie Wiles, right, looks on, Friday, Dec. 19, 2025, in Washington. AP/JULIA DEMAREE NIKHINSON

to traffic stolen oil” and that the oil it was carrying was sanctioned.

However, Dr. Salvatore Mercogliano, a maritime historian and merchant shipping expert at Campbell University, said that according to several shipping industry databases, the Centuries appeared to be operating legally.

“Everything indicates that she is a properly registered vessel,” Mercogliano said, though he did note that it’s almost certain that

the Centuries took on a load of sanctioned oil.

To Mercogliano, even despite the fact that the Centuries was carrying oil that was subject to sanctions, the seizure is “a big escalation.”

“This one is meant to scare other tankers away,” he added.

Venezuela’s government in a statement Saturday characterized the US forces’ actions as “criminal” and vowed to not let them “go

unpunished” by pursuing various legal avenues, including by filing complaints with the United Nations Security Council.

“The Bolivarian Republic of Venezuela categorically denounces and rejects the theft and hijacking of another private vessel transporting Venezuelan oil, as well as the enforced disappearance of its crew, perpetrated by United States military personnel in international waters,” according to the statement.

Trump following the first tanker seizure, of a vessel named the Skipper, this month vowed that the US would carry out a blockade of Venezuela. It all comes as Trump has ratcheted up his rhetoric toward Maduro and warned that the longtime Venezuelan leader’s days in power are numbered.

And the president this week demanded that Venezuela return assets that it seized from US oil companies years ago, justifying anew his announcement of a “blockade” against oil tankers traveling to or from the South American country that face American sanctions.

Trump cited the lost US investments in Venezuela when asked about his newest tactic in a pres-

A7

sure campaign against Maduro, suggesting the Republican administration’s moves are at least somewhat motivated by disputes over oil investments, along with accusations of drug trafficking. Some sanctioned tankers already are diverting away from Venezuela.

“We’re not going to be letting anybody going through who shou ldn’t be going through,” Trump told reporters earlier this week. “You remember they took all of our energy rights. They took all of our oil not that long ago. And we want it back. They took it—they illegally took it.”

US oil companies dominated Venezuela’s petroleum industry until the country’s leaders moved to nationalize the sector, first in the 1970s and again in the 21st century under Maduro and his predecessor, Hugo Chávez. Compensation offered by Venezuela was deemed insufficient, and in 2014, an international arbitration panel ordered the country’s socialist government to pay $1.6 billion to ExxonMobil.

The targeting of tankers comes as Trump has ordered the Defense See “Venezuela,” A8

Monday, December 22, 2025

A8

TheWorld

Thailand bombs Cambodia casino as Asean neighbors seek solution

T

By Eduard Gismatullin

HAILAND bombed a casino and a bridge in Cambodia, according to reports, as clashes between the two sides continued unabated ahead of a special Asean foreign ministers meeting on Monday to discuss the conflict.

Thai F-16 fighter jets struck O’Chik Bridge in Oddar Meanchey province on Friday night, The Nation Thailand paper reported, citing the Thai army. The bridge is located on a road about 62 kilometers (39 miles) from the Thai border and is said to be an ammunition supply route for Cambodian military.

T hai militar y aircraft also hit the Thomoda Casino and destroyed an artillery base located in Veal Veng district on Saturday, the paper said separately, without citing anyone. On Sunday, the Thai army shelled Cambodian territory in several areas, including Ta Mone Thom Temple, The Phnom Penh Post reported, quoting Cambodian defense ministry spokesperson Maly Socheata.

Malaysian Prime Minister Anwar Ibrahim said he had spoken with the Cambodian and Thai premiers about finding ways to ease tensions, according to a post on X. Malaysia is the current chair of the Association of Southeast Asian Nations and has acted as a mediator in the conflict.

The Asean meeting on Monday will allow the bloc’s foreign ministers to exchange views on the current situation between Cambodia and Thailand, Malaysia’s foreign ministry said in a statement on Sunday.

The ministers will also “consider possible steps that Asean may take in support of the ongoing efforts towards de-escalation and cessation of hostilities in the interest of peace and stability between

www.businessmirror.com.ph

Venezuela. . .

Continued from A7

Department to carry out a series of attacks on vessels in the Caribbean and eastern Pacific Ocean that his administration alleges are smuggling fentanyl and other illegal drugs into the United States and beyond.

At least 104 people have been killed in 28 known strikes since early September.

The strikes have faced scrutiny from US lawmakers and human rights activists, who say the administration has offered scant evidence that its targets are indeed drug smugglers and that the fatal strikes amount to extrajudicial killings.

The Coast Guard, sometimes with help from the Navy, had typically interdicted boats suspected of smuggling drugs in the Caribbean Sea, searched for illicit cargo, and arrested the people aboard for prosecution.

The administration has justified the

UN. . .

THAI Prime Minister Anutin Charnvirakul delivers his keynote speech during the International Conference on the Global Partnership against Online Scams in Bangkok, Thailand, on Wednesday, Dec. 17, 2025. AP/ANTON L. DELGADO

the two Asean member states and the wider region,” it said.

Thailand is expected to urge Cambodia to declare a ceasefire at the Asean meeting and join an effort in clearing mine fields, Bangkok Post reported Saturday, citing Thai foreign ministry spokesman Nikorndej Balankura. He reiterated Thailand’s commitment to resolve the conflict, according to the report.

US President Donald Trump has taken a keen interest in the border fight between the Southeast Asian neighbors that erupted earlier

this year—threatening both with trade restrictions in July to stop the fighting, and then overseeing a peace accord in October.

Last month, Thailand suspended the terms of the agreement after its soldiers were injured in a new landmine blast that the Thai army said was newly laid by Cambodia.

Cambodia rejected the allegation.

The two countries share an 800-kilometer (500-mile) border.

The conflict has killed dozens and displaced more than half a million people since it began earlier this year. Bloomberg News

Continued from A6

Saninto Udol, a South Sudanese police spokesman, said Army Lt. Lino Mariak Chol and two other soldiers were arrested after admitting to the killing of Bol Roch Mayol and disclosing the whereabouts of his body. It was found in a residential area Thursday, Udol said.

Mayol, a South Sudanese national who had worked for the UN mission since its inception in 2011, was taken from a UN vehicle by five South Sudanese soldiers following a routine patrol to a displacement camp on the outskirts of the northern town of Wau. Mayol’s UN vehicle had stopped on the side of a road after getting a flat tire, Udol said.

The UN called for those responsible to be held accountable, Dujarric said.

The United Nations also had another piece of “untenable” news: Yemen’s Houthi

strikes as necessary, asserting it is in “armed conflict” with drug cartels aimed at halting the flow of narcotics into the United States. Maduro faces federal charges of narcoterrorism in the US. The US in recent months has sent a fleet of warships to the region, the largest buildup of forces in generations, and Trump has stated repeatedly that land attacks are coming soon.

Maduro has insisted the real purpose of the US military operations is to force him from power.

White House chief of staff Susie Wiles said in an interview with Vanity Fair published this week that Trump “wants to keep on blowing boats up until Maduro cries uncle.”

Madhani reported from West Palm Beach, Florida. Associated Press writer Regina Garcia Cano in Caracas, Venezuela, contributed to this report.

rebels, who control the capital, Sanaa, and much of the country’s north, detained 10 more UN staffers Thursday, bringing the total number being held to 69.

“Secretary-General Antonio Guterres strongly condemns their arbitrary detention, calls for their immediate and unconditional release along with dozens of other detainees from nongovernmental organizations, civil society and diplomatic missions,” Dujarric said.

Guterres also demanded that charges against three UN staffers who were recently referred to a Houthi special criminal court be dropped.

The court in late November convicted 17 people of spying for foreign governments, part of a yearslong Houthi crackdown on Yemeni staffers working for foreign organizations.

The Associated Press writer Joseph Falzetta in Nairobi, Kenya, contributed to this report.

Iraqi factions maneuver for power as PM Al-Sudani faces tough path to 2nd term

By Qassim Abdul-Zahra The Associated Press

B

AGHDAD—Political factions in Iraq have been maneuvering since the parliamentary election more than a month ago to form alliances that will shape the next government.

The November election didn’t produce a bloc with a decisive majority, opening the door to a prolonged period of negotiations.

The government that eventually emerges will be inheriting a security situation that has stabilized in recent years, but it will also face a fragmented parliament, growing political influence by armed factions, a fragile economy, and often conflicting international and regional pressures, including the future of Iran-backed armed groups.

Uncertain prospects

PRIME Minister Mohammed Shia al-Sudani’s party took the largest number of seats in the election. AlSudani positioned himself in his first term as a pragmatist focused on improving public services and managed to keep Iraq on the sidelines of regional conflicts.

While his party is nominally part of the Coordination Framework, a coalition of Iran-backed Shiite parties that became the largest parliamentary bloc, observers say it’s unlikely that the Coordination Framework will support al-Sudani’s reelection bid.

“The choice for prime minis-

Acop. . .

Continued from A4

Adiong described Acop as “firm yet dignified, sharp yet deeply humane,” adding that the late lawmaker believed public office was a trust that must always be guided by principle rather than power.

Throughout his tenure in

ter has to be someone the Framework believes they can control and doesn’t have his own political ambitions,” said Sajad Jiyad, an Iraqi political analyst and fellow at The Century Foundation think tank.

Al-Sudani came to power in 2022 with the backing of the Framework, but Jiyad said that he believes now the coalition “will not give al-Sudani a second term as he has become a powerful competitor.”

The only Iraqi prime minister to serve a second term since 2003 was Nouri al-Maliki, first elected in 2006. His bid for a third term failed after being criticized for monopolizing power and alienating Sunnis and Kurds.

Jiyad said that the Coordination Framework drew a lesson from Maliki “that an ambitious prime minister will seek to consolidate power at the expense of others.”

He said that the figure selected as Iraq’s prime minister must generally be seen as acceptable to Iran and the United States—two countries with huge influence over Iraq—and to Iraq’s top Shiite cleric, Grand Ayatollah Ali al-Sistani.

Other political actors

IRAQI prime minister Mohammed Shia al-Sudani speaks during an event to mark the end of the U.N. political mission in Baghdad, Iraq, Saturday, Dec. 13, 2025. AP/HADI MIZBAN

IN the election, Shiite alliances and lists—dominated by the Coordination Framework parties— secured 187 seats, Sunni groups 77 seats, Kurdish groups 56 seats, in addition to nine seats reserved for members of minority groups.

The Reconstruction and Development Coalition, led by al-Suda-

ni, dominated in Baghdad, and in several other provinces, winning 46 seats.

A l- Sud a n i ’s resu lt s, wh i le strong, don’t allow him to form a government without the support of a coalition, forcing him to align the Coordination Framework to preserve his political prospects.

Some saw this dynamic at play earlier this month when al-Sudani’s government retracted a terror designation that Iraq had imposed on the Lebanese Hezbollah militant group and Yemen’s Houthi rebels—Iranaligned groups that are allied with Iraqi armed factions—just weeks after imposing the measure, saying it was a mistake.

The Coalition Framework saw its hand strengthened by the absence from the election of the powerful Sadrist movement led by Shiite cleric Muqtada Sadr, which

has been boycotting the political system since being unable to form a government after winning the most seats in the 2021 election.

Hamed Al-Sayed, a political activist and official with the National Line Movement, an independent party that boycotted the election, said that Sadr’s absence had a “central impact.”

“It reduced participation in areas that were traditionally within his sphere of influence, such as Baghdad and the southern governorates, leaving an electoral vacuum that was exploited by rival militia groups,” he said, referring to several parties within the Coordination Framework that also have armed wings.

Groups with affiliated armed wings won more than 100 parliamentary seats, the largest showing since 2003.

the House, Acop ear ned respect for his incisive questioning of resource persons during legislative inquiries on transportation, public safety, illegal drugs, and corruption. During a hearing of the House Committee on Good Government and Public Accountability, it was Acop’s line of questioning that first drew public attention to allegedly fictitious

names appearing on acknowledgment receipts for confidential expenses of the Office of the Vice President.

Colleagues said his attention to detail—such as flagging the name “Mary Grace Piattos”— reflected a lifelong commitment to diligence, truth, and accountability, hallmarks of his public service career.

Upon learning of Acop’s de-

mise, Sen. Panfilo Lacson posted on his social media account: “I am saddened, even devastated to learn about Sir Romy Acop’s passing. He was a dear friend, cavalier, upperclassman and adviser.

“We started working closely together in our earnest, sincere efforts to cleanse the police organization of scalawags and misfits when I was Chief, PNP and he was my Director for Comptrollership.

Al-Sudani in a bind

SU NNI FORCES, mea nwh i le, sought to reorganize under a new coalition called the National Political Council, aiming to regain influence lost since the 2018 and 2021 elections.

The Kurdish political scene remained dominated by the traditional split between the Kurdistan Democratic Party and Patriotic Union of Kurdistan parties, with ongoing negotiations between the two over the presidency.

By convention, Iraq’s president is always a Kurd, while the more powerful prime minister is Shiite and the parliamentary speaker Sunni.

Parliament is required to elect a speaker within 15 days of the Federal Supreme Court’s ratification of the election result, which occurred on Dec. 14.

The parliament should elect a president within 30 days of its first session, and the prime minister should be appointed within 15 days of the president’s election, with 30 days allotted to form the new government.

Washington steps in

THE incoming government will face major economic and political challenges.

They include a high level of public debt—more than 90 trillion Iraqi dinars ($69 billion)—and a state budget that remains reliant on oil for about 90% of revenues, despite attempts to diversify, as well as entrenched corruption.

It was his original recommendation to download 85 percent of the PNP’s financial and logistical resources to our frontline units, while leaving only 15 percent to the headquarters as an integral part of the PNP reformation program.

“Our friendship even grew stronger when I became senator in 2001 and he was elected Second District representative

But perhaps the most delicate question will be the future of the Popular Mobilization Forces, a coalition of militias that formed to fight the Islamic State group as it rampaged across Iraq more than a decade ago.

It was formally placed under the control of the Iraqi military in 2016 but in practice still operates with significant autonomy.

After the Hamas-led attack in southern Israel on Oct. 7, 2023 sparked the devastating war in Gaza, some armed groups within the PMF launched attacks on US bases in the region in retaliation for Washington’s backing of Israel.

T he US has been push ing for Iraq to disarm Iran-backed groups—a difficult proposition, given the political power that many of them hold and Iran’s likely opposition to such a step.

Two senior Iraqi political officials, who spoke on condition of anonymity because they weren’t authorized to comment publicly, said that the United States had warned against selecting any candidate for prime minister who controls an armed faction and also cautioned against letting figures associated with militias control key ministries or hold significant security posts.

“The biggest issue will be how to deal with the pro-Iran parties with armed wings, particularly those... which have been designated by the United States as terrorist entities,” Jiyad said.

of Antipolo City nine years later in 2010.

“His children may be comforted with the thought that he is now with his wife, Dr./ Congresswoman Resurreccion “Cion” Marrero Acop, who died of complications from Covid-19 five years ago.

“He will surely be missed. May he rest in peace.” Butch Fernandez and Jovee Marie N. dela Cruz

Monday, December 22, 2025

A9

Govt wants to hasten rollout of CEMF projects

By Ada Pelonia

T

@adapelonia

HE Department of Agriculture (DA) is reviewing 13 project proposals that will be implemented under a program that seeks to boost the competitiveness of domestic industries injured by the influx of imports.

Agriculture Undersecretar y Cheryl Marie Natividad-Caballero said the DA is in the process of reviewing proposals under the Competitiveness Enhancement Measures Fund (CEMF), all 13 of which came from the coffee sector.

With rules for CEMF availment being revised, Caballero noted that the funding for each project will be bankrolled under the 2026 budget,

as the 2025 funds will be carried over to next year.

Agriculture Secretary Francisco Tiu Laurel Jr. had said the DA has yet to use the money earmarked for the CEMF in its 2025 budget, which stands at P1.25 billion, due to “complicated rules” and “small amounts” in per-project funding.

In the current policy, there is a P50-million ceiling on projects.

Caballero said among the adjustments in the policy were the Office of Special Concerns and for Official Development Assistance (ODA) taking over the handling of the CEMF from the High Value Crops Development Program (HVCDP) to leverage the additional funds.

“The group will be reconstituted so the assessment and review can be faster,” she told the BusinessMirror in an interview.

“With the Secretary’s direction to implement it as quickly as possible, and with a new group taking over, the implementation will be faster.”

Caballero said fast-tracking the evaluation process was likely included in the proposed amendments to the policy.

“They might enhance the mechanics of the evaluation to speed it up. Remember, it’s a competitiveness enhancement measures fund.

So, the goal is to ensure that farmers are always connected to an offtaker.”

Industry sources said the CEMF

BLOOMBERG

consists mostly of safeguard duties collected from coffee and poultry imports. The current balance of the fund as of the end of 2024 stood at P5.16 billion.

The CEMF is established under Republic Act (RA) 8800 or the

Safeguards Measures Act to boost the competitiveness of domestic industries injured by increased imports through agricultural and fisheries programs.

Under R A 8800, 50 percent of revenues collected from fees,

charges, and safeguard duties on imported goods would be earmarked for this fund. The special safeguard (SSG) duty is a trade mechanism that a country can impose on imported products that fall below a trigger price.

Additional duties computed based on the difference between the value of the imported product and the trigger price are slapped on a commodity to protect domestic output against unfair competition.

Last September, Nestle Philippines said it proposed changes to the CEMF availment which it submitted to the DA. One of Nestlé’s recommendations is to allow up to 100 percent in-kind equity for small farmers’ associations, “recognizing that these groups can contribute labor, produce, and existing assets more readily than cash.”

It also urged the government to simplify supporting documents so that compliance requirements are “practical and farmer-friendly.”

DAR turns over road projects, DA: Project to end PHL reliance on mung bean imports FME to Cagayan Valley farmers

T

HE Department of Agrarian Reform (DAR) has turned over farm-to-market roads (FMRs), farm machinery and equipment (FME), and relief goods worth P395 million worth to agrarian reform beneficiaries (ARBs) in the Cagayan Valley Region.

DAR Secretary Conrado M. Estrella III led the turnover during a simple ceremony held recently at the Mamba Gymnasium in Tuguegarao City.

The agency said the event highlights the government’s sustained efforts to help ARBs lower production costs, access markets faster, and increase their incomes, as it is expected to strengthen agricultural productivity and improve rural livelihoods in Cagayan Valley.

The assistance package included P347-million FMR projects, which will reduce transport expenses, minimize post-harvest losses, and allow ARBs to deliver their produce to markets more efficiently.

DAR also distributed P45.22million FMEs, which will enable ARBs to modernize farm operations, improve efficiency, and boost yields. In addition, P2.89 million worth of relief goods will provide immediate support to farming communities.

Estrella said DAR’s programs are designed to create long-term impact in rural areas.

“These projects go beyond infrastructure and equipment. They directly strengthen farmers’ capacity to produce more, earn better, and live with dignity,” he said. “By providing better roads, modern machinery, and timely assistance, we are building resilient farming communities and reinforcing food security.”

One of the beneficiaries, the Nararagan Valley Multi-Purpose Cooperative of Ballesteros, Cagayan, received its second four-wheel-drive tractor.

The cooperative, chaired by Benjamin Collado and composed of 1,380 members, is engaged in rice production and lending services.

According to Collado, the additional tractor will expand cultivated areas, speed up farm operations, and significantly reduce production costs, serving its members better and increasing overall productivity.

“The turnover highlights DAR’s commitment to providing integrated support services that empower agrarian reform beneficiaries, enhancing agricultural productivity, and fostering sustainable and inclusive economic growth in the countryside.” Jonathan L. Mayuga

T

HE Department of Agriculture (DA) is ramping up efforts to enable the country to become self-sufficient in munggo by expanding hectarage and domestic output.

Agriculture Undersecretar y Cheryl Marie Natividad-Caballero said the DA is setting aside P178.8 million for a three-year mung bean self-sufficiency project set to begin in 2026 to boost local production, which has been constrained by the limited availability of quality seeds.

Increasing domestic output will reduce the country’s reliance on imported supply despite the crop’s strong “strong suitability” for local production.

The country currently imports around 60 percent of its annual munggo requirements, with the 5-year foreign shipments averaging some 43,000 metric tons (MT), based on government data.

Under the project, Caballero said the agency’s High Value Crops Development Program (HVCDP) will forge ties with the research arm of the University of the Philippines Los Baños (UPLB) for the propagation of seedlings.

She noted that clean seeds from

UPLB’s Institute of Plant Breeding (IPB) will be distributed to regional research stations and multiplier farms.

“Through this collaboration, we will have a mechanism for the continuous establishment of a reliable quality seed system for munggo,” Caballero told the BusinessMirror in an interview.

Furthermore, she said the agency’s research station in Cagayan Valley has developed a harvester that can be attached to a tractor. A sorter to improve the crop’s quality for market circulation will also be included in the interventions.

“To systematize the process is the driving force now that will allow us to move to munggo selfsufficiency in the coming years,” Caballero added. “With that policy direction, partnerships now can also be strengthened.”

Aside from declining output, mungo production has been hampered by the contraction in farms planted with the crop.

Data from the Philippine Statistics Authority (PSA) showed that area harvested for munggo declined by an average of 22 percent over six years to 34,331 hectares last year from 41,728 hectares

in 2019.

With this, Caballero said the DA is set to sign a Memorandum of Agreement (MOA) with the National Irrigation Administration (NIA) and local governments of top munggo-producing provinces to broaden the area harvested for the crop.

