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BSP SEES DEC INFLATION RANGING FROM 1.2-2.0% n

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ROZBYSHAKA | DREAMSTIME.COM

By Reine Juvierre S. Alberto @reine_alberto

OOD and fuel prices, driven by lingering weather disruptions and strong holiday demand, are expected to push up inflation in December, according to the Bangko Sentral ng Pilipinas (BSP).

In its month-ahead inflation forecast, the BSP said the inflation will likely settle within 1.2 percent to 2.0 percent in December, faster than the 1.5-percent clip in November.

If inflation reaches 1.2 percent, as the BSP assumed, this will be the slowest increase in commodity prices in five months or since the 0.9 percent recorded in July.

At the upper end, or 2 percent, of the forecast, inflation may have accelerated from 2.1 percent in February, marking the fastest clip in 10 months.

The BSP said upward price pressures could stem from increased prices of major food items due to the lingering effects of unfavorable weather conditions, which have disrupted agricultural output, as well as robust demand during the holiday season.

Risk of higher energy costs, noting possible increases in liquefied petroleum gas (LPG) and gasoline prices, which typically feed into transport fares and household expenses, was also flagged by the central bank.

However, the BSP said these pressures may be partly offset by lower electricity rates in Meralco-serviced areas, as well as declining prices of kerosene and diesel, providing some relief to consumers and businesses.

“The BSP will continue to monitor domestic and international developments affecting the outlook for inflation and growth in line with its datadependent approach to monetary policy,” it said in a statement.

As for John Paolo R. Rivera, senior research fellow at state-run Philippine Institute for Development Studies, inflation can speed up this December and may settle between 1.5 percent and 2 percent due to increased demand during the holidays.

However, Rivera noted he does not See “Inflation,” A9

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‘Demonetizing bills no solution vs crime’

By Reine Juvierre S. Alberto

SWEET START TO THE NEW YEAR Gold coin–shaped chocolates are selling fast along Hidalgo Street in Quiapo, Manila, as shoppers snap them up ahead of 2026. Often seen as good-luck charms for the coming year, the sweet treats are also a popular draw for children. NONIE REYES

DOST: PHL AI DEVT ABOVE MEDIAN, SKILLS STILL LAG

By Bless Aubrey Ogerio

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@blessogerio

HE Philippines is gradually advancing in artificial intelligence (AI) development but faces challenges in infrastructure and workforce readiness, the Department of Science and Technology (DOST) said.

DOST Secretary Renato Solidum Jr. described the country

as “above the middle” in global AI readiness, while noting that computing capacity and talent development still need strengthening.

“We are not lagging behind— we are above the middle—but there is significant room for improvement, particularly in expanding compute power and enhancing Filipinos’ ability to utilize AI,” Solidum said in Fili-

pino during a media forum on December 22.

To close these gaps, the DOST has allocated funds to boost computing capacity and is planning a dedicated data center to secure government information and enhance digital sovereignty.

The department will coordinate with the private sector on these initiatives.

See “DOST,” A9

I

@reine_alberto

NSTEAD of demonetizing highdenomination banknotes, reforms that target the root causes of corruption and financial crimes must be prioritized, the Bangko Sentral ng Pilipinas (BSP) said.

In a discussion paper, BSP officials Eloisa T. Glindro, Mamerto E. Tangonan and Rodalee E. Ofiaza said the demonetization of highvalue denomination currency is a “blunt instrument” that causes severe collateral damage to legitimate, cash-dependent populations.

The paper was published amid renewed calls to demonetize 500- and 1,000-piso notes following investigations into irregular infrastructure projects that uncovered illicit wealth and systemic corruption.

According to the authors, dismantling incentives for rent-seeking and corruption should be the “more urgent institutional reform

agenda.”

“Solutions, therefore, require shifting the equilibrium by making honesty feasible and corruption risky for all members of society simultaneously,” the authors said.

“Systemic corruption must be framed as a collective action problem, wherein individuals acting in self-interest fail to cooperate for the public good, even when cooperation would yield better outcomes,” they added.

Specifically, anti-money laundering and counter-terrorism financing compliance must be strengthened, as well as modernizing banknote security features.

“Corrupt actors can ingeniously adapt by shifting to more sophisticated stores of value such as precious metals, shell companies, real estate, gold, and cryptocurrencies,” they said.

They also called for expanding secure digital payment adoption, See “Bills,” A2

PESO EXCHANGE RATES n US 58.8050 n JAPAN 0.3756 n UK 79.4103 n HK 7.5669 n CHINA 8.3932 n SINGAPORE 45.8197 n AUSTRALIA 39.3817 n EU 69.2546 n KOREA 0.0408 n SAUDI ARABIA 15.6792 Source: BSP (December 29, 2025)

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News

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Lacson: Yes to budget bill ratification, with reservation

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OR the first time in a long while, Senate President Pro Tempore Panfilo “Ping” M. Lacson cast his affirmative vote on Monday to ratify the P6.793-trillion budget for 2026—but with a strong reservation due to items that keep the door open to potential political patronage, despite the avowed intent to help those in need.

In his manifestation on the ratification of the bicameral conference committee report on the 2026 budget bill, Lacson expressed his reservation on appropriations for the Medical As-

sistance to Indigent and FinanciallyIncapacitated Patients (MAIFIP) and Assistance to Individuals in Crisis Situation (AICS).

He manifested as well his res-

Vetting…

vocational programs under M‑1. The J‑1 visa remains popular for exchange scholars, medical trainees, and cultural programs.

Healthcare workers, particularly nurses, typically migrate under EB‑3 immigrant visas rather than H‑1B, since most RN positions do not meet the “specialty occupation”

Continued from A12

dependents enter under H‑4.

Thousands of Filipino students pursue higher education in the US under F‑1, while smaller numbers attend

ervation over other social welfare programs or “ayuda” that are “discretionary and duplicative of institutionalized and rules-based programs, and other similar budget items that lack agency requests.”

“For the first time in a long while, I am voting YES for the ratification of the bicameral report on the proposed national budget for 2026. HOWEVER, WITH THIS AFFIRMATIVE VOTE COMES A STRONG RESERVATION,” he said.

“The national budget must not be a political tool or spoils for those in power. We deserve a budget that truly serves the people, free from political exploitation,” he stressed. “While we have made headway, the path forward remains extensive.”

In airing his reservations, Lacson cited the lack of solid legal founda-

tion for fund allocations of the MAIFIP, AICS and similar programs.

He also cited the “absence of institutional safeguards from the interference, influence, representation, whether directly or indirectly, of incumbent public officials, electoral candidates, politicians, or any of their representatives over any aspect of the programs’ implementation—a clear manifestation of how our budget is not insulated from political patronage.”

Still, Lacson commended the Senate finance committee led by its chairman Sherwin Gatchalian “for standing our ground in defending and crafting a reformed national budget for FY 2026.”

Butch Fernandez

requirement.

flects professional and credible activity, as consular officers will now routinely review public profiles.

What to watch

THE expanded vetting means Filipino applicants across these categories will face closer scrutiny of their online presence.

Immigration lawyers advise applicants to ensure their social media re-

Bills…

Continued from A1

enhancing e-governance and digital government payment systems and amendments to the Bank Secrecy Law with proper safeguards.

E-governance systems are likewise vital as they help create institutional constraints on discretion.

“The government must, therefore, be at the forefront of digitalizing government payments—both disbursements and collections—and the procurement process,” they said.

While targeting high-denomination banknotes may appear to be a compelling and visible quick fix, the authors said both global experiences and local data reveal that such a measure is inefficient.

For instance, the 500- and 1,000-peso bills are heavily used for everyday as well as high-value transactions, together accounting for 93 percent of the total value and 51 percent of the volume of banknotes in circulation.

The 1000-peso bill, in particular, is widely used for routine business expenses, such as petty cash, fuel, food and allowances.

In a 2020 BSP survey, 96.8 percent of firms opposed its withdrawal, citing its practicality and efficiency.

“Any attempt to withdraw or reduce its circulation could disrupt business operations, unless complemented by reliable and widely accepted digital payment alternatives,” the authors said in the paper.

Among the Association of Southeast Asian Nations-5, the 1000-peso banknote ranks the second-lowest in real value, with its purchasing power now equivalent to just 63 percent of its value in 2010.

Furthermore, the removal of high-value banknotes would require the BSP to print significantly larger volumes of smaller denominations, resulting in additional production costs.

Producing one 1000-peso banknote is equivalent to five 200-peso notes, ten 100-peso notes, or twenty 50-peso notes, and could potentially create an artificial shortage, burdening cash handling, and raising transaction costs for businesses and households alike.

“When institutions are weak and the risks of detection and punishment are low, the rewards for corruption rise,” the authors noted.

www.businessmirror.com.ph

Budget…

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involvement in the distribution of assistance. “There is a special provision, if I’m not mistaken, Section 78 of the General Provisions. That is about the Prohibition on Political Involvement in the Distribution of Cash and Other Types of Financial Aid,” she said, noting that the ban covers both cash and non-cash assistance.

Suansing said the provision makes political guarantees unnecessary.

“The Guarantee Letter is not specified because all types are already covered,” she added.

In a first for the chamber, Suansing said House members were given full digital copies of the GAA before ratification. “This is the first time in a long time that the full digital copy, the digital print of the General Appropriations Bill, will be circulated to the members before the ratification,” she said.

“Before, usually it’s the bicameral conference committee report only with the summaries, but now it’s really the full General Appropriations Bill that the members will have access to before they vote to ratify the budget,” she added.

On future budget timelines, Suansing acknowledged that the reforms introduced this year took more time to implement. “This is the first time that we’ve initiated all of the reforms. At the time when we were planning the timelines, we couldn’t estimate how long each of the different processes would take,” she said.

She cited the Budget Amendments Review Subcommittee, which took over 20 hours, and the decision to front-load the printing of the full House version of the budget before second reading approval. “Because of our thrust towards transparency and accountability to the Filipino people, we had intermediate steps that took up more time than they used to,” she said.

Moving forward, Suansing said the House would ask the Executive Branch to submit the National Expenditure Program (NEP) earlier.

“We received the NEP on August 13.

Hopefully, if we’re able to receive it immediately after the SONA or a few days after the SONA, that would greatly help us manage the timeline,” she said, expressing optimism that future budget cycles would be completed earlier.

She also voiced confidence that the President would not veto any items in the proposed budget. “Yes, I am. On the part of the House...we’re confident that the President will not veto items in the General Appropriations Bill,” Suansing said.

‘No’ vote

AFTER voting no to the ratification of the 2026 General Appropriations Bill, Davao City Rep. Isidro T. Ungab cited serious procedural lapses and substantive flaws in the final version of the national budget.

Ungab said that the bicam process is a purely legislative exercise between the House of Representatives and the Senate, yet the Executive Branch was allowed to intervene through the participation of the secretary of the Department of Public Works and Highways (DPWH).

While there was an admission of errors in the Construction Materials Price Data (CMPD), he noted that the revised matrix was never projected or formally presented, leaving no assurance that the recomputed list of projects and aggregate figures are accurate. He warned that any future discovery of errors would erode public trust in the integrity of the 2026 DPWH budget, despite public claims

by Bicam members that it is now insulated from corruption.

Despite repeated appeals to preserve funding for Foreign-Assisted Projects (FAPs), Ungab also said the bicameral panel approved substantial cuts, particularly affecting the DPWH and the Department of Transportation (DOTr).

The DPWH FAPs budget was reduced from a revised level of P70 billion to just P17.7 billion—roughly 25 percent of the original amount—equivalent to a total reduction of P82.3 billion from the P100 billion level proposed under the National Expenditure Program (NEP).

Major transport projects were also severely affected. Funding for the Metro Manila Subway was slashed by P24.9 billion, or 55.1 percent, from

P45.3 billion to P20.4 billion, while the North–South Commuter Railway was cut by P47.3 billion, or 62.2 percent, from PP76 billion to P28.8 billion.

Ungab emphasized that these deep reductions will inevitably delay strategic infrastructure projects vital to economic recovery and urban mobility.

Unprogrammed Appropriations

UNGAB also flagged the continued misuse of Unprogrammed Appropriations (UA), which remain at an “alarming” P243.4 billion—only slightly lower than the P250 billion NEP level. Although the controversial P80.8 billion SAGIP fund was removed, he said new items were simply inserted or realigned within the UA. These include P35.7 billion again placed under “Government Counterpart for Foreign-Assisted Projects,” effectively repeating the practice of stripping programmed FAPs and transferring them to UA. However, Gatchalian had already justified this earlier. According to him, a corruption loophole previously lodged under UA has been eliminated in the proposed 2026 budget. He was referring to the SAGIP, which previously housed lump-sum funds for government infrastructure projects and social services.

“The Unprogrammed Appropriations has many parts, and one of them is SAGIP. This is where they used to put lump-sum funds, such as for flood control projects, but which became the root of corruption now under investigation. This is what we had vowed to take out, and which we in fact did in the 2026 budget,” Gatchalian said, partly in Filipino.

Thus, in the new form of the Unprogrammed Appropriations, “there is no longer any avenue for corruption,” he guaranteed, while clarifying that the UA component of the budget is not illegal.

Gatchalian also pointed out that under UA, there are still other components such as foreign-assisted projects requiring counterpart funding from the Government of the Philippines (GOP), which are indispensable.

“These are really placed under Unprogrammed Appropriations because there are projects where negotiations are still ongoing, while others still have no signed contracts covering them,” Gatchalian explained.

“These projects are not certain to push through, and it is not fiscally prudent to put them under Programmed Funds because they are tentative obligations of the government,” he stressed.

Fiscal uncertainty

IN the Senate, two members voted No to the bicam report: Senators Rodante Marcoleta and Robin Padilla.

Meanwhile, Rep. Ungab also pointed out that another P43.2 billion was introduced under “Payment of Personnel Benefits,” even as the Miscellaneous Personnel Benefits Fund (MPBF) and the Pension and Gratuity Fund (PGF) were reduced by P34.4 billion and P32.4 billion, respectively.

He described this fund shifting as undermining transparency and creating fiscal uncertainty.

On social services, Ungab reiterated concerns that the Medical Assistance to Indigent and Financially Incapacitated Patients (MAIFIP) program remains vulnerable to abuse and politicization, despite assurances from the bicam. He noted that the guarantee-letter system can still be influenced politically and that the program perpetuates a fragmented and cumbersome assistance framework—MAIFIP, AICS, and PCSO— each with separate offices, forms, and requirements that force patients to repeatedly prove indigence.

He thinks MAIFIP should ultimately be phased out, with its resources redirected to PhilHealth or directly to public hospitals under the Department of Health, consistent with the Universal Health Care law.

Despite these concerns, Ungab noted that the bicameral conference committee increased MAIFIP funding for 2026—from the House General Appropriations Bill level of P49.16 billion to P51.6 billion. This represents a 113 percent increase, or P27.4 billion more, compared to the P24.2 billion NEP level—an approach he described as inconsistent with the objective of building a unified, rules-based health financing system under Universal Health Care and PhilHealth.

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Tuesday-Wednesday, December 30-31, 2025

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House appro panel chief to critics: What incentives? T

Group pushes ‘Iwas PapuToxic’ campaign to protect animals

By Jonathan L. Mayuga

By Jovee Marie N. dela Cruz

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@joveemarie

HE chairperson of the House Committee on Appropriations on Monday rejected claims that members of the House of Representatives were offered incentives in exchange for supporting the ratification of the 2026 General Appropriations bill, as approved by the legislative Bicameral Conference Committee.

Nueva Ecija Rep. Mikaela Suansing, House Committee on Appropriations chairperson, dismissed the insinuation that House leaders inf luence law ma kers’ votes, stressing that no individual member was pressured to vote in any particular way.

“The House leadership does

not inf luence any ind iv idua l member of the House on how to vote,” Suansing said.

She was responding to allegations made by Batangas Rep. Leandro Leviste, who claimed that incentives amounting to P150 million were offered to House members during deliberations on the

proposed P6.7-trillion national budget.

Suansing said the approval of the spending measure was a collective decision rooted in consensus, not coercion.

Suansing emphasized t hat it has long been the policy and guiding principle of the House leadership to uphold the independence of lawmakers in deciding on legislative measures.

“The House of Representatives is a collegial body. We respect each member to have the freedom to vote and to decide based on the needs of their constituents and their conscience,” Suansing stressed.

She also pointed to reforms initiated by the House to enhance transparency and accountability in the budget process. Among these was the creation of the Budget Amendment and Review Sub-Committee (BARSc), which replaced the smaller group that previously met with Senate counterparts during bicameral conference committee deliberations.

Suansing said the House also

institutionalized consultations with civil society organizations to address concerns related to the national budget.

Through these reforms, Suansing said, the proposed budget underwent more rigorous scrutiny. The BARSc alone spent an additional 20 hours reviewing the General Appropriations Bill before it was elevated for plenary consideration.

Both chambers of Congress likewise agreed to hold the firstever open bicameral conference committee meeting, which was livestreamed on the official online platforms of the House and the Senate. The Bicameral Conference Committee concluded its work Sunday afternoon after members signed the committee report reconciling the differing provisions of the House and Senate versions of the GAB. The bicameral leadership also committed to providing all members of Congress with digital copies of the reconciled GAB ahead of the plenary vote scheduled for Monday.

‘Third-party copies of Cabral files have less evidentiary value’

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HE Office of the Ombudsman on Monday said it acknowledged the public interest in the so-called computer files of the late Department of Public Works and Highways (DPWH) undersecretary Maria Catalina Cabral, but explained that supposed copies of files from third parties have less evidentiary value than those from the government agencies that own the computers and storage devices.

“The Office of the Ombudsman recognizes the heightened public interest, the commentaries and even speculation surrounding the so-called Cabral files. We reiterate that the shared objective of all concerned institutions and even individuals should be very clear at this point,” Assistant Ombudsman Mico Clavano said in a video message sent to reporters.

“We need to establish facts, we

need to uphold transparency and we need to hold accountable any individual found to have committed any wrongdoing. So, all our actions must lead to these.”

Clavano confirmed that the Office of the Ombudsman has been approached by several sources claiming to possess copies of supposed Cabral files.

He said these claims highlight the importance of distinguishing between original evidence on one hand, and secondary or third-party copies on the other hand.

“The best and most reliable source of documents are actually the agencies and individuals who had custody, who had control and even authorship of the computers, the storage devices and the files themselves,“ he said.

“Evidence that is derived directly from these sources will naturally carry far greater evidentiary value

than copies that are currently circulating outside official custody,” Clavano said.

He said soft copies held by third parties, especially those in Word or Excel formats, “inherently lose evidentiary credibility as they are susceptible to alteration, incomplete context or manipulation.”

“As such these materials cannot, by themselves, be treated as conclusive evidence,” he said.

Clavano emphasized that the so-called Cabral files are only one part of the investigation into alleged anomalous flood control projects.

He said the files need to be carefully examined to determine whether the projects were actually implemented or if they turned out to be ghost projects “An insertion by itself is not automatically illegal. It will only become criminal if it is proven to

involve fraud, misuse of public funds or non-existent projects,” he said.

Meanwhile, Clavano said the central processing unit (CPU) of the government-issued personal computer assigned to Cabral is now in their custody.

“The office considers this a critical development as it allows the investigation to proceed on the basis on an original piece of digital evidence,” he said.

“The office is preparing to conduct a digital forensic examination of the CPU of the former undersecretary, and this will be done transparently and in coordination with the Commission on Audit, with the DPWH, and the Office of the Ombudsman and the Philippine National Police Anti-Cybercrime Group. This is to ensure the integrity of the whole process,” he added. PNA

Acop: Example of fearlessness anchored on integrity

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HE House of Representatives was gripped by an uncommon hush as lawmakers rose to honor the late Antipolo Rep. Romeo M. Acop— remembered not for fiery rhetoric or political spectacle, but for a fearless resolve that spoke softly yet stood firm, marked by discipline, conviction, and an unbreakable sense of duty.

Led by Speaker Faustino G. Dy III, the chamber on Mon-

day, stood united in grief and gratitude, mourning a colleague whose presence shaped debates, guided investigations, and steadied institutions in moments that demanded backbone more than bravado.

“We feel this loss deeply, not just because we lost a colleague, but because we lost a friend, a brother, and a man who gave his whole heart to public service,” Dy said.

“Today, we gather as one House,

one family, united in both grief and gratitude.”

Dy described Acop as someone whose strength lay not in loud words or self-promotion, but in the firmness of his convictions and the clarity of his principles.

“He was someone we trusted.

Matatag. Malinaw ang paninindigan. He did not seek attention, but his presence was always felt,” the Speaker recalled. “In moments that required courage, he stood firm, guided not by convenience, but by conscience,” he added.

According to Dy, Acop’s integrity never wavered throughout his years in public service, serving not for recognition but for the people he believed in.

“He reminded us that public service, at its best, is about honesty, humility, and doing what is right, even when it is difficult.”

Beyond Congress, Dy noted that Acop quietly helped many— families he assisted, communities he listened to, and people he gave hope to—acts that may not have made headlines but mattered deeply to those he served.

Addressing the bereaved family, the Speaker acknowledged that no words could match the weight

of their loss, but assured them that Acop’s life was one that truly mattered.

Fearless service

IF Acop was quiet on the floor, he was formidable in hearings.

Former Surigao del Norte Rep. Robert Ace Barbers, himself a veteran of high-stakes investigations, remembered Acop as the steady force beside him during some of the most controversial probes in Congress.

“Welcome back home to the House of Representatives, my dear friend, my dear colleague, my mentor … the Honorable Romeo Acop,” Barbers said.

When Barbers chaired the Committee on Dangerous Drugs, Acop served as vice chairman—an alliance that would define a series of landmark investigations into multi-billion-peso drug smuggling operations.

“He was my able wingman, and he made my job a lot easier,” Barbers said.

Acop’s background as a veteran police investigator and lawyer proved crucial as the commitSee “Acop,” A8

@jonlmayuga

O protect cats and dogs, children, and the environment from harm, the EcoWaste Coalition and the Philippine Animal Welfare Society (PAWS) renewed their call for a firecracker- and fireworks-free New Year celebration.

EcoWaste and PAWS held an “Iwas PapuToxic” pet parade on Sunday at a mall in Quezon City.

During the parade, “furparents” and their animal companions marched around the mall carrying placards urging the public to avoid noisy and toxic pyrotechnics during New Year’s Eve revelry. The event highlighted the dangers that firecrackers and fireworks pose to companion and stray animals, people, and the environment.

“The thunderous blasts of New Year’s Eve firecrackers and fireworks inflict profound terror on pets and even greater trauma on defenseless strays,” Anna Cabrera, PAWS executive director, said in a statement.

“Because pets perceive sound at much higher frequencies and volumes than humans, fireworks can trigger severe psychological distress. The earsplitting booms aren’t a celebration for them. Many dogs suffer so deeply that they continue to tremble and hide for hours following the explosions.”

Cabrera emphasized that animals kept outdoors are especially vulnerable during the festivities.

“In our country, many dogs remain caged or chained outdoors, yet PAWS advocates for them to live inside as true family members. For those who haven’t yet embraced this, we plead: please bring your dogs inside for New Year’s Eve,” she said. “Outdoor pets are the most vulnerable during the celebrations; they are defenseless against the deafening explosions and toxic fumes.

Be compassionate—bring them

indoors.”

Aside from animal welfare concerns, the Iwas PapuToxic event also raised alarm over the adverse effects of firecrackers and fireworks on public health and the environment. The widespread use of pyrotechnics during New Year’s Eve releases toxic smoke, fine particulate matter, and climatewarming gases that degrade air quality and can trigger or worsen respiratory illnesses, particularly among children, senior citizens, and people w ith pre-existing health conditions.

“As we prepare for 2026, we urge the public to abandon firecrackers and fireworks. Make your New Year countdown People-, Pet- and Planet-friendly,” said Aileen Lucero, National Coordinator of the EcoWaste Coalition.

“Instead of dangerous pyrotechnics that can damage human health, inf lict trauma and stress on defenseless dogs and cats, and contaminate the environment with toxic smoke and trash, the EcoWaste Coalition advocates for ‘Iwas PapuToxic’ alternatives like tansan tambourines, maracas de lata, pots, pans, and recycled shakers that protect humans, our animal companions, and the environment from harm,” Lucero added.

The EcoWaste Coalition and PAWS reiterated that welcoming the New Year without firecrackers and fireworks helps prevent injuries, reduces waste and pollution, and spares animals from fear and trauma, while still allowing families and communities to celebrate in fun, creative, and meaningful ways.

The Iwas PapuToxic campaign is part of the EcoWaste Coalition’s long-running advocacy since 2006 to reduce firecracker-related injuries, air pollution, and toxic waste during the holiday season, in support of the government’s Iwas Paputok program led by the Department of Health (DOH).

Lawmaker calls on youth to be ‘next generation of heroes’

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HEAD of the 129th commemoration of Jose Rizal’s death, Partylist Rep. Nathan Oducado of 1Tahanan called on the youth to be the country’s “new Rizals,” in light of the problems and scandals faced by the nation.

“Our national hero believed in the power of youth and the power of new voices to become agents of justice and change,” said Oducado. “And we believe him because he himself made the most of his young life and his voice.”

Oducado asked the youth to not just remember Rizal’s death, but emulate the “contributions he made during his life.”

“Rizal was only 35 years old when he died but he made every year of his life count,” said the 36-year old Oducado. “He was not a god or a superhuman, he was an ordinary Filipino man.

But we remember him because of the extraordinary things he has done for others.”

Like Rizal, Oducado said that each Filipino youth is capable of using their intellect and voice to expose corruption and inspire change among their peers and in their communities.

“Ordinary people like us can do extraordinary things,” Oducado stated.

“Rizal was not part of any political or powerful clan, but he saw himself as part of a generation that used their

education and talents to engage society and work for change,” stressed Oducado, who had previously urged fellow lawmakers to pass a law banning political dynasties.

“Nor did he use his relative privilege to enrich himself and his family, but rather proved his worth and heart for his countrymen through diligence, sacrifice, and service to others.”

Oducado challenged the youth and fellow young lawmakers to “resist the temptation to use the platforms we have for mere selfpromotion.”

“While we distinguish ourselves from the sins of the past and the present, we must never act as though we are the ‘main characters’ of the story and distract the public away from the real issues,” Oducado emphasized. “We must work with utmost care and humility so that we do not take attention away from ordinary Filipinos, who suffer most from the greed and corruption that marks our time.”

“We need to echo and embody the real and urgent calls of the everyday people against corruption and the concentration of power, in the same way Rizal echoed and embodied such calls in his time,” concluded Oducado. “In a government dominated by a few surnames, let’s answer the call to be this generation’s new Rizals.”

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Tuesday-Wednesday, December 30-31, 2025

A5

Govt intent on building Luzon–Visayas link

By Jovee Marie N. dela Cruz

T

@joveemarie

HE proposed Luzon–Visayas fixed link—whether built as a bridge or as an undersea tunnel—is expected to move forward as a foreign-assisted project (FAP), patterned after major infrastructure developments such as the Metro Manila Subway and Cebu’s Marcelo Fernan Bridge, House Minority Leader Marcelino Libanan said on Monday.

Libanan said the government is eyeing foreign development partners, including the Japan International Cooperation Agency (Jica) and the Asian Development Bank (ADB), to finance and help oversee the project.

“We are counting on foreign development partners such as the Japan International Cooperation Agency and the Asian Development Bank to help finance and oversee the tunnel or bridge project to insulate it from political interference and corruption,”

Libanan said.

He said that adopting the FAP model would ensure transparency, discipline, and strict donor oversight from the project’s earliest stages.

The renewed push for a fixed link between Luzon and the Visayas comes amid the severe congestion recently experienced at the Port of Matnog in Sorsogon during the Christmas and New Year travel rush. The roll-on, roll off (Roro) ferry system was overwhelmed, leaving passengers and

vehicles stuck in long queues and enduring extended waiting times, said Libanan.

“The bottleneck at Matnog is not just an inconvenience—it is a structural weakness in our national transport network. Every holiday season, the same problem repeats itself, disrupting mobility, trade, and emergency access between Luzon and the Visayas,” Libanan said.

Under the proposed 2026 General Appropriations Act—expected to be signed into law by President Ferdinand Marcos Jr. in the first week of January—P130 million has been allocated for the feasibility study of the Luzon–Visayas bridge or tunnel project.

The planned fixed link across the San Bernardino Strait, stretching about 28 kilometers between Sorsogon and Northern Samar, aims to provide a permanent, weat her-resi l ient connect ion that would ensure uninterrupted movement of people and goods, unlike the ferry system that is frequently hampered by weather conditions.

Libanan explained that foreign-assisted projects come with built-in safeguards, including strict procurement rules, independent technical and financial reviews, and milestone-based fund releases.

In 2026 we need COURAGE to solve PROBLEMS

By Henry J. Schumacher

P

ROBLEMS are discussed constantly, and in politics some even use them to stoke fear.

What I am missing, however, is real action. I understand that solutions are not easy to find given the complexity.

I also understand that the sheer number of issues can be paralyzing. But fear and problem analysis do not lead to improvement. While we are still debating the status quo, other economies are growing stronger, other companies more successful.

What we really need are people who do not lose their bearings amid permanent chaos, but instead point the way forward. Leaders who are capable of learning from past decisions, reflecting on themselves, and who are willing to think anew— leaders who not only solve today’s problems, but also keep the future and the next generations in mind. We need leaders who motivate others.

If a company or a society is to change, it needs this impulse—so that many people set themselves in motion because they believe in the idea. Progress can only be achieved together and with positive energy. And believe me, employees often know best where the obstacles in a company lie; they know what improvement potential exists and want to contribute. Citizens, too, recognize where the state and municipalities function well—and where they do not.

That is why leaders today need two qualities in particular: courage and the willingness to demand something of themselves and of others—and above all, the will to do so.

The courage to demand the uncomfortable.

If only it were as easy as it sounds! To define a truly transformative path requires courage. Which organization is “by itself ” open to starting something genuinely new?

Where is it easy to define radical cuts in order to restructure a business unit?

After all, not only must the strategy be right—many stakeholders must also be convinced.

Daring something new also means letting go of the old. Investing in new technologies means that less can be invested elsewhere.

Falling profits and declining tax revenues mean there is less money to spend. Even if utopian thinking sells better than realism, leadership means explaining and demanding uncomfortable sacrifices.

For those affected, such demands are always dramatic: losing a job, paying higher taxes, or no longer receiving subsidies. That is a burden—without question.

From a macroeconomic perspective, however, such directional decisions are important. Strong leaders succeed in distributing the burden of these demands and not asking more of those who are least able to defend themselves.

This means that in companies, leaders themselves are not exempt from these demands, and in society all generations must be taken into account.

Anyone who communicates honestly quickly realizes that

people can often tolerate the truth better than many assume.

Of course, opportunities and risks must be weighed.

But it must be possible to address—and implement— even the unthinkable. Only those who do not allow themselves to be paralyzed by analyses, who overcome fear and pursue a goal beyond the familiar, can succeed in changing course.

Allow me to paraphrase Nelson Mandela, the successful leader of South Africa, (when I lived there), who once said: “I learned that courage is not the absence of fear, but triumph over it.”

As we are about to step into 2026, I would like to quote Victor Hugo: “The future has many names: for the weak it is the unattainable, for the fearful it is the unknown, for the brave it is the opportunity.”

Please take note: n It is the brave who approach new technologies not with skepticism, but with curiosity. n It is the brave who question our previous way of doing business and rethink its sustainability. n And it is the brave who, with their experience and fearlessness, serve as role models for the next generation of entrepreneurs.

The future is not something that simply happens. It is created where people summon their courage and seize the opportunity to shape the world!!!

Let’s bravely step into 2026 and be courageous to seize the opportunity to shape the world, including the Philippines.

I would appreciate receiving your reaction to my column; contact me at hjschumacher59@gmail.com

“Foreign-assisted projects are designed with built-in safeguards.

Donor agencies impose strict procurement rules, require independent technical and financial reviews, and release funds only after verifiable milestones are met,” Libanan explained.

He added that FAPs are subject to continuous monitoring by foreign consultants and external auditors, with zero tolerance for irregularities.

“FAPs are widely regarded as among the cleanest forms of infrastructure spending. The presence of international donors creates a double layer of accountability. Every peso is tracked, every contract is scrutinized, and every delay or deviation is questioned,” Libanan pointed out.

As examples, Libanan cited the Metro Manila Subway Project, which is being financed largely through Japanese Official Development Assistance coursed through Jica, and the Marcelo Fernan Bridge (Second Mactan-Cebu Bridge), also funded by Japanese ODA and implemented under strict donor standards.

“These projects demonstrate that when donor safeguards are in place, infrastructure can be delivered efficiently, transparently, and with public confidence,” Libanan said.

NHA program writes off ₧623.7 million penalties from 14,000 housing accounts

By Bless Aubrey Ogerio

T

HE National Housing Authority (NHA) has condoned more than P623 million in penalties and interest from housing loan accounts under its Condonation 7 program, benefiting over 14,000 families nationwide.

As of November 30, the agency said P623.7 million had been written off from 14,330 approved accounts. During the same period, collections from beneficiaries who availed of the program reached P29.37 million.

Condonation 7, the largest debt relief initiative undertaken by the NHA, removes all penalties and delinquency interest and condones 95 percent of unpaid amortization interest

on qualified housing loans.

The program, originally set to end on October 31, was extended until December 31 to accommodate more borrowers affected by economic difficulties and recent calamities.

NHA general manager Joeben Tai said the program helped ease the payment burden of housing beneficiaries and allowed families to update longdelinquent accounts.

“Through Condonation 7, we have helped many families this year get out of their housing debt and reduce their bills,” Tai said in Filipino.

The NHA said the condonation program will formally end on the last day of the year, with no further extensions planned.

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Tuesday-Wednesday, December 30-31, 2025

TheWorld

Editor: Angel R. Calso

Top diplomats of China, Cambodia and Thailand meet as Beijing seeks to strengthen role in dispute

By Kanis Leung

H

The Associated Press

ONG KONG—Foreign ministers from Cambodia and Thailand convened with their Chinese counterpart on Monday as the Beijing government, building on its expanding presence in the world diplomatic arena, sought to play a stronger mediating role in the violent border dispute between the two Southeast Asian countries.

The trilateral meeting, held in a southwestern Chinese province north of the contested border, came two days after Thailand and Cambodia signed a fresh ceasefire agreement to end weeks of fighting that killed more than 100 people and forced hundreds of thousands to be evacuated on both sides of the border.

C h i nese Fore i g n M i n i ster Wang Yi called for joint efforts to promote regional peace, sta-

bility and development, which is language typical for China in such situations.

“Allowing the flames of war to be reignited is absolutely not what the people of the two countries want, and not what China, as your friend, wants to see. Therefore, we should resolutely look ahead and move forward,” Wang said during the meeting Monday in Yunnan province.

It was noteworthy that the

meeting was held there, nearer to the dispute and to Southeast Asia, rather than in Beijing, the Chinese capital and seat of government about 1,300 miles (2,500 kilometers) northeast.

Hopes for peace expressed

CAMBODIAN Foreign Minister Prak Sokhonn said he believed the latest ceasefire would last and would create an environment for both countries to work on their relations and resume the previously agreed-upon ways to settle their differences, according to a Chinese interpreter.

Thai Foreign Minister Sihasak Phuangketkeow also expressed hopes for peace with neighboring countries, the interpreter said.

The Thai Foreign Ministr y later said in a statement that China volunteered to be a platform to support peace between the two countries and Thailand reiterated that adjustments of ties should be conducted “on a step-by-step basis.”

“The Thai side will consider the release of 18 soldiers after the 72 hours ceasefire observation period and requests that Cambodia facilitate the return of Thais along the border,” the ministry said.

IN this photo released by Agence Kampuchea Press (AKP), Cambodia’s Foreign Minister Prak Sokhonn, left, Thai counterpart Sihasak Phuangketkeow, right, and Chinese counterpart Wang Yi pose for a photograph in Yunnan province, China, Monday, Dec. 29, 2025. AKP VIA AP

A day after the fresh pact was signed, Sihasak and Prak Sokhonn held separate meetings with Wang on Sunday, the first day of the twoday gathering.

