BusinessMirror January 07, 2026 by BusinessMirror

Beyond Feb, rate cuts to be limited–BSP

THIS image taken from video shows Venezuelan President Nicolas Maduro getting off a helicopter on his way to Manhattan Federal Court, Monday, Jan. 5, 2026, in New York.

By Reine Juvierre S. Alberto

WABC VIA AP

WORLD » A7

DEFIANT MADURO SAYS ‘I WAS CAPTURED’ AS HE PLEADS NOT GUILTY TO DRUG TRAFFICKING CHARGES

ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion

@reine_alberto

HE Bangko Sentral ng Pilipinas (BSP) could still reduce the key policy rate in February, but any further rate cuts beyond that are likely to be limited and would require a sharp slowdown in economic growth, according to its governor. In a forum on Tuesday, BSP Governor and Chairman of the Monetary Board Eli M. Remolona Jr. said the central bank is “very close” to its desired policy rate. “There’s a chance that we may cut some more. But there’s also a chance that we may not move at all,” Remolona said, adding that it

is “unthinkable” to hike the policy rate at this point. “Given the data we have right now and given the projections based on our data, we’re not going to cut. So the numbers have to move somewhat for us to convince to cut one more time,” the governor added. This comes after the December 2025 inflation rate quickened to 1.8 percent from 1.5 percent in November 2025, while average headline inflation for the full year was at 1.7 percent—both still within the government’s target range of 2 to 4 percent. Higher food prices, particularly for vegetables, corn, fish and other seafood, drove most of the

increase in headline inflation, fueled by weather disruptions, lower imports, the closed fishing season and seasonal holiday demand. “The Monetary Board views the monetary policy easing cycle as nearing its end. Any further easing is likely to be limited and guided by incoming data,” the BSP said in a separate statement on Tuesday. When asked about the probability of a rate cut in February, during the Monetary Board’s first meeting this year, Remolona said it is “still on the table.” But if the economy grows below 5 percent in 2026, Remolona said there could be grounds for one more rate cut beyond the 25 basis

points that is currently priced in. Remolona said the economy grew 4.6 percent in 2025, below the government’s 5.5–6.5 percent target range, due to the impact of the flood control scandal on investors’ confidence and public consumption. “When you realize that your taxes are not really going into infrastructure spending, it’s painful. It doesn’t just feel like you’re paying more in taxes; it’s more painful when you know it’s going to the wrong guys,” he added. Looking ahead, the BSP projects economic growth of 5.4 percent in 2026 and 6.2 percent in 2027, with Remolona noting these are “not as See “Rate cuts,” A2

BusinessMirror A broader look at today’s business

EJAP JOURNALISM AWARDS

BUSINESS NEWS SOURCE OF THE YEAR

(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS

GEOPOLITICS IMPACT TO HURT MOVE VS. INFLATION www.businessmirror.com.ph

Wednesday, January 7, 2026 Vol. 21 No. 87

P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK

DBM tells agencies to prepare for ’27 budgets

By Andrea E. San Juan @andreasanjuan

HE country’s former chief economist warned that a stronger dollar, owing to ongoing geopolitical conflicts, will hurt government efforts to tame inflation. “Moving forward, the country’s inflation rate will be affected by the current political disturbance, namely, the order of Trump to invade Venezuela and take out its president,” former Socioeconomic Planning Secretary Dante B. Canlas told the BusinessMirror in a Viber message on Tuesday. “What will be the effect on the peso-USD exchange rate? If the USD strengthens in the long run, that’s bad news for the peso. And if Philippine imports surge, inflation will rise through the exchange-rate pass through,” Can-

las also told this paper. Jonathan Ravelas, senior adviser at Reyes Tacandong & Co., meanwhile, shared almost the same sentiment with the former chief economist as he divulged the upside risks to inflation for this year. Despite posting a 1.7-percent full-year inflation rate in 2025— the lowest since 2016, Ravelas told this newspaper that the Philippines should watch out for “Geopolitics, supply chain disruptions and climate hazards.”

See “Inflation,” A2

GROWTH ALONE WON’T LIFT PHL TO UMIC–PIDS STUDY By Bless Aubrey Ogerio

HE country’s push toward uppermiddle-income status will hinge on more than steady economic growth, with governance and structural reforms emerging as key constraints, according to a new study by the Philippine Institute for Development Studies (PIDS). In a discussion paper, the government think tank said the economy is likely to keep expanding through 2026, but cautioned that mounting global and domestic risks could slow progress as the country nears the uppermiddle income threshold. “A stronger, more predictable governance environment is not merely desirable; it is indispensable for an economy aiming to transition into a high productivity, innovation-driven, and inclusive society,” the authors stressed. Government data showed that growth eased to 5.4 percent in the first half of 2025, as investment activity softened amid lingering uncertainty in global trade. The study, meanwhile, projects economic growth at 5 percent in 2025, inching up to 5.3 percent in 2026, supported by household spending, infrastructure programs and continued growth in the services sector. Further, recent economic indicators reflect both gains and vulnerabilities. Data from the Philippine Statistics Authority (PSA) showed inflation accelerated to 1.8 percent in December 2025, up from 1.5 percent in November, though still slower than the 2.9 percent re-

corded in December 2024. On the other hand, labor conditions have improved, with the October Labor Force Survey showing the labor force rose to 51.16 million, which is an increase of 1.04 million from a year earlier and 2.52 million from July 2025. Externally, PIDS flagged several risks that could disrupt growth, including possible tariff hikes by the United States, supply-chain shifts linked to the Regional Comprehensive Economic Partnership, and heightened geopolitical tensions. The peso’s weakness toward the end of 2025, trading near P58 to P59 per dollar, has also added uncertainty for firms and investors, the study said. “The Philippines continues to rely heavily on imports, resulting in a persistent trade deficit,” PIDS said. PSA figures showed the trade deficit in goods stood at $3.51 billion in November, narrowing by 28.8 percent from the same month last year. Beyond economic indicators, the study placed strong emphasis on governance reforms, warning that weak institutions could undermine long-term growth prospects. According to the authors, delays in addressing corruption and regulatory inefficiencies could erode investor confidence and limit productivity gains. “The immediate policy priority must be to penalize corrupt officials and their accomplices swiftly, visibly, and without exception,” the paper said, adding that stalled reforms carry costs in competitiveness and long-term development opportunities.

HIGH RISES, LOWER FORECASTS High-rise silhouettes tower over tightly packed residential communities and an elevated highway along

C-3 Road in Caloocan City on Tuesday, January 6, 2026, reflecting the tension between rapid urban build-up and a cooling economic outlook. Economic managers have scaled back the country’s 2026 growth target to 5 to 6 percent from 6 to 7 percent, citing slower global and domestic conditions. Economic growth eased to 4 percent in the third quarter of 2025, though officials are banking on a stronger rebound in the second half of 2026. NONOY LACZA

HE Department of Budget and Management (DBM) has commenced the preparation of the P7.232 trillion national budget for 2027, instructing government agencies to start preparing their budget proposals. Acting Secretary Rolando U. Toledo issued the 2027 budget call through National Budget Memorandum No. 156, which contains the budget priorities, as well as the guidelines, procedures and prescribed forms in crafting budget proposals. Next year’s budget is proposed at a record high of P7.232 trillion, higher by 6.46 percent than this year’s P6.793-trillion expenditure program. This represents the approved ceiling on the obligations that could be incurred by the government in a given budget year and is supported by estimated financial resources. Agencies are expected to align their budget proposals with the objectives of achieving aggregate fiscal discipline, allocative efficiency and operational efficiency, as the 2027 national budget aims to enhance service delivery, promote fiscal sustainability and accelerate inclusive and sustainable national growth. “Given the limited available fiscal space, agency budget proposals will be carefully evaluated in terms of value for money, performance metrics and alignment with the government’s fiscal consolidation strategy,” the budget call stated. According to the DBM, the key review factor will be the agency’s performance in implementing funded programs and projects and its corresponding budget utilization. Only those agency proposals that clearly demonstrate implementation-readiness and strong absorptive capacity will be included in the 2027 proposed national budget, consistent with the adoption of the Cash Budgeting System. Agencies were likewise instructed to strengthen digitalization efforts by investing in information and See “DBM,” A2

PESO EXCHANGE RATES n US 58.9640 n JAPAN 0.3771 n UK 79.8432 n HK 7.5739 n CHINA 8.4396 n SINGAPORE 45.9794 n AUSTRALIA 39.5825 n EU 69.1235 n KOREA 0.0408 n SAUDI ARABIA 15.7262 Source: BSP (January 6, 2026)

News

BusinessMirror

A2 Wednesday, January 7, 2026

Funds…

Continued from A12

“It is not enough to know what projects are created and funded but rather the detailed cost of the project should be transparent to ensure efficient use of taxpayers money. There has to be proper check and balance in every project spending,” Ferrer added. The PCCI chief highlighted five priority areas where the national budget can be programmed to “drive inclusive growth and long-term economic progress.” These priorities include the development and enhancement of both hard and soft infrastructure systems; investment in education and workforce skills to build a futureready labor force; measures to boost trade competitiveness and develop resilient supply chains; initiatives to reinforce economic resilience and manage inflation; and policies that safeguard food, water, and energy security for all Filipinos. “Implemented with integrity and in close consultation with the private sector, the 2026 GAA can be a transformative tool for enhancing Philippine competitiveness. We look forward to deepening our collaboration to ensure public spending effectively empowers MSMEs, creates quality jobs, and catalyzes long-term, inclusive growth,” Ferrer added. Likewise, Ferrer urged the adoption of strong fiduciary safeguards and institutionalized stakeholder dialogues during the budget execution phase, ensuring that allocations must be translated into tangible economic value that strengthens investors’ confidence and sustains public trust.

www.businessmirror.com.ph

DepEd sets aside ₧100M for new AI center for youth

By Samuel P. Medenilla @sam_medenilla

HE Department of Education (DepEd) has allocated P100 million to establish a new Artificial Intelligence (AI) Center to train students in using the new technology. DepEd Secretary Juan “Sonny” M. Angara said the new center is expected to boost the competency of students in using AI amid its growing adoption in the workplaces. “It will be completed by the first quarter or early second quarter,” he said in a press briefing in Malacañang last Tuesday. The DepEd chief said they partnered with the Massachusetts Institute of Technology (MIT) to review their AI curriculum. “Actually, they offered to review our [AI curriculum] so we will not pay them for it,” Angara said. The new center, he said, is part of the government initiatives to prepare students who will take the Program for International Student Assessment Media and Artificial Intelligence Lit-

eracy (PISA-MAIL). The PISA is conducted periodically by the Organization for Economic Co-operation and Development (OECD) to evaluate the educational system of countries through the scholastic performance of 15-yearold students. Based on the PISA conducted in 2018 and 2022, less than a quarter of Filipino students who participated in the test got a minimum level of proficiency in math, reading and science. The OECD enhanced the PISA to include items on AI amid the rising usage in some sectors such as Business Process Outsourcing. The International Labor Organization (ILO) noted that 33 percent of jobs in the Philippines are highly exposed to AI and may be displaced

through automation. Technical Education and Skills Development Authority (Tesda) Secretary Jose Francisco “Kiko” B. Benitez said of their P19-billion budget this year—the agency’s highest budget today—P500 million will be used for microcredentials courses. “This is designed particularly for the near hires...but also for mitigating AI disruption in our labor workforce. After all, our mandate in Tesda is...to help in the employability of our citizens,” Benitez said.

At the 32nd Asia-Pacific Economic Cooperation (Apec) Summit in South Korea last year, President Ferdinand Marcos Jr said he wants to mainstream the use of AI to boost the efficiency and productivity of the public and private sector. The Department of Science and Technology (DOST) has issued its National AI Strategy Roadmap, which contains the proposed infrastructure, workforce requirements, innovation, ethics and policy, and deployment for the adoption of AI.

Inflation…

seafood posted a 9 percent inflation rate in December 2025, faster than the 8.6 percent posted in November 2025. Prices of vegetables, tubers, etc. quickened by 11.6 percent in December last year, faster than the 4 percent inflation rate posted in the previous month. PSA said core inflation, which excludes selected food and energy items, stood at 2.4 percent in December 2025 but lower than the 2.8 percent core inflation rate registered in December 2024. Inflation in Metro Manila moved at a slower pace in December 2025 at 2.3 percent from 2.8 percent in the previous month. In December 2024, inflation rate in the area was recorded at 3.1 percent. Areas outside the National Capital Region (AONCR) went up by 1.7 percent in December 2025 from 1.2 percent in November 2025. Inflation rate in the area in December 2024 was higher at 2.9 percent. Meanwhile, the inflation rate for the bottom 30 percent income households or the poorest Filipinos quickened to 1.1 percent in December 2025, compared to the 0.2-percent deceleration in November 2025, but slower than the 2.5 percent in December 2024. Main source of acceleration of the December 2025 inflation for the poorest Filipinos was also food, particularly fish, onions and shallots. The Department of Economy, Planning, and Development (DEPDev) said in a separate statement that the slight uptick in December inflation rate may be attributed to the impact of Typhoon Uwan, which disrupted food production. “Food inflation rose from 0.3 percent to 1.2 percent, while vegetable inflation accelerated from 4 percent to 11.6 percent, driven by higher inflation of onions [79 percent from 48.2 percent], eggplants [29.4 percent from -6.5 percent] and pumpkins [20.1 percent from 8.8 percent]. Likewise, fish inflation increased slightly, from 8.6 percent to 9 percent, partly due to limited import arrivals,” DEPDev explained. For his part, DEPDev Secretary Arsenio M. Balisacan said the government will build on the past year’s momentum, adding: “The government will continue to pursue prudent fiscal and monetary coordination and advance structural reforms to sustain the downward inflation trend and support inclusive growth in 2026 and beyond.” “Despite global headwinds and domestic challenges, the Philippine economy has remained resilient against inflationary pressures due to the government’s timely and targeted interventions,” added the country’s current socioeconomic planning secretary.

Continued from A1

“For Q4 growth, the impact is mixed: higher food prices may pinch wallets short term, but overall low inflation supports consumption and keeps the economy resilient. But then again upside risks to inflation remain,” added Ravelas.

2025 inflation picture

WHILE the year ahead seems to be hounded by another round of geopolitical threats, the Philippine economy in 2025 saw the slowest increase in the prices of commodities in nine years, at least in the full-year term. On Tuesday, the Philippine Statistics Authority (PSA) reported that inflation quickened to 1.8 percent in December 2025, faster than the 1.5 percent posted in November 2025 but slower than the 2.9 percent in December 2024. This brought the country’s fullyear headline inflation to 1.7 percent, well below the government’s 2 to 4 percent target range for 2025. This is also lower than the 3.2 percent full-year inflation posted in 2024. The full-year inflation print in 2025 is the lowest since 2016 when inflation rate was at 1.3 percent. Asked what could have caused a nine-year low inflation rate in 2025, Canlas explained to this paper: “In the aggregate, the slowing down of aggregate demand moderated Philippine inflation in 2025.” He added: “Plus there were no relative price shocks from the food and energy sectors that would have pushed inflation up.” The country’s former chief economist also acknowledged the Bangko Sentral ng Pilipinas (BSP) framework which he said is anchored on inflation targeting. Such framework, he said, “continued to be relevant and helpful.” Meanwhile, Ravelas said the 1.7-percent full-year inflation in 2025 “tells us inflation is well under control, giving consumers more spending power.” According to PSA, main sources of acceleration of the December 2025 Inflation were food and non-alcoholic beverages, housing, water, electricity, gas and other fuels, and restaurants and accommodation services. Under the food and non-alcoholic beverages, fish and other

Beyond Feb, rate cuts to… Continued from A1

high as the government had hoped.” “The Monetary Board noted that the outlook for domestic economic growth has weakened further. Business sentiment has continued to decline on governance concerns and uncertainty over global trade policy,” the BSP said in a statement. “Nevertheless, domestic demand is expected to rebound gradually as the effects of monetary policy easing works its way through the economy and public spending improves,” it added.

HSBC, BPI keep bets on further BSP easing

IN a commentary, HSBC Global Investment Research ASEAN Economist Aris Dacanay said the December spike does not derail expectations that the BSP will continue easing monetary policy. “Apart from inflation being driven by only ‘one thing’, food inflation, particularly vegetable prices, can be managed once supply stabilizes,” Dacanay said. As such, HSBC sees the BSP implementing one more quarter-point rate cut in the first quarter of 2026, lowering the policy rate to 4.25 percent, while trimming the policy rate differential with the US Federal Reserve to 50 basis points to support growth. “The Philippines’ fiscal engines will likely sputter in 2026 as the government undergoes an extensive corruption investigation, which will then require a looser monetary stance by the BSP to prop up growth,” Dacanay said. Headline inflation, as a whole, is still relatively benign with the full year figure averaging below the BSP’s 2 to 4 percent target band at 1.7 percent, Dacanay added. HSBC also sees limited risk from foreign exchange-induced inflation, as firms have likely already accommodated the peso’s recent weakening in their pricing and planning. While the Bank of the Philippine Islands (BPI) agrees with the view that the BSP is nearing its easing cycle this year, the central bank could still deliver two rate cuts in the first half of the year, given the “favorable” inflation outlook. “Policy easing has clear benefits, but excessive cuts can become counterproductive as the gains may no longer match the trade-offs,” BPI lead economist Jun Neri said. Neri said the central bank has already reduced interest rates substantially over the past two years, with the full impact of these earlier cuts yet to be fully transmitted to the economy. “Interest rates that are too low relative to external fundamentals may increase the risk of Peso depreciation, which can feed back into inflation through higher import costs,” Neri explained. “The risk of higher inflation in the coming years also warrants caution, as an overly accommodative stance could eventually force the BSP to raise rates more aggressively than would otherwise be ideal,” he added. The BSP has cut rates eight times since August 2024, totaling 200 basis points, reducing the policy rate from 6.50 percent to 4.5 percent.

FMR budget… Continued from A12

initial batch of sows 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. “We need to bring back the hog population that was lost [due to ASF],” he told reporters in a previous 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.”

www.businessmirror.com.ph

Wednesday, January 7, 2026

AFP: Civilian authority remains paramount By Rex Anthony Naval

HE Armed Forces (AFP) on Tuesday maintained that it respects the Constitution and stressed that civilian authority remains paramount even as former Ilocos Sur governor Luis Singson called on the AFP chief of staff, Gen. Romeo Brawner Jr., to take a more public stand against alleged corruption in government. Col. Francel Margareth Padilla, AFP spokesperson at a press briefing on Tuesday in Camp General Emilio Aguinaldo, Quezon City, said they have taken note of Singson’s statements and stressed that the military maintains “unwaver-

ing adherence to the 1987 Constitution, specifically Article II, Section 3, which explicitly states that civilian authority, is at all times, supreme over the military.” Padilla added that the AFP operates strictly within a “chain of

command that is anchored on this supremacy.” Also, Padilla said the AFP “performs its duties under civilian authority” and employs force solely to fulfill its constitutional role as “protector of the people and the State.” “By remaining disciplined, professional and united, the AFP ensures that this force is employed solely for constitutional goals: to secure the sovereignty of the State and the integrity of the national territory,” she added. She said that while the AFP consistently supported calls for good governance and anti-corruption efforts, allegations involving civilian governance, public finance, or economic policy fall exclusively under the jurisdiction of civilian courts and oversight bodies— not the military and must be addressed through established legal processes. “Within our own ranks, the AFP maintains zero tolerance

for misconduct,” Padilla said. She added that valid complaints against personnel are acted upon swiftly through internal mechanisms and proper courts. Padilla also said the AFP does not shield offenders. “At a time when national unity is paramount to defend our sovereignty in the West Philippine Sea, we urge the public to be discerning: We must be vigilant against narratives that masquerade as patriotism but, in reality, align with and advance the interest of foreign entities seeking to encroach upon our territory,” she added. Si n g s on e a rl ie r c a l le d on Brawner to publicly denounce what he described as “massive and systemic corruption,” arguing that internal decay, not foreign threats, poses the gravest danger to the country. The former Ilocos Sur governor also insisted his appeal did not seek to undermine civilian authority or violate the Constitution.

House, public to heighten oversight of natl budget By Jovee Marie N. dela Cruz @joveemarie

ITH the signing of the 2026 General Appropriations Act (GA A), the chairperson of the Committee on Public Accounts of the House of Representatives on Tuesday said the congressional oversight and active public participation will be intensified to ensure transparency and accountability in the use of public funds. Party-list Rep. Terry L. Ridon of Bicol Saro, Committee on Public Accounts chairman, said the chamber’s main oversight body on public expenditure will work closely with national government agencies in implementing projects and programs funded under the 2026 budget, including the close monitoring of procurement activities at all stages and levels.

“We will press the Department of Public Works and Highways [DPWH] to deliver on its commitment to live-stream all procurement activities at the national, regional, and district levels, and we call on other agencies to do the same,” Ridon said. The lawmaker said the committee will also closely monitor the direct implementation by the Department of Education (DepEd) and the Department of Agriculture (DA) of their school-building and farm-to-market road programs to prevent a repeat of problems encountered during previous DPWHled implementations. “This includes ensuring that blacklisted DPWH contractors will not be able to participate in DepEd and DA procurement activities,” he added. Ridon said that agencies will be urged to adopt stricter qualification

standards for bidders, including requiring an established track record in delivering specific types of projects. He said the prohibition on using another entity’s procurement license must be strictly enforced, with violations met by penalties such as outright blacklisting and the filing of criminal complaints. The committee will likewise coordinate with the Department of Health (DoH), Department of Social Welfare and Development (DSWD), and other social services agencies to ensure that safeguards against political interference in the distribution and delivery of aid are effectively implemented. To further reduce opportunities for irregularities, Ridon said the committee will call on the Department of Budget and Management (DBM), the Department of Information and Communications Technology (DICT), and the

Government Procurement Policy Board (GPPB) to assist agencies in shifting primarily to online procurement systems to limit personnel intervention throughout the process. Ridon emphasized the role of citizens in budget oversight, saying the committee will work with civil society groups and people’s organizations to facilitate public participation in monitoring the implementation of the 2026 national budget. “We will invite the public to join monitoring activities and budget implementation discussions with various agencies,” he said. “Budget reform does not end with the signing of the budget—it continues until well-built public infrastructure is delivered, costeffective goods are procured, and social programs efficiently reach every Filipino family.”

DILG, attached agencies welcome signing of 2026 national government budget

HE Depa r t ment of t he Interior and Local Government (DILG) and its attached agencies on Tuesday welcomed the signing of Republic Act 12314 or the General Appropriations Act (GA A) of 2026 and said that this showcases the government’s commitment to transparency, good governance, and the responsible management of public funds.

“The enactment of the 2026 GAA, which includes the DILG’s approved budget, reaffirms the government’s commitment to strengthening local governance, public safety, and responsive service delivery for the Filipino people,” the agency added. The DILG also said the GA A of 2026 will allow it to further advance initiatives aimed at improving disaster preparedness

and response, as well as sustaining peace and order across the country. “We extend our gratitude to President Marcos for recognizing the need to strengthen the role of local governments [LGUs] through the increased allocations under the Local Government Support Fund. These enhanced resources will empower LGUs to address local development priorities, expand

access to livelihoods, and build safer and more resilient communities,” it noted. The DILG also said it remains steadfast in ensuring the efficient, transparent, and accountable use of public funds, ensuring budgetary allocations translate into tangible outcomes that uplift communities and advance our shared aspirations for a “Bagong Pilipinas.” Rex Anthony Naval

Understanding storms key to reducing disaster risk By Bless Aubrey Ogerio

N DER S TA N DI NG how quickly storms strengthen and how fast they move as they approach land is crucial to reducing disaster risk in the Philippines, one of the world’s most cyclone-prone countries, scientists said. A study by Universit y of the Philippines Diliman meteorologists Bernard A lan R acoma and Ger r y Bag t a sa a na ly zed 372 t ropic a l c yc lones t h at m ade landfall in the countr y from 1979 to 2024 to identif y regional differences in storm behav ior, as well as, the t y pe and

severity of hazards experienced on the ground. The researchers said storms striking northern Philippines tend to be stronger but slowermoving, while those affecting the Visayas and Mindanao generally travel faster and accelerate more rapidly as they approach land. “Storms that hit the northern part of the country tend to be stronger but slower-moving. Southern storms tend to be faster and accelerate more rapidly,” Racoma said in an interview. In addition, slower-moving but more intense systems in Luzon raise the likelihood of prolonged rainfall, flooding, and landslides,

while fast-moving storms in the Visayas and Mindanao leave communities with less time to prepare despite often having shorter durations over land. Based on 45 years of data, the study also showed that while tropical cyclones typically remain within the Philippine Area of Responsibility (PAR) for several days, their direct impact over the country’s land areas is relatively brief, averaging about 21 hours before moving inland or exiting. Racoma attributed this in part to the country’s geography. The Philippines is elongated from north to south but narrower from

east to west, allowing storms that generally move westward to cross the land more quickly. “In terms of geometry, the Philippines is relatively narrow east to west,” Racoma said in a mix of Filipino and English. “Since tropical cyclones usually move from east to west, they tend to cross the country faster.” He added that storms also weaken over land as they lose access to warm ocean waters, their primary energy source. The researchers noted that storm intensity can change rapidly near landfall, including cases See “Storms,” A4

Phivolcs raises Alert Level 3 over Mayon By Jonathan L. Mayuga @jonlmayuga

HE Philippine Institute of Volcanology and Seismology (Phivolcs) has hoisted Alert Level 3 over Mayon Volcano owing to increased number and volume of rockfalls. Alert Level 3 means there is an increased tendency towards a hazardous eruption. Mayon, Phivolcs observed, is exhibiting magmatic eruption of a summit lava dome, with increased chances of lava flows and hazardous pyroclastic density currents (PDC) or “uson” affecting the upper to middle slopes of the volcano. Phivolcs expects potential explosive activity within days or weeks, and recommends that the six-kilometer radius Permanent Danger Zone be evacuated owing to the danger of Pyroclastic Density Currents – fast-moving flows of hot gas, ash, and rock, commonly called or referred to as “uson.” Phivolcs advised concerned local governments (LGUs) to remain vigilant and expect PDCs, lahar, and sediment-laden streamflows along channels draining the edifice. It also advised civil aviation authorities to advise pilots not to fly close to the volcano’s summit, as ash from any sudden eruption can be hazardous to aircraft. Phivolcs said that based on the current prevailing wind pattern, ash fall events may most likely occur on the south side of the volcano. Mayon Volcano in Albay is one of the country’s most active volcanoes. It is known for its “perfect” cone and continues to draw local and foreign tourists. Phivolcs Volcano Bulletin for Mount Mayon dated January 6 said that since the Alert Level status was raised from Alert Level 1 to Alert Level 2 on January 1, 2026, repeated collapse of the unstable summit dome of Mayon Volcano has generated an increasing number and volume of rockfall events. A total of 346 rockfalls and four volcanic earthquakes were recorded since the start of the year, compared to 599 rockfall events from November to December 2025. “These events had durations of one to five minutes and transported lava debris within a kilometer range of the southern upper slopes,” Phivolcs reported. The volume of discrete rockfall, with observed incandescence at nighttime, increased on Monday, signaling an increase in the rate of dome growth and the onset of extrusion of new lava at the crater. Phivolcs said that pyroclastic density currents or PDCs on the Bonga (southeast) Gully began generating at 12:26 pm on January 6, from the collapse of newly extruded lava. The PDCs lasted at least three minutes. Aside from Mayon Volcano, Phivolcs is also closely monitoring Mount Kanlaon, which straddles the border of Negros Occidental and Negros Oriental on Negros Island. Situated some 30 kilometers southeast of Bacolod City, Kanlaon remains under Alert Level 2. Kanlaon has been under Alert Level 2 or increased unrest for a significant period, initially raised after its June 3, 2024, eruption and then maintained through much of late 2024 and into 2025. Phivolcs reported that the volcano’s edifice is inflated. Entry to the four-kilometer Permanent Danger Zone of Kanlaon and flying of aircraft near the volcano are prohibited due to possible sudden stream-driven or phreatic eruptions and precursory magmatic activity.

Gatchalian vows strict oversight of ₧1.3 trillion education budget By Butch Fernandez @butchfBM

HE Senate Committee on Finance will exercise rigorous oversight to ensure the proper utilization of the historic P1.3 trillion budget for 2026, Sen. Sherwin Gatchalian said on Tuesday. Under the General Appropriations Act signed by the President, the education sector received a final allocation of P1.35 trillion, the equivalent to 4.4 percent of the country’s gross domestic product (GDP). Noting that this marks the first time the national budget that has met United Nations Educational, Scientific and Cultural Organization’s (Unesco) benchmark of allocating 4 to 6 percent of GDP to education.

“Isang hakbang ang paglalaan natin ng malaking pondo para sa edukasyon, ngunit mahalaga ring matiyak nating magagamit ito nang tama para sa kapakanan ng ating mga mag-aaral at mga guro,” said Gatchalian, chairman of the Senate Committee on Finance. He recalled that key allocations in the 2026 education budget include P85 billion to accelerate classroom construction nationwide. Other highlights include the P25.6 billion budget that will expand the School-Based Feeding Program to increase the number of feeding days from 120 to 200. The 2026 budget also allocates P37.4 billion for the implementation of the Universal Access to Quality Tertiary Education or the Free College Law.

Wednesday, January 7, 2026

www.businessmirror.com.ph

PHL warns vs delay in concluding Broadcast Organizations Treaty By Andrea San Juan @andreasanjuan

HE Philippine delegation warned that further delays in concluding the Broadcasting Organizations Treaty would leave broadcasters, especially those in developing economies, vulnerable to rampant cross-border signal piracy. In a statement on Tuesday, the Intellectual Property Office of the Philippines (IPOPHL) said the Philippines has once again led a strong call at the World Intellectual Property Organization (Wipo) to finally convene a Diplomatic Conference to conclude the Broadcasting Organizations Treaty, a treaty whose negotiations began in Manila in 1997 and remains hanging after 28 years. On the sidelines of the 47th

Session of the Wipo Standing Committee on Copyright and Related Rights (SCCRR) held last month in Geneva, Switzerland, the Philippine delegation emphasized that the 1961 Rome Convention is “no longer equipped” to address the realities of digital-age piracy and that the latest draft already contains “significant” safeguards for the public domain, flexibilities for developing countries and built-in limitations and exceptions.

“The world is watching whether Wipo can still deliver balanced agreements,” Philippine Mission Consul General Cariño III said. “Twenty-eight years is long enough. Let us finish what Manila started.” Beyond the broadcasting agenda, IPOPHL pointed out that the Philippines made several key interventions to advance a “more equitable global copyright system.” For one, the Philippines reiterated its support for Wipo to build on the African Regional Conference on Artist’s Resale Rights by holding a similar meeting for AsiaPacific, an event the Philippines expressed willingness to host. “The delegation noted that Apac countries share common priorities in strengthening collective management systems and exploring appropriate resale-right models,” IPOPHL noted. Moreover, the country’s intellectual property rights watchdog said the Philippines supported proposals for two separate studies on the audio-visual industry: one

focused on the rights of audiovisual authors, such as producers or directors, and their remuneration for the use of their works and the other on the rights of actors and other audiovisual performers, including payment mechanisms for the exploitation of their performances. IPOPHL Acting Director General Nathaniel S. Arevalo said the Philippines’ position underscores the “need for action.” “Balanced copyright must work in the real world,” Arevalo said. “After nearly three decades, it is time to move forward, explore and utilize policy space, and be responsive to the challenge of enhancing the protection of creators’ and broadcasters’ IP rights while keeping access and fairness at the core.” Meanwhile, Bureau of Copyright and Related Rights (BCRR) Director Emerson G. Cuyo, who represented IPOPHL at the SCCRR meetings, said these studies are “timely and necessary as digital and on-demand platforms

increasingly shape how audiovisual works are accessed and monetized,” providing valuable evidence for policy development and capacity building that keeps pace with the digital age. “In both [studies], however, we encourage the inclusion of diverse national experiences, particularly from developing countries and examination not only of legal rights but also of actual remuneration practices,” Cuyo added. He noted that both studies will also be useful as IPOPHL readies the issuance of the implementing regulations on the Beijing Treaty on Audiov isual Performances (BTAP). Adopted in 2012 and entered into force on April 28, 2020, IPOPHL said the BTAP provides a standard for remuneration and protection of audiovisual performances, both in recorded and live formats. The establishment of the yreaty is motivated by the need to recognize performers’ important contributions in making creative works accessible to the public.

