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Moody’s Ratings has further trimmed its Philippine growth forecast for 2026 to 3.3 percent from 3.6 percent previously as elevated energy prices and weak investment continue to weigh on economic activity.

In a report, the debt watcher said real gross domestic product (GDP), the broadest measure of economic output, is expected to grow by 3.3 percent this year before recovering to 5.1 percent in 2027 as confidence improves and investment strengthens.

The new forecasts are lower than Moody’s August projections of 3.6 percent for 2026 and 5.3 percent for 2027.

Moody’s attributed the weaker near-term outlook to higher energy prices amid the conflict in the Middle East and ‘still-subdued investment activity.’

Still, it said Philippine growth dynamics remain stronger than those of similarly rated economies, supported by infrastructure spending, remittance inflows and reforms aimed at attracting greater private and foreign investment.

Remittances from overseas Filipino workers, equivalent to around eight percent of GDP, continue to support household consumption and provide a stable source of external financing.

Moody’s said progress in project execution, investment liberalization and public-private partnership reforms should help lift investment and productivity over the medium term.

However, ‘implementation delays or weaker-than-expected investment could weigh on confidence, constrain private investment and slow medium-term growth potential,’ it said.

The rating agency also flagged lingering governance weaknesses that could hamper public investment.

It said recent reviews of infrastructure planning, budgeting and procurement ‘exposed governance weaknesses that led to significant project delays and weighed on investor confidence.’

The Philippines also ranked below the 30th percentile globally in both rule of law and control of corruption based on the World Bank’s Worldwide Governance Indicators, according to Moody’s.

Despite these challenges, Moody’s said the government has maintained broad policy continuity and continued to pursue structural, fiscal and business environment reforms.

On the fiscal side, Moody’s expects consolidation to remain broadly on track despite weaker growth and uncertainty surrounding proposed revenue measures.

The general government deficit is projected to narrow to around four percent of GDP this year from 4.1 percent in 2025 as economic activity recovers, revenue administration improves and spending efficiency gains materialize.

However, Moody’s said weaker revenue growth, implementation challenges and pre-election spending pressures could slow the pace of deficit reduction.

It also noted that recent fiscal consolidation has partly reflected restrained capital spending, while improvements in revenue mobilization have remained gradual.

Government debt is expected to stabilize at around 58 percent of GDP over the next two years before declining gradually.

Debt affordability, however, remains the key constraint to fiscal strength, with interest payments projected to stay above 14 percent of government revenue compared with the roughly nine-percent median among similarly rated sovereigns.

Charly Suarez just can’t seem to catch a break.

First, Emanuel Navarrete sidesteps a dangerous rematch with him after their first fight was ruled a no-contest. Instead, Navarrete gambles on becoming unified super featherweight champion against O’Shaquie Foster, and loses by unanimous decision. Foster therefore owns the WBC, WBO and IBF belts. Now, Top Rank founder Bob Arum is making plans to throw Vasiliy Lomachenko into the mix, using Suarez as a stepping stone. This is not a Halloween prank.

Suarez is the mandatory WBO challenger. He initially lost to then-champion Navarrete after a cut over the Mexican’s left eye was mistakenly ruled the result of a headbutt. The decision was nullified, and for the last year and a half, Suarez has been waiting for another chance at a world title. Lomachenko, a two-time Olympic gold medalist and former three-division champion, retired last year, and was seen at ringside of the Navarrete-Foster card. Arum has announced that the Ukrainian will fight Suarez first, then challenge Foster and finally fulfill his dream of becoming undisputed champion in the weight class.

Wait a minute. Suarez stepped aside with the understanding that he would fight the winner between Navarrete and Foster. Does that mean Arum is disregarding that, and thinks that Lomachenko can beat Suarez and therefore earn the shot against Foster, to the point that he’s making plans for a fight after that. But Foster’s also shown interest in Shakur Stevenson and Gervonta Davis. What?

This dizzying turn of events is a huge slap in the face of Suarez, the undefeated contender who has patiently worked his way up the rankings after a long and distinguished career on the Philippine national team. Where is all this disrespect coming from? Is the ‘King’s Warrior’ too humble for his own good? Is Loma perceived as the bigger draw, or is Charly considered an outsider? At 38, the clock is ticking against the Filipino.