“We’re looking at expanding [the harvested area] for munggo to complement rice, since farmers can plant them after rice. This will also help improve their land since it has a nitrogen-fixing element,” she said.

“With the partnership with the local government units, it will now also complement their ability to develop local economic enterprises.”

Caballero said she is banking on these partnerships to buoy munggo production which could eventually support value-adding.

The partnerships could also include the private sector, such as farmers cooperatives since “they can operate like an enterprise (when) given assistance in the form of processing equipment,” she added.

“The end result is also toward developing an end-product. So, it’s

not just the raw material, but they can address value addition as well.”

Meanwhile, Caballero said the agency plans to include its project dubbed “Gulayan sa Bayan” in the National Priority Plan (NPP) of the Department of Economy, Planning, and Development (DepDev), which would help form part of the munggo project’s funding.

“If it’s in the NPP, the private sector that donates to that project can deduct it from their taxes,” she said.

“When they support munggo self-sufficiency as part of our Gulayan sa Bayan platform, the private sector can also claim it as a tax deduction and help reduce malnutrition.”

Despite t his, she sa id t he HVCDP would always “welcome” new funding, noting that they would look forward to receiving assistance.

“What we’re saying is this is a business case where people, enterprises, organizations, and farmers can earn from it,” Caballero said.

“So, value creation occurs when the government provides the necessary support system for their enterprises to grow and prosper.”

Ada Pelonia

Cocoa prices are plunging. Why is chocolate still so expensive?

A

FTER last year’s historic rally, cocoa prices are heading for a record annual slump. But there’s no sign the cost of your candies, bars or chocolate Santas will follow any time soon.

Cocoa futures almost tripled last year, inflicting pain on manufacturers, who in turn hiked chocolate prices.

They’re still working through beans they bought at the top of the rally.

They’ve also made recipe changes that are not easy to reverse.

Producers and analysts expect cheaper cocoa to only start feeding through to supermarket aisles in the second half of next year, and even that is far from certain. That means households already stretched by pricier groceries from beef to coffee will have to keep weighing whether chocolate remains an affordable treat.

“The prices that the chocolate industry is currently working off are very high and painful,” said Jonathan Parkman, head of agricultural sales at commodities brokerage Marex Group in London. “It’s going to take us quite a while to work through that.”

Cocoa soared to a record of almost $13,000 a ton last year as disease and extreme weather ravaged crops in Ivory

Coast and Ghana, which supply more than half of the world’s cocoa. But prices tumbled as harvest prospects improved, demand weakened and some concerns over a lasting shortage subsided. They’re down about 50 percent this year, heading for the steepest annual decline since records began in 1960.

The surge left a deep mark on the industry, with everyone from packaged food giants to small artisanal chocolatiers across Europe and the US scrambling to secure enough cocoa and balance costs against profits. Some were left fighting for survival.

They won’t be quick to cut back on retail prices.

LAMBERTZ, one of Germany’s oldest confectioners, has enough cocoa stocks to last until almost mid-2026 after securing them when prices were high, said owner Hermann Bühlbecker, who’s been with the company for five decades. “As far as I can remember, there has never been such a price explosion,” he said.

The family-run business, known as Aachener Printen- und Schokoladenfabrik Henry Lambertz GmbH, makes cookies and chocolate-

BOXES of handmade chocolates ready for sale at a factory in Paris. BLOOMBERG

glazed gingerbread, a popular Christmas delicacy. Stocking up on pricey cocoa added about €150 million ($176 million) in extra annual costs, the equivalent of one-fifth of last year’s revenue.

Like many others, Lambertz had to pass on costs to consumers and accept a loss in sales volume.

Producers are now trying to recoup some of those lost revenues and margin losses, according to Scott Amoye, the vice president of commodities

at California-based chocolate maker Guittard Chocolate Co., whose clients include bakers and confectioners. “You could go through a significant period in 2026 before you see any relief in pricing,” he said.

Some of the biggest chocolate makers are staying away from signaling any changes, citing volatility on the cocoa market. Kit Kat-maker Nestle SA said that while recent shifts in prices were encouraging, it’s still too early to comment on specific changes. Hershey

Co., which produces Reese’s Peanut Butter Cups, expected some “deflation” to start happening “deeper into 2026,” Chief Financial Officer Steve Voskuil said on an earnings call in October.

They have good reasons to be cautious.

While cocoa futures tumbled below $5,000 a ton in November, they’re now hovering around the $6,000 mark in New York as traders weigh shrinking expectations for a big surplus this season. Analysts from Rabobank and Citigroup Inc. have trimmed their estimates in recent weeks.

West African supply remains precarious and the region’s smallholder farmers are chronically underfunded, lacking sufficient access to fertilizer, disease-resistant seedlings and tools that help cope with climate change.

“The long-term structural challenges are not resolved,” Peter Feld, chief executive officer of Barry Callebaut AG, said on last month’s analyst call. “Cocoa farming in West Africa faces a chronic investment gap.

Chocolate has been far too cheap for far too long.”

The world’s largest bulk-chocolate maker is looking to grow its cocoaalternatives division, while exploring

innovations as a way to cushion business from persistent cocoa volatility. It’s also considering splitting off its cocoa grinding unit from the rest of the business.

Across the chocolate world, producers have found ways to cope with that volatility by tweaking recipes to lower cocoa content, or reducing portion sizes.

In Germany, popular purple-wrapped Milka chocolate bars are now 10 percent lighter even as their maker Mondelez International Inc. hiked prices by about a quarter, according to research from the Hamburg Consumer Advice Centre. In the UK, classic bars like Nestle’s Toffee Crisp and McVitie’s Penguins can no longer be called “chocolate” after their makers reduced cocoa butter in favor of cheaper vegetable oils.

Reversing recipe swaps isn’t easy, meaning these shifts are set to stick for longer.

For now, temporary promotional discounts are more likely than price cuts, according to Allyson Myers, vice president of sales and marketing at the Vermont-based Lake Champlain Chocolates. “We probably won’t be able to give it all back,” she said.

Bloomberg News

A10 Monday, December 22, 2025 • Editor: Angel R. Calso

Opinion BusinessMirror

www.news.businessmirror@gmail.com

editorial

Roadmap to integrity: Business groups issue a 2026 ultimatum on procurement reform

T

HE recent proposal by four of the country’s most influential business and governance groups—the Institute of Corporate Directors (ICD), the Institute for Solidarity in Asia (ISA), the Justice Reform Initiative (JRI), and the Management Association of the Philippines (MAP)—is more than just a list of recommendations.

It is a structured, time-bound ultimatum for a government that has long been haunted by the ghosts of procurement scandals past and present. (Read the BusinessMirror story: Business groups pitch time-bound reforms to stop corruption, December 19, 2025).

From the staggering inefficiencies revealed by recent flood control failures to the dark legacies of the ZTE deal, the Napoles pork barrel scam, and the Pharmally controversy, the pattern is clear: corruption in the Philippines is not accidental. It is systemic, flourishing at the intersection of political patronage and opaque bureaucracy. By proposing a roadmap that begins on January 1, 2026, these groups are offering the state a chance to move beyond “statements of concern” and into the realm of measurable accountability.

The proposed reforms are surgically precise. By demanding the interconnection of SEC, CDA, and BIR data with the Modernized Philippine Government Electronic Procurement System (mPhilGEPS), the groups aim to strip away the veil of “shell companies” that often serve as fronts for unscrupulous officials.

The call for “beneficial ownership” disclosure is particularly vital; it ensures that the public knows exactly whose pockets are being lined by taxpayer money.

Furthermore, the proposal borrows from the best of the world. It looks to the United Kingdom and Chile for transparency models, Hong Kong and Singapore for the speed of anti-corruption response, and Brazil and Estonia for citizen-led oversight. These are not experimental theories; they are proven deterrents. The suggestion to trigger joint audits by the COA, DBM, and AMLC within 90 days of a “red flag” is a direct strike against the “wait-and-see” culture that allows stolen funds to dissipate before an investigation even begins.

However, the elephant in the room remains: Will the government actually listen?

History suggests that the greatest barrier to reform is the very group tasked with implementing it. Many of the “red flags” these groups wish to track—repeat contract winners, cost overruns, and dynastic influence—are the lifeblood of traditional politics. For a lawmaker or a high-ranking official, a transparent “Public Red Flag Dashboard” is not a tool for efficiency; it is a threat to their survival.

The tragedy of Philippine procurement is that while the technology exists to make it clean, the political will often does not. The mPhilGEPS system can be as “modernized” as the budget allows, but it will remain a hollow shell if the data fed into it is manipulated or if the “red flags” it raises are ignored by those in power.

The business and civil society community has done its part. They have provided a clear, actionable, and globally-tested blueprint to safeguard projects worth P50 million and above. They have correctly identified that the magnitude of corruption in this country has reached a “shocking” level that requires more than just rhetoric.

The ball is now in the court of the administration and the legislature.

To ignore these proposals is to admit that the status quo—with all its “grim consequences” for the Filipino people—is preferred over a system of integrity. If the government fails to adopt these time-bound reforms by 2026, it will not be because they were too difficult to implement, but because the light of transparency was too bright for those who prefer to operate in the shadows.

Since 2005

BusinessMirror A broader look at today’s business

Tokyo’s digital charm Atty. Jose Ferdinand M. Rojas II

RISING SUN

W

HAT if a city could behave like an influencer? Not a celebrity showing off local cafés or skincare hacks, but a global hub telling its own story, reel by reel, post by post.

Tokyo just did that.

The Tokyo Metropolitan Government recently announced that its official social media accounts have surpassed 1.37 million followers, a milestone that doesn’t just say “people love Japan.” It says Tokyo has mastered the art of digital storytelling, balancing history, innovation, and human touch in ways that many governments, even brands, still strive for.

Scroll through Tokyo Gov’s Instagram, and you’ll sense its rhythm: neon-lit innovation, orderly chaos, quiet care for safety, and a pulse of optimism that feels deeply human.

It’s as if the city knows when to zoom

in on a cherry blossom or an underground flood tunnel. Each image is a reminder that Tokyo’s beauty doesn’t rely on filters, but on perspective.

For a place with a centuries-old Edo heritage, Tokyo has become fluent in a new global language: the algorithm. Its storytelling is not propaganda; it’s participation.

From collaborating with influencers like @kawaiiicoco at the SusHi Tech Tokyo innovation conference, to spotlighting everyday heroes who keep the metropolis flood-proof, the government’s online presence feels less like bureaucracy and more like a conversation.

HERE is a quiet but decisive shift that SM Investments is doing for the country’s push for compliance with global frameworks such as sustainability reporting and it is doing it quietly for the country’s micro, small, and medium enterprises (MSMEs) via a partnership with Global Reporting Initiative.

The launch of the inaugural e-learning bridge course on sustainability reporting for MSMEs, unveiled during a recent workshop at SMX Aura in Taguig, marks a strategic recalibration: sustainability is now part of the entire value chain. After all, the need for sustainability is much needed now with the pronounced harsh climate conditions that hit us.

The launch of the inaugural elearning bridge course on sustainability reporting for MSMEs, unveiled during a recent workshop at SMX Aura in Taguig, marks a strategic recalibration: sustainability is now part of the entire value chain. After all, the need for sustainability is much needed now with the pronounced harsh climate conditions that hit us.

The workshop, “Empowering Sustainable Business and Supply Chains: Building Capabilities for Impactful Sustainability Practices Across the Value Chain,” teach MSMEs the well-established GRI Standards on disclosure requirements of the International Sustainability Standards Board (ISSB). Thus, SM Investments has made a consequential move in extending this learning architecture to MSMEs, roughly 99.5 percent of all

ally recognized standards.

“It’s not just about producing reports and documentation,” said SM Investments Consultant and Head of Investor Relations and Sustainability Timothy Daniels. “We want to deepen understanding beyond the stories and behind the data, to empower our colleagues in the industry and now our MSME partners to create real business value.”

This is where the initiative moves from rhetoric to relevance: MSMEs are not being asked to produce glossy reports, but to understand risks, opportunities, and data points that directly affect operational resilience.

That framing matters. Sustainability reporting, when done well, improves energy efficiency, reduces waste costs, strengthens access to financing, and enhances supply-chain credibility—especially as banks, in-

Founder

Editor in Chief Associate Editor News Editor Senior Editors

Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso, Dionisio L. Pelayo

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes

Chairman of the Board President Advertising Sales Manager Group Circulation Manager

D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.

Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025.

(Advertising Sales) 893-2019; 817-1351, 817-2807.

(Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com

www.businessmirror.com.ph

Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

LITO GAGNI

T. Anthony C. Cabangon Lourdes M. Fernandez

Publishers Association of the Philippines Inc.

There’s substance behind the shine. Tokyo Gov’s social media coverage of “Safety for the Next 100 Years” reveals how the city manages risk on a massive scale. One featured clip shows travel creator @yamatrips walking through the underground flood tunnels—vast caverns of engineering that protect 14 million lives from typhoons and heavy rains. It’s urban resilience, shown not through numbers but through human curiosity.

And there’s more: features with international residents talking candidly about living in Tokyo— like an Indian scholar pursuing her Ph.D.—showcase Tokyo as an inclusive, career-friendly environment. It’s soft power at work: using

everyday stories to highlight a city where diversity and order coexist naturally.

Even the hashtag campaign #EdoTokyo feels smartly nostalgic.

By inviting users to share their own Tokyo moments, it turns spectators into storytellers and reintroduces “Edo,” Tokyo’s old soul, to the Instagram generation. It’s what brand strategists might call participatory branding or the art of involving everyone.

In an age when travelers choose destinations through TikTok reels rather than brochures, Tokyo’s 1.37 million followers represent more than digital clout. They reflect a strategy: tell authentic stories, celebrate people, and show the systems that make a city not just livable but lovable.

For Filipino cities dreaming of global attention—be it for tourism, investment, or innovation—Tokyo offers a template. Not grand slogans, but sincerity. Not announcements, but conversations. Because in the scrollable world we live in, influence isn’t about who talks the loudest. It’s about who listens, shares, and connects with heart.

Empowering the backbone: SM Investments and GRI partner to democratize sustainability for MSMEs

✝ Ambassador Antonio L. Cabangon Chua Publisher

In an age when travelers choose destinations through TikTok reels rather than brochures, Tokyo’s 1.37 million followers represent more than digital clout. They reflect a strategy: tell authentic stories, celebrate people, and show the systems that make a city not just livable but lovable.

T

businesses in the Philippines.

This is not a token gesture. In a developing economy like ours, MSMEs collectively account for a substantial share of energy use, logistics emissions, resource extraction, waste generation, and land-use impact— often without the tools or language to measure, manage, or mitigate these effects. Climate action that ignores MSMEs is climate action that remains incomplete.

By sponsoring a free, self-paced online bridge course, SM Investments lowers the cost barrier that has historically excluded small enterprises from sustainability frameworks. GRI, for its part, facilitates dissemination through its global platform partners, ensuring that the course content is not merely instructional but aligned with internation-

vestors, and multinational buyers increasingly factor ESG performance into decision-making. For MSMEs, this can spell the difference between being sidelined or being integrated into future-ready supply chains.

SM’s scale gives this initiative weight. The group works with more than 100,000 MSMEs across retail, property, banking, and logistics platforms. By embedding sustainability literacy into this ecosystem, SM effectively multiplies the climate impact of its own corporate commitments.

“When we first introduced GRI in the Philippines, who helped us?

It was SM,” recalled Dr. Allinnettes Go Adigue, Head of GRI’s Asean Regional Hub. “They supported us in spreading the word. Within a few years, compliance grew rapidly.”

That momentum culminated in 2018 when GRI held its first Sustainability Summit outside Europe and North America in the Philippines —co-hosted with SM. The current MSME bridge course can be seen as the next logical step: democratizing sustainability knowledge in a country that is both highly vulnerable to climate change and heavily dependent on small enterprises.

SM’s push is an inimitable way by which it pursues sustainability across the value chain. It recognizes that national climate resilience will not be built solely in boardrooms or See “Gagni,” A11

www.news.businessmirror@gmail.com

Pearl of the Orient: Strength in self-reliance amid giants

Opinion BusinessMirror

From ‘hit-or-miss’ to technology-based BIR LOA selection process

By Henry Go

Joel L. Tan-Torres

T

HE Philippines has long been described as the Pearl of the Orient—a nation shaped by history, geography, and the pressures of larger forces around it. Today, that image feels newly relevant. As global power shifts and rivalries intensify, the country must decide not only where it stands, but how it strengthens itself amid uncertainty.

Understanding China’s regional ascent is essential for the Philippines to navigate opportunities and risks effectively, as its own development and strategic choices are influenced by these shifting dynamics. China’s rise has reshaped trade, infrastructure, and supply chains across Asia and beyond. Massive investments in ports, railways, industrial parks, and digital networks have altered the region’s economic map. These developments have created opportunities for Southeast Asia, including the Philippines, by improving connectivity and lowering barriers to trade. Yet domestic constraints— such as infrastructure gaps, policy inconsistency, skills shortages, and institutional capacity—have limited the Philippines’ ability to integrate deeply into regional value chains.

Geopolitical signaling has also complicated engagement, at times discouraging long-term investment decisions.

China’s development story is complex. Long civilizational continuity allows for long-term planning and policy execution, absorbing foreign knowledge while preserving national identity. Strong central coordination has enabled policy continuity and large-scale planning, supported long-term investments and coordinated development efforts. At the same time, growth remains uneven, rural-urban disparities persist, and local government debt poses fiscal risks, showing that rapid expansion carries challenges alongside achievements.

Even the United States—the Philippines’ long-standing security partner—faces its own domestic and strategic limitations, including fiscal pressures, political polarization, and debates over global commitments.

Recent US strategic documents do not explicitly highlight Southeast Asia, including the Philippines.

While this does not alter formal treaty obligations, it serves as a reminder that alliances are ultimately guided by national interests, not sentiment.

For the Philippines, this environment calls for a clear focus on domestic capacity. Its primary vulnerabilities are economic: productivity gaps, weak industrial depth, logistics costs, and uneven human capital development. Security partnerships provide stability but cannot substitute for national development.

Overreliance on any external power —economic or military—reduces policy flexibility and weakens negotiating leverage.

Economic diplomacy with China provides opportunities without surrendering sovereignty. Trade, infrastructure cooperation, and skills transfer can deepen regional integration and develop Filipino expertise if projects are transparent, commercially viable, and aligned with national priorities. Safeguards, clear rules, and strong institutions ensure engagement remains structured and

Gagni. . .

Continued from A10

policy chambers, but in workshops, warehouses, transport routes, and family-run enterprises.

“Our success as a group is deeply connected to the success of our stakeholders, especially the MSMEs who work with us and rely on us,” Daniels added. “Through capability-building programs like this, we extend sustainability beyond our organization, helping ensure it becomes a shared practice across industries.”

In a changing world order, quiet strength, economic resilience, and principled diplomacy remain the country’s most enduring assets. Like a pearl shaped under pressure, national credibility is forged through decisive reforms, bold restructuring, and an unwavering pursuit of economic resilience and strategic autonomy. mutually beneficial.

At the same time, maintaining defense cooperation with longstanding partners reassures regional stability and strengthens negotiating positions. Security relationships should support national interests rather than define them, giving Manila the space to engage proactively in regional diplomacy.

Asean’s experience offers useful lessons. Many Southeast Asian states maintain working relationships with both major powers by focusing on economic development, regional integration, and strategic restraint.

This approach has allowed Asean to remain relevant despite intensifying competition among larger states. As the Philippines assumes a leadership role within Asean in 2026, credibility will depend on consistency, moderation, and economic seriousness.

Leadership does not require choosing sides; it requires showing that development, dialogue, and stability are mutually reinforcing, while avoiding conflicts unrelated to core national interests.

Ultimately, the Philippines’ strongest position comes from within.

Strong economic foundations are the basis of long-term influence, while credible defense provides stability.

Prioritizing self-reliance, infrastructure, education, and skills development allow the country to absorb external shocks and negotiate from confidence rather than anxiety. Economic strength reduces vulnerability and creates leverage in any engagement, whether with China, the US, or the broader Asean community.

Like a pearl formed under pressure, the Philippines exists in an environment shaped by larger forces.

Recognizing these limits clarifies the country’s task: to strengthen its own core rather than lean excessively outward.

As the nation approaches Christmas—a season associated with reflection, restraint, and goodwill—it has an opportunity to reaffirm what has sustained it through past uncertainties: calm judgment, respect for others, and confidence in its own capacity. In a changing world order, quiet strength, economic resilience, and principled diplomacy remain the country’s most enduring assets. Like a pearl shaped under pressure, national credibility is forged through decisive reforms, bold restructuring, and an unwavering pursuit of economic resilience and strategic autonomy.

If sustainability is to become more than a corporate slogan, it must move downstream—into the hands of those who make up the backbone of the Philippine economy. In partnering with GRI to equip MSMEs with the language, logic, and tools of sustainability reporting, SM Investments is making a clear statement: climate action, to be effective, must be inclusive, practical, and anchored in everyday business decisions.

That, perhaps, is where real climate progress begins—not in the report itself, but in the changed behavior it enables.

Monday, December 22, 2025 A11

DEBIT CREDIT Conclusion

T

HE 2024 Bureau of Internal Revenue Annual Report disclosed that the BIR collected over P2.852 trillion in taxes. Of this, P71.3 billion came from audits (with P4.33 billion from the Run After Fake Transaction program), and P8.85 billion from delinquent account collections. That’s just 2.8 percent of total collections—a small slice, but a critical one. (https://web-services.bir.gov.ph/annual_reports/ annual_report_2024/BIR%202024%20AR.pdf).

