Philippine manufacturing sector experienced the sharpest downturn in four years due to the steep contraction in new orders and output which also led to shedding jobs, according to S&P Global Market Intelligence.
By Andrea E. San Juan @andreasanjuan
THE Philippines’s socioeconomic planning body hopes to improve government spending next year while it banks on the country’s chairmanship of the Asean Summit to propel the economy.
After the Philippine economy grew by the slowest pace since the pandemic in the third quarter this year, Secretary Arsenio M. Balisacan of the Department of Economy, Planning, and Development (DEPDev) said the economic team has been addressing the slowdown in government spending. Asked what will be the economic
team’s focus next year, he replied, “The most obvious now is of course, the slowdown in spending. What we want to happen is that even as we navigate these, governance issues, legitimate programs, projects that are not affected by these issues, for example ghost projects.”
The economic planners, he underscored, want to ensure that the “good projects” will continue and won’t affect the momentum of the economy.
He said the challenge for national government agencies is for them to make sure that these projects will continue to be delivered.
For those that have been proven to be “problematic,” Balisacan said they would have to be scrutinized
to avoid wastage of government funds.
“So that’s one, we want to ensure that the projects that are very supportive of the economy and social protection, particularly projects that involve recovery from those disasters and typhoons, would have to move quickly and would not be hampered by these developments,” added Balisacan.
Through another economic planner’s lens, Rosemarie G. Edillon, DEPDev Undersecretary for Policy and Planning Group, pointed out that the agency will focus on the development and updating of various master plans of the country especially those that are related to Flood Control.
“We need to come up with a science-based flood control master plan. That is something that we will be focusing on in the very near future even as early as 2026,” Edillon said.
She explained that global developments related to climate change impacts have prompted the need to update the country’s flood control master plan. In ramping up infrastructure spending, Joseph J. Capuno, DEPDev Undersecretary for Investment Programming Group, pointed to the need for the government to focus on the “low-hanging fruits.” “As we improve our governance processes to ensure that no more
By Samuel P. Medenilla
@sam_medenilla
MALACAÑANG has defended the assertion of the Department of Trade and Industry (DTI) that the P500 Noche Buena feast is possible, albeit only with “simple” food items.
“What we’re talking about here is whether it’s possible. It’s a different matter, it should be more luxurious, more festive when we’re talking about the Christmas feast,” Palace Press Officer Claire Castro said in Filipino in a press conference on
Monday. She noted that even Steven T. Cua of the Philippine Amalgamated Supermarkets Association (PAGASA) backed DTI’s position. The Noche Buena is a traditional Filipino feast on Christmas eve. It usually includes a ham, queso de bola (ball cheese), salad, and a noodle dish.
DTI earlier said a P500 budget is enough for a family of four to have a decent Noche Buena. Castro issued the statement after Davao City 1st District Representative Paolo Z. Duterte
TBy Ada Pelonia @adapelonia
HE Philippines is set to temporarily halt pork imports from Spain after the European nation, the country’s second leading supplier of the protein source, confirmed its first outbreak of African swine fever (ASF) in three decades.
Agriculture Secretary Francisco Tiu Laurel Jr. confirmed to the BusinessMirror that the Department of Agriculture (DA) will impose a country-wide ban on Spain, the European Union’s (EU) top pork producer.
The ASF outbreak in Spain was detected in two dead wild boars near Barcelona last week, with Reuters reporting eight more wild boars suspected to be carrying the deadly swine disease.
This triggered the imposition of temporary bans on pork shipments from various countries, including China, Japan, Mexico, and the United Kingdom.
For Meat Importers and Traders Association (Mita) President Emeritus Jesus Cham, this doesn’t bode well for the Philippines, even if ASF has been around Europe for a while.
“All this time, we had requested
the Department of Agriculture [DA] to adopt the WOAH guidelines on regionalization in order to provide for such contingency,” Cham told this newspaper. “We hope the DA will only ban the affected areas or zones and not the entire country.”
The Philippines imposes a temporary ban on pork shipments from a nation with a confirmed case of ASF to prevent the entry of the transboundary disease that could further jeopardize the country’s domestic hog sector, still reeling from the lingering effects of the swine disease following its detection in 2019.
The DA recently updated its guidelines on implementing bilateral regionalization with accredited countries, allowing trade partners to maintain exports of hogs and pork products to the Philippines despite confirmed cases of ASF. Under this agreement, the Philippines will restrict shipments of hogs and their products only from certain areas with confirmed ASF cases instead of imposing a country-wide ban. Such a move was aimed at cushioning the impact of import bans on the country’s trade and food security, while safeguarding the
Integration Circular, the public consultation on mandatory EVCS installations for designated establishments, and the amended EV recognition guidelines, which streamline registration procedures and clarify compliance requirements for industry stakeholders.
All these efforts align with the directive of President Ferdinand R. Marcos Jr. to achieve 50-percent EV adoption on Philippine roads by 2040, as envisioned under the CREVI. The roadmap targets the deployment of at least 2.45 million EVs and 20,400 charging stations nationwide.
Under Department Circular No. DC2025-08-0012, all distribution utilities (DUs) are now directed to integrate EVCS into their respective development plans, incorporating EV power demand considerations into their planning. Likewise, the issuance mandates that electric service applications filed by EVCS providers should be processed within 20 days to minimize project delays. Further, EVCS are encouraged to use renewable energy sources to power charging facilities in support of the DOE’s target of achieving a 35 percent renewable energy share in the power mix by 2030.
To complement these infrastructure policies, the DOE has also issued DC2025-09-0015, which simplifies and modernizes the process of certifying EV manufacturers, importers, and dealers.
“Our policy direction is clear: we are not just promoting EV adoption, we are enabling a just and inclusive energy transition,” DOE Secretary Sharon Garin said.
CITINGthe growing impact of severe weather and unexpected disruptions in workplaces, the Department of Labor and Employment (DOLE) has instructed all employers to adopt disasterready continuity plans to safeguard workers across sectors.
Under Labor Advisory No. 15, Series of 2025, DOLE said companies are now required to adopt a “comprehensive and responsive” occupational safety and health (OSH) program that includes hazard identification and risk assessment (HIRAC), crisis management strategies, clear emergency protocols and measures for vulnerable workers.
These plans must be updated at least once a year or after any major incident.
“All employers are required to formulate and adopt a comprehensive and responsive occupational safety and health program, which shall include a business continuity and disaster preparedness plan for disrup -
tive events...Employers shall inform workers of their Occupational Safety and Health Program in a language or dialect they understand,” the agency added.
The advisory also sets a broad definition of disruptive events, covering natural disasters, human-induced hazards, public health emergencies and similar situations that place workers in imminent danger.
It further clarifies “imminent danger” as a condition that could reasonably be expected to result in death or serious physical harm if not addressed.
Work, wage rules clarified WHEN conditions pose a direct risk to
worker safety, DOLE said employers are expected to suspend work or shift employees to telecommuting.
The labor department said decisions must take into account advisories issued by the Philippine Atmospheric Geophysical and Astronomical Services Administration (PAGASA), National Disaster Risk Reduction and Management Council (NDRRMC), Philippine Institute of Volcanology and Seismology (PHIVOLCS), Department of Health (DOH), and local government units.
“Workers who report imminent danger or fail or refuse to report to work due to imminent danger during disruptive events should not be subject to administrative sanctions,” DOLE added.
On wages, the department reiterated that the “no work, no pay” rule applies during work suspensions unless a company policy, contract or collective bargaining agreement provides otherwise.
Workers in skeleton forces or those who perform emergency overtime must still receive the
full wage and related benefits mandated by law.
Employers are also encouraged to grant hazard pay, transportation support or food allowances during disruptions.
DOLE said that employers who fail to implement required control measures or ensure the safety of workers during emergencies may be held liable under the Labor Code and Republic Act 11058.
In recent months, workers’ groups have raised concerns over several safety lapses in workplaces, including incidents where some business process outsourcing (BPO) firms allegedly restricted exits during an earthquake in Cebu in September.
During Super Typhoon Uwan, several BPO companies in Luzon and Visayas also continued normal operations despite severe weather and issued notices to explain to employees who failed to report.
Other labor organizations likewise flagged construction and power plant accidents in Metro Manila and Quezon Province that resulted in fatalities and injuries.
flood control type controversies arise in the future, there is still some room to ramp up infrastructure investment,” Capuno told the same briefing.
“Sec. Vince Dizon mentioned the low-hanging fruits: for example repairs, renovations of bridges, roads that have been neglected for some years. For example, the San Juanico bridge. These are the things that really need to be upgraded, maintained and renovated without constructing any new...so those are low-hanging fruits that can easily be done to ramp up our infrastructure spending and contribute to the growth,” added Capuno.
Asean Chairship as growth driver BALISACAN, meanwhile, pointed out that the Philippine economy may benefit from hosting events like the Asean Summit 2026 next year.
“You know, when we host events like this, that gives us also an opportunity to improve the quality of our infrastructure, and so we are lining up our various infrastructure programs to make sure that we [can] provide our visitors the good experience and confidence that we can be a good destination, not just for tourists, but also for investors,” the country’s chief economic planner explained.
The government is also banking on the country’s chairmanship of the Asean Summit next year to boost the economy, particularly the tourism sector, he added.
“We should take advantage of that position being the chair, because the attention of the world will be with us. So we need to seize that moment, that opportunity,” Balisacan told reporters at a briefing on Monday.
Balisacan said the tourism sector will “obviously” be a big push during that period next year.
For her part, DEPDev Undersecretary Rosemarie Edillon recalled that the last time the country hosted the Asean Summit in 2017 and the Apec in 2015, some of the sectors drove the growth of the Philippine economy.
“We saw that, you know, the sectors of transport, communication, hotel, restaurant and accommodation, and then the export of services which has really to do with international travel, actually grew double-digit at that time,” said Edillon.
domestic swine industry.
Currently, no DA-accredited country has secured bilateral regionalization for ASF-free areas yet.
Data from the Bureau of Ani-
as a double standard in the House, highlighting allegations of corruption involving billions of pesos in Department of Public Works and Highways (DPWH) contracts that remain uninvestigated by relevant committees.
Isn’t it shameful to be a member of Congress when it seems normal that a colleague is accused of paying more than 100 billion pesos for contracts in DPWH? Is it acceptable that
mal Industry (BAI) showed that Spain was the country’s second leading supplier of pork at 131,065 metric tons (MT) as of end-September, trailing behind Brazil at 236,632 MT.
“Our chairship of the Asean in 2026 will definitely be a growth driver,” added the DEPDev Undersecretary. Looking ahead, Edillon said the economic team hopes Manila’s chairship of the Asean Summit will “give that same momentum to our growth.”
“And of course we need to capitalize on this to boost our tourism sector so that we can benefit a lot,” she also noted. In the third quarter of 2025, data from the Philippine Statistics Authority (PSA) showed that public construction was one of the major contributors to the slowdown of the Philippine economy.
it is normal for a colleague to be accused of stealing billions of pesos while we are prioritizing Congressman Barzaga’s case?” he said.
Kamanggagawa Party-list Rep. Elijah San Fernando and Quezon City Rep. Bong Suntay, who supported Barzaga, said that speaking out against discomfort or wrongdoing is part of a lawmaker’s duty and should be allowed without fear.
Construction declined by 0.5 percent in the third quarter of 2025, attributed to the contraction of General government with 26.2 percent.
PSA Undersecretary Clair Dennis S. Mapa said this 26.2-percent contraction in general government is the slowest since the 22.5-percent decline in the third quarter of 2011.
Explaining the abrupt decline in public construction, Balisacan attributed this to the “stricter validation measures for [Department of Public Works and Highways] DPWH’s civil works, as well as the implementation of stricter requirements that delayed billings and disbursements for government projects.” (See: https://businessmirror. com.ph/2025/11/08/infra-fiascosimpact-q3-growth-a-mere-4/)
criticized the P500-noche buena “fantasy” of the Marcos administration.
He joined other lawmakers and labor groups that made a similar condemnation of DTI’s noche buena statement.
Duterte said such a statement shows the government’s disconnect with what many Filipinos are experiencing as they struggle with rising costs of basic commodities.
Castro slammed Duterte for making such a criticism, when his father, former President Rodrigo R. Duterte, was involved in mass killings and corrupt practices.
The Presidential Communications Office Undersecretary
highlighted how DTI was able to secure the commitment of manufacturers to keep the prices of basic goods unchanged this month in time for the Christmas holidays.
She also noted that there are other efforts from the Marcos administration to keep the prices of food items affordable, such as the Department of Agriculture’s KADIWA Centers and P20 per kilo rice and the Department of Social Welfare and Development’s Walang Gutom Program.
“So, we know that the President’s desire to improve the lives of Filipinos is not limited to the 500 [pesos noche buena],” Castro said.
The Philippine government had set a target of a 6-7-percent GDP growth for 2026 to 2028.
Balisacan said, however: “At our DBCC meeting next week, we will assess the situation, particularly given the recent developments in the third quarter performance and what’s emerging in the fourth quarter.”
“Those will be taken into account in setting the target for 2026,” added the country’s chief economic planner.
Despite the headwinds, Balisacan said if the country can sustain a 5-percent growth for 2025, that still places the Philippines in the middle of the pack compared to its neighbors.
“But hopefully, our intention is to move back to the top share of these Asian countries next year,” he noted.
Legislator urges swift passage of Anti-Political Dynasty bill
By Jovee Marie N. dela Cruz @joveemarie
ALAWMAKER on Monday challenged the Marcos administration and the House of Representatives to demonstrate genuine political will against corruption by finally passing the long-delayed Anti-Political Dynasty bill.
Speaking at the second “Trillion Peso March,” on Sunday, Party-list Rep. Chel Diokno of Akbayan said the measure—filed with Party-list Reps. Perci Cendaña and Dadah Ismula of Akbayan, and Dinagat Islands Rep. Kaka Bag-ao—remains one of the government’s biggest unfulfilled promises to the public. Diokno renewed his call for the passage of the long-delayed AntiPolitical Dynasty Bill, saying the government “owes it to the Filipino people” to finally enact this crucial reform.
“The government has many obligations to the Filipino people. One of them is the passage of an anti-dynasty law,” Diokno said. “President Marcos should show that the administration’s anticorruption campaign is not just lip service by certifying House Bill 5905 as urgent.”
The bill bars individuals from running for or holding public office if they have a relative—up
to the fourth degree—who is an incumbent elected official at the national or local level. It also prohibits relatives within the same degree from running at the same time if their election would create or perpetuate a political dynasty.
“For decades, a handful of families have abused our political system, and this has repeatedly led to corruption,” Diokno said. “It is time to dismantle political dynasties once and for all.”
Diokno also shifted the spotlight to the upcoming bicameral deliberations on the 2026 national budget, urging the House leadership to commit to full transparency.
“We need a firm and unequivocal declaration from the House leadership that the budget bicam will be open,” he said. “Insertions in past budgets happened because the bicam was shrouded in secrecy.”
“It is our duty to the people to show them how their hard-earned taxes will be allocated,” he added, calling on the chamber to follow the Senate’s move to livestream the proceedings.
He further pressed Congress to adopt Joint Resolution 2 to institutionalize an open bicameral process, saying it will help restore public trust and strengthen accountability across both chambers.
Pasig court orders arrest of Porac mayor
By Ashley J. Manabat
THE Regional Trial Court in Pasig has issued an arrest warrant for the mayor of Porac, Pampanga, Jaime Capil, on seven counts of violating the AntiGraft and Corrupt Practices Act, with bail set at P90,000.
The order, dated November 28, directs authorities to arrest Capil over charges filed by the Presidential Anti-Organized Crime Commission (PAOCC) following a raid on Philippine offshore gaming operator Lucky South 99 in Porac.
“ Kami ng CIDG nag file ng case against kay Capil sa DOJ. Yung DOJ case was already endorsed to the ombudsman,” said PAOCC communications chief Marvin dela Paz on Monday, December 1.
The graft charges linked Capil to the operations of Lucky South 99, a Porac-based Pogo initially presented as a business process outsourcing company.
Authorities raided the compound in June 2024 and reported alleged human trafficking and other illegal activities being committed there.
Cassandra Ong, a representative of Lucky South, is also wanted by the Pasig court with the Department of Justice offering a P1 million reward for information on her whereabouts. Ong is accused of qualified human trafficking and was released from detention in December 2024.
Capil was previously dismissed by the Office of the Ombudsman on April 4 for gross negligence for his failure to stop Pogo operations in his area. The
Ombudsman also ordered the forfeiture of his retirement benefits and imposed a lifetime ban from public office, but Capil was re-elected in May as his legal team maintains the ruling is not yet final and remains under appeal when he filed his certificate of candidacy.
Capil’s legal counsel Shereen Sian said the mayor has not received official notice or a copy of the Information and learned of the arrest order only through media reports. She said the warrant’s issuance without formal service of the Information raises due process concerns.
“We cannot make a full detailed comment yet kasi wala kaming hawak na information kung saan ang pinanggagalingan ng warrant plus we have no copy of the warrant except what we saw on the media,” Sian said on Sunday.
“We were surprised that there was a copy to the media of the warrant when kami mismo walang official na sine -serve sa amin ,” she added.
Sian also questioned why Capil is the only local official facing criminal charges, noting that earlier administrative complaints against councilors, the vice mayor, and business licensing personnel were dismissed which reflects the Ombudsman ruling that disqualified only Capil while clearing his co-respondents.
Sian said Capil’s legal team will verify the warrant with the court and that the mayor is prepared to voluntarily surrender and post bail once officially notified.
Dy presses rebuilding of House’s credibility
‘ATIME will come when you will no longer hesitate or feel embarrassed to say you work in the House,” Speaker Faustino G. Dy III said on Monday as he urged lawmakers and employees to close ranks and work together to rebuild the institution’s credibility, emphasizing that unity is vital to restore public trust and advancing longoverdue reforms.
Speaking at the flag-raising ceremony at the Batasan Complex, Dy
Marcos to new military officers: Be vigilant vs threats, corruption
By Samuel P. Medenilla @sam_medenilla
PRESIDENT Marcos on Monday told new officers of the Armed Forces (AFP) to remain vigilant not only against external attempts to weaken the country, but also from domestic threats including corruption and dishonesty within the ranks.
Marcos made the statement as the AFP closely monitoring destabilization attempts and antigovernment demonstrations in response to the revealed multibillion worth of anomalies in flood control projects.
Among those who are being linked to the alleged destabilization efforts are some present and former government officials and retired military officials.
In his speech at the Major Services Officer Candidate Course Joint Graduation Ceremony for Calendar Year 2025 at the Philippine Air Force Gymnasium, Colonel Jesus Villamor Air Base in Pasay City on Monday, Marcos reminded military officials to be wary of some groups, who may want to use them for their political ambitions.
“The AFP that you are part of now must always rise above politics. Your loyalty must not be to any individual or any faction, but only to the Republic,” he said.
He noted each soldier should be resolute in choosing what is right when they are tested and when faced with emerging threats.
“There will be moments when your integrity will be tested. Corruption and dishonesty can manifest in many forms,” Marcos said.
“That is why you should always choose what is the right thing to do. Pick what is good for the nation. Choose what is truthful and for peace,” he added in Filipino.
The President also reiterated his call to the members of the AFP to defend the country against external threats, which weaken its sovereignty, including China’s incursion in the West Philippine Sea and other emerging risks.
“This is why your training will matter even more. You are now part of a new generation of soldiers who must think fast, act smart, [and] work closely with others, whether within our ranks or with partners abroad,” Marcos said.
Marcos said AFP should enhance its capabilities through collaborations with the country’s defense partners like Japan, the United States, and Australia.
He also committed to continue providing support to the military in its modernization initiatives through investments in radar systems, ships, aircraft, and facilities to deter threats on the country’s security.
acknowledged that the House continues to grapple with controversies and internal issues but stressed that these can be resolved if members and staff move forward with a shared purpose. Dy, who assumed the speakership only a few months ago, said he inherited “immense challenges” but remains steadfast because of the support and commitment of the chamber’s workforce.
See “Dy,” A5
A total of 638 graduates completed the one-year Officer Candidate Course graduated from the the Air Force’s (PAF) Kahimdaliyan Class 2025, the Navy’s (PN) Sagmaraya Class 2025 and the Army’s (PA) Bumannawag Class 2025.
The Officer Candidate Course is a year-long training program, which will allow its graduates to serve as commissioned Second Lieutenants and Ensigns in the AFP.
Marcos awarded the top graduates from the major service classes and presented diplomas to the class presidents during
the ceremony.
Marcos assured the AFP of the administration’s commitment to modernization, citing investments in radar systems, ships, aircraft, facilities and strengthened security partnerships with Japan, the United States, Australia and other allies.
Security at WPS
AT the same event, Marcos stressed the critical role of the AFP in safeguarding the country’s sovereign rights amid growing security challenges in the West Philippine Sea (WPS). Marcos called on the newly
commissioned officers to remain vigilant amid escalating regional tensions.
“We must continue to defend our rights in the West Philippine Sea, where our fishermen and our soldiers stand their ground amidst growing challenges. We will stay vigilant against any attempt to weaken our sovereignty or test our resolve,” the President said.
He said global shifts and emerging threats have increased the demands on the AFP, emphasizing the need for a new generation of officers capable of “thinking fast” and “acting smart.”
“The world is changing fast. These changes can create new risks for our country…This is why your training will matter even more,” he added.
Marcos reiterated the AFP’s important role in national security and disaster response, saying their mission goes beyond completing operations.
“Ultimately, it will be about maintaining peace and building a nation,” he added.
PA chief: maintain idealism, integrity THE Army (PA) commander, Lt.
Gen. Antonio Nafarrete, directed the 340 incoming platoon leaders to maintain their idealism and integrity as they start their military and leadership role in the service. Nafarrete gave the instructions on Sunday during a reception dinner at the Philippine Army Officer’s Club House in Fort Bonifacio, Taguig City.
“As the newest and youngest leaders of the PA, understand that your dedication carries tremendous weight. Never lose your ideals and integrity. Stand firm in your commitment and pursue every mission with tireless resolve,” Nafarrete told the platoon leaders. He also reminded the new officers that their job calls for a lot of responsibility and leadership.
“You will bear on your shoulders not just the rank and authority, but more importantly, the responsibility of leadership,” he added.
In a news release on Monday, the Army spokesman, Col. Louie Dema-ala, said the 340 new officers are part of Officer Candidate Course (OCC) Class 63-2025.
Report sees spike in cybercrimes in 2026
By Lorenz S. Marasigan @lorenzmarasigan
CYBERCRIME will reach a new level of sophistication in 2026 as artificial intelligence enables threat actors to conduct fully automated attacks without human intervention, said Trend Micro’s annual Security Predictions Report released on Monday.
The cybersecurity company warned that 2026 will “mark the true industrialization of cybercrime,” which it predicts to evolve from a service-based model to one that is powered by AI agents capable of discovering vulnerabilities, exploiting systems, and extorting victims autonomously. “2026 will be remembered as the year cybercrime stopped being a service industry and became a fully automated one. We are entering an era where AI agents
will discover, exploit, and monetize weaknesses without human input,” said Ryan Flores, leader of Forward-Looking Threat Research at Trend Micro.
“The challenge for defenders is no longer simply detecting attacks, it’s keeping pace with the machine-driven tempo of threats.”
The report highlighted how generative AI and autonomous systems are fundamentally changing cybercrime economics. According to the report, attackers can now deploy intrusion campaigns that adapt in real time, polymorphic malware that constantly rewrites itself, and deepfake-driven social engineering at unprecedented scale.
Trend Micro researchers predict that hybrid cloud environments, software supply chains, and AI infrastructure will become primary targets. Attack vectors
are expected to include poisoned open-source packages, malicious container images, and over-privileged cloud credentials.
Furthermore, the study revealed that ransomware operations are evolving into AI-powered ecosystems capable of managing themselves end-to-end, including identifying victims, exploiting weaknesses, and negotiating with targets through automated “extortion bots.”
These campaigns will become faster, harder to trace, and increasingly focused on data exploitation rather than pure encryption.
Likewise, state-sponsored groups are expected to intensify “harvest-now, decrypt-later” strategies, intercepting encrypted data today with plans to decrypt it once quantum computing capabilities mature.
The report also warned of increased supply chain attacks and
Improved oversight, coordination eyed for housing program
By Bless Aubrey Ogerio
ATIGHTER coordination and clearer implementation frameworks were what the senators called for the Expanded Pambansang Pabahay Para sa Pilipino (4PH) program amid rising housing demand and limited fiscal space. During Senate Plenary Session 29, lawmakers urged a more deliberate refinement of subsidy mechanisms and relocation planning, particularly for families displaced by transport corridors and other major infrastructure projects.
Sen. Sherwin Gatchalian pressed for “humane and wellplanned” relocation sites, especially those tied to Department of Transportation (DOTr) projects. Meanwhile, Sen. Anna Theresia
Mixed movement of fuel pump prices this week
By Lenie Lectura @llectura
OIL companies on Monday announced mixed movements in pump prices effective on Tuesday. Gasoline prices will increase by P0.20 per liter while kerosene and diesel will be rolled back by P3.20 per liter and P2.90 per liter, respectively.
This was announced by Petron, Shell, Caltex, Total, Unioil, Seaoil, PT&T on Monday afternoon. The adjustments will take effect at 6:00 a.m. on December 2, for all the companies except for Cleanfuel which will implement the changes at 8:01 a.m. the same day.
“Risa” Hontiveros pointed to the need for a clearer system for land assembly and smoother coordination under the National Housing Authority (NHA)-DOTr memorandum of agreement to ensure that resettlement remains within or near city centers.
Similarly, major Social Housing Finance Corporation developments in Cavite are also in the pipeline, intended to provide housing for more than a thousand families affected by the North-South Commuter Railway Extension.
The Department of Public Works and Highways continues right-ofway acquisitions in areas affected by transportation projects.
For his part, Sen. JV Ejercito stressed the need to reinforce NHA processes to better respond to both informal settler families
and communities affected by government build-outs, while Senate Majority Leader Juan Miguel Zubiri commended NHA projects in his region.
The Department of Human Settlements and Urban Development (DHSUD) earlier announced a recalibration of 4PH to include horizontal or subdivision-type housing alongside the program’s existing vertical developments.
The shift follows delays flagged at the beginning of the year, when the agency reported a two-year setback attributed to the transition to vertical housing and the slow submission of required project documents.
A separate study by the Philippine Resource Center for Inclusive Development found that insufficient “meaningful consultations”
insider threats, including nationstate operatives infiltrating organizations through deepfake-assisted interviews and AI-generated personas.
“AI is increasingly becoming central to both enterprise operations and the threat landscape as a whole. Threat actors are using AI to automate attacks, craft highly convincing social engineering schemes, and exploit vulnerabilities at unprecedented speed and scale. They are able to coordinate complex campaigns with minimal effort, lowering the barrier for executing high-impact cyber operations,” the report read.
