BusinessWorld Online

Filipino teacher earns royal recognition from King Charles III

BusinessWorld — Tue, 30 Dec 2025 09:31:58 +0000

A London-based Filipino teacher was named Member of the Most Excellent Order of the British Empire (MBE) by His Majesty King Charles III for his contributions to the education sector in the United Kingdom (UK).

Edison David, an executive headteacher in the London Borough of Lambeth, and a lead inspector for Ofsted, the UK’s national education body, was part of the 2025 New Year Honors List, published in the Gazette, the official newspaper of the Crown.

“I wasn’t doing my job, thinking that I would get an MBE one day; not even in my dreams, that I think that I’m going to get an MBE because this is such an ultimate accolade,” Mr. David told BusinessWorld in an interview on Tuesday.

“I make sure that I work hard on a daily basis, I always give my best to everything that I do because if I don’t start anything at the point of excellence, there’s no point in doing it,” he added.

Before moving abroad, Mr. David began his teaching career in a public school in Tarlac City in 1994.

“I think my experience is a testament that anything and everything is possible if you work hard,” he said. “It’s not one thing that happens overnight, you really have to work hard for it; the accolades come as a consequence of your hard work.”

“Never in my wildest dreams have I thought that first and foremost I’m going to be a school leader in the United Kingdom, but also that I will be given a membership to the most excellent order of the British Empire,” he added.

The MBE is the third-highest ranking Order of the British Empire level, excluding a knighthood/damehood, trailing behind Commander of the Order of the British Empire (CBE) and Officer of the Most Excellent Order of the British Empire (OBE).

An individual is recognized as an MBE for their “outstanding achievement, or service to the community that has had a long-term, significant impact.”

Among the known personalities appointed an MBE are English singer-songwriter Adele and professional football manager and former player Steven Gerrard.

In 2023, Filipino nurse Brenda Deocampo was also awarded the MBE medal for her excellence in managing the admitting ward during the COVID-19 pandemic at Charing Cross Hospital.

RECOMMENDATIONS TO PHL’S EDUCATION LEADERS
+Before receiving his recognition from the UK, Mr. David said he had already reached out to different government officials in the Philippines, including Senator Paolo Benigno “Bam” Aquino IV, who heads the Senate education committee, to help improve the country’s education system.

“I think what is most important as well for the Philippines itself is probably a recognition that there are Filipinos out there who have earned a lot of knowledge and wisdom that they can share within the Philippine education system,” he said.

“The recommendations I gave are actually very clear, they’re quite precise,” he added. “If they have time to read them, they will find the wisdom and the knowledge in it because it’s actually backed by evidence.”

One of the key recommendations made by Mr. David tackled the importance of synthetic phonics and the systemized approach to its implementation nationwide.

“I think every single school in the country, in the Philippines, should be able to teach synthetic phonics as a way,” he said. “There should be a comprehensive reading program that, first and foremost, relies on synthetic phonics.”

“The ability to discern and really understand what the text is actually telling you involves the improvement of skills around inference and deduction, and most basically, the ability to decode as fluently as possible,” he added.

Data from the Second Congressional Commission on Education (EDCOM 2) found that about 24.8 million Filipinos are functionally illiterate or those who struggle to comprehend and use written information in daily tasks. — Almira Louise S. Martinez

PHL net external liability position narrows to $58.2 billion at end-September

BusinessWorld — Tue, 30 Dec 2025 09:05:18 +0000

THE PHILIPPINES’ international investment position (IIP) was at a net external liability of $58.2 billion as of September 2025, narrowing from the previous quarter, the Bangko Sentral ng Pilipinas (BSP) said.

Central bank data showed that end-September’s net liability position was 13.2% narrower than the $67 billion seen at end-June. It was also down by 7.1% from the $62.7 billion logged a year prior.

“The lower net liability position reflects higher external assets and lower foreign obligations,” the BSP said in a statement released late Monday.

This corresponds to 12.1% of the country’s gross domestic product, lower than the 14.1% share recorded a quarter prior.

The IIP is a gauge of the economy’s external exposure, providing a snapshot of the value of its foreign financial assets and liabilities at a given point in time. The net position refers to the difference between assets and liabilities and represents either a net claim on or a net liability to the rest of the world.

“The IIP serves as an important indicator of the country’s financial links with the rest of the world, helping to assess external vulnerability and resilience by showing what the country owns and owes internationally,” the central bank said.

The country’s investments in foreign assets increased by 1.9% to $263.9 billion at end-September from $259 billion at end-June and by 3.3% from $255.5 billion a year earlier.

“The country’s stock of external financial assets rose primarily due to a 2.9% increase in reserve assets from $106 billion in end-June 2025 to $109.1 billion in end-September 2025,” the BSP said.

Of the total, 43% or $113.6 billion came from the BSP, while 15.6% or $41.2 billion were from banks. Other sectors invested a total of $109.1 billion during the period or 41.3% of the total.

By type of instrument, the bulk of residents’ foreign investments were reserve assets valued at $109.1 billion (41.3% of the total), followed by debt instruments at $42.4 billion (16.1%), debt securities $38.9 billion (14.7%), equity capital at $36.7 billion (13.9%), currency and deposits at $15 billion (5.7%), loans at $11.9 billion (4.5%) and equity securities at $7.7 billion (2.9%).

Meanwhile, foreign investments in Philippine assets went down by 1.2% to $322.1 billion at end-September from $326 billion a quarter ago. Year on year, it climbed by 1.2% from $318.2 billion.

By sector, the general government accounted for 27.9% or $89.9 billion of the total external financial liabilities during the period. This was followed by banks with $39.4 billion (12.2%), the BSP with $3.9 billion (1.2%) and other sectors with $188.9 billion (58.6%).

Foreign loans made up 25% or $80.5 billion of foreign investments in Philippine assets at end-September. Other forms included nonresidents’ investments in debt instruments amounting to $73.5 billion (22.8%), investments in debt securities at $59.4 billion (18.4%), equity capital at $59.3 billion (18.4%) and equity securities at $34.7 billion (10.8%).

The national government remained a net debtor with $89.9 billion in liabilities as of Septmber, while other sectors, such as other financial corporations, nonfinancial corporations, and households and nonprofit institutions serving households, had $79.8 billion in external financial liabilities.

On the other hand, the central bank stood as a net lender during the period, extending $109.7 billion worth of resources worldwide, while banks lent $1.8 billion. — Katherine K. Chan

BSP told to monitor banks’ exposure to manufacturing, public sector

BusinessWorld — Tue, 30 Dec 2025 08:23:52 +0000

The International Monetary Fund (IMF) urged the Bangko Sentral ng Pilipinas (BSP) to closely monitor banks’ exposure to the manufacturing and public sectors amid lingering uncertainty over global trade policies.

In a report following its Article IV Consultation with the Philippines, the IMF noted that the manufacturing sector’s earnings remain subdued and global trade woes pose risks to manufacturing and wholesale or retail lending.

“The earnings in the manufacturing sector have been weak and the soundness of manufacturing and wholesale or retail loans, accounting for about 19% of domestic loans at end-August 2025, could be affected by adverse global trade developments,” it said.

Since Aug. 7, the US has been imposing a 19% tariff on most Philippine goods, the same rate imposed on goods from Cambodia, Malaysia, Indonesia and Thailand.

The US is usually the top destination for Philippine exports.

Latest central bank data showed that banks’ granted P1.179 trillion in loans to the manufacturing sector at end-October, equivalent to 8.5% of the P13.793-trillion total bank lending during the period.

Banks also lent P1.58 trillion to wholesale and retail trade in the 10-month period, accounting for 11.5% of the total loans.

The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) fell sharply to 47.4 in November, a reversal from the 50.1 in October. This was the steepest drop in over four years as production and new orders declined in November.

At the same time, the IMF said the central bank should track household debt as low savings rates among households add to the financial system’s vulnerabilities.

“Household debt, buoyed by robust growth in real estate loans, rapid growth in bank credit card and salary loans, and increased credit access through NBFIs (nonbank financial institutions) and digital finance warrants close monitoring, given low household saving rates,” it said. “So does banks’ exposure to the public sector, which has increased since the pandemic.”

Latest BSP data showed that consumer loans climbed by 21.26% year on year to P3.537 trillion as of September.

CORPORATE TIES
+Meanwhile, the IMF said the financial system may also be more vulnerable to risks stemming from banks’ close ties with the corporate sector.

“Banks’ interconnectedness with the corporate sector, including through complex conglomerate structures, may also expose the financial system to risks,” it said. “NBFIs, some of which are not supervised by the BSP, are relatively small, but have expanded lending activities to real estate, consumer loans, and micro, small and medium-sized enterprises (MSMEs).”

The Financial Stability Coordination Council earlier said that it has recently observed tighter connections between the financial system and nonfinancial corporations.

However, the FSCC noted that associated risks remain from trends in the housing market and leverage in corporate and household sectors, though cushioned by banks’ robust capital, healthy liquidity, and sufficient loan loss provisioning.

Meanwhile, the IMF said the Philippines should improve its macroprudential policy framework to mitigate potential risks and vulnerabilities.

“Replacing the cap on commercial real estate exposures with a sectoral systemic risk buffer would help capture broader risks in the real estate sector and provide banks with price-based incentives to align their loan portfolios and capital buffers with systemic risk; though its implementation would need to ensure that there are no unintended changes in the macroprudential stance,” it added.

At end-September, the banking system’s real estate exposure ratio stood at 19.54%, down from 19.61% at end-June and 19.55% last year. The BSP has set a threshold for banks’ real estate lending at 25% of their total loan portfolio.

Central bank data likewise showed that past due real estate loans climbed by 7.06% year on year to P158.619 billion at end-September from P148.157 billion previously.

This, as past due residential real estate loans rose by 5.16% to P110.379 billion, while past due commercial real estate loans went up by 11.7% to P48.24 billion. — Katherine K. Chan

Recto says Palace now reviewing 2026 national budget

BusinessWorld — Tue, 30 Dec 2025 08:22:28 +0000

By Chloe Mari A. Hufana, Reporter

The Philippine executive branch is now reviewing the 2026 national budget, a process that could temporarily place the government under a reenacted budget in the first few days of January, Executive Secretary Ralph G. Recto said.

President Ferdinand R. Marcos, Jr. and his team are scrutinizing the 2026 General Appropriations Act (GAA) to account for changes made by lawmakers from the originally submitted National Expenditure Program (NEP), Mr. Recto said.

“We will ensure that the 2026 GAA will satisfy not only the legal and technical requirements but, more importantly, the needs of the Filipino people,” he added in a statement, noting the review will take about a week.

Mr. Marcos is expected to sign the spending plan on Jan. 5, forcing the country to briefly operate on a reenacted budget in the first few days of 2026.

The 2026 national budget has been subjected to more scrutiny following allegations of corruption-tainted insertions in this year’s budget.

As the country probes a graft scandal, Mr. Marcos had ordered Congress to be more transparent in crafting the national budget. Among these measures included the upload of budget documents online, a livestream of bicameral proceedings, and the involvement of civil society in budget deliberations.

“The public is assured that a brief period under a reenacted budget will not disrupt government operations,” Mr. Recto said. “This deliberate review safeguards fiscal discipline and ensures that taxpayers’ hard-earned money is spent wisely and translated into benefits for the Filipino people.”

Congress ratified the P6.793-trillion 2026 national budget, formally approving the bicameral conference committee report and concluding what had been a contentious legislative process, on Monday.

Lawmakers moved quickly in both chambers, with the Senate and House of Representatives clearing the measure largely by voice vote.

Senate Finance Committee Chair Sherwin T. Gatchalian said the spending plan prioritizes education, health, and agriculture, with increased allocations aimed at expanding classroom construction, school-feeding programs, healthcare services and support for farmers.

Hansley A. Juliano, a political science lecturer at the Ateneo de Manila University, said the budget process takes time and the administration is pushing for swift action, but stressed that the law and the Constitution are clear in giving the President only 30 days to act on a bill before it automatically lapses into law.