Congressman welcomes initiative for in-city relocation of squatters By Jovee Marie N. dela Cruz @joveemarie

ENDING Senate approval of a bill that would institutionalize on-site, in-city, and near-city resettlement, the Marcos administration has approved funding for a socialized housing program in 2026—an initiative a lawmaker said represents a concrete response to the country’s persistent urban housing crisis, especially the urgent need for in-city relocation of squatter- or informal-settler families (ISFs) in Metro Manila and other highly urbanized areas. House of Representatives Assistant Majority Leader Mark Anthony Santos lauded the inclusion of the housing funds in

the 2026 General Appropriations Act (GAA), saying the investment underscores the administration’s broader commitment to provide safe, decent, and affordable shelter for low-income families—a challenge faced by millions of Filipinos nationwide. Santos, who represents Las Piñas, said the government has earmarked nearly P255 million under the 2026 budget for housing programs in his city. Under the approved budget, the National Housing Authority (NHA) will implement the project. The funding will allow for the construction of three mediumrise buildings (MRBs) intended to house underprivileged families who currently lack secure shelter. “Instead of confining public

spending to infrastructure alone, we pushed in Congress for a housing program that puts people first. Every Filipino family deserves a home they can truly call their own,” he said. The project forms part of the NHA’s in-city relocation program, a national housing strategy designed to provide affordable housing within or near urban centers, allowing beneficiaries to remain close to their sources of livelihood, schools, and essential public services. Santos noted that off-city relocation has long been a recurring problem in government housing efforts, often pushing families to distant provinces where job opportunities, basic utilities, and social support systems are lim-

ited—leading many to return to urban centers despite the risks. Drawing from his experience as a seven-term city councilor, Santos recalled that around 1,200 informal-settler families from Las Piñas, Parañaque, and Bacoor were relocated beginning in 2008 owing to the LRT-1 Extension project. Many of these families, he said, eventually returned to Las Piñas after being relocated to a site in Naic, Cavite, citing inadequate access to clean water and limited livelihood opportunities. People’s organizations (POs) have echoed these concerns, warning against repeating past relocation practices that displaced urban poor communities far from their homes and livelihoods—such as those affected by the Cavite Bridge

NWPC: 755K kasambahay got wage hike in 2025 By Justine Xyrah Garcia

OME 755,000 kasambahay or domestic workers nationwide benefited from the wage adjustments approved last year, the National Wages and Productivity Commission (NWPC) said.

In a statement, the commission said 755 thousand domestic workers benefitted from the wage orders issued by the Regional Tripartite Wages and Productivity Boards (RTWPBs) in 2025. Based on the NWPC’s minimum wage process tracker, 10 out of 16 regions in the country approved wage orders for domestic workers last year. Approved increases ranged from P500 to P2,000 per month, depending on the region. The highest adjustment was recorded in Region VII (Central Visayas), where the monthly minimum wage was raised by P1,000 to P2,000, resulting in a uniform rate of P7,000 for domestic workers across the region. This replaced the previous tiered

structure of P6,000 for those in chartered cities and first-class municipalities and P5,000 for other areas. In Region XII or Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, Sarangani and General Santos), the monthly minimum wages increased by P1,000 to P1,500, standardizing pay at P6,000 across all municipalities regardless of classification. Meanwhile, six regions, including Metro Manila, have yet to determine whether to adjust minimum wages for domestic workers. The NWPC said the concerned RTWPBs are expected to decide on the matter within the year. See “NWPC,” A9

project along the Cavite–Las Piñas boundary in 2018. Santos said the Las Piñas housing initiative demonstrates how national government support, when aligned with local realities, can help address the country’s housing backlog while protecting the dignity and economic stability of urban poor families. In December, the House of Representatives approved on third and final reading House Bill 6278, establishing an on-site, in-city, nearcity, or off-city local government resettlement program for informal settler families in accordance with a people’s plan, amending for the purpose RA 7279, as amended, or the Urban Development and Housing Act of 1992. The bill is now pending before the Senate.

Storms. . . Continued from A3

of sudden strengthening within a 24-hour period, a process that remains difficult to forecast. According to the study, about half of tropical cyclones that form within or enter the PAR eventually make landfall, with many undergoing significant changes in speed or strength shortly before doing so. The findings were published in the journal Tropical Cyclone Research and Review under the title “Characteristics and NearLandfall Behavior of Tropical Cyclones Affecting the Philippines [1979–2024].”

Households, NFA now hold bigger rice inventories By Ada Pelonia @adapelonia

HE country’s rice stocks grew by over 147,000 metric tons (MT) in December, with households and the National Food Authority (NFA) holding bigger inventories. Data from the Philippine Statistics Authority (PSA) showed that rice inventory rose by 5.8 percent to 2.7 million metric tons (MMT) as of December 1, from the 2.56 MMT recorded last year. PSA also noted that last month’s stock inventory posted a 5.9 percent increment from the 2.55 MMT registered in November. Agriculture Assistant Secretary Arnel de Mesa attributed the increase in rice stocks during the reference month to a rebound in palay output despite torrential downpours that hit the country. “It’s possible that even with the typhoons, our production level in 2025 remained robust,” De Mesa told the BusinessMirror on Tuesday. “But we’re still waiting for the final data [on rice output] from the PSA.” Meanwhile, the state statistics agency noted that 38 percent or 1.03 MMT was stored by households, while 45.2 percent or some 1.22 MMT of rice was held by commercial entities. The PSA added that rice stocks in the NFA warehouses as of December 1 reached 456,140 metric tons (MT), accounting for 16.9 percent of total inventory during the reference month. “This month’s rice stocks inventories registered annual increases from the NFA depositories by 216.7 percent and from the households by 14.3 percent. On the other hand, an annual decrease was noted from the commercial sector by 19.3 percent.” “In comparison to November 2025, increment was noted in the rice stocks from the commercial sector by 29.4 percent. Meanwhile, decreases in the rice stocks inventory were noted from the households by 10.7 percent and NFA depositories by 1.0 percent.” De Mesa said the four-month rice ban could have weighed on rice stockpile stored by commercial entities after recording a year-onyear decline in December. “The commercial stocks likely decreased because they’re the ones handling rice imports. Since the import level dropped [due to the import freeze], their stockpile would definitely decrease,” he said. Latest government data showed that rice arrivals stood at 3.37 MMT as of December 25, from the total recorded imports of 4.81 MMT in 2024. President Marcos ordered a ban on rice shipments in September to prop up farmgate prices of palay during the peak wet season harvest, which began in October. Marcos extended the rice import ban until the end 2025 in a bid to arrest the slide in farmgate prices of unmilled rice.

‘Yanson 4’ loses another round at CA By Joel R. San Juan @jrsanjuan1573

HE Court of Appeals (CA) has junked the plea filed by “Yanson 4” siblings seeking to compel the Office of the Justice Secretary to resolve various petitions for review and motions for reconsideration pending before the justice department in connection with the family’s dispute over the control and management of their bus companies.

In a two-page resolution, the CA’s Fifth Division held that the petitioners Roy V. Yanson, Emily V. Yanson, Ma. Lourdes Celina Y. Lopez, and Ricardo V. Yanson, (collectively Yanson Four) failed to raise new arguments that would warrant the reversal of its June 9, 2025 decision. The June 9 decision written by Associate Justice Ramon Cruz denied the petition for mandamus filed by the Yanson 4 which sought to compel the Department of Justice (DOJ)

secretary to resolve their petitions and motions within a specific period. “For resolution is the motion for reconsideration filed by petitioner of Our Decision dated June 9, 2025. A perusal of the motion for reconsideration, however, elicits no new arguments that have not already been previously taken up and judiciously passed upon in the Decision sought to be reconsidered,” the CA said in See “Yanson,” A9

Wednesday, January 7, 2026

Strict enforcement of liquor, gun ban for Feast of Black Nazarene By Rex Anthony Naval & Justine Xyrah Garcia

C T ING Phi l ippine National Police (PNP) chief Lt. Gen. Jose Melencio Nartatez Jr. on Tuesday ordered a strict enforcement of the liquor ban and gun ban as part of the security measures for the upcoming Feast of the Black Nazarene this coming Jan. 9. “We have been coordinating with the City Government of Manila to achieve a specific goal, which is to ensure that this religious activity will be peaceful and orderly, similar to what the PNP did over the years,” he added. This developed as the PNP leadership approved the recommendation of the National Capital Region Police Office to suspend the so-called permit to carry firearms outside residence (PTCFOR) from Jan. 8 to 10. Nartatez said a sufficient number of policemen will be conducting operations not only for the enforcement of gun ban and liquor ban but also the prohibition on the use of firecrackers and other pyrotechnical materials. “We’ve been doing this for years but we don’t want to lower our guard. Every year has a new secu-

rity challenge and every year, we have been improving our security operations,” he added. Na r t atez a lso appea led to the public to cooperate with authorities and comply with the regulations especially during the Traslacion. “This event gathers millions of devotees. It presents a complex security environment that requires careful planning and full coordination. Let me be clear. There will be no letup in our security preparations,” he said. “We will remain alert and ready to protect lives. We will respect faith and ensure the orderly conduct of this significant occasion,” the acting PNP chief said.

Crowd-control system for Nazareno pahalik

THE Quiapo Church Fiesta Committee will introduce a new queuing system for devotees joining the “pahalik ” and “pagpupugay” to the image of Jesus Nazareno at the Quirino Grandstand, as part of crowd-control measures ahead of the Traslacion. Quiapo Church Technical Adviser Alex Irasga said the revised setup aims to prevent crowd See “Nazarene,” A9

708 to 542 incidents: Index crimes dropped in Davao City

AVAO CITY—The Davao City Police Office reported a drop in incidence of index crimes last year by as much as one fourth of what occurred in the previous year, maintaining the international image of this city as one of the safest cities in Asia. Police said that it based its statement on the consolidated crime data covering January 1 to December in 2024 compared to the same period last year. In 2024, it said total index crimes registered 708 incidents and dropped to 542 incidents the entire year last year, “reflecting a reduction of 166 cases or 23.25 percent.” Significant declines were recorded

in key focus crimes, such as theft, rape, and robbery, underscoring enhanced public safety, strengthened police visibility, and improved lawenforcement effectiveness throughout Davao City. Acting City Police Chief Col. Mannan C. Muarip said the decline in index crimes “demonstrated the effectiveness of intensified police operations, proactive crimeprevention strategies, and strong, decisive leadership across all police stations and support units in the city.” A mong t he eig ht foc u sed crimes, theft has the numerous See “Davao,” A9

13 skin-lightening products tainted with mercury–group

HE toxics watchdog group EcoWaste Coalition has released a list of 13 skinlightening products that contain mercury, a hazardous neurotoxin banned worldwide in cosmetics under the Minamata Convention on Mercury. This international treaty bans the manufacture, import, and export of cosmetics. In 2025, the EcoWaste Coalition detected mercury ranging from 384 to 29,850 parts per million (ppm) in the following products obtained from online sellers, which the group reported to the FDA: n From Indonesia (7 products):

99 New Special Whitening Cream

Racikan & Vitamin E Asli; Asli Herbal SP Herbal Mint Day Night; L-Sky Glow; Meyung Cream Day & Night (white and yellow); Skin Light Whitening Cream; SP UV Special Ginseng Whitening AntiAcne; and Temulawak Beauty Whitening Cream Day & Night. n From Malaysia (1 product): Temulawak Night Cream Beauty Whitening Crea n From Thailand (2 products): Aura White Night Cream Intensive Whitening Facial Cream, and Meyyong Ra (Seaweed) Extra Whitening & Facelift. See “EcoWaste,” A9

DAR wipes clean 757 Palawan ARBs’ agrarian debt, distributes 439 e-titles

HE Department of Agrari a n Refor m (DA R) h a s distributed 1,027 Certificates of Condonation with Release of Mortgage (COCROMs) to 757 ARBs, releasing them from decades of agrarian debt. The debt condonation lifted decades-old land amortization obligations, allowing beneficiaries to redirect their income toward farm improvements, education, health, and daily household needs.

The DAR also distributed 439 individual electronic land titles or e-titles covering 835 hectares. DAR Secretary Conrado M. Estrella III has underscored that fast-tracking land distribution and debt condonation nationwide empowers farmers, stimulates local economies, and promotes lasting peace and development in rural communities. See “Dar,” A9

PHL welcomes Canberra’s Bondi attack clarification, rejects terror hub label By Malou Talosig-Bartolome

ANILA said it appreciated Canberra’s clarification that the Bondi Beach attack suspects had no operational links to the Philippines, after initial reports suggested they may have been connected to ISIS in Mindanao. Immediately after the December 14, 2025 knife attack at Bondi Beach, Australian law enforcement agencies identified the father-and-son suspects Sajid Akram and Naveed Akram and noted that they had recently traveled to the Philippines. This prompted Australian and other Western media outlets to highlight the country’s reputation as a “hotbed of Islamist terrorists,” fueling speculation about possible links to extremist groups in Mindanao. The Department of Foreign A ffairs (DFA) welcomed subsequent remarks by Australian Prime Minister Anthony Albanese and Australian Federal Police Commissioner Krissy Barrett during a December 30 press conference in Canberra, which clarified that investigators had

found no evidence of training, logistical preparation, or ties to a broader terrorist cell during the suspects’ stay in Davao City from November 1-29, 2025. Prime Minister Albanese expressed gratitude to President Ferdinand R. Marcos Jr. and Philippine law enforcement agencies for their timely cooperation. “Through him, the agencies in the Philippines have done everything they can to provide information in a timely way, and that’s a good thing,” Albanese said during a press conference on December 30. Commissioner Barrett echoed the Philippine National Police’s initial assessment, stressing that the investigation remains ongoing but that “without [Philippine authorities’] swift response, much of the CCTV footage now under review by our investigators would not have been available.” “What this [CCTV] points to —and I will again advise this is a point-in-time assessment—is that these individuals are alleged to have acted alone. There is no evidence to suggest these alleged offenders were part of a broader terrorist cell or were directed by

others to carry out an attack,” Barrett said. She added: “However, I want to be clear, I am not suggesting that they were there for tourism. An AFP analyst is deployed to the Philippines after the attack to support our members who are based in Manila and work very closely with the Philippine National Police.” Barrett also highlighted the decades-long counter-terrorism partnership between the Australian Federal Police and the Philippine National Police.

Earlier DFA statement

ON December 23, 2025, three days before the Canberra press conference, the DFA had cautioned against misleading characterizations of the Philippines’ security situation following media reports linking the country to the Bondi incident. The Department urged media organizations to ensure accuracy, balance, and context, warning against speculation that could inflame prejudice. It emphasized that the Philippine Government was closely coordinating with Australian authorities through established bilateral mechanisms

NLRC orders reinstatement, backwages for 131 Ninja Van riders over illegal dismissal By Justine Xyrah Garcia

HE National Labor Relations Commission (NLRC) has ordered the reinstatement of 131 riders of logistics firm Ninja Van, ruling that they were “constructively and illegally” dismissed. In a decision issued by the NLRC Fifth Division last month, the commission reversed and set aside its earlier ruling and held Ninja Van Philippines, through Wall Street Courier Services Inc., liable for illegal dismissal and unfair labor practice. “Wherefore, premises considered, the appeal filed by complainants is hereby GRANTED. The assailed Decision dated 27 March 2025 is hereby REVERSED and SET ASIDE. A new judgment is hereby rendered finding that complainants were constructively and illegally dismissed from employment and that respondents committed acts constituting unfair labor practice under Article 259[a] and [c] of the Labor Code,” it said. The Commission found that the dismissals were carried out

in a manner that interfered with union activities, citing the timing and pattern of the terminations as inconsistent with legitimate disciplinary action. It noted that after a failed certification election in October 2023, the Ninja Van Riders’ Union - Federation of Free Workers Chapter had until around April 2024 to refile. During this period, the company issued a wave of notices to explain between March and April 2024, accusing riders of AWOL and poor performance—actions that later led to their dismissal. T he NLRC also questioned the company’s use of the Riders Performance Evaluation (RPE), saying it lacked a clear basis and had not been shown to be part of established company policy or previously used to terminate employees. It added that the large number of riders affected, as well as the outsourcing of delivery work to contractors that reduced routes for regular riders, strengthened the finding that the dismissals were meant to discourage union

activity, rather than enforce ordinary discipline. “The totality of the conduct of the respondents gives rise to a strong presumption of retaliatory motive. The above actions were designed to discourage union participation,” it explained. As a result, the NLRC ordered the reinstatement of all riders to their former or substantially equivalent positions without loss of seniority or benefits. The company was further directed to pay full backwages from the time of dismissal until the finality of the decision, as well as P10,000 in moral damages and P10,000 in exemplary damages for each rider, plus 10 percent attorney’s fees. While Wall Street Courier Services Inc. was held liable, the NLRC cleared individual company officers and managers. “For clarity, only respondent WALL STREET COURIER SERVICES, INC. [NINJA VAN] shall be liable for the monetary awards. The individual respondents are ABSOLVED from personal or solidary liability,” it also said.

More Metro LGUs adopting real-time air quality monitoring By Jonathan L. Mayuga @jonlmayuga

ORE local government units (LGUs) are turning to real-time air quality monitoring as pollution levels in Metro Manila continue to exceed health standards. The move is in response to the mounting health and economic burden, prompting local governments to strengthen their local response and policy actions. Quezon City now manages a network of 40 monitoring stations across schools, hospitals, and major roads. Similar to Quezon City, Makati also uses real-time sensors to identify pollution hotspots and issue timely health advisories, even during volcanic smog events. Last year, Mandaluyong installed six air quality sensors through the Mandaluyong Enhanced Monitoring of Natural Hazards and Climate for Household Information and Education or Project MENCHIE. Project MENCHIE served as a site host for sensors under the Breathe Metro Manila, a coalition of technology, academic, and research institutions working to improve responses to respiratory illnesses and

potential disasters. “We needed our own data not assumptions to respond to rising respiratory illnesses and environmental events like volcanic eruptions and smog,” Mandaluyong City Disaster Risk Reduction and Management Office (CDRRMO) Chief Roald Arcangel said in a statement. “Real-time monitoring became the trigger for faster, smarter action for us,” he added. A rc a n g e l o b s e r ve d t h a t w h i l e Mandaluyong’s air quality usually remains within acceptable levels, pollution increases during rush hours and in densely populated areas like Addition Hills. “Most of the time, levels are normal. But during peak traffic, they rise sharply, especially in high-density areas,” he explained. “By comparing sensor readings across locations, we see clear hyperlocal variations that guide our response.” Real-time monitoring has also shaped policy. According to the Mandaluyong Sangguniang Panlungsod Ordinance No. 1030, S-2025, air quality data now serves as a trigger for school cancellations—showing how monitoring results lead to practical public safety actions. Breathe Metro Manila (BMM) has praised LGUs for implementing real-time monitoring,

but stressed the need for more cities to join the expanding network of data-driven efforts for cleaner air. “Pollution doesn’t stop at city borders,”said Engr. Ethel Garcia, Clarity Movement regional account manager for Southeast Asia and Oceania, and BMM coalition member. “Sharing data across LGUs is essential so communities can work together not in isolation.” Garcia emphasized that partnerships between LGUs and private organizations are essential for increasing awareness and challenging the mindset that air pollution is “normal.” The Breathe Metro Manila initiative fosters this type of cross-sector collaboration by uniting academic air quality experts, LGUs working to confront air pollution, and corporations that help to fund the initiative. “With strong LGU leadership and crosssector collaboration, we can protect public health and create cleaner, more livable cities for all Filipinos,” Garcia added. She noted that Breathe Metro Manila is now open to collaborating with corporate groups, city governments, and NGOs to grow the network, aiming to provide more detailed, actionable data to guide air-quality interventions across Metro Manila.

to verify information. The DFA also underscored the Philippines’ significant strides in improving domestic security and reiterated its commitment to regional and international efforts to counter terrorism and violent extremism.

Continuing cooperation

FOREIGN Affairs Secretary Ma. Theresa P. Lazaro reaffirmed the Philippines’ “firm commitment” to counter terrorism, prevent violent extremism, and nurture closer intelligence and law-enforcement cooperation with Australia and other partners. “ The Philippines and Australia will jointly address transnational security threats, inc lud ing ter ror ism, t hrough sustained information sharing, operational coordination, and capacity-building initiatives,” Lazaro said. The DFA stressed that the Bondi investigation highlights the importance of international cooperation in addressing evolving security challenges and pledged continued support for Australia’s efforts to bring clarity and accountability to the case.

Davao Occidental tribes awarded CADTs after 14 years By Manuel T. Cayon @awimailbox

AVAO CITY—The B’laan and Manobo tribes in Davao Occidental were finally awarded their Certificate of Ancestral Domain Titles (CADTs) after more than a decade of waiting, the Philippine Information Agency said in this week’s news dispatch. The tribes were awarded of their lands sprawling in and around the southernmost municipality of Jose Abad Santos and covered an area of 123,094 hectares. The National Commission on Indigenous Peoples (NCIP) Davao Occidental Provincial Office said the ancestral domain includes 62,143.1674 hectares ancestral land and 60,951.058 hectares ancestral waters. NCIP Davao Occidental Provincial Director, lawyer Leonor Oralde-Quintayo, said the CADT covered 25 barangays in the municipality of Jose Abad Santos that were inhabited mainly by the tribal communities. These are in Mangili, Buguis, Culaman, Caburan Small, Caburan Big, Marabatuan, Magulibas, Meybio, Carahayan, Tabayon, Cayaponga, Malalan, Tanuman, Kalbay, Butuan, Patulang, Quiapo, Sugal, San Isidro, Nuing, Butulan, Camalian, Bo. Bukid, Balangonan, and Kitayo. “We are proud to announce this monumental victory of the Blaan and Manobo ICCs after 14 years of going through the process, dedication, and perseverance,” Oralde-Quintayo said. She said the CADT was first applied for on July 7, 2011, with delineation activities started in 2014. “We are very grateful because this strengthened the protection of our rights to our heritage. And we have something to pass on to the next generations,” said Ubanen Paquito Tubon, municipal IP Mandatory Representative (IPMR) of Jose Abad Santos. Tubon said he hoped that the national government would construct a farm-to-market roads to save them from high transport costs to bring their farm products to the market. “The CADT stands as a powerful recognition of their identity and their inherent rights over their ancestral domain, empowering the communities to chart their own course toward development while preserving the sacred relationship between their people and the land,” said NCIP XI regional director, Atty. Geroncio Aguio. “Their perseverance, unity, and unwavering commitment to safeguarding their identity and homeland have led to this moment of triumph,” Aguio said. He disclosed that the Mandaya tribe in the municipalities of Governor Generoso and Lupon in Davao Oriental also had their CADTs approved. Also, Oralde-Quintayo announced that they were expecting the approval of three more CADTs of the B’laan in Sarangani town, and the Sangil tribe of Jose Abad Santos and Sarangani.

Wednesday, January 7, 2026

TheWorld

Editor: Angel R. Calso

Defiant Maduro says ‘I was captured’ as he pleads not guilty to drug trafficking charges By Michael R. Sisak, Larry Neumeister & Eric Tucker The Associated Press

EW YOR K—A def i a nt Nicolás Maduro declared himself “the president of my country” as he protested his capture and pleaded not guilty Monday to federal drug trafficking charges that the Trump administration used to justify removing him from power in Venezuela. “I was captured,” Maduro said in Spanish as translated by a courtroom interpreter before being cut off by the judge. Asked later for his plea to the charges, he stated: “I am innocent. I am not guilty. I am a decent man, the constitutional president of my country.”

Maduro’s court appearance in Manhattan, his first since he and his wife, Cilia Flores, were seized from their Caracas home Saturday in a stunning middle-of-the-night military operation, kicked off the US government’s most consequential prosecution in decades of a foreign head of state. She also pleaded not guilty. The criminal case is unfolding against a broader diplomatic backdrop of an audacious USengineered regime change that President Donald Trump has said will enable his administration to “run” the South American country. Maduro, 63, was brought to court under heavy security early Monday—flown by helicopter to Manhattan from Brooklyn, where he is jailed, and then driven to the

courthouse in an armored vehicle. He and Flores were led into court just before noon. Both were in leg shackles and jail-issued garb, and both put on headsets to hear the English-language proceeding as it was translated into Spanish. As Maduro left the courtroom, a man in the audience denounced him as an “illegitimate” president.

A legal fight begins

AS a criminal defendant in the US legal system, Maduro will have the same rights as any other person charged with a crime in the country—including the right to jury trial. But, given the circumstances of his arrest and the geopolitical stakes at play, he’ll also be nearly— but not quite—unique. That was made clear from the

outset as Maduro, who took copious notes throughout the proceedings and wished Happy New Year to reporters as he entered the courtroom, repeatedly pressed his case that he had been unlawfully abducted. “I am here kidnapped since Jan. 3, Saturday,” Maduro said, standing and leaning his tall frame toward a tabletop microphone. “I was captured at my home in Caracas.” US District Judge Alvin Hellerstein, a 92-year-old jurist who was appointed to the federal bench in 1998 by Bill Clinton, interrupted him, saying: “There will be a time and place to go into all of this.” Hellerstein added that Maduro’s lawyer could do so later. “At this point in time, I only want to know one thing,” the judge

said. “Are you Nicolás Maduro Moros?” “I am Nicolás Maduro Moros,” the defendant responded. Maduro’s l aw yer, Ba r r y Pollack, said he ex pects to contest t he lega l it y of h is “m i l it a r y abduct ion.” Pollack, a prominent Washington lawyer whose clients have included WikiLeaks founder Julian Assange, said Maduro is “head of a sovereign state and is entitled to the privileges and immunities that go with that office.” Panamanian strongman Manuel Noriega unsuccessfully tried the same immunity defense after the US captured him in a similar military invasion in 1990. But the US doesn’t recognize Maduro as Venezuela’s legitimate head of

state—particularly after a muchdisputed 2024 reelection. Flores, who identified herself to the judge as “first lady of the Republic of Venezuela,” had bandages on her forehead and right temple. Her lawyer, Mark Donnelly, said she suffered “significant injuries” during her capture. A 25-page indictment accuses Maduro and others of working with drug cartels to facilitate the shipment of thousands of tons of cocaine into the US. They could face life in prison if convicted. Among other things, the indictment accuses Maduro and his wife of ordering kidnappings, beatings and murders of those who owed them drug money or See “Maduro,” A7

TheWorld

www.businessmirror.com.ph

Maduro. . . Continued from A6

undermined their drug trafficking operation. That included the killing of a local drug boss in Caracas, the indictment said. Outside the courthouse, police separated those protesting the US military action from pro-intervention demonstrators. Inside the courtroom, as the proceeding wrapped up and Maduro prepared to leave, 33-year-old Pedro Rojas stood up and began speaking forcefully at him in Spanish. Rojas said later that he had been imprisoned by the Venezuelan regime. As deputy US marshals led Maduro from the courtroom, the deposed leader looked directly at the man and shot back in Spanish: “I am a kidnapped president. I am a prisoner of war.”

Demands for Maduro’s return

TRUMP said Saturday the US would “run” Venezuela temporarily and reiterated Sunday night that “we’re in charge,” telling reporters “we’re going to run it, fix it.” Secretary of State Marco Rubio tried to strike a more cautious tone, telling Sunday morning talk shows that the US would not govern the country day-to-day other than enforcing an existing “ oil quarantine.” Before his capture, Maduro and his allies claimed US hostility was motivated by lust for Venezuela’s rich oil and mineral resources. Trump has suggested that removing Maduro would enable more oil to f low out of Venezuela, but oil prices rose 1.7% on Monday. There are uncertainties about how fast oil production can be ramped up in Venezuela after years of neglect, as well as questions about governance and oversight of the sector. Venezuela’s new interim leader, Delcy Rodríguez, has demanded that the US return Maduro, who long denied any involvement in drug trafficking—although late Sunday she struck a more conciliatory tone in a social media post, inviting collaboration with Trump and “respectful relations” with the US. Rodríguez was sworn in on Monday by her brother, National Assembly leader Jorge Rodríguez. “I come with sorrow for the suf fer ing inf l icted upon t he Venezuelan people following an illegitimate military aggression against our homeland,” she said with her right hand up. “I come with sorrow for the kidnapping of two heroes.” Maduro’s son and Venezuelan congressman Nicolás Maduro Guerra warned on Monday that his father’s capture could set a dangerous precedent globally and demanded that his parents be returned. “If we normalize the kidnapping of a head of state, no country is safe. Today it’s Venezuela. Tomorrow it could be any nation that refuses to submit. This is not a regional problem. It is a direct threat to global political stability,” Maduro Guerra said Also Monday, the United Nations Security Council held an emergency meeting, with the top U.N. official warning that America may have violated international law with its unilateral action. The world body also spotlighted the profound humanitarian needs in Venezuela. Its people have endured a yearslong, complex economic crisis. Tucker reported from Washington. Associated Press writers Regina Garcia Cano in Caracas, John Hanna in Topeka, Kansas, Megan Janetsky in Mexico City, Farnoush Amiri and Jennifer Peltz at the United Nations, Josh Boak in Baltimore, Maryland, Darlene Superville aboard Air Force One and Joshua Goodman in Miami contributed to this report.

Wednesday, January 7, 2026

US faces UN criticism over Venezuela intervention from both allies and foes By Farnoush Amiri & Jennifer Peltz The Associated Press

NITED NATIONS—Both allies and adversaries of the United States on Monday used an emergency meeting of the U.N. Security Council to voice opposition to the audacious US military operation in Venezuela that captured leader Nicolás Maduro. Before the U.N.’s most powerful body, countries critiqued—if sometimes obliquely—President Donald Trump’s intervention in the South American country and his recent comments signaling the possibility of expanding military action to countries like Colombia and Mexico over drug trafficking accusations. The Republican president also has reupped his threat to take over the Danish territory of Greenland for the sake of US security interests. Denmark, which has jurisdiction over the mineral-rich island, carefully denounced US prospects for taking over Greenland without mentioning its NATO ally by name. “The inviolability of borders is not up for negotiation,” said Christina Markus Lassen, Danish ambassador to the U.N.

She also defended Venezuela’s sovereignty, saying “no state should seek to influence political outcomes in Venezuela through the use of threat of force or through other means inconsistent with international law.”

US allies push back on Venezuela

WHILE French President Emmanuel Macron recently endorsed Maduro’s capture, its U.N. envoy was slightly more critical Monday, saying any violations of international law by the five permanent members of the U.N. Security Council, which include the US, erodes “the very foundation of the international order.” “The military operation that has led to the capture of Maduro runs counter to the principle of peace dispute resolution and runs counter to the principle of nonuse of force,” said Jay Dharmadhikari, deputy French ambassador to the U.N. US envoy Mike Waltz defended the operation in Venezuela as a justified and “surgical law enforcement operation,” calling out the 15-member council for criticizing the targeting of Maduro. “If the United Nations in this body confers legitimacy on an illegitimate narco-terrorist with the

same treatment in this charter of a democratically elected president or head of state, what kind of organization is this?” said Waltz, who is Trump’s former national security adviser. Maduro’s 2024 reelection was widely disputed. U.N. Secretary-General Antonio Guterres said in a statement that he is “deeply concerned that rules of international law have not been respected with regard to the 3 January military action.” He said the “grave” action by the US could set a precedent for how future relations between nations unfold.

