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BusinessMirror
A broader look at today’s business
Saturday, November 22, 2025 Vol. 21 No. 45
‘INVESTORS STAY UPBEAT DESPITE POLITICAL HEAT’ www.businessmirror.com.ph
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Vietnamese investor to field 500 EV taxis in Davao City
EV taxis are seen at Davao port. CHERRYMAE CAMERINO ONEZ
By Manuel T. Cayon
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AVAO CITY—A Vietnamese investor is spending $500 million on taxi operations in the country using electric vehicles, starting with its first operation in Metro Manila and a new fleet of 500 units now in the port of Davao City for its launching on November 28, the city investment office here said. Christian Cambaya, head of the Investor’s Assistance and Servicing Unit of the City Investment and Promotion Center, said the 500 EV taxi units were still waiting for the franchise permits and city government permits for its depot and terminal stations before fielding it next week. He said the Vietnamese investor visited recently the DCIPC office to inquire about city government support and incentives and while he said he was not privy to the Land Transportation and Franchising Regulatory Board (LTFRB) and the Land Transportation Office (LTO), the Vietnamese operator has not encountered any encumbrances. “What it told us is that the taxis will be launched on November 28 and the units are already in the port,” Cambaya said. The EV taxi operation will be under the company name of Green and Smart Mobility VinFast. He said the EV taxi operation will be across Luzon, the Visayas and Mindanao, with an investment of $500 million. He said the investor will hire as many as 20,000 workers. It started operation in Luzon on June 10. “He is looking for a distributor for their EV vehicles. And second, the company will act as taxi operator similar to Grab for their EV taxis,” he said. The company has EV taxi operations in its own home country Vietnam, as well as in Laos and Indonesia.
DOT addresses tourist safety after robbery spree in Makati By Ma. Stella F. Arnaldo
MINERS from different mining companies in the country participate in the Mine Safety Field Demonstration competition during the 71st Annual Mine Safety and Environment Conference held in Baguio City, November 21. 2025. MAU VICTA
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Special to the BusinessMirror
By Jonathan L. Mayuga
HE investment climate in the Philippines remains stable despite allegations of massive graft and corruption involving highranking government officials, according to a mining industry leader. Michael Toledo, chairman of the Chamber of Mines of the Philippines (COMP) and Head of Government Relations and Public Affairs Group of the MVP Group, spoke to reporters in a chance interview at the sidelines of the Philippines Conference organized by Stratbase in Makati City on Friday. “Naturally, the reports about graft and corruption will somehow affect investment confidence in the Philippines, but I have talked to my colleagues and they remain upbeat. We will recover,” he said.
He also attributed this confidence to what he described as decisive action taken by the Marcos administration in going after those involved in the flood control corruption scandal. “As you know, he is addressing the problem head-on,” he said. Toledo was among the panelists in the session dubbed, “Leveraging Sustainable Investment for Inclusive Growth,” wherein he spoke about the favorable investment policy environment, with President Ferdinand Marcos Jr’s directive.
MICHAEL TOLEDO, Chamber of Mines of the Philippines (COMP) chairman: “Naturally, the reports about graft and corruption will somehow affect investment confidence in the Philippines, but I have talked to my colleagues and they remain upbeat. We will recover.”
He said the President is pushing for a better mining situation wherein the Philippines will not only produce raw ores, but will also go into downstream processing of minerals to take advantage of the growing demand for green minerals.
Toledo said in the MVP group, they continue to talk to prospective investors for the Silangan mine of Philex Mining Corp., adding that a lot of investors are expressing interest because of the prospects. “As far as our companies [are concerned], we have not experienced investors backing out. It also goes [for] some of my colleagues in the mining sector,” says Toledo. Currently, the Chamber of Mines of the Philippines is looking forward to the release of the implementing rules and regulations of the new Mining Fiscal Regime law signed by Marcos Jr. He said the COMP remains committed to responsible mining, and members of the group are even going beyond mere compliance through the Towards Sustainable Mining (TSM) initiative. He said TSM is pushing to contribute to the Sustainable Development Goals through various programs that benefit the community, as well as the environment.
