‘Corruption won’t dent investments if...’ By Justine Xyrah Garcia
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SHAPING THE FUTURE OF VALUATION Arch. Felino “Jun” Palafox Jr. (in green barong) and Atty. and Chartered Surveyor Teodoro Kalaw IV, President and CEO (2025–2026) of the Institute of Philippine Real Estate Appraisers (IPREA), join fellow participants during the 2025 IPREA Annual National Conference at Club Filipino on Thursday, September 25, 2025. The event brought together real estate appraisers and practitioners to tackle the future of valuation and appraisal. NONOY LACZA
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UALA LUMPUR—Issues of government corruption will not derail foreign investments in the Philippines as long as the country continues to build on its existing strengths, according to a global business consultant. John Low, Managing Partner for Southeast Asia at Roland Berger, said governance questions alone are unlikely to dictate foreign direct investment (FDI) decisions, as the Philippines has continued to attract investment despite per-
sistent concerns. “It will definitely not affect the Philippines because otherwise, the Philippines won’t be where it is today,” Low told the BusinessMirror. “It has progressed well, it’s the largest [business process outsourcing] hub...a very important part of the whole services value chain. Very strong in power, very strong in consumer goods, and a good manufacturing base.” His remarks come as recent protests in Metro Manila have raised questions whether corruption and governance issues could under-
mine the country’s attractiveness to investors. The Philippine Chamber of Commerce and Industry (PCCI) and the Federation of Philippine Industries (FPI) said heightened political and social risks could prompt investors to take a waitand-see approach in the short term. (https://businessmirror. com.ph/2025/09/23/protestsleading-to-reforms-could-begood-for-business/). In an August brief assessing the Marcos administration’s midterm record, Capital Economics said that while the past three
years showed “encouraging” economic performance, the Philippines remains among the most corrupt countries in Asia. (Related: https://businessmirror.com. ph/2025/08/13/report-corruption-political-spat-stunt-economic-growth/). It added that the high-profile spat between the President and Vice President has made the country one of the least politically stable economies in Southeast Asia.
Asean competition
BUT while it will not be the sole See “Corruption,” A2
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Friday, September 26, 2025 Vol. 20 No. 348
P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK
By Cai U. Ordinario @caiordinario
NCERTAINTIES in the domestic front and global headwinds have sapped the peso, closing to its weakest in nearly two months, bankers’ data revealed. Thursday’s data from the Bankers Association of the Philippines (BAP) showed the peso closed at P58.1 to the US dollar, the weakest since closing P58.145 to the greenback last August 4. The peso traded at its weakest at P58.17 and at its strongest at P57.73 to the dollar. It opened at
P57.75 to the greenback on Thursday and closed at P57.461 last Wednesday. “It reflects a mix of global and domestic factors. Externally, lingering uncertainty around US Fed policy and elevated oil prices continue to weigh on emerging market See “Political,” A2
CAN PHL JOIN GLOBAL MARCH TO DISASTER-RESILIENT INFRA? By Malou Talosig-Bartolome
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EW DELHI, INDIA—Picture a city struck by a super typhoon—yet power remains uninterrupted, roads intact, schools standing, and floodwaters swiftly receding. This is the vision behind the Coalition for Disaster Resilient Infrastructure (CDRI), a global initiative led by Indian Prime Minister Narendra Modi that is now calling on Asean nations to step up. With 50 member-states already on board, including Vietnam as the sole Asean participant, CDRI is urging countries like the Philip-
pines to join its ranks and co-create infrastructure systems that can withstand the growing wrath of climate change. “We’ve extended invitations to Asean disaster management agencies, including the Philippines’ Office of Civil Defense, as early as 2019,” said Alpana Saha, director for Partnerships, Governance and Resource Mobilization at CDRI. “It seems internal coordination is still ongoing.” Membership in the coalition requires no financial commitments—only a pledge to uphold the CDRI Charter, which See “PHL,” A10
