WITH remittances reaching $26.03 billion in the first nine months of the year, the Philippines is on pace to log another record-high inflow of cash from overseas Filipinos.
Latest data from the Bangko Sentral ng Pilipinas (BSP) showed cash remittances grew by 3.2 percent year-on-year to $26.030 billion as of the end of September 2025, from $25.226 billion during the same period last year.
The United States remained the top source of remittances to the Philippines during the ninemonth period, according to the BSP, followed by Singapore and Saudi Arabia.
“There is optimism that the Philippines will attain another record-high inflow of foreignsourced cash remittances from the over-10 million Filipino population who work and reside abroad,” Jeremaiah M. Opiniano, executive director of the Institute for Migration and Development Issues (IMDI), told BusinessMirror
This will be driven by families affected by recent disasters seeking help from loved ones abroad, as well as the strengthening of the US dollar against the peso, Opiniano said.
“Given the recent string of disasters, those who will send money will remit it regardless of the foreign exchange rate,” Opiniano added.
Still, the Philippines has yet to return to the above-3.5 percent monthly cumulative growth levels last seen in December 2022 and January 2023.
‘Ber months’ and weak peso THE onset of the “-ber” months marks the start of the holiday season in the Philippines, which in turn, increases the inflows of remittances by overseas Filipino workers to their families for celebrations and gatherings, Reinielle Matt Erece, economist at Oikonomia Advisory and Research, Inc., said.
“We may continue to see remittances grow stronger in the last two months of the year, add to that the upward exchange rate
BERSAMIN, AMENAH OUT;
administration was rocked by a major Cabinet shakeup on Monday with the voluntary resignations of Executive Secretary Lucas P. Bersamin and Department of Budget and Management (DBM) Secretary Amenah F. Pangandaman after their respective offices were linked to the flood control project scandal.
said. While this relief may help ease some pressure on the local currency, the peso’s larger challenges remain homegrown, MUFG noted.
The bigger macro driver for the peso, MUFG said, are the corruption issues tied to flood-control projects and their negative spillovers to government spending.
“We are nonetheless hesitant to be too bearish on PHP at current levels of the 59
By Reine Juvierre S. Alberto @reine_alberto
AMID demands for accountability and reform in the government, the Philippine economy remains “fundamentally strong” and has stable foundations with opportunities for investments intact, according to Finance Secretary Ralph G. Recto. In a statement on Monday, Recto
noted that inflation stands low at 1.7 percent and at 0.4 percent for the bottom 30 percent of households in October.
“This stability allows the Bangko Sentral ng Pilipinas [BSP] more room to cut interest rates, boosting household spending and economic growth,” said Recto, who also sits as a member of the highest policymaking body Monetary Board.
The Monetary Board has reduced
the key policy rate by 25 basis points to 4.75 percent, and is further expected to deliver a rate cut in its next rate-setting meeting on December 11. While Recto expects the economy to grow at 4.7 to 4.8 percent, below the government’s target of 5.5 to 6.5 percent, by the end of the year, he said trust will keep investments coming in, businesses expanding and jobs growing.
“We assure the Filipino people that our fiscal consolidation path is on track, and everything moving forward is on the upside. We will bring down our deficit and debt gradually, while creating more jobs, increasing our people’s income, and lifting more Filipinos out of poverty,” Recto added. The real interest rate the government will pay is estimated at 3.3
By Samuel P. Medenilla and Reine Juvierre S. Alberto
Pay heed, guard vs 12 Scams of…
Holiday-themed scams
THE last few schemes are designed to specifically target the Filipino spirit of generosity.
Travel Scams lure bargain-hunters with fake promotional offers for holiday trips or fraudulent ticket sellers.
Charity Scams exploit Filipinos’ spirit of giving, with criminals posing as legitimate foundations or charitable organizations collecting donations.
Middleman Scams involve fraudsters pretending to be trusted intermediaries in legitimate transactions, typically stealing money from both buyers and sellers.
Be stingy, skeptical AUTHORITIES are urging Filipinos to adopt the 4Ms of the #KontraScamAttitude this holiday season: be stingy with personal information and money (magdamot); be skeptical of offers (magduda); ignore and block suspicious messages (mang-isnab); and report scams to the CICC hotline at 1326 (magsumbong sa 1326).
Paraiso emphasized a whole-ofgovernment approach to combat these threats, with partnerships between CICC, the Philippine National Police Anti-Cybercrime Group, and the National Bureau of Investigation making it easier to apprehend perpetrators.
Business groups: New BIR chief comes at ‘critical time’
ELEVEN
By Andrea E. San Juan
business groups who are members of the Partnership with Multi-Sectoral Group (PMSG) said Bureau of Internal Revenue (BIR) Commissioner Martin Mendoza’s leadership comes at a “critical time” for sustaining the country’s economic momentum.
“Commissioner Mendoza brings with him a distinguished record of public service, marked by extensive experience in tax administration, fiscal oversight, and organizational leadership,” PMSG said in a statement on Monday.
The multisectoral group said the newly-appointed BIR chief’s expertise “comes at a critical time for sustaining the country’s economic momentum, and we look forward to his programs toward a more efficient, transparent, and trusted BIR.”
The PMSG is a platform established under a Memorandum of Agreement with the BIR.
The members of the PMSG are: Al-
liance of Tech Innovators for the Nation, Association of Certified Public Accountants In Commerce and Industry, Association Of Certified Public Accountants In Public Practice, Federation Of Filipino Chinese Chambers Of Commerce And Industry, Inc., Financial Executives Institute Of The Philippines, Joint Foreign Chambers Of The Philippines, Makati Business Club (MBC), Management Association Of The Philippines (MAP), Philippine Chamber Of Commerce And Industry (PCCI), Philippine Exporters Confederation, Inc. (Philexport) and Tax Management Association of the Philippines (TMAP).
“PMSG believes that a strong, mod-
ern, and responsive BIR is vital to a stable and competitive business environment,” the 11 business groups noted.
“We look forward to continuing this partnership with Commissioner Mendoza at the helm, and deepen structured dialogue, align policies, and accelerate digital transformation,” added the PMSG.
The business groups expressed confidence that under Mendoza’s leadership, the BIR will further simplify compliance, strengthen taxpayer education, and promote voluntary compliance, “ultimately” supporting ease of doing business.
In a separate statement, six business groups—the Financial Executives Institute of the Philippines (FINEX), Institute of Corporate Directors (ICD), Makati Business Club (MBC), Management Association of the Philippines (MAP), the Philippine Chamber of Commerce and Industry (PCCI) and the Philippine Finance Association (PFA)—underscored that the Philippine business community remains “strongly committed” to supporting a competitive, resilient, and inclusive economy.
These business groups noted that while the current political turmoil raises “understandable” concerns, “We stress that the country’s long-term fundamentals remain strong; anchored by a well-regulated financial system, a stable banking sector, and companies that continue to invest and believe in the Philippines.”
The six business groups emphasized that “the institutions that safeguard our markets continue to operate independently and rigorously.”
They noted that the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission uphold regulatory frameworks aligned with global standards,
ensuring “market integrity,” prudent risk management, and strong investor protections.”
These business groups continued to believe that private sector investment has stayed strong.
“Over the last 10 years, gross fixed capital formation in the Philippines has consistently ranged between 22 percent and 27 percent of GDP, with total investment surpassing P6 trillion in 2024,” the business groups said.
This ongoing level of capital spending, they pointed out, mainly driven by business growth, clearly indicates that Philippine companies continue to build capacity, expand operations, and invest in the country’s long-term prospects.
“We also recognize that investor confidence is influenced not only by economic fundamentals but also by governance. We therefore urge public institutions to ensure policy stability, uphold the rule of law, and address corruption quickly and decisively,” the six business groups noted.
“Clear guidance, consistent enforcement, and transparent decision-making are crucial to maintaining growth momentum and gaining the trust of both domestic and foreign investors,” they also noted.
“As business organizations, we affirm our commitment to responsible leadership, ethical practices, and constructive engagement with government. We will continue investing, creating jobs, expanding industries, and strengthening our economy’s productive capacity,” they said.
In a time of increased uncertainty, the business groups underscored that their message is clear: “the private sector remains united in its belief in the Philippines’ long-term potential.”
him to verify with the former PLLO official the supposed order of the President for the insertion of P100-billion projects in the 2025 national budget.
new Executive Secretary.
The confirmation comes a day after Bersamin denied rumors that he was already on his way out of the Cabinet. This, after former Ako Bicol Party-list representative Elizaldy “Zaldy” Co accused President Ferdinand Marcos Jr. of inserting P100 billion worth of projects in the 2025 budget.
Co’s allegations were denied by the Palace last week. The former lawmaker was accused of accepting kickbacks from flood control projects.
Delicadeza
IN a press briefing in Malacañang, Castro announced President Marcos has accepted the resignations of Bersamin and Pangandaman.
“President Ferdinand Marcos Jr. has formally accepted the resignations of Executive Secretary Lucas P. Bersamin and Department of Budget and Management Secretary Amenah Pangandaman. Both officials respectfully offered and tendered their resignations out of delicadeza,” she said.
Delicadeza is the Filipino term for a deep sense of propriety and moral integrity.
Both officials hope their departure from the Cabinet will allow the government to address the issue appropriately.
Castro also announced the voluntary resignation of Presidential Legislative Liaison Office (PLLO) undersecretary Adrian A. Bersamin, the son of the nephew of former Executive Secretary Bersamin. Co claimed Pangandaman told
movements, which may amplify the peso value of remittances,” Erece added.
Robert Dan Roces, group economist at SM Investments Corporation, said the peso’s slight depreciation in September offered only a “modest” conversion boost.
“A dollar did translate to a bit more in peso terms, but this was a small nudge rather than a major driver of the increase,” Roces noted.
For the rest of the year, Roces said remittance growth will likely stay in the 3 to 4 percent range.
The peso, meanwhile, may remain under pressure from a firm US dollar and lingering political noise, Roces added. “Any FX-related lift to remittances could be limited and will not offset broader risks to inflation and sentiment.”
Drum up economic, social measures
OPINIANO cited the BSP’s third quarter Consumer Expectations Survey (CES) 2025, which showed that OFW families allocated 39.3 percent of their incomes to savings, while the share for investments also rose to 7.7 percent. Meanwhile, allotments for debt payments increased compared with last year, indicating that more firsttime migrant workers had borrowed to cover predeparture costs.
“We hope that these developments from the CES; 2025 third quarter round redound to a start in savings and investment habits for overseas Filipinos,” Opiniano said.
Despite these positive indicators, Opiniano said economic and social protection measures for this population growth may have to be ramped up.
“We cannot always rely on overseas employment, and when news that there may be lower remittances or lower numbers of deployed OFWs comes their way (such as the January-September 2025 figures from the Department of Migrant Workers) economic and migration managers get rattled,” Opiniano noted.
Personal remittances BSP data further showed that the increase in cash remittances also boosted personal remittances, including those sent through banks and informal channels, as well as remittances in kind.
Personal remittances rose by 3.8 percent to $3.46 billion in September 2025 from $3.34 billion in the same month last year.
Castro said the accusation of Co may be what have prompted Bersamin and Pangandaman to voluntarily resign. She urged other Cabinet members who were also implicated in the flood control project mess to also vacate their posts.
Despite their resignation, Castro said officials can still be held liable if the allegations against them will be proven to be true.
Marcos recognized the “steady leadership” of Bersamin, a former chief justice, of the Office of the Executive Secretary, and his role in institution building.
“His contribution will remain part of the foundation from which continuing reforms stand,” Castro said.
The chief executive also thanked Pangandaman for her fiscal management while she was leading the DBM.
No government disruption CASTRO announced Marcos has named Department of Finance (DOF) Secretary Ralph G. Recto as his new Executive Secretary.
“Secretary Recto’s long record in policy-making, fiscal legislation and national planning, positions him well in the day-to-day operations of government and coordinates the implementation of high impact programs,” Castro said.
Recto will be replaced by Special Assistant to the President for Investment and Economic Affairs
Frederick D. Go as head of DOF.
“The Secretary has played a central role in advancing investments, strengthening investor
See “Bersamin,” A14
Year-to-date personal remittances also went up by 3.2 percent to $28.97 billion in January to September from $28.07 billion recorded in the same period a year.
covery loan program of the Agricultural Credit Policy Council (ACPC), offering loans of up to P25,000. These loans come with a three-year repayment term, interest-free.
It also said that it allocated P142.31 million for the indemnification of insured affected farmers and fisherfolk, which would be released through the Philippine Crop Insurance Corp. (PCIC).
as P58.91. The peso weakened to an all-time low of P59.17 against the US dollar last week, weighed down by local governance issues and strong global demand for the greenback. Reine Juvierre S. Alberto
Tuesday, November 18, 2025
Grains regulator seeks more funds to buy damaged palay
TBy Lenie Lectura @llectura
By Ada Pelonia @adapelonia
HE National Food Authority (NFA) said it would need additional funding to proceed with the procurement of storm-
In a recent press conference, NFA Administrator Larry R. Lacson said the grains agency would push through with the purchase of ruined unmilled rice from farmers, provided the agency managing the country’s rice buffer stocks received additional funds.
“We will definitely proceed with it when we have the additional funding, since our available budget right now only covers the purchase of regular palay,”
Lacson told reporters. He explained that the purchase of the unmilled rice should be executed in a “fast break” manner; that these must be immediately dried, milled and sold after purchase.
“We don’t have the capacity to do that based on the law. But if we’re given a separate fund, we’ll find a way to purchase storm-damaged palay,” Lacson added.
Currently, however, the NFA chief noted that only 10 percent of the country’s palay had yet to be harvested.
“Assuming that there wouldn’t be major storms to come and we were given the funds, we’ll do the procurement of storm-damaged palay next year,” Lacson said. “But if a storm comes and we have the budget, we’ll proceed now.”
‘Major breakthrough’
ACCORDING to the NFA, it achieved a “major breakthrough” in its reform journey after receiving an “excellent” rating in the 2025 Corporate Governance Scorecard (CGS) from the Governance Commission for GovernmentOwned or Controlled Corporations (GCG).
The results showed that the NFA received an overall score of 80.73 percent, earning for the first time in recent years an “excellent” adjectival rating under the GCG’s
stringent assessment system.
“This rating is not just a score— it is proof of our commitment to serve the public with integrity, transparency, and efficiency,” Lacson said.
For the grains agency, this reaffirmed its drive to modernize its systems, uphold ethical standards, and deliver responsive service to farmers and consumers alike.
“By meeting—and surpassing—governance benchmarks set by the GCG, the NFA strengthens public trust and cements its position as a key player in advancing the government’s goal of a secure, transparent, and resilient food supply chain.”
The CGS is an annual evaluation tool that measures the compliance of GOCCs with globally recognized standards of good governance to promote accountability, ethical leadership, and operational excellence in the public sector.
Tinsmithry prices temper Oct construction growth
By Bless Aubrey Ogerio
THE slowdown in materials used in tinsmithing drove a deceleration in construction material price growth across Metro Manila in October, according to the Philippine Statistics Authority (PSA).
PUMP prices are on the rise again. For the seventh consecutive week, gasoline prices will go up by P1.20 per liter on Tuesday morning. Diesel will also increase by P1.20 per liter, marking the fourth straight week of increase.
Oil firms will not adjust kerosene prices as this has been placed under a nationwide price freeze following the declaration of a state of national calamity.
Seaoil, Shell, Total, Unioil, PT&T, Phoenix, Caltex, and Jetti
THE Department of the Energy (DOE) reported last Monday of full power restoration to four million affected households and business, leaving 800,000 to be energized. According to the DOE, industry stakeholders have made significant progress with four million households energized. The 4.8 million households were affected by typhoons Tino and Uwan.
said they will increase their pump prices at 6a.m. of November 18. Cleanfuel, on the other hand, will implement their price adjustment at 4:01 p.m. This week’s price adjustment was mainly brought about by the latest US sanctions on Russian oil and optimism over a possible resolution to the US government shutdown, the Department of Energy (DOE) said. Local oil firms adjust their prices weekly to reflect movements in the world oil market.
Last week, fuel firms increased gasoline prices by P0.50 per liter and diesel by P1.00 per liter.
progress has been made in restoring critical energy infrastructure across various regions, with several areas now fully energized.
MARIKINA City, the country’s shoe capital, announced opening the local government unit’s annual “Christmas Shoe Bazaar” last Monday, “giving shoppers a chance to buy high-quality and affordable shoes, bags, and leather goods for the holiday season while boosting the livelihood of local shoemakers and leather goods manufacturers.”
A statement by the LGU quoted Mayor Marjorie Ann “Maan” A. Teodoro as saying that the bazaar is a tradition built to uplift Marikina’s workers—one that began under the administration of her husband, Marikina First District Rep. Marcelino “Marcy” R. Teodoro, and continues to be offered free of charge to support manufacturers. “Ito pong bazaar ay taon-taon nating ginagawa. Pinangunahan po ito noong panahon ni Mayor Marcy. Binigay niya po nang libre itong ating bazaar para makatulong na rin po sa inyo,” she said, noting how the initiative has allowed local producers to earn significantly during the holiday rush.
This year’s bazaar features 39 local manufacturers of shoes, leather goods, and handcrafted bags. Among them are long-established family enterprises and emerging leather brands that have found
Tinsmithry products, including roofing sheets and gutters, registered a 1.4-percent annual increase in October, slipping from the 1.8-percent growth recorded in September.
Other categories also contributed to the slowdown. Masonry materials rose 1.1
The PSA reported that the annual growth rate of the Construction Materials Retail Price Index (CMRPI) in the National Capital Region eased to 0.9 percent in October, down from 1 percent in September. By comparison, the index rose 1.5 percent in October 2024.
percent, slower than the 1.4 percent gain a month earlier, while painting materials and compounds increased 2 percent, down from 2.2 percent in September.
Some segments, however, saw faster growth. Plumbing materials climbed 0.2 percent from 0.1 percent the previous month, and miscellaneous construction materials grew 0.6 percent, up from 0.2 percent.
a steady following in recent years. Open until January 4, 2026, the Christmas Shoe Bazaar at Marikina Freedom Park welcomes visitors daily from 8:30 a.m. to 7 p.m. on Mondays to Thursdays, and until 8:00 p.m. on Fridays to Sundays.
The mayor also stressed that the Christmas season remains the most crucial
period for Marikina’s shoe and leather sectors, with the bazaar providing an accessible and centralized venue for both longtime patrons and new customers.
“ Alam ko pong malaking bagay po [ito], lalo na itong kapaskuhan mas kumita po ang ating mga magsasapatos, at ang ating leather manufacturers,” Teodoro said. “Kung kaya po naming
TMa. Alyanna Selda Intern
HE head of the National Fisheries Research and Development Institute (NFRDI) has earned international recognition after placing third in the Technology and Research category of the 2025 Women in Ag Award held in Hanover, Germany.
The German Agricultural Society and Women in Ag Magazine conferred the award on Maria Theresa Mutia, executive director of the Department of Agriculture NFRDI, during ceremonies on November 12. Mutia’s entry stood out among more than 150 nominations from 63 countries.
Carpentry materials, which had fallen 0.1 percent in September, rebounded slightly to a 0.2-percent increase. Electrical materials held steady with a 1.8-percent annual gain.
The CMRPI tracks the retail prices of construction materials typically purchased by households and small-scale builders, serving as a key indicator of trends in the residential construction sector.
i-extend, mas maganda pero talagang hanggang January 4 po narito po kami para sumuporta sa inyo.”
The mayor described the annual bazaar, organized by the Philippine Footwear Federation Inc. (PFFI), as a modest yet meaningful way for the city government to stand with its workers—many of whom rely on increased year-end sales to support their families.
“Ito po ay maliit na bagay na pagtulong po sa inyo, pero alam ko na malaking bagay para sa ating mga manggagawa,” she said, adding that the city wanted the event to be operational in time for workers to benefit before mid-month payouts.
“Sabiko,kailanganbagomag-akinse…” Teodoro remarked, underscoring the city’s intention for the bazaar to serve as an early economic push for the community.
As the 2025 edition of the bazaar opens, the Marikina LGU chief expressed hope that participating producers will surpass last year’s earnings.
“Itopoayparaposainyo.Nawa,itong bazaar, itong 2025, ay marami po tayong maibigaynatulongsaatingmanggagawa, gayundin sa ating shoe manufacturers,” Teodoro said. “Malampasan niyo po ang sales noong nakaraang taon.”
A fisheries specialist with more than three decades in government service, she was recognized for her pioneering work in breeding and culture technologies for endangered and endemic fish species.
Mutia, who marked her first year as NFRDI chief this month, said the award mirrors the collective work of the Institute and its partners.
“This recognition is not mine alone, but a reflection of the collective efforts of the many people I have had the privilege to meet, work with, and learn from,” she said. She shares the third-place citation with Thailand’s Lamai Yapanan of East-West Seed. Austria’s Cécile Deterre and Spain’s
Energy Secretary Sharon S. Garin said significant progress has been made in restoring critical energy infrastructure across various regions, with several areas now fully energized. The DOE estimates that electricity will be restored to the remaining 800,000 affected households and businesses in the coming days, with continued emphasis on the safety of all personnel deployed on the ground.
“We are emphasizing utmost caution for all line workers, engineers, and Task Force Kapatid volunteers, recognizing the hazards in remote and hard-to-reach areas,” Garin said. “Rapid, safe, and complete restoration of power services remains our highest priority. Our teams will remain on the ground until every affected household is reconnected to safe and reliable electricity.”
The DOE chief added that significant
THE Food and Drug Administration (FDA) has cautioned the public not to buy or sell any health product, whether in physical stores or online platforms, that does not have FDA authorization.
In an advisory released on November 11, the agency said unauthorized products— those that do not have a Certificate of Product Notification (CPN) or a Certificate of Product Registration (CPR)—have not gone through quality and safety reviews.
“Such products may contain harmful ingredients or impurities that may pose health risks to consumers, such as allergies, skin problems, or other adverse health issues,” it added.
Cristina Mallor won first and second place, respectively. Mutia is the first Filipina to earn a Technology and Research award in the program.
Mutia is known in the industry as the “Mother of Maliputo and Tawilis” for leading the first captive breeding of the high-value maliputo and advancing conservation research on the endangered tawilis, the world’s only freshwater sardine found in Taal Lake. Her studies helped establish maliputo hatchery technology and guided sciencebased policies such as the annual closed fishing season for tawilis every March and April, as well as the creation of protected areas in Taal Lake.
