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A broader look at today’s business n
Saturday, October 18, 2025 Vol. 21 No. 10
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PHL bets on e-visas to woo Chinese tourists
DAM IF YOU DRY! With the lack of rain in recent weeks, only a trickle of water passes through the spillway of the Ambuklao Dam in Bokod, Benguet — one of the country’s major hydroelectric power facilities operated by SN Aboitiz Power-Benguet. Built in the 1950s primarily for power generation and flood control, Ambuklao forms part of the Agno River system that supports nearby communities and downstream irrigation. Some residents of Bokod rely on boats crossing the dam’s waters as their only means of reaching remote barangays. MAU VICTA
PHILIPPINE Ambassador to China Jaime FlorCruz signs the MOA with Mr. Kishen Singh, VFS Global CEO for Mainland China, Hong Kong, and Mongolia.
SUPPLY SHOCKS TO SPUR P ‘A BIT OF A SLOWDOWN’
BEIJING PE VIA DFA
US tariff take helps trim ’25 deficit to $1.78 trillion
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HE US budget deficit declined slightly for the 2025 fiscal year as tariff revenue hit a record high, though the pace of borrowing remains historically elevated at a time of economic expansion and financial stability. The deficit for the fiscal year was $1.78 trillion, down from $1.82 trillion in 2024, a drop of 2 percent, according to figures released by the Treasury Department Thursday. The gap largely echoed a Congressional Budget Office estimate published last week. President Donald Trump’s dramatic tariff hikes helped spur a net $195 billion in tariff revenue for the fiscal year, which ended September 30. Treasury Secretary Scott Bessent has said the US could take in as much as $500 billion annually in tariff revenue. The legal basis for a large swath of those levies remains under scrutiny, however, with a case pending at the Supreme Court. Trump’s latest tax legislation, signed in July, is also set to affect the federal budget. Thursday’s release showed a slide in corporate tax receipts for the month of September, in part reflecting measures included in that so-called One Big Beautiful Bill Act. Gross corporate tax receipts plunged some 41percent, to $65 billion. As a share of gross domestic product, the deficit for 2025 is estimated at 5.9 percent, a Treasury official said, down from Continued on A2
By Ma. Stella F. Arnaldo
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By Andrea E. San Juan
HE country’s socioeconomic planning chief sees “a bit of a slowdown” in the economy in the third quarter of 2025 due to supply shocks such as typhoons and work suspensions. On continued optimism about the Philippine economy’s 2025 growth outlook: “Even the IMF, World Bank, ADB are seeing around 5.5 percent. Why should we be more pessimistic?”— DEPDev Secretary Arsenio M. Balisacan
WEATHERING A SLOWDOWN Two men navigate a landslide triggered by Typhoon Nando (Ragasa) in Uyugan, Batanes, on September 23, 2025. The series of typhoons that battered the country has disrupted work and supply chains—part of the “supply shocks” that Socioeconomic Planning Secretary Arsenio Balisacan said could lead to an economic slowdown in the third quarter. AP/JUSTINE MARK PILLIE FAJARDO “There may be a bit of a slowdown because of the supply shocks that we have seen. There are so many typhoons that we have seen during the quarter, many days
of work suspension, so economic activity is really affected,” Department of Economy, Planning and Development (DEPDev) Secretary Arsenio M. Balisacan told report-
ers on the sidelines of the EU-Philippines Business Dialogue on Thursday night in Makati City. Balisacan noted that the slowdown in gross domestic product (GDP) growth is in relation to what the economic team was expecting six months ago. Still, he is hoping that the economy’s growth rate in the third quarter will not be slower than the 5.4 percent posted in the second quarter. On the other hand, the DEPDev chief is pinning his hopes on what he called “good developments” such as: “Inflation has continued to fall, interest rates have continued to slow down.” He explained that the effects of falling interest rates in the earlier months are “beginning to be felt now,” adding, “There are usually lag effects of interest rate changes and investment and consumption decisions.” See “Supply,” A2
Special to the BusinessMirror
RIVATE tourism stakeholders are hopeful that Manila’s new policy of rolling out electronic visas (evisas) to Chinese citizens will lift overall visitor arrivals this year, although it’s too early to tell if it will aid government meet its target headcount. Tourism Congress of the Philippines President James Montenegro told the BusinessMirror, “Any e-visa program will always be beneficial to the country. I’m hopeful that this program will help increase our arrivals from China, as this seems to be what’s missing in our current arrival numbers.” He noted that even without the evisa, tourists from China continue to arrive, although admittedly not at prepandemic levels. “Even with the difficulty to get visas, they still came, so if the e-visa makes it easier, [arrivals] should increase,” he added. Data from the Department of Tourism (DOT) showed 202,738 visitors arrived from China from January to September this year, 22 percent less than the 260,134 who arrived in the same period in 2024. China was the second top market source for tourists in 2019, accounting for 21 percent or 1.74 million visitors of the 8.3 million international visitors that year. Last year, only 312,222 tourists arrived from China, of the total 5.95 million foreign visitors. (See, “Missed goal: 5.95-M foreign tourists visited PHL in 2024,” in the BusinessMirror, Jan. 6, 2025.)
