₧3.58-T BIR goal: What it will take
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30 YEARS OF PETALS AND PRIDE Baguio City prepares to welcome Panagbenga 2026, marking three decades of the iconic Flower
Festival that began in 1995 as a symbol of recovery after the devastating 1990 Luzon earthquake. What started as a gesture of healing has grown into one of the country’s most celebrated cultural events—showcasing the creativity of the Cordilleras through flowers, floats, dance, and community spirit. As the city gears up for an earlier kickoff this year, Panagbenga once again blooms as a testament to resilience, renewal, and local pride. MAU VICTA
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HE Bureau of Internal Revenue (BIR) could attain its P3.579-trillion revenue target this year by modernizing audits with artificial intelligence (AI), aligning with international standards and easing the tax burden on ordinary Filipinos and small businesses, according to a tax expert. According to Mon Abrea, founder and chief executive officer of the Asian Consulting Group, the BIR’s goal presents a “critical opportunity” to streamline tax administration and strengthen public trust without adding more burden on ordinary taxpayers, employees and micro, small, and medium enterprises (MSMEs). “We support the direction articulated by Bureau of Internal Revenue Commissioner Charlito Martin R. Mendoza to streamline audits and improve compliance,” Abrea said.
To achieve this ambitious target, Abrea urged the BIR and economic managers to adopt a risk-based, AIdriven tax administration reform in audit and investigation. Among the key recommendations is for the BIR to shift its approach from blanket audits to data-driven, risk-based selection, utilizing AI and advanced analytics to prioritize large-scale tax evaders, corrupt officials, and complex schemes, while minimizing disruptions to compliant MSMEs and employees. The BIR should focus on running after high-net-worth individuals, abusive tax planning and illicit flows, in coordination with the Department of Justice. “Accountability at the top yields higher revenue and restores credibility,” Abrea said. Abrea also called for the simplifi-
cation of filing procedures, harmonization of requirements and expansion of digital services to reduce compliance costs, attract foreign investors, improve competitiveness and allow MSMEs to grow. Moreover, the Philippines should adopt and implement the Organisation for Economic Co-operation and Development’s (OECD) standards to protect the country’s tax base, curb profit shifting and secure revenues from multinational enterprises. To boost consumption, support the middle class and stimulate inclusive growth, Abrea said the government should consider raising the tax-exempt income threshold from P250,000 to P400,000, or even up to P1 million. The Philippines could also reduce the value-added tax rate to 10 See “P3.58-T,” A2
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Tuesday, January 13, 2026 Vol. 21 No. 93
P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK
By Reine Juvierre S. Alberto
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HE Bangko Sentral ng Pilipinas (BSP) has extended for another two years its regulatory incentives that allow banks to lend more aggressively to green or sustainable projects or activities. On Monday, the BSP said its highest policy-making body, the Monetary Board, has approved the extension of incentives until 2028 to maintain banks’ momentum in scaling up sustainable finance. The incentives enable banks to exceed the 25-percent Single Borrower’s Limit (SBL) by up to an additional 15 percent for eligible sustainable or green projects. Banks can also lend 100 percent of funds raised from sustainable bond issuances, as these funds are exempt from the usual 3 percent reserve requirement (RR). Projects that are expected to benefit from the extended regulatory incentive period are renewable energy, water and wastewater systems, clean transportation, and climate‑resilient infrastructure, among other eligible activities. These activities are aligned with the National Adaptation Plan, Nationally Determined Contributions and the Philippine See “Lending,” A2
ON TRACK, UNDERGROUND Workers continue construction of the Metro Manila Subway Project along Quezon Avenue, Quezon City, on Monday, January 12, 2026. Once completed, the country’s first underground railway system is
expected to ease chronic traffic congestion and significantly cut travel times across the capital. The Department of Transportation said 90.76 percent of the subway’s right-of-way has been acquired, while 56 percent has been secured for the North–South Commuter Railway (NSCR) North Segment, in line with President Ferdinand R. Marcos Jr.’s directive to fast-track land acquisition for major transport projects aimed at benefiting thousands of daily commuters. NONOY LACZA
DENR VOWS FULL PROBE, GROUP SEEKS JUSTICE IN LANDFILL SLIDE By Justine Xyrah Garcia
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HE Center for Trade Union and Human Rights (CTUHR) has urged the national government to investigate the collapse of a garbage mound at the Binaliw Landfill in Cebu City, saying the incident may reflect regulatory and workplace safety gaps. “We demand that the Ferdinand Marcos Jr. government investigate the accountability of Prime Integrated Waste Solutions, the [Department of Environment and Natural Re-
sources] and the [Department of Labor and Employment] in the disaster, that the results be made known to the public, and that key officials responsible for the tragedy be held into account,” CTUHR said in a statement. Roughly 50 landfill workers were buried alive last week when a 20-story pile of waste collapsed at the Binaliw disposal site, which is operated by Prime Integrated Waste Solutions Inc., a subsidiary of businessman Enrique K. Razon Jr.’s Prime Infra. See “DENR,” A2
COA flags ₧2-B canceled projects, ₧202-M fees By Malou Talosig-Bartolome
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HE Philippines had access to P1.15 trillion in foreign loans in 2024, enough to jumpstart long-delayed transport and development projects. Instead, the money sat idle—while taxpayers paid P202.3 million in “commitment fees” for projects that never materialized, the Commission on Audit (COA) said. In its CY 2024 Consolidated Audit Report on ODA-Funded Programs and Projects, COA also revealed that more than P2 billion worth of flood control projects were canceled in 2024. These included partial cancellations of ongoing projects and unavailed balances from completed ones, underscoring systemic inefficiencies in project implementation. It remains unclear whether the COA report directly prompted the President to order an investigation into the so-called flood control scandal.
However, the report was submitted to Malacañang a month before his 2025 State of the Nation Address (SONA), where he admonished Congress with the remark: “Mahiya naman kayo sa inyong kapwa Pilipino.” The COA findings were made public only on December 16, 2025, adding fuel to concerns over wasted opportunities and mounting costs from idle loans.
Yet delays in implementation left billions unavailed, with 26 loans fully untouched—not a single peso drawn—despite incurring millions in fees. On top of this, 68 other ODA loans totaling P723.58 billion (US$12.51 billion) were only partially utilized, representing nearly 63 percent of the total unavailed balances in 2024.
Loans left unused
COMMITMENT fees are charges imposed by lenders on the undisbursed portion of loans. For 2024 alone, the government paid P1.02 billion in such penalties, with P202.3 million tied to projects that never moved forward. Among the biggest contributors: n South Commuter Railway Project (SCRP)— Tranche 1: P115.43 million in fees, the highest in 2024. n Davao Public Transport Modernization Proj-
STATE auditors revealed that the government is burdened with a backlog of 94 Official Development Assistance (ODA) loans. These loans, extended by partners such as Japan, the World Bank, the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB), were meant to finance transport modernization, rural development, and social reform.
‘Ghost projects’
ect (DPTMP): P90.2 million in fees. n Philippine Rural Development Project (PRDP) Scale-Up: P83.03 million in fees due to agricultural delays. n Cebu Bus Rapid Transit Project (CBRTP): A chronic case, with one World Bank loan idle since 2014, racking up P21.73 million in fees.
Flood control scandal
THE audit also flagged flood control projects as part of the growing ODA loan controversy, with partial cancellations and scaled-down commitments: n Metro Manila Flood Management Project—Phase 1 (MMFMP I): Funded by the World Bank and AIIB, this ongoing project saw a partial loan cancellation of P1.31 billion (US$22.67 million) per loan agreement. • Five of nine planned pumping stations See “Projects,” A2
PESO EXCHANGE RATES n US 59.1640 n JAPAN 0.3743 n UK 79.2738 n HK 7.5910 n CHINA 8.4781 n SINGAPORE 45.9740 n AUSTRALIA 39.5275 n EU 68.8787 n KOREA 0.0406 n SAUDI ARABIA 15.7771 Source: BSP (January 12, 2026)
News
BusinessMirror
A2 Tuesday, January 13, 2026
Tourism… Continued from A12
with Philippine businesses due to perceived double taxation. In a joint position paper sent to then BIR Commissioner Romeo D. Lumauig Jr. on February 13, 2024, several business groups underscored: “When a foreign entity deals with Philippine clients, it does so with the understanding that the tax costs of the transaction are manageable from a whole entity perspective and that the transaction will still generate a profit for the foreign entity. Once the tax costs do not justify doing business with Philippine clients, e.g., the tax rates are prohibitive, then foreign entities will more than likely look for other jurisdictions where the tax costs are lower.” The position paper was signed by the Philippine Chamber of Commerce and Industry, Management Association of the Philippines, Financial Executives Institute of the Philippines, Philippine Exporters Confederation, among others. The groups added: “Subjecting the income payments to NRFC to FWT will result in either of two scenarios: (1) the NRFC receives a lesser amount for services rendered due to the FWT without any certainty that the taxes withheld in the Philippines may be used as a tax credit in its home country; or (2) the local client who was constituted as the withholding agent may be constrained to gross up the income payments to the NRFC to keep the NRFC whole and will ultimately be left to shoulder the tax burden of the income tax on the NRFC. More often than not, the resultant scenario will be the second.”
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Amid CARS veto, another car maker airs concern
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By Andrea E. San Juan @andreasanjuan
ITSUBISHI Motors Philippines Corp. (MMPC), one of the participating car makers in the CARS program, said it will keep an eye on government agencies to ensure the “timely processing” and release of claims under the auto perks scheme, the allocation for which under the 2026 National Budget was vetoed by the President under unprogrammed appropriations. In a statement on Monday, the local car maker said it respects President Ferdinand R. Marcos Jr.’s recent decision to veto unprogrammed appropriations in the 2026 National Budget which included the allotment for the Comprehensive Automotive Resurgence Strategy (CARS) program, a government-initiated auto incentives scheme. “We recognize the decision’s role in safeguarding fiscal discipline and pro-
moting responsible governance,” said MMPC. However, the car maker underscored that it “remains committed” to working closely with government agencies to ensure the prompt processing and release of the claims. Mitsubishi said it is also an advocate for “clear, predictable, and transparent processes that support the integrity of government programs and reinforce investor confidence.”
Throughout its six decades of operations in the Philippines, MMPC pointed out it has made “substantial” investments to strengthen local manufacturing, expand production capacity, and increase the localization of automotive parts—aligned with the objects of the CARS program to boost domestic production and enhance industry competitiveness.
Toyota concerned, too
IN an earlier statement, Toyota Motor Philippines (TMP), also one of the participating companies in the CARS program, said it is “critically important” for the government to ensure sustained support for the local auto industry to strengthen the competitiveness of local car parts makers. “After six years into the CARS program, we believe it has been a ‘win-win’ concept between government and private sector in
₧3.58-T…
Continued from A1
percent from 12 percent to boost competitiveness, as the country has among the highest VAT rates and weakest collection efficiency in Asean. A calibrated rate reduction, paired with better administration, could improve compliance, broaden the base and raise net collections over time, Abrea noted. “Meeting the P3.5-trillion target is achievable if reforms are smart, targeted, and progrowth,” Abrea said. “By modernizing audits with AI, enforcing against high-risk evasion, aligning with OECD standards, simplifying compliance, and easing the burden on workers and MSMEs, the BIR
Lending… Continued from A1
Development Plan, the central bank noted. “The BSP will continue supporting the transition toward a climate‑resilient economy. By providing targeted incentives, the BSP not only channels more credit into green and sustainable activities but also strengthens the capital market, fostering wider participation among issuers and investors,” BSP Governor Eli M. Remolona Jr. was quoted as saying. Moreover, the BSP is looking into the recalibration of risk
Projects… Continued from A1
under Component 1 were scrapped. • Beneficiaries under Component 3 were slashed from 2,500 informal settler families to just 600. • Rental subsidies were removed from cost estimates. n Completed Projects with Canceled Balances: • Flood Risk Management Project for Cagayan de Oro River (FRIMP-CDOR): P66.39 million (US$1.15 million) canceled upon closing. • Integrated Disaster Risk Reduction and Climate Change Adaptation (IDRRCCA) in Pampanga Bay: P0.27 million (US$4,607.38) canceled upon closing. • Meanwhile, other major flood control projects remain “Behind Schedule,” including the Cavite Industrial
attracting foreign direct investments and at the same time provided benefits to the manufacturer and the consumers,” TMP President Masando Hashimoto said in a statement on January 6,2026. TMP said this as it emphasized that it made major investments to meet the target of 200,000 units of the Toyota within the 6-year time frame required under the scheme. The CARS program gave participating automakers six years to reach the minimum volume target sales of 200,000 domestically produced automobiles for each of the enrolled car types in order to qualify for incentives. Mitsubishi enrolled the Mirage G4 while Toyota enrolled its Vios model in the incentives program. (See: https://businessmirror. com.ph/2026/01/07/government-support-key-to-enticinginvestors-in-phl-auto-sector/)
can collect more—fairly—while strengthening investor confidence and economic resilience,” Abrea added. The BIR has collected P3.105 trillion in 2025, according to preliminary figures. This is a yearon-year increase from last year’s P2.851 trillion, but fell short of its P3.4-trillion full-year target. (See: https://businessmirror. com.ph/2026/01/09/bir-likelymissed-2025-tax-collectiongoal/). Mendoza said the BIR had been performing strongly in the first half of the year, but momentum faded in the second semester. “Starting July, when the flood control investigations started, our revenue collection efforts were really significantly affected, primarily because of the slowdown in spending,” Mendoza said. Reine Juvierre S. Alberto
weights for climate-resilience financing to ensure that the capital treatment remains appropriate for Philippine conditions. The central bank said it is also exploring blended finance mechanisms, with government agencies, development partners and the private sector, to help de‑risk sustainable and climate‑resilient projects and widen investor participation. Before the extended two‑year period ends, the BSP said it will conduct a comprehensive review of market conditions, use of incentives and needed refinements to further scale adaptation financing and support the country’s long‑term climate and development goals.
Area Flood Risk Management Project (CIA-FRIMP) and the Pasig-Marikina River Channel Improvement Project, Phase IV (PMRCIP IV)
Systemic Bottlenecks
AUDITORS pointed to these recurring issues that stall ODA projects: Procurement failures and bidding problems; Legal setbacks in project rollout; Right-of-Way (ROW) acquisition delays, especially for transport and public works projects; Poor planning and inadequate monitoring; Lack of personnel and resource constraints; and Natural disasters disrupting implementation. These bottlenecks, COA warned, amounted to “lost opportunities” that deprived Filipinos of much-needed infrastructure and social services while wasting government resources. To stop the financial bleeding, COA urged agencies to craft “catch-up plans” to accelerate fund utilization. If a project’s purpose is no longer viable, auditors advised agencies to cancel the loan outright to avoid further penalties.
DENR…
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Eight workers have been confirmed dead as of press time, while dozens remain missing.
DENR statement
THE Department of Environment and Natural Resources (DENR), while expressing sympathies to those affected by the Binaliw incident, said it is “committed to a thorough, impartial, and evidence‑based investigation to determine the causes of the incident, the responsibilities and accountabilities of the relevant parties, and the changes needed moving forward.” Following the findings of DENR‑EMB Region VII technical personnel during their site inspection on January 9, 2026, the Regional Office has issued an immediate Cease‑and‑Desist Order (CDO) to Prime Integrated Waste Solutions, Inc. (PIWSI), formerly ARN Central Waste Management, Inc. The CDO was issued pursuant to EMB Memorandum Circular 2007‑002,which authorizes the EMB Regional Director to order the stoppage of operations when grave or irreparable environmental damage is imminent, said the DENR. The CDO directs the facility to cease all sanitary landfill operations, including the acceptance of waste, except for rescue, retrieval, and cleanup operations in coordination with concerned agencies. PIWSI has also been called to a Technical Conference to establish facts and execute a compliance commitment within a period not exceeding 90 days. The DENR said it is coordinating closely with the concerned LGUs pursuant to the mandate vested in them under Republic Act 9003 (Ecological Solid Waste Management Act of 2000)and the Local Government Code of 1991, local government units (LGUs) over solid waste management within their jurisdictions. This includes waste collection, disposal, monitoring of facilities, and enforcement of local environmental ordinances. LGUs are also required to prepare and submit a 10‑year Solid Waste Management Plan to the National Solid Waste Management Commission.
Like Payatas
CTUHR compared the Binaliw incident to the 2000 Payatas tragedy, which killed more than 200 people and triggered reforms in waste management and landfill operations. It said the collapse of the Cebu trash site suggests that lessons from Payatas have not been fully institutionalized. “The landfill collapse, its casualties, and the difficulty in rescuing the missing workers all expose weaknesses in the DENR and DOLE’s monitoring over the workplace and enforcement of relevant sanitation, environmental and labor standards,” CTUHR said. Beyond a government probe, CTUHR urged joint inspections by the DOLE and the DENR of major landfills nationwide, prioritizing those in areas recently affected by extreme weather events. The group also renewed calls to amend Republic Act 11058 or the Occupational Safety and Health (OSH) Law to impose stronger penalties—including criminal sanctions—for workplace deaths resulting from negligence.
FDA oversees voluntary recall by… Continued from A12
and quality requirements, and that any significant findings will be promptly disclosed in the interest of transparency and consumer protection. “The FDA remains steadfast in fulfilling its mandate to protect public health and to ensure that all regulated health products available to consumers are safe, of good quality, and compliant with applicable laws and regulations,” the FDA said. Claudeth Mocon-Ciriaco
www.businessmirror.com.ph
Tuesday, January 13, 2026
Shipment from Congo yields ₧114-M shabu By Reine Juvierre S. Alberto @reine_alberto
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HE Bureau of Customs (BOC) seized more than P114 million worth of methamphetamine, commonly known as shabu, misdeclared as malachite stones in a shipment from Congo. The illegal drugs, with a street value of P114.566 million, were intercepted by the Bureau of Customs–Ninoy Aquino International Airport (BOC-Naia), together with the Philippine Drug Enforcement Agency (Pdea) and the Naia Inter-Agency Drug Interdiction Task Group (Naia-IADITG), on January 8. The shipment was flagged after X-ray inspection revealed suspicious images, prompting customs examiners to subject the parcels to verification and a 100 percent physical examination. Four boxes were found to contain suspected illegal drugs weighing 4,320 grams, 3,622 grams, 4,599 grams and 4,307 grams, for a total of about 16,848 grams, according to the BOC. The seized items, along with the individuals involved, were turned over to the Pdea for disposition and further investigation. The BOC said the incident constitutes a violation of Republic Act 9165, or the Comprehensive Dangerous Drugs Act of 2002, and Republic Act 10863, also known as the Customs Modernization and Tariff Act. Customs Commissioner Ariel F. Nepomuceno said the seizure reflects the bureau’s intensified efforts to block drug smuggling at the country’s main gateways. “This is not just about enforcement; it is about protecting our communities. The Bureau will remain relentless in screening, inspecting and stopping illegal drugs at our borders,” Nepomuceno was quoted in a statement as saying. Meanwhile, BOC-Naia District Collector Yasmin O. Mapa also cited the importance of vigilance and coordination among law-enforcement agencies. “This result highlights the value of strict risk profiling and close coordination among enforcement units and partner agencies. Our personnel remain alert and ready to act on any shipment that poses a threat to public safety,” Mapa said. In 2025, the BOC conducted a total of 143 seizures of dangerous drugs, with an estimated value of P5.630 billion. The BOC is mandated to secure the country’s borders against smuggling, illegal trade and customs fraud, aside from collecting duties and taxes on imports.
‘Let Senate Blue-Ribbon panel conclude flood control probe’
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EVERAL House leaders on Monday called for an end to political pressure and speculation surrounding the flood control controversy, urging the public to allow the Senate Blue Ribbon Committee to conduct its inquiry strictly based on evidence, sworn testimony, and due process. Deputy Speaker Paolo Ortega V of La Union said statements made by the Senate Blue-Ribbon committee chairman, Senate President Pro Tempore Panfilo Lacson, should help reset public discourse and refocus attention on the committee’s mandate—to follow facts, not political noise. Lacson, in a recent interview, pointed out that no witness has directly implicated former Speaker Ferdinand Martin G. Romualdez except Orly Guteza, whose testimony has not been substantiated and who promptly disapperated before proper authorities to affirm his claims under oath. Ortega stressed that investigations, particularly those undertaken by the Blue-Ribbon committee, must be guided by verifiable proof such as affidavits, documents, and sworn statements. “Senator Lacson was clear: the Senate can only follow where the evidence leads. If there is no evidence, there should be no political pressure, no manufactured outrage, and no trial by publicity,” Ortega said. Ortega said this underscores why Senate investigations must remain insulated from speculation and external pressure. “Accountability is important, but it cannot be built on rumors or unsubstantiated claims,” the House leader said. “In the absence
of affidavits and documentation, the responsible course is to stop the noise and allow institutions to do their work.” Deputy Speaker Ronaldo Puno echoed the call, saying the BlueRibbon committee’s work must always be anchored on facts and due process, not conjecture or partisan motives. Puno, National Unity Party (NUP) chairman, said Lacson’s remarks serve as a reminder that Senate investigations cannot move forward without evidence formally presented and affirmed under oath. The deputy speaker called on all sides to allow investigations to proceed objectively, including those on incumbent senators, and without partisan motives. Lanao del Sur Rep. Zia Alonto Adiong, likewise, welcomed Lacson’s stance, calling it a timely reaffirmation of the basic standards governing legislative investigations. “This reinforces what should be obvious in any serious inquiry— without factual evidence, sworn statements, and documents, there is nothing to pursue,” Adiong said. “Critics should stop the political noise and pressure tactics. Investigations are not trial by rumor.” “ W hen a w itness d isappears a nd no swor n a f f ir m at ion follows, you ca nnot ma nufact ure a c a se,” he sa id. “P ubl ic of f icia ls deser ve the same fair ness e x pected of a ny c it i zen.” Adiong said the credibility of any inquiry depends on witnesses formally appearing before appropriate bodies and affirming their claims under oath—an essential requirement for any case to proceed. Jovee Marie N. dela Cruz
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Sweeping reforms in party-list system A up in Akbayan bill
House elated over latest survey results
By Butch Fernandez @butchfBM
& Jovee Marie N. dela Cruz
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@joveemarie
OMINEES of the Akbayan party-list group to the House of Representatives and a senator who belongs to the same party have filed bills proposing sweeping amendments to the Party-List System Act to curb abuses by political dynasties and vested-interest groups like public works contractors. Senate Bill 1656, filed by Sen. Risa Hontiveros, seeks to bar members of political dynasties from participating in the partylist system and to prohibit partylist nominees and representatives who have interests in government contracts. A counterpart measure, House Bill 7074, was filed by Akbayan Reps. Chel Diokno, Perci Cendaña and Dadah Ismula, together with Dinagat Islands Rep. Kaka Bag-ao. Diokno said the measure seeks to restore the original intent of the law and protect the party-list system from exploitation. “It guarantees that marginalized sectors will have a real voice in Congress and the ability to fight for their rights and welfare,” he said.
“Our bill seeks to restore the true intent of the law and keep the party-list system out of the hands of those who seek to exploit it. It also guarantees that marginalized sectors have a real voice in Congress, enabling them to fight for their rights and welfare,” Diokno added. For her part, Hontiveros said t he bi l l a ims to rec la im t he voice of ordinary Filipinos who have been shut out of power by abusive personalities using the party-list system as a backdoor to inf luence. “Those who want to make money should not use the party-list system. Enough of this hijacking. If they are not genuinely fighting for the Filipino people, they do not belong in this system,” she said.
Beyond banning dynasties and contractors, the bills also prohibit the registration of party-list groups patterned after television or radio programs, government assistance initiatives, or the names of public officials, celebrities, and other public figures. The provision aims to ensure that the system remains focused on genuine sectoral representation. Both measures also propose removing the three-seat cap to allow full, democratic, and proportional representation. Diokno stressed that the cap undermines proportionality, distorts electoral outcomes, and prevents parties from expanding their representation in line with public support. “The limit contradicts the Constitution’s intent to achieve proportionality,” he said. The Philippine Center for Investigative Journalism recently reported that 66 percent of partylist groups in the 19th Congress had at least one nominee from an established political dynasty. Recent congressional inquiries into anomalies in flood control projects have also revealed that a significant number of party-list representatives benefit directly from government projects by acting as contractors. “Someone who votes on infrastr ucture budgets while their company bids on those same projects is a scammer. T his blatant conf lict of interest has no place in a democracy. After decades of abuse and loopholes, t he sweeping refor ms proposed in these bills hope to hand the reins back to ever yday Filipinos,” Hontiveros added.
LEADER of the House of Representatives on Monday said the latest Pulse Asia survey reflects growing public recognition of the chamber’s sustained, evidence-based oversight work. Party-list Rep. Terry Ridon of Bicol Saro, chairman of the House Committee on Public Accounts, was reacting to the December 12–15, 2025, Ulat ng Bayan survey, which showed public trust in the House rising by 6 percentage points—from 25 percent in September 2025 to 31 percent in December 2025—while distrust declined by nine points, from 36 percent to 27 percent. “ These numbers show that the public recognizes the House’s serious and continuing work to strengthen accountability,” Ridon said. “The increase in trust and the drop in distrust reflect growing confidence that congressional oversight is being conducted professionally, transparently, and without shortcuts.” Pulse Asia noted that the House recorded one of the strongest positive trust movements among major national institutions assessed in relation to the flood control issue. A plurality of respondents, or 41 percent, said they remain undecided on whether to trust or distrust the chamber—an indication, the pollster said, that the public is closely watching outcomes and remains open to further credibility gains as reforms continue. Ridon said that the Committee on Public Accounts remains focused on ensuring that public funds are examined through proper institutional processes. “Oversight is not about noise or spectacle. It is about following the evidence, respecting due process, and making sure that reforms lead to real consequences and better systems,” he said. The survey also found that 59 percent of Filipinos believe government officials found guilty in corruption-related cases will be See “House,” A9
DENR blames Pinatubo, Habagat for coastal soil erosion in Zambales By Jonathan L. Mayuga @jonlmayuga
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HE observed coastal morphology changes in several towns in Zambales are influenced by the long-term geomorphological evolution of the river systems following the 1991 eruption of Mt. Pinatubo and cannot be attributed to controversial dredging projects in three river systems of Zambales, the top official of the Department of Environment and Natural Resources in Central Luzon said. In a letter to lawyer Don So Hiong, Legislative Staff Officer of the Office of Sen. Loren Legarda, in October last year, a copy of which was obtained by the BusinessMirror, DENR Central Luzon Executive Director Ralph D. Pablo said no finding of erosional occurrence that can be directly attributed to the dredging activity has ever been reported in any of the monitoring activities conducted by the inter-agency task force in the area. Pablo’s letter was in response to a letter from a certain Rachel Harrison addressed to the Office of Senator Legarda regarding the alleged impacts of the dredging activity in Sto. Tomas River, which drains towards the West Philippine Sea, empties near the coast that connects the towns of San Marcelino, San Narciso, San Felipe, and San Antonio.
A complaint raised by environmental groups and nongovernment organizations in the area alleges that there have been more than 50 resorts and houses that were eroded and washed out to the sea, because of the dredging activity, which they also complained has deviated from its intended purpose of rehabilitating the river to commercial utilization of the dredged materials or quarrying sands and other minerals. The waters and sediments from the Sto. Tomas River influences the shoreline of the four coastal towns as part of a linked system after the eruption of Mt. Pinatubo. “The coastal movement, which damaged coastal structures are 800 meters away from the Sto. Tomas River,” he said. According to Pablo, such an occurrence can be considered as isolated to the subject, as no other coastal disturbance to the dredging site was observed. Moreover, he said the concrete structures may have also exacerbated the unstable soil condition. “This cyclical pattern is most evident in sitio Liwliwa, where drone imagery between August 2022 and May 2024 revealed a notable 100-meter accretion along the coast,” he explained. Meanwhile, the official said a comparative analysis using the 1997 National Mapping and Resource Information Authority (Namria) Topographic Map and
satellite imagery from 2004 to 2024 indicates that the San Felipe coastline experienced a general trend of shoreline accretion, extending approximately 100 meters to one kilometer seaward from its pre-eruption position. According to Pablo, despite the general pattern of accretion, coastal erosion remains active during the southwest monsoon, locally called habagat, season, and accretion during the southwest monsoon or amihan season. As for the allegations that 50 resorts and houses eroded and washed out to the sea, Pablo said the investigation revealed that the damaged structures were illegally constructed by resort owners who did not possess the required permits and clearances from the DENR. Community Environment and Natural Resources Office (Cenro) Olongapo had issued Notices of Violation to individuals identified by a DENR team that investigated the construction of the resorts and houses from 2023 to 2025, he said. Pablo added that Joint Memorandum Circular 1 Series of 2019 issued by the Department of Public Works and Highways, Department of the Interior and Local Government, Department of Tourism, and the DENR, which provides the guidelines for dredging that involves commercial utilization of dredged materials is not unlawful, as long as regulatory
prerequisites are fulfilled and the approved work progam is followed. Pablo said, DAO 2019-13 institutionalizes river dredging as part of a broader river restoration initiative. The order aims to restore the natural state and flow of the heavily silted rivers Bucao, Maloma, and Sto. Tomas and to enhance their hydraulic capacity to mitigate flooding in the provinces. Pablo said that the river dredging in Zambales is being conducted “at no cost” to the government. Subsequently, the DPWH issued dredging clearances authorizing an allowable volume of 32.29 million cubic meters per annum for Bucao and Sto. Tomas River Systems, which were observed by the project proponents. Of the three river dredging projects, only those at Bucal and Sto. Tomas are ongoing, while that in Maloma River remains suspended. The DENR said Shuaful Resources Inc., which conducts dredging activity, is a legitimate dredging operator whose expertise is authorized under DAO 2019-13 to undertake river restoration activities along heavilysilted Sto. Tomas River. Moreover, he said the Zambales Inter-Agenc y Committee and Multi-Partite Monitoring Team regularly monitor the company’s activities for River Restoration to ensure full compliance of the dredging plan.
Tuesday, January 13, 2026
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Congressmen press Senate to pass bill creating DWR By Jovee Marie N. dela Cruz
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@joveemarie
S households brace for higher water bills in 2026, lawmakers are pressing the Senate to immediately pass a bill creating a Department of Water Resources (DWR), warning that long-delayed reforms are needed to protect consumers from recurring rate hikes and ensure an affordable, reliable water supply.
House Deputy Majority Leader Luigi Villafuerte and Camarines Sur Rep. Migz Villafuerte said the House-approved National Water Resources Management Act (HB 6789) offers an integrated solution to the country’s water problems at a time when water utilities have begun implementing new rate adjustments authorized by the Metropolitan Waterworks and Sewerage System Regulatory Office (MWSS-RO). Effective January 1, 2026, the
approved hikes increased monthly bills by P5.06 for Maynilad Water Services Inc. customers consuming up to 10 cubic meters and by P29.86 for Manila Water Co. Inc. users with the same consumption level. For households consuming 20 cubic meters, the increase reaches P19.06 for May nilad andP66.25 for Manila Water. HB 6789, which the House passed on third and final reading by a 264-7 vote before the yearend break, proposes the creation of a
Department of Water Resources to oversee integrated water resource management, climate resilience, and long-term planning in a country increasingly vulnerable to droughts, floods, and extreme weather. Migz Villafuerte said the proposed DWR aims to “ensure fair access to safe and affordable water, promote efficient allocation and regulation, and strengthen the resilience of water systems against climate risks and natural disasters.” The bill is among the Common Legislative Agenda (CLA) measures identified as priorities by President Ferdinand Marcos Jr. and congressional leaders and is also one of the Legislative Executive Development Advisory Council (Ledac) priority bills already cleared by the House. Beyond the DWR, the measure creates an independent Water Regulatory Commission (WRC) to regulate and license all water, sewerage, and septage service providers, including the setting of fair and reasonable tariffs. It also establishes a Water Trust Fund (WTF) to finance water development, sanitation, wastewater management, and sustainability programs nationwide. According to the Villafuertes,
the lack of a centralized authority has contributed to fragmented oversight, outdated policies, and weak regulation—factors that ultimately burden consumers through inefficiencies and higher costs. They cited data from United Nations Childrens Fund (Unicef) showing that about 53 percent of households still lack access to safely managed water, while 39 percent do not have basic sanitation services. The situation is worse in schools, where 55 percent reportedly have no safely managed water and 26 percent lack adequate sanitation. “We are appealing to our senators to consider passing this 2026, their version of an integrated legal framework for the sustainable development, responsible use, conservation, and protection of our country’s water resources,” Luigi Villafuerte said. “This proposed DWR bill aims to ensure fair access to safe and affordable water, ensure efficient allocation and regulation, and strengthen the resilience of water systems against climate risks and natural disasters,” said Migz Villafuerte, who chairs the House Committee on Information and Communications Technology (ICT).