For instance, key power generation plants—Sabangan Hydroelectric, GIFTC2 Biomass, Morong Solar, and FLS Hydroelectric—have been successfully brought back online, strengthening available supply for the grid. In Catanduanes, vital transmission infrastructure has been fully restored, such as the Virac-Codon, Virac-San Miguel, and San Miguel-Viga lines, alongside the 20 MVA Marinawa Substation. Also, numerous private distribution utilities across Luzon have achieved full restoration. Some of these are the following: La Union Electric Co.; Subic Enerzone Corp.; Olongapo Electricity Distribution Corp.; Clark Electric Distribution Corp.; Angeles Electric Corp.; San Fernando Electric and Light & Power Co.; Cabanatuan Electric Corp.; and, Tarlac Electric Inc. Dagupan City, San Carlos City, and San Jacinto (Decorp) are also fully energized, according to the DOE. In Visayas, the Mactan Electric Co., the More Electric and Power Corp. and the Bohol Light Co. Inc. have achieved complete power restoration, with Bacolod City also fully energized, the agency added. Lenie Lectura
Aside from banning the purchase and sale of unauthorized health products, the FDA also prohibits their manufacture, importation, exportation, distribution, promotion, advertising or sponsorship. The FDA issued a strong warning to establishments, saying that distributing unauthorized health products would lead to penalties under Republic Act 9711 or the Food and Drug Administration Act of 2009. It also called on the public to report violators by sending an email to: info@fda. gov.ph or ereport@fda.gov.ph Consumers can check if a health product has a CPR or CPN by checking the FDA Verification Portal at verification. fda.gov.ph Claudeth Mocon-Ciriaco
Mutia joined NFRDI in 1992 as a contractual biologist and later became the agency’s head. She holds degrees in zoology and environmental science from the University of the Philippines Los Baños. Filipinas were also recognized in the Education category: Robyn Mijares of Youth Uprising and Grow School Philippines and Lysette Lacambra of the East-West Seed Knowledge Transfer Foundation. Now on its fourth year, the Women in Ag Award honors outstanding women in agriculture across four categories namely
www.businessmirror.com.ph
New DOJ secretary Vida takes oath before PBBM
FORMER Mayor of the Municipality of Mendez-Nuñez in Cavite Fredderick A. Vida formally assumed office as acting head of the Department of Justice (DOJ) on Monday.
This, after he took his oath of office before President Ferdinand R. Marcos Jr. in Malacañang earlier that day.
He replaced former DOH Secretary Jesus Crispin “Boying” Remulla who was appointed Ombudsman in October. Prior to his new designation, Vida served as assistant secretary of the DOJ since January 2023. He also served as Mayor in
Cavite from 2013 to 2022, President of the Mayor’s League of Cavite from 2019 to 2022.
The Nation Palace says ready to answer ‘flawed’ Zaldy Co allegations
Vida earned his Bachelor of Arts degree in Political Science from the University of the Philippines and Juris Doctor degree from the Ateneo School of Law. He passed the 1996 Philippine Bar Exam. He is the latest government official, who was given a new designation by the President. Last week, Marcos also named Finance Undersecretary Charlito Martin R. Mendoza as the new commissioner of the Bureau of Internal Revenue (BIR). Samuel P. Medenilla
LTFRB tightens watch on unauthorized TNVS units
By Lorenz S. Marasigan @lorenzmarasigan
THE Land Transportation Franchising and Regulatory Board (LTFRB) on Monday vowed to intensify its enforcement operations against transport network vehicle service (TNVS) units operating without proper franchise and provisional authority.
According to Vigor Mendoza II, the chairman of the transport regulator, the agency confirmed “widespread franchise violations” in the sector, as it recently deployed “mystery riders.”
“We investigated based on the complaints that we have been receiving and we have been monitoring from social media. And we were able to confirm the violations, through our mystery riders, that include operating the units even without the franchise and provisional authority from us,” he said.
Mendoza said he “confronted” representatives of transport network companies (TNCs) during a recent meeting, warning them of severe consequences after mystery riders confirmed reports of franchise violations.
The LTFRB chief raised concerns over how TNVS units without provisional authority were able to be included in TNC service apps, calling the practice “wrong” and demanding it be corrected.
Among the violations discovered was a “tempo” modus, wherein TNVS operators were allegedly issued temporary permits for regular fees. The board found that TNCs were allegedly allowing these units to operate on their platforms even without
proper LTFRB permits.
Mendoza pressed TNC representatives to explain how unauthorized units could be onboarded onto their apps without LTFRB clearance.
“But the bigger issue here is that how can these units be included in your service apps when they do not even have a provisional authority from the LTFRB? This is wrong and this must be corrected,” he said.
The LTFRB is set to deploy more mystery riders to monitor compliance across the sector.
He said TNC representatives “committed” to cooperate with the LTFRB and agreed to explore linking the board to their online service app systems to verify that all drivers have proper authorization to operate.
Mendoza pledged to expedite processing of pending TNVS franchise applications and halt the issuance of temporary permits, which some transport groups have alleged to be a source of corruption within the agency.
“This will be our good start. I commit to releasing all the franchise applications if all the requirements are met and my office is always open to you to look into all your concerns,” he said.
Mendoza added that the LTFRB wants to level the playing field for all transport operators, including passenger jeepneys, buses and taxis that comply with requirements to avoid colorum operations.
“In return, I expect you to tell me the truth and not do anything that would violate our rules and regulations. Otherwise, I will cancel everything,” he emphasized.
MBy Samuel P. Medenilla @sam_medenilla
ALACAÑANG said Monday it is ready to face the “loophole-riddled” allegations of former Ako Bicol Partylist representative Elizaldy “Zaldy” Co that President Ferdinand Marcos ordered the insertion of P100-billion worth of projects in the 2025 national budget at the proper forum.
Acting Presidential Communications Office (PCO) Secretary Dave M. Gomez issued the statement in a radio interview, when asked for a reaction on the remark of Co that he is ready to present evidence to support his claims.
“Let him do that here in the proper court, the proper judicial authorities...not on a video, which he can deny later,” Gomez said in Filipino.
Besides not being notarized or
formatted like a sworn statement, netizens have raised questions about the authenticity of the video, noting discrepancies in visuals and the claims of Co. The possibility it was produced by other parties using artificial intelligence was also raised.
Citing alleged threats to his life, Co has continued to refuse to return home from the United States, where he underwent medical treatment earlier this year.
During the weekend, he released a three-part video in his social media account, where he claimed Marcos ordered billions of pesos of insertions during the deliberations of the bicameral conference committee for the 2025 national budget.
Gomez said Marcos will not dignify the claims with a response since it contained many loopholes, including the lack of proof that the President made such an order. rendering it as hearsay.
He said it also made no sense for the President to order the insertion of the P100 billion worth of projects in the bicameral discussions, when he could have just added it in the 2025 National Expenditure Program.
Gomez maintained that Marcos is against such irregularities as shown by his ongoing drive against anomalous flood control projects.
The PCO chief reiterated that Co’s allegation is a desperate ploy by the former lawmaker to avoid possible charges for his alleged collection of kickbacks from flood control projects.
The case against Co and other government officials, as well as private individuals,
‘No legal weight’ in videotaped claims, as parties urge Zaldy Co to come home
Tis still pending as concerned government agencies prepare an airtight case against them. In a related development, Gomez said that the government is also not concerned by the increasing number of the participants of the three-day anti-corruption rally of the influential religious sect, Iglesia Ni Cristo (INC). As of last Sunday, the police estimated a total of 650,000 INC members at the peak of Sunday’s event. He thanked the organizers of the event for making sure the demonstration, which will end on Tuesday, remains peaceful and shows the country’s “healthy and thriving” democracy.
“This just indicates that our democracy is very much alive. We hear them, we feel them and we will not disappoint them in their call for accountability and transparency,” he said.
Gomez, however, noted concerned government agencies are closely monitoring the small group calling for the resignation of the President.
“So isn’t it obvious that those who want to bring him down are the ones who will be affected [by the flood control projects anomalies probe],” he said.
₧40.48-M emergency jobs set for ‘Uwan’-hit workers in Cagayan Valley–DOLE II
By Ada Pelonia @adapelonia
HE Nationalist People’s Coalition (NPC) said there was no “legal weight” in former Ako Bicol Rep. Zaldy Co’s videotaped allegations.
The NPC made this pronouncement after Co released a videotaped statement, alleging that former Speaker Martin Romualdez told him to stay outside the country when he left the Philippines at the instructions of President Marcos.
He also claimed that the Department of Budget and Management (DBM) Secretary Amenah Pangandaman instructed him at the start of the bicameral conference committee deliberations for the 2025 budget to insert at least P100 billion worth of projects into the bicameral version.
Co also alleged that he received a list of projects worth P100 billion at a later meeting with Romualdez, Pangandaman, and Undersecretaries Jojo Cadiz and Adrian Bersamin.
“As it stands, [Co’s] recording is unsworn, unnotarized, unauthenticated and produced abroad, and therefore carries no legal weight or value as formal testimony,” the NPC said.
“If Co wishes to pursue his claims, he may execute a sworn
affidavit, submit supporting documents, and appear before the appropriate authorities. These steps—not unsworn recordings— will allow for a clear and credible resolution of the issues at hand.”
Furthermore, the NPC explained that once the National Expenditure Program (NEP) is submitted, adjustments during the bicameral conference committee originate solely from Congress. As such, the NPC noted that no external entity could introduce insertions at that stage.
“During the period in question, responsibility for Houseside changes rested with Co. Suggestions that attempt to place accountability elsewhere are inconsistent with long-established budget procedures.”
Return to the country
MEANWHILE , other major political parties of the House urged Co to return to the Philippines and face the investigation on the controversial flood control projects.
The National Unity Party (NUP) and Partido Federal ng Pilipinas (PFP) issued separate statements on Monday calling for Co’s return to the country to appear before the Independent Commission on Infrastructure (ICI).
“We call for the ICI to act with urgency on these allegations and urge the full cooperation of the
high-ranking officials mentioned [in Co’s claims],” the NUP said.
“We further call for Co to appear before these investigations and testify under oath to the accusations he publicly raised. If his assertions are grounded in fact, then there can be no fear in bringing the full truth to light.”
The PFD also sought for Co’s return to the country, stressing that jurisdiction couldn’t be exercised over someone who refuses to appear.
“No video recorded abroad can substitute for sworn testimony, cross-examination, and accountability before the proper bodies,” the PFD said.
In contrast, the PFD noted that all members of the House who were asked to clarify matters have voluntarily appeared before the ICI and availed themselves of due process and the rule of law, while Co has not.
“If Co believes in the validity of his accusations, the proper venue is here in the Philippines—before the ICI and before our investigative bodies—not in a video taken overseas,” the PFD said.
“Here he will have every opportunity to air his side, present evidence, and answer questions under oath. If there are legitimate concerns for his safety, the government has the means to ensure his protection while he testifies.”
Cops deployed to secure allies to be equipped with body cams
By Rex Anthony Naval
ACTING Philippine National Police (PNP) chief Lt. Gen. Jose Melencio Nartatez Jr. on Monday said that policemen securing the three-day anticorruption protest of the Iglesia Ni Cristo (INC) and other groups will be using body-worn cameras to ensure full transparency and accountability in the conduct of crowd management. This measure aims to assure both protesters and the broader public that police actions will be recorded from start to finish in line with the instruction of President Ferdinand R. Marcos Jr. to ensure that police engagements are properly documented, professionally executed, and grounded in respect for the rights and freedoms of all citizens.
Nartatez also said the use of body-worn cameras ensures that every interaction is documented.
“This strengthens public trust that the PNP is committed to lawful and respectful policing,” he said.
Nartatez also explained that body-worn camera recordings will play a crucial role in addressing any allegations of misconduct, provocation, or operational
lapses that may emerge during the protest.
Amid the expected heavy turnout and widespread online activity surrounding the INC protest, Nartatez stressed the importance of having reliable, verifiable recordings.
“The footage will help us correct false claims and present what truly happened,” he noted. To guarantee smooth imple -
mentation, the PNP has ordered all field units to complete operational readiness checks such as covering battery life, storage capacity, device integrity, and activation protocols.
Monitoring teams have also been deployed to ensure that cameras remain active during crowd control operations, checkpoints, and the handling of complaints or security concerns.
THE Department of Labor and Employment (DOLE) has allocated P40.48 million in emergency employment aid for workers affected by Typhoon “Uwan” in Cagayan Valley. In a statement on Monday, DOLE-Region II said the amount will fund the Tulong Panghanapbuhay sa Ating Disadvantaged/ Displaced Workers (TUPAD) program for more than 7,000 beneficiaries whose jobs or livelihoods were disrupted by the typhoon.
TUPAD is a short-term emergency employment program that provides temporary income relief to workers affected by disasters, economic shocks, or displacement. Under the scheme, beneficiaries will be deployed for 10 to 20 days of community-based work, including clearing debris, removing fallen trees, conducting minor repairs, and assisting in other early recovery activities in their localities. They will also be paid based on the highest prevailing minimum wage in the region.
According to DOLE-Region II Director Jesus Elpidio B. Atal Jr., the regional office is prioritizing assistance for workers whose incomes were interrupted by Uwan. He said emergency employment continues to be one of the agency’s fastest interventions during calamities.
Provincial offices have been directed to coordinate with local government units to profile affected workers, validate lists, conduct orientations, and ensure the timely payout of wages. Beneficiaries are expected to begin their assignments once these preparatory steps are completed.
Most recent data from the National Disaster Risk Reduction and Management Council (NDRRMC) showed that nearly 1.40 million residents in Cagayan Valley were affected by Typhoon Uwan.
A total of 124 cities and municipalities in the region also suspended work as the storm swept through Northern Luzon. Justine Xyrah Garcia
A10
November 18, 2025
Editor: Angel R. Calso
China intensifies confrontation with Japan over Taiwan remarks, threatening economic reprisals
By Bloomberg News
CHINA is escalating its confrontation with Japan over Prime Minister Sanae Takaichi’s comments on Taiwan, with state media threatening major countermeasures after Beijing’s travel warnings raised the specter of economic retribution.
Yuyuantantian, a social media account linked to China’s state broadcaster and frequently used to signal official policy, published a commentary over the weekend warning that Beijing “has made full preparations for substantive retaliation.” The post hinted at
imposing sanctions, suspending economic, diplomatic and military ties, and restricting trade as forms of potential reprisal.
Hours later, the People’s Liberation Army Daily reinforced that message publishing a commentary by a state-affiliated scholar
warning that if Japan’s military got involved in the Taiwan Strait “the entire country would risk becoming a battlefield.”
crisis risks
with Chinese Presi -
dent Xi Jinping and agreed to improve relations. The spat also threatens to inflict damage on businesses straddling the key trading partners, as China warns tourists and students about heightened risks in Japan.
Those measures put millions of Chinese tourists—about a quarter of all visitors to Japan annually— on the line, triggering slides in the shares in travel-related stocks, with Shiseido Co. falling as much as 11% on Monday. Hong Kong also updated its travel advisory for Japan. Japan is dispatching a senior diplomat to China on Monday in a bid to smooth tensions, public broadcaster NHK reported, citing a senior official at the country’s Ministry of Foreign Affairs. The upcoming G-20 leaders’ summit this weekend in South Africa could
provide Takaichi a venue to meet with Chinese Premier Li Qiang and mend fences, although no sitdown is confirmed.
“This is about setting the terms early in Takaichi’s term, deterring other countries from similar rhetoric, and discouraging Tokyo from taking further steps,” said Bloomberg Economics’ Jennifer Welch. “Japan is a relatively easy target and tourism an easy lever to pull.”
Takaichi has so far defended her remarks over Taiwan, while Tokyo has said its stance is unchanged from previous administrations. On Monday, Japan’s Chief Cabinet Secretary Minoru Kihara called China’s travel warning unacceptable. China’s fallout with Japan
See “China,” A11
CHINESE President Xi Jinping, right, shakes hands with Japanese Prime Minister Sanae Takaichi ahead of their meeting in Gyeongju, South Korea, Oct. 31, 2025. KYODO NEWS VIA AP
The diplomatic
unraveling recent progress in bilateral ties, just a few weeks after Takaichi met
Bangladesh tribunal sentences ousted PM Hasina to death amid nationwide protests
By Julhas Alam The Associated Press
DHAKA, Bangladesh—A special tribunal sentenced Bangladesh’s ousted Prime Minister Sheikh Hasina to death on charges of crimes against humanity involving last year’s mass uprising that ended her 15-year rule.
The reading of the verdict on Monday from the tribunal in the capital, Dhaka, was broadcast live.
The interim government beefed up security ahead of the verdict, with soldiers, paramilitary border guards and police deployed in Dhaka and many other parts of the country.
Hasina, who has been in exile in India, was tried in absentia.
She has called the tribunal a “kangaroo court” and denounced the appointment of a lawyer by the state to represent her.
Paramilitary border guards and
China. . .
Continued from A10 comes shortly after Europe welcomed a Taiwanese vice president for the first time since 2002 outside transits, sparking anger from Beijing. That came amid a flurry of diplomatic outreach between Taiwan and the European Union, which runs against Beijing’s strategy of isolating the global chip hub.
For Tokyo, the economic stakes are substantial. China is Japan’s largest trading partner, and Yuyuantantian’s commentary explicitly noted that Japanese manufacturers depend heavily on Chinese imports for critical materials. An earlier dispute between China and Japan in 2012 over disputed islands saw a months-long boycott of Japanese goods that affected trade.
China’s travel advisory could slice as much as 2.2 trillion yen ($14.2 billion) off Japan’s economy, or 0.36 percentage point of gross domestic product, according to an estimate by Takahide Kiuchi, an executive economist at Nomura Research Institute and former Bank of Japan board member. Kiuchi said his estimate draws on similar cases in the past. In 2012, when China urged its citizens to avoid visiting Japan after Japan nationalized contested islands known as the Senkaku in Japan and the Diaoyu in China, the number of Chinese visitors fell by about 25% from the previous year.
In little more than three months that contributed to a fall of more than 10% in annual exports.
“It is reasonable to assume modest negative impact on Japan’s service sector activity in next few months,” said Homin Lee, a macro strategist at Lombard Odier Singapore. “Clearly, retail, leisure, real estate, and airline names closely associated with Chinese visitors to Japan will be weighed down by the episode.”
Over the weekend, Beijing also sailed four armed Chinese Coast Guard vessels through disputed waters controlled by Japan before leaving, in another sign of tension. China has already displayed its willingness to take economic retaliation against regional neighbors over political spats. In 2017,
police were deployed in Dhaka and many other parts of the country as Hasina’s Awami League party called for a nationwide shutdown Monday to protest against the verdict, calling the tribunal a “kangaroo court.”
bombs and arson led to the disruption of classes and transportation across the country after the “lockdown” called for by Hasina’s party.
As the tribunal was set to convene Monday morning, the former ruling party called for the shutdown again, with Hasina in an audio message urging her supporters not to be “nervous” about the verdict. Hasina has survived at least 19 assassination attempts during her decades-long political career since 1981.
The verdict came as local media reported new explosions of crude bombs in Dhaka, including one in front of the house of an adviser, equivalent to a Cabinet minister, on Sunday.
Authorities at the Supreme Court, in a letter to army headquarters on Sunday, requested the deployment of soldiers around the tribunal premises ahead of the verdict.
The prosecution said the tribunal’s deliberation of the verdict could be broadcast live on the state-run Bangladesh Television and other TV stations channels.
Hasina was ousted on Aug. 5 last year and fled to India. Bangladeshi Nobel Peace Prize laureate Muhammad Yunus took over as the head of an interim government three days after her fall. Yunus vowed to punish Hasina and banned the activities of her Awami League party.
The prosecution in a special tribunal has sought the death penalty for Hasina, exiled in India, and a former home minister, who is possibly also in India. It did not recommend any penalty for a third suspect—a former police chief who became a state witness and pleaded guilty. Verdicts for all three are expected Monday.
Beijing deployed trade weapons against South Korea over the THAAD missile defense system that China complained would disrupt the region’s strategic balance.
That saw China suspend sales of package tours to South Korea and hinder the operations of Korean companies. The row shaved 0.4 percentage points off South Korea’s gross domestic product expansion in 2017, according to Bank of Korea estimates.
The confrontation represents an abrupt turnaround in ties after Takaichi met Xi on the sidelines of the APEC summit in South Korea, and pledged to “deepen their personal relationship.” She also used that meeting to raise concerns over Beijing’s export curbs on rare earths critical to making everything from electric vehicles to smartphones.
Still, Takaichi has a history of being friendly to Taiwan, meaning that she came to office already facing skepticism from Beijing. China is highly sensitive to remarks around Taiwan, the self-ruled island it’s vowed to claim someday, by force if necessary.
“Because she is early in her tenure and because her position is not quite stable yet, China sees itself as able to more fully test the boundaries,” said Dylan Loh, associate professor at Nanyang Technological University in Singapore. “But by no means are the reactions in Beijing inauthentic, quite the contrary,” he added.
The standoff with China represents Takaichi’s first major foreign policy challenge since she became prime minister in October.
While she has relatively high approval ratings, surveys show the public is split on the idea of Japan becoming involved in any conflict over Taiwan. A Kyodo News poll taken over the weekend showed that 48.8% of respondents agreed that Japan could exercise collective self-defense in such a scenario, while 44.2% disagreed. Any further escalation of the spat with China, particularly economic retaliation by Beijing, could also increase the challenge for Takaichi of trying to address inflation and a slowing economy through stimulus measures.
Tokyo has for years been con -
Hasina and former Home Minister Asaduzzaman Khan face charges of crimes against humanity for the killing of hundreds of people during a student-led uprising in July and August of 2024. The United Nations in a February report said up to 1,400 may have
cerned about any attempt by China to seize democratically-governed Taiwan, because of its close proximity. Yonaguni, the closest Japanese island to Taiwan, is around 100 kilometers (62 miles) east of the Taiwanese coast line.
Sitting Japanese prime ministers have avoided discussing the details of potential conflicts over Taiwan and instead called for the status quo to be maintained, reflecting the sensitivities.
been killed in the violence, while the country’s health adviser under the interim government said more than 800 people were killed and about 14,000 were injured. Both of them are being tried in absentia.
The tribunal last week fixed Monday for delivering the verdict as reports of explosions of crude
Takaichi deviated from that in her statement this month, in which she suggested military force used in any Taiwan conflict could be considered a “survival-threatening situation”—a classification that would provide a legal justification for Japan to support friendly countries that choose to respond.
China’s Foreign Ministry summoned Japan’s ambassador using the term “on instruction”—language that Yuyuantantian said
Meanwhile, Dhaka’s police chief Sheikh Mohammad Sazzat Ali issued a “shoot-on-sight” order if anyone attempts to torch vehicles or hurl crude bombs.
The directive came as nearly 50 arson attacks, mostly targeting vehicles, and dozens of explosions of crude bombs have been reported nationwide over the past week. Two people were killed in the arson attacks, local media reported.
indicates the intervention came from more senior leaders and was more than a routine diplomatic protest.
Ties between Beijing and Tokyo have been rocky for decades over historical issues, including Japan’s invasion in the 1930s, as well as long-running territorial spats over disputed islands.
Both Hasina and her party have called the special tribunal a “kangaroo court” and denounced the appointment of a lawyer by the state to represent her.
Yunus said his interim government would hold the next elections in February, and that Hasina’s party would not get a chance to contest the race.
Bangladesh’s politics under Yunus has remained at a crossroads with limited signs of stability.
Taiwan President Lai Ching-te on Monday accused Beijing of undermining peace and stability in the Indo-Pacific region with its attacks on Japan, calling on the international community to pay attention and urging China to exercise restraint.