Only a small fraction of taxpayers ever see a tax examiner. The BIR had 4,568 revenue officers conducting audits in 2024, or about one examiner for every 1,200 registered business taxpayers—now numbering 5.5 million. Audit coverage remains minimal: only a small number of new Letters of Authority (LOAs) are issued annually. Based on historical patterns, audit coverage is about 1.5 percent of business taxpayers per year.

This leads many to ask: if audits produce so little of total revenue and reach so few, why do we still talk about them so much?

The answer lies not just in collections—but in deterrence.

In tax enforcement economics, it’s well understood: a peso collected through an audit today can trigger several pesos of additional voluntary tax payments in future years—by the same taxpayer (called specific deterrence) and by others who hear about or observe that enforcement (called general deterrence).

When a business owner or accountant sees that the BIR has audited a peer in their sector, or received a visit

after filing a suspiciously low VAT return, that perceived risk quietly reshapes behavior. Books are cleaned up. Revenues are declared more honestly. Deductions are documented.

That’s deterrence in action.

International evidence from the United States, United Kingdom, Japan, Australia, and Asean members shows that audit contact and increased perceived audit probability can lead to higher subsequent voluntary reporting and payments —often exceeding the direct audit yield—demonstrating the deterrence value of credible, risk-based audit selection.

These effects are real, and they multiply the impact of a small, welltargeted audit program.

But deterrence only works if audits are perceived as fair, data-driven, and leave little room for BIR examiner discretion.

Unfortunately, in the Philippines, the audit system still operates largely on a manual, LOA-based model. Although there are procedures in place, the process is often opaque. Some businesses are audited multiple times for overlapping years, while others go

When a business owner or accountant sees that the BIR has audited a peer in their sector, or received a visit after filing a suspiciously low VAT return, that perceived risk quietly reshapes behavior. Books are cleaned up. Revenues are declared more honestly. Deductions are documented. That’s deterrence in action.

untouched for decades. There are also harrowing accounts of taxpayers being harassed and extorted during the audits. The recent LOA controversies being investigated by the Senate Blue Ribbon Committee underscore this credibility gap.

To sustain deterrence, BIR must modernize its selection logic. Audits should be chosen based on risk indicators, not field-level discretion.

The system should be seen in general terms, why a taxpayer was selected: persistent underreporting, unusual financial ratios in the declarations in the tax returns, tax refund claims, mismatched transactions that don’t match with third-party filings, etc.

A simple, Artificial Intelligence (AI)-enabled audit selection engine can swiftly be developed and generate audit lists based on transparent rules and risk models. This could be similar to what former BIR Commissioner Romeo Lumagui did in collaborating with the Ateneo University to utilize AI and data analytics in tax administration audit processes. This collaboration in 2024 resulted in the development of an AI-powered algorithm using data analytics and math to detect fake sales invoices used for tax evasion. (https://www.ateneo. edu/news/2024/08/07/bureau-internal-revenue-partners-ateneos-department-mathematics-combat-ghost). For the LOA/audit selection system, I

Europe stumbles in its attempt to bypass Trump’s world order

By Jorge Valero & Augusta Saraiva

U

RSULA VON DER LEYEN was supposed to sign the European Union’s largest free-trade agreement on Saturday, proving the bloc’s standing as a geoeconomic force.

Instead, the European Commission president will have to figure out a way to salvage the Mercosur pact by rallying last-minute support from countries including Italy that helped delay the deal— yet again—over concerns it would hurt domestic farming sectors.

Negotiations on the trade accord—with Argentina, Brazil, Uruguay and Paraguay—have been drawn out over 25 years, rankling the South American countries. Brazilian President Luiz Inacio Lula da Silva said earlier this week the time was now or never.

In a letter to Lula Friday, von der Leyen and European Council President Antonio Costa regretted missing the December 20 selfimposed deadline and said they’re “actively working” to get the deal across the finish line, according to the document seen by Bloomberg.

Officials say they will try again to sign the deal on January 12, but there’s no guarantee.

The ongoing failure to ratify the accord is a blow for the EU, which wants to use the transatlantic agreement as evidence that it could be a global power. It especially wants to prove it can move outside the orbit of China and the US, which have increasingly antagonistic trade relationships with Europe.

“This is Europe’s independence moment,” von der Leyen said earlier this week, ahead of a summit when EU leaders would tackle funding options for Ukraine as well as Mercosur.

The EU views China as both an economic competitor and a system-

ic rival and has been navigating an escalating trade confrontation that’s seen both sides impose tariffs on the other’s imports. Earlier this year, Beijing announced plans to tighten controls on its exports of rare earths and other critical materials, showing the EU how vulnerable its industries are.

And this summer, the EU accepted what it saw as an unbalanced trade agreement with the US, agreeing to a 15 percent tariff on most of its exports while pledging to remove all duties on American industrial goods.

“Failure to authorize the deal would hurt Mercosur more than the EU economically, but it would be a geopolitical setback for Brussels at a time of rising US and Chinese pressure,” said Bloomberg economist Antonio Barroso.

The EU-Mercosur trade pact could help Europe escape its souring dynamics with the US and China.

The pact would create an integrated market of 780 million consumers, gradually erase tariffs on goods including cars and give Europe easier access to Mercosur’s vast agricultural industry and resources.

Critically, that would give the EU economic ties and supply chains beyond the US and China.

The deal would also show the region that Europe can offer a credible economic alternative to the two superpowers.

Failure to secure the Mercosur partnership “would certainly be a blunder of epic proportions for Europe’s ambitions to position itself as a relevant player on the global

In a letter to Lula Friday, von der Leyen and European Council President Antonio Costa regretted missing the December 20 self-imposed deadline and said they’re “actively working” to get the deal across the finish line, according to the document seen by Bloomberg. Officials say they will try again to sign the deal on January 12, but there’s no guarantee. economic scene,” said Agathe Demarais, senior policy fellow at the European Council on Foreign Relations, a think tank.

For now, the EU has been unable to find the majority support needed for passage, mostly due to deep-seated anxieties that the new trade dynamics would merely undercut Europe’s agriculture sector. During a summit Thursday in Brussels, EU leaders faced down thousands of protesting farmers setting tires ablaze and dumping potatoes in the streets.

After the summit ended, however, the leaders expressed optimism that they could still move forward in January.

Another three-week wait is “tolerable” after 25 years of negotiations, von der Leyen told reporters.

“I’m very confident we will bring it home.” The deal’s fate may come down to Italy. Italian Prime Minister Giorgia Meloni has said that she needs more time to win domestic approval.

“Other developing economies are watching and would take note of how hard it is to get anything over the line with the EU,” Demarais said.

For Berlin and many others, however, the Italian leader was trying to extract the maximum price for its kingmaker role, seek-

suggest that the BIR collaborate with professional groups, particularly the Analytics and Artificial Intelligence Association of the Philippines (AAP).

The AAP is the leading organization in this area of analytics and AI. In 2023, the BIR collected P70 billion from audit and enforcement. But if deterrence works properly, those pesos generated many times more through voluntary compliance and tax payments.

To reinforce this deterrence effect, the BIR should publish nonconfidential audit statistics by region, industry, and time to completion. A transparency portal showing the number of LOAs issued, average years covered, time period to complete the audit and collections per case would signal accountability and predictability, boosting voluntary compliance.

Yes, audits yield just 2.8 percent of BIR’s revenue. But that’s not a flaw; that’s the point. A well-run audit program isn’t supposed to rake in most of the tax—it’s supposed to protect it.

Every audit done fairly and seen to be fair is a warning and an education rolled into one. It’s a quiet reminder that the system is watching, and that honest tax compliance pays.

And for every peso collected at the end of an audit investigation, several more are likely to be collected subsequently—quietly, automatically, and voluntarily.

Joel L. Tan-Torres was a former Commissioner of the Bureau of Internal Revenue. He has also held various positions, including Dean of the University of the Philippines School of Business, Chairman of the Professional Regulatory Board of Accountancy, Tax partner of Reyes Tacandong & Co., and SyCipGorres and Velayo & Co., and director of various corporate boards. He is a Certified Public Accountant who ranked No. 1 in the CPA Board Examination of May 1979. He has his own tax and consultancy practice in JL2T Consulting and can be contacted at joeltantorres@yahoo.com.

ing more concessions for its agricultural sector.

Lula said Meloni had told him she just needed a few more days.

But while some expect that Italy will ultimately give its blessing, given the potential benefits for its exporters, others have been more downbeat.

“If there’s no signature on Dec. 20, then the agreement is dead, and this will have consequences for the EU in future trade relations with countries around the world,” Bernd Lange, chair of the European Parliament’s trade committee, said this past week.

In an attempt to get the deal through this week, the European Parliament and EU capitals agreed to add fresh protections for European farmers that would shield them from sudden price or import swings.

It didn’t work. And if things keep lingering without a conclusion, the two blocs may shift their attention elsewhere.

“Without political will and courage from its leaders, it will not be possible to conclude a negotiation that has dragged on for 26 years,” Lula told his Mercosur counterparts at the bloc’s semi-annual summit Saturday. “Meanwhile, Mercosur will continue working with other partners.”

The South American bloc wants to conclude an agreement with the United Arab Emirates, and is exploring possible partnerships with Canada, the UK and Japan. The EU, for its part, is trying to close a deal with India, which is also almost two decades in the making.

“If the EU wants to remain credible in global trade policy, decisions must be made now,” German Chancellor Friedrich Merz said on his way into the summit in Brussels. With assistance from Michael Nienaber and Donato Paolo Mancini/Bloomberg

A12 Monday, December 22, 2025

Mad rush on to remove reefers from MICT to ease congestion

By Ada Pelonia

F

@adapelonia

OOD producers, including meat processors, are racing to remove reefers from the Manila International Container Terminal (MICT) to ease congestion and avert supply chain disruptions.

The Philippine Association of Meat Processors Inc. (Pampi) said it is getting assistance from the Bureau of Customs (BOC) and the Department of Agriculture (DA) to expedite the release of the refrigerated containers.

“The BOC through Customs Deputy Commissioner Agaton Teodoro Uvero is helping us with the issue together with DA Undersecretary Dante Palabrica to fast-track the release of reefer containers,” Pampi Director Jet Ambalada told the BusinessMirror.

“The major issue here is that shipping lines like MAERSK and Evergreen have no place for us to return the empty reefer containers, aggravating the issue further. It is making truck turnaround much more longer.

For now, there is no effect [on prices of raw materials].”

Pampi shared a letter sent by the MICT Management to its shipping line partners last December 15, which stated that the MICT will stop accepting reefers for vessels See “Rush,” A2

2nd Front Page BusinessMirror

With release of IRR, DOF sees mining revenue rising

T

By Reine Juvierre S. Alberto @reine_alberto

HE Department of Finance (DOF) has issued the implementing rules and regulations (IRR) for the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act to attract more investments and bring in P6.3 billion in revenues annually.

FINANCE Secretary Frederick D. Go

Finance Secretary Frederick D. Go approved the IRR of Republic Act No. 12253 or the mining reform law, enacted on September 4, 2025, and forms part of the Marcos administration’s push to establish a fairer, clearer and more accountable fiscal regime for the mining industry.

“This is a critical step forward in unlocking the full economic potential of the mining sector while maintaining safeguards for transparency, accountability, and protection of the environment,” Go said.

The measure is expected to generate an average of P6.3 billion in additional annual revenues from existing mining projects, with even greater gains expected as new investments come in.

To strengthen enforcement and transparent governance in the mining sector, the IRR enhances audit and monitoring mechanisms, mandates public disclosure of key requirements and establishes coordination among government agencies, including the BIR, Bureau of Customs (BOC) and other relevant offices.

Go said the DOF will work closely with the Department of Environment and Natural Resources, BIR, BOC, Bureau of Local Government Finance, local government units and industry stakeholders to ensure the law is implemented effectively.

The IRR was crafted in consultation with both public and private stakeholders, and sets a well-defined mechanism for just and transparent implementation.

The law simplifies the mining fiscal system by removing complex tax distinctions among different types of mining agreements to improve tax compliance and make the sector more attractive to investors.

Particularly, the IRR provides detailed guidance on how taxes will be computed and collected, including clearer rules on the tax base for royalties and windfall profits taxes.

It specifies allowable deductions, clarifies the treatment of gross output and lays out the procedures for filing, payment and reconciliation.

The IRR also confirms the Bureau of Internal Revenue (BIR) as the primary collecting agency for mining-related taxes and sets out rules at the project level under the law’s ring-fencing provision.

www.businessmirror.com.ph

DESPITE CREATE LAW, POLICY TWEAKS, GOVT ‘FRAGMENTED’

By Andrea E. San Juan

T

HE government appears “fragmented” in terms of investment promotion and reforms despite strong directives from President Ferdinand R. Marcos Jr. and implementation of landmark policies such as the CREATE More act, according to the Philippine Economic Zone Authority (Peza).

PEZA said this in a statement on Sunday where it explained that investment promotion is not the sole responsibility of the Department of Trade and Industry (DTI), Board of Investments (BOI) or investment promotion agencies.

“For Peza to effectively expand the ecozone network and accelerate socio-economic development nationwide, we must rely on the full cooperation of partner agencies such as local government units, BOC, BIR, DENR, DOLE, BI, BFP, and others,” the investment promotion agency said.

Still, Peza underscored that there are many challenges. For one, it said: “Locators and applicants encounter policy inconsistencies, regulatory overlaps, unclear implementation, and other bureaucratic inefficiencies, sometimes even harassment and corruption.”

Peza pointed out that while many agencies have initiated

governance reforms, few have done so with a “clear investment facilitation lens.”

“From the perspective of industries, the government at times appears fragmented in delivering the “red carpet” experience—despite strong directives from the President on green lane facilitation and landmark policies enabled by ARTA and the CREATE MORE Act,” PEZA said.

Hence, it stressed that if the country’s shared objective is to grow investments: “We must act in concert,” adding, “When we move and act in unison, we become a stronger and more credible investment destination.”

Peza also emphasized that investors value not only fiscal incentives but also quick permit processing, streamlined operations within ecozones, compliance with world-class standards, and, most importantly: “Our readiness to take up the cudgels on their behalf when they encounter harassment or red tape from other government agencies.”

The investment promotion agency added: “This is why ease of doing business must be embraced as a national strategy. A unified front in promoting and facilitating investments will lead to happier and more productive investors— and ultimately, enhance our international competitiveness.”

Inside the Agora Awards: The benchmark Freshly Brewed of excellence in marketing leadership

T

By Francine Medina

Emerging contenders

Freshly Brewed

he Agora Awards is the most enduring and respected recognition in the marketing industry.

For four decades, it has honored trailblazers whose creativity, strategy, and leadership have shaped the way brands connect with people.

Unpacking how the Agora evolved through the years and its new exciting developments, Chief Relations Officer of the United Neon Media Group and Philippine Marketing Association (PMA) Agora Awards Chairman Alpha Allanigui tackles the past and future of the awards with BusinessMirror’s Science reporter and host Bless Aubrey Ogerio.

In the latest episode of BusinessMirror’s digital show, “Freshly Brewed,” Allanigui gives an insider look at what makes the Agora the most coveted industry award.

A veteran in her field, Allanigui began her career as a flight attendant before joining a non-profit organization, broadcast media, retail, and finally, being affiliated with the United Neon Media Group in 2011, where she has continued to work for the past 14 years.

“When I joined United Neon, we became a member of PMA. I believed that being with PMA would only be maximized if I involved myself in committees,” began Allanigui.

Since 2014, Allanigui’s commitment to the Agora Awards has been unwavering.

Considered as the most soughtafter marketing award in the country, the prestigious award positions itself as “The beacon of inspiration and hope for marketing professionals and the business community,” she noted.

“When you think of big brands and brands that are emerging, you would associate them with fulfilling their promise to customers. And every year, the reason why I remain with Agora is that it gives me hope because our awardees are not just marketers, but they also have the heart to help communities and fuel the Philippine economy.”

New challenges

ALLANIGUI noted that while the 4 P’s of Marketing—Product, Price, Place, and Promotion—are the foundational elements for building a strategic business plan, significant changes have happened over time.

“Place can mean everywhere because you can now have an online

Alpha Allanigui, Chief Relationship Officer of United Neon Media Group and Chairman of the PMA Agora Awards, talks about the 44th edition of the Agora Awards scheduled for January 2026 with Bless Ogerio, BusinessMirror's Science Reporter. presence,” she cited. “The mix of media and marketing brought changes to the industry.”

On the other hand, she added, “The vanguards are still there, the gurus of marketing whom we look up to.

“There’s also an intersection between creativity, a strong sense of business, and a highlight and amplification in the use of data. There is now a more thorough strategy plan.

With the advent of technology, the marketing landscape is now geared to be more data-driven.”

Meanwhile, she stated, creating a marketing plan goes back to defining the purpose of the brand, the promise of the brand to its market, and how the purpose and promise translate into communication.

“In essence, the fundamentals of marketing are still the same. The addition of technology is fueling us to be more efficient and to use data to create more actionable techniques, strategies, and tactics.”

Industry benchmark

Alpha Allanigui, Chief Relationship Officer of United Neon Media Group and Chairman of the PMA Agora Awards

Bless Ogerio, BusinessMirror's Science Reporter

NOW in its 44th year, the Agora Awards is considered an industry benchmark not only in the country but also in the region. Citing Asia Marketing Federation’s past president Takuya Goto, Allanigui

said, “In fact, he once said the Agora Awards is the benchmark of the Asia Marketing Federation Awards, a prestigious award honoring top marketers across Asia.”

This year’s Agora awards have 16 categories and are divided into two major segments: the Luminaries, for individual awards, and the Enterprise for companies.

“Basically, there will be three groups of recipients: the marketing professionals from big corporations; the educators who help develop the marketing landscape; and the entrepreneurs,” stated Allanigui.

Social Enterprise or advocacy marketing, which was introduced last year, will also be given to deserving recipients.

“Last year felt so right to introduce an award for Social Enterprise, given that it was amplified during the pandemic. Social Enterprise is about helping the community; it’s about others first. An enterprise serves as a consolidator of things to fuel the community. It’s an award that we are very proud to have,” she added.

Thorough process

TO be a candidate for the Agora Awards, an individual or company must be nominated and must submit the required documents.

Category Search Heads from the award-giving body will then keep in touch with the nominee and prescreen the submitted documents.

After which, the qualified documents will then be passed to a Screening Council consisting of past presidents of Agora. This is the first phase of the judging process, where nominees are deliberated on to determine if they truly fit the category or not.

After the Screening Council has gone through the documents, the Judging process follows. In previous years, Search Heads presented the nominees to the Board of Judges, consisting of past Agora winners.

Allanigui revealed, “This year, we are allowing the nominees to deliver their own presentations on why they should be nominated for the awards.”

“The job of the Search Heads is very critical, and they need to be very objective when presenting the nominees. But most of the time, the judges have questions, and so we figured, why not have the nominees present themselves? So now, the role of the Search Heads is to serve as consultants to the nominees,” Allanigui explained.

These stringent processes ensure that the highest standards are met in selecting the winners to maintain Agora’s credibility and excellence.

FORTY-FOUR years and still counting, Allanigui expressed her awe at the fact that new nominees are increasing every year.

“Most of the top companies and top honchos of marketing have won an Agora. But we’re discovering that there’s a whole lot more people and companies who deserve an Agora.”

The 44th edition of the Agora Awards is slated for January 14, 2026, at the Winford Hotel in Manila. “We’re very excited and look forward to the event, especially since we are presenting new faces and new companies from various regions in the Philippines.”

“The Agora Awards is not just any other recognition. It is an award that represents integrity, credibility, and excellence. Not everyone can have an Agora, but once you receive it, it’s like you have been awarded a crown.”

As for aspiring marketers, Allanigue gave this parting shot: “Always know the purpose of why you’re doing what you’re doing in terms of marketing. Excellence and execution are important. You may have a great strategy, but if you don’t implement it well, it will remain a strategy. Use technology with the proper perspective. Artificial Intelligence (AI) is supposed to help us in terms of efficiency. In marketing, however, there are nuances that AI has not yet picked up.”

“We have to be responsible.

Whatever message we send out there is something that the public will embrace. The power of marketing is boundless. We can shape minds, we can build culture, and we can develop movements. We can create action after action. Marketing touches lives.

It’s all about putting yourself in your customer’s shoes and making sure it will benefit them, it will benefit the company, and the country,” concluded Allanigui.

• Watch the full episode on Business Mirror’s YouTube channel.

Catch new episodes of “Freshly Brewed” every Monday at 10 am on Business Mirror’s YouTube, Facebook, and website.

Companies BusinessMirror

Editor: Jennifer A. Ng

Monday, December 22, 2025

NGCP secures nod to build Camarines Sur substation

T

By Lenie Lectura

@llectura

HE Energy Regulatory Commission (ERC) has given its green light to the National Grid Corporation of the Philippines (NGCP) to proceed with its proposed 500-kilovolt (kV) substation project in Camarines Sur meant to mainly accommodate offshore wind (OSW) power projects.

“After due deliberation, the Commission hereby resolved to approve NGCP’s Milaor 500-kV substation project, subject to optimization based on its actual use and verified expenses incurred…during the rest process for the subsequent regulatory period,” the 24-page decision read.

The grid operator was also directed by the ERC to complete the installation and commissioning of one of the two 1000-MVA power

transformers in Milaor 500-kV substation by 2027 and complete the whole project on or before August 31, 2030. NGCP must also pay the ERC P97.20 million worth of permit fee.

The project cost is estimated to reach P13,057,688,259.36.