Trend Micro advised organizations to shift from reactive defense to proactive resilience by embedding security across AI adoption, cloud operations, and supply chain management.
The company emphasized that traditional security measures
with affected communities remains a persistent issue in relocation efforts.
It urged shelter agencies and private developers to strengthen coordination with civil society groups and local stakeholders to improve accountability and longterm outcomes for low-income households.
The government is banking on partnerships to speed up construction under the expanded 4PH, which targets 500,000 housing units by 2028.
About 100,000 units have so far been completed, with work continuing in several cities and provinces.
Further, DHSUD also sought a P4-billion allocation for the Integrated Disaster Shelter Assistance Program in 2026.
A roadmap to run compliance in 2026
By Henry J. Schumacher
AS 2025 winds down, now is the time to look ahead for what is next to risk and compliance. From evolving regulations and the rise in governance to new expectations for ethical culture and program impact. 2026 promises transformation across the compliance landscape! AS compliance teams look ahead to 2026, the year is shaping up to the one of transformation. Evolving regulations, questions around AI, and growing expectations from leadership are putting more pressure on compliance leaders to demonstrate program impact and make informed investment choices. With increasing complexity and shifting business risks, success in 2026 will require proactive, strategic approach to planning and execution.
Let’s agree, a business strategy favoring shareholders and short term corporate management is driving wide-spread income inequalities, corruption, human rights violations and unprecedented environmental damage.
Luckily, business leaders increasingly recognize the need to change. There is growing acknowledgement that companies will have to broaden their understanding of purpose, making sustainability, stakeholder partnerships and income sharing the new business strategy.
In re-defining the purpose of a company, the company serves its customers by providing value proposition, supports fair competition, has zero tolerance to corruption and pays its fair share of taxes.
This shift towards a broadened purpose of the company means that corporate anti-corruption measures also increasingly will need to expand their focus beyond their traditional emphasis on anti-bribery and compliance. For instance, a diverse management team can significantly enhance the openness of the leadership environment and mitigate bribery and corruption risks.
Running a global business and supply chain is subject to significant corruption risks, as many negative examples of corruption around the world show. Existing business integrity tools can provide useful recommendations and suggest good practice on how to prevent or mitigate corruption risks through comprehensive anti-corruption programs.
On the other hand, if business goals do not take a specific business environment into account, these tools and recommendations can underestimate the potential for tensions between conflicting goals for management and employees.
In order to enable all stakeholders to better understand a company’s progress to implement and maintain an open, diverse and fair leadership environment, a company should disclose KPIs (Key Performance Indicators) measuring diversity at its various managerial levels.
A standard feature of calls for a renewed definition of business purpose is that businesses have a responsibility for improving the societies in which they operate, such as fairly paid jobs, including buying from local suppliers, and paying local taxes while also respecting human rights.
IN order for people to understand a company’s progress implementing and maintaining its commitment to each of the communities it operates in, a company should be transparent and disclose its corporate ownership structure.
will struggle against autonomous, AI-driven threats operating at machine speed. It recommended implementing comprehensive visibility measures, automated defenses with human validation, and treating security as strategic infrastructure rather than an IT function.
“Looking ahead to 2026 and beyond, effective cybersecurity will be measured by an organization’s resilience against ever-changing threats. Attackers might shift tactics, but their objectives—disruption, theft, and control—remain constant. Defenders must prioritize building systems and teams that can adapt, recover, and strengthen after each incident. Security is no longer a static target, but a continuous, evolving factor that needs to be aligned with the threat landscape,” the report read.
‘Coffee is life’ but many growers barely survive
By Butch Fernandez @butchfBM
SENATE President Pro Tempore Panfilo Lacson has filed an enabling bill establishing the Coffee Industry Development Program.
Lacson said that while “coffee is life for many Filipinos,” for our local growers, it’s a daily fight for survival “against imports and limited support from the government.”
Lacson’s Senate Bill 1556 establishes a Philippine national coffee industry development program, creates the Philippine Coffee Board and provides comprehensive support mechanisms for the coffee sector.
“This measure seeks to establish a national framework that will accelerate the development of the coffee industry, create a National Coffee Board, strengthen every link of the value chain, improve the country’s competitiveness, and reduce our heavy reliance on imported coffee,” Lacson said in his bill, titled the “Philippine National Coffee Industry Development Act of 2025.”
He noted that in the 1880s, the Philippines was among the world’s top coffee exporters, but the industry has collapsed and relies on imports for as much as 81 percent of the country’s coffee requirements.
Government agencies’ guidance is limited and outdated. Worsening the problem are the lack of basic equipment and postharvest facilities, and the lack of access to planting materials, fertilizers, bio-control inputs, as well as poor farm-to-market roads.
“Even post-harvest support is not enough as farmers sun-dry their beans and rely on small local millers, while existing facilities in some areas are being underutilized due to inconsistent or insufficient supply of raw beans. Research and development efforts remain limited.”
Lacson said the Department of Agriculture recommended a program to encourage and assist private sector processors to develop quality coffee and cacao products that can compete with international brands; a harmonized online industry information database including price, production and yield that can be accessed by stakeholders; increased promotion of patronizing local coffee and cacao products; partnerships between local coffee and cacao
farmers with high-end and local coffee shops; and profiling of different coffee and cacao varieties.
The Lacson bill mandates the State to transform the Philippines into a globally competitive producer and net exporter by 2035; improve the livelihood of small coffee farmers operating 95 percent of the country’s coffee farms; preserve and enhance the Philippines’ unique coffee varieties including Barako, Robusta, Arabica and Excelsa; ensure sustainable and climate-resilient coffee production; and develop world-class quality standards and value-added processing capabilities.
The bill covers all coffee farmers including smallholders who comprise 95 percent of farms under five hectares each.
It creates the Philippine Coffee Board under the Department of Agriculture. The Board shall absorb the functions of the private sector-led Philippine Coffee Board Inc., which was established in 2002.
Regional councils shall be established in major coffee-producing regions in Cordillera (Benguet, Mountain Province), Southern Luzon (Batangas, Cavite), and Mindanao (Davao, Bukidnon, Sultan Kudarat, Cotabato), Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos), and other emerging coffee areas.
A National Coffee Replanting and Rehabilitation Program shall be established, targeting coffee expansion to 250,000 hectares over 10 years. It involves free distribution of 150 million high-yield climateresilient seedlings, technical assistance, P50,000 per hectare subsidy for establishment costs, and insurance coverage for the first three years.
The PCB shall establish comprehensive quality standards for Philippine coffee, and facilitate extension services to improve the coffee industry, including farmer field schools in coffee-producing areas, monthly farm visits and technical consultations, and mobile apps for technical support.
A Coffee Credit and Insurance Program will be available for coffee farmers, producers and traders, with a P10-billion annual allocation for production loans at 3 percent interest; P5 billion for processing and marketing loans at 4 percent interest; crop insurance
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Govt taps fishermen to help monitor illegal Chinese activities at WPS
By Malou Talosig-Bartolome
THE government is enlisting fishermen as intelligence partners to report the illegal activities of the Chinese Coast Guard, Navy, and maritime militia at the West Philippine Sea (WPS).
Retired Gen. Andres Centino, presidential assistant for Maritime Concerns, said government assets remain “inadequate to fully cover the breadth of the maritime domain”—a territory seven times larger than the country’s land area.
Centino cited threats ranging from illegal, unreported and
unregulated (IUU) fishing, illicit drug trade, and marine environmental degradation to incursions, coercive actions, and unauthorized marine scientific research by external actors.
He stressed that beyond investments in naval and air assets, radars, and inter-agency coordination, the government needs “timely information from those who frequent the seas” to enforce maritime law effectively.
Two weeks ago, the US Embassy-sponsored “Fish Right” initiative gathered 200 fishermen from 22 associations nationwide.
Centino said many affirmed their
FSL may now be used in court
Twillingness to cooperate by reporting maritime incidents and suspicious activities, showing that communities are ready to serve as responsible partners in maritime governance if properly supported.
However, the fishermen also raised serious concerns. Many fear “harassment and aggression from violators,” citing encounters with Chinese ships, coast guard, and maritime militia units. Some hesitate to file reports due to “legitimate security concerns over retaliation and harassment” from aggressors described as “armed and organized.”
They emphasized the need for a “timely and prompt response from authorities” to ensure their safety. Officials assured “ample and sufficient intervention and support” to protect fishermen. The National Maritime Center (NMC) is working with local fishing associations to strengthen monitoring and incident reporting systems.
Support programs include:
n Radio equipment distribution under the Fish Right initiative to address communication gaps n Kadiwa ng Bagong Bayaning Mangingisda (KBBM) program providing fuel subsidies,
ice supplies, and logistical assistance to reduce costs and enable longer fishing trips.
The Philippines previously had a fishermen monitoring system in the late 1970s under Batu Taida, but it faltered owing to weak government support and conflicts between local and national agencies. The Bureau of Fisheries and Aquatic Resources (Bfar) is now reviving the initiative by conducting a community inventory and drafting operational guidelines.
Centino noted that community-based surveillance strategies are widely used abroad. Pacific
nations such as Fiji, Vanuatu, Solomon Islands, and Marshall Islands rely on fishermen for maritime monitoring.
Vietnam employs a seawall system equipping fishing communities with communication devices for real-time reporting, while Indonesia’s Okmaswas volunteer groups assist authorities in preventing illegal and destructive fishing.
“These models illustrate how community involvement operates as legitimate and effective force multipliers in the broader framework of maritime governance,” Centino said.
Labor leader calls out David for choice of protest venue
come from the DDS.
By Joel R. San Juan @jrsanjuan1573
HE Supreme Court (SC) has approved the Rules on Filipino Sign Language Interpreting in the Judiciary (FSL Rules), a landmark measure that will give deaf litigants and witnesses effective participation in court proceedings.
The FSL Rules was approved by the Court en banc to implement Republic Act 11106, or The Filipino Sign Language Act.
The SC said the FSL Rules apply to all court proceedings involving deaf Filipinos, at any litigation stage, with the right to choose their preferred mode of communication.
The Rules define “deaf” (with the lowercase “d”) as Filipinos with hearing loss who may or may not use sign language or identify with the Deaf community.
“Deaf” (with the uppercase “D”) are those who use FSL and
Oil.
Continued from A4
Oil compaies adjust their prices every week to reflect movements in the world oil market.
The Department of EnergyOil Industry Management Bureau (DOE-OIMB) cited the possible Ukraine-Russia cease-fire that could lift Western sanctions on Russian oil, and prospects of oversupply in the oil market as reasons
Marcos. . .
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collectively identify as a community. “This is to emphasize that all Filipino Deaf are deaf, but not all deaf Filipinos are Deaf,” the SC said.
Under the FSL Rules, courts must appoint accredited FSL Interpreters and Deaf Relay Interpreters (interpreters).
The Office of the Court Administrator (OCA) was directed to provide all courts with an updated list of accredited interpreters every year.
The SC also gives the OCA the power to grant accreditation to FSL court interpreters. FSL interpreters translate spoken language into FSL and/ or vice versa, while Deaf Relay Interpreters (DRIs) are Deaf persons who relay communication between linguistically isolated deaf persons and hearing non-signers.
A linguistically isolated deaf
See “FSL,” A8
for the mixed price adjustment this week.
Last week, oil compaines rolled back prices per liter of gasoline by P0.20, while hiking those of diesel by P0.60, and kerosene by P1.30.
This brought year-to-date adjustments to a net increase of P19.70 per liter for gasoline, P24.65 per liter for diesel, and P18.60 per liter for kerosene as of November 25, 2025, based on DOE data.
ABy Rizal Raoul Reyes @brownindio
PROGRESSIVE labor lead -
er on Monday expressed disappointment, calling Cardinal Pablo Virgilio David’s choice of the Epifanio delos Santos Avenue (Edsa) Shrine over Luneta “confusing and a failure to address the core of the national crisis.”
“Instead of condemning the roots of the problem—billions in stolen public funds, ghost projects, and entrenched high-level corruption—the Cardinal chose to find fault with the people’s calls for the Marcos-Duterte resignation, the broader ‘Resign All’ demand, and the proposal for a People’s Transition Council [PTC],” said Partido Lakas ng Masa chairperson Sonny Melencio in a Facebook post.
Melencio said these arguments distort and even demonize the calls. For example, he said the People’s Transition Council (PTC) is portrayed as a pathway to a military coup or a civilian-military junta. “Worse, the ‘Resign All’ demand was lumped together with the Duterte faction’s militarybacked attempt to replace Marcos with Sara Duterte. As the Philippine Collegian noted, this conflation borders on the ‘malicious,’” Melencio pointed out.
He said there is a huge difference between the proponents of Resign All and the Dutertes’ desperate power grab. The chants of “Marcos-Duterte, Walang Pinagiba” at Luneta obviously do not
He stressed the PTC is not a recipe for disorder but democratic proposal designed to ensure clean, genuine, and credible elections that will finally dismantle political dynasties. If one is searching for the true essence of democracy, Melencio said this is precisely a step toward a more inclusive and participatory political process— not ruled by a few, and certainly not by dynasties.
He said that David might be already aware that PTC-like transitions have already happened in Nepal and Bangladesh, where governments were forced to resign and dissolve amid massive youth- and people-led mobilizations. Interim governments and councils are now preparing for elections (March 2026 in Nepal and June 2026 in Bangladesh), Melencio said.
He downplayed the fears that the establishment of a PTC would lead to a coup d’état. “The PTC is the very mechanism designed to prevent such outcomes. It envisions a civilian transitional body composed not of trapos or dynastic elites, but representatives from marginalized sectors and trusted reform-oriented individuals, such as former Chief Justices and similar figures. Its formation is not an imposition; it will be chosen through democratic consultations and assemblies,” Melencio explained.
He said the assertion that corrupt officials will “never resign”
misses the point entirely. The socialist labor leader said the “Resign” demand is not a simple appeal but a political action designed to force out those in power. Melencio said action is driven by broad mass mobilizations, especially from the poorest and most oppressed sectors of Philippine society.
‘Lesser evil’ strategy
MELENCIO said the move to separate President Marcos from accountability reflects an opportunistic “lesser evil” strategy, which softens criticism of the current administration despite mounting evidence directly implicating the President and much of his machinery in the plunder of the national treasury.
As a result, he said the current reality is that, up to now, not a single top official has been jailed. He added the current situation has resulted in the youth and the poor losing faith in the system and calling for Resign All and for a PTC to oversee elections—whether early or in 2028—under conditions where no political dynasty can field candidates. “Dynasties lie at the root of corruption and mass poverty,” he said.
This is also why a separate Luneta rally exists. It is not opposed to the Cardinal’s stated call for accountability; it simply uses a different framework. Luneta rallyers courageously named every implicated official and demanded prosecution. They no longer believe justice can come from the
Marcos administration, as the past months have already proven,” he explained.
By insisting on “airtight evidence” before calling out Marcos, Melencio said the Church leadership risks acting like a courtroom that requires airtight litigation. Under this system, he warned that neither Vice President Sara Duterte nor other powerful officials can even be impeached or tried in court.
“Accountability must not be imprisoned within legal technicalities,” he said.
Role of liberated Church MELENCIO said the Church has a profound moral, theological, social, and institutional duty to advance both the spiritual and material welfare of the masses. He said the Church has to join the people in confronting poverty, oppression, corruption, state violence, political dynasties, and the structural inequality embedded in society.
He urged the people to continue the fight for genuine change and greater accountability. “Like Cardinal David, we too are exhausted—exhausted by a broken system, extreme poverty, and injustices perpetuated by those in power,” Melencio said.
“We respect the Church in all its denominations. But we cannot accept it when Church leadership selectively shields one faction of the ruling elite in the framework of “lesser evil.”
1K families to finally own their homes
The newly minted PA officers are set to join the ranks of the PA’s Officer Corps after the Joint Graduation Ceremony for the Major Services OCC in Villamor Air Base in Pasay City on Monday. With PNA
The OCC is a comprehensive one-year training program that holistically hones the leadership and combat competencies of baccalaureate degree holders prior to being commissioned as second lieutenants of the PA.
MORE than a thousand families are set to receive Certificates of Entitlement (COEs) for lands under Presidential Proclamations, marking the end of a decades-long wait for socialized housing.
The Department of Human Settlements and Urban Development (DHSUD) scheduled the awarding of COEs for residential lands
in Los Baños, Laguna; Lucena City, Quezon; and Jaro, Iloilo City, this month.
The areas were declared suitable for socialized housing under Presidential Proclamations 550, 436, and 1538, respectively.
In Los Baños, Laguna, 764 beneficiaries from barangays Lalakay, Bambang, and Timugan have cleared the Local Inter-
Agency Committee (Liac) validation process. DHSUD said the COEs will be distributed in three batches from December 2025 through early 2026.
In Jaro, Iloilo, preparations are ongoing to award COEs to 216 qualified families during the Yuletide Season. Meanwhile, in Lucena City, Liac has completed validation for 185 beneficiaries,
with the awarding scheduled in January 2026. Housing Secretary Jose Ramon Aliling said the timeline allows for final verification, confirmation of beneficiaries and coordination with local authorities to ensure accuracy and transparency. The agency added that it would continue working with local governments and national agencies to facilitate the smooth distribution of COEs under the Presidential Proclamations in the coming months. Bless Aubrey Ogerio
“Despite the difficulties that greeted us, I did not waver—because I knew I was not alone. I am with the courage, intelligence, and heart of every representative and every worker in this institution,” he said. The Speaker urged both legislators and staff to stay focused on the people’s welfare.
Dy underscored that the House must show political maturity and a renewed sense of mission, especially at a time when misinformation and political noise threaten to distract it from its constitutional duties.
“This is the moment that calls for unity. This is the moment to show clarity, courage, and conviction. If there is a time for us to be a source of light amid doubt, confusion, and misinformation—it
is now,” he said. The Speaker emphasized that meaningful reforms cannot take root without humility, cooperation, and trust—values he said the chamber must collectively uphold.
He stressed that ongoing efforts to professionalize and reform the institution are intended not only to improve public service but also to restore dignity among its employees, whom he called the “pillar and strength” of Congress.
“Soon, each of you will be able to walk with your head held high, because you are part—because all of us are part—of the change we are building together. We will not stop until we achieve the highest quality of service and give this institution the dignity it deserves.”
Dy urged members and staff to resist divisive politics and instead channel their energy into initiatives that will uplift the lives of Filipinos. Jovee Marie N. dela Cruz Dy. . .
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Corporate political engagement can contribute to society, if it advances the interests of a broad range of stakeholders. However, if political engagement creates undue influence on, or unequal access to, political decision makers, there is a risk of skewing policy decisions away from the public interest.
Coffee.
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covering 100 percent of production costs; and calamity assistance fund of P2 billion yearly.
A Coffee Farmer Subsidy Program will be created with fertilizer subsidy of P5,000 per hectare yearly, price support mechanism guaranteeing minimum farm gate prices, and transport subsidy for
Another key measure that would show companies are truly committed to a new way of doing business would be to enable stakeholders to understand a company’s progress implementing and maintaining transparent and multistakeholder engagement processes in a consultative way.
remote highland areas.
The PCB shall facilitate coffee processing hub development and value chain integration, along with domestic market development and export promotion. Meanwhile, a National Coffee Research Institute shall be created under the Department of Science and Technology (DOST) to develop climate-resistant varieties, improve processing technologies, conduct market and consumer
In coming years, as the links between corporate models and behaviors and societal impacts become ever clearer, pressure on companies to prove they are putting words into action is only going to get stronger. In conclusion, allow me to repeat: with increasing complexity and shifting business risks, success in 2026 will require proactive, strategic approach to planning and execution.
research, and coordinate with international research institutions. Also, the bill provides for an initial appropriation of P15 billion per year for the first five years under the DA’s budget. The fund allocation shall include 40 percent for production support, 15 percent for research and development, 20 percent for processing and infrastructure, 10 percent for marketing and promotion, 10 percent for institutional support, and 5 percent
I am interested in your views to this important development; contact me please at hjschumacher59@ gmail.com.
for emergency and calamity fund. “Through these reforms, the Philippines can steadily work toward regaining its place in the global coffee sector, while building an industry that is more responsive and productive - one that focuses on increasing yields, improving farmer incomes, strengthening echnical skills, widening market opportunities, and ensuring long-term stability,” Lacson said.
WCPFC eyes tuna catch limit to save sustainability status
TTHE onslaught of Typhoon “Uwan” has proven the vital role of dams in flood mitigation.
By Ada Pelonia @adapelonia
HE Western and Central Pacific Fisheries Commission (WCPFC) wants to impose a ceiling on South Pacific albacore tuna catch, saying that maintaining sustainability certifications hinges on the adoption of management practices.
WCPFC Chairperson Josie Tamate said adopting harvest strategies, also known as management practices, for South Pacific albacore tuna is the main agenda for the 22nd Regular Session of the WCPFC, which would convene
from December 1 to 5. “We have made the commitment to work on the harvest strategies [...], and South Pacific albacore is the main one that needs to be adopted by this commission meeting,” Tamate told reporters
in a press conference on Monday.
While the stock for South Pacific albacore remains sustainable, WCPFC Executive Director Rhea Moss-Christian noted that “a lot of value” could still be added.
“Members will be looking at adopting a measure that will restrict the amount of catch that can be taken, and then start to talk about how to allocate that catch,” Moss-Christian said.
“Once there are decisions taken around how much catch of albacore can be taken, then the next step will be to distribute that amount among the interested members.”
The WCPFC officials stressed the importance of adopting the measures once established, since fishing vessels run the risk of potentially losing sustainability certifications and market access.
“The implication of not adopt -
ing the management procedure this year is that the certifications for certain South Pacific albacore fleets might be at risk,” MossChristian said.
“This doesn’t mean that markets will be closed off to these fish, but it does call into question the Marine Stewardship Council [MSC] certifications that a lot of these fleets have and want to maintain.”
Sustainability certifications are dependent on maintaining management practices by regional fisheries management organisations (RFMOs) like the WCPFC.
“A delay in adopting that management procedure this year could put those certifications at risk, which affects their market access and market value for those fleets,” Moss-Christian said.
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Such is the untold story of the Upper Wawa Dam, a water supply dam operated by Manila Water subsidiary WawaJVCo, which mitigated what could have been another disastrous flood courtesy of Uwan, proponents of the project said.
The dam’s flood mitigation capacity has complemented its primary purpose of providing a reliable water supply for today and securing water for the future.
The Upper Wawa Dam is a landmark infrastructure initiative designed to augment Metro Manila’s raw water supply and strengthen water security in Metro Manila and nearby provinces. As the largest new water source in over five decades, it will provide a yearround supply capacity of up to 710 million liters per day (MLD), benefiting more than 700,000 households, or approximately 3.5 million Filipinos.
During the onslaught of Typhoon Uwan, the dam signifi -
cantly reduced flooding impacts in downstream communities in the Province of Rizal, including the local government units of Montalban, San Mateo, and Antipolo City. According to WawaJVCo, in just 30 hours from Typhoon Uwan traversing Metro Manila and Rizal, the reservoir level in the Upper Wawa Dam rose by 10 meters, of which 110 mm of rainfall was recorded at the dam site.
Despite this, the Upper Wawa Dam successfully mitigated downstream flooding by 99.5%, effectively minimizing the impact in the communities surrounding the dam and storing an impressive 33.7 million cubic meters of water during the typhoon.
“The Upper Wawa Dam is more than just a water source, but a lifeline for communities downstream. Its engineering design ensures that even during extreme weather events, we can protect lives and property while continuing to secure water for Metro Manila and Rizal,” said Joe Costales, General Manager of WawaJVCo.
IFI, 2 UCCP jurisdictions uphold year of covenant in Mindanao
By Manuel T. Cayon @awimailbox
DAVAO CITY – The Iglesia Filipina Independiente (IFI) and two jurisdictions of United Church of Christ in the Philippines (UCCP) in Mindanao reaffirmed their partnership forged 26 years ago in a period they described as another season of tribulation for people in Mindanao.
Both churches celebrated the reaffirmation of their covenant in two gatherings: first at the IFI Diocese of Davao, Cathedral of the Risen Lord in Davao City on November 24-25; and again at the IFI Diocese of Cagayan de Oro, Metropolitan Cathedral of Jesus the Nazarene in Cagayan de Oro City on November 29.
“Marking the 26th year of our covenant partnership, both celebrations speak prophetically in the midst of a deepening national crisis marked by widespread corruption, entrenched political dynasties, weakened democratic institutions, severe poverty, and growing inequality,” it said.
It said the season showed “public funds are plundered while basic services like healthcare, education, housing, and food security, remain inaccessible to many; political dynasties and patronage politics dominate elections, weakening genuine people’s participation; corruption goes unpunished, while journalists, church workers, and human rights defenders face harassment, red-tagging, and violence; economic policies favor corporations and foreign interests, leaving workers underpaid, farmers displaced, Indigenous peoples communities dispossessed, and the environment ravaged.”
“Under a system where bureaucratic power is captured by economic self-interest [bureaucrat capitalism], public office has ceased to be a vocation of service and has instead
become a gateway for wealth accumulation, privilege, and impunity. Leadership meant for stewardship has been distorted into an instrument of elite control,” they added. These were happening in society “while, God’s people – especially the poor, workers, farmers, Lumad, Moro communities, and those displaced by natural and human-induced calamities – are left to bear the heavy cross of rising prices, joblessness, landlessness, climate-driven disasters, and the chronic neglect of social services. Such a system stands in stark contrast to Christ’s call for justice, compassion, and servant leadership.”
They vowed to mobilize their churches politically and pastorally by educating clergy and laity to exercise critical citizenship, ethical voting, and sustained civic engagement. They also said they would work with ecumenical partners and people’s movements to push for transparency, accountability, people-centered economic policies, and genuine reforms. They also warned they will be “naming and opposing bureaucrat capitalism and corruption as root causes of poverty, inequality, and democratic decay in the Philippines”.
“As we mark the 26 years of covenant partnership, we declare that our unity is not ceremonial but struggle-bound, not symbolic but mission-driven. We stand with the people in confronting corruption, dismantling systems of elite rule, and building a society rooted in justice, compassion, and accountability,” they added. Their public statement was signed by the UCCP bishops of the South East Mindanao Jurisdictional Area North West Mindanao Jurisdictional Area and two Bishops Emeriti. Fourteen IFI bishops and four of its retired bishops also affixed their signature.
Classroom construction could become ‘next racket,’ warns solon opposing Marcos’ emergency powers
By Jovee Marie N. Dela Cruz @joveemarie
ALAWMAKER has raised strong objections to measures seeking to grant President Marcos Jr. emergency powers to fast-track the construction, rehabilitation, and repair of classrooms nationwide, saying the plan is vulnerable to largescale abuse.
