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Saturday, December 20, 2025 Vol. 21 No. 73
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BUSINESS IS CONFIDENT,
PUBLIC NOT SO–BSP
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By Reine Juvierre S. Alberto
ESPITE business sentiment improving on hopes of higher holiday-driven spending, Filipino consumers turned more pessimistic as concerns over corruption, inflation and income pressures dampened their confidence, according to the Bangko Sentral ng Pilipinas (BSP). Results of the BSP’s latest Business Expectation Survey (BES) revealed that the overall business confidence index (CI) increased to 29.7 percent in the fourth quarter of 2025. A positive CI means more respondents are optimistic than pessimistic. The current-quarter CI is higher from the 23.2 percent recorded in the third quarter of 2025, due to more consumer spending during the holiday season, improvements in business process, expansion plans and a favorable inflation environment. However, optimism among businesses moderated for the succeeding quarter. See “Business,” A2
-22.2% Consumer confidence index (Q4 2025), down from 9.8% in the previous quarter
Govt focuses on job creation to attain missed UMIC status By Reine Juvierre S. Alberto
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HE Marcos Jr. administration is prioritizing job creation to ensure economic growth translates into higher incomes as it targets upper middleincome status by 2026, Finance Secretary Frederick Go said. In a press chat on Thursday, Go said the government’s strategy centers on economic growth, and this must translate into more jobs that allow more Filipinos to benefit from higher incomes. “Our strategy is to grow the economy and make sure that no one is left behind. Then when you hurdle that rate, you become an upper middle income economy,” Go said. The Philippines remains within the lower-middle-income bracket—defined by the World Bank as economies with a gross national income (GNI) per capita between $1,136 and $4,495. The country’s GNI per capita rose to $4,470 in 2024, a 5.67-percent increase from $4,230 in 2023. The upper middle income country GNI per capita starts at $4,486. This made the Philippines miss achieving the upper-middleincome country (UMIC) status in 2025 by a mere $26. Go said the government remains committed to achieving UMIC status in 2026, noting that the economic team should “stick to that” timeline. The new Finance chief acknowledged that foreign exchange movements pose a challenge to the country’s bid, as income classification is denominated in dollars. “One of the problems is, it’s defined in dollars. So even if we grow in pesos, if the foreign exchange rate works against us, that’s the problem,” Go said.
“I am hopeful. Because I believe our economy will grow.”—Finance Secretary Frederick Go, on the Philippines’ proximity to upper middle-income status
STARS ON PARADE Movie fans line the streets as the highly anticipated Parade of the Stars of the 51st Metro Manila Film Festival (MMFF)—a cherished annual tradition—rolls out in Makati on Friday, December 19. Serving as the official host city this year, Makati welcomes decorative floats and celebrity appearances from the eight official MMFF film entries: Call Me Mother, Rekonek, Manila’s Finest, Shake, Rattle & Roll: Evil Origins, I’m Perfect, Love You So Bad, Unmarry, and Bar Boys: After School. The Parade of the Stars serves as a festive prelude to the MMFF’s nationwide screenings, bringing Filipino cinema closer to the public ahead of the festival run. MMDA and concurrent Overall MMFF Chairman Romando Artes said the MMFF is excited to bring the spirit of Filipino filmmaking and the magic of the Parade of Stars to the streets of Makati. ROY DOMINGO
$4,470 A SUICIDE OR A SILENCED WITNESS? GNI per capita (2024), just $26 short of the $4,486 threshold required for upper middle-income country (UMIC) status
Despite this, Go said the Philippines is already close to reaching upper middle-income status and expressed optimism that continued economic expansion would help the country meet the required income level. “I am hopeful,” Go said. “Because I believe our economy will grow.” According to World Bank, if the Philippine economy can grow by 6.8 percent annually for the next 25 years, it may finally end its extended stay as a middle income country (See: https://businessmirror.com.ph/2025/07/16/phl-exitingmic-status-what-it-will-take-perwb/). The World Bank said enhancing investments in infrastructure and human capital; improving regulations and governance; and mobilizing private capital will provide a 1.4 percentage point boost to See “UMIC,” A2
Former DPWH Usec Cabral’s death sparks investigation frenzy
AUTHORITIES retrieve the body of former DPWH Undersecretary Maria Catalina “Cathy” Cabral along Kennon Road in Tuba, Benguet, on December 18, 2025, after she reportedly fell into a ravine. Rescue teams from Tuba MDRRMO and BFP coordinated with the Benguet Provincial Forensic Unit, while law enforcement and integrity bodies moved to secure her gadgets and documents for investigation. PHOTOS COURTESY OF BFP-TUBA BENGUET
By Malou Guieb & Joel San Juan
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AGUIO CITY/MANILA— Authorities have mounted a thorough investigation into the death of controversial former Department of Public Works and Highways (DPWH) Undersecretary Maria Catalina “Cathy” Cabral, amid questions of whether she killed herself, or was murdered to prevent her possible testimony in ongoing inquiries into the multi-
billion-peso infrastructure projects scandal. Her family refused an autopsy, but according to Dr. Rod Leal, the former medico-legal officer of PROCOR (Police Regional Office in the Cordillera), the state might mandate it, on the basis of Presidential Decree 856 that states that the corpse belongs to the state if death is under controversial circumstances. Cabral was found dead late on December 18, 2025, after what appeared to be a fall into a ravine
along Kennon Road in Tuba, Benguet, her mangled body found in a rocky area. A doctor who first examined her said she must have been dead seven hours—or roughly the time she parted with her driver and asked to be left alone on the narrow portion of the highway. Police reports said Cabral, 63, was traveling with her driver, Ricardio Munos Hernandez, when she asked to be dropped off near Camp 4 at around 3 p.m. Hernandez later returned but failed to find
her, prompting him to search nearby areas and eventually report the matter to Baguio police. Responding personnel discovered Cabral’s body later that evening. According to the police report, authorities “found the victim at the side of Bued River more or less 20 to 30 meters below the highway unconscious and unresponsive.” Rescue teams from Tuba MDRRMO and BFP retrieved her body and coordinated with the See “Suicide,” A2
PESO EXCHANGE RATES n US 58.6050 n JAPAN 0.3768 n UK 78.4428 n HK 7.5321 n CHINA 8.3231 n SINGAPORE 45.4584 n AUSTRALIA 38.7438 n EU 68.7026 n KOREA 0.0397 n SAUDI ARABIA 15.6255 Source: BSP (December 19, 2025)