“The approval of the Milaor 500kV substation project, filed in the instant application, will redound to the benefit of the electricity consumers in terms of continu-

ous, reliable, and efficient power supply as mandated by Section 2 of Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001 (Epira),” the ERC said.

The ERC also stressed the importance of the Milaor 500-kV substation project to accommodate the proposed OSW power projects, which are targeted for commercial operations as early as 2028.

“To meet the aggressive OSW connection timeline, NGCP will prioritize the installation of power circuit breakers at the 500-kV and 230-kV switchyards to facilitate the connection of OSW front runners.”

Also, the substation project is aligned with, and will serve to complement, the anticipated increase in transfer capacity under the Luzon-Visayas link, which will enhance interconnection reliability and operational flexibility between the two grids.

STOCK-MARKET OUTLOOK LAST WEEK SHARE prices fell, with the main index again returning to the 5,900-point level after a 2-percent decline, as investors cashed in on their gains from the previous weeks.

The benchmark Philippine Stock Exchange index slid 115.85 points to close at 5,920.87 points.

“Trust towards the local economy’s growth prospects remains weak. Ultimately, anemic confidence remains as the local market’s main problem,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financials Inc., said.

Volume of trade was higher due to the late surge on Friday, with average value reaching P6.96 billion. Foreign investors, who cornered 56 percent of the trades, were net sellers at P1.91 billion.

Most of the sub-indices ended in the red, led by the broader All Shares index that fell 37.22 points to close at 3,397.72 points, the Financials index gained 31.38 to 1,999.12, the Industrial index declined 58.75 to 8,543.21, the Holding Firms index rose 16.04 to 4,689.34, the Property index dropped 28.54 to 2,221.62, the Services index plunged 189.12 to 2,322.73 and the Mining and Oil index was down 115.17 to 14,051.

For the week, losers and gainers were both even at 113, while 34 shares were unchanged.

Top gainers were Supercity Realty Development Corp., Republic Glass Holdings Corp., Coal Asia Holdings Inc., LBC Express Holdings Inc., United Paragon Mining Corp., Philippine Trust Co. and Medco Holdings Inc. Top losers, meanwhile, were IPM Holdings Inc., Easycall Communications Philippines Inc., Grand Plaza Hotel Corp., Kepwealth Property Phils.

Inc., Atok-Big Wedge Co. Inc., Global Ferronickel Holdings Inc. and Lodestar Investment Holdings Corp.

THIS WEEK SHARE prices may continue to slide this week as investors are expected to maintain their cautious stance.

It will only be a three-day trading week as December 24, Christmas Eve; and December 25, Christmas Day, were declared as public holidays.

“Investors may sell positions to shield themselves from any possible negative developments over the holidays. Investors are also expected to watch out for fresh leads. On a positive note, the local currency’s appreciation, if it continues, is ex-

pected to provide support to the local bourse. Given all of these, next week, the market could move sideways,” Tantiangco said.

Broker 2TradeAsia said the approaching holiday break points to thin trading volumes, with most funds shifting focus toward 2026 positioning.

“We heavily reiterate: domestic equities trade at multi-year valuation lows, reflecting persistent caution on governance risks and fiscal execution, yet setting the stage for recovery plays,” it said.

“Next year’s theme centers on identifying rebound angles in undervalued cyclicals and defensives, supported by resilient consumption and potential infra acceleration. Note that recent activity in the M&A [mergers and acquisition] space further confirms the need to diversify and hunt for out performers in a lackadaisical equities market vis-a-vis a dovish BSP [Bangko Sentral ng Pilipinas] and excess liquidity.”

Continued on B2

Pag-IBIG Fund, Megawide partnership to build over 7,000 socialized homes

P

AG-IBIG Fund has entered into a partnership with Megawide Construction Corp. to accelerate the delivery of 7,143 housing units in medium-rise residential developments under the government’s Expanded Pambansang Pabahay para sa Pilipino Program, or Expanded 4PH. Pag-IBIG Fund said the homes are expected to be priced below typical market prices for comparable units, bringing them within the socialized housing range, with amenities more commonly found in higher-priced developments, and be available within two to three years.

The partnership will cover two initial sites in Dasmariñas, Cavite, consisting of 4,185 housing units in the Dasmariñas-Salitrán site and 2,958 housing units in the Dasmariñas-Paliparan site, supporting the national government’s push to scale socialized housing through greater private sector participation and faster project delivery.

Department of Human Settlements and Urban Development Secretary Jose Ramon P. Aliling, chair of the Pag-IBIG Fund Board of Trustees, said the partnership is designed to expand the supply of socialized homes while enabling faster construction and more accessible pricing for Filipino families.

“This approach supports the directive of President Ferdinand R. Marcos Jr. to widen access to practical homeownership options for Filipino families by enabling the private sector to build faster and at scale under the Expanded 4PH,” Aliling said.

“By strengthening partnerships that increase housing supply, we help create more opportunities for Filipino workers and their families to move closer to homeownership. We hope

this will further stimulate private sector participation in building affordable homes.”

Megawide is a leading Philippine engineering and construction company and a strong government partner in public-private partnerships, with extensive experience and track record in delivering large-scale projects.

Under the partnership, Pag-IBIG Fund will invest up to P10 billion through a subscription to preferred shares in the project company, to be funded in three tranches: P5 billion for the first tranche, and P2.5 billion each for the second and third tranches. The preferred shares carry 9 percent annual cash dividends, payable annually, with a step-up to 18 percent if the shares are not redeemed.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said the investment advances Pag-IBIG Fund’s twin mandate to expand homeownership opportunities for Filipino workers and to prudently manage members’ savings so these continue to earn and grow.

“Every peso our members save with Pag-IBIG Fund represents their hard-earned money and their hope for a better future,” Acosta said. “By supporting the development of thousands of housing units while securing investment returns, we strengthen Pag-IBIG Fund’s capacity to serve more members, grow their savings and promote homeownership.”

Acosta added that the partnership model aims to demonstrate how structured and secured investments can encourage broader private sector engagement in housing, helping accelerate project rollouts and expand the inventory of affordable, readyfor-occupancy homes.

The Department of Energ y (DOE) has already informed NGCP of the directive issued by the President of the Philippines under Executive Order 21 dated April 19, 2023, which mandates the establishment and operation of OSW power plants by 2028. In line with this national policy direction, NGCP is expected to ensure that its grid readiness initiatives are aligned with the timely integration of OSW capacities.

This includes undertaking the necessary studies, accelerating project implementation timelines, and coordinating closely with relevant government agencies and generation developers to support the achievement of the mandated 2028 operational target of these OSW plants.

The developers of OSW projects in Camarines Sur have targeted the commissioning of their projects starting the year 2027 to support the government’s goal in improved energy security, compliance with low-carbon emission, and reduced dependence on imported fossil fuels.

B1

SEC: Local firms must fortify online networks

By VG Cabuag @villygc

T

HE Securities and Exchange Commission (SEC) is set to require capital market participants to establish their own cyber resilience frameworks, as part of efforts to protect investors, foster trust in the Philippine capital market and promote market stability.

The SEC issued for public comment the latest draft memorandum circular, which is in line with the government’s National Cybersecurity Plan 2023 to 2028.

The said plan recognizes cybersecurity as critical to peace, security and economic development.

Under the latest version of the proposed guidance, regulated entities should adopt a cyber resilience framework that outlines their cyber resilience objectives and cyber risk tolerance, as well as procedures on how they can effectively identify, mitigate, and manage cyber risks to support their objectives.

The guidance will cover publicly listed companies, broker dealers, investment houses, exchanges, selfregulatory organizations, clearing agencies, securities depositories, transfer agents and other similar capital market participants.

The board of the said regulated entities will be required to exercise oversight of risks stemming from cybersecurity threats. It will also be

responsible for the creation or appointment of a Computer Emergency Response Team (CERT).

To lead the CERT, the company will be mandated to create a new position called the chief information security officer, which will be responsible for carrying out the responsibilities of the chief information officer and serve as the primary liaison to the company’s authorizing officials, information system owners, and information system security officers.

The latest draft guidelines, up for public comment through January next year, also provide that covered entities will remain responsible for the cybersecurity and resilience of computer systems they rely on, even if those systems are managed by a third party.

Entities that rely on third-party owned critical information infrastructure should secure legally binding commitments ensuring the third party meets applicable cybersecurity standards, including incident reporting, auditing and risk assessment.

If a covered entity experiences a cyber incident that is determined to be material, it should be disclosed to the SEC within five days after the occurrence of the event the nature, scope, and timing of the incident.

The company should also report its material impact or reasonably likely material impact on the, including its financial condition and results of operation.

B2

Companies BusinessMirror

Monday, December 22, 2025

PSALM closes sale of hydro power plants to consortium

T

By Lenie Lectura

@llectura

HE Power Sector Assets and Liabilities Management Corp. has closed the sale of the CalirayaBotocan-Kalayaan Hydroelectric Power Plants (CBK HEPP) last week.

The state-run firm said the closing transaction held last December 19 at the PSALM Office in Quezon City. It was attended by officials from the Department of Energy, Department of Finance, PSALM, and representatives of Cleanergy 9 Power Inc., the project company of the Consortium of Aboitiz Renewables Inc., Sumitomo Corp., and Electric Power Development

Co. Ltd. (Thunder Consortium).

T he T hu nder Con sor t iu m emerged as the highest-ranking bidder during the opening of the financial proposals conducted in July, with an offer of P36,266,000,000.

“The closing of the CBK HEPP sale is a testament to the confidence of investors in the Philippine power sector and in the government’s

reform agenda. This transaction supports our mandate to optimize asset value while ensuring the longterm reliability and sustainability of the country’s power supply,” said PSALM President Dennis Edward A. Dela Serna.

Proceeds from the sale will be used in accordance with Electric Power Industry Reform Act (Epira), primarily to help settle PSALM’s financial obligations, ultimately benefiting electricity consumers through the reduction of stranded costs and reinforcing the long-term stability of the power sector.

Energy Secretary Sharon Garin commented that the transaction is “a clear affirmation” of the privatization initiatives of the Epira.

“It underscores the government’s commitment to transparency and genuine competition, especially a

bidding process involving a unique asset as the CBK.” PSALM reiterated its commitment to ensuring a smooth and orderly transition and sustained coordination with relevant stakeholders to safeguard the uninterrupted and reliable operation of the CBK HEPP facilities, consistent with its mandate to protect public interest.

It said the closing marks a significant and celebratory milestone in the government’s ongoing power sector reform efforts under the EPIRA, underscoring PSALM’s steady progress in fulfilling its privatization mandate.

The CBK HEPP--strategically located in Laguna province--is among the country’s key renewable energy assets, contributing reliable and clean energy to the Luzon grid.

headwinds.” Among listed gencos, Semirara Mining and Power Corp. and ACEN Corp. have the highest exposure to spot prices, which remains a near-term earnings headwind in an oversupplied market.

“For more defensive exposure, we continue to prefer the transmission segment, which benefits from stable, regulated cash flows.” It said the Energy Regulatory Commission’s approval of a P6.6-billion rise in the National Grid Corp.

of the Philippines’s (NGCP) maximum allowable revenue improves earnings visibility, while Synergy Grid and Development Phils., which holds a 40.2 percent stake in NGCP, remains relatively insulated from current sector headwinds.

Semirara Mining’s shares closed last week at P27.90, while ACEN’s shares were last traded at P2.77 apiece and Synergy Grid’s shares closed at P16.86 apiece. VG Cabuag

STOCK-MARKET OUTLOOK Continued from B1 It said holiday liquidity potentially capping downside and valuations offering attractive entry points, disciplined accumulation in quality names position portfolios well for 2026 upside.

Immediate support for the main index is seen at 5,800 points, resistance at 6,000 points, secondary at 6,100 points.

STOCK PICKS MAYBANK Securities said it remains neutral on the country’s power sector as muted spot electricity prices persist amid a widening supply–demand balance and weak electricity consumption.

“Within the sector, we continue to prefer the transmission segment, which offers more resilient, regulated earnings and better insulation from current market

MUTUAL FUNDS

December 19, 2025

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D

PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A213.34 -2.16% 1.14% -1.62% -1.4% -2.74% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.119 18.14% 17.57% 9.65% 6.11% 16.74% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.8486 -4.08% -0.31% -2.37% -2.42%-4.53% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7528 3.15% 3.36% -1.8% N.A5.51% FIRST METRO CONSUMER FUND, INC. -A 0.5554 -10.59% -4.66% -6.31% N.A -12.89% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.3694 -5.42% -1.62% -2.88% -1.87% -5.9% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6399 -6.77% -2.7% -3.86% N.A-7.73% MBG EQUITY INVESTMENT FUND, INC. -A 88.37 25.1% 5.42% -2.78% N.A 24.26% PAMI EQUITY INDEX FUND, INC. -A 41.1936 -4.96% -1.22% -2.97% -1.19% -5.78% PHILAM STRATEGIC GROWTH FUND, INC. -A 447.98 -2.5% 0.63% -2.09% -1.16% -3.09% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.5536 13.17% 9.79% 5.48% 2.86% 11.43% PHILEQUITY FUND, INC. -A34.3696 -1.4% 1.3% -0.55% 0.2% -1.92% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.8887 0.33% 1.94% -0.9% N.A 0.28% PHILEQUITY PSE INDEX FUND, INC. -A 4.4539 -3.02% 0.03% -1.89% -0.28% -3.87% PHILIPPINE STOCK INDEX FUND CORP. -A 732.07 -4.06% -0.41% -2.23% -0.51% -4.93% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.6977 -1.83% 1.87% -1.14% -1.99% -2.1% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.2031 -7.84% -1.27% -2.87% -1.72% -8.35% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8209 -5.02% -0.89% -2.64% -0.77%-5.88% UNITED FUND, INC. -A3.23894.21% 1.89% -0.85% 0.3% 2.39% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0289 -4.14% -0.54% N.A N.A -4.9% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0372 -1.28% N.A N.A N.A-1.69% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9322 -8.46% -3.19% -3.36% N.A -10.1% PHILIPPINE STOCK INDEX FUND CORP. -A 883.03 -4.76% -0.63% N.A N.A -5.61% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 99.5944 -4.49% -0.15% -1.97% 0.01%-5.37% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $0.9866 16.26% 4.93% -3.77% 1.17% 18.82% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.1674 9.89% 14.45% 5.59% N.A 12.55% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.135 -0.26% 1.08% -1.61% 0.02% 0.15% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6226 2.03% 3.72% -0.75% -0.65%4.01% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4576 -2.28% -0.38% -1.61% -0.86% -2.3% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.231 6.99% 6.38% 2.77% N.A6.45% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 1.9983 0.87% 1.18% 0.13% 1.13% -0.68% PAMI HORIZON FUND, INC. -A3.7792 2.48% 3.3% -0.25% 0.63% 2.42% PHILAM FUND, INC. -A15.9687-0.85% 1.82% -1.37% 0.02% -1.06% SOLIDARITAS FUND, INC. -A2.1017 -0.07% 2.07% -0.13% 0.51% -0.06% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.452 -1.25% 1.4% -0.96% -0.37%-1.19% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9127 -1.67% 1.49% 0.18% -0.13% -1.56% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9773 1.33% 2.37% -1.09% N.A 1.43% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.841 -1.98% 0.5% -2.76% N.A -2.29% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8077 -3.49% -0.29% -3.23% N.A -4.09% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03392 2.91% 1.24% -2.81% -0.42% 5.67% PAMI ASIA BALANCED FUND, INC. -B $1.1884 21.33% 9.68% 0.73% 3.1% 22.52% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.2412 8.43% 10.21% 3.24% 5.36%10.56% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1709 6.2% 5.75% 0.19% N.A7.82% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A419.48 4.02% 3.59% 2.5% 2.65% 4.07% ATRAM CORPORATE BOND FUND, INC. -A 1.9568 2.84% 1.35% 0.6% 0.31% 2.65% COCOLIFE FIXED INCOME FUND, INC. -A 3.5809 3.44% 3.53% 2.2% 3.5% 3.26% EKKLESIA MUTUAL FUND, INC. -A 2.4552 3.36% 4.07% 1.36% 1.88% 3.98% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5705 2.7% 2.37% 0.95% 1.54%3.18% PHILAM BOND FUND, INC. -A4.6103 3% 3.24% -0.09% 1.48% 3.84% PHILAM MANAGED INCOME FUND, INC. -A 1.5213 4.71% 4.78% 2.89% 2.76% 4.92% PHILEQUITY PESO BOND FUND, INC. -A 4.3193 3.52% 3.69% 1.62% 2.22% 3.85% SOLDIVO BOND FUND, INC. -A1.1221 4.03% 3.18% 1.55% 2.03% 4.21% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.5696 3.71% 4.14% 2.22% 2.84% 4.37% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8893 3.26% 3.58% 1.55% 2.18% 3.93% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $528.44 3.58% 3.25% 1.8% 2.38% 3.51% ALFM EURO BOND FUND, INC. -AЄ223.5 1.89% 2.08% 0.4% 0.81% 2.05% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0744 3.01% 1.99% -3.35% -0.17% 3.55% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0265 5.16% 3.65% 0% 0.87%6% PAMI GLOBAL BOND FUND, INC. -B $1.0595 22.37% 6.8% -0.6% 0.09% 23.2% PHILAM DOLLAR BOND FUND, INC. -A $2.4771 5.61% 4.19% -0.4% 1.62% 6.77% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0643918 3.24% 2.45% 0.66% 1.51% 3.49% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9244 4.91% 1.77% -1.85% 0.32%6.42% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1653 3.11% N.A N.A N.A 3% ALFM MONEY MARKET FUND, INC. -A 148.48 4.34% 3.71% 2.74% 2.65% 4.21% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.1963 3.91% 3.71% 2.69% N.A3.65% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.4797 3.9% 3.44% 2.69% 2.65% 3.78% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 113.78 4.33% 4.29% N.A N.A 4.18% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1754 3.1% 3.21% 2.24% N.A 2.97% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 45.8556 -0.2% 2.01% N.A N.A 3.27% SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.1079 14.28% 19.37% 13.51% N.A19.75% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.0995 0.52% N.A N.A N.A 4.61% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS)

www.businessmirror.com.ph

PSE STOCK QUOTATIONS

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PHIL NATL BANK PSBANK RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL DOMINION HLDG FERRONOUX HLDG MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

38.9 128 9.1 116 56 17.02 11.4 66.6 7.72 50.9 55 25.5 66.85 26.25 0.61 1.38 1.31 4.74 0.092 1,880 0.72 204 3,360 0.92

38.95 128.8 9.2 117 57 17.96 11.42 67.8 7.84 51.2 55.4 26 66.9 26.9 0.65 1.42 1.34 5.08 0.106 1,990 0.75 206 3,440 0.96

38.95 130.6 9.2 118.7 55.9 16.98 11.44 68.05 7.86 51 55.25 26.65 67.5 26.9 0.66 1.4 1.35 4.9 0.104 1,990 0.74 203.2 3,360 0.99

38.95 130.9 9.25 118.9 57.7 18.28 11.44 68.1 7.86 51.4 55.4 26.65 67.55 26.9 0.66 1.42 1.37 5.1 0.104 1,990 0.75 205 3,360 0.99

38.9 128 9.01 116 55.6 16.98 11.4 66.6 7.84 50.9 55.05 26 66.85 26.25 0.65 1.39 1.3 4.9 0.09 1,990 0.72 203.2 3,360 0.89

38.95 128 9.2 116 56 17 11.4 66.6 7.84 50.9 55.4 26 66.9 26.25 0.65 1.42 1.31 5.08 0.104 1,990 0.75 204 3,360 0.97

3,000 3,884,560 6,100 1,692,180 452,500 2,300 140,800 2,634,840 600 140,250 1,350 2,000 302,070 32,100 39,000 138,000 38,000 12,000 240,000 5 2,314,000 15,120 100 1,577,000

116,750 499,592,511 55,911 197,268,538 25,513,227.50 41,280 1,606,532 176,986,129 4,712 7,157,235 74,388 52,375 20,216,524.50 852,835 25,390 192,980 51,530 60,550 23,400 9,950 1,689,820 3,084,024 336,000 1,477,970

46,685 -92,340,941 -8,467,054 4,070,349 -9,028 -24,602,837.50 -275,889 -209,138 -751,905 -27,400 -219.9999 -9,950 1,041,982 336,000 -8,580