Venezuela calls on the UN to take action

EVEN with the strong support for Venezuela’s sovereignty, its envoy called on the U.N. to go beyond veiled comments and condemnation. Ambassador Samuel Moncad a u rged t he Sec u r it y Council to demand that Washington release Maduro and his wife. “If the kidnapping of a head of state, the bombing of a sovereign country and the open threat of further armed action are tolerated or downplayed, the message sent to the world is a devastating one: namely that the law is optional, and that force is the true arbiter of international relations,”

Moncada said. He warned that other countries can’t afford to look away: “Accepting such a logic would mean to open the door to a deeply unstable world.” Neighbor ing Colombia described the raid as reminiscent of “the worst interference in our area in the past.” “Democracy cannot be defended or promoted through violence and coercion, and it cannot be superseded, either, by economic interests,” Ambassador Leonor Zalabata said.

China and Russia are expectedly critical

THE biggest critics of US foreign policy, China and Russia, which are also permanent members of the Security Council, called for the U.N. body to unite in rejecting America turning back to an “era of lawlessness.” Maduro, like his predecessor, forged a close relationship with Russia, while China was the main destination for most Venezuelan oil. “We cannot allow the United States to proclaim itself as some kind of a supreme judge, which alone bears the right to invade any country, to label culprits, to hand down and to enforce punishments

irrespective of notions of international law, sovereignty and nonintervention,” Russian ambassador Vassily Nebenzia said. His own country’s 2022 invasion of Ukraine has drawn widespread condemnation within the U.N. and from the US, although the Trump administration is engaging with Russia in hopes of brokering an end to the fighting. The US seized Maduro and his wife early Saturday from their home on a military base and put them aboard a US warship to face prosecution in New York in a Justice Department indictment accusing them of participating in a narco-terrorism conspiracy. Maduro declared his innocence during his first appearance in a Manhattan courthouse Monday. His stunning removal came after months of the US amassing a military presence off Venezuela’s coast and blowing up alleged drug trafficking boats. Trump has insisted that the US would run Venezuela at least temporarily and tap its vast oil reserves to sell to other nations. Secretary of State Marco Rubio, however, says the US would enforce an oil quarantine that was already in place on sanctioned tankers and use that leverage to press policy changes in Venezuela.

The oil industry’s gamble: How executives convinced Washington to bet on Rodríguez By Patricia Garip, Ben Bartenstein & Eric Martin

S the US threatened Nicolás Maduro’s grip on power in recent months, a cadre of executives, lawyers and investors tied to the oil industry made their case to anyone who would listen—the Trump administration, congressional aides: His familiar No. 2 Delcy Rodríguez should fill his shoes in Venezuela. An oil minister herself, Rodríguez has long been the go-to contact for senior executives, whom she impressed by navigating Venezuela‘s industry through international sanctions, economic pressures and internal mismanagement. Her loyalty to the Maduro regime notwithstanding, she’d be best positioned to shepherd through the US plan to restore Venezuela to its glory days as an oil gusher, argued executives and lobbyists. President Donald Trump’s inner circle came to the same conclusion, though people familiar with the matter say they did so independently. Both groups believed that the vice president, long seen as a bridge between the government and private sector, could stabilize Venezuela’s oil-based economy and facilitate American business faster than leading dissident María Corina Machado could, said the people. Administration officials were mindful of the chaos that ensued in Iraq after the fall of Saddam Hussein. Business interests aside, maintaining a semblance of business continuity will be critical to a successful transition—one that the Trump administration has yet to define. And Rodríguez fits both those bills: she oversees Venezuela’s oil apparatus and has decades of relationships among the remaining socialist stronghold in government. The advocates for Rodríguez didn’t directly include the biggest US oil majors, who were surprised by the removal of Maduro and are still racing to figure out how to work with Washington on next steps, according to people familiar with the

matter. But there’s a wider universe of US and international companies that have operated in Venezuela for years, and many have contacts in the White House and on Capitol Hill, the people said. A spokesperson for Chevron Corp., the only major US oil company licensed to operate in Venezuela said it “had no advance notice of the recent operation and did not engage in any discussions with administration officials regarding governance for a post-Maduro Venezuela.” It also said operations in the country were continuing uninterrupted and in full compliance with laws and regulations. In a triumphal press conference

Saturday, Trump endorsed Rodríguez to lead Venezuela for now. Machado, he said, lacked “respect” to lead the country, a stunning blow to the recent Nobel Peace Prize winner and the regime opponents at home and abroad who have pinned their hopes on her. The White House declined to comment beyond remarks made Sunday by Secretary of State and National Security Adviser Marco Rubio, who is playing a key role in managing Venezuela. He said that the US would leverage its oil blockade and regional military presence to further its policy goals. He also said the US would watch Rodríguez’s actions more than her rhetoric.

In a Bloomberg Television appearance Monday, Greylock Capital Management Chief Executive Hans Humes, who is part of the creditor committee of Venezuela’s sovereign debt, reiterated what some global oil executives have said in private regarding Rodríguez: “If you want somebody who can operate in rea-

sonably OK conditions get the person who operated in the worst conditions,” he said. He added that Trump was making a big gamble, one that if successful, could “reorder the entire energy configuration of the world.” With assistance from Erik Schatzker and Maria Elena Vizcaino/Bloomberg

Wednesday, January 7, 2026

TheWorld

Israel strikes multiple Lebanon sites ahead of key disarmament meeting By Bassem Mroue & Mohammed Zaatari

The Associated Press

IDON, Lebanon—Israel’s air force struck areas in southern and eastern Lebanon on Monday and early Tuesday, including in the country’s third-largest city. A strike around 1 a.m. Tuesday leveled a three-story commercial building in the southern coastal city of Sidon, a few days before Lebanon’s army commander is scheduled to brief the government on its mission of disarming militant group Hezbollah in areas along the border with Israel. Lebanese President Joseph Aoun in a statement Tuesday condemned the attacks as counter to both international efforts to deescalate hostilities and Lebanon’s efforts to extend the government’s authority into areas long dominated by Hezbollah and to disarm militants. An Associated Press photographer at the scene in Sidon said the area was in a commercial district containing workshops and mechanic shops and the building was uninhabited. At least one person was transported by ambulance and rescue teams were searching the site for others, but no deaths have been reported. Israel’s military said Tuesday they targeted weapons storage sites and infrastructure belonging to the militant groups Hezbollah

and Hamas. They acknowledged the sites were located in civilian areas but blamed the groups for operating there. The strikes were the latest in near-daily Israeli military action since a ceasefire signed more than a year ago that included a Lebanese pledge to disarm militant groups, which Israel says has not been fulfilled. They took place nearly two hours after Israel’s military Arabic language spokesman Avichay Adraee posted warnings on X that the military would strike targets in two villages in the eastern Bekaa Valley and two others in southern Lebanon. Lebanon’s state-run National News Agency said a home struck in the village of Manara in the Bekaa Valley belonged to Sharhabil al-Sayed, a Hamas military commander who was killed in an Israeli drone strike in May 2024. The areas were evacuated after Israel’s warning. There were no reports of casualties in those strikes. Earlier Monday, Lebanon’s Health Ministry said a drone strike on a car in the southern village of Braikeh earlier Monday wounded two

The Associated Press

Paris summit aims for Ukraine security guarantees amid US focus on Venezuela By John Leicester & Sylvie Corbet The Associated Press

PEOPLE check a destroyed building that was hit by an Israeli airstrike at a commercial district in the southern port city of Sidon, Lebanon, Tuesday, Jan. 6, 2026. AP/MOHAMMED ZAATARI)

people. The Israeli military said the strike targeted two Hezbollah members. The Lebanese army last year began the disarmament process of Palestinian groups while the government has said that by the end of 2025 all the areas close to the border with Israel—known as the south Litani area—will be clear of Hezbollah’s armed presence. The Lebanese government is scheduled to discuss Hezbollah’s disarmament during a meeting Thursday that will be attended by army commander Gen. Rudolph Haikal. Monday’s airstrikes were in villages north of the Litani River and far from the border with Israel. The disarmament of Hezbollah and other Palestinian groups by the Lebanese gover nment came after a 14-month war between Israel and Hezbollah in which much of the political and

military leadership of the Iranbacked group was killed. The latest Israel-Hezbollah war began Oct. 8, 2023, a day after Hamas attacked southern Israel, when Hezbollah fired rockets into Israel in solidarity with Hamas. Israel launched a widespread bombardment of Lebanon in September 2024 that severely weakened Hezbollah, followed by a ground invasion. The war ended in November 2024 with a ceasefire brokered by the US. Israel has carried out almost daily airstrikes since then, mainly targeting Hezbollah members but also killing at least 127 civilians, according to the office of the U.N. High Commissioner for Human Rights. Mroue reported from Beirut. Associated Press writer Abby Sewell in Beirut contributed to this report.

North Korea says latest missile tests involve hypersonic weapons system By Hyung-Jin Kim

www.businessmirror.com.ph

EOUL, South Korea—North Korea said Monday that leader Kim Jong Un observed test-flights of hypersonic missiles and underscored the need to bolster the country’s nuclear war deterrent, as the

ARIS—Ukraine’s allies are meeting Tuesday in Paris for key talks that could help determine the country’s security after a potential ceasefire with Russia. But prospects for progress are uncertain with the Trump administration’s focus shifting to Venezuela. Before the US capture of Venezuelan leader Nicolás Maduro, French President Emmanuel Macron had expressed optimism about the latest gathering of so-called “coalition of the willing” nations. For months, they have been exploring how to deter any future Russian aggression should it agree to stop fighting Ukraine. In a Dec. 31 address, Macron said that allies would “make concrete commitments” at the summit “to protect Ukraine and ensure a just and lasting peace.” Macron’s office said Tuesday’s meeting will gather an unprecedented number of officials attending in person, with 35 participants including 27 heads of state and government. The US will be represented by President Donald Trump’s envoys, Steve Witkoff and Jared Kushner. Macron’s office said the US delegation was initially set to be led by Secretary of State Marco Rubio, who changed his plans for reasons related to the military intervention in Venezuela. Participants seek concrete outcomes on five key priorities once fighting ends: ways to monitor a ceasefire; support for Ukraine’s armed forces; deployment of a multinational force on land, at sea and in the air; commitments in case there’s another Russian aggression; and long-term defense cooperation with Ukraine. But whether that’s still achievable Tuesday isn’t so clear now, as Trump deals with the aftermath of his decision to effect leadership change in Venezuela. Ukraine seeks firm guarantees from Washington of military and other support seen as crucial to securing similar commitments from other allies. Kyiv has been wary of any ceasefire that it fears could provide time for Russia to regroup and attack again.

Recent progress in talks

BEFORE the US military operation targeting Maduro, Witkoff had indicated progress in talks about protecting and reassuring Ukraine. In a Dec. 31 post, Witkoff tweeted that “productive” discussions with him, Rubio, and Kushner on the US side and, on the other, national security advisers of Britain, France, Germany and Ukraine had focused on “strengthening security guarantees and developing effective deconfliction mechanisms to help end the war and ensure it does not restart.” France, which with the United Kingdom has coordinated the monthslong, multination effort to shore up a ceasefire, has only given broad-brush details about the plan’s scope. It says Ukraine’s first line of defense against a Russian resumption of war would be the Ukrainian military and that the coalition intends to strengthen it with training, weaponry and other support. Macron has also spoken of European forces potentially being deployed away from Ukraine’s front lines to help deter future Russian aggression.

Important details unfinalized

IN this photo provided by the North Korean government, leader Kim Jong Un, center, inspects test-flights of hypersonic missiles, in Pyongyang, North Korea, Sunday, Jan. 4, 2026. Independent journalists were not given access to cover the event depicted in this image distributed by the North Korean government. The content of this image is as provided and cannot be independently verified. KOREAN CENTRAL NEWS AGENCY/KOREA NEWS SERVICE VIA AP

country dials up weapons displays ahead of its major political conference. North Korea reported on the drill a day after its neighbors said they detected multiple ballistic missile launches and accused the North of carrying out provocations. The tests came just hours before South Korean President Lee Jae Myung departed for China for a summit with President Xi Jinping. The official Korean Central News Agency said Sunday’s drill involving a hypersonic weapon system was meant to examine its readiness, enhance missile troops’ firepower operational skills and evaluate operational capabilities of the country’s war deterrent. “Through today’s launching drill, we can confirm that a very important technology task for national defense has been carried out,” Kim said, according to KCNA. “We must continuously upgrade the military means, especially offensive weapon systems.” The possession of a func tioning hypersonic weapon would give North Korea an ability to penetrate the US and South Korea’s missile defense shields. In past years, North Korea has performed a series of tests to acquire it, but many foreign experts question whether the tested missiles have achieved their desired speed

and maneuverability during flights. In recent weeks, North Korea test-fired what it called long-range strategic cruise missiles and new anti-air missiles and released photos showing apparent progress in the construction of its first nuclearpowered submarine. Observers say North Korea aims to demonstrate or review its achievements on the weapons development sector ahead of the ruling Workers’ Party congress, the first of its kind in five years. Keen attention is on whether Kim would use the congress to set a new approach on relations with the US and resume long-dormant talks. Nor th Korea’s nuclear program is expected to be discussed when Lee and Xi meet for a summit later Monday. Lee’s office earlier said he would call for China, North Korea’s major ally and economic pipeline take “a constructive role” in efforts to promote peace on the Korean Peninsula. The latest launches followed Saturday’s audacious US military operation that ousted Venezuelan leader Nicolás Maduro from power and brought him to the US to face narco-terrorism conspiracy charges. North Korea slammed the operation, saying it again shows “the rogue and brutal nature of the US.”

UKRAINE’S President Volodymyr Zelenskyy said during the weekend that potential European troop deployments still face hurdles, important details remain unfinalized, and “not everyone is ready” to commit forces. He noted that many countries would need approval from parliament even if leaders agreed to military support for Ukraine. But he recognized that support could come in forms other than troops, such as “through weapons, technologies and intelligence.” Zelenskyy said that post-ceasefire deployments in Ukraine by Britain and France, Western Europe’s only nuclear-armed nations, would be “essential” because some other coalition members “cannot provide military assistance in the form of troops, but they do provide support through sanctions, financial assistance, humanitarian aid and so on.” “Speaking frankly as president, even the very existence of the coalition depends on whether certain countries are ready to step up their presence,” Zelenskyy said. “If they are not ready at all, then it is not really a ‘coalition of the willing.’” Volodymyr Yurchuk in Kyiv, Ukraine, contributed to this report.

UKRAINE’S President Volodymyr Zelenskyy speaks during a briefing in Kyiv, Ukraine, Saturday, Jan. 3, 2026. AP/DANYLO ANTONIUK

Wednesday, January 7, 2026

Duterte siblings to SC: Bring FPRRD home By Joel R. San Juan @jrsanjuan1573

HE Duterte siblings have asked the Supreme Court (SC) to act on their petitions for habeas corpus and to take necessary steps to facilitate the return of their father, former President Rodrigo Duterte to the Philippines from The Hague, Netherlands, where he has been detained for more than 10 months for crimes against humanity filed before the International Criminal Court (ICC) in connection with the bloody anti-illegal drug campaign during his administration. Davao City Rep. Paolo “Polong” Duterte, Davao City Mayor Sebastian “Baste” and Veronica “Kitty” Duterte made the appeal in their respective memorandum which the Court ordered to be submitted before issuing its decision on the habeas petitions they filed last March 2025 following the government’s surrender of the former President to the ICC to face trial for the deaths linked to the latter’s war on drugs. The writ of habeas corpus is a legal remedy available to address illegal confinement or detention, or to determine rightful custody over a person. It applies to all cases of illegal confinement or detention by which any person is deprived of his liberty. Paolo and Veronica submitted their memorandum on January 5, 2026 while Sebastian’s memorandum was received by the Court on December 29, 2025.

Nazarene. . . Continued from A5

build-up along the route of the andas, the carriage that will transport the image of Jesus Nazareno. “The goal is to prevent devotees from blocking the path of the andas. In previous years, after performing the pahalik, some people stayed along Katigbak Drive instead of moving on... This caused the andas to stop because devotees were already obstructing its way,” Irasga said in an interview on Tuesday. Under the new arrangement, devotees who complete the “pahalik” will be directed back to South Drive (Kalaw Extension). Katigbak Drive will be closed to ensure a clear passage for the andas. Irasga noted that many of those who participate in the “pahalik” also take part in the Traslacion procession afterward. “What we want is this: when the

DAR. . . Continued from A5

T hese ac h ievements a f f i r m DA R Pa l aw a n’s st rong com m it ment to people-centered agrarian reform—one that treats land not only as a productive asset, but as a cornerstone of dignity, opportunity, and inclusive growth in the countr yside.

Yanson. . . Continued from A4

a resolution issued on December 18, 2025. “Thus, to make another disquisition would be a superf luity. W herefore, the motion for reconsideration is denied for lack of merit,” the C A added. In its June 9 decision, the C A held that ordering the Secretary of justice to take action would amount to judicial interference with the exercise of his discretion and would violate the well-established principle of separation of powers. In the petition for mandamus, the Yanson 4 alleged that they are the incumbent corporate officers and members of the board of directors of Goldstar Bus Transit, Inc. and Vallacar Transit, Inc., both of

The Duterte siblings appealed for the Court to grant their petitions for habeas corpus and declare that his arrest, surrender and continued detention by the ICC as illegal and unconstitutional. They also asked the Court to order the respondents Philippine government officials to facilitate the return of the former President to the country. They argued that the fact that the exPresident is now detained in The Hague does not divest the Court of its power to act, nor render their habeas corpus petitions moot. They cited the landmark US Supreme Court case on Bouediene v. Bush, 553 US 723 (2008), where the US military forces seized Lakkhdar Boumediene and five other Algerian nationals and transported them to Guantanamo Bay Naval Base in Cuba. Boumediene sought a writ of habeas corpus before the US District Court which was elevated to the US Supreme Court which resolved the issue on whether the constitutional privilege of habeas corpus apply to a foreign citizen held at Guantanamo. The US Supreme Court, according to the Duterte siblings, resolved it in the affirmative and held that the writ of habeas corpus is meant to protect individual freedom. “Applying this logic to the present case: while FPRRD is physically held in the Netherlands, his detention is a direct consequence of the respondents’ initiation and continued cooperation with the

image moves from the Grandstand and crosses Roxas Boulevard, the image should be in front, while the devotees follow from behind,” he explained. The pahalik will begin on Wednesday evening at the Quirino Grandstand, after the mass for feast volunteers. Organizers said security has been tightened both at Quiapo Church and at the Grandstand to ensure the smooth transfer of the Nazareno image from Quiapo to the Grandstand. Earlier, the PNP said it will deploy more than 18,000 personnel for the event, including about 1,000 intelligence operatives to monitor the area and 800 police officers who are also Hijos del Nazareno and will join the procession. Irasga said organizers do not expect major problems during activities leading up to the Traslacion. “In the pagpupugay and the wellknown Pahalik, the process is usually orderly because the number of people is always controlled,” he added.

Implemented under the Support to Parcelization of Lands for Individual Titling (SPLIT) Project, DAR converted Collective Certificates of Land Ownership Award (CCLOAs) into individual titles, enabling 416 ARBs to gain clear and secure ownership of their land. With individual titles, farmers can plan long-term, invest confidently in their farms, access credit, and build more stable futures for their families. Jonathan L. Mayuga

which are part of the Yanson Group of Bus Companies (YGBC). They also told the CA that they are involved in a protracted legal dispute over the control of the YGBC and the dispute has resulted in multiple criminal, civil, and intra-corporate cases filed by both the Yanson Four and the other surviving heirs. The petitioners said there are 23 petitions for review and motions of reconsideration pending before the Office of then Justice Secretary Jesus Crispin C. Remulla, now the Ombudsman. The appellate court stressed that: “The Secretary of Justice is expressly granted the authority to decide how or when to exercise the duty to review resolutions issued by subordinates. In other words, the Secretary retains full discretion in handling cases elevated to his or her office.”

ICC. Because the respondents retain the legal and diplomatic capacity to demand his return or challenge the surrender that they themselves facilitated, they maintain constructive custody,” Sebastian’s memorandum stated. “To hold otherwise would allow the State to evade constitutional scrutiny simply by transporting a citizen across a border – a result that would render the privilege of the writ illusory,” it added. Veronica, on the other hand, cited the 2025 US case of Noem v. Abrego Garcia, the landmark 1919 Philippine case of Villavicencio v. Lukban and the successful efforts to bring former Congressman Arnulfo Teves Jr., back to the Philippines from Timor-Leste to prove that their habeas petitions cannot be considered moot and academic. In the case Kilmar Armando Abrego Garcia, an El Salvador national residing in Maryland, US with protected status, was arrested without a warrant and forcibly transported by immigration agents of the US Department of Homeland Security to El Salvador, where he was detained in a maximum security prison. Through counsel and members of his family, Abrego Garcia filed suit with the US District Court of Maryland against Homeland Secretary Kristi Noem and others, alleging that his removal to El Salvador violated the due process clause of the U.S. Constitution and applicable immigration laws, and praying for habeas corpus relief. The Maryland District Court even-

EcoWaste. . . Continued from A5

n From Pakistan (3 products): Aneeza Gold Beauty Cream (reported to the FDA in 2024); Goree Beauty Cream with Lycopene 4 in 1 Beauty Kit; and Goree Gold 24K Beauty Cream 3 in 1 Beauty Kit. “Ten of the 13 mercury-added cosmetics that we reported to the FDA were subsequently f lagged by the agency through separate advisories issued in 2025,” Lucero said. T he EcoWaste Coa l ition pub lished in January 2025 a longer list of 35 skin-lightening products that

Davao. . . Continued from A5

incidents at 312 in 2024 that dropped to 218 incidents last year, followed by rape, which had 193 incidents in 2024 and dropped to 130 last year and robbery, with 68 incidents in 2024 and 42 last year. Physical injury rose from 75 to 86 incidents last year, murder from 32 to 36 and carnapping of motorcycles with 18 cases in 2024 to 20 last year. Homicide incidents steadied at nine incidents in each year and a lone case of carnapping of a motor vehicle. It also credited the support of the city government despite the rift of the local government with Malacanang, and despite

NWPC. . . Continued from A4

Domestic workers are covered under Republic Act 10361, or the Domestic Workers Act, which sets minimum labor

DBM. . . Continued from A1

communications technology (ICT) projects aligned with their Information Systems Strategic Plans and compliant with the Medium-Term ICT Harmonization Initiative framework. The DBM also highlighted the increasing role of local government units (LGUs) following the full devolution of certain functions. Agencies were instructed to avoid proposing programs that duplicate devolved services and to focus instead on policy-setting,

tually held that it retained jurisdiction, and granted a preliminary injunction ordering the defendants “...to facilitate and effectuate the return” of Abrego Garcia to the United States. The case ended with the successful return of Abrego Garcia to the Us on June 6, 2025. “Abrego Garcia does not only prove that the consolidated petitions are not moot, it also provides guidance on how overseas habeas corpus relief can be granted that honors the separation of powers,” the memorandum read. In the landmark 1919 case of Villavicencio v. Lukban, the police, upon orders of then Manila Mayor Justo Lukban, rounded up around 170 “women of ill repute,” and, without their consent, placed them aboard ships bound for Davao City. This prompted friends and family of the women to file an application for habeas corpus before the SC. Mayor Lukban, in defense, similarly argued, among others, that his powers were confined within the city limits of Manila, rendering him incapable to cause the women’s return from Davao City. The SC eventually ruled that habeas corpus respondents cannot simply evade the writ by relocating the detained, emphasizing that if the respondents are within the Court’s jurisdiction, they may be compelled to undo the wrong inflicted. “The same coercive power resides in this Honorable Court today: should the respondents plead inability to secure

FPRRD’s return from the ICC, they must demonstrate exhaustive good-faith efforts such as diplomatic démarches, formal requests or motions to the ICC and the Kingdom of the Netherlands, and the like,” the Duterte siblings argued. “Anything less would expose them to contempt, for, as Villavicencio teaches, the power to commit the wrong necessarily entails the obligation to undo it,” they added. Paolo, on the other hand, argued that the Court is duty-bound to resolve the petitions for habeas corpus on the merit since this is the first time in the Philippine history that its own government surrendered a former President to be tried by an international tribunal. “It is of utmost public interest for the citizens of our Republic to know whether such arrest was lawful or not. In addition, the resolution of the instant case would help in the formulation of controlling principles to guide the bench, the bar, and the public, considering that this is a case of first impression,” he added. The Duterte siblings maintained that FPRRD’s arrest violates Article III, Section 2 of the 1987 Constitution which mandates that “no personal shall be arrested or detained except by virtue of a warrant personally issued by a judge after a finding of probable cause.” This authority, according to the Duterte siblings, does not extend to foreign or international judges such as the members of the ICC. Likewise, they maintained that

FPRRD’s arrest is violative of Article 59 of the Rome Statute, which created the ICC. The said provision mandates that “a person arrested shall be brought promptly before the competent judicial authority in the custodial State which shall determine, in accordance with the law of that State.” The Duterte siblings further insisted that FPRRD’s arrest was “illegally, procedurally defective, and constitutionally infirm” as it was based merely on a diffusion, and not a red notice, which did not originate from the Interpol itself but was issued by the ICC legal branch. On the other hand, the Office of the Solicitor General asked the Court to dismiss the consolidated petitions of the Duterte siblings “for being moot and for utter lack of merit.’ “The undisputed fact is that FPRRD is in the custody of the ICC at The Hague, the Netherlands. Because FPRRD is outside Philippine territory, any relief that may be granted by the Honorable Court would be ineffectual and without practical value, as it cannot be enforced beyond the country’s territorial jurisdiction,” Solicitor General Darlene Marie Berberabe said in her 133-page memorandum. “It is precisely the impracticality of enforcing the relief sought which renders this case non-justiciable, as the lack of enforceable relief fails to satisfy the constitutional requirement of an “actual controversy” necessary to trigger the Honorable Court’s power of judicial review,” she added.

the group procured and screened for mercury, including tainted facial creams from China (7 products), Indonesia (4 products), Pakistan (8 products), and Thailand (16 products), many of which were eventually banned by the FDA-Philippines and FDA-Thailand. Mercury is added to some skinlightening products to suppress the body’s production of melanin, the pigment that gives skin its color; however, it is a potent toxin that can damage the brain, kidneys, liver, and skin, while also causing hormonal, reproductive, and other health issues. Despite international, regional, and domestic prohibitions, the manufacture and sale of mercury-laced cosmetics persist, endangering public

health and ecological safety. This issue is evident in the Philippines, where imported facial whitening skin creams with mercury remain prevalent despite regulatory and enforcement efforts by the Food and Drug Administration (FDA). “To help the government, the FDA in particular, we’ve been monitoring the market since 2011 for mercury-contaminated skin lightening products, including many sold in e-commerce and social media platforms, exposing the dangerous products to alert regulators and consumers, as well as to challenge racist beauty standards and promote acceptance of natural skin color, to protect public health and the environment,” Aileen Lucero, National Coordinator, EcoWaste Coalition said

in a statement. “As we begin the New Year, we urge those behind the production and trade of banned, dangerous cosmetics with mercury to halt this unethical and unlawful business that exploits vulnerable women who desire lighter skin,” she said. “We urge companies to end colorism in their marketing and stop profiting from skin whiteners containing mercury and other hazardous substances.” “Simultaneously, we urge other agencies, specifically the customs bureau and the trade department, to provide their complete backing to the FDA’s ongoing efforts to enforce the laws prohibiting mercury-added cosmetics,” she said.

the city police hierarchy installed by the police national headquarters in Camp Crame without the tacit consultation and concurrence with the city government. “This substantial reduction in crime is the result of disciplined execution, swift and decisive action, and accountable leadership. Every police unit has been directed to uphold integrity, vigilance, and professionalism in safeguarding our communities,” Muarip said. He said Malacanang-installed police top brass in the city has formulated its own security framework under the acronym D.A.V.A.O. for Discipline, Action, Virtue, Accountability, and Order. “These gains were further strengthened through initiative-driven OPLANs, intensified patrol and visibility operations, focused

law-enforcement interventions, and robust collaboration with barangay officials, force multipliers, and community stakeholders,” it added. On New Year’s eve, the regional police command ordered a sudden simultaneous checkpoints across the Davao Region, from 9:00 am to 12:00 noon. The checkpoints were set up within the areas of responsibility of all provincial and city police offices under PRO 11 with police officers from different units working together to ensure smooth traffic flow deter criminal activity and enforce local ordinances, said Regional Director Brig. Gen. Leon Victor Z. Rosete, who personally supervised its implementation Rosete conducted an online accounting of deployed personnel “to ensure that police

officers were properly positioned present at their assigned posts and fully prepared to perform their duties”, the regional information office of the regional command at Camp Catitipan. The PRO 11 lauded the Sulop Municipal Police Station of Davao del Sur, Compostela Municipal Police Station of Davao de Oro and Lupon Municipal Police Station of Davao Oriental as the fastest police stations to establish the checkpoints. Davao Occidental was cited as the fastest provincial police office to put the checkpoints. The Nabunturan and Pantukan Municipal Police Stations of Davao de Oro, and the Island Garden City of Samal Municipal Station of Davao del Norte posted the highest number of arrests due to violation of traffic and local ordinances. Manuel T. Cayon

standards and requires employers to provide at least the prescribed minimum wage, social security coverage, rest periods, and written employment contracts. Under the law, RTWPBs are mandated to review and, if warranted, determine and adjust minimum wage rates for domestic

workers. The NWPC said all regional boards are closely monitoring region-specific socioeconomic indicators and coordinating with other government agencies to assess whether current minimum wages remain appropriate.

“This allows wage-setting decisions to remain responsive, evidence-based, and context-sensitive, aligning them with International Labor Organization Convention 131 [Minimum Wage Fixing Convention, 197]) and the ILO Minimum Wage Fixing Guide [2016],” it added.

technical assistance and capacity-building, particularly for fourth- to fifth-income class LGUs and geographically isolated and disadvantaged areas. The budget process will also continue to adopt the two-tier budgeting approach, program-based budgeting, disaggregation of lump-sum items, participatory budgeting and a strengthened results-based monitoring and evaluation system to improve transparency and accountability. Among the strategic aims of the budget are protecting the purchasing power of Filipinos amid high food and fuel prices; accelerating

inclusive and sustainable economic growth through continued infrastructure investments; strengthening the country’s climate resilience; improving the quality and accessibility of public services through government digitalization; and promoting balanced development by better synchronizing local, regional and national programs. The budget will also prioritize social cohesion and inclusion by channeling resources to disadvantaged sectors and communities, while ensuring that the government remains flexible in responding to emerging domestic and global risks and opportunities.

Based on the memorandum, the 2027 national budget will serve as a “critical pipeline” to implement the government’s strategic objectives as the country nears the final phase of the Philippine Development Plan (PDP) implementation. “By leveraging on these foundational frameworks, the government continues to pursue sustainable and inclusive growth, improve public welfare through the ongoing fiscal reforms and good governance policies, and ensure that economic initiatives align with the broader vision for national development,”the budget call stated.

Jonathan L. Mayuga

Reine Juvierre S. Alberto

A10 Wednesday, January 7, 2026 • Editor: Angel R. Calso

Opinion BusinessMirror

www.businessmirror.com.ph

editorial

Stabilizing the spice: The push for resilient PHL ‘sili’ production

DISTINCTIVE part of Filipino dining is dipping certain foods into flavorful sauces. Those who love to eat sinigang or roasted meats like chicken would almost always have something salty as their dipping sauce. Those who consume dried or fried fish dishes prefer vinegar.