The meetings represented China’s latest efforts to strengthen its role as an international mediator and, in particular, its influence in Asian regional crises. As China grows and becomes more of an economic and political force regionally and globally, Beijing has

spent the past decade and more working in various ways to increase its voice as a third party in diplomatic matters.

Disputes continue

THE two Southeast Asian countries originally reached a ceasefire in July. It was brokered by Malaysia and pushed through under pressure from US President Donald Trump, who threatened to withhold trade privileges unless Thai-

land and Cambodia agreed. The preliminary pact was followed by a more detailed October agreement.

But Thailand and Cambodia carried on a bitter propaganda war, with minor, cross-border violence continuing. The tensions erupted into heavy fighting in early December.

The Saturday agreement calls for Thailand, after the ceasefire has held for 72 hours, to repatriate 18 Cambodian soldiers who have been held prisoner since the earlier fighting in July. Their release has been a major demand of the Cambodian side.

The agreement also calls on both sides to adhere to international agreements against deploying land mines, a major concern of Thailand.

Cambodian Prime Minister Hun Manet on Monday issued a statement to all Cambodian combatants along the border with Thailand.

“Even though we can still fight,” he said, “as a small country we still have nothing to gain from prolonging the fighting for a long time.”

Sopheng Cheang in Phnom Penh, Cambodia, and Liu Zheng in Beijing contributed to this report.

China conducts joint military drills around Taiwan; Taipei places forces on high alert

By Kanis Leung

The Associated Press

H

ONG KONG — C h i n a’s military on Monday dispatched air, nav y and rocket troops to conduct joint military drills around the island of Taiwan, a move Beijing called a “stern warning” against separatist and “external interference” forces. Taiwan said it was placing

its forces on alert and called the Chinese government “the biggest destroyer of peace.”

The drills came after Beijing expressed anger at US arms sales to the territory and a statement

by Japan’s prime minister, Sanae Takaichi, saying its military could get involved if China were to take action against Taiwan, the selfgoverning island that the world’s second-big gest economy says

must come under its rule. But the Chinese military did not mention the United States and Japan in its statement on Monday morning.

Taiwan’s Defense Ministry said in a post on X that rapid response exercises were underway, with forces on high alert to defend the island. In a separate statement, it said it had deployed appropriate forces in response, conducting combat readiness drills.

“The Chinese Communist Party’s targeted military exercises further confirm its nature as an aggressor and the biggest destroyer of peace,” the ministry said.

Senior Col. Shi Yi, spokesperson of China’s People’s Liberation Army’s Eastern Theater Command, said the drills would be conducted in the Taiwan Strait and areas to See “China,” A8

US pledges $2B for UN humanitarian aid as Trump cuts funding and warns agencies to ‘adapt or die’

By Jamey Keaten & Matthew Lee

The Associated Press

G

E N E VA —T h e U n i t e d States on Mond ay annou nc e d a $2 b i l l io n pledge for U.N. humanitarian aid as President Donald Trump’s ad m i n i st rat ion cont i nues to slash US foreign assistance and warns United Nations agencies to “adapt, shrink or die” in a time of new financial realities.

The money is a small fraction of what the US has contributed in the past but reflects what the

administration believes is a generous amount that will maintain the United States’ status as the world’s largest humanitarian donor.

The pledge creates an umbrella fund from which money will be doled out to individual agencies and priorities, a key part of U.S. demands for drastic changes across the world body that have alarmed many humanitarian workers and led to severe reductions in programs and services.

The $2 billion is only a sliver of traditional US humanitarian funding for U.N.-backed programs, which has run as high as

$17 billion annually in recent years, according to U.N. data. US officials say only $8-$10 billion of that has been in voluntary contributions. The United States also pays billions in annual dues related to its U.N. membership.

Critics say the Western aid cutbacks have been shortsighted, driven millions toward hunger, displacement or disease, and harmed US soft power around the world.

A year of crisis in aid

THE move caps a crisis year for many U.N. organizations like its

refugee, migration and food aid agencies. The Trump administration has already cut billions in US foreign aid, prompting them to slash spending, aid projects and thousands of jobs. Other traditional Western donors have reduced outlays, too.

The announced US pledge for aid programs of the United Nations—the world’s top provider of humanitarian assistance and biggest recipient of US humanitarian aid money—takes shape in a preliminary deal with the U.N. See “UN,” A8

TheWorld

www.businessmirror.com.ph

Tuesday-Wednesday, December 30-31, 2025

A7

Trump says Ukraine and Russia ‘closer than ever’ to peace after meeting with Zelenskyy

By Will Weissert, Seung Min Kim & Elise Morton

P

The Associated Press

ALM BEACH, Fla.—President Donald Trump on Sunday insisted Ukraine and Russia are “closer than ever before” to a peace deal as he hosted Ukrainian President Volodymyr Zelenskyy at his Florida resort, but he acknowledged the negotiations are complex and could still break down, leaving the war dragging on for years.

The president’s statements came after the leaders met for talks following what Trump said was an “excellent,” two-and-a-half-hour phone conversation with Russian President Vladimir Putin, whose invasion of Ukraine launched the war nearly four years ago.

Trump insisted he believed Putin still wants peace, even as Russia launched another round of attacks on Ukraine while Zelenskyy flew to the United States for the latest round of negotiations.

“Russia wants to see Ukraine succeed,” Trump said during a late afternoon news conference as he stood with Zelenskyy after their meeting. He repeatedly praised his counterpart as “brave.”

Trump and Zelenskyy both acknowledged thorny issues remain, including whether Russia can keep Ukrainian territory it controls, as well as security guarantees for Ukraine to ensure it’s not invaded again in the future. After their discussion, they called a wide group of European leaders, including

Ursula von der Leyen, president of the European Commission, and the leaders of Finland, France, Germany, the United Kingdom and Poland.

Zelensky y said Trump had agreed to host European leaders again, possibly at the White House, sometime in January. Trump said the meeting could be in Washington or “someplace.”

Zelenskyy thanked Trump for his work. “Ukraine is ready for peace,” he said.

Trump and Putin will speak again

TRUMP said he’d follow the meeting with another call to Putin.

Earlier Sunday, Putin’s foreign affairs adviser Yuri Ushakov said the Trump-Putin call was initiated by the US side and was “friendly, benevolent and businesslike.” Ushakov said Trump and Putin agreed to speak again “promptly” after Trump’s meeting with Zelenskyy.

But Ushakov added that a “bold, responsible, political decision is needed from Kyiv” on the fiercely

contested Donbas region in eastern Ukraine and other matters in dispute for there to be a “complete cessation” of hostilities.

Both leaders identified deciding the future of the Donbas region as a major sticking point.

Trump said the parties were inching closer to agreement.

“That’s a very tough issue but one that I think will get resolved,” he said.

Zelenskyy said: “Our attitude is very clear. That’s why President Trump said this is a very tough question and, of course, we have with Russia different positions on it.”

Trump said, however, that he still believes Putin is “very serious” about ending the war, even as Russia continued striking targets in Ukraine as Zelenskyy traveled to the US. Trump said, “I believe Ukraine has made some ver y strong attacks also.”

He held out the possibility that negotiations could still fall apart.

“In a few weeks, we will know one way or the other, I think,” Tr ump sa id. “ We cou ld have something where one item that you’re not thinking about is a big item, breaks it up. Look, it’s been a very difficult negotiation. Very detailed.”

Trump and Zelenskyy’s sitdown underscored the apparent progress made by Trump’s top negotiators in recent weeks as the sides traded draft peace plans to end the fighting. Zelenskyy told reporters Friday that the 20-point draft proposal negotiators have discussed is “about 90% ready”— echoing a figure, and the optimism, that US officials conveyed when Trump’s chief negotiators met with Zelenskyy in Berlin this month.

During the recent talks, the US

PRESIDENT Donald Trump greets Ukraine’s President Volodymyr Zelenskyy at his Mar-a-Lago club, Sunday, Dec. 28, 2025, in Palm Beach, Fla. AP/ALEX BRANDON

agreed to offer certain security guarantees to Ukraine similar to those offered to other members of NATO. The proposal came as Zelenskyy said he was prepared to drop his country’s bid to join the security alliance if Ukraine received NATO-like protection that would be designed to safeguard it against future Russian attacks.

‘Intensive’ weeks ahead

ZELENSK Y Y a lso spoke on Christmas Day with US special envoy Steve Witkoff and Jared Kushner, Trump’s son-in-law.

The Ukrainian leader said they discussed “certain substantive details” and cautioned “there is still work to be done on sensitive issues” and “the weeks ahead may also be intensive.”

The US president has been working to end the war in Ukraine for much of his first year back in office, showing irritation with both Zelenskyy and Putin while publicly acknowledging the difficulty of ending the conflict. Gone

are the days when, as a candidate in 2024, he boasted that he could resolve the fighting in a day. Indeed, on Sunday, Trump referred multiple times to the complexity of the negotiations.

After hosting Zelenskyy at the White House in October, Trump demanded that both Russia and Ukraine halt fighting and “stop at the battle line,” implying that Moscow should be able to keep the territory it has seized from Ukraine.

Zelenskyy said last week that he would be willing to withdraw troops from Ukraine’s eastern industrial heartland as part of a plan to end the war, if Russia also pulls back and the area becomes a demilitarized zone monitored by international forces.

Putin wants Russian gains kept, and more

PUTIN has publicly said he wants all the areas in four key regions that have been captured by his forces, as well as the Crimean Peninsula, illegally annexed in 2014,

to be recognized as Russian territory. He also has insisted that Ukraine withdraw from some areas in eastern Ukraine that Moscow’s forces haven’t captured.

Kyiv has publicly rejected all those demands.

The Kremlin also wants Ukraine to abandon its bid to join NATO. It warned that it wouldn’t accept the deployment of any troops from members of the military alliance and would view them as a “legitimate target.”

Putin also has said Ukraine must limit the size of its army and give official status to the Russian language, demands he has made from the outset of the conflict.

Ushakov told the business daily Kommersant this month that Russian police and national guard would stay in parts of Donetsk— one of the two major areas, along with Luhansk, that make up the Donbas region—even if they become a demilitarized zone under a prospective peace plan.

Ushakov cautioned that trying to reach a compromise could take a long time. He said US proposals that took into account Russian demands had been “worsened” by alterations proposed by Ukraine and its European allies.

Trump has been somewhat receptive to Putin’s demands, arguing that the Russian president can be persuaded to end the war if Kyiv agrees to cede Ukrainian land in the Donbas region and if Western powers offer economic incentives to bring Russia back into the global economy.

Kim reported from Washington and Morton from London. Associated Press writers Illia Novikov in Kyiv, Nicholas Riccardi in Denver and Darlene Superville in Washington contributed to this report.

dead, dozens injured in Syria during clashes Trump, Netanyahu set to meet in Florida 4between Alawites and counter demonstrators to discuss peace plan and Gaza ceasefire L

By Omar Albam

The Associated Press

By Will Weissert, Sam Mednick & Samy Magdy The Associated Press

P

ALM BEACH, Fla.—President Donald Trump is scheduled to meet with Israeli Prime Minister Benjamin Netanyahu on Monday, as Washington looks to create fresh momentum for a USbrokered ceasefire in Gaza that could be in danger of stalling out before a complicated second phase.

Trump could use the face-to-face at his Mar-a-Lago estate to try to leverage his strong relationship with Netanyahu and look for ways to speed up the peace process, especially as Israel’s leader has been accused of not pushing his side to move fast enough.

The ceasefire between Israel and Hamas that Trump has championed has mostly held, but progress has slowed recently. Both sides accuse one another of violations, and divisions have emerged among the US, Israel and Arab countries about the path forward.

The truce’s first phase began in October, days after the two-year anniversary of the initial Hamas-led attack on Israel that killed around 1,200 people. All but one of the 251 hostages taken then have been released, alive or dead.

Now co m e s t h e n ex t, f a r m o re complicated part. Trump’s 20-point plan— which was approved by the U.N. Security Council—lays out an ambitious vision for ending Hamas’ rule of Gaza.

The two leaders also could discuss nonGaza topics, including Iran, whose nuclear capabilities Trump continues to insist were “completely and fully obliterated” following US strikes on its nuclear sites in June.

There are many key facets of the ceasefire’s second phase that Israel’s leader doesn’t support or has even openly opposed, said Mona Yacoubian, director and senior adviser of the Middle East Program at the Center for Strategic and International Studies.

“This is going to be a really tall order, I think, for President Trump to get Netanyahu to agree,” she said.

“How he does that, what kind of pressure he puts on Netanyahu, I think, is going to be important to watch for,” said Yacoubian, who also said the two could exhibit “a broader clash of approaches to the region.”

Next phase is complex

IF successful, the second phase would see the rebuilding of a demilitarized Gaza under international supervision by a group chaired by Trump and known as the Board of Peace. The Palestinians would form a “technocratic, apolitical” committee to run daily affairs in Gaza, under Board of Peace supervision.

It further calls for normalized relations between Israel and the Arab world, and a possible pathway to Palestinian independence. Then there are thorny logistical and humanitarian questions, including rebuilding war-ravaged Gaza, disarming Hamas and creating a security apparatus called the International Stabilization Force.

The Board of Peace would oversee Gaza’s reconstruction under a two-year, renewable U.N. mandate. Its members had been expected to be named by the end of the year and might even be revealed following Monday’s meeting, but the announcement could be pushed into next month.

Netanyahu was the first foreign leader

to meet Trump at the White House in his second term, but this will be their first inperson meeting since Trump went to Israel in October to mark the start of the ceasefire’s initial phase. Netanyahu has been to Mara-Lago before, including in July 2024 when Trump was still seeking reelection.

Much remains unsettled

THEIR latest meeting comes after US Mideast envoy Steve Witkoff and the president’s son in law, Jared Kushner, recently huddled in Florida with officials from Egypt, Qatar and Turkey, which have been mediating the ceasefire.

Two main challenges have complicated moving to the second phase, according to an official who was briefed on those meetings.

Israeli officials have been taking a lot of time to vet and approve members of the Palestinian technocratic committee from a list given to them by the mediators, and Israel continues its military strikes.

Trump’s plan also calls for the International Stabilization Force, proposed as a multinational body, to maintain security. But it, too, has yet to be formed.

Whether details will be forthcoming after Monday’s meeting is unclear.

A Western diplomat said there is a “huge gulf” between the US-Israeli understanding of the International Stabilization Force’s mandate and that of other major countries in the region, as well as European governments.

All spoke on the condition of anonymity to provide details that haven’t been made public.

The US and Israel want the force to have a “commanding role” in security duties, including disarming Hamas and other militant groups. But countries being

courted to contribute troops fear that mandate will make it an “occupation force,” the diplomat said.

Hamas has said it is ready to discuss “freezing or storing” its arsenal of weapons, but insists it has a right to armed resistance as long as Israel occupies Palestinian territory. One US official said a potential plan might be to offer cash incentives in exchange for weapons, echoing a “buyback” program Witkoff has previously floated.

Questions about Gaza reconstruction

I S R A E L I bombardment and ground operations have transformed neighborhoods in several Gaza cities into rubble-strewn wastelands, with blackened shells of buildings and mounds of debris stretching in all directions.

Egypt, Qatar, Saudi Arabia and Turkey are pressing for a negotiated deal on disarming Hamas, and on an additional Israeli withdrawal from Gaza before moving to next elements of the plan. Those include deployment of the international security force and reconstruction, three Arab officials told The Associated Press.

That appears to run against ideas floated

by US officials to quickly start building temporary housing for Palestinians in parts of southern Gaza still controlled by Israeli troops. Three officials said the United Arab Emirates has agreed to fund reconstruction in Gaza, including new communities, although they said discussions are ongoing and plans remain unsettled.

The Associated Press writers Darlene Superville in Washington and Lee Keath in Cairo contributed to this report.

ATAKIA, Syria—Clashes broke out on Syria’s coast between protesters from the Alawite religious minority and counterdemonstrators Sunday, killing at least four people and injuring dozens of others, health officials said.

The clashes came two days after a bombing at an Alawite mosque in the city of Homs killed eight people and wounded 18 others during prayers. Thousands of protesters gathered in the coastal cities of Latakia and Tartous, and elsewhere.

Officials have said that preliminary investigations indicate that explosive devices were planted inside the mosque in Homs, but authorities haven’t publicly identified a suspect in Friday’s bombing.

Funerals for the dead were held Saturday.

A little-known group calling itself Saraya Ansar al-Sunna claimed responsibility for the attack in a statement posted on its Telegram channel, in which it indicated that the attack intended to target members of the Alawite sect, an offshoot of Shiite Islam whom hardline Islamists consider to be apostates.

Sunday’s demonstrations were called for by Ghazal Ghazal, an Alawite sheikh living outside of Syria who heads a group called the Supreme Alawite Islamic Council in Syria and the Diaspora.

An Associated Press photographer in Latakia saw pro-government counter protesters throw rocks at the Alawite demonstrators, while a group of protesters beat a counterdemonstrator who crossed to their side. Security forces tried to break up the two sides and fired into the air in an attempt to disperse them.

Syria’s state-run television reported that two members of the security forces were wounded in the area of Tartous after someone threw a hand grenade at a police station, and cars belonging to security forces were set on fire in Latakia.

Later, state-run news agency SANA

reported that a member of the security forces was killed by gunfire.

The AP photographer in Latakia saw the bodies of four people killed in the clashes in local hospitals. Three of them had head wounds that appeared consistent with being hit by rocks, while one had a bullet wound in the chest.

The state-run SANA news agency said 60 people were wounded by “stabbings, blows from stones, and gunfire targeting both security personnel and civilians.”

The country has experienced several waves of sectarian clashes since the fall of former President Bashar Assad in a lightning rebel offensive in December 2024 that brought to an end nearly 14 years of civil war. Assad, an Alawite, fled the country to Russia.

In March, an ambush carried out by Assad’s supporters against security forces triggered days of violence that left hundreds of people dead, most of them Alawites. Since then, although the situation has calmed, Alawites have been targeted sporadically in sectarian attacks. They have also complained of discrimination against them in public employment since Assad’s fall and of young Alawite men detained without charges.

During the reign of the Assad dynasty, A l aw i te s we re o ve r re p re s e n te d i n government jobs and in the army and security forces.

Government officials condemned Friday’s attack and promised to hold perpetrators accountable, but haven’t yet announced any arrests.

“We went out to protest the incidents of killing and the marginalization and arrests and detentions and the employees who were fired,” said Hussein Abbas, an engineer who joined the Alawite protest.

Counter protester Mohammed Ismail from Latakia blamed spoilers who benefited from the former system under Assad for sowing discord.

“We are calling for one Syria and one people, and they don’t want that,” he said.

“They want to return us to chaos so they can benefit.”

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Tuesday-Wednesday, December 30-31, 2025

www.businessmirror.com.ph

Sentro to Dole: Where’s the job fair success?

By Justine Xyrah Garcia

L

ABOR group Sentro ng mga Nagkakaisa at Progresibong Manggagawa (Sentro) on Monday questioned the effectiveness of government job fairs ran by the Department of Labor and Employment (DOLE), citing official labor data that pointed to persistent joblessness and underemployment.

This came after the agency reported that it conducted 2,176 job fairs nationwide attended by 529,158 jobseekers.

Of these, 74,564 applicants were hired on the spot, or about 14 percent of total participants.

“A 14 percent on-the-spot hiring rate—on what planet is that considered effective? If this is the standard for ‘ jobs facilitation,’ then expectations have sunk to

an all-time low,” Sentro secretary general Josua Mata told the BusinessMirror.

Mata pointed to data from the Philippine Statistics Authority (PSA) showing that the unemployment rate rose to 5 percent in October 2025 from 3.9 percent a year earlier, translating to 2.54 million jobless Filipinos, up from October 2024’s 1.97 million.

Underemployment, meanwhile, stood at 12.0 percent, pushing overall labor underutilization to 17 percent.

“These are not the indicators of a healthy labor market, no matter how creatively framed,” Mata noted.

Dole, for its part, has cited improvements in employment compared with pandemic and pre-pandemic levels, reporting

that the employment rate stood at 96.2 percent in September 2025, 1.3 percentage points higher than the pre-pandemic level of 94.9 percent in 2019.

The agency said the unemployment rate was also lower at 3.8 percent, compared with 5.1 percent before the pandemic.

But Mata said comparing current employment figures to pandemic levels is not an achievement as it sets “the bar on the floor and congratulating yourself for stepping over it.”

“DOLE must be truly scraping the bottom of the barrel if its idea of good news is merely being better than the worst economic crisis in recent memory,” he added.

The labor leader also said job creation continues to lag behind the growth of the labor force, add-

ing that many of the jobs generated are “disposable jobs,” which are often insecure, low-paid, and lacking basic protections.

Mata further called for an evaluation of public employment programs such as the Special Program for Employment of Students (SPES) and the Government Internship Program (GIP), saying anecdotal evidence suggests these are increasingly being used “as tools of patronage politics rather than genuine pathways to decent work.”

“If Dole were serious, it would be reporting on the questions that actually matter to workers: Are wages rising? Are workers’ incomes improving? Are labor standards enforced? Are trade union rights respected? On all counts, the silence is deafening—and the reality grim,” he added.

Diesel, kerosene prices up this week

M

OTORISTs will see higher diesel and kerosene prices this week as fuel companies implement their last round of pump price adjustments for 2025, while gasoline remains unchanged.

Major oil companies including Seaoil Philippines Cor p., Shell Pilipinas Cor p., and Chevron Phi l ippines Inc. (Ca lte x) announced on Monday they will increase diesel and kerosene

by P0.60 per liter each starting Tuesday, December 30.

Cleanfuel and Petro Gazz will match the diesel price increase, though both companies do not carry kerosene.

Most retailers will roll out the adjustments at 6 a.m. Tuesday, except Cleanfuel which schedules its implementation for 4:01 p.m. the same day.

The increases reverse some of last week’s relief, when retailers slashed gasoline by P0.80 per liter, diesel by P1.30, and kerosene by P1.60. Lorenz S. Marasigan

‘Thou shalt not post travel plans online’

W

ITH majority of Filipinos now preparing for the coming holidays owing to the Rizal Day commemoration, New Year’s Eve revelries, and New Year’s Day celebration, the acting National Police (PNP) Chief, Lt. Gen. Jose Melencio Nartatez Jr., advised the public not to post their vacation plans on social media to avoid tipping criminals about their absence.

Acop. . .

Continued from A4

tee unraveled cases involving metal cylinders, magnetic lifters, and industrial-scale shabu smuggling.

“He would just keep quiet and observe,” Barbers recalled. “Then, when it was his turn to grill the resource persons, the brilliant lawyer in him took over and elicited just the needed information.”

“He was calculating, unflinching, and fearless,” Barbers said.

“The strategy, the patience, the coldness, the brilliant timings—I learned a lot from him.”

Acop’s fearlessness was most visible during the historic Quad Committee of the 19th Congress, which investigated alleged crimes

“We should not give criminal elements the opportunity to strike.

Posting of vacation plans could be taken advantage of and could serve as an opportunity for them,” Nartatez said in a statement Monday.

And while the PNP will do everything it can to protect all Filipinos, he said the police also need the assistance and cooperation of the people to maximize their peace and order strategies. ranging from drug smuggling and protection of drug lords to extrajudicial killings, illegal Philippine Offshore Gaming Operations (Pogo), and falsified documents used by criminal networks.

Of the four committees that formed the Quad Committee, Acop stood apart.

“He was providentially the only member who was vice chairman in all four,” Barbers said. “Thus, it was unanimous that all the chairmen chose him to be the only vice chair of the Quad Committee.”

Moral compass

FORMER Abang Lingkod Rep. Joseph Stephen Paduano described Acop as both idol and brother, recalling how he learned the fundamentals of investigation and public order under Acop’s

Nartatez said the PNP is working with the local governments, particularly at the barangay level. to protect communities from preventable crimes.

The National Bureau of Investigation also echoed the same warning as it urged the public to be cautious in their social media interactions.

Residents were also reminded not to engage with unknown accounts. guidance.

“He was always there—prepared, focused, and organized,” Paduano said.

During tense Quad Committee hearings, Acop served as balance and restraint.

“He was our check—our moral and legal compass,” Paduano added.

That same quiet strength was noted by Manila Rep. Bienvenido “Benny” Abante Jr., who said Acop embodied justice, mercy, and humility. “ R epresent at ive A cop wa s feared by those who had something to hide,” Abante said, “because he could not be intimidated and would not look the other way.”

Former Laguna Rep. Dan Fernandez echoed the sentiment, remembering Acop’s ability to

UN. . .

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Office for the Coordination of Humanitarian Affairs, or OCHA, run

by Tom Fletcher, a former British diplomat and government official.

Even as the US pulls back its aid, needs have ballooned across the world: Famine has been recorded this year in parts of conflict-ridden Sudan and Gaza, and floods, drought and natural disasters that many scientists attribute to climate change have taken many lives or driven thousands from their homes.

The cuts will have major implications for U.N. affiliates like the International Organization for Migration, the World Food Program and refugee agency UNHCR. They have already received billions less from the US this year than under annual allocations from the previous Biden administration— or even during Trump’s first term.

Now, the idea is that Fletcher’s office—which last year set in motion a “humanitarian reset” to improve efficiency, accountability and effectiveness of money spent—will become a funnel for US and other aid money that can be then redirected to those agencies, rather than scattered US contributions to a variety of individual appeals for aid.

A WOMAN and her children, survivors of 6.0-magnitude earthquake, wait for assistance in the village of Wadir, Kunar province, eastern Afghanistan, Tuesday, Sept. 2, 2025. AP/NAVA JAMSHIDI

US seeks aid consolidation

THE United States wants to see “more consolidated leadership authority” in U.N. aid delivery systems, said a senior State Department official, speaking on condition of anonymity to provide details before the announcement at the US diplomatic mission in Geneva.

Under the plan, Fletcher and his coordination office “are going to control the spigot” on how money is distributed to agencies, the official said.

“This humanitarian reset at the United Nations should deliver more aid with fewer tax dollars—providing more focused, results-driven assistance aligned with US foreign policy,” said US Ambassador to the United Nations

Michael Waltz.

US officials say the $2 billion is just a first outlay to help fund OCHA’s annual appeal for money, announced earlier this month. Fletcher, noting the upended aid landscape, already slashed the request this year. Other traditional U.N. donors like Britain, France, Germany and Japan have reduced aid allocations and sought reforms this year.

“The agreement requires the U.N. to consolidate humanitarian functions to reduce bureaucratic overhead, unnecessary duplication, and ideological creep,” the State Department said in a statement. “Individual U.N. agencies will need to adapt, shrink, or die.”

“Nowhere is reform more important than the humanitarian

Nartatez assured the public that police personnel nationwide will maintain heightened alertness.

He said the PNP will continue to conduct operations to prevent thefts and other criminal acts during the holiday period.

Millions of Filipinos are expected to take advantage of the long holiday break to go to their hometowns or on vacation with their family and friends. Rex Anthony Naval defuse heated moments without spectacle.

“It wasn’t f lashy,” Fernandez said, “ but it was exactly the kind of leadersh ip he pract iced— steady and always for the public good.”

In defending Acop against critics who spoke harshly even after his death, Barbers reminded the public of a basic truth.

“Death is the great leveler,” he said. “It is the last step towards our ultimate destination.”

As tributes drew to a close, one theme stood above all others: fearlessness anchored in integrity.

“Congressman Romy may no longer sit beside us in hearings,” Paduano said, “but his lessons remain. His example remains. His legacy remains.”

Jovee Marie N. dela Cruz

agencies, which perform some of the U.N.’s most critical work,” the department added. “Today’s agreement is a critical step in those reform efforts, balancing President Trump’s commitment to remaining the world’s most generous nation, with the imperative to bring reform to the way we fund, oversee, and integrate with U.N. humanitarian efforts.”

At its core, the reform project will help establish pools of funding that can be directed either to specific crises or countries in need. A total of 17 countries will be targeted initially, including Bangladesh, Congo, Haiti, Syria and Ukraine.

One of the world’s most desperate countries, Afghanistan, is not included, nor are the Palestinian territories, which officials say will be covered by money stemming from Trump’s as-yet-incomplete Gaza peace plan.

The project, months in the making, stems from Trump’s longtime view that the world body has great promise, but has failed to live up to it, and has—in his eyes—drifted too far from its original mandate to save lives while undermining American interests, promoting radical ideologies and encouraging wasteful, unaccountable spending.

Lee reported from Washington.

TAIWAN conducts its first live-fire test of the US-made High Mobility Artillery Rocket System on May 12. YIAN LEE/BLOOMBERG

China. . .

Continued from A6

the north, southwest, southeast and east of the island.

Shi said the activities will focus on sea-air combat readiness patrol, “joint seizure of comprehensive superiority” and blockades on key ports. It was also the first large-scale military drill where the command publicly mentioned one of the goals was “all-dimensional deterrence outside the island chain.”

“It is a stern warning against ‘Taiwan independence’ separatist forces and external interference forces, and it is a legitimate and necessary action to safeguard China’s sovereignty and national unity,” Shi said.

China and Taiwan have been governed separately since 1949, when a civil war brought the Communist Party to power in Beijing. Defeated Nationalist Party forces fled to Taiwan.

The island has operated since then with its own government, though the mainland’s government claims it as sovereign territory.

Live firing exercises scheduled for Tuesday

THE command on Monday deployed destroyers, frigates, f ighters, bombers and unmanned aerial vehicles, alongside long-range rockets, to the north and southwest of the Taiwan Strait. It carried out live fire exercises against targets in the waters as well. Drills to test the capabilities of sea-air coordination and precise target hunting were also conducted in the waters and airspace to the east of the strait.

It said major military drills were scheduled to happen between 8 a.m. and 6 p.m. on Tuesday, saying it would organize live firing activities then, and its exercises would cover five areas around the island.

T he com m a nd re le a se d themed posters about the drills online accompanied by provocative wording. One poster depicted two shields with the Great Wall alongside three military aircraft and two ships. Its social media post said the drills were about the “Shield of Justice, Smashing Illusion,” adding

that any foreign interlopers or separatists touching the shields would be eliminated.

Last week, Beijing imposed sanctions against 20 US defense-related companies and 10 executives, a week after Washington announced largescale arms sales to Taiwan valued at more than $10 billion. If approved by the US Congress, it would be the largest-ever American weapons package to the self-ruled territory.

Under US federal law in place for many years, Washington is obligated to assist Taipei with its defense, a point that has become increasingly contentious with China. The US and Taiwan had formal diplomatic relations until 1979, when President Jimmy Carter’s administration recognized and established relations with Beijing.

Taiwanese army on high alert

MONDAY’S drills heightened tensions on both sides. Karen Kuo, spokesperson for the Taiwanese president’s office, said the operation was undermining the stability and security of the Taiwan Strait and Indo-Pacific region and openly challenging international law and order.

“Our country strongly condemns the Chinese authorities for disregarding international norms and using military intimidation to threaten neighboring countries.” she said.

Taiwan’s Defense Ministry released a video that featured its weapons and forces in a show of resilience. Multiple French Mirage-2000 aircraft conducted landings at an air force base.

Beijing sends warplanes and navy vessels toward the island on a near-daily basis, and in recent years it has stepped up the scope and scale of these exercises. In October, the Taiwanese government said it would accelerate the building of a “Taiwan Shield” or “T-Dome” air defense system in the face of the military threat from China.

The military tensions came a day after Taipei Mayor Chiang Wan-an said he hoped the Taiwan Strait would be associated with peace and prosperity, instead of “crashing waves and howling winds,” during a trip to Shanghai.

Tuesday-Wednesday, December 30-31, 2025

DOH says 84% of road crash victims lacked safety gear; 376 incidents recorded in 8 days

N

OTING that road safety is a shared responsibility, the Department of Health (DOH) called on motorists to be responsible and to always obey traffic rules as the total number of road crashes reached 376 from December 21 to 28, 2025.

According to the data of the DOH, most affected or injured are males, aged 15-29 years.

Region II topped the most number of injuries (no figures from the DOH provided), followed by Region IV-A, and Region V. Motorcyclists accounted for 73 percent all injuries.

Eighty-four percent involved

in road crashes have no safety accessories while 13 percent are intoxicated.

In early 2024, the DOH noted that 12, 000 Filipinos die yearly nationwide due to road crashes. The figure, the DOH said, has steadily increased in the last decade.

Citing reports from the Philippine National Police Highway Patrol Group, the DOH said, from 2024 alone about 31,258 road crashes were recorded.

The DOH said that from 7,938 deaths in 2011, the number of deaths increased to 11,096 in 2021. Males represent 84 percent of the fatalities.Claudeth Mocon-Ciriaco

DOLE sets pay rules for Dec. 30 work

By Justine Xyrah Garcia

T

HE Department of Labor and Employment (DOLE) on Monday has reminded employers of the pay rules for December 30 (R izal Day), which is classified as a regular holiday.

“The Department of Labor and Employment reminds private sector employers and workers of the proper payment of wages for the regular holiday on 30 December 2025 [Rizal Day],” the agency said in its advisory.

Under Labor Advisory No. 17, Series of 2025, employees who do not report for work on Rizal Day are entitled to receive 100 percent of their daily wage, provided they were

present or on paid leave on the workday immediately preceding the holiday.

Workers who report for duty on the regular holiday must be paid 200 percent of their daily wage for the first eight hours of work.

For work rendered beyond eight hours, employees are entitled to an additional 30 percent of the hourly rate on said day, computed based on the applicable holiday rate.

If the regular holiday falls on an employee’s rest day, DOLE said workers who report for duty are entitled to an additional 30 percent of the basic wage on top of the 200-percent holiday pay for the first eight hours.

Overtime work on such a day earns a further 30 percent of the hourly rate, based on the increased rate.

DMW says no Filipino workers injured in Taiwan’s 6.6-magnitude earthquake

By Samuel P. Medenilla @sam_medenilla

N

O overseas Filipino workers (OFW) were hurt in the 6.6-magnitude earthquake, which jolted Taiwan during the weekend, according to the Department of Migrant Workers (DMW).

The quake hit the northeastern coast of the self-governing island last Saturday. There were no immediate reports of casualties or infrastructure damage from the said natural disaster. “ No i nju red nor adversely affected OFWs in the Taiwan earthquake. No reported cases of disrupted employment either,” DMW Secretary Hans J. Cacdac

Inflation. . .

Continued from A1

expect a significant spike as consumers remain cautious and government spending remains subdued.

“Consumers are cautious as employment is not stable, given that government spending is slow, and private investment is also slow. Income-generating capacity through employment is at risk because of the corruption issues,” Rivera told BusinessMirror.

With the BSP’s inflation expectations well within its target of 2 percent to 4 percent, Security Bank chief economist Angelo B. Taningco said the central bank could ease monetary policy as early as next year.

Taningco told the BusinessMirror that the BSP could cut its key policy rate by 25 basis points at the Monetary Board’s first meeting in 2026,

said in a statement.

Ho w e v e r, t he DM W c h ie f sought prayers for those who were adversely affected by the earthquake.

Accord ing to the Mani la Economic and Cultural Office (MECO), the countr y’s de facto embassy in Taiwan, there are currently over 160,000 OFWs in the said island.

Last year, DMW and MECO also mobilized its personnel to monitor the status of OFWs in Taiwan after it was struck by twin earthquakes.

Both occurred in April 2024.

At least 16 OFWs were injured from the said earthquakes. DMW conducted relief operations, which benefited 1,000 quake-affected OFWs in Taiwan that time. citing a “manageable” inflation environment and “sluggish” economic growth.

Security Bank expects the December inflation print to settle at 1.2 percent—within the BSP’s forecast range for the month.

“We think the tempered inflation this month of December was driven by sequential price reductions in rice, vegetables, fruits, oil, petroleum, and electricity,” Taningco said.

Meanwhile, Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., told the BusinessMirror that there is room for the BSP to reduce interest rates by 50 basis points in the first half of 2026, bringing them to 4 percent, to support growth.

In 2026, Ravelas said inflation will “remain tame” at 2.30 percent.

The December inflation data will be released by the Philippine Statistics Authority on January 6.

A9

Pahayag 2025 survey: 6 in 10 Filipinos pessimistic about country’s future

By Claudeth Mocon-Ciriaco

M

@adapelonia

AJORITY of Filipinos remain pessimistic about the country’s prospects heading into 2026 despite a backdrop of persistent corruption scandals, declining trust in top national leaders, and fragile business and investor confidence, the Pahayag 2025 End of the Year (PEOY-2025) survey said.