INDUSTRIAL ACEN CORP 2.72 2.77 2.75 2.85 2.71 2.77 12,161,000 33,610,920 7,093,290 ALSONS CONS 0.455 0.465 0.465 0.465 0.465 0.465 100,000 46,500 13,950 ALTERNERGY HLDG 0.82 0.85 0.81 0.86 0.8 0.85 639,000 530,220 -5,890 ABOITIZ POWER 41.9 42 42.65 42.95 41.9 42 4,973,200 210,358,425 75,307,680 RASLAG 0.78 0.84 0.84 0.84 0.77 0.84 100,000 78,940 BASIC ENERGY 0.114 0.116 0.118 0.118 0.114 0.116 560,000 64,400 CITICORE RE 4.18 4.25 4.28 4.28 4.18 4.25 53,000 223,820 FIRST GEN 17 17.4 18 18 16.8 17 3,380,000 57,754,636 -5,535,488 FIRST PHIL HLDG 72.25 73 73 73 72.25 73 4,710 342,727.50 MERALCO 575 584.5 592 592 575 575 1,552,080 894,377,040 -184,356,000 MANILA WATER 40.1 40.8 40.85 41.95 40.1 40.1 8,023,000 329,258,955 27,540,710 MAYNILAD 16.14 16.16 16.1 16.2 16.04 16.16 5,272,500 85,086,482 -24,297,342 PETRON 2.47 2.53 2.51 2.53 2.44 2.53 2,099,000 5,267,590 REPOWER ENERGY 6.28 6.35 6.32 6.35 6.32 6.35 3,500 22,135 SEMIRARA MINING 27.9 28 28 28.2 27.9 27.9 523,100 14,619,615 -10,560,995 SYNERGY GRID 16.8 16.86 16.9 17.1 16.8 16.86 1,432,400 24,326,592 -7,437,364 SHELL PILIPINAS 6 6.01 6.01 6.01 5.99 6.01 661,300 3,968,325 -529,130 SPC POWER 10.42 10.64 10.88 10.88 10.42 10.68 273,000 2,935,306 39,238 SP NEW ENERGY 1.12 1.14 1.13 1.14 1.11 1.14 4,916,000 5,559,790 -919,480.00 TOP LINE 1.55 1.56 1.6 1.61 1.56 1.56 410,000 650,920 VIVANT 18.44 19.44 18.44 18.44 18.44 18.44 300 5,532 AGRINURTURE 0.54 0.56 0.58 0.58 0.53 0.56 1,617,000 881,710 AXELUM 2.27 2.31 2.25 2.31 2.25 2.27 234,000 536,780 11,250 CENTURY FOOD 38.9 38.95 39.6 39.6 38.95 38.95 1,381,400 54,077,345 -26,706,525 DEL MONTE 4.8 5 5.02 5.05 4.98 5 31,400 157,106 -110,469 DNL INDUS 3.59 3.66 3.63 3.66 3.58 3.59 5,903,000 21,287,480 -8,667,700 EMPERADOR 15.46 15.48 15.4 15.5 15.28 15.46 2,330,200 35,774,542 -3,696,510 SMC FOODANDBEV 54.2 55 55 56 54 54.2 214,520 11,846,614.50 -6,228,893.50 FIGARO GROUP 0.56 0.57 0.56 0.57 0.56 0.57 532,000 302,040 -13,250.00 ALLIANCE SELECT 0.37 0.385 0.37 0.37 0.37 0.37 10,000 3,700 FRUITAS HLDG 0.62 0.64 0.64 0.64 0.62 0.62 136,000 85,340 GINEBRA 285 293.4 294.8 294.8 285 285 4,530 1,294,138 -860,298 JOLLIBEE 181 184 183 185 181 181 1,871,620 343,328,540 53,187,699 KEEPERS HLDG 2.37 2.39 2.35 2.39 2.31 2.39 7,320,000 17,145,440 -748,770 LIBERTY FLOUR 34.05 34.2 34.3 34.4 34 34.2 10,300 352,540 20,520 MAXS GROUP 2.37 2.39 2.43 2.43 2.43 2.43 1,000 2,430 MG HLDG 0.06 0.062 0.062 0.062 0.062 0.062 40,000 2,480 MONDE NISSIN 5.8 5.95 5.96 6 5.8 5.8 3,680,100 21,442,878 -8,723,545 SHAKEYS PIZZA 6.62 6.84 6.61 6.86 6.61 6.84 28,400 190,303 ROXAS AND CO 2.76 2.82 2.73 2.87 2.73 2.84 116,000 327,200 RFM CORP 4.6 4.61 4.65 4.7 4.58 4.61 639,000 2,945,840 -2,361,030 SWIFT FOODS 0.052 0.055 0.055 0.055 0.051 0.055 250,000 13,710 UNIV ROBINA 64 65 65 65.2 64 64 2,054,220 132,266,407.50 -7,654,308 VITARICH 0.53 0.54 0.56 0.56 0.54 0.54 157,000 84,820 VICTORIAS 1.75 2.05 1.8 1.8 1.72 1.8 17,000 29,580 17,210 CONCREAT HLDG 1.05 1.08 1.09 1.09 1.05 1.08 36,000 37,870 -1,090 EC VULCAN 0.27 0.29 0.285 0.29 0.285 0.29 210,000 59,900 -5,750.00 EEI CORP 2.64 2.67 2.65 2.65 2.63 2.63 4,000 10,560 MEGAWIDE 3.01 3.05 3.1 3.1 3 3.01 511,000 1,539,640 -93,000 PHINMA 15.66 16 16 16 16 16 2,000 32,000 SUPERCITY 1.8 1.8 1.8 1.8 1.8 1,000 1,800 CROWN ASIA 1.65 1.69 1.69 1.69 1.68 1.69 105,000 176,950 EUROMED 1 1.08 1.04 1.04 1.04 1.04 39,000 40,560 40,560 PRYCE CORP 12.8 13.1 12.8 13.1 12.8 13.1 3,300 43,140 CONCEPCION 13.58 13.78 13.78 13.8 13.58 13.78 4,500 61,480 GREENERGY 0.187 0.19 0.189 0.194 0.187 0.19 1,180,000 223,630 INTEGRATED MICR 3.48 3.5 3.52 3.59 3.45 3.5 458,000 1,595,830 -357,240 IONICS 0.99 1 0.99 1.02 0.99 1 221,000 221,170 PANASONIC 10.5 10.7 10.8 10.8 10.7 10.7 5,800 62,170 CIRTEK HLDG 0.63 0.64 0.65 0.65 0.64 0.65 181,000 115,950 STENIEL 2.08 2.12 2.12 2.12 2.12 2.12 7,000 14,840

HOLDING & FRIMS

ABACORE CAPITAL 0.38 0.39 0.4 0.4 0.38 0.385 7,160,000 2,774,850 -931,100 ASIABEST GROUP 23 23.7 24.6 24.6 23.7 23.7 146,200 3,532,200 AYALA CORP 451.6 455.6 464 464.8 451.6 451.6 292,760 132,732,824 -62,645,970 ABOITIZ EQUITY 25.6 26.25 26.3 26.35 25.6 25.6 2,179,400 56,066,800 -48,711,845 ALLIANCE GLOBAL 7.28 7.29 7.24 7.33 7.2 7.29 12,058,600 87,506,032 -3,224,788 ANSCOR 14 14.42 14 14.42 14 14.42 56,700 801,802 -19,908 ANGLO PHIL HLDG 0.65 0.66 0.63 0.67 0.62 0.65 601,000 381,330 ATN HLDG B 0.495 0.59 0.495 0.495 0.495 0.495 10,000 4,950 COSCO CAPITAL 6.98 7 7.03 7.03 6.98 6.98 16,800 117,519 -9,086 DMCI HLDG 10.3 10.4 10.3 10.4 10.28 10.4 3,603,700 37,395,476 3,929,306 FJ PRINCE A 2.21 2.4 2.39 2.39 2.39 2.39 1,000 2,390 GT CAPITAL 580 583 574.5 586 574.5 580 214,110 124,245,715 72,905,380 HOUSE OF INV 4.4 4.48 4.4 4.41 4.4 4.4 100,000 440,030 JG SUMMIT 22.7 22.8 23 23.4 22.7 22.7 6,418,800 147,971,345 34,043,165 LODESTAR 0.34 0.36 0.35 0.35 0.335 0.335 140,000 48,500 LOPEZ HLDG 3.61 3.71 3.71 3.71 3.71 3.71 135,000 500,850 -204,050 LT GROUP 14.36 14.38 14.6 14.7 14.36 14.36 4,121,600 59,924,670 -19,304,090 PRIME MEDIA 1.11 1.16 1.16 1.16 1.11 1.11 6,000 6,710 REPUBLIC GLASS 2.56 3.2 2.51 3.2 2.51 3.2 5,000 14,600 -1,360 SOLID GROUP 1.25 1.3 1.27 1.3 1.25 1.25 66,000 83,500 1,260 SM INVESTMENTS 700 704 701 706 698.5 700 1,129,820 791,813,145 28,568,780 SAN MIGUEL CORP 82.6 82.8 82.45 84 81.2 82.8 237,890 19,753,310 -7,509,992 SEAFRONT RES 1.91 2.37 1.91 1.91 1.9 1.9 7,000 13,310 1,910 TOP FRONTIER 60.1 61.9 60.1 61.9 60.1 60.1 1,600 96,178 WELLEX INDUS 0.26 0.305 0.265 0.265 0.26 0.26 70,000 18,300

PROPERTY ARTHALAND CORP 0.41 0.42 0.41 0.41 0.41 0.41 20,000 8,200 AYALA LAND 21.3 21.35 22 22.2 21.2 21.3 20,567,200 440,197,710 -195,245,150 AYALA LAND LOG 1.32 1.35 1.35 1.35 1.32 1.35 20,000 26,460 ALTUS PROP 8.42 8.61 8.42 8.42 8.42 8.42 200 1,684 ARANETA PROP 0.41 0.43 0.425 0.43 0.425 0.43 150,000 64,000 AREIT RT 43.8 44 43.25 44.3 42.85 44 9,561,800 419,647,600 109,421,775 A BROWN 0.99 1 1 1 0.99 0.99 2,133,000 2,130,790 CITYLAND DEVT 0.57 0.59 0.57 0.59 0.57 0.57 116,000 66,240 CROWN EQUITIES 0.073 0.074 0.078 0.078 0.074 0.074 60,000 4,480 CEB LANDMASTERS 2.3 2.36 2.32 2.36 2.3 2.36 234,000 542,870 CENTURY PROP 0.67 0.68 0.67 0.68 0.66 0.68 592,000 396,060 12,060 CITICORE RT 3.55 3.56 3.6 3.6 3.56 3.56 2,389,000 8,521,730 -537,580 DOUBLEDRAGON 9.13 9.3 9.27 9.3 9.12 9.3 188,200 1,741,803 11,869 DDMP RT 1.01 1.02 1.02 1.03 1.01 1.02 1,641,000 1,673,860 DM WENCESLAO 4.8 4.94 4.8 4.94 4.8 4.94 201,600 967,698 EMPIRE EAST 0.104 0.106 0.106 0.106 0.106 0.106 10,000 1,060 FILINVEST RT 2.97 2.98 3 3 2.96 2.96 533,000 1,588,780 -913,280 FILINVEST LAND 0.75 0.77 0.77 0.78 0.75 0.77 477,000 358,360 -8,320 GOLDEN MV 995 1,000 900 998 900 995 675 652,797.50 PHIL INFRADEV 0.325 0.34 0.325 0.335 0.325 0.33 260,000 85,000 CITY AND LAND 0.51 0.52 0.52 0.52 0.51 0.51 9,000 4,650 MEGAWORLD 2.03 2.04 2.04 2.07 2.03 2.03 5,579,000 11,361,360 938,340.00 MRC ALLIED 0.91 0.92 0.92 0.94 0.9 0.92 31,070,000 28,905,550 -1,045,260 MREIT RT 13.88 13.9 14.04 14.04 13.8 13.9 1,589,400 22,120,136 3,600,198 PREMIERE RT 1.01 1.03 1.03 1.03 1.02 1.02 360,000 370,190 PRIMEX CORP 1.08 1.29 1.3 1.3 1.17 1.17 8,000 10,140 RL COMM RT 7.93 7.97 7.9 8.05 7.89 7.97 87,170,100 695,465,940 352,655,405 ROBINSONS LAND 16.02 16.08 16.2 16.2 15.9 16.02 3,743,000 59,987,064 40,750,302 PHIL REALTY 0.107 0.11 0.107 0.107 0.107 0.107 50,000 5,350 ROCKWELL 1.69 1.72 1.69 1.71 1.69 1.71 271,000 459,810 37,620 SHANG PROP 3.4 3.42 3.43 3.43 3.39 3.4 565,000 1,925,020 20,390 STA LUCIA LAND 2.33 2.45 2.45 2.45 2.45 2.45 42,000 102,900 SM PRIME HLDG 22.2 22.4 22.6 23.6 22.2 22.2 8,606,700 192,372,860 -88,757,095 SUNTRUST RESORT 0.6 0.61 0.61 0.61 0.6 0.6 900,002,000 540,001,210 540,000,000 VISTA LAND 0.89 0.9 0.92 0.92 0.88 0.88 751,000 670,060 7,190 VISTAREIT RT 1.34 1.35 1.35 1.35 1.34 1.35 256,000 344,960

SERVICES ABS CBN 3.75 3.76 3.6 3.8 3.6 3.76 848,000 3,150,040 GMA NETWORK 5.25 5.29 5.3 5.34 5.29 5.29 96,700 512,989 MLA BRDCASTING 5.02 6.98 5.01 5.01 5.01 5.01 200 1,002 GLOBE TELECOM 1,549 1,570 1,603 1,603 1,549 1,549 195,140 302,654,265 -238,582,970 PLDT 1,252 1,261 1,270 1,280 1,252 1,252 101,980 127,883,210 -58,774,740 APOLLO GLOBAL 0.0053 0.0055 0.0055 0.0056 0.0053 0.0055 479,000,000 2,658,800 CONVERGE 14.5 14.6 15.06 15.2 14.5 14.5 4,172,200 61,095,874 -35,696,958 DFNN INC 0.78 0.81 0.81 0.81 0.78 0.78 2,000 1,590 DITO CME HLDG 0.64 0.65 0.65 0.66 0.64 0.65 3,088,000 2,010,970 -354,350 ISLAND INFO 0.124 0.128 0.123 0.128 0.123 0.128 580,000 72,030 -1,270 NOW CORP 0.68 0.69 0.67 0.69 0.67 0.69 1,068,000 725,890 246,240 TRANSPACIFIC BR 0.132 0.135 0.136 0.136 0.135 0.135 20,000 2,710 ASIAN TERMINALS 34.55 34.6 34.6 34.8 34.55 34.55 70,000 2,419,780 -10,380 CHELSEA 0.91 0.94 0.94 0.94 0.92 0.92 32,000 29,580 CEBU AIR 31.9 32 32.05 32.1 31.9 32 90,400 2,888,635 444,635 INTL CONTAINER 549.5 554 583 589 549.5 549.5 5,309,160 2,949,300,695 -412,833,160 LORENZO SHIPPNG 0.59 0.63 0.58 0.58 0.58 0.58 4,000 2,320 1,160 MACROASIA 4.39 4.47 4.49 4.49 4.31 4.47 144,000 636,130 403,950 METROALLIANCE A 0.37 0.45 0.45 0.45 0.45 0.45 30,000 13,500 PAL HLDG 3.76 3.8 3.8 3.8 3.75 3.8 5,000 18,950 -15,200 HARBOR STAR 0.5 0.52 0.52 0.52 0.51 0.51 62,000 31,640 7,650 BOULEVARD HLDG 0.039 0.041 0.039 0.041 0.039 0.041 19,200,000 772,200 DISCOVERY WORLD 1.03 1.12 1.02 1.11 1.02 1.03 12,000 12,470 CENTRO ESCOLAR 15.2 15.3 15.36 15.36 15.2 15.2 1,800 27,472 IPEOPLE 5.96 6.28 6.28 6.28 6.28 6.28 100 628 -628 STI HLDG 1.4 1.42 1.39 1.42 1.39 1.42 791,000 1,111,870 240,640.00 BELLE CORP 1.31 1.34 1.32 1.34 1.31 1.34 80,000 105,290 BLOOMBERRY 2.56 2.57 2.57 2.59 2.57 2.57 6,777,000 17,462,340 -4,092,110 PH RESORTS GRP 0.144 0.145 0.143 0.153 0.143 0.145 390,000 56,210 DIGIPLUS 16.3 16.4 15.1 16.6 15.04 16.4 11,548,100 185,372,224 -26,205,412 PHILWEB 5.84 5.9 5.8 5.98 5.75 5.9 1,615,100 9,473,573 4,281,871 ALLDAY 0.031 0.032 0.032 0.033 0.032 0.032 15,100,000 484,100 -358,400 ALLHOME 0.25 0.26 0.255 0.26 0.25 0.26 360,000 90,700 METRO RETAIL 1.12 1.16 1.16 1.16 1.12 1.12 401,000 450,310 PUREGOLD 38.65 39 39 39.2 38.5 39 2,051,300 79,872,300 25,925,705 ROBINSONS RTL 32.55 33.25 33 33.4 32.5 32.55 833,800 27,257,925 -23,367,745 PHIL SEVEN CORP 35.55 36 36 36.5 35.6 35.6 266,200 9,570,795 16,900 SSI GROUP 2.5 2.62 2.54 2.6 2.5 2.5 459,000 1,170,390 -445,490 UPSON INTL CORP 0.69 0.72 0.72 0.72 0.69 0.72 27,000 19,290 WILCON DEPOT 6.94 6.96 7 7.02 6.95 6.95 410,200 2,853,154 -1,124,915 APC GROUP 0.11 0.112 0.11 0.112 0.11 0.11 1,910,000 211,320 93,500 EASYCALL 2.58 2.97 2.56 2.56 2.56 2.56 1,000 2,560 2,560 MEDILINES 0.24 0.255 0.25 0.25 0.25 0.25 70,000 17,500 -5,000 PRMIERE HORIZON 0.24 0.241 0.24 0.24 0.235 0.24 1,360,000 324,070 SBS PHIL CORP 3.59 3.7 3.56 3.68 3.56 3.68 35,000 126,590 -3,650

MINING & OIL APEX MINING 11.62 11.64 11.78 11.92 11.6 11.64 21,000,400 245,368,122 658,108 ATLAS MINING 5.52 5.65 5.6 5.7 5.52 5.52 567,100 3,198,446 -326,232 BENGUET A 4.4 4.44 4.4 4.4 4.38 4.4 282,000 1,240,780 COAL ASIA HLDG 0.025 0.027 0.027 0.028 0.026 0.027 22,600,000 608,700 -135,000 DIZON MINES 4.51 4.7 4.7 4.7 4.7 4.7 5,000 23,500 FERRONICKEL 1.04 1.15 1.13 1.15 1.04 1.04 3,094,000 3,231,520 -3,054,470.00 GEOGRACE 0.082 0.09 0.09 0.09 0.09 0.09 20,000 1,800 LEPANTO A 0.177 0.178 0.177 0.178 0.177 0.177 9,780,000 1,731,070 LEPANTO B 0.177 0.18 0.177 0.18 0.177 0.18 530,000 93,840 MANILA MINING A 0.0069 0.0072 0.0069 0.0069 0.0069 0.0069 8,000,000 55,200 MARCVENTURES 0.68 0.69 0.69 0.69 0.68 0.69 162,000 110,250 NICKEL ASIA 3.46 3.56 3.5 3.57 3.46 3.46 2,537,000 8,836,570 -4,869,440 OCEANAGOLD 29.95 30.3 30.2 30.3 29.65 30.3 2,290,900 68,755,865 568,710 PX MINING 9.63 9.75 10 10 9.63 9.63 2,749,700 26,822,727 -5,792,489 UNITED PARAGON 0.0048 0.0052 0.0054 0.0054 0.0053 0.0053 7,000,000 37,500 -26,800 ENEX ENERGY 3.24 3.32 3.24 3.24 3.24 3.24 10,000 32,400 19,440 ORNTL PETROL A 0.011 0.012 0.011 0.011 0.011 0.011 10,000,000 110,000 ORNTL PETROL B 0.011 0.012 0.012 0.012 0.012 0.012 25,300,000 303,600 PHILODRILL 0.0087 0.0089 0.0088 0.0088 0.0088 0.0088 21,000,000 184,800 PXP ENERGY 2.41 2.42 2.46 2.46 2.37 2.41 363,000 866,990 -2,400

PREFFERED ACEN PREF A 1,008 1,015 1,008 1,008 1,008 1,008 100 100,800 ACEN PREF B 1,052 1,065 1,060 1,060 1,060 1,060 100 106,000 106,000 AC PREF AR 2,500 2,540 2,500 2,500 2,500 2,500 100 250,000 AC PREF B3R 2,010 2,012 2,010 2,010 2,010 2,010 20 40,200 AC PREF B4R 1,982 2,008 1,972 1,980 1,972 1,980 1,000 1,976,000 ALCO PREF D 485 500 490 490 490 490 1,230 602,700 BRN PREF C 102.5 105.5 103 103 102.5 102.5 640 65,680 CEB PREF 33.7 34 33.75 33.75 33.7 33.7 11,400 384,200 CLI PREF A2 1,040 1,070 1,070 1,079 1,070 1,070 270 289,210 CPG PREF B 100.1 102 102.5 102.5 102.5 102.5 10 1,025 DD PREF 96 96.6 96.4 96.5 96 96.5 8,380 807,653 14,400 FDC PREF A 1,005 1,015 1,010 1,010 1,010 1,010 100 101,000 FDC PREF B 1,004 1,008 1,004 1,004 1,004 1,004 50 50,200 MWIDE PREF 5 100.3 102 102 102 102 102 500 51,000 MWIDE PREF 6A 100.1 102.5 102.5 102.5 100 102.4 10,110 1,011,275 MWIDE PREF 7A 100.4 100.5 100.4 100.4 100.4 100.4 10 1,004 PCOR PREF 4B 995 1,000 1,000 1,000 1,000 1,000 630 630,000 PCOR PREF 4E 1,000 1,015 1,000 1,015 1,000 1,015 100 100,750 SFI PREF 1.56 1.69 1.55 1.55 1.55 1.55 11,000 17,050 SMC PREF 2I 74.95 75.75 75.75 75.75 75.75 75.75 30 2,272.50 SMC PREF 2L 79.05 79.1 78 79.05 78 79.05 53,930 4,261,066.50 SMC PREF 2N 80 80.5 80 80 80 80 10,060 804,800 SMC PREF 2O 79.2 80.2 80.4 80.4 80 80 9,910 794,229 SMC PREF 2P 75 75 75 75 75 10,000 750,000 SMC PREF 2Q 74.7 76.9 73.65 73.65 73.65 73.65 40 2,946 SMC PREF 2S 74.75 77.9 76 77.9 76 77.9 2,000 153,349 SMC PREF 2T 76.5 79.5 79.5 79.5 79.5 79.5 29,320 2,330,940 SMC PREF 2U 76.1 78.9 79 79 78.9 79 1,010 79,740 TECH PREF B2C 12.12 13 12.12 12.12 12.12 12.12 100 1,212 TECH PREF B2D 8.11 8.32 8.11 8.11 8.11 8.11 200 1,622 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

3.17 3.99 5.06 5.12 5.06 5.06 5.06 5.06 3,900 19,734

ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8135 0.87% 0.53% -3.66% WARRANTS N.A 2.97% AGI WARRANT 1

A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. SMALL, MEDIUM & EMERGING

1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. BALAI FRUITAS 0.33

HAUS TALK 1.03 * THE FIRST TRANCHE (CORPORATE DEBT FUND 1) OF THE ATRAM UNITIZED CORPORATE DEBT VEHICLE, INC. ITALPINAS 0.9 MATURED ON MAY 25, 2025.