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HE Department of Tourism (DOT) is grappling with a spate of bad publicity about the Philippines, and reaching out to more foreign tourists in a bid to convince them that their safety remains top of mind for the government. This developed as Japanese nationals have reportedly been robbed at gunpoint especially around an enclave of Japanese-run eateries dubbed “Little Tokyo,” in the Mile Long complex in Makati. In a Viber message, Tourism Secretary Christina Garcia Frasco told the BusinessMirror, “We assure our Japanese friends that their safety remains a paramount priority, especially now that we enjoy a positive trajectory of arrivals from Japan as we have seen in the past months of 2025. These unfortunate incidents do not define the
TOURISM Secretary Christina Garcia Frasco: “These unfortunate incidents do not define the Philippines, where crimes against tourists are strongly condemned.”
Philippines, where crimes against tourists are strongly condemned.” She added that her agency “remains in constant coordination with our law-enforcement agencies to ensure the continued protection and well-being of all our visitors. The Filipino brand of hospitality is See “DOT,” A2
HMOs record 205% hike in net income in 9 months–IC By Reine Juvierre S. Alberto
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HE country’s health maintenance organization (HMO) industry posted a threefold increase in its net income as of the third quarter this year, according to the Insurance Commission (IC). Latest data from the IC showed that net income of HMOs amounted to P2.44 billion from January to September 2025, a 205-percent increase from the P800.9 million posted in the same period a year ago.
Total HMO revenues rose by 22.59 percent year-on-year to P73.12 billion during the ninemonth period from P59.65 billion. Total membership fees amounted to P71.13 billion, which accounted for almost 98 percent of the industry’s total revenues. Meanwhile, expenses of the HMO industry also went up by 20.01 percent to P70.63 billion as of end-September 2025, from last year’s P58.85 billion. The increase in revenues managed to outweigh the expenses, with healthcare benefits and claims
amounting to P54.96 billion in the nine-month period. “The HMO industry delivered a commendable performance this quarter, as majority of the companies demonstrated stronger profitability and wider market reach. This underscores the industry’s continued reliability in supporting Filipinos’ healthcare needs,” Insurance Commissioner Reynaldo A. Regalado said. The HMO industry’s total assets increased by 27.59 percent year-on-year to P98.81 billion as of end-September 2025 from P75.87
billion as of end-September 2024. Of the total assets, P18.54 billion was classified as invested assets. Further, HMOs’ total liabilities grew by 30.98 percent to P84.09 billion as of the third quarter this year from P64.20 billion in the same period last year, due to infusions in claims and other reserves. Total equity, meanwhile, stood at P12.72 billion, reflecting an upward movement of 8.94 percent. Per the IC, the notable taperSee “HMOs,” A2
SO CLOSE! Filipina beauty queen Ahtisa Manalo finished as third runner-up at Miss Universe
2025 in Bangkok, narrowly missing the Philippines’ bid for a fifth crown. The title was claimed by Fátima Bosch Fernández of Mexico, with Thailand’s Praveenar Singh as first runner-up, Venezuela’s Stephany Adriana Abasali Nasser in third, and Olivia Yacé of Ivory Coast finishing fifth. Manalo, 28, competed strongly in the final round of the 74th Miss Universe pageant in Nonthaburi province, Thailand, on Friday, amid a dramatic staging marked by Bosch standing up to public bullying from a host. AP/SAKCHAI LALIT
PESO EXCHANGE RATES n US 59.0660 n JAPAN 0.3751 n UK 77.2347 n HK 7.5889 n CHINA 8.2981 n SINGAPORE 45.1678 n AUSTRALIA 38.0208 n EU 68.1031 n KOREA 0.0400 n SAUDI ARABIA 15.7497 Source: BSP (November 21, 2025)