Category: Business Mirror

The Philippine peso slumped to a new record low of P61.888 against the dollar on Thursday after the central bank raised its inflation forecasts for 2027 and 2028 due to risks seen from a strong El Niño drought.

Data from the Bankers Association of the Philippines (BAP) showed the peso closed at P61.888 against the dollar on Thursday, 23.8 centavos weaker than its previous finish of P61.65 on Wednesday.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC) indicated that the local currency weakened ‘after higher BSP inflation estimates for 2027 and 2028 due to risk of higher inflation due to possible strong El Niño drought and wage hikes.’

Ricafort said, however, that weakness of the peso may have been offset by the latest 25-basis-point (bp) hike delivered by the Bangko Sentral ng Pilipinas (BSP) during its monetary policy meeting on Thursday, bringing the key interest rate to 5 percent.

For his part, Jonathan L. Ravelas, senior adviser at Reyes Tacandong and Co., said the peso weakened to 61.888 after the greenback strengthened anew on ‘Middle East worries.’

‘Despite the 25-bps BSP rate hike, the peso is likely to trade within the 61.60-62.00 range, with geopolitical risks continuing to drive sentiment. Stay tuned,’ he added.

China Banking Corporation (Chinabank) Group Chief Economist Domini S. Velasquez said: ‘Although we had a different view on today’s policy decision, favoring a pause over a hike, the 25-bp rate increase was largely expected and offered limited fresh support for the peso.’

Velasquez said the ‘preemptive hike’ reinforces the BSP’s focus on keeping inflation expectations anchored, ‘but comes at the cost of further weighing on domestic demand and growth.’

‘With the economy already losing momentum, this could point to a more prolonged period of weak growth ahead,’ added Velasquez.

Prior to plunging to the new all-time low of 61.888 on August 27, the last time the peso slumped to its weakest was on July 24 when it closed at P61.847 against the greenback.

Within the trading session on Thursday, the peso traded from as strong as P61.68 to as weak as P61.89 per dollar.

At the Monetary Board’s policy meeting on August 27, it revised downwards its inflation forecast for 2026 to 6.1 percent from its 6.4 percent forecast during its June 18 policy meeting.

However, it raised its inflation forecast to 5.4 percent for 2027, compared to its 4.5 percent forecast on June 18.

Philippines is bringing the ultimate foldable experience closer to more Filipinos as the HONOR Magic V6 is now available through postpaid plans exclusively with Globe, giving consumers the opportunity to experience HONOR’s latest flagship foldable with flexible payment options.

The Magic Unfolds

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Artificial intelligence (AI) is getting a new testing ground in the country, where businesses can see how the technology can be applied to actual operations rather than kept at the pilot stage.

IT firm Appistoki and Novare Technologies have recently launched a Salesforce Data and AI Center of Excellence (CoE) at Novare’s headquarters in Bonifacio Global City, Taguig, as a joint space for developing and demonstrating enterprise AI applications.

The center will focus on Salesforce’s Agentforce, an agentic AI platform, and Data 360, its data engine, with the two companies working on potential business applications.

Rather than serving solely as a demonstration facility, the CoE will host customer briefings, workshops and collaborative sessions where organizations can explore specific AI use cases and develop applications suited to their operations. Real estate will be among its initial areas of focus, with potential applications including automated lead engagement, personalized property recommendations and AI-assisted customer support.

Data from the Philippine Statistics Authority showed that the real estate industry expanded by 0.8 percent year-on-year in the second quarter of 2026 (or 1.3 percent including ownership of dwellings).

Appistoki founder and CEO Abhijeet Kulkarni said the center was intended to give businesses a way to see how AI could work in actual business settings.

‘We wanted to create a space where organizations can experience AI in action. Through Agentforce, businesses will better understand how intelligent and connected customer engagement can transform industries such as real estate,’ Kulkarni said.