“The speed they are working with here may be less about review and more catching up with public perception,” he said via Facebook Messenger.

“The credibility of Mr. Marcos in this is already where it is at, it is already not in a good place. It either stays there, or it goes up depending on whether services are delivered, and the public is satisfied by his upcoming responses to investigation.”

DTI eyes trade, investment opportunities as Philippines chairs ASEAN

BusinessWorld — Tue, 30 Dec 2025 08:07:45 +0000

The Philippines is preparing to leverage its Association of Southeast Asian Nations (ASEAN) chairmanship in 2026 to strengthen trade and investment ties within the region, the Department of Trade and Industry (DTI) said.

Trade Secretary Ma. Cristina A. Roque told reporters that the Philippines’ assumption of the chairmanship will allow ASEAN partners to gain a closer look at the country’s business landscape and regulatory environment.

“Sometimes, we just meet them in their country, or they send deputies or representatives. Not like now, they’ll really see how everything is — the landscape, the setup, how everything goes,” she said.

As part of its engagement strategy, the DTI plans to organize a major business-matching initiative. Ms. Roque said priority sectors include renewable energy, minerals and semiconductors.

The agency also plans to highlight the creative economy, women-led businesses, and micro, small, and medium enterprises (MSMEs), as well as digitalization and artificial intelligence initiatives.

Meanwhile, Ms. Roque said the DTI is also preparing to conclude negotiations on the ASEAN-Canada Free Trade Agreement (FTA).

“The countries’ leaders have been in talks (regarding the FTA). We just have to get started,” she said.

The ASEAN-Canada FTA, for which negotiations started in 2021, is expected to expand market access and boost investments between the Asian bloc and the North American country.

According to the DTI, the FTA would expand the Canadian market for Philippine exports, particularly electronic products and agricultural goods.

The FTA would also open more opportunities for Philippine companies to invest in Canada’s technology, natural resources, and service sectors. — Vonn Andrei E. Villamiel

Three stations added to EDSA Busway

BusinessWorld — Tue, 30 Dec 2025 08:04:57 +0000

The Department of Transportation (DoTr) is set to begin the construction of three more stations for the Epifanio de los Santos Avenue (EDSA) Busway by the first quarter.

“We will have three (new) EDSA Busway stations next year… We will start the construction by 2026, we just awarded the (contract) this month,” Undersecretary for Road Transport and Infrastructure Mark Steven C. Pastor said in a statementn Tuesday.

The additional stations are in Cubao, Magallanes and Parañaque Integrated Terminal Exchange (PITX), he said, adding that the construction of these new stations will be completed by the fourth quarter of 2026

The DoTr estimates that the EDSA Busway served more than 63 million passengers in 2024, or about 177,000 commuters daily.

The EDSA Busway, a dedicated bus lane along Metro Manila’s main ring road, will eventually have 23 stations operating round-the-clock.

The DoTr said the new busway station at Kamuning will be inaugurated by the first quarter.

Mr. Pastor said the new Kamuning station will be equipped with elevators and escalators to help improve accessibility.

Earlier this year, the DoTr announced that it is working on the P89-million Kamuning footbridge in Quezon City designed to connect to EDSA Busway.

The DoTr said the upgrade of the footbridge is also expected to allow seamless access for Metro Rail Transit Line 3 and busway passengers, with the footbridge linking to the EDSA busway stop. — Ashley Erika O. Jose

Fil-Chinese chamber sees tax audit reform as positive signal to global investors

BusinessWorld — Tue, 30 Dec 2025 08:03:19 +0000

By Aubrey Rose A. Inosante, Reporter

The Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) said recent reforms to the tax audit process at the Bureau of Internal Revenue (BIR) send a positive signal to global investors.

FFCCCII President Victor T. Lim said the group welcomes the “positive reforms” in the BIR designed to curb the misuse of Letters of Authority and related audit instruments, which are documents issued to revenue officers authorizing them to inspect company books.

“Secretary Go’s decisive action transcends mere procedural adjustment; it is an investment in confidence itself,” Mr. Lim said in a statement Tuesday, referring to Finance Secretary Frederick D. Go..

Mr. Go said the Department of Finance is seeking to limit the number of BIR offices authorized to issue letters, and will create a centralized digital platform to verify the authenticity of these LoAs and mission orders.

BIR Commissioner Charlito Martin R. Mendoza had ordered the suspension of field audits in November, which require the issuance of such documents.

“By instituting greater transparency and accountability in tax audit processes, we protect the integrity of our institutions and fuel the confidence that leads to job creation, innovation, and shared national progress,” Mr. Lim said.

The group said investor morale is boosted by fair play and clear rules, but arbitrary enforcement undermines confidence and growth.

FFCCCII also flagged practices such as audits that exceed their scope, overlapping investigations, and weak digital traceability in regulatory issuances as sources of uncertainty that discourage compliance and capital inflows.

Mr. Go’s move addresses these issues, reinforcing due process and accountability in state power, it said.

“These reforms are also a powerful signal to the international investment community. They demonstrate the Philippines’ commitment to evolving as a rules-based, predictable, and fair destination for capital,” it said.

“Protecting investors—foreign and domestic alike—from arbitrary administrative actions is not a concession; it is a cornerstone of competitive modernity and a prerequisite for long-term economic partnerships.”

Philippine Exporters Confederation, Inc. President Sergio R. Ortiz‑ Luis said he hopes the BIR will address the selective issuance of LoAs and reduce the overall number of issuances.

“From my point of view as an exporter, the LoA issue has been addressed, I hope it does not come back after December’ maybe there could be duplication of issued LoAs. I hope there is only one LoA issued,” Mr. Ortiz-Luis said by phone last week.

Mr. Go also said the government is seeking to the frequency of LoAs issued to once a year.

“Sometimes, the issuance of LoAs seems selective, with the same ones targeted year after year, and even different BIR branches issuing them. I hope this will be addressed,” he added.

Mr. Ortiz‑ Luis a recovery in investor confidence will depend on the government showing resolve in addressing corruption in infrastructure projects.

“First and foremost, confidence can be regained if there is a showing… that it can solve this problem of corruption which obviously is not doing very well now,” he said.

“The year is about to end, and they’re still waiting for the masterminds. Nothing clear has come out yet on whether they will be charged or not,” he added.

British Chamber of Commerce Philippines Executive Vice Chairman Chris Nelson said it may be challenging to improve investor confidence in 2026.

“I think what we have to see is a clear movement forward which the government should try to do,” he said, describing the flood control mess as “floodgate,” a reference to the Watergate political scandal that brought down US President Richard M. Nixon.

Mr. Nelson also said that passage of key legislation, such as a general tax amnesty, and continued outreach and engagement may encourage investor confidence.

Cold storage hubs due for completion in Bicol, Mindoro, Taguig, Cabanatuan

BusinessWorld — Tue, 30 Dec 2025 08:03:05 +0000

The Department of Agriculture (DA) said four major cold storage facilities in various locations are due for completion next year.

The DA said cold storage facilities with a capacity of 4,000 to 5,000 pallet positions each are being constructed in Pili, Camarines Sur; San Jose, Occidental Mindoro; Taguig City; and Cabanatuan City.

The department said it will also roll out some 60 modular cold storage units, each the size of a standard 40-foot shipping container and designed to be easily transportable.

“This is the first time that the DA will roll out this massive cold storage system. All of these will be deployed and finished next year,” Agriculture Secretary Francisco Tiu Laurel, Jr. told reporters at a briefing last week.

Aside from cold storage hubs, the DA is also expanding the network of drying and rice processing systems, to reduce losses and improve the quality of agricultural produce.

The DA said it completed the construction of 145 rice processing systems (RPS) between 2023 and 2025, with nine more units expected to be operational by March. It is also planning to build 370 additional drying systems in major rice-producing provinces.

Rice processing systems are integrated facilities that include mechanical dryers, rice mills, and related equipment designed to improve the efficiency of drying and milling palay (unmilled rice).

Mr. Laurel said the new facilities are expected to result in the recovery of about 7% more rice during processing, thereby increasing farmer incomes.

“The difference between the price of wet and dry palay is P4 to P5. If the cost to dry palay is just P2, that means there’s an additional P2 for farmers,” he said. — Vonn Andrei E. Villamiel

LIMA Technology Center warehouse project starts construction with cost estimated at P950 million

BusinessWorld — Tue, 30 Dec 2025 08:02:46 +0000

Amplefield Malvar, Inc. has started building a P950-million warehouse complex at the LIMA Technology Center in Batangas, the Philippine Economic Zone Authority (PEZA) said.

PEZA said in a social media post that groundbreaking for the warehouse project took place on Dec. 17, coinciding with the 30th anniversary of CAM Connectivity (Phils.), Inc., an affiliate of Amplefield Malvar and a PEZA-registered enterprise.

The project involves the construction of 13 warehouses intended for sale or lease to PEZA-registered enterprises.

According to PEZA, the development is expected to significantly expand quality industrial space for export-oriented and supply-chain-driven locators.

PEZA Director General Tereso O. Panga, who was present at the groundbreaking, said the project highlights the agency’s commitment to supporting investors. — Vonn Andrei E. Villamiel

No regrets for Norwood after premature exit during final season

BusinessWorld — Tue, 30 Dec 2025 07:58:22 +0000

It’s the opposite of what he hoped for but Rain or Shine veteran Gabe Norwood isn’t harboring ill feelings after a quarterfinal exit marred his final bow.

After all, Norwood’s 17-year career in the PBA – all with the Elasto Painters – is filled with a lot of great memories.

“I mentally pictured this (last game) differently, I thought it was going to be a championship and you know kind of a more joyful situation But I’ve been blessed. I can’t complain at all,” he said.

Norwood, who turned 40 in February, tagged the Season 50 Philippine Cup as his “Final Flight.” The 6-foot-6 swingman is leaving behind a legacy highlighted by two PBA championships, inclusion to the All Star Game 11 times, All-Star Game MVP and Defensive Player of the Year accolades in 2010, Rookie of the Year and Mythical Second Team in 2009, the PBA All-Defensive Team seven times and the Sportsmanship Award three times.

“He’s the epitome of loyalty and decency and being a true professional,” said coach Yeng Guiao of Norwood. “Madalas ko sabihin na wala kang maipipintas kay Gabe, eh, kahit sa anong bagay.”

“I pride myself as a pretty loyal person, especially if loyalty (is) shown to me and Rain or Shine did that since Day One. Winning isn’t easy in the PBA and I think we all understand the difficulties that may come with resources and things like that. But Rain or Shine finds ways to compete. And I take a lot of pride in that. I play for underdogs my whole career. I like being the underdog, but it makes winning that much more special, said Norwood.

They may have fallen short of giving Norwood a happy exit but the E-Painters will honor him by retiring his familiar No. 10.

“We actually proposed to retire his number, as a sign of recognition and respect for what he’s done. I think management would be very willing to do that,” said Guiao.

Prior to his swan song, Norwood was serving ROS as an assistant coach. Guiao said it’s up to the ROS lifer if he wants to continue in this capacity.

Norwood is open but for now, fatherhood is his main job.

“I want to definitely stay around the game, with Batang Gilas as of now and see where that goes, on the coaching side,” he said.

“But ultimately I got to be the best dad I can be. Put my kids in the best situation they can be in to grow as young men, maximize their talents and what they’re into. So that’s my first priority and then anything after that is, you know, just icing on the cake. So family first and figure out the basketball stuff.” — Olmin Leyba

Dizon, BCDA refute flood control ‘insertion’ allegations

BusinessWorld — Tue, 30 Dec 2025 07:44:47 +0000

The Department of Public Works and Highways (DPWH) denied Secretary Vivencio B. Dizon made budget insertions for flood control projects, dismissing a Batangas Rep. Leandro Antonio L. Leviste’s claim as “baseless and malicious.”

“The BCDA (Bases Conversion and Development Authority), which Secretary [Vivencio B.] Dizon formerly headed, has already issued a clear statement that it has no flood control projects that are funded through budget insertions, ‘allocable funds’,” the department said in a statement on Tuesday.

