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CHINA AND JAPAN, NEIGHBORS IN EAST ASIA, START 2026 ON TENSE NOTE AGAIN
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HE Bureau of Internal Revenue (BIR) collected P3.105 trillion in taxes in 2025— posting a year-on-year growth but falling short of its full-year target—after flood control investigations curbed government spending in the latter half of the year. Speaking to reporters on Thursday, Internal Revenue Commissioner Charlito Martin R. Mendoza said preliminary BIR figures showed tax collections reached P3.105 trillion, net of refund, in 2025. This is higher by 8.8 percent from the P2.851-trillion raised in 2024. However, the outturn was 3.7 percent below the agency’s P3.219-trillion full-year target. Mendoza said the BIR had been
performing strongly in the first half of the year, but momentum faded in the second semester. “Starting July, when the flood control investigations started, our revenue collection efforts were really significantly affected, primarily because of the slowdown in spending,” Mendoza said. Despite the drag in the latter part of the year, the BIR ended 2025 on a strong note, as the bureau “rebounded significantly” in December, the BIR chief added. For the month of December alone, the BIR’s tax take amounted to P199.5 billion, an 8.52-percent increase from a year ago’s collection of P183.839 billion. Mendoza noted that collections
are still being finalized, as reports from authorized agent banks continued to come in. While Mendoza said he does not expect the bureau to hit its 2025 goal, he expressed optimism that the positive trend will carry over into 2026, given its higher revenue target. For 2026, the BIR will collect P3.579 trillion, higher by 11.19 percent from last year’s P3.219trillion goal. Asked about the agency’s outlook for the first quarter of 2026, Mendoza said the BIR remains optimistic and will push hard to meet its higher revenue goal as the government ramps up spending. “We will do our best to hit the
target. The government needs revenues because we have a lot of projects that need to be funded,” he said, noting that a large portion of the P6.793-trillion budget will be financed by tax collections.
Streamlining LOAs
AS for the letters of authority (LOAs) issued by the BIR, Mendoza said the bureau is moving toward a streamlined and consolidated LOA framework to address complaints about multiple audit orders being served on a single taxpayer. “We’re looking at the possibility of having just one level of authority per taxpayer per taxable year, covering all internal See “BIR,” A12
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Friday, January 9, 2026 Vol. 21 No. 89
P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK
PHL rice imports fall below 4MMT due to ban
By Reine Juvierre S. Alberto @reine_alberto
HE country’s dollar reserves settled at $110.872 billion as of the end of 2025, down from a month ago, mainly due to a pullback in foreign investments, although record-high gold holdings helped cushion the decline. Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed the country’s gross international reserves (GIR) dipped by
By Ada Pelonia
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0.34 percent month-on-month from $111.253 billion as of endNovember. See “Dollar,” A2
PHL ALL SET FOR ASEAN SUMMITS AND RELATED MEETINGS IN 2026 By Malou Talosig-Bartolome
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HE Philippines is gearing up to host the region’s most significant diplomatic gatherings this year, as it formally announced the dates and venues for the Association of Southeast Asian Nations (Asean) Leaders’ Summits in 2026. The 48th Asean Leaders’ Summit will take place on May 8-9 in Cebu City, bringing together leaders from the 11 Asean member states: Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Phil-
ippines, Singapore, Thailand, Timor-Leste, and Vietnam. Later in the year, the 49th Asean Leaders’ Summit is scheduled for November 10-12 in Manila, at the newly renovated Philippine International Convention Center (PICC). In addition to Asean leaders, heads of state or government from 11 dialogue partners— Australia, Canada, China, the European Union, India, Japan, New Zealand, the Republic of Korea, the Russian Federation, the United Kingdom, and the United States—are invited to See “Meetings,” A2
INFLATION ON THE MENU People from different walks of life enjoy affordable meals at a carinderia along Hidalgo Street, Quiapo, Manila, as food costs continue to rise. The Philippine Statistics Authority said faster increases in food prices pushed the General Wholesale Price Index up to 2.7 percent in November 2025, from 2.6 percent in October, with the food index accelerating to 2.2 percent. Analysts note that rising wholesale costs—alongside higher prices for fuel-related products and other inputs—often filter down to small food vendors and consumers, tightening margins for carinderias and stretching household budgets. NONIE REYES
HOT SPOT Lava flows from Mayon Volcano’s crater are visible from Daraga town as Alert Level 3 remains in effect in Albay province, northeastern
Philippines, Thursday, January 8, 2026. PHIVOLCS warns that Mt. Mayon may erupt with increased lava flow and fountaining compared to its 2023 activity, with a slim chance of a highly explosive event similar to the 2000 eruption. The public is strongly advised not to enter the 6-kilometer Permanent Danger Zone or venture into the Extended Danger Zone without caution, and flying aircraft near the volcano is prohibited. Hazards include rockfalls, landslides, ballistic fragments, lava flows and fountaining, pyroclastic density currents, moderate explosions, and lahars during heavy rainfall. AP/ZALRIAN SAYAT
@adapelonia
HE country’s rice imports fell by 30 percent to 3.37 million metric tons (MMT) in 2025, based on latest government data. Figures from the Bureau of Plant Industry (BPI) indicated that the Philippines purchased 3.37 MMT of foreign rice last year, from 4.81 MMT recorded in 2024. Agriculture officials had cited the four-month ban slapped on imported shipments of the staple grain as the reason behind the drop in rice arrivals last year. The government issued the ban in September to arrest the slide in farmgate prices of palay that hit a low of P8 per kilo. Initially set to end in November, this was extended until end-2025. During the import freeze, only specialty rice varieties were allowed entry into the country, including japonica, glutinous, and basmati. Meanwhile, the BPI issued a memorandum order about the resumption of importation of milled rice on January 1. Under the order, the 10 percent downpayment requirement for applications of sanitary and phytosanitary import clearances (SPSICs) has been waived. Traders should secure an SPSIC from the agency before importing foreign rice stocks to ensure that an inbound shipment is safe for human and animal consumption. The order stipulates that all foreign rice shipments should arrive into the Philippines within 60 days from the issuance of the SPSIC. “Shipments arriving beyond the prescribed period shall not be accepted and are required to be returned to the country of origin on the expense of the importer.” Furthermore, the BPI stressed that foreign rice shipments would only be allowed to enter through the following ports: Subic, Batangas, Manila International Container Port (MICP), Port of Manila, Cebu, and Cagayan de Oro. Iligan, Davao, General Santos, Tacloban, Tabaco in Albay, Zamboanga, Bacolod, Iloilo, Tagbilaran, Dumaguete, and Calbayog are also included. See “Imports,” A2
PESO EXCHANGE RATES n US 59.3290 n JAPAN 0.3785 n UK 79.8509 n HK 7.6191 n CHINA 8.4856 n SINGAPORE 46.2857 n AUSTRALIA 39.8691 n EU 69.2666 n KOREA 0.0409 n SAUDI ARABIA 15.8211 Source: BSP (January 8, 2026)