For his part, Novare Technologies CEO Victor Silvino said the initiative would focus on applying AI to business and operational needs.

‘AI should create a meaningful impact for both businesses and people. This initiative reflects our commitment to helping organizations adopt AI in ways that are practical, responsible, and outcome-driven.’

Furthermore, Salesforce Asean Senior Vice President and General Manager Paul Carvouni said businesses would increasingly need to move beyond testing AI and apply it to areas where results can be measured.

‘Business success in the Philippines will be defined by organizations that move beyond AI pilots to apply AI where it delivers measurable outcomes,’ Carvouni said.

Appistoki, a Salesforce Summit or Platinum Consulting Partner, is headquartered in Singapore and has teams in the Philippines, Indonesia and India. It is also a Novare channel partner.

THE Commission on Elections (Comelec) has reduced its budget for the special elections in Dasmariñas City, Cavite, to P128 million from an initial P191 million.

Comelec Chairman George Erwin M. Garcia said the budget was brought down by about P63 million through measures aimed at reducing election expenses.

The cuts did not include the allowance of teachers serving in the polls, which the Comelec kept at an additional P2,000 across the board.

‘We did not compromise what the teachers will receive,’ Garcia said.

The additional amount will also cover DepEd Supervisors Officially Designated (Deso) personnel and support staff, according to Garcia.

Comelec instead reduced spending on other election requirements, including supplies, food and the mobilization of personnel.

Some election materials were recycled to further bring down costs and indelible ink were sourced from nearby towns and provinces instead of procuring new supplies for the election.

The local government of Dasmariñas City turned over P50 million to the poll body for the elections as its contribution for the electoral exercise.

Garcia said the commission would prioritize essential election requirements while finding ways to save on items that could be reused or sourced more cheaply.

He said the commission had to make these adjustments because of the limited funds available for the election, as it also prepares for the barangay and Sangguniang Kabataan elections, and the national and local elections.

THE Department of Agrarian Reform (DAR) continues to issue condonation as mandated by Republic Act 11953 or the New Agrarian Emancipation Act.

A report by the Philippine Information Agency indicates that the DAR has condoned a total of P57.76 billion in farmers’ debt since the law was enacted.

RA 11953 provides condonation of unpaid principal loans, amortizations, interest, and penalties for over 610,000 agrarian reform beneficiaries (ARBs) nationwide and exempts them from estate taxes.

‘That law is good because the principal, interest, and penalties on their obligation to pay to the Land Bank of the Philippines have been condoned. That means it has been erased. They no longer have any obligation to pay,’ Bureau of Agrarian Legal Assistance Director Eugene Follante was quoted as saying.

‘Because of that, they now have 100 percent ownership of the land we gave to our beneficiaries,’ he added.

Meanwhile, Follante said DAR is also accelerating the issuance of individual electronic titles, or e-Titles, to agrarian reform beneficiaries.

‘As of January to June, our actual accomplishment consists of 19,967 land titles, e-titles covering 19,006 hectares, benefiting 10,522 agrarian reform beneficiaries,’ Follante said.

For agrarian reform beneficiaries (ARBs) to get maximum benefit from DAR programs and projects, they need to be members of Agrarian Reform Beneficiaries’ Organizations (Arbos), farmers’ cooperatives or irrigators’ associations.

Chief Agrarian Reform Program Officer Sol Peralta said that the agency is organizing ARBs into registered organizations and cooperatives so they can better access support for production, processing, and marketing.

The DAR reported that it has completed 537 farm-to-market roads (FMR) nationwide from July 2022 to July 2026.

A total of 89 FMR projects are currently in various stages of development.

To boost farmers’ productivity and income, the DAR said it is looking at forging new ties with the Development Bank of the Philippines (DBP), the Philippine Coconut Authority (PCA), and the Cooperative Development Authority (CDC).

The DBP partnership will enhance training and credit programs while the PCA partnership will align coconut farmers with various programs of DAR. Lastly, the partnership with CDA will help boost applications of various ARBOs to form a duly-registered cooperative.