In a separate statement, BCDA said it has no flood control projects funded through budget insertions or any discretionary source.

“No such funds exist within BCDA projects or its authority. Claims to the contrary are unsupported by evidence and false,” it said, noting that all its projects were funded only through approved government programs.

Its records are fully complete, traceable, and auditable, ensuring that project funding, approvals, procurement, and disbursements remain open to oversight institutions, the BCDA added.

“BCDA enforces zero tolerance for corruption through strict compliance with the law, multi-layered legal and audit review, standardized frameworks that limit discretion, and close coordination with oversight bodies, and welcomes fact-based review and investigation,” it said.

The DPWH and BCDA issued the statement after Mr. Leviste accused Mr. Dizon of making budget insertions for flood control projects under BCDA.

“The timing of Mr. Leviste’s allegations also raises suspicion after reports of some DPWH staff surfaced, accusing the lawmaker of forcefully and illegally getting files from the late Undersecretary Catalina E. Cabral,” DPWH said.

SUB-CONTRACTOR LINKS
+In response, Mr. Leviste asked the agencies investigating the scandal to probe Mr. Dizon’s connections with contractors, particularly the Lourel Development Corporation, which was sub-contracted for the P11.5-billion New Clark City Project.

“I hope that Sec. Vince will forgive me for this, but I just need to respond to his statement that there is no basis to BCDA having had a flood control project,” Mr. Leviste said in a statement, shared on his official Facebook page on Tuesday.

He said the sub-contractor for the project, flagged by the Commission on Audit for failing to undergo public bidding, was a company that belonged to the family of a Party-list representative who is currently being investigated by the DPWH.

Mr. Leviste also noted the said lawmaker, who has yet to face a complaint, allegedly met with Mr. Dizon in New Clark City when he was still the Transportation secretary. The meeting was set by a Public Works undersecretary.

“I don’t want to draw any conclusions, but I think the public deserves to know what the dealings of flood control investigators are with any of the people they are currently investigating,” Mr. Leviste said.

Mr. Leviste also said he received information from DPWH whistleblowers involving the agency’s new leadership and the 2026 national budget. — Ashley Erika O. Jose

Manila supports Thailand-Cambodia ceasefire

BusinessWorld — Tue, 30 Dec 2025 07:43:46 +0000

THE PHILIPPINES said that it supports the new ceasefire agreement between Thailand and Cambodia following a special border meeting between the two countries, the Department of Foreign Affairs (DFA) said.

“The Philippines fully supports the latest move by Cambodia and Thailand to return to a ceasefire and acknowledges the desire of both parties to return to dialogue and seek a peaceful and durable means to resolve the issue,” the DFA said in a statement on Monday night.

The second ceasefire was reached during a Special General Border Committee (GBC) between the two countries, held at the border between Pruk (Pailin Province of Cambodia) and Ban Park Krad (Chanthaburi Province of Thailand).

The DFA said that both Southeast Asian countries released a joint statement renewing their ceasefire agreement.

According to a Reuters report, the two countries reached an armistice signed by Thai Defense Minister Natthaphon Narkphanit and Cambodian Defense Minister Tea Seiha. It took effect on Dec. 27

The agreement was reached following a heated border conflict, with both sides launching airstrikes and heavy artillery. Local authorities said that deaths reached more than 100.

The Philippines said earlier that it is ready to act as a mediator between Thailand and Cambodia once it formally assumes chairmanship of the Association of Southeast Asian Nations (ASEAN) in 2026.

Manila is set to host the ASEAN summit next year. the country assumed the position a year earlier than scheduled due to the political unrest in Myanmar.

Member states are expected to tackle several security concerns during the summit next year. Among these are the Thailand-Cambodia border conflict, the Myanmar’s junta-led government causing humanitarian concerns, and the intensifying disputes in the South China Sea involving China and the Philippines, and other member states. — Adrian H. Halili

Labor programs reached more than 2.3M workers, DoLE says

BusinessWorld — Tue, 30 Dec 2025 07:42:46 +0000

The Department of Labor and Employment (DoLE) said its livelihood and emergency employment programs reached more than 2.3 million workers in the first 11 months of 2025, as the agency expanded inter-agency convergence efforts to support vulnerable sectors.

Citing a report by the Bureau of Workers with Special Concerns, the department said in a statement that it disbursed a total of P14.3 billion from January to November for the Tulong Panghanapbuhay sa Ating Disadvantaged Workers (TUPAD) and the DoLE Integrated Livelihood Program (DILP), also known as the Kabuhayan Program.

Over this period, TUPAD provided short-term employment assistance to over 2.2 million beneficiaries, well above its full-year target of 1.4 million workers. The Kabuhayan Program, in turn, supported 73,097 individuals, exceeding its 2025 goal by more than 50%.

The department said a significant portion of the assistance was directed to disaster-affected communities, with about 379,192 workers receiving P2.1 billion under TUPAD following earthquakes, volcanic eruptions, and typhoons, while the Kabuhayan Program provided P22.5 million in livelihood support to 2,247 beneficiaries.

“TUPAD and the Kabuhayan Program continue to provide critical support to vulnerable communities, helping not just individual workers but also contributing to sustainable local development,” the DoLE said.

The agency attributed the wider reach of TUPAD to its convergence with other national government agencies, allowing beneficiaries to be deployed in projects related to agriculture, education, disaster response, environmental protection, and climate resilience.

“Through these convergence-driven accomplishments, the Department continues to advance inclusive employment, build community resilience, and deliver programs that directly support the administration’s goal of uplifting Filipino families nationwide,” it said. — Erika Mae P. Sinaking

House to adopt blockchain tech in 2026, Speaker says

BusinessWorld — Tue, 30 Dec 2025 07:41:46 +0000

The House of Representatives will adopt blockchain technology and go paperless next year, which could make the chamber the first legislative body in Asia to use the system, Speaker Faustino “Bojie” Dy III said on Tuesday.

He said the digital shift would strengthen transparency and improve public trust in government as the country reels from a multi‑ billion-peso kickback scandal over rigged flood control contracts

“We are doing this because we believe that transparency is not merely an aspiration or a slogan; it must be practiced and lived,” Mr. Dy said in a statement, adding that the Department of Information and Communications Technology will help in setting up the system.

Lawmakers are considering a national digital ledger bill to track government spending in real time, as calls for transparency grow amid a political scandal that could be the largest faced by President Ferdinand R. Marcos, Jr. in his six-year term.

The scandal alleged several politicians, officials and private contractors connived to divert hundreds of billions of pesos from flood control projects. — Kenneth Christiane L. Basilio

PHL telecom, pay-TV revenues seen growing 3.8% annually to 2029

BusinessWorld — Tue, 30 Dec 2025 07:39:50 +0000

Revenue from Philippine telecommunications and pay-television services is projected to grow at a compound annual growth rate (CAGR) of 3.8% over the next four years, driven by continued network expansion and rising internet protocol television (IPTV) subscriptions, according to intelligence and productivity platform GlobalData.

In a media release, GlobalData said the country’s telecom and pay-TV services revenue is expected to rise to $9.7 billion in 2029 from $8 billion in 2024, largely supported by the mobile data and fixed broadband segments.

“While 4G service accounted for a majority share of the total mobile subscriptions in 2024, 5G service will see massive increase in its adoption in coming years and will become the leading mobile technology generation, by subscriber base in 2029,” GlobalData Telecom Analyst Kantipudi Pradeepthi said in a report.

For Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort, competition within the industry will be a key theme for growth, in line with expected investments by technology companies in data centers and artificial intelligence (AI).

“New technologies and innovation could lead to potential game-changers and market disrupters in their respective industries,” he said in a Viber message.

According to GlobalData’s Philippine telecom operators country intelligence report, mobile service revenue is expected to decline during the forecast period due to falling mobile voice service average revenue per user (ARPU).

The report attributed the decline to the shift toward internet- or application-based communication platforms, as well as operators offering free voice bundles as part of their service packages.

“This growth in 5G adoption will be driven by the ongoing 5G network expansion efforts by operators across the country,” Ms. Pradeepthi said.

Mobile data revenue, however, is expected to sustain growth at a CAGR of 7.1% during the forecast period, GlobalData said, driven by rising internet subscriptions, including 5G services.

For fixed communication services, fixed voice revenue is expected to decline amid falling circuit-switched subscriptions, the report said.

In contrast, fixed broadband service revenue is projected to expand due to rising ARPU for fiber-to-the-home (FTTH) services.

“The growing adoption of FTTH broadband services in the Philippines can be attributed to the increasing demand for high-speed broadband services and the ongoing fiber network coverage expansion efforts by operators,” Ms. Pradeepthi said, citing Converge ICT Solutions, Inc.’s planned expansion of ports to support growth.

Converge ICT’s net income rose 8.4% to P8.90 billion in the January-to-September period from P8.21 billion a year earlier, while revenues for the nine months climbed 10.12% to P32.97 billion from P29.94 billion.

Pay-TV services revenue is also projected to increase steadily over the forecast period, supported by strong IPTV adoption and the continued expansion of direct-to-home subscriptions.

GlobalData said Globe Telecom, Inc. and PLDT Inc. are expected to remain market leaders by subscription share during the forecast period, supported by their focus on mobile network expansion and modernization initiatives.

“PLDT’s leadership in the fixed broadband segment will be driven by extensive fiber network coverage and a growing FTTH subscriber base,” Ms. Pradeepthi said.

For the nine months ended September, both Globe and PLDT reported declines in attributable net income. Globe’s attributable net income fell 14.04% to P17.69 billion from P20.58 billion, while revenues slipped to P131.59 billion from P134.74 billion.

PLDT’s attributable net income declined 10.69% to P25.07 billion, while revenues rose 1.45% to P163.28 billion from P160.94 billion.

Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said the Philippine telecommunications industry is likely to post modest growth by yearend, citing data demand and competitive dynamics as key growth drivers. — Ashley Erika O. Jose

Grab, HOPE break ground on new classroom in Bicol

BusinessWorld — Tue, 30 Dec 2025 05:40:19 +0000

Grab Philippines and HOPE have broken ground on a new public school classroom in Manito, Albay, after raising about P1.4 million through in-app donations that turned everyday rides, meal deliveries, and rewards points into funding for education infrastructure.

The funding came from a combination of user-donated GrabRewards points through GrabBayanihan, which allowed customers to channel “GrabCoins” to the project; and a dedicated “Grab HOPE Hour” drive that generated additional donations from GrabCar rides and GrabFood deliveries during a designated 60-minute window.

The classroom will be built inside Inang Maharang Elementary School, which serves more than 100 students in the remote barangays of Manito. The site was selected after Typhoon Uwan damaged public facilities in the area and destroyed two makeshift classrooms at the school, the partners said, leaving students without safe learning spaces and underscoring the need for more permanent, resilient structures.

Grab Philippines Country Head Ronald Roda shares, “Grab is dedicated to moving not just goods and people, but also moving malasakit into action. Together with HOPE, we’re giving our users a simple way to participate in digital bayanihan, turning their everyday rides, deliveries, and rewards into real classrooms. These are new safe spaces where Filipino children can learn, dream, and grow. By making it easier for communities to support these initiatives, we help build a stronger foundation for the country’s next generation.”

The Grab and HOPE classroom is designed as a 7-by-9-meter learning space with four windows, wall-mounted electric fans, complete electrical wiring with outlets and lighting fixtures, and an in-room bathroom with full plumbing. It will also include standard interior fixtures such as a teacher’s desk and a chalkboard.

HOPE Founder and Executive Chairperson Nanette Medved-Po underscored how the partnership is a major part of HOPE’s programs and is giving significant impact on public school education. “We are so excited about the ways we can continue to work with the Grab community to give their contribution and make an impact to public school education in the Philippines. HOPE’s partnership with Grab has been very engaging and exciting for their subscribers: from converting their Grab points to donations, to mounting last October our first-ever GRAB HOPE Hour, when every ride, every order contributed to the classroom we’re building in Bicol. This classroom is the first of many that we hope will not only guarantee safe access to learning but inspire communities around business for good. We look forward to more activities with Grab this coming new year, and more classrooms for our public schools.”