As the new year approaches, the survey conducted from December 7 to 10, 2025, showed that six in 10 voters or 58 percent say they are pessimistic about the state of the country.

While this marks an improvement from 70 percent last quarter, the survey noted, it remains significantly higher than the 49 percent recorded a year ago—underscoring that pessimism, though easing, continues to dominate public

sentiment.

Likewise, optimism was up by 42 percent from 30 percent last quarter.

“But still below last year’s 51 percent. This improvement is largely driven by more favorable expectations for the national economy and household finances, which appear to be cushioning the negative effects of ongoing political and governance concerns,” the PEOY added.

Weak and moving in the wrong direction

ON the other hand, despite improving economic expectations, Filipinos increasingly view the current state of the nation as weak and moving in the wrong direction, with both indicators now at their highest levels since tracking began.

Only 24 percent describe the country’s condition as strong down from 27 percent in Quarter 3, while 49 percent consider it weak, up from 45 percent.

Similarly, just 31 percent believe the country is headed in the right direction, down from 33 percent last quarter.

“Notably, this pessimism is not primarily driven by economic anxiety. Looking ahead, 37 percent expect the national economy to improve in the next quarter, while an even higher 55 percent anticipate better household financial conditions—clear signs of short-term economic optimism.”

The survey explained, instead, the disconnect points to a deepening erosion of public trust, fueled by unresolved corruption controversies, weak accountability among top officials, and uncertainty over

As harvest season approaches, DA, BOC urged to be on alert vs onion smuggling

By Butch Fernandez @butchfBM

A

S the onion harvest season nears, Senator Francis “Kiko” Pangilinan on Monday called on the Department of Agriculture (DA) and the Bureau of Customs (BOC) to intensify their anti-agricultural smuggling operations, warning that illegal imports could once again undermine local farmers and distort market prices.

Pangilinan, chairman of the Senate Committee on Agriculture, Food, and Agrarian Reform, stressed that the influx of smuggled onions during harvest periods has historically resulted in depressed farmgate prices, causing significant losses for Filipino onion growers.

The senator also raised concerns about possible hoarding activities and market manipulation.

These in turn cause massive price hikes and profits that hurt Filipino consumers.

The anti-smuggling drive is thus crucial to avert a double whammy of injuries: to the farmers and consumers, Pangilinan stressed.

“Now that the onion harvest season is nearing, we must be sure to protect farmers from unequal

DOST. . .

Continued from A1

On human capital, the government is implementing AI upskilling programs through the Technical Education and Skills Development Authority (Tesda), the Commission on Higher Education and the Department of Education, in collaboration with private companies.

The programs target engineers, graduate students and other professionals to develop expertise in AI. Moreover, Solidum also highlighted that the country has had active AI projects since 2017. By next year, the DOST aims to launch the National Artificial Intelligence Research and Innovation Center, designed to connect academic institutions, small and medium enterprises, and industry partners.

Despite progress, a 2025 Unesco

competition from imported and smuggled onions. Alongside this is the possible hoarding by onion cartels in order to continue manipulating the prices of onions,” he said.

“The illegal entry of agricultural produce at this critical time defeats the purpose of supporting local agricultural production and jeopardizes the livelihood of our farmers,” he added.

The strict monitoring at ports of entry and close coordination among concerned agencies to prevent smuggled agricultural products from entering local markets is indispensable, he said.

The onion harvest season is set to begin in February to May, when illegal importers time their illicit shipments to flood the market, causing prices to crash and hurting local producers.

In May this year, DA Secretary Francisco Tiu Laurel Jr. personally led the inspection of two container vans carrying an estimated 34 metric tons of smuggled white onions from China, with a market value of approximately P4.1 million.

The smuggled products tested positive for heavy metals and salmonella in examinations done by the Bureau of Plant Industry’s Plant Products Safety Services

Division and the National Plant Quarantine Services Division.

In June, the DA and the BOC also intercepted 25 metric tons of illegally imported red onions from China at the Mindanao International Container Terminal in Misamis Oriental.

Pangilinan urged the DA to monitor supply and demand conditions closely and to avoid issuing unnecessary import permits that could coincide with peak harvest periods.

He appealed to the BOC to intensify inspection and enforcement efforts, particularly against syndicates that exploit seasonal demand to smuggle agricultural goods.

Strengthening border controls and ensuring transparency in importation policies are essential to stabilizing prices for consumers while safeguarding the income of local farmers,” he said, adding that accountability and effective enforcement of anti-smuggling laws benefit farmers, ensure national food security, and protect government revenues.

The senator has been pointing out the roles of big-time Chinese syndicates and their local counterparts in bringing in multimillion-peso smuggled agricultural products.

Philippines AI Readiness Report noted that AI adoption remains constrained by weak digital infrastructure, fragmented policymaking, regulatory gaps, bureaucratic delays, and inconsistent public-private collaboration.

Regarding funding, the DOST plans to invest more than P9.9 billion in AI initiatives spanning healthcare, agriculture, industry, workforce development, environment, disaster risk reduction, data centers and emerging technologies.

From 2018 to 2024, the agency supported over 100 research and upskilling projects. Budget allocations are set to increase to P30.4 billion in 2026, up from P28.46 billion in 2025, with most funds earmarked for research, development, and commercialization.

Illustrating local innovation, Solidum pointed to the recent launch of

a Filipino-made electric ferry on the Pasig River. The ferry, to be integrated into Metro Manila’s transport system, aims to reduce carbon emissions, ease traffic, and improve access to Laguna and Rizal provinces during natural disasters.

“Projects like the electric ferry demonstrate that Filipinos can develop solutions that enhance transport, lower emissions, and support disaster preparedness,” he said.

International data underscore the country’s AI potential. Unesco projected the Philippine AI market at $772.1 million in 2024, with expected annual growth of 28.6 percent, reaching nearly $3.5 billion by 2030.

The Philippines also climbed in the 2024 Government AI Readiness Index

by Oxford Insights, ranking 56th out of 188 countries, up from 65th the previous year.

political leadership.

“These governance issues continue to undermine confidence despite improving economic signals.”

Pessimism vs optimism

MEANWHILE, pessimism is most pronounced in the Visayas and Mindanao, among the youth sector (ages 18–20), high-income earners, government workers, non-OFW households, and respondents with no formal education or a college background, reflecting stronger dissatisfaction with governance and national direction.

In contrast, South Luzon and Visayas register the highest optimism regarding economic and household prospects for the first quarter of 2026, highlighting a growing divide between economic expectations and confidence in national leadership.PEOY-2025 is an independent, non-commissioned nationwide purposive sampling survey comprising 1,500 respondents who are registered Filipino voters, randomly selected from the market research panel of PureSpectrum, a US-based panel marketplace with global operations and a regional office in Singapore.

BARMM raises monthly wage of household helps to ₧5,500

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AVAO CITY - The Bangsamoro Tripartite Wage and Productivity Board (BTWPB) raised the monthly wage of household helps by P500, raising the minimum wage of domestic labor to P5,500.

The Ministry of Labor and Employment (MOLE) approved on December 17 the P500 monthly wage increase for kasambahay or domestic workers in BARMM through Minimum Wage Order No. BARMM-DW-02.

The Wage Order covered all domestic workers residing or working in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), including individuals engaged in household-related services such as general household help, cooking, cleaning, laundry, babysitting or caregiving, gardening, and other similar tasks.

“The Ministry make sure that fair compensation must go hand in hand with safe and humane working conditions including regular rest days, nutritious food, decent sleeping quarters, and protection of the rights and welfare of domestic workers,” said MOLE Minister Muslimin Sema, who also chaired the BTWPB. “Employers must fully comply with this wage adjustment and to uphold respect and dignity for kasambahay in every household,” he said.

MOLE said the wage adjustment was based on inputs from management and labor sectors during public consultations, supported by data from the Philippine Statistics Authority (PSA), Bangsamoro Planning and Development Authority (BPDA), and the Ministry of Trade, Investments and Tourism (MTIT).

Currently, the minimum monthly wage for domestic workers is P5,000, which will increase to P5,500 under the new Wage Order.

Excluded from the Wage Order are family drivers, children under foster family arrangements, service providers, and any person performing work occasionally and not on an occupational basis. Manuel T. Cayon

Opinion

A10 Tuesday-Wednesday, December 30-31, 2025 • Editor: Angel R. Calso

BusinessMirror

www.news.businessmirror@gmail.com

editorial

Transparent agriculture: How digital technology can empower farmers and lower food prices

T

HE shadow of systemic corruption, glaringly evident in recent infrastructure scandals—with dubious deals and nonexistent flood control projects that left communities at risk—now looms over another critical area: Philippine agriculture. This sector has a long history of corruption, where subsidies meant for struggling farmers sometimes land in the pockets of “ghost beneficiaries.”

The critical question arises: can we prevent the infrastructure sector’s shenanigans from recurring in our farms and fisheries?

Senator Francis “Kiko” Pangilinan, chair of the Senate agriculture committee, offers a resounding, albeit cautious, “yes.” His optimism hinges on a significant development: The P600 million allocation for digital agriculture in the Department of Agriculture’s 2026 budget, a P100 million increase secured by the bicameral committee. This is a crucial investment in the most effective defense against corruption and inefficiency: Transparency. (Read the BusinessMirror story: “Funding of DA digital agriculture to prevent ghost farmers, projects,” December 27, 2025).

Senator Pangilinan’s core argument is compellingly simple: “No stealing happens when the public is watching. Digital makes it difficult to hide the truth.” The vision for DA’s digital agriculture is transformative.

Imagine integrated systems that include verified registries of actual farmers and fisherfolk to eliminate fraudulent claims on subsidies and insurance. These systems would enable traceability, tracking produce from farm to fork to ensure quality and accountability. Real-time dashboards would provide the DA (and possibly the public) with live data on production levels, input distribution, infrastructure projects, and potential risks such as pests or weather events.

This digital infrastructure promises precision and efficiency. By integrating technology into core processes, Senator Pangilinan argues, increased budgets can finally translate into measurable results—more food, higher farmer incomes, and lower consumer prices. “The strongest defense against corruption,” he stresses, “are open data and processes, and people who care.”

Initiatives like e-Kadiwa, connecting farmers directly to consumers, and the use of drones and satellite imaging for monitoring and disaster assessment are already pioneering steps. Studies confirm digital agriculture’s vast potential to boost productivity, resilience, and incomes.

However, the journey has its bumps. The digital divide looms large. Connectivity gaps in rural areas, lack of access to affordable devices, and insufficient digital literacy among smallholder farmers threaten to exclude the very people these systems are meant to empower. Senator Pangilinan rightly underscores the need for “new tech that is also accessible and usable.”

To achieve the desired outcomes, it is essential to make substantial investments in key areas. First, inclusive extension services must be prioritized to train farmers in the effective use of various tools. Additionally, improving rural connectivity infrastructure is crucial to ensuring reliable Internet access in fields and coastal villages. Finally, fostering public-private partnerships will be vital for leveraging expertise and resources, ultimately leading to sustainable solutions.

The P600 million for digital agriculture is a crucial down payment on a more transparent, efficient, and productive future for Philippine agriculture. It represents a conscious effort to break the cycle of scandal and waste that has plagued both infrastructure and farm support. Technology can be a powerful disinfectant, shining a light on processes long shrouded in opacity. It can ensure aid reaches real tillers of the soil and harvesters of the sea. But technology can’t fix everything by itself. Its success hinges on genuine political will, robust implementation, and a relentless focus on inclusion. The budget allocation is a positive signal, but vigilance is paramount. We must ensure this digital push doesn’t become another layer of complexity or, worse, a new avenue for corruption in procurement or deployment.

The goal is clear: lower food prices, higher farmer incomes, and a resilient food system.

Achieving it requires data and processes that are “traceable and checkable.” The digital plow is set to cultivate the land. Our next step is to ensure it serves all farmers, fisherfolk, and Filipino consumers, ensuring no one is left behind in the gaps of the digital divide.

Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors

OUTSIDE THE BOX

A

COUPLE of months ago I received an email from someone I had not spoken to in at least 10 years. For several years before that, we had seen each other regularly at group lunches, two or three times a month, until life moved on.

“Hi John,” the email began. “You don’t sound your usual upbeat self lately. Who can blame you? But I used to get solace in your bright and optimistic views of our country. I was born pessimistic, so I need a lift now and then.”

“What may be perceived as pessimism,” I replied, “is probably better described as frustration. Not anger, and certainly not despair, but frustration best captured by Hanlon’s Razor: never attribute to malice that which is adequately explained by stupidity.” And to me it seems we are moving towards “peak stupidity.”

Western civilization has spent centuries convincing itself that progress is permanent. Yet history suggests that civilization is more of a rental agreement than a permanent ownership, leased, maintained, and occasionally repossessed.

We have seen this before. Rome fell in the 5th century not because barbarians suddenly grew stronger, but because the system grew weaker.

Fiscal exhaustion, political paraly-

sis, demographic decline, currency debasement, and collapsing civic trust hollowed out Roman capacity long before the gates were breached.

The uncomfortable question today is whether the modern West is drifting into a similar phase. Not collapse tomorrow, but steady erosion now.

From Manila, the signs are hard to ignore. The United States remains the center of the global financial system, but the foundation is cracking.

In 2024, US interest payments on government debt passed $1 trillion annually. That is not investment. It is rent paid on yesterday’s excess.

History is unkind to societies that borrow heavily just to stand still.

For Filipinos, what happens on the other side of the globe matters.

Western institutional confidence is fraying. Trust in government, media, and universities continues falling across the US and Europe. Political debate has shifted from solving shared problems to assigning blame.

Fiscal discipline is treated as unnec-

Being eco-friendly

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When systems fail, stupidity wins

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THE BUILDER

W

E’RE welcoming a new year and I just hope that everyone is having a blast in this long holiday season.

The new year brings new hope. It is also the time for everyone to reflect on what has just transpired and plan for the new year. We want a better future, one where we can accomplish more.

The new year presents us an opportunity to start afresh and do better than our last year’s accomplishments.

But whatever plans we have for the coming year, we must do them with care and responsibility.

For starters, how did we celebrate the long holiday season? The Department of Environment and Natural Resources (DENR) last week offered a timely reminder to all Filipinos on how to celebrate the Christmas season and future holidays.

I don’t want to be a grinch or killjoy during this extended holiday season.

But I agree with the advice of DENR. The public should celebrate holidays

or long vacation periods responsibly by adopting simple, eco-friendly practices that help reduce waste.

Protecting the environment, perhaps, is the most compelling issue in the world today. Environmental degradation affects all races and has a direct impact on the gross domestic product (GDP) and health of a nation.

The DENR reminded the public to practice the 5Rs of waste management—refuse, reduce, reuse, repurpose, and recycle—especially during the holidays to minimize

sance followed the Dark Ages. Enlightenment followed medieval confusion. However, renewal was never automatic. It required unity, honesty, discipline, and sacrifice from elites willing to give up short-term comfort for long-term survival.

History is clear on one point. Societies do not fail because they lack warnings. They fail because they refuse treatment.

For the Philippines, the lesson is not to celebrate Western decline or assume immunity. A weakened West would mean slower global growth, less investment, and more volatile geopolitics. We can no longer rely on the momentum of others to carry us forward.

If the light from the West is dimming, we should not stand frozen waiting for darkness. Whether contemporary Western societies possess such qualities remains an open question. For the Philippines and other nations still building their institutions, the answer matters immensely. If the West cannot arrest its own decline, the developing world must chart alternative courses. The irony would be complete: the civilizations that learned from the West ultimately teaching the West how to preserve what it once championed.

The question is not whether civilizations can collapse. History answers that definitively. The question is whether this civilization will.

essary. Reforms are rejected because the medicine is deemed worse than the disease. Ancient Rome understood its problems. It simply could not agree to pay the price to fix them.

Global capital is already adjusting.

Investors now speak openly about friend-shoring and regional blocs, retreating from the broad globalization that defined three decades. Choosing between old alliances and emerging realities may no longer be optional.

There is also a cultural dimension. Meritocratic standards are weakening. Social cohesion erodes into identity politics. Researchers describe the spread of isolation, declining respect for rules and shared values. Historically, this is how middle classes disappear, leaving societies split between insulated elites and dependent masses.

The Philippines is not immune.

We have our own oligarchy, dynastic politics, and institutional weakness.

We know from experience that when public trust erodes and fiscal discipline breaks down, recovery is slow and painful. The Asian financial crisis taught that lesson well.

Yet, note the irony. While Western societies struggle with economic stagnation, the Philippines continues growing at a pace many advanced economies can no longer match. Filipino workers increasingly compete with Western counterparts not because we have suddenly become exceptional, but because the western benchmark level has dropped so far.

But Western civilization has an unusual capacity for eventual selfcriticism and renewal. The Renais-

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.

waste generation.

Here, every local government unit (LGU) has the critical role of ensuring proper waste management, in line with Republic Act No. 9003, or the Ecological Solid Waste Management Act. And effective waste management begins at the household and community levels.

Waste if not disposed of properly, especially plastics, pollutes our rivers, seas and other waterways. Plastic pollution kills marine life and biodiversity, and endangers the livelihood of our fishermen.

It is for this reason that Congress passed the Extended Producer Responsibility Act of 2022 that holds large companies responsible for managing the plastic packaging waste from their products. The law requires them to create programs for recovery, recycling and proper disposal, with escalating targets to reduce plastic pollution and support a circular economy, as overseen by the DENR. Big Philippine companies are making progress. As of October 2025, compliance reports from obligated enterprises showed that over 120 million kilograms of rigid plastics

and 124 million kilograms of flexible plastics were diverted during the 2024 compliance period.

The Philippines, per the DENR, has already achieved a 56.12-percent recovery and diversion rate, surpassing the mandated target of 40 percent.

Individual actions also play a crucial role in reducing environmental impact, especially during the holidays.

The DENR has advised households to choose reusables over disposables. They can use washable plates, cups and cutlery instead of single-use paper and plastic items.

They can also opt to reuse holiday materials, or keep ribbons, gift wrappers and decor for future occasions.

Bringing eco-bags when shopping will likewise reduce plastic waste.

The DENR reminded the public that through mindful choices and small everyday actions, we can protect the environment while still enjoying meaningful celebrations with our families and communities.

In this regard, the United Nations Environment Program (UNEP) released the seventh edition of the See “Villar,” A11

www.news.businessmirror@gmail.com

Opinion BusinessMirror

Tuesday-Wednesday, December 30-31, 2025 A11

Brutal year for stock picking spurs trilliondollar fund exodus

Philippine taxation: 2025 in review

T

T

Atty. Jomel N. Manaig

TAX LAW FOR BUSINESS

By Isabelle Lee & Alexandra Semenova

HE last thing a diversified fund manager wants is to run a portfolio dominated by just seven technology companies—all American, all megacap, clustered in the same corner of the economy. Yet as the S&P 500 pushed to fresh records this week, investors were again forced to confront a painful reality: Keeping pace with the market has largely meant owning little else.

A small, tightly linked group of tech super stocks accounted for an outsize share of returns in 2025, extending a pattern in place for the better part of a decade. What stood out wasn’t simply that the winners remained largely the same, but the degree to which the gap started to seriously strain investor patience.

Frustration dictated how money moved. Around $1 trillion was pulled from active equity mutual funds over the year, according to estimates from Bloomberg Intelligence using ICI data, marking an 11th year of net outflows and, by some measures, the steepest of the cycle. By contrast, passive equity exchange-traded funds got more than $600 billion.

The exits happened gradually as the year progressed, with investors reassessing whether to pay for portfolios that looked meaningfully different from the index, only to be forced to live with the consequences when that difference didn’t pay off.

“The concentration makes it harder for active managers to do well,” said Dave Mazza, chief executive officer of Roundhill Investments.

“If you do not benchmark weight the Magnificent Seven, then you’re likely taking risk of underperformance.”

Contrary to pundits who thought they saw an environment where stock picking could shine, it was a year in which the cost of deviating from the benchmark remained stubbornly high.

Narrow participation

ON many days in the first half of the year, fewer than one in five stocks rose alongside the broader market, according to data compiled by BNY Investments. Narrow participation isn’t unusual in itself, but its persistence matters. When gains are repeatedly driven by a tiny few, spreading bets more widely stops helping and starts hurting relative performance.

The same dynamic was visible at the index level. Throughout the year, the S&P 500 outperformed its equalweighted version, which assigns the same importance to a smallish retailer as it does to Apple Inc. For investors assessing active strategies, that translated into a simple arithmetic problem: Choose one that is underweight the largest stocks and risk falling behind, or go with another that holds them in close proportion to the index, and struggle to justify paying for an approach that is little different than a passive fund.

In the US, 73 percent of equity mutual funds have trailed their benchmarks this year, according BI’s Athanasios Psarofagis, the fourth most in data going back to 2007. The

Villar. . .

Continued from A10

Global Environment Outlook (GEO7) that presents a stark vision of the decades to come. Its authors say the worst forecasts can still be avoided if countries quickly take meaningful steps to address climate change, nature, land and biodiversity loss, and pollution and waste.

It warned that if countries continue to drag their collective feet, “billions of people will face an uncertain future, especially those in the developing world.”

The report says climate change alone is expected to shave 4 percent off global GDP annually by 2050. As temperatures rise due to the release of greenhouse gases and the crisis deepens, that number will rise to a staggering 20 percent by 2100.

That would be just a little less than

underperformance worsened after the recovery from April’s tariff scare as enthusiasm over artificial intelligence cemented leadership for the tech cohort.

There were exceptions, but they required investors to accept very different risks. One of the most striking came from Dimensional Fund Advisors LP, whose $14 billion International Small Cap Value Portfolio returned just over 50 percent this year, outpacing not only its benchmark but also the S&P 500 and the Nasdaq 100.

The structure of that portfolio is telling. It holds roughly 1,800 stocks, almost all outside the US, with heavy exposure to financials, industrials and materials. Rather than trying to navigate around the US large-cap index, it largely stepped outside it.

“This year provides a really good lesson,” said Joel Schneider, the firm’s deputy head of portfolio management for North America.

“Everyone knows that global diversification makes sense, but it’s really hard to stay disciplined and actually maintain that. Choosing yesterday’s winners is not the right approach.”

Sticking with winners

ONE manager who stuck with her convictions was Margie Patel of the Allspring Diversified Capital Builder Fund, which has returned some 20 percent this year thanks to bets on chipmakers Micron Technology Inc. and Advanced Micro Devices Inc. “A lot of people like to be closet or quasi indexers. They like to have some exposure in all sectors even if they’re not convinced that they are going to outperform,” Patel said on Bloomberg TV. In contrast, her view is that “the winners are going to stay winners.”

The propensity of big stocks to get bigger made 2025 a banner year for would-be bubble hunters. The Nasdaq 100 trades at more than 30 times earnings and around six times sales, at or near historical highs. Dan Ives, the Wedbush Securities analyst who started an AI-focused ETF (IVES) in 2025 and saw it swell to nearly $1 billion, says valuations like those may test nerves, but are no reason to bail on the theme.

“There are going to be whiteknuckle moments. That just creates the opportunities,” he said in an interview. “We believe this tech bull market goes for another two years.

To us, it’s about trying to find who the derivative beneficiaries are, and that’s how we’re going to continue to navigate this fourth industrial revolution from an investing perspective.” With assistance from Emily Graffeo and

HE Philippine tax landscape in 2025 was shaped by three main forces: enactment/enforcement of new tax laws, issuances of implementing rules and regulations with other related issuances, and key rulings from the Supreme Court—with each carving its own mark.

New tax laws and their impact.

Several laws that were enacted or took effect in 2025 changed basic tax rules for businesses and individuals: Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act amended the corporate tax incentive framework. The law expanded enhanced deductions and introduced a special 20 percent corporate income tax rate for registered activities under the Enhanced Deductions Regime. It also clarified the scope of VAT zero-rating for suppliers of goods and services to registered projects. These reforms aim to balance competitiveness with fiscal needs.

VAT on Digital Services, which began affecting 2025 filings, expanded VAT to nonresident digital service providers. Under new provisions, non-resident digital service providers must register with the BIR and remit VAT on services consumed in the Philippines. This law seeks to create an even playing field between resident and nonresident digital service providers. At the same time, it broadened the tax base to include online platforms, cloud services, and digital goods.

Capital Markets Efficiency Promotion Act (CMEPA) was enacted with the goal of making the tax regime for investments simpler and more consistent across instruments. It mainly affects banks, investors, and the retirement plans of individuals. In a nutshell, the law rationalized the tax treatments of passive investment income and capital market transactions. Some of the major changes include: i) removing the tax exemption on long-term time deposits; ii) introduction of a uniform final withholding tax on interest income; iii) simplification of the tax treatment of gains from shares and bonds; and iv) rationalization of documentary stamp taxes on fund units and securities.

Enhanced Mining Fiscal Regime revamps the country’s mining

taxation system to secure a more equitable government share while maintaining investment viability.

It replaces the prior fragmented framework with a unified regime featuring margin-based royalties, a windfall profits tax, project-level ring-fencing, and limits on excessive debt financing. The law also reinforces transparency through stricter monitoring, audit, and disclosure rules. Overall, it aims to balance fiscal stability, investor predictability, and the sustainable use of the Philippines’ mineral resources.

Looking ahead, other legislative developments require monitoring.

Proposals in Congress include excise taxes on single-use plastics, further extension for the estate tax amnesty, a general tax amnesty, and a qualified domestic minimum top-up tax, but these remain under discussion and have not yet become law.

Administrative issuances: Implementation and compliance.

Several government agencies were active in issuing guidance to implement recent laws and modernize tax administration. While a significant number of administrative issuances pertain to the implementation and interpretation of the new tax laws, we will be focusing on other significant issuances made by the Bureau of Internal Revenue (BIR).

Revenue Regulations (RR) No. 2-2025 implements the tax provisions of the Securitization Act of 2004. It defines key terms such as securitization and asset-backed securities, clarifies tax treatment of gains, interest, and fees, and outlines exemptions and compliance requirements for participants in securitization transactions. The regulation provides certainty on tax liabilities and reporting duties, which supports the development of the local capital markets by encouraging securitization activities while reducing ambiguity in tax application for investors and originators.

RR No. 15-2025 revises and clarifies tax rules for private retirement benefit plans, detailing qualifi-

For feedback e-mail to senatormarkvillar@gmail. com or visit our web site: https://markvillar.com.ph

mestic market, as long as the local purchases are directly and exclusively used in the registered activity or project. The inconsistent regulation of the BIR, which limits the incentive to export-oriented enterprises, has been declared void. While this is a win for taxpayers, the possibility of recovery of the VAT passed-on to the domestic market enterprises is still a different matter. Further, with the entry of CREATE MORE, the distinction and the availment have been codified.

Summary Collection Remedies, on the other hand, has been held by the Court to be applicable only if there are “delinquent taxes.”

In other words, there should either be an unpaid self-assessed tax or a deficiency assessment which has become final and executory. The Court further warned that absent any delinquent taxes, the BIR cannot be overzealous in its collection efforts.

What this means for business leaders? First, compliance processes must be reviewed. New laws and regulations change how income and transactions are reported. Information systems and controls must be updated to reflect new tax codes, forms, and electronic filing requirements.

Second, tax positions must be well documented. Courts have signaled that legal benefits will be upheld only when supported by clear statutory bases and compliance with procedural rules. Third, operational clarity can reduce disputes. The focus in 2025 was on defining rather than unilaterally making new tax obligations. This makes risk management more about precision and less about broad interpretation.

Conclusion. The year 2025 bore developments in the character of both legal refinement as well as broad tax reform. New laws adjusted tax treatment for investments, incentives, and digital services. Supreme Court decisions reinforced strict interpretation of tax statutes. BIR issuances provided rules for compliance. For executives, the work now is to implement these developments in internal policies and systems to ensure predictable and efficient tax outcomes.

The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw. com.ph).

The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 140.

Malaysia fines former PM Najib $2.8 billion for 1MDB, adds jail time

By Kok Leong Chan

F

ORMER Malaysian Prime Minister Najib Razak, already jailed for his role in the 1MDB scandal, faces another 15 years in prison and a fine of 11.4 billion ringgit ($2.8 billion) after being convicted of abuse of power and money laundering in connection with the failed state-run fund.

Vonnie Quinn/Bloomberg

the contraction the United States of America suffered during the Great Depression of the 1920s and 1930s.

By 2050, the comprehensive report continued, humans will be pulling 165 billion tons of raw materials from the Earth annually. This represents a more than 60-percent jump from 2020.

GEO-7 says the extraction of all these metals, minerals and fossil fuels will destroy many natural spaces, worsening climate change and feeding biodiversity loss.

As I’ve said in the early part of this column, I don’t want to be a grinch in this holiday season. But every household can contribute to fight pollution and climate change, and preserve biodiversity.

Here’s to a more prosperous 2026!

Happy New Year!

cation criteria for tax-exempt status, confirming that retirement payouts and trust income are non-taxable for compliant plans, and reaffirming employer contribution deductibility, while emphasizing BIR approval and compliance to avail incentives.

Revenue Memorandum Circular (RMC) No. 81-2025 reiterates the statutory requirements for deducting business expenses under the Tax Code. Deductible expenses must be ordinary, necessary, paid or incurred within the taxable year, directly connected to business operations, and supported by adequate documentation. The circular underscores strict substantiation and proper accounting treatment. Practically, it signals heightened audit scrutiny and reinforces the need for disciplined record-keeping, as inadequately supported expenses face disallowance, potentially increasing taxable income and exposure to deficiency assessments.

RMC No. 107-2025 perhaps is the most recently talked about issuance of the BIR. It temporarily halts all BIR field audits and related operations, including issuance of Letters of Authority (LOA) and Mission Orders (MO), until the Commissioner lifts the suspension, with limited exceptions for urgent or legally mandated cases. This pause allows a comprehensive review of audit procedures to strengthen taxpayer protections, enhance fairness, and rebuild trust, but compliance obligations and statutory deadlines remain in force. The directive also signals future reforms that could increase transparency and consistency in audit selection and execution. Subsequent pronouncements signal a policy direction to restrict the issuance of LOAs and MOs to only the Office of the Commissioner of Internal Revenue as well as to limit the frequency with which taxpayers are audited in a particular year.

Other BIR issuances are also still in the pipeline and may be issued in 2026: i) the regulations for the Advance Pricing Agreement; ii) the regulations for the Enhanced Mining Fiscal Regime; and iii) the lifting of the suspension of BIR audit activities and the corresponding changes to the assessment process.

Supreme court decisions: Interpretation and clarity. The Supreme Court in 2025 rendered decisions that narrowed the interpretive space for both incentives and administrative enforcement remedies.

VAT Zero-Rating Incentives under CREATE has been clarified to apply to all registered business enterprises (RBE), regardless if it is export-oriented or caters to the do-

Judge Collin Lawrence Sequerah announced the sentence after earlier finding Najib guilty of four counts of abuse of power and 21 of money laundering. Najib has consistently denied wrongdoing and his lawyer said he plans to appeal.

Friday’s verdict could add to political tensions in the ruling coalition and follows a years-long trial over 2018 charges involving about 2.2 billion ringgit. He is already midway through a six-year prison term for a separate conviction, and on Monday lost a court bid to spend the rest of his sentence at home.

The punishment includes four prison sentences of 15 years apiece for abuse of power, to be served concurrently. Najib was also sentenced to prison for money laundering, with the time to be served concurrently with the abuse charges.

Sequerah gave an hours-long summation in which he dismissed numerous aspects of Najib’s defense and questioned the former prime

minister’s credibility. In particular, the judge said it was clear that Najib was directly connected with Jho Low, the fugitive financier believed at the center of the 1MDB scandal.

“The accused was no country bumpkin, but was possessed of not only an impeccable family and political pedigree, but of superior intelligence,” Sequerah said of the former premier Friday. He said Najib used Low, who is now on the run, as a “proxy or agent” in the affairs of 1MDB. Before the sentencing, defense lawyer Muhammad Shafee Abdullah asked for the judge to take into account the ex-premier’s age and health issues, including hypertension. He said Najib, whose father was Malaysia’s second prime minister, contributed to the country and is pursuing a doctorate behind bars. The lawyer also said Najib shouldn’t be treated as a second offender, claiming the previous trial was unfair.

The prosecution argued that society must be shown that people in

power cannot get away with corrupt practices, calling for a 20-year prison sentence and a fine of 11.4 billion ringgit.

Friday’s convictions further diminish the chances of a political comeback for Najib, though he could ask for a pardon and retains significant influence in the United Malays National Organisation, which has campaigned for his release.

UMNO’s secretary-general this week said it may be time to review its support for Prime Minister Anwar Ibrahim’s government after the biggest member of the coalition, the Democratic Action Party, crowed over Najib’s failed bid for house arrest.

The judge said prosecution witnesses were credible and rejected Najib’s “Arab donation” defense regarding millions of dollars placed in his bank account, purportedly by the Saudi royal family. The “cold hard facts” show Low’s presence and involvement in critical phases of 1MDB transactions and an “obvious proximity and relationship” with Najib, the judge said.

“The attempt by the accused to distance himself from Jho Low rang hollow in the light of the overwhelming evidence of these prosecution witnesses,” Sequerah said. Suggestions that officials below Najib “knowingly conspired” against the

then-prime minister would “stretch the imagination into the realms of pure fantasy.”

1MDB was a state fund set up during Najib’s premiership that collapsed in a sprawling scandal stretching from Singapore to Switzerland.

Those ensnared in the affair included a Grammy-winning rapper and a high-profile banker, with global investigations revealing salacious details of Hollywood deals and parties with actor Leonardo DiCaprio. About $4.5 billion was allegedly lost in the scandal, which led to multiple probes across continents.

The next election isn’t due until early 2028, and Najib technically can’t seek political office for five years after he leaves prison. He could also seek a pardon.

Anwar himself rose to the nation’s highest office after spending years in jail and receiving a pardon. And Mahathir Mohamad, a two-time Malaysian prime minister, was 92 when he started his second stint in office.

Najib lost power in 2018 and has been in jail since 2022 for criminal breach of trust and abuse of power in connection with 1MDB. He had his original sentence halved to six years in early 2024 following royal intervention, and is due to be released in 2028. With assistance from Joy Lee and Adrian Kennedy/Bloomberg

2nd Front Page BusinessMirror

A12 Tuesday-Wednesday, December 30-31, 2025

SOCIAL MEDIA VETTING FOR I.T., ENGINEERS EXPANDED BY U.S.

By Malou Talosig-Bartolome

privilege, not a right.”

OFTWARE developers, engineers, doctors, physi‑ cal therapists, accoun‑ tants, university professors, ar‑ chitects, and other professionals in “specialty” occupation seek‑ ing to work in the United States are now required to make their social media accounts publicly accessible.

The US State Department an‑ nounced that beginning Decem‑ ber 15, all applicants for H 1B work visas will undergo man‑ datory online presence reviews, expanding a policy already ap‑ plied to foreign students and ex‑ change visitors.

Family members accompany‑ ing H 1B holders under H 4 visas must also set their social media profiles to public to facilitate vetting. The same requirement has previously been imposed on applicants for F, M, and J visas, which cover academic students, vocational students, and ex‑ change visitors.

Officials said the measure is part of heightened screening to identify individuals who may be inadmissible or pose threats to national security.

“Every visa adjudication is a national security decision,” the Department emphasized, adding that a US visa is “a

Visa categories explained

S

n H 1B: Temporary work visa for specialty occupations requir‑ ing a bachelor’s degree or higher. n H 4: Dependent visa for spouses and children of H 1B holders. n F 1: Academic student visa for full time study in US colleges and universities. n M 1: Vocational student visa for technical or trade schools. n J 1: Exchange visitor visa for research scholars, profes‑ sors, trainees, and cultural ex‑ change participants.

Filipino nationals on US visas (2019–2023)

ACCORDING to the State De‑ partment’s Report of the Visa Office, thousands of Filipinos have entered the United States under these categories in the past five years:

Impact on Filipino Applicants

FILIPINO professionals most commonly use the H‑1B visa for IT and engineering roles, while See “Vetting,” A2

www.businessmirror.com.ph

House, Senate ratify bicam panel report on ’26 budget

By Jovee Marie N. Dela Cruz and Butch Fernandez

T

HE House of Representatives and the Senate on Monday separately ratified the proposed P6.793trillion General Appropriations Act (GAA) for 2026, with a House leader citing tighter safeguards, enhanced transparency measures, and a firm prohibition on pork barrel and political intervention in aid distribution.