Senator cites immediate impact of ’26 education budget By Butch Fernandez @butchfBM
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HE historic P1.3-trillion allocation to the education sector will have an immediate impact on expanding the School-Based Feeding Program and the hiring of more teachers and tutors, Sen. Sherwin Gatchalian said. T he 2026 budget a l locates P42 billion for the hiring of new
school personnel positions. The amount includes P29 billion to fill more than 32,000 teaching positions. Nine billion pesos is allocated to ensure that all public schools have tutors for the implementation of the Academic Recovery and Accessible Learning (Aral) Program. Meanwhile, the P25.6 billionbudget allotted to the SchoolBased Feeding Program will increase the number of feeding
days from 120 to 200. This year’s feeding program will also cover all learners in Kindergarten and Grade 1 while continuing support for wasted, severely wasted, stunted, and severely stunted learners from Grades 2 to 6. “Ilan sa mga agarang epekto ng makasaysayang pondong inilaan natin para sa sektor ng edukasyon ang pagpapalawak sa School-Based Feeding program at pagkakaroon ng mga dagdag na guro, pati na rin mga tutors
para sa Araal Program na tutulong sa ating mga mag-aaral na nahihirapan sa kanilang mga aralin [Among the immediate results of the historic funds we’re allotting for the education sector is the expansion of the School-Based Feeding program and the hiring of additional teachers, as well as tutors for the Aral Program, that will help learners struggling in school],” said Gatchalian, chairman of the Senate Committee on Finance.
Everyone is born SMART, and is DIGNITY inherent? By Henry J. Schumacher
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HE answer: People aren’t born smart. People learn how to work with what they’ve got and become smart as a result. Today, I am attracted by the fact that everyone is born with dignity. It is our inherent value. Dignity is an inextricable part of what it means to be a human being. There is so much that divides us: ethnicities, religions, skin color, gender, politics, borders, and status. But dignity is the great equalizer. It cuts through all divisions and unites us around our shared humanity. Dignity starts with recognizing our own inherent worth and the fundamental value of others.
Recognizing everyone’s dignity impacts the way we treat ourselves and others, and motivates us to build cultures of dignity in our organizations, workplaces, and communities. At the highest level, the principles of dignity would create new politics and economic systems and, ultimately, societies and nations that are more just, open, and peaceful. Hopefully all leaders involved in wars will read this.
To truly transform ourselves and our communities, it’s important that the principles of dignity be manifested. It starts with recognizing our own inherent dignity. Then, it’s critical that we also acknowledge the fundamental value of others—and that our individual humanity is bound up in the humanity of all people. Let’s have a look at THE TEN ESSENTI AL ELEMENTS OF DIGNITY: W hen we honor someone’s dignity, we:
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Accept their identity and give them the freedom to express their authentic selves without fear of being negatively judged. Recognize their unique qualities, talents and ways of life, and give them credit for their contributions, ideas and experience. Acknowledge them and make them feel seen and heard. We validate and respond to their concerns and what they have been through. Include them and make them feel that they belong and are part of a community. Make them feel safe—both physically and from fear of being shamed or humiliated. Treat them fairly and with equality. Give them a sense of freedom and independence and
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empower them to experience a sense of hope and possibility. Seek understanding and give them the chance to explain their experiences and perspectives. Give them the benefit of the doubt by starting with the premise that they have good motives and are acting with integrity. Apologize and take responsibility when we have violated their dignity. We make a commitment to change hurtful behaviors.
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In conclusion, let’s accept that DIGNITY IS INHERENT. We are all born with dignity, and it cannot be taken away. It is the core of our identity and self-worth. Respect is earned. It is given to you by others based on your actions, abilities, or achievements. You don’t need to respect someone’s behavior, but you should always remember their inherent dignity. This helps you break free from cycles of revenge, hatred, and resentment that lay at the heart of so many conflicts within families, communities, organizations, and society. Please remember that dignity is an inextricable part of what it means to be a human being. It’s the core of our identity and selfworth. And please, it should also drive our integrity! I look forward to your feedback; contact me at hjschumacher59@gmail.com.
Govt reports big hike in Nov. fish production By Ada Pelonia @adapelonia
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ISH unloading volume in regional ports rose by over a third in November, the Philippine Fisheries Development Authority (PFDA) reported. In its latest briefer, the PFDA said the fish unloading volume in the reference month grew by 38.62 percent to 51,317.89 metric tons (MT) from the 37,018.5 MT posted in the same period in 2024. The agency said the General Santos Fish Port Complex held the lion’s share of the fish unloading volume in November at 24,371.42 MT, which is higher than the 15,864.03 MT recorded in the previous year. It added that the Navotas Fish Port Complex, the largest regional fish port (RFP) in the country, trailed behind as it unloaded 21,524.42 MT of fish, up by nearly 50 percent from the 14,386.14 MT of fish products delivered to consumers in the same period of 2024. Fish delivered from the Bulan Fish Port Complex surged by 31.7 percent year-on-year to 2,126.8 MT in the reference month, from the 1,614.95 MT last year. Despite this, the PFDA said some of its fish ports registered contractions on an annual basis. For its Luzon ports, the agency said the Lucena Fish Port Complex unloaded 1,151.6 MT of fish products in November, lower than the previous year’s 1,503.63 MT. Mea nwhi le, t he Mind a nao
ports—Davao Fish Port Complex and Zamboanga Fish Port Complex—supplied 281.7 MT and 237.44 MT of fish, respectively. These figures were lower than the 814.13 MT and 969.22 MT of fish delivered from the two Mindanao ports, respectively. The PFDA said the sole port in the Visayas—Iloilo Fish Port Complex—managed to supply 1,624.53 MT of fish to consumers and stakeholders in November, down by 13 percent from 1,865.99 MT MT recorded in the previous year. Agriculture Secretary Francisco Tiu Laure Jr. earlier said he expects fisheries production to drop in 2025 owing to the absence of a dry spell. “Our prediction for this year’s fisheries production is definitely lower because last year was an El Niño year,” Tiu Laurel told reporters in a previous interview. “Based on my 38 years of experience in the fishing industry, whenever the water is warm, production is always higher,” he said. “Since this year isn’t an El Niño year, production will be lower.” Data from the Philippine Statistics Authority (PSA) showed that the total volume of fisheries production in the third quarter fell by 7.5 percent to 894,320 MT, from 966,730 MT in the previous year. Historical data indicated that the latest figures represented the lowest level of fisheries output since the 852,378 MT recorded in the third quarter of 2004.
Public urged to avail of free vaccines, ₧25K hepatitis care
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HILIPPINE Health Insura nce Cor porat ion (Phi lHealth) members can avail of benefit packages of up to P24,765 for hepatitis-related conditions as the country marks Liver Cancer and Viral Hepatitis Awareness and Prevention Month. In a public advisory on Monday, the state insurer noted that the benefit packages aim to help reduce the financial burden of treatment and strengthen efforts to prevent liver cancer, which is often linked to chronic infection from Hepatitis B and C virii. Under its case rate packages, PhilHealth provides up to P23,010 for chronic viral hepatitis, up to P20,865 for sequelae of viral hepatitis, and up to P24,765 for congenital viral hepatitis. Hepatitis B and C infections can lead to liver inflammation and scarring that may eventually progress to liver cancer if left untreated, PhilHealth said, adding that early detection and prevention are important. PhilHealth also reminded members that early screening for liver cancer is covered under its Yakap (Yaman ng Kalusugan Program), which includes screening tests and liver ultrasound procedures for early detection. These services can be accessed at accredited cancer-screening facilities nationwide upon referral from a Yakap clinic physician. As part of preventive measures, the public is encouraged to undergo regular screening and surveillance, complete recommended vaccinations—particularly against Hepatitis B—avoid food and substances that may damage the liver, and maintain a balanced diet with regular exercise. For inquiries and proper guidance on availing of benefits, PhilHealth said members may contact its 24/7 hotline at (02) 8662-2588 or mobile numbers 0998-8572957, 0968-8654670, 0917-1275987,
and 0917-1109812, or visit www. philhealth.gov.ph.
Free vaccines
THE Department of Health (DOH), meanwhile, reminded the public that many illnesses, including life-threatening diseases, can be prevented through timely and complete vaccination, stressing that immunization remains one of the most cost-effective ways to protect health and save lives. In an advisory also on Monday, the DOH urged parents, guardians, pregnant women and senior citizens to avail themselves of free vaccines offered at primary care facilities nationwide, including local government (LGU) health centers and DOH-managed Bulilit Centers of Care. The department said these vaccines have been proven safe and effective in preventing severe illness, complications and hospitalization, noting that the cost of treatment is significantly higher than the cost of prevention through vaccination. For infants aged 0 to 12 months, the DOH said free vaccines include Bacillus Calmette–Guérin (BCG) for tuberculosis, Hepatitis B, Pentavalent vaccine, Oral Polio Vaccine (OPV), Pneumococcal Conjugate Vaccine (PCV), Inactivated Polio Vaccine (IPV), and the Measles, Mumps, and Rubella (MMR) vaccine. For school-aged children, the DOH said Grade 1 and Grade 7 students are eligible to receive MeaslesRubella (MR) and Tetanus-Diphtheria (Td) vaccines, while Grade 4 girls may avail of the Human Papillomavirus (HPV) vaccine to help prevent cervical cancer. Pregnant women, meanwhile, are encouraged to get the tetanusdiphtheria (Td) vaccine to protect both mother and baby from tetanus and related complications. See “Hepatitis,” A9
Tuesday, January 13, 2026
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DPWH cleans house: Top officials relieved amid graft probes; Dizon announces major reforms By Lenie Lectura
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@llectura
EVERAL officials of the Department of Public Works and Highways (DPWH) were relieved from their posts while investigations over their alleged involvement in anomalous projects are ongoing.
lot of people in the department,” Dizon said. The agency also relieved three OIC DE for not meeting the qualifications by the Civil Service Commission (CSC). They are La Union 1st DEO Sherylann Gonzales, Iloilo City DEO Roy Pacanan, and Leyte 4th DEO Peter Scheller Soco. Dizon also announced a nationwide reshuffle among its top officials. The agency, he added, will adopt a modified budget method to curb overpricing and ensure that the funds will actually be spent on identified projects. DPWH Undersecretary for Pl a n n i ng a nd P ubl ic-P r iv ate Partnership Services Dizon Nicasio Conti will oversee the budget preparation. Moving forward, the DPWH will scrap the “allocables” and will not entertain projects with
incomplete details, and those that were merely requested by some government officials. This year, Dizon said the agency will focus on the completion of the following projects: nMaharlika Highway nAndaya Highway nEDSA nC5 nMacArthur Highway nBuot-Taop bridge in Cebu City nOyunagn bridge in Iloilo City nTubod-Nabuna bridge in Misamis Occidental nSan Agustin bridge in Pampanga nCandaba bridge in Pampamga nAganan flyover in Ilo-Ilo n Tigasao-Pacifico bridge in Siargao
DPWH Secretary Vince Dizon said in a press conference Monday that four regional directors (RD), two assistant regional directors (ARD), and two district engineers (DE) were relieved from their posts. The list include Region 1 RD Ronnel Tan, Region 4A Jovel Mendoza, Region 5 RD Virgilio Eduarte, Region 7 RD Danilo Villa,
Region 4B OIC ARD Neil Farala, Region 5 OIC ARD Annie Dela Vega, Metro Manila 3rd DEO-DE Ruel Umali, and South Manila DEO-DE Manny Bulusan. “We are officially relieving today for various reasons specifically because there are ongoing investigations here, which I cannot fully disclose to you, but suffice it to say we are investigating a
Davao City asked to review liquor ban
Gatchalian: No more politicians ‘gatecrashing’ DSWD payouts
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AVAO CITY – City Hall has been asked to look into its stringent ban on liquor sale and use after 1:00 a.m. to revive business that thrived on night life as well as to offer additional attraction to visitors. “Maybe, it’s time to evaluate it the way business and programs are being subjected to, usually after every five years,” said Romeo L. Castañaga, regional director of the Department of Trade and Industry here. He acknowledged the reporters’ comments that many night bars, restaurants and other night joints have closed due to the small window of business serving liquors, which are banned from being served after 1:00 a.m. Davao City Ordinance No. 00413 prohibited the sale, serving and drinking of liquors between 1:00 a.m. and 8:00 a.m. The ordinance was passed in 2013, adding to the other ordinances that were also unique to this city, including the ban on smoking in public spaces and areas, such as streets, sidewalks, public buildings and even cemeteries during Sundays and All Souls’ Day, and the ban on firecrackers and pyrotechnic devices. Antonio Peralta, chairman of the European Chamber of Commerce and Industry and the honorary consul of Finland, corroborated Castañaga’s opinion, saying that the ban may not be rescinded, only modified such as extended hours. “Even countries with stringent laws such as Singapore has allowed longer enjoyment time for people before restricted hours,” Peralta said. Night joints here tell customers that the last serving of beers and liquors will be at 1:00 am. Customers have found alternatives to the restrictive hours by going outside Davao City to places, such as Panabo City and Tagum City to continue their drinking sessions. Others go to the Samal Island which has a regular one-hour barge trip from the city. Some resorts in the island were holding special weekend programs, like musical bands, fire dances, plays and promotional events, to entice more customers. The City Council is yet to comment on it. Manuel T. Cayon
By Samuel P. Medenilla @sam_medenilla
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HE Department of Social Welfare and Development (DSWD) has announced it will stop government officials from gatecrashing its financial aid distribution events a practice whose days may soon be numbered. DSWD Secretary Rexlon “Rex” T. Gatchalian said he will prohibit their personnel, who are tasked to distribute cash aid, from attending events, where they can be “used” by government officials for political patronage. He said the measure will be their “pro-active” response for the implementation of Section 19 of the 2026 General Appropriations Act (GAA), which prohibits political involvement in the distribution of cash and other forms of financial assistance. “I won’t let our paymasters and our social workers go while your politicians are there, I think that’s a proactive measure. We won’t appear there, we won’t go there because, like I said, these are professionals, they will not allow
themselves to be used by anybody,” he said in Filipino in a press briefing in Malacañang last Monday. He said he will also order DSWD personnel to stop any distribution ceremonies in case some officials will gatecrash in the said events. The initiative, he said, also aims to protect the “sacred relationship” between beneficiaries and the social workers. “When you’re going through a crisis, it’s sacred, it’s like a confessional you tell the whole story so the social worker can help you fully. You don’t want to be part of the political byline,” Gatchalian said. When asked what will be the sanction against government officials, who will violate Section 19 of the 2026 GAA, Gatchalian said he has yet to see the said provision of the 2026 GAA. “I have only read it in the newspapers, but we will make sure to comply with whatever the special provision of the GAA states,” Gatchalian said. DSWD issued the statement as President Ferdinand Marcos and Congress try to stop political patronage in the implementation of
“ We w i l l prove t h at e ven though the DPWH budget is lower this year, we can do more and we can repair more,” said Dizon.
government programs. Following the signing into law of the 2026 GAA, Senator Erwin T. Tulfo said he will pursue his proposed bill, which will institutionalize the ban for government officials from credit grabbing for government projects such as the Assistance to Individuals in Crisis Situations (AICS) of the DSWD. Gatchalian said they will still accept endorsement for assistance from government officials, public service programs, churches, homeowners, and other good Samaritans. “But if you refer [request for assistance], don’t expect us to follow you. The social worker will still have the final say [on the matter]” he said. “Because if our social worker’s opinion is that there is no reason to provide assistance and you don’t meet the guidelines, then you still won’t receive assistance, and especially what we do is we have to commit the amount because no one can commit the amount other than the social worker because that involves an evaluation,” he added.
BI arrests Korean national wanted
by Interpol for money laundering
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HE Bureau of Immigration (BI) announced the arrest of a South Korean national wanted by the International Police (Inter pol) for alleged money laundering activities on Monday. BI Commissioner Joel Anthony Viado identified the foreigner as 50-year-old Yun Daeyoung. Yun was arrested on January 11 while attempting to depart on board a Vietnam Airlines flight for Hanoi. During primary inspection, an Interpol hit appeared in the BI system, prompting officers to immediately refer the passenger for secondary checks. Interpol records show that Yun is allegedly involved in money laundering activities connected to a goods purchase fraud syndicate in South Korea. He was accused of deceiving a victim by falsely promising a
share in the profits of an online shopping mall, thus, fraudulently obtaining 22,550,204 Korean won or more than P900,000. Yu n a l l e g e d l y d e f r a u d e d the same v ictim a tota l of 140,748,319 Korean won or P5.7 m i l l ion t hrough 24 sepa rate transactions. The offense falls under South Korea’s Criminal Act and carries a maximum penalty of up to 10 years imprisonment. A warrant related to the case was issued by the Daegu District Court of Korea in July 2025. BI Interpol Chief Peter de Guzman said Yun will also be charged for undesirability under Philippine immigration laws. Viado said Yun’s arrest was in line with the government’s directive to strengthen border security, intensify international law enforcement cooperation, and ensure that the Philippines does
not serve as a haven for foreign fugitives. The BI chief added the arrest reflects the bureau’s firm stance against transnational crime and fugitives attempting to evade justice. “The moment an Interpol alert appears, we act decisively. This arrest underscores our zero-tolerance policy toward fugitives who abuse our immigration system to escape accountability.” “This case shows how critical our coordination with Interpol and foreign counterparts is. We will continue to strengthen these partnerships to ensure that individuals facing criminal charges overseas are intercepted and dealt with in accordance with the law,” he added. Viado said Yun is currently under the bureau’s custody pending his deportation proceedings. Joel R. San Juan
DENR bats for Natl Flood Management Framework
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HE Department of Environment and Natural Resources (DENR) has completed the draft National Flood Management Framework, which establishes a unified, long-term policy direction for flood risk reduction as part of the country’s broader water resources and national development agenda. Essentially, the framework shifts flood management from a largely reactive, disaster-response approach to a core element of sustainable water resources management and development planning. The draft framework is now being circulated among key agencies, including the Department of Public Works and Highway (DPWH) and National Irrigation Administration (NIA), and local government units, for refinement and harmonization. This process aims to establish a unified national direction for flood risk reduction, resilient land use, and sustainable water resources management before the rollout of coordinated programs The draft framework adopts an Integrated Water Resources Management (IWRM) approach, treating flood control not as a standalone intervention but as part of an interconnected system that supports irrigation, water supply, hydropower, food security, environmental protection, and local development. In a statement, Environment Secretary Raphael P.M. Lotilla said the framework is designed to serve as a convergence point for the many government agencies involved in water, land use, and infrastructure. He noted that major water and flood-control investments are largely managed outside the DENR, primarily by the Department of Public Works and Highways (DPWH) and the National Irrigation Administration (NIA). The framework provides overarching policy guidance to align infrastructure development, watershed management, and local land-use planning, ensuring that public investments contribute not only to flood mitigation but also to water storage, irrigation, and even potable water supply.
Core principles
THE National Flood Management Framework is anchored on four core principles that guide flood management nationwide. First, it prioritizes nature-based solutions at the headwaters, recognizing that healthy watersheds and restored ecosystems are essential to addressing the root causes of flooding rather than merely its downstream impacts. Second, it promotes the strategic impoundment of stormwater for multiple benefits, reframing floodwaters as valuable resources that can support irrigation, potable water supply, en-
ergy generation, and other productive uses that strengthen climate resilience and economic growth. Meanwhile, in downstream and urban areas, the framework calls for the integrated use of green and grey infrastructure, combining natural systems such as wetlands, river easements, and mangrove belts with well-designed and properly maintained structures, including dikes, revetments, and pumping stations supported by modern monitoring and early-warning systems. Finally, it emphasizes landuse planning and risk-sensitive development, ensuring that growth and infrastructure decisions are guided by flood hazard information, environmental safeguards, and coordinated governance to prevent exposure before disasters occur.
A guide for flood master plans
THE Department of Economy, Planning, and Development (DEPDev) has emphasized that the framework should guide the formulation of all flood master plans nationwide to ensure consistency, alignment, and coherence across agencies and levels of government. Secretary Lotilla added that the framework represents a shift toward viewing floodwaters not only as hazards but also as resources that can be captured, stored, and used during dry months. “How we string these together – so we can store water, use it during the dry months, and reserve some for treatment – that is the convergence point. The framework is really designed to bring the different agencies together,” he said.
Flood management
THE DENR chief stressed flood management is not simply about removing or diverting water, but about managing it strategically for productive and long-term use. He cited the institutionalization of flood management coordination under the DEPDev Infrastructure Committee and its Sub-committee on Water Management as a key step in advancing this approach. As part of revising the government’s f lood management strategy, the DPWH has established an advisory group comprising three flood control experts. DENR Undersecretary for Integrated Environmental Science Dr. Carlos Primo David is part of the group along with University of the Philippines Professor and Project Nationwide Operational Assessment of Hazards (NOAH) Director Mahar Lagmay, and Dr. Guillermo Tabios III of the UP Institute of Civil Engineering. According to the DPWH, all future flood projects will also require DENR concurrence. Jonathan L. Mayuga
Oil prices on the rise: Diesel, kerosene, and gasoline set for increases on Tuesday
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OR the second consecutive week since the start of the year, oil firms will increase the prices of diesel and kerosene per liter. Starting Tuesday, diesel will go up by P0.20 per liter while kerosene will increase by P0.30 per liter. Also, a liter of gasoline will go up by P0.30. Shell, Seaoil, Jetti, Phoenix, Total, Unioil, Petron, and PTT announced the price adjustment
on Monday. The new pump prices will take effect on January 13, 2026. Other oil firms are expected to follow suit. Oil firms adjust their pump prices every week to reflect movements in the world oil market. Last week, gasoline prices went down by P0.10 per liter while the price of diesel and kerosene increased by P0.20 and P0.10 per liter, respectively. Lenie Lectura
Tuesday, January 13, 2026
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www.businessmirror.com.ph
Mayon’s ‘pyroclastic show’ may last for months–Phivolcs Amounts involved in Sara impeachment By Jonathan L. Mayuga @jonlmayuga
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OLC A NIC activ ities at Mayon Volcano may last for months as it continues to spew molten lava and pyroclastic density currents (PDC) or uson, a government volcanologist said. Ma. Antonia Bornas, chief of the Philippine Institute of Volcanology and Seismology’s (Phivolcs) Volcano Monitoring and Eruption Prediction Division (VMEPD), told the BusinessMirror that in 2023, Mayon Volcano’s restiveness lasted from June to December, or approximately five months. Bornas said there is also an indication that Mayon’s crater may continue to spew molten lava over the next few days or weeks, or possibly months, depending on the magmatic activity and deposits in its crater. Crumbling of crater walls and spewing of lava are continuous, and pyroclastic density currents continue to pose health risks and danger to aircraft. The official said Phivolcs is hav ing a problem coming up
with an estimate as to the volume of lava and other debris Mayon has spewed so far because of the condition in A lbay.
Cloud cover
LOCATED in the province of Albay, Mayon, one of the country’s 24 active volcanoes, is famous for its strikingly symmetrical, nearperfect cone shape, towering over the provincial capital, Legazpi City, and nearby towns. Currently, Mayon is cloudcovered, making it hard for us to make an estimate,” says Bornas. “We need to map out and come up with an assessment before coming up with an estimate as to the volume of debris it has produced.” Phivolcs, she said, would increase the Alert Level of Mayon only if the situation worsens—or if Mayon starts to erupt violently, trigger strong volcanic earthquakes, and spew more lava on all sides. Also, she noted that ground deformation at Mayon is observed only on the east side of the volcano, which indicates magmatic activity, but not enough to raise
the alert level. She also noted that Mayon has not caused or triggered volcanic earthquakes in the past few days. “We noticed there were no earthquakes except for one or two,” she said. If this happens, the permanent danger zone will be expanded to an eight-kilometer radius, the official said. Volcanic activities at Mayon continues but said Phivolcs is not keen on raising its current alert status. “It is still under Alert Level 3. Right now, there’s no reason to increase its alert level,” Bornas added. Nevertheless, she said entry within the six-kilometer PDZ at Mayon remains prohibited because of life-threatening volcanic activities.
Warning
WHILE tourists and content creators may be lured to go closer to get a closer look at the spectacular display of spewing lava, Bornas reminded them of the grave danger they would be getting into once they are within the SIX-kilometer permanent danger zone.
Among the possible hazards that can occur at Mayon are rockfalls or landslides or avalanches, ballistic fragments, lava flows and lava fountaining, pyroclastic density currents or uson, moderatesized explosions, and lahar during heavy and prolonged rainfall. She said it’s okay for content creators to take advantage of the spectacle, but warned them of getting too close to the volcano. “They must keep a safe distance at all times,” she said. “The molten lava itself is not much of a hazard, but the PDC or the uson that can suffocate and kill you,” she said. Moreover, she said the bursting of the molten lava could throw away rocks and other debris into the sky. “Even small stones falling from the sky could be deadly. It’s like bullets hitting you directly in the head,” she said. According to Bornas, Army (PA) and National Police (PNP) personnel are closely securing entry points leading to Mayon. See “Mayon,” A9
case made Marcos change stance–Castro By Samuel P. Medenilla @sam_medenilla
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HE considerable amounts involved in the accusations of misuse of public funds against Vice President Sara Duterte has convinced President Marcos to reconsider his opposition to the possible new impeachment complaint against her former running mate, according to Malacañang. “He might not have seen the scale of the issue back then,” Palace Press Officer Claire Castro said in Filipino in a press briefing on Monday when asked why the Chief Executive changed his stance on the matter. When congressmen filed impeachment cases against Duterte in 2025, Marcos was quoted as saying that her impeachment will not benefit the people. The President, Castro said, will respect the decision of Congress if it decides to file another impeachment complaint against the Vice President this year. If the complaint will be filed, she said Marcos wants a comprehensive investigation on the accusations against Duterte similar to what is now being conducted on flood control project anomalies. “We should treat the impeachment complaint, if filed, the same way we
treat the thorough and comprehensive investigation into anomalous flood control projects,” she said. In December 2024, Congress pushed through with its impeachment complaint against the Vice President for her alleged illegal use of confidential funds of the Office of the Vice President and the Department of Education. In May last year, Marcos said he does not support the filing of the impeachment complaint against Duterte since it will distract lawmakers from crafting laws. Caloocan Rep. Edgard R. Erice claimed some lawmakers are preparing to file a new impeachment complaint not only against Duterte, but also against Marcos once Congress resumes its session on January 26. Castro reiterated they have yet to see any details on the said planned impeachment complaint against Marcos for his role in the passage of the national budget 2023 to 2025, which allegedly contained illegal provisions. But she assured the President is ready to face the said allegations against him since he is confident he did not steal public funds and is leading the ongoing crackdown See “Sara,” A9
TheWorld
Editor: Angel R. Calso
Tuesday, January 13, 2026
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Trump says Iran wants to negotiate as death toll in protests rises to 544 By Jon Gambrell & Julia Nikhinson
Iran’s government has not offered overall casualty figures. Those abroad fear the information blackout is emboldening hard-liners within Iran’s security services to launch a bloody crackdown. Protesters flooded the streets in the country’s capital and its second-largest city on Saturday night into Sunday morning. Online videos purported to show more demonstrations Sunday night into Monday, with a Tehran official acknowledging them in state media.
The Associated Press
IN this Sept. 7, 2017 file photo, smoke rises from a burned house in Gawdu Zara village, northern Rakhine state, where the vast majority of the country’s 1.1 million Rohingya lived, Myanmar. AP
At UN court, Myanmar faces genocide accusations over Rohingya crackdown By Molly Quell
The Associated Press
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HE HAGUE, Netherlands—Myanmar will face accusations Monday it is responsible for genocide against the Rohingya ethnic minority at the top court of the United Nations, as long-awaited hearings are set to begin. The West African country of Gambia first filed the case at the International Court of Justice in 2019, arguing a socalled “clearance operation” by Myanmar’s military in 2017 violated the 1948 Genocide Convention. Myanmar, which has since been taken over by the military, has denied the allegations. Without the ICJ, the military “will be accountable to no one and there will be no constraints on their persecution and ultimate destruction of the Rohingya,” lawyer Paul S. Reichler argued on behalf of Gambia during a preliminary hearing in 2022. The Southeast Asian country launched the campaign in Rakhine state in 2017 after an attack by a Rohingya insurgent group. Security forces were accused of mass rapes, killings and torching thousands of homes as more than 700,000 Rohingya fled into neighboring Bangladesh. Now, some 1.2 million members of this persecuted minority are languishing in chaotic, overcrowded camps, where armed
groups recruit children and girls as young as 12 are forced into prostitution. The sudden and severe foreign aid cuts imposed last year by US President Donald Trump shuttered thousands of the camps’ schools and have caused children to starve to death. “Myanmar’s case before the ICJ is a beacon of hope for hundreds of thousands of people like myself that our plight for justice will not go unheard,” Lucky Karim of Refugee Women for Peace and Justice, an organization that advocates for justice for the Rohingya, said in a statement. Myanmar was initially represented at the court by Nobel Peace Prize winner Aung San Suu Kyi, who denied her country’s armed forces committed genocide, telling the ICJ in 2019 that the mass exodus of Rohingya people from the country she led was the unfortunate result of a battle with insurgents. The pro-democracy icon is now in prison after being convicted of what her supporters call trumped-up charges after a military takeover of power. M ya n m a r co nte s te d t h e co u r t ’s jurisdiction, saying Gambia was not directly involved in the conflict and therefore could not initiate a case. Both countries are signatories to the genocide convention, signed in the wake of World War II, and in 2022, judges rejected the argument, allowing the case to move forward. See “Myanmar,” A8
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UBAI, United Arab Emirates—US President Donald Trump said Iran wants to negotiate with Washington after his threat to strike the Islamic Republic over its bloody crackdown on protesters, a move coming as activists said Monday the death toll in the nationwide demonstrations rose to at least 544. Iran had no immediate reaction to the news, which came after the foreign minister of Oman—long an interlocutor between Washington and Tehran—traveled to Iran this weekend. It also remains unclear just what Iran could promise, particularly as Trump has set strict demands over its nuclear program and its ballistic missile arsenal, which Tehran insists is crucial for its national defense. Iranian Foreign Minister Abbas Araghchi, speaking to foreign diplomats in Tehran, insisted “the situation has come under total control” in fiery remarks that blamed Israel and the US for the violence, without offering evidence. “That’s why the demonstrations turned violent and bloody to give an excuse to the American president to intervene,” Araghchi said, in comments carried by the Qatar-funded Al Jazeera satellite news network. Al Jazeera has been allowed to report from inside the country live despite the Internet being shut off. Meanwhile Monday, Iran called for pro-government demonstrators to head to the streets in support of the theocracy, a show of force after days of protests directly challenging the rule of 86-yearold Supreme Leader Ayatollah Ali Khamenei. Iranian state television
IN this frame grab from footage circulating on social media from Iran shows protesters taking to the streets despite an intensifying crackdown as the Islamic Republic remains cut off from the rest of the world in Tehran, Iran, Friday, Jan. 9, 2026. UGC VIA AP
aired chants from the crowd, who shouted “Death to America!” and “Death to Israel!”