As agreements go, Arum has proven time and again that agreements are like smoke, easily blown away and disregarded. Remember how he treated Manny Pacquiao before and after the ‘Battle of Brisbane’ against Jeff Horn? When Pacquiao lost (some loudly say he was cheated), he was being relegated to undercard material.

Promoters are independent private organizations with no government authority having jurisdiction over them. Should one state athletic commission regulate them, they just move their events to a friendlier state. Who is going to fight for Charly Suarez and help him get the title shot he has rightfully earned by playing by the rules?

The post-career lives of Olympic medalist brothers Roel and Onyok Velasco are revealed on ‘Masters of the Game,’ airing on IBC 13, DWAN 1206 AM, YouTube and Facebook today at 5:15 p.m.

With inflation accelerating, the peso weakening, economic growth slowing and the government’s debt rising to a new record high of P19.66 trillion as of end-September, there should be greater pressure for the judicious use of public funds.

As of end-June, sluggish gross domestic product growth and increased borrowings had already pushed up the debt-to-GDP ratio to a 21-year high of 66 percent.

Fiscal prudence starts with the proper allocation of public funds. It takes many months for executive agencies, working with development planners, to put together the annual national expenditure program. Budgeting for the NEP is supposed to be guided by strategic and cohesive planning.

And yet the nation has seen, over and over again, myopic, self-serving interests of individual lawmakers dominating the budget process, and wreaking havoc on any attempt to inject strategic objectives in the utilization of limited public funds.

Despite the scandal over massive corruption arising from the looting that had apparently been institutionalized in the crafting of the annual national budget, the 2027 General Appropriations Bill crafted by the House of Representatives indicates that congressmen are unmoved by public outrage.

Budget watchdogs have flagged over P1 trillion in questionable items inserted or realigned from the NEP by House members in their version of the GAB.

The People’s Budget Coalition described the flagged items as hard, soft and shadow pork barrel.

‘Hard’ pork refers to P695 billion mostly in lump sums for infrastructure projects including multipurpose buildings and farm-to-market roads that lack clear documentation, cost justifications and science-based planning.

‘Soft’ pork refers to P210 billion in social assistance or ayuda used for patronage and distributed through discretionary referrals of politicians.

‘Shadow’ pork refers to P112 billion in unprogrammed or standby appropriations that can be released with wide discretion.

The red flags have prompted even the business community to issue a statement of concern over the mangling of the proposed outlay for 2027.

Last Thursday, over 30 business groups issued a joint statement, urging Congress to remove the flagged insertions and correct the questionable realignments. The groups also called for the restoration of P130 billion in funding for foreign-assisted projects. The delayed implementation of FAPs due to the withdrawal of counterpart funding is costing the country billions in commitment fees and other penalties.

The Senate can still respond to public concerns and put an end to unconscionable business as usual in the budget process.

Raf Dionisio wanted to be a rich man, because he had set his sights on working for a multinational, being a corporate executive, using his penchant for Math and making a lot of money. Until a friend nudged him and said: you have to do something for the world. You have to make a difference. That woke him up and so Making A Difference or MAD travel was born.

He admitted to me that after college he had gone into as many as seven attempts to found a business that would survive. Some were purely commercial like buying and selling of cars, another was supplying vegetables door-to-door, another was investing in a social enterprise and even copying the ube jam of Good Shepherd, among many other attempts. But what got him deep into purpose, mission and what seems to be a sustainable business model is MAD travel. He established an adventure company. In this day and age when tourists look for experience and not things to buy or to just pose for a photo at a scenic spot, MAD travel became relevant.

Raf realized it had to be a little different and one had to be a little crazy. He designed his tours to allow people to ‘make a difference’ like teach in a school, help reforest and care for the environment by avoiding waste. To roll all of these things together, he zeroed in on his niche market: school field trips and company corporate social responsibility (CSR) and ESG events. After all, which company has not yet done a tree planting exercise? Almost every volunteerism event asks you to plant a tree.

But he first had to learn how to deal with the Aetas or any indigenous tribe because they have their respected rules such as running every plan with their elders. They have a leader called the IPMR or Indigenous People Management representative and he or she must tell the community about plans to reforest or whatever activity must happen. Raf had to take lessons from a reforestation project in Bukidnon with similar conditions. He asked for the advice of John Perrine of Hinelaban Foundation who had experience in reforestation with the Tala-andigs. So John asked him to bring his community elders over to learn in situ.

