ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
BusinessMirror A broader look at today’s business
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
GLOBAL, LOCAL THREATS SEEN TO CRIMP GROWTH www.businessmirror.com.ph
n
Friday, August 8, 2025 Vol. 20 No. 299
P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK
By Cai U. Ordinario @caiordinario
E
XTERNAL headwinds and domestic problems would make it more difficult for the Philippines to accelerate GDP growth to beyond 6 percent in the next few years, according to economists. On Thursday, the Philippine Statistics Authority (PSA) disclosed that the economy grew 5.5 percent in the second quarter of 2025. This placed the country’s growth at 5.4 percent in the first six months of the year. This growth was faster than the 5.38 percent GDP growth posted
in the first semester but was slower than the 6.5 percent posted in the second quarter of 2024. “We may see full-year 2025 GDP growth settle between 5.3 percent to 5.7 percent below the government’s 6-percent target as external headwinds such as higher US See “Global,” A2
VILLAR, RAZON NOW AMONG ‘BLOOMBERG BILLIONAIRES’ Villar, Razon Join Bloomberg Billionaires Index Manuel B. Villar Jr.
→Net Worth: $23.1 billion →Only Filipino in the Top 100
n 99th
Container Terminal Services Inc. (ICTSI)
→Founder of Golden MV
Holdings, the country’s largest death care firm, now known as Villar Land Holdings Corp. (Market cap: P1.48T)
→Leading the development of
a 3,500-hectare estate in the southern part of Metro Manila
Companies: →Vista Land & Lifescapes (housing) →Golden MV Holdings (formerly; now Villar Land Holdings – death care & estate development) →Vistamalls (shopping malls) →AllHome (home improvement chain) →AllDay Marts (supermarket chain) Personal Detail: →Goes to the gym before starting work at 6 a.m.
By VG Cabuag
M
ANUEL B. VILLAR JR., the country’s richest person, has barged into the Bloomberg Billionaires Index, a daily ranking of the world’s richest people. Villar, a former politician turned businessman, was ranked 99th on the list of richest persons in the world, with his total net
Enrique Razon Jr.
→Net Worth: $12.3 billion →Chairman of International
239th
Companies: →ICTSI (ports) – $2.7B revenue (2024) • Owns 51% (via Bravo International, Razon Group, Achillion Holdings) →Bloomberry Resorts (Solaire, PH & Korea) – $1B revenue (2023) • Owns 65% →Manila Water – 52% ownership →Apex Mining – 67% ownership Real Estate Holdings:
→$628M worth in New York, San
Francisco, South Africa, and the Philippines
Assets: →3 airplanes →2 helicopters Personal Detail:
→Used to travel 200+
days/year before launching casinos
RECEIPT AND DECEIT The Bureau of Internal Revenue (BIR), led by Commissioner Romeo D. Lumagui Jr., filed criminal complaints on August 7, 2025, against 23 corporations, 56 corporate officers,
and 17 accountants for allegedly using “ghost receipts” to evade taxes. Filed before the Department of Justice, the complaints involve industries ranging from construction and food to retail, electronics, and entertainment. The BIR said the accused issued and used fake receipts to falsify expenses and lower tax payments, resulting in an estimated P1.41 billion in lost government revenue. Charges include tax evasion, perjury, and falsification of documents. NONIE REYES
BM Graphics: Ed Davad | Source: Bloomberg Billionaires Index, MarketWatch
n
worth of $23.1 billion. He was the only Filipino on the top 100 list. Port and gaming mogul Enrique Razon Jr. was also on the list, and ranked at 239th with his net worth at $12.3 billion. Razon, who traveled more than 200 days a year before he opened his casino, is the chairman of port operator International Container See “Villar,” A8
PHL can give Indian firms an edge: PBBM By Samuel P. Medenilla
H
@sam_medenilla
IGHLIGHTING the Philippines’s capable workforce and business-friendly policies, President Ferdinand Marcos Jr. said the country is “strategically positioned” to give Indian companies an edge in emerging investment opportunities. The chief executive made the remark as he witnessed the presentation of 18 business agreements during the Philippines-India Business Forum in Bangalore, India on Thursday. “We are also opening new avenues for investment in areas where India is demonstrating global leadership and where the Philippines is strategically positioned to contribute,” Marcos said.
The said sectors are smart manufacturing, green metals, mineral processing, data center infrastructure, shipbuilding, and maritime services. Likewise, he hopes the Indian private sector can help his administration develop its priority sectors, namely electric vehicles, advanced electronics, renewable energy, high-tech agriculture, healthcare, and cybersecurity. “We believe that the Philippines and India are not merely aligned in sectors. We are aligned in strategic purpose, poised to lead together,” he said. Such synergy, he said, can be done in the semiconductors and advanced electronics, where India can focus on research and design, while the Philippines can handle the nec-
essary back-end manufacturing, testing and assembly. Such cooperation, which is expected to be enhanced once the Philippines-India Preferential Trade Agreement is finalized, will lead to “resilient and regionally integrated value chains that are secure, that are scalable, and that are sustainable,” according to the President. “What we are building here is not just another bilateral program. It is a powerful platform for long-term strategic convergence, one that recognizes our strengths, aligns our ambitions, and delivers tangible results for our people,” Marcos said.
Tangible outcomes
SEVERAL companies have already entered into agreements to do busi-
ness in the Philippines. Among the newly signed deals were several Memorandum of Understanding (MOU) which cover the following firms and government-owned and -controlled corporations: the Bases Conversion and development authority (BCDA), with the Global Heavy Equipment and Construction Corporation (GHECC), ATD Waste-to-Energy Corporation and Uttamaenergy Ltd; Philippine Economic Zone Authority (Peza) and Genpact Services LLC; Peza and Veer-O-Metals for the latter’s precision sheet metal plant expansion; Makilala Mining Company Incorporated and Kiri Industries Ltd. for exploring the development of an integrated copper smelter and refinery in the Philippines; See “PHL,” A2
PESO EXCHANGE RATES n US 57.6160 n JAPAN 0.3910 n UK 76.9923 n HK 7.3406 n CHINA 8.0205 n SINGAPORE 44.8304 n AUSTRALIA 37.4504 n EU 67.1687 n KOREA 0.0416 n SAUDI ARABIA 15.3552 Source: BSP (August 7, 2025)