Trump acknowledges proposal for talks
TRUMP and his national security team have been weighing a range of potential responses against Iran including cyberattacks and direct strikes by the US or Israel, according to two people familiar with internal White House discussions who were not authorized to comment publicly and spoke on condition of anonymity. “The military is looking at it, and we’re looking at some very strong options,” Trump told reporters on Air Force One on Sunday night. Asked about Iran’s threats of retaliation, he said: “If they do that, we will hit them at levels that they’ve never been hit before.” Trump said that his administration was in talks to set up a meeting with Tehran, but cautioned that he may have to act first as reports of the death toll in Iran mount and the government continues to arrest protesters. “I think they’re tired of being
beat up by the United States,” Trump said. “Iran wants to negotiate.” He added: “The meeting is being set up, but we may have to act because of what’s happening before the meeting. But a meeting is being set up. Iran called, they want to negotiate.” Iran through the country’s parliamentary speaker warned Sunday that the US military and Israel would be “legitimate targets” if America uses force to protect demonstrators. More than 10,600 people also have been detained over the two weeks of protests, said the USbased Human Rights Activists News Agency, which has been accurate in previous unrest in recent years and gave the death toll. It relies on supporters in Iran crosschecking information. It said 496 of the dead were protesters and 48 were with security forces. With the Internet down in Iran and phone lines cut off, gauging the demonstrations from abroad has grown more difficult. The Associated Press has been unable to independently assess the toll.
Fear pervades Iran’s capital
IN Tehran, a witness told the AP that the streets of the capital empty at the sunset call to prayers each night. By the Isha, or nighttime prayer, the streets are deserted. Part of that stems from the fear of getting caught in the crackdown. Police sent the public a text message that warned: “Given the presence of terrorist groups and armed individuals in some gatherings last night and their plans to cause death, and the firm decision to not tolerate any appeasement and to deal decisively with the rioters, families are strongly advised to take care of their youth and teenagers.” Another text, which claimed to come from the intelligence arm of the paramilitary Revolutionary Guard, also directly warned people not to take part in demonstrations. “Dear parents, in view of the enemy’s plan to increase the level of naked violence and the decision to kill people, ... refrain from being on the streets and gathering in places involved in violence, and inform your children about the consequences of cooperating with terrorist mercenaries, which is an example of treason against the See “Trump,” A8
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TheWorld
Tuesday, January 13, 2026
www.businessmirror.com.ph
Hong Kong court begins sentencing hearing for Jimmy Lai, who faces life imprisonment By Kanis Leung
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The Associated Press
ONG KONG—A Hong Kong court began hearing arguments Monday about the sentencing of democracy advocate and onetimemedia magnate Jimmy Lai and his codefendants, whose convictions under a national security law could land them in prison for life.
activists’ sentences. Lawyers representing them suggested the starting points of their clients’ sentences should be 10 years and 10 to 15 years respectively, but they should receive reductions in part due to their assistance in the case. Lai’s lawyer Robert Pang will deliver his arguments in the afternoon.
Lai’s physical condition discussed in court
WHEN Lai entered the courtroom, he pressed his palms together, an apparent gesture to express gratitude, and smiled at those sitting in the gallery. The media tycoon appeared to be in good spirits and greeted a convicted Apple Daily editor who was also sitting in the dock. In August, his lawyers told the court that he suffered from heart palpitations. Hong Kong’s government said no abnormalities were found in a subsequent medical exam. Prosecutor Anthony Chau said Lai’s health was stable. Chau said Lai had lost just 0.8 kg (about 1.8 pounds) over five years of detention, weighing 79.2 kg (about 175 pounds) when it was last measured this month. Lai is still considered obese as an Asian adult, Chau said.
The obesity comment drew chuckling from some members sitting in the public gallery, and Lai also smiled in the dock. Before sunrise, dozens of people had already lined up outside the court building to secure a seat in the public gallery. Retiree Simon Ng, a former Apple Daily reader, said he arrived and waited in line since Friday morning, hoping to see Lai. “I want to let him know that he’s not alone,” Ng said. “Many people support him.”
Judges ruled Lai was the mastermind
LAI was convicted of two counts of conspiracy to commit collusion with foreign forces to endanger national security, in addition to one count of conspiracy to distribute seditious publications. Lai pleaded not guilty to all charges. A conviction on the collusion charge under the security law results in a sentence ranging from three years in jail to life, depending on the offense’s nature and his role in it. The sedition charge under a separate, colonial-era law carries a maximum of two years’ imprisonment. Three government-vetted judges wrote in their December verdict that Lai spearheaded the conspira-
Lai, 78, is the founder of the now-defunct Apple Daily newspaper and an outspoken critic of China’s ruling Communist Party. He was arrested in 2020 under the law imposed by Beijing following massive anti-government protests that rocked Hong Kong the year before. In December, he was found guilty of conspiring with others to collude with foreign forces and conspiracy to publish seditious articles. His conviction raised concerns about the curtailing of press freedom in the former British colony, which returned to Chinese rule
in 1997. His case could also be a test for Beijing’s diplomatic ties. The verdict drew criticism from foreign governments, including the US and Britain. After the verdict, US President Donald Trump, who had raised Lai’s case with China, said he felt “so badly.” Lai, alongside other co-defendants involved in the case, appeared in court for the four-day mitigation hearings. The maximum penalty for their convictions is life imprisonment. Sentencing will come later. The court Monday morning heard arguments concerning two
Trump. . .
Malaysia, Indonesia become first to block Musk’s Grok over sexually explicit images
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country,” the text warned. The witness spoke to the AP on condition of anonymity due to the ongoing crackdown. The demonstrations began Dec. 28 over the collapse of the Iranian rial currency, which trades at over 1.4 million to $1, as the country’s economy is squeezed by international sanctions in part levied over its nuclear program. The protests intensified and grew into calls directly challenging Iran’s theocracy. Nikhinson reported from aboard Air Force One.
Myanmar. . . Continued from A7
The decision opened the door for South Africa to bring a case accusing Israel of genocide. Israel strongly denies the allegation and accuses Pretoria of providing political cover for Palestinian militant group Hamas. Whatever the court ultimately decides in the Myanmar case will impact the South African case, Juliette McIntyre, an expert on international law at the University of South Australia, told The Associated Press. “The legal test for genocide is very strict but it is possible the judges broaden the definition,” she said. Despite the length of the proceedings, McIntyre said they are still important for the victims. “It validates their experiences and can provide support for other legal actions.” A finding of genocide would bolster the ongoing investigation and another court based in The Hague, the International Criminal Court. In 2024, the court’s chief prosecutor asked judges to issue an arrest warrant for the head of Myanmar’s military regime Senior Gen. Min Aung Hlaing for crimes against the Rohingya. That request is still pending.
By Eileen Ng & Edna Tarigan
The Associated Press
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UALA LUMPUR, Malaysia—Malaysia and Indonesia have become the first countries to block Grok, the artificial intelligence chatbot developed by Elon Musk’s xAI, after authorities said it was being misused to generate sexually explicit and non-consensual images. The moves ref lect growing global concern over generative AI tools that can produce realistic images, sound and text, while existing safeguards fail to prevent their abuse. The Grok chatbot, which is accessed through Musk’s social media platform X, has been criticized for generating manipulated images, including depictions of women in bikinis or sexually explicit poses, as well as images involving children. Regulators in the two Southeast Asian nations said existing controls were not preventing the creation and spread of fake pornographic content, particularly involving women and minors. Indonesia’s government temporarily blocked access to Grok on Saturday, followed by Malaysia
on Sunday. “The government sees nonconsensual sexual deepfakes as a serious violation of human rights, dignity and the safety of citizens in the digital space,” Indonesia’s Communication and Digital Affairs Minister Meutya Hafid said in a statement Saturday. The ministry said the measure was intended to protect women, children and the broader community from fake pornographic content generated using AI. Initial findings showed that Grok lacks effective safeguards to stop users from creating and distributing pornographic content based on real photos of Indonesian residents, Alexander Sabar, director general of digital space supervision, said in a separate statement. He said such practices risk violating privacy and image rights when photos are manipulated or shared without consent, causing psychological, social and reputational harm. In Kuala Lumpur, the Malaysian Communications and Multimedia Commission ordered a temporary restriction on Grok on Sunday after what it said was “repeated misuse” of the tool to generate obscene, sexually explicit and non-consensual
manipulated images, including content involving women and minors. The regulator said notices issued this month to X Corp. and xAI demanding stronger safeguards drew responses that relied mainly on user reporting mechanisms. “The restriction is imposed as a preventive and proportionate measure while legal and regulatory processes are ongoing,” it said, adding that access will remain blocked until effective safeguards are put in place. Launched in 2023, Grok is free to use on X. Users can ask it questions on the social media platform and tag posts they’ve directly created or replies to posts from other users. Last summer the company added an image generator feature, Grok Imagine, that included a socalled “spicy mode” that can generate adult content. The Southeast Asian restrictions come amid mounting scrutiny of Grok elsewhere, including in the European Union, Britain, India and France. Grok last week limited image generation and editing to paying users following a global backlash over sexualized deepfakes of people, but critics say it did not fully address the problem.
cies and took issue with what they called his “constant invitation” to the United States to bring down the Chinese government with the excuse of helping Hong Kongers. Lai’s lawyers admitted during the trial that he had called for foreign sanctions before the national security law took effect, but insisted he dropped these calls to comply with the law. They also argued on freedom of expression grounds. But the judges said that Lai had never wavered in his intention to destabilize the ruling Chinese Communist Party. After the enactment of the law, he intended to continue, though less explicitly, they said. They emphasized that Lai was not on trial for his political views. Beijing has opposed what it called the smearing of Hong Kong’s judiciary “by certain countries,” saying the judicial authorities perform duties according to the law.
Others have a chance of lighter sentences
SIX ex-Apple Daily senior executives and two activists involved in Lai’s case had entered guilty pleas, admitting that they had conspired with Lai and others to request foreign forces to impose sanctions, blockades or engage in
other hostile activities. The executives were publisher Cheung Kim-hung, associate publisher Chan Pui-man, editor-inchief Ryan Law, executive editorin-chief Lam Man-chung and editorial writers Fung Wai-kong and Yeung Ching-kee. Some of them, alongside the two activists Andy Li and Chan Tsz-wah, served as prosecution witnesses during the 156-day trial. A guilty plea usually can lead to a sentence reduction. Under the security law, a reduced penalty may be granted to those who report on the offense committed by others. Chan Pui man’s husband, Chung Pui-kuen, a former top editor of Stand News who had been sentenced to 21 months in jail in a separate sedition case, was among those sitting in the public gallery. After the verdict, Lai’s daughter, Claire, said Lai would devote himself to God and his family rather than political activism if he were released. Trump said after the verdict that he spoke to Chinese President Xi Jinping about Lai and “asked to consider his release.” British Prime Minister Keir Starmer has said his government has made it a priority to secure the release of Lai, a British citizen.
Britain, NATO allies discuss strengthening Arctic security amid rising tensions with Russia and China By Brian Melley
The Associated Press
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ONDON—Britain is discussing with NATO allies how it can help beef up security in the Arctic to counter threats from Russia and China, a government minister said Sunday. Transport Secretary Heidi Alexander said the talks are “business as usual” rather than a response to recent threats by US President Donald Trump to take over Greenland. Trump has said that he would like to make a deal to acquire Greenland, a semiautonomous region of NATO ally Denmark, to prevent Russia or China from taking it over. He said Sunday night that making a deal for Greenland would be “easier” and insisted the US needed to acquire it. “One way or the other, we’re going to have Greenland,” he told reporters aboard Air Force One as he flew back to Washington. Greenland, with a population of around 57,000, is defended by Denmark, whose military is dwarfed by that of the US, which has a military base on the island. Denmark’s prime minister has warned that a takeover would threaten NATO. Trump dismissed that idea on Sunday, proclaiming himself the savior of NATO for encouraging member countries to boost their defense spending. “I like NATO,” he said. He then questioned “whether or not, if we needed NATO, would they be there for us? I’m not sure they would.”
In fact, NATO’s Article 5 common defense guarantee, which treats an attack on one member as an attack on them all, has only been invoked once, in the wake of the September 11, 2001 terror attacks on the United States, leading to NATO’s operation in Afghanistan. Te n s i o n s h a v e g r o w n b e t w e e n the US and Denmark since the Trump administration renewed its warnings against Greenland. Jesper Møller Sørensen, Denmark’s ambassador to the US, fired back at newly tapped US Greenland envoy Jeff Landry, who said in a social media post that the “US defended Greenland’s sovereignty during (World War II) when Denmark couldn’t.” Sørensen responded that Denmark has always stood alongside the US, particularly after the Sept. 11, 2001 attacks, and that only Greenlanders should decide their future. “Let’s continue to address security challenges in the Arctic as partners & allies,” Sørensen wrote. Danish officials are meeting with Secretary of State Marco Rubio this week. The U.K. agrees with Trump that Russia and China are increasingly becoming more competitive in the Arctic Circle, Alexander said. “Whilst we haven’t seen the appalling consequences in that part of the world that we’ve seen in Ukraine, it is really important that we do everything that we can with all See “NATO,” A9
Thousands of New York City nurses threaten to strike if deal isn’t reached with hospitals By Jennifer Peltz The Associated Press
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EW YORK—Thousands of nurses at some of New York City’s biggest hospitals could go on strike Monday during a severe flu season, three years after a similar walkout forced some of the same medical facilities to transfer some patients and divert ambulances. The looming strike could impac t operations at several of the city’s major private hospitals, including Mount Sinai in Manhattan, Montefiore Medical Center
in the Bronx and New York-Presbyterian/ Columbia University Irving Medical Center. Nearly 15,000 nurses could walk off the job early Monday if a deal is not reached, amounting to the largest nurses’ strike in city history, according to Nancy Hagans, president of the New York State Nurses Association. As of Sunday morning, little progress had been made at the bargaining table, Hagans said. A vast majority of the union’s nurses voted to authorize the strike last month. Like the 2023 labor fight, this year’s dispute involves a complicated array of
issues, claims, counterclaims and hospitalby-hospital particulars. Once again, staffing levels are a major flashpoint: Nurses say the big-budget medical centers are refusing to commit to — or even backsliding on — provisions for manageable, safe workloads.
Safety concerns at issue
THIS time, the nurses’ union also wants guardrails on hospitals using artificial intelligence, plus more workplace security measures. A gunman strode into Mount Sinai in November, and a man with a sharp object barricaded himself in a Brooklyn
hospital room this week; both men ultimately were killed by police. The private, nonprofit hospitals involved in the current negotiations say they’ve made strides in staffing since 2023. Some of them suggest the union’s demands, taken as a whole, are far too expensive. Scores of nurses rallied Friday in Manhattan, insisting their primary concern was proper caregiving and accusing the medical centers — whose top executives make millions of dollars a year—of greed and intransigence. “My hospital tries to cut corners on
staffing every day, and then they try to fight historic gains we made three years ago,” said Sophie Boland, a pediatric intensive care nurse in the New York-Presbyterian hospital system. The hospitals, meanwhile, have called the union’s strike threat “reckless.” They vowed in a statement Thursday to “do whatever is necessary to minimize disruptions.” Hagans, the union president, has also stressed that patients should not delay care during a potential strike. See “Nurses,” A9
Tuesday, January 13, 2026
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DHSUD identifies 30 hectares for socialized housing, aiming for 1.13 million units by ‘28
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T least 30 hectares of government land can be used for socialized housing based on the ongoing inventory of the Department of Human Settlements and Urban Development (DHSUD). This, as the agency said it is targeting to build 1.13 million housing units before the end of the Marcos administration. In a press briefing in Malacañang last Monday, DHSUD Undersecretary Henry L. Yap said they already completed 85 percent of their inventory of public land in line with
Executive Order (EO) No. 34. Under EO 34, series of 2023, President Ferdinand Marcos ordered DHSUD to identify available government-owned lands, which can be used for the Pambansang Pabahay Para sa Pilipino Program (4PH). DHSUD was able to register 30,000 hectares of idle government land in its inventory, but only 30 hectares are ready to be used for socialized housing in 2023. “Some of those [government land] are—for example, were given by schools, but in the last GAA [General Appropriations
PITX passenger traffic hits 5.69M in December, over 60M for 2025 By Lenie Lectura @llectura
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HE Parañaque Integrated Terminal Exchange (PITX) recorded 5.69 million passengers in December 2025, the Department of Transportation (DOTr) said on Monday. The agency said that passenger traffic across Christmas and New Year period reached 3,431,341. Total foot traffic for 2025 reached 60,281,330, reflecting an increase of 9,108,635 commuters compared to 51,557,965 in 2024. The rising travel demand has prompted the agency to ramp up operational improvements to manage increasing passenger volume at major transport hubs. President Ferdinand Marcos Jr. instructed the DOTr to collaborate with private operators to further improve the terminal operations, aiming to ease the daily commute experience. “The DOTr and PITX are fully prepared for the increase in the number of passengers using the terminal. We will ensure that there is an adequate supply of buses and smooth operations at PITX, while also
strengthening security for a smoother journey for our passengers,” DoTR Secretary Giovanni Lopez said. To support rising passenger demand within Metro Manila, the DOTr said that the terminal is now interconnected with LRT-1 and that a new EDSA Busway Station at PITX is underway. Meanwhile, the D oTR ’s flagship project—EDSA Busway served a total of 66,669,287 passengers last year, up from 63,022,953 in 2024. The agency vowed to continue the improvements along the EDSA Busway corridor to guarantee commuters with safer, more accessible and convenient travel experience. In April last year, the DoTR recorded a single-day peak of 321,186. “We still have many improvements to make, such as the modern Kamuning Busway station, and three more new busway stations this 2026 to ensure that passengers’ travel is more convenient and faster,” the transport chief said. To date, the EDSA Busway Project has served a cumulative total of 341,307,843 passengers since June 2020.
DMW: No Pinoy seafarers aboard seized Venezuelan oil tankers amid US blockade
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HE Department of Migrant Workers (DMW) said there are currently no Filipino seafarers onboard oil tankers carrying Venezuelan oil, which were recently seized by the US. “So, all stakeholders are cooperating with us and so far we have not [monitored] any [Filipino sailor] who were involved in usual attacks...,” DMW Undersecretary Bernard P. Olalia said in Filipino in a press briefing in Malacañang last Monday. Olalia assured that measures are already in place to ensure the protection of Filipinos onboards ships in international waters. “All our manning agencies are under instruction to provide full protection to all our seafarers. We have guidelines, especially our Magna Carta for Seafarers is very strict, especially on guarding the human rights and workers’ rights of our seafarers,” he said. Several Filipino sailors were affected by the attacks by Houthi rebels on ships passing through the Red Sea and the Gulf of Aden last year. Last month, the US initiated a oil blockade against Venezuela after accusing its President, Nicolas Maduro, of being involved in narcoterrorism within its borders. Maduro, and his wife, are currently under US custody after they were “captured” by US forces in Caracas, Venezuela.
Nato. . . Continued from A8
of our NATO allies to ensure that we have an effective deterrent in that part of the globe against (Russian President Vladimir) Putin,” Alexander told the BBC. Britain’s former ambassador to the US, Peter Mandelson, who was sacked last year because of his friendship with the disgraced financier Jeffrey Epstein, said he did not think Trump would take Greenland by force. “He’s not a fool,” Mandelson said. “We are all going to have to wake up to the reality that the Arctic needs securing against China and Russia. And if you ask me who is going to lead in that effort to secure, we all know, don’t we, that it’s
Since the blockade took effect, the US has seized five ships, which carry Venezuelan oil. In a related development, Olalia said they are also closely monitoring the status of Filipinos in Iran as anti-government protests in the West Asian country escalate due its ongoing economic crisis. He said there are still new overseas Filipino workers (OFW), who are heading to Iran since DMW imposed a partial deployment ban for the West Asian country last year. However, he said they may still be Filipinos in Iran, particularly those who are married to Iranian nationals. Olalia said they are coordinating with the Philippine Embassy to assist the said Filipinos. “So the direction and the instructions of our secretary are clear, if there are Filipino nationals in need, the DMW together with other departments are ready to help all those in need,” he said. He noted there is currently a blackout on communication lines in Iran amid the ongoing widespread protest in Iran. “But before this protest happened, before the blackout happened, we already had GCs [group chats], we already had contacts with them and what’s important is that they were able to contact us and tell us what their needs were,” Olalia said. Samuel P. Medenilla
going to be the United States.” Ed D ave y, l e a d e r o f t h e L i b e ra l Democrat Party, suggested Britain offer to deploy troops to Greenland in a joint command with Denmark. “If Trump is serious about security, he’d agree to participate and drop his outrageous threats,” Davey said. “Tearing the NATO alliance apart would only play into the hands of Putin.” It’s unclear how remaining NATO members would respond if the U.S. decided to forcibly take control of the island or if they would come to Denmark’s aid. The Associated Press writers Seung Min Kim in West Palm Beach, Florida and Michelle L. Price in Washington contributed to this report.
Act] there were riders in our budget that the land that the in state universities and colleges could not be used for housing, so there were changes like that too,” Yap said in Filipino. He said they will be working with concerned national government agencies and local government units to make use of the said land. “Right now, we’re about 30 [hectares] that we can use, but that will mean that we will have to interact...to work with the national government agencies or those local
governments to do the projects because under the EO, we don’t have confiscatory [powers],” he said. DHSUD is set to turn over the list of land to the National Housing Authority (NHA), which has the mandate to initiate housing projects. Based on the presentation of DHSUD to President Ferdinand Marcos last June, Yap said they are aiming to construct 1.13 million housing units. This was higher compared to the target disclosed by DHSUD during the budget
hearing in Congress last September, which was just at 300,000. D uring the star t of the Marcos administration, DHSUD said it wants to build 6.5 million housing units. Yap explained they were forced to scale-down their target due to rising construction costs as well as the focus of the government in building vertical housing or condominium units. He said the initial DHSUD goal was significantly higher than what was actually required by the local housing market.
Parents formally tapped as partners in DepEd’s ₧100-M mental health, anti-bullying program By Claudeth Mocon-Ciriaco @claudethmc3
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N line with President Ferdinand R. Marcos Jr.’s push to strengthen learner well-being and child protection in public schools, the Department of Education (D epEd) is expanding school-based mental health and anti-bullying support by formally involving parents, guardians, and caregivers as partners through the implementation of the Kaagapay Program with an allocation of P100 million nationwide. Education Secretar y Juan Edgardo “Sonny” Angara said the reform strengthens the support system around learners by bringing families into the process. Under DepEd Memorandum No. 002, s. 2026, the Kaagapay program is tapping parents and guardians as co-educators who help reinforce values formation, positive discipline, and learner well-being at home, in direct support of classroom instruction and school-based guidance programs. “Bilang magulang din, alam natin kung gaano kabigat na responsibilidad ang pag-aalaga at paggabay sa bata. Kaya kapag magkakasama ang pamilya at paaralan sa paghubog ng asal at pagunawa sa pinagdadaanan ng anak, mas napapangalagaan ang learners at mas
gumagaan ang trabaho ng mga guro, ” Angara said. Kaagapay is being implemented through parent engagement sessions and advocacy campaigns designed to translate school policies into practical, ever yday actions within families. These sessions use participator y and experiential methods such as sharing of best practices, guided reflection, and action planning, enabling parents to better understand learner behavior, socio-emotional needs, and the early signs of bullying or distress. The sessions are structured to help parents situate their role within DepEd’s curriculum and learner development priorities before moving into learning discussions on socio-emotional and values support, positive discipline, bullying awareness, and home–school–community partnership. Parents are encouraged to reflect on their own family contexts and develop simple home action plans that align with school objectives, with the goal of sustaining positive practices beyond the sessions. To ensure wider participation, schools may conduct face-to-face, modular, and asynchronous delivery modes, taking into account parents’ schedules, backgrounds,
and circumstances. The program is open to all parents and caregivers of learners in public elementary and secondary schools and is designed to ensure representation across different family structures and socioeconomic backgrounds. Participation is voluntary, and safeguards are in place to protect privacy and prevent stigma. Implementation of the Kaagapay Program is already under way, with coordination and engagement activities continuing within School Year 2025–2026 through schools division offices, the DepEd added. The rollout of Kaagapay coincides with broader government investments in learner well-being, including a P2.9-billion allocation for the School-Based Mental Health Program. The allocation supports the implementation of the Basic Education Mental Health and Well-Being Promotion Act (Republic Act No. 12080), which mandates the strengthening of schoolbased mental health services, including suicide prevention in schools. With Kaagapay, DepEd is optimistic that they will strengthen learner’s protection and well-being by ensuring that parents are not bystanders but active partners in creating safe, supportive, and inclusive school environments.
1.18-M Pinoys register for BSKE ‘26–Comelec By Justine Xyrah Garcia
“In reality the number that is needed [by the market] is only about two thirds or about three [million] plus,” he said. The DHSUD official said their over a million housing target is closer to the accomplishments of the Aquino administration, which was at over 700,000 and the Duterte administration, which was at about 800,000. “So, by this time we have already done more than 400 [thousand] which is already half of what the previous administration did,” Yap said.Samuel P. Medenilla
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punished, reinforcing confidence in constitutional accountability mechanisms in which the House plays a central role through legislation, budget scrutiny, and oversight. Pulse Asia researchers said the results reflect a public preference for resultsdriven governance, with trust increasing when institutions demonstrate seriousness, consistency, and follow-through on reforms. The nationwide survey was conducted through face-to-face interviews with 1,200 adult respondents and has a ±2.8 percent margin of error. Jovee Marie N. dela Cruz
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Senior citizens on the other hand are entitled tofree influenza and pneumococcal vaccines, which are especially important in preventing severe respiratory infections among older adults, the DOH said. The DOH reiterated its call for the public to consult their nearest health center to check vaccination schedules and ensure that all recommended vaccines are completed, emphasizing that immunization is a shared responsibility in keeping communities healthy. PNA with Claudeth Mocon Ciriaco
Nurses. . . Continued from A8
Still, New York Gov. Kathy Hochul expressed concern that a strike could affect patient care, urging both sides on Friday “to stay at the table and get a deal done.”
A significant portion of the remaining applications still came from voters updating their records. About 340,999 individuals sought transfers from another city or municipality, 73,582 applied to transfer within the same locality, 68,901 requested corrections of entries or changes of name, and 48,634 asked for reactivation. Region IV-A (CALABARZON) posted the highest number of applications at 244,836, followed by the National Capital Region with 141,005 and Region III (Central Luzon) with 138,683. The Cordillera Administrative Region
(CAR), meanwhile, posted the lowest number of new applicants at 14,808, followed by Region IV-B (MIMAROPA) with 34,905, and Region VI (Central Visayas) with 35,785. The Comelec earlier said it is targeting around 1.4 million new registrants ahead of the November 2026 BSKE. Voter registration runs until May 18, from 8 a.m. to 5 p.m., Mondays to Saturdays, including holidays. Applications may be filed at local Comelec offices, the commission’s main office, or through special registration sites regularly announced on its social media pages. streamline actions, hasten response times and optimize resource allocation for the affected families,” Dema-ala said.
THE Army (PA) on Monday said that it is more than ready to do its part to help communities affected by the ongoing unrest of Mayon Volcano in Albay. To this effect, the PA spokesperson, Col.
Louie Dema-ala, said the Ninth Infantry “Spear” Division had already activated its “Task Force Sagip” on January 6 for such eventuality. Activation of this unit the decision of Phivolcs on January 1 to raise Alert Level 3 at Mayon Volcano. “The 901st and the 903rd Infantry Brigades are providing security and manpower assistance during the preemptive evacuation of residents in response to the threat posed by the Mayon Volcano’s dome collapse and pyroclastic density currents, Dema-ala said. He added that these units are now closely coordinating with the Office of Civil Defense Region V, and other pertinent disaster response stakeholders in the Albay. “The Army leadership assures the readiness of troops to conduct HADR efforts for the affected communities. We are also working closely with local government units and disaster response agencies to
With Rex Anthony Naval
MOUNT Sinai has hired over 1,000 temporary nurses and held preparatory drills for a strike that could affect its 1,100-bed main hospital and two affiliates—Mount Sinai Morningside and Mount Sinai West—with about 500 beds each. New York-Presbyterian said it also had arranged for temporary nurses but, if the strike happens, some patients might be moved to new rooms or advised to transfer to another facility. Montefiore posted a message assuring patients that appointments would be kept. The same union mounted a three-day strike at the Mount Sinai flagship facility and Montefiore in 2023, when nurses emphasized their sacrifices during the exhausting, frightening height of the Covid-19 pandemic and the national nurse staffing crisis that followed. The walkout prompted those hospitals to postpone non-emergency surgeries, tell many ambulances to go elsewhere and transfer some intensive-care infants and other patients. Temporary nurses and even administrators with clinical backgrounds were tapped to fill in, but some patients noticed longer waits and more sparsely staffed wards. The strike ended with an agreement on raises totaling 19% over three years and staffing improvements, including the possibility of extra pay if nurses had to work short-handed. Now, the union says, the hospitals are retreating from those guarantees and falling short on other promises.
Sara. . .
respects the constitution, he respects the process,” Castro said.
anomalies, dropped to 59 percent last December. This was lower compared to the 71 percent in September last year. Despite the decline, Castro still lauded the results of the new Pulse Asia Survey since it showed that more than half of Filipinos still trust the President will
succeed in his anti-corruption campaign. “So the majority still believes in the President’s ability. It is undeniable that the President is indeed working to curb corruption. As we said, the President will always investigate corruption during his term. This did not happen in the previous administration,” Castro said.
M
ORE THAN 1.18 million Filipinos have so far registered for this year’s Barangay and Sangguniang Kabataan Elections (BSKE), the Commission on Elections (Comelec) said on Monday. Consolidated data from the poll body’s Election and Barangay Affairs Department showed it has processed a total of 1,187,115 voter applications nationwide. O f this total, 266,993 are new sangguniang kabataan voters aged 15 to 17, while 324,536 are new regular elections voters aged 18 and above.
Mayon. . . Continued from A6
In its January 12 Summary 24 hour Observation for Mayon Volcano, which covers 12 a.m. Sunday to 12 a.m. Monday, Phivolcs said “lava dome and lava flow effusion continue to occur, with 133 rockfall events and 37 pyroclastic density currents with ongoing weak tremor.” Glowing lava remains visible to the naked eye from a distance. During the period, Phivolcs estimated that 526 tons per day of sulfur dioxide were emitted. Mayon also emitted a plume rising to 800 meters above the crater.
Army troops ready to help
Continued from A6
in ending anomalies in the government, particularly in flood control projects. “The President is ready at all times [to face the said allegations] because he
Survey
THE recent sur vey of Pulse Asia showed that the number of Filipinos, who think Marcos will be able to hold accountable the people behind flood control projects
Kanlaon also restive
MOUNT Kanlaon on Negros island continues to emit ashes and trigger volcanic earthquakes. Phivolcs said that Kanlaon, currently under Alert Level 2 or unrest, three ash emission events, 46 to 80 minutes long, were observed on Sunday. Phivolcs also recorded five volcanic earthquakes and sulfur dioxide discharge estimated at 1691 tons per day on Sunday. The volcano also emitted 200 meters tall plume that drifted southwest and west-southwest of the volcano. Phivolcs said the volcano edifice is still inflated, indicating magmatic activity. Entry into the four-kilometer radius PDZ and flying aircraft close to the volcano remain prohibited.