The similarity ended there. Bukidnon had the support of multinational corporations while Raf’s Zambales site only had start up businesses. But he carried on, learning which tree species could be planted in his area in Zambales which had lahar (volcanic flow) soil from Mount Pinatubo’s eruption. Over time he learned that he could plant kupang, a species where bats roost as they grow up to 30-40 meters high, the balete for fruits, agoho and narra. He learned about native species also from University of the Philippines Los Baños (UPLB)and transformed from being a math whiz to being a forester. He learned that the community elders are the ultimate foresters.

He takes pride in having planted 148,000 trees over a few years through the business model he evolved into – and it is called Impact Tourism. He has a handful of tour guides who know the forest, and he now knows the seasons of when it is hot and when there are floods. They also have a mountain development framework where tall trees are planted at the very top, fruits trees at lower elevations so they can be easy to harvest (e.g. cashew) and at the bottom would be root crops for food.

MAD travel will soon be renamed MAD Earth but the mission has stayed the same: protect the environment while having a sustainable economy in these parts. And companies can very well support Raf while doing their CSR and ESG initiatives or even just compliance because some creditor requires them to do so. Raf does not mind the reason, he cares that you choose to plant the right trees in the right environment. So MAD Earth can handle school field trips, company excursions and even ‘barkada’ treks. As he said: travel is the how and Earth is the why. Thus, it is now MAD Earth and appropriately so.

Raf has seven locations in and around Zambales for every trekker’s flavor profile. He has Tribes and Treks; Feast in the Forest and Heights in Harmony as some of the well-named tours his company has been developing. So if you wish to help reforest while making your staff feel excited, a MAD trek is what you should take. Already many of his trekkers belong to the younger generations – Gens Y, Z and Alpha. And that is good news. The younger ones are taking it into their own hands, literally. Digging the soil and planting those trees.

I wish Raf could replicate these tours in other places like Mount Apo, Mount Kitanglad and Mount Matutum. The same formula of Indigenous People plus mountain and the drive to reforest our denuded areas. It takes a madman, who was nudged into mission, to do something like this, keep at it for years and see it through. With Raf’s experience in Zambales, a hot and humid area, anywhere else that is cooler or higher might even be easier.

This is a good time to address our domestic tourism development with Impact Tourism projects such as MAD Earth. One man’s entrepreneurial dream may be the solution to climate change and sustainable development. Big words that can be solved by a crazy idea of an entrepreneur who has shown success in his pilot run in Zambales. Imagine that replicated across the country.

We hope your tribe increases, in a literal way. From one tribe to another, our indigenous people may be the solution to our climate change challenges. Reforest with the ultimate foresters. And throw in a Math whiz with determination and grit. That’s the MAD formula.

Bea Millan-Windorski is directing all her focus to represent the Philippines the best away possible at Miss Universe as the pageant’s organization navigates concerns among rivaling executives.

The beauty queen from La Union was crowned Miss Universe Philippines last May and has preparing for the diamond edition of Miss Universe the last six months.

Officials within the pageant’s mother company however have been at a war of words in recent weeks over who has authority to speak on organizational matters and properly represent the Miss Universe brand.

The dispute has resulted in six Southeast Asian countries withdrawing from the 75th Miss Universe this November, including Vietnam, which one side has announced as the host of the next edition in 2027.

Philstar.com spoke to Bea on the sidelines of a Halloween party held in a Makati hotel on October 29 and asked how she is blocking out the noise to focus on her pageant journey.

The beauty queen shared about a conversation with Secretary Robert E. A. Borje of the Philippines’ Climate Change Commission ahead of the 2026 UN Climate Change Conference, or COP 31 in Turkey, next month.

Bea and Borje discussed how events like COP31 and Miss Universe are opportunities for the world to come together, as well as for the Philippines to show what it has to offer.

“More than anything going on, I’m just focusing on what I can control and representing the Philippines to best of my ability,” Bea said.

She does so in her talks about climate change, its root causes, and how to protect Filipino, given that the Philippines is among the most climate-vulnerable countries in the world.

Bea also said she is focusing on telling the Filipino story through other avenues like her wardrobe.

“I already feel like I’m highlighting the beauty of our country to an international audience and that’s enough for me,” the national titleholder ended.

The coronation night of Miss Universe 2026 will take place in Puerto Rico on November 25 (Philippine time) as Bea vies to take home the country’s fifth crown.