The companies plan to sustain the collaboration through 2026, expanding infrastructure and development initiatives beyond Bicol. To participate, users can navigate to the GrabRewards catalog in-app and allocate points to HOPE.

“This classroom serves as the starting line of our shared vision to bridge the educational infrastructure gap in the Philippines. We are dedicated to scaling this initiative, ensuring that our technology continues to translate into tangible structures for communities across the country,” Mr. Roda adds.

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BSP sees December inflation between 1.2% and 2.0%

BusinessWorld — Mon, 29 Dec 2025 16:33:46 +0000

By Katherine K. Chan

PHILIPPINE INFLATION likely eased year on year in December as lower electricity prices may have offset costlier food items during the holiday season.

In its month-ahead forecast, the Bangko Sentral ng Pilipinas (BSP) said headline inflation likely fell within the 1.2%-2% range in December, slowing from the 2.9% clip seen a year ago.

At 2% or the upper end of the forecast, inflation may have picked up from 1.5% in November and would be the fastest clip in 10 months or since the 2.1% clip in February. It would likewise mark the first time in 10 months that inflation returned to the central bank’s 2%-4% target.

At the bottom end of the forecast, inflation likely eased to its slowest pace in five months or since the 0.9% in July.

“Upward price pressures may come from increased prices of major food items due to the lingering effects of adverse weather and strong holiday demand, as well as higher LPG (liquefied petroleum gas) and gasoline prices,” the central bank said in a statement on Monday.

This comes despite the Department of Trade and Industry’s imposition of a 60-day price freeze on basic and prime commodities last November, following President Ferdinand R. Marcos, Jr.’s declaration of a state of national calamity.

The Department of Agriculture also implemented a maximum suggested retail price for pork, onions and carrots starting Dec. 1 and is set to last until the end of January.

However, the central bank said lower prices of electricity, kerosene and diesel during the month may have offset the inflationary pressures from food prices.

In December, the Manila Electric Co. (Meralco) reduced electricity rates by P0.3557 per kilowatt-hour (kWh) to P13.1145 per kWh from P13.4702 per kWh in November.

This is equivalent to a P71 decrease in the monthly electricity bills of households consuming an average of 200 kWh.

Meanwhile, pump price adjustments in December stood at a net increase of P0.80 per liter for gasoline. On the other hand, it posted a net decrease of P3.80 per liter for diesel and P4.40 per liter for kerosene.

The Philippine Statistics Authority is set to release the December inflation data on Jan. 6.

In a separate commentary, Metropolitan Bank & Trust Co. (Metrobank) research officers Maria Kaila Balite and Joaquim Pantanosas said inflation likely settled at 1.4% in December, bringing full-year inflation to an average of 1.6%.

The bank noted that elevated prices of food such as vegetables, fruits, meat and fish amid increased demand brought inflationary pressures in December.

“Food inflation continues to exert upward pressure to headline inflation this month, with holiday demand providing a push to prices,” it said. “Elevated oil and electricity prices also add to the weight. Metrobank forecasts headline inflation at 1.4% year on year in December.”

Meanwhile, the central bank said it will keep monitoring the country’s inflation and economic growth data in deciding its monetary policy.

“The BSP will continue to monitor domestic and international developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy,” the central bank said.

At its Dec. 11 meeting, the BSP lowered its policy rate by 25 basis points (bps) to an over three-year low of 4.5% as it continues to see subdued inflation and sluggish growth. It has so far delivered a total of 200 bps in cuts since August 2024.

As of November, headline inflation averaged 1.6%, matching the central bank’s full-year forecast.

For 2026, the central bank sees inflation accelerating to 3.2%, before slowing to 3% in 2027.

Mr. Remolona earlier said that the current easing cycle is nearing its end but still left the door open to a final 25-bp reduction next year depending on economic data.

The Monetary Board is scheduled to hold six regular policy meetings in 2026, with the first one set on Feb. 19.

Congress ratifies 2026 national budget

BusinessWorld — Mon, 29 Dec 2025 16:32:36 +0000

By Adrian H. Halili, Reporter

CONGRESS on Monday ratified the bicameral conference committee report on the P6.793-trillion national budget for 2026, marking the end of contentious deliberations that unfolded against the backdrop of a multibillion-peso corruption scandal.

Senator Sherwin T. Gatchalian, who heads the Senate Finance Committee, said next year’s budget is mainly focused on improving education, health, and agriculture.

“These highlights illustrate our commitment to strengthening the services that carry the most significant impact on the daily lives of our fellow Filipinos — better education for our children, adequate healthcare for those in need, and long-term food security for our communities,” he told plenary before the Senate ratified the report through a voice vote.

At the same time, the House of Representatives approved the ratification of the 2026 General Appropriations Act (GAA) in under two minutes, also through a voice vote.

After Congress’ ratification, the GAA will be sent to Malacañang for President Ferdinand R. Marcos, Jr.’s signature.

Mr. Marcos is expected to sign the 2026 national budget on Jan. 5.

Mr. Gatchalian said the bicameral panel had also enforced safeguards that would ensure transparency and accountability during budget process.

“The bicameral conference committee was also very deliberate in ensuring that equal attention was given to protecting the management of public funds — through safeguards that are anchored on transparency and accountability,” he said.

Reforms include the uploading of budget documents online, the livestreaming of bicameral proceedings, and the involvement of civil society in budget deliberations.

This year, several transparency initiatives were implemented during budget deliberations, amid public outrage over congressional insertions and opaque allocations in the 2025 national budget.

Government officials, lawmakers and contractors allegedly colluded to siphon off billions from funds meant for flood control projects.

During deliberations, the bicameral panel raised funding for the education sector to P1.35 trillion, which Mr. Gatchalian said was equivalent to 4.4% of economic output.

The budget of the Department of Education was increased by P47.18 billion to P961.32 billion, which would mainly be used for the construction of 34,000 new classrooms.

Funds would also be used to support the school feeding program with P25.7 billion aimed at covering 180 days and the procurement of textbooks at P19.51 billion.

“There will be clear and meaningful steps to reduce the shortage of classrooms. Millions of malnourished students will benefit from the School-Based Feeding Program. And we will ensure that every student has their own textbook,” Mr. Gatchalian said.

The budget of state universities and colleges was also raised by P6.22 billion to P137.9 billion under the 2026 national spending plan.

Funding under the health sector now stands at P447.6 billion, after lawmakers raised the Department of Health’s budget by P14.68 billion to P297.85 billion.

The budget of the Philippine Health Insurance Corp. (PhilHealth) was increased by P16.52 billion to P129.78 billion as the additional funds were rechanneled from the Public Works department.

Mr. Gatchalian said the panel also hiked funding for Zero-Balance Billing program for government hospitals to P1 billion, and expanded the program to include selected local government units.

The panel had also raised the Agriculture department’s budget by P5.48 billion to P185.77 billion to fund the construction of farm-to-market roads, post-harvest facilities, and support its modernization program.

“Programs that will help our farmers’ income and our country’s food security, such as credit insurance and direct market access, will now be properly funded,” the senator said.

The bicameral committee has slashed the Department of Public Works and Highway’s (DPWH) budget by P94.89 billion to P529.595 billion, mainly from the P52.3-billion cut for foreign-assisted projects.

Unprogrammed allocations are now set at P243.4 billion, close to the P250 billion under the National Expenditure Plan. These include P4.32 billion to support Fiscal Support Arrearages for Comprehensive Automotive Resurgence Strategy Program, and P250 million for the Revitalizing the Automotive Industry for Competitiveness Enhancement Program.

Unprogrammed appropriations are standby funds for pre-planned government projects or emergency contingencies, which are sourced from revenues or new collections.

Adolfo Jose A. Montesa, an adviser for the People’s Budget Coalition, said that delays in the bicameral conference could have been avoided if lawmakers had finalized the funding for infrastructure projects before the start of proceedings.

“The delays could have been avoided if the finalization of the projects of the DPWH, farm-to-market roads, etc. came earlier than the bicam, which it should have,” he said in a Viber message.

Mr. Montesa said there were improvements in the budget process “but there has been a clear crisis of trust in the budget process, which requires more than just piecemeal or incremental reforms.”

“Full transparency is necessary, but not sufficient,” he said. “Declaring that the budget is ‘corruption-proof’ or ‘pork-free’ should be up to the people, not the politicians.”

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said that delays in the budget proceedings indicated a week institutional capacity and coordination.

“Compared with 2025, the budget process showed greater emphasis on transparency, but the persistence of delays suggests that institutional capacity and coordination still lags,” he said in a Viber message.

He said that transparency measures must translate into timely approval and faster execution that should support growth.

“A reenacted budget in the first week of 2026 would have limited but noticeable short-term effects. Day-to-day government operations continue, but new projects, capital outlays, and program expansions are delayed, which can soften economic momentum early in the year especially for infrastructure, procurement, and employment linked to public spending,” Mr. Rivera said.

“Growth may see a temporary drag in Q1 as agencies wait for authority to release new funds. This can be recovered later if catch-up spending is executed well,” he added.

Peso, PSE index close lower on last trading day of 2025

BusinessWorld — Mon, 29 Dec 2025 16:31:01 +0000

By Aaron Michael C. Sy, Reporter

PHILIPPINE financial markets closed lower on the last trading day of 2025 — a year that saw new record lows for the Philippine peso and an over-five-year low for the stock market amid a corruption scandal that hurt investor sentiment.

The peso on Monday closed at P58.79 per dollar, depreciating by eight centavos from its P58.71 finish on Friday.

Year to date, it weakened by 94.5 centavos or by 1.61% from its P57.845 close on Dec. 27, 2024.

“The peso ended the year on a weaker stance as the latest third-quarter US GDP (gross domestic product) growth figures showed the robust performance of the US economy, providing boost for the greenback,” a trader said in a Viber message.

Another trader said in a text message that the peso was one of the weaker performing currencies among the region this year.

“Narrow interest differential vs. the USD, lackluster equities market, gloomy outlook due to corruption scandal all contributed to peso weakness,” the trader said.

The Philippine Stock Exchange index (PSEi) closed at 6,052.92 on Monday, 7.3% lower than the 6,528.79 close on Dec. 27, 2024.

“The PSEi’s decline this year is not just about numbers — it’s about trust and confidence. The corruption scandal, the deteriorating peso and the disappointing GDP performance for the third quarter have clouded our economy’s outlook and triggered persistent selling by foreign investors in the market this year,” PSE President and Chief Executive Officer Ramon S. Monzon said in a statement.

Mr. Monzon said there are “a lot of positives” to look forward to in 2026, as corporates continue to post earnings growth and more listings are expected.

“If our government succeeds in its drive to hold the corrupt accountable and institute real and lasting improvements in transparency and governance, our market should be one of the best-performing markets in the region next year,” he said.

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said there was “too much uncertainty and disruption” that weighed on the local stock market this year.

“For many local equity investors, 2025 is perhaps the most disappointing year since the pandemic crash of 2020,” he said.

He cited US President Donald J. Trump’s tariff policies, the Philippine midterm elections in May and the flood control scandal as factors that affected stock market activity.

Mr. Colet noted the PSEi had underperformed most analysts’ initial base case targets.

“When we started the year, I don’t think a lot of us expected a massive corruption scandal to shake our stock market,” he added.

On Nov. 14, the PSEi plunged to 5,584.35, its weakest close in nearly five and a half years or since the 5,570.22 close on May 28, 2020. Investor confidence further fell after GDP grew by 4% in the third quarter — the slowest in more than four years. This brought the nine-month average to 5%, below the 5.5-6.5% GDP growth target for this year.

“It has been a bearish year for the local market, reflecting the drop in investors’ confidence towards the local economy amid its growth slowdown and dimmed outlook,” Philstocks Financial, Inc. Research Manager Japhet Louis O. Tantiangco said in a Viber message on Monday.

He said net value turnover averaged P5.91 billion per day in 2025, an improvement from P5.15 billion in 2024.