During the House Committee on Basic Education hearing, opposition lawmakers flagged four pending bills—House Bills 4904, 5103, 5302, and 5579. The measures would allow the president to bypass standard procurement rules, directly negotiate with accredited contractors, and realign existing national government funds for school infrastructure.
Assistant Minority Leader and
By Claudeth Mocon-Ciriaco @claudethmc3
AFTER the Senate-approved 2026 education budget delivers a sharp funding increase, the Department of Education (DepEd) assured that the School-Based Feeding Program (SBFP) expansion build on reforms is already underway, including universal feeding for all Kindergarten and Grade 1 learners and continued targeted support for severely wasted and wasted Grade 2 to 6 learners.
DepEd said that the SBFP is a key factor in helping resolve the country’s persistent early literacy challenges.
With P28.66 billion allocation—a sharp increase from P 11.78B in 2025, the Senate ver -
With a watershed catchment area of 262 square kilometers (26,200 hectares) and a reservoir volume of 120 million cubic meters, the dam features innovative engineering solutions, such as a stepped chute and stilling basin. These structures dissipate water
Kabataan Rep. Renee Co warned that the proposal risks becoming the “next racket” following the wide-ranging flood-control controversy.
“Flood control projects are already mired in scandals. Now will classrooms become the next racket? The education sector has been given the biggest budget in history, yet it risks ending up in the hands of corrupt officials and big business. The funds are already insufficient—why allow them to be milked further? We want a bigger budget, not bigger rackets,” Co said.
Co noted that the flood-control scandal has shown how corruption can be perpetrated internally.
“Safeguards won’t work if the very people placed in positions are masterminds of corruption,” she said.
sion raises overall SBFP coverage to 4.49 million learners next year and extends feeding duration to 200 days. It also added 45-day feeding for 604,134 Junior High School (JHS) and 200,663 Senior High School (SHS) wasted and severely wasted learners, and 30day feeding for 7,276 adolescent pregnant learners.
Kita namin sa mga bata at sa mga kwento ng ating mga guro na mas gising, mas masigla, mas handang makinig ang mga mag-aaral basta may laman ang kanilang tiyan. Iyan ang pinaka-pruweba na gumagana ang programa,” Education Secretary Juan Edgardo “Sonny” Angara said, adding that such is aligned with the vision of President Ferdinand R. Marcos Jr. to prioritize early childhood care and devel -
energy and reduce turbulence, ensuring controlled flow downstream. By minimizing the force of released water, this design significantly lowers the risk of erosion and flooding in surrounding communities.
The Upper Wawa Dam was designed following internationally recognized standards such as the International Commission on Large Dams (ICOLD) and
She also urged that increased funding must come with accountability.
“Alongside budget increases, corrupt officials must be held to account. We need a master plan not only to address the classroom shortage but also to modernize our education infrastructure to make it high-quality and climateresilient. Agencies should be strengthened to deliver this plan instead of passing the responsibility to the President,” Co said.
ACT Teachers Partylist Rep. Antonio Tinio also opposed the proposals, arguing the timing is highly inappropriate given the ongoing investigation into anomalies in flood-control programs.
Tinio pointed out that the Department of Education (DepEd) was able to build numerous classrooms during the Aquino
opment initiatives. Under Angara’s watch, DepEd began implementing a broader SBFP for SY 2025–2026, starting with the inclusion of all Kindergarten learners—not just undernourished ones—as part of a shift toward universal early nutrition.
The program provided hot meals and fortified food products to Kindergarten and Grade 1 pupils and severely wasted and wasted Grade 2 to 6 learners, a move backed by early gains in the field. Previous data showed that the number of severely wasted Kindergarten children dropped from 113,451 to 47,281 in a year.
Angara also oversaw key improvements in DepEd’s expanded SBFP infrastructure with more than 74 central kitchens now operating nationwide and over 44,000
the United States Army Corps of Engineers (USACE), ensuring the dam’s stability and integrity during the worst external conditions, such as floods, earthquakes, and other natural disasters.
administration without the need for emergency powers. He added that the Department of Public Works and Highways (DPWH) became fixated on flood-control projects—allegedly due to high kickbacks—leading to the neglect of classroom construction. Apart from these concerns, Tinio strongly objected to provisions allowing the President to transfer funds from other government programs to finance classroom construction, warning that such authority is ripe for misuse.
The House of Representatives has approved the funding for the construction of 25,000 new classrooms in 2026. This initiative comes as the country continues to grapple with a classroom backlog estimated at 165,000.
schools reinforcing their Gulayan sa Paaralan initiatives, which supply fresh vegetables for meals and strengthen hands-on nutrition education. For 2026, DepEd secured funding for 219 central kitchens, and new mobile kitchen units, and is enlisting more LGUs to manage direct implementation in their respective jurisdictions. Angara said the 2026 budget allows DepEd to sustain the mix of universal and targeted feeding. Pinapalakas natin ang pundasyonsa Kinder at Grade 1, pero hindi rin natin iniiwan ang pinaka-nanganganib sa mas matataas na baitang... Kung gusto nating manatiliangmgabatasaeskwela, kailangan nating siguraduhin na may laman ang tiyan at lakas ang katawan,” Angara said.
The Provincial Government of Rizal once again recognized the Upper Wawa Dam’s continued contribution, with Municipality of Montalban Mayor Ronnie Evangelista emphasizing its critical role in water security and flood mitigation.
“The Upper Wawa Dam is a game-changer for Rizal. It not only secures water for our growing population but also provides a strong defense against flooding. This is a testament to how infrastructure can serve both development and disaster resilience.” Evangelista shared. Jonathan L. Mayuga
December 2, 2025
DILG urges Pinoys to help track down fugitive ex-lawmaker Zaldy Co, last seen in Portugal
By Samuel P. Medenilla @sam_medenilla
THE Department of the Inte -
rior and Local Government (DILG) urged Filipinos to help in tracking down former Ako Bicol Party list representative Elizaldy “Zaldy” Co, who was once again spotted in Portugal.
As of Monday, DILG Secretary Juanito Victor “Jonvic” C. Remulla disclosed that the embattled former lawmaker has returned to the European country.
“Zaldy Co is believed to be in Europe, suspected to be in Portugal. He is suspected to have a Portuguese passport acquired so many years ago. Iyon lang ang details,” he said.
The DILG chief appealed to Filipinos to help in reporting the whereabouts of the fugitive former lawmaker.
“We are appealing to all Filipinos around the world that if they see Zaldy Co, if they can take a picture, please send it immediately [to authorities], post it on the internet immediately so we have an idea of where he is. Right now, we suspect that he is in Portugal, where he lives,” Remulla said. Co left the country earlier this year to undergo medical treatment in the United States.
However, he refused to return home after he was linked to the P289.5-million road dike project anomaly in Oriental Mindoro.
The former lawmaker was charged by the Ombudsman before the Sandiganbayan for committing malversation of public funds for the said public works.
DILG said Co has since visited France, Spain, Portugal, Singapore, and Japan.
Last week, the agency said In -
ternational Criminal Police Organization (Interpol) released a blue notice to help in determining the current location of Co abroad.
Despite the cancellation of Co’s Philippine passport, Remulla said the former lawmaker can still travel abroad due to his Portuguese passport.
“As far as I know, his passport has been canceled. As far as I know, but you can check again. But again, we believe he’s the holder of two passports – not only a visa but two passports. So, there we have a little complication,” Remulla said partly in Filipino.
As of press time, the Department of Foreign Affairs said it has not received any court order instructing the cancellation of Co’s Philippine passport.
When asked how local authorities can repatriate Co from Portugal, which has no extradi -
tion treaty with the Philippines, Remulla said the matter will be addressed by the Department of Foreign Affairs.
In another development, Remulla said Porac, Pampanga Mayor Jaime Capil, who is currently facing graft charges in connection to operation of a Philippine Offshore Gaming Operator (POGO), is still in the country based on records of the Bureau of Immigration.
“There is a warrant of arrest out for him and he has sent surrender feelers to the PNP. We will know within this week if he will surrender. If not, we will start our intensive manhunt for him,” Remulla said.
Last Friday, the Pasig City Regional Trial Court Branch 265 released the warrant for Capil’s arrest for his alleged involvement in the POGO, Lucky South 99 in Porac.
PHL, Japan naval, air units take part in 3rd MCA in WPS
By Rex Anthony Naval
FILIPINO and Japanese naval units and air assets conduct -
Bangsamoro parliament eyes to pass redistricting law this month
By Justine Xyrah Garcia
THE Bangsamoro Transition Authority (BTA) is now eyeing December 2025 as its target for passing the redistricting law—a month behind the November 30 deadline that the Commission on Elections (Comelec) earlier said was necessary to continue preparations for an automated polls.
In a statement on Monday, BTA Spokesperson and Floor Leader John Anthony L. Lim said the parliament has been undertaking committee work and consultations “with diligence, transparency, and broad public participation” to move the measure forward.
“Six districting bill versions are currently before the Parliament and have been referred to the appropriate committee for study and consolidation...The Parliament is committed to an inclusive, transparent, and legally compliant districting process and aims to complete and pass the districting law by December 2025, in line with the Bangsamoro Organic Law,” Lim said.
He added that the parliament also acknowledges Comelec’s efforts in ensuring that the first regular polls in Bangsamoro will push through next year.
“These efforts are important to ensuring an orderly transition to a regular Bangsamoro government,” he also said.
were used as basis for election preparations—were unconstitutional for violating the Bangsamoro Organic Law. The ruling required the BTA to redetermine the region’s parliamentary districts no later than 120 days before the elections. The Court likewise instructed Comelec to hold the parliamentary elections not later than March 31, 2026.
For its part, the BTA cited the Supreme Court’s ruling in Ali et al. vs. BTA Parliament, which clarified that the authority to fix the schedule of the Bangsamoro parliamentary elections rests with Congress alone.
“Like everyone else, we look forward to the holding of the first BARMM parliamentary elections,” Lim added. Lim also urged the public to take part in the upcoming consultations scheduled on December 4 for the Special Geographic Area, Maguindanao del Sur, and Basilan, and on December 7 for Maguindanao del Norte, Lanao del Sur, and Cotabato City. Comelec has yet to comment on the BTA’s statement, but Chairman George Erwin M. Garcia earlier said it would be difficult to conduct automated parliamentary elections if the November 30 deadline was missed.
The first MCA with Japan took place in August of last year while the second transpired this June.
For this MCA, the AFP deployed frigate BRP Antonio Luna (FF151), an AW-159 anti-submarine helicopter, along with a Philip -
ed the third bilateral maritime cooperative activity(MCA) at the West Philippine Sea(WPS) last Nov. 29, the Armed Forces of the Philippines (AFP) announced Sunday night. It added that the third MCA with the Japan Maritime Self-Defense Force(JMSDF) highlights the “steady growth of defense cooperation between the two countries.”
pine Air Force’s C-208B surveillance aircraft.
Meanwhile, the JMSDF participated with the JS Harusame (DD102) and an SH-60K helicopter.
“Both forces carried out a series of interoperability activities, including Division Tactics/ Officer of the Watch [DIVTACS/ OOW] Maneuver, where participating ships practiced coordinated
movements and station-keeping; and a PHOTOEX, which involved maintaining precise formation for documentation of the activity,” the AFP said.
A cross-deck landing exercise was also conducted to familiarize helicopter crews and ship personnel with each other’s deck procedures and enhance coordination in aviation operations.
Parties OK stronger protection measures for 70 shark and ray species under CITES
By Jonathan L. Mayuga @jonlmayuga
MAJORITY of parties Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) have voted to adopt all shark and ray proposals, boosting the protection and conservation of over 70 species.
With the proposals adopted, he said governments, including that of the Philippines, should immediately put in place measures and abide by the new CITES listing status for sharks and rays, AA Yaptinchay of the Marine Wildlife Watch of the Philippines.
Along with Save Our Seas, an ocean conservation advocacy nongovernment organization, the Marine Wildlife Watch of the Philippines led Philippine-based groups to push for the adoption of 7 proposals.
The specific species present in the Philippines covered by their respective proposals are:
1. Proposal 28: Oceanic Whitetip
person is a deaf with little or no exposure to sign language, resulting in limited communication skills.
A hearing non-signer is a person who can hear but does not know or use sign language.
The Rules further mandates all court to refer d/Deaf parties or witnesses, within three calendar days upon receipt of request or on its own initiative, to the Komisyon sa Wikang Filipino (KWF) for a Visual Communication Assessment for the Deaf (Vcad) if the Court finds that the d/Deaf individual is not proficient in FSL. The purpose of the Vcad is to determine the d/Deaf person’s primary language and communication needs.
The Vcad report must be submitted to the court within 10 calendar days from receipt of the referral order.
Shark ( Carcharhinus longimanus )
n Proposed Action: Transfer from Appendix II to Appendix
n Present in Philippines: Carcharhinus longimanus
2. Proposal 30: All Manta and Mobula Rays (Family Mobulidae)
n Species: All nine species of manta and devil rays (genus Mobula).
n Proposed Action: Listing on Appendix I
n Species present in Philippines: Mobula tarapacana, Mobula thurstoni, Mobula alfredi, Mobula birostris, Mobula eregoodoo, Mobula mobular, Mobula kuhlii
3. Proposal 31: Whale Shark ( Rhincodon typus )
n Proposed Action: Transfer from Appendix II to Appendix
n Present in Philippines: Rhincodon typus
4. Proposal 32 & 33: Wedgefish and Giant Guitarfish (Families Rhinidae and Glaucostegidae)
n Species: Covers all species in these two families (approx. 18 species,
However, if the d/Deaf individual manifests proficiency in FSL, they must execute a waiver and the court shall directly appoint an FSL interpreter from the list furnished by the OCA. On the other hand, the SC barred courts from appointing interpreters who have conflicts of interest, such as elationship, financial, or professional ties to the d/Deaf party or witness.
“If a d/Deaf party declines the court-provided interpreter due to unavailability, conflict of interest, or other justifiable reasons, they may hire interpreters at their own expense, with the other party’s consent, provided the interpreter is accredited,” the SC said.
However, the SC said remote interpreting is allowed when no accredited on-site interpreter is available, when the proceeding is brief and does not involve testimony, or when the case involves sensitive matters that may pose safety risks to the interpreter.
The SC said interpreters are
all but one are Critically Endangered).
n Proposed Action: Zero export quota (commercial trade ban equivalent to Appendix I)
n Species present in Philippines: Glaucostegus typus, Rhina ancylostomus, Rhynchobatus australiae, Rhynchobatus springeri
n Species: All species in the family Centrophoridae.
n Proposed Action: Listing on Appendix II
n Species present in Philippines: Centrophorus granulosus, Centrophorus isodon, Centrophorus moluccensis, Centrophorus squamosus, Deania profundorum
6. Proposal 29: Houndsharks (Family Triakidae)
Species:
n Tope Shark (Galeorhinus galeus)Proposed for Appendix II.
n Smoothhound Sharks (Genus Mustelus)-All species proposed as lookalikes under Appendix II.
obliged to provide accurate interpretation, remain impartial, maintain confidentiality, and respect the d/Deaf person’s identity, language, culture, status, and personal characteristics, and beliefs.
Interpreters may be removed from the proceedings on the ground of incapacity, fraud or dishonesty in performing duties, breach of confidentiality, failure to appear without good cause, or willful violation of prescribed rules and policies.
Courts shall appoint a replacement from the official list provided by the OCA and furnish both the OCA and the KWF with a copy of the removal order.
Those aspiring to become interpreters are required to submit a verified application with proof that they are Filipino citizens and residents, of legal age, and of good moral character.
They must also present valid certification from the KWF confirming that they have com -
n Proposed Action: Listing on Appendix II
n Species present in Philippines: Mustelus griseus, Mustelus manazo
According to Yaptinchay, sharks and rays face a multitude of threats, including illegal and unreported trade, bycatch, and climate change.
However, one of the most serious and immediate threats is overexploitation driven by international trade for high-value products like fins, gill plates, and liver oil, which is systematically pushing critically endangered species toward extinction.
“This direct pressure is exacerbated by the inherent biological vulnerability of these animals, as their slow growth and low reproductive rates make them unable to withstand current levels of commercial harvest,” he said.
Yaptinchay said with the new CITES Appendix Listings for the sharks and rays, authorities is bound to strictly enforce protection and conservation measures for these endangered and targeted species.
pleted basic orientation training and passed the basic court sign language interpreter examination.
Applicants must also show proof that they have either completed formal interpreter training or have served as interpreters in at least three court proceedings.
They must also affirm that they have not been convicted of a crime involving dishonesty. All required documents must accompany the application.
“However, until the KWF establishes a national system of standards, accreditation, and procedures for FSL interpreting, the certification, training, and examination requirements mentioned above shall not yet be mandatory,” the SC said.
“In the meantime, applicants may submit proof of interpreter training conducted by a sign language training institution or association, or certificates of court appearances in at least three instances,” it added.
To recall, the Supreme Court suspended the conduct of the parliamentary polls this year after ruling that Bangsamoro Autonomous Act Nos. 77 and 58—which
Last week, the poll body also released the calendar of activities for the Bangsamoro polls, with the election period set to begin on January 29 and the campaign period on February 12. The parliamentary elections are scheduled for March 30, 2026.
Data from the Bureau of Fisheries and Aquatic Resources (BFAR) showed that the country’s total catch of WCPFC-managed tuna species grew to 201,000 metric tons (MT) last year. Skipjack tuna accounted for over half of this volume at
Bigeye
also
MT, while the albacore recorded the lowest catch at 833 MT. The WCPFC, established in 2004 under the United Nations Convention on the Law of the Sea (UNCLOS), plays a crucial role in ensuring the long-term conservation and sustainable use of tuna and other highly migratory fish stocks.
DND supports calls to end violence against women
BY REX ANTHONY NAVAL
THE Department of National Defense (DND) on Monday reiterated its commitment to end Violence Against Women (VAW) in its sector.
DND Senior Undersecretary Irineo Espino, who is the chair of the Gender and Development (GAD) Focal Point System, said the agency is committed to mainstreaming gender equality and strengthening institutional mechanisms that protect the rights and welfare of women across the defense sector.
“Our collective actions bring us closer to a VAW-free DND and a VAW-free Philippines. Let us remain guided by our duty to end violence against women,” he said during the flag-raising ceremonies held at the DND grounds in Camp Aguinaldo, Quezon City in observance of the 18-Day Campaign
to End Violence Against Women which was scheduled for Nov. 25 to Dec. 12. He also underscored the nationwide significance of the campaign as triumph in this advocacy. Espino also said that triumph in this advocacy is a win for the DND and the country. During the ceremony, the DND awarded a Plaque of Recognition for Exceptional Performance in GAD Budget Allocation and Utilization for FY 2024, honoring exemplary gender-responsive budgeting within the Department.
The event is part of the DND’s continuous efforts to strengthen gender and development initiatives and reinforce its commitment to a safe, inclusive, and just environment for all personnel, fully aligned with the national campaign to end violence against women.
Slow pace of labor case resolution burdens workers, Cayetano laments
THE resolution of labor cases still take an unduly long time, Senate Minority Leader Alan Peter Cayetano has lamented, saying this creates a burden on workers.
While the Department of Labor and Employment (DOLE) and the National Labor Relations Commission (NLRC) have improved their internal timelines in recent years, delays across the system continue to disadvantage ordinary workers, Cayetano said during the Senate plenary debates on DOLE’s proposed 2026 budget recently. Ang problema nga natin dati, ang tagal [ang usad]. That’s why some big companies, they wait it out because they have the money, the resources.”
The senator asked the department to provide a complete timeline of how long cases actually take as they move across different levels of review.
He also noted that while DOLE’s internal figures show faster action at the labor arbiter and commission levels, workers still face a long wait once the cases enter the courts.
“Give me the timeline from the filing of the complaint to the Labor Arbiter, to the Commission, then to the Court of Appeals. Kasi may decision ang Supreme Court nakailanganpang dumaansaCourt of Appeals muna before going
to the Supreme Court,” he said. Cayetano said the long process puts a heavier burden on workers who cannot afford going with income for months while their cases drag on. He stressed that employers, especially large companies, have the financial capacity to withstand long disputes, leaving workers at a structural disadvantage.
“Many workers lose the will to fight it out because they are not earning anything while the case pends,” he said. The senator said the updated data he requested will help determine what reforms need to be implemented to ensure that workers receive timely resolutions when filing legitimate complaints.
He added that long-standing delays in the labor justice system can be addressed through a dedicated body such as the ExecutiveLegislative Labor Commission (LabCom) – one of his priority measures in the 20th Congress – to serve as the country’s main policy and coordination mechanism for worker protection and other key labor concerns. Hindi ako nag-a-accuse… want to understand. Because if ever magkaroon ng Labor Commision, these are exactly the types of issues that we will solve,” he said. Butch Fernandez
Tuna. . .
Editor: Angel R. Calso
Pope Leo XIV prays for peace at tomb of saint revered by Christians and Muslims in Lebanon
By Nicole Winfield, Kareem Chehayeb & Trisha Thomas The Associated Press
ANNAYA, Lebanon—Pope
Leo XIV prayed Monday at the tomb of a Lebanese saint revered among Christians and Muslims as he opened his first full day in Lebanon with a message of peace and religious coexistence in a region torn by conflict.
As bells rang out, thousands of enthusiastic Lebanese braved a morning of steady rain to line Leo’s motorcade route heading into Annaya, around 40 kilometers (25 miles) from Beirut. Some waved Lebanese and Vatican flags and tossed flower petals and rice on his covered popemobile in a gesture of welcome as it zoomed by.
Every year, hundreds of thousands of pilgrims visit the hilltop monastery of St. Maroun overlooking the sea to pray at the tomb of St. Charbel Makhlouf, a Lebanese Maronite hermit who lived from 1828 to 1898. He is known for alleged miraculous healings that have occurred after people prayed for his intercession.
Leo prayed quietly in the darkened tomb, and offered a lamp as
a gift of light for the monastery.
“Sisters and brothers, today we entrust to St. Charbel’s intercession the needs of the church, Lebanon and the world,” Leo said in French. “For the world, we ask for peace. We especially implore it for Lebanon and for the entire Levant.”
Leo’s visit to the tomb, the first by a pope, opened a busy day for history’s first American pope. He is set to meet with Catholic priests and nuns at a shrine in Harissa and then preside over an interfaith gathering alongside Lebanon’s Christian and Muslim leaders in the capital Beirut.
A message of peace in a time of turmoil
THERE , Leo was expected to ham -
ABy Nicole Winfield The Associated Press
BOARD THE PAPAL
PLANE—Pope Leo XIV
doubled down Sunday on the Holy See’s insistence on a two-state solution to resolve the Israeli-Palestinian conflict, saying in his first airborne news conference that it was the “only solution” that could guarantee justice for both sides.
Leo made the comments as he flew from Istanbul to Beirut for the second and final leg of his maiden voyage as pope. Though Leo has been fielding journalists’ questions at informal gatherings at his country house, the brief encounter marked his first news conference as pope and followed the tradition of his predecessors of using his foreign trips to engage with the media.
Because of the short flight, the news conference was limited to two questions from Turkish journalists. When Leo returns to Rome on Tuesday, the encounter will presumably be longer.
The American pope was asked about his private talks with Turkish President Recep Tayyip Erdogan upon his arrival in Ankara and whether they discussed the wars in Gaza and Ukraine.
Leo confirmed they had, and said that Turkey had an “important role to play” in both conflicts, noting that Erdogan’s government had already helped facilitate low-level negotiations between Russia and Ukraine to end the war.
“Unfortunately, we still haven’t seen a solution. But today there are new, concrete proposals for peace.” He said that the Holy See hopes that Erdogan would pursue his dialogue with Ukraine, Russia and the United States to help reach a ceasefire and end the nearly fouryear war. On Gaza, he repeated the Holy
homeland even as the rise of the Islamic State drove an exodus from communities in Iraq and Syria that dated to the time of the Apostles.
“We will stay here,” said May Noon, a pilgrim waiting for Leo outside the St. Charbel Monastery.
“No one can uproot us from this country, we must live it in it as brothers because the church has no enemy.”
POPE Leo XIV talks with Lebanese President Joseph Aoun as they meet at the Presidential Palace in Beirut, Lebanon, Sunday, Nov. 30,
mer home his core message of peace and Christian-Muslim coexistence in Lebanon and beyond at a time of conflict in Gaza and political tensions in Lebanon that are worse than they have been in years. His visit comes at a tenuous time for the tiny Mediterranean country after years of economic crises and political deadlock, punctuated by the 2020 Beirut port blast.
More recently, Lebanon has been deeply divided over calls for Hezbollah, a Lebanese militant group and political party, to disarm after fighting a war with Israel last year that left the country deeply damaged.
Leo was moving through Lebanon in a closed popemobile, a contrast with the previous Pope Fran -
cis, who eschewed bullet-proofed popemobiles throughout his 12year pontificate. Lebanese troops deployed on both sides of the road along his motorcade route.
Leo was to end the day at a rally for Lebanese youth at Bkerki, the seat of the Maronite church, where he is expected to encourage them to persevere and not leave the country like many others despite Lebanon’s many challenges.
A plea for Christians to stay LEO arrived Sunday in Lebanon from Turkey where he opened his first trip as pope. He is set to wrap up his visit on Tuesday with a prayer at the site of the 2020 Beirut port blast and a Mass on the waterfront.
In his opening speech, Leo challenged Lebanon’s political leaders to put aside their differences and work to be true peacemakers, while also urging Lebanese Christians in particular to remain in the country.
Today, Christians make up around a third of Lebanon’s 5 million people, giving the small nation on the eastern coast of the Mediterranean the largest percentage of Christians in the Middle East.
A power sharing agreement in place since independence from France calls for the president to be a Maronite Christian, making Lebanon the only Arab country with a Christian head of state.
Lebanon’s Christian community has endured in its ancestral
Bishop Antoine-Charbel Tarabay accompanied a group of 60 people from the Lebanese diaspora in Australia to welcome Leo and join in his prayer for peace but to also reinforce the Christian presence in the country.
“Even though we live abroad, we feel that we need to support young people and the families to stay here,” he said as he waited for the pope to meet with clergy in Harissa, north of Beirut. “We don’t like to see more and more people leaving Lebanon, especially the Christians.”
Tarabay said Lebanese were grateful that Leo chose to visit on his maiden voyage as pope.
“He decided to say that there we have suffering people, we have young people that are very much like at the edge of desperation,” he said. Leo, he said, decided: “I have to go there and to tell them ‘You’re not forgotten.’”
Winfield and Chehayab contributed from Beirut; Abbey Sewell contributed from Harissa.
Pope doubles down on insistence for 2-state solution to resolve Israeli-Palestinian conflict
See’s longstanding position supporting a two-state solution for Israel and the Palestinians. The creation of a Palestinian state in east Jerusalem, the West Bank and Gaza has long been seen internationally as the only way to resolve the conflict.