The US has so far issued no official response to the China-Japan dispute. Both Washington and Tokyo have historically avoided explicit statements about defending Taiwan militarily. With assistance from
Nectar Gan, Erica Yokoyama, Jon Herskovitz, Cindy Wang and Winnie Hsu /Bloomberg
BANGLADESH’S Prime Minister Sheikh Hasina speaks during a press conference in Dhaka, Bangladesh, on Jan. 6, 2014. AP/RAJESH KUMAR SINGH
Israeli leader insists there can be no Palestinian state, ahead of UN vote leaving that door open
By Melanie Lidman The Associated Press
TEL AVIV, Israel—Israeli Prime Minister Benjamin Netanyahu vowed Sunday to oppose any attempt to establish a Palestinian state, a day before the UN Security Council planned to vote on a US-drafted resolution on Gaza that leaves the door open to Palestinian independence.
Netanyahu has long asserted that creating a Palestinian state would reward Hamas and eventually lead to an even larger Hamas-run state on Israel’s borders. But as the US attempts to push forward with its Gaza ceasefire proposal, he faces heavy international pressure to show flexibility.
The Security Council is expected to vote on a US proposal for a UN mandate that would establish an international stabilization force in Gaza despite opposition from Russia, China and some Arab countries. Hamas and Palestinian factions warned Sunday against the US proposal, calling it an attempt to impose an international mandate on Gaza that is biased toward Israel and deprives Palestinians of the right to manage their own affairs. In a statement, the groups said the force must not involve Israel and must be under direct UN
supervision.
The statement also rejected any reference in the US proposal to disarming Gaza. Netanyahu on Sunday noted the proposal calls for Gaza to be demilitarized and Hamas to be disarmed, telling his Cabinet: “Either this will happen
the easy way, or it will happen the hard way.”
The US, under pressure from countries expected to contribute troops to the force, had revised the resolution with stronger language about Palestinian selfdetermination. It now says that President Donald Trump’s plan may create a “credible pathway” to Palestinian statehood. A rival Russian proposal uses even stronger language in favor of Palestinian statehood.
The creation of a Palestinian state alongside Israel is seen internationally as the only realistic way to resolve the conflict for the long term.
Netanyahu’s hardline governing partners have urged him to take a tough stand on the calls for Palestinian independence. Netanyahu said Sunday that Israel’s opposition to a Palestinian state has “not changed one bit” and is not threatened by external or internal pressure.
“I do not need affirmations, tweets or lectures from anyone,” he said.
That pressure increased during the war in Gaza. In September, after the U.K., Australia and Canada formally recognized a Palestinian state, Netanyahu blasted the countries for proffering a “prize” to Hamas.
Settler attacks on the rise in West Bank
THE Israeli leader also made his first public comments about a surge in attacks by Jewish settlers in the Israeli-occupied West Bank, saying the violence was the work of a small minority. Palestinians and human rights groups say the violence has been widespread and accused the government of turning a blind eye.
Palestinian health officials said Sunday that a 19-year-old Palestinian man became the seventh person to be killed in the West Bank in the past two weeks by Israeli fire. The spike in violence has been accompanied by a surge in settler attacks.
The Israeli military said it was operating in Nablus, in the northern West Bank, early Sunday when the man hurled an explosive device at soldiers, who fired in response.
The military later said its forces had killed someone in the Far’a area of the West Bank who “attempted to harm them,” with no details. There was no immediate Palestinian comment.
In addition to Sunday’s clashes, the Palestinian Health Ministry in the West Bank said six teenagers—ages 15 to 17—were shot and killed by Israeli fire in four separate shootings over the past two weeks.
On Sunday, Netanyahu cast settler violence as the work of a few extremists. But Palestinians and rights groups say the violence is carried out by settlers with impunity from Israel’s far-right government. Settler leaders and their allies hold top positions in Netanyahu’s government, including the Cabinet ministers who oversee the national police force and West Bank settlement policies.
US Secretary of State Marco Rubio last week said there’s concern that the events in the West Bank “could undermine what we’re doing in Gaza.”
UN Human Rights Commissioner spokesperson Thameen AlKheetan has said the UN recorded more than 260 attacks by Israeli settlers against Palestinians and their property in the West Bank in
MOURNERS carry the body of the Palestinian Hassan Ahmed Jamil Moussa,19, who, according to health authorities, was killed during an Israeli raid last night, during his funeral in the Askar camp near the West Bank city of Nablus, Sunday, Nov. 16, 2025. AP/MAJDI MOHAMMED
Trump faces headwinds in persuading Saudi crown prince to normalize ties with Israel
WBy Aamer Madhani & Matthew Lee
The Associated Press
ASHINGTON—President
Donald Trump has not been subtle about how badly he wants to see Saudi Arabia and Israel normalize relations.
He has talked up his push to extend his first term Abraham Accords—the project that formalized commercial and diplomatic ties between Israel and a trio of Arab nations—as key to his plan for bringing long-term stability to the Middle East as the fragile ceasefire between Israel and Hamas in Gaza continues to hold.
The normalization push is expected to be high on the agenda when Trump hosts Saudi Crown Prince Mohammed bin Salman on Tuesday for talks during a pompfilled White House visit.
“I hope that Saudi Arabia will be going into the Abraham Accords very shortly,” Trump told reporters aboard Air Force One on Friday as he made his way to Florida for the weekend.
Yet Trump’s optimism that a US-brokered deal could come soon is tempered by more sober internal assessments. Saudi Arabia is unlikely to sign on to the accords anytime soon, but there is cautious optimism that an agreement can be sealed by the end of Trump’s second term, according to three administration officials who spoke on the condition of anonymity to discuss internal deliberations.
The first Trump administration and its successor, the Biden administration, tried to persuade Saudi Arabia to join the Abraham Accords. But those hopes were dashed first by opposition from the crown prince’s father, King Salman, during Trump’s first term and then by Prince Mohammed himself after the Hamas attacks on Oct. 7, 2023, against Israel that sparked the Gaza war.
Although the crown prince, widely referred to as MBS, has indicated he may be more flexible than his father on the matter, a guaranteed path to a Palestinian state remains a condition and something that Israel vehemently opposes.
Trump could try to convince Prince Mohammed that the American leader’s 20-point Gaza peace plan represents such a path. That, however, risks the ire of the Israelis and their cooperation in the effort, especially if the Republican president were to promise a detailed timeline of benchmarks to be met.
One of the officials said the best outcome for this week’s talks, from the US standpoint, might be for the Saudis to acknowledge Trump’s plan as the starting point
for eventual Palestinian statehood and publicly agree to consider joining the accords.
Saudis want a path toward Palestinian statehood TRUMP in recent weeks has predicted that once Saudi Arabia signs on to the accords, “everybody” in the Arab world “goes in.” He has asserted that the Saudis will join, given that the Gaza ceasefire is holding.
“We have a lot of people joining now the Abraham Accords, and hopefully we’re going to get Saudi Arabia very soon,” Trump said in a speech to business leaders this month where Princess Reema Bandar Al Saud, Saudi Arabia’s ambassador to Washington, was a special guest. Trump jokingly assured the diplomat, “I’m not lobbying.”
Trump says his optimism is informed by what he sees as a seismic shift in Middle East dynamics that he believes has created an opening for regional leaders to pursue
lasting peace.
Iran, the common nemesis for the Saudis and Israelis, has seen its myriad proxies in Gaza, Lebanon and Yemen diminished after two years of conflict in the Middle East, and Tehran’s nuclear program was set back by US strikes in June. Those factors have helped seed the ground for Saudi Arabia and Israel to come to an agreement, Trump argues.
Nevertheless, Trump’s public confidence remains difficult to square with the Saudi position that any normalization deal requires first establishing a clear path for Palestinian statehood.
Yet the visit could present an opportunity for Trump to ease the crown prince toward his ultimate goal, particularly if Trump can show he is receptive to the need to establish a Palestinian state.
“Trump showing openness and even support for a Palestinian state could go a long way in his hopes of inching MBS toward
normalization,” said John Hannah, who served as national security adviser for Vice President Dick Cheney.
But Trump certainly contends with some headwinds in persuading Prince Mohammed to get onboard, at least in the near term.
The searing images of the Israel-Hamas war remain fresh and rebuilding the ravaged territory will be a yearslong effort.
Israel and Hamas are making slow progress on the return of remains of the last hostages in Gaza. But several critical decision points on the horizon—disarming Hamas, establishing international security forces in the territory and establishing an alternative governance structure for a post-Hamas Gaza—could undermine the delicate truce if things go sideways.
Ongoing Israeli settler violence against Palestinians in the West Bank has added to regional distrust toward Israel.
“As long as the scenes on Saudi television continue to be scenes of devastation and misery in Gaza, I think it’s going to be very hard for MBS to move in this direction,” said Jonathan Schanzer, executive director at the Foundation for Defense of Democracies, a hawkish Washington think tank. “That said, I also believe that there are things that the Saudis can do, as they’ve done in the past, to advance the process of normalization across the region.”
Fighter jet deal seems unlikely during visit
THE crown prince is expected to come to the White House with a wish list that includes receiving formal assurances from Trump
defining the scope of the US military protection for the kingdom and an agreement to buy US-made F-35 fighter jets, one of the world’s most advanced aircraft.
But as the White House was wrapping up preparations for the visit, it appeared unlikely that Trump was ready to sign off on a deal for the fighter jets, the administration officials said. But they noted that Trump has a track record for unpredictability and could decide to approve the sales if the crown prince somehow persuades him.
The officials said the administration remains wary about upsetting Israel’s “qualitative military advantage” over its neighbors, especially at a time when Trump is depending on Israeli support for the success of his Gaza peace plan.
Another long-standing concern, which also derailed a potential similar sale to the United Arab Emirates, is that the F-35 technology could be stolen by or somehow transferred to China, which has close ties to both the UAE and Saudi Arabia. The crown prince’s price for normalization has only risen in the aftermath of Gaza, said Hannah, the former Cheney aide, who is now a senior fellow at the Jewish Institute for National Security of America. But Hannah said it would be unwise for Trump to give up his leverage.
“I think it would be folly not to insist that the ultimate integration of these planes into the Saudi order of battle be tied to normalization and a more fundamental and permanent transformation in Saudi-Israel relations and the regional security landscape,” Hannah said.
UK government poised to overhaul its asylum system as political storm brews over migration
LBy Brian Melley The Associated Press
ONDON—The British government plans to tighten its asylum system in a series of sweeping changes modeled after Denmark that aims to reduce immigration and quell the political storm over migrants making dangerous English Channel crossings to enter the country without authorization. The policy changes to be an -
nounced by Home Secretary Shabana Mahmood on Monday in the House of Commons are yet another an attempt to make the UK less attractive to those seeking refuge and easier to remove migrants who don’t qualify for asylum.
Mahmood said it was a moral mission to control the borders and reunite a divided country on the flashpoint issue that has helped fuel the rise of the hardright Reform UK Party, though as the daughter of migrants she
denied the ruling center-left Labour Party was adopting far-right talking points.
“People can see huge pressure in their communities and they can also see a system that is broken, and where people are able to flout the rules, abuse the system and get away with it,” Mahmood told the BBC.
Successive governments have failed to halt the flow of migrants to British shores through a variety of efforts that included the previ -
on Gaza ISRAEL’S military said its troops on Sunday killed someone who crossed into territory they control in northern Gaza and “posed an immediate threat to them.” In Khan Younis in southern
ous Conservative government’s plan to send arrivals to Rwanda for asylum processing that never took effect. That policy was scrapped last year when Prime Minister Keir Starmer, who leads the Labour Party, was elected last year and vowed to crack down on migrant smuggling gangs.
More than 39,000 migrants have arrived by boat in the UK this year, surpassing the almost 37,000 who arrived in 2024, according to the latest Home Office figures.
The number, though, is still shy of the nearly 40,000 who had arrived at this point in the year in 2022, which recorded the highest number ever.
Although the numbers arriving by small boat have risen, they represent a fraction of total immigration, with most people entering the UK legally, on visas. Net migration—the number of people entering the UK minus those who left—topped 900,000 in the year to June 2023, according to official
figures. The surge was driven in part by hundreds of thousands of people fleeing war in Ukraine and China’s clampdown in Hong Kong. Net migration stood at 431,000 in the year to June 2025, according to the Office for National Statistics, down 49.9% from 860,000 a year earlier.
The issue of migration became more politically volatile this summer as protests that occa -
Gaza, families in the crowded Muwasi tent camp picked their way along flooded streets after winter’s first strong rainfall that started on Friday. Water dripped through torn tents onto belongings. Children splashed barefoot or in sandals, or tried to ride bikes. “Our bathroom is made of fabric. Everything is made of fabric, and it’s worn out from the sun, so the rain pours down on us. It’s indescribable suffering,” said one displaced Palestinian, Abdallah Abu Quta.
Donald Trump and Saudi Crown Prince Mohammed bin Salman gesture as they meet delegations at the Royal Palace in Riyadh,
A14 Tuesday, November 18, 2025
The World
Pompeo joins Ukrainian defense company under corruption cloud
By Samya Kullab & Efrem Lukatsky The Associated Press
FORMER US Secretary of State
Mike Pompeo has joined the advisory board of Ukraine’s leading defense company, renowned for its long-range drones capable of striking targets deep inside Russia, as a corruption investigation continues.
In an effort to enhance its international reputation, Fire Point is establishing a new factory in Denmark and bringing prominent industry figures on board. It also aims to expand its operations to produce battle-tested cruise missiles, with plans to more than double its current capacity. However, public scrutiny remains intense during an ongoing corruption investigation. Fire Point’s executives insist they have nothing to hide and are operating under strict martial law protocols, even commissioning an independent audit to appease investigators. Critics, however, question the company’s opaque origins and the monopoly of its contracts with the Defense Ministry, and point to al -
Economy.
Continued from A1
percent by the end of the year. “That means we have more than enough capacity to pay what we owe, and our debt remains manageable, stable, and sustainable for the long run,” the Finance chief said.
“We hear you loud and clear. The Filipino people demand accountability and reform, and we answer with decisive action. For these are non-negotiables for long-term growth,” Recto said.
In the short term, Recto said the government is implementing a catch-up
Marketing.
Continued from A18
leged links to President Volodymyr Zelenskyy’s notorious associate Tymur Mindich, who is implicated in a major corruption scandal. “In general, it’s good they are working on this,” said Iryna Terekh, Fire Point’s chief technology officer of the investigation. “We completely support, as a company, the fact that this investigation is happening.”
Terekh said Fire Point has commissioned a major international firm to conduct an independent audit of its pricing and production to quell concerns. The investigation by anti-corruption organizations, launched a year ago, is still ongoing, she said. “We will be waiting for the results to come.”
The Associated Press was given exclusive access to a factory in Ukraine where its cruise missile, known as the Flamingo or FP-5, is assembled. The AP was given access on the condition the exact location is not named, due the risk of Russian attacks.
Big plans
FIRE Point, which rose to prominence after initially being relatively unknown following Russia’s full-scale invasion of Ukraine
plan to align disbursements with national priorities and boost economic growth.
“As budget hearings continue, we urge Congress to pass a 2026 national budget that reflects our priorities and reform agenda,” Recto said.
Spending with the highest multiplier effects must be prioritized, as well as enforcing fiscal discipline and imposing targeted austerity on travel, maintenance and other operating expenses and non-essential expenses in the government, Recto added.
“The national budget is the most powerful lever of our growth story—and we will wield it responsibly. These are your hard-earned money entrusted to us, and we will make
conservation and local livelihoods. Aside from the usual favorites like Palawan, Bohol, Cebu, Siargao, Banaue, and Sagada, many buyers were also drawn to Camiguin, Siquijor, and Dumaguete. They saw these destinations as peaceful, authentic, and ideal for travelers
in February 2022, now reports around $1 billion in revenue this year. It is also constructing a factory in Denmark to manufacture essential rocket propellent.
In the meantime, the company is forging ahead with plans to expand.
The company launched an advisory board and named Pompeo as a member on Nov. 12, executives told AP. “It’s a big honor for us,”
Terekh said, speaking from the factory floor. “We decided that since we are growing into a big international company, we have to ensure we are following the clearest and best corporate standards.”
Another three individuals will join the board. “We are rising as a company and we want a wise adviser board to help us establish this work,” said Terekh.
US Special Envoy to Ukraine
Keith Kellogg also visited one of Fire Point’s factories during his last visit, executives said, in a visit that included other Ukrainian defense technology companies as well.
Building on the success of its deep-strike drone, the FP-1, which AP was granted exclusive access
sure to protect it and spend on programs and projects that will benefit each and every one of you,” the Finance chief said.
Recto assured the public that essential and targeted public services will remain uninterrupted, including high-impact infrastructure projects and official development assistance projects.
Importantly, Recto said the government heeds the call of the public and will prioritize good governance reforms moving forward.
As such, the Marcos Jr. administration will pursue the anti-political dynasty law, as well as rationalize and strengthen the party-list system.
It will also enforce campaign finance
who want meaningful journeys that directly benefit local communities.”
Santos noted, however, that due to the dearth of information and “almost nil” marketing efforts in Europe, many of the previous concerns of his travel buyers
to view in August, the company is now planning to ramp up production of its cruise missiles. They are also in high demand among Ukrainian forces as Western missiles remain hard to access in sufficient quantities to debilitate Russian capabilities.
Fire Point has successfully tested Flamingo on the battlefield at least four times, company executives said. In late August it was used to strike an FSB base in Armiansk in the occupied Crimean Peninsula. This week, the missile was used to strike targets in the Russian city of Oryol. The company did not provide its current production capacity, citing security concerns.
Production is going according to plans, company executives said, without elaborating on precise figures for security concerns.
On the factory floor, dozens of hollowed hulls of missile frames lay scattered. These are made with carbon fiber, a material better suited to eluding Russian radars than aluminum, Maksym, the head of design told the AP. He spoke on condition that only his first name be used for security reasons.
transparency, institutionalize freedom of information and remove all unprogrammed appropriations, except those essential for emergencies, Recto said.
The Department of Finance is also strengthening its initiatives against tax evasion and smuggling, with the Bureaus of Internal Revenue and Customs pursuing major cases.
“No delays. No exemptions. No sacred cows. We will see results,” Recto said.
“This is a government that listens, acts decisively, and puts the national interest above all else. And this is a government that will deliver on its promises—without fear, without favor, without hesitation,” he added.
remained unaddressed. Among these were “connectivity within the country, safety and support from the government for a consistent and sustainable push for the development of tourism.”
There was concern on the recent natural
Thursday, Nov. 6, 2025
Bersamin.
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confidence, and aligning economic initiatives across different agencies. He will now oversee the country’s fiscal directions and implementation of the administration’s economic agenda,” Recto said.
Meanwhile, Go said in a statement that he thanks the President for his “continuing trust and confidence.”
“It is with a deep sense of responsibility that I take on this role. Recognizing the challenges and opportunities ahead, I am fully committed to promoting fiscal strength and sustainable economic growth for the country,” Go said.
“I look forward to working closely with our partners in government, the private sector, and the international community to pursue shared prosperity and a brighter future for all Filipinos,” he added.
Meanwhile, DBM will be led by its undersecretary Rolando U. Toledo. The position of Special Assistant to the President for Investment and Economic Affairs remains vacant as of press time.
Castro said the announcement of new appointments will ensure the government will continue to function following the resignations of Bersamin and Pangandaman.
Speaking to reporters earlier on the sidelines of the Senate plenary debate on the proposed 2026 national budget, Recto said he has yet to meet President Ferdinand Marcos Jr. following the announcement.
Asked about his initial reaction, the former Finance chief said he was “surprised” in being appointed as the new executive secretary, who will improve governance.
“Essentially I think the role of the ES is just governance, so taong-bahay ka doon,” he explained. “How do you improve government services, get departments to move faster, ensure that we follow the Philippine Development Plan—‘yun
disasters that have hit the Philippines, said Clemente, and buyers wondered about the difference in travel costs vis-a-vis other Southeast Asian countries. “The only thing we have going for us right now is that everyone else has been around our
www.businessmirror.com.ph
yung role natin.”
Before formally transitioning out of the DOF, Recto said his instruction to the agency is to “just follow the plan” they laid out.
Recto assumed the position as Secretary of Finance and member of the Monetary Board, the highest policymaking body of the Bangko Sentral ng Pilipinas (BSP), in January 2024. Under his watch, Recto committed to boosting the country’s economic resiliency by practicing fiscal discipline and prudent debt management. Prior to assuming the Finance Secretary role, Recto served as Deputy Speaker of the House of Representatives in the 19th Congress, representing the 6th District of Batangas. His political career included three terms in the Senate (from 2001 to 2007 and from 2010 to 2022), where he held key positions such as Senate President Pro Tempore (16th to 18th Congress) and Senate Minority Leader (17th Congress). He started his political career as the Representative of the 4th District of Batangas from 1992 to 2001. Among the major laws he principally authored/sponsored were the Tax Reform for Acceleration and Inclusion Act; the Universal Healthcare Act; the Rice Tariffication Act; the Ease of Doing Business and Efficient Government Service Delivery Act of 2018; the General Tax Amnesty; the Rationalization of Excise Tax on Automobiles; and the Social Reform and Poverty Alleviation Act. During the pandemic, he coauthored the Bayanihan to Recover as One Act and the Bayanihan to Heal as One Act. He also supported initiatives intended to soften the impact of an economic downturn, such as the Financial Institutions Strategic Transfer Act and the Corporate Recovery and Tax Incentives for Enterprises Act. Recto was Socioeconomic Planning Secretary of the National Economic and Development Authority (Neda) in 2008.
neighboring countries so they’re looking at the Philippines as a possible destination. But we have to convince them of the valuefor-money proposition for the country along with the various attractions available,” he noted.
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sionally became violent were held outside hotels housing asylum seekers after a migrant was arrested—and later convicted—of sexual assault for trying to kiss a 14-year-old girl.
The new reforms include revoking the UK’s legal duty, introduced under EU law in 2005, to provide support for asylum seekers, allowing the government to withdraw housing and weekly allowances that are now guaranteed. Benefits could also be denied to people who have a right to work but don’t and those who break the law, or work illegally.
Refugee status will also be regularly reviewed to see if people can safely be repatriated.
Safe ways will be designated for migrants to claim asylum without having to pack into overcrowded inflatable rafts and risk crossing the choppy channel.
Chris Philp, a Conservative
member of Parliament, criticized the policy for “tinkering” at the edges. He said the changes wouldn’t have the impact of the scrapped Rwanda policy and said every migrant entering the country without authorization should be deported within a week.
“I don’t object to it in principle, but it’s not going to work,” Philp told the BBC. “It’s gimmicks. It’s rearranging the deck chairs on the Titanic. It’s not going to stop people getting on boats.” The Home Office said the new policy was modeled Denmark’s success at reducing its asylum applications to the lowest point in 40 years and removing 95% of those who sought to settle there. Denmark was once a haven for refugees. But as Europe and the Western world have struggled to deal with mass migration from people fleeing conflict, famine and poverty, it has imposed strict limits on newcomers that has drawn international criticism for discouraging people seeking refuge.