According to Mr. Tantiango, foreigners were net sellers in the local stock market with net outflows reaching P47.13 billion this year, 86.6% up from P25.25-billion net outflows in 2024.

“Well, a lot has certainly happened this year, some of which already started at the end of 2024 from President Trump’s policies, trade uncertainties, and we got macro-shock from lower growth levels, FX (foreign exchange) volatility, monetary policy guidance, and some may attribute geopolitical scandals that weighed on the market,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message last Tuesday.

Mr. Tantiangco said the local bourse also ranked among the worst performing markets in East and Southeast Asia this year.

AP Securities, Inc. Equity Research Analyst Shawn Ray R. Atienza said that even with solid corporate earnings, the PSEi still lagged due to corruption concerns, trade uncertainties, and weak spending dragging growth and triggering foreign fund outflows.

“Most investors toggled defensive mode on and shelled the entire year, leading to utilities and mining sector thriving and even breaching new highs. While most sector counters dove beneath the red seas as various headwinds affected toplines and eroded margins due to dampened demand, weather disruptions, and volatile commodity prices,” Mr. Atienza said in a Viber message last Monday.

PESO OUTLOOK
+The peso was led by the dollar movement throughout 2025, Oikonomia Advisory and Research, Inc. Economist Reinielle Matt M. Erece said in a Viber message.

He said the local unit earlier in the year was dragged by the dollar’s appreciation due to hawkish expectations on the US Federal Reserve as Mr. Trump’s shifting tariff policies caused market jitters.

However, the peso further declined near the end of the year amid the dollar’s recovery and the corruption mess.

“The flood control corruption scandal has soured investor sentiment, causing capital outflows. The flight from Philippine assets caused the Philippine peso’s attractiveness to slip. While strong overseas Filipino worker remittances offset some of the slippage in USD-PHP exchange rates, it failed to reverse the impact of the corruption issue,” Mr. Erece said.

The peso fell to a new all-time low of P59.22 per dollar on Dec. 9.

“Hitting new lows hurts confidence at the margin, especially for foreign investors, but it is not panic-inducing on its own. What matters more is whether weakness becomes persistent and inflationary. So far, the impact has been contained, but expectations of further slippage can keep positioning cautious,” Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said in a Viber message.

Mr. Erece said the peso hitting P60-per-dollar levels is a low possibility as it is expected to rebound in 2026, driven by managed inflation, strong business environment, and strong consumer demand.

“If political issues are addressed deliberately and productively, it can definitely help in restoring confidence in the country. Strong capital inflows will result in more demand for Philippine pesos, which can cause the PHP to appreciate.”

Mr. Erece added that economic managers could use the peso’s current weakness and implement strong industrial policies that encourage the selling of high-value goods to foreign countries.

“Strong industrial policy results in higher earnings from foreign countries through trade, which then results in faster economic growth,” he said.

Meanwhile, eManagement for Business and Marketing Services Managing Director Jonathan L. Ravelas said the peso could trade as low as P61 per dollar early next year due to pressure from global uncertainty and Fed rate cuts

“Expect it to trade in the P58- to P61-per-dollar range, with volatility tied to tariff, oil and geopolitical risks,” he said in a Viber message.

“For policy rates, the BSP will keep a cautious stance — maybe one or two cuts in the first half of the year as inflation stays tame. Peso performance matters, but it’s not the sole driver; inflation and growth risks weigh heavier. BSP’s top priority is price stability, not defending a level,” he added.

At its Dec. 11 meeting, the BSP lowered its benchmark rates by 25 bps to bring the policy rate to 4.5%, the lowest level in more than three years.

BSP Governor Eli M. Remolona, Jr. has said that the central bank has room for one more 25-bp cut next year as economic recovery will take longer than expected.

Its first policy meeting for 2026 is scheduled for Feb. 19.

“The (Philippine peso) will be driven by Fed-BSP policy differentials, capital flows, trade balance and remittances, and domestic confidence tied to fiscal execution and governance,” Mr. Rivera said.

The peso is also sensitive to external shocks and oil price movements, he added.

“Yes, (peso) can recover if inflation stays anchored, the Fed eases, and investment inflows improve, the PHP can recover modestly toward the high P58-P59 range. A stronger rebound would require clearer policy signals and faster growth momentum,” Mr. Rivera said.

For the first week of 2026, the trader expects the peso to move from P58.60 to P59 per dollar. — with AGCM

Vista Land secures P13.61-B notes facility to refinance debt

BusinessWorld — Mon, 29 Dec 2025 16:05:35 +0000

VILLAR-LED property developer Vista Land & Lifescapes, Inc. has signed a five-year corporate notes facility of up to P13.61 billion to refinance its obligations, the company said.

Vista Land made an initial drawdown of P7.22 billion at a fixed interest rate of 7.8947% per annum, it said in a stock exchange disclosure on Monday.

“The proceeds of the corporate notes facility will be used to refinance existing or maturing obligations of the group and for the other general corporate purposes,” Vista Land said.

The company entered into the corporate notes facility agreement with China Bank Capital Corp. as the sole arranger and bookrunner.

China Banking Corp., through its Trust and Asset Management Group, serves as the facility and paying agent, notes registrar, and security trustee.

Vista Land’s subsidiaries — Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vista Residences, Inc., and Vistamalls, Inc. — act as guarantors for the facility.

In a statement last week, Vista Land said it had settled P3.5 billion worth of retail bonds using proceeds from advances provided by its majority shareholders.

The company reported a 4% increase in nine-month net income to P9.5 billion, while rental income for the period rose by 3% to P12.8 billion.

Separately, Villar Land Holdings Corp. announced the election of Manuel B. Villar, Jr. as chairman of the board; Cynthia J. Javarez as president; Estrellita S. Tan as chief financial officer, chief information officer, and investor relations officer; Gemma M. Santos as corporate secretary; Ma. Nalen S.J. Rosero as assistant corporate secretary; and Kate D. Cator as compliance officer.

Ma. Luisa B. Villacorta and Marilou O. Adea were elected as independent directors, replacing Ana Marie V. Pagsibigan and Garth F. Castañeda, who reached the maximum term limit set by the Securities and Exchange Commission.

Villar Land, formerly Golden MV Holdings, Inc., posted a net income of P1.423 billion in 2024, slightly higher than the P1.416 billion recorded a year earlier.

At the local bourse on Monday, Vista Land shares rose by 11.83% or 11 centavos to close at P1.04 apiece, while Villar Land shares ended unchanged at P1,000 each. — Beatriz Marie D. Cruz

What are you doin’ New Year’s Eve?

BusinessWorld — Mon, 29 Dec 2025 16:05:11 +0000

A roundup of celebrations counting down to 2026

WITH 2025 drawing to a close, Metro Manila is set to mount large New Year’s Eve celebrations. Here is a list of countdown events to choose from for a joyful start to the year ahead, ranging from community-based festivities to giant concerts, DJ-led parties, and festive hotel shindigs.

QUEZON CITY’S COUNTDOWN TO 2026
+Quezon City is set to rock the New Year’s Eve Countdown at the Quezon Memorial Circle, featuring some of the country’s most iconic bands and artists. Kicking off at 4 p.m. on Dec. 31, the event organizers promise a night filled with music, entertainment, and celebration.

The musical lineup includes Kamikazee, Mayonnaise, Soapdish, The Itchyworms, Lola Amour, Gloc-9, Angeline Quinto, Streetboys, Reese Lansangan, Dilaw, and Mike Levet. The concert will be hosted by Allan K, Pokwang, Super Tekla, Donita Nose, Uma Rojo, and Camil.

This plastic-free celebration encourages attendees to bring their own tumblers to stay hydrated. Admission is free.

MAKATI GOES FULL COLOR
+Ely Buendia and Cup of Joe are just some of the many performers in Makati’s New Year’s countdown, titled Makati in Full Color. Aside from the two popular rock acts, the other countdown headliners include acclaimed singer Morissette, hit musician Juan Karlos, singing competition star Sofronio Vasquez III, drag queen trio the Divine Divas, and select cast members from Theater Group Asia’s A Chorus Line.

The celebration will be held at Ayala Avenue starting at 6 p.m. Admission is free but tickets will be sold for VIP seats (with a dedicated lounge, buffet dinner, and prime viewing spots), available via TicketWorld.

As the clock strikes midnight, there will be a spectacular fireworks display accompanied by a Filipino version of Times Square’s ball drop. Guests are then invited to keep the energy going at a street party with beats by DJ Cupcakes and an after party with music by The Studio Dance Club at the Ayala Triangle Gardens.

SB19 HEADLINES COUNTDOWN AT BGC
+For a P-Pop takeover, head to Bonifacio Global City’s (BGC) NYE at the 5^th in Taguig City on Dec. 31, starting at 7 p.m. The event will be headlined by P-pop boy group SB19. It will also feature performances from OPM acts Apl.de.Ap, Parokya ni Edgar, Jay R, Dionela, and G22, among others.

Aside from the concert at 5^th Avenue itself, there will be satellite live streams along the stretch of Bonifacio High Street, including family and senior-friendly viewing areas.

FIREWORKS at BRIDGETOWNE
+Over at Pasig City, Bridgetowne Estate’s Where We Shine As One countdown promises an unforgettable New Year’s Eve celebration on Dec. 31, starting at 7 p.m., with performances by Bamboo, Hey June, Rob Deniel, Angela Ken, Imago, and DJ Jimmy Rocon.

There will also be a fireworks display, a light display at The Victor statue, and a drone show above the Bridgetowne skyline. The event — admission is free — will be hosted by Macoy Dubs and MJ Lastimosa.

EASTWOOD’S STAR DROP, FIREWORKS
+Eastwood City in Quezon City will hold a New Year Countdown to 2026 featuring live music, star-studded performances, and other festivities starting at 8 p.m. at the Eastwood Mall Open Park. Join Rico Blanco, Klarisse de Guzman, Maki, Ena Mori, and KAIA as they welcome the New Year with the dazzling Star Drop and a grand fireworks display at midnight.

KAPUSO STARS AT MOA’S COUNTDOWN
+Stars like Julie Anne San Jose, Rayver Cruz, Christian Bautista, and Rocco Nacino will take the stage at the Kapuso Countdown to 2026 on Dec. 31 at the Mall of Asia (MOA) Seaside Boulevard in Pasay City. Joining the festivities are former housemates from the two recent hit editions of Pinoy Big Brother: Celebrity Collab Edition: Will Ashley, AZ Martinez, Charlie Fleming, Vince Maristela, Marco Masa, Eliza Borromeo, Waynona Collings, and Lee Victor.

Gates open at 6 p.m. for the lantern parade and pre-show featuring international singer Bonnie Bailey. The show itself kicks off at 8:30 p.m., with the live broadcast on GMA and Kapuso Stream starting at 10:30 p.m.

TOP STARS AT SOLAIRE
+Celebrate in grand style at Solaire Resort Entertainment City’s Symphony of the Stars, where a special New Year’s Eve awaits featuring world-renowned Broadway legend Lea Salonga and OPM icon Raymond Lauchengco, under the musical direction of Gerard Salonga.

The evening begins with handcrafted cocktails at 7:30 p.m., followed by a dinner buffet at 8 p.m. The celebration continues at 10 p.m. in the Grand Ballroom. Secure a spot at sec.solaireresort.com/symphony-of-the-stars. For reservations and more information, call 8888-8888 or e-mail restaurantevents@solaireresort.com.

MUSIC ICONS AT SOLAIRE RESORT NORTH
+International theater performer Rachelle Ann Go, balladeer Martin Nievera, and singer-actress Sharon Cuneta are headlining A Night of Icons, a concert that has Louie Ocampo and Marvin Querido at the helm, at the Grand Ballroom of Solaire Resort North in Quezon City.

The event promises a night of stellar performances, free-flowing drinks, and a party atmosphere starting at 8 p.m. on Dec. 31. Tickets are available at ticketworld.com.ph.