The Holy See had recognized a Palestinian state in 2015, but the push for a two-state solution received new impetus this year during the Israel-Hamas war in Gaza.
Several more countries formally recognized a Palestinian state during the U.N. General Assembly.
“We know that in this moment, Israel doesn’t accept this solution, but we see it as the only one that can offer a solution to the conflict that they are living in,” he said.
“We are also friends with Israel and we try with both sides to be a mediating voice that can help bring them closer to a solution with justice for all.”
There was no immediate response from the office of Israeli Prime Minister Benjamin Netanyahu. He has long asserted that creating a Palestinian state would reward Hamas and eventually lead to an even larger Hamas-run state on Israel’s borders.
Earlier this month, Netanyahu said that Israel’s opposition to a Palestinian state has “not changed one bit” and isn’t threatened by external or internal pressure.
“I do not need affirmations, tweets or lectures from anyone,” he said.
Leo had avoided any direct mention of the Gaza conflict while in Turkey. And in his brief remarks to journalists summarizing his trip so far, he omitted any reference to his visit to Istanbul’s Blue Mosque, his most visible engagement with Turkey’s Muslim majority.
Rather, Leo focused on the main reason for coming to the region: to commemorate the 1,700th anniversary of an important A.D. 325
gathering of bishops from across the Roman Empire in present day Iznik, Turkey. There, the bishops agreed on a common creed, or profession of faith.
The Nicaean Creed is still recited today by millions of Christians around the world and, despite schisms and other divisions, is a rare point of agreement among
Catholic, Orthodox and most Protestant believers.
Leo participated in a commemoration of the Council of Nicaea in Iznik and otherwise spent his time in Istanbul meeting with various Orthodox patriarchs. During a joint meeting Saturday, he proposed that they come together in an important way in 2033 in Jerusalem, to commemorate the 2,000th anniversary of Christ’s crucifixion and resurrection, as a new visible sign of their unity.
“Obviously is an event that all Christians want to celebrate,” he said. “We have years to prepare,” he added, but said the various patriarchs welcomed the proposal.
POPE Leo XIV talks to reporters aboard an aircraft on his way to Beirut, Lebanon, Sunday, Nov. 30, 2025. ANDREAS SOLARO/POOL VIA AP
A10 Tuesday, December 2, 2025
Princess Aiko’s birthday reignites debate over Japan’s male-only succession law
By Mari Yamaguchi The Associated Press
TOKYO—Japan’s beloved Princess Aiko is often cheered like a pop star.
During a visit to Nagasaki with Emperor Naruhito and Empress Masako, the sound of her name being screamed by well-wishers along the roads overwhelmed the cheers for her parents.
As she turns 24 on Monday, her supporters want to change Japan’s male-only succession law, which prohibits Aiko, the emperor’s only child, from becoming monarch.
Along with frustration that the discussion on succession rules has stalled, there’s a sense of urgency.
Japan’s shrinking monarchy is on the brink of extinction. Naruhito’s teenage nephew is the only eligible heir from the younger generation.
Experts say the female ban should be lifted before the royal family dies out, but conservative lawmakers, including Prime Minister Sanae Takaichi, oppose the change.
Aiko’s popularity boosts demand for a female monarch AIKO has gained admirers since debuting as an adult royal in 2021, when she impressed the public as intelligent, friendly, caring and funny.
Support for Aiko as a future monarch increased following her first solo official overseas trip to Laos in November, representing the emperor. During the six-day visit, she met with top Laotian officials, visited cultural and historical venues and met with locals.
Earlier this year, Aiko accompanied her parents to Nagasaki
and Okinawa. She has followed the example set by her father, who places great importance on passing down the tragedy of WWII to younger generations.
“I have always been rooting for Princess Aiko to be crowned,” said Setsuko Matsuo, an 82-yearold atomic bombing survivor who came to Nagasaki’s peace park hours before Aiko and her parents’ scheduled arrival in the area. “I like everything about her, especially her smile...so comforting,” she told The Associated Press at the time.
Mari Maehira, a 58-year-old office worker who waited to cheer Aiko in Nagasaki, said she has seen Aiko grow up and “now we want to see her become a future monarch.”
The princess’ popularity has triggered some to pressure legislators to change the law.
Cartoonist Yoshinori Kobayashi has written comic books that push for a legal change to allow Aiko to become monarch, which supporters keep sending to parliamentarians to raise awareness and get their backing for the cause.
Others have set up YouTube channels and distributed leaflets to gain public attention on the issue.
Ikuko Yamazaki, 62, has been using social media to advocate for the succession of the emperor’s first child regardless of gender.
She says not having Aiko as a successor and the insistence on male-only monarchs will cause
the monarchy to die out.
“The succession system conveys the Japanese mindset regarding gender issues,” Yamazaki said. “I expect having a female monarch would dramatically improve women’s status in Japan.”
Aiko’s upbringing
THE popular princess was born on Dec. 1, 2001.
Soon after giving birth to Aiko, her mother, Harvard-educated former diplomat Masako, developed a stress-induced mental condition, apparently due to criticism for not producing a male heir, from which she is still recovering.
Aiko was known as a bright child who, as a sumo fan, memorized wrestlers’ full names.
However, she also had faced difficulties: As an elementary school girl, she briefly missed classes because of bullying. As a teenager, she appeared extremely thin and missed classes for a month.
In 2024, Aiko graduated from Gakushuin University, where her father and many other royals studied. She has since participated in her official duties and palace rituals while also working at the Red Cross Society. On weekends, she enjoys taking walks with her parents and playing volleyball, tennis and badminton with palace officials.
Japan’s monarchy is at a ‘critical state’ THE 1947 Imperial House Law only allows male-line succession and forces female royals who marry commoners to lose their royal status.
The rapidly dwindling Imperial Family has 16 members, down from 30 three decades ago. All are adults.
Naruhito has only two potential younger male heirs, his
60-year-old younger brother, Crown Prince Akishino, and Akishino’s 19-year-old son, Prince Hisahito. Prince Hitachi, former Emperor Akihito’s younger brother and third in line to the throne, is 90.
Akishino acknowledged the aging and shrinking royal population, “but nothing can be done under the current system.”
“I think all we can do right now is to scale back our official duties,” he told reporters ahead of his 60th birthday Sunday.
Last year, the crown prince noted that royal members are “human beings” whose lives are affected by the discussion, a nuanced but rare comment. He has seen no change, though palace officials have sincerely taken his remark, Akishino said Sunday.
Aiko had also previously said she is aware of the declining royal population, but could not comment on the system. “Under the circumstances, I hope to sincerely serve every official duty and help the emperor and the empress, as
Bangladesh’s ex-leader Hasina and niece, British lawmaker Tulip Siddiq, found guilty of corruption
By Julhas Alam The Associated Press
DHAKA, Bangladesh—
A court in Bangladesh’s capital sentenced ousted Prime Minister Sheikh Hasina to five years in prison and her niece, British Labour Party lawmaker Tulip Siddiq, to two years in prison Monday for corruption involving a government land project.
Rabiul Alam, the judge of Dhaka’s Special Judge’s Court, said Hasina misused her power as prime minister while Siddiq was guilty of corruptly influencing her aunt in helping her mother and two siblings get a land plot in a government project. Siddiq’s mother, Sheikh Rehana, was given seven years in prison and was considered the prime participant in the case. The judge also fined the three $813 each and ordered the cancellation of the allotted plot for Rehana.
There are 14 other suspects.
Khan Mohammed Mainul Hasan, the corruption watchdog’s prosecutor, said they had sought life in prison for the prime defendants.
“We expected life sentences, (but) that did not happen. We will consult with the commission for our next course of action,” he said. Hours after Monday’s verdict, Hasina’s Awami League party in a
statement sent to The Associated Press said the verdict was “entirely predictable,” and that the anticorruption watchdog body “itself is a political mechanism used for political ends.”
“The allegations against Sheikh Hasina, her sister, and many others including members of her immediate and wider family are firmly denied...The process fails to pass any reasonable test of judicial fairness—a point that has been made forcefully by both local and international legal experts,” the statement said.
The prosecution said Siddiq was tried as a Bangladeshi citi -
zen and authorities said they obtained a passport, her national identity card and tax number.
But Siddiq disputed the claim and said she is a British citizen, not a Bangladeshi citizen. Siddiq, who represents London’s Hampstead and Highgate areas in Britain’s Parliament, had earlier denied the allegations and said the trial was a farce built on “fabricated accusations and driven by a clear political vendetta.”
In January, Siddiq resigned as a government minister in the Cabinet of Prime Minister Keir Starmer under pressure because of her ties to her aunt. Siddiq had said she
had been cleared of wrongdoing but was quitting as economic secretary to the Treasury because the issue was becoming “a distraction from the work of the government.”
Hasan, the prosecutor, said Monday they would reach out to the British government through Bangladesh’s Ministry of Foreign Affairs regarding Siddiq’s verdict.
Hasina was sentenced to death in November for crimes against humanity involving the crackdown on the mass uprising that ended her 15-year rule last year. She lives in exile in India, and all of her trials have been conducted in absentia.
She and the others in the case decided Monday did not appoint any defense lawyers to represent them.
Rehana is staying outside the country and Siddiq’s two siblings are also abroad as they face other charges involving last year’s uprising.
In three separate cases involving the same township project, a separate court on Nov. 27 sentenced Hasina to 21 years in jail. Hasina’s son and daughter were also sentenced to five years in jail each by the court in that case.
The country is now run by an interim government headed by
well as other members of the Imperial Family.”
The shortage of male successors is a serious worry for the monarchy, which some historians say has lasted for 1,500 years. It’s also a reflection of Japan’s broader problem of a rapidly aging and shrinking population.
“I think the situation is already critical,” said Hideya Kawanishi, a Nagoya University professor and expert on monarchy. Its future is totally up to Hisahito and his potential wife’s ability to produce a male offspring. “Who wants to marry him? If anyone does, she would endure enormous pressure to produce a male heir while performing official duties at a superhuman capacity.”
Hisahito must carry the burden and the Imperial Family’s fate by himself, former Imperial Household Agency chief Shingo Haketa said in a Yomiuri newspaper article this year. “The fundamental question is not whether to allow a male or female succession line but how to save the monarchy.”
Japan’s male-only succession system is relatively new JAPAN traditionally had male emperors, but there have also been eight female monarchs. The last was Gosakuramachi, who ruled from 1762 to 1770.
The male-only succession rule became law in 1889 and was carried over to the postwar 1947 Imperial House Law.
Experts say the system had only previously worked with the help of concubines who, until about 100 years ago, produced half of the past emperors.
The government proposed allowing a female monarch in 2005, but Hisahito’s birth allowed nationalists to scrap the proposal.
The unfruitful search for a male successor IN 2022, a largely conservative expert panel called on the government to maintain its maleline succession while allowing female members of the family to keep their royal status after marriage and continue their official duties. The conservatives also proposed adopting male descendants from defunct distant branches of the royal family to continue the male lineage, an idea seen as unrealistic.
The United Nations women’s rights committee in Geneva urged the Japanese government last year to allow a female emperor, saying that not doing so hindered gender equality in Japan.
Japan dismissed the report as “regrettable” and “inappropriate,” saying the imperial succession is a matter of fundamental national identity.
“Though it’s not spelled out, what they’re saying is clearly in favor of male superiority. That’s their ideal society,” Kawanishi, the professor, said.
Hong Kong authorities say netting on buildings that caught
By Chan Ho-Him & David Rising
Diplomats strive to bridge Russian, Ukrainian ‘red lines’ as US peace plan gains momentum
By Dasha Litvinova & Isobel Koshiw The Associated Press
DIPLOMATS face an uphill battle to reconcile Russian and Ukrainian “red lines” as a renewed US-led push to end the war gathers steam, with Ukrainian officials attending talks in the US over the weekend and Washington officials expected in Moscow early this week.
US President Donald Trump’s peace plan became public last month, sparking alarm that it was too favorable to Moscow. It was revised some following talks in Geneva between the US and Ukraine a week ago.
Ukraine’s President Volodymyr Zelenskyy has said the revised plan could be “workable.” Russian President Vladimir Putin called it a possible “basis” for a future peace agreement. Trump said Sunday “there’s a good chance we can make a deal.”
Still, officials on both sides indicated a long road ahead as key sticking points—over whether Kyiv should cede land to Moscow and how to ensure Ukraine’s future security—appear unresolved.
A look at where things stand and what to expect this week: US holds talks with Kyiv then Moscow TRUMP representatives met the Ukrainian officials over the weekend and plan to meet with the Russians this week.
Hong
Kong. . .
Continued from A10 money at the expense of people’s lives,” he told reporters.
Chris Tang, Hong Kong’s Secretary for Security, said investigators initially hadn’t been able to reach certain areas, which led to the new findings.
“Because the fire is now out, we have been able to get to places that were not easily accessible before to take samples,”
Donations for survivors of the fire had reached 900 million Hong Kong dollars (US$115 million) as of Monday, authorities said, as a steady stream of people placed flowers, cards and other tributes at a makeshift memorial near the burned-out block of buildings.
“When something happens, we come out to help each other, “ said Loretta Loh, after paying her regards at the site. “I have a heavy heart.”
Some 4,600 people lived in the Wang Fuk Court complex in the suburb of Tai Po.
Hong Kong police Disaster Victim Identification Unit staff went through five of the burned buildings but only made partial progress through the remaining two, said Tsang Shuk-yin, head of Hong Kong police’s casualty enquiry unit. Teams were assessing the safety of the other buildings, including the one that caught fire first and suffered the worst damage.
On Monday they recovered another eight bodies, including three firefighters found earlier but could retrieve. Dozens of people remain unaccounted for, but some are likely among the 39 bodies not yet
Ukraine’s national security council head Rustem Umerov, the head of Ukraine’s armed forces Andrii Hnatov, presidential adviser Oleksandr Bevz and others met with US officials for about four hours on Sunday. US Secretary of State Marco Rubio said the session was productive but more work remains. Umerov praised the US for its support but offered no details. Zelenskyy’s former chief of staff and former lead negotiator for Ukraine, Andrii Yermak, resigned Friday amid a corruption scandal and is no longer part of the negotiating team. It was only a week ago that Rubio met with Yermak in Geneva, resulting in a revised peace plan.
Trump said last week that he would send his envoy Steve Witkoff to Russia. Kremlin spokesman Dmitry Peskov confirmed Putin will host Witkoff for talks “in the first half” of the week. Trump suggested he could eventually meet with Putin and Zelenskyy, but not until there has been more progress.
identified, Tsang said. “We will have to wait until we get through all seven blocks before we can make a final report,” she said.
The donations and 300 million Hong Kong dollars ($38.5 million) in start-up capital from the government will be used to help victims rebuild their homes and provide long--term support, local officials said. The government has also given survivors cash subsidies to help with expenses, including funerals, and is working to find them housing.
By Monday, 683 residents had found places in local hotels and hostels, and another 1,144 moved into transitional housing units.
Two emergency shelters remained open for others, authorities said. The complex’s buildings were all clad in bamboo scaffolding draped with nylon netting for external renovations. Windows were covered with polystyrene panels.
Residents had complained for almost a year about the netting, Hong Kong’s Labor Department said. It confirmed officials had carried out 16 inspections of the renovation project since July 2024 and had warned contractors multiple times in writing that they had to meet fire safety requirements. The latest inspection was just a week before the fire.
Hong Kong’s anti-corruption agency has arrested 11 people, including the directors and an engineering consultant of a construction company. A growing number of people have been questioning whether government officials should also be held responsible.
“People are angry and think that the HK (Hong Kong) government should be accountable,” said
Witkoff’s role in the peace efforts came under scrutiny last week following a report that he coached Yuri Ushakov, Putin’s foreign affairs adviser, on how Russia’s leader should pitch Trump on the Ukraine peace plan. Both Moscow and Washington downplayed the significance of the revelations.
Where the two sides stand EAGER to please Trump, Kyiv and Moscow have ostensibly welcomed the peace plan and the push to end the war. But Russia has continued attacking Ukraine and reiterated its maximalist demands, indicating a deal is still a ways off.
Putin implied last week that he will fight as a long as it takes to achieve his goals, saying that he will stop only when Ukrainian troops withdraw from all four Ukrainian regions that Russia illegally annexed in 2022 and still doesn’t fully control. “If they don’t withdraw, we’ll achieve this by force. That’s all,” he said.
The plan, Putin said, “could form the basis for future agreements,” but it is in no way final and requires “a serious discussion.”
Zelenskyy has refrained from talking about individual points, opting instead to thank Trump profusely for his efforts and emphasizing the need for Europe –whose interests are more closely aligned with Ukraine’s – to be involved. He also has stressed the importance of robust security guarantees for Ukraine.
The first version of the plan granted some core Russian demands that Ukraine considers nonstarters, such as ceding land to Moscow that it doesn’t yet occupy and renouncing its bid to become a member of NATO.
Jean-Pierre Cabestan, a locallybased political scientist and senior research fellow at the Paris-based Asia Centre think tank.
But the leeway for dissent is limited in the former British colony, which came under Chinese control in 1997 and increasingly has moved to quiet public criticism on national security grounds.
“There are rumors being spread by bad people giving fake news about the firefighters not employing the correct tactics to fight the fire, or victims being charged 8,000 Hong Kong dollars a night to stay in hotels - these are all false,” Tang said.
“We will arrest these rumor mongers.”
On Saturday, the Office for Safeguarding National Security blasted what it called “evil schemes” that had “the ulterior motives of using the disaster to create trouble and disrupt Hong Kong.” It did not give specifics.
On Saturday, a man who helped organize an online petition calling for government accountability was arrested on suspicion of sedition, local media including HK01 and Sing Tao Daily reported. Two others were arrested on Sunday, including a volunteer who offered help in Tai Po after the fire broke out, the same outlets reported.
Cabestan said Hong Kong officials were operating like authorities in mainland China, forestalling protests before they might develop.
Police would not comment specifically on the arrests, telling The Associated Press only that “police will take actions according to actual circumstances and in accordance with the law.”
Zelenskyy has said repeatedly that giving up territory is not an option. One of the Ukrainian negotiators, Bevz, told The Associated Press on Tuesday that Ukraine’s president wanted to discuss the territory issue with Trump directly. Yermak then told The Atlantic in an interview on Thursday that Zelenskyy would not sign over the land.
Zelenskyy also maintains that NATO membership is the cheapest way to guarantee Ukraine’s security, and NATO’s 32 member countries said last year that Ukraine is on an “irreversible” path to membership. Since he took office, Trump has made it clear that NATO membership is off the table.
Moscow, in turn, has bristled at any suggestion of a Western peacekeeping force on the ground in Ukraine, and stressed that keeping Ukraine out of NATO and NATO out of Ukraine was one of the core goals of the war.
Putin seems to have time on his side
ZELENSKYY, meanwhile, has been under pressure at home.
Yermak’s resignation was a major blow for Zelenskyy, although neither the president nor Yermak have been accused of wrongdoing by investigators.
“Russia really wants Ukraine to make mistakes. There won’t be mistakes on our side,” Zelenskyy said. “Our work continues, our struggle continues. We don’t have a right not to push it to the end.”
An activist with Ukraine’s nongovernmental Anti-Corruption Center, Valeriia Radchenko, said letting go of Yermak was the right decision and would open a “window of opportunity for reform.”
Putin, meanwhile, seeks to project confidence, boasting of Russia’s advances on the battlefield.
The Russian leader “feels more confident than ever about the battlefield situation and is convinced that he can wait until Kyiv finally accepts that it cannot win and must negotiate on Russia’s wellknown terms,” Tatiana Stanovaya of the Carnegie Russia and Eurasia Center wrote on X. “If the Americans can help move things in that direction—fine. If not, he knows how to proceed anyway. That is the current Kremlin logic.”
Europe’s conundrum NATO and the EU are holding several meetings this week focused on Ukraine. NATO SecretaryGeneral Mark Rutte is hosting Ukrainian Defense Minister Denys Shmyhal for talks in Brussels on Monday, and EU defense and
foreign ministers are gathering to discuss European military support for Ukraine and Europe’s defense readiness.
On Wednesday, NATO foreign ministers will gather again in Brussels.
The main issue for the EU right now is what to do with the frozen Russian assets in Belgium that the Trump peace plan in its initial version sought to use for post-war investment in Ukraine.
Those funds are central to European Commission President Ursula von der Leyen’s strategy to ensure continued help for Ukraine while also maintaining pressure on Russia. But Belgium’s prime minister is holding out, worried about the legal implications of tapping the frozen assets for Ukraine, the impact that could have on the euro—and of Russian retaliation. The diplomacy set in motion by Trump’s peace plan “painfully exposed” Europe’s weakness, Nigel Gould-Davies of the International Institute for Strategic Studies wrote in a recent commentary.
“Despite being the main source of Ukraine’s economic and military support, it is marginal to the diplomacy of the war and has done little more than offer amendments to America’s draft peace plan,” Gould-Davies wrote.
Turning plastic waste into valuable resources
THE global plastic crisis is a towering monument to human consumption, with oceans choking, landfills overflowing, and ecosystems under siege. In this grim landscape, the Philippines, unfortunately, stands as a significant contributor, generating a staggering 2.7 million tons of plastic waste annually and ranking as one of the world’s largest source of marine plastic pollution. In the face of this daunting challenge, the Philippine Nuclear Research Institute (PNRI) offers an innovative and potentially transformative solution: a vision for a circular economy. (Read the BusinessMirror story—‘“Nuke’ it: Plastic waste recycling gets a boost,” November 30, 2025).
The Post-Radiation Reactive Extrusion of Plastic Wastes (PREx Plastic) Project, led by PNRI in collaboration with its private sector partner Envirotech Waste Recycling Inc., marks a significant turning point. It’s not merely about recycling; it’s about upcycling—transforming low-value, commonly discarded plastics into high-value, construction-grade materials.
The results are nothing short of remarkable. Laboratory and pilot-scale tests have consistently demonstrated a significant improvement in the mechanical properties of treated plastics. Envirotech President Winchester Lemen reports measurable gains: flexural strength, a crucial indicator of a material’s ability to bend without breaking, soared by 53 percent, while compressive strength, its resistance to crushing, increased by approximately 50 percent. These are not marginal improvements; they are game-changers, elevating what was once considered trash to a durable, reliable resource capable of competing with traditional construction materials like wood and concrete.
What makes PREx particularly compelling is its elegance and efficiency. Unlike many recycling processes that rely on additional chemicals or hightemperature catalysts, PREx utilizes radiation, making it a cleaner and potentially more sustainable approach.
The implications of this breakthrough are far-reaching. Environmentally, PREx offers a powerful weapon against plastic pollution, reducing the burden on landfills, mitigating marine plastic contamination, and potentially lowering carbon emissions associated with virgin material production. Economically, it creates new revenue streams, fosters job creation in sorting and processing, and elevates the income potential for waste pickers—those often-overlooked heroes at the front lines of waste management. Socially, the potential is immense, as demonstrated by the unveiling of the “Experimental Plastic House” prototype. While still experimental, this structure showcases the viability of converting waste into essential building components like tiles, planks, boards, and bricks, potentially addressing housing challenges in a sustainable manner. This initiative aligns perfectly with the Department of Science and Technology’s “Science, Technology, and Innovation for Circular Economy” framework, which seeks to shift mindsets from “waste” to “value.” As Secretary Renato U. Solidum Jr. aptly puts it, “If you see plastic as money, you won’t throw it away.” This fundamental shift, combined with robust scientific innovation and strategic industry partnerships, is the engine driving this transformation.
The PREx project also underscores the vital role of international collaboration, being a leading component of the International Atomic Energy Agency’s (IAEA) NUTEC Plastics initiative. The Philippines is not just participating; it is leading global efforts in plastics upcycling, demonstrating how nuclear science can be harnessed for environmental good.
However, as PNRI Director Dr. Carlo Arcilla rightly points out, scaling remains a critical hurdle. The specialized irradiation facilities required for the PREx process are not yet widespread. While one private facility exists, more will be needed to fully integrate these materials into existing markets and unlock their full potential. This calls for continued investment, policy support, and a concerted effort to build the necessary infrastructure.
The PREx Plastic Project is a testament to human ingenuity, a blueprint for sustainable development, and a powerful reminder that with vision, collaboration, and scientific prowess, even our most intractable problems can be transformed into opportunities for a radiant, circular future. The Philippines is showing the world that plastic waste doesn’t have to be an insurmountable problem, but rather a valuable resource waiting to be unlocked. It’s time for industries, policymakers, and communities to embrace this vision and collectively build a future where waste is truly a thing of the past.
Opinion
The high cost of connectivity
TOUTSIDE THE BOX
HIS is one of those issues that affects all of us, a corruption of a different type. We live in an era where every downloaded application promises convenience while quietly stealing our attention and time. What once felt like freedom now can feel like slavery. Look at traffic crawling down EDSA, and you will see the glow of screens in every lane and the same neck tilting down on every pedestrian.
We did not just embrace the digital life. We surrendered to it. Now we are dealing with the consequences.
Filipinos remain online for an average of nearly nine hours a day, more than two hours above the global average. Social media alone consumes over three hours. If mindless scrolling were a competitive sport, this country would be a winner. What people call digital fatigue is simple arithmetic: Hours (many) multiplied by stimulation (constant) multiplied by rest (none).
Science has been warning us for years. Excessive screen time is tied to anxiety, irritability, attention problems, and broken sleep. The Cureus Journal of Medical Science uses the term “technostress” to describe that familiar feeling when the mind starts spinning even after you put the phone down.
Technostress mixes with FOMO,
T. Anthony C.
Eduardo A. Davad
D. Edgard A. Cabangon
the Fear Of Missing Out, which is a polite way of saying people panic at the thought of being disconnected for even 10 minutes. In Manila, you can see it every time an office worker checks email at 10:30 p.m. because silence in a group chat feels like a trap. A joint study from three Turkish universities shows the problem cuts across nearly every form of digital interaction.
After-hours office messages feel like loyalty tests. The workday ends only when the last Viber group stops buzzing.
Recent research from the University of Applied Sciences makes the point with scientific bluntness. “Put down the phone and back away slowly” or “Digital Detoxing” is critical because chronic connectivity and screen exposure elevates cortisol (the hormone regulating the body’s stress response), disrupts sleep, impairs
attention, and can fuel anxiety and depression. The body keeps score— says psychiatrist Bessel van der Kolk —even when the mind insists it is “just five more minutes.”
When this old man is crankier than usual, one son or another is sure to say, “Get off X Dad. Now you’re stressing us out.”
Digital detoxing sounds like the obvious fix. Log off, calm down, return refreshed. The problem is that it rarely works for long. The trouble with the digital detox trend is that it treats the symptom, not the circuitry behind it.