MIGRANTS return to the beach after a failed attempt to reach Britain,
in Gravelines, northern France. AP/JEAN-FRANCOIS BADIAS
Nazareno organizers urge public: ‘Don’t disrupt the Feast’
By Justine Xyrah Garcia
THE organizers of the annual Traslacion have appealed to the public to avoid any form of disruption during next year’s Feast of the Jesus Nazarene, stressing that the celebration must remain safe and solemn.
In a press briefing on Monday, Nazareno Feast spokesperson Fr. Robert Arellano said the Church is urging the public to cooperate and follow all guidelines for the massive procession.
“Our appeal is to keep our intentions holy… so we ask everyone to work together and follow the Church’s guidelines,” he said.
Addressing concerns about possible groups or individuals planning to cause disorder, Arellano urged them to stay away.
“For those who might attempt to disrupt the event, we hope you won’t, because it will not help. Our call is for everyone’s safety,” he said.
“We do not know who these people or groups may be, but we strongly oppose anything that could harm, endanger, or cause trouble for the devotees and for all of us.”
For next year’s celebration, organizers said the andas will undergo several modifications to help speed up the return of the image of the Jesus Nazarene from Quirino Grandstand to Quiapo Church.
The changes include four wheels instead of three, the addition of a steering mechanism similar to a vehicle (instead of the old wooden tiller), and improved lighting and ventilation to prevent moisture buildup inside the structure.
Feast Technical Adviser Alex Irasga
explained that the adjustments are meant to ease movement and make the carriage more manageable for the volunteers.
“Based on our study, these improvements will make it easier to push or pull the andas. It may also help speed up the procession,” he said.
However, Fr. Arellano cautioned that it is still uncertain whether the Traslacion will move faster next year.
He said several external factors affect the procession’s pace—many of which are beyond the organizers’ control.
“Even with all our preparations, there are things we cannot control, like the sheer number of people coming, and the devotees who, despite our yearly reminders not to climb the andas, still climb. That becomes the reason for the delays,” he said.
For the 2026 feast, the procession will continue to follow the 5.8-kilometer route, passing through 18 national and city roads, seven bridges, three parks and plazas, and one underpass.
Organizers also appealed to the public not to crowd or “stand by” on bridges to avoid accidents or possible structural failure.
They again reminded devotees not to climb the andas to prevent delays and injuries.
“The true expression of our devotion is not shown by climbing the andas, but by yielding—by lifting up Jesus Nazarene and not ourselves or our bodies,” Arellano said.
This year’s procession lasted 20 hours and 45 minutes.
The longest Traslacion was recorded in 2012, 2017, and 2019, each taking 22 hours to complete.
Con-con gains traction, seen as path to end systemic corruption
By Ashley J. Manabat
PAMPANGA
– Deputy Speaker Ron -
aldo Puno’s renewed push for a Constitutional Convention (ConCon) to amend the 1987 Constitution has gained traction with civil society groups and local reform advocates echoing the call amid the growing public frustration over corruption in public works projects, institutional weakness, and political gridlock.
According to recent media reports, Puno and members of the National Unity Party filed House Bill 5870 that seeks to convene a Con-Con as the “most prudent, participatory, and legitimate mechanism for reform.” Puno argued that a convention, composed of 150 regional delegates, not sitting lawmakers, offers the country its best chance for meaningful constitutional revision.
“The Con-Con offers the most prudent, participatory, and legitimate mechanism for reform. It invites the nation to confront enduring constitutional ambiguities through reasoned debate, anchored in the rule of law and the people’s voice,” Puno said in his statement.
In his explanatory note on the House Bill 5870, Puno said the 1987 Constitution contains ambiguities, procedural lapses, and outdated provisions which created confusion and weakened accountability.
“This measure seeks to fulfill, not discard, the 1987 Constitution. To correct its errors, complete its intent, and reinforce its authority with clarity and coherence,” it added.
Under the proposed bill, 150 regional delegates would be elected in May 2026, the Con-Con would convene by July of the same year, and the submission of the proposed amendments to a national plebiscite is scheduled within 60 to 90 days after approval.
Civil society groups and local leaders in Pampanga have expressed support for the Con-Con as the reform aligns the demand of communities to overhaul the structure of institutions that have become vulnerable to political capture. The momentum for systemic reform has increased following the nationwide protest on September 21. Pinoy Gumising Ka Movement chair Ruperto Cruz said Puno’s call for Con-Con reflects what reform advocates have long argued that structural change, not temporary fixes, is needed to address the country’s governance problems.
“They won’t pass the Anti-Dynasty bill. They will just scrap that. The Senate and
NBI denies Defensor’s allegations of abuse and forced exit of former Zaldy Co aide
TCongress are biased. We have too many laws. The law is their job so they should not hold the money even up to the fourth degree of their family,” Cruz said in an interview.
Cruz also said that institutions such as the party-list system and the Sangguniang Kabataan have been co-opted by political operators and dynasties. Cruz has proposed that their funding be redirected to support a fully independent Con-Con. He emphasized that the problems such as budget insertions, nepotism, dynasties, regulatory capture, and weak oversight, are symptoms of a broken system that cannot be repaired through superficial changes.
Cruz said the country’s political system has reached a level of dysfunction that can no longer be corrected through ordinary legislation or rotating changes in leadership. He stressed that public education must be strengthened to build political literacy.
Cruz described the political culture as one in which corruption has become “habitual” and “normalized.”
“Kleptomaniac na ang mga sanay sa pagnanakawngayon,”Cruz said. “Those who are engaged in wrongdoing have mastered how to evade accountability. You change the system, not the people.”
Cruz said the problem is no longer about a few erring officials but about a system that consistently protects them.
Cruz has repeatedly called on lawmakers to open all discussions on the investigations by the fact-finding body Independent Commission on Infrastructure and Con-Con to the public and said that no deliberation should be held in secrecy.
While Cruz supports the push for a ConCon, he cautioned that the process must remain independent of sitting politicians. He rejected proposals for a constituent assembly where sitting lawmakers amend the Constitution themselves. He said such a route would only “prolong the problem.”
The urgency of the matter, according to Cruz, lies in what he described as a narrowing window for peaceful reform. He added that the country should revisit the intentions of the framers who first proposed constitutional revision after 1986.
“The most peaceful way to arrest this situation is Con-Con before it’s too late,” said Cruz.
With proposals for constitutional reform gaining renewed visibility in both Congress and civil society, lawmakers are expected to take up charter change discussions in their next session on December 3.
By Joel R. San Juan @jrsanjuan1573
HE National Bureau of Investigation
(NBI) has denied the allegations made by former congressman Mike Defensor that its men beat up a former aide of resigned Ako Bicol Party List Rep. Zaldy Co and forcibly flown the latter and his pregnant wife out of the country.
In a statement, the NBI said Defensor’s allegations were “unfounded, unsupported by evidence, and purely speculative.”
The NBI also challenged Defensor to present evidence to back up his allegations.
In his interview over Bilyonaryo New Channel, Defensor also claimed that the NBI provided Estrada and his wife fake passports before they were flown to Chile to prevent them from testifying before the Senate in connection with the multi-billion anomalous flood control and infrastructure projects of the government.
However, the NBI countered Defensor’s claim, stressing that they never had custody of Estrada and his wife.
It added that there is no existing complaint, report, or medical record showing that Estrada or his wife suffered physical harm.
“We categorically condemn any false, malicious, or unverified statements intended to undermine the credibility and integrity of our institution. We reaffirm our commitment to transparency, due process, and the rule of law,” the NBI said while expressing its readiness to be investigated in connection with the issue.
The NBI said it had already talked with Defensor on the matter and the latter gave his assurance that he would submit evidence to support his claims.
“Should the evidence so warrant, the Bureau shall proceed with the appropriate
investigative actions. Absent any credible proof, these allegations remain unfounded, cannot be given weight, and may even lead to prosecution for its malicious intent to undermine the credibility and integrity of the Bureau,” it pointed out
ICI mulls indirect contempt vs CO MEANWHILE , the Independent Commission on Infrastructure (ICI) said it is mulling to file indirect contempt charges against Co for his failure to heed its summons to appear before its investigation.
The ICI first issued a subpoena against Co last October 8, requiring him to attend its hearing scheduled on October 14 but the former solon did not show up.
It issued another subpoena for Co to appear at its November 12 hearing but it was not accepted, according to ICI Executive Director, lawyer Brian Keith Hosaka.
“The legal team will now look into the possibility of filing any petition before the regional trial court for indirect contempt,” Hosaka said.
Co, who previously served as chair of the appropriations committee, left the country last July to undergo medical treatment in the United States.
The former solon has been criminally and administratively charged before the Ombudsman for allegedly benefitting from the P289.5 million anomalous flood control project in Naujan, Oriental Mindoro implemented by the Department of Public Works and Highways.
Co has recently released a series of video statements accusing former House Speaker Martin Romualdez and President Ferdinand “Bongbong” Marcos Jr. of receiving kickbacks from flood control projects undertaken by the Department of Public Works and Highways (DPWH) that was
made possible through budget insertions
He also confirmed the statement made by his ex-aide, former Marine officer Orly Guteza, before the Senate Blue Ribbon Committee about delivering cash in kickbacks to Malacañang and residence of Romualdez in Forbes Park.
Co also claimed that Marcos received P25 billion, representing 25 percent in “SOP” kickbacks from the P100 billion in insertions.
In the said video, Co showed photos of several luggage purportedly containing cash intended for Marcos and Romualdez.
Co and 17 other individuals for criminal and administrative charges in connection with the P289.5 million anomalous flood control project in Naujan, Oriental Mindoro implemented by the Department of Public Works and Highways.
Hosaka, however, downplayed the value of Co’s video statements in the ICI’s ongoing probe because it has yet to be verified and authenticated. “Well, definitely we cannot use it because it is not verified. Unless, we have other evidence, or submitted evidence, which are verified or really strong, that is the only time we can truly give it attention and use it in our referrals,” Hosaka said at a press briefing on Monday.
Hosaka confirmed that former DPWH Undersecretary Roberto Bernado has applied as a state witness under the Department of Justice’s (DOJ) Witness Protection Program in connection with the flood control scandal.
Hosaka said Bernardo cited his pending application as his excuse for not attending the ICI’s hearing scheduled Monday. According to Hosaka, the former DPWH secretary sought to become a state witness based on the second supplemental affidavit that he read before the Senate Blue Ribbon Com -
DepEd to verify teacher credentials with new national registry to combat ‘diploma mills’
By Claudeth Mocon-Ciriaco @claudethmc3
THE Department of Education
(DepEd) on Monday said that the new guidelines establishing a national registry of recognized teacher education programs have been finalized in aim to shut down opportunities for “diploma mill” operations and safeguard promotion processes nationwide.
During the nationwide Management Committee Meeting in Palawan, DepEd said that a significant portion of the meeting also focused on internal governance and the credibility of teacher qualifications.
DepEd reported that the new guidelines establishing a national registry of recognized teacher education programs have been finalized, allowing the department to verify credentials submitted for hiring and promotion, issue advisories to field offices, and coordinate with oversight agencies to prevent the acceptance of unaccredited programs.
These measures, DepEd said, is in coordination with the Commission on Higher Education (CHED), Teacher Education Council (TEC), Professional Regulation Commission (PRC), and Second Congressional Commission on Education (EDCOM II).
Meanwhile, DepEd said investigations on the supposed “items-for-sale” activities remain active and are being carried out under established procedures.
Preventive measures are in place, and additional safeguards are being introduced to
protect appointment and promotion processes. The MANCOM emphasized long-term structural reforms in basic education.
Learning recovery
MEANWHILE DepEd is using MIMAROPA’s conditions as a working case to strengthen learning continuity, system integrity, and school readiness in disaster-prone areas.
Ang bilin ng Pangulong Bongbong Marcos Jr., tungkulin natin ay hindi lang tumugon sa problema... Ang tungkulin natin ay ayusin ang ugat ng problema para hindi na ito maulit sa susunod na henerasyon.” said Education Secretary Juan Edgardo “Sonny” Angara, who accompanied the President during the post-disaster rehabilitation efforts in Negros Occidental over the weekend.
The meeting reviewed how recent typhoons disrupted classes nationwide and exposed long-standing vulnerabilities in schools.
In Palawan, division reports confirmed 781 damaged classrooms due to Typhoon Tino, with repairs ongoing, while shifts to modular and digital Alternative Delivery Modes (ADMs) continue where power and connectivity remain unstable.
DepEd said the school damage in island provinces reinforces the need for resilient construction, stronger ADM systems, and funding strategies that match recurring risks, noting that divisions with frequent class suspensions require more predictable support.
Regional directors also reported on its response to recent typhoons, detailing classroom damages and the ongoing use of modular and digital learning across Regions II, CAR, IV-A, V, NIR, and VII, as officials discussed nationwide strategies.
National reforms were also presented, including updates to the Strengthened Senior High School Program, wherein the 1st quarter rapid assessment yielded generally positive results.
Field piloting and finalization of the SSHS Monitoring Tool (SSHSMT) are underway.
With MIMAROPA’s labor market centered on agriculture, fisheries, and ecotourism, aligning course offering with actual market performance and industry roadmap of the region under the program was also discussed to improve the program.
Prior to the meeting, Angara also met with Palawan Governor Amy Alvarez and visited Palawan National School, the largest public school in Region IV-B, serving around 10,000 students under the Puerto Princesa City Schools Division Office.
The agency noted that actions taken in MIMAROPA form part of a broader national effort to strengthen learning recovery, improve system transparency, and professionalize the education workforce.
Outputs from the MANCOM will feed into upcoming policy adjustments on resilient infrastructure, early-grade literacy, SHS alignment, and expanded career progression.
INC decries ‘smear attempts’ vs witnesses in corruption probe
Tattempts to discredit individuals who have testified on the alleged mastermind behind the multibillion-peso corruption in government flood-control projects, warning that such moves undermine the integrity of the ongoing investigation. Speaking on the first day of the Church’s three-day“Rally for Transparency
mittee last November 14. In his letter, Bernardo told the ICI that under Republic Act No. 6981 or the Witness Protection, Security and Benefit Program, he is not allowed to disclose information in connection with his application as a state witness.
“Because of this, the ICI accepted his letter and affidavit so we can evaluate and include them in our investigation. This is the reason why our hearing did not push through this afternoon,” Hosaka said.
DOJ mum on Bernardo’s WPP application
MEANWHILE , the DOJ is mum on the statement made by Senator Sherwin Gatchalian that Bernardo has returned the kickbacks he allegedly took from funds allotted for the government’s flood control projects.
Gatchalian, in a radio interview, said restitution is part of the memorandum of agreement that Bernardo needs to sign with the DOJ in order to become a state witness. When sought for the DOJ’s reaction on Gatchalian’s statement, its spokesman, lawyer Polo Martinez, reiterated the confidentiality of proceedings under R.A. 6981.
“We’ll have to strictly abide by Section 7 of R.A. 6981 for this. Unless a written order has been issued by the Department of Justice, all proceedings and actions taken in the Witness Protection Program shall be kept confidential,” Martinez said.
“This includes the memorandum of agreement agreed upon by a covered witness and the Department, if any,” he added. Under the said provision, any person who violates the confidentiality of said proceedings could face imprisonment of one to six years aside from disqualification from holding a public office or employment for a period of five years.
Comelec warns public vs fake voter’s reg website
THE Commission on Elections (Comelec) has warned the public about a phishing website that falsely claims to offer online appointments for voter registration ahead of the 2026 Barangay and Sangguniang Kabataan Elections (BSKE).
Comelec said the suspicious portal falsely claims to handle registration appointments and directs users to pay through an online QR code. The poll body stressed that it does not charge for voter registration and does not authorize any platform to collect payments.
“Registration is free as mandated by law. The COMELEC will never ask for or accept any form of payment for this,” it added.
The commission also urged the public not to click the link, scan the QR code, or enter personal information such as names and birth details, noting that these may be harvested for identity theft or other fraudulent activities.
Voters were advised to rely only on Comelec’s official website and verified social-media pages for announcements.
“Make it a habit to double-check before trusting any
96,419 newly applying regular voters aged 18 and above. Comelec is targeting around 1.4 million new registrants ahead of next year’s BSKE. Voter registration runs Mondays to Saturdays, including holidays, from 8 a.m. to 5 p.m. at local Comelec
Beyond enthusiasm: Building a robust PHL digital economy
THE Philippines has never lacked digital enthusiasm. Long before mobile wallets and QR codes became fixtures of everyday life, Filipinos were already using SMS to send payments and access services. Today, that appetite remains strong, propelling the country to seventh place in the GSMA’s Asia Pacific Digital Nation Index. But as GSMA Asia Pacific head Julian Gorman stressed during the Digital Nation Summit, demand alone cannot build a digital economy. What the Philippines needs now is not just innovation at the edges, but commitment at the core.
The government’s recent P72‑billion investment in national broad band, cloud resources, and digital transformation marks a promising shift. The digital economy’s contribution of P2.25 trillion—roughly 8.5 percent of GDP—shows that the sector is no longer aspirational, but foundational. Yet the Philippines continues to lag in fully deploying the very technologies it craves. Cumbersome regulations, slow site approvals, and outdated spectrum policies still stifle the speed and scale of digi tal expansion. (Read the BusinessMirror story: “Red tape slows tech growth, negates high digital demand,” November 14, 2025).
The lessons from peers like India and Vietnam are clear. India broke free from decades of legal gridlock and prohibitive spectrum costs to deploy the world’s fastest standalone 5G network. Vietnam slashed spectrum reserve prices by 90 percent and tied rebates directly to op erator investments—a bold declaration that mobile connectivity is not merely a commercial activity, but a national development strategy. These reforms transformed both countries from technology consumers into technology producers.
The Philippines faces similar challenges but also holds similar poten tial. With a young, digitally fluent population, it has the human capital to accelerate digital transformation. Yet a troubling usage gap persists. Millions are covered by mobile broadband but do not meaningfully use it due to high device costs, limited digital skills, and, increasingly, a crisis of digital trust.
The rise of scams—which have already targeted more than half of Filipinos—threatens to erode the social foundation of the digital econ omy. No amount of infrastructure spending will matter if people are too fearful to transact online. GSMA’s regional anti scam task force, which includes Philippine operators and global platforms, is an impor tant step. But stronger, standardized reporting, better fraud detection using telecom data, and sustained public‑awareness campaigns are es sential to restore confidence.
Looking ahead, the Philippines must prepare for the next wave of technologies—AI driven applications, low latency 5G services, and data intensive cloud systems. With Filipinos among the world’s most active AI users, regulatory guardrails must evolve quickly to ensure safety without suppressing innovation. At the same time, the country needs resilient digital infrastructure: reliable fiber networks, sustainable pow er supply, and cloud ecosystems capable of supporting AI scale traffic.
The message from the GSMA summit is unmistakable. The Philip pines is not starting from behind—it is starting from potential. But potential alone will not power a digital nation. By embracing clear, en abling policies and strengthening trust in the online environment, the country can finally match its digital appetite with digital prosperity.
Opinion
The Philippines should learn from Trump?
WAmbassador Antonio L. Cabangon Chua
T. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace
R. Calso, Dionisio L. Pelayo Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos
Aldwin Maralit Tolosa
Rolando M. Manangan
BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.businessmirror.com.ph
John Mangun
OUTSIDE THE BOX
HEN Donald Trump and Xi Jinping met in Busan, South Korea on October 30, the Chinese leader called Trump a “helmsman” and praised his statesmanship. You might wonder if Xi was being sincere or simply trying to be polite. After all, this is the same Trump who threatened 100 percent tariffs just weeks earlier, only to settle for a truce that, according to industry sources, brought tariff levels down to roughly 47 percent on Chinese goods and 33 percent on American products.
Perhaps the sweet talk worked. China agreed to pause rare earth export controls, curb fentanyl pre cursor chemicals flowing into the United States, and buy American soybeans. In return, Washington suspended port fees on Chinese ships and relaxed the 50 percent rule barring exports to companies majority owned by restricted Chi nese entities.
While Xi has praised other lead ers during tense summits, Dennis Wilder, a former senior US national security official, noted he had never heard Xi flatter an American presi dent before. Alexander Campbell, formerly of Bridgewater Associates, estimates that due to China’s prop erty crisis, its banks need a lifeline of roughly US$1 trillion each year, sup ported by a trade surplus of similar size. This is existential, almost life or death economics.
Trump’s chaos as strategy forced China to reveal its strongest card: rare earth minerals. Beijing controls
roughly 69 percent of rare earth mine production and more than 90 per cent of processing capacity, accord ing to the latest industry reports. By making its restrictions global rather than bilateral, China scared other countries into seeking alternatives.
For Philippine businesses, the Trump X i dance offers uncomfort able lessons. The Philippines ex ported tens of millions of metric tons of nickel ore to China in 2024, accounting for the vast majority of our nickel exports, according to industry estimates. That con centration leaves our mining sec tor extremely exposed if China cuts steel production to manage its property crisis and trade pres sures, potentially causing sharp revenue drops, layoffs, and long term supply chain disruptions for Philippine exporters. Nickel prices have remained narrowly trapped for months amid trade tension, trans lating into revenue uncertainty for Nickel Asia, Global Ferronickel, and
every mining operation in Surigao and Palawan.
The semiconductor sector faces similar exposure. Electronics prod ucts account for a significant share of our exports, and the Semicon ductor and Electronics Industries in the Philippines expects only modest growth in 2025, reflecting ongoing global competition, supply chain dis ruptions, and tariff uncertainties.
That projection predates Trump’s discussions of additional tariffs on microchips. When Trump and Xi trade blows, our assembly and testing facilities risk losing orders as supply chains fragment.
The business response should be immediate. Nickel exporters need to lock 3 to 5 year supply contracts with Japanese and South Korean steel mills before the next trade escalation. These contracts should include price floors tied to London Metal Exchange benchmarks to hedge against volatility, so compa nies can price ore properly instead of shipping raw ore at commodity rates while China captures the processing premium.
Yes, diversifying suppliers and buyers means upfront outlays, but getting caught in the tariff crossfire costs more.
These tactical moves reflect a deeper lesson: predictability costs money when dealing with China. When the Philippines won its arbi tral case over the South China Sea in 2016, China ignored it and continued building artificial islands. Duterte then spent six years seeking Chinese investment, receiving promises for infrastructure projects. China deliv ered two projects, both incomplete. When Indonesia banned nickel
Thai economy shrinks most since 2021 and weak growth seen ahead
By Suttinee Yuvejwattana & Pathom Sangwongwanich
SOFTER factory output and tourist arrivals slowed Thailand’s economy more than expected in the third quarter, with more weakness projected at the end of this year and into next.
Gross domestic product in the three months through September shrank 0.6 percent from the previ ous quarter, the National Economic and Social Development Council said Monday. That’s lower than expecta tions for a 0.3 percent contraction in a Bloomberg News survey.
It’s first drop in quarterly output since the end of 2022 and the deep est decrease since mid 2021.
Compared to the same period last year, the economy grew 1.2 percent in the third quarter, missing the 1.6 percent median estimate and decel erating from 2.8 percent in the pre vious quarter. The agency expects
output to slow further to 0.6 percent on an annual basis in the final three months of the year. The council also sees growth potentially as slow as 1.2 percent next year, down from an expected 2 percent this year.