MERRYMART 0.4

XURPAS 0.249

“While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.pifa.com.ph to see the latest NAVPS/NAVPU.”

December 19, 2025

NEXGEN ENERGY

3.05

1.01

0.6

1.04

0.6

1

14,275,000

11,745,830

-14,250

0.355 1.08 0.92 0.405 0.255 3.17

0.33 1.07 0.94 0.405 0.25 3.05

0.33 1.08 0.94 0.405 0.255 3.05

0.33 1.07 0.92 0.4 0.248 3.05

0.33 1.08 0.92 0.4 0.255 3.05

100,000 20,000 3,000 250,000 1,260,000 24,000

33,000 21,500 2,800 100,250 314,530 73,200

-1,880 -4,000 -2,480 -

EXHANGE TRADE FUNDS FIRST METRO ETF

97.5

-5,060

97.6

99.5 99.5 97.6 97.6 27,050 2,667,187 -1,244,284

www.news.businessmirror@gmail.com

Banking&Finance

LandBank to issue bonds to fund energy projects

By Reine Juvierre Alberto @reine_alberto

T

HE Land Bank of the Philippines (LandBank) is looking to issue sustainability bonds in the first quarter of 2026 to mobilize long-term funding for projects that support the country’s transition to a low-carbon and sustainable economy.

A statement the state-run lender issued last Sunday read that the bonds will provide investors with a secure fixed-income investment and yield higher than the traditional savings and time deposits.

Proceeds will be used to finance national development priorities, including agriculture; micro, small, and medium enterprises (MSMEs); renewable energy; housing; and infrastructure, read the statement by the LandBank.

Sought for comment, a Landbank official said the lender is currently in the final stages of preparing the issuance of its sustainability bonds and will provide full details once these become available.

The Landbank has disbursed P176.48 billion in sustainable finance loans as of October 2025, supporting initiatives in renewable energy, clean transport, water access, housing, disaster resilience and health system improvements.

LandBank President and CEO Lynette V. Ortiz has expressed the lender’s intent to issue sustainability bonds in the fourth quarter of this year, targeting to raise more than P20 billion. (See: https:// businessmirror.com.ph/2025/09/17/ landbank-eyes-issuance-of-sustainability-bonds-in-q4-to-raise-over%E2%82%B120b/) The planned offering will likely carry tenors of between one to five years, and if issuance is in one

tranche or split into two. “We’re trying to ascertain what the sweet spot will be,” Ortiz said.

The securities will be branded as the “Asenso bonds”—short for “agriculture, sustainability, environment and social”—to reflect the bank’s lending priorities and alignment with the United Nations’s sustainable development goals.

With this, the Department of Energy (DOE) gave the Landbank the first-ever “Special Recognition for Financial Institution” during the DOE’s “Sustainable Energy Awards 2025.”

“This recognition affirms Landbank’s long-standing commitment to financing projects that deliver real impact—strengthening energy security, protecting the environment, and improving lives,” Ortiz was quoted in the statement as saying.

“As the country’s premier government financial institution, we remain steadfast in mobilizing capital toward a cleaner, more resilient, and inclusive Philippine economy,” she added.

Executives of the state-run lender also inked an agreement with the DOE to support renewable energy development through strategic partnerships under the “Philippine Geothermal Resource De-Risking Facility.”

Under the agreement, the Landbank will serve as the facility administrator and manager, handling subloan applications. It will be releasing funds based on project milestones, managing collections and reporting on program progress to ensure nationwide effective implementation.

The DOE, meanwhile, will act as the executing agency, providing policy guidance, setting technical standards and eligibility rules, as well as overseeing the program’s implementation.

US House plan seeks tax safe harbor for stablecoins

A

BIPARTISAN House duo is drawing up a cryptocurrency tax framework that would provide a safe harbor for some stablecoin transactions and delay taxation of rewards earned by verifying blockchain transactions.

The cryptocurrency sector has clamored for legislation that would clarify the tax treatment of digital assets, even as a broader measure to establish regulation of the assets is still under negotiation. Republican Representative Max Miller of Ohio and Democrat Representative Steven Horsford of Nevada have obliged with a rough draft that would align the taxation of cryptocurrencies with that of traditional securities.

The draft, a mix of bill text and policy aims not yet translated into legislative language announced by the lawmakers, would exempt transactions involving regulated, dollar-pegged stablecoins worth less than $200 from capital gains taxes.

It would not establish a safe harbor for the trading of other cryptocurrencies, however.

The proposal also takes a stab at creating safe harbors for the tithing of rewards collected for verifying blockchain transactions.

“America’s tax code has failed to keep pace with modern financial technology,” Miller said in a statement. “This bipartisan legislation brings clarity, parity, fairness, and common sense to the taxation of digital assets.”

Miller and Horsford sit on the powerful House Ways and Means Committee, which has jurisdiction over the tax code, and are the first on the panel to put pen to paper on a cryptocurrency tax framework.

Their draft bill is separate from an effort by committee leadership to craft cryptocurrency legislation; the authors said they focused on stablecoins in the draft because Congress has already enacted legislation for their regulation.

“The hope is that the committee

will work together in good faith to set these critical rules of the road,” a spokesperson for Horsford said.

The proposal offers a compromise on the taxation of rewards earned through staking and mining cryptocurrencies, which involve verifying transactions on a blockchain network.

Under guidance the IRS issued during the Biden administration, rewards collected in exchange for staking are taxed when they’re received. Republicans have called for that guidance to be reviewed, arguing it taxes an asset before the owner has realized a gain.

Progressive Democrats want that guidance to remain in place, however, arguing that the rewards are a form of compensation, which is typically taxed when received.

Miller and Horsford seek to find a middle ground by giving the taxpayer the option to defer tax on a reward for five years. At that point, the reward would be taxed as income based on its fair market value. Crypto tax legislation introduced by Senate Republican Cynthia Lummis earlier this year would leave the rewards untaxed until sold, as the industry has urged.

The draft also would bring cryptocurrencies under the tax regime governing securities and in some cases commodities transactions.

It would include digital assets in capital gains tax exemptions for foreigners trading securities through a domestic third party, such as broker or exchange, and investors lending securities.

The proposal also offers cryptocurrency traders the ability to use mark-to-market accounting, which requires taxpayers to recognize unrealized losses and gains based on the fair market value of securities at the end of each year. The method can benefit taxpayers by allowing them to deduct trading losses from income derived from other sources such as wages. Bloomberg

BusinessMirror

Editor: Dennis D. Estopace • Monday, December 22, 2025

B3

BIR eases rules for housing tax exemption applications

T

By Bless Aubrey Ogerio

HE Bureau of Internal Revenue has reduced the requirements for private developers seeking tax exemptions for socialized and economic housing projects, following a new order aimed at simplifying compliance under existing housing laws.

Under the latest issuance, developers applying for a Certificate of Tax Exemption (CTE) will now be required to submit only a “Socialized Housing Certification.” This move removes several documentary requirements previously needed to

secure tax incentives.

The change is contained in a new BIR order titled “Streamlining of Requirements for the Application of a CTE for Socialized and Economic Housing Projects Pursuant to Republic Act (RA) 7279 and Executive

Order (EO) 226.” The order authorizes the BIR Deputy Commissioner for the Legal Group to issue the CTE once the certification is submitted.

The Department of Human Settlements and Urban Development (DHSUD), which issues the certification under RA 10884, said the move aligns with efforts to simplify processes in the housing and real estate sector.

According to the housing department, private developers had raised concerns for years over bureaucratic hurdles in securing tax exemptions, citing the previous system as a source of red tape that slowed down housing projects.

The revised process applies to developers of socialized and economic housing projects covered by RA 7279, or the Urban Development and Housing Act, as well as incentives granted under EO 226.

EO 226 primarily refers to the Omnibus Investments Code of 1987, issued by then President Corazon C. Aquino that established a unified framework to attract investments, offering incentives like income tax holidays and tax credits for enterprises in priority sectors.

According to the BIR and the DHSUD, the simplified requirements are expected to ease compliance and speed up processing of tax exemption applications, particularly for housing projects intended to address the country’s housing needs.

The BIR has not disclosed the total amount of tax incentives enjoyed by private developers since RA 7279 was enacted in 1992, five years before the Asian financial crisis of 1997, and since Aquino penned EO 226, a decade before the real estate bubble burst after the Thai baht was rapidly devalued.

Group flags Congress’s move to cut Philhealth budget

H

EALTHCARE professionals are urging Congress and President Ferdinand R. Marcos Jr. to provide the appropriate budget for the Philippine Health Insurance Corp. (PhilHealth) and gradually phase out the Medical Assistance to Indigent and Financially Incapacitated Patients (Maifip) program.

Through a joint statement issued last Saturday, representatives of 70 medical groups said the government must fully subsidize the premiums of 24.5 million PhilHealth indirect contributors.

The PhilHealth’s budget for next year should be at least P147 billion, but the current allocation of P69.78 billion approved by the Bicameral Conference Committee (Bicam) “leaves a significant funding gap,”

read the statement.

“The government should move beyond promises of greater health benefits and ensure adequate funding to fulfill these commitments,” the groups said.

Despite the higher funding for the PhilHealth insurance premiums for the poor, up by P16.52 billion from the P53.13 billion proposal, they said this still falls short of the government’s obligation under the Universal Health Care (UHC).

The Bicam has also more than doubled the funding for Maifip to P51.65 billion from P24.24 billion originally proposed.

As such, Congress was cautioned by nongovernment group Social Watch Philippines (SWP) for violating the UHC law, as the government is required to fully subsidize premiums

for indirect contributors.

The SWP added that the UHC law (Republic Act 11223) mandates that PhilHealth receive a share of funds from both the Philippine Amusement and Gaming Corp. and the Philippine Charity Sweepstakes Office.

According to the organization, while these shares soared to P107 billion since 2019, the PhilHealth has not received a single peso from this sum.

“We are gravely appalled by this brazen move by Congress despite the people’s clamor. The real beneficiaries are not the patients but the traditional politicians who will merely perpetuate patronage,” SWP Coconvenor Maria Victoria R. Raquiza was quoted in a statement as saying.

“The 2026 proposed budget for this ayudang trapo [traditional politican’s aid] is expected to reach

only 1.27 million Filipino indigent patients, while protecting PhilHealth funds will benefit not only its 24.48 million indirect contributors and their dependents,” added Raquiza, also an Assistant Professor at the University of the Philippines.

Meanwhile, the medical groups said that while expanding the Maifip for Filipinos is important, it should not be at the cost of insurance for 24.5 million countrymen who cannot afford it.

“Even if guarantee letters are removed, Maifip shifts health care from a rights-based approach to one based on individual discretion, removing safeguards required by the UHC Act that assure cost-effectiveness, affordability, and equitable distribution of benefits,” they said.

Reine Juvierre S. Alberto and Manuel T. Cayon

Tawi-tawi co-op enters into debt restructuring deal

By Lenie Lectura

T

HE Kaltimex Rural Energy Corp. (Kaltimex) and the Tawi-Tawi Electric Cooperative Inc. (Tawelco) have resolved their financial disagreements and debt issues, paving the way for a more reliable electricity service for communities in Bongao, Tawi-Tawi.

According to the Department of Energy (DOE) , the parties signed last December 15 a debt-restructuring agreement in a bid to resolve P400 million in arrears.

The arrears developed seven years ago after the Kaltimex and the Tawelco first entered into a power supply agreement (PSA) endorsed by the DOE and approved by the Energy Regulatory Commission (ERC).

Out of this PSA, the Kaltimex built a new diesel power plant to help meet long-standing electricity demand in Bongao, Tawi-Tawi.

Over time, however, the Tawelco faced operational and financial challenges that contributed to the accumulation of arrears.

The government through the National Electrification Administration (NEA) stepped in in 2019;

undertaking measures to reorganize the cooperative’s leadership. This intervention culminated in the appointment of a new management team in June 2022.

Because of its credit standing, the was unable to secure bank refinancing. Hence, the cooperative proposed a restructuring approach supported by its recent payment performance and operational improvement efforts.

Under the debt-restructuring agreement, the Tawelco will address its arrears through a P10 million upfront payment and a structured amortization schedule, with a threemonth cure period for missed payments before penalties apply, supported by efficiency targets such as reducing system losses and meeting 100 percent billing and 95-percent collection efficiency.

To help expand service without additional borrowing, Kaltimex will make available a five-kilometer dedicated feeder line that Tawelco can use to connect new customers near municipal and provincial offices. The revenues from these connections will help fund the repayment plan, in parallel with the DOE’s endorse-

ment of Kaltimex’s request for a 10 percent increase in Tawelco’s allowable capacity band to the ERC. This move will strengthen emergency reserve capacity and reduce reliance on short-term generator leasing, which is expected to lower outage risks during peak demand and emergencies, the DOE said.

To help ensure sustained improvement, Tawelco has committed to undergo monthly performance reviews to validate compliance with agreed targets, including keeping system loss below 10 percent, completing priority infrastructure projects, and implementing professional training and capability-building for staff.

Both will also coordinate necessary regulatory actions for expanded capacity and potential support mechanisms, consistent with national energy policy directions and long-term reliability requirements in off-grid areas.

DOE Undersecretary Rowena Cristina L. Guevara, who witnessed the signing of the debt-restructuring deal, underscored that improving electricity service in geographically-isolated and disadvantaged areas

requires sustained coordination among power providers, electric cooperatives, regulators, and local stakeholders.

“This agreement reflects a shared commitment to restore financial stability and improve day-to-day operations, so communities can benefit from more dependable electricity services,” Guevara said. “When obligations are put on a workable path and performance is consistently monitored, the gains can translate into better service for households, stronger support for local enterprise, and a more enabling environment for development.”

Kaltimex was represented by its Chairman, Krishan Kumar Ralhan, and President, Oscar A. Torralba. The Tawelco was led by its Project Supervisor and Acting General Manager Peraida T. Jalani.

Serving fisherfolk, households, and businesses across the Sulu Archipelago, Tawelco lights up the entire province of Tawi-Tawi, reaching even the remote island of Taganak.

The cooperative serves over 11,000 captive customers, including 10,225 residential and 557 commercial connections.

briefs Security Bank’s branches now at 372

➔ THE Security Bank Corp. announced having opened eight new branches in November alone, bringing its nationwide branch network to 372. In Luzon, the bank opened its Congressional Extension Branch plus three new branches in Pampanga—Mexico, Mabalacat and Subic Town, read a statement the lender issued last week. In the Visayas, Security Bank enhanced its presence through the opening of the Cebu–Basak branch.

In Mindanao, new branches in Midsayap, Cotabato and Davao City—including Davao–Damosa and Davao–

Ecoland—“further solidify the bank’s footprint in major business districts and thriving residential hubs.” “Modern banking is about balancing technology with empathy,” Security Bank Executive Vice President Leslie Y. Cham was quoted in the statement as saying.

➔ PDIC rolls out training programs THE Philippine Deposit Insurance Corp. (PDIC) announced last week having rolled out on November 20 the virtual pilot run of its “KEY” (“Knowledge foundations,” “Enhanced governance” and “Your compliance

compass”) training programs for banks on deposit operations. The initial virtual roll out focused on “Knowledge foundations,” which provided an overview of the PDIC and understanding its administrative issuances, a statement issued by the PDIC read. Representing 34 banks, mostly rural banks, and 12 bank associations nationwide, a total of 90 bank managers, compliance officers, and operations personnel attended the program. Succeeding sessions of the training programs are scheduled for the second and third quarters of 2026, according to the insurer.

Explainer BusinessMirror

B4 Monday, December 22, 2025

www.businessmirror.com.ph

FROM MANGER TO MAINSTREAM Everything you need to know about Christmas, and how it has evolved into a global holiday

By Luis Andres Henao

C

The Associated Press

HRISTMAS is a Christian holiday that observes the birth of Jesus.

But did you know that the earliest followers of Jesus did not annually commemorate his birth? Or that Santa Claus is inspired by the acts of kindness of a fourth-century Christian saint? And have you heard about the modern-day Japanese tradition of eating Kentucky Fried Chicken on Christmas?

A PALESTINIAN vendor waits for customers in her gifts kiosk at the traditional handicrafts annual Christmas market ahead of Christmas holidays, in the West Bank city of Ramallah, Thursday, December 18, 2025. AP/NASSER NASSER

Since the early 20th century, Christmas has evolved from a religious holiday to a hugely popular cultural holiday observed by Christian and secular people across the globe who gather with families, exchange gifts and cards and decorate Christmas trees.

Here’s a look at the history, beliefs and the evolution of Christmas:

Origins and early history of Christmas

EARLY followers of Jesus did not annually commemorate his birth but instead focused on commemorating their belief in his resurrection at Easter.

The story of the birth of Jesus appears only in two of the four Gospels of the New Testament: Matthew and Luke. They provide different details, though both say Jesus was born in Bethlehem.

The exact day, month and even year of Jesus’ birth are unknown, said Christine Shepardson, a professor at the University of Tennessee who studies early Christianity.

The tradition of celebrating Jesus’ birth on December 25, she said, only emerged in the fourth century.

“It’s hard to overemphasize how important the fourth century is for constructing Christianity as we experience it in our world today,” Shepardson said. It was then, under Emperor Constantine, that Christians began the practice of gathering at churches instead of meeting at homes.

Some theories say the date coincides with existing pagan winter solstice festivals, including the Roman celebration of Sol Invictus, or the “Unconquered Sun,” on December 25.

While most Christians celebrate Christmas on December 25, some Eastern Orthodox traditions celebrate the holy day on January 7. That’s because they follow the ancient Julian calendar, which runs 13 days behind the Gregorian calendar, used by Catholic and Protestant churches as well as by much of the secular world.

VISITORS walk inside the GUM department store, decorated for Christmas and the New Year festivities in Moscow, Russia, on Thursday, December 18, 2025. AP/ALEXANDER ZEMLIANICHENKO

Rowdy medieval celebrations

FOR centuries, especially during the Middle Ages, Christmas was associated with rowdy street celebrations of feasting and drinking, and for many Christians, it “was not in good standing as a holiday,” said Thomas Ruys Smith, a professor of American literature and culture at the University of East Anglia in England.

“Puritans,” he said, “were not fond of Christmas.”

But in the 19th century, he said, Christmas became “respectable” with “the domestic celebration that we understand today — one centered around the home, the family, children, gift-giving.”

The roots of modern-day Christmas can be traced back to Germany. In the late 19th century, there are accounts of Christmas trees and gift-giving that, according to Smith, later spread to Britain and America, helping to revitalize Christmas on both sides of the Atlantic.

Christmas became further popularized with the publication of A Christmas Carol by Charles Dickens in 1843, and the writings of Washington Irving, who was a fan of St. Nicholas and helped popularize the celebration of Christmas in America.

The first Rockefeller Center Christmas tree was put up by workers in 1931 to raise spirits during the Great Depression. The tradition stuck as the first tree-lighting ceremony was held in 1933 and remains one of New York City’s most popular holiday attractions.

A MAN waits at a juice stall decorated ahead of the Christmas holiday in Damascus, Syria, Thursday, December 18, 2025. AP/OMAR SANADIKI

It’s not just Santa who delivers the gifts

FAITHFUL stand in front of the Holy Crib relic, believed to be part of the manger where baby Jesus was laid, in St. Mary Major’s Basilica, in Rome, Friday, December 19, 2025. AP/GREGORIO BORGIA

IN the UK, it’s Father Christmas; in Greece and Cyprus, St. Basil (who arrives on New Year’s Eve). In some parts of Italy, it’s St. Lucy (earlier in December) and in other Italian regions, Befana, a witch-like figure, who brings presents on the Epiphany on January 6.

Instead of a friendly Santa Claus, children in Iceland enjoy favors from 13 mischievous troll brothers, called the Yule Lads. They come down from their mountain cave 13 days before Christmas, according to folklore.

Christian traditions of Christmas

America’s secular Santa is inspired by a Christian saint

ST. Nicholas was a fourth-century Christian bishop from the Mediterranean port city of Myra (in modern-day Turkey). His acts of generosity inspired the secular Santa Claus legend.

The legends surrounding jolly old St. Nicholas — celebrated annually on December 6 — go way beyond delivering candy and toys to children. He is believed to have interceded on behalf of wrongly

condemned prisoners and miraculously saved sailors from storms.

Devotion to St. Nicholas spread during the Middle Ages across Europe and he became a favorite subject for medieval artists and liturgical plays. He is the patron saint of sailors and children, as well as of Greece, Russia and New York.

