Category: Business Mirror

GEN. Jose Melencio Nartatez Jr., National Police (PNP) chief, on Thursday said that the service will recalibrate its intelligence and surveillance strategies to detect and dismantle smaller scam operations.

Nartatez ordered this shift in strategy following reports that illegal Philippines offshore gaming operators (Pogo) were shifting to rented houses in Metro Manila to evade authorities.

‘We are recalibrating our police strategy from broad-scale raids to surgical, intelligence-driven operations utilizing cyber-surveillance, high-bandwidth usage tracking, and community-level monitoring,’ Nartatez said in a statement.

The PNP chief said this is in-line with President Marcos Jr.’s orders to enforce the total ban on offshore gaming operations and prevent their resurgence under new disguises.

Earlier reports said law enforcement authorities are now tracking three active micro-scam hubs in Metro Manila.

These operations reportedly use small rented houses accommodating 10 to 20 people, a departure from the large compounds previously used to house thousands of workers.

Nartatez said the PNP was taking the evolving threat seriously and would work closely with other law enforcement agencies to prevent illegal operators from reestablishing their activities despite the nationwide ban on Pogos.

‘We take this evolving threat with absolute seriousness, and the PNP is working hand-in-hand with our law enforcement partners to dismantle these clandestine operations,’ he added.

‘While the total ban on Pogos neutralized massive compounds, these micro hubs represent desperate attempts to evade detection-attempts that our intelligence networks will aggressively hunt down and neutralize,’ the PNP chief said.

The reported emergence of smaller operations came after the October 2 raid on a suspected scam hub in Zamboanga Sibugay, which resulted in the arrest and rescue of 244 foreigners, mostly Chinese.

Nartatez also stressed that the PNP would pursue accountability for any personnel found to be involved in or providing protection to illegal scam operations after reports surfaced that dismissed police officers and military personnel were being used as henchmen in the operation of micro-scam hubs.

For decades, the national budget has been the country’s most efficient instrument of legalized plunder. This week, the Supreme Court finally said it out loud. (Read the BusinessMirror story: SC tags ’24, ’25 budgets as unconstitutional, October 20, 2026).

In a sweeping decision penned by Associate Justice Marvic Leonen, the SC struck down the 2024 and 2025 General Appropriations Acts as unconstitutional and gutted key provisions of the 2026 GAA. The reasoning is as simple as it is damning: Congress has been padding the President’s budget, and the padding has a price-P449.5 billion in 2024 alone, plus P17.99 billion more for the DPWH’s Special Road Fund in 2025.

The Court’s core holding is clean. Article VI, Section 25(1) forbids Congress from increasing the total appropriations the President recommends in the Budget of Expenditures and Sources of Financing. That ceiling covers programmed and unprogrammed appropriations combined. Congress blew straight through it.

But the ruling’s real contribution is not arithmetic. It is diagnosis.

Unprogrammed appropriations were meant to be a modest contingency- six to 12 purposes between 1989 and 2018. By 2024, the Bicameral Conference Committee had stuffed them with 43 new programs and projects worth P303.11 billion, ballooning UAs from P282 billion in the President’s proposal to P732 billion. That is not budgeting. That is a slush fund in legal costume. The Court’s phrase-that Congress ‘severely distorted the budget’ to create ‘artificial fiscal space’-belongs in every future hearing.

Worse, the Court found that ‘Strengthening Assistance for Government Infrastructure and Social Programs’ (SAGIP) was a prohibited lump-sum appropriation, a ‘covert repository’ for DPWH flood control projects, because it handed the Executive post-enactment power to decide where money goes-a power the Constitution vests in Congress.

This is a familiar disease. Each time one pork barrel falls, another rises wearing a new acronym. The Priority Development Assistance Fund was struck down. The Disbursement Acceleration Program was struck down. Now SAGIP. The mechanism mutates; the appetite never does.

The Court also indicted the process itself. The Bicameral Conference Committee kept no records, explained no increases or decreases, and submitted no supporting documents-in violation of its own rules. A body that rewrites a multi-trillion-peso law behind closed doors, then explains nothing, is not legislating. It is dividing the spoils.