A good number of Filipinos prefer sili or chili pepper in their dipping sauces to give their dishes an extra kick. Just look around the “inasal” or roasted chicken restaurants that have sprung up in cities all over the country where you will find many patrons enjoying their roasted chicken dipped in soy sauce, calamansi and sili. It’s as though their dining experience isn’t complete without that fiery sensation in their mouths. This indicates that there is a consistent market for the sili crop throughout the entire year, an incentive that should entice farmers to expand production. However, just like other cash crops and the Philippine agriculture sector in general, production remains dependent on the vagaries of nature. And because output is quite limited, price spikes ensue after strong typhoons batter sili production areas. (See, “Govt keen on intensifying local chili pepper production,” in the BusinessMirror, January 5, 2026). The Department of Agriculture (DA) noted that the price of siling labuyo surged to as high as P800 per kilogram last September. This after the country was struck by typhoons and heavy rains brought damage to production areas. The timing was also unfortunate considering that most restaurants and other food outlets have already stepped-up preparations for the holidays. More expensive crops could mean costly food for local consumers especially to the so-called Bottom 30 of the population, who usually allot a chunk of their income for food. Increasing food production should not only focus on the staples like rice, but also other items that add to the cost of preparing meals, such as vegetables and spices. Munggo or mung beans may seem ubiquitous, but the country is now importing it to plug the gap in domestic production. (See, “DA: Project to end PHL reliance on mung bean imports,” in the BusinessMirror, December 22, 2025). At a time when the dollar is becoming stronger and making imports more expensive, relying on imports is no longer an attractive proposition. While the Philippines does not usually import sili in huge quantities like rice, boosting domestic output will help the country conserve dollar reserves. Stable supply particularly after natural calamities will minimize supply chain disruptions and enable the Philippines to keep inflation at low rates. The DA is cognizant of the need for accurate data and climate-resilient techniques to increase the output of high-value crops like chili pepper. Filipino consumers hope that the agency can implement the necessary interventions to make this happen, and do this not only to high-value crops but also to other key food items as well. This is in keeping with the President’s campaign promise of making food affordable and accessible to all. Since 2005

BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor

Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso, Dionisio L. Pelayo

Online Editor

Ruben M. Cruz Jr.

Creative Director Chief Photographer

Eduardo A. Davad Nonilon G. Reyes D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com

www.businessmirror.com.ph

Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF

Mark Villar

THE BUILDER

HE year 2025 saw major economic challenges, but the Philippines remains a key growth driver in Southeast Asia. We continue to enjoy a demographic dividend, as a major segment of our population reaches working age faster than the dependent population of the young and old. This has resulted in a labor force of nearly 50 million workers who are productively contributing to economic activity and household spending. The number of workers translates into a vibrant consumer market, not only in Metro Manila but also across the country. Major retail chains, famous restaurant brands as well as hotels are building stores and branches in the provinces, where new roads and bridges are being built. Domestic tourism thrives. I believe we will continue to attain a thriving economy in 2026, with gross domestic product (GDP) growth of more than 5 percent. Our gross national income (GNI), which factors in income from abroad, is expanding even faster than our GDP. Foreign investments continue to arrive on our shores, while local companies are likewise investing and hiring for their expansion plans. We maintain stable inflation, and the foreign exchange rate has remained steady in recent weeks.

Publishers Association of the Philippines Inc.

I believe the stock market is poised for a rebound this year, which will enable companies to raise funds from the equities market. This optimism is not without basis. Multilateral lenders such as the International Monetary Fund (IMF), the World Bank and the Asian Development Bank (ADB) all see the Philippine economy growing above 5 percent in 2026. While their forecasts are somewhat tempered compared with earlier estimates—and a tad below the government’s target range of 6 to 7 percent—the outlook remains positive. The IMF forecasts the Philippine economy will grow by 5.6 percent in 2026, representing an uptick from its 5.1-percent estimate for 2025. Potential growth is estimated at around 6.0 percent over the medium term. Inflation is projected to aver-

age 2.8 percent in 2026, remaining well within the Bangko Sentral ng Pilipinas’ (BSP) target range of 2 to 4 percent. The World Bank projects GDP growth of 5.3 percent in 2026. This remains impressive given global challenges, such as trade disputes and geopolitical concerns. The ADB also sees our 2026 growth at 5.3 percent, noting that the Philippines will remain the second fastest-growing economy in Southeast Asia, trailing only Vietnam. AMRO forecasts steady growth at 5.3 percent on the back of resilient domestic demand, with inflation expected to remain manageable. The current account is seen at a deficit, representing 3.4 percent of GDP in 2026 as imports continue to outpace exports. We require imported products to meet our growing needs for food, fuel, electronics and raw materials; the key is to balance the account by expanding our manufacturing base to strengthen exports. The good news is that our gross international reserves (GIR) remain ample at about $110 billion to cover our import, debt service and foreign exchange requirements in the near term. Another factor that is expected to support spending and investment is the monetary easing cycle by the BSP. This culminated in a fifth straight reduction in the benchmark interest rate in December 2025, bringing the overnight borrowing rate down to 4.50 percent.

Business groups also remain optimistic. The Employers Confederation of the Philippines (ECOP) expects the economy to perform better in 2026. To attain this, fresh investments are crucial to accommodate the 800,000 to one million new graduates entering the workforce this year. The new government budget of P6.79 trillion is expected to support the hiring of personnel in government agencies, bringing in “fresh blood” to improve bureaucracy and service delivery. Investment momentum is already visible. Per the Philippine Economic Zone Authority (PEZA), new investments in economic zones reached P260.89 billion in 2025 ― the highest since 2016. For 2026, PEZA is targeting P300 billion in investments to maintain the momentum. In the medium term, we are likely to sustain our growth because of the demographic dividend I mentioned earlier. While the Philippine Statistics Authority (PSA) reports that live births fell from 1.74 million in 2015 to 1.36 million in 2024, our labor force remains robust at nearly 50 million. This gives us a unique window of opportunity to drive our economy forward for at least the next 20 years. We must take full advantage of our young population to sustain our growth momentum in 2026 and beyond. For feedback e-mail to senatormarkvillar@gmail. com or visit our web site: https://markvillar.com.ph

AI regulation battle looms in California despite Trump threats

T. Anthony C. Cabangon

Senior Editors

Chairman of the Board President Advertising Sales Manager Group Circulation Manager

Bullish on 2026

By Eliyahu Kamisher

HIS year, many of the world’s most powerful artificial intelligence companies face a pitched battle over government regulation on their home turf—California.

And even President Donald Trump’s threat to punish states that regulate AI may not stop the fight. California lawmakers, dominated by Democrats, are determined to place guardrails on the homegrown industry, saying unfettered AI poses a mental health risk to children and adults alike. They scoff at Trump’s executive order in December to withhold federal funding from states that adopt AI rules, saying it’s their responsibility to act. And while companies have launched a lobbying blitz to block what they consider onerous regulations, legislators say they won’t be deterred. “They’ve spent a lot of money, and their influence is real,” said Assemblymember Rebecca BauerKahan. “When the harms become so salient, my colleagues are there to serve the people, and that noise doesn’t stop us.” She plans to rein-

troduce in January a bill that would bar minors from using “companion” chatbots that form human-like relationships, legislation that Governor Gavin Newsom vetoed last year. Legislators in both blue and red states are bucking Trump on AI, as reports mount of children and adults developing unhealthy or even delusional attachments to chatbots. And California has a long history of passing legislation designed to serve as a blueprint for other states. In September, for example, Newsom signed into a law a bill requiring AI developers to disclose safety protocols, and New York lawmakers are now using it to develop their own regulations. But the push for AI rules in California also faces a stark economic reality. The industry has become a growing source of tax revenue for the state’s roughly $320 billion budget. The Silicon Valley giants targeted

by lawmakers carry a combined market value exceeding $15 trillion. AIfueled income tax withholdings from companies such as Apple Inc., Nvidia Corp. and Alphabet Inc. now deliver an estimated $10 billion to the state treasury—the “lone bright spot” in an otherwise grim fiscal forecast, according to California’s nonpartisan Legislative Analyst’s Office. “Where do you think this money comes from?” Newsom said, in an interview with Bloomberg Businessweek. That puts Newsom, a Democrat, in a difficult spot. He’s weighing a run for the White House in 2028, and anxious parents are a potent voting bloc. But industry representatives warn AI companies could flee the state if it imposes onerous rules, joining a recent corporate exodus from California that includes Hewlett Packard Enterprise Co., Oracle Corp. and Tesla Inc. “It’s the ace up their sleeves,” said Catherine Bracy, chief executive officer of TechEquity, a nonprofit that advocates for AI safeguards. “And they play that card a lot.” As a result, legislators, lobbyists

and AI entrepreneurs are engaged in intense negotiations over children’s access to the technology as well as the use of copyrighted material in AI training. California voters may get to weigh in as well. Child advocacy group Common Sense Media is gathering signatures on a proposed state ballot initiative to limit underage chatbot use, while OpenAI wants to place its own, competing measure on the November ballot. Each side must gather more than a half million valid signatures by June to qualify. Common Sense’s founder, Jim Steyer, has been talking with OpenAI executives, seeking a compromise. Steyer, whose billionaire brother Tom is running for governor to replace the termed-out Newsom, calls California the “de facto center of important regulation of Big Tech.” “We appeal to their better instincts as parents, as citizens and as good people,” Jim Steyer said. “At the end of the day, we believe that California will set the standard for the rest of the nation. And we think that we actually have the momentum. We think the public agrees with us.” See “AI,” A11

www.news.businessmirror@gmail.com

Nobel winner Machado left out of Trump Venezuela plan

Opinion BusinessMirror

Rubbing salt in the wound: The terrible timing of a new excise tax

RESIDENT Donald Trump dismissed the idea of working with Nobel Peace Prize winner María Corina Machado on a political transition for Venezuela, a setback for the opposition leader who won international acclaim in her fight for democracy in the country. While Machado is a “nice woman,” she lacks support and respect inside Venezuela, Trump said Saturday in a news conference to discuss the capture of Venezuelan President Nicolás Maduro by US forces. “I think it would be very tough for her to be the leader,” he said. Instead, he said the US plans to work with Venezuelan Vice President Delcy Rodríguez, Maduro’s second-incommand. The president’s remarks left opposition leaders and Machado’s team stunned and saddened, according to people familiar with the matter. Before leaving to collect her Nobel last month, Machado had been living in hiding in Venezuela, refusing to leave her country as she pressed the international community to condemn Maduro’s regime for human rights violations and election tampering. She had been adamant that her group was ready to lead the day Maduro was no longer in charge. But some of the people close to Machado, who asked for anonymity to discuss their strategy privately, are holding out hope that the Trump administration has a plan to incorporate her and other opposition leaders into Venezuela’s transition eventually. A newly created spokesperson’s office for Machado and Edmundo González, the candidate she backed in the 2024 presidential election, didn’t immediately respond to requests for comment. Some Trump advisers have viewed a transition to Rodríguez as an off-ramp from Maduro’s hardline regime, according to people familiar with the Trump administration’s deliberations. That view holds that a gradual transition away from Maduro’s leadership would be less disruptive and destabilizing than a transition to Machado or to González. The view in part is that if the democratic opposition were to gain power, it would require US military protection from domestic threats, both from the officials in the former Maduro regime and the paramilitaries and drug cartels that control large parts of Venezuelan territory, particularly its jungles and border regions. Rodríguez seemed to reject Trump’s plan to work with her, saying later Saturday that Maduro remained Venezuela’s only president and that the country was prepared to defend its sovereignty. But Trump made clear he expected to work with members of the current regime, not to install outside leadership. “What we might be entering is actually a long-term transition period where we might see a number of people trying to claim power and then eventually negotiate their way out,” said Ryan Berg, director of the Americas Program at the Center for Strategic and International Studies in Washington. Rodríguez and others could have incentive to surrender to the US on more favorable terms rather than risk Maduro’s fate, he said.

Brief celebration

THE opposition coalition led by Machado had spent months preparing for a transition plan, including proposals for the first hours and days after Maduro’s departure. The plan entailed a brief celebration, quick moves to take control of state institutions and a path to win backing from a majority of military officers. Reality turned out differently. Before Trump spoke Saturday, Machado reiterated that the opposition stood ready to honor what it

While Machado is a “nice woman,” she lacks support and respect inside Venezuela, Trump said Saturday in a news conference to discuss the capture of Venezuelan President Nicolás Maduro by US forces. “I think it would be very tough for her to be the leader,” he said. Instead, he said the US plans to work with Venezuelan Vice President Delcy Rodríguez, Maduro’s second-incommand. calls the mandate of the 2024 election and assume power. After the vote that year, opposition groups collected copies of a wide majority of official tally sheets that showed González, a 76-year-old former diplomat, defeating Maduro with almost 70 percent of the vote. González is now in exile in Spain. “González should immediately take office and be recognized as commander in chief of the armed forces,” Machado said before Trump’s remarks, outlining initial steps that included restoring order, freeing political prisoners and beginning an economic recovery. Trump has sent mixed signals about his relationship with Machado. While acknowledging he congratulated her by phone after the announcement of her Nobel prize, he later said publicly that he didn’t know who she was, but that she was a “very generous,” “nice woman” for dedicating her prize to him. Yet Machado has a long history with some of Trump’s advisers on national security and foreign policy, and people close to the opposition believe they’ll work to carve out a role for her as the plan for Venezuela becomes clearer. In an October interview on Bloomberg’s Mishal Husain Show, Machado said she had been in contact with US Secretary of State Marco Rubio, his team and members of both parties in Congress during the US military buildup in the Caribbean that started in midAugust. Machado repeatedly said she supported the administration’s actions, without commenting on US airstrikes or deaths. Rubio, who accompanied Trump on Saturday, didn’t comment on Machado or her role in the process during the presser. Further confusing matters Saturday, Trump reposted a comment from French President Emmanuel Macron, who said he hoped González would swiftly ensure a peaceful transition, “respectful of the will of the Venezuelan people.”

Oil plans

TRUMP also said Saturday that major US companies would invest billions of dollars in Venezuela, particularly to repair “rotten” oil infrastructure, describing it as an opportunity to generate profits for both Venezuelans and the US, “for the damages caused.” Machado’s economic plan, known as “Land of Grace,” calls for a sweeping overhaul of Venezuela’s oil sector. While stopping short of privatizing state-owned Petróleos de Venezuela SA, it would sharply reduce the company’s role, open production and infrastructure to private investment, and separate regulatory and operational functions. Trump’s stated plans for the oil industry could be an attempt to pressure the opposition to go along with the US vision if it does eventually take power, one of the people familiar with the matter said. Bloomberg

Wednesday, January 7, 2026 A11

Dr. Jesus Lim Arranza

MAKE SENSE

UR lawmakers are actively proposing a significant excise tax on plastics, setting rates at P100 per kilogram. This tax will specifically target all packaging materials and raw material for plastic manufacturing. Additionally, the tax will increase annually by 4 percent starting in 2026.

Several bills—including Senate Bill 1608 and House Bill 2218—have already cleared committee approval in both chambers of Congress, signaling strong legislative momentum. These measures will have far-reaching effects on consumers and, specifically, Philippine manufacturers. The response from the industry was swift, as manufacturers have expressed concerns about the tax burden and its potential impact on jobs and prices, which could lead to higher costs for consumers. I don’t doubt the intentions of our lawmakers in proposing these measures. However, I do take issue with the timing of their approval of bills aimed at imposing excise taxes on plastic packaging materials. It is ill-timed, especially considering that a considerable number of lawmakers are reportedly linked to ghost flood control projects and other questionable infrastructure initiatives. Are they unaware that thousands of their countrymen are still grappling with the aftermath of severe flooding from the series of destructive typhoons that affected the country last year? The impact of these floods could have been reduced or avoided if the billions allocated for infrastructure across the country had been spent properly instead of being misappropriated. Now, they want to add a heavy burden on low-income consumers who will shoulder the additional costs from the proposed excise tax on plastic packaging materials. This measure will only worsen the suffer-

ing of the people, effectively adding insult to injury. In fact, this is like rubbing salt in the wound. Before taking action, lawmakers must consider that local manufacturers are still struggling with the heavy impact of the Extended Producer Responsibility (EPR) Law. I call the EPR Law “unconstitutional” because it shifts the responsibility for garbage collection onto manufacturers. Furthermore, the associated fees and taxes under this law effectively create a situation of double taxation. The Philippine government’s legal basis for garbage collection is Republic Act 9003, known as the “Ecological Solid Waste Management Act,” enacted in 2000. It aims to promote environmental awareness and sustainable waste management practices. The law mandates local government units (LGUs) to create waste management systems for collecting, segregating, and disposing of solid waste. LGUs are responsible for organizing and monitoring these programs, which involve collection schedules, proper waste segregation, and maintaining garbage trucks and facilities. Despite the legal mandate, the government has struggled to implement effective garbage collection nationwide. Many regions suffer from insufficient infrastructure, limited funding, and a lack of public awareness regarding proper waste disposal. Instead of addressing these issues, the government has enacted the EPR Law, shifting its responsibility for waste collection, as outlined in Re-

Here’s why slapping a new excise tax on raw material for manufacturing is ill-timed: The introduction of a new excise tax on packaging materials poses significant adverse effects for both manufacturers and consumers. Manufacturers face increased production costs as they are compelled to absorb or pass on the additional expenses associated with the tax, potentially leading to reduced profit margins.

public Act 9003, to the private sector. Delegated functions are the specific tasks, responsibilities, and powers that legislation or higher authorities assign to government agencies. These functions aim to address societal needs, enforce regulations, deliver public services, or uphold law and order. For instance, Republic Act 9003 specifically delegated to LGUs the primary responsibility to collect garbage within their respective jurisdictions. After decades of failure, are we now re-delegating this delegated functions of the LGUs to private companies because the government can’t even think of concrete actions to rectify its shortcomings? I believe the most effective approach is for the relevant government agencies to analyze and understand why they have struggled with solid waste management over the past 20 years. It seems ironic to me that the government would delegate such a critical responsibility as garbage collection, which isn’t aligned with their core competencies, to private companies. What they are doing is like forcing a music teacher to teach algebra. It will not work. Here’s why slapping a new excise tax on raw material for manufacturing is ill-timed: The introduction of a new excise tax on packaging materials poses significant adverse effects for both manufacturers and consumers. Manufacturers face increased production costs as they are compelled to absorb or pass on the additional expenses associated with the tax, potentially leading to reduced

profit margins. This economic strain may result in scaled-back production, layoffs, or even business closures, especially for smaller companies. Consumers, on the other hand, are likely to bear the brunt of these costs through higher prices for goods that rely on affected packaging materials. Consequently, this tax could stifle sustainability efforts within the industry while disproportionately affecting low- and middle-income households already grappling with rising costs of living. Recent survey results revealed that 59 percent of respondents identified inflation as one of their primary concerns, while 48 percent cited the fight against graft and corruption in the government as another significant issue. Pwera de los buenos, I’m surprised why our congressional representatives so often ignore the public they are meant to serve. They hold office by the trust and votes of their constituents. Listening to the people’s concerns isn’t a courtesy— it’s their most basic duty. Now comes the most reprehensible part: Each of the 318 congressmen—including party-list representatives—are reportedly getting P2 million as “bonus,” according to news reports. This is on top of their P300,000 a month salary. If these reports are true, they are sending a wrong signal to the people: even as they devise new ways to tax our manufacturers and the struggling poor, they are using public funds to enrich themselves. This is an incredibly embarrassing action for our representatives in Congress. That’s why I believe now is not the time to pass the new excise tax, especially since the ghost flood control project, which involves billions of misappropriated funds, remains unresolved. Enacting this law will only exacerbate an already tough situation at present. Dr. Jesus Lim Arranza is the Chairman Emeritus of the Federation of Philippine Industries and Fight Illicit Trade; a broad-based, multisectoral movement intended to protect consumers, safeguard government revenues and shield legitimate industries from the ill effects of smuggling.

Vietnam economy expands despite tariffs, beating estimates By Nguyen Dieu Tu Uyen & Nguyen Xuan Quynh

IETNAM’S economy grew faster than expected last quarter as manufacturing, investment and trade gained momentum despite President Donald Trump’s tariffs. Gross domestic product expanded 8.46 percent in the October-December period from a year earlier, according to data from the National Statistics Office in Hanoi on Monday. That beat all estimates in a Bloomberg survey, with a median of 7.7 percent. That was the fastest pace for the fourth quarter since 2011, the statistics office said in a statement. Growth for the full year came in at 8.02 percent, missing the government’s 8.3 percent to 8.5 percent goal for 2025.

AI . . .

continued from A10

OpenAI, in a statement, said the company is “exploring additional ways to strengthen teens’ safety protections, including age prediction and more parental controls, building on California’s existing standards.” Tech companies, aware of the stakes, are escalating their political engagement—and touting AI’s contributions to California’s public schools and social services. “The AI industry is not asking for tax relief or special tax handouts in Sacramento—it just wants great appreciation for the role it’s playing in powering the state’s social safety net,” said Adam Kovacevich, CEO of

“Despite falling short of the government’s target, 2025 GDP growth was still very encouraging and exceeded all forecasts, supported by resilient exports and increased public investment,” said Pham Vu Thang Long, chief economist at Ho Chi Minh City Securities. Vietnam maintained its status as one of the world’s fastest-growing economies as aggressive lending, supportive state policies and a weaker dong—along with surging tourism —helped it navigate the imposition of a 20 percent US tariff. The Southeast Asian nation, which ships everything from footwear to furniture to America, posted a record $133.9 billion trade surplus with the US in 2025, a 28 percent jump from the year before, according to the statistics agency. Vietnam already had the third-largest US trade gap, behind only China and Mexico,

underscoring the scale of supply chain shifts away from its northern neighbor. Vietnam has emerged across both Trump terms as an export powerhouse and as a target of his accusations of trade partners ripping off the US. Its manufacturing and shipments to the US surged after Trump started targeting Chinese suppliers with trade restrictions and firms moved to Vietnam to avoid tariffs. After months of tariff deal talks, negotiators from both sides continue to hammer out the terms of a detailed agreement. Exports last month jumped almost 24 percent from a year ago. Manufacturing, which grew more than 10% in the fourth quarter, was the key driver of economic growth, according to the statistics office. Vietnam’s push for growth carries some dangers, however. Banks have been facing liquid-

ity shortages after lending rose 17.9 percent last year, outpacing deposit growth of 14 percent, the central bank said last week. The regulator has taken steps, including dollarswap transactions, to increase cash availability for lenders. In November, Fitch Ratings warned that Vietnamese banks’ rapid pace of lending is fueling risks, noting that loan growth has for years outpaced economic growth. “Inflation management poses risks in 2026 as fluctuations in the prices of energy and goods in the global market are still hard to predict,” said Nguyen Thu Oanh, head of the price department at the statistics office at a briefing Monday. “Logistics fees may continue rising and conflicts in the global context may create disruptions in supply,” she added. With assistance from Cao Ban, Nguyen

Chamber of Progress, a group trying to encourage pro-tech policies within the Democratic Party. It’s backed by Andreessen Horowitz, Apple, OpenAI and others. “ T here was a moment [in 2024] where the state’s budget outlook swung from deficit to surplus strictly on the basis of unexpected revenue from Nvidia’s stock performance,” Kovacevich said. “I don’t understand why the legislature would do anything to harm the golden goose.” His group is pushing back against a bill, AB 412, that would require companies to disclose which copyrighted material they used to train a generative AI model. According to their analysis, the legislation would cost the state at least $381 million

in lost revenue. The bill is backed by Hollywood unions seeking to ensure protections for artists and writers. Meta Platforms Inc., meanwhile, seeded a super PAC focused on the state’s AI sector with $20 million. And the California Chamber of Commerce, which represents many major tech firms, is warning that overly restrictive rules banning minors’ access to chatbots could “easily push the AI industry out of California” Legislators, who reconvene in Sacramento on Jan. 5, insist safety measures won’t stifle AI innovation. They see their role as setting sensible ground rules for a fast-growing, globally important industry. For example, one bill set to be amended in January—SB 300—seeks to ensure chatbots do not provide sexually

explicit content to minors. Another proposal that will be introduced this month would place a four-year moratorium on the sale to minors of toys powered by AI chatbots. “I remember the auto industry talking about how airbags in cars and seatbelts were going to be the end of the industry, and they were going to stifle productivity and innovation,” said Senator Steve Padilla, who wrote legislation signed into law by Newsom last year requiring companies to inform users that they are interacting with artificial intelligence and report suicidal behavior. “I think most people understand that there is a responsible, reasonable place for appropriate safeguards to protect everyone’s best interests.” With assistance

Kieu Giang and Linh Vu Nguyen/Bloomberg

from Shirin Ghaffary/Bloomberg

A12 Wednesday, January 7, 2026

2nd Front Page BusinessMirror

AMID REPORTS OF HERBOSA’S EXIT, PALACE SAYS NO REVAMP By Samuel P. Medenilla

ALACAÑANG allayed concerns of another brewing Cabinet revamp after it was reported that Department of Health (DOH) Secretary Teodoro J. Herbosa and officials from other government agencies are already on their way out. As of Tuesday afternoon, Palace Press Officer Claire Castro said there are no expected changes to the membership of the Cabinet. “We haven’t received any news yet [on revamp], maybe someone is spreading it, but as of now, I have no information on that,” she said in Filipino. Castro made the statement after the news website Politiko reported that Herbosa, now facing several complaints involving alleged misuse of government funds, is facing possible replacement. Aside from DOH, the article also claimed there may also be changes in the lineup of officials in the Department of Foreign Affairs, Department of Tourism, Department of Transportation, as well as the Department of Information and Communication Technology. It also noted that there can also be changes in the Department of Economy, Planning and Development, and the Department of Public Works and Highways and the Bureau of Customs. President Ferdinand Marcos Jr., initiated the last major revamp of the Cabinet members last November, which saw the replacement of former Executive Secretary Lucas P. Bersamin and former Department of Budget and Management (DBM) Secretary

Amenah F. Pangandaman. Castro reiterated on Tuesday that all members of the Cabinet serve at the pleasure of the President any may be changed anytime based on his assessment of their performance. “So, it depends on what the President sees but as of now, we have no news, no indication that there will be a Cabinet revamp,” she added. In a related development, she said the chief executive has yet to appoint new members of the Independent Commission for Infrastructure (ICI) following the resignation of its two former commissioners: former SGV & Co. country managing partner Rossana A. Fajardo and former Department of Public Works and Highways (DPWH) Secretary Rogelio “Babes” L. Singson. Of the three-man panel, only its chairman, former Supreme Court Justice Andres B. Reyes Jr., remains. Despite the lack of new commissioners in the ICI, Castro said the fact-finding panel will continue with its task of securing pieces of evidence to help in the Marcos administration’s crackdown of anomalous flood control projects. She said ICI Executive Director Brian Keith F. Hosaka continues to assist Reyes in conducting investigations related to public works irregularities. “Right now, we haven’t received any updates on whether there will be a replacement [commissioner], and currently, those at ICI are still working, and the Ombudsman has promised that they will continue, and there is still enthusiasm to expedite the investigation of those who have already been charged,” she said.

www.businessmirror.com.ph

Biz group seeks system for governing ayuda, intel funds

By Andrea E. San Juan @andreasanjuan

HE Makati Business Club (MBC) is urging President Ferdinand R. Marcos Jr. to issue an Executive Order to create “rights-based and rulesbased mechanisms” to govern the disbursement of ayuda funds to strictly limit confidential and intelligence funds to legitimate security uses. “The President has promised that politicians will not be allowed to intervene in the allocation of ‘ayuda’ funds, but more than a verbal reassurance, we are requesting an Executive Order to create rights-based and rules-based mechanisms to govern the disbursement of ayuda funds, and to strictly limit confidential and intelligence funds to legitimate security uses,” MBC said in a statement on Tuesday. While MBC took note of the “improvement” in the 2026 General Appropriations Act compared to the

budgets of previous years, the business group said: “We believe the President should have taken a more aggressive action on constitutionally questionable Unprogrammed Allocations, because we believe they could be subject to discretionary disbursement, i.e. patronage.” “Many of these are social welfare programs, falling under the heading of ‘ayuda’, which we classify as soft pork,” added MBC. Moving forward, MBC said the implementation phase of the 2026 GAA will be critical.

The business group acknowledged that the president vetoed P92.5 billion of the unprogrammed appropriations which it said “shows that the President is responsive to the feedback from the private sector.” MBC noted that the President had also given assurances that the funds’ utilization is provided with safeguards and is only available when “clearly defined triggers and tests are met and will be released only after careful validation.” The business group noted that some of the legislators also insist that there are already sufficient safeguards against soft pork in the GAA. However, MBC pointed out: “These safeguards are yet untested, and experience has shown that patronage will find a way.” As such, the business group emphasized that more transparency is needed. Citing an instance, MBC noted that the “Sumbong sa Pangulo” platform only provided half the picture on plunder in flood control projects. “Hundreds of billions of pesos worth of these projects were not on the platform. The public needs access to the full PhilGEPS [government procurement system] data

set, for complete scrutiny,” MBC said in its statement. To sum up the 2026 General Appropriations Act, MBC said the national budget this year “is an improved budget compared to those of the previous years, both in terms of allocation focus, and in the improved process transparency.” However, it underscored: “Information and transparency are necessary in the fight against corruption. But the real antidote will come from a truly engaged citizenry. The Makati Business Club, together with other members of the People’s Budget Coalition, commit to continue our active participation in the budget and implementation monitoring process.” In a separate statement, Philippine Chamber of Commerce and Industry (PCCI) President Ferdinand Ferrer expressed support for the proposed Citizens’ Access and Disclosure of Expenditures for National Accountability (Cadena) Act to further strengthen budget transparency. The Cadena Act, PCCI noted, seeks to make “every peso of public spending fully transparent, traceable, and accountable to the public.” See “Funds,” A2

Manufacturing slips on decline in food production in Nov By Andrea E. San Juan

PEDALING INTO HEADWINDS Weekend bikers pass by the Bangko Sentral ng Pilipinas logo along Vito Cruz, Manila, as the central bank confronts mounting economic crosscurrents. The BSP has flagged

persistent external risks and softer domestic momentum even as inflation remains largely manageable, prompting policymakers to carefully calibrate further monetary easing. Recent BSP assessments have also pointed to pressure on the balance of payments and cautious capital flows, highlighting the challenges of sustaining growth while safeguarding financial stability heading into 2026. NONIE REYES

Bulk of ₧33-B FMR budget to boost farm staples By Ada Pelonia

@adapelonia

OST of the P33-billion budget earmarked for farm-to-market roads (FMRs) in 2026 will bolster the production of key farm staples and high-value crops, a ranking agriculture official said. Agriculture Assistant Secretary Arnel de Mesa said a chunk of the funding allocated to bankroll FMRs this year will be poured into building roads in top-producing regions that would enhance the production of farm products, including rice, corn, coffee, and cacao. “The bulk of this budget will go to Northern and Central Luzon,

which is our food basket here in Luzon. Our target is to strengthen our rice, corn, and agri-fishery sectors,” de Mesa said in a radio interview on Tuesday. “In Mindanao, particularly in Soccsksargen, we aim to strengthen our HVCs, specifically our coffee and cacao production,” he added. The budget for FMRs was doubled to P33 billion this year, as the Department of Agriculture (DA) received additional funding earmarked for its programs from the canceled flood control projects. This, after the House of Representatives realigned the P255 billion originally allotted for flood control projects of the Department of Public Works and Highways

(DPWH).

Hog repopulation

MEANWHILE, the agency’s budget for 2026 also included the P20billion allocation that will fund the new Animal Industry Competitiveness Act. De Mesa said part of the funding will bankroll its around P1.6-billion swine repopulation program, aimed at distributing sows and piglets to help the hog industry recover from the lingering effects of African swine fever (ASF). “The goal here is to distribute more than 32,000 heads of sows that we can distribute along with piglets to strengthen our livestock industry, especially the hog indus-

try, which was severely affected by ASF,” he said. “This will help lower [production] costs and ultimately reduce the retail prices of pork,” he added. Earlier, DA Secretary Francisco Tiu Laurel Jr. disclosed that the agency will purchase at least 232,000 sows over the next three years to accelerate the country’s hog repopulation efforts and bring down retail prices of the protein source. This year, Tiu Laurel said the agency will procure 32,000 sows and another batch of female pigs at 100,000 each year until 2028. He said the initiative was in a preprocurement process, with the See “FMR budget,” A2

HE output of the country’s manufacturing sector declined by 1.5 percent in November 2025 due to the anemic performance of factories producing food and beverages and refined petroleum products, according to the latest data from the Philippine Statistics Authority (PSA). Based on the Monthly Integrated Survey of Selected Industries (Missi), the Volume of Production Index (VoPI) in November 2025 was a reversal of the annual growth rate of 1 percent posted in October 2025 as well as the gains in August (1.3 percent), and September (0.1 percent). However, PSA data showed that the sector’s November 2025 performance may be considered an improvement compared to the 4.5-percent decline posted in November 2024. “The downtrend in the yearon-year growth rate of VoPI for manufacturing in November 2025 was primarily driven by the same top three industry divisions that contributed to the downtrend in the annual growth rate of VaPI for manufacturing during the period,” the PSA said. The data showed the manufacture of food products posted a slower increase of 4.2 percent compared to the 8.1-percent growth in October 2025. The PSA also said the manufacture of coke and refined petroleum products saw a faster annual decrease of 11.4 percent compared to the 2.7 percent growth in October 2025. The manufacture of beverages recorded a 2.8-percent annual drop in November 2025 from a 4.9-percent annual increase in the previous month. “Of the remaining 19 industry divisions, 10 posted annual decreases in November 2025. Meanwhile, nine industry divisions exhibited annual increases in their VoPI for manufacturing during the period,” PSA said.