Hospitals prepare for a walkout
A10 Tuesday, January 13, 2026 • Editor: Angel R. Calso
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Bridging the gap: Education and connectivity as economic engines
T
HE recent approval of three public-private partnership (PPP) infrastructure projects worth nearly P280 billion by the Economy and Development Council (ED Council) marks a significant pivot in the country’s development strategy. By greenlighting the third phase of the School Infrastructure Project (PSIP III), the Central Mindanao High Standard Highway (Cagayan de Oro-Malaybalay section), and a series of agricultural bridge programs, the government is signaling that it understands a fundamental economic truth: sustainable growth is built on the dual pillars of human capital and physical connectivity. (Read the BusinessMirror story: Construction of classrooms, bridges via PPP secures nod, January 10, 2026). At the heart of this announcement is the P105.7-billion investment in classroom construction. For too long, the Philippine education system has been stifled by a chronic shortage of facilities, forcing teachers into “shifting” schedules and cramming 50 or more students into a single room. The PSIP III’s goal to deliver over 16,000 classrooms in Luzon is more than just a construction project; it is a pedagogical intervention. By aiming to reduce class sizes to an average of 39 and transitioning to single-shift operations, the government is effectively increasing “student contact time”—the gold standard for improving learning outcomes. As DEPDev Secretary Arsenio Balisacan rightly noted, these are the foundations of higher productivity. A child who learns in a conducive environment today is a more skilled and competitive worker tomorrow. Equally vital is the shift toward the PPP “Build-Lease-and-Transfer” modality for these schools. By leveraging private sector efficiency, the government acknowledges that traditional procurement is often too slow to meet the urgent needs of a growing population. This pragmatic approach allows the Department of Education to focus on teaching while the private sector ensures the roofs are over the students’ heads. However, human capital cannot flourish in isolation. The approval of the P145.56-billion Central Mindanao High Standard Highway and the P28.24billion PBBM Bridges Project addresses the “hard” side of the economic equation. The Mindanao highway, which will slash travel time between Cagayan de Oro and Malaybalay from 6.5 hours to 3.5, is a masterstroke for regional equity. Mindanao has long been the country’s breadbasket, yet its potential has been hampered by logistical bottlenecks. Reducing travel time by nearly half does more than just save fuel; it lowers the cost of doing business, prevents the spoilage of agricultural goods, and integrates rural farmers into the national value chain. The focus on “modular steel bridges” for agrarian reform communities is particularly noteworthy. These are not vanity projects; they are lifelines. For a farmer in a remote area, a bridge is the difference between a profitable harvest and subsistence living. By linking these communities to growth centers, the government is addressing poverty at its root—access to market. While the scale of these projects is impressive, the challenge, as always, lies in execution. The adjustment of the Farm-to-Market Bridges Development Program’s timeline to 2026-2029 serves as a reminder that delays are a constant shadow over large-scale infrastructure. The government must ensure that “private sector efficiency” does not become a euphemism for lack of oversight, and that these projects stay transparent and free from the bureaucratic obstacles that have delayed past efforts. The ED Council’s latest move is a bold statement of intent. By simultaneously investing in the minds of the youth and the roads of the provinces, the administration is attempting to build a more inclusive economy. If these projects are delivered on time and with integrity, they will do more than just move commuters and students—they will move the Philippines closer to its goal of becoming a high-income, prosperous nation. The blueprint is now on the table; the nation now waits for the first stone to be laid.
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OUTSIDE THE BOX
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VERY Philippine election arrives wrapped in promises of change, usually delivered with the confidence of someone who will not be around long enough to be held accountable. Voters are told this time is different, that the right personality or the right slogan will finally fix what decades of governance have failed to address. Then the votes are counted, the banners come down, and the country returns to its familiar political routine. Nothing mysterious is happening. The system is behaving exactly as it was designed to perform.
And it is The People’s fault. At the heart of the problem is a truth no politician will admit, and few voters like to confront. We vote based on our own personal self-interest with the expectation of getting something in return. Better roads, better hospitals, better schools, a stronger economy, or at least some visible sign that our vote mattered. That instinct is human and rational. The problem is that these outcomes are not quick or simple. They require long timelines, institutional discipline, and policies that survive beyond a single term. None of that fits neatly into an election cycle. What follows is entirely predictable. No politician seeking office will ever say, “Thank you for your vote, but what you want will take many years and you will not see the results before the next election. Please be patient.” That message may be honest, but it is political suicide. Being an
elected official is, in practical terms, a job. Like any job, it comes with a contract that must be renewed. Performance is judged not by structural improvement but by visibility. The goal is not long-term national benefit. The goal is reelection. This is why potholes get repaired instead of building new highways. A patched road can be photographed and inaugurated. A highway takes years, coordination, land acquisition, and political risk. A few classrooms are built instead of overhauling an education system that requires teacher training, curriculum reform, and sustained funding. Investigations into fraud and waste are launched with great fanfare, while laws and systems designed to reduce corruption at its source are quietly ignored. Addressing greed and abuse structurally does not generate headlines. Catching a few offenders does.
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These choices are not accidents. They are rational responses to a political environment dominated by patronage, dynasties, and personality-based voting. Clientelism remains deeply embedded in Philippine politics, particularly at the local level. Politicians are expected to deliver favors, not policies. The Asian Development Bank has repeatedly warned that patronage weakens institutions by shifting accountability from rules to relationships. In the Philippines, this translates into governance that depends on who you know rather than what the law requires. Political dynasties amplify the problem. Despite a constitutional provision calling for their prohibition, Congress, populated largely by members of those same dynasties, has never passed an enabling law. Research from the Philippine Institute for Development Studies shows that areas dominated by political families often perform worse on poverty reduction and public service delivery. Yet these families remain electorally successful because name recognition substitutes for performance and familiarity is mistaken for competence. Personality-driven politics completes the cycle. Weak political parties offer little ideological distinction, leaving voters to choose based on charisma, celebrity, or perceived generosity. Surveys by Pulse Asia consistently show that popularity outweighs policy in shaping voter preferences. This environment rewards short-term gestures over longterm planning and encourages politicians to act as benefactors rather
Economy on the edge of a fiscal abyss
Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso, Dionisio L. Pelayo
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Brand new year, same old politics
Dr. Rene E. Ofreneo
LABOREM EXERCENS
T
HE Philippines enters 2026 with some foreboding. The economy has been limping. It has been wounded by the trillion-peso flood control scandals and the ensuing revelations of corruption in other areas of governance. There has been a sharp decline in confidence among investors, both foreign and domestic. Hence, a weak and collapsing stock market. Not surprisingly, the peso is also diving, predicted to reach over P60 to a dollar even if the US dollar itself is getting a beating worldwide. Finally, unemployment among the educated (college and high school graduates) is undeniably rising because growth in industry, agriculture and formal side of services sector has been weak. It is the informal sector that continues to expand, which is one reason why official statistics do not show an uptick in unemployment.
However, the economy has been on slowdown since 2023. Not only after the Presidential outburst before a stunned gathering of legislators in July 2025—“Mahiya naman kayo.” Records show that the Marcos admin-
istration has been failing in delivering the post-Covid economic recovery it promised in 2022. Time to review key development targets of the Marcos administration as reflected in the Philippine Develop-
ment Plan 2023-2028. These include the following: Economic growth rising from 6.0 to 7.0 percent in 2023 to 6.5 to 8 percent from 2024 onward. Real outcome: the country registered a GDP growth below 6.0 percent in 2023, 2024 and 2025. For 2026, government planners and analysts admit growth would remain sluggish and would even touch 5.0 percent or lower. The World Bank’s forecast for 2026: 5.3 percent. Poverty incidence to reach 9 percent by 2028 with the creation of more quality jobs. This target is awfully unrealistic. The World Bank’s “Philippine Economic Update” (December 2025) reported that the poverty incidence of 15.5 percent in 2023 will fall to only 12.5 percent by 2027. However, the Social Weather Station (SWS) has been giving alarming and more realistic figures. For 2024, SWS announced that 50 percent of the Filipino families, around 14.2 million families, rate themselves poor. SWS also gave a troubling figure on hunger—22 percent of families (per SWS September 2025 survey) experienced “involuntary hunger.” In contrast, poverty incidence in the Asean 5 (Brunei, Indonesia, Singapore, Thai-
than administrators. Corruption, then, becomes less a deviation from the system than a feature of it. The Philippines continues to score poorly on Transparency International’s Corruption Perceptions Index, despite repeated promises of reform. High-profile investigations create the impression of action, but without structural safeguards, the same incentives remain in place. Corruption is addressed after it happens, not prevented before it begins. From a Philippine perspective, the most frustrating aspect is that none of this is hidden. Voters understand the trade-offs. They know quick fixes do not equal lasting solutions. Yet the system encourages everyone to play along. Politicians promise what can be delivered quickly. Voters reward what they can see immediately. Institutions remain weak because strengthening them produces benefits that arrive too late to matter politically. The country does not need new political ideas. It needs the discipline to abandon practices that have repeatedly failed. That means valuing delayed results over instant gratification, institutions over individuals, and policies over personalities. Until that shift happens, elections will continue to feel dramatic, governance will remain incremental at best, and progress will arrive far more slowly than the slogans suggest. 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.
land and Vietnam) has been in single digit for some years already. Food inflation kept at low level. Outcome: food inflation has become a bane for Filipino families. Congress spent many hours in 2023-2025 conducting public hearings on the explosive spikes in the prices of onion, meat and other food items. The most controversial is the rice inflation. Farmer groups and CSOs blame the Rice Tariffication Law of 2019 for the depressed prices for locallyproduced palay and the rising number of rice farming bankruptcies. Ironically, the prices of milled rice, a great part imported, have remained high despite PBBM’s “bente peso” rice promise. Now, let us go to a critical development target—putting the fiscal house in order through fiscal discipline. The overall goal here is to stabilize the country’s fiscal situation. As a backgrounder, the Philippines managed to post a debt-to-GDP ratio of 39.6 percent by end of 2019. Per IMF, the accepted global measurement of debt sustainability for developing countries is 60 percent. The country achieved the 39.6 percent rate after four decades of painful debt servicing (from Cory
See “Ofreneo,” A11
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Merz eyes business, defense deals in his first India trip
Rewarded infidelity
G
I
Siegfred Bueno Mison, Esq.
THE PATRIOT
By Michael Nienaber
ERMAN Chancellor Friedrich Merz will seek to expand business and defense ties with India in his first trip to Asia, aiming to bolster Europe’s biggest economy as tensions with its main trading partners China and US grow.
Merz met his counterpart, Narendra Modi, on Monday in the western city of Ahmedabad, located in the Indian prime minister’s home state of Gujarat. The two leaders visited the Sabarmati Ashram—Mahatma Gandhi’s former home and a center of India’s struggle for independence— before attending a local kite festival. “This human legacy unites Indians and Germans as friends in a world that may more than ever be in need of Gandhi’s teachings,” Merz wrote in the guest book at the ashram’s memorial site. The high-profile visit is an opportunity for the two leaders to showcase stronger economic and security ties amid strained relations with the US under President Donald Trump. The US leader’s repeated threats to annex Greenland has shocked European allies, while India remains saddled with one of the highest US tariff rates of 50 percent. During Merz’s two-day visit, Germany and India are expected to sign agreements on business cooperation, semiconductor development and defense projects. Germany also hopes to gain better access to critical minerals from India with the two sides expected to sign a memorandum of understanding on the matter. Berlin is struggling to reduce its supply chain dependencies for rare earths and other raw material from China. Both sides are also expected to ink an agreement to lower the hurdles for Indian health care workers to come to Germany where labor shortages in many sectors of the economy are holding back economic growth. Merz is accompanied by a large group of German business leaders, including the chief executive officers of Siemens, DHL Group, Infineon Technologies, Uniper and Airbus Defense and Space. There are also managers from several small- and mediumsized companies from the so-called Mittelstand that forms the backbone of Germany’s once powerful, but now struggling manufacturing sector. Both nations also aim to deepen cooperation in the pharmaceuticals sector and between defense companies, with senior managers from Boehringer Ingelheim and ThyssenKrupp Marine Systems traveling
Ofreneo. . .
Continued from A10
Aquino to Benigno Aquino administrations), with the amounts for the annual debt services even surpassing available tax revenues for some years. But thanks to the remittances of OFWs and the earnings of call center/BPO workers, the economy somehow managed to grow and survive the debt-deficit trap of the 1980s-2010s. However, the low debt-to-GDP ratio returned in 2022 at the nightmarish 60 percent level due to the harsh economic lockdown imposed by the Duterte administration in the Covid years of 2020 and 2021. Duterte’s technocrats engaged in huge borrowings to finance government expenditures, including the scandalous procurement of medical supplies provided by corporations like Pharmally. As a result, the national debt stock doubled, from P6 trillion in 2016 to P12 trillion in 2022. The debt mountain created by the Duterte administration did not daunt PBBM and his NEDA-DOF technocrats. Under the PDP 2023-2028, the government pledged to reduce the budget deficit from an amount equivalent to 6.5 percent of the GDP (2022) to the following percentages: 6.1 percent in 2023, 5.1 percent in 2024 and 4.1 percent in 2025. Historically, the government has always been registering deficits because its tax collections are never enough to cover all the expendi-
with Merz. Merz will likely use his meeting with Modi to speed up negotiations between the European Union and India on a free-trade agreement. Negotiators are rushing to finalize a deal by the time EU President Ursula von der Leyen heads to India later in January, with talks stuck on a few key issues like steel and automobiles, Bloomberg News previously reported. As the fastest-growing economy in the G20, India is a key economic partner in the Indo-Pacific region for Germany. More than 2,000 German companies are doing business in India, and more than 700 Indian companies invest in Germany. With a bilateral trade volume of almost $50 billion, Germany is India’s most important partner in the European Union. On his second day in India on Tuesday, Merz plans to visit a Bosch facility in the business hub of Bangalore. In the defense sector, Germany and India are currently hammering out the details of a submarine manufacturing deal worth at least $8 billion—the largest-ever defense agreement for New Delhi, Bloomberg News reported last week. Germany’s Thyssenkrupp Marine Systems GmbH and Indian stateowned Mazagon Dock Shipbuilders Ltd. are negotiating the details of an agreement that would include technology transfer for submarine production, people familiar with the matter said. It’s unclear if the agreement will be announced during Merz’s visit. India’s navy operates about a dozen aging Russian submarines and six new French-made models. The South Asian nation remains reliant on Russia for military equipment, and Germany sees the submarine deal as a chance to reduce that dependence. India’s ties with Russia, which invaded the eastern European nation of Ukraine in 2022, will likely also come under discussion during Merz’s visit. India increased oil purchases from Russia since the Ukraine invasion, although it’s reduced buying in recent months after the US sanctioned major energy producers from that country. Bloomberg tures; hence, the resort to borrowings. On borrowings, the Marcos administration came up with an ambitious target: reduction of the debt-to-GDP ratio of 63.7 percent (as of September 2022) to 60-62 percent in 2023, 57-61 percent in 2024 and 56-59 percent in 2025. Now what are the outcomes? None of the above fiscal targets have been achieved. The fiscal house remains shaky and unstable. In fact, the country is on the edge of a fiscal abyss. The fiscal or budgetary deficits totaled P1.5 trillion in 2023, equivalent to 6.2 percent of the GDP. The deficit for 2024 remained at P1.5 trillion, equivalent to 5.7 percent. And for 2025, the government’s Development Budget Coordination Committee changed the original target of 4.1 percent of the GDP to 5.5 percent. Now we know why the government has failed, or has been failing, to reduce the deficits. The deficits are due not only to the weak economic growth and equally weak tax collections. Irresponsible and scandalous government expenditures on fraudtainted projects, from flood controls to procurement of medical and school supplies, play a central role in the government’s deficit making and debt creation. In addition, Congress keeps legislating questionable and expensive ayuda programs to buy votes and maintain a feudalistic padrino system all over the archipelago. Because of the foregoing, balancing the budget means endless borrowings. The Bureau of Treasury and the Cen-
N general, fidelity in law refers to loyalty to the employer or organization you belong to. As a principle in ethics, fidelity simply pertains to trustworthiness. Fidelity is a virtue that serves as a basis for reliability, trust, and loyalty. In most organizations, particularly the military, fidelity is more than just a slogan or motto. It is a way of life that soldiers are trusted to remain faithful to the people they swore to protect and loyal to the Constitution they swore to defend.
Forty years ago, Fidel V. Ramos and Juan Ponce Enrile were not entirely faithful when they withdrew support from President Ferdinand Marcos in 1986. At that time, Enrile was the secretary of National Defense while Ramos was the head of the Philippine Constabulary. They both encouraged their troops to go against the government they swore to serve. Enrile and Ramos simply went against the chain of command in an attempt to render their Commander-in-Chief Marcos Sr. crippled, at least militarily, to lead the country. Of course, subsequent events were fortunate for the two as they were rewarded for their crucial role in the revolution. Enrile would then briefly become Cory Aquino’s Defense secretary, served as a senator (even as Senate president), and be appointed as the Presidential Legal Adviser by President Bongbong Marcos—the son of the President he helped deposed in 1986. Ramos, meanwhile, was appointed as chief of staff of the Armed Forces of the Philippines and Defense secretary, before being elected as President, succeeding President Cory Aquino. What is not highlighted or perhaps not emphasized in the biographies of both Enrile and Ramos are their respective participation in the atrocities during Martial Law. Historians would know how the Marcos regime during the 1970s systematically destroyed any opposition resulting to human rights abuses. Army or police brutality was so pervasive and tolerated back then that both Enrile and Ramos should have some form of responsibility or at the very least be held accountable. Both Enrile and Ramos were stalwarts or fearless advocates of martial rule; yet, they found reasons to make a major U-turn! Their withdrawal of support eventually stirred the People Power movement in 1986. Fast forward to today, retired Philippine Air Force General Romeo Poquiz was arrested over an inciting to sedition case. In rallies held in tral Bank have been auctioning bonds and securities that range at P20 to P50 billion weekly. Under the Duterte administration, the Build-Build-Build has become a Borrow-Borrow-Borrow and Spend-Spend-Spend program. But under the BBM administration, the Build-Better-More program has become Borrow-Better-More and SpendBetter-More. As a result of the foregoing, the P12 trillion national debt in 2022 reached P17.6 trillion or close to P18 trillion in 2025. If the PBBM administration was able to increase the debt stock by P6 trillion in 2023-2025, the total national indebtedness is likely to reach over P20 trillion this year, not P19 trillion that is often cited by DOF officials. Servicing this swelling debt stock means rising interest and amortization payments. Interest spending for 2025 reached P848 billion or around 14 percent of the GDP. If spending on amortization is included, the total debt service for 2025 is over P2 trillion, as reported by the Bureau of Treasury itself. This amount means debt servicing, not education, is getting the highest budgetary allocation in clear violation of the Constitution. Now, how sustainable is the economy given the shaky deficit-debt situation of the country? We are clearly on the edge of a fiscal abyss. Dr. Rene E. Ofreneo is a Professor Emeritus of the University of the Philippines. For comments, please write to reneofreneo@ gmail.com.
November 2025, he allegedly urged the military to withdraw support from President Ferdinand Marcos Jr. amid corruption allegations. A few days after the arrest of Poquiz, Army Training Support Group head Col. Audie Mongao declared his withdrawal of support in a statement widely shared on social media, saying Marcos “lost his moral ascendancy” to be commander-in-chief. Needless to say, the influence of Poquiz and Mongao are far less significant as compared to Enrile and Ramos. Yet, both actions cannot be simply dismissed as inconsequential. Regardless of their conduct, past or present, both took an oath as required in Section 40 of EO 292, also known as the Revised Administrative Code, which states that “All public officers and employees of the government including every member of the Armed Forces shall, before entering upon the discharge of his duties, take an oath or affirmation to uphold and defend the Constitution; that he will bear true faith and allegiance to it; obey the laws, legal orders and decrees promulgated by the duly constituted authorities; will well and faithfully discharge to the best of his ability the duties of the office or position upon which he is about to enter; and that he voluntarily assumes the obligation imposed by his oath of office, without mental reservation or purpose of evasion.” They both violated such oath in the same way Enrile and Ramos did, 40 years ago. In this day and age, should we tolerate and “reward” acts of fidelity in the same way this country tolerated the acts of infidelity of Enrile, Ramos, and others in the military who participated in violent takeovers of government? Other examples include Sonny Trillanes, who was elected to the Senate despite being a coup leader; Danny Lim (deceased) who was appointed to several key government positions in the Bureau of Customs and MMDA after leading several military uprisings against several administration;
Tuesday, January 13, 2026 A11
I believe events subsequent to acts of being a turncoat depend on their ultimate motives. Loyalty is expected and rewarded. But then again, history tells us that disloyalty too can be rewarded in exceptional circumstances, just like Ramos and Enrile. and, of course, Gregorio “Gringo” Honasan, who became a senator and a cabinet secretary despite being the author of the blueprint of coup d’état in the Philippines. I believe events subsequent to acts of being a turncoat depend on their ultimate motives. Loyalty is expected and rewarded. But then again, history tells us that disloyalty too can be rewarded in exceptional circumstances, just like Ramos and Enrile. In biblical history, a radical transformation became the seed of Christianity. From being a Jewish scholar and zealous persecutor of Christians, Paul became a turncoat in the Pharisee organization. Initiated by a blinding light and a voice from Jesus on the road to Damascus, leading to his blindness, the apostle Paul profoundly shifted from persecuting believers to becoming a preacher for the faith he once sought to destroy. His life prior to his turnaround was summed up in this wise - “For you have heard of my previous way of life in Judaism, how intensely I persecuted the church of God and tried to destroy it. I was advancing in Judaism beyond many of my own age among my people and was extremely zealous for the traditions of my fathers.” (Galatians 1:13–14). With a mandate to seek out and arrest followers of Jesus, our Almighty God intervened in this erstwhile mission of Paul and turned Paul as the most influential Christian of all time. He authored more of the New Testament of the Bible. Other examples of how God intervened and used imperfect people include Abraham (passing his wife Sarah off as his sister) as well as Moses and King David (both committed murder). In my career in public service, I took an oath to defend the Constitution twice—once when I joined the Army and again when I joined the Bureau. I followed rules. I was loyal and followed the orders of my superiors, even though, in the end, I was abandoned and unceremoniously kicked out due to my supposed inability to prevent an escape of a Korean fugitive in 2015. Fortunately, my ultimate Master never left my side then and now. For genuine followers of Christ, we need to remain faithful to Him. “Here is a trustworthy saying: If we died with him, we will also live with him; if
we endure, we will also reign with him. If we disown him, he will also disown us; if we are faithless, he remains faithful, for he cannot disown himself.” (2 Timothy 2:11-13). All leaders in this country ought to serve a God first, before the President or any other human bosses. With the Holy Spirit in them leading in their calling, they must walk with confident humility, knowing that God knows and controls everything. My pastor friend suggested a strategy to help me stay faithful to God’s calling in my life. I was advised to read the Bible daily and be obedient to His commands, to pray constantly and fast, from to time, and, seek wise counsel from others. To fully know our Heavenly Father’s voice and understand his leadings, we need to build a comfortable and intimate relationship, built over time and better, among other believers. Spending time in the Bible daily allows us to cultivate our intimacy to the One who knows us best. Among these suggested activities, the hardest perhaps for leaders to do is seek wise counsel and submit to others to hold themselves accountable. Reading the Bible and praying can be less difficult compared with seeking guidance from those around us. It requires humility and awareness of one’s weakness, something not easy to accept when in a position of power. I am not sure how and why Enrile an Ramos arrived at that decision to be disloyal to their Commander in Chief 40 years ago. I can say the same thing with Poquiz and Mongao. I am not aware of their respective motives to go against the organization they swore to serve. Their acts of infidelity will surely have consequences. Either way, good or bad, we have a God who is just and merciful. I know the apostle Paul was rewarded when he went against the organization for his reasons for such act came from the Almighty God. In our lives, whenever we shift or reverse from a course of action, it can be seen as an act disloyal to a person or organization. When this act of infidelity happens, may it have a noble purpose and divine permission. Siegfred has a diversified set of education and experiences which has made him a game changer and a servant leader in organizations. His professional degrees came from the United States Military Academy at West Point in New York, Ateneo Law School, and University of Southern California, Los Angeles, USA. His corporate experiences include stints as general counsel for the country’s flag carrier, a food exporter with manufacturing plants in Davao and in Laguna, and a sports distributor company. Siegfred is a former soldier and a lawyer by profession, a teacher and inspirational speaker by passion, and a book author and a writer with a mission.
Trump faces Fed roadblock as key Republican blasts Justice probe By Steven T. Dennis
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RESIDENT Donald Trump faced immediate bipartisan pushback Sunday night after Federal Reserve Chair Jerome Powell accused the Department of Justice of launching a grand jury investigation as a pretext to pressure and intimidate the central bank. Senator Thom Tillis, a key Republican on the Banking Committee who isn’t running for reelection, vowed to oppose any Trump nominees to the Fed until the matter is resolved. “If there were any remaining doubt whether advisers within the Trump Administration are actively pushing to end the independence of the Federal Reserve, there should now be none,” Tillis said in a statement. “It is now the independence and credibility of the Department of Justice that are in question.” “I will oppose the confirmation of any nominee for the Fed—including the upcoming Fed Chair vacancy—until this legal matter is fully resolved,” said Tillis, who also sits on the Judiciary Committee, which has oversight over the Justice Department.
Trump has made clear for months that he wants the Federal Reserve to quickly and deeply cut interest rates. Various parts of the administration have taken aim at sitting Fed governors, including Lisa Cook, a Joe Biden pick, and now, Powell. In a written and video statement released Sunday evening, Powell said the action was related to his June congressional testimony on ongoing renovations of the Fed’s headquarters. But he said the move “should be seen in the broader contextof theadministration’s threats and ongoing pressure.” Powell added, “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions— or whether instead monetary policy will be directed by political pressure or intimidation.” In an interview with NBC News on Sunday, Trump denied having any knowledge of the DOJ’s investigation into the central bank. Tillis’s threat is a potential roadblock to Trump’s plans to bend the bank to his will. Opposition from Tillis would likely deadlock any Fed nominee on the Senate Banking
Committee, which is divided 13-11 between the two parties. And under current Senate rules, it takes 60 votes to successfully discharge a contentious nomination from a committee. Democrats swiftly issued statements of condemnation. “Trump wants to nominate a new Fed Chair AND push Powell off the Board for good to complete his corrupt takeover of our central bank,” wrote Senator Elizabeth Warren, the top Democrat on the Banking Committee. “He is abusing the law like a wannabe dictator so the Fed serves him and his billionaire friends. The Senate must not move ANY Trump Fed nominee.” Senate Democratic leader Chuck Schumer said undermining the independence of the Fed threatens the economy. “Anyone who is independent and doesn’t just fall in line behind Trump gets investigated,” he said. Florida Republican Representative Anna Paulina Luna, who had sought an investigation into Powell’s statements to Congress about renovations at the Fed, cheered the news in a post on X. Bloomberg
A12 Tuesday, January 13, 2026
2nd Front Page BusinessMirror
DOLE TO REVIEW TUPAD RULES AMID INCREASED BUDGET
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HE Department of Labor and Employment (DOLE) on Monday said it will revisit its emergency employment guidelines to ensure the program cannot be used for patronage politics. The review comes after Tulong Panghanapbuhay sa Ating Displaced/Disadvantaged Workers (TUPAD) received a P21.28-billion budget for 2026—almost double the P11-billion funding the DOLE originally requested. Labor Undersecretary Warren M. Miclat said the agency will strictly adhere to the general provisions of Republic Act 12314 or the 2026 General Appropriations Act (GAA), which bars politicians from joining distributions of government financial aid such as TUPAD, the Assistance to Individuals in Crisis Situations (AICS), and the Pantawid Pamilyang Pilipino Program (4Ps). “If we look at the 2026 GAA, it is clearly stated there [prohibiting political patronage]. And because of the special provisions attached to financial assistance programs like that, we will revisit our guidelines,” Miclat said, mostly in Filipino. The undersecretary also explained that previous advisories issued by DOLE has also stipulated guidelines on TUPAD availment, which does not involve any connection with national or local officials. Under Department Order No. 239, Series of 2023, TUPAD provides temporary employment rang-
ing from 10 to 90 days for disadvantaged workers aged 18 and above, excluding government employees. The guidelines also specify that only one family member may avail of the program, and only once per calendar year, except in cases of natural or human-induced calamities. In 2021, the agency also released a statement condemning politicians taking advantage of the program. “It cannot be used for political purposes. During TUPAD payouts, that is prohibited by the department. And now it is further enforced by the provisions in the 2026 GAA,” Miclat said. The emergency employment program may be administered through two mechanisms: directly by DOLE or through a co-partnership with local government units. Miclat said that even in co-partnership arrangements, the department remains hands-on in evaluating beneficiaries. “In those cases, it is still guided by the [DOLE]. We have DOLE officials and employees in our regional offices coordinating to ensure the program is implemented according to the provisions in the memorandum of agreement,” he said. In both mechanisms, DOLE should still facilitate the payout to beneficiaries. For 2025, DOLE said it provided emergency employment to over 2.5 million Filipinos nationwide. Justine Xyrah Garcia
BIR’s tax rule raises cost of PHL tourism for visitors
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By Ma. Stella F. Arnaldo Special to the BusinessMirror
HE cost of visiting the Philippines by foreign tourists will become more expensive as the Bureau of Internal Revenue (BIR) sought to apply a recent revenue order covering services rendered by foreign-service providers. This developed as Tourism Secretary Christina Garcia Frasco and Finance Secretary-designate Frederick D. Go met on January 9, 2026 to discuss the impact on BIR Revenue Memorandum Circular (RMC) No. 5-2024 on the tourism sector. The circular, issued on January 10, 2024, imposes a 25-percent final withholding tax (FWT) on income earned by foreign-service providers, and a 12-percent final withholding value-added tax (VAT) even if the service is performed outside the Philippines, but the resulting income is derived here. In particular, the RMC was issued to clarify how “cross-border servic-
es” should be taxed in the Philippines, and listed services that are carried out abroad but the results are used, applied, consumed, or executed in the Philippines. Specifically, in tourism, these nonresident foreign corporations (NRFCs) include online booking platforms, international tour operators, and foreign partners providing outsourced services to Philippine firms such as travel technology and reservations technology. In a Viber message to the BusinessMirror, Frasco said, “Tourism stakeholders are concerned that subjecting these cross-border services to both withholding tax and VAT—without
Less attractive packages
A LOCAL hotelier told the BusinessMirror that the additional burden “could lead to higher costs for Philippine tourism businesses, which may be passed to consumers, potentially making Philippine tourism packages less competitive.” Another hotel executive said this issue was being discussed in the tourism industry since last year and the DOT should have already raised it then with the DOF. He further explained the conundrum: “For example, if an OTA [online tourism agency] from abroad books with us, BIR will now how to collect taxes on commission of the OTA. Like in the case off Booking.com, their standard commission is 20 percent, so BIR will tax whatever the value is, in short, this will reduce their com-
By Ada Pelonia
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F
See “FDA,” A2
clear sector-specific guidance—could result in gross-up obligations, double taxation, and significantly higher vendor costs. There is also concern that additional costs may eventually be passed on to consumers through higher room rates, affecting the competitiveness of Philippine hotels and the country’s position as a tourism destination.”
mission. Ultimately, the OTA will just increase its commission, which will raise the cost of booking a hotel in the Philippines.” The DOT will be forming a technical working group with the DOT and the BIR “to further address the concerns of tourism operators.” In many travel trade fairs abroad, travel buyers have already expressed the high cost of traveling to the Philippines in terms of airfare and hotel rates. (See, “Foreign buyers renew interest in PHL, but marketing push weak,” in the BusinessMirror, Nov. 18, 2025.) The DOT is targeting to attract 6.7 million foreign visitors to the Philippines this year.