So what now? The Court applied the doctrine of operative fact to the 2024 and 2025 budgets, meaning money already spent stays spent. Convenient for the spenders. P449.5 billion flowed through channels now declared unconstitutional, and beneficiaries keep their windfall if they acted in good faith. That is the ruling’s soft spot-and its largest one.

But here is the opening. The doctrine, the SC stressed, ‘does not shield authors, proponents, or implementors from criminal, civil, or administrative liability.’ Read carefully, that is an invitation. The justices have handed the Ombudsman and the Commission on Audit a map. The question is whether they will follow it, or whether the political departments will do what they always do-shrug, rename the fund, and move on.

The permanent injunction against the 2026 GAA’s Special Provisions 1(a) and (b) is a start. But injunctions fade from public memory long before the next election. The petitioners-the late Edcel Lagman, Koko Pimentel, Edgar Erice, Leila de Lima-spent years being dismissed as noisy. They were right.

The Court’s closing words deserve to be carved above every budget deliberation: the GAA ‘has never been a catalogue of licenses to abuse or to steal.’ For too long, it has been exactly that. The justices have now drawn a line. The rest of us-voters, auditors, prosecutors-must hold it, or watch Congress redraw it with a new acronym.

FLAGGING the risks in the 360-hectare ‘Smart City’ development project by SM Prime Holdings Inc. in Pasay City, the Asian Development Bank (ADB) is proposing a $500-million loan to the listed firm’s subsidiary.

The proposed corporate loan will be extended to SM Smart City Infrastructure and Development Corp. to support the development of roads, bridges, water and power infrastructure, wastewater facilities and stormwater, and flood management systems.

The financing will also cover coastal protection structures, including revetments and wave walls, as well as public open spaces, landscaping, smart city provisions, nature-based solutions, and working capital.

The infrastructure will be built on reclaimed land along Manila Bay, which the ADB noted is an ‘environmentally-sensitive coastal area where reclamation activities are subject to heightened regulatory scrutiny and stakeholder attention.’

The lender classified the project as having ‘substantial’ environmental and social risks, citing potential impacts involving labor and working conditions, pollution prevention, community health and safety, biodiversity, climate change, and stakeholder engagement.

While the project has secured environmental approvals under Philippine requirements, the ADB said the existing environmental assessments do not fully address all requirements of its Environmental and Social Framework.

To address these gaps, the ADB said the borrower agreed to strengthen its environmental and social management system, prepare supplementary environmental and social impact assessments and management plans, update existing plans covering remaining reclamation and coastal protection works, and develop a land acquisition plan.

It also committed to enhancing the firm’s ‘Stakeholder Engagement Plan.’

The project is expected to generate employment during land development, as well as improve access to urban infrastructure and essential services for future workers, residents, entrepreneurs, and the general public.

The ADB has set November 25, 2026, as the target approval date for the proposed financing.

THE Department of Budget and Management (DBM) confirmed Thursday that zero funds have been released under the 2026 budget provisions recently struck down by the Supreme Court.

Budget Secretary Kim Robert de Leon assured lawmakers during Senate Finance subcommittee hearings on DBM’s proposed P3.1-billion budget for 2027 that no disbursements were charged against Special Provisions 1(a) and 1(b) of the 2026 General Appropriations Act (GAA).

‘So far, we haven’t charged anything against 1(a) and 1(b) for 2026,’ de Leon said, adding that only foreign-assisted projects under unprogrammed funds have seen releases.

The Supreme Court recently invalidated key portions of the 2024 and 2025 national budgets after Congress added funds beyond the President’s recommended National Expenditure Program-including a P449.5-billion hike in 2024 unprogrammed funds and P17.99 billion for DPWH’s Special Road Fund in 2025.

In the same decision, the High Court declared Special Provisions 1(a) and (b) of the 2026 GAA unconstitutional, while setting clearer ground rules for future compliance.

THE total monetary value of the Philippines’s commercially recoverable energy reserves rose by 3.2 percent last year, data released by the Philippine Statistics Authority (PSA) on Thursday showed.