Studies show people actually feel better for a few days after being offline but drift back to old patterns almost immediately. Neuroscientist Emma Louth Als explains why. Screen use is not like a light switch. It is a deeply ingrained routine shaped by repetition, reward, and boredom.
A weekend away from Wi-Fi cannot undo habits built over a decade. Switching from Facebook on your phone to Viber on your laptop is not detoxing.
So how do we step back without deleting our online life?
Psychologist Nick Bach suggests simple guardrails like a screenless first hour of the day. My own first attempt lasted 20 minutes until Viber demanded proof of life. Bach says no phone during meals. But what if something happened to someone I do not know 12,000 miles away? How would humanity survive without my input? Check email only at set times instead of reacting like a
smoke detector. Bach’s suggestions are valid but feel small compared to the scale of the problem. But sometimes simple answers can solve big problems. For Filipinos the digital load is heavier because almost everything funnels through the phone. Bills, banking, classes, work, deliveries, even barangay announcements. Stepping back feels irresponsible, even reckless.
Psychologists argue the opposite. Life improves when we impose boundaries.
Behavioral healthcare practitioner Cainan Oliver says people are starting to crave stillness more than stimulation and it is no longer a luxury. It is a survival skill. The numbers, the science, the stories in every household show the cost of letting our screens run our days. If we want our minds back, we need boundaries that mean something. Real rules that protect the parts of life technology cannot replace. The challenge is not to delete our digital world. It is to stop letting it shape our thinking, our sleep, and our sense of self. Every time we choose to step away, we remind ourselves that attention is ours to keep, not theirs to claim. That is the real detox. That is the skill worth learning again.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
Japanese firms scale back investment as tariff headwinds hit
By Erica Yokoyama
businesses trimmed back capital spending over the summer after five straight quarters of gains, in a sign of cooling corporate sentiment as higher US tariffs take a toll on a sputtering economy.
Capital expenditure on goods excluding software edged down 0.3 percent from the previous quarter in the three months through September even as corporate profits jumped by the most in two years, the Finance Ministry reported on Monday. In the preliminary gross domestic product report, corporate investment was reported to have expanded by 1 percent.
Monday’s figures will be factored into revisions made to third-quarter gross domestic product data due December 8. The preliminary report showed that the nation’s economy contracted 1.8 percent from the previous quarter, the first decline in six quarters.
“Looking at the downward revision in capital investment alone, there’s a good chance the overall growth rate will be revised deeper into negative territory,” said Takeshi
Minami, chief economist at Norinchukin Research Institute. He sees the revised business spending in the GDP report getting lowered to around zero following Monday’s data.
Prime Minister Sanae Takaichi last month unveiled the largest stimulus package for the economy since pandemic restrictions were eased, allocating roughly ¥1.6 trillion to support business spending. The government highlighted AI, chips and shipbuilding among sectors where it aims to drive further investment with an eye on economic security as well as supporting growth.
The latest report showed investment including software rose 2.9 percent compared with a year earlier, weaker than a median estimate of 6 percent. While sales only inched up 0.5 percent from a year earlier, profits jumped 19.7 percent. That
jump offers hope that companies will continue to raise wages, a key factor watched by the Bank of Japan as it considers the timing of its next interest rate hike. Still, the paring back of investment also points to growing caution in the corporate sector.
A slide in corporate spending partly reflects rising caution among Japanese firms as they cope with challenges including US President Donald Trump’s tariffs.
Under an agreement reached in July and implemented in September, Washington fixed tariffs on imports of all Japanese goods at 15 percent.
While that rate is lower than the initially threatened 25 percent, it’s still well above levels before Trump began his second term. Japan’s exports to the US fell by more than 10 percent from a year earlier during the summer period.
Stronger corporate activity would be welcomed by the BOJ as it seeks to confirm a virtuous cycle linking rising wages to demand-driven inflation. After securing the biggest wage gains in 34 years in negotiations that concluded in March, the nation’s biggest trade union federation has set the same targets for the coming
round of talks.
In its latest outlook report, the BOJ said nominal wages are expected to keep rising as labor shortages force employers to compete for staff, although the pace may slow owing to fewer increases of women or elderly workers. Fixed investment is likely to continue rising, the bank said. The bank’s board will deliver its next policy decision on December 19, with BOJ watchers increasingly seeing the gathering as a potential window for a rate hike. In particular, attention is focused on whether the auto companies will be able to keep up the pace of wage increases. The sector can serve as a pace setter for other industries, but many of them have been trying to absorb a large portion of Trump’s tariffs to keep sales volume intact. So while recurring profits surged overall, for the transportation sector they fell 14 percent from a year earlier. Still, amid persistent labor shortages, Minami said he expected steady wage gains to continue, especially among younger workers and that will support inflation and the logic for BOJ rate hikes. Bloomberg
John Mangun
A call for partnership: The Philippines’ commitment to a safer, sustainable maritime future
On November 28, 2025, the Philippines was re-elected to the International Maritime Organization Council under Category C for the 2026–2027 Biennium, reaffirming its vital role in shaping global maritime policy and advancing seafarer welfare. Below is the statement of the Philippine candidature, presented by Ambassador Teodoro L. Locsin Jr.
Excellencies,
The Philippines stands before you today with pride, purpose, and partnership in its heart, to renew our candidature to the International Maritime Organization Council under Category C for the biennium 2026–2027.
As we seek a seat on the Council, we renew our unwavering commitment to ensure that the seas that connect us must be seas of safety, sustainability, and shared growth, prosperity and a better life for those who sail them.
For decades, the Philippines lies at the heart of the global maritime industry, representing approximately 25 percent of the global maritime workforce, the largest nationality serving the international merchant fleet. One in every five seafarers in the world is Filipino. They are vital constituents of international shipping, keeping trade dynamic, ports operating, and economies afloat in the most turbulent times. Their skill, discipline, and resilience are a testament to our maritime heritage shared by us all.
Our commitment goes beyond manpower. As a proud member of the IMO since 1964, IMO council since 1997, the Philippines continues to champion maritime safety, maritime security, marine search and rescue; and marine environment protection. We have strengthened our maritime education and training systems, advanced our sustainable port development, and aligned our domestic policies with the IMO’s marine environment protection.
As an archipelagic nation and a responsible maritime partner, we
Opinion
TAX LAW FOR BUSINESS
AI in transfer pricing: How Artificial Intelligence is transforming transfer pricing compliance and analysis
Abring to the Council a perspective, grounded in experience, shaped by vulnerability, and driven by hope. We live the realities of the sea every day. We understand that protecting maritime routes is not just about securing trade, but about safeguarding people, ecosystems, and the prospect of inclusive growth.
If entrusted once again with your confidence, the Philippines pledges to:
Advance and promote the human rights, safety and well-being of seafarers as enshrined in the Manila Declaration of September 2025; respect for navigational rights; and just transition in a changing maritime landscape;
Support innovation and cooperation in achieving the IMO’s environmentally sound maritime shipping and uphold its mandate for safe, secure, and sustainable shipping aligned to international law, especially, the UNCLOS; and Promote a genuinely inclusive and equitable global maritime community, where every voice, loud or soft, coastal or landlocked, is heard and its contributions valued.
Excellencies, The Philippines offers not only its membership to the Council, but its vision of a maritime world safer, more sustainable, and more equitable for all, anchored in steadfast commitment to multilateralism.
With humility and resolve, we ask for your continued trust and support for the Philippine candidature to the IMO Council, Category C, for 2026–2027.
Thank you.
China’s currency push gains ground as Russia nears yuan bond
RUSSIA is inching closer to its first yuan-denominated sovereign bond sale, aiding China’s push to raise the global standing of its currency. Russia’s Finance Ministry will start taking orders on Dec. 2 for the two-part, domestically traded notes. The borrower is expected to market the new debt with a targeted coupon of 6.25 percent to 6.5 percent for the 3.2-year tranche, the Interfax news agency reported, adding that coupon for the 7.5-year portion will be capped at 7.5 percent. Running a deficit but denied access to dollar and euro funding, Moscow has incentives to raise yuan debt as a surge in its trade surplus with China has left local exporters with a glut of the Chinese currency. The bond sale also marks a step forward in Beijing’s pursuit of a global currency more compatible with its economic and political influence.
“This move is an important demonstration of localized application of yuan internationalization and is a key indicator of the evolving global financial landscape,” said Helena Fang, an analyst at China Chengxin International Credit Rating Co. “From a long-term perspective, Russia’s issuance of yuan sovereign bonds drives a structural shift in the dedollarization trend.”
Russia’s idea of selling domestic sovereign debt in yuan dates from 2015, the year after the annexation of Crimea triggered sanctions that locked some local firms out of global capital markets. The war in Ukraine since 2022 has further isolated Moscow internationally, leaving China one of its few economic and financial lifelines.
China’s trade deficit with Russia climbed to $19 billion in the first 10 months of this year, the highest for the period since 2022, Chinese customs figures show. While Chinese purchases of Russian energy products remained steady, higher tariffs this year caused a
slump in auto imports from China.
That has left a surplus of yuan notes in the hands of Russian firms that have limited domestic investment options for the Chinese currency. While Russian companies have started selling locally listed yuan bonds in recent years, the lack of a sovereign benchmark remains a hurdle for growth.
“Russian corporate borrowers need reference points on the yield curve to price their debt instruments more efficiently,” said Eduard Jabarov, head of capital markets at Sberbank.
For Beijing, Russia’s debut yuan bond adds to a record 13 billion yuan raised this year by foreign governments including Hungary, Indonesia and Sharjah in the United Arab Emirates, Bloombergcompiled data show.
The growing appetite among sovereign issuers to borrow in the Chinese currency comes as offshore yuan bond issuance and foreign entities’ use of yuan debt financing inside China both have expanded in recent years. Sales of dim sum bonds, which are notes denominated in the offshore yuan, have totaled 855 billion yuan so far this year, already surpassing 2024’s full-year record, Bloomberg-compiled data show. Issuance of panda bonds, or yuan debt sold by foreign borrowers in China’s onshore market, also hit an unprecedented 195 billion yuan in 2024 before dropping slightly this year. Meanwhile, the broader momentum of yuan borrowings by foreign entities continues to look strong, with Kazakhstan’s state-owned oil producer planning its debut dim sum bond and Kenya eying a deal to convert its dollar debt for Chinese currency loans. Slovenia and Pakistan also have announced intentions to borrow in yuan. With assistance from Evgenia Pismennaya, Fran Wang, Yuling Yang, Olga Voitova and Yuliya Fedorinova/ Bloomberg
By Joanne Lesley Padilla
S a transfer pricing professional, I have long been hesitant to fully embrace AI, especially with the growing perception that it may eventually take over parts of our practice. My reservations, however, do not change the reality that is becoming increasingly clear—AI is here, and it is reshaping our profession.
While my initial reaction was to view AI as a threat, I have come to see that it offers a silver lining. In this article, I will share why AI should be regarded as a partner rather than a competitor, and what this transformation means for TP professionals.
1) Introduction
Digitalization is no longer a distant concept— it is already reshaping the way we live and conduct business. The Covid-19 pandemic accelerated this shift, pushing, if not compelling, multinational enterprises to rely heavily on digital tools to move goods and deliver services in an environment where face-to-face interactions were limited. While digitalization has continued to transform businesses into more agile entities, it has also brought with it another set of transfer pricing risks—especially issues involving intellectual property (IP).
At the center of this digital transformation is Artificial Intelligence (AI). AI is rapidly redefining how businesses operate, and the field of transfer pricing is no exception. Traditionally, transfer pricing analysis has been a labor-intensive process —from crafting search strategies, to screening companies, to identifying and selecting comparables. These tasks are repetitive, timeconsuming, and often prone to human error. With the introduction of AI, many of these routine processes can now be streamlined, accelerating turnaround times and significantly reducing the likelihood of mistakes. This allows transfer pricing professionals and tax authorities alike to focus their efforts on more complex, judgment-based issues that require human expertise.
The benefits of AI are clear. Yet its rise brings forward important questions: Should we rely entirely on AI-generated outputs? And equally important—where do we, as professionals, fit into this evolving landscape?
2) Current challenges in traditional transfer pricing in the Philippines
Traditional transfer pricing work remains heavily manual, especially in jurisdictions like the Philippines where data availability is limited. A typical benchmarking cycle involves:
a. Data gathering
b. Search process
c. Determination of the arm’s length range
d. Documentation
Among these, the search process —or comparability analysis—is the most time-consuming and errorprone. This phase requires selecting and screening hundreds of companies in a dataset, often around 350, to identify which ones qualify as comparables. Once selected, the financial statements of these companies must then be retrieved from the Philippine Securities and Exchange Commission before calculating the arm’s length range.
Commercial databases such as Bureau van Dijk’s TP Catalyst help automate parts of this search process, and recent AI-driven enhancements have made screening and refining comparables significantly more efficient. However, Philippine financial data in TP Catalyst remains largely outdated or unavailable. As a result, practitioners often resort to regional comparables—a challenge in itself, given the tax authority’s preference for local comparables whenever possible. Practitioners must justify the use of foreign datasets, provide detailed screening procedures, and support every analytical judgment.
Aside from the issues on the search process, the preparation of transfer pricing documentation depends heavily on judgement. Functional analyses, method selection rationales, comparability narratives, and economic conclusions vary significantly across transfer pricing advisors, resulting in inconsistencies that demand extensive review. AI helps bridge these gaps. By automating routine tasks, enhancing consistency, and reducing the risk of human error, AI allows transfer pricing professionals to focus on strategic interpretation, defensible analysis, and audit-ready documentation.
3) Key applications of AI in transfer pricing
The previous sections outlined the challenges of traditional transfer pricing processes. This section, in contrast, highlights how AI addresses these issues and the benefits it brings across the transfer pricing workflow.
a. Automated Benchmarking & Comparable Screening
AI algorithms can:
n Read and extract financial information faster from large datasets.
n Classify companies into industry codes more accurately.
n Apply inclusion/exclusion criteria consistently across years.
n Generate comparable tables, PLI calculations, and statistical ranges automatically.
n Re-run updated searches for financial updates.
AI’s predictive capabilities can significantly shorten turnaround times.
AI-assisted searches also help reduce the risk of inconsistencies when reviewing the business descriptions of companies in a search set.
b. FAR Analysis Automation
AI can assist in organizing data for functional analysis, detecting inconsistencies in entity characterization, and even suggesting improvements in the functions-assets-risks (FAR) matrix. It can also support practitioners in mapping value creation, particularly in TP studies involving intellectual property.
However, AI outputs are not 100% accurate. Because AI relies solely on the information provided to it, its reliability is only as strong as the data it receives. FAR analysis also requires significant professional judgment— something AI cannot fully replicate.
c. Drafting of TP Documentation
AI can assist in drafting key sections of transfer pricing documentation, including executive summaries, industry overviews, benchmarking narratives, methodology explanations, functional analyses, and conclusions. Templates can also be preprogrammed to follow BIR-required formatting. While human review remains essential, AI significantly reduces the time needed to prepare these sections.
4) Limitations
While the advantages of AI in transfer pricing are undeniable, practitioners must still proceed with caution when using it. AI should be viewed as a complementary tool rather than a substitute, as transfer pricing continues to rely heavily on professional judgment and nuanced economic reasoning. AI cannot replicate the analytical thought process required to address complex TP issues, and its output is only as reliable as the information provided by the user. Poor-quality or incomplete data will inevitably lead to poor-quality results without proper human validation.
Confidentiality is another critical concern. TP professionals handle highly sensitive financial and operational information, and in an environment where data breaches are increasingly common, clients may be uncomfortable with excessive reliance on AI tools. Clear safeguards and responsible-use protocols are essential to maintain trust and protect confidential information.
Ultimately, AI should be treated as an aid—not an authority. It can enhance efficiency and consistency,
but it must be applied critically and always supported by the technical expertise and informed judgment of experienced TP professionals.
5) Conclusion To return to the question posed at the beginning of this article— Should we rely entirely on AI-generated outputs?—the answer is clearly no. While AI is highly effective at handling routine and repetitive tasks that often consume a significant portion of a practitioner’s time, it cannot replace the human judgment required for complex transfer pricing issues. Its reliability is entirely dependent on the quality of the data it receives; incomplete, inaccurate, or poorly structured inputs will inevitably produce flawed results. Moreover, AI may generate incorrect assumptions, overlook subtle but important details, or even produce information that appears credible but is factually incorrect. Without careful human review, these shortcomings can undermine the defensibility of TP documentation, particularly during BIR audits where accuracy, context, and sound reasoning are essential. Transfer pricing remains a discipline grounded in 50 percent economics, 30 percent law and regulation, and 20 percent negotiation—a balance that AI cannot replicate. It cannot interpret business motivations, assess economic substance, navigate Philippine regulatory nuances, or represent taxpayers before the BIR during an audit. These responsibilities require professional expertise, skepticism, and practical experience that only human practitioners can provide. In this evolving landscape, practitioners still hold the helm. Although AI has automated many tasks previously performed manually, it simultaneously creates more room for professionals to focus on higher-value, strategic functions that demand critical thinking and industry insight. Rather than viewing AI as a threat, we can view it as an opportunity—one that allows us to elevate the quality of our work, deliver deeper advisory value, and become even more effective partners to our clients.
The author is a center manager of Global Transfer Pricing Resource Center Manila, the transfer pricing arm of Du-Baladad and Associates (BDB Law) (www.bdblaw.com.ph).
The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal, or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported, therefore, by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at joanne.padilla@ globaltpcenter-manila.com.ph or call 8403-2001 local 310.
South Korea’s exports extend momentum on solid chip, auto strength
By Heesu Lee
SOUTH Korea’s exports remained solid in November, buoyed by robust demand for semiconductors and autos, offering reassurance for policymakers as they navigate a wave of global protectionism.
Shipments adjusted for workingday differences climbed 13.3 percent in November from a year earlier, after a 14 percent gain in the previous month, according to data released Monday by the customs office. Headline exports climbed 8.4 percent, following a revised 3.5 percent increase in October. Imports rose 1.2 percent, resulting in a trade surplus of $9.7 billion.
Semiconductor exports continued to lead the momentum, climbing almost 39 percent amid sustained appetite for artificial intelligence and data center demand. Automobiles also rebounded with a nearly 14 percent gain, more than offset-
ting the drag from sectors including petrochemicals.
“Exports look solid because both DRAM and high-value semiconductors are performing well, but excluding semiconductors, the overall export picture is not actually that strong,” said Lim Hye Youn, an economist at Hanwha Investment & Securities Co. “Still, exports are holding up better than expected despite American tariffs because companies have reduced reliance on the US and diversified markets.”
The upbeat trade report comes days after the Bank of Korea kept its benchmark rate steady at 2.5 percent and tweaked its statement
to indicate it’s not quite as tilted toward further rate cuts as it has been until now. Governor Rhee Chang Yong said the board is evenly split on the outlook, with three members open to further easing and the other three expecting to stand pat in the near term. The central bank slightly upgraded growth and inflation forecasts through 2026.
Alongside the rate decision, the BOK raised its 2026 growth outlook to 1.8 percent from 1.6 percent projected in August and lifted its 2025 estimate to 1 percent, reflecting solid third-quarter output supported by strong chip exports and a steady recovery in private consumption.
South Korea and the US finalized a landmark agreement last month to cap US tariffs on imports of Korean goods at 15 percent. The deal includes cars that were previously subject to a 25 percent levy. Seoul expects the auto rate to be retroactively reduced starting November 1 as the country’s
ruling party proposed a special bill to implement its $350 billion investment pledges last week. Rhee said outbound shipments and firms’ equipment investment will outperform expectations, supported by the global semiconductor upcycle and the recent trade accord breakthrough with Washington. “With exports holding firm, we think the economy is on track for growth of at least 1 percent in 2025 and above 2 percent in 2026. Against that backdrop, there’s no need for the Bank of Korea to loosen policy further,” said Bloomberg economist Hyosung Kwon. By destination, shipments to the US edged down 0.2 percent as sectors such as steel and auto parts weakened due to the American lev-
Tuesday, December 2, 2025
DICT EXPLAINS P8.3-B EXCESS FUNDS NOTED IN ’25 BUDGET
By Lorenz S. Marasigan
THE Department of In -
formation and Commu -
nications Technology (DICT) on Monday pointed to absorptive capacity concerns as it clarified the P8.3 billion in excess funds that appeared in its 2025 General Appropriations Act (GAA) compared to its National Expenditure Program (NEP) submission, with P3.3 billion remaining unallocated.
DICT Undersecretary Heherson M. Asiddao explained in a briefing that out of the P8.3-billion variance between the GAA and NEP, P3 billion was not allocated for any specific project, while the remaining P5 billion has been earmarked for the Bayanihan SIM program (P3 billion) and Department of Education (DepEd) free Wi-Fi projects (P2 billion).
“The P3.3 billion was not even downloaded to the DICT. We did not ask for it to be downloaded because we didn’t know initially what these budgets are from the GAA,” he said. “It does not have an effect on our utilization—if not downloaded.”
When asked if the extra budget was inserted into the final
appropriations, Asiddao confirmed: “Yes, the P3.3 billion.”
For the Bayanihan SIM project, Asiddao said that P2.1 billion has already been successfully bid out, while rebidding is ongoing for the remaining P900 million. The DepEd projects are still in progress, with awards expected soon.
DICT Secretary Henry Aguda said the unallocated funds are spread across several line items, mostly for automation programs such as e-learning and data center development.
“If our absorptive capacity is high, then we can ask for additional budget. But as it is, we’re rushing to finish the existing projects as of now,” Aguda said.
The clarification comes a week after former Congressman Zaldy Co claimed that the agency received P6.5 billion in inserted funds.
Based on Co’s list, P5 billion allegedly went to DICT’s Free Public Internet Access Program, while another P1.5 billion was for eGovernment Systems Development. Co had claimed the insertions were part of a P100-billion adjustment to the GAA requested by President Ferdinand Marcos Jr.
BusinessMirror
Number of EVs in country seen to hit 50K by yearend
By Lenie Lectura @llectura
THEnumber of electric vehicles (EVs) in the country is likely to reach 50,000 by the end of this year, according to an official of the Department of Energy (DOE).
DOE–Energy Utilization Management Bureau (EUMB) Director Patrick Aquino said the number of registered EVs as of September this year reached 41,000 and this will increase to “almost 50,000” by yearend. These include e-bikes and e-trikes, based only on sales since these units have yet to be registered with the Land Transportation Office (LTO).
“Our registration vehicles from the Land Transportation Office from January to September this year, we’ve reached 41,000 give or take registered electric vehicles... We are cautiously optimistic by end of the year it may reach almost 50,000. We are confident that with
industry work and government policies, there will be more EVs for next year and charging stations too,” said Aquino.
With the LTO restriction of ebikes and e-trikes from plying the country’s major roads that took effect Monday, December 1, the DOE is reevaluating its own EV target numbers.
“We’re expecting to revisit them... It’s time for us to revalidate. Now to be clear, in our registration figures, our targets include light electric vehicle. But because it’s not yet registered, so we’re relying on the sales coming from the sector themselves.
“So part of what we’ll be releasing as we do the consultations for
the update of the CREVI in the first quarter next year, you’ll see our sales figures for LEVs along with the registered motor vehicles that are electric. And we’re optimistic that we will be able to hit the midway point of the target through 2028, including the charging stations,” said Aquino. Under the business-as-usual scenario of the Comprehensive Roadmap for Electric Vehicle Industry (CREVI), the EV fleet share by 2040 is projected to hit 10 percent from the total projected vehicle fleet by 2040. Meanwhile, the target EVCs by 2040 is 20,400. There are 1,260 EV charging stations (EVCS) nationwide and about 41,000 EVs to date.
Despite this, the DOE official observed that there is an increasing trend in the number of registered EVs as well as the e-trikes and ebikes. “What we’ve seen is a yearon-year, month-on-month increase of electric vehicle registrations. As we are approaching the midterm of the Evida [Electric Vehicle Industry Development Act] law passage and the CREVI short-term midterm review, we’re expecting to revisit some of the numbers, meaning the
vehicle registrations, allocations for electric vehicles, including EV charging stations,” said Aquino. The current numbers also prompted the DOE to revisit targets. “Our target in the end is almost one million, so it’s a bit high. That’s why we have to reduce it because we were expecting, through 2028, we’ll have a bigger development for the two and three wheelers which did not happen. It’s not yet materialized. The prices for 2 and 3 wheels battery electric vehicles have not yet come at the level of four wheels. Right now, it’s still double the cost,” said Aquino. The DOE official said the reevaluation on the agency’s target EV numbers are ongoing and inputs from the upcoming public consultation on EVCS will be taken into consideration.
Earlier, the DOE said recentlyissued circulars on EVs continue to strengthen both the infrastructure and regulatory environment needed to achieve large-scale EV adoption across the country. These include the issuance of the Electric Vehicle Charging Infrastructure Development Plan
House suspends Barzaga for 60 days over socmed posts
By Jovee Marie N. Dela Cruz @joveemarie
THE House of Representatives on Monday suspended Cavite 4th District Rep. Francisco “Kiko” Barzaga for 60 days without pay, following a recommendation by the House Committee on Ethics that found him guilty of disorderly behavior linked to his social media activity.
The plenary voted overwhelmingly in favor, with the tally at 249 in favor, five against, and 11 abstentions, formally endorsing the committee’s findings and penalty.
The complaint that triggered the investigation was filed by members of the National Unity Party (NUP), led by Antipolo Rep. Ronnie Puno, who alleged that Barzaga’s online posts displayed misconduct and behavior unbecoming of a public official.
constitute conduct unbecoming of a House member.”
The committee recommended a stern warning that any repetition of similar misconduct would lead to more severe disciplinary action. It also directed Barzaga to remove all 24 social media posts subject to the case within 24 hours of the resolution’s adoption.
was
This year, the Philippine manufacturing sector slipped into “negative territory” for the first time in March as the country recorded a 49.4 PMI score in March. This was followed by the 49.9 PMI in September and the 47.4 score in November.
According to S&P Global, the drop in the headline figure was reflected in all five components of PMI, with new orders and output having the greatest “negative influences.”
Trevor Balchin, Economics Director at S&P Global Market Intelligence explained that output and new orders contracted at their fastest rates since August 2021, driven by “weak customer demand.”
PMI is a weighted average of the following five indices: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stocks of Purchases (10 percent). The PMI varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.
S&P Global noted that new orders placed with manufacturing firms in the Philippines fell for the third month running, and at the fastest rate since August 2021.
“Lower orders were attributed to weak customer demand and reduced requirements due to product life cycle changes. Meanwhile, new export orders fell for the second month running and to the greatest extent since September 2024,” it also noted.
Meanwhile, production followed the same trend as new orders in November, falling for the third month running and at the fastest rate since August 2021.
Many businesses also noted that the typhoon had caused disruptions to business activities, S&P Global said.