Biz groups’ appeal
IN a joint position paper sent to then BIR Commissioner Romeo D. Lumauig Jr. on February 13, 2024, several business groups expressed concern on the agency’s wide definition of taxable “cross-border services,” adding that its approach may exceed existing tax laws and create uncertainty. They argued that this could “discourage foreign companies from entering into service partnerships” See “Tourism,” A2
PHL to send to US 100K MT of raw sugar
FDA oversees voluntary recall by milk supplier
OLLOWING the identification of a potential safety and quality concern, the Food and Drug Administration (FDA) on Monday assured that they are “actively” overseeing and validating the voluntary recall initiated by Nestlé Philippines involving specific batches of the company’s infant formula products as a precautionary measure. The voluntary recall of specific batches of NAN OPTIPRO and NANKID OPTIPRO follows a reported incident involving a raw material from the manufacturer’s supplier. At present, the FDA said, there are no established food safety or regulatory limits on the raw material identified. “The FDA is conducting an ongoing investigation to determine the scope of the issue and to assess any potential safety implications. In close coordination with the manufacturer, the FDA is verifying the specific affected batches, ensuring the prompt and complete removal of recalled products from physical and online retail outlets, and conducting distribution and communication checks to confirm that recall measures are effectively implemented across the supply chain,” the FDA statement read. At this time, the FDA has not received any reports of illness or adverse events associated with the recalled products. While no adverse events have been reported, the FDA stressed, they fully supports such precautionary action to protect public health, especially infants and young children. Likewise, the FDA advised consumers to carefully check product batch numbers, immediately discontinue use of any affected products, and strictly follow the recall instructions issued by the manufacturer. The FDA said it will issue an official FDA Advisory for the guidance of the general public to provide further information and updates. The FDA added it will continue to carry out post-market surveillance, inspections, and product assessments to ensure that all regulated products in the market meet established safety
www.businessmirror.com.ph
EVERY DROP MATTERS A gas station attendant fills a customer’s reused plastic jerry can at a gasoline station in Tambo, Parañaque City, as
a new round of oil price increases takes effect. Diesel prices are forecast to rise by P6.00 to P6.85 per liter, gasoline by P1.20 to P1.40 per liter, and kerosene by P3.70 per liter, prompting motorists and small fuel buyers to adjust purchasing habits amid persistently higher pump prices. NONIE REYES
@adapelonia
HE Philippines is set to export 100,000 metric tons (MT) of raw sugar to the United States in its bid to reduce domestic stockpile and raise farmgate prices, according to the Department of Agriculture (DA). The DA has approved the Sugar Regulatory Administration’s (SR A) plan to export 100,000 MT of the sweetener to the US to siphon off supply, following the previous crop year’s 130,000-metric ton (MT) increase in local output. The agency also expects this to prop up farmgate prices, which fell to around P2,100 per 50-kilo bag in December, from P2,500 in the previous year. Agriculture Secretary Francisco Tiu Laurel Jr. said allocating part of the record harvest for export under the US tariff-rate quota would help soak up excess raw sugar and ease downward price pressure that has plagued producers despite previous policy actions. “We will export raw sugar under the US quota system as soon as possible to provide the industry immediate relief,” Tiu Laurel said. In August 2025, the Philippines again secured a raw sugar quota of 145,235 metric tons raw value (MTRV) for the fiscal year 2026 from Washington. The DA, however, said that this season’s available allocation was gradually reduced by the US refiners to 100,000 MT due to “delays in the country’s decision to participate.” Under the TRQ, countries are allowed to export specified quantities of a product to the US at a relatively low tariff. Despite this, the DA noted that quota prices under the US system are “typically higher than world market levels,” providing Philippine exporters a “more lucrative outlet” compared with selling on global spot markets. For SRA Administrator Pablo Luis Azcona, the export approval marks the third year that the Philippines will ship the sweetener
and fulfill its US sugar quota allocation. The Philippines exported 66,085 MT of raw sugar to the US in crop year 2024-2025 and 24,179 MT in the previous crop year. “The last two years’ exports of raw sugar have helped increase our farmer prices, and this year, this is a much needed step that our farmers need,” Azcona said. “We cannot take the suggestion of just sitting and doing nothing. Our farmers are the backbone of this industry, they need our intervention.”
Artificial sweeteners
MEANWHILE, the SRA chief flagged a surge in artificial sweetener and other sugar substitute imports, which he said doubled to volumes equivalent to over 500,000 MT of raw sugar. Officials raised a caveat that these substitutes are “diluting demand” for locally produced sugar and further contributing to price decreases. As such, Tiu Laurel said the DA will closely monitor the importation of artificial sweeteners and sugar substitutes and might consider regulating the entry of such if market disruptions persist. He also plans to ask the Department of Health (DOH) to review potential public health implications of widespread use of intense sweetening agents, which are sweeter than sugar. According to the DA, the export approval is a “pragmatic short-term response” to rebalance supply and demand while tapping relatively higher US quota prices. However, broader policy adjustments, such as managing substitute sweetener inflows and strengthening domestic demand, are needed to achieve sustainable price stability for the sugar sector going forward. “There are a lot of long-term solution suggestions, but we need a short-term solution to quickly help the farmers now. All the suggestions sent to us will be looked into and considered, as it entails time, and our farmers cannot wait,” Azcona added.
Companies BusinessMirror
Editor: Jennifer A. Ng
Tuesday, January 13, 2026
PSE wants to revive stock investment loan program
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By VG Cabuag
@villygc
HE Philippine Stock Exchange Inc. (PSE) said it will convince the two state-owned pension funds—Social Security System (SSS) and the Government Service Insurance System (GSIS)—to bring back its stock investment loan program to beef up market liquidity. PSE President and CEO Ramon S. Monzon said the pension funds discontinued the program, which allowed its members to invest in stocks, due to mounting losses resulting from the global and Asian financial crises. “So, we’re trying to see what’s a good (strategy). We’re trying to see if you can tie this up with PERA [Personal Equity and Retirement Account],” Monzon said.
PERA is a voluntary retirement saving program that supplements the existing retirement benefits from the pension funds. “(We) should be pushing all companies to institute PERA for their employees. We will be doing in our next board meeting; I will try to get approval,” Monzon said. The PERA program has been in place for the last eight years, but according to the Bangko Sentral
ng Pilipinas, there were only about 6,000 accounts. Monzon said the strategy for PERA is to lodge it in dividend paying stocks or on real estate public trusts. “Actually, that’s very good for companies that has only 200 or 300 employees because it’s very affordable. But if you’re a bank that has say 5,000 or 6,000 employees, you will think twice,” Monzon said. “Our only condition is that has to be invested in equities, because that’s the reason for the PERA, to generate liquidity.” “And the compounding (interest rate) is not unreasonable. It’s 6 percent which is the average dividend yield of preferred shares or REITs. So easily, it became very attractive for us,” he said. Monzon said the yield of PERA may even be higher than what a member can get from the SSS, which is not that high, and even from the company. “It’s a very good for the employees; very good retention tool; and very good for the market.” The Securities and Exchange Commission said it expects more
Filipinos to beef up their retirement funds, thanks to the enactment of the Capital Markets Efficiency Promotion Act (CMEPA). Among the salient provisions of the CMEPA is the grant of a 50-percent additional tax deduction to private employers who contribute an amount equal to or greater than their employees’ PERA contributions. “The CMEPA strengthens the role of PERA by offering stronger incentives for long-term savings. It encourages companies to support their employees’ retirement planning while simultaneously increasing the capital available in the financial system, stimulating the local stock market,” SEC Chairman Francis E. Lim said. The program offers contributors tax benefits not available in other retirement investment products, encouraging Filipinos to save for their future. “At its core, CMEPA is designed to align the Philippine capital markets more closely with regional peers by removing long-standing barriers to investor participation.”
Japan firm invests in Batangas plant By Andrea E. San Juan @andreasanjuan
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Apanese firm Ubukata Philippine Electric Corp. has poured P260 million into a factory in Batangas where it will manufacture electrical equipment for export, according to the Philippine Economic Zone Authority (Peza). In a statement it issued on Monday, Peza said it formally sealed a Registration Agreement last January 7, officially registering the company as a new Ecozone Export Enterprise at the First Philippine
Industrial Park-Special Economic Zone (FPIP-SEZ) in Sto. Tomas City, Batangas. Under the deal, Ubukata will manufacture safety switches and other electrical control equipment for the global market, with export destinations spanning China, Japan, South Korea, the United States, and several countries across Europe and Southeast Asia. The investment promotion agency tasked to establish and promote economic zones in the Philippines said commercial operations of the Japanese firm will start in August.
According to PEZA, this project is expected to generate 50 jobs within the manufacturing site. “The project supports PEZA’s strategy to attract high-value, technology-driven manufacturing activities that integrate Philippine-based enterprises into global supply chains and promote industrial upgrading and workforce development,” Peza said. The agency also noted that this project “further reinforces” First Philippine Industrial Park (FPIP) and Batangas’ position as a “preferred” manufacturing hub in South
Luzon as it benefits from “reliable infrastructure, investor-friendly policies, a skilled labor pool under” under the CREATE MORE framework and “streamlined” Peza ecozone programs. In 2025, Peza’s top source of investments was Japan as it infused investments of P32.6 billion into Philippine economic zones. Peza had said it is targeting to approve P300 billion worth of investments for this year. Last year, it approved P260.89 billion in investments, breaching its lower-end target of P250 billion.
Abivax surges as speculation over a takeover increases
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BIVAX SA’s shares surged as much as 31 percent in early Paris trading as speculation mounted over a possible takeover of the French biotech. Abivax is entering a pivotal year, with a slate of clinical trial results expected for the experimental drug obefazimod. The view that the company would make an attractive acquisition target has helped drive up Abivax’s shares by some 1,900 percent in the past 12 months. France’s La Lettre reported on Monday that Eli Lilly & Co. is ready to offer €15 billion ($17.5 billion) to buy the firm, but is waiting for an indication from the French Finance Ministry as to whether a takeover would be subject to foreign investment controls. Kepler Cheuvreux increased its price target on Abivax on Monday to the highest among analysts tracked by Bloomberg, citing “stronger commercial conviction.” Abivax has become a “highly attractive late-stage M&A target” and the stock could “reasonably trade” at €150 to €250 per share in a takeover scenario, according to analyst Justine Telliez. Abivax was trading at €127 a share at 9:40 a.m. in Paris, valuing the company at about €10 billion. Treasury review is necessary in France and generally takes about three months, Chief Executive Officer Marc de Garidel said in an interview. He declined to comment on whether Abivax had been approached by Lilly. Abivax seems positioned as a
Ayala Land, Abba’s Orchard Montessori team up for school
VERMOSA Cavite PHOTO FROM WWW.AYALALAND.COM
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BBA’S Orchard Montessori has formalized its partnership with Ayala Land Inc.’s Vermosa development in Imus in Cavite, through a contract signing for the school’s largest K-12 campus. Ayala Land said the agreement marks a significant step toward creating “future-ready communities anchored on transformative education.” Far from being just the launch of a new school, the collaboration signals a long-term commitment to building learning environments that will shape the next generation of leaders. The campus is set to become Abba’s Orchard’s biggest campus in the Philippines, reflecting both institutions’ confidence in the growing demand for high-quality, values-driven education within the community. As a Maria Montessori School, the campus will uphold authentic, childcentered learning while offering a complete K–12 program, ensuring continuity and depth in a student’s educational journey from early childhood through senior high school. At the said campus, the school will introduce the Association Montes-
takeover target rather than a standalone development story, according to Oddo BHF analysts. Major pharmaceutical companies can’t ignore the potential of his firm’s experimental inflammatory bowel disease drug, as the industry looks to replace hundreds of billions of dollars in sales set to evaporate due to patent losses, said de Garidel in San
Francisco, where drugmakers and biotech firms are convening in the city for the JPMorgan Healthcare Conference. “If you are Big Pharma, you cannot ignore that this product may be one of the most-used products in the next decade,” he said. His comments come as the industry braces for treatments with
$303 billion in annual sales to lose patent protection between 2026 and 2031, according to an RA Capital report. The scramble to replenish pipelines helped fuel $130 billion in biopharma dealmaking in 2025, more than double the prior year. Continued on B2
sori Internationale (AMI) program, which will be offered on an Abba’s Orchard campus for the first time. Founded by Maria Montessori, AMI represents the global gold standard in Montessori education and teacher training. This initiative aligns with Abba’s Orchard’s broader goal of establishing in the Vermosa Campus the first AMI Training Center in the Philippines, reinforcing its claim of providing authentic Montessori practice. The development follows a carefully structured timeline covering design, regulatory approvals, construction, and intensive in-house teacher training—ensuring quality, readiness, and sustainability upon opening. The signing ceremony was attended by Kristin Raval-Ofilada, Vermosa Project Development Manager; Nona Torres, Vermosa Senior Project Development Head; and Abba’s Orchard founding directors Joseph Christopher N. Barrameda and Maria Angelica P. Barrameda. The school has 14 campuses all over the Philippines, starting its operations in Bukidnon in 1998. VG Cabuag
AEV completes acquisition of Singapore-based Diasham
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MEDICAL laboratory research. PHOTOGRAPHER: AKOS STILLER/BLOOMBERG
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BOITIZ Equity Ventures Inc. (AEV) on Monday said it has completed the acquisition of Diasham Resources Pte. Ltd., a Singapore-based manufacturer and distributor of high-quality animal nutrition and health solutions. T he deal, which was made through its unit Gold Coin Management Holdings Pte. Ltd., involved the full equity acquisition of Diasham, which will expand Aboitiz Foods’ specialty nutrition portfolio and strengthen its manufacturing capabilities. T he f ina l considerat ion is subject to customary closing adjustments, including cash, debtlike items and working capital, Aboitiz said. With nearly five decades of expertise, Diasham is well-regarded for its high-quality solutions, including feed additives, watersoluble products, injectables and liquid products, serving a broad customer base across the AsiaPacific region. It has established distribution networks in key markets, including Thailand, Indonesia, China, Hong Kong, South Korea, Taiwan, the Philippines, Vietnam, Malaysia and Bangladesh. “This acquisition gives us a
more complete range of products and solutions to offer our customers across the region,” Tristan Aboitiz, president and CEO of Aboitiz Foods, said. “Diasham has built a strong legacy and developed deep customer relationships over many decades; factors that mattered very much in our decision to engage in this transaction. We look forward to carrying on the legacy and to working with the talented team at Diasham to continue to enhance the ways in which we add value to our customers’ businesses across the region.” T his acquisition builds on Aboitiz Foods successful expansion in Asia, following its initial international investment in Vietnam over a decade ago and the 2018 acquisition of Gold Coin, which now represents the company’s largest operations outside the Philippines. Aboitiz Foods is an integrated regional food and agribusiness company driven by its transformative purpose, to feed Asia’s growth from mill-to-meal. Through its producer brands, Pilmico and Gold Coin, Aboitiz Foods integrates the value chain, including trading, feeds, specialty nutrition and food. VG Cabuag
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Companies BusinessMirror
Tuesday, January 13, 2026
PSE STOCK QUOTATIONS
January 12, 2026
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
42.5 142.5 9.2 122.6 63 14.86 12.26 72.3 7.48 16.42 58.1 56.2 101 26 67.95 26.9 0.67 1.38 1.47 0.66 4.63 0.095 2,060 0.81 203 3,550 0.99
42.7 142.6 9.24 123.4 63.5 15.9 12.38 72.35 7.8 16.64 58.6 57 119 26.3 68 27 0.73 1.41 1.48 0.67 4.84 0.103 2,100 0.84 210 3,600 1.01
41.65 140 9.22 120 62.55 14.78 12.1 70.3 7.8 16.56 58 57 119 25.7 67.85 27.05 0.73 1.38 1.48 0.66 4.6 0.102 2,020 0.79 208.6 3,636 1.03
43 142.9 9.28 123.4 63.5 16 12.4 72.45 7.88 16.56 58.8 57 119 26.2 69 27.45 0.73 1.41 1.48 0.66 4.9 0.106 2,060 0.84 212 3,640 1.05
41.65 140 9.22 119.9 62.3 14.78 12.1 70.3 7.3 16.3 57.9 56.2 119 25.7 67.8 26.8 0.73 1.38 1.47 0.66 4.58 0.102 2,020 0.78 203 3,550 0.97
42.5 142.5 9.24 123.4 63 15.9 12.24 72.35 7.8 16.3 58.6 56.2 119 26 68 26.9 0.73 1.38 1.47 0.66 4.85 0.103 2,060 0.84 203 3,550 1.02
19,100 3,838,020 52,700 2,924,310 624,870 700 67,500 3,793,600 22,100 2,500 382,510 1,090 10 59,300 285,400 182,300 5,000 162,000 186,000 2,000 16,000 360,000 775 669,000 46,210 220 879,000
807,275 546,002,207 487,629 358,909,169 39,356,506 10,810 826,350 273,108,564 166,836 41,086 22,292,887.50 61,643 1,190 1,541,865 19,421,660.50 4,938,750 3,650 225,990 275,200 1,320 75,730 36,830 1,590,050 551,000 9,409,220 785,130 877,660
4,165 188,566,681 120,304.00 35,240,943 -4,573,355.50 -32,032 43,750,425.50 -212,084.50 -33,158 -1,487,200 4,193,467.50 29,690 -105,750 -2,040.00 1,167,900 347,470 -662,508 -35,950 -
INDUSTRIAL ACEN CORP 3.02 3.03 2.99 3.08 2.99 3.02 19,567,000 59,287,610 1,417,680 0.51 0.53 0.5 0.51 324,000 164,030 -11,990 ALSONS CONS 0.52 0.53 0.82 0.82 0.82 0.82 1,280,000 1,049,970 468,220 ALTERNERGY HLDG 0.83 0.83 44.1 44.15 44.35 44.5 44.1 44.15 186,300 8,238,905 293,015 ABOITIZ POWER 0.83 0.84 0.82 0.86 95,000 79,900 2,520 RASLAG 0.86 0.86 0.123 0.123 0.122 0.125 1,150,000 142,810 BASIC ENERGY 0.125 0.125 4.54 4.59 4.4 4.7 4.4 4.54 593,000 2,712,580 83,740.00 CITICORE RE 19 19.02 19.08 19.08 18.82 19 495,400 9,411,140 -2,102,682.00 FIRST GEN 78.05 78.2 77.1 78.2 77.1 78.05 28,920 2,259,741 FIRST PHIL HLDG JOLLIVILLE HLDG 4.3 4.3 4 4.2 4.2 4.3 31,000 133,200 269,495,440 590 590.5 588.5 593 588 590 456,290 -12,441,660 MERALCO MANILA WATER 40.85 40.95 40.8 41.2 40 40.95 1,041,600 42,373,880 5,306,680.00 MAYNILAD 17.24 17.26 17.16 17.34 17.08 17.26 3,810,100 65,713,648 14,309,402 PETRON 2.85 2.85 2.84 2.69 2.68 2.85 5,879,000 16,320,220 2,402,810 PETROENERGY 3.58 3.35 3.53 3.59 3.5 3.58 29,000 102,670 15 15.48 14.48 15.5 14.44 15.48 29,500 433,614 -41,980 PRYCE CORP REPOWER ENERGY 6.32 6.55 6.55 6.55 6.55 6.55 1,000 6,550 30.9 30.55 30.45 31 1,176,200 36,225,840 1,387,295 31 31 SEMIRARA MINING 18.16 18.2 17.64 18.28 17.62 18.2 3,419,900 61,752,772 5,706,958 SYNERGY GRID 9.09 9.38 8 9.55 7.71 9.38 3,524,100 31,091,308 -2,970,162 SHELL PILIPINAS 10.36 10.44 10.46 10.48 10.38 10.44 209,500 2,188,518 453,210 SPC POWER 1.18 1.19 1.18 1.2 1.16 1.19 21,379,000 25,101,330 -1,111,370.00 SP NEW ENERGY 1.71 1.68 1.65 1.72 3,741,000 6,340,620 -507,640 TOP LINE 1.72 1.72 0.52 0.53 0.54 0.51 0.53 404,000 210,740 AGRINURTURE 0.54 2.25 2.34 2.26 2.34 2.25 2.26 170,000 383,950 -2,330 AXELUM 40.6 40.85 40 41 40 40.6 620,400 25,247,685 6,682,105 CENTURY FOOD DEL MONTE 4.55 4.55 4.53 4.53 4.52 4.55 48,000 217,260 4,550 DNL INDUS 4.15 4.16 4.12 4.19 4.12 4.15 5,377,000 22,339,680 -2,272,560 EMPERADOR 16 16.06 16.04 16.06 15.92 16.02 541,000 8,660,696 -2,614,570 SMC FOODANDBEV 55.65 55.85 56 56.15 55.3 55.85 16,480 919,762.50 -33,043 FIGARO GROUP 0.61 0.61 0.6 0.6 0.59 0.6 1,137,000 678,650 0.65 0.66 0.65 0.65 0.63 0.65 730,000 473,080 -31,500 FRUITAS HLDG GINEBRA 295.8 293.8 295 296 293.8 295 12,700 3,744,018 -2,337,440 JOLLIBEE 190,936,488 207.2 207.6 206.8 209 204.6 207.6 923,400 -9,636,296 2.42 2.47 2.38 2.43 5,123,000 12,459,170 -2,437,230 KEEPERS HLDG 2.43 2.49 35 35.2 35.2 35.7 34.75 35.2 15,100 533,130 28,320 LIBERTY FLOUR 6 6.5 5.96 6.74 5.6 6 30,500 182,203 -78 MACAY HLDG 2.35 2.4 2.34 2.4 2.34 2.39 32,000 76,090 -7,040 MAXS GROUP 0.062 0.063 0.063 0.064 30,000 1,900 MG HLDG 0.064 0.064 6.02 6.04 6.1 6.16 6.02 6.02 5,655,800 34,394,497 -2,469,353 MONDE NISSIN 7 7.09 7.1 7.1 7 7.1 34,400 241,842 28,160 SHAKEYS PIZZA 2.49 2.55 2.5 2.57 2.46 2.5 427,000 1,072,060 234,220 ROXAS AND CO 4.83 4.85 4.85 4.88 4.79 4.85 3,141,000 15,103,770 -7,017,420 RFM CORP SWIFT FOODS 0.05 0.052 0.05 0.051 0.05 0.051 200,000 10,140 -1,010 UNIV ROBINA 70.9 71 71 72.3 70.9 71 3,765,820 267,950,925.50 18,834,735 VITARICH 0.56 0.56 0.55 0.55 0.55 0.56 580,000 319,020 176,000 CONCRETE A 49 56.45 50 50 49 49 260 12,788.50 52.9 52.9 46.55 52.9 52.9 52.9 20 1,058 CONCRETE B 1.14 1.16 1.13 1.17 1.13 1.14 381,000 436,910 114,000 CONCREAT HLDG EEI CORP 2.69 2.69 2.64 2.69 2.63 2.64 72,000 190,030 3.17 3.16 3.1 3.2 3.1 3.17 515,000 1,630,450 -104,350 MEGAWIDE 14.44 16.5 16.5 16.5 100 1,650 PHINMA 16.5 16.5 25 27 22.55 24.75 19,600 448,575 SUPERCITY 24.75 1.67 1.68 1.67 1.67 43,000 72,180 11,690 CROWN ASIA 1.69 1.69 1.02 1.03 1.01 0.97 1.02 159,000 157,630 980 EUROMED 1.04 4.98 5.34 5.01 5.49 5.01 5.34 500 2,681 -548 MABUHAY VINYL 13.98 14 14.6 14 14 8,100 114,174 9,870 CONCEPCION 14.58 0.18 0.183 0.18 0.18 0.184 910,000 166,420 GREENERGY 0.186 4.07 4.1 4.07 4.16 3.92 4.1 1,330,000 5,419,770 -922,010 INTEGRATED MICR 1.09 1.11 1.11 1.09 1.09 1,060,000 1,169,970 -16,800 IONICS 1.13 PANASONIC 10.62 10.8 10.94 11 10.62 10.62 11,800 127,672 0.72 0.74 0.72 0.75 0.72 0.74 637,000 468,770 CIRTEK HLDG
HOLDING & FRIMS
ABACORE CAPITAL 0.305 0.31 0.315 0.32 0.305 0.31 10,720,000 3,328,400 275,800 17.7 17.92 18.1 18.1 18 18 5,500 99,048 -64,800 ASIABEST GROUP 502 502.5 487.4 506 487.4 502 385,000 193,220,393 90,847,979 AYALA CORP 30.6 30.95 31.4 31.4 30.6 30.6 1,772,500 54,516,235 -7,827,230 ABOITIZ EQUITY 7.99 7.96 7.89 8.08 2,173,900 17,360,314 4,233,086 ALLIANCE GLOBAL 8.08 8.08 13.9 14.48 14.58 13.78 14.5 114,800 1,628,880 65,896 ANSCOR 14.64 0.8 0.82 0.77 0.8 0.77 0.8 531,000 418,650 ANGLO PHIL HLDG 7.46 7.47 7.5 7.5 7.45 7.46 114,600 855,715 -94,666 COSCO CAPITAL 10.78 10.8 10.66 10.82 10.6 10.8 3,777,200 40,478,350 8,053,418 DMCI HLDG FILINVEST DEV 4.58 4.75 4.9 4.9 4.75 4.75 9,000 42,900 2.23 2.57 2.24 2.24 2.24 2.24 1,000 2,240 FJ PRINCE A 601.5 605 606 616 600 601.5 176,330 106,621,120 49,804,740 GT CAPITAL JG SUMMIT 24.3 24.5 24.3 24.85 24.3 24.3 3,799,600 93,492,540 -5,554,305 LODESTAR 0.335 0.32 0.34 0.335 0.335 0.335 20,000 6,700 3.8 3.85 3.8 3.88 3.8 3.85 2,019,000 7,732,150 -1,868,430 LOPEZ HLDG LT GROUP 15.46 15.48 15.44 15.12 15.12 15.46 2,651,800 40,842,036 11,555,496 PRIME MEDIA 1.16 1.19 1.2 1.2 1.17 1.17 13,000 15,400 1.34 1.32 1.31 1.35 662,000 888,970 -9,340 1.35 1.35 SOLID GROUP 733 735 730 735.5 727.5 735 370,380 271,346,315 70,640,175 SM INVESTMENTS 84 85 85 85 83.55 85 206,450 17,478,253 -2,543,136.50 SAN MIGUEL CORP 64.25 64.35 59.1 64.25 59.1 64.25 6,260 394,936.50 TOP FRONTIER 0.07 0.076 0.074 0.074 0.067 0.068 60,000 4,170 ZEUS HLDG PROPERTY ARTHALAND CORP 0.415 0.42 0.415 0.415 0.415 0.415 160,000 66,400 23 23.05 22.5 23.1 22.5 23 9,098,200 208,546,885 81,104,060 AYALA LAND 1.46 1.47 1.38 1.46 1.36 1.46 2,204,000 3,147,700 642,960 AYALA LAND LOG 8.35 8.67 8.4 8.66 8.34 8.66 10,200 85,382 -1,728.00 ALTUS PROP 0.415 0.415 0.415 0.42 40,000 16,700 4,200 ARANETA PROP 0.42 0.42 43.05 43.5 43.95 44.05 43.05 43.05 1,302,700 56,574,575 -9,960,535 AREIT RT 1.04 1.05 1.03 1.04 1,696,000 1,770,480 A BROWN 1.05 1.05 0.58 0.59 0.58 0.58 0.57 0.58 707,000 408,020 CITYLAND DEVT 0.073 0.076 0.072 0.073 0.072 0.073 1,020,000 74,450 CROWN EQUITIES CEB LANDMASTERS 2.49 2.5 2.46 2.5 2.46 2.49 75,000 186,540 -2,490 CENTURY PROP 0.73 0.73 0.72 0.71 0.71 0.73 6,619,000 4,763,080 1,660 CITICORE RT 3.54 3.55 3.55 3.57 3.54 3.55 2,903,000 10,312,890 925,710 DOUBLEDRAGON 9.51 9.31 9.4 9.19 9.19 9.4 278,000 2,613,996 -211,329 DDMP RT 1.07 1.08 1.06 1.09 1.04 1.08 25,470,000 27,291,700 -1,120,100 DM WENCESLAO 4.82 5 5.09 5.09 4.81 5 6,000 29,980 0.11 0.112 0.111 0.113 0.111 0.111 1,950,000 217,500 EMPIRE EAST 3.04 3.05 3.08 3.08 3.04 3.05 787,000 2,402,550 -1,711,690 FILINVEST RT 0.83 0.83 0.83 0.83 1,572,000 1,307,490 541,980 FILINVEST LAND 0.84 0.84 0.73 0.74 0.76 0.76 0.7 0.74 188,000 137,320 27,740 GLOBAL ESTATE 1,001 1,020 1,025 1,025 1,010 1,020 55 56,125 20,400 GOLDEN MV 0.345 0.36 0.35 0.37 230,000 81,650 -17,750 PHIL INFRADEV 0.37 0.37 1.57 2.04 1.81 2.05 1.81 2.05 20,000 40,080 JACKSTONES 2.32 2.72 2.79 2.79 2.73 2.73 5,000 13,730 -2,790 KEPPEL PROP 0.51 0.52 0.52 0.52 0.52 0.52 104,000 54,080 2,600 CITY AND LAND 2.18 2.16 2.16 2.2 14,033,000 30,696,500 17,309,120 MEGAWORLD 2.2 2.2 0.85 0.86 0.97 0.97 0.84 0.86 116,406,000 100,563,240 -10,673,200 MRC ALLIED MREIT RT 13.88 13.9 13.94 14 13.88 13.9 1,210,400 16,863,080 -6,318,190 PRMIERE HORIZON 0.221 0.221 0.219 0.22 0.218 0.219 2,180,000 479,610 -2,210 PHIL ESTATES 0.3 0.305 0.3 0.3 0.3 0.3 80,000 24,000 -3,000 PREMIERE RT 1.1 1.11 1.11 1.12 1.09 1.11 301,000 333,960 6,720 PRIMEX CORP 1.16 1.29 1.16 1.16 1.16 1.16 1,000 1,160 8.05 8.06 8.02 8.07 8 8.05 14,613,600 117,715,118 58,819,370 RL COMM RT ROBINSONS LAND 16.62 16.9 16.98 16.98 16.62 16.62 3,460,800 58,088,976 45,048,346 PHIL REALTY 0.107 0.117 0.105 0.119 0.105 0.117 500,000 55,500 1.9 1.91 1.92 1.86 1.9 833,000 1,582,040 9,350 1.91 ROCKWELL 3.6 3.57 3.57 3.6 125,000 450,560 3.64 3.64 SHANG PROP 2.32 2.54 2.6 2.6 2.26 2.54 12,000 27,740 STA LUCIA LAND 23.6 23.9 23.15 23.9 23.15 23.9 10,289,300 244,759,180 78,467,505.00 SM PRIME HLDG 1.2 1.24 1.2 1.2 1.23 19,000 23,260 VISTAMALLS 1.25 0.74 0.74 0.71 0.77 7,646,000 5,523,500 -97,200 SUNTRUST RESORT 0.77 0.77 106.9 148 150.6 149.8 149.8 1,380 206,766 UNIHOLDINGS 150.6 1.34 1.35 1.35 1.36 1.33 1.34 2,723,000 3,656,340 113,090 VISTA LAND 1.48 1.49 1.48 1.5 1.47 1.49 2,720,000 4,036,860 -898,200 VISTAREIT RT WELLEX INDUS 0.265 0.285 0.265 0.265 0.265 0.265 20,000 5,300 SERVICES ABS CBN 4 4.16 4.2 4.21 4 4 875,000 3,550,020 5.8 5.75 5.73 5.82 868,000 5,024,717 GMA NETWORK 5.82 5.82 0.171 0.185 0.167 0.186 0.167 0.186 20,000 3,530 MANILA BULLETIN 6.7 6.7 6.7 7 700 4,780 MLA BRDCASTING 7 7 0.74 0.75 0.76 0.77 0.74 0.75 18,543,000 13,933,240 807,220 DITO CME HLDG 1,620 1,630 1,638 1,638 1,607 1,620 58,355 94,592,975 -24,257,945 GLOBE TELECOM 1,320 1,321 1,301 1,324 1,301 1,320 140,160 3,827,560 PLDT 184,577,570 0.006 0.006 0.006 0.006 96,000,000 577,700 APOLLO GLOBAL 0.0061 0.0061 15.48 15.58 15.18 15.6 15.12 15.58 10,592,900 -38,401,872 CONVERGE 163,653,778 DFNN INC 0.76 0.79 0.81 0.81 0.76 0.76 1,251,000 981,380 -177,600 EASYCALL 2.61 3.3 3.3 3.3 3.3 3.3 5,000 16,500 0.84 0.84 0.73 0.7 0.7 0.84 6,000 4,860 IMPERIAL 0.123 0.126 0.129 0.129 0.122 0.123 2,660,000 330,350 -2,480 ISLAND INFO NOW CORP 0.68 0.69 0.69 0.7 0.67 0.68 793,000 538,110 69,880.00 TRANSPACIFIC BR 0.136 0.142 0.138 0.143 0.138 0.14 2,600,000 365,160 -28,400.00 ASIAN TERMINALS 34.65 34.7 34.6 34.75 34.6 34.7 226,300 7,837,395 -2,595,000 0.95 0.95 CHELSEA 0.93 0.93 0.93 0.95 153,000 142,650 33.2 33.2 32.75 33.2 411,900 13,663,165 6,713,200 33.3 33.3 CEBU AIR 626 627 625 633 621 626 980,050 615,244,825 28,443,185 INTL CONTAINER 8.12 8.4 8.5 8.5 8.4 8.4 6,900 58,140 -35,280.00 LBC EXPRESS 0.56 0.62 0.56 0.56 0.56 0.56 136,000 76,160 LORENZO SHIPPNG 4.66 4.67 4.65 4.64 4.66 1,925,000 8,955,830 7,741,140 MACROASIA 4.68 3.81 3.85 3.81 3.81 5,000 19,170 -7,700 PAL HLDG 3.85 3.85 0.55 0.59 0.57 0.6 10,000 5,810 HARBOR STAR 0.6 0.6 1.41 1.44 1.4 1.41 1.4 1.41 8,000 11,210 ACESITE HOTEL 0.038 0.038 0.038 0.04 10,200,000 396,600 BOULEVARD HLDG 0.04 0.04 DISCOVERY WORLD 1.01 1.04 1.1 1.1 1 1 219,000 220,810 41,330 PH RESORTS GRP 0.138 0.148 0.141 0.149 0.138 0.138 1,950,000 276,570 14,100.00 WATERFRONT 0.435 0.42 0.43 0.43 0.42 0.42 130,000 55,800 16.4 16.4 16.32 16.38 16.3 