‘P1.3-T Q4 budget may save growth goals’ By Samuel P. Medenilla @sam_medenilla
P THE WORLD | A10
CAR EXPLOSION NEAR NEW DELHI’S RED FORT SPARKS ANTI-TERROR PROBE AS TOLL RISES TO 8
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RESIDENT Ferdinand Marcos Jr. remains optimistic the country can still reach its economic targets for 2025 with increased government spending as well as the projected rise in consumption during the holidays and exports during the last quarter of the year, according to Malacañang. This, even if the Department of Economy, Planning, and Development (DEPDev) already said it will be “very challenging” for the country to achieve even the lower range of its gross domestic product target this year of 5.5 percent, due to dis-
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appointing economic growth in the third quarter of the year. It noted the economy must grow by 6.9 percent in the last quarter to achieve at least the 5.5 percent GDP target this year. Last week, the Philippine Statistics Authority (PSA) reported that GDP from July to September was only at 4 percent—the slowest pace since 2021. Palace Press Officer Claire Castro said Marcos still has not ruled out achieving 5.5 percent to 6.5 percent annual GDP growth this year, despite the impact of the anticorruption probe as well as the series of natural disasters, which hit the country in previous weeks.
Wednesday, November 12, 2025 Vol. 21 No. 35
“The belief is still there. The belief is still there, so we can do it,” she said in Filipino in a press briefing in Malacañang last Tuesday. Citing the projection from the Department of Budget and Management (DBM), she said they expect economic growth to pick up as the government spends its P1.31trillion programmed budget from October to December. The funds will be used for priority initiatives of the Marcos administration including health, education, and infrastructures. “The President’s order is to use the 1.307 trillion program budget correctly so that business sectors can see that the government is spend-
ing correctly and this will boost the economy and consumption and investment,” Castro said. Holiday spending and increase in exports, she said, will also help propel the country’s economic growth during the last quarter of the year. DEPDev said the ongoing investigation on anomalous flood control projects, which started last August, has resulted in a slowdown in the progress in public works. In October, DBM reported that capital outlays dropped P112.9 billion, which is 10 percent lower compared to the same period last year. It attributed the downturn to ongoing validation of public works by concerned government agencies.
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BSP EYES 24/7 REAL-TIME RTGS TO SPUR PAYMENTS T By Reine Juvierre S. Alberto
HE Bangko Sentral ng Pilipinas (BSP) has urged payment system stakeholders to establish a 24/7 real-time gross settlement (RTGS) system to support round-the-clock financial transactions and cross-border payments. In the 2025 Peso RTGS Forum, BSP Senior Assistant Governor Edna C. Villa encouraged stakeholders from banks, nonbank financial institutions and clearing operators to collaborate in developing a continuous RTGS framework. “Are we ready for a 24/7 RTGS?
I encourage us to design that future together,” Villa said to about 350 participants in the forum. An RTGS system provides instant settlement of payments, transfer instructions or other obligations See “BSP,” A2
BAN KI-MOON URGES URGENT CLIMATE ACTION AS COP30 OPENS “I JUST wanted to break his neck.”