Reduced new orders influenced demand for inputs in November.
“Purchasing activity fell for the second month running, the first back-to-back decline in over four years,” S&P Global also pointed out.
It also explained that the rate of reduction was the fastest since August 2021, and led to the “first depletion” of input stocks in five months.
“Moreover, the rate of destocking was the fastest in just over five years,” S&P Global noted, adding that suppliers’ delivery times were shortened for the first time since April 2024, albeit only slightly.
As a consequence of new orders falling “solidly,” manufacturers had to shed staff for the first time since May in November.
“The overall rate of job shedding was only marginal, but the fall was linked to layoffs and the non-renewal of contracts,” S&P Global noted.
Meanwhile, it said backlogs rose for the first time in three months, and stocks of finished goods were “depleted” at the fastest rate in nearly a year.
Despite a sustained fall in new orders, S&P Global divulged that manufacturers in the Philippines were “increasingly confident” of growth of output over the next 12 months.
“Overall sentiment was the strongest since November 2024. Firms expect higher future output mainly due to anticipated new projects, increased orders, economic development, new customers and aggressive marketing,” S&P Global said.
Recovery hopes and business expansion plans also backed optimism towards future performance, it added.
“Inflationary pressures remained relatively muted in November. Lower demand for raw materials contributed to the slowest pace of input cost inflation at Filipino manufacturers in four months, and a rate that remained well below the long-run trend,” S&P Global said.
In a 27-page report, Committee on Ethics and Privileges Chairperson Jonathan Clement Abalos stated that Barzaga’s actions “reflect negatively upon the dignity, integrity, and reputation of the House of Representatives as an institution.”
The report cited Barzaga’s posting of incendiary content and retention of publicly visible inappropriate photos as evidence of disorderly behavior.
“The committee finds that the actions of Rep. Barzaga in posting incendiary social media content through his Facebook accounts and in retaining and failing to remove publicly viewable inappropriate and indecent photos to be unparliamentary and unbecoming of a House member,” said Abalos, reading the committee report.
“House members, taken in their entirety, the actions of Rep. Barzaga bring contempt, discredit, and disrepute to the name of the House of Representatives,” the report added.
“His actions violated Section 141A Rule 20 of the Rules of the House and Section 4C of RA 6713 [Code of Conduct and Ethical Standards for Public Officials and Employees] and
“The committee recommends that the respondent Barzaga be directed to remove all 24 social media posts subject of this case within 24 hours from adoption of this report in the plenary,” Abalos said. In response, Barzaga posted on Facebook: “How many people died to bring Marcos Senior to justice? My punishment is light compared to all of their sacrifices!” Abalos emphasized that members of the House are expected to act in ways that uphold the dignity of public service. “Let this be a reminder to all members that as trustees of the people, we must conduct ourselves with propriety and respect for the office we hold,” he said.
Singled out?
IN voting no, Batangas 1st District Rep. Leandro Legarda Leviste on Monday questioned the priorities of the House of Representatives during the plenary vote to suspend Barzaga for 60 days over alleged disorderly behavior in his social media posts. In casting his vote against the suspension, Leviste said it was “reasonable to hasten this decision” only after receiving the committee report the day before and noted that Barzaga was the sole lawmaker who filed a case with the Committee on Ethics.
“My vote is no, especially because we are prioritizing his case over the more serious issues that one of our colleagues is facing,” Leviste said, referring to Construction Workers Solidarity (CWS) Partylist Rep. Tirso Edwin L. Gardiola. Leviste criticized what he described
Editor: Jennifer A. Ng
Companies
BusinessMirror
B1 Tuesday, December 2, 2025
NexGen secures new wind energy projects from DOE
By Lenie Lectura @llectura
NEXGEN Energy Corp.’s wind development arm subsidiary, Airstream Renewables Corp. (ARC), bagged three new onshore wind energy service contracts (WESC) with a total capacity of 1.7 gigawatts from the Department of Energy (DOE).
These are the 600-megawatt (MW) Pangasinan Onshore Wind Power Project, 600-MW Samar Onshore Wind Power Project, and the 500-MW Nueva Ecija Onshore Wind Power Project. The projected investment amounts to $2.5 billion.
“Securing 1.7 gigawatts of new Wind Energy Service Contracts represents a major step forward in NexGen Energy’s growth strategy and materially strengthens our development pipeline. These three new onshore wind projects—Pangasinan, Samar, and Nueva Ecija—position Airstream Renewables as one of the most competitive large-scale wind develop -
ers in the country. Together, they represent around $2.5 billion in prospective investment and lay the foundation for long-term, stable value creation for our stakeholders,” said Eric Y. Roxas, president of NexGen Energy.
The company has committed to the DOE that it will “remain focused on disciplined execution, capital efficiency, and building high-quality renewable assets” that will deliver strong returns for years to come.
The Pangasinan Onshore Wind Project covers an area of 13,770 hectares. This project will utilize an 8-km 230kilovolt (kV) transmission line to connect to the 230-kV Labrador Substation of the National Grid Corporation of the Philippines (NGCP).
The Samar Onshore Wind Project spans an area of 16,929 hectares. This project will be connected via a 7-km 138kV transmission line to the NGCP 138-kV Victoria
Substation.
The Nueva Ecija Onshore Wind Project covers an area of 9,234 hectares. This project will be connected via a 15-kilometer 230-kV line to the NGCP’s 230-kV Sampaloc Substation.
Early this month, the DOE reported that it awarded a total capacity of 10,195.49 MW to 123 winning bidders under the fourth round of the Green Energy Auction (GEA-4), representing a diverse mix of technologies including groundmounted solar, roof-mounted solar, floating solar, integrated renewable energy with energy storage systems (IRESS), and onshore wind.
The DOE is requiring all winning bidders to submit key compliance documents, including affidavits of undertaking, performance bonds, system impact studies, and proof of financial obligations by December 6.
CPG marks milestones in Pampanga
CBy VG Cabuag @villygc
ENTURY Properties Group
Inc. (CPG) on Monday said it held three major events simultaneously at its Azure North Estate in Pampanga.
The company said it made the first concrete pouring for Mykonos Tower, the groundbreaking of Azure North Townvillas and the inauguration of the completed Barbados Tower.
“These milestones reflect our commitment to delivering on the aspirations of homeowners and the promise of quality living,” Marco Antonio, the company’s president and CEO, said.
“Our focus extends beyond construction--we’re building the foundation for a lasting community where families can flourish.”
Atomberg is said to plan India IPO
TEMASEK Holdings Ptebacked Atomberg Technologies Pvt. is weighing an initial public offering in Mumbai that may raise around $200 million, according to people familiar with the matter.
The Indian consumer electronics firm, which also counts Steadview Capital Management LLC and Jungle Ventures Pte among its backers — has held discussions with investment banks recently about a potential listing and is expected to appoint advisers in the coming weeks, the people said, asking not to be identified as the information is private.
The IPO is likely to comprise a mix of new share issuance and secondary sales by existing investors, and could come as early as next year, they said.
A representative for Atomberg didn’t respond to a request for comment.
Atomberg is among a growing number of companies seeking to tap India’s buoyant IPO market, where firms have raised about $19.6 billion so far this year, following a record $21 billion in 2024, according to data compiled by Bloomberg. Bloomberg News
SMIC bags award for sustainability reports
ISTED SM Investments
LCorp. (SMIC) on Monday said it has been awarded the Silver Rank by the Asia Sustainability Reporting Rating (ASRRAT) for its 2024 Sustainability Report, marking the company’s fourth recognition for excellence in sustainability disclosure.
The ASRRAT is a regional ratings system pioneered by the National Center for Sustainability Reporting (NSCR), the first independent organization to promote and develop sustainability reporting in Indonesia.
“Guided by our responsibility to the communities we serve, we continue to embed sustainability into every part of our business. This recognition encourages us to keep strengthening our climate resilience, transparency, and long-term value creation for all our stakeholders,” SMIC President and CEO Frederic C. DyBuncio said.
The company said it has long championed rigorous global reporting standards and is among the early Philippine adopters of the International Financial Reporting Standards S1 and S2 sustainability framework.
supported the WIN DRR program since 2021 through a partnership with the Australian government. The initiative highlights women across the Asia-Pacific region working to lower disaster risk and strengthen community preparedness amid more frequent climaterelated events.
This year’s awards drew more than 200 nominations, with the panel naming seven Rising Stars and seven Excellence Award finalists.
The company said Azure North Townvillas represents “a strategic shift” for the company as it enters the premium house-and-lot segment in Pampanga within the estate.
The exclusive 0.8-hectare enclave offers 49 units of three- and fourstory homes with lot areas ranging from 69 to 133 square meters, featuring up to five bedrooms. The limited inventory has already sold out, and the development is expected to generate P1.3 billion in revenues with completion targeted for 2028.
Construction is progressing on the Mykonos Tower, the estate’s first mid-rise building launched in February.
With P1.2 billion in capital expenditures (capex) and sales projections of P2.7 billion, the tower is slated for completion by the end of 2027.
“The development features gener-
ous unit cuts that exceed Metro Manila standards. Studios range from 26.34 to 28.15 square meters compared to the typical 21 to 25 sqm in the capital, while one-bedroom units average 44 square meters versus the usual 35 to 40 square meters.”
The inauguration of Barbados Tower, meanwhile, marks the completion of the estate’s third and final high-rise building. The tower adds 820 units with a capex of P1.6 billion, bringing the total high-rise inventory across all three towers to 2,426 units. The building achieved 99 percent sell-out and is now ready for homeowner turnover.
Building on the success of phase one amenities that include a manmade beach lagoon, wave pool, and exclusive clubhouse, the company said it is investing P215 million in the Azure North Waterpark, expected
to be completed by 2028 alongside a new playpark.
The enhanced amenity package will feature water slides, a basketball court, children’s playground and pet park, further differentiating Azure North’s resort-style living proposition.
Antonio said the project attracts homeowners and people looking to invest, especially Filipinos working abroad.
He said they are “building vibrant communities that offer familyfriendly environments with recreational opportunities for kids while also providing opportunities to generate rental revenue.”
The 7.8-hectare Azure North Estate is located in San Fernando, Pampanga, near major commercial centers including SM Pampanga and Robinson’s Starmills.
Airbus says vast majority of A320 airplanes received modification
Airbus SE said the vast majority of the about 6,000 A320family aircraft impacted by a software glitch have received the necessary modification over the weekend, helping the European planemaker sidestep a wider disruption in what has become the company’s largest recall to date. Fewer than 100 aircraft still need to get a software fix before they can return to service, Airbus said in a statement on Monday. The company first revealed late on Friday that an incident about a month ago had shown the need for an urgent system update on its most widely-flown jet to ensure safe use of flight inputs. The surprise announcement on Friday, which was followed by an emergency dispatch by regulators demanding action before the aircraft’s next regular flight, caught airlines and the flying public off guard. The actual fix, a revision to a previous version of the software that helps maintain functioning flight controls, turned out to be a fairly swift move for most carriers, with only a small amount requiring more complex attention.
“Airbus apologizes for any challenges and delays caused to passengers and airlines by this event,” the
company said. Airbus fell as much as 1.9 percent to €200.5 in early Paris trading. The stock has gained about 31 percent so far this year.
The software in question helps control the plane’s elevator-aileron computers—known as ELAC 2--which Airbus found to have malfunctioned on a flight on October 30 involving a Jetblue Airways Corp. airliner. The planemaker said the cause was “intense solar radiation, an occurrence that can make an electronic system behave in unexpected ways.”
The recall underscores the industry’s intense focus on safety and precaution, and is a reminder how
important functioning software today to help fly complex aircraft like the A320, the manufacturer’s by far most popular plane.
Boeing Co. learned the hard way a few years ago just how catastrophic malfunctioning onboard systems can be. Two 737 Max aircraft, the Airbus A320’s competing model, crashed in rapid succession in late 2018 and early 2019.
A stabilizing system known as MCAS was later found to have delivered the wrong inputs during flight, confusing the pilots and ultimately leading to disasters that killed everyone on board the two jets. Bloomberg News
In 2023, NCSR further expanded ASRRAT’s reach, recognizing 68 Indonesian companies and seven organizations from the Philippines, Bangladesh, Russia and Australia for their sustainability reporting practices.
Meanwhile, SMIC’s shopping mall operator SM Prime Holdings Inc. has reinforced its push for climate resilience.
Jessica Sy, the company’s vice president for design, innovation and strategy, joined regional policymakers and development leaders at the United Nations Office for Disaster Risk Reduction’s Women International Network for Disaster Risk Reduction Excellence Awards in Bangkok late last month.
SM Prime, known for its ESG+R sustainability framework, has
Indonesia’s Nashin Mahtani, who heads the Disaster Map Foundation (Yayasan Peta Bencana), received the Rising Star Award for expanding real-time risk-mapping systems used by millions across Southeast Asia.
Kiribati’s Takena Redfern, acting director of the country’s Climate Change and Disaster Risk Management Division, won the Excellence Award for leading work on the nation’s “Early Warnings for All” roadmap. Sy said the honorees demonstrate how timely data, early warning systems and community-focused solutions can reduce disaster impacts and build long-term resilience. “It’s an initiative we deeply believe in.” A panel discussion on women’s leadership in disaster risk reduction followed the ceremony, featuring Asia Pacific College President Maria Teresita Pastor Medado. VG Cabuag
Pag-IBIG Fund assists 3.2 million members through cash loans in Jan–Oct, up 28%
PAG -IBIG Fund helped 3.2 million Filipino workers meet their immediate financial needs through its short-term loan (STL) programs from January to October 2025, marking a 28% increase in borrowers compared to the same period last year, officials announced on Monday, Dec 1.
Officials said more members are turning to Pag-IBIG Fund for fast and affordable financial assistance during urgent moments in their lives, especially now that loan applications can be filed easily through Virtual PagIBIG, giving members convenient access anytime and anywhere.
Department of Human Settlements and Urban Development (DHSUD) Secretary and Pag-IBIG Fund Board Chairperson Jose Ramon P. Aliling said the growing number of assisted members reflects the agency’s commitment to delivering responsive and dependable public service in line with the directives of President Ferdinand R. Marcos Jr. “Pag-IBIG Fund’s strong performance in extending Short-Term Loans reflects its proven dependability in providing Filipino workers with immediate financial assistance when they need it most,” Aliling said. “These gains reflect our resolve to fulfill President Marcos’ vision of a government that delivers timely and dependable support. Pag-IBIG remains committed to providing financial assistance that is affordable, accessible, and firmly grounded in our mandate to serve the Filipino worker with excellence.”
Of the 3.2 million members assisted, 2.74 million availed of the
Multi-Purpose Loan (MPL) to cover school expenses, medical bills, livelihood capital, home repairs, and other essential needs. Another 535,546 members benefited from the Calamity Loan, enabling families to rebuild after typhoons, floods, and other disasters.
Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta expressed gratitude for the sustained trust of Filipino workers. She noted that earlier this year, the agency increased the loanable amount under its STL Programs, allowing members to borrow up to 90% of their Pag-IBIG Regular Savings, which consist of their monthly contributions, their employer counterpart share, and the annual dividends earned.
“We recognize that our shortterm loans continue to support millions of our members during life’s most urgent moments,” Acosta said. “Every day, we see parents covering school expenses, workers paying medical bills, and members sustaining their livelihoods because Pag-IBIG is here for them. That is why we work hard to ensure that our loans are easy to apply for, are processed quickly, and are conveniently released through the PagIBIG Loyalty Card Plus. Members can even apply through Virtual PagIBIG, making the process more accessible and hassle-free.”
Acosta added that the earnings from STL programs directly benefit members, because a major portion of the interest income is returned to them as annual dividends on their Pag-IBIG Regular Savings and MP2 Savings accounts.
AIRBUS A JetBlue Airbus A320 aircraft. BLOOMBERG
Banking&Finance
Investors flock to T-bills to lock in interest rates
By Reine Juvierre Alberto @reine_alberto
THE Bureau of the Treasury
(BTr) upsized the volume of Treasury bills (T-bills) it awarded to P25 billion as mixed yields reflected firm investor appetite amid market expectations of easing inflation and interest rate cuts in December.
The Treasury’s auction committee decided last Monday to double the accepted noncompetitive bids for the 182-day securities to P6 billion after total bids reached P85.260 billion. With the auction being 3.8 times oversubscribed, the Treasury was able to raise a total of P25 billion, P3 billion more than its P22-billion programmed offering. Compared to the yields in the previous auction, average rates for both 91-day and 182-day debt papers dropped while the average rate for 364-day T-bills inched up. The 90-day T-bills fetched an average rate of 4.812 percent, down by 3.7 basis points from 4.849 percent in the
What is the Representativeness
Heuristic?
IMAGINE you meet someone in a suit, talking confidently about stocks. You might instantly think, “He must be good with money.” Why? Because he fits the image of a successful investor. That’s “representativeness heuristic” in action. Our minds quickly compare what we see or hear to a mental picture we already have; and that comparison often guides our decisions. In personal finance, this shows up more often than we realize. We assume a product is high quality because it’s expensive. We believe someone is financially stable because they post travel photos online. We invest in a company because it reminds us of a big name like Apple or Facebook. We’re not analyzing; we’re matching patterns. And that can be dangerous. How does this mental shortcut affect our finances?
Let’s say you hear about a startup that’s getting a lot of buzz. The founder wears a hoodie and talks like a tech genius. People start saying it’s the “next big thing.” Because it sounds and looks like a familiar success story, it feels right to invest in it. But just because something resembles a winner doesn’t mean it is one. The same thing could happen with spending. You walk into a store and see a beautifully packaged skincare product.
It reminds you of a premium brand, so you assume it works just as well. Without checking reviews or ingredients, you just buy it, and later find out it’s all hype. These small decisions, guided by mental shortcuts, add up. Worse, they make us overconfident. We start thinking we’re making smart choices when in reality, we’re just reacting to surfacelevel similarities.
The risk of believing the story too much
THIS bias can push us into risky territory. You might ignore red flags because the investment “feels right.” You might avoid asking questions or doing research because the story already convinced you.
In the stock market, this kind of thinking can lead to herd behavior— buying what everyone else is buying without understanding why. We saw this happen with meme stocks and speculative crypto coins. People jumped in because it reminded them of overnight success stories. But not everyone walked away with profits.
When it can actually help you WHILE the representativeness heuristic can be risky, it’s not always a bad thing. In fact, it can help you make faster decisions in situations where time is limited and experience matters. For example, if you’ve spent years studying business models or
previous auction. Bidders’ asking interest rates ranged from a low of 4.770 percent to a high of 4.844 percent.
Total tenders for the securities amounted to P29.815 billion, more than four times the P7-billion offer, which was fully awarded.
Meanwhile, the average rate of the 182-day T-bills settled at 4.930 percent. This is lower by 4 basis points from 4.970 percent previously. Investors sought rates ranging from 4.890 percent to 4.965 percent.
Bids for the security reached P29.750 billion, nearly four times the initial P7.5-billion planned offering.
Lastly, the 364-day T-bills posted an average rate of 5.011 percent, inching up by 0.8 basis points from the last auction’s 5.003 percent. The government IOUs fetched rates ranging from 4.998 percent to 5.027 percent.
The tenor attracted bids amounting to P25.695 billion, 3.4 times the fully awarded P7.5-billion offer.
analyzing financial data, your brain builds a reliable pattern recognition system.
So when you see a new venture that reminds you of successful traits from past experiences—like strong leadership, solid cash flow, and a loyal customer base—your gut feeling might be backed by real insight.
It can also be helpful for spotting red flags. If something reminds you of a previous bad investment—a vague business pitch, flashy promises, or a “get-rich-quick” vibe—you’re more likely to pause and think twice.
In this way, the heuristic acts like an internal warning system, based on past experience.
The key difference lies in whether your reaction is based on knowledge and experience or merely surfacelevel similarities.
How to outsmart the heuristic (When it matters)
THE good news is that you don’t need to be a finance expert to avoid this trap. The first step is awareness. Just knowing that your brain makes these snap judgments can already help you pause and reflect. Next time you feel excited about a financial decision, ask yourself: “Am I basing this on solid information, or does it just remind me of something successful?”
Try to look past the surface. Check the numbers. Look at facts, not just feelings. Diversify your investments and avoid putting all your money into something that “feels promising.” And if something seems too good to be true, dig deeper. Keeping a journal of your financial decisions can also help you notice patterns.
Are you always going for the flashy, familiar-sounding investments? Are you spending more because a product looks expensive? If so, then it’s time to change and correct these mistakes. We all fall for mental shortcuts. They help us navigate daily life, but they don’t always help us make smart money choices. By being more mindful of the representativeness heuristic, we can avoid costly mistakes and make decisions that are grounded and based on facts, and not just feelings.
Fitz Gerard Villafuerte is a Registered Financial Planner of the RFP Philippines. The views he expressed in this article do not necessarily reflect those of the BusinessMirror s To learn more about personal financial planning, attend the 114th RFP program this January 2026. E-mail info@rfp.ph or visit rfp.ph to learn more about the program.
Investors’ asking rates for all three tenors fell below the secondary market levels. Comparable secondary market rates stood at 4.882 percent for the 91-day T-bill, 4.999 percent for the 182-day and 5.071 percent for the 364-day short-term debt paper.
According to Michael L. Ricafort, chief economist at the Rizal Commercial Banking Corp. (RCBC), most T-bill yields slipped as local market sentiment improved following S&P Global Ratings’s recent affirmation of the country’s BBB+ credit rating, two notches above the minimum investment grade.
Ricafort said this shows that the country’s economic and credit fundamentals remain solid despite geopolitical risks, the “Trump factor” and corruption eroding public trust on the Marcos administration.
The positive outlook also leaves a possibility of a credit rating upgrade to A- in 2026, matching the highest
ratings previously given by Japanbased JCRA and R&I, Ricafort added.
“Before foreign investors put money and creditors lend to the Philippines, they look at the credit ratings of the country as a basis for the decision to invest in the country. This could support relatively lower borrowing costs for the country,” explained the RCBC executive.
Investors also flocked to T-bills to lock in interest rates ahead of the widely expected rate cuts by both the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.
Central bank projection of November’s inflation print is within the range of 1.1 percent to 1.9 percent, which falls below the lower end of the BSP’s inflation target range of 2 percent to 4 percent.
BSP Governor Eli M. Remolona Jr. previously signaled another 25-basis-point reduction in the key policy rate on December 11.
Should the Monetary Board cut interest rates, this will bring down the total number of rate cuts to 200 basis points since the easing cycle began in August 2024. The key policy rate currently stands at 4.75 percent, after it was reduced by 25 basis points last October 2025.
This December, the Treasury will raise P66 billion from the sale of Tbills, as well as P35 billion from the auction of Treasury bonds. For the whole year, the national government plans to borrow P2.6 trillion with a 77:22 financing mix in favor of domestic sources. The government has borrowed a total of P2.483 trillion as of the end of October 2025, up by 2.18 percent year-on-year
Funds scrutinize PHL debt after corruption scandal
By Greg Ritchie | Bloomberg
ANUMBER of asset managers are reviewing their exposure to Philippine government debt earmarked for climate and social objectives, amid concerns they may have inadvertently financed projects under investigation for graft.
Robeco Institutional Asset Management BV and Mirova SA told Bloomberg they’re trying to confirm whether any proceeds from sustainable bonds sold by a government-backed flood-protection program were tainted by the scandal. Neuberger Berman Group LLC is monitoring the situation, adding that ongoing probes show the country is working to improve its efforts on governance.
Accusations of corruption have sparked a flurry of arrests, left assets worth some $200 million frozen, and forced out two ministers from President Ferdinand Marcos Jr.’s cabinet. Revelations that many flood defense projects are defective—and in some cases not even built—have triggered mass protests in a Southeast Asian nation that’s highly vulnerable to extreme weather, and where hundreds of people were killed in two recent typhoons.
“Mirova maintains a strict zero-tolerance policy for corruption,” said Felipe Gordillo-Buitrago, a senior ESG analyst at the Paris-based asset manager, which holds the debt in its Global Green Bond Fund. “This controversy reinforces our conviction that any investment in highrisk countries requires in-depth due diligence and continuous monitoring.”
Robeco said it’s requesting more details and clarification on the steps Marcos Jr.’s administration is taking to prevent corruption in the future.
If the government doesn’t “provide a
REBUILDING the state-run Development Bank of the Philippines’ (DBP) capital could take five years to seven years, according to its top official, as the lender seeks continued exemptions from dividend remittances and regulatory requirements after its sizable contribution to the Maharlika Investment Fund (MIF). Speaking to reporters last week, DBP President and CEO Michael O. De Jesus said the lender will again seek both regulatory and dividend relief from the Bangko Sentral ng Pilipinas (BSP) in 2026.
De Jesus said the DBP has not been remitting dividends to the Bureau of the
robust answer to those questions,” then Robeco will “divest in accordance with our policies,” the asset manager said in response to emailed questions. Robeco is exposed through its Transition Emerging Credits fund and Transition Asian Bonds strategy.
Finance Secretary Frederick D. Go said the issue had been flagged to him and that he’s referred the matter to the public works agency and the treasury bureau.
About P168 billion ($2.8 billion) of the proceeds of Philippines sustainability bonds have been allocated to flood-control projects, according to Bloomberg calculations based on government reports. That’s roughly 39 percent of all proceeds.
Over $7 billion of sustainable bonds have been issued by the Philippine government since 2022 and sold in US dollar, euro and Japanese yen capital
Treasury for around seven years already, as it needs to improve its capital base.
“We need to build up as a bank, so that’s why we’re asking for dividend relief, especially so we can recover. Remember, the bank lost P25 billion to Maharlika,” the DBP’s top official pointed out. The bank’s plan, De Jesus said, is to request both relief measures on a yearly basis, with dividend relief likely needed for five to seven years, while regulatory relief may only be necessary for about two more years. Despite the MIF denting the bank’s capital, De Jesus remains confident that the country’s pioneering sovereign wealth fund “will do well.”
“It’s professionally managed. [They
markets. Investors with environmental, social and governance mandates are now more likely to scrutinize any future Philippine sales, said Justine LeighBell, co-chief executive officer at the Anthropocene Fixed Income Institute, a nonprofit that looks at how debt markets can help mitigate climate change.
Sustainable bonds are coveted by ESG investors because their proceeds typically get allocated toward projects that are supposed to do good. At the same time, climate-vulnerable nations like the Philippines are an attractive prospect for sustainable investors keen for their capital to be used in a way that generates environmental benefits
Neuberger Berman’s EMD Corporate-Social and Environmental Transition Fund holds one of the Philippine bonds sold in 2023, according to filings. The asset manager has had “relatively constructive discussions” with the Phil-
ippines in the past on financial controls and has observed signs of progress, the fund’s investment team said in an emailed response to questions.