All key economic engines of Thai land sputtered last quarter, with slowdowns in exports, manufactur ing production, construction, gov ernment expenditures and tourism services, according to the agency.
The numbers underscored an econ omy bending under the weight of US tariffs, a tougher export environment, the fall of the previous government and a tourism downturn. Thailand
also follows the Philippines in miss ing third quarter growth estimates.
“Looking ahead, we expect more weakness as the front loading win dow for electronics exports closes and US tariff pass through picks up,” said Bloomberg economist Tamara Mast Henderson.
Prime Minister Anutin Charnvi rakul, the third Thai premier in two years, has launched a $1.36 billion consumption stimulus program, and the new Bank of Thailand chief has also vowed to address the nation’s massive pile of household debt.
NESDC Chief Onfa Vejjajiva said she doesn’t expect a technical reces sion, where the economy shrank for two straight quarters, because tour ism and private consumption will likely help offset a drag from exports at the end of this year.
The Thai economy is now project ed to expand by 2 percent this year,
ore exports in 2020 to force domes tic processing, China scrambled for alternative suppliers. The Philip pines could have used that moment to negotiate better terms: processing partnerships, technology transfers, or higher prices for refined products rather than shipping raw ore. Instead, Manila kept shipping ore at commodity rates while Indonesia built a $22 billion nickel processing industry. We have leverage but refuse to use it, fearing Chinese retaliation. Yet we experience Chinese economic pressure anyway. China reduced Phil ippine banana imports by roughly 39 percent in 2024, according to preliminary government reports. Being predictably cooperative did not protect our exporters. The window for adaptation nar rows as Trump and Xi maneuver toward their next confrontation. Wilder sees the current truce as a “tactical pause” with details pending. Philippine businesses should prepare for renewed turbulence rather than assume stability will return. China responds to leverage and uncertainty more than it responds to patience and protocol. Trump forced Beijing to show its rare earth card prematurely, accelerating global di versification efforts. The Philippines should study that sequence instead of repeating Duterte’s mistake of as suming goodwill produces results. We have tried cordial relations for years. The Philippine trade deficit and empty Chinese promises speak for themselves—deceptively quiet, vicious in impact.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA
from 2.5 percent in 2024. Headline inflation, which has been negative for the past seven months, is expect ed to average minus 0.2 percent this year, and current account surplus is seen reaching 2.8 percent of GDP. The output next year could decel erate again, with growth anticipated within the range of 1.2 percent to 2.2 percent.
The pace of growth will hinge on the outcome of Thailand’s tariff negotiations with the US, which are now on shaky ground following the suspension of a peace deal brokered by US President Donald Trump. Anutin, who’s vying to shore up the economy and win support ahead of the elections expected in March, will have to balance trade and eco nomic considerations with national istic stance domestically to appease voters. With assistance from Shinjini Datta and Adrian Kennedy/Bloomberg
Glut-haunted oil markets get lifeline from India, China buying
By Yongchang Chin
GLOBAL oil markets may be dominated by concerns about a glut, but producers have found some support in buying from China and India, spurred by a wave of US sanctions on Russian energy.
Crude cargoes—especially in the Middle East, which was briefly in oversupply—have all found buyers, according to traders who asked not to be identified as they aren’t authorized to speak to the media. An overhang of unsold shipments from nations such as the United Arab Emirates is no longer seen, they added. Global benchmark Brent has sunk 15 percent this year, making it one of the worst performing major commodities. The slump has come as Opec+ ramps up quotas, and drillers outside the alliance also add supply. The International Energy Agency has forecast a record overhang, and in one sign of fragility, US futures’ nearest two contracts dipped into contango, a bearish pattern.
At the same time, Washington has been tightening the noose on flows of Russian crude—as well as its principal buyers—in a bid to raise the pressure against Moscow over the war in Ukraine. The most significant step has been sanctions against major suppliers Rosneft PJSC and Lukoil PJSC. In addition, President Donald Trump said on Sunday that proposed Senate legislation to blacklist countries conducting business with Russia would be “okay with me.” In the Middle East, unsold cargoes at the start of November from the prior month’s trading cycle found buyers in Asia eventually, the traders said. These included a large number of shipments of the UAE’s Upper Zakum variety, as well as extra volumes from Kuwait after an outage at the Al-Zour refinery.
A number of these cargoes were purchased by refiners in China, although Indian processors also bought marginally more supply in a series of tenders, the traders said. Bharat Petroleum Corp. bought a range of grades from the Middle East, West Africa and US, while HPCL-
Mittal Energy Ltd. took some Qatari Al-Shaheen.
“There is a lot of supply in the market,” said Manoj Heda, executive director of international trade at state-owned Bharat Petroleum. But “demand centers are only limited to China and India,” he said at an industry conference.
The activity has helped the Middle Eastern market retain strength relative to other regions, as the two Asian importers draw on their mainstay shippers from the Persian Gulf. Reflecting that, measures including the so-called Brent-Dubai swap spread and the Brent-Dubai EFS were negative last week, pushing global Brent benchmark to a rare discount to Dubai.
To be sure, there’s still not much cause for cheer either, as shipments from the Middle East have changed hands at increasingly lower prices. Grades including Oman, Upper Zakum and Murban all saw differentials to the Dubai benchmark narrow as the month wore on, according to data from General Index.
Elsewhere, there’s slowness in West Africa, with differentials broadly in decline. But as in the Middle East, markets are still clearing, the traders said. Indian and Indonesian refiners bought a total of 11 cargoes late last week, while Chinese buyers also took larger volumes from the region, as well as Latin America. In regions where Chinese and Indian refiners don’t typically source crude, weakness is more apparent. In the North Sea market—where Brent is priced—there’s been heavy selling in a key trading window. At the same time, loadings of 13 main grades are set to average about 2.1 million barrels a day in December, an eight-year high, according to programs compiled by Bloomberg. With assistance from Sherry Su and Rakesh Sharma/ Bloomberg
Opinion
The role of technology in tax compliance
TAtty. Jomel N. Manaig
TAX LAW FOR BUSINESS
HIS November marked the 2025 Andersen Global Partner Meeting. As part of Andersen Global, we joined the meeting to collaborate and exchange ideas involving the developing landscape of taxation, among others. A great deal of focus and attention was devoted to surveying and showcasing the opportunities and imminent impact of technology to the world of taxation.
Unfortunately, the Philippines, tech-savvy as we are, still has a long way to go to realize the potential of current and emerging technology. We predominantly still cling to the tried and tested, but ultimately less technologically advanced, way of doing things. It does not mean, however, that we are antagonistic towards technology. It just means that we are not getting there as fast as one would hope. So, while we may not be there yet, Philippine taxpayers may already start pondering on how to leverage technology to make their lives better. Here are a few things that may be considered:
Data collection and encoding Paper documents have been the goto source of information since time immemorial. We then end up having to manually encode the information from these paper documents in order for these to be used for tax compliance purposes. Fortunately, we now have tools to allow seamless data collection and encoding. E-invoicing software now gives taxpayers an opportunity to do away with paper documents and allow instantaneous collection of granular data from each transaction. In case paper documents are unavoidable, programs are now available that allow scanners to read writ-
ten words and numbers and encode them into ones and zeros.
Having precise and detailed data on hand and in a usable format would greatly benefit taxpayers. Easily collected and accurate data decreases the risk of erroneous tax reporting and enables businesses to correctly assess the tax impact of its transactions and decisions.
Automation. Ever get tired of the myriad of tax returns that you have to file day in and day out? Ever experienced filing an inaccurate tax return and being assessed for it? Automation may hold the key to prevent all of these.
Not to be confused with artificial intelligence, automation in tax compliance makes use of technology to streamline and administer tax-related processes. Automation is applied on predefined and repetitive or recurring tax compliance work, such as periodic filing of tax returns. By automating tax-related processes, the shortcomings of manual activity and human error are significantly reduced. Automation also promotes greater efficiency and accuracy and enables tax professionals to focus on more important and higher valued work.
Artificial Intelligence . While
the benefits of automation are best felt on repetitive tax work, artificial intelligence (AI) applies to more complex tax areas like tax analysis and planning, identification of potential tax exposures, and exploration of tax solutions and efficiencies. All these benefits are due to one crucial ability of AI: to make sense of large tax data. It may be through machine learning, generative AI, or even advanced data algorithms. However, AI is not the end-all and be-all of tax compliance. AI is still far from perfect and, at least at this point, is still considered as a tool to help tax professionals.
Technology is a tool to help us do our tasks faster and better and these tools are already here. How are we taking advantage of them?
The author is a partner of Du-Baladad and Associates Law Offices (BDB Law) (www.bdblaw. com.ph).
The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 140.
South Korean giants pledge record investments to spur growth at home
By Heesu Lee
SOUTH Korea’s biggest conglomerates have pledged to invest more than $550 billion at home, in a move meant to show that the country’s industrial engine will remain firmly rooted even as Seoul deepens economic ties with Washington.
Just days after South Korea signed a landmark trade and investment accord with the US, conglomerates, including Samsung Group and Hyundai Motor Group, announced investment plans centered on artificial intelligence, semiconductors and clean energy after meeting with President Lee Jae Myung on Sunday. Over the next five years, Samsung affiliates plan to spend 450 trillion won ($309.5 billion), while Hyundai Motor Group pledged 125.2 trillion won.
The timing and scale of the announcements are intended to assuage concerns that the US investment commitment would come at the risk of growth at home. President Lee’s administration
has sought to reassure the public and markets that the outflow of Korean capital toward American factories—seen as the price of securing a favorable US trade deal—will not hollow out domestic production capacity.
“It’s essentially a reassuring message,” Joonyoung Hur, an associate professor of economics at Sogang University, said by phone. “It’s an act of showing loyalty from the companies to the new government, and trying to calm worries that they’re only investing in the US.”
The pledges come amid public concern that Korea’s manufacturing base could be hollowed out by a $350 billion investment commitment in the US, a key pillar of a tariff accord that capped American duties on Korean goods, including autos, at 15 percent. The deal, finalized last Friday through a memorandum of understanding and a joint fact sheet, directs Korean funding toward US industries such as shipbuilding, energy and semiconductors.
Relative to Korea’s GDP of about $1.8
trillion, the pledges from South Korean chaebols are equivalent to nearly 30% of annual output. While the figures may look impressive, Hur said many of the pledges had already been allocated in earlier spending plans.
The planned investment wave highlights how geopolitics is increasingly shaping corporate capital allocation in Asia.
South Korea, Japan, and Taiwan—all key links in the global technology supply chain—have faced intense pressure from Washington to align more closely with US industrial strategy, particularly in semiconductors and green technologies.
Japan recently agreed to investing $550 billion in the US as part of its own trade deal, setting a precedent that Seoul’s negotiators sought to mirror. Unlike past investment cycles, when firms freely weighed the returns of domestic versus overseas expansion, a large chunk of their US commitments is now politically locked in. That limits flexibility and could make companies more reluctant to add new capacity domestically.
Japan calls China’s travel warning unacceptable as spat simmers
By Sakura Murakami & Erica Yokoyama
CHINA’S recent warning to travelers to avoid Japan and for students already there to exercise caution is unacceptable, a Japanese government spokesperson said after Beijing ratcheted up its response to Prime Minister Sanae Takaichi’s comments related to Taiwan.
“These announcements that hinder bilateral exchanges diverge from the broader direction agreed by our respective leaders to build constructive and stable ties in line with a strategic and mutually beneficial relationship,” Japan’s Chief Cabinet Secretary Minoru Kihara said Monday. “It is not something we can accept.”
Kihara’s comments came after Japan dispatched a senior diplomat to China in an attempt to soothe ties, according to public broadcaster NHK. Kihara did not give details of the visit but said there was communication on various levels and Japan would take action as necessary.
Over the weekend China issued an advisory against travel to Japan and a safety warning to students who live there.
Tensions between the neighbors have risen since Takaichi said this month that military force used in any Taiwan conflict could be considered a “survival-threatening situation,” a classification that would provide a legal justification for Japan to support friendly countries that choose to respond.
claim to the cluster of uninhabited islands in the East China Sea called the Senkaku by Japan and the Diaoyu by China. The islands are administered by Japan. Chinese vessels are often spotted in or near the disputed waters.
Lee, who became president in June, is courting industry leaders at a time when the export-driven economy faces headwinds from US tariffs. Lee’s policy agenda, including a shorter working week, tougher workplace safety laws and expanded workers’ rights, is popular with labor groups but contentious among employers as it risks pushing up corporate costs. For the Lee administration, the investment drive offers an immediate win, signaling unity between government and industry just as the US pact reshapes trade and security ties. Yet skepticism lingers over how much of the $550 billion will truly materialize, and whether Korea can sustain growth, while committing vast sums both at home and abroad.
“The large investment pledges companies tend to make early in an administration often don’t fully materialize by the end of its term,” Hur said. “What really matters is how much of that promised investment actually gets carried out.” Bloomberg
lyst Catherine Lim. A “heightened risk” of boycotts of Japanese goods within China could hurt mainland sales of Fast Retailing Co.’s Uniqlo, Asics Corp. and Ryohin Keikaku Co.’s Muji, she said.
China’s travel advisory could cost Japan an estimated ¥2.2 trillion ($14.2 billion), pulling down the nation’s GDP by 0.36 percentage point, according to an estimate by Takahide Kiuchi, an executive economist at Nomura Research Institute. The impact would create a further drag on the Japanese economy, which saw its first contraction in six quarters during the summer.
As of September, roughly 7.5 million travelers had arrived in Japan from China this year, according to the Japan National Tourism Organization. A separate report from Japan Tourism Agency showed each Chinese visitor spent about ¥240,000 on average during their stays in the three months through September.
Kiuchi said his estimate draws on similar cases in the past. In 2012, when China urged its citizens to avoid visiting Japan after a territorial spat escalated, the number of Chinese visitors fell by about 25 percent from the previous year.
In another sign of tension, four armed Chinese Coast Guard vessels sailed through disputed waters controlled by Japan on Sunday before leaving the area. Both countries lay
Beijing has accused Takaichi of meddling in its internal affairs and demanded a retraction of the comment, but Tokyo has said its stance is unchanged from previous administrations.
China’s Coast Guard said in a statement that it carried out a “rights enforcement patrol” through the waters and that it was a lawful operation.
“These activities by the Chinese Coast Guard violate international law,” Kihara said on Monday. “It is very disappointing and is not acceptable,” he said, adding that Japan would continue to monitor the area around the Senkaku Islands with caution.
Separately, an announcement of public sentiment among both Chinese and Japanese people was postponed at the request of the Chinese organizers, according to Japan’s Genron NPO. The Japanese think tank releases regular public sentiment surveys in cooperation with China International Communications Group, a Chinese publishing group.
Last year’s poll showed that about 90 percent of both Japanese and Chinese respondents did not think well of the other country.
Japan retail, tourism shares fall after China travel warning SOME of Japan’s biggest tourism and retail-related stocks slumped after Beijing warned its citizens against traveling to and studying in the country, amid a deepening diplomatic spat between the nations.
Cosmetics giant Shiseido Co. plummeted as much as 11.4 percent, the most since April, while Pan Pacific International Holdings, which operates Don Quijote retail stores, dropped as much as 9.7 percent— the most since August 2024. The two companies are popular with Chinese tourists.
The declines followed Beijing’s warning to students planning to study in Japan of heightened risks for Chinese citizens in the country— a directive that came after Prime Minister Sanae Takaichi said military force used in any Taiwan conflict could be considered a “survivalthreatening situation.”
Japan is sending a senior diplomat to China Monday to calm tensions, NHK reported.
China’s warning threatens Japan’s tourism momentum—one of few bright spots in a shrinking economy. Chinese tourists were the top spenders among all foreign visitors last quarter, accounting for around 27 percent of ¥2.1 trillion ($13.6 billion) in total inbound consumption, according to the Japan Tourism Agency. Japan has aimed to build on that momentum, targeting 60 million annual arrivals by 2030. Monthly inbound travel income could drop by 200 billion yen ($1.3 billion) if Chinese arrivals fall to zero, Nomura Securities Co.’s FX strategy head Yujiro Goto said in a note, warning the hit could delay potential Bank of Japan rate hikes.
The development “threatens tourism-led sales-growth expectations” for Japanese retailers, said Bloomberg Intelligence senior ana-
A spokesperson for Ryohin Keikaku told Bloomberg that while there had been no changes to its business operations, the company has issued warnings to its Japanese staff in China and continues to monitor the situation.
Some top Japanese brands have already seen their China business revenue decline as the mainland economy remains sluggish. Shiseido, which derives 35 percent of total sales from China and travel retail operations, saw revenue from that segment fall 7.6 percent for the nine months ended in September. Fast Retailing, which generated 19 percent from greater China last fiscal year, reported a 4 percent drop for the year ended August.
Past lessons
POLITICAL tensions with China have hit its neighbors’ economies before. Nearly a decade ago, Beijing retaliated over South Korea’s decision to host the US Thaad missile defense system, shuttering some Lotte Mart stores and banning group tours to the country. Chinese visitors to South Korea plunged, and Korean automakers also saw sales in China collapse.
During a 2012 dispute over a cluster of islands in the East China Sea called the Senkaku by Japan and the Diaoyu by China, the number of Chinese visitors to Japan dropped by
more than half within four months, said Takayuki Miyajima, a senior economist at Sony Financial Group. Still, Chinese consumers could continue purchasing products amid the spat, including through online channels, said Hisae Kawamoto, an analyst at Jefferies Japan Ltd.
“Investors’ concerns on the current travel warning may be overdone,” Kawamoto said. “We need an assessment of impact on offline and online local sales.” Department store operator Isetan Mitsukoshi Holdings lost over 12 percent Monday, while Tokyo Disney Resort operator Oriental Land Co. shares fell over 5 percent and Uniqlo parent Fast Retailing Co. dipped 6.9 percent, the most since mid-July. Sushiro chain operator Food & Life Companies Ltd. dropped as much as 15 percent, the most since listing in 2017.
Travel-related names were hit too, with airline operator ANA Holdings Inc. falling 3.8 percent and hotel chain firm Kyoritsu Maintenance Co. down as much as 8.9 percent. Spokespeople for ANA and Japan Airlines Co. said China-Japan flight bookings weren’t impacted. Chinese carriers Air China Ltd., China Southern Airlines Co. and travel agency Trip.com Group Ltd. also fell in trading.
“The impact of Beijing’s travel warning on China-Japan airline traffic appears limited for now” but “risks will lie with any further escalation,” BI analyst Eric Zhu wrote in a note. Ka-
and
Tuesday, November 18, 2025
FARM DAMAGE FROM ‘TINO’ NEARING P1B, SAYS AGRI DEPT
By Ada Pelonia @adapelonia
THE damage caused by tropical cyclone Tino to the local farm sector has nearly reached P1 billion, according to the Department of Agriculture (DA).
In its latest bulletin, the DA noted that the losses incurred by 49,927 farmers and fisherfolk have reached P968.16 million. Around 17,886 hectares of agricultural land were affected by the storm. Of these, 12,490 hectares have a chance to recover.
The agency noted that the volume of production losses across eight regions was pegged at 37,741 metric tons (MT). The regions included were Calabarzon, Mimaropa, Western, Eastern and Central Visayas, Northern Mindanao, Soccsksargen, and Caraga. Rice bore the brunt of the damage at 18,558 MT. This was followed by high-value crops (11,496 MT), corn (7,248 MT), and cassava (440 MT).
Furthermore, 1,060 hectares (ha) of coconut plantation were damaged, while 18,345 animals were affected by the typhoon. This included chicken, swine, cattle, carabao, goat, duck, turkey, and guinea fowl.
Despite this, the bulk of the
value of production losses was recorded in HVC at P393.29 million. Rice trailed behind at P336 million for rice, followed by corn at P143.76 million.
Furthermore, livestock and poultry incurred losses amounting to P29.53 million, fisheries and aquatic resources at P17.93 million, cassava at P10.42 million, and coconut at P8.14 million.
Damages to farm equipment, agriculture infrastructure, and irrigation systems were valued at P23.15 million, P5.43 million, and P500,000, respectively.
According to the agency, it has issued several assistance to assist farmers and fisherfolk affected by typhoon Tino.
Among these were the P422.8 million worth of farm inputs for rice, corn, and high-value crops; P1.51 million worth of bangus, tilapia, and carp fingerlings; and P66,990 worth of animal feeds and supplements for livestock and poultry.
The DA added that 2.57 million bags of rice stocks from the National Food Authority (NFA) for issuance to local governments and other relief agencies were also available.
Furthermore, the DA earmarked an initial amount of P22 million for the Survival and Re-
BusinessMirror
Pay heed, guard vs 12 Scams of Christmas, warns CICC
By Lorenz S. Marasigan
HOLIDAY
shoppers and giftgivers should stay vigilant as cybercriminals intensify fraudulent schemes during the Christmas season, exploiting Filipinos’ generosity and yearend spending.
The Cybercrime Investigation and Coordinating Center (CICC), Scam Watch Pilipinas, and antiscam technology firm Gogolook have identified 12 prevalent fraud schemes that pose heightened risks to consumers during the holidays.
“The list is ongoing, these are the modus we see all year round, it’s just that their prevalence is different by season,” said CICC Executive Director Renato Paraiso. “Every Filipino should now be aware about these types of scams, that’s why we are intensifying our education campaign.”
The top 12 scams are Online Shopping Scam, Fake Delivery Scam, Call Scam, Task/Job Scam,
Investment Scam, Love Scam, Loan Scam, Impersonation Scam, Travel Scam, Charity Scam, Middleman Scam, and Online Gambling Scam.
Season of shopping ACCORDING to Scam Watch Pilipinas Convenor Jocel de Guzman, the number 1 scam to watch out for this holiday season is the online shopping scam. This type of scam now has “two phases”—fraudsters operating a fake Facebook account or page that mimic legitimate stores and cases of deceiving, wrong, or fake items.
Fake Delivery Scams no longer rely solely on phishing links. Fraudsters are now exploiting cash-on-
By Andrea E. San Juan
delivery services, with some using “pabili” services to victimize delivery riders, while other dishonest riders perpetrate scams themselves.
Unsolicited calls, messages CALL Scams are expected to surge, driven by “remnants” of illegal online gambling operations dismantled in 2023. These well-trained groups of seven to 10 people typically offer unsolicited credit card updates or other financial services. Task and Job Scams continue circulating on Viber and WhatsApp, offering easy money for simple tasks but ultimately stealing personal information or upfront payments from job seekers.
Holiday romance CONSUMERS seeking companionship online face particular risks.
Love Scams have become the entry point for investment fraud, with scammers building romantic relationships before requesting financial help or pitching bogus investment opportunities. Victims are typically aged 45 and older, especially those who are widowed or separated. The red flags include requests for money and appeals to pity, with scammers often
posing as foreigners.
Investment Scams have evolved from directly offering unlicensed cryptocurrency, foreign exchange, and gold trading platforms. Now, fraudsters use romance as a gateway, then target victims’ relatives, classmates, and social circles.
