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The Philippine Star

November 13, 2025 | 12:00am

MANILA, Philippines — The investment holding firm of the Sy-led SM Group of Companies hiked its profit by six percent in the nine months to September, banking on the strength of its core businesses to defy the adverse impact of recent disasters.

Based on its financial report, SM Investments Corp. (SMIC) grew its net income to P64.4 billion, from P60.9 billion a year ago.

Revenue went up by four percent to P482.3 billion as SMIC relied on the resilience of flagship units to overcome weather disturbances that disrupted third quarter operations.

By segment, banking contributed the biggest share in profit at 50 percent. Property followed with 28 percent, retail chipped in 15 percent, while portfolio investments accounted for seven percent.

The country’s biggest lender BDO Unibank Inc. grew its profit by four percent to P63.1 billion, driven by the 14-percent rise in its gross customer loans to P3.5 trillion. Deposits surged by 10 percent, with current account to savings account ratio sitting at 67 percent.

Another banking unit, China Banking Corp., raised its net income by 10 percent to P20.2 billion, emulating BDO’s growth in both loan and deposits.

For SM Retail, the unit sustained a five-percent dip in profit to P12.2 billion, attributed to the shift in school opening that disrupted the spending pattern of consumers.

In spite of this, SM Retail is expected to pick up the slack in the fourth quarter, when spending is at its highest as Filipinos buy Christmas gifts and holiday food.

Property arm SM Prime Holdings Inc. recorded a 10-percent growth in profit to P37.2 billion, as it secured higher contributions from its mall and convention segments. Revenue went up by four percent to P103.4 billion, with malls accounting for 59 percent at P61 billion.

Hotels and convention centers clocked in the highest growth of nine percent, pitching P6 billion, gaining from the deluge of international meetings and expos. Revenues from residential projects fell by two percent to P32.6 billion, with offices growing flat at P4 billion.

SMIC president and CEO Frederic DyBuncio said the company  has depended on the strength of flagship units to prop up financials in the third quarter, when the economy was battered by the impact of earthquakes and typhoons.

“While external factors may temper overall economic growth, we maintain an optimistic outlook as we move into the fourth quarter,” DyBuncio said.

November 13, 2025 | 12:00am

MANILA, Philippines — Businesswoman Mary Ann Maslog, who was previously convicted over the 1998 textbook scam, has pleaded guilty to separate charges of falsification of public document and illegal use of aliases.

Maslog, who gained notoriety after faking her death to avoid conviction, revised her plea to guilty during the Oct. 16 hearing at the Quezon City Metropolitan Trial Court Branch 31.

“The court notes the manifestation of (her lawyer) that he has explained to the accused and that the accused understood the consequences of her separate plea of guilt,” read a copy of the three-page order obtained by The STAR.

Maslog was convicted of falsification of public documents and for violating Republic Act 6085, which regulates the use of aliases.

She was sentenced to up to one year in prison for the falsification charge and another one year for the illegal use of alias.

Maslog was also ordered to pay a fine of P5,000.

She was convicted of graft in connection with the P24-million textbook scam in 1998.

The Sandiganbayan Second Division sentenced her to up to 10 years in prison. But the graft case filed against her was initially dismissed following her reported death in 2019.

Maslog was arrested in 2024 by the National Bureau of Investigation over a separate fraud complaint. She was using a different alias at the time of her arrest.

November 13, 2025 | 12:00am

MANILA, Philippines —  Witnesses in previous Senate Blue Ribbon committee hearings on flood control corruption will recant their testimonies following threats to their safety, Sen. Imee Marcos claimed yesterday.

In a chance interview, Marcos said one of the recanting witnesses is Orly Guteza, the former Marine who claimed to have delivered suitcases containing millions in cash as kickbacks to resigned congressman Zaldy Co and former House speaker Martin Romualdez, the senator’s cousin.

She also claimed that Romualdez is the “star witness” hinted at by Blue Ribbon chair and Senate President Pro Tempore Panfilo Lacson.