“To some extent, those improvements have led to the latest allegations being revealed,” Neuberger said in the statement. While the fund is “monitoring the allegations closely, especially as they relate to spending on sustainable bonds,” the investment team also views “the developments as a necessary step to improving the tackling of corruption and rule of law more sustainably.”
The Southeast Asia region needs roughly $20 billion of adaptation finance a year and receives only about $2.5 billion, Climate Policy Initiative said in a September report.
“Investing in emerging markets presents challenges,” Mirova’s GordilloBuitrago said, citing the need for enhanced due diligence and active monitoring. “It also represents a significant opportunity for generating climate and social impact.”
Funding allocation reports were subject to an assessment by DNV AS, a Norway-based risk management company that provides external reviews of sustainable bonds. That work relied on information supplied by the Philippines government, and was intended to verify that the stated use of proceeds was aligned with relevant principles, the company said.
“DNV’s assessment is not a full financial audit and it does not follow up and verify individual expenditures associated with the bond,” it said.
There are no suggestions that DNV, investors in the bonds, or the bankers who sold the debt on behalf of the Philippines, were aware of any corruption allegations prior to the sales.
inflows into Bitcoin exchange traded funds and absence of dip buyers. We expect the structural headwinds to continue this month. We are watching $80,000 on Bitcoin as the next
from
Currently, the DBP’s total equity stands at P97 billion, de Jesus said. For 2026, De Jesus said the the DBP is “cautiously optimistic.”
“Our outlook is good, I can say, for [the] DBP. But for the economy as a whole, obviously, that depends on investor confidence and all that.. I think the government is doing everything they can to restore that confidence,” he added. Reine Juvierre S. Alberto
have a] good board, good officers, a long pipeline of investments. No investment yet. They took time to set it up. But they’ve got good people in Maharlika,” he added. The DBP has remitted P25 billion to the Treasury as its share in the initial seed capital of MIF. Under the law, the National Government, the DBP and the Land Bank of the Philippines are mandated to provide the initial capital to the Maharlika Investment Corporation, the manager of the MIF, contributing P25 billion and P50 billion, respectively. As seeder-funders for the MIF, both banks later received regulatory relief from the BSP, despite still complying with the required capital. The International Monetary Fund has also urged to recapitalize the staterun banks after their contributions to the MIF to maintain a resilient financial system.
PERSONAL FINANCE
Fitz Gerard Villafuerte
PEOPLE from various sectors march for transparency, justice, and the future of the country at Edsa People’s Power monument and in Luneta on November 30, 2025. NONIE REYES
Art BusinessMirror
For J.A. Tan, autism is a gift; art is his existence
ACCOMPLISHED painter J.A. Tan adds to his long list of creative achievements a solo exhibition at Conrad Manila’s Gallery C. A visual artist on the autism spectrum, Tan has done shows worldwide, collaborated with fashion brands and an Italian wine label, became the first and only Filipino on a United Nations postage stamp, and now presents 37 artworks at his ongoing show in the Pasay City hotel.
Tan began painting at a young age. In 2010, years after moving from the Philippines to Canada, he graduated with a Bachelor of Fine Arts degree from Emily Carr University of Art + Design in Vancouver, where he found his muse in the city’s bustling streets. His art focuses mainly on landscapes and abstracts, characterized by vibrancy, honesty and disarming wonder. In his Gallery C solo, titled Return & Remember: Places & Home, Tan logs a visual travelogue of his journeys around the world.
“Each image speaks of a moment, a place, or a feeling that resonates deeply within me,” Tan said. “Whether in Vancouver, the Philippines, Europe, the
USA or elsewhere, these places have left imprints on my soul, shaping my sense of self in the world. These paintings bring together fragments of memory, allowing me to understand and share my personal narrative.”
Tan considers his autism a “gift,” which allows him to bring onto the canvas colors, thoughts, ideas and “whatever comes to my mind.” In the artist statement of his magazine Art of J.A. Tan, he declared that “art is my existence—a silent dialogue with the world. Each stroke brings clarity, revealing emotions and ideas. Words fade; colors speak. I paint to bring out my thoughts, feelings and ideas, and use my art to understand the world we live in. ”
According to Mona Magno-Veluz, national spokesperson of the Autism Society Philippines, art serves several important purposes for people on the autism spectrum. For the younger ones, especially those who are not yet articulate, it can be a form of selfexpression. It can also be a source of livelihood, as it is
for Tan. As a society, Magno-Veluz said, we need more of that opportunity, those avenues, for people on the autism spectrum to be included. She then qualified what true inclusivity means.
“Inclusion does not mean charity. Inclusion means giving them equal opportunity,” the spokesperson said during the Tan’s exhibit opening. To her point, Conrad Manila general manager Rupert Hallam emphasized that “inclusivity has always been at the heart of our values.”
“This new exhibit is especially meaningful to us, as it features the world-class talent of J.A. Tan,” he said of the show, which forms part of Gallery C’s Of Art and Wine Series. “We are honored to provide a platform for his story and perspectives that resonate deeply with human experience.”
Tan’s captivating artistry shines in his Gallery C solo. Among the featured pieces is Whistler’s Springtime, which captures the stunning sights of the special season in the resort-municipality in British Columbia, Canada. Shown are two subjects on a walk on a snaking pavement that leads to vibrant, textured forest. There’s also My Old Home in Salcedo Place, where Tan pays homage to his roots, with Makati’s skyline in the distance, sinking into the blue sky. In Busy Times in Florence, we see an otherwise mundane scene brought to life through Tan’s artistic filter, filled with movement, expression and color. Meanwhile, Magno-Veluz noted that Filipinos have made strides in destigmatizing autism in the past three decades or so. Before, she said, there was low acceptance of individuals on the spectrum, whereas today “so many things have changed.”
See “J.A. Tan,” B5
Pintô Art Museum and Arboretum mounts year-end show
PINTÔ Art Museum and Arboretum presents Homage to Gaia, its traditional year-end exhibition that opened on November 23.
Featuring over 300 artists, the show marks Pintô’s most expansive exhibition to date, occupying all four Upper Galleries and Ilustrado I and II at Gallery 7. The sheer breadth of participation offers a panoramic view of Philippine visual arts, bringing together emerging, mid-career, and master artists whose works embody a wide range of materials, styles, and techniques.
Despite their diversity, all artists unite under the theme of Gaia, the Greek personification of Earth, revered as the primordial mother of all life. She stands as both giver and guardian, a timeless symbol of
nature’s power, beauty and fragility.
Curated by Ferdie Montemayor, Homage to Gaia serves as a wake-up call amid the escalating environmental crises wrought by humankind’s reckless consumption, made painfully evident by the devastation of recent super storms Tino and Uwan and the fatal flash floods that followed. In keeping with Pintô’s enduring commitment to environmental stewardship, the exhibition resonates with the museum’s own ethos, where art, architecture and nature exist in harmony, surrounded by lush greenery and guided by sustainable practices.
The exhibit is ongoing until December 28, 2025 at Pintô Art Museum and Arboretum in Antipolo, Rizal.
of location or in interests will offer insight into something you can use your skills, experience and talent to improve. A problem at home will develop if you give someone too much leeway. 5 stars
g LIBRA (Sept. 23-Oct. 22): Speak up, establish your motives and see who wants to join your team. Stick to basics to ensure everyone gets the same message and understands the possibilities. Refuse to let emotions come between making a good or poor decision. A business trip, meeting or conference will offer insight. 2 stars h SCORPIO (Oct. 23-Nov. 21): Put your energy to good use. Choose peace over discord and action over laziness. Set standards that demand your attention and can carry you to the finish line. Leave nothing to chance and oversee what requires undivided attention. Make gestures that draw like-minded people. Romance is favored. 4 stars
iSAGITTARIUS (Nov. 22-Dec. 21): Refrain from making promises that can get in your way. It’s up to you to clear a passage that leads to your success and well-being. Too much of anything will be to your detriment. Monitor your schedule and prioritize what matters to you most. 3 stars
j
CAPRICORN (Dec. 22-Jan. 19): Pay attention to paperwork; avoid letting documents expire and refuse to let anyone else take care of matters for you. Follow the dots and which way the money flows. Knowing where and what is going on is the key to getting things done right the first time. 3 stars
k
AQUARIUS (Jan. 20-Feb. 18): You must recognize and take advantage of opportunities. Stand up and be counted, and you’ll establish your presence and gain respect from those in a position to pitch in and help you reach your goal. A dynamic, hardworking attitude will lead to victory. Trust and believe in yourself. 3 stars
lPISCES (Feb. 19-March 20): Be careful what you wish for and who you deal with today. If you are gullible, someone will happily lead you astray or take advantage of you. Ask questions, fact-check and be ready to take flight if that’s what’s required to dodge a scammer. Self-improvement is your best choice. 4 stars BIRTHDAY BABY: You are ambitious, enthusiastic and energetic. You are imaginative and
‘Unang
Hirit’ celebrates 26 years on air
FOR 26 years, Unang Hirit (UH) has been the nation’s morning companion, bringing early news, fresh energy and true public service to millions of Filipinos. As it celebrates its 26th anniversary, the shout rings louder than ever: “Gising na, Unang Hirit na!”
UH has never been just about waking people up. It’s also about waking Filipinos to hard truths that matter, from corruption to the everyday concerns of communities. And this year’s anniversary celebration is bigger, braver and more exciting than ever.
To mark this milestone, the kickoff of its 26th anniversary also serves as UH’s Christmas kickoff - the first day of Christmas on Unang Hirit, setting the tone for a week filled with holiday cheer.
BIG GUESTS & HOSTMATES
UH begins its 26th year with major surprises—unexpected guests and hostmates. This year, UH has already made waves with the introduction of new hostmates, and on its anniversary even more stars are joining the morning party—different personalities, different vibes that viewers won’t see coming.
SORPRESA PROJECTS
UH has been rolling out exciting Sorpresa Projects leading up to the anniversary—projects that are real (not ghosts), transparent, and meaningful. It had Project Full Tank, which offered free fuel for tricycle drivers, and Project Free Palengke, a market where everything was free.
And for its 26th anniversary, the surprises grow even bigger with Pasko Project—a special Christmas surprise for Cebu residents affected by Bagyong Tino. With many families still staying in evacuation centers and unsure of how they’ll celebrate Christmas, Pasko Project aims to bring the season’s warmth, joy, and surprise right to them. Here’s another clue for an upcoming surprise: something to do with a remote control.
CHRISTMAS-SERYE
BECAUSE it’s the holiday season, expect fun, and feelgood Christmas Serye gimmicks.
The Christmas Serye continues in Baguio, bringing stories of warmth, family, and the magic of Christmas straight from the country’s Summer Capital.
UH viewers should get ready for surprises and prizes. Tune in every weekday morning and celebrate 26 amazing years with the top-rating morning show.
Catch Unang Hirit weekdays at 5:30 am on GMA. Global Pinoys can watch it via GMA Pinoy TV.
Mel Tiangco is larger than life
ELEVISION personality Mel Tiangco is certainly one of the more interesting personalities we have met and had the privilege of interviewing over the years. She doesn’t only evolve, but she transforms beautifully as she goes from one decade into another.
A woman who has worn many hats in the past, Tiangco continues to achieve an aspirational level of well-being that is not easily attainable by lesser mortals who work in the entertainment arts, or even in broadcasting for that matter.
Particularly for television personalities, achieving well-being in their personal lives and at their workplace means balancing opposites like freedom and control, inspiration and discipline, commitment and flexibility. People like Tiangco can provide some unique lessons in this regard, because they often express their personal balancing act in their creative work processes and outputs, so that it is more readily available for all to see.
At the heart of Tiangco’s creative process is emotion, and her access to emotions is fundamental to the work that she does for GMA, the country’s top broadcast network where she has been one its leading news personalities and hosts. Newscasting allows her to be in touch with the current state of the nation and its people, and to a certain extent it is her connection to the world. But being the heart and host of the weekly drama anthology Magpakailanman also allows her to
delve into the lives of the show’s subjects, sometimes in a more personal connection.
“I was a news personality from the very beginning. I would ride army trucks, boats just to reach the people we were serving. Magpakailanman didn’t make me accessible to the masses because I was already there. But the show made me even closer to the people —our subjects and viewers alike. Perhaps it is because we tell their stories as truthfully and as humanely as possible, that is why it becomes inspirational, and these stories resonate with the people, with the Filipino spirit.”
Tiangco added, “True-to-life stories make excellent content, and when we tell these stories in the show in a respectful and truthful manner, and never exploitative, these stories can move, inspire, even heal. I’d like to think that we have reached this long because the viewers trust us, and that is of utmost importance. And this level of trust keeps me and the show going forward.”
There is no doubt that Tiangco enjoys what she is doing. “I do not put limits or set a timeline. If you love what you are doing, you just flow with it, you know.”
The paradox about flow is that celebrities and public personalities are rarely conscious of this state while they are experiencing it; they just have this certain exhilaration and fulfilment doing what they do. And there is no denying that Tiangco’s most treasured moments with Magpakailanman are spent in a state of flow, a kind of zenith in the often subjective feeling of general well-being.
To celebrate this milestone, Magpakailanman has thoughtfully created a two-part anniversary special, the first of which aired over the weekend. Titled Ang Babae sa Likod ng Krimen with an impressive cast that includes Beauty Gonzales, Mikee Quintos, Shamaine Buencamino, Sharmaine Arnazie, Sef Cadayona, and Gina Alajar. For this coming Saturday, December 6, the episode is titled Ang Babae sa Death Row.
As part of the celebration, the show will soon launch its own YouTube channel, where some of the
most noteworthy episodes will be made available to the general public. Mel Tiangco is in a league of her own. She gives credibility to news reporting and she is well-loved by the viewers of Magpakailanman because they can see though her—language, demeanor, stance, emotions— and all these make her larger than life, inspirational and aspirational in one unique and interesting mold.
From housemate to chatmate, Michael Sager is super active on his JHOSMIO Viber group chat
HAVE you always wondered what it’s like to chat with PBB breakout star Michael Sager? Well now you’ll know as the Filipino-Canadian actor and model answers all burning questions about his chatting habits and his most active groups on Viber. Known for his role as housemate in Pinoy Big Brother: Celebrity Collab Edition, Michael gamely shares what he’s like as a chatmate and if he responds promptly or leaves people on read.
WHAT WAS THE LAST GROUP CHAT YOU SENT? I MISS you guys!
WHAT’S YOUR FAVORITE EMOJI?
MY favorite emoji? Eto (tries very hard to do the winking face emoji sticking its tongue out).
WHAT WAS THE LAST PHOTO YOU SENT AND RECEIVED?
THE last photo I sent was an update for work, and the last photo I received was my schedule (huffing a little).
WHAT’S YOUR FAVORITE REACTION?
MY favorite reaction—yung “heart”. ‘Pag nakita nyo yung button na may heart, yun yung pinaka-madaling
heart reaction, especially pag nag-text sila for work. Heart react.
CAN YOU SHARE YOUR FAVORITE OR FUNNIEST VIBER GROUP CHAT NAME AND TELL US THE STORY BEHIND IT?
JHOSMIO. Kung alam nyo yan, alam nyo yan. If you know, you know (laughing).
(If you didn’t know what JHOSMIO is, we’ll let you in on the inside scoop. Michael and his Kapamilya duo and fellow actor Emilio Daez, dubbed “MiLi” were PBB: Celebrity Collab Edition housemates during its first season. They met popular girl group Bini members Stacey and Jhoanna while there when the girls came as houseguests. The rest, as they say, is history and the friend group named “JHOSMIO” was born, enjoying mini reunions every so often.)
WHAT ARE YOUR MOST ACTIVE GROUPS?
MY work thread, and also my friends—my group chat with Stacey, Jhoanna, and Emilio.
WHO IS YOUR FRIEND THAT REPLIES THE MOST OR THE LEAST?
YUNG nagre-reply the most? Yung handler ko (laughs),
Athena. Siguro kung kaibigan, wala eh, I think all my friends reply very late.
WOULD YOU SAY YOU’RE GOOD AT REPLYING OR NOT SO MUCH?
ALAM mo, minsan kasi I reply in my head. So, I see the notification, and I think that I’ve replied, but the next time I see the notification, I’m like hala I didn’t reply. So, I’m bad at replying.
DO YOU SEND PEOPLE VOICE NOTES?
WHAT DO YOU FEEL ABOUT VOICE NOTES?
I THINK voice notes are cute. And minsan kasi when we can’t call, at least we can still hear each other’s voices and that’s more sincere.
WHAT’S THE LATEST BIG DEBATE YOU’VE HAD IN THE GROUP CHAT ON VIBER?
MICHAEL: Oooh, big debate. Kung ano yung mas cute na sticker ko! So, don’t forget to get my exclusive Viber sticker pack (laughs)!
Michael Sager joins Rakuten Viber as the newest ambassador. Get his free audio stickers now available for a limited time only. Download it from the Viber mobile app.
“We have better laws that protect people from bullying. We have better laws that provide early intervention for people on the spectrum. We have companies that are hiring individuals on the autism spectrum. Again, this is all in the name of inclusion,” she said. “For J.A.’s case in this exhibition, magaling talaga siya, at hindi lang dahil may autism siya. These opportunities for representation of youth on the spectrum are so important, and it shows that we are getting better. I am hopeful we will continue to get better.”
It is also that hope that fuels Artisimo, the culture and arts platform of the Autism Society Philippines which “harnesses the beauty of art as a form of selfexpression and elevates the skills of artists on the spectrum toward a creative vocation.”
As part of Tan’s Gallery C exhibition, a limitededition canvas reprint of his painting Rice Fields, along with merchandise inspired by his artworks and a special collaboration bottle of Montecorneo 570 Albe 2021 Grechetto Passito dessert wine, were auctioned during the opening event. All proceeds were donated in full to the Autism Society of the Philippines, which would help fund the Artisimo program. To date, the Autism Society Philippines has 16,000 members nationwide, with 150 members of Artisimo.
“[His career and this exhibition in particular] are what J.A. inspires our community to do,” Magno-Veluz said. “J.A. is living the dream.”
Return & Remember: Places & Home runs at Conrad Manila’s Gallery C until January 17, 2026.
2 had a roaring and record-setting opening at the box office. The animated animal city sequel from the Walt Disney Company brought in $96 million in North America over the weekend, earned $156 million over the five-day Thanksgiving frame, and scored a staggering $556 million globally since its Wednesday opening, according to studio estimates Sunday. That made it the highest international opening ever for an animated movie, the fourth highest global debut of any kind, and the top international opener of 2025.
Wicked: For Good stayed aloft in its second weekend for Universal Pictures, earning another $62.8 million domestically over the weekend for a North American total of $270.4 million. The second half of the Wicked saga has brought in $393 million internationally.
The pair of PG-rated sequels combined to make the Thanksgiving weekend a glimmering exception to an otherwise dark year at movie theaters. The five-day holiday run brought in $290 million in total, $188 million of it coming Friday through Sunday. That could be a blip or an indication that a strong finish
might salvage Hollywood’s box office year, with Avatar: Fire and Ash and Five Nights at Freddy’s 2 among the films still to be released in 2025.
“This is a great result and a big momentum builder for the box office as we head into the final four weeks of the year,” said Paul Dergarabedian, senior media analyst for Comscore.
Zootopia 2 arrives almost a decade after the original, a hit that outpaced expectations and had a March domestic opening of $75 million.
Like the first, it features the duo of bunny cop Judy Hopps (Ginnifer Goodwin) and small-time hustler fox Nick Wilde (Jason Bateman) in a city of comically domesticated wildlife.
Dergarabedian said the sequel represented “a beloved franchise delivering what audiences were looking for around the world.”
It was the fourth biggest North American opening of 2025. But its biggest market was China, which made for nearly half of the film’s global total with a whopping $272 million in ticket sales. No American-made animated film has ever opened bigger. It was the second best nonlocal film opening of all time in China, after Avengers: Endgame. Such a result in China was once almost commonplace for Hollywood. But in recent years, as geopolitical relations have grown uneasy, box-office results have turned unpredictable at best. Aside from a handful of exceptions, like the Jurassic World films, Hollywood has come to virtually write off Chinese theaters and recalibrate blockbuster budgets accordingly.
The big bounty in China for Zootopia 2 could be an aberration or a signal of a thaw in the freeze. In recent years, China, which censors which films that are released in theaters, has leaned more toward homegrown fare. Earlier
ZOOTOPIA
BECAUSE it’s the holiday season, expect fun, and feel-good Christmas Serye gimmicks on the long-running GMA morning program.
4th Philippine Parks Congress: Building Connected Green Networks for Inclusive Cities
The National Parks Development Committee (NPDC), an agency attached to the Department of Tourism and mandated to develop, preserve, and manage Rizal Park Luneta and Paco Park, proudly announces the staging of the 4th Philippine Parks Congress (PPC), scheduled for December 3 to 5, 2025. This year’s Congress expands its horizons by taking place across two dynamic urban centers: Bonifacio Global City (BGC) and Clark.
Now in its fourth year, the Philippine Parks Congress remains the country’s primary convergence platform for public and private sector stakeholders in urban parks development, sustainable tourism, landscape architecture, and public space management. It brings together national government agencies, local government units, developers, professionals, and advocates committed to shaping greener and more inclusive urban environments across the Philippines.
With the theme “Green Networks: Parks. Pathways. People.”, the Congress moves beyond individual parks to highlight the vital importance of interconnected systems. In partnership with BGC Estate Association, Clark Development Corporation, Philippine Association of Landscape Architects (PALA), United Architect of the
Eastwood
Philippines - Fort Bonifacio Chapter, Planning and Development Research Foundation, Inc. (PLANADES), and Urban Land Institute (ULI) Philippines, the 2025 edition focuses on creating green corridors that support walkability, mobility, and accessibility for people of all ages and abilities. The goal is to champion urban spaces that are not only environmentally resilient but also socially responsive to the daily rhythms of the communities they serve.
Since its inception in 2022, the PPC has evolved into a cornerstone event for the industry. The first Congress focused on building healthier, more livable cities through urban parks, while the second highlighted the role of parks in sustainability and community well-being. In its third year, the PPC emphasized the power of collaboration through “PARKNERships,” reinforcing the shared responsibility of government, private institutions, and civil society in park development.
The Congress takes these concepts from theory to practice with an immersive threeday agenda designed to showcase successful models of maintenance, mobility, and design. Participants will engage in a mix of high-level plenary sessions and on-ground study tours, offering a tangible look at how world-class
Eastwood Richmonde and Megaworld Hotels & Resorts Leaders with Megaworld Corp. Pres. and CEO Lourdes Gutierrez-Alfonso.
or
green spaces are managed.
December 3: In Clark, Pampanga, the Congress kicks off with an immersive exploration of Clark’s open spaces. Participants will examine park maintenance strategies at Filinvest Mimosa and Bicentennial Park, followed by critical discussions on mobility and inclusivity at the CDC Children’s Playground. The day concludes at the CDC Parade Grounds, featuring a technical session on Tree Mapping and mobility infrastructure.
December 4: Held in The Mind Museum, BGC, the core of the Congress features visionary keynotes, speakers, and panels from industry leaders from Fort Bonifacio Development Corporation, Bases Conversion and Development Authority (BCDA), Quezon City Parks Development and Administration Department, Palec & Amigos Urban Environ Forestry Support Services, and PALA.
The afternoon will transition into an interactive workshop, allowing participants to apply insights to practical planning scenarios. Breakout sessions covering tourism, environment, and infrastructure aspects of designing public spaces will be facilitated by experts from PLANADES, PALA, and UAP.
December 5: The final day features the second set of talks from an urban development specialist, and a representative from Bonifacio Art Foundation, including a presentation of workshop outputs. It will be followed by a walking tour that dissects the history and maintenance protocols of BGC’s most successful public spaces, including Burgos Circle, the BGC Greenway, and NEO Park, learning firsthand how these spaces balance high foot traffic with environmental sustainability.
The NPDC underscores the role of emerging urban centers in advancing the country’s green agenda. This event is essential for planners, architects, environmental managers, policymakers, and advocates looking to be at the forefront of Philippine urban design.
Do not miss the opportunity to help shape the future of our cities!
Years of Homegrown Hospitality
Enrichers as they are called, and how through their hard work and dedication, have shaped Richmonde’s distinct warm and accommodating service.
The night continued with congratulatory messages from the distinguished guests of honor which included Megaworld Corporation President and CEO Lourdes Gutierrez-Alfonso, Department of Tourism Undersecretary Maria Rica Bueno, Head of the Investment Services Division of Quezon City Local Economic Development and Investment Promotions Office Jong Sumpiaco, representing Quezon City Mayor Joy Belmonte, and Managing Director of Megaworld Hotels and Resorts (MHR) Cleofe Albiso. They acknowledged ERH’s influence on local tourism, community development, and the hospitality landscape, highlighting its contributions to the city’s economy and cultural preservation through MHR’s very own unique and authentic Filipino brand of service, the Sampaguita, and its implementation of sustainable and inclusive tourism practices.
Capping the anniversary program was the celebratory toast led by MHR Group General Manager Art Boncato, followed by the traditional countdown to the lighting of the hotel’s Christmas tree and its custom-made Sampaguita-inspired Capiz lantern to officially signal the start of the holiday season in the hotel.
Providing delightfully nostalgic entertainment was Harana, a group of singing professionals and alumni of La Salle’s Kundirana. Their renditions of well-loved OPM songs and Christmas carols added to the festive atmosphere.
The celebration then shifted to Eastwood Café+Bar, where a meticulously crafted six-course dinner prepared by MHR Corporate Chef Panky Lopez and ERH Executive Chef Peter Paluga awaited the guests. The menu included Salmon Sinigang Steak and Caldereta Tiger Pie, just some of the hotel’s creative and modern takes on all-time favorite Filipino dishes.
As Richmonde looks ahead to the next 15 years and more, it reaffirms its commitment to delivering meaningful and mindful stays, enriching experiences, and purposeful and thoughtful hospitality that is welcoming to all.
CDO Marks 50
Years
With the Holiday’s Perfect Pair: CDO Holiday Ham, Danes Queso de Bola
FOR 50 years, CDO Foodsphere, has been part of Filipino Christmas celebrations, from Noche Buena gatherings to holiday gifting with loved ones. This year, CDO marks its golden anniversary by spotlighting two enduring symbols of the Filipino holiday table: CDO Holiday Ham and Danes Queso de Bola.
At the media event “Unwrapping the Holiday’s Perfect Pair” held at Manila House, CDO welcomed guests for an immersive holiday experience designed to spark creativity, connection, and celebration. The program showcased how the perfect pairing of CDO Holiday Ham and Danes Queso de Bola continues to make gatherings special, whether served during Noche Buena, shared at parties, or given as thoughtful gifts.