In a statement, the highlighted its priority programs and commitments to protect the rights, strengthen the livelihoods, and improve the lives of ARBs.

DAR officials, led by Undersecretary Rowena Niña O. Taduran of the Special Concerns and External Affairs and Communications Operations Office (SC-EACOO), shared updates on key agrarian reform concerns, including land distribution, debt condonation for farmers, land reform cases, land conversion, parcelization, landowner compensation, and the protection of awarded agricultural lands.

The discussion emphasized that DAR’s work does not end with the distribution of land. The Department continues to provide ARBs with legal assistance, agricultural mechanization, modern technologies, infrastructure, market access, and other support services to help them make their land more productive and build more sustainable livelihoods.

Particular attention was given to strengthening Agrarian Reform Beneficiaries Organizations (ARBOs), improving farmers’ access to markets and value chains, and developing farm-to-market roads that connect farming communities to markets and economic opportunities.

Taduran underscored the central role of farmers in the country’s food security, saying, ‘If you ate today, thank a farmer.’ She stressed that DAR seeks to empower ARBs not only to remain productive farmers, but also to become agricultural entrepreneurs capable of creating sustainable income and opportunities for their families and communities.

The Department also reaffirmed its commitment to resolving pending agrarian reform cases, protecting awarded lands from illegal occupation and unauthorized use, and ensuring the timely delivery of services and benefits that ARBs rightfully deserve.

Moving forward, DAR will continue to pursue agrarian reform that goes beyond land ownership-toward productive farms, stronger farmer organizations, sustainable livelihoods, and a better quality of life for Filipino farmers.

Guided by Secretary Conrado M. Estrella III’s directive to ‘put the welfare of our farmers first,’ DAR remains committed to making agrarian reform a pathway to greater productivity, economic security, and a more prosperous future for ARBs and their families.

THE Philippine economy will grow at a ‘more of the same’ pace until 2050 unless the country’s economic policy centers on the modernization of agriculture and the development of the manufacturing sector, and the government adopts a ‘more active’ role, researchers from the De La Salle University (DLSU) warned.

On Wednesday, the DLSU launched a book with the title, ‘The Philippine Economy Toward 2050: Economic Structure and Monetary Reality.’

The book scrutinized the culprits behind the Philippines’s ‘relative’ economic stagnation compared with its Southeast Asian neighbors despite what the authors called ‘sustained optimistic government rhetoric.’

Upon developing the ANIMO econometric model of the Philippine economy which examined how the economy can ‘realistically progress’ by 2050, Arlene Inocencio, Professor and Dean of the Carlos L. Tiu School of Economics at De La Salle University said: ‘Under current structural dynamics, the economy will continue to grow, but not at a pace meaningfully different from recent experience.’

The result is what the authors describe as ‘more of the same’ (MOTS).

‘Per capita income will rise and poverty will decline, but the Philippines will not approach the income levels of South Korea, much less Singapore,’ Inocencio said in the foreword of the book.

She said achieving faster and sustained growth will require a ‘different economic structure’-one anchored on manufacturing and exports, and therefore active participation in global markets.

At present, she noted that most employment generation occurs in low-productivity services, such as retail and delivery.

The dean of DLSU’s School of Economics pointed out that the authors of this book ‘rightly note’ that the Philippines cannot industrialize today in the same way South Korea did in the 1970s.

Nonetheless, the authors argued that, ‘it is essential to identify competitive niches among the wide range of manufactured products produced globally.’

This process, Inocencio said, would also support the modernization of agriculture, which still employs more than 20 percent of Filipino workers at ‘low productivity and low wages.’

With this, Inocencio said high-income status will remain ‘unattainable’ as long as this sector remains ‘large and unproductive.’

Moving forward, she pointed out: ‘The critical question is whether Philippine firms possess the capabilities to compete, not only in domestic markets, but also globally.’