After spending more than a decade working in Dubai’s specialty coffee scene, a Bukidnon native has returned home to bring his international experience to the growing coffee culture of Valencia City.

Justiniano III Cosep “Justin” Berou, owner of Breou Café in Valencia City, spent twelve years navigating Dubai’s specialty coffee scene in the United Arab Emirates, rising from a frontline barista to area manager and barista trainer. Today, he uses that global exposure to elevate the local coffee culture in his home province of Bukidnon.

Berou began his career in the hospitality industry in 2008 before shifting his focus exclusively to coffee in 2012. That year, he moved to Dubai, where he joined a specialty coffee shop and developed a passion for third-wave coffee concepts. Driven by a desire for professional growth, he steadily climbed the corporate ladder over the next several years.

“I don’t like to be stagnant,” Berou said. “I always wanted growth.”

Berou’s experience working in the UAE Prime Minister’s Office from 2017 to 2020 also contributed to his career as a coffee professional. Even while living abroad, Berou was planning his return. In 2018, he began buying commercial coffee equipment and shipping it to the Philippines, viewing the purchases as a long-term investment.

When the COVID-19 pandemic disrupted global operations in 2021, Berou did not abandon his plans. Instead, he returned to the Philippines to launch a pop-up café that featured local Bukidnon coffee beans, initially sourced from a supplier in Cagayan de Oro City.

Berou made his first major public appearance at the Kaamulan Festival in 2025. Following the festival, he established a home-based café. Sourcing raw materials in small volumes posed an initial challenge, leading him to collaborate with Buy and Brew Roasters, a local roasting facility in Valencia City.

On July 8, 2026, Berou officially opened the physical storefront of Breou Café, introducing a semi-specialty coffee concept to Valencia City. Beyond serving beverages, Berou takes a hands-on approach to educating local consumers about the natural flavor profiles of single-origin beans.

“The challenge is making consumers appreciate the natural flavors of coffee without relying heavily on sweeteners,” Berou said. “It requires constant customer education.”

To deepen his expertise, Berou actively participated in regional industry events, including the Southeast Asia Green Coffee Competition and Kaamulan Festival coffee fair.

Transitioning from an employee to a business owner presented new leadership challenges. Having worked every operational role himself, Berou empathizes with his staff’s daily struggles, though he acknowledges the balance required between leadership and empathy.

“As a former café employee, I understand their feelings and struggles,” Berou said. “It was difficult at first to strictly implement business procedures, but I realized I needed to step up so the business could grow. Fortunately, I have built a strong team.”

Looking forward, Berou plans to establish his own small-batch roastery and expand Berou Café into commercial hubs and shopping malls. To achieve this, he intends to partner with local coffee farmers across Bukidnon and collaborate with government agencies, including the Department of Science and Technology, to secure equipment and technical support.

Through persistent investment and a commitment to local agriculture, Berou aims to prove that world-class specialty coffee can thrive right in the heart of Bukidnon.

Mixed movements in pump prices are projected to continue as November starts next week.

An oil industry source said motorists should expect a P2.90 to P3.20 increase in gasoline prices.

Meanwhile, diesel prices may see a slight cut of around P0.40 to P0.60 per liter.

According to the source, eased diesel export restrictions by South Korea helped lower the product’s price, which increased by P1.20 per liter earlier this week.

These prices, however, continue to be affected by energy supply disruptions linked to tensions in the Middle East, as well as concerns over another United States strike on Iran after the former’s midterm elections next week.

The peso’s slide to record lows against the dollar also threatens to push fuel prices even higher, with Department of Energy Secretary Sharon Garin saying that the weakening peso could drive up the cost of imported coal, diesel and liquefied natural gas.

On Tuesday, October 27, the currency hit an all-time low exchange rate of P64.17 to the dollar.

Although the peso traded higher in the following days, it has lingered near the P64-per-dollar mark since.

At seven years old in dark-lit pool halls in Antipolo, AJ Manas took up billiards and dreamt of becoming Efren ‘Bata’ Reyes and Francisco ‘Django’ Bustamante someday. He is getting there.

The cue artist known as ‘Starboy’ came close to snatching a major crown after barging into the Qatar World Cup 10-ball finals before falling to German Joshua Filler, 6-13, at the Ezdan Palace Hotel in Doha yesterday.

It was another close shave at glory for Manas after also finishing runner-up in the WPA Men’s Doubles 10-ball World Championship early this month in Bali, Indonesia where he teamed up with mentor Carlo Biado.