VoPI for food

MEANWHILE, the VoPI for the manufacture of food products slowed to 4.2 percent in November 2025 from

8.1 percent in October 2025. In November 2024, VoPI for the manufacture of food products recorded an annual decline of 1.9 percent. The slower annual growth rate of VoPI for the manufacture of food products in November 2025 was driven by the faster annual decrease of 19.8 percent in the manufacture of other food products compared to the 5.8 percent recorded in the previous month. Vegetable and animal oils, which posted a 4.1-percent decline, was one of the contributors to the slower yearon-year growth of VoPI for food. Moreover, the processing and preserving of meat saw a slower annual increase of 7.2 percent in November 2025 from 16-percent in the previous month.

Capacity utilization rate

MEANWHILE, PSA data showed the average capacity utilization rate for the manufacturing sector in November 2025 was reported at 77.4 percent from 77.6 percent in October 2025. It November 2024, it was at 76.4 percent. All industry divisions reported capacity utilization rates of more than 60 percent during the month. The top three industry divisions in terms of reported capacity utilization rate were manufacture of coke and refined petroleum products at 83.9 percent; other manufacturing and repair and installation of machinery and equipment, 82.9 percent, and manufacture of computer, electronic and optical products, 81.3 percent. “The proportion of establishments that operated at full capacity (90 percent to 100 percent) was about onethird of the total number of responding establishments. Meanwhile, 43.1 percent operated at 70 to 89 percent capacity, and 23.7 percent operated below 70 percent capacity,” PSA said. The Missi report is the Production Index and Net Sales Index. It continues to monitor the production, net sales, inventories, and capacity utilization of selected manufacturing establishments to provide flash indicators on the performance of the manufacturing sector.

Companies BusinessMirror

Editor: Jennifer A. Ng

Wednesday, January 7, 2026 B1

Jollibee starts preparations ‘TikTok lifts sales of local MSMEs’ for US bourse listing—exec By Lenie Lectura

By VG Cabuag

@villygc

OCAL fastfood giant Jollibee Foods Corp. is set to create a standalone international business unit with the intention to list on the United States stock exchange by next year. The Philippine business will remain listed on the Philippine Stock Exchange, and existing shareholders will own both the Philippine and international companies, giving them the opportunity to participate in the growth of two strong and complementary enterprises, the company said. “As a proudly homegrown Philippine company, we carry our heritage and express our national pride into this next chap-

ter of our journey. Our move toward an international listing demonstrates the strength of the Jollibee Group, a company with Filipino roots competing on the world stage,” Ernesto Tanmantiong, Jollibee’s president and CEO, said. Jollibee, the listed company, will include all Philippine operations and businesses, and will represent a focused domestic consumer platform. It offers stable earnings and continued opportunity for domestic expansion, and will remain listed on the PSE. Meanwhile, it will create Jollibee

Foods Corp. International that will include all operations and businesses outside the Philippines. It will represent a global growth company with a portfolio of fast-growing international concepts across multiple categories and geographies. Built on a capital-light model with significant whitespace for expansion, it is positioned to operate in markets that support companies pursuing international scale, innovation and long-term global growth, it said. Once implemented, the transaction is expected to result in Jollibee shareholders receiving shares in Jollibee International in line with their existing ownership in the company, subject to taxes and regulatory approvals. Shareholders may then decide whether to hold or sell their shares in each company separately. “This structure is designed to give investors more choice, enabling them to engage with the business profile most aligned with their investment preferences, whether a resilient and growing

domestic platform or a high-growth international company,” the company said. The company said it has engaged both local and international advisers and has begun work on the proposed structure and potential US listing, including determining the appropriate structure, timeline and any required internal reorganization. The transaction is targeted for completion in late 2027, the company said. It added that its plan is still “preliminary” and may change. In January to September 2025, the company’s income rose by 2 percent to P8.65 billion from the P8.46 billion recorded in the same period a year ago. T h rough September, Jol l ibee opened 754 new stores, of which 583 or 77 percent were franchised, demonstrating the strength of its assetlight expansion model. The total store network grew by 7 percent to 10,304 stores, with the Philippines at 3,445 and international at 6,859.

PXP Energy to continue Galoc operations

PG Pty. Ltd., operator of Petroleum Service Contract (SC) 88, has received the formal document from the Department of Energy (DOE) that allows the SC 88 consortium to continue petroleum operations and optimize the recovery of remaining reserves in the Galoc field area. SC 88 is composed of NPG, For u m Energ y Ph i l ippi nes Corp. (FEPCO), and the Philodrill Corp. FEPCO is a subsidiary of PXP Energy Corp., the upstream oil and gas firm led by businessman Manuel V. Pangilinan. PXP said Tuesday the DOE has transmitted to NPG the original copy of the executed SC 88. SC 88 is a new service contract that replaces SC 14C-1 Galoc oil field in the Northwest Palawan Basin. SC 88, which covers an offshore area of approximately 83,450 hectares, was executed on December 18, 2025 between the Republic of the Philippines and the consortium. PXP said the DOE transmittal, dated January 5, 2026, signifies the formal effectivity of SC 88 and was issued for proper safekeeping and implementation. “The company noted that Galoc is a mature and depleting field, as previously disclosed. However, the execution of SC 88 provides a framework to extend operations and maximize value from remaining resources, subject to technical and commercial considerations,” PXP said. Last October, the company reported a net loss of P32.8 million at end-September 2025, nearly double from the P17.8 million posted in the same period in 2024. The company cited softer crude prices, lower production volumes from Galoc operations, and higher interest charges as reasons for the decline. Consolidated net loss attributable to equity holders of the parent company ballooned to P37.9 million at end-September this year from P16.7 million in 2024.

Consol id ated revenues stood at P50.3 million, ref lecting a 13.5-percent decline in sales volume to 414,124 barrels and a 13.8-percent year-on-year drop in average realized crude price

to $70 per barrel amid weaker global crude benchmarks. Galoc operations continued to deliver stable output despite being at the tail end of field life, it added. Lenie Lectura

Pag-IBIG keeps low 3% rate as higher price ceilings lift quality of socialized homes

ILIPINO workers are expected to benefit from better-quality socialized housing following the government’s approval of higher price ceilings for socialized subdivision and condominium projects, while Pag-IBIG Fund continues to provide affordability through its subsidized housing loan rates under the Expanded Pambansang Pabahay para sa Pilipino (Expanded 4PH) Program. The updated ceilings, issued under the Implementing Rules and Regulations of the Department of Human Settlements and Urban Development (DHSUD) and the Department of Economy, Planning, and Development (DEPDev) Joint Memorandum Circular No. 2025-001, are intended to reflect current cost conditions and enable developers to deliver improved unit quality and safer housing standards. “Under President Ferdinand R. Marcos Jr.’s housing agenda, our goal is clear. Filipino workers should have access to homes that are safe, decent and built to last, and that remain within their reach,” DHSUD Secretary Jose Ramon P. Aliling said. “By updating the price ceilings, we are aligning project prices with today’s cost conditions so developers can build better socialized housing units and sustain construction. This strengthens the housing industry’s capacity to deliver more homes at scale, while keeping Expanded 4PH firmly focused on affordability to make homeownership more attainable for Filipinos.” Under the IRR, the maximum selling price for socialized houseand-lot units has been adjusted to P844,440 for a minimum unit size of 24 to 26 sq. m., and P950,000 for 27 sq. m. and above. For socialized condominium projects, price ceilings were also updated based on building classification and unit size, with maximum

selling prices set at up to P1.8 million for projects above five floors with unit sizes of 27 sq. m. and above. For eligible socialized condominium projects in the National Capital Region and other highly urbanized cities, the IRR also allows maximum add-ons based on zonal value of up to P200,000, bringing the allowable maximum selling price for select categories to as high as P2.0 million. Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta said the Fund will continue to support Expanded 4PH by keeping housing loan terms affordable for qualified members, in line with President Marcos Jr.’s push to expand access to homeownership. She added that PagIBIG Fund will work closely with housing stakeholders, including partner developers, to help speed up unit production and takeouts under the program. “Our strong fiscal position allows us to continue offering subsidized rates under the Expanded 4PH so our members can truly achieve their dream of owning a home,” Acosta said. “Even as better socialized homes become available under the new ceilings, we will keep loan terms affordable and work closely with our partners to help fast-track the availability of more housing units for Filipino workers.” Under the Pag-IBIG Housing Loan for the Expanded 4PH, qualified members may avail of loans at a subsidized 3% interest rate for the first five years of the loan, extendible for another five years for qualified borrowers. This lowers monthly payments to P4,005 for house-andlot units priced up to P950,000, and about P8,432 for condominium units priced up to P2 million. Through the agency’s Early Bird Promo, the first 30,000 qualified borrowers may enjoy the subsidized rate for the first 10 years of the loan.

@llectura

IKTOK Shop, the e-commerce arm of the social media app TikTok, lifted sales of local resellers by over 200 percent last year. It said Tuesday that live selling, digital tools and capacity-building programs provided by the platform helped micro, small, and medium enterprises (MSMEs) grow their businesses nationwide. Moreover, creator partnerships, education initiatives, and collaborations with government and industry partners were also essential in growing their businesses. According to TikTok Shop country head of public policy Yves Gonzalez, TikTok Shop is more than a marketplace. “It is a partner for Filipino entrepreneurs.” “By collaborating with government stakeholders and providing education, technology, and creative opportunities, we help local businesses thrive in the dynamic digital landscape. Our work ensures that sellers can grow responsibly, reach wider audiences, and strengthen the communities they serve, creating long-term socioeconomic impact for the Philippines.” The platform said its ACE Indicator System, which stands for Assortment, Content, and Empowerment, helps sellers refine product listing and

pricing strategies, create short-video and livestream content, and strengthen shop performance through campaigns, vouchers, and other tools. “These structured learning paths and analytics-driven insights enable sellers to make informed decisions and sustain long-term growth on the platform.” TikTok Shop has rolled out its #SarilingAtin program last year and has since helped maximize exposure for sellers nationwide, with local product sales increasing by over 230 percent compared to previous years. The program has reached tens of millions of users and generated over 12 million key live session views, helping to strengthen the local commerce ecosystem. “Digital commerce is transforming the way Filipino MSMEs grow, and women entrepreneurs are at the forefront of this shift. Platforms like TikTok Shop are empowering them to scale their businesses, connect with customers nationwide, and build sustainable brands through contentdriven engagement. Go Negosyo is proud to collaborate with TikTok Shop and other online marketplaces to equip small business owners with the right tools, insights, and networks to thrive in the digital economy,” said Joey Concepcion, founder of Go Negosyo.

Companies BusinessMirror

B2 Wednesday, January 7, 2026

PSE STOCK QUOTATIONS

January 6, 2026

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 FERRONOUX HLDG FILIPINO FUND MEDCO HLDG MANULIFE NTL REINSURANCE PHIL STOCK EXCH SUN LIFE VANTAGE

40.8 142.5 9.2 121 61 15.6 11.88 70 7.7 16.74 57.5 56 105 25.9 67.4 26.75 0.6 1.39 4.58 7.5 0.094 2,000 0.78 220 3,550 0.92

40.85 143.6 9.24 121.6 61.5 16.72 11.9 70.1 7.75 16.76 57.65 57.4 119 26 67.45 26.85 0.63 1.4 5.29 7.98 0.105 2,020 0.79 221 0.97

39.5 140.8 9.18 118.4 60.1 15.46 11.86 70.5 7.75 16.72 57.6 57.5 100 25.85 67.5 26.95 0.64 1.4 4.8 7.5 0.102 1,901 0.76 215 3,524 0.95

41 143.6 9.24 123 61.95 16.82 11.96 71 7.75 16.74 57.75 57.5 100 26 68.75 26.95 0.64 1.4 4.8 7.5 0.105 2,010 0.78 220 3,550 0.97

39.5 140.6 9.1 118.4 59.85 15.46 11.86 69.6 7.7 16.72 57.35 56 100 25.85 67.4 26.75 0.6 1.39 4.55 7.5 0.102 1,901 0.76 215 3,524 0.93

40.85 143.6 9.24 121 61 16.82 11.9 70 7.75 16.74 57.65 57.4 100 25.9 67.45 26.75 0.62 1.4 4.58 7.5 0.105 2,010 0.78 220 3,550 0.97

32,200 6,133,560 105,700 2,378,620 1,167,280 300 131,100 3,698,970 5,500 3,600 317,190 1,080 130 78,300 815,210 135,900 5,000 97,000 32,000 100 260,000 1,040 1,238,000 19,690 195 300,000

1,295,060 874,946,085 972,404 289,056,804 70,694,006 4,774 1,558,684 260245635.5 42,555 60,232 18,267,936 61,879 13,000 2,026,935 55,252,325.5 3,647,975 3,100 135,100 147,060 750 26,700 2,088,765 955,820 4,300,652 691,070 283,470

487,035 349,988,261 381,852 118,444,979 9,163,349.5 535,276 13,070,450.5 (23,250) 10,747,102.5 13,135,215 (1,535,360) 600 (107,100) 2,050,200 556,210 1,898,312 691,070 -

INDUSTRIAL

‘Govt support key to enticing investors in PHL auto sector’

By Andrea E. San Juan @andreasanjuan

OYOTA Motor Philippines (TMP), one of the participating companies in the Comprehensive Automotive Resurgence Strategy (CARS) program, said it is “critically important” for the government to ensure sustained support for the local auto industry to strengthen the competitiveness of local parts makers.

ACEN CORP 2.95 3 3.09 3.09 2.95 2.95 31,050,000 93,197,910 (4,834,320) 0.55 0.56 0.49 0.56 0.49 0.56 1,210,000 634,650 50,400 ALSONS CONS ALTERNERGY HLDG 0.83 0.85 0.82 0.85 0.82 0.85 43,000 35,950 43.6 43.65 43.95 43.95 43.55 43.65 749,700 32,819,060 903,715 ABOITIZ POWER 0.85 0.88 0.82 0.85 0.82 0.85 103,000 87,230 (7,560) RASLAG 0.121 0.124 0.127 0.127 0.121 0.124 3,110,000 379,500 BASIC ENERGY CITICORE RE 4.4 4.5 4.5 4.54 4.31 4.5 68,000 302,100 (1,300) FIRST GEN 18.6 18.62 18.12 18.62 17.94 18.6 2,336,200 43,143,960 4,825,420 77.5 78 77.5 78 77.5 78 15,890 1,235,075 (20,645) FIRST PHIL HLDG 3.07 3.97 3.97 3.97 3.97 3.97 1,000 3,970 JOLLIVILLE HLDG MERALCO 593 594 585.5 594.5 582.5 594 324,970 192,487,690 30,430,670 MANILA WATER 41.6 41.75 42 42 41.4 41.75 705,300 29,473,020 13,096,040 17.1 17.12 17.4 17.64 17.08 17.12 7,986,400 138,474,254 9 ,352,196.0003 MAYNILAD 2.5 2.51 2.49 2.5 2.46 2.5 613,000 1,527,720 10,040 PETRON 3.32 3.4 3.4 3.4 3.4 3.4 2,000 6,800 PETROENERGY PRYCE CORP 13.4 13.5 13.14 13.5 13.14 13.5 68,800 920,836 695,994 REPOWER ENERGY 6.63 6.75 6.55 6.75 6.55 6.75 5,500 36,528 29.1 29.15 29.1 29.45 28.9 29.1 1,712,400 49,759,230 5,942,250 SEMIRARA MINING 17.88 17.9 17.2 17.9 17.06 17.9 6,131,900 107,595,300 (2,055,534) SYNERGY GRID SHELL PILIPINAS 6.72 6.73 6.78 6.8 6.51 6.73 723,500 4,855,892 133,180 SPC POWER 10.3 10.4 10.5 10.6 10.22 10.4 101,300 1,061,044 1.21 1.22 1.22 1.25 1.2 1.22 10,550,000 12,812,360 (656,800) SP NEW ENERGY 1.6 1.63 1.59 1.66 1.59 1.62 3,385,000 5,484,380 (581,960) TOP LINE AGRINURTURE 0.55 0.57 0.56 0.57 0.55 0.57 5,689,000 3,132,210 2.28 2.33 2.26 2.35 2.26 2.35 70,000 159,180 AXELUM 40 40.5 38.9 40.65 38.9 40.5 1,730,000 69,185,435 14,748,590 CENTURY FOOD 4.58 4.7 4.58 4.92 4.58 4.58 31,000 144,370 (14,760) DEL MONTE 3.96 3.98 3.95 4.01 3.92 3.98 5,586,000 22,193,230 5,247,930 DNL INDUS EMPERADOR 16 16.06 16.16 16.16 15.8 16 3,591,100 57,313,122 6,699,882 SMC FOODANDBEV 55.2 55.8 55.7 55.8 54.7 55.8 34,040 1,881,286 (120,869) 0.59 0.6 0.61 0.61 0.59 0.6 328,000 196,890 FIGARO GROUP 0.375 0.39 0.375 0.38 0.375 0.38 90,000 34,000 ALLIANCE SELECT FRUITAS HLDG 0.63 0.64 0.65 0.65 0.63 0.64 139,000 89,160 300 301 301 304 295 301 6,620 1,990,038 (435,930) GINEBRA 205 210 190.5 210 188.4 210 4,641,800 927,090,982 85,332,603 JOLLIBEE 2.45 2.49 2.45 2.52 2.45 2.45 3,089,000 7,663,820 (4,122,030) KEEPERS HLDG LIBERTY FLOUR 33.9 34 34 34.2 33.9 33.9 9,000 305,910 51,000 MAXS GROUP 2.32 2.34 2.35 2.35 2.3 2.34 28,000 65,440 (16,300) 0.06 0.063 0.063 0.063 0.059 0.062 1,180,000 71,020 MG HLDG 6.04 6.05 5.95 6.15 5.95 6.05 11,012,500 66,422,544 (24,014,652) MONDE NISSIN SHAKEYS PIZZA 6.96 7 6.98 7 6.95 7 151,500 1,055,801 2.54 2.59 2.56 2.63 2.52 2.54 174,000 447,760 (2,640) ROXAS AND CO RFM CORP 4.86 4.9 4.92 4.92 4.85 4.9 1,156,000 5,660,880 (2,999,240) 68.8 69.05 70.55 70.6 68.6 68.8 2,266,550 157,094,527 ( 64,329,508.5) UNIV ROBINA 0.53 0.55 0.54 0.55 0.53 0.55 112,000 60,060 VITARICH VICTORIAS 2 2.06 2 2.04 2 2 63,000 127,800 119,800 ATN HLDG A 0.495 0.54 0.495 0.495 0.495 0.495 30,000 14,850 46.1 52.9 52.9 52.9 52.9 52.9 30 1,587 CONCRETE B 1.1 1.13 1.06 1.12 1.06 1.12 661,000 726,600 91,280 CONCREAT HLDG EEI CORP 2.66 2.67 2.7 2.7 2.67 2.67 31,000 83,070 (26,800) MEGAWIDE 3.02 3.08 3.08 3.08 3.01 3.08 402,000 1,222,920 33,850 30.65 30.65 30.65 30.65 30.65 3,100 95,015 SUPERCITY 0.37 0.4 0.355 0.395 0.35 0.395 60,000 22,050 TKC METALS CROWN ASIA 1.65 1.68 1.68 1.68 1.65 1.65 2,000 3,330 1.02 1.06 1.07 1.07 1.06 1.06 7,000 7,470 EUROMED 13.64 13.66 13.78 14 13.6 13.66 59,900 818,084 CONCEPCION 0.176 0.181 0.175 0.182 0.175 0.181 9,460,000 1,693,290 GREENERGY 4.01 4.03 3.89 4.05 3.89 4.01 1,747,000 6,962,050 (1,640,600) INTEGRATED MICR IONICS 1.06 1.08 1.05 1.08 1.05 1.08 864,000 929,910 2,140 PANASONIC 10.74 11 10.76 11 10.76 11 4,000 43,952 0.66 0.67 0.66 0.67 0.65 0.66 640,000 421,940 CIRTEK HLDG 2.08 2.19 2.14 2.15 2.08 2.08 48,000 101,200 STENIEL

The company made the pronouncement after President Ferdinand R. Marcos Jr. vetoed the fiscal support for the CARS program under the unprogrammed appropriations in the 2026 national budget. “After six years into the CARS program, we believe it has been a ‘winwin’ concept between government and private sector in attracting foreign direct investments and at the same time provided benefits to the manufacturer and the consumers,” TMP President Masando Hashimoto said in a statement on Tuesday. As such, TMP said sustained government support through industry development programs such as CARS is “critically important” for competitiveness, as observed in the region. “We hope for continued mutual trust and collaboration with the government to attract future investments, generate employment, enhance technology transfer, strengthen

HOLDING & FRIMS

ABACORE CAPITAL 0.32 0.325 0.325 0.325 0.305 0.32 17,240,000 5,471,300 (544,150) 17.62 18.24 19 19.18 17.58 18.24 11,200 205,848 ASIABEST GROUP 480.6 481 485.2 492 480 480.6 292,460 141,658,770 25,859,920 AYALA CORP ABOITIZ EQUITY 29.95 30 29.35 31 29 30 5,030,300 150,936,735 4,799,160 ALLIANCE GLOBAL 7.93 7.94 7.96 8.13 7.91 7.93 3,640,500 29,010,737 1 ,098,035.0004 14.1 14.46 14.04 14.1 14 14.1 21,200 296,960 ANSCOR 0.77 0.83 0.76 0.84 0.76 0.83 1,878,000 1,482,180 ANGLO PHIL HLDG COSCO CAPITAL 7.35 7.36 7.32 7.49 7.31 7.36 1,111,900 8,209,854 1,267,370 DMCI HLDG 10.7 10.72 10.62 10.76 10.5 10.72 2,843,100 30,266,818 6,590,824 4.51 4.65 4.55 4.79 4.45 4.65 71,000 317,890 (310) FILINVEST DEV 587 589 599 604.5 585 589 237,340 139,715,160 (22,680,180) GT CAPITAL HOUSE OF INV 4.8 4.88 4.8 4.87 4.8 4.8 219,000 1,051,520 120,249.9999 JG SUMMIT 24.45 24.5 24.6 24.6 24 24.45 1,579,200 38,449,460 4,379,365 0.325 0.335 0.325 0.33 0.325 0.33 280,000 91,150 LODESTAR 3.81 3.92 3.75 3.92 3.74 3.81 656,000 2,522,320 (1,410,120) LOPEZ HLDG 15.22 15.26 14.9 15.28 14.9 15.26 3,262,700 49,536,398 21,322,230 LT GROUP PACIFICA HLDG 1 1.1 1 1 1 1 1,000 1,000 1.17 1.26 1.19 1.19 1.17 1.17 5,000 5,890 PRIME MEDIA 1.31 1.34 1.34 1.34 1.34 1.34 3,000 4,020 SOLID GROUP 732 735 711.5 740 711.5 735 412,730 301,676,405 111,101,745 SM INVESTMENTS SAN MIGUEL CORP 85.55 85.95 83.4 85.95 83.4 85.95 293,700 25,002,857.5 (1,380,319.5) TOP FRONTIER 61.15 61.5 56.75 62 56.75 61.15 60,510 3,694,196.5 (2,040,542.5) PROPERTY ARTHALAND CORP 0.415 0.42 0.415 0.415 0.415 0.415 20,000 8,300 22.5 22.65 22.45 22.85 22.2 22.5 9,585,800 215,534,670 (25,351,885) AYALA LAND AYALA LAND LOG 1.33 1.34 1.32 1.35 1.32 1.33 144,000 191,810 (25,270) ALTUS PROP 8.4 8.5 8.5 8.5 8.5 8.5 600 5,100 (850) 0.4 0.415 0.41 0.42 0.405 0.405 620,000 251,850 ARANETA PROP 44 44.05 44 44.35 43.85 44 1,412,700 62,246,565 4,085,640 AREIT RT A BROWN 0.98 0.99 0.95 1 0.95 0.99 1,719,000 1,688,920 102,900 CITYLAND DEVT 0.58 0.59 0.6 0.61 0.6 0.6 374,000 224,420 0.073 0.075 0.073 0.075 0.073 0.075 580,000 42,360 CROWN EQUITIES 2.41 2.44 2.4 2.45 2.39 2.43 370,000 899,250 631,120 CEB LANDMASTERS CENTURY PROP 0.68 0.69 0.68 0.69 0.68 0.69 1,767,000 1,208,720 3.54 3.55 3.57 3.58 3.54 3.55 6,974,000 24,782,430 8,177,550 CITICORE RT 9.21 9.22 9.17 9.22 9.17 9.21 126,600 1,164,690 145,518 DOUBLEDRAGON 1.02 1.03 1.02 1.03 1.02 1.03 7,918,000 8,091,550 (177,630) DDMP RT 4.6 5.19 5.2 5.2 5.19 5.19 1,300 6,749 DM WENCESLAO EMPIRE EAST 0.108 0.109 0.106 0.108 0.106 0.108 3,150,000 338,480 3.02 3.05 3.06 3.08 3 3.02 1,903,000 5,758,620(1, 225,180.0001) FILINVEST RT 0.79 0.8 0.8 0.8 0.78 0.79 4,565,000 3,582,670 (1,180,200) FILINVEST LAND 0.7 0.72 0.72 0.72 0.7 0.7 1,545,000 1,092,100 (350,000) GLOBAL ESTATE GOLDEN MV 1,016 1,044 1,003 1,100 1,001 1,020 305 310,945 0.33 0.37 0.33 0.38 0.33 0.38 280,000 95,800 (6,600) PHIL INFRADEV 1.14 1.88 1.87 1.88 1.87 1.88 26,000 48,770 (13,090) JACKSTONES 2.32 2.86 2.21 2.25 2.21 2.25 5,000 11,210 KEPPEL PROP CITY AND LAND 0.53 0.54 0.52 0.53 0.52 0.53 59,000 31,260 28,090 MEGAWORLD 2.14 2.15 2.12 2.15 2.12 2.14 13,508,000 28,896,620 13,461,230 0.94 0.95 0.92 0.95 0.92 0.95 41,503,000 38,772,920 859,190 MRC ALLIED 14.02 14.08 14.1 14.14 14.02 14.02 1,486,800 20,876,540 (1,965,488) MREIT RT 0.236 0.24 0.241 0.241 0.236 0.236 530,000 127,450 PRMIERE HORIZON PHIL ESTATES 0.3 0.305 0.3 0.3 0.3 0.3 290,000 87,000 5.8 6.6 6.6 6.6 6.6 6.6 100 660 PHIL RACING 1.05 1.06 1.03 1.05 1.01 1.05 2,539,000 2,633,060 1,626,310 PREMIERE RT 1.29 1.3 1.29 1.29 1.29 1.29 4,000 5,160 PRIMEX CORP RL COMM RT 8 8.01 8.04 8.08 8.01 8.01 14,831,400 119,151,226 42 ,796,303.9996 ROBINSONS LAND 16.56 16.58 16.4 16.8 16.4 16.58 3,267,000 54,337,512 43 ,296,809.9996 0.102 0.11 0.108 0.108 0.1 0.1 20,000 2,080 PHIL REALTY 1.87 1.88 1.87 1.93 1.85 1.88 177,000 332,320 (50,760) ROCKWELL SHANG PROP 3.62 3.64 3.62 3.65 3.54 3.6 222,000 804,350 85,190 STA LUCIA LAND 2.27 2.58 2.6 2.6 2.6 2.6 1,000 2,600 23.35 23.4 23.3 23.95 23.05 23.4 12,728,100 298,908,315 (65,044,240) SM PRIME HLDG 0.181 0.249 0.182 0.182 0.182 0.182 20,000 3,640 SOC RESOURCES VISTAMALLS 1.16 1.18 1.23 1.23 1.18 1.18 66,000 80,750 (6,150) SUNTRUST RESORT 0.7 0.71 0.72 0.73 0.7 0.72 78,000 55,790 107.5 133.7 107 107 106.8 106.8 360 38,470 (36,332) UNIHOLDINGS 1.27 1.29 1.27 1.3 1.25 1.29 5,585,000 7,142,360 (2,635,520) VISTA LAND 1.43 1.44 1.4 1.44 1.38 1.43 2,590,000 3,682,130 2,388,610 VISTAREIT RT SERVICES ABS CBN 4.6 4.68 4.44 4.76 4.44 4.6 655,000 3,018,060 5.59 5.6 5.55 5.59 5.52 5.59 336,400 1,869,047 GMA NETWORK MLA BRDCASTING 6.9 7 7.04 7.04 7 7 2,100 14,732 0.75 0.76 0.77 0.77 0.74 0.75 13,708,000 10,306,580 (3,118,780) DITO CME HLDG 1,611 1,615 1,600 1,630 1,596 1,611 61,560 99,270,680 14,993,295 GLOBE TELECOM 1,261 1,272 1,260 1,288 1,257 1,261 82,225 104,312,115 (6,867,965) PLDT APOLLO GLOBAL 0.0056 0.0057 0.0055 0.0057 0.0054 0.0056 639,000,000 3,557,200 14.94 15.14 14.78 15.24 14.78 14.94 3,351,100 50,345,494 5,403,720 CONVERGE 0.82 0.83 0.83 0.83 0.78 0.82 200,000 161,420 (144,070) DFNN INC 0.127 0.13 0.123 0.132 0.123 0.13 4,110,000 530,740 ISLAND INFO NOW CORP 0.7 0.71 0.7 0.72 0.7 0.71 1,535,000 1,094,020 8,640 TRANSPACIFIC BR 0.133 0.136 0.133 0.136 0.131 0.136 550,000 73,520 34.55 34.65 34.5 34.7 34.5 34.65 25,700 888,790 141,860 ASIAN TERMINALS 0.93 0.95 0.94 0.95 0.93 0.93 12,000 11,340 CHELSEA 32.9 33.2 33.15 33.4 32.8 33.2 108,000 3,573,180 159,540 CEBU AIR INTL CONTAINER 598.5 603 575.5 603 575.5 603 1,449,650 863,059,680 361,485,745 LBC EXPRESS 8.1 8.73 8.1 8.1 8.1 8.1 1,300 10,530 0.56 0.64 0.61 0.61 0.61 0.61 1,000 610 LORENZO SHIPPNG 4.55 4.56 4.55 4.6 4.53 4.56 1,075,000 4,895,080 3,480,330 MACROASIA PAL HLDG 3.8 3.85 3.8 3.8 3.8 3.8 2,000 7,600 0.59 0.6 0.58 0.6 0.58 0.6 21,000 12,560 HARBOR STAR 1.25 1.4 1.25 1.25 1.25 1.25 1,000 1,250 ACESITE HOTEL 0.037 0.038 0.039 0.039 0.037 0.037 38,400,000 1,457,400 7,600 BOULEVARD HLDG DISCOVERY WORLD 1.01 1.04 1.04 1.04 1.04 1.04 39,000 40,560 0.138 0.142 0.137 0.137 0.137 0.137 30,000 4,110 PH RESORTS GRP 0.41 0.435 0.41 0.41 0.41 0.41 380,000 155,800 WATERFRONT 16.2 16.46 16.5 16.5 16 16.46 8,100 133,072 CENTRO ESCOLAR 1.41 1.42 1.42 1.43 1.4 1.42 4,714,000 6,686,910 (43,250) STI HLDG BELLE CORP 1.33 1.35 1.36 1.36 1.32 1.33 74,000 98,060 2.75 2.76 2.72 2.81 2.72 2.76 22,040,000 61,004,610 (4,024,520) BLOOMBERRY 1.7 1.75 1.71 1.71 1.69 1.7 510,000 866,290 (60,840) PACIFIC ONLINE 16.9 17 16.7 17.62 16.7 16.9 11,034,300 188,896,074 35,769,894 DIGIPLUS PHILWEB 6.42 6.46 6.26 6.55 6.26 6.42 2,572,500 16,598,205 5,721,125 ALLDAY 0.034 0.035 0.035 0.036 0.034 0.035 5,900,000 206,300 0.265 0.275 0.27 0.275 0.26 0.275 340,000 90,800 ALLHOME 1.15 1.16 1.18 1.18 1.16 1.18 197,000 230,560 202,310 METRO RETAIL PUREGOLD 39.35 39.4 39.35 40 38.6 39.4 2,858,000 112,579,980 (12,007,495) ROBINSONS RTL 34.15 34.45 33.8 34.45 33.6 34.15 906,800 30,907,790 ( 962,285.0003) 37.1 37.5 37.1 37.5 37.1 37.5 99,900 3,745,900 (225,275) PHIL SEVEN CORP 2.6 2.62 2.56 2.61 2.56 2.6 44,000 114,370 (31,210) SSI GROUP UPSON INTL CORP 0.69 0.71 0.7 0.71 0.7 0.71 118,000 82,680 70,000 WILCON DEPOT 6.97 6.99 6.89 7 6.88 6.99 2,608,600 18,144,152 8,767,633 APC GROUP 0.106 0.11 0.112 0.112 0.106 0.106 820,000 89,340 0.25 0.26 0.26 0.26 0.25 0.25 140,000 36,300 MEDILINES 1.56 1.69 1.56 1.56 1.56 1.56 4,000 6,240 1,560 PHILCOMSAT SBS PHIL CORP 3.53 3.7 3.53 3.7 3.5 3.7 61,000 217,280 (60) MINING & OIL ATOK 2.14 2.18 2.1 2.17 2.09 2.17 10,000 21,220 (2,170) 12.74 12.76 12.82 13.08 12.6 12.74 4,635,300 59,827,210 8,117,428 APEX MINING ATLAS MINING 7.1 7.12 6.75 7.1 6.75 7.1 2,036,600 14,324,219 2,280,858 BENGUET A 5.05 5.18 5.05 5.19 5.04 5.18 597,300 3,028,130 5.04 5.12 5.12 5.12 5.12 5.12 10,100 51,712 DIZON MINES 0.29 0.305 0.27 0.305 0.27 0.305 250,000 74,250 (9,000) EC VULCAN FERRONICKEL 1.63 1.75 1.51 1.75 1.51 1.75 5,034,000 8,467,710 4,823,710 GEOGRACE 0.09 0.096 0.09 0.096 0.087 0.096 670,000 60,260 0.19 0.192 0.195 0.197 0.19 0.19 40,230,000 7,734,740 LEPANTO A 0.19 0.201 0.19 0.207 0.19 0.207 260,000 50,120 (4,080) LEPANTO B MANILA MINING A 0.0072 0.0074 0.0074 0.0074 0.0072 0.0074 28,000,000 202,200 0.79 0.8 0.73 0.8 0.73 0.8 22,444,000 17,156,360 246,730 MARCVENTURES 0.32 0.355 0.32 0.32 0.32 0.32 20,000 6,400 NIHAO 4.38 4.42 4.4 4.48 4.34 4.42 18,200,000 80,153,150 7,804,890 NICKEL ASIA 35.3 35.4 35.1 35.8 35 35.4 1,071,500 37,818,860 (8,126,770) OCEANAGOLD ORNTL PENINSULA 0.385 0.4 0.39 0.4 0.38 0.4 820,000 325,550 7,800 PX MINING 10.1 10.16 10.16 10.32 9.9 10.1 5,649,400 57,453,597 21,812,956 0.0052 0.0056 0.0055 0.0056 0.0053 0.0053 13,000,000 71,000 UNITED PARAGON 3.34 3.4 3.45 3.45 3.45 3.45 4,000 13,800 (13,800) ENEX ENERGY ORNTL PETROL A 0.011 0.012 0.011 0.012 0.011 0.011 600,000 6,900 0.011 0.012 0.011 0.011 0.011 0.011 100,000 1,100 ORNTL PETROL B 0.0088 0.0091 0.0088 0.009 0.0087 0.0087 94,000,000 838,300 88,000 PHILODRILL 2.5 2.53 2.53 2.63 2.46 2.53 1,228,000 3,116,460 132,500 PXP ENERGY PREFFERED ACEN PREF B 1,066 1,080 1,070 1,080 1,065 1,080 4,750 5,076,455 3,611,250 2,510 2,520 2,520 2,520 2,520 2,520 60 151,200 AC PREF AR ALCO PREF D 475 493 493 493 493 493 170 83,810 100.7 103.5 103.5 103.5 103.5 103.5 180 18,630 BRN PREF B 105.2 106.5 105.5 106.5 105.5 106.5 500 52,980 BRN PREF C 34.6 35.8 35.4 35.9 34.6 34.6 6,500 230,185 CEB PREF CLI PREF A1 1,002 1,030 1,030 1,030 1,030 1,030 20 20,600 1,022 1,070 1,068 1,072 1,068 1,072 195 208,960 CLI PREF A2 96 96.4 96.3 96.4 96 96 6,070 582,880 DD PREF 96.7 97.2 97.2 97.2 97.2 97.2 550 53,460 EEI PREF B JFC PREF B 971.5 990 994 994 970 971.5 210 207,335 98 102.7 102.7 102.7 102.7 102.7 380 39,026 MWIDE PREF 5 103.9 104.3 103.9 103.9 103.9 103.9 100 10,390 MWIDE PREF 6C 100.3 104.8 100.3 104.9 100.3 104.9 1,270 127,841 MWIDE PREF 7A 1,001 1,007 1,008 1,008 1,007 1,007 65 65,465 PCOR PREF 3B PCOR PREF 4B 1,000 1,030 1,000 1,000 1,000 1,000 875 875,000 75.1 75.15 75.1 75.1 75.1 75.1 10 751 SMC PREF 2I 80 80.8 80.8 80.8 80 80 20,440 1,635,552 SMC PREF 2N 80.5 81.45 80.15 81.5 80 81.45 19,940 1,596,361.5 SMC PREF 2O SMC PREF 2P 75 77 77 77 77 77 100 7,700 76.5 77 77 77 77 77 280 21,560 SMC PREF 2R 76 77.9 77.7 78 75.15 75.15 3,230 251,819 (76,447) SMC PREF 2S 77 78.5 76.8 76.8 76.8 76.8 20 1,536 SMC PREF 2U TECH PREF B2C 12.52 13 13 13 13 13 3,700 48,100 8.3 8.4 8.3 8.4 8.3 8.4 2,200 18,470 TECH PREF B2D 87.15 92.25 91.8 92.35 91.8 92.35 1,130 103,977.5 (4,590) VLL PREF 2A 92 93.1 91.65 93.1 91.65 93.1 9,630 884,678.5 VLL PREF 2B