‘The uncomfortable reality is that many firms lack the organizational and technological capacity required to produce high-quality goods at scale,’ added Inocencio.

According to the book authors, looking beyond 2028, unless the government takes ‘decisive action’ to increase the potential of the economy: ‘We will continue to experience progress, but it will mostly be a continuation of the status quo.’

The authors’ forecasts also indicate that actual growth will be below 6 percent and that a large proportion of the workforce will ‘remain concentrated’ in low-productivity sectors.

‘Our long-run growth forecasts show that the economy will grow at rates below 6 percent until 2050. In fact, growth will slow to 4 percent by 2050. By 2040, our actual growth rate will decrease to 5.1 percent and, by 2050, to 3.6 percent,’ added the authors.

In her speech at the launching of the book, Inocencio emphasized: ‘We are used to hearing that the Philippines’s long stagnation relative to its neighbors is some kind of mystery. That we did everything more or less right and yet somehow fell behind. This book says plainly that there is no mystery. We did not industrialize the way our neighbors did.’

According to Inocencio, the Philippines did not build the manufacturing base that absorbs labor out of agriculture, raises productivity and competes abroad.

Instead, she said the country drifted into a ‘different path.’

‘And the numbers today are the honest consequence of that choice. Korea, Thailand, Indonesia, even Vietnam have moved ahead of us. This is not an accusation. It is a diagnosis,’ the dean of the School of Economics said.

The authors of the book are: Jesus Felipe, Mariel Monica Sauler, Christopher Cabuay, Alellie Sobreviñas, Susan Kurdli, Julián Pérez, Eva Marie Aragones, and Gerardo Largoza.

THE Bureau of Internal Revenue (BIR) has established the BIR Audit Program to consolidate various audit programs into a single, uniform framework to standardize tax investigations across all its offices.

Internal Revenue Commissioner Charlito Martin R. Mendoza issued Revenue Memorandum Order No. 22-2026 to prescribe the BIR Audit Program and institutionalize and integrate existing and updated audit policies and procedures into one coherent framework.

‘These enhanced guidelines institutionalize the BIR’s modernization initiatives and strengthen its risk-based audit and governance framework, while ensuring a fair, efficient, and transparent enforcement of internal revenue laws and the proper assessment and collection of taxes due to the government,’ Mendoza said.

The order will cover all audits conducted by Revenue District Offices, Regional Office Audit Sections, the Large Taxpayer Service Audit Divisions, the National/Regional Investigation Divisions and specialized technical working groups.

All taxpayers, including those subject to mandatory audits, selected via risk analytics, involved in One-Time Transactions, applying for tax clearances, or claiming tax credits/refunds, would be considered potential candidates for audit or verification to determine the correctness of their tax liabilities.

However, the BIR said it would initiate audits only upon issuance of a valid electronic Letter of Authority (eLA), Tax Verification Notice, or Mission Order (MO). Any audit or verification undertaken without such authority shall be deemed unauthorized, the BIR said.

Audit selection is driven by a system-assisted, risk-based process using defined criteria, verifiable data and risk indicators derived from filed tax returns, third-party information and other relevant data available within BIR systems.

To prevent duplication or fragmentation of audit authority, taxpayers would only be subject to one eLA per taxable year, covering all applicable internal revenue tax types.

Audit cases are split into mandatory cases, which are covered by eLAs or TVNs and do not require prior approval from the commissioner, and priority cases, which are electronically selected by risk-based digital criteria and require centralized approval by the commissioner.

All audit activities, findings and case developments shall be properly documented in near real-time in the prescribed BIR systems or platforms to ensure transparency, traceability and effective monitoring.

The memo said all Revenue Officials/Officers shall also observe the highest standards of integrity, objectivity and professionalism, and shall be accountable for the proper, timely and accurate conduct of audit.

