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Thursday, January 1, 2026 Vol. 21 No. 81

IMF TO BSP: TRACK BANK MANUFACTURING LOANS

By Reine Juvierre S. Alberto @reine_alberto

HE Bangko Sentral ng Pilipinas (BSP) should closely monitor banks’ exposure to the manufacturing sector, as weak corporate earnings and global trade uncertainties could pose risks to the Philippine financial system, according to the International Monetary Fund (IMF).

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GOOD NEWS: Behind the scenes of some of the most uplifting stories of 2025

In its latest country report following the 2025 Article IV consultations, the IMF flagged the manufacturing sector, noting that earnings have remained “weak.” Bank loans to manufacturing, as well as wholesale and retail, account for about 19 percent of domestic loans as of the end of August 2025. The IMF warned that these loans See “Loans,” A2

NEWLYWEDS Jade Rick and Jamaica Verdillo kiss during their wedding inside a flooded Barasoain church in Malolos, Bulacan, July 22, 2025. AP/AARON FAVILA

By Michael Melia The Associated Press

T was one of the year’s biggest stories—the selection of the first American pope—and an Associated Press journalist was interviewing the pope’s brother at his home in suburban Chicago. Suddenly, they heard a ringing coming from the basement. “That might be the pope,” the new pontiff’s brother said. Indeed, the man who had emerged hours earlier on the balcony of St. Peter’s Basilica as Pope Leo XIV was calling to catch up with his older brother. Obed Lamy, a video journalist, listened and recorded as the conversation played out on speaker. “I was shaking because I didn’t know what the pope would say,” Lamy said. “Am I supposed to say something or not say anything?” In a year marked by political strife, natural disasters and other calamities around the world, 2025 also had its share of uplifting moments. AP journalists were in the middle of many of them. Some found stories of joy amid disaster, including a wedding in a typhoon-flooded church in the Philippines and a youth theater group that staged a production weeks after a devastating wildfire in California. Some became part of the stories they were covering, simply by being there. In Seattle, an AP photographer broke the news to a scientist that she had won a Nobel Prize. Here are their stories. See “Good News,” A5

PHL, UAE set to sign FTA in mid-January PRINTING PROSPERITY As 2026 begins, an owner of a screen-printing shop in Quezon City prepares orders for calendars, planners, and corporate giveaways, reflecting the busy season for businesses and households alike. The new year marks the Year of the Fire Horse in the Chinese zodiac, which begins on February 17, 2026. The Horse is traditionally associated with energy, strength, and independence, while the Fire element adds boldness and dynamism—perfect symbolism for fresh starts and ambitious plans. NONOY LACZA

Health is wealth: Why not both in 2026? By Claudeth Mocon-Ciriaco

EW year is a chance to reflect, reset, and reinvent ourselves. Thus, the concept of New Year’s resolution comes to mind. According to the nationwide survey by nonpartisan research firm WR Numero, conducted from November 21-28, saving money and taking care of health and well-being emerged as the priority New Year’s resolutions of Filipinos for 2026.

In the latest Philippine Public Opinion Monitor, respondents, through face-to-face interviews with a nationally representative sample of 1,412 Filipinos residing in the Philippines, were asked to select up to three important changes or New Year’s resolutions they plan to make in the upcoming year. Filipinos want to prioritize saving money (38 percent), followed closely by taking care of their health (37 percent).

Many also aim to find a better job or higher income (28 percent) and spend more time with their families (27 percent). Other common goals include starting a new business (24 percent) and being more positive and happy in life (22 percent). Also, some respondents plan to be more active in their church or religious group (16 percent), participate more in helping the community (10 percent), improve in their studies (9 percent), or

learn a new skill or hobby, such as playing instruments, singing, or cooking (8 percent). Six percent of the respondents are also considering working or staying abroad, becoming more socially aware or getting involved in social issues (6 percent), and working out, exercising, or learning new sports (4 percent). Only 2 percent of Filipinos say they do not plan to set any New Year’s resolutions. See “Health,” A2

By Ada Pelonia

@adapelonia

HE Philippines is set to sign a free trade agreement with the United Arab Emirates (UAE) in mid-January, according to the Department of Trade and Industry (DTI). Trade Secretary Cristina Roque said the Philippine delegation will depart for the UAE next month to sign the Comprehensive Economic Partnership Agreement (CEPA). Roque added that she will be joined by President Ferdinand Marcos Jr. and Finance Secretary Frederick Go to ink the deal, with the scheduled date of signing around January 11 to 14, 2026. The DTI chief said they are arranging meetings with companies from the UAE as part of efforts to generate investments from manufacturing firms. If realized, this would serve as

the country’s first trade agreement within the Middle East and with a Gulf Cooperation Council (GCC) member state. DTI Undersecretary Allan Gepty earlier stressed the economic benefits of entering into a trade agreement with the UAE, including an expected increase in trade volume. (See: https://businessmirror. com.ph/2023/12/05/phl-seestrade-deal-talks-with-uae-donein-2-years/) “What’s interesting in the case of UAE because we’re looking at exporting to them high-value products such as aerospace parts or helicopter parts and other industrial goods coming from the country,” Gepty said. “We’re hoping that we could participate in their supply chain, especially if they will be promoting digital transformation in the region.” The UAE is the Philippines’s 17th See “FTA,” A2

PESO EXCHANGE RATES n US 58.8050 n JAPAN 0.3756 n UK 79.4103 n HK 7.5669 n CHINA 8.3932 n SINGAPORE 45.8197 n AUSTRALIA 39.3817 n EU 69.2546 n KOREA 0.0408 n SAUDI ARABIA 15.6792 Source: BSP (December 29, 2025)

News

BusinessMirror

A2 Thursday, January 1, 2026

FTA…

Continued from A1

largest trading partner and the top export market among all GCC member states. Furthermore, the DTI noted that that UAE is “second home” to one of the largest populations of overseas Filipinos in the Middle East, as well as “well-known and home-grown Filipino brands and businesses.” Meanwhile, Roque also disclosed that the Philippine government will sign the CEPA with Chile and the FTA with the European Union (EU) in 2026.

Palawan carnivorous pitcher plant… Continued from A12

unstable. It produces upward-facing flowers that may aid pollination in vertical habitats and has a surface texture that helps capture moisture. Moreover, its pitchers also change shape with the seasons, a trait researchers believe may help the plant cope with shifting water availability. While these traits allow the species to survive in extreme conditions, the researchers cautioned that they may not be enough to counter growing environmental pressures. The findings were published in November this year in the international taxonomy journal Phytotaxa. Bless Aubrey Ogerio

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Down but not out: Terrorist groups still need watching

By Rizal Raoul Reyes @brownindio

HE Climate Conflict Action Asia (CCAA) recently warned the government not to lower its guard because terrorist groups might use the country as launching ground for violent activities. “One thing is certain though: Dawla Islamia, ISIS, or Daesh in the Philippines, is down but not out. The government and civil society groups have questioned the narrative that the Philippines remains a terrorist hotspot, and for good reason—Dawla Islamia has been significantly degraded by relentless military attacks since its height during the siege of Marawi in 2017, the CCA said in a press statement. Nevertheless, just a month ago, the CCAA said the government was celebrating the neutralization of two ISIS leaders Abu Jihad and Mohammad Usman Suleiman, demonstrating that the extremist threat persists, even if the hotspot tag now

seems incongruous. It pointed out that the incident underscores the need to remain vigilant and continuously monitor the resurgence of violent extremism, including its reemergence in supposedly VEfree areas such as Basilan. “CCAA has observed worrying signs of mobilization and polarization, including increased youth recruitment efforts and youth defection from their families and clans. Finally, violent encounters between the military and extremistlinked groups in the BARMM spiked after the recent mid-term elections,” it explained. The CCAA urged the Philippine government, including peacebuilding and development organizations,

SHEDDING THE FIESTA FAT Residents of Cainta, Rizal do their morning exercise, walking and jogging inside the Cainta Oval after the holidays: perhaps to shed off those added pounds they piled up from so much feasting? BERNARD TESTA

to move towards strengthening reintegration programs of former VE combatants and members and avoid the inadequate and limited focus on preventing and countering violent extremism (P/CVE) only. “We need more community-based, early response, and sustainable reintegration of returnees and their families using a restorative justice framework,” it said. The CCAA said it will pursue evidence-based analysis to address violent extremism without amplifying fear, hatred, or misinformation. It all called for restraint and caution against hasty conclusions while investigations are still underway. “Premature conclusions and speculations

that lack evidence risk fueling religious- and identity-based conflict and may obscure the deeper and more complex drivers of violence and radicalization,” it said. Meanwhile, the CCAA said there is no conclusive evidence currently linking the suspects to local extremist groups in the Philippines, much less the notion that they underwent military training during the visit of the terrorists involved in the shooting at Bondi Beach in Australia. “Other explanations for the incident must be considered and explored—emphasizing the need to further investigate the nature of their activities in the country during that period,” the CCAA said.

Health is Wealth: Why not both in 2026 Continued from A1

By age group

YOUNGER Filipinos also want to prioritize saving money (39 percent), taking care of their health (36 percent), find a better job or higher income (25 percent), spending more family time (24 percent), start their own business (24 percent), be more positive and happy in life (23 percent). Nineteen percent of younger Filipinos also place more emphasis more on improving their studies, the highest across all age groups. Among respondents aged 31–59, saving money (39 percent) and taking care of their health (37 percent) remain top priorities. These are followed by aiming to find a better job or higher income (34 percent), spending more family time (28 percent), and starting their own business (27 percent). For older Filipinos, taking care of their health (39 percent) emerges as their top resolution, followed by saving money (30 percent). Their other top resolutions include spending more family time (27 percent), remaining positive and happy in life (26

percent), and becoming more active in their church or religious group (23 percent).

By income class

CLASS ABC Filipinos want to prioritize saving money (32 percent), spending more family time (31 percent), starting a business (31 percent), taking care of their health (29 percent), and finding good work with decent pay (24 percent). Filipinos from Class D also want to take care of their health (46 percent) in the New Year, followed by saving money (42 percent), being more active in their church or religious group (27 percent), spending more family time (26 percent), and being more positive and happy in life (23 percent). Saving money and taking care of their health both lead the list of New Year’s Resolutions of those in Class E (both at 36 percent) while their other resolutions include spending more family time (30 percent), being more positive and happy in life (27 percent), and starting their own business (22 percent).

IMF to BSP: Track bank

manufacturing loans NUP calls for special poll in Antipolo

2nd District after Rep. Acop’s death

HE National Unity Party (NUP) said the Commission on Elections (Comelec) is legally required to call and conduct a special election to fill the vacant House seat in the 2nd District of Antipolo City following the death of Rep. Romeo Acop. In a statement, NUP, through its Secretary General Reginald S. Velasco, outlined the constitutional and statutory bases mandating the conduct of a special election, stressing that the obligation on the part of Comelec is mandatory and time-bound under existing law. The vacancy in the House of Representatives seat arose on December 20, 2025, based on press reports and official announcements following Acop’s passing. Under Article VI, Section 9 of the 1987 Constitution, vacancies in the Senate or the House of Representatives may be filled through a special election, with the winning candidate serving only the unexpired portion of

the term. More specifically, the NUP cited Section 4 of Republic Act No. 7166, which provides that when a permanent vacancy occurs in the House of Representatives at least one year before the expiration of the term, Comelec “shall call and hold a special election” to fill the vacancy. The law further prescribes that the election must be held not earlier than 60 days and not later than 90 days after the occurrence of the vacancy. Applying this timetable to the December 20, 2025 vacancy, the NUP said the earliest possible date for the special election would be February 18, 2026, while the latest allowable date would be March 20, 2026. “The statutory schedule applies because the vacancy occurred more than one year before the expiration of the term, thereby triggering COMELEC’s mandatory duty under the law,” the party said.

The NUP also pointed to a recent Supreme Court ruling that clarified Comelec’s obligation in such cases. In Hagedorn v. House of Representatives (G.R. No. 275800, April 22, 2025), the High Court ruled that when the oneyear threshold is met, Comelec’s duty to call and hold a special election is mandatory and does not depend on any certification, resolution, or action from the House of Representatives. According to the ruling, once the vacancy exists and falls within the period specified by law, Comelec must act within the 60- to 90-day window set by statute. “In sum, the governing legal framework is clear,” the NUP said. “A special election to fill the vacancy in the 2nd District of Antipolo must be conducted pursuant to the Constitution and Republic Act No. 7166, and Comelec is required to proceed within the prescribed period without need of prior action by the House.” Jovee Marie Dela Cruz

Continued from A1

could be affected by adverse global trade developments, making banks’ exposure to these sectors a priority for monitoring. Nonbank financial institutions (NBFIs), some of which are not supervised by the BSP, should also be closely monitored, according to the IMF. Although NBFIs are relatively small, these entities have expanded lending activities to real estate, consumer loans and micro, small and medium-sized enterprises. At the same time, the IMF said that commercial and residential vacancy rates remain persistently high in some regions and market segments. These were attributed to stillelevated mortgage rates, oversupply from the prepandemic construction boom and the exit of Philippine offshore gaming operators in Metro Manila. Despite these, the IMF said that residential property prices

and loan growth have remained resilient, even as the non-performing loan ratio for residential real estate stood at 6.4 percent as of end-June 2025. Moreover, the BSP should also look out for household debt as this is driven by real estate loans, rapid expansion in bank credit cards and salary loans and broader access to credit through NBFIs and digital finance platforms, given the low household savings rate. Banks’ exposure to the public sector has also increased since the pandemic. “Banks’ interconnectedness with the corporate sector, including through complex conglomerate structures, may also expose the financial system to risks,” the IMF added. While the share of firms with low debt-servicing capacity has declined, it remains higher than prepandemic levels, the IMF noted.

Sentro slams Myanmar Junta polls, prods Asean By Malou Talosig-Bartolome

HE Philippine trade union federation Sentro ng mga Nagkakaisa at Progresibong Manggagawa (Sentro) has called on the Philippine government, as incoming Asean Chair in January 2026, to break what it described as the region’s “silence and hypocrisy” over Myanmar’s ongoing elections. Sentro urged Manila to lead Asean in condemning the polls, rejecting their results, and engaging directly with Myanmar’s shadow government, the National Unity Government (NUG). “Neutrality in the face of tyranny is complicity,” the federation declared.

Myanmar elections under fire

NEARLY five years after the military seized power in a 2021 coup, Myanmar’s junta is staging general elections. The first phase began on December 28, 2025, and will run through January 2026. Human rights groups say the ballot is tightly controlled through violence, intimidation, and arbitrary arrests, leaving no space for genuine participation. New laws criminalize dissent with penalties of up to life imprisonment, while displaced communities report threats of airstrikes or loss of homes if they refuse to vote. International observers, including the United Nations, warn the elections are taking place in a climate of fear and coercion. UN High Commissioner for Human Rights Volker Türk noted civilians are being forced by the military to vote while threatened by armed opposition groups to boycott. Dozens have already been detained under a new “election protection law,” with some sentenced to up to 49 years for anti-election posters. Prominent cultural figures have also been jailed for criticizing proelection propaganda. Sentro condemned the junta’s effort as “coercion dressed up as consent” and accused the military of trying to “launder its crimes through a fake ballot.” The federation reiterated its recognition of the NUG as the legitimate representative of Myanmar’s democratic will.

Asean context

ASEAN has struggled to address Myanmar’s crisis under the Five-Point Consensus (5PC), adopted in April 2021. The framework called for an immediate end to violence, dialogue among all parties, appointment of a special envoy, humanitarian assistance, and the envoy’s visit to Myanmar. Implementation has stalled, with the junta refusing compliance. In October 2025, Asean leaders reviewed the 5PC, expressing “deep concern” over escalating violence and reaffirming the consensus as the bloc’s main reference for resolving the crisis. The statement stressed humanitarian access and inclusive dialogue but stopped short of stronger measures.

Philippine role

MALAYSIA, Asean Chair until December 31, 2025, has yet to comment on the elections. The Philippines will assume chairship on January 1, 2026. President Ferdinand Marcos Jr. earlier appointed Foreign Affairs Secretary Ma. Theresa Lazaro as the Asean Chair’s special envoy on Myanmar, signaling Manila’s intent to play a more active role. However, the Department of Foreign Affairs has not yet issued an official statement. Sentro said this appointment should be followed by concrete action, urging the Philippines to reject the junta’s elections and engage directly with the NUG. Singapore-based think tank ISEAS—Yusof Ishak Institute likewise warned Asean to “hold the line” against legitimizing the polls, cautioning that recognition would undermine the bloc’s credibility and embolden authoritarian practices.

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Thursday, January 1, 2026

PNP implements new protocols in handling socmed evidence

HE National Police (PNP) will implement new protocols in handling social media (socmed) evidence in criminal cases following the Supreme Court’s issuance of guideposts on proving ownership or control of online accounts. The PNP acting Chief, Lt. Gen. Jose Melencio C. Nartatez Jr., said on Sunday that the guidelines will enable investigators to authenticate digital evidence and build stronger cases. “For ongoing investigations, we will review digital evidence carefully, while future cases will be handled more systematically and transparently when it comes to social media posts,” he said. Earlier, the Supreme Court laid out seven guideposts, including admission of authorship, account access, language patterns, device forensics, and consistency of posts, after affirming the conviction of a man found guilty of repeatedly harassing his former girlfriend on Facebook.

Nar tatez sa id t he r u l ing reinforces due process in the digital age. “Now, a person can no longer be easily convicted based solely on a screenshot or post that may be fake or hacked. It ensures that law enforcement and the courts follow clear procedures, which strengthens public trust in our justice system,” he said. Following the guidelines set by the Court, the PNP chief ordered police units to adopt the guideposts into standard procedures, while cybercrime units are being equipped with tools to trace and preserve online evidence. The PNP is also coordinating with major social media platforms for faster account verification. Nartatez urged the public to report online crimes properly. “Remember, do not try to hack or access accounts yourself. Just report the matter to the nearest police station or through our Anti-Cybercrime Group,” he said. PNA

Union rights still repressed despite EO 97, FFW says

By Justine Xyrah Garcia

ESPITE the issuance of Executive Order 97 earlier this year, a labor group said workers’ right to freely organize remains curtailed, citing the lack of concrete steps to implement the policy.

Federation of Free Workers (FF W ) Vice President Ju l ius Cainglet said the Office of the Executive Secretary has yet to convene a meeting with labor and employers’ groups to discuss how the Freedom of Association (FOA) guidelines under the order would be operationalized. Issued by President Marcos in September, EO 97 adopted the Omnibus Guidelines on the Exercise of Freedom of Association and Civil

Liberties, directing government agencies to protect workers’ rights to organize, bargain collectively, and hold peaceful assemblies, following concerns raised by the International Labor Organization (ILO) over reported interference in union activities. “Because of continuing repression and restrictions on workers’ right to organize, it has become harder to form new unions,” Cainglet told reporters in a recent

briefing. He added that corporate restructuring has also weakened unionization, as agency-hired workers now outnumber regular employees in many companies. Based on FFW estimates, only about 7 percent of private-sector workers are unionized, a level that has remained “consistent for the last five years.” “ W hat is a lso a lar ming is that when you look at collective bargaining, coverage is down to around 300,000 workers,” Cainglet said, noting that not all unionized workers have active collective bargaining agreements (CBAs), limiting their ability to negotiate. Data from the Department of Labor and Employment (Dole) showed there are 157,058 registered labor organizations nationwide with a total membership of 6.76 million. There are also 1,324 existing CBAs covering 334,750 workers,

reflecting an 8.7-percent increase in CBA registrations compared to the third quarter of 2024. Cainglet, however, said companies continue to employ what he described as “legal maneuvers” to block union organizing despite the executive order. “Even if a union is already accredited by Dole, companies still find ways to evade collective bargaining negotiations. At the registration stage alone, unions are already being questioned,” he said, stressing that such acts constitute employer interference under ILO Convention 87. He added that FFW have so far only held discussions with the Employers Confederation of the Philippines (Ecop) on promoting FOA at the workplace. “These are bipartite initiatives that we will pilot in small areas. But in the grand scheme of things, the meeting envisioned under the executive order has yet to happen,” Cainglet also said.

AFP welcomes US $2.5-B NTF-Elcac defends conviction of Talaingod 13 aid for security upgrade By Rex Anthony Naval

HE Armed Forces (AFP) on Monday lauded the recent passage of a United States Senate bill authorizing up to $2.5 billion in Foreign Military Financing (FMF) grant assistance to the country from 2026 to 2030. Col. Francel Margareth Padilla, spokesperson for the AFP, in a message to reporters said the military views developments that enhance the military’s defense and security capabilities as positive. “The AFP welcomes developments that strengthen the country’s defense and security posture, particularly initiatives that support the modernization, capability development, and readiness of our forces,” she said. But Padilla stressed that the Department of National Defense (DND), as the primary civilian author it y overseeing defense policy and international defense cooperation, is best positioned to address the details and policy implications of the proposed US military assistance. “At the same time, the details, policy implications, and official position on the proposed US military assistance—including its scope, timelines, and alignment with national priorities— are best addressed by the DND,” she said. Padilla said the AFP remains focused on its core mandate which is safeguarding the sovereignty, territorial integrity, and national

interests of the Philippines. She also assured the public that any support received is utilized transparently, responsibly, and in accordance with existing laws, policies, and alliances. The US Senate earlier approved a bill authorizing the allocation of $2.5 billion in FMF grant assistance to the Philippines from 2026 to 2030 under the proposed Philippines Enhanced Resilience Act (Pera). The measure, passed on December 17 as part of the fiscal year 2026 National Defense Authorization Act (NDAA), is now awaiting the signature of US President Donald Trump. Under Pera, the United States will earmark up to $500 million annually over five fiscal years to support the development of Philippine defense capabilities, in a move seen as deepening US-Philippines defense cooperation and strengthening interoperability amid growing security challenges in the Indo-Pacific. Under the proposed law, the US Secretary of State, in consultation with the Secretary of War and other agencies, will submit an annual report to Congress on efforts to enhance the bilateral defense relationship. The report will include assessments of capabilities needed to modernize Philippine defenses, such as coastal defense, integrated air defenses, maritime security, intelligence and surveillance, cybersecurity, and manned and unmanned systems.

vocates who shielded indigenous children from harm during forced evacuations, military operations and school closures.” T he for mer law maker a lso linked Bae Pilar Libayao, an IP Mandatory Representative who hailed the CA ruling, to a political dynasty long complicit in logging operations and militarization. Torres said Cullamat is in no position to attack indigenous leaders who rejected violence and exploitation, noting her family’s “direct involvement” in the armed communist movement. He specifically mentioned her 22-year-old daughter, Jevilyn Cullamat, who was identified as an active New People’s Army combatant and was killed in an encounter with government forces in November 2020.

The NTF-Elcac official said the Ata-Manobo leaders of Talaingod, acting through their du ly const it uted I nd igenou s Political Structure, have spoken with clarity and courage against communist rebels. “They have rejected outsiders who exploited their children, militarized their communities and dragged them into ideological wars not of their choosing. This assertion of independent indigenous agency is now being unfairly undermined by those who refuse to accept that Talaingod has moved on,” Torres said. He added that attacking Libayao and the Talaingod IP community was an attempt to silence indigenous leaders who refused to be used and who stood by their people, children and the law. PNA

CPP, allied groups told: Admit failure to take political power

Tesda adopts major policy reforms

HE National Task Force to End Local Communist A r med Con f l ic t ( N T F Elcac) on Monday defended indigenous peoples (IP) leaders in Talaingod, Davao del Norte amid criticisms in connection with the Court of Appeals (CA) ruling upholding the conviction of the socalled “Talaingod 13.” In a news release, NTF-Elcac said it “categorically rejects and denounces the attacks” made by former Bayan Muna party-list representative Eufemia Cullamat, who questioned the alleged “criminalization” of the Talaingod 13 composed of former progressive lawmakers France Castro and Satur Ocampo, and 11 other activists. “Cullamat has no moral ascendancy to lecture or malign

ESPITE its decades-long existence, the Communist Party of the Philippines (CPP), together with its allied

indigenous communities who have consciously chosen peace, self-governance and the rule of law over criminal armed conf lict,” the NTF-Elcac executive director, Undersecretary Ernesto Torres Jr., said. “For years, she has claimed the mantle of IP advocacy, yet this posture collapses when measured against hard and painful realities.” In a ruling dated November 27, 2025 and released on December 17, the CA affirmed the July 2024 decision of the Regional Trial Court in Tagum City that found merit in allegations that the Talaingod 13 exploited IP students. Cullamat maintained that the Talaingod 13 “are not perpetrators of child abuse” but “Lumad volunteer teachers and community ad-

groups, has failed in its mission to establish a communist state in the Philippines supposedly focused on the needs of the masses,

Bangsamoro LGUs get 80 new rescue vehicles By Manuel T. Cayon @awimailbox

AVAO CITY—Local governments from two Maguindanao provinces and Cotabato City received new vehicles for patient and cadaver transport, courtesy of the Bangsamoro Ministry of the Interior and Local Government. Interim Chief Minister Abdulraof Macacua said its donation

of the fleet of 80 rescue and cadaver transport vehicles “underscored the interim government’s commitment to swift crisis response to serve as a critical link between distress calls and immediate action.” The vehicles were turned over on December 16 to the local governments of Maguindanao del Norte, Maguindanao del Sur, and Cotabato City. See “Bangsamoro,” A4

BUSY DAY A calendar-maker in Quezon City works on his craft in his stall in

a market. The Chinese Zodiac indicates that 2026 is the Year of the Fire Horse, symbolizing energy, passion, ambition, breakthroughs and big expectations. PNA

a government counter-insurgency task force official said on Monday. See “CPP,” A4

HE Technical Education and Skills Development Authority (Tesda) capped 2025 with major policy reforms, international recognition, and expanded access to skills training, reaffirming its commitment to deliver quality training that leads to decent jobs. Wit h strong bac k ing f rom President Marcos, a consistent advocate of technical vocational education and training (Tvet), Tesda strengthened the role of skills development as a pillar of the country’s education and workforce agenda. “Napatunayan na nating mabisa ang tech-voc. Kaya, unti-unti nang pinapasok sa senior high ang Tvet ng Tesda. Diretso pagka-graduate, puwede na kaagad na maghanapbuhay kung gugustuhin, dahil para na rin siyang nakapag-aral sa Tesda at nakakuha ng NC [National Certificate Level] II or NC III [We have proven that tech-voc is effective. That’s why Tesda is gradually incorporating Tvet in senior high. After graduation, they can immediately find employment if See “Tesda,” A4

Thursday, January 1, 2026

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DA sets importation of .23 million sows to hasten hog repopulation T

₧20 per kilo rice program to reach Pangasinan

By Ada Pelonia

@adapelonia

HE Department of Agriculture (DA) will purchase at least 232,000 sows over the next three years to accelerate the country’s hog repopulation efforts and bring down retail pork prices.

Agriculture Secretary Francisco Tiu Laurel Jr. said the agency will procure 32,000 sows in 2026 and another batch of female pigs at 100,000 each year until 2028, as the African swine fever (ASF) crimped hog output and jacked up retail prices of the protein source.

He ea rl ier noted t h at t he cou nt r y pro duce d ne a rly 14 million hogs before ASF hit the countr y, but this has dwindled to e ig ht m i l l ion , c re at i ng a deficit of six million heads for the sector. “We need to bring back the hog

population that was lost [due to ASF],” Tiu Laurel told reporters in a recent interview. “Once we bring that back, pork prices should be more reasonable.” “It’s a medium-term solution, since there’s no short-term solution other than imports. But we shouldn’t rely on imports. We have to produce our own meat.” The DA chief noted that the agency is currently in a pre-procurement process, with the initial batch of sows for next year set to arrive within the second quarter of 2026. Once the sows arrive into the country, Tiu Laurel explained that these would be distributed to medium to large farms. “Our plan is to distribute these 32,000 [sows] to medium to large farms, because they have the fi-

nancial capacity and resources to support this large number,” he said. He added that once these pigs give birth, the government would take 30 percent from the litter of pigs and distribute these to smallhold farms. Tiu Laurel said part of theP20 billion annual budget allotted for the Animal Competitiveness Enhancement Fund (AnCEF) will bankroll the DA’s procurement of female pigs. President Marcos Jr. had signed Republic Act 12308 or the Animal Industry Development and Competitiveness Act. The new law creates a 10-year fund dubbed the AnCEF which would consist of tariffs collected from imported livestock, poultry and dairy products.

Semicon exports could near $50B in 2026–Seipi By Bless Aubrey Ogerio

HE countr y may be on track to reach nearly $50 billion in electronics exports in 2026 if current positive trends continue, the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) said. Seipi president Dan Lachica said that the board is projecting a conservative 5 percent growth from 2025 levels. “W hen the board met, our

Tesda. . . Continued from A3

they wanted because they have already finished a course equal to NC II or NC III],” Marcos said during his State-of-the-Nation Address in July. The Philippines achieved historic success in global skills competitions in 2025. As the host of WorldSkills Asean (Association of Southeast Asian Nations) Manila 2025, the country delivered its best performance to date, winning 30 medals. The Philippine team also earned four medals at WorldSkills Asia 2025 in Taiwan, underscoring the world-class competence of Filipino skilled workers. Tesda, likewise, intensified alignment w ith international

CPP. . . Continued from A3

“After 57 years of bloodshed, the CPP, including its armed wing, the New People’s Army, and legal shield, National Democratic Frong should finally do what it has stub-

projection for 2026 is conservative – 5 percent growth from our 2025 numbers, which, like I said, we’re poised to exceed 2024 numbers,” L achica told reporters during the Investor’s Night this December. He added, “I don’t have a crystal ball. But if I look at the numbers, we should hopefully be poised to hit $48 billion.” Electronics remained the Philippines’ top export from January to September 2025, data from the Philippine Statistics Authority

(PSA) showed. It totaled $33.52 billion, up 9.5 percent from $30.60 billion a year earlier, making up 53.2 percent of the country’s $63.02-billion exports. Moreover, Seipi noted that the sector’s all-time export peak of $49.5 billion, recorded in 2022, could be within reach next year if policy and market conditions remain favorable. “If we don’t get sur pr ised with another hit in the reciprocal tariff, then there’s a pos-

sibility we can exceed 2022 or maybe reach $50 billion,” Lachica said. “ There’s a possibility. I’m not saying we will.” In 2022, Seipi reported $49.09 billion in exports, a 6.88 percent increase from 2021, representing 62.3 percent of the country’s commodity exports of $78.84 billion. Lachica said advanced technologies, including artificial intelligence, the Internet of Things, and electric vehicles, continue to drive demand for semiconductors and related products.

standards. Secretary Kiko Benitez represented the Philippines at the Education World Forum 2025, where he shared strategies on aligning Tvet with evolving labor markets and digital transformation. At the national level, Tesda strengthened collaboration with the Department of Education (DepEd) and the Commission on Higher Education (CHED) to ensure smoother transitions from education to employment. Key initiatives in 2025 included the integration of TechPro programs into basic education, free assessment for senior high school tech-voc graduates, and the creation of a Tripartite Council with CHED and the Professional Regulation Commission to harmonize standards across learning pathways.