domestic parts makers and ensure a vibrant manufacturing environment in the Philippines.” TMP said this as it emphasized that it made major investments to meet the target of 200,000 units of the Toyota Vios within the 6-year time frame. The Board of Investments assured investors that it is already working with other agencies, particularly the Department of Budget and Management, in identifying a mechanism to ensure payment of CARS arrearages. The investment promotion agency attached to the Department of Trade and Industry noted that the CARS obligations “had been based on validated delivery of performance commitments and on a robust and transparent inter-agency process of vetting claims against the program.” “We fully respect the decision of the President. We understand the context of his overall decision on Unprogrammed Appropriations,” BOI

Proposed changes seen opening REIT doors to infrastructure assets

PHIL. DEPOSITARY RECEIPTS

ABS HLDG PDR 4.21 4.48 4.46 4.48 5.33 5.4 5.29 5.4 GMA HLDG PDR

WARRANTS

AGI WARRANT

1.1

1.12

1.11

4.46 5.29

4.48 5.33

11,000 9,600

49,180 51,665

1.11

1,430,000

1,555,750

SMALL & MEDIUM ENTERPRISES

BALAI FRUITAS 0.335 0.355 0.34 0.36 0.34 0.36 440,000 150,600 0.38 0.39 0.385 0.39 0.38 0.39 90,000 34,450 (3,850) CTS GLOBAL 1.04 1.1 1.1 1.1 1.1 1.1 15,000 16,500 HAUS TALK ITALPINAS 0.88 0.9 0.9 0.9 0.88 0.88 51,000 45,680 (6,280) KEPWEALTH 1.06 1.19 1.19 1.19 1.19 1.19 4,000 4,760 0.037 0.04 0.038 0.04 0.035 0.04 1,000,000 38,500 LFM PROP 0.415 0.425 0.41 0.425 0.405 0.425 1,070,000 448,400 20,500 MERRYMART XURPAS 0.243 0.25 0.25 0.25 0.243 0.25 2,050,000 500,370

EXHANGE TRADE FUNDS FIRST METRO ETF

103.2

104

102.2

104

102

104

17,020

1,749,051

112,192

www.businessmirror.com.ph

By VG Cabuag @villygc

HE proposed amendments of the Securities and Exchange Comm ission (SEC) to t he rules governing real estate investment trusts, or REITs, could allow infrastructure assets into the REIT framework, an investment house said. Investment and Capital Corp. of the Philippines (ICCP) said if paired with an easing interest-rate environment, the SEC’s move could prompt “a fresh wave of REIT listings.” ICCP President Manny Ocampo said the SEC’s proposed change clears the way for potential billion-peso REIT offers from tollway operators, water concessionaires, fiber optic networks, cell towers, and data-center developers once issuers prepare assets for the public markets. Ocampo said the timing of this policy shift is critical, as it coincides with an easing monetary environment. “If the interest rates come down, then it do well for REITs, because issuers would be encouraged to come to market as they will not have to pay very high dividend yields, for example. REITs are a dividend story at the end of the day.” The REIT market expansion started 2020 through 2022, but has already stopped since. The last was Villar-led Premier Island Power REIT Corp., which went public in December 2022. Ocampo said the relatively low interest rates during that period successfully drove a significant number of REIT issuers to the market. He said as interest rates declined, the pressure on issuers to offer elevated dividend yields subsides, making public listings a more viable and attractive capital-raising option. Ocampo pointed to the Bangko Sentral ng Pilipinas’ policy trajectory as a key catalyst. He noted that the

possibility of a further rate cut into 2026 could create a favorable window for this new batch of infrastructure REITs to enter the market. He cautioned that while the macroeconomic and regulatory stage is set, actual listings will ultimately depend on issuer readiness, asset valuation and broader market conditions. In November, the SEC said it is keen on amending its current ruling to provide flexibility for the REIT sponsor in reinvesting proceeds from the listing of the REIT and relax the minimum public ownership requirement, among other changes. “The proposed reforms will help ensure that the REIT framework remains robust and responsive to evolving market needs, thereby enabling the real estate sector to unlock more capital that will further support their growth and to contribute more to the development of our economy,” SEC Chairman Francis E. Lim said. The proposed amendments expand the definition of income generating real estate assets by allowing a REIT to directly or indirectly own incomegenerating real estate through a shareholding in an unlisted special purpose vehicle wholly owned by the REIT and duly constituted to primarily hold or own real estate. The SEC is also proposing to include within the definition of income-generating real estate those real properties with regular streams of income, or those with recurring and predictable cash inflows derived from the lease of, or other similar arrangements involving such properties. These may include rental properties from transportation, information and communications technology, and energy infrastructure assets; parking lots; buildings; malls; warehouses or storage facilities; immovable fixtures, machineries, facilities, and structures; and real rights over properties, which include usufruct, easements, registered leases.

Managing Head Ceferino S. Rodolfo said in a statement on Monday. The CARS program gave participating automakers six years to reach the minimum volume target sales of 200,000 domestically produced automobiles for each of the enrolled car types in order to qualify for incentives. Mitsubishi enrolled the Mirage G4 while Toyota enrolled its Vios model in the incentives program. Under the CARS program, there are two kinds of fiscal support during the enrolled Model Life up to a maximum of 6 years--the Fixed Investment Support (FIS) and the Production Volume Incentive (PVI). To be eligible for PVI, participants must manufacture at least 50 percent of the assembly by weight in the case of Body Shell Assembly; manufacture of major components of the assemblies in the case of Large Parts Assemblies; exceeds 100,000 units in production volume and attained of other condi-

MUTUAL FUNDS

tions that the BOI has imposed at the time of the registration. The PVI sets production volume for parts and vehicles. The fiscal support will come in the form of tax-payment certificates. Program participants can use the certificates in offsetting their tax and duty obligations to the government, specifically excise tax, income tax, import duties and valueadded tax. To be eligible for FIS, meanwhile, the participating car makers (PCMs) were required to bring in new investments in the manufacture of parts and/or establishment of Shared Testing Facility; delivery of parts to the PCM within the prescribed period as stipulated by the BOI; introduction of the enrolled Model to the market using the parts manufactured under the program, among others (See: https://businessmirror.com.ph/2026/01/05/ boi-local-auto-makers-will-still-get-carsincentives/).

January 6, 2026

NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM GROWTH FUND, INC. -A 217.66 -2.1% 0.74% -0.84% -1.09% 1.35% ATRAM ALPHA OPPORTUNITY FUND, INC. -A2.212 18.84% 16.54% 10.81% 6.78% 2.72% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC. -A 2.897 -4.15% -0.94% -1.54% -2.15% 1.26% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP. -A 0.7683 3.47% 3.22% -0.75% N.A 1.96% FIRST METRO CONSUMER FUND, INC. -A 0.563 -11.45% -6.16% -5.34% N.A 1.51% FIRST METRO SAVE AND LEARN EQUITY FUND, INC. -A 4.442 -5.51% -2.39% -2.14% -1.58% 1.35% FIRST METRO SAVE AND LEARN PHILIPPINE INDEX FUND, INC. -A 0.6536 -6.78% -3.24% -2.94% N.A 1.6% MBG EQUITY INVESTMENT FUND, INC. -A 88.83 24.39% 5.43% -2.48% N.A 0.21% PAMI EQUITY INDEX FUND, INC. -A 42.1396 -4.72% -1.79% -2.08% -0.88% 1.65% PHILAM STRATEGIC GROWTH FUND, INC. -A457.09 -2.45% 0.23% -1.31% -0.88% 1.33% PHILEQUITY DIVIDEND YIELD FUND, INC. -A1.5804 12.38% 9.41% 6.22% 3.17% 1.7% PHILEQUITY FUND, INC. -A 34.9661 -1.49% 0.75% 0.13% 0.5% 1.28% PHILEQUITY MSCI PHILIPPINE INDEX FUND, INC. -A 0.9032 0.29% 0.97% -0.22% N.A 1.02% PHILEQUITY PSE INDEX FUND, INC. -A 4.5486 -2.94% -0.58% -1.02% 0.03% 1.53% -0.18% PHILIPPINE STOCK INDEX FUND CORP. -A 748.56 -3.88% -0.99% -1.34% 1.63% SOLDIVO STRATEGIC GROWTH FUND, INC. -A0.7117 -1.75% 1.03% -0.19% -1.71% 0.99% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC. -A 3.2613 -7.93% -2.02% -2.08% -1.41% 1.36% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC. -A0.8393 -4.86% -1.46% -1.75% -0.45% 1.63% UNITED FUND, INC. -A 3.4171 6.92% 2.5% 0.59% 0.98% 4.97% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) COL EQUITY INDEX UNITIZED MUTUAL FUND, INC. -A 1.0521 -3.85% -1.08% N.A N.A 1.62% COL STRATEGIC GROWTH EQUITY UNITIZED MUTUAL FUND, INC. -A 1.0623 -0.12% N.A N.A N.A 1.65% PHILEQUITY ALPHA ONE FUND, INC. -A 0.9664 -7.48% -3.79% -2.51% N.A 1.92% PHILIPPINE STOCK INDEX FUND CORP. -A 902.92 -4.57% -1.21% N.A N.A 1.64% EXCHANGE TRADED FUND (SHARES) FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC. -A,C101.877 -4.29% -0.73% -1.06% 0.33% 1.65% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ATRAM ASIAPLUS EQUITY FUND, INC. -B $1.0529 27.44% 5.97% -3.09% 2.03% 4.06% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC. -A $2.2172 15.18% 15.6% 5.71% N.A -0.05% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ATRAM PHILIPPINE BALANCED FUND, INC. -A2.1622 0.57% 0.67% -1.07% 0.23% 0.77% ATRAM UNICAPITAL DIVERSIFIED GROWTH FUND, INC. -A 1.6493 5.2% 3.67% -0.29% -0.39% 0.55% FIRST METRO SAVE AND LEARN BALANCED FUND, INC. -A 2.488 -1.78% -0.81% -1.1% -0.69% 0.99% FIRST METRO SAVE AND LEARN F.O.C.C.U.S. DYNAMIC FUND, INC. -A 0.2344 6.69% 6.13% 3.35% N.A 1.69% 0.51% NCM MUTUAL FUND OF THE PHILS., INC. -A,12.0196 0.94% 0.78% 1.31% 0.82% PAMI HORIZON FUND, INC. -A 3.8227 2.84% 3.12% 0.2% 0.79% 0.73% PHILAM FUND, INC. -A 16.1468 -0.57% 1.78% -0.93% 0.18% 0.72% SOLIDARITAS FUND, INC. -A 2.1202 -0.06% 1.71% 0.26% 0.66% 0.67% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC. -A3.4583 -1.79% 0.69% -0.66% -0.27% 0.5% SUN LIFE PROSPERITY DYNAMIC FUND, INC. -A 0.9161 -1.91% 0.92% 0.66% -0.01% 0.41% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) SUN LIFE PROSPERITY ACHIEVER FUND 2028, INC. -A 0.9822 1.69% 2.27% -0.85% N.A 0.33% SUN LIFE PROSPERITY ACHIEVER FUND 2038, INC. -A 0.8526 -1.85% -0.02% -2.11% N.A 1.11% SUN LIFE PROSPERITY ACHIEVER FUND 2048, INC. -A 0.8233 -3.08% -0.71% -2.45% N.A 1.37% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) COCOLIFE DOLLAR FUND BUILDER, INC. -A$0.03422 6.67% 2.03% -2.69% -0.33% -0.26% PAMI ASIA BALANCED FUND, INC. -B $1.23 27.38% 10.31% 0.91% 3.54% 2.19% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC. -A$5.3237 12.31% 11.18% 3.28% 5.68% -0.03% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC. -A$1.1804 8.65% 6.45% 0.16% N.A -0.11% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) ALFM PESO BOND FUND, INC. -A 420.14 4.19% 3.61% 2.52% 2.67% 0.1% ATRAM CORPORATE BOND FUND, INC. -A 1.9592 2.75% 1.39% 0.61% 0.35% 0.06% COCOLIFE FIXED INCOME FUND, INC. -A 3.5836 3.25% 3.63% 2.19% 3.49% 0.07% EKKLESIA MUTUAL FUND, INC. -A 2.4564 3.79% 4.16% 1.87% 0.1% 1.34% FIRST METRO SAVE AND LEARN FIXED INCOME FUND, INC. -A2.5698 3.13% 2.46% 0.93% 1.53% 0.01% PHILAM BOND FUND, INC. -A 4.6179 3.93% 3.47% -0.07% 1.49% 0.23% PHILAM MANAGED INCOME FUND, INC. -A 1.5223 4.88% 4.84% 2.87% 2.8% 0.07% PHILEQUITY PESO BOND FUND, INC. -A 4.3183 3.81% 3.78% 1.55% 2.25% 0.06% SOLDIVO BOND FUND, INC. -A 1.1219 4.19% 3.26% 1.48% 2.08% 0.1% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC. -A 3.5569 3.91% 4.14% 2.09% 2.81% 0.15% SUN LIFE PROSPERITY GS FUND, INC. -A 1.8882 3.78% 3.66% 1.47% 2.19% 0.16% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) ALFM DOLLAR BOND FUND, INC. -A $529.06 3.65% 3.28% 1.78% 2.36% 0.06% ALFM EURO BOND FUND, INC. -A Є223.59 2.07% 2.17% 0.37% 0.81% -0.04% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC. -B $1.075 3.66% 2.08% -3.5% -0.18% -0.01% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC. -A$0.0264 5.6% 3.66% -0.23% 0.83% -0.38% PAMI GLOBAL BOND FUND, INC. -B $1.0593 22.8% 7.17% -0.66% 0.09% 0% PHILAM DOLLAR BOND FUND, INC. -A $2.4777 7.03% 4.55% -0.51% 1.59% -0.04% PHILEQUITY DOLLAR INCOME FUND, INC. -A$0.0644213 3.53% 2.44% 0.65% 1.5% 0.02% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC. -A$2.9217 6.69% 2.45% -2.04% 0.27% -0.25% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES (SHARES) N.A AIB MONEY MARKET MUTUAL FUND, INC. -A1.1668 3.07% N.A N.A 0.08% ALFM MONEY MARKET FUND, INC. -A 148.95 4.47% 3.78% 2.78% 2.69% 0.17% FIRST METRO SAVE AND LEARN MONEY MARKET FUND, INC. -A1.1983 3.9% 3.72% 2.71% N.A 0.1% SUN LIFE PROSPERITY PESO STARTER FUND, INC. -A 1.4822 3.93% 3.45% 2.71% 2.66% 0.09% PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM MONEY MARKET FUND, INC. -A 114.01 4.33% 4.29% N.A N.A 0.13% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (SHARES) SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC. -A $1.1769 3.07% 3.22% 2.26% N.A 0.07% FEEDER FUNDS PRIMARILY INVESTED IN PESO SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A 46.3723 3.9% 2.41% N.A N.A 0.58% SUN LIFE PROSPERITY WORLD EQUITY INDEX FEEDER FUND, INC. -A 2.1744 22.87% 20.35% 14.04% N.A 0.45% SUN LIFE PROSPERITY WORLD INCOME FUND, INC. -A 1.1157 5.15% N.A N.A N.A 0.6% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES (UNITS) ALFM GLOBAL MULTI-ASSET INCOME FUND, INC. -A $0.8148 2.63% 0.71% -3.62% N.A -0.12% 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

CTA nixes BIR’s tax case vs Sereno By Joel R. San Juan @jrsanjuan1573

HE Court of Tax Appeals (CTA) has nullified the Bureau of Internal Revenue’s (BIR) demand for ousted Chief Justice of the Supreme Court Ma. Lourdes Sereno to pay P2.5 million deficiency in value-added taxes (VAT) for the taxable year 2005. In a 14-page decision penned by Associate Justice Marian Ivy ReyesFajardo, the CTA’s Third Division granted Sereno’s petition for review filed on February 28, 2022. Her petition sought to set aside the BIR’s “Final Decision on Disputed Assessment” (FDDA) and the “Formal Letter Demand” (FLD) dated November 5, 2018. The CTA held that the FDDA and FLD issued against Sereno are void since the assessments were issued beyond the required period. The tax court noted that the BIR’s authority to assess Sereno for deficiency VAT for the fourth quarter of 2005 expired on January 25, 2009. “Since the FLD dated November 5, 2018, and the undated FDDA were issued beyond January 25, 2009, said FLD and FDDA are void. To emphasize, a void assessment bears no valid fruit,” the CTA declared. Based on the records, Sereno filed her quarterly VAT return for the fourth quarter of 2005 on January 25, 2006. On February 9, 2018, she received a letter of authority (LOA) authorizing revenue officers to examine her books of accounts and other accounting records for all internal revenue taxes, including documentary stamp tax, and other taxes, for the period January 2004 to December 31, 2008. The BIR issued an undated FDDA with attached audit results and “Computation of Deficiency VAT- FDDA,” requiring Sereno to immediately pay her alleged VAT liability in the amount of P2,501,430.67. On February 28, 2022, Sereno filed a petition for review before the CTA. She argued that the authority of the BIR to conduct an audit investigation and assess the alleged deficiency VAT for the fourth quarter of 2005 has already prescribed. Sereno further contended the following: the deficiency-VAT assessment is null and void; the conduct of the audit investigation and the subsequent deficiency tax assessment violated her rights to due process and equal protection of the laws; and. respondent’s deficiency VAT assessment has no basis, since both the FLD and FDDA are null and void for failing to state the facts, law and jurisprudence upon which they are based. The BIR on the other hand, claimed that the assessment against Sereno was valid because the right to assess taxes has not yet prescribed. The LOA was duly issued, and the equal protection and due process clauses were observed, the agency added. In granting Sereno’s petition, the CTA held that the absence of competent proof that petitioner intentionally filed a false or fraudulent return, the alleged deficiency VAT assessment for the fourth quarter of 2005 is governed by the ordinary three-year prescriptive period. The court noted that Section 203 of the National Internal Revenue Code (NIRC) mandates the government to assess internal revenue taxes within three years from the last day prescribed by law for the filing of the tax return or the actual date of filing of such return, whichever comes later. An assessment issued after the three-year prescriptive period is no longer valid and effective, according to the CTA. “Thus, the FLD dated November 5, 2018, received by petitioner on November 20, 2018, was issued beyond the three (3)-year prescriptive period under Section 203 of the NIRC,” the court said.

Banking&Finance BusinessMirror

Editor: Dennis D. Estopace • Wednesday, January 7, 2026

PDIC seeks fund’s return after SC ruling

By Reine Juvierre Alberto

@reine_alberto

HE Philippine Deposit Insurance Corp. (PDIC) is taking steps to recover about P285.8 billion it remitted to the national treasury, following the Supreme Court’s order to return the reserve cash parked in the Philippine Health Insurance Corp. (PhilHealth).

In a forum last Tuesday, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said that taking back part of the deposit insurance fund (DIF) that the PDIC transferred to the government is now “under

consideration.” “In light of the Supreme Court decision, the lawyers are going back and looking at these issues again and see whether the PDIC can get the money back,” added Remolona,

who also serves as chairman of the PDIC. To recall, the PDIC transferred P107.23 billion to the national treasury after the Department of Finance (DOF) ordered the remittance through Memorandum Circular 003-2024. Then Finance Secretary Ralph G. Recto defended the move as complying with the Congressional mandate under the General Appropriations Act of 2024. The DOF further justified the fund transfer as strictly in accordance with the Opinion from the Office of the Government Corporate Counsel. The sweeping of the reserve funds drew public criticism as well as lawsuits filed before the High Tribunal. Last month, the Supreme Court ordered Malacañang to return PhilHealth’s P60-billion unutilized funds, which had also been

transferred to the national treasury purportedly to bolster the government’s unprogrammed appropriations. (See: https://businessmirror. com.ph/2025/12/06/sc-orders-returnof-%E2%82%B160-b-unused-fundsto-philhealth/) The SC’s ruling, however, does not include the funds remitted by the PDIC. Remolona said that at the time of the transfer request, BSP and PDIC lawyers reviewed the legality and concluded that remitting the funds was defensible. The PDIC also conducted an internal analysis to ensure the remaining reserve could still cover potential bank deposit losses and support an increase in deposit insurance coverage, according to the central bank governor. “The analysis suggested that yes, it was. In fact, the remaining buffer

was enough for the PDIC to raise the threshold to P1 million or P500,000,” Remolona added. PDIC President Roberto B. Tan has said that PDIC’s DIF remains sufficient despite last year’s transfer. “The adequacy is more than what the directors targeted for that. So, it’s in good shape. So, I don’t think there’s anything to be alarmed about,” Tan has said. According to the DOF, the remittance has financed major infrastructure and social programs, including counterpart financing for foreignassisted projects. “The national government assures the depositors and other stakeholders of the PDIC that this remittance does not compromise the soundness of the deposit insurance fund, which the Corporation prudently manages,” the DOF asserted.

Demand for high returns push up yields My 2026 to-do-list

HE yields on long-dated debt papers rose on Tuesday as investors demanded higher returns in response to a weakening peso and hawkish signals from the central bank. According to Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), the increase in yields was driven by hawkish signals from the Bangko Sentral ng Pilipinas (BSP) that the rate cut delivered last December could be the last. Lower demand also contributed to the rise in yields, as investors shifted to stocks for higher returns, with local stock market gains at their highest in five months, Ricafort added. At the public auction, the Bureau of the Treasury (BTr) awarded in full both the three-year and 10-year tenor Treasury bonds (T-bonds), raising a total of P50 billion. Combined bids for the two tenors reached P124.747 billion, or 2.4 times oversubscribed the P50-billion total offering. The Treasury generated P20 billion from the auction of reissued three-year tenor government IOUs, with tenders amounting to P52.082 billion, or 2.6

times the programmed borrowing. The three-year T-bonds fetched an average rate of 5.467 percent, higher by 21.1 basis points from the 5.256 percent recorded on December 2, 2025. Rates ranged from a low of 5.375 percent to as high as 5.489 percent. The T-bonds, with a remaining maturity of two years and six months, carried a coupon of 3.750 percent. Compared to the secondary benchmark, the yield was lower by 4.8 basis points than the 5.516 percent Philippine Bloomberg Valuation (PHP BVAL) yield for the same tenor. Meanwhile, the government also raised P30 billion from the reissued 10year T-bonds, which received P72.665 billion in bids, or 2.4 times the offering. The average yield rose to 5.985 percent, up by 10.9 percent from the 5.876 percent yield in the December 2 auction. The tenor had rates ranging from 5.973 percent to 5.990 percent, while its coupon rate stood at 6.375 percent. It has a remaining term of nine years and three months to maturity. The yield was also slightly below the 6.058 percent PHP BVAL bench-

mark. Ricafort said investors are showing some hesitancy in locking in long-term tenors as the peso recently weakened against the dollar and hovered at the P59 level. Rising long-end yields in developed markets on concerns about global inflation (if the US Federal Reserve acts aggressively on rates) also pushed Tbond rates higher, the RCBC executive opined. For this year, the Treasury will raise a total of P2.682 trillion from the domestic and foreign debt markets. The borrowing program is higher by 3.15 percent from the P2.6-trillion target last year. About P2.054 trillion will come from local lenders, while P627.104 billion will be borrowed from external sources. In January alone, the government will sell T-bonds and Treasury bills to generate P160 billion and P108 billion, respectively. Outstanding debt of the national government climbed to P17.562 trillion as of the end of October. Reine Juvierre S. Alberto

‘Palace veto of standby funds hid pork barrel’

HE retention of more than P300 billion worth of pork barrel– like funds in the 2026 national budget is a missed opportunity for the government to curb corruption and patronage politics, according to a budget watchdog. In a statement, Social Watch Philippines (SWP) criticized President Ferdinand R. Marcos Jr. for keeping programmed allocations it said are prone to abuse, including the P81.94-billion increase in the Department of Public Works and Highways (DPWH) basic infrastructure program and sustainable infrastructure projects and the P10-billion Department of Agriculture “Presidential Assistance for Farmers and Fisherfolk” program. The SWP also flagged the P8.9-billion farm-to-market roads project, the P15-billion disaster assistance funds for local government units (LGUs), the P56.873-billion in support funds to LGUs, the P2.7-billion “Tulong Dunong” program under the Commission on Higher Education and the P5 billion in confidential funds. Moreover, the P138 billion “ayuda funds” increased by Congress from the National Expenditure Program, which are highly prone to abuse and vulner-

able to patronage politics, were left untouched by the President. “It is deeply frustrating that many of the line-item vetoes that we proposed were ignored by the President despite clear red flags such as last-minute insertions, duplications, and the absence of implementation safeguards,” said SWP Co-convenor Dr. Ma. Victoria Raquiza. The SWP said these allocations contradict the administration’s repeated commitments to transparency and accountability, as many of the flagged items were prepared outside public view and without sufficient justification. The organization also questioned the retention of the P50-billion “Revised Armed Forces of the Philippines (AFP) Modernization” program, saying it duplicates funding the P40 billion already provided under the Special Purpose Funds. “It should be noted that both UA and SPF are highly discretionary funds under the control of the President. This means that for 2026, the President has P90-billion worth of discretionary funds for the AFP Modernization program,” SWP said.