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ORMER United Nations Secretary-General Ban Ki-Moon recalled that the 2015 Paris Climate Agreement nearly collapsed due to the last-minute objection of a single country. “After years of negotiation, one small country almost broke the deal,” Ban said at the opening of the Asian Forum on Enterprise for Society (AFES) in Makati City. The former South Korean foreign minister did not identify the country but hinted that
it is a Catholic country. “We had to call the Pope. He wasn’t answering. It was a true crisis,” he recalled. Ban used the anecdote to underscore the fragility of global consensus—and the urgent need for solidarity, courage, and action across sectors. His message comes as COP30 opens in Belém, Brazil, and as the Philippines reels from back-to-back typhoons and deadly earthquakes that expose the rising toll of climate inaction. See “Ban Ki-moon,” A2
BAN KI-MOON ON RESILIENT ENTERPRISES Former United Nations Secretary-General Ban Ki-moon underscores the need for enterprises to confront climate instability, technological transformation, and geopolitical shifts with purpose and resilience during the Asian Forum on Enterprise for Society (AFES) 2025, themed “Navigating Disruption: Enterprise Priorities for a Resilient Future,” held at a hotel in Makati City. NONIE REYES
Cuisia: US tariff deal with PHL is unfair By Malou Talosig-Bartolome @maloutalosig
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SENATE 2.0 Senate President Vicente Sotto III and Senator Sherwin Gatchalian are seen at the launch of the new Senate website. Sotto said the redesigned site features a cleaner, more modern, and user-friendly interface, making information easier for the public to access. The website also offers live broadcasts of sessions and events and a dedicated section for public assistance programs. “This is what freedom of information looks like in practice—giving citizens direct and convenient access to the work of their representatives,” Sotto added. ROY DOMINGO
ORMER Philippine Ambassador to the United States Jose Cuisia Jr. has criticized the recent trade deal between the Philippines and the US, calling it “disappointing” and “unfair” to Filipino exporters. Cuisia, who served as ambassador from July 2011 to June 2016 under President Benigno Aquino III, said the deal—negotiated during the meeting between President Ferdinand Marcos Jr. and US President Donald Trump in Washington D.C.—resulted in higher tariffs for Philippine goods, while other countries like Vietnam secured better terms. “Vietnam, a former enemy, saw its tariffs drop from 46 percent to 20 percent. Ours went up to 19 per-
cent. How can we say we got a good deal?” Cuisia told BusinessMirror in an interview at the sidelines of the Asian Forum on Enterprise for Society (AFES) Tuesday. (See related news: https://businessmirror.com.ph/2025/07/10/u-sto-slap-20-tariff-on-philippinegoods-effective-august-1-2025/)
Tariff hike hurts PHL exporters
CUISIA warned that the increased tariffs are already hurting Philippine exporters. Local businesses are losing contracts to competitors from countries with lower tariffs, and some may be forced to shut down. “Exporters are very concerned. They’re losing contracts and may eventually close,” he said.
Missed Oopportunity to Leverage EDCA Sites
THE former ambassador believes
Philippine negotiators missed a key opportunity to use the country’s strategic value in talks. The Philippines currently hosts nine Enhanced Defense Cooperation Agreement (Edca) sites used by the US military. “We should have used the Edca sites as leverage. That’s a missed opportunity,” Cuisia said. (See related story: https://businessmirror.com.ph/2025/08/11/phlgains-least-in-asean-in-us-tariffdeal-pids-study/) Cuisia speculated that the cancellation of a $5.5-billion deal to purchase F-16 fighter jets may have affected the outcome of the trade negotiations. “While I was ambassador, we were offered a squadron of F-16s. The Armed Forces declined due to high maintenance costs. Later, they planned to buy new jets—
then canceled. That may have had an impact,” he said.
Military Aid vs. Economic Impact
ALTHOUGH the US provided $500 million in military assistance to the Philippines, Cuisia emphasized that economic support is lacking. “We appreciate the defense aid, but the tariffs are damaging our economy,” he said. (See related story: https://businessmirror.com. ph/2025/02/05/trump-keeps500-m-military-assistance-commitment-to-phl/) Cuisia also questioned the strength of the US’s “ironclad” commitment to defend the Philippines under the Mutual Defense Treaty. “That remains to be seen. US foreign policy is unpredictable,” he said.
PESO EXCHANGE RATES n US 58.9340 n JAPAN 0.3824 n UK 77.6455 n HK 7.5816 n CHINA 8.2790 n SINGAPORE 45.2503 n AUSTRALIA 38.5134 n EU 68.1218 n KOREA 0.0404 n SAUDI ARABIA 15.7140 (Source: BSP (November 11, 2025)