All audit investigation reports and assessment issuances may also be subject to a Revalida or ‘audit of auditors’ to reinforce accountability, promote uniformity and uphold quality standards in tax examinations, the memo read.

‘The Revalida shall serve as a quality assurance and compliance review mechanism to ensure that audit findings are factually and legally supported, due process requirements are observed, and assessments are free from material error or procedural defect,’ the order said.

The BIR was previously under fire for the reported misuse of LOAs that has allegedly become a long-running ‘money-making scheme.’

Since then, the agency has cleaned up its office by temporarily suspending all field audits and the issuance of LOAs and MOs.

The BIR said this Audit Program is to reinforce structural reforms, including the Single Instance Audit Framework, system-assisted and risk-based audit selection, anonymized assignment of cases to Group Supervisors and Revenue Officers, mandatory labeling of audit instruments, standardized documentary requirements and strengthened safeguards in the conduct of audit.

With a view to boosting assistance to more senior citizens, Senator Bam Aquino wants to expand the coverage of the Expanded Senior Citizens Act of 2010 and increase the monthly social pension for qualified senior citizens to P1,000.

Aquino’s Senate Bill No. 269 seeks to provide a P1,000 monthly social pension to senior citizens who do not receive a social pension or who receive a pension of no more than P3,000, giving them a regular and predictable source of income they can use for everyday expenses, medical needs, and emergencies.

‘As we grow older, it becomes more difficult to generate income. Many of our Lolos and Lolas face barriers to staying employed after the age of 60 due to physical limitations, age-based discrimination, or the lack of opportunities tailored to their skills,’ he explained.

‘Unlike irregular or informal sources of support, a pension allows recipients to manage their resources with more certainty. This reduces stress, promotes better well-being, and allows older people to make personal choices about how their money is spent,’ he added.

Aquino pointed out that a reliable social pension can also ease the financial burden on families who may already be struggling with their own everyday expenses, such as food, medicine, and educational needs.

‘A pension can help cover food, medicine, utility bills, or transportation costs, easing the financial pressure on younger relatives who may already be juggling their own expenses,’ he explained.

Aquino said the proposed increase is also a way of recognizing the contributions of senior citizens to the country.

‘Our senior citizens have broadly contributed to the development of our nation. It is time for us to return their sacrifices by ensuring that they are cared for in their old age,’ he emphasized.

Senate Bill No. 269 is part of Aquino’s 10 ‘Panukalang Batas para sa Abot-Kayang Pamumuhay,’ which seek to provide immediate relief and support to ordinary citizens burdened by high prices, costly health services, low wages, and inadequate government support.

Aquino, likewise, filed Senate Bill No. 2386, or the National Disability Support Act, providing qualified persons with disabilities (PWDs) a P2,000 monthly disability support allowance) to help cover disability-related costs and other essential expenses.

NATIONAL University (NU) avenged last season’s heartbreak by dethroning De La Salle University, 2-1, to capture the 2026 University Athletic Association of the Philippines Esports Mobile Legends: Bang Bang crown on Wednesday at the MVP Studios in Mandaluyong City.

De La Salle appeared to still have NU’s number earlier in the tournament, sweeping the Bulldogs, 2-0, in the group stage, but turned the tables when it mattered most, beating the Green Archers in the finals to capture its first UAAP ML: BB championship.

NU head coach Ernest Del Rosario described the championship as a sentimental triumph for a team that used the pain of last season’s finals defeat and its group-stage loss to De La Salle as motivation to complete its redemption.

‘This championship holds great sentimental value for the team,’ Del Rosario said. ‘As a coach who had just joined the squad, I witnessed how hard they worked-especially after their loss last season.’

‘We also suffered a defeat in the series prior to the semi-finals, now, the difference is like night and day as we became focused, truly locked in to secure the championship,’ he added.

The Bulldogs seized control of Game 1 from the get-go, building a commanding 9-1 kill advantage by the eighth minute behind Johann Estacio’s four kills and five assists.