Based on the PSA’s Energy Asset Accounts, the combined value of the country’s Class A coal, oil, natural gas and condensate reserves reached P295.04 billion in 2025, up from P285.80 billion in 2024.

The PSA defines Class A reserves as ‘commercially recoverable energy resources confirmed to be economically viable under a defined development project or operation.’

Despite the increase in their total value, the four non-renewable energy resources accounted for a smaller share of gross domestic product (GDP), at 0.15 percent or P42.92 billion in 2025, down from 0.16 percent a year earlier.

Coal accounted for the largest share of the total monetary value of energy reserves, with Class A coal reserves valued at P253.31 billion in 2025, up by 2.3 percent from P246.79 billion in 2024.

The value of Class A natural gas reserves rose by 38.5 percent to P27.04 billion in 2025 from P19.53 billion a year earlier. Class A oil reserves also increased by 38.5 percent to P1.80 billion from P1.30 billion.

In contrast, the value of Class A condensate reserves fell by 25.4 percent to P12.89 billion in 2025 from P17.29 billion in 2024.

In terms of physical stock, Class A coal reserves increased by 15.1 percent to 445.73 million metric tons (MT) in 2025 from 387.17 million MT a year earlier.

Coal extraction, however, also increased, rising by 22.8 percent to 21.68 million MT in 2025 from 17.66 million MT in 2024.

Meanwhile, Class A natural gas reserves declined by 15.9 percent to 195 billion standard cubic feet (scf) in 2025 from 232 billion scf in 2024. Natural gas extraction also fell by 9.6 percent to 63.56 billion scf from 70.34 billion scf.

Class A condensate reserves dropped by 16.7 percent to 5 million barrels in 2025 from 6 million barrels a year earlier. Its extraction likewise declined by 8.4 percent to 1.59 million barrels from 1.73 million barrels.

In contrast, Class A oil reserves increased by 4.6 percent to 434,000 barrels in 2025 from 415,000 barrels in 2024, which the PSA attributed to upward reappraisals. Oil extraction, however, decreased by 10.9 percent to 399,010 barrels from 447,860 barrels.

THE Monetary Board decided to raise the key interest rate for the fourth time in a row this year-opting, however, for a larger-than-usual increment this time as it saw the urgency to contain recent ‘unforeseen’ developments on prices, with El Niño’s peak still to come.

At its monetary policy meeting on Thursday, the Monetary Board, the highest policy-making body of the Bangko Sentral ng Pilipinas (BSP) decided to raise the central bank’s Target Reverse Repurchase (RRP) Rate by 50 basis points to 5.50 percent.

The interest rates on the overnight deposit and lending facilities were adjusted to 5 percent and 6 percent, respectively.

‘Sense of urgency’

BSP Governor and MB Chairman Eli M. Remolona, Jr. explained that worse-than-expected numbers prompted the MB to raise the key interest rate by 50 basis points at its October 22 rate-setting meeting-an increment that is larger than the quarter-point hike per meeting delivered by the MB in its first three scheduled meetings for the year.

‘There was…because the numbers we were looking at, the forecasts, were worse than we thought. So there were surprising developments on prices. So there was a bit of a sense of urgency to try to dampen these inflationary pressures,’ Remolona said.

Explaining these ‘surprising developments’ further, Zeno Ronald R. Abenoja, the central bank’s Deputy Governor of the Monetary and Economics Sector, revealed: ‘We have observed some unforeseen events that occurred in the third quarter of this year.’

These events, he emphasized, ‘could be a manifestation of the beginning of the El Niño event.’ Abenoja added: ‘And the peak is still to come.’

‘So to some extent we have considered those,’ the BSP deputy governor said.

While a ‘confluence of factors’ were incorporated in the MB’s latest policy action, Remolona emphasized that ‘the biggest risk at the moment is El Niño.’

Abenoja explained that there are several dimensions where El Niño can impact domestic inflation.

‘The loss in…or weaker domestic production of palay, for example, or higher international prices or extreme weather events that affect production. Although there will be dry conditions, it’s possible that there could be stronger typhoons that could affect food prices,’ added the central bank deputy governor.