Sen. Sherwin Gatchalian, chair‑ man of the finance committee and head of the Senate panel in the bi‑ cameral conference committee, ex‑ pressed hope that the rigorous pro‑ cesses by which lawmakers vetted the 2026 budget to ensure trans‑ parency reforms, would be truly re‑ sponsive to the people’s needs and avoid the errors of the past.

The country is now one step clos‑ er to the enactment of landmark “people-first” budget legislation fol‑ lowing the ratification of the mea‑

sure, Gatchalian said.

“The current budget measure, once signed by the President, would be a definitive turning point in terms of fiscal policy, providing fo‑ cus on human capital development and institutional integrity,” said Gatchalian.

He said the proposed budget leg‑ islation was designed to address the most pressing needs of the country while ensuring that safeguards are in place to deter the misuse of pub‑ lic funds.

According to him, the measure provides the highest investment in education in the country’s his‑ tory and further strengthens the health care sector, particularly the government’s zero-balance billing program, bolstered by the return of funds to PhilHealth. The measure also seeks to improve the country’s food security by allocating a higher budget to the agriculture sector.

“By prioritizing education, ex‑ panding healthcare access, and sup‑ porting farm productivity, we are investing in a more inclusive eco‑ nomic development,” he added.

Multiple layers of oversight

HOUSE Committee on Appropria‑ tions Chairperson Rep. Mikaela Su‑ ansing said the ratified budget con‑ tains multiple layers of oversight to ensure proper implementation of government projects.

“We put a lot of safeguards there.

First, we already have provisions there wherein the Joint Congressio‑ nal Oversight Committee on Public Expenditures will convene every month,” Suansing said. She explained that this mechanism allows both chambers of Congress to closely mon‑ itor how projects are carried out.

“It means that the Congress and the Senate already have oversight on the implementation of the proj‑ ects,” she added.

Suansing also underscored man‑ datory transparency requirements for implementing agencies, par‑ ticularly for infrastructure proj‑ ects. She said agencies such as the Department of Public Works and Highways (DPWH), Department of Agriculture (DA), Department of Education (DepEd), and Depart‑ ment of Health (DOH) are required to publish project details online.

“There is a project monitoring the project status. It is already there— how many bids, who is the contrac‑ tor, and what is the actual status of the implementation of the proj‑ ects,” she said. “Those are our main safeguards to ensure that all of the projects are implemented properly.”

She also assured that the 2026 budget does not contain pork barrel allocations. “No pork barrel. We al‑ ready maintained that. That is one of the first things I said, that there is no pork barrel in the 2026 bud‑ get,” Suansing said.

The lawmaker also highlighted a special provision barring political See “Budget,” A2

DOLE clarifies ₧2.53-M COA-flagged TUPAD payouts, seeks refunds

By Justine Xyrah Garcia

T

COLD NIGHT, WARM CROWD Dap-ay, a traditional Cordilleran gathering space, is in full swing at Camp John Hay’s Food Trade Market in Baguio City. Tourists bundle up and enjoy the chilly night with friends and family around a bonfire, echoing the ancestral practice of communal gatherings around warmth and conversation. Temperatures in the city have dipped to around 14 degrees Celsius, adding to the festive, fireside atmosphere of the mountain getaway. MAU VICTA

Royal Air PHL to halt Taipei–Boracay flights

By Malou Talosig-Bartolome

R

OYAL Air Philippines an‑ nounced it will temporarily suspend its direct flights be‑ tween Taipei and Boracay starting January 4, 2025, citing operational adjustments. The move ends the only nonstop service connecting Taiwan to the popular Philippine island.

The airline, which relaunched the Taipei–Boracay route in 2024, ex‑ pressed regret over the suspension

and confirmed that refund proce‑ dures have already been initiated for affected passengers.

Taiwan’s news agency, Central News Agency, reported that the travel agencies will assist travel‑ ers in rerouting through Manila or processing refunds.

“Since Royal Air is the only carri‑ er offering direct flights to Boracay, passengers unwilling to transfer will have to opt for refunds,” CNA quoted Travel Quality Assurance Association spokesperson Li Chi-

yueh as saying.

Li noted that while agencies will help independent travelers secure ticket refunds, hotel bookings in Boracay may be harder to recover.

He urged passengers to seek assis‑ tance from the association if dis‑ putes arise.

“The suspension of flights is due to force majeure, urging travelers to be understanding toward travel agencies,” he added.

He also advised passengers with travel inconvenience insurance to

check their policies for possible compensation.

Royal Air Philippines, headquar‑ tered at Clark International Air‑ port, first launched commercial flights in 2018 with its inaugural Clark–Boracay service. The airline has since expanded to domestic and international routes but con‑ tinues to operate a small fleet.

For now, travelers from Taipei heading to Boracay will need to con‑ nect via Manila or other Philippine gateways such as Cebu or Kalibo.

HE Department of Labor and Employment (DOLE) said only part of the P2.53 million in Tu‑ long Panghanapbuhay sa Ating Disad‑ vantaged/Displaced Workers (TUPAD) payouts flagged in a 2024 audit involved actual overpayments, as it moved to re‑ cover funds from beneficiaries in the National Capital Region (NCR).

In a statement sent to the BusinessMirror, DOLE said P264,420 of the flagged amount covered 39 NCR ben‑ eficiaries who were later found to be ineligible for additional TUPAD assis‑ tance within the year.

“With respect to the cited overpay‑ ment in NCR, the DOLE has demand‑ ed for refund from all the 39 benefi‑ ciaries who were found to have been ineligible for additional availments.

Some of them have already complied while refunds from the rest continue to be pursued by DOLE,” the agency said.

“We take COA findings seriously and continue to improve and strengthen our processes and systems,” it added.

The Commission on Audit (COA) earlier flagged P2.53 million in what it described as “excessive payments or availments” involving 477 TUPAD beneficiaries.

In its audit report, COA said the 39 overpayments in NCR stemmed from gaps in the program’s process flow, which failed to fully identify double availments amid the large volume of data processed and the risk of encod‑ ing and profiling errors.

The commission also cited difficul‑ ties in validating some beneficiaries due to incorrect or unreachable contact details, with several recipients drop‑ ping calls during verification attempts.

“As a result, further confirmation, particularly regarding beneficiaries from the same household could not be obtained,” the COA added.

Under Department Order No. 239, Series of 2023, TUPAD provides tem‑ porary employment ranging from 10 to 90 days for disadvantaged workers aged 18 and above, excluding govern‑ ment employees.

The guidelines also specify that only one family member may avail of the program, and only once per calen‑ dar year, except in cases of natural or

human-induced calamities. In cases of natural or human-induced calamity.

No overpayment in Mimaropa

MEANWHILE, the remaining P2.27 million flagged in the COA audit in‑ volved 438 beneficiaries from Region IV-B (Mimaropa), which DOLE said did not constitute overpayments.

In its audit report, COA said the presence of duplicated names in the master list may be attributed to the staggered implementation of projects, noting that the maximum duration of TUPAD projects implemented in calen‑ dar year 2024 was 30 days.

As a result, COA said amounts paid beyond the 30-day project period were treated as overpayments for beneficia‑ ries with duplicated entries.

DOLE, however, said the Mimaropa disbursements were allowed under TUPAD guidelines, as the workers were displaced anew by calamities, which permits subsequent availments within the year.

“Thus, in this case there was no over‑ payment at all. The DOLE has clarified this matter with COA and has submit‑ ted all the documents evidencing the propriety of the payments,” DOLE said.

To prevent similar findings, the department said it is tightening its monitoring systems, including the TUPAD Information Monitoring Sys‑ tem (TIMS), and coordinating with the Philippine Statistics Authority (PSA) through the PhilSys National ID to strengthen beneficiary validation and prevent duplicate payments.

“We continue to pursue our commit‑ ment to accountability and transpar‑ ency inspired by our 2024 Unmodified COA Audit Opinion, our sixth con‑ secutive, which resulted to our induc‑ tion into the Association of Govern‑ ment Accountants of the Philippines’ [AGAP] Hall of Fame for exemplary financial management,” it added.

In 2023, COA flagged a similar issue involving 887 TUPAD beneficiaries who availed of the program more than once.

The state auditors attributed the du‑ plication to data-entry errors, incon‑ sistent personal details, system limi‑ tations in handling high volumes, and weak monitoring controls that allowed repeated availments to go undetected.

Companies

BusinessMirror Tuesday-Wednesday, December 30-31, 2025

Editor: Jennifer A. Ng

B1

SEC points hospital operators ACEN infuses new capital into ENEX to capital mart for expansion

By Lorenz S. Marasigan

T

By VG Cabuag

@lorenzmarasigan

@villygc

T

HE Securities and Exchange Commission (SEC) is pointing private hospital entrepreneurs and administrators to the capital market for their expansion needs.

“The financing needs of the healthcare sector continue to grow, whether in expanding capacity, upgrading facilities, adopting new technologies, or improving service delivery,” SEC Chairman Francis E. Lim said. “While the public sector continues to lead major investments in infrastructure and service delivery, the private sector plays an equally important role—especially in areas of healthcare where there is a strong business case for expansion.”

Lim further explained that “public and private investments must complement each other to ensure that Filipinos across the country gain access to safe, modern and adequate health facilities.”

The SEC chairman cited a 2017

memorandum circular (“Securing and Expanding Capital for Hospital Entrepreneurs,” or “SEC Hopes”) that provides hospitals easy access to the capital market. The circular streamlines the registration process for the securities hospitals plan to offer to fund the construction of healthcare facilities.

Under the policy, the regulator shortened the review period for the registration of securities by hospitals to 28 days, from the standard of 45 days, through a “Simplified Registration Statement.”

As of December, the SEC has registered 18 private hospitals under “SEC Hopes,” with total registered shares of P19.95 billion and a total issue value of P17.05 billion.

With hospitals gaining better ac-

BUSINESSMIRROR FILE PHOTO

cess to capital, the regulator looks to address the shortage of hospitals in the country.

Currently, the hospital bed-topopulation ratio stands at 0.5 beds per 1,000 population, which should be raised to 2.7 beds per 1,000 population to meet the country’s rising healthcare demands, according to the Department of Health’s Philippine Health Facility Development

Vista Land nails 5-yr note facility

V

ISTA Land and Lifescapes Inc., the Villar-led property developer, announced last Monday of having secured a 5-year corporate note facility worth P13.61 billion.

Vista Land said in its disclosure to the local bourse that it made an initial drawdown amounting up to P7.22 billion at a fixed rate of 7.8947 percent per annum. “The proceeds of the corporate notes facility will be used to refinance existing or maturing obligations of the group and for the other general corporate purposes,” the company said.

According to the company, it entered into a corporate notes facility agreement with China Bank Capital Corp. as its sole arranger and bookrunner; China Banking Corp. through its Trust and Asset Management Group as facility and paying agent, notes registrar and security trustee and; the company’s units Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines, Inc., Vista Residences Inc.

and Vistamalls, Inc. as subsidiary guarantors.

The company, early this month has settled the P3.5 billion retail bonds issued on December 21, 2018 using proceeds from advances provided by the company’s majority shareholders. The said retail bonds matured on December 22 this year.

By next year, Vista Land will also have a number of maturing debts.

It will have a some P10 billion debts falling due in April 4 next year.

These notes carry a fixed rate of between 7.61 percent and 7.63 percent.

By December next year, Vista Land will have another P10 billion in maturing debts.

For the nine months of the year ending September, the company’s net income rose 4 percent to P9.46 billion from the previous P9.07 billion.

Revenues rose by a slim 2 percent to P28.39 billion from the previous year’s P27.79 billion.

Real estate sales rose 3 percent to P13.98 billion for the nine months ending September from P13.59 bil-

ICTSI business unit in Brazil recognized

TOP REALTY GROUPS HAIL PAG-IBIG’S GROWTH T

T

ECON Suape S.A. (TSSA), the business unit of International Container Terminal Services Inc. (ICTSI) in Pernambuco, Brazil, is once again recognized as one of the country’s leading environmentally-responsible port facilities after receiving the “2025 Ocean Friend” seal.

The award underscores the company’s commitment to sustainability and ocean protection, read a statement issued by the ICTSI last Monday. (See https://www.ictsi.com/ news/tecon-suape-cited-environmental-stewardship) According to the ICTSI, the award was presented at an event organized by the Suape Port Industrial Complex (PIC). The event honors marine terminals that “demonstrate excellence in environmental compliance and the consistently adopt best-in-class sustainable practices across port operations.”

Continued on B2

OP real estate practitioners’ group hailed the phenomenal growth of the Home Development Mutual Fund (Pag-IBIG), as a big boost to President Marcos’ Pambansang Pabahay para sa Pilipino Program (4PH).

The National Real Estate Association (NREA), the biggest group of private real estate practitioners, cited Pag-IBIG being among the biggest and best-managed funds for both provident and housing needs of its members.

Ma. Loren B. Sales, 2026 NREA national president, in a press statement also expressed continued support to the leadership of Ms. Marilene C. Acosta, president and chief executive of Pag-IBIG, under whose leadership the agency’s total assets reached a phenomenal P1.2Trillion this year.

For her part, Consultant Imelda C. Magtoto, NREA Chairlady, said Ms. Acosta has not only managed

lion last year, primarily attributable to the increase in the overall completion rate of sold inventories of some of its business units as well as the recognition of the significant financing component for the period.

The company uses the percentage of completion method of revenue recognition where revenue is recognized in reference to the stages of development of the properties.

Brittany’s sales doubled to P2.37 billion from P1.15 billion last year, due to the increase in the number of sold homes completed or under construction as well as lots only in the Metro Manila area in the highend or upscale residential segment.

Sales from Vista Residences, meanwhile, fell 19 percent to P3.08 billion from P3.82 billion last year due to the decrease in the number of sold condominium units completed or under construction during the period.

Vista Residences is the business unit of Vista Land that develops and sells vertical projects across the Philippines.VG Cabuag

Pag-IBIG’s resources and affairs, but has done so effectively, efficiently and ethically. Ms. Acosta’s tenure is characterized and guided by the good governance principles of the administration of President Bongbong Marcos.

Celebrating its 45th anniversary this month (December), Pag-IBIG exemplified the principles of transparency, accountability, participation and responsiveness to the needs and welfare of its members as well as its industry partners, Ms. Magtoto pointed out.

As such, NREA, along with real estate practitioners in the country, also endorsed to President Marcos the continuance of Ms. Acosta’s tenure and service to Pag-IBIG members and industry partners, Board Chair Magtoto added.

NREA also expressed appreciation to President Marcos for his administration’s unrelenting efforts and support in addressing the housing situation in the country.

Plan 2020–2040.

“This is precisely why capital markets must remain open and accessible to all sectors and industries—including healthcare,” Lim said. “By providing hospitals with the ability to raise funds efficiently and transparently, we empower them to modernize facilities, scale operations, and bring quality care closer to communities that need it most.”

HE Ayala-led renewable energy firm ACEN Corp. announced that it has injected P17.4 million in fresh capital into its listed oil and gas subsidiary ENEX Energy Corp. to support the latter’s operational requirements.

Both companies confirmed the transaction in separate stock exchange disclosures last Monday, with ACEN subscribing to 17.4 mil lion non-voting prefer red shares at P1.00 per share.

“The subscription price will be used to fund the operational requirements of ENEX,” the filing stated.

The capital infusion follows ENEX’s earlier approval to issue or privately place up to 300 million preferred shares, which received board clearance on March 14, 2024, and stockholder approval on April 25, 2024.

T he ne w l y - i s s ue d s h a re s , drawn from ENEX’s unissued authorized capital stock, represent 1.3 percent of the company’s total outstanding shares. The funding comes months after ENEX halted its 1,100 -megawatt Batangas

Clean Energy (BCE) project in November due to difficulties in securing an offtake contract and attracting a third investor.

ENEX cited “uncertainties surrounding the project’s offtake arrangements” as key factors behind the decision, which it said aligns with parent firm ACEN’s clean energy pivot.

Despite shelving the BCE project, ENEX maintains upstream interests, including a 75-percent stake in the Cinco oil and gas prospect under Petroleum Service Contract 55 in offshore West Palawan. Pryce Gases holds the remaining 25 percent.

The Cinco prospect is estimated to contain 1.3 to 2.4 trillion cubic feet of gas and 45 million barrels of oil.

ACEN, which operates across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States, is targeting to deliver 20 gigawatts of capacity by 2030 and has committed to achieving net zero emissions by 2050.

Strengthening Trust and Inclusive Growth in a Transforming Economy

A

By TG Limcaoco

S 2025 draws to a close, the Philippines stands at an inflection point.

Global headwinds, technological disruption, and evolving consumer expectations are reshaping the financial landscape.

In this context, the question for institutions is not simply how to grow, but how to lead responsibly—how to build trust, foster inclusion, and enable progress in ways that strengthen the nation’s economic fabric.

For the Philippines, the banking sector has been a cornerstone of development, helping mobilize capital, expand access to credit, and support enterprise.

Among these institutions, BPI (Bank of the Philippine Islands), the country’s first bank, offers a compelling case study of how legacy and innovation can converge to advance shared prosperity. Its journey underscores a principle that resonates beyond banking: resilience and relevance are earned through purposedriven reinvention.

Inclusive Growth: Beyond Access to Impact

Financial inclusion is often framed as a matter of access—opening accounts, enabling transactions.

But true inclusion means impact: empowering households, entrepreneurs, and communities to participate meaningfully in the economy.

Programs like “May BPI Dito” bring essential banking services, such as account opening, digital banking, deposits, and withdrawals, directly to underserved areas through a network of partner supermarkets, drugstores, convenience stores, and pawnshops. Spearheaded

by BPI’s Agency Banking team, the program demonstrates how innovation can bridge structural gaps. This approach aligns with the Bangko Sentral ng Pilipinas’ vision of universal financial access and reflects a broader truth: inclusion is not charity; it is a growth strategy that strengthens national resilience.

Partnerships for Consumer Protection

In today’s digital economy, trust is no longer a soft value— it is infrastructure. Financial systems thrive when consumers believe their data, transactions, and identities are secure.

This is why cybersecurity and consumer protection have become national priorities. As financial transactions migrate online, safeguarding consumers against cyber-enabled fraud becomes a shared responsibility across government, industry, and civil society.

Collaborative initiatives such as the BPI CyberProtect Conference and CyberAcademy, which convene regulators, law enforcement, and industry leaders, illustrate how privatepublic partnerships can set new standards for digital safety.

These efforts complement legislative reforms like the AntiFinancial Account Scamming Act, a landmark policy that enhances safeguards against cyber-enabled fraud.

Consumer protection and cybersecurity initiatives underscore a critical insight: cybersecurity is not merely a technical challenge; it is an economic imperative. Institutions that invest in fraud analytics, authentication, and public education are not just protecting customers—they are reinforcing the foundations of inclusive growth in a connected world.

Innovation as a Catalyst for Competitiveness

Innovation is the currency of competitiveness. For economies like the Philippines, nurturing science and technology talent is essential to addressing systemic challenges—from climate resilience to digital transformation.

Public-private partnerships play a catalytic role in this process by empowering young innovators to develop solutions with real-world impact.

In the recently concluded BPIDOST Innovation Awards 2025, young innovators showcased projects that present solutions

to pressing challenges—from climate resilience to digital transformation.

These collaborations highlight a broader truth: sustainable progress depends on ecosystems that reward creativity and invest in human capital. Institutions that champion innovation are not only future-proofing themselves— they are helping future-proof the nation. By investing in science and technology talent, institutions help build an economy that is not only adaptive but competitive on a global scale.

A Legacy of Leadership, A Future of Shared Progress

BPI’s approaching 175th anniversary is more than a corporate milestone; it is a lens through which we can examine the evolving role of financial institutions in nation-building.

From mobilizing capital during postwar reconstruction to driving digital adoption today, the Bank’s history mirrors the country’s economic journey. Its recent expansion into wealth management in Singapore and sustained investments in digital infrastructure signal a readiness to lead in a future defined by connectivity and complexity.

The lesson is clear: enduring relevance requires more than strong balance sheets. It demands a commitment to nurturing trust, inclusion, and innovation—values that enable institutions to do more than weather change; they help shape it. These principles will be critical in translating optimism into opportunity.

As the country looks to 2026, BPI is championing “Do More Philippines.” For the Bank, this is not just a slogan; it is a call to action for every stakeholder in our economy. By working together—government, industry, and communities—we can build a financial ecosystem that uplifts every Filipino household and enterprise. In doing so, we honor the past while forging a future of shared progress.

Author’s bio: Jose Teodoro “TG” K. Limcaoco is the President and CEO of BPI (Bank of the Philippine Islands).

Companies

BusinessMirror Tuesday-Wednesday, December 30-31, 2025

Editor: Jennifer A. Ng

B1

SEC points hospital operators ACEN infuses new capital into ENEX to capital mart for expansion

By Lorenz S. Marasigan

T

By VG Cabuag

@lorenzmarasigan

@villygc

T

HE Securities and Exchange Commission (SEC) is pointing private hospital entrepreneurs and administrators to the capital market for their expansion needs.

“The financing needs of the healthcare sector continue to grow, whether in expanding capacity, upgrading facilities, adopting new technologies, or improving service delivery,” SEC Chairman Francis E. Lim said. “While the public sector continues to lead major investments in infrastructure and service delivery, the private sector plays an equally important role—especially in areas of healthcare where there is a strong business case for expansion.”

Lim further explained that “public and private investments must complement each other to ensure that Filipinos across the country gain access to safe, modern and adequate health facilities.”

The SEC chairman cited a 2017

memorandum circular (“Securing and Expanding Capital for Hospital Entrepreneurs,” or “SEC Hopes”) that provides hospitals easy access to the capital market. The circular streamlines the registration process for the securities hospitals plan to offer to fund the construction of healthcare facilities.

Under the policy, the regulator shortened the review period for the registration of securities by hospitals to 28 days, from the standard of 45 days, through a “Simplified Registration Statement.”

As of December, the SEC has registered 18 private hospitals under “SEC Hopes,” with total registered shares of P19.95 billion and a total issue value of P17.05 billion.

With hospitals gaining better ac-

BUSINESSMIRROR FILE PHOTO

cess to capital, the regulator looks to address the shortage of hospitals in the country.

Currently, the hospital bed-topopulation ratio stands at 0.5 beds per 1,000 population, which should be raised to 2.7 beds per 1,000 population to meet the country’s rising healthcare demands, according to the Department of Health’s Philippine Health Facility Development

Vista Land nails 5-yr note facility

V

ISTA Land and Lifescapes Inc., the Villar-led property developer, announced last Monday of having secured a 5-year corporate note facility worth P13.61 billion.

Vista Land said in its disclosure to the local bourse that it made an initial drawdown amounting up to P7.22 billion at a fixed rate of 7.8947 percent per annum. “The proceeds of the corporate notes facility will be used to refinance existing or maturing obligations of the group and for the other general corporate purposes,” the company said.

According to the company, it entered into a corporate notes facility agreement with China Bank Capital Corp. as its sole arranger and bookrunner; China Banking Corp. through its Trust and Asset Management Group as facility and paying agent, notes registrar and security trustee and; the company’s units Brittany Corp., Crown Asia Properties Inc., Camella Homes Inc., Communities Philippines, Inc., Vista Residences Inc.

and Vistamalls, Inc. as subsidiary guarantors.

The company, early this month has settled the P3.5 billion retail bonds issued on December 21, 2018 using proceeds from advances provided by the company’s majority shareholders. The said retail bonds matured on December 22 this year.

By next year, Vista Land will also have a number of maturing debts.

It will have a some P10 billion debts falling due in April 4 next year.

These notes carry a fixed rate of between 7.61 percent and 7.63 percent.

By December next year, Vista Land will have another P10 billion in maturing debts.

For the nine months of the year ending September, the company’s net income rose 4 percent to P9.46 billion from the previous P9.07 billion.

Revenues rose by a slim 2 percent to P28.39 billion from the previous year’s P27.79 billion.

Real estate sales rose 3 percent to P13.98 billion for the nine months ending September from P13.59 bil-

ICTSI business unit in Brazil recognized

TOP REALTY GROUPS HAIL PAG-IBIG’S GROWTH T

T

ECON Suape S.A. (TSSA), the business unit of International Container Terminal Services Inc. (ICTSI) in Pernambuco, Brazil, is once again recognized as one of the country’s leading environmentally-responsible port facilities after receiving the “2025 Ocean Friend” seal.

The award underscores the company’s commitment to sustainability and ocean protection, read a statement issued by the ICTSI last Monday. (See https://www.ictsi.com/ news/tecon-suape-cited-environmental-stewardship) According to the ICTSI, the award was presented at an event organized by the Suape Port Industrial Complex (PIC). The event honors marine terminals that “demonstrate excellence in environmental compliance and the consistently adopt best-in-class sustainable practices across port operations.”

Continued on B2

OP real estate practitioners’ group hailed the phenomenal growth of the Home Development Mutual Fund (Pag-IBIG), as a big boost to President Marcos’ Pambansang Pabahay para sa Pilipino Program (4PH).

The National Real Estate Association (NREA), the biggest group of private real estate practitioners, cited Pag-IBIG being among the biggest and best-managed funds for both provident and housing needs of its members.

Ma. Loren B. Sales, 2026 NREA national president, in a press statement also expressed continued support to the leadership of Ms. Marilene C. Acosta, president and chief executive of Pag-IBIG, under whose leadership the agency’s total assets reached a phenomenal P1.2Trillion this year.

For her part, Consultant Imelda C. Magtoto, NREA Chairlady, said Ms. Acosta has not only managed

lion last year, primarily attributable to the increase in the overall completion rate of sold inventories of some of its business units as well as the recognition of the significant financing component for the period.

The company uses the percentage of completion method of revenue recognition where revenue is recognized in reference to the stages of development of the properties.

Brittany’s sales doubled to P2.37 billion from P1.15 billion last year, due to the increase in the number of sold homes completed or under construction as well as lots only in the Metro Manila area in the highend or upscale residential segment.

Sales from Vista Residences, meanwhile, fell 19 percent to P3.08 billion from P3.82 billion last year due to the decrease in the number of sold condominium units completed or under construction during the period.

Vista Residences is the business unit of Vista Land that develops and sells vertical projects across the Philippines.VG Cabuag

Pag-IBIG’s resources and affairs, but has done so effectively, efficiently and ethically. Ms. Acosta’s tenure is characterized and guided by the good governance principles of the administration of President Bongbong Marcos.

Celebrating its 45th anniversary this month (December), Pag-IBIG exemplified the principles of transparency, accountability, participation and responsiveness to the needs and welfare of its members as well as its industry partners, Ms. Magtoto pointed out.

As such, NREA, along with real estate practitioners in the country, also endorsed to President Marcos the continuance of Ms. Acosta’s tenure and service to Pag-IBIG members and industry partners, Board Chair Magtoto added.

NREA also expressed appreciation to President Marcos for his administration’s unrelenting efforts and support in addressing the housing situation in the country.

Plan 2020–2040.

“This is precisely why capital markets must remain open and accessible to all sectors and industries—including healthcare,” Lim said. “By providing hospitals with the ability to raise funds efficiently and transparently, we empower them to modernize facilities, scale operations, and bring quality care closer to communities that need it most.”

HE Ayala-led renewable energy firm ACEN Corp. announced that it has injected P17.4 million in fresh capital into its listed oil and gas subsidiary ENEX Energy Corp. to support the latter’s operational requirements.

Both companies confirmed the transaction in separate stock exchange disclosures last Monday, with ACEN subscribing to 17.4 mil lion non-voting prefer red shares at P1.00 per share.

“The subscription price will be used to fund the operational requirements of ENEX,” the filing stated.

The capital infusion follows ENEX’s earlier approval to issue or privately place up to 300 million preferred shares, which received board clearance on March 14, 2024, and stockholder approval on April 25, 2024.

T he ne w l y - i s s ue d s h a re s , drawn from ENEX’s unissued authorized capital stock, represent 1.3 percent of the company’s total outstanding shares. The funding comes months after ENEX halted its 1,100 -megawatt Batangas

Clean Energy (BCE) project in November due to difficulties in securing an offtake contract and attracting a third investor.

ENEX cited “uncertainties surrounding the project’s offtake arrangements” as key factors behind the decision, which it said aligns with parent firm ACEN’s clean energy pivot.

Despite shelving the BCE project, ENEX maintains upstream interests, including a 75-percent stake in the Cinco oil and gas prospect under Petroleum Service Contract 55 in offshore West Palawan. Pryce Gases holds the remaining 25 percent.

The Cinco prospect is estimated to contain 1.3 to 2.4 trillion cubic feet of gas and 45 million barrels of oil.

ACEN, which operates across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States, is targeting to deliver 20 gigawatts of capacity by 2030 and has committed to achieving net zero emissions by 2050.

Strengthening Trust and Inclusive Growth in a Transforming Economy

A

By TG Limcaoco

S 2025 draws to a close, the Philippines stands at an inflection point.

Global headwinds, technological disruption, and evolving consumer expectations are reshaping the financial landscape.

In this context, the question for institutions is not simply how to grow, but how to lead responsibly—how to build trust, foster inclusion, and enable progress in ways that strengthen the nation’s economic fabric.

For the Philippines, the banking sector has been a cornerstone of development, helping mobilize capital, expand access to credit, and support enterprise.

Among these institutions, BPI (Bank of the Philippine Islands), the country’s first bank, offers a compelling case study of how legacy and innovation can converge to advance shared prosperity. Its journey underscores a principle that resonates beyond banking: resilience and relevance are earned through purposedriven reinvention.

Inclusive Growth: Beyond Access to Impact

Financial inclusion is often framed as a matter of access—opening accounts, enabling transactions.

But true inclusion means impact: empowering households, entrepreneurs, and communities to participate meaningfully in the economy.

Programs like “May BPI Dito” bring essential banking services, such as account opening, digital banking, deposits, and withdrawals, directly to underserved areas through a network of partner supermarkets, drugstores, convenience stores, and pawnshops. Spearheaded

by BPI’s Agency Banking team, the program demonstrates how innovation can bridge structural gaps. This approach aligns with the Bangko Sentral ng Pilipinas’ vision of universal financial access and reflects a broader truth: inclusion is not charity; it is a growth strategy that strengthens national resilience.

Partnerships for Consumer Protection

In today’s digital economy, trust is no longer a soft value— it is infrastructure. Financial systems thrive when consumers believe their data, transactions, and identities are secure.

This is why cybersecurity and consumer protection have become national priorities. As financial transactions migrate online, safeguarding consumers against cyber-enabled fraud becomes a shared responsibility across government, industry, and civil society.

Collaborative initiatives such as the BPI CyberProtect Conference and CyberAcademy, which convene regulators, law enforcement, and industry leaders, illustrate how privatepublic partnerships can set new standards for digital safety.

These efforts complement legislative reforms like the AntiFinancial Account Scamming Act, a landmark policy that enhances safeguards against cyber-enabled fraud.

Consumer protection and cybersecurity initiatives underscore a critical insight: cybersecurity is not merely a technical challenge; it is an economic imperative. Institutions that invest in fraud analytics, authentication, and public education are not just protecting customers—they are reinforcing the foundations of inclusive growth in a connected world.

Innovation as a Catalyst for Competitiveness

Innovation is the currency of competitiveness. For economies like the Philippines, nurturing science and technology talent is essential to addressing systemic challenges—from climate resilience to digital transformation.

Public-private partnerships play a catalytic role in this process by empowering young innovators to develop solutions with real-world impact.

In the recently concluded BPIDOST Innovation Awards 2025, young innovators showcased projects that present solutions

to pressing challenges—from climate resilience to digital transformation.

These collaborations highlight a broader truth: sustainable progress depends on ecosystems that reward creativity and invest in human capital. Institutions that champion innovation are not only future-proofing themselves— they are helping future-proof the nation. By investing in science and technology talent, institutions help build an economy that is not only adaptive but competitive on a global scale.

A Legacy of Leadership, A Future of Shared Progress

BPI’s approaching 175th anniversary is more than a corporate milestone; it is a lens through which we can examine the evolving role of financial institutions in nation-building.

From mobilizing capital during postwar reconstruction to driving digital adoption today, the Bank’s history mirrors the country’s economic journey. Its recent expansion into wealth management in Singapore and sustained investments in digital infrastructure signal a readiness to lead in a future defined by connectivity and complexity.

The lesson is clear: enduring relevance requires more than strong balance sheets. It demands a commitment to nurturing trust, inclusion, and innovation—values that enable institutions to do more than weather change; they help shape it. These principles will be critical in translating optimism into opportunity.

As the country looks to 2026, BPI is championing “Do More Philippines.” For the Bank, this is not just a slogan; it is a call to action for every stakeholder in our economy. By working together—government, industry, and communities—we can build a financial ecosystem that uplifts every Filipino household and enterprise. In doing so, we honor the past while forging a future of shared progress.

Author’s bio: Jose Teodoro “TG” K. Limcaoco is the President and CEO of BPI (Bank of the Philippine Islands).