Finex’s concerns

MEANWHILE, the Financial Execu-

tives Institute of the Philippines (Finex) raised concerns over the scale and use of unprogrammed appropriations, which inherently create uncertainty, weaken fiscal discipline and heighten governance risks if not subject to strict, transparent conditions. “Without clear triggers, safeguards, and public disclosure, unprogrammed funds risk undermining budget credibility, distorting spending priorities, and eroding public trust,” Finex warned. When used effectively, the national budget can build confidence, attract private investment and promote inclusive development, Finex added. Still, Marcos’s decision to veto P92.5 billion in unprogrammed appropriations and his statement that these funds must not be used as a “backdoor” for discretionary spending sends a “strong signal” to markets, taxpayers and institutions that fiscal discipline and accountability remain priorities. “Economic stimulus should not come at the expense of transparency, and every peso, whether programmed or unprogrammed, must be guided by clear objectives, measurable outcomes and strong oversight,” the Finex added. Reine Juvierre S. Alberto and Manuel T. Cayon

Sen. Cayetano’s long-held concerns on reforms resurface as budget is signed By Butch Fernandez

@butchfBM

S the P6.793-trillion national budget for fiscal year 2026 moves from legislation to implementation, long-standing concerns raised by Senate Minority Leader Alan Peter S. Cayetano on the direction and substance of public spending have once again come into focus. Throughout the budget deliberations that led to the approval of the 2026 General Appropriations Act— now signed into law by Ferdinand R. Marcos Jr.—Cayetano consistently emphasized that assurances of reform and transparency must be reflected in

actual priorities on the ground, particularly in rural development, early childhood nutrition, and support for local government units (LGUs). For Cayetano, the true measure of any national budget lies not in declared intentions, but in whether it delivers meaningful change to communities that have long been left behind. “This was a great opportunity for a game-changer budget, yet it does not really promote rural development, and the unprogrammed funds are still there,” the solon said during Senate deliberations on the 2026 spending plan, as he explained his vote against the budget and stressed that reform

must be evident in where government chooses to spend. While he acknowledged improvements over previous spending plans— including the veto of P92.5-billion worth of items under unprogrammed appropriations—Cayetano has repeatedly cautioned that these steps, while welcome, fall short of what is needed to make the budget truly transformative. “Unprogrammed funds have always been a weak spot in the budget, and this veto puts accountability back at the center. This is a much better budget than last year, but it’s still not a game-changer budget,” he said in earlier debates.

EST we forget, let us persist to pursue full accountability for all the corruption and abuse inflicted on us Filipinos by our legislators and government officials together with their collaborators in the private sector. Here is my “To Do” list for 2026, highlighting some prominent names who need to give answers. 1. Rodrigo Roa Duterte’s trial at the International Criminal Court must be pursued and a verdict on his alleged “reign of terror” must be promulgated. Effectively, he is imprisoned; but the trial will establish his culpability and give justice to the many victims. 2. Sara Duterte’s impeachment must proceed forthwith as soon as February 2026 comes, the “permissible date” when the Supreme Court has ruled that another impeachment case may be filed against her. To recall, the House of Representatives filed on February 5, 2025, an impeachment complaint against the vice president. The move was signed by 215 congressmen, joined a day after by 25 more; an overwhelming 78-percent vote of the 308-member House versus the 66.6-percent required vote to impeach. The charges were multiple: for bribery; graft and corruption; misuse of public funds; threatening to assassinate the President and First Lady; betrayal of public trust; culpable violation of the Constitution; and, other alleged high crimes. 3. The lingering stench of the Pharmally case, so thoroughly investigated by the Senate Blue Ribbon Committee headed by Senator Richard J. Gordon. He recommended the prosecution of Pharmally Pharmaceuticals Corp. executives and connected personalities in the Department of Budget and Management and Malacañang. The Senate majority refused to join Senator Gordon in his recommendation because it incriminated President Duterte. During the Senate hearings, President Duterte publicly sided with Pharmally, even banning members of his Cabinet to testify at the hearings, purportedly to hinder the investigation. Cases have been filed by Ombudsman Martires against the former DBM Undersecretary of Procurement Services Lloyd Christopher A. Lao and Pharmally executives. But the current Ombudsman Boying Remulla has withdrawn the case by leave of court, to strengthen the case against defendants. It seems that the former Ombudsman Martires is suspected to have filed deliberately a “weak case,” so it would be dismissed. 4. Michael Yang, the former Chinese presidential economic adviser to President Duterte, has still to be brought back to the country to answer charges. The House of Representatives Quad Committee has summoned him to inquire about his involvement in some alleged criminal acts (POGO, drugs, smuggling). But Michael Yang is also linked as the financier and guarantor to Chinese suppliers in behalf of Pharmally. In other words, Yang could be the enabler to the scandalous Pharmally irregularities. 5. And also, the central figure of Lao was employed in the office of Special

FINEX FREE ENTERPRISE Santiago F. Dumlao Jr. Presidential Adviser Bong Go when Lao was appointed to head the DBMProcurement Service during the COVID-19 pandemic when the opportunities for corrupt procurement practices opened wide. Can we connect the dots? 6. Then there is the shout of President Bong Bong Marcos (PBBM): “Mahiya naman kayo!” What a monstrous disaster of the greatest scale in DPWH flood control and infrastructure spending! We must hold PBBM to his promise to pursue this to the end–to bring the guilty to jail, all of them, whoever. 7. And so we read and hear the names of Senators Chiz Escudero, Joel Villanueva, Jinggoy Estrada, Bong Revilla, etc. in sworn statements on Senate hearings, implicated as being part of the “budget insertions gang” who act as “proponents” for flood control projects in exchange for kickbacks from private contractors in connivance with district engineers and DPWH officials. It’s an entrenched criminal syndicate. 8. And we should not omit Zaldy Co, the erstwhile chairman of the House Appropriations Committee, whose looting of the national treasury through brazen cash-loaded suitcases or maletas is now legendary! Implicated with him is former Speaker of the House Martin Romualdez to whose house at 42 McKinley Road, Forbes Park, similar cash-loaded maletas have been delivered. This was according to whistleblower Marine officer Orly Guteza, testifying before the Senate Blue Ribbon Committee chaired by Senator Panfilo “Ping” Lacson. Guteza says they refer to cashloaded maletas as “basura.” 9. Oh, of course, we have the now so popular Rolls Royce Discaya couple, Curlee and Sarah; and the star storytellers DPWH Assistant District Engineer Brice Hernandez and DPWH Bulacan District Engineer Henry Alcantara who have shared the names of so many culprits. There are so many other names and persons who need to be held accountable, which is why in our To-Do-List we must include: 10. The immediate creation of an Independent People’s Commission as imperative to investigate these horrendous irregularities in the DPWH infrastructure projects, with adequate powers and authorities to exact accountabilities. The ball is in the hand of our Congress. We can wait no longer. Santiago F. Dumlao Jr. is the Secretary General of the Association of Credit Rating Agencies in Asia, chairman of the market governance board and market policy committee of the Philippine Dealing & Exchange Corp. and former Finex president. His views do not necessarily reflect those of the Financial Executives Institute of the Philippines and the BusinessMirror.

Wednesday, January 7, 2026 • Editor: Gerard S. Ramos

Show BusinessMirror

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

The Golden Globes are this week. Here’s what to know about the first major show of awards season ACTRESS Skye P. Marshall during the nominations announcement for the 83rd Golden Globes on Monday, December 8, 2025, at the Beverly Hilton Hotel in Beverly Hills, California. AP

EVERLY HILLS, California—The Golden Globes return on Sunday. The boozy, bubbly kickoff to Hollywood’s awards season will feature nominees including Timothée Chalamet, Leonardo DiCaprio, Michael B. Jordan, Ariana Grande, Cynthia Erivo and Emma Stone. The 83rd Golden Globe Awards ceremony begins at 8 pm Eastern at the Beverly Hilton in Beverly Hills, California, and will be televised live on CBS and streamed live on Paramount+. Here are more key things to know about the ceremony: Who’s hosting the Golden Globes? The comedian and actor Nikki Glaser will return as host for the second year, after a well-reviewed 2025 debut when she became the first woman to host the show solo. Glaser didn’t go easy on the Hollywood crowd, but wasn’t nearly as barbed as she was in her starmaking performance in a roast of Tom Brady. In her first monologue, she called the ceremony “Ozempic’s biggest night.” When she was rehired, Glaser said in a statement that it was “the most fun I have ever had in my career.” “I can’t wait to do it again, and this time in front of the team from The White Lotus who will finally recognize my talent and cast me in Season Four as a Scandinavian Pilates instructor with a shadowy past,” she said. Last year’s telecast drew an average of about 10 million viewers, holding steady from the year before. There are far fewer viewers then there were a decade ago, but the Globes remain the most watched awards show after the Oscars and the Grammys. Who’s nominated for Golden Globes this year? Oscar front-runner One Battle After Another leads all nominees with nine, including acting nods for DiCaprio and Chase Infiniti and a directing nomination for Paul Thomas Anderson. The Globes divides films between drama and musical or comedy in the top categories, and One Battle was categorized as a comedy. Competing against DiCaprio will be Chalamet for Marty Supreme and George Clooney for Jay Kelly. Infiniti’s competition includes Erivo for Wicked: For Good, Stone for Bugonia and Rose Byrne for If I Had Legs I’d Kick You. The Danish film Sentimental Value was second with eight nominations, including an acting nod for star Renate Reinsve. Her competition on the drama side includes Jessie Buckley from Hamnet, Julia Roberts for After the Hunt and Jennifer Lawrence for Die My Love. Male actors nominated for dramas include Jordan for Sinners and Dwayne Johnson for The Smashing Machine. Grande, Teyana Taylor, Paul Mescal, Adam Sandler and Jacob Elordi are among those nominated in the supporting categories. The White Lotus leads all TV nominees with six. What are the Golden Globes? The Globes, held annually in early January, are the first major ceremony of the awards season. They’re not exactly an Oscar bellwether—they have an entirely different voting base of journalists and critics—but they’re embraced as a champagne-soaked party with some of the biggest stars in film and television sitting together at tables like a nightclub. A Globes win can still help build momentum for a movie or actor’s Oscar campaign, and it’s the first time the public may hear an acceptance speech that may be repeated with some variations for months, leading up to the Academy Awards, held this year on March 15. Who’s getting a lifetime achievement award? Helen Mirren will be honored with the Golden Globes’

TODAY’S HOROSCOPE By Eugenia Last

CELEBRITIES BORN ON THIS DAY: Jeremy Renner, 55; Nicolas Cage, 62; Katie Couric, 69; David Caruso, 70. HAPPY BIRTHDAY: This is your time to shine. Refuse to take a back seat. Revise your schedule to optimize your time appropriately. Whether you want to work hard and strive for perfection or kick back and relax, do so wholeheartedly. Take it upon yourself to give your all and get what you deserve. Make the effort, take the trip, set high standards and find your place to grow. Look for your happy place. Your numbers are 2, 17, 23, 34, 37, 40, 42.

ARIES (March 21-April 19): Take care of your responsibilities, but don’t sign up for additional jobs or cover for someone else. Letting others take advantage of you will lead to stress. Take an interest in how you can make a difference in your community or to a cause that concerns you. ★★★

TAURUS (April 20-May 20): Start the ball rolling. Share your concerns and offer solutions. Use your connections to help bring about change. Do your part and get things done, and you’ll gain respect and suggestions from people who can influence your future. Positive change is within reach. Prepare to take advantage of whatever comes your way. Self-improvement projects will bring high returns. ★★★★★

GEMINI (May 21-June 20): An open mind, common sense and tried-and-true concepts will help you avoid pitfalls. Pick and choose your allies carefully. Not everyone will push your agenda. Rely on your experience to point you in the right direction. Verify information, and do the legwork necessary to come out on top. Don’t share secrets or personal information. ★★

CANCER (June 21-July 22): Stick close to home and spend time with loved ones. A kind gesture will make a difference to both you and the person you help. Communication is the best way to sort through differences and come up with a plan that satisfies the soul. Personal relationships will prosper if you strive for equality. Romance is favored. ★★★

Cecil B. DeMille Award for a life of work on screen, and Sarah Jessica Parker will get the Carol Burnett Award for her career in television. Mirren and Parker this week will get a separate Beverly Hilton gala, a recording of which will air on Thursday at 8 pm Eastern and Pacific on CBS and also stream on Paramount+ on what’s being called “Golden Eve.” Mirren, 80, an Oscar winner for her 2006 portrayal of Elizabeth II in The Queen, has also won three Golden Globes and is up for a fourth this year for her role in the series MobLand. She was named a Dame of the British Empire in 2003 in acknowledgment of her artistic achievements.

The DeMille award dates to 1952, when it was given to the legendary filmmaker himself. Other recipients include Walt Disney, Bing Crosby, Judy Garland, Barbra Streisand, Sidney Poitier, Meryl Streep, Oprah Winfrey, Tom Hanks and Viola Davis. Parker will get the much newer Carol Burnett Award, presented to an honoree who has “made outstanding contributions to television on or off screen.” The 60-year-old Parker, who won six Golden Globes and two Emmys as the star of Sex and the City, is being honored for her work as actor and producer. The award was launched in 2019, when it went to Burnett. Other winners include Norman Lear, Ryan Murphy and Ellen DeGeneres. AP trips with the whole family. They were cordial to each other but years of conflict over many things made them awkward. At one point, the politician even had a girlfriend and it was okay with the actress. They say times heal all wounds and that was what happened with this couple. They eventually reconciled and became a real couple once again.

HAPPY AND CONTENTED

NOT A PERFECT FAMILY

TO most people, the actress, her rich husband and their kids seem like the perfect family but it’s all just for show. The guy married the actress because he wanted a trophy wife and even now that they’re older, he still sees her as such. For years, he has openly had a mistress. Even his friends are closer to the mistress than the wife, who for years has turned a blind eye to her husband being a womanizer. One reason why the rich husband can’t leave the actress is because she is a good mom. Their kids adore her and they’re achievers in their respective fields. He knows they will resent him if he ever leaves their mom.

NO LONGER POLITE NEIGHBORS

IT is true that for a certain number of years, the actress and her politician-husband lived together like polite neighbors. They attended official functions together and even went on

THE singer-actress may have less money now that she did at her prime but she is definitely happier not just because of her husband but other things as well. When she was still living with her family, the actress could not even buy a pair of shoes without her parents’ approval. Yes, she earned a lot of money but she had a lot of expenses as well. These days, all her money is hers and she’s very pleased to have her own account. She can buy as many pairs of shoes as she wants. She can eat candy and chocolate. She has friends who she can go out with. She is finally free.

UNPAID BILLS

HOW true is the rumor that the celebrity has yet to pay the balance of what she owes her wedding suppliers? The wedding was a grand one and while there were some sponsors, the celebrity still had to shell out as a substantial amount for the suppliers. Her groom isn’t really part of the equation as he doesn’t earn that much. As of now, some suppliers have not yet been paid fully, although the celebrity is settling her accounts one by one. It seems that for her wedding, the celebrity overextended herself and is now having cash flow problems.

LEO (July 23-Aug. 22): Don’t overthink what you can do. Actions speak louder than words. How you treat others will determine how they treat you in return. Focus on practicality, common sense and doing the right thing, and you’ll gain the respect and loyalty you desire. Offer encouragement, not criticism, and you will get others to support your efforts. ★★★

VIRGO (Aug. 23-Sept. 22): Join in. Be part of the solution. Share your thoughts, skills and whatever else you have available. Your contributions will make you feel just as good as those on the receiving end. A social event will lead to an interesting encounter. Selfimprovement is favored, and romance is in the stars. ★★★

LIBRA (Sept. 23-Oct. 22): Keep tabs on what everyone around you is doing. Situations will change quickly if you aren’t careful. Only pass along information that’s authentic and can have a positive impact on the problem you are dealing with. When in doubt, observe and only change what’s necessary and feasible. ★★★

SCORPIO (Oct. 23-Nov. 21): Take advantage of a chance to make a difference. Be a leader, ask direct questions and pull together a plan that resonates with those around you. Communication is your strength, and if you stick to the truth and offer solutions, you’ll get the backing you need to have a positive impact. You’ll gain experience and personal growth. ★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Proceed with caution. Choose your words wisely and only promise what you can deliver. You’ll be under scrutiny if you let your emotions filter into your conversations or decisions. Take your time, and walk away from situations and people who try to manipulate you emotionally, financially or otherwise. Do what’s best for you. ★★

CAPRICORN (Dec. 22-Jan. 19): Ask questions, research and fixate on maintaining better health and wealth management. You have more choices than you realize. Participation will help you discover your passion and connect you with those who can show you the way to make self- and life improvements. Don’t sit on the sidelines dreaming. It’s up to you to make things happen. ★★★★★

AQUARIUS (Jan. 20-Feb. 18): Adjust your surroundings to accommodate your lifestyle or the changes you want to imprint into your daily routine. By doing what makes your life flow better and your relationships run smoother, you will create a lifestyle that makes you happy. Opportunity begins with you. ★★★

PISCES (Feb. 19-March 20): Open your heart, volunteer your services and do your best to make others feel good about themselves. How you impact others will reflect how you feel about yourself. Align yourself with those who share your concerns, and you’ll find contentment. ★★★ BIRTHDAY BABY: You are intuitive, compassionate and energetic. You are ambitious and distinct.

‘quad squad’ BY JESSE GUZMAN

The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Jared Goudsmit/Andrian Johnson/Taylor Johnson ACROSS 1 Skip past 5 Sob 9 Small demons 13 Nickname that drops -las 14 Something bid in France 16 In ___ straits 17 Colorful outfits at rodeos 19 Gemstone that may have white bands 20 College URL ending 21 Possible identity of the Loch 18-Down Monster 22 Sword handle 24 Scale units, for short 26 Lost had six 31 Out-of-fashion practice? 34 Rake in 35 Joey of kid-lit 36 Ajar, say 37 Divine sign 39 Low-ranking worker 40 “Exit, pursued by a bear” and others 44 All the rage 45 “No ___, no fuss” 46 Edge of a glass

47 Some paints or pastels 48 ___ and the Giant Peach 50 Members of a vocal minority 55 Recluse 56 Part of a tennis match 57 Large, two-handled bag 59 “Playtime’s over!” 61 2024 Miranda July novel...and a hint to the ends of 17-, 26-, 40- and 50-Across 64 Jot down, in music 65 “Better Call ___” 66 Call on 67 ___ out (displayed in a lighter font) 68 Yolk-filled, maybe 69 Do some undercover work DOWN 1 On a single occasion 2 Not too spicy 3 “Food sounds OK” 4 Haul 5 Foundation 6 18+ 7 Nintendo’s “___ Sports” 8 Allow

9 Greatly admired celebrities 10 Green, chunky ice cream flavor 11 Ask nosy questions 12 ___ and the City 15 Person who helps you find your place? 18 See 21-Across 23 Third-eldest Gallagher sibling on “Shameless” 25 Microsoft search engine 27 Takes a sharp turn 28 Levelheaded 29 12 p.m. 30 Certain heirs 31 Snack (on) 32 ___ and including 33 Unit of a course or spacecraft 38 Fails to hit 39 One spelling for a cherry pepper 41 Move abroad 42 Study at the last minute 43 Test proctor’s cry 47 Not mutual 48 Traveler’s tiredness 49 Dark beers

50 Spring romance, say 51 Chopper part 52 Meta app for pics 53 Property contract 54 Duffel bag attachment 58 2025 award for the Philadelphia Eagles 60 Crimson or scarlet 62 Haul 63 “That won’t ___” Solution to today’s puzzle:

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

Image BusinessMirror

Editor: Gerard S. Ramos • Wednesday, January 7, 2026

Plan with purpose A

NEW year always feels like a clean page. You sense fresh energy in the air and imagine all the possibilities waiting for you. You may buy a new planner, write hopeful lists, or tell yourself that this year will be different. Yet the excitement often fades when the daily routine returns. One big reason is that you may confuse a plan with a strategy. Both matter, especially at the start of a year, but they play very different roles. Understanding the difference can help you step into the new year with confidence and direction. A strategy is your guiding intention. It reflects why you want a certain change and what direction carries meaning for your life. It sets your priorities for the year and helps you decide where to invest your time and energy. A strategy also reminds you of the deeper reason behind your resolutions. Without it, you may chase goals that look good on paper but do not bring real growth. A clear strategy gives your year a sense of purpose. A plan works differently. A plan breaks your direction into small and manageable tasks. It shows you what to do next and helps you stay organized when life becomes busy. A plan gives structure and makes your goals feel real. If a strategy is the vision for your new year, then a plan is the set of steps which bring that vision to life. A strong plan makes change feel possible. Imagine you want to enter the new year with better balance. Your strategy might be to nurture your health and protect your peace. This guides your choices for the year. Your plan might include preparing nutritious meals, setting aside time for physical activity, and creating bedtime routines that

help you rest. You begin with clarity and follow with practical action. You can apply the same thinking to your career. Perhaps your strategy for the new year is to build skills that support long term growth. This gives direction. Your plan might include taking online courses, seeking mentors, or updating your portfolio.

The strategy shapes your purpose and the plan turns it into steps you can complete. Many people start the year by jumping straight into plans. They fill calendars with tasks and promise themselves they will stay disciplined. Yet when challenges appear, the plan quickly collapses because

it is not connected to a meaningful strategy. You may find yourself busy yet unfulfilled. On the other hand some people start with an inspiring vision for the year but never create a plan. The vision feels inspiring but nothing changes because there are no steps to follow. Real success comes when you allow strategy and plan to support each other. To make this work for you, pause before finalizing your new year goals. Ask yourself what truly matters to you at this stage of your life. Consider what you want to feel by the end of the year. Reflect on what you gained from the past year and what you hope to build in the months ahead. You can write in a journal, take a quiet walk, or talk with someone who understands your journey. This reflection shapes your strategy. Once your strategy feels clear, you can create a plan that aligns with it. Choose a few steps that you can begin right away. They do not need to be dramatic. Consistency is more powerful than intensity. If your strategy is to strengthen relationships this year, your plan might include calling someone you miss, setting aside time for meaningful conversation, or practicing small acts of kindness. Every step supports the larger direction. Remember that change does not always follow a straight line. Your strategy may evolve as the year unfolds. Your plan may shift when unexpected events happen. This does not mean you failed. It means you are responding to life with awareness. Give yourself permission to adjust your approach so your direction stays true to your values. Check in with yourself regularly. A weekly reflection can help you see whether your actions still support your strategy. This simple habit prevents you from drifting into autopilot. It also encourages you to notice your progress. Every completed task, no matter how small, is a sign that you are moving forward with purpose. Celebrate these wins because they remind you that growth is a process. As you welcome the new year, let your strategy guide your heart and let your plan guide your days. You deserve a year that feels intentional and grounded. When your purpose and your actions align, you give yourself a stronger chance of building the life you imagine. You enter the new year not just with hope but with a path that supports your growth.

PHOTO BY MY PROFIT TUTOR ON UNSPLASH

WOODEN Figures of Tumbuna (Ancestors) at the National Museum

AT the UPNG Press Bookshop

DISPLAYED in a gallery at the National Museum

BEHIND me is a life-size lakatoi, a sailing canoe used by the Motu for trading

Searching the tiny, ordinary spaces of Papua New Guinea By Jeremiah Cordial ACCESS shapes what we think exists. This realization came up as, first, a curious conjecture when I traveled around Port Moresby, the capital city of Papua New Guinea (PNG) this year. As a Filipino whose only surface knowledge of this country was cannibalism, pig hunting, and crime statistics, I was struck by the unexpected urbanity when I came to teach in a private international school. Valleys stretched all over the city while thick humid air entered my lungs. The school driver, Pindi, drove us through red-splotched streets from chewed betel nut stains and potholes punctuating the roads. We passed through the downtown, and through massive rugby stadiums, and to the busy suburb of Boroko. Clearly, I was mistaken, and the sensationalized stories I had heard too. These are the invisible realities that didn’t make it (yet) to the international headlines. What little I know filters what the place truly is. And it followed me into the classroom when, at one point, I had to discuss Melanesian literature. While most English textbooks were written and published outside the Pacific, I wanted my students to read novels and short stories that would give them the same exposure using their own available literatures so it would be easier for them to relate to the political and social realities of their country. The challenge, however, was finding these works because when I began searching, I came to realize: Where are the Papua New Guinean writers?

THE MISSING PRINTING PRESSES

SOMETIME in July, I had the occasion to visit the University of Papua New Guinea (UPNG) for the first time during one of the school’s trips. Walking around the campus was manageable, but some areas, like their bookshop, were slightly easy to miss. Many academic buildings were functional and modernist in style with some brutalist elements like exposed concrete and minimal ornamentation. I never expected a printing press to be my destination, but it was my only access to locally authored materials. Turns out, UPNG Press may be the only one in Port Moresby, perhaps the whole country, producing literary works for PNGian Literature. It was in Steven Winduo’s 1991 study when the literary traditions in PNG were given a discourse, especially on the antiquities of their written narratives. The “literature” wasn’t fully molded with central consciousness prior to the post-colonial writers that emerged around the 1970s. Here, the printing presses were “missing” and inaccessible for the locals, and foreign authors romanticized the exotic culture of PNG. Of course, the era of printing presses was exactly what paved the way for recording the ordinary lives of many Filipinos in 16th century Philippines, even if they started out for religious or lexicographical purposes. This meant, reading culture in PNG did not develop at the same rate with the revolutionary presses up to the komiks generation in the Philippines, and the business of writing and

publishing wasn’t established as a marketable or professional pathway. After purchasing my copies of a Motu grammar book and some poetry books, we left the bookshop, but the search didn’t stop.

TO THE LIVING ARCHIVES

IN Port Moresby’s National Library, we went to a room dedicated for PNG collections where I discovered the Papua Pocket Poets. These started in the 1970s by creative writing students of Ulli Beier, a German educator who provided one of the earliest publishing platforms for local voices and brought oral and modern poetry into print. Through this series, Beier helped establish “PNGian literature” as a recognizable literary field for the first time. However, the stark contrast was still evident for me as a Filipino, not only as a writer myself, but because, shaped by a long colonial history of documentation and print culture, I come from a context where writing is heavily part of cultural preservation. My destinations around Port Moresby took me from the fish market in Koki, to the National Parliament Haus in Waigani, to the thrift stores in Badili, to the bustling terminals of Taurama, to Sir Hubert Murray Stadium, to the National Museum and to the National Archives. For a country with so many stories to tell, it’s ironic that writers are isolated and could not get support from the government to revive literary movements. Visiting these places, though, made me reflect on

my own position as an observer. What if they’re not meant to be preserved? What if literature survives in the people as living archives, and the more we write about them, the more we lose their very essence, which is meant to be told and not to be frozen in time? After all, in the eyes of the community, who am I to insist on a preservation effort? What about Beier, himself an outsider?

BACK TO MY CLASSROOM

IN August, I met 75-year old Russell Soaba, one of the remaining PNGian writers notable from the 1970s, when PNGian literature started flourishing. He was Beier’s student. I went back to UPNG where Soaba teaches Literature to invite him to be a guest speaker, and had a meaningful conversation about the state of PNGian literature with my students. He told us that we need to cultivate a culture of reading and writing now more than ever. Because access, or the lack thereof, continues to influence our perceptions and biases. If something is inaccessible, our minds fill the gap with guesses, stereotypes, or second-hand stories. I learned this from my students. Beyond their short stories, what we do not record doesn’t become public knowledge for everybody else. Literary writers in the tiny, ordinary places of Papua New Guinea play a crucial role in revealing what modern readers can learn about their society. The writers are here in my class, and so my challenge as a language teacher began: to teach the power of access.

B6 Wednesday, January 7, 2026

Mapúa University bestowed ‘AI Innovation Award’ for trailblazing GenAI course

apúa University affirmed its position as an education innovator with its recent win of the “AI Innovation Award” at Coursera Connect Manila 2025 held last October 5, 2025, at the Sheraton Manila Hotel in Pasay. The award recognized the university’s seamless and effective integration of Artificial Intelligence (AI) into its curriculum through its pioneering “Introduction to Generative AI and Prompt Engineering” course. The two-month course aimed to promote Generative AI (GenAI) literacy across all segments of the organization, from students, faculty, and staff, to ensure that they could understand, apply, and ethically leverage generative AI. At the same time, the online course equips students with industry-aligned AI skills that have become increasingly necessary in today’s job market. “The work and the recognition we have received for AI integration reflect Mapúa’s emphasis on innovation and commitment to academic excellence. We believe that through cutting-edge educational technologies like AI, updated curricula and pedagogies, and continued upskilling, we can raise future leaders who can competently steer industries to progress regardless of disruptions,” said Engr. Ericson Dimaunahan, Mapúa

CharityPhilippines.Org, TRICAP extend assistance to over 1,000 Indigenous Peoples across Luzon

University’s AVP for Digital Education, Learning Technologies, and Analytics. Although it was challenging to develop the course given the tight timeline and scale of curriculum delivery, Mapúa utilized Coursera’s Course Builder to create a customized course design swiftly and the AI Coach tool to provide real-time, personalized support to thousands of learners. To date, a total of 11,274 learners, composed of students, faculty, and staff, have undergone the “Introduction to Generative AI and Prompt Engineering” course, with an exceptional completion rate of over 85 percent in the flagship GenAI course.

Through this award-winning course, Mapúa hopes to pave the way for the future of Philippine education by outlining the importance of agility, flexibility, technology and innovation, global orientation, and responsiveness to industrial transformations. This strategy will ensure that Filipino graduates remain relevant, competent, employable, and globally ready in a digitally driven economy. To learn more about Mapúa’s Generative AI and Prompt Engineering courses and programs, visit www.mapua.edu.ph and begin your journey to a world-class, futurefocused education today.

Ajinomoto Group promotes well-being at SEA Games, ASEAN Para Games in 2025

JINOMOTO Group, a well-being leader in Southeast Asia for over 50 years, was the official gold sponsor of the 33rd SEA Games and the 13th ASEAN Para Games, both of which took place in Thailand last December. This collaboration built on the success of the regional ASEAN Victory Project®, already active in several ASEAN countries. Through this initiative, Ajinomoto delivers nutrition support powered by “AminoScience” to enhance athletic performance while honoring local food cultures to promote health and well-being. Dr. Gongsak Yodmani, Governor of Sports Authority of Thailand and Board Member and Assistant General Secretary of the 33rd SEA Games 2025 and the 13th Asian Para Games 2025 Organizing Committee stated, “The 2025 SEA Games and ASEAN Para Games were held under the slogan and concept ‘Ever Forward,

Create Pride Together,’ which reflects our commitment to continuously move forward together with unity and cooperation, aiming for collective progress as one ASEAN region. I am deeply honored to be part of this important collaboration with Ajinomoto Group, a leading global food company that understands the critical role nutrition plays in athletic performance.” “This reflects our shared vision to advance sports nutrition and well-being throughout the ASEAN region. Nutrition is a key factor in unlocking an athlete’s full potential and achieving success on the global stage. This collaboration marks a significant regional milestone that enhances athletic performance, promotes balanced nutrition, preserves cultural traditions, and contributes to the overall economy. It also improves quality of life and inspires

the ASEAN community to prioritize health,” he added. Ichiro Sakakura, President of Ajinomoto SEA Regional Headquarters Co., Ltd. and President of Ajinomoto Co., (Thailand) Ltd. added, “Ajinomoto Group has a longstanding legacy and deep commitment to supporting ASEAN. We are proud to have served as the Gold Sponsor of the 33rd SEA Games and 13th ASEAN Para Games. These events are more than just sporting spectacles; they are profound symbols of the passion, dedication, and unity that defines the people of this region. Our support includes providing nutritional assistance to sports associations, athletes, and sports academies in several countries under the ASEAN Victory Project®.” “As a pioneer in amino acid research, we leverage our proprietary ‘AminoScience’ to deliver on our promise of ‘Eat Well, Live Well.’ through a wide array of products and solutions that improve lives. We have applied over 20 years of ongoing expertise in the sports sector across our Southeast Asian subsidiaries. Now in its eighth year, the ASEAN Victory Project® empowers athletes to achieve their peak performance. This initiative includes nutritional support for national sports associations, athletes, and sports academies. In addition to amino acid-based products such as ‘aminoVITAL®,’ we also provide comprehensive nutritional guidance and promote our Winning Meals Kachimeshi® program, which integrates seamlessly with ASEAN’s diverse culinary cultures.” Through the power of sport and science-based nutrition, Ajinomoto Group is proud to help bring the vision of “Eat Well, Live Well.” to life throughout the region. The Winning Meals Kachimeshi® program supports athletes during intensive training and competitions by providing nutritionally balanced, delicious meals. It incorporates products such as AJI-NO-MOTO®, RosDee®, Takumi Aji®, and YumYum® to create menus that are thoughtfully adapted to the diverse culinary cultures of ASEAN.