16.4 5,200 85,068 -27,846 CENTRO ESCOLAR IPEOPLE 6.57 6.57 6.5 6.57 6.5 6.5 500 3,264 -1,314 STI HLDG 1.4 1.4 1.39 1.39 1.38 1.4 4,620,000 6,448,330 459,330 BELLE CORP 1.36 1.38 1.35 1.37 1.35 1.36 129,000 175,570 50,590 BLOOMBERRY 2.64 2.63 2.62 2.68 2.6 2.64 6,194,000 16,410,580 -504,720 1.74 1.76 1.77 1.77 1.76 1.76 73,000 128,530 -124,990 PACIFIC ONLINE 15.6 15.62 16.42 16.68 15.06 15.6 23,924,200 -190,542,766 376,889,048 DIGIPLUS 6.34 6.36 6.37 6.21 6.34 2,593,800 16,295,154 -804,716 PHILWEB 6.35 0.033 0.034 0.034 0.033 0.034 11,300,000 375,900 ALLDAY 0.034 0.26 0.27 0.255 0.27 540,000 142,550 ALLHOME 0.27 0.27 1.2 1.19 1.18 1.21 670,000 803,230 797,300 METRO RETAIL 1.21 1.21 39.95 40 40 39.9 40 923,400 37,071,745 1,101,605 PUREGOLD 40.5 35.75 35.6 34.95 36.35 347,400 12,455,745 258,485 ROBINSONS RTL 36.35 36.35 36.9 36.95 37 37.05 36.8 36.95 257,700 9,534,245 -70,950 PHIL SEVEN CORP SSI GROUP 2.75 2.79 2.76 2.76 2.72 2.76 94,000 257,740 0.69 0.71 0.7 0.71 0.7 0.71 159,000 111,830 6,300 UPSON INTL CORP WILCON DEPOT 7.17 7.18 7.1 7.44 7.1 7.18 8,440,100 61,022,778 8,825,708 APC GROUP 0.113 0.116 0.107 0.12 0.107 0.116 1,840,000 209,770 -1,110 MEDILINES 0.246 0.242 0.247 0.247 0.24 0.246 280,000 68,600 -7,350 PAXYS 2.34 2.48 2.5 2.5 2.5 2.5 4,000 10,000 1.77 1.77 1.8 1.77 1.77 1.77 3,000 5,310 PHILCOMSAT MINING & OIL ATOK 2.2 2.18 2.4 2.15 2.32 20,000 44,070 2.32 13.7 13.72 13 13.78 13 13.72 12,343,500 166,142,096 24,105,254 APEX MINING 7.13 7.07 7.01 7.19 1,362,000 9,689,691 2,177,535 ATLAS MINING 7.19 7.19 5.2 5.24 5.1 5.25 5.1 5.24 106,000 548,621 BENGUET A 5.01 5.49 4.8 5.2 4.8 5.2 40,000 192,700 14,400 BENGUET B 5.09 5.49 4.89 5.09 86,500 457,300 -16,540 DIZON MINES 5.33 5.55 0.3 0.275 0.275 0.31 120,000 35,300 EC VULCAN 0.31 0.31 1.88 1.92 1.9 1.88 1.88 1,512,000 2,894,540 -298,850 FERRONICKEL 1.95 GEOGRACE 0.125 0.114 0.119 0.095 0.095 0.119 24,380,000 2,691,980 0.2 0.201 0.197 0.206 0.197 0.201 106,230,000 21,319,340 LEPANTO A 0.199 0.202 0.198 0.205 0.198 0.202 7,620,000 1,528,990 191,650 LEPANTO B MANILA MINING A 0.0076 0.0078 0.0075 0.0078 0.0075 0.0077 86,000,000 662,900 0.0074 0.0077 0.0073 0.0074 0.0073 0.0074 27,000,000 197,700 -44,400 MANILA MINING B MARCVENTURES 0.84 0.81 0.83 0.83 0.81 0.83 3,424,000 2,818,850 -291,970 NIHAO 0.365 0.39 0.39 0.39 0.37 0.37 130,000 50,300 4.37 4.38 4.2 4.42 4.2 4.38 13,763,000 59,723,490 -5,768,810 NICKEL ASIA 36 35 36.7 34.95 36.25 2,455,500 87,745,355 -37,373,175 OCEANAGOLD 36.25 0.43 0.435 0.43 0.435 360,000 156,500 ORNTL PENINSULA 0.44 0.44 11.38 11.4 10.8 11.54 10.8 11.38 18,943,000 213,180,794 57,116,420 PX MINING 0.005 0.0049 0.0047 0.0052 85,000,000 431,500 116,600 UNITED PARAGON 0.0052 0.0052 3.34 3.4 3.34 3.42 5,000 16,840 -3,400 ENEX ENERGY 3.42 3.42 0.011 0.012 0.012 0.012 0.011 0.011 3,300,000 39,200 ORNTL PETROL A 0.011 0.012 0.011 0.011 0.011 0.011 1,400,000 15,400 ORNTL PETROL B 0.0088 0.0089 0.0088 0.0089 15,000,000 133,000 PHILODRILL 0.0089 0.0089 2.47 2.49 2.5 2.54 2.45 2.49 3,548,000 8,837,980 1,972,270 PXP ENERGY PREFFERED ACEN PREF A 1,010 1,020 1,020 1,020 1,020 1,020 20 20,400 1,070 1,090 1,090 1,090 1,070 1,078 275 294,680 ACEN PREF B 1,990 1,998 2,000 2,000 2,000 2,000 5 10,000 -10,000 AC PREF B3R 1,994 2,020 2,020 2,020 1,990 2,020 745 1,483,930 -80,800 AC PREF B4R 500 505 500 500 500 500 300 150,000 ALCO PREF F 98 98.55 98 98 98 98 9,000 882,000 BRN PREF A 35.4 35.5 35.3 36.5 35.3 35.5 20,300 721,330 CEB PREF 1,005 1,007 1,007 1,007 1,007 1,007 30 30,210 -30,210 CLI PREF A1 1,022 1,060 1,063 1,063 1,060 1,060 120 127,505 CLI PREF A2 CPG PREF B 100.2 102.7 102.9 102.9 100 100 3,000 300,687 95.9 96 96 96.5 96 96 51,800 4,977,544 DD PREF 97.8 98.5 97 98.5 97 98.5 1,010 97,985 EEI PREF B 1,004 1,020 1,020 1,020 1,020 1,020 5 5,100 FDC PREF B 976.5 998 999 1,000 999 1,000 30 29,980 GTCAP PREF B 975.5 990 990 990 990 990 30 29,700 JFC PREF B 103.9 105.8 105.8 105.8 105.8 105.8 110 11,638 MWIDE PREF 6C 100.6 104.4 104.5 104.5 104.5 104.5 10 1,045 MWIDE PREF 7A 999 1,010 1,002 1,002 998.5 998.5 535 535,365 PCOR PREF 3B 988 1,000 988.5 1,000 988.5 1,000 600 594,400 PCOR PREF 4A 1,005 1,049 1,005 1,015 1,005 1,015 350 354,750 -304,500 PCOR PREF 4E 1.5 1.5 1.5 1,000 1,500 SFI PREF 1.5 1.5 74.5 75 74.75 75 74.75 75 7,020 525,877.50 SMC PREF 2I 79 79.1 79 79 79 79 4,000 316,000 SMC PREF 2L 80 80.65 80 80 80 80 10 800 SMC PREF 2N 81 81.3 81.3 81.3 81 81 9,210 746,043 SMC PREF 2O 77 77.5 77 77 77 77 31,490 2,424,730 SMC PREF 2P SMC PREF 2Q 75.2 77.3 74.8 74.8 74.8 74.8 510 38,148 75.6 77.85 76 76 75.8 76 3,020 228,920 SMC PREF 2S 76.7 79.4 76.7 76.7 76.7 76.7 130 9,971 SMC PREF 2T 77.5 78 77.5 77.5 77.5 77.5 500 38,750 SMC PREF 2U 12.76 12.96 12.96 12.96 12.96 12.96 200 2,592 TECH PREF B2C 8.27 8.3 8.27 8.3 8.27 8.3 700 5,804 TECH PREF B2D 88.05 92.25 92 92.25 87.65 92.25 60 5,484 VLL PREF 2A 91.2 93.15 93.15 93.15 93.15 93.15 120 11,178 VLL PREF 2B
PHIL. DEPOSITARY RECEIPTS
ABS HLDG PDR GMA HLDG PDR
WARRANTS
AGI WARRANT
3.61 5.3
4.47 5.4 5.29 5.3 5.29 5.3 300 1,588
1.07
SMALL, MEDIUM & EMERGING BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS LFM PROP MERRYMART XURPAS NEXGEN ENERGY
0.33 0.385 1.02 0.87 0.04 0.435 0.249 3.08
1.08
1.07
1.08
1.06
1.08
448,000
478,930
20
0.345 0.395 1.07 0.9 0.042 0.44 0.25 3.1
0.34 0.39 1.03 0.89 0.043 0.435 0.25 3.1
0.355 0.395 1.07 0.9 0.043 0.44 0.25 3.1
0.335 0.375 1.03 0.89 0.043 0.42 0.248 3.1
0.345 0.395 1.07 0.9 0.043 0.435 0.25 3.1
210,000 100,000 334,000 13,000 100,000 360,000 1,360,000 1,000
71,250 38,350 352,580 11,600 4,300 156,450 339,600 3,100
-1,780 -43,500 -
EXHANGE TRADE FUNDS FIRST METRO ETF
104.2
-
104.9
104.6 104.9 104 104.9 73,240 7,660,082 20,941
www.businessmirror.com.ph
Megaworld earmarks ₧8B for N. Occidental township
M
By VG Cabuag
@villygc
EGAWORLD Corp. on Monday said it will spend some P8 billion to develop the 97-hectare property along the Bacolod-Silay Airport Road in Talisay City, Negros Occidental. The development, called Sugartown, will be the company’s 37th township development and its third in Negros Occidental. The company said it will develop the township over the next seven to 10 years.
Megaworld has developed the 53-hectare Northill Gateway at the boundary of Bacolod and Talisay, and the 34-hectare Upper East in the eastern part of Bacolod. Sugartown will host premium residential developments by both
Megaworld and its wholly-owned subsidiary Suntrust Properties Inc., and also commercial and retail developments. It will have its own town center, commercial district and tourism facilities. “Our vision for this new township in Negros Occidental is to provide new opportunities to help boost tourism in the province. With its close proximity to the Bacolod-Silay Airport, this will be an exciting destination for visitors and tourists, and a vibrant enclave for residential living,” Lourdes Gutierrez-Alfonso, president and CEO of Megaworld, said. “With the Negros Island Region already in place, the future of this province is bright and we have seen the rise of mixed-use developments
not just in the capital but also in other towns and cities. Through this new township, our seventh in the Visayas, we are excited how we can further contribute to regional progress especially in tourism,” Kevin Andrew L. Tan, the company’s executive director, said. This township, the first of its kind in Talisay, is designed as a mixed-use development. Sugartown is located less than five minutes away from the Bacolod-Silay Airport, also less than five minutes away from the Talisay City Hall, and around 15 minutes away from the Bacolod City Government Center. Its location is just a few minutes away from the two Megaworld townships—five minutes away from Northill Gateway and 12 minutes away from Upper East.
Alaska Air undertakes tech upgrades A LASKA Air Group Inc. is upgrading its technology systems in the wake of painful outages that upended operations and hit earnings, a crucial step in the company’s strategy to establish itself as a global carrier. Seattle-based Alaska is weighing moving operational, back-office systems and data center operations to the cloud, Chief Financial Officer Shane Tackett told Bloomberg at the company’s headquarters last week. The airline is already adding extra storage and network switches in response to the technology failures. “We will incrementally be using more cloud to create redundancy and resiliency,” Tackett said. “That’s work that we’re going undertake this year to understand if it makes sense for us to stay in the data center business or move to cloud over time.” Alaska expects to increase technology investments by tens of millions of dollars annually between capital and operating expenses, a company representative said. Many businesses and government agencies in the last decade have wound down their backroom servers or data centers in favor of rented computing power from the likes of Amazon.com Inc. and Microsoft Corp. Core airline technology infrastructure, which performs computing-intensive scheduling changes that juggle thousands of variables, has been slower to use such on-demand services. That’s partly due to the difficulty of moving customized systems that run on enormous mainframe computers.
Like other carriers, Alaska has instead relied on a patchwork of internal infrastructure built up over decades. It already uses cloud-based services for its ticket sales and other customer-facing portals. Part of Alaska’s revamp will include evaluating Amazon Web Services and Microsoft’s Azure, among other providers. Its changes follow work with Accenture, the consulting firm it hired following the outages. “A lot of that gets into just redundancy,” Tackett said of its more urgent changes. “If one of your databases goes down, you can immediately turn on the one right next to it.” The outages added to a tough 2025 for Alaska, which battled rising fuel costs, weaker demand and government-imposed flight disruptions. It is expected to release fourth-quarter results later this month. In October, the airline canceled more than 400 flights, disrupting travel for roughly 49,000 passengers, after a failure at its primary data center. The outage cut off a vital tool the airline uses to measure aircraft takeoff weight and balance, it confirmed. Alaska also faced disruptions tied to a global outage at Microsoft Azure, which hosts some of its systems. Shoring up infrastructure is critical as Alaska seeks to compete more directly with larger legacy carriers such as Delta Air Lines Inc. and United Airlines Holdings Inc. The carrier on Wednesday said it is placing its largest-ever aircraft order to cash in on demand for premium, long-haul travel and link its major hubs into a broader international network. Bloomberg News
Abivax surges as speculation over a takeover increases Continued from B1
Results from a late-stage trial of obefazimod in ulcerative colitis will come late in the second quarter, the company said this month. Abivax is seeking to show that the compound can keep patients in remission. If the trial succeeds, Abivax would file for regulatory approval in the US late this year and aim to start selling the drug in the third quarter of 2027, de Garidel said. Abivax will seek a partner to market the drug outside the US, he said, adding that President Donald Trump’s push to align American drug costs with those in other wealthy nations will play a role in those talks. Prices in the US are typically high-
er, and many in the industry have warned that new medicines may be priced higher overseas in order to bolster American pricing. “We are not going to jeopardize the US market for other jurisdictions,” de Garidel said, saying that Abivax had taken risks and invested $350 million in a late-stage trial. “We can’t have US prices affected by countries who don’t want to reward the work of Abivax.” Sofinnova Partners, a major investor in Abivax, said earlier this month that it would sell a portion of its stake in the company. De Garidel said the holding had existed for some time and that the firm needed to return some money to its shareholders. Bloomberg News
MUTUAL FUNDS
January 12, 2026
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. -A223.5 1.67% 1.95% -0.77% -0.13% 4.06% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.2176 19.53% 16.81% 10.52% 7.82% 2.98% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.9678 -0.64% 0.23% -1.49% -1.08%3.73% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7786 6.31% 3.77% -0.95% N.A3.33% FIRST METRO CONSUMER FUND, INC. -A 0.5776 -8.04% -5.49% -5.22% N.A 4.15% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.5466 -2.18% -1.35% -2.11% -0.48% 3.73% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6723 -2.73% -2.07% -2.76% N.A4.51% MBG EQUITY INVESTMENT FUND, INC. -A 89.48 24.99% 5.19% -2.85% N.A 0.95% PAMI EQUITY INDEX FUND, INC. -A 43.4025 -0.43% -0.55% -1.95% 0.19% 4.7% PHILAM STRATEGIC GROWTH FUND, INC. -A 469.3 1.33% 1.5% -1.25% 0.06% 4.04% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.6054 13.14% 10.08% 6.05% 4.04% 3.31% PHILEQUITY FUND, INC. -A36.0625 2.79% 2.05% 0.23% 1.56% 4.45% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9346 5.16% 2.57% -0.04% N.A 4.53% PHILEQUITY PSE INDEX FUND, INC. -A 4.6806 1.31% 0.64% -0.91% 1.12% 4.48% PHILIPPINE STOCK INDEX FUND CORP. -A 770.55 0.35% 0.24% -1.23% 0.95% 4.62% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7319 2.41% 2.32% -0.06% -0.74% 3.86% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.3443 -4.34% -0.93% -2.05% -0.34%3.94% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8641 -0.64% -0.23% -1.64% 0.63%4.64% UNITED FUND, INC. -A3.41238.02% 2.67% 0.15% 1.84% 4.83% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.083 0.37% 0.14% N.A N.A 4.61% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0785 1.8% N.A N.A N.A 3.2% PHILEQUITY ALPHA ONE FUND, INC. -A 0.978 -5.48% -3.32% -2.65% N.A 3.14% PHILIPPINE STOCK INDEX FUND CORP. -A 929.45 -0.34% 0.01% N.A N.A 4.62% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 104.9058 -0.05% 0.51% -0.95% 1.47%4.67% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0653 29.43% 5.42% -3.88% 2.56% 5.29% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.2379 15.97% 15.38% 5.45% N.A 0.88% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1965 1.19% -1.11% 2.62% 0.83% 2.37% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.669 6.58% 4.12% -0.33% 0.15%1.75% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.5254 0.3% -0.17% -1.07% 0.15%2.51% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2364 7.85% 6.41% 3.26% N.A2.56% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.0505 3.21% 1.38% 0.62% 1.82% 2.37% PAMI HORIZON FUND, INC. -A3.8793 5.17% 3.75% 0.23% 1.31% 2.22% PHILAM FUND, INC. -A16.38131.66% 2.37% -0.91% 0.7% 2.18% SOLIDARITAS FUND, INC. -A2.1517 2.16% 2.33% 0.26% 1.2% 2.17% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.5082 0.28% 1.33% -0.65% 0.29%1.95% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.929 0.25% 1.4% 0.49% 0.6% 1.82% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9884 2.54% 2.44% -0.88% N.A 0.96% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8704 1.22% 0.74% -2.05% N.A 3.23% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8427 0.38% 0.19% -2.38% N.A 3.76% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03441 8.07% 2.07% -2.38% -0.28% 0.29% 27.95% PAMI ASIA BALANCED FUND, INC. -B $1.2387 9.53% 0.6% 3.89% 2.92% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.3571 13.04% 10.94% 3.08% 5.99%0.59% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1841 9.38% 6.11% 0.15% N.A 0.2% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A420.38 4.19% 3.59% 2.53% 2.68% 0.16% ATRAM CORPORATE BOND FUND, INC. -A 1.9598 2.74% 1.38% 0.61% 0.31% 0.09% COCOLIFE FIXED INCOME FUND, INC. -A 3.5866 3.38% 3.58% 2.21% 3.5% 0.15% EKKLESIA MUTUAL FUND, INC. -A 2.4598 3.87% 4.03% 1.4% 1.86% 0.24% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5731 3.23% 2.38% 0.98% 1.54%0.14% PHILAM BOND FUND, INC. -A4.6249 4.24% 3.41% -0.01% 1.47% 0.38% PHILAM MANAGED INCOME FUND, INC. -A 1.5244 4.87% 4.81% 2.92% 2.81% 0.21% PHILEQUITY PESO BOND FUND, INC. -A 4.3233 3.8% 3.71% 1.66% 2.27% 0.17% SOLDIVO BOND FUND, INC. -A1.1233 4.23% 3.28% 1.57% 2.04% 0.22% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A3.5641 4.03% 4.16% 2.19% 2.79% 0.35% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8922 3.9% 3.68% 1.6% 2.18% 0.38% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) $529.3 ALFM DOLLAR BOND FUND, INC. -A 3.7% 3.25% 1.83% 2.34% 0.1% ALFM EURO BOND FUND, INC. -AЄ223.72 2.3% 2.15% 0.39% 0.82% 0.02% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0751 4.24% 1.92% -3.16% -0.19% 0% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0264 6.45% 3.52% 0.08% 0.83%-0.38% PAMI GLOBAL BOND FUND, INC. -B $1.0598 23.03% 7.08% -0.51% 0.01% 0.05% PHILAM DOLLAR BOND FUND, INC. -A $2.477 7.45% 4.4% -0.32% 1.55% -0.07% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0644288 3.72% 2.41% 0.69% 1.5% 0.03% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9189 7.38% 2.27% -1.86% 0.22%-0.35% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1672 3.05% N.A N.A N.A 0.11% ALFM MONEY MARKET FUND, INC. -A 149.04 4.47% 3.8% 2.79% 2.69% 0.23% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.1989 3.88% 3.72% 2.72% N.A0.15% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.4832 3.93% 3.46% 2.71% 2.66% 0.16% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 114.07 4.33% 4.28% N.A N.A 0.18% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1772 3.04% 3.21% 2.26% N.A 0.09% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 46.7446 4.13% 2.57% N.A N.A 1.39% SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.1988 23.24% 20.94% 13.63% N.A1.58% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1251 5.9% N.A N.A N.A 1.44% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8198 3.17% 0.23% -3.7% N.A 0.49% 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.”
Banking&Finance BusinessMirror
www.businessmirror.com.ph
Editor: Dennis D. Estopace • Tuesday, January 13, 2026
B3
Post-POGO realm needs new zonal values—FPI
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By Andrea San Juan
HE Federation of Philippine Industries (FPI) is calling for immediate correction of property zonal values following the exit and ban of Philippine offshore gaming operators (POGOs).
FPI Chairman Emeritus Jesus Lim Arranza echoed the organization’s position after noting that property prices were “artificially driven up” during the previous administration when POGOs were
“actively” encouraged to operate in the country, triggering a surge in demand for residential and commercial spaces. “Developers, both large and small, capitalized on the influx of
foreign workers and gaming firms by raising selling and rental prices, creating what he described as a distorted real estate market,” read a statement the FPI issued last Monday. “This is why in BF [Homes], for instance, the selling price before was only about P20,000 per square meter,” Arranza said adding the price has now almost doubled. “That sharp increase was not organic—it was fueled by government policy that allowed POGOs to flourish,” he said. With the current administration declaring POGOs “harmful” and banning their operations, Arranza pointed out that the government has a “responsibility to correct the consequences of its earlier policy decisions,
The first five things to fix in your finances
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VERY year, surveys and financial studies point to the same pattern. Many Filipinos want to save more, reduce debt, and feel more secure. Yet many people feel unsure about where to start. Money can get complicated, and life doesn’t slow down long enough for most of us to put together a comprehensive financial plan. The good news is you don’t need a complicated strategy on day one. You only need to fix a few areas that consistently make the biggest difference in a person’s financial health. These five foundations show up again and again in research on consumer behavior and household finance, and they’re simple enough for anyone to begin right away. 1. Get a clear picture of your cash flow. Many people think they know where their money goes, but when they finally review their spending, the picture looks different. It’s not because they are careless. It’s because small, frequent expenses are easy to forget and hard to track mentally. Start by looking at your recent transactions. Review your bank statements, e-wallet history, and receipts. If that feels too heavy, track all expenses for the next 30 days. This alone often leads to eye-opening moments. You see patterns you didn’t notice. You spot habits you didn’t realize were draining your income. Clarity is the first step toward control. You cannot fix what you cannot see. 2. Build a starter emergency fund. One of the biggest reasons people end up borrowing is that they weren’t prepared for sudden expenses. It could be a medical issue, a school requirement, a home repair, or a family need. Emergencies are part of life, and they often come at the worst time. A small emergency fund can soften the impact. You don’t need a large amount right away. Start with a simple goal that feels manageable, like one week to one month of your basic expenses. What matters is consistency. The moment you have even a small buffer, you feel a shift. You don’t panic as quickly. You don’t rely on high-interest loans as often. And you start building financial resilience. 3. Reduce high-interest debt. Debt grows quietly. Many people pay the minimum each month, thinking they’re making progress, without realizing that a big portion of their payment goes to interest. This is especially true for high-interest debt like credit cards. The first step is to list all your debts. Then decide on a payoff method. The avalanche method focuses on the highest interest first. The snowball method focuses on the smallest balance for quick wins. Both can work as long as you follow one consistently. Clearing high-interest debt creates noticeable breathing room. It improves cash flow, reduces stress, and gives you more control over your income. Paying off debt is not just a financial move. It’s a step toward stability and confidence. 4. Create a budget you can actually follow. A budget is not a punishment. It is a
plan that helps you stay grounded in a world where prices change fast and responsibilities keep growing. The key is to choose a style that matches your personality and lifestyle. Some prefer structured methods like zero-based budgeting. Others work better with broad categories like 50/30/20. Some rely on notebooks. Others on apps or spreadsheets. What matters is finding a system you can maintain. A good budget helps you do three things: n take care of your essentials n reduce impulse spending n prepare for upcoming expenses When you budget realistically, you feel more in control of your day-to-day decisions. You also avoid many of the surprises that disrupt your finances. 5. Strengthen your financial protection. Unexpected health and life events can quickly derail even the best financial plan. Medical costs, accidents, and loss of income are among the most common reasons families fall into debt. This is why basic protection is essential. For most people, that means health coverage and simple term life insurance for breadwinners. These two forms of protection act as safety nets when life takes an unexpected turn. They don’t eliminate risk, but they reduce the financial impact on you and your family. Insurance is often overlooked because it feels like an additional cost. But in reality, it protects all the progress you are trying to build.
What happens when you focus on these foundations
PEOPLE who work on these five foundations often notice changes sooner than expected. Stress starts to lighten. Budgeting feels easier. Debt becomes less overwhelming. Emergencies don’t feel as frightening. Small wins begin to add up. You won’t transform your finances overnight, but you will start moving in the right direction. And once the foundation is strong, bigger goals—investing, buying a home, building a future—become much more achievable.
Start with one step
YOU don’t have to fix everything today. Choose one area. Track your expenses. Build a small buffer. Pay a little more toward a debt. Set a simple budget. Review your insurance coverage. Progress doesn’t come from sudden breakthroughs. It comes from steady improvements built over time. Start with the first five. The next steps will follow naturally. Janice Sabitsana is a Registered Financial Planner of RFP Philippines. The views and opinions she expressed herein do not necessarily represent the BusinessMirror. To learn more about personal financial planning, attend the 114th RFP program this January 2026. Email info@rfp.ph or visit rfp.ph to learn more about the program.
particularly in terms of zonal values used as the basis for taxation.” Zonal values, set by the Bureau of Internal Revenue (BIR), determine how much property owners pay in various national and local taxes, FPI noted. When these values are inflated, Arranza explained, ordinary citizens are “burdened with disproportionately high taxes even when market conditions have already shifted downward following the departure of POGOs.” Arranza said citizens are “being made to suffer because we continue to pay higher taxes and fees related to property ownership, including estate tax for those who have lost a family member.” He noted that property owners
are required to pay a “wide range” of taxes and fees based on zonal values. At the national level, these include capital gains tax, documentary stamp tax, value-added tax, donor’s tax, and registration fees. At the local government level, property owners shoulder real property tax, special education fund tax, and ad valorem tax on idle lands, according to Arranza. Further, he stressed that unless zonal values are “recalibrated” to reflect current market realities, property owners will continue to face excessive tax obligations that no longer correspond to actual property values. Arranza warned this could “discourage legitimate investment, weaken the real estate sector, and
further strain households already coping with rising living costs.” “The exit of POGOs has clearly changed the landscape,” he said. “Government must recognize this shift and act accordingly.” Arranza further pointed out that adjusting zonal values is “not about giving favors.” Instead, he said “it is about fairness, accuracy, and protecting citizens from the unintended consequences of past policies.” As such, Arranza urged economic managers and tax authorities to conduct an “immediate, transparent” review of zonal valuations, particularly in areas heavily affected by the POGO boom, to ensure that property taxes are “equitable and aligned” with present-day market conditions.
T-bill yields drop as investors locked in returns By Reine Juvierre Alberto @reine_alberto
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HE Bureau of the Treasury (BTr) upsized its award of short-dated debt papers to P37.8 billion as yields across all three tenors fell, with investors locking in returns ahead of a possible final rate cut by the central bank. On Monday’s auction, the auction committee saw combined tenders for Treasury bills (T-bills) reach P113.096 billion, or 4.2 times oversubscribed its initial P27 billion offering. The strong demand prompted the auction committee to double the accepted non-competitive bids across all tenors to P7.2 billion each. “With its decision, the Committee raised a total of P37.8 billion from the P27.0 billion initial offer,” read a statement the Treasury issued last Monday. The average yield of the 91-day T-bills settled at 4.731 percent, down by 2.4 basis points from last week’s rate of 4.755 percent.
Rates varied from 4.723 percent to 4.743 percent. Tenders for the T-bills amounted to P35.433 billion, of which P12.6 billion was accepted. Meanwhile, the 182-day government securities fetched an average rate of 4.850 percent, lower by 4.5 basis points from 4.895 percent previously. Accepted rates ranged from 4.843 percent to 4.863 percent. The tenor attracted P43.628 billion in bids, with the auction committee awarding only P12.6 billion. Lastly, the 364-day debt papers’ average yield declined by 2.1 basis points to 4.916 percent from the previous week’s 4.937 percent. Yields ranged from a low of 4.900 percent to as high as 4.928 percent. The auction committee received P34.035 billion in offers and allotted P12.6 billion. Average rates for the three Tbill tenors came in lower than the Philippine Bloomberg Valuation (PHP BVAL) reference rates of 4.800 percent for three months, 4.909 percent for six months and
Makati gives tax cuts to property owners By Claudeth S. Mocon-Ciriaco @claudethmc3
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AKATI City announced recently that the local government is giving a 10-percent discount and a 15-percent real property tax (RPT) relief on land. Makati Mayor Maria Lourdes Nancy Binay has called on landowners in the city to pay their annual RPT dues on or before January 20, 2026, to avail themselves of the tax cuts. Binay said that the 15-percent relief on their land taxes, when combined with the 10-percent early bird discount given to non-delinquent taxpayers, sums up to a 25-percent savings. The Makati official said that paying the annual RPT dues on time, taxpayers can enjoy substantial savings from tax perks granted by City Ordinance (CO) 2025-A-040 for a period of three years. “City government frontline offices at City Hall have been operating even on weekends since the start of the year to accommodate our taxpayers who cannot come during weekdays,” Binay said. The ordinance was enacted by the Sangguniang Panlungsod on December 9, 2025, and was approved by Binay two days later. It supersedes CO 2025-047, which has been repealed in its entirety because of its technical defects. “After careful review and comprehensive study, we recognized that our taxpayers need genuine, meaningful relief,” Binay said. She added that the 15-percent across-the-board reduction on land taxes “demonstrates our commitment to easing the financial burden on Makati residents while maintaining fiscal responsibility and sustaining essential public services.”