Tesda also advanced lifelong learning through the expansion of micro-credentials, with 375 registered courses now offered by 190 training providers nationwide. Major policy milestones included the rollout of the Early Childhood Care and Development Services NC III following the passage of the ECCD Law. The implementation of the Enterprise-Based Education and Training (Ebet) was also strengthened after the signing of its Implementing Rules and Regulations, with latest data showing 240 enterprises implementing 410 Ebet programs nationwide. To support innovation and regional development, TESDA broke ground on Regional Tvet Innovation Centers in Tuguegarao City, Tacloban City, and General Santos City.

Marcos also visited the Tesda headquarters on October 10, highlighting the administration’s continued priority for skills development. The President toured the facilities of Tesda Regional Training Center-National Capital Region, and the National Training Center for Women, both located within the Tesda Complex in Taguig City. “These gains reflect the collective efforts of Tesdans, industry partners, and stakeholders nationwide. By working together and breaking silos, we are building a stronger, more inclusive skills ecosystem for Filipinos,” Benitez said. As Tesda moves into 2026, the agency aims to build on the momentum of 2025 to further expand access to quality, industry-aligned skills training. PNA

bornly refused to do for more than half a century: admit failure and defeat,” Undersecretary Ernesto Torres Jr., executive director of the National Task Force to End Local Communist Armed Conflict (NTFElcac), said in a statement. The CPP was formally estab-

lished on December 26, 1968 by Jose Maria Sison, who died in exile in the Netherlands in December 2022. Torres said the CPP’s “violent strategy” to seize political power has collapsed under the weight of its own failures. “None—not a single one—of the grand promises made to the first generations of cadres ever came true,” he said. “ W h at t he movement d id achieve is grim and undeniable: it sent tens of thousands of Filipinos—mostly poor, rural, and indigenous—into early graves.” Torres described the CPP as an organization “frozen in time— an ancient relic trapped in the vacuum of a Cold War that ended decades ago.” “Its language, enemies, and slogans belong to a world that no longer exists,” he said. “What it parades today as strength is little more than rhetoric about a phantom army, punctuated by sporadic acts of terror that wreak havoc while accelerating its own decimation.”

The NTF-Elcac has pegged the number of NPA rebels to about 780, down from the estimated 25,000 during the group’s peak in the 1980s. Of f ice of t he President i a l Adviser on Peace, Reconciliation and Unity Secretary Carlito Galvez Jr. earlier said the Marcos administration is committed to improving the lives of former rebels who willingly choose the path to peace. Under the peace agenda of President Marcos, former communist insurgents can avail of the national government’s socioeconomic projects, as well as its amnesty program to address their legal concerns, enabling them to complete their transformative journey and successfully return to mainstream society. In 2023, Marcos issued Proclamation 404, granting amnesty to former CPP, NPA and NDF members who have committed crimes punishable under the Revised Penal Code and Special Penal laws in furtherance of their political beliefs, among other offenses. PNA

HE Department of Agriculture (DA) will expand the P20 rice program through a province-wide rollout in Pangasinan in January as part of efforts to reach 15 million households by the end of 2026. Initially aimed at benefiting society’s most vulnerable sectors, the DA said the government’s cheaper rice program is now poised for a broader reach. “We started with the most vulnerable—4Ps beneficiaries, persons with disabilities, single parents, and senior citizens,” Agriculture Secretary Tiu Laurel said in a statement. “Then we expanded to members of tricycle associations, farmers, fisherfolk, minimum-wage earners, teachers, and non-teaching personnel. Millions have already benefited. By 2026, our target is 15 million households, or roughly 60 million Filipinos.” The government has allocated P23 billion in 2026 to subsidize the P20 rice program. However, the agency noted that the funding earmarked for the program could decrease with the approval of pending legislation that will allow the National Food Authority (NFA) to manage rice supply and demand more efficiently. The DA said Pangasinan will serve as the pilot area for the next phase, marking a shift from limited distribution to full provincial coverage. Once implemented, all eligible middle-income and lower-income households in the province will be able to purchase rice at P20 per kilo. “ T his is a prov incia l-level launch,” Tiu Laurel said. “By January, all qualified households in Pangasinan should already have access. This is a massive rollout.” Meanwhile, the DA said it also plans to expand the program to

three cities in the Visayas and Mindanao, including Davao City, and six additional provinces between January and February. These areas were prioritized based on available NFA stocks and logistical readiness, it added. The DA expects its January to February expansion to cover around 780,000 households, or around 3.2 million Filipinos. To sustain this momentum, the agency noted that it will release a weekly implementation schedule covering the entire year. Purchase limits will remain in place to manage supply. Senior citizens can buy up to 30 kilos per month, while other beneficiaries will be capped at 10 kilos. “There are real bottlenecks— supply, transport, and distribution,” Tiu Laurel said. “This is especially true if we scale up further or if the President wants to increase volumes.” Most rice will be sourced from the grains agency, which the DA said presents challenges in delivering stocks to remote and island communities, especially in areas without NFA warehouses. The expansion will require additional trucks, drivers, and cashiers, as well as close coordination with local governments to control costs and ensure accountability, the DA said. Furthermore, the agency said beneficiaries should register via QR codes to streamline distribution and auditing. “At the end of the day, we must answer to COA [Commission on Audit],” Tiu Laurel added. The DA noted that the distribution will leverage the existing 740 Kadiwa stores, public markets, and local government-run outlets, with a target of at least one access point per town. The government aims to expand Kadiwa stores to 3,000 by 2028. Ada Pelonia

FOR GOOD LUCK A fruit vender at Litex Market in Fairview, Quezon City, tends to his goods

as he enjoys a spike in sales. Filipinos follow the tradition of displaying 12 or 13 round fruits to welcome the New Year to attract prosperity and good fortune. PNA

Bangsamoro. . . Continued from A3

Macacua emphasized the urgency of emergency response, noting that these vehicles are essential for turning distress calls into timely, life-saving action. “Emergencies do not wait, and the government must act swiftly. These vehicles close the gap between a call for help and effective action,” Macacua said. “If we do this right, many people will never know our names, but they will remember that help arrived when it was needed. Our duty is to ensure that the service provided is efficient, timely, and for the welfare of the people,” he added. Macacua admonished local chief executives not to treat transport vehicles as mere displays saying their rapid deployment during accidents, disasters, a n d m e d i c a l e m e rg e n c i e s m a ke s a profound difference to affected families and communities. “Public trust is built slowly, yet a single

act of misuse can destroy it. If we fail to provide a vehicle when a citizen is in need, that trust dissolves—making us strictly accountable for these assets,” he said. Meanwhile, Dr. Kadil Sinolinding Jr. of the Ministry of Health also thanked the OCM for the donated vehicles. “We stand with you in our shared goal of a healthy, prosperous, and happy Bangsamoro under the leadership of our Chief Minister. We urge everyone to collaborate and engage with us, for we are united in our mission to build a strong, healthy, and successful Bangsamoro region,” he said. Sinolinding said transformative governance begins at the barangay level, noting that the Ministry of Health now provides a full spectrum of care, from emergency rescue to patient and cadaver transport. In a message of acceptance delivered by his representative, Mohammad Kasim, Maguindanao del Norte Gov. Tucao Mastura expressed gratitude to the BARMM-MILG for the rescue equipment to the 12 recipient towns.

News

BusinessMirror

A5 Thursday, January 1, 2026

www.businessmirror.com.ph

GOOD NEWS

Behind the scenes of some of the most uplifting stories of 2025 Continued from A1

The Pope was on the line

Lamy, a video journalist, was among many reporters who went to the home of John Prevost in New Lenox, Illinois, after his brother became the pope.

HAD arrived at Prevost’s home in the early evening after driving three hours from Indianapolis, where I am based. After walking by other media outside, I knocked on the door. Prevost let me in. As we talked, a ringing came from the basement. Prevost hurried to a tablet downstairs and I followed, my camera on. He found he had a few missed calls from his brother. He called the pope back, using a speaker to play the audio out loud. The pope picked up. I got the shot — the new pontiff’s voice speaking to his older brother, asking him why he hadn’t been answering his calls. “Well, first you need to know you’re on the air right now,” the older brother responded. “This is the first time I’m hearing that this thing rang.” The conversation went on for just a few minutes. They talked like any other pair of siblings. He told the pope, “Oh, we’re coming to Rome.” And the pope said, “Oh, where are you going to sleep?” It was interesting the pope himself did not know what the accommodations for his family would look like.

BRIDE Jamaica Aguilar prepares to enter the flooded Barasoain church for her wedding in Malolos, Bulacan, on Tuesday, July 22, 2025. AP/AARON FAVILA

annoyance and disbelief at being woken up at 3:45 a.m. Ross told me that when he first went into their bedroom with the news, she said, “Don’t be ridiculous.” As soon as Mary and Ross began to process the news and realized all those missed calls from Sweden overnight weren’t spam, the mood shifted to one of joy. I was able to follow along with my camera as Mary sifted through an avalanche of emails, text messages and phone calls from family, friends and other journalists hoping to speak with her.

JOHN PREVOST, brother of new Pope Leo XIV, holds a portrait of the three Prevost brothers from 1958, Pope Leo, 3, left, John, 4, and Louis, 7, at his home, May 8, 2025, in New Lenox, Ill. AP/OBED LAMY

Breaking the news to a Nobel winner

When the Nobel Prize in medicine was announced, photographer Lindsey Wasson was dispatched before dawn to the home of Mary E. Brunkow, a scientist in North Seattle. Wasson broke word of the honor before the Nobel committee could reach Brunkow.

Thankfully, he let me in, and I took a quick frame as he brought Mary to the kitchen while telling her the news. They were still in disbelief, so I handed my phone to Ross with our initial AP story, which he read aloud in part to Mary. The initial mood, very understandably, was a mix of tension,

Capturing a wedding that went on despite typhoon flooding

Photographer Aaron Favila has covered floods for years in the Philippines, which sees at least 20 typhoons a year. He raced to cover a wedding at

HAD an hour window to make it to the venue and had to drive out of town and cross several flooded roads during a heavy downpour. The flooding in the area was too deep for our vehicle, so we had to stop. Luckily, a rescue truck passed by, and I rode that. I got there right before they opened the door for the bride. The groom, Jade Rick Verdillo, told me they were eager to go ahead with the ceremony despite the floodwaters. “We’ve been through a lot. This is just one of the struggles that we’ve overcome,” he said. If I was shooting for a deadline story, I would have run out after the first kiss. But for this one, I stuck till the end to make sure I captured every moment … just like a wedding photographer.

A youth theater production rises from wildfire ashes

NEWLYWEDS Jade Rick and Jamaica Verdillo pose with a kiss as guests cheer at the flooded Barasoain church in Malolos, Bulacan, July 22, 2025. AP/AARON FAVILA

tense emotions jumbled together: joy and pain, heartbreak and happiness, grief and pride. It was a light in the darkness, as one father told me. One teen said when he sang and danced to the music of George and Ira Gershwin, the weight of his loss lifted. He only felt happiness. After the article was published, Ganz relayed that members of the Gershwin family trust had

read the story and attended a later performance. They delivered a letter to the cast and crew. “On behalf of the families of George and Ira Gershwin, we applaud your resilience,” the letter said. It praised their “amazing dedication” in the face of hardship and said they hoped the cast was immensely proud of their production. “We know that George and Ira would be too.”

Reporter Jocelyn Gecker covered opening night of a Southern California youth theater group after the Palisades wildfire destroyed their theater and many cast members’ homes.

HEN I arrived, I wasn’t completely sure I was at the right house because my GPS had taken me to the back. After walking through a neighbor’s pitch-black driveway, I arrived at the front door. It was clear nobody was awake. Thankfully, when I knocked, their dog barked and woke Mary’s husband, Ross, who spoke to me through the glass door. I identified myself and asked if a Mary lived there and if he knew why I was there. Not wanting to spoil it but seeing no other way in, I told him, “Sir, your wife just won the Nobel Prize.”

a flooded church just north of Manila after getting a tip from a photographer colleague.

MARY E. BRUNKOW speaks on the phone during an interview after winning a Nobel Prize in medicine for part of her work on peripheral immune tolerance, in Seattle, Oct. 6, 2025, next to her is her dog Zelda. AP/LINDSEY WASSON

EHEARSALS for the group’s upcoming musical, “Crazy for You,” had started on January 6. The next day, the Palisades Fire ripped through their community. But the show would go on, said director Lara Ganz, whose family also lost their home. It was about restoring togetherness, hope and routine and showing the kids who had lost so much that life was not over. Witnessing opening night was a gift. It was an evening of such in-

CALLUM GANZ, 17, center, gives a pre-show pep talk to castmates in Crazy for You on opening night as the Theatre Palisades Youth group returns to the stage after losing their theater in the Palisades fire, in Los Angeles, Feb. 28, 2025. AP/JOCELYN GECKER

Thursday, January 1, 2026

TheWorld

Cosmic wonders await in 2026: Moons, eclipses, and interstellar visitors set to dazzle Earthlings By Marcia Dunn

AP Aerospace Writer

APE CANAVERAL, Fla.—The moon and sun share top billing in 2026. Kicking off the year’s cosmic wonders is the moon, drawing the first astronauts to visit in more than 50 years as well as a caravan of robotic lunar landers including Jeff Bezos’ new supersized Blue Moon. A supermoon looms on Jan. 3 and an astronomical blue moon is on the books for May. The sun will also generate buzz with a ring-of-fire eclipse at the bottom of the world in February and a total solar eclipse at the top of the world in August. Expect more auroras in unexpected places, though perhaps not as frequently as the past couple years. And that comet that strayed into our turf from another star? While still visible with powerful backyard telescopes, the recently discovered comet known as 3I/Atlas is fading by the day after swinging past Earth in December. Jupiter is next on its dance card in March. Once the icy outsider departs our solar system a decade from now, it will be back where it belongs in interstellar space. It’s our third known interstellar visitor. Scientists anticipate more. “I can’t believe it’s taken this long to find three,” said NASA’s Paul Chodas, who’s been on the lookout since the 1980s. And with ever better technology, “the chance of catching another interstellar visitor will increase.” Here’s a rundown on what the universe has in store for us in 2026:

Next stop, moon

NASA’s upcoming moonshot commander Reid Wiseman said there’s a good chance he and his crew will be the first to lay eyeballs on large swaths of the lunar far side that were missed by the Apollo astronauts a half-century ago. Their observations could be a boon for geologists, he noted, and other experts picking future landing sites. Launching early in the year, the three Americans and one Canadian will zip past the moon, do a U-turn behind it, then hustle straight back to Earth to close out their 10-day mission. No stopping for a moonwalk—the boot prints will be left by the next crew in NASA’s Artemis lunar exploration program. More robotic moon landings are on the books by China as well as US companies. Early in the year, Amazon founder Bezos is looking for his Blue Origin rocket company to launch a prototype of the lunar lander it’s designing for NASA’s astronauts. This Blue Moon demo will stand 26 feet (8 meters), taller than what delivered Apollo’s 12 moonwalkers to the lunar surface. The Blue Moon version for crew will be almost double that height. Back for another stab at the moon, Astrobotic Technology and Intuitive Machines are also targeting 2026 landings with scientific gear. The only private entity to nail a lunar landing, Firefly Aerospace, will aim for the moon’s far side in 2026. China is targeting the south polar region in the new year, sending a rover as well as a so-called hopper to jump into permanently shadowed craters in search of ice.

Eclipses

THE cosmos pulls out all the stops with a total solar eclipse on Aug. 12 that will begin in the Arctic and cross over Greenland, Iceland and Spain. Totality will last two minutes and 18 seconds as the moon moves directly between Earth and the sun to blot out the latter. By contrast, the total solar eclipse in 2027 will offer a whopping 6 1/2 minutes of totality and pass over more countries. For 2026, the warm-up act will be a ring-of-fire eclipse in the Antarctic on Feb. 17, with only a few research stations in prime viewing position. South Africa and southernmost Chile and Argentina will have partial viewing. A total lunar eclipse will follow two weeks after February’s ring of fire, with a partial lunar eclipse closing out the action at the end of August.

Parading planets

SIX of the solar system’s eight planets will prance across the sky in a must-see lineup around Feb. 28. A nearly full moon is even getting into the act, appearing alongside Jupiter. Uranus and Neptune will require binoculars or telescopes. But Mercury, Venus, Jupiter and Saturn should be visible with the naked eye shortly after sunset, weather permitting, though Mercury and Venus will be low on the horizon. See “Cosmic,” A8

Editor: Angel R. Calso

Mastering change: Intelligent transition strategies for 2026 By Deepti Hajela

The Associated Press

EW YORK—It’s that time— December’s waning days, when we prepare to turn the calendar page. Many people take stock, review goals accomplished and unmet, ponder hopes and plans. How’s our health? What’s up with our money? What about the country? Will the coming year look like the departing one year, or be something entirely different?

Are we ready?

IT can be an overwhelming period. So, The Associated Press reached out to professionals with varying expertise—home organization, risk management, personal training, personal finance, and political science—to talk about their perspectives on changes and transitions. And for something a little different, we gave each interviewee a chance to ask a question of one of the others. So, let ’s t a l k end ings a nd beg inn ings.

The change expert: Milestones stir emotions

TRANSITIONS are professional organizer Laura Olivares’ working life. As co-founder of Silver Solutions, she works with senior adults and their families to help make sure they’re in safe environments, whether that means decluttering a lifetime of possessions, downsizing to another home, or helping families clear a house after a loved one’s passing. She offers this: Changes, even exciting ones, can unearth sadness or grief over places, things and people left behind. Acknowledging those feelings can help smooth the move from one chapter to another. “When you let go of something that was meaningful to you, it deserves a moment,” she says. “Whatever that moment is, could be a second, could just be an acknowledgement of it. Or maybe you set it on the mantle and you think about it for a while and when you’re ready to let it go, you let it go.” NEXT QUESTION: Certified personal trainer Keri Har vey asked: “What small weekly habits can I build that will help me stay organized during the year?” Olivares’ tips: In December, do a brain dump of thoughts, ideas, and goals. Then, before Jan. 1, schedule out tasks that move those priorities forward over the course of 2026. Olivares suggests three tasks on each of three days, so nine tasks per week.

year, he readily brings up strategies like mapping out risk scenarios and how to respond. There’s a balance to be struck, he says: We can’t control or predict everything and must accept the possibility of something unexpected. And the past isn’t always a perfect guide; just because something happened doesn’t mean it must again. “It’s the nature of taking risk, right? That yeah, there are going to be uncontrollable things,” Hall says. “There are ways to maybe diversify those risks or mitigate those risks, but no one has that perfect crystal ball that’s going to see three, six, nine, 12 months into the future.” NEXT QUESTION: From personal finance educator Dana Miranda: “Thinking about the variables we consider when making decisions or plans, how might the juxtaposition of the holiday season with the new year affect the way people are evaluating their finances and setting goals at the beginning of each year?...What do you recommend they do to ensure the holiday experience doesn’t skew financial goal-setting?” Hall’s advice: Keep ‘em separate. He recommends people enjoy the holidays and hold off on financial goals until January.

The personal finance authority: Be intentional about money

IN her work as a financial writer and a personal finance educator, Miranda encourages people to make conscious choices around their spending and saving, and understand that there’s no absolute rule. Miranda, author of “You Don’t

Need a Budget,” says details are key. What works for one person may not work for another. And it’s something people should consider as another year of goals and resolutions approaches. Insisting that the same technique works for everybody can leave people feeling stuck, Miranda says. “We tend to be not good at talking about the nuances and that leaves people with, ‘Here’s the one right rule. It’s not possible for me to achieve that perfection, so I’m just going to feel ashamed of every move that I make that is not moving toward that perfect goal.’” NEXT QUESTION: From Jeanne Theoharis, a political science professor, who asked how Miranda gets people to look beyond the micro and consider the larger system of capitalism. “How does she also get people to think about more collective solutions—like union organizing, pressing City Council or Congress for changes?” Miranda is quick to make it clear she’s not an organizer but says she tries to evoke larger systemic issues when discussing personal finance. “The way that I try to move that needle just a little bit is to always bring in that political aspect to whatever conversation we’re having...to make the systemic and the cultural impact visible.”

The trainer: Make goals attainable

WHEN it comes to changes and new years, one of the most popular areas is fitness, the subject of many a (failed) resolution. Personal trainer Harvey, of Form Fitness Brooklyn, says you can make positive, lasting change in fitness (and generally) with one philosophy: Start small and build. “We want to be mindful of making sure that we’re not asking too much or trying to overcompensate for what we feel like we left behind this past year or what we feel like we left on the table this past year,” she says. “It’s very reasonable to try and have the goal of getting to the gym twice a week, maybe three times a week, and then building from there instead of saying ‘Jan. 1, I’m starting, I’m gonna be at the gym five days a week, two hours a day.’ That’s not realistic and it’s not kind to ourselves.” NEXT QUESTION: From Hall: “What advice do you have for me to transition to an even more robust workout schedule in 2026 without falling into the risk of injuring myself by doing too much too soon?”

Harvey emphasized warming up and having a mobility routine, and making the goal attainable by making it fun. “Find things that you actually enjoy doing and tr y and fit those in as well so that the idea of starting something new or adding to it isn’t one that comes with a negative like, ‘Oh, I don’t want to have to do this,’ where you’re dragging yourself into it.”

The historian: Learn from your past

IT’S not just as individuals that we think about transitions. Nations and cultures have them, too. We can learn from them if we look at our history honestly and not through the guise of trying to hide the ugly parts, says Theoharis, professor of political science and history at Brooklyn College and the City University of New York Graduate Center. She points to the story of Rosa Parks, remembered as the catalyst of the Montgomery bus boycotts 70 years ago. But when Parks chose to resist, she didn’t know what her arrest would mean or what the outcome would be. Theoharis sees a lesson there for people looking to make change in today’s world and even individuals wanting to evolve. “A number of us would be willing to do something brave if we knew that it would work,” Theoharis says. “And we might even be willing to have some consequences. But part of what we look at the actual history of Rosa Parks or the actual history of the Montgomery bus boycott is in fact, you have to make these stands with no sense that they will work.” NEXT (AND LAST) QUESTION: From Olivares, who wanted Theoharis’ thoughts on today’s civil rights battles. Theoharis referenced voting rights, which have been eroded in recent years. At the same time, remembrances of the turmoil during the Civil Rights years have become glossed over by a mythology of America overcoming its injustices. There’s a lesson there about what it takes to make real change for individuals, too, Theoharis says: It’s difficult to move forward if you’re not honestly addressing what’s come before. “Part of how we’ve gotten here is by that...lack of reckoning with ourselves, lack of reckoning with where we are, lack of reckoning with history.”

The actuary: Planning is important—but sometimes fickle

PROBABLY no group of people think more about the future than actuaries. Using data, statistics and probabilities, they devise models on how probable it is that certain events happen, and what it could cost to recover from them. Their work is vital to organizations like insurance companies. Listen to R. Dale Hall talk, though, and he sounds almost.. philosophical. He’s managing director of research at the Society of Actuaries. Asked how the general public could think about a new

THE 7-foot tall “2026” numerals are displayed at an illumination ceremony in Times Square, Thursday, Dec. 18, 2025, in New York. AP/ADAM GRAY

TheWorld

www.businessmirror.com.ph

Thursday, January 1, 2026

How Arif Kurniawan, former Glencore trader, became Indonesia’s nickel king

By Eddie Spence, Alfred Cang & Annie Lee

E’S the biggest trader in the world’s top producer of nickel, a metal that’s powering the shift to batteries and electric cars. His firms handle billions of dollars’ worth of ore and own stakes in mines covering an area around the size of New York City. Yet even in the metals industry, few know the name Arif Kurniawan. Indonesia’s nickel sector has seen a dramatic rise in recent years, as technological innovation turned vast, low-grade deposits into mining dominance and industrial clout. Kurniawan’s fortunes have tracked that ascent. In under a decade, he has gone from earning paychecks at Glencore Plc to controlling approximately a third of his country’s domestic trade in nickel ore. “Indonesia has been a complete disruptor of the nickel market over the last 10 years,” said Angela Durrant, principal analyst of base metals at consultancy CRU Group based in Sydney. “These local guys are the power brokers.” Much has been written about the Chinese tycoons who poured billions into processing nickel in the Southeast Asian nation, flipping the global market and wrongfooting rivals. Less has been said about the Indonesians who control the mines that are the ultimate source of the metal, and about the influence they wield. This first account of Kurniawan’s rise is based on interviews with more than 19 miners, traders and smelters familiar with his operations, who did business with or worked alongside him, as well as dozens of filings from Indonesia’s company registry. Most of the people asked not to be identified so they could discuss private matters. When contacted through two business associates, Kurniawan declined to comment for this story. The route to prominence and wealth in Indonesia often passes through a family business. Kurniawan’s solo rise speaks instead to his alliances, skills and the speed of the country’s industrial transformation over the last decade. It also underscores the precarious nature of the achievement, as President Prabowo Subianto shakes up the mining industry and ignites a new battle for control of the country’s resources. Kurniawan and his main business partner, Edi Liu Amas, between them have stakes in at least 20 mining concessions across the country’s major nickel centers, according to a Bloomberg analysis of corporate filings. These

span more than 71,000 hectares (175,000 acres), an area roughly as large as New York City and far bigger than Weda Bay Nickel, the world’s largest mine in eastern Indonesia. There’s no recent public data on Indonesia’s nickel ore trade, but according to the average estimate of a dozen fellow traders, miners and smelters, Kurniawan traded about a third of the ore market last year, excluding a small amount of supply consumed by integrated conglomerates. Based on last year’s production of 220 million tons, according to figures cited by Macquarie Group, and current government benchmark prices, a rough estimate would put his annual volumes at around $3 billion. This is a remarkable slice of the flows that underpin Indonesia’s nearly 70% of global nickel production, a level of control that has made the country critical for the world’s battery industry—all at a time when China is using its own stranglehold on parts of the wider supply chain to fight back against punitive tariffs. A slight man who is believed to be in his 40s, Kurniawan is part of Indonesia’s ethnic Chinese minority, a community long prominent in local commerce and particularly associated with powerful conglomerates during Suharto’s New Order era. Other than that, little is known about his background. The trader keeps a low public profile and avoids social media. He dresses casually and eschews displays of wealth, maintaining the unassuming manner of his early days, according to people who know him—only the cluster of mobile phones next to him during meetings hints at his clout. In the early 2000s, he was working at Glencore’s office in Jakarta, initially in the much larger coal division before transferring to the commodity giant’s nickel business, according to the three former colleagues who asked to remain anonymous discussing private information about his past. At the time, Indonesia’s nickel industry was less than a 10th of its current size, and the London-listed firm was largely focused on exporting

A MAJOR nickel smelting center in Sulawesi, Indonesia. DIMAS ARDIAN/BLOOMBERG

ore from its mine in the country. The sector was about to be transformed. A first key development was a ban on ore exports that took effect in 2014, as Indonesia’s government sought to shift from being an exporter of raw ore to a center for processing and manufacturing. That led to the expansion of Chinese firms, including the giant conglomerate Tsingshan Holding Group Co., which set up big smelting operations in the country. They brought with them technologies including furnace methods that allowed for low-cost production of nickel pig iron, a material used to make stainless steel. Then came a technique called high-pressure acid leaching, or HPAL, that made it possible to produce battery-grade nickel from Indonesia’s plentiful, lower-grade ore—and upended the global industry. Glencore sold its mining stake in 2013 as Indonesia prepared to introduce the ban. Shortly after, Kurniawan left the company to start a quarrying business. The new venture didn’t work out, so he rejoined Glencore, according to two of his former colleagues. When he returned, Kurniawan wanted to expand Glencore’s ore trading business in the country, but the firm was reluctant to deal with the small miners who even now account for about half of production, according to a person familiar with the company who asked not to be identified as the discussions were private. Many nickel producers in Indonesia have opaque ownership, unreliable accounts and poor records of their mineral resources, which presented an unacceptable level of risk for the Switzerland-based trader, Kurniawan’s three former colleagues said. Glencore declined to comment. Kurniawan set off alone once again, the three people said. His flagship PT Dua Delapan Resources—meaning 28 Resources in Indonesian, a nod to nickel’s atomic number—had been founded in 2015, according to a filing from Indonesia’s Ministry of Law. His trading unit was founded in 2018, according to another filing. Some of his former colleagues joined the new company, the people said. The timing could hardly have been better for the man who became “Mr 28.” Indonesia’s government, which had eased ore export restrictions that year, was flagging plans to ban exports again, and the Chinese firms were rapidly building smelters. Kurniawan, who speaks Mandarin, Indonesian and English according to multiple people who have met him, became a crucial intermediary between the Chinese businesses and the patchwork of small mines dotted across the nation of more than 17,000 islands.