OATH IN THE FLOODLIGHTS Former DPWH Undersecretary Roberto Bernardo takes his oath before the Senate Blue Ribbon Committee on Wednesday, September 24, 2025, as he tags government officials in an alleged flood control scam. The hearing, chaired by Senator Panfilo “Ping” Lacson and attended by Justice Secretary Crispin Remulla, also drew attention to security aide Orly Regala Guteza of businessman Zaldy Co, who has been linked as well to the flood-control mess. Attending the hearings are contractor spouses Pacifico and Sarah Discaya, dubbed the “King and Queen of Flood Control,” whose firms have won billions in flood control contracts and are facing questions over substandard or delayed projects. See story in A14. ROY DOMINGO
ERC defends rate-setting role on power By Lenie Lectura
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NEGROS TRADE FAIR A milestone celebration unfolded at SMX Convention Center, SM Aura, as HIMBON: The 39th Negros Trade Fair officially opened—treating guests, partners, and officials to the finest of Negrense food, fashion, and artistry, happening from September 23-28. The Traditional Arima that signals the opening of the fair is led by Negros Occidental Governor Eugenio José “Bong” V. Lacson, Negros Oriental Governor Manuel “Chaco” L. Sagarbarria, and other government officials of the region, together with Taguig City Mayor, Lani Cayetano, Association of Negros Producers (ANP) and SM Supermalls Executive Vice President for Marketing Joaquin L. San Agustin. SM SUPERMALLS
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HE Energy Regulatory Commission (ERC) on Thursday defended its rate-setting role in the power sector amid allegations raised by a consumer group that the agency is prioritizing the interest of the power firms. ERC chairman Francis Saturnino Juan said the Competitive Selection Process (CSP) policy of the Department of Energy (DOE) and the Supreme Court’s landmark decision in Alyansa ng Bagong Pilipinas vs. ERC are two pivotal developments in the regulatory framework. “In this new era, the role of the ERC is not diminished; it is trans-
formed. Its mandate is clearer and more critical than ever: to be the guardian of the competitive process and the guarantor of its integrity,” said Juan. The CSP is meant to secure longterm power supply agreements (PSAs), aiming to find the lowestcost power sources to meet its customers’ needs. It is designed to ensure transparency and fairness in the selection of power suppliers. “Therefore, the ERC’s primary duty in its rate-setting function must be to uphold the outcomes of a genuinely competitive CSP. When a CSP has been conducted properly—transparently, fairly, and with robust competition—the resulting price is not just a number offered
by a generator. It is the market’s definitive answer to the question, “What is the least-cost power available today?” It is a price validated by the competitive process itself,” the ERC chief pointed out. The People for Power (P4P) coalition expressed its disappointment, saying “Juan’s first order of business as new ERC chief is to cede ground to power players, enabling them to raise prices as they please at the expense of ordinary Filipinos.” Prior to the appointment of Juan, the commission would reevaluate the outcome of the CSP, resulting in changes in the rates that already underwent competitive bidding.
This approach, according to Juan, creates regulatory uncertainty that discourages the possible investments. “It tells investors: You competed and won fairly, but the goalposts may still move during the PSA review process at ERC.” “This does not protect consumers; it ultimately harms them by chilling investment, threatening future supply, and jeopardizing the long-term reliability and affordability of our power,” said Juan. Nonetheless, the ERC is cautious in assuring that the CSP process was “truly competitive and compliant.” “Upholding a competitively derived price is the highest form of See “ERC,” A2
PESO EXCHANGE RATES n US 57.4080 n JAPAN 0.3859 n UK 77.2080 n HK 7.3803 n CHINA 8.0499 n SINGAPORE 44.5645 n AUSTRALIA 37.7400 n EU 67.3970 n KOREA 0.0409 n SAUDI ARABIA 15.3059 Source: BSP (September 25, 2025)