Tighter monitoring in place
PHILIPPINE Ambassador to Beijing Jaime FlorCruz has signed a memorandum of agreement with VFS Global-China, Continued on A2
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MALABON’S MIRROR As part of its celebration of “Araw ng Pasasalamat 2025,” the City of Malabon honored those whose contributions continue to uplift the lives of Malabueños, including its top taxpayers and media institutions that have helped spread information on its public services and all things interesting about the northern Metro Manila city. BusinessMirror was chosen as one of the recipients of the Malabon Ahon Media Award, in recognition of “its support in covering the programs and activities of the City Government and for consistently providing timely and accurate reporting” to the community. The award was received by BusinessMirror’s senior diplomatic reporter and chief digital content producer Malou Talosig-Bartolome, shown here onstage with city officials led by Mayor Jeannie Sandoval. BERNARD TESTA
OLD and silver rose to records as fears about credit quality in the US economy and heightened frictions between Washington and Beijing strengthened demand for havens. Bullion rose as much as 1.2 percent to $4,379.93 an ounce before paring some gains — putting it on track for its biggest weekly advance since 2020 and extending a breakneck rally that began in August. The surge, also supported by wagers the Federal Reserve could deploy an outsized rate cut this year, has spilled over into other precious metals. Silver smashed through a prior all-time high this week, eclipsing the peak set in 1980 on a now-defunct contract overseen by the Chicago Board of Trade. Prices for the white metal edged higher to hit a fresh high at $54.3775 an ounce on Friday, before pulling back. Palladium and platinum also fell, but Continued on A2
CANBERKOL | DREAMSTIME.COM
Gold, silver hit records on credit fears, US-China tensions
SM ELYU OPENS SM City La Union is now open, marking the province’s first SM mall and the 89th nationwide. Inspired by Elyu’s beach vibe and vibrant culture, the mall features decorative fins and bougainvillea, celebrating local heritage while offering global and local retail, dining, and entertainment. Present at the blessing and ribbon cutting were (L-R): SM Engineering Design and Development Corporation President Hans T. Sy Jr.; SM Supermalls President Steven Tan; Governor Mario Eduardo Ortega; La Union 1st District Congressman Paolo Ortega; Most Rev. Daniel O. Presto, D.D.; Mayor Hermenegildo Gualberto; Vice Mayor Pablo Ortega; SM Prime Holdings President Jeffrey Lim; and SM Prime Holdings Inc. Director Herbert Sy. SM SUPERMALL
PESO EXCHANGE RATES n US 58.0850 n JAPAN 0.3863 n UK 78.0662 n HK 7.4752 n CHINA 8.1546 n SINGAPORE 44.9088 n AUSTRALIA 37.6681 n EU 67.9014 n KOREA 0.0410 n SAUDI ARABIA 15.4877 Source: BSP (October 17, 2025)