He had a ready network of local contacts, and the trading instincts developed at his former employer. He started with small volumes and quickly built his business, according to competitors. Mirroring Glencore’s approach, Kurniawan constantly reinvested his profits in the supply chain to gain influence, buying a portfolio of mines whose production he could trade. He snapped up many of them before 2021, when nickel prices were low, according to corporate filings and three people familiar with the matter. His path has not always run smoothly. Tsingshan, the incumbent heavyweight, was reluctant to work with a trader who was consolidating supply and could undermine its buying power with smaller miners, five people familiar with the matter said. So Kurniawan turned to the second-biggest player, Jiangsu Delong Nickel Industry Co., another conglomerate whose operations were rapidly expanding and needed ore. He frequently visited the Chinese firm’s Jakarta offices, and was a key supplier to its three smelting operations on the island of Sulawesi, according to people who were involved in the dealings at the time. The two groups even co-invested in mines, according to data from Indonesia’s Energy and Mineral Resources Ministry. Eventually, even Tsingshan started to work with Kurniawan. It was expanding two huge smelting parks in the country, and needed more ore. The two set up a joint venture for trading in 2021, according to the Energy and Mineral Resources Ministry website. In response to Bloomberg queries, representatives of Delong and Tsingshan declined to comment. Since 2022, ore market conditions have become more favorable to miners, as government restrictions on production led to shortages. Those with supply can demand near-record prices from smelters, whose survival increasingly depends on the favor of locals like Kurniawan. At least four Chinese firms with plants in Indonesia have slashed output or idled plants, with the ore shortage driving up costs and prices for their products near record lows. Some have even defaulted on payments to creditors and suppliers. “There is obscene demand for ore,” CRU’s Durrant said. “That tightness has just translated into elevated ore prices.” Indonesian miners’ grip over the wider nickel market has also only strengthened. With rivals in Australia and New Caledonia squeezed out by its low-cost production, the Southeast Asian countr y is now in a position to manage the supply of the metal needed to make ever ything

from electric vehicle batteries to aircraft. Ja k ar ta has a lso tightened quotas issued by the government to the largely locally owned mining sector, another factor keeping ore supply from catching up with demand. “The country is transitioning from being a marginal cost-setter to being a deliberate price floor architect,” Industrial & Commercial Bank of China Ltd. analyst Dongchen Zhao wrote in a note earlier this month. That should shift yet more influence and profit to those who control ore supply—at the expense of the country’s largely Chineseowned smelters. That’s potentially a small win for Beijing’s geopolitical rivals, who have lagged behind in the race for critical metals, but not necessarily for Kurniawan. Competition for lucrative concessions has intensified just as the country undergoes a major political shift, with Prabowo taking over as president in October last year, ending Joko Widodo’s decade in power. Jokowi, as the former leader is better known, oversaw the vast expansion of nickel mining and processing as part of an effort to boost the value of Indonesia’s natural resource exports and build a manufacturing sector. In that boom period for nickel, Kurniawan cultivated allies in the former president’s political party through partner Liu, according to people familiar with the matter. Liu did not respond to Bloomberg queries. Prabowo has taken a different approach. He has increased the royalties demanded of miners to fund expensive projects, and has cracked down on illegal mining, which he claims costs the country billions of dollars in lost revenue every year. His government is also seeking to punish companies at a massive smelting park owned by Tsingshan for environmental violations. A task force led by Defense Minister Sjafrie Sjamsoeddin has also seized tracts of land and is threatening punitive fines against mines alleged to have breached their forestry permits, among them one of Kurniawan’s concessions on the island of Kabaena. “Prabowo is trying to signal that he really wants to improve the governance in Indonesia,” said Siwage Negara, a research fellow at the ISEAS-Yusof Ishak Institute in Singapore. The president’s methods, though, are not always transparent, he added. “He doesn’t really use the existing institutions and bureaucracy. He uses his own people.” The Indonesian president’s office referred queries to the Energy Ministry, which did not respond to requests for comment. Kurniawan has been out of Indonesia for much of this year, according to people in contact with him. The exact reason is unclear. His business has been in the hands of one of his subordinates, according to two of his clients. Prabowo’s efforts to consolidate control under the presidency have not always favored the businessmen who f lourished under Jokowi and earlier administrations. They’ve been asked to buy so-called patriot bonds, for example—debt instruments yielding lower than market rates that are issued by Danantara, the sovereign wealth fund started by the current president this year. See “Nickel king,” A8

Young Africans find hope in farming as urban life becomes too expensive By Mark Banchereau The Associated Press

AMBACOUNDA, Senegal—On a blazing afternoon in Senegal, 33-year-old farmer Filly Mangassa heaved peanut plants onto a horse-drawn cart, sending clouds of dust swirling. Ten years ago, he left his village for the capital, Dakar, dreaming of becoming a professor. But the high cost of living and lack of jobs put that dream out of reach. “Particularly after Covid, companies weren’t hiring and prices were rising,” said Mangassa, who has a masters degree in criminology. “I thought: My father and my grandfather were farmers, so why not use that experience and go back to my hometown and try to make a living in agriculture.” Across much of Africa, farming has long been seen as low-status work, pushing young people to cities in search of office jobs. “For my father and some people in my family, they sort of saw me returning to the countryside as a step back,” Mangassa said. But that perception is changing. Rising food prices, investments in irrigation and access to new technologies are making agriculture more profitable. Governments and nonprofits now fund programs that teach advanced farming skills and support farmers with equipment, fertilizers, pesticides and seeds. “When my father saw that I had a clear, thorough business plan, he encouraged me and helped me with the administrative process to acquire land,” Mangassa said. He is part of a trend of young Africans leaving cities to try their luck at farming. Mangassa says he makes a profit of around 2 million CFA ($3,500 a year), far above Senegal’s average yearly income of about $2,500. Africa is the world’s fastest-urbanizing region, with cities growing at an average rate of 3.5% per year. As city populations increase, so does the cost of living. Median rents and grocery prices in places like Dakar or Kenya’s capital of Nairobi are approaching those of major European cities, despite median salaries being significantly lower, according to the World Bank. Meanwhile, between 10 and 12 million young Africans enter the job market each year while only about 3 million formal jobs are created, according to the African Development Bank. “A lot of my friends who graduated at the same time as me now work as motorcycle taxi drivers and barely make a living,”Mangassa said.

Helping young farmers acquire land

MANGASSA now owns a 32-acre farm where he grows peanuts, corn, vegetables and fruit. He received some funding to buy land from a World Food Program initiative helping young Africans start careers in agriculture. Launched in 2023 and set to run through early 2027, it has supported around 380,000 people in launching agricultural businesses. It works with local governments to allow young farmers to acquire land—often a challenge because of complex ownership systems and young people’s difficulty in obtaining loans because they are seen as high risk. In Senegal, the program has supported over 61,000 people, with more than 80% launching farms, according to WFP. It also operates in Ghana, Nigeria, Mozambique, Uganda, Rwanda, Kenya and Tanzania. “Our surveys show three main barriers for young people entering agriculture: limited access to land, financing and inputs; a lack of practical skills; and tough market conditions—knowing when to sell, how to add value and how to market their products,” said WFP’s country director for Senegal, Pierre Lucas. Senegal, like many African countries, is plagued by food insecurity that has been exacerbated by donors’ funding cuts and worsening climate conditions. The region also is recovering from the colonial era, said Ibrahima Hathie, an agricultural economist at the Senegal-based Prospective Agricultural and Rural Initiative think tank. “In Senegal for example, farmers were pressured to grow groundnuts to be sold in France instead of food crops,” Hathie said. See “Africans,” A8

TheWorld

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US tech fuels China’s surveillance state, leaving Tibetan refugees in Nepal to bear consequences By Aniruddha Ghosal & Dake Kang The Associated Press

ATHMANDU, Nepal—The white dome of Boudhanath rises like a silent guardian over the chaotic sprawl of Nepal’s capital, Kathmandu, crowned by a golden spire that pierces the sky. Painted on each of the spire’s four sides are the benevolent eyes of the Buddha— wide, calm, and unblinking—said to see all that unfolds below. Those eyes have served as a symbol of sanctuary for generations of Tibetans fleeing the Chinese crackdown in their homeland. But today, Tibetan refugees are also watched by far more malevolent eyes: Thousands of CCTV cameras from China, perched on street corners and rooftops to monitor every movement below. This intense surveillance has stifled the oncevibrant Free Tibet movement that had resonated around the world. Nepal is just one of at least 150 countries to which Chinese companies are supplying surveillance technology, from cameras in Vietnam to censorship firewalls in Pakistan to citywide monitoring systems in Kenya. This technology is now a key part of China’s push for global influence, as it provides cash-strapped governments cost-effective, if invasive, forms of policing—turning algorithms and data into a force multiplier for control. The irony at the heart of this digital authoritarianism is that the surveillance tools China exports are based on technology developed in its greatest rival, the United States, despite warnings that Chinese firms would buy, copy or outright steal American designs, an investigation by The Associated Press has found. For decades, Silicon Valley firms often yielded to Beijing’s demands: Give us your technology and we will give you access to our market. Although tensions fester between Washington and Beijing, the links between American tech and Chinese surveillance continue today. For example, Amazon Web Services offers cloud services to Chinese tech giants like Hikvision and Dahua, assisting them in their overseas push. Both are on the US Commerce Department’s Entity List for national security and human-rights concerns, which means transactions with them are not illegal but subject to strict restrictions. AWS told AP it adheres to ethical codes of conduct, complies with US law, and does not itself offer surveillance infrastructure. Dahua said they conduct due diligence to prevent abuse of their products. Hikvision said the same, and that they “categorically reject any suggestion that the company is involved in or complicit in repression.” Chinese technology firms now offer a complete suite of telecommunications, surveillance, and digital infrastructure, with few restrictions on who they sell to or how they’re used. China pitches itself as a global security model with low crime rates, contrasting its record with the United States, said Sheena Greitens, a political scientist at the University of Texas at Austin. “It’s got a set of solutions that it’s happy

Africans. . . Continued from A7

Scarce arable land and soil degradation further constrain food production. But now, many young farmers are shifting to high-value crops and have better technology, so production is increasing, Hathie said, predicting that as more locally produced food enters markets, staple prices could fall.

Cosmic. . . Continued from A6

Mars will be the lone no-show. The good news is that the red planet will join a six-planet parade in August, with Venus the holdout.

to share with the world that nobody else can offer,” she said. “(But) they’re certainly exporting the tools and techniques that are very important to authoritarian rule.” The AP investigation was based on thousands of Nepali government proc urement doc uments, corporate marketing material, leaked government and corporate documents, and interviews with more than 40 people, including Tibetan refugees and Nepali, American and Chinese engineers, executives, experts and officials. While thousands of Tibetans once fled to Nepal every year, the number is now down to the single digits, according to Tibetan officials in Nepal. In a statement to AP, the Tibetan government in exile cited tight border controls, Nepal’s warming ties with China and “unprecedented surveillance” as reasons for the drastic plunge. A 2021 internal Nepali government report, obtained by AP, revealed that China has even built surveillance systems within Nepal and in some areas of the border buffer zone where construction is banned by bilateral agreements. In a statement to AP, the Chinese Ministry of Foreign Affairs denied coercing Western companies to hand over technology or working with Nepal to surveil Tibetans, calling it a “sheer fabrication driven by ulterior motives.” “Attempts to use Tibet-related issues to interfere in China’s internal affairs, smear China’s image, and poison the atmosphere of China-Nepal cooperation will never succeed,” the statement said. The Nepali government and the Chinese-controlled Tibetan authorities did not respond to requests for comment. Under pressure, many Tibetans are responding the only way they can: Leaving. The Tibetan population in Nepal has plunged from over 20,000 to half that or less today. Former activist Sonam Tashi gave up protesting years ago. Now 49, today he’s just a father trying to get his 10-year-old son out—before the net pulls tighter. The boy was born in Nepal but has no document proving he is either a refugee or a citizen, a result of Chinese pressure. Tashi described how those considered likely to protest are picked up in advance around key dates—like March 10, which marks the 1959 Tibetan uprising, or July 6, the Dalai Lama’s birthday. In 2018, Nepal’s police magazine confirmed that it was building predictive policing, which allows officers to watch people’s movements, identify in advance who they think will protest and arrest them preemptively. “There are cameras everywhere,” Tashi said, sitting on a bus winding toward the Indian border. “There is no future.”

‘They gave us all the hardware’

AFTER China crushed a Tibetan uprising in 1959, thousands fled across the Himalayas to Nepal, carrying only what they could: Religious paintings, prayer wheels and the weight of families left behind. Their exodus, led by the charismatic Dalai Lama, captured the American imagination, with Hollywood films and actor Richard Gere’s congressional appeals putting Tibet in the spotlight. Washington trod a careful line, defending the rights and religious freedom of Tibetans without

Farming becomes an alternative to migration

SENEGAL is a main departure point for migrants attempting to reach Europe via the deadly Atlantic route. Authorities see agriculture as one way to create jobs to keep young people at home, launching campaigns in rural areas most affected by migration. “I’m convinced that the only sector that can create the hundreds of thousands of jobs young people in Africa need is agriculture

Supermoons

THREE supermoons will lighten up the night skies in 2026, the stunning result when a full moon inches closer to Earth than usual as it orbits in a not-quite-perfect circle. Appearing bigger and brighter, supermoons are a perennial crowd pleaser requiring no

SONAM TASHI shouts slogans during a demonstration to commemorate the anniversary of the 1959 uprising in Tibet against Chinese rule, in New Delhi, India, March, 10, 2025. AP/MANISH SWARUP

recognizing independence. Today, the future of the Free Tibet movement is in question. Without refugee cards that grant basic rights, Tibetans in Nepal can no longer open bank accounts, work legally or leave the country. Cameras are now ever y where in Kathmandu, perched on traffic lights and swiveling from temple eaves. Most link back to a four-story brick building just a few blocks down from the Chinese embassy, where officers watch the country in real time. The building hums with the low breath of cooling fans. Inside, a wall of monitors blinks with feeds from border towns, busy markets and clogged traffic crossings. Officers in crisp blue uniforms and red caps sit in the glow, scanning scenes. Beneath the screens, a photo published in a Nepali daily shows, a sign in English and Chinese reads: “With the compliments of the Ministry of Public Security of China.” OPERATORS can track a motorbike weaving through the capital, follow a protest as it forms, or patch an alert directly to patrol radios. Many cameras are equipped with night vision facial recognition and AI tracking—able to pick a single face out of a festival crowd or lock onto a figure until it disappears indoors. The system not only sees but is learning to remember, storing patterns of movement, building a record of lives lived under its gaze. A 34-year-old Tibetan cafe owner in the city watched the city change in quiet horror. “Now you can only be Tibetan in private,” he said. He and other Tibetans in Nepal spoke to AP anonymously, fearing retaliation. The first cameras in Boudhanath were installed in 2012, officially to deter crime. But after a Tibetan monk doused himself in petrol and set himself ablaze in front of the stupa in 2013, police added 35 night vision cameras around it. The Chinese embassy in Kathmandu worked closely with the police, said Rupak Shrestha, a professor at Simon Fraser University in Canada who studied surveillance in Nepal. He said the police received special training to use the new cameras, identify potential symbols associated with the Free Tibet movement and anticipate dissent. In 2013, a team of Nepal Police officers crossed the northern border into Tibet for a seemingly straightforward mission: Collect

police radios from Chinese authorities in Zhangmu, a remote border town, about 120 kilometers (75 miles) from Kathmandu. A truck was loaded with equipment and a few handshakes later, they were driving back to Kathmandu. The radios—made by the partly stateowned Chinese firm Hytera—looked like walkie-talkies but ran on a digital trunking system, a scaled-down mobile network for police use. Officers could talk privately, coordinate across districts, even patch into public phone lines. The entire system— radios, relay towers, software—was a $5.5 million gift from China. “They didn’t give us the money,” recalled a retired Nepali officer who made the trip. “They gave all the hardware. All Chinese.” He remembered not the border guards but the tech—sleek, reliable, and far ahead of anything they’d used before. He spoke on condition of anonymity to describe sensitive internal discussions. He said Nepal had initially considered buying the technology from the US and only wanted to deploy the system in its two biggest cities. Hytera was a fraction of the cost and performed comparably, but China also wanted coverage near the border with Tibet. Nepal acquiesced. They installed the technology in Sindhupalchowk, a border district with a key road to China used by Tibetan refugees. “We understood their mindset,” the retired officer said. “A secure border.” A police envoy from the Chinese embassy began making regular visits to the Nepal Police headquarters. He’d chat over coffee, flip through brochures from Chinese companies. “He’d say, ‘You want anything?’” the retired officer recalled. China began donating tens of millions in police aid and surveillance equipment, including a new school for Nepal’s Armed Police Force. Hundreds of Nepali police traveled to China for training on policing and border control, according to Chinese government posts. Ahead of a summit of South Asian leaders in 2014, among the goods on offer were ones from Uniview, China’s pitch for an all-seeing eye. Th e c o m p a n y w a s t h e C h i n e s e surveillance business of what was then Hewlett Packard, or HP, before it was spun off in a 2011 deal. Since 2012, Uniview has been selling mass surveillance solutions to the Tibetan police, such as a command

and livestock,” Senegal’s agriculture minister, Mabouba Diagne, told reporters in October. Adama Sane, 24, once dreamed of reaching Europe but didn’t have money to pay smugglers. He had moved to Dakar in 2020 but struggled to make ends meet as a construction worker. Then he heard about the WFP initiative. “In a sense, discovering agriculture saved my life,” Sane said. “If I had stayed in my construction job, I would have tried crossing the ocean sooner or later.”

He now raises poultry and cultivates peppers on his five-acre farm in his village. “I am still far from where I want to be with my business, but at least I am saving a lot of money compared to the city, and life is less stressful,” Sane said. “A lot of young people think that being a farmer is a ‘small job,’ but there is starting to be a public awakening that agriculture can be the key to development in Senegal.” Three other potential migrants are now working for Mangassa.

equipment, only your eyes. The year’s first supermoon in January coincides with a meteor shower, but the moonlight likely will obscure the dimmer fireballs. The second supermoon of 2026 won’t occur until Nov. 24, with the third—the year’s final and closest supermoon—occurring the

night of Dec. 23 into Dec. 24. This Christmas Eve supermoon will pass within 221,668 miles (356,740 kilometers) of Earth.

Their reach is vast.

Northern and southern lights

THE sun is expected to churn out more eruptions in 2026 that could lead to

center, and developed cameras that track ethnicities such as Uyghurs and Tibetans. Uniview installed cameras in Kathmandu for Nepal’s first “safe city” project in 2016. It started with the city’s roads, then went up across the capital—in tourist areas, religious sites, high-security zones like Parliament and the prime minister’s home. The cameras didn’t just record. Some could follow people automatically as they moved. Others were designed to use less data, making it easier to store and review footage. Hewlett Packard Enterprise, or HPE, a successor company to HP that sells security solutions, has no ownership in Uniview and declined to comment. Hytera and Uniview did not respond to requests for comment. Nearly all the cameras installed in Nepal are now made by Chinese companies like Hikvision, Dahua and Uniview, and many come bundled with facial recognition and AI tracking software. Hikvision’s website and marketing materials advertise camera systems in Nepal linked via Hik-Connect and HikCentral Connect, cloud products that rely on Amazon Web Services. Hikvision sells to the Nepali police and government, and a template for Nepali tenders indicates CCTV cameras procured for the government are required to support Hik-Connect. In return for Beijing’s support, top Nepali officials have thanked China repeatedly over the years, promising never to allow “anti-China activities” on Nepali territory. The Nepali police head offices aren’t far from the now-forlorn Tibetan reception center, which used to shelter tired, hungry Tibetans fleeing across the border. The building is nearly empty. The gates are locked. Those who do escape, like Namkyi, arrested at 15 for protesting Chinese rule, often have to wait for weeks confined indoors until they’re smuggled out again to the Tibetan capital in exile in India. Silence has become survival. “They know they are being watched,” she said. “Even though we are free, the surveillance cameras mean we’re actually living in a big prison.”

From clients to competitors

FROM the start, US companies eager for China’s vast markets exchanged technology for entry. Many were required to start joint ventures and research operations in China as a precondition for being allowed in. Dozens, if not hundreds, complied, transferring valuable know-how and expertise—even in sensitive areas like encryption or policing. Little by little, Chinese companies chipped away at the lead of American tech companies by luring talent, obtaining research, and sometimes plain copying their hardware and software. The flow of technology continued, even as US officials openly accused China of economic espionage and pressuring American companies for their technology. “China is by far the most egregious actor when it comes to forced technology transfer,” Robert D. Atkinson, then-president of a think tank focused on innovation, warned Congress in a 2012 hearing. American tech resistance came to a final, definitive end later that year with Edward

Nickel king. . . Continued from A7

Snowden’s revelations that US intelligence was exploiting American technology to spy on Beijing. Spooked, the Chinese government told Western firms they risked being kicked out unless they handed over their technology and provided security guarantees. After companies like HP and IBM agreed, their former partners became their fiercest global competitors—and unlike American firms, they faced few questions about the way their technology was being used. Companies like Huawei, Hikvision and Dahua have now become global behemoths that sell surveillance systems and gear all over the world.

American technology was key to this: n Uniview, the Chinese AI-powered

CCTV camera supplier, supplied the first phase of Nepal’s safe city project in 2016, installing cameras in Kathmandu. Uniview was carved out of Californiabased HP’s China surveillance video business. n Hytera provided data infrastructure for the Nepali police, such as walkie-talkies and digital trunking technology, which enables real-time communication. Earlier this year, Hytera acknowledged stealing technology from US company Motorola in a plea agreement, and had acquired German, British, Spanish, and American tech businesses in their growth phase. n Hikvision and Dahua, China’s two largest surveillance camera suppliers, sell many of the cameras now in Nepal. They partnered with Intel and Nvidia to add AI capabilities to surveillance cameras. Those ties ended after US sanctions in 2019, but AWS continues to sell cloud services to both companies, which remains legal under what some lawmakers call a loophole. AWS has advertised to Chinese companies expanding overseas, including at a policing expo in 2023. n Chinese tech giant Huawei has become one of the world’s leading sellers of surveillance systems, wiring more than 200 cities with sensors. In Nepal, they supplied telecom gear and high-capacity servers at an international airport. Over the years, the company benefited from partnerships with American companies like IBM, and has been dogged by allegations of theft—including copying code from Cisco routers wholesale, a case which Huawei settled out of court in 2004. Huawei said it provides “generalpurpose” products “based on recognized industry standards.” Intel has said it adheres to all laws and regulations where it operates, and cannot control end use of its products. Nvidia has said it does not make surveillance systems or work with police in China at present. The Associated Press journalists Niranjan Shrestha and Binaj Gurubacharya in Kathmandu, Manish Swarup and Rishi Lekhi in New Delhi, Ashwini Bhatia in Dharamshala, India, and David Goldman in Washington contributed to this report.

Lower nickel prices have not helped extend the sector’s influence, especially at a time of personnel change at the top, said political analyst Kevin O’Rourke at Reformasi Information Services, a Jakartabased consultancy. “It’s a rearranging of the patronage networks,” he added. “It’s a new administration and a new set of supporters and allies. There’s an impetus to reward friends and punish enemies.” With assistance from

Kurniawan has built strong relationships over years, even without the name recognition of other tycoons. Maintaining his grip on the ore trade, though, will require the forging of new political alliances, according to people familiar with the matter, at a time when favor has rarely been more valuable—or more contested.

Chandra Asmara, Jack Farchy and Harry Suhartono/Bloomberg

geomagnetic storms here on Earth, giving rise to stunning aurora. Solar action should start to ease, however, with the 11-year solar cycle finally on the downslide. Space weather forecasters like Rob Steenburgh at the National Oceanic and Atmospheric Administration can’t wait to tap

into all the solar wind measurements coming soon from an observatory launched in the fall. “2026 will be an exciting year for space weather enthusiasts,” he said in an e-mail, with this new spacecraft and others helping scientists “better understand our nearest star and forecast its impacts.”

Thursday, January 1, 2026

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USDA sees 16.5% hike in PHL corn imports

By Ada Pelonia @adapelonia

HE country’s corn imports are forecast to increase by 16.5 percent in marketing year 202526 owing to reduced local output, an international report said.

The United States Department of Agriculture-Foreign Agriculture Service (USDA-FAS Manila)

expects the country’s corn shipments to reach 1.85 million metric tons (MMT), up from the 1.59

MMT recorded in the previous MY. “[The increase in imports is] dr iven by reduced local cor n output resulting from typhoonrelated losses from July to November 2025,” the international agency said. “The gradual yet slow recovery of the hog population, combined with lower domestic production, is increasing demand for imported corn to address supply gaps for feed and food use.” In the July to October period, the USDA-FAS Manila said Argentina was the countr y’s leading

corn supplier, accounting for 32 percent. This was followed by Vietnam, Brazil, and Myanmar. “Though feed millers prefer locally produced corn for its yellow color, they are open to using more imported corn in their formulations, provided prices are favorable and quality is maintained,” the agency said. “Feed corn remains the “preferred choice” over feed wheat for overseas sourcing, although feed wheat can substitute for feed corn to some extent when pricing is advantageous,” it added.

Meanwhile, the USDA-FAS Manila expects local corn output to dip by 0.7 percent to 8.27 MMT, from 8.33 MMT in the previous MY owing to typhoon-related shocks. Following the dip in corn production, the international agency also adjusted downward the area harvested for the crop by 2.7 percent to 2.48 million hectares (ha) from 2.45 million ha. T he USDA-FA S Manila explained that the domestic output of the grain was on an uptrend at the beginning of the year due to improved weather conditions and

sustained government assistance. However, the positive trend was interrupted during the third quarter of 2025 due to weatherrelated losses. “This decline occurred despite earlier reports from farmers of favorable weather during the planting season, continued support through the DA’s National Corn 15 Program, and improved management of fall armyworm. The primary reason for the lower Q3 output was typhoon-related losses,” the USDA-FAS Manila said.

‘Keep DPWH out of DA’s ₧33-B farm-to-market road projects’ By Butch Fernandez

@butchfBM

EN. Francis Pangilinan warned that allowing the Department of Public Works and Highways (DPWH) back into farm-to-market road projects risks undermining both anti-corruption efforts and food security goals. While he supports the bicameral conference committee report on the 2026 national government budget, Pangilinan asked President Marcos to veto a provision that would allow the Department of Agriculture (DA) to enter into memoranda of agreement with DPWH for next year’s P33-billion FMR program. Pangilinan voted “yes with reservations” on the 2026 national budget. “Kasama ang DPWH sa mga ahensya na magpapatupad ng FMR projects kaya naman may reservations ang aking pagpirma sa bicam report. [The DPWH is among the agencies that will implement FMR projects, which is why we have reservations about signing the bicam report],” Pangilinan said, noting that DPWH remains burdened by unresolved administrative and criminal cases linked to flood-control projects. “Tulad ng pagdisiplina sa ating mga anak , hindi natin binibigyan ng reward ang masamang pag-uugali. Nagbibigay tayo ng time-outs. Kailangang makuha uli ng DPWH ang tiwala ng taumbayan [As with disciplining our children, we do not reward bad behavior. We give time-outs. DPWH has to earn back the public’s trust].” Pangilinan stressed that the law is clear. Under Section 52 of Republic Act 8435, or the Agriculture and Fisheries Modernization Act, planning and prioritizing FMRs belongs to the DA in coordination with local governments and farmers and fishermen. “Hindi lang pagsesemento ang mga FMR project. Kasangkapang pang-ekonomiya rin ito na direktang nakatali sa pagsiguro ng ating pagkain [Farm-to-market roads are not just concrete projects. They are economic tools tied directly to food security],” he said. “Pinagpapasyahan itong mga FMR batay sa kung ano ang kailangan ng agrikultura, hindi ng pangkalahatang prayoridad sa pagawaing bayan [They should be decided based on agricultural need, not general public works priorities].” He also raised practical concerns, citing DA data showing DPWH is still grappling with a backlog of about 60,000 kilometers of FMRs. “Doon pa lang, dapat na tayong huminto sandali bago bigyan sila ulit ng malaking pondo [That alone should make us pause before handing them another big pot of funds],” Pangilinan added. If the goal is faster infrastructure delivery, Pangilinan argued that the solution lies elsewhere. “Hindi naman basta lang masabing mabilis, doon na tayo. Ang isyu ay kredibilidad at kapasidad [The issue is not speed for speed’s sake, but credibility and capacity],” he said, pointing to the Public-Private Partnership Code passed in December 2023 as a way to mobilize private capital, accelerate projects, and ensure accountability—without overloading DPWH. “Bumoto ako ng yes dahil kailangang ng bansa ng budget [I voted yes because the country needs a budget],” Pangilinan said. “Pero sa puntong ito, kailangan ang veto ng Pangulo para protektahan ang magsasaka, bantayan ang pondo ng bayan, at panatilihing nakatutok ang mga kalyeng sakahan sa pagpapakain sa baya n [But on this point, the President’s veto is needed to protect farmers, safeguard public funds, and keep farm roads focused on feeding the nation],” he added.

Cadiz City govt goes after poachers of giant clams

ACOLOD CITY—The local government of Cadiz City in Negros Occidental vowed to pursue poachers of giant clams nested in its marine protected area adjacent to the popular Lakawon Island in barangay Cadiz Viejo. On Christmas Day, it was discovered that unidentified persons entered the Giant Clam Village (GC Ville), forcibly removed 33 giant clams from their habitat, and left their empty shells at the site. Mayor Salvador Escalante Jr. said Monday that once the suspects are positively identified, criminal charges will be immediately filed against them. “The investigation is jointly being conducted by the Cadiz City Police Station and Bantay Dagat personnel,” the mayor said in an interview. Escalante said the city government is offering a cash reward of P20,000 to any person who can provide credible information that will lead to the identification, arrest and prosecution of those responsible. Following the poaching incident, he said round-the-clock security measures have been enforced at GC Ville. Giant clams are considered protected species under the Convention on International Trade in Endangered Species. The 9.2-hectare GC Ville Protected Area in Cadiz is inhabited by four species of giant clams—Hippopus hippopus, Tridacna squamosa, Tridacna crocea and Tridacna maxima. Based on the assessment of the Office of the City Agriculturist on December 12, there were more than 5,000 giant clams, including juveniles or baby giant clams, inside GC Ville. Random counting and measurement showed that 387 Hippopus hippopus have an average length of 20.8 cm.; 324 Tridacna squamosa, 23.4 cm.; 63 Tridacna crocea, 19.2 cm.; and 10 Tridacna maxima, 12.4 cm. A 44-cm Tridacna squamosa was the largest clam measured during the assessment. Republic Act 10654 or the Philippine Fisheries Code prohibits the harvesting of endangered giant clams, and penalizes violators with a fine of up to P3 million and imprisonment of up to eight years. In 2024, the City Council passed an ordinance establishing the Giant Clam Village Protected Area, and a board has been created to oversee the management plan for 2025-2029, the city’s move towards sustainable marine conservation and preservation of its diverse marine ecosystem. PNA

AMID A HARVEST OF AWARDS, YOUR SUPPORT COUNTS MOST

HE pandemic tested the media industry, forcing newsrooms around the world to overhaul the way they do their job while following strict health protocols in order to survive a deadly infection. The BusinessMirror, the country’s premier national business daily, was tested like everyone else, and survived, even continuing to live up to its promise to provide a broader look at today’s business. In November 2021, the business broadsheet was recognized as the “Business News Source of the Year” for 2020 by the Economic Journalists Association of the Philippines (Ejap), the country’s premier organization of business reporters, editors and wire agencies. It was a 4-peat for BM, having gotten the same honors for the years 2017, 2018 and 2019. And, as in the past Ejap awards, it also swept half of the individual categories, with its seasoned reporters adjudged as best in their respective coverages. Earlier in 2021, the BusinessMirror was given the Pro Patria Award by the Rotary Club of Manila, for “its commitment of valuable resources for the protection of free expression and its resilience in disseminating fair and truthful information resulting in an informed and enlightened citizenry.” It was just the latest recognition from the prestigious Rotary Club, which named it “Business Newspaper of the Year” for 2018-2019, and again in 2020. In all, it has received six top

Rotary journalism awards in its short 16-year existence. The BusinessMirror has also consistently reaped top awards in the Brightleaf Journalism Awards for Agriculture and the Philippine Agricultural Journalists-San Miguel Corp. (PAJ-SMC) Binhi Awards, also for the best in agriculture journalism. The BusinessMirror was also repeatedly adjudged the leading daily in biotechnology journalism, a recognition bestowed by the Jose G. Burgos Jr. Biotechnology Journalism Awards. The “broader look” mantra also drew recognition from the Philippine Statistics Authority (PSA) which named the BusinessMirror, at its first awards rites in 2018, as the inaugural “Data Champion.”