OKADA’s STAR-STUDDED COUNTDOWN
+Okada Manila will welcome 2025 with a grand New Year’s Eve celebration featuring top artists like Gary Valenciano, Yeng Constantino, Randy Santiago, Regine Tolentino, Tom Taus, DJ Pretty Dragon, and DJ Sofia Miguel. The Countdown Concert at Cove Manila is ticketed. For those looking to join the celebration for free, there will be live entertainment and a fireworks display at The Fountain, along with a fireworks display at The Garden, which are open to all guests.

To get tickets, visit SM Tickets (okdmnl.ph/StepRightUp2026SMTickets), Ticketnet (okdmnl.ph/StepRightUp2026Ticketnet), or Ticket2Me (okdmnl.ph/StepRightUp2026Ticket2ME).

AN ELEGANT COUNTDOWN AT THE PEN
+As the year draws to a close, The Peninsula Manila extends an invitation to mark the arrival of 2026 with world-class dining and celebrations. The Lobby will host a New Year’s Eve dinner and ball with the theme of 1976 Disco for its “Disco Chic New Year’s Eve Gala Ball.” Tickets are priced at P17,888 for adults and P8,888 for children under 12.

For inquiries and restaurant reservations, call 8887-2888, extension 6694. Or visit the official hotel website at peninsula.com/manila/special-offers for more details.

DIAMOND HOTEL RINGS IN 2026
+The Diamond Hotel Philippines invites guests to celebrate the arrival of 2026 with their New Year’s Eve Countdown Party to 2026 at the Upper Lobby. It will feature live performances by Project M and High School Playlist. Guests may first enjoy a dinner buffet during the first seating from 5:30 to 7:30 p.m. at P4,050 per person, inclusive of one round of juice. The second seating from 8 p.m. onwards is priced at P4,480 per person with one round of red or white wine.

At the hotel’s Bar27, guests can indulge in a four-course set menu priced at P2,750 per person, complemented by live performances from the Wolfe Band. The New Year’s Countdown Buffet at the second floor mezzanine starts at 8 p.m., with balcony seating available at P3,680 per person and function room seating at P3,250 per person. For reservations, call 8528-3000 or e-mail restaurant_rsvn@diamondhotel.com.

PARTIES AT NEWPORT WORLD RESORTS
+As 2025 draws to a close, the Newport World Resorts sets the stage for an unforgettable New Year celebration, with countdown parties and lavish spreads in its various hotels and restaurants.

The Marriott Grand Ballroom will be the venue for The Grand Countdown to 2026 from 7:30 p.m. There will be performances by Jessica Sanchez, Sarah Geronimo, Bamboo, Matteo Guidicelli, Cup of Joe, Amiel Sol, Earl Agustin, Janine Teñoso, GAT, and RAYA, with Billy Crawford hosting the festivities. Limited tickets are available across several tiers, ranging from SVIP (P25,000) to Bronze (P15,000).

The Hilton Manila will host ICONIQ 2026, a poolside countdown party priced at P5,000 net from 8:30 p.m. onwards. To be held at the Vega Pool, the fully outdoor, open-air venue will have illuminated cabanas and immersive lighting for a party under the stars. It includes food stations featuring global street flavors and crowd-favorite dishes, along with selected beverages. Alternating performances by Tirso Cruz IV and The TAC 4 Band and DJ Renee will keep the party going up to 1 a.m.

Dance the night away ‘til the year ends at Marriott Manila’s So Bright We Gotta Party! Countdown to 2026 at The Greatroom. DJs take the deck from 7 p.m. onwards starting with DJ Rocelle, the Retro Rewind Band, and DJ Yuuna.

Celebrate at the SORA Rooftop of Hotel Okura Manila with live music, a DJ, and a buffet meal. The celebration starts at 9:30 p.m. Finally, there will be raffle prizes, DJ sets, and a performance by the Amigo Band at Sheraton Hotel Manila’s Shining Soirée 2026 at the Sheraton Ballroom from 8 p.m. to 1 a.m., priced at P5,500 net per person, inclusive of raffle entries for dining experiences, spa treatments, and overnight stays. — Brontë H. Lacsamana

LANDBANK eyes ‘stable’ start to 2026 on sustained profitability

BusinessWorld — Mon, 29 Dec 2025 16:04:50 +0000

STATE-RUN Land Bank of the Philippines (LANDBANK) aims to post steady profits next year, with the lender also having enough safeguards against potential asset quality risks stemming from its transactions with government contractors amid increased scrutiny due to a wide-ranging corruption scandal.

“We expect a stable start to 2026, supported by strong 2025 results,” LANDBANK President and Chief Executive Officer (CEO)Lynette V. Ortiz told BusinessWorld in a text message on Dec. 24.

“We aim to sustain profitability, which we’ve demonstrated through the years while ensuring we continue to have strong risk management controls and capital buffers that can withstand emerging risks.”

Asked about the impact of a possible delay in government contractors’ loan repayments amid a graft scandal involving these entities, Ms. Ortiz said: “We maintain confidence in our loan portfolio’s quality, backed by strong risk controls. However, we are monitoring developments closely and will be proactive in managing risks.”

The bank’s net income surged by 41.79% to P35.64 billion in the nine months ended September from P25.14 billion in the same period last year.

LANDBANK’s net loans stood at P1.22 trillion, up by 4.87% from P1.16 trillion the previous year. Meanwhile, gross loans reached P1.7 trillion at end-September.

Its loan loss provisions decreased by 46.17% year on year to P7.56 billion in the period.

A wide-ranging scandal linking officials of the Public Works department, lawmakers, and private contractors to corruption in allegedly anomalous flood control projects has resulted in increased scrutiny of state-run banks’ transactions with these entities.

Development Bank of the Philippines President and CEO Michael O. de Jesus said this month that they expect their net income to decline by P1 billion to P2 billion this year due to higher provisioning as the corruption scandal has affected repayments by contractors.

LANDBANK said in September that its handling of government transactions and accounts related to the anomalous infrastructure projects were within Philippine banking laws, adding that the funds it that went through the financial institution were legitimate government disbursements.

Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., said state-run banks could see a slight uptick in their nonperforming loans as the corruption mess is expected to continue stalling government projects and affecting the overall economy, which could affect their lending.

“They’re already setting aside P1-2 billion in provisions, which will trim net income but keep risks contained,” he said.

“The real watchpoint is how fast government spending normalizes — because prolonged delays could tighten lending, especially for MSMEs (micro, small, and medium enterprises).”

Meanwhile, Ms. Ortiz said they are still finalizing their planned sustainability bond issuance, which the bank earlier said could happen by next quarter.

“We are carefully assessing market conditions to ensure timing aligns with investor confidence.”

She earlier said the bank is eyeing to raise over P20 billion from a sustainability bond offering. The papers will be branded as “Asenso bonds” and are expected to have a tenor between one and five years, and could also be issued in multiple tranches. — Aubrey Rose A. Inosante

Metro Manila Film Festival 2025: Beautiful but flawed

BusinessWorld — Mon, 29 Dec 2025 16:04:37 +0000

By Brontë H. Lacsamana, Reporter

Movie Review
+I’mPerfect
+Directed by Sigrid Andrea Bernardo
+Produced by Nathan Studios
+MTRCB Rating: G

I’mPerfect — which bagged the Best Picture award at the Metro Manila Film Festival (MMFF) — is a love story between Jiro and Jessica, two adults with Down Syndrome, an empowering celebration of people that society would consider as flawed. But in its effort to tick all the boxes of a sickly sweet romance, it adds unnecessary layers of drama that weigh the film down with glaring flaws.

It stars Earl Jonathan Amaba and Anne Krystel Daphne Go, marking the first film in Philippine history to have leads with Down Syndrome (DS) themselves. Plus, the production worked with organizations of Filipinos with DS, resulting in a level of detail grounded in real experiences. That alone makes it worth a watch, especially for those who want to learn about the lives, struggles, and motivations of these individuals and their family members.

Director Sigrid Andrea Bernardo sets everything up nicely, giving the two leads solid characterization. There’s Jessica (played by deserving MMFF Best Actress winner Ms. Go), a 28-year-old lady with DS who is independent enough to maintain her beauty and makeup hobby and work part-time as a waitress at a café. At the school where DS individuals can socialize with each other, she meets Jiro (played by a charming Mr. Amaba), a shy and aloof 29-year-old young man with a sheltered upbringing and love for swimming and windchimes.

The supporting cast, mainly their parents, provide some realistic levity to the cheesy whirlwind romance that unfolds between the two. Single mom Norma (played by Sylvia Sanchez) is a seamstress who takes pride in raising Jessica to be her own person despite her disability, while absent father Arman (Joey Marquez) enters the picture and learns of the beautiful woman his daughter has become. Jiro’s parents are both physicians, which explains his upscale yet isolated lifestyle: there’s the overprotective Lizel (Lorna Tolentino) and more easygoing yet equally concerned Dan (Tonton Gutierrez).

An interesting character is Jiro’s younger brother Ryan (Zaijian Jaranilla) who is pressured to pursue medicine like his parents and finds solace in his older brother’s unwavering support for his budding music career. His development pretty much stalls, however, with little to endear us to him outside of his scenes with Jiro. A scene stealer would be Janice de Belen, who plays Jiro’s former yaya (nursemaid) who is sympathetic to Jiro and Jessica’s struggle for independence — but there is one scene where she kind of over-acts and scares the audience into thinking someone died.

Though DS is a condition which many people know something about, I’mPerfect exceeds in going beyond how those who have it look and what they can’t do. It sheds light on their capabilities in supportive environments, and their potential to live relatively normal lives. Jiro and Jessica’s adventures range from mischief with friends to romantic love and even to sexual feelings. Most eye-opening for many viewers would be the health risks that DS individuals have, such as heart problems, and the reality that they may have shorter life expectancies due to these risks.

Unfortunately, in its attempt to be a full-blown romcom and informative drama at the same time, it feels quite long, especially in the back half when Jiro and Jessica take on an us-against-the-world mentality. The parents grappling with letting go of their adult children is engaging, but the extremes to which the couple take their rebellion borders on laughably fantastical. It careens towards an ending that is designed to make you cry, even though it doesn’t really need to get there for this story to pack a punch.

I’mPerfect already hits the right notes but ultimately falls off with poor narrative choices. Does running away with your lover have to mean making the worst possible decisions? Why establish a class difference between them when the discomfort inherent in this dynamic doesn’t manifest at all in the story? Especially when they resort to a simple life in the province to live out their so-called dream together?

All these flaws are frustrating, given all the good the film accomplishes in the first half. It’s what makes the MMFF Best Picture win baffling, because despite the achievements of this film, it did not do the wonderfully conceived story the most justice. It has decent cinematography, editing, production design, score, the works, but the story really goes off the rails at times. The main takeaway, though, is that Krystel Go is an amazing actress who deserves to get more roles after this. Every micro expression she gives is intentional, brimming with emotion, and her line delivery is always impeccable.

I’mPerfect, despite its flaws, manages to break the preconceived notion that those with developmental disabilities are lesser beings. It shows that, with the support they need, persons with DS can actually do so much, and Ms. Go is the exact manifestation of that. At best, the film is a lovely, cute, eye-opening experience, and hopefully even more stories will come (without the unnecessary drama) that can express its core message better.

Analysts see cautious upside for REITs if rates fall and inflation stays on target

BusinessWorld — Mon, 29 Dec 2025 16:04:34 +0000

By Beatriz Marie D. Cruz, Reporter

PHILIPPINE real estate investment trusts (REITs) are expected to become more attractive next year if the central bank delivers another rate cut and if inflation remains within the Bangko Sentral ng Pilipinas’ (BSP) target range, analysts said.

“The outlook for Philippine REITs in 2026 is cautiously constructive, anchored mainly on macroeconomic easing and income stability rather than aggressive capital appreciation,” Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said in a Viber message.

He noted that prospects for rate cuts and within-target inflation would make REIT yields more appealing, supporting both valuations and demand from yield-seeking investors.

The BSP delivered its fifth consecutive 25-basis-point (bp) cut at its Dec. 11 meeting, bringing the key policy rate to 4.5%, the lowest in more than three years.