B2

Tuesday-Wednesday, December 30-31, 2025

PSE STOCK QUOTATIONS

Companies BusinessMirror

December 29, 2025

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 PBCOM PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL DOMINION HLDG FIRST ABACUS FERRONOUX HLDG MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

39.1 134.5 9.15 116.1 57 15.36 11.5 68.45 7.75 16.68 54.35 54 118 25.5 65.6 26.6 0.6 1.37 1.39 0.6 4.9 0.092 1,880 0.75 205.4 3,400 0.9

39.2 134.6 9.2 118.7 57.15 16.58 11.6 68.5 7.83 16.8 54.4 57.25 120 25.95 65.65 26.85 0.65 1.42 1.44 0.66 5 0.098 2,000 0.77 208 3,440 0.94

39.25 135.3 9.15 119.6 57.2 17.06 11.52 68 7.83 16.7 53 53.95 100.1 26 64.65 27 0.65 1.42 1.38 0.66 4.45 0.1 1,880 0.76 205 3,360 0.92

39.35 136.2 9.28 119.8 57.3 17.06 11.6 68.6 7.85 16.7 54.6 57.6 120 26 66.7 27 0.65 1.42 1.39 0.66 5.1 0.1 1,880 0.78 207 3,440 0.96

39.2 134.5 9.05 116.1 56.85 17.06 11.5 68 7.7 16.7 53 53.95 100.1 25.95 64.65 26.6 0.55 1.4 1.38 0.66 4.45 0.09 1,880 0.74 205 3,360 0.89

39.2 134.6 9.2 116.1 57 17.06 11.6 68.5 7.7 16.7 54.4 54 120 25.95 65.65 26.6 0.65 1.42 1.39 0.66 5 0.09 1,880 0.77 205.4 3,440 0.89

18,400 2,949,770 69,900 798,920 334,420 100 71,800 1,399,780 54,500 4,000 519,990 2,130 1,640 1,900 216,380 12,900 266,000 6,000 25,000 5,000 42,000 560,000 10 2,049,000 24,900 315 316,000

721,775 398,810,447 642,551 93,703,918 19,063,438 1,706 830,290 95,779,469 420,498 66,800 28,068,246 117,251.50 196,252 49,365 14,265,260 345,365 158,170 8,500 34,610 3,300 210,400 50,870 18,800 1,561,290 5,110,308 1,073,800 291,870

-19,650 31,910,563 -64,280 -30,527,847 538,209.50 2,300 19,850,481.50 6,508,504.50 -7,934,862.50 -147,520 -400 8,500 -2,000 18,800 2,423,846 1,056,600 80,710

INDUSTRIAL ACEN CORP 2.72 2.75 2.75 2.81 2.72 2.72 10,618,000 29,253,240 -1,528,000 ALSONS CONS 0.46 0.47 0.47 0.47 0.47 0.47 510,000 239,700 ALTERNERGY HLDG 0.82 0.84 0.84 0.85 0.79 0.84 1,138,000 927,370 147,300 ABOITIZ POWER 43 44 43.1 44 42.8 44 704,900 30,769,435 581,350 RASLAG 0.79 0.82 0.81 0.83 0.8 0.82 237,000 190,730 -25,730 BASIC ENERGY 0.114 0.117 0.116 0.117 0.114 0.117 750,000 86,840 CITICORE RE 4.12 4.28 4.25 4.28 4.2 4.28 76,000 321,810 -33,920 FIRST GEN 17.5 17.74 17.3 17.86 17.24 17.74 94,200 1,637,862 -18,964 FIRST PHIL HLDG 75 77 74.5 77 74 77 122,650 9,243,473.50 6,409,107 JOLLIVILLE HLDG 3.08 3.98 4.02 4.02 3.08 3.08 257,000 795,140 12,330 MERALCO 574 576 576 582 570 574 231,820 133,041,300 -51,085,850 MANILA WATER 40.25 40.3 39.8 40.45 39.8 40.3 1,150,300 46,365,475 15,021,185 MAYNILAD 16.72 16.9 16.7 16.9 16.5 16.9 4,761,500 79,923,400 35,063,562 PETRON 2.48 2.49 2.5 2.5 2.48 2.48 214,000 531,800 PETROENERGY 3.21 3.5 3.32 3.5 3.28 3.5 26,000 87,900 -10,010 REPOWER ENERGY 6.35 6.36 6.35 6.35 6.35 6.35 5,500 34,925 SEMIRARA MINING 28.1 28.25 28 28.25 27.7 28.25 682,200 19,109,620 9,185 SYNERGY GRID 16.54 16.56 16.56 16.78 16.52 16.56 1,281,300 21,288,932 -3,749,248 SHELL PILIPINAS 6.92 6.93 6.32 6.93 6.16 6.93 2,323,400 15,545,717 -358,244 SPC POWER 9.73 9.75 9.45 9.89 9.42 9.74 1,082,600 10,253,074 118,270 SP NEW ENERGY 1.16 1.17 1.15 1.18 1.15 1.17 11,967,000 13,962,960 48,390.00 TOP LINE 1.59 1.6 1.6 1.64 1.58 1.6 3,013,000 4,850,870 -705,010 VIVANT 18.3 21.95 19.44 19.44 19.44 19.44 100 1,944 AGRINURTURE 0.53 0.54 0.53 0.54 0.51 0.54 7,134,000 3,782,010 AXELUM 2.26 2.36 2.35 2.37 2.26 2.36 204,000 470,510 CENTURY FOOD 38.85 39 38.9 39.6 38.6 39 931,300 36,479,600 712,005 DEL MONTE 4.58 4.94 4.7 4.7 4.7 4.7 11,000 51,700 DNL INDUS 3.85 3.86 3.74 3.89 3.74 3.85 7,754,000 29,816,870 1,927,350 EMPERADOR 15.98 16.02 15.88 16.1 15.74 16 2,763,400 44,185,698 -503,338 SMC FOODANDBEV 54.05 55 55.4 55.45 53.1 55 125,020 6,841,854.50 -4,016,062.50 FIGARO GROUP 0.58 0.59 0.57 0.59 0.57 0.58 2,162,000 1,252,360 -953,460.00 FRUITAS HLDG 0.63 0.64 0.63 0.64 0.62 0.64 111,000 69,520 GINEBRA 291.2 295 290 295 290 295 5,270 1,544,262 210,636 JOLLIBEE 179 180 179.9 182 177.9 180 650,260 116,783,299 5,507,457 KEEPERS HLDG 2.39 2.48 2.4 2.48 2.38 2.48 3,715,000 9,025,120 -3,468,500 LIBERTY FLOUR 33.5 33.8 33.8 33.85 33.3 33.8 6,300 212,905 MACAY HLDG 6.6 6.99 6.6 6.99 6.6 6.99 200 1,359 MAXS GROUP 2.34 2.45 2.49 2.49 2.35 2.45 73,000 172,800 -18,900 MG HLDG 0.058 0.06 0.061 0.061 0.06 0.06 620,000 37,220 MONDE NISSIN 5.79 5.8 5.88 6 5.8 5.8 4,868,000 28,548,202 -56,514 SHAKEYS PIZZA 6.65 6.8 6.85 6.85 6.63 6.8 27,000 182,861 ROXAS AND CO 2.68 2.76 2.81 2.81 2.67 2.68 53,000 145,470 -90 RFM CORP 4.74 4.75 4.8 4.85 4.75 4.75 373,000 1,793,340 -960,520 SWIFT FOODS 0.047 0.048 0.051 0.053 0.046 0.047 2,510,000 118,270 9,220 UNIV ROBINA 67.2 67.3 66.5 67.5 66.5 67.3 559,660 37,640,771.50 -11,753,874.50 VITARICH 0.53 0.54 0.54 0.55 0.53 0.53 618,000 331,760 CONCRETE B 38 52.9 52.05 52.9 52.05 52.9 30 1,578.50 CONCREAT HLDG 1.05 1.09 1.05 1.1 1.05 1.09 14,000 15,070 EEI CORP 2.65 2.84 2.65 2.84 2.65 2.84 24,000 65,960 MEGAWIDE 2.92 2.99 2.96 2.99 2.92 2.99 150,000 440,850 -38,740 PHINMA 16.02 16.6 15.64 16.7 15.64 16.7 46,600 758,058 -4,800 SUPERCITY 9.1 9.1 9.1 9.1 9.1 3,600 32,760 TKC METALS 0.35 0.44 0.45 0.45 0.4 0.44 570,000 248,350 145,800 CROWN ASIA 1.67 1.68 1.65 1.68 1.64 1.68 47,000 77,740 8,250 EUROMED 1 1.07 1.05 1.05 0.98 1 8,000 8,210 -4,150 MABUHAY VINYL 4.96 5.19 5.15 5.19 5.15 5.19 3,000 15,534 PRYCE CORP 13.1 13.24 13.1 13.2 13.1 13.2 44,900 589,436 CONCEPCION 13.6 13.7 13.7 13.7 13.6 13.6 28,000 383,270 GREENERGY 0.175 0.18 0.17 0.18 0.17 0.18 5,720,000 1,020,160 -1,780 INTEGRATED MICR 3.46 3.47 3.65 3.65 3.42 3.47 302,000 1,076,220 304,090 IONICS 1.01 1.02 1.02 1.05 1.01 1.02 554,000 566,470 51,000 PANASONIC 10.6 10.8 10.6 10.9 10.6 10.8 81,700 887,210 CIRTEK HLDG 0.63 0.64 0.63 0.64 0.63 0.63 220,000 138,880 STENIEL 2.12 2.16 2.18 2.18 2.18 2.18 28,000 61,040

HOLDING & FRIMS

ABACORE CAPITAL 0.26 0.265 0.28 0.29 0.26 0.26 49,490,000 13,099,350 -9,440,200 ASIABEST GROUP 18.6 18.78 18.9 19.96 18.78 18.78 183,300 3,497,186 AYALA CORP 467 468 456 468 456 468 144,780 67,401,898 8,827,846 ABOITIZ EQUITY 28 28.05 27.5 28.1 27.5 28 889,500 24,827,285 4,116,660 ALLIANCE GLOBAL 8.17 8.19 7.72 9 7.72 8.19 20,958,600 173,907,952 -47,731,413 ANSCOR 13.56 14.3 13.6 14.4 13.36 14.4 69,500 957,676 248,400 ANGLO PHIL HLDG 0.7 0.72 0.7 0.72 0.68 0.7 1,506,000 1,068,540 COSCO CAPITAL 6.99 7 7 7.04 6.99 6.99 390,200 2,730,205 657,102 DMCI HLDG 10.54 10.56 10.38 10.54 10.36 10.54 3,084,200 32,303,522 1,328,992 FILINVEST DEV 4.48 4.55 4.55 4.6 4.5 4.55 60,000 272,780 FJ PRINCE A 2.6 2.64 2.21 2.6 2.21 2.6 4,000 10,010 GT CAPITAL 593 595 583 603 583 595 702,530 419,015,370 93,684,995 JG SUMMIT 23.65 23.7 23.4 23.7 23.4 23.65 2,528,100 59,765,485 16,791,205 LODESTAR 0.35 0.37 0.35 0.35 0.35 0.35 30,000 10,500 LOPEZ HLDG 3.72 3.73 3.71 3.72 3.71 3.72 164,000 609,760 -490,880 LT GROUP 14.74 14.78 14.5 14.8 14.48 14.78 1,834,000 26,817,278 10,610,810 PRIME MEDIA 1.2 1.3 1.11 1.3 1.11 1.3 106,000 131,430 SOLID GROUP 1.23 1.28 1.21 1.27 1.21 1.27 286,000 362,310 14,760 SM INVESTMENTS 699 699.5 700 702.5 695 699.5 308,690 215,920,505 -103,168,950 SAN MIGUEL CORP 81.05 82 81.95 82.25 80.6 82 410,490 33,619,185.50 -23,540,028.50 SEAFRONT RES 1.91 2.33 2.02 2.36 2.02 2.36 18,000 37,190 -2,020 TOP FRONTIER 55.7 61 61 61 60 61 2,050 125,010 -1,220 WELLEX INDUS 0.26 0.3 0.26 0.26 0.26 0.26 50,000 13,000 ZEUS HLDG 0.067 0.074 0.069 0.069 0.067 0.067 170,000 11,520

PROPERTY ARTHALAND CORP 0.415 0.425 0.415 0.42 0.415 0.42 90,000 37,700 -4,200 AYALA LAND 22.4 22.45 22.4 22.65 22.1 22.45 8,538,900 191,781,045 -14,313,860 AYALA LAND LOG 1.3 1.31 1.31 1.32 1.29 1.3 4,146,000 5,389,590 ALTUS PROP 8.4 8.5 8.4 8.4 8.4 8.4 100 840 ARANETA PROP 0.41 0.42 0.415 0.415 0.4 0.4 9,350,000 3,832,400 -4,100 AREIT RT 43.5 43.75 44 44 43.25 43.5 866,800 37,684,990 -15,764,235 A BROWN 0.92 0.93 0.93 0.93 0.92 0.93 146,000 135,580 CITYLAND DEVT 0.58 0.6 0.6 0.61 0.59 0.59 78,000 46,500 CROWN EQUITIES 0.072 0.073 0.073 0.073 0.072 0.072 22,330,000 1,608,260 CEB LANDMASTERS 2.34 2.35 2.35 2.35 2.34 2.35 145,000 340,350 CENTURY PROP 0.69 0.7 0.67 0.7 0.67 0.69 6,092,000 4,187,700 2,010 CITICORE RT 3.57 3.58 3.57 3.6 3.57 3.57 1,492,000 5,337,510 -68,080 DOUBLEDRAGON 9.1 9.28 9.2 9.29 9.1 9.28 48,500 446,256 928.9999 DDMP RT 1.02 1.03 1.02 1.03 1.01 1.02 5,600,000 5,710,690 103,020 DM WENCESLAO 4.61 4.84 4.84 5 4.84 5 20,000 97,480 -39,080 EMPIRE EAST 0.104 0.105 0.105 0.105 0.104 0.104 310,000 32,250 FILINVEST RT 3.07 3.1 3.02 3.1 3.01 3.1 410,000 1,251,510 89,650 FILINVEST LAND 0.77 0.78 0.76 0.77 0.76 0.77 1,416,000 1,089,520 -14,580 GLOBAL ESTATE 0.69 0.72 0.69 0.74 0.69 0.69 2,522,000 1,758,710 -31,800 GOLDEN MV 952.5 1,000 1,000 1,000 1,000 1,000 155 155,000 PHIL INFRADEV 0.315 0.33 0.32 0.325 0.315 0.315 180,000 57,600 KEPPEL PROP 2.26 2.47 2.47 2.47 2.2 2.2 7,000 15,670 -13,200 CITY AND LAND 0.53 0.54 0.53 0.53 0.53 0.53 58,000 30,740 MEGAWORLD 2.08 2.09 2.06 2.09 2.06 2.08 4,886,000 10,161,460 3,948,340.00 MRC ALLIED 0.86 0.87 0.86 0.88 0.84 0.87 28,353,000 24,803,780 -4,763,380 MREIT RT 13.98 14 14 14.02 13.96 14 704,700 9,860,314 -2,787,190 OMICO CORP 0.1 0.109 0.101 0.101 0.101 0.101 100,000 10,100 1,010 PREMIERE RT 1.01 1.02 1.02 1.03 1.01 1.02 479,000 486,550 PRIMEX CORP 1.13 1.28 1.13 1.28 1.13 1.28 14,000 16,220 RL COMM RT 8.01 8.02 7.9 8.02 7.9 8.02 10,437,700 83,483,173 34,667,819 ROBINSONS LAND 16.16 16.2 16.16 16.38 16.16 16.16 334,500 5,440,264 4,713,092 ROCKWELL 1.85 1.9 1.9 1.97 1.84 1.85 911,000 1,692,060 -3,730 SHANG PROP 3.5 3.54 3.42 3.56 3.42 3.54 196,000 675,020 STA LUCIA LAND 2.41 2.58 2.58 2.6 2.58 2.6 11,000 28,480 SM PRIME HLDG 22.75 22.9 23.6 23.6 22.75 22.75 6,761,300 155,489,500 -85,620,015 VISTAMALLS 1.15 1.25 1.15 1.3 1.1 1.25 87,000 100,530 5,500 SUNTRUST RESORT 0.74 0.76 0.76 0.76 0.7 0.76 467,000 343,620 VISTA LAND 1.03 1.04 0.93 1.04 0.93 1.04 3,896,000 3,936,950 491,940 VISTAREIT RT 1.35 1.37 1.34 1.37 1.32 1.37 761,000 1,021,140 223,750

SERVICES ABS CBN 4.21 4.25 4.28 4.34 4.2 4.21 155,000 661,290 GMA NETWORK 5.41 5.45 5.38 5.45 5.38 5.41 313,000 1,693,665 MANILA BULLETIN 0.164 0.179 0.164 0.164 0.164 0.164 20,000 3,280 GLOBE TELECOM 1,584 1,585 1,585 1,585 1,573 1,584 8,935 14,127,545 -1,640,310 PLDT 1,257 1,260 1,265 1,278 1,255 1,260 54,030 68,080,990 -28,979,630 APOLLO GLOBAL 0.005 0.0051 0.0049 0.0051 0.0049 0.005 127,000,000 630,600 CONVERGE 15.3 15.32 14.96 15.4 14.92 15.32 2,444,700 37,312,614 6,169,300 DFNN INC 0.79 0.8 0.81 0.81 0.8 0.8 71,000 57,050 -36,800 DITO CME HLDG 0.68 0.69 0.65 0.7 0.65 0.68 15,142,000 10,342,690 3,114,570 ISLAND INFO 0.123 0.126 0.124 0.126 0.123 0.123 1,170,000 144,900 NOW CORP 0.68 0.69 0.68 0.69 0.68 0.68 748,000 512,880 TRANSPACIFIC BR 0.133 0.135 0.136 0.136 0.131 0.133 580,000 76,430 ASIAN TERMINALS 34.5 34.65 34.45 34.65 34.45 34.5 175,900 6,067,270 CHELSEA 0.92 0.95 0.91 0.95 0.9 0.95 431,000 408,250 CEBU AIR 31.95 32 32.65 33.95 32 32 970,700 31,455,810 -28,345,440 INTL CONTAINER 567 567.5 570 576 566 567 461,830 263,717,805 25,932,975 LBC EXPRESS 8.1 8.8 8.87 8.87 8.8 8.8 600 5,306 LORENZO SHIPPNG 0.61 0.64 0.61 0.62 0.61 0.61 6,000 3,670 -1,220 MACROASIA 4.3 4.34 4.23 4.36 4.23 4.34 95,000 406,470 -4,340 PAL HLDG 3.77 3.8 3.8 3.8 3.65 3.8 27,000 100,090 10,720 HARBOR STAR 0.56 0.59 0.49 0.59 0.49 0.59 200,000 109,840 -1,640 BOULEVARD HLDG 0.039 0.042 0.043 0.043 0.039 0.039 9,700,000 395,100 CENTRO ESCOLAR 15.7 15.74 15.32 15.78 15.32 15.7 37,200 585,224 FAR EASTERN U 800 814.5 800 800 800 800 20 16,000 IPEOPLE 5.99 6.26 6.26 6.26 6 6 800 4,904 STI HLDG 1.4 1.41 1.41 1.42 1.4 1.41 916,000 1,290,840 5,640 BELLE CORP 1.32 1.34 1.33 1.37 1.31 1.32 142,000 188,240 BLOOMBERRY 2.53 2.54 2.58 2.58 2.54 2.54 6,566,000 16,699,980 1,877,050 PACIFIC ONLINE 1.7 1.8 1.75 1.75 1.7 1.7 22,000 38,250 PH RESORTS GRP 0.133 0.14 0.137 0.139 0.133 0.133 740,000 101,290 -11,040 DIGIPLUS 16 16.2 15.98 16.58 15.74 16.2 6,627,900 106,637,306 1,758,818 PHIL RACING 6.6 7 5.06 6.6 5.06 6.6 2,400 14,572 PHILWEB 6.2 6.32 6.2 6.39 6.2 6.2 1,067,300 6,731,226 35,038 ALLDAY 0.031 0.034 0.033 0.033 0.031 0.031 11,300,000 353,900 BERJAYA 7.08 9 8.3 9.6 8.3 9 37,700 330,535 ALLHOME 0.237 0.246 0.24 0.24 0.235 0.237 170,000 40,670 METRO RETAIL 1.14 1.15 1.15 1.15 1.12 1.15 61,000 69,900 PUREGOLD 37.95 38 37.95 38.3 37.35 38 343,700 13,045,365 2,310,420 ROBINSONS RTL 33.05 33.35 33.45 33.45 33 33.05 674,200 22,439,910 -2,530,435 PHIL SEVEN CORP 37 37.1 37.65 37.7 37 37 313,400 11,728,085 247,475 SSI GROUP 2.54 2.63 2.48 2.63 2.46 2.63 284,000 730,660 50,800 UPSON INTL CORP 0.69 0.7 0.71 0.71 0.7 0.7 51,000 35,840 WILCON DEPOT 6.95 6.96 6.94 6.97 6.94 6.96 829,700 5,774,506 -5,403,791 APC GROUP 0.106 0.108 0.108 0.109 0.106 0.106 810,000 87,440 7,430 MEDILINES 0.245 0.255 0.26 0.26 0.245 0.26 110,000 27,500 4,900 PAXYS 2.5 2.62 2.61 2.61 2.61 2.61 3,000 7,830 PRMIERE HORIZON 0.237 0.238 0.234 0.237 0.234 0.237 1,310,000 309,100 -35,400 PHILCOMSAT 1.63 1.84 1.84 1.84 1.84 1.84 14,000 25,760 SBS PHIL CORP 3.54 3.89 3.7 3.89 3.7 3.89 45,000 172,480

MINING & OIL ATOK 2 2.05 2 2.09 1.9 2.06 44,000 86,860 -32,590 APEX MINING 12.42 12.44 12.96 13 12.38 12.44 8,244,700 103,987,346 3,972,202 ATLAS MINING 6.02 6.03 5.8 6.08 5.8 6.03 3,068,800 18,354,170 864,368 BENGUET A 4.9 4.98 4.7 5 4.7 5 210,000 1,022,050 BENGUET B 4.5 4.83 4.83 4.83 4.83 4.83 2,000 9,660 CENTURY PEAK 2.27 2.39 2.39 2.39 2.39 2.39 25,000 59,750 59,750 DIZON MINES 4.88 5 4.76 5.1 4.76 5 8,500 42,312 FERRONICKEL 1.28 1.35 1.31 1.35 1.23 1.35 1,555,000 2,056,860 1,402,240 GEOGRACE 0.078 0.087 0.087 0.087 0.087 0.087 30,000 2,610 LEPANTO A 0.185 0.187 0.186 0.187 0.183 0.185 25,510,000 4,722,610 LEPANTO B 0.183 0.187 0.19 0.19 0.187 0.187 170,000 32,000 MANILA MINING A 0.0072 0.0073 0.0074 0.0074 0.0073 0.0073 105,000,000 776,800 MANILA MINING B 0.0071 0.0074 0.0072 0.0072 0.0072 0.0072 2,000,000 14,400 MARCVENTURES 0.69 0.7 0.69 0.71 0.69 0.7 580,000 409,780 NIHAO 0.315 0.35 0.335 0.335 0.315 0.315 140,000 45,600 -39,050 NICKEL ASIA 3.88 3.89 3.9 3.97 3.79 3.89 13,112,000 51,176,460 -18,368,820 OCEANAGOLD 32 32.2 32.3 32.5 31.9 32.2 3,700,300 119,004,100 -9,500,080 ORNTL PENINSULA 0.375 0.39 0.39 0.39 0.37 0.37 110,000 42,200 PX MINING 9.9 9.94 10.28 10.28 9.87 9.9 4,529,700 45,077,074 -5,263,004 UNITED PARAGON 0.0055 0.0058 0.0057 0.0058 0.0057 0.0058 14,000,000 80,100 ENEX ENERGY 3.23 3.34 3.3 3.34 3.3 3.34 4,000 13,240 -3,340 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 600,000 6,700 ORNTL PETROL B 0.011 0.012 0.011 0.012 0.011 0.012 700,000 8,100 1,200 PHILODRILL 0.0086 0.0089 0.009 0.009 0.0089 0.0089 7,000,000 62,900 -8,900 PXP ENERGY 2.38 2.4 2.39 2.4 2.38 2.38 70,000 167,410

PREFFERED ACEN PREF A 1,010 1,012 1,010 1,010 1,010 1,010 15 15,150 ACEN PREF B 1,065 1,070 1,070 1,070 1,070 1,070 20 21,400 AC PREF AR 2,540 2,550 2,540 2,540 2,540 2,540 170 431,800 406,400 BRN PREF C 102.5 105.5 102.7 105.5 101.6 105.5 1,400 143,445 CEB PREF 34 34.9 35.1 35.1 35 35 10,800 378,080 -14,040 CLI PREF A2 1,015 1,050 1,069 1,073 1,069 1,073 230 246,310 CPG PREF B 100.1 102 102 102 102 102 10 1,020 DD PREF 97 97.8 97 97.95 96.95 97 11,540 1,121,158 EEI PREF B 97.3 98.4 98.4 98.4 98.4 98.4 10,550 1,038,120 GTCAP PREF B 980 1,000 1,000 1,000 1,000 1,000 15 15,000 JFC PREF B 980 994 994 994 994 994 10 9,940 MWIDE PREF 5 96.05 102.9 103 103 103 103 10 1,030 MWIDE PREF 6C 103 103.8 103.8 103.8 103.8 103.8 100 10,380 MWIDE PREF 7A 100.4 101 101 101 100.4 100.4 520 52,220 MWIDE PREF 7B 104.1 105 105 105 105 105 520 54,600 PCOR PREF 3B 1,001 1,005 1,000 1,005 1,000 1,005 425 425,700 PCOR PREF 4C 1,000 1,009 1,009 1,009 1,009 1,009 10 10,090 SMC PREF 2I 74.5 75.15 74.5 74.5 74.5 74.5 890 66,305 SMC PREF 2N 80 80.8 80 80.5 80 80.5 5,000 402,000 SMC PREF 2O 80 81 81.5 81.5 79.15 81 6,070 483,811 800 SMC PREF 2P 75.1 77 80 80 77 77 50 3,910 -1,600 SMC PREF 2Q 73.8 77.8 77.8 77.8 77.8 77.8 10 778 -778 SMC PREF 2R 76 77 76 77.5 76 77.5 20 1,535 SMC PREF 2S 77.8 77.9 77.8 77.8 77.8 77.8 20 1,556 SMC PREF 2T 76.5 79.5 76.5 76.5 76.5 76.5 10 765 SMC PREF 2U 76 77.4 77 77.3 76 76 2,660 203,263 -38,400 TECH PREF B2C 12.16 12.96 13 13 13 13 1,100 14,300 TECH PREF B2D 8.26 8.38 8.25 8.26 8.25 8.26 800 6,602 VLL PREF 2A 85.25 91.95 90.6 91.95 90.6 91.95 50 4,544.50 VLL PREF 2B 90 91.65 91.75 91.75 90 90 1,550 141,900.50 -

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

3.41 4.46 5.29 5.32 5.28 5.29 5.28 5.29 27,800 147,050 1.15

SMALL, MEDIUM & EMERGING

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH LFM PROP MERRYMART XURPAS NEXGEN ENERGY

0.345 0.36 1.06 0.84 1.19 0.039 0.39 0.24 3.03

1.17

1.17

1.24

1.11

1.17

3,941,000

4,617,720

-21,600

0.35 0.38 1.08 0.87 1.36 0.041 0.4 0.248 3.18

0.36 0.37 1.08 0.84 1.19 0.041 0.4 0.24 3.17

0.36 0.37 1.1 0.87 1.19 0.041 0.4 0.248 3.18

0.325 0.36 1.08 0.84 1.19 0.041 0.39 0.237 3.17

0.35 0.36 1.1 0.87 1.19 0.041 0.4 0.248 3.18

410,000 400,000 324,000 29,000 2,000 100,000 100,000 240,000 6,000

138,100 147,650 353,650 24,390 2,380 4,100 39,700 57,440 19,050

7,350 -9,510

EXHANGE TRADE FUNDS FIRST METRO ETF

100.2

-

101

99 101 98 101 30,870 3,094,856 -110,907

www.businessmirror.com.ph

Citicore Power streamlines unit’s ownership structure

C

By VG Cabuag @villygc & Lorenz S. Marasigan @lorenzmarasigan

ITICORE Power Inc. announced last Monday of having declared property dividends to its shareholders, redistributing its majority stake in listed Citicore Renewable Energy Corp. (CREC) to streamline the ownership structure of the renewable energy developer.

Based on a disclosure to the local bourse, Citicore Power will distribute its 5.58-billion common shares in CREC proportionally to its two shareholders: Citicore Holding Investments Inc. (CHII) and Purple Seed Capital Holding Inc. (PSCHI).

CHII, which owns 80 percent of Citicore Power, will receive 4.47 billion CREC shares equivalent to a 40.03 percent direct stake. PSCHI, holding the remaining 20 percent of Citicore Power, will receive 1.12 billion CREC shares representing a

10.01 percent direct stake.

CHII is owned by CREC Chairman Edgar B. Saavedra while PSCHI is owned by CREC President and CEO Oliver Y. Tan. “We will still maintain majority and management control. This will ensure continuity in governance, leadership, and strategic oversight over CREC,” Tan was quoted in a statement as saying.

The restructuring allows Saavedra and Tan to hold their stakes in CR EC more directly while collectively maintaining majority ownership and management control over the company and its subsidiaries.

Tan said the property dividend distribution will not affect CREC’s ongoing business strategies and project pipeline, nor impact the company’s ability to meet obligations under existing loan agreements.

“We remain fully aligned in our strategic direction and fully committed to sustaining CREC’s momentum in the renewable energy sector. This initiative strengthens our shareholders’ ability to support CREC’s continued expansion, while preserving stability and transparency across our operations,” Tan said.

The payment of property dividends is subject to securing necessary approvals and consents from government agencies and relevant third parties.

CREC is one of the country’s largest solar energy developers, managing a diversified portfolio of renewable energy generation projects including solar, hydro and wind facilities.

The company also engages in power project development operations and participates in retail electricity supply.

Aboitiz ends airport improvements A

BOITIZ InfraCapital Inc. (AIC) announced it has completed a series of safety and contingency improvements at Bohol-Panglao International Airport (BPIA) and Laguindingan International Airport (LIA).

The enhancements at the country’s sixth- busiest and ninthbusiest airports focus on fire safety, emergency preparedness, and passenger comfort, according to AIC President and CEO Cosette V. Canilao.

“Our commitment goes beyond infrastructure—it is about making every flight safer, every journey more reliable, and every airport experience more worldclass. These improvements at BPIA and LIA show our longterm vision: provincial gateways that meet global standards and strengthen Philippine competitiveness in tourism, travel, and trade,” Canilao was quoted in a statement as saying.

The AIC upgraded the fire detection alarm system at the Laguindingan International Airport to improve early hazard identification, enabling faster response and evacuation when needed.

The airport team also participated in an awareness and data assessment workshop conducted by the Civil Aviation Authority of the Philippines’s Aeronautical

Information Services earlier this month to ensure accurate and updated aeronautical information crucial for safe aircraft operations.

At the Bohol-Panglao International Airport, the AIC conducted technical assessments of firefighting equipment, including the pump engine driven starter, fire pump house and the pump house’s booster pump, to ensure system integrity during crisis events.

The airport also completed cleaning of its sewage treatment plant to ensure safe disposal processes and maintain a hygienic env ironment, a long w ith the cleaning of ventilation and air conditioning units to improve air quality and passenger comfort.

“We commend AIC Airports for their commitment to safety and resilience at Laguindingan and Bohol-Panglao International Airports. Beyond compliance, these mirror our strong partnership and thrust toward safer airports nationwide,” said Transportation Secretary Giovanni Z. Lopez.

AIC is developing a network of airports across the country expected to collectively handle around 16 million passengers by year-end, or over 20 percent of the country’s passenger traffic. Aside from BPIA and LIA, the AIC also operates the Mactan-Cebu International Airport.

ICTSI business unit in Brazil recognized Continued from B1

By recognizing our partners, Suape reaffirms its vision that economic development and environmental protection go hand in hand, José Constantino, Suape PIC director of port development and management, was quoted in the statement.

“Today, we celebrate not only companies that meet requirements, but strategic partners who share the responsibility for the ocean and ensuring a more sustainable future for the next generations,” Constantino added.

According to the ICTSI, Tecon Suape stood out for its proactive environmental management, align-

ing its operations with global sustainability frameworks, including the United Nations’s “Decade of the Ocean” and the “2030 Agenda for Sustainable Development.” The latter is particularly referring to “Sustainable Development Goal 14: Life Below Water.”

“Moreover, the award reinforces ICTSI’s longstanding strategy of integrating environmental stewardship into every stage of terminal development and daily operations,” read the statement.

In April 2001, ICTSI, won the bid to develop, construct and manage the operations of the Suape Container Terminal in Pernambuco, Brazil, under a 30-year concession.

MUTUAL FUNDS

December 29, 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. -A214.77 -2.5% 1.07% -1.08% -1.39% -2.09% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.1534 19.95% 17.39% 10.47% 6.29% 18.64% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.861 -4.35% -0.56% -1.77% -2.44%-4.11% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7535 1.4% 2.97% -1.21% N.A5.61% FIRST METRO CONSUMER FUND, INC. -A 0.5546 -12.25% -5.03% -5.64% N.A -13.02% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.383 -5.73% -1.87% -2.33% -1.84% -5.61% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6433 -7.21% -2.85% -3.26% N.A-7.24% MBG EQUITY INVESTMENT FUND, INC. -A 88.64 24.7% 5.7% -2.52% N.A 24.64% PAMI EQUITY INDEX FUND, INC. -A 41.4539 -5.33% -1.36% -2.37% -1.21% -5.18% PHILAM STRATEGIC GROWTH FUND, INC. -A 451.09 -2.82% 0.56% -1.56% -1.16% -2.42% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.554 12.13% 10.06% 5.98% 2.82% 11.45% PHILEQUITY FUND, INC. -A34.5251 -1.64% 1.26% -0.04% 0.18% -1.47% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.8941 0.1% 1.81% -0.35% N.A 0.89% PHILEQUITY PSE INDEX FUND, INC. -A 4.4801 -3.47% -0.12% -1.29% -0.32% -3.31% PHILIPPINE STOCK INDEX FUND CORP. -A 736.55 -4.48% -0.56% -1.63% -0.55% -4.35% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7047 -1.32% 1.64% -0.39% -1.94% -1.12% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.2174 -8.16% -1.49% -2.33% -1.76%-7.94% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8258 -5.45% -1.04% -2.04% -0.81%-5.32% UNITED FUND, INC. -A3.25522.52% 1.71% -0.37% 0.33% 2.91% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0353 -4.47% -0.66% N.A N.A -4.31% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0451 -1.13% N.A N.A N.A -0.94% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9482 -7.86% -3% -2.6% N.A -8.55% PHILIPPINE STOCK INDEX FUND CORP. -A 888.39 -5.16% -0.78% N.A N.A -5.04% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 100.2245 -4.9% -0.3% -1.35% -0.04%-4.77% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0118 20.57% 5.67% -3.12% 1.25% 21.86% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.2183 14.04% 15.97% 5.85% N.A 15.19% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1456 0.44% 0.8% -1.2% 0.04% 0.65% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6403 4.63% 3.33% -0.31% -0.6%5.14% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4635 -2.2% -0.5% -1.25% -0.87%-2.07% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2305 6.07% 6.3% 3.06% N.A6.22% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.0031 0.62% 0.95% 0.4% 1.12% -0.44% PAMI HORIZON FUND, INC. -A3.7949 2.53% 3.34% 0.06% 0.62% 2.84% PHILAM FUND, INC. -A16.0313-0.89% 1.97% -1.07% 0.02% -0.67% SOLIDARITAS FUND, INC. -A2.106 -0.24% 1.96% 0.13% 0.51% 0.15% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.4411 -1.74% 1.14% -0.7% -0.45%-1.51% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9124 -1.79% 1.31% 0.56% -0.18% -1.6% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.979 1.61% 2.28% -0.85% N.A 1.61% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8432 -2.12% 0.31% -2.3% N.A -2.03% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8122 -3.69% -0.4% -2.7% N.A -3.55% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03431 6.32% 1.92% -2.6% -0.31% 6.88% PAMI ASIA BALANCED FUND, INC. -B $1.2036 23.71% 10.14% 1.05% 3.11% 24.08% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.3255 11.58% 11.45% 3.42% 5.51%12.34% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1817 8.46% 6.68% 0.3% N.A8.81% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A419.7 4.12% 3.58% 2.5% 2.66% 4.13% ATRAM CORPORATE BOND FUND, INC. -A 1.958 2.74% 1.45% 0.6% 0.31% 2.71% COCOLIFE FIXED INCOME FUND, INC. -A 3.5812 3.23% 3.7% 2.19% 3.49% 3.27% EKKLESIA MUTUAL FUND, INC. -A 2.4539 3.71% 4.05% 1.34% 1.87% 3.93% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5696 3.06% 2.42% 0.94% 1.54%3.15% PHILAM BOND FUND, INC. -A4.6074 3.53% 3.48% -0.11% 1.47% 3.77% PHILAM MANAGED INCOME FUND, INC. -A 1.5212 4.88% 4.85% 2.86% 2.77% 4.91% PHILEQUITY PESO BOND FUND, INC. -A 4.3158 3.7% 3.7% 1.53% 2.18% 3.77% SOLDIVO BOND FUND, INC. -A1.1208 4.03% 3.29% 1.48% 2.03% 4.09% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.5515 3.71% 4.08% 2.1% 2.77% 3.85% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8851 3.58% 3.56% 1.45% 2.15% 3.7% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $528.75 3.66% 3.28% 1.79% 2.37% 3.57% ALFM EURO BOND FUND, INC. -AЄ223.68 2.1% 2.18% 0.41% 0.82% 2.13% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0751 3.67% 2.08% -3.43% -0.17% 3.61% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0265 6% 3.65% -0.08% 0.87%6% PAMI GLOBAL BOND FUND, INC. -B $1.0593 22.75% 6.93% -0.62% 0.09% 23.17% PHILAM DOLLAR BOND FUND, INC. -A $2.4787 6.81% 4.37% -0.44% 1.63% 6.84% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0644113 3.54% 2.41% 0.63% 1.51% 3.52% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9291 6.88% 2.4% -1.89% 0.32%6.59% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1659 3.08% N.A N.A N.A 3.05% ALFM MONEY MARKET FUND, INC. -A 148.7 4.45% 3.72% 2.76% 2.67% 4.37% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.1971 3.89% 3.71% 2.7% N.A3.72% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.4809 3.92% 3.44% 2.7% 2.65% 3.86% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 113.86 4.35% 4.27% N.A N.A 4.26% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1761 3.08% 3.21% 2.25% N.A 3.03% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 46.1055 3.36% 2.02% N.A N.A 3.83% SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.1646 21.4% 20.4% 14.21% N.A22.97% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1091 4.92% N.A N.A N.A 5.53% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8158 2.41% 0.82% -3.6% N.A 3.27%

A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE.

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

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

“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.”