Financial traps
LOAN Scams have graduated beyond simple processing fee schemes. Illegal online lending apps, often unavailable on legitimate app stores, now request access to borrowers’ contact lists and charge excessive interest rates. These operations primarily target lower-income groups and online gambling addicts, often resorting to harassment for collection.
Impersonation Scams through Facebook account hijacking have created what De Guzman called a “scamdemic.” Fraudsters contact victims’ Messenger friends, mimicking their writing style to request money.
Online Gambling Scams involve illegal gambling websites, which target those that want to make “easy” money from placing bets. This has “declined by 93 percent” but is still very much present.
Foreign buyers renew interest in PHL, but marketing push weak
By Ma. Stella F. Arnaldo Special to the BusinessMirror
THE Philippines received renewed interest from foreign travel buyers at the recent World Travel Market in London, but Filipino stakeholders pointed out the need for an improvement in the country’s marketing strategies.
Matt Poonin, general manager of Travelite Travel and Tours, told the BusinessMirror, “There were moments when buyers told us that the Philippines has fallen off the radar simply because other countries are more visible. This is why intensified and well-aligned strategies are important. Product development must continue, and familiarization trips should be directed toward serious buyers and credible media partners, not junkets. When the budget is used wisely, the returns are much higher.”
In a budget presentation at the Senate in September, the Department of Tourism (DOT) said it received a budget of P3 billion or about $52.1 million, while the Philippines’s Southeast Asian neighbors received: $431.42 million (Singapore), $262.87 million (Malaysia), $234.36 million (Indonesia), $167.9 million (Thailand), and $147.92 million (Vietnam).
Poonin’s view was echoed by Allan Santos, general manager of the Bohol Beach Club, who said his buyers observed that, “the Philippines has become silent on advertising and marketing efforts. This has resulted in a slip in demand from the European market as neighboring countries have been very consistent in their efforts, and new destinations are very aggressive. Without support, presence and efforts from the DOT, the private sector has to step up and fend for ourselves.”
Arrivals from Europe up 9.5%
DOT data showed that from January to October 2025, visitor arrivals from Europe increased by 9.53 percent to 520,629 versus the same period last year, with the largest numbers coming from the United
Nor-
Poland
(+ 44.4 percent); and Ireland 14,570 (+11.32 percent). The Philippine delegation to the WTM was composed of 27 private tourism stakeholders such as destination management companies, tour operators, and accommodation providers.
Rajah Tours Philippines President Jose C. Clemete III estimated that his meetings with various travel buyers yielded actual bookings of some $60,000 from his current partners alone. “There is still a possibility of more business based on the discussions during the show. The markets would be from United Kingdom, Brazil, and New Zealand. It’s a very eclectic trade show,” he added. New clients, which accounted for about 60 percent of his meetings, were from India and Scandinavia. For Travelite, this year’s meetings with new and long-time partners were very strong. “New clients were very curious about the depth of experiences the Philippines can offer, while our existing buyers wanted to expand their programs with fresher routes,” she said, adding that “several groups are already on soft hold for 2026 and 2027. Most of these sales leads came from Spain, Italy, France, the UK, and the Nordic region.”
Camiguin, Siquijor, Dumaguete attracts SHE added there were also “emerging interests” from Northern and Latin America, also the Middle East. “Many are looking at long haul leisure, private groups, and soft adventure programs.” Overall, most of her buyers inquired about about “communitybased activities, culturally rooted experiences, and trips that support
STEPS OF THE SEASON Marikina City Mayor Maan Teodoro and Marikina 1st District Representative Marcy Teodoro lead the opening of the Marikina Christmas Shoe Bazaar at Marikina Freedom Park on Monday, November 17, 2025. The bazaar features a wide selection of footwear and holiday goods crafted by local shoemakers, highlighting the city’s renowned craftsmanship while supporting homegrown enterprises for the Christmas season. NONOY LACZA
Editor: Jennifer A. Ng
November 18, 2025
Prime Infra, First Gen reach financial close for gas deal
By Lenie Lectura @llectura
RAZON-LED Prime Infrastructure Capital Inc. and Lopez-led First Gen Corp. have reached financial close for the acquisition of the latter’s gas assets worth P50 billion.
With the financial close on
Monday, Prime Infra now owns a 60-percent controlling stake in the 1,000-megawatt (MW) Santa Rita Power Plant, the 500-MW San Lorenzo Power Plant, the 450-MW San Gabriel Power Plant, the 97-MW Avion Power Plant, and the proposed 1200-MW Santa Maria Power Plant.
First Gen retains 40-percent ownership of these gas assets.
Moreover, Prime Infra now controls 60 percent of the offshore liquified natural gas (LNG) terminal, with 20 percent owned by First Gen, and 20 percent by Japan’s Tokyo Gas.
of the Malampaya deep-water gasto-power project, the country’s only indigenous gas field. Together with the Malampaya consortium, Prime Energy is undertaking Phase 4 drilling and exploration to maximize the country’s indigenous gas resources.
“With this transaction, our Prime Infra assets are now fully connected across the energy value chain, from upstream to midstream to downstream,” Lucci said.
emphasizing their commitment to operational excellence and safety.
Alternergy buys stake in operator of Cebu wind farm
“These gas-fired power plants have played a critical role in supporting the Philippine economy and advancing the decarbonization of our energy mix. Our goal is to continue growing this platform together with First Gen to accelerate the country’s transition away from a power system that is still coal-dependent,” Lucci said.
Lucci also highlighted the synergy of the gas assets with Prime Infra subsidiary Prime Energy Resources Development B.V., operator
Prime Infra President and CEO Guillaume Lucci said the strategic partnership with First Gen will support energy security and the growth of sustainable energy in the Philippines.
First Gen President and Chief Operating Officer Francis Giles Puno expressed optimism for the strategic partnership and highlighted its push towards a decarbonized and regenerative future.
“This partnership marks not just a new chapter, but a renewed commitment to the work that powers this nation every day, to grow our gas platform responsibly, to strengthen our country’s energy security, and to help ensure that the Philippines transitions to clean energy,” Puno said.
Lucci and Puno led a joint Prime Infra-First Gen town hall for gas plant employees, outlining the strategic vision for the gas assets and
Prime Infra is the infrastructure arm of the Razon Group, investing in, developing, and operating critical assets in essential sectors such as sustainable energy, water, and waste management. Among its assets are Manila Water Co. Inc., a listed water utility that supplies water to over 7.7 million Filipinos; Prime Energy, the operator of the Malampaya deep water gas-to-power project, and Prime Waste Solutions, a company focused on turning waste into value.
First Gen is the listed power generation company of the Lopez Group. Aside from its newly established partnership with Prime Infra in natural gas, First Gen operates the country’s largest portfolio of renewable energy which includes geothermal, hydro, wind, and solar power. Through its geothermal power unit Energy Development Corporation, it is also developing geothermal prospects in Indonesia in partnership with PT DSSR Daya Mas Sakti, a subsidiary of Sinar Mas Group of Indonesia.
InDrive ride volume surges eightfold
IBy Lorenz S. Marasigan @lorenzmarasigan
NTERNATIONAL ride-hailing platform inDrive posted an eightfold increase in ride volume in the Philippines for 2025 compared to the previous year, as passenger numbers grew seven times over the same period.
The company’s Philippine operations contributed 13 percentage points more to its regional business this year versus 2024, driven by driver base expansion and partnerships with government and private entities, according to Sofia Guinto, inDrive Philippines business development head.
She declined to provide absolute numbers.
“The Philippines is now considered a key market for inDrive,” Guinto said in an interview on Monday. “The market craves options, which is something not present in other countries. That’s one of the reasons why inDrive is aggressive in the Philippines— because passengers and drivers want options.”
The Philippines ranks among inDrive’s most dynamic growth markets in Southeast Asia, alongside Indonesia, Malaysia, Laos, Vietnam, and Thailand. Last year, inDrive ended with approximately 13,000 drivers in the
Philippines. The company initially targeted at least 30 percent growth in its driver base by end-2025 and is “on track” to meet this goal, according to Vanessa Cruz, inDrive Philippines operations manager.
“We’re right on track. We’re looking at around 20,000 drivers for 2025,” Cruz said.
The expansion comes as the Land Transportation Franchising and Regulatory Board (LTFRB) released 18,000 new transport network vehicle service (TNVS) slots recently.
“So, the 20,000 slots are doable. We still have a lot of drivers to recruit,” Cruz said.
InDrive currently operates in
Metro Manila, Cebu, Bacolod, Baguio, Iloilo, Cagayan de Oro, and Butuan. The company plans to launch in two additional cities in 2026, focusing on areas with “sufficient demand and supply” dynamics.
Metro Manila remains the primary driver of growth this year, but the company intends to shift focus to provincial cities next year.
The company is also exploring expansion into delivery services, pending regulatory approval.
“We are still trying to apply for a license. Hopefully by early 2026,” Guinto said, replying in the affirmative that the service will be available by the first quarter.
Manila Water 9-mo profit hits ₧12.6B
By Jonathan L. Mayuga @jonlmayuga
MANILA Water reported that its earnings jumped by 25 percent to nearly P12.6 billion in January to September.
In a statement, Manila Water said the continued topline growth momentum in the company’s East Zone Concession and Non-East Zone Philippines (NEZ PH) businesses was the primary driver for the strong performance. With further support from continued initiatives aimed at improving operating efficiency and productivity, Manila Water posted a 14 growth in EBITDA, surpassing P21 billion. This translates to a three-percentage-point improvement in EBITDA margin from last year, to reach 73 percent the company said.
During the period, Manila Water recognized a gain of P1.1 billion from the sale of its investment in East Water in Thailand. Excluding one-offs, core net income increased by 15 percent at P11.6 billion, with core net income margin improving by 2 percentage points to 39 percent.
For Manila Water’s East Zone Concession, revenues similarly increased by double-digits to reach
P24 billion for the period, driven primarily by the implementation of the 3rd tranche of the approved Rate Rebasing tariff adjustment in January 2025. Meanwhile, water demand saw a 1-percent decline in billed volume with lower consumption from residential customers with lower reading days, as well as lower cross-border volume.
Expenditures related to technology platform costs drove operating expenses for the period, but overall, were offset by efficiencies realized in power and other direct costs. These kept total costs muted at a 1-percent growth to P5.9 billion. EBITDA increased by 14 percent to P18.2 billion, with EBITDA margin improving by 2 percentage points to 75 percent.
Beyond the East Zone Concession, the company’s businesses across the rest of the country saw earnings growth of 11 percent to reach P852 million in net income for the period, driven by strong contributions from several of its key business units, by way of implemented tariff adjustments and a 5-percent increase in total billed volume.
The company said the main contributors during the period are several of the group’s core domestic businesses, namely Clark Water, Estate Water, as well as several subsidiaries operating in Visayas-Mindanao, namely Boracay Water, Cebu Water, and Tagum Water in Davao.
This solid performance pushed revenues up by 8 percent to P7 billion, resulting in a 5-percent im -
provement in net income to P1.1 billion. For Manila Water International, equity share in net income jumped significantly to P1.1 billion. This was driven mainly by the gain on the sale of the East Water investment, which was fully impaired in prior years.
Manila Water continued to invest in critical infrastructure towards the fulfillment of its regulatory and service commitments. Group-wide capital expenditures (capex) reached nearly P18 billion in January to September, with the East Zone Concession accounting for 85 percent of total capex at P14.9 billion.
Manila Water President and CEO Jocot de Dios is encouraged by the solid performance of the business units, even as the company begins to see significant benefits from its disciplined management of its portfolio and its deliberate approach to new business growth.
“We are happy to see that the foundation laid for efficient and responsible operations, both within and outside our Metro Manila Concession, is lending towards the resilient performance we are seeing in our businesses. Equally important, our disciplined approach to managing our portfolio is now beginning to bear fruit.
ALTERNERGY Holdings Corporation (Alternergy) is beefing up its wind portfolio by acquiring a 95-percent equity stake in MC Project Solutions Inc. (MCPSI), which is developing up to 80 megawatts (MW) of wind power capacity in Cebu.
Alternergy’s wind investment holding company, Alternergy Wind Holdings Corp., (AWHC), will acquire a 95-percent equity stake in MCPSI, which had been awarded by the Department of Energy (DOE) Wind Energy Service Contract (WESC) No. 2024-05-402.
MCPSI was one of the winning bidders in the DOE’s Fourth Green Energy Auction (GEA-4) conducted last September 2, 2025.
MCPSI’s Alegria Cebu Wind Power Project is estimated to generate at least 56 MW up to 80 MW estimated capacity. It is already in the pre-development stage and has a committed delivery date in late 2028.
“We are excited to develop our first wind project in Cebu which marks a significant step in expanding our renewable energy portfolio into the Visayas Grid,” said Gerry P. Magbanua, president of Alternergy.
The acquisition of the Alegria Cebu Wind Project will contribute
to accomplishing the company’s goal of reaching a total energy capacity of renewable energy projects of one gigawatt (1 GW) by 2030.
“Given the track record of Alternergy in wind project development, we are pleased to collaborate with Alternergy in developing the first wind energy undertaking on the island of Cebu,” said Pedro Pascual, MCPSI CEO. Alternergy is engaged in different RE projects, particularly wind, run-of-river hydro, solar farm and commercial rooftop, battery storage and offshore wind projects. The company’s wind power projects that are operating and under construction have a capacity of 246 MW. There are 716 MW more of wind projects that are in the pre-development stage. With robust expansion plans in the next two years, Alternergy aims to develop up to 500MW of additional wind, solar, and run of river hydro projects. There are four projects are currently under advanced construction for completion in 4th quarter 2025 and first quarter 2026, namely: 4.6MW Dupinga run-of-river, 28-MW Balsik Solana, 64-MW Alabat wind and 128-MW Tanay Rizal wind projects, as part of its Road to 500 MW by 2026. Lenie Lectura
Ayala retail arm, Makro operator expand tieup
ACX Holdings Corp., the retail arm of conglomerate Ayala Corp. and Thailand’s CP AXTRA Public Co. Ltd., the operator of wholesale and retail businesses Makro and Lotus’s, signed a new memorandum of understanding to expand their partnership to explore the development of new businesses and co-investments in the Philippines and Thailand.
The deeper collaboration brings together the complementary strengths of the Ayala and CP Group towards creating greater value for stakeholders.
Ayala said its expanded partnership with the Thai retailer marks its deepening engagement in the consumer sector in the Philippines and potential foray into the Thai market.
Under the agreement, ACX and CP AXTRA will partner for the joint development of a large format food retail wholesale, and e-commerce business in the Philippines through the re-entry of Makro.
The two sides earlier executed agreements on reestablishing Makro in the Philippines through the new entity M&Co Corp., a partnership
between ACX and CP AXTRA subsidiary Makro ROH Co. Ltd. Under the expanded partnership, ACX will also explore co-investment and collaboration opportunities with CP AXTRA’s affiliates.
“This partnership with CP Group allows us to put into action our strategy of offering Filipinos more choices by bringing the best of the world to the Philippines; while at the same time bringing the best of the Philippines to the world,” Mark Uy, head of corporate strategy and business development of Ayala.
“This collaboration reflects our shared ambition to pursue new growth by leveraging our respective strengths and resources. Together, we aim to unlock untapped opportunities across retail, wholesale, e-commerce, and mall development—starting with the re-entry of Makro in the Philippines, exploring potential investments and joint developments in CP AXTRA’s affiliates, and enhancing management support for key projects in Thailand,” Tanit Chearavanont, group chief wholesale business officer of CP AXTRA, said. VG Cabuag
Photo shows the wind farm of Alternergy Holdings Corp. Pililla, Rizal.
PHOTO FOR WWW.ALTERNERGY.COM
Ukraine’s drone industry seeks European partnerships amidst Russian aggression
By Jake Rudnitsky and Gerry Doyle
THE bucolic birch and pine forests that surround the town in Finland where Oleksandr Hrachov is building a drone assembly line for Ukraine remind him of Siberia. It’s not a happy memory—his father sent him there from Kyiv as a child, fearing radiation fallout from the Chernobyl nuclear disaster.
That was a lifetime ago and in another country, before the Soviet Union collapsed in 1991. Now when Hrachov thinks about Siberia he’s focused on how to inflict maximum pain on Russia’s economy with drone strikes to help defeat Vladimir Putin’s invasion of Ukraine.
An engineer by training, Hrachov runs a major Ukrainian drone producer called TSIR and is among the first entrepreneurs there to seek NATO partnerships abroad. The need to develop and fund weapons to fight off Russia’s invasion is increasingly pushing them to share technology with European partners.
Europe doesn’t need to be persuaded as it confronts a wave of airspace violations by Russia that has brought home how exposed countries are to the changing realities of modern warfare. By necessity, Ukraine has become a drone superpower, churning out 4 million a year of different types to strike at Russian targets on the battlefield and deep inside the country. The US makes about 100,000 military drones annually by some estimates.
Now cash-starved Ukrainian companies are eager to share their drone know-how and set up safer production lines, seeking markets among European militaries desperate to stockpile the weapons as they absorb the lessons of the war on their eastern flank.
“It’s not just the quantity of drones, it’s the variety” used by Ukraine, said RAND analyst Michael Bohnert. “Probably more than all NATO countries combined right now.” These include long-range strike drones and cheap first-person view, or FPV, drones in which pilots guide them using tiny onboard cameras.
The war—and the need to fund, develop and build weapons to fight against a richer, larger enemy—has pushed Ukrainian manufacturers to share technology with European allies. Hrachov says he’s seeking two things in Finland: to ensure the front in Ukraine is well supplied by moving some production beyond the war zone, and to tap western financing for more production.
He worries Europe isn’t learning from Ukraine’s experience fast enough: his drones in Ukraine have gone through three generations in the time it’s taken him to set up a production line in Finland.
In September, Russian jets and drones crossed into at least three NATO members. NATO scrambled fighters to target drones that entered Polish airspace for the first time since Russia’s 2022 full-scale invasion of Ukraine began. Of at least 19 unmanned vehicles detected, four were downed after being deemed threats.
“Shooting down four drones in a night would be a poor result for a single Ukrainian air defense team,” said Hrachov, 47, who fa -
vors sweatpants and is quick with a dimpled smile. He estimates the allies spent more on jet fuel than it cost Russia to make the drones.
Russia regularly fires hundreds of UAVs at Ukraine per day, most of which are intercepted.
Such barrages are the top cause of civilian casualties in Ukraine, which have soared this year as Russia has intensified its use of longrange weapons, according to the United Nations.
As the conflict grinds away both sides’ supplies of more conventional weapons, drones have become the most essential tool of warfare.
The majority of Ukraine’s strikes on Russian troops and equipment are conducted by UAVs, and both militaries use surveillance drones to gain critical information on enemy movements and positions. Increasingly, Ukraine uses interceptor drones to shoot down incoming Russian weapons.
Ukraine and the UK plan to start joint production of interceptor drones in the coming months to combat swarms of Russian Shahed-type unmanned aircraft that damage civilian and energy infrastructure.
Europe finds itself increasingly drawn into a hybrid conflict. In addition to the airspace violations, airports in Denmark—including the biggest hub in Scandinavia—were forced to delay and cancel flights in September after several drone incidents. The Danish authorities are investigating the incidents as potential attacks by a state actor, with Russia identified as a possible culprit. Russia’s ambassador in Copenhagen Vladimir Barbin denied Moscow’s involvement.
Russian incursions into NATO airspace have fueled the sense of urgency in the European Union, which is holding talks about a socalled drone wall in consultation with Kyiv. Countries, from Finland and the Baltics that border Russia to some of the North Atlantic Treaty Organization’s largest militaries, are increasingly seeking Ukrainian help to build their own capabilities. And Ukraine’s defense industry, honed by years of high-intensity war, has products it wants to sell. Prior to President Volodymyr Zelenskyy’s visit to the White House last month, Ukraine held advanced talks on a deal that could see Ukrainian drones manufactured in the US or in Europe to be exported back for the US military’s use, Bloomberg reported.
Skyeton, a Ukrainian company that builds lightweight surveillance drones capable of flying for more than 24 hours in contested airspace, was a pioneer of manufacturing abroad, opening its first production facility outside Ukraine in Slovakia last year. It has since announced partnerships in Denmark and the UK.
The company attracted over €10 million ($11.6 million) in foreign investment for the Slovak plant, which it built because its Ukrainian facilities were “high-priority targets for the enemy,” according to founder Oleksandr Stepura.
“Producing in Europe gives Skyeton access to global and NATO markets but comes with higher costs and stricter regulations,” Stepura said in an email. “Ukrainian engineers tend to implement upgrades faster than their European counterparts because they work closer to the end users.”
Denmark has earmarked 500 million kroner ($77 million) this year to help Ukrainian weapons firms set up shop there. The first project will start producing rocket fuel this year for Fire Point, a Ukrainian company that produces the Flamingo cruise missile with a 3,000 kilometer (1,864 miles) range that Zelenskyy has lauded as his country’s “most successful” weapon.
The Flamingo, named after a prototype that was mistakenly painted pink, is part of a push to extend Ukraine’s ability to strike deep inside Russia. Fire Point has said the Danish plant is a hedge against Russian attacks on industrial facilities in Ukraine, and all output will go to Ukraine until the end of the war.
Although allied countries, including Denmark, Germany, the UK and Lithuania, are helping Ukrainian companies produce weapons abroad through a technology-sharing program Zelenskyy announced this summer, the sector needs more money, said Deborah Fairlamb, a founding partner at Green Flag Ventures, a defense-focused venture capital firm based in Kyiv and Los Angeles.
“There’s a lot of pressure from the ecosystem on government to lift restrictions, basically saying the export ban is stifling growth and that we could self-fund,” Fairlamb said.
The dollar values for the projects may seem small, drone makers say, but the real payoff will be post-war, when there are no restrictions on non-Ukrainian customers or on how
many of the weapons can be sold. For now, projects abroad remain politically sensitive in Ukraine, where the idea of profiting from military know-how while an existential battle rages with Russia is outrageous to many. But there’s evidence Ukraine’s position is changing. Zelenskyy told the United Nations General Assembly that Ukraine plans to open up arms exports to allies, at least for weapons in which his military’s well stocked.
“You don’t need to start this race from scratch. We’re ready to share what has already proven itself,” he said in September.
Ukraine plans to open offices in Berlin and in Copenhagen this year for arms sales, Zelenskyy said Nov. 3. “This is co-production and export of the weapons that we can allow ourselves to sell, in order to have more money for our domestic production of deficit items for which we don’t have the money,” he said.
Hrachov’s on assignment for several weeks in Finland, where his company is setting up a plant to make tactical drones—quadcopters that can travel up to 15 kilometers and are used for surveillance and strikes along the frontline—in a joint venture with Finnish partner Summa Defence Plc.
The project is under the umbrella of FlyWell, a holding company that brings together several Ukrainian companies that make air, ground and sea drones designed to spy on and target Russian assets from the front line to as far away as 2,000 kilometers. FlyWell is seeking to raise about $50 million to pay for additional European production and research projects, including one that would use hydrogen cells to power drones.