Reporters sought Lacson’s reaction yesterday, but he has yet to issue a statement.

Marcos said Romualdez has backed out of testifying in Friday’s resumption of the probe, which instead will allegedly focus on pinning down the 17 House of Representatives members implicated by contractor couple Curlee and Sarah Discaya.

The Philippine Star

November 13, 2025 | 12:00am

Thirty-eight years after the Constitution was ratified, there is a move at the House of Representatives to finally pass an enabling law for the constitutional prohibition on political dynasties.

Because of the eternal wait for the enabling law, the Supreme Court has been asked by several petitioners to step in and compel Congress to pass the needed legislation. The SC has yet to rule on the petition.

In the meantime, Speaker Faustino Dy III has urged his House colleagues to support proposed anti-dynasty measures, notably a bill filed by the Akbayan party-list. Such support in a dynasty-packed chamber will test the commitment of its members to accountability and meaningful reforms.

Dy himself belongs to one of the country’s entrenched dynasties. As he declared in his statement of assets, liabilities and net worth, he has 16 relatives in government, three of them including his son Faustino V and nephews Faustino Michael III and Ian Paul sitting in the House itself.

Such a situation has become the rule rather than the exception not only in Congress but also in the national and local governments.

Dy, in his call to his colleagues, acknowledged criticisms of his own clan, which he described as a family with a “long-standing tradition of service to the country.” At the same time, he noted that public service is not “inherited” but is “entrusted” by the people.

There are reports that Dy’s call to back an anti-dynasty law has the blessings of President Marcos, who is also a member of an entrenched dynasty. But even if the measure hurdles the House, a bigger question is whether a counterpart bill can hurdle the Senate.

The current composition of the Senate illustrates how politics has become a family business. With just 24 seats, there are three sets of siblings in the chamber. Several other senators belong to political dynasties.

Simply defining a dynasty is likely to be a contentious issue. Laws against graft and corruption cover relatives within the fourth civil degree of affinity or consanguinity.

Still, if this anti-dynasty initiative becomes law, it would be a landmark legislation that could help restore public trust in Congress and the executive. This reform is long overdue.

November 13, 2025 | 12:00am

MANILA, Philippines — Conglomerate Alliance Global Group Inc. (AGI) of tycoon Andrew Tan grew its profit by nearly a quarter from January to September, driven by strong performance of its diversified business portfolio.

AGI reported a 24-percent year-on-year growth in net income to P24.8 billion, as consolidated revenue reached P143.4 billion in nine months.

AGI said the group’s interim performance included one-time gain of P3.4-billion from the deconsolidation of its quick-service restaurants business, Golden Arches Development Corp., where the company retains a 49 percent stake.

AGI’s attributable profit during the nine-month period stood at P17.4 billion, up by 34 percent year-on-year.

Excluding one-offs, the company’s core net income rose by 10 percent year-on-year to P21.2 billion on the back of strong office and malls businesses, healthy contribution from the residential segment and the resilience of the group’s hospitality business.

AGI president and CEO Kevin Tan attributed AGI’s robust performance in the first three quarters largely to the group’s diversified business portfolio and product mix.

“During the period, we saw a sequential improvement in office and mall rentals and steady contribution from our residential and hospitality segments. Despite global economic challenges, our spirits business has managed to gain traction in the international market,” he said.

Tan said that providing an added lift in group earnings and margins was AGI’s ongoing cost management efforts, which were implemented across the business.

“As we build a culture of cost awareness, we hope to further enhance our operating efficiencies moving forward,” he said.

Megaworld remained the biggest contributor to AGI’s nine-month performance, posting a net income of P15.9 billion, up by 16 percent from P13.7 billion last year.

The property giant saw robust office, mall and hotel revenues, as well as healthy real estate sales.

Emperador, the world’s biggest brandy company, recorded an attributable net profit of P4.7 billion, with revenue reaching P41.2 billion.

The brandy segment accounted for P26.3 billion of Emperador’s total revenue, while the scotch whisky segment delivered P14.9 billion.