Guests enjoyed a guided tasting featuring three recipe applications using CDO Holiday Ham and Danes Queso de Bola, a playful but elevated showcase of how the duo can transform festive meals. The Manila House resident chef created, especially for the event, Holiday Ham and Pineapple Skewers with Honey Mustard Glaze, Danes Queso de Bola Truffle Croquettes, and Holiday Ham and Queso de Bola Breakfast Pandesal.
The segment highlighted the versatility of both products, familiar enough to feel nostalgic, yet dynamic enough to inspire new traditions.
Next, Laureen Uy, recognized as a fashion blogger and a leading voice in lifestyle and entertaining, showed how holiday hosting can be elevated through thoughtful tablescaping. Known for her bold combinations, refined eye for detail, and innate sense of visual storytelling, she was the perfect fit for this workshop, demonstrating how styling a table can set the tone for a warm and memorable holiday celebration.
Her approach balanced modern aesthetics with personal warmth, layering textures and linens to instantly add depth, mixing warm neutrals with metallic accents for a festive palette, adding meaningful touches like handwritten cards and fresh herbs, and making her centerpieces the CDO Holiday Ham and Danes Queso de Bola.
Laureen reminded guests that preparing a table is an act of care more than decoration, it’s a gesture that tells loved ones they’re welcome even before the first bite is served.
The most interactive segment of the afternoon was a hands-on masterclass facilitated by Chef Marvin
Agustin, who guided attendees in building their own festive charcuterie boards. He emphasized that great charcuterie balances both taste and storytelling, contrasting textures, colors, and shapes arranged with intention.
What made this segment memorable was its experiential nature, every attendee created and took home a personalized holiday board, making the workshop not only instructional but personal and fun.
Throughout the event, CDO’s message was clear: the holiday season is about coming home, to flavors, to milestones, and to the people who matter.
“As CDO celebrates its 50th anniversary, this moment reminds us of what matters most, Filipino families brought together by food that feels like home,” said Dr. Charmaine Ong - Castro, Senior Vice President for Purchasing, Treasury and Corporate Governance. “Every home that welcomes CDO into their celebrations becomes part of our story, and we are grateful to be part of theirs.”
“What we appreciate most about gatherings like today is seeing how people bring our products to life, not just through recipes, but through stories,” shared Jason Ong, Vice President for Emerging Businesses. “If these stories reach more families and inspire moments around the table this Christmas, then we know we’re creating moments that truly matter.”
The true essence of Christmas is the joy of giving, choosing gifts that carry warmth and meaning. For many Filipino families, that joy is often expressed through food that feels personal and thoughtful. Whether it’s prepared at home or shared with others, the right pairing can instantly make the season special.
For that special regalo, it’s the two that counts, CDO Holiday Ham, made from 100 percent premium whole meat of tender pork hind leg, the best cut for hams, perfectly paired with Danes Queso de Bola, with its bright red ball and creamy, indulgent flavor that brings festivity and nostalgia to every holiday table, the kind of rich, familiar taste that instantly reminds you that Christmas has arrived.
“We invite everyone to rediscover why this holiday pairing continues to hold its place at the center of Filipino celebrations. Every family celebrates Christmas differently, but this simple Holiday pairing remains constant, one
National Exporters’ Week 2025 to Highlight Exporters’ Contribution to Nation Building
WITH the theme “Making Waves: Exporters Driving the Nation Forward,” the 2025 National Exporters’ Week (NEW) will be on December 1 to 5, 2025. This year’s celebration underscores the significant role of Philippine exporters as the breakers, crests, and ripples that sustain the momentum of the achievements under the Philippine Export Development Plan (PEDP) 2023–2028.
Anchored on Presidential Proclamation 931, s. 1996 and House Resolution No. 33, NEW is held annually every first week of December to highlight the joint commitment of the government and the private sector to sustaining export promotion and development. Over the years, it has evolved into one of the most important national platforms for dialogue, collaboration, and recognition within the export community.
The week-long gathering will bring together exporters, manufacturers, MSMEs, buyers, business chambers, foreign embassies, government partners, and the academe for a series of activities designed to SURGE:
• Showcase Philippine products and services through a public export exhibit;
• Understand industry trends, tools, and solutions through the National Export Congress (NEC) and Usapang Exports sessions;
• Reach new partners and networks during business matching and networking events;
• Grow by accessing services of export enablers and trade facilitation partners; and
• Empower exporters and institutions to innovate, achieve excellence, and embrace best practices.
This year’s sessions will explore a wide range of topics relevant to global trade, including financingfor exporters, supply chain and logistics solutions, intellectual property management, customs processes, productivity and continuous improvement, as well as emerging opportunities in digital platforms, sustainability, and competitiveness.This year’s sessions will touch on key topics in global trade such as market opportunities, digital platforms, sustainable practices, and strategies to strengthen competitiveness.
An Exporters’ Exhibit will also feature the diverse products and services of Philippine exporters, highlighting innovative food and lifestyle items, creative industries, and high-value services that demonstrate the range of Filipino excellence and ingenuity to both local and international buyers.
The culmination of NEW 2025 is the National Export Congress on December 4, 2025, where the mid-term assessment of the PEDP 2023-2028 will be presented and the various programs of the Department of Trade and Industry for the exporters will be launched. The NEC will also convene industry leaders, government officials, and stakeholders to discuss and outline the interventions necessary to achieve the remaining years of the current PEDP. There will also be an Exporters’ Awards Night that will recognize companies, whose excellence, resilience, innovation, and export performance have made an impact on the country’s economy.
“Our exporters embody the resilience, creativity, and drive of the Filipino people,” DTI Secretary Cristina A. Roque said. “Through the National Exporters’ Week, we reaffirm our support to the industry by providing platforms for learning, collaboration, and recognition. The strides we make today will ripple outward, fueling growth, creating jobs, and ensuring that
Philippine exports remain a strong force in the global market.”
“We formally celebrate exporters once a year and yet everyday, they do us proud here and abroad as they deliver what is good from our country and in us as people even with the meager assistance that we can afford,” said PHILEXPORT President Sergio R. Ortiz-Luis Jr.
“It is but fitting that we try to help them be more productive and resilient by building up and strengthening the ecosystem within which they operate. We consistently say that exports remain our best bet and we need to look at developing exports and MSMEs as investments rather than an expense. The National Exporters Week and Congress provides a good venue and reminder about the game changing importance of supporting our export industry and MSMEs,” he added.
DTI-EMB Director Bianca Pearl R. Sykimte added that inclusivity is one of the focus of this year’s celebration: “We want NEW 2025 to be an empowering experience for all - whether you are a seasoned exporter, an MSME taking your first steps into the global market, or an institution enabling trade. Our goal is for the NEW to be a platform for learning, discovery, building connections, and creating opportunities.” NEW is organized by the Department of Trade and Industry - Export Marketing Bureau (DTI-EMB), the Philippine Exporters Confederation, Inc. (PHILEXPORT), and the Export Development Council (EDC), with support from partner trade regulatory agencies and business support organizations. It is expected to draw about 1000 500 to 700 participants from across the export ecosystem. For more information and registration details, please visit the DTI-EMB Facebook page at www.fb.com/dtiemb.
Richmonde Hotel Celebrates 15
Euro-zone inflation remains close to 2%, diminishing chances for ECB interest rate adjustment in December
By Craig Stirling
AEURO-ZONE inflation reading that’s likely to stay close to 2% should be enough to satisfy officials that they can avoid tweaking interest rates in December.
Consumer prices probably rose 2.1% in November from a year earlier, according to the median of 29 forecasts in a Bloomberg survey ahead of Tuesday’s release. The underlying measure, which strips out volatile elements such as energy, is seen remaining at 2.4%.
Such readings for the final inflation numbers before the European Central Bank’s Dec. 18 decision might harden the resolve of policymakers to keep borrowing costs unchanged. That would leave them able to focus instead on their pivotal quarterly forecasts, featuring the first outlook stretching as far as 2028.
Officials find themselves in a holding pattern at present, with no clear consensus on what the next move for rates should be. Mixed signals from national reports on Friday might feed that sense of ambiguity, after stronger-thanexpected inflation in Germany and Spain was balanced by weaker-than-anticipated numbers for France and Italy.
If there’s any bias within the Governing Council at present, it might be toward scouring the data for upward pressure on price growth. Vice President Luis de Guindos told Bloomberg Television on Nov. 26 that “the risk of undershooting is limited, in my view.”
President Christine Lagarde, who’s repeatedly highlighted the good position that policy is currently at, may offer her own perspective in testimony to lawmakers in Brussels on Wednesday.
The unresolved sense of direction from the ECB is being mirrored by conflicting views from economists. Bloomberg Economics, for example, predicts inflation will slow in future months, adding to the case for rate cuts.
“Euro-area inflation will likely remain steady in November at just above the central bank’s 2% target, before resuming a sustained deceleration in December. That may add pressure on the ECB to ease policy next year, even though the Governing Council is currently resist -
ing such a move,” said Bloomberg economists Simona Delle Chiaie and David Powell.
BNP Paribas, in a recent note, offered a different take. “As we move into 2026, we expect the ECB to see stronger growth and inflation than it currently expects, which should further strengthen the case for a prolonged rate hold,” wrote Paul Hollingsworth, the bank’s head of developed markets economics. “We continue to see the next move as a hike.”
Elsewhere, the Paris-based OECD will release new forecasts on Tuesday, a consumer-price gauge is coming from the US, policymakers in the UK will share their financial-stability assessment, and Brazil may come to the end of its longest streak of growth in decades.
US
and Canada
FEDERAL Reserve officials will get a dated reading on their preferred inflation gauge before settling in the following week for their final policy meeting of the year. On Friday, the Bureau of Economic Analysis releases its September income and spending report—long delayed because of the government shutdown.
The figures will include the personal consumption expenditures price index and a core measure that excludes food and energy. Economists project a third-straight 0.2% increase in the core index. That would keep the year-over-year figure hovering just below 3%, a sign that inflationary pressures are stable, yet sticky and above the Fed’s goal.
Against such a backdrop, the debate among officials will largely center on the job market and whether rates should be reduced for a third straight time when policymakers meet Dec. 9-10. Investors see a cut as more likely than not.
Fed policymakers are in their usual pre-meeting quiet period. Still, White House National Economic Council Director Kevin
Hassett appeared on CBS’ Face the Nation on Sunday, where he touted a positive market response to indications that Donald Trump could pick the next Fed chair before the end of the year—a job that the president’s chief economic adviser is seen as likely to win.
While the latest jobs report showed a larger-than-expected rise in payrolls, the gain was concentrated in just a few industries. The unemployment rate ticked up to an almost four-year high, and there’s been a steady drumbeat of layoff news from companies.
Other economic data in the coming week include ADP private employment figures for November, as well as Institute for Supply Management surveys of manufacturers and service providers. The Fed is also scheduled to release September industrial production figures.
In Canada, meanwhile, jobs data for November are expected to show persistent weakness as the US trade war batters key industries and weighs on broader hiring. Some analysts see employers shedding staff after two strong reports made up for losses over the summer.
The Bank of Canada plans to hold its policy rate steady at 2.25% as long as the economy and inflation evolve as expected, and it foresees a soft labor market with weak wage growth.
Asia
ASIA steps into the first week of December with a packed calendar—led by a wave of manufacturing purchasing manager indexes along with price indicators that will help gauge the region’s momentum into year-end.
Data published Sunday showed that China’s factory activity improved but remained in contraction in November, extending its streak of declines to a record as the country’s economic slowdown deepens.
The tone will also be shaped by remarks from Bank of Japan Governor Kazuo Ueda on Monday, with markets alert to any signals on the likelihood of a December rate hike.
Australia begins the week with housing data that’s expected to confirm another month of gains, alongside a run of third-quarter figures—including company profits and inventories—ahead of its GDP release on Wednesday, when South Korea publishes its revised figures too.
Also on Monday, Japan issues a
broad set of quarterly indicators, covering capital spending, sales, and profits, that will feed into GDP revisions the following week.
Indonesia reports inflation and trade data. A sweep of PMIs from across Asia—including Australia, Indonesia, Japan, South Korea, Malaysia, the Philippines, Thailand, Taiwan and Vietnam—will offer an early reading on factory conditions as global demand remains uneven.
The start of the week coincides with the start of December, which means Anna Breman begins her five-year term as New Zealand’s central bank chief. Breman, who is from Sweden, Breman becomes the first female governor and the first foreigner to lead the institution since Englishman Leslie Lefeaux was its inaugural head in 1934.
Tuesday brings New Zealand’s third-quarter terms of trade, followed by South Korea’s inflation for November. Australia reports its current account balance as well as government spending for the September quarter.
Thursday features Japan’s weekly portfolio-investment flows and Australia’s household-spending for October, together with the latest trade numbers.
Attention turns to India on Friday, where the country’s central bank is expected to lower the repurchase, or repo, rate, making borrowing cheaper for banks and in turn for households and businesses.
Also on Friday, South Korea releases current account data, Japan has household spending, while the Philippines and Taiwan report inflation readings for November. Singapore’s retail-sales
report will show whether the improvement seen last quarter carried into October.
Europe, Middle East, Africa WHILE the threat of post-budget fiscal turmoil in markets appears to have subsided, the Bank of England is likely to identify other financial stability dangers when it releases its latest risk assessment on Tuesday, accompanied by a press conference with Governor Andrew Bailey.
With several global peers having released their own analyses in the past month, risks ranging from a stock bubble to parallels with the subprime debt crisis might come up. Little more than a month ago, Bailey warned of “alarm bells” in private credit.
In Switzerland, a second monthly reading of inflation barely above zero may arrive on Thursday, keeping pressure on the central bank there. The following day, Sweden’s measure of consumerprice growth targeted by officials is seen weakening drastically, to a six-month low.
Aside from inflation, the neighboring euro-zone will see national data pointing to the state of manufacturing at the start of the fourth quarter. German factory orders, along with French and Spanish industrial production, will come out on Friday.
In Ukraine—the scene of government upheaval after the exit of President Volodymyr Zelenskyy’s chief of staff—parliament will debate the draft of the 2026 budget on Tuesday amid demands from the International Monetary Fund.
In Poland the following day, the
central bank will decide whether to continue with rate cuts after a series of reductions spurred by lowerthan-expected inflation. A majority of economists predict it will do so.
Data in South Africa on Tuesday will likely show economic growth slowed slightly in the third quarter, to 0.5% from 0.8%, as the US’s 30% tariff on some exports weighed on manufacturing.
Saudi Arabia is set to announce its 2026 budget the same day, followed by a press conference with Finance Minister Mohammed alJadaan.
And the next day in Turkey, data will probably show inflation eased in November to about 31.6%. Central bank Governor Fatih Karahan has said he expects an improvement, fueling expectations for a larger rate cut in December.
Latin America
IT was a nice run, but new data may well show that Brazil’s 16-quarter expansion—the longest growth streak for LatAm’s No. 1 economy in the last three decades—ran out of road in the third quarter. The immediate causes can be boiled down to the central bank’s uncompromising monetary policy and the hit from Trump’s tariffs. A few analysts see the risk of a shallow second-half recession. A host of reports from Mexico are likely to underscore the widening output gap and loss of momentum in LatAm’s No. 2 economy. Manufacturing, consumer confidence, private consumption, and jobs added are all telling the same story, though perhaps none quite so dramatically as investment. A s with Brazil, Trump’s “America First” trade and tariff policies are worsening an already challenging situation.
The big Andean inflation-targeting economies lead off November’s price reports from the region. Chile, which also posts GDPproxy figures, may report a slight cooling in consumer prices that might put a quarter-point rate cut on the table for central bankers who meet on Dec. 16. In Peru’s megacity capital of Lima, consumer prices may have ticked slightly lower from the current below-target 1.35%—while Colombia could see a hint of deceleration in the year-on-year reading from October’s 5.51%. (With assistance from Swati Pandey, Laura Dhillon Kane, Vince Golle, Monique Vanek, Robert Jameson, Mark Evans, Beril Akman and Andrew Langley. Bloomberg News
Stocks and crypto dive as investors brace for economic data; BOJ hints at rate hike
By Shikhar Balwani
NITED STATES stock fu -
Utures fell and cryptocurrencies plunged, signaling risk aversion ahead of a slew of economic data this week even as bets for a December Federal Reserve interest-rate cut remain firm. Contracts on the S&P 500 dropped as much as 0.8% while Nasdaq 100 futures declined 1%. Japanese stocks led losses in Asia and the yen rose as Bank of Japan
Governor Kazuo Ueda sent the clearest hint yet of a rate hike this month. Ahead of his speech, the two-year bond yield rose to the highest since 2008. Bitcoin lost nearly 6% to trade below $86,000, bringing fresh momentum to a wide-ranging selloff that appeared to have settled.
The week ahead is set to offer a crucial snapshot of US economic momentum as policymakers weigh the trajectory of interest
rates heading into 2026. With inflation and consumer demand under scrutiny, data is likely to shape expectations for whether the Fed continues its rate-cutting cycle. Traders are also bracing for potential shifts in central bank leadership with White House economic adviser Kevin Hassett signaling markets were ready for the announcement of a new Fed chair.
“Investors are cautious to add risk ahead of upcoming US data and macro events,” said Jung In Yun, chief executive officer at Fibonacci Asset Management Global. This looks like a wait-andwatch approach, he said.
The MSCI All Country World Index fell 0.1% in November after rising for seven straight months. The rally was halted as optimism around high-flying AI stocks faltered due to rising concerns about stretched valuations and excessive spending plans. The global equities gauge rose an average 0.5% in
December over the last 10 years, historical data compiled by Bloomberg show.
The Bloomberg Dollar Spot Index was steady on Monday after four days of losses. Elsewhere, WTI crude oil jumped after Opec+ confirmed it will stick with plans to pause production hikes during the first quarter. Silver and copper also climbed after hitting fresh records on Friday.
A rally in metal shares helped Chinese equities begin December on an optimistic note. That’s even as data published Sunday that showed factory activity improved but remained in contraction in November, extending its streak of declines to a record as the country’s economic slowdown deepens.
BOJ, Fed decisions
THE BOJ “will consider the pros and cons of raising the policy interest rate and make decisions as appropriate” by examining
the economy, inflation and financial markets at home and abroad, Ueda said Monday in a speech to local business leaders in Nagoya, central Japan. Traders see about a 64% chance of a rate hike when the central bank concludes its next policy meeting on Dec. 19, according to the overnight swap index.
By calling attention to a specific policy meeting, Ueda is likely indicating the rising possibility of rate action at that time. In late December a year ago, the governor pledged to assess the state of the economy carefully at the next meeting, when the bank wound up raising borrowing costs.
For the US, this week begins with fresh data on consumer spending, including Cyber Monday sales, and the release of more delayed economic indicators. Fed officials will review an outdated reading of their preferred inflation gauge ahead of the Dec. 9-10
policy meeting, where debate is expected to center on labor market conditions and the case for a third consecutive rate cut.
Markets are continuing to bet that the central bank will cut its benchmark this month. Swaps data shows traders have priced in almost a full quarter-point reduction since New York Fed President John Williams said he saw room to lower rates again in the nearterm amid labor-market softness.
“For now, the data supports the soft landing, and that contributed to the continued equity rally ahead of Thanksgiving,” wrote Tom Essaye of the Sevens Report. “However, there remain a lot of economic unknowns right now and there are simmering risks that the economy is not as strong as investors believe given the lack of government data in recent months.”
While the Fed enters its premeeting blackout period, Chair
Jerome Powell and Governor Michelle Bowman are scheduled to speak, though they are barred from commenting on the economic outlook or policy.
Other economic data in the coming week include ADP private employment figures for November, as well as Institute for Supply Management surveys of manufacturers and service providers. The Fed is also scheduled to release September industrial production figures.
Hassett, speaking on CBS’ Face the Nation on Sunday, declined to address whether he considers himself the front-runner to replace Fed Chair Jerome Powell, adding a positive market response to indications that US President Donald Trump could pick the next chair before the end of the year.
Shoppers pass through Alexanderplatz during Black Friday sales in Berlin, Germany, on Nov. 28. YEN DUONG/BLOOMBERG
What’s in a uniform?
A country’s identity
TLast October,
athletes at the World Games in Chengdu last August were all clad in a perked up and more colorful track suits and podium shirts, and the same uniforms were worn at the Asian Youth Games in Manama in October. Now, everyone who’s seen the track suits and t-shirts are mesmerized and each wanted one—practically at any cost.
“Each time I look into my cabinet and see the old national team jackets, each competition had a different design and color,” Philippine Olympic Committee president Abraham “Bambol” Tolentino said on Friday during the Team Philippines send off for the Thailand 33rd Southeast Asian Games.
“It’s always been that way and I always noticed some countries have identities—one look at the colors and designs and you’ll easily identify which country they’re from,” he said, citing the unique designs used by athletes from Malaysia, Singapore, Indonesia, China, Japan, Saudi Arabia, Brazil, USA , Canda, The Netherlands, France, Italy, South Africa and Australia, among others. Case in point—Malaysia’s tiger stripes, Canada’s maple leaf, Brazil’s greenyellow-blue and perhaps one of the more recognizable orange of the Dutch.
We need an identity, one that also depicts the beautiful spots in our country—for tourism purposes, too,” added Tolentino, who as POC head commissioned sports apparel brand Peak to come out with a design that will be a Filipin athlete’s trademark in years and years to come.
“Finally we have one, and everyone wants at least one,” said Tolentino, adding that his native Tagaytay City is part of the design.
“Go spot the Taal Volcano,” he said. Tolentino said that during the World Games and Asian Youth Games, athletes and officials, even ministers, wanted one and were willing to swap theirs.
“But no one did, our athletes and coaches, they love the design,” he said.
Come next Tuesday, 1,600 Filipino athletes and hundreds of coaches, officials and delegation members will be showing not only in the region but again to the whole world the unique and attractive uniforms in the SEA Games.
“This will be the identity of Philippine sports—only the event patch will be changed—and of course, the POC and PSC [Philippine Sports Commission] logos will always be there,” he said, stressing “and as long as I’m POC president, we’ll be showing off to the world the same design.”
ORGANIZERS of the annual Southwoods Chairman’s Charity Cup are eyeing an even bigger event next year as the tournament continues its proud tradition of competitive play, camaraderie and charitable giving. The club’s flagship event consistently draws members and guests who value its unique blend of friendly competition and community spirit.
This year, Jong Sug Han and Raul Magpantay shared top honors, with the former capturing the low gross title with 37 points and the latter ruling the seniors division with 34 points at the Legends and Masters courses of Manila Southwoods Golf and Country Club in Carmona, Cavite.
L ora Roberto also carded 37 points under the Modified Stableford scoring system to secure the ladies’ low gross trophy in the premier member-guest tournament, supported by title sponsor San Miguel Corp. and presented by CSL Construction and Pro-Envirotek Inc.
K arim Yu led the individual division champions in the threeday tournament, scoring 40 points to top Men’s I. The other winners were Jojo Silverio with 43 points (Men’s II), Gerald Kim with 44 points (Men’s III), Michael Lopez with 44 points (Men’s IV); Seniors I: Chang Myon Park with 40 points; Seniors II: Rodolfo delos Reyes with 40 points; Seniors III: Brian Park with 43 points; Seniors IV: Jose Antonio Gonzalez with 44 points; Ladies I: Claire Ong with 39 points; Ladies II: Helga Rizza Visaya with 40 points; and Ladies III: Sheila Mae Ibañez with 39 points.
All bark and no bite
RIC JED OLIVAREZ further solidified his status as one of Philippine brightest stars after clinching the Mayor Edwin Olivarez National Open Tennis Championship crown for the second straight year.
Olivarez, 27, delivered another masterclass in composure and athletic maturity after overpowering 19-year-old John Benedict Agui-
game, Olivarez made it clear he intended to keep the crown and broke Aguilar thrice in the first set to dictate the tempo with deep returns and timely net pressure.
Aguilar fought valiantly in the early stages of the second set, holding firm through the first four games, but Olivarez’s experience and tactical clarity took over.
A c rucial hold in the fifth game followed by a break in the sixth allowed him to seize full control and close out the match with authority.
T he win added another P100,000 title to Olivarez’s expanding résumé and strengthens his preparations for the Southeast Asian Games next month in Thailand.
Brazil-Japan in futsal worlds Last 8
PTETRO GAZZ showed the fire and grit that had fueled its two previous Premier Volleyball League Reinforced Conference crowns and where other teams crack under pressure, the Angels rose—one escape at a time—until they accomplished their mission.
Coach Gary Van Sickle admitted their early inconsistencies nearly doomed them. “Like some of the players said, we were still feeling it out…it was us killing ourselves,” he said, pointing to miscues that stalled their campaign. But once the errors were addressed, everything shifted.
“As soon as we cleaned it up, we started rolling,” Van Sickle said.
And roll they did—whirling, surging, then roaring through the most treacherous path of the season.
After a costly loss to Farm Fresh pushed them to the brink, Petro Gazz fought back, defeating Capital1 and PLDT to secure the fifth seed entering the knockout phase.
From there, the Angels played their fiercest volleyball and even with Lindsey Vander Weide sidelined by injury, they dethroned the Creamline Cool Smashers in the quarterfinals and outlasted the Akari Chargers in a tense semifinal thriller.
T heir 21-25, 28-26, 25-23, 25-
20 triumph over the over-achieving ZUS Coffee Thunderbelles in the finals sealed not just a championship, but a testament to their never-say-die identity. A gainst the Anna DeBeer-led Thunderbelles, however, the Angels initially appeared rattled. And Van Sickle knew they needed a reset—and fast. We started off a little slow…but the girls kept focused, stayed together,” he said. “Once we got the lead, I think they started feeling the pressure.” Those early-season struggles, he emphasized, prepared them for moments like this. “Earlier in the year, we were 3-3. Those battles helped us fight for this one,” he said. For the Van Sickle family, the victory carried even deeper meaning. Gary, wife Lisa, and daughter Brooke had all journeyed together—the first full-family staff to win a PVL championship. “ We always watched Petro Gazz from afar,” Gary said. “When the opportunity came, we didn’t hesitate. It worked out well.”
Brooke, who earned Conference MVP honors, called it the ride of a lifetime. “It doesn’t matter how you start, it matters how you finish,” she said. “This team had grit. We locked in when it mattered.”
ERIC JED OLIVAREZ poses with a replica of his prize money in the tournament. OLIVAREZ OPEN PHOTO
THE Petro Gazz Angels has maintained their uncanny Reinforced Conference rhythm—2019, 2022 and now 2025—three titles, each three years apart. PVL IMAGES
PHILIPPINE Olympic Committee president Abraham “Bambol” Tolentino and Philippine Sports Commission chairman Patrick “Patò” Gregorio are clad in the Thailand SEA Games version of the national track suit, while medalist Muay athletes Zeth Gabriel Bueno, Jan Brix Ramiscal, Jasmine dagame, Tyron Jamborillowear the Bahrain Asian Youth Games design. POC PHOTO