For now, Summa Defence is paying for production itself and has made prototypes of three models that can be mass produced as soon as the drones are tested in Ukraine, according to Chief Executive Officer Jussi Holopainen. Some of the output will go to NATO countries, but Ukraine is the priority.
“Most companies want to de -
The pressures of the battlefield have led Ukrainian drone manufacturers to iterate much faster than companies elsewhere in the world, according to Konrad Iturbe, a Spanish software engineer who has since 2022 helped Ukrainian military units and companies modify commercial drones for battlefield use.
velop drones starting with the initial concept, but we’re jumping on a moving train,” Holopainen said.
“We’re getting information about what systems work in a real war. There’s both tech transfer and real time data about what’s happening.”
Ukraine’s ability to make drones on the cheap is another reason Europe is eager to learn. FlyWell consortium members alone produce hundreds of thousands of drones a year. By comparison, European producers tend to produce more expensive weapons in much lower quantities.
That strategy, which is benefiting from the hundreds of billions of euros that European countries are spending on rearmament, has created a gold rush for startups.
Germany’s Helsing, which raised €600 million in June for its artificial intelligence-controlled drones, has only produced several thousand drones for Ukraine.
“Innovation, speed, and affordability often matter more than expensive technology,” Skyeton’s Stepura said. “Modern warfare rewards those who can produce effective, scalable systems quickly—not just those with the most advanced or expensive ones.”
Hrachov was one of Ukraine’s early believers in unmanned systems.
Following Putin’s order to seize Crimea from Ukraine in February 2014, he volunteered for a force that thought it could liberate the peninsula in 90 days. Hrachov was one of the Ukrainian soldiers nicknamed Cyborgs who withstood months of i ntense Russian assaults at the Donetsk airport in eastern Ukraine that year.
From there he began experimenting with drones and linked up with the Kyiv Aviation Institute. His Facebook is full of images of early drones similar to the millions that Ukraine now churns out a year. They’re clunkier, sometimes with unmatched propellers, but the resemblance is clear.
Still, his products were largely ignored, and until the full-scale invasion in 2022 he was more focused on civilian uses.
Now, no one questions the need and countless Ukrainian hobbyists rallied to defend their country after the full-scale invasion. What had been a network of amateurs tinkering in garages and summer houses quickly evolved into a nimble industry churning out military hardware that has kept Ukraine in the fight.
“In 2022 Ukraine had 10 drone producers. Now there are 500,” Deputy Prime Minister Mykhailo Fedorov said at a September drone conference in Ukraine’s western city of Lviv. “You are not in the global
defense tech market if your product has not been tested in Ukraine.”
The pressures of the battlefield have led Ukrainian drone manufacturers to iterate much faster than companies elsewhere in the world, according to Konrad Iturbe, a Spanish software engineer who has since 2022 helped Ukrainian military units and companies modify commercial drones for battlefield use.
“Ukrainian drones are just more capable,” Iturbe said. “The components are not specialized. They are made to be repairable in the field, mixed and matched with other drones.”
The challenge is that “the state is not able to buy enough drones from them so they can invest in bigger facilities,” Iturbe said. Exporting drones “would give them muchneeded cash flow, which would then be used to improve the drones made for Ukraine.”
Their weapons not only kept a much larger and richer enemy at bay, but have altered 21st century military doctrine. US Defense Secretary Pete Hegseth cited Ukraine when he reclassified drones as expendable, like bullets, so that they wouldn’t need to be accounted for every time they’re used. He’s called for “drone dominance” in the US backed by massive investment into the industry to arm units with large numbers of low-cost drones for combat training by next year.
Post-war, drone production offers “a lot of opportunity” for the US and Ukraine to work together to counter China, according to Bohnert, the RAND analyst, adding that Ukraine would be able to make entirely Western-sourced drones.
“They’re going to have the factories and the parts production—very cost effective,” he said. That’s a direction in which Hrachov is already moving. Drones made without Chinese components cost about a third more, but it is worth the price if it results in sales to NATO militaries, he said.
Europe needs a radical rethinking of how to commission weapons in the age of unmanned systems, according to Oleksandr Khomiak, a Ukrainian-born lawyer who founded Drone Space Labs in London two years ago to help in his native country’s war effort.
He’s proposing a subscription service to support new production facilities in which NATO members pay regular fees for access to drones needed to train military units to use them. The remaining output can be sent to Ukraine.
“Drones aren’t like tanks: you can’t build a warehouse and stick one million drones in it, because tomorrow they’ll be outdated,” Khomiak said. “You have to create
SUMMA Defence CEO Jussi Holopainen holds a drone prototype. CARL BERGMAN/BLOOMBERG
Banking&Finance
Rates sideways on monetary policy easing bets
By Reine Juvierre Alberto @reine_alberto
THE Bureau of the Treasury (BTr) upsized the volume of Treasury bills (T-bills) it awarded on Monday as rates moved sideways on bets of a monetary policy easing.
The auction was 3.8 times oversubscribed, with three tenors attracting a total of P84.020 billion in bids.
Strong demand from investors seeking safer havens prompted the auction committee to double the non-competitive bids for the 182-day T-bills to P6 billion.
“With its decision, the Committee raised a total of P25 billion compared to the P22.0 billion initial offer,” the Treasury said in a statement after the auction.
Meanwhile, rates also ended mixed, similar to the movements in the comparable short-term Philippine Bloomberg Valuation (PHP BVAL) yields.
The 91-day T-bills fetched an average rate of 4.842 percent, a slight increase of 2.1 basis points from 4.821 percent. Rates were as high as 4.854 percent and as low as 4.825 percent.
Tenders for the tenor reached P26.190 billion, 3.7 times the P7-billion offer.
As for the 182-day T-bills, the average rate settled at 4.970 percent, a 1.1 basis point drop from 4.981 percent. The average rate stood between 4.923 percent and 5 percent.
Total submitted bids for the debt paper amounted to P29.470 billion, nearly quadruple the P7.5-billion initially offered.
Similarly, the 364-day T-bills’ average rate slipped to 5.017 percent, falling by 3.7 basis points from the previous auction’s 5.054 percent. Rates ranged from 5 percent to 5.028 percent.
Bids for the government security also hit P28.355 billion, 3.7 times the equivalent of the P7.5-billion programmed borrowing.
According to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), the weak 4-percent eco -
nomic growth and low inflation—justifying a possible reduction in the key policy rate—drove T-bill yields lower.
In a statement last Monday, outgoing Finance Secretary Ralph G. Recto cited that inflation stands low at 1.7 percent and at 0.4 percent for the bottom 30 percent of households in October.
“This stability allows the Bangko Sentral ng Pilipinas (BSP) more room to cut interest rates, boosting household spending and economic growth,” Recto said, who also sits as a member of the highest policy-making body Monetary Board.
Ricafort said another 25-basis point rate cut is possible at the next rate-setting meeting and match the total 50-basis point rate cut of the US Federal Reserve to maintain healthy interest rate differentials, provided that inflation remains benign and the peso continues to stabilize.
The series of local and Fed rate cuts led to more investors locking in yields before they go down further in the coming months amid still relatively larger demand for government securities in recent weeks, added the RCBC executive.
This November, the Treasury will auction off P158 billion worth of debt papers, of which P88 billion are T-bills and P70 billion are Treasury bonds.
The national government seeks to raise a total of P2.6 trillion this year, most of which is expected to be raised through domestic sources, to plug its P1.561 trillion budget deficit.
Outstanding debt of the government reached P17.455 trillion as of end-September of 2025, down by 0.07 percent from P17.468 trillion as of end-August.
By Erwin James Gianan | Intern
DESPITE its vulnerability to natural hazards, the country’s diverse economy could provide more opportunities and responsibilities for insurance providers, according to an executive of a French multinational insurance corporation.
Echoing Axa S.A.’s “2025 Risk Report,” AXA International Markets CEO Hassan El-Shabrawishi highlighted potential growth of insurance in the Philippine economy, with insurance penetration only at around two percent of gross domestic product (GDP).
“The Philippines ticks every box when it comes to long-term potential; it’s a very well-diversified GDP with immense growth that we see even more potential coming in,” El-Shabrawishi added.
However, the Philippines still presents a challenge on climate resilience and financial inclusion, with the Risk Report showing climate change as the top concern for experts and the general population. This
THE crypto market selloff shows no signs of abating, and the smallest, riskiest tokens are bearing the brunt of it.
The MarketVector Digital Assets 100 Small-Cap Index, which tracks the 50 smallest digital assets in a basket of 100, fell to its lowest level since 2020 on Sunday.
The low-point came as Bitcoin, the largest cryptocurrency, erased what was until recently a 30 percent year-to-date gain, just weeks after setting an all-time high. Seen as a barometer for the very riskiest of speculative appetites, so-called altcoins are lagging their larger counterparts badly in 2025.
During past bull markets, the small-cap index often outpaced its large-cap counter-
finding prompted AXA to shift its focus to the prevention of losses caused by natural hazards.
“The single biggest shift that we need to achieve is to help people with more prevention to mitigate the impact of risks, because behind each claim is the tragedy of families and a lot of pain,” AXA Group CEO Thomas Buberl said.
Hence, the executives explained AXA’s global business unit expanded coverage through digital platforms like Grab and GCash to focus on underserved sectors like informal workers and small business workers.
They also noted that AXA’s partnership with Metrobank continues to advance financial inclusion by providing Filipinos with protection and financial wellness solutions.
Moving forward, Buberl also encouraged policymakers and business leaders to view insurance “not as a necessary evil but as a supporter and enabler of economic and societal development.”
‘PHL ticks every box when it comes to long-term potential’ Crypto’s riskiest coins plummet to lows not seen since pandemic
part, benefiting from traders’ hunger for high-risk, high-reward bets. But that trend reversed last year after the US approved Bitcoin and Ether exchange-traded products, which became a focal point for institutional flows. Over the past five years, the small-cap index is down nearly 8 percent, while its large-cap counterpart has surged about 380 percent, highlighting how far the segment has fallen out of favor. Retail traders are learning lessons from previous cycles, said Pratik Kala, portfolio manager at Australia-based hedge fund Apollo Crypto. “A
Banking&Finance
‘Financial confidence needed for inclusive growth’
By Mary Jade Gale Jadormio | Intern
THE Bangko Sentral ng Pilipinas
(BSP) has underscored that building “financial confidence” among Filipinos is essential to strengthening household resilience and supporting inclusive economic growth.
At the “2025 Financial Education Congress” last Monday, BSP Deputy Governor Bernadette Romulo-Puyat said while financial success is usually measured through savings targets or investments, it is “in fact rooted in people’s confidence to plan, protect and grow their resources.”
“More than anything, it is really about confidence,” Romulo-Puyat said.
She added that financial literacy has a proven link to economic performance. The central bank official cited a study by the Center for Economics and Business Research showing that a one-percentage point improvement in financial literacy can cut household loan defaults by nearly three points. According to the same study, a 10-point improvement in financial
Moving? Here’s your financial game plan for easy transition
WHEN you’re about to move—whether it’s to a new city, a different province, or even abroad—your to-do list gets long real quick. From finding a new place to settling in, it’s easy to forget the one thing that can make or break your move: your finances. Relocating is more than just packing boxes. It’s a major life change that comes with serious money decisions. If you don’t prepare financially, you might end up spending way more than expected, or worse, starting your new life in debt. Here’s a simple, practical guide to help you financially prepare for your big move.
Know the real cost of moving MOVING isn’t cheap. You’ll have to spend on transportation (truck rental or professional movers), packing supplies, gas or plane fare, and even food on moving day. Some people also forget about deposits, cleaning fees, or reconnecting utilities like internet and electricity.
Before anything else, list all possible expenses. Be realistic. Overestimating is better than running short. Once you know how much you’ll likely spend, you can start building your moving budget.
Check your current finances
THIS is the time to take a good look at your savings, income, and any upcoming expenses. How much can you really afford to spend on your move without affecting your day-to-day finances?
Make sure you’re not draining your savings completely. It’s smart to maintain an emergency fund for unexpected expenses, especially as you adjust to your new place.
Research the cost of living in your new area
IF you’re moving from Manila to Cebu, or from the Philippines to Singapore, the difference in daily expenses can be huge. Housing, groceries, transportation, and even coffee prices vary depending on where you’re going. Check local Facebook groups or online forums for more information.
Use cost-of-living comparison sites to estimate how much more (or less) your lifestyle might cost. This helps you adjust your budget and avoid financial surprises.
Start a moving fund early ONCE you know your target moving budget, open a separate account and start saving for it. Automate the savings if possible. Treat it like any monthly bill. Even small amounts add up over time. Having a dedicated fund means you won’t accidentally use your moving money for other expenses.
Prepare for housing-related costs WHEN renting a new place, be ready to pay deposits, advance rent, and sometimes even agent fees. If you’re buying a house or condo, expect even more fees like taxes, transfer costs, and repairs. Also, don’t forget basic furniture, curtains, appliances, or maybe
literacy can boost a country’s GDP by about 0.3 percentage points within four years.
“That happens because financially literate citizens make better decisions,” Romulo-Puyat said.
She explained that informed consumers borrow more carefully, save with intention and are less likely to panic when economic conditions shift or interest rates rise.
The BSP is expanding access to practical learning through its BSP Learning Academy, which hosts digital content on saving, investing and financial safety.
The Deputy Governor said these efforts complement consumer protection reforms such as the Anti-Financial Account Scamming Act and the continuing work of the Financial Inclusion Steering Committee under the National Strategy for Financial Inclusion.
“Each effort matters,” RomuloPuyat said.
even Wi-Fi setup. These things add up fast, so budget for them ahead of time.
Think about your income flow
IF you’re moving because of a new job, great! But if you’re still job hunting or doing freelance work, prepare for possible income gaps. Make sure you have at least 1-2 months’ worth of living expenses covered. Explore part-time gigs, remote work, or side hustles that can tide you over while you settle in. Money is the last thing you want to stress about during a major life transition.
Update your monthly budget after the move
ONCE you’re in your new place, your expenses will probably change. Maybe you’ll spend more on Grab rides or less on eating out. Monitor your spending for the first 2-3 months, then adjust your monthly budget based on what’s actually happening. This helps you stay on track and avoid lifestyle inflation, especially if you moved to a busier, more expensive area.
Don’t forget financial loose ends BEFORE you leave your current place, make sure to:
n Cancel or transfer subscriptions (like water delivery or gym memberships)
n Update your address with banks, government IDs, and delivery apps
n Disconnect utilities you won’t use anymore
n Forward your mail if needed
These things may seem small, but they can create problems later, like getting billed for services you no longer use.
Final advice: Don’t go into debt just to move
IT’S tempting to swipe your credit card or get a loan when moving gets expensive, but try your best to live within your means. Sell or donate stuff you don’t need. Travel light. Be resourceful. This isn’t just a move— it’s a chance for a fresh financial start.
Moving to a new place is both exciting and challenging. With proper financial planning, you can avoid stress, overspending, and unnecessary debt. Think of it not just as relocating, but as rebooting your money mindset. Plan wisely, budget smart, and make your fresh start truly worthwhile.
Fitz Villafuerte is a Registered Financial Planner of RFP Philippines. The views and opinions expressed herein are those of the author and do not necessarily represent the BusinessMirror. To learn more about personal financial planning, attend the 114th RFP program this January 2026. E-mail info@rfp.ph or visit rfp.ph to learn more about the program.
She added that meaningful change happens “when a parent saves a little more each payday, when a student learns how to stick to an allowance and when a vendor goes digital and starts accepting QR payments.”
“This Congress is really about learning, growing and helping one another build real financial confidence,” Romulo-Puyat said.
During the panel discussion, Michele Angela N. Okol of the Securities and Exchange Commission shared her experiences working with students and young professionals.
Okol said automating expense management and creating cheat sheets helped her monitor finances after graduation. She also highlighted the value of free trackers, infographics and interactive resources to build communities of informed consumers.
“Our online community started
Pagcor releases nearly ₧33M for areas hit by Tino, Uwan
By Reine Juvierre Alberto @reine_alberto
STATE- RUN Philippine Amusement and Gaming Corp. (Pagcor) has extended P32.85 million in assistance to those affected by Typhoon “Tino” (international name Kalmaegi) and Super Typhoon “Uwan” (Fung-wong).
A statement issued by the staterun firm last Monday read that Pagcor Chairman and CEO Alejandro H. Tengco announced the cash was used to procure 31,500 relief packs containing food and non-food essentials for distribution to hard-hit provinces.
Each relief pack contains rice, bottled water, canned goods and coffee, along with non-food necessities such as blankets, mosquito nets and toiletries.
Over 15,000 relief packs worth P14.78 million were turned over to the Office of Civil Defense (OCD) in Regions 6 and 7, following Tino’s onslaught in early November.
Another batch of 16,500 relief packs amounting to P18.07 million is also currently being dispatched to communities impacted by “Uwan” in Camarines Sur, Catanduanes, Aurora, Batangas, Bulacan and Negros Occidental, Pagcor added.
The Senate of the Philippines also received relief packs from the latter batch for its outreach initiative.
“In times of calamities, Pagcor will always be ready to step in and extend support to our fellow Filipinos,” Tengco was quoted in the statement as saying. “Part of our nation-building mission is to help our kababayans rebuild their lives.”
In addition to the relief drive, the Pagcor said it donated 2,000 computer tablets worth P17.54 million to cities in the Visayas that host its Casino Filipino branches to support learners in the wake of recent disasters.
Of the total, 1,000 tablets will go to the Cebu City government, while Iloilo and Bacolod will each receive 500 units for distribution to public schools.
“Through this donation, we hope to help learners continue their studies despite the challenges brought by the recent calamities,” Tengco added. “Education is key to building a better future, and Pagcor will always be a partner in making that possible.”
The government has placed the entire Philippines under a state of national calamity after the subsequent typhoons claimed hundreds of lives and affected over 2.5 million families nationwide in less than two weeks.
Bond traders eye crucial data to chart US Fed’s next move
BOND traders are bracing for a deluge of data that will solidify expectations for how quickly the Federal Reserve will continue the interest-rate cuts that have driven US Treasuries to the biggest gains since 2020.
The end of the government shutdown means that agencies will start releasing key reports that were held back since the start of October, including the September employment report on Thursday.
The lack of government data during the closure made it difficult to gauge the direction of the economy. Data from private data sources, like the payroll company ADP, however, continued to underscore the weakening in the job market that drove the Fed to lower its benchmark rate at the September and October meetings, ending what had been a nine-month pause.
But there’s a risk that the government’s figures may surprise to the upside by showing that businesses have been adding jobs at a stronger-than-expected pace. There’s also a chance that the data may be incomplete— or distorted—by the shutdown.
With policymakers still mindful of elevated inflation, that could cause them to hold rates steady at the Dec. 10 meeting or push back on the market’s expectations for 2026.
“As the economic data starts to trickle in, it is possible that the labor market shows more stability,” said Priya Misra, a portfolio manager at JPMorgan Investment Management. “Then the market might further take down odds of a December cut and volatility may rise.”
She said they see a buying opportunity in a rise in 10-year yields to 4.25 percent.
on Facebook and has expanded to a mobile app, allowing people to find easy promos and understand different financial products,” the content creator said.
Okol also discussed gamification and hands-on approaches such as school tours, webinars and trial-anderror games to help participants retain financial knowledge.
Yields were two basis points lower at 4.13 percent at 3:44 a.m. in New York.
Treasuries rallied strongly this year as a slowdown in employment and President Donald Trump’s trade war sowed uncertainty in an economy that in recent years consistently surprised forecasters with its strength. After traders ratcheted up rate-cut bets and yields slid, Treasuries delivered a roughly 6 percent return this year.
But Fed Chair Jerome Powell has indicated the central bank’s recent moves were largely protective measures to ensure that its restrictive policy doesn’t stall growth, rather than an effort to jumpstart the economy.
Last week, futures traders pushed the odds of a quarter-point rate cut in December below 50 percent as some Fed officials indicated that such a move is far from a sure thing. That near-term uncertainty has driven up a gauge of expected bond-market volatility, which had been hovering around a four-year low.
“There is some growing concern, although not a huge issue yet, that the Fed won’t cut rates in December based on the timeliness and quality of the economic data,” said Jack McIntyre, portfolio manager at Brandywine Global Investment Management. He said that, coupled with the pullback in yields, “keeps us biased toward a neutral exposure in US Treasuries.”
The exact timing of some of the delayed releases, as well as the November jobs report that would usually come during the first week of next month, has yet to be clarified. The Labor Department said last week that it may take some time to finalize the release dates. Bloomberg
“Posting a video once is not enough; consistent reinforcement helps the message stick and ensures financial literacy translates into action,” she said.
Panelists concluded that early exposure, digital innovation and community building are key to developing a financially confident population that can support both household resilience and broader economic growth.
PERSONAL FINANCE
Fitz Gerard Villafuerte
Art BusinessMirror
SinagLarawan 2025 culminates with awarding, exhibit of winners
SINAGLAWARAN celebrated yet again the creative eye and technical prowess of Filipino photographers this year, featuring an awarding ceremony and exhibition of the photo contest’s winning entries. The Isa sa Isla Photo Exhibit ran from November 7 to 9 on the third floor, East Wing of Estancia Mall, Capitol Commons in Pasig City. The SinagLarawan Photo Contest is an annual program now in its third year, mounted by JTI Philippines Community Investment, which supports three focus areas: people, environment, and arts and culture. This year’s contest was themed “Isa sa Isla,” or “a visual exploration of how our lives in the islands are linked by water in profound and complex ways,” which help shape Filipino culture and identity.
“[This year], we saw a significant increase in the number of photographers joining the contest, as well as good representation from photo clubs and communities from all over the country,” said Guilherme Silva, JTI Philippines general manager, who also served as a judge in the photo contest. SinagLarawan 2025 welcomed almost 500 entries from around the country. In the end, the Grand Prize or the SinagLarawan of the Year title was bestowed on the poetic photograph Patron Saint of the Mariners by Kurt Austin Garcia, also a member of the photo club Raw and Untitled PH. Meanwhile, Jessie Eno’s Harvest from the Crown Jewel was awarded first runner up, receiving P120,000 and a trophy, with P25,000 and a certificate for the photo club Putowalkers. Completing the podium was The Current’s Common Ground by Missy Keith Acbang, which also won a P100,000 cash prize and trophy, with the photo club Samahan ng mga Litratista sa Rizal receiving P20,000 and a certificate. Aside from the top 3, SinagLarawan 2025 also recognized eight outstanding photos for its Circle of Excellence, each awarded a cash prize of P80,000 and a trophy, while their respective clubs received P10,000 and a certificate each. The Circle of Excellence winners included Mark Kevin Badayos and Salvador Toong III of the Photographers Club of
Cebu Inc., Nathaniel Carampatana of Putowalkers, Reu Dawner Flores of the Samahan ng mga Litratista sa Rizal, John Kimwell Laluma and Alfred Immanuel Sa-onoy of the Camera Club of Negros, Brian Roldan of Raw and Untitled PH, and Lord Aeron Salem of the Philippine Society for Photography. There were also 13 winners of SinagLarawan 2025 Special Awards, who each received P50,000 and a certificate. Arturo De Vera Jr. bagged the JTI Employee Choice Award, while the Rehiyon Awards featured three winners per region. These were Jose Revoli Cortez, Sean Jhayzeith Cortez, and Fionna Pelayo for Metro Manila; Arnold Mark Ian Cacanindin, Michael Angelo Luna, and Zarah Jane Ngo for Luzon; Catherine Angeles, Redante Auxilian, and Carlito So for Visayas; and Gale David Davad, Glenn Magallano, and Wyndell “Dell” Supremo for Mindanao.