HARITYPHILIPPINES.Org (CPO), in partnership with the Tribal Communities Association of the Philippines (TRICAP) through Project KAPWA, successfully conducted its Annual Charity Work 2025, reaching more than 1,000 Indigenous Peoples (IPs) across five provinces—Camarines Sur, Aurora, Bataan, Tarlac, and Rizal. Guided by the Filipino value of kapwa, the initiative delivered food packs, school supplies, Christmas gifts, emergency relief, and infrastructure support, bringing dignity and hope to families in geographically isolated and disaster-affected areas. The outreach was made possible through the collaboration of sponsors and partners, including The Golden Hearts Missionary, SOGO Hotel (SOGO Cares), KIWANIS Hiraya, Philippine Eagles, Anilao Security Agency, JRS Church of Maamot, and Aeta Tribe International Foundation, as well as government agencies and civic partners, Local Government Units, and Indigenous leaders. Activity highlights include: Camarines Sur: Pasko sa Tribo 2025 in Barangay Binanuuanan Sur, Pili, benefited over 200 Indigenous Peoples from the Agta Tabangnon and Cimarron, with school supplies and food packs. Bataan: In Barangay Binaritan, Morong, and Sitio Bilolo, Orion, Ayta communities received food packs from Vice Mayor Chermaine Sibug-Garcia and IPMR Shirley Restrom while Bilolo also hosted motorcycle donations and the groundbreaking of a Tribal Hall, attended by Barangay Captain Jesusa Susan Vargas reflecting strong local government support.

Sun Life Grepa introduces Sun Grepa EasyLink Protect

UN Life Grepa Financial, Inc. (Sun Life Grepa), one of the country’s major life insurance providers, has launched Sun Grepa EasyLink Protect, an innovative investment-linked life insurance plan designed to make protection and investment simpler and more accessible for Filipinos. Whether you’re aiming for income protection, preparing for health and retirement needs, or pursuing future plans such as starting or growing a business, Sun Grepa Easylink Protect is built to support your journey. “Sun Grepa EasyLink Protect is thoughtfully designed to meet both

Golden Haven introduces ‘Golden Anywhere,’offering unmatched flexibility for memorial lot investors

OLDEN Haven, the country’s leading developer of premium, beautifully designed memorial parks, proudly introduces “Golden Anywhere,” an innovative benefit that offers families unparalleled flexibility, convenience, and long-term value in their memorial planning. Golden Anywhere allows both existing and future Golden Haven investors to inter their loved ones in any Golden Haven Memorial Park across the Philippines, regardless of where their original lot was purchased. This ensures that every investor’s memorial property remains valuable and relevant, even as life circumstances evolve. Recognizing that families move, careers shift, and new opportunities

arise, Golden Haven created Golden Anywhere to adapt to these changes. Whether you relocate for work, begin a new chapter in another city, or choose to settle in a different region, your memorial investment can move with you. With over 30 beautifully developed memorial parks nationwide, Golden Haven ensures that each location meets its signature standards of elegance, dignity, and tranquility. Through Golden Anywhere, these parks become accessible options for families seeking convenience without compromising quality. This level of adaptability is rare in the memorial industry and reflects Golden Haven’s ongoing commitment to offering investor-centered, forward-

thinking solutions that support families through every stage of life. Golden Haven remains committed to providing meaningful, practical, and future-ready benefits. Golden Anywhere is a testament to that promise—ensuring your memorial investment continues to serve your family with flexibility, dignity, and lasting value wherever life leads. Golden Haven invites you to explore the Gold Standard in Memorial Care. Visit www.goldenhaven.com.ph for more information, or reach out to us on our social media pages. For inquiries, call us at 09190790205 / 09190790208 / 09190790209. Let us help you honor your loved ones with the dignity, care, and compassion they deserve.

Aurora: Relief assistance reached over 300 families from the Ilongot, Igorot and Dumagat in Ditale, Dipaculao, affected by Typhoon Uwan organized by IPMR Randy Salo and Barangay Captain Elize Mape Tarlac: The Ayta Abelling Tribe in Maamot received food packs and Christmas gifts, many families walking hours to attend. Rizal: Dumagat/Remontado ICCs/IPs from three sitios gathered in Sitio Apia, Barangay Calawis, Antipolo City, for a food pack distribution coordinated with National Commissionon Indigenous Peoples (NCIP), Confederation of Independent Union (CIU) and City and Barangay LGUs. Bo-i Limpayen Jennifer Pia Sibug Las, National President of TRICAP, expressed heartfelt gratitude: “We sincerely thank CharityPhilippines.Org for its unwavering love, compassion, and genuine concern for Indigenous Peoples. Through its Annual Charity Work 2025 and Project KAPWA, thousands of indigenous families across Luzon—Camarines Sur, Aurora, Bataan, Tarlac, and Rizal—felt seen, valued, and not forgotten.” “This work demonstrates the power of collaboration, volunteerism, and service rooted in empathy and respect for Indigenous dignity,” she added. The Annual Charity Work 2025 affirms that collective effort and volunteerism can transform lives, strengthen resilience, and uphold the dignity of Indigenous communities. From mountain villages in Camarines Sur to Sitio Apia in Rizal, and Bilolo in Bataan, the initiative highlights that when communities unite in service, hope grows, and no one is left behind.

Golden Haven Manaoa

protection and growth needs,” said Sun Life Grepa President Richard S. Lim. “It provides lifetime financial security for families while offering opportunities to build wealth through various investment funds. The simplified application process and flexible payment options make it an ideal solution for busy professionals and those looking to optimize their financial planning.” Key features that set Sun Grepa EasyLink Protect apart include its easy application process through its Guaranteed Insurability Offer (GIO) which eliminates the need for medical exams, investment flexibility where clients can choose from a range of available funds including local and global options to suit diverse preferences. The plan offers fund growth boosters through the special bonuses that reward policyowners for keeping their policies active and up-to-date. It also supports legacy planning as the product provides lifetime protection ensuring financial security for beneficiaries. “At Sun Life Grepa, we believe that financial security should be within everyone’s reach,” Lim added. “Sun Grepa EasyLink Protect empowers Filipinos to take a confident step toward a brighter and more secure future, one that’s built on both protection and growth potential.” Ready to take the first step? Visit www. sunlifegrepa.com or connect with a Sun Life Grepa financial advisor to learn more about Sun Grepa EasyLink Protect.

BusinessMirror

Editor: Tet Andolong

Wednesday, January 7, 2026 B7

THE GREAT HOUSING BACKLOG P By Rizal Raoul S. Reyes

@brownindio

RESIDENT Ferdinand Marcos Jr. is in the second half of his term and yet his administration’s promise of providing 6 million low-cost homes until his term ends in 2028 will miss the target.

In fact, the government has even failed to hit even a fraction of the ambitious program—obstructed by problems such as right-of-way issues, delays in procurement, weather disruptions, and other issues. The administration had to do a pivot and revise the target number to 3.2 million homes by 2028, which was attributed to several economic and logistical realities. The United Nations Human Settlements Programme placed the country’s housing backlog at 6.5 million units, with about 3.7 million informal settler families directly impacted by this deficit. The backlog, it said, could reach 22 million by 2040 if the government fails to address it. Meanwhile, the Department of Human Settlements and Urban Development estimates a 2.2 millionunit backlog and is urging private developers to invest in socialized housing—specifically for low-income families in disaster-prone areas.

Current price ceiling AS of late December 2025, the number of housing units completed un-

der the Pambansang Pabahay Para sa Pilipino (4PH) Program stands at approximately 438,000 units since its launch in 2022. Last August, Pag-Ibig launched an early bird promo granting a 10-year 3-percent subsidized interest rate to the first 30,000 borrowers under the 4PH program. The offer targets overseas Filipino workers, members of the Pantawid Pamilyang Pilipino Program, as well as low- and minimumwage earners with a monthly income not exceeding P47,800. The current price ceiling for a socialized housing unit is at P850,000, with monthly payments of around P5,400 to P5,500 under a regular loan. Nevertheless, prominent architect and urban planner Nathaniel von Einsiedel pointed out that half of the Filipino population cannot even afford the lower price ceilings.

Low income ACCORDING to Von Einsiedel, “the problem that the 4PH program faces is not housing; it is low income,” he said in a commentary he wrote in the Philippine Daily Inquirer on May 30, 2025.

PHOTOS of affordable housing units in the Philippines.SHUTTERSTOCK “Hence, it cannot be solved by the traditional commercial real estate approach, which treats a housing unit as a commodity of trade. Until such time that people’s incomes make it possible to afford what the traditional real estate market provides, or the government adopts a more creative and innovative approach, the housing problem will only get worse,” he explained. In a study published last year, the Philippine Institute for Development Studies (PIDS) pointed out that the main reason why many Filipinos cannot afford housing units is because low wages cannot keep pace with the rising cost of housing units. It said the problem has been manifested in the persistent informal settlements problem, homelessness, congestion in urban centers, and high transportation costs for workers for their commuting to work. “Studies on housing affordability in the Philippines have highlighted

URBAN planner and architect Nathaniel Von Einsiedel the challenges of low affordability and the limited access to financing for most low-income households. These studies have shown that the government’s attempts to address housing issues by imposing belowmarket price ceilings and providing interest rate subsidies have proven ineffective,” PIDS said.

An irony WHILE there is a housing backlog,

it is an irony that there is also an oversupply of condominium units, which reached a record in 2024 with estimates running from 67,600 to 75,000 units. Although the condominium market is different from that of public housing, this ref lects the affordability issue that squeezes both the middle and lower economic classes. As PIDS noted, most Filipino households have limited access to affordable housing in the formal market, and this situation could only worsen over time due to the widening gap between home prices and average wages. Even with a state-provided 20 percent downpayment, PIDS studies saidmany poor families would experience “housing stress,” meaning they would have to cut back on food or health to pay for their homes. While housing price ceilings were raised in late 2025 to incentivize developers, average wages have failed

to keep pace with the surging costs of construction materials. Furthermore, exorbitant land prices in urban hubs—where employment is concentrated—continually push socialized housing projects to the outskirts. Moreover, the “off-city” relocation is frequently rejected by beneficiaries due to the severe lack of public transport and viable livelihood opportunities. To address land scarcity, the program initially prioritized high-rise (vertical) developments. However, residents resisted because of the high monthly maintenance fees for elevator service and security, and the disruption of traditional, ground-level community living patterns. Von Einsiedel proposed a change in the government’s housing program, including incorporating affordable housing settlements in partnership with people’s organizations and nongovernmental organizations in the 4PH program.

PropertyGuru Asia Real Estate Summit spotlights PropertyGuru Week 2025 with conversations on ‘Trusted Marketplaces and Thriving Communities’ ARES 2025 PROMOTES INDUSTRY DIALOGUE, REINFORCING THE ROLE OF SECURE, DEPENDABLE PLATFORMS IN SUSTAINABLE, RESILIENT URBAN DEVELOPMENT

B THE Nava community offers a tranquil escape in Hillsborough, surrounded by the city’s most established neighborhoods and embraced by nature.

Nava sets a new standard for family living in the South

IFE’S most meaningful milestones deserve a setting that feels just as special—a couple’s first home, a nursery filled with promise, or a garden where children can grow. These moments find their perfect home at Nava, Greenfield Deluxe’s newest residential community in Hillsborough. More than a development, Nava reflects a way of life: that true luxury is not measured by excess, but by the thoughtful balance of design, nature, and family.

ners. The model houses and clubhouse are envisioned as architectural statements, designed with balance, functionality, and artistry; every detail reinforcing harmony between people and nature. The community will feature 145 prime lots ranging from 192 to 290 square meters, with residences designed in Modern Tropical style. Each home strikes a balance between sophistication and natural harmony, evolving alongside a family’s needs.

A name rooted in transformation

Location and legacy

DERIVED from the Sanskrit word for “anew,” Nava embodies renewal and growth. For Greenfield Deluxe, it symbolizes a guiding vision: to create spaces where families can celebrate milestones, evolve together, and thrive in an environment that is both grounded and forward-looking. Spanning 5.8 hectares, Nava brings this vision to life through modern architecture, lush greenery, and intimate community planning designed for life’s next chapters. “Through Nava, we are redefining refined living for the modern Filipino family,” said Atty. Duane A.X. Santos, President of Greenfield Development Corporation. “Refined living is not about grandeur for its own sake, it’s about homes that inspire, neighborhoods that nurture, and communities that help families flourish. At Nava, tree-lined avenues, generous shared spaces, and carefully curated amenities allow families to have a serene and wellnessfocused lifestyle, while staying close to the pulse of the city. Nava was master planned by renowned architectural firm LV Locsin and Part-

NESTLED in the center of highly desirable addresses such as Hillsborough, Alabang 400, Alabang Hills, and Ayala Alabang Village, Nava offers privacy and tranquility while keeping families close to leading schools, hospitals, business hubs, and lifestyle centers. Beyond convenience, the community is built on Greenfield’s legacy of stability and sustainability, ensuring it will endure for generations. “As developers, we believe our role goes beyond building houses,” added Atty. Duane A.X. Santos. “We build communities that become the backdrop of life’s milestones, where families can live better balanced lives, share experiences within a safe and secure community and allowing legacies to take root.” With rising property values in the South, Nava presents not only a refined lifestyle but also a sound investment. More importantly, it offers a place where every day holds meaning, and every chapter of family life finds a home. For inquiries, visit their website at greenfield.com.ph or call 09175347336.

ANGKOK, Thailand—The 11th edition of the PropertyGuru Asia Real Estate Summit (ARES 2025), supported by Sybarite Architects, highlighted PropertyGuru Week 2025 in the company of experts and industry leaders from across Asia Pacific. Also known as the thought leadership platform of PropertyGuru Group, ARES 2025 took over The Athenee Hotel, a Luxury Collection Hotel, Bangkok for a full day of expert talks, panel discussions, keynote presentations, and networking sessions on December 11. The Summit served as a prelude to the PropertyGuru Asia Property Awards Grand Final and International Luncheon, both held on December 12, which gathered the finest real estate developers and design practices from 13 property markets across Asia Pacific. Delving into this year’s theme of “Trusted Marketplaces and Thriving Communities,” ARES 2025 attracted over 400 delegates eager to converse about topics at the intersection of property, technology, and design. Syetarn Hansakul, senior analyst for South-East Asia at The Economist Intelligence Corporate Network, opened ARES 2025 with macro insights on a year of global challenges and outlook for the region heading into 2026. Simon Mitchell, co-founder of awardwinning design practice Sybarite Architects, then put the Design Spotlight firmly on “The Power of Place,” highlighting award-winning commissions such as SKP Wuhan. A panel discussion, “The Brand Premium,” followed, with Bill Barnett, managing director of C9 Hotelworks, as moderator. Leading voices from the hospitality industry discussed the way branded residences are rewriting the rules of value: Jael Fischer, head of development for Asia Pacific at Six Senses; Lee Lin, regional director for APAC at Nobu Hospitality; Penny Trinh, vice president of mixed-use development at Marriott International; and Saowarin Chanprakaisi, vice president of business development at The Ascott Limited.

JULES KAY, General Manager, PropertyGuru Asia Property Awards & Events

In one of the Summit’s most anticipated portions, broadcast personality Duncan James Simpson, founder and director of CyberAI, addressed data security in an AIdriven market. The afternoon featured a panel on rethinking equity in Asian real estate, moderated by Dr. Nai Jia Lee, head of real estate intelligence at PropertyGuru Group. Contributing to the conversation were Dr. Jing Yu, deputy chief of the Bangkok Programme Office of UN-Habitat; Marine Novita, co-founder and president director of MilikiRumah; Dr. Tan Tee Khoon, executive council member of the Singapore Institute of Estate Agents; and Anton Wormann, founder and CEO of Anton in Japan Media. Further discussions examined the wellness edge in developing communities, moderated by Viona Zhang, deputy managing director of C9 Hotelworks. The panel comprised Christine Li, head of APAC research at Knight Frank; Dino Sukosol, co-owner and director of Sukosol Hotels; Kevin Tai, licensed physical therapist and Mister Global Taiwan 2023; and Pim Asavahame, host of the Pimchology podcast. Ambassador Chantale Wong, former US executive director to the Asian Development Bank, joined the subsequent panel on resilient cities in the era of digital economies. Moderated by Sumitha Soori-

an, chief marketing and commercial officer of Headland, Phuket, the panel also included fresh perspectives from Cyndy Tan Jarabata, president of Tajara Leisure and Hospitality Group; Diep Do, green and resilient building program lead in Vietnam and Thailand for the International Finance Corporation; and Sanjay Popli, co-founder and group CEO of Cryptomind. The summit concluded with an international keynote from two-time Olympic gold medallist Panipak “Tennis” Wongpattanakit, who spoke about building resilience through sport and community. After the Summit, VIP guests were invited to an exclusive cocktail afterparty at the Kandhavas Place of The Athenee Hotel. The occasion also served to honour the four ARES Power Women of 2025: Ambassador Chantale Wong; Marine Novita; Marisa Sukosol Nunbhakdi, executive vice president of The Sukosol Hotels & The Siam and honorary president of the Thai Hotels Association; and Ar. (Dr.) Serina Hijjas, principal director of HIJJAS Architects + Planners and president of the Malaysia Green Building Council. PropertyGuru Week 2025 concluded on December 13, 2025 with Kevin Tai returning to the stage, this time at Cinema Oasis in Bangkok. The Creator Spotlight elaborated further on Tai’s experience in health and wellness spaces as well as the use of

popular platforms to promote influence with no filters. Jules Kay, general manager of PropertyGuru Asia Property Awards and Events, said: “We connect technology with design to bring finance together with sustainability, data with human experience, policy with innovation. All these things come together at ARES.” He added: “There are more complexities facing Asia and more challenges coming into the markets every year. Whether you build, finance, design, market, regulate, or even seek a property, the influencing forces have an effect. Our job at PropertyGuru goes beyond listing properties that people can buy. We want to reduce the uncertainty and create trust amongst the people that want to find property across Asia. When we make trusted decisions, those decisions improve and communities improve. Thank you for your continued trust in us as we continue to build trusted marketplaces and, through them, thriving communities.” The PropertyGuru Asia Real Estate Summit is held every year as part of PropertyGuru Week in Thailand, alongside the PropertyGuru Asia Property Awards Grand Final. Over the years, ARES has advocated for innovation, green building, climate action, gender equity, and sustainability. Showcasing innovative technologies as well as up-and-coming leaders, the PropertyGuru Asia Real Estate Summit has been helping the industry advance through much-needed conversations on proptech and beyond. ARES 2025 was supported by Sybarite Architects, along with partners such as Bridges, BusinessWorld, Detik, D+A Magazine, Hot Magazine, Inquirer Property, Kompas.com, Kopi and Property, Luxury Society of Asia, Manila Bulletin, Niaga Times, Penang Property Talk, Prop2morrow, REm Thailand, SquareRooms, Tatler Asia Homes, TerraBKK, The Grid, The Malaysia Voice, The Philippine Star, and Top10 of Asia. For more information and online registration, visit asiarealestatesummit.com.

Sports SMB, Meralco aim for equalizer BusinessMirror

B8 Wednesday, January 7, 2026

By Josef T. Ramos

BOLTS coach Luigi Trillo: We can’t allow ourselves to soften up and disintegrate. PBA IMAGES

AN Miguel Beer tries to bounce back against Ginebra as Meralco looks to even things with TNT when the Philippine Basketball Association Philippine Cup semifinals resume on Wednesday at the Smart Araneta Coliseum. The Beermen dropped the opener of the best-of seven series, 90-99, and now try to avoid suffering backto-back losses against the Gin Kings. San Miguel and Ginebra face off at 5:30 p.m. before the Meralco-TNT Game Two at 7:30 p.m. “Game 2 is going to be an exciting game for us for sure. It is a wake-up call and we know that it is very difficult to go down 0-2 in the series,” San

Miguel coach Leo Austria said. “I talked to them, and everybody was upbeat, excited to bounce back. They know the repercussions if we lose again.” June Mar Fajardo remains the focal point of the San Miguel offense after a 27-point, 23-rebound performance, while

also expected to deliver is CJ Perez, who had 18 points in Game One. Ginebra was led by RJ Abarrientos’ 23 points and seven assists, and Scottie Thompson’s 22 points. “Game Two is going to be a completely different game and we are just going to control what we can control,” Ginebra coach Tim Cone said. The winningest coach in the PBA expects the Beermen to get a big lift from Don Trollano, who struggled and scored only five points on 1-of-7 shooting. Coach Luigi Trillo, meanwhile, said the Bolts need to do bet-

ERALCO head coach Luigi Trillo lamented two things after their 100-95 loss to TNT Tropang 5G in Game 1 of the semifinals on Sunday of the Philippine Basketball Association Philippine Cup. First was his team coughing up a 21-point lead in the second period and second, they were unable to defend the one-on-one attacks to the basket. “I really think we need to defend better as a team before anything else,” said Trillo on the eve of Game 2 Wednesday set 7:30 p.m. at the Smart Araneta Coliseum. “We need to create our awareness and intensity in the quarters where we have meltdowns,” he said. Trillo was referring to the third period where TNT outscored them, 28-13, further trimming the deficit. “We can’t allow ourselves to soften up and then disintegrate,” he said. “By defending better as a team, it helps protect the big men from picking up fouls.”

Brandon Bates chalked up five fouls while Reymar Jose and Cliff Hodge had four and starting center Raymond Almazan picked up three fouls. In the first half, Almazan, Jose and Bates combined for 19 points even as Hodge spent most of his time after being whistled for three fouls and being unable to contribute on the offensive end. By the second half, their frontline only mustered 10 points. “We know TNT is an attacking team and like to take guys one-onone, but our foul situation hurt,” Trillo pointed out. “I don’t think we are bad defensively. After all, we are a veteran team, and we are used to playing at a high level,” he said. “Overall, it isn’t just on the defensive end of the floor but on offense too.” He added: “We have to just overall play better as a team if we want to get back in Game Two … and we need everyone to be at their best.” The last time Meralco defeated TNT was during the elimination round of the 2023-24 Commissioner’s Cup.

WO glaring blunders marked Game One proceedings of the Philippine Basketball Association Philippine Cup semifinals on Sunday at the Smart Araneta Coiliseum. The slips stung San Miguel Beer and Meralco no end. It hurt so bad as both absorbed defeats of their own making. The Beermen were unbeaten in nine games when they faced the Barangay Ginebra Gin Kings in the semifinal opener. And the Gins were still aching all over from a pair of survival wars, leaning mostly on tons of luck in ousting the much-improved Converge in rescuing two thrilling wins

ter after the 95-100 loss to TNT in the series opener, where they allowed the Tropang 5G to rally in the second half. “We know that they are an attacking team. They like to play one-onone, but our foul situation hurt us a lot,” Trillo said, referring to TNT’s 47 free throws—17 in the third quarter where it converted 10. The Tropang 5G had 37 total points from 47 free throws, with the Bolts making only 12 of 19 from the foul line. “We are not bad defensively. After all, we are a veteran team, and we are used to playing at a high level. It is far from over. But we must really defend better as a team team if we want to get back in Game two and tie the

ROM the hard court to the swimming pool, mat and diamond and onto the pitch, ring and ice, members of Team Philippines delivered in the 33rd Southeast Asian Games in Thailand. The 1,200-strong contingent collared 50 gold medals spiked by milestones and epic triumphs amid tremendous odds that went with 73 silvers and 154 bronzes in the different battlefronts in Metro Bangkok and neighboring provinces of Chonburi and Rayong. For flying the flag high and winning events closest to the Filipinos’ heart as well as those considered as long-time strongholds of host Thailand and regional powers like Vietnam and Singapore, the gritty Philippine SEA Games crew earned the nod as the Philippine Sportswriters Association’s top achievers for December 2025. Anchoring this bountiful harvest was Kayla Sanchez, who made waves on her SEA Games debut with three mints and five silvers, highlighting her brilliance with the Philippines’ historic triumph in the 4x100meter freestyle relay. EJ Obiena, who won a four-peat in pole vault in record fashion, and Naomi Cesar, the 16-year-old 800-meter princess, led a five-gold, seven-silver and 19-bronze effort for the athletics team—the best-performing group

series,” Trillo said. Calvin Oftana led TNT with 28 points while Rey Nambatac added 17 points, and Roger Pogoy scattered 16 points with Brandon Rosser-Ganuelas making a double-double of 14 points and 10 rebounds in Game One. TNT coach Chot Reyes, on the other hand, hopes to avoid another slow start. “We saw their energy, execution, and even their three-point shooting in the first half. So hopefully we are ready to play good right from the start up to the final seconds because I don’t think we can bring this kind of game to Game Two and expect to come up with the same result,” Reyes said.

that scooped up their sport’s largest medal haul (31) since snaring 32 back in 1983. Practical shooters led by world champion Rolly Tecson gunned down four golds, five silvers and five bronzes, while Sanchez and co. accounted for a 3-9-2 haul, the modern pentathlon aces went 3-3-1, triathletes bannered by double-gold and triple-silver earner Kira Ellis were 3-5-2 despite bouts with food poisoning and the gymnasts, holding the fort sans golden boy Carlos Yulo, netted 3-2-7. Gilas Pilipinas Men overcame offcourt and on-court maneuverings by the hosts to retain the beloved 5-on-5 gold, while their female counterparts regained the title, also at the Thais’ expense. The Philippine Blu Boys and Blu Girls swept the mints in softball’s SEAG return while the Pinoy batters swung big and dominated baseball yet again. Tennis sensation Alex Eala ended a 26-year drought with her triumph in the women’s singles as Eumir Marcial seized boxing’s lone gold and Peter Groseclose won gold (men’s 500m short track speed skating) and silver (1,500m) in winter sports’ comeback. The history-making Filipinas captured the country’s first-ever SEAG football gold, dethroning eight-time winner Vietnam on penalties, 6-5, after a 0-0 tie at the end of extra time.

Lagac topples seeded players, bag 2 titles in national jr netfest

TRIATHLETE Kira Ellis and swimmer Kyla Sanchez make the country proud in Thailand. POC PHOTOS

Defeats of their own making in the quarterfinals. But in this supposed Sunday suspense theatre, San Miguel barely looked like the sterling squad that set a tournament-leading 9-2, win-loss record after the eliminations. The Beermen weren’t only misfiring shots, they were, ghastly, misbehaving at—of all places—the stripe. So, tell me, how can a team win when it keeps missing free throws almost all night long? Can you expect a team that botched almost half of its 31 charities to prevail? Sixteen free throws the Beermen missed. And they lost by nine points, 99-90. And while they were muffing their charities, the Gins were coolly sinking their own share of foul shots. You miss the easiest shot in basketball, woe to you.

BEERMEN coach Leo Austria: We know the repercussions if we lose again. PBA IMAGES

SEA Games medalists light up December

Bolts: Defend better as a team in Game 2 By Rick Olivares

www.businessmirror.com.ph

Six of Ginebra’s last 11 points alone were charities, with RJ Abarrientos burying four in the dying minutes of the game en route to a 23-point team-high performance. Now, as to the other semifinal match, please explain to me why Meralco blew a 21-point, 52-31 lead to allow TNT to run away with a 100-95 victory? I’d simply call that a coach’s catastrophic collapse. It’s been said a million times that players win games and coaches lose games. Surely, there are unavoidable defeats. But wouldn’t you agree that seeing a 21-point lead evaporate is a nightmare worst than losing your way to San Jose? But it’s just Game One, anyways, fellas. A best-of-seven series is a protracted war with multiple intan-

gibles that no one can deny. Thus, let’s treat today’s Game Two with a mind willing to forget the past. As always, the way to go is move on. THAT’S IT Alex Eala and her American partner Iva Jovic scored a major upset on Monday when they defeated the legendary Venus Williams and Elina Svitolina, 7-6 (7), 6-1, in the opener of the ASB Classic in Auckland, New Zealand. Williams is a 14-time Grand Slam doubles champion, with Svitolina owning two Slam doubles titles before they faced the unseeded Eala-Jovic duo. Eala, 20, and Jovic, 18, will meet the winner in the match between No. 1 seed Asia Muhamad-Erin Routliffe and Jessica Malechova-Renata Zarazua in the quarterfinals. From Auckland, Eala, a singles gold medalist in the recent Southeast Asian Games in Thailand, will fly to Melbourne for the Australian Open, the season’s first of four majors followed by the French Open, Wimbledon and US Open.

NRANKED Miguel Lagac III further burnished a rapidly rising career by clinching two titles in the MAC’s Crank It National Junior Championships at the Olivarez Sports Center hard courts in Parañaque City recently. Jan Cadee Dagoon, on the other hand, sustained her strong run in the girls’ side, earning co-MVP honors in the season-ending tournament of the country’s longest running talent-search under the Palawan Pawnshop junior program. Lagac first outlasted second seed Rafa Monte de Ramos of Lipa City in a fierce baseline duel, 6-1, 6-4, in the boys’ 16-and-under singles final. The Cebuano standout then capped his remarkable campaign with an even more convincing 6-2, 6-2 triumph over No. 4 seed Julio Naredo of Quezon City to rule the 18-and-under division. On his way to the twin titles, Lagac opened with a walkover win over Krelz Gecosala, drubbed Jan Caleb Villeno, 6-1, 6-2, in the quarterfinals, followed that up by blasting past Cal Shinglee—who earlier upset top seed Lexious Cruz—with a dominant 6-1, 6-1 semifinal victory to arrange his showdown with Monte de Ramos in the 16-and-under final. Lagac also bundled out Monte de Ramos in the second round of the

18-and-under class, grinding out a tough 6-2, 2-6, 12-10 decision. He went on to shock No. 2 seed France Dilao, 6-2, 6-4, before thwarting Anthony Castigador, 6-1, 7-5, in the semifinals en route to the championship sponsored by the Crank It Foundation, which empowers youth through sports, education and mentorship while fostering a competitive tournament for young athletes. Dagoon narrowly missed matching Lagac’s two-title romp in the girls’ side, but the recent Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Olongapo City leg winner still sparkled with a title and a runner-up finish to share MVP honors with Lagac. The Olongapo native rallied past Ella Mhae Paglalunan of Gen. Trias, Cavite, 2-6, 6-4, 6-3, to capture the girls’ 16-and-under crown before bowing to doubles partner Avegail Joy Ansay of Laguna, 6-2, 6-4, in the 18-and-under final. Other champions in the Philippine Tennis Association-sanctioned tournament, part of the PPS-PEPP program led by Palawan Pawnshop president and CEO Bobby Castro, were Iloilo’s Anthony Castigador and Donarose Olavides, Olongapo City’s Yuan Torrente and Ayl Gonzaga and Quezon City’s Francis Angeles.