In the first “Bantog Science for the People” awards for media from the Department of Science and Technology, the BusinessMirror got the top award for the Institution category for Print; and the grand prize in the individual category for science journalist Stephanie Tumampos. In 2018, Environment Reporter Jonathan Mayuga received the Luntiang Aligato award from the Climate Reality Project, a nonprofit organization founded by Nobel Laureate and former US Vice President Al Gore. The Broader Look at biodiversity was also recognized. It was named among the Asean Champions of

Biodiversity, for the Media Category, by the Asean Centre for Biodiversity. The Broader Look also extended to the paper’s corporate social responsibility. It organized and staged the first-ever recognition rites for the best of the Philippines’s friends in the world, with the “MISSION PHILIPPINES: The BusinessMirror Envoys & Expats Awards.” The initiative won a Gold Anvil in 2019. Distinguished institutions in government have also repeatedly recognized the BusinessMirror’s role in spreading the word about the work they do—information that shines a light on good governance and committed public service to uplift people’s hopes. Most notably, these are the Social Security System and Pag-IBIG Fund. Sixteen years, two of them in a pandemic, have tested the promise of a Broader Look. But they are also a measure of the unstinting support of friends—advertisers and news sources alike—and readers who continue to believe in that promise.

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BusinessMirror A broader look at today’s business

A10 Thursday, January 1, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

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editorial

The cost of inaction: IMF highlights climate threats to PHL stability

HE International Monetary Fund (IMF) recently issued a serious warning that should reverberate through the halls of Malacañang and the Department of Finance: If the Philippines does not implement strong climate adaptation measures, it could face annual losses of up to 2 percent of its gross domestic product (GDP). While “2 percent” might sound like a manageable statistic, its real-world translation is staggering. At current valuations, that represents roughly P530 billion— a sum more than double the entire 2025 budget for the Department of Agriculture. (Read the BusinessMirror story: “Climate change could slash 2% off GDP,” December 29, 2025).

This is no longer just an environmental concern; it is a fundamental threat to the nation’s fiscal stability and the pocketbooks of every Filipino. The IMF’s report highlights a vicious cycle that has become all too familiar. Typhoons, increasing in both intensity and frequency, do more than just destroy infrastructure; they shatter the backbone of our economy—agriculture. When crops are wiped out, supply chains break. When supply chains break, inflation spikes. According to the IMF, these climate shocks can add 0.6 percentage points to inflation annually, with food prices bearing the brunt of the burden. For the average Filipino family, climate change is not a theoretical rise in sea levels; it is the rising price of rice, vegetables, and meat at the local palengke. The challenge for our policymakers is a delicate balancing act. The Bangko Sentral ng Pilipinas (BSP) finds itself between a rock and a hard place. If it tightens monetary policy too aggressively to fight climateinduced inflation, it raises the cost of capital, making it harder for businesses and families to borrow money for reconstruction. If it is too lenient, inflation expectations could spiral out of control, devaluing the peso and eroding purchasing power. The IMF’s suggestion of a “coordinated policy response” is the only logical path forward. We cannot rely on the central bank to “interest rate” our way out of a typhoon. We need structural interventions, such as the temporary lowering of tariffs on food imports during crises to stabilize prices, and more importantly, a massive shift in how we fund our future. Perhaps the most critical takeaway from the IMF report is the warning against “borrowing our way” to resilience. Relying solely on debt to fund climate-resilient infrastructure is a recipe for a debt crisis. Instead, the government must look toward revenue mobilization—ensuring tax collection is efficient and fair—and fostering genuine private-sector participation. The burden of building sea walls, flood control systems, and climate-hardy roads cannot rest on the national treasury alone. The Philippines has long been praised for its disaster response capabilities, but “response” is no longer enough. We are a nation that spends billions cleaning up after the storm; we must become a nation that invests billions in ensuring the storm does not break us in the first place. If we fail to act on these recommendations, we are essentially accepting a permanent “climate tax” of P530 billion every year—a tax paid in lost opportunities, higher grocery bills, and a stunted future for the next generation. The IMF has provided the roadmap; it is now up to our leaders to find the political will to follow it. The cost of inaction is simply too high to afford. Since 2005

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My outlandish visions

We begin with the ceremonial burial of the foreign ownership cap, but only for companies listed on the Philippine Stock Exchange. After decades of treating the 40 percent limit as both shield and sacrament, the country awakens one morning to discover it has quietly changed its mind. The cap is not eased or reinterpreted. It is simply gone.

These are not Black Swans. They are a golden Chinese Qilin. Rare, auspicious, and entirely unconcerned with whether anyone believes they can exist. Welcome to my Outlandish Visions for 2026. We begin with the ceremonial burial of the foreign ownership cap, but only for companies listed on the Philippine Stock Exchange. After decades of treating the 40 percent limit as both shield and sacrament, the country awakens one morning to discover it has quietly changed its mind. The cap is not eased or reinterpreted. It is simply gone. The PSE, long marketed as “undervalued” and “full of potential,” is suddenly neither. It becomes Southeast Asia’s most hospitable venue for global capital, and capital responds with the enthusiasm of a long-ignored suitor who has just been handed the keys to the house. Foreign institutional investors arrive in force. US hedge funds, European sovereign wealth funds, and asset managers descend with spreadsheets, lawyers, and opinions about board composition. These are

independent companies. The “Sum of the Parts” (SOTP) realization leads to a 50 percent jump in the value of the former parent companies. Money suddenly matters more than “The Legacy.” Complaints follow. Dividends are flowing north. Corporate disclosures now require foreign accents. National patrimony is discussed with great feeling and very little reference to market capitalization. Yet the returns keep coming. It turns out sovereignty is flexible when portfolios are green. Self-reliance remains a beautiful concept, just not one that survives an external audit. Frustrated by national government restrictions and led by the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), Mindanao Island declares economic independence as a “Special Economic Autonomy Zone.” The Zone launches its own cryptocurrency and trade/investment policies. This draws global investors eager to tap into its resource-rich lands. A $20 billion investment from Saudi Arabia’s PIF transforms the region into the world’s largest Ha-

John Mangun

OUTSIDE THE BOX WO weeks ago I shared with you Copenhagen-based Saxo Bank’s “Outrageous Predictions” for 2026. These are not forecasts but low-probability, high-impact scenarios, thought experiments meant to stretch the imagination and provoke arguments that “sensible” analysis carefully avoids.

not passive investors. They demand quarterly explanations and develop an allergy to family councils disguised as independent boards. China’s SAFE Investment Co. quietly assembles a 22 percent exposure to the PSE index, finding it much more profitable than Panatag Shoal. Uncle Sam whines. The Philippines perfects what has now become its favorite sport: smiling politely while collecting tolls from both directions. The index levitates toward 15,000 because private and public governance itself is finally treated as an asset class. Local investors celebrate enthusiastically, even as they discover that cheering from the corporate sidelines counts as participation. The Sy family—and the other family-controlled conglomerates— must decide to delist, arguing public markets are “no longer compatible with long-term strategic (family) planning.” Or under pressure from activist investors and “Generation Z” heirs decide to “unlock value” by spinning off every subsidiary into

BOJ summary signals real rates still low, pointing to more hikes By Erica Yokoyama

OME members of the Bank of Japan’s board signaled that the country’s real interest rate remains very low during a meeting earlier this month where authorities raised the benchmark rate, suggesting that further increases are likely in store.

“Japan’s real policy interest rate is by far at the lowest level globally,” one of nine board members said at the two-day meeting that concluded on Dec. 19, according to a summary of the discussions released Monday. “It is appropriate for the Bank to adjust the degree of monetary accommodation,” the member said, citing the impact on prices through currency movements. At the meeting, the board raised the benchmark rate to 0.75 percent, the highest in 30 years. The release

of the summary comes at a time when markets have been searching for hints on how quickly the bank might undertake its next hike. The record showed that one member said the bank should adjust policy with intervals of a few months for the time being, a pace that’s largely in line with BOJ watchers’ median expectation. Economists surveyed by Bloomberg anticipate another rate hike in roughly six months, with many seeing the terminal rate for the current

Economists surveyed by Bloomberg anticipate another rate hike in roughly six months, with many seeing the terminal rate for the current cycle at 1.25 percent. Hideo Hayakawa, a former executive director at the BOJ, said earlier this month that the central bank may raise the rate as high as 1.50 percent by early 2027.

cycle at 1.25 percent. Hideo Hayakawa, a former executive director at the BOJ, said earlier this month that the central bank may raise the rate as high as 1.50 percent by early 2027. The account released Monday clearly indicates that the BOJ hasn’t yet reached neutral with its policy rate. One member noted, “It can be

lal food and finance hub. The GDP growth hits 12 percent, triggering a mass “reverse migration” from Luzon to Mindanao. Land prices in Davao and Cotabato triple; stocks linked to agriculture skyrocket. As capital floods in, labor flows reverse. Overseas Filipino Workers begin coming home, not to retire, but to work. Automation abroad trims demand, while domestic wages finally rise fast enough to compete with distance and loneliness. Infrastructure projects absorb engineers. Hospitals absorb nurses. Renewable energy absorbs anyone who can spell “transition.” Consumer spending explodes by 40 percent, malls overflow, and traffic becomes a shared national meditation exercise. Progress, as always, proves inconvenient. Remittances flatten, then decline. Not from crisis, but from choice while politicians struggle to praise returning workers without admitting that exporting them for decades was less strategy than necessity. A newly confident middle class, recently reacquainted with home, begins asking questions about obsolete transportation, power bills, and why efficiency took so long to become fashionable. For years, the country worried about brain drain. In this version of the future, the embarrassment is not that people left, but that they needed to leave in order to learn how quality systems actually function. Skills return, productivity rises, and excuses quietly expire. These visions of 2026 (and beyond) are not predictions. They are See “Mangun,” A11

said that there is still considerable distance to the neutral interest rate level.” At the press conference following the December 19 decision, BOJ Governor Kazuo Ueda said it is difficult to pinpoint that level, which is the point where the policy rate is deemed neither stimulative nor restrictive. A study by the BOJ has indicated the neutral rate lies somewhere in a broad range between 1 percent and 2.5 percent. The summary suggested that some members echoed Ueda’s views on the neutral rate, noting the difficulty of identifying the level. One said the bank should interpret it with considerable latitude, while another said it should not aim for a specific level but instead remain flexible in See “BOJ,” A11

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Silver surges to record above $80 in historic year-end rally By Robin Paxton

ILVER smashed through $80 an ounce to an all-time high, extending a breakneck end-of-year rally powered by speculative trades and a persistent mismatch between supply and demand.

The white metal spiked as much as 6 percent on a roller-coaster ride that took it to $84 an ounce early on Monday, then sent it plunging below the previous close, before it recovered. A weaker dollar and rising geopolitical tensions have added to the appeal of precious metals during a bull run that has also taken gold and platinum to all-time peaks. Monday’s early momentum came after a comment by Elon Musk over the weekend that highlighted the growing investor frenzy around precious metals. Musk replied to a tweet on Chinese export restrictions by saying on X: “This is not good. Silver is needed in many industrial processes.” The Chinese measures are effectively a rollover of previous policies and were first announced by the Ministry of Commerce on October 30. Though China ranks among the top three global producers of silver— largely as a byproduct of industrial metals—it is also the world’s largest consumer, and therefore not a major exporter. “The speculative atmosphere is very strong,” said Wang Yanqing, an analyst with China Futures Ltd., adding that any discussion on moves by Beijing to tighten exports was groundless. “There’s hype around tight spot supply, and it’s a bit extreme now.” Silver’s acceleration—it’s gained more than 40 percent this month and is tracking for its best annual performance in records since 1951 — caps a yearlong rally for precious metals. The gains have been driven by elevated central-bank purchases, inflows to exchange-traded funds and three successive rate cuts by the US Federal Reserve. Lower borrowing costs are a tailwind for the commodities, which don’t pay interest, and traders are betting on more rate cuts in 2026. “Make no mistake: we are witnessing a generational bubble playing out in silver,” said Tony Sycamore, a market analyst at IG Australia. “With new mines taking up to 10 years to develop and capital being drawn into the precious metals bubble like a moth to a flame, it is impossible to say when the air might come out.” In the last week, frictions in Venezuela—where the US has blockaded oil tankers—and strikes by Washington on Islamic State in Nigeria have also added to the haven appeal of precious metals. The Bloomberg Dollar Spot Index, a key gauge of the US currency’s strength, fell 0.8 percent last week, its biggest weekly drop since June. A weaker dollar is generally supportive of

Mangun . . .

Philippines would look like if its favorite convictions were treated not as eternal truths, but as bad habits. Capital, after all, does not wait. And satire leaves no one entirely unscathed.

continued from A10

provocations, offered with a straight face and crossed fingers. They mock the idea that comfort is stability, that control is strength, and that waiting is prudence. Whether any of this happens is beside the point. The exercise is to imagine what the

BOJ . . .

continued from A10

its policy approach. As for the latest decision, one member said it was highly likely that the mechanism of rising wages and prices would be maintained, as the likelihood of realizing the economic outlook has increased. Another added that the impact of US tariffs can no longer be seen as an unprecedented

precious metals. Silver is outshining gold for several reasons. For one, the market is thinner and liquidity can evaporate quickly; while the London gold market is underpinned by around $700 billion of bullion that can be lent out in the event of a squeeze, no such reserve exists for silver. That historic supply squeeze happened in October, and vaults in London have drawn sizable inflows since. This has led to shortages elsewhere. In China, silver kept in warehouses linked to the Shanghai Futures Exchange last month hit the lowest level since 2015. Added to that, much of the world’s readily available silver remains in New York as traders await the outcome of a US Commerce Department probe into whether imports of critical minerals pose a national security risk. The review could pave the way for tariffs. Unlike gold, silver also has many useful real-world properties that make it a valuable component in a range of products like solar panels, AI data centers and electronics. With inventories near their lowest on record, there’s a risk of supply shortages that could impact multiple industries. “The dominant driver of late has been a severe structural supply-demand imbalance in silver, sparking a scramble for physical metal,” Sycamore said. “Buyers are now paying a remarkable 7 percent premium for immediate delivery compared to waiting a year.” Technical indicators show the rally in silver may have run too hard, too fast. The metal’s 14-day relative strength index showed a reading of more than 80, far above the 70 that is considered to be overbought. Spot silver was up 1.2 percent at $80.24 an ounce as of midday in Singapore, having hit a record of $84.01 earlier in the session. Gold edged down 0.4 percent to $4,515.20, below a record of $4,549.92 hit on Friday. Platinum and palladium both retreated—the latter by more than 6 percent—after hitting record highs in the previous session. With as-

Opinion BusinessMirror

Thursday, January 1, 2026 A11

South Korea’s climate pledge to cut coal, lower emissions clash with US push for LNG purchases By Anton L. Delgado & Kim Tong-Hyung | The Associated Press

EOUL, South Korea—South Korea is promising to shrink its reliance on coal power as part of its pledge to reduce carbon emissions that contribute to climate change, but that ambition is at odds with the Trump administration’s push for more US natural gas exports. At recent United Nations climate talks, South Korea’s new Ministry of Climate, Energy and Environment announced plans to retire most of the country’s coal-fired power plants by 2040 and to at least halve its carbon emissions by 2035. Experts say this shows that South Korea, a major coal importer with one of the world’s largest fleets of coal plants, wants to speed up its renewable energy transition, which lags behind its neighbors and global averages. But as part of trade deals with President Donald Trump, Seoul is raising imports of U.S. liquefied natural gas, or LNG. Climate activists contend such plans may conflict with the country’s pledges to help curb climate change and could lock South Korea into a fossil fueldependent future. Talks are underway for South Korea to invest $350 billion in US projects and purchase up to $100 billion worth of US energy products, including LNG, a natural gas cooled to liquid form for easy storage and travel. It burns cleaner than coal, but still causes planet-warming emissions, especially of methane. South Korea’s overall LNG imports may not increase if it offsets purchases of more US natural gas by reducing imports from other sources such as Australia and the Middle East. Still, it’s unclear how South Korea will “manage and consolidate all this somehow contradictory planning regarding its energy sector,” said Michelle Kim, an energy specialist for the US-based Institute for Energy Economics and Financial Analysis.

Power transition sparks climate goals

SOUTH Korea’s liberal President Lee Jae Myung, who won a snap election in June, campaigned for stronger

climate commitments. They had softened under his conservative predecessor Yoon Suk Yeol, who was ousted after a short-lived martial law declaration. “As the global temperature rises, we all need to responsibly take climate action and Korea will have a stronger sense of responsibility in tackling the climate crisis,” Kim Sung-hwan, the inaugural Minister of Climate, Energy and Environment, said in an interview with The Associated Press. South Korea’s goal to cut carbon emissions by 53 percent to 61 percent of its 2018 level, fell short of climate activists’ expectations. Business lobbies representing major manufacturers had proposed a 48 percent emissions reduction target. “This range presents an effort by the government to accommodate two very different ways of thinking about the economic and climate future of the nation,” said Joojin Kim of the Seoul-based advocacy group, Solutions for Our Climate.

South Korea faces climate dilemma over US deal

THE South Korean government made the ambitious commitment to increase its clean energy use even after Trump’s sweeping ‘America First’ tariffs spurred energy negotiations between Seoul and Washington. As part of its broader efforts to avoid higher tariffs, South Korea offered to import more LNG from the US, but the final trade deal has not been announced. The agreement still under negotiation could last between three to 10 years, according to industry analysis and US federal documents. Depending on the deal’s duration, South Korea may import between 3 million to 9 million tons of American LNG a year. LNG made up almost a fifth of

Talks are underway for South Korea to invest $350 billion in US projects and purchase up to $100 billion worth of US energy products, including LNG, a natural gas cooled to liquid form for easy storage and travel. It burns cleaner than coal, but still causes planet-warming emissions, especially of methane.

South Korea’s total energy supply last year, according to the International Energy Agency, or IEA. The government’s target was to cut that to 10.6 percent by 2038. South Korea risks its climate goals if the pending trade deal increases the total volume of imported LNG, which will likely lead to an oversupply issue and the excess burning of gas to justify the deal, said Insung Lee, with Greenpeace in Seoul. “If we just replace coal plants with LNG, that means the coal exit actually doesn’t lead to a green transition and merely shifts Korea’s addiction from coal to gas, which undermines the whole spirit of climate action,” Lee said.

South Korea’s energy mix

RENEWABLE energy generated 7 percent of South Korea’s domestic power in 2022, according to the IEA. South Korean government data show that had increased to 10.5% last year, still one of the lowest levels among leading economies. Japan, with an economy more than twice as big, generates 21 percent of its power from renewable sources. Spain, whose economy is about the same size as South Korea’s, gets 42 percent of its power from renewable sources. Clean energy provided about 30 percent of global electricity production in 2023. Nuclear power produces a major share of South Korea’s domestic energy, with government data showing that nuclear sources accounted for 31 percent of total electricity generation last year. “We will transition into a new energy system that focuses on renewables and nuclear, while phas-

China vows more efficient fiscal spending to support 2026 growth

HINA said it will expand government spending and improve how it deploys capital in 2026, aiming to balance supporting growth and containing debt risks.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stockmarket information and technical analysis provided by AAA Southeast Equities Inc.

Beijing plans to boost expenditure and strengthen the spending power of local authorities through more effective transfer payments, the Ministry of Finance said in a Sunday statement. The announcement, following a year-end policy meeting, suggests a focus on better coordination between fiscal and financial tools rather than more forceful stimulus measures. “More proactive fiscal policy will be reflected not only in the scale of funding, but more importantly in improving the efficiency and effectiveness of how funds are used,” Finance Minister Lan Fo’an was quoted by the official Xinhua News Agency as saying in a report. The move highlights the fine line Beijing is walking between buffering the economy against external head-

winds and preventing a domestic debt crisis from destabilizing the financial system. Lan vowed to accelerate efforts to resolve risks associated with local “hidden debt”—off-balance-sheet borrowing by investment vehicles on behalf of cities and provinces that they have struggled to repay. China has to step up fiscal support for the economy as a yearslong property downturn and trade tensions weigh on demand while the room for monetary easing is shrinking. Facing mounting debt risks, Beijing is seeking to raise the return on government investment and steer resources toward nationally prioritized areas. Part of the strategy is spending more on “new productive forces,” according to the official statement, a

policy shorthand for advanced manufacturing and tech innovation. The government also plans to streamline tax breaks and fiscal subsidies to curb wasteful competition between provinces and create a more unified domestic market. “The meeting emphasized better-targeted fiscal policy and effectiveness rather than sheer scale, focusing not on making spending much larger but on improving how effectively it is used,” said Ding Shuang, chief economist for Greater China and North Asia for Standard Chartered Plc. The focus on precision comes as China’s total government debt has soared in recent years to bolster growth amid subdued business and consumer sentiment. The government raised its planned broad fiscal deficit to nearly 10 percent of gross domestic product this year, although actual spending has consistently lagged behind targets. In the first 11 months of 2025,

risk, a factor that had caused the bank to pause its tightening moves earlier this year. The account also indicates that some board members are concerned about the yen’s slide, likely among the considerations ahead of the December 19 move. Still, the yen was mentioned specifically just once, while the effects of foreign exchange trends were cited four times during this month’s discussions, the summary showed.

When the bank previously raised the benchmark rate in January, the yen was mentioned seven times along with two references to foreign exchange developments, a summary of that meeting showed. A head of the meeting this month, the currency had fallen to its weakest level in about 10 months, approaching the 160 mark against the dollar, a level where currency intervention has taken place on past occasions. Even as

the US-Japan rate differential narrowed following moves by both the BOJ and the Federal Reserve, the yen remained weak, prompting Japanese authorities to step up verbal warnings against excessive market moves. The summary suggested that Prime Minister Sanae Takaichi’s government didn’t object to the BOJ’s latest rate hike, while striking a cautious note. “It is necessary to pay due attention to future de-

velopments in factors such as business fixed investment and corporate profit,” a Cabinet Office attendee at the meeting said. Takaichi, a known advocate of stimulative policy, became prime minister in October. Her ascent to that role raised doubts about Ueda’s leeway to keep normalizing policy, but the political costs of inflation and yen weakness are thought to have limited resistance to the move this month.

sistance from Winnie Zhu, Ruth Carson and Rob Verdonck/Bloomberg

ing out coal,” said Kim, the energy minister. He said South Korea will use LNG as a “complementary or emergency energy source” to make up for irregularities in renewable energy supplies. In early December, South Korea set another goal of boosting its offshore wind power capacity to 4 gigawatts, about 10 times the current level. South Korean companies that don’t cut back on carbon emissions may find that to be a competitive disadvantage, said Michelle Kim of the IEEFA. Many global industries, including shipping and aviation, face pressure to reduce their emissions by providing incentives for low emitters and creating deterrents for high ones, she said. “This is a lot of risk,” she said. “South Korea needs to speed up renewable energy deployment and come out from high dependency on the fossil fuel industry.”

Coal trade braces for South Korea cuts

AT last month’s climate talks, South Korea joined the Powering Past Coal Alliance, a group of businesses, organizations and governments promoting the green energy transition. That’s mainly a symbolic move, said Bruce Douglas, with the Global Renewables Alliance. “But it signifies very clear government intention to move away from fossil fuels and towards clean power.” South Korea imports virtually all its coal, largely from Australia, Indonesia and Russia, and the switch to renewables is bound to impact regional markets. The pledge to retire 40 of South Korea’s 61 coal sites by 2040 may be “an enforced transition” for coal exporters in the Asia-Pacific region, said James Bowen, with Climate Analytics. “It’s a reality that they’re going to have to face this downturn in the market.” “The writing’s on the wall,” Bowen said. “One of the biggest importers in the world, one of the biggest customers, is starting to move away from coal.”

the government spent just 34 trillion yuan ($4.8 trillion), less than 81 percent of its annual budget. Looking ahead to 2026, Ding expects the government to expand its actual spending, even if the formal budget increases only slightly. As trade tensions threaten to slow exports, a key pillar of China’s plan to bolster growth involves shifting support toward the Chinese consumer. The Ministry of Finance repeated calls to make domestic demand the “driving force” of growth, pledging to boost household incomes and maintain a national trade-in program for consumer goods. That initiative, which provides subsidies for energy-efficient appliances and EVs, was a rare bright spot for retail sales this year. By extending such programs, Beijing hopes to stabilize consumption, which has remained stubbornly weak as households grapple with falling property values and a cooling labor market.

Growth Strategy Minister Minoru Kiuchi was among the three Cabinet Office representatives attending the meeting. He was an original member of a ruling-party group that advocated pro-stimulus policies. Markets had largely priced in the move earlier this month after Ueda signaled in the run-up to the decision that conditions for dialing back the degree of monetary easing were falling into place. Bloomberg

Bloomberg

A12 Thursday, January 1, 2026

2nd Front Page BusinessMirror

PALAWAN CARNIVOROUS PITCHER PLANT FACES EXTINCTION RISK

PREVIOUSLY unknown species of carnivorous pitcher plant found only in Palawan has been flagged as critically endangered, after scientists documented an extremely small and fragile population confined to a narrow area of the island. The plant, named Nepenthes megastoma, was identified by a research team led by Filipino scientists and an Australian expert following years of fieldwork in the rugged limestone terrain of the Puerto Princesa Subterranean River National Park. The species exists in just three locations, with fewer than 50 mature plants recorded, they said. “It’s amazing that these plants have evolved to survive in such difficult and inaccessible conditions,” said study coauthor John Charles Altomonte. “And yet, despite their hardiness, their existence is threatened by human activity—directly by way of encroachment and poaching, and indirectly through the effects of anthropogenic climate change,” he added. Based on the findings, the species meets the International Union for Conservation of Nature’s criteria for Critically Endangered status, a classification reserved for organisms facing

an exceptionally high risk of extinction in the wild. Despite its location within a protected area, researchers said the plant remains highly vulnerable to both natural and humandriven threats. Its limited population makes it especially susceptible to extreme weather events such as typhoons and prolonged droughts, which have become more frequent in recent years. The study estimates that only around 19 mature clumps and about a dozen non-flowering plants remain. With such a small population, even minor disturbances could have lasting impacts, the researchers said. Further, illegal collection has already emerged as a concern. According to the study, specimens of the plant have appeared in trade in Metro Manila. The species was first observed in 2013 but was initially mistaken for a related pitcher plant found in Borneo. Only after additional field studies, supported by drone imaging and long-range photography, did researchers determine that the plant was a distinct species unique to the Philippines. N. megastoma is adapted to life on steep cliff faces, where soil is scarce and conditions are See “Palawan,” A2

www.businessmirror.com.ph

PHL net external liabilities widened by 7.1% to ₧3.7T

By Reine Juvierre S. Alberto @reine_alberto

HE Philippines’s net external liabilities widened to P3.7 trillion in the second quarter of the year, as external financing by non-financial corporations increased, as well as government loans from foreign lenders, according to the Bangko Sentral ng Pilipinas (BSP). Preliminary Balance Sheet Approach (BSA) data showed that the country’s net external liabilities rose by 7.1 percent to P3.7 trillion in the second quarter from P3.5 trillion in the previous quarter. Compared to the same period a year ago, the domestic economy’s net external liabilities increased by 43.6 percent from P2.6 trillion. The central bank said this was driven by the rise in non-financial corporations’ external fi-

nancing in the form of equity and investment fund shares, as well as growth in loans owed by the general government to the rest of the world. The “rest of the world” includes nonresidents, defined as entities whose main economic activities and interests are based outside the Philippines, typically staying in the country for less than one year, the BSP noted. Broken down, non-financial corporations’ net debtor position

rose by 1.8 percent quarter-onquarter to P11.9 trillion from P11.7 trillion due to higher equity security liabilities to nonresidents and other financial corporations. Loans remained the sector’s primary funding instrument, followed by equity securities, with nonresidents and other depository corporations accounting for nearly three-fourths of total outstanding liabilities. The general government’s net debtor position also expanded by 1.3 percent quarter-on-quarter to P10.5 trillion in the second quarter. This was due to growth in government securities held by depository corporations, nonresidents and other financial corporations, as well as higher loans owed to foreign lenders. Government securities continued to be the main funding instrument, with 70.1 percent of obligations denominated in domestic currency, providing partial insulation from exchangerate fluctuations, the BSP noted. Meanwhile, households remained net creditors, with their

net financial assets rising 0.3 percent to P15.3 trillion from P15.25 trillion in the previous quarter. The central bank’s net financial asset position also grew by 2.1 percent quarter-on-quarter to P1.50 trillion in the second quarter from P1.47 trillion, caused by other depository corporations’ lower reverse repurchase placements with the central bank and reduced holdings of BSP-issued debt securities. The BSA is a presentation of the country’s financial balance sheets on a from whom-to-whom basis, using the aggregate balance sheet data of each sector of the economy as of the periods indicated. It is a financial stability surveillance tool developed by the International Monetary Fund to help countries better monitor the potential vulnerabilities of economic sectors and their interconnections. According to the BSP, the BSA is useful in identifying the possible emergence of a financial crisis, specifically those arising from asset-liability mismatches and increasing balance sheet interlinkages.

Taiwan cross-border recruitment center to open in PHL in Q1 By Malou Talosig-Bartolome

UNRESOLVED AND UNBUDGETED Members of Bagong Alyansang Makabayan protest in front of the House of Representatives gate in Quezon City on Monday, December 29, 2025, as 2025 ends and lawmakers move to ratify the proposed 2026 national budget. The group criticized the spending plan for retaining allocations for lawmakers, unprogrammed appropriations, confidential funds, and large-scale infrastructure projects, citing unresolved corruption scandals involving government agencies and officials, including alleged irregularities in flood control projects. NONOY LACZA

BARMM raises household help wage to ₧5,500 By Manuel T. Cayon

AVAO CITY—The Bangsamoro Tripartite Wage and Productivity Board (BTWPB) has raised the monthly wage of household helps by P500, raising the minimum wage of domestic labor to P5,500. The Ministry of Labor and Employment (MOLE) approved on December 17 the P500 monthly wage increase for kasambahay or domestic workers in BARMM through Minimum Wage Order No. BARMM-DW-02.

The Wage Order covered all domestic workers residing or working in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), including individuals engaged in household-related services such as general household help, cooking, cleaning, laundry, babysitting or caregiving, gardening, and other similar tasks. “The Ministry makes sure that fair compensation must go hand in hand with safe and humane working conditions including regular rest days, nutritious food, decent sleeping

quarters, and protection of the rights and welfare of domestic workers,” said MOLE Minister Muslimin Sema, who also chaired the BTWPB. “Employers must fully comply with this wage adjustment and to uphold respect and dignity for kasambahay in every household,” he said. MOLE said the wage adjustment was based on inputs from management and labor sectors during public consultations, supported by data from the Philippine Statistics Authority (PSA),

Bangsamoro Planning and Development Authority (BPDA), and the Ministry of Trade, Investments and Tourism (MTIT). Currently, the minimum monthly wage for domestic workers is P5,000, which will increase to P5,500 under the new Wage Order. Excluded from the Wage Order are family drivers, children under foster family arrangements, service providers, and any person performing work occasionally and not on an occupational basis.