Devotion to St. Nicholas seems to have faded after the 16th-century Protestant Reformation, except in the Netherlands, where his legend remained as Sinterklaas. In the 17th century, Dutch Protestants who settled in New York brought the Sinterklaas tradition with them.

Eventually, St. Nicholas morphed into the secular Santa Claus.

WELL-KNOWN Ukrainian artists perform during the shooting of the Christmas TV show “Dances with the Stars” in Kyiv, Ukraine, Thursday, December 18, 2025. AP/EFREM LUKATSKY

ONE of the oldest traditions around Christmas is bringing greenery — holly, ivy or evergreen trees — into homes. But determining whether it’s a Christian tradition is harder.

“For many people, the evergreen can symbolize Christ’s promise of eternal life and his return from death,” Smith said. “So, you can interpret that evergreen tradition within the Christian concept.”

The decorating of evergreen trees is a German custom that began in the 16th century, said Maria Kennedy, a professor at Rutgers University—New Brunswick’s Department of American Studies. It was later popularized in England and America.

“Mistletoe, an evergreen shrub, was used in celebrations dating back to the ancient Druids — Celtic religious leaders — some 2,000 years ago,” Kennedy writes in The Surprising History of Christmas Traditions.

“Mistletoe represented immortality because it continued to grow in the darkest time of the year and bore white berries when everything else had died.”

Other traditions include Christmas services and Nativity scenes at homes and churches.

More recently, Nativity scenes — when erected on public property in the US — have triggered legal battles over the question of the separation of church and state.

Christmas caroling, Kennedy writes, can also be traced back to European traditions, where people would go from home to home during the darkest time of the year to renew relationships within their communities and give wishes for good luck, health and wealth for the forthcoming year.

“They would recite poetry, sing and sometimes perform a skit.

The idea was that these acts would bring about good fortune to influence a future harvest,” Kennedy writes.

Kentucky Fried Chicken for Christmas in Japan

AMONG the many Christmas traditions that have been adopted and localized globally, there’s one that involves KFC. In 1974, KFC launched a Christmas campaign where they began to sell fried chicken with a bottle of wine so it could be used for a Christmas party.

KFC says the idea for the campaign came from an employee who overheard a foreign customer at one of its Tokyo restaurants saying that since he couldn’t get turkey in Japan, he’d have to celebrate Christmas with Kentucky Fried Chicken.

“That really stuck,” Smith said.

“And still today, you have to order your KFC months in advance to make sure that you’re going to get it at Christmas Day.”

www.businessmirror.com.ph • businessmirror.lifestyle@gmail.com

Style

BusinessMirror

Editor: Gerard S. Ramos • Monday, December 22, 2025

B5

❶ WHITE Tank Top Pirate Bae Collection by Kelvin Morales.

PHOTO FROM KELVIN MORALES

❷ ITIM na Hardin

Baro by Daryl Maat.

PHOTO FROM DARYL MAAT

❸ CLOUD

Dancer in apparel.

PHOTO FROM WWW. PANTONE.COM

❹ DESIGN with

Pantone Color of the Year 2026.

PHOTO FROM WWW.

PANTONE.COM

❶

❷

❸

❹

COLOR OF THE YEAR 2026:

Cloud Dancer on fashion, beauty, interior, and design A WHISPER of tranquility and peace in a noisy world, Cloud Dancer, known as PANTONE 11-4201, was hailed as the color of the year for 2026. It is a billowy white which serves as a symbol of calming influence in a society which rediscovers the value of quiet reflection.

“At this time of transformation, when we are reimagining our future and our place in the world, Cloud Dancer is a discrete white offering a promise of clarity,” Pantone Color Institute Executive Director Leatrice Eiseman states.

“The cacophony which surrounds us has become overwhelming, making it harder to hear the voices of our inner selves,” she adds. “A conscious statement of simplification, it enhances our focus, providing release from the distraction of external influences.”

The Pantone Color Institute—the specialist unit which highlights the seasonal runway colors, forecasts global color trends, and advises color for product and brand visual identity—noted that this year’s hue encourages true relaxation and allows the mind to wander, creativity to breathe, and innovation to grow.

“Similar to a blank canvas, Cloud Dancer signifies our desire for a fresh start,” Pantone Color Institute Vice President Laurie Pressman explains. “Peeling layers of outmoded thinking, we open the door to new approaches.”

“It opens space for creativity, allowing our imagination to drift so that new insights and bold ideas can emerge and take shape,” she adds.

The selection process for the Pantone Color of the Year undergoes meticulous trend analysis spearheaded by the institution’s team of experts.

It seeks new color influences on a global scale that encompasses what’s in and popular in the entertainment and film, art, fashion, design, and travel industries as well as new technologies, lifestyles, playstyles, and socio-economic conditions, among many others.

Fashion designer Fred Leysa highlights that Cloud Dancer, being the very first white to be selected as the Color of the Year, is a signal to a societal shift.

“The Color of the Year draws inspiration from trends across industries, making this choice particularly intriguing,” he says. “There is a collective desire for a fresh start after periods of overstimulation—from politics and work to social media and daily life.”

A key structural hue so versatile that it provides scaffolding for the color spectrum, Cloud Dancer harmonizes and contrasts to bring airy lightness to all environments and product applications.

It promotes rest and well-being in apparel, especially in spongy and puffy silhouettes, oversized padding, and rounded shapes. Key textures include down- and foam-filled cloth, fluffy and furs, and plush and lofty wools for a gentle swaddle.

“Seek comfort in statement pieces which highlight texture and form against the serene backdrop of this soft white,” Leysa recommends. “Let this color offer a refuge from the harshness of modern life.”

Its aerated and vaporized appearance equally lends itself to diaphanous and floaty chiffons and fluid jersey fabrics that are easy to wear and move in—flowing from day to night, season to season.

Fashion designer Roxoanne Bagano-Dizon suggests adopting Cloud Dancer through statement

outwear, footwear, and accessories, without completely changing the wardrobe.

“Treat it as a foundational color—a versatile base tone—rather than a trend that feels overwhelming,” she says.

“Because the 2026 fashion trends focus on comfort, sustainability, and refined simplicity, it fits perfectly into monochromatic looks or as a balancing color paired with bolder shades, metallics, or earthy tones” she expounds.

Bagano-Dizon, who likewise teaches under the De La Salle-College of Saint Benilde (DLS-CSB) Fashion Design and Merchandising (FDM) Program, recommends adapting the hue to different aesthetics, from minimal and romantic to streetwear and even avant-garde.

“Start with statement pieces like blazers, tailored trousers, trench coats, coord sets, as well as flowy dresses, knitwear, and layered outfits as these items are timeless and easy to style repeatedly,” she advises.

Cloud Dancer infuses each ensemble with comfortable elegance. Introducing feelings of freshness, it evokes gentle pleasure without overstimulation.

For styling, Bagano-Dizon highlights that it looks especially modish when paired with linen, silk, wool, or leather.

“It can be layered with deeper neutrals like charcoal, beige, or mocha, or contrasted with bold colors for a modern look,” she suggests.

Soft pieces, from chunky knits to natural fibers, wrap and conform. While hard structured pieces to include jewelry, eyewear, belts, handbags, footwear, and sneakers usher an understated sophistication.

“Accessories such as handbags, shoes, or scarves in Cloud Dancer are also a great way to subtly incorporate it in the personal style,” she adds.

“Overall, the key is to keep the look balanced, intentional, and aligned with one’s aesthetic rather than following the trend too literally,” she notes.

Cloud Dancer likewise fosters endless creativity as a clean base for art in the beauty and hair departments. Think cut-outs, hearts, pearls, and shimmers.

White nails keep things fresh and modern for those who wish to lean into dreamy pastels or high-contrast details. Eyeliners, bold eyeshadows, and subtle brighteners curate head-turning looks from the minimalist to the dramatic.

For a balanced look, pair it with contrasts like black liner or pastels. It also makes a statement for the hair—whether on its own or in color blocking, especially in a thoughtful and intentional personal style. Cloud Dancer brings its quiet focus in home décor and interior design—ideal for those seeking moments of disconnection and rest.

Whether introduced in furniture or furnishings throughout the home, its expansive presence invites a space where function and feeling intertwine to build atmospheres of serenity and provide a refuge for visual cleanliness. It brings a spa-like feeling into bathrooms and openness in the kitchens.

“Cloud Dancer offers a welcome escape from the constant distractions around us,” Leysa explains. “In the midst of social media’s endless, noisy scroll, we can find calm by creating little havens of peace within our homes—spaces that invite stillness, clarity, and quiet reflection.”

Watsons Playlist brought ‘All The Feels’ and more

MARKING A SEASON OF WARMTH, GENEROSITY, AND BENILDEAN UNITY The De La Salle-College of Saint

Benilde (DLS-CSB) ushers the holiday season with its annual community-wide celebration, EXTRO. Organized by the Office of the Vice President for Lasallian Mission and Student Life, the festivities commenced with the traditional lighting of the Christmas Tree at the Design + Arts Campus as a symbolic start to a season of warmth, generosity, and Benildean unity.

The series of events included a Christmas drive and gift-giving of toys to children from neighboring communities, as well as a Belen Festival wherein families from various partner barangays created sustainable nativity scene installations, which they paraded around the college’s vicinity. Among the highlights of the fete were the Christmas Radio featuring student-artist DJs, and a Christmas concert with performances from DJ Eros, the Saint Benilde Romançon Dance Company-Hiphop, shadowplay group Karilyo, bossa nova specialist King Alvaro, violinist-pianist Jaydee, and OPM bands IÚNO, fitterkarma, and HEY JUNE!

ALL the Watsons Playlist concerts have been big events that brought together the biggest names in OPM and P-pop.

These names include SB19, G22, Hori7on, Ben&Ben, Alamat, KAIA, and Zack Tabudlo.

But Watsons Playlist 2025, titled “All The Feels,” was different because, while it was a big event, it was also about, well, the feels.

Watsons Playlist has become an annual tradition for the country’s most trusted in health, beauty, personal care, and wellness. The event reflects Watsons’ advocacy of nurturing a community that values self-care, wellness, and feel-good moments shared with people who matter.

The 2025 event featured different artists with varying music styles and collaborations reflective of Watsons message to its consumers that music is food for the soul.

Thousands of music fans and Watsons Club members were at the Araneta Coliseum to experience music and fun, courtesy of the exclusive activities prepared by Watsons.

LUCKY Watsons Club members who redeemed tickets enjoyed exclusive Meet & Greet sessions with their favorite artists like Ben&Ben

All attendees got to visit and enjoy brand booths—from Stresstabs, BYS, Pretty Secret, Luxe Organix, Fresh, and Vybe by BPI—snag free samples from Enervon Z, Sofy, Garnier, Strepsils, Gaviscon, Nivea, and Wellspring. Attendees also each received a special Watsons Playlist photo card.

Those with VIP and SVIP tickets got early access through sound check sessions for Hey June!, Earl Agustin, and Ben&Ben. But of course, everyone went to “All The Feels” for the music and they were not disappointed. The lineup included the aforementioned artists plus Rico Blanco, Zack Tabudlo, and The Juans.

Every artist performed superbly and their songs warmed the hearts of the audience. Then came the collaborations, which further fueled the crowd’s excitement.

THE Juans, Earl Agustin, and Hey June! onstage at the third Watsons Playlist concert PHOTOS FROM WATSONS PHILIPPINES

After his solo set, Agustin joined The Juans and Hey June! onstage for a cover of the Bee Gees classic “How Deep is Your Love.” After that, they performed “Atin Ang Mundo,” an original song by The Juans.

The event concluded with a highly anticipated collaboration between Rico Blanco and Ben&Ben, performing live together for the first time with Blanco’s song “Your Universe.”

“We want our Watsons Club members to experience moments that uplift them, whether through music, wellness, or everyday self-care. Tonight is a celebration of their loyalty and the community we’ve built together,” said Sharon Decapia, Watsons Philippines SAVP for marketing, PR and sustainability.

B6 Monday, December 22, 2025

From Quake to Typhoons: DigiPlus Foundation Mobilizes P8 Million in Disaster Relief Across PHL

Aboitiz Foundation Powers Benguet I School with Solar, Satellite Internet

I

n an effort to strengthen access to quality education in the country’s most geographically isolated communities, Aboitiz Foundation, in partnership with Huawei Technologies Philippines, Inc., Aboitiz Renewables Inc., and UnionBank of the Philippines subsidiary City Savings Bank, formally turned over a 5-kilowatt-peak (5kWp) solar photovoltaic (PV) system and a newly constructed one-classroom building to Bashoy Elementary School, a last-mile public school in the remote municipality of Kabayan, Benguet.

The classroom was built in collaboration with the Philippine Army, with City Savings Bank providing the construction materials, as part of the Department of Education – Cordillera Administrative Region’s (DepEd CAR) Salaknib Tan Namnama (STN) initiative. The project seeks to uplift and restore the self-worth of learners in the Cordillera who have faced difficult and challenging circumstances, particularly those whose education has long been shaped by distance, terrain, and limited access to basic services.

The Ibaloi phrase “Salaknib Tan Namnama,” which means “Protecting and Giving Hope,” reflects the shared commitment of the partners to strengthen education, resilience, and opportunity in communities where learning often happens under the most difficult conditions.

The event also marked the ceremonial

Bashoy Elementary School in Kabayan, Benguet is now powered by renewable energy and satellite internet through Aboitiz Foundation’s AuroraPH turnover of additional solar PV systems for Awing Primary School and Labney Primary School, extending the impact of Aboitiz Foundation’s Aurora PH initiative to more last-mile learning communities in Benguet.

Located about 80 kilometers from Baguio City and accessible only through three to four hours of travel along steep, mountainous roads, Bashoy Elementary School has long faced persistent structural challenges. Prior to the project, the school struggled with unstable electricity, limited access to digital tools, constrained classroom space, and weather-dependent logistics—conditions that hindered both teaching delivery and student learning.

With the turnover of the solar PV system and the new classroom, these barriers begin to ease. The school now benefits from reliable electricity for lighting and learning equipment, improved digital readiness, and a safer, more conducive classroom environment. Teachers are better equipped to deliver lessons using modern tools, while students gain improved conditions that support focus, engagement, and continuity of learning.

“This project reflects what becomes possible when institutions come together with a shared purpose,” said Aboitiz Foundation Impact Lead for Education Jowelle Ann Cruz. “We must continue working together to ensure that every child, regardless of geography, has the opportunity to learn, grow, and thrive. Through this donation, we are empowering last-mile learners with the tools and spaces they deserve.”

Since its launch in 2024, AuroraPH has energized 44 schools nationwide, with a long-term goal of reaching 300 last-mile schools across the country. In Benguet, the program now serves six beneficiary schools: Bakian Guinawan Elementary School, Marcelo Marquez National High School, Piminggan Elementary School, Bashoy Elementary School, Awing Primary School, and Labney Primary School.

Through AuroraPH, Aboitiz Foundation actively supports the Department of Education’s mission to improve access to learning for last-mile schools by enabling power supply, internet connectivity, and digital readiness in geographically isolated communities.

Kia Philippines Strengthens Support for EJ Obiena as Atletang Ayala Continues Its Advocacy for Pinoy Athletes

K

IA Philippines, a subsidiary of ACMobility, has strengthened its support for Filipino pole vault star and Olympian EJ Obiena, providing dedicated mobility as he continues to represent the Philippines on the global stage. This initiative aligns with Kia’s global philosophy of “Movement That Inspires” and complements the Ayala Group’s broader advocacy for athlete development through programs such as Atletang Ayala.

“EJ’s story mirrors Kia’s own evolution, driven by discipline, innovation, and an unwavering pursuit of excellence,” said Jay Lopez, Managing Director of Kia Philippines. “He’s a living embodiment of movement that inspires, and we’re proud to help him reach even greater heights.”

Kia Philippines continues to provide Obiena with dedicated mobility support as he competes and trains around the world.

During his recent visit to Manila for the Atletang Ayala World Pole Vault Challenge, where Kia served as the official mobility partner, Obiena was transported in a Kia vehicle throughout his stay. A Kia Sorento Turbo Hybrid also served as his personal vehicle for other engagements across the Philippines, underscoring Kia’s commitment to delivering comfort, reliability, and performance for Filipino excellence.

In Italy, where Obiena maintains his residence and training base, Kia has extended its support through its global network by providing him with a dedicated vehicle for his daily mobility needs. This ensures consistent comfort and reliability, allowing

Obiena to focus fully on his training and international competitions, including his participation in the 2025 SEA Games.

“I’ve mostly driven Kias my whole life, from my first car to the Sorento I used while I was in the Philippines,” said EJ Obiena. “It’s kind of poetic that the brand I started with is now a partner in my journey.

Kia has always been purposeful, capable, and stylish, just like how I approach my sport.”

Kia’s support for Obiena reinforces the brand’s commitment to Filipino athletic excellence and Ayala Group’s support for national sports development.

The Group remains steadfast in championing athletic development through initiatives that strengthen preparation, build capabilities, and support long-term growth.

Through Ayala Foundation’s Atletang Ayala, Ayala provides national athletes with full-salaried employment, flexible work arrangements, and access to world-class training and medical facilities,

empowering them to excel both in sport and in their professional careers.

National shooting athlete and Atletang Ayala member Amparo Acuña, who is also participating in the 2025 SEA Games, shared how Kia and Ayala’s programs have shaped her journey.

“I’ve always appreciated how reliable and spacious Kia vehicles are, especially when I’m carrying my gear,” shared Acuña, national shooting athlete and member of Atletang Ayala. “I used to drive an older Kia, and it was perfect for my needs.

It made every trip to training and competitions so much easier. It’s inspiring to see Ayala supporting athletes like us while continuing to champion the spirit of purpose and performance.”

This SEA Games 2025, Kia is committed to supporting and celebrating Atletang Ayala athletes joining the international multi-sport event by featuring their journey in a series of short-form videos to inspire greatness.

Through ACMobility, Kia Philippines, and Ayala Foundation, the Ayala Group continues to advance its shared vision of movement with meaning, supporting Filipino excellence on and off the field.

“This partnership goes beyond providing vehicles,” Lopez said. “It’s about supporting Filipino excellence in all forms, on the road, in sport, and in life. We want Kia to be a brand that moves people to achieve more and reach higher.”

For more information about the brand’s vehicle lineup, visit www.kia.com/ph or follow Kia Philippines on Facebook, Instagram, and YouTube.

N the wake of the Northern Cebu earthquake and the successive onslaught of Typhoons Tino and Uwan, DigiPlus Foundation, formerly known as BingoPlus Foundation and the social development arm of DigiPlus Interactive Corp., has mobilized a total of P8 million worth of disaster relief to help nearly 70,000 Filipinos rebuild their lives across Visayas and other severely-affected provinces in Luzon through its “BayanihanPlus” Community Resilience Program.

The Foundation reached an estimated 56,000 individuals affected by the magnitude 6.9 earthquake in Northern Cebu. Relief operations covered six hard-hit locations: Bogo, Daanbantayan, Medellin, San Remigio, Tabogon, and Borbon, where families faced damaged homes, disrupted livelihoods, and recurring aftershocks.

Following the devastating earthquakes, the DigiPlus Foundation rapidly expanded its nationwide relief operations to address the severe impacts of Typhoons Tino and Uwan, which brought heavy rains, floods and landslides to Cebu and strong winds and widespread flooding to Luzon. The Foundation quickly coordinated with local government units to deliver essential aid to an estimated 14,350 affected individuals across targeted communities in Luzon, including Hagonoy, Bulacan; Cabanatuan City, Nueva Ecija; Dumaguete City and Bacolod City in Negros Island; and San Fabian, Pangasinan, as well as several barangays in Cebu City, reinforcing its sustained commitment to immediate disaster response and fostering community resilience throughout the Philippines.

“The scale of devastation from the recent Typhoons Tino and Uwan demands an even greater collective response to deliver hope to affected communities,” said Angela CaminsWieneke, Executive Director of DigiPlus Foundation. “With affected areas spanning from Cebu to Bulacan, Nueva Ecija, and Pangasinan, we call on more partners to join our efforts.

Working with our BingoPlus store volunteers and partners on the ground, we have already mobilized around P8 million in relief, but to truly help communities rebuild their lives, we need more support.”

Upholding the organization’s nationwide commitment to disaster resilience, Michael Linatoc, Regional Manager for Luzon, emphasized the readiness of his team to mobilize for immediate rehabilitation efforts. Linatoc highlighted

T

effective platform for identifying the strongest clubs from each territory before they advance to pan-Asian competition. This new qualification role also streamlines the wider pathway in East Asia by providing a consistent standard of play, preparing clubs through regular cross border competition, and aligning smoothly with FIBA’s seasonal calendar. The structure ensures that teams advancing to BCL Asia do so on sporting merit and enter the continental stage battle-tested, organized and ready for elite competition.

Under this new structure, the top performing EASL teams representing Japan’s B.LEAGUE, Korea’s KBL and the Philippine Basketball Association (PBA) will secure direct qualification to BCL Asia. This

system is firmly merit based and provides continuity, as the champion and best ranked teams from each domestic league compete in EASL. The move affirms that EASL stands as a premier multi-market league whose top clubs have demonstrated the quality expected on Asia’s biggest stage.

This alignment elevates the importance of every EASL game and solidifies the league’s role as a central pillar in the regional basketball ecosystem, a place where champions from the continent’s most powerful leagues compete head-to-head before advancing to FIBA’s continental championship.