Editor: Jennifer A. Ng

Companies BusinessMirror

Thursday, October 9, 2025

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Tuesday-Wednesday, December 30-31, 2025

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B4 Tuesday - Wednesday, December 30 - 31, 2025

Driven by Passion: Inside the Culture That Makes Megaworld Hotels & Resorts a Great Place To Work

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ospitality is often seen through the lens of warm smiles and flawless guest experiences, but behind every welcoming gesture is work that demands both physical endurance and emotional strength. A career in the service industry means long hours on one’s feet and the ability to show genuine care. It requires an unwavering commitment to serve others well, no matter the circumstance.

Megaworld Hotels & Resorts’ Managing Director, Cleofe Albiso, and Group General Manager, Arturo Boncato, accepted the Tourism Industry Excellence Award from Tourism Secretary Cristina Garcia Frasco joined by Undersecretaries Verna Buensuceso and Rica Bueno at the first Philippine Tourism Awards.

“Hospitality is demanding work, and we recognize that excellence cannot be sustained without a culture that genuinely cares for its people. Being recognized as a Great Place To Work affirms what we have always believed— that when employees feel respected, included, and inspired by purpose, their passion naturally translates into meaningful guest experiences.

Our culture is built on the Circle of Happiness and the Sampaguita brand of service, reminding us that caring for our people is at the very heart of caring for our guests,” Cleofe Albiso, Managing Director of Megaworld Hotels & Resorts said.

At Megaworld Hotels & Resorts (MHR), passion is what sustains the work and gives it meaning. It is the driving force behind a workplace culture that values people as much as performance, and the reason the organization has earned recognition as a Great Place To Work. The award reflects a deeply ingrained belief that when employees are inspired and supported, genuine love for work naturally follows.

At the heart of Megaworld Hotels & Resorts’ success lies its distinctive Circle of Happiness (COH) framework, which is a guiding philosophy that shapes the company’s culture and values. This holistic approach fosters a workplace where individuals are inspired to thrive not only as employees, but as people.

Centered on five pillars—Love for Self, Love for Work, Love for Family, Love for Country, and Love for God—the Circle of Happiness encourages employees to find deeper purpose, joy, and meaning in their daily work.

A key expression of this culture is through MHR’s signature Sampaguita

brand of service, a symbol of warm, heartfelt hospitality deeply rooted in Filipino tradition. It embodies the Filipino spirit and national pride, grounded in the symbolism of the Sampaguita flower’s five petals: love, honor, dignity, healing, and the Philippine flag. These values serve as guiding principles for every associate, shaping the way they engage with guests with kindness, sincerity, and a deep sense of purpose.

From the Circle of Happiness and the Sampaguita stem initiatives that translate values into action. One of the most defining is inclusivity, the belief that a great workplace thrives when everyone is given equal opportunity to grow, lead, and succeed.

A recent employee survey revealed that 95 percent of employees affirmed that individuals are treated fairly, regardless of gender or sexual orientation. What was once a leadership team composed of 80 percent men has evolved significantly; today, women make up 51 percent of total decision-makers across the organization.

Since 2019, 74 women across MHR’s 14 properties have been promoted into larger roles.

Moreover, MHR is the first Philippines’ hotel chain to achieve 100 percent accreditation as a MuslimFriendly Accommodation Establishment from the Department of Tourism. MHR ensures that both guests and employees are supported in practicing their faith with dignity and ease.

By championing inclusivity, Megaworld Hotels & Resorts fosters better collaboration across departments and encourages diverse perspectives that fuel innovation. The result is a workplace where individuality is respected, voices are heard,

SHFC recognizes exemplary community leadership, performance through HOME Awards

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and leadership reflects the diversity of the people it serves.

Driven by passion for long-term growth, MHR also invests heavily in developing future leaders from within. The Next Gen Leadership Council (NGLC) is a forwardthinking development program designed to prepare young associates for greater leadership roles and responsibilities as the organization continues to expand.

From an initial pool of 70 applicants, 25 associates aged 23 to 34, representing various departments and properties, were selected to undergo an intensive eight-month leadership program. The program combines curated lectures with cross-property exposure to all facets of hotel operations and corporate strategy, offering participants a macro view of the business.

Through direct mentorship and collaboration with current leaders, NGLC members gain practical insights into decision-making, innovation, and leadership in a real-world hospitality setting. The program creates a strong pipeline of capable professionals ready to step into key roles, bridging the gap between available leadership positions and qualified talent. This initiative reflects MHR’s commitment to cultivating leaders who are not only skilled but also values driven.

Ultimately, Megaworld Hotels & Resorts does what it does because of passion. For its people and for love of country. Through the Circle of Happiness, the Sampaguita brand of service, inclusivity, and leadership programs like the NGLC, MHR proves that even in an industry defined by hard work, it is possible to build a workplace where people feel inspired to stay, grow, and lead.

Hanabishi extends comfort beyond homes with 3,000-fan donation to Meycauayan schools, institutions

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ANABISHI Appliances furthers its commitment to giving back to the community by donating 3,000 electric fans to the city of Meycauayan in Bulacan. The donation included stand fans, and desk fans that will be used mostly in schools across the city.

“Supporting education is one of the most impactful ways we can contribute to the future of our country. With this initiative, we hope to create a more comfortable and conducive environment for learning,” said Cherish Ong-Chua, VP for Finance and Marketing of Hanabishi Philippines.

The ceremonial turnover took place last August 14, 2025 at the

Meycauayan City Hall, where the donated fans were formally received

by Meycauayan Mayor Henry Villarica.

The event was also attended by Dr. Merlina P. Cruz of the Department of Education (DepEd), Dr. Reneliza Sta. Ana of the Polytechnic College of the City of Meycauayan (PCCM), Vilma Rupac from the Department of Social Welfare and Development (DSWD), and Ma. Cristina V. Pineda of the General Services Office.

“At Hanabishi, we recognize that true community development is rooted in collaboration. By working closely with local government units, and other key departments and organizations such as the DepEd,

PCCM, and DSWD, we hope to promote the spirit of bayanihan to uplift communities. This collaborative effort is also a testament to how the public and private sectors can work together to provide solutions for the greater good,” said Ong-Chua.

The appliances will be distributed by the City Government of Meycauayan to schools and other institutions across the city to ensure that the fans will reach the communities that need them the most.

This is not the first time that Hanabishi has come up with community development initiatives. Throughout the years, it has consistently implemented a wide range of corporate social responsibility (CSR) efforts aimed at providing comfort and practical solutions in places where they can make the biggest difference.

Most recently, Hanabishi donated livelihood starter kits to women who manage small karinderyas (small eateries) as part of its newly launched Kapartner sa Kabuhayan CSR program. In previous years, it has partnered with the Kapuso Foundation and Eat Bulaga in helping various communities across the country.

Through its latest donation, Hanabishi continues to build on its legacy of being not just a trusted appliance brand in Filipino homes but as a company that actively participates in creating a better life for all.

“These efforts are our way of giving back to the community that has supported us through the years,” Ong-Chua said.

HE Social Housing Finance Corporation (SHFC) recognized exemplary community leadership and performance during the 2nd HOME (Homeowners’ Outstanding Merit for Excellence) Awards, held on December 17, 2025 in Makati City.

The awarding ceremony was led by President and CEO Federico Laxa, together with senior officers of the corporation, and members of the HOME Awards Committee.

The HOME Awards honor outstanding homeowners’ associations (HOAs) that have demonstrated excellence in organizational management, financial responsibility, gender and development initiatives, estate management, and overall community development.

In his message, President Laxa underscored the importance of recognizing best practices in community leadership, quoting American change management expert Leslie Yerkes: “What gets recognized, gets repeated.” He emphasized that the success stories of the communities deserve to be shared to inspire other communities to strive for excellence.

The recipients of the 2nd HOME Awards are as follows: Overall Winner: Johnmary Ville HOAI, Ph. 1 National Capital Region Top 1: Johnmary Ville HOAI, Ph. 1 Top 2: St. Hannibal Phase 17 HOAI

Top 3: Llano Urban HOAI Luzon Top 1: Elfaville HOAI Top 2: Salinasville III HOAI Top 3: Tramo Complex HOAI Mindanao Top 1: Benjamin Hills HOAI, Phase I Top 2: Amurao HOAI Top 3: MELCAH Village HOAI Program Development and Enhancement Group Vice President Atty. Maria Rosalie Richa Taguian also congratulated the awardees, commending the winning homeowners’ associations for their dedication to good governance and community leadership.

The rigorous selection and evaluation process was overseen by the HOME Awards Committee headed by Finance and Comptrollership Vice President Dante Anabe, together with its members, Substitution Department Manager Allan Romero, Mega Manila Manager Ofelia Nisperos, Internal Audit Manager Chito Arquillo, and NCR North Manager Jeannie Furiscal.

The HOME Awards reaffirm SHFC’s commitment to fostering empowered and sustainable communities – ensuring that the dream of owning a secure and decent home is complemented by excellence in community leadership and development.

BJ Mercantile, Inc. hands over first THACO sleeper buses to Cagsawa Travel and Tours, Inc.

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J Mercantile, Inc. (BJM), the official distributor of THACO commercial vehicles in the Philippines, has officially turned over the country’s first two THACO sleeper buses to Cagsawa Travel and Tours, Inc., setting a new standard for stylish, comfortable and convenient travel between Manila and the Bicol Region. Designed to elevate the passenger experience, the THACO Mobihome is a new generation of luxury sleeper buses, designed, manufactured and assembled

by THACO AUTO, the largest and most modern bus plant in Southeast Asia.

“We are proud to partner with Cagsawa Travel and Tours in introducing sleeper bus technology that prioritizes passenger comfort while meeting the operational needs of bus operators,” said Leilani Lim Tan, Vice President of BJM. Inspired by the beauty of the universe and the powerful lines of nature, the new generation THACO Mobihome sleeper buses boast an elegant and captivating appearance. The standout feature is the front grille with beveled patterns inspired by the iconic “T” shape, perfectly paired with modern LED Project headlights, creating a seamless front-to-rear identity.

Cagsawa Travel and Tours had a lot of design inputs, especially on the interiors, to ensure top-notch passenger experience on every journey. The 20 sleeper cabins of the bus features premium materials with meticulous attention to detail, ensuring maximum comfort and privacy for passengers. It is equipped with high-end amenities, including an LCD entertainment screen, bedroom light, Type A and C phone charging ports, and a well-appointed toilet. Notably, the UV ceiling lights combined with ambient lighting create a luxurious atmosphere.

For Cagsawa Travel and Tours, the acquisition reinforces its vision to become a model and leader in the transport industry through operational excellence for quality service and passenger’s total satisfaction.

“We should have the best and always strive to be the first in order to be the role model in the industry,” said William Rogando, Director and Operations Manager of Cagsawa Travel and Tours. “We were very impressed when we visited the

At the key turnover ceremony were, from left, Don Ramos, Sales Manager, BJ Mercantile, Inc.; Marvy Sales, Sales Representative, BJ Mercantile, Inc.; Leilani Lim Tan, Vice President, BJ Mercantile, Inc.; William Rogando, Director and Operations Manager, Cagsawa Travel and Tours, Inc; Willy Ngo, General Manager, Cagsawa Travel and Tours, Inc.; and Marcelo S. Tan, Corporate Secretary, Cagsawa Travel and Tours, Inc. very modern and expansive THACO manufacturing facility in Vietnam. I am sure when people start to see these buses on the road, other bus operators will follow suit.”

BJ Mercantile Inc., through its partnership with THACO Auto, continues to expand its commercial vehicle offerings in the Philippines, providing modern buses and trucks backed by comprehensive after-sales support, parts availability, and technical expertise. From its modest beginnings in 1974 as an importer of used engines and trucks, BJM has grown into a dynamic group with interests spanning construction, mining, logistics, real estate, petroleum, cold storage, and marine transport.

For more information about THACO buses, visit the BJM showroom located at 1132 EDSA Balintawak, Quezon City. To book tickets on the Cagasawa Travel & Tours’ THACO sleeper buses, visit www.cagsawatours.ph.

Suzuki Philippines announces soft opening of Suzuki Auto Bataan 3S Dealership

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UZUKI Philippines Incorporated (SPH) is proud to announce the soft opening of the Suzuki Auto Bataan 3S dealership, established in partnership with Greensun Automotive Enterprises, Inc. This milestone reinforces Suzuki’s commitment to being “By Your Side” by bringing complete sales and after-sales services closer to customers across the rapidly growing province of Bataan.

Strategically located along Bataan Provincial Highway in Barangay Culis, Hermosa City, Suzuki Auto Bataan is now welcoming customers through its temporary

display area, offering an early look at the brand’s latest models. Once fully completed, the dealership will feature a showroom capable of displaying up to five units and seven service bays, ensuring dependable aftersales support. Customers are invited to explore the lineup, request test drives, and experience Suzuki’s performance firsthand.

The dealership is working towards for its grand opening in the first quarter of 2026, while during the soft opening phase, the display area is open from Monday to Friday, 8:30 a.m. to 5:30 p.m., and on Saturdays from 8:30 a.m. to 5:00 p.m., with Sundays closed.

For more information, you may check out any authorized Suzuki Auto dealerships nationwide or visit http://suzuki.com.ph/ auto/. For daily updates on Suzuki, please like Suzuki Auto PH’s Facebook page at https:// www.facebook.com/SuzukiAutoPH, follow them on X at https://x.com/SuzukiAutoPH and Instagram at @suzukiautoph.

www.news.businessmirror@gmail.com

Banking&Finance

BusinessMirror Editor: Dennis D. Estopace Tuesday-Wednesday, December 30-31, 2025 B2-1 •

DHSUD to review tax rules for housing projects

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By Bless Aubrey Ogerio

HE Department of Human Settlements and Urban Development is considering a possible review of how economic housing projects are treated under existing tax rules, specifically whether these developments may be classified alongside mass housing projects exempt from corporate income tax under Batas Pambansa (BP) 220.

According to Housing Secretary Jose Ramon P. Aliling, the depart-

ment and the Bureau of Investments are studying the matter to determine

if economic housing can be placed under a more defined and consis-

tent tax framework, similar to that applied to socialized housing.

The proposed review, Aliling said, aims to clarify how tax incentives are applied to economic housing projects and to reduce uncertainty in their implementation.

“We are aiming for a clear and orderly system for economic housing,” Aliling said in Filipino. “When the rules are clear and implementation is even, responses to housing needs become faster and confidence from the private sector is strengthened.”

The move follows the issuance of the Bureau of Internal Revenue of its Revenue Memorandum Order

48, which outlines a more uniform process for granting tax exemptions to socialized and economic housing projects.

The order also sought to streamline procedures across the housing and real estate sector.

Earlier, the DHSUD and the Department of Economy, Planning and Development issued a joint memorandum circular adjusting the price ceiling for socialized housing projects covered under the Expanded Pambansang Pabahay para sa Pilipino, or 4PH Program.

Aliling said the department has proposed the creation of a technical

working group that would assess the policy and legal implications of classifying economic housing under BP 220 and submit recommendations to the concerned agencies.

He added that the review could help improve coordination among government offices involved in housing regulation and taxation, particularly as agencies continue to align policies affecting housing projects covered by existing laws.

No timeline has been set for the completion of the review, and any changes to tax treatment would still require further evaluation and approval by the relevant authorities.

Bitcoin breaks above $90K Mizuho CEO eyes banking buildup in Europe, Asia as traders bet on rebound T

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ITCOIN rose in Asia trading to top $90,000, hinting at a potential breakout after the token missed out on a Santa rally that sent stocks to record highs.

The original cryptocurrency rose as much as 3.1 percent to above $90,200 in Singapore on Monday, according to data compiled by Bloomberg. Other cryptocurrencies also jumped, with Ether up as much as 4 percent to surpass $3,000.

Bitcoin was largely unmoved as the S&P 500 surged to a record close in the build-up to Christmas. The wider crypto space has yet to recover from a weeks-long selloff that began in October with the liquidation of some $19 billion worth of leveraged positions.

That episode hollowed out the market, with traders reluctant to bet big on a comeback since. Now, there are early signs of a shift in mood.

Monday’s uptick “appears somewhat driven by short term retail traders taking on growing positions in futures,” said Sebastian Bea, chief investment officer of ReserveOne Inc., a crypto treasury firm.

The Bitcoin funding rate—a key barometer of crypto sentiment—is at its highest level since October 18, according to CryptoQuant data, signaling growing demand for bullish bets in the perpetual futures market.

Open interest in futures positions for Bitcoin has also bounced from recent lows, but remains “well below recent peaks that coincided with Bitcoin recent highs in October,” Bea added. The token reached a record of $126,251 on October 6.

Despite mounting institutional adoption and a series of policy wins under pro-crypto US President Donald Trump, Bitcoin is down about 4 percent in 2025. Bloomberg

Security Bank touts investment in tech

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ECURITY Bank Corp. (PSE: SECB) announced it is advancing its “technology transformation with strategic investments in modern architecture, artificial intelligence, real-time data platforms, cybersecurity, and automation.”

Over the first nine months of 2025, the bank has streamlined core systems and processes, resulting in improved speed, reliability, compliance efficiency, and enhanced service delivery, read a statement issued by the lender last week. The lender didn’t disclose the value of its investments.

“Security Bank is building a modern, secure, and customer-centric foundation designed to support sustainable growth while continually improving customer experiences,” Chief Operating Officer Lucose t.

Eralil was quoted in the statement as saying.

According to the lender, its “fully digitized” KYC workflow is deployed across 346 branches. The bank said

this workflow has “reduced processing time, improved customer experience, strengthened compliance integrity, and eliminated paper reliance, supporting both operational efficiency and sustainability.”

According to the lender, these initiatives are supported by enterprise application programming interface (API) deployment at scale; fully-digitized branch compliance processing; real-time enterprise data streaming capabilities; and, security and resilience embedded by design.

Security Bank vowed it will continue its multi-year technology roadmap with investments in the following: Artificial Intelligence and automation for fraud management , service, and operations; advanced cybersecurity and real-time threat monitoring; core banking and payments modernization to enable real-time services; API monetization and embedded finance partnerships; and, further digital across operations and branches.

PNB’s mobile app bags ‘best experience’ honor

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HE mobile application of the Philippine National Bank (PNB) has clinched its third international accolade after being named “Best Mobile Banking Experience” in the Philippines at awards ceremonies organized by the United Arab Emirates-based publishing firm International Business Magazine LLC. A statement issued by the Lucio Tan-led lender read that the recognition “further strengthens the bank’s reputation as a multi-awarded digital banking app that consistently delivers innovation, security and convenience to Filipino customers.”

“This recognition is another step towards transformation and

inspires us further to make PNB future-ready,” PNB President and CEO Edwin R. Bautista was quoted in Monday’s statement as saying.

“It reflects our commitment to our corporate objective of providing the best customer experience to Filipinos as we make banking more seamless, secure, and accessible to them,” Bautista added.

PNB’s net income increased by 23 percent to P18.51 billion for the first nine months of 2025 from P15.06 billion in the same period last year.

As of September 30, 2025, PNB’s total assets stood at P1.25 trillion and total liabilities at P1.02 trillion, while capital grew by 8 percent compared to a year ago. Reine Juvierre S. Alberto

HE Mizuho Financial Group Inc. is bolstering efforts to expand its corporate and institutional banking business in Europe and Asia, pursuing a growth strategy that’s diverging from its Japanese peers.

Japan’s third-largest bank plans to replicate a US expansion of that division into these other regions, Chief Executive Officer Masahiro Kihara said in an interview.

Kihara plans to leverage the bank’s expertise in facilitating cross-border transactions for corporate and institutional clients—a strategy that contrasts with Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc., which have spent billions acquiring stakes in commercial lenders and financial firms to tap Asia’s growing middle class.

Mizuho Americas’s gross profit more than doubled in five years to $5.2 billion for the year ended in March, driven by both investment banking and markets operations.

Kihara, who took over the top job at the bank in 2022, said Mizuho’s US operations cover 80-85% of investment banking products available in the industry. It’s mostly relied on

A PEDESTRIAN walks past a branch of Mizuho Bank Ltd. in Tokyo, Japan, on November 9, 2020.

PHOTOGRAPHER: AKIO KON/BLOOMBERG

organic growth, apart from a deal to buy boutique investment bank Greenhill & Co. in 2023.

He said the bank will pursue growth beyond the US by securing business related to M&A advisory, while providing financing and risk hedging products. The bank has promoted Suneel Bakhshi to deputy president to boost collaboration across regions.

Kihara said Mizuho is “going on the offensive” in Europe after having restructured the region’s unprof-

itable businesses in recent years.

The company will utilize Greenhill and Augusta & Co., a boutique advisory firm specializing in renewable energy it bought earlier this year, he said.

Mizuho also said it’s acquiring Avendus Capital Pvt earlier this month, as it hopes to take advantage of the Mumbai-based investment bank’s strong connections with India’s domestic companies.

In Asia, Kihara sees more immediate growth in transaction banking,

which handles corporate clients’ daily cash management including billing and payment as well as shortterm finance.

Unlike its Japanese rivals, Mizuho has “no intention” to own and run asset management companies overseas. Kihara won’t rule out buying minority stakes in firms that offer attractive investment products, he added.

In Japan, Mizuho is trying to beef up its retail business, which is gaining importance as domestic interest rates rise and customer deposits are seen as a cheap funding source.

As part of its consumer drive, the bank has partnered with Rakuten Group Inc. in online brokerage and credit card services. Kihara also said Mizuho will target small businesses by reducing transaction fees—a segment traditionally avoided by major banks due to its labor-intensive nature.

In July, Mizuho agreed to acquire a majority stake in Upsider Holdings Inc., a startup specializing in an AI-driven credit model for smallbusiness financing. Kihara said that leveraging AI will enable the bank to scale this category more efficiently.

Bloomberg

PNB, Eton Properties Chinese state media warn seal financing deal vs one-way bets on yuan

By Rizal Raoul S. Reyes

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@brownindio

HE business units of the Lucio Tan group of companies recently joined hands to boost the access of overseas Filipino workers (OFWs) for their housing needs.

Eton Properties Philippines Inc. and the Philippine National Bank (PNB) have recently formalized a partnership to expand access to home loan financing for overseas Filipinos (OFWs and overseas Filipino professionals) and local end-users investing in residential property in the Philippines.

A statement issued by Eton Properties read that the partnership supports qualified buyers seeking bank financing for Eton residential developments, including Blakes Tower at WestEnd Square. The deal also strengthens “a more guided pathway” for buyers moving from inquiry to purchase. For overseas Filipinos planning their future purchase, the partnership provides a credible financing channel that can be started and progressed even while abroad.

Eton President and CEO Kyle Ellis C. Tan was quoted as saying that the collaboration reflects a long-standing purpose and a practical step toward making Philippine homeownership more attainable for Filipino families wherever they may be.

“At the heart of our business is a purpose my grandfather (Lucio Tan) has always emphasized: To improve the lives of Filipinos.

This partnership with PNB reflects that commitment,” Tan said.

“By combining Eton’s focus on well-located developments with PNB’s trusted financial solutions, we are helping more Filipino families take a confident step toward homeownership.”

Tan added that PNB’s presence in the Philippines and overseas strengthens Eton’s ability to serve overseas Filipinos who want to invest their hard-earned income in a secure, long-term asset at home.

Robert Andrew Adriano, Eton Sales Head and SAVP, underscored how disciplined execution and buyer confidence have driven Eton’s momentum this year, and how the partnership supports serious buyers looking for both value and a trusted financing partner.

“Eton saw stronger momentum this year because we stayed disciplined on the basics: attracting the right buyers and converting demand with consistency. Our market is deliberate. They value location, long-term value, and a financing partner they can trust,” Adriano said. “This partnership with PNB strengthens that journey by giving overseas Filipinos and local end-users a clear, credible path to homeownership, one they can start even while abroad.”

Eton noted that residential sales performance this year has been instrumental in boosting overall business momentum, supported by stronger conversion and buyer confidence in welllocated developments.

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HINESE state media has cautioned against making one-way bets on the yuan, signaling growing official discomfort about the pace of recent gains in the currency.

The yuan’s current trend is unsustainable and market players shouldn’t expect it to last, Shanghai Securities News and China Securities Journal said last Monday, while the People’s Daily said two-way moves are the norm. The yuan has gained more than 4 percent in 2025 and rose past 7 per dollar last week in offshore trade for the first time in over a year.

“Never bet on a one-sided appreciation of the renminbi,” Shanghai Securities News said in an article. “Several experts also said that companies and financial institutions should adhere to the principle of risk neutrality and strengthen exchange rate risk management.”

The latest round of warnings add to efforts by the authorities to slow the yuan’s gains. The central bank on Friday pledged to strengthen efforts to guard against “overshooting risks,” and has set its daily fixing weaker than market forecasts on every day for the past two weeks.

State-owned banks also bought dollars when the onshore yuan approached the 7 per dollar level.

The increase in state-media messaging is just the latest sign the authorities are growing more concerned about the yuan’s rapid advance. A stronger currency is seen by many analysts as being harmful for China’s economy as it makes exports less competitive and can add to deflationary pressure.

While upward pressure on the yuan is rising, China won’t allow its currency to appreciate significantly and officials have ample policy tools to prevent it, the Shanghai Securities News quoted Guolian Minsheng Securities Co. analyst Shao Xiang as saying.

“Two-way fluctuations will remain the

THE yuan has gained more than 4 percent in 2025 and rose past 7 per dollar last week in offshore trade for the first time in over a year. CREDIT: BLOOMBERG

norm” for the yuan due to external uncertainties and interest-rate differentials, the China Securities Journal said. The People’s Daily, a newspaper seen to represent the official view of the Communist Party, said “two-way fluctuations and greater flexibility in the yuan exchange rate are the norm.”

The onshore yuan weakened 0.1 percent Monday to 7.0126 per dollar, while the offshore currency fell the same amount to 7.0109.

While the yuan has strengthened against the dollar this year, the currency has weakened against the majority of its other counterparts. An official gauge measuring the yuan’s strength on a trade-weighted basis, has dropped 3.8 percent in 2025.

Beijing has long sought to prevent what is considers excessive moves in the yuan. The People’s Bank of China will maintain flexibility, while guiding expectations and guarding against “overshooting risks,” according to its 2025 financial stability report published last week.

The state media articles “show that the authorities are not keen to allow onesided rapid appreciation in the yuan,” said Carie Li, a global market strategist at DBS Bank in Hong Kong. “A gradual rise with two-way volatility is probably acceptable.” Bloomberg

Entrepreneur

B2-2 Tuesday-Wednesday, December 30-31, 2025 • Editor: Vittorio V. Vitug

BusinessMirror

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PHL coconut exporters secure direct orders, new market leads at FABEX Kansai 2025 Focus on victory

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EAR 2026 is fast approaching! And it’s high time to look back and reflect on how your business performed this 2025. How was it? The simplest way to do this is to look at performances—sales, services rendered, successful transactions, and so on. By these key performance parameters, it’s easy to judge a business as to whether it passed or failed. But as sales leaders, we must also consider the overall business journey, lest we miss salient lessons vital to our success in the coming year. In his book The 21 Irrefutable Laws of Leadership, John Maxwell mentioned that leaders must always find a way to win.

So if your numbers this year are not exactly where you wanted it, focus on strong points, improvements, achievements and lessons in order to help navigate your team towards success. Here are three effective tips in focusing towards victory.

Learn from mistakes then move on

ONE of my favorite quotes from Thomas Edison is this: “I have not failed. I’ve just found 10,000 ways that won’t work.” As a sales leader, you may have tried various strategies to achieve your goals but to no avail due to a gamut of factors like sudden market shifts, price changes and many others. Or perhaps you were simply outperformed by competition. Whatever that may be, learn from it. After all, if you fail to learn from the past, you are bound to repeat it. And as you understand those situations, identify areas where you can adjust, improve and become more competitive, moving forward. Just learn from your mistakes, then move on. Hey, you cannot lose if you learn.

Identify your strong points and enhance it even more

NO matter the outcome, I’m sure you had some strong points. In the course of doing the business, there were areas where you and your team outperformed others, right?

Or at the very least, you were at par with market leaders. Identify

such strengths and celebrate these with your team. Take pride of these strong points and build momentum with it. And as you move towards 2026, strengthen the areas of your strength, and dominate the market using along side your key strategies.

Remember, always bank on what you do best! It builds confidence faster, especially as the team recognizes the successes, huge or small, along the way.

Take note of improvements and encourage everyone to level up their game

WERE there improvements along the way? In 2025, have you observed that the team and the business progressed in certain areas compared to previous years? If so, then highlight such improvements!

This simply means that things are leveling-up. Observe the trend and encourage everyone to further improve in these domains. Along with your strengths, these are areas where you can invest on training and business enhancements. You can also use these observable improvements as platform in boosting the team’s morale, and leveraging it in order to rally the team to do more, hence becoming more.

If you’re a clear winner this year, then congratulations to you and your team! But if you fell short of your targets, it doesn’t mean that you’re a failure. Sometimes we win, sometimes we learn, right? And learning in itself is victory. Always focus on victory and keep pressing forward for a successful 2026. You got this! God bless.

Alexey Rola Cajilig is the Founder, President & CEO of ARCWAY Consultancy Inc. He is a Sales Leadership Coach, Strategic Sales Operations Consultant, Christian Motivational Speaker, Human Ecologist and Author of Life is a Classroom, The Effective Seller, Solving the Sales Puzzle and Practical Market Intelligence. He is also the creator of ARCH Styles, a behavioral and personality assessment & discovery tool. If you have questions and suggestions, you may connect with him at https://www.facebook. com/coachlexey and at https://www.linkedin. com/in/alexey-rola-cajilig.

DTI-Davao facilitates ₧243-M loans for MSMEs in 2025

By Che Palicte

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AVAO CITY—The De-partment of Trade and Industry in Davao Region helped secure P243.64 million in loans for micro, small and medium enterprises this year, an official said Thursday.

DTI-11 Regional Director Romeo Castañaga said 706 MSMEs, primarily through the Small Business Corp.’s RISE UP Program, availed of the loans for capital and expansion.

“Aside from market and technology, they really need the loan for their capital.

We provide the facilitation with the appropriate financing window,” Castañaga said in a press briefing.

He added that 34 percent of the loans ranged from P100,000 to P500,000.

Officials also reported assisting 53,907 clients in 2025, with 33,217 be-

DTI-11 Drector Romeo Castañaga.

PNA PHOTO BY ROBINSON NIÑAL JR.

ing MSMEs. About 87 percent of those assisted MSMEs are now classified as growing enterprises.

The agency conducted 686 training sessions benefiting 20,479 participants and graduated 992 entrepreneurs from its mentorship program since 2016. Region 11 also recorded 43,853 business name registrations this year. PNA

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HILIPPINE exporters recently generated $1.72 million in sales at FABEX Kansai 2025, gaining immediate orders and new leads for long-term supply deals in Japan’s growing food and wellness market. The results show rising demand for local coconut products and help strengthen the country’s position in this high-value industry.

Much of this interest was seen at the Philippine Pavilion, opened

by Philippine Trade and Investment Center-Osaka (PTIC-Osaka) Commercial Counsellor Michael Alfred V. Ignacio and Consul General Voltaire D. Mauricio.

The Pavilion featured 25 exporters offering plant-based beverages, natural sweeteners, specialty oils, and other coconut-based ingredients that align with Japan’s preference for healthier, plant-based products.

The participation was organized

by PTIC-Osaka and the Department of Trade and Industry-Export Mar-

PHL participation at FEBEX Kansai 2025 records $1.72 million in sales.

keting Bureau (DTI-EMB) with support from DTI Laguna and Region IV-A through the Coconut Farmers and Industry Development Plan, which helps coconut farmers and micro, small, and medium enterprises (MSMEs) move into strategic export markets.

To strengthen their competitiveness ahead of the exhibition, the delegation conducted market scoping and retail scans to study pricing, packaging, consumer behavior, and competitor positioning. A visit to Cocowell’s Sari-Sari Store also gave exporters a clearer view of how

Philippine coconut products are marketed and purchased within Japan’s wellness-driven retail environment.

Commercial Counsellor Ignacio said FABEX Kansai emphasized both the capability of Philippine exporters and Japan’s strong confidence in the country’s coconut sector.

“FABEX Kansai 2025 showcased not only our exporters’ competitiveness but also Japan’s confidence in the Philippine coconut supply and innovation. These results strengthen our long-term positioning in the Japanese market and open new opportunities for sustainable commercial growth,” Ignacio noted.

Meanwhile, Consul General Mau-

ricio added that the delegation’s performance highlighted the worldclass quality of Philippine coconut products and the readiness of MSMEs to serve demanding international markets.

“We are committed to further enhancing these partnerships to create lasting, mutually beneficial economic opportunities,” Mauricio said.

The DTI said the delegation’s performance at FABEX Kansai, which drew more than 30,800 visitors, contributes to broader efforts to grow regional MSMEs, build export resilience, and secure higher value for Philippine agricultural products in advanced markets.

Trade dept project aims to close connectivity gaps for rural entrep

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HE Department of Trade and Industry (DTI), through its DTI-Comprehensive Agrarian Reform Program (CARP) office, launched the Supporting Technology, E-commerce, and Productivity Going Digital Solutions (STEP GODIGITS) Project in an effort to close the digital gap in rural areas of the country. This initiative, in collaboration with the Tatak Pinoy Strategy Program (TPSP), aims to equip Agrarian Reform Beneficiary Organizations (ARBOs) with cutting-edge satellite internet technology and establish them as key drivers of the digital economy in the countryside.

The initiative of this project stems from DTI’s own findings wherein 68 percent of the rural enterprises they support suffer from poor or

non-existent internet access, while an additional 20 percent deal with intermittent connections. This lack of digital infrastructure forces businesses to rely on costly and slow manual processes that ultimately impact competitiveness, profitability and long-term sustainability.

To address this, the DTI distribut-

ed Digitalization Business (DigiBiz) Kits, featuring the Starlink Standard Enterprise V4 with Priority Data Plan, to 16 ARBOs across Cagayan Valley, Central Luzon, Zamboanga Peninsula, and Northern Mindanao on Monday, December 15.

The project’s goal is to enable these beneficiaries to fully participate in the

digital economy by undertaking critical online activities like e-commerce onboarding, digital advertising, and electronic payments, and maximizing virtual learning opportunities. By providing these tools, the DTI is directly fulfilling its strategic objective to generate increased investments, higher sales, and more employment in these communities, thereby advancing economic integration.

This initiative also reinforces the DTI’s commitment to the “Proudly Filipino” brand, ensuring that local products and services can be competitively showcased and sold to an expanded, global market. This strategic collaboration is set to be a significant catalyst for a more inclusive and digitally connected Philippine economy.

Farmer awardee revives Antique’s spiced vinegar

By Annabel Consuelo Petinglay

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ANJOSEDEBUENAVISTA, Antique—A young farmer from the Municipality of Bugasong is reviving the traditional production of spiced vinegar using the sap of nipa palm (Nypa fruticans) from the coastal towns of Antique.

Geneco Mabasa, who won the Department of Agriculture (DA) Western Visayas Young Farmers’ Challenge 2025 on December 11, said in an interview Wednesday that there used to be farmers from the coastal towns of Hamtic, Pandan, and his hometown who were into the production of spiced vinegar.

However, their number dwindled due to lack of market.

“The farmers I met said they did not push through their spiced vinegar production because there is not enough market for it,” he said.

But this did not discourage him from developing his own product—Nipa Kuriit (palm sour face)—and establishing his own enterprise—the Siriit Kuriit Food Products—in their home in Bugasong.

With the help of the Department of Trade and Industry (DTI), he developed the spiced

vinegar from local raw materials—palm vinegar, red chilies, garlic, ginger, and salt—to create a sharp yet smooth flavor.

“The spiced vinegar excites the appetite of a person,” Mabasa said.

He said he buys 25 containers of palm vinegar from the farmers monthly for P10,000 or P400 per container.

He bottles the spiced vinegar and sells it for P120 per 250 ml. bottle, P160 for 500 ml., and P230 for one liter.

The spiced vinegar has three blends—mild, sweet, and extra hot —that the customers could choose from.

“During the Obra Antiqueño Trade Fair 2025, I was able to generate an income of about P15,000 for only a few days,” he said.

The Obra Antiqueño Trade Fair 2025, which was held from Nov. 30 to December 6 at Robinson’s Place in San Jose de Buenavista, was spearheaded by the DTI, with the support of the Offices of Senator Loren Legarda, Rep. Antonio Agapito Legarda, and the Antique provincial government.