AIWAN is preparing to open its first recruitment center in the Philippines in early 2026, a move officials say will allow employers to hire overseas workers directly without brokers and help ease severe manpower shortages. The Ministry of Labor (MOL) announced Friday that the cross-border recruitment center is scheduled to begin operations in the first quarter of 2026, initially serving industries with pressing labor needs, including hospitality and commercial port businesses. Labor Minister Hung Sun-han said the MOL has already set up a special task force to begin accepting applications from local employers starting January 1, 2026. “Although the center has yet to open, employers can start submitting applications on New Year’s Day,” Hung said, as quoted by Taiwan’s media. He added that the ministry will hold meetings with industry representatives beforehand to explain the new policy. Hung cautioned that while applications will be accepted in January, foreign workers may not arrive immediately. “It is unlikely that newly hired workers will be in Taiwan by the end of the first quarter, as the hiring process requires certain administrative procedures,” he explained. Lydia Huang, director general of the MOL’s Workforce Development Agency, emphasized that the new system will reduce costs for migrant workers. “The center will allow Taiwan’s government to deal directly with foreign authorities, eliminating the need for brokers and easing the burden of high brokerage fees,” Focus Taiwan quoted Huang as saying. Huang noted that expenses such as airfare, health checkups, and visas will, in prin-

ciple, be covered by Taiwanese employers rather than the workers themselves. Studies have shown that migrant workers in Taiwan often pay brokerage fees ranging from several thousand to over US$7,000, leaving many in debt before they even begin work. Labor rights groups warn that such costs can lead to debt bondage, a condition the International Labor Organization identifies as a form of forced labor. By bypassing brokers, officials say the new recruitment centers will help prevent these abuses. The MOL also revealed plans to establish additional recruitment centers in other key labor-supplying countries, including Indonesia and Thailand. Currently, about 173,200 Filipinos live and work in Taiwan— around 140,000 in factories while the rest are caregivers—accounting for roughly one-fifth of the country’s foreign workforce. Taiwan’s labor outlook underscores the urgency of these measures. Fitch Ratings projects Taiwan’s economic growth will slow to 2.7 percent in 2026, citing weaker global demand and demographic pressures. Meanwhile, the Taiwan Institute of Economic Research has warned that industries such as construction are already short tens of thousands of workers, leading to delays in major infrastructure projects. Officials say the recruitment centers are part of a broader strategy to stabilize the workforce amid a low birth rate, aging population, and shortages of skilled labor. Under a Cabinet labor policy announced in October, employers seeking to hire migrant workers beyond their allocated quota must raise the monthly salary of a local employee by NT$2,000 (US$63.69). The number of such hires must remain under 10 percent of a company’s workforce.

Companies BusinessMirror

Editor: Jennifer A. Ng

Thursday, January 1, 2026

Singapore firm registers ₧180M Batangas manufacturing project

By Bless Aubrey Ogerio

@blessogerio

SINGAPORE-based advanced manufacturing company has registered a P180-million manufacturing project in Batangas, a move expected to generate more than 60 direct jobs once operations begin.

MNEX Pte. Ltd. formally signed its registration agreement with the Philippine Economic Zone Authority (PEZA) on December 11. The PEZA allowed the company to locate at the Light Industry and Science Park III Special Economic Zone in Santo Tomas, Batangas. Under the registration, MNEX will manufacture molded parts used across a range of industries, including consumer electronics, medical devices and industrial applications. The facility will serve both domes-

tic requirements within economic zones and export-oriented production, in line with PEZA regulations. PEZA Director General Tereso O. Panga and MNEX CEO Goh Su Min signed the agreement. Per MNEX, the Philippine site will support its broader regional operations, complementing existing facilities in China and Malaysia. MNEX is part of a Singaporeheadquartered group with more than three decades of experience in precision engineering and advanced manufacturing.

Foreign capital returning to SEA

OREIGN capital is coming back to Southeast Asia’s stock markets this month, positioning the cohort as one of the must-watch pockets of global finance for 2026. Drawn by cheap valuations and the need to diversify portfolios, foreign funds have poured $337 million into Southeast Asia’s emerging markets in December—poised to be the most since September 2024. Markets in Indonesia and Thailand have led the way in luring investors back after they sold regional equities in 10 of the previous 11 months. Overall, outflows for 2025 still stand at about $15 billion. A dearth of stocks linked to the booming artificial intelligence sector has been one key reason for the MSCI Asean Index to trail a broader Asia Pacific gauge by about 13 percentage points in

2025, the most in five years. Besides affordable valuation, the bloc is attracting money managers keen to find alternatives to their high exposure to tech stocks given the worries around an AI bubble. “Asean should benefit from the overall need for investors to broaden their exposure out of the US, and out of very crowded parts like AI,” said Christopher Wong, portfolio strategist at Fidelity International. Asean markets have “very different growth engines behind them,” he said. Some Asean markets like Vietnam are also seen gaining from global supply-chain shifts away from China and the Federal Reserve’s expected interest-rate cuts. The country’s stocks will also benefit from an upgrade to secondary emerging-market status by FTSE Russell, announced in October.

Earnings prospects for markets like Indonesia, Vietnam and the Philippines are improving, thanks to major fiscal spending plans by governments to bolster infrastructure and boost household demand, as well as a favorable monetary policy backdrop in some nations. Benchmark equity indexes in Indonesia, Thailand, Malaysia and Vietnam are trading at valuation multiples that range between 12 times and 15 times their one-year forward earnings estimates, while the Philippines’ gauge is trading at a multiple below 10. In comparison, the S&P 500 Index is valued at over 22 times. There are risks though. Two of the region’s largest economies face economic challenges from political turmoil at home. Thailand’s Prime Minister Anutin Charnvirakul dis-

solved parliament earlier this month and set elections for Feb. 8. In Indonesia, investors are wary about President Prabowo Subianto’s populist policies. At the same time, should the AI theme continue to win favor among investors, Asean markets will struggle to shake their underperformance. Analysts at JPMorgan Chase & Co. said last month that “undemanding valuations are making Asean incrementally more attractive for value investors, especially if earnings growth rebounds.” That has proved prescient given the December flows. If foreign positioning reverts to the median level of the last three years, Southeast Asian markets as a whole may see a potential inflow of $20 billion, analysts including Khoi Vu wrote in a note dated November 28. Bloomberg

Wall Street analysts see stock rally A

T the big banks and the boutique investment shops, an optimistic consensus has taken hold: the US stock market will rally in 2026 for a fourth straight year, marking the longest winning streak in nearly two decades. There’s plenty of angst about the risks to the bull run that’s pushed the S&P 500 Index up some 90 percent since its October 2022 low. The artificial-intelligence boom could turn to bust. The economy—and the Federal Reserve’s interest-rate decisions—could defy expectations. And President Donald Trump’s second year could bring even more unanticipated shocks than his first. But after three years when the equity market’s rip-roaring run made a mockery of any bearish calls, sell-side strategists are marching in lockstep optimism, with the average year-end S&P 500 forecast implying another 9 percent gain next year. Not a single one of the 21 prognosticators surveyed by Bloomberg News is predicting a decline. “The pessimists have just been wrong for so long that people are kind of tired of that schtick,” said veteran market strategist and longtime bull Ed Yardeni. He expects the S&P to finish next year at 7,700—up 11 percent from Friday’s close—yet even he finds the lack of dissent a little concerning. “That’s where my counter instincts come out: Things have been going my way for so long that it is kind of worrying that everyone else seems to have become optimistic,” he said. “Pessimism is on the out right now.” The sentiment was reinforced by the market’s volatile year, when early 2025 selloffs unleashed by DeepSeek’s potential challenge to US AI companies and Trump’s chaotic trade war threatened forecast-

THE New York Stock Exchange (NYSE) in New York. PHOTOGRAPHER: MICHAEL NAGLE/BLOOMBERG

ers’ optimistic targets. As the S&P 500 slid toward a bear market by tumbling almost 20 percent from mid-February through early April, strategists slashed their forecasts at the fastest pace since the Covid crash—only to wind up bumping them back up as stocks staged one of the swiftest comebacks since the 1950s. That extended what has been a vexing period for market soothsayers since the pandemic as the economy has been surprisingly resilient, even after Trump’s tariffs took aim at the globalization that has powered it for decades. The massive investment in AI—which has been poured into data-center construction and highpowered computer chips—has continued to push up the five tech giants that were responsible for nearly half of the S&P 500’s advance this year. “It’s tricky because I think there’s been a great amount of uncertainty in the last five years, and particularly this year,” said Michael Kantrowitz, chief investment strategist at Piper Sandler & Co., who dropped the practice of publishing year-end S&P 500 targets. “When there’s a lot of uncer-

tainty, investors are very myopic and reactive to different data points and it doesn’t take much to change the opinion and consensus.” If the Wall Street forecasters are correct in 2026, however, stocks are heading for their longest stretch of annual gains since the lead-up to the Global Financial Crisis. The highest targets among the cohort, if they materialize, would also mark the first time the S&P has seen four years of double-digit returns since the dotcom bubble of the 1990s. Christopher Harvey, longtime strategist who moved this year to CIBC Capital Markets from Wells Fargo Securities, was one of few prognosticators who stuck to his guns through this year’s volatility—anticipating that the S&P 500 would end the year at 7,007—and got it right. The index closed at about 6,930 on Friday, just 1 percent short of his estimate. Harvey expects the benchmark to end 2026 at 7,450, implying an approximately 8 percent gain. But he said “people are sleeping on a lot of macro risks.” Among them: The possibility that

the Fed will hold interest rates steady for longer than traders are currently expecting; a push by the US to raise tariffs on Canada or Mexico; or corporate executives who may try to manage earnings expectations down after what has been a solid run. “That could begin to upset the applecart,” he said. Like virtually everyone else, the analysts at JPMorgan Chase & Co. were surprised by the turmoil that swept through stocks early this year. By April, when Trump’s trade war rocked markets, they abandoned the positive outlook they had heading into 2025. They became the most bearish among the strategists tracked by Bloomberg, predicting the S&P would end 2025 down 12 percent. In June, the bank ditched its pessimistic view to predict small gains. But even that forecast proved too conservative, with the S&P ultimately rallying nearly 18 percent this year. For 2026, JPMorgan has given up on its cautious stance, anticipating the S&P will rise to 7,500 on the back of solid corporate earnings and lower interest rates. Mislav Matejka, JPMorgan’s head of global and European equity strategy, said the optimism is also underpinned by resilient growth, cooling inflation and wagers that the surge in AI stocks reflects a potential economic transformation—not a bubble that will burst. “If the economy is weaker than we project, the equity market may not necessarily take it negatively,” he said. “It’ll rely on the Fed to do the heavy lifting.” While there are no doomsday predictions for US equities next year, Bank of America Corp.’s Savita Subramanian is among the few advocating some caution. Bloomberg

Asian mining stocks jump in yr-end rally

HARES of Asian mining companies surged after silver prices spiked to an all-time high on Monday. Australian mining companies gained the most, with Sun Silver Ltd. up as much as 24 percent and Silver Mines Ltd. up as much as 26 percent. Japanese silver producer Toho Zinc Co. gained as much as 16 percent in Tokyo and China-based Hunan Silver Co. rose by the 10 percent daily limit in Shenzhen. “Silver is a key component needed for data centers and AI, and the market is waking up to that demand,” said Kazuhiro Sasaki, head of research at Phillip Securities Japan Ltd. Many investors are shifting funds from chips and other AI-related stocks to metals like silver, which look more undervalued, he said. Silver hit a record of $84 an ounce on Monday and was volatile, subsequently falling as much as 5.1 percent below the previous session’s close before rising once more. The precious metal is headed for its sixth day of gains on a weaker dollar and escalating geopolitical tensions, as well as speculative trading and a structural imbalance between supply and demand. “Silver could quite feasibly be trad-

ing in the $90-$100 range next year whilst supply shortfalls remain an overarching theme for the precious metals market,” said Tim Waterer, chief market analyst at KCM Trade. “The supply-demand market dynamics remain in favor of silver, which is illustrated by the rampant rise of the precious metal.” Shares of mining companies from China to Australia have been surging as prices of precious metals, including gold and platinum, hit records. Australian precious metals maker Genesis Minerals Ltd. has risen 199 percent this year, while Chinese gold miner Zijin Mining Group Co. has risen 152 percent in Hong Kong. Indonesia’s Aneka Tambang Tbk., which mines gold and silver, has seen a 122 percent advance this year. Other metal makers rose today as well. Chinese aluminum and copper miners extended a rally after the nation’s state economic planner encouraged mergers and acquisitions in these sectors, a move that Morgan Stanley analysts said could benefit industry leaders. Shares of Jiangxi Copper Co. shares rose as much as 13 percent in Hong Kong to a record, while those of CMOC Group Ltd. also jumped by as much as 6 percent to a record. Bloomberg

SoftBank nears deal for DigitalBridge SOFTBANK Group Corp. is in advanced talks to acquire DigitalBridge Group Inc., a private equity firm that invests in assets such as data centers, according to people with knowledge of the matter. The Japanese conglomerate could announce an agreement as soon as Monday for New York-listed DigitalBridge, the people said, asking not to be identified because the information is private. Terms of the transaction, part of SoftBank’s campaign to take advantage of an AI-driven boom in digital infrastructure, couldn’t be learned. Shares in DigitalBridge rose as much as 54 percent in premarket New York trading last Monday. They were already up 23 percent this year through Friday, giving the company a market value of about $2.5 billion and an enterprise value of $3.8 billion including debt at the last close, according to data compiled by Bloomberg. A final agreement hasn’t been reached and details, including the timing, could still change, the people said. Representatives for SoftBank and DigitalBridge declined to comment. SoftBank’s billionaire founder Masayoshi Son is trying to capitalize on soaring demand for the computing capacity that underpins artificial intelligence applications. DigitalBridge, led by Chief Executive Officer Marc Ganzi, had about $108 billion of assets under management at the end of September, according to its website. Its portfolio includes digital infrastructure operators such as AIMS, AtlasEdge, Data-

Bank, Switch, Vantage Data Centers and Yondr Group. SoftBank has previously done deals in the asset management space. In 2017, it acquired Fortress Investment Group for more than $3 billion. It eventually sold its stake to a group including Abu Dhabi sovereign wealth fund Mubadala Investment Co. and Fortress management in a deal completed in 2024. In January, SoftBank announced a $500 billion project called Stargate, alongside OpenAI, Oracle Corp. and Abu Dhabi’s MGX, to build data centers in the US. While SoftBank’s Son pledged to deploy $100 billion “immediately,” the rollout of Stargate has been slower than planned, in part because of disagreements over where the data centers should be located. SoftBank initially sought project financing from outside investors including insurance companies, pension funds and investment funds, but some of the conversations slowed due to market volatility, uncertainty around US trade policy and questions about the financial valuations of AI hardware, Bloomberg News reported in May. OpenAI, Oracle and SoftBank announced plans in September for five new sites across Texas, New Mexico and Ohio that will eventually have a capacity of 7 gigawatts of power, or as much as some cities. The push by SoftBank has required shifting some funds around to free up capital. Son this month said he “was crying” over his need to sell a $5.8 billion Nvidia Corp. stake to reallocate the money to other AI spending. Bloomberg

Aspen surges most on Asian asset sale

SPEN Pharmacare Holdings Ltd. rallied the most in a quarter-century after Africa’s biggest drugmaker said it will sell its assets in the Asia-Pacific region excluding China to an Australian private equity firm for 26.5 billion rand ($1.6 billion). The sale of the assets in Australia, Hong Kong, Malaysia, Taiwan and the Philippines to BGH Capital (Pty) Ltd. represents an enterprise value that’s about 11 times normalized earnings before interest, tax, depreciation and amortization reported in 2025, the Durban, South

Africa-based company said in a statement Monday. The stock surged 21 percent, the most since January 2000, paring the drop this year to 31 percent. That compares with a 40 percent gain in the benchmark FTSE/JSE Africa All Share index. BGH’s offer was unsolicited, and the board saw this as an opportunity to realize “compelling value” for Aspen APAC, with the net proceeds going toward reducing debt, it said. The drugmaker sees the transaction closing in the second quarter of next year. Bloomberg

Companies BusinessMirror

Thursday, January 1, 2026

PSE STOCK QUOTATIONS

December 29, 2025

Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS

ASIA UNITED BDO UNIBANK BANK COMMERCE BANK PH ISLANDS CHINABANK CITYSTATE BANK EAST WEST BANK METROBANK PB BANK PBCOM PHIL NATL BANK PSBANK PHILTRUST RCBC SECURITY BANK UNION BANK BRIGHT KINDLE COL FINANCIAL DOMINION HLDG FIRST ABACUS FERRONOUX HLDG MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

39.1 134.5 9.15 116.1 57 15.36 11.5 68.45 7.75 16.68 54.35 54 118 25.5 65.6 26.6 0.6 1.37 1.39 0.6 4.9 0.092 1,880 0.75 205.4 3,400 0.9

39.2 134.6 9.2 118.7 57.15 16.58 11.6 68.5 7.83 16.8 54.4 57.25 120 25.95 65.65 26.85 0.65 1.42 1.44 0.66 5 0.098 2,000 0.77 208 3,440 0.94

39.25 135.3 9.15 119.6 57.2 17.06 11.52 68 7.83 16.7 53 53.95 100.1 26 64.65 27 0.65 1.42 1.38 0.66 4.45 0.1 1,880 0.76 205 3,360 0.92

39.35 136.2 9.28 119.8 57.3 17.06 11.6 68.6 7.85 16.7 54.6 57.6 120 26 66.7 27 0.65 1.42 1.39 0.66 5.1 0.1 1,880 0.78 207 3,440 0.96

39.2 134.5 9.05 116.1 56.85 17.06 11.5 68 7.7 16.7 53 53.95 100.1 25.95 64.65 26.6 0.55 1.4 1.38 0.66 4.45 0.09 1,880 0.74 205 3,360 0.89

39.2 134.6 9.2 116.1 57 17.06 11.6 68.5 7.7 16.7 54.4 54 120 25.95 65.65 26.6 0.65 1.42 1.39 0.66 5 0.09 1,880 0.77 205.4 3,440 0.89

18,400 2,949,770 69,900 798,920 334,420 100 71,800 1,399,780 54,500 4,000 519,990 2,130 1,640 1,900 216,380 12,900 266,000 6,000 25,000 5,000 42,000 560,000 10 2,049,000 24,900 315 316,000

721,775 398,810,447 642,551 93,703,918 19,063,438 1,706 830,290 95,779,469 420,498 66,800 28,068,246 117,251.50 196,252 49,365 14,265,260 345,365 158,170 8,500 34,610 3,300 210,400 50,870 18,800 1,561,290 5,110,308 1,073,800 291,870

-19,650 31,910,563 -64,280 -30,527,847 538,209.50 2,300 19,850,481.50 6,508,504.50 -7,934,862.50 -147,520 -400 8,500 -2,000 18,800 2,423,846 1,056,600 80,710

INDUSTRIAL ACEN CORP 2.72 2.75 2.75 2.81 2.72 2.72 10,618,000 29,253,240 -1,528,000 ALSONS CONS 0.46 0.47 0.47 0.47 0.47 0.47 510,000 239,700 ALTERNERGY HLDG 0.82 0.84 0.84 0.85 0.79 0.84 1,138,000 927,370 147,300 ABOITIZ POWER 43 44 43.1 44 42.8 44 704,900 30,769,435 581,350 RASLAG 0.79 0.82 0.81 0.83 0.8 0.82 237,000 190,730 -25,730 BASIC ENERGY 0.114 0.117 0.116 0.117 0.114 0.117 750,000 86,840 CITICORE RE 4.12 4.28 4.25 4.28 4.2 4.28 76,000 321,810 -33,920 FIRST GEN 17.5 17.74 17.3 17.86 17.24 17.74 94,200 1,637,862 -18,964 FIRST PHIL HLDG 75 77 74.5 77 74 77 122,650 9,243,473.50 6,409,107 JOLLIVILLE HLDG 3.08 3.98 4.02 4.02 3.08 3.08 257,000 795,140 12,330 MERALCO 574 576 576 582 570 574 231,820 133,041,300 -51,085,850 MANILA WATER 40.25 40.3 39.8 40.45 39.8 40.3 1,150,300 46,365,475 15,021,185 MAYNILAD 16.72 16.9 16.7 16.9 16.5 16.9 4,761,500 79,923,400 35,063,562 PETRON 2.48 2.49 2.5 2.5 2.48 2.48 214,000 531,800 PETROENERGY 3.21 3.5 3.32 3.5 3.28 3.5 26,000 87,900 -10,010 REPOWER ENERGY 6.35 6.36 6.35 6.35 6.35 6.35 5,500 34,925 SEMIRARA MINING 28.1 28.25 28 28.25 27.7 28.25 682,200 19,109,620 9,185 SYNERGY GRID 16.54 16.56 16.56 16.78 16.52 16.56 1,281,300 21,288,932 -3,749,248 SHELL PILIPINAS 6.92 6.93 6.32 6.93 6.16 6.93 2,323,400 15,545,717 -358,244 SPC POWER 9.73 9.75 9.45 9.89 9.42 9.74 1,082,600 10,253,074 118,270 SP NEW ENERGY 1.16 1.17 1.15 1.18 1.15 1.17 11,967,000 13,962,960 48,390.00 TOP LINE 1.59 1.6 1.6 1.64 1.58 1.6 3,013,000 4,850,870 -705,010 VIVANT 18.3 21.95 19.44 19.44 19.44 19.44 100 1,944 AGRINURTURE 0.53 0.54 0.53 0.54 0.51 0.54 7,134,000 3,782,010 AXELUM 2.26 2.36 2.35 2.37 2.26 2.36 204,000 470,510 CENTURY FOOD 38.85 39 38.9 39.6 38.6 39 931,300 36,479,600 712,005 DEL MONTE 4.58 4.94 4.7 4.7 4.7 4.7 11,000 51,700 DNL INDUS 3.85 3.86 3.74 3.89 3.74 3.85 7,754,000 29,816,870 1,927,350 EMPERADOR 15.98 16.02 15.88 16.1 15.74 16 2,763,400 44,185,698 -503,338 SMC FOODANDBEV 54.05 55 55.4 55.45 53.1 55 125,020 6,841,854.50 -4,016,062.50 FIGARO GROUP 0.58 0.59 0.57 0.59 0.57 0.58 2,162,000 1,252,360 -953,460.00 FRUITAS HLDG 0.63 0.64 0.63 0.64 0.62 0.64 111,000 69,520 GINEBRA 291.2 295 290 295 290 295 5,270 1,544,262 210,636 JOLLIBEE 179 180 179.9 182 177.9 180 650,260 116,783,299 5,507,457 KEEPERS HLDG 2.39 2.48 2.4 2.48 2.38 2.48 3,715,000 9,025,120 -3,468,500 LIBERTY FLOUR 33.5 33.8 33.8 33.85 33.3 33.8 6,300 212,905 MACAY HLDG 6.6 6.99 6.6 6.99 6.6 6.99 200 1,359 MAXS GROUP 2.34 2.45 2.49 2.49 2.35 2.45 73,000 172,800 -18,900 MG HLDG 0.058 0.06 0.061 0.061 0.06 0.06 620,000 37,220 MONDE NISSIN 5.79 5.8 5.88 6 5.8 5.8 4,868,000 28,548,202 -56,514 SHAKEYS PIZZA 6.65 6.8 6.85 6.85 6.63 6.8 27,000 182,861 ROXAS AND CO 2.68 2.76 2.81 2.81 2.67 2.68 53,000 145,470 -90 RFM CORP 4.74 4.75 4.8 4.85 4.75 4.75 373,000 1,793,340 -960,520 SWIFT FOODS 0.047 0.048 0.051 0.053 0.046 0.047 2,510,000 118,270 9,220 UNIV ROBINA 67.2 67.3 66.5 67.5 66.5 67.3 559,660 37,640,771.50 -11,753,874.50 VITARICH 0.53 0.54 0.54 0.55 0.53 0.53 618,000 331,760 CONCRETE B 38 52.9 52.05 52.9 52.05 52.9 30 1,578.50 CONCREAT HLDG 1.05 1.09 1.05 1.1 1.05 1.09 14,000 15,070 EEI CORP 2.65 2.84 2.65 2.84 2.65 2.84 24,000 65,960 MEGAWIDE 2.92 2.99 2.96 2.99 2.92 2.99 150,000 440,850 -38,740 PHINMA 16.02 16.6 15.64 16.7 15.64 16.7 46,600 758,058 -4,800 SUPERCITY 9.1 9.1 9.1 9.1 9.1 3,600 32,760 TKC METALS 0.35 0.44 0.45 0.45 0.4 0.44 570,000 248,350 145,800 CROWN ASIA 1.67 1.68 1.65 1.68 1.64 1.68 47,000 77,740 8,250 EUROMED 1 1.07 1.05 1.05 0.98 1 8,000 8,210 -4,150 MABUHAY VINYL 4.96 5.19 5.15 5.19 5.15 5.19 3,000 15,534 PRYCE CORP 13.1 13.24 13.1 13.2 13.1 13.2 44,900 589,436 CONCEPCION 13.6 13.7 13.7 13.7 13.6 13.6 28,000 383,270 GREENERGY 0.175 0.18 0.17 0.18 0.17 0.18 5,720,000 1,020,160 -1,780 INTEGRATED MICR 3.46 3.47 3.65 3.65 3.42 3.47 302,000 1,076,220 304,090 IONICS 1.01 1.02 1.02 1.05 1.01 1.02 554,000 566,470 51,000 PANASONIC 10.6 10.8 10.6 10.9 10.6 10.8 81,700 887,210 CIRTEK HLDG 0.63 0.64 0.63 0.64 0.63 0.63 220,000 138,880 STENIEL 2.12 2.16 2.18 2.18 2.18 2.18 28,000 61,040