Not even Joshua Tating’s Lord steal in the ninth minute could halt NU’s charge, as the Bulldogs cruised to a 14-minute victory after Estacio secured a Savage in the final team fight.

De La Salle, however, showed its championship poise in Game 2, pulling off a dominant draft and building an advantage of as much as 8,000 gold before forcing a series decider with a 17-minute victory.

Estacio suffered an early setback in Game 3, dying in the opening minute as Tating secured a double kill during a top-lane ambush.

The NU star quickly bounced back, though, going on a rampage and finishing with eight kills, three assists, and just one death as the Bulldogs overcame their previous struggles against La Salle to clinch the title in 13 minutes.

Estacio was named grand finals MVP after a near-perfect performance in the championship series.

‘For me, the MVP award isn’t really a big deal since we’ve been teammates for a long time, so I view our victory as a true team effort,’ Estacio said. ‘Still, I am grateful for this award-something my parents didn’t expect either.’

NU dispatched the University of the Philippines (UP) in a dominant 2-0 semifinal sweep, while De La Salle rallied from a game down to stun Adamson University, 2-1, and set up a rematch of last season’s championship series.

Adamson University and UP were co-bronze medalists.

The VALORANT Tournament resumes on Monday at the NAOS Arena in DoubleDragon Plaza in Pasay City.

The Cebu Provincial Health Office (PHO) has dispatched a team to Dumanjug to conduct its own investigation into the death of a baby whose family raised concerns about a possible link to a measles-rubella (MR) vaccination received earlier this month.

Dr. Sheila Faciol, chief of the Cebu PHO, said on Thursday, Aug. 27, that the team was sent to Dumanjug immediately after the provincial office received the report on Wednesday.

‘We received the report yesterday, and right away today, our team is already in Dumanjug investigating the case,’ Faciol said during the Hisgutan Ta! Media Forum.

The investigation includes information gathering at the Dumanjug Rural Health Unit (RHU) and Barili District Hospital, where the child was brought.

Faciol said the team was expected to complete its initial report by Thursday afternoon.

She stressed that the investigation is intended to establish the circumstances surrounding the child’s death and determine whether there is any connection to the vaccination.

The Dumanjug Municipal Health Office, in an official announcement, said the child died on Aug. 24. The child had received the MR vaccine on Aug. 10, prompting the family to raise concerns about a possible connection between the vaccination and the death.

The MHO said it immediately reported the incident to the Department of Health Regional Epidemiology and Surveillance Unit (DOH-RESU) and coordinated with the DOH and PHO for a proper review.

‘At present, there is no conclusion that vaccination was related to the death of the child,’ the MHO said, noting that determining a possible link would require a careful review of the child’s medical history, health condition, and other relevant information.

Faciol’s statement comes as Cebu continues its MR vaccination campaign targeting children aged six months to 59 months. The campaign, which started on Aug. 10, was initially scheduled to end Aug. 28 but is expected to be extended.

As of Thursday, Faciol said Cebu Province had recorded only a 19.7% accomplishment rate for the MR campaign, which she described as ‘very, very low.’

She attributed part of the challenge to vaccine hesitancy, including the spread of negative and false information on social media that may influence parents and caregivers.

Despite the Dumanjug case, Faciol said the PHO would continue encouraging parents to have their eligible children vaccinated.

‘We will not back down. We continue to encourage our mothers to have their children vaccinated,’ she said.

Faciol also cited efforts by local governments and the PHO to bring vaccines closer to communities and encourage parents to participate in the campaign.

At a recent Cebu Caravan in Tabuelan, she said 10 children received MR vaccinations.

The Dumanjug MHO, meanwhile, urged the public to refrain from drawing conclusions or spreading unverified information while the investigation is ongoing, and appealed for respect for the privacy and grief of the bereaved family.

Authorities said verified information from the investigation will be made public once available.