Some 75 micro, small, and medium enterprises (MSMEs), including Mabasa, participated in the event.

Aside from the sales gener-

ated, Mabasa said he also met investors from outside Antique who are interested in selling his product, and negotiations are ongoing.

Currently, he displays his product at the Molo Mansion and Balay Ilonggo in Iloilo City, and also in souvenir shops and restaurants in Antique.

“Many of those buying the spiced vinegar would like to give it as a gift to family members or friends, especially this Christmastime,” Mabasa proudly said.

Meanwhile, he used the P150,000 prize he won in the Young Farmers’ Challenge to purchase a greenhouse, which he expects to be delivered any time.

“The greenhouse would enable us to cultivate red chilies for our spiced vinegar,” he said.

Mabasa said he intends to share the planting materials from the greenhouse with other farmers so that they can also produce red chilies and ensure a steady supply of raw material to Siriit Kuriit Food Products.

Nowadays, Mabasa keeps himself busy researching and innovating his product.

The young entrepreneur will represent Western Visayas to the national challenge in Manila by April or May 2026. PNA

GENECO MABASA, displays his bottled spiced vinegar during the Department of Trade and Industry Antique Obra Antiqueño Trade Fair at the Robinson’s Place in San Jose de Buenavista, Antique on December 1, 2025. In an interview on December 17, he said many of those buying the spiced vinegar give it as a gift to family members or friends.

PHOTO COURTESY OF GENECO MABASA

BusinessMirror

Editor: Tet Andolong

Tuesday-Wednesday, December 30-31, 2025 B2-3

Hallyu redefines Filipino dining landscape

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By Rizal Raoul S. Reyes

@brownindio

HERE is no longer any doubt that Hallyu, or the Korean Wave, has fundamentally reshaped the lifestyle and consumption habits of Filipinos.

Beyond the catchy hooks of K-pop and the addictive storylines of K-dramas, it is the sensory experience of Korean food—Hansik—that has truly integrated into the local culture. Korean groceries and specialty stores are popping up in every neighborhood, serving a market that spans generations.

In an insightful analysis, anthropologist and historian Arnel Joven points out that the local fondness for Korean cuisine is a direct byproduct of media immersion. “Korean cuisine is attractive to many Filipinos in terms of its phenomenology in popular and social media,” Joven explains in his interview with GMA News Online. “Salient promotion of Korean cuisine is embedded in many Korean dramas, regardless of genre. At the same time, K-pop fandom also magnifies this popularity of Hansik within the past two decades in the Philippines.”

Dessert 39: A sweet spot for sustainability RECOGNIZING the immense potential, South Korea’s premier cafe destination, Dessert 39, recently chose the Philippines as the home for its first-ever Southeast Asian branch. Located at the iconic SM Mall of Asia, the brand brings a unique “conscious twist” to timeless cafe staples.

Kyeong Kwangho, general manager of Dessert 39 Headquarters, expressed optimism about the brand’s integration into the local

scene. “With the Filipinos as ardent followers of Hallyu, we expect that the local market will support Dessert 39,” says Kwangho. The brand positions itself as a high-quality, convenient selection for the modern urbanite. The menu features ready-to-heat rice bowls, pastas, and sandwiches designed for the fast-paced lifestyle of Manila.

Dessert 39 is not just about convenience; it is a pioneer in eco-friendly dining. Since 2020, the brand has championed sustainability, highlighted by their signature biodegradable, reusable tumblers that are both effortlessly chic and environmentally responsible.

Modern, minimalist, and ‘planterior’ THE aesthetic of Dessert 39 is a major draw for the Instagram-savvy Filipino market. The interior design follows a “planterior” philosophy—a blend of plants and interior design. The layout is light and minimalist, featuring contrasting cool colors softened by the textures of moss mounds and lush greenery.

With a seating capacity for 138 guests, including an al fresco area with a stunning seaside view, the space offers a premium experience for guests of all ages. Founded in 2015 in the trendy Gyeongridan-il district of Itaewon, the brand has grown to over 700 stores in South Korea.

Now brought to the Philippines by The Bistro Group, it aims to be a go-to spot for both quick

OPULENCE Prime Ventures, Inc chairperson (left) and Sang Jin Lim, Daily Beer Co. Ltd. Korea

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AMPANGA is an ideal location for developers planning to expand outside of Metro Manila.

But within the province, Clark Freeport continues to rise as a preferred business address.

At present, outsourcing firms based in Pampanga provide a mix of voice and back-office as well as higher value knowledge process outsourcing (KPO) services such as health information management.

Clark continues to attract major BPO locators and is a key backup site for Metro Manila-based operations.

Clark, together with Angeles and San Fernando, employs more than 20,000 outsourcing workers. Among the major locators in the area are Alorica, Beepo, Cloudstaff, Concentrix, iQor, Sutherland, TaskUs, TATA Consultancy, Teletech, Majorel, and VXI. Within Clark Freeport Zone, developers with existing office towers include SM Prime, Filinvest Land, Megaworld, and Bertaphil. Projects in the pipeline include Global Gateway Development’s Four West Aeropark Campus and Five West Aeropark Campus projects, and Filinvest Land’s 5 Workplus. Average occupancy rate of office buildings in Clark would range from 50 percent to 100 percent.

Companies such as Sutherland, DXC Technology, IntouchCX, NAC Global and KMC Solutions have recently expanded their footprint in Pampanga, contributing to a year-to-date net take-up of 33,000 sqm—nearing the full-year 2024 figure of 40,700 sqm. This indicates growing confidence in Pampanga’s office market, especially Clark Freeport which remains a central location for BPO companies in the province.

As of 9M 2025, Pampanga’s office vacancy reached 19.8 percent, down from 24.4 percent a year ago. The total stock stands at 538,200 sqm, with majority of the office buildings concentrated in Clark.

This area remains the province’s premier business district, benefiting from mature infrastructure, proximity to Metro Manila, and international connectivity via Clark International Airport.

Rising condominium competitiveness

AS of end-Q2 2025, Pampanga’s condominium stock reached 3,900 units. From 2025 to 2028, Colliers

Thriving industrial is pivotal

CENTRAL Luzon continues to attract high-value manufacturing investments. Aside from the Cavite-Laguna-Batangas (CALABA) corridor in Southern Luzon, property firms are also expanding their industrial footprint in Central Luzon because of the region’s improving infrastructure, presence of highly-skilled workforce, and proximity to Metro Manila. Manufacturers of electric vehicle batteries, semiconductors, fiber cement, tires, food and pharmaceutical products continue to locate and expand operations in Clark Freeport and other industrial parks in Central Luzon. These operations are supported by the development of railways, airport expansion, and the corridor’s proximity to Manila air and sea ports.

Clark Freeport Zone is home to hundreds of locators including manufacturers of semiconductors, aviation parts, clothing, appliances, ceramic products, and appliances. Among the locators which recently expanded in Clark include Yokohama Tires, Inari Ametron, UET Box Manufacturing, All Fashion Gloves, and Lufthansa Technik Philippines.

Welcoming global leisure players

COLLIERS data showed that hotels in Clark registered average occupancies of between 70 percent and 80 percent occupancy in 2024, an improvement from 20-

keeping prices fair. It’s about access without lowering standards.”

treats and calm, relaxed afternoons.

For the health-conscious, Kwangho highlights the “Slim” line—a range of mindful, zero-calorie beverages. These include the Zero Lemon Black Tea and Slim Real Chocolate made with allulose, a natural sugar substitute.

April Sy, Vice President of Operations for The Bistro Group, notes that SM Mall of Asia was the perfect strategic choice. “We’ve been partners with SM for the longest time, and they gave us the best location for this brand,” she adds.

A global-caliber experience THE menu at Daily Beer is a testament to Korean innovation in brewing. Guests can choose from a wide array of world-class craft beers, including: Red Lager: A smooth favorite for first-time craft drinkers.

Ginseng Lager: A unique brew utilizing Korean wild yeast.

Hopped IPAs: Bold and aromatic for the seasoned beer enthusiast.

Highballs: Refreshing spirits that currently enjoy a massive following in Korea.

Daily beer: Crafting a place for the working class WHILE Dessert 39 handles the sweet side of life, Daily Beer is capturing the energy of the Philippine night owl. In partnership with master franchisor Opulence Prime Ventures Inc. (OPV), Daily Beer recently opened its first Philippine branch at Arcovia City.

The restaurant brings the beloved Korean chimaek (chicken and beer) culture to a 100-seater space designed for social connection. “Daily Beer isn’t just about serving craft beer and chicken; it’s about bringing people together,” says OPV Chairman Kirkland Whang.

The goal is to create a lively atmosphere where

Clark Freeport: From a military facility to the next major CBD expects the delivery of 700 new condominium units annually in the province.

Clark accounts for nearly a fifth of condominium supply in Pampanga, with projects from Filinvest Land, POSCO E&C, and Besco Clark Group of Companies. These projects currently have an average price per sq metre of P131,000 (USD2,300) per unit with an impressive take up of 90 percent.

UNVEILING of the giant cup with Denise Laurel and The Bistro Group officials signifying the official opening of Dessert 39 in the Philippines.

30 percent from 2020 to 2021.

Meanwhile, average daily rates of these hotels would range from P6,000 to P11,000 (USD99 to USD180). With the influx of tourists in Pampanga, Colliers sees the entry of more local and foreign hotel players especially in Clark. According to the Department of Tourism (DOT), Pampanga attracted 1.8 million overnight travelers in 2023. Upcoming hotel developments in the area include Crimson Clark, Swissôtel Clark, InterContinental Clark, Wyndham Garden, and Emblems Clark.

Build, Better, More to complement Clark’s thriving competitiveness

MAJOR infrastructure projects lined up for completion even beyond President Marcos’ term should further boost Pampanga property market’s competitiveness.

According to latest government data, the North Commuter Railway (NCR) is a 90-kilometre project that aims to connect Clark International Airport in Pampanga and Tutuban in Manila. Phase 1 of the project involves the 38-kilometre line from Tutuban to Malolos, while Phase 2 will run from Malolos to Clark in Pampanga. Once Phase 1 becomes operational, travel time from Tutuban to Malolos will be reduced to 35 minutes from 1 hour and 30 minutes.

About 300,000 people are expected to be served daily by the railway. The North Commuter Railway is scheduled for completion by 2029.

We see this project complementing Clark Airport’s operations. With planned cargo rail operations in Pampanga, we see the province, including Clark Freeport, playing an important role in stoking industrial and logistics operations in the freeport zone and in the entire Central Luzon region.

PAUL MANUUD, president, The Bistro Group, with Edwin Chen Go, chairperson of The Bistro Group friends and families can share memories over bold flavors.

Sang Jin Lim, Daily Beer Co., LTD Korea CEO, explains the philosophy behind the name: “We wanted a brand that lets people enjoy quality craft beer every day and close to home while

“We’re not in the business of selling ‘a drink to get drunk’,” Sang Jin Lim emphasizes. “We’ll keep introducing a broader, higher-quality spectrum of beers that invite discovery and deliver the global-caliber offerings that passionate beer drinkers are looking for.”

As these brands take root in the Philippines, it is clear that the Hallyu phenomenon is no longer just a trend—it is a permanent, flavorful fixture of the Filipino lifestyle.

HOME

Experience the Pure Joy of Water with GROHE Aqua Intelligence

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T GROHE, every shower innovation always begins with the user. This principle ensures that every technological advancement is designed to enhance the shower experience that deliver “Pure Fruede an Wasser” or the Pure Joy of Water.

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The GROHE Aqua Intelligence seamlessly combines German engineering precision, award-winning design and eco-responsible practices to transform ordinary routines into moments of serenity and luxury—from smooth control and precise temperature to enhanced safety and perfectly balanced spray. Now users can bask in their joy as GROHE Aqua Intelligence delivers on these experiences:

Intuitive and personalized THE GROHE SmartControl is designed with an intuitive push-and-turn interface and built-in memory settings, so it remembers how users exactly want their shower. It allows them to preset their preferred water volume, toggle effortlessly between spray patterns while switching from head to hand shower with just a single motion.

Precise and instant reaction to pressure and temperature change THE GROHE TurboStat ensure the user’s safety and convenience thanks to its precision-engineered thermo-element, which instantly reacts to pressure changes in just 0.3 seconds, locking in the user’s chosen temperature so they never have to endure a cold shock or scald. With just a simple turn of a the knob, the TurboStat allows users to shift from a warm, soothing mist to an invigorating jet while keeping their water at the right temperature throughout the shower.

Cool to the touch NO need to worry about accidental scalding.

With the GROHE CoolTouch technology, the outer surface of the shower controller is always safe to the touch, no matter the temperature.

This feature offers peace of mind for families

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A perfectly balanced shower spray ACHIEVING the right amount of water with a perfectly a balanced spray pattern and consistent pressure from start to finish is made possible with the GROHE DreamSpray—an advanced shower engine that ensure every nozzle delivers exactly the right volume of water. So whether the user prefers a gentle mist to awaken the senses or a powerful jet to wash away the stress, DremSpray ensures that every drop serves its purpose.

Effortless control and temperature THE GROHE SilkMove is a 33-part cartridge that delivers effortless control of water flow and temperature. It is designed with twin ceramic-allow discs and built-in lubricant reservoir that ensure long-lasting, silky-smooth operation, turning even the slightest adjustment in the mixer into a seamless experience.

So experience GROHE Aqua Intelligence in action by visiting your nearest authorized GROHE retailer, and discover how Germanengineered precision and design excellence transform every shower into a personal oasis of pure joy. To learn more, click here https://www. youtube.com/playlist?list=PLNht1Ae8ce66lbFl246usIzoqbxhzA9Q. To know more about GROHE, visit https:// www.grohe.ph/en_ph/ or follow GROHE’ssocial media pages, Instagram (@grohe_ph) and Facebook (grohephilippines).

B2-4 Tuesday - Wednesday, December 30 - 31, 2025

Journalism educators confer highest honor on ‘Father of Barefoot Journalism’

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he Journalism Studies Association of the Philippines (JSAP) conferred its highest distinction on veteran journalism educator Ben Domingo Jr. during the JSAP National Conference 2025, held on December 9, 2025 at the Polytechnic University of the Philippines (PUP) in Manila.

In his honorary membership citation, Domingo was recognized for his exemplary contributions to journalism education and community-based media practice. A former chairperson of the Commission on Higher Education’s Technical Committee for Journalism, he helped shape national standards and quality assurance frameworks for journalism programs nationwide from 2011 to 2017.

Domingo has taught journalism, communication, and development communication at PUP, the University of the Philippines Diliman, and Central Luzon State University. Domingo is acknowledged as the “Father of Barefoot Journalism” (“Peryodistang Yapak”) for pioneering a grassrootsoriented, community-based approach to journalism education and practice.

Beyond academia, Domingo has also built a distinguished career in sports and sports media, becoming

Prof. Ben Domingo Jr. the first Filipino Accredited International Referee of the International Badminton Federation (now the Badminton World Federation) in 1997 and the first Filipino Certified International Referee of the Asian Badminton Confederation in 2004.

His media work includes serving as a feature writer for World Badminton Magazine (London), a long-time sports columnist, a sportscaster for PTV4/RPN9/ IBC13, and director for media relations of the Philippine Badminton Association.

Previous recipients of the award were communication scholar Dr. Crispin Maslog (2022) and Dr. Georgina Encanto (2023), former dean of the UP College of Mass Communication.

This year’s JSAP conference, themed “Journalism for a Sustainable Future: Reporting the SDGs, Uncovering the Challenges,” gathered 500 journalism educators, student-researchers, and media practitioners for plenary discussions, parallel paper presentations, and breakout sessions on journalism and the Sustainable Development Goals (SDG), community storytelling, A.I. and newsroom ethics, democracy and disinformation, environmental reporting, and digital disruptions affecting news production and trust.

The Photojournalists’ Center of the Philippines (PCP) held a special breakout session—Parallel Session on Photo Essays, with the theme “Visualizing the SDGs: Perspectives of Student Journalists in Photo Essays.” The special session featured Jimmy Domingo, JSAP trustee and safety officer; AC Dimatatac, photojournalist, lecturer, and visual storyteller; and Ramon Jose, PCP Safety Expert. In its own breakout session, PressOne.PH tackled the growing threat of digital manipulation and foreign influence operations in the special breakout session on digital investigation.

JSAP President Felipe Salvosa II announced that the University of the Philippines Diliman will host the JSAP National Conference 2026, underscoring the university’s longstanding leadership in communication scholarship and journalism education in the country.

UP College of Media and Communication Associate Dean Lucia Tangi formally accepted the hosting of the 2026 conference during the closing rites at PUP Bulwagang Balagtas.

P1.2M donated to PGH Medical Foundation as Jolly Heart Mate Canola Oil extends community support

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HAT began as a simple choice in the kitchen became a nationwide movement of compassion.

Inspired by the compassion of loyal Jolly Heart Mate Canola Oil consumers, the “Share-the-Love with Heart Mate” campaign went beyond a simple commitment and transformed into an extraordinary act of bayanihan, surpassing the initial P1 million pledge and raising P1,227,450 for the Philippine General Hospital Medical Foundation, Inc. (PGHMFI).

The official turnover took place on November 27, 2025, at Robinsons Supermarket Ermita, in partnership with Robinsons Supermarket, marking a significant milestone for the brand, reinforcing its commitment to community wellness and compassionate advocacy.

The donation is the culmination of the “Share-theLove with Heart Mate” campaign, which ran from July 15 to October 15, 2025. For every Jolly Heart Mate Canola Oil product purchased at Robinsons Supermarket during this period, P5 was donated to PGHMFI. This simple act allowed Filipino households to transform everyday cooking moments into meaningful contributions that help strengthen PGH’s medical programs and services.

Recognized as the leading canola oil brand in the Philippines, Jolly Heart Mate Canola Oil is beloved and trusted for its superior heart-healthy benefits. It contains zero cholesterol, is rich in omega-3 and omega-6 fatty acids, and has the lowest saturated fat versus dietary fats which can lower the risk of heart disease and stroke with every delicious dish cooked at home. Ideal for daily cooking, Jolly Heart Mate remains a trusted staple in Filipino kitchens.

“We want to dedicate and honor the loyal consumers of Jolly Heart Mate Canola Oil today. They have not only shown love, health, and wellness for their families, but have also extended their generosity to their fellow Filipinos,” said Fly Ace Corporation Vice President for Marketing Abigail Ng-Reyes. “This year marks the 25th anniversary of Jolly Heart Mate — 25 years of advocating heart health for every Filipino family. We are very humbled as a company that throughout these 25 years, our consumers have given their trust, love, and

WTCMM secures ISO 9001:2015 re-certification, strengthening commitment to quality and excellence

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ORLD Trade Center Metro Manila (WTCMM) proudly announces its successful ISO 9001:2015 Quality Management System (QMS) re-certification, following a rigorous audit conducted by BSI Philippines, the local office of the British Standards Institution, a global leader in standards and certification services.

ISO 9001:2015 is the world’s most recognized quality management standard, focusing on customer satisfaction, process efficiency, and continuous improvement.

WTCMM’s re-certification validates its ability to consistently deliver services that meet both client expectations and global benchmarks. This achievement underscores WTCMM’s unwavering dedication to international standards of quality and its consistent certification record since 2012.

WTCMM’s sustained compliance with ISO standards is driven by a range of qualityfocused initiatives. The organization has implemented structured workflows across its operations to ensure efficiency and consistency in service delivery. It places strong emphasis on customer-centric programs, integrating client feedback mechanisms and service enhancements that align with ISO’s principle of customer satisfaction.

Employees undergo regular training on ISO 9001:2015 requirements and quality management practices, fostering a culture

of accountability and excellence. Routine internal audits are conducted to ensure compliance and readiness for external certification, reinforcing WTCMM’s proactive approach to quality assurance.

In addition, the organization integrates modern technologies and sustainable practices into its event and facility management, supporting efficiency and longterm resilience. These innovations not only strengthen operational performance but also reflect WTCMM’s commitment to adapting to global standards and industry trends.

“Achieving ISO 9001:2015 recertification for over a decade reflects our commitment to world-class standards and our dedication to serving clients with excellence,” said Pamela D. Pascual, WTCMM Chairman and CEO. “This recognition by BSI Philippines is not only a validation of our systems but also a testament to the hard work and professionalism of our entire team.”

World Trade Center Metro Manila is the premier exhibition and convention venue in the Philippines, known for hosting international trade fairs, corporate events, and industry conferences. Since its first ISO certification in 2012, WTCMM has consistently demonstrated leadership in quality management, making it a trusted partner for businesses and organizations worldwide.

NutriAsia’s UFC, Judy Ann Santos-Agoncillo partner to champion Filipino culinary excellence

N In the photo are, from left, SEVP and COO Fly Ace Corporation Frederick D. Ong, Managing Director Robinsons Supermarket, The Marketplace and Shopwise Christine Tueres, Chairman Robinsons Retail Holdings, Inc. Robina Gokongwei-Pe, PGH Director Dr. Gap Legaspi, Chairman and President PGHMFI Dr. Telesforo E. Gana Jr., President Fly Ace Corporation Jun L. Cochanco, President andCEO Robinsons Retail Holdings, Inc. Stanley Co, Robinsons Supermarket Group General Manager Kerwin Legarde, VP for Marketing Fly Ace Corporation Abigail Ng-Reyes, and SVP for Commercial Operations Fly Ace Corporation Bart D. Canon. support to Heart Mate, allowing us to become the number one canola oil brand in the market today.”

The donation is already making an impact, with funds directly supporting essential medical programs and services for PGH patients, especially those navigating the most challenging moments of their lives.

“Maraming, maraming, maraming salamat po for the donation,” said PGHMFI Chairman and President Dr. Telesforo E. Gana Jr. . “We help indigent patients directly through medical assistance, assisting them with laboratory tests that need to be done outside, and by providing equipment and supplies that are beyond our budget. All of these donations go to the different aspects of our work, whether it’s direct patient assistance or supplying the instruments and equipment that may be needed.”

Echoing this sentiment, Philippine General Hospital Director Dr. Gap Legaspi expressed his appreciation: “Thank you very much for this. I think this will be a big help in bridging that [critical] period when patients urgently need access to goods or medicines.”

Through this collaboration, Jolly Heart Mate Canola Oil and Robinsons Supermarket demonstrated how purposedriven partnerships can uplift communities and bring hope to those in need. The turnover ceremony marked the culmination of a campaign that turned cooking into an act of love — nurturing the health of families at home while improving the lives of others across the country.

Affirming this shared vision, Robinsons Retail Holdings, Inc. President and CEO Stanley Co shared: “We are honored to stand by Fly Ace, our true ‘Heart Mate.’ This shared mission of bringing goodness home and bringing good food home is all about turning everyday shopping into an opportunity to uplift communities. When we unite for a greater cause, we show that a supermarket can be more than a place to shop — it can be a place where hearts come together.”

Jolly Heart Mate Canola Oil remains committed to championing wellness, compassion, and community empowerment, helping Filipinos make a difference both in their kitchens and beyond.

UTRIASIA, makers of the Philippines’ best condiments and sauces, proudly brings together two Filipino culinary icons – world class Pinoy super brand, UFC and celebrity endorser, acclaimed actress, and successful restaurateur and chef Judy Ann SantosAgoncillo in a collaboration that celebrates Filipino cuisine and inspires households to bring world-class standards to everyday cooking.

For generations, UFC has been synonymous with Filipino kitchens, evolving from its iconic banana ketchup into a broad range of sauces, mixes, and meal solutions.

Today, UFC continues to innovate, offering products that combine convenience with uncompromising quality— helping families prepare dishes that reflect both tradition and modern tastes.

“At NutriAsia, we believe that food is more than nourishment—it is culture, heritage, and pride,” said James Lim, Sr Group Category Head for Corporate Marketing and Communications. “This collaboration between UFC and Judy Ann Santos-Agoncillo embodies our mission to champion Filipino flavors on the global stage. By uniting two icons trusted for generations, we are showing the world that everyday Filipino cooking can be world-class.”

The campaign highlights UFC’s diverse portfolio and Judy Ann’s culinary expertise, creating a powerful synergy that celebrates authenticity and innovation. Together, they aim to inspire Filipino households to rediscover the joy of cooking with products that are both trusted and versatile.

“UFC has always been about innovation rooted in tradition,” shared Jero Jhocson, Senior Consumer Unit Manager. “Partnering with Judy Ann Santos-Agoncillo allows us to highlight how our diverse portfolio empowers Filipino households to create dishes that are both authentic and globally competitive. Together, we inspire families to rediscover the joy of cooking with products they can trust.”

NutriAsia ensures UFC products meet rigorous international benchmarks, with facilities certified

In the photo are, from left, James Lim, Nutriasia Sr. Group Category Head for Corporate Marketing and Communications; Jero Jhocson, Nutriasia Senior Consumer Unit Manager; renowned actress, celebrity endorser, chef and restaurateur Judy Ann Santos- Agoncillo; and Camille Santos, Nutriasia Consumer Connection and UFC Brand Manager after the media roundtable event to formally launch the collaboration . under globally recognized food safety systems. This commitment to excellence reinforces the brand’s ability to deliver quality that resonates both locally and abroad.

“Our FSSC-certified facilities and commitment to natural, high-quality ingredients prove that UFC products meet international standards while staying true to Filipino taste,” added Camille Santos, Consumer Connection and UFC Brand Manager. “This campaign with Judy Ann Santos-Agoncillo is a celebration of excellence and authenticity, values that UFC has upheld for more than five decades. We are proud to show that Filipino flavors can compete and excel anywhere in the world.”

The collaboration will roll out across multiple platforms, featuring engaging digital content, culinary showcases, and a special vlog series with Judy Ann Santos-Agoncillo. Through these initiatives, UFC and NutriAsia reaffirm their dedication to making Filipino cuisine recognized and celebrated worldwide.

Ortigas hotels support Project Pearls Toy Drive Campaign with donations for children in need

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Toy Drive Donation to Project PEARLS by Crowne Plaza & Holiday Inn & Suites Manila Galleria.

N the spirit of the holiday season, Crowne Plaza Manila Galleria and Holiday Inn & Suites Manila Galleria have come together to support Project Pearls’ this year’s Toy Drive campaign, which aims to bring joy and hope to underprivileged children. Both hotels, together with their staff and leadership, have generously contributed toys and gifts to help make this festive season brighter for the less fortunate.

The donation initiative is part of IHG Hotels & Resorts’ ongoing commitment to corporate social responsibility (CSR) and their philosophy of “True Hospitality for Good,” which encourages giving back

to local communities. For this year’s holiday campaign, both hotels along with donations from Cluster General Manager Patria Puyat and her family have provided toys, school supplies, and other essential items for children in need.

Puyat shared her throughs on the meaningful contribution: “At IHG, we believe in the power of hospitality to create lasting connections, not just through our services, but through acts of kindness that can change lives. This holiday season, we are honored to partner with Project Pearls and bring smiles to children who deserve a brighter future. It is through collaboration and community efforts that we can

make a difference, and I am proud that our team along with my family can contribute to this beautiful cause.”

In addition to the direct donations, the staff of both hotels have worked together to collect and organize gifts for the children, ensuring that each child will receive a token of love this Christmas. The support from the hotels’ employees, as well as the generosity of Puyat and her family, exemplifies the heart of true hospitality where giving goes beyond business and into the community, reflecting IHG’s core values of caring for people, the environment, and local neighborhoods.

Project Pearls is a non-profit

organization focused on uplifting the lives of marginalized children and families through educational programs, health care services, and livelihood initiatives. The Toy Drive campaign is a key event that brings together donations to provide toys for children in the communities that Project Pearls serves.

Both Crowne Plaza Manila Galleria and Holiday Inn & Suites Manila Galleria express their heartfelt gratitude to all staff members, guests, and partners who contributed to making this initiative possible.

The hotels are proud to support the community and look forward to continuing their mission of hospitality with a heart.

Sports BusinessMirror

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

Tuesday-Wednesday, December 30-31, 2025 C1

PHL sports in 2025: Of heart and heroes C

By Aldrin Quinto

ARLOS YULO again conquered the world’s finest with power and precision, and while Filipino athletes delivered victories across multiple fronts throughout the season, a ragtag Gilas Pilipinas showed heart and grit to put the country’s beloved basketball on centerstage at year’s end.

Rising stars made their mark in the Asian Youth Games—with Naomi Cesar sustaining the brilliance in Bahrain to bag gold in the regional competition Southeast Asian Games (SEA Games) in Thailand against senior athletes.

Eumir Marcial kept Philippine boxing in the limelight from Las Vegas to Bangkok, shining in the ring both as a prizefighter and as a national team stalwart.

Volleyball also proved another source of national pride.

This season bore the fruits of years of hard work, with Alas Pilipinas exceeding expectations in the FIVB Volleyball Men’s World Championship before making a podium finish in the SEA Games where the women’s beach volleyball squad shone with gold.

Shaking off the lingering effects of injury, EJ Obiena regained his groove this season, winning consecutive events in France and Poland before delivering again for the Philippine team in the continental and regional events, as expected.

Yulo stands tall

THE pocket rocket of world gymnastics, Yulo regained gold in vault at the 2025 World Artistic Gymnastics Championships in Jakarta.

Pulling off the Piked Dragulescu that thrilled fans in the 2024 Paris Olympics, Yulo wowed the crowd at Indonesia Arena in October.

The 25-year-old then finished off the competition with precision and flair with a handspring front 2.5 twist.

Winner of two events in the 2019 Manila Games, four in the Vietnam Games in 2021 and two in the 2023 Cambodia SEAG, Yulo decided to skip the Thailand SEA Games due to the onemedal limit imposed by organizers for each gymnast and the absence of a team event on the program.

But even without the double gold medalist in the Paris Olympics, the Philippines ended up with three gold medals in the Thailand Games as Aleah Finegan won the women’s vault, Jasmine Ramilo claimed the women’s individual all-around title, and John Ivan Cruz gained a share of first place in the men’s vault.

Gilas restores order

RAY PARKS, Jamie Malonzo, Thirdy Ravena and Robert Bolick bannered a Gilas side thrown together a little over a week before tipoff, with Dalph Panopio and Cedrick Manzano performing admirably in their seniors national team debut as the Philippines retained the Southeast Asian Games title.

The Philippine basketball team restored order after all the chaos.

Bizarre eligibility rules in the Thailand Games—the guidelines not finalized until late—left the Philippine basketball federation scrambling, with the Gilas Pilipinas final cut not made until nine days before tipoff.

The squad that also had Matthew Wright, Abu Tratter, Justin Chua, Von Pessumal, Poy Erram and Veejay Pre racked up wins over Malaysia, 83-58, and against Vietnam, 78-67, in the eliminations before subduing Indonesia in the semifinals, 71-68.

The gold medal match against Thailand proved a nerve-wracking showdown, but in the end the battletested Filipinos showed the heart of a true champion and held off the hosts, 70-64, at the packed Nimibutr Arena.

It was a statement win for the Philippines, which had initially 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 days before the opener.

CARLOS YULO stands head and shoulders above the rest. AP

was the victory as Iran eventually advanced after an extended fifth set.

Alas Pilipinas regrouped to face its regional rivals in the SEA Games, dramatically earning the bronze with a nail-biting five-set win against Vietnam at Indoor Stadium Huamark.

Pole position

WITH two titles in two weeks in the European circuit in February, EJ Obiena announced his return to form after an eight-month drought following back issues.

Obiena topped the Meeting Metz Moselle Athlelor in France with a 5.7-meter vault and raised that to 5.8 for gold in the Orlen Copernicus Cup in Poland.

In foggy conditions at the Taiwan International Pole Vault Championship in April, 5.5-m vault was enough for the win, setting him up for a strong performance in the Asian Athletics Championships in Korea in May. He earned his third straight gold in the Asian meet with a 5.77-meter vault, then capped the season strong with a recordsetting 5.7 for the SEA Games gold.

BRYAN BAGUNAS and Marck Espejo serve as the pillars of Alas Pilipinas. AVC MEDIA The Philippines and Thailand also squared off for the women’s gold, with Gilas adding to the country’s haul with a 73-70 victory.

Marcial matters

AS both a prizefighter and national team member, Eumir Marcial put together a brilliant season.

From the US to Thailand, the Olympic bronze medalist made his heavy left hook felt.

Marcial made short work of Bernard Joseph, sending the American fighter down with a crushing left hook in the third round in their scheduled eightround middleweight bout on the Manny Pacquiao-Mario Barrios undercard at the MGM Grand Garden Arena in July. It was a huge return to the pro ranks for Marcial, who had spent much of the previous season focused on his preparation for the Paris Olympics where he reached the round of 16.

The Tokyo

proving his professional record to 7-0 with four knockouts.

The 30-year-old Marcial capped his fifth straight Southeast Asian Games gold, delivering the lone win for Philippine boxing in the brutal regional meet where the hosts bagged 14 victories from the 17 events.

For Pacquiao, the bid to become world champion again, at age 46, ended in controversy.

Observers say he was robbed of a milestone win, left only with a majority draw that allowed Mario Barrios to retain the WBC welterweight title.

Sharp, quick and powerful, Pacquiao turned back time against the 30-yearold American, but the judges’ verdict denied the Filipino star a historic win.

Olympics bronze medalist later emerged victorious from a bloody slugfest with Eddy Colmenares in the Thrilla in Manila 50th anniversary event in October at the Araneta Coliseum. Marcial overcame two knockdowns to win by majority decision over the Venezuelan for the vacant World Boxing Council (WBC) International middleweight title, im-

Alas Pilipinas delivers

EIGHT months after pausing their indoor careers to focus on beach volleyball, Sisi Rondina and Bernadeth Pons completed their mission.

With Sunnie Villapando and Dij Rodriguez forming the other pair, Alas Pilipinas claimed gold in the Southeast Asian Games, a first for the country.

Victories over Indonesia—with Pons and Rondina sealing the

WTA winner, SEAG champ

ALEXANDRA EALA also had a solid season, climbing to the top 50 of the Women’s Tennis Association.

The 20-year-old Eala became the first Filipina to bag a WTA title, topping the 125 event in Guadalajara, Mexico.

A product of the Rafa Nadal Academy in Mallorca, Eala also made waves in the fine run at the Miami Open, a WTA 1000 event, with victories over Grand Slam champions including World No. 2 Iga Swiatek before the streak ended at the semifinal stage.

Eala finished the season with the Philippine team and delivered as expected, claiming her first SEA Games gold medal with a straight-sets victory in the singles over Mananchaya Sawangkaew in Nonthaburi. Eala was the first Filipina to win the SEAG women’s singles since Maricris Fernandez last achieved the feat in 1999.

Gold for Filipinas

win with victory in a golden set—and Vietnam propelled the Philippines to the final at Jomtien Beach.

In the fight for gold, SiPons pulled off a straight-sets win over their Thai rivals and the Rodriguez-Villapando completed the sweep with a three-set victory.

Aces shine NAOMI CESAR makes her mark in the continental youth and regional senior meets. POC MEDIA POOL

limelight, pulling off a superb showing in the Asian Youth Para Games in December in Dubai.

Ric Daniel Pasadilla ended up a triple winner as swimmers delivered six of the country’s eight gold medals.

Athletics accounted for the two other gold medals.

The 48-member Philippine team finished with a total of 14 silver and eight bronze medals, surpassing the previous gold-silver-bronze haul of 1-6-2.

ONCE dismissed by agitators as merely making up the numbers, Alas Pilipinas answered back with a breakthrough run in the FIVB Volleyball Men’s World Championships in September and a podium spot at the SEA Games in December.

Fueled by the roaring home crowd at the Mall of Asia Arena, Alas Pilipinas defeated reigning African champion Egypt in four thrilling sets—a historic first for Philippine volleyball.

Bryan Bagunas, Leo Ordiales, Marck Espejo, Kim Malabunga and Owa Retamar led the way as Alas Pilipinas transformed from the tense and tentative squad that lost in straight sets to Tunisia in the opener to a fearless contender that captured the fans’ hearts.

The squad that also had the charismatic libero Josh Ybanez poured their all in the tug o’war against Asian powerhouse Iran, a do-or-die match for a place in the Round of 16.

Alas Pilipinas dished out arguably its most complete performance in the tournament—the only thing lacking

Youth power

THE Philippines posted its best ever performance in the Asian Youth Games, anchored by Charlie Ratcliff’s explosive one minute stoppage win in the mixed martial arts final in Bahrain in October.