HOLDING & FRIMS

ABACORE CAPITAL 0.26 0.265 0.28 0.29 0.26 0.26 49,490,000 13,099,350 -9,440,200 ASIABEST GROUP 18.6 18.78 18.9 19.96 18.78 18.78 183,300 3,497,186 AYALA CORP 467 468 456 468 456 468 144,780 67,401,898 8,827,846 ABOITIZ EQUITY 28 28.05 27.5 28.1 27.5 28 889,500 24,827,285 4,116,660 ALLIANCE GLOBAL 8.17 8.19 7.72 9 7.72 8.19 20,958,600 173,907,952 -47,731,413 ANSCOR 13.56 14.3 13.6 14.4 13.36 14.4 69,500 957,676 248,400 ANGLO PHIL HLDG 0.7 0.72 0.7 0.72 0.68 0.7 1,506,000 1,068,540 COSCO CAPITAL 6.99 7 7 7.04 6.99 6.99 390,200 2,730,205 657,102 DMCI HLDG 10.54 10.56 10.38 10.54 10.36 10.54 3,084,200 32,303,522 1,328,992 FILINVEST DEV 4.48 4.55 4.55 4.6 4.5 4.55 60,000 272,780 FJ PRINCE A 2.6 2.64 2.21 2.6 2.21 2.6 4,000 10,010 GT CAPITAL 593 595 583 603 583 595 702,530 419,015,370 93,684,995 JG SUMMIT 23.65 23.7 23.4 23.7 23.4 23.65 2,528,100 59,765,485 16,791,205 LODESTAR 0.35 0.37 0.35 0.35 0.35 0.35 30,000 10,500 LOPEZ HLDG 3.72 3.73 3.71 3.72 3.71 3.72 164,000 609,760 -490,880 LT GROUP 14.74 14.78 14.5 14.8 14.48 14.78 1,834,000 26,817,278 10,610,810 PRIME MEDIA 1.2 1.3 1.11 1.3 1.11 1.3 106,000 131,430 SOLID GROUP 1.23 1.28 1.21 1.27 1.21 1.27 286,000 362,310 14,760 SM INVESTMENTS 699 699.5 700 702.5 695 699.5 308,690 215,920,505 -103,168,950 SAN MIGUEL CORP 81.05 82 81.95 82.25 80.6 82 410,490 33,619,185.50 -23,540,028.50 SEAFRONT RES 1.91 2.33 2.02 2.36 2.02 2.36 18,000 37,190 -2,020 TOP FRONTIER 55.7 61 61 61 60 61 2,050 125,010 -1,220 WELLEX INDUS 0.26 0.3 0.26 0.26 0.26 0.26 50,000 13,000 ZEUS HLDG 0.067 0.074 0.069 0.069 0.067 0.067 170,000 11,520 PROPERTY ARTHALAND CORP 0.415 0.425 0.415 0.42 0.415 0.42 90,000 37,700 -4,200 AYALA LAND 22.4 22.45 22.4 22.65 22.1 22.45 8,538,900 191,781,045 -14,313,860 AYALA LAND LOG 1.3 1.31 1.31 1.32 1.29 1.3 4,146,000 5,389,590 ALTUS PROP 8.4 8.5 8.4 8.4 8.4 8.4 100 840 ARANETA PROP 0.41 0.42 0.415 0.415 0.4 0.4 9,350,000 3,832,400 -4,100 AREIT RT 43.5 43.75 44 44 43.25 43.5 866,800 37,684,990 -15,764,235 A BROWN 0.92 0.93 0.93 0.93 0.92 0.93 146,000 135,580 CITYLAND DEVT 0.58 0.6 0.6 0.61 0.59 0.59 78,000 46,500 CROWN EQUITIES 0.072 0.073 0.073 0.073 0.072 0.072 22,330,000 1,608,260 CEB LANDMASTERS 2.34 2.35 2.35 2.35 2.34 2.35 145,000 340,350 CENTURY PROP 0.69 0.7 0.67 0.7 0.67 0.69 6,092,000 4,187,700 2,010 CITICORE RT 3.57 3.58 3.57 3.6 3.57 3.57 1,492,000 5,337,510 -68,080 DOUBLEDRAGON 9.1 9.28 9.2 9.29 9.1 9.28 48,500 446,256 928.9999 DDMP RT 1.02 1.03 1.02 1.03 1.01 1.02 5,600,000 5,710,690 103,020 DM WENCESLAO 4.61 4.84 4.84 5 4.84 5 20,000 97,480 -39,080 EMPIRE EAST 0.104 0.105 0.105 0.105 0.104 0.104 310,000 32,250 FILINVEST RT 3.07 3.1 3.02 3.1 3.01 3.1 410,000 1,251,510 89,650 FILINVEST LAND 0.77 0.78 0.76 0.77 0.76 0.77 1,416,000 1,089,520 -14,580 GLOBAL ESTATE 0.69 0.72 0.69 0.74 0.69 0.69 2,522,000 1,758,710 -31,800 GOLDEN MV 952.5 1,000 1,000 1,000 1,000 1,000 155 155,000 PHIL INFRADEV 0.315 0.33 0.32 0.325 0.315 0.315 180,000 57,600 KEPPEL PROP 2.26 2.47 2.47 2.47 2.2 2.2 7,000 15,670 -13,200 CITY AND LAND 0.53 0.54 0.53 0.53 0.53 0.53 58,000 30,740 MEGAWORLD 2.08 2.09 2.06 2.09 2.06 2.08 4,886,000 10,161,460 3,948,340.00 MRC ALLIED 0.86 0.87 0.86 0.88 0.84 0.87 28,353,000 24,803,780 -4,763,380 MREIT RT 13.98 14 14 14.02 13.96 14 704,700 9,860,314 -2,787,190 OMICO CORP 0.1 0.109 0.101 0.101 0.101 0.101 100,000 10,100 1,010 PREMIERE RT 1.01 1.02 1.02 1.03 1.01 1.02 479,000 486,550 PRIMEX CORP 1.13 1.28 1.13 1.28 1.13 1.28 14,000 16,220 RL COMM RT 8.01 8.02 7.9 8.02 7.9 8.02 10,437,700 83,483,173 34,667,819 ROBINSONS LAND 16.16 16.2 16.16 16.38 16.16 16.16 334,500 5,440,264 4,713,092 ROCKWELL 1.85 1.9 1.9 1.97 1.84 1.85 911,000 1,692,060 -3,730 SHANG PROP 3.5 3.54 3.42 3.56 3.42 3.54 196,000 675,020 STA LUCIA LAND 2.41 2.58 2.58 2.6 2.58 2.6 11,000 28,480 SM PRIME HLDG 22.75 22.9 23.6 23.6 22.75 22.75 6,761,300 155,489,500 -85,620,015 VISTAMALLS 1.15 1.25 1.15 1.3 1.1 1.25 87,000 100,530 5,500 SUNTRUST RESORT 0.74 0.76 0.76 0.76 0.7 0.76 467,000 343,620 VISTA LAND 1.03 1.04 0.93 1.04 0.93 1.04 3,896,000 3,936,950 491,940 VISTAREIT RT 1.35 1.37 1.34 1.37 1.32 1.37 761,000 1,021,140 223,750 SERVICES ABS CBN 4.21 4.25 4.28 4.34 4.2 4.21 155,000 661,290 GMA NETWORK 5.41 5.45 5.38 5.45 5.38 5.41 313,000 1,693,665 MANILA BULLETIN 0.164 0.179 0.164 0.164 0.164 0.164 20,000 3,280 GLOBE TELECOM 1,584 1,585 1,585 1,585 1,573 1,584 8,935 14,127,545 -1,640,310 PLDT 1,257 1,260 1,265 1,278 1,255 1,260 54,030 68,080,990 -28,979,630 APOLLO GLOBAL 0.005 0.0051 0.0049 0.0051 0.0049 0.005 127,000,000 630,600 CONVERGE 15.3 15.32 14.96 15.4 14.92 15.32 2,444,700 37,312,614 6,169,300 DFNN INC 0.79 0.8 0.81 0.81 0.8 0.8 71,000 57,050 -36,800 DITO CME HLDG 0.68 0.69 0.65 0.7 0.65 0.68 15,142,000 10,342,690 3,114,570 ISLAND INFO 0.123 0.126 0.124 0.126 0.123 0.123 1,170,000 144,900 NOW CORP 0.68 0.69 0.68 0.69 0.68 0.68 748,000 512,880 TRANSPACIFIC BR 0.133 0.135 0.136 0.136 0.131 0.133 580,000 76,430 ASIAN TERMINALS 34.5 34.65 34.45 34.65 34.45 34.5 175,900 6,067,270 CHELSEA 0.92 0.95 0.91 0.95 0.9 0.95 431,000 408,250 CEBU AIR 31.95 32 32.65 33.95 32 32 970,700 31,455,810 -28,345,440 INTL CONTAINER 567 567.5 570 576 566 567 461,830 263,717,805 25,932,975 LBC EXPRESS 8.1 8.8 8.87 8.87 8.8 8.8 600 5,306 LORENZO SHIPPNG 0.61 0.64 0.61 0.62 0.61 0.61 6,000 3,670 -1,220 MACROASIA 4.3 4.34 4.23 4.36 4.23 4.34 95,000 406,470 -4,340 PAL HLDG 3.77 3.8 3.8 3.8 3.65 3.8 27,000 100,090 10,720 HARBOR STAR 0.56 0.59 0.49 0.59 0.49 0.59 200,000 109,840 -1,640 BOULEVARD HLDG 0.039 0.042 0.043 0.043 0.039 0.039 9,700,000 395,100 CENTRO ESCOLAR 15.7 15.74 15.32 15.78 15.32 15.7 37,200 585,224 FAR EASTERN U 800 814.5 800 800 800 800 20 16,000 IPEOPLE 5.99 6.26 6.26 6.26 6 6 800 4,904 STI HLDG 1.4 1.41 1.41 1.42 1.4 1.41 916,000 1,290,840 5,640 BELLE CORP 1.32 1.34 1.33 1.37 1.31 1.32 142,000 188,240 BLOOMBERRY 2.53 2.54 2.58 2.58 2.54 2.54 6,566,000 16,699,980 1,877,050 PACIFIC ONLINE 1.7 1.8 1.75 1.75 1.7 1.7 22,000 38,250 PH RESORTS GRP 0.133 0.14 0.137 0.139 0.133 0.133 740,000 101,290 -11,040 DIGIPLUS 16 16.2 15.98 16.58 15.74 16.2 6,627,900 106,637,306 1,758,818 PHIL RACING 6.6 7 5.06 6.6 5.06 6.6 2,400 14,572 PHILWEB 6.2 6.32 6.2 6.39 6.2 6.2 1,067,300 6,731,226 35,038 ALLDAY 0.031 0.034 0.033 0.033 0.031 0.031 11,300,000 353,900 BERJAYA 7.08 9 8.3 9.6 8.3 9 37,700 330,535 ALLHOME 0.237 0.246 0.24 0.24 0.235 0.237 170,000 40,670 METRO RETAIL 1.14 1.15 1.15 1.15 1.12 1.15 61,000 69,900 PUREGOLD 37.95 38 37.95 38.3 37.35 38 343,700 13,045,365 2,310,420 ROBINSONS RTL 33.05 33.35 33.45 33.45 33 33.05 674,200 22,439,910 -2,530,435 PHIL SEVEN CORP 37 37.1 37.65 37.7 37 37 313,400 11,728,085 247,475 SSI GROUP 2.54 2.63 2.48 2.63 2.46 2.63 284,000 730,660 50,800 UPSON INTL CORP 0.69 0.7 0.71 0.71 0.7 0.7 51,000 35,840 WILCON DEPOT 6.95 6.96 6.94 6.97 6.94 6.96 829,700 5,774,506 -5,403,791 APC GROUP 0.106 0.108 0.108 0.109 0.106 0.106 810,000 87,440 7,430 MEDILINES 0.245 0.255 0.26 0.26 0.245 0.26 110,000 27,500 4,900 PAXYS 2.5 2.62 2.61 2.61 2.61 2.61 3,000 7,830 PRMIERE HORIZON 0.237 0.238 0.234 0.237 0.234 0.237 1,310,000 309,100 -35,400 PHILCOMSAT 1.63 1.84 1.84 1.84 1.84 1.84 14,000 25,760 SBS PHIL CORP 3.54 3.89 3.7 3.89 3.7 3.89 45,000 172,480 MINING & OIL ATOK 2 2.05 2 2.09 1.9 2.06 44,000 86,860 -32,590 APEX MINING 12.42 12.44 12.96 13 12.38 12.44 8,244,700 103,987,346 3,972,202 ATLAS MINING 6.02 6.03 5.8 6.08 5.8 6.03 3,068,800 18,354,170 864,368 BENGUET A 4.9 4.98 4.7 5 4.7 5 210,000 1,022,050 BENGUET B 4.5 4.83 4.83 4.83 4.83 4.83 2,000 9,660 CENTURY PEAK 2.27 2.39 2.39 2.39 2.39 2.39 25,000 59,750 59,750 DIZON MINES 4.88 5 4.76 5.1 4.76 5 8,500 42,312 FERRONICKEL 1.28 1.35 1.31 1.35 1.23 1.35 1,555,000 2,056,860 1,402,240 GEOGRACE 0.078 0.087 0.087 0.087 0.087 0.087 30,000 2,610 LEPANTO A 0.185 0.187 0.186 0.187 0.183 0.185 25,510,000 4,722,610 LEPANTO B 0.183 0.187 0.19 0.19 0.187 0.187 170,000 32,000 MANILA MINING A 0.0072 0.0073 0.0074 0.0074 0.0073 0.0073 105,000,000 776,800 MANILA MINING B 0.0071 0.0074 0.0072 0.0072 0.0072 0.0072 2,000,000 14,400 MARCVENTURES 0.69 0.7 0.69 0.71 0.69 0.7 580,000 409,780 NIHAO 0.315 0.35 0.335 0.335 0.315 0.315 140,000 45,600 -39,050 NICKEL ASIA 3.88 3.89 3.9 3.97 3.79 3.89 13,112,000 51,176,460 -18,368,820 OCEANAGOLD 32 32.2 32.3 32.5 31.9 32.2 3,700,300 119,004,100 -9,500,080 ORNTL PENINSULA 0.375 0.39 0.39 0.39 0.37 0.37 110,000 42,200 PX MINING 9.9 9.94 10.28 10.28 9.87 9.9 4,529,700 45,077,074 -5,263,004 UNITED PARAGON 0.0055 0.0058 0.0057 0.0058 0.0057 0.0058 14,000,000 80,100 ENEX ENERGY 3.23 3.34 3.3 3.34 3.3 3.34 4,000 13,240 -3,340 ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.012 600,000 6,700 ORNTL PETROL B 0.011 0.012 0.011 0.012 0.011 0.012 700,000 8,100 1,200 PHILODRILL 0.0086 0.0089 0.009 0.009 0.0089 0.0089 7,000,000 62,900 -8,900 PXP ENERGY 2.38 2.4 2.39 2.4 2.38 2.38 70,000 167,410 PREFFERED ACEN PREF A 1,010 1,012 1,010 1,010 1,010 1,010 15 15,150 ACEN PREF B 1,065 1,070 1,070 1,070 1,070 1,070 20 21,400 AC PREF AR 2,540 2,550 2,540 2,540 2,540 2,540 170 431,800 406,400 BRN PREF C 102.5 105.5 102.7 105.5 101.6 105.5 1,400 143,445 CEB PREF 34 34.9 35.1 35.1 35 35 10,800 378,080 -14,040 CLI PREF A2 1,015 1,050 1,069 1,073 1,069 1,073 230 246,310 CPG PREF B 100.1 102 102 102 102 102 10 1,020 DD PREF 97 97.8 97 97.95 96.95 97 11,540 1,121,158 EEI PREF B 97.3 98.4 98.4 98.4 98.4 98.4 10,550 1,038,120 GTCAP PREF B 980 1,000 1,000 1,000 1,000 1,000 15 15,000 JFC PREF B 980 994 994 994 994 994 10 9,940 MWIDE PREF 5 96.05 102.9 103 103 103 103 10 1,030 MWIDE PREF 6C 103 103.8 103.8 103.8 103.8 103.8 100 10,380 MWIDE PREF 7A 100.4 101 101 101 100.4 100.4 520 52,220 MWIDE PREF 7B 104.1 105 105 105 105 105 520 54,600 PCOR PREF 3B 1,001 1,005 1,000 1,005 1,000 1,005 425 425,700 PCOR PREF 4C 1,000 1,009 1,009 1,009 1,009 1,009 10 10,090 SMC PREF 2I 74.5 75.15 74.5 74.5 74.5 74.5 890 66,305 SMC PREF 2N 80 80.8 80 80.5 80 80.5 5,000 402,000 SMC PREF 2O 80 81 81.5 81.5 79.15 81 6,070 483,811 800 SMC PREF 2P 75.1 77 80 80 77 77 50 3,910 -1,600 SMC PREF 2Q 73.8 77.8 77.8 77.8 77.8 77.8 10 778 -778 SMC PREF 2R 76 77 76 77.5 76 77.5 20 1,535 SMC PREF 2S 77.8 77.9 77.8 77.8 77.8 77.8 20 1,556 SMC PREF 2T 76.5 79.5 76.5 76.5 76.5 76.5 10 765 SMC PREF 2U 76 77.4 77 77.3 76 76 2,660 203,263 -38,400 TECH PREF B2C 12.16 12.96 13 13 13 13 1,100 14,300 TECH PREF B2D 8.26 8.38 8.25 8.26 8.25 8.26 800 6,602 VLL PREF 2A 85.25 91.95 90.6 91.95 90.6 91.95 50 4,544.50 VLL PREF 2B 90 91.65 91.75 91.75 90 90 1,550 141,900.50 -

PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR GMA HLDG PDR

WARRANTS

AGI WARRANT

3.41 4.46 5.29 5.32 5.28 5.29 5.28 5.29 27,800 147,050 1.15

SMALL, MEDIUM & EMERGING

BALAI FRUITAS CTS GLOBAL HAUS TALK ITALPINAS KEPWEALTH LFM PROP MERRYMART XURPAS NEXGEN ENERGY

0.345 0.36 1.06 0.84 1.19 0.039 0.39 0.24 3.03

1.17

1.24

1.11

1.17

3,941,000

4,617,720

-21,600

0.35 0.38 1.08 0.87 1.36 0.041 0.4 0.248 3.18

0.36 0.37 1.08 0.84 1.19 0.041 0.4 0.24 3.17

0.36 0.37 1.1 0.87 1.19 0.041 0.4 0.248 3.18

0.325 0.36 1.08 0.84 1.19 0.041 0.39 0.237 3.17

0.35 0.36 1.1 0.87 1.19 0.041 0.4 0.248 3.18

410,000 400,000 324,000 29,000 2,000 100,000 100,000 240,000 6,000

138,100 147,650 353,650 24,390 2,380 4,100 39,700 57,440 19,050

7,350 -9,510

EXHANGE TRADE FUNDS FIRST METRO ETF

100.2

101

99 101 98 101 30,870 3,094,856 -110,907

www.businessmirror.com.ph

PSE records 75,000% surge in total capital to ₧144.14B

HE Philippine Stock Exchange Inc. (PSE) recorded a 75.00-percent surge in total capital raised from the sale of primary and secondary shares and warrants to P144.14 billion in 2025 from P82.37 billion raised in the previous year. The PSE had two initial public offerings (IPO) last year, which include Top Line Business Development Corp. and Maynilad Water Services, Inc. Other capital raising activities conducted this year included eight (8) follow-on offerings and 14 private placements. The PSE index closed at 6,052.92 points, down by 12.72 points or 0.21 percent. Year to date, the main index decreased by 7.29 percent. Despite the decline in the main index, the Exchange’s two other key benchmarks delivered positive yields. Year-on-year, the PSE MidCap and PSE DivY indices increased

by 20.17 percent and 2.37 percent, respectively. Daily average value turnover for the year was at P7.33 billion, up by 20.10 percent from 2024’s P6.10 billion average. Domestic market capitalization at yearend declined by 6.29 percent to P13.65 trillion compared with P14.57 trillion in 2024. The market registered P51.78 billion worth of net foreign selling in 2025. In terms of sectoral indices, the Mining & Oil index emerged as the best performer in 2025 as it climbed by 92.34 percent. This was followed by the Services sector. “The PSEi’s decline this year is

Consumer appetite for AI to be tested

T CES, the annual consumer technology conference happening in Las Vegas next week, the biggest names in tech, including Nvidia Corp., Advanced Micro Devices Inc., Samsung Electronics Co. and Lenovo Group Ltd., will make the case for artificial intelligence. Their target audience those few days: investors, corporate clients and — perhaps just as importantly — ordinary shoppers who have yet to be fully sold on the idea of AIinfused gadgets. CES, which runs from January 6 to January 9, is where many tech companies unveil their wares for the year. That includes a mix of products that are imminently available for purchase, and concept devices that may or may not go to market — and could be half-baked if they do. While Nvidia Chief Executive Officer Jensen Huang is likely to be the most charismatic showman in Vegas hyping AI’s underlying technologies, he’ll be surrounded by a slew of players that are testing consumers’ appetite for gadgets where AI isn’t just a nice-to-have feature, but the main selling point. The show floor this year will be particularly populated with AI-powered hardware, including the sort of smart glasses popularized by Meta Platforms Inc. and that Snap Inc. and Apple Inc. are planning to launch by the end of 2026. While Meta and Snap will both have a presence at CES, the bulk of the news in this space is likely to come from smaller brands, such as Xreal Inc., Vuzix Corp., Halliday Global Ltd., Rokid and Even Realities. Meta isn’t expected to unveil new hardware at this time, having recently debuted its first smart glasses with a built-in screen. It is possible, however, that the social media giant is ready to show off some new or improved software features. It’s a similar story for Snap, which isn’t likely to choose this venue to announce pricing and availability for its forthcoming “Specs” glasses. The Specs will be on display for attendees who haven’t had a chance to see them in person, which has so far mostly

included select media outlets. In addition to eyewear, such as glasses and goggles, some of these gadgets will take the form of a ring or something else entirely — underscoring that startups and Big Tech alike remain bullish on AI-first hardware that lets people tap into intelligent assistants without necessarily taking out their smartphone. Previous offerings, including the Humane AI Pin and the Rabbit R1, were commercial failures after being panned by tech reviewers. Many companies will also be testing consumers’ readiness to accept AI-powered humanoid robots. There will be so many players, in fact, that the Consumer Technology Association, or CTA, which organizes CES, has set aside an entire hall of the convention space for robotics. While some of these robots are intended for the home, many of the models on display will be designed for enterprise uses such as manufacturing, logistics and food service. Firms such as Artly Coffee and VenHub Global will show off technology for AI-powered robotic cafés and convenience stores. Companion robots will be a common sight as well, including products like the Jennie robot dog from Tombot Inc., a California-based startup focused on developing products for aging adults and people living with dementia. If 2026 is similar to previous shows, there’s likely to be a sizeable gap between what many of these human-inspired bots are capable of in controlled demos versus what their makers promise they’ll eventually be able to do. Still, there are signs of progress. Many humanoid makers this year are shifting from single-task demonstrations to more complex, multistep tricks, such as both sorting and folding laundry. Larger players, including LG, are expected to tease their own humanoid concepts, but the companies will need to convince attendees that these machines are commercially viable amid ongoing challenges around battery life, mobility, cost and safety. Bloomberg

THIS Monday, December 29, 2025, photo shows employees of the Philippine Stock Exchange Inc. (PSE) with PSE President and CEO Ramon S. Monzon, PSE COO Roel A. Refran and PSE Management Officers marking the last trading day of 2025. CREDIT: Philippine Stock Exchange Inc. (PSE)

not just about numbers – it’s about trust and confidence. The corruption scandal, the deteriorating Peso and the disappointing GDP performance for the third quarter have clouded our economy’s outlook and triggered persistent selling by foreign investors in the market this year. Having said that, there are a lot of positives to look forward to in 2026. Earnings of listed companies are poised to continue growing, making valuations

MUTUAL FUNDS

and dividend yields quite attractive. Looming changes in REIT rules and IPO float requirements should result in more listings. If our government succeeds in its drive to hold the corrupt accountable and institute real and lasting improvements in transparency and governance, our market should be one of the best performing markets in the region next year,” said PSE President and CEO Ramon S. Monzon. December 29, 2025

NAV ONE YEARTHREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A214.77 -2.5% 1.07% -1.08% -1.39% -2.09% ATRAM ALPHA OPPORTUNITY FUND, INC. -A 2.1534 19.95% 17.39% 10.47% 6.29% 18.64% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.861 -4.35% -0.56% -1.77% -2.44%-4.11% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7535 1.4% 2.97% -1.21% N.A5.61% FIRST METRO CONSUMER FUND, INC. -A 0.5546 -12.25% -5.03% -5.64% N.A -13.02% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.383 -5.73% -1.87% -2.33% -1.84% -5.61% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6433 -7.21% -2.85% -3.26% N.A-7.24% MBG EQUITY INVESTMENT FUND, INC. -A 88.64 24.7% 5.7% -2.52% N.A 24.64% PAMI EQUITY INDEX FUND, INC. -A 41.4539 -5.33% -1.36% -2.37% -1.21% -5.18% PHILAM STRATEGIC GROWTH FUND, INC. -A 451.09 -2.82% 0.56% -1.56% -1.16% -2.42% PHILEQUITY DIVIDEND YIELD FUND, INC. -A 1.554 12.13% 10.06% 5.98% 2.82% 11.45% PHILEQUITY FUND, INC. -A34.5251 -1.64% 1.26% -0.04% 0.18% -1.47% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.8941 0.1% 1.81% -0.35% N.A 0.89% PHILEQUITY PSE INDEX FUND, INC. -A 4.4801 -3.47% -0.12% -1.29% -0.32% -3.31% PHILIPPINE STOCK INDEX FUND CORP. -A 736.55 -4.48% -0.56% -1.63% -0.55% -4.35% SOLDIVO STRATEGIC GROWTH FUND, INC. -A 0.7047 -1.32% 1.64% -0.39% -1.94% -1.12% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.2174 -8.16% -1.49% -2.33% -1.76%-7.94% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A 0.8258 -5.45% -1.04% -2.04% -0.81%-5.32% UNITED FUND, INC. -A3.25522.52% 1.71% -0.37% 0.33% 2.91% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0353 -4.47% -0.66% N.A N.A -4.31% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0451 -1.13% N.A N.A N.A -0.94% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9482 -7.86% -3% -2.6% N.A -8.55% PHILIPPINE STOCK INDEX FUND CORP. -A 888.39 -5.16% -0.78% N.A N.A -5.04% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C 100.2245 -4.9% -0.3% -1.35% -0.04%-4.77% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0118 20.57% 5.67% -3.12% 1.25% 21.86% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.2183 14.04% 15.97% 5.85% N.A 15.19% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A 2.1456 0.44% 0.8% -1.2% 0.04% 0.65% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6403 4.63% 3.33% -0.31% -0.6%5.14% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.4635 -2.2% -0.5% -1.25% -0.87%-2.07% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2305 6.07% 6.3% 3.06% N.A6.22% NCM MUTUAL FUND OF THE PHILS., INC. -A,1 2.0031 0.62% 0.95% 0.4% 1.12% -0.44% PAMI HORIZON FUND, INC. -A3.7949 2.53% 3.34% 0.06% 0.62% 2.84% PHILAM FUND, INC. -A16.0313-0.89% 1.97% -1.07% 0.02% -0.67% SOLIDARITAS FUND, INC. -A2.106 -0.24% 1.96% 0.13% 0.51% 0.15% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A 3.4411 -1.74% 1.14% -0.7% -0.45%-1.51% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9124 -1.79% 1.31% 0.56% -0.18% -1.6% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.979 1.61% 2.28% -0.85% N.A 1.61% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8432 -2.12% 0.31% -2.3% N.A -2.03% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8122 -3.69% -0.4% -2.7% N.A -3.55% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A $0.03431 6.32% 1.92% -2.6% -0.31% 6.88% PAMI ASIA BALANCED FUND, INC. -B $1.2036 23.71% 10.14% 1.05% 3.11% 24.08% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A $5.3255 11.58% 11.45% 3.42% 5.51%12.34% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A $1.1817 8.46% 6.68% 0.3% N.A8.81% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A419.7 4.12% 3.58% 2.5% 2.66% 4.13% ATRAM CORPORATE BOND FUND, INC. -A 1.958 2.74% 1.45% 0.6% 0.31% 2.71% COCOLIFE FIXED INCOME FUND, INC. -A 3.5812 3.23% 3.7% 2.19% 3.49% 3.27% EKKLESIA MUTUAL FUND, INC. -A 2.4539 3.71% 4.05% 1.34% 1.87% 3.93% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A 2.5696 3.06% 2.42% 0.94% 1.54%3.15% PHILAM BOND FUND, INC. -A4.6074 3.53% 3.48% -0.11% 1.47% 3.77% PHILAM MANAGED INCOME FUND, INC. -A 1.5212 4.88% 4.85% 2.86% 2.77% 4.91% PHILEQUITY PESO BOND FUND, INC. -A 4.3158 3.7% 3.7% 1.53% 2.18% 3.77% SOLDIVO BOND FUND, INC. -A1.1208 4.03% 3.29% 1.48% 2.03% 4.09% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.5515 3.71% 4.08% 2.1% 2.77% 3.85% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8851 3.58% 3.56% 1.45% 2.15% 3.7% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $528.75 3.66% 3.28% 1.79% 2.37% 3.57% ALFM EURO BOND FUND, INC. -AЄ223.68 2.1% 2.18% 0.41% 0.82% 2.13% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.0751 3.67% 2.08% -3.43% -0.17% 3.61% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A $0.0265 6% 3.65% -0.08% 0.87%6% PAMI GLOBAL BOND FUND, INC. -B $1.0593 22.75% 6.93% -0.62% 0.09% 23.17% PHILAM DOLLAR BOND FUND, INC. -A $2.4787 6.81% 4.37% -0.44% 1.63% 6.84% PHILEQUITY DOLLAR INCOME FUND, INC. -A $0.0644113 3.54% 2.41% 0.63% 1.51% 3.52% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A $2.9291 6.88% 2.4% -1.89% 0.32%6.59% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) AIB MONEY MARKET MUTUAL FUND, INC. -A 1.1659 3.08% N.A N.A N.A 3.05% ALFM MONEY MARKET FUND, INC. -A 148.7 4.45% 3.72% 2.76% 2.67% 4.37% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A 1.1971 3.89% 3.71% 2.7% N.A3.72% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.4809 3.92% 3.44% 2.7% 2.65% 3.86% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 113.86 4.35% 4.27% N.A N.A 4.26% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1761 3.08% 3.21% 2.25% N.A 3.03% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 46.1055 3.36% 2.02% N.A N.A 3.83% SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.1646 21.4% 20.4% 14.21% N.A22.97% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1091 4.92% N.A N.A N.A 5.53% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8158 2.41% 0.82% -3.6% N.A 3.27% A - NAVPS AS OF THE PREVIOUS BANKING DAY. B - NAVPS AS OF TWO BANKING DAYS AGO. C - LISTED IN THE PSE. 1 - EFFECTIVE OCTOBER 1, 2025, ITS FUND MANAGEMENT IS WITH BPI WEALTH. * THE FIRST TRANCHE (CORPORATE DEBT FUND 1) OF THE ATRAM UNITIZED CORPORATE DEBT VEHICLE, INC. MATURED ON MAY 25, 2025.

“While we endeavor to keep the information accurate, the Philippine Investment Funds Association (PIFA) and its members make no warranties as to the correctness of the newspaper’s publication and assume no liability or responsibility for any error or omissions. You may visit http://www.pifa.com.ph to see the latest NAVPS/NAVPU.”

www.news.businessmirror@gmail.com

Banking&Finance

Lender launches payroll account opening system By Rizal Raoul S. Reyes @brownindio

S part of its push for digitalization, the Union Bank of the Philippines (Unionbank) announced the launch of a technology product it claims would enable companies to eliminate manual intervention and reduce administrative burdens, such as document collection, applicant screening, and bank coordination.” Called “Zero-Touch Onboarding” (ZTO), the product is the country’s first payroll account opening solution that requires no more manual intervention, according to the lender. Built on Unionbank’s “business banking” platform, this innovation streamlines the entire onboarding process for the employer, as well as their employees, agents, and payees. The 10-largest lender in terms of assets claims its product cuts turnaround time from the industry norm of up to two weeks to less than 24 hours. The result is faster, hassle-free account opening, allowing for salary crediting a day after the employee’s completion of the digital account opening process, according to the lender. With ZTO, “we’ve reimagined one of the most time-consuming parts of HR operations. We’re giving companies back valuable time while making banking simpler and more seamless for their employees,” said Unionbank Senior Vice-President Erika Denise

Dizon-Go. “It’s a win-win solution that puts efficiency, speed, and customer-centricity at the forefront of the digital experience.” According to Go, employees can open accounts using their mobile phones by scanning a QR code generated through the Unionbank portal. Once scanned, they complete the process in minutes via the lender’s online app—no paperwork, no backand-forth, no waiting. For human resources (HR), it’s totally zero-touch as they no longer need to process each employee document, she added. “Unionbank takes care of everything. Once the accounts are open, the HR officer will just see the employees’ account numbers on the portal,” Go said. She added that the breakthrough builds on the success of eDAO (ePaycard Digital Account Opening), launched in 2021 as the Philippines’s first digital onboarding alternative for corporate payroll accounts. Go said that ZTO “takes it further, offering a true zero-touch experience for organizations while Unionbank handles verification, approval, and activation directly on behalf of corporate clients—all within 24 hours.” “This is what Unionbank does best—identifying real challenges faced by clients and solving them through technology and collaboration,” she added. ZTO “is proof that when digital innovation meets human insight, we can help businesses run better, faster, and smarter.”

Thai banks to declare transactions of $200K

HE Bank of Thailand has instructed commercial banks and state-owned financial institutions to declare foreign currency transactions of $200,000 and above to help it manage the baht’s persistent appreciation. It’s the latest in a series of measures the central bank has taken to address the strength of the baht, which has weighed on the nation’s export and tourism sectors. The Thai baht has risen nearly 10% this year, the second-best performer in Asia. “This is to ensure that such foreign exchange transactions are conducted for trade or investment purposes and are consistent with the declared objectives,” Governor Vitai Ratanakorn said in a circular letter issued last Friday. Effective December 29, banks must request evidence of sales abroad for every foreign currency transaction relating to gold, according to the Bank of Thailand letter. Documentation may be submitted on the trade date or by the next business day for transactions conducted outside business hours. Meanwhile, billing documents and gold customs declarations must be requested within two business days from the settlement date. Authorities have been concerned about the impact of gold trading on the baht for more than three months, with the central bank in September meeting representatives of the Thai Gold Traders Association and urging them to closely monitor bullion transactions. The finance ministry is also exploring a business tax for online gold

transactions after a surge in activity was blamed for driving the baht to multi-year highs. The central bank is discussing with the finance ministry as it seeks more more oversight on gold transactions which have an effect on the foreign exchange rate, Vitai said, adding that clarity is expected early next year. “Gold speculation doesn’t help the economy to grow,” Vitai told reporters. “We see clear information that this puts pressure on the baht and we will have to manage as this has a negative effect on the economy.” For foreign currency transactions not related to gold value or foreign banknotes involving amounts of $200,000 or above, banks can request supporting documents from customers on a transaction-bytransaction basis. An exception may be made for routine transactions of well-known customers for whom due diligence procedures have been regularly conducted. However, this may not be applied where the transaction amount is $200,000 and above and the purpose falls under certain categories, including Thai real estate and digital asset transactions. For foreign banknotes in amounts of $15,000 and above, banks must request documentation demonstrating that such foreign currency was brought into the country. For foreign currency received from abroad into foreign currency deposit accounts of residents, banks shall apply the same requirements as those for spot foreign currency purchase transactions. Bloomberg

BusinessMirror

Editor: Dennis D. Estopace • Thursday, January 1, 2026

Foreign-denominated bank loans dropped by 5% in Q3

By Reine Juvierre Alberto

@reine_alberto

HE country’s foreign-denominated bank loans dropped by 5 percent in the third quarter of the year, as more borrowers steered away from dollar debt amid persistent foreign exchange risks.