While the central bank said it could be nearing the end of its easing cycle, BSP Governor Eli M. Remolona, Jr. indicated that there is still room for a final 25-bp cut next year, depending on economic developments.

The Monetary Board is scheduled to hold its first meeting of 2026 in February.

Headline inflation in the first 11 months met the central bank’s revised full-year forecast at 1.6%.

Unicapital Securities, Inc. Research Head Wendy B. Estacio-Cruz said economic growth and the expansion of the business process outsourcing (BPO) sector will drive demand for office, retail, industrial, and logistics spaces, which underpin REIT rental income.

“Offices could benefit from BPO expansion, while retail and hospitality from rising domestic tourism, and industrial/logistics properties from electronic commerce and data center demand,” she said in a Viber message.

Philippine gross domestic product (GDP) growth slowed to 4% in the third quarter, the weakest rate in over four years. The BSP expects growth to pick up to 5.4% next year and 6% in 2027.

However, the outlook for REITs is clouded by still-high interest rates, which could reduce valuations and limit dividend growth, Ms. Estacio-Cruz said.

Sector-specific risks, such as vacancy pressures in the office market and increased competition between retail and e-commerce, also pose challenges.

“Market liquidity and valuation conditions in the Philippine stock market are relatively constrained, which can deter issuers and limit investor participation,” she added.

Analysts maintained a cautious outlook for REIT initial public offerings (IPOs) next year.

“Unless the list of REIT-able assets is expanded, a REIT listing for next year is highly unlikely — especially with the most anticipated developer for a REIT listing, SM Prime Holdings, Inc., already expressed pocketing the REIT listing idea,” AP Securities, Inc. Equity Research Analyst Shawn Ray R. Atienza said in a Viber message.

SM Prime earlier ruled out its $1-billion REIT IPO until after 2026 due to unfavorable market conditions.

China Bank Capital Corp. Managing Director Juan Paolo E. Colet projected at least two REITs could enter the stock market next year.

“Upcoming amendments to the REIT rules and lower interest rates could encourage certain sponsors to push through with their REIT IPOs in 2026,” he said in a Viber message.

Last month, the Securities and Exchange Commission said it is updating REIT rules to expand the definition of income-generating assets, extend sponsors’ reinvestment deadlines, and strengthen disclosure and governance requirements.

The revised rules, effective January, are expected to allow more companies beyond traditional real estate to register REITs.

“Regulatory reforms that expand the types of income-producing properties eligible for REITs, including data centers and infrastructure-linked assets, could also widen the pool of potential issuers, creating opportunities for innovative REIT vehicles,” Ms. Estacio-Cruz said.

Currently, the Philippines has eight REITs operating in office, hotel, mall, land, renewable energy, and infrastructure segments.

The country’s REIT portfolio includes AREIT, DDMP REIT, Inc., Filinvest REIT Corp., RL Commercial REIT, Inc., MREIT, Inc., VistaREIT, Inc., Citicore Energy REIT Corp., and Premier Island Power REIT Corp.

Cognitive defense and the strength of a nation: Protecting the Filipino mind in the age of information warfare

BusinessWorld — Mon, 29 Dec 2025 16:04:28 +0000

(This was the author’s speech given at the 90^th Founding Anniversary of the Armed Forces of the Philippines on Nov. 24.)

It is an honor to stand here today, celebrating nine decades of courage, service, and sacrifice. But it is also a moment to confront a reality: that the battlefield has fundamentally changed.

For decades, we defended our shores, our skies, and our sovereignty. But today, another front has emerged — one without borders, without uniforms, without warning.

The new battlefield is the Filipino mind.

And on this battlefield, our adversaries do not need to fire a shot. It is enough to sow doubt, spread disinformation, erode trust in institutions, fracture our unity, and make us question one another.

This is the essence of cognitive warfare… and defending against it is now one of the AFP’s (Armed Forces of the Philippines) most urgent missions.

What is Cognitive Defense?

Cognitive defense means protecting how our people think, what they believe, and whom they trust.

It means defending:

• the Filipino’s capacity for discernment;

• the integrity of public discourse;

• the unity of our democratic identity; and,

• the collective will upon which our security depends.

Today, cognitive warfare is waged through coordinated influence operations, distortion of facts, algorithmic manipulation, foreign political warfare, and targeted disinformation.

You can weaken a society not by attacking its armies, but by attacking its confidence, its memory, its sense of identity, and its national purpose.

And in the AFP’s emerging framework of Archipelagic Defense through Multi-Domain Operations — where our forces operate jointly across maritime, land, air, cyber, space, and the electromagnetic spectrum — the cognitive domain becomes the connective tissue of all domains. It shapes how we understand threats, how we coordinate, how we respond, and ultimately, how we prevail.

For even the most advanced platforms and the most sophisticated technologies rely on the clarity, unity, and resilience of the Filipino mind. This is why cognitive defense is no longer optional. It is essential to national survival.

THE AFP’S ROLE
+The Armed Forces of the Philippines is no stranger to evolving threats. From sea to air, from land to cyberspace, the AFP has always adapted.

But cognitive warfare demands something deeper.

It demands:

• strategic communication that earns public trust;

• collaboration with media, academe, and the private sector;

• strong internal and external information security;

• unity of message and purpose; and,

• a whole-of-nation effort to protect truth.

As a member of the Multi-Sector Governance Council, I have seen firsthand how committed the AFP is to this transformation. The AFP recognizes that the defense of the cognitive domain is not merely a military task. It is a national task.

THE PRIVATE SECTOR
+Let me now speak wearing another hat: as Head of Government Relations and Public Affairs at Metro Pacific Investments Corp. (MPIC).

In MPIC, we operate critical infrastructure: power, water, transportation, healthcare, and digital connectivity. These sectors form the backbone of our daily national life.

And because they are critical, they are also targets of cognitive and information attacks.

A single falsehood about water, power outages, toll operations, or public health can cause panic, erode confidence, or paralyze essential services. This is why corporate institutions must step into the cognitive defense mission.

Under the leadership of our Chairman, Manuel V. Pangilinan, we believe that defending the Filipino mind is part of nation-building. We believe that:

• transparency is security;

• truth is infrastructure; and,

• trust is stability.

This is where the AFP and the private sector become allies — not only in physical defense, but in protecting the information environment that allows society to function with coherence and purpose.

MINING AS CASE STUDY
+Allow me to give an example from a sector I know so well: the mining industry. As many of you know, among the many hats I wear is the chairmanship of the Chamber of Mines of the Philippines.

Mining in the Philippines has long been contested not only on the ground but also in the cognitive space. The battles of perception have often overshadowed the facts.

For years, responsible mining suffered from:

• misinformation;

• outdated images;

• ideologically driven narratives; and,

• foreign-influenced campaigns.

But today, responsible miners are learning what the AFP already knows: If we do not tell our story, someone else will… and not always truthfully.

Through transparency, community engagement, environmental stewardship, and initiatives like Towards Sustainable Mining (TSM) and the Extractive Industries Transparency Initiative (EITI), the sector is rebuilding trust by anchoring truth in the minds of the Filipino people.

What is happening in mining is a microcosm of cognitive defense: the fight for the narrative, the defense of truth, the rebuilding of public trust.

NATIONAL COGNITIVE RESILIENCE
+Cognitive defense is not about propaganda. It is about resilience.

A resilient nation is one where:

• citizens think critically;

• the media verifies responsibly;

• institutions communicate truthfully;

• communities stand together; and,

• no adversary can divide us with lies.

This is the level of resilience we must build — in our Armed Forces, in our industries, in our schools, and in every Filipino family. Because a people united in truth cannot be defeated.

THE ULTIMATE HIGH GROUND
+As we celebrate 90 years of the AFP, let us honor the bravery of our soldiers by strengthening the battlefield that lies beyond terrain and territory.

Let us defend the cognitive domain.

Let us defend the Filipino mind.

And let us commit to a future where no foreign actor, no hostile organization, no malicious network can divide us, deceive us, or weaken our resolve.

In the end, the greatest weapon of a nation is the unity of its people. And the greatest victory is a people who believe in one truth — the truth that the Philippines is worth defending.

Michael “Mike” T. Toledo is vice-president for 2025 of Management Association of the Philippines (MAP), a member of the Multi-Sector Governance Council of AFP, and director of Government and Public Affairs of MPIC.

map@map.org.ph

mttoledo@mpic.com.ph

FCDU loans drop to $15.1 billion at end-September

BusinessWorld — Mon, 29 Dec 2025 16:03:50 +0000

OUTSTANDING LOANS granted by banks’ foreign currency deposit units (FCDU) dropped by 5% quarter on quarter as of September, the Bangko Sentral ng Pilipinas (BSP) said.

Loans extended by banks’ FCDUs declined to $15.126 billion at end-September from $15.928 billion at end-June, based on central bank data released on Monday.

Year on year, outstanding FCDU loans also went down by 3.9% from $15.747 billion as of September 2024.

FCDUs are units of local banks or local branches of foreign banks authorized by the BSP to service transactions involving foreign currencies, including deposits and loans.

Resident and nonresident borrowers, including individuals and businesses like importers, use these loans for their foreign currency payables or needs.

The end-September figure reflects $9.77 billion worth of new loans disbursed by FCDUs and $10.56 billion in loan payments, the BSP said.

Of the total outstanding loans, $12.068 billion or 79.8% have medium- to long-term maturities, or those payable in a year or more. This was down from the $12.577 billion as of June, which was 79% of the total.

Short-term loans were at $3.057 billion, accounting for 20.2% of the total. This was also lower than the $3.35 billion (equivalent to 21% of the total) recorded at end-June.

The BSP said $9.592 billion or 63.4% of the outstanding FCDU loans went to Philippine-based borrowers, which were all extended to private sector entities.

These included merchandise and service exporters with $2.51 billion or 26.2% of the total; towing, tanker, trucking, forwarding, personal and other industries with $2.05 billion or 21.4%; and power generation companies with $1.71 billion or 17.8%.

FCDU loans to nonresidents were at $5.534 billion at end-September, which was 36.6% of the total.

Meanwhile, by creditor, local banks granted the bulk or 84% of the outstanding FCDU loans at end-September with $12.713 billion. Of this, $12.682 billion came from commercial banks, while $30 million was from thrift banks.

Foreign bank branches or subsidiaries extended $2.413 billion or 16% of the loans during the period.

Preliminary central bank data also showed that banks’ FCDU deposit liabilities inched up by 0.1% to $60.732 billion as of end-September from $60.669 billion as of end-June.

Meanwhile, year on year, it rose by 5.69% from $57.464 billion previously.

This brought the FCDU loans-to-deposits ratio to 24.9% at end-September, lower than 26.3% as of June and 27.4% the prior year. — Katherine K. Chan

Metro Manila Film Festival 2025: An insightful picture of annulment

BusinessWorld — Mon, 29 Dec 2025 16:03:38 +0000

By Brontë H. Lacsamana, Reporter

Movie Review
+UnMarry
+Directed by Jeffrey Jeturian
+Produced by Quantum Films, Cineko Films
+MTRCB Rating: PG

ANNULMENT is an unpleasant subject matter, because it involves the end of a marriage and the (usually) bitter fight of two parties to gain custody of children or properties. In a Catholic-majority country like the Philippines, it’s a last resort, because most people would urge couples to stay together and work things out. In UnMarry, we get to see what it’s like for those who have decided it is simply not possible to be together anymore.

Directed by Jeffrey Jeturian, this MMFF Second Best Picture-winning drama follows Celine (played by Angelica Panganiban) and Ivan (Zanjoe Marudo), a couple who separately process the dissolution of their marriages through annulment. While it’s loosely based on real-life annulment cases in the Philippines, it doesn’t take a totally serious route to get there. The film is mainly a meet-cute between the two leads, who arrive together at the law office of their attorney, Jacqueline (Eugene Domingo), their separate appointments mistakenly booked at the same time. By then, the seed for the unmistakable chemistry between these two strangers has been planted.