Moreover, SinagLarawan 2025 named 76 finalists as part of its top 100 roster, each receiving P10,000 in cash and a certificate. This year, the photo contest awarded over P2.5 million in total cash prizes. All 100 winning photographs will be featured in a coffee table book. SinagLarawan is also featuring the Top 24 photos in its special edition JTI Philippines calendar for 2026. Aside from the recognition and prizes, the winning images were also featured in the Isa sa Isla Photo Exhibit at Estancia Mall. The photographs further underlined how the Filipino’s connection with water in all aspects has given rise to communal aspects of our culture.
SinagLarawan” is derived from the Filipino words “sinag” which means ray of light, and “larawan,” which means image. The SinagLarawan Photo Contest aims to highlight the values, traits, culture, and traditions that shape the Filipino identity through evocative photographs. The mission is to allow these photographs “to drive and inspire us to be better, do better, and take pride in all that it means to be Filipino.” For more information and to view the winning photos, go to www.jtisinaglarawan.com.
Box office...
CONTINUED FROM B5
Schwarzenegger and was released in 1987 to mixed reviews and a tepid box office, earning only $38 million against a $27 million budget. The new version stars Glen Powell, who has had a good track record starring in box office hits, from the romantic comedy Anyone But You to Twisters Paramount Pictures released The Running Man in 3,400 domestic locations and 58 international markets. Worldwide, it earned $28.2 million against a reported $110 million budget.
The weekend’s other new opener, Keeper, the third feature from “Longlegs” filmmaker Oz Perkins, cratered with $2.5 million and a “D+” CinemaScore. But as an acquisition title for Neon, it’s also not a disaster.
Third place went to Predator: Badlands with $13 million in its second weekend, followed by Regretting You in fourth with $4 million. Black Phone 2 rounded out the top five with $2.7 million, bringing its domestic total to $74.7 million after five weeks in theaters.
In anticipation of the big budget musical Wicked: For Good, which opens next week, Universal Pictures put Wicked back in 2,195 theaters, where it made $1.2 million—barely missing a spot in the top 10.
The box office should pick up considerably when Wicked 2 blows into theaters, followed by Zootopia 2 before the Thanksgiving holiday. Comscore’s Paul Dergarabedian said it could be one of the highest grossing five-day Thanksgiving frames of all time.
“After a terrible October, the lowest grossing in decades, it’s just warming up,” Dergarabedian said. “It’s never too late to get the momentum moving in the right direction.”
VIRGO (Aug. 23-Sept. 22): A destination that offers a unique alternative to your current lifestyle will be eye-opening. Looking back can help you see what lies ahead as history repeats itself. Let your intuition, experience and desire for something better carry you forward. A commitment will offer clarity and fulfillment. ★★★★
LIBRA (Sept. 23-Oct. 22): Charm meets honesty when conversing. You can make a difference to the outcome of a situation if you choose your words wisely. Focus on your responsibilities and keep up with new technology and what’s happening in your community or the industry in which you work. ★★★
SCORPIO (Oct. 23-Nov. 21): Mingle, participate and get ready to make last-minute alterations if they will make your life more exciting, desirable or comfortable. It’s essential to fulfill your needs and take responsibility for your happiness if you want to satisfy your soul. A chance meeting or conversation that moves you will impact your next step.
SAGITTARIUS (Nov. 22-Dec. 21): Explore the possibilities. A change that offers greater freedom to use your skills and experience will encourage you to expand your knowledge and techniques. Take the initiative to be a pioneer in whatever field you choose, and you will make progress. ★★★
CAPRICORN (Dec. 22-Jan. 19): Participate in events that offer insight into something or someone of interest. Expanding your awareness will lead to a different lifestyle. A movement that shares your concerns or brings you closer to your dreams will point you in a positive direction.
AQUARIUS (Jan. 20-Feb. 18): Embrace what makes you happy and confident and helps you set goals. Achievement is within reach if you focus on doing your best and staying on track. Refuse to let someone else’s drama cloud your vision, causing you to miss an opportunity you deserve. Offer suggestions, but don’t bail out others when your responsibility is to yourself. ★★
PISCES (Feb. 19-March 20): Focus your energy where it counts, be meticulous about learning and preparation, and prioritize your health by doing what’s best for you and reducing your anxiety. Life choices make a difference, and change begins with you. Research what’s available, and choose the path that satisfies your soul. ★★★★★
BIRTHDAY BABY: You are emotional, influential and farsighted. You are innovative and efficient.
THE opening of the SinagLarawan 2025 Isa sa Isla Photo Exhibit on November 7 was led by JTI Philippines general manager Guilherme Silva (third from left). Joining him were director of corporate affairs and communications Shaiful Bahari Mahpar and community investment manager Faith Mondejar, with head judge Veejay Villafranca.
Still no better theme than love
WCHRISTMAS TAKES FLIGHT AT GH MALL WITH ‘HOLIDAYS AROUND THE WORLD’
FOR Filipinos, Christmas is never a quiet affair because of the sheer joy from being together. Christmas is laughter shared over food, children running toward twinkling lights, and families strolling hand in hand through bright streets and malls. It’s the sound of choirs, the scent of Christmas ham, the sound of church bells during Simbang Gabi and the feeling that everyone you love is a little closer this time of year.
This is the spirit that fills GH Mall as it ushered in the most anticipated season with its Annual Christmas Tree Lighting Ceremony on November 14 at the East Wing Atrium.
The ceremony was graced by special guests and city officials, including San Juan City Mayor Francis Zamora, Ortigas Land president and CEO Junie Jalandoni, EVA Airways Corp. general manager Rick Hsieh, and RCBC chief commercial officer Mylene J. Bico, who all joined the community in officially welcoming the season of joy and giving.
Every corner of the mall glows with the warmth of shared moments, inspired by the universal magic of Christmas, as GH Mall transforms into a festive escape. Themed “Holidays Around the World,” GH Mall partners with Taiwanese airline EVA Air to bring the magic of global travel into one holiday destination. With a playful Texan twist, this year’s Christmas tree in GH Mall draws inspiration from the airline’s newly launched Taipei-Dallas-Fort Worth route that connects Filipinos to even more destinations across North America.
To make the holidays even more exciting, RCBC joins the festivities with Holidays Around the World Raffle Promo, running until January 15, 2026. The promo is open to RCBC credit cardholders who shop or dine at GH Mall during the period, earning raffle entries for a chance to win EVA Air tickets to dream destinations.
More information can be found via the Ortigas Malls app, or GH Mall on Facebook and Instagram.
By Anthony D’Alessandro
The Associated Press
IT’S no magic trick: The third installment in the thieving magician Now You See Me series beat the high-profile action pic The Running Man at the North American box office this weekend. Lionsgate’s Now You See Me: Now You Don’t pulled in $21.3 million, while Paramount’s The Running Man made $17 million, according to studio estimates on Sunday.
Now You See Me: Now You Don’t, which cost a reported $90 million to produce, comes almost 10 years after the second film. Including ticket sales from 64 international territories, its worldwide opening is estimated to be around $75.5 million. Going into the weekend, it was expected to be a closer race between the two newcomers. “Honestly, I didn’t see us being No.1 for the weekend about 10 days ago,” Kevin Grayson, the president of worldwide distribution for Lionsgate’s motion picture group, said on Sunday.
“But as we started to get closer and ticket sale numbers started to pop, we saw that there was going
HILE it is true that being human does not center exclusively on romance, there is no denying that love remains to be the most popular theme that is consistently represented in music, and love-themed songs these days appear to have not lost any of their prominence. The predominant topic of music still revolves around love and romance, so it is no surprise that artists and listeners alike have resonated with these themes across time and space.
We recently spoke to four wonderful artists who have just released their new singles.
Singer Nicole Laurel Asensio wasted no time after her successful series of shows overseas as she immediately got back into the groove with her latest single’“Let Our Love,” now released in all listening platforms under Warner Music Philippines.
For this new single, Asensio collaborated with producer and multi-instrumentalist Gabe Dandan.
“It’s the first time I requested Gabe to strike the match and ignite the creative process with no references, no lyrical ideas, no soundbites, just all the creative and musical freedom to create anything that he thinks would suit my voice. We might not always agree on artistic decisions, but this one is really special because the creativity that flowed was torrential, so natural, and very effortless.”
Dandan has worked with Asensio for her past two releases: “Changes Over Time” and “Matter Over Mind,” both of which garnered nods at the 2025 Awit Awards.
For this new song, Asensio’s lyrics are poetic, and the narrative talks about the journey back into the arms of a love too strong to resist and leave behind.
“At this point in my life, I’m finding out that the songs I do are no longer about what is trending, nor are these focusing about vocal prowess and dynamics.
I’m getting so much fulfillment slowing down the process, practicing restraint, and going for music that feels good and sounds timeless.” Asensio added, “I love creating music and working with people that share the same passion and love for music. Love knows no bounds, neither do art and music.”
LOVE YOURSELF FIRST
FOLLOWING her string of successful introspective releases, singer-songwriter Syd Hartha continues to make waves with the new single “Ako Naman Muna.”
The song revolves around the highs and lows of young romance that is as complicated and carefree as their yearning hearts, often with a late realization that the most basic of all kinds of love starts from oneself. “My first time to experience a ‘situationship’
Produced with a light, relatable touch that evokes the charm of Filipino pop of olden days, the track’s delicate percussions, wind texture, and warm tempo create a feeling that is both light and liberating.
“Ako Naman Muna” solidifies the singer’s commitment with the melodies and lyrics that she creates—raw, real, aspirational, but straightforward and always grounded on truth.
YOUNG LOVE, SWEET LOVE
TWO young Sparkle artists are elated over the release of their respective new singles that talk about young love. Akira Kurata is overwhelmed with the song “Dahil Sa ‘Yo,” his first big break after being discovered in the Sparkle Campus Cuties search of GMA. Although Kurata did not win the top plum, he
carefree, positive, hopeful, and brave.”
He added, “I might be too young to really fall seriously in love, but the song is a celebration of love, and it’s filled with happy, good energy.”
Another newbie that is all out in promoting his single “Get Through” is Shaun Salvador, who impressed us also with his gift of gab.
“The song is inspiring. When the going gets rough in a relationship, but the foundation of love is strong, then this might be the perfect love song to listen to. In all kinds of romantic love, we sometimes feel shaken but if the love is pure and the intent is good, then we don’t have to feel shattered.”
Both Kurata and Salvador are also open to become singer-actors. “At this point in our very young careers, the possibilities are endless,” Salvador said.
to be a horse race. Then we pulled away Saturday morning.”
franchise but the marketing and publicity strategies which “really helped us get into a position where we now can play all the way through the holiday corridor.” The first two movies in the Now You See Me series, released in 2013 and 2016, earned over $686 million worldwide. This installment, directed by Ruben Fleischer, sees the return of the original “Four Horsemen,” Jesse Eisenberg, Woody Harrelson, Isla Fisher and Dave Franco, and introduces three younger magicians into the mix: Dominic Sessa, Ariana Greenblatt and Justice Smith. A fourth film is already in the works.
saying they would definitely recommend. Audience scores were slightly less for The Running Man, which had a 58 percent “definitely recommend.” Both earned a “B+” CinemaScore, but more people chose the franchise. One key difference is that women made up more of the Now You See Me audience (54 percent). They only accounted for 37 percent of The Running Man ticket buyers. Edgar Wright directed and co-wrote The Running Man, the second adaptation of Stephen King’s novel, first published in 1982. The first film starred Arnold
IN LONDON; ARAULLO RENEWS CONTRACT WITH GMA GMA Public Affairs’ The Atom Araullo Specials: PogoLand has been
and human trafficking dens. The documentary exposed the horrifying realities behind the glossy façades of online gaming, where victims are lured by promises of legitimate work but end up trapped, tortured, and forced into scamming activity. The episode also followed law enforcement operations that uncovered chilling evidence of torture, forced labor, and organized crime hidden in plain sight. PogoLand gave voice to victims who endured abuse and violence inside the tightly secured compounds before escaping to tell their stories. Offshore gaming was eventually banned in the Philippines.
Atom Araullo, who renewed his exclusive contract with GMA this November, shared his insights from his past seven years with the network: “As my contract renews, I’m reminded that this work is a privilege. The AIB recognition belongs to our entire team and the communities who trust us with their stories. We’ll keep pushing for journalism that is rigorous, compassionate, and fearless.” This latest recognition from London underscores GMA Public Affairs’ commitment to truth-telling: mga kwentong tumatatak sa buong mundo More information
CLOCKWISE: Nicole Laurel Asensio, Akira Kurata, Syd Hartha and Shaun Salvador.
ORTIGAS Land President and CEO Jose Emmanuel “Junie” H. Jalandoni, with EVA Airways Corp. Junior Vice President Rick Hsieh, led the ceremonial Christmas Tree lighting at the GH Mall. Joining them were San Juan City Mayor Francis Zamora with family; Vice Mayor
No promises, but surprises–Tolentino
Alas girls jump 17 rungs to No. 25 in FIVB rankings
THE Alas Pilipinas girls’ under-16 team rose to world No.25 in the latest FIVB Girls’ U17 rankings after qualifying for next year’s world championship in Santiago, Chile.
Alas jumped 17 spots from world No. 42 after finishing fifth in the 2nd Asian Volleyball Confederation (AVC) Asian Women’s U16 Volleyball Championship in Amman, Jordan, last week.
The program started ranked No.57.
Awesome leap from 57 to 25! We didn’t realize that our small wins in the Asian Qualifying were that instrumental in raising our country’s standing to a higher rank,” said Alas U16 coach Edwin Leyva. “It just shows that the level of play here in the Philippines has improved and is slowly catching up with our top Asian counterparts.”
P hilippine National Volleyball Federation president Ramon “Tats” Suzara labeled the under-16 team’s
ATHLETES from all 74 countries vying in the Third FIG Artistic Gymnastics Junior World Championships kicking off on Thursday at the Manila Marriott Hotel Grand Ballroom within the Newport World Resorts in Pasay City are all in and accounted for.
We would like to welcome all our athletes, coaches and officials who are taking part in the world juniors and we are grateful for their enthusiastic response to our international competition,” said Gymnastics Association of the Philippines president Cynthia Carrion after being informed of the development on Monday. The moving force behind the staging of the global gymnastics spectacle, Carrion said that the contingents began streaming into the country over the weekend for five days thrilling days of action in the tournament
Aachievement as “big” and stressed that the federation’s grassroots program has developed in the last four years. “ We are now reaping the fruits of the grassroots program that the PNVF has started four years ago,” Suzara said. The PNVF was established in postpandemic 2021 and has since nurtured the growth of volleyball—Alas Pilipinas Men and Women making impacts in the world and Asian levels, the country hosting the world championship for men and for Suzara, his election as president of the Asian Volleyball Confederation and appointment as executive vice president of the FIVB.
The youngest national team is now the highest-ranked Philippine volleyball squad, leading Alas Women at 46th and Alas Men at 80th place.
L eyva said that despite the achievement, the work doesn’t cease. “B eing in the top 25 is already a
backed by the Office of the President, Philippine Sports Commission and the Department of Tourism.
She noted that those who will take part in the elite meet sanctioned by the International Gymnastics Federation, known by its French acronym FIG, have already exceeded its past two editions.
The second world Juniors in Antalya, Turkey, drew 64 nations and 283 athletes while the current edition also supported by Smart/PLDT with Cignal TV as the official broadcaster has already surpassed double the number of campaigners to close to 750.
“This shows the growing interest in this beautiful and dynamic Olympic sport worldwide, so FIG member countries are fielding their promising young gymnasts knowing that this a major stepping stone to their development,” added Carrion of competition also supported by Milo,
NEWCOMER to the international stage and a battletested veteran stamped their class in the inaugural 5150 FAB Triathlon champions at the Freeport Area of Bataan on Sunday.
L ocal ace Erik Esperanzate shook off a sluggish swim with a blistering assault in the bike leg—his strongest discipline— before outhustling James Van Ramoga in the final run to secure the overall crown in the 1.5-km swim, 40-km bike and 10-km run race in two hours, 31 minutes and 47 seconds.
“I poured it all in the bike, that’s my strength…and I just floated in the run leg,” said Esperanzate as he relished a triumphant debut in his first international triathlon. The 18-year-old standout from PUP Bataan, already a familiar face in local competitions and a former Batang Pinoy podium finisher in criterium cycling, pieced together splits of 29:03 (swim), 1:12:47 (bike) and 47:42 (run).
R amoga came in second in 2:32:58 while Finland’s Jamo Makelainen snatched third place honors in 2:41:09.
In the women’s division of the inaugural race organized by Sunrise Events Inc. in cooperation with FAB, Nicole Andaya again proved why inaugural Olympic-distance races suit her perfectly, powering her way to the overall title with a decisive performance in the bike segment, where she recorded 1:29:37 on her way to a 2:52:53 total clocking.
She negotiated the swim in 28:32 and the run in 0:51:05. “I really like the bike course because of the climb…and pain is part of triathlon,” said Andaya, who also won the first 5150 Dapitan last year. “But when you reach the top, you see the view of the whole Bataan, which I really enjoy.”
Nica Virtucio timed 3:00:23 to place second while Jayvee Guemo finished third in 3:01:52. Es peranzate and Andaya topped their respective age groups—Esperanzate ruling the 16-19 division and Andaya leading the 30-34 bracket.
milestone. Why stop dreaming? Let’s train hard, play harder!” Leyva said. “We have the momentum and we are highly motivated. First, win a set or two, then work up from there. It’s up to us to keep the fire burning.”
T he Philippine U16 team earned 14 ranking points after a 25-23, 25-20, 19-25, 25-22 victory over Thailand to secure the last Asian ticket to the 2026 FIVB Volleyball Girls’ U17 World Championship.
C hina had qualified automatically as defending world champion even before the Final Four, while the other Asian representatives for the world meet are newly crowned AVC U16 champion South Korea, runner-up Chinese Taipei, and fourth placer Japan. The Philippines, against all odds, earned its rightful place among them.
The world championship in the capital Santiago are set August 5 to 16.
Pocari Sweat and Senator Pia Cayetano.
Giv en that this was a golden opportunity for local young gymnasts to be exposed to top caliber play, she was grateful that world gymnastics body allowed the Philippines to field boys and girls squads in the tournament.
They will bannered by Karl Eldrew Yulo, fresh from intensive training in Japan, and Elizabeth Antone, who bagged a silver in the men’s vault and bronze in the women’s all-around, respectively, in the Asian Artistic Gymnastics Junior Championships in Jecheon, South Korea last June.
While Paris Olympians Carlos Yulo, Aleah Finnegan and Emma Malabuyo have already proven themselves on the world stage, we need to sustain their gains so this was one of our prime motivations to have the world juniors here,” she said.
For Gilas Pilipinas’s sake Head coach Tim Cone threw out the window whatever displeasure he has on Juan Gomez de Liaño as he invited Converge rookie Juan Gomez de Liaño to the men’s national pool for the Doha 2027 Cup Asia Qualifiers that start with Gilas Pilipinas’s away games against Guam on November 28 and December 1. Gomez de Liaño got Cone’s ire when he scored in the waning seconds of Converge’s 106-96 win over Ginebra last Friday at the Smart Araneta Coliseum. PBA IMAGES
T(ICTSI) Valley
Tuesday—a
with
Order of
but
title. “I t would be a great achievement since I’ve never won the OOM before,” said Que, who dominated the first two legs at Pradera Verde and Eagle Ridge and added a pair of runner-up finishes to take control of the OOM derby. “It would be truly satisfying to accomplish that.” B ut the spotlight also swings back to breakout sensation Jeffren
THE Ladies Philippine Golf Tour (LPGT) regulars are again stepping on familiar battlegrounds and facing equally familiar adversaries as they chase a long-awaited breakthrough victory in the Taiwan Ladies Professional Golf Association (TLPGA) Tour.
By Josef Ramos
TPhilippine Olympic Committee (POC) president Abraham “Bambol” Tolentino tempered down expectations for the 1600-athlete strong Philippine contingent to the December 9 to 20 50-sport games the Thais are hosting in Bangkok, Chonburi and Sonkhla.
“I t’s extremely hard to make an assessment right now because host Thailand has already excluded all the events where we are strong at,” Tolentino told reporters during a Media Briefing for the SEA Games on Monday at the Milkway Café Restaurant in Makati City.
“I’m hoping that at least we match our last SEA Games performance,” he said.
T he Philippines ranked fifth overall with 58 gold, 85 silver and 117 bronze medals two years ago with Vietnam ruling the medals race with a 136-105-114 gold-silver-bronze tally followed by Thailand with 108-96108, Indonesia at 87-80-109 and host Cambodia with 81-74-127.
“If we can match our overall placing the last time, that’s enough already,” Tolentino said. “There are no events for Carlos Yulo [who opted to skip the games],
while the weight classes of some of our medalists in martial arts were removed.”
“I t’s an uphill battle, but we’ll try our best,” he said. “No promises, but surprises.”
The Philippines emerged overall champion when it hosted the games in 2005 and most recently in 2019.
T hailand is a five-time overall champion but last won the prestigious title in 2013 in Myanmar and is dead set at dominating the 574 events it has programmed this year.
Tolentino believes Asia’s No. 1 pole vaulter EJ Obiena, the boxers and Gilas Pilipinas will surely deliver gold medals. We look at the other sports where we have many entries like boxing—[Tokyo Olympics bronze medalist] Eumir Felix Marcial and Weljon Mindoro,” he said. Both are already in the pros but heeded the call to fight in Thailand. Thailand is spending
tug of war.
JEFFREN LUMBO enters the P2-million championship with a calm approach yet undeniable momentum. PGT PHOTO
T hailand standouts PK Kongkraphan and Cholcheva Wongras, Taiwan’s Ching Huang, Hsin Lee and Yu Ju Chen, Japan’s Yuna Arakawa and Singapore’s Amanda Tan headline the international field that will stand in the way of the Filipina contenders.
K ongkraphan edged Harmie Constantino and three others at the Luisita Ladies International last year, while Huang has proven her mettle with a victory at Tagaytay Midlands and Lee, Chen, Arakawa and Tan have been long-running fixtures in the Party Golfers Ladies Open.
For the Filipinas, these names are anything but new and that familiarity fuels belief that this could finally be their year. The NT$5 million Party Golfers Ladies Open unwraps Wednesday at the Lily Golf and Country Club in Hsinchu with the Philippine contingent exuding confidence after a grueling but rewarding LPGT season.
C hanelle Avaricio,
THE youngest national
PHILIPPINE Olympic Committee president Abraham “Bambol” Tolentino and secretary-general Atty. Wharton Chan preside over a briefing for
climb gives Nicole Andaya immense advantage on her bike. SEI PHOTO