Data from the Bangko Sentral ng Pilipinas (BSP) showed that outstanding loans booked by banks’ foreign currency deposit units (FCDUs) fell to $15.13 billion in the third quarter of 2025 from the $15.93 billion recorded in the previous quarter. According to Michael L. Ricafort, chief economist at the Rizal Commer-

cial Banking Corp., the drop was due to some borrowers avoiding the risk of foreign exchange losses entailed in foreign borrowings. The drop ensured amid a depreciation of the peso against the greenback by more than 15-percent since 2022, Ricafort explained. “Even the government reduced

foreign/external borrowings and more local/domestic borrowings in recent years, learning from the mistakes on forex risks in the past crisis period,” the RCBC executive added. On a year-on-year basis, FCDU loans also slipped by 3.93 percent from $15.75 billion at the end of September 2024. “The decrease came despite the 5.7 percent growth in deposits in foreign currencies, which reached $60.73 billion from $57.46 billion,” the central bank explained. Of the total outstanding FCDU loans, 63.4 percent, or $9.59 billion, were granted to Philippine-based borrowers. Merchandise and service exporters accounted for the largest share at $2.51 billion or 26.2 percent. These were followed by the towing, tanker, trucking, forwarding, personal and other services segment with $2.05

billion or 21.4 percent. Power generation firms also received $1.71 billion, equivalent to 17.8 percent of total FCDU lending. The BSP said that most loans were medium- to long-term, with maturities over one year. These comprised 79.8 percent of the total, slightly higher than the 79.0 percent in the previous quarter. As of end-September 2025, outstanding loans included $9.77 billion in new loans and $10.56 billion in loan payments. FCDU loans are foreign currency-denominated loans extended by FCDUs of local banks or by local branches of foreign banks authorized by the BSP to engage in foreign currency transactions. These loans finance activities that require foreign exchange, including those of importers, exporters, and firms with overseas transactions.

China vows more efficient fiscal spending in 2026

HINA said it will expand government spending and improve how it deploys capital in 2026, aiming to balance supporting growth and containing debt risks. Beijing plans to boost expenditure and strengthen the spending power of local authorities through more effective transfer payments, the Ministry of Finance said in a Sunday statement. The announcement, following a year-end policy meeting, suggests a focus on better coordination between fiscal and financial tools rather than more forceful stimulus measures. “More proactive fiscal policy will be reflected not only in the scale of funding, but more importantly in improving the efficiency and effectiveness of how funds are used,” Finance Minister Lan Fo’an was quoted by the official Xinhua News Agency as saying in a report. The move highlights the fine line Beijing is walking between buffering the economy against external headwinds and preventing a domestic debt crisis from destabilizing the financial system. Lan vowed to accelerate efforts to resolve risks associated with local “hidden debt“—off-balance-sheet borrowing by investment vehicles on behalf of cities and provinces that they have struggled to repay. China has to step up fiscal sup-

SHUTTERED stores in Guangzhou, China, on August 11, 2023. PHOTOGRAPHER: QILAI SHEN/BLOOMBERG

port for the economy as a yearslong property downturn and trade tensions weigh on demand while the room for monetary easing is shrinking. Facing mounting debt risks, Beijing is seeking to raise the return on government investment and steer resources toward nationally prioritized areas. Part of the strategy is spending more on “new productive forces,” according to the official statement, a policy shorthand for advanced manufacturing and tech innovation. The government also plans to streamline tax breaks and

fiscal subsidies to curb wasteful competition between provinces and create a more unified domestic market. “The meeting emphasized better-targeted fiscal policy and effectiveness rather than sheer scale, focusing not on making spending much larger but on improving how effectively it is used,” said Ding Shuang, chief economist for Greater China and North Asia for Standard Chartered Plc. The focus on precision comes as China’s total government debt has soared in recent years to bolster

growth amid subdued business and consumer sentiment. T he government raised its planned broad fiscal deficit to nearly 10 percent of gross domestic product this year, although actual spending has consistently lagged behind targets. In the first 11 months of 2025, the government spent just 34 trillion yuan ($4.8 trillion), less than 81 percent of its annual budget. Looking ahead to 2026, Ding expects the government to expand its actual spending, even if the formal budget increases only slightly. As trade tensions threaten to slow exports, a key pillar of China’s plan to bolster growth involves shifting support toward the Chinese consumer. The Ministry of Finance repeated calls to make domestic demand the “driving force“ of growth, pledging to boost household incomes and maintain a national trade-in program for consumer goods. That initiative, which provides subsidies for energy-efficient appliances and EVs, was a rare bright spot for retail sales this year. By extending such programs, Beijing hopes to stabilize consumption, which has remained stubbornly weak as households grapple with falling property values and a cooling labor market. Bloomberg News

Vietnam state bank warns of liquidity shortages

IETNAM’S central bank warned some lenders are facing liquidity shortages after bank loans jumped a fifth in 2025, adding that external factors will further complicate the government’s economic targets. The State Bank will continue pursuing flexible monetary policies to boost lending and support businesses, but in a cautious manner as “credit growth this year is already very high with most loans relying on short-term funding,” Pham Chi Quang, the central bank’s head of monetary policy, said at a briefing

in Hanoi. The 19.4-percent rise in loans as of December 24 from a year earlier beat the 16 percent full-year target and was significantly higher than the gain in deposits, creating pressure on interest rates and bank liquidity, Quang said. The monetary authority this year pressed banks to lend more to support the export-driven economy and the government’s growth goal of 10 percent next year. Credit to the tech sector rose just over 30 percent in 2025, which is up from a roughly 25 percent gain in the first nine months

of the year. “The economy faces challenges in the coming time as the global geopolitical situation will continue to evolve in a complex and unpredictable manner, with growing difficulties, risks, and uncertainty,” deputy governor Pham Thanh Ha said at the same briefing. Ha cited challenges ranging from US tariffs to Federal Reserve rate cuts. Vietnam’s Prime Minister Pham Minh Chinh has urged the central bank to swiftly draft a roadmap to scrap its credit growth quotas on annual lending at banks, starting

from next year. That’s part of efforts to meet a goal of at least 10 percent annual growth in the next five years. Vietnam’s economy expanded 8.2 percent last quarter, the fastest pace in three years, as factories went into overdrive shipping goods to the US before higher tariffs took effect early August. The central bank also said it has received nine applications for gold bar production licenses as part of steps to open up the market after the nation ended its decades-long monopoly on bullion trade and production. Bloomberg

China to pay interest on official digital currency in fresh push to boost adoption

HINA is about to start paying interest on its official digital currency in a fresh push to get more people to use it after about a decade of development and testing. From January 1, commercial banks that operate digital yuan wallets will pay interest to clients based on the amount of virtual currency they hold, Lu Lei, deputy governor at the People’s Bank of China, wrote in an article published on Financial News, a newspaper affiliated with

the central bank, on Monday. The move represents China’s latest step as one of the global leaders in developing an official digital currency. It will redefine the legal and technical framework of the digital yuan, a project the central bank launched in 2014, by giving it the same legal status as deposits held at commercial banks. China’s digital yuan rollout has faced some obstacles. While the currency, known officially as E-CNY, has been piloted in more than half

of mainland provinces, it has yet to be formally launched nationwide and has struggled to gain traction amid competition from established platforms such as WeChat Pay and Alipay. Beijing’s international ambitions have also run into difficulties. An attempt to create a multilateral crossborder payment platform, known as the mBridge, suffered a setback a year ago when the Bank for International Settlements withdrew from the project amid concerns the system could

be used to circumvent sanctions on Russia and potentially undermine the US dollar. Whether the new interest-bearing arrangements will promote significantly wider adoption of the E-CNY remains unclear. After years of rate cuts, the interest rate on demand deposits at China’s biggest banks has fallen to just 0.05 percent. Banks are also struggling to deal with large volumes of deposits as households increase savings and loan growth

weakens to record-low levels. The PBOC appears to be accelerating work on the digital currency in recent months. In October, the Communist Party called for “steady development” of the E-CNY in the next fiveyear plan. In September, the PBOC launched a digital yuan operations center in Shanghai with platforms for cross-border payments, blockchain technology and digital assets. Unlike the US and other countries that have embraced privately-issued

stablecoins—digital assets backed by cash-like assets—China is doubling down on its official E-CNY. Despite initial signs of interest in stablecoins over the summer, Chinese authorities made clear that they remain worried about risks such as speculation, fraud and financial instability. The country has processed 3.48 billion digital yuan transactions as of end-November, with a total amount of 16.7 trillion yuan ($2.38 trillion), Lu said. Bloomberg News

Health&Fitness BusinessMirror

Thursday, January 1, 2026

Editor: Anne Ruth Dela Cruz

Pneumonia is a preventable killer many Filipinos still underestimate–experts

By Rory Visco Contributor

Health experts warn that despite available treatments and vaccines, gaps in awareness, delayed consultation, and uneven access to healthcare will continue to make pneumonia among the country’s most dangerous yet preventable illnesses. Pneumonia emerged as the fourth leading cause of death from January to June of 2025 in the Philippines, with 18,365 cases or about 6.8 percent of total deaths, according to the Philippine Statistics Authority (PSA), following ischemic heart diseases, neoplasms, and cerebrovascular diseases. Health officials noted that many of these severe cases could be avoided through earlier consultation and wider uptake of preventive measures such as vaccination. Despite major advances in medicine, pneumonia remains a serious public health concern in the Philip-

pines, particularly among the elderly, young children, and individuals with chronic illnesses. While often dismissed as a minor respiratory infection, experts caution that pneumonia can worsen rapidly, becoming life-threatening when diagnosis and treatment are delayed.

Burden of pneumonia IN an online roundtable discussion on addressing the burden of pneumonia in the Philippines through awareness and vaccination, infectious disease specialist Dr. Rontgene Solante stressed that underestimation is one of pneumonia’s greatest dangers. “Many patients only consult when symptoms are already severe,” he said, noting that late medical intervention significantly increases the risk of complications such as respiratory failure and sepsis.

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FTEN mistaken to be a simple cough or lingering flu, pneumonia continues to claim lives in the Philippines, largely because many patients seek medical care too late.

P ne u mon i a , D r. S ol a nt e e xplained, is not a single disease but a condition caused by different pathogens such as bacterial, viral, and in some cases fungal. Each type requires specific treatment, making early and accurate diagnosis critical. Delays, he warned, can limit treatment options and worsen outcomes, particularly in patients with underlying health conditions. For her part, Dr. Ma. Delta Aguilar, Medical Specialist III and Vice Chair for Patient Covid Services at the Department of Pediatrics, Southern Philippines Medical Center, noted that recognizing symptoms early remains a challenge, where initial signs such as cough, mild fever, fatigue, or shortness of breath are frequently mistaken

for flu or exhaustion. “In older adults, pneumonia may not present with a high fever,” she explained. “Confusion, sudden weakness, or loss of appetite may be the only warning signs.”

Delayed consultation THESE aty pical sy mptoms often result in delayed consultation, especially among senior citizens who may already have limited mobility or access to healthcare facilities. In many communities, particularly outside urban centers, cost concerns and distance from hospitals further contribute to late diagnosis. Certain populations face higher risk. Filipinos living with diabetes, heart disease, lung conditions,

or weakened immune systems are more susceptible to severe pneumonia. Smoking, poor air quality, and crowded living conditions also increase vulnerability. Children and the elderly remain the most affected, reflecting gaps in preventive care and early intervention. Experts agree that prevention must be a cornerstone of the country’s pneumonia response. Vaccination, in particular, was emphasized as a highly effective tool. According to Dr. Aguilar, vaccines help prevent common causes of pneumonia and significantly reduce the severity of illness. “Vaccination doesn’t just protect individuals but also reduces hospitalizations and complications,” she emphasized.

Vaccine hesitancy HOWEVER, vaccine hesitancy and misinformation continue to hinder uptake. Dr. Solante addressed the common belief that only the frail or elderly need protection. “Even healthy adults can develop severe pneumonia,” he said. “Prevention should be viewed as part of routine healthcare, not an optional measure.” The discussion also underscored the broader implications for the Philippine healthcare system. Preventable pneumonia cases place additional strain on already stretched public

hospitals, particularly during peak seasons for respiratory infections. Early consultation and vaccination, experts noted, can help reduce the burden on emergency rooms and inpatient services. The role of public awareness and media in reshaping public perception were also emphasized during the online discussion. Clear, consistent messaging can help Filipinos recognize warning signs earlier, understand the benefits of vaccination, and seek timely medical care, and awareness is not just about information but about changing behavior.

Shared responsibility FOR Dr. Aguilar, pneumonia prevention is a shared responsibility, where individuals must pay attention to symptoms and seek care promptly, healthcare providers must reinforce preventive practices, and institutions must continue investing in education and access. “Early action saves lives,” she said. “Pneumonia is preventable, treatable, and manageable if we act in time.” As the Philippines continues to strengthen its healthcare system, experts stress that reducing pneumoniarelated deaths will depend not only on medical advances but also on public awareness, early intervention, and sustained preventive efforts.

NCD cases on the rise this holiday season–DOH Filipino-Indian group conducts

dental, medical mission in Cavite

By Claudeth Mocon-Ciriaco

HE Department of Health (DOH) is currently monitoring the acute complications brought about by noncommunicable diseases (NCDs), noting that a rise in NCD cases was observed during the holidays. DOH Assistant Secretary and spokesperson Eric Domingo said that NCDs like stroke, acute coronary syndrome and bronchial asthma, due to overeating, excessive alcohol intake, and stress, increases during this holiday season. Data from the DOH showed that a total of 190 NCDs were recorded from December 21 to 28, 2025. These

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include 118 cases of acute stroke or brain attack; 49 cases of acute coronary syndrome or heart attack) and 23 cases of bronchial asthma.

Common occurrence THE DOH said that brain and heart attacks more commonly occur in men while bronchial asthma is more common in women.

The World Health Organization (WHO) says NCDs, also known as chronic diseases, are “the result of a combination of genetic, physiological, environmental and behavioral factors.” The main types of NCDs are cardiovascular diseases such as heart attacks and stroke, cancers, chronic respiratory diseases, and diabetes.

WHO likewise reports that cases of diabetes have alarmingly doubled to over 800 million cases globally in just 30 years. In the Philippines alone, a recent report disclosed that diabetes now ranks as the 5th leading cause of death, claiming the lives of over 15,000 Filipinos annually as of 2024.

Scientists explore new ways to slow breast cancer spread By Rizal Raoul S. Reyes Contributor

ANCER remains one of the leading causes of death in the Philippines. Data from the International Agency for Research on Cancer (IARC) show that the country recorded nearly 189,000 new cancer cases and more than 113,000 cancerrelated deaths in 2022. Globally, the situation is expected to worsen. IARC projects that new cancer cases worldwide could exceed 35 million by 2050, a 77-percent increase from 2022. Closer to home, the 2025 Philippine National Cancer Summit reported that more than 180,000 Filipinos are diagnosed with cancer each year, with an estimated 300 cancer-related deaths daily. These sobering figures underscore the urgent need for new and better ways to treat cancer.

A different approach to treatment IN an article titled “UP Chemists Synthesize New Hybrid Molecules That Limit Cancer Cell Spread,” University of the Philippines Diliman College of Science chemists Christian Angelo Concio and Dr. Susan Arco, together with researchers from Taiwan led by Dr. WenShan Li, shared promising findings

that could help address this challenge. Rather than focusing on killing cancer cells outright, the team explored a new way to slow down the spread of breast cancer at the molecular level. Their research introduced newly designed compounds that block a specific enzyme linked to cancer growth and metastasis, or the spread of cancer to other parts of the body. “These compounds, which we call lithocholic acid–diindolylmethane or LCA-DIM hybrids, work by stopping an enzyme known as sialyltransferase,” Concio explained.

How cancer hides from the body SIALYLTR ANSFER ASE plays a key role in a process called sialylation, where sugar molecules known as sialic acids attach to the surface of cells. In many cancers, this process becomes e xcessive —a cond it ion called hypersialylation. “W hen cancer cells are hypersia lylated, t hey essentia l ly coat themselves with sugar,” Concio said. “This allows them to hide from the immune system and makes it easier for them to grow and spread.” This sugar coating acts like a disguise, preventing the body’s defenses from recognizing and attacking cancer cells. It also disrupts normal cell behavior, helping tumors move

and invade other tissues.

Targeting the right enzyme IN their study, the scientists focused on two related enzymes, ST6GAL1 and ST3GAL1, both involved in adding sialic acids to cells. While both are linked to cancer, certain cancers tend to rely more heavily on one enzyme than the other. The researchers found that their newly developed compounds were particularly effective in targeting ST6GAL1, an enzyme commonly overproduced in aggressive cancers. “This selectivity is important,” Concio noted. “By targeting the right enzyme, we can potentially improve treatment effectiveness while reducing unwanted side effects.”

Promise for aggressive breast cancer THE compounds also showed strong results against triple-negative breast cancer (TNBC) cell lines. TNBC is one of the most aggressive and difficultto-treat forms of breast cancer because it does not respond to many standard therapies. The idea behind the new compounds came from earlier research showing that indoles, stable chemical compounds with anticancer potential, play an important role in blocking

sialyltransferase. By combining indole-rich compounds with lithocholic acid—a known enzyme blocker—the team was able to create more powerful and precise inhibitors.

A gentler way forward UNLIKE traditional chemotherapy drugs such as doxorubicin, which directly kill cancer cells but often cause severe side effects, the new approach works differently. “Our goal is not just to destroy cancer cells,” Concio explained. “We want to stop them from spreading. By slowing metastasis, we can help make cancer a more manageable disease.” While the current study focused on breast cancer, the researchers plan to test this strategy on other cancers known to have high levels of ST6GAL1, including pancreatic and ovarian cancers. The next phase of research will involve testing the compounds for safety and effectiveness in animal models. The study, titled “Novel lithocholic acid–diindolylmethane hybrids as potent sialyltransferase inhibitors targeting triple-negative breast cancer: A molecular hybridization approach,” was published in RSC Medicinal Chemistry, an international journal focused on drug discovery and medicinal research.

TOTAL of 1,000 persons benefited from the dental and medical mission conducted recently by the Filipino Indian Commerce and Welfare Society Inc. (FICWSI) in Cavite. Manjinder James Kumar, Founder and President of the FICWSI said that they provided free dental medicines for 100 persons and donated medicines for 600 adults and 300 pediatric patients on December 19, 2025. The medicines donated are vitamins, some over the counter antibiotics, and maintenance medicines. FICWSI also distributed 25 wheelchairs. “This partnership between the private sector, local government, and the community truly reflects the spirit of service, compassion, unity, and bayanihan. Together, we continue to serve and uplift lives,” Kumar said as he thanked Cavite 5th District Rep. Atty. Roy M. Loyola, together with Board Members Ivee Reyes and Aidel Belamide, for their strong support in making the FICWSI dental and medical mission a success.

MANJINDER JAMES KUMAR, Founder and President of the Filipino Indian Commerce and Welfare Society Inc., and Cavite 5th District Rep. Roy M. Loyola with one of the beneficiaries during the dental and medical mission, providing free consultations, medicines and vitamins for the residents of GMA and Carmona in the province of Cavite. He also thanked the local government officials of GMA, Cavite and the Carmona City Health Office for their invaluable cooperation and support. Claudeth Mocon-Ciriaco

Healthcare expo to feature exhibitors from IT sector

By Patrick Villanueva

HILIPPINE Pharma & Healthcare Expo, the biggest pharmaceutical, medical and healthcare event in the Philippines will feature exhibitors from the IT (information technology) sector, a booming industry in the healthcare sector. Scheduled from January 28 to 30, 2026, at the SMX Convention Center, Manila, the much anticipated 3rd edition of the event is positioned to be the leading platform for collaborations and innovations in the ASEAN pharmaceutical and healthcare sector. The event will feature exhibitors from the IT sector that will provide software and related solutions to the pharmaceutical and healthcare industry. The event will address several topics that range from pharmaceutical advancements, healthcare

innovations, technology transfer, medical tourism to trade opportunities. It also expects to host a diverse range of participants from medical professionals, pharmacies, hospitals as well as importers and exporters of medical devices, surgical and lab equipment. Exhibitors from other countries such as India, Malaysia, Thailand, Vietnam, Egypt, South Korea, China, Ireland, Italy, Singapore, and other nations, including the Philippines, will be attending the event as well. The expo is expected to house 110 exhibitors and more than 4,000 visitors. It will also host over 200 scheduled business-to-business (B2B) meetings. The Philippine Pharma & Healthcare Expo 2026 is organized by Genesis Global Exhibitions and Ace Group, alongside AIEC as co-partner and Vatsala Consultancy as the local partner.

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Thursday, January 1, 2026

PHL gets gavel as Comm. of Permanent Reps. chair for 2026 at Asean ceremonial handover ceremony

HE Mission of the Philippines received the gavel from the Mission of Malaysia, which signified the Committee of Permanent Representatives’ (CPR) chairship transfer. This was fulfilled with the handover of the gavel from Malaysia’s ambassador and permanent representative Sarah Al Bakri Devadason to the Philippines’ ambassador and permanent representative Evangeline T. Ong JimenezDucrocq, who will serve as incoming chair of CPR for 2026. The ceremonial handover was held in Jakarta on December 9, 2025—a tradition for the CPR com-

posed of the heads of mission of the eleven Asean member states and was witnessed by Asean Secretary General Dr. Kao Kim Hourn. In her valedictory remarks, Devadason noted three key achievements during Malaysia’s chairship: Timor Leste’s entry as a full member state of the bloc and the former’s welcome to the CPR; the adoption of various milestone documents, including the Asean Community

AMBASSADOR and permanent representative Sarah Al Bakri Devadason (left) hands over the gavel to Philippine counterpart Evangeline T. Ong Jimenez-Ducrocq (right). JAKARTA PM

Vision 2045 which charts the organization’s course for the next 20 years; and the affirmation that Asean retains its convening power as a relevant platform for external partners where centrality matters. Secretary General Dr. Kao Kim Hourn commended Malaysia’s theme of “Inclusivity and Sustainability” that built upon Asean’s commitments. He affirmed support for the Philippines’ 2026 chairship. Dr. Hourn noted that, under the theme of “Navigating Our Future, Together,” navigators are not only tasked to chart a course and lead the way, but are challenged to make adjustments when necessary. Observing that the Philippines has long been a nation of navigators, he was certain that this will animate the country’s able chairship of Asean in 2026. In her remarks, Ong Jimenez-

Ducrocq quoted the three challenges the secretary general identified during his visit to Manila in November: to deliver on the chair’s defining priorities; to carry out the ongoing and unfinished Asean priorities— including those that the previous ones handed over; and to address transformative but unanticipated events. The three elements, she noted, require different levels of effort, innovation and flexibility. She “rallied the troops” for this great task, then thanked permanent representatives in Jakarta and the Asean Secretariat for their support to the Philippines’ chairship, as well as national efforts in the Philippines to build the Asean Community. She congratulated Malaysia for its success, then noted its team in Jakarta’s joy and beaming confidence after a year of successful initiatives.

PE-S. Arabia marks Asean family day New York names street after Rizal, honors hero’s ideals & alongside member states’ embassies Filipino migrant community T HE Philippine Embassy in Riyadh, together with counterparts from Asean member states accredited to Saudi Arabia, participated in the Asean Family Day on December 13, 2025. The event was organized by the Embassy of Brunei Darussalam as Asean Riyadh Committee (ARC) chair for 2025. Ambassador of Brunei Darussalam to Saudi Arabia and outgoing ARC chair Harun Junid opened the event with his remarks. He then handed over the Asean chairship token to the ambassador of Malaysia to Saudi Arabia and incoming ARC chair, Dato’ Syed Mohamad Bakri Syed Abdul Rahman. The event showcased a variety of local cuisine from ARC members Brunei Darussalam, Republic of Indonesia, Malaysia, Republic of

THE symbolic Asean handshake by Nay Myo Oo (Republic of the Union of Myanmar, from left) S Premjith (Republic of Singapore), Dr. Abdul Aziz Ahmad (Republic of Indonesia), Raymond R. Balatbat (Republic of the Philippines), Harun Junid (Brunei Darussalam), Dato’ Syed Mohamad Bakri Syed Abdul Rahman (Malaysia), Hoang Huu Anh (Socialist Republic of Vietnam), and Natee Kong (Kingdom of Thailand) RIYADH PE

the Philippines, Republic of Singapore, Kingdom of Thailand, and the Socialist Republic of Vietnam such as laksa, pad thai, Vietnamese

Fil. envoy is guest of honor at French town’s parade

coffee, teh tarik, pancit palabok, and many others. The embassy said the annual event fosters cross-cultural en-

gagement and strengthening cohesion among Asean diplomatic missions by nurturing a shared sense of community and identity.

Phil. Consulate Gen.-Barcelona marks Rizal’s death anniversary in Andorra

AMBASSADOR Eduardo José de Vega (right) receives a token from Mayor Gérard Spinelli.

ARIS—The Philippines’ top envoy to France Eduardo José de Vega witnessed the festivities and illumination of the French town of Beausoleil led by its mayor Gérard Spinelli on December 5. De Vega joined Spinelli in the annual Parade of Lights celebrated in December. Large inflatables, a marching band and various performers danced and walked around the main avenue of the town as the crowd cheered on the side of the road. For Filipinos there, the celebration felt like home, as many in the crowd greeted and shook hands with the Filipino envoy. For the embassy, the presence and engagement of the Filipino community in Beausoleil (“beautiful sun” in French) exemplified the strong people-to-people exchanges between the Philippines and France. Beausoleil is a commune in the Provence-Alpes-Côte d'Azur region in Southeastern France with a population of 15,000, and home to 1,000 Filipinos. Spinelli also welcomed de Vega and the Philippine Embassy team into the Salle Jose Rizal (Jose Rizal Hall) in the town hall. It functions as a community center hosting sociocivic activities and community engagements. With the Filipino community, de Vega expressed his profound gratitude to the town for honoring the legacy of the Philippine hero through the hall’s establishment. The milestone celebrated the two nations’ deep relationship, forged by cooperation and connected through mutual admiration and respect for “the Great Malayan.” Members of the Knights of Rizal were also present to support the event.

CONSUL GENERAL Maria Theresa S.M. Lazaro (sixth from right) with Philippine consulate general officers and staff. BARCELONA PCG

N the small European microstate of Andorra, nestled between France and Spain, a bronze likeness of Dr. José Rizal stands quietly in a public park—an unlikely but enduring marker of the Philippine national hero’s global reach. Ahead of the Rizal Day commemoration, the Philippine Consulate General in Barcelona, led by Consul General Maria Theresa S.M. Lazaro, paid a solemn visit to the hero’s monument at Parc Central in Andorra la Vella on December 5, 2025 as a reaffirmation of the continuing relevance of his ideals far beyond Philippine shores. The commemorative visit was also attended by the Philippine consulate personnel. There is no historical record of Rizal ever setting foot in Andorra, yet the memorial’s presence is not entirely odd, according to the consulate general. Rizal spent a significant period of his life in Barcelona—only a few hours away—where he wrote, organized, and sharpened the ideas that would later help shape the Philippine nationalist movement. For the consulate general, his intellectual and geographic proximity to the region lends the monument a quiet historical resonance. The bronze bust sculpted by Andorran artist Àngel Calvente was unveiled in 2012 to mark the 150th anniversary of Rizal’s birth. It stands in Parc Central among works by internationally renowned artists including

Salvador Dalí, whose sculpture in Andorra la Vella forms part of the country’s notable public art landscape placing Rizal, symbolically, in dialogue with figures of global cultural significance. Filipinos today comprise the largest Asian community in Andorra—a presence reflected in the monument’s continued relevance on the sidelines of the consular outreach and overseas voters registration held for the Filipinos in the principality. With the theme “Rizal: Sa Pagbangon ng mga Mamamayan, Aral at Diwa Mo ang Tunay na Gabay” (“Rizal: As Our People Rise, Your Teachings and Wisdom Guide Our Way”) Lazaro highlighted the Filipinos’ positive contributions to Andorran society. “The community’s favorable reputation reflects values long associated with Rizal: integrity, excellence, civic responsibility, and respect for others,” Lazaro said. “Filipinos overseas continue to embody his teachings through professionalism, dedication to work, and meaningful engagement with their host societies.” For the consulate, the observance underscored its commitment to “preserving and promoting Philippine history, culture, and national identity abroad, while ensuring that Rizal’s legacy—rooted in reason, dignity, and service—remains a source of guidance and inspiration for Filipinos wherever they may be.”

CONSUL GENERAL Senen Mangalile, council member Julie Won, assembly member Steven Raga, Congressmember Grace Meng, and representatives from various chapters of Knights of Rizal and Filipino-American organizations in New York MICHAEL MAGSOMBOL-KNIGHTS OF RIZAL, ASTORIA CHAPTER

N intersection in Woodside, Queens, New York was named “Dr. José Rizal Way” on December 12, 2025, an enduring recognition of the Philippine national hero’s significant influence on the Filipino and Filipino American community in an area known for its large population of the said groups. The street co-naming was made possible through the initiative of Steven Raga, who is the first Filipino-American elected to the New York State Assembly, with New York City Council Member Julie Won advancing the necessary legislation for the intersection of Woodside Avenue and 58th Street in Queens—the largest borough of New York City. Won noted that the co-naming reflects the growing Filipino presence in her district and Woodside’s identity as a community shaped by generations of immigrants. “It’s an honor to co-name an intersection…after Dr. José P. Rizal…in my district and beyond,” she said. “This co-naming speaks to our ethos as a district of immigrants, and honors the contributions and culture of our neighbors in the Filipino diaspora.” During the unveiling ceremony, Consul General Senen T. Mangalile delivered a resonant speech connecting the historical legacy of Dr. Rizal to the contemporary Filipino migrant experience. He

highlighted that the hero’s fight was not limited by geography, as the ideals he championed were universal and remain acutely relevant today; specifically, the pursuit of equality, anti-colonialism, and women's rights. Mangalile drew a direct parallel between Rizal’s global perspective and the current generation of Filipino migrants who embody these universal ideals through their resilience and contributions enriching the diverse, multicultural fabric of New York City. The embassy official extended his heartfelt gratitude to the entire Filipino community, with a special acknowledgment of the dedication shown by all chapters of the Knights of Rizal in New York. He said their steadfast commitment and collaborative efforts were instrumental in bringing this tribute to fruition. “The renaming of this intersection is a beautiful and inspiring result of our community working together toward a common goal,” said Mangalile. “It stands as a testament to the power of unity and our collective pride in our heritage.” Aside from Mangalile, Won and Raga, Congressmember Grace Meng and representatives from the various chapters of Knights of Rizal and Filipino-American organizations in New York graced the ceremony.

B6 Thursday, January 1, 2026

JA Philippines’ head makes history as first Filipino to win JA Worldwide’s ‘Jonas Prising Lifetime Achievement’ Award

n a proud milestone for the country, Dr. Krishna C. Alejandrino, Executive Director of Junior Achievement (JA) Philippines, has become the first Filipino to win the prestigious Jonas Prising Lifetime Achievement Award from JA Worldwide. This award celebrates visionary leaders whose sustained dedication has helped transform the lives of young people through JA programs.

