S&P flags PHL’s weak creditor protection By Reine Juvierre S. Alberto
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HE Philippines has been assigned under Group C jurisdiction ranking by S&P Global Ratings for its weak creditor protection, high rule-oflaw risk and low predictability in insolvency outcomes. In a report on Wednesday, S&P Global Ratings said the Group C ranking assessment on the Philippines reflects the country’s overall weak legal framework for creditors. “We assessed the Philippines’ creditor-friendliness as weak and the rule-of-law risk as high,”
S&P said. S&P flagged the country’s insolvency law as weakly supportive of creditors due to little empirical evidence showing predictable creditor recoveries, reliable application of rules or conformity with legal ranking of claims. According to S&P, high ruleof-law risk undermines the predictability of the enforcement of creditor rights and insolvency resolutions lack consistent outcomes. “Additionally, we believe the degree of preservation of asset value is low, given a lack of established precedents where creditors have received a recovery rate of higher
than 30 percent,” S&P said. Resolution times are also unpredictable, making it difficult for creditors to estimate recovery amounts and the length of legal proceedings. “Mitigating these weaknesses are the Philippines’ legal framework, which is generally supportive of the reorganization of an entity as a going concern,” S&P added. Still, S&P acknowledged some mitigating factors, including the Financial Rehabilitation and Insolvency Act’s supportive provisions for corporate reorganization and the country’s adoption of the UNCITRAL Model Law on Cross-
Border Insolvency. “There is no impact on existing ratings arising from the above jurisdiction ranking assignment,” S&P clarified. S&P said the jurisdiction ranking assessment is an indicator of the relative degree of protection that a country’s insolvency laws and practices afford to creditors’ interests, and of the predictability of those proceedings. The assessment captures how insolvency proceedings and ruleof-law considerations in a country are likely to affect recovery prospects of creditors subject to insolvency proceedings after a default.
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Thursday, December 4, 2025 Vol. 21 No. 57
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By Reine Juvierre S. Alberto @reine_alberto
HE Bangko Sentral ng Pilipinas (BSP) signaled that a December rate cut is increasingly likely as it expects the economy to slow in 2025 amid waning investor confidence. Speaking to reporters on Wednesday, BSP Governor and Chairman of the Monetary Board Eli M. Remolona Jr. said the economy could grow between 4 and 5 percent in 2025, with some improvement to show in the middle of 2026.
When asked if the slower growth projections for this year raise the odds further for a rate cut in December, Remolona said, “Yeah, mostly. But it’s not assured.” The weaker forecast reflects See “rate cut,” A2
MOVED BY PINAY’S STORY, POPE APPEALS FOR DISPLACED FAMILIES By Justin Xyrah Garcia
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OPE Leo XIV said the hardships endured by migrant families fleeing conflict demand a firm response from the Church, after hearing a Filipino worker recount how violence in Lebanon forced displaced laborers to seek shelter in parish communities. He delivered the message on Monday during a gathering of bishops, priests, consecrated persons and pastoral workers at the Shrine of Our Lady of Lebanon in Harissa. The Pontiff said the account
he heard deeply affected him and underscored the “horror” of war on innocent civilians. “On one hand, their courage speaks to us of God’s light which, as Loren said, shines forth even in the darkest moments. On the other hand, their experiences invite us to take a stand to ensure that no one else will have to flee from his or her country due to senseless and cruel conflicts, and that whoever knocks at the doors of our communities may never feel rejected,” Pope Leo said. The Holy father’s remarks See “Families,” A2
GREAT PLACE TO WORK A water carabao sculpture greets visitors at Newport City in Pasay, a Megaworld-developed township known for its integrated hotels, residences, retail areas, and entertainment hubs near Naia Terminal 3. Megaworld is one of six Philippine firms recognized in Fortune’s inaugural 100 Best Companies to Work For in Southeast Asia, earning a spot on the list for strong workplace culture and high employee-trust ratings under the Great Place to Work framework. NONIE REYES
₧2-B emergency jobs given after disasters By Justine Xyrah Garcia
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FARM TO SENATE Members of Ayta Mag-Anchor, a group of Aeta vendors from Mabalacat, Pampanga, sell assorted freshly harvested vegetables at affordable prices outside the Senate gate in Pasay City. The group sets up every December, offering produce directly from their community as market prices rise heading into the holiday season. Their annual visit comes as recent reports note tighter vegetable supply and higher costs in urban markets due to elevated transport expenses and weather-related disruptions. ROY DOMINGO
HE Department of Labor and Employment (DOLE) has released more than P2.045 billion in emergency employment support this year as workers across the country continued to reel from volcanic activity, typhoons and earthquakes. Data from the agency’s Bureau of Workers with Special Concerns (BWSC) showed that 381,513 individuals have been covered through various interventions since the Mt. Kanlaon eruption early this year. Much of this support was delivered through the Tulong Pan-
ghanapbuhay sa Ating Disadvantaged Workers (TUPAD) program, DOLE’s short-term emergency employment scheme that provides temporary income relief after disasters, economic shocks, or displacement. Beneficiaries are deployed for 10 to 90 days of communitybased work, including debris clearing, minor repairs, and other early recovery activities in their localities After two strong typhoons hit in November, DOLE deployed its TUPAD program to assist more than 160,000 workers, with disbursements amounting to P843 million.
For Typhoon Tino, the BWSC reported that 68,349 workers in Region VI (Western Visayas), Region VII (Central Visayas), Region VIII (Eastern Visayas) and Region XIII (Caraga), received wages totaling P363 million. Profiling and TUPAD orientations are ongoing in areas heavily affected by Typhoon Tino, particularly in Region VII (Central Visayas), where payouts are being released in phases. Meanwhile, assistance for Super Typhoon Uwan covered 91,699 individuals in Cordillera Administrative Region (CAR), Region II (Cagayan Valley), Region III (Central Luzon), Region IV-A
(Calabarzon), Region V (Bicol) and Western Visayas, amounting to P480 million. Earthquake-hit communities in Visayas and Mindanao also received support. DOLE records show that 9,413 workers in Central Visayas were paid P55.9 million, while 5,726 in Caraga and Region XI (Davao) received P29 million. Livelihood assistance was likewise extended to 1,693 beneficiaries, who received P19.5 million under the DOLE Integrated Livelihood Program (DILP) following earlier typhoons such as Crising, Dante, Emong, Mirasol, Nando, and Opong.
PESO EXCHANGE RATES n US 58.4330 n JAPAN 0.3749 n UK 77.2134 n HK 7.5066 n CHINA 8.2620 n SINGAPORE 45.0906 n AUSTRALIA 38.3437 n EU 67.9225 n KOREA 0.0398 n SAUDI ARABIA 15.5672 Source: BSP (December 3, 2025)