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NOV INFLATION T AT 1.5%, 11-MO AVERAGE IS 1.6% www.businessmirror.com.ph
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Saturday, December 6, 2025 Vol. 21 No. 59
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BANK LENDING GROWTH SLOWS ANEW IN OCTOBER HE expansion of bank lending slowed for a second month in October, with credit growth easing amid a sharper contraction in loans to non-residents, according to the Bangko Sentral ng Pilipinas (BSP). Preliminary data from the BSP showed outstanding loans from universal and commercial banks (UKBs) to businesses and individual consumers grew at a slower rate of 10.3 percent in October 2025 from 10.5 percent in September 2025. After adjusting for seasonal fluctuations, outstanding UKB loans increased by 0.6 percent month-on-month in October. “The slowdown reflects two things: lingering high borrowing costs and cautious sentiment amid uncertainty,” Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., said. “Businesses are delaying expansion, and consumers are prioritizing essentials. While BSP’s rate cuts help, confidence and liquidity matter more,” Ravelas said.
By Andrea E. San Juan
T
HE slower increase in prices of food and nonalcoholic beverages, particularly vegetables and meat, led to the easing of inflation in the country to 1.5 percent in November 2025.
See “Inflation,” A2
T
HE Supreme Court on Friday unanimously ordered Malacañang to return the P60 billion in unutilized funds of Philippine Health Insurance Corporation’s (PhilHealth) that were transferred to the national treasury purportedly to bolster the government’s unprogrammed appropriations. At a press briefing, SC spokesman Camille Sue Mae Ting said the decision was reached during the Court’s en banc decision on Wednesday. The P60-billion PhilHealth fund, according to Ting, was ordered to be returned to PhilHealth through the 2026 General Appropriations Act (GAA). Likewise, the Court permanently prohibited the transfer of PhilHealth’s P29.9-billion fund balance to the national treasury. It may be recalled that the SC previously issued a temporary restraining order (TRO) enjoining the further transfer of the remaining unutilized funds of PhilHealth
See “Bank,” A2
BSP: ’25 inflation seen to average below lower end of target range KEY DRIVERS OF FOOD INFLATION Factors that pushed food inflation down: n Slower price increases for vegetables n Slower price increases for meat n Improved meat supply after lifting the chicken import ban n Stabilized vegetable supply n Continued decline in rice prices (but at a slower rate)
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AN array of vegetables is displayed at a public market in Las Piñas. The slower rise in food prices helped ease the country’s inflation to 1.5 percent in November 2025, according to the Philippine Statistics Authority. NONIE REYES
SC orders return of ₧60-B unused funds to PhilHealth By Joel R. San Juan
To make cuts effective, Ravelas said the Central Bank must pair monetary easing with clear communication and trust-building measures. Businesses, meanwhile, should focus on resilience and efficiency, he added. Dissecting the bank lending numbers, outstanding loans to residents held firm at 10.9 percent in October. These refer to Philippine citizens residing in the country, non-citizens permanently living in the Philippines, corporations or juridical entities
Factors pushing non-food inflation up: n Higher electricity rates n Higher domestic petroleum prices
SVETLANA LEUTO | DREAMSTIME.COM
According to the Philippine Statistics Authority (PSA), the inflation rate posted in November 2025 is slower than the 1.7 percent in October 2025 and the 2.5 percent in November 2024. This brings average inflation rate from January to November 2025 to 1.6 percent, which is below the government’s 2 to 4 percent target range. PSA Assistant Secretary Divina Gracia L. Del Prado said the main sources of deceleration of the November 2025 inflation were the slower increase in prices of food and non-alcoholic beverages, which posted a 0.1-percent inflation rate, compared to the 0.5 percent posted in October 2025. Food and non-alcoholic beverages contributed an 85.3-percent share to the downtrend in inflation. Del Prado said vegetables, tubers, cooking bananas, among others, contributed to the slower rise in the prices of food, with only 4percent inflation rate compared to the 16.4 percent in October 2025.
“The slowdown reflects two things: lingering high borrowing costs and cautious sentiment amid uncertainty.”— Jonathan Ravelas, senior adviser at Reyes Tacandong & Co.
to the national treasury. The TRO covers the last tranche of PhilHealth’s unutilized funds amounting to P29.9 billion which was supposed to be remitted on November 24, 2024. The Court also directed PhilHealth to strictly comply with Section 1, in relation to Sections 5, 6, and 7 of Republic Act No. 11223 or the Universal Health Care Act in managing its funds and handling its operations in order to improve the National Health Insurance Program (NHIP) and achieve Universal Health Care in the country at the soonest possible time, as set forth in this Decision. The Court’s decision stemmed from the consolidated petitions filed by former Senator Aquilino Pimentel III et al, Bayan Muna Chairman Neri Colmenares et al and the 1Sambayan Coalition assailing the said transfer of funds.
’Enough is enough’
THE SC, in its 136-page decision penned by Associate Justice Amy Lazaro-Javier, lamented that universal health care remains a dream
NFLATION this year is expected to average below the lower end of the Bangko Sentral ng Pilipinas’ (BSP) target range, as rice prices declined in recent months. The Central Bank’s inflation target range is from 2 to 4 percent for 2025 to 2028. “The outlook for inflation is generally benign, remaining well within the target range over the policy horizon,” the BSP said in a statement on Friday. November 2025 inflation came in at 1.5 percent—within the BSP’s forecast range of 1.1 to 1.9 percent. Food inflation eased as price increases for vegetables and meat slowed. Meat supply improved following the lifting of the chicken import ban, while vegetable supply stabilized. Rice prices also
continued to decline in November, though at a slower rate, the BSP noted. On the other hand, electricity rates and domestic prices of selected petroleum products rose, pushing up non-food inflation. For 2026 and 2027, the BSP said inflation is expected to settle within the 3.0 percent ± 1.0 percentage point target range. “Inflation expectations also remain well-anchored,” the BSP said. However, some upward pressures could come from potential electricity rate adjustments and higher rice import tariffs. “Nonetheless, the risks to the inflation outlook are limited as supply-side pressures are expected to ease,” the BSP said. See “BSP,” A2
hy must Filipinos be forced to lie content with a dream when the law, nay, the Constitution itself ‘W commands this dream to reality? No more. Enough is
enough.”—Supreme Court, in a decision penned by Associate Justice Amy Lazaro-Javier for every Filipino despite clear legislations for its implementation. “Why must Filipinos languish and beg for a right—an equally shared right—that other nations
have long enjoyed as a matter of course? Why must Filipinos have to ask, when illness haplessly arrives at their doorstep, whether they See “PhilHealth,” A2
FILIPINO INNOVATION TOPS OFF IN NISEKO DoubleDragon Corp. founders Edgar “Injap” Sia II and Tony Tan Caktiong at the topping-off ceremony of Hotel101-Niseko, December 5, 2025. The 482-room property, set in the heart of Hirafu, Niseko, Hokkaido, Japan, is now officially the largest hotel in the village by room count. Slated to open in December 2026 just in time for the 2026–2027 winter season, Hotel101-Niseko introduces an innovative “condotel” model combining world-class amenities, practical comfort, and unmistakable Filipino warmth. Story in News, A3. DOUBLEDRAGON CORP.
PESO EXCHANGE RATES n US 59.0700 n JAPAN 0.3809 n UK 78.7285 n HK 7.5904 n CHINA 8.3539 n SINGAPORE 45.5998 n AUSTRALIA 39.0394 n EU 68.7870 n KOREA 0.0400 n SAUDI ARABIA 15.7415 Source: BSP (December 5, 2025)