Presented on the last night of the 2025 Global Leadership Conference (GLC) recently held in Rio de Janeiro, Brazil, the award honors a JA network professional who has demonstrated exceptional leadership and long-term commitment to advancing JA’s mission of significantly strengthening the growth, reach, and impact of JA learning experiences within their country. Indeed, Alejandrino’s recognition shines a spotlight on his inspiring 18-year journey with JA Philippines, which reflects the very transformation he strives to inspire in young people, evolving from a student participant to an award-winning mentor, and ultimately, to Executive Director. His ground-up experience shaped a leadership style centered on empathy, innovation, and impact—guiding JA Philippines through extraordinary

JA Philippines Executive Director, Dr. Krishna C. Alejandrino, receives the Jonas Prising Lifetime Achievement trophy from Junior Achievement Worldwide CEO Asheesh Advani. growth—from 20 schools to more than 16,000 nationwide and from a team of three serving 600 students to over 30 professionals serving more than 500,000 students each year, empowering youth with essential skills in work readiness, entrepreneurship, and financial literacy. Beyond expanding the organization’s reach, Alejandrino has built a more inclusive and innovative JA Philippines that supports students, out-of-school youth, teachers, and persons with disabilities through strategic partnerships and diverse programming that ensures no learner is left behind. In his emotional speech, Alejandrino said that he and his team, as well as supporters, had believed in the mission long before the world noticed. “This recognition of our achievement at JA Philippines reminds me that great transformations start from humble beginnings. Starting with limited resources, but with enormous hope, our small operations throughout the years steadily grew to a national

movement to empower Filipino youth. To my JA Philippines team and our colleagues from JA Asia Pacific, the teachers, our volunteers, and our partners, I share this great honor with all of you,” he said. Alejandrino was chosen among 11 nominees who all have served as chief executive of a JA member location for at least eight years. During this tenure, each nominee’s location must have shown a consistent record of student growth, either in the number of student experiences or in total contact hours, for each of the past five years. Alejandrino bested other nominees that include JA chief executives from Ecuador, Iceland, Lebanon, Algeria, Malaysia, Qatar, Singapore, Serbia, Lithuania, and Bahrain. Joining Alejandrino at the JA Global Leadership Conference in Rio was JA Philippines Board Member Anna Chua-Norbert, Chief Culture Officer of DDB Group Philippines, a committed partner of JA Philippines since 2008, supporting its mission of equipping Filipino youth to succeed in an ever-evolving world. Sitting also as member of the JA Philippines Board of Trustees is DDB Group Philippines Chairman Gil G. Chua. Held every two years, the JA Worldwide Global Leadership Conference (GLC) brings together leaders from 123 countries to celebrate the changemakers shaping the future of global youth education, while the GLC Awards honor the best of the global network whose work exemplifies the Junior Achievement mission to catalyze economic development by preparing young people to succeed in a global economy. As a four-time Nobel Peace Prize finalist, JA Worldwide has earned its place among the world’s most impactful organizations, uplifting millions of youth through entrepreneurship, work readiness, and financial literacy.

Foundever® in the Philippines helps bring renewable energy, hope to Aeta school in Zambales

LISA Tech Philippines launches innovative smart classroom tools to transform education

ISA Tech Philippines marked a major milestone with the launch of its innovative Smart Classroom tools at a well-attended event held at Makati Diamond Residences. The launch brought together school leaders, educators, IT directors, and education technology advocates to explore how thoughtfully designed technology can support teaching, learning, and school operations across the Philippines. Led by Elijah John Lao, Founder and CEO of LISA Tech Philippines, the grand launch showcased a range of integrated Smart Classroom tools designed to enhance lesson delivery, streamline classroom management, and support school-wide digital transformation. From interactive displays and classroom tools to school management systems and smart campus solutions, LISA Tech’s offerings are built to address real classroom and institutional needs. The keynote address was delivered by Dr. Dave E. Marcial, Director of the Dr. Mariano C. Lao Global Studies Center and Dean of the College of Computer Studies at Silliman University, who highlighted the growing importance of technology in building resilient, future-ready educational institutions. A fireside discussion on the Future of Education followed, featuring Engr. Michael V. Manguerra, Director for Academic Support

for Instructional Services and Technology (ASIST) at De La Salle University Manila, and Mr. Francis Jim Tuscano, Grade School EdTech Coordinator at Xavier School San Juan. The panel shared practical insights on digital transformation, cybersecurity readiness, and classroom technology integration, based on the realities faced by schools today. Live demonstrations allowed participants to experience LISA Tech’s Smart Classroom tools in action, including classroom display systems, school management systems, smart payment solutions, and learning space technologies designed to support both teachers and administrators. “Imagine using these tools in a classroom. It makes teaching more efficient and more effective,” said Lao. “Our goal is to provide schools with well-designed, high-quality solutions that genuinely support educators— whether in the classroom, across campus, or in daily school operations.” The event concluded with networking sessions and a group photo opportunity, reflecting a shared commitment among participants to building more connected, technology-enabled learning environments For more information, visit https://www. lisatech.ph, email inquiry@lisatech.ph, or follow @lisatech.ph on Facebook and Instagram.

N a meaningful demonstration of its awardwinning commitment to sustainability and community impact, Foundever® in the Philippines helped provide solar panels and essential supplies to Judd Hendricks Memorial Aeta Integrated School in Zambales, reinforcing the values that earned the company recognition as part of the Circle of Excellence Awardee for the Sustainability Company of the Year at the 2025 Asia CEO Awards and Top Community-Centric Companies in Asia by the Asia Corporate Excellence & Sustainability Awards (ACES) 2025. The comprehensive donation, aligned with the 3G (Go Green Goal) campaign of Foundever in the Philippines, included the installation of a commercial solar panel system for the entire school, bringing sustainable, renewable energy to the indigenous community. This initiative reflects the same environmental stewardship that has distinguished the sustainability efforts of Foundever across its operations nationwide. The community was also provided with critical educational and livelihood support, distributing 38 boxes of school supplies, 140 school uniforms, 130 pairs of jelly shoes and slippers, over 300 kilograms of rice, food packages, cookware, emergency tools, fire extinguishers, raincoats, and carefully selected

clothing to students and faculty members. “This initiative, in partnership with one of our clients, embodies our #ForceforGood commitment and our 3G campaign principles—combining renewable energy solutions with direct community support to create lasting impact,” said Filipina Barbo, Senior Director for Operations and Site Director at Foundever in Pasig - Technopoint. The solar panel installation provides the school with sustainable, cost-effective energy while reducing environmental impact, a tangible example of how the sustainability initiatives of Foundever in the Philippines extend beyond corporate operations to empower underserved communities. The comprehensive support package addresses both immediate educational needs and long-term infrastructure development for the Aeta community.

“Supporting indigenous education through sustainable solutions represents the intersection of our environmental goals and our community development mission,” added Barbo. This initiative exemplifies the integrated approach of Foundever in the Philippines to corporate social responsibility, combining the company’s award-winning sustainability practices with meaningful community impact that transforms lives while protecting the environment. Along with this initiative, Foundever in the Philippines practices sustainable living from within – through recycling e-waste, adapting to digital transformation, nurturing certified green buildings and operating on renewable sources of energy in their very own offices.

UNISOL Marks 10 Years of Filipino Craftsmanship

In the middle is Jonas Quilantang, Unisol President with his team

NISOL, the Filipino heritage workwear company founded by Jonas Quilantang, marks its 10th year with a bold declaration: the next five years will shape its legacy as the country’s frontrunner in sustainable, culturally rooted, and fully Philippinemade uniforms. For ten years, UNISOL has grown quietly, not in the spotlight, but in the hands of Filipino artisans, the rhythm of sewing machines, and the steady heartbeat of communities whose stories are woven into every thread. What began with a single leaf — piña, our heritage fiber — has transformed into uniforms that honor culture, uplift livelihoods, and celebrate the soul of Filipino craftsmanship. “From Farm to Workwear” is more than our process; it is our promise: to carry forward the pride, purpose, and people behind every garment we create. What began 10 years ago with a handful of machines and a vision has grown into a pioneering movement, one that merges heritage textiles, modern manufacturing, and community-driven sustainability. Quilantang reflects on the journey: “When we started UNISOL, it wasn’t glamorous. It was messy. Manual. Slow. But we had one thing most didn’t — a clear purpose.” “While others built their brands from the front, we spent a decade quietly building ours from the back — brick by brick, machine by machine, stitch by stitch,” he said.

At the heart of UNISOL’s evolution is its philosophy of “From Farm to Workwear,” a journey that transforms Philippine tropical fibers into durable, modern workwear. By integrating piña, pineapple leaf fibers, and other local textiles into uniforms crafted for real-world institutional needs, UNISOL offers a powerful proposition rarely seen in the industry: Heritage + Durability + Modern Uniform Systems Sustainability through renewable tropical fibers Local livelihood by working with Filipino weavers, farmers, and artisans Cultural storytelling embedded in every garment Scalable systems for banks, hotels, schools, LGUs, restaurants, and corporate clients This unique blend sets UNISOL apart from generic uniform manufacturers, giving organizations a chance not just to wear a uniform, but to wear a story, support local communities, and showcase Filipino identity. For ten years, UNISOL invested heavily in what the public rarely sees: Establishing its own manufacturing backbone Standardizing product lines and quality processes Creating a streamlined ordering and booking system Training teams who understand that craftsmanship and technology can co-exist “We weren’t focused on being first in the market — we were focused on being ready when the moment came,” Quilantang shares. “And today, after years of learning, failing, fixing, and improving — we finally found our place.” UNISOL now stands as a 100 percent Filipino-made heritage workwear company that proves the Philippines can lead in sustainable, world-class uniform solutions. From 2026 to 2030, the company aims to solidify its position as the go-to sustainable uniform brand for industries that reflect the nation’s backbone: Banking Hospitality Food service Education Local government units And institutions seeking meaningful, responsible uniform choices “We’re proud to be part of a movement proving that ‘Made in the Philippines’ isn’t just a label — it’s a legacy,” Quilantang says.

First in Visayas: Power Mac Center Apple Premium Partner store opens in SM City Iloilo

OWER Mac Center (PMC) is marking another first in its 31-year history. The first-ever Apple Premium Partner (APP) store in the Visayas opens at SM City Iloilo, bringing the one-stop complete Apple experience closer to more customers nationwide. With the highest classification of reseller stores worldwide, an APP is distinctly minimalist, modern, and contemporary in design, mirroring the experience in an Apple Store where retail, service, and training are all in one place. In the Philippines, only PMC is authorized to open APP stores yet. “Finally opening an Apple Premium Partner store in the Visayas is a celebration of the journey where we constantly reinvent how we serve customers. Through this new hub, we hope to build a stronger, more connected community of Apple fans that put technology to good use, not only in Iloilo but the entire geographical region,” said PMC Director for Marketing and Product Management Joey Alvarez. As PMC continues to grow, it brings communities with it, creating jobs and extending support to help them develop their own ventures. With APP stores offering retail, training, and service altogether, opportunities for career growth among local talents are aplenty, ultimately contributing to a livelier local economy. Every store also has a broader mission: to bridge the implementation of the Apple ecosystem to workplaces, organizations, schools, colleges, and universities. As an Apple Premium Partner, Apple Premium Reseller, Apple Authorized Education Reseller, Apple Authorized Service Provider, and Apple Professional Learning Provider, Power Mac Center is fully equipped to deliver expert advice and service to organizations in Iloilo and the entire Visayas looking to streamline their operations and elevate their stakeholder experience. During the weekend opening of the first Apple

Premium Partner (APP) Store in the Visayas, customers at Power Mac Center SM City Iloilo enjoyed exclusive promotions, including up to P20,500 off on select Apple devices, P2,700 off on AirPods, P2,490 off on Apple TV, P1,500 off on accessories, up to 90 percent off on premium accessories, and up to P1,000 additional on trade-ins, along with installment and credit card discounts of up to P33,000 on Macs and iPhones, all subject to terms and conditions. Guests also joined free in-store group demos to maximize their devices and took advantage of 50 percent off diagnostics and non-repair services, exclusive to PMC SM City Iloilo customers. All purchases and service transactions completed at the new PMC SM City Iloilo APP store earn customers one Infinite loyalty rewards. The premium rewards program grants customers points they can use to redeem premium devices, accessories, and select services and training courses. Members are also entitled to up to 50 percent discount on Apple training courses and other exclusive perks from Basecamp and Mobile Care, PMC’s official training and service arms. To participate, new and existing members can simply download the 1 Infinite app from the App Store <http://bit.ly/4hljdr2> or Google Play <https://bit. ly/42ovsyK> and create an account or log in using their registered email address. Full details on the loyalty program are available at <powermaccenter. com/pages/1-infinite>. Power Mac Center Apple Premium Partner SM City Iloilo is on the 3rd Floor, open daily from 10 AM to 9 PM. It is the 11th APP store nationwide, counting nine in Luzon and NCR and one in Mindanao. Get first dibs on the latest in technology by following the OFFICIAL Power Mac Center accounts on Facebook, Instagram, X, TikTok, Viber, and YouTube.

www.businessmirror.com.ph • businessmirror.lifestyle@gmail.com

Parentlife BusinessMirror

Editor: Gerard S. Ramos • Thursday, January 1, 2026

MY numerous adventures with my best friend of more than 30 years, Liza Ang.

HOLIDAY STRESS? IT’S TIME YOU GO BED ROTTING IF you’ve been just about everywhere for the holidays—in the mall buying gifts, at relatives’ homes attending family reunions, in the kitchen preparing Noche Buena, and in church for Simbang Gabi—then no one can fault you for wanting to spend any free time you have left bed rotting. Bed what? It’s Generation Z’s self-care term for lying in bed all day to sleep, eat, scroll mindlessly through social media, binge-watch your favorite K-drama—whatever you want, you call the shots. “At a time when we try to squeeze in as many activities as we can in a day, it’s only natural to step away from all the busyness to decompress, breathe, and simply do nothing,” acknowledges Anna Marie Lantano, MD, psychiatrist from the country’s top hospital Makati Medical Center (MakatiMed, www.makatimed.net.ph). Other countries and cultures, in fact, have their own version of bed rotting. In The Netherlands, “niksen” means embracing idleness and relaxation; in Italy, “dolce far niente” translates to “the sweetness of doing nothing.” “Bed rotting, which first trended on TikTok, isn’t about being lazy if done sparingly and for a specific purpose,” Lantano continues. “It’s all about giving yourself permission to take a break from the world.” Here’s a tip though: Be aware about how you stay in bed, as if there’s a fine line between selfcare and self-sabotage. “Give yourself enough time to rest without compromising your responsibilities,” the MakatiMed doctor recommends. “Schedule it on a day or weekend when you can take off. Anything longer can make it difficult to get back into the real world. Make sure you’re not using bed rotting as a way to avoid certain people, feelings, or responsibilities.” While there are no rules about what you can or can’t do when you bed-rot, taking your work to bed with you defeats the purpose of this mental health break. “Resist the urge to answer emails from your boss, catch up on a backlog of reports, or make a PowerPoint presentation,” says Lantano. “Allow yourself to indulge in watching shows or movies online. Another way is to just rest without any gadgets.” Want to shake things up? Read an actual book instead of Facebook. Phone a friend instead of texting them. “Bed rotting doesn’t necessarily mean cutting yourself off from the world,” Lantano clarifies. “Use the time to reconnect with loved ones through a voice or video call.” Sleep is definitely part of bed rotting; it’s relaxing and recharging all at once. Experts, however, fear that having some shut-eye during the day might disrupt your sleep at night. “Try napping for a few minutes after lunch,” suggests Lantano. Although it is called bed rotting, the expert encourages you to get up from bed every 2-3 hours to walk and stretch. “This promotes circulation and reduces the risk of blood clots.” Finally, if you’re going to bed-rot, commit to it. “Feeling guilty for ‘doing nothing’ has no place in a mental health day,” says Lantano. “Think of bed rotting as a reward for all that you do for others, and how much better you’ll be once you get back in the swing of things.”

Blessings, relationships, and new beginnings: A Mommy No Limits decade

AMILIES around the world will remember 2025 as a year of contrasts: technological leaps and climate alarms, wars and peace talks, inflation and small recoveries. In the Philippines, we felt our own tremors. Yet between the headlines, there were also quieter victories: communities helping in disasters, our country’s sports’ achievements, and parents building better routines. For me, this new year carries a deeply personal milestone: Mommy No Limits turns 10 at BusinessMirror. When the column began in 2016, I simply wanted a space to tell my truth about motherhood—the messy parts, the funny parts, the moments when you doubt yourself, and the tiny miracles that keep you going. Over the years, I have written about parenting in a digital age, raising children with grit and joy, honoring grandparents, going through critical child development milestones, including lockdowns, and the challenges of school life. Each column has been a postcard from my own journey, offered in the hope that another parent might feel less alone. I’m truly humbled that this “postcard” has become an opportunity for a professional path. To be trusted by readers and editors for a decade is a gift I don’t take

lightly. It allowed me to explore topics close to my heart: mental health, gratitude, faith, women’s health, as well as navigating loss. From the beginning, my goal was not to present a perfect mom, but to share the reality and meaning of my parenting life side by side with the “me” who continues to evolve. I have always believed in protecting the “i-parent” within us—the self that needs rest, growth, and boundaries. I have encouraged parents to see themselves not just as providers and chauffeurs, but as whole persons whose dreams and well-being shape the emotional climate of the home. Many of my favorite pieces were born on the road. I have written from airplanes and lounges, fencing competitions and family trips. Travel gave me metaphors for parenting: missed flights and second chances, wrong turns that led to better views and the quiet comfort of returning to a familiar bed. Through these journeys, I learned that “Mommy No Limits” does not mean doing everything; it means keeping our hearts open to new experiences while knowing when to pause. Across these 10 years, one theme keeps returning: relationships. I have written about my family, teachers who shaped us, coaches who pushed us, helpers who became family, and friends who journeyed with me. Their presence has reminded me that parenting is never a solo sport. It’s great to be open to people handing you courage when you are too tired to keep going. Today, I want to honor one of the most unique relationships I have been blessed with for more than three decades: my best friend Liza Ang. After I left St. Jude for New York in 1993, Liza and I developed our friendship. In St. Jude, I was her scout leader, and she did not necessarily like me. Our friendship truly deepened during those pre-email years, where our

snail mail letters became lifelines. Each handwritten note brought me comfort and helped us discover how well we actually complemented each other. When I came home for good, it was a blessing that our strict dads were good friends. Asking permission to go out was easier if we were going out together—though we never dared stretch Liza’s 11:30 pm curfew. Ours is a best-friendship marked by my frequent absences. “Absent daw ako palagi,” as she jokes. Yet Liza, as anyone who knows her can attest, is one of the most patient souls on earth. Outside of my husband, she is the person who takes care of me—from my health to my fashion choices. She is the kind of friend whose love quietly compels her to help people around her become better. Today we both have two children: a girl followed by a boy. Mine are Meagan and Marcus; hers are Morgan and Maxwell. We are sisters for life. Liza has taught me to fight for myself, to draw lines when necessary, and never allow anyone to trample on my principles. As we close 2025, I find myself counting not just events but people. Some relationships ended because they were toxic and for that, gratitude is possible too—because letting go created space for healing. Other relationships deepened quietly through shared passions, school reunions, work trips, or simple “kumusta?” messages during. So as we step into 2026, may we carry this resolve: to treasure the circles that nourish us, release the ties that drain us, and stay open to the new hearts that grace will send. The world may not grow simpler, but our lives can grow clearer. Let this new year be a gentle turning of the page—where we choose relationships that bring out our truest selves, parent with courage, and protect the “i-parent” within. Thank you again, BusinessMirror and to Mommy No Limits readers, for the trust all these years. Happy New Year, everyone!

BEYOND THE COURT: UPMBT PLAYERS SHOW THEIR ‘TOP LOVE & CARE’ IN TOPBREED’S LATEST COMMUNITY INITIATIVE THE University of the Philippines Men’s Basketball Team (UPMBT) proved that their strength extends far beyond the hardwood as they joined TopBreed’s Top Love & Care Day, a heartwarming community initiative dedicated to bonding with the UP Emotional Support Animals (UP ESAs). In a touching display of warmth and compassion, the team spent the day learning about pet welfare, comforting rescue animals, and sharing moments of pure joy with the pets who provide psychosocial support to students and staff across campus. Led by Universal Robina Corp.’s (URC) pet care brand TopBreed, the event highlighted how genuine care can empower a community, and how athletes can inspire it. The UP ESAs, founded in 2019 and supported by volunteer groups such as Friends of Campus Animals-UP (FOCA UP), play a vital role in alleviating

stress, anxiety and emotional fatigue among students and faculty. Through training, medical care, and frequent engagement activities, these animals bring comfort to the campus community, making the players’ visit all the more meaningful. For UP ESA member Christian Arranz, the day was a reminder of how much joy the ESAs bring to the

university. “Our ESAs have helped spread top love and care in our university with their cuteness and unconditional love for every single person here—students, faculty members, and staffers— by just being there and being available for petting every single time.” Meanwhile, guard and team captain Gerry Abadiano emphasized

how much the team benefits from moments like these, especially in the middle of demanding training schedules. It was a well-deserved break from training and a chance to give back to the dogs that have been instrumental in alleviating the stress and anxiety of their community. “Kahit mainit and umulan, nakakawala sila ng pagod at nawawala ’yung mga stress namin. Para sa akin, deserve nila ng mas marami pang time tulad nito, for us to bond and play with them. They definitely deserve the top nutrition we can give.” TopBreed continues to champion pet health and well-being through nutrition, wellness and advocacy-driven initiatives like this one. By bringing the UPMBT closer to the ESAs, the brand underscores its commitment to elevating pet care standards while nurturing a community built on empathy, care and connection.

THE UP MBT members enjoyed carrying the ESA pets around.

Sports BusinessMirror

B8 Thursday, January 1, 2026

mirror_sports@yahoo.com.ph | Editor: Jun Lomibao

PCG at PSC helm: One excellent mix JOHN PATRICK GREGORIO: Sportsman, tourism and hospitality guru and Ten Outstanding Young Men awardee—the Philippine Sports Commission couldn’t ask for more. PSC PHOTO

or two to put together the atoms and molecules when challenges come around. “Brave heart, that’s very nice. Apt description,” he said. “But to some, it’s political will. To some, it’s strong leadership. If your effort is sincere, people will adjust and support your leadership style.”

Malacañang support

ALL political and government appointments lead back to the Palace and from Day 1, John Patrick Gregorio’s gotten the trust and confidence of President Ferdinand “Bongbong” Marcos Jr. and First Lady Liza Araneta Marcos. “Super . All out. ‘Could not ask for more....101 percent,” said Gregorio of the President and First Lady’s love and support for sports. “The trust. The confidence. The inspiration…how lucky are our Atletang Pilipino.” To validate, the First Family were in gallant attendance to inaugurate gym and multi-purpose

and museum facilities at the PhilSports Complex.

POC-PSC harmony

THAT’S rare—a harmonious relationship between the Philippine Olympic Committee and the Philippine Sports Commission, which was established in 1990 and has seen six changing of the guard at the POC. “POC-PSC partnership is a must. It’s the left hand and the right hand, like a conductor in a philharmonic orchestra playing beautiful music for Philippine sports,” Gregorio said. POC president Abraham “Bambol” Tolentino? “I’ve known President Bambol for so long—that we don’t have to second guess each other,” he said. “We have the same objectives— more golds in next year’s Asian Games and 2028 Los Angeles Olympics,” he added. Tolentino’s response? “Now, we’re working together

with the PSC [Philippine Sports Commission] in a harmonious way,” said Tolentino, referring to his focus on another bumper year for Filipino athletes in 2026.”

Solid foundation

SPORTS and the corporate world do mix. “I have almost 40 years of solid, tough, nerve-wracking corporate experience,” John Patrick Gregorio said. “When I won the TOYM [Ten Outstanding Young Men] in 2003, I was 36, I won for my contribution to Philippine tourism, outside of my work; beyond expectations.” “I didn’t have to do it but I did it,” he added. All these experiences he’s been applying at the PSC. “I want to be recognized as the chairman who transformed PSC, a respected, pro-active government agency and I want everyone at the PSC to realize we can do it better, faster,” he said. “We can’t delay the development of our grassroots and national athletes, and if we dilly dally, they will not win.”

Blessed in both worlds

By Jun Lomibao

NLY six months in office and many say John Patrick “Pato” Gregorio has already accomplished more than the combined achievements of all his 12 predecessors who chaired the Philippine Sports Commission (PSC). This statement, of course, could border on exaggeration— said with due respect to the agency’s previous heads each of whom had unique leadership and management styles—but all that has been done by Gregorio since Day 1 on the job last July 1 is for everyone to see. To name a few—the increase in the monthly allowances of national team members, the digitalization of the PSC payroll, creation of the National Sports Tourism InterAgency Committee, partnerships with dozens of local government units and government agencies and departments, improvement of PSC facilities and infrastructure, among others. So where is Gregorio coming from? “I’ve been exposed to Philippine sports since 2006 as executive director of the SBP [Samahang Basketbol ng Pilipinas] and I never left,” said Gregorio who also

had stints as secretary-general of the boxing association and even the Philippine Olympic Committee and prior to his appointment at the PSC, he was president of the rowing association. He, too, demonstrated his passion for cycling when he spearheaded the return of the Tour of Luzon, through its Great Revival edition only last summer. “I honestly and sincerely know what we have to do, what we have to address, what we have to solve,” he said as he emphasized that knowledge when in a single heartbeat concurred with the fielding of a 1,600-strong delegation to the recent Southeast Asian Games in Thailand—the biggest ever by the Philippines in any games staged overseas.

Does he ever get tired?

JOHN PATRICK GREGORIO’S passion and energy are incomparable, leading some to ask him: Do you ever get some sleep? “I get my energy from my passion. When I do or start something, I go all out. Maybe I have ADHD ? Hahaha,” said the chairman also known with the code CPCG at the agency. “But it’s actually my attitude, when I’m trying to achieve something relevant, it gives me that so called adrenaline rush.”

“I only get tired if I’m asked if I ever get tired,” he said. He never gets tired that he even hosts his own sports feature program at Rappler. One of the firsts that he’s remarkably done at the PSC was to open the Rizal Memorial Sports Complex in Manila and the PhilSports Complex in Pasig City to whoever—male or female, young or old—wants to get healthy through physical exercises.

HARMONY at work between Philippine Sports Commission chairman John Patrick “Pato” Gregorio and Philippine Olympic Committee president Abraham “Bambol” Tolentino. POC PHOTO

Hospitality and sports

JOHN PATRICK GREGORIO’S basics and background sit on the hotel industry where hospitality comes first among other things. “My background is hospitality management—it’s no different form sports management … why? Because we deal we guests with high level of expectations, we always want to exceed expectations,” he said. He added: “We want guests to celebrate life. We want guests to say wow, we want to give them a memorable experience …. Think about it…. Athletes are like guests, like our children, like family.”

Call him braveheart

HIS gung-ho approach in sports— and managing the PSC—have earned accolades and appreciation. In fact, he’s been decisive most of the time, pausing only a second

PHILIPPINE Sports Commission (PSC) chairman John Patrick “Pato” Gregorio briefs President Ferdinand “Bongbong” Marcos Jr. in Malacañang with PSC OIC executive director Atty. Guillermo Iroy and Chief of Staff Loujaye Sonido. MALACAÑANG PHOTO

Tiger at 50: More about looking back than forward By Doug Ferguson The Associated Press

NOT even Tiger Woods can beat time—he turns 50 on Tuesday. AP

HE’S almost seen it all. John Patrick Gregorio, 59, who sharpened his young spurs at the University of the Philippines. “I told myself a long time ago ‘I will help our country as a government technocrat before I retire, corporate and entrepreneurial life has been so good to me, I am blessed and it’s time to give back,” he said. “As a leader, you need to make tough decisions, I just have until 2028, that will be quick that’s why every minute counts, no time to waste for the Filipino athletes, for their success.” Once that’s consummated, Gregorio said: “I can retire.”

ALK to any golfer who played against Tiger Woods and there is sure to be at least one story about one shot so sublime they were certain it could not be hit by them or anyone else. He was just different. Better. The 2-iron Woods hit into the parfive 10th hole at the TPC Sugarloaf led Stewart Cink to say, “This is a skill set I don’t have.” Padraig Harrington once saw Woods hit an 8-iron so majestic at Firestone that it got in his head and led to the Irishman making triple bogey. Nick Price played the opening two rounds with Woods at St. Andrews in the 2000 British Open and felt the tournament already was over. Mark O’Meara played a practice round with him at Pebble Beach before the 2000 US Open and told his wife before the championship started, “Tiger is going to win. And not only is he going to win, he’s going to blow away the field.” Woods won by 15.

For all those years, so many greats in the game could never relate to Woods. And now, finally, they can. Not even Woods can beat time. He turns 50 on Tuesday. It’s a milestone for anyone, but it’s different in golf because the sport can be played well after the age when athletes have long retired in other sports. Phil Mickelson won a major at 50. Jack Nicklaus made an early Sunday charge at the Masters when he was 58. With Woods, it’s complicated. He now is eligible for the 50-andolder PGA Tour Champions. He also has had more surgeries than the 15 majors he won. This is the first year he didn’t play a single tournament, the result of a ruptured Achilles tendon in March and a seventh back surgery in September. “I’m probably going to play 25 events on both tours and I think that should cover most of the year, right?” Woods quipped in the Bahamas when asked about turning 50. He won the US Open just eight days before reconstructive surgery on his left knee. He won the Masters two years after

surgery to fuse his lower back. But he hasn’t been the same since that 2021 car crash in Los Angeles. Woods has played 11 times the last five seasons, finished only four of those tournaments and hasn’t been closer than 16 shots to the winner. “Come back to what point?” Woods said. “I’d like to come back to just playing golf again.” And so this celebration is more about looking back than forward. Ernie Els was most prescient in 2000 at Kapalua when he was on the losing end again—no one finished second to Woods more than the Big Easy. They matched eagles on the 18th in regulation, birdies on the 18th in a playoff and Woods got him with a 40-foot birdie putt on the second extra hole. Vintage Tiger. “I think he’s a legend in the making,” Els said that day. “He’s 24. He’s probably going to be bigger than Elvis when he gets into his 40s.” That’s up for debate, of course. Undeniable is the impact Woods has left on golf. Popularity soared and prize

money skyrocketed. Woods made golf look different and he made it cool. And perhaps his greatest legacy is he unwittingly trained a generation of players who wanted to be like him. Scottie Scheffler said nothing inspired him more than watching the intensity of Woods when he was out of contention at the 2020 Masters. Woods made a 10 on the 12th hole and followed with five birdies over his last six holes. He tied for 38th. “Tiger was just different in the way he approached each shot. It was like the last shot he was ever going to hit,” Scheffler said. It was the only time they played together. Scheffler now is coming up on three years at No. 1 in the world, the longest stretch since Woods. But it started with that skill set unlike any other. “He’s the only guy I’ve ever known who continually exceeded expectations,” Tom Lehman said. “No matter how much you heaped on him, he found a way to exceed them.” Lehman recalls one moment at the Memorial on the 17th hole, a green so rock-hard it felt impossible to get it close. Lehman hit 5-iron as high and far as he could and was pleased to see it roll out 25 feet from the cup.