Travellers International, the group’s leisure and tourism arm, grew its attributable net income by 31 percent year-on-year to P651 million, benefitting from its ongoing cost management measures.

Total gross revenue for the period was at P28.6 billion, backed by increased foot traffic at the Newport World Resorts complex.

November 13, 2025 | 12:00am

MANILA, Philippines —  Strong operating performance from major business segments bolstered earnings of Cosco Capital Inc. in the nine months ending September.

The listed retail holding firm of Lucio Co reported a 6.6 percent growth in its net income to P10.7 billion in the first three quarters from P10 billion a year ago.

The group’s grocery retailing businesses, Puregold Price Club Inc. and S&R Membership Shopping Club, contributed majority of total net income at 68 percent, followed by the liquor distribution with 22 percent, commercial real estate segment with eight percent and energy and minerals and specialty retail with two percent.

Revenues for the nine-month period expanded by 11.5 percent to P182.9 billion from P164 billion in the same period of 2024.

“The group continued to benefit from the economic recovery amidst the prevailing macroeconomic challenges by way of sustained and stronger revenue growth across all its business segments which indicates the recovering consumer demand,” Cosco said.

In terms of business segments, Cosco’s grocery retail group delivered a net income of P7.3 billion, up by 5.6 percent year-on-year, driven by strong topline growth and complemented by slight increase in gross margins.

Net income for the liquor distribution business through The Keepers Holdings Inc. saw an increase of 12 percent to P2.43 billion as a result of the strong sales performance from the imported brandy segment.

The commercial real estate segment also grew its profit by 10 percent to P838 million despite recording a 2.3-percent dip in rental revenues during the period.

November 13, 2025 | 12:00am

MANILA, Philippines — Already qualified in the Final Four, National U marched on and secured at least a playoff for one of the two twice-to-beat incentives with a tough 70-64 win over Far Eastern U in the UAAP Season 88 men’s basketball at the Mall of Asia Arena yesterday.

MVP contender Jake Figueroa starred in the clutch once again with a dagger triple in the final minute as the Bulldogs claimed their fourth straight win to leap to 10-2 with two games to spare against first-game winner Santo Tomas (6-5), which moved to solo fourth, and winless University of the East (0-11).

With only titleholder UP (8-3) and La Salle (6-4) left as the teams who could rise to 10 wins, NU is already assured of a knockout battle for the No. 2 seed.

But NU wants no complications, bent on pushing forward for a shot at No. 1.

“Wala pa kaming napapatunayan. We know FEU na hindi basta-basta bibigay and the players worked hard for this win pero hindi pa rin kami satisfied kasi alam namin na hindi magiging madali itong papasok na last stretch,” said coach Jeff Napa. “Lagi naming in-explain sa team ‘yung next level na kailangan naming ma-meet.”

Earlier, Santo Tomas scored a wire-to-wire 109-97 win over winless University of the East and ended a horrific four-game losing skid.

The Growling Tigers broke the gates wide open at 33-16 and never relaxed.

November 13, 2025 | 12:00am

MANILA, Philippines —  Jose Rizal U rode on Sean Salvador’s career-best performance as it repulsed Emilio Aguinaldo College, 69-66, yesterday to stay in the quarterfinals race in NCAA Season 101 at the Filoil EcoOil Arena.

Salvador came off the bench to unleash 24 points including a pair of clutch free throws that helped seal for the Bombers their sixth win against five defeats.

It also pushed JRU closer behind St. Benilde and Letran, which are tied at No. 2 with 6-4 cards in Group B.

San Beda leads the bracket with a 7-3 slate. The Generals stumbled to 4-6.

Earlier, Arellano U turned back San Sebastian, 78-71, to remain at No. 3 in Group A with a 4-6 record.

T-Mc Ongotan had an all-around effort with 25 points, six rebounds, two assists, two steals and a block while Renzo Abiera chipped in 20 points that helped AU fortify its place at third in its bracket.

Making it in the top three in the group would mean an outright quarterfinals entry while avoiding a more dangerous position, a spot in the do-or-die play-in.