Elevated inflation in 2027

The central bank updated its inflation forecasts based on the actual developments in the market and in the economy, as well as new information that became available.

For 2026, the forecast is still 6.1 percent average inflation. For 2027, however, the forecast had been revised upwards to 6 percent, from the 5.4-percent inflation forecast pegged during the August 27 rate-setting meeting.

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By 2028, the central bank sees inflation returning to its target, as it expects inflation to settle at 3.3 percent.

Inflation could rise further in Q4

With the average inflation forecast for 2026 at 6.1 percent and the actual numbers for the first nine months of the year at about 5.4 percent, Abenoja said this means the inflation rate ‘could continue to increase in the last quarter of 2026.’

The central bank said inflation is seen to accelerate further in the coming months.

‘Average headline inflation is expected to remain high in 2027 and approach our 3.0-percent target in 2028. Core inflation is likewise projected to continue to rise, indicating underlying price pressures,’ the BSP said.

‘Renewed tensions in the Middle East have driven global oil prices higher. Upside risks to inflation have materialized with the recent increase in transportation fares. El Niño conditions also continue to pose a risk to agricultural production and prices,’ the central bank also noted in its statement.

The Monetary Board recognized the need for a ‘strong’ monetary policy response to broadening price pressures and further upside risks to inflation.

Such a ‘decisive response,’ it added, will make monetary policy ‘appropriately restrictive.’

‘This will contain second-round effects and firmly anchor inflation expectations,’ added the BSP.

The BSP said it stands ready to take further monetary policy action as necessary to ‘ensure the timely return of inflation to the target, in keeping with our price stability mandate.’

The MB has raised the key interest rate by a total of 125 basis points since the start of the conflict in the Middle East on February 28, delivering three separate quarter-point rate hikes at the Monetary Board’s rate-setting meetings held on April 23, June 18, and August 27; and a separate half-point rate hike on October 22.

Acolor-shifting crest, a Hedwig-inspired camera deco, and a few surprises still under wraps.

Filipino Potterheads, check your windowsills. The realme 16 Pro 5G Harry Potter Edition is headed to the Philippines, and it takes the theming well past a wallpaper pack and a themed case.

That becomes clear the moment you turn the phone over. The Hogwarts Four-House Crest sits on a 3D diamond-pattern leather finish inspired by the wizard chessboard. Under UV light, all four house colors appear at once, a world-first effect realme calls Quadra Light-Sensing Color-changing Tech. A Hedwig-inspired camera deco in aluminum alloy frames the lenses, and ‘Welcome to Hogwarts’ is laser-engraved on the mid-frame, all within an 8.47mm body.

The magic doesn’t stop at the hardware. Switch the phone on and it carries through the software, with a Hogwarts Castle wallpaper, a Harry Potter-inspired boot animation, a fingerprint animation that sends acceptance letters flying, and more than 30 redesigned app icons.

Under the spellwork, the phone is a capable one. It features the industry’s first TÜV-certified 200MP LumaColor Camera, a 7000mAh Titan Battery with 80W fast charging, and a 144Hz FHD+ AMOLED display, plus an IP69 Pro Dust and Water Resistance for the less magical moments.

Then there’s the packaging. The limited edition gift box is styled as a Hogwarts acceptance kit, and there’s a hidden surprise tucked inside that we’re not spoiling yet.

The owl is already in flight. Stay tuned for the full reveal, including pricing and availability.

THE Philippines could see wider adoption of stablecoins as the trust gap among Filipinos presents opportunities to boost consumer awareness and understanding of cryptocurrencies, according to an executive of Visa Inc.

In a news briefing last Thursday, Visa’s Direct Head for Regional Southeast Asia Qinwen Xiao said the low level of awareness or trust in stablecoins provides an opportunity for market practitioners, government, the central bank, payment networks and banks to improve the usage of this type of cryptocurrency.

Xiao explained that stablecoins are designed to keep a steady value by being pegged to a fiat currency such as the US dollar. These tokens have increasingly been used by fintechs and remittance providers to lower the cost and shorten settlement time of cross-border transfers, documents provided by Visa read.