The tax relief is retroactive to January 1, 2025, ensuring that property owners benefit from the reduced rates for the entire 2025 tax year. Any payments already made last year will be adjusted to reflect the 15 percent reduction, with taxpayers receiving appropriate tax credits for future annual assessments. Meanwhile, property owners who availed themselves of the tax amnesty under CO 2025-042 are not eligible to receive the additional 15-percent tax relief under this ordinance, regardless of the taxable period involved. RPT payments made on a quarterly basis are also not covered by the tax relief. Binay’s decision to implement this across-the-board relief follows a comprehensive evidence-based review by a technical working group (TWG) created through Executive Order 20. The TWG examined a previous ordinance enacted in March 2025 that would have revised property tax rates and assessment levels, but found material defects that could have created fiscal uncertainty and unequal treatment of taxpayers. “Our decision was driven by our responsibility to ensure fairness, equity, and predictability in local taxation,” Binay said. The tax relief initiative is expected to benefit thousands of landowners across all barangays in Makati City. Under the Makati Revenue Code, non-delinquent taxpayers are also entitled to discounts, as follows: 10 percent for full-year RPT payments made until January 20, and five percent discount for prompt quarterly payments (Quarter 1 until January 20; Quarter 2 until April 20; Quarter 3 until July 20; and Quarter 4 until October 20).
4.974 percent for 12 months. Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the drop in T-bill yields mirrored the slight decline in PHP BVAL short-term yields. This comes after recent dovish signals from Bangko Sentral ng Pilipinas (BSP) Eli M. Remolona Jr. of a possible rate cut in February, but also pointed out that the central bank is near the end of the monetary easing cycle. (See: https://businessmirror. com.ph/2026/01/07/beyondfebruary-rate-cuts-to-be-limited-bsp/) After the inflation rate quickened to 1.8 percent in December 2025, the BSP said the Monetary Board views that the monetary policy easing cycle is “nearing its end” and that “any further easing is likely to be limited and guided by incoming data.” Ricafort said markets are monitoring the US Federal Reserve, with Fed Fund Futures pricing in more than two 25-basis point cuts in 2026.
“Any future Fed rate cut/s could be matched locally to maintain healthy interest rate differentials that help stabilize the peso exchange rate,” added the RCBC executive. Next Monday, the Treasury will auction P27-billion worth of Treasury bills as part of the government’s financing program to generate P2.682 trillion this year. About P2.054 trillion will be borrowed from domestic lenders, while P627.104 billion will come from foreign creditors. This month, the Treasury will hold auctions for the sale of T-bills and Treasury bonds to raise P108 billion and up to P160 billion, respectively. As of end-November 2025, the government’s outstanding debt reached a new record high of P17.647 trillion, as the state incurred more obligations amid a stronger peso. (See: https://businessmirror.com. ph/2026/01/08/end-november-national-governmentdebt-hits-%e2%82%b117647-trillion-record-high/)
MUFG Bank issues SBLCs in favor of Dept of Energy
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HE MUFG Bank Ltd. Manila Branch (MUFG) announced of having completed its first sustainable trade asset finance transactions with San Miguel Global Power Holdings Corp. (SMGP) and SN Aboitiz Power Magat Inc. to support renewable energy projects under the government’s Green Energy Auction (GEA) program. In a statement on Monday, MUFG said it issued standby letters of credit (SBLCs) in favor of the Department of Energy to secure the performance obligations of SMGP for its floating solar and hydropower projects. The bank guarantees provide a layer of financial assurance, helping ensure that committed energy projects proceed as planned. MUFG also provided an SBLC to guarantee the performance obligations of SN Aboitiz Power’s 50-megawatt floating solar project, representing the company’s first green trade facility. The pilot transactions were closed under MUFG’s sustainable trade asset finance framework, which aligns with international sustainability standards and the bank’s commitment to achieve net-zero emissions by 2050. The deals also follow the official launch of MUFG’s sustainable trade solutions in the Philippines in November last year, aimed at supporting the country’s transition to a low-carbon future. Marie Diana Lynn C. Singson, deputy country head and head of global corporate banking for MUFG Manila, said the bank is proud to partner with industry leaders in advancing the Philip-
pines’ renewable energy agenda. “We look forward to continuous close collaboration with them on their journey towards a sustainable future,” Singson was quoted in the statement as saying. SMGP, the power subsidiary of San Miguel Corp. (SMC), is expanding its renewable portfolio through large-scale solar and hydro projects, energy efficiency improvements and investments in battery energy storage systems to decarbonize its various businesses. “As we invest in and build infrastructure that will serve current and future generations, the need to balance our country’s energy needs, with the need to protect our environment, becomes even more critical,” SMC Chairman and CEO Ramon S. Ang was quoted as saying in the statement. Meanwhile, SN Aboitiz Power Inc., a major hydroelectric operator in northern Luzon, is also expanding into floating solar and other renewable energy-complementary technologies. “We welcome MUFG’s partnership in supporting sustainable financing solutions that help advance our renewable energy projects in support of the Philippines’ energy transition,” Joseph S. Yu, group president and CEO of SN Aboitiz Power, said. The transactions were also executed as part of the GEA, a key government initiative to diversify the Philippines’ energy mix, reduce reliance on fossil fuels and meet its climate commitments by accelerating the development of renewable energy capacity nationwide. Reine Juvierre S. Alberto
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Tuesday, January 13, 2026 • Editor: Gerard S. Ramos
Art
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businessmirror.lifestyle@gmail.com • www.businessmirror.com.ph
TODAY’S HOROSCOPE By Eugenia Last
CELEBRITIES BORN ON THIS DAY: Liam Hemsworth, 36; Orlando Bloom, 49; Patrick Dempsey, 60; Julia Louis-Dreyfus, 65. HAPPY BIRTHDAY: Do your part. Join forces with people who share your concerns. Talk the talk and walk the walk, and you’ll find yourself in a leadership position. Create opportunities, and you’ll gain insight into a lifestyle that intrigues you. Change begins with you, so don’t sit back waiting for others to do things for you. Embrace your dreams and turn them into something tangible. It’s a year to excel personally and romantically. Your numbers are 6, 17, 23, 29, 35, 42, 48.
MERGING, Lou Lim, 2025, oil and acrylic on canvas
ARIES (March 21-April 19): Be cognizant of where your money goes. Account for every penny spent and earned. How you handle your financial affairs and divvying up where your hard-earned cash will benefit you and what matters to you the most will put your mind at ease and encourage a minimalist lifestyle. A grateful attitude leads to a happy heart. ★★★
FILIPINA: DH, Imelda Cajipe Endaya, 1995, mixed media
TAURUS (April 20-May 20): Be the one to initiate change. Make suggestions that bring you closer to the people you enjoy spending time with. Focus on what makes you happy, what you love doing most, and find a way to earn a living in that genre. Life choices that lead to positive outcomes are the keys to achieving personal and professional contentment. ★★★
Lim’s synthesis and Endaya’s installation homecoming
GEMINI (May 21-June 20): Put your energy into selfimprovement and learning something that will help you get ahead. Join forces with people who share your sentiments and can enrich your life. Change begins with you and what you are willing to do to position yourself for success. ★★★
S
ILVERLENS Manila presents a pair of solo showcases to start the year, featuring Lou Lim and Imelda Cajipe Endaya. In Lim’s exhibition, titled Merging, dichotomies are explored, tested and aggregated. The BFA graduate from the University of the Philippines has always plied her trade in the in-between of contrasting concepts, a strategic positioning to study the tension and harness the relationship between extremes. The pursuit applies to themes— from the corporeal to the spiritual, transience and impermanence—as well as mediums, such as painting and sculpture. In Merging, Lim creates works composed of multiple canvases, each with an underpainting of a sunlit sky. One features a machine-cut vinyl sticker that traces the magnified network of lines of the human skin. Then, an image of a darker sky is painted across the entire canvas. There’s a lot more masking, peeling, and layering involved, all to arrive at a holistic juxtaposition that Lim conceptualized as
meticulously as she executed. We see in her works for the show the variance of perspectives, first zooming into the fine, natural markings on our skin, then taking a broader macroview of the superimposed sky. Moreover, in terms of medium, she blends the elements of painting and sculpture to come up with striking pieces rich in dimension and depth. Opposite Lim’s Merging at Silverlens Manila is Endaya’s Kahapon Muli Bukas. The exhibit follows Endaya’s career-long artistic interpretation of contemporary social issues from the viewpoint of women empowerment. Her mixed media paintings and installations, rich in colors and textures, tackle the themes of cultural identity, human rights, migration, and more. At the forefront of Endaya’s show is the poignant installation, titled Filipina: DH. Featuring a curated collection of belongings of migrant workers, the piece was first exhibited at the National Commission for Culture and the Arts Gallery in 1995. That was the year when overseas workers Flor Contemplacion was executed in Singapore, while Sarah Balabagan was convicted of killing her employer who attempted to rape her. The work then traveled from New York to Vancouver to Bombay, and Perth in the late 1990s, as part of an exhibition organized by Asia Society. After 30 years, Filipina: DH is once again available for viewing in these parts, reflecting the conditions that continue to hound Filipina migrant domestic workers. As in its early iteration, the current Filipina: DH features the participation of actual subjects. Endaya asked overseas Filipinos to donate personal items,
and received battered suitcases, an ironing board adorned with the rays of the Sorrowful Mother, and a crumpled blouse inscribed with the word “dignidad,” among other emotionally-charged objects. In the 1995 NCCA exhibit, Endaya encouraged the audience to participate in the artwork and movement. She asked them to write down prayers for these women or letters addressed to them, then tie them as tags to the suitcases. While responses came in droves, the artist acknowledged the limits of her practice to spark social change. “While our art cannot directly solve this phenomenal national problem, helping provide a vision can certainly spur a positive inspiration, or an outrage,” Endaya wrote in 1995. Together with other artists, she advocated for the passage of the Migrant Workers and Overseas Filipinos Act during the same year. Aside from Filipina: DH, Endaya’s ongoing show also presents her more recent mixed media works that confront other pressing social issues. There’s one about religious oppression, and another about the catastrophic effects of climate change in the Philippines. Featured in the artworks are women across the country’s vast history, from a precolonial priestess to a transwoman to a grandmother. Endaya not only raises awareness on their individual battles, but frames them as central figures in the formation of our people’s identity. Endaya’s Kahapon Muli Bukas and Lim’s Merging opened on January 10 and run until February 14 at Silverlens Manila, located along Don Chino Roces Avenue Extension in Makati City.
‘One Battle After Another’ and ‘Hamnet’ take top honors at Golden Globes CONTINUED FROM B5 Dick Clark Productions, a part of Penske Media, the Globes are voted on by around 400 people. The Oscars are voted on by more than 10,500 professionals. But in the fluctuating undulations of awards season, a good speech at the Globes can boost an Oscar campaign. Winners Sunday included Rose Byrne (If I Had Legs I’d Kick You) for best female actor in a comedy or musical, and Wagner Moura, the Brazilian star of The Secret Agent, for best male actor in a drama. The period political thriller also won best international film. “I think if trauma can be passed along generations,
values can too,” Moura said. “So this is to the ones who are sticking with their values in difficult moments.” Other winners Sunday included the supporting actor frontrunner Stellan Skarsgård who won for the Norwegian family drama Sentimental Value. It was the first major Hollywood movie award for the 74-year-old, a respected veteran actor who drew a standing ovation. “I was not prepared for this because I, of course, thought I was too old,” said Skarsgård. In the television awards, The Pitt took best drama series, while Noah Wyle won, too, brushing past his former ER co-star Clooney on the way to the stage. Netflix’s Adolescence won four awards: best limited
series, and acting awards for Erin Doherty, Stephen Graham and 16-year-old Owen Cooper. Other winners included Rhea Seehorn for Pluribus and Jean Smart for Hacks. But the most comically poignant award of the night went to The Studio, the best comedy series winner. Seth Rogen’s Hollywood satire memorably included an episode devoted to drama around a night at the Globes. (Sample line: “I remember when the red carpet of the Golden Globes actually stood for something.”) Rogen also won best male actor in a comedy. “This is so weird,” Rogen said, chuckling. “We just pretended to do this. And now it’s happening.”
CANCER (June 21-July 22): You have more to offer than you realize. Be open to suggestions, and rethink how you can utilize your skills and connections to suit your lifestyle. You can earn more money if you restructure how you use your talents and experience to your advantage. It’s time to hit the reset button, and update your appearance to keep up with the latest trends. ★★★★★
LEO (July 23-Aug. 22): Put emotions aside when socializing or networking. Focus on what you want to achieve, not on someone trying to derail your progress. Put your energy where it will bring the highest rewards, and show confidence in how you present who you are and what you can do. ★★
VIRGO (Aug. 23-Sept. 22): Interaction is essential. Get out there, network and sell yourself and your skills to the people you meet along the way. A change of scenery will be the perfect place to reinvent yourself and move forward in this fast-paced world. Don’t hesitate, whether it’s personally or professionally; embrace what excites you. ★★
LIBRA (Sept. 23-Oct. 22): Recap the past and present. A well-thought-out plan will help more than rushing into something and backtracking. Refuse to let anyone pressure you or put you in a vulnerable position. Map out what makes you happy, and stick to what you know and do best. Stop trying to overdo it or accommodate everyone but yourself. ★★★★
SCORPIO (Oct. 23-Nov. 21): Enhance your creativity and turn it into something profitable. Use your imagination, trust your instincts and pursue what feels right. Research the possibilities, take something that stands the test of time, and rework it to fit what’s marketable moving forward. Communication, networking and presentation will pay off. A partnership looks inviting. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Work alone until you master your goal. Whether it’s a personal or domestic project or a professionally oriented one, being low-key will help you avoid interference that can end up costing you. Trust your ability to know what you are capable of and what you can afford. ★★★
CAPRICORN (Dec. 22-Jan. 19): Be open about what you want. Talks will lead to solutions and introductions that can point you in a different direction. Attend events in your community, and someone you meet will change how you use your skills or qualifications to get ahead or contribute something worthwhile to a group you find inviting. ★★★★
AQUARIUS (Jan. 20-Feb. 18): Contemplate prospects. Time is on your side, and acting in haste will dismantle your purpose and desired outcome. Put your energy to work for you; less talk will help you avoid interference and encourage you to stick to an agenda you feel comfortable pursuing. ★★
PISCES (Feb. 19-March 20): You are overdue for an adventure. Plan something that excites you or that offers insight into a lifestyle that suits your current situation or personality. Interact with people who share your concerns, and find out how you can contribute or make a difference. ★★★★★ BIRTHDAY BABY: You are passionate, helpful and inspiring. You are outgoing and resourceful.
‘the gravity of the situation’ BY DAN ZARIN
The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Bugler’s “Good night” 5 Conan network until 2021 8 Word such as “hear” 12 Sounded sheepish? 14 Gobble up 15 Music genre Johnny Ramone called “some kind of Communist plot” 16 Atomic number of lithium 17 Cattle call? 18 Settle up 19 Word after “door” or “bus” 21 Boast 23 Mud bath location 26 Blow away 27 Colorful carp 28 Half a score 31 Scottie, for one 33 Delivery person? 35 Aftermarket accessory 36 Reddit Q&A 38 Allotted portion 39 Reptile that Capt. Hook feared 40 Intense gaze 42 Longtime Yankees slugger, to fans 43 City where the Peppermint Pattie
was first produced 44 Reads posts without commenting 45 Sunbathes 46 Never Have I ___ (party game) 48 Vape 50 Surfer’s hazard 53 Buffet that’s especially popular on Tuesdays 57 Used the pink part of a pencil 58 ___ Vallarta 59 Fit together well 60 African mammal also called a “forest giraffe” 64 Meh 65 Against 66 Yields to pressure 67 Luau instruments, for short 68 Marshmallow treat used in an annual diorama contest 69 Artery insert 70 Bog material DOWN 1 Nostalgic Insta hashtag 2 “Stick out your tongue and say ___” 3 Golfer’s benchmark 4 Dates
5 Coolness factor? 6 Steamed Chinese bun 7 Setting for trades and runs 8 Opinion 9 Medium ability? 10 Early TV brand 11 U2’s debut album, or a certain child 13 Hold in custody 15 R2-D2 and BB-8 20 Be in the red 22 Lyon king 23 Girl whose mom “has got it going on,” per a 2003 song 24 Gladiator II actor Pascal 25 Passion 28 Pageant winner’s crown 29 Zac of The Iron Claw 30 Can’t do without 32 Flash Gordon took one from Earth to Mongo 34 Start of a popular aphorism that’s a hint to 5-, 7- and 32-Down 37 Deface 40 Iditarod canines 41 Like a beach read 47 Life, to a 22-Down
49 Hosp. area 50 Divide into new districts, say 51 “Flashdance...What a Feeling” singer Cara 52 Tomato concentrate 54 Strapped for cash 55 On the ocean 56 Perch 61 Fox pup 62 St. crosser in NYC 63 Ballpoint ___ Solution to today’s puzzle:
Show BusinessMirror
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Editor: Gerard S. Ramos • Tuesday, January 13, 2026
B5
‘One Battle After Another’ and ‘Hamnet’ take top honors at Golden Globes P SZYMON NEHRING
ANDION FERNANDEZ CHING
PPO BEGINS NEW YEAR WITH MUSICAL FLAIR IN ‘CONCERT V: PRELUDI’ SUSTAINING the musical versatility of its 41st concert season, the Philippine Philharmonic Orchestra (PPO) welcomes another year of artistic brilliance and majestic harmonies with Concert V: Preludi on January 16, 2026, 7:30 pm, at the Samsung Performing Arts Theater in Makati City. The PPO, under the baton of the revered Maestro Grzegorz Nowak, beautifully reinterprets the timeless works of composers Jeffrey Ching, Frédéric Chopin, and Franz Liszt in Concert V: Preludi. Spanish-Filipino singer Andion Fernandez and piano prodigy Szymon Nehring are set to take the stage with the orchestra. A PRELUDE TO A NEW BEGINNING THIS January, the fifth concert of the season warmly welcomes the audience with Ching’s Fenghuang Singing. Ching, the orchestra’s first composer-in-residence, crafted the melody for New Music in Sachsen-Anhalt (2019) to commemorate the 30th anniversary of the Fall of the Berlin Wall. While blending motifs from East and West German hymns, Ching describes the destruction and eventual rebirth of Magdeburg and Braunschweig Cities through music. He then paints the image of the fenghuang or the phoenix bird from the Chinese ideographs in Mao Zedong’s calligraphy. For PPO’s Concert V: Preludi, Ching’s Fenghuang Singing comes alive through the voice of his partner and muse, soprano Andion Fernandez. Once a soloist of the Deutsche Oper Berlin, Fernandez won first prize in the Voice Category of the National Music Competitions for Young Artists Foundation Inc. (NAMCYA) during the 1980s. She studied with National Artist for Music Fides Cuyugan Asencio and went on to graduate with honors from Berlin’s Universität der Künste. A NOSTALGIC JOURNEY TO TURN A NEW LEAF PPO’s Concert V: Preludi continues the festivity with Chopin’s Piano Concerto no. 1, op. 11, E minor. Dubbed one of Chopin’s most ambitious works, Piano Concerto mirrors the beginning of the composer’s remarkable journey toward adulthood. It conveys a poetic but melancholic character, overlooking a nostalgic scenery with its rapturous slow movement. Composed before his 20th birthday, Chopin narrates his struggles and triumphs as a musician through the masterpiece. Liszt’s most famous symphonic poem, Les Préludes, concludes PPO’s Concert V: Preludi. Much like Chopin, Liszt immortalized a notable fragment of his life in this piece. He was swayed by his unhappily married mistress, Princess Carolyne Sayn-Wittgenstein, to give up performing and devote his attention to composition. Together with guest pianist Szymon Nehring, the PPO intricately performs Chopin’s Piano Concerto no. 1, op. 11, E minor and Liszt’s Les Préludes in Concert V: Preludi. Nehring is the only Polish musician to win First Prize at the Arthur Rubinstein International Piano Competition in Tel Aviv in 2017. At the age of 19, he was already a finalist at the Chopin Competition in Warsaw. Later on, Nehring completed the Artist Diploma program at Yale University in New Haven, cementing his reputation as the most gifted and promising pianist of his generation in Poland. Through Concert V, the PPO hopes to tease a deeper appreciation for the arts as it graciously welcomes another year of heartfelt music and mastery. Slated on January 16, 7:30 pm, at the Samsung Performing Arts Theater, the concert takes the viewers to a night of heavenly prelude to new beginnings. Now available at TicketWorld, tickets for PPO concerts are priced at P3,000, P2,500, P2,000, and P1,500. PPO subscribers enjoy an exclusive 20 percent discount. To subscribe to the PPO’s 41st concert season, e-mail salesandpromotions@culturalcenter.gov.ph or call the CCP Box Office at 0931-0330880.
By Jake Coyle The Associated Press
AUL THOMAS ANDERSON’S ragtag revolutionary saga One Battle After Another took top honors at Sunday’s 83rd Golden Globes in the comedy category, while Chloé Zhao’s Shakespeare drama Hamnet pulled off an upset over Sinners to win best film, drama. One Battle After Another won best film, comedy, supporting female actor for Teyana Taylor and best director and best screenplay for Anderson. The director became just the second filmmaker to sweep director, screenplay and film at the Globes. Only Oliver Stone, for Born on the Fourth of July, managed the same feat. In an awards ceremony that went almost entirely as expected, the night’s final award was the most surprising. While One Battle After Another has been the clear frontrunner this awards season, most have pegged Ryan Coogler’s Jim Crow-era vampire thriller as its closest competition. But Hamnet, a speculative drama about William and Agnes Shakespeare based on Maggie O’Farrell’s bestseller, won in the dramatic category shortly after its star, Jessie Buckley, won best female actor in a drama. Sinners still won for best score and cinematic and box-office achievement. The win for box office and cinematic achievement, over franchise films, like Avatar: Fire and Ash, was notable for Sinners, a movie that some reports labeled a qualified success on its release. But Sinners ultimately grossed $278 million domestically and $368 million worldwide, making it highest grossing original film in 15 years. “I just want to thank the audience for showing up,” said Coogler. “It’s means the world.” Coming off years of scandal and subsequent rehabilitation, the Globes and host Nikki Glaser put on a star-studded ceremony that saw wins for the streaming sensation KPop Demon Hunters (best animated film, song), a meta triumph for Seth Rogen’s The Studio and an inaugural award for podcasting that went to Amy Poehler’s Good Hang.
Many of the Oscar favorites won. Timothee Chalamet won his first Golden Globe, for Marty Supreme, after four previous nominations. The 30-year-old is poised to win his first Oscar. Fellow nominees, like Leonardo DiCaprio and George Clooney stood to applaud his win. “My dad instilled in me a spirit of gratitude growing up: Always be grateful for what you have,” said Chalamet. “It’s allowed me to leave this ceremony in the past empty-handed, my head held high, grateful just to be here. I’d be lying if I didn’t say those moments didn’t make this moment that much sweeter.” Political tension and industrywide uncertainty
were the prevailing moods heading into Sunday’s awards. Hollywood is coming off a disappointing boxoffice year and now anxiously awaits the fate of one of its most storied studios, Warner Bros. Following the fatal shooting of Megan Good in Minneapolis by a US Immigration and Customs Enforcement officer, several attendees wore pins reading “Be Good” and “ICE Out.” The Globes, formerly presented by the Hollywood Foreign Press Association, have no overlap or direct correlation with the Academy Awards. After being sold in 2023 to Todd Boehly’s Eldridge Industries and
AT the Golden Globe 2026, Paul Thomas Anderson won Best Director and Best Screenplay, while Teyana Taylor won Best Supporting Female Actor for One Battle After Another, which also won Best FilmComedy. AP
Continued on B4
Cup of Joe overflows with sold-out international shows THE popular band Cup of Joe
THE new year will certainly be more than just busy for the revered, respected and record-breaking band Cup of Joe. The band has set its sights on international stadiums and concert halls, and their 2026 first quarter schedule alone was already filled out as early as middle of last year. This January, the biggest breakout band of the year is set to continue with sold-out shows in key United States cities. The group then jets off to the Middle East in February, with meticulously planned concerts in Abu Dhabi and Qatar. A good friend of ours who is based in Dubai already secured his tickets before Christmas for the Abu Dhabi show. “Our kababayans in the United Arab Emirates have never been this excited for a Philippine-based band for a long, long time. I guess Cup of Joe will become as iconic as The Dawn and Eraserheads. We are all looking forward to catch the show,” a dear friend told us in a recent chat. Singapore will be the next stop for the band, followed by already sealed contracts for Indonesia and Malaysia in May. June will be another busy month because dates and venues have been finalized for countries like South Korea, Taiwan, Australia and New Zealand. The success story of Cup of Joe is certainly inspirational. A close-knit group of high school classmates from Baguio City who merely wanted to create music and perform for whoever will watch them, suddenly skyrocketing this high, with five solid, sold-out concerts at the Smart Araneta Coliseum now conquering huge audiences overseas. Lead vocalist Gian Bernardino, who got more fans after he admitted to be pansexual, remains grounded despite the huge success of the group. “We had very
simple dreams when we started to perform as a group. All we wanted was to sing, have fun, and express our thoughts and emotions in front of any audience that will appreciate who we are, the songs that we sing, and the music we create. All these milestones remain very surreal to all of us, and we have agreed right from the start that as we go with the flow of things and life in general for that matter, we will remain the kind of artists that we were when we started, and never let any success bloat our egos and inflate our heads. With all these bookings we have now, we remain grateful beyond words.” I first met the members of Cup of Joe in a very intimate interview somewhere in Gateway, Araneta Center, when they were just starting and they struck me as very passionate, fun, very sincere and straightforward at the same time. This was the time before their song “Silakbo” shot to the top of the charts and way before the single “Multo” became a phenomenal hit and stayed on top of the Billboard Philippines record charts for 27 consecutive weeks. The two songs also gave the group multiple awards and recognitions from many respectable music organizations and awards entities. Vocalist Rapha Ridao shared, “ We’ve been asked what our secret about this huge following that we have, and I really do not know how to answer that question, simply because I don’t think we have a secret. We just do what we love to do, sing what we
love to sing and what makes us happy, and then we work hard to make our shows and concerts become a happy place for music lovers and those who come and pay to watch us perform. Really, perhaps there is no secret.” Lead guitarist Gab Fernandez is happy that their band is able to inspire. “Suddenly artists from outside Manila like Baguio and other provinces are pumped up that they, too, can get the spotlight and opportunities to showcase their unique brand of talent, and we are honored that our group can inspire others in this manner.” Rhythm Guitarist CJ Fernandez reiterated that performing for the Filipino audience still gets them the biggest adrenaline rush. “We have a special concert at the University of Baguio on February 6 and it is one show we all look forward to. It is special because it is home ground, it is Baguio, the place where all our dreams started.” “In between our international concerts, we will also have shows in Santa Rosa, Tacloban, Cebu, Iloilo, Davao and Cagayan de Oro, “ added keyboardist Vixen Gareza. Those who are close to Cup of Joe may still believe that the group’s success seem surreal but truth be told, it is something so well-deserved for a band that continues to stay true to their calling as artists, young men who are true to themselves and the music they create. Indeed, their cup continues to overflow with what they pour out for the world to have a taste of.
B6 Tuesday, January 13, 2026
Malayan Insurance Receives Tokio Marine Group Award in Tokyo
M
alayan Insurance, one of the leading non-life insurance companies in the Philippines, was awarded at the exclusive Tokio Marine Group Awards ceremony held in Tokyo, Japan, on October 14, 2025. Rizza Kiamco, Malayan’s Corporate Planning head, received the esteemed award for spearheading the Special Edition Master of Disaster initiative in the Philippines, which aims to educate its players on disaster preparedness and the role insurance plays in risk management. The original game developed by ASSIST (Asia Society for Social Improvement and Sustainable Transformation) focuses on boosting the disaster preparedness of the players. This Special Edition incorporates insurance into the gameplay to further educational enrichment. This recognition highlights Malayan Insurance’s commitment to future-proof the next generations through corporate social responsibility and disaster risk management. The initiative has already seen a successful implementation, with the board game being actively rolled out to numerous schools across the National Capital Region (NCR). Looking ahead, Malayan Insurance has plans to expand the program’s reach to more schools in other regions of the
The Ascott Limited Philippines’ Team , from left, are Rennan John Reyes (Cluster General Manager, General Manager of Ascott Bonifacio Global City and Citadines Bay City Manila, and Country Sustainability Champion), Cherry Ramos (Executive Office Manager), Patrick Vaysse (Country General Manager), Faith Quijano (General Manager of Citadines Roces Quezon City and Country Sustainability Co-Champion), and Loven Ramos (Director Brand and Marketing)
Ascott Philippines Honored with 2025 Le Trophée Bleu People Award
T Philippines, for a wider impact on national disaster resilience and promoting insurance education. “We are incredibly proud of Rizza Kiamco and the entire team behind the Master of Disaster initiative. This award from the Tokio Marine Group is a testament to the innovative spirit and deep commitment of Malayan Insurance to protecting the future and well-being of the communities we serve. Education is the
first step in effective risk management, and we are dedicated to making the Philippines a safer, more prepared nation,” said Paolo Y. Abaya, Malayan Insurance’s President and Chief Executive Officer, This recognition reaffirms Malayan Insurance’s position as a forward-thinking industry leader dedicated to serving the Filipino people through reliable insurance products and meaningful community engagement.
A grand weekend of food, flowers, fashion at BE Grand Resort Bohol
Bohol opened the Grand Bohol Harvest 2025 with the Bohol International Flower and Fashion Festival at BE Grand Resort, showcasing works from 27 global florists and 27 top Filipino designers. Gov. Aris Aumentado highlighted Bohol’s status as the country’s first UNESCO Global Geopark and its commitment to creative, sustainable tourism.
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LL roads led to BE Grand Resort Bohol on November 21, 2025, as gourmands, oenophiles, fashionistas, and the who’s who of Bohol society descended upon the famed resort for the Grand Bohol Harvest, the
culmination of two exciting festivals hosted by BE at their sumptuous Grand Convention Center. First, the Bohol Food and Wine Festival, where purveyors of fine food, fine wine, and even finer confections laid out
their finest selections for guests to sample. There were homegrown brands, chefs from neighboring resorts, and mixologists and sommeliers offering varied gustatory experiences at the venue, amid a backdrop of the finest floral sculptures crafted by renowned florists all over the world. Then it was time for the Bohol International Flower and Fashion festival as the grand finale. By 8 pm, the doors to the grand ballroom opened, and guests were treated to a spectacular sartorial showcase of couture from 27 different designers, from Manila, Cebu, and Bohol, working in collaboration with 27 different floral artists from Europe, Asia, and the Pacific. It was a mind-blowing affair, where the most delectable couture pieces, some by such celebrated names as Cary Santiago, Phillip Rodriguez, and Francis Libiran, were sent over the top with live floral accessories and headpieces. This year’s Grand Bohol Harvest drew more than 400 guests, double the number the previous year, and if the talent on display on the runway and in the dining hall was an indication, it’s only going to become even grander in the years to come.
Simu Liu, Fala Chen to co-chair 2026 Unforgettable Awards as show join awards season lineup
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RESENTED by GoldenTV and Character Media, the Unforgettable Awards, often considered “the Oscars for the AAPI (Asian American and Pacific Islander) community,” honors artists, visionaries, and leaders who have made significant contributions to film, television, music, and culture. Now entering its 23rd year, the Awards show will take place on March 7th, 2026, at the Fairmont Century Plaza in Los Angeles, officially joining Hollywood’s broader awards season and solidifying its place among the year’s premier red-carpet events. The industry’s longest-running celebration of Asian Pacific Islander achievement in entertainment will feature live performances, tributes, and award presentations recognizing pioneers and trailblazers across entertainment, fashion, and culture. Simu Liu and Fala Chen will serve as CoChairs of the 2026 Unforgettable Awards. The two stars, who worked together on Marvel’s ShangChi and the Legend of the Ten Rings, reunite to help lead the entertainment industry’s premier celebration of AAPI excellence. Their connection to Unforgettable runs
deep. In 2021, Chen presented Liu with the Breakout in Film Award, marking one of the night’s most memorable moments. “Working with Fala on Shang-Chi was such a formative experience,” said Liu. “I have always admired her artistry and grace, and I am thrilled to be co-chairing Unforgettable together this year. Representation is not just about being seen; it is about belonging, and I am honored to celebrate that with her.” “It is truly special to come full circle,” said Chen. “I still remember handing Simu his award at Unforgettable in 2021, and now we are co-chairing this incredible celebration together. The show has always been about recognizing how far we have come and how much further we can go as a community.” As Co-Chairs, Liu and Chen will oversee the Selection Committee responsible for reviewing and voting on this year’s nominees. The duo will also deliver a keynote address during the awards dinner, joining an esteemed roster of past Co-Chairs that includes Daniel Dae Kim, Destin Daniel Cretton, Adele Lim, and Lisa Ling. “Simu and Fala represent the global excellence and creative influence that Unforgettable was created to honor,” said Takashi Cheng, CEO of GoldenTV. “Their leadership and visibility continue to pave the way for countless others in the entertainment industry.”
