EU firms see PHL potential, but... By Bless Aubrey Ogerio
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IMPEACHMENT WATCH: COUNTING THE VOTES, COUNTING THE DAYS Senator Erwin Tulfo answers questions from members
of the media during an ambush interview on Wednesday, September 9, 2026, saying he wants the Senate impeachment court to resolve whether the 16-vote threshold for convicting Vice President Sara Duterte should still be based on all 24 senators, given that four senator-judges are currently unable to attend the trial. The four are Senators Jinggoy Estrada and Rodante Marcoleta, who are detained; Ronald “Bato” dela Rosa, who is in hiding; and Loren Legarda, who is abroad on medical leave. Senate President Sherwin Gatchalian, meanwhile, says he hopes the Senate sitting as an impeachment court can reach a verdict in Duterte’s impeachment trial before December, although proceedings could extend into next year. ROY DOMINGO
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HE Philippines is attracting European businesses already in the country, but far fewer companies without a local presence are considering entering the market, highlighting a gap the country will need to close if it wants to capture a bigger share of new investment. Only 8 percent of European businesses not currently active in the Philippines said they were considering market entry, according to the EUASEAN Business Council’s (EU-ABC) 12th Business Sentiment Survey. The figure contrasts with the Philippines’s 43-percent rate for planned business expansion over the next five years, placing it just one percentage point behind Singapore. EU-ABC Executive Director Chris Humphrey told
the BusinessMirror that the 43 percent should not be read as investment already committed to the Philippines. It covers both companies with existing operations that intend to expand and those considering entering the market. “What is particularly encouraging for the Philippines is that just over half [51 percent] of European businesses already operating there are looking to expand, indicating that companies with first-hand experience of the market continue to see opportunities for growth,” Humphrey said in an email. The survey also showed that 78 percent of respondents expect trade and investment in Asean to increase over the next five years, up from 71 percent in 2025. For the fourth consecutive year, Asean was also the region seen as offering the strongest econom-
ic opportunities, with 61 percent of respondents choosing it over other major emerging markets, including China and South Asia, up from 56 percent last year. The Philippines has remained among the six most attractive Asean markets in the survey for the past three years. But converting interest into new market entrants could depend heavily on how easy it is for companies to establish and operate in the country. While the survey did not specifically measure barriers in the Philippines, Humphrey said European businesses across Asean continue to cite non-tariff barriers and regulatory unpredictability as their biggest concerns, alongside rising protectionism, differing standards, complex tax regimes and inefficient customs procedures. See “EU firms,” A2
BusinessMirror A broader look at today’s business
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Thursday, September 10, 2026 Vol. 21 No. 331
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By Reine Juvierre S. Alberto
S the peso consistently weakened to record lows in the past few days, moving closer to the P63-per-dollar level, the Philippines will lean more on local debt while keeping its foreign borrowings limited, according to Finance Secretary Frederick D. Go. “Our goal is to keep increasing the domestic portion [of the national government’s debt],” Go said in an interview with Bloomberg Television. Two-thirds, or nearly 68 percent, of the government’s outstanding debt is domestic debt, while the remaining 32 percent came from external lenders, Go said. For 2026 and 2027, the Finance chief said the Philippines plans to borrow 70 to 75 percent in pesos and 25 to 30 percent in foreign currency. Based on state budget documents, this year’s borrowing mix is set at 70:30, in favor of domestic sources. As of end-July, the government had raised P1.547 trillion locally and P564.856 billion from external sources.