‘We do see, globally, financial institutions are seeing the benefit. They are discussing and exploring a stablecoin initiative with Visa,’ Xiao said.

According to Visa’s ‘Money Travels: 2026 Digital Remittances Adoption’ report, 42 percent of Filipino respondents have little awareness of stablecoins.

Trust in stablecoin transfers is also lower at 38 percent compared to cash remittances at 81 percent, as well as digital remittances at 79 percent.

Visa said this trust gap could expand consumer awareness of stablecoins and digital currencies, as 79 percent of Filipinos said they want more education around stablecoins and how they work.

‘This really opens up an opportunity for the market practitioners to really help educate and increase their awareness of what a stablecoin is in the Philippines,’ Xiao said.

Citing Visa’s report, 72 percent of Filipinos send or receive money multiple times a year while about 35 percent send or receive money once a month.

The Philippines emerged as the top receiver-led market among key markets surveyed, including Australia, Mainland China, Japan, India and Singapore.

Digital transfers are seen as the fastest remittance options, with mobile wallets identified as the top transfer method for speed when using this channel.

Digital transfers directly to a bank account come second (31 percent) followed by debit or credit cards on apps or websites (20 percent).

GMA Network’s romantic comedy mini-series From Vlog to Love, headlined by Sparkle stars Shuvee Etrata and Anthony Constantino, is making its broadcast premiere on free TV this October 25.

From a digital series that won the hearts of viewers to a full-length special, Shuvee and Anthony bring humor and heartwarming moments as Angge and Bullet.

Shuvee shares her feelings about her first solo starring project: ‘Sobrang grateful lang talaga to GMA for giving us the platform to test our skills at ipakita kung meron ba talaga kaming chemistry ni Anthony.’

Anthony also expresses how they brought their real-life connection to this project: ‘Bringing the kilig to the screen was super easy. You could say it is very natural when it comes to working with Shuvee.’

Joining Shuvee and Anthony in From Vlog to Love are Sparkle artists Caitlyn Stave and Kiel Gueco, along with Christian Antolin, Marnie Lapus, Che Ramos-Cosio, and Ruby Ruiz.

The story centers on the whirlwind romance of a hardworking college intern, who catches the eye of a bossy Fil-Am resort owner, unaware that his efforts to win her heart are part of his online comeback plan.

Reflecting their real-life dynamic, an ‘Afam meets Bisdak’ trope anchors the story while exploring modern love in the age of social media, viral content, and complicated relationships. From Vlog to Love features a feel-good story that blends effortless delight and comedy into an engaging and heartwarming viewing experience.

From Vlog to Love airs this Sunday, October 25, at 2:55 pm on GMA Network.

Sun Life Grepa Financial Inc. (Sun Life Grepa), one of the country’s leading life insurance providers, was named as one of HR Asia’s Best Companies to Work for in Asia 2026. This recognition underscores the company’s commitment to talent development, employee engagement, and creating an environment that acknowledges the contributions of its people.

‘This award is a shared achievement of the company and its employees, whose dedication and commitment demonstrate Sun Life Grepa’s values and culture in their everyday work’ said Richard S. Lim, President of Sun Life Grepa.

A current four-time awardee of Great Place to Work, the company continues to empower its employees through robust employee programs focusing on growth and development, well-being, and culture-building.

By fostering an environment where employees are encouraged to unleash their brightest selves, Sun Life Grepa strengthens its ability to advance its core mission of helping Filipinos achieve lifetime financial security and live healthier lives.

This recognition is also the third HR award received by the company this year, contributing to the company’s continuing journey to become an employer of choice in the Philippine insurance industry and affirms its continued efforts in building a workplace environment where everyone is valued, supported, and inspired to succeed.

The HR Asia Awards is one of the prestigious award-giving bodies in the region. Nominees need to go through evaluation process that requires employee engagement surveys and presentations. It recognizes companies with best-in-class HR practices and demonstrates high levels of employee engagement and excellent workplace culture.