Before all of that, the film opens with Atty. Jackie, also the host of a law-centered YouTube channel, taking her subscribers through the step-by-step process of getting an annulment. Both the courtroom drama and love story aspects of the film are cute and entertaining, and blend surprisingly well together, which is a testament to the strength of Chris Martinez and Therese Cayaba’s screenplay. The film shines when it goes into the nitty-gritty, where couples are pressured to relive their traumas and tarnish each other’s images, and the children are forced to enter an unfair arrangement of being volleyed back and forth between parents.

Eventually, the chance encounter that introduces Celine and Ivan to each other evolves into a close friendship, where they navigate heartbreak and the possibility of starting over. Jeffrey Jeturian’s direction is able to blend accessible comedic moments with the nuances of a pensive character study — and that’s what makes UnMarry such a smooth ride, even for those who have no real-world knowledge or experience with annulment.

Angelica Panganiban was the stand-out as Celine, a headstrong Caviteña who built a successful bakeshop and now seeks to annul her marriage with the wealthy, elitist snob of a man who funded her dream (Tom Rodriguez in a one-note evil role that wasn’t really Best Supporting Actor-worthy). Though Panganiban didn’t win the MMFF Best Actress award, we think she most likely came very, very close with this excellent performance, where she grapples with how a controlling man molded her into something she’s not and takes steps to extricate herself from him.

Zanjoe Marudo holds his own as the artist Ivan, who is dealing with a failing career and subsequent alcoholism, which has led his beautiful TV reporter wife (played by Solenn Heussaff in a strong comeback role) to seek out an annulment. Things become even more dire when it’s revealed he was a negligent parent at his rock bottom. Marudo plays the pathetic desperation yet heartfelt motivation to do better well, but it’s still Panganiban who carries the film, as she comforts him and confides in him. Her inherent charisma and sympathetic acting choices lead to natural chemistry with every person around her.

Of course, there’s the unflappable Eugene Domingo, whose supporting role as their attorney serves as both the comedic yet logical and informative backbone of the story. Through her, the audience can easily pick apart the legalese and get to the heart of why these annulment cases happen, and what must be done to see them through — on either side of the custody or property battle. Most importantly, we experience it all with the light touch of a drama-ready comedienne. With that said, Domingo doesn’t overpower anyone, her part in the film just enough to let the leads take the limelight.

This courtroom drama/unlikely story of friendship between two struggling souls utilizes the ensemble, each character playing a vital role in Celine and Ivan’s attempt to calmly see through the supposed ends of their respective marriages. A highlight scene would be Celine’s return home to her mother (Shamaine Buencamino), who wistfully yet lovingly embraces her daughter amid the less-than-ideal circumstances that she has found herself in.

As the cross-examination of Celine and Ivan’s marriages continues, the emotional depth becomes clear. In a country where dissolving a marriage is extra painstaking, the film suggests that this escalates the hurt that is caused in everyone involved. It breaks down the strangeness of the process, and the unlikely lessons one learns going through it. There is no doubt whatsoever that UnMarry is one of the strongest MMFF films in recent years.

ACEN completes full transition to renewable energy

BusinessWorld — Mon, 29 Dec 2025 16:03:34 +0000

ACEN CORP. has successfully transitioned its entire generation portfolio to renewable energy, the Ayala-led energy company said on Monday.

“This milestone reflects our long-term strategy to align ACEN with the future of the energy system, while supporting decarbonization in a commercially disciplined way,” ACEN President and Chief Executive Officer Eric T. Francia said in a media release.

ACEN’s renewable energy portfolio now totals 7 gigawatts (GW) of attributable capacity, including operational projects, those under construction, and projects backed by signed agreements.

The company manages assets across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.

The company said its diversified portfolio includes 4,634 megawatts (MW) of solar, 1,957 MW of wind, 115 MW of geothermal, and 304 MW of battery energy storage.

“Recognizing the growing urgency of climate change and the long-term risks associated with carbon-intensive assets, ACEN made a deliberate pivot toward renewable energy,” it said.

“The company reshaped its strategy, redirected capital, and built the capabilities needed to scale clean energy across multiple markets — while taking measured steps to reduce and ultimately exit coal.”

In September, ACEN completed the divestment of its diesel power assets, part of its plan to fully transition to renewables. The company aims to achieve net zero greenhouse gas emissions by 2050.

In a separate regulatory filing on Monday, ACEN said it is increasing its stake in ENEX Energy Corp. by subscribing to 17.40 million preferred shares at P1 each, totaling P17.40 million.

ENEX Energy, a unit of ACEN, focuses on crude oil and natural gas exploration. The shares represent 1.3% of ENEX Energy’s total outstanding shares and will fund its operations.

ACEN plans to allocate over P80 billion in capital expenditures next year to fund large-scale renewable energy projects both locally and abroad.

The company reported a consolidated net income of P1.8 billion for the first nine months of 2025, down 78% from a year ago due to non-recurring items, while revenues fell 18% to P23 billion, affected by lower spot market prices and reduced output in the Philippines and Australia.

At the local bourse on Monday, ACEN shares fell two centavos, or 0.73%, to close at P2.72 apiece, while ENEX Energy shares closed eight centavos, or 2.34%, lower at P3.34 each. — Ashley Erika O. Jose

Deepfakes leveled up in 2025 — here’s what’s coming next

BusinessWorld — Mon, 29 Dec 2025 16:03:27 +0000

Over the course of 2025, deepfakes improved dramatically. AI-generated faces, voices, and full-body performances that mimic real people increased in quality far beyond what even many experts expected would be the case just a few years ago. They were also increasingly used to deceive people.

For many everyday scenarios — especially low-resolution video calls and media shared on social media platforms — their realism is now high enough to reliably fool nonexpert viewers. In practical terms, synthetic media have become indistinguishable from authentic recordings for ordinary people and, in some cases, even for institutions.

And this surge is not limited to quality. The volume of deepfakes has grown explosively: Cybersecurity firm DeepStrike estimates an increase from roughly 500,000 online deepfakes in 2023 to about 8 million in 2025, with annual growth nearing 900%.

I’m a computer scientist who researches deepfakes and other synthetic media. From my vantage point, I see that the situation is likely to get worse in 2026 as deepfakes become synthetic performers capable of reacting to people in real time.

DRAMATIC IMPROVEMENTS
+Several technical shifts underlie this dramatic escalation. First, video realism made a significant leap thanks to video generation models designed specifically to maintain temporal consistency. These models produce videos that have coherent motion, consistent identities of the people portrayed, and content that makes sense from one frame to the next. The models disentangle the information related to representing a person’s identity from the information about motion so that the same motion can be mapped to different identities, or the same identity can have multiple types of motions.

These models produce stable, coherent faces without the flicker, warping, or structural distortions around the eyes and jawline that once served as reliable forensic evidence of deepfakes.

Second, voice cloning has crossed what I would call the “indistinguishable threshold.” A few seconds of audio now suffice to generate a convincing clone — complete with natural intonation, rhythm, emphasis, emotion, pauses and breathing noise. This capability is already fueling large-scale fraud. Some major retailers report receiving over 1,000 AI-generated scam calls per day. The perceptual tells that once gave away synthetic voices have largely disappeared.

Third, consumer tools have pushed the technical barrier almost to zero. Upgrades from OpenAI’s Sora 2 and Google’s Veo 3 and a wave of startups mean that anyone can describe an idea, let a large language model such as OpenAI’s ChatGPT or Google’s Gemini draft a script, and generate polished audio-visual media in minutes. AI agents can automate the entire process. The capacity to generate coherent, storyline-driven deepfakes at a large scale has effectively been democratized.

This combination of surging quantity and personas that are nearly indistinguishable from real humans creates serious challenges for detecting deepfakes, especially in a media environment where people’s attention is fragmented and content moves faster than it can be verified. There has already been real-world harm — from misinformation to targeted harassment and financial scams – enabled by deepfakes that spread before people have a chance to realize what’s happening.

THE FUTURE IS REAL TIME
+Looking forward, the trajectory for next year is clear: Deepfakes are moving toward real-time synthesis that can produce videos that closely resemble the nuances of a human’s appearance, making it easier for them to evade detection systems. The frontier is shifting from static visual realism to temporal and behavioral coherence: models that generate live or near-live content rather than pre-rendered clips.

Identity modeling is converging into unified systems that capture not just how a person looks, but how they move, sound and speak across contexts. The result goes beyond “this resembles person X,” to “this behaves like person X over time.” I expect entire video-call participants to be synthesized in real time; interactive AI-driven actors whose faces, voices, and mannerisms adapt instantly to a prompt; and scammers deploying responsive avatars rather than fixed videos.

As these capabilities mature, the perceptual gap between synthetic and authentic human media will continue to narrow. The meaningful line of defense will shift away from human judgment. Instead, it will depend on infrastructure-level protections. These include secure provenance such as media signed cryptographically, and AI content tools that use the Coalition for Content Provenance and Authenticity specifications. It will also depend on multimodal forensic tools such as my lab’s Deepfake-o-Meter.

Simply looking harder at pixels will no longer be adequate.

THE CONVERSATION VIA REUTERS CONNECT

Siwei Lyu is a professor of Computer Science and Engineering, and the director of the UB Media Forensic Lab at the University at Buffalo.

Metro Manila Film Festival 2025: A love story that is so bad

BusinessWorld — Mon, 29 Dec 2025 16:02:38 +0000

By Brontë H. Lacsamana, Reporter

Movie Review
+Love You So Bad
+Directed by Mae Cruz-Alviar
+Produced by ABS-CBN Film Productions, GMA Pictures, and Regal Entertainment
+MTRCB Rating: PG

A YOUNG WOMAN named Savannah (a.k.a. Vanna) finds herself torn between two men: bad boy LA (played by Dustin Yu) who picked her up when she was at her worst, and achiever Vic (Will Ashley) who challenges her to be her best. Bianca De Vera stars as the sassy hot mess at a crossroads very well, and those rooting for one or the other of the two men to fill out her love team for this film will be giggling and kicking their feet, but even her star power can’t save this from all the fanservice cliches that weigh it down.

For the uninitiated, De Vera, Yu, and Ashley are among the many young stars that captured fans’ hearts when they appeared in Pinoy Big Brother: Celebrity Collab Edition earlier this year. Bianca De Vera and Will Ashley’s tandem, also known as Willca, was particularly popular. Here, they prove just what it is that people love about them.

The three play college seniors, and everything goes wrong pretty quickly. LA is a chick magnet who has left Vanna, now falling apart drinking and partying as she laments their relationship. Meanwhile, student council president Vic attempts to get Vanna to take their group thesis project seriously so that they can get a good grade, their closeness immediately fueling controversy at school. One ridiculous cliche scenario after another unfolds until it’s clear that the film only has one goal in mind: to put these three in increasingly ghastly and intimate situations to invoke gasps and giggles galore.

Yu does a decent job as LA, with dramatic scenes showcasing his capable acting. Ashley is equally commendable for playing cute and worried, his every action believable despite the ludicrous story. They make for a perfect stoic bad boy, and a perfect strait-laced boyfriend. Squealing fans in the audience can take their pick. But make no mistake: De Vera is definitely the star, her range veering towards fierce and dramatic with ease.

Director Mae Cruz-Alviar, coming from the other year’s blockbuster family drama Rewind, isn’t as effective helming this one. It has the frenetic energy of play-acting what young people are like, complete with silly school scenarios and typically evil parental figures to blame for everything going wrong in their lives. What that offers up in exchange is the depth of how young adults struggle with discerning their paths in life coming from their respective traumatic pasts — one from abandonment by a parent, another from unfair expectations, and the last from neglect and even abuse.

Though the core conflicts they each grapple with are with their parents, it all manifests in their twisted behavior dancing around each other. While it can be relatable and engaging, especially as the drama ramps up, it does little to actually make us feel for every character, since it all depends on whose perspective we are prioritizing in a given scene. The result is a bit of a mess.

Love You So Bad is occasionally fun, sweet, and frustrating to watch, but those who are sick of the romcom tropes that have plagued school set films should probably give this a pass.