Aboitiz Power Corp. led the earnings performance of Aboitiz Equity Ventures Inc. (AEV) in the first nine months of 2026, as higher electricity prices, increased contracted power sales and additional generation capacity offset weaker performance in other business segments.

AboitizPower reported net income of P26.2 billion for the January-to-September period, up 13 percent from P23.3 billion a year earlier, making it the largest contributor to the conglomerate’s earnings.

The power business contributed P14.1 billion to AEV’s consolidated earnings, accounting for about 64 percent of the group’s reported earnings mix.

AEV reported consolidated net income of P17.8 billion, a 2 percent increase from the same period last year, supported by stronger contributions from its power and banking businesses.

AboitizPower’s growth was driven by higher electricity market prices, greater volumes covered by supply contracts and additional generation from the Caliraya-Botocan-Kalayaan (CBK) Hydroelectric Power Plant Complex and newly commissioned solar facilities.

These gains more than offset the effects of lower coal plant availability during the period.

Excluding one-off items and foreign exchange gains and losses, AboitizPower’s net income rose 11 percent to P25.5 billion. Operating earnings increased 13 percent to P63.7 billion.

The company, however, recorded lower third-quarter net income of P7.8 billion, against P10.6 billion a year earlier, reflecting reduced availability of its coal-fired power plants.

AboitizPower continued to expand its generation and energy storage portfolio, including the groundbreaking in July of a 60-megawatt battery energy storage facility in Cebu, aimed at strengthening grid reliability.

The expansion comes as power demand and supply reliability remain important considerations for the country’s electricity market, particularly in the Visayas, where additional capacity and grid flexibility are needed to support economic activity.

Banking provides additional earnings support

Union Bank of the Philippines was another major contributor to AEV’s performance, reporting a 53 percent increase in net income to P9.9 billion.

The bank’s total revenue grew 8 percent to P65.5 billion, supported by higher lending income, banking fees and wealth management services. Net interest income increased 9% to P51.9 billion.

Loans to individual customers accounted for 62 percent of its total loan portfolio, while provisions for potential loan losses declined 4 percent to P15 billion.

As of September, UnionBank had P1.2 trillion in assets and P573.5 billion in loans, contributing P5 billion to AEV’s earnings. The bank also reported serving more than 19.5 million customers in its October earnings announcement.

Mixed results across other businesses

AEV’s food and beverage operations, comprising Aboitiz Foods and Coca-Cola Europacific Aboitiz Philippines, contributed P4.7 billion, down from P5.2 billion a year earlier.

Higher beverage volumes at CCEAP and gains in regional livestock feeds, trading, pet food, specialty nutrition and fish feeds at Aboitiz Foods were partly offset by weaker farm and meat operations, amid import competition and softer domestic demand.

In real estate, AEV’s earnings fell sharply to P7 million from P1.7 billion, reflecting the absence of significant land sale gains recorded in 2025 and the timing of economic estate lot sales.

Residential operations nevertheless reported improved sales quality and fewer forfeitures, while economic estates benefited from higher occupancy and rental rates.

In infrastructure, AEV’s share of Aboitiz InfraCapital’s losses narrowed to P520 million from P668 million, helped by increased passenger traffic at Mactan-Cebu International Airport and contributions from the Laguindingan and Bohol-Panglao international airports.

However, Republic Cement continued to weigh on the segment, with AEV’s share of its losses increasing to P1.2 billion from P1.1 billion. Total infrastructure losses attributable to AEV reached P1.7 billion.

Despite the improvement in its nine-month earnings, AEV’s third-quarter net income dropped to P4.1 billion from P8.9 billion a year earlier, highlighting the uneven performance of its businesses.

As of September 30, AEV had total assets of about P1 trillion and cash holdings of P84.8 billion. Total liabilities stood at P621.2 billion, while equity attributable to parent company shareholders increased to P301.9 billion.

The group maintained a current ratio of 1.1 times and a net debt-to-equity ratio of 0.9 times.

In May, AEV received an A- investment-grade credit rating with a stable outlook from Japan Credit Rating Agency, which cited its diversified portfolio, recurring cash generation and financial management.

The results show the growing importance of power generation to AEV’s earnings base, with AboitizPower providing the largest share of profits as the conglomerate navigates differing operating conditions across its businesses.