“Being recognized as an official qualification pathway into BCL Asia is an enormous honor and a

the inspiring dedication of the workforce in the Luzon as a benchmark for service, noting, “I witnessed the heroic efforts of our colleagues in the Visayas, and I am proud to see how our Luzon team mirrored this spirit in the areas of Pangasinan and Nueva Ecija to respond to the needs of affected communities,” and assured the public that this spirit of solidarity extends northward.

He confirmed that, likewise, branches in Luzon are fully prepared and eager to support the recovery of Filipinos devastated by the calamities, standing united with the rest of the nation in the mission to rebuild lives and livelihoods.

DigiPlus Foundation will continue working with local governments, partners, and its nationwide network of BingoPlus stores to support affected communities, from immediate relief to long-term recovery and resilience, staying true to its mission to multiply the good for Filipinos across the country.

Philippine Disability Expo and Concert 2025 Concludes Three-Day Celebration of Inclusion, Empowerment

T

HE National Council on Disability Affairs (NCDA), in partnership with the Project Inclusion Network (PIN) and the Philippine Business and Disability Network (PBDN), successfully concluded the Philippine Disability Expo and Concert 2025, a three-day gathering that brought together government leaders, advocates, employers, organizations, and families in support of disability inclusion.

The event was held on December 2 to 4, 2025 at Megatrade Halls 1 and 2, SM Megamall, culminating in a concert attended by hundreds of participants.

The Expo opened on December 2 with messages of support from key partners and agencies. The program began with the Mandaluyong Drum & Lyre and an opening performance by Kidz Groove, followed by welcome remarks from Engr. Bien C. Mateo, Senior Vice President for Operations and SM Cares Program Director for PWDs. NCDA Executive Director Glenda D. Relova delivered the opening message, followed by insights from Grant Javier, Executive Director of Project Inclusion Network. A video message of support was delivered by Australian Embassy Second Secretary Abigail Bakker (DFAT) while Atty. Zebedin M. Azis, Assistant Secretary for Intergovernmental & Legislative Affairs of the DSWD delivered the keynote message.

The ribbon-cutting formally opened the Expo, leading into the first major session of the day titled “Beyond Labels: Parenting in the World of Neurodiversity,” a fireside chat moderated by Candy Pangilinan, featuring Saab and Jim Bacarro, Ginger Gaddi, and RJ Jimenez, who also performed a song number. Exhibitor presentations and special performances closed Day 1.

The second day coincided with the global observance of the International Day of Persons with Disabilities (IDPD).

The morning began with the screening of “Firefly,” the first Filipino film with Audio Description, held at SM Cinema 2. This was followed by the recognition of the GITC Awardees from Valenzuela City, Quezon City, Makati City, and Muntinlupa City.

In the afternoon, audiences participated in the Firefly Talkback Dialogue, an interactive forum featuring an open Q&A on accessible storytelling and media representation.

Exhibitor presentations continued, followed by the PBDN Learning Session with Nestlé Philippines, which shared workplace accessibility practices and success stories of employees with disabilities. The day concluded with the recognition of partner organizations and the celebration of workplace inclusion achievements.

EASL Designated as Official Qualifier for Basketball Champions League Asia

HE East Asia Super League (EASL), Asia’s premier professional basketball league, has been designated as an official qualifying pathway to the Basketball Champions League Asia (BCL Asia), FIBA’s flagship continental competition featuring all of Asia’s strongest teams.

This historic step strengthens EASL’s position at the core of elite East Asian basketball, further integrating the league into FIBA’s global competition framework and recognizing the standard of play, professionalism and competitive excellence showcased throughout EASL’s first three seasons.

With its multi market format, high level of competition and proven operations, EASL is the most

DigiPlus Foundation’s Program Manager Paul Tamayo leads the distribution of relief goods to families in Bulacan displaced by Typhoon Uwan, ensuring aid reaches those needing to rebuild.

historic moment for EASL,” said EASL Chief Executive Officer Henry Kerins. “It reinforces that EASL is a premier destination for elite basketball in Asia and shows how deeply we are embedded within the international basketball structure. We are proud, grateful and excited to continue elevating the game across the region.”

FIBA expressed support for the new structure, recognizing the quality and importance of EASL’s competition. The alignment contributes to a clearer global club pathway that connects EASL with BCL Asia and, at the top of the pyramid, the FIBA Intercontinental Cup. This framework strengthens collaboration between federations, domestic leagues and leading clubs seeking regular, high level international competition.

The Expo’s final day featured interactive activities, games, and engagements with exhibitors in the morning and afternoon.

In the evening, the event culminated in the #PwedengPWDe Dito: A Benefit Concert. hosted by Pauline Versoza, seasoned journalist and media professional. The show opened with the Mandaluyong Drum & Lyre, followed by welcome remarks from Grant Javier, PIN’s ED. The concert featured a lineup of PWD and mainstream artists, including Sugarcane, Anne Charmaine Santos and Benedict Banghulot, Igman Tarubal (Spoken Word), Melissa Corpus, Vincent Ebio (Dance Performance), Eman Macaso, Princess Velasco, Leanne and Naara, and I Belong to the Zoo (Finale performance) The organizers opened the concert free to all PWDs and implemented enhanced accessibility measures so participants could fully engage in and enjoy the celebration. The audience enjoyed a night of music that highlighted representation, creativity, and the shared advocacy for an inclusive arts and culture landscape.

The Philippine Disability Expo and Concert 2025 brought together more than 80 exhibitors from various sectors, including government agencies, NGOs, advocacy groups, employers, and PWD-owned enterprises. Across three days, attendees engaged in learning sessions, forums, recognition programs, and creative showcases that underscored the importance of accessibility, equitable opportunities, and community participation.

NCDA, PIN, and PBDN expressed their appreciation for the strong support of partners, exhibitors, and participants who contributed to advancing the rights and inclusion of persons with disabilities.

Marketing BusinessMirror

www.businessmirror.com.ph

Monday, December 22, 2025 B7

Noche Buena: A Table of Memories

For Susie Yabut of Susie’s Cuisine, Christmas Eve meant exhaustion after fulfilling endless orders of kakanin, leaving no energy for Noche Buena. Now retired, she finally celebrates with lengua and suman from her mother’s recipes. I personally stop by her store in Pampanga every time I come from Subic to bring home her kakanin and other favorites.

Sandy Daza’s story is anchored on the women who shaped his palate. His grandmother’s Sunday tables fed the entire clan, and his mother, Nora Daza, opened restaurants that carried Filipino cuisine to Manila and Paris. My own children grew up savoring dishes from his former restaurant, Wooden Spoon at Power Plant.

Ilustrado’s story is also in the collection, and I found myself reading it with growing affection. Boni Pimentel speaks of the restaurant he built with his wife Rose and the Christmases they shared with their children. I vividly picture him serving the King and Queen of Spain at his restaurant. Ilustrado has always been one of my favorite places, and learning its deeper story only strengthened that bond.

These stories remind us that food is culture in its most intimate form. It holds memory, affection, and the quiet rituals that teach us who we are. A PR Matter.

C

HRISTMAS in our home was always a sisterly ritual.

As teenagers, my sisters and I took over the kitchen hours before midnight. Our five-inch Sony TV played John en Marsha while we prepared our Noche Buena. Winnie handled the cooking. I chopped tomatoes and onions for fried hito.

Gigi prepared her steady and comforting nilaga. Nothing grand. Just three girls in a small kitchen, doing what we could, shaping a tradition that stayed with us.

That memory returned with clarity as we were doing the final touches for Noche Buena: 100 Stories Shared at the Philippine Holiday Table, published by FEU Publications.

The book gathers recollections from family cooks, chefs, restaurateurs, and food artisans whose Christmas tables shaped their lives. It is dedicated to Margarita Forés, FEU Doctor of Entrepreneurial Management honoris causa, whose lifelong advocacy for Filipino food and producers has inspired many in the culinary community. At the book launch, FEU Trustee Gianna Montinola reminded us that the book celebrates the heart of Filipino Christmas through narratives of traditions, family relations, challenging beginnings, and sweet success. She noted that these treasured stories transform Noche Buena into more than a feast but a collection of memories that keep families connected across generations.

FEU Creative Collective led by Senior Vice President for Academic Affairs Trina Tinio gathered one hundred stories from across the country. Special recognition goes to Institute of Tourism and Hotel Management Dean Harold Bueno for gathering chef friends, mapping out steps and giving insights

AUTHOR with Vicky Rose Pacheco of Sentro 1771.

CLAUDE TAYAG speaks of a Kapampangan clan that numbers more than a hundred every Christmas, gathering for the same menu year after year. I was very much impressed with Claude when he recited the line printed on a tote bag: “Ang pagkain walang kwento, walang kwenta,” a line that captures the heart of the project.

YOU can read many more stories in the Noche Buena: 100 Stories Shared at the Philippine Holiday Table. Get a copy and order through tamsbookstore@feu.edu.ph.

on the culinary world and Dean Israel Susi of the Institute of Architecture and Fine Arts for creating one hundred original illustrations that frame the book with clarity, warmth, and artistic discipline.

Their work shaped the spirit of this first volume in FEU’s centennial publishing series.

An FEU alumnus, Ramon “Monchie” Ferreros of Monchie’s Lechon, gifted a whole lechon for the launch. A pioneer in the La Loma lechon community, he also composed “Folk Song of La Loma,” performed by the FEU Chorale.

As he often says, lechon is part of Philippine culture and a symbol of prosperity. His account of La Loma shows how lechon making grew from small family stalls into a tradition that now anchors an entire district.

I was happy to see Vicky Pacheco, co-founder and chef of Sentro 1771. She catered our wedding in 1993, on a night when it was raining cats and dogs, yet many still remember how thoughtful and well-prepared the dishes were at her very first restaurant in Malate. Today she

PHOTO from left to right: Dean Harold Bueno, Lance Caperal, Monchie Ferreros, author-Rowena Capulong Reyes and Dean Israel Susi.

continues the culinary legacy of her great grandmother Engracia “Asiang” Reyes of Aristocrat and her grandmother Teresita “Mama Sita” Reyes, carrying forward a family tradition where integrity and intention guide every dish.

She said her childhood home had no walls separating the kitchen, dining room, and living room.

She grew up watching food come together in that open space filled with movement, curiosity, and family.

Let me highlight a few stories that hold a personal resonance:

PR Matters is a roundtable column by members of the local chapter of the United Kingdom-based International Public Relations Association (Ipra), the world’s premier organization for PR professionals around the world.

Rowena Capulong Reyes, PhD is the vice president for Corporate Affairs of Far Eastern University (FEU). She is an executive committee member of the Metro Manila Film Festival 2025 and heads its education committee.

She was formerly the Dean of FEU Institute of Arts and Sciences and Colegio de San Juan de Letran. She is the immediate past president of the Philippine Association of Communication Educators (PACE), serving two terms.

We are devoting a special column each month to answer our readers’ questions about public relations.

Please send your questions or comments to askipraphil@gmail.com.

B8

Monday, December 22, 2025

Sports BusinessMirror

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

Tolentino lauds PHL performance in ‘brutal’ Thailand SEA Games

ABRAHAM TOLENTINO, president of the Philippine Olympic Committee, and Patrick Gregorio, chair of the Philippine Sports Commission, commended the Philippine delegation for a job well done. POC MEDIA POOL

B

ANGKOK—The Filipino athletes’ success at the 33rd Southeast Asian Games in Thailand can be credited to the strong collaboration between the Philippine Olympic Committee (POC) and the Philippine Sports Commission (PSC), officials of the two agencies said.

POC President Abraham “Bambol” Tolentino praised the PSC under the leadership of Chairman Patrick “Pato” Gregorio for working closely with them and to all the national sports associations (NSAs) during the course of the games from December 9 to 20.

“This is the fruit of the united POC and PSC,” Tolentino told the media over the weekend, noting that the Philippine athletes showed surprises despite the odds like the Philippine women’s football Filipinas team winning a historic first ever biennial meet crown.

“It is successful for us. We broke many records, we defended our games, we beat them in their games— and that is the crucial part, we beat them in their games. That is how simple it is. The football gold was a bonus when we beat Thailand. We beat them in their game.”

The Philippines with 1,600 delegates with 1,168 athletes under the guidance of hardworking Chef de Mission Jose Raul Canlas placed sixth overall in the team standings with 50 gold, 73 silver and 153 bronze medals for a total of 276.

Host Thailand garnered 233 gold, 154 silver, and 108 bronze medals for the overall championship with 494 medals, while Indonesia placed second with 91 gold, 111 silver and 131 bronze medals. Vietnam got third overall with an 87-81-110 gold-silverbronze medal tally.

Malaysia, which will host the 2027 SEA Games, grabbed fourth

place with 57-57-117 tally and Singapore took fifth with 52-6187 tally.

Tolentino also commended all bronze medalists.

“We have a lot of bronze medals.

I am supposed to just say this in Manila, but it is a brutal SEA Games,” he added.

Gregorio, on the other hand, expressed happiness with the performance of the athletes, noting that the Southeast Asian Games would definitely be the start of their journey from the grassroots level up to the Olympics.

“We won in competitions and games that mattered most. We beat them there, and that is why I’m so very happy and proud of our athletes,” Gregorio said, adding that they must focus now on preparing for their athletes in the Olympics three years from now in Los Angeles 2028.

“Our focus is Olympics, and we will be preparing now our athletes,” he added. Josef T. Ramos

THIRDY RAVENA, Poy Erram, and their Gilas teammates deliver a big performance to retain the title in one of the Philippines’ most beloved sports. POC MEDIA POOL

Mission: Accomplished G

By Josef T. Ramos

ILAS PILIPINAS accomplished the near-impossible with everything stacked against it.

Even with its roster settled only after weeks of shifting interpretations of the host’s eligibility rules, the squad found a way to successfully defend its title in the 33rd Southeast Asian Games in Bangkok.

Hard-earned doesn’t quite describe it.

The 70-64 victory in the gold medal match against Thailand Friday night at Nimibutr Stadium was nothing short of heroic.

Gilas finished with a flourish after a prolonged tug-of-war with local organizers, as the Philippines struggled to finalize a roster due to shifting roster regulations.

Coach Norman Black says this victory is possibly the sweetest considering the trials they had to endure well before tipoff. “Right now, it ranks No. 1 because it’s the most recent one and this has been a really difficult journey. You guys don’t really realize. I know I shut down the media a little bit and I didn’t talk because every time I would say something, it seemed like the organizing committee would change the rules,” Black said.

PHILIPPINE boxing star Eumir Marcial wins one of the three gold medals not claimed by Thailand. POC MEDIA POOL

Cayetano commends Filipino fighters’ courage

B

ANGKOK—Senator Pia Cayetano has never been a fan of boxing or combat sports, citing the violence they entail. Yet she expressed her support for Tokyo and Paris Olympics bronze medalist Eumir Felix Marcial and Aira Villegas during the 33rd Southeast Asian Games boxing events.

Cayetano, the eldest sister of fellow Senator Alan Peter, flew from Manila to Bangkok to support the 1,168 Filipino athletes competing in the biennial meet. Among them were tennis champion Alexandra Eala, the men’s and women’s basketball teams, and the national boxing contingent.

Despite her reservations, Cayetano said she could not resist watching and cheering for the Filipino fighters who sacrificed to bring glory to the country while competing on foreign soil.

“I do not watch boxing because I am really affected by the violence and it is hard for me,” said Cayetano, a former University of the Philippines volleyball player who won the 1983 University Athletic THE Philippine team celebrates with other delegations in the SEA Games closing ceremony at the Rajamangala National Stadium in Bangkok. POC MEDIA POOL

Association of the Philippines title, in an interview with the BusinessMirror after the boxing finals.

“Even when Manny Pacquiao fought, I did not watch. Everybody in my family watches, but I do not like violence.”

She congratulated Marcial for his heroics in the men’s light heavyweight final, where he scored a 4-1 split decision win against Indonesian Maikhel Muskita to secure the Philippines’ lone boxing gold in Bangkok. The host nation dominated the sport, winning 14 of 17 divisions.

Meanwhile, Villegas (women’s flyweight), Jan Bryan Baricuarto (men’s light flyweight, 48 kg), and Flint Jara (men’s bantamweight, 54 kg) all settled for silver after falling to their Thai opponents. Cayetano said she intends to deliver a privileged speech in the Senate to commend the boxers for their efforts.

“I was already a supporter of Villegas before. So, when I saw Eumir [Marcial] at the dugout, I decided to watch and support all of them. I am so proud of him [Marcial], although I’m not used to watching boxing,” Cayetano added. Josef T. Ramos

“So, I decided I wasn’t going to mention anything publicly anymore because they’re using our information against us. So, I rank it number one right now, no question,” he added.

“It’s the end of a lot of adversity.

You guys just don’t understand. We, I, went four months not knowing what the rules were. Not knowing what the eligibility rules were. I formed a team that I couldn’t use. Then, I formed another team, I was told I couldn’t use certain players,” Black said.

“So, I couldn’t really understand the eligibility rules in the tournament. I’m glad it turned out for the best.”

In the end, Jamie Malonzo, Matthew Wright, Ray Parks Jr., Thirdy Ravena, Robert Bolick, Abu Tratter, Justin Chua, Von Pessumal, Dalph Panopio, Cedrick Manzano, Allen Liwag and Veejay Pre pulled off what was deemed impossible.

It was a statement win for the Philippines, which had listed World Championships-tested Justin Brownlee and had considered Ange Kouame, Brandon Ganuelas Rosser, Mike Phillips, Dave Ildefonso, and Remy Martin, a National Collegiate Athletic Association champion with the Kansas Jayhawks, but had to reorganize and settle on a final lineup with nine days left before the opening tipoff.

For Gilas Pilipinas, the triumph

evoked memories of past glory, including the country’s last gold with an all-amateur squad in Jakarta in 2011, yet this one carried its own weight.

“Well, the last was a long time ago—in 2011. 14 years ago,” Black said.

“That was also a memorable championship, but this is a little bit sweeter because we just had to go through so much adversity to get through at this point.”

Staring down a 13-point deficit in the first half, Gilas Pilipinas refused to flinch, storming back to seize the country’s 20th SEA Games crown and second straight gold after reclaiming the throne in Phnom Penh in 2023.

Malonzo powered through with a commanding double-double of 17 points and 12 rebounds, helping steady the team during a turbulent stretch. Wright came up with 14 points, while skipper Robert Bolick added 10 for the Filipinos.

Black also credited the Filipino fans who came to help lift Gilas to victory.

“I wasn’t really affected by the crowd because our group was just as loud as all of them,” Black said.

“I was a little bit affected by the stuff; I think some of their calls were really questionable.”

The Philippines nipped Indonesia in the semifinals, 71-68.

Gilas defeated Malaysia, 83-58, and Vietnam, 78-67, in pool play.

Wow: Thais go 14 for 17 in boxing

B

ANGKOK—From four gold medals in 2021 to nine in 2023, Thailand made a huge jump with 14 titles in the boxing competition of the 2025 Southeast Asian Games.

On the penultimate day, the host country had booked finals slots in 16 of the 17 events at Chulalongkorn Sports University.

Thailand ultimately won 14 gold medals from men’s 48 kgs, 54 kgs, 57 kgs, 60 kgs, 63.5 kgs, 69 kgs, and 75 kgs, women’s 48 kgs, 50 kgs, 54 kgs, 57 kgs, 63 kgs, 66 kgs, and 70 kgs, and one silver (60 kgs) of the 17 events.

The only division Thailand didn’t reach the final was the light heavyweight, where Tokyo Olympics bronze medalist Eumir Felix Marcial won over Indonesian Maikhel Muskita via split decision, 4-1. The Thai fighter in the 80 kg class lost at the semifinal stage.

“Awesome, it is really awesome, wow,” Ricky Vargas, the chairman of Association of Boxing Alliances in the Philippines, told the BusinessMirror.

The Philippines reached four finals, but Marcial was the only one to secure gold.

Indonesia claimed the gold in men’s flyweight 51 kgs through Junior Tahumil Vicky and Vietnam bagged the gold in women’s lightweight 60 kgs through Ha Thi Linh.

“It is hard to believe but that is what it is,” Vargas, also a board member of new World Boxing, the international federation recognized by the International Olympic

Committee (IOC).

Philippine Olympic Committee (POC) President Abraham “Bambol” Tolentino also shared his sentiments, saying the 16 of 17 finalists of the host country is a little bit surprising and “overkill” although doable.

“It is surprising and overkill but let’s see how it goes there later,” Tolentino said.

Thailand also had two silver and one bronze medal followed by Vietnam’s 1-5-3 gold-silver-bronze medal finish, then Indonesia’s 1-4-4, and Philippines’ 1-3-6 haul.

When Thailand last hosted the biennial meet in 2007, its fighters made it to all 17 finals. They won seven weight classes.

Annie Albania was the lone gold medal winner for the Philippines then, beating Thai Hansa Kadeewong in women’s flyweight 50 kg.

ABAP Secretary-General Marcus Jarwin Manalo believes all the Filipino fighters gave their best shot.

Paris Olympics bronze medalist Aira Villegas lost to Thai Chuthamat Raksat in women’s flyweight 50 kgs final, Jay Bryan Baricuatro fell to Thai Phlongaurai Thitiwat in men’s light flyweight 48 kgs, and Flint Jara suffered a setback against Thai Thanarat Saengpet in the men’s bantamweight 54 kgs category final.

The Philippines bagged six bronze medals, with Nesthy Petecio making the semifinals of the 63.5 kg class, Hergie Bacyadan in the 75 kg, Risa Pasuit in the 60 kg, Ofelia Magno in the 48 kg, Mark Ashley Fajardo in the men’s 69 kg, and Weljon Mindoro in the men’s 75 kg. Josef T. Ramos