HE Ascott Limited Philippines proudly celebrated another significant achievement after being recognized at the recently concluded Le Trophée Bleu Sustainability Award organized by the French Chamber of Commerce and Industry in the Philippines. At the awards ceremony held last November 2025, the Ascott Philippines team received the People Category Award for their transformative project, Seeds for Hope, which continues to inspire communities to create meaningful and sustainable impact. Seeds for Hope is a nationwide tree-planting activity led by Ascott Philippines, through its properties in Luzon and Visayas. The program aims to rehabilitate critical areas affected by deforestation and urban development, including Barangay Buhisan in Cebu, Barangay Panuran in Iloilo, Barangay Felisa in Bacolod, and Barangay Payatas in Quezon City in Metro Manila. It is a transformative initiative designed to address the environmental, social, and economic challenges brought about by deforestation, climate change, and rapid urbanization. In Iloilo, volunteers from Citadines Amigo Iloilo visited a sub-watershed of the Jalaur River and planted 200 saplings to support the river’s ecosystem and reinforce
land stability. On the other hand, 100 trees were planted by the employees, partners, and guests of Citadines Bacolod City using fertilizer derived from the property’s own food waste. Citadines Cebu City and lyf Cebu City joined hands with CarbonPH to plant 50 indigenous trees at the site of Buhisan Dam to support flood mitigation efforts through its surrounding watershed. In Metro Manila, the property teams at Ascott Philippines gathered 60 volunteers to plant 85 native saplings in Payatas, Quezon City, in partnership with Rural Rising. The group, through its sustainability arm, Ascott CARES, continues to integrate sustainability in every aspect of its operations worldwide. Anchored on the five essential pillars – Community, Alliance, Respect, Environment, and Supply Chain, Ascott CARES is committed to driving meaningful change and positively impacting the future of travel. Now in its 4th year, Le Trophée Bleu Business Sustainability Awards aims to honor and recognize companies for their incredible commitment to sustainability and excellent best practices across five dimensions: People, Planet, Partnership, Peace, and Prosperity.
Francis Libiran unveils his 2026 home collection with Our Home
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UR HOME proudly unveils the much-anticipated Francis Libiran x OUR HOME 2026 Home Collection, an expanded line that brings the celebrated designer’s unmistakable artistry into even more corners of the modern home. Following the success of his debut collaboration, this new collection elevates modern living with a broader selection of home pieces crafted with Libiran’s signature precision, pattern work, and elegant design. This second collection presents an impressive array of bedframes, bed linens, curtains, carpets, sofas and cushion covers, all meticulouslydesignedbyFrancisLibiranhimself. Every silhouette, pattern, and embroidery reflects his refined creative sensibility, offering homeowners the opportunity to bring coutureinspired beauty into their living spaces. Known for his intricate patterns, clean lines, and timeless aesthetic, Francis Libiran has long been celebrated as one of the Philippines’ most influential designers. With a distinguished career that spans architecture and fashion, his work has graced runways, red carpets, and global publications. The new home collection expands his design expertise even further, transforming his signature elements into functional, sophisticated pieces crafted for comfort, elegance, and modern living. “Design is a universal language,” Libiran shares. “Whether in fashion or interiors, it’s about creating pieces that uplift and inspire. This second collection with OUR HOME allows me to design for more areas of the home, each one made with intention, elegance, and meaning.” Since 1997, OUR HOME has been a trusted name in modern furniture and home décor, offering contemporary designs, competitive prices, and an elevated shopping experience. The brand’s ongoing collaboration with Francis Libiran reflects a shared commitment to design excellence, innovation, and meaningful partnerships with the creative community. “With this expanded collection, we continue to bring exclusive designer pieces closer to more homes,” says OUR HOME Business Unit Head and Senior Vice President Roy C. Tan. “Supported by our valued vendor partners including Kings Carpet, Salem, Telas de Mercato and Canadian, we are proud to champion design-forward collections that inspire beautiful, meaningful spaces.” The Francis Libiran x OUR HOME 2026
Francis Libiran for OUR HOME 2026 Home Collection features a refined design language across multiple categories: • Sofas: Contemporary forms with refined, design-led accents that balance comfort with elegance. • Carpets: Artful patterns translated into plush textures that ground and elevate living areas. • Curtains: Flowing textiles brought to life with bespoke motifs, adding harmony and sophistication to any space. • Cushion Covers: Statement textiles and exclusive patterns that add depth, texture, and designer character to any room. • Bedframes: Sculptural silhouettes and thoughtful details that anchor the bedroom with quiet luxury. • Bed Linens: Soft, premium fabrics embellished with Libiran-designed embroideries and patterns for hotelinspired comfort. Each piece captures Libiran’s mastery of structure, pattern, and proportion— inviting homeowners to experience couture living every day. The Francis Libiran x Our Home 2026 Home Collection is now available in all Our Home stores nationwide and online Francis Libiran for Our Home
World Features
www.businessmirror.com.ph • Editor: Angel R. Calso
BusinessMirror
Tuesday, January 13, 2026
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China’s PE trailblazer Fang Fenglei faces uncertainty amid leadership transition and fundraising challenges
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By Cathy Chan
OR years, Fang Fenglei was Wall Street’s go-to fixer in China—a partner to heavyweights like Goldman Sachs Group Inc. who built one of Asia’s most prominent private equity firms. Now, after a stretch of mediocre returns, subdued dealmaking and leadership churn at his Hopu Investment Management Co., even longtime backers such as Temasek Holdings Pte, GIC Pte and China Investment Corp. are rethinking their commitments, according to people familiar with the matter. As Hopu prepares to raise $1.5 billion to $2 billion for a new fund in 2026 under the direction of Fang’s handpicked successor—his son-in-law, Gunther Hamm—the firm has come to epitomize the challenges facing Asia’s founderled private equity shops in an exceedingly tough environment for fundraising. The days of abundant capital and outsized profits from China are gone, and aging rainmakers are handing over the reins to younger leaders, with mixed results. “When you have a change of leadership, investors get nervous,” said Hong Kong tycoon Richard Li, who is an investor in a small Hopu growth fund that Hamm manages. Li said it’s not the first time that Fang has overcome challenges, and that it will be important for Hopu to raise fresh capital from other blue-chip investors. The Hong Kong billionaire said he hasn’t decided if he will invest in the firm’s next fund. Hopu has pre-closed an initial investment for the new vehicle, called Fund IV, of several hundred million dollars. Prior to that, the firm last closed a flagship US dollar fund in 2018 after raising $2.63 billion. Mediocre returns from that vehicle and the fund preceding it, and departures of some of the firm’s senior leaders and former partners have made some investors wary, said people familiar, who asked not to be identified discussing private information. Hopu also hasn’t made significant new investments since mid-2022, the people said. Many global asset allocators have scaled back their China exposure due to concerns about its
slowing economic growth and heightened geopolitical risk. Some are still nursing losses from Chinese investments made years ago. In Asia, many private equity investors have also indicated they won’t cough up fresh capital until they get money back from oldervintage funds. Fang, a quintessential power broker who is now 73 years old, is known for a relationship-based style rooted in China’s business and political networks. Around three decades ago, he helped start investment bank China International Capital Corp. with Morgan Stanley as a founding investor. In 2004, Fang helped Goldman Sachs establish a Chinese securities venture that he oversaw as chairman. He founded Hopu in 2007, and the firm quickly raised $2.5 billion for its maiden fund from Goldman, some of the Wall Street firm’s partners, Temasek and other foreign investors. Hamm, a 45-year-old American, has a more direct, Westernstyle approach to managing and dealmaking that some Hopu veterans have chafed at, according to people familiar with the firm’s internal dynamics. A former investment banking analyst at JPMorgan Chase & Co., Hamm moved to China in 2007 and in 2010 joined a domestic private equity firm, CDH Investments Fund Management Co., following a recommendation from Fang, people familiar said. He then worked at Hillhouse Investment Management Ltd. for a little over a year before joining Hopu in 2017. Hamm rose quickly through the firm’s ranks, becoming a partner in 2021 and co-president in 2023. The executive who shared the role stepped down in May 2025—leaving Hamm as sole president—and left Hopu at year end, according to people familiar with the firm. Hamm’s swift elevation has stirred tensions within Hopu. Some staffers question whether
FANG FENGLEI CHAN LONG HEI/BLOOMBERG
he can revive morale and bring in profitable deals given his limited local ties compared with previous senior leaders, the people said. In an interview with Bloomberg News, Hamm said the firm has been “laser focused on the performance of the business” over the past few years and on monetizing its investment portfolio. “Returning capital productively to our investors is the best demonstration and people want to see that,” he added. Fang said in a separate interview that he has no intention of retiring, and that Hopu’s investors call him the firm’s “super key man.” He said he believes that cultivating and elevating talent from within the firm is better than hiring senior executives from the outside, because it fosters greater loyalty and stability. Fang also said Hopu’s lack of significant new investments in the past few years was a good thing, as markets were highly volatile. “Under these circumstances, not investing is the best investment,” he said, adding it helped the firm avoid losses from sectors such as Chinese tutoring and Internet platform companies.
its capital and returned 17% of investors’ money, according to Bloomberg calculations based on figures in the document. The firm has since stepped up the pace of distributions. It said in a November letter that by end2025, Fund III’s investors will have gotten back 66% of what they invested, thanks to a roughly $1 billion distribution over the course of the year. The fund’s net multiple on invested capital improved to 1.5 times in the third quarter, according to a person familiar with the matter. Recent stock market gains helped. The firm sold part of its stake in insurer FWD Group Holdings Ltd., which went public in Hong Kong in July. Some cash also came from a profitable investment in Ceva Animal Health, a French maker of veterinary medicines and vaccines, which was partially rolled into a new continuation fund vehicle, Hamm said. About half of the 21 investments in Fund III’s portfolio were flat or underwater as of March, according to the internal document. Ceva—an investment Hamm led— and FWD have been its most profitable bets.
Returning cash
Leadership churn
HAMM said a big priority in 2025 was returning money to investors in Hopu’s existing funds. Private equity funds typically have a lifespan of seven to 10 years; they deploy cash during the first few years and return capital as they exit investments, usually starting around the sixth year. Hopu’s 2018 flagship fund— known as Fund III—has deployed a little over $2 billion after deducting fees and expenses totaling $356 million, according to an internal document seen by Bloomberg News. As of March 2025, it had generated about 1.25 times
HOPU has cycled through senior leaders. Aside from Fang, the original managers of its first three flagship funds have all departed, according to people familiar. The firm has focused largely on technology, logistics, consumer and financial services deals in China. Its 2014 investment in warehouse operator Global Logistics Properties—in which Hopu led a $2.5 billion consortium that included Chinese state-owned enterprises—became its defining success. GLP China is preparing for a public listing in 2026, according to the firm’s recent investor letter.
But the performance of Hopu’s second flagship fund, which closed in 2014, has been less impressive. As of March 2025, Fund II had delivered a modest 1.19 times its $1.8 billion in invested capital including fees, according to Bloomberg calculations based on figures in an internal document. It has returned more than 60% of investors’ cash after generating profits on 12 of its 19 investments, the document showed. Its performance was dragged down by a $310 million investment in New Age African Global Energy Ltd., an oil and gas company that the fund has largely written off, according to the document. Hopu’s Fund III also invested $50 million in New Age. One of the original managers of Fund III was Lau Teck Sien, a Temasek alum. Lau was also Hopu’s chief investment officer, but he disagreed with Fang over the timing of investment exits and was sidelined, according to people familiar with the matter. Fang in 2018 recruited Lee Zhang, a former Asia head of Deutsche Bank AG and ex-senior executive at Industrial and Commercial Bank of China Ltd., and made Zhang Hopu’s co-chairman. Frictions grew when Lau and another then-Hopu partner Cliff Chau, a former CIC managing director, explored carving out a separate pool of partners’ capital for Fang to invest from Beijing— instead of having him deploy clients’ money in ways that could affect the performance of Hopu’s flagship vehicles, according to people familiar. Fang pushed back, and in 2021 tried to pressure Lau and Chau into signing documents that would hand him management control, the people said. The duo then told staffers during a conference call that Fang would be removed from decision-making to safeguard the fund, the people familiar added. The internal dispute was eventually settled privately. After years of tension, Lau and Chau left Hopu in 2023. That year, Chinese authorities opened a graft investigation into Zhang in connection with his time at ICBC. He was prosecuted in 2024 and subsequently sentenced to death, with a two-year reprieve that could change the sentence to life imprisonment. With the top leaders gone, Hamm gained full control to steer Hopu. The firm’s investment team, which had peaked at 49 individuals
at the end of 2021, shrank by roughly half as Hopu moved away from venture capital and other strategies to focus on buyouts through its main fund. All the managing directors on that team have either quit or were forced out in the past two years, according to people familiar with the matter.
New hires
THE investment team has since grown to 36 people following 11 hires in 2025, according to the firm. Hopu said its overall headcount stands at 80, close to the level of a few years ago. Many of the recent additions were junior hires, according to the people familiar. Whenever there is new leadership, “you are always going to try to add people and there will inevitably be some people who are asked to leave or choose to leave. I don’t view that as a problem per se,” Hamm said. Several younger partners have helped fill the void left by the old guard. People who have worked closely with Hamm said he is hard-charging, meticulous and works long hours, sometimes doing portfolio reviews on weekends. Junior staffers routinely prepare client-meeting scripts for him that include greetings, data points, recaps and negotiation lines in short and long formats, the people said. During one client meeting a few years back, Hamm introduced himself as Fang’s son-in-law, which struck the investor as odd, according to that individual. Hopu is pitching its next flagship vehicle, Fund IV, as an Asia fund that includes China, as opposed to a China-focused private equity fund. The firm is also planning to base its headquarters in Singapore, and is awaiting approval for a license from the city-state’s financial regulator, according to the investor letter. In mid-November, close to 100 individuals attended Hopu’s annual meeting in Hong Kong, including potential investors not currently in its funds, Hamm said. Fang also took the stage at the event, and the two men talked about how the firm can acquire more overseas investments, buy assets from multinationals in China, and take controlling stakes in companies. Hamm said the founder remains “very highly engaged” with the firm, its investors and the companies Hopu is invested in. “Our chairman is still a huge resource for us.” Bloomberg News
Trump revives controversial proposal for 10% credit card interest rate cap, prompting industry backlash By Ken Sweet & Seung Min Kim
The Associated Press
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EW YORK—Reviving a campaign pledge, President Donald Trump wants a one-year, 10% cap on credit card interest rates, a move that could save Americans tens of billions of dollars but drew immediate opposition from an industry that has been in his corner. Trump was not clear in his social media post Friday night whether a cap might take effect through executive action or legislation, though one Republican senator said he had spoken with the president and would work on a bill with his “full support.” Trump said he hoped it would be in place Jan. 20, one year after he took office. Strong opposition is cer tain from Wall Street in addition to the credit card companies, which donated heavily to his 2024 campaign and have supported Trump’s second-term agenda. Banks are making the argument that such a plan would most hurt poor people, at a time of economic concern,
by curtailing or eliminating credit lines, driving them to high-cost alternatives like payday loans or pawnshops. “We will no longer let the American Public be ripped off by Credit Card Companies that are charging Interest Rates of 20% to 30%,” Trump wrote on his Truth Social platform. Researchers who studied Trump’s campaign pledge after it was first announced found that Americans would save roughly $100 billion in interest a year if credit card rates were capped at 10%. The same researchers found that while the credit card industry would take a major hit, it would still be profitable, although credit card rewards and other perks might be scaled back. About 195 million people in the United States had credit cards in 2024 and were assessed $160 billion in interest charges, the Consumer Financial Protection Bureau says. Americans are now carrying more credit card debt than ever, to the tune of about $1.23 trillion, according to figures from the New York Federal Reserve for the
third quarter last year. Further, Americans are paying, on average, between 19.65% and 21.5% in interest on credit cards according to the Federal Reserve and other industry tracking sources. That has come down in the past year as the central bank lowered benchmark rates, but is near the highs since federal regulators started tracking credit card rates in the mid-1990s. That’s significantly higher than a decade ago, when the average credit card interest rate was roughly 12%. The Republican administration has proved particularly friendly until now to the credit card industry. Capital One got little resistance from the White House when it finalized its purchase and merger with Discover Financial in early 2025, a deal that created the nation’s largest credit card company. The Consumer Financial Protection Bureau, which is largely tasked with going after credit card companies for alleged wrongdoing, has been largely nonfunctional since Trump took office. In a joint statement, the banking
industry was opposed to Trump’s proposal. “If enacted, this cap would only drive consumers toward less regulated, more costly alternatives,” the American Bankers Association and allied groups said. Bank lobbyists have long argued that lowering interest rates on their credit card products would require the banks to lend less to high-risk borrowers. When Congress enacted a cap on the fee that stores pay large banks when customers use a debit card, banks responded by removing all rewards and perks from those cards. Debit card rewards only recently have trickled back into consumers’ hands. For example, United Airlines now has a debit card that gives miles with purchases. The US already places interest rate caps on some financial products and for some demographics. The Military Lending Act makes it illegal to charge active-duty service members more than 36% for any financial product. The national regulator for credit unions has capped interest rates on credit union credit cards at 18%. Credit card companies earn three
streams of revenue from their products: fees charged to merchants, fees charged to customers and the interest charged on balances. The argument from some researchers and left-leaning policymakers is that the banks earn enough revenue from merchants to keep them profitable if interest rates were capped. “A 10% credit card interest cap would save Americans $100 billion a year without causing massive account closures, as banks claim. That’s because the few large banks that dominate the credit card market are making absolutely massive profits on customers at all income levels,” said Brian Shearer, director of competition and regulatory policy at the Vanderbilt Policy Accelerator, who wrote the research on the industry’s impact of Trump’s proposal last year. There are some historic examples that interest rate caps do cut off the less creditworthy to financial products because banks are not able to price risk correctly. Arkansas has a strictly enforced interest rate cap of 17% and evidence points to the poor and less creditworthy being cut
out of consumer credit markets in the state. Shearer’s research showed that an interest rate cap of 10% would likely result in banks lending less to those with credit scores below 600. The White House did not respond to questions about how the president seeks to cap the rate or whether he has spoken with credit card companies about the idea. Sen. Roger Marshall, R-Kan., who said he talked with Trump on Friday night, said the effort is meant to “lower costs for American families and to reign in greedy credit card companies who have been ripping off hardworking Americans for too long.” Legislation in both the House and the Senate would do what Trump is seeking. Sens. Bernie Sanders, I-Vt., and Josh Hawley, R-Mo., released a plan in February that would immediately cap interest rates at 10% for five years, hoping to use Trump’s campaign promise to build momentum for their measure. Seung Min Kim reported from West Palm Beach, Fla.
Sports BusinessMirror
B8 Tuesday, January 13, 2026
mirror_sports@yahoo.com.ph | Editor: Jun Lomibao
POC holds first GA for 2026
Philippine Olympic Committee president Abraham “Bambol” Tolentino presides over the POC’s first General Assembly for 2026 on Monday at the East Ocean Palace Hotel with the organization evaluating the accomplishments for the previous year—including the 33rd Southeast Asian Games last month in Thailand. The assembly also solidified bonds among national sports associations with a belated Christmas and New Year’s celebration. POC PHOTO
Erram: No room for complacency By Josef Ramos
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NT Tropang 5G stormed past Meralco, 102-83, in Game 4 of their semifinal series in the Philippine Basketball Association Season 50 Philippine Cup on Sunday night at the SM Mall of Asia Arena. That’s a 3-1 series lead for TNT, one game shy of a 26th Finals appearance in the league. For JP Erram who had an explosive night in Game 3, owning two series points doesn’t guarantee an advantage. “Meralco is Meralco,” said the 6-foot-7 Erram, who was all over the arena and finished with 27 points and nine rebounds. “They [Bolts] really have good coaches and talented players. We must stay hungry and be aggressive all the time.” “We cannot be complacent despite that advantage,” added Erram, one of the pillar’s of the gold medal-winning 5x5 team of coach Norman Black at the Thailand 33rd Southeast Asian Games last month. “What’s important [though] is we got the first three steps,” he said. Erram shot 9 of 11 from the field and blocked three enemy shots in 25 minutes of action in the game that saw Jordan Heading scoring 15, Calvin Oftana scattering 14 and Kim Aurin contributing 10 points. “I’m just thinking of helping the team in any means possible,” Erram said. “I’m thankful to my teammates for giving me the opportunity to score, so thankful for the chance to play long minutes again.” The 36-year-old and 12-year PBA veteran averaged four points and four rebounds before that breakout night to hike his average to 9.5 points and 4.0
rebounds after four semifinal games. Chris Banchero had 19 and CJ Cansino made 17 points for the Bolts, who missed the services of Chris Newsome in Game 4. Newsome was in uniform but nursed an MCL—medial collateral ligament—injury in his left knee he incurred in Game 3. “I’m just doing my share to recover from this injury, but let’s see [if I play in Game 5], although we know that this injury requires three to five weeks to heal,” Newsome said. Newsome averaged 16.0 points, 4.0 rebounds and 4.3 assists in the semifinals, where the Bolts won only once so far— Game 3, 97-89. TNT is expected to close out the series in Game 5 on Wednesday at 5:15 p.m. at the Smart Araneta Coliseum before the 7:30 p.m. clash in the other semifinal—tied 2-2—between defending champion San Miguel Beer and Barangay Ginebra San Miguel.
Thompson Player of the Week
FOR the first time since the early 1990s, another local player scored more than 30 points in a triple-double game. And that honor, no surprises, belonged to Barangay Ginebra’s do-it-all guard Scottie Thompson, who fired a new career-high of 35 points to go with 11 rebounds and 11 assists and sparked a pivotal 105-91 romp that tied things up at 2-2 with holder San Miguel Beer in the semifinal series. Thompson’s brilliant all-around game, according to PBA stats chief Fidel Mangonon III, marked the first 30-point triple-double by a local in 33 years or since then Alaska rookie and now Ginebra assistant coach Johnny Abarrientos had 30-15-14 in the
Count Baguio City in on PSC list
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Milkmen’s 103-115 loss to Swift in the 1993 AllFilipino conference. It is also the first in a winning effort since Ronnie Magsanoc had 32-13-18 that keyed Shell’s 155-108 demolition of Pepsi in the 1990 edition of the league’s centerpiece conference. For his big-time effort not just in Game 4 but in the games prior, the Gilas Pilipinas mainstay unanimously earned the nod as the PBA Press Corps’ Player of the Week for the period January 4 to 11. Thompson posted averages of 20.8 points (56 percent field goal), 7.5 rebounds and 5.8 assists to beat marquee rivals for the weekly citation such as San Miguel’s Don Trollano, TNT’s Calvin Oftana and Poy Erram, who were all instrumental in their respective teams’ drive in the opening week of 2026. “I think we fought hard, we battled every quarter. Luckily, I think [it’s] just a good night for me,” said Thompson deflecting credit and giving props to his teammates. “We lifted up each other, we helped each other and we stayed together through ups and downs.” Coach Tim Cone jumped in to heap praise on his prized guard’s stellar wellrounded play. “It was a legendary performance. I think we’re going to remember this one for a long time,” Cone said. “Scottie is the most humble guy you’d meet, maybe outside of June Mar [Fajardo]. No doubt it’s a legendary performance,” Cone said. “I think he came out and he was more aggressive tonight. He was looking for things and the more he became a threat, the more he was able to open the lanes and make passes as well.”
NEW era for Philippine sports is rising in the Summer Capital as Philippine Sports Commission (PSC) chairman Patrick “Patò” Gregorio and Baguio City Mayor Benjamin Magalong inspect the progress on the Baguio Athletic Bowl rehabilitation over the weekend. The rehabilitation is a major project that aims to transform the city into a Regional Training Center (RTC) of the PSC. The current approach to building RTCs, according to Gregorio, is to emphasize on the strong support from the local government, active involvement of national sports associations (NSAs) and the development of the region’s local athletic talent. PSC commissioners Walter Torres and Edward Hayco, local sports officials and NSA leaders joined the walkthrough to assess how the facility can support training programs. With them were Philippine Football Federation president John Gutierrez, World Archery Philippines head Bing Reaport and secretary-general Macky Santos and Philippine Aquatics Inc. secretary-general Eric Buhain. Their presence ref lectedshared confidence in Baguio’s high altitude environment as an ideal setting for athlete development. The inspection covered the entire complex— including the track oval, football pitch, swimming pool, grandstand and athletes’ residence. Gregorio praised the venue’s large area and planned improvements, noting its potential to guide athletes from grassroots training to gold medal success. The rehabilitation is expected to be completed in May. “It’s a long term investment in Filipino athletes that strengthens both grassroots development and elite sports preparation,” Gregorio said. Gregorio and Philippine Basketball Association commissioner Willie Marcial, meanwhile, agreed to host selected games of the pro league’s 50th season at the Rizal Memorial Coliseum and Ninoy Aquino Stadium—bringing the country’s premier basketball league back to its historic home. During a recent tour of the complex, both officials witnessed the facility’s ongoing facelift, offering fans a glimpse of an enhanced game-day experience fit for the league’s golden milestone. As Asia’s oldest professional basketball league celebrates its 50th season, the PBA reflects on its decorated journey— highlighted by the April 9, 2025 showdown between longtime rivals San Miguel Beer and Meralco. The full-house crowd at the Rizal Memorial Coliseum rekindled nostalgia and reaffirmed the venue’s enduring place in Philippine basketball history.
JP ERRAM has a big night in Game 4 with 27 points on nine of 11 shooting with nine rebounds. PBA IMAGES
STEFI MARITHE ALUDO, a bronze medalist at last month’s Thailand 33rd Southeast Asian Games, battles University of Santo Tomas’s Justine Hanna Maneja in a test event serving as a qualifier for the Women’s Tennis Association 125 Philippine Open at the newly-refurbished Rizal Memorial Tennis in Manila. NONIE REYES
World junior surfing tourney unwraps in La Union
THE big names are in La Union—(from left) Bella Kenworthy, Laura Raupp, Lukas Skinner, Dane Henry and Troy Espejon—for the 2025 World Junior Championships in San Juan, La Union. PHOTO CAIT MIERS/WSL
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CTION turned fever-pitch in the 2026 World Surf League (WSL) World Junior Championships Presented by Purefoods and Magnolia and nothing less that the coveted crowns and praises about a Union’s challenging waves off Urbiztondo Beach buzzed like bees on Sunday. “I’m very excited to be here,” said Championship Tour rookie Bella Kenworthy, 17, of the US who’s flashing her elite experience in La Union. “This place is super special. The wave is super fun.” Kenworthy and the world’s best junior surfers—24 men and 24 women—are converged at The Point in San Juan where they’ll be competing through this Sunday—the top two men and two women from each of the WSL’s seven global regions are joined by 10 wildcards per gender, each of whom are Challenger Series or Qualifying Series (QS) standouts. “This wave is really fun. The people are amazing,” said Lukas Skinner, also 17 and returning from a major leg injury to claim his second consecutive Boardmasters title. “I’m super excited to try to show my surfing on the big stage,” said the first British surfer in 22 years to win the long-running QS on home soil with his 2024 victory. “This event is the biggest event I’ve ever been in, so I’m super excited and feeling very ready.” The winners of the competition—also supported by the Philippines Sports Commission, SMC Infrastructure Inc. and BMEG/Nutrichunks—that features surfers no older than 20, will earn spots on the 2026 Challenger Series for an opportunity to qualify for the 2027 CT.
Laura Raupp, meanwhile, aims to extend Brazil’s World Junior legacy as the 19-year-old, currently in the middle of a successful third full season on the Challenger Series, is happy to be back in La Union. “I’m super excited to be here again,” said Raupp, a threetime WSL World Junior Championship quarterfinalist. “I’m super happy for this opportunity that WSL gave me with this wildcard. I want to do a great job in my heat.” Host Philippines has Troy Espejon, one of four Filipino wildcards alongside his older brother Toby Espejon, Mara Lopez and Cathleya Casals, is proud to compete for flag and country. “I’m happy to represent the Philippines,” said Espejon, 19, a WSL World Junior Championship first-timer. “I love to put more effort in my surfing so I can inspire the next generation in the Philippines.” The field is stacked with formidable athletes—2023 world champion Sierra Kerr (Australia) and runner-up Winter Vincent both of Australia, 2025 Challenger Series standouts Annette Gonzalez Etxabarri of Spain (Basque Country) and Arena Rodriguez of Peru, and rising stars Dane Henry of Australia, Lucas Cassity of Mexico and Dylan Wilcoxen of Indonesia.
Bocelli, Mariah Carey headline opening ceremony performers
M
ILAN—Crossover tenor Andrea Bocelli will be among the headline performers for the Milan Cortina Winter Olympics opening ceremony on February 6, joining the previously announced pop diva Mariah Carey, organizers said Sunday. The opening ceremony will be centered in Milan’s landmark San Siro soccer stadium, featuring the Parade of Athletes and
entertainment over the course of the three-hour spectacle that is expected to be the most widely viewed moment of the Games. Reflecting the Milan Cortina Games’ status as the most spreadout Olympics in history, elements of the opening ceremony will also be conducted in three other locations, allowing athletes from all far-flung disciplines to participate. Moments will be beamed to the televised
NFL champions dethroned
SAN FRANCISCO’S victory came down to timely execution in the clutch particularly in the fourth quarter. If San Francisco wants to advance deeper to possibly allow superstar linebacker Fred Warner to make a dramatic
comeback, protecting the ball more consistently will be crucial. Despite having the National Football League’s (NFL) most expensive offense, Philadelphia struggled to capitalize on opportunities. The 49ers leaned heavily into Kyle Shanahan’s system to pull through against the Eagles. The Eagles’ defense thrives on athleticism to create their offence. Christian McCaffrey (CMC) was central to the game plan and showcased his versatility to play any receiving position as he was utilised as a runner, receiver and decoy. Philadelphia struggled to match CMC’s versatility—he consistently kept the Eagles different looks and keeping them off balanced by playing the aforementioned positions at different times throughout the contest. San Francisco’s offensive line gave up pressure, but rarely allowed game-breaking sacks which physically
audience from Cortina in the heart of the Dolomite mountains, Livigno in the Italian Alps as well as Predazzo in the autonomous province of Trento. The ceremony will also include a tribute to the late Italian fashion designer Giorgio Armani, who died in September at the age of 91. than a dozen Olympic ceremonies, have been trickling out over recent months. Carey, the first international star named to perform at San Siro, adds some American pop-star pedigree to the opening event. The six-time Grammy award winner announced her participation in an Instagram post saying, “Ci vediamo a Milano,” Italian for “See you in Milan.” AP
preserves Brock Purdy. The 49ers won most of the reps at the line of scrimmage long enough which is all that Shanahan’s system requires. Jalen Hurts is most dangerous when plays break down so obviously not a lot of 49er plays went awry. Philadelphia was forced into more obvious passing situations than they prefer because they love the run game. This situational discipline ultimately swung the game so it was discipline and execution vs athleticism. The 49ers didn’t overpower the Eagles, they outexecuted and out-disciplined them. They did enough of both to win the game and move on. The Niners dictated tempo, pace and matchups while removing explosives and forced and imposed patience on the Eagles. If you will use basketball lingo and parlance, the Eagles wanted to use their athleticism and explosiveness to get out and run but were stymied by the 49ers’ grit and grind. Mentally, they stayed composed in high-leverage moments and that happens when your QB is cool, calm, and collected like Brock Purdy.