The government plans to tilt the mix further toward domestic borrowing next year, to 72:28, as it seeks to reduce its exposure to foreign exchange risks. Under the 2027 borrowing program, P2.389 trillion will be raised domestically, while P914.982 billion will come from foreign sources. The share of domestic borrowing is then expected to increase further, with the mix settling at 75:25 in 2028 and 2029. Toward the end of the Marcos administration in 1983, the government’s borrowing was split evenly between domestic and foreign sources. However, foreign debt ballooned 312.3 percent in the following year, as the peso underwent a series of devaluations. See “Borrowings,” A2
READING AIN’T BORING The Manila International Book Fair (MIBF) opened Wednesday (Sept. 9, 2026), with organizers optimistic that the expanded setup this year – two floors, for 165 trade
exhibitors – will help attain their targets of drawing up to 140,000 visitors during its five-day run. This compares with the 123,000 visitors recorded in 2025. Themed “Get Lit: Reading in a New Light,” it runs from September 9 to 13 at the SMX Convention Center in Pasay City, with exhibitors occupying the venue’s expansive exhibition spaces and offering books across over 60 categories. The fair also features book discounts, author signings and interactive showcases from local and international publishers, while several exhibitors have expanded their presence through upgraded booths across the first and second floors. Tinette Capistrano, vice president of Prime Trade Asia, the organizer of MIBF, said, “People think that reading is boring. It’s not,” Capistrano noted. JOHN EIRON R. FRANCISCO
FINANCIAL INSTITUTIONS TOLD: PREPARE FOR FATF EVALUATION By Andrea E. San Juan
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N preparation for the Philippines’s fourth round of Mutual Evaluation in 2027 which shall be conducted by the Financial Action Task Force, the central bank is urging financial institutions to extend their “full cooperation and active participation” in Mutual Evaluation-related activities and data-gathering initiatives. According to the Bangko Sentral ng Pilipinas (BSP), the Mutual Evaluation (ME) is an “in-depth” assessment and analysis of the country’s anti-money laundering/countering terrorism and proliferation financing (AML/CTPF) framework and the “effectiveness” of its implementation based on defined outcomes, as well as provides focused recommendations to further strengthen its system. A circular signed by BSP Deputy Governor for Financial Supervision Sector Lyn I. Javier said the ME shall have two main components to assess: Technical Compliance and Effectiveness. BSP said the TC component assesses whether a country has all the necessary
laws, regulations and legal instruments in place, in line with the technical requirements of the 40 FATF Recommendations. Meanwhile, the effectiveness component assesses whether the AML/CTPF systems are working and the extent to which the country is achieving the defined set of outcomes. The BSP said the assessment team will look at 11 key areas, or immediate outcomes, to determine the level of effectiveness of a country’s efforts. The Philippines’s 4th round of ME, scheduled in 2027, shall be undertaken under the Financial Action Task Force’s (FATF) Global 5th Round of ME, which the BSP said, places “greater emphasis” on the country’s risks and context and demonstrated effectiveness of AML/CTPF measures. “Pertinent data and/or information from [BSP-Supervised Financial Institutions] BSFIs and credible sources are critical to demonstrate the adequacy and effectiveness of the BSP’s supervisory frameworks and the BSFIs’ implementation of AML/CTPF preventive measures,” the central bank’s See “FATF,” A11
MIBF eyes growth with 140,000 visitor target By John Eiron R. Francisco
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THE SURGEON IS 1,380 KM AWAY A medical team monitors a landmark telesurgery on a patient at the Jose B. Lingad Memorial General Hospital in Pampanga, performed remotely by a surgeon in Cotabato City on September 5. The procedure was among the Philippines’s first long-distance robotic telesurgeries, linking surgeons and operating rooms 1,380 kilometers apart through the SSI Mantra Robotic Surgery System and a high-speed connection. The operations, including gallbladder removal, were completed safely in less than an hour with minimal blood loss. Story on A3 Nation. PHOTO COURTESY OF DOH
AIN may be dampening parts of Metro Manila, but organizers of the Manila International Book Fair (MIBF) remain optimistic about drawing up to 140,000 visitors during its fiveday run. Tinette Capistrano, vice president of Prime Trade Asia, the organizer of MIBF, told the BusinessMirror that they are targeting between 130,000 and 140,000 attendees this year, compared with the 123,000 visitors recorded in 2025. “I hope the rain will not discourage people from visiting the fair,” she said. The MIBF 2026, themed “Get Lit: Reading in a New Light,” runs from September 9 to 13 at the SMX Convention Center in Pasay City, with more than 165 exhibitors occupying the venue’s expansive ex-
hibition spaces and offering books across over 60 categories. The fair also features book discounts, author signings and interactive showcases from local and international publishers, while several exhibitors have expanded their presence through upgraded booths across the first and second floors. Beyond attendance, Capistrano said organizers are also aiming for a strong showing in sales, with the goal of helping exhibitors meet their respective targets during the five-day event. The lineup includes major bookstore chains and educational publishers such as Fully Booked and National Book Store, alongside 19th Avenida Publishing House, Abiva Publishing House, Adarna House, Anvil Publishing and Ateneo de Manila University Press. Other participating exhibitors See “MIBF,” A2
PESO EXCHANGE RATES n US 62.5680 n JAPAN 0.4067 n UK 84.7171 n HK 7.9799 n CHINA 9.3242 n SINGAPORE 49.4765 n AUSTRALIA 45.1553 n EU 72.7541 n KOREA 0.0467 n SAUDI ARABIA 16.6684 Source: BSP (September 9, 2026)