Kram Airam Carpio came up with the opening salvo with victory in pencak silat 51-55kg division, while Isabella Joseline Butler capped the Philippines’ sterling performance by ruling the -63kg girls’ jiu-jitsu at Exhibition World Bahrain.

Lyre Anie Ngina won the girls’ wai kru 14-15 class and Zeth Gabriel Bueno topped the boys’ 14-15 division in muay at EWB in Sakhir.

Jan Brix Ramiscal and Tyron Jamborillo added to the Philippine muay team’s gold haul as they topped the mixed team event.

Pi Durden Wangkay came up with a strong finish to rule the 200-meter dash at the Bahrain National Stadium in Riffa.

Naomi Cesar also had a sterling performance in the girls’800-m, bagging silver on the continental youth level. Just a month later, she claimed gold against senior athletes in the regional meet SEA Games.

Para athletes shine

THE differently-abled Filipino youth athletes also grabbed share of the

EUMIR MARCIAL makes it five SEA Games titles. POC MEDIA POOL

WITH a hastily assembled Gilas squad, the country asserts supremacy in basketball in the region. POC MEDIA POOL

THE Philippine women’s football team made history at the Southeast Asian Games, though not without controversy.

After a scoreless 120 minutes at Chonburi Stadium, the title showdown went to penalties, with eleven of twelve attempts finding the net.

Olivia McDaniel ended the agonizing duel by stopping Tran Thj Thu’s shot to secure a dramatic 6-5 victory for the Filipinas.

Vietnam, however, rued a costly offside call early in the match. Bich header from a Nguyen Thj Van Su cross was disallowed after assistant referee Chanthavong Phutsavan flagged for offside, despite replay clips showing Thùy was onside. With no Video Assistant Referee in play, the on-field decision stood, sparking heated debate among fans and analysts.

Reports from Malaysia and Vietnam say the Asian Football Confederation acknowledged the officiating error and vowed to implement measures to prevent similar mistakes in future competitions.

Next gen of stars

PHILIPPINE Sports Commission chairman Patrick “Pato” Gregorio” shares a mantra about the country’s participation in the continental and regional competitions, lauding the winners and honoring those who fell short, recognizing their efforts and dedication.

Gregorio, who assumed the chairmanship of the government’s sports arm only in July, expressed pride with the Filipinos’ achievements in international competition, emphasizing that every competition is a spring board to bigger stages.

“The next generation of Olympians will come from here,” said Gregorio after the SEA Games, repeating the sentiment he shared after the Asian Youth Games and other events.

In other words: Celebrate the small victories, but keep your eyes on the big prize.

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Tuesday-Wednesday, December 30-31, 2025 • Editor: Gerard S. Ramos

Art

BusinessMirror

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Louvre workers vote to extend a strike TODAY’S HOROSCOPE as the museum partially reopens

By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Eliza Dushku, 45; Tyrese Gibson, 47; Laila Ali, 48; Meredith Vieira, 72.

P

ARIS—Employees at the Louvre Museum voted to extend a strike that has disrupted operations at the world’s most visited museum, though the venue partially opened on Wednesday to allow visitors to enjoy its highlights.

The museum said visitors had access to a limited “masterpiece route” which includes Leonardo da Vinci’s Mona Lisa and the Venus de Milo.

“Due to a strike, some rooms in the Louvre Museum are...closed,” it said on social media. “We apologize for any inconvenience.”

Union workers are protesting chronic understaffing, building deterioration and recent management decisions—pressures intensified by a brazen crown jewels heist in October that exposed serious security lapses.

The strike decision came during a morning general assembly, after workers adopted the walkout unanimously earlier this week. The museum was closed on Tuesday for its weekly day off.

Culture Ministry officials held crisis talks with unions Monday and proposed to cancel a planned $6.7 million cut in 2026 funding, open new recruitment for gallery guards and visitor services and increase staff compensation. Union officials said the measures fell short. Louvre president Laurence des Cars was scheduled to appear before the Senate’s culture committee Wednesday as lawmakers probe security failures at the museum.

Des Cars has acknowledged an “institutional failure” following the heist but has come under

HAPPY BIRTHDAY: Put your energy where it counts, and create a masterpiece from the opportunities that unfold. Home improvements will lead to better relationships through open communication and aligning yourself with those who share your vested interests.

Verify information and take nothing and no one for granted.

Being humble while pouring your time, effort and energy into what you want will help you excel. Your numbers are 9, 14, 21, 27, 32, 35, 46.

ARIES (March 21-April 19): Go about your business.

It’s what you accomplish that matters, along with consistency and keeping your thoughts to yourself.

Avoid dealing with institutions and government agencies until you have sufficient details to respond. Mixed emotions regarding work and money will surface. Consider what’s important to you, how much you earn and how much you enjoy your job. ★★★

TAURUS (April 20-May 20): Focus on home improvement and better relationships with loved ones. Learn from experience and dedicate more time to spicing up your love life. Activities geared toward selfimprovement and learning something that will help you get ahead or make your life and personal relationships better are favored. Let your actions lead the way. ★★★

GEMINI (May 21-June 20): Gather information, be observant, ask questions and focus your attention on bringing about positive change. Putting yourself in unique situations or visiting places you have never been before will tweak your imagination and encourage you to embrace whatever excites you. ★★★

renewed scrutiny after admitting she only learned of a critical 2019 security audit after the robbery. France’s Court of Auditors and a separate administrative inquiry have since criticized delays in implementing a long-promised security overhaul.

The Culture Ministry announced emergency antiintrusion measures last month and assigned Philippe Jost, who oversaw the Notre Dame restoration, to help reorganize the museum. The move was widely seen as a sign of mounting pressure on Louvre leadership. AP

How the baro transformed into the garment of Filipino identity CULTURAL advocate and Gawad CCP awardee Dr. Nicanor Tiongson in his special lecture at Costume Laboratory 2

EVERY piña fiber, abacá and jusi fabric woven into a barong Filipino carries the struggles of being acknowledged as the Philippine national dress for men. Along with them, the nation’s fight for acceptance and freedom is reflected in patterns drenched in Philippine culture and tradition.

“The barong Filipino overcame many obstacles, the biggest of which is the Filipinos’ own colonial mentality,” said cultural advocate and Gawad CCP awardee Dr. Nicanor Tiongson in his special lecture at Costume Laboratory (CosLab) 2, the Costume Design and Construction Laboratory for Philippine Theater workshop held from November 17 to 23, at the De La Salle-College of Saint Benilde.

Through its Production Design and Technical Services Division, the CCP conducts ladderized workshops and lectures on the national dress with CosLab. CosLab started with the Traje de Mestiza from the 1890s to 1920s. CosLab 2 features the baro—the men’s shirt covering the period 1800s, 1920s and 1970s. CosLab 2 invited cultural studies pioneer Tiongson to share his expertise with budding and experienced Filipino designers.

Bearing witness to centuries of wars and establishment of governments, the barong Filipino is an active character in Philippine history. “There is still a need to write a scientific history of the development of this garment,” Tiongson continued.

Before Spanish colonization, the Philippines already had its own dress from 1521 to the 1660s. It was composed of the badu (a shirt that reaches down to the mid-thigh) and the bahag (g-string), which slowly adapted to Christianization and Hispanization.

Even after the opening of the Suez Canal in 1869, Spanish fashion remained inaccessible to the indios (colonized natives). But despite poverty hindering them from opportunities, they cultivated their national dress born from their struggles.

“These indios might have been chained to their little barrio from birth to death, but I believe their baro are the direct ancestors of the present barong Filipino,” Tiongson explained, noting how the national dress of Filipino men survived the snobbery of those who idolized the Western.

The baro, seemingly coming into its own, began weaving its unique aesthetic. It followed Filipino tastes while considering the nation’s tropical weather. Going to church was like a parade as Filipinos donned hats and canes with the baro. The lower and middle classes, however, preferred the basic design for its practicality.

From a revered indicator of societal standing, the baro played a role in every government established over the years. “The development of barong was always based

on the presidents,” Tiongson recalled.

President Manuel Quezon carried his nationalistic spirit on a baro with emblems of the Commonwealth embroidered on the pecheras. Together with Vice President Jose P. Laurel, Filipino officials wore the baro in consonance with the Japanese slogan “Asia for Asians.”

Tiongson also emphasized President Ramon Magsaysay’s contribution to the barong Filipino’s regality: “It developed a famed reputation, a nobility, because of him [Magsaysay]. The ‘man of the masses’ wore it when he was sworn in as the president. It was the first time in history.” Magsaysay’s vice president, Carlos Garcia, resumed his legacy in Filipino fashion and often wore the baro in official functions. This also underscored the “Filipino First” policy, which championed locally made materials.

Choosing the barong Tagalog for all formal occasions, President Ferdinand E. Marcos popularized the waist-length shirt barong. President Fidel Ramos, who wasn’t fond of fancy attire, continued the

tradition of wearing the national dress for the inauguration.

With its precious embroidery and vibrant fabric, the baro fought its way into banquets, inaugurations, formal portraits, and family pictures. It then succeeded, spinning itself into a marvelous item of clothing that commanded sincere respect and attention from everyone in the room.

At present, the national dress for men has stayed true to its purpose of catering to the Filipinos’ needs. Each design is now tailored to the occasion, function, and budget for the materials. “The baro of today comes in bright colors to answer the needs of actors, singers, and other fashionistas,” Tiongson expressed, acknowledging the changing times.

Celebrities now sport the national dress with chic shorts and huge, puffed sleeves.

Some even refuse to wear undershirts beneath the piña fiber fabric, wielding a daring impression with the baro.

Tiongson remembered seeing a barong Filipino on the red carpet, cut and shaped into a bomber jacket. He lamented: “Being open to new trends is important, but keep it memorable and wearable. Just remember the purpose of the design.”

With its timeless form, the baro’s journey has proven that Filipinos are capable of evolving while preserving their history and culture. It presents a comforting reminder not to shy away from growth as long as every step is laced with heart and care.

The CCP CosLab2 was held in partnership with SLIM’s Fashion and Arts School, an institution of De La Salle-College of Saint Benilde. More information is available at the CCP’s official website (www. culturalcenter.gov.ph).

CANCER (June 21-July 22): Strike while you can.

Your insight will spark your imagination and help you devise ways to improve your work or whatever you pursue today. A partnership or connection you make will encourage opportunities to get ahead by doing something you enjoy. Broaden your horizons. ★★★★

LEO (July 23-Aug. 22): Think twice before you say or do anything that may disrupt your plans or a relationship. Give yourself enough time to monitor situations, gather facts and be precise in your assessment and response to avoid setbacks. Take care of matters that require dealing with institutions or government agencies. ★★

VIRGO (Aug. 23-Sept. 22): You are heading in the right direction. Don’t second-guess yourself; trust your instincts and initiate positive change.

Updating your skills will position you for advancement or help you pursue what you want. A creative project or a practice that leads to better health or peace of mind will be worth your time and effort. ★★★★★

LIBRA (Sept. 23-Oct. 22): Familiarize yourself with what’s unfolding. Misinformation will be at the root of any problem that arises. Seeing is believing, and verification is a necessity. Situations can easily get blown out of proportion if you aren’t cautious and cognizant of others’ feelings. A positive attitude and doing your part to make things right will ward off arguments. ★★★

SCORPIO (Oct. 23-Nov. 21): Start conversations with well-informed people. Ask questions, show concern and be a part of their life, and the flow of information will enrich your life. Engage in functions that give you a platform to share your thoughts and ideas, and you’ll formulate a dialogue that can lead to something new and exciting. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Stop short of exaggeration. It’s better to underplay a situation or event than to rave or oversell something or someone. Choose your words wisely, and let others draw their own conclusions about what they think or feel without your input. The best results will come from situations that maintain an element of surprise. ★★★

CAPRICORN (Dec. 22-Jan. 19): Don’t shy away from initiating ideas, concepts and new beginnings. Be strategic, make your move and be open to incentives that will seal a deal or make life more manageable. It’s best to address money matters with accuracy and discipline. ★★★★★

AQUARIUS (Jan. 20-Feb. 18): Question your motives, and seek insight into how you can improve or use your skills, experience and connections to your advantage. Following a path that turns something you enjoy into a profit will bring you satisfaction and gratitude. Make wise life choices. ★★

PISCES (Feb. 19-March 20): Look at your options and consult with an expert if necessary. It’s best to put your papers in order and to sort through any differences you have with anyone before you initiate a move that might have consequences if you don’t go through proper protocols. ★★★★ BIRTHDAY BABY: You are determined, responsive and lively.

You are appealing and discerning.

‘mission accomplished’ BY CJ TAN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Minor hiccup 5 Bio. or chem.

8 For Better or Worse actress Smith 13 The Hawkeye State 14 French city that isn’t a homonym of a roaring feline 15 Fairy-tale ending?

16 Gradually increase in volume 18 Gold purity unit 19 Mission: Stand in the middle for a picture. Status: ___ 21 “Walk-in” storage space 23 Paris 2024 grp.

24 Cute ___ button 26 Hawaiian pizza topping 27 Mission: Monitor your schedule of not eating. Status: ___ 31 Log chopper 32 Carly ___ Jepsen 33 Oxidizes 34 Mission: Cram 150 mL of spread into a 100 mL container. Status: ___ 38 2000s teen drama set in SoCal 41 West of Old Hollywood 42 Craze

45 Mission: Dye a romantic flower.

Status: ___ 49 Hello, in Portuguese 50 @@@ 51 Activist Yoko 52 Simple machine with a rope 54 Mission: Ride a bucket down to an aquifer. Status: ___ 58 First blank on a form 59 “Why does this always happen to me?!”

62 Rainbow-shaped 63 Broadcasts 64 Chew like a beaver 65 Birds in a V formation 66 Room with test tubes 67 Fairy-tale baddie DOWN 1 (Not my mistake) 2 Neither/___ 3 “Sweet!”

4 Xenon and radon, for two 5 Match up, as audio and video 6 Cryptologist’s specialty 7 Part of a prank 8 “Be safe!”

9 Way off 10 Achievements maintained by logging in daily 11 Something a telemarketer wears 12 “Life imitates ___” 14 Southpaw’s strong limb 17 Bass or treble 20 The Raptors, on scoreboards 21 Mandarin for “tea” 22 Lenient 25 Paid promos 28 Maple tree extract 29 Spanish for “I love you” 30 Cow’s chew 34 Java 35 Bit of recognition 36 Wheels 37 Finders, in an adage 38 “___-la-la” 39 Start without a key 40 Intrinsic nature 42 Practicing origami 43 Microbrewery brew 44 It lasts 5,832 hours on Venus 46 20-Down’s prov.

47 French skincare company

48 “___ noted” 53 “Get your paws off me!”

55 Levi’s alternatives 56 Running shoe brand 57 “Up” or “down,” at times 58 Nuisance to a streamer 60 Scratch or stain 61 Lamb’s mother

Solution to today’s puzzle:

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Show BusinessMirror

Editor: Gerard S. Ramos • Tuesday-Wednesday, December 30-31, 2025

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Stars we’d like to see surge ahead in 2026 different medium and all you’ve got is around 90 minutes to tell a story. TV is good, and generally serves as a training ground for actors to improve our craft, but a television series involves so many actors and competition is almost always tough. That’s why I am thankful for every new role that is offered to me.”

ANDRES MUHLACH

JULIE ANN SAN JOSE

THERE is no doubt that Julie Ann San Jose is one of the most gifted artists of GMA Network. For this coming year, perhaps all she needs is one hit song that will catapult her to singing stardom and one role in a movie that will make everyone take a second look at her currently underrated acting skills.

When we spoke to her during the launch of her newest single, titled “Simula,” Julie Ann told us that she has always let destiny take its course in her life.

“I’ve always believed that if something is meant to be, then it will unfold and manifest itself. But that does not mean that we have to be complacent, because we need to do our share—make the right choices and decisions, work hard to get to our goals, and keep the faith stronger than ever.”

The girlfriend of Rayver Cruz also shared that it is her dream to be able to star in a musical theater production.

YASSER MATA

ONE actor that is so underrated but full of promise is Yasser Mata. He is charming, handsome, humble and, most importantly, a natural actor.

We last saw this Sparkle talent shine in the action drama series Lolong where he pitted talents with acclaimed actors, like Tessie Tomas, Martin del Rosario and Ruru Madrid. Prior to Lolong, he had short roles that he turned into memorable ones in TV series, like Forever Young, Black Rider, Lovers and Liars, and What We Could Be. “Not many know that I have been working so hard for almost 10 years because acting has become my passion and I cannot see myself doing something else at this point in my life, “ Yasser intoned.

At the moment, Yasser has just wrapped up work for the independent movie Desperada, directed

by Louis Ignacio. “I am happy working on films , especially with the guidance of good filmmakers.

I’m pushed to always do my best because film is a

SLOWLY amassing a lot of followers with the success of the online series Ang Mutya ng Section E, Andres Muhlach is certainly treading toward the right direction.

Although it will be difficult to veer away from being the son of top celebrity Aga Muhlach, Andres is carefully plotting his strategies and making the right decisions as far as what projects to accept.

Many look forward to the musical theater adaptation of the movie Bagets where Andres will take on the role which sealed it for his dad 40 years ago. “I’m so looking forward for the show to open early next year. We are already deep into rehearsals to make sure that everything will be smooth and the audience will get a good show when we finally open.”

We also wish that Andres will make movies in 2026 that will showcase his skills and send him right away to the A-list category as actor.

MAX EIGENMANN

AFTER winning top acting prizes in both local and international festivals over the years, Max Eigenmann is someone we’d like to see shine and sparkle in the new year. Her followers on social media increased considerably after the release of the vertical video Ninang, and everywhere she goes, especially during this festive season, Max is addressed as such.

“I’m enjoying this so much, I mean people from all walks of life—from Grab drivers to supermarket cashiers to restaurant servers—all calling me ‘ninang’. I’m so eager and ready to work on as many acting projects that will come. I’m certainly claiming this,“ she said. Max is the only remaining active female Eigenmann in show business and we hope producers and the networks will open bigger doors for such an brilliant and well-liked actress. Max is part of the main cast of The Master Cutter, a new TV series that will air on GMA during the first quarter of the new year, starring Dingdong Dantes, Rio Locsin and Paolo Contis.

BENZ SANGALANG

ONE of the most humble actors we’ve met, Benz Sangalang shared that he is not ashamed of his current classification and that he sees his many roles

on the Vivamax platform as both a training ground for his acting skills and as a jump-off point for bigger breaks to come.

“I don’t really mind being labeled as a bold or sexy actor. Each new project I take on is an opportunity for me to learn more and better myself as an actor. I get excited every time I am given projects with amazing actors and directors who I can learn from. Many of our top actors today also started in sexy movies and they worked their way up to where they are now,” he explained.

We look forward to seeing more of Benz in projects that will propel him to greater heights.

DONNY PANGILINAN

ONE of the nicest guys in the business is Donny Pangilinan, who is getting many good breaks.

He remains to be level-headed despite his many successes.

Perhaps raised in the best way possible by celebrity parents Anthony Pangilinan and Maricel Laxa, Donny is so pleasantly and sincerely grounded and he takes on his commitments with utmost professionalism.

From the time he started as a VJ for the music channel MYX almost 10 years ago, Donny has evolved into a reliable and sought-after artist, and his tandem with Belle Mariano has also done his career a lot of good. He is currently one of the main cast of the TV series Rojo.

For the new year, we feel it’s high time that Donny explore possibilities to be on his own and target a few good roles on films that can widen his range as an actor.

CLOCKWISE: Julie Ann San Jose, Donny Pangilinan, Yasser Mata, Andres Muhlach, Max Eigenmann, and Benz Sangalang.

‘HEATED RIVALRY’ SERIES MIXES HOCKEY AND QUEER ROMANCE AND IS SCORING BIG AUDIENCES

By Connie Panzariello The Associated Press

ALDEN RICHARDS

SPARKLE GMA ARTIST CENTER CALLS FOR POSITIVITY AND COMPASSION

AS part of its 30th anniversary, GMA Network’s talent arm Sparkle GMA Artist Center moves forward with a renewed mission: to inspire positivity and compassion.

This vision comes to life through its advocacy “Click Kindness,” an anti-bullying campaign that aims to reach people both online and offline.

In today’s digital age, where artists and fans alike often face harsh criticism and online bashing, Sparkle’s call to “click” kindness resonates deeply.

This campaign takes a subtle yet powerful approach, focusing on mental health and empathy.

Recently, Sparkle unveiled a special video campaign was made led by its brightest homegrown talents—Alden Richards, Julie Anne San Jose, Ruru Madrid, Miguel Tanfelix, Kyline Alcantara, Ysabel Ortega, Shuvee Etrata, Ashley Ortega, Allen Ansay, Rita Daniela, Jessica Villarubin, Roxie Smith, and Prince Carlos–emphasizing the message “Change starts when you choose to care”. The video invites everyone to join in making a difference, one click at a time. Joining forces in this kind of advocacy will make a greater impact to all.

Alden Richards shared in his recent speech in Sparkle’s celebration: “Madali naman tayong magpakita ng magandang katangian sa tunay na mundo. So siyempre, gamitin din natin ito online, because our reach online combined is very powerful, lahat ng posts natin dapat nagbibigay ng inspirasyon, hindi nagbibigay ng hateful feedback, hindi nang-aaway kundi nagbibigay ng pagmamahal.”

He then ended it with a reminder: “Kindness goes a long way, and it starts with all of us...with you, with me, and everyone online.”

Sparkle encourages everyone to continue to flood the digital world with kindness using the hashtag #ClickKindness, with high hopes to create a ripple effect that extends far beyond its fan base–because kindness benefits everyone.

NEW YORK—Heated Rivalry is scoring big with hockey romance fans. Since its Thanksgiving weekend debut, the steamy television adaptation of Rachel Reid’s 2019 novel has dominated social media feeds and inspired a growing fanbase devoted to the queer romance at its center.

The story traces Canadian Shane Hollander and Russian Ilya Rozanov as they sustain a decade-long secret relationship, mixing slow-building yearning with explicit sexual scenes.

Jacob Tierney, who developed, wrote and directed the series, said he was drawn to the project for its “pure queer joy.”

Audiences have met that joy with a passionate response, propelling Heated Rivalry to the No. 1 series on HBO Max as the first season heads into its finale on Friday. Along the way, it’s generated new interest in the Game Changers book series that it’s based on and drawn attention to sports romance fiction, especially stories with queer storylines.

Originally developed for the Canadian streaming service Crave, the show scored a distribution deal with HBO and has already been renewed for a second season. “Unashamedly, when pitching, it was just like, this is a Harlequin romance. This has a happy ending,” Tierney said. “This is about two boys in love and a lot of sex.”

A ‘GAME CHANGER’ FOR HOCKEY ROMANCE FANS

HOCKEY romance books have grown in popularity within the broader sports romance genre, fueled by readers drawn to the intensity of sport as much as the relationships at its center. Mackenzie Walton, who

“The show was going to live and die based on this casting,” Tierney said. “I think once they did their chemistry read together, everybody was like, ‘OK, fine, done.’” Rachel Reid, author of the books, said she was happy with the adaptation and with who was chosen to play the characters she wrote.

“If I built the perfect actors in a lab, I could not have built better people to play these characters,” Reid said.

It was also important to both Tierney and Reid to have Shane played by someone of Asian descent, as the character is in the books, to keep a sense of diversity in a genre that tends to have mostly white characters.

GOING BEYOND THE TYPICAL ‘ALPHA-JOCK’ STORY

edited the Heated Rivalry novel, said the genre’s staying power comes from how deeply the stories immerse readers in the sport itself.

“It’s much more common when I read a hockey romance that I get the sense that hockey is important at the heart of the book, and I think readers really respond to that sense of authenticity,” Walton said.

According to the book’s publisher Harlequin, Reid’s six novel Game Changers series has sold 650,000 copies since the first was published in 2018.

“Anytime Hollywood pays attention to, and respects, romance fans, they notice and show their appreciation,” Leah Koch, co-owner of the romance bookstore The Ripped Bodice, wrote in an e-mail. She added that producing a high-quality adaptation of a story queer readers might not have expected to reach television signals a growing

recognition of both their cultural interests and their economic impact.

Content creator Josh Banfield has been making Instagram videos about the show since its November premiere. He believes part of the show’s popularity with queer fans is the slow-burning aspect of Shane and Ilya’s romance.

“There’s something nice about seeing the yearning and seeing that they do maintain contact with each other and still have this connection,” Banfield said.

FINDING THE PERFECT SHANE AND ILYA FOR ‘HEATED RIVALRY’ FANS and the creators behind the book and TV show also credit the lead actors, Connor Storrie and Hudson Williams, for the show’s success.

Tierney said he knew they were his Ilya and Shane almost instantly.

HOCKEY romances still tend to be dominantly white and heterosexual.

According to Koch, readers who come to the Ripped Bodice’s locations are looking for more people like Shane— queer and diverse—to be in their stories.

Customers frequently seek out queer sports romances and those that “go beyond the typical alpha-jock trope,” she wrote. But she’s skeptical that the success of Heated Rivalry will lead to more mainstream books or shows with queer stories.

“A breakthrough title does sometimes allow other authors more access, but not always,” Koch wrote.

“But hey, maybe they’ll prove me wrong, and wouldn’t that be nice?”

Romance blogger Laura DusiShowers said women in particular are responding to the male-on-male romance in a hockey book because of the fantasy aspect of seeing something different than their everyday lives. As for why it works, she said it was due to hockey being a “manly, aggressive sport” with no out NHL players.

HUDSON WILLIAMS (left) and Connor Storrie star in Heated Rivalry, the blockbuster adaptation of Rachel Reid’s book series that has become the most-streamed title on Crave and HBO Max.

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Tuesday-Wednesday, December 30-31, 2025

Sports BusinessMirror

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

Leonard opts for health over franchise record

I JEREMIAH GRAY provides the game-tying three free throws and Stephen Holt sinks the Hail Mary three-pointer that nails for Ginebra the overtime victory, frustrating Converge and its go-to rookie, Juan Gomez de Liano.

PBA IMAGES AND ONE SPORTS SCREENGRAB

That’s Ginebra: Never Say Die!

A

By Josef Ramos

DD this to the lore Barangay Ginebra San Miguel has woven for decades—Jeremiah Gray cooly sinking three free throws to send the game to overtime and Stephen Holt nailing what is now a trademark Hail Mary game-winner for the everpopular Gin Kings.

The odds didn’t particularly go Ginebra’s way all night long on Sunday with multi-titled Tim Cone—his coaching acumen having done wonders with Gilas Pilipinas—brewing a winning concoction against an overachieving Converge side that hasn’t made any impact in the league until this Philippine Cup. Nevertheless, Cone got Gray and Holt who completed the task Scottie Thompson couldn’t engineer after fouling out in regulation.

“God was with me on the free throw line,” said Gray, 29, formerly with Terrafirma as a rookie three years ago “We practice those [free throws] everyday.”

“I just took it as just another free throw in practice,” added Gray moments after the nail-biting 99-98 win in an extended game that took more than two hours to complete.

Indeed, Gray was cool and accurate to tie the count at 86-86 in regulation, disappointing the FiberXers who thought they got it all wrapped up to march on to the semifinals against San Miguel Beer.

Converge was a tough nut that didn’t crack easily in overtime and was again on the verge of disposing of one of the most successful teams in the Philippine Basketball Association.

The FiberXers went ahead once more, 98-96, with 8.3 seconds remaining until that Hail Mary of a play that resulted to that Hail Mary of a three-pointer by Holt.

“This is one of the biggest shots in my career, and I mean it,” Holt said “It’s pretty clear that I struggled on both ends of the floor, but I really love my guys for continuing to give me confidence all the time.,” added the 6-foot-four top pick in 2023 also by Terrafirma before finding himself at Ginebra.

“When I have my moment, I know how to step up. I execute whatever the game presented to me,” Holt added. “We’re so hungry, we are playing the best basketball of the season right now and we just continue to the momentum and the work.”

That momentum started with a one-sided 105-85 victory that negated Converge’s twice-to-beat advantage in the quarterfinals.

Holt finished with only nine points—the last three were that game-winning triple—as he suffered with a 2 of 8 shooting effort from beyond the arc.

RJ Abarrientos, who had 35 points in the first meeting against Converge, finished with 20 points at the Smart Araneta Coliseum on Sunday night, while

KAWHI LEONARD: I would rather play another game than go out there and risk it. AP

NICK KYRGIOS acknowledges feeling nervous and having to “strap in” in his exhibition match against Aryna Sabalenka. AP

Indoor golf league set to kick off 2nd season

Nick tops ‘Battle of the Sexes’

By Doug Ferguson

D

The Associated Press

UBAI, United Arab Emirates—Nick Kyrgios won the latest version of the “Battle of the Sexes” in tennis, beating top-ranked women’s player Aryna Sabalenka, 6-3, 6-3, in an exhibition match that represented light entertainment rather than another landmark moment for gender equality.

There was laughing and joking between the players, some under-arm serves, over-thetop grunting on shots, and even some dancing from Sabalenka during a timeout to entertain the crowd at the 17,000-seat Coca-Cola Arena in Dubai—where the most expensive tickets sold for approaching $800.

Kyrgios, the 2022 Wimbledon runner-up who has played only six tour-level matches in the last three years because of wrist and knee injuries, appeared to play within himself at times and faced the disadvantage of Sabalenka’s side of the court being nearly 10% smaller in an attempt to level the playing field.

The players were only given one serve per point, rather than two.

Kyrgios was drenched in sweat by the time he clinched victory off his third match point and the pair were all smiles when they embraced at the net.

Kyrgios acknowledged feeling nervous and having to “strap in.”

“I think this is a great stepping stone for the sport of tennis,” the Australian said.

Sabalenka said the match was good prep for next season, with the Australian Open coming up in January, and would like to play Kyrgios again to exact “revenge.”

“Really enjoyed the show,” she said, “and I feel like next time I play him I’m going to know the tactics, his strengths and his weaknesses, and it’s going to be a better match, for sure.”

The so-called “Battle of the Sexes” was a name borrowed from the 1973 match between Billie Jean King and Bobby Riggs, which King won in straight sets in the Houston Astrodome and took place amid King’s efforts to start a female tour and get equal pay in tennis.

Fifty-two years on and the latest iteration had no real wider cultural significance. Instead, Sabalenka and Kyrgios—members of the same agency, Evolve, that arranged the exhibition—just wanted to put on a show, engage a younger audience and make some money.

Kyrgios might be regarded as a controversial choice to play in such a match, given he pleaded guilty to shoving a former girlfriend to the ground during an argument in 2021—he escaped conviction on a charge of common assault—and has previously expressed his opposition to equal pay in tennis. AP

B

ILLY HORSCHEL recalls a certain buzz about the techinfused indoor TMRW Golf League when it began last year, and there was plenty of curiosity where it would fit into the golf landscape.

Curiosity has given way to a degree of optimism and a little growth when the second season of TGL begins Sunday at 3 p.m. on ABC and ESPN+.

The graphics have been upgraded. Spectators in the SoFi Center in Palm Beach Gardens, Florida, will have ear buds to listen to play banter more easily. Golf course architects—Jack Nicklaus, Gil Hanse and Beau Welling among them—are designing holes. And each team will have a signature hole that reflects their city.

It starts with a rematch of the TGL final last year when Atlanta Drive beat New York in a couple of one-point matches that produced some drama. Horschel is part of Atlanta Drive that will not have Justin Thomas, who is recovering from back injury. And yes, he’s excited.

“I’ve been on the PGA Tour for 16 years, and I think anyone who’s been on tour for a while, the monotonous grind of it can sort of wear on you a little bit, not that the fire to compete has dwindled,” Horschel said.

“So when you can do something that relights that fire and have that sort of kid-like energy...and that’s what I had, that kid-like energy in this entire TGL [season] because it was something different and something we were all experiencing for the first time.”

The six teams remain largely in tact, though Jupiter Links will not have Tiger Woods right away as he recovers from back surgery.

He has said he would miss the first part of the season. Detroit will have a franchise that starts in 2027, and there is movement for another team, perhaps to get Scottie Scheffler involved.

The matches are typically Monday and Tuesday night, though it starts this Sunday (December 28) and the next match involving Rory McIlroy’s Boston Common will be Friday, January 2.

Scheduling can get tricky. Following the January 2 match, Boston will not play again until January 26, the Monday after McIlroy finishes his two weeks in Dubai as part of the European tour schedule.

Horschel said it might get even easier—and perhaps more appealing to players who want to be part of TGL—when the PGA Tour finishes the overhaul of its schedule.

“A lot of changes are coming in ’27 and may make the scheduling a little bit easier and guys may want to jump on board who had declined,” Horschel said.

Bear-ly made it FANS watch play during a match of the TMRW Golf League between Jupiter Links Golf Club and Boston Common Golf last January at Palm Beach Gardens, Florida. AP

Thompson added 13 points, eight assists and five rebounds before fouling out.

“We will enjoy this. We came from dead and we are ecstatic,” said Cone, noting that the win was a miracle.

Juan Gomez de Liaño wasn’t the hero Converge wanted him to be in that game.

“It was a lesson learned. I feel like it’s their game,” he said.

“Ginebra is a championship contender and they have the crowd and they have the environment.”

“It was a good experience, we came up short and I didn’t get the job done,” he added.

Gomez De Liaño had a game-high 25 points, 18 he made in fourth and overtime period highlighter by a back-breaking fourpointer and unimaginable drives to the basket.

NGLEWOOD, California—Close to grabbing a franchise record all for himself, Kawhi Leonard elected to take a pass in order to be fresh for another day.

Team-oriented to the core, Leonard was actually a bit selfish by request Sunday, scoring a career-high 55 points to lift the Los Angeles Clippers to a 112-99 victory over the Eastern Conference-leading Detroit Pistons.

The Clippers are now on a season-best four-game winning streak and a recent scoring burst from Leonard is the primary reason.

Leonard was told by head coach Tyronn Lue he was closing in on the franchise scoring record but decided to keep his fourth-quarter floor time to a modest six minutes and departed with just under a minute remaining.

He now shares the team mark for points in a game with teammate James Harden.

“Like I told [Lue], I would rather play another game than go out there and risk it,” Leonard said. “Hopefully we can get another win and be in the same situation. It is what it is.”

Harden teased Leonard afterward that it took him long enough to pull off a 50-point game, while also shouting “double nickels,” in the locker room afterward. Leonard is in his 14th season.

“It was a beautiful thing to see how efficient, how effortless it was,” Harden said. “It was just so smooth. He got to whatever spot he wanted to and once you get to that spot it’s not even about the defender. It’s about him making the shot. AP

THE game was one of those where the offenses stole the show and it came down to late execution. San Francisco doing just enough in the closing minutes, Chicago pushing them right to the edge.

Brock Purdy’s resilience and dual-threat play were decisive

key traits in close games with playoff seeding on the line.

The defensive unit wasn’t dominant, but timely pressure and situational stops especially late were huge.

The winning touchdown drive and final defensive stand defined the outcome.

The 49ers won because Purdy bounced back from an early error.

There were touches, points and a whole lot of offense with explosive plays.

CMC’s—Christian McCaffrey—dominance on the ground doesn’t surprise the 49er faithful.

Clutch red-zone scoring and a critical fourth-quarter stop.

The 49ers got the stops when it mattered while the Bears didn’t, it’s as simple as that.

Against Seattle, the defensive pressure needs to be consistent through all four quarters.

The Niners need to do a better job of protecting leads earlier in games.

The San Francisco 49ers won because they were better when it mattered most.

Purdy shook off early mistakes and delivered when the

game was on the line.

San Francisco made critical third downs and led a late goahead touchdown drive.

They protected the ball in the final minutes and when the pressure peaked, Purdy was as cool as the other side of the pillow.

The 49ers’ offense was near-perfect execution inside the 20 yard line.

In a shootout, that difference is decisive.

Consistent yardage on early downs kept Chicago’s defense honest and allowed SF to bleed the clock late and even when the Bears scored, McCaffrey stabilized the offense.

San Francisco was better in late-game clock management, smart play-calling under pressure, and one final defensive stop when they absolutely needed it.

Though they didn’t dominate, they executed.

The 49ers never panicked. That composure is the mark of an experienced, playoff-tested team.

The Bears matched them for most of the game but the 49ers won the moments that